Insignia Systems, Inc. (Nasdaq: ISIG) (“Insignia” or “the Company”)
today reported financial results for the fourth quarter (“Q4”) and full year ended December 31, 2013, as compared to the fourth quarter and full year ended December 31, 2012.
Insignia’s President and CEO Glen Dall commented, “We delivered a strong 2013, finishing the year with our sixth consecutive quarter of profitable results following the initiation of our Insignia 2.0 turnaround efforts. We have continued to invest in our sales and marketing infrastructure to help create a foundation for continuing progress in 2014.
“We remain focused on growing our core POPS business by leveraging our unique market position, network of retailers, and available capacity. We also expect to capitalize on our strong financial position and cash flow generating abilities to invest in programs that can expand our overall operations, including developing new product offerings and advancing our digital marketing initiatives to reach new customers.
“We continue to manage the business for long-term growth and profitability, and believe that we are well-positioned to achieve these objectives. Consistent with this philosophy, we are going to begin reporting total bookings for the year as opposed to the next quarter’s bookings. As of February 26, 2014, we have bookings of approximately $14.5 million set to run at various points in 2014, which is approximately 11% ahead of what we had sold at this same point one year ago. Of the $14.5 million in 2014 programs, approximately $6.0 million of those are set to run in the first quarter, which is down approximately 13% from first quarter bookings at this point a year ago. Recognizing that our POPS revenue can fluctuate on a quarterly basis, in future releases, we will not reference the next quarter’s bookings amount.”
Q4 2013 Results
Q4 2013 total net sales rose 29.6% to $6.9 million from $5.3 million in Q4 2012. Higher total net sales were primarily attributable to a 31.2% rise in POPS revenue to $6.5 million from $4.9 million in Q4 2012, mainly the result of volume increases. Products revenue rose 8.8% to $420,000 in Q4 2013 from $386,000 in Q4 2012.