| 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, as a result of transferring
the Relume’s Media business to Lumificient, goodwill of $1.4
million was allocated to the Lighting Signage and Media reportable
segment. None of the goodwill is expected to be deductible for
income tax purposes. Financial information relating to the
reportable operating segments for the three and nine months ended
September 30, 2014 and 2013 is presented below:
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Three Months Ended September 30,
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Nine Months Ended September 30,
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2014
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2013
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2014
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2013
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Revenues from external customers:
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Lighting Fixtures and Lamps
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$ |
25,457 |
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$ |
4,447 |
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$ |
45,664 |
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$ |
16,413 |
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Lighting Signage and Media
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1,420 |
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866 |
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3,680 |
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2,569 |
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Total revenues from external customers
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$ |
26,877 |
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$ |
5,313 |
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$ |
49,344 |
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$ |
18,982 |
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Segment income (loss):
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Lighting Fixtures and Lamps
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$ |
227 |
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$ |
(1,554 |
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$ |
(3,499 |
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$ |
(1,886 |
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Lighting Signage and Media
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144 |
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11 |
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(94 |
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(82 |
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Segment income (loss)
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371 |
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(1,543 |
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(3,593 |
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(1,968 |
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Unallocated amounts:
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Corporate expenses
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(1,116 |
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(1,513 |
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(3,799 |
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(5,297 |
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Change in fair value of embedded derivative
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— |
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— |
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— |
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(6,990 |
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Interest expense
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(192 |
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(24 |
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(651 |
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(24 |
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Deferred income tax (provision) benefit
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(496 |
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— |
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5,468 |
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— |
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Other income
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29 |
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— |
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11 |
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746 |
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Loss from continuing operations
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$ |
(1,404 |
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$ |
(3,080 |
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$ |
(2,564 |
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$ |
(13,533 |
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Depreciation and amortization:
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Lighting Fixtures and Lamps
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$ |
1,663 |
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$ |
470 |
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$ |
3,608 |
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$ |
2,400 |
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Lighting Signage and Media
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79 |
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56 |
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237 |
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171 |
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Segment depreciation and amortization
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1,742 |
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526 |
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3,845 |
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2,571 |
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Corporate depreciation and amortization
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8 |
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6 |
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13 |
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17 |
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Total depreciation and amortization
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$ |
1,750 |
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$ |
532 |
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$ |
3,858 |
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$ |
2,588 |
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Segment assets on the dates indicated comprise the following:
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| (in
thousands) |
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September 30, 2014 |
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December 31, 2013 |
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Lighting Fixtures and lamps
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$ |
109,336 |
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$ |
50,553 |
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Lighting Signage and Media
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5,414 |
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6,960 |
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114,750 |
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57,513 |
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Elimination of intercompany receivables
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(75 |
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(14,231 |
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Corporate assets, principally cash
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814 |
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8,955 |
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$ |
115,489 |
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$ |
52,237 |
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