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<SEC-DOCUMENT>0000897101-09-000912.txt : 20090430
<SEC-HEADER>0000897101-09-000912.hdr.sgml : 20090430
<ACCEPTANCE-DATETIME>20090430112609
ACCESSION NUMBER:		0000897101-09-000912
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20090429
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20090430
DATE AS OF CHANGE:		20090430

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INSIGNIA SYSTEMS INC/MN
		CENTRAL INDEX KEY:			0000875355
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS MANUFACTURING INDUSTRIES [3990]
		IRS NUMBER:				411656308
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13471
		FILM NUMBER:		09781830

	BUSINESS ADDRESS:	
		STREET 1:		8799 BROOKLYN BLVD.
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55445
		BUSINESS PHONE:		7633926200

	MAIL ADDRESS:	
		STREET 1:		8799 BROOKLYN BLVD.
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55445
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>insignia091981_8k.htm
<DESCRIPTION>FORM 8-K DATED APRIL 29, 2009
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<TITLE>INSIGNIA SYSTEMS, INC. FORM 8-K DATED APRIL 29, 2009</TITLE>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=4>UNITED STATES SECURITIES AND EXCHANGE COMMISSION</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Washington, DC 20549-1004</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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<p style=' margin-bottom:6pt; margin-top:6pt;text-align:center;'><B><font SIZE=6>FORM 8-K</font></B></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=3>CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF </font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=3>THE SECURITIES EXCHANGE ACT OF 1934</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=3>Date of Report:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=3>April 29, 2009</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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<p style=' margin-bottom:0pt; margin-top:6pt;text-align:center;'><B><font SIZE=6>INSIGNIA SYSTEMS, INC.</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>(Exact name of registrant as specified in its chapter)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=3>&nbsp;</font></p>


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<p   align=center style='text-align:center'><b><font size=3>Minnesota</font></b></p>  </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=3>1-13471</font></b></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=3>41-1656308</font></b></p> </td> </tr>
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<p   align=center style='text-align:center'><font size=2>(State or other jurisdiction</font><br> <font size=2>of incorporation)</font></p>  </td>

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style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>(Commission </font><br> <font size=2>File Number)</font></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>(IRS Employer </font><br> <font size=2>Identification No.)</font></p> </td> </tr></table>
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<p   align=center style='text-align:center'><b><font size=3>8799 Brooklyn Blvd., Minneapolis, Minnesota</font></b></p>  </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=3>55445</font></b></p> </td> </tr>
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<p   align=center style='text-align:center'><font size=2>(Address of principal executive offices)</font></p>  </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>(Zip Code)</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=3>Registrant&#146;s telephone number, including area code&nbsp;&nbsp;&nbsp;(763) 392-6200</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>(Former name or former address, if changed since last report)</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

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<p style=' margin-bottom:0pt; margin-top:6pt;text-align:left;'><font size=3>Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face=Wingdings>o</font></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=3>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></p> </td> </tr></table>
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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face=Wingdings>o</font></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=3>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p> </td> </tr></table>
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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face=Wingdings>o</font></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=3>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></p> </td> </tr></table>
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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face=Wingdings>o</font></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=3>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=3>Item 2.02.</font></b><font size=3>&nbsp;&nbsp;</font></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=3>Results of Operations and Financial Condition.</font></b></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>On April 29, 2009, the registrant issued a press release disclosing financial information regarding the first quarter ended March 31, 2009. A copy of the press release is attached as Exhibit 99.1.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>


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<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=3>Item 9.01.</font></b><font size=3>&nbsp;&nbsp;</font></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=3>Financial Statements and Exhibits.</font></b></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


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<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>(d)</font></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Exhibits</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>99.1</font></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Press Release dated April 29, 2009.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:20pt;text-align:center;'><B><font SIZE=3>SIGNATURES</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. </font></p>

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<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Insignia Systems, Inc.</font></b></p> </td> </tr>
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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>(Registrant)</font><u></u></p> </td> </tr>
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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Date:&nbsp;&nbsp;April 30, 2009</font></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>By</font></p> </td>

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<p style='margin-left:9.0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>/s/ Scott F. Drill</font></p> </td> </tr>
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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

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<p style='margin-left:9.0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Scott F. Drill, President and Chief Executive Officer</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=3>&nbsp;</font></p>

