Energy-Efficient LED Lighting Provider Orion Presents at Sidoti Investor Conference in New York City Thursday, March 29 at 1:...
March 14 2018 - 8:00AM
Orion Energy Systems, Inc. (NASDAQ:OESX) (Orion Lighting), a
provider of enterprise-grade LED lighting and energy project
solutions, today announced that CEO Mike Altschaefl and CFO Bill
Hull will present at the Sidoti Spring Conference in New York City
on Thursday, March 29, 2018 at 1:30pm ET. Management will also be
available for 1-on-1 meetings with investors throughout the day.
The conference is taking place at the New York Marriott Marquis
hotel, 1535 Broadway (between 45th & 46th Streets) New York, NY
10036.
Webcast & Replay URL:
http://www.investorcalendar.com/event/26728
Investors interested in attending the conference should visit
www.sidoti.com or contact Caitlyn Adams at cadams@sidoti.com.
Orion at a Glance:
Recent Share
Price: |
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$0.89 |
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Cash (12/31/17): |
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$10.6M |
52-Week Range: |
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$0.73 - $2.11 |
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Price / TTM
Revenue: |
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0.4x |
Market Cap: |
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$26M |
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Price / Book
Value: |
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1.0x |
TTM Revenue: |
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$60.5M |
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Expanded Sales Reach and Cost Reduction
Program:
Led by Mike Altschaefl, named CEO in May 2017, Orion has made
solid progress toward its goals of:
1) Positioning Orion for long-term growth in the LED lighting
market; and 2) Reducing ongoing overhead expenses to accelerate its
path to improved financial results.
On the sales front, Orion has substantially expanded its
national sales reach by forming a network of approximately fifty
agencies to build upon Orion’s existing direct sales effort focused
on a number of major national accounts. Orion estimates that its
agent sales base enables it to engage with roughly 77% of potential
LED lighting opportunities up from its prior direct sales reach of
about 13%.
On the cost side, over the past year Orion has reduced annual
overhead by approximately 20% or $6M, savings which should be fully
reflected in fiscal 2019 beginning April 1, 2018. Management’s goal
is to advance Orion to breakeven, on an EBITDA basis, by its second
quarter ending September 30, 2018, while also working to drive
sales growth from its expanded market reach.
About Sidoti & Company:Sidoti & Company
provides institutional equity research on small- and micro-cap
equities and hosts biannual emerging growth conferences. Sidoti
& Company aims to build interest and visibility into the most
overlooked, undervalued segment of the equity market, uniting
publicly-traded companies with quality investors.
About Orion Energy SystemsOrion
is a provider of enterprise-grade LED lighting and energy project
solutions. Orion manufactures and markets connected lighting
systems encompassing LED solid-state lighting and smart controls.
Orion systems incorporate patented design elements that deliver
significant energy, efficiency, optical and thermal performance
that drive financial, environmental, and work-space benefits for a
wide variety of customers, including nearly 40% of the Fortune
500.
Safe-HarborCertain matters
discussed in this press release, including under the headings “Q3
Highlights,” “Updated Financial Outlook,” “CEO Commentary,” and
“Resolution of Litigation” are "forward-looking statements"
intended to qualify for the safe harbor from liability established
by the Private Securities Litigation Reform Act of 1995. These
forward-looking statements may generally be identified as such
because the context of such statements will include words such as
"anticipate," "believe," "could," "estimate," "expect," "intend,"
"may," "plan," "potential," "predict," "project," "should," "will,"
"would" or words of similar import. Similarly, statements that
describe our future plans, objectives or goals are also
forward-looking statements. Such forward-looking statements are
subject to certain risks and uncertainties that could cause results
to differ materially from those expected, including, but not
limited to, the following: (i) our ability to achieve our expected
revenue growth, gross margin, and EBITDA objectives in fiscal 2018
and beyond; (ii) our ability to achieve profitability and positive
cash flows; (iii) our levels of cash and our limited borrowing
capacity under our revolving line of credit; (iv) the availability
of additional debt financing and/or equity capital; (v) our
increasing emphasis on selling more of our products through third
party distributors and sales agents, including our ability to
attract and retain effective third party distributors and sales
agents to execute our sales model; (vi) our ability to develop and
participate in new product and technology offerings or applications
in a cost effective and timely manner; (vii) our ability to manage
the ongoing decreases in the average selling prices of our products
as a result of competitive pressures in the evolving LED market;
(viii) our ability to manage our inventory and avoid inventory
obsolescence in a rapidly evolving LED market; (ix) our lack of
major sources of recurring revenue and the potential consequences
of the loss of one or more key customers or suppliers, including
key contacts at such customers; (x) our ability to adapt to
increasing convergence in the LED market; (xi) our ability to
differentiate our products in a highly competitive market; (xii)
the deterioration of market conditions, including our dependence on
customers' capital budgets for sales of products and services;
(xiii) our ability to complete and execute our strategy in a highly
competitive market and our ability to respond successfully to
market competition; (xiv) our increasing reliance on third parties
for the manufacture and development of products and product
components; (xv) our ability to successfully implement our strategy
of focusing mainly on lighting solutions using LED technologies;
(xvi) the market acceptance of our products and services; (xvii)
our ability to realize expected cost savings on the timetable and
amounts expected from our cost reduction initiatives; (xviii)
adverse developments with respect to litigation and other legal
matters pursuant to which we are subject, (xix) our failure to
comply with the covenants in our revolving credit agreement; (xx)
our fluctuating quarterly results of operations as we focus on new
LED technologies and continue to focus investing in our third party
distribution sales channel; (xxi) our ability to recruit, hire and
retain talented individuals in all disciplines of our company;
(xxii) price fluctuations, shortages or interruptions of component
supplies and raw materials used to manufacture our products;
(xxiii) our ability to defend our patent portfolio; (xxiv) a
reduction in the price of electricity; (xxv) the cost to comply
with, and the effects of, any current and future government
regulations, laws and policies; (xxvi) potential warranty claims in
excess of our reserve estimates; (xxvii) our inability to timely
and effectively remediate any material weaknesses in our internal
control of financial reporting and/or our failure to maintain an
effective system of internal control over financial reporting and
(xxviii) the other risks described in our filings with the SEC.
Shareholders, potential investors and other readers are urged to
consider these factors carefully in evaluating the forward-looking
statements and are cautioned not to place undue reliance on such
forward-looking statements. The forward-looking statements made
herein are made only as of the date of this press release and we
undertake no obligation to publicly update any forward-looking
statements, whether as a result of new information, future events
or otherwise. More detailed information about factors that may
affect our performance may be found in our filings with the
Securities and Exchange Commission, which are available at
http://www.sec.gov or at http://investor.oriones.com/ in the
Investor Relations section of our Website.
Investor Relations Contacts Bill Hull,
CFO
William Jones;
Tanya KamatuOrion Energy Systems, Inc.
Catalyst Global(312) 660-3575
(212)
924-9800
oesx@catalyst-ir.com
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