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(NASDAQ: IRSN) - Trading Alert
Irvine Sensors issued a press
release today just after the market closed, and the timing is ideal for
investors looking to establish or add to a position in this exciting technology
IRSN pioneered the technology
of "chip stacking". The company has 50 patents and over $200 million invested
in the process of bonding microprocessors to create super high powered
The stock traded to a high of $365
at the top of the technology bubble. Despite having the best year in their
20 year history in fiscal 2002 (end of September), and being on track to
have another record year by the end of September this year, the stock is
only trading at about $1.50 as of today's close.
From fiscal 1998 through 2001, IRSN
averaged $10 million in sales each year. In fiscal 2002 the company hit
the $15 million mark, and this year it is possible we could see $20 million.
There are less than 11 million shares issued and outstanding, so the $15
million market cap is ridiculously low in my opinion.
As it turns out, the processing power
put out by Irvine Sensors' technology is ideal for the new generation
of high tech military and homeland security applications. The Department
of Defense is spending $13 million with Irvine Sensors this year
in development programs for high tech weaponry.
Sensors Announces $1 Million Contract With Army
Irvine Sensors is developing
a special version of the miniaturized camera you see pictured here in a
special program for the U.S. Army's Research, Development and Engineering
Command CERDEC Night Vision and Electronic Sensors Directorate. This is
a Phase II award, meaning Phase I was successful, and commercialization
is coming closer to reality.
The camera will be used for night
vision weapons sites for infantry weapons. Because of the super computing
component, the camera is very small, lightweight, and doesn't require the
enormous power and cooling current infrared sites require. Once implemented,
this infrared camera will reduce the weight and size of night vision weaponry
considerably. Note the key sitting next to the camera for size comparison
This represents just one of many
new technologies the military is developing with Irvine Sensors' technology.
Entry Level- Right on the Trend Line
As you can readily see in this 90
day chart, Irvine Sensors dropped the last couple of days in conjunction
with the market's long overdue correction. It has dropped to the perfect
entry level, right on the uptrend or support line. The stock will undoubtedly
rebound from here on this news, and a break above the $2.13 level would
put us into new high ground and be extremely bullish.
The stock is also at the lower end
of its support/resistance channel, suggesting today's closing level is
favorable for those who like a lower risk entry point.
I believe the stock has a shot at
breaking above the previous high of $2.13 if the market continues trending
higher and the company can deliver a few more fundamental developments
over the next thirty days.
This last time I called a Trading
Alert on this stock was April 23rd at $1.19. The subsequent
trading high of $2.13 represented an 80% gain over
the ensuing thirty days. I'm hoping for an encore performance and like
our chances from here.
You should read our original presentation
on Irvine Sensors if you are not familiar with the company. Click
Here to read the original profile.
Here is the complete text of today's
press release for your review:
|Press Release Source:
Irvine Sensors Corporation
Irvine Sensors Developing
Enhanced Night Vision Sensor
Monday June 23, 4:19
Recent Awards Included $1 Million
to Increase Resolution of Camera System
COSTA MESA, Calif., June
23 /PRNewswire-FirstCall/ -- Irvine Sensors Corporation (Nasdaq: IRSN,
BSE: ISC) announced today that approximately $1 million of the aggregate
value of contracts announced on April 23, 2003 is from the U.S. Army's
Research, Development and Engineering Command CERDEC Night Vision and Electronic
Sensors Directorate for the development and delivery of enhanced resolution
versions of Irvine Sensors' miniaturized infrared cameras. The new contract
is a follow-on to a Phase 2 Small Business Innovation Research award under
which the Irvine Sensors' first generation camera was successfully developed
last year. While the Army's primary interest in the camera technology is
for use in a miniaturized, night vision weapons sight for infantry weapons,
the new contract also involves delivery of several units for testing as
helmet-mounted sensors for firefighters. Federal funding for the fire fighting
application was due in large part to the strong support of Congresswoman
Loretta Sanchez (D-CA), Congressman Chris Cox (R-CA) and Congressman Curt
Irvine Sensors' proprietary
infrared camera technology is based on the use of stacked memory chips
that store pre-calibrated sensor performance characteristics for a wide
range of expected operating temperatures. Such an approach avoids the necessity
of cooling the infrared sensor system, with corresponding reductions in
camera volume, weight and power requirements. Irvine Sensors recently received
two U.S. patents on its infrared camera technology, including one covering
the fundamental approach of pre- calibration.
"We have already demonstrated
a miniaturized, battery-powered infrared camera with extended operating
lifetime that works by exploiting the capabilities of our chip-stacking
technology. This latest funding is intended to further refine the operational
features of that camera. In addition, by opening up an avenue for commercial
application through firefighters, it potentially broadens the support base
for this technology. We believe that multiple uses could lead to higher
volumes, lower costs and corresponding benefits to both military and commercial
customers," said Robert G. Richards, Irvine Sensors' Chief Executive Officer.
Irvine Sensors Corporation,
headquartered in Costa Mesa, California, is primarily engaged in research
and development related to high density electronics, miniaturized sensors
and cameras, optical interconnection technology, high speed routers, image
processing and low-power analog and mixed-signal integrated circuits for
diverse systems applications.
Safe Harbor Statement
under the Private Securities Litigation Reform Act of 1995: This news release
may contain forward-looking statements based on our current expectations,
estimates and projections about our industry, management's beliefs, and
certain assumptions made by us. Words such as "anticipates," "expects,"
"intends," "plans," "believes," "seeks," "estimates," "may," "will" and
variations of these words or similar expressions are intended to identify
forward-looking statements. These statements include, but are not limited
to, the potential application for and success of our technology that is
the subject of this contract and speak only as of the date hereof and are
subject to change. We undertake no obligation to revise or update publicly
any forward-looking statements for any reason. These statements are not
guarantees of future performance and are subject to certain risks, uncertainties
and assumptions that are difficult to predict. Therefore, our actual results
could differ materially and adversely from those expressed in any forward-looking
statements as a result of various factors.
Important factors that
may cause such a difference include, but are not limited to, general economic
and political conditions and specific conditions in the markets we address,
including our ability to successfully enhance our camera product to meet
the specifications of potential military and commercial customers; our
ability to successfully commercialize that product; our ability to raise
additional capital; our ability to negotiate appropriate strategic relationships;
our ability to control costs and expenses; and the general economic slowdown
in the technology sector and semiconductor industry. Further information
on Irvine Sensors Corporation, including additional risk factors that may
affect our forward looking statements, is contained in our Annual Report
on Form 10-K, our Quarterly Reports on Form 10-Q, our Current Reports on
Form 8-K and our other SEC filings that are available through the SEC's
website ( www.sec.gov ).
Source: Irvine Sensors
Charts Provided Courtesy