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bighalloweenfan 205 posts  |  Last Activity: Apr 27, 2016 9:53 AM Member since: Dec 30, 2008
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  • bighalloweenfan bighalloweenfan Apr 27, 2016 9:53 AM Flag

    That is a day after my Birthday so I hope it will be a nice gift to all of us!

  • bighalloweenfan bighalloweenfan Apr 26, 2016 10:05 AM Flag

    Efoi has said they plan to spread their sales team to the west coast. This week will be a good start!

  • bighalloweenfan bighalloweenfan Apr 26, 2016 9:40 AM Flag

    I hope we pick up when the show starts. I hope we finish week over 8.50 . It is still early morning in CA hope they get a lot of interest!

  • Reply to

    Nice Close

    by lookingforatenbagger Apr 25, 2016 5:07 PM
    bighalloweenfan bighalloweenfan Apr 25, 2016 6:13 PM Flag

    Maybe it has something to do with show starting tomorrow with new products to be on display @

  • bighalloweenfan bighalloweenfan Apr 23, 2016 7:57 PM Flag

    I could be wrong but i believe Joe asked something about the Taiwan office ,about the future of it. James said something I believe it was a research area but down the road I thought he hinted about other uses!

  • bighalloweenfan bighalloweenfan Apr 22, 2016 2:55 PM Flag

    Mel,I agree 100 % they are listening to customer needs and creating new and exciting products to meet the demand! It probably will take a 1/4 to show results ,but I thought it was great news! A way to stay a head of your competition !

  • Energy Focus, Inc. To Introduce A New Line of Connected LED Lighting Products During Light Fair 2016
    “Network-Ready,” Dimmable Products To Facilitate Additional Energy Savings and Network Connectivity
    Energy Focus, Inc.
    9 minutes ago
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    SOLON, Ohio, April 21, 2016 (GLOBE NEWSWIRE) -- Energy Focus, Inc. (EFOI), a leader in LED lighting technologies, today announced its development of a new generation of “Network-Ready,” dimmable LED lighting products, including dimmable tubular LED lamps (“TLEDs”) that operate in direct-wire mode (without a ballast) and dual-mode (with or without a ballast), an integrated, dimmable emergency backup TLED, and a dimmable luminaire. These products, along with other newly developed products from Energy Focus, will be featured at the company’s booth (#5955) at Light Fair 2016 being held at the San Diego Convention Center on April 26-28, 2016. (See: http://www.energyfocusinc.com/wp-content/uploads/LightFair-2016-Featured-Products.pdf).

    Energy Focus’ new Network-Ready products incorporate industry standard (IEC 60929) 0-10 V dimming protocol. As a result, power and light output of the Network-Ready lamps and fixtures can be controlled via a variety of dimming control mechanisms and networks, including wireless, broadband over power-line (“BPL”), as well as directly via wired low voltage D.C. (“twisted-pair”). The Network-Ready LED products are expected to not only yield an immediate energy savings of typically 50% or more compared to fluorescent, but also potentially save an additional 20-30% of energy by utilizing the dimming feature through dimming control, occupancy sensing and daylight harvesting.

    The Network-Ready dimming protocol covers a wide range of new products that the Company is introducing, which include next generation dual-mode Intellitube® and direct-wire “D-Series” TLED product lines. The Company also plans to introduce a fully integrated, Network-Ready T8 Emergency Battery Backup TLED that functions as a standard lamp during non-emergency hours and does not need external batteries or drivers to provide backup lighting during emergencies, thereby dramatically reducing product and labor cost for mandated emergency backup lighting needs. In addition, the Company is introducing its first Network-Ready luminaire, the “Panel-Light Series,” fully integrated luminaires with a modern, elegant and sturdy design that can be used in fluorescent retrofit, renovation or new construction projects.

    All these new products have been designed with Energy Focus’ rigorous performance and quality standards, which seek industry-leading efficiency, reliability and flicker-free features. Energy Focus is still in the process of completing all regulatory approvals, including the Underwriters Laboratories (UL) certification. Upon completion of this process, Energy Focus expects to start taking orders and shipping these new products during the second half of 2016.

    “The ultimate guiding principle of our product development effort is to maximize the energy savings of LED retrofits while minimizing the cost of material, installation and maintenance, without compromising quality,” says Dr. Jeremiah Heilman, VP of Research and Development. “TLEDs had been called ‘missed opportunities’ when it came to supporting advanced controls. We saw that did not have to be the case, and innovated to build network connectivity and get dimming signals into the lamp in a simple and cost-effective way. Our Network Ready TLEDs are designed to give our customers far better value propositions to achieve lighting connectivity without replacing the existing lighting fixtures with expensive and easily outdated new LED fixtures as LED and networking technologies evolve exponentially. The integrated emergency battery backup TLED and Panel Lights we are introducing also are expected to enable us to supply the whole spectrum of needs for fluorescent retrofit.”

    “As the technologies associated with the Internet-of-Things (“IoT”)—the networking of physical objects for universal connectivity and data collection—start to permeate government and business buildings in the coming years, we’re extremely excited to be introducing this brand new line of products designed to enable our customers to further increase their energy savings and to connect and control lighting through building automation or energy management systems,” said James Tu, Executive Chairman and Chief Executive Officer. “In addition to LED’s higher lumen efficiency, incorporating dimming capability into the internal driver already in our TLEDs is our first step to realize significant benefits by connecting lighting to its environment. We believe that LED lighting has unique and outstanding potential to play a central role in the future of building intelligence, and we plan to continue to actively explore, research and develop powerful and economical IoT applications to be integrated into our product lines.”

