Acorn Energy Announces Q1 2011 Results

Acorn Energy, Inc. (NASDAQ: ACFN) an energy technology holding company, today announced its results for the first quarter ended March 31, 2011.  
For the first quarter revenues were $6.8 million vs. $7.1 million in the comparable 2010 quarter.  Flat revenues were mostly the result of long sales cycles and some potential customers delaying orders due to world-wide economic conditions.  However, a dramatic increase in pipeline activity is expected to improve revenues for the balance of the year, particularly in the third and fourth quarters.  
Net loss for the quarter was $2.2 million compared to a net loss of $3.1 million in the first quarter of 2010 or ($0.13) vs. ($0.25) per share.
Operating expenses at the corporate level were $0.9 million compared to $1.4 million in the first quarter of 2010, a decrease of approximately 40%.
"Acorn's revenue growth took a brief pause in the first quarter due to some delays in anticipated customer orders.  Acorn's revenues have expanded at a nearly 40% compounded annual growth rate since 2008.  We have very good reason to believe that our growth will resume in the following three quarters and 2011 will be another year of extraordinary progress.  In the meantime, we continue to make investments in each of our companies as we strive to expand the new market categories we are creating in energy technology.  We believe that the value of Acorn will be recognized by the investment community as each of our portfolio companies shows signs of traction in the coming months," commented John Moore, CEO of Acorn Energy.
About Acorn Energy
Acorn Energy, Inc. is a holding company focused on technology driven solutions for energy infrastructure asset management.  Our four businesses in which we have controlling interests, improve the world's energy infrastructure by making it cleaner and less expensive to operate air pollution systems for coal and gas-fired power plants (CoaLogix), more secure by providing security solutions for underwater energy infrastructure (DSIT), more reliable by providing condition monitoring instruments for critical assets on the electric grid (GridSense) and more productive and efficient by increasing oil and gas production while lowering costs through use of ultra-high sensitive seismic tools for more precise pinpointing of oil and gas reservoirs (USSI). For more information visit www.acornenergy.com.