Annual report pursuant to section 13 and 15(d)

Segment Reporting

v2.4.0.8
Segment Reporting
12 Months Ended
Dec. 31, 2013
Segment Reporting
16. 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:

 

(in thousands)

   Year Ended December 31,  
   2013     2012     2011  

Revenues from external customers:

      

LED replacement lamps and fixtures

   $ 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   
  

 

 

   

 

 

   

 

 

 

Segment loss:

      

LED replacement lamps and fixtures

   $ (3,495   $ (5,820   $ (952

LED signage and lighting strips

     (174     (195     (470
  

 

 

   

 

 

   

 

 

 

Segment loss

     (3,669     (6,015     (1,422

Unallocated amounts:

      

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
  

 

 

   

 

 

   

 

 

 

Loss from continuing operations

   $ (16,821   $ (8,579   $ (5,425
  

 

 

   

 

 

   

 

 

 

Depreciation and amortization:

      

LED replacement lamps and fixtures

   $ 1,799      $ 156      $ 276   

LED signage and lighting strips

     1,298        237        252   
  

 

 

   

 

 

   

 

 

 

Segment depreciation and amortization

     3,097        393        528   

Corporate depreciation and amortization

     25        101        226   
  

 

 

   

 

 

   

 

 

 

Total depreciation and amortization

   $ 3,122      $ 494      $ 754   
  

 

 

   

 

 

   

 

 

 

 

     As of December 31,  
     2013     2012  

Segment assets:

    

LED replacement lamps and fixtures

   $ 53,014      $ 24,548   

LED signage and lighting strips

     4,524        4,737   
  

 

 

   

 

 

 

Total segment assets

     57,538        29,285   

Elimination of intercompany receivable

     (14,231     (3,989

Other corporate assets

     8,955        5,981   
  

 

 

   

 

 

 

Total assets

   $ 52,262      $ 31,277   
  

 

 

   

 

 

 

Expenditures for segment assets:

    

LED replacement lamps and fixtures

   $ 100      $ 82   

LED signage and lighting strips

     11        21   
  

 

 

   

 

 

 

Total expenditures for segment assets

     111        103   

Corporate expenditures for assets

     25        —     
  

 

 

   

 

 

 

Total expenditures for assets

   $ 136      $ 103   
  

 

 

   

 

 

 

Net revenues by geographic location, based on location of customers, were as follows:

 

(in thousands)

   December 31,  
   2013      2012      2011  

United States

   $ 25,243       $ 3,901       $ 8,022   

Canada

     574         383         600   

Other

     243         197         366   
  

 

 

    

 

 

    

 

 

 

Total

   $ 26,060       $ 4,481       $ 8,988   
  

 

 

    

 

 

    

 

 

 

 

Net long-lived assets by geographic locations were as follows:

 

(in thousands)

   December 31,  
   2013      2012      2011  

United States

   $ 18,489       $ 12,364       $ 2,826   

Mexico

     —           —           203   

Canada

     —           —           142   

Other

     137         8         116   
  

 

 

    

 

 

    

 

 

 

Total

   $ 18,626       $ 12,372       $ 3,287