We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Insignia Systems Inc | NASDAQ:ISIG | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 7.73 | 6.80 | 8.70 | 0 | 01:00:00 |
INSIGNIA SYSTEMS,
INC.
|
(Exact
name of registrant as specified in its charter)
|
Minnesota
|
|
41-1656308
|
(State
or other jurisdiction of incorporation or
organization)
|
|
(I.R.S.
Employer Identification No.)
|
8799 Brooklyn Blvd., Minneapolis, MN 55445
|
(Address
of principal executive offices; zip code)
|
(763) 392-6200
|
(Registrant’s
telephone number, including area code)
|
|
Title of each class
|
|
Trading Symbol
|
|
Name of each exchange on which registered
|
Common
Stock, $0.01 par value
|
|
ISIG
|
|
The
Nasdaq Stock Market LLC
|
Large accelerated filer
|
☐
|
Accelerated filer
|
☐
|
Non-accelerated
filer
|
☐
|
Smaller reporting company
|
☑
|
|
|
Emerging
growth company
|
☐
|
|
|
Page
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Insignia Systems, Inc.
|
||
C
ONDENSED BALANCE SHEETS
|
||
|
|
|
|
March 31,
|
|
|
2019
|
December 31,
|
|
(Unaudited)
|
2018
|
ASSETS
|
|
|
Current Assets:
|
|
|
Cash and cash
equivalents
|
$
3,966,000
|
$
10,160,000
|
Held to
maturity investments
|
4,994,000
|
—
|
Accounts
receivable, net
|
6,360,000
|
8,763,000
|
Inventories
|
378,000
|
353,000
|
Income tax
receivable
|
125,000
|
127,000
|
Prepaid
expenses and other
|
261,000
|
306,000
|
Total Current
Assets
|
16,084,000
|
19,709,000
|
|
|
|
Other Assets:
|
|
|
Property and
equipment, net
|
3,297,000
|
3,268,000
|
Operating
lease right-of-use assets
|
274,000
|
—
|
Other,
net
|
828,000
|
976,000
|
|
|
|
Total Assets
|
$
20,483,000
|
$
23,953,000
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
Current Liabilities:
|
|
|
Accounts
payable
|
2,046,000
|
3,334,000
|
Accrued
liabilities:
|
|
|
Compensation
|
377,000
|
2,021,000
|
Other
|
462,000
|
701,000
|
Current
portion of operating lease liabilities
|
199,000
|
—
|
Deferred
revenue
|
802,000
|
302,000
|
Total Current
Liabilities
|
3,886,000
|
6,358,000
|
|
|
|
Long-Term Liabilities:
|
|
|
Deferred tax
liabilities
|
290,000
|
504,000
|
Accrued income
taxes
|
621,000
|
613,000
|
Deferred
rent
|
—
|
158,000
|
Operating
lease liabilities
|
216,000
|
—
|
Total
Long-Term Liabilities
|
1,127,000
|
1,275,000
|
|
|
|
Commitments and Contingencies
|
—
|
—
|
|
|
|
Shareholders' Equity:
|
|
|
Common stock,
par value $.01:
|
|
|
Authorized
shares - 40,000,000
|
|
|
Issued and
outstanding shares - 11,947,000 at March 31, 2019 and 11,840,000 at
December 31, 2018
|
119,000
|
118,000
|
Additional
paid-in capital
|
15,687,000
|
15,442,000
|
Retained
earnings (Accumulated deficit)
|
( 336,000
)
|
760,000
|
Total
Shareholders' Equity
|
15,470,000
|
16,320,000
|
|
|
|
Total Liabilities and Shareholders' Equity
|
$
20,483,000
|
$
23,953,000
|
|
|
|
See accompanying notes to financial statements.
|
Insignia Systems, Inc.
