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Image Sensing Systems Announces First Quarter Financial Results
Date:5/5/2011

SAINT PAUL, Minn., May 5, 2011 /PRNewswire/ -- Image Sensing Systems, Inc. (NASDAQ: ISNS), announced today the results for its first quarter ended March 31, 2011.

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

Revenue for the 2011 first quarter was $6.1 million compared to $5.4 million for the same period a year ago.  Revenue from royalties was $2.7 million in the first quarter of 2011 compared to $2.6 million in the same period of 2010.  Product sales were $3.4 million in the first quarter compared to $2.8 million in the same period of 2010.  World-wide, RTMS and CitySync product sales in the first quarter of 2011 were $1.0 million and $2.1 million, respectively.

Net loss for the first quarter of 2011 was $(808,000) or $(0.17) per share compared to net income of $402,000 or $0.10 per diluted share for the same period in 2010.  On a non-GAAP basis, excluding intangible asset amortization net of tax, net loss for the first quarter of 2011 was $(536,000) or $(0.11) per share.

Ken Aubrey, CEO, said, "As we indicated two weeks ago in our pre-release, the overall first quarter results fell below our expectations.  The primary areas of underperformance were across the breadth of our Asian business and our RTMS business in North America.  Our Autoscope product line was steady to improving, especially in North America and Eastern Europe, and the bulk of our CitySync activities which are centered in Europe were encouraging from a revenue perspective.

"All in all, our gross margins were depressed. However, this was primarily due to a combination of unusually large third party content and low RTMS sales volume, where we have higher fixed manufacturing costs.  We expect this to ameliorate as revenues rebound to more normal levels.

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SOURCE Image Sensing Systems, Inc.
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