AveragePenny
1 year ago
$ACFN Acorn Achieves Net Income and Positive Cash Flow as Q2 Revenue Rises 22% from Remote Monitoring and Control Solutions for Backup Generators and Gas Pipelines
https://www.globenewswire.com/news-release/2023/08/10/2722639/0/en/Acorn-Achieves-Net-Income-and-Positive-Cash-Flow-as-Q2-Revenue-Rises-22-from-Remote-Monitoring-and-Control-Solutions-for-Backup-Generators-and-Gas-Pipelines.html
WILMINGTON, Del., Aug. 10, 2023 (GLOBE NEWSWIRE) -- Acorn Energy, Inc. (OTCQB: ACFN), a provider of remote monitoring and control solutions for stand-by power generators, gas pipelines, air compressors and other critical industrial equipment, announced results for its second quarter ended June 30, 2023 (Q2’23). Acorn generated positive net income and cash flow on Q2’23 revenue growth of 22% and cash basis revenue growth of 33%. Acorn is hosting a conference call today at 11:00 a.m. ET (details below).
CEO Commentary
Jan Loeb, Acorn’s CEO, commented, “Our Q2’23 performance benefitted from strong demand from large national telecom customers for our TrueGuardTM PRO commercial and industrial monitors and True Guard 2 residential monitors for emergency stand-by generators.
“We achieved our second consecutive quarter of monitoring revenue growth, following the end of the revenue impact from the sunsetting of wireless carrier support for 3G monitoring technology. Building upon 3% growth in Q1, monitoring revenues grew 10% in Q2 and we expect positive momentum to continue over the balance of 2023 and beyond.
“Cash-basis revenue grew 33% in Q2’23, also indicative of strength across the business, and we closed Q2’23 with a record backlog of $6.4M. Our backlog is essentially deferred revenue, more than 60% of which will be recognized as revenue within one year under GAAP accounting.
“Our Q2’23 gross margin remained stable at 76%, though down slightly from 77% in Q2’22 due to the relative strength of equipment sales, which carry a lower margin than monitoring revenues.
“Given both the business and environmental benefits of our solutions, we remain confident in our ability to achieve our long-term 20% annual, cash-basis revenue growth goal. We delivered consolidated profitability and positive cash flow in Q2’23, and if we are able to meet our revenue growth goal, we’d expect to be profitable and operating cash-flow positive at the consolidated corporate level for the full year. Our operating company, OmniMetrix, has been profitable since 2019 and remained so through the pandemic.
“We have been working very hard the past several years to position Acorn for sustainable growth and profitability. Given Acorn’s net operating loss carryforwards (NOLs) of over $70M, future profits would be largely shielded from tax liability, further benefitting cash flows as we achieve ongoing profitability.
“With heatwaves, flooding and related power outages this summer, the value of stand-by generators, as well as Demand Response (DR) programs, for electric grid operators has been in the news. We continue to advance our work with our DR partner C-Power and our network of stand-by generator dealers with the goal of enrolling our first DR customers in the second half of this year. We will update you on our progress in this initiative, which we expect to be a very important revenue and profitability driver for our business moving forward.”
Financial Review
Q2’23 revenue of $1,973,000 rose 22% from Q2’22 revenue of $1,621,000, driven by a 39% increase in hardware revenue, primarily for True Guard Pro (C&I) and True Guard 2 (residential) generator monitoring devices. The company has seen strength in its business across the board and particularly from large national customers for remote monitoring and control of standby generators. For the six months ended June 30th, revenue increased 10% to $3,722,000, driven by the same contributing factors as in Q2’23.
Q2’23 gross profit increased to $1,490,000, reflecting gross margin of 76%, as compared to gross profit of $1,246,000 and a gross margin of 77% in Q2’22. The slight decline relates to the relative strength of hardware, which carries a lower gross margin than monitoring, and the revenue mix. Gross margin on monitoring revenue was 93% in Q2’23 vs. 92% in Q2’22 while gross margin on hardware was 55% in both periods.
Total operating expenses decreased 4.2% to $1,407,000 in Q2’23 versus $1,468,000 in Q2’22, reflecting the impact of a $51k software impairment charge in Q2’22 as well as modestly lower research and development (R&D) expenses.
Net income attributable to Acorn Energy, Inc. stockholders improved to $96,000, or $0.00 per share in Q2’23 vs. a loss of $223,000, or ($0.01) per share in Q2’22, reflecting revenue growth and lower operating expenses. Net income attributable to Acorn stockholders improved to $11,000, or $0.00 per share, for the six-month period ended June 30, 2023 vs. a net loss of $346,000, or ($0.01) per share, in the same period in the prior year.
