Vicon Q3 revenue rises 26 percent, narrows loss

Vicon Q3 revenue rises 26 percent, narrows loss
Vicon Industries, producer of video management systems, has announced its financial results for the third quarter ended June 30, 2015.

Eric Fullerton, Vicon’s CEO said, “The Company has completed its third combined fiscal quarter since its merger with IQinVision on August 29, 2014. The Company’s financial results for the quarter showed a marked improvement over results for the second quarter and were in line with restructuring plan expectations. Revenues increased 14 percent over the second quarter ended March 31, 2015 to $11.7 million and the Company anticipates continued growth in its historically strong fourth quarter."

“Revenue improvements came principally from the Americas market segment where we started rebuilding the IQeye camera brand and enhanced our product offerings. Our EMEA market segment held its own for the quarter as we complete our critical restructuring efforts geared toward forming a leaner business unit. The Company has an aggressive product and market development plan for fiscal 2016 that should well position Vicon for long term growth. As previously stated, Vicon management continues to strengthen relationships in its key sales channels, align its product offerings to better serve its markets and focus on growing new market segments.”

Mr. Fullerton concluded, “We are pleased with the Company’s progress for the quarter and plan to close the year with improved operating results and a much stronger market position. I am excited about our positioning and market strategy going into fiscal 2016 and believe we are on track to execute our long term growth vision.”

Third Quarter Fiscal 2015 Financial Results


The financial results for the third quarter of fiscal 2015 include the results of operations for IQinVision, Inc. for the full quarter. In comparison, financial results for the third quarter of fiscal 2014 do not include IQinVision.

Revenues for the third quarter of fiscal 2015 increased 26 percent to $11.7 million as compared to $9.3 million in the third quarter of fiscal 2014.

Sales of IQinVision products for the current quarter were $3.1 million. Vicon sales, exclusive of IQinVision, decreased by $697,000, or 8 percent, for the period. The decrease included a $268,000, or 4 percent, decrease in sales in the Americas and a $429,000, or 16 percent, decrease in sales in EMEA markets. Order intake for the current quarter increased $2.9 million to $11.5 million as compared to $8.6 million in the third quarter of fiscal 2014.

Gross profit margins for the third quarter of fiscal 2015 increased to 40.0 percent as compared to 36.2 percent in the third quarter of fiscal 2014. Operating expenses for the third quarter of fiscal 2015 increased $764,000 to $5.5 million compared to $4.7 million in the third quarter of fiscal 2014. The increase included the addition of IQinVision operating expenses in the current quarter.

Net loss for the third quarter of fiscal 2015 was $800,000, or $.09 per basic and diluted share, as compared to a net loss of $1.4 million, or $.30 per basic and diluted share, in the third quarter of fiscal 2014.

Adjusted non-GAAP net loss for the third quarter of fiscal year 2015 was $535,000, or $.06 per basic and diluted share, as compared to adjusted non-GAAP net loss of $1.2 million, or $.26 per basic and diluted share, in the third quarter of fiscal year 2014. Refer to the non-GAAP results presentation at the end of the table of operations.
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