Segment Reporting |
The Company’s operations are principally managed on a product
basis and are comprised of two reportable segments for financial
purposes: LED replacement lamps and fixtures and LED signage and
lighting strips. The LED replacement lamps and fixtures reportable
segment includes the Seesmart operating segment, including the
Array business, which has been integrated with the Seesmart
operating segment, the Relume operating segment, the LIT operating
segment and the Tri-State operating segment, each of which are also
reporting units. The LED signage and lighting strips segment is
comprised of the Lumificient operating segment which is also a
reporting unit. Financial information relating to the reportable
operating segments for the years ended December 31, 2013, 2012
and 2011 is presented below:
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(in thousands)
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Year Ended
December 31, |
|
|
2013 |
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|
2012 |
|
|
2011 |
|
Revenues from external customers:
|
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|
|
|
|
|
|
|
|
|
|
|
LED replacement lamps and fixtures
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|
$ |
22,823 |
|
|
$ |
792 |
|
|
$ |
4,939 |
|
LED signage and lighting strips
|
|
|
3,237 |
|
|
|
3,689 |
|
|
|
4,049 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues from external customers
|
|
$ |
26,060 |
|
|
$ |
4,481 |
|
|
$ |
8,988 |
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|
|
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|
|
|
|
|
|
|
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Segment loss:
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LED replacement lamps and fixtures
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|
$ |
(3,495 |
) |
|
$ |
(5,820 |
) |
|
$ |
(952 |
) |
LED signage and lighting strips
|
|
|
(174 |
) |
|
|
(195 |
) |
|
|
(470 |
) |
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|
|
|
|
|
|
|
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|
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Segment loss
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|
|
(3,669 |
) |
|
|
(6,015 |
) |
|
|
(1,422 |
) |
Unallocated amounts:
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|
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|
|
|
|
|
|
|
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Corporate expenses
|
|
|
(6,853 |
) |
|
|
(3,402 |
) |
|
|
(3,876 |
) |
Change in fair value of embedded derivative
|
|
|
(6,990 |
) |
|
|
— |
|
|
|
— |
|
Gain on debt restructuring
|
|
|
— |
|
|
|
1,048 |
|
|
|
— |
|
Gain on bargain purchase of business
|
|
|
743 |
|
|
|
— |
|
|
|
— |
|
Interest expense, net
|
|
|
(52 |
) |
|
|
(210 |
) |
|
|
(127 |
) |
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|
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|
|
|
|
|
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Loss from continuing operations
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|
$ |
(16,821 |
) |
|
$ |
(8,579 |
) |
|
$ |
(5,425 |
) |
|
|
|
|
|
|
|
|
|
|
|
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Depreciation and amortization:
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|
|
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|
|
|
|
|
|
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|
LED replacement lamps and fixtures
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|
$ |
1,799 |
|
|
$ |
156 |
|
|
$ |
276 |
|
LED signage and lighting strips
|
|
|
1,298 |
|
|
|
237 |
|
|
|
252 |
|
|
|
|
|
|
|
|
|
|
|
|
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|
Segment depreciation and amortization
|
|
|
3,097 |
|
|
|
393 |
|
|
|
528 |
|
Corporate depreciation and amortization
|
|
|
25 |
|
|
|
101 |
|
|
|
226 |
|
|
|
|
|
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|
|
|
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|
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Total depreciation and amortization
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|
$ |
3,122 |
|
|
$ |
494 |
|
|
$ |
754 |
|
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|
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|
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|
|
|
|
|
|
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As of December
31, |
|
|
|
2013 |
|
|
2012 |
|
Segment assets:
|
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|
|
|
|
|
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|
LED replacement lamps and fixtures
|
|
$ |
53,014 |
|
|
$ |
24,548 |
|
LED signage and lighting strips
|
|
|
4,524 |
|
|
|
4,737 |
|
|
|
|
|
|
|
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Total segment assets
|
|
|
57,538 |
|
|
|
29,285 |
|
Elimination of intercompany receivable
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|
|
(14,231 |
) |
|
|
(3,989 |
) |
Other corporate assets
|
|
|
8,955 |
|
|
|
5,981 |
|
|
|
|
|
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Total assets
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|
$ |
52,262 |
|
|
$ |
31,277 |
|
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|
Expenditures for segment assets:
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|
LED replacement lamps and fixtures
|
|
$ |
100 |
|
|
$ |
82 |
|
LED signage and lighting strips
|
|
|
11 |
|
|
|
21 |
|
|
|
|
|
|
|
|
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|
Total expenditures for segment assets
|
|
|
111 |
|
|
|
103 |
|
Corporate expenditures for assets
|
|
|
25 |
|
|
|
— |
|
|
|
|
|
|
|
|
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|
Total expenditures for assets
|
|
$ |
136 |
|
|
$ |
103 |
|
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|
|
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|
Net revenues by geographic location, based on location of
customers, were as follows:
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|
|
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(in thousands)
|
|
December 31, |
|
|
2013 |
|
|
2012 |
|
|
2011 |
|
United States
|
|
$ |
25,243 |
|
|
$ |
3,901 |
|
|
$ |
8,022 |
|
Canada
|
|
|
574 |
|
|
|
383 |
|
|
|
600 |
|
Other
|
|
|
243 |
|
|
|
197 |
|
|
|
366 |
|
|
|
|
|
|
|
|
|
|
|
|
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|
Total
|
|
$ |
26,060 |
|
|
$ |
4,481 |
|
|
$ |
8,988 |
|
|
|
|
|
|
|
|
|
|
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|
Net long-lived assets by geographic locations were as follows:
|
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|
|
|
|
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(in thousands)
|
|
December 31, |
|
|
2013 |
|
|
2012 |
|
|
2011 |
|
United States
|
|
$ |
18,489 |
|
|
$ |
12,364 |
|
|
$ |
2,826 |
|
Mexico
|
|
|
— |
|
|
|
— |
|
|
|
203 |
|
Canada
|
|
|
— |
|
|
|
— |
|
|
|
142 |
|
Other
|
|
|
137 |
|
|
|
8 |
|
|
|
116 |
|
|
|
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|
|
|
|
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Total
|
|
$ |
18,626 |
|
|
$ |
12,372 |
|
|
$ |
3,287 |
|
|
|
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|