COSTA MESA, Calif., Feb. 10 /PRNewswire-FirstCall/ -- Irvine Sensors Corporation 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 (http://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).
Irvine Sensors Corporation
CONTACT: Investor Relations of Irvine Sensors Corporation,
+1-714-444-8718, investorrelations@irvine-sensors.com
Web Site: http://www.irvine-sensors.com/
