Vicon Industries, Inc. (NYSE MKT:VII), a global producer of
end-to-end security solutions, today announced its financial
results for the first quarter ended December 31, 2015.
Eric Fullerton, Vicon’s CEO said, “The Company’s financial
results for the quarter showed a marked improvement over the prior
year period as we continued to improve margins and reduce operating
expenses. Revenues grew 6.9% to $10.9 million for the quarter on
the strength of an improving EMEA market segment and delivery of a
large U.S. export project. Notwithstanding these improvements, our
principal U.S. markets were negatively impacted by increasing
competitive pressures and a general slowdown in economic
activities. We are closely monitoring worldwide economic indicators
and positioning ourselves to react to changing market trends.”
“The Company continues to drive an aggressive product
development plan and, by fiscal 2016 year end, anticipates the
launch of a range of new and updated products across our video
management system, camera and access control product lines. We are
very excited about the growth prospects these new products
represent. In the meantime, we will continue to maintain our focus
on driving growth and execution of our key strategic
initiatives.”
First Quarter Fiscal 2016 Financial Results
Revenues for the first quarter of fiscal 2016 increased 7% to
$10.9 million as compared to $10.2 million in the first quarter of
fiscal 2015. The $705,000 increase in the current quarter included
a $347,000, or 4%, increase in sales in the Americas market and a
$358,000, or 18%, increase in EMEA market sales. Order intake for
the current quarter increased $1.1 million to $11.7 million as
compared to $10.6 million in the first quarter of fiscal 2015.
Gross profit margins for the first quarter of fiscal 2016
increased to 39.3% as compared to 37.1% in the first quarter of
fiscal 2015. The increase was principally attributable to a
reduction in indirect production costs resulting from restructuring
plan efforts.
Operating expenses for the first quarter of fiscal 2016
decreased $705,000 to $5.2 million compared to $5.9 million in the
first quarter of fiscal 2015. The overall decrease reflects a
reduction in headcount and other cost cutting measures instituted
over the past year. The prior year quarter included $349,000 of
severance charges relating to the restructuring.
Net loss for the first quarter of fiscal 2016 was $977,000, or
$.10 per basic and diluted share, as compared to a net loss of $2.2
million, or $.24 per basic and diluted share, in the first quarter
of fiscal 2015. Adjusted non-GAAP net loss for the first quarter of
fiscal year 2016 was $695,000, or $.07 per basic and diluted share,
as compared to adjusted non-GAAP net loss of $1.6 million, or $.17
per basic and diluted share, in the first quarter of fiscal year
2015. Please refer to the presentation at the end of the table of
operations for a reconciliation of our first quarter GAAP net loss
to our adjusted non-GAAP net loss for such periods.
About Vicon
Vicon Industries, Inc. (NYSE MKT: VII) is a global producer of
video management systems and system components for use in security,
surveillance, safety and communication applications by a broad
range of end users. Vicon’s product line consists of various
elements of a video system, including video management software,
recorders and storage devices and capture devices (cameras).
Headquartered in Hauppauge, New York, the Company also has
principal offices in San Juan Capistrano, California and the United
Kingdom. More information about Vicon, its products and services is
available at www.vicon-security.com.
Special Note Regarding Forward-looking Statements
This press release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995, including statements relating to (i) our global restructuring
plan expectations, (ii) our technology and market channel plans and
(iii) our future cash flow and strategies. These forward-looking
statements are based on management's current expectations and are
subject to certain risks and uncertainties that could cause actual
results to differ materially from those set forth in or implied by
such forward looking statements. These risks and uncertainties
include, but are not limited to: current and future economic
conditions that may adversely affect our business and customers;
potential fluctuation of our revenues and profitability from period
to period which could result in our failure to meet expectations;
our ability to maintain adequate levels of working capital; our
ability to successfully maintain the level of operating costs; our
ability to obtain financing for our future needs should there be a
need; our ability to incentivize and retain our current senior
management team and continue to attract and retain qualified
scientific, technical and business personnel; our ability to expand
our product offerings or to develop other new products and
services; our ability to generate sales and profits from current
product offerings; rapid technological changes and new technologies
that could render certain of our products and services to be
obsolete; competitors with significantly greater financial
resources; introduction of new products and services by
competitors; challenges associated with expansion into new markets;
failure to stay in compliance with all applicable NYSE MKT
requirements that could result in a delisting of our common stock;
and, other factors discussed under the heading "Risk Factors"
contained in our Registration Statement on Form S-4 filed with the
Securities and Exchange Commission on May 29, 2014. All information
in this press release is as of the date of the release and we
undertake no duty to update this information unless required by
law.
-Financial Tables on Following Pages-
Table of Operations
Vicon Industries, Inc.
Condensed Statements of
Operations
(Unaudited) Three Months Ended December 31,
2015
2014
Net sales $ 10,881,000 $ 10,176,000 Gross profit
4,271,000 3,771,000 Operating expenses: Selling, general and
administrative expense 3,930,000 4,211,000 Engineering and
development expense 1,318,000 1,393,000 Restructuring charges —
349,000 Total operating expenses 5,248,000 5,953,000
Operating loss (977,000 ) (2,182,000 ) Loss before income
taxes (977,000 ) (2,181,000 ) Income tax expense —
— Net loss $ (977,000 ) $
(2,181,000 )
Loss per
share:
Basic $ (.10 ) $ (.24 ) Diluted $ (.10 ) $ (.24 )
Shares used in
computing loss per share:
Basic 9,331,000 9,100,000 Diluted 9,331,000 9,100,000
The Company evaluates performance based on net loss and per
share results excluding stock compensation expense, amortization of
acquired intangible assets, restructuring charges and other
non-recurring expenses, which it believes is useful to investors in
evaluating ongoing results since they are either non-cash or
non-recurring in nature. Reporting these adjusted results is not in
accordance with U.S. generally accepted accounting principles
(GAAP). The following table provides a reconciliation of reported
net loss and related per share results to adjusted non-GAAP net
loss and related per share results.
(Unaudited) Three Months Ended December 31,
2015
2014
GAAP net loss $ (977,000 ) $ (2,181,000 ) Adjusting
items: Stock compensation expense 153,000 147,000 Amortization of
acquired intangible assets 129,000 108,000 Restructuring charges —
349,000 Adjusted non-GAAP net loss $
(695,000 ) $ (1,577,000 ) Net
loss per share - diluted $ (.10 ) $ (.24 ) Adjusting items: Stock
compensation expense .02 .02 Amortization of acquired intangible
assets .01 .01 Restructuring charges — .04
Adjusted non-GAAP net loss per share $ (.07 )
$ (.17 ) Diluted shares outstanding 9,331,000
9,100,000
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version on businesswire.com: http://www.businesswire.com/news/home/20160210006558/en/
Vicon Investor RelationsCindy Schneider,
631-650-6201IR@vicon-security.com
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