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Vicon Reports Financial Results for the First Quarter Ended December 31, 2017


 Tags:   News: Audio & Video                This was published: 12 Feb 2018 - 09:26 pm         Print article: Printer friendly page
          

Vicon Industries, Inc. (NYSE American:VII), a global producer of video security solutions, today announced its financial results for its first quarter ended December 31, 2017.



Vicon’s CEO John Badke said, "The current quarter sales and order rate reflect a marked improvement over the prior year period relating principally to the delivery of a large multi-phase safe city security project. Despite these revenue gains, results were negatively impacted by increased sales and marketing costs in the quarter for new product line promotion and ongoing market channel rebuilding efforts. We continue to gain market acceptance of our new Valerus video management system (VMS) platform and are very excited to announce our first software enhancement release of 2018 scheduled for the end of this month. This release includes a legacy VMS integration gateway, which will provide a cost effective upgrade solution to our vast legacy system installed base, and other important new enhancements. We expect to gain increasing traction in our legacy enterprise system markets as we continue to deliver important new and innovative system enhancements. Additionally, we further solidified our core product offerings with the launch of an entirely new and enhanced camera line at the onset of the quarter. These products have been well received by the market thus far and are beginning to positively impact our new order activity."

"In November, the Company received $3.1 million of net cash proceeds from the sale of its common stock upon the closing of its rights offering, which was used to pay down interest bearing Credit Agreement borrowings. Notwithstanding this cash infusion, the Company will likely require additional financing over the next twelve months to implement its planned business objectives and strategies."

First Quarter Fiscal 2018 Financial Results

Revenues for the first quarter of fiscal 2018 increased 17% to $7.7 million as compared to $6.6 million in the first quarter of fiscal 2017. The $1.1 million increase in the current quarter included a $1.0 million, or 18%, increase in sales in the Americas market and a $141,000, or 13%, increase in EMEA market sales. Order intake for the current quarter increased $2.1 million to $7.9 million as compared to $5.8 million in the first quarter of fiscal 2017. Sales and order growth for the current quarter principally resulted from the delivery of a large multi-phase safe city security project. The Company continues to invest in the promotion of its new Valerus video management system platform and recently launched camera line offering, which is expected to ultimately improve the Company's market competitiveness.

Gross profit margins were 38.2% for the first quarter of fiscal 2018 as compared to 38.9% for the first quarter of fiscal 2017. Margins continue to be negatively impacted by market pricing pressures and commodity driven project sales. The Company continues to enhance its Valerus video management system capabilities, which are expected to ultimately allow the Company to better compete on enterprise level market opportunities that generate higher profit margins.

Total operating expenses increased $312,000 to $4.1 million in the current quarter, compared to $3.8 million for the first quarter of 2017, due to increased sales and marketing expenses in the U.S. for new product line promotion and ongoing market channel rebuilding efforts.

Net loss for the first quarter of fiscal 2018 was $1.3 million, or $.09 per basic and diluted share, as compared to a net loss of $1.3 million, or $.14 per basic and diluted share, in the first quarter of fiscal 2017.

Article source - Business Wire, all right reserved. Copyright 2018
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Further information:
Organisation name:    Vicon Industries, Inc.



Latest stock price data for NYSEAM:VII

 


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