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IRVINE SENSORS REPORTS THIRD QUARTER RESULTS

 IRVINE SENSORS REPORTS THIRD QUARTER RESULTS
 COSTA MESA, Calif., Aug. 6 /PRNewswire/ -- Irvine Sensors Corp.


(NASDAQ: IRSN) today reported operating results for the firm's third fiscal quarter ended June 28, 1992.
 Revenues increased approximately 9 percent to $1,223,700 vs. $1,120,800 in last year's third quarter. A profit of $104,600 was achieved in the current third quarter vs. a loss of $147,900 in the comparable fiscal 1991 period. Revenues through the first 39 weeks of fiscal 1992 were $3,066,600 compared to $3,265,100 in last year's first three quarters. Losses through the third quarter were $329,400 in fiscal 1992 vs. the $204,500 loss at the comparable point last year.
 James Alexiou, president, noted, "The initial effect of our joint development agreement with IBM has already produced some financial improvements during the third quarter, more than offsetting our substantial investments during the period in the commercialization of our technology. With the additional payments yet to be received from IBM and our recent successful public offering of stock, we expect to continue our aggressive investment pace."
 Irvine Sensors, headquartered in Costa Mesa, is primarily engaged in the development of high density packages of computer electronics and infrared devices which are intended to have broad applications in military and commercial systems.
 IRVINE SENSORS CORP.
 Consolidated Statement of Operations
 (Unaudited)
 13 Weeks Ended 39 Weeks Ended
 June 28, June 30, June 28, June 30,
 1992 1991 1992 1991
 Contract revenues $863,700 $1,120,800 $2,706,600 $3,265,100
 Other revenues 360,000 --- 360,000 ---
 Total revenues 1,223,700 1,120,800 3,066,600 3,265,100
 Costs and expenses:
 Cost of contract
 revenues 594,600 817,000 1,855,700 2,317,500
 General and
 administrative 211,400 268,600 665,600 765,200
 Research and
 development 72,600 51,100 250,300 122,600
 Unabsorbed indirect
 expenses 247,200 126,000 619,100 244,300
 Total 1,125,800 1,262,700 3,390,700 3,449,600
 Income (loss)
 from operations 97,900 (141,900) (324,100) (184,500)
 Interest expense (5,100) (6,600) (17,100) (20,400)
 Interest income 11,800 600 12,600 1,200
 Income (loss) before
 provision for
 income taxes 104,600 (147,900) (328,600) (203,700)
 Provision for
 income taxes --- --- 800 800
 Net income (loss) $104,600 ($147,900) ($329,400) ($204,500)
 Net loss per common
 and common
 equivalent share $0.01 ($0.01) ($0.03) ($0.02)
 Weighted average
 number shares
 outstanding 11,647,800 10,175,600 11,110,200 9,838,900
 -0- 8/6/92
 /CONTACT: John J. Stuart, CFO of Irvine Sensors, 714-549-8211/
 (IRSN) CO: Irvine Sensors Corp. ST: California IN: CPR SU: ERN


LS-AL -- LA009 -- 7513 08/06/92 10:30 EDT
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Date:Aug 6, 1992
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