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O.C. BUSINESS PLUS | ORANGE COUNTY EARNINGS

Irvine Sensors Losses Triple as It Retools

May 04, 2000|E. Scott Reckard

Irvine Sensors Corp.'s second-quarter loss nearly tripled as it accelerated product development, the designer of miniaturized electronics systems said Wednesday.

Irvine Sensors lost $2.9 million, or 8 cents a share, for the second fiscal quarter, compared with a net loss of $979,000, or 3 cents a share, a year ago. Revenue for the three months ended April 2 declined 7% to $2.8 million.

Converting military technology to civilian uses, the Costa Mesa company is developing such products as miniature sensors, cameras and image-processing gear. In reporting its latest results, it noted that it recently won infusions of private capital for both the parent company and its subsidiaries, cutting its debt and positioning itself for growth.

"The investments our subsidiaries are making, while impacting our current bottom line, are being made with a view to the future," said Irvine Sensors Chief Executive James D. Evert.

Irvine Sensors shares had traded as high as $16.56 during the tech stock frenzy in early March, but since have slipped. They closed Wednesday at $5.94 on the Nasdaq stock market, down 50 cents.

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