Vicon Reports Q3 Results, Posts Improved Numbers Year-Over-Year
The video management systems provider posted a $800K net quarterly loss although financial performance improved overall.
Vicon reported a quarterly net loss of $800,000, or 9 cents per basic and diluted share, compared to a net loss of $1.4 million or 30 cents per basic and diluted share in the third quarter of fiscal 2014.
EDGEWOOD, N.Y. – Vicon Industries (NYSE MKT:VII), a provider of video management systems, on Wednesday (Aug. 12) announced its financial results for the third quarter ended June 30. The company reported a quarterly net loss of $800,000, or 9 cents per basic and diluted share, compared to a net loss of $1.4 million or 30 cents per basic and diluted share in the third quarter of fiscal 2014.
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Adjusted non-GAAP net loss for the third quarter of fiscal year 2015 was $535,000, or 6 cents per basic and diluted share, as compared to adjusted non-GAAP net loss of $1.2 million or 26 cents per basic and diluted share in the same period last year.
Revenues for the third quarter of fiscal 2015 increased 26% 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%, for the period. The decrease included a $268,000, or 4%, decrease in sales in the Americas and a $429,000, or 16%, 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.
Vicon completed its third combined fiscal quarter since its merger with IQinVision in 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, according Vicon CEO Eric Fullerton. Revenues increased 14% over the second quarter ended March 31 to $11.7 million.
“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,” Fullerton said in press release.
Vicon’s gross profit margins for the third quarter of fiscal 2015 increased to 40% as compared to 36.2% 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.
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