Autoscope Technologies Corporation Announces Financial Results and Increases Quarterly Dividends to $0.15 per Share
Autoscope Technologies (OTCQX: AATC) reported Q3 2024 financial results with net income of $0.25 per basic share and $0.24 per diluted share. The company increased its quarterly dividend to $0.15 per share, payable November 25, 2024. Q3 highlights include: royalties decreased 12% to $3.3 million, operating expenses decreased 12% to $1.6 million, and income from operations decreased 11% to $1.6 million. For the first nine months of 2024, royalties decreased 3% to $10.2 million, while income from operations increased 12% to $4.7 million.
Autoscope Technologies (OTCQX: AATC) ha riportato i risultati finanziari del terzo trimestre 2024 con un reddito netto di $0,25 per azione base e $0,24 per azione diluita. L'azienda ha aumentato il suo dividendo trimestrale a $0,15 per azione, pagabile il 25 novembre 2024. I punti salienti del Q3 includono: le royalty sono diminuite del 12% a $3,3 milioni, le spese operative sono scese del 12% a $1,6 milioni e il reddito operativo è diminuito dell'11% a $1,6 milioni. Per i primi nove mesi del 2024, le royalty sono diminuite del 3% a $10,2 milioni, mentre il reddito operativo è aumentato del 12% a $4,7 milioni.
Autoscope Technologies (OTCQX: AATC) reportó los resultados financieros del tercer trimestre de 2024 con un ingreso neto de $0.25 por acción básica y $0.24 por acción diluida. La compañía aumentó su dividendo trimestral a $0.15 por acción, pagadero el 25 de noviembre de 2024. Los aspectos destacados del Q3 incluyen: las regalías disminuyeron un 12% a $3.3 millones, los gastos operativos se redujeron un 12% a $1.6 millones, y el ingreso de operaciones disminuyó un 11% a $1.6 millones. En los primeros nueve meses de 2024, las regalías disminuyeron un 3% a $10.2 millones, mientras que el ingreso de operaciones aumentó un 12% a $4.7 millones.
오토스코프 기술(OTCQX: AATC)는 2024년 3분기 재무 결과를 보고하며 기본 주당 순이익이 $0.25, 희석 주당 순이익이 $0.24라고 밝혔습니다. 이 회사는 분기 배당금을 주당 $0.15로 인상했으며, 이는 2024년 11월 25일에 지급됩니다. 3분기의 주요 하이라이트는 다음과 같습니다: 로열티가 12% 감소하여 $3.3백만에, 운영 비용이 12% 감소하여 $1.6백만에, 운영 소득이 11% 감소하여 $1.6백만에 달했습니다. 2024년 1-9월 동안 로열티는 3% 감소하여 $10.2백만에 이르렀고, 운영 소득은 12% 증가하여 $4.7백만에 달했습니다.
Autoscope Technologies (OTCQX: AATC) a annoncé les résultats financiers du troisième trimestre 2024 avec un revenu net de 0,25 $ par action de base et de 0,24 $ par action diluée. La société a augmenté son dividende trimestriel à 0,15 $ par action, payable le 25 novembre 2024. Les points forts du T3 incluent : les redevances ont diminué de 12 % à 3,3 millions de dollars, les dépenses d'exploitation ont diminué de 12 % à 1,6 million de dollars et le revenu d'exploitation a diminué de 11 % à 1,6 million de dollars. Pour les neuf premiers mois de 2024, les redevances ont diminué de 3 % à 10,2 millions de dollars, tandis que le revenu d'exploitation a augmenté de 12 % à 4,7 millions de dollars.
Autoscope Technologies (OTCQX: AATC) hat die Finanzzahlen für das 3. Quartal 2024 veröffentlicht, mit einem Nettogewinn von $0,25 pro Stammaktie und $0,24 pro verwässerter Aktie. Das Unternehmen hat seine vierteljährliche Dividende auf $0,15 pro Aktie erhöht, zahlbar am 25. November 2024. Die Highlights des 3. Quartals umfassen: Die Royalties sind um 12% auf $3,3 Millionen gesunken, die Betriebskosten um 12% auf $1,6 Millionen gefallen, und das Ergebnis aus dem operativen Geschäft ist um 11% auf $1,6 Millionen gesunken. In den ersten neun Monaten 2024 sanken die Royalties um 3% auf $10,2 Millionen, während das operative Ergebnis um 12% auf $4,7 Millionen stieg.
