Breaking News

Tweet TWEET

Vicon Reports First Quarter Results

  Vicon Reports First Quarter Results

Business Wire

HAUPPAUGE, N.Y. -- February 7, 2013

Vicon Industries, Inc. (VII: NYSE-AMEX), a designer and producer of video
security and surveillance systems, today reported operating results for the
first fiscal quarter ended December 31, 2012. The announcement was made by
Chairman and CEO Ken Darby, who said new orders for the quarter totaled $12.1
million, but shipments lagged as a result of customer project scheduling.

For the first fiscal quarter of 2013, net sales decreased to $11.1 million,
compared with $12.4 million in the year ago period. A net loss was incurred of
$477,000 ($.11 per share), compared with a net loss of $284,000 ($.06 per
share) in the prior year quarter.

Commenting on the results, Mr. Darby said “new orders in North America for the
quarter were up over the prior year at $9.5 million. However, customer
scheduling limited shipments to just $8.6 million which adversely affected
results. In Europe and the Middle East order levels were off $600,000 to $2.6
million compared with the prior year period while shipment levels were flat at
$2.5 million for both periods.”

Gross margins were 36.7%, compared with 39.9% for the prior year period. The
lower current period margin primarily reflects the effects of product mix and
key project pricing. Operating expenses declined $652,000 to $4.6 million
versus $5.2 million, as a result of cost reduction steps implemented over the
past year.

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.

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 Statement of Operations
                               
                                    (Unaudited)

                                    First Quarter Ended December 31,
                                                                      
                                       2012              2011
                                                         
Net sales                           $  11,099,000       $ 12,352,000
                                                         
Gross profit                           4,075,000           4,929,000
                                                         
Selling, general and
administrative expense                 3,614,000           3,871,000
                                                         
Engineering and development
expense                                967,000             1,362,000
                                                         
Operating loss                         (506,000    )       (304,000   )
                                                         
Loss before income taxes               (469,000    )       (265,000   )
                                                         
Income tax expense                     8,000               19,000
                                                       
                                                         
Net loss                            $  (477,000    )    $ (284,000   )
                                                         
Loss per share:
                                                         
Basic and Diluted                   $  (.11        )    $ (.06       )
                                                          
                                                         
Shares used in computing
loss per share:
                                                         
Basic and Diluted                      4,484,000           4,492,000
                                                                      

Contact:

Vicon Industries, Inc.
Investor Relations
Joan Wolf, 631-650-6201
 
Press spacebar to pause and continue. Press esc to stop.