Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - XENONICS HOLDINGS, INC. | c21454e8vk.htm |
Exhibit 99.1
|
Investor Contact: Berkman Associates (310) 477 – 3118 info@BerkmanAssociates.com |
Company Contact: Alan Magerman, Chairman (760) 477 – 8900 xenonics@xenonics.com |
Xenonics Reports Third Quarter Results
CARLSBAD, CALIFORNIA — August 15, 2011 — XENONICS HOLDINGS, INC. (OTCBB &
OTCQB:XNNH) today announced financial results for the third quarter and first nine months
of fiscal 2011.
For the three months ended June 30, 2011, revenue decreased to $775,000 compared to
$1,421,000 for the third quarter of fiscal 2010. The net loss for this year’s third
quarter was $597,000, or $0.02 per share. This compares to a net loss for last year’s
third quarter of $188,000, or $0.01 per share.
For the nine months ended June 30, 2011, revenue increased to $6,323,000 compared to
$2,786,000 for the same period of the prior year. Net income increased to $377,000, or
$0.02 per diluted share. This compares to a net loss for the first nine months of fiscal
2010 of $1,544,000, or $0.07 per share.
Selling, general and administrative expenses decreased to $601,000 for the third quarter
and $1,878,000 for the first nine months of fiscal 2011, compared to $709,000 for the
third quarter and $2,198,000 for the first nine months of fiscal 2010.
At June 30, 2011, Xenonics reported working capital of $3,502,000, including cash of
$739,000, and a current ratio of 10.7 to 1.
“Our team did an excellent job managing the Company’s expenses and balance sheet this past
quarter, when we experienced continued delays in securing purchase orders due to the delay
in finalizing the Federal budget, which in turn affected Department of Defense
procurement. We believe these orders are forthcoming,” said Chairman Alan Magerman.
“During the quarter we received an initial purchase order from a police department in
California for our new SuperVision patrol package, which makes the advantages of Xenonics’
proprietary high definition night vision system available to patrol units at an affordable
price. We are in the process of filing patents on this new system. We believe the police
market is a major new growth opportunity for Xenonics, and we are pursuing it
aggressively,” Magerman said.
Conference Call
Xenonics has scheduled a conference call at 11:00 a.m. EDT this morning to discuss its
results for the third quarter of fiscal 2011. The dial-in number is (800) 435-1398 and
the passcode is #99538802. 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. EDT at this same
Internet address. For a telephone replay, dial (888) 286-8010, passcode #87070593, after
1:00 p.m. EDT.
(more)
3186 Lionshead Avenue, Carlsbad, CA 92010
(760) 477-8900 fax (760) 477-8896 www.xenonics.com email xenonics@xenonics.com
(760) 477-8900 fax (760) 477-8896 www.xenonics.com email xenonics@xenonics.com
Xenonics Reports Third Quarter Results
August 15, 2011
August 15, 2011
Page Two
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)
#4801
XENONICS HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
| Three months ended | Nine months ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| Rounded in thousands, except per share amounts | 2011 | 2010 | 2011 | 2010 | ||||||||||||
| (unaudited) | (unaudited) | |||||||||||||||
Revenues |
$ | 775,000 | $ | 1,421,000 | $ | 6,323,000 | $ | 2,786,000 | ||||||||
Cost of goods sold |
537,000 | 692,000 | 3,463,000 | 1,433,000 | ||||||||||||
Gross profit |
238,000 | 729,000 | 2,860,000 | 1,353,000 | ||||||||||||
Selling, general and administrative |
601,000 | 709,000 | 1,878,000 | 2,198,000 | ||||||||||||
Research and development |
198,000 | 171,000 | 495,000 | 625,000 | ||||||||||||
Loss (income) from operations |
(561,000 | ) | (151,000 | ) | 487,000 | (1,470,000 | ) | |||||||||
Other income/(expense): |
||||||||||||||||
Gain on derivative revaluation |
— | — | — | 38,000 | ||||||||||||
Interest income |
2,000 | 1,000 | 5,000 | 3,000 | ||||||||||||
Interest (expense) |
(38,000 | ) | (38,000 | ) | (113,000 | ) | (113,000 | ) | ||||||||
Loss (income) before provision for income taxes |
(597,000 | ) | (188,000 | ) | 379,000 | (1,542,000 | ) | |||||||||
Income tax provision |
— | — | 2,000 | 2,000 | ||||||||||||
Net (loss) income |
$ | (597,000 | ) | $ | (188,000 | ) | $ | 377,000 | $ | (1,544,000 | ) | |||||
Net (loss) income per share: |
||||||||||||||||
Basic |
$ | (0.02 | ) | $ | (0.01 | ) | $ | 0.02 | $ | (0.07 | ) | |||||
Fully-diluted |
$ | (0.02 | ) | $ | (0.01 | ) | $ | 0.02 | $ | (0.07 | ) | |||||
Weighted average shares outstanding: |
||||||||||||||||
Basic |
25,088,000 | 24,719,000 | 25,107,000 | 22,247,000 | ||||||||||||
Fully diluted |
25,088,000 | 24,719,000 | 25,107,000 | 22,247,000 | ||||||||||||
XENONICS HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
CONDENSED CONSOLIDATED BALANCE SHEETS
| June 30, | September 30, | |||||||
| Rounded in thousands, except par value | 2011 | 2010 | ||||||
| (unaudited) | ||||||||
Assets |
||||||||
Current Assets: |
||||||||
Cash |
$ | 739,000 | $ | 705,000 | ||||
Accounts receivable, net |
679,000 | 956,000 | ||||||
Inventories, net |
2,123,000 | 1,966,000 | ||||||
Other current assets |
322,000 | 166,000 | ||||||
Total Current Assets |
3,863,000 | 3,793,000 | ||||||
Equipment, furniture and fixtures, net |
43,000 | 69,000 | ||||||
Goodwill |
375,000 | 375,000 | ||||||
Other assets |
141,000 | 216,000 | ||||||
Total Assets |
$ | 4,422,000 | $ | 4,453,000 | ||||
Liabilities and Shareholders’ Equity |
||||||||
Current Liabilities: |
||||||||
Accounts payable |
$ | 146,000 | $ | 492,000 | ||||
Accrued expenses |
83,000 | 126,000 | ||||||
Accrued payroll and related taxes |
132,000 | 110,000 | ||||||
Total Current Liabilities |
361,000 | 728,000 | ||||||
Notes payable |
438,000 | 376,000 | ||||||
Total Liabilities |
799,000 | 1,104,000 | ||||||
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 June 30, 2011; 25,622,000 issued and 25,509,000
shares outstanding at September 30, 2011 |
25,000 | 25,000 | ||||||
Additional paid-in capital |
26,652,000 | 26,954,000 | ||||||
Accumulated deficit |
(23,054,000 | ) | (23,324,000 | ) | ||||
| 3,623,000 | 3,655,000 | |||||||
Less treasury shares, at cost, 0 shares as of June 30,
2011 and 113,000 shares as of September 30, 2010 |
— | (306,000 | ) | |||||
Total Shareholders’ Equity |
3,623,000 | 3,349,000 | ||||||
Total Liabilities and Shareholders’ Equity |
$ | 4,422,000 | $ | 4,453,000 | ||||