ORIONS Money Stocks

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OESX Orion Energy Systems receives SEC confirmation of sales-type lease accounting treatment of Orion throughput agreements; expects to file restated FY10 and FY11 financial statements by mid-July (OESX) 3.74 +0.01 : Co announced that the Office of the Chief Accountant of the Securities and Exchange Commission did not object to the Company's conclusion, supported by its independent registered public accounting firm and a third-party independent accounting firm, that generally accepted accounting principles ("GAAP") require the Company to account for transactions under its historical Orion Throughput Agreements ("OTAs") as sales-type capital leases instead of the Company's current accounting treatment of such transactions as operating leases. Generally, as previously announced, this change in accounting treatment and the related financial statement restatements are expected to result in: No impact to cash, cash equivalents, short-term investments or overall cash flow; An increase in GAAP revenue for the full fiscal years 2011 and 2010; An increase in GAAP net income and earnings per share for the full fiscal year 2011 and a reduction in GAAP net loss and loss per share for the full fiscal year 2010; An increase in current and total assets and an increase in total shareholders' equity for fiscal year 2010 and an increase in total shareholders' equity and a decrease in total assets and current liabilities for fiscal year 2011; An increase in GAAP revenue, GAAP net income and earnings per share for the first three quarters of each of fiscal years 2011 and 2010 and a decrease in GAAP revenue, GAAP net income and earnings per share for the last quarter of each of fiscal years 2011 and 2010.

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