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Fri, Aug. 7, 1:00 PM
- Along with its Q2 results, Echelon (NASDAQ:ELON) has announced it plans to seek shareholder approval for a reverse split (expected to be 1:10) to regain Nasdaq minimum bid compliance. No word yet on the split date.
- The industrial automation hardware/software provider also says it plans to "consider a wide range of available options, including, among other things, partnerships, strategic business model alternatives, recapitalization, disposition of one or more corporate assets, or a possible business combination or sale of the Company, in addition to continued pursuit of the Company as a stand-alone entity." Goldman has been hired to advise.
- Q3 guidance is for revenue of $9.5M-$10.3M and EPS of -$0.02 to -$0.04, favorable to a consensus of $9.5M and -$0.06. Echelon notes it saw strong demand for its networked lighting control offerings in Q2, and had a "meaningful design win" for its building automation business.
- Echelon ended Q2 with $26.5M in cash/short-term investments, and no debt.
- Q2 results, PR
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Wed, Feb. 11, 11:23 AM
- Though Echelon (NASDAQ:ELON) beat Q4 estimates, it's guiding for Q1 revenue of $8.6M-$9.6M and EPS of -$0.04 to -$0.07, in-line with a consensus of $9.4M and -$0.06 and slightly below at the midpoints.
- When asked about the outlook on the CC (transcript), CFO Bill Slakey mentioned Echelon expects its outdoor lighting control systems business to grow Q/Q, but its building automation business to be "slightly flat to down."
- Also: After accounting for the sale of its smart grid products unit, gross margin fell to 55.7% from 60.8% a year ago. Echelon attributes the drop to lower sales to Italian utility Enel.
- Slakey estimated Echelon needs annual sales of $55M-$65M to breakeven. The 2015 revenue consensus is currently at $42.2M, and the EPS consensus at -$0.25.
- Shares have fallen to new 52-week lows. Echelon ended 2014 with $42.2M in cash/short-term investments, and $15.4M in long-term liabilities. Its market cap is currently $54.1M.
- Q4 results, PR
Tue, Feb. 10, 4:11 PM
Mon, Feb. 9, 5:35 PM
Nov. 6, 2014, 4:22 PM
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Aug. 6, 2014, 5:54 PM
- Echelon (NASDAQ:ELON) expects Q3 revenue of $13.5M-$15M, below a $17.6M consensus.
- The industrial automation technology provider says it has decided to scale back its smart grid product business to "support existing commitments only," unless a buyer is soon found. A $4.1M charge related to be business was taken in Q2.
- Grid division revenue fell 54% Y/Y to $6.1M. Industrial division revenue fell 21% to $9M.
- GAAP R&D spend fell 14% Y/Y to $4.4M, and sales/marketing spend 4% to $3.9M. G&A spend rose 11% to $3.6M.
- Shares -8.5% AH. Q2 results, PR
Aug. 6, 2014, 4:41 PM
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