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Irvine Sensors Reports First Half Results

COSTA MESA, Calif. — Irvine Sensors Corporation (OTCBB: IRSN) today reported operating results for its second quarter and first half of fiscal 2011, the 13 and 26 weeks ended April 3, 2011.

Total revenues for the 13 weeks ended April 3, 2011 were $3,370,400, an approximate 24% increase from $2,721,400 in the 13 weeks ended March 28, 2010. Total revenues in the fiscal 2011 26-week period were $7,671,300, up 29% from $5,931,600 in the first half of fiscal 2010. The revenue increase in the current periods was primarily due to increased sales of Irvine Sensors' thermal imaging cores.

Net loss attributable to the Company increased in the current fiscal year periods, from $3,419,600 in the 13-week period ended March 28, 2010 to $7,550,600 in the 13-week period ended April 3, 2011, and from $5,136,300 in the 26-week period ended March 28, 2010 to $18,382,800 in the 26-week period ended April 3, 2011, largely as a result of non-cash expenses recorded in connection with financings in the periods that included convertible debt instruments deemed to include embedded derivatives. The resulting accrued derivative liability is subject to elimination if the convertible debt instruments are ultimately converted to common stock pursuant to their terms. There can be no assurance, however, that the convertible debt instruments will be converted to common stock or that the resulting accrued derivative liability will be eliminated.

Working capital, which improved substantially in the first quarter of fiscal 2011 as a result of equity and debt financings, continued to improve in the second quarter of fiscal 2011 as Irvine Sensors issued an additional $5.2 million of long-term debt instruments to its institutional investors. These proceeds facilitated the payment in full of short-term debt of approximately $2.7 million in March 2011.

Excluding non-cash charges for changes in fair value of derivative instruments, non-cash interest expense, stock-based compensation and depreciation and amortization, non-GAAP net loss was $2,715,800 in the 13-week period ended April 3, 2011 compared to non-GAAP net loss of $3,023,600 in the 13-week period ended March 28, 2010. Similarly, non-GAAP net loss was $5,417,800 in the 26-week period ended April 3, 2011 compared to non-GAAP net loss of $4,785,800 in the 26-week period ended March 28, 2010. See “Use of Non-GAAP Financial Information” below for important information regarding the Company's use of non-GAAP financial measures.

{complink 2805|Irvine Sensors Corp.}

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