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Revolution Lighting Technologies (“Revolution Lighting”), a leader in advanced LED lighting technology, 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 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 US$ 7 million with pro forma revenue growth of over 100 percent and an increase of approximately 600 percent when comparing actual fourth quarter revenue to the prior year’s fourth quarter. The Company had expected revenues in the range of US$ 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 US$ 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 $20 million
During the quarter, the Company completed and initiated a number of key projects, including:
•Completed LED retrofit projects for the Empire Casino in Yonkers, New York and the MGM Casino in Detroit, Michigan
•Completed the project with U.S. Navy’s Military Sealift Command to supply Lewis and Clark dry cargo/ammunition ships with 17,000 Seesmart two and four foot LED tube lamp; the Company expects follow-on orders throughout 2014
•Commenced retrofit of the Connecticut Convention Center, located in Hartford, Connecticut; this 540,000 square foot building is the largest energy reduction project in the state
•Revolution Lighting will start 2014 with a robust pipeline of close to US$ 200 million in actionable opportunities over the next 12 to 18 months. For 2014 the Company expects revenue to be in the US$ 50 million range with organic revenue growth of over 50 percent and gross margins of 35 percent 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 LaPenta.
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