Welcome!

News Feed Item

Vicon Reports Second Quarter Results

Vicon Industries, Inc. (VII: NYSE-MKT), a designer and producer of video security and surveillance systems, today reported operating results for the second fiscal quarter ended March 31, 2014.

Net sales for the second fiscal quarter were $7.0 million, compared with $8.7 million in the second quarter of the prior fiscal year. A net loss was incurred of $1.9 million ($.43 per share), compared with a net loss of $1.4 million ($.31 per share) in the prior year quarter.

For the six months ended March 31, 2014, net sales were $15.1 million, compared with $19.8 million in the first six months of the prior fiscal year. The net loss for the six months ended March 31, 2014 was $3.5 million ($.77 per share), compared with a net loss of $1.9 million ($.42 per share) in the prior year six-month period.

The Company reported that North American sales decreased 30% to $4.6 million in the most recent quarter as compared to the second quarter ended March 30, 2013, while Europe, Middle East and Africa sales climbed 16% to $2.4 million.

In its most recent March quarter, the Company incurred $264,000 of expenses related to the announced pending merger with IQinVision, Inc.. Cumulatively, since July 2013 such expenses were $570,000.

The Company reported that it expects to file a registration statement with the Securities and Exchange Commission in connection with the IQinVision, Inc. merger by June, 2014. As previously announced, the transaction is anticipated to close sometime during the Company’s fourth fiscal quarter.

Vicon develops video management software and also designs, assembles, and markets cameras, network video servers/recorders, encoders and storage medium. Vicon products are used in video system applications principally for security, surveillance, safety and communication purposes by a broad group of end users worldwide.

Non-Solicitation

This press release and the information contained herein shall not constitute an offer to sell, buy or exchange or the solicitation of an offer to sell, buy or exchange any securities, nor shall there be any sale, purchase or exchange of securities in any jurisdiction in which such offer, solicitation, sale, purchase or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Additional Information and Where to Find It

In connection with the merger, Vicon intends to file a registration statement (including a prospectus) on Form S-4 with the Securities and Exchange Commission. Holders of Vicon common stock and IQinVision, Inc. capital stock are urged to read the proxy statement/prospectus/consent solicitation and any other relevant documents when filed because they contain important information about Vicon, IQinVision, Inc. and the merger. A proxy statement will be sent to holders of Vicon common stock and a prospectus/consent solicitation will be sent to holders of IQinVision, Inc. capital stock.

When filed, the proxy statement/prospectus/consent solicitation and other documents relating to the proposed merger can be obtained free of charge from the SEC’s website at www.sec.gov. These documents can also be obtained free of charge from Vicon upon written request to Vicon, Investor Relations, 131 Heartland Boulevard, Edgewood, New York 11717. Vicon and its directors and executive officers may be deemed to be participants in Vicon’s solicitation of proxies from its shareholders in connection with the proposed merger. Information regarding the participants and their security holdings can be found in Vicon’s most recent proxy statement filed with the SEC, which are available from the SEC, and the proxy statement/prospectus/consent solicitation when it is filed with the SEC.

This news release contains forward-looking statements that involve risks and uncertainties. Statements that are not historical facts, including statements about the adequacy of reserves, estimated costs, Company intentions, probabilities, beliefs, prospects and strategies and its expectations about expansion into new markets, growth in existing markets, enhanced operating margins or growth in its business, are forward-looking statements that involve risks and uncertainties. Actual results and events may differ significantly from those discussed in the forward-looking statements and the Company undertakes no obligation to publicly update or revise any forward-looking statements.

 

Vicon Industries, Inc.

           

Condensed Statements of Operations

 

(Unaudited)

         

 

Three Months Ended March 31,

Six Months Ended March 31,

 
2014 2013 2014 2013

 

 

 

 

 
Net sales

$

7,037,000

$

8,686,000

$

15,146,000

$

19,785,000

 
Gross profit 2,608,000 3,376,000 5,617,000 7,451,000
 
Selling, general and
administrative expense 3,181,000 3,725,000 6,449,000 7,338,000
 
Engineering and development
expense 1,105,000 1,059,000 2,210,000 2,027,000
 
Strategic initiative expense 264,000 - 424,000 -
 
Operating loss (1,942,000 ) (1,408,000 ) (3,466,000 ) (1,914,000 )
 
Loss before income taxes (1,937,000 ) (1,389,000 ) (3,457,000 ) (1,858,000 )
 
Income tax expense 8,000 8,000 16,000 16,000
 
Net loss

$

(1,945,000

)

$

(1,397,000

)

$

(3,473,000

)

$

(1,874,000

)

 
Loss per share:
 
Basic and Diluted

$

(.43

)

$

(.31

)

$

(.77

)

$

(.42

)

 
Shares used in computing
loss per share:
 
