Xenonics Reports First Quarter Results

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Xenonics Reports First Quarter Results

CARLSBAD, Calif.--(BUSINESS WIRE)-- XENONICS HOLDINGS, INC. (OTCBB:XNNH) (OTCQB:XNNH) today announced financial results for the first quarter of fiscal 2013.

Revenue for the three months ended December 31, 2012 was $157,000. This compares to revenue of $325,000 for the first quarter of fiscal 2012. The net loss for the first quarter of fiscal 2013 was $494,000, or $0.02 per share. This compares to a net loss for the first quarter of fiscal 2012 of $653,000, or $0.03 per share.


Selling, general and administrative expenses decreased to $416,000 for the first quarter of fiscal 2013 from $526,000 for the first quarter of fiscal 2012.

At December 31, 2012, Xenonics reported working capital of $193,000, and a current ratio of 1.1-to-1. Inventories were $2,173,000. In January 2013, the Company completed a debt financing for $450,000.

"Our fiscal first quarter is historically our seasonally weakest quarter of the year, and this quarter was no exception. We expect improved performance going forward. The entire $1,000,000 NightHunter order we previously announced is scheduled to ship in the current quarter. We expect additional substantial orders for our NightHunter and SuperVision products to be announced in the coming months. As always, we remain focused on cost control as we pursue a variety of opportunities for renewed growth and profitability in fiscal 2013," said Chairman Alan Magerman.

Conference Call

Xenonics has scheduled a conference call at 11:00 a.m. EST this morning to discuss its results for the first quarter of fiscal 2013. The dial-in number is (866) 713-8567, passcode #84453921. 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. EST at this same Internet address. For a telephone replay, dial (888) 286-8010, passcode #30617190, after 1:00 p.m. EST.

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)

XENONICS HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

 
 

 

 

Three months ended

 

December 31,

 

 

2012

 

 

 

2011

 

 

 

 

 

Rounded in thousands, except per share amounts

(unaudited)

 

 

 

 

Revenue

$

157,000

 

$

325,000

 

 

 

 

Cost of goods sold

 

74,000

 

 

 

231,000

 

 

 

 

 

Gross profit

83,000

 

94,000

 

 

 

 

Selling, general and administrative

416,000

 

526,000

Research and development

 

119,000

 

 

 

181,000

 

 

 

 

 

Income (loss) from operations

(452,000

)

 

(613,000

)

 

 

 

 

Other income/(expense):

 

 

 

Interest (expense)

 

(40,000

)

 

 

(38,000

)

 

 

 

 

Income (loss) before provision for income taxes

(492,000

)

 

(651,000

)

Income tax provision

 

2,000

 

 

 

2,000

 

 

 

 

 

Net income (loss)

$

(494,000

)

 

$

(653,000

)

 

 

 

 

Net income (loss) per share:

 

 

 

Basic and fully-diluted

$

(0.02

)

 

$

(0.03

)

 

 

 

 

Weighted average shares outstanding:

 

 

 

Basic and fully-diluted

 

24,976,000

 

 

 

24,976,000

 
 
XENONICS HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
 
 
 December 31, September 30,
 2012  2012 
Rounded in thousands, except par value(unaudited)
 
Assets
 

Current Assets:

 

 

 

Cash

$

49,000

 

$

367,000

Accounts receivable, net

10,000

 

58,000

Inventories

2,173,000

 

2,117,000

Other current assets

 

68,000

 

 

 

82,000

 

 

 

 

 

Total Current Assets

2,300,000

 

2,624,000

 

 

 

 

Equipment, furniture and fixtures at cost, net

11,000

 

14,000

Goodwill

375,000

 

375,000

Other assets

 

17,000

 

 

 

17,000

 

 

 

 

 

Total Assets

$

2,703,000

 

 

$

3,030,000

 
 
 
Liabilities and Shareholders' Equity
 

Current Liabilities:

 

 

 

Accounts payable

$

440,000

 

$

281,000

Accrued expenses

91,000

 

134,000

Accrued payroll and related taxes

68,000

 

95,000

Notes payable, net of debt discount

 

1,508,000

 

 

 

1,000,000

 

 

 

 

 

Total Current Liabilities

2,107,000

 

1,510,000

 

 

 

 

Notes payable

 

--

 

 

 

525,000

 

 

 

 

 

Total Liabilities

 

2,107,000

 

 

 

2,035,000

 

 

 

 

 

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 December 31, 2012 and September 30, 2012

25,000

 

25,000

Additional paid-in capital

26,776,000

 

26,681,000

Accumulated deficit

 

(26,205,000

)

 

 

(25,711,000

)

 

 

 

 

Total Shareholders' Equity

 

596,000

 

 

 

995,000

 

 

 

 

 

Total Liabilities and Shareholders' Equity

$

2,703,000

 

 

$

3,030,000

 



Investor Contact:
Berkman Associates
310-477-3118
info@BerkmanAssociates.com
or
Company Contact:
Xenonics Holdings, Inc.
Alan Magerman, Chairman
760-477-8900
xenonics@xenonics.com

KEYWORDS:   United States  North America  California

INDUSTRY KEYWORDS:

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