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Echelon names president, CEO
Mark LaPedus
8/19/2010 8:07 PM EDT
SAN JOSE, Calif. - Echelon Corp. has appointed Ron Sege as president and chief executive.
He was also named to the company's board, completing a search process begun last November. Sege most recently served as president and chief operating officer, and board member, of 3Com Corp. from 2008 through its recent acquisition by Hewlett-Packard Co.
Robert Maxfield, who has been serving as CEO since M. Kenneth Oshman stepped down in November 2009 when he was diagnosed with lung cancer, will continue to serve on the company's board. Oshman will continue to serve as executive chairman of Echelon.
Echelon is a supplier of control networking hardware and software and a pioneer in the development of smart metering solutions. Its two product lines, LonWorks infrastructure (LWI) and Networked Energy Services (NES) are used as the foundations of energy-efficient systems in homes, commercial buildings, stores, restaurants, municipal lighting installations and electricity grids.
Echelon recently announced financial results for the second quarter ended June 30, 2010. Total revenues for the quarter were $27.0 million compared to $18.1 million in the first quarter of 2010 and $22.6 million for the second quarter of 2009.
LonWorks infrastructure (LWI) product revenues were $11.9 million in the second quarter, down from $12.3 million in the first quarter, but up from $10.9 million in the same period last year. Networked Energy Services (NES) product revenues were $13.5 million for the second quarter, up from $5.5 million in the first quarter and $10.0 million in the same period last year. Enel revenues were $1.6 million, up from $362,000 in the first quarter, but down from $1.7 million in the same period last year.
GAAP net loss for the second quarter was $6.9 million, or $0.17 cents per share, compared to a net loss of $10.6 million, or $0.26 cents per share, in the first quarter of 2010 and a net loss of $9.5 million, or $0.23 cents per share, for the second quarter of 2009.
For the current quarter, revenue is expected to be $25.0 million to $27.0 million. GAAP loss per share is expected be between $0.20 and $0.23 for the quarter.
He was also named to the company's board, completing a search process begun last November. Sege most recently served as president and chief operating officer, and board member, of 3Com Corp. from 2008 through its recent acquisition by Hewlett-Packard Co.
Robert Maxfield, who has been serving as CEO since M. Kenneth Oshman stepped down in November 2009 when he was diagnosed with lung cancer, will continue to serve on the company's board. Oshman will continue to serve as executive chairman of Echelon.
Echelon is a supplier of control networking hardware and software and a pioneer in the development of smart metering solutions. Its two product lines, LonWorks infrastructure (LWI) and Networked Energy Services (NES) are used as the foundations of energy-efficient systems in homes, commercial buildings, stores, restaurants, municipal lighting installations and electricity grids.
Echelon recently announced financial results for the second quarter ended June 30, 2010. Total revenues for the quarter were $27.0 million compared to $18.1 million in the first quarter of 2010 and $22.6 million for the second quarter of 2009.
LonWorks infrastructure (LWI) product revenues were $11.9 million in the second quarter, down from $12.3 million in the first quarter, but up from $10.9 million in the same period last year. Networked Energy Services (NES) product revenues were $13.5 million for the second quarter, up from $5.5 million in the first quarter and $10.0 million in the same period last year. Enel revenues were $1.6 million, up from $362,000 in the first quarter, but down from $1.7 million in the same period last year.
GAAP net loss for the second quarter was $6.9 million, or $0.17 cents per share, compared to a net loss of $10.6 million, or $0.26 cents per share, in the first quarter of 2010 and a net loss of $9.5 million, or $0.23 cents per share, for the second quarter of 2009.
For the current quarter, revenue is expected to be $25.0 million to $27.0 million. GAAP loss per share is expected be between $0.20 and $0.23 for the quarter.
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