Liquidity and Cash Flow
Excluding deferred revenue and deferred cost of goods sold (COGS), which have virtually no impact on future cash flow, net working capital of $2,848,000, included consolidated cash of $1,573,000 at June 30, 2023. This compares to net working capital of $2,536,000 and consolidated cash of $1,450,000 at December 31, 2022. Acorn has no outstanding debt. Acorn generated $155,000 of cash from operating activities and used $37,000 for hardware and software technology investments in the six months ended June 30, 2023. Cash generated from operating activities was attributable to the company’s net income plus non-cash expenses, including depreciation and non-cash lease expense.
stocktrademan
10 years ago
$ACFN recent news/filings
bullish
## source: finance.yahoo.com
Mon, 18 May 2015 00:11:52 GMT ~ 10-Q for Acorn Energy, Inc.
read full: http://www.companyspotlight.com/routers/headline/20373/10004/6527446?cp_code=YAH1&1431907912
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Fri, 15 May 2015 21:30:33 GMT ~ Acorn Energy, Inc. Announces First Quarter 2015 Results
[at noodls] - WILMINGTON, Del., May 15, 2015 /PRNewswire/ -- Acorn Energy, Inc. (NASDAQ: ACFN), today announced the results for the first quarter period ended March 31, 2015. ... This is an abstract of the original ...
read full: http://www.noodls.com/view/4954AA5F808CC77767288C663D481FFC3287AB62
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Fri, 15 May 2015 20:47:53 GMT ~ ACORN ENERGY, INC. Files SEC form 8-K, Results of Operations and Financial Condition
read full: http://biz.yahoo.com/e/150515/acfn8-k.html
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Fri, 15 May 2015 20:01:00 GMT ~ Acorn Energy, Inc. Announces First Quarter 2015 Results
[PR Newswire] - WILMINGTON, Del., May 15, 2015 /PRNewswire/ -- Acorn Energy, Inc. (NASDAQ: ACFN), today announced the results for the first quarter period ended March 31, 2015. For the first quarter of 2015, revenues ...
read full: http://finance.yahoo.com/news/acorn-energy-inc-announces-first-200100991.html
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Fri, 15 May 2015 11:07:04 GMT ~ Q1 2015 Acorn Energy Inc Earnings Release - After Market Close
read full: http://biz.yahoo.com/research/earncal/20150515.html?t=acfn
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$ACFN charts
basic chart ## source: stockcharts.com
basic chart ## source: stockscores.com
big daily chart ## source: stockcharts.com
big weekly chart ## source: stockcharts.com
$ACFN company information
## source: otcmarkets.com
Link: http://www.otcmarkets.com/stock/ACFN/company-info
Ticker: $ACFN
OTC Market Place: Not Available
CIK code: 0000880984
Company name: Acorn Energy, Inc.
Company website: http://www.acornfactor.com
Incorporated In: DE, USA
$ACFN share structure
## source: otcmarkets.com
Market Value: $12,708,284 a/o May 18, 2015
Shares Outstanding: 26,475,591 a/o Nov 05, 2014
Float: Not Available
Authorized Shares: Not Available
Par Value: 0.01
$ACFN extra dd links
Company name: Acorn Energy, Inc.
Company website: http://www.acornfactor.com
## STOCK DETAILS ##
After Hours Quote (nasdaq.com): http://www.nasdaq.com/symbol/ACFN/after-hours
Option Chain (nasdaq.com): http://www.nasdaq.com/symbol/ACFN/option-chain
Historical Prices (yahoo.com): http://finance.yahoo.com/q/hp?s=ACFN+Historical+Prices
Company Profile (yahoo.com): http://finance.yahoo.com/q/pr?s=ACFN+Profile
Industry (yahoo.com): http://finance.yahoo.com/q/in?s=ACFN+Industry
## COMPANY NEWS ##
Market Stream (nasdaq.com): http://www.nasdaq.com/symbol/ACFN/stream
Latest news (otcmarkets.com): http://www.otcmarkets.com/stock/ACFN/news - http://finance.yahoo.com/q/h?s=ACFN+Headlines
## STOCK ANALYSIS ##
Analyst Research (nasdaq.com): http://www.nasdaq.com/symbol/ACFN/analyst-research
Guru Analysis (nasdaq.com): http://www.nasdaq.com/symbol/ACFN/guru-analysis
Stock Report (nasdaq.com): http://www.nasdaq.com/symbol/ACFN/stock-report
Competitors (nasdaq.com): http://www.nasdaq.com/symbol/ACFN/competitors
Stock Consultant (nasdaq.com): http://www.nasdaq.com/symbol/ACFN/stock-consultant
Stock Comparison (nasdaq.com): http://www.nasdaq.com/symbol/ACFN/stock-comparison
Investopedia (investopedia.com): http://www.investopedia.com/markets/stocks/ACFN/?wa=0
Research Reports (otcmarkets.com): http://www.otcmarkets.com/stock/ACFN/research
Basic Tech. Analysis (yahoo.com): http://finance.yahoo.com/q/ta?s=ACFN+Basic+Tech.+Analysis
Barchart (barchart.com): http://www.barchart.com/quotes/stocks/ACFN
DTCC (dtcc.com): http://search2.dtcc.com/?q=Acorn+Energy%2C+Inc.&x=10&y=8&sp_p=all&sp_f=ISO-8859-1
Spoke company information (spoke.com): http://www.spoke.com/search?utf8=%E2%9C%93&q=Acorn+Energy%2C+Inc.
