Vicon reports Q2 results with N. American sales down by 30%

Vicon reports Q2 results with N. American sales down by 30%

Vicon Industries, a designer and producer of video security and surveillance systems, has just reported operating results for the second fiscal quarter ended March 31, 2014.

Net sales for the second fiscal quarter were $7.0 million, compared with $8.7 million in the second quarter of the prior fiscal year. A net loss was incurred of $1.9 million ($.43 per share), compared with a net loss of $1.4 million ($0.31 per share) in the prior year quarter.

For the six months ended March 31, 2014, net sales were $15.1 million, compared with $19.8 million in the first six months of the prior fiscal year. The net loss for the six months ended March 31, 2014 was $3.5 million ($.77 per share), compared with a net loss of $1.9 million ($.42 per share) in the prior year six-month period.

The Company reported that North American sales decreased 30% to $4.6 million in the most recent quarter as compared to the second quarter ended March 30, 2013, while Europe, Middle East and Africa sales climbed 16% to $2.4 million.

In its most recent March quarter, the Company incurred $264,000 of expenses related to the announced pending merger with IQinVision, Inc.. Cumulatively, since July 2013 such expenses were $570,000.

The Company reported that it expects to file a registration statement with the Securities and Exchange Commission in connection with the IQinVision, Inc. merger by June, 2014. As previously announced, the transaction is anticipated to close sometime during the Company's fourth fiscal quarter.

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.

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