Vicon Revenue Plummets
In another bad sign for analog CCTV providers, Vicon's Q4 2009 revenue plummeted, dropping 29% year over year from $15.7M in Q4 2008 down to $11.1 M in Q4 2009. Domestic sales were down 19&. International sales were down 40%. Gross margins dropped from 45.5% to 41.8%.
Vicon cited that, "the Company’s business has been impacted by the worldwide economic downturn as capital spending for new construction and renovation projects weakened."
This does not fit with the bounce we are seeing from some of the IP companies, such as Axis and Mobotix's results from the same period.
Vicon is believed by many to be a laggard. While they 'hung' in their for a long time, this is a steep drop even by the recession's standards and counter to improving conditions that more IP centric players are reporting.
This deepens Vicon's revenue decline that accelerated in the middle of 2009.