Energy Focus Inc. (EFOI, Financial) filed Quarterly Report for the period ended 2012-06-30.
Energy Focus, Inc. has a market cap of $11.1 million; its shares were traded at around $0.25 with and P/S ratio of 0.4.
Total gross profit was $1.7 million, 22.2 percent of net sales, for the three months ended June 30, 2012 compared to $1.5 million, 18.9 percent of net sales, for the three months ended June 30, 2011. The $0.2 million increase in gross profit was primarily the result of an improvement in the solutions segment gross margins, 20.3 percent compared to the prior year s comparable period of 11.9 percent. Additionally, the products segment net sales were a higher percentage of total sales and that segment has higher gross margins than the solutions segment. Gross profit for the products segment was 22.9 percent of net sales for the three months ended June 30, 2012 compared to 23.7 percent for the three months ended June 30, 2011. Total gross profit for the six months ended June 30, 2012 was $2.5 million, 19.2 percent of net sales, compared to $2.7 million, 19.8 percent of net sales, for the prior year s comparable period. The decrease in gross margins was due primarily to lower net sales, $2.2 million, in the solutions segment. This was partially offset by a $1.5 million net sales increase in the products segment. Gross profit margins for the solutions segment was 13.5 percent of net sales and 15.9 percent of net sales for the six months ended June 30, 2012 and June 30, 2011, respectively. Gross profit margins for the products segment was 21.5 percent of net sales for the six months ended June 30, 2012, compared to 22.8 percent of net sales for last year s comparable period.
Sales and marketing expenses were $1.4 million or 18.1 percent of net sales in the three months ended June 30, 2012, compared to $1.6 million or 20.0 percent of net sales in last year s comparable period, a decrease of 15 percent. The decrease is due to lower salary costs, and lower discretionary spending. For the six months ended June 30, 2012, sales and marketing expenses were $2.7 million, a 25 percent decrease from the prior year s six month period. The decrease was due primarily to lower salaries, lower commission expense and lower discretionary spending.
General and administrative expenses were $1.1 million, 14.5 percent of net sales, for the three months ended June 30, 2012 compared to $1.0 million, 12.7 percent of net sales for the three months ended June 30, 2011. For the six months ended June 30, 2012, general and administrative expenses were $2.3 million compared to $2.6 million in last year s comparable period, a 14 percent decrease. The decrease was due to lower amortization expense, legal fees and directors fees.
For the three months ended June 30, 2012 and 2011, the net loss was $0.9 million and $1.2 million, respectively. For the six months ended June 30, 2012, we recorded a net loss of $2.8 million, compared $4.0 million in last year s comparable period; a $1.2 million improvement on $0.7 million lower sales.
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Energy Focus, Inc. has a market cap of $11.1 million; its shares were traded at around $0.25 with and P/S ratio of 0.4.
Highlight of Business Operations:
Total net sales of $7.7 million and $13.0 million for the three and six months ended June 30, 2012, decreased 6 percent and 5 percent, respectively, from the same periods last year. The decline was due to lower net sales in the solutions segment, for the three and six months ended June 30, 2012, which was partially offset by a 15 percent and a 20 percent increase in products segment sales from the prior year s three and six months, respectively. Solutions sales decreased primarily as a result of lower sales at a major customer. Sales for the products segment increased primarily as a result of higher U.S. sales for pool and commercial products. Our solutions segment backlog at June 30, 2012 and 2011was $1.0 million and $1.7 million, respectively.Total gross profit was $1.7 million, 22.2 percent of net sales, for the three months ended June 30, 2012 compared to $1.5 million, 18.9 percent of net sales, for the three months ended June 30, 2011. The $0.2 million increase in gross profit was primarily the result of an improvement in the solutions segment gross margins, 20.3 percent compared to the prior year s comparable period of 11.9 percent. Additionally, the products segment net sales were a higher percentage of total sales and that segment has higher gross margins than the solutions segment. Gross profit for the products segment was 22.9 percent of net sales for the three months ended June 30, 2012 compared to 23.7 percent for the three months ended June 30, 2011. Total gross profit for the six months ended June 30, 2012 was $2.5 million, 19.2 percent of net sales, compared to $2.7 million, 19.8 percent of net sales, for the prior year s comparable period. The decrease in gross margins was due primarily to lower net sales, $2.2 million, in the solutions segment. This was partially offset by a $1.5 million net sales increase in the products segment. Gross profit margins for the solutions segment was 13.5 percent of net sales and 15.9 percent of net sales for the six months ended June 30, 2012 and June 30, 2011, respectively. Gross profit margins for the products segment was 21.5 percent of net sales for the six months ended June 30, 2012, compared to 22.8 percent of net sales for last year s comparable period.
Sales and marketing expenses were $1.4 million or 18.1 percent of net sales in the three months ended June 30, 2012, compared to $1.6 million or 20.0 percent of net sales in last year s comparable period, a decrease of 15 percent. The decrease is due to lower salary costs, and lower discretionary spending. For the six months ended June 30, 2012, sales and marketing expenses were $2.7 million, a 25 percent decrease from the prior year s six month period. The decrease was due primarily to lower salaries, lower commission expense and lower discretionary spending.
General and administrative expenses were $1.1 million, 14.5 percent of net sales, for the three months ended June 30, 2012 compared to $1.0 million, 12.7 percent of net sales for the three months ended June 30, 2011. For the six months ended June 30, 2012, general and administrative expenses were $2.3 million compared to $2.6 million in last year s comparable period, a 14 percent decrease. The decrease was due to lower amortization expense, legal fees and directors fees.
For the three months ended June 30, 2012 and 2011, the net loss was $0.9 million and $1.2 million, respectively. For the six months ended June 30, 2012, we recorded a net loss of $2.8 million, compared $4.0 million in last year s comparable period; a $1.2 million improvement on $0.7 million lower sales.
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