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Vicon Reports Fourth Quarter And Fiscal Year 2010 Results

Vicon Industries, Inc. (NYSE-AMEX: VII), a leading designer and producer of video security and surveillance systems, today reported operating results for the fourth fiscal quarter and year ended September 30, 2010. The announcement was made by Chairman and CEO Ken Darby, who said, “The fourth quarter and full year results reflect a continuing weak capital spending environment in all our primary markets worldwide.”

For the fourth quarter, net sales were $13.1 million, a 14% decrease compared with $15.3 million in the year ago period. Net income for the quarter totaled $120,000 ($.03 per diluted share) compared with net income of $645,000 ($.14 per diluted share) for the same period last fiscal year.

For the 2010 fiscal year, net sales were $48.7 million, a 19% decline compared with $60.4 million for the prior fiscal year. A net loss was incurred totaling $1.250 million ($.28 per share) compared with net income of $2.0 million ($.43 per diluted share) for the prior fiscal year.

Commenting on the fourth quarter and full year results, Mr. Darby said, “While business in the U.S. exhibited some strengthening during the year, our international business was weak throughout the entire year. Foreign revenues were hurt by a combination of unfavorable exchange rates and weak economies.”

For the quarter, U.S. revenues were off 2% to $8.7 million compared with $8.9 million, while foreign sales were down 31% at $4.4 million against $6.4 million in the year ago quarter. For the year, U.S. revenues were $28.7 million, down 11% compared with $32.0 million, while foreign sales were off 30% at $20.0 million against $28.4 million a year ago. Order intake for the fourth quarter was $10.7 million compared with $13.1 million in the year ago fourth quarter and $48.9 million versus $59.3 million for the full year comparison.

For the quarter, gross margins were 42.6%, compared with 46.3% in the year ago fourth quarter. For the year, margins were 42.1% versus 45.2% for the prior year. The overall lower margin for the quarter and full year principally reflects pricing concessions in the face of heightened competition for fewer projects throughout the year. Operating costs totaled $5.4 million versus $6.2 million in the year ago fourth quarter and for the year were $22.4 million compared with $24.3 million for the prior year. The reduction in operating costs for both periods was principally the result of lower sales and marketing costs and a favorable currency translation effect associated with foreign operating costs.

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