Autoscope Technologies Corporation Announces Preliminary Unaudited Fourth Quarter 2022 and First Quarter 2023 Sales
17 Abril 2023 - 5:30PM
Autoscope Technologies Corporation (OTCQX:AATC) today announced an
update on recent unaudited financial results.
Fourth Quarter 2022 Financial Summary:
- Royalties were $2.4 million, an increase of 34 percent from the
same period in the prior year
- Product sales were $1.3 million, a decrease of 9 percent from
the same period in the prior year
The 2022 fourth quarter revenue for Autoscope
Technologies Corporation ("AATC" or the "Company"), which includes
the results of Image Sensing Systems, Inc., a wholly owned
subsidiary of AATC, was $3.7 million compared to $3.2 million in
the fourth quarter of 2021. Revenue from royalties was $2.4 million
in the fourth quarter of 2022 compared to $1.8 million in the
fourth quarter of 2021, a 34 percent increase. The increase in
royalties resulted primarily from the increased availability of
components to fulfill the sales order backlog during the quarter.
Product sales were $1.3 million in the 2022 fourth quarter compared
to $1.4 million in the fourth quarter of 2021, a 9 percent
decrease. The decrease in product sales was primarily due to the
release of the Company’s new and more advanced video detection
platform IntelliSight, which resulted in an expected decline in
sales of the Company’s legacy video detection product sold in the
European, Middle East, and Asian Pacific (“EMEA”) markets.
First Quarter 2023 Financial Summary:
- Royalties were $3.0 million, an increase of 65 percent from the
same period in the prior year
- Product sales were $0.8 million, a decrease of 14 percent from
the same period in the prior year
The 2023 first quarter revenue for the Company
was $3.8 million compared to $2.8 million in first quarter of 2022.
Revenue from royalties was $3.0 million in the first quarter of
2023 compared to $1.8 million in the first quarter of 2022, a 65
percent increase. The increase in royalties resulted from continued
availability of components to fulfill the sales order backlog and
an increase in demand for the Company’s video detection product.
Product sales were $0.8 million in the first quarter of 2023
compared to $0.9 million in the first quarter of 2022, a 14 percent
decrease. The decrease in product sales was primarily due to the
rescheduling of orders to the second quarter of 2023 to meet
customer installation requirements and to the expected decline of
the Company’s legacy video detection product sold in the EMEA
markets. The Company expects IntelliSight sales to increase during
the second half of 2023 as product development is nearing
completion and customer qualification efforts are increasing.
Audit Update
The delay in reporting the Company’s year-end
financials is principally due to the Company’s transition from
Nasdaq to the OTCQX and delays in completing the audit work. These
delays are primarily due to turnover and labor shortages at both
AATC and our audit firm. At this time, we are not aware of any
material changes to our financial statements and are not aware of
any internal control or other issues that would impact our audited
financial statements or opinion. The Company is currently providing
the relevant information requested by the auditor and will work
with the auditors to complete the audit. We expect the audit to be
concluded by mid-May 2023.
Dividend Update
The Company intends to declare both the first
quarter and second quarter dividend payments upon the conclusion of
the audit process. We anticipate both dividends to be paid
concurrently, consistent with the historic timeline of the second
quarter dividend payment schedule.
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 autoscope.com.
Safe Harbor
Statement: Statements made in this release concerning
the Company’s or management’s intentions, expectations, or
predictions about future results or events are “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995. Such statements reflect management’s current
expectations or beliefs and are subject to risks and uncertainties
that could cause actual results or events to vary from stated
expectations, which variations could be material and adverse.
Factors that could produce such a variation include, but are not
limited to, the following: the inherent unreliability of earnings,
revenue and cash flow predictions due to numerous factors, many of
which are beyond the Company’s control; developments in the demand
for the Company’s products and services; relationships with the
Company’s major customers and suppliers; the mix of and margins on
the products we sell; unanticipated delays, costs and expenses
inherent in the development and marketing of new products and
services; adverse weather conditions in our markets; the impact of
governmental laws, regulations, and orders, including as a result
of the COVID-19 pandemic caused by the coronavirus; international
presence; tariffs and other trade barriers; our success in
integrating any acquisitions; potential disruptions to our supply
chains (including disruptions caused by geopolitical events,
military actions, work stoppages, nature disasters, or
international health emergencies, such as the COVID-19 pandemic);
and competitive factors. Our forward-looking statements speak only
as of the time made, and we assume no obligation to publicly update
any such statements. Additional information concerning these and
other factors that could cause actual results and events to differ
materially from the Company’s current expectations are contained in
the Company’s reports and other documents filed with the Securities
and Exchange Commission, including its Annual Report on Form 10-K
for the year ended December 31, 2021, filed on March 22, 2022.
Contact: |
Frank Hallowell, Interim Chief Executive Officer, Chief
Financial Officer |
|
Autoscope Technologies Corporation Phone:
612.438.2363 |
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