Orion Energy Systems, Inc (NASDAQ:OESX) Q1 2021 Earnings Conference Call - Final Transcript

Aug 05, 2020 • 10:00 am ET


Orion Energy Systems, Inc (NASDAQ:OESX) Q1 2021 Earnings Conference Call - Final Transcript


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Good day, ladies and gentlemen, and welcome to the Orion Energy Systems Fiscal 2021 First Quarter Conference Call. [Operator Instructions] Later, we will conduct a question-and-answer session and instructions will be given at that time. [Operator Instructions]

I would now like to turn the call over to Bill Jones. Sir, you may begin.

William Jones

Thank you and good morning. Orion's CEO, Mike Altschaefl will open today's call with an update on the current state of the business and some overall highlights. Orion's CFO, Bill Hull, will then review some additional financial items, and then we will open the call to questions. An archived replay of this call will be available later today in the Investor Relations section of Orion's corporate website. The call is taking place on Wednesday, August 5, 2020.

Remarks that follow and answers to questions include statements that the company believes to be forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally will include words such as believe, anticipate, expect or words of similar import. Likewise, statements that describe future plans, objectives or goals are also forward-looking statements.

These forward-looking statements are subject to risks that could cause actual results to be materially different than anticipated. Such risks include, among others, matters that the company has described in its press release issued this morning and in its filings with the Securities and Exchange Commission. Except as described in these filings, the company disclaims any obligation to update forward-looking statements.

And with that, I will turn the call over to Mike. Mike?

Mike Altschaefl

Thanks, Bill. Good morning, and thank you for joining today's call. In our Q4 2020 reporting about two months ago, we included substantial communication in our release and our prepared remarks to provide greater detail on our strategy, market positioning and the steps we are taking to position Orion for long-term growth. Today, I will provide a brief overview of our Q1 2021 performance, which was significantly impacted by customer project delays or suspensions due to COVID-19 and then update you on our progress and improved visibility for anticipated customer activity over the next two quarters.

I'm very pleased to report that our business is regain its momentum much more quickly than we had anticipated as of our last call. After my remarks, Bill Hull will provide more detail on our Q1 2021 results and our solid financial position. First, I want to commend and thank the entire Orion team again for all of their hard work and dedication during what has been a very challenging period. Having been designated an essential business, our US-based manufacturing operations have remained open.

Our team's commitment to service and excellence remains the foundation of our company and our ability to deliver on our commitment to best-in-class products and customer service. Through this challenging period, our primary concern remains the safety and well-being of our people, our customers and our suppliers. Thus, we have implemented numerous safety precautions and protocols to address COVID-19 related