Corporation WIKI (corporationwiki.com): http://www.corporationwiki.com/search/results?term=Acorn+Energy%2C+Inc.&x=0&y=0
WHOIS (domaintools.com): http://whois.domaintools.com/http://www.acornfactor.com
Alexa (alexa.com): http://www.alexa.com/siteinfo/http://www.acornfactor.com#
Corporate website internet archive (archive.org): http://web.archive.org/web/*/http://www.acornfactor.com
## FUNDAMENTALS ##
Call Transcripts (nasdaq.com): http://www.nasdaq.com/symbol/ACFN/call-transcripts
Annual Report (companyspotlight.com): http://www.companyspotlight.com/library/companies/keyword/ACFN
Income Statement (nasdaq.com): http://www.nasdaq.com/symbol/ACFN/financials?query=income-statement
Revenue/EPS (nasdaq.com): http://www.nasdaq.com/symbol/ACFN/revenue-eps
SEC Filings (nasdaq.com): http://www.nasdaq.com/symbol/ACFN/sec-filings
Edgar filings (sec.gov): http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000880984&owner=exclude&count=40
Latest filings (otcmarkets.com): http://www.otcmarkets.com/stock/ACFN/filings
Latest financials (otcmarkets.com): http://www.otcmarkets.com/stock/ACFN/financials
Short Interest (nasdaq.com): http://www.nasdaq.com/symbol/ACFN/short-interest
Dividend History (nasdaq.com): http://www.nasdaq.com/symbol/ACFN/dividend-history
RegSho (regsho.com): http://www.regsho.com/tools/symbol_stats.php?sym=ACFN&search=search
OTC Short Report (otcshortreport.com): http://otcshortreport.com/index.php?index=ACFN
Short Sales (otcmarkets.com): http://www.otcmarkets.com/stock/ACFN/short-sales
Key Statistics (yahoo.com): http://finance.yahoo.com/q/ks?s=ACFN+Key+Statistics
Insider Roster (yahoo.com): http://finance.yahoo.com/q/ir?s=ACFN+Insider+Roster
Income Statement (yahoo.com): http://finance.yahoo.com/q/is?s=ACFN
Balance Sheet (yahoo.com): http://finance.yahoo.com/q/bs?s=ACFN
Cash Flow (yahoo.com): http://finance.yahoo.com/q/cf?s=ACFN+Cash+Flow&annual
## HOLDINGS ##
Major holdings (cnbc.com): http://data.cnbc.com/quotes/ACFN/tab/8.1
Insider transactions (yahoo.com): http://finance.yahoo.com/q/it?s=ACFN+Insider+Transactions
Insider transactions (secform4.com): http://www.secform4.com/insider-trading/ACFN.htm
Insider transactions (insidercrow.com): http://www.insidercow.com/history/company.jsp?company=ACFN
Ownership Summary (nasdaq.com): http://www.nasdaq.com/symbol/ACFN/ownership-summary
Institutional Holdings (nasdaq.com): http://www.nasdaq.com/symbol/ACFN/institutional-holdings
Insiders (SEC Form 4) (nasdaq.com): http://www.nasdaq.com/symbol/ACFN/insider-trades
Insider Disclosure (otcmarkets.com): http://www.otcmarkets.com/stock/ACFN/insider-transactions
## SOCIAL MEDIA AND OTHER VARIOUS SOURCES ##
PST (pennystocktweets.com): http://www.pennystocktweets.com/stocks/profile/ACFN
Market Watch (marketwatch.com): http://www.marketwatch.com/investing/stock/ACFN
Bloomberg (bloomberg.com): http://www.bloomberg.com/quote/ACFN:US
Morningstar (morningstar.com): http://quotes.morningstar.com/stock/s?t=ACFN
Bussinessweek (businessweek.com): http://investing.businessweek.com/research/stocks/snapshot/snapshot_article.asp?ticker=ACFN
$ACFN DD Notes ~ http://www.ddnotesmaker.com/ACFN
stocktrademan
10 years ago
Acorn Energy, Inc. [$ACFN] due diligence
bullish
strong bullish volume
long term bullish macd divergence ready to break out
$ACFN
DD Notes ~ http://www.ddnotesmaker.com/ACFN
##### recent news/filings ~ source: finance.yahoo.com
Thu, 03 Jul 2014 21:16:00 GMT ~ Nasdaq stocks posting largest volume increases
read full: http://sg.finance.yahoo.com/news/nasdaq-stocks-posting-largest-volume-220410239--finance.html
