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
StackIQ has announced the release of Stacki 3.2. Stacki is an easy-to-use Linux server provisioning tool. Stacki 3.2 delivers new capabilities that simplify the automation and integration of site-specific requirements. StackIQ is the commercial entity behind this open source bare metal provisioning tool. Since the release of Stacki in June of 2015, the Stacki core team has been focused on making the Community Edition meet the needs of members of the community, adding features and value, while ...
Qosmos has announced new milestones in the detection of encrypted traffic and in protocol signature coverage. Qosmos latest software can accurately classify traffic encrypted with SSL/TLS (e.g., Google, Facebook, WhatsApp), P2P traffic (e.g., BitTorrent, MuTorrent, Vuze), and Skype, while preserving the privacy of communication content. These new classification techniques mean that traffic optimization, policy enforcement, and user experience are largely unaffected by encryption. In respect wit...
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.
SYS-CON Events announced today the Kubernetes and Google Container Engine Workshop, being held November 3, 2016, in conjunction with @DevOpsSummit at 19th Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA. This workshop led by Sebastian Scheele introduces participants to Kubernetes and Google Container Engine (GKE). Through a combination of instructor-led presentations, demonstrations, and hands-on labs, students learn the key concepts and practices for deploying and maintainin...
SYS-CON Events announced today that Venafi, the Immune System for the Internet™ and the leading provider of Next Generation Trust Protection, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Venafi is the Immune System for the Internet™ that protects the foundation of all cybersecurity – cryptographic keys and digital certificates – so they can’t be misused by bad guys in attacks...
ReadyTalk has expanded the capabilities of the FoxDen collaboration platform announced late last year to include FoxDen Connect, an in-room video collaboration experience that launches with a single touch. With FoxDen Connect, users can now not only engage in HD video conferencing between iOS and Android mobile devices or Chrome browsers, but also set up in-person meeting rooms for video interactions. A host’s mobile device automatically recognizes the presence of a meeting room via beacon tech...
The cloud market growth today is largely in public clouds. While there is a lot of spend in IT departments in virtualization, these aren’t yet translating into a true “cloud” experience within the enterprise. What is stopping the growth of the “private cloud” market? In his general session at 18th Cloud Expo, Nara Rajagopalan, CEO of Accelerite, explored the challenges in deploying, managing, and getting adoption for a private cloud within an enterprise. What are the key differences between wh...
Deploying applications in hybrid cloud environments is hard work. Your team spends most of the time maintaining your infrastructure, configuring dev/test and production environments, and deploying applications across environments – which can be both time consuming and error prone. But what if you could automate provisioning and deployment to deliver error free environments faster? What could you do with your free time?
Ixia (Nasdaq: XXIA) has announced that NoviFlow Inc.has deployed IxNetwork® to validate the company’s designs and accelerate the delivery of its proven, reliable products. Based in Montréal, NoviFlow Inc. supports network carriers, hyperscale data center operators, and enterprises seeking greater network control and flexibility, network scalability, and the capacity to handle extremely large numbers of flows, while maintaining maximum network performance. To meet these requirements, NoviFlow in...
Choosing the right cloud for your workloads is a balancing act that can cost your organization time, money and aggravation - unless you get it right the first time. Economics, speed, performance, accessibility, administrative needs and security all play a vital role in dictating your approach to the cloud. Without knowing the right questions to ask, you could wind up paying for capacity you'll never need or underestimating the resources required to run your applications.
It’s 2016: buildings are smart, connected and the IoT is fundamentally altering how control and operating systems work and speak to each other. Platforms across the enterprise are networked via inexpensive sensors to collect massive amounts of data for analytics, information management, and insights that can be used to continuously improve operations. In his session at @ThingsExpo, Brian Chemel, Co-Founder and CTO of Digital Lumens, will explore: The benefits sensor-networked systems bring to ...
Extreme Computing is the ability to leverage highly performant infrastructure and software to accelerate Big Data, machine learning, HPC, and Enterprise applications. High IOPS Storage, low-latency networks, in-memory databases, GPUs and other parallel accelerators are being used to achieve faster results and help businesses make better decisions. In his session at 18th Cloud Expo, Michael O'Neill, Strategic Business Development at NVIDIA, focused on some of the unique ways extreme computing is...
On Dice.com, the number of job postings asking for skill in Amazon Web Services increased 76 percent between June 2015 and June 2016. Salesforce.com saw its own skill mentions increase 37 percent, while DevOps and Cloud rose 35 percent and 28 percent, respectively. Even as they expand their presence in the cloud, companies are also looking for tech professionals who can manage projects, crunch data, and figure out how to make systems run more autonomously. Mentions of ‘data science’ as a skill ...
Cloud analytics is dramatically altering business intelligence. Some businesses will capitalize on these promising new technologies and gain key insights that’ll help them gain competitive advantage. And others won’t. Whether you’re a business leader, an IT manager, or an analyst, we want to help you and the people you need to influence with a free copy of “Cloud Analytics for Dummies,” the essential guide to this explosive new space for business intelligence.
Manufacturers are embracing the Industrial Internet the same way consumers are leveraging Fitbits – to improve overall health and wellness. Both can provide consistent measurement, visibility, and suggest performance improvements customized to help reach goals. Fitbit users can view real-time data and make adjustments to increase their activity. In his session at @ThingsExpo, Mark Bernardo Professional Services Leader, Americas, at GE Digital, discussed how leveraging the Industrial Internet a...