Revolution Lighting Lands New CFO, Large Contract

On Thursday, LED lightbulb and signage  manufacturer Revolution Lighting Technologies (NASDAQ: RVLT  ) announced it has hired former Lockheed Martin (NYSE: LMT  ) and L-3 Communications (NYSE: LLL  ) exec Charles J. Schafer to serve as its new president and chief financial officer, effective Jan. 29. Simultaneously, company President and CEO Mike Bauer will resign from the company to pursue "new opportunities."

Commenting on his new job, Schafer noted that "this is an exciting time to join the team at Revolution Lighting." In an illustration of why that's so, the company revealed in a separate announcement today that it has just landed an order for a minimum $5 million worth of LED lighting products, and with a potential value of $10 million. For context, the company sold only $4.7 million worth of LED products over the past 12 months.

The buyer, while not named, appears to be an unnamed operator of "retail stores, office complexes, warehouses, and storage facilities."

Revolution Lighting indicated that the majority of the order will be installed this quarter. A follow-on order, for the hoped-for additional $5 million, could then be placed "immediately thereafter."

Shares of the company closed up 31.4% Thursday at $0.92 per share.


Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

DocumentId: 2214913, ~/Articles/ArticleHandler.aspx, 7/11/2014 12:38:55 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

TREND TRACKER: Get Rich When the Web Goes Dark

It's time to say "goodbye" to your Internet! One bleeding-edge technology is about to put the World Wide Web to bed. And if you act right away, it could make you wildly rich. Experts are calling it the single largest business opportunity in the history of capitalism… The Economist is calling it "transformative"... but you'll probably just call it "how I made my millions." Big money is already on the move. Don't be too late to the party – find out the 1 stock to own when the Web goes dark.


Advertisement