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Image Sensing Systems Announces Fourth Quarter And Fiscal 2012 Financial Results

  • Cash and investments increase by $5.9 million over prior year to $13.2 million.
  • North American RTMS distribution transition to Econolite complete

SAINT PAUL, Minn., March 26, 2013 (GLOBE NEWSWIRE) -- Image Sensing Systems, Inc. (Nasdaq:ISNS), announced today the results for its fiscal year and fourth quarter ended December 31, 2012. The Company also disclosed an investigation into alleged violations of law by two employees of its Polish subsidiary.

Revenue for the year ended December 31, 2012 was $25.0 million compared to $30.5 million for 2011, while revenue for the fourth quarter of 2012 was $6.8 million compared to $8.9 million for the same period in 2011. Revenue from royalties was $12.4 million for the 2012 year compared to $13.0 million in 2011 and $3.2 million in the fourth quarter of 2012 compared to $4.0 million in the same period of 2011. Product sales were $12.6 million for the 2012 year compared to $17.5 million in 2011 and were $3.6 million in the fourth quarter of 2012 compared to $4.9 million in the same period in 2011. World-wide CitySync product sales were $4.8 million for the 2012 year and $1.1 million for the fourth quarter and RTMS® product sales and royalties were $3.1 million and $1.0 million, respectively, in the 2012 year and $1.3 million and $395,000, respectively in the fourth quarter of 2012. Econolite distribution of RTMS in North America began in 2012.

Net loss for the year ended December 31, 2012 was $(3.4) million or $(0.69) per share compared to a net loss of $(10.0) million or $(2.07) per share in 2011. Net loss for our 2012 fourth quarter was $(15,000) or $(0.00) per diluted share compared to a net loss of $(689,000) or $(0.14) per share for the same period in 2011. We recorded non-cash goodwill impairment charges in the second quarter of 2012 and the third quarter of 2011. On a non-GAAP basis, excluding the goodwill impairment charge, restructuring and intangible asset amortization, all net of tax, net income for the 2012 year was $890,000 or $0.18 per share and net income for the fourth quarter was $155,000 or $0.03 per share. Gross margins on product sales in the fourth quarter of 2012 were negatively impacted by an unfavorable mix of third party content and higher than average adjustments to inventory and warranty reserves. Our effective income tax rate for 2012 was impacted by a non-deductible portion of the goodwill impairment charge and our tax credit status in multiple jurisdictions.

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