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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Vicon Industrial Inc (CE) | USOTC:VCON | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 65.00 | 0.00 | 01:00:00 |
x
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the quarterly period ended December 31, 2016
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¨
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the transition period from to
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New York
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11-2160665
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(State or other jurisdiction of
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(I.R.S. Employer
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incorporation or organization)
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Identification No.)
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135 Fell Court, Hauppauge, New York
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11788
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(Address of principal executive offices)
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(Zip Code)
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Large accelerated filer
¨
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Accelerated filer
¨
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Non-accelerated filer
¨
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Smaller reporting company
x
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(Do not check if a smaller reporting company)
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Page Number
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Three Months Ended
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||||||
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12/31/2016
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12/31/2015
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Net sales
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$
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6,604,978
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$
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10,880,556
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Cost of sales
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4,032,819
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6,609,381
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Gross profit
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2,572,159
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4,271,175
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Operating expenses:
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Selling, general and administrative expense
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2,680,857
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3,930,151
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Engineering and development expense
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1,139,976
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1,318,396
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3,820,833
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5,248,547
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Operating loss
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(1,248,674
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)
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(977,372
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)
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Other income (expense):
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Interest income
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233
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164
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Interest expense
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(53,568
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)
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—
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Loss before income taxes
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(1,302,009
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)
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(977,208
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)
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Income tax expense
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—
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—
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Net loss
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$
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(1,302,009
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)
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$
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(977,208
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)
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Loss per share:
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Basic
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$
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(.14
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)
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$
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(.10
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)
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Diluted
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$
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(.14
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)
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$
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(.10
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)
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Weighted average shares outstanding:
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Basic
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9,348,388
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9,330,779
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Diluted
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9,348,388
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9,330,779
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Three Months Ended
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||||||
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12/31/2016
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12/31/2015
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Net loss
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$
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(1,302,009
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)
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$
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(977,208
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)
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Other comprehensive income (loss):
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Unrealized loss on securities
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(411
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)
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(85
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)
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Foreign currency translation adjustment
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135,238
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157,309
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Other comprehensive income
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134,827
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157,224
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Comprehensive loss
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$
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(1,167,182
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)
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$
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(819,984
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)
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Three Months Ended
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||||||
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12/31/2016
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12/31/2015
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Cash flows from operating activities:
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Net loss
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$
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(1,302,009
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)
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$
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(977,208
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)
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Adjustments to reconcile net loss to net cash provided by (used in)
operating activities:
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Depreciation and amortization
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128,322
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215,409
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Amortization of deferred compensation
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373
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373
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Stock compensation expense
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12,399
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153,198
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Change in assets and liabilities:
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Accounts receivable, net
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1,296,548
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864,267
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Inventories, net
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(312,261
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)
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269,717
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Prepaid expenses and other current assets
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62,766
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(78,812
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)
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Other assets
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25,526
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(2,685
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)
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Accounts payable
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676,549
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(182,058
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)
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Accrued compensation and employee benefits
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78,803
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(287,007
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)
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Accrued expenses
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(146,777
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)
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(34,741
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)
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Unearned revenue
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64,301
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(413,916
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)
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Other liabilities
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(6,520
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)
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(28,261
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)
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Net cash provided by (used in) operating activities
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578,020
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(501,724
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)
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Cash flows from investing activities:
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Net increase in marketable securities
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(165
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)
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(83
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)
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Capital expenditures
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(42,605
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(48,963
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)
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Net cash used in investing activities
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(42,770
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)
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(49,046
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)
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Cash flows from financing activities:
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Proceeds from exercise of stock options
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—
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5,184
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Net cash provided by financing activities
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—
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5,184
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Effect of exchange rate changes on cash
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279,450
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223,469
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Net increase (decrease) in cash
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814,700
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(322,117
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)
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Cash and cash equivalents at beginning of year
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1,954,422
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2,390,409
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Cash and cash equivalents at end of period
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$
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2,769,122
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$
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2,068,292
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Three Months Ended
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||||||
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December 31,
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||||||
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2016
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2015
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Basic EPS Computation
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Net loss
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$
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(1,302,009
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$
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(977,208
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Weighted average shares outstanding
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9,348,388
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9,330,779
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Basic loss per share
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$
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(.14
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)
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$
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(.10
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Three Months Ended
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||||||
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December 31,
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||||||
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2016
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2015
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Diluted EPS Computation
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Net loss
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$
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(1,302,009
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)
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$
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(977,208
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)
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Weighted average shares outstanding
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9,348,388
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9,330,779
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Stock options
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—
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—
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Stock compensation arrangements
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—
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—
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Diluted shares outstanding
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9,348,388
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9,330,779
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Diluted loss per share
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$
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(.14
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)
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$
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(.10
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)
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December 31, 2016
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September 30, 2016
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Foreign currency translation adjustment
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$
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(393,478
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)
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$
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(528,716
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)
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Unrealized loss on marketable securities
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(546
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)
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(135
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)
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Accumulated other comprehensive loss
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$
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(394,024
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)
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$
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(528,851
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)
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December 31, 2016
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September 30, 2016
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||||||||||||
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Gross Amount
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Accumulated Amortization
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Gross Amount
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Accumulated Amortization
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Estimated Useful Life
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||||||||
Definite-lived intangibles:
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Customer relationships
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910,000
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427,833
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910,000
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371,833
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7 years
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||||
Tradenames
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660,000
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102,667
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660,000
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91,667
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15 years
|
||||
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$
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1,570,000
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$
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530,500
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$
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1,570,000
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$
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463,500
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Fiscal Year
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Amount
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Remainder of 2017
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$
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201,000
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2018
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177,000
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2019
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123,000
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2020
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91,000
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2021
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72,000
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Thereafter
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$
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375,500
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Three Months Ended December 31,
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||||||
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2016
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2015
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||||
Balance at beginning of period
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$
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650,000
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$
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650,000
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Provision for warranties
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114,000
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108,000
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Expenses incurred
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(114,000
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)
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(108,000
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)
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Balance at end of period
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$
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650,000
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$
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650,000
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/s/ John M. Badke
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John M. Badke
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Chief Executive Officer and
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Chief Financial Officer
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1 Year Vicon Industrial (CE) Chart |
1 Month Vicon Industrial (CE) Chart |
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