Insignia Systems, Inc. Reports Third Quarter Loss of $(432,000) on Net Sales of $5,285,000.MINNEAPOLIS -- Insignia in·sig·ni·a also in·sig·ne n. pl. insignia or in·sig·ni·as 1. A badge of office, rank, membership, or nationality; an emblem. 2. A distinguishing sign. Systems, Inc. (Nasdaq:ISIG ISIG Internet Special Interest Group (BCS) ) today reported net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight of $5,285,000 for the third quarter ended September 30, 2005, a decrease of 1.0%, compared to net sales of $5,337,000 for the third quarter of 2004. The net loss for the third quarter of 2005 was $(432,000) or $(0.03) per share, compared to $(1,413,000), or $(0.11) per share, for the third quarter of 2004. Insignia Point-of-Purchase Services(R) (POPS) revenues for the third quarter were $4,498,000, a decrease of 0.6%, compared to third quarter 2004 POPS revenues of $4,524,000. For the nine months ended September 30, 2005, net sales were $15,653,000, an increase of 3.6%, compared to net sales of $15,115,000 for the first nine months of 2004. The net loss for the first nine months of 2005 was $(1,997,000) or $(0.13) per share, compared to $(5,014,000), or $(0.40) per share for the same period of 2004. Insignia POPS revenues for the first nine months of 2005 were $13,276,000, an increase of 8.5%, compared to POPS revenues of $12,237,000 for the first nine months of 2004. CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Scott Drill commented, "Despite the fact that our net loss was $981,000 less than in the third quarter of 2004 on essentially flat revenue, we are not optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about our POPS revenue prospects in the near future. The cumulative effect of the illegal anticompetitive an·ti·com·pet·i·tive adj. That discourages competition among businesses: anticompetitive foreign trade restrictions. conduct by News America has had a substantial negative impact on revenue bookings for the fourth quarter and for Fiscal Year 2006. We currently have customer orders of approximately $2,875,000 for the fourth quarter versus actual 2004 fourth quarter POPS revenue of $5,104,000. Prospects for additional sales in the fourth quarter are limited." Drill went on to state, "Our cash position at quarter end was $2,718,000. Legal expense for the quarter was $235,000, down by $930,000 from the third quarter 2004 legal expense of $1,165,000. Discovery continues to be on hold in our New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of case where we have had an Amended Motion to Dismiss pending since August 18, 2004. In Minnesota we filed our Amended Complaint amended complaint n. what results when the party suing (plaintiff or petitioner) changes the complaint he/she has filed. It must be in writing, and can be done before the complaint is served on any defendant, by agreement between the parties (usually their lawyers), on September 23, 2005 and a hearing has been scheduled for January 24, 2006. Yesterday, the Court ordered counsel for the parties to conduct an in-person settlement conference, submit full pretrial pre·tri·al n. A proceeding held before an official trial, especially to clarify points of law and facts. adj. 1. Of or relating to a pretrial. 2. disclosures and hold a pretrial conference A meeting of the parties to an action and their attorneys held before the court prior to the commencement of actual courtroom proceedings. A pretrial conference is a meeting of the parties to a case conducted prior to trial. on November 29, 2005. We have retained Manchester Companies, Inc. to assist us with an evaluation of the business and the development of viable options for moving forward." Conference Call The Company will host a conference call today, October 26, at 4:00 p.m. Central Time. To access the live call, dial 800-289-0498. The conference code is 3418714. Please be sure to call in about 5-10 minutes before the call is scheduled to begin. Audio replay will be available approximately three hours after the call through November 3, 2005. To access the replay, dial 888-203-1112 and reference the passcode 3418714. Insignia Systems, Inc. is an innovative developer and marketer of in-store advertising products, programs and services to retailers and consumer goods consumer goods Any tangible commodity purchased by households to satisfy their wants and needs. Consumer goods may be durable or nondurable. Durable goods (e.g., autos, furniture, and appliances) have a significant life span, often defined as three years or more, and manufacturers. Through its Point-Of-Purchase Services (POPS) business, Insignia is contracted with more than 12,000 chain retail supermarkets and drug stores, including A&P, Kroger, Pathmark, Safeway and Rite Aid Rite Aid (NYSE: RAD) is a United States retailer and pharmacy chain, operating over 5,000 stores in 31 states and the District of Columbia. Rite Aid Corporation is one of the nation's leading drugstore chains. . Through the nationwide POPS network, over 190 major consumer goods manufacturers, including General Mills  This article or section may contain a proseline.Please help [ convert this timeline] into prose or, if necessary, a . , Hormel Foods, Kellogg Company For other uses, see Kellogg. Kellogg Company (often referred to as simply Kellogg or Kellogg's) is an American multinational producer of breakfast foods, snack foods, cookies, and crackers, with corporate headquarters in Battle Creek, Michigan, USA. , Nestle, Pfizer, S.C. Johnson & Son and Tyson Foods Tyson Foods, Inc. (NYSE: TSN) is an American multinational corporation based in Springdale, Arkansas, that operates in the food industry. The company is the world's largest processor and marketer of chicken, beef, and pork, and annually exports the largest percentage of beef , have taken their brand messages to the point-of-purchase. For additional information, contact 888-474-7677, or visit the Insignia POPS Web site at www.insigniapops.com. Except for the historical information contained herein, the matters discussed in this news release are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . The Company's actual results could differ materially from these forward-looking statements as a result of a number of factors, including risks and uncertainties as described in the Company's SEC Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 2004 and SEC Form 10-Q Form 10-Q See 10-Q. for the quarter ended June 30, 2005. The Company wishes to caution readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made.
Insignia Systems, Inc.
STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended
September 30,
---------------------------
2005 2004
---------------------------
Net Sales $5,285,000 $5,337,000
Cost of Sales 3,305,000 3,239,000
Gross Profit 1,980,000 2,098,000
Operating Expenses:
Selling 1,438,000 1,462,000
Marketing 246,000 288,000
General & administrative 742,000 1,777,000
Impairment of goodwill -- --
Operating Loss (446,000) (1,429,000)
Other Income (Expense) 14,000 16,000
Net Loss $(432,000) $(1,413,000)
Net Loss Per Share
Basic and diluted $(0.03) $(0.11)
Shares used in calculation of
net loss per share:
Basic and diluted 15,002,000 12,476,000
Nine Months Ended
September 30,
---------------------------
2005 2004
---------------------------
Net Sales $15,653,000 $15,115,000
Cost of Sales 9,833,000 9,775,000
Gross Profit 5,820,000 5,340,000
Operating Expenses:
Selling 4,316,000 4,475,000
Marketing 911,000 828,000
General & administrative 2,601,000 4,090,000
Impairment of goodwill -- 960,000
Operating Loss (2,008,000) (5,013,000)
Other Income (Expense) 11,000 (1,000)
Net Loss $(1,997,000) $(5,014,000)
Net Loss Per Share
Basic and diluted $(0.13) $(0.40)
Shares used in calculation of
net loss per share:
Basic and diluted 15,002,000 12,474,000
SELECTED BALANCE SHEET DATA
September 30, December 31,
2005 2004
---------------------------
Cash and cash equivalents $2,718,000 $6,156,000
Working capital 2,918,000 4,813,000
Total assets 7,568,000 9,921,000
Total liabilities 4,185,000 4,588,000
Shareholders' equity 3,383,000 5,333,000
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