Insignia Systems, Inc. (Nasdaq: ISIG) today reported a net loss for the second quarter of 2012 of $(496,000) or $(0.04) per basic and diluted share, compared to a net loss of $(675,000) or $(0.04) per basic and diluted share, for the second quarter of 2011. Net sales were $4,773,000 for the second quarter ended June 30, 2012, a decrease of 5.0%, compared to net sales of $5,026,000 for the second quarter of 2011. Insignia Point-of-Purchase Services ® (POPS) revenue for the second quarter of 2012 was $4,311,000, a decrease of 3.0%, compared to second quarter 2011 POPS revenue of $4,446,000.
For the six months ended June 30, 2012, net sales were $8,770,000, a decrease of 12.1%, compared to net sales of $9,973,000 for the six months ended June 30, 2011. The net loss for the first half of 2012 was $(2,073,000), or $(0.15) per basic and diluted share, compared to net income of $53,198,000, or $3.37 per basic share ($3.26 per diluted share) for the same period of 2011. Net income in the first half of 2011 included a gain from the settlement of the litigation against News America Marketing In-Store, LLC (“News America”) of $55,062,000, net of tax. Insignia POPS revenue for the first six months of 2012 was $7,779,000, a decrease of 11.8%, compared to the first six months of 2011 POPS revenue of $8,820,000.
Chairman and CEO Scott Drill commented, “While year over year revenue for the second quarter was relatively flat, operating results have improved. This is largely the result of the restructuring plan we initiated in the first quarter of this year. Although our ultimate POPS revenue number for the second quarter did not increase from the amount we had booked at the time of our first quarter press release, we had approximately $600,000 of programs delayed, mainly due to the timing of CPG’s new product launches.”
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