| Segment Reporting |
The Company’s operations are principally managed on a product
basis and are comprised of two reportable segments for financial
purposes: Lighting Fixtures and Lamps and the Lighting Signage and
Media. The Lighting Fixtures and Lamps reportable segment includes
the Seesmart business, the Relume business, the LIT business, the
Tri-State business and the Value Lighting business. The Lighting
Signage and Media reportable segment is comprised of the
Lumificient business. Effective January 1, 2014 the Media
business of Relume, included in the Lighting Fixtures and Lamps
segment since the acquisition of Relume, was transferred to
Lumificient and is now included in the Lighting Signage and Media
reportable segment. Financial information relating to the
reportable operating segments for the years ended December 31,
2014, 2013 and 2012 is presented below:
|
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|
|
|
|
|
|
|
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|
|
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| (in thousands) |
|
Year Ended
December 31, |
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| |
|
2014 |
|
|
2013 |
|
|
2012 |
|
|
Revenues from external customers:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lighting fixtures and lamps
|
|
$ |
72,373 |
|
|
$ |
22,823 |
|
|
$ |
792 |
|
|
Lighting signage and media
|
|
|
4,467 |
|
|
|
3,237 |
|
|
|
3,689 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues from external customers
|
|
$ |
76,840 |
|
|
$ |
26,060 |
|
|
$ |
4,481 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment loss:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lighting fixtures and lamps
|
|
$ |
(4,213 |
) |
|
$ |
(3,495 |
) |
|
$ |
(5,820 |
) |
|
Lighting signage and media
|
|
|
(232 |
) |
|
|
(174 |
) |
|
|
(195 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment loss
|
|
|
(4,445 |
) |
|
|
(3,669 |
) |
|
|
(6,015 |
) |
|
Unallocated amounts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate expenses
|
|
|
(6,442 |
) |
|
|
(6,853 |
) |
|
|
(3,401 |
) |
|
Change in fair value of embedded derivative
|
|
|
— |
|
|
|
(6,990 |
) |
|
|
— |
|
|
Gain on debt restructuring
|
|
|
— |
|
|
|
— |
|
|
|
1,048 |
|
|
Gain on bargain purchase of business
|
|
|
— |
|
|
|
743 |
|
|
|
— |
|
|
Deferred income tax benefit
|
|
|
6,550 |
|
|
|
— |
|
|
|
— |
|
|
Interest expense, net
|
|
|
(843 |
) |
|
|
(52 |
) |
|
|
(210 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
$ |
(5,180 |
) |
|
$ |
(16,821 |
) |
|
$ |
(8,578 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lighting fixtures and lamps
|
|
$ |
5,307 |
|
|
$ |
1,799 |
|
|
$ |
156 |
|
|
Lighting signage and media
|
|
|
316 |
|
|
|
1,298 |
|
|
|
237 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment depreciation and amortization
|
|
|
5,623 |
|
|
|
3,097 |
|
|
|
393 |
|
|
Corporate depreciation and amortization
|
|
|
21 |
|
|
|
25 |
|
|
|
100 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total depreciation and amortization
|
|
$ |
5,644 |
|
|
$ |
3,122 |
|
|
$ |
493 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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| |
|
As of December
31, |
|
| |
|
2014 |
|
|
2013 |
|
|
Segment assets:
|
|
|
|
|
|
|
|
|
|
Lighting fixtures and lamps
|
|
$ |
122,921 |
|
|
$ |
52,989 |
|
|
Lighting signage and media
|
|
|
6,859 |
|
|
|
4,524 |
|
|
|
|
|
|
|
|
|
|
|
Total segment assets
|
|
|
129,780 |
|
|
|
57,513 |
|
|
Elimination of intercompany receivable
|
|
|
(31,303 |
) |
|
|
(14,231 |
) |
|
Other corporate assets
|
|
|
28,065 |
|
|
|
8,955 |
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$ |
126,542 |
|
|
$ |
52,237 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenditures for segment assets:
|
|
|
|
|
|
|
|
|
|
Lighting fixtures and lamps
|
|
$ |
320 |
|
|
$ |
100 |
|
|
Lighting signage and media
|
|
|
39 |
|
|
|
11 |
|
|
|
|
|
|
|
|
|
|
|
Total expenditures for segment assets
|
|
|
359 |
|
|
|
111 |
|
|
Corporate expenditures for assets
|
|
|
126 |
|
|
|
22 |
|
|
|
|
|
|
|
|
|
|
|
Total expenditures for assets
|
|
$ |
485 |
|
|
$ |
133 |
|
|
|
|
|
|
|
|
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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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|
|
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|
(in thousands)
|
|
December 31, |
|
| |
|
2014 |
|
|
2013 |
|
|
2012 |
|
|
United States
|
|
$ |
74,839 |
|
|
$ |
25,243 |
|
|
$ |
3,901 |
|
|
Canada
|
|
|
1,839 |
|
|
|
574 |
|
|
|
383 |
|
|
Other
|
|
|
162 |
|
|
|
243 |
|
|
|
197 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
76,840 |
|
|
$ |
26,060 |
|
|
$ |
4,481 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net long-lived assets by geographic locations were as follows:
|
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|
|
|
|
|
|
|
|
|
|
|
|
(in thousands)
|
|
December 31, |
|
| |
|
2014 |
|
|
2013 |
|
|
2012 |
|
|
United States
|
|
$ |
35,883 |
|
|
$ |
18,489 |
|
|
$ |
12,364 |
|
|
Other
|
|
|
112 |
|
|
|
137 |
|
|
|
8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
35,995 |
|
|
$ |
18,626 |
|
|
$ |
12,372 |
|
|
|
|
|
|
|
|
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|