Energy Focus, Inc (EFOI) Posts 3rd Quarter Results

Energy Focus, Inc released promising 3rd quarter results yesterday. Compared to last year, revenues have risen 11%, going from $5.7 million in the 3rd quarter of last year to $6.4 million for the 3rd quarter of 2008. The company reported a net loss this quarter of $1.6 million, or .11 per share, which compares favorably with the 3rd quarter of last year, when they reported a net loss of $3.2 million or .28 per share.

However, due to the current economic downturn, the company is revising its 2008 EFO sales forecast to reflect the changing conditions. Instead of forecasting 100% growth compared to 2007, the company now forecasts a 60% growth rate, or about $11 million is EFO sales in 2008.

Joe Kaveski, Energy Focus’ CEO, commented on the report:

"I continue to be encouraged by our growth. Despite the difficult economy, our energy efficient products continue to be in demand. I am also excited by the success of our cost containment measures which have led to positive cash flow in the third quarter.

Mr. Kaveski continued, "We were pleased to report our first two successes that demonstrate traction in building Energy Focus into a full-service lighting energy solutions provider. Our recent successes with Great Lakes Cold Storage and Architectural Floors of Cleveland clearly show that customers value our unique technologies, expertise and our comprehensive approach to improving their bottom lines."

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