Echelon Corporation Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Revised Earnings Guidance for the First Quarter of Fiscal 2018
For the year, the company reported revenue was $31.667 million against $32.385 million a year ago. Loss from operations was $4.153 million against $4.729 million a year ago. Loss before provision for income taxes was $4.651 million against $3.921 million a year ago. Net loss was $4.623 million against $4.103 million a year ago. Diluted loss per share was $1.04 against $0.93 a year ago. Non-GAAP net loss was $3.166 million against $3.389 million a year ago. Non-GAAP diluted loss per share was $0.71 against $0.77 a year ago. Net cash used in operating activities was $2.225 million against $3.023 million a year ago. Capital expenditures were $0.209 million against $0.117 million a year ago.
For the first quarter of 2018, the company expected total revenues to be in a range of $7.7 million to $8.1 million. This estimate is based on the new revenue recognition guidance, which became effective for Echelon on January 1, 2018. Under the old revenue recognition rules, the company would have expected first quarter 2018 revenues in a range of $7.8 million to $8.2 million. Gross margin is expected to be in a range of 53% to 54%. GAAP loss per share is expected to be between $0.35 and $0.46, based on 4.5 million weighted average shares outstanding. Excluding expected non-cash equity compensation charges of $0.07 per share, non-GAAP loss per share is expected to be between $0.28 and $0.39.