EXHIBIT 99.1
NEWS RELEASE
CONTACT: | Investor Relations | |
Irvine Sensors Corporation | ||
714-444-8718 | ||
investorrelations@irvine-sensors.com |
FOR IMMEDIATE RELEASE
IRVINE SENSORS RELEASES FISCAL 2004 RESULTS
FOR IMMEDIATE RELEASE
COSTA MESA, CALIFORNIA — December 10, 2004 — Irvine Sensors Corporation (NASDAQ: IRSN, Boston Stock Exchange: ISC) today released its results for its 2004 fiscal year ended October 3, 2004. Fiscal 2004 total revenues were $13,919,800, up $1,277,500, or approximately 10%, from fiscal 2003 total revenues of $12,642,300. Approximately $11.9 million of the fiscal 2004 total revenues was derived from contract research and development, setting an annual record for such revenues for Irvine Sensors. Largely as a result of the increase in contract research and development revenue, net loss for fiscal 2004 decreased approximately 34% to $4,166,900 in fiscal 2004, as compared to the $6,345,100 net loss of fiscal 2003. The Company’s working capital at October 3, 2004 was $3,147,600, an approximate $3.4 million improvement over the prior year-end.
As previously announced, Irvine Sensors’ CEO Robert G. Richards and CFO John Stuart will host a web cast conference call to discuss the fiscal 2004 results on Tuesday, December 14, 2004 at 1:15 PM Pacific Time.
Irvine Sensors Corporation, headquartered in Costa Mesa, California, is primarily engaged in the sale of stacked chip assemblies and research and development related to high density electronics, miniaturized sensors and cameras, optical interconnection technology, high speed routers, image processing and low-power analog and mixed-signal integrated circuits for diverse systems applications.
—00—
Irvine Sensors Corporation 2004 Fiscal Year Results Press Release
December 10, 2004
Page 2 of 3
Consolidated Statements of Operations
Fiscal Year Ended | ||||||||
October 3, 2004 | September 28, 2003 | |||||||
Revenues: | ||||||||
Contract research and development revenue | $ | 11,879,700 | $ | 10,367,900 | ||||
Product sales | 1,957,400 | 2,212,700 | ||||||
Other revenue | 82,700 | 61,700 | ||||||
Total revenues | 13,919,800 | 12,642,300 | ||||||
Cost and expenses: | ||||||||
Cost of contract research and development revenue | 7,785,900 | 7,790,200 | ||||||
Cost of product sales | 2,014,500 | 2,375,600 | ||||||
General and administrative expense | 6,067,200 | 5,598,800 | ||||||
Research and development expense | 2,080,600 | 2,668,200 | ||||||
17,948,200 | 18,432,800 | |||||||
Loss from operations | (4,028,400 | ) | (5,790,500 | ) | ||||
Interest expense | (88,600 | ) | (182,400 | ) | ||||
Interest and other income | 3,900 | 5,100 | ||||||
Loss on disposal and impairment of assets | (46,400 | ) | (369,400 | ) | ||||
Loss before minority interest and provision for income taxes | (4,159,500 | ) | (6,337,200 | ) | ||||
Minority interest in loss of subsidiaries | 12,500 | 7,900 | ||||||
Provision for income taxes | (19,900 | ) | (15,800 | ) | ||||
Net loss | (4,166,900 | ) | (6,345,100 | ) | ||||
Imputed dividend on Series E stock issued | — | (1,013,100 | ) | |||||
Net loss applicable to common stockholders | $ | (4,166,900 | ) | $ | (7,358,200 | ) | ||
Per share information: | ||||||||
Basic and diluted net loss per common share | $ | (0.26 | ) | $ | (0.82 | ) | ||
Weighted average number of shares outstanding | 15,799,200 | 8,958,200 | ||||||
Irvine Sensors Corporation 2004 Fiscal Year Results Press Release
December 10, 2004
Page 3 of 3
Consolidated Balance Sheets
October 3, 2004 | September 28, 2003 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 2,064,100 | $ | 1,166,800 | ||||
Restricted cash | 43,500 | 54,200 | ||||||
Accounts receivable, net of allowance for doubtful accounts of $85,000 and $57,700, respectively | 1,327,000 | 443,500 | ||||||
Unbilled revenues on uncompleted contracts | 930,600 | 598,100 | ||||||
Inventory, net | 980,100 | 932,100 | ||||||
Other current assets | 133,500 | 48,500 | ||||||
Total current assets | 5,478,800 | 3,243,200 | ||||||
Equipment, furniture and fixtures, net | 4,926,500 | 4,417,600 | ||||||
Patents and trademarks, net | 748,300 | 707,400 | ||||||
Deposits | 89,400 | 87,400 | ||||||
Total assets | $ | 11,243,000 | $ | 8,455,600 | ||||
Liabilities and Stockholders’ Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 1,320,000 | $ | 1,620,600 | ||||
Accrued expenses | 824,500 | 806,100 | ||||||
Accrued loss on contracts | 34,600 | 358,500 | ||||||
Advance billings on uncompleted contracts | 33,800 | 437,000 | ||||||
Deferred revenue | — | 251,700 | ||||||
Capital lease obligations – current portion | 118,300 | 30,700 | ||||||
Total current liabilities | 2,331,200 | 3,504,600 | ||||||
Capital lease obligations, less current portion | 156,700 | 34,700 | ||||||
Minority interest in consolidated subsidiaries | 419,000 | 431,500 | ||||||
Total liabilities | 2,906,900 | 3,970,800 | ||||||
Stockholders’ Equity: | ||||||||
Preferred stock, $0.01 par value, 500,000 shares authorized; Series E convertible preferred stock, 0 and 2,083 shares outstanding | — | — | ||||||
Common stock, $0.01 par value, 80,000,000 shares authorized; 17,806,300 and 12,947,700 shares issued and outstanding | 178,100 | 129,500 | ||||||
Common stock warrants; 1,508,100 and 2,065,600 warrants outstanding | — | — | ||||||
Common stock held by Rabbi Trust | (482,000 | ) | (250,000 | ) | ||||
Deferred compensation liability | 482,000 | 250,000 | ||||||
Paid-in capital | 118,285,100 | 110,315,500 | ||||||
Accumulated deficit | (110,127,100 | ) | (105,960,200 | ) | ||||
Total stockholders’ equity | 8,336,100 | 4,484,800 | ||||||
$ | 11,243,000 | $ | 8,455,600 | |||||