Image Sensing Systems Announces Third Quarter Financi... (quarter were $1.2 million. We acquired t...)

Image Sensing Systems Announces Third Quarter Financial Results

Date:10/30/2008

quarter were $1.2 million. We acquired the RTMS family of products in December 2007.

On a non-GAAP basis for the third quarter, excluding intangible asset amortization and withdrawn offering expenses, each net of tax, net income was $1.4 million ($0.36 per fully diluted share) and operating income was $2.1 million. On a non-GAAP basis for the first nine months, net income increased 55% to $4.0 million ($0.99 per fully diluted share) and operating income increased 85% to $5.7 million as compared to the same period of 2007.

Ken Aubrey, CEO, said, "We noted continued increasing demand for our products in the quarter with the exception of our North American RTMS business. We believe the RTMS results underperformed due to a number of disparate reasons. Again, we believe the integration of the EIS asset purchase and final Terra transition matters are progressing on schedule and are beginning to show signs of bearing fruit. We're also advancing a number of product initiatives, including video/radar hybrid solutions, that are exciting."

Follow-on Offering Update

Given our recent share price range, unfavorable market conditions and the lack of need for increased working capital at present, we believe that proceeding with an offering at this time is not in the best interests of our shareholders and therefore, we have decided to withdraw the follow-on offering. As such, we have expensed offering costs incurred of $221,000 ($146,000 net of tax or $0.04 per share) in the third quarter of 2008. The costs are included in general and administrative expense in the income statement.

Auction Rate Security Update

We hold $5.4 million in face value of student loan backed auction rate securities (ARS), substantially all of which are Federal government backed. The ARS were purchased through, and are still held in, accounts at UBS and Credit Suisse. Recently, both UBS and Credit Suisse announced settlements with governmental authorities under which
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Image Sensing Systems Announces Third Quarter Financi...(quarter were $1.2 million. We acquired t...),Health