- Increased quarterly dividend to $0.15 per share
- Operating expenses decreased 12% to $1.6 million in Q3 2024
- Nine-month income from operations increased 12% to $4.7 million
- Strong gross margin maintained at 96% for Q3 2024
- Net cash from operations increased to $3.2 million in first nine months
- Q3 royalties decreased 12% to $3.3 million
- Q3 income from operations decreased 11% to $1.6 million
- Cash and equivalents decreased to $4.3 million from $6.5 million in December 2023
- Product sales gross margin was only 10% in Q3 2024
- First nine months royalties decreased 3% to $10.2 million
MINNEAPOLIS, Nov. 07, 2024 (GLOBE NEWSWIRE) -- Autoscope Technologies Corporation (OTCQX: AATC) today announced results for its quarter and nine months ended September 30, 2024. Net income from continuing operations for the quarter ended September 30, 2024, was
Third Quarter 2024 Financial Summary
- Royalties decreased 12 percent in the third quarter of 2024 to
$3.3 million compared to$3.8 million in the same period in the prior year. - Operating expenses from continuing operations decreased 12 percent to
$1.6 million in the third quarter of 2024 compared to$1.8 million in the same period in the prior year. - Income from operations decreased 11 percent in the third quarter of 2024 to
$1.6 million compared to$1.8 million for the same period in the prior year.
First Nine Months of 2024 Financial Summary
- Royalties decreased 3 percent in the first nine months of 2024 to
$10.2 million compared to$10.5 million in the same period in the prior year. - Operating expenses from continuing operations decreased 11 percent to
$5.2 million in the first nine months of 2024 compared to$5.8 million in the same period in the prior year. - Income from operations increased 12 percent in the first nine months of 2024 to
$4.7 million compared to$4.1 million for the same period in the prior year.
Third-Quarter Results
Revenue from continuing operations for Autoscope Technologies Corporation (“AATC” or the “Company”), which includes the results of Image Sensing Systems, Inc., a wholly owned subsidiary of AATC (“ISNS”), was
Gross margin from continuing operations was unchanged at 96 percent for the third quarter of 2024 and 96 percent for the same period in 2023. Royalty gross margin for the third quarter of 2024 was 97 percent, unchanged from 97 percent for the same period in 2023. Product sales gross margin for the third quarter of 2024 was 10 percent due to the low sales volume and amortization costs associated with capitalized software development, which are fixed. There was no product sales gross margin percent in the third quarter of 2023 because there were no product sales in that period.
Operating expenses were
The Company recognized a tax expense of
The Company reported net income from continuing operations for the third quarter 2024 of
Year-to-Date Results
AATC’s revenue for the first nine months of 2024 was
Gross margin for the first nine months of 2024 was 96 percent, a 1 percentage point increase from a gross margin of 95 percent for the same period in 2023. Gross margin from royalties for the first nine months of 2024 was 97 percent, unchanged from 97 percent in the first nine months of 2023. As a percent of revenue, product sales gross margin increased to -8 percent in the first nine months of 2024 compared to -203 percent in the prior year period. Product sales gross margin percentages were negative for the first nine months of 2024 and the same period in 2023 due to the amortization of capitalized software development, which is fixed. The increase in the product sales gross margin percent was primarily the result of higher product sales and lower costs, primarily due to lower inventory obsolescence recognized for discontinued video products.
Operating expenses were
The Company recognized a tax expense of
The Company’s net income from continuing operations for the first nine months of 2024 was
On a non-GAAP basis, excluding the amortization of intangible assets and depreciation for the applicable periods, operating income from continuing operations for the third quarter of 2024 was
Liquidity and Capital Resources
As of September 30, 2024, we had
Net cash provided by operating activities of continuing operations was
Net cash provided by investing activities of continuing operations was
Net cash used by financing activities of continuing operations was
“We are pleased with the continued strong demand for Autoscope Vision and with the introduction of Autoscope Analytics, we can take advantage of strong market momentum as communities increasingly adopt our solutions to drive impactful safety improvements. We remain committed to supporting these communities in pursuing Vision Zero,” said Andy Markese, Interim CEO of Autoscope Technologies and President and CEO of Image Sensing Systems. “Our data-driven approach is already yielding significant results, empowering cities in California, Ohio, and Texas to accelerate their Vision Zero initiatives and create safer streets with improved efficiency and precision,” concluded Mr. Markese.