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Wed, 11 Jun 2014 18:08:00 GMT ~ DSIT Introduces the AquaShield Extended Range™ (ER) - the World's Longest Range Diver Detection Sonar at UDT 2014
[PR Newswire] - GIVAT SHMUEL, Israel, June 11, 2014 /PRNewswire/ -- DSIT Solutions Ltd., a subsidiary of Acorn Energy, Inc. (NASDAQ: ACFN), has announced the introduction of the AquaShield Extended Range (ER) Swimmer ...
read full: http://finance.yahoo.com/news/dsit-introduces-aquashield-extended-range-180800596.html
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Tue, 10 Jun 2014 19:15:00 GMT ~ Why Acorn Energy (ACFN) Stock Is Gaining Today
read full: http://www.thestreet.com/story/12740047/1/why-acorn-energy-acfn-stock-is-gaining-today.html?puc=yahoo&cm_ven=YAHOO
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Mon, 09 Jun 2014 14:59:00 GMT ~ Why Acorn Energy (ACFN) Stock Is Up Today
read full: http://www.thestreet.com/story/12737590/1/why-acorn-energy-acfn-stock-is-up-today.html?puc=yahoo&cm_ven=YAHOO
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Wed, 04 Jun 2014 13:30:00 GMT ~ DSIT, an Acorn Energy Company, Receives $3.4M in Multiple Recurring Orders for Development and Production
[PR Newswire] - GIVAT SHMUEL, Israel, June 4, 2014 /PRNewswire/ -- DSIT Solutions Ltd., an Acorn Energy, Inc. (ACFN) company, disclosed today the receipt of several follow-on orders for development and production from a number of its customers in Israel. Benny Sela, CEO of DSIT commented about the orders, "We are always pleased to see our efforts rewarded with customer satisfaction and the return of customers with whom we have ongoing relationships. DSIT's Projects Department, headed by VP Projects, Bentzi Gilboa, works closely with both military and semiconductor companies on the development and subsequent production of crucial system components. Bentzi Gilboa commented, "These system development and production orders are the fruit of the continuous efforts of our multidisciplinary engineering team in delivering cutting edge technological solutions to our customers, and indicate their satisfaction with the services and products developed and manufactured by DSIT.
read full: http://finance.yahoo.com/news/dsit-acorn-energy-company-receives-133000682.html
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##### chart ~ source: stockcharts.com
##### company info ~ source: otcmarkets.com
Link: http://www.otcmarkets.com/stock/ACFN/company-info
Ticker: $ACFN
OTC Market Place: Not Available
CIK code: 0000880984
Company name: Acorn Energy, Inc.
Company website: http://www.acornfactor.com
Incorporated In: DE, USA
##### extra dd links
Edgar filings: http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000880984&owner=exclude&count=40
Latest filings: http://www.otcmarkets.com/stock/ACFN/filings
Latest financials: http://www.otcmarkets.com/stock/ACFN/financials
Latest news: http://www.otcmarkets.com/stock/ACFN/news - http://finance.yahoo.com/q/h?s=ACFN+Headlines
Major holdings: http://data.cnbc.com/quotes/ACFN/tab/8.1
Insider transactions (1): http://finance.yahoo.com/q/it?s=ACFN+Insider+Transactions
Insider transactions (2): http://www.secform4.com/insider-trading/ACFN.htm
Insider transactions (3): http://www.insidercow.com/history/company.jsp?company=ACFN
RegSho: http://www.regsho.com/tools/symbol_stats.php?sym=ACFN&search=search
DTCC: http://search2.dtcc.com/?q=Acorn+Energy%2C+Inc.&x=10&y=8&sp_p=all&sp_f=ISO-8859-1
Spoke company information: http://www.spoke.com/search?utf8=%E2%9C%93&q=Acorn+Energy%2C+Inc.
