REVOLUTION LIGHTING TECHNOLOGIES, INC. (NASDAQ:RVLT) Files An 8-K Costs Associated with Exit or Disposal ActivitiesItem 2.05.
On December27, 2017, the Chief Executive Officer and Chief Financial Officer of Revolution Lighting Technologies, Inc. (the “Company”), after assessing the poor performance of the Company’s common stock and the requirements under United States generally accepted accounting principles to reduce the Company’s book value to align with its market capitalization, determined to record an adjustment to the carrying values of the Company’s goodwill and intangible assets and to record a charge associated with the restructuring of its operations, reducing and consolidating warehouse space and the reduction of inventory by eliminating certain product lines.
As a result of the above, the Company will record a noncash charge of approximately $65-$70million in the fourth quarter of 2017, which will consist of $50-$55million in the reduction of the carrying value of goodwill and intangible assets and $15million related to the restructuring and inventory charges noted above. The Company expects to complete its restructuring and inventory activities within the first quarter of 2018. The foregoing actions will not impact the Company’s compliance with its bank debt covenants.
| Item 2.05. | Material Impairments |
The disclosure in Item 2.05 of this Current Report on Form 8-K is incorporated herein by reference.
| Item 2.05. | Regulation FD Disclosure |
On December27, 2017, the Company announced revised guidance for the fourth quarter and full year ending December31, 2017. The full text of the press release issued in connection with the announcement is attached as Exhibit 99.1 to this Current Report on Form8-K and incorporated herein by reference.
The information in Item 2.05 of this Current Report on Form 8-K and the Exhibit attached hereto shall not be deemed “filed” for purposes of Section18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such a filing.
| Item 2.05. | Financial Statements and Exhibits |
(d) Exhibits
The following Exhibit is filed as part of this Current Report on Form 8-K:
Exhibit Index
|
Exhibit Number |
Description |
| 99.1 | Press Release dated December27, 2017 |
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Revolution Lighting Technologies, Inc. ExhibitEX-99.1 2 d483815dex991.htm EX-99.1 EX-99.1 Exhibit 99.1 Revolution Lighting Technologies Provides Preliminary Fourth Quarter Update and Revises Full Year Guidance The Company will recognize non-cash goodwill and intangible asset impairment/restructuring charge to be taken in 2017 Stamford,…To view the full exhibit click here
About REVOLUTION LIGHTING TECHNOLOGIES, INC. (NASDAQ:RVLT)
Revolution Lighting Technologies, Inc. designs, manufactures, markets and sells commercial grade light-emitting diode (LED) and conventional lighting fixtures. The Company operates in Lighting Products and Solutions (principally LED fixtures and lamps) segment. The Company’s products are used for outdoor and indoor applications, LED-based signage, channel-letter and contour lighting products, LED replacement lamps and commercial grade smart grid control systems. It sells its LED products under the RVLT, Seesmart, Lumificient, Value Lighting, Array and CMG brand names. The Company’s commercial lamps and fixtures products include the commercial indoor and outdoor lighting products, such as linear tube lighting, multi-family lighting, commercial troffer lighting and street lighting. It caters to municipal and commercial markets, which include industrial, hospitality, institutional, educational, healthcare and signage markets in the United States, Canada and internationally.
