MINNEAPOLIS, MN – November 13, 2019 – Insignia Systems, Inc. (Nasdaq: ISIG) (“Insignia”) today reported financial results for the third quarter ended September 30, 2019 (“Q3”).
- Q3 2019 net sales decreased 50.8% to $4.7 million from $9.5 million in Q3 2018, primarily driven by a decrease in POPS solution revenue partially offset by increased innovation initiatives revenue.
- Q3 2019 operating loss was $1.1 million compared to operating income of $846,000 in Q3 2018.
- Q3 2019 net loss was $978,000, or $0.08 per basic and diluted share, compared to net income of $645,000, or $0.05 per basic and diluted share in Q3 2018.
Insignia’s President and CEO Kristine Glancy commented, “While our Q3 2019 results show a significant decline versus Q3 2018, the declines are consistent with the trends we saw in the first half of 2019 driven by the loss of a significant retailer due to competitive pressures and completion of a favorable CPG contract. We remain committed to our core signage business and are working with both our CPG and retail clients on opportunities to turn this business around, despite the competitive pressures we continue to face. Our team continues to be resilient and innovative as we focus on growing the overall portfolio with our display and digital solutions. These solutions, along with signage expansion outside POPS contributed 47% of our total revenue in Q3 2019. In less than two years, the team has built a display business that is resonating with our clients and resulted in a prestigious industry recognition, ‘Top Display Company in 2019’ by Creative Magazine. I couldn’t be prouder of this accomplishment. We are also very encouraged by initial results from our digital solution and we anticipate this to be a significant growth driver for us moving forward.”