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Stock Market & Financial Investment News

News Breaks
August 19, 2014
08:01 EDTELONEchelon announces Lumewave acquisition
Echelon announced that it has acquired Lumewave. Echelon will sell the Lumewave products, which include individual lighting controllers, gateways, and management and maintenance software, and will incorporate Lumewave’s established sales channels in North America into its existing channels worldwide. Terms of the transaction were not disclosed.
News For ELON From The Last 14 Days
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May 15, 2015
08:35 EDTELONEchelon now sees Q2 EPS (7c)-(4c) vs. previous view of (8c)-(5c)
Consensus is (6c). For Q2 2015, the lease termination agreement results in a revised estimated non-GAAP loss of ($0.04) to ($0.07) per share versus the previous guidance of ($0.05) to ($0.08). On a GAAP basis for the second quarter of 2015, the lease termination results in a revised estimated loss of ($0.05) to ($0.08) per share versus the previous guidance of ($0.07) to ($0.10). Once the company moves to a new, right-sized headquarters in Q1 2016, both GAAP and non-GAAP savings are estimated to improve by approximately $800,000 per quarter. Among other things, as a result of the lease termination, the net book value of the buildings will be reduced to approximately $5.0 million, which will then be amortized over the remainder of 2015 in conjunction with the new short-term lease. In addition, for GAAP purposes, the company will record a one-time benefit in the second quarter associated with the termination of the lease of approximately $1.5 million.
08:34 EDTELONEchelon retires $21.4M of long term facilities lease obligations
Echelon Corporation announced that it has reached an agreement with the landlord of its 150,000 square foot San Jose, CA headquarters related to the long-term leases for office space the company no longer requires. Under the terms of the agreement, the existing leases, which run through 2020, have been terminated and replaced with a short-term lease for a smaller portion of the facility that will run through the remainder of 2015. In return for this early termination, the company has agreed to a one-time up front cash payment of $10M and lease payments for the balance of 2015 totaling $900,000. This will eliminate the remaining lease obligation payments of $21.4M. As a result of this transaction, net cash on the balance sheet will increase by approximately $5.5 million. On a non-GAAP basis, the company estimates facilities related savings will be between $400,000 and $600,000 per quarter for the balance of 2015. On a GAAP basis, the company anticipates that the transaction will result in additional depreciation expense of approximately $1.5M per quarter through the end of 2015 as the remaining building assets are amortized off its balance sheet.
May 11, 2015
16:21 EDTELONEchelon sees Q2 EPS (5c)-(8c), consensus (6c)
Sees Q2 revenue $8.5M-$9.5M, consensus $9.57M.
16:20 EDTELONEchelon reports Q1 EPS (3c), consensus (7c)
Reports Q1 revenue $9.87M, consensus $9.03M.

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