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IRVINE SENSORS REPORTS RESULTS

 COSTA MESA, Calif., Dec. 21 /PRNewswire/ -- Irvine Sensors Corp. (NASDAQ: IRSN) today reported operating results for the fiscal year ended Sept. 27, 1992. Revenues were $3,788,300, and losses were $895,800 vs. $4,217,200 in revenues, and $319,000 in losses in fiscal 1991. Working capital improved to $3,617,600 in fiscal 1992 vs. $287,500 at the prior fiscal year end. Company officials indicated that fiscal 1992 results were influenced by a temporary election-year slowdown in government contracts and planned increases in commercialization expenses which are expected to peak and then diminish in the first half of fiscal 1993. The working capital increase resulted from private and public equity placements completed during fiscal 1992.
 James Alexiou, chief executive officer, said "We are in the final stages of bringing our first product, the Memory Short Stack(TM), to the commercial marketplace. The remaining costs associated with our Memory Short Stack commercialization, while substantial, will be materially offset by further licensing revenues. Commercial shipments of the Memory Short Stack are expected to start in the second half of 1993. In addition, the pace of government contract awards is expected to accelerate in the new year, significantly improving our results."
 Last week, Irvine Sensors and IBM announced an agreement under which IBM will manufacture Memory Short Stacks for Irvine, starting in 1993. This agreement is an expansion of an earlier licensing arrangement announced by the two companies in June. The capacity provided by the IBM agreement will be in addition to the expanded capacity which Irvine will be completing by mid-1993 at its headquarters in Costa Mesa.
 Irvine Sensors is primarily engaged in the development of high- density packages of computer electronics and infrared devices which are expected to have broad applications in commercial and military systems.
 IRVINE SENSORS CORP.
 Consolidated Statement of Operations
 Fiscal Year Ended
 Sept. 27, Sept. 29,
 1992 1991
 Contract revenues $3,428,300 $4,217,200
 Other revenues 360,000 ---
 Total revenues 3,788,300 4,217,200
 Costs and expenses:
 Cost of contract
 revenues 2,773,200 3,051,300
 General and
 administrative 1,627,300 1,263,500
 Research and
 development 298,100 188,400
 Other expenses 9,800 5,900
 Total 4,708,400 4,509,100
 Loss from operations (920,100) (291,900)
 Interest expense (19,500) (27,600)
 Interest income 44,600 1,300
 Loss before
 provision for
 income taxes (895,000) (318,200)
 Provision for
 income taxes 800 800
 Net loss ($895,800) ($319,000)
 Net loss per common
 and common equivalent
 share ($0.08) ($0.04)
 Weighted average
 number of shares
 outstanding 11,430,900 9,955,900
 -0- 12/21/92
 /CONTACT: John Stuart of Irvine Sensors, 714-549-8211; or Edda Brown of Wall Street Financial, 310-552-1555, for Irvine Sensors/
 (IRSN)


CO: Irvine Sensors Corp. ST: California IN: CPR SU: ERN

EH-BP -- LA015 -- 0109 12/21/92 12:04 PST
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Date:Dec 21, 1992
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