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TheStreet Open House

Image Sensing Systems Announces 2013 Third Quarter Financial Results

  • Product sales increased 28 percent year-over-year to $4.3 million
  • Company continues to invest in research, development and marketing for future growth

SAINT PAUL, Minn., Nov. 6, 2013 (GLOBE NEWSWIRE) -- Image Sensing Systems, Inc. (Nasdaq:ISNS), today announced results for its 2013 third quarter, ended September 30, 2013.

Image Sensing's 2013 third quarter revenue was $7.7 million, a 7.9 percent increase from revenue of $7.2 million in the third quarter of 2012. Revenue from royalties was $3.4 million in the quarter, compared to $3.8 million in the third quarter of 2012. Product sales were $4.3 million in the quarter, including $1.4 million of worldwide sales for Autoscope ® License Plate Recognition (LPR) products. Autoscope Video product sales and royalties were 495,000 and $3.1 million, respectively. Autoscope Radar product sales and royalties were $2.5 million and $309,000, respectively, in the quarter.

"We are generally pleased with our performance in the quarter and believe that we are on the right trajectory to return to historical profitability levels and create long-term shareholder value," said Kris Tufto, CEO. "Our confidence is the result of the activity we are seeing across all of our businesses and our best-in-class product offering that is recognized throughout the industry. Yet our business, like others, continues to be subject to economic conditions, varying order sizes, and seasonal factors. As we approach the seasonally slow winter months we remain confident that revenues will accelerate as we make our way through 2014."

The Company's net loss for the quarter was $1.9 million, or $(0.39) per share, compared to net income of $1.0 million, or $0.20 per diluted share, in the third quarter of 2012. The third quarter 2013 net loss includes operating expenses of $6.7 million, a $2.2 million increase from 2012. Included in the third quarter 2013 are expenses totaling $476,000 related to the previously disclosed investigation. Third quarter 2013 operating expenses include research and development costs of $1.7 million, a $700,000 year-over-year increase, reflecting higher investment levels. On a non-GAAP basis, excluding intangible asset amortization, impairment and the costs of the previously disclosed investigation, net of tax, the net loss for the third quarter was $1.0 million or $(0.21) per share, compared to net income of $831,000 or $0.17 per diluted share, in the same period a year ago.

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