Revolution Lighting Lands New CFO, Large Contract
On Thursday, LED lightbulb and signage manufacturer Revolution LightingTechnologiesannounced it has hired former Lockheed Martin and L-3 Communications exec Charles J. Schafer to serve as its new president and chief financial officer, effective Jan. 29. Simultaneously, company President and CEO Mike Bauer will resign from the company to pursue "new opportunities."
Commenting on his new job, Schafer noted that "this is an exciting time to join the team at Revolution Lighting." In an illustration of why that's so, the company revealed in a separate announcement today that it has just landed an order for a minimum $5 million worth of LED lighting products, and with a potential value of $10 million. For context, the company sold only $4.7 million worth of LED products over the past 12 months.
The buyer, while not named, appears to be an unnamed operator of "retail stores, office complexes, warehouses, and storage facilities."
Revolution Lighting indicated that the majority of the order will be installed this quarter. A follow-on order, for the hoped-for additional $5 million, could then be placed "immediately thereafter."
Shares of the company closed up 31.4% Thursday at $0.92 per share.
The article Revolution Lighting Lands New CFO, Large Contract originally appeared on Fool.com.Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool owns shares of L-3 Communications Holdings and Lockheed Martin. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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