Manitowoc-based Orion Energy Systems, Inc. reported a net loss of $100,000, with break even earnings per share, for fiscal second quarter of 2012, but a record backlog should help the lighting manufacturer meet its guidance for annual revenues and profitability.
The company’s net loss was down from the $500,000 loss in the second quarter of fiscal year 2011 and the break-even earnings per share compared to earnings of 2 cents a share in the same period of FY 2011.
Orion’s quarterly sales increased to $19.3 million, up 21% over the $15.9 million reported in Q2 of 2011, and a significant increase in its order backlog – from $13.7 million at the end of the FY 2011 second quarter to $23.6 million in Q2 of 2012.
Year-to-date, the company has experienced double-digit revenue growth compared to 2011, with improving operating margins (7% to 8%). For the first six months of fiscal 2012, revenues were $42 million, a 28% increase over the $32.8 million for the same period in 2011.
Orion reaffirmed its previous annual revenue and earnings per share guidance. The company continues to expect revenue in the range of $112 million to $118 million, and its 2012 earnings per share to be between $0.18 and $0.22 per diluted share.
