CONTACT: Lynn O'Mara
Irvine Sensors Corporation
714-444-8718
lomara@irvine-sensors.com
CCOSTA MESA, CALIFORNIA -- February 9, 2001 -- Irvine Sensors Corporation (NASDAQ: IRSN, Boston Exchange: ISC) today reported operating results for its first fiscal quarter ended December 31, 2000.
Consolidated revenues were $1,943,000 versus $3,283,100 realized in the first fiscal quarter of last year, reflecting a temporary capacity limitation of a key supplier to the Company's consolidated subsidiary, Novalog, Inc. Net loss for the current year's first quarter was $6,067,000 compared to $2,498,100 for the first quarter of fiscal 2000, reflecting major investments in development expenses, particularly as related to the Company's newly formed, iNetWorks Corporation subsidiary, and the Company's Silicon Film Technologies subsidiary that has been preparing for public preview of its electronic film system, scheduled for product launch in the next quarter.
Robert G. Richards, Irvine Sensors' Chief Executive Officer and President, said, "Given the size of iNetWorks' Internet router market opportunity, we are aggressively investing to support the Internet SuperRouter™ development underway within iNetWorks. These investments affected the first quarter results and will continue to affect the bottom line for the balance of the fiscal year, subject to the timing of results of current strategic discussions with potential partners."
Irvine Sensors Corporation, headquartered in Costa Mesa, California, is primarily engaged in the development of high density electronics, miniaturized sensors and sensor readout circuits, miniature cameras, optical interconnections, image processing and recognition devices, and low-power analog and mixed-signal integrated circuits for diverse systems applications. It generally 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 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 database (www.sec.gov) or the Company's Shareholder Relations.
IRVINE SENSORS CORPORATION
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13 Weeks ended |
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December 31, |
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January 2, |
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2000 |
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1999 |
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Revenues: |
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Product sales |
$
1,243,000 |
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$
2,416,200 |
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Contract research &
development |
700,000 |
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866,900 |
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Total revenues |
1,943,000 |
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3,283,100 |
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Cost and expenses: |
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Cost of product sales |
1,038,000 |
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1,902,000 |
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Cost of contract revenues |
508,200 |
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681,500 |
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General and administrative |
3,688,400 |
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2,202,900 |
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Research and development |
3,195,800 |
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1,168,700 |
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8,430,400 |
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5,955,100 |
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Loss from operations |
(6,487,400) |
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(2,672,000) |
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Interest expense |
(39,000) |
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(44,600) |
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Interest income |
103,300 |
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1,900 |
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Loss before
minority interest |
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and provision for income
taxes |
(6,423,100) |
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(2,714,700) |
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Minority
interest in loss of subsidiaries |
360,100 |
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216,600 |
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Provision for
income taxes |
(4,000) |
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Net loss |
$ (6,067,000) |
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$ (2,498,100) |
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Basic and diluted loss per
share |
$ (0.13) |
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$
(0.07) |
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Weighted average number |
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of shares outstanding |
46,641,000 |
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35,947,100 |
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