Basic and Diluted 4,504,000 4,495,000 4,504,000 4,489,000

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Widespread fragmentation is stalling the growth of the IIoT and making it difficult for partners to work together. The number of software platforms, apps, hardware and connectivity standards is creating paralysis among businesses that are afraid of being locked into a solution. EdgeX Foundry is unifying the community around a common IoT edge framework and an ecosystem of interoperable components.
In his session at 21st Cloud Expo, Carl J. Levine, Senior Technical Evangelist for NS1, will objectively discuss how DNS is used to solve Digital Transformation challenges in large SaaS applications, CDNs, AdTech platforms, and other demanding use cases. Carl J. Levine is the Senior Technical Evangelist for NS1. A veteran of the Internet Infrastructure space, he has over a decade of experience with startups, networking protocols and Internet infrastructure, combined with the unique ability to it...
"MobiDev is a software development company and we do complex, custom software development for everybody from entrepreneurs to large enterprises," explained Alan Winters, U.S. Head of Business Development at MobiDev, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Vulnerability management is vital for large companies that need to secure containers across thousands of hosts, but many struggle to understand how exposed they are when they discover a new high security vulnerability. In his session at 21st Cloud Expo, John Morello, CTO of Twistlock, addressed this pressing concern by introducing the concept of the “Vulnerability Risk Tree API,” which brings all the data together in a simple REST endpoint, allowing companies to easily grasp the severity of the ...
Agile has finally jumped the technology shark, expanding outside the software world. Enterprises are now increasingly adopting Agile practices across their organizations in order to successfully navigate the disruptive waters that threaten to drown them. In our quest for establishing change as a core competency in our organizations, this business-centric notion of Agile is an essential component of Agile Digital Transformation. In the years since the publication of the Agile Manifesto, the conn...
In his session at 21st Cloud Expo, James Henry, Co-CEO/CTO of Calgary Scientific Inc., introduced you to the challenges, solutions and benefits of training AI systems to solve visual problems with an emphasis on improving AIs with continuous training in the field. He explored applications in several industries and discussed technologies that allow the deployment of advanced visualization solutions to the cloud.
Enterprises are adopting Kubernetes to accelerate the development and the delivery of cloud-native applications. However, sharing a Kubernetes cluster between members of the same team can be challenging. And, sharing clusters across multiple teams is even harder. Kubernetes offers several constructs to help implement segmentation and isolation. However, these primitives can be complex to understand and apply. As a result, it’s becoming common for enterprises to end up with several clusters. Thi...
While some developers care passionately about how data centers and clouds are architected, for most, it is only the end result that matters. To the majority of companies, technology exists to solve a business problem, and only delivers value when it is solving that problem. 2017 brings the mainstream adoption of containers for production workloads. In his session at 21st Cloud Expo, Ben McCormack, VP of Operations at Evernote, discussed how data centers of the future will be managed, how the p...
"NetApp is known as a data management leader but we do a lot more than just data management on-prem with the data centers of our customers. We're also big in the hybrid cloud," explained Wes Talbert, Principal Architect at NetApp, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"Space Monkey by Vivent Smart Home is a product that is a distributed cloud-based edge storage network. Vivent Smart Home, our parent company, is a smart home provider that places a lot of hard drives across homes in North America," explained JT Olds, Director of Engineering, and Brandon Crowfeather, Product Manager, at Vivint Smart Home, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
The question before companies today is not whether to become intelligent, it’s a question of how and how fast. The key is to adopt and deploy an intelligent application strategy while simultaneously preparing to scale that intelligence. In her session at 21st Cloud Expo, Sangeeta Chakraborty, Chief Customer Officer at Ayasdi, provided a tactical framework to become a truly intelligent enterprise, including how to identify the right applications for AI, how to build a Center of Excellence to oper...
"IBM is really all in on blockchain. We take a look at sort of the history of blockchain ledger technologies. It started out with bitcoin, Ethereum, and IBM evaluated these particular blockchain technologies and found they were anonymous and permissionless and that many companies were looking for permissioned blockchain," stated René Bostic, Technical VP of the IBM Cloud Unit in North America, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Conventi...
"Akvelon is a software development company and we also provide consultancy services to folks who are looking to scale or accelerate their engineering roadmaps," explained Jeremiah Mothersell, Marketing Manager at Akvelon, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Coca-Cola’s Google powered digital signage system lays the groundwork for a more valuable connection between Coke and its customers. Digital signs pair software with high-resolution displays so that a message can be changed instantly based on what the operator wants to communicate or sell. In their Day 3 Keynote at 21st Cloud Expo, Greg Chambers, Global Group Director, Digital Innovation, Coca-Cola, and Vidya Nagarajan, a Senior Product Manager at Google, discussed how from store operations and ...
"Infoblox does DNS, DHCP and IP address management for not only enterprise networks but cloud networks as well. Customers are looking for a single platform that can extend not only in their private enterprise environment but private cloud, public cloud, tracking all the IP space and everything that is going on in that environment," explained Steve Salo, Principal Systems Engineer at Infoblox, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Conventio...