Vicon Industries (STU:VCI) Operating Income : €-3.97 Mil (TTM As of Sep. 2018)

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What is Vicon Industries Operating Income?

Vicon Industries's Operating Income for the three months ended in Sep. 2018 was €-0.66 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Sep. 2018 was €-3.97 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Vicon Industries's Operating Income for the three months ended in Sep. 2018 was €-0.66 Mil. Vicon Industries's Revenue for the three months ended in Sep. 2018 was €5.57 Mil. Therefore, Vicon Industries's Operating Margin % for the quarter that ended in Sep. 2018 was -11.89%.

Vicon Industries's 5-Year average Growth Rate for Operating Margin % was 0.00% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Vicon Industries's annualized ROC % for the quarter that ended in Sep. 2018 was -38.64%. Vicon Industries's annualized ROC (Joel Greenblatt) % for the quarter that ended in Sep. 2018 was -61.55%.

Vicon Industries Operating Income Historical Data

The historical data trend for Vicon Industries's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Vicon Industries Operating Income Chart

Vicon Industries Annual Data

Trend

Sep09

Sep10

Sep11

Sep12

Sep13

Sep14

Sep15

Sep16

Sep17

Sep18

Operating Income

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-4.88

-4.02

-4.89

-4.86

-4.05

Vicon Industries Quarterly Data
	Dec13	Mar14	Jun14	Sep14	Dec14	Mar15	Jun15	Sep15	Dec15	Mar16	Jun16	Sep16	Dec16	Mar17	Jun17	Sep17	Dec17	Mar18	Jun18	Sep18
Operating Income	Get a 7-Day Free Trial															-1.20	-0.99	-1.05	-1.27	-0.66

Vicon Industries Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Sep. 2018 adds up the quarterly data reported by the company within the most recent 12 months, which was €-3.97 Mil.

Vicon Industries (STU:VCI) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Vicon Industries's annualized ROC % for the quarter that ended in Sep. 2018 is calculated as:

	ROC % (Q: Sep. 2018 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Jun. 2018 )	+	Invested Capital (Q: Sep. 2018 ))	/ count )
=	-2.648 * ( 1 - 0% )	/	( (7.871	+	5.836)	/ 2 )
=	-2.648	/	6.8535
=	-38.64 %

where

	Invested Capital		(Q: Jun. 2018 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	11.925	-	2.66	-	( 2.044	-	max(0, 9.499	-	10.893	+	2.044	))
=	7.871

	Invested Capital		(Q: Sep. 2018 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	10.651	-	3.126	-	( 1.689	-	max(0, 4.63	-	10.002	+	1.689	))
=	5.836

Note: The Operating Income data used here is four times the quarterly (Sep. 2018) data.

2. Joel Greenblatt's definition of Return on Capital:

Vicon Industries's annualized ROC (Joel Greenblatt) % for the quarter that ended in Sep. 2018 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Sep. 2018 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Jun. 2018		Q: Sep. 2018
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	-2.644	/	( ( (0.246 + max(4.315, 0))	+	(0.219 + max(3.812, 0)) )	/	2 )
=	-2.644	/	( ( 4.561	+	4.031 )	/	2 )
=	-2.644	/	4.296
=	-61.55 %

where Working Capital is:

	Working Capital		(Q: Jun. 2018 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(3.685	+	4.706	+	0.458)	-	(2.66	+	0.413	+	1.461)
=	4.315

	Working Capital		(Q: Sep. 2018 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(3.355	+	4.558	+	0.4)	-	(3.126	+	0.356	+	1.019)
=	3.812

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Sep. 2018) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Vicon Industries's Operating Margin % for the quarter that ended in Sep. 2018 is calculated as:

Operating Margin %	=	Operating Income (Q: Sep. 2018 )	/	Revenue (Q: Sep. 2018 )
	=	-0.662	/	5.567
	=	-11.89 %

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

Vicon Industries Operating Income Related Terms

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Vicon Industries (STU:VCI) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Business Services » Vicon Industries Inc (STU:VCI) » Definitions » Operating Income

Comparable Companies

Traded in Other Exchanges

N/A

Address

135 Fell Court, Hauppauge, NY, USA, 11788

Website

http://www.vicon-security.com

Vicon Industries Inc is a video management software company. It develops video management software and designs and markets a wide range of video system components. The company comprises principally of cameras, network video servers/recorders, encoders and mass storage units, used in security, surveillance, safety and control applications by a broad group of end users. Vicon operates within the electronic protection segment of the security industry. Its product line consists of various elements of a video system, including cameras for image capture, stand-alone network video management system (VMS) software and various video recording, storage, management and output devices and peripherals.

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