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Autoscope Technologies Corporation Announces Second Quarter and First Half Financial Results
Autoscope Technologies Corporation Announces Second Quarter and First Half Financial Results.
About this update from Autoscope Technologies Corporation
[{"type":"text","content":"\n MINNEAPOLIS, Aug. 10, 2023 (GLOBE NEWSWIRE) -- Autoscope Technologies Corporation (OTCQX: AATC) today announced results for its quarter and six months ended June 30, 2023. Second Quarter 2023 Financial Summary Increasing demand for Autoscope Vision drove higher royalty revenue during the quarter. Second quarter royalties increased to $3.7 million compared to $1.4 million in the same period in the prior year.Second quarter product sales were $0.4 million, a decrease of 75 percent from the same period in the prior year.Operating expenses totaled $2.2 million in the second quarter of 2022, an increase of 17 percent from the prior year period.Net income for the second quarter of 2023 totaled $1.1 million, an increase of $1.1 million compared to net income of $74,000 for the same period in the prior year. First Half 2023 Financial Summary Royalties for the first half of 2023 increased to $6.7 million compared to $3.2 million for the same period in the prior year.Product sales for the first half of 2023 were $1.2 million, a decrease of 51 percent from the same period in the prior year.Operating expenses totaled $4.2 million in the first half of 2023, an increase of 7 percent from the prior year period.There were no capitalized software costs in the first half of 2023 compared to $534,000 in the prior year period.Net income for the first half of 2023 totaled $2.0 million compared to net income of $92,000 for the same period in the prior year.Cash and cash equivalents increased to $2.9 million, an increase of 141 percent from $1.2 million at December 31, 2022. Second-Quarter Results Second quarter 2023 revenue for Autoscope Technologies Corporation (\"AATC,\" the \"Company,\" \"us,\" \"we,\" or \"our\"), which includes the results of Image Sensing Systems, Inc., a wholly-owned subsidiary of AATC (\"ISS\"), was $4.0 million compared to $2.8 million in the second quarter of 2022. Revenue from royalties increased to $3.7 million in the second quarter of 2023 compared to $1.4 million during the second quarter of 2022. Product sales decreased to $0.4 million in the second quarter of 2023, a 75 percent&#...