-----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, N/VcZOZdmpoAzY/BqPV+zzdPS2wRuwivsb3QT/eQLjPoqwxis+yzdb10hl+yiiUn vbmc8pY7hh73DlvXK6jICQ== 0000950134-03-011312.txt : 20030811 0000950134-03-011312.hdr.sgml : 20030811 20030811162101 ACCESSION NUMBER: 0000950134-03-011312 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030722 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030811 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: 03834799 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 c78965e8vk.txt 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): July 22, 2003 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) Page 1 of 3 Pages ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS. (c) The following exhibit is being furnished herewith: 99.1 Press Release, dated July 22, 2003, of Image Sensing Systems, Inc. ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION. On July 22, 2003, Image Sensing Systems, Inc. issued a press release to report the Company's results of operations and financial condition for the completed fiscal quarter ended June 30, 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: August 11, 2003. Page 2 of 3 Pages EXHIBIT INDEX Exhibit No. Description 99.1 Press release, dated July 22, 2003 Page 3 of 3 Pages EX-99.1 3 c78965exv99w1.txt PRESS 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 Fax: 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 SECOND QUARTER FINANCIAL RESULTS SAINT PAUL, MINN., JULY 22, 2003--Image Sensing Systems, Inc. (ISS) (NASDAQ Small Cap: ISNS) market leading developer and manufacturer of video-based traffic management systems, announced today record financial results for its second quarter ended June 30, 2003. Net income for the quarter was $827,000 ($.24 per fully diluted share), a 47% increase compared with net income of $562,000 ($.18 per fully diluted share) for the comparable period in 2002. Net income for the six month period ended June 30, 2003 was $1,078,000 ($.31 per fully diluted share), a 221% increase compared to net income of $336,000 ($.11 per fully diluted share) for the same period a year ago. Jim Murdakes, Chairman, and CEO said, "Our second quarter performance in revenues, income and earnings per share was outstanding. We were extremely pleased as we continued our consistent and profitable financial performance over the past five quarters." Murdakes added, "We were particularly pleased with product sales to Asian and European customers, which increased by 77% over the comparable quarter in 2002. Flow Traffic, our Asian subsidiary, exceeded last year's second quarter revenues by 107%. Our new European oriented Autoscope RackVision product announced in the first quarter had a significant impact on European revenues and income in the second quarter with major wins in both the United Kingdom and on the European continent." 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: This release contains "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. There are certain factors that could cause results to differ materially from those anticipated by some of the statements made, as listed in the Company's 2002 Annual Form 10-KSB. Three and Six Month Periods Ended June 30, 2003 and 2002 (in thousands, except per share information)
Three-Month Six-Month Period ended Period ended June 30 June 30 ------- ------- 2003 2002 2003 2002 ---- ---- ---- ---- Revenue $2,597 $2,236 $4,153 $3,846 Operating income 1,074 560 1,397 331 Net income 827 562 1,078 336 Net income per share Basic .26 .18 .34 .11 Diluted .24 .18 .31 .11 Weighted average number of common shares outstanding Basic 3,182 3,153 3,180 3,153 Diluted 3,475 3,153 3,464 3,153
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