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Nexxus Lighting – NEXS – Excited about the achievements made in 2011

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Nexxus Lighting, Inc. (NASDAQ: NEXS) reported its full year 2011 results.

Highlights include:

  • NEXS Full year revenue increased 66% to $9.0 million in 2011 versus $5.4 million in 2010
  • Sales of Array® LED replacement light bulbs increased 173% to $4.9 million in 2011 versus $1.8 million in 2010
  • NEXS Produced a 41% direct gross margin level despite tremendous market price pressures
  • NEXS Launched the Array brand into the consumer market channel
  • NEXS Expanded our patent portfolio to 41 issued patents and 33 pending patents
  • Developed and introduced new PAR20 and PAR30 lamps, continuing our product leadership position

2011 Full Year Performance


Revenue
Total revenue for the year ended December 31, 2011 increased 66% to approximately $8,988,000 as compared to the year ended December 31, 2010.  As a result of our growth in national sign programs and other commercial applications, sales of Lumificient products increased approximately 12% from approximately $3,615,000 for the year ended December 31, 2010 to approximately $4,049,000 for the year ended December 31, 2011.

Sales of our Array LED lamps increased 173% to approximately $4,939,000 for the year ended December 31, 2011 compared to approximately $1,808,000 for the year ended December 31, 2010.  The sales increase of approximately $3,131,000 reflects the launch of Array products for sale through the consumer market channel.  In the second quarter of 2011, we completed our initial shipments of Array products to approximately 1,100 home improvement stores across the United States. The home improvement retailer offers seventeen different Array products, including our PAR38, R30, R16, MR16 and GU10 lamps that have qualified for the Energy Star rating.

“We are excited about the achievements that we made in 2011, including our sales growth and entry into the consumer market channel where we have begun the process of building a national consumer brand,” stated Mike Bauer, Nexxus’ President and Chief Executive Officer.  “During this process we maintained our quality and performance market position and, despite intense competitive pressure, we refrained from cutting prices to untenable levels. We also demonstrated our ability to expand Array production cost-effectively and service the more challenging consumer market channel.”

“Unfortunately, retail sales levels did not meet our expectations nor those of our customer,”  added Bauer.  “We continue to work with this customer while also pursuing new retailers in 2012 to balance our sales across a greater number of customers within the consumer market channel.”

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edliston
Post Written By: Ed Liston

Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.


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Ed Liston

Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing.

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