  • bighalloweenfan by bighalloweenfan Apr 21, 2016 9:26 AM Flag

    Energy Focus, Inc. To Introduce A New Line of Connected LED Lighting Products During Light Fair 2016
    “Network-Ready,” Dimmable Products To Facilitate Additional Energy Savings and Network Connectivity
    Energy Focus, Inc.
    2 minutes ago
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    SOLON, Ohio, April 21, 2016 (GLOBE NEWSWIRE) -- Energy Focus, Inc. (EFOI), a leader in LED lighting technologies, today announced its development of a new generation of “Network-Ready,” dimmable LED lighting products, including dimmable tubular LED lamps (“TLEDs”) that operate in direct-wire mode (without a ballast) and dual-mode (with or without a ballast), an integrated, dimmable emergency backup TLED, and a dimmable luminaire. These products, along with other newly developed products from Energy Focus, will be featured at the company’s booth (#5955) at Light Fair 2016 being held at the San Diego Convention Center on April 26-28, 2016. (See: http://www.energyfocusinc.com/wp-content/uploads/LightFair-2016-Featured-Products.pdf).

    Energy Focus’ new Network-Ready products incorporate industry standard (IEC 60929) 0-10 V dimming protocol. As a result, power and light output of the Network-Ready lamps and fixtures can be controlled via a variety of dimming control mechanisms and networks, including wireless, broadband over power-line (“BPL”), as well as directly via wired low voltage D.C. (“twisted-pair”). The Network-Ready LED products are expected to not only yield an immediate energy savings of typically 50% or more compared to fluorescent, but also potentially save an additional 20-30% of energy by utilizing the dimming feature through dimming control, occupancy sensing and daylight harvesting.

    The Network-Ready dimming protocol covers a wide range of new products that the Company is introducing, which include next generation dual-mode Intellitube® and direct-wire “D-Series” TLED product lines. The Company also plans to introduce a fully integrated, Network-Ready T8 Emergency Battery Backup TLED that functions as a standard lamp during non-emergency hours and does not need external batteries or drivers to provide backup lighting during emergencies, thereby dramatically reducing product and labor cost for mandated emergency backup lighting needs. In addition, the Company is introducing its first Network-Ready luminaire, the “Panel-Light Series,” fully integrated luminaires with a modern, elegant and sturdy design that can be used in fluorescent retrofit, renovation or new construction projects.

    All these new products have been designed with Energy Focus’ rigorous performance and quality standards, which seek industry-leading efficiency, reliability and flicker-free features. Energy Focus is still in the process of completing all regulatory approvals, including the Underwriters Laboratories (UL) certification. Upon completion of this process, Energy Focus expects to start taking orders and shipping these new products during the second half of 2016.

    “The ultimate guiding principle of our product development effort is to maximize the energy savings of LED retrofits while minimizing the cost of material, installation and maintenance, without compromising quality,” says Dr. Jeremiah Heilman, VP of Research and Development. “TLEDs had been called ‘missed opportunities’ when it came to supporting advanced controls. We saw that did not have to be the case, and innovated to build network connectivity and get dimming signals into the lamp in a simple and cost-effective way. Our Network Ready TLEDs are designed to give our customers far better value propositions to achieve lighting connectivity without replacing the existing lighting fixtures with expensive and easily outdated new LED fixtures as LED and networking technologies evolve exponentially. The integrated emergency battery backup TLED and Panel Lights we are introducing also are expected to enable us to supply the whole spectrum of needs for fluorescent retrofit.”

    “As the technologies associated with the Internet-of-Things (“IoT”)—the networking of physical objects for universal connectivity and data collection—start to permeate government and business buildings in the coming years, we’re extremely excited to be introducing this brand new line of products designed to enable our customers to further increase their energy savings and to connect and control lighting through building automation or energy management systems,” said James Tu, Executive Chairman and Chief Executive Officer. “In addition to LED’s higher lumen efficiency, incorporating dimming capability into the internal driver already in our TLEDs is our first step to realize significant benefits by connecting lighting to its environment. We believe that LED lighting has unique and outstanding potential to play a central role in the future of building intelligence, and we plan to continue to actively explore, research and develop powerful and economical IoT applications to be integrated into our product lines.”

    About Energy Focus, Inc.
    Energy Focus, Inc. is a leading provider of energy efficient LED lighting products and a developer of energy efficient lighting technology. Our LED Lighting products provide energy savings, aesthetics, safety and maintenance cost benefits over conventional lighting. Our long-standing relationship with the U.S. Government continues to enable us to provide energy efficient LED lighting products to the U.S. Navy and the Military Sealift Command fleets. Customers include national, state and local U.S. government agencies, as well as Fortune 500 companies and many other commercial and industrial clients. World headquarters are located in Solon, Ohio with additional offices in Washington, D.C., New York City and Taiwan. For more information, see our web site at www.energyfocusinc.com.

    Forward Looking Statements
    Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Generally, these statements can be identified by the use of words such as "expects," "seeks," "intends," "plans," "may," "will," "should," "could," "would" and similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements include all matters that are not historical facts and include statements regarding our current expectations concerning, among other things, our product development capabilities, new product release timing, energy savings and other benefits of LED lighting technology and the industry in which we operate. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Although we base these forward-looking statements on assumptions that we believe are reasonable when made, we caution you that forward-looking statements are not guarantees of future performance and that our actual results and operations may differ materially from statements made in or suggested by the forward-looking statements contained in this release. We believe that important factors that could cause our actual results to differ materially from forward-looking statements include, but are not limited to: the effectiveness and energy efficiency of our product design; satisfactory and timely testing and completion of product certification requirements; our ability to implement and manage our product growth plans and bring products to market in a timely manner and at an appropriate price point; market acceptance of LED lighting technology; our ability to respond to new lighting technologies and market trends with safe and reliable products; our ability to protect our intellectual property rights and the impact of any type of legal claim or dispute; our ability to obtain critical components and finished products from third-party suppliers on acceptable terms; and our ability to compete effectively against companies with greater resources. For more information about potential factors that could affect the financial results of Energy Focus, please refer to the Company’s reports that it files with the Securities and Exchange Commission, including its Annual Report on Form 10-K. 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.

