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Echelon Reports Second Quarter Results
SAN JOSE, Calif.--(BUSINESS WIRE)--July 26, 2007--Echelon Corporation (NASDAQ:ELON) today announced financial results for the quarter ended June 30, 2007.
Revenues for the quarter ended June 30, 2007 were $26.7 million compared to revenues of $19.4 million for the same period in 2006. Revenues for the quarter were comprised of $13.5 million from our LonWorks(R) infrastructure product line, $9.4 million from our Networked Energy Services (NES) product line, and $3.8 million from the Enel project. Revenues last year for the quarter ended June 30, 2006 were comprised of $12.2 million from LonWorks product line, $6.9 million from the Enel project, and $323,000 from the NES product line.
"Although top-line revenue differed from our expectations due to timing differences in customer acceptance of a few large shipments of products, our bottom-line results were better than expected. This was due to careful management of expenses and product costs. We remain positive about our performance for the rest of the year," said Ken Oshman, Echelon's CEO and chairman.
"This was a very exciting quarter for Echelon, one in which we made important steps forward in both our LonWorks infrastructure and NES product lines." Mr. Oshman continued, "The recent announcement that McDonald's has adopted our LonWorks power line networking and i.LON(R) Internet server products as the backbone for its 'kitchen of the future' was the most recent and visible example of what we see as an emerging trend in our business: That is, the decisions to adopt our products and technology are being driven not only by the ability of our products to lower integration costs and improve operational efficiency, but also by their ability to provide better information and facilitate control over energy usage. This past June, ComputerWorld magazine reported that retailer Eddie Bauer has seen a one-year return on investment and nearly a 20% reduction in energy costs through the installation of a LonWorks based building control system in its fulfillment center. This typifies the growing movement towards IT integration of control and data systems driven by energy management."
This and other announcements can be found at http://www.echelon.com/company/press.
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