Company Website:
http://www.xenonics.com/
CARLSBAD, Calif. -- (Business Wire)
XENONICS HOLDINGS, INC. (OTCBB:XNNH) (OTCQB:XNNH) today announced
financial results for the first quarter of fiscal 2013.
Revenue for the three months ended December 31, 2012 was $157,000. This
compares to revenue of $325,000 for the first quarter of fiscal 2012.
The net loss for the first quarter of fiscal 2013 was $494,000, or $0.02
per share. This compares to a net loss for the first quarter of fiscal
2012 of $653,000, or $0.03 per share.
Selling, general and administrative expenses decreased to $416,000 for
the first quarter of fiscal 2013 from $526,000 for the first quarter of
fiscal 2012.
At December 31, 2012, Xenonics reported working capital of $193,000, and
a current ratio of 1.1-to-1. Inventories were $2,173,000. In January
2013, the Company completed a debt financing for $450,000.
"Our fiscal first quarter is historically our seasonally weakest quarter
of the year, and this quarter was no exception. We expect improved
performance going forward. The entire $1,000,000 NightHunter order we
previously announced is scheduled to ship in the current quarter. We
expect additional substantial orders for our NightHunter and SuperVision
products to be announced in the coming months. As always, we remain
focused on cost control as we pursue a variety of opportunities for
renewed growth and profitability in fiscal 2013," said Chairman Alan
Magerman.
Conference Call
Xenonics has scheduled a conference call at 11:00 a.m. EST this morning
to discuss its results for the first quarter of fiscal 2013. The dial-in
number is (866) 713-8567, passcode #84453921. A simultaneous webcast of
the conference call can be accessed from the Webcast
Center of the Investor
Relations link at www.xenonics.com.
A replay will be available after 1:00 p.m. EST at this same Internet
address. For a telephone replay, dial (888) 286-8010, passcode
#30617190, after 1:00 p.m. EST.
About Xenonics
Xenonics Holdings, Inc. develops and produces advanced, lightweight and
compact ultra-high-intensity illumination and low-light vision products
for military, law enforcement, public safety, and commercial and private
sector applications. Xenonics' NightHunter line of illumination products
is used by every branch of the U.S. Armed Forces as well as law
enforcement and security agencies. Its SuperVision high-definition night
vision is designed for commercial and military applications. Employing
patented technologies, Xenonics provides innovative solutions for
customers who must see farther so they can do their jobs better and
safer. Xenonics' products represent the next generation in small,
high-intensity, high-efficiency illumination and low-light vision
systems. Visit Xenonics on the web at www.xenonics.com.
Forward-Looking Statements
Except for the historical statements, statements in this release may
constitute forward-looking statements within the meaning of section 21E
of the Securities Exchange Act of 1934.When used, the words
"anticipates," "believes," "expects," "intends," "future," and other
similar expressions identify forward-looking statements.These
forward-looking statements reflect management's current views with
respect to future events and financial performance and are subject to
risks and uncertainties, and actual results may differ materially from
the outcomes contained in any forward-looking statement.Factors
that could cause these forward-looking statements to differ from actual
results include delays in development, marketing or sales of new
products, and other risks and uncertainties discussed in the company's
periodic reports on Form 10-K and 10-Q and other filings with the
Securities and Exchange Commission.Xenonics Holdings undertakes
no obligation to update or revise any forward-looking statements.
