Shares of Xenonics Holdings Inc. (Amex: XNN) surged up today after news of its second-quarter earnings were released earlier this morning. In mid-day trading, shares of Xenonics were trading up 11 cents (5 percent) at $2.51 per share on volume of 397,500.
Revenue for the three months ended March 31, 2007, from the sale of its NightHunter high-intensity illumination devices increased to $1.65 million compared to $718,000 for the second quarter of fiscal 2006.
The net loss for the three months ended March 31, 2007, was $177,000, or 1 cent per share. This compares to a net loss for the three months ended March 31, 2006 of $682,000, or 4 cents per share.
“With working capital at the end of the second quarter of more than $5 million and no debt, we believe we have the resources we need to achieve our aggressive goals for Xenonics’ long-term growth,” stated Alan Magerman – chairman of Xenonics – in a press release.
Xenonics also provided an update on its progress in the commercial launch of its proprietary new SuperVision night vision device.
“We are ramping production of SuperVision to meet demand for this exciting new product that is exceeding our expectations. Following modest initial shipments in March and April, we expect to ship more than 1,000 units in May. We expect to increase the pace to at least 2,000 units in June as we improve our manufacturing process. We expect SuperVision sales to have a substantial positive impact on our financial performance beginning in the current quarter,” said Magerman.
Xenonics, through its subsidiary, Xenonics Inc., designs, manufactures and markets portable illumination products in the United States. Its products are used in various applications by the military, law enforcement, security, search and rescue, and commercial markets. The company markets its illumination products under the NightHunter brand name.