IRSN

[sebfr]

Hi,

a gap of breakout is appeared and we are probably in the third eliott wave...

[alvin58]

Has anybody been watching this one?It had a  huge run up last weak to over 3.00 dollars now its dropped back to 1.91.
Irvine Sensors' FY07 New Bookings Reach $16.6M >IRSN
Dow Jones Newswires - November 16, 2006 9:29 AM ET

Irvine Sensors Corp. (IRSN) said it has received about $16.6 million of new contract and product orders, including options, during the first six weeks of fiscal 2007.

The Costa Mesa, Calif., maker of infrared and electro-optical vision systems on Thursday said its Optex unit, which contributed about $5 million through a recent periscope order release, reached a backlog of $32 million, its largest ever.

Irvine Sensors said the largest single new order was the recently announced $6.9 million subcontract on a classified program.

Irvine Sensors had 2005 revenue of $23.1 million.

[alvin58]

irsn is on the move up 9 %. I bought wednesday at 1.94

[kslifka]

Looking good intra-day here

[422fwhp]

joined you this a.m.

Git'er done!

[David Randolph]

1. Introduction

Looking for a fast runner here. Let's see if fundamentals support the current bullish price action.

2. Profile

The Company designs, develops, manufactures and sells miniaturized electronic products for defense, security and commercial applications.

3. Technical Analysis
3.1. All History Chart



IRSN has been around since 1982, that is, 24 years. After the huge speculative bubble in 2000, like every other technology related stock, the stock has been dead since 2001.

3.2. Medium Term Chart



Well, not dead, trading between $1 and $4 for the past 5 years or so. Now I see that on November 16 it hit resistance at $3.30, when it was up 108% for the day. That may explain the subsequent fall to the $1.80's.

3.3. Short Term Chart



Volume on November 16 was the highest in this stock's entire history, with 14.3 million shares changing hands (just 18.2 million float). Technically this is significant. Then there was a 61.8% retracement of the move and on Friday it was on the run again, up 14% on the half session.

Generally I like the technical picture.

4. Fundamental Analysis
4.1. Number of Shares Outstanding



There has been significant dilution in the 2002-2005 period, but not much in 2006, at least not until August 15 th, the latest share count. The current market cap is 19,953,883*$2.20 = $43.9 M.

4.2. Liquidity



The balance sheet turned red in 2006. Cash in the bank declined to just $743 K, receivables were up to $5.45 M and inventories up to $7.75 M. Accounts payable and short term debt also rose. Working capital is now ($8 M).

This isn't good, the company needs money, fast. It will probably use the current share price advance and volume above average to issue and sell shares.

4.3. Revenues



Revenue growth in 05 and 06 is impressive, but even more impressive are the recent news:

Irvine Sensors' FY07 New Bookings Reach $16.6 Million

There are no analysts covering this stock, but $16.6 M in new orders just in the first 7 weeks of fiscal 07 is significant. I expect 06 fiscal revenues (ended in September) to come in at about $28 M.

Probably revenue growth will be high in 07, at least the start was very promising.

4.4. Profits



The company lost money every single year for the past 12 years. Its accumulated deficit is ($117 M).

5. General Overview

Technically I think the stock may advance from current levels, but I believe the company has to make a private placement or sell shares in some other way to strengthen its balance sheet. I expect a whole lot of dilution going forward.

I'm afraid that the current press releases are just a way to get investors attention to suck their money.

My general overview is: you can make a quick buck here, because it is such a small cap with terrific press releases lately. But longer term I don't see this baby flying because its products aren't so innovative, and they weren't able to make money for the past 12 years, so why now?

The very weak balance sheet will keep me away from IRSN, but it wouldn't surprise me to see it back up to $3 or more (I just put some caution on the long term), good luck to everybody holding

[kslifka]

Thanks David for your fundamental analysis.  As always very much appreciated

IRSN started out moving up nicely only to close down like the rest of the market.

I don't want to see anything below 1.83...I'll hold for the next big day.

[422fwhp]

reversal day?

[for3J1M]

reversal day?

maybe.the have released conference call date on dec 7 for the last two years. i think ill grab a few here.

[for3J1M]

i did pick some up at 1.84 on the 5th. hoping for the earnings release date soon.

[for3J1M]

starting to move.  i cant find any news yet about earnings.

[for3J1M]

close 2.11 HOD  added more at 2.04

[for3J1M]

is anybody else still in this? 2.33 now