Image Sensing Systems, Inc. Announces Unaudited Third-Quarter Results Revenue Increase 67 Percent Compared to Third Quarter 1999
Contacts:
William L. Russell, Chairman & CEO
Image Sensing Systems, Inc., Phone: 651.603.7700
Karen J. Snedeker, Managing Director
BlueFire Partners, Phone: 612.344.1024
Saint Paul, Minn., October 26, 2000 - Image Sensing Systems, Inc. (NASDAQ/Small Cap: ISNS), the leading maker of video-based traffic management systems, announced today financial results for its third fiscal quarter ended September 30, 2000.
Revenues for the third quarter of 2000 were $1,495,000, up 67 percent from $895,000 for the same period a year ago, while revenues for the first nine months of 2000 were $4,123,000, up 30 percent from $3,182,000 a year ago. The increase in revenues for the quarter and first nine months of the year was due primarily to more sales of Autoscope® systems, the Company’s cornerstone product, by Flow Traffic Limited, Image Sensing Systems, Inc. subsidiary in Asia.
Third-quarter highlights:
- Bahrain Advance Technology Company (BATEC) initial order for 5,000 units of Wireless Technology Equipment, initial value $2.43 million US Dollars.
- Successful delivery of the Seoul, Korea order, our largest Autoscope® international contract.
Net loss for the third quarter was $103,000, or $.03 per share, versus a net loss of $126,000, or $.05 per share, for the comparable period in 1999. Net loss for the first nine months of 2000 was $7,000, or $.00 per share, versus net loss of $111,000, or $.04 per share, in 1999. The decrease in loss for the third quarter and first nine months of 2000 was due primarily to the company’s increased revenue and expansion into the Asian markets.
Bill Russell, Chairman and CEO said, “The third quarter is considerably improved over last year in spite of the rescheduling of a large domestic order to a future date. Our business development efforts internationally are contributing to revenue growth and our partnership with Wireless Technology, Inc. (WTI) is yielding results much faster than anticipated. The Euro decline against the dollar has slowed the order flow from Europe and the Company has taken steps to revitalize that market. We are continuing to invest in new technology and business development in order to capitalize on the many opportunities around the World for ISS and WTI products and systems in the near term with our primary focus being revenue growth.”
Image Sensing Systems’ Autoscope® wide area video vehicle detection system collects a broad range of traffic data including volume, speed, roadway occupancy, headways, ramp queue lengths and vehicle classification. ISS has more than 3,000 Autoscope systems installed in 30 countries around the world, including a large number of U.S. sites.
Based in Saint Paul, Minnesota, Image Sensing Systems, Inc. is the world leader in products applying video imaging technology for implementation in advanced traffic management systems (ATMS), freeway incident detection and traffic data collection to help reduce traffic congestion and improve roadway planning. The Company’s cornerstone Autoscope products provide traffic managers the means to reduce roadway congestion, improve roadway planning and increase cost efficiencies. The Company is particularly suited to provide technical solutions to the emerging ITS market worldwide. imagesensing.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This report contains “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. There are certain factors that could cause results to differ materially from those anticipated by some of the statements made, as listed in the Company’s 1999 Annual Form 10-KSB.
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Three-Month Periods Ended September 30, 2000 and 1999 (Dollars in thousands except per share amounts) |
|||
2000 |
1999 |
||
| Revenue | $1,495 |
$895 |
|
| Operating Income (loss) | (126) |
(143) |
|
| Net Income (loss) | (103) |
(126) |
|
| Net Income (loss) per share | ($0.03) |
($0.05) |
|
| Weighted average number of common shares outstanding: | 3,143,000 | 2,479,000 | |
| Nine-Month Periods Ended September 30, 2000 and 1999 (Dollars in thousands except per share amounts) |
|||
2000 |
1999 |
||
| Revenue | $4,123 |
$3,182 |
|
| Operating Income (loss) | (208) |
(168) |
|
| Net Income (loss) | (7) |
(111) |
|
| Net Income (loss) per share | ($0.00) |
($0.04) |
|
| Weighted average number of common shares outstanding: | 3,143,000 | 2,479,000 | |
