Insignia Systems, Inc. (Nasdaq: ISIG) today reported net income for the third quarter of 2012 of $380,000, or $0.03 per basic and diluted share, compared to a net loss of $(1,721,000), or $(0.11) per basic and diluted share for the third quarter of 2011. Net sales were $6,074,000 for the third quarter ended September 30, 2012, an increase of 98.5% compared to net sales of $3,060,000 for the third quarter of 2011. Insignia Point-of-Purchase Services ® (POPS) revenue for the third quarter of 2012 was $5,710,000, compared to third quarter 2011 POPS revenue of $2,563,000.
For the nine months ended September 30, 2012, net sales were $14,844,000, an increase of 13.9%, compared to net sales of $13,033,000 for the nine months ended September 30, 2011. The net loss for the first nine months of 2012 was $(1,693,000), or $(0.12) per basic and diluted share, compared to net income of $51,477,000, or $3.31 per basic share ($3.23 per diluted share) for the same period of 2011. Net income for the nine months ended September 30, 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 nine months of 2012 was $13,489,000, an increase of 18.5%, compared to the first nine months of 2011 of $11,383,000.
Chairman and CEO Scott Drill commented, “We are very pleased with our strong third quarter. This is our highest total quarterly sales since 2010 and the first profitable quarter we have had, exclusive of the settlement with News America, since that same time. A significant amount of the credit goes to Glen Dall who has provided excellent leadership in day-to-day operations of our Company as President and Chief Operating Officer.”
President and COO Glen Dall commented, “We have been eager to announce the results from the third quarter as we have been targeting this as the quarter where we would show the Company’s ability to be profitable, even at lower revenue levels. I want to recognize the efforts of our entire management team, our sales group and our support staff.