Attached files
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| 8-K - FORM 8-K - XENONICS HOLDINGS, INC. | d352944d8k.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 Second Quarter Results
CARLSBAD, CALIFORNIA — May 15, 2012 — XENONICS HOLDINGS, INC. (OTCBB & OTCQB:XNNH) today announced financial results for the second quarter and first half of fiscal 2012.
For the three months ended March 31, 2012, revenue was $473,000. This compares to revenue of $2,000,000 for the second quarter of fiscal 2011. The net loss for the second quarter of fiscal 2012 was $574,000, or $0.02 per share. This compares to net income for the second quarter of fiscal 2011 of $231,000, or $0.01 per share.
Selling, general and administrative expenses decreased 15% to $534,000 for this year’s second quarter compared to $627,000 a year ago. Research and development expenses increased to $215,000 for this year’s second quarter compared to $134,000 for the same period of the prior fiscal year.
For the six months ended March 31, 2012, revenue was $798,000 compared to $5,548,000 for the first six months of fiscal 2011. The net loss for the first six months of fiscal 2012 was $1,227,000, or $0.05 per share. This compares to net income for the first six months of fiscal 2011 of $973,000, or $0.04 per share. SG&A decreased 17% to $1,060,000 compared to $1,277,000 for last year’s first half.
At March 31, 2012, Xenonics reported working capital of $1,493,000, and a current ratio of 2-to-1.
“Xenonics’ second quarter financial performance improved sequentially compared to the first quarter of fiscal 2012, but trailed last year’s second quarter results due to continued difficult conditions in our key defense markets. Like many companies that do business with the U.S. military, we have experienced frustrating delays in securing the purchase orders we anticipate from the Department of Defense. We continue to believe that demand for our patented and proprietary devices is strong and substantial orders are forthcoming,” 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 fiscal 2012. The dial-in number is (866) 356-4123 and the passcode is #42338215. 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 #80804479, 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
Xenonics Reports Second Quarter Results
May 15, 2012
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)
#4840
XENONICS HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
| Three months ended March 31, |
Six months ended March 31, |
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| 2012 | 2011 | 2012 | 2011 | |||||||||||||
| Rounded in thousands, except per share amounts | (unaudited) | (unaudited) | ||||||||||||||
| Revenues |
$ | 473,000 | $ | 2,000,000 | $ | 798,000 | $ | 5,548,000 | ||||||||
| Cost of goods sold |
257,000 | 1,046,000 | 488,000 | 2,926,000 | ||||||||||||
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| Gross profit |
216,000 | 954,000 | 310,000 | 2,622,000 | ||||||||||||
| Selling, general and administrative |
534,000 | 627,000 | 1,060,000 | 1,277,000 | ||||||||||||
| Research and development |
215,000 | 134,000 | 397,000 | 297,000 | ||||||||||||
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| Income (loss) from operations |
(533,000 | ) | 193,000 | (1,147,000 | ) | 1,048,000 | ||||||||||
| Other income/(expense): |
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| Interest income |
— | 2,000 | — | 3,000 | ||||||||||||
| Interest (expense) |
(41,000 | ) | (38,000 | ) | (78,000 | ) | (76,000 | ) | ||||||||
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| Income (loss) before provision for (benefits from) income taxes |
(574,000 | ) | 157,000 | (1,225,000 | ) | 975,000 | ||||||||||
| Income tax provision (benefit) |
— | (74,000 | ) | 2,000 | 2,000 | |||||||||||
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| Net income (loss) |
$ | (574,000 | ) | $ | 231,000 | $ | (1,227,000 | ) | $ | 973,000 | ||||||
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| Net income (loss) per share: |
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| Basic |
$ | (0.02 | ) | $ | 0.01 | $ | (0.05 | ) | $ | 0.04 | ||||||
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| Fully-diluted |
$ | (0.02 | ) | $ | 0.01 | $ | (0.05 | ) | $ | 0.04 | ||||||
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| Weighted average shares outstanding: |
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| Basic |
24,976,000 | 25,088,000 | 24,976,000 | 25,172,000 | ||||||||||||
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| Fully diluted |
24,976,000 | 25,090,000 | 24,976,000 | 25,175,000 | ||||||||||||
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XENONICS HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
| March 31, 2012 |
September 30, 2011 |
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| Rounded in thousands, except par value | (unaudited) | |||||||
| Assets | ||||||||
| Current Assets: |
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| Cash |
$ | 453,000 | $ | 738,000 | ||||
| Accounts receivable |
75,000 | 273,000 | ||||||
| Inventories |
2,290,000 | 2,542,000 | ||||||
| Other current assets |
135,000 | 144,000 | ||||||
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| Total Current Assets |
2,953,000 | 3,697,000 | ||||||
| Equipment, furniture and fixtures, net |
20,000 | 35,000 | ||||||
| Goodwill |
375,000 | 375,000 | ||||||
| Other assets |
67,000 | 116,000 | ||||||
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| Total Assets |
$ | 3,415,000 | $ | 4,223,000 | ||||
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| Liabilities and Shareholders’ Equity | ||||||||
| Current Liabilities: |
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| Accounts payable |
$ | 277,000 | $ | 414,000 | ||||
| Accrued expenses |
75,000 | 99,000 | ||||||
| Accrued payroll and related taxes |
107,000 | 96,000 | ||||||
| Notes payable, net of debt discount |
1,001,000 | — | ||||||
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| Total Current Liabilities |
1,460,000 | 609,000 | ||||||
| Notes payable, net of debt discount |
— | 459,000 | ||||||
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| Total Liabilities |
1,460,000 | 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 |
— | — | ||||||
| Common shares, $0.001 par value, 50,000,000 shares authorized; 24,976,000 shares issued and outstanding at March 31, 2012 and September 30, 2011 |
25,000 | 25,000 | ||||||
| Additional paid-in capital |
26,679,000 | 26,652,000 | ||||||
| Accumulated deficit |
(24,749,000 | ) | (23,522,000 | ) | ||||
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| Total Shareholders’ Equity |
1,955,000 | 3,155,000 | ||||||
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| Total Liabilities and Shareholders’ Equity |
$ | 3,415,000 | $ | 4,223,000 | ||||
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