Xenonics Fiscal 2008 Revenue Doubled to $10.2 Million
Wednesday December 17, 7:30 am ET
CARLSBAD, Calif.--(BUSINESS WIRE)--XENONICS HOLDINGS, INC. (AMEX:XNN - News) announced today that revenue for the fiscal year ended September 30, 2008 increased 104% to $10.2 million from $5.0 million for fiscal 2007. The net loss for fiscal 2008 narrowed to $1.4 million, or $0.07 per share, which included $963,000 in R&D expenses and $241,000 in non-cash stock-based compensation expenses. For fiscal 2007, the net loss was $4.0 million, or $0.22 per share.
"Xenonics' improved operating performance for fiscal 2008 versus fiscal 2007 was driven by higher shipments of our NightHunter high-intensity illumination devices to U.S. Army, U.S. Marines and military distributors, and sales of our patented SuperVision high-definition night vision products to more than 100 police and government agencies throughout the United States. Looking forward, with more than $11 million in Operational Needs Statements requesting funding for purchases of NightHunter 3 already submitted by military units, and the growth we are generating in our SuperVision customer base in both the U.S. and abroad, we believe that revenue can double again in fiscal 2009 and the Company can deliver a profit for the year," said Chief Executive Officer Chuck Hunter.
The CEO noted that selling, general and administrative expenses for fiscal 2008 decreased 18% to $4,926,000 compared to $6,007,000 for fiscal 2007, while R&D expenses increased 35% to support the development of new products, including NightHunter 3, NightHunter Snyper, NightHunter Tactical IR, SuperVision Tactical Package and SuperVision Long Range Surveillance System. "New products that enhance the capabilities of our customers in the field and help them do their jobs better and more safely are an important part of our growth strategy," Hunter said.
