COSTA MESA, Calif., Aug. 13 /PRNewswire-FirstCall/ -- Irvine Sensors Corporation today reported operating results for its third quarter and first three quarters of fiscal 2008, the 13 and 39 weeks ended June 29, 2008.
Total revenues for the 13 weeks ended June 29, 2008 were $8,561,000 compared to total revenues of $9,636,800 for the 13-week period ended July 1, 2007. Total revenues for the 39 weeks ended June 29, 2008 were $27,597,600, a record for the first three quarters of an Irvine Sensors' fiscal year and up from total revenues of $25,765,800 for the 39-week period ended July 1, 2007. The 39-week record reflected revenue increases realized earlier in fiscal 2008.
Net loss in the 13-week period ended June 29, 2008 was $2,609,300, an approximate 44% reduction from $4,681,200 in the third quarter of last year. Net loss through the 39 weeks of fiscal 2008 was reduced approximately 39% to $9,789,700 as compared to $16,078,000 for the first three quarters of fiscal 2007.
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) June 29, September 30, 2008 2007 Assets Current assets: Cash and cash equivalents $686,800 $1,442,300 Restricted cash 40,800 39,600 Accounts receivable, net of allowance for doubtful accounts of $15,000 and $15,000, respectively 2,651,200 3,614,600 Unbilled revenues on uncompleted contracts, net of allowance of $150,000 and $0, respectively 1,380,200 1,289,300 Inventory, net 6,990,900 7,011,500 Prepaid expenses and other current assets 354,100 74,100 Total current assets 12,104,000 13,471,400 Property and equipment, net 5,105,100 5,771,400 Intangible assets, net 2,205,200 2,880,400 Goodwill 11,633,500 11,633,500 Deferred costs 349,900 587,200 Deposits 121,700 86,500 Total assets $31,519,400 $34,430,400 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $6,007,100 $5,949,900 Accrued expenses 3,724,300 2,638,700 Success fee payable to related party - 500,000 Accrued estimated loss on contracts 355,600 1,577,400 Advance billings on uncompleted contracts 44,000 378,100 Deferred revenue 70,500 156,500 Income taxes payable 33,600 31,400 Promissory note payable - related party 400,000 400,000 Subordinated term loan - related party 2,000,000 - Capital lease obligations - current portion 32,700 40,300 Total current liabilities 12,667,800 11,672,300 Restructured debt, net of discounts 10,810,500 10,869,300 Subordinated term loan - related party - 2,000,000 Deferred interest 1,273,400 1,241,200 Executive Salary Continuation Plan liability 3,700,700 3,800,500 Capital lease obligations, less current portion 17,000 45,000 Minority interest in consolidated subsidiaries 324,600 324,800 Total liabilities 28,794,000 29,953,100 Stockholders' equity: Preferred stock, $0.01 par value, 500,000 shares authorized; 126,000 and 0 shares issued and outstanding, respectively 1,300 - Common stock, $0.01 par value, 80,000,000 shares authorized; 31,464,500 and 26,842,900 shares issued and outstanding, respectively 314,600 268,400 Common stock warrants; 6,644,900 and 6,144,900 warrants outstanding, respectively - - Prepaid stock-based compensation (24,800) - Deferred stock-based compensation (338,900) (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 159,217,900 151,163,600 Accumulated deficit (156,444,700) (146,655,000) Total stockholders' equity 2,725,400 4,477,300 $31,519,400 $34,430,400 IRVINE SENSORS CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) 13 Weeks Ended 39 Weeks Ended July 1, July 1, June 29, 2007 June 29, 2007 2008 As Restated 2008 As Restated Revenues: Contract research and development revenue $4,189,900 $4,410,000 $11,266,100 $12,356,500 Product sales 4,363,100 5,221,900 16,311,000 13,394,300 Other revenue 8,000 4,900 20,500 15,000 Total revenues 8,561,000 9,636,800 27,597,600 25,765,800 Cost and expenses: Cost of contract research and development revenue 3,176,700 3,445,600 8,868,300 10,238,200 Cost of product sales 3,183,600 5,676,100 13,492,000 12,189,100 General and administrative expense 3,156,300 3,157,900 9,237,800 9,402,800 Research and development expense 454,600 233,100 1,094,700 806,400 Total costs and expenses 9,971,200 12,512,700 32,692,800 32,636,500 Loss from operations (1,410,200) (2,875,900) (5,095,200) (6,870,700) Interest expense (1,510,600) (1,803,800) (4,992,900) (4,975,800) Loss on extinguishment of debt - - - (4,398,000) Gain (loss) on disposal of assets 314,800 (200) 315,600 (200) Interest and other income 900 2,200 1,900 3,600 Loss before minority interest and provision for income taxes (2,605,100) (4,677,700) (9,770,600) (16,241,100) Minority interest in loss of subsidiaries 100 100 200 85,100 Benefit (provision) for income taxes (4,300) (3,600) (19,300) 78,000 Net loss $(2,609,300) $(4,681,200) $(9,789,700) $(16,078,000) Basic and diluted net loss per common share $(0.09) $(0.18) $(0.34) $(0.68) Weighted average number of common shares outstanding 30,590,300 25,808,200 29,171,400 23,613,700
