Nexxus Lighting sees $3.8M revenue, $1.3M net loss for 2Q08

Due to acquisitions and pool/spa lighting sales, Nexxus Lighting showed increase in 2Q08 revenue over 1Q08, but also had a $1.3M net loss due to product and internal development.

Nexxus Lighting Inc. had total revenue of ~$3.844M for the 2Q08 ending June 30, an increase of ~50% over 2Q07, and 27% over the 1Q08 numbers. Sales of LED products accounted for 67% of the company’s revenue compared to 50% during the same quarter last year.

However, the company had a second quarter net loss of $1.3 million as it "continued to invest in administration, sales, marketing and product development to support its growth plans,” said Mike Bauer, CEO and chairman. This compares to a $1.3 million loss for the 4Q07.

Bauer says the revenue increase was driven primarily by the September 2007 acquisition of Advanced Lighting Systems (ALS), which serves the commercial and entertainment lighting market, the April 2008 acquisition of Lumificient Corp., which serves the commercial and signage lighting market, and by a 22% increase in revenue from pool and spa sales, offset by lower international sales compared to the same period in 2007.

“We believe our company is continuing to see the benefits of our acquisition and product development strategy. Excluding the impact of sales by ALS of ~$423,000 and sales by Lumificient of ~$658,000 from our consolidated results for the three months ended June 30, 2008, revenue increased to ~$2,763,000,” said Bauer.

“I am very pleased with the progress we have made and our performance in the quarter,” said Bauer. Besides the acquisitions, the company introduced four new white light LED lighting fixtures for general illumination and enhanced its R&D resources.

Going forward, the company plans to expand its patent pending selective heat sink (SHS) technology in its new Array lighting LED bulbs into other lighting products for both general illumination and RGB applications.

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