Insignia Systems, Inc. Announces 2020 Third Quarter and Nine-Month Financial Results
Insignia Systems, Inc. (ISIG)
US:NASDAQ Investor Relations:
insigniasystems.com/investor-relations
Company Research
Source: Accesswire
MINNEAPOLIS, MN / ACCESSWIRE / November 11, 2020 / Insignia Systems, Inc. (NASDAQ:ISIG) ("Insignia") today reported financial results for the third quarter ended September 30, 2020 ("Q3").OverviewQ3 2020 net sales decreased 3.5% to $4.5 million from $4.7 million in Q3 2019, primarily driven by a decrease in overall signage revenue partially offset by increased non-signage revenue.Q3 2020 operating loss was $792,000 compared to operating loss of $1.1 million in Q3 2019.Q3 2020 net loss was $794,000, or $0.07 per basic and diluted share, compared to net loss of $978,000, or $0.08 per basic and diluted share in Q3 2019.Insignia's President and CEO Kristine Glancy commented, "I'm extremely pleased with the momentum in Q3 2020 especially with our non-signage revenue, which grew 150% or $1,463,000 versus Q3 2019. Our overall business was down 3.5% primarily driven by the decrease in our signage business, as well as lapping our Custom Print business which we sold early in Q3 2020. Our POPS b
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