Tuesday, physical security management systems maker, Vicon Industries Inc.(VII) said it expects to report a net loss for the first quarter of the fiscal year 2010, on a significant decline in anticipated sales. Vicon shares fell 7.5% in after hours trade on the Amex following the news.
Hauppauge, New-York based Vicon expects to report a first quarter net loss in the range of $0.6 million to $0.8 million, with earnings per share ranging between $0.13 and $0.17. For the year ago quarter ended December 31, 2008, the company reported a net income of $0.5 million or $0.11 per share.
The company anticipates first quarter sales to be significantly down in the range of 25% - 30%, primarily due to continuing weak market conditions. Sales for the prior year quarter was $15.7 million.
Incoming order levels was down each quarter of the fiscal year 2009, reaching a low of $13.1 million in the last quarter. For the current quarter, the company expects new orders to be similar at approximately $13 million.
Ken Darby, Chairman and CEO of Vicon said, "The nature of our project oriented business is such that we trail a decline in economic activity and most likely will trail the recovery,"
Vicon is scheduled to release its first quarter results on or about February 5, 2010.
VII closed Tuesday's regular trading session at $6.00, up $0.26 or 4.44%, while in the after hours, the shares fell 7.50% or $0.45 trading at $5.40 on the Amex.
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