Orion Energy (OESX) Back In The Black

Orion Energy Systems (OESX), an efficient lighting solutions play, got back in the black after the bell today posting a non GAAP EPS gain of .03/share which beat the consensus estimate of a 1 cent share loss.  Revenues came in a bit shy of analyst estimates at $13.7 million, but the company indicated it received an influx of orders right at the end of the quarter which were not able to be produced and shipped before the quarter ended, so that will be recognized quarter.  The backlog at the end of the quarter was $13.7 million which is about 4x the backlog in the year ago quarter.

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Neal Verfuerth, CEO of Orion commented, “Now more than ever, I’m convinced that we’re absolutely in the right place at the right time in the energy world. I see the market opening up and major opportunities continuing to develop for our products and services. Our dedicated team of salespeople and other sales and marketing personnel, as well as our independent partners and other channel relationships, are currently working diligently on a robust pipeline of potential cash and financed projects, including some interesting solar opportunities.”

Looking ahead, the company is reiterating a non-GAAP EPS for fiscal 2011 $0.25 $0.33/share.  

Shares of OESX are up a few percent in after hours trading, but have already nearly doubled in the past two months and facing some tough resistance around the $4 level.  OESX is a compelling “green” lighting play, I just think it’s more compelling on some kind of pull back.  A move to test the 50 day moving average around the $3 level would offering a nice entry point in my opinion.

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