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Image Sensing Systems, a subsidiary of Autoscope Technologies Corporation, announced that the Georgia Department of Transportation (GDOT) has approved its RTMS Echo radar sensor for inclusion in the GDOT Qualified Product List (QPL). This approval signifies the product's compliance with GDOT's rigorous evaluation standards aimed at enhancing transportation safety and efficiency. Mike Ouellette, Vice President of radar sales in North America, emphasized the sensor's reliability and sophisticated traffic data capabilities, supporting transportation engineers' needs. This announcement aligns with the company's commitment to innovation and quality in the Intelligent Transportation Systems (ITS) sector.
Image Sensing Systems has partnered with Butterfly Junction Technologies to enhance its above-ground RTMS radar technology for the Intelligent Transportation Systems (ITS) market. This collaboration integrates Butterfly's BumbleDrive traffic management software with ISS's RTMS sensor, providing transportation professionals with detailed data insights. The complete system will be showcased at the ITS World Congress in Los Angeles from September 19-22, 2022. The partnership aims to improve efficiency and safety in traffic operations by offering better data accessibility and analytics.
Image Sensing Systems has launched Autoscope IntelliSight for the European market, enhancing video detection technology with advanced AI and machine learning capabilities. This new system offers high-performance detection for vehicles, bicycles, and pedestrians, along with real-time traffic data collection and connectivity for Smart City applications. The launch was announced at Intertraffic in Amsterdam, showcasing the technology's potential to improve roadway safety and efficiency. The company emphasizes a human behavior-based approach to optimize interactions on roadways.
Autoscope Technologies Corporation has successfully completed its holding company reorganization, now trading on Nasdaq under the ticker symbol AATC. This reorganization replaces Image Sensing Systems, Inc., with all outstanding shares converted into shares of Autoscope on a one-for-one basis. Autoscope aims to enhance safety and efficiency in transportation through advanced detection technology. Their focus is on providing accurate real-time data for Intelligent Transportation Systems (ITS) professionals. The company emphasizes its commitment to innovation in improving city and highway operations.
Image Sensing Systems (NASDAQ: ISNS) has launched its advanced Wrong Way Alerting Solution, featuring Alert Trust™, designed to enhance efficiency and accuracy in addressing wrong way driving incidents. This technology provides transportation agencies with valuable analytics and data to make informed, preemptive decisions that can prevent accidents. The solution includes an extra validation layer for alerts, ensuring that agencies can respond effectively to emergencies. Senior Product Manager Seth Anderson emphasized the goal of empowering agencies to deploy these systems confidently, ultimately aiming to save lives.
Image Sensing Systems, Inc. (ISNS) announced the appointment of Brian J. VanDerBosch to its Board of Directors. VanDerBosch, who has served as an independent advisor since November 2017, has extensive experience in traffic detection technologies. Previously, he held senior roles at Global Traffic Technologies and Lubrication Technologies, Inc. Executive Chairman Andrew Berger expressed confidence that VanDerBosch's background will contribute to the company's growth. Image Sensing Systems is focused on enhancing safety and efficiency in transportation through advanced detection technology.
Image Sensing Systems (NASDAQ: ISNS) has appointed Chris Larsen as the new Vice President of Engineering, effective immediately. Larsen brings over 20 years of advanced technology development experience from roles at Honeywell and Prevent Biometrics. CEO Chad Stelzig expressed confidence in Larsen's ability to enhance the engineering team and drive innovation. The company specializes in above-ground detection technology to improve safety and efficiency in transportation systems.
This leadership change reflects the company's commitment to advancing its technical capabilities.
Image Sensing Systems (Nasdaq: ISNS) reported a first quarter 2021 revenue of $3.0 million, down from $3.2 million in Q1 2020. Royalties decreased by 14% to $1.8 million, while product sales increased by 11% to $1.2 million. The company achieved a net income of $1.1 million, rebounding from a loss of $111,000 in the prior year. Operating expenses were reduced by 34% to $1.9 million. With a cash balance of $8.2 million, the company anticipates continued growth and recognizes new product development initiatives to enhance business opportunities.
Image Sensing Systems (NASDAQ: ISNS) announced the initiation of a $0.12 quarterly cash dividend for shareholders on May 20, 2021. Additionally, the company plans to buy back up to 200,000 shares of its common stock and restructure into a holding company named Autoscope Technologies Corporation. This reorganization aims to enhance growth and efficiency while maintaining tax-free transactions for shareholders. CEO Andrew Berger stated the new strategy will focus on high-return growth opportunities and partnerships, aiming for sustainably higher earnings.
Image Sensing Systems, Inc. (NASDAQ: ISNS) reported its fourth quarter and full-year 2020 results. Fourth-quarter royalties declined by 8% to $1.8 million, while product sales fell 28% to $1.1 million. Operating expenses decreased 18% to $2.3 million, contributing to a net income of $365,000, compared to a loss of $90,000 in Q4 2019. Full-year revenue was $13.2 million, a 10% decrease from 2019. However, cash reserves rose to $8.6 million. The CEO expressed optimism for 2021, citing strong initial sales for the new RTMS Echo radar product.