    Contact:

  • Energy Focus, Inc. To Introduce A New Line of Connected LED Lighting Products During Light Fair 2016
    “Network-Ready,” Dimmable Products To Facilitate Additional Energy Savings and Network Connectivity
    Energy Focus, Inc.
    2 minutes ago
    GlobeNewswire
    
    Related Quotes
    EFOI
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    Energy Focus, Inc. Watchlist
    7.86-0.23(2.84%)
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    ENERGY FOCUS, INC/DE Files SEC form 10-K/A, Annual Report EDGAR Online 5 days ago
    ETF’s with exposure to Energy Focus, Inc. : April 4, 2016 Capital Cube q 16 days ago
    More
    SOLON, Ohio, April 21, 2016 (GLOBE NEWSWIRE) -- Energy Focus, Inc. (EFOI), a leader in LED lighting technologies, today announced its development of a new generation of “Network-Ready,” dimmable LED lighting products, including dimmable tubular LED lamps (“TLEDs”) that operate in direct-wire mode (without a ballast) and dual-mode (with or without a ballast), an integrated, dimmable emergency backup TLED, and a dimmable luminaire. These products, along with other newly developed products from Energy Focus, will be featured at the company’s booth (#5955) at Light Fair 2016 being held at the San Diego Convention Center on April 26-28, 2016. (See: http://www.energyfocusinc.com/wp-content/uploads/LightFair-2016-Featured-Products.pdf).

    Energy Focus’ new Network-Ready products incorporate industry standard (IEC 60929) 0-10 V dimming protocol. As a result, power and light output of the Network-Ready lamps and fixtures can be controlled via a variety of dimming control mechanisms and networks, including wireless, broadband over power-line (“BPL”), as well as directly via wired low voltage D.C. (“twisted-pair”). The Network-Ready LED products are expected to not only yield an immediate energy savings of typically 50% or more compared to fluorescent, but also potentially save an additional 20-30% of energy by utilizing the dimming feature through dimming control, occupancy sensing and daylight harvesting.

    The Network-Ready dimming protocol covers a wide range of new products that the Company is introducing, which include next generation dual-mode Intellitube® and direct-wire “D-Series” TLED product lines. The Company also plans to introduce a fully integrated, Network-Ready T8 Emergency Battery Backup TLED that functions as a standard lamp during non-emergency hours and does not need external batteries or drivers to provide backup lighting during emergencies, thereby dramatically reducing product and labor cost for mandated emergency backup lighting needs. In addition, the Company is introducing its first Network-Ready luminaire, the “Panel-Light Series,” fully integrated luminaires with a modern, elegant and sturdy design that can be used in fluorescent retrofit, renovation or new construction projects.

    All these new products have been designed with Energy Focus’ rigorous performance and quality standards, which seek industry-leading efficiency, reliability and flicker-free features. Energy Focus is still in the process of completing all regulatory approvals, including the Underwriters Laboratories (UL) certification. Upon completion of this process, Energy Focus expects to start taking orders and shipping these new products during the second half of 2016.

    “The ultimate guiding principle of our product development effort is to maximize the energy savings of LED retrofits while minimizing the cost of material, installation and maintenance, without compromising quality,” says Dr. Jeremiah Heilman, VP of Research and Development. “TLEDs had been called ‘missed opportunities’ when it came to supporting advanced controls. We saw that did not have to be the case, and innovated to build network connectivity and get dimming signals into the lamp in a simple and cost-effective way. Our Network Ready TLEDs are designed to give our customers far better value propositions to achieve lighting connectivity without replacing the existing lighting fixtures with expensive and easily outdated new LED fixtures as LED and networking technologies evolve exponentially. The integrated emergency battery backup TLED and Panel Lights we are introducing also are expected to enable us to supply the whole spectrum of needs for fluorescent retrofit.”

    “As the technologies associated with the Internet-of-Things (“IoT”)—the networking of physical objects for universal connectivity and data collection—start to permeate government and business buildings in the coming years, we’re extremely excited to be introducing this brand new line of products designed to enable our customers to further increase their energy savings and to connect and control lighting through building automation or energy management systems,” said James Tu, Executive Chairman and Chief Executive Officer. “In addition to LED’s higher lumen efficiency, incorporating dimming capability into the internal driver already in our TLEDs is our first step to realize significant benefits by connecting lighting to its environment. We believe that LED lighting has unique and outstanding potential to play a central role in the future of building intelligence, and we plan to continue to actively explore, research and develop powerful and economical IoT applications to be integrated into our product lines.”

    About Energy Focus, Inc.
    Energy Focus, Inc. is a leading provider of energy efficient LED lighting products and a developer of energy efficient lighting technology. Our LED Lighting products provide energy savings, aesthetics, safety and maintenance cost benefits over conventional lighting. Our long-standing relationship with the U.S. Government continues to enable us to provide energy efficient LED lighting products to the U.S. Navy and the Military Sealift Command fleets. Customers include national, state and local U.S. government agencies, as well as Fortune 500 companies and many other commercial and industrial clients. World headquarters are located in Solon, Ohio with additional offices in Washington, D.C., New York City and Taiwan. For more information, see our web site at www.energyfocusinc.com.