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<DESCRIPTION>PRESS RELEASE DATED APRIL 29, 2009
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><b><font size=3>Exhibit 99.1</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><i><b><small>FOR</small> <small>IMMEDIATE</small> <small>RELEASE</small></b></i></u></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Contact:  Scott Drill, President and CEO</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(763) 392-6200; (800) 874-4648</font></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;line-height:normal'><img src="img1.jpg"><br> </p>  </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:-0.12in;text-align:center;'><b><font size=3>Insignia Systems, Inc. Reports First Quarter </font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:-0.12in;text-align:center;'><b><font size=3>Net Income of $1,317,000 on POPS Revenue of $5,631,000</font></b></p>

<p style=' margin-bottom:0pt; margin-top:10pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;line-height: 150%;'><B><font SIZE=2>MINNEAPOLIS </font></B><font size=2>&#150;</font><b><font size=2> April 29, 2009 </font></b><font size=2>&#150; Insignia Systems, Inc. (Nasdaq: ISIG) today reported net sales of $6,186,000 for the first quarter ended March 31, 2009, a decrease of 5.7%, compared to net sales of $6,563,000 for the first quarter of 2008. The net income for the first quarter of 2009 was $1,317,000 or $0.09 per share, compared to a net loss of $(240,000), or $(0.02) per share, for the first quarter of 2008. Net income for the first quarter of 2009 includes a one-time insurance settlement of $1,387,000. Insignia Point-of-Purchase Services<sup>&reg; </sup>(POPS) revenue for the first quarter of 2009 was $5,631,000, a decrease of 5.3%, compared to the first quarter 2008 POPS revenue of $5,948,000. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;line-height: 150%;'><font size=2>CEO Scott Drill commented, &#147;Our first quarter 2009 results were consistent with our expectations. The various initiatives we put in place to offset the loss of Safeway were effective, resulting in only a 5.3% POPS revenue decline versus the first quarter of 2008. Absent the insurance settlement of $1,387,000, we would have had a non-GAAP net loss of $70,000. However, without both News America related legal expense and the insurance settlement, non-GAAP net income would have been $645,000. Looking ahead, our business is developing reasonably well. For the second quarter, we currently have POPS customer orders of approximately $4,475,000 with roughly five weeks of selling time left. Our relationship with our strategic partner Valassis continues to be excellent.&#148;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;line-height: 150%;'><font size=2>Drill went on to state, &#147;On the legal front, we made good progress in our lawsuit against News America. We continue to be optimistic there will be a favorable outcome. Interestingly, in early March in a similar case, Floorgraphics and News America reached a confidential settlement after less than four days of testimony during that trial. Insignia&#146;s legal expense related to the News America litigation was $715,000 for the first quarter of 2009 versus $972,000 for the first quarter of 2008 and $816,000 for the fourth quarter of 2008. Finally, cash, cash equivalents and short-term investments on March 31, 2009 totaled $9,274,000.&#148;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;line-height: 150%;'><font size=2>- more -</font></p>

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>April 29, 2009</font></p> </td>

        <TD VALIGN="TOP">
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><i><font size=2>Insignia Systems, Inc. Reports First Quarter Results</font></i></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>Page 2</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><u><font size=2>Non-GAAP versus GAAP Financial Statements</font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;line-height: 150%;'><font size=2>To supplement the Company&#146;s financial statements presented in accordance with GAAP, the Company provides certain non-GAAP financial measures of financial performance. These non-GAAP measures include net loss before insurance settlement payment, and net income before insurance settlement payment and News America related legal fee expense. The Company&#146;s reference to these non-GAAP measures should be considered in addition to results prepared under current accounting standards, but are not a substitute for, or superior to, GAAP results.</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;line-height: 150%;'><font size=2>These non-GAAP measures are provided to enhance an investors&#146; overall understanding of the Company&#146;s current financial performance and ability to generate cash flows. In many cases non-GAAP financial measures are used by analysts and investors to evaluate the Company&#146;s performance. Reconciliation to the nearest GAAP measure included in this press release can be found in the financial table included below. </font></p>

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<p style='margin-left:.25in;text-indent:-.25in;text-align:center;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>

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<p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>Three Months Ended</font></b><br> <b><font size=1>March 31,</font></b></p> </td>

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<p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
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<p style='margin-left:.25in;text-indent:-.25in;text-align:center;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>

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<p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>

        <td colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt;  '>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>2009</font></b></p> </td>

