Energy Focus (EFOI) Posts Q4 Loss of $0.67/Share

Energy Focus (NASDAQ: EFOI) reported Q4 EPS of ($0.67), $0.43 worse than the analyst estimate of ($0.24). Revenue for the quarter came in at $7.2 million versus the consensus estimate of $8.52 million.

Fourth Quarter and Full Year 2016 Financial Summary

• Net sales for the fourth quarter of 2016 were $7.2 million, consisting of $3.3 million in commercial and $3.9 million in military maritime sales, compared to $17.2 million, consisting of $6.9 million in commercial and $10.3 million in military maritime sales in fourth quarter of 2015.
• During the fourth quarter, incurred a $3.8 million inventory write-off and a $0.9 million charge for the impairment of long-lived manufacturing assets, negatively impacting the quarter and full year gross profit and net loss from continuing operations.
• Gross profit was negative for the quarter compared to $7.6 million, or 43.9% of net sales for the fourth quarter of 2015.
• Fourth quarter net loss was $7.8 million, or $(0.67) per diluted share, compared to net income of $1.3 million, or $0.11 per diluted share in the prior year's quarter.
• Full year net sales of $31.0 million represented a decrease of 52% compared to 2015, primarily due to a 68% decrease in military maritime sales, partially offset by a 5% increase in commercial sales.
• Full year gross profit was 24.8%, compared to 45.5% for 2015.
• Full year net loss from continuing operations was $16.9 million, or $(1.45) per diluted share, compared to net income of $8.8 million, or $0.82 per diluted share in the prior year’s same period.
• Exited the year with $16.6 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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