Orion Energy Systems (OESX) Closes Down on Weak Preliminary Q3 Results

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Financial Fact:
Basic net loss per share attributable to common shareholders: 0

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TNP, MENT, More

Orion Energy Systems, Inc. (Nasdaq: OESX) announced its preliminary and unaudited quarterly financial results for its fiscal 2012 third quarter ended December 31, 2011. Shares closed down 8.81 percent on the day to $3.00.

For its fiscal 2012 third quarter ended December 31, 2011, on a preliminary and unaudited basis, Orion would have recognized $29.5 million in total revenue and $0.03 net income per share based on Orion’s current multiple deliverable elements method of accounting for sales of its solar photovoltaic systems.

Using the percentage-of-completion method, however, Orion believes it would have reported, on a preliminary and unaudited basis, $27.4 million in total revenue and $0.01 net income per share. As of December 31, 2011, Orion’s backlog of orders was $50.6 million, of which $44.4 million are for sales of solar photovoltaic systems. Given the significant backlog of solar photovoltaic orders at December 31, 2011, Orion does not intend to update its revenue or earnings per share guidance with respect to its fiscal 2012 year ending March 31, 2012 until its financial restatement process has been completed.

For the quarter, the Street's consensus calls for EPS of $0.10 on $34.89 million in sales.

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