Total Revenues Set Quarterly and Mid-Year Records
COSTA MESA, Calif., May 15 /PRNewswire-FirstCall/ -- Irvine Sensors
Corporation (Nasdaq: IRSN) today reported operating results for its second
quarter and first half of fiscal 2008, the 13 and 26 weeks ended March 30,
2008.
Total revenues were up in both the 13-week and 26-week periods measured
against the comparable periods of last year. Total revenues for the 13
weeks ended March 30, 2008 were $11,062,200, an approximate 38% increase
from $8,009,500 in the 13 weeks ended April 1, 2007, setting a new
quarterly total revenue record for the Company. Total revenues in the
current 26-week period also set a new record for the first half of an
Irvine Sensors' fiscal year, reaching $19,036,600, up approximately 18%
from the $16,129,000 of total revenues for the first half of fiscal 2007.
Both the 13-week and 26-week records were largely the result of increased
sales at the Company's Optex subsidiary.
Net loss in the 13-week period ended March 30, 2008 was $3,466,900, an
approximate 31% reduction from $5,002,600 in the second quarter of last
year. Net loss through the first half of fiscal 2008 was reduced
approximately 37% to $7,180,400 as compared to $11,396,800 for the first 26
weeks of fiscal 2007.
The Company also released a pro-forma balance sheet showing the effect
of the debt exchange completed in early April as though it had been
consummated effective March 30, 2008. The net effect of the transaction was
a substantial increase in equity, bringing the Company back into compliance
with the Nasdaq listing maintenance standard for stockholders' equity.
Irvine Sensors Corporation, 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, the manufacture and sale of optical systems and
equipment for military applications through its Optex subsidiary 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
CONSOLIDATED BALANCE SHEETS
(Unaudited)
March 30, 2008 March 30, September 30,
Pro Forma 2008 2007
Assets
Current assets:
Cash and cash equivalents $ $1,233,100 $1,442,300
Restricted cash 39,600 39,600
Accounts receivable, net of
allowance for doubtful accounts
of $15,000 and $15,000,
respectively 4,079,500 3,614,600
Unbilled revenues on
uncompleted contracts, net
of allowance
of $150,000 and $0,
respectively 1,585,000 1,289,300
Inventory, net 6,020,200 7,011,500
Prepaid expenses and other
current assets 369,700 74,100
Total current assets 13,327,100 13,327,100 13,471,400
Property and equipment, net 5,589,000 5,771,400
Intangible assets, net 2,379,400 2,880,400
Goodwill 11,633,500 11,633,500
Deferred costs 437,200 587,200
Deposits 122,300 86,500
Total assets $33,488,500 $33,488,500 $34,430,400
Liabilities and Stockholders'
Equity
Current liabilities:
Accounts payable $ $6,084,200 $5,949,900
Accrued expenses 4,102,700 2,638,700
Success fee payable to
related party - 500,000
Accrued estimated loss on
contracts 1,002,600 1,577,400
Advance billings on
uncompleted contracts 14,900 378,100
Deferred revenue 132,000 156,500
Income taxes payable 37,200 31,400
Promissory note payable -
related party 400,000 400,000
Subordinated term loan -
related party 2,000,000 -
Capital lease obligations -
current portion 36,800 40,300
Total current liabilities 13,810,400 13,810,400 11,672,300
Restructured debt, net of
discounts 10,115,400 12,926,900 10,869,300
Subordinated term loan -
related party - - 2,000,000
Deferred interest 823,300 2,011,800 1,241,200
Executive Salary Continuation
Plan liability 3,733,800 3,800,500
Capital lease obligations, less
current portion 22,600 45,000
Minority interest in consolidated
subsidiaries 324,700 324,800
Total liabilities 28,830,200 32,830,200 29,953,100
Commitments and contingencies
(Note 12)
Stockholders' equity:
Common stock, $0.01 par value,
80,000,000 shares authorized;
30,587,200 and 26,842,900
shares issued and
outstanding, respectively 305,900 268,400
Common stock warrants;
6,644,900 and 6,144,900
warrants outstanding,
respectively - -
Preferred stock, $0.01 par
value, 500,000 shares
authorized; 0 and 0
shares issued and outstanding,
respectively (pro forma
133,300) 1,300 - -
Deferred stock-based
compensation (774,100) (299,700)
Common stock held by Rabbi
Trust (1,214,100) (1,115,100)
Deferred compensation
liability 1,214,100 1,115,100
Paid-in capital 158,960,600 154,961,900 151,163,600
Accumulated deficit (153,835,400) (146,655,000)
Total stockholders'
equity 4,658,300 658,300 4,477,300
$33,488,500 $33,488,500 $34,430,400
IRVINE SENSORS CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
13 Weeks Ended 26 Weeks Ended
April 1, April 1,
March 30, 2007 March 30, 2007
2008 As Restated (1) 2008 As Restated (1)
Revenues:
Contract research
and development
revenue $4,364,500 $3,942,300 $7,076,200 $7,946,500
Product sales 6,694,700 4,061,000 11,947,900 8,172,400
Other revenue 3,000 6,200 12,500 10,100
Total revenues 11,062,200 8,009,500 19,036,600 16,129,000
Cost and expenses:
Cost of contract
research and
development
revenue 3,368,300 3,434,600 5,691,600 6,792,600
Cost of product
sales 5,792,300 3,216,400 10,308,400 6,513,000
General and
administrative
expense 3,240,200 3,748,200 6,081,500 6,244,900
Research and
development
expense 295,500 441,900 640,100 573,300
Total costs and
expenses 12,696,300 10,841,100 22,721,600 20,123,800
Loss from
operations (1,634,100) (2,831,600) (3,685,000) (3,994,800)
Interest
expense (1,822,700) (2,261,800) (3,482,300) (3,172,000)
Loss on
extinguishment
of debt - - - (4,398,000)
Gain (loss) on
disposal of
assets (1,600) - 800 -
Interest and
other income 600 1,000 1,000 1,400
Loss before minority
interest
and provision for
income taxes (3,457,800) (5,092,400) (7,165,500) (11,563,400)
Minority interest
in loss of
subsidiaries - 300 100 85,000
Benefit (provision)
for income taxes (9,100) 89,500 (15,000) 81,600
Net loss $(3,466,900) $(5,002,600) $(7,180,400) $(11,396,800)
Basic and diluted
net loss per
common share $(0.12) $(0.20) $(0.25) $(0.50)
Weighted average
number of common
shares
outstanding 29,767,900 25,169,000 28,622,300 22,646,200
SOURCE Irvine Sensors Corporation
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Related links:
http://www.irvine-sensors.com
CONTACT:
investor relations of Irvine Sensors
Corporation, +1-714-444-8718,
investorrelations@irvine-sensors.com; or John Baldissera of BPC
Financial Marketing, 1-800-368-1217, for Irvine Sensors
Corporation
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