"Net income for fiscal 1998 was $5,810,000 ($1.50 per share diluted) compared with the net income of $1,565,000 ($.52 per share diluted) in fiscal 1997."
Vicon Industries makes closed- circuit video systems and equipment for use in the surveillance and security industries. Its products include audio and video recorders, video cameras, and motorized zoom lenses. Vicon traditionally sold its products as components to OEMs but in recent years has repositioned itself as a name brand, targeting the retail and gaming markets in particular. The company has also recently jettisoned its manufacturing operations in favor of contract manufacturing. Overseas business, primarily in Europe and the Far East, accounts for about one-third of sales.
Vicon Industries designs, manufactures, assembles, and markets closed circuit television components and systems for security, surveillance, safety, process and control applications. For the nine months ended 6/98, net sales rose 22% to $45.7 million. Net income increased from $924 thousand to $3.7 million. Results reflect increased U.S. system sales due to contract with U.S. postal service. Earnings also reflect higher gross margin due to higher margin product sales.
% LT Debt to Total Cap 12%
Owned by Institutions 6.5%
Market Capitalization 32.3
MilAvg Dly Vol (30 days) 9,900
Shares Outstanding 4.46M
Float 3.10M
Earnings (ttm) $1.32
Sales (ttm) $18.18
Book Value (mrq) $5.75
Cash (mrq) $0.68
Price/Book (mrq) 1.48
Price/Earnings (ttm) 6.45
Price/Sales (ttm) 0.47
Recent Earnings report:
Monday October 26, 11:39 am Eastern Time
Company Press Release
Vicon Industries Reports Record Sales and Earnings for the Fourth Fiscal Quarter and Full Fiscal Year
HAUPPAUGE, NY--(BUSINESS WIRE)--October 26, 1998--Vicon Industries, Inc. (ASE: ''VII''), a leading designer and producer of closed-circuit video surveillance systems, today announced record sales for the fourth fiscal quarter and year ended September 30, 1998. The announcement was made by Kenneth M. Darby, CEO, who said strong domestic sales and expanding gross margins were the primary factors in the record performance.
For the year, sales increased 23% to $63.3 million, compared with $51.5 million in fiscal 1997. For the fourth quarter, sales were $17.6 million, a 24% increase compared with $14.2 million in the comparable fiscal 1997 quarter. Net income for fiscal 1998 was $5,810,000 ($1.50 per share diluted) compared with the net income of $1,565,000 ($.52 per share diluted) in fiscal 1997. For the fourth quarter, net income was $2,072,000 ($.44 per share diluted) compared with net income of $640,000 ($.20 per share diluted) for the same period last year.
<impressive year over year growth in net income>
Commenting on the results, Mr. Darby said that U.S. sales jumped 35% for the year on the strength of new products and system sales under an exclusive supply contract to the U.S. Postal Service.
Internationally, revenues were up a modest 2%, principally due to weak sales in certain troubled Asian countries. Total company order intake for the year was $68.7 million, a 24% increase compared with $55.4 million in the prior fiscal year. The backlog of unfilled orders was $12.4 million and $7.0 million at September 30, 1998 and 1997 respectively.
Mr. Darby said earnings for the year also benefitted from an increase in gross margin to 32.9% compared with 28.1% in the 1997 fiscal year. The margin improvement is the result of a favorable sales mix, lower product costs and capacity gains associated with the revenue growth. In addition, earnings were aided by a U.S. net operating loss (NOL) carryforward which was fully utilized in fiscal 1998, and the reinstatement of previously deferred tax assets in the fourth quarter.
Mr. Darby noted that fiscal 1998 was highlighted by a May 1998 public equity securities offering that provided more than $10 million in capital. Mr. Darby said ''the recent public equity offering was Vicon's first in 18 years and dramatically improved our financial position and ability to take advantage of growth opportunities.'' He noted that the fourth quarter was the first full quarter to be affected by the new shares.
Vicon Industries, Inc. designs, manufactures, assembles and markets a wide range of closed circuit television systems and system components. These products are used for security, surveillance, safety and control applications by a broad group of end users worldwide.
Vicon Industries Inc.
Three Months Ended Sept. 30,
1998 1997
Net sales $17,599,000 $14,168,000
Pretax income $ 1,847,000 $ 651,000
Net income $ 2,072,000 $ 640,000
Earnings per share:
Basic: $ .46 $ .23
Diluted: $ .44 $ .20
Shares used in computing
earnings per share:
Basic: 4,465,000 2,832,000
Diluted: 4,692,000 3,254,000
Fiscal Year Ended Sept. 30,
1998 1997
Net sales $63,310,000 $51,519,000
Pretax income $ 5,810,000 $ 1,647,000
Net income $ 5,810,000 $ 1,565,000
Earnings per share:
Basic: $ 1.61 $ .56
Diluted: $ 1.50 $ .52
Shares used in computing
earnings per share:
Basic: 3,605,000 2,804,000
Diluted: 3,873,000 3,022,000
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Contact:
Kenneth M. Darby
516/952-2288
John S. Bliss
Bliss, Gouverneur & Associates
212/840-1661 |
