updated 11/12/2010 4:15:40 AM ET 2010-11-12T09:15:40

SOLON, Ohio, Nov. 11, 2010 (GLOBE NEWSWIRE) -- Energy Focus, Inc. (Nasdaq:EFOI) today announced financial results for the third quarter ended September 30, 2010 and forecast for fourth quarter 2010 sales and cash projections.

Financial and operating highlights for the third quarter of 2010 include the following: 

  • Net sales from continuing operations increased in the third quarter of 2010 to $9.0 million, compared to $3.0 million for the third quarter of 2009. 
  • The company finished the quarter with a balance sheet showing cash in the amount of $2.7 million and total shareholders' equity of $8.0 million. 
  • Cash generation for the third quarter of 2010 was $0.6 million, compared to cash utilization of $2.3 million in the third quarter of 2009.  Excluding net proceeds from financing activities, the company had cash generation of $0.5 million in the third quarter 2010 yielding a year to date net cash of $155,000 generated by operations.
  • $2.8 million in lighting solutions contracts secured and $1.4 million in new military contracts.

The forecast for Q4 and 2010 include the following:

  • Sales, as previously forecast, in excess of $35 million are anticipated for 2010 with net sales from continuing operations expected to exceed $8.4 million in the fourth quarter 2010 versus $3.6 million in the fourth quarter 2009.  
  • The company anticipates being net cash flow positive from operations in 2010.
  • $5.6 million, for at least a total of $27.4 million, in lighting solutions contracts secured by the end of the fourth quarter for work expected to be completed in 2010 and 2011.

"We continue to be delighted with the performance of our solutions, US products and military businesses," said Joe Kaveski, CEO of Energy Focus, Inc. "During the third quarter, Rob Wilson, Steve Gasperson and their teams helped sustain our first and second quarter's sales momentum by securing an additional $2.8 million in lighting solutions contracts and delivering over $9.0 million in total sales. Furthermore, Roger Buelow and his government team secured an additional $1.4 million in new military contracts during the quarter. The government team has now secured a total of $3.0 million in new contracts for the year."

Energy Focus management will host a conference call on Thursday, November 11, 2010 at 4:30 p.m. EST (1:30 p.m. PST) to review the third quarter 2010 financial results and other corporate events, followed by a Q & A session. Dialing 1-866-416-5346 (US/Canada) or 1-913-312-0967 (International/Local), participants can access the conference call. The conference ID number is 5330384. Participants are asked to call the assigned number approximately 10 minutes before the conference call begins.

An instant replay of the conference call will be available through the investor relations section of the site http://www.energyfocusinc.com/investors/events/category/investors starting November 11th, 2010 and will remain available for one year.

About Energy Focus, Inc.

Energy Focus, Inc. is a leading provider of energy efficient LED lighting products and turnkey energy efficient lighting solutions, holding 69 relevant lighting patents. Our solutions provide energy savings, aesthetics, safety and maintenance cost benefits over conventional lighting. Our long-standing relationship with the U.S. Government includes numerous research and development projects for the DOE and DARPA, creating energy efficient LED lighting systems for the U.S. Navy fleet and the next generation Very High Efficiency Solar Cell. Customers include supermarket chains, the US government, state and local governmental agencies, retail stores, museums, theme parks and casinos, hotels, swimming pool builders and many others. Company headquarters are located in Solon, OH, with additional offices in Nashville, TN, Pleasanton, CA, and the United Kingdom. For more information, see www.energyfocusinc.com .

The Energy Focus, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6633

Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. For more information about potential factors that could affect Energy Focus financial results, please refer to the Company's SEC reports, including its Annual Reports on Form 10-K and its quarterly reports on Form 10-Q. These forward-looking statements speak only as of the date hereof. Energy Focus disclaims any intention or obligation to update or revise any forward-looking statements.

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved


Discussion comments


Most active discussions

  1. votes comments
  2. votes comments
  3. votes comments
  4. votes comments

Data: Latest rates in the US

Home equity rates View rates in your area
Home equity type Today +/- Chart
$30K HELOC FICO 3.79%
$30K home equity loan FICO 4.99%
$75K home equity loan FICO 4.69%
Credit card rates View more rates
Card type Today +/- Last Week
Low Interest Cards 13.83%
Cash Back Cards 17.80%
Rewards Cards 17.18%
Source: Bankrate.com