Nexxus Lighting Q2 revenue rises
Nexxus Lighting has reported second-quarter total revenue of $4.07 million, up from $1.33 million in the year-ago period.
Net loss for the quarter ended June 30 totaled $868,000, compared with a net loss of $1.89 million in the second quarter of 2010.
Sales of Array products in the quarter grew about $2.79 million over the prior-year period, which represents the launch of these products for sale through the consumer market channel. Nexxus carried out initial shipments of Array to about 1,100 U.S. Lowe’s stores, which offer 17 different Array products, including PAR 38, R30, R16, MR16 and GU10 lamps with an Energy Star rating.
"The launch of Array into the consumer market channel allowed us to demonstrate our ability to manage our working capital requirements," said Gary Langford, CFO. "The financing program made available to us and the steps that we took in early July leave Nexxus well-positioned for future growth.
"I also would like to congratulate our team and strategic vendors for their assistance in the current quarter’s growth," he added. "Across the supply chain, we were able to avoid a lot of costs through planning and communication."
Total revenue for the six months ended June 30 more than doubled to $5.62 million, compared with the comparable year-ago period. Net loss was $2.20 million, compared with $4.35 million in the first six months of 2010.
3M expands Novec manufacturing facility
St. Paul, Minn.-based 3M is breaking ground on an expansion at its Cordova, Ill., facility, which manufactures specialty chemicals and adhesives, including 3M’s Novec brand products.
“The Cordova expansion represents a significant investment by 3M into U.S. manufacturing and supports sustainability due to the excellent environmental characteristics of the 3M Novec brand line,” said Joe Koch, business director for 3M Electronics Markets Materials Division. “The added capacity will allow 3M to stay ahead of market demand for sustainable chemistries, and it will help customers manage their environmental footprint by enabling replacement of ODS and GHGs.”
Novec products are designed as a safe, sustainable chemistry to replace ozone depleting substances (ODS) and potent greenhouse gases (GHG), according to 3M. The line includes Novec Engineered Fluids and Novec 1230 Fire Protection Fluid.
Lumber Liquidators elects Jimmie Wade to board of directors
Lumber Liquidators has announced the election of Jimmie Wade as a Class III director, effective Sept. 1, 2011. Wade fills the opening on the board of directors left by Richard Tadler.
Wade is president of Advance Auto Parts, where he is responsible for store operations and Do-it-Yourself and Commercial businesses. Prior to that, he served as an EVP, accelerating the growth of Advance’s Commercial business. Before working at Advance, Wade worked for S.H. Heironimus, a regional department store, as VP finance and operations.
"We are excited and pleased to welcome Jim to our board of directors. We look forward to drawing on the knowledge and skills that he has developed through his years as a business leader,” said Jeffrey Griffiths, Lumber Liquidators CEO. “We believe his broad and extensive experience with a growing retail company will be an asset to our board as the company continues to expand its operations."