Image Sensing Systems Announces Third Quarter Financial Results
October 23 2007 - 5:00PM
PR Newswire (US)
SAINT PAUL, Minn., Oct. 23 /PRNewswire-FirstCall/ -- Image Sensing
Systems, Inc. (ISS) (NASDAQ:ISNS) announced today that its net
income for the quarter ended September 30, 2007 was $1.3 million
($0.34 per diluted share) compared to net income of $731,000 ($0.19
per diluted share) for the same period in 2006. Net income for the
first nine months of 2007 was $2.6 million ($0.66 per diluted
share) compared to $1.9 million ($0.50 per diluted share) for the
same period in 2006. (Logo: NewsCom:
http://www.newscom.com/cgi-bin/prnh/20050512/CGISSLOGO) Revenue for
the third quarter was $4.2 million compared to $3.0 million for the
same period in 2006, while revenue for the first nine months of
2007 was $9.9 million compared to $9.0 million for the same period
a year ago. Revenue from royalty income increased 17% to $3.0
million in the quarter from $2.6 million in the third quarter of
2006 and to $7.6 million in the first nine months from $7.3 million
in the first nine months of 2006. International sales increased
187% to $1.1 million in the quarter from $398,000 for the same
quarter in 2006 and increased to $2.2 million in the first nine
months from $1.7 million in the same period of 2006. The revenue
increases reflect growing acceptance, in both domestic and
international markets, of the company's Autoscope(R) Terra product
line announced this past April. Operating expenses for the quarter
were $2.0 million, a 19% increase from $1.7 million in the same
period of 2006, while operating expenses for the first nine months
increased 11% to $5.8 million from $5.2 million in the first nine
months of 2006. Ken Aubrey, CEO, commented, "Our nine month and
quarterly results for both revenue and net income were company
record bests. We believe we may be recovering some of the delayed
activity related to Terra that impacted the first half of the year.
Terra products in the field appear to be performing well and we are
pleased with the acceptance world-wide of the Terra based Solo and
Rackvision lines. We still have work left in converting our entire
product line to the Terra technology and are on schedule to do this
by mid-2008." Headquartered in St. Paul, Minnesota, Image Sensing
Systems, Inc. combines expertise in image processing, hardware and
software engineering and communications to develop Autoscope(R)
video detection systems for advanced traffic management and control
applications. With equipment supplied for over 50,000 cameras in
more than 55 countries, we are a global leader in video detection
for management and safety systems for highways, bridges, tunnels
and intersections. Autoscope products provide transportation
managers the means to reduce roadway congestion, improve safety and
security, gain cost efficiencies and assist in roadway planning.
Safe Harbor Statement: Statements made in this release concerning
the Company's or management's intentions, expectations, or
predictions about future results or events are "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. Such statements reflect management's current
expectations or beliefs, and are subject to risks and uncertainties
that could cause actual results or events to vary from stated
expectations, which variations could be material and adverse.
Factors that could produce such a variation include, but are not
limited to, the following: the inherent unreliability of earnings,
revenue and cash flow predictions due to numerous factors, many of
which are beyond the Company's control; developments in the demand
for the Company's products and services; relationships with the
Company's major customers and suppliers; unanticipated delays,
costs and expenses inherent in the development and marketing of new
products and services; the impact of governmental laws and
regulations; and competitive factors. Our forward-looking
statements speak only as of the time made, and we assume no
obligation to publicly update any such statements. Additional
information concerning these and other factors that could cause
actual results and events to differ materially from the Company's
current expectations are contained in the Company's Form 10-K for
the year ended December 31, 2006. Image Sensing Systems, Inc.
Unaudited Consolidated Statement of Income (in thousands, except
per share information) Three Months Ended Nine Months Ended
September 30, September 30, 2007 2006 2007 2006 Revenue Royalty
income $3,041 $2,598 $7,636 $7,282 International sales 1,143 398
2,232 1,709 4,184 2,996 9,868 8,991 Cost of revenue Royalty fee - 1
- 220 Cost of sales 536 208 951 753 536 209 951 973 Gross profit
3,648 2,787 8,917 8,018 Operating expenses Selling, marketing and
product support 749 681 2,310 2,095 General and administrative 710
416 1,832 1,549 Research and development 553 590 1,681 1,582 2,012
1,687 5,823 5,226 Income from operations 1,636 1,100 3,094 2,792
Other income (expense) 149 (42) 429 (20) Income before income taxes
1,785 1,058 3,523 2,772 Income taxes 488 327 968 827 Net income
$1,297 $731 $2,555 $1,945 Net income per common share Basic $0.35
$0.20 $0.68 $0.52 Diluted $0.34 $0.19 $0.66 $0.50 Weighted average
shares outstanding Basic 3,780 3,733 3,777 3,718 Diluted 3,866
3,887 3,876 3,887 Image Sensing Systems, Inc. Unaudited Condensed
Consolidated Balance Sheet (in thousands) September 30, December
31, 2007 2006 Assets Current assets Cash and cash equivalents
$14,340 $11,626 Investments 2,000 4,100 Receivables 4,288 2,957
Inventories 1,245 670 Prepaid expenses and deferred taxes 413 299
22,286 19,652 Property and equipment, net 396 522 Goodwill 1,050
1,050 $23,732 $21,224 Liabilities and Shareholders' Equity Current
liabilities Accounts payable and accrued expenses $1,365 $1,652
Income taxes payable 247 231 1,612 1,883 Deferred income taxes 28 8
Shareholders' equity 22,092 19,333 $23,732 $21,224 Image Sensing
Systems, Inc. Unaudited Condensed Consolidated Statement of Cash
Flows (in thousands) Nine Months Ended September 30, 2007 2006
Operating activities Net income $2,555 $1,945 Adjustments to
reconcile net income to net cash provided by operations
Depreciation and amortization 197 277 Stock option expense 132 166
Changes in operating assets and liabilities (2,234) 1,454 Net cash
provided by operating activities 650 3,842 Investing activities
Purchase of property and equipment (71) (325) Maturities
(purchases) of investments, net 2,100 (1,800) Net cash provided by
(used in) investing activities 2,029 (2,125) Financing activity -
proceeds from exercise of stock options 35 93 Increase in cash and
cash equivalents 2,714 1,810 Cash and cash equivalents, beginning
of period 11,626 9,006 Cash and cash equivalents, end of period
$14,340 $10,816
http://www.newscom.com/cgi-bin/prnh/20050512/CGISSLOGO
http://photoarchive.ap.org/ DATASOURCE: Image Sensing Systems, Inc.
CONTACT: Greg Smith, Chief Financial Officer of Image Sensing
Systems, +1-651-603-7700 Web site: http://www.imagesensing.com/
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