Irvine Sensors Reports $1.8 Million Annual Loss
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Irvine Sensors Corp., a Costa Mesa developer of infrared and electronic devices, said it lost $1.8 million during the 1986 fiscal year, more than tripling its losses of $474,600 a year earlier.
Revenues of $2.6 million during fiscal 1986 ended Sept. 28 were down 43.4% from sales of $4.6 million last year.
The defense contractor blamed the losses on government foot-dragging during the company’s first quarter when the firm incurred about half of its yearly losses.
John Stuart, the company’s chief financial officer, said the new federal budget caused delays in defense spending, but that the firm is now beginning “to see formal paperwork” for the various programs on which it is competing.
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