Xenonics Holdings, Inc., the designer, manufacturer, and marketer of portable illumination products and night vision systems, announced today its net income for the first quarter of fiscal year 2011, which ended December 31,2010. The company reported a net income of $742,000, or $0.03 per basic share, on revenue of $3,548,000. This was a great improvement from last year’s Q1 net loss of $405,000, or $0.02 per basic share, on revenue of $1,255,000.
“Based on orders in hand and current shipment schedules, we expect to report a profit again in the second quarter, and we are optimistic about the outlook for growth and profitability for the second half of the year as well,” said Chairman Alan Magerman.
Xenonics selling, general and administrative expenses decreased immensely by 18% to $651,000, with last year’s expenses being $794,000. “Our tight control over operating costs will continue. We expect SG&A to remain at or below this year’s first quarter pace for the balance of the year,” Magerman said.
The company reported a working capital of $3,759,000, which included cash of $2,139,000 and a current ratio of 5.6 to 1 on December 31, 2010.
“Order flow in our military business continues to improve, as the years of hard work we have devoted to establishing our NightHunter illumination products in the defense market now are beginning to deliver the results we anticipated. To achieve the long term growth we are striving for, we also are building demand for our NightHunters and SuperVision night vision systems in the public safety and national security markets, as well as among international customers, and believe we have the opportunity to be successful. With more than $2 million in cash on hand, we have the resources we need to implement our business plan,” Magerman said.
Xenonics Holdings, Inc. develops and manufactures advanced, lightweight and compact ultra-high intensity and low light vision products for various military, law enforcement, commercial, and private usage, primarily in the US. The company markets its products under the NightHunter brand name and its night vision products under SuperVision. Xenonics Holdings was founded in 1996 and is headquartered in Carlsbad, California.
For more information on Xenonics Holdings, Inc., visit their website www.xenonics.com