Greentech Lead America: Revolution Lighting Technologies, a provider of advanced LED lighting technology, has reported 470 percent growth in its revenue for the three months ended March 31, 2013.
The company has reported revenue of approximately $6.3 million, as compared to $1.1 million in the same period of 2012. Gross profit for the quarter was approximately $2.66 million, as compared to negative $39,000 during the same period in 2012.
However, the Company reported an operating loss of $2.9 million in the first quarter of 2013 as compared to $1.7 million in the same period of 2012.
Operating results for the first quarter were negatively impacted by non-operating costs, one-time and non-cash charges of $3.3 million, including expenses related to acquisitions, severance and facility transition costs attributed to the closing of the former Nexxus Lighting corporate office in North Carolina, and the amortization of intangible assets and stock-based compensation.
The Company reported a net loss for the quarter of approximately $5.3 million as compared to a net loss of $1.8 million for the same period in 2012. The net loss includes the aforementioned charges and additional one-time non-cash charge of $2.4 million related to the change in fair value of the embedded liability related to the Company’s Series E convertible redeemable preferred stock, offset by a gain on a bargain purchase.
“We made significant progress this quarter by executing on our strategic plan to accelerate revenue, improve profitability and lay a foundation for long-term growth at Revolution Lighting,” said Robert V. LaPenta, chairman and chief executive officer of Revolution Lighting Technologies.
“Our strategic focus on the commercial, industrial and municipal markets is working as evidenced by significant revenue growth and importantly, substantial operating margin improvement both sequentially and over the comparable quarter last year, LaPenta added.
The integration of Seesmart is proceeding well and we are already seeing positive results of this acquisition, including strong demand for our recently introduced 15-watt LED tube lamp.
LaPenta concluded: “With a robust new business pipeline and several innovative new product introductions planned for the year, Revolution Lighting is well-positioned. We expect a continued acceleration in revenue and profitability as the year progresses.”