Nexxus Lighting Reports Second Quarter 2010 Results
Aug 16, 2010 Nexxus Lighting, Inc. has released its sales revenue of second quarter 2010. The company revenue increases by 43% to $3.7 million compared to the prior year quarter. Gross profit increased to $873,000 on higher sales volume, compared to $650,000 in Q2 2009.
Nexxus pointed out that the sales of LED products accounted for 84% Nexxus’ revenue in Q2 2010, versus 74% last year.
Recently, Nexxus expanded its portfolio of intellectual property to 23 issued and 37 pending patents relating to the Array brand of LED light bulbs, which has been transitioning from a business focused on traditional lighting products to one increasingly focused on LED. As a result, it saw a decrease in the sales of its legacy commercial products by 31% to $409,000 in the second quarter of 2010. But its Array products, which sales grew to $430,000 in the Q2 2010 versus $197,000 second quarter last year. Still though, Q2 2010 sales of Array LED lamps were roughly flat with the first quarter of 2010 and below target.
Revenue from sales of pool and spa lighting products also improved by 105% to approximately $2 million for the period.
Overall, revenue from sales of commercial lighting products increased by approximately 7%, from to $1.7 million in the second quarter of 2010. This was primarily due though to the sales growth from Nexxus` new Array LED lamps.
Net loss for the three months ending June 30, 2010 was approximately $1.9 million. The company had cash and cash equivalents of $7.8 million and long term debt of $2.2 million.
Nexxus plans to continue focusing on expanding its Array business, while attempting to mitigate challenges and reduce costs in its legacy business in the second half of 2010, which could include closing, selling or reducing its operations.
Author: BIO T&T
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