0000310056-18-000039.txt : 20180820 0000310056-18-000039.hdr.sgml : 20180820 20180820163759 ACCESSION NUMBER: 0000310056-18-000039 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20180820 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20180820 DATE AS OF CHANGE: 20180820 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: 181028595 BUSINESS ADDRESS: STREET 1: 135 FELL COURT CITY: HAUPPAUGE STATE: NY ZIP: 11788 BUSINESS PHONE: 6319522288 MAIL ADDRESS: STREET 1: 135 FELL COURT CITY: HAUPPAUGE STATE: NY ZIP: 11788 8-K 1 a8-kfiscal2018thirdquarter.htm 8-K Document


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 reported): August 20, 2018

VICON INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)

         
New York
001-7939
11-2160665
(State of Incorporation or
(Commission File Number)
(IRS Employer
Organization)
 
Identification No.)

135 Fell Court, Hauppauge, New York
11788
(Address of Principal Executive Offices)
(Zip Code)

(631) 952-2288
(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
[ ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
[ ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
[ ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
[ ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))






                   
Item 2.02 Results of Operations and Financial Condition

On August 20, 2018, the Registrant issued a press release announcing its financial results for its quarter ended June 30, 2018. A copy of the press release is attached hereto as Exhibit 99.1.


Item 9.01 Financial Statements and Exhibits

(d) Exhibits

The following exhibits are furnished as part of this report:

         

The information in this Current Report on Form 8-K, including Exhibit 99.1, is being furnished and shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, (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, as amended, 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: August 20, 2018

                                                
VICON INDUSTRIES, INC.
 
 
 
By: /s/ John M. Badke
 
John M. Badke
 
Chief Operating Officer and
 
Chief Financial Officer
 
 
 
 
 

                                         

 



EX-99.1 2 exhibit991-fiscal2018third.htm EXHIBIT 99.1 Exhibit


EXHIBIT 99.1
viconverticallogoa01a02a01.jpg
        
VICON REPORTS FINANCIAL RESULTS FOR THE THIRD QUARTER ENDED JUNE 30, 2018

HAUPPAUGE, N.Y. - August 20, 2018 - Vicon Industries, Inc. (OTCQB: VCON), a global producer of video security solutions, today announced its financial results for its third quarter ended June 30, 2018.

Vicon’s Chief Executive Officer, Saagar Govil, said, "Current quarter results were disappointing despite a nice margin improvement and ongoing expense reductions. It is clear that the Company will require more time to rebuild its market share after many years of legacy product market deterioration. The Company believes its new product offerings will increasingly penetrate the market as it continues to deliver on its Valerus video management system platform enhancement roadmap. We also recently released our second 2018 Valerus system enhancement, which includes add-on enterprise system features as well as industry leading, powerful video analytics capabilities.”
 
Vicon’s Chief Operating Officer, John Badke, added, “The Company recently announced that it entered into a research and development services agreement with its principal shareholder, Cemtrex, Inc., to provide the Company with outsourced software development services. The Company is transitioning its principal Israeli based software development activities to Cemtrex’s India based services group, which has now assumed software coding and test responsibilities for the Company. The outsourcing of these activities is expected to materially reduce the Company’s software development costs and provide development efficiencies, which should help expedite its software roadmap. The Company is also evaluating other restructuring measures to reduce its operating cost profile. However, despite these initiatives, the Company will likely require additional financing over the next twelve months to implement its planned business objectives and strategies."

Third Quarter Fiscal 2018 Financial Results

Revenues for the third quarter of fiscal 2018 decreased 16% to $6.2 million as compared to $7.4 million in the third quarter of fiscal 2017. The $1.2 million decrease in the current quarter included a $735,000, or 12%, decrease in sales in the Americas market and a $478,000, or 35%, decrease in EMEA market sales. Order intake for the current quarter decreased $966,000 to $5.9 million as compared to $6.9 million in the third quarter of fiscal 2017. The Company continues to invest in the promotion of its new Valerus video management system platform and recently launched camera line offering, which is expected to ultimately improve the Company's market competitiveness.

Gross profit margins were 42.1% for the third quarter of fiscal 2018 as compared to 38.5% for the third quarter of fiscal 2017. The margin improvement principally resulted from the introduction of a new and more cost effective camera line. The Company expects to generate increasing profit margins as it continues to enhance its software solution capabilities.

