Image Sensing Systems Announces Third Quarter Financi... (the banks have agreed torepurchase our A...)

Image Sensing Systems Announces Third Quarter Financial Results

Date:10/30/2008

the banks have agreed to repurchase our ARS at face value (par) by January 2009. This is a positive development and we are optimistic about the outcome. However, because of the uncertainty of collection under the agreements, we have continued to account for the ARS as we have the previous two quarters with a temporary impairment reflected.

Our updated analysis of the ARS fair value indicates there is a temporary impairment of $449,000 ($296,000 net of tax). The ARS are classified as long- term assets at September 30, 2008. This unrealized loss does not flow through our income statement; rather it is recorded directly to shareholders' equity as a component of accumulated other comprehensive income/loss. Notwithstanding the potential settlements, there is uncertainty in the ARS market and, should circumstances change, we may deem the impairment to be other than temporary or otherwise adjust our analysis.

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of amortizing the intangible assets from the EIS asset purchase and excludes the costs incurred in conjunction with our withdrawn follow-on offering that were expensed in the quarter ended September 30, 2008. 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

Image Sensing Systems, Inc. is a technology company specializing in software-based detection solutions for the Intelligent Transportation Systems (IT
'/>"/>

0

GOOD

Page: 1 2 3 4 5 6 7 8 9
Related medicine news :

1. Tomophase to Exhibit First In-vivo Cross-sectional Images of Pulmonary Stenting Using Proprietary OCT System
2. Reflex Stock Launches Exciting New Editorial Image Collections to the Worldwide Publishing Industry
3. Digirad Corporation Receives FDA 510(k) Clearance for nSPEED(R) Reconstruction Software for Improved Image Quality in Less Time With Less Radiation
4. Jessica Simpson Lends Healthy Image for Drink Smart Campaign
5. BioImagene Raises $26 M in Expansion Capital
6. Summer Games Swap Raises Questions About Image, Oral Health
7. SpectraScience Awarded Patent for Correcting Image Misalignment
8. ImageDoc USA, Inc. Launches "Go Paperless!" Website
9. Sweden to Receive Scandinavia's First TomoTherapy System : Lund University Hospital to Offer Swedish Cancer Patients the Most Advanced Image-Guided Radiation Therapy Treatments
10. High resolution heart images now available at peak stress
11. MDCT, virtual gastroscopy and MPR images differentiate malignant and benign gastric ulcers

Post Your Comments:

Image Sensing Systems Announces Third Quarter Financi...(the banks have agreed torepurchase our A...),Health