$EFOI
ENERGY FOCUS, INC/DE

2016 Q2 Form 10-Q Financial Statement

#000092416816000059 Filed on August 11, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $7.126M $16.23M
YoY Change -56.1% 264.27%
Cost Of Revenue $4.604M $8.792M
YoY Change -47.63% 94.3%
Gross Profit $2.522M $7.440M
YoY Change -66.1% 396.33%
Gross Profit Margin 35.39% 45.84%
Selling, General & Admin $5.590M $3.629M
YoY Change 54.04% 43.27%
% of Gross Profit 221.65% 48.78%
Research & Development $854.0K $654.0K
YoY Change 30.58% 222.17%
% of Gross Profit 33.86% 8.79%
Depreciation & Amortization $200.0K $52.00K
YoY Change 284.62% -8.77%
% of Gross Profit 7.93% 0.7%
Operating Expenses $6.444M $4.283M
YoY Change 50.46% 56.54%
Operating Profit -$3.922M $3.157M
YoY Change -224.23% -661.74%
Interest Expense $0.00 $26.00K
YoY Change -100.0% -7.14%
% of Operating Profit 0.82%
Other Income/Expense, Net $6.000K -$16.00K
YoY Change -137.5% -51.52%
Pretax Income -$3.916M $3.115M
YoY Change -225.71% -600.0%
Income Tax $0.00 $923.0K
% Of Pretax Income 29.63%
Net Earnings -$3.916M $2.111M
YoY Change -285.5% -439.39%
Net Earnings / Revenue -54.95% 13.01%
Basic Earnings Per Share -$0.34 $0.21
Diluted Earnings Per Share -$0.34 $0.21
COMMON SHARES
Basic Shares Outstanding 11.66M shares 10.02M shares
Diluted Shares Outstanding 11.66M shares 10.14M shares

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $25.44M $10.17M
YoY Change 150.15% 616.2%
Cash & Equivalents $25.10M $9.974M
Short-Term Investments
Other Short-Term Assets $1.700M $1.080M
YoY Change 57.41% -27.03%
Inventory $14.59M $9.847M
Prepaid Expenses
Receivables $5.186M $2.506M
Other Receivables $0.00 $0.00
Total Short-Term Assets $46.93M $23.61M
YoY Change 98.75% 138.24%
LONG-TERM ASSETS
Property, Plant & Equipment $3.139M $732.0K
YoY Change 328.83% 38.11%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $42.00K $111.0K
YoY Change -62.16% -90.09%
Total Long-Term Assets $3.181M $843.0K
YoY Change 277.34% -49.82%
TOTAL ASSETS
Total Short-Term Assets $46.93M $23.61M
Total Long-Term Assets $3.181M $843.0K
Total Assets $50.11M $24.45M
YoY Change 104.91% 110.98%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.470M $4.911M
YoY Change 52.11% 35.66%
Accrued Expenses $997.0K $1.462M
YoY Change -31.81% 27.13%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $460.0K
YoY Change -100.0% -43.9%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $9.872M $8.422M
YoY Change 17.22% 43.72%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $70.00K
YoY Change -100.0% -65.0%
Other Long-Term Liabilities $101.0K $87.00K
YoY Change 16.09% 74.0%
Total Long-Term Liabilities $101.0K $157.0K
YoY Change -35.67% -37.2%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.872M $8.422M
Total Long-Term Liabilities $101.0K $157.0K
Total Liabilities $9.973M $8.579M
YoY Change 16.25% 40.41%
SHAREHOLDERS EQUITY
Retained Earnings -$85.96M -$85.59M
YoY Change 0.43%
Common Stock $126.1M $101.0M
YoY Change 24.83%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $40.13M $15.87M
YoY Change
Total Liabilities & Shareholders Equity $50.11M $24.45M
YoY Change 104.91% 110.98%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income -$3.916M $2.111M
YoY Change -285.5% -439.39%
Depreciation, Depletion And Amortization $200.0K $52.00K
YoY Change 284.62% -8.77%
Cash From Operating Activities -$4.010M $2.920M
YoY Change -237.33% -456.1%
INVESTING ACTIVITIES
Capital Expenditures -$740.0K -$250.0K
YoY Change 196.0% 257.14%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$740.0K -$250.0K
YoY Change 196.0% 257.14%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 70.00K -1.180M
YoY Change -105.93% -322.64%
NET CHANGE
Cash From Operating Activities -4.010M 2.920M
Cash From Investing Activities -740.0K -250.0K
Cash From Financing Activities 70.00K -1.180M
Net Change In Cash -4.680M 1.490M
YoY Change -414.09% -513.89%
FREE CASH FLOW
Cash From Operating Activities -$4.010M $2.920M
Capital Expenditures -$740.0K -$250.0K
Free Cash Flow -$3.270M $3.170M
YoY Change -203.15% -522.67%

Facts In Submission

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">NATURE OF</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">OPERATIONS</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Energy Focus, Inc. and its subsidiary engage in the design, development, manufacturing, marketing, and sale of energy-efficient lighting systems. We operate in a single industry segment, developing and selling our energy-efficient light-emitting diode (&#8220;LED&#8221;) lighting products into the military maritime and general commercial and industrial markets. We have aligned our resources and focused our efforts on the sale of our LED lighting products, in particular our military and commercial tubular LED (&#8220;TLED&#8221;) lines of products, into targeted vertical markets.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">During </font><font style="font-family:inherit;font-size:10pt;">2014</font><font style="font-family:inherit;font-size:10pt;">, we shifted our focus away from the turnkey solutions business of Energy Focus LED Solutions, LLC ("EFLS"), which has historically incurred lower gross margins. We completed all outstanding solutions-based projects in the first quarter of </font><font style="font-family:inherit;font-size:10pt;">2015</font><font style="font-family:inherit;font-size:10pt;">, are no longer accepting new projects, and fully exited the business as of September </font><font style="font-family:inherit;font-size:10pt;">2015</font><font style="font-family:inherit;font-size:10pt;">. In August </font><font style="font-family:inherit;font-size:10pt;">2015</font><font style="font-family:inherit;font-size:10pt;">, we sold our United Kingdom subsidiary, Crescent Lighting Limited ("CLL"). In </font><font style="font-family:inherit;font-size:10pt;">2013</font><font style="font-family:inherit;font-size:10pt;">, we sold and discontinued our pool products business. As a result of exiting the turnkey solutions, CLL, and the pool products businesses, we have eliminated all net sales and expenses associated with those businesses from the Condensed Consolidated Statements of Operations and have reported the net losses as discontinued operations. Please refer to Note 3, "Discontinued Operations," for more information on our disposition of these businesses.</font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Use of estimates</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") requires management to make estimates and assumptions that affect the amounts reported in our financial statements and accompanying notes. Management bases its estimates on historical experience and various other assumptions believed to be reasonable. Although these estimates are based on management&#8217;s best knowledge of current events and actions that may impact us in the future, actual results may vary from the estimates. Estimates include, but are not limited to, the establishment of reserves for accounts receivable, sales returns, inventory obsolescence and warranty claims; the useful lives of property and equipment; valuation allowance for net deferred taxes; and stock-based compensation. In addition, estimates and assumptions associated with the determination of the fair value of financial instruments and evaluation of long-lived assets for impairment requires considerable judgment. Actual results could differ from those estimates and such differences could be material.</font></div></div>

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