Energy Focus (EFOI) Misses Q1 EPS by 5c, Miss on Revenues

Energy Focus (NASDAQ: EFOI) reported Q1 EPS of ($0.39), $0.05 worse than the analyst estimate of ($0.34). Revenue for the quarter came in at $4.1 million versus the consensus estimate of $7.08 million.

First Quarter 2017 Financial Summary

• Net sales for the first quarter of 2017 were $4.1 million, consisting of $3.1 million in commercial and $1.0 million in military maritime sales, compared to $8.4 million, consisting of $4.6 million in commercial and $3.8 million in military maritime sales in the first quarter of 2016.
• Gross profit was $0.6 million or 13.7% of net sales for the quarter compared to $3.1 million, or 37.3% of net sales for the first quarter of 2016.
• Recognized $0.7 million in restructuring costs, principally related to severance and related costs
• First quarter net loss was $4.5 million, or $(0.39) per diluted share, compared to a net loss of $2.0 million, or $(0.17) per diluted share in the prior year's quarter.
• Reduced gross inventory values by $0.9 million from December 31, 2016.
• Ended the quarter with $15.0 million in cash and no debt on the balance sheet.

For earnings history and earnings-related data on Energy Focus (EFOI) click here.

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