STAMFORD, Conn.--(BUSINESS WIRE)--
Revolution Lighting Technologies, Inc. (RVLT) (“Revolution Lighting”), a leader in advanced LED lighting technology, today provided a business update prior to announcing financial results for the fourth quarter and full year 2013 on March 13, 2014.
“2013 was a solid year for Revolution Lighting Technologies as we continued to build and transform our company into a leading LED lighting enterprise,” noted Robert V. LaPenta, Chairman and Chief Executive Officer. “During 2013, we broadened our product portfolio with the acquisitions of Relume and CMG, expanded our distribution network, and strengthened our engineering and management teams, positioning our company for the rapid growth of the LED industry that we believe lies ahead.”
Revolution Lighting’s fourth quarter 2013 revenues are expected to approximate $7 million with pro forma revenue growth of over 100% and an increase of approximately 600% when comparing actual fourth quarter revenue to the prior year’s fourth quarter. The Company had expected revenues in the range of $10 million for the fourth quarter, but a large international order has been delayed.
The Company’s business pipeline is stronger than ever with Revolution Lighting being selected for several strategic projects in recent months, including the following:
- Downselected on LED lighting retrofit projects for several large nationwide franchise operators with over 6,000 outlets commencing in 2014 with a potential of over $100 million
- Designated the preferred provider of LED products for New Jersey and select New York State public school systems with the potential of over $30 million
- Selected to participate in a large multi-use project in a major U.S. city, including hotels, apartments and retail outlets with a potential of $20 million
During the quarter, the Company completed and initiated a number of key projects, including:
- Completed LED retrofit projects for the Empire Casino in Yonkers, New York and the MGM Casino in Detroit, Michigan
- Completed the project with U.S. Navy’s Military Sealift Command to supply Lewis and Clark dry cargo/ammunition ships with 17,000 Seesmart two and four foot LED tube lamp; the Company expects follow-on orders throughout 2014
- Commenced retrofit of the Connecticut Convention Center, located in Hartford, Connecticut; this 540,000 square foot building is the largest energy reduction project in the state
Revolution Lighting will start 2014 with a robust pipeline of close to $200 million in actionable opportunities over the next 12 to 18 months. For 2014 the Company expects revenue to be in the $50 million range with organic revenue growth of over 50% and gross margins of 35% or greater.
“With our robust opportunity pipeline, our broad portfolio of proven quality LED products, and the rapid growth of LED acceptance around the world, we are extremely excited about the future and we are enthusiastically looking forward to 2014 and beyond,” concluded Mr. LaPenta.
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.
Pro Forma Revenue
Pro Forma Revenue assumes that the company’s 2012 and 2013 acquisitions had occurred on October 1, 2012.
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