About Autoscope Technologies Corporation
Autoscope Technologies Corporation is a global company dedicated to helping improve safety and efficiency for cities and highways by developing and delivering above-ground detection technology, applications and solutions. We give Intelligent Transportation Systems (ITS) professionals more precise and accurate information – including real-time reaction capabilities and in-depth analytics – to make more confident and proactive decisions. We are headquartered in Minneapolis, Minnesota. Visit us on the web at www.autoscope.com.
Forward-Looking Statements
Certain statements and information included in this Annual Report constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange of 1934, as amended. Forward looking statements represent our expectations or beliefs concerning future events and can be identified by the use of forward-looking words such as “believes,” “may,” “will,” “should,” “intends,” “plans,” “estimates,” “expects,” “anticipates” or other comparable terminology. Forward-looking statements are subject to risks and uncertainties that may cause our actual results to differ materially from the results discussed in the forward-looking statements. Some factors that might cause these differences include the factors listed below. Although we have attempted to list these factors comprehensively, we wish to caution investors that other factors may prove to be important in the future and may affect our operating results. New factors may emerge from time to time, and it is not possible to predict all of these factors, nor can we assess the effect each factor or combination of factors may have on our business.
Those risks and uncertainties may include, but are not limited to, our historical dependence on a single product for most of our revenue; competition; potential changes in government spending on transportation technology; acceptance of our product offerings and designs; budget constraints by governmental entities that purchase our products, including constraints caused by declining tax revenue; the continuing ability of Econolite Control Products, Inc. to sell our products and pay royalties owed to us; the mix of and margins on the products we sell; our dependence on third parties for manufacturing and marketing our products; our dependence on single-source suppliers to meet manufacturing needs; our failure to secure adequate protection for our intellectual property rights; our inability to develop new applications and product enhancements; the potential disruptive effect on the markets we serve of new and emerging technologies and applications, including vehicle-to-vehicle communications and autonomous vehicles; unanticipated delays, costs and expenses inherent in the development and marketing of new products; our inability to respond to low-cost local competitors; our inability to properly manage any growth in revenue and/or production requirements; the influence over our voting stock by affiliates; our inability to hire and retain key scientific and technical personnel; the effects of legal matters in which we may become involved; our inability to achieve and maintain effective internal controls; our inability to successfully integrate any acquisitions; tariffs and other trade barriers; our operating results fluctuate from quarter to quarter due to, among other reasons, the fact that our operating costs tend to be fixed, while our revenue tends to be seasonal; any significant variations between actual amounts and the amounts estimated for those matters identified as our critical accounting estimates and other significant accounting estimates made in the preparation of our financial statements; political and economic instability, including continuing volatility in the economic and political environment of the European Union and the war in Ukraine, and the conflict between Israel and Hamas; our inability to comply with international regulatory restrictions over hazardous substances and electronic waste; the impact of international supply chain disruptions and delays; the impact of changes in U.S. federal and state income tax regulations; the impact of inflation and our ability to pass on rising prices to its customers; and conditions beyond our control such as war, terrorist attacks, health epidemics (including the COVID-19 pandemic caused by the coronavirus) and economic recession.
