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Irvine Sensors Releases First Half Fiscal 2008 Results

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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