COSTA MESA, Calif., Dec. 17, 2010 /PRNewswire-FirstCall/ -- Irvine Sensors Corporation (OTC Bulletin Board: IRSN) today reported operating results for fiscal 2010, the 53 weeks ended October 3, 2010.
Total revenues for fiscal 2010 were $11,716,800 compared to total revenues of $11,536,200 for fiscal 2009. Net loss in fiscal 2010 was $11,155,800 as compared to a $914,800 net income in fiscal 2009, reflecting the fact that fiscal 2010 results did not include a number of non-recurring events included in the prior fiscal year, including an approximate $8.6 million gain in fiscal 2009 from the sale of patent assets.
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 |
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Fiscal Years Ended |
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October 3, 2010 |
September 27, 2009 |
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Revenues: |
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Contract research and development revenue |
$ 8,526,200 |
$ 10,003,500 |
||
Product sales |
3,177,800 |
1,515,900 |
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Other revenue |
12,800 |
16,800 |
||
Total revenues |
11,716,800 |
11,536,200 |
||
Costs and expenses: |
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Cost of contract research and development revenue |
6,659,000 |
8,467,800 |
||
Cost of product sales |
3,150,900 |
1,494,400 |
||
General and administrative expense |
6,589,900 |
9,561,700 |
||
Research and development expense |
2,639,000 |
2,266,700 |
||
Total costs and expenses |
19,038,800 |
21,790,600 |
||
Gain on sale or disposal of assets |
12,600 |
8,640,800 |
||
Loss from operations |
(7,309,400) |
(1,613,600) |
||
Interest expense |
(1,692,600) |
(1,635,500) |
||
Provision for litigation judgment |
(20,200) |
(834,300) |
||
Litigation settlement expense |
(2,270,700) |
- |
||
Gain on elimination of consolidated debt |
- |
2,539,200 |
||
Gain from reduction in pension liability |
- |
2,442,900 |
||
Change in fair value of derivative instrument |
95,500 |
- |
||
Interest and other income |
48,900 |
31,200 |
||
Income (loss) from continuing operations before minority |
||||
interest and benefit (provision) for income taxes |
(11,148,500) |
929,900 |
||
Provision for income taxes |
(7,300) |
(73,600) |
||
Income (loss) from continuing operations |
(11,155,800) |
856,300 |
||
Discontinued operations: |
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Income from discontinued operations |
- |
58,400 |
||
Net income (loss) |
$ (11,155,800) |
$ 914,700 |
||
Add net income attributable to noncontrolling interests in subsidiary |
- |
100 |
||
Net income (loss) attributable to Company |
$ (11,155,800) |
$ 914,800 |
||
Basic net income (loss) per common share information: |
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From continuing operations attributable to Company |
$ (0.70) |
$ 0.06 |
||
From discontinued operations attributable to Company |
- |
0.01 |
||
Basic net income (loss) attributable to Company per common share |
$ (0.70) |
$ 0.07 |
||
Diluted net income (loss) per common share information |
||||
From continuing operations attributable to Company |
$ (0.70) |
$ 0.05 |
||
From discontinued operations attributable to Company |
- |
0.00 |
||
Diluted net income (loss) attributable to Company per common share |
$ (0.70) |
$ 0.05 |
||
Basic weighted average number of common shares outstanding |
18,116,700 |
6,730,500 |
||
Diluted weighted average number of common shares outstanding |
18,116,700 |
16,735,900 |
||
IRVINE SENSORS CORPORATION CONSOLIDATED BALANCE SHEETS |
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October 3, 2010 |
September 27, 2009 |
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Assets |
|||||
Current assets: |
|||||
Cash and cash equivalents |
$ 281,600 |
$ 125,700 |
|||
Accounts receivable, net of allowance for doubtful accounts of $13,600 and $15,000, respectively |
382,100 |
1,396,300 |
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Unbilled revenues on uncompleted contracts |
630,300 |
885,300 |
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Inventory, net |
1,715,800 |
441,100 |
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Prepaid expenses and other current assets |
182,300 |
53,200 |
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Total current assets |
3,192,100 |
2,901,600 |
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Property and equipment, net (including construction in process of $204,000 and $35,000, respectively) |
2,730,000 |
2,898,100 |
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Intangible assets, net |
12,400 |
14,400 |
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Deferred financing costs |
302,900 |
- |
|||
Deposits |
87,400 |
37,500 |
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Total assets |
$ 6,324,800 |
$ 5,851,600 |
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Liabilities and Stockholders' Deficit |
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Current liabilities: |
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Accounts payable |
$ 4,724,100 |
$ 3,427,100 |
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Accrued expenses |
4,101,700 |
3,730,800 |
|||
Accrued estimated loss on contracts |
29,000 |
- |
|||
Advance billings on uncompleted contracts |
321,800 |
249,600 |
|||
Advances against accounts receivable |
99,700 |
985,800 |
|||
Deferred revenue |
1,515,400 |
180,000 |
|||
Restructured debt, net of debt discounts |
163,100 |
188,400 |
|||
Promissory note payable – related party |
- |
400,000 |
|||
Secured promissory note, current portion |
402,500 |
- |
|||
Debentures, net of debt discounts |
1,935,200 |
- |
|||
Capital lease obligations |
- |
11,200 |
|||
Total current liabilities |
13,292,500 |
9,172,900 |
|||
Secured promissory note |
2,097,500 |
- |
|||
Executive Salary Continuation Plan liability |
1,030,700 |
1,057,600 |
|||
Total liabilities |
16,420,700 |
10,230,500 |
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Commitments and contingencies |
|||||
Stockholders' deficit: |
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Convertible Preferred stock, $0.01 par value, 1,000,000 and 1,000,000 shares authorized, respectively; |
500 |
1,200 |
|||
Series A-1 – 0 and 99,900 shares issued and outstanding, respectively (1); |
|||||
liquidation preference of 0 and $3,586,200, respectively; |
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Series A-2 – 8,300 and 25,000 shares issued and outstanding, respectively (1); |
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liquidation preference of $333,300 and $1,043,500, respectively; |
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Series B – 1,900 and 0 shares issued and outstanding, respectively (1); |
|||||
liquidation preference of $1,892,700 and $0, respectively |
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Series C – 37,500 and 0 shares issued and outstanding, respectively (1); |
|||||
liquidation preference of $1,125,000 and $0, respectively |
|||||
Common stock, $0.01 par value, 150,000,000 and 150,000,000 shares authorized, respectively; |
|||||
33,535,400 and 9,694,500 shares issued and outstanding, respectively (1) |
335,400 |
96,900 |
|||
Common stock held by Rabbi Trust |
(1,169,600) |
(1,169,600) |
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Deferred compensation liability |
1,169,600 |
1,169,600 |
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Paid-in capital |
165,039,200 |
162,497,700 |
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Accumulated deficit |
(175,795,400) |
(167,299,100) |
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Irvine Sensors Corporation stockholders' deficit |
(10,420,300) |
(4,703,300) |
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Noncontrolling interest |
324,400 |
324,400 |
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Total stockholders' deficit |
(10,095,900) |
(4,378,900) |
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Total liabilities and stockholders' deficit |
$ 6,324,800 |
$ 5,851,600 |
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(1) The number of shares of preferred stock and common stock issued and outstanding have been rounded to the nearest one hundred (100). |
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SOURCE Irvine Sensors Corporation
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