        <td width="3%" valign=bottom style='border-top:solid black 1.0pt; '>
<p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>

        <td colspan="2" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  '>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>2008</font></b></p> </td>

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<p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
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<p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

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<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD WIDTH="1%" VALIGN="BOTTOM">
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD WIDTH="10%" VALIGN="BOTTOM" STYLE="border-top: solid black 1.0pt">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD WIDTH="3%" VALIGN="BOTTOM">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD WIDTH="1%" VALIGN="BOTTOM">
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD WIDTH="10%" VALIGN="BOTTOM" STYLE="border-top: solid black 1.0pt">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD WIDTH="1%" VALIGN="BOTTOM">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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        <td width="71%" valign=top style='background:#D6F3E8'>
<p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Net income (loss)</font></p> </td>

        <td width="3%" valign=bottom style='background:#D6F3E8; '>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="1%" valign=bottom style='background:#D6F3E8'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="10%" valign=bottom style='background:#D6F3E8; '>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>1,317,000</font></p> </td>

        <td width="3%" valign=bottom style='background:#D6F3E8; '>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="10%" valign=bottom style='background:#D6F3E8; '>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(240,000</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td> </tr>
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        <td width="71%" valign=top style='background:white'>
<p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="3%" valign=bottom style='background:white'>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="1%" valign=bottom style='background:white'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10%" valign=bottom style='background:white; '>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="3%" valign=bottom style='background:white'>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10%" valign=bottom style='background:white; '>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <td width="71%" valign=top style='background:white'>
<p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Adjustment:</font></p> </td>

        <td width="3%" valign=bottom style='background:white'>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="1%" valign=bottom style='background:white'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10%" valign=bottom style='background:white; '>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="3%" valign=bottom style='background:white'>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10%" valign=bottom style='background:white; '>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <td width="71%" valign=top style='background:white'>
<p style='margin-left:30.0pt;text-indent:-.25in;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=2>Insurance settlement proceeds</font></p> </td>

        <td width="3%" valign=bottom style='background:white'>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>

        <td width="1%" valign=bottom style='border-bottom: solid black 1.0pt; background:white'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10%" valign=bottom style='border-bottom: solid black 1.0pt; background:white'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(1,387,000</font></p> </td>

        <td width="3%" valign=bottom style='border-bottom: solid white 1.0pt;background:white; '>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="border-bottom: solid black 1.0pt; background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10%" valign=bottom style='border-bottom: solid black 1.0pt; background:white'>
<p style='margin-left:0pt;text-indent:1.5pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <td width="71%" valign=top style='background:white'>
<p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="3%" valign=bottom style='background:white'>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="1%" valign=bottom style='background:white'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10%" valign=bottom style='background:white'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="3%" valign=bottom style='background:white'>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10%" valign=bottom style='background:white'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <td width="71%" valign=top style='background:#D6F3E8'>
<p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Non-GAAP net loss before insurance settlement</font></p> </td>

        <td width="3%" valign=bottom style='background:#D6F3E8; '>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="1%" valign=bottom style='background:#D6F3E8'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10%" valign=bottom style='background:#D6F3E8; '>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(70,000</font></p> </td>

        <td width="3%" valign=bottom style='background:#D6F3E8; '>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10%" valign=bottom style='background:#D6F3E8; '>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(240,000</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <td width="71%" valign=top style='background:white'>
<p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="3%" valign=bottom style='background:white'>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="1%" valign=bottom style='background:white'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10%" valign=bottom style='background:white; '>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="3%" valign=bottom style='background:white'>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10%" valign=bottom style='background:white; '>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <td width="71%" valign=top style='background:white'>
<p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Adjustment:</font></p> </td>

        <td width="3%" valign=bottom style='background:white'>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="1%" valign=bottom style='background:white'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10%" valign=bottom style='background:white; '>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="3%" valign=bottom style='background:white'>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10%" valign=bottom style='background:white; '>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <td width="71%" valign=top style='background:white'>
<p style='margin-left:30.0pt;text-indent:-.25in;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=2>News America related legal expense</font></p> </td>

        <td width="3%" valign=bottom style='background:white'>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>

        <td width="1%" valign=bottom style='border-bottom: solid black 1.0pt; background:white'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10%" valign=bottom style='border-bottom: solid black 1.0pt; background:white'>
<p style='margin-left:0pt;text-indent:1.5pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>715,000</font></p> </td>

