Irvine Sensors Corporation (NASDAQ:IRSN) has released the fiscal year earnings for 2009 ended September 27, 2009. The company reported total revenues of $11,536,200 for the fiscal year 2009, 31% less than total revenues of $16, 677,000 for fiscal 2008. Income from continuing operations, however, was reported as $856,400 during fiscal 2009, compared to the loss recorded for fiscal 2008 of $12,800,000, showing a $13.6 million increase.
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The improvement of continuing operations is the result of an $8.6 million gain from the sale of patent assets, the elimination of over $2.5 million of consolidated debts from the Optex Systems, Inc bankruptcy, and the $2.4 million game from reduction in pension liability. The fiscal 2009 net income was $914,800 versus the 2008 net loss of $21,558,900. The full financial results may be obtained online at www.irvine-sensors.com.
Irvine Sensors Corporation (ISC), is a vision systems company enabled by technology for three-dimensional packaging of electronics and manufacturing of electro-optical products. The Company designs, develops, manufactures and sells vision systems and miniaturized electronic products for defense, security and commercial applications. The Company’s subsidiaries include Novalog, Inc. (Novalog), which developed and sold serial infrared communication chips and modules; MicroSensors, Inc. (MSI), which developed miniaturized inertial sensors and an application specific integrated circuit (ASIC) for readout of sensors; RedHawk Vision, Inc. (RedHawk), which developed and sold software for extracting still photographs from video sources and iNetWorks Corporation (iNetWorks), which developed technology-related to Internet routing. Optex Systems, Inc. (Optex) manufactures opto-mechanical and electro-optical products.
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