Friday, February 22, 2008

Insignia Provides Update on Legal Proceedings

Insignia Systems reported earnings on February 20 and provided an update on legal proceedings.

Insignia's President and CEO, Scott Drill, was optimistic about the lawsuit against News America Marketing, stating:

"On the legal front, the schedule now calls for us to be trial ready December 12, 2008. The slippage in the schedule was due primarily to the sheer volume of documents being exchanged. As has been the case from the start, we continue to be optimistic about the prospects for our affirmative claims and our defense of the counterclaims. Legal expense for the fourth quarter of 2007 was $495,000 versus $310,000 in the fourth quarter of 2006."

Insignia reported net income for the quarter ended December 31, 2007 of $0.15 a share ($0.14 per fully diluted share), compared to one cent more for the same period in the prior year. POPS sales were soft during the quarter, but the company reported a strong 2008 outlook.

Related Posts: News America's Bullying, and Insignia Systems' Ongoing Lawsuit ; Court Approves Consent Decree Between Minnesota AG and News America Marketing .


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