CARLSBAD, Calif., Feb. 17 /PRNewswire-FirstCall/ -- XENONICS HOLDINGS, INC. today amended financial results for the first quarter of fiscal 2006.
The Company has reviewed an existing agreement with a consultant for which 187,500 shares of stock will be issued when earned. The stock has not been issued and both the Company and consultant agree that the shares have not been earned. However, based on accounting literature, the Company has determined that it is appropriate to include in its statement of operations for the period ended December 31, 2005 an expense of approximately $366,000 attributable to 187,500 shares of common stock. That expense was not included in the statement of operations accompanying the February 13, 2006 news release.
For the three months ended December 31, 2005, revenue was $920,000 compared to $749,000 for the first quarter of fiscal 2005. The amended net loss for this year's first quarter was $926,000, or $0.06 per share. This compares to net loss of $425,000, or $0.03 per share, for the same period of the prior year.
About Xenonics
Xenonics develops and produces advanced, lightweight and compact ultra-high intensity lighting products for military, law enforcement, public safety, and commercial and private sector applications. Currently, NightHunters are in use by every branch of the U.S. Armed Forces as well as a wide variety of law enforcement and security agencies. Using its breakthrough patented technology, Xenonics provides innovative solutions for customers that demand the ability to see farther so that they can do their job better and safer. Xenonics' products deliver a quantum leap in performance over other illumination technologies and represent the next generation in small, high intensity, high efficiency lighting systems. Visit Xenonics on the web at http://www.xenonics.com/.
Forward-Looking Statements
This news release contains forward-looking statements that reflect our management's current views about future events and financial performance. Forward-looking statements often contain words such as "expects," "anticipates," "intends," "believes" or "will." Our forward-looking statements are subject to a number of risks and uncertainties that may cause actual results and events to differ materially from those projected in the forward-looking statements. Risks and uncertainties that could adversely affect us include, without limitation, the loss of major customers, our failure to obtain new contracts, the adverse effect of competition, delays in the production or shipment of our products and the other risks and uncertainties that are discussed in our most recent filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-KSB and quarterly report on Form 10-QSB. The forward-looking statements in this news release are made only as of the date of this news release. We undertake no obligation to update our forward-looking statements, whether as a result of new information, future events or otherwise.
XENONICS HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three months ended
December 31,
2005 2004
in thousands, except per share amounts (unaudited)
Revenues $920 $749
Cost of goods sold 544 423
Gross profit 376 326
Selling, general and administrative 1,145 880
Engineering, research and development 159 108
Loss from operations (928) (662)
Interest income 2 7
Loss before income tax benefit (926) (655)
Income tax benefit -- (230)
Net loss $(926) $(425)
Net loss per share:
Basic and diluted $ (0.06) $(0.03)
Weighted average shares outstanding
Basic and diluted 15,573 14,250
XENONICS HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEET
Dec. 31, Sep. 30,
2005 2005
in thousands, except per share amounts (unaudited)
Assets
Current assets:
Cash $647 $890
Accounts receivable, net 357 213
Inventories, net 927 1,206
Other current assets 91 82
Total Current Assets 2,022 2,391
Equipment, furniture and fixtures, net 48 50
Other non-current assets 25 25
Total Assets $2,095 $2,466
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable and accrued expense $608 $608
Accrued consulting fees 366 --
Accrued payroll and related taxes 126 86
Other current liabilities 7 6
Total Current Liabilities 1,107 700
Shareholders' equity:
Preferred shares, $0.001 par value, 5,000
shares authorized, 0 shares issued and
outstanding -- --
Common shares, $0.001 par value, 50,000 shares
authorized as of December 31, 2005 and
September 30, 2005, respectively; 15,686
shares issued and outstanding as of
December 31, 2005 and September 30, 2005,
respectively 16 16
Less treasury stock, at cost, 113 shares as of
December 31, 2005 and September 30, 2005 (306) (306)
Additional paid-in capital 14,689 14,541
Accumulated deficit (13,411) (12,485)
Total Shareholders' Equity 988 1,766
Total Liabilities and Shareholders' Equity $2,095 $2,466
FCMN Contact: vvekkos@xenonics.com
