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Vicon Reports Fourth Quarter And Fiscal Year 2012 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 fourth fiscal quarter and year ended September 30, 2012. The announcement was made by Chairman and CEO Ken Darby, who said, “North American sales climbed 15% for the year; however continuing weakness, principally in Europe, limited overall growth.”

For the fourth quarter, net sales were $13.1 million, a 5% increase, compared with $12.4 million in the year ago period. A net loss of $321,000 ($.07 per share) was incurred, compared with a net loss of $779,000 ($.17 per share) for the same period last fiscal year.

For the 2012 fiscal year, net sales were $49.7 million, a 5% increase, compared with $47.2 million for the prior fiscal year. For 2012 a net loss of $1.4 million ($.31 per share) was incurred, compared with a net loss of $11.5 million ($2.55 per share), which included $7.9 million or $1.75 per share of extraordinary charges relating to the settlement of a patent suit and the establishment of a deferred tax asset reserve.

Commenting on the fourth quarter results, Mr. Darby said North America sales grew 13% to $10.3 million compared with $9.1 million for the prior year period, while Europe, Middle East and Africa (EMEA) sales were off 15% to $2.8 million versus $3.3 million for the year ago period. For the year, North America sales increased $5.0 million, or 15%, to $38.4 million while EMEA sales declined $2.5 million, or 18%, to $11.2 million. New sales orders for the 2012 fiscal year were $48.1 million versus $48.9 million in the prior year.

“Throughout the year, our North American business performed well, while the EMEA business continued to experience weak results. In the fourth quarter, the Company recorded various charges which included post year end severance payments of approximately $300,000, principally relating to the restructuring of our EMEA business. Notwithstanding the economic difficulties facing Europe, the restructuring measures implemented should, in time, return our EMEA business to a growth posture and subsequent profitability,” said Mr. Darby.

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