Key Developments: Orion Energy Systems Inc (OESX.A)
2.38USD
24 May 2013
$-0.04 (-1.65%)
$2.42
$2.44
$2.44
$2.34
1,700
4,170
$3.06
$1.13
Latest Key Developments (Source: Significant Developments)
Orion Energy Systems Inc Appoints New Chief Executive Officer-Form 8-K
Orion Energy Systems Inc reported in its Form 8-K that on September 27, 2012, the Board of Directors of Orion Energy Systems, Inc. (Company) elected John H. Scribante as the Company’s new Chief Executive Officer (CEO) and determined to change the title of the Company’s current Chief Executive Officer, Neal R. Verfuerth, to Chairman Emeritus/Founder. Mr. Scribante was also appointed to the Company’s Board of Directors for a term to expire in 2014. Mr. Verfuerth will remain a member of the Company’s Board of Directors Full Article
Orion Energy Systems Inc Increases Share Repurchase Program To $7.5 Million
Orion Energy Systems Inc announced that its Board of Directors has approved an increase to its previously announced $2.5 million share repurchase program. The increase authorizes the Company to repurchase in the aggregate up to $7.5 million of its outstanding common stock. Purchases by the Company under this program may be made from time to time in open market purchases, privately negotiated transactions, Rule 10b5-1 compliant stock repurchase plans, accelerated stock repurchase programs or otherwise, as determined by the Company's management. The Company expects to be able to begin repurchasing its shares under this increased share repurchase authorization shortly after it announces its fiscal 2012 financial results sometime in mid-to-late May. The Company’s announcement of its fiscal 2012 financial results is dependent upon the completion by the Company’s current new independent audit firm of its audit procedures for the Company’s financial statements for fiscal 2012, which ended on March 31, 2012, as well as the Company’s restatement and re-audit of the Company’s financial statements for its fiscal 2011, which ended March 31, 2011. Through March 31, 2012, the Company has repurchased approximately $740,000 of its shares under its previous $2.5 million repurchase plan. Full Article
Orion Energy Systems Inc Lowers FY 2012 Guidance
Orion Energy Systems Inc announced that, the Company is reducing its previously provided annual revenue and earnings per share guidance. The Company now expects fiscal 2012 revenue to be between $100.0 million and $103.0 million and its fiscal 2012 earnings per share (EPS) to be between $0.03 and $0.05 per diluted share. The Company's fiscal 2012 revenue guidance has been lowered based upon current market conditions related to customer capital spending. The earnings per share guidance has been lowered based upon the reduction in revenue guidance and the higher mix of solar PV revenues in fiscal 2012 which has resulted in lower overall gross margins and has impacted earnings per share by approximately $0.06. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report EPS of $0.18 on revenue of $112 million for fiscal 2012. Full Article
Orion Energy Systems Inc Announces Increase of Share Repurchase Program
Orion Energy Systems Inc announced that its Board of Directors has approved an increase to the previously announced $1,000,000 share repurchase program. The increase authorizes the Company to repurchase in the aggregate up to $2,500,000 of its outstanding common stock. Purchases by the Company under this program may be made from time to time in open market purchases, privately negotiated transactions, accelerated stock repurchase programs or otherwise, as determined by the Company's management. This program does not obligate the Company to acquire any particular amount of common stock. The pace of repurchase activity will depend on factors such as current stock price, market conditions and other factors. The share repurchase program may be suspended, modified or discontinued at any time and has no set expiration date. Full Article
Orion Energy Systems Inc Announces Approval Of Share Repurchase Program
Orion Energy Systems Inc announced that its Board of Directors has approved a share repurchase program, authorizing the Company to repurchase in the aggregate up to $1,000,000 of its outstanding common stock. Purchases by the Company under this program may be made from time to time in open market purchases, privately negotiated transactions, accelerated stock repurchase programs or otherwise, as determined by the Company's management. Full Article
Orion Energy Systems Inc Reaffirms FY 2012 Guidance
Orion Energy Systems Inc reaffirmed its previously provided fiscal 2012 revenue and earnings per share guidance. The Company continues to expect revenue to be between $112 million and $118 million and earnings per share to be between $0.18 and $0.22 per diluted share for fiscal 2012. Full Article
Orion Energy Systems Inc Reaffirms FY 2012 Guidance-Conference Call
Orion Energy Systems, Inc. announced that it is reaffirming previously provided guidance for fiscal 2012, it expects GAAP revenue to be between $112-$118 million and GAAP earnings per share (EPS) between $0.18-$0.22 per diluted share. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report EPS of $0.22 on revenue of $115 million for fiscal 2012. Full Article
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