Corporation WIKI: http://www.corporationwiki.com/search/results?term=Acorn+Energy%2C+Inc.&x=0&y=0
WHOIS: http://whois.domaintools.com/http://www.acornfactor.com
Alexa: http://www.alexa.com/siteinfo/http://www.acornfactor.com#
Corporate website internet archive: http://web.archive.org/web/*/http://www.acornfactor.com
Short Sales: http://www.otcmarkets.com/stock/ACFN/short-sales
Insider Disclosure: http://www.otcmarkets.com/stock/ACFN/insider-transactions
Research Reports: http://www.otcmarkets.com/stock/ACFN/research
Historical Prices: http://finance.yahoo.com/q/hp?s=ACFN+Historical+Prices
Basic Tech. Analysis: http://finance.yahoo.com/q/ta?s=ACFN+Basic+Tech.+Analysis
Company Profile: http://finance.yahoo.com/q/pr?s=ACFN+Profile
Key Statistics: http://finance.yahoo.com/q/ks?s=ACFN+Key+Statistics
Industry: http://finance.yahoo.com/q/in?s=ACFN+Industry
Insider Roster: http://finance.yahoo.com/q/ir?s=ACFN+Insider+Roster
Income Statement: http://finance.yahoo.com/q/is?s=ACFN
Balance Sheet: http://finance.yahoo.com/q/bs?s=ACFN
Cash Flow: http://finance.yahoo.com/q/cf?s=ACFN+Cash+Flow&annual
Market Watch: http://www.marketwatch.com/investing/stock/ACFN
Bloomberg: http://www.bloomberg.com/quote/ACFN:US
Morningstar: http://quotes.morningstar.com/stock/s?t=ACFN
Bussinessweek: http://investing.businessweek.com/research/stocks/snapshot/snapshot_article.asp?ticker=ACFN
Barchart: http://www.barchart.com/quotes/stocks/ACFN
OTC Short Report: http://otcshortreport.com/index.php?index=ACFN
Investopedia: http://www.investopedia.com/markets/stocks/ACFN/?wa=0
http://www.pennystocktweets.com/stocks/profile/ACFN
##### last known share structure ~ source: otcmarkets.com
Market Value: $55,474,692 a/o Jul 11, 2014
Shares Outstanding: 22,189,877 a/o Mar 10, 2014
Float: Not Available
Authorized Shares: Not Available
Par Value: 0.01
##### business description ~ source: otcmarkets.com
DD Notes ~ http://www.ddnotesmaker.com/ACFN
a11k
TheFinalCD
11 years ago
ACFN SHAREHOLDER ALERT: The Law Firm of Wohl & Fruchter LLP Announces Investigation of Acorn Energy, Inc.
Print
Alert
Acorn Energy, Inc. (MM) (NASDAQ:ACFN)
Intraday Stock Chart
Today : Monday 7 October 2013
Click Here for more Acorn Energy, Inc. (MM) Charts.
The law firm of Wohl & Fruchter LLP is investigating possible violations of federal securities laws by officers and directors of Acorn Energy, Inc. (Acorn) (NASDAQ: ACFN).
On October 7, 2013, Acorn disclosed in an SEC filing that, on October 3, 2013, its Audit Committee determined that the Company will record an impairment charge as a result of write-downs of goodwill and/or other intangibles, and will record a restructuring charge, with respect to its OmniMetrix subsidiary.
The Company further disclosed that the impairment and restructuring charges with respect to OmniMetrix would likely have a material impact on the Company’s results of operations for the quarter ended September 30, 2013.
OmniMetrix was acquired by the Company in February 2012.
Upon the above news, ACFN shares have declined over 20% in trading on October 7, 2013.
Persons with relevant information, and ACFN shareholders with questions about this investigation, are invited to contact the attorney below, or our Firm by calling 866.833.6245 .
Additional information is available on our website at: http://www.wohlfruchter.com/cases/acfn.
About Wohl & Fruchter
Wohl & Fruchter LLP represents plaintiffs in litigation arising from fraud and other fiduciary breaches by corporate managers, as well as other complex litigation matters. Please visit our website, www.wohlfruchter.com, to learn more about our Firm, or contact one of our partners.
