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Vicon Reports First Quarter Results

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
 

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