0000310056-13-000018.txt : 20130802 0000310056-13-000018.hdr.sgml : 20130802 20130802171953 ACCESSION NUMBER: 0000310056-13-000018 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20130802 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20130802 DATE AS OF CHANGE: 20130802 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VICON INDUSTRIES INC /NY/ CENTRAL INDEX KEY: 0000310056 STANDARD INDUSTRIAL CLASSIFICATION: COMMUNICATIONS EQUIPMENT, NEC [3669] IRS NUMBER: 112160665 STATE OF INCORPORATION: NY FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-07939 FILM NUMBER: 131007379 BUSINESS ADDRESS: STREET 1: 89 ARKAY DR CITY: HAUPPAUGE STATE: NY ZIP: 11788 BUSINESS PHONE: 5169522288 MAIL ADDRESS: STREET 1: 89 ARKAY DR CITY: HAUPPAUGE STATE: NY ZIP: 11788 8-K 1 fiscal2013thirdquarterpres.htm 8-K Fiscal 2013 Third Quarter Press Release


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 2, 2013

VICON INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)

         
New York
1-7939
11-2160665
(State of Incorporation or
(Commission File Number)
(IRS Employer
Organization)
 
Identification No.)

89 Arkay Drive, Hauppauge, New York
11788
(Address of Principal Executive Offices)
(Zip Code)

(631) 952-2288
(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
[ ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
[ ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
[ ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
[ ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))






                   
Item 2.02 Results of Operations and Financial Condition

On August 2, 2013, the Registrant issued a press release announcing its financial results for its quarter ended June 30, 2013. A copy of the press release is attached hereto as Exhibit 99.1.


Item 9.01 Financial Statements and Exhibits

(d) Exhibits

The following exhibits are furnished as part of this report:

Exhibit No.
 
Description
99.1
 
Registrant's Press Release dated August 2, 2013
         

The information in this Current Report on Form 8-K, including Exhibit 99.1, is being furnished and shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act.

                                     









SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


Dated: August 2, 2013

                                                                                              
                                    
VICON INDUSTRIES, INC.

                                    
By: /s/ John M. Badke
John M. Badke
Senior Vice President, Finance and
Chief Financial Officer

                                               

                                         

                                             






                                          
           
EXHIBIT INDEX

Exhibit No.
 
Description
99.1
 
Registrant's Press Release dated August 2, 2013






EX-99.1 2 exhibit991fiscal2013thirdq.htm EXHIBIT 99.1 Exhibit 99.1 Fiscal 2013 Third Quarter Press Release


EXHIBIT 99.1

FOR IMMEDIATE RELEASE
FOR FURTHER INFORMATION:
Investor Relations: Joan Wolf
631-650-6201

VICON REPORTS THIRD QUARTER RESULTS
HAUPPAUGE, NY, August 2, 2013 - Vicon Industries, Inc. (VII: NYSE-AMEX), a designer and producer of video security and surveillance systems, today reported operating results for the third fiscal quarter ended June 30, 2013. The announcement was made by Chairman and CEO Ken Darby.

Net sales for the third fiscal quarter were $10.0 million, compared with $11.7 million in the third quarter of the prior fiscal year. A net loss was incurred of $720,000 ($.16 per share), compared with a net loss of $497,000 ($.11 per share) in the prior year quarter.

For the nine months, net sales were $29.8 million compared with $36.5 million in the first nine months of the prior fiscal year. A net loss was incurred of $2.6 million ($.58 per share), compared with a net loss of $1.1 million ($.24 per share) in the prior year nine-month period.

Commenting on the third quarter results, Mr. Darby said while sales improved compared with the preceding quarter, new sales orders for the June period were weak at $9.0 million. Both sales and new order weakness was most profound in North America where shipments declined by $2.1 million and new orders fell $1.6 million compared with the prior year quarter. Technical issues, which we believe have been resolved, were a factor in the Company's ability to close projects during the June quarter.






Gross margins in the third quarter were 36.6%, compared with 39.8% in the prior year quarter. The current quarter gross margin was adversely impacted by an inventory charge of $250,000 (or 2.5%) relating to the discontinuation of certain product lines. Operating costs, excluding patent litigation expense, declined to $4.7 million compared with $5.1 million in the prior year period. The tax expense credit of $492,000 principally reflects the reversal of a potential tax liability which expired.

In the fourth quarter Mr. Darby said the Company will close on the sale of its current headquarters property and move to its newly acquired facility. The sale will result in a financial statement gain of $3.5 million. Net free cash resulting from the two transactions is expected to be $2.5 million.

Vicon Industries, Inc. designs, engineers, assembles, and markets a wide range of video and access control systems and system components used for security, surveillance, safety, communication and process control 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 forward-looking statements.







(Table of Operations Attached)






Table of Operations

Vicon Industries, Inc.
Condensed Statements of Operations
(Unaudited)
                
            
 
Three Months Ended
 
Nine Months Ended
 
June 30,
 
June 30,
 
2013
2012
 
2013
2012
Net sales
$
10,024,000

$
11,722,000

 
$
29,810,000

$
36,546,000

Gross profit
3,672,000

4,664,000

 
11,123,000

14,548,000

Selling, general and administrative expense
3,824,000

3,854,000

 
11,162,000

11,649,000

Engineering and development expense
1,044,000

1,286,000

 
3,070,000

3,959,000

Operating loss
(1,196,000
)
(476,000
)
 
(3,109,000
)
(1,060,000
)
Loss before income taxes
(1,212,000
)
(478,000
)
 
(3,070,000
)
(1,002,000
)
Income tax expense (benefit)
(492,000
)
19,000

 
(476,000
)
57,000

Net loss
$
(720,000
)
$
(497,000
)
 
$
(2,594,000
)
$
(1,059,000
)
 
 
 
 
 
 
Loss per share:
 
 
 
 
 
Basic
$
(.16
)
$
(.11
)
 
$
(.58
)
$
(.24
)
Diluted
$
(.16
)
$
(.11
)
 
$
(.58
)
$
(.24
)
 
 
 
 
 
 
Shares used in computing loss per share:
 
 
 
 
 
Basic
4,499,000

4,478,000

 
4,493,000

4,482,000

Diluted
4,499,000

4,478,000

 
4,493,000

4,482,000