Three Fold Increase In Revenue For Revolution Lighting Technologies Inc. (NASDAQ:RVLT)
Revolution Lighting Technologies, Inc. (NASDAQ:RVLT), a provider of LED lighting technology, has reported a revenues of $5.3 million for the third quarter of 2013, ended September 30, 2013. The total revenues jumped by 308% compared to $1.3 million reported in the third quarter of 2012.
For the quarter, gross profit was approximately $1.4 million, versus $0.3 million during Q32012. While gross margin also grew to 26%, as compared to 25% reported during last year.
According to the company, revenue and gross margin were “positively” impacted by the the Seesmart and Relume businesses’ acquisitions, which earned revenues of $4.5 million.
In addition, Revolution Lighting announced an operating loss of $3.1 million during the third quarter, as compared to $0.7 million in the third quarter of 2012. The operating results were impacted by non-operating costs, one-time and non-cash charges of $1.3 million, including acquisitions expenses. Net loss for the quarter was $3.1 million, versus a net income of $0.3 million last year.
Diluted loss per share for the third quarter was $0.04, compared to $0.30 EPS recorded during the third quarter of 2012. As on September 30, 2013, the company had cash balance of $5.8 million.
“We are pleased with the results for the quarter which were in line with our expectations and continue to show solid year over year revenue growth,” Robert V. LaPenta, Chairman and Chief Executive Officer of Revolution Lighting Technologies. “With a robust pipeline in place and increased LED adoption across commercial, industrial and municipal markets, we are poised for growth in 2014 and beyond.”
For the upcoming fourth quarter, Revolution Lighting expects its revenues to increase significantly to about $10 million, bringing pro forma revenue for full year 2013 to total $35 million. “We anticipate ending 2013 with a revenue run rate of $40 million,” LaPenta said.
For 2014, the company expects the total revenues over $50 million, with 35% gross margins and 15% of adjusted EBITDA margins.
Revolution Lighting is not a very large company, like most big LED players such as General Electric Company (NYSE:GE). The company mainly competes with firms Acuity Brands, Inc. (NYSE:AYI) amongst others.