-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, DDRCipQZC9Pw0zu0OwacbcEqsEj4crUeYubEYKCAwd7Y8Epf/M6Nyy1WsI75UxFu 539lf19yfcO9bcgeDf/ALQ== 0000310056-04-000013.txt : 20040519 0000310056-04-000013.hdr.sgml : 20040519 20040519095832 ACCESSION NUMBER: 0000310056-04-000013 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040331 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20040519 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VICON INDUSTRIES INC /NY/ CENTRAL INDEX KEY: 0000310056 STANDARD INDUSTRIAL CLASSIFICATION: COMMUNICATIONS EQUIPMENT, NEC [3669] IRS NUMBER: 112160665 STATE OF INCORPORATION: NY FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-07939 FILM NUMBER: 04817510 BUSINESS ADDRESS: STREET 1: 89 ARKAY DR CITY: HAUPPAUGE STATE: NY ZIP: 11788 BUSINESS PHONE: 5169522288 MAIL ADDRESS: STREET 1: 89 ARKAY DR CITY: HAUPPAUGE STATE: NY ZIP: 11788 8-K 1 f8k-033104_pr.txt PRESS RELEASE 033104 Exhibit 99.1 FOR IMMEDIATE RELEASE FOR FURTHER INFORMATION: Vicon Industries: Joan Wolf 631/952-2288 Bliss, Gouverneur & Associates: John Bliss 212/840-1661 VICON INDUSTRIES REPORTS SECOND QUARTER RESULTS HAUPPAUGE, NY, May 17, 2004 - Vicon Industries, Inc. (Amex: VII), a leading designer and producer of video security and surveillance systems, today reported operating results for the second fiscal quarter ended March 31, 2004. The announcement was made by CEO Ken Darby, who said the results principally reflect the effect of lower sales and higher operating expenses. Net sales for the second fiscal quarter were $12.2 million, a decrease of 6% compared with $13.1 million in the second quarter of the prior fiscal year. A net loss of $901,000 ($.20 per share) was incurred compared with a net loss of $2,735,000 ($.59 per share), which included a deferred tax asset valuation charge of $2.1 million ($.45 per share), in the prior year quarter. For the six months, net sales were $26.6 million, an increase of 6% compared with $25.1 million in the first six months of the prior fiscal year. A net loss of $779,000 ($.17 per share) was incurred compared with a net loss of $4.8 million ($1.04 per share), which included the combined effect of a goodwill impairment and deferred tax asset valuation charges aggregating $3.5 million ($.75 per share), in the prior year six month period. Commenting on the second quarter results, Mr. Darby said both foreign and domestic sales were down in the quarter. Domestic sales totaled $7.0 million, down from $7.7 million, while foreign sales were $5.2 million, compared with $5.4 million in the prior year quarter. Gross profit margins increased to 37.0% versus 35.5% as a result of sales of higher margin digital products and favorable foreign currency exchange rates. Margin growth was tempered by the write-off of $182,000 of first generation digital video recorders. Operating expenses increased 4% to $5.4 million due primarily to higher legal fees associated with the defense of a patent infringement suit and increased foreign sales office expense as a result of an unfavorable exchange rate. Mr. Darby also said that new orders in the second quarter were $11.8 million, and the backlog of unfilled orders at March 31, 2004 totaled $6.1 million. Vicon Industries, Inc. designs, manufactures, assembles and markets a wide range of video systems and system components used for security, surveillance, safety and communication purposes by a broad group of end users worldwide. This news release contains forward-looking statements that involve risks and uncertainties. Statements that are not historical facts, including statements about the adequacy of reserves, estimated costs, Company intentions, probabilities, beliefs, prospects and strategies and its expectations about expansion into new markets, growth in existing markets, enhanced operating margins or growth in its business, are forward-looking statements that involve risks and uncertainties. Actual results and events may differ significantly from those discussed in the forward-looking statements and the Company undertakes no obligation to publicly update or revise any forward-looking statements. (Table of Operations Attached)
Vicon Industries, Inc. Condensed Statements of Operations Three Months Ended March 31, Six Months Ended March 31, ---------------------------- -------------------------- 2004 2003 2004 2003 ==== ==== ==== ==== Net sales $ 12,235,000 $13,082,000 $26,573,000 $25,100,000 Gross profit 4,525,000 4,641,000 10,371,000 8,542,000 Operating loss (838,000) (523,000) (553,000) (1,593,000) Loss before income taxes (822,000) (547,000) (545,000) (1,623,000) Income tax expense (Note 1) 79,000 2,188,000 234,000 1,810,000 Loss before cumulative effect of a change in accounting principle (901,000) (2,735,000) (779,000) (3,433,000) Cumulative effect of a change in accounting principle (Note 2) - - - (1,373,000) ------------ ------------ ------------ ------------ Net loss $ (901,000) $ (2,735,000) $ (779,000) $ (4,806,000) ============ ============ ============ ============ Basic and diluted loss per share: - --------------------------------- Loss before cumulative effect of a change in accounting principle $ (.20) $ (.59) $ (.17) $ (.74) Cumulative effect of a change in accounting principle $ - $ - $ - $ (.30) ------------ ------------ ------------ ------------ Net loss per share $ (.20) $ (.59) $ (.17) $ (1.04) ============ ============ ============ ============ Shares used in computing basic and diluted loss per share 4,605,000 4,641,000 4,606,000 4,642,000
Note 1: 2003 figures include a $2.1 million deferred tax asset valuation allowance charge. Note 2: Represents goodwill write-off as a result of adopting a new accounting standard. EX-99.1 2 f8k-051704_pr.txt PRESS RELEASE 051704 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event report): May 17, 2004 VICON INDUSTRIES, INC. Exact name of registrant as specified in its charter New York 1-7939 11-2160665 State of Incorporation or Commission File Number IRS Employer Organization Identification No. 89 Arkay Drive, Hauppauge, New York 11788 Address of Principal Executive Offices (Zip Code) (631) 952-2288 Registrant's telephone number, including area code ================================================================================ INFORMATION TO BE INCLUDED IN REPORT Item 7. Financial Statement and Exhibits (c)Exhibits The following exhibit is furnished as part of this report: 99.1 Registrant's Press Release dated May 17, 2004 Item 9. Regulation FD Disclosure (Information provided under Item 12 - "Disclosure of Results of Operations and Financial Condition"). On May 17, 2004, the Registrant issued a press release announcing its financial results for its quarter ended March 31, 2004. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K. The information in this Current Report on Form 8-K, including the exhibit, is furnished under "Item 12. Results of Operations and Financial Condition" in accordance with SEC Release No. 33-8216. The information in this Current Report on Form 8-K, including the exhibit, shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act. =============================================================================== SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Dated: May 19, 2004 VICON INDUSTRIES, INC. (Registrant) By: /s/ John M. Badke ----------------- John M. Badke Senior Vice President, Finance and Chief Financial Officer ============================================================================== Exhibit Description - ------- ----------- 99.1 Registrant's press release dated May 17, 2004. -----END PRIVACY-ENHANCED MESSAGE-----