Irvine Sensors Releases Third Quarter Results
COSTA MESA, Calif., Aug. 11 /PRNewswire-FirstCall/ -- Irvine Sensors Corporation (Nasdaq: IRSN) today reported operating results for its third quarter and first three quarters of fiscal 2010, the 13 and 39 weeks ended June 27, 2010.
Total revenues were up in both the 13-week and 39-week periods measured against the comparable periods of last year. Total revenues for the 13 weeks ended June 27, 2010 were $3,576,100, as compared to $2,774,500 in the 13 weeks ended June 28, 2009, an increase of approximately 29%. Total revenues in the fiscal 2010 39-week period were $9,507,700, up approximately 14% from $8,359,200 in the first three quarters of fiscal 2009. Revenue increases in both current periods were largely due to increased product sales, particularly sales of Irvine Sensors' Clip-On Thermal Imager ("COTI") product.
Net loss in the current 13-week period was $2,625,400, approximately 3% greater than the $2,544,900 net loss for the 13-week period ended June 28, 2009. Net loss in the current 39-week period was $7,761,700, as compared to $468,900 of net income for the 39-week period ended June 28, 2009. This difference largely reflected the non-recurring gain from Company's patent sale in the second quarter of fiscal 2009, an event that was not replicated in the 39-week period ended June 27, 2010. The current year 13-week and 39-week periods also included litigation settlement expense that was not present in the comparable periods of fiscal 2009.
Irvine Sensors Corporation (www.irvine-sensors.com), headquartered in Costa Mesa, California, is a vision systems company engaged in the development and sale of miniaturized infrared and electro-optical cameras, image processors and stacked chip assemblies and sale of higher level systems incorporating such products and research and development related to high density electronics, miniaturized sensors, optical interconnection technology, high speed network security, image processing and low-power analog and mixed-signal integrated circuits for diverse systems applications.
IRVINE SENSORS CORPORATION |
|||||
June 27, 2010 |
|||||
(Unaudited) |
September 27, 2009 |
||||
Assets |
|||||
Current assets: |
|||||
Cash and cash equivalents |
$ 154,900 |
$ 125,700 |
|||
Accounts receivable, net of allowance for doubtful accounts of $15,000 and $15,000, respectively |
1,730,100 |
1,396,300 |
|||
Unbilled revenues on uncompleted contracts |
710,900 |
885,300 |
|||
Inventory, net |
824,900 |
441,100 |
|||
Prepaid expenses and other current assets |
225,200 |
53,200 |
|||
Total current assets |
3,646,000 |
2,901,600 |
|||
Property and equipment, net (including construction in process of $806,000 and $35,000, respectively) |
2,684,000 |
2,845,200 |
|||
Intangible assets, net |
35,500 |
67,300 |
|||
Deferred financing costs |
414,000 |
- |
|||
Deposits |
87,400 |
37,500 |
|||
Total assets |
$ 6,866,900 |
$ 5,851,600 |
|||
Liabilities and Stockholders' Deficit |
|||||
Current liabilities: |
|||||
Accounts payable |
$ 4,243,500 |
$ 3,427,100 |
|||
Accrued expenses |
4,238,100 |
3,730,800 |
|||
Accrued estimated loss on contracts |
15,000 |
- |
|||
Advance billings on uncompleted contracts |
301,000 |
249,600 |
|||
Advances against accounts receivable |
604,800 |
985,800 |
|||
Deferred revenue |
155,400 |
180,000 |
|||
Restructured debt, net of debt discounts |
163,100 |
188,400 |
|||
Promissory note payable – related party |
- |
400,000 |
|||
Secured promissory note, current portion |
159,000 |
- |
|||
Debentures, net of debt discounts |
1,638,700 |
- |
|||
Capital lease obligations |
- |
11,200 |
|||
Total current liabilities |
11,518,600 |
9,172,900 |
|||
Secured promissory note |
2,341,000 |
- |
|||
Executive Salary Continuation Plan liability |
875,000 |
1,057,600 |
|||
Total liabilities |
14,734,600 |
10,230,500 |
|||
Commitments and contingencies (Note 10) |
|||||
Stockholders' deficit: |
|||||
Convertible Preferred stock, $0.01 par value, 1,000,000 and 1,000,000 shares authorized, respectively; |
600 |
1,200 |
|||
Series A-1 – 12,200 (unaudited) and 99,900 shares issued and outstanding, respectively (1); |
|||||
liquidation preference of $410,800 (unaudited) and $3,586,200, respectively; |
|||||
Series A-2 – 22,500 (unaudited) and 25,000 shares issued and outstanding, respectively (1); |
|||||
liquidation preference of $908,700 (unaudited) and $1,043,500, respectively; |
