27 Feb 2012

Energy Mad issues another earnings downgrade

1:33 pm on 27 February 2012

Listed energy-efficient light bulb maker Energy Mad has issued a second earnings downgrade in as many months.

In January, the company warned earnings would drop by two thirds to $1.1 million because of production delays for its ecobulbs in China.

The company now expects to be $700,000 in the red for the 2012 financial year.

Energy Mad managing director Chris Mardon says slow negotiations with an overseas client are behind the downgrade.

"We're seeing a significant proportion of our revenue move from the end of this year, unfortunately, to the start of next year."

Mr Mardon says the company still expects to meet its 2013 financial forecast in full.

Shares in Energy Mad were unchanged at 58 cents at midday on Monday.