Vicon Industries, Inc. (NYSE MKT:VII), a global producer of
video management systems, today announced its financial results for
the third quarter ended June 30, 2015.
Eric Fullerton, Vicon’s CEO said, “The Company has completed its
third combined fiscal quarter since its merger with IQinVision on
August 29, 2014. The Company’s financial results for the quarter
showed a marked improvement over results for the second quarter and
were in line with restructuring plan expectations. Revenues
increased 14% over the second quarter ended March 31, 2015 to $11.7
million and the Company anticipates continued growth in its
historically strong fourth quarter."
“Revenue improvements came principally from the Americas market
segment where we started rebuilding the IQeye camera brand and
enhanced our product offerings. Our EMEA market segment held its
own for the quarter as we complete our critical restructuring
efforts geared toward forming a leaner business unit. The Company
has an aggressive product and market development plan for fiscal
2016 that should well position Vicon for long term growth. As
previously stated, Vicon management continues to strengthen
relationships in its key sales channels, align its product
offerings to better serve its markets and focus on growing new
market segments.”
Mr. Fullerton concluded, “We are pleased with the Company’s
progress for the quarter and plan to close the year with improved
operating results and a much stronger market position. I am excited
about our positioning and market strategy going into fiscal 2016
and believe we are on track to execute our long term growth
vision.”
Third Quarter Fiscal 2015 Financial Results
The financial results for the third quarter of fiscal 2015
include the results of operations for IQinVision, Inc. for the full
quarter. In comparison, financial results for the third quarter of
fiscal 2014 do not include IQinVision.
Revenues for the third quarter of fiscal 2015 increased 26% to
$11.7 million as compared to $9.3 million in the third quarter of
fiscal 2014. Sales of IQinVision products for the current quarter
were $3.1 million. Vicon sales, exclusive of IQinVision, decreased
by $697,000, or 8%, for the period. The decrease included a
$268,000, or 4%, decrease in sales in the Americas and a $429,000,
or 16%, decrease in sales in EMEA markets. Order intake for the
current quarter increased $2.9 million to $11.5 million as compared
to $8.6 million in the third quarter of fiscal 2014.
Gross profit margins for the third quarter of fiscal 2015
increased to 40.0% as compared to 36.2% in the third quarter of
fiscal 2014. Operating expenses for the third quarter of fiscal
2015 increased $764,000 to $5.5 million compared to $4.7 million in
the third quarter of fiscal 2014. The increase included the
addition of IQinVision operating expenses in the current
quarter.
Net loss for the third quarter of fiscal 2015 was $800,000, or
$.09 per basic and diluted share, as compared to a net loss of $1.4
million, or $.30 per basic and diluted share, in the third quarter
of fiscal 2014. Adjusted non-GAAP net loss for the third quarter of
fiscal year 2015 was $535,000, or $.06 per basic and diluted share,
as compared to adjusted non-GAAP net loss of $1.2 million, or $.26
per basic and diluted share, in the third quarter of fiscal year
2014. Refer to the non-GAAP results presentation at the end of the
table of operations.
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 integrate the operations of Vicon and IQinVision
successfully and in a timely manner; 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)
(Unaudited) Three Months Ended Nine Months Ended June 30, June 30,
2015
2014
2015
2014
Net sales $ 11,701,000 $ 9,256,000 $ 32,147,000 $ 24,402,000 Gross
profit 4,684,000 3,354,000 12,359,000 8,971,000 Operating
expenses: Selling, general and administrative expense 4,250,000
3,406,000 12,632,000 9,855,000 Engineering and development expense
1,234,000 1,143,000 3,766,000 3,353,000 Restructuring charges — —
573,000 — Merger related expense — 170,000 —
594,000 Total operating expenses 5,484,000 4,719,000
16,971,000 13,802,000 Operating loss (800,000 ) (1,365,000 )
(4,612,000 ) (4,831,000 ) Loss before income taxes (800,000 )
(1,362,000 ) (4,751,000 ) (4,819,000 ) Income tax expense —
8,000 — 24,000 Net loss $ (800,000 ) $
(1,370,000 ) $ (4,751,000 ) $ (4,843,000 )
Loss per
share:
Basic $ (.09 ) $ (.30 ) $ (.52 ) $ (1.07 ) Diluted $ (.09 ) $ (.30
) $ (.52 ) $ (1.07 )
Shares used in
computing loss per share:
Basic 9,155,000 4,508,000 9,136,000 4,506,000 Diluted 9,155,000
4,508,000 9,136,000 4,506,000
The Company evaluates performance based on net loss and per
share results excluding stock compensation expense, amortization of
acquired intangible assets, restructuring charges and
merger-related 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) (Unaudited) Three Months Ended Nine
Months Ended June 30, June 30,
2015
2014 2015 2014 GAAP
net loss $ (800,000 ) $ (1,370,000 ) $ (4,751,000 ) $ (4,843,000 )
Adjusting items: Stock compensation expense 157,000 31,000 468,000
96,000 Amortization of acquired intangible assets 108,000 — 324,000
— Restructuring charges — — 573,000 — Merger related costs —
170,000 — 594,000 Adjusted
non-GAAP net loss $ (535,000 ) $ (1,169,000 ) $ (3,386,000 )
$ (4,153,000 ) Net loss per share - diluted $ (.09 )
$ (.30 ) $ (.52 ) $ (1.07 ) Adjusting items: Stock compensation
expense .02 — .05 .02 Amortization of acquired intangible assets
.01 — .04 — Restructuring charges — — .06 — Merger related costs —
.04 — .13 Adjusted
non-GAAP net loss per share $ (.06 ) $ (.26 ) $ (.37 )
$ (.92 ) Diluted shares outstanding 9,155,000
4,508,000 9,136,000 4,506,000
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version on businesswire.com: http://www.businesswire.com/news/home/20150812005909/en/
Vicon Investor RelationsCindy Schneider,
631-650-6201IR@vicon-security.com
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