MANITOWOC, Wis., June 29, 2018 (GLOBE NEWSWIRE) -- Orion Energy Systems, Inc. (NASDAQ:OESX) (Orion Lighting), a provider of enterprise-grade LED lighting and energy project solutions, today announced it has received written notification from The NASDAQ Stock Market LLC that it has regained compliance with the exchange’s minimum bid price requirements. The letter noted that as a result of the closing bid price of Orion’s common stock exceeding $1.00 per share for more than ten consecutive business days, the matter is now closed.
Orion CEO, Mike Altschaefl, commented, “Regaining full compliance with Nasdaq’s continued listing requirements was an important priority for Orion that we are excited to have completed. We remain focused on achieving our revenue growth, adjusted EBITDA and gross margin goals for fiscal 2019, leveraging the value and lower cost of ownership of our energy-efficient LED lighting designs and high-quality customer service.
“The success we are realizing within our national accounts, agent driven distribution channel and Energy Service Company (ESCO) and reseller relationships positions us well to achieve these goals, supported by the $6 million reduction in annual operating expenses implemented last year and our continued focus on manufacturing and sourcing enhancements.”
About Orion Energy Systems
Orion is a provider of enterprise-grade LED lighting and energy project solutions. Orion manufactures and markets connected lighting systems encompassing LED solid-state lighting and smart controls. Orion systems incorporate patented design elements that deliver significant energy, efficiency, optical and thermal performance that drive financial, environmental, and work-space benefits for a wide variety of customers, including nearly 40% of the Fortune 500.
Safe Harbor Statement
Certain matters discussed in this press release, are "forward-looking statements" intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements may generally be identified as such because the context of such statements will include words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "will," "would" or words of similar import. Similarly, statements that describe our future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties that could cause results to differ materially from those expected, including, but not limited to, the following: (i) our ability to achieve our expected revenue growth, gross margin and other financial objectives in fiscal 2019 and beyond; (ii) our ability to achieve profitability and positive cash flows; (iii) our levels of cash and our limited borrowing capacity under our revolving line of credit; (iv) the availability of additional debt financing and/or equity capital; (v) our ability to manage the ongoing decreases in the average selling prices of our products as a result of competitive pressures in the evolving light emitting diode ("LED") market; (vi) our ability to manage our inventory and avoid inventory obsolescence in a rapidly evolving LED market; (vii) our lack of major sources of recurring revenue and the potential consequences of the loss of one or more key customers or suppliers, including key contacts at such customers; (viii) our ability to adapt to increasing convergence in the LED market; (ix) our ability to differentiate our products in a highly competitive market; (x) the reduction or elimination of investments in, or incentives to adopt, LED lighting technologies; (xi) our increasing emphasis on selling more of our products through third party distributors and sales agents, including our ability to attract and retain effective third party distributors and sales agents to execute our sales model; (xii) our ability to develop and participate in new product and technology offerings or applications in a cost effective and timely manner; (xiii) the deterioration of market conditions, including our dependence on customers' capital budgets for sales of products and services; (xiv) our ability to complete and execute our strategy in a highly competitive market and our ability to respond successfully to market competition; (xv) our increasing reliance on third parties for the manufacture and development of products and product components; (xvi) the market acceptance of our products and services; (xvii) our ability to realize expected cost savings from our cost reduction initiatives; (xviii) our failure to comply with the covenants in our revolving credit agreement; (xix) our fluctuating quarterly results of operations as we continue to implement cost reductions, and continue to focus investing in our third party distribution sales channel; (xx) our ability to recruit, hire and retain talented individuals in all disciplines of our company; (xxi) our ability to balance customer demand and production capacity; (xxii) our inability to timely and effectively remediate any material weakness in our internal controls and our failure to maintain an effective system of internal control over financial reporting; (xxiii) price fluctuations, shortages or interruptions of component supplies and raw materials used to manufacture our products; (xxiv) our ability to defend our patent portfolio; (xxv) a reduction in the price of electricity; (xxvi) the cost to comply with, and the effects of, any current and future government regulations, laws and policies; (xxvii) potential warranty claims in excess of our reserve estimates; and (xxviii) the other risks described in our filings with the SEC.
Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release and we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about factors that may affect our performance may be found in our filings with the Securities and Exchange Commission, which are available at http://www.sec.gov or at http://investor.oriones.com/ in the Investor Relations section of our Website. Except as required by applicable law, we assume no obligation to update any forward-looking statements publicly or to update the reasons why actual results could differ materially from those anticipated in any forward-looking statements, even if new information becomes available in the future.
Investor Relations Contacts
|Bill Hull, CFO||William Jones; Tanya Kamatu|
|Orion Energy Systems, Inc.||Catalyst IR|
|(312) 660-3575||(212) 924-9800 or firstname.lastname@example.org|
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