    Forward Looking Statements
    Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Generally, these statements can be identified by the use of words such as "expects," "seeks," "intends," "plans," "may," "will," "should," "could," "would" and similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements include all matters that are not historical facts and include statements regarding our current expectations concerning, among other things, our product development capabilities, new product release timing, energy savings and other benefits of LED lighting technology and the industry in which we operate. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Although we base these forward-looking statements on assumptions that we believe are reasonable when made, we caution you that forward-looking statements are not guarantees of future performance and that our actual results and operations may differ materially from statements made in or suggested by the forward-looking statements contained in this release. We believe that important factors that could cause our actual results to differ materially from forward-looking statements include, but are not limited to: the effectiveness and energy efficiency of our product design; satisfactory and timely testing and completion of product certification requirements; our ability to implement and manage our product growth plans and bring products to market in a timely manner and at an appropriate price point; market acceptance of LED lighting technology; our ability to respond to new lighting technologies and market trends with safe and reliable products; our ability to protect our intellectual property rights and the impact of any type of legal claim or dispute; our ability to obtain critical components and finished products from third-party suppliers on acceptable terms; and our ability to compete effectively against companies with greater resources. For more information about potential factors that could affect the financial results of Energy Focus, please refer to the Company’s reports that it files with the Securities and Exchange Commission, including its Annual Report on Form 10-K. 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.

    Contact:

  • I thought they would drag down this market,not today!

  • bighalloweenfan by bighalloweenfan Apr 19, 2016 9:20 AM Flag

    Made a nice profit !

  • Many thanks to St. John's Army ROTC and Director of Sustainability Thomas Goldsmith for volunteering at Bread & Life Soup kitchen with Energy Focus this past Friday.
    Together, we stormed through the facility, retrofitted all of their old florescent lights with Energy Focus' Intellitube® in a few hours. This charitable installation brought together powerful forces determined to help 'feed' the mind, body, and spirit.
    Special thanks to Con Edison for being a part of this impactful partnership between St. John's University and Energy Focus by providing rebates that allow continuous improvements.

  • bighalloweenfan by bighalloweenfan Apr 18, 2016 4:46 PM Flag

    Could get ugly!

  • Reply to

    Will drop to $143 by Apr 18

    by shoathai Apr 14, 2016 3:07 PM
    bighalloweenfan bighalloweenfan Apr 16, 2016 8:49 PM Flag

    I am going to move all my money out of my fund by close of Monday ! I expect when trade opens back up afret earnings I expect a pull back,the stock has been flying just don't go down until I move my money!

  • bighalloweenfan by bighalloweenfan Apr 15, 2016 6:11 PM Flag

    Show all filings for ENERGY FOCUS, INC/DE
    Form 10-K/A for ENERGY FOCUS, INC/DE

    15-Apr-2016

    Annual Report

    ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
    The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our Consolidated Financial Statements ("financial statements") and related notes thereto, included in Item 8 of this Annual Report.

    Overview

    Energy Focus, Inc. and its subsidiaries engage in the design, development, manufacturing, marketing, and installation of energy-efficient lighting systems. We operate in a single industry segment, developing and selling our energy-efficient light-emitting diode ("LED") lighting products into the military maritime market, and general commercial and industrial markets. Recently, we have aligned our resources and focused our efforts on the sale of our LED lighting products, in particular our military and commercial tubular LED ("TLED") lines of products, into targeted vertical markets. Our goal is to become a leader in the LED lighting retrofit market by replacing fluorescent lamps in general purpose and high-intensity discharge ("HID") lighting in low-bay and high-bay applications with our innovative, high-quality TLED products.

    In order to focus on this business opportunity, we have recently exited non-core businesses. In 2013, we sold our pool lighting products business. During 2014, we shifted our focus away from the turnkey solutions business operated by our subsidiary, Energy Focus LED Solutions, LLC ("EFLS"), which had historically incurred lower gross margins. We completed all outstanding solutions-based projects in the first quarter of 2015, are no longer accepting new projects, and, as of September 30, 2015, had fully exited the solutions business. In August 2015, we exited our United Kingdom business through the sale of Crescent Lighting Limited ("CLL"), our wholly-owned subsidiary. As a result of exiting the turnkey solutions and CLL businesses, we have eliminated all net sales and expenses associated with both businesses from the Consolidated Statements of Operations and have reported the net income (loss) as discontinued operations. Please refer to Note 3, "Discontinued Operations," for more information on our disposition of these businesses.

    During 2015, a substantial portion of our sales continued to be for military maritime products for the U.S. Navy. We had significant growth in our commercial sales versus the prior year, but still remain in the early stages of our efforts to diversify our customer base. We also continued to invest in our direct sales force and marketing personnel, and the other talent and infrastructure necessary to support the increasing scale of our operations across a variety of other functions. As a result, our financial results continue to be subject to fluctuations in the timing and magnitude of our military and maritime product sales and the impact of our growth initiatives, since we may dedicate significant resources to a targeted customer or industry before we achieve meaningful results or are able to effectively evaluate our success.

