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October 13, 2019Cart

Business

by Fairfield County Business Journal
by FCBJ

Revolution Lighting CFO resigns amidst financial troubles

Financially troubled Revolution Lighting Technologies has parted ways with James DePalma, a director and the chief financial officer of the Stamford company, who officially resigned for personal reasons. DePalma offered to make himself available to assist Revolution’s efforts to transition to a new CFO.

He will also continue to cooperate with the company’s audit committee review and investigation into accounting issues, which Revolution reported to the Securities & Exchange Commission last December. The company has identified apparent errors in its previously filed financial statements for 2015-17 and for the first two quarters of 2018.

Revolution Chairman, CEO and President Robert V. LaPenta is assuming DePalma’s duties as principal financial officer and principal accounting officer until the company identifies an interim or permanent CFO.

LaPenta had proposed taking the company private last year, but withdrew that plan in March.

The company has not issued financial results since the second quarter of 2018, when it reported total revenue of $36.5 million, compared to $43.3 million in the second quarter of 2017. For the full year ended Dec. 31, 2017, total revenue was $152.3 million, compared to $172.1 million for the comparable period in 2016.