Click here to close now.




















Welcome!

News Feed Item

Xenonics Reports Second Quarter Results

XENONICS HOLDINGS, INC. (OTCQB:XNNH) today announced financial results for the second quarter and first six months of fiscal 2014.

Revenue for the three months ended March 31, 2014 decreased to $16,000. This compares to revenue of $961,000 for the second quarter of fiscal 2013. The net loss for this year's second quarter was $576,000, or $0.02 per basic and diluted share. This compares to a net loss for the second quarter of fiscal 2013 of $293,000, or $0.01 per basic and diluted share.

For the six months ended March 31, 2014, revenue decreased to $79,000 compared to $1,118,000 for last year's first half. The net loss for the first six months of fiscal 2014 was $1,179,000, or $0.05 per basic and diluted share. This compares to a net loss for the first six months of fiscal 2013 of $787,000, or $0.03 per basic and diluted share.

"Approximately $250,000 of orders we had expected to ship in the second quarter were shipped in the third quarter instead. We continue to expect additional significant orders from military and international customers. We currently are in the process of arranging additional financing to support our operations," 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 quarter. To participate in the call, dial (800) 510-0146, passcode #16845774. 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 #92288381, after 2:00 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,

 

 

2014

 

 

 

2013

 

 

 

2014

 

 

 

2013

 

Rounded to the nearest thousand, except per share amounts

(unaudited)

 

(unaudited)

 

 

 

 

Revenues

$

16,000

 

$

961,000

 

$

79,000

 

$

1,118,000

 

 

 

 

Cost of goods sold

 

6,000

 

 

 

505,000

 

 

 

44,000

 

 

 

580,000

 

 

 

 

 

Gross profit

10,000

 

456,000

 

35,000

 

538,000

 

 

 

 

Selling, general and administrative

384,000

 

468,000

 

799,000

 

884,000

Research and development

 

101,000

 

 

 

108,000

 

 

 

229,000

 

 

 

227,000

 

 

 

 

 

Income (loss) from operations

(475,000

)

 

(120,000

)

 

(993,000

)

 

(573,000

)

 

 

 

 

 

 

 

 

Other income/(expense):

 

 

 

 

 

 

 

Interest (expense)

 

(101,000

)

 

 

(173,000

)

 

 

(184,000

)

 

 

(212,000

)

 

 

 

 

Income (loss) before provision for income taxes

(576,000

)

 

(293,000

)

 

(1,177,000

)

 

(785,000

)

Income tax provision

 

--

 

 

 

--

 

 

 

2,000

 

 

 

2,000

 

 

 

 

 

Net income (loss)

$

(576,000

)

 

$

(293,000

)

 

$

(1,179,000

)

 

$

(787,000

)

 

 

 

 

 

 

 

 

Net income (loss) per share:

 

 

 

 

 

 

 

Basic and fully-diluted

$

(0.02

)

 

$

(0.01

)

 

$

(0.05

)

 

$

(0.03

)

 

 

 

 

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,
  2014     2013  
Rounded to the nearest thousand, except par value (unaudited)
 
Assets
 
Current Assets:
Cash $ 4,000 $ 220,000
Accounts receivable 1,000 30,000
Inventories 1,121,000 1,154,000
Other current assets   35,000     27,000  
 
Total Current Assets 1,161,000 1,431,000
 
Inventories 480,000 480,000
Equipment, furniture and fixtures at cost, net 7,000 11,000
Goodwill 375,000 375,000
Other assets   17,000     17,000  
 
Total Assets $ 2,040,000   $ 2,314,000  
 
 
Liabilities and Shareholders' Deficit
 
Current Liabilities:
Accounts payable $ 591,000 $ 399,000
Accrued expenses 357,000 211,000
Accrued payroll and related taxes 168,000 91,000
Notes payable, net of debt discount   2,383,000     --  
 
Total Current Liabilities 3,499,000 701,000
 
Notes payable   --     1,962,000  
 
Total Liabilities   3,499,000     2,663,000  
 
Commitments and contingencies
 
Shareholders' Deficit:

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 at March 31, 2014 and September 30, 2013

25,000 25,000
Additional paid-in capital 26,947,000 26,879,000
Accumulated deficit   (28,431,000 )   (27,253,000 )
 
Total Shareholders' Deficit   (1,459,000 )   (349,000 )
 
