Xenonics Reports Fiscal 2012 Results

Xenonics Reports Fiscal 2012 Results

CARLSBAD, Calif.--(BUSINESS WIRE)-- XENONICS HOLDINGS, INC. (OTCBB:XNNH) (OTCQB:XNNH) today announced financial results for fiscal 2012.

Revenue for the twelve months ended September 30, 2012 was $2,164,000. This compares to revenue of $7,179,000 for fiscal 2011. The net loss for fiscal 2012 was $2,189,000, or $0.09 per share. This compares to a net loss for fiscal 2011 of $92,000, or $0.00 per share.


Selling, general and administrative expenses decreased to $2,130,000 for fiscal 2012 compared to $2,441,000 for fiscal 2011. Research and development expenses rose to $720,000 for fiscal 2012 compared to $709,000 for the prior year.

At September 30, 2012, Xenonics reported working capital of $1,114,000, and a current ratio of 1.7-to-1. Inventories were $2,117,000. The Company has arranged for debt financing if needed.

"Our financial results for fiscal 2012 reflected the impact of fiscal uncertainty on defense spending, both in the United States and around the world. In response, we reduced costs and husbanded our financial resources even as we pursued many excellent opportunities to win large new orders in the year ahead. We expect substantial orders for our NightHunter and SuperVision products to be released over the coming months, in addition to the previously announced $1,000,000 NightHunter order scheduled to begin shipping in January. We are optimistic about our 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 fiscal 2012. The dial-in number is (800) 599-9816 and the passcode is #91994339. 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 #17491586, 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.

XENONICS HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

Years ended

September 30,

2012

2011

Rounded in thousands, except per share amounts

Revenue

$

2,164,000

$

7,179,000

Cost of goods sold

1,341,000

3,982,000

Gross profit

823,000

3,197,000

Selling, general and administrative

2,130,000

2,441,000

Research and development

720,000

709,000

Income (loss) from operations

(2,027,000

)

47,000

Other income (expense):

Other income

1,000

9,000

Interest income

1,000

6,000

Interest (expense)

(162,000

)

(152,000

)

Income (loss) before provision for income taxes

(2,187,000

)

(90,000

)

Income tax provision

2,000

2,000

Net income (loss)

$

(2,189,000

)

$

(92,000

)

Net loss per share:

Basic and diluted

$

(0.09

)

$

0.00

Weighted average shares outstanding:

Basic and diluted

24,976,000

25,074,000

XENONICS HOLDINGS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

September 30,

2012

2011

Rounded in thousands, except par value

Assets

Current assets:

Cash and cash equivalents

$

367,000

$

738,000

Accounts receivable, net

58,000

273,000

Inventories

2,117,000

2,542,000

Other current assets

82,000

144,000

Total Current Assets

2,624,000

3,697,000

Equipment, furniture and leasehold improvements at cost, net

14,000

35,000

Goodwill

375,000

375,000

Other assets

17,000

116,000

Total Assets

$

3,030,000

$

4,223,000

Liabilities and Shareholders' Equity

Current liabilities:

Accounts payable

$

281,000

$

414,000

Accrued expenses

134,000

99,000

Accrued payroll and related taxes

95,000

96,000

Notes payable

1,000,000

--

Total Current Liabilities

1,510,000

609,000

Notes payable, net of debt discount

525,000

459,000

Total Liabilities

2,035,000

1,068,000

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 issued and outstanding at September 30, 2012 and September 30, 2011

25,000

25,000

Additional paid-in capital

26,681,000

26,652,000

Accumulated deficit

(25,711,000

)

(23,522,000

)

Total Shareholders' Equity

995,000

3,155,000

Total Liabilities and Shareholders' Equity

$

3,030,000

$

4,223,000

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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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