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News

Improved financial results for Xenonics

Xenonics : 17 August, 2009  (Company News)
Distribution agreement on NightHunter illumination and night vision systems results in increased revenue for the company during the 3rd financial quarter
Xenonics Holdings has announced financial results for the third quarter of fiscal 2009, highlighted by a 13% increase in revenue to $2,132,000 compared to $1,892,000 for the third quarter of fiscal 2008. Gross profit increased 53% and gross margin rose to 46% of revenue from 34%, while selling, general and administrative expenses decreased 9%. As a result, the net loss for the third quarter of fiscal 2009 narrowed to $0.01 per share versus a net loss of $0.04 per share for the third quarter of fiscal 2008.

'Xenonics is transitioning to a new operating model built around the exclusive US distribution agreement we signed last month with Aardvark Tactical (ATI) for Xenonics' NightHunter high-intensity illumination systems and its SuperVision high-definition night vision devices, as well as expanded programs for international distribution. We believe the ATI agreement marks the beginning of a significant expansion of our business with Aardvark, and shows how we can make use of Aardvark's proven sales and marketing and distribution capabilities to grow our company,' said Chairman Alan Magerman.

'With the ATI agreement now in place, we also have moved quickly to eliminate redundant inhouse sales and marketing expenses. This is expected to reduce operating costs by approximately $1.5 million annually, beginning in the current quarter. We are convinced that Xenonics' future is brighter than ever. We currently expect improved top and bottom line performance in the fourth quarter versus prior year, and we believe the combination of Xenonics' best-in-class illumination and night vision products, ATI's professional and highly effective marketing capabilities, our expanded international distribution programs, and our substantially reduced cost structure is the right formula for long-term growth and profitability,' Magerman said.

For the nine months ended June 30, 2009, revenue was $5,288,000 compared to $9,074,000 for the first nine months of fiscal 2008. The net loss for the first nine months of fiscal 2009 was $1,797,000, or $0.09 per share. This compares to a net loss for the first nine months of fiscal 2008 of $249,000, or $0.01 per share.

On June 30, 2009, Xenonics reported working capital of $1,923,000 and a current ratio of 2.0.
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