Image Sensing Systems Announces Record 2002 Unaudited Financial Results
SAINT PAUL, Minn., Feb. 12 -- Image Sensing Systems, Inc. (ISS) announced today that its
unaudited net income for 2002 was a record $1,192,000 or $.38 per undiluted
share ($.35 per diluted share) versus a net loss of $455,000 or $.14 per share
for 2001. Unaudited net income for the fourth quarter was $302,000 or $.10 per
undiluted share ($.09 per diluted share), versus a net loss of $116,000 or
$.04 per share for the comparable period in 2001.
Revenues for fiscal year 2002 were $8,085,000, an increase of 21%, from
$6,682,000 in fiscal year 2001. Revenues for the fourth quarter of 2002
increased 6.5% to $2,204,000 compared with $2,070,000 for the same period a
year ago. The increases in revenue for the fourth quarter and fiscal 2002
were due primarily to increased royalty income from our North and Latin
American distribution partner, Econolite Control Products, Inc., and sales by
our wholly owned subsidiary, Flow Traffic Limited in Asia.
Jim Murdakes, Chairman and CEO commented, "We are extremely pleased with
our financial results for the year, considering we began the year with a loss
in the first quarter. The entire Company came together after the
restructuring in April 2002. We continued the development of new technologies
while supporting Econolite Control Products, Inc. (ECPI) and our international
business. ECPI posted a 15.9% increase in Autoscope(R) sales over 2001
resulting in ISS having its best year ever. Besides posting excellent
financial results in 2002, we completed development of two new hardware
products along with a major software upgrade, all of which were announced at
ECPI's annual sales kick-off meeting held earlier this month."
ECPI, based in Anaheim, California, markets and sells Autoscopes
exclusively in North America and Latin America providing systems solutions to
the intelligent transportation market. Image Sensing Systems sells and
markets in Asia through Flow Traffic Ltd., its wholly-owned subsidiary, and
directly in Europe where a significant marketing and technical effort is
underway to exploit new applications.
Based in Saint Paul, Minnesota, Image Sensing Systems, Inc. is recognized
as the world leader in products applying video imaging technology for
implementation in advanced traffic management systems (ATMS) for freeway,
intersection control, and traffic data collection. The Company's cornerstone
Autoscope products provide traffic managers the means to reduce roadway
congestion, improve roadway planning, and improve cost efficiencies. Image
Sensing Systems, Inc. and its subsidiary, Flow Traffic Ltd., are particularly
suited to provide technical solutions to the growing intelligent
transportation systems markets worldwide.
Safe Harbor Statement: This release 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 2001 Annual Form 10-KSB.
Three Month Period and Year Ended December 31, 2002 and 2001
(in thousands, except per share information)
Three-Month Period Year
Ended December 31 Ended December 31
2002 2001 2002 2001
(unaudited) (unaudited)
Revenue $2,204 $2,070 $8,085 $6,682
Operating income (loss) 449 (146) 1,341 (596)
Net income (loss) 302 (116) 1,192 (455)
Net income (loss) per share
Basic .10 (.04) .38 (.14)
Diluted .09 (.04) .35 (.14)
Weighted average number of
common shares outstanding:
Basic 3,161 3,153 3,155 3,153
Diluted 3,280 3,153 3,420 3,153