IRVINE SENSORS REPORTS FIRST QUARTER RESULTS
IRVINE SENSORS REPORTS FIRST QUARTER RESULTS COSTA MESA, Calif., Feb. 11 /PRNewswire/ -- Irvine Sensors Corp.
(NASDAQ: IRSN) today reported operating results for the firm's first quarter ended Dec. 29, 1991.
Contract revenues increased slightly to $964,800, vs. $952,300 in last year's first quarter. Net losses were $208,100 in the current quarter vs. $83,500 incurred in the comparable fiscal 1991 period reflecting the increased costs associated with the firm's accelerated commercial investment strategy. James Alexiou, president, said "In the second half of fiscal 1991, our revenue growth allowed us to substantially increase our investments designed to accelerate the potential commercial uses of our technology while still maintaining prudent working capital reserves. Exercise of our underwriter's warrants in the first quarter of fiscal 1992 gave us the resources to continue this strategy despite the traditional revenue slowdown associated with the holidays and the government fiscal year change." Irvine Sensors, headquartered in Costa Mesa is primarily engaged in the development of infrared devices and high density packages of computer electronics which are intended to have broad applications in military and commercial systems. IRVINE SENSORS CORP. Financial Highlights 13 weeks ended Dec. 29, Dec. 30, 1991 1990 Contract revenues $964,800 $952,300 Costs and expenses: Cost of contract revenues 665,300 709,600 General and administrative 238,000 235,400 Research and development 76,200 30,700 Unabsorbed and indirect expenses 185,200 50,300 Total 1,164,700 1,026,000 Loss from operations (199,900) (73,700) Interest expense (8,200) (9,300) Interest income --- 300 Loss before provision for income taxes (208,100) (82,700) Provision for income taxes --- 800 Net loss ($208,100) ($83,500) Net loss per common and common equivalent share ($0.02) ($0.01) Weighted average number of shares outstanding 10,604,800 9,645,588 -0- 2/11/92 /CONTACT: John J. Stuart, CFO, of Irvine Sensors, 714-549-8211; or Edda Brown or Harley R. Gleckman of Wall Street Financial, 310-552-1555, for Irvine Sensors/ (IRSN) CO: Irvine Sensors Corp. ST: California IN: CPR SU: ERN
KJ-EH -- LA022 -- 8913 02/11/92 15:27 EST
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|Date:||Feb 11, 1992|
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