Irvine Sensors Releases Unaudited FY09 Statement of Operations to Meet Nasdaq
Listing Requirement
COSTA MESA, Calif., Oct. 26 /PRNewswire-FirstCall/ -- Irvine Sensors
Corporation (Nasdaq: IRSN) today released an unaudited condensed statement of
operations for the Company's 2009 fiscal year, which ended September 27, 2009.
Pursuant to a continuing listing extension granted by a Nasdaq Listing
Qualifications Panel (the "Listing Panel"), the Company was required to
evidence unaudited net income from continuing operations of greater than
$500,000 for fiscal 2009 on or before October 27, 2009, or to demonstrate
compliance with one of Nasdaq's alternative listing criteria by that date, in
order to maintain its listing on the Nasdaq Capital Market. The condensed
unaudited statement of operations released today indicates that the Company's
income from continuing operations for fiscal 2009 was $755,100, subject to
audit, an amount in excess of the minimum requirement set forth by the Listing
Panel.
Irvine Sensors Corporation (www.irvine-sensors.com), 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 and sale of higher level systems incorporating
such products 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
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)
Fiscal Year Ended
September 27,
2009
-----------------
Total revenues $11,536,200
Total costs and expenses 21,590,200
Gain on sale or disposal of assets 8,640,800
Gain on elimination of consolidated debt 2,539,200
Gain from reduction in pension liability 2,242,500
Provision for litigation judgment (834,300)
--------
Income from operations 2,534,200
Interest expense (1,635,500)
Other income and expense 31,300
Provision for income taxes (174,900)
--------
Income from continuing operations 755,100
Income from discontinued operations 58,400
------
Net income $813,500
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SOURCE Irvine Sensors Corporation
Investor Relations of Irvine Sensors Corporation, +1-714-444-8718,
investorrelations@irvine-sensors.com
