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Xenonics Reports First Quarter Results

Companies mentioned in this article: Xenonics Holdings, Inc.

CARLSBAD, Calif. -- (BUSINESS WIRE) -- XENONICS HOLDINGS, INC. (OTCQB:XNNH) today announced financial results for the first quarter of fiscal 2014.

Revenue for the three months ended December 31, 2013 decreased to $63,000, compared to $157,000 for the first quarter of fiscal 2013. The net loss for this year's first quarter was $602,000, or $0.02 per share. This compares to a net loss for the first quarter of fiscal 2013 of $494,000, or $0.02 per share.

At December 31, 2013, Xenonics reported total current assets of $1,197,000. Total current liabilities at December 31, 2013 of $2,960,000 included notes payable due on October 15, 2014.

"Although first quarter revenue was disappointing, we already have received approximately $200,000 of new orders in the second quarter and we continue to expect additional significant orders from military and international customers in the near term. We believe our optimism is well grounded. We recently responded to an RFP from the Norwegian Armed Forces for our crew served weapon lights. We also met with Gulf states port officials regarding port security and the equipment that they need. Our NightHunter 3 and NightHunter EXT were both tested with positive results by the U.S. Navy, which could facilitate future orders and could be significant for Xenonics. And we continue developing the next generation of SuperVision. Despite the slow start, we are optimistic for the year end," 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 quarter. To participate in the call, dial (877) 546-5018, passcode #55207863. 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 2:00 p.m. EST at this same Internet address. For a telephone replay, dial (888) 286-8010, passcode #84417812, after 2:00 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.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

 

 

     

Three months ended

 

December 31,

 

2013

 

                   

2012

Rounded in thousands, except per share amounts

(unaudited)

 

 

 

 

Revenues

$

63,000

 

$

157,000

 

 

 

 

Cost of goods sold

 

37,000

 

 

 

74,000

 

 

 

 

 

Gross profit

26,000

 

83,000

 

 

 

 

Selling, general and administrative

415,000

 

416,000

Research and development

 

127,000

 

 

 

119,000

 

 

 

 

 

Income (loss) from operations

(516,000

)

 

(452,000

)

 

 

 

 

Other income/(expense):

 

 

 

Interest (expense)

 

(84,000

)

 

 

(40,000

)

 

 

 

 

Income (loss) before provision for income taxes

(600,000

)

 

(492,000

)

Income tax provision

 

2,000

 

 

 

2,000

 

 

 

 

 

Net income (loss)

$

(602,000

)

 

$

(494,000

)

 

 

 

 

Net income (loss) per share:

 

 

 

Basic and fully-diluted

$

(0.02

)

 

$

(0.02

)

 

 

 

 

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,

 

2013

 

2013

Rounded in thousands, except par value

(unaudited)

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

Current Assets:

 

 

 

Cash

$

51,000

 

$

220,000

Accounts receivable

--

 

30,000

Inventories

1,127,000

 

1,154,000

Other current assets

 

19,000

 

 

 

27,000

 

 

 

 

 

Total Current Assets

1,197,000

 

1,431,000

 

 

 

 

Inventories

480,000

 

480,000

Equipment, furniture and fixtures at cost, net

8,000

 

11,000

Goodwill

375,000

 

375,000

Other assets

 

17,000

 

 

 

17,000

 

 

 

 

 

Total Assets

$

2,077,000

 

 

$

2,314,000

 

 

 

 

 

 

 

 

 

Liabilities and Shareholders' Equity

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

Accounts payable

$

515,000

 

$

399,000

Accrued expenses

254,000

 

211,000

Accrued payroll and related taxes

79,000

 

91,000

Notes payable, net of debt discount

 

2,112,000

 

 

 

--

 

 

 

 

 

Total Current Liabilities

2,960,000

 

701,000

 

 

 

 

Notes payable

 

--

 

 

 

1,962,000

 

 

 

 

 

Total Liabilities

 

2,960,000

 

 

 

2,663,000

 

 

 

 

 

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, 2013 and September 30, 2013

25,000

 

25,000

Additional paid-in capital

26,947,000

 

26,879,000

Accumulated deficit

 

(27,855,000

)

 

 

(27,253,000

)

 

 

 

 

Total Shareholders' Equity

 

(883,000

)

 

 

(349,000

)

 

 

 

 

Total Liabilities and Shareholders' Equity

$

2,077,000

 

 

$

2,314,000

 
 


Copyright © Business Wire 2014
Contact:

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