Fri, May 15, 10:43 AM
- Echelon (ELON +1.9%) is making a $10M up-front cash payment and $900K worth of 2015 lease payments to rid itself of $21.4M worth of lease obligations for its 150K-sq. foot San Jose HQ. (PR)
- The terminated leases lasted through 2020. Echelon expects the deal to yield $400K-$600K/quarter in facilities-related savings for the rest of 2015, and produce $1.5M/quarter in depreciation expenses for the rest of the year.
- The industrial automation hardware/software provider had $38.2M in cash/short-term investments at the end of Q1, and no debt. 2014 free cash flow was -$11.7M.
Mon, May 11, 4:19 PM
Mon, May 11, 4:19 PM
Sun, May 10, 5:35 PM
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Fri, Apr. 10, 9:32 AM
Thu, Mar. 12, 11:32 AM
- A day after making a fresh 52-week low of $1.06, Echelon (ELON +3.8%) is rebounding a bit. The industrial automation tech provider filed its 2014 10-K this morning.
- Shares remain down 18% from where they traded before Echelon provided subdued Q1 guidance on Feb. 10 to go with a Q4 beat. Its market cap ($48.2M) is just a little above a Q4-ending cash balance of $42.2M.
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
Wed, Jan. 14, 1:20 PM
- A slew of tech companies have posted steep losses on a day the Nasdaq is down 1%.
- Major decliners include Pandora (P -5%), LED giant Cree (CREE -5.9%), cloud HR software leader Workday (WDAY -4.1%), chipmakers Ambarella (AMBA -5.3%), Pixelworks (PXLW -3.7%), Audience (ADNC -3.6%), Spansion (CODE -4.4%), and Cypress (CY -3.9%) (the last two are merger partners), OLED materials/IP provider Universal Display (OLED -4.2%), industrial automation tech provider Echelon (ELON -4.8%), and P2P lending giant/recent IPO LendingClub (LC -4.8%).
- Possibly affecting OLED: LG Display (NYSE:LPL) has been ordered to halt operations at an OLED TV panel production line following a gas leak that killed two workers.
- Cree and Pandora aren't far removed from their 52-week lows; the former reports on Jan. 20, and the latter on Feb. 5. LendingClub, whose selloff follows a volatile Tuesday, could be affected by a neutral coverage launch from Susquehanna.
Nov. 6, 2014, 4:22 PM
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Aug. 7, 2014, 12:47 PM
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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