Revolution Lighting Technologies Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Reports Impairment of Goodwill for the Fourth Quarter Ended December 31, 2017; Provides Earnings Guidance for the First Quarter and Full Year of 2018
March 08, 2018 at 12:59 pm
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Revolution Lighting Technologies Inc. reported earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported net loss of $45.7 million against income of $1.6 million a year ago. Adjusted LBITDA was $0.4 million against adjusted EBITDA of $5.2 million a year ago. Non-GAAP net loss was $3.5 million or $0.15 per diluted share against income of $3.0 million or $0.14 per diluted share a year ago. The decrease in revenue primarily reflects a slower recovery from the unprecedented weather conditions in Texas and the southeastern United States at Value Lighting division coupled with a slip of a number of energy savings projects to 2018.
For the year, the company reported net loss of $53.9 million against $0.5 million a year ago. Adjusted EBITDA was $4.7 million against $14.1 million a year ago. Non-GAAP net loss was $6.7 million or $0.34 per diluted share against net income of $5.5 million or $0.29 per diluted share a year ago.
For the quarter, the company reported impairment of goodwill of $10.7 million.
The company expects revenue for first quarter of 2018 to be in the $33 million to $35 million range, gross profit margin of 32% and Adjusted EBITDA of 3%.
The company expects full year 2018 revenue in the $165 million to $175 million range, an increase of 9% to 15% over 2017, gross profit margin of 32% to 33% and Adjusted EBITDA in the 8% to 10% range with positive free cash flow in the 6% to 7% range.
Revolution Lighting Technologies, Inc. designs, manufactures, markets and sells commercial grade light-emitting diode (LED) and conventional lighting fixtures. The Company operates in Lighting Products and Solutions (principally LED fixtures and lamps) segment. The Company's products are used for outdoor and indoor applications, LED-based signage, channel-letter and contour lighting products, LED replacement lamps and commercial grade smart grid control systems. It sells its LED products under the RVLT, Seesmart, Lumificient, Value Lighting, Array and CMG brand names. The Company's commercial lamps and fixtures products include the commercial indoor and outdoor lighting products, such as linear tube lighting, multi-family lighting, commercial troffer lighting and street lighting. It caters to municipal and commercial markets, which include industrial, hospitality, institutional, educational, healthcare and signage markets in the United States, Canada and internationally.
Revolution Lighting Technologies Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Reports Impairment of Goodwill for the Fourth Quarter Ended December 31, 2017; Provides Earnings Guidance for the First Quarter and Full Year of 2018