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Image Sensing Systems Announces 2013 Second Quarter And First Half Financial Results

Stocks in this article: ISNS

  • Revenue of $7.5 million, increased 30% year-over-year
  • $4.3 million in product sales; growth across all categories

SAINT PAUL, Minn., Aug. 7, 2013 (GLOBE NEWSWIRE) -- Image Sensing Systems, Inc. (Nasdaq:ISNS), announced today results for its 2013 second quarter and first half, ended June 30, 2013.

Image Sensing's 2013 second quarter revenue was $7.5 million, a 30 percent increase from revenue of $5.7 million in the second quarter of 2012. Revenue from royalties was $3.2 million in the quarter, compared to $3.0 million in second quarter of 2012, and product sales were $4.3 million in the quarter, including $2.9 million of worldwide Autoscope® License Plate Recognition (LPR) products. Autoscope Radar product sales and royalties were $377,000 and $465,000, respectively, in the quarter.

The Company's net loss for the quarter was $1.7 million, or $0.35 per share, compared to a net loss of $3.7 million, or $0.75 per share, in the second quarter of 2012. The second quarter 2013 net loss includes expenses of $1.1 million related to the ongoing investigation; the 2012 net loss includes a $3.2 million goodwill impairment charge. Excluding those items, operating expenses increased $1.1 million year-over-year, due to the continued planned investment in sales, marketing, and product development.

Product sales gross margin for the second quarter of 2013 was 41 percent, a decrease from the year ago quarter, due in part to pricing pressures. On a non-GAAP basis, excluding intangible asset amortization, impairment and the costs of the investigation, net of tax, the net loss for the second quarter was $244,000, or $0.05 per share, compared to net income of $231,000, or $0.05 per diluted share, in the same period a year ago.

Kris Tufto, CEO, said, "We posted our highest revenue level in six quarters and are pleased with the progress we've made in recent months and the benefits we are seeing from the continued investments we've made in our business. Our second-quarter revenue growth is attributable in large part to the increased traction across our global channels and with our distribution partner, Econolite, in growing Autoscope Radar sales. Although international sales during the quarter rose sequentially, we anticipate accelerated growth in the second half of the year as we continue to fulfill international product and solution orders. Furthermore, we expect our product margins will improve."

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