Echelon (ELON) Continues to Report Losses On Shrinking Revenue

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09:01:26 am on February 5, 2009

Echelon (ELON) may be a company to watch in the future with exposure in LED lighting, demand response and smart grid networking but for now the company remains unprofitable with no signs of a turn around yet.  The company posted a non GAAP loss of .06/share which beat estimates of -.14/share but revenues shrunk by about 25% over the year ago quarter.

Said the CEO, “In the near-term, we expect the current economic slowdown to impact our LonWorks product line, mitigated by the continuing drive to reduce costs by conserving energy and by worldwide government initiatives around energy management. For our NES product line, the economic slowdown has also impacted the pace at which some utilities move forward with their smart grid projects. However, we continue to see healthy NES activity from a number of utilities in Western Europe and North America and based on our current order pipeline, we expect modest growth for the year. Long-term, we remain very optimistic and believe our product lines are well positioned for the future.”

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