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Autoscope Technologies Corporation Announces Financial Results
Autoscope Technologies Corporation Announces Financial Results.
About this update from Autoscope Technologies Corporation
[{"type":"text","content":"\n MINNEAPOLIS, March 17, 2025 (GLOBE NEWSWIRE) -- Autoscope Technologies Corporation (OTCQX: AATC) today announced results for its quarter and year ended December 31, 2024. Fourth Quarter 2024 Financial Summary Royalties increased 22 percent to $3.0 million in the fourth quarter of 2024 compared to $2.5 million in the same period in the prior year.Product sales increased 186 percent to $292,000 in the fourth quarter of 2024 compared to $102,000 in the same period in the prior year.Operating expenses from continuing operations in the fourth quarter of 2024 decreased 14 percent to $1.7 million compared to $2.0 million in the same period in the prior year period.Income from operations increased 222 percent to $1.5 million compared to $463,000 in the prior year period.Net income from continuing operations decreased 32 percent to $761,000 compared to $1.1 million for the same period in the prior year due to increased tax expense primarily due to changes in utilization of deferred tax assets. 2024 Full Year Financial Summary 2024 royalties increased 2 percent to $13.2 million compared to $13.0 million in the prior year.2024 product sales increased 148 percent to $429,000 compared to $173,000 in the prior year.2024 operating expenses from continuing operations decreased 12 percent to $6.8 million compared to $7.8 million in the prior year.Income from operations increased 33 percent to $6.2 million compared to $4.6 million in the prior year.Net income from continuing operations totaled $4.5 million for 2024, unchanged from $4.5 million in the prior year due to increased tax expense in 2024 due to changes in utilization of deferred tax assets.Cash balance decreased to $4.4 million from $6.5 million at the end of the prior year. Fourth-Quarter Results The 2024 fourth-quarter 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 $3.3 million compared to $2.6 million in the fourth quarter of 2023. Revenue from royalties was $3.0 million in the fourth quarter of 2024 compared to $2.5 million in the fourth quarter of 2023, a 22 percent increase. The increas...