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 his General Session at DevOps Summit, Asaf Yigal, Co-Founder & VP of Product at Logz.io, will explore the value of Kibana 4 for log analysis and will give a real live, hands-on tutorial on how to set up Kibana 4 and get the most out of Apache log files. He will examine three use cases: IT operations, business intelligence, and security and compliance. This is a hands-on session that will require participants to bring their own laptops, and we will provide the rest.
SYS-CON Events announced today that Bsquare has been named “Silver Sponsor” of SYS-CON's @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. For more than two decades, Bsquare has helped its customers extract business value from a broad array of physical assets by making them intelligent, connecting them, and using the data they generate to optimize business processes.
In this strange new world where more and more power is drawn from business technology, companies are effectively straddling two paths on the road to innovation and transformation into digital enterprises. The first path is the heritage trail – with “legacy” technology forming the background. Here, extant technologies are transformed by core IT teams to provide more API-driven approaches. Legacy systems can restrict companies that are transitioning into digital enterprises. To truly become a lea...
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - comp...
Adobe is changing the world though digital experiences. Adobe helps customers develop and deliver high-impact experiences that differentiate brands, build loyalty, and drive revenue across every screen, including smartphones, computers, tablets and TVs. Adobe content solutions are used daily by millions of companies worldwide-from publishers and broadcasters, to enterprises, marketing agencies and household-name brands. Building on its established design leadership, Adobe enables customers not o...
SYS-CON Events announced today the Enterprise IoT Bootcamp, being held November 1-2, 2016, in conjunction with 19th Cloud Expo | @ThingsExpo at the Santa Clara Convention Center in Santa Clara, CA. Combined with real-world scenarios and use cases, the Enterprise IoT Bootcamp is not just based on presentations but with hands-on demos and detailed walkthroughs. We will introduce you to a variety of real world use cases prototyped using Arduino, Raspberry Pi, BeagleBone, Spark, and Intel Edison. Y...
Just over a week ago I received a long and loud sustained applause for a presentation I delivered at this year’s Cloud Expo in Santa Clara. I was extremely pleased with the turnout and had some very good conversations with many of the attendees. Over the next few days I had many more meaningful conversations and was not only happy with the results but also learned a few new things. Here is everything I learned in those three days distilled into three short points.
What are the new priorities for the connected business? First: businesses need to think differently about the types of connections they will need to make – these span well beyond the traditional app to app into more modern forms of integration including SaaS integrations, mobile integrations, APIs, device integration and Big Data integration. It’s important these are unified together vs. doing them all piecemeal. Second, these types of connections need to be simple to design, adapt and configure...
Why do your mobile transformations need to happen today? Mobile is the strategy that enterprise transformation centers on to drive customer engagement. In his general session at @ThingsExpo, Roger Woods, Director, Mobile Product & Strategy – Adobe Marketing Cloud, covered key IoT and mobile trends that are forcing mobile transformation, key components of a solid mobile strategy and explored how brands are effectively driving mobile change throughout the enterprise.
“We're a global managed hosting provider. Our core customer set is a U.S.-based customer that is looking to go global,” explained Adam Rogers, Managing Director at ANEXIA, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
SYS-CON Events announced today that Sheng Liang to Keynote at SYS-CON's 19th Cloud Expo, which will take place on November 1-3, 2016 at the Santa Clara Convention Center in Santa Clara, California.
Ask someone to architect an Internet of Things (IoT) solution and you are guaranteed to see a reference to the cloud. This would lead you to believe that IoT requires the cloud to exist. However, there are many IoT use cases where the cloud is not feasible or desirable. In his session at @ThingsExpo, Dave McCarthy, Director of Products at Bsquare Corporation, will discuss the strategies that exist to extend intelligence directly to IoT devices and sensors, freeing them from the constraints of ...
Technology vendors and analysts are eager to paint a rosy picture of how wonderful IoT is and why your deployment will be great with the use of their products and services. While it is easy to showcase successful IoT solutions, identifying IoT systems that missed the mark or failed can often provide more in the way of key lessons learned. In his session at @ThingsExpo, Peter Vanderminden, Principal Industry Analyst for IoT & Digital Supply Chain to Flatiron Strategies, will focus on how IoT de...
Complete Internet of Things (IoT) embedded device security is not just about the device but involves the entire product’s identity, data and control integrity, and services traversing the cloud. A device can no longer be looked at as an island; it is a part of a system. In fact, given the cross-domain interactions enabled by IoT it could be a part of many systems. Also, depending on where the device is deployed, for example, in the office building versus a factory floor or oil field, security ha...
24Notion is full-service global creative digital marketing, technology and lifestyle agency that combines strategic ideas with customized tactical execution. With a broad understand of the art of traditional marketing, new media, communications and social influence, 24Notion uniquely understands how to connect your brand strategy with the right consumer. 24Notion ranked #12 on Corporate Social Responsibility - Book of List.