Insignia Systems Inc (NASDAQ:ISIG) surged Wednesday after the company reported fourth-quarter financial results.
Insignia said fourth-quarter revenue declined 10.4% year-over-year to $4.5 million. The company reported a quarterly earnings loss of 56 cents per share, which was worse than the loss of 55 cents per share in the fourth quarter of 2020.
Insignia said the profitability challenges were primarily driven by the impact of and response to the continued competitive pressures on its signage portfolio.
"We are working with a broader range of brands and retailers as a result of our diversification of both internal talent and external solutions, which has allowed us to grow and expand into new revenue streams," said Kristine Glancy, president and CEO of Insignia.
Insignia offers in-store and digital advertising solutions to consumer-packaged goods manufacturers, retailers, shopper marketing agencies and brokerages.
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ISIG 52-Week Range: $4.80 - $35.50
Insignia shares closed up 27% at $8.52.
