Irvine Sensors Releases 1st Quarter Results
COSTA MESA, Calif., Feb. 10 /PRNewswire-FirstCall/ -- Irvine Sensors Corporation (Nasdaq: IRSN) today reported operating results for its first quarter of fiscal 2010, the 13 weeks ended December 27, 2009.
Total revenues for the fiscal 2010 first quarter were $3,210,200, up from $2,743,500 in the first quarter of fiscal 2009. The current period net loss attributable to the Company decreased, from $2,114,100 in the 13-week period ended December 28, 2008 to $1,716,700 in the current 13-week period ended December 27, 2009. The reduction in net loss attributable to the Company in the first fiscal quarter of 2010 as compared to the first fiscal quarter of 2009 reflected both an improvement in gross margins in the current period and a decline in current period interest expense resulting from partial repayment and conversion of debt in fiscal 2009.
Irvine Sensors Corporation (www.irvine-sensors.com), 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 STATEMENTS OF OPERATIONS
(Unaudited)
13 Weeks Ended
------------------------------
December 27, December 28,
2009 2008
------------- ------------
Revenues:
Contract research and
development revenue $2,759,400 $2,443,200
Product sales 447,000 290,800
Other revenue 3,800 9,500
------------ ------------
Total revenues 3,210,200 2,743,500
Cost and expenses:
Cost of contract research
and development revenue 2,036,200 1,937,400
Cost of product sales 402,800 378,000
General and administrative expense 1,651,400 1,860,800
Research and development expense 755,200 350,400
------------ ------------
Total costs and expenses 4,845,600 4,526,600
Gain on sale or disposal of assets 12,500 -
------------ ------------
Loss from operations (1,622,900) (1,783,100)
Interest expense (114,900) (409,100)
Provision for litigation judgment (20,200) -
Change in fair value of derivative
instrument 45,500 -
Interest and other income (expense) (1,000) 31,600
------------ ------------
Loss from continuing operations
before provision for income taxes (1,713,500) (2,160,600)
Provision for income taxes (3,200) (18,900)
------------ ------------
Loss from continuing operations (1,716,700) (2,179,500)
Discontinued operations:
Income from discontinued
operations - 65,300
------------ ------------
Net loss $(1,716,700) $(2,114,200)
Less net loss attributable to
noncontrolling interests in
subsidiary - 100
------------ ------------
Net loss attributable to Company $(1,716,700) $(2,114,100)
============= ============
Basic and diluted net
income (loss) per common
share information
From continuing operations
attributable to Company $(0.33) $(0.43)
From discontinued operations
attributable to Company - 0.01
------------ ------------
Basic and diluted net loss
attributable to Company per
common share $(0.33) $(0.42)
============ ============
Weighted average number of
common shares outstanding,
basic and diluted 10,141,400 5,298,900
============ ============
IRVINE SENSORS CORPORATION
CONSOLIDATED BALANCE SHEETS
December 27, 2009
(Unaudited) September 27, 2009
------------- ------------------
Assets
Current assets:
Cash and cash equivalents $122,500 $125,700
Accounts receivable, net of
allowance for doubtful accounts
of $15,000 and $15,000,
respectively 1,106,900 1,396,300
Unbilled revenues on
uncompleted contracts 675,400 885,300
Inventory, net 387,800 441,100
Prepaid expenses and other
current assets 321,000 53,200
------------ ------------
Total current assets 2,613,600 2,901,600
Property and equipment, net 2,530,900 2,845,200
Intangible assets, net 56,400 67,300
Deposits 37,400 37,500
------------ ------------
Total assets $5,238,300 $5,851,600
============ ============
Liabilities and Stockholders'
Equity (Deficit)
Current liabilities:
Accounts payable $2,895,600 $3,427,100
Accrued expenses 3,811,200 3,730,800
Accrued estimated loss on contracts 2,800 -
Advance billings on uncompleted
contracts 424,100 249,600
Advances against accounts receivable 492,300 985,800
Deferred revenue 18,900 180,000
Income taxes payable 3,200 -
Restructured debt, net of discounts 188,400 188,400
Promissory note payable – related
party 400,000 400,000
Capital lease obligations 5,300 11,200
------------ ------------
Total current liabilities 8,241,800 9,172,900
Executive Salary Continuation Plan
liability 996,800 1,057,600
------------ ------------
Total liabilities 9,238,600 10,230,500
------------ ------------
Commitments and contingencies
Stockholders' equity (deficit):
Preferred stock, $0.01 par value,
1,000,000 and 1,000,000 shares
authorized, respectively; 1,100 1,200
Series A-1 – 83,200 (unaudited)
and 99,900 shares issued and
outstanding, respectively (1);
liquidation preference of
$3,172,500 (unaudited) and
$3,586,200 respectively;
Series A-2 – 25,000 (unaudited)
and 25,000 shares issued and
outstanding, respectively (1);
liquidation preference
of $1,070,100 (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;
10,944,500 and 9,694,500 shares
issued and outstanding,
respectively (1) 109,400 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 161,921,100 162,497,700
Accumulated deficit (166,356,300) (167,299,100)
------------ ------------
Irvine Sensors Corporation
stockholders' (deficit) equity (4,324,700) (4,703,300)
Noncontrolling interest 324,400 324,400
------------ ------------
Total stockholders' (deficit)
equity (4,000,300) (4,378,900)
------------ ------------
Total liabilities and
stockholders' deficit $5,238,300 $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).
SOURCE Irvine Sensors Corporation
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article