COSTA MESA, Calif., Feb. 13 /PRNewswire-FirstCall/ -- Irvine Sensors Corporation today reported operating results for its first quarter of fiscal 2008, the 13 weeks ended December 30, 2007.
Total revenues were $7,974,400 as compared to $8,119,500 in the first quarter of fiscal 2007. The virtually unchanged consolidated total revenues reflected an approximate $1.5 million decline in revenues of the Company's Costa Mesa operation, largely in contract research and development revenue, offset by an approximate $1.3 million increase in product sales of the Company's Optex subsidiary.
Net loss in the current year period was $3,713,500, an approximate 42% improvement over the $6,394,200 net loss in the fiscal 2007 first quarter in which an approximate $4.4 million nonrecurring loss on extinguishment of debt was incurred.
Irvine Sensors' CEO John Carson and CFO John Stuart will host a web cast conference call to discuss the first quarter results on Thursday, February 14, 2008 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, February 29, 2008.
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, 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) December 30, September 30, 2007 2007 Assets Current assets: Cash and cash equivalents $453,300 $ 1,442,300 Restricted cash 38,900 39,600 Accounts receivable, net of allowance for doubtful accounts of $15,000 and $15,000, respectively 3,386,000 3,614,600 Unbilled revenues on uncompleted contracts 1,006,100 1,289,300 Inventory, net 8,371,600 7,011,500 Prepaid expenses and other current assets 249,000 74,100 Total current assets 13,504,900 13,471,400 Property and equipment, net 5,649,300 5,771,400 Intangible assets, net 2,568,800 2,880,400 Goodwill 11,633,500 11,633,500 Deferred costs 522,100 587,200 Deposits 122,300 86,500 Total assets $34,000,900 $34,430,400 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 7,317,200 $ 5,949,900 Accrued expenses 2,534,800 2,638,700 Success fee payable to related party 100,000 500,000 Accrued estimated loss on contracts 1,275,600 1,577,400 Advance billings on uncompleted contracts 179,500 378,100 Deferred revenue 70,500 156,500 Income taxes payable 32,600 31,400 Promissory note payable - related party 400,000 400,000 Capital lease obligations - current portion 39,300 40,300 Total current liabilities 11,949,500 11,672,300 Restructured debt, net of discounts 11,856,500 10,869,300 Subordinated term loan - related party 2,000,000 2,000,000 Deferred interest 1,757,500 1,241,200 Executive Salary Continuation Plan liability 3,766,800 3,800,500 Capital lease obligations, less current portion 30,600 45,000 Minority interest in consolidated subsidiaries 324,700 324,800 Total liabilities 31,685,600 29,953,100 Commitments and contingencies Stockholders' equity: Common stock, $0.01 par value, 80,000,000 shares authorized; 28,935,000 and 26,842,900 shares issued and outstanding, respectively 289,400 268,400 Common stock warrants; 6,144,900 and 6,144,900 warrants outstanding, respectively - - Deferred stock-based compensation (1,008,500) (299,700) Common stock held by Rabbi Trust (1,214,100) (1,115,100) Deferred compensation liability 1,214,100 1,115,100 Paid-in capital 153,402,900 151,163,600 Accumulated deficit (150,368,500) (146,655,000) Total stockholders' equity 2,315,300 4,477,300 $34,000,900 $34,430,400 IRVINE SENSORS CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) 13 Weeks Ended December 30, December 31, 2007 2006 Revenues: Contract research and development revenue $2,711,700 $4,004,200 Product sales 5,253,200 4,111,400 Other revenue 9,500 3,900 Total revenues 7,974,400 8,119,500 Cost and expenses: Cost of contract research and development revenue 2,323,300 3,358,000 Cost of product sales 4,516,100 3,296,600 General and administrative expense 2,841,300 2,496,700 Research and development expense 344,600 131,400 Total costs and expenses 10,025,300 9,282,700 Loss from operations (2,050,900) (1,163,200) Interest expense (1,659,600) (910,200) Loss on extinguishment of debt - (4,398,000) Gain on disposal of assets 2,400 - Interest and other income 400 400 Loss before minority interest and provision for income taxes (3,707,700) (6,471,000) Minority interest in loss of subsidiaries 100 84,700 Provision for income taxes (5,900) (7,900) Net loss $(3,713,500) $(6,394,200) Basic and diluted net loss per common share $(0.14) $(0.32) Weighted average number of common shares outstanding 27,476,600 20,123,500
