Energy efficient lightbulb innovator and marketer Energy Mad has issued the latest in a string of downgrades since its listing in late 2011 and is now projecting a loss of $1.1 million for the year to March 31.
That compares to a $4 million forecast profit in its 2011 prospectus and a revision just two months ago to expect a profit at the low end of a range between $100,000 and $2 million.
The latest downward revision has been caused by "delays in securing a further large United States order before the end of the current financial year".
The business has already faced manufacturing problems at its plant in China and slower than anticipated regulatory approvals in Australia, which have held back growth projections across the Tasman.
The company is embarking on a cost-cutting drive to find $900,000 in operational savings and has dispensed with the role of chief operating officer.
Energy Mad also announced today its chief financial officer, Paul Ravlich, will become chief executive, replacing managing director Chris Mardon, who will be freed up to focus on sales growth, particularly the 12-volt Ecobulb in the Australian market and opportunities in the US with retailer Walgreens and with electricity utility operators.
Shares of Energy Mad last traded at 42 cents.
This article is tagged with the following keywords. Find out more about MyNBR Tags
- PayPal ‘on shaky ground’ as it pulls service from second Netflix unblocker popular with Kiwis
- Directors claim $14.2m in Albany Heights liquidation
- Telcos cave in to Commerce Commission
- Worse financial crisis needed to achieve effective financial regulation: professor
- Gareth Morgan wades into Awaroa beach
Most listened to
- Paul Brislen on the merits of "cutting off the money" versus Netflix' technical attempts to shut-out unblockers
- Westpac's Dominick Stephens says dairy prices are still a major concern, despite El Niño fears fading
- London School of Economics Professor John Kay discusses financial regulatory shortcomings
- Nathan Smith reviews North Korea’s missile launch and Italy’s slow bank collapse in this week’s Foreign Affairs Scope
- Nevil Gibson discusses which countries are the big R&D spenders in his latest Editor's Insight