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.
"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.
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.
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.
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.
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XENONICS HOLDINGS, INC.
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Preferred shares, $0.001 par value, 5,000,000