Contact:
J. Elazar Fruchter (jfruchter@wohlfruchter.com)
845.425.4658 or Toll Free 866.833.6245
Wohl & Fruchter LLP
570 Lexington Avenue
New York, NY 10022
www.wohlfruchter.com
This release may be deemed to constitute attorney advertising.
Wohl & Fruchter LLP
J. Elazar Fruchter
845.425.4658 or Toll Free 866.833.6245
jfruchter@wohlfruchter.com
Timothy Smith
12 years ago
Acorn Energy, Inc. Announces Quarterly Dividend
Feb 7, 2013 12:10:00 PM
WILMINGTON, Del., Feb. 7, 2013 /PRNewswire/ -- Acorn Energy, Inc. (NASDAQ: ACFN), an energy technology holding company, today announced its Board of Directors has approved a dividend of $0.035 per share to be paid on March 4, 2013 to common stockholders of record on February 20, 2013.
(Logo: http://photos.prnewswire.com/prnh/20120426/NY96114LOGO )
John Moore, CEO of Acorn Energy said, "The dividend reflects confidence in our near term pipeline of business opportunities and that current cash is in excess of our needs for 2013 under the current strategic plan for our Acorn Energy companies. This dividend is, as were the 2012 dividends, expected to be treated for tax purposes as a return of capital and will reduce the holders cost basis in our stock. Acorn initiated the dividend because of the sale of CoaLogix in August of 2011 for $101 million from which we received a total of $61.9 million, representing an Internal Rate of Return of over 44%. Our five previous quarterly dividends, the upcoming March 2013 dividend and one special dividend totaling approximately $4.6 million represents approximately 7.5% of the net proceeds from the sale. Our Board of Directors reviews our dividend policy each quarter. As 2012 closed we ended the year with approximately $22.7 million of corporate cash plus an expected income tax receivable of approximately $1.6 million."
Mr. Moore continued, "I welcome our shareholders to join, as I have, our Dividend Reinvestment Plan or DRIP." The Plan is administered by Acorn's stock transfer agent, American Stock Transfer & Trust Company, LLC (AST). Stockholders may obtain a copy of the Plan prospectus and enrollment form by contacting AST toll-free at 877-276-7523 or visiting the AST website at www.amstock.com at "Invest Online" under the "Shareholders" tab. It should be noted that participants currently receive a 5% discount when shares are obtained through the DRIP.
About Acorn Energy, Inc.
Acorn Energy, Inc. is a holding company whose four portfolio companies help their customers achieve greater productivity, reliability, security, and efficiency—factors which can lead to greater profitability. GridSense—provides monitoring for all critical points along the electricity delivery system. OMNIMETRIX—remotely monitors emergency back-up power generation systems to increase their reliability. US Seismic—supplies fiber optic sensing solutions to increase oil/gas production and lower costs. DSIT—provides security solutions from underwater threats to marine based energy assets. For more information visit: http://www.acornenergy.com.
Safe Harbor Statement
This press release includes forward-looking statements, which are subject to risks and uncertainties. There is no assurance that Acorn Energy, Inc. or its operating companies will continue to grow their respective businesses, or that any of them will meet the expectations or execute the initiatives described or referred to above. A complete discussion of the risks and uncertainties which may affect Acorn Energy's business generally and the businesses of its subsidiaries is included in "Risk Factors" in the Company's most recent Annual Report on Form 10-K and its most recent 10-Q as filed by the Company with the Securities and Exchange Commission.
Investor & Press Contact:
Paul G. Henning
Cameron Associates
(212) 554-5462
Paul@cameronassoc.com
SOURCE Acorn Energy, Inc.
Emerging Growth
12 years ago
Lancaster New York based environmental consulting firm, Ecology and Environment, Inc. (NYSE: EEI), announced this week that the company has garnered $39 million in contracts to aid in the development of eco-cities for the China International Finance and Guarantee Group. The deal has the blessing of the Chinese government. E & E’s work will be directed at enhancing environmental and health conditions in the fastest emerging growth large economy on the globe. In an interview last week, E & E president and CEO Kevin Neumaier stated “E & E has been working in China since the mid-1980s, learning about the people and culture of China as we have worked on some of their environmental issues.” The company has worked on over 50,000 environmental projects in 122 countries since its inception in 1970. Notably, E & E has supplied environmental solutions in close to every known ecosystem on the planet.
