Orion Energy Systems to buy back shares

Plymouth-based Orion Energy Systems Inc. announced today that its board of directors has approved a share repurchase program, authorizing the company to repurchase up to $20 million of its outstanding common stock.

The announcement comes one day after company announced that its first quarter revenues would be lower than expected, in the range of $16.1 million to $16.3 million. The company attributed its lower revenues to its focus on building its sales organization.

Total revenue for fiscal 2009 are now forecasted by the company to be between $101 million and $103 million. Orion is a provider of energy management systems to the commercial and industrial sectors.

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