Revolution Lighting Technologies, Inc. ("Revolution Lighting"), a global provider of advanced
LED lighting solutions, reported better-than-expected financial results for the fourth quarter (Q4) and full year (FY) ended December 31, 2016.
(Revolution Lighting/ LEDinside)
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Revenues of $51.2 million for Q4 2016, an increase of 15% over Q4 2015 |
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Gross margin of 34% with Adjusted EBITDA of $5.2 million |
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GAAP net income of $1.6 million or $0.08 per share |
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Non-GAAP net income (excluding acquisition related costs and stock-based compensation) of $3.0 million or $0.14 per share |
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Revenues of $172.1 million for FY 2016, an increase of 33% over FY 2015 |
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Gross margin of 32% with Adjusted EBITDA of $14.1 million |
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GAAP net loss of $0.5 million or $(0.03) per share |
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Non-GAAP net income (excluding acquisition related costs and stock-based compensation) of $5.5 million or $0.29 per share |
Guidance
Revolution Lighting states that the first quarter is its slowest quarter of the year and expects revenue for Q1 2017 to be in the $30 million range.
The Company expects full year 2017 revenue in the $195 - $205 million range, an increase of 13% - 19% over 2016, and Adjusted EBITDA in the 10% range.
"We are pleased to deliver a successful fourth quarter and full year 2016 operating and financial performance, and believe the Company continues to outperform the overall growth of the LED lamp and luminaire industry through the effective delivery of our high performance LED solutions to our end markets. Through the delivery of our leading company brand, we continue to be recognized by our customers as one of the best in product quality, technology and service," said Robert V. LaPenta, Chairman, CEO and President of Revolution Lighting Technologies.
"We continue to execute our long-term business strategy, focusing on significantly increasing our portfolio of LED lighting fixtures and control solutions, and investing in the expansion of our sales network and distribution. We are confident that our expanded product offerings and broad increase in our distribution channels will result in strong organic sales growth, profitability and cash flow in 2017," he added.
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