1. How to use GuruFocus - Tutorials
  2. What Is in the GuruFocus Premium Membership?
  3. A DIY Guide on How to Invest Using Guru Strategies

Vicon Industries Inc Reports Operating Results (10-K)

December 22, 2010 | About:

Vicon Industries Inc (VII) filed Annual Report for the period ended 2010-09-30.

Vicon Industries Inc has a market cap of $19.3 million; its shares were traded at around $4.28 with and P/S ratio of 0.4. VII is in the portfolios of Jim Simons of Renaissance Technologies LLC.

Highlight of Business Operations:

The aggregate market value of voting and non-voting Common Stock held by non-affiliates of the registrant based upon the closing price of $5.07 per share as of March 31, 2010 was approximately $11,099,000.

Export sales and sales from the Company s foreign subsidiaries amounted to $20.0 million, $28.4 million and $32.0 million or 41%, 47% and 48% of consolidated net sales in fiscal years 2010, 2009, and 2008, respectively. The Company s principal foreign markets are the U.K., Europe, Middle East and the Pacific Rim, which together accounted for approximately 83% of international sales in fiscal 2010.

The backlog of orders believed to be firm as of September 30, 2010 and 2009 was approximately $3.0 million and $2.8 million, respectively. Orders are generally cancelable without penalty at the option of the customer. The Company prefers that its backlog of orders not exceed its ability to fulfill such orders on a timely basis, since experience shows that long delivery schedules only encourage the Company s customers to look elsewhere for product availability.

The Company is one of several defendants in a patent infringement suit commenced by Lectrolarm Custom Systems, Inc. in May 2003 in the United States District Court for the Western District of Tennessee. The alleged infringement by the Company relates to its dome camera and system controller product lines, among other products that collectively represent significant sales to the Company. Among other things, the suit seeks past damages, enhanced damages and attorney s fees. The Company and its outside patent counsel believe that the complaint against the Company is without merit and is vigorously defending itself in a joint defense with certain other named defendants. In January 2006, the Company received the plaintiff s claim for past damages through December 31, 2005 that approximated $11.7 million plus pre-judgment interest. Such damages claim was based upon $233 million of alleged infringing product sales for the period at a royalty rate of 5%.

In December 2008, the Company s Board of Directors authorized the purchase of up to $1 million worth of shares of the Company s outstanding common stock. In December 2009, the Board of Directors authorized the purchase of an additional $1.5 million worth of shares of the Company s outstanding common stock. The following table summarizes repurchases of common stock for the three month period ended September 30, 2010:

Read the The complete Report

About the author:

Charlie Tian, Ph.D. - Founder of GuruFocus. You can now order his book Invest Like a Guru on Amazon.

Rating: 4.0/5 (3 votes)


Please leave your comment:

GuruFocus has detected 3 Warning Signs with Vicon Industries Inc $VII.
More than 500,000 people have already joined GuruFocus to track the stocks they follow and exchange investment ideas.

Performances of the stocks mentioned by 10qk

User Generated Screeners

EhrlingerT. Rowe Price Group
NorvasP/S good growers
danaltstreamMPB EY
AxelSalonenGrowth & True Value
gelayor65All Stocks With Blackrock Sell
jgmarisafricaGurus growth low profitability
Get WordPress Plugins for easy affiliate links on Stock Tickers and Guru Names | Earn affiliate commissions by embedding GuruFocus Charts
GuruFocus Affiliate Program: Earn up to $400 per referral. ( Learn More)

GF Chat