Xenonics Reports Fiscal 2007 Second Quarter ResultsXenonics Holdings, Inc. Press Release
FlashlightNews.org - 5/14/2007
SuperVision™ Production and Shipments Accelerate as Demand Exceeds Expectations
SuperVision Night Vision System from Xenonics
CARLSBAD, Ca. - Xenonics Holdings, Inc. (AMEX:XNN), a leader in advanced illumination and low-light viewing technologies, today announced financial results for the second quarter and first half of fiscal 2007, and provided an update on its progress in the commercial launch of its proprietary new SuperVision™ night vision device.
"We are ramping production of SuperVision to meet demand for this exciting new product that is exceeding our expectations. Following modest initial shipments in March and April, we expect to ship more than 1,000 units in May. We expect to increase the pace to at least 2,000 units in June as we improve our manufacturing process. We expect SuperVision sales to have a substantial positive impact on our financial performance beginning in the current quarter," said Chairman Alan Magerman.
For a video demonstration of SuperVision's world-class technical performance, visit Xenonics' website, www.xenonics.com.
"Also noteworthy is that we generated nearly $400,000 in cash from operations for this year's first six months, compared to absorbing more than $620,000 in cash for the same period last year, even as we invested in future growth. With working capital at the end of the second quarter of more than $5 million and no debt, we believe we have the resources we need to achieve our aggressive goals for Xenonics' long-term growth," Magerman added.
Second Quarter Results
Revenue for the three months ended March 31, 2007 from the sale of the Company's NightHunter high-intensity illumination devices increased to $1,646,000 compared to $718,000 for the second quarter of fiscal 2006.
Gross profit for this year's second quarter was $1,307,000, which included $640,000 related to the sale of excess inventory of the NightHunter II product during the period. This compares to gross profit of $310,000 for the second quarter last year.
Selling, general and administrative expenses for the three months ended March 31, 2007 increased to $1,352,000 compared to $915,000 a year earlier, primarily reflecting increased head count and advertising expenses associated with the launch of SuperVision.
The net loss for the three months ended March 31, 2007 was $177,000, or $0.01 per share. This compares to a net loss for the three months ended March 31, 2006 of $682,000, or $0.04 per share.
At March 31, 2007, Xenonics reported working capital of $5,081,000, and a current ratio of 6 to 1. This compares to working capital at September 31, 2006 of $2,329,000, and a current ratio of 4.5 to 1. Xenonics has no debt.
Six Month Results
For the six months ended March 31, 2007, revenue increased to $2,562,000 compared to $1,638,000 for the first half of fiscal 2006, reflecting increased shipments of NightHunter products. The net loss for the six months ended March 31, 2007 was $582,000, or $0.03 per share. This compares to a net loss for the six months ended March 31, 2006 of $1,608,000, or $0.10 per share.
Xenonics develops and produces advanced, lightweight and compact ultra-high intensity illumination and low-light vision products for military, law enforcement, public safety, and commercial and private sector applications. Xenonics' NightHunter line of illumination products are used by every branch of the U.S. Armed Forces as well as law enforcement and security agencies. Its SuperVision night vision device is designed for commercial and military applications. Employing patented technologies, Xenonics provides innovative solutions for customers who must see farther so they can do their jobs better and safer. Xenonics' products represent the next generation in small, high intensity, high efficiency illumination and low-light vision systems. Visit Xenonics on the web at www.xenonics.com.