|||||
Series B – 1,900 (unaudited) and 0 shares issued and outstanding, respectively (1); |
|||||
liquidation preference of $1,561,600 (unaudited) and $0, respectively |
|||||
Series C – 27,500 (unaudited) and 0 shares issued and outstanding, respectively (1); |
|||||
liquidation preference of $825,000 (unaudited) and $0, respectively |
|||||
Common stock, $0.01 par value, 150,000,000 and 150,000,000 shares authorized, respectively; |
|||||
24,570,500 and 9,694,500 shares issued and outstanding, respectively (1) |
245,700 |
96,900 |
|||
Prepaid stock-based compensation |
(347,000) |
- |
|||
Common stock held by Rabbi Trust |
(1,169,600) |
(1,169,600) |
|||
Deferred compensation liability |
1,169,600 |
1,169,600 |
|||
Paid-in capital |
164,309,900 |
162,497,700 |
|||
Accumulated deficit |
(172,401,300) |
(167,299,100) |
|||
Irvine Sensors Corporation stockholders' deficit |
(8,192,100) |
(4,703,300) |
|||
Noncontrolling interest |
324,400 |
324,400 |
|||
Total stockholders' deficit |
(7,867,700) |
(4,378,900) |
|||
Total liabilities and stockholders' deficit |
$ 6,866,900 |
$ 5,851,600 |
|||
(1) The number of shares of preferred stock and common stock issued and outstanding have been rounded to the nearest one hundred (100). |
|||||
IRVINE SENSORS CORPORATION |
||||||||
13 Weeks Ended |
39 Weeks Ended |
|||||||
June 27, 2010 |
June 28, 2009 |
June 27, 2010 |
June 28, 2009 |
|||||
Revenues: |
||||||||
Contract research and development revenue |
$ 2,171,000 |
$ 2,508,500 |
$ 6,944,700 |
$ 7,247,000 |
||||
Product sales |
1,402,800 |
262,700 |
2,550,200 |
1,099,400 |
||||
Other revenue |
2,300 |
3,300 |
12,800 |
12,800 |
||||
Total revenues |
3,576,100 |
2,774,500 |
9,507,700 |
8,359,200 |
||||
Cost and expenses: |
||||||||
Cost of contract research and development revenue |
1,565,300 |
1,705,200 |
5,070,200 |
5,651,100 |
||||
Cost of product sales |
1,335,500 |
323,000 |
2,442,800 |
1,110,800 |
||||
General and administrative expense |
1,565,100 |
2,862,500 |
4,693,100 |
6,982,200 |
||||
Research and development expense |
655,200 |
531,300 |
2,011,400 |
1,318,000 |
||||
Total costs and expenses |
5,121,100 |
5,422,000 |
14,217,500 |
15,062,100 |
||||
Gain on sale or disposal of assets |
100 |
8,000 |
12,600 |
8,640,800 |
||||
Income (loss) from operations |
(1,544,900) |
(2,639,500) |
(4,697,200) |
1,937,900 |
||||
Interest expense |
(636,500) |
(218,400) |
(882,600) |
(1,458,100) |
||||
Provision for litigation judgment |
- |
- |
(20,200) |
- |
||||
Litigation settlement expense |
(450,000) |
- |
(2,270,700) |
- |
||||
Change in fair value of derivative instrument |
7,000 |
- |
67,000 |
- |
||||
Interest and other income (expense) |
(1,000) |
5,000 |
(1,300) |
51,700 |
||||
Income (loss) from continuing operations before |
||||||||
benefit (provision) for income taxes |
(2,625,400) |
(2,852,900) |
(7,805,000) |
531,500 |
||||
Benefit (provision) for income taxes |
- |
308,000 |
43,300 |
(121,000) |
||||
Income (loss) from continuing operations |
(2,625,400) |
(2,544,900) |
(7,761,700) |
410,500 |
||||
Discontinued operations: |
||||||||
Income from discontinued operations |
- |
- |
- |
58,400 |
||||
Net income (loss) |
(2,625,400) |
(2,544,900) |
(7,761,700) |
468,900 |
||||
Add net income attributable to noncontrolling |
- |
- |
- |
100 |
||||
Net income (loss) attributable to Company |
$ (2,625,400) |
$ (2,544,900) |
$ (7,761,700) |
$ 469,000 |
||||
Basic net income (loss) per common share information: |
||||||||
From continuing operations attributable to Company |
$ (0.15) |
$ (0.35) |
$ (0.66) |
$ 0.01 |
||||
From discontinued operations attributable to Company |
- |
- |
- |
0.01 |
||||
Basic net income (loss) attributable to |
$ (0.15) |
$ (0.35) |
$ (0.66) |
$ 0.02 |
||||
Diluted net income (loss) per common share information: |
||||||||
From continuing operations attributable to Company |
$ (0.15) |
$ (0.35) |
$ (0.66) |
$ 0.01 |
||||
From discontinued operations attributable to Company |
- |
- |
- |
0.01 |
||||
Diluted net income (loss) attributable to |
$ (0.15) |
$ (0.35) |
$ (0.66) |
$ 0.02 |
||||
Weighted average number of common shares |
17,302,800 |
7,708,400 |
13,932,100 |
6,257,000 |
||||
Weighted average number of common shares |
17,302,800 |
7,708,400 |
13,932,100 |
6,259,500 |
||||
SOURCE Irvine Sensors Corporation
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article