    Results of operations

    The following table sets forth the percentage of net sales represented by certain items reflected on our Consolidated Statements of Operations for the following periods:

    2015 2014 2013

    Net sales 100.0 % 100.0 % 100.0 %
    Cost of sales 54.5 65.7 77.9
    Gross profit 45.5 34.3 22.1

    Operating expenses:
    Product development 4.4 4.5 6.3
    Selling, general, and administrative 26.1 34.5 68.3
    Loss on impairment - - 6.5
    Change in estimate of contingent
    liabilities - - 0.1
    Restructuring - - 0.8
    Total operating expenses 30.5 39.0 82.0
    Income (loss) from operations 15.0 (4.7 ) (59.9 )

    Other (income) expense:
    Settlement of acquisition obligations - - (9.5 )
    Interest expense 0.1 11.9 8.9
    Other (income) expenses (0.1 ) 2.1 3.3
    Income (loss) from continuing
    operations before income taxes 15.0 (18.7 ) (62.6 )
    Provision for income taxes 0.2 - -
    Net income (loss) from continuing
    operations 14.8 (18.7 ) (62.6 )

    Discontinued operations:
    Loss from discontinued operations (0.3 ) (6.9 ) (3.9 )
    (Loss) gain on sale of discontinued
    operations (0.8 ) (0.1 ) 41.5
    (Loss) income from discontinued
    operations before income taxes (1.1 ) (7.0 ) 37.6
    (Benefit from) provision for income
    taxes - - -
    (Loss) income from discontinued
    operations (1.1 ) (7.0 ) 37.6

    Net income (loss) 13.7 % (25.7 )% (25.0 )%

    Net sales

    A further breakdown of our net sales by product line is as follows (in thousands):

    2015 2014 2013

    Commercial $ 14,156 $ 5,712 $ 3,703
    Military maritime 50,128 16,913 3,678
    R&D Services 119 75 2,042
    Total net sales $ 64,403 $ 22,700 $ 9,423

    Net sales of $64.4 million in 2015 increased 183.7 percent compared to 2014. Commercial sales increased 147.8 percent as we continued to penetrate our targeted vertical markets of K-12 schools, industrial manufacturers, national retailers, and hospitals. Military maritime sales increased 196.4 percent as a result of continued high-volume sales to distributors for the U.S. Navy.

    R&D services sales increased 58.7 percent as we worked to complete existing research contracts and grants to focus our resources exclusively on projects and contracts that support LED technologies.

    Net sales of $22.7 million in 2014 increased 140.9 percent in comparison to $9.4 million in 2013, primarily due to a $13.2 million increase in military maritime sales as a result of high-volume sales to a distributor for the U.S. Navy. Commercial sales increased $2.0 million, or 54.3 percent, in 2014 compared to 2013, as we built our pipeline and began to penetrate our targeted commercial and industrial markets. The increase in commercial sales was offset by a decrease of $2.0 million in R&D services, as we shifted our focus away from research contracts and grants.

    International sales

    With the sale of CLL, our subsidiary in the United Kingdom, we no longer generate significant sales from customers outside the United States. International net sales accounted for less than 1.0 percent of net sales in 2015 and in 2014, respectively. International net sales accounted for approximately 1.4 percent of net sales in 2013. The effect of changes in currency exchange rates was not material in 2015, 2014, or 2013, respectively.

    Gross profit

    Gross profit was $29.3 million, or 45.5 percent of net sales in 2015, compared to $7.8 million, or 34.3 percent of net sales in 2014. The increase resulted from our higher sales volume, engaging new suppliers to lower our product costs at increased sales volumes, performing value analysis/engineering processes, and our continued development of operating efficiencies.
    Gross profit in 2014 increased $5.7 million over the gross profit of $2.1 million in 2013. The increase resulted from higher net sales due to a higher mix of commercial and military maritime products sales, compared to R&D services sales, which carry low to no gross margins. Additionally, gross margins on our products improved 12.2 percentage points as a result of continuous development of efficiencies, improvements in our supply chain, and building our economies of scale from sales volume increases.

    Operating expenses

    Product development

    Product development expenses include salaries, contractor and consulting fees, legal fees, supplies and materials, as well as overhead items, such as depreciation and facilities costs. Product development costs are expensed as they are incurred.

    Total government reimbursements are the combination of revenues and credits from government contracts.

    Total gross and net product development spending, including credits from government contracts, is shown in the following table (in thousands):

    For the year ended December 31,
    2015 2014 2013

    Total gross product development expenses $ 3,005 $ 1,727 $ 3,480
    Cost recovery through cost of sales (25 ) (54 ) (1,937 )
    Cost recovery and other credits (170 ) (643 ) (948 )
    Net product development expense $ 2,810 $ 1,030 $ 595

    Gross product development expenses were $3.0 million in 2015, a 74.0 percent increase compared to $1.7 million in 2014. The increase resulted from higher outside testing and legal fees of approximately $541 thousand related to our proprietary commercial Intellitube� product line, and higher salaries and related benefits of approximately $554 thousand due to hiring additional product engineers as we continue to dedicate resources toward the development of our LED lighting technology products in the United States and Taiwan. Gross product development expenses in 2014 decreased 50.4 percent compared to $3.5 million in 2013. The decrease resulted from focusing our resources exclusively on projects and contracts that support LED technologies.

    Selling, general, and administrative

    Selling, general, and administrative expenses were $16.8 million, or 26.1 percent of net sales in 2015, compared to $7.8 million, or 34.5 percent of net sales in 2014. The dollar increase resulted from incurring higher salaries and related benefits of approximately $2.0 million and higher recruiting fees of $548 thousand as we essentially doubled our sales force in 2015 compared to 2014, higher consulting services of approximately $1.4 million as we seek to grow our business, higher commissions and bonus incentives of approximately $1.7 million related to higher sales and earnings, higher severance costs of $502 thousand, higher trade show and other marketing costs of approximately $478 thousand to support our continued growth, and higher legal and professional fees of approximately $463 thousand.

    Selling, general, and administrative expenses in 2014 increased 21.8 percent from $6.4 million 2013. The dollar increase resulted from higher salaries and related benefits, higher stock-based compensation, higher incentive bonuses and commissions, and higher recruiting costs due primarily to building our direct sales force. This was partially offset by lower severance charges, lower amortization expense, and lower project marketing costs.

