| Segment Reporting |
The Company’s operations are principally managed on a product
basis and are comprised of two reportable segments for financial
reporting purposes: Lighting Fixtures and Lamps and Lighting
Signage and Media. The Lighting Fixtures and Lamps reportable
segment includes the Seesmart operating segment, the Relume
operating segment, the LIT operating segment, the Tri-State and the
Value Lighting operating segment, each of which are also reporting
units. Effective January 1, 2014 the media business of Relume
(acquired August 2013), included in the Lighting Fixtures and Lamps
reporting segment since the acquisition of Relume, has been
transferred to Lumificient and is now included in the Lighting
Signage and Media operating segment, which is also a reporting
unit. Financial information relating to the reportable operating
segments for the three and six months ended June 30, 2014 and
2013 is presented below:
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Three Months Ended
June 30, |
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Six Months Ended
June 30, |
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2014 |
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2013 |
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2014 |
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2013 |
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Revenues from external customers:
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Lighting Fixtures and Lamps
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$ |
16,206 |
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$ |
6,505 |
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$ |
20,209 |
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$ |
11,966 |
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Lighting Signage and Media
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1,311 |
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852 |
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2,250 |
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1,703 |
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Total revenues from external customers
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$ |
17,517 |
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$ |
7,357 |
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$ |
22,459 |
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$ |
13,669 |
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Segment (loss) income:
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Lighting Fixtures and Lamps
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$ |
(1,860 |
) |
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$ |
354 |
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$ |
(3,754 |
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$ |
414 |
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Lighting Signage and Media
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(39 |
) |
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(23 |
) |
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(260 |
) |
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(93 |
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Segment (loss) income
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(1,899 |
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331 |
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(4,014 |
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321 |
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Unallocated amounts:
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Corporate expenses
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(1,287 |
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(1,645 |
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(2,634 |
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(3,787 |
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Change in fair value of embedded derivative
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— |
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(3,821 |
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— |
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(6,990 |
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Interest expense
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(359 |
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— |
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(459 |
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— |
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Deferred income tax benefit
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5,964 |
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5,964 |
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Other income (expense)
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(9 |
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— |
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(17 |
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3 |
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Loss from continuing operations
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$ |
2,410 |
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$ |
(5,135 |
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$ |
(1,160 |
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$ |
(10,453 |
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Depreciation and amortization:
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Lighting Fixtures and Lamps
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$ |
1,450 |
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$ |
1,005 |
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$ |
1,917 |
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$ |
1,930 |
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Lighting Signage and Media
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73 |
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57 |
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158 |
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115 |
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Segment depreciation and amortization
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1,523 |
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1,062 |
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2,075 |
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2,045 |
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Corporate depreciation and amortization
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2 |
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6 |
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5 |
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11 |
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Total depreciation and amortization
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$ |
1,525 |
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$ |
1,068 |
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$ |
2,080 |
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$ |
2,056 |
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Segment assets on the dates indicated comprise the following:
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June 30, 2014 |
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December 31, 2013 |
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Lighting Fixtures and lamps
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$ |
103,615 |
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$ |
50,553 |
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Lighting Signage and Media
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5,055 |
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6,960 |
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108,670 |
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57,513 |
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Elimination of intercompany receivables
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(104 |
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(14,231 |
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Corporate assets, principally cash
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1,500 |
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8,955 |
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$ |
110,066 |
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$ |
52,237 |
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