        <td width="3%" valign=bottom style='background:white'>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="border-bottom: solid black 1.0pt; background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10%" valign=bottom style='border-bottom: solid black 1.0pt; background:white'>
<p style='margin-left:0pt;text-indent:1.5pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>972,000</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <td width="71%" valign=top style='background:white'>
<p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="3%" valign=bottom style='background:white'>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="1%" valign=bottom style='background:white'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10%" valign=bottom style='background:white'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="3%" valign=bottom style='background:white'>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10%" valign=bottom style='background:white'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <td width="71%" valign=top style='background:#D6F3E8'>
<p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:1.5pt;margin-bottom: 0in'><font size=2>Non-GAAP net income before insurance settlement and News America related legal expense</font></p> </td>

        <td width="3%" valign=bottom style='background:#D6F3E8; '>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>

        <td width="1%" valign=bottom style='border-bottom: double black 2.25pt;background:#D6F3E8'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="10%" valign=bottom style='border-bottom: double black 2.25pt;background:#D6F3E8'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>645,000</font></p> </td>

        <td width="3%" valign=bottom style='background:#D6F3E8; '>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="border-bottom: double black 2.25pt;background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="10%" valign=bottom style='border-bottom: double black 2.25pt;background:#D6F3E8'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>732,000</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:20pt;text-align:center;line-height: 150%;'><font size=2>- more -</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>April 29, 2009</font></p> </td>

        <TD VALIGN="TOP">
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><i><font size=2>Insignia Systems, Inc. Reports First Quarter Results</font></i></p> </td>

        <TD WIDTH="120" VALIGN="TOP">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>Page 3</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:3pt; margin-top:12pt;text-align:left;line-height: 150%;'><b><font size=2>Conference Call</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;line-height: 150%;'><font size=2>The Company will host a conference call today, April 29, at 4:00 p.m. Central Time. To access the live call, dial 877-718-5099. The conference code is 2743756. Please be sure to call in about 5-10 minutes before the call is scheduled to begin. Audio replay will be available approximately three hours after the call for 10 days. To access the replay, dial 888-203-1112 and reference the passcode 2743756. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;line-height: 150%;'><font size=2>Insignia Systems, Inc. is an innovative developer and marketer of in-store advertising products, programs and services to retailers and consumer goods manufacturers. Through its Point-Of-Purchase Services (POPS) business, Insignia is contracted with more than 8,800 chain retail supermarkets and drug stores, including Kroger, ShopRite and SuperValu. Through the nationwide POPS network, over 200 major consumer goods manufacturers, including General Mills, Kellogg Company, Kraft, Nestl&#233;, Ocean Spray, Reckitt Benckiser, Schwans Bakery and Tyson Foods, have taken their brand messages to the point-of-purchase. For additional information, contact (888) 474-7677, or visit the Insignia website at www.insigniasystems.com.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;line-height: 150%;'><font size=2>Except for the historical information contained herein, the
 matters discussed in this news release are forward-looking statements. The Company&#146;s actual results could differ materially from these
forward-looking statements as a result of a number of factors, including risks and uncertainties as described in the Company&#146;s SEC Form 10-K for the year ended December 31, 2008
 and other recent filings with the Securities and Exchange Commission. The Company wishes to caution readers not to place undue reliance upon any such forward-looking statements, which
 speak only as of the date made.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:20pt;text-align:center;line-height: 150%;'><font size=2>- more -</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>April 29, 2009</font></p> </td>

        <TD VALIGN="TOP">
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><i><font size=2>Insignia Systems, Inc. Reports First Quarter Results</font></i></p> </td>

        <TD WIDTH="120" VALIGN="TOP">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>Page 4</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>Insignia Systems, Inc. </font></b></p>

<p style=' margin-bottom:3pt; margin-top:3pt;text-align:center;'><b><small>STATEMENTS</small> <small>OF</small> <small>OPERATIONS</small></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>(</font></b><u><b><font size=2>Unaudited</font></b></u><b><font size=2>)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="border-collapse:collapse">
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        <td width="71%" valign=top >
<p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>

        <td width="3%" valign=bottom >
<p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>

        <td colspan="5" valign=bottom style=' border-bottom:solid black 1.0pt; '>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>Three Months Ended</font></b><br> <b><font size=1>March 31,</font></b></p> </td>

