MINNEAPOLIS, MN – November 13, 2018 – Insignia Systems, Inc. (Nasdaq: ISIG) (“Insignia”) today reported financial results for the third quarter ended September 30, 2018 (“Q3”).
- Q3 2018 net sales increased 22.4% to $9.5 million from $7.7 million in Q3 2017, driven by innovation revenue
- Q3 2018 operating income was $846,000 compared to $451,000 in Q3 2017
- Q3 2018 net income was $645,000, or $0.05 per basic and diluted share, compared to $451,000 or $0.04 per basic and diluted share in Q3 2017
Insignia’s President and CEO Kristine Glancy commented, “Our continued transformative efforts are demonstrated with another quarter of both top and bottom line growth driven by both our product and client diversification. We are pleased with our continued strong results in Q3 2018 as net sales increased 22.4% in 2018 compared to 2017 driven primarily by our innovation revenue. Our net income for Q3 2018 was $645,000 compared to $451,000 in 2017. The improvement was primarily driven by our increase in sales and gross profit while continuing to make strategic investments to fuel long-term overall growth.”