Insignia Systems, Inc. (Nasdaq:ISIG) (“Insignia” or “the Company”)
today reported financial results for the first quarter (“Q1”) ended March 31, 2014, as compared to Q1 ended March 31, 2013.
Insignia’s President and CEO Glen Dall commented, “In the same way that results in Q1 2013 benefited from an early Easter holiday, our results for Q1 2014 were negatively influenced by that holiday falling a full three weeks later this year. However, our business is trending positively and we remain optimistic for the balance of the year. On a trailing twelve-month basis ended March 31, 2014, net sales increased 13.6% to $26.8 million from $23.6 million in the comparable prior year period. Additionally, as of April 28, 2014, our total backlog is up approximately 10% from the same time a year ago.
“We continue to pursue new, innovative ways to serve our clients and retailers with products and services that leverage our operating assets and core competencies. We are evaluating new business opportunities that can strengthen our ability to expand our geographic footprint, and attract new customers. Additionally, we are exploring new opportunities to expand our retail presence beyond grocery stores to other mass retailers."
Mr. Dall concluded, “Finally, as you may have seen in our recent proxy statement, Peter Derycz will be leaving our board effective May 21, 2014, in conjunction with our board term limit of eight years. I would like to thank Peter for his dedicated service on our board and his significant commitment to the success of our Company during his time with us.”
Q1 2014 Results
Q1 2014 total net sales decreased 13.4% to $6,403,000 from $7,396,000 in Q1 2013, due primarily to seasonality. A 14.6% decline in POPS net sales to $5,951,000 from $6,967,000 in Q1 2013 was partially offset by a 5.4% increase in products net sales to $452,000 from $429,000 in Q1 2013.