Q1 results, not bad considering no major contracts were announced. Seems as if the relationship with Aardvark is going well
CARLSBAD, Calif.--(BUSINESS WIRE)--XENONICS HOLDINGS, INC. (NYSE AMEX:XNN) announced today that revenue for the first quarter ended December 31, 2009 increased 255% to $1,255,000 compared to $354,000 for the first quarter of fiscal 2009. Gross profit increased 265% to $584,000 compared to $160,000 a year earlier. Operating expenses decreased 29% to $989,000 compared to $1,397,000 for the first quarter of the prior fiscal year. The net loss for the first quarter of fiscal 2010 narrowed to $405,000, or $0.02 per share, compared to a net loss of $1,296,000, or $0.06 per share, for the first quarter of fiscal 2009.
"During the first quarter we made further progress in our cost reduction program even as we devoted substantial resources to the development of new and enhanced versions of our NightHunter high-intensity illumination systems and SuperVision high-definition night vision devices. We also expanded our international distribution network. While our progress has been slower in overcoming the many roadblocks we have encountered in the military procurement process, we believe we are making headway in this effort as well. With the steady increase in both the number and value of the Operational Needs Statements for our products submitted by military units already in Iraq and Afghanistan or still stateside preparing to deploy, we see many substantial growth opportunities in the period ahead," said Chairman Alan Magerman.
