Xenonics Reports First Quarter Results
February 14, 2012 8:32 AM
XENONICS HOLDINGS, INC. (OTCBB:XNNH)(OTCQB:XNNH) today announced financial results for the first quarter of fiscal 2012.
For the three months ended December 31, 2011, revenue was $325,000. This compares to revenue of $3,548,000 for the first quarter of fiscal 2011. The net loss for the first quarter of fiscal 2012 was $653,000, or $0.03 per share. This compares to net income for the first quarter of fiscal 2011 of $742,000, or $0.03 per share.
Selling, general and administrative expenses decreased 19% to $526,000 for this year's first quarter compared to $651,000 a year ago.
At December 31, 2011, Xenonics reported working capital of $2,009,000, and a current ratio of 3.1.
"Despite delays in securing the purchase orders we anticipate from the Department of Defense and other customers for our NightHunter and SuperVision products, we continue to believe that substantial orders are forthcoming," 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 fiscal 2011. The
dial-in number is (866) 831-6291 and the passcode is #16578376. 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
#20791893, 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.
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XENONICS HOLDINGS, INC. |
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CONSOLIDATED STATEMENTS OF OPERATIONS |
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Three months ended |
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December 31, |
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2011 |
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2010 |
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Rounded in thousands, except per share amounts |
(unaudited) |
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Revenue |
$ |
325,000 |
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$ |
3,548,000 |
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Cost of goods sold |
231,000 |
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1,879,000 |
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Gross profit |
94,000 |
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1,669,000 |
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Selling, general and administrative |
526,000 |
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651,000 |
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Research and development |
181,000 |
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163,000 |
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Income (loss) from operations |
(613,000 |
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855,000 |
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Other income (expense): |
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Interest income |
-- |
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1,000 |
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Interest (expense) |
(38,000 |
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(38,000 |
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Income (loss) before provision for income taxes |
(651,000 |
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818,000 |
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Income tax provision |
2,000 |
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76,000 |
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Net Income (loss) |
$ |
(653,000 |
) |
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$ |
742,000 |
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Net Income (loss) per share: |
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Basic and fully diluted |
$ |
(0.03 |
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$ |
0.03 |
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Weighted average shares outstanding |
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Basic and fully diluted |
24,976,000 |
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25,365,000 |
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XENONICS HOLDINGS, INC. |
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CONDENSED CONSOLIDATED BALANCE SHEETS |
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December 31, |
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September 30, |
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2011 |
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2011 |
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Rounded in thousands, except par value |
(unaudited) |
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(audited) |
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Assets |
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Current Assets: |
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Cash |
$ |
282,000 |
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$ |
738,000 |
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Accounts receivable, net |
28,000 |
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273,000 |
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Inventories, net |
2,500,000 |
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2,542,000 |
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Other current assets |
141,000 |
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144,000 |
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Total Current Assets |
2,951,000 |
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3,697,000 |
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Equipment, furniture and fixtures, net |
26,000 |
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35,000 |
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Goodwill |
375,000 |
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375,000 |
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Other assets |
92,000 |
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116,000 |
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Total Assets |
$ |
3,444,000 |
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$ |
4,223,000 |
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Liabilities and Shareholders' Equity |
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Current Liabilities: |
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Accounts payable |
$ |
290,000 |
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$ |
414,000 |
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Accrued expenses |
92,000 |
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99,000 |
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Accrued payroll and related taxes |
80,000 |
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96,000 |
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Notes payable |
480,000 |
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-- |
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Total Current Liabilities |
942,000 |
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609,000 |
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Notes payable |
-- |
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459,000 |
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Total Liabilities |
942,000 |
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1,068,000 |
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Commitments and contingencies |
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Shareholders' Equity: |
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Preferred shares, $0.001 par value, 5,000,000 shares authorized, 0 shares issued and outstanding |
-- |
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-- |
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Common shares, $0.001 par value, 50,000,000 shares authorized; 24,976,000 shares issued and outstanding at December 31, 2011 and September 30, 2011 |
25,000 |
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25,000 |
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Additional paid-in capital |
26,652,000 |
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26,652,000 |
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Accumulated deficit |
(24,175,000 |
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(23,522,000 |
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Total Shareholders' Equity |
2,502,000 |
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3,155,000 |
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Total Liabilities and Shareholders' Equity |
$ |
3,444,000 |
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$ |
4,223,000 |
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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
www.xenonics.com
