Triple-digit jumps in net income and earnings per share and continued assurances from Orion's management it could increase sales by 50% in fiscal 2009 made for a pleasant discussion with Wall Street analysts during its conference call Wednesday.
Orion sells energy-efficient lighting systems that help reduce energy costs at manufacturing plants, warehouses and stores. The company raised $78.6 million in December in an initial public offering.
During fiscal 2008, Orion put its lighting systems in 957 facilities, bringing its installed base to 3,655 facilities, said Neal Verfuerth, Orion's chief executive officer.
"We have an unprecedented lead in intellectual capital and experience, and grew the business with a nominal increase in headcount. We have an unprecedented opportunity in the energy market," Verfuerth said.
Orion expects to increase its sales force by 50% this year and is beginning to market a second phase of lighting systems that include its InteLite wireless lighting control and Apollo Light Pipe, a solar light it received a patent for in February.
The biggest issue for analysts on the conference call was rumors of price cutting during the quarter, but that sprouted from a promotion Orion did for contractors and was outside the company's normal sales channel, Verfuerth said.
Another analyst raised the issue of locked-up shares -- about 18 million more shares to be added in June to the company's 26 million shares available for trading. The shares are held by 500 shareholders, management said.
Before earnings were released, Orion shares closed at $12.62, down a penny.
4th quarter
%
3/31 2008 2007 change
Sales $22.3 $14.3 +55.5
Net income 1.5 0.1 +987
EPS (diluted) 0.05 0.01 +400
12 months
Sales $80.7 $48.2 +67.5
Net income 3.4 0.4 +675
EPS (diluted) 0.19 0.05 +280
Figures in millions except for earnings per share. Percentages are based on unrounded sales and income figures.
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