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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