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News

2Q revenue down on last year for Xenonics

Xenonics : 14 May, 2009  (Company News)
Financial results for the first half of 2009 have been announced by Xenonics with falling revenues on 2008 results
Xenonics Holdings has announced financial results for the second quarter and first half of fiscal 2009.

'We anticipated improved financial performance for the second quarter compared to the first quarter of fiscal 2009. The company earned an operating profit for the quarter before non-cash expenses. We expect further improvement in our top and bottom line results in the third and fourth quarters, based on higher shipments of our NightHunter high-intensity illumination products and our SuperVision high-definition night vision devices,' said Chairman Alan Magerman. 'We continue to expect the company to deliver substantially higher revenue for fiscal 2009 as a whole compared to fiscal 2008,' Magerman said.

Revenue for the three months ended March 31, 2009 was $2,802,000. This compares to revenue of $3,622,000 for the second quarter of fiscal 2008. The net loss for this year's second quarter was $261,000, or $0.01 per share, which included non-cash expense of $304,000. This compares to net income for the second quarter of fiscal 2008 of $222,000, or $0.01 per diluted share, which included non-cash expense of $82,000.

For the six months ended March 31, 2009, revenue was $3,156,000 compared to $7,182,000 for last year's first half. The net loss for the first six months of fiscal 2009 was $1,557,000, or $0.08 per share, which included non-cash expense of $317,000. This compares to net income for the first six months of fiscal 2008 of $534,000, or $0.03 per share, which included non-cash expense of $168,000.

At March 31, 2009, Xenonics reported working capital of $2,189,000 and a current ratio of 1.9. The company owned $1,000,000 of Auction Rate Securities (ARS) collateralized by student loans guaranteed by the US government. Xenonics established a non-recourse bank line of credit for 100% of the principal balance of the ARS, with interest limited to interest earned on the ARS, and borrowed the entire $1,000,000 and invested the proceeds in a money market account. On April 3, 2009, the ARS were repurchased by the issuing bank; concurrently, the company paid off the entire bank line of credit.
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