Irvine Sensors Corp. Reports Rise in Losses

Net losses at Irvine Sensors Corp., a Costa Mesa developer of infrared and electronic devices, nearly doubled in its fiscal second quarter, ended March 29, to $502,200 from $292,100 in the same quarter last year. Its quarterly revenues fell to $501,700 this year from $943,900 a year ago.

But its losses for the first six months remained about the same, $1.08 million this year compared with $1.1 million last year. Revenues in the first six months fell to $771,900 from nearly $1.3 million in the same period last year.

Acknowledging the sluggish pace of contract revenues, the company’s president, James Alexiou, said Irvine Sensors has yet to receive its “first significant award in fiscal 1987” and predicted that the pace “is unlikely to quicken much before the fourth quarter.”