Irvine Sensors Posts Loss in First Quarter
Irvine Sensors Corp., a Costa Mesa company that provides infrared and electronic devices to the Defense Department, posted a loss of $578,600 for its fiscal 1987 first quarter ended Dec. 28, an improvement over the company’s fiscal 1986 first-quarter loss of $807,600. Revenue for the quarter dropped 13.4% to $270,200 from $312,200 the prior year.
The company blamed the losses on government delays in awarding contracts and said it expects its financial situation to improve during the second quarter.
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