        <TD VALIGN="BOTTOM">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <td width="71%" valign=top >
<p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>

        <td width="3%" valign=bottom >
<p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>

        <td colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt;  '>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>2009</font></b></p> </td>

        <td width="3%" valign=bottom style='border-top:solid black 1.0pt; '>
<p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>

        <td colspan="2" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  '>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>2008</font></b></p> </td>

        <TD VALIGN="BOTTOM">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <TD WIDTH="71%" VALIGN="TOP">
<p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD WIDTH="3%" VALIGN="BOTTOM">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD WIDTH="1%" VALIGN="BOTTOM">
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD WIDTH="10%" VALIGN="BOTTOM" STYLE="border-top: solid black 1.0pt">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD WIDTH="3%" VALIGN="BOTTOM">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD WIDTH="1%" VALIGN="BOTTOM">
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD WIDTH="10%" VALIGN="BOTTOM" STYLE="border-top: solid black 1.0pt">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD WIDTH="1%" VALIGN="BOTTOM">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <td width="71%" valign=top style='background:#D6F3E8'>
<p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Net Sales</font></p> </td>

        <td width="3%" valign=bottom style='background:#D6F3E8'>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="10%" valign=bottom style='background:#D6F3E8; '>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>6,186,000</font></p> </td>

        <td width="3%" valign=bottom style='background:#D6F3E8'>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="10%" valign=bottom style='background:#D6F3E8; '>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>6,563,000</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <td width="71%" valign=top style='background:white'>
<p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Cost of Sales</font></p> </td>

        <td width="3%" valign=bottom style='background:white'>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10%" valign=bottom style='background:white; '>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>2,963,000</font></p> </td>

        <td width="3%" valign=bottom style='background:white'>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10%" valign=bottom style='background:white; '>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>3,029,000</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <td width="71%" valign=top style='background:#D6F3E8'>
<p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Gross Profit</font></p> </td>

        <td width="3%" valign=bottom style='background:#D6F3E8'>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10%" valign=bottom style='background:#D6F3E8; '>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>3,223,000</font></p> </td>

        <td width="3%" valign=bottom style='background:#D6F3E8'>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10%" valign=bottom style='background:#D6F3E8; '>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>3,534,000</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <td width="71%" valign=top style='background:white'>
<p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Operating Expenses:</font></p> </td>

        <td width="3%" valign=bottom style='background:white'>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10%" valign=bottom style='background:white; '>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="3%" valign=bottom style='background:white'>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10%" valign=bottom style='background:white; '>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <td width="71%" valign=top style='background:white'>
<p style='margin-left:27.0pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Selling</font></p> </td>

        <td width="3%" valign=bottom style='background:white'>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10%" valign=bottom style='background:white; '>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>1,507,000</font></p> </td>

        <td width="3%" valign=bottom style='background:white'>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10%" valign=bottom style='background:white; '>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>1,648,000</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <td width="71%" valign=top style='background:#D6F3E8'>
<p style='margin-left:27.0pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Marketing</font></p> </td>

        <td width="3%" valign=bottom style='background:#D6F3E8'>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10%" valign=bottom style='background:#D6F3E8; '>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>389,000</font></p> </td>

        <td width="3%" valign=bottom style='background:#D6F3E8'>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10%" valign=bottom style='background:#D6F3E8; '>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>361,000</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <td width="71%" valign=top style='background:white'>
<p style='margin-left:27.0pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>General &amp; Administrative</font></p> </td>

        <td width="3%" valign=bottom style='background:white'>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10%" valign=bottom style='background:white; '>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>1,425,000</font></p> </td>

        <td width="3%" valign=bottom style='background:white'>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10%" valign=bottom style='background:white; '>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>1,822,000</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <td width="71%" valign=top style='background:#D6F3E8'>
<p style='margin-left:27.0pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>General &amp; Administrative</font><br> <font size=2>(Insurance settlement proceeds)</font></p> </td>

        <td width="3%" valign=bottom style='background:#D6F3E8'>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10%" valign=bottom style='background:#D6F3E8; '>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(1,387,000</font></p> </td>

        <td width="3%" valign=bottom style='background:#D6F3E8'>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10%" valign=bottom style='background:#D6F3E8; '>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <td width="71%" valign=top style='background:white'>
<p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="3%" valign=bottom style='background:white'>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10%" valign=bottom style='background:white; '>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="3%" valign=bottom style='background:white'>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10%" valign=bottom style='background:white; '>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <td width="71%" valign=top style='background:white'>
<p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Operating Income (Loss)</font></p> </td>

