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Insignia Systems, Inc. Announces 2010 Non-GAAP Income Of $2,773,000 On POPS Revenue Of $27,231,000, And Approval Of A Special Dividend And Stock Repurchase Plan

In the first table, in the line titled "Non-GAAP net income before insurance settlement proceeds, News America related legal expense and tax benefit", the figure for Three Months Ended December 31, 2010 should read $434,000 (instead of $4 434,000).

The corrected release reads:

INSIGNIA SYSTEMS, INC. ANNOUNCES 2010 NON-GAAP INCOME OF $2,773,000 ON POPS REVENUE OF $27,231,000, AND APPROVAL OF A SPECIAL DIVIDEND AND STOCK REPURCHASE PLAN

Insignia Systems, Inc. (Nasdaq: ISIG) today reported net sales of $7,281,000 for the fourth quarter ended December 31, 2010, a decrease of 17.9%, compared to net sales of $8,867,000 for the fourth quarter ended December 31, 2009. The net income for the fourth quarter of 2010 was $6,475,000, or $0.41 per basic share and $0.38 per diluted share, compared to $1,303,000, or $0.09 per basic share and $0.08 per diluted share, for the fourth quarter of 2009. The net income for the fourth quarter of 2010 included a tax benefit of $6,704,000 primarily related to the reversal of the valuation allowance against the deferred tax asset for the Company’s net operating losses which are expected to be fully utilized in 2011 against the taxable income generated from the proceeds received as part of the News America Marketing In-Store, LLC (“NAM”) settlement. The operating loss was $(230,000) for the fourth quarter of 2010 compared to operating income of $1,339,000 for the fourth quarter of 2009. Insignia Point-of-Purchase Services ® (POPS) revenue for the fourth quarter of 2010 was $6,674,000, a decrease of 19.3% compared to fourth quarter 2009 POPS revenue of $8,265,000.

For the year ended December 31, 2010, net sales were $30,007,000, an increase of 4.3%, compared to net sales of $28,770,000 for the year ended December 31, 2009. Net income for the 2010 year was $7,626,000, or $0.49 per basic share and $0.45 per diluted share, compared to $3,716,000, or $0.25 per basic share and $0.23 per diluted share for the 2009 year. The net income for the year ended December 31, 2010, included the tax benefit of $6,704,000 primarily related to the reversal of the valuation allowance against the deferred tax asset for the Company’s net operating losses which are expected to be fully utilized in 2011 against the taxable income generated from the proceeds received as part of the News America Marketing In-Store, LLC (“NAM”) settlement. The operating income for 2010 was $905,000 compared to operating income of $3,745,000 for 2009. Operating income for 2009 included proceeds of $1,387,000 related to the settlement of a lawsuit against one of the Company’s insurers. Insignia POPS revenue for the 2010 year was $27,231,000, an increase of 2.1%, compared to POPS revenue of $26,666,000 for the 2009 year.

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