MINNEAPOLIS, MN – July 31, 2018 – Insignia Systems, Inc. (Nasdaq: ISIG) (“Insignia”) today reported financial results for the second quarter ended June 30, 2018 (“Q2”).
Overview
- Q2 2018 net sales increased 41.0% to $8.2 million from $5.8 million in Q2 2017, driven by POPS program revenue and innovation.
- Q2 2018 operating income was $253,000 (inclusive of incurred Cooperation Agreement expenses of $460,000) compared to an operating loss of $574,000 in Q2 2017
- Q2 2018 net income was $184,000, or $0.02 per basic and diluted share, compared to a net loss of $534,000 or ($0.05) per basic and diluted share in Q2 2017 Insignia’s
President and CEO Kristine Glancy commented, “We are pleased with our continued strong results in Q2 2018 as net sales increased 41.0% compared to Q2 2017. The majority of the net sales increase was driven by both our POPS program and product innovation, while also lapping a softer Q2 2017. Our net income for Q2 2018 was $184,000 compared to a net loss of $534,000 for Q2 2017. The improvement in net income was primarily driven by our increase in revenues and gross profit, product diversification and overall operating expense management, while continuing to make strategic investments to fuel long-term sustainable growth and our new IT operating infrastructure.”
