By Thomas Content
Milwaukee Journal Sentinel
Orion Energy Systems Inc. (OESX) said first quarter earnings fell 96 percent from a year ago, as some customers delayed orders and the company invested in recruiting and training its sales force.
The Plymouth-based maker of energy-saving lighting systems said net income was $30,000, or break-even on a per share basis, compared with $700,000, or 4 cents a share, a year ago. Revenue declined 3.6 percent to $16.1 million from $16.7 million.
The company also announced that it projects per-share earnings of 16 cents to 19 cents for the full fiscal year. Analysts surveyed by Bloomberg now project full-year earnings of 16 cents a share.
“The first quarter highlighted the tension that exists between pursuing near-term growth opportunities and making the necessary investments to prepare for sustainable future growth,” said Neal Verfeurth, Orion chief executive, in a statement.
But a management realignment announced last month, including the appointment of a chief operating officer and a new chief financial officer, will help the company deliver sales growth of 25 to 28 percent during the fiscal year, Orion said.
A conference call with investors is planned for 4:30 p.m. Tuesday.
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