Irvine Sensors Corp. (IRSN, Financial) filed Annual Report for the period ended 2011-10-02.
Irvine Sensors Corp. has a market cap of $10.23 million; its shares were traded at around $0 with and P/S ratio of 0.73.
Total Revenues. Our total revenues are generally derived from sales of miniaturized camera products, specialized chips, modules, stacked chip products and amounts realized or realizable from funded research and development contracts, largely from U.S. Government agencies and U.S. Government contractors. Our total revenues increased by approximately $2.4 million in Fiscal 2011 as compared to total revenues in Fiscal 2010, and changed markedly in composition as shown in the following table and discussed more fully below.
The increase in our total revenues in Fiscal 2011 as compared to Fiscal 2010 was primarily the result of increased sales of our thermal imaging products in the current fiscal year, particularly our clip-on thermal imaging core products intended to add thermal imaging capability to existing night vision goggles. Sales of our clip-on thermal imaging core products are substantially derived from orders under a U.S. Government contract awarded in Fiscal 2010 to our strategic partner Optics 1, with whom we had a teaming agreement prior to the execution of our Thermal Imaging APA, but which were not released for significant shipments by the U.S. Government customer until Fiscal 2011, thereby accounting for the increase in total revenue derived from these products in Fiscal 2011 as compared to Fiscal 2010. This increase in sales of clip-on thermal imaging cores more than offset a decrease in our revenues derived from funded research and development contracts in Fiscal 2011 as compared to Fiscal 2010, which we believe was substantially related to the delay in approval of the U.S. defense budget for Fiscal 2011. We are unable to presently ascertain whether a delay of comparable scope in the U.S. defense budget is likely to occur in Fiscal 2012. If our Thermal Imaging Asset Sale is consummated, the Fiscal 2012 contribution to our total revenues from our sales of clip-on thermal imaging cores will discontinue subsequent to such consummation. In Fiscal 2011, the contribution to our total revenues from sales of our clip-on thermal imaging cores was approximately $8.9 million.
The increase in absolute dollar cost of revenues in Fiscal 2011 as compared to Fiscal 2010 was partially the result of the corresponding increases in total revenues in the respective fiscal years. However, the increase in cost of revenues in Fiscal 2011 was proportionately greater than the related increases in total revenues in Fiscal 2011, resulting in an increase in cost of revenues as a percentage of total revenues in Fiscal 2011 as compared to Fiscal 2010. This disproportionate increase in cost of revenues for Fiscal 2011 compared to Fiscal 2010 was largely the result of the timing and amount of certain overhead expenses recorded in Fiscal 2011, which did not occur in Fiscal 2010. In December 2010, we accrued and paid non-recurring compensation to our staff in consideration of the salary reductions and deferrals they had experienced in Fiscal 2010 and the first quarter of Fiscal 2011, of which $200,300 was allocated to overhead applied to cost of revenues in Fiscal 2011. No comparable expense
At October 2, 2011, our funded backlog was approximately $4.5 million. We expect, but cannot guarantee, that a substantial portion of our funded backlog at October 2, 2011 will result in revenue recognized in the next twelve months, provided that we are able to enhance our liquidity to meet our working capital requirements. In addition, our U.S. Government research and development contracts and product purchase orders typically include unfunded backlog, which is funded when the previously funded amounts have been expended or product delivery schedules are released. As of October 2, 2011, our total backlog, including unfunded portions, was approximately $21.2 million.
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Irvine Sensors Corp. has a market cap of $10.23 million; its shares were traded at around $0 with and P/S ratio of 0.73.
Highlight of Business Operations:
We calculate compensation expense for both vested and nonvested stock awards by determining the fair value of each such grant as of their respective dates of grant using the closing sales price of our common stock on the Nasdaq Capital Market and the OTCBB, as applicable, at such dates without any discount. We recognize compensation expense for nonvested stock awards on a straight-line basis over the requisite service period.Total Revenues. Our total revenues are generally derived from sales of miniaturized camera products, specialized chips, modules, stacked chip products and amounts realized or realizable from funded research and development contracts, largely from U.S. Government agencies and U.S. Government contractors. Our total revenues increased by approximately $2.4 million in Fiscal 2011 as compared to total revenues in Fiscal 2010, and changed markedly in composition as shown in the following table and discussed more fully below.
The increase in our total revenues in Fiscal 2011 as compared to Fiscal 2010 was primarily the result of increased sales of our thermal imaging products in the current fiscal year, particularly our clip-on thermal imaging core products intended to add thermal imaging capability to existing night vision goggles. Sales of our clip-on thermal imaging core products are substantially derived from orders under a U.S. Government contract awarded in Fiscal 2010 to our strategic partner Optics 1, with whom we had a teaming agreement prior to the execution of our Thermal Imaging APA, but which were not released for significant shipments by the U.S. Government customer until Fiscal 2011, thereby accounting for the increase in total revenue derived from these products in Fiscal 2011 as compared to Fiscal 2010. This increase in sales of clip-on thermal imaging cores more than offset a decrease in our revenues derived from funded research and development contracts in Fiscal 2011 as compared to Fiscal 2010, which we believe was substantially related to the delay in approval of the U.S. defense budget for Fiscal 2011. We are unable to presently ascertain whether a delay of comparable scope in the U.S. defense budget is likely to occur in Fiscal 2012. If our Thermal Imaging Asset Sale is consummated, the Fiscal 2012 contribution to our total revenues from our sales of clip-on thermal imaging cores will discontinue subsequent to such consummation. In Fiscal 2011, the contribution to our total revenues from sales of our clip-on thermal imaging cores was approximately $8.9 million.
The increase in absolute dollar cost of revenues in Fiscal 2011 as compared to Fiscal 2010 was partially the result of the corresponding increases in total revenues in the respective fiscal years. However, the increase in cost of revenues in Fiscal 2011 was proportionately greater than the related increases in total revenues in Fiscal 2011, resulting in an increase in cost of revenues as a percentage of total revenues in Fiscal 2011 as compared to Fiscal 2010. This disproportionate increase in cost of revenues for Fiscal 2011 compared to Fiscal 2010 was largely the result of the timing and amount of certain overhead expenses recorded in Fiscal 2011, which did not occur in Fiscal 2010. In December 2010, we accrued and paid non-recurring compensation to our staff in consideration of the salary reductions and deferrals they had experienced in Fiscal 2010 and the first quarter of Fiscal 2011, of which $200,300 was allocated to overhead applied to cost of revenues in Fiscal 2011. No comparable expense
At October 2, 2011, our funded backlog was approximately $4.5 million. We expect, but cannot guarantee, that a substantial portion of our funded backlog at October 2, 2011 will result in revenue recognized in the next twelve months, provided that we are able to enhance our liquidity to meet our working capital requirements. In addition, our U.S. Government research and development contracts and product purchase orders typically include unfunded backlog, which is funded when the previously funded amounts have been expended or product delivery schedules are released. As of October 2, 2011, our total backlog, including unfunded portions, was approximately $21.2 million.
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