COSTA MESA, Calif., Feb. 21 /PRNewswire-FirstCall/ -- Irvine Sensors Corporation today reported operating results for its first quarter of fiscal 2006, the 13 weeks ended January 1, 2006.
Total revenues were $4,781,000, up approximately 15.7% from $4,133,300 for the prior year's first fiscal quarter, the 13 weeks ended January 2, 2005. Net loss for the current quarter was $1,125,100, down approximately 4.3% from $1,176,100 for the fiscal 2005 first quarter. The smaller percentage improvement in net loss was largely attributable to the new requirement to expense stock option compensation in the 13 weeks ended January 1, 2006. Operating results for the 13-week period ended January 1, 2006 were not materially affected by Irvine Sensors' December 30, 2005 purchase of 70% of the common stock of Optex Systems, Inc. ("Optex"). However, both the Consolidated Balance Sheet as of January 1, 2006 and the Consolidated Statement of Cash Flows for the 13 weeks ended January 1, 2006 were materially affected by the Optex acquisition, with cash, working capital and long-term debt all increased.
As previously announced, Irvine Sensors' CEO John Carson and CFO John Stuart will host a web cast conference call to discuss the fiscal 2006 first quarter results and the initial balance sheet presentation of the Optex acquisition on Wednesday February 22, 2005 at 1:15 PM Pacific Time. The call will be broadcast live over the Internet and can be listened to by all interested parties via a link on Irvine Sensors' homepage at http://www.irvine-sensors.com/, which should be accessed at least fifteen minutes prior to the start of the call to register, download, and install any necessary audio software. For those unable to monitor the live broadcast, a conference call replay will be available shortly after the conclusion of the call, and remain archived on the Irvine Sensors site through Friday, March 10, 2006.
Irvine Sensors Corporation, headquartered in Costa Mesa, California, is engaged in the development and sale of miniaturized infrared and electro-optical cameras, image processors and stacked chip assemblies, the manufacture and sale of optical systems and equipment for military applications through its Optex subsidiary and 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
(Unaudited)
January 1, October 2,
2006 2005
Assets
Current assets:
Cash and cash equivalents $2,768,800 $1,309,600
Restricted cash 48,100 41,200
Accounts receivable, net of
allowance for doubtful accounts
of $135,000 and $70,000, respectively 4,063,000 1,190,000
Unbilled revenues on
uncompleted contracts 1,283,300 1,968,800
Inventory, net 6,625,300 1,164,300
Other current assets 166,800 82,500
Total current assets 14,955,300 5,756,400
Property and equipment, net 5,428,200 5,052,700
Patents and trademarks, net 797,200 753,000
Goodwill 10,751,700 --
Deferred costs 304,600 9,300
Deposits 101,900 81,800
Total assets $32,338,900 $11,653,200
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $3,054,800 $1,746,000
Accrued expenses 2,046,300 1,049,700
Accrued estimated loss on contracts 55,900 26,200
Advance billings on uncompleted contracts 258,900 97,700
Deferred revenue 2,100 --
Line of credit 2,000,000 --
Current portion of bank note payable 1,225,000 --
Capital lease obligations - current portion 123,700 148,500
Total current liabilities 8,766,700 3,068,100
Notes payable -- convertible and bank 13,675,000 --
Capital lease obligations,
less current portion 67,100 81,000
Minority interest in
consolidated subsidiaries 2,184,400 409,900
Total liabilities 24,693,200 3,559,000
Stockholders' equity:
Common stock, $0.01 par value,
80,000,000 shares authorized;
19,432,300 and 18,669,700
shares issued and outstanding,
respectively 194,300 186,700
Common stock warrants;
2,344,900 and 1,233,900
warrants outstanding, respectively -- --
Unamortized employee stock bonus
plan contribution (953,600) --
Unamortized deferred compensation (177,700) --
Common stock held by Rabbi Trust (939,000) (702,000)
Deferred compensation liability 939,000 702,000
Paid-in capital 121,631,400 119,831,100
Accumulated deficit (113,048,700) (111,923,600)
Total stockholders' equity 7,645,700 8,094,200
$32,338,900 $11,653,200
IRVINE SENSORS CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
13 Weeks Ended
January 1, January 2,
2006 2005
Revenues:
Contract research and
development revenue $4,256,700 $3,625,400
Product sales 508,700 468,600
Other revenue 15,600 39,300
Total revenues 4,781,000 4,133,300
Cost and expenses:
Cost of contract research
and development revenue 3,371,000 2,816,000
Cost of product sales 382,200 488,400
General and administrative expense 2,069,600 1,670,000
Research and development expense 69,400 320,400
Total costs and expenses 5,892,200 5,294,800
Loss from operations (1,111,200) (1,161,500)
Interest expense (8,300) (9,400)
Interest and other income 1,600 3,500
Loss from continuing operations
before minority interest and
provision for income taxes (1,117,900) (1,167,400)
Minority interest in loss of subsidiaries 300 200
Provision for income taxes (6,100) (6,100)
Loss from continuing operations (1,123,700) (1,173,300)
Loss from operations of
discontinued subsidiary (1,400) (2,800)
Net loss $(1,125,100) $(1,176,100)
Basic and diluted net loss per
common share information:
From continuing operations $(0.06) $(0.07)
From operations of discontinued subsidiary (0.00) (0.00)
Basic and diluted net loss per common share $(0.06) $(0.07)
Weighted average number of
common shares outstanding 19,194,300 17,953,300