Total operating expenses decreased slightly to $4.1 million in the current quarter, compared to $4.1 million for the third quarter of 2017. Subsequent to quarter end, the Company initiated software development changes, which are expected to materially reduce its future expense and improve throughput efficiencies.

Net loss for the third quarter of fiscal 2018 was $1.7 million, or $.09 per basic and diluted share, as compared to a net loss of $1.4 million, or $.15 per basic and diluted share, in the third quarter of fiscal 2017.








About Vicon

Vicon Industries, Inc. (OTCQB: VCON) is a global producer of video management systems and system components for use in security, surveillance, safety and communication applications by a broad range of end users. Vicon’s product line consists of various elements of a video system, including video management software, recorders and storage devices and capture devices (cameras). Headquartered in Hauppauge, New York, the Company also has offices in Yavne, Israel and the United Kingdom. More information about Vicon, its products and services is available at www.vicon-security.com.


Special Note Regarding Forward-looking Statements

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to our new product offerings and our proposed fundraising activities. These forward-looking statements are based on management's current expectations and are subject to certain risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by such forward looking statements. These risks and uncertainties include, but are not limited to: our history of losses and negative cash flows; our need for additional financing; market acceptance of our products; our ability to manufacture and develop effective products and solutions; indebtedness to our secured lender; current and future economic conditions that may adversely affect our business and customers; potential fluctuation of our revenues and profitability from period to period which could result in our failure to meet expectations; our ability to maintain adequate levels of working capital; our ability to incentivize and retain our current senior management team and continue to attract and retain qualified scientific, technical and business personnel; our ability to expand our product offerings or to develop other new products and services; our ability to generate sales and profits from current product offerings; rapid technological changes and new technologies that could render certain of our products and services to be obsolete; competitors with significantly greater financial resources; introduction of new products and services by competitors; challenges associated with expansion into new markets; and other factors discussed under the heading "Risk Factors" contained in our Registration Statement on Form S-3 filed with the Securities and Exchange Commission on January 5, 2018. All information in this press release is as of the date of the release and we undertake no duty to update this information unless required by law.


Contact:
Vicon Investor Relations
Cindy Schneider
Tel: (631) 650-6201
Email: IR@vicon-security.com

-Financial Tables on Following Pages-







Table of Operations

Vicon Industries, Inc.
Condensed Statements of Operations
(Unaudited)
                
               
 
 
 
 
 
Three Months Ended
 
Nine Months Ended
 
June 30,
 
June 30,
 
2018
 
2017
 
2018
 
2017
Net sales
$
6,169,000

 
$
7,382,000

 
$
21,238,000

 
$
19,991,000

Gross profit
2,601,000

 
2,844,000

 
8,559,000

 
7,662,000

 
 
 
 
 
 
 
 
Operating expenses:
 
 
 
 
 
 
 
  Selling, general and administrative expense
2,891,000

 
2,887,000

 
9,001,000

 
8,369,000

  Engineering and development expense
1,189,000

 
1,235,000

 
3,510,000

 
3,664,000

Total operating expenses
4,080,000

 
4,122,000

 
12,511,000

 
12,033,000

 
 
 
 
 
 
 
 
Operating loss
(1,479,000
)
 
(1,278,000
)
 
(3,952,000
)
 
(4,371,000
)
 
 
 
 
 
 
 
 
Loss before income taxes
(1,657,000
)
 
(1,397,000
)
 
(4,426,000
)
 
(4,603,000
)
Income tax expense

 

 

 

Net loss
$
(1,657,000
)
 
$
(1,397,000
)
 
$
(4,426,000
)
 
$
(4,603,000
)
 
 
 
 
 
 
 
 
Loss per share:
 
 
 
 
 
 
 
Basic
$
(.09
)
 
$
(.15
)
 
$
(.27
)
 
$
(.49
)
Diluted
$
(.09
)
 
$
(.15
)
 
$
(.27
)
 
$
(.49
)
 
 
 
 
 
 
 
 
Shares used in computing loss per share:
 
 
 
 
 
 
 
Basic
17,553,000

 
9,348,000

 
16,413,000

 
9,348,000

Diluted
17,553,000

 
9,348,000

 
16,413,000

 
9,348,000

 
 
 
 
 
 
 
 












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