COSTA MESA, Calif., Dec. 17, 2010 /PRNewswire-FirstCall/ -- Irvine Sensors Corporation (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 (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 Fiscal Years Ended ------------------ September 27, October 3, 2010 2009 Revenues: Contract research and development revenue $8,526,200 $10,003,500 Product sales 3,177,800 1,515,900 Other revenue 12,800 16,800 ------ ------ Total revenues 11,716,800 11,536,200 ---------- ---------- Costs and expenses: 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: Income from discontinued operations - 58,400 --- ------ Net income (loss) $(11,155,800) $914,700 Add net income attributable to noncontrolling - 100 interests in subsidiary Net income (loss) attributable to Company $(11,155,800) $914,800 ============ ======== Basic net income (loss) per common share information: 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 October 3, September 2010 27, 2009 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 Unbilled revenues on uncompleted contracts 630,300 885,300 Inventory, net 1,715,800 441,100 Prepaid expenses and other current assets 182,300 53,200 ------ Total current assets 3,192,100 2,901,600 Property and equipment, net (including construction in process of $204,000 and $35,000, respectively) 2,730,000 2,898,100 Intangible assets, net 12,400 14,400 Deferred financing costs 302,900 - Deposits 87,400 37,500 ------ ------ Total assets $6,324,800 $5,851,600 ========== ========== Liabilities and Stockholders' Deficit Current liabilities: Accounts payable $4,724,100 $3,427,100 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 ---------- ---------- Commitments and contingencies Stockholders' deficit: 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; Series A-2 - 8,300 and 25,000 shares issued and outstanding, respectively (1); liquidation preference of $333,300 and $1,043,500, respectively; Series B - 1,900 and 0 shares issued and outstanding, respectively (1); liquidation preference of $1,892,700 and $0, respectively 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) Deferred compensation liability 1,169,600 1,169,600 Paid-in capital 165,039,200 162,497,700 Accumulated deficit (175,795,400) (167,299,100) ------------ ------------ Irvine Sensors Corporation stockholders' deficit (10,420,300) (4,703,300) Noncontrolling interest 324,400 324,400 ------- ------- Total stockholders' deficit (10,095,900) (4,378,900) ---------- Total liabilities and stockholders' deficit $6,324,800 $5,851,600 ========== ========== (1) The number of shares of preferred stock and common stock issued and outstanding have been rounded to the 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/
