Irvine Sensors Corp. of Costa Mesa on Tuesday reported a $9,500 profit for the fiscal second quarter but cautioned that its first black ink in a few years may not signal a long-term trend. A year ago, the high-technology research company lost $382,700 in the quarter.
Revenues for the period, ended March 31, were a record $1.2 million, about three times the $405,800 reported last year.
For the fiscal six months, Irvine Sensors had a loss of $116,800 compared to a loss of $770,400 last year. Revenues for the half were $2 million, compared with $711,200 last year.
Company President James Alexiou noted that the latest figures offer "clear evidence" that Irvine Sensors can achieve its sales goals in 1985, but he warned against drawing rosy conclusions about future profits.
Alexiou explained that because Irvine Sensors is still transforming itself from a research firm to a production company, it is still dependent on sporadically received research and development contracts, rather than sales, which generally have a more stable pace.
Since 1980, Irvine Sensors has been developing an electronic cube that is far more powerful than the traditional two-dimensional computer circuitry. While basic research is complete, the devices are still built by hand, one at a time, and research now is focused on developing a system to mass-produce the cubes. Possible uses for the cubes, which contain the circuitry of 16,000 stereo channels, run the gamut from military to ordinary consumer products.
Frontier Bank Net Up 56% in Quarter
The Frontier Group Inc., holding company for Frontier Bank of Buena Park, reported first-quarter net income rose 56% to $142,000, from $91,000 in the year-ago period.
The bank attributed its earnings growth to increased loan activity and increased income from fees charged for special services. Assets increased 48% as of March 31 to $35.1 million, from $23.7 million a year earlier. Deposits were ahead 54% to $29.8 million, from $19.3 million a year ago.
Ponderosa Homes Reports Record Sales in Period
Irvine-based Ponderosa Homes said it posted a company record of 565 sales and 298 closings with a combined value of $36 million during the first quarter of 1985. It was the last quarter before Ponderosa's parent company, Hartford, Conn.-based Aetna Life & Insurance Casualty Co., sold the home-building firm's Northern California operations to a group of former executives, effective April 1. The insurance giant does not report the earnings of its builder subsidiary.