Revolution Lighting Technologies Provides Business Update
Revolution Lighting Technologies Provides Business Update
STAMFORD, Conn.--(BUSINESS WIRE)-- Revolution Lighting Technologies, Inc. (NAS: RVLT) ("Revolution Lighting"), a leader in advanced LED lighting technology, today provided a business update following President and Chief Financial Officer Charlie Schafer's presentation at Craig-Hallum's 4th Annual Alpha Select Conference on September 26, 2013 in New York City.
Key highlights of Schafer's presentation and Revolution Lighting's financial performance included:
- A robust pipeline of $150M in actionable opportunities over the next three to twelve months
- Expected organic growth of greater than 50% for 2014-2016
- Target gross margins of 35% or greater for 2014-2016
- Expected pro forma revenue of approximately $17M for the second half of 2013
- Expected full year pro forma 2013 revenue of approximately $35M
- Adjusted EBITDA margins of 15% or greater for 2014-2016
Schafer indicated that pro forma revenue for the second half of 2013 will be approximately $17 million. As a result of certain international orders coming in later than expected, third quarter revenue is expected to be between $5-6 million and fourth quarter revenue is expected to be in excess of $10 million. Pro forma revenue for all of 2013 is expected to total approximately $35 million after giving effect to the Relume and Seesmart acquisitions, representing 100% organic growth over 2012 pro forma revenues.
Schafer added, "2013 has been a successful year for Revolution Lighting. We expanded our distribution network and completed the acquisition of Relume Technologies, which broadened our product portfolio, and strengthened our engineering and management capabilities. We are now well-positioned for the anticipated growth to come in 2014 and beyond."
Schafer's presentation and live audio webcast are accessible via the Revolution Lighting website at the following link: http://ir.rvlti.com/ir-calendar
About Revolution Lighting Technologies Inc.
Revolution Lighting Technologies, Inc. is a leader in the design, manufacture, marketing, and sale of light emitting diode (LED) lighting solutions focusing on the industrial, commercial and government markets in the United States, Canada, and internationally. Through advanced technology and aggressive new product development, Revolution Lighting has created an innovative, multi-brand, lighting company that offers a comprehensive advanced product platform. The company goes to market through its Seesmart brand, which designs, engineers and manufactures an extensive line of high-quality interior and exterior LED lamps and fixtures; Lighting Integration Technologies Inc., which sells and installs Seesmart products; Lumificient, which supplies LED illumination for the signage industry; Relume Technologies, a leading manufacturer of outdoor LED products; and Sentinel, a revolutionary patented and licensed monitoring and smart grid control system for outdoor lighting applications. Revolution Lighting Technologies markets and distributes its product through a network of independent sales representatives and distributors, as well as through energy savings companies and national accounts. Revolution Lighting Technologies trades on the NASDAQ under the ticker RVLT. For additional information, please visit: www.rvlti.com.
Cautionary Statement for Forward-Looking Statements
Certain of the above statements contained in this press release are forward-looking statements that involve a number of risks and uncertainties, including the anticipated benefits of the Relume acquisition and statements relating to the anticipated future growth and profitability of our business. Such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Reference is made to Revolution Lighting's filings under the Securities Exchange Act for additional factors that could cause actual results to differ materially, including our history of losses, the potential for future dilution to our existing common stockholders, our status as a controlled company, the risk that demand for our LED products fails to emerge as anticipated, competition from larger companies, and risks relating to third party suppliers and manufacturers, as well as the other Risk Factors described in Item 1A of our Form 10-K for the fiscal year ended December 31, 2012. Revolution Lighting Technologies, Inc. undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those indicated in the forward-looking statements as a result of various factors. Readers are cautioned not to place undue reliance on these forward-looking statements.
We use Adjusted EBITDA as a non-GAAP measure of financial performance. Adjusted EBITDA is calculated by adding back to net income or loss interest and financing related transactions, acquisition related transactions, income taxes, depreciation and amortization, asset impairments, stock based compensation charges, and severance and transition costs. Adjusted EBITDA is provided to investors to supplement the results of operations reported in accordance with GAAP. Management believes that Adjusted EBITDA is useful to help investors analyze the operating trends in the business and to assess the relative underlying performance of businesses with different capital and tax structures. Management believes that Adjusted EBITDA provides an additional tool for investors to use in comparing our financial results with other companies that use Adjusted EBITDA in their communications with investors. By excluding non cash charges such as amortization and depreciation, stock based compensation, asset impairments as well as non operating charges for income taxes, interest and financing charges, acquisition related and severance and transition costs charges investors can evaluate our operations and compare our results with the results of other companies on a more consistent basis. Management also uses Adjusted EBITDA to evaluate potential acquisitions, establish internal budget and goals and evaluate the performance of business units and management.
We consider Adjusted EBITDA to be an important indicator of our operational strength and performance and a useful measure of historical and prospective trends. However there are significant limitations of the use of Adjusted EBITDA since it excludes interest income and expenses, financing related and acquisition related transactions and severance and transition costs, income taxes, all of which impact profitability, as well as depreciation and amortization related to the use of long lived assets that benefits future periods. We believe that limitations are compensated by providing Adjusted EBITDA only with GAAP performance measures and clearly identifying the differences between the two measures. Consequently, Adjusted EBITDA should not be considered in isolation or as a substitute for net income or loss or operating income or loss presented in accordance with GAAP. Moreover, Adjusted EBITDA as defined by the Company may not be comparable to similarly titled measure provided by other entities.
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