Image Sensing Systems announces third-quarter financial results
OCTOBER 26--Image Sensing Systems Inc. (St. Paul, MN; www.imagesensing.com), developer and manufacturer of video-based traffic-management systems, has announced record-high financial results for its third quarter, ended September 30, 2004. Net income for the quarter was $977,000 ($0.26 per fully diluted share), an increase of 43.5% compared with net income of $681,000 ($0.19 per fully diluted share) for the comparable period in 2003. Net income for the nine-month period ended September 30, 2004, was $2,276,000 ($0.60 per fully diluted share), an increase of 29.4% compared to net income of $1,759,000 ($0.51 fully diluted share) for the same period in 2003.
Jim Murdakes, chairman and CEO, commented, "The third quarter of 2004 was our tenth consecutive quarter where revenue and profitability exceeded the comparable quarter of the prior year. Our major partner, Econolite Control Products Inc., had another outstanding quarter increasing its royalties by 37% over the comparable quarter in 2003.
Image Sensing Systems combines expertise in image processing, hardware and software engineering, and communications to develop video vehicle detection systems for traffic-management and control applications. Its Autoscope vehicle detection system is a leader in video detection for advanced traffic management systems for highways, tunnel incident detection, intersection control, and traffic data collection.
