Revolution Lighting Technologies posted revenues of $30.6 million for the quarter ended March 31, an 11 percent improvement over the previous year”™s first-quarter figure of $27.6 million. The Stamford-based advanced LED lighting technology solutions company said the revenue increase reflected strong volume growth in product sales, with overall revenue growth impacted by lower prices in certain retrofit and related LED products in 2017 offset by an improved product mix of fixtures when compared to early 2016.
Gross profit was $10.1 million and $9.1 million for the first quarters of 2017 and 2016, respectively. Gross profit margin for both periods was approximately 33 percent.
Revolution Lighting highlighted several recent business developments in reporting its figures, including receiving the U.S. Navy”™s certification of its advanced LED tube for use throughout the entire fleet; opening a 60,000-square-foot facility in Simi Valley, California, to support the production of Buy American Act and Trade Agreement Act LED Tubes ”“ it said it has a backlog of more than 100,000 BAA-compliant products, which it expects to ship in the second quarter; and securing a new agreement through its Energy Source division for Connecticut’s Small Business Energy Advantage program.
“During the quarter we continued the expansion of our sales and marketing team, adding internal resources in our regional sales management, national account, government and control areas,” said Chairman, CEO and President Robert V. LaPenta. “In addition, we expanded our agent and representative network to over 60 at the end of the first quarter. We are seeing a robust LED pipeline and expect the expanded marketing resources to begin contributing to our sales beginning in the second quarter and accelerating throughout the year.”