    Loss on impairment

    Due to the sale of our pool products business in November 2013 and the closing of our facilities in Pleasanton, California, we performed an evaluation of property and equipment located in California. In performing this review, we sought a buyer for the assets which we no longer had use, and recorded an impairment loss of $608 thousand. The impairment loss represented the difference between the fair value and the carrying value of the asset group. These assets were subsequently sold in 2014 for $130 thousand; the carrying value of the assets after the impairment charge.

    Change in estimate of contingent liabilities

    In connection with the acquisition of EFLS in December 2009, we recorded a performance-related contingent obligation related to a 2.5 percent payout payable over 42 months commencing January 1, 2010. The payout was based on the fair value of projected annual billings of the acquired business. We accrued for this contingent liability at its estimated fair value at the time of the acquisition. As a provision of the settlement agreement between us and the former owners of EFLS, a net receivable due of $78 thousand was forgiven in June 2013. Additionally, we recognized a $66 thousand favorable adjustment related to the change in the estimate of the performance-related contingent obligation, resulting in a net expense of $12 thousand charged to operations in 2013. See Note 10, "Commitments and Contingencies," included in Item 8 for further information.

    Restructuring

    During the third quarter of 2013, we relocated our manufacturing operations from a contract manufacturing facility located in Mexico to our facilities located in Pleasanton, California and Solon, Ohio. The Consolidated Statements of Operations include $80 thousand of "Restructuring" costs for severance paid to Mexican contract employees as required by the production share agreement, as amended, between us and the contract manufacturer. See Note 8, "Restructuring," for more information on these charges.

    As a result of the sale of the pool products business, we relocated our manufacturing operations in Pleasanton, California to Solon, Ohio. This activity was completed by March 2014, and the cost was negligible.

    Other income (expense)

    Settlement of acquisition obligations

    As a provision of the settlement agreement between us and the former owners of EFLS, our obligation to pay a $500 thousand special fee and a $500 thousand convertible promissory note including interest of $92 thousand were cancelled in their entirety in exchange for a $200 thousand payment. We recognized a net gain of $892 thousand related to these items in June 2013. See Note 9, "Settlement of Acquisition Obligations," included in Item 8 for further information.

    Interest expense

    Interest expense was $85 thousand, $2.7 million, and $840 thousand for the years ended December 31, 2015, 2014, and 2013, respectively. Interest expense in 2014 included a $2.3 million non-cash charge to write-off the remaining unamortized discount associated with the conversion of convertible notes that were issued in 2012 and 2013, as well as $154 thousand of additional

    interest that we paid by September 30, 2014. Interest expense includes amortization of debt discounts, interest on our line of credit facility and any other fees related to the line of credit agreement, and interest expense for outstanding borrowings.

    Other expenses

    We recognized other income of $53 thousand in 2015, compared to other expenses of $466 thousand in 2014. The expense in 2014 was primarily a result of the write-off of loan origination costs in connection with the convertible notes, which occurred in March 2014. Other expenses in 2014 increased $158 thousand compared to other expense of $308 thousand in 2013 primarily due to the write-off of loan origination costs in 2014.

    Income taxes

    For the year ended December 31, 2015, our effective tax rate was 1.5 percent. Our effective tax rate was lower than the statutory tax rate due primarily due to a decrease in the valuation allowance as a result of the utilization of net operating loss carry-forwards. We utilized $6.2 million of our federal net operating loss carry-forward in 2015.

    We had a full valuation allowance recorded against our United States deferred tax assets at December 31, 2015 and 2014, respectively. We had no net deferred liabilities at December 31, 2015 or 2014. There was no federal tax expenses for the United States operations in 2014 and 2013 due to increase to the valuation allowance. In 2015, we recognized federal tax expense as a result of the alternative minimum tax.

    Deferred income tax assets are reduced by a valuation allowance when it is more likely than not that some portion of the deferred income tax assets will not be realized. In considering the need for a valuation allowance, we assess all evidence, both positive and negative, available to determine whether all or some portion of the deferred tax assets will not be realized. Such evidence includes, but is not limited to, recent earnings history, projections of future income or loss, reversal patterns of existing taxable and deductible temporary differences, and tax planning strategies. We will continue to evaluate the need for a valuation allowance on a quarterly basis.
    At December 31, 2015, we had net operating loss carry-forwards of approximately $69.1 million for federal, state, and local income tax purposes. However, due to changes in our capital structure, approximately $14.8 million of this amount is available after the application of IRC Section 382 limitations. As a result of this limitation, in 2016, we only expect to have approximately $6.0 million of the net operating loss carry-forward available for use. If not utilized, these carry-forwards will begin to expire in 2021 for federal purposes and have begun to expire for state and local purposes. Please refer to Note 12, "Income Taxes," included in Item 8 for further information.

    Net income (loss) from continuing operations

    Net income from continuing operations was $9.5 million in 2015, an increase of $13.7 million compared to a net loss of $4.2 million in 2014. Higher net sales and gross margins, as well as continued operational improvements resulted in the improved financial results. Net loss from continuing operations decreased $1.7 million in 2014 compared to a net loss of $5.9 million in 2013. The decrease was a result of increased sales, specifically, product sales to the military maritime market, as well as improved gross profit margins and the one-time charges of $2.4 million noted above. Excluding those charges, net loss from continuing operations in 2014 would have decreased compared to 2013 by $4.1 million.

