Insignia Systems, Inc. Reports Second Quarter Net Income Of $654,000 On 43% POPS Revenue Increase
Insignia Systems, Inc. (Nasdaq: ISIG) today reported net sales of $8,326,000 for the second quarter ended June 30, 2010, an increase of 44.2%, compared to net sales of $5,773,000 for the second quarter of 2009. The net income for the second quarter of 2010 was $654,000 or $0.04 per basic and diluted share, compared to $110,000, or $0.01 per basic and diluted share, for the second quarter of 2009. Insignia Point-of-Purchase Services ® (POPS) revenue for the second quarter of 2010 was $7,562,000, an increase of 43.1%, compared to the second quarter 2009 POPS revenue of $5,285,000.
For the six months ended June 30, 2010, net sales were $14,209,000, an increase of 18.8%, compared to net sales of $11,959,000 for the six months ended June 30, 2009. The net income for the first half of 2010 was $219,000 or $0.01 per basic and diluted share, compared to $1,427,000, or $0.09 per basic and diluted share for the same period of 2009. Net income in the first half of 2009 included insurance settlement proceeds of $1,387,000. Insignia POPS revenue for the first six months of 2010 was $12,699,000, an increase of 16.3%, compared to the first six months of 2009 POPS revenue of $10,916,000.
CEO Scott Drill commented, “We are pleased with both the sequential and year-to-year improvement in POPS second quarter revenue. Subsequent to our first quarter earnings release on April 28, 2010, we were able to write approximately $1,650,000 in additional POPS business for execution in the second quarter. We continue to be optimistic about the benefit of having approximately 1,100 SUPERVALU corporate stores and approximately 500 Winn-Dixie stores join our retail network. These stores are now online. In the current quarter, we have approximately $6,800,000 in POPS customer orders with five weeks of selling time left. Our relationship with Valassis continues to be strong.”
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