Xenonics Reports Second Quarter Results and Announces $1.2 Million NightHunter Order

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Xenonics Reports Second Quarter Results and Announces $1.2 Million NightHunter Order

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


The Company also announced that it has received purchase orders valued at a total of approximately $1.2 million from Aardvark Tactical, Inc. (ATI), Azusa, California, for Xenonics' NightHunter high-intensity illumination devices to be included in ATI's nonlethal force protection kits for the U.S. Marine Corps. Shipments are scheduled to begin in June and to be completed by September 2013.

Second Quarter and First Half Financial Results

Revenue for the three months ended March 31, 2013 doubled to $961,000, compared to $473,000 for the second quarter of fiscal 2012. The net loss for the second quarter of fiscal 2013 narrowed to $293,000, or $0.01 per share. This compares to a net loss for the second quarter of fiscal 2012 of $574,000, or $0.02 per share.

For the six months ended March 31, 2013, revenue increased 40.1% to $1,118,000, compared to $798,000 for the first six months of fiscal 2012. The net loss for this year's first half decreased to $787,000, or $0.03 per share. This compares to a net loss for the first half of fiscal 2012 of $1,227,000, or $0.05 per share.

Selling, general and administrative expenses decreased to $468,000 for the second quarter of fiscal 2013 from $534,000 for the second quarter of fiscal 2012. For the first half, SG&A decreased to $884,000, compared to $1,060,000 for the same period of the prior fiscal year.

At March 31, 2013, Xenonics reported total current assets of $2,433,000, including cash of $307,000, accounts receivable of $343,000, and inventories of $1,732,000. Total current liabilities at March 31, 2013 of $2,437,000 included notes payable of $1,836,000 due in October 2013.

CEO Comments

"The $1.2 million purchase order we recently received from Aardvark Tactical is a welcome addition to our backlog. We are developing a number of other growth opportunities we expect will result in additional substantial orders for our NightHunter and SuperVision products in the months ahead. Cost control remains our watchword as we strive to deliver the growth and profitability we believe our company is capable of delivering for our shareholders," 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 2013. The dial-in number is (877) 474-9505, passcode #14471575. 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 #64180828, 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.

 

XENONICS HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

 

 

 

   

Three months ended

   

Six months ended

 

March 31,

March 31,

 

2013

   

2012

2013

   

2012

Rounded in thousands, except per share amounts

(unaudited)

(unaudited)

 

 

 

 

 

Revenue

$

961,000

$

473,000

$

1,118,000

$

798,000

 

 

 

 

 

Cost of goods sold

 

505,000

  

257,000

  

580,000

  

488,000

 

 

 

 

 

 

Gross profit

456,000

216,000

538,000

310,000

 

 

 

 

 

Selling, general and administrative

468,000

534,000

884,000

1,060,000

Research and development

 

108,000

  

215,000

  

227,000

  

397,000

 

 

 

 

 

 

(Loss) from operations

(120,000

)

(533,000

)

(573,000

)

(1,147,000

)

 

 

 

 

 

Other income/(expense):

 

 

 

 

Interest (expense)

 

(173,000

)

 

(41,000

)

 

(212,000

)

 

(78,000

)

 

 

 

 

 

(Loss) before provision for income taxes

(293,000

)

(574,000

)

(785,000

)

(1,225,000

)

Income tax provision

 

--

  

--

  

2,000

  

2,000

 

 

 

 

 

 

Net (loss)

$

(293,000

)

$

(574,000

)

$

(787,000

)

$

(1,227,000

)

 

 

 

 

 

Net (loss) per share:

 

 

 

 

Basic and fully-diluted

$

(0.01

)

$

(0.02

)

$

(0.03

)

$

(0.05

)

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

Basic and fully diluted

 

24,976,000

  

24,976,000

  

24,976,000

  

24,976,000

 
 
 

XENONICS HOLDINGS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

 

 

 

   

March 31,

   

September 30,

 

2013

2012

Rounded in thousands, except par value

(unaudited)

 

 

 

 

Assets

 

 

 

 

 

Current Assets:

 

 

Cash

$

307,000

$

367,000

Accounts receivable

343,000

58,000

Inventories

1,732,000

2,117,000

Other current assets

 

51,000

  

82,000

 

Total Current Assets

2,433,000

2,624,000

 

 

 

Equipment, furniture and fixtures, net

18,000

14,000

Goodwill

375,000

375,000

Other assets

 

17,000

  

17,000

 

Total Assets

$

2,843,000

 

$

3,030,000

 

 

 

 

 

 

 

Liabilities and Shareholders' Equity

 

 

 

 

 

Current Liabilities:

 

 

Accounts payable

$

343,000

$

281,000

Accrued expenses

162,000

134,000

Accrued payroll and related taxes

96,000

95,000

Notes payable, net of debt discount

 

1,836,000

  

1,000,000

 

Total Current Liabilities

2,437,000

1,510,000

Notes payable

 

--

  

525,000

 

Total Liabilities

 

2,437,000

  

2,035,000

 

 

 

 

Commitments and contingencies

 

 

 

 

 

Shareholders' Equity:

 

 

Preferred shares, $0.001 par value, 5,000,000

 

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