(tables attached)
XENONICS HOLDINGS, INC. |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
|
|
|
Three months ended
|
| |
December 31,
|
| |
|
2012
|
|
|
|
2011
|
|
| |
|
|
|
Rounded in thousands, except per share amounts | |
(unaudited)
|
| |
|
|
|
Revenue
| |
$
|
157,000
| |
|
$
|
325,000
| |
| |
|
|
|
Cost of goods sold
| |
|
74,000
|
|
|
|
231,000
|
|
| |
|
|
|
Gross profit
| | |
83,000
| |
| |
94,000
| |
| |
|
|
|
Selling, general and administrative
| | |
416,000
| |
| |
526,000
| |
Research and development
| |
|
119,000
|
|
|
|
181,000
|
|
| |
|
|
|
Income (loss) from operations
| | |
(452,000
|
)
|
| |
(613,000
|
)
|
| |
|
|
|
Other income/(expense):
| |
|
|
|
Interest (expense)
| |
|
(40,000
|
)
|
|
|
(38,000
|
)
|
| |
|
|
|
Income (loss) before provision for income taxes
| | |
(492,000
|
)
|
| |
(651,000
|
)
|
Income tax provision
| |
|
2,000
|
|
|
|
2,000
|
|
| |
|
|
|
Net income (loss)
| |
$
|
(494,000
|
)
|
|
$
|
(653,000
|
)
|
| |
|
|
|
Net income (loss) per share:
| |
|
|
|
Basic and fully-diluted
| |
$
|
(0.02
|
)
|
|
$
|
(0.03
|
)
|
| |
|
|
|
Weighted average shares outstanding:
| |
|
|
|
Basic and fully-diluted
| |
|
24,976,000
|
|
|
|
24,976,000
|
|
|
XENONICS HOLDINGS, INC. |
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
|
|
|
December 31,
|
|
September 30,
|
| |
|
2012
|
| |
|
2012
|
|
Rounded in thousands, except par value | |
(unaudited)
| | |
| | | |
|
Assets | | | | |
| | | |
|
Current Assets:
| |
|
|
|
Cash
| |
$
|
49,000
| |
|
$
|
367,000
| |
Accounts receivable, net
| | |
10,000
| |
| |
58,000
| |
Inventories
| | |
2,173,000
| |
| |
2,117,000
| |
Other current assets
| |
|
68,000
|
|
|
|
82,000
|
|
| |
|
|
|
Total Current Assets
| | |
2,300,000
| |
| |
2,624,000
| |
| |
|
|
|
Equipment, furniture and fixtures at cost, net
| | |
11,000
| |
| |
14,000
| |
Goodwill
| | |
375,000
| |
| |
375,000
| |
Other assets
| |
|
17,000
|
|
|
|
17,000
|
|
| |
|
|
|
Total Assets
| |
$
|
2,703,000
|
|
|
$
|
3,030,000
|
|
| | | |
|
| | | |
|
Liabilities and Shareholders' Equity | | | | |
| | | |
|
Current Liabilities:
| |
|
|
|
Accounts payable
| |
$
|
440,000
| |
|
$
|
281,000
| |
Accrued expenses
| | |
91,000
| |
| |
134,000
| |
Accrued payroll and related taxes
| | |
68,000
| |
| |
95,000
| |
Notes payable, net of debt discount
| |
|
1,508,000
|
|
|
|
1,000,000
|
|
| |
|
|
|
Total Current Liabilities
| | |
2,107,000
| |
| |
1,510,000
| |
| |
|
|
|
Notes payable
| |
|
--
|
|
|
|
525,000
|
|
| |
|
|
|
Total Liabilities
| |
|
2,107,000
|
|
|
|
2,035,000
|
|
| |
|
|
|
Commitments and contingencies
| |
|
|
|
| |
|
|
|
Shareholders' Equity:
| |
|
|
|
Preferred shares, $0.001 par value, 5,000,000 shares authorized, 0
shares issued and outstanding
| | |
--
| |
| |
--
| |
Common shares, $0.001 par value, 50,000,000 shares authorized;
24,976,000 shares issued and outstanding as of December 31, 2012
and September 30, 2012
| | |
25,000
| |
| |
25,000
| |
Additional paid-in capital
| | |
26,776,000
| |
| |
26,681,000
| |
Accumulated deficit
| |
|
(26,205,000
|
)
|
|
|
(25,711,000
|
)
|
| |
|
|
|
Total Shareholders' Equity
| |
|
596,000
|
|
|
|
995,000
|
|
| |
|
|
|
Total Liabilities and Shareholders' Equity
| |
$
|
2,703,000
|
|
|
$
|
3,030,000
|
|
Contacts:
Investor Contact:
Berkman Associates
310-477-3118
info@BerkmanAssociates.com
or
Company
Contact:
Xenonics Holdings, Inc.
Alan Magerman, Chairman
760-477-8900
xenonics@xenonics.com
Source: Xenonics Holdings, Inc.
© 2024 Canjex Publishing Ltd. All rights reserved.