Revolution Lighting (RVLT) CFO Schafer to Retire; Q2 Outlook Updated

Revolution Lighting (NASDAQ: RVLT) announced the retirement of Charles Schafer, its President and Chief Financial Officer for the company, effective July 10, 2015. In this regard, Chairman and CEO Robert V. LaPenta will assume the role of President in addition to his current responsibilities and James DePalma will become the Chief Financial Officer.

Mr. Schafer assumed the position as President and Chief Financial Officer in January 2013 and decided that he wanted to retire to spend more time with his family after a career that has spanned over 45 years, including L-3 Communications and Loral Corporation. He will continue as a board member for the remainder of his term.

“I am grateful to have had the opportunity to work with Charlie for so many years and congratulate him on the growth he helped us achieve at RVLT,” said Robert V. LaPenta, Chairman and Chief Executive Officer, RVLT.

James DePalma is currently on the RVLT Board and is Vice Chairman and Senior Managing Partner of Aston Capital. Mr. DePalma has an extensive merger and acquisition, operational and financial background which includes executive level roles at L-1 Identity Solutions, Viacom, CBS, Westinghouse Electric and PricewaterhouseCoopers. Mr. DePalma has been an active member of the board and has made great strides over the past year focused on shaping our business and financial operations to better align our overall organization with our expected significant level of growth.

“I am pleased and appreciative to have Jim take on this important role given his vast experience which he acquired over three decades,” noted LaPenta. “I expect that Jim will work closely with me and the board as we bring RVLT to the next level of achievement in a very dynamic and fast growing enterprise,” concluded LaPenta.

Updated Guidance

RVLT revenue results for the second quarter of 2015 are expected to be in the $27 million range representing organic growth of over 31% with positive Adjusted EBITDA. The company reiterates that it expects 2015 revenue of $125 million, excluding potential acquisitions, with gross profit margin of 35% and Adjusted EBITDA in the 10-12% range with proforma organic growth of over 35%.

*** The Street sees Q2 revenue of $26.9 million.

“We continue to see a robust market for our products and lighting solutions and as a result our pipeline of opportunities continues to grow,” said Robert LaPenta, Chairman and Chief Executive Officer.

RVLT will provide a more in depth review of the second quarter in late July or early August when it reports its full results for the quarter.

You May Also Be Interested In

• Paramount names Ynon Kreiz co-CEO ahead of Warner Bros. merger
• Nu Holdings denies pursuing acquisition of UK fintech Monzo
• Freedom Broker Starts Black Hills Corp (BKH) at Hold