Acorn Energy Inc. (ACFN, Financial) filed Quarterly Report for the period ended 2010-06-30.
Acorn Energy Inc. has a market cap of $72.1 million; its shares were traded at around $4.72 with and P/S ratio of 2.2. Acorn Energy Inc. had an annual average earning growth of 34.6% over the past 5 years.
In April 2009, we entered into an agreement with CoaLogix, EnerTech and certain members of CoaLogix senior management pursuant to which Acorn and EnerTech each agreed to invest $5.6 million, and certain members of CoaLogix senior management agreed to invest an aggregate of approximately $260,000, in CoaLogix. Through June 30, 2010, CoaLogix received $10.3 million (including $5.0 million from Acorn) out of the $11.5 million investment commitment from Acorn, EnerTech and CoaLogix' senior management, including $4.7 million invested ($2.3 million by Acorn) in 2010. Proceeds of the investment have been or will be used by CoaLogix primarily for development of CoaLogix new Steele Creek facility, technology development, legal expenses and computer software. The remaining committed funds of $1.2 million were called and received in July 2010, and are expected to be used for development of CoaLogix' new Steele Creek facility.
DSIT reported significantly increased revenues in the first half of 2010 as compared to the first half of 2009 as well as significantly increased gross profit, gross margin and net income. DSIT's revenues of $5.4 million for the first half of 2010 represents an increase of approximately $1.2 million or 29% as compared to the first half of 2009. Second quarter 2010 revenues also reflected increases compared to second quarter 2009 revenues of $2.2 million ($0.7 million or 31%) and first quarter 2010 revenues ($0.2 million or 8%). The increase in revenues was primarily due to increased revenues in our Naval and RT Solutions segment which reported first half 2010 revenues of $4.8 million compared to $3.6 million in the first half of 2009 and $2.5 million in the second quarter of 2010 compared to $1.8 million in the second quarter of 2009. The increase in revenues was due to the revenues recorded from the $4.4 million AquaShield DDS order received at the end of 2009 and another non-DDS naval solution project received in 2010.
In 2010, DSIT increased its net income to $0.7 million as compared to $0.4 million in the first half of 2009 (an increase of 92%) due to the increased gross profit ($0.8 million) which more than offset the increased general and administrative costs ($0.3 million) and income tax expense ($0.2 million).
Coreworx revenues of $1.7 million (which includes approximately $0.2 million attributable to Decision Dynamics which was acquired in April 2010) in the first half of 2010 represents a decrease of $0.4 million or 21% from Coreworx first half 2009 revenues of $2.1 million. The decrease in revenues is mainly due to lower license fee revenues which were partially offset by the above-mentioned revenues from Decision Dynamics, as professional services and maintenance fees were stable in 2010 compared with 2009. The decrease in license fee revenues was the result on significant 2009 license orders that did not repeat in the first half of 2010.
Coreworx' net loss of $5.2 million in the first half of 2010 was $4.6 million greater than its first half 2009 net loss due in part to the approximately $0.5 million of loss attributable to Decision Dynamics activities in the period since Coreworx acquisition and due to lower gross margins ($0.9 million) on reduced sales. The balance of Coreworx increased loss was caused by a combination of factors. Coreworx results were negatively impacted by the change in the value of the Canadian dollar during the six month period ended June 30, 2009 compared to the six month period ended June 30, 2010. The average exchange rate of the Canadian dollar during the 2010 period was approximately 17% greater than the average exchange rate of the Canadian dollar during the 2009 period. As most of Coreworx costs are denominated in Canadian dollars, this change in the value of the Canadian dollar caused an increase in Coreworx reported costs in U.S. dollars. In addition, Coreworx had increased development costs related to additional developer, architect, product management and quality assurance personnel in the development of new products, as well as increased selling and marketing costs as it expanded its sales force to penetrate new markets and costs related to the acquisition of Decision Dynamics.
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Acorn Energy Inc. has a market cap of $72.1 million; its shares were traded at around $4.72 with and P/S ratio of 2.2. Acorn Energy Inc. had an annual average earning growth of 34.6% over the past 5 years.
