-----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, Ihw6CbnjFKW1e1D9C1rjSry+uL7n3HE7uoH0gA3jpnIlVVkQAVkI6hnKDjdHGoEh xg5tfu+z87YKanMjivDcpg== 0000950134-03-013843.txt : 20031023 0000950134-03-013843.hdr.sgml : 20031023 20031023110107 ACCESSION NUMBER: 0000950134-03-013843 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20031022 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20031023 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: 03953322 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 c80249e8vk.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): October 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 October 22, 2003, of Image Sensing Systems, Inc. ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION. On October 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 September 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: October 22, 2003. Page 2 of 3 Pages EXHIBIT INDEX Exhibit No. Description - ----------- ----------- 99.1 Press release, dated October 22, 2003 Page 3 of 3 Pages EX-99.1 3 c80249exv99w1.txt PRESS RELEASE EXHIBIT 99.1 500 Spruce Tree Centre [IMAGE SENSING SYSTEMS LOGO] 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 THIRD QUARTER FINANCIAL RESULTS SAINT PAUL, MINN., OCTOBER 22, 2003--Image Sensing Systems, Inc. (ISS) (NASDAQ Small Cap: ISNS) market leading developer and manufacturer of video- based traffic management systems, announced today financial results for its third quarter ended September 30, 2003, a record high for the third quarter. Net income for the quarter was $ 681,000 or $.21 per share ($.19 per fully diluted share), compared with net income of $554,000 or $.18 per share ($.17 per fully diluted share) for the comparable period in 2002. Net income for the nine month period ended September 30, 2003 was $1,759,000 or $.55 per share ($.51 per fully diluted share), compared to net income of $890,000 or $.28 per basic and fully diluted share for the same period in 2002. Jim Murdakes, Chairman and CEO commented, "The third quarter of 2003 was our sixth consecutive quarter of profitability. More importantly, profitability for each of the last six quarters has exceeded the comparable quarter of the prior year. All of this has happened since the Company refocused on its core business, Machine Vision. Our major partner, Econolite Control Products, Inc. (ECPI), continued their extraordinary performance in selling and marketing Autoscope products. Royalty income from ECPI increased by 30% over the comparable quarter in 2002 and year-to-date royalty income has increased by over 14%. Our international businesses in Asia and Europe continued to grow their revenues and profits. Product sales, which are almost entirely international, increased by 41% over the comparable quarter in 2003 while year-to-date product sales have increased by over 26%." 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 and Nine Month Periods Ended September 30, 2003 and 2002 (in thousands, except per share information)
Three-Month Nine-Month Period Ended Period Ended September 30 September 30 ------------ ------------ 2003 2002 2003 2002 ----- ------ ------ ------ Revenue $2,669 $2,035 $6,822 $5,881 Operating income 1,032 561 2,429 892 Net income 681 554 1,759 890 Net income per share Basic .21 .18 .55 .28 Diluted .19 .17 .51 .28 Weighted average number of common shares outstanding Basic 3,236 3,153 3,199 3,153 Diluted 3,678 3,260 3,482 3,197
### -----END PRIVACY-ENHANCED MESSAGE-----