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Vicon Reports First Quarter Results

Stocks in this article: VII

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, 2011. The announcement was made by Chairman and CEO Ken Darby, who said sales improved in the U.S. and certain export markets but revenue growth was impacted by continued weakness in Europe and the Middle East.

For the first fiscal quarter of 2012, net sales increased 5% to $12.4 million, compared with $11.7 million in the year ago period. A net loss was incurred of $284,000 ($.06 per share), compared with a net loss of $454,000 ($.10 per share) in the prior year quarter.

U.S. sales increased to $8.1 million, up 11% from $7.3 million, while foreign sales totaled $4.2 million, down 5% from $4.4 million in the year ago period. Commenting on the results, Mr. Darby said, “Business in the U.S. and certain export markets improved but persistent weakness in Europe and the Middle East (EMEA) limited revenue gains. In the EMEA, sales were off over $800,000 from the prior year period.”

Gross margins were 40.0%, compared with 41.0% for the prior year period. Operating expenses declined $302,000 to $5.2 million versus $5.5 million, principally as a result of further cost reductions.

“After several years of development and testing, Vicon recently commenced shipping its new range of Surveyor 720p high definition PTZ dome cameras. The 1080p version will follow in a few months,” said Mr. Darby. Surveyor HD is one of a very few high definition, true continuous rotation, full featured PTZ surveillance cameras available anywhere, noted Mr. Darby.

Vicon Industries, Inc. designs, engineers, assembles, and markets a wide range of video and access control systems and system components used for security, surveillance, safety and communication purposes by a broad group of end users worldwide.

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