|
||
C
ONDENSED STATEMENTS OF
OPERATIONS
|
||
(Unaudited)
|
||
|
|
|
|
|
|
Three Months Ended March 31
|
2019
|
2018
|
Services
revenues
|
$
4,639,000
|
$
7,026,000
|
Products
revenues
|
501,000
|
393,000
|
Total Net
Sales
|
5,140,000
|
7,419,000
|
|
|
|
Cost of
services
|
3,974,000
|
4,404,000
|
Cost of goods
sold
|
392,000
|
269,000
|
Total Cost of
Sales
|
4,366,000
|
4,673,000
|
Gross
Profit
|
774,000
|
2,746,000
|
|
|
|
Operating Expenses:
|
|
|
Selling
|
738,000
|
903,000
|
Marketing
|
665,000
|
604,000
|
General and
administrative
|
708,000
|
1,007,000
|
Total
Operating Expenses
|
2,111,000
|
2,514,000
|
Operating
Income (Loss)
|
(1,337,000
)
|
232,000
|
|
|
|
Other
income
|
37,000
|
5,000
|
Income (Loss)
Before Taxes
|
(1,300,000
)
|
237,000
|
|
|
|
Income tax
expense (benefit)
|
(204,000
)
|
73,000
|
Net Income
(Loss)
|
$
(1,096,000
)
|
$
164,000
|
|
|
|
Net income
(loss) per share:
|
|
|
Basic
|
$
(0.09
)
|
$
0.01
|
Diluted
|
$
(0.09
)
|
$
0.01
|
|
|
|
Shares used in
calculation of net income (loss) per share:
|
|
|
Basic
|
11,856,000
|
11,819,000
|
Diluted
|
11,856,000
|
11,982,000
|
|
|
|
See accompanying notes to financial statements.
|
Insignia Systems, Inc.
|
|||||
C
ONDENSED STATEMENTS OF SHAREHOLDERS'
EQUITY
|
|||||
(Unaudited)
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
Stock
|
Additional
Paid-In
|
Retained
Earnings
|
|
|
|
Shares
|
Amount
|
Capital
|
(Accumulated
Deficit)
|
Total
|
Balance at December 31, 2018
|
11,840,000
|
$
118,000
|
$
15,442,000
|
$
760,000
|
$
16,320,000
|
Issuance of
common stock, net
|
107,000
|
1,000
|
107,000
|
-
|
108,000
|
Value of
stock-based compensation
|
-
|
-
|
138,000
|
-
|
138,000
|
Net
loss
|
-
|
-
|
-
|
(1,096,000
)
|
(1,096,000
)
|
Balance at March 31, 2019
|
11,947,000
|
$
119,000
|
$
15,687,000
|
$
(336,000
)
|
$
15,470,000
|
Insignia Systems, Inc.
|
||
C
ONDENSED STATEMENTS OF CASH
FLOWS
|
||
(Unaudited)
|
||
|
|
|
|
|
|
Three Months Ended March 31
|
2019
|
2018
|
Operating Activities:
|
|
|
Net income
(loss)
|
$
(1,096,000
)
|
$
164,000
|
Adjustments to
reconcile net income (loss) to
net
cash provided by (used in) operating
activities:
|
|
|
Depreciation
and amortization
|
335,000
|
287,000
|
Changes in
allowance for doubtful accounts
|
(3,000
)
|
4,000
|
Deferred
income tax benefit
|
(214,000
)
|
—
|
Stock-based
compensation expense
|
138,000
|
67,000
|
Accrued
interest on held to maturity investments
|
(13,000
)
|
—
|
Changes in
operating assets and liabilities:
|
|
|
Accounts
receivable
|
2,406,000
|
2,960,000
|
Inventories
|
(25,000
)
|
(184,000
)
|
Income tax
receivable
|
2,000
|
65,000
|
Prepaid
expenses and other
|
39,000
|
39,000
|
Accounts
payable
|
(1,263,000
)
|
(358,000
)
|
Accrued
liabilities
|
(1,900,000
)
|
(642,000
)
|
Income tax
payable
|
8,000
|
8,000
|
Deferred
revenue
|
500,000
|
299,000
|
Net cash
provided by (used in) operating activities
|
(1,086,000
)
|
2,709,000
|
|
|
|
Investing Activities:
|
|
|
Purchases of
property and equipment
|
(235,000
)
|
(194,000
)
|
Purchase of
investments
|
(4,981,000
)
|
—
|
Net cash used
in investing activities
|
(5,216,000
)
|
(194,000
)
|
|
|
|
Financing Activities:
|
|
|
Proceeds from
issuance of common stock
|
108,000
|
49,000
|
Net cash
provided by financing activities
|
108,000
|
49,000
|
|
|
|
Increase
(decrease) in cash and cash equivalents
|
(6,194,000
)
|
2,564,000
|
|
|
|
Cash and cash
equivalents at beginning of period
|
10,160,000
|
4,695,000
|
Cash and cash
equivalents at end of period
|
$
3,966,000
|
$
7,259,000
|
|
|
|
Non-cash investing and financing activities:
|
|
|
Purchases of
property and equipment included in accounts
payable
|
$
35,000
|
$
93,000
|
|
|
|
See accompanying notes to financial statements.
