ISNS » Topics » Note G: Segment Information:

This excerpt taken from the ISNS 10-Q filed May 14, 2009.

Note G: Segment Information

We currently operate in two reportable segments: Autoscope and RTMS. Autoscope is our machine-vision product line, and revenue consists of royalties (all of which are received from Econolite Control Products, Inc.), as well as a portion of international sales. RTMS is our radar product line acquired in the EIS asset purchase in 2007, and revenue consists of all North American sales and a portion of international sales. All segment revenues are derived from external customers.

The following table sets forth selected unaudited financial information for each of the Company’s reportable segments for the three-month period ended March 31, 2009 (in thousands):

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Autoscope

 

RTMS

 

Total

 

Revenue

 

$

3,246

 

$

1,544

 

$

4,790

 

Depreciation

 

 

66

 

 

28

 

 

94

 

Amortization of intangible assets

 

 

 

 

192

 

 

192

 

Income before income taxes

 

 

367

 

 

36

 

 

403

 

Capital expenditures

 

 

124

 

 

25

 

 

149

 

Total assets

 

 

19,680

 

 

11,022

 

 

30,702

 

The following table sets forth selected unaudited financial information for each of the Company’s reportable segments for the three-month period ended March 31, 2008 (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

Autoscope

 

RTMS

 

Total

 

Revenue

 

$

4,063

 

$

1,809

 

$

5,872

 

Depreciation

 

 

72

 

 

26

 

 

98

 

Amortization of intangible assets

 

 

 

 

192

 

 

192

 

Income before income taxes

 

 

1,334

 

 

263

 

 

1,597

 

Capital expenditures

 

 

37

 

 

 

 

37

 

Total assets

 

 

21,275

 

 

10,549

 

 

31,824

 


Note H: Derivative Instruments

 

We have purchased foreign currency forward contracts with our bank to reduce the exposure and volatility arising from fluctuations in foreign currency exchange rates as it relates to payroll and inventory purchases in certain foreign locations.  These contracts have been designated as effective cash flow hedges.  At March 31, 2009, we had future commitments through September 2009 to purchase $1.2 million of Canadian dollars at rates ranging from .8040 to .8072 and $600,000 of British pounds at rates ranging from 1.4435 to 1.4788.

 

The fair value of the Company’s derivative instruments is estimated in accordance with the framework for measuring fair value contained in SFAS No. 157, and is recorded as either an asset or liability in the balance sheet based on changes in the current spot rate, as compared to the exchange rates specified in the contracts. For these instruments, the effective portion of the gain or loss on the derivative is reported as a component of other comprehensive income and is reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Gains and losses on the derivative representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are recognized in current earnings. The fair value measurement of the Company’s derivative instruments is estimated using Level 2 inputs which, as defined in SFAS No. 157, are inputs other than quoted prices that are directly or indirectly observable for the asset or liability. We did not record any unrealized gain or losses on our derivative instruments as of March 31, 2009 as the currency spot rates were materially equivalent to the contract rates.

This excerpt taken from the ISNS 10-Q filed Nov 14, 2008.

Note G: Segment Information:

We currently operate in two reportable segments: Autoscope and RTMS. Autoscope is our machine-vision product line, and revenue consists of royalties (all of which are received from Econolite Control Products, Inc.), as well as a portion of international sales. RTMS is our radar product line acquired in the EIS asset purchase in December 2007 (see Note C), and revenue consists of all North American sales and a portion of international sales. All segment revenues are derived from external customers.

The following tables set forth selected unaudited financial information for each of the Company’s reportable segments (in thousands):

 

 

 

 

 

 

 

 

 

 

 

Three-month period ended September 30, 2008:

 

Autoscope

 

RTMS

 

Total

 

 

 

 

 

 

 

 

 

Revenue

 

$

4,893

 

$

1,189

 

$

6,082

 

Depreciation

 

 

67

 

 

31

 

 

98

 

Amortization of intangible assets

 

 

 

 

192

 

 

192

 

Income (loss) before income taxes

 

 

1,952

 

 

(304

)

 

1,648

 

Capital expenditures

 

 

46

 

 

5

 

 

51

 

Total assets

 

 

22,664

 

 

10,461

 

 

33,125

 

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Nine-month period ended September 30, 2008:

 

Autoscope

 

RTMS

 

Total

 

 

 

 

 

 

 

 

 

Revenue

 

$

13,293

 

$

5,403

 

$

18,696

 

Depreciation

 

 

200

 

 

87

 

 

287

 

Amortization of intangible assets

 

 

 

 

576

 

 

576

 

Income before income taxes

 

 

4,572

 

 

400

 

 

4,972

 

Capital expenditures

 

 

186

 

 

53

 

 

239

 

Total assets

 

 

22,664

 

 

10,461

 

 

33,125

 

EXCERPTS ON THIS PAGE:

10-Q
May 14, 2009
10-Q
Nov 14, 2008
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