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Rankings are based on percentage of fiscal year revenue growth during the five-year period from 2004 to 2008. Orion's revenue grew 549 percent during this period.
Orion's Chief Executive Officer Neal Verfuerth said the company's revenue growth can be attributed to the growing demand for energy efficient technology in the commercial and industrial sector, and the company's proven sales methodologies.
"Our revenue growth and our position on the Deloitte list validates the growing demand for energy saving technology without compromise," Verfuerth said. "Our compelling value proposition of reducing cost per square foot by 25 cents and a typical payback period of less than two years is hard to ignore. As we've grown, our customers' savings have grown, now to nearly $643 million."
"Technology Fast 500(TM) recognizes innovative companies that have broken down barriers to success and defied the odds with their remarkable five-year revenue growth," said Phil Asmundson, vice chairman and U.S. technology, media and telecommunications leader, Deloitte LLP. "We congratulate Orion Energy Systems on this accomplishment."
"With its impressive five-year growth, Orion has earned its position among the fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America," said Mark Jensen, managing partner, technology and Venture Capital Services, Deloitte & Touche LLP. "Deloitte is proud to honor Orion for its achievement."
Technology Fast 500(TM) Selection and Qualifying Criteria
Technology Fast 500(TM) provides a ranking of the fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America. This ranking is compiled from nominations submitted directly to the Technology Fast 500(TM) Web site, and public company database research conducted by Deloitte. Technology Fast 500(TM) award winners for 2009 are selected based on percentage fiscal year revenue growth during the five-year period from 2004 to 2008.
Deloitte's 2009 Technology Fast 500(TM) Media Guidance 4
In order to be eligible for Technology Fast 500(TM) recognition, companies must own proprietary intellectual property or proprietary technology that contributes to a significant portion of the company's operating revenues. Using other companies' technology or intellectual property in a unique way does not satisfy this requirement. Consulting companies, professional service firms, etc. are not eligible unless they have proprietary technology that contributes to a significant portion of its operating revenues. Technology Fast 500(TM) award eligibility requirements also include base-year operating revenues of at least $50,000 USD or CD, and current-year operating revenues of at least $5 million USD or CD. These revenues must have more than doubled between 2004 and 2008. Additionally, companies must be in business for a minimum of five years, and be headquartered within North America.
About Orion Energy Systems Inc.
Orion Energy Systems Inc. (Nasdaq:OESX) is a leading power technology enterprise that designs, manufactures and implements energy management systems, consisting primarily of high-performance, energy-efficient lighting platforms, intelligent wireless control systems and direct renewable solar technology for commercial and industrial customers without compromising their operations. For more information, visit www.oesx.com.
The Orion Energy Systems, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4540
About Deloitte
As used in this document, "Deloitte" means Deloitte LLP. Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries.
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: Orion Energy Systems, Inc.
CONTACT: Orion Energy Systems Inc. Media Contact Linda Diedrich, Director, Corporate Communications (920) 482-1988 ljd@oes1.com
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