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Irvine Sensors Releases Fiscal 2010 First Half Results
May 12, 2010 (04:05 PM EDT)


COSTA MESA, Calif., May 12 /PRNewswire-FirstCall/ -- Irvine Sensors Corporation (Nasdaq: IRSN) today reported operating results for its second quarter and first half of fiscal 2010, the 13 and 26 weeks ended March 28, 2010.  

Total revenues for the 13 weeks ended March 28, 2010 were $2,721,400, down 4% as compared to $2,841,200 in the 13 weeks ended March 29, 2009.  Total revenues in the fiscal 2010 26-week period were $5,931,600, up 6% from $5,584,700 in the first half of fiscal 2009.

The 13-week and 26-week current fiscal year periods experienced a net loss attributable to the Company as compared to net income attributable to the Company in the prior fiscal year 13-week and 26-week periods.  Both the current and prior fiscal year periods reflected the recording of significant non-recurring events. The current fiscal year periods included an approximate net $1.8 million expense for the final settlement of multiple lawsuits with Timothy Looney, the former owner of the Company's discontinued Optex subsidiary, some of which had been underway since January 2008.  The prior fiscal year periods included an approximate $8.6 million gain from a sale of patent assets.

Net loss attributable to the Company in the 13-week period ended March 28, 2010 was ($3,419,600) as compared to the net income attributable to the Company of $5,128,000 for the 13-week period March 29, 2009. Net loss attributable to the Company through the first half of fiscal 2010 was $(5,136,300), as compared to the net income attributable to the Company of $3,013,900 for the first 26 weeks of fiscal 2009.  

Irvine Sensors Corporation, headquartered in Costa Mesa, California, is a vision systems company engaged in the development and sale of miniaturized infrared and electro-optical cameras, image processors and stacked chip assemblies and sale of higher level systems incorporating such products.  Irvine Sensors also conducts research and development related to high density electronics, miniaturized sensors, optical interconnection technology, high speed network security, image processing and low-power analog and mixed-signal integrated circuits for diverse systems applications.  

IRVINE SENSORS CORPORATION

CONSOLIDATED BALANCE SHEETS



March 28, 2010





(Unaudited)


September 27, 2009

Assets





Current assets:





  Cash and cash equivalents


$      110,600


$      125,700

  Accounts receivable, net of allowance for doubtful accounts of $15,000 and $15,000, respectively


1,059,400


1,396,300

  Unbilled revenues on uncompleted contracts


765,900


885,300

  Inventory, net


928,500


441,100

  Prepaid expenses and other current assets


365,700


53,200

     Total current assets


3,230,100


2,901,600

Property and equipment, net


2,364,800


2,845,200

Intangible assets, net


50,500


67,300

Deferred financing costs


501,900


-

Deposits


37,400


37,500

     Total assets


$  6,184,700


$  5,851,600

Liabilities and Stockholders' Deficit





Current liabilities:





  Accounts payable


$    3,723,900


$    3,427,100

  Accrued expenses


3,707,800


3,730,800

  Accrued estimated loss on contracts


15,000


-

  Advance billings on uncompleted contracts


323,700


249,600

  Advances against accounts receivable


329,100


985,800

  Deferred revenue


12,400


180,000

  Restructured debt, net of debt discounts


163,100


188,400

  Promissory note payable – related party


-


400,000

  Debentures, net of debt discounts


1,398,500


-

  Capital lease obligations


2,000


11,200

     Total current liabilities


9,675,500


9,172,900

Secured promissory note


2,500,000


-

Executive Salary Continuation Plan liability


935,900


1,057,600

     Total liabilities


13,111,400


10,230,500

Commitments and contingencies





Stockholders' deficit:





  Preferred stock, $0.01 par value, 1,000,000 and 1,000,000 shares authorized, respectively;


500


1,200

     Series A-1 – 20,800 (unaudited) and 99,900 shares issued and outstanding, respectively (1); liquidation preference of $670,800 (unaudited) and $3,586,200, respectively;





