Irvine Sensors Releases 2nd Fiscal Quarter Results
COSTA MESA, Calif., May 3 /PRNewswire/ -- Irvine Sensors Corporation (Nasdaq: IRSN - news; BSE: ISC - news) today reported operating results for the company's second fiscal quarter and first six months ended April 2, 2000.
Revenues for the second quarter of fiscal 2000 were $2,795,100, versus $3,021,300 in last year's second fiscal quarter. Mid-year revenues for the current year were $6,078,200 compared to $5,769,200 for the first half of fiscal 1999. A net loss of $2,894,700 was incurred for the second fiscal quarter of 2000 versus a $979,900 loss for the comparable quarter of 1999, reflecting accelerated product development and organizational expenses, particularly in MicroSensors, Inc. and Silicon Film Technologies, Inc., two of Irvine Sensors' subsidiaries. The 26-week period experienced similar increases in development and organization expenses with losses for the period ended April 2, 2000 being $5,392,800 as compared to $2,343,100 for the period ended March 28, 1999.
James D. Evert, Irvine Sensors' President and Chief Executive Officer, said, ``The investments our subsidiaries are making, while impacting our current bottom line, are being made with a view to the future. They have been financed by successful private placements at both the parent and subsidiary level, resulting in an improvement in our consolidated liquidity since the start of the year.''
Irvine Sensors Corp., headquartered in Costa Mesa, California, is primarily engaged in the development of high-density electronics, miniature sensors and sensor readout circuits, miniature cameras, optical interconnects, image processing and recognition devices, and low-power analog and mixed signal integrated circuits for diverse system applications. It generally seeks to commercialize these technologies through independently financed and managed subsidiaries.
Except for historical information contained herein, the matters set forth in this press release are forward-looking statements that are dependent on risks and uncertainties including such factors, among others, as the ability of the Company to control and further reduce its operating expenses. The Company undertakes no obligation to publicly release the results of any revision to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Further information on the Company's status and the matters discussed herein are contained in publicly-filed disclosures available through the SEC's EDGAR database ( www.sec.gov ) or the Company's Shareholder Relations.
IRVINE SENSORS CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)
13 Weeks ended 26 Weeks Ended
April 2, March 28, April 2, March 28,
2000 1999 2000 1999
Revenues:
Product sales $1,591,600 $1,836,000 $4,007,800 $ 3,611,200
Contract research
& development 1,203,500 1,185,300 2,070,400 2,158,000
Total revenues 2,795,100 3,021,300 6,078,200 5,769,200
Cost and expenses:
Cost of product
sales 914,400 912,200 2,816,400 2,136,300
Cost of contract
revenues 1,015,300 875,300 1,696,800 1,968,800
General and
administrative 2,421,200 1,303,500 4,624,100 2,366,700
Research and
development 1,519,700 1,065,300 2,688,400 1,873,400
5,870,600 4,156,300 11,825,700 8,345,200
Loss from
operations (3,075,500) (1,135,000) (5,747,500) (2,576,000)
Interest expense (48,000) (16,100) (92,600) (30,800)
Interest income 32,700 3,200 34,600 9,200
Loss before minority
interest and
provision for
income taxes (3,090,800) (1,147,900) (5,805,500) (2,597,600)
Minority interest
in loss of
subsidiaries 196,100 169,800 412,700 256,100
Provision for income
taxes -- (1,600) -- (1,600)
Net loss $(2,894,700) $(979,700) $(5,392,800) $(2,343,100)
Basic and diluted
loss per share $(0.08) $ (0.03) $(0.15) $(0.08)
Weighted average
number of shares
outstanding 37,012,700 29,331,200 36,633,700 28,744,100 |
