***IRSN PRESS RELEASE***
Thursday April 16, 6:00 am Eastern Time
Company Press Release
SOURCE: Irvine Sensors Corporation
Irvine Sensors Reports Consecutive Quarterly Profit
COSTA MESA, Calif., April 16 /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 March 29, 1998.
Revenues were $2,533,300, down from the $3,254,300 of last year's second fiscal quarter, reflecting Irvine's closure of its Vermont facility which accounted for a significant portion of the firm's revenues in fiscal 1997. This revenue trend is also reflected in the mid-year figures of $4,701,200 for the current fiscal year versus $6,929,400 in the first half of fiscal 1997. In addition to the revenue effect, the Vermont closure strongly and favorably affected Irvine's bottom line with the current second fiscal quarter realizing net income of $14,000, an over $2.7 million turnaround from the loss of $2,732,600 in last year's second fiscal period. At the mid-point of fiscal 1998, Irvine has realized net income of $197,400 versus a loss of $4,253,700 at the comparable point last year, an improvement of over $4 million.
According to John J. Stuart, Irvine Sensors' Vice President and Chief Financial Officer, ''The second quarter profit, even though it is so modest as to really be called a 'break-even', is even more significant than the larger profit of the first quarter. Unlike the first quarter, the second quarter results were achieved without the contribution of an extraordinary item, and as such, provide even stronger evidence of our operating improvements.''
James D. Evert, Irvine Sensors' President and CEO, commented, ''During the first half of the year, we have been able to achieve these improvements in operating results while still making early-stage investments in several of our emerging market technologies, such as the IMAGEK EFS-1(TM) Electronic Film System and MicroSensors' Silicon MicroRing Gyro(TM).''
Irvine Sensors Corporation (www.irvine-sensors.com), headquartered in Costa Mesa, California, is primarily engaged in the development and sale of high density electronics, micro sensors and sensor readout circuits, image processing and sensing devices, wireless infrared communications products, miniaturized electro-optical systems, and low power integrated circuits intended for diverse systems applications.
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 data base (www.sec.gov) or the Company's Shareholder Relations.
Irvine Sensors Corporation Consolidated Statement of Operations
13 Weeks Ended 26 Weeks Ended
March 29, March 30, March 29, March 30,
1998 1997 1998 1997
Revenues:
Contract research &
development $1,996,700 $650,300 $3,446,200 $3,261,400
Product sales 536,600 2,604,000 1,255,000 3,668,000
Total revenues 2,533,300 3,254,300 4,701,200 6,929,400
Cost and expenses:
Cost of contract
revenues 1,659,200 682,300 3,047,100 2,480,400
Cost of product sales 236,700 3,930,000 1,178,200 5,969,700
General & administrative651,200 880,600 1,344,000 1,733,500
Research and development 63,400 480,200 202,100 911,900
2,610,500 5,973,100 5,771,400 11,095,500
Loss from operations (77,200) (2,718,800) (1,070,200) (4,166,100)
Interest expense (23,900) (98,500) (99,000) (225,400)
Interest income 3,300 13,400 9,000 16,300
Loss before minority interest
and income taxes (97,800) (2,803,900) (1,160,200) (4,375,200)
Minority interest in
loss of subsidiary (114,200) (72,900) (214,100) (123,300)
Provision for income taxes 2,400 1,600 2,600 1,800
Income (loss) before
extraordinary item 14,000 (2,732,600) (948,700) (4,253,700)
Extraordinary item -
debt extinguishment -- -- 1,146,100 --
Net income (loss) $14,000 $(2,732,600) $197,400 (4,253,700)
Basic and Diluted Earnings Per Share:
Loss before
extraordinary item $-- $ (0.13) $(0.04) $(0.21)
Extraordinary item $-- $-- $0.05 $--
Net income (loss) $-- $(0.13) $0.01 $(0.21)
Weighted average number
of shares outstanding22,935,300 20,506,700 22,417,700 19,916,700
SOURCE: Irvine Sensors Corporation |