Highlight of Business Operations:
Revenues of $9.3 million represent a decrease of approximately $0.6 million or 6% in the first half of 2010 as compared to the first half of 2009. The decrease in revenues from the first half of 2009 was primarily due to revenue recognition timing on completed catalyst modules (“modules”) awaiting third party test results which caused approximately $0.7 million of revenue to be deferred from the fourth quarter of 2008 into the first quarter of 2009. Second quarter 2010 revenues of $4.8 million reflected an increase of $0.3 million or 7% compared to second quarter 2009 revenues of $4.5 million. Second quarter 2010 revenues also reflected a $0.4 million or 8% increase over first quarter 2010 revenues. In addition to directing its resources to processing modules for revenue, some of CoaLogix' processing resources were directed to processing its own inventory of modules which increased by $0.9 million in the first half of 2010.In April 2009, we entered into an agreement with CoaLogix, EnerTech and certain members of CoaLogix senior management pursuant to which Acorn and EnerTech each agreed to invest $5.6 million, and certain members of CoaLogix senior management agreed to invest an aggregate of approximately $260,000, in CoaLogix. Through June 30, 2010, CoaLogix received $10.3 million (including $5.0 million from Acorn) out of the $11.5 million investment commitment from Acorn, EnerTech and CoaLogix' senior management, including $4.7 million invested ($2.3 million by Acorn) in 2010. Proceeds of the investment have been or will be used by CoaLogix primarily for development of CoaLogix new Steele Creek facility, technology development, legal expenses and computer software. The remaining committed funds of $1.2 million were called and received in July 2010, and are expected to be used for development of CoaLogix' new Steele Creek facility.
DSIT reported significantly increased revenues in the first half of 2010 as compared to the first half of 2009 as well as significantly increased gross profit, gross margin and net income. DSIT's revenues of $5.4 million for the first half of 2010 represents an increase of approximately $1.2 million or 29% as compared to the first half of 2009. Second quarter 2010 revenues also reflected increases compared to second quarter 2009 revenues of $2.2 million ($0.7 million or 31%) and first quarter 2010 revenues ($0.2 million or 8%). The increase in revenues was primarily due to increased revenues in our Naval and RT Solutions segment which reported first half 2010 revenues of $4.8 million compared to $3.6 million in the first half of 2009 and $2.5 million in the second quarter of 2010 compared to $1.8 million in the second quarter of 2009. The increase in revenues was due to the revenues recorded from the $4.4 million AquaShield DDS order received at the end of 2009 and another non-DDS naval solution project received in 2010.
In 2010, DSIT increased its net income to $0.7 million as compared to $0.4 million in the first half of 2009 (an increase of 92%) due to the increased gross profit ($0.8 million) which more than offset the increased general and administrative costs ($0.3 million) and income tax expense ($0.2 million).
Coreworx revenues of $1.7 million (which includes approximately $0.2 million attributable to Decision Dynamics which was acquired in April 2010) in the first half of 2010 represents a decrease of $0.4 million or 21% from Coreworx first half 2009 revenues of $2.1 million. The decrease in revenues is mainly due to lower license fee revenues which were partially offset by the above-mentioned revenues from Decision Dynamics, as professional services and maintenance fees were stable in 2010 compared with 2009. The decrease in license fee revenues was the result on significant 2009 license orders that did not repeat in the first half of 2010.
Coreworx' net loss of $5.2 million in the first half of 2010 was $4.6 million greater than its first half 2009 net loss due in part to the approximately $0.5 million of loss attributable to Decision Dynamics activities in the period since Coreworx acquisition and due to lower gross margins ($0.9 million) on reduced sales. The balance of Coreworx increased loss was caused by a combination of factors. Coreworx results were negatively impacted by the change in the value of the Canadian dollar during the six month period ended June 30, 2009 compared to the six month period ended June 30, 2010. The average exchange rate of the Canadian dollar during the 2010 period was approximately 17% greater than the average exchange rate of the Canadian dollar during the 2009 period. As most of Coreworx costs are denominated in Canadian dollars, this change in the value of the Canadian dollar caused an increase in Coreworx reported costs in U.S. dollars. In addition, Coreworx had increased development costs related to additional developer, architect, product management and quality assurance personnel in the development of new products, as well as increased selling and marketing costs as it expanded its sales force to penetrate new markets and costs related to the acquisition of Decision Dynamics.
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