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Image Sensing Systems Announces Fourth Quarter and Fiscal Year 2010 Financial Results

SAINT PAUL, Minn. Feb. 23, 2011

Highlights

  • $10.6 million $31.7 million
  • $0.34 $0.99
  • $9.8 million
  • $3.0 million

(Logo:  http://photos.prnewswire.com/prnh/20050512/CGISSLOGO)

December 31, 2010

$31.7 million $24.6 million $10.6 million $6.7 million $12.5 million $12.1 million $3.3 million $3.0 million $19.2 million $12.5 million $7.3 million $3.7 million $2.9 million $3.0 million

$3.0 million $0.64 $3.9 million $0.95 December 31, 2010 $1.1 million $0.23 $874,000 $0.21 April 2010

$4.6 million $0.99 $1.7 million $0.34

$1.7 million December 31, 2010 $696,000 December 31, 2010 $491,000 $205,000

Ken Aubrey $10 million

"Looking forward to 2011 and for the time being, our board of directors has adopted the following strategic goals:

  • Enhance share value through focusing on organic revenue and profit growth
  • Redouble emphasis on operational execution
  • Timely achievement of key product launches, including hybrid
  • Complete integration of previous acquisitions
  • Expand selling capacity and sales distribution channels
  • Broaden the pool of senior managers to better support the strategic goals

"Additionally, I want to reiterate that our business is seasonally driven, and in our first fiscal quarter it is winter in most of our markets.  Revenue generation is always more challenging in our first quarter than during warmer months when infrastructure construction can more readily proceed."

Non-GAAP Information

We provide certain non-GAAP financial information as supplemental information to GAAP amounts. This non-GAAP information excludes the impact, net of tax, of amortizing the intangible assets from the 2007 EIS asset acquisition and the CitySync acquisition and may exclude other non-recurring items.  Management believes that this presentation facilitates the comparison of our current operating results to historical operating results. Management uses this non-GAAP information to evaluate short-term and long-term operating trends in our core operations. Non-GAAP information is not prepared in accordance with GAAP and should not be considered a substitute for or an alternative to GAAP financial measures and may not be computed the same as similarly titled measures used by other companies.

About Image Sensing

St. Paul, Minnesota

Safe Harbor Statement: December 31, 2009

Image Sensing Systems, Inc.

Condensed Consolidated Statements of Income

(in thousands, except per share information)

(unaudited)

Three-Month Period

Ended December 31,

Year Ended

December 31,

2010

2009

2010

2009

Revenue

Royalties

$3,297

$3,042

$12,519

$12,110

Product sales

7,276

3,658

19,162

12,483

10,573

6,700

31,681

24,593

Cost of revenue (exclusive of amortization shown below)

Product sales

3,202

1,350

7,799

4,297

Gross profit

7,371

5,350

23,882

20,296

Operating expenses

Selling, marketing and product support

3,219

1,929

9,807

7,201

General and administrative

1,089

1,205

4,372

3,779

Research and development

1,030

795

3,630

3,336

Acquisition related expenses

290

817

Amortization of intangible assets

399

192

1,218

768

6,027

4,121

19,844

15,084

Income from operations

1,344

1,229

4,038

5,212

Other income (expense), net

23

(11)

(123)

7

Income before income taxes

1,367

1,218

3,915

5,219

Income tax expense

258

344

910

1,354

Net income

$1,109

$   874

$3,005

$3,865

Basic net income per share

$0.23

$0.22

$0.66

$0.97

Diluted net income per share

$0.23

$0.21

$0.64

$0.95

Weighted shares – basic

4,808

3,986

4,555

3,985

Weighted shares – diluted

4,918

4,127

4,667

4,081

Reconciliation of GAAP to non-GAAP basis

Non-GAAP operating expenses  (1,2)

5,338

3,929

17,809

14,316

Non-GAAP income from operations

2,033

1,421

6,073

5,980

Other income (expense), net

23

(11)

(123)

7

Non-GAAP income before income taxes

2,056

1,410

5,950

5,987

Non-GAAP income taxes  (3)

394

409

1,324

1,851

Non-GAAP net income

$1,662

$1,001

$4,626

$4,136

Non-GAAP basic net income per share

$0.35

$0.25

$1.02

$1.04

Non-GAAP diluted net income per share

$0.34

$0.24

$0.99

$1.01

Notes to non-GAAP adjustments

(1) Amortization of intangible assets for period as shown above is removed

(2) Acquisition related expenses for period as shown above is removed

(3) Income taxes are increased by impact of (1) at ISS’ marginal tax rate of 34%

Image Sensing Systems, Inc.

Condensed Consolidated Balance Sheet

(in thousands)

(unaudited)

December 31,

2010

December 31,

2009

Assets

Current assets

Cash and cash equivalents

$  8,021

$14,084

Investments

3,954

3,935

Receivables, net

10,137

5,660

Inventories

4,649

2,734

Prepaid expenses and deferred taxes

2,247

725

29,008

27,138

Property and equipment, net

1,122

998

Deferred income taxes

1,676

Goodwill and intangible assets, net

24,226

11,338

$54,356

$41,150

Liabilities and Shareholders’ Equity

Current liabilities

Accounts payable and accrued expenses

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