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Image Sensing Systems Announces First Quarter Financial Results

Stocks in this article: ISNS

SAINT PAUL, Minn., May 1, 2013 (GLOBE NEWSWIRE) -- Image Sensing Systems, Inc. (Nasdaq:ISNS), announced today the results for its first quarter ended March 31, 2013.

Revenue for the 2013 first quarter was $4.6 million compared to $5.3 million for the same period a year ago. Revenue from royalties was $2.6 million in the first quarter of 2013 compared to $2.3 million in the same period of 2012. Product sales were $2.0 million in the first quarter compared to $2.9 million in the same period of 2012. World-wide, in the first quarter of 2013, CitySync product sales were $899,000 and RTMS® product sales and royalties were $566,000 and $207,000, respectively.

Net loss for the first quarter of 2013 was $(1.5) million or $(0.30) per share compared to a net loss of $(668,000) or $(0.14) per share for the same period in 2012. On a non-GAAP basis, excluding intangible asset amortization and costs of the investigation matter in our Polish subsidiary net of tax, net loss for the first quarter of 2013 was $(660,000) or $(0.13) per share compared to $(327,000) or $(0.07) in the same period a year ago.

Kris Tufto, CEO, said, "Even with typical downward first quarter seasonality, results in our domestic royalty and CitySync businesses were below our expectations. Contributing to the shortfall were supplier issues that delayed planned March deliveries of approximately $550,000 in product sales. We anticipate completing these orders in the near term. Also, in addition to the costs of the investigation matter, we incurred severance costs to separate from the former director of our European operations.

"We remain confident that we will show improved revenue results for the remainder of 2013. Our pipelines are increasing and we are generating new partnership activity worldwide. For example, we are excited by our recently announced partnership to integrate Exacq Vision video management with our CitySync ANPR software, creating a best-in-class product solution. Over the year, we will intensify our market-driven selling approach and follow strategies that support this approach. We believe this will lead to better execution and results. Although we intend to increase investments in certain marketing and engineering areas, we are mindful that revenue achievement is necessary to sustain the increased expenditures," continued Tufto.

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