We further caution you not to unduly rely on any forward-looking statements because they reflect our views only as of the date the statements were made. We undertake no obligation to publicly update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
| Autoscope Technologies Corporation | |||||||||||||||
| Condensed Consolidated Statements of Operations | |||||||||||||||
| (in thousands, except per share information) | |||||||||||||||
| (unaudited) | |||||||||||||||
| Three-Month Periods Ended September 30, | Nine-Month Periods Ended September 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Revenue | |||||||||||||||
| Royalties | $ | 3,329 | $ | 3,792 | $ | 10,154 | $ | 10,459 | |||||||
| Product sales | 50 | - | 137 | 71 | |||||||||||
| 3,379 | 3,792 | 10,291 | 10,530 | ||||||||||||
| Cost of revenue | 150 | 133 | 463 | 542 | |||||||||||
| Gross profit | 3,229 | 3,659 | 9,828 | 9,988 | |||||||||||
| 96 | % | 96 | % | 96 | % | 95 | % | ||||||||
| Operating expenses | |||||||||||||||
| Selling, general and administrative | 1,002 | 1,154 | 3,410 | 3,859 | |||||||||||
| Research and development | 595 | 664 | 1,761 | 1,979 | |||||||||||
| 1,597 | 1,818 | 5,171 | 5,838 | ||||||||||||
| Income from operations | 1,632 | 1,841 | 4,657 | 4,150 | |||||||||||
| Other income | 9 | 9 | 29 | 26 | |||||||||||
| Investment income | 32 | 72 | 89 | 199 | |||||||||||
| Interest expense, net | (16 | ) | (17 | ) | (49 | ) | (52 | ) | |||||||
| Income before income taxes | 1,657 | 1,905 | 4,726 | 4,323 | |||||||||||
| Income tax expense | 318 | 437 | 987 | 936 | |||||||||||
| Net income from continuing operations | 1,339 | 1,468 | 3,739 | 3,387 | |||||||||||
| Discontinued operations | |||||||||||||||
| Net income from discontinued operations, net of tax | - | 48 | 98 | ||||||||||||
| Gain on disposal of discontinued operations, net of tax | - | 2,031 | - | 2,031 | |||||||||||
| Earnings from discontinued operations, net of tax | - | 2,079 | - | 2,129 | |||||||||||
| Consolidated net income | $ | 1,339 | $ | 3,547 | $ | 3,739 | $ | 5,516 | |||||||
| Net income per share from continuing operations, basic | $ | 0.25 | $ | 0.27 | $ | 0.69 | $ | 0.63 | |||||||
| Net income per share from continuing operations, diluted | $ | 0.24 | $ | 0.27 | $ | 0.69 | $ | 0.63 | |||||||
| Net income per share from discontinued operations, basic and diluted | $ | - | $ | 0.38 | $ | - | $ | 0.39 | |||||||
| Net income per share from operations, basic | $ | 0.25 | $ | 0.65 | $ | 0.69 | $ | 1.02 | |||||||
| Net income per share from operations, diluted | $ | 0.24 | $ | 0.65 | $ | 0.69 | $ | 1.02 | |||||||
| Weighted shares - basic | 5,461 | 5,431 | 5,453 | 5,418 | |||||||||||
| Weighted shares - diluted | 5,466 | 5,432 | 5,457 | 5,419 | |||||||||||
| Autoscope Technologies Corporation | |||||
| Condensed Consolidated Balance Sheets | |||||
| (in thousands) | |||||
| (unaudited) | |||||
| September 30, 2024 | December 31, 2023 | ||||
| Assets | |||||
| Current assets | |||||
| Cash and cash equivalents | $ | 4,323 | $ | 6,506 | |
| Receivables, net | 4,158 | 3,080 | |||
| Inventories | 2,848 | 2,891 | |||
| Investment in debt and equity securities | 2,113 | 5,923 | |||
| Prepaid expenses and other current assets | 642 | 689 | |||
| 14,084 | 19,089 | ||||
| Property and equipment, net | 2,040 | 1,973 | |||
| Intangible assets, net | 601 | 995 | |||
| Deferred taxes | 2,480 | 3,471 | |||
| Long term investment securities | - | 101 | |||
| Operating lease asset, net | 12 | 18 | |||
| $ | 19,217 | $ | 25,647 | ||
| Liabilities and Shareholders’ Equity | |||||
| Current liabilities | |||||
| Accounts payable | $ | - | $ | 1,101 | |
| Current maturities on long-term debt | 62 | 60 | |||
| Warranty and other current liabilities | 486 | 360 | |||
| Current liabilities held for sale | - | 24 | |||
| 548 | 1,545 | ||||
| Non-Current liabilities | |||||
| Long-term debt, net of current liabilities | 1,509 | 1,556 | |||
| Shareholders’ equity | 17,160 | 22,546 | |||
| $ | 19,217 | $ | 25,647 | ||
| Autoscope Technologies Corporation. | |||||||
| Condensed Consolidated Statements of Cash Flows | |||||||
| (in thousands) | |||||||
| (unaudited) | |||||||
