Nexxus Lighting Inc. today reported its second quarter 2011 results, reflecting a significant boost in sales and an expansion of its patent portfolio.
Total revenue for the three months ended June 30, 2011, increased 206 percent to approximately $4.0 million compared to approximately $1.3 million for the comparable quarter of 2010.
Gross profit for the second quarter ended June 30, 2011, was approximately $1.0 million, or 25 percent of revenue, compared to approximately $433,000, or 33 percent of revenue, for the comparable period of 2010.
Nexxus reported a net loss for the second quarter of 2011 of $868,000, or $(0.05) per common share, compared to a second quarter 2010 net loss of approximately $1.8 million, or $(0.12) per common share.
As of June 30, 2011, the company had cash and cash equivalents of $3.5 million and long term debt of $2.2 million.
“Our record Array results for the quarter reflect the expansion of our market strategy into the consumer market channel,” Mike Bauer, president and CEO of Nexxus stated in the press release. “While we incurred some unexpected freight and installation costs, we were able to deliver 100 percent of the product on time to each of the approximate 1,100 stores. This performance demonstrates our ability to cost-effectively ramp our capacity and profitably service this new channel. There were challenges faced in this effort, but we overcame them with a team effort that included the support from certain strategic vendors.”
For the six months ended June 30, 2011, the company’s total revenue more than doubled to approximately $5.6 million compared to the six months ended June 30, 2010. Gross profit for the first half of 2011 was approximately $1.4 million, or 27 percent of revenue, compared to approximately $940,000, or 34 percent of revenue, for the comparable period of 2010. Net loss for the first six months of 2011 was approximately $2.1 million, or $(0.13) per share, compared to $4.3 million, or $(0.22) reported for the first half of 2010.
For more information visit www.nexxuslighting.com
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