Attached files
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| 8-K - FORM 8-K - XENONICS HOLDINGS, INC. | d397503d8k.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 Third Quarter Results
CARLSBAD, CALIFORNIA — August 14, 2012 — XENONICS HOLDINGS, INC. (OTCBB & OTCQB:XNNH) today announced financial results for the third quarter and first nine months of fiscal 2012.
Revenue for the three months ended June 30, 2012 was $403,000. This compares to revenue of $775,000 for the third quarter of fiscal 2011. The net loss for the third quarter of fiscal 2012 was $630,000, or $0.03 per share. This compares to a net loss for the third quarter of fiscal 2011 of $597,000, or $0.02 per share.
Selling, general and administrative expenses decreased 12% to $527,000 for this year’s third quarter compared to $601,000 for the same period last year. Research and development expenses decreased to $191,000 for this year’s third quarter compared to $198,000 a year ago.
For the nine months ended June 30, 2012, revenue was $1,200,000 compared to $6,323,000 for the first nine months of fiscal 2011. The net loss for the first nine months of fiscal 2012 was $1,857,000, or $0.07 per share. This compares to net income for the first nine months of fiscal 2011 of $377,000, or $0.02 per share. SG&A decreased 15% to $1,587,000 compared to $1,878,000 for last year’s first nine months.
At June 30, 2012, Xenonics reported working capital of $893,000, and a current ratio of 1.4-to-1.
“Our defense markets remained sluggish in the third fiscal quarter and we experienced further delays in the receipt of several substantial, funded orders. However, the military business appears to be improving and the Company received approximately $1,000,000 in new military purchase orders in the current quarter and we have shipped over $700,000 of these orders, including an order for 200 SuperVision units for the US Army Military Police. This is the first significant order for SuperVision placed by the US Military. Our inventory is in excess of $2,000,000 in anticipation of the receipt of large funded military orders which are working their way through the procurement process”, 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 (800) 638-4930 and the passcode is #44638557. 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 #76744701, 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 Third Quarter Results
August 14, 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)
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XENONICS HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
| Three months ended June 30, |
Nine months ended June 30, |
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| 2012 | 2011 | 2012 | 2011 | |||||||||||||
| Rounded in thousands, except per share amounts | (unaudited) | (unaudited) | ||||||||||||||
| Revenues |
$ | 403,000 | $ | 775,000 | $ | 1,200,000 | $ | 6,323,000 | ||||||||
| Cost of goods sold |
254,000 | 537,000 | 741,000 | 3,463,000 | ||||||||||||
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| Gross profit |
149,000 | 238,000 | 459,000 | 2,860,000 | ||||||||||||
| Selling, general and administrative |
527,000 | 601,000 | 1,587,000 | 1,878,000 | ||||||||||||
| Research and development |
191,000 | 198,000 | 588,000 | 495,000 | ||||||||||||
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| Income (loss) from operations |
(569,000 | ) | (561,000 | ) | (1,716,000 | ) | 487,000 | |||||||||
| Other income/(expense): |
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| Interest income |
— | 2,000 | — | 5,000 | ||||||||||||
| Interest (expense) |
(61,000 | ) | (38,000 | ) | (139,000 | ) | (113,000 | ) | ||||||||
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| Income (loss) before provision for income taxes |
(630,000 | ) | (597,000 | ) | (1,855,000 | ) | 379,000 | |||||||||
| Income tax provision |
— | — | 2,000 | 2,000 | ||||||||||||
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| Net income (loss) |
$ | (630,000 | ) | $ | (597,000 | ) | $ | (1,857,000 | ) | $ | 377,000 | |||||
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| Net income (loss) per share: |
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| Basic |
$ | (0.03 | ) | $ | (0.02 | ) | $ | (0.07 | ) | $ | 0.02 | |||||
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| Fully-diluted |
$ | (0.03 | ) | $ | (0.02 | ) | $ | (0.07 | ) | $ | 0.02 | |||||
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| Weighted average shares outstanding: |
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| Basic |
24,976,000 | 25,088,000 | 24,976,000 | 25,107,000 | ||||||||||||
| Fully-diluted |
24,976,000 | 25,088,000 | 24,976,000 | 25,107,000 | ||||||||||||
XENONICS HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
| June 30, 2012 |
September 30, 2011 |
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| Rounded in thousands, except par value | (unaudited) | |||||||
| Assets | ||||||||
| Current Assets: |
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| Cash |
$ | 302,000 | $ | 738,000 | ||||
| Accounts receivable |
325,000 | 273,000 | ||||||
| Inventories |
2,226,000 | 2,542,000 | ||||||
| Other current assets |
190,000 | 144,000 | ||||||
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| Total Current Assets |
3,043,000 | 3,697,000 | ||||||
| Equipment, furniture and fixtures, net |
17,000 | 35,000 | ||||||
| Goodwill |
375,000 | 375,000 | ||||||
| Other assets |
42,000 | 116,000 | ||||||
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| Total Assets |
$ | 3,477,000 | $ | 4,223,000 | ||||
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| Liabilities and Shareholders’ Equity |
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| Current Liabilities: |
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| Accounts payable |
$ | 433,000 | $ | 414,000 | ||||
| Accrued expenses |
111,000 | 99,000 | ||||||
| Accrued payroll and related taxes |
84,000 | 96,000 | ||||||
| Notes payable, net of debt discount |
1,522,000 | — | ||||||
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| Total Current Liabilities |
2,150,000 | 609,000 | ||||||
| Notes payable, net of debt discount |
— | 459,000 | ||||||
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| Total Liabilities |
2,150,000 | 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 as of June 30, 2012 and September 30, 2011 |
25,000 | 25,000 | ||||||
| Additional paid-in capital |
26,681,000 | 26,652,000 | ||||||
| Accumulated deficit |
(25,379,000 | ) | (23,522,000 | ) | ||||
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| Total Shareholders’ Equity |
1,327,000 | 3,155,000 | ||||||
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| Total Liabilities and Shareholders’ Equity |
$ | 3,477,000 | $ | 4,223,000 | ||||
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