|
|
|
|
March 31,
|
December 31,
|
|
2019
|
2018
|
Raw
materials
|
$
74,000
|
$
80,000
|
Work-in-process
|
11,000
|
12,000
|
Finished
goods
|
293,000
|
261,000
|
|
$
378,000
|
$
353,000
|
Three months ended March 31
|
2019
|
2018
|
Denominator
for basic net income (loss) per share - weighted average
shares
|
11,856,000
|
11,819,000
|
Effect
of dilutive securities:
|
|
|
Stock
options, restricted stock and restricted stock units
|
—
|
163,000
|
Denominator
for diluted net income (loss) per share - weighted average
shares
|
11,856,000
|
11,982,000
|
Balance
at December 31, 2018
|
$
302,000
|
Reclassification
of beginning deferred revenue to revenue, as a result of
performance obligations satisfied
|
(295,000
)
|
Cash
received in advance and/or not recognized as revenue
|
795,000
|
Balance
at March 31, 2019
|
$
802,000
|
|
Corporate
Headquarters
|
Additional
Office Space
|
Operating
Leases
|
Operating
lease cost
|
$
51,000
|
$
—
|
$
51,000
|
Variable
lease cost
|
7,000
|
—
|
7,000
|
Short-term
lease cost
|
—
|
10,000
|
10,000
|
Total
|
$
58,000
|
$
10,000
|
$
68,000
|
Maturity of Lease Liabilities
|
Operating Leases
|
2019
|
$
163,000
|
2020
|
222,000
|
2021
|
57,000
|
Total
lease payments
|
$
442,000
|
Less:
Interest
|
27,000
|
Present
value of lease liabilities
|
$
415,000
|
2019
|
$
217,000
|
|
2020
|
222,000
|
|
2021
|
57,000
|
|
For the Three Months Ended March
31
|
2019
|
2018
|
Net
sales
|
100.0
%
|
100.0
%
|
Cost
of sales
|
84.9
|
63.0
|
Gross
profit
|
15.1
|
37.0
|
Operating
expenses:
|
|
|
Selling
|
14.4
|
12.2
|
Marketing
|
12.9
|
8.1
|
General
and administrative
|
13.8
|
13.6
|
Total
operating expenses
|
41.1
|
33.9
|
Operating
income (loss)
|
(26.0
)
|
3.1
|
Other
income
|
0.7
|
0.1
|
Income
(loss) before taxes
|
(25.3
)
|
3.2
|
Income
tax expense (benefit)
|
(4.0
)
|
1.0
|
Net
income (loss)
|
(21.3
)%
|
2.2
%
|
Exhibit
Number
|
|
Description
|
|
Method
of Filing
|
|
|
|
|
|
|
Composite
Articles of Incorporation of Registrant, as amended through
July 31, 2008 (incorporated by reference to Exhibit 3.1
to annual report on Form 10-K for the year ended December 31,
2015)
|
|
Incorporated
by Reference
|
|
|
|
|
|
|
|
Composite
Bylaws of Registrant, as amended through December 5, 2015
(incorporated by reference to Exhibit 3.2 to annual report on
Form 10-K for the year ended December 31, 2015)
|
|
Incorporated
by Reference
|
|
|
|
|
|
|
10.1
*
|
|
First
Amendment to Change in Control Agreement with Kristine A. Glancy,
dated April 28, 2018
|
|
Filed
Electronically
|
|
|
|
|
|
|
Certification
of Principal Executive Officer
|
|
Filed
Electronically
|
|
|
|
|
|
|
|
Certification
of Principal Financial and Accounting Officer
|
|
Filed
Electronically
|
|
|
|
|
|
|
|
Section
1350 Certification
|
|
Furnished
Electronically
|
|
|
|
|
|
|
101
|
|
The
following materials from Insignia Systems, Inc.’s Quarterly
Report on Form 10-Q for the quarter ended March 31, 2019, formatted
in XBRL (eXtensible Business Reporting Language): (i) Condensed
Balance Sheets; (ii) Condensed Statements of Operations; (iii)
Condensed Statements of Shareholders’ Equity; (iv) Condensed
Statements of Cash Flows; and (v) Notes to Financial
Statements.
|
|
Filed
Electronically
|
|
INSIGNIA
SYSTEMS, INC.
|
|
|
(Registrant)
|
|
|
|
|
Dated: May
6, 2019
|
/s/
Kristine A. Glancy
|
|
|
Kristine
A. Glancy
|
|
|
President
and Chief Executive Officer
|
|
|
(on
behalf of registrant)
|
|
|
|
|
Dated: May
6, 2019
|
/s/
Jeffrey A. Jagerson
|
|
|
Jeffrey
A. Jagerson
|
|
|
Chief
Financial Officer and Treasurer
|
|
|
(principal
financial and accounting officer)
|
|
1 Year Insignia Systems Chart |
1 Month Insignia Systems Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions