Despite achieving full year sales of more than $100 million, the Manitowoc-based Orion Energy Systems reported a 16% drop in sales during its fiscal fourth quarter, and a net less of $157,000, or 1 cent per share, compared to earnings of $500,000, or 2 cents a share, in the same period of the previous year.
While quarterly sales were $21.5 million, down from the $25.6 million in the prior year, the company said a “difficult capital spending environment” hurt sales of its energy-efficient lighting.
From an annual view, company sales rose by 23% to a record $100.6 million, and it reported fiscal 2012 net income of $483,000, or 2 cents per share. That compares to $341,000 in earnings, or 1 cent per share, in 2011.
Orion, which also restated its 2011 results, announced that it would stop providing quarterly and annual earnings and revenue guidance.
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