-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, WSHgNFRdkqDTE5YEweWbU6jGJGpQtuR1e3KbdXCilrrivuY3h7Nik4d1+gsM5dfb lswuul3amy+W8Kas8Bv8Bw== 0000897101-04-000328.txt : 20040217 0000897101-04-000328.hdr.sgml : 20040216 20040217153935 ACCESSION NUMBER: 0000897101-04-000328 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040217 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040217 FILER: COMPANY DATA: COMPANY CONFORMED NAME: IMAGE SENSING SYSTEMS INC CENTRAL INDEX KEY: 0000943034 STANDARD INDUSTRIAL CLASSIFICATION: MEASURING & CONTROLLING DEVICES, NEC [3829] IRS NUMBER: 411519168 STATE OF INCORPORATION: MN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-26056 FILM NUMBER: 04608330 BUSINESS ADDRESS: STREET 1: 500 SPRUCE TREE CENTRE STREET 2: 1600 UNIVERSITY AVE CITY: ST PAUL STATE: MN ZIP: 55104-3825 BUSINESS PHONE: 6516037700 MAIL ADDRESS: STREET 1: 500 SPRUCE TREE CENTRE STREET 2: 1600 UNIVERSITY AVE W. CITY: ST PAUL STATE: MN ZIP: 55104 8-K 1 iss040844_8k.txt IMAGING SENSING SYSTEMS, INC. FORM 8-K SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): February 17, 2004 IMAGE SENSING SYSTEMS, INC. --------------------------- (Exact Name of Registrant as Specified in Its Charter) Minnesota --------- (State or Other Jurisdiction of Incorporation) 0-26056 41-1519168 ------- ---------- (Commission File Number) (IRS Employer Identification No.) 500 Spruce Tree Centre, 1600 University Avenue, St. Paul, Minnesota 55104 ------------------------------------------------------------------------- (Address of Principal Executive Offices, Including Zip Code) (651) 603-7700 -------------- (Registrant's Telephone Number, Including Area Code) Not Applicable -------------- (Former Name or Former Address, if Changed Since Last Report) ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS. (c) The following exhibit is being furnished herewith: 99.1 Press Release, dated February 17, 2004, of Image Sensing Systems, Inc. ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION. On February 17, 2004, Image Sensing Systems, Inc. issued a press release to report the Company's results of operations and financial condition for the completed fiscal year ended December 31, 2003. The press release is furnished as Exhibit 99.1 hereto and is incorporated herein by reference. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. IMAGE SENSING SYSTEMS, INC. By: /s/ James Murdakes ------------------------------ James Murdakes Chief Executive Officer Dated: February 17, 2004. EXHIBIT INDEX Exhibit No. Description - ----------- ----------- 99.1 Press release, dated February 17, 2004 EX-99.1 3 iss040844_ex99-1.txt NEWS RELEASE EXHIBIT 99.1 [IMAGE SENSING SYSTEMS LOGO] 500 Spruce Tree Centre 1600 University Avenue West St. Paul, Minnesota 55104-3825 USA 651.603.7700 Fas: 651.603.7795 www.imagesensing.com NEWS RELEASE - ------------ CONTACTS: ART BOURGEOIS, CHIEF FINANCIAL OFFICER IMAGE SENSING SYSTEMS, INC. PHONE: 651.603.7700 FOR IMMEDIATE RELEASE - --------------------- IMAGE SENSING SYSTEMS ANNOUNCES RECORD 2003 FINANCIAL RESULTS ------------------------------------------------------------- SAINT PAUL, MINN., FEBRUARY 17, 2004-- Image Sensing Systems, Inc. (ISS) (NASDAQ Small Cap: ISNS) announced today that its net income for 2003 was a record $2,135,000 or $.66 per undiluted share ($.59 per diluted share) versus net income of $1,192,000 or $.38 per undiluted share for 2002. Net income for the fourth quarter was $376,000 or $.12 per undiluted share ($.10 per diluted share), versus net income of $302,000 or $.10 per undiluted share for the comparable period in 2002. The fourth quarter of 2003 marks the seventh consecutive quarter where profitability exceeded the comparable quarter of the prior year. Revenues for fiscal year 2003 were $9,259,000, an increase of 15%, from $8,085,000 in fiscal year 2002, while revenues for the fourth quarter of 2003 increased 11% to $2,437,000 compared with $2,204,000 for the same period a year ago. The increases in revenue for the year and quarter were due primarily to increased royalty income earned from Autoscope sales by our North American partner, Econolite Control Products, Inc. (ECPI), and continued growth in international sales through our wholly owned Hong Kong subsidiary, Flow Traffic Limited, and our European distributors. Royalty income from ECPI for fiscal 2003 increased by 19% over fiscal 2002 while product sales increased by 12%. We also were able to improve margins on product sales by 4 percentage points while reducing operating costs, exclusive of 2002 restructuring costs, as a percent of revenue by over 5 percentage points. Jim Murdakes, Chairman and CEO commented, "We are extremely pleased with our continued financial performance resulting in a 74% increase in basic earnings per share from one year ago. We continued the development of new technologies while supporting ECPI and our international business. Besides posting excellent financial results in 2003, we began shipment of a new hardware product for Europe, released a major software upgrade that included the Wizard, an automatic method of placing detectors, and developed a new German communications protocol. We also set in motion development projects for new products slated for delivery in 2004." Headquartered in St. Paul, Minnesota, Image Sensing Systems, Inc. combines expertise in image processing, hardware and software engineering, and communications to develop video vehicle detection systems for traffic management and control applications. The Autoscope vehicle detection system is the world leader in video detection for advanced traffic management systems for highways, tunnel incident detection, intersection control, and traffic data collection. The Autoscope system provides traffic managers the means to reduce roadway congestion, improve roadway planning, and improve cost efficiencies. SAFE HARBOR STATEMENT: Statements made in this release concerning the Company's or management's intentions, expectations, or predictions about future results or events are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements reflect management's current expectations or beliefs, and are subject to risks and uncertainties that could cause actual results or events to vary from stated expectations, which variations could be material and adverse. Factors that could produce such a variation include, but are not limited to, the following: the inherent unreliability of earnings, revenue and cash flow predictions due to numerous factors, many of which are beyond the Company's control; developments in the demand for the Company's products and services; relationships with the Company's major customers and suppliers; unanticipated delays, costs and expenses inherent in the development and marketing of new products and services; the impact of governmental laws and regulations; and competitive factors. Our forward-looking statements speak only as of the time made, and we assume no obligation to publicly update any such statements. Additional information concerning these and other factors that could cause actual results and events to differ materially from the Company's current expectations are contained in the Company's Form 10-KSB for the year ended December 31, 2002." Three Month Period and Year Ended December 31, 2003 and 2002 (in thousands, except per share information) Three-Month Period ended Year Ended December 31 December 31 2003 2002 2003 2002 ---- ---- ---- ---- Revenue $2,437 $2,204 $9,259 $8,085 Operating income 519 449 2,948 1,340 Net income 376 302 2,135 1,192 Net income per share Basic .12 .10 .66 .38 Diluted .10 .09 .59 .37 Weighted average number of common shares outstanding Basic 3,263 3,161 3,215 3,155 Diluted 3,772 3,416 3,598 3,252 ### -----END PRIVACY-ENHANCED MESSAGE-----