Insignia Systems, Inc. (Nasdaq: ISIG) today reported net sales of $4,200,000 for the fourth quarter ended December 31, 2011, a decrease of 42.3%, compared to net sales of $7,281,000 for the fourth quarter ended December 31, 2010. The net loss for the fourth quarter of 2011 was $(388,000), or $(0.03) per basic and diluted share, compared to net income of $5,445,000, or $0.34 per basic share and $0.32 per diluted share, for the fourth quarter of 2010. The net loss for the fourth quarter of 2011 includes tax benefits related to disqualifying dispositions of incentive stock options and other tax-related items. Net income for the fourth quarter of 2010 included a tax benefit of $5,674,000 primarily related to the reversal of the valuation allowance against a portion of the Company’s deferred tax assets. The operating loss was $(2,201,000) for the fourth quarter of 2011, compared to $(231,000) for the fourth quarter of 2010. Insignia Point-of-Purchase Services ® (POPS) revenue for the fourth quarter of 2011 was $3,649,000, a decrease of 45.3% compared to fourth quarter 2010 POPS revenue of $6,674,000.
For the year ended December 31, 2011, net sales were $17,233,000, a decrease of 42.6%, compared to net sales of $30,007,000 for the year ended December 31, 2010. Net income for the 2011 year was $51,089,000, or $3.35 per basic share and $3.29 per diluted share, compared to $6,596,000, or $0.42 per basic share and $0.39 per diluted share for the 2010 year. Net income for 2011 includes a gain from litigation settlement of $89,762,000 related to the settlement of our lawsuit against News America Marketing In-Store, LLC (NAM) for $125,000,000. Net income for the year ended December 31, 2010 included a tax benefit of $5,674,000 primarily related to the reversal of the valuation allowance against a portion of the Company’s deferred tax assets. Operating income for 2011 was $81,632,000, compared to operating income of $905,000 for 2010. Insignia POPS revenue for the 2011 year was $15,032,000, a decrease of 44.8%, compared to POPS revenue of $27,231,000 for the 2010 year.
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