    Discontinued operations

    EFLS

    As part of the strategy to align our resources with developing and selling our energy-efficient LED products into the
    commercial and military maritime markets, we completed the exit of our turnkey solutions business operated by our EFLS subsidiary, during the third quarter of 2015. During 2014, we shifted our focus away from the turnkey solutions business and we stopped accepting new projects and completed all outstanding solutions-based projects in the first quarter of 2015. Following the completion of these projects, a remaining warranty liability existed for the replacement of potential defective products that were installed as a part of certain solutions-based jobs. The period for potential warranty replacement lasted one year from the time of job commencement. As of September 30, 2015, the exit of our turnkey solutions business was complete. Accordingly, the operating results related to EFLS have been included as discontinued operations in the Consolidated Statements of Operations for all periods presented. There were no assets disposed as a result of the disposition, and we did not recognize a gain or loss on disposal or record an income tax expense or benefit. We do not anticipate any significant continuing involvement related to this discontinued operation.

    CLL

    In August 2015, we sold our wholly-owned United Kingdom subsidiary, CLL. The sale was for nominal consideration under the terms of the agreement. As a result of the transaction and the elimination of this foreign subsidiary consolidated under the equity method of accounting, we recorded a one-time loss of $44 thousand, which included a $469 thousand accumulated other comprehensive income reclassification adjustment for foreign currency translation adjustments. The loss was recorded in the Consolidated Statements of Operations under the caption "Loss on disposal of discontinued operations." We do not anticipate any significant continuing involvement related to this discontinued operation.

    Pool Products Business

    In November 2013, we sold our pool products business. In connection with the sale, we eliminated all net sales and expenses associated with this business from the Consolidated Statements of Operations and have reported the net (loss) income from those activities as "Discontinued operations."

    Revenues from discontinued operations in 2015, 2014, and 2013 were $1.1 million, $6.3 million, and $16.6 million, respectively. See Note 3, "Discontinued Operations," included in Item 8 of this Annual Report for more information.

    Net income (loss)

    Net income (loss) includes the results from continuing operations, as well as the results from discontinued operations. Net income was $8.8 million in 2015, an increase of $14.6 million compared to a net loss of $5.8 million in 2014. Net loss increased by $3.5 million in 2014 compared to a net loss of $2.4 million in 2013, primarily due to the one-time charges of $2.4 million noted above.

    Liquidity and capital resources

    While we generated net income of $8.8 million in 2015, we have incurred substantial losses in the past, and as of December 31, 2015, we had an accumulated deficit of $80.1 million. In the third quarter of 2015, we raised approximately $23.6 million, net of fees, from a follow-on public offering of 1,500,000 shares of our common stock. We also raised approximately $18 million between 2012 and 2014 through the issuance of common stock and debt, including $5.15 million in cash, net of related expenses, from a public offering and sale of our common stock in August 2014. Additionally, we received $4.8 million in cash, net of related expenses, through the sale of our pool products business in 2013. While we were profitable in 2015, in order for us to continue to grow our business profitably, we will need to continue executing our marketing and sales plans for our energy-efficient LED lighting products to expand our customer base, and develop new technologies into sustainable product lines.

    There is a risk that our business may not be as successful as we envision as we work to expand our customer base and grow net sales from commercial clients in our targeted vertical markets. Additionally, there is no guarantee that the U.S. Navy will continue on its current pace with the adoption of our LED lighting products for its fighting fleet.

    We terminated our revolving credit facility effective December 31, 2015, and are not actively pursuing securing a new line of credit at this time. There can be no assurance that we will generate sufficient cash flows to sustain and grow our operations or, if necessary, obtain funding on acceptable terms or in a timely fashion or at all. As such, we may continue to review and pursue selected external funding sources to execute these objectives including, but not limited to, the following:

    � obtain financing from traditional or non-traditional investment capital organizations or individuals; and

    � obtain funding from the sale of our common stock or other equity or debt instruments.

    Obtaining financing through the above-mentioned mechanisms contains risks, including:

    � additional equity financing may not be available to us on satisfactory terms and any equity that we are able to issue could lead to dilution of stockholder value for current stockholders;

    � loans or other debt instruments may have terms and/or conditions, such as interest rate, restrictive covenants and control or revocation provisions, which are not acceptable to management or our Board of Directors or would restrict our growth opportunities; and

    � the current environment in capital markets combined with our capital constraints may prevent us from being able to obtain adequate debt financing.

    If we fail to generate cash to grow our business, we would need to delay or scale back our business plan, reduce our operating costs, or reduce our headcount, each of which would have a material adverse effect on our business, future prospects, and financial condition.

    Cash and cash equivalents and debt

    At December 31, 2015, our cash and cash equivalents balance was $34.6 million, compared to $7.4 million at December 31, 2014. The balance at December 31, 2015 included restricted cash of $113 thousand, compared to $105 thousand at December 31, 2014. The restricted cash balance relates to funds to be used exclusively for a research and development project with the National Shipbuilding Research Program. Additionally, our cash balance at December 31, 2014 included $300 thousand of the purchase price from the sale of our pool products business held in escrow to secure our obligations of the sale. At December 31, 2015, we offset the escrow amount by the expected costs to settle the outstanding buyer claims related to the sale of our pool products business. See Note 3, included in Item 8 for further information.

    On September 11, 2015, we announced the pricing of a registered underwritten follow-on offering of shares of our common stock by us and certain of our stockholders (the "Selling Stockholders"). We sold 1,500,000 shares of our common stock at a price to the public of $17.00 per share and the Selling Stockholders sold an additional 1,500,000 shares of our common stock on the same terms and conditions.

