Orion Energy Systems seeps lower on 96% drop in fiscal first quarter net

Shares of Orion Energy Systems, Inc. (Nasdaq:OESX) are losing ground ahead of the opening bell after the energy management systems provider said its fiscal 2009 first quarter earnings plunged 96%. The company broke even on a per share basis meeting the consensus on Wall Street. Revenue declined 3.6% and met analysts’ estimates.

Results within the quarter were softer than anticipated on account of efforts to further develop its sales organization, which resulted in more attention being diverted from closing current opportunities than originally planned. The company also experienced a lengthening of sales cycles due to the current lackluster economic environment

Shares lost 8%, or $0.40, to $4.80 ahead of the open. For detailed price information and recent news stories about Orion Energy Systems, click OESX. 

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