Competitors
Two of its nearest competitors are Acorn Energy Incorporated (NASDAQ: ACFN) and privately held GZA GeoEnvironmental Incorporated. Both companies deal in environmental solutions for pollution issues. GZA operates mainly in the United States providing environmental consulting and regulatory compliance services to a wide variety of businesses. Acorn is a holding company focused on providing digital solutions for energy infrastructure asset management. The company has come under fire lately for maintaining an unsustainable dividend and paying for research from at least two firms which maintain buy ratings on the company. Acorn has a market cap of $134.59 million and shares are trading at $7.47, with a 52 week high of $13.20 and a low of $6.31. GZA operates mainly in the United States providing environmental consulting and regulatory compliance services to a wide variety of businesses.
The Numbers
The company has not had the best year. E & E declared combined revenues for the first quarter of fiscal year 2013 of $36.8 million, a decline of $5.5 million or 13 percent from the $42.3 million the company reported in the first quarter of 2012. Revenue was $29.8 million for the quarter compared to $33.2 million in the first quarter of fiscal year 2012, a dismaying decrease of $3.4 million or 10 percent. The company maintained it had a net income of $.2 million or around $.06 per share for the first quarter of 2013. This is a decline of $1.0 million from the net income of $1.2 million or $.28 per share in the first quarter of last year. On the other hand, compared to the fourth quarter of fiscal year 2012, net income for the first quarter of 2013 has increased to $1.1 million and the company reported a profit of right at $.06 a share. The company has a market cap of $56 million. Shares are currently trading up 5.2 percent at $13.15 per.
Bottom Line
EEI is a commendable business filling a niche in a sector that, as one of my colleagues pointed out, will do nothing but grow as emerging growth countries realize the value of clean water, air and soil. Current dividend yield is a tidy 3.5 percent. It’s worth a little research to see if it fits in with your portfolio.
See more great articles on EmergingGrowth.com... http://emerginggrowth.com/featured_stories/ecology-and-environment-inc-nyse-eei-trading-up/01/24/2013
Timothy Smith
12 years ago
GridSense, an Acorn Energy Company, Announces Sale of Over 500 Pole-top & Underground TransformerIQ™ Monitors to Major California Utility
Oct 16, 2012 9:30:00 AM
SACRAMENTO, Calif., Oct. 16, 2012 /PRNewswire/ -- GridSense, an Acorn Energy (NASDAQ: ACFN) company that develops and markets advanced monitoring solutions for the electric power industry announced the sale of 500 TransformerIQ™ advanced monitoring units to a major California utility. The 500 TransformerIQ™ devices will be used to monitor and secure valuable data from overhead and underground transformers dispersed throughout the utility's residential distribution grid. The order represents an almost $1 million first sale for this new product, and will be processed and shipped in the fourth quarter. Assuming successful integration, the ultimate potential product sales volume with this utility could, over time, approach over 100,000 units across their network.
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"This sale is an integral part of the ongoing relationship we are developing with this major California utility," said Lindon Shiao, Chief Executive of GridSense. "The general public often equates the controversial smart meter on their home with the term smart grid. In fact, sophisticated Distribution Automation (DA) devices like TransformerIQ™ strategically placed throughout the network are really what the grid needs to become smarter. These devices can yield large economic benefits, similar to those of energy efficiency programs, but without requiring 300 million Americans to change their daily habits."
Greentech Media recently released a report stating, "Because automation of distribution systems, substations, and transmission grids offers more rapid and greater return on investments than smart meter programs, we believe that the DA market represents the greatest opportunity to reap the benefits of the smart grid."
John Moore, CEO of Acorn Energy stated, "I am very excited about how Lindon has positioned GridSense and with the Big Brother alliances he has developed to break into this new market. This utility is known as an early adopter and integrator of novel smart grid technologies. We take great pride in our developing relationship with this marquee customer. The biggest surprise to economic forecasters is going to be the impact of digital energy technologies like TransformerIQ™. They allow progressive utilities to affordably and quickly change their grid from thirty day batch processing to real-time self healing networks. Digital energy technologies like TransformerIQ™ will enable utilities to affordably reduce outage times and improve the reliability of the grid. The US Department of Energy estimates the cost of grid inefficiencies to the US economy to be $180 Billion each year. There are over thirty million pole-top and underground transformers in the US alone that are targets for our solution."
Adds Mr. Shiao, "I expect an acceleration of adoption of the pole-top and underground TransformerIQ™ by other utilities once we launch the GridInSite™ software platform in the first quarter of 2013. GridInSite™ will provide unprecedented real-time situational awareness of critical assets like transformers and overhead lines to grid operators."