     Series A-2 – 22,500 (unaudited) and 25,000 shares issued and outstanding, respectively (1); liquidation preference of $908,700 (unaudited) and $1,043,500, respectively;





     Series B -3,500 (unaudited) and 0 shares issued and outstanding, respectively (1); liquidation preference of $3,490,000 (unaudited) and $0, respectively





  Common stock, $0.01 par value, 150,000,000 and 150,000,000 shares authorized, respectively; 15,874,100 and 9,694,500 shares issued and outstanding, respectively (1)


158,700


96,900

  Common stock held by Rabbi Trust


(1,169,600)


(1,169,600)

  Deferred compensation liability


1,169,600


1,169,600

  Paid-in capital


162,365,600


162,497,700

  Accumulated deficit


(169,775,900)


(167,299,100)

     Irvine Sensors Corporation stockholders' deficit


(7,251,100)


(4,703,300)

Noncontrolling interest


324,400


324,400

     Total stockholders' deficit


(6,926,700)


(4,378,900)

     Total liabilities and stockholders' deficit


$  6,184,700


$  5,851,600


(1) The number of shares of preferred stock and common stock issued and outstanding have been rounded to nearest one hundred (100).



IRVINE SENSORS CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)


13 Weeks Ended


26 Weeks Ended


March 28,

2010


March 29,

2009


March 28,

2010


March 29,

2009

Revenues:








     Contract research and development revenue

$  2,014,300


$  2,295,300


$  4,773,700


$  4,738,500

     Product sales

700,400


545,900


1,147,400


836,700

     Other revenue

6,700


-


10,500


9,500

  Total revenues

2,721,400


2,841,200


5,931,600


5,584,700

Cost and expenses:








     Cost of contract research and development revenue

1,468,700


2,008,500


3,504,900


3,945,900

     Cost of product sales

704,500


409,800


1,107,300


787,800

     General and administrative expense

1,476,600


2,258,900


3,128,000


4,119,700

     Research and development expense

601,000


436,300


1,356,200


786,700

  Total costs and expenses

4,250,800


5,113,500


9,096,400


9,640,100

  Gain on sale or disposal of assets

-


8,632,800


12,500


8,632,800

Income (loss) from operations

(1,529,400)


6,360,500


(3,152,300)


4,577,400

     Interest expense

(131,200)


(830,600)


(246,100)


(1,239,700)

     Provision for litigation judgment

-


-


(20,200)


-

     Litigation settlement expense

(1,820,700)


-


(1,820,700)


-

     Change in fair value of derivative instrument

14,500


-


60,000


-

Interest and other income (expense)

700


15,100


(300)


46,700

Income (loss) from continuing operations before provision for income taxes

(3,466,100)


5,545,000


(5,179,600)


3,384,400

Benefit (provision) for income taxes

46,500


(410,100)


43,300


(429,000)

Income (loss) from continuing operations

(3,419,600)


5,134,900


(5,136,300)


2,955,400

Discontinued operations:








   Income (loss) from discontinued operations

-


(6,900)


-


58,400

Net income (loss)

(3,419,600)


5,128,000


(5,136,300)


3,013,800

Add net income attributable to noncontrolling interests in subsidiary

-


-


-


100

Net income (loss) attributable to Company

$ (3,419,600)


$ 5,128,000


$ (5,136,300)


$  3,013,900

Basic and diluted net income (loss) per common share information:








     From continuing operations attributable to Company

$         (0.24)


$          0.87


$         (0.54)


$           0.50

     From discontinued operations attributable to Company

-


-


-


0.01

Basic and diluted net income (loss) attributable to Company per common share

$         (0.24)


$          0.87


$         (0.54)


$           0.51

Weighted average number of common shares outstanding, basic and diluted

14,351,900


5,790,500


12,246,700


5,544,700




SOURCE Irvine Sensors Corporation