Blaming delays in federal defense spending, Irvine Sensors Corp. of Costa Mesa said it lost $807,000 in its first quarter of fiscal 1986, more than six times the $126,000 loss reported last year. For the three months ended Dec. 29, the tiny defense electronics maker had revenues of $312,000, a 63% drop from $846,300 a year ago.
John Stuart, chief financial officer, said the company was left without much business when Congress delayed passage of the new federal budget until December. "The 1986 procurement cycle is moving like molasses."
James Alexiou, Irvine Sensors' president, said the problems seem to be easing and the company expects improved results during the remainder of the year.