Orion Energy Systems Inc. (OESX) of Manitowoc said Tuesday its sales for the fiscal year that started April 1 will be lower than it earlier forecast. The company also announced the appointment of a new chief financial officer and a new chief operating officer.
Orion had forecast in May that it would have 50 percent growth in revenue during the fiscal year, but is now forecasting sales growth of 25 percent to 28 percent.
Sales are expected to be in the range of $16.1 million to $16.3 million for the quarter that just ended, Orion said.
Orion sells high-efficiency, energy-saving lighting systems used primarily in warehouses and factories. The company attributed the weaker sales in the first quarter to its focus "on building its sales organization, which resulted in key personnel spending more time in the first quarter on developing the organization and less time on closing new sales."
The company said economic conditions also played a role, but that the company has not lost any customers.
Orion said Scott Jensen, formerly controller, has been named chief financial officer and treasurer, replacing Dan Waibel. Waibel has been named president of the Orion Asset Management Division, focusing on long-term strategic opportunities.
Meanwhile, Erik Birkerts, vice president of strategic initiatives, has been named chief operating officer.
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