XENONICS HOLDINGS, INC. (OTCBB:XNNH) today announced
financial results for fiscal 2013.
Revenue for the twelve months ended September 30, 2013 increased
10.1% to $2,383,000, compared to $2,164,000 for fiscal 2012. The
net loss for fiscal 2013 was $1,542,000, or $0.06 per share. This
compares to a net loss for fiscal 2012 of $2,189,000, or $0.09 per
share.
Selling, general and administrative expenses decreased by 22.3%
to $1,655,000 for fiscal 2013 from $2,130,000 for fiscal 2012.
At September 30, 2013, Xenonics reported total current assets of
$1,431,000 and total current liabilities of $701,000.
The due dates for the principal balances for all of the
Company's promissory notes payable were extended to October 15,
2014 from October 31, 2013 pursuant to an agreement between the
Company and the holders of the promissory notes. On December 10,
2013, the Company borrowed $200,000 against new promissory notes
due January 31, 2014. The holders of these notes have agreed to
extend the due date for their loans to October 15, 2014 if the
Company closes an additional $200,000 debt financing by January 31,
2014.
"These financial arrangements will enable Xenonics to pursue
several opportunities for new orders for our NightHunter and
SuperVision products in the coming months," said Chairman Alan
Magerman.
Conference Call
Xenonics has scheduled a conference call at 11:00 a.m. EST this
morning to discuss its results for the quarter. To participate in
the call, dial (800) 901-5241, passcode #73410243. A simultaneous
webcast of the conference call can be accessed from the Webcast
Center of the Investor Relations link at www.xenonics.com. A replay
will be available after 2:00 p.m. EST at this same Internet
address. For a telephone replay, dial (888) 286-8010, passcode
#97359507, after 2:00 p.m. EST.
About Xenonics
Xenonics Holdings, Inc. 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 is used by every branch
of the U.S. Armed Forces as well as law enforcement and security
agencies. Its SuperVision high-definition night vision 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.
Forward-Looking Statements
Except for the historical statements, statements in this release
may constitute forward-looking statements within the meaning of
section 21E of the Securities Exchange Act of 1934. When used, the
words "anticipates," "believes," "expects," "intends," "future,"
and other similar expressions identify forward-looking statements.
These forward-looking statements reflect management's current views
with respect to future events and financial performance and are
subject to risks and uncertainties, and actual results may differ
materially from the outcomes contained in any forward-looking
statement. Factors that could cause these forward-looking
statements to differ from actual results include delays in
development, marketing or sales of new products, and other risks
and uncertainties discussed in the company's periodic reports on
Form 10-K and 10-Q and other filings with the Securities and
Exchange Commission. Xenonics Holdings undertakes no obligation to
update or revise any forward-looking statements.
XENONICS HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
Twelve months ended
September 30,
2013
2012
Rounded in thousands, except per share
amounts
Revenue
$
2,383,000
$
2,164,000
Cost of goods sold
1,458,000
1,341,000
Gross profit
925,000
823,000
Selling, general and administrative
1,655,000
2,130,000
Research and development
343,000
720,000
Loss from operations
(1,073,000
)
(2,027,000
)
Other income (expense):
Other income
--
1,000
Interest income
--
1,000
Interest (expense)
(467,000
)
(162,000
)
Loss before provision for income taxes
(1,540,000
)
(2,187,000
)
Income tax provision
2,000
2,000
Net loss
$
(1,542,000
)
$
(2,189,000
)
Net loss per share:
Basic and diluted
$
(0.06
)
$
(0.09
)
Weighted average shares outstanding
Basic and diluted
24,976,000
24,976,000
XENONICS HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
September 30,
2013
2012
Rounded in thousands, except par value
Assets
Current assets:
Cash and cash equivalents
$
220,000
$
367,000
Accounts receivable
30,000
58,000
Inventories
1,154,000
2,117,000
Other current assets
27,000
82,000
Total Current Assets
1,431,000
2,624,000
Inventories
480,000
--
Equipment, furniture and leasehold
improvements at cost, net
11,000
14,000
Goodwill
375,000
375,000
Other assets
17,000
17,000
Total Assets
$
2,314,000
$
3,030,000
Liabilities and Shareholders' Equity
(Deficit)
Current liabilities:
Accounts payable
$
399,000
$
281,000
Accrued expenses
211,000
134,000
Accrued payroll and related taxes
91,000
95,000
Notes payable
--
1,000,000
Total Current Liabilities
701,000
1,510,000
Notes payable, net of debt discount
1,962,000
525,000
Total Liabilities
2,663,000
2,035,000
Commitments and contingencies
Shareholders' equity (deficit):
Preferred shares, $0.001 par value,
5,000,000 shares authorized, 0 shares issued and outstanding
--
--
Common shares, $0.001 par value,
50,000,000 shares authorized; 24,976,000 shares issued and
outstanding at September 30, 2013 and September 30, 2012
25,000
25,000
Additional paid-in capital
26,879,000
26,681,000
Accumulated deficit
(27,253,000
)
(25,711,000
)
Total Shareholders' Equity (Deficit)
(349,000
)
995,000
Total Liabilities and Shareholders' Equity
(Deficit)
$
2,314,000
$
3,030,000
Investor Contact:Berkman Associates(310)
477-3118info@BerkmanAssociates.comorCompany Contact:Xenonics
Holdings, Inc.Alan Magerman, Chairman(760)
477-8900xenonics@xenonics.com
Xenonics (CE) (USOTC:XNNHQ)
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