About GridSense Inc.
GridSense is a smart grid technology company dedicated to providing innovative, practical and cost effective monitoring solutions to the electric power industry. Utilizing in-depth industry knowledge and understanding of utility requirements, we provide technology and services that help the industry address the limitations of old and aging infrastructure. We apply experience and technical know-how with new insight and ideas to create intelligent, reliable and leading edge technologies that add value to our customers and shape the future of the modern electrical power system.
About Acorn Energy, Inc.
Acorn Energy, Inc., the digital energy company is a holding company focused on making energy better by providing digital solutions for energy infrastructure asset management. The four businesses in which we have controlling interests, improve the world's energy infrastructure by making it: more secure - providing security solutions for underwater energy infrastructure (DSIT); more reliable - providing condition-based monitoring to critical assets on the electric grid (GridSense, OmniMetrix) and more productive and efficient - increasing oil and gas production while lowering costs through use of permanent ultra-high sensitive seismic tools that allow for a more precise picture of reservoirs (US Seismic). For more information visit: http://www.acornenergy.com.
Safe Harbor Statement
This press release includes forward-looking statements, which are subject to risks and uncertainties. There is no assurance that Acorn Energy, Inc. or its operating companies will continue to grow their respective businesses, or that any of them will meet the expectations or execute the initiatives described or referred to above. A complete discussion of the risks and uncertainties which may affect Acorn Energy's business generally and the businesses of its subsidiaries is included in "Risk Factors" in its most recent Annual Report on Form 10-K and its most recent 10-Q as filed by Acorn Energy with the Securities and Exchange Commission.
Contact: Leonce Gaiter
Tel: 916.372.4945
Email: l.gaiter@gridsense.com
SOURCE Acorn Energy, Inc.
Timothy Smith
12 years ago
Vista Partners Updates Coverage on Acorn Energy, Inc.; Increases Target Price to $17.50
Portfolio Companies Poised for Growth, First Commercial Orders for USSI Shipped, Short Squeeze Candidate
Jul 18, 2012 8:15:00 AM
SAN FRANCISCO, CA -- (Marketwire) -- 07/18/12 -- Vista Partners announced today that it has updated coverage on Acorn Energy, Inc. (NASDAQ: ACFN) ("The Company" or "Acorn"); and raises its twelve month target price from $14.00 to $17.50. Ross Silver, Principal Analyst at Vista Partners, stated, "Acorn stands out amongst small cap growth stocks due to its current portfolio of companies focused on digital energy infrastructure management solutions. Each portfolio company may be poised for significant growth in these large addressable and growing security and energy markets. Acorn offers a quarterly dividend and management has successfully sold two portfolio companies in just a five year period, thus proving the business model." Mr. Silver continues, "It was encouraging to see one of Acorn's portfolio companies, US Seismic Systems, Inc. ('USSI'), ship their first commercial orders. USSI announced at the beginning of July that it shipped the world's largest commercial high temperature down-hole fiber-optic seismic array which provides substantially higher performance with an 80-90 percentage reduction in cost as compared to legacy systems and enables operators to cost-effectively monitor 100% of their fracking initiatives. USSI also built and shipped an Ultra High Sensitivity fiber-optic based marine seismic array for oil & gas exploration at the end of June." Mr. Silver concludes, "Since Acorn joined the Russell 2000 & 3000 at the end of June, the percentage of shares short has increased dramatically which is typical for new entrants to these indexes. At the end of June, 19.2% of the float of Acorn was short which is very high and fortunately the share price has been relatively unaffected over the past month. Considering the limited number of shares in Acorn's float and the size of the Acorn short position, which would likely take close to a month to unwind, we may experience a short squeeze should both small and large investors continue to acquire Acorn shares. Should we experience a short squeeze, Acorn's share price may move considerably higher in the near term."
To download a FREE copy of the Acorn Energy, Inc. research report, please visit http://www.vistapglobal.com and click the "download research" icon to gain access to the report.
About Vista Partners:
Vista Partners LLC, founded in 2005, is a Registered Investment Advisor in the States of California and Oregon. The firm's professional staff has backgrounds in finance, corporate communications and investment banking. Vista Partners LLC has built a name for itself in the small cap space due to its selection of profitable investment ideas.
Disclaimer & Disclosure:
For a full list of disclaimers and disclosures, please visit our website www.vistapglobal.com or click here.
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Contact:
Vista Partners LLC
877.215.4813
Email Contact
Source: Vista Partners LLC
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