Revolution Lighting posts $5.3 million in revenue in Q3 2013

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Revolution Lighting Technologies, a provider of LED lighting technology, reported revenues of approximately $5.3 million in Q3 2013, as compared to $1.3 million in the same period of 2012, an increase of approximately 308 percent.

Gross profit for the quarter was approximately $1.4 million, as compared to $0.3 million during the same period in 2012. Gross margin was 26 percent as compared to 25 percent for the same period in 2012.

The Company reported a net loss for the third quarter of 2013 of approximately $3.1 million as compared to a net income of $0.3 million for the same period in 2012, which include a gain on debt restructuring of $1.0 million.

Revolution Lighting

“We are pleased with the results for the quarter which were in line with our expectations and continue to show solid year over year revenue growth,” Robert V. LaPenta, chairman and chief executive officer of Revolution Lighting Technologies.

The company continues to broaden its product portfolio and strengthen distribution network, as well as its engineering and management capabilities through the acquisitions of Relume Technologies and a portfolio of LED products from CMG Energy Solutions.

“With a robust pipeline in place and increased LED adoption across commercial, industrial and municipal markets, we are poised for growth in 2014 and beyond,” LaPenta added.

The acquisition of the Seesmart and Relume businesses has generated revenues of $16.4 million, reflecting 2013 revenues of the acquired companies that are 197 percent of the revenue generated for the corresponding pre acquisition period in the prior year.

Revolution Lighting closed the acquisition of Relume Technologies on August 22. The acquisition was designed to increase LED product portfolio for outdoor lighting applications and smart grid control systems.

In another significant development in the quarter, Aston Capital, a limited partnership private equity firm, announced that it will create LightCap I Fund to finance LED lighting purchases and installations for Revolution Lighting Technologies customers.

On October 7, the company announced acquisition of portfolio of LED products from CMG Energy Solutions to broaden product portfolio and strengthen distribution network

The Company’s liquidity position remains adequate with a cash balance of $5.8 million as of September 30, 2013.

“While certain international orders coming in later than expected impacted our revenue for the quarter, we believe those contracts will occur in the fourth quarter. In addition, we continued to strengthen our financial position with the growth of our sales pipeline,” said Schafer. “We have adequate resources and are continuing to invest in the growth of Revolution Lighting.”

The management expects revenues to increase significantly in Q4 2013 to approximately $10 million, bringing pro forma revenue for all of 2013 to total approximately $35 million. They anticipate ending the year with a revenue run rate of $40 million.

For 2014 the company expects organic revenue growth of approximately 50 percent and total revenues over $50 million, with gross margins of 35 percent and adjusted EBITDA margins of 15 percent.

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