Irvine Sensors Says It Lost $343,400 in Quarter

Irvine Sensors Corp., a Costa Mesa producer of infrared devices for military and commercial uses, said it had a loss of $343,400 for the third quarter of its fiscal 1986, compared with a year-earlier net profit of $10,500. Quarterly revenues fell 45% to $765,100 from $1.4 million.

The company said the loss and the drop in revenue--both for the quarter and the first nine months of its fiscal year, were caused primarily by congressional delays in adopting a budget and in passing military procurement reforms.

In the first nine months ended June 29, Irvine Sensors’ net loss was $1.4 million, more than 13 times the $106,300 loss posted a year earlier. Revenues in the period fell 43% to $2 million from $3.5 million.

More than half of the cumulative loss was incurred in the first quarter, when procurement delays most heavily affected the company’s contract revenues.

“Like many government contractors, we have had to cut back to deal with these delays, but through it all we’ve managed to preserve and even enhance our marketing momentum and opportunities for participation in new programs,” said James Alexiou, the company’s president. He added:

“There is now evidence that some of these programs are finally moving toward award, although the continuing climate of procurement uncertainty still calls for an attitude of caution when making near-term plans.”