Attached files
| file | filename |
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| 8-K - 8-K - XENONICS HOLDINGS, INC. | c17009e8vk.htm |
Exhibit 99.1
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Investor Contact: Berkman Associates (310) 477-3118 info@BerkmanAssociates.com |
Company Contact: Alan Magerman, Chairman (760) 477 — 8900 xenonics@xenonics.com |
Xenonics Reports Profitable Second Quarter
CARLSBAD, CALIFORNIA — May 11, 2011 — XENONICS HOLDINGS, INC. (OTCBB & OTCQB:XNNH)
today announced net income for the second quarter of fiscal 2011 of $231,000, or $0.01 per
basic and diluted share, on revenue of $2,000,000. This compares to a net loss for the
second quarter of fiscal 2010 of $951,000, or $0.04 per basic and diluted share, on
revenue of $109,000.
Selling, general and administrative expenses decreased 10% to $627,000 compared to
$696,000 for the second quarter last year. The Company expects SG&A to be below this pace
for the balance of the year, excluding any non-cash expenses.
For the six months ended March 31, 2011, net income increased to $973,000, or $0.04 per
basic and diluted share, on revenue of $5,548,000. This compares to a net loss for the
first six months of fiscal 2010 of $1,356,000, or $0.06 per basic and diluted share, on
revenue of $1,365,000.
At March 31, 2011, Xenonics reported working capital of $4,045,000, including cash of
$2,419,000, and a current ratio of 7.7 to 1.
“Our second quarter shipments were affected by the widely reported slowdown in defense
procurement during the period, as Congress worked to complete a budget for the current
fiscal year. With the budget now finally in place, we are optimistic that order flow from
our defense customers will accelerate in the months ahead, and we remain confident about
the outlook for Xenonics’ growth and profitability in the year’s second half,” said
Chairman Alan Magerman.
Conference Call
Xenonics has scheduled a conference call at 11:00 a.m. EDT this morning to discuss its
results for the second quarter of fiscal 2011. The dial-in number is (800) 561-2693 and
the passcode is #84961430. 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 #72211596, after
1:00 p.m. EDT.
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) #4784
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 HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
| Three months ended | Six months ended | |||||||||||||||
| March 31, | March 31, | |||||||||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||||||
| Rounded in thousands, except per share amounts | (unaudited) | (unaudited) | ||||||||||||||
Revenues |
$ | 2,000,000 | $ | 109,000 | $ | 5,548,000 | $ | 1,365,000 | ||||||||
Cost of goods sold |
1,046,000 | 69,000 | 2,926,000 | 740,000 | ||||||||||||
Gross profit |
954,000 | 40,000 | 2,622,000 | 625,000 | ||||||||||||
Selling, general and administrative |
627,000 | 696,000 | 1,277,000 | 1,490,000 | ||||||||||||
Research and development |
134,000 | 257,000 | 297,000 | 453,000 | ||||||||||||
Income (loss) from operations |
193,000 | (913,000 | ) | 1,048,000 | (1,318,000 | ) | ||||||||||
Other income/(expense): |
||||||||||||||||
Gain on derivative revaluation |
— | — | — | 38,000 | ||||||||||||
Interest income |
2,000 | — | 3,000 | 2,000 | ||||||||||||
Interest (expense) |
(38,000 | ) | (38,000 | ) | (76,000 | ) | (76,000 | ) | ||||||||
Income (loss) before provision
for (benefit from) income taxes |
157,000 | (951,000 | ) | 975,000 | (1,354,000 | ) | ||||||||||
Income tax provision (benefit) |
(74,000 | ) | — | 2,000 | 2,000 | |||||||||||
Net income (loss) |
$ | 231,000 | $ | (951,000 | ) | $ | 973,000 | $ | (1,356,000 | ) | ||||||
Net income (loss) per share: |
||||||||||||||||
Basic |
$ | 0.01 | $ | (0.04 | ) | $ | 0.04 | $ | (0.06 | ) | ||||||
Fully-diluted |
$ | 0.01 | $ | (0.04 | ) | $ | 0.04 | $ | (0.06 | ) | ||||||
Weighted average shares outstanding: |
||||||||||||||||
Basic |
25,088,000 | 21,189,000 | 25,172,000 | 20,998,000 | ||||||||||||
Fully-diluted |
25,090,000 | 21,189,000 | 25,175,000 | 20,998,000 | ||||||||||||
XENONICS HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
| March 31, | September 30, | |||||||
| 2011 | 2010 | |||||||
| Rounded in thousands, except par value | (unaudited) | |||||||
Assets |
||||||||
Current Assets: |
||||||||
Cash |
$ | 2,419,000 | $ | 705,000 | ||||
Accounts receivable, net |
95,000 | 956,000 | ||||||
Inventories, net |
1,850,000 | 1,966,000 | ||||||
Other current assets |
282,000 | 166,000 | ||||||
Total Current Assets |
4,646,000 | 3,793,000 | ||||||
Equipment, furniture and fixtures, net |
52,000 | 69,000 | ||||||
Goodwill |
375,000 | 375,000 | ||||||
Other assets |
165,000 | 216,000 | ||||||
Total Assets |
$ | 5,238,000 | $ | 4,453,000 | ||||
Liabilities and Shareholders’ Equity |
||||||||
Current Liabilities: |
||||||||
Accounts payable |
$ | 433,000 | $ | 492,000 | ||||
Accrued expenses |
66,000 | 126,000 | ||||||
Accrued payroll and related taxes |
102,000 | 110,000 | ||||||
Total Current Liabilities |
601,000 | 728,000 | ||||||
Notes payable |
417,000 | 376,000 | ||||||
Total Liabilities |
1,018,000 | 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 at March 31, 2011; 25,622,000 issued and 25,509,000 shares outstanding at September 30, 2010 |
25,000 | 25,000 | ||||||
Additional paid-in capital |
26,652,000 | 26,954,000 | ||||||
Accumulated deficit |
(22,457,000 | ) | (23,324,000 | ) | ||||
| 4,220,000 | 3,655,000 | |||||||
Less treasury shares, at cost, 0 shares at March 31,
2011 and113,000 shares at September 30, 2010 |
— | (306,000 | ) | |||||
Total Shareholders’ Equity |
4,220,000 | 3,349,000 | ||||||
Total Liabilities and Shareholders’ Equity |
$ | 5,238,000 | $ | 4,453,000 | ||||