| Nine-Month Periods Ended September 30, | |||||||
| 2024 | 2023 | ||||||
| Operating activities | |||||||
| Net income | $ | 3,739 | $ | 5,516 | |||
| Less: Net income from discontinued operations, net of tax | - | 2,129 | |||||
| Net income from continuing operations | 3,739 | 3,387 | |||||
| Adjustments to reconcile net income to net cash | |||||||
| provided by operating activities | |||||||
| Depreciation and amortization | 476 | 473 | |||||
| Stock-based compensation | 167 | 153 | |||||
| Loss on disposal of assets | 1 | - | |||||
| Investment amortization | 69 | (17 | ) | ||||
| Realized gain on available for sale investments | (32 | ) | - | ||||
| Unrealized gain on available for sale investments | - | (4 | ) | ||||
| Unrealized gain on equity investments | (4 | ) | (2 | ) | |||
| Amortization of debt issuance costs | 2 | 2 | |||||
| Deferred income tax expense | 982 | 920 | |||||
| Changes in operating assets and liabilities | (2,181 | ) | (1,982 | ) | |||
| Net cash provided by operating activities of continuing operations | 3,219 | 2,930 | |||||
| Net cash provided by operating activities of discontinued operations | - | 4,787 | |||||
| Net cash provided by operating activities | 3,219 | 7,717 | |||||
| Investing activities | |||||||
| Purchases of property and equipment | (151 | ) | (6 | ) | |||
| Sale of securities | 8,635 | 4,907 | |||||
| Purchase of securities | (4,477 | ) | (9,969 | ) | |||
| Net cash provided (used) by investing activities of continuing operations | 4,007 | (5,068 | ) | ||||
| Net cash provided by investing activities of discontinued operations | - | 946 | |||||
| Net cash provided (used) by investing activities | 4,007 | (4,122 | ) | ||||
| Financing activities | |||||||
| Dividends paid | (9,333 | ) | (1,408 | ) | |||
| Principal payments on long-term debt | (47 | ) | (45 | ) | |||
| Net cash used by financing activities of continuing operations | (9,380 | ) | (1,453 | ) | |||
| Net cash used by financing activities of discontinued operations | - | - | |||||
| Net cash used by financing activities | (9,380 | ) | (1,453 | ) | |||
| Effect of exchange rate changes on cash | (29 | ) | (65 | ) | |||
| Increase (decrease) in cash and cash equivalents | (2,183 | ) | 2,077 | ||||
| Cash and cash equivalents at beginning of period | 6,506 | 1,177 | |||||
| Cash and cash equivalents at end of period | $ | 4,323 | $ | 3,254 | |||
| Non-Cash investing activities: | |||||||
| Cash paid for interest | 50 | 52 | |||||
Autoscope Technologies Corporation
Non-GAAP Income from Continuing Operations
(in thousands)
(unaudited)
We define non-GAAP income from operations as income from operations before amortization of intangible assets, depreciation, and restructuring charges for the applicable periods. Management believes non-GAAP income from operations is a useful indicator of our financial performance and our ability to generate cash flows from operations. Our definition of non-GAAP income from operations may not be comparable to similarly titled definitions used by other companies. The table below reconciles non-GAAP income from operations, which is a non-GAAP financial measure, to comparable GAAP financial measures:
| Three-Month Periods Ended September 30, | Nine-Month Periods Ended September 30, | ||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||
| Income from continuing operations | $ | 1,632 | $ | 1,841 | $ | 4,657 | $ | 4,150 | |||
| Amortization of intangible assets | 132 | 131 | 394 | 394 | |||||||
| Depreciation | 29 | 24 | 82 | 79 | |||||||
| Non-GAAP income from continuing operations | $ | 1,793 | $ | 1,996 | $ | 5,133 | $ | 4,623 | |||
Note – Our calculation of non-GAAP income from operations is considered a non-GAAP financial measure and is not in accordance with, or preferable to, “as reported”, or GAAP financial data. However, we are providing this information, as we believe it facilitates analysis of the Company’s financial performance by investors and financial analysts.
| Contact: | Andrew Markese, Interim CEO of AATC and President and CEO of ISNS |
| 612-438-2363 |
This press release was published by a CLEAR® Verified individual.
FAQ
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