Total Liabilities and Shareholders' Deficit $ 2,040,000   $ 2,314,000  

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
In a recent research, analyst firm IDC found that the average cost of a critical application failure is $500,000 to $1 million per hour and the average total cost of unplanned application downtime is $1.25 billion to $2.5 billion per year for Fortune 1000 companies. In addition to the findings on the cost of the downtime, the research also highlighted best practices for development, testing, application support, infrastructure, and operations teams.
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
For IoT to grow as quickly as analyst firms’ project, a lot is going to fall on developers to quickly bring applications to market. But the lack of a standard development platform threatens to slow growth and make application development more time consuming and costly, much like we’ve seen in the mobile space. In his session at @ThingsExpo, Mike Weiner, Product Manager of the Omega DevCloud with KORE Telematics Inc., discussed the evolving requirements for developers as IoT matures and conducte...
The Software Defined Data Center (SDDC), which enables organizations to seamlessly run in a hybrid cloud model (public + private cloud), is here to stay. IDC estimates that the software-defined networking market will be valued at $3.7 billion by 2016. Security is a key component and benefit of the SDDC, and offers an opportunity to build security 'from the ground up' and weave it into the environment from day one. In his session at 16th Cloud Expo, Reuven Harrison, CTO and Co-Founder of Tufin,...
With SaaS use rampant across organizations, how can IT departments track company data and maintain security? More and more departments are commissioning their own solutions and bypassing IT. A cloud environment is amorphous and powerful, allowing you to set up solutions for all of your user needs: document sharing and collaboration, mobile access, e-mail, even industry-specific applications. In his session at 16th Cloud Expo, Shawn Mills, President and a founder of Green House Data, discussed h...
Mobile, social, Big Data, and cloud have fundamentally changed the way we live. “Anytime, anywhere” access to data and information is no longer a luxury; it’s a requirement, in both our personal and professional lives. For IT organizations, this means pressure has never been greater to deliver meaningful services to the business and customers.
Container technology is sending shock waves through the world of cloud computing. Heralded as the 'next big thing,' containers provide software owners a consistent way to package their software and dependencies while infrastructure operators benefit from a standard way to deploy and run them. Containers present new challenges for tracking usage due to their dynamic nature. They can also be deployed to bare metal, virtual machines and various cloud platforms. How do software owners track the usag...
The Internet of Everything (IoE) brings together people, process, data and things to make networked connections more relevant and valuable than ever before – transforming information into knowledge and knowledge into wisdom. IoE creates new capabilities, richer experiences, and unprecedented opportunities to improve business and government operations, decision making and mission support capabilities.
Chuck Piluso presented a study of cloud adoption trends and the power and flexibility of IBM Power and Pureflex cloud solutions. Prior to Secure Infrastructure and Services, Mr. Piluso founded North American Telecommunication Corporation, a facilities-based Competitive Local Exchange Carrier licensed by the Public Service Commission in 10 states, serving as the company's chairman and president from 1997 to 2000. Between 1990 and 1997, Mr. Piluso served as chairman & founder of International Te...
There are many considerations when moving applications from on-premise to cloud. It is critical to understand the benefits and also challenges of this migration. A successful migration will result in lower Total Cost of Ownership, yet offer the same or higher level of robustness. In his session at 15th Cloud Expo, Michael Meiner, an Engineering Director at Oracle, Corporation, analyzed a range of cloud offerings (IaaS, PaaS, SaaS) and discussed the benefits/challenges of migrating to each offe...
Puppet Labs has announced the next major update to its flagship product: Puppet Enterprise 2015.2. This release includes new features providing DevOps teams with clarity, simplicity and additional management capabilities, including an all-new user interface, an interactive graph for visualizing infrastructure code, a new unified agent and broader infrastructure support.
SYS-CON Events announced today that MobiDev, a software development company, will exhibit at the 17th International Cloud Expo®, which will take place November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software development company with representative offices in Atlanta (US), Sheffield (UK) and Würzburg (Germany); and development centers in Ukraine. Since 2009 it has grown from a small group of passionate engineers and business managers to a full-scale mobi...
One of the hottest areas in cloud right now is DRaaS and related offerings. In his session at 16th Cloud Expo, Dale Levesque, Disaster Recovery Product Manager with Windstream's Cloud and Data Center Marketing team, will discuss the benefits of the cloud model, which far outweigh the traditional approach, and how enterprises need to ensure that their needs are properly being met.
Learn how to solve the problem of keeping files in sync between multiple Docker containers. In his session at 16th Cloud Expo, Aaron Brongersma, Senior Infrastructure Engineer at Modulus, discussed using rsync, GlusterFS, EBS and Bit Torrent Sync. He broke down the tools that are needed to help create a seamless user experience. In the end, can we have an environment where we can easily move Docker containers, servers, and volumes without impacting our applications? He shared his results so yo...
Palerra, the cloud security automation company, announced enhanced support for Amazon AWS, allowing IT security and DevOps teams to automate activity and configuration monitoring, anomaly detection, and orchestrated remediation, thereby meeting compliance mandates within complex infrastructure deployments. "Monitoring and threat detection for AWS is a non-trivial task. While Amazon's flexible environment facilitates successful DevOps implementations, it adds another layer, which can become a ...