Vicon Industries Inc (VII, Financial) filed Quarterly Report for the period ended 2009-06-30.
Vicon Industries Inc. designs manufactures assembles and markets a wide range of closed circuit video systems and system components used for security surveillance safety and control purposes by a broad group of end users. A closed circuit video systems system is a private video system that can transmit and receive video audio and data signals in accordance with the operational needs of the user. The company\'s focus is the design of software-based engineered closed circuit video systems and components that it sells worldwide. Vicon Industries Inc has a market cap of $27.2 million; its shares were traded at around $5.92 with a P/E ratio of 9.2 and P/S ratio of 0.4.
Interest income decreased to $13,000 for the third quarter of fiscal 2009 compared with $48,000 in the year ago period due to lower interest yields in the current year period. Interest expense decreased $5,000 from the year ago period as a result of the repayment of bank borrowings in January 2008. Other income of $14,000 for the third quarter of fiscal 2009 principally represents market recoveries on securities held.
Net sales for the nine months ended June 30, 2009 decreased 4% to $45.2 million compared with $47.0 million in the year ago period. Domestic sales decreased 2% to $23.2 million compared with $23.7 million in the year ago period while international sales decreased 6% to $22.0 million compared with $23.3 million in the year ago period. The decrease in international sales was wholly attributed to negative currency exchange rate changes in the current period as European currencies significantly weakened against the U.S. dollar. If foreign currency denominated sales were converted at the same exchange rate as the year ago period, international sales would have increased an estimated 5% in the current period. Order intake for the first nine months of fiscal 2009 decreased 6% to $46.3 million compared with $49.2 million in the year ago period. The current period order rate was similarly impacted by negative exchange rate changes in the current period.
Total operating expenses for the first nine months of fiscal 2009 decreased $1.3 million to $18.1 million compared with $19.4 million in the year ago period principally as a result of lower European subsidiary operating costs due to currency translation. The Company continued to invest in new product development in the current year period, incurring $4.0 million of engineering and development costs compared with $4.2 million in the year ago period.
Interest income decreased to $65,000 for the first nine months of fiscal 2009 compared with $197,000 in the year ago period due to lower interest yields in the current year period. Interest expense decreased $48,000 from the year ago period as a result of the repayment of bank borrowings in January 2008. Other expense of $45,000 for the first nine months of fiscal 2009 principally represents market losses on securities held.
Net cash provided by operating activities was $5.6 million for the first nine months of fiscal 2009, which included $1.4 million of net income and $1.4 million of non-cash charges for the period. In addition, net cash provided by a $3.7 million decrease in accounts receivable resulting from lower sales was offset in part by a $478,000 decrease in accounts payable and a $333,000 decrease in accrued compensation and employee benefits. Net cash used in investing activities was $339,000 for the first nine months of fiscal 2009 consisting of general capital expenditures. Net cash used in financing activities was $881,000 for the first nine months of fiscal 2009, which included $943,000 of common stock repurchases offset in part by $62,000 of proceeds received from the exercise of stock options. As a result of the foregoing, cash increased by $4.8 million for the first nine months of fiscal 2009 after the effect of exchange rate changes on the cash position of the Company.
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Vicon Industries Inc. designs manufactures assembles and markets a wide range of closed circuit video systems and system components used for security surveillance safety and control purposes by a broad group of end users. A closed circuit video systems system is a private video system that can transmit and receive video audio and data signals in accordance with the operational needs of the user. The company\'s focus is the design of software-based engineered closed circuit video systems and components that it sells worldwide. Vicon Industries Inc has a market cap of $27.2 million; its shares were traded at around $5.92 with a P/E ratio of 9.2 and P/S ratio of 0.4.
Highlight of Business Operations:
Net sales for the quarter ended June 30, 2009 decreased 8% to $14.8 million compared with $16.0 million in the year ago period. Domestic sales decreased 3% to $7.8 million compared with $8.0 million in the year ago period while international sales decreased 13% to $7.0 million compared with $8.0 million in the year ago period. International sales were materially impacted by negative currency exchange rate changes in the current quarter as European currencies significantly weakened against the U.S. dollar. If foreign currency denominated sales were converted at the same exchange rate as the year ago period, international sales would have only decreased an estimated 3% in the current quarter. Order intake for the quarter ended June 30, 2009 decreased $3.4 million or 20% to $13.9 million compared with $17.3 million in the year ago period. The order intake decrease included lower European orders due to the effects of currency translation. The backlog of unfilled orders was $5.0 million at June 30, 2009 compared with $3.9 million at September 30, 2008.Interest income decreased to $13,000 for the third quarter of fiscal 2009 compared with $48,000 in the year ago period due to lower interest yields in the current year period. Interest expense decreased $5,000 from the year ago period as a result of the repayment of bank borrowings in January 2008. Other income of $14,000 for the third quarter of fiscal 2009 principally represents market recoveries on securities held.
Net sales for the nine months ended June 30, 2009 decreased 4% to $45.2 million compared with $47.0 million in the year ago period. Domestic sales decreased 2% to $23.2 million compared with $23.7 million in the year ago period while international sales decreased 6% to $22.0 million compared with $23.3 million in the year ago period. The decrease in international sales was wholly attributed to negative currency exchange rate changes in the current period as European currencies significantly weakened against the U.S. dollar. If foreign currency denominated sales were converted at the same exchange rate as the year ago period, international sales would have increased an estimated 5% in the current period. Order intake for the first nine months of fiscal 2009 decreased 6% to $46.3 million compared with $49.2 million in the year ago period. The current period order rate was similarly impacted by negative exchange rate changes in the current period.
Total operating expenses for the first nine months of fiscal 2009 decreased $1.3 million to $18.1 million compared with $19.4 million in the year ago period principally as a result of lower European subsidiary operating costs due to currency translation. The Company continued to invest in new product development in the current year period, incurring $4.0 million of engineering and development costs compared with $4.2 million in the year ago period.
Interest income decreased to $65,000 for the first nine months of fiscal 2009 compared with $197,000 in the year ago period due to lower interest yields in the current year period. Interest expense decreased $48,000 from the year ago period as a result of the repayment of bank borrowings in January 2008. Other expense of $45,000 for the first nine months of fiscal 2009 principally represents market losses on securities held.
Net cash provided by operating activities was $5.6 million for the first nine months of fiscal 2009, which included $1.4 million of net income and $1.4 million of non-cash charges for the period. In addition, net cash provided by a $3.7 million decrease in accounts receivable resulting from lower sales was offset in part by a $478,000 decrease in accounts payable and a $333,000 decrease in accrued compensation and employee benefits. Net cash used in investing activities was $339,000 for the first nine months of fiscal 2009 consisting of general capital expenditures. Net cash used in financing activities was $881,000 for the first nine months of fiscal 2009, which included $943,000 of common stock repurchases offset in part by $62,000 of proceeds received from the exercise of stock options. As a result of the foregoing, cash increased by $4.8 million for the first nine months of fiscal 2009 after the effect of exchange rate changes on the cash position of the Company.
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