Irvine Sensors Records Net Income of $10,500

Irvine Sensors Corp. of Costa Mesa posted net income for the third fiscal quarter of $10,500, up from a $67,000 loss in the third quarter of 1984.

The company said its earnings in its third fiscal quarter, ended June 30, were boosted temporarily by product development contracts that it obtained last year from the U.S. Air Force, Litton Industries and Prutech, the research and development affiliate of Prudential Bache.

Third quarter revenues for the firm, which is adapting infrared surveillance technology to commercial and military use, were $1.4 million, up 175% from $171,900 a year ago and setting a quarterly earnings record for the company.

Irvine Sensors posted a loss of $106,300 for the first three quarters of its 1985 fiscal year, compared to a loss of $838,000 for the same three quarters of fiscal 1984. Contract revenues were $3.5 million, more than double revenues of $1.5 million in the year ago period.

Company officials cautioned that the company may see another slump in earnings while waiting to be awarded a new set of federal contracts. “Those are the perils of being an R&D; company,” said chief financial officer John Stuart. However, he added that the company hopes to commercialize its products so that it will be consistently profitable.