I suppose there is some good news in the increased revenues.
Personally, I wouldn't object if they actually started making some money eventually.
Jim
SOURCE: Irvine Sensors Corporation
Irvine Sensors Releases 3rd Fiscal Quarter
Numbers; Development Expenses of
Subsidiaries Continue to Dominate Consolidated Results
COSTA MESA, Calif., Aug. 9 /PRNewswire/ -- Irvine Sensors Corporation (Nasdaq: IRSN - news; Boston: ISC -
news) today reported operating results for the firm's third fiscal quarter ended July 2, 2000.
Consolidated revenues were $2,494,400, up from $1,928,500 in last year's third fiscal quarter, reflecting improvements in
both product sales and contract research and development. Consolidated revenues through the first three quarters were
also up, $8,572,600 versus $7,697,700 in the comparable 39-week period last year. The improvements in revenue
contributed to a reduction in net loss for the fiscal 2000 third fiscal quarter to $3,566,900 as compared to $4,018,000 in
the third quarter of fiscal 1999, despite increases in product development expenses of consolidated subsidiaries. The net
loss through the first three quarters of the current fiscal year remains higher than the 39-week period of fiscal 1999,
$8,959,700 versus $6,361,100, due to the cumulative effect of both product development and other development stage
growth of Irvine Sensors' subsidiaries earlier in the year.
Irvine Sensors Corporation, headquartered in Costa Mesa, California, is primarily engaged in the development of high
density electronics, MicroElectroMechanical sensors (MEMS) and readout circuits, miniature cameras, electro-optical
and optical switches, image processing devices and software, electronic image stabilization, wireless infrared
communications products, and low-power analog and mixed-signal integrated circuits for diverse systems applications. It
primarily seeks to commercialize its 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 within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. Such forward-looking statements are dependent on risks and uncertainties including such factors, among
others, as the ability of the Company to control and further reduce its operating expense, the technological risk in new
products and the impact of competition. 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 data base (www.sec.gov) or the
Company's Investor Relations.
IRVINE SENSORS CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
13 Weeks ended 39 Weeks Ended
July 2, June 27, July 2, June 27,
2000 1999 2000 1999
Revenues :
Product sales $1,348,700 $1,187,300 $5,356,500 $4,798,500
Contract research
& development 1,145,700 741,200 3,216,100 2,899,200
Total revenues 2,494,400 1,928,500 8,572,600 7,697,700
Cost and expenses:
Cost of product
sales 1,153,200 1,662,200 3,969,600 3,798,500
Cost of contract
revenues 1,435,700 795,400 3,132,500 2,764,200
General and
administrative 1,751,200 2,093,800 6,375,300 4,460,500
Research and
development 1,971,800 1,490,400 4,660,200 3,363,800
6,312,000 6,041,800 18,137,700 14,387,000
Loss from
operations (3,817,600) (4,113,300) (9,565,100) (6,689,300)
Interest expense (42,400) (35,300) (135,000) (66,100)
Interest income 74,900 4,200 109,500 13,400
Loss before minority
interest and
provision for
income taxes (3,785,100) (4,144,400) (9,590,600) (6,742,000)
Minority interest in
loss of subsidiaries 221,400 127,600 634,100 383,700
Provision for income
taxes (3,200) (1,200) (3,200) (2,800)
Net loss $(3,566,900) $(4,018,000) $(8,959,700) $(6,361,100)
Basic and diluted
loss per share $ (0.08) $ (0.13) $ (0.23) $ (0.18)
Weighted average
number of shares
outstanding 42,260,600 29,882,800 38,684,300 34,910,900
SOURCE: Irvine Sensors Corporation |
