Orion Lighting Regains Compliance with Nasdaq Minimum Bid Price Rule
June 29 2018 - 8:30AM
Orion Energy Systems, Inc. (NASDAQ:OESX) (Orion Lighting), a
provider of enterprise-grade LED lighting and energy project
solutions, today announced it has received written notification
from The NASDAQ Stock Market LLC that it has regained compliance
with the exchange’s minimum bid price requirements. The letter
noted that as a result of the closing bid price of Orion’s common
stock exceeding $1.00 per share for more than ten consecutive
business days, the matter is now closed.
Orion CEO, Mike Altschaefl, commented, “Regaining full
compliance with Nasdaq’s continued listing requirements was an
important priority for Orion that we are excited to have completed.
We remain focused on achieving our revenue growth, adjusted EBITDA
and gross margin goals for fiscal 2019, leveraging the value and
lower cost of ownership of our energy-efficient LED lighting
designs and high-quality customer service.
“The success we are realizing within our national accounts,
agent driven distribution channel and Energy Service Company (ESCO)
and reseller relationships positions us well to achieve these
goals, supported by the $6 million reduction in annual operating
expenses implemented last year and our continued focus on
manufacturing and sourcing enhancements.”
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 Harbor StatementCertain matters discussed
in this press release, 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 other financial objectives in
fiscal 2019 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 ability to manage the ongoing decreases in the average
selling prices of our products as a result of competitive pressures
in the evolving light emitting diode ("LED") market; (vi) our
ability to manage our inventory and avoid inventory obsolescence in
a rapidly evolving LED market; (vii) 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; (viii) our ability to adapt to increasing convergence in
the LED market; (ix) our ability to differentiate our products in a
highly competitive market; (x) the reduction or elimination of
investments in, or incentives to adopt, LED lighting technologies;
(xi) 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; (xii) our ability to
develop and participate in new product and technology offerings or
applications in a cost effective and timely manner; (xiii) the
deterioration of market conditions, including our dependence on
customers' capital budgets for sales of products and services;
(xiv) our ability to complete and execute our strategy in a highly
competitive market and our ability to respond successfully to
market competition; (xv) our increasing reliance on third parties
for the manufacture and development of products and product
components; (xvi) the market acceptance of our products and
services; (xvii) our ability to realize expected cost savings from
our cost reduction initiatives; (xviii) our failure to comply with
the covenants in our revolving credit agreement; (xix) our
fluctuating quarterly results of operations as we continue to
implement cost reductions, and continue to focus investing in our
third party distribution sales channel; (xx) our ability to
recruit, hire and retain talented individuals in all disciplines of
our company; (xxi) our ability to balance customer demand and
production capacity; (xxii) our inability to timely and effectively
remediate any material weakness in our internal controls and our
failure to maintain an effective system of internal control over
financial reporting; (xxiii) price fluctuations, shortages or
interruptions of component supplies and raw materials used to
manufacture our products; (xxiv) our ability to defend our patent
portfolio; (xxv) a reduction in the price of electricity; (xxvi)
the cost to comply with, and the effects of, any current and future
government regulations, laws and policies; (xxvii) potential
warranty claims in excess of our reserve estimates; 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. Except as required by
applicable law, we assume no obligation to update any
forward-looking statements publicly or to update the reasons why
actual results could differ materially from those anticipated in
any forward-looking statements, even if new information becomes
available in the future.
Investor Relations Contacts
Bill Hull, CFO |
William Jones; Tanya
Kamatu |
Orion Energy Systems,
Inc. |
Catalyst IR |
(312) 660-3575 |
(212) 924-9800 or
oesx@catalyst-ir.com |
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