    The offering closed on September 16, 2015 and we received $23.6 million in net proceeds from the transaction, after giving effect to underwriting discounts and commissions and estimated expenses. We expect to use the net proceeds from the offering to finance our growth efforts, for working capital, and other general corporate purposes.
    On August 6, 2014, we announced the pricing of a public offering to sell 1,175,000 shares of our common stock at a price to the public of $4.50 per share. The underwriters for the offering were given an option to purchase up to an additional 176,250 shares at $4.50 per share to cover over allotments. On August 8, 2014, they exercised their option to purchase the 176,250 additional shares. The offering closed on August 11, 2014. The net proceeds we received from the offering, after deducting the underwriting discount and offering expenses paid by us, were $5.15 million.

    The following is a summary of cash flows from operating, investing, and financing activities, as reflected in the Consolidated Statements of Cash Flows (in thousands):

    2015 2014 2013

    Net cash provided by (used in)
    operating activities $ 4,446 $ (163 ) $ (6,243 )

    Net cash used in investing activities $ (2,242 ) $ (64 ) $ (174 )

    Proceeds from warrants exercised $ 2,503 $ - $ -
    Proceeds from issuances of common
    stock, net 23,574 5,952 -
    Proceeds from exercise of stock options
    and purchases through employee stock
    purchase plan 346 58 48
    . . .
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  • bighalloweenfan bighalloweenfan Apr 14, 2016 3:39 PM Flag

    Product news should come out before meeting!

  • LEDS IN SPOTLIGHT AT INTERNATIONAL WORKSHOP ON ENERGY EFFICIENT LIGHTING IN INDIA
    DATE13 APRIL 2016
    LEDs in spotlight at International Workshop on Energy Efficient Lighting in India
    NEW DELHI: Policymakers, business leaders and financiers agreed that the global transition to energy efficient lighting solutions such as LEDs is an unprecedented opportunity, at a global event which took place in Vijayawada in the state of Andhra Pradesh, India, on April 7-8.

    Inaugurated by the Honorable Chief Minister of Andhra Pradesh, Nara Chandrababu Naidu, the International Workshop on Energy Efficient lighting – hosted by World Bank and the Energy Efficiency Service Limited (EESL) in collaboration with Bureau of Energy Efficiency and ESMAP – brought together key stakeholders and practitioners in the lighting sector from across the world.

    Convened in the state of Andhra Pradesh, the event showcased how the government of India is driving adoption of energy efficient lighting at the national level. In January 2015 the Indian Prime Minister Modi launched the National program for LED-based Home and Street Lighting, an initiative to replace 770,000 million bulbs and 35 million street lights with LEDs by 2019. The program is expected to save up to US$6 billion and help cut peak power demand by 10,000 megawatts (MW) a day upon completion.

    STATE PROGRESS

    The state of Andhra Pradesh has also made great progresses in advancing energy efficiency measures implemented through EESL – a body established by the Indian Ministry to facilitate financing solutions for energy efficiency projects in the country. EESL promotes both domestic as well as street lighting LED products in India.

    At the event, the state’s Chief Minister Nara Chandrababu Naidu explained how, with the aid of the EESL, Andhra Pradesh has so far reached almost 80% penetration of LEDs in the domestic sector and upgraded more than 333,000 street lights to LEDs across 34 municipalities in the state.

    The two-day event covered themes ranging from the global opportunities for a transition to energy efficient lighting, to specific lighting innovations such as smart lighting and control management systems.

    Key barriers to adoption such as financing were also addressed, with practical examples of implementation challenges brought on stage by Indian urban local bodies and municipalities. Presentations were also held by representatives from LED manufacturers and smart system technology providers, financiers and development banks.

    On the theme of financing, it was recognized that progress still has to be made to find ways to unlock investment for large-scale LED infrastructure projects in India and other developing and developed regions.

    FINANCING LEDS

    A finance model offered by EESL was presented along with a new World Bank Partial Risk Sharing Facility Fund. Launched in August 2015 and managed by the Small Industries Development Bank of India, the scheme aims at assisting enterprises and Energy Service Companies to mobilize commercial finance for investments in energy efficiency initiatives.

    Aditi Dass who attended the event on behalf of The Climate Group commented: “It is heartening to learn that activities toward faster uptake of LED street lights initiated by The Climate Group back in 2008 have become mainstream in India, especially with help from the Central Government as well as initiatives such as EESL initiated over the last two years.

    “However, the high upfront cost for financing LED upgrades still remains a challenge, and innovative instruments need to be designed for financial institutions to safely invest in major LED street lighting projects on a commercial and sustainable basis.”

    LED SCALE-UP

    To accelerate adoption of energy efficient lighting in India and the rest of the world, over the past two years The Climate Group has worked with Philips Lighting and Prince Albert II of Monaco Foundation on a global LED consultation program for cities and municipalities.

    Initial findings from our global consultation were presented in The Big Switch report, which was presented at Climate Week NYC in September 2015. At the global summit, we called for every city and utility around the world to seek to switch to LED lights (or as energy efficient as) by 2025, and launched our LED=Lower Emissions Delivered campaign to support cities, utilities and governments around the world in achieving this target.

    Learn more about our LED Scale-up program.

  • Reply to

    World War Three Tomorrow

    by tradlng_god Apr 11, 2016 8:04 PM
    bighalloweenfan bighalloweenfan Apr 11, 2016 8:15 PM Flag

    Will I be safe in my crawl space ?

  • Reply to

    Good week for EFOI.

    by what_me_worry_be_happy Apr 9, 2016 1:25 AM
    bighalloweenfan bighalloweenfan Apr 9, 2016 11:12 AM Flag

    I don't know if James will wait just before the show this Month to announce new product he said was coming out!

  • Looked like a way to raise cash and probably flood the shares so I cancelled my buy order! Surprised it finished up.!

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