Orion Energy Systems reports fiscal year results

Herald Times Reporter

MANITOWOC — Orion Energy Systems Inc. (NASDAQ: OESX), a provider of energy management systems to the commercial and industrial sectors, announced Thursday financial results for the fourth quarter and fiscal year ended March 31, 2008.

Orion ended its fiscal year with record results, with revenues increasing 67 percent to $80.7 million, vs. $48.2 million in fiscal 2007. Net income increased by $3.5 million to $4.4 million, compared to $929,000 in fiscal 2007. Earnings per diluted share were $0.19 versus $0.05 in fiscal 2007, an increase of 280 percent.

"The demand for Orion's end-use energy efficiency solutions is clearly reflected in our strong top-line growth during fiscal 2008," said Neal Verfuerth, Orion CEO. "While we have made great strides in the last year, we have significant runway for continued improvements through solid sales execution and increased operational efficiencies."

Verfuerth forecast achievement of 50 percent annual growth in fiscal 2009, based on "our leading technology, proven return on investment, and track record of performance by our sales and implementation team."

top of page