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, 2013.
For the first fiscal quarter of 2014, net sales decreased to $8.1
million, compared with $11.1 million in the year ago period. A net loss
was incurred of $1,528,000 ($.34 per share), compared with a net loss of
$477,000 ($.11 per share) in the prior year quarter.
The Company said North American sales were off 40% to $5.1 million while
Europe, Middle East and Africa climbed 17% to $3.0 million.
In February 2013, the Company announced Chairman and CEO Ken Darby's
decision to retire no later than December 31, 2013 and that a
replacement search had begun. In the most recent Annual Report on Form
10-K filed in December 2013, the Company disclosed that it retained a
financial advisor to explore strategic options. In view of the advisor's
effort, the CEO search process was suspended and the Board asked Mr.
Darby to remain on temporarily in his current capacity.
In the December quarter, the Company incurred $160,000 of strategic
initiative expense and $305,000 cumulatively since July 2013.
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
Vicon Industries, Inc.
First Quarter Ended December 31,
Loss per share:
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