Energy Focus Releases Financial Results for Q2 of 2012

Energy Focus, Inc. announced financial results for the second quarter ended June 30, 2012.
 
Financial results for the second quarter of 2012 include the following:

--  Net sales were $7.7 million compared to $8.2 million for the second quarter of 2011.
--  Gross margins improved to 22.2 percent of net sales compared to 18.9 percent of net sales for the second quarter of 2011.
--  The net loss of $0.9 million improved $0.3 million compared to the second quarter's 2011 net loss of $1.2 million on $0.5 million lower sales.
       
Net sales decreased during the second quarter of 2012 as compared to the prior year's second quarter as a result of lower sales from our Solutions business. This reduction was partially offset by a $0.7 million increase in our Products business as a result of increased sales of LED products.

Joe Kaveski, Chief Executive Officer, commented, "Our second quarter sales fell within our guidance of $7 - $8 million. We are encouraged by the 45 percent sequential increase in net sales and the 7.4 percentage point increase in gross profit margins from the first quarter of 2012. Furthermore, we expect to see significant increases in sales during the remainder of 2012. This is due to our expanded proposal pipeline in our Solutions business, additional shipments to the US Navy from our $23 million contract and from continued sales of our LED products anticipated in our second half of 2012."

The Company expects sales for the third quarter to range between $9.5 million and $10.5 million and forecasts to be EBITDA positive in the second half of 2012.

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