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Vicon Reports Fourth Quarter And Fiscal Year 2011 Results

From a sales perspective, fourth quarter sales were the highest of any quarter in fiscal 2011. While shipments were down slightly in 2011 versus 2010, new sales orders were identical for both fiscal years at $48.9 million. “Both Europe and the U.S., our primary markets, were and continue to be challenging environments for capital spending whether in the public or private sector”, said Mr. Darby.

Gross margins for the fourth fiscal quarter were similar to that of the full year at 38.7%. The margin decline for the quarter and full year reflects a highly competitive worldwide landscape which necessitated more aggressive pricing for certain projects.

Operating expenses on a comparative basis varied slightly in the fourth fiscal quarter and full fiscal year when the patent litigation expense and certain restructuring costs are excluded. “Recently we took steps to lower operating costs but not impact development plans given the continuing tough sales climate. Notwithstanding the difficulties of 2011, Vicon’s financial position remains strong and our product offerings are some of the best in the industry. Two good positions to be in”, said Mr. Darby.

Vicon develops video management software and also designs, assembles and markets video cameras, network video servers/recorders, encoders and mass storage units. 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 Statements of Operations

 

Three Months Ended September 30,

   

Year Ended September 30,

2011

   

2010

2011

   

2010

 
Net sales $ 12,427,000 $ 13,116,000 $ 47,182,000 $ 48,681,000
 
Gross profit 4,815,000 5,590,000 18,203,000 20,498,000
 
Selling, general and
administrative expense 4,073,000 4,007,000 16,441,000 16,869,000
 
Engineering and development
expense 1,502,000 1,346,000 5,931,000 5,510,000
 
Patent litigation expense - 51,000 5,375,000 51,000
 
Operating income (loss) (760,000 ) 186,000 (9,544,000 ) (1,932,000 )
 
Income (loss) before income taxes (704,000 ) 234,000 (9,322,000 ) (1,743,000 )
 
Income tax expense (benefit) 75,000 114,000 2,138,000 (493,000 )
 
Net income (loss) $ (779,000 ) $ 120,000 $ (11,460,000 ) $ (1,250,000 )
 
Earnings (loss) per share:
 
Basic $ (.17 ) $ .03 $ (2.55 ) $ (.28 )
 
Diluted $ (.17 ) $ .03 $ (2.55 ) $ (.28 )

 

 

 

 

Shares used in computing
earnings (loss) per share:
 
Basic 4,500,000 4,502,000 4,489,000 4,536,000
Diluted 4,500,000 4,546,000 4,489,000 4,536,000
 




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