        <td width="3%" valign=bottom style='background:white'>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10%" valign=bottom style='background:white; '>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>1,289,000</font></p> </td>

        <td width="3%" valign=bottom style='background:white'>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10%" valign=bottom style='background:white; '>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(297,000</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <td width="71%" valign=top style='background:#D6F3E8'>
<p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Other Income, net</font></p> </td>

        <td width="3%" valign=bottom style='background:#D6F3E8'>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10%" valign=bottom style='background:#D6F3E8; '>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>28,000</font></p> </td>

        <td width="3%" valign=bottom style='background:#D6F3E8'>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10%" valign=bottom style='background:#D6F3E8; '>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>57,000</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <td width="71%" valign=top style='background:white'>
<p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="3%" valign=bottom style='background:white'>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10%" valign=bottom style='background:white; '>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="3%" valign=bottom style='background:white'>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10%" valign=bottom style='background:white; '>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <td width="71%" valign=top style='background:white'>
<p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Net Income (Loss)</font></p> </td>

        <td width="3%" valign=bottom style='background:white'>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="10%" valign=bottom style='background:white; '>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>1,317,000</font></p> </td>

        <td width="3%" valign=bottom style='background:white'>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="10%" valign=bottom style='background:white; '>
<p style='margin-left:0pt;text-indent:1.5pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(240,000</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <td width="71%" valign=top style='background:white'>
<p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="3%" valign=bottom style='background:white'>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10%" valign=bottom style='background:white; '>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="3%" valign=bottom style='background:white'>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10%" valign=bottom style='background:white; '>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <td width="71%" valign=top style='background:white'>
<p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Net Income (Loss) Per Share</font></p> </td>

        <td width="3%" valign=bottom style='background:white'>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10%" valign=bottom style='background:white; '>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="3%" valign=bottom style='background:white'>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10%" valign=bottom style='background:white; '>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <td width="71%" valign=top style='background:#D6F3E8'>
<p style='margin-left:25.0pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Basic</font></p> </td>

        <td width="3%" valign=bottom style='background:#D6F3E8'>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="10%" valign=bottom style='background:#D6F3E8; '>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>0.09</font></p> </td>

        <td width="3%" valign=bottom style='background:#D6F3E8'>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="10%" valign=bottom style='background:#D6F3E8; '>
<p style='margin-left:0pt;text-indent:1.5pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(0.02</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <td width="71%" valign=top style='background:white'>
<p style='margin-left:25.0pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Diluted</font></p> </td>

        <td width="3%" valign=bottom style='background:white'>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="10%" valign=bottom style='background:white; '>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>0.09</font></p> </td>

        <td width="3%" valign=bottom style='background:white'>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="10%" valign=bottom style='background:white; '>
<p style='margin-left:0pt;text-indent:1.5pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(0.02</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <td width="71%" valign=top style='background:white'>
<p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="3%" valign=bottom style='background:white'>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10%" valign=bottom style='background:white; '>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="3%" valign=bottom style='background:white'>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10%" valign=bottom style='background:white; '>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <td width="71%" valign=top style='background:white'>
<p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Shares used in calculation of net income (loss) per share:</font></p> </td>

        <td width="3%" valign=bottom style='background:white'>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10%" valign=bottom style='background:white; '>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="3%" valign=bottom style='background:white'>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10%" valign=bottom style='background:white; '>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <td width="71%" valign=top style='background:#D6F3E8'>
<p style='margin-left:25.0pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Basic</font></p> </td>

        <td width="3%" valign=bottom style='background:#D6F3E8'>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10%" valign=bottom style='background:#D6F3E8; '>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>15,128,000</font></p> </td>

        <td width="3%" valign=bottom style='background:#D6F3E8'>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10%" valign=bottom style='background:#D6F3E8; '>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>15,590,000</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <td width="71%" valign=top style='background:white'>
<p style='margin-left:25.0pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Diluted</font></p> </td>

        <td width="3%" valign=bottom style='background:white'>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10%" valign=bottom style='background:white; '>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>15,243,000</font></p> </td>

        <td width="3%" valign=bottom style='background:white'>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10%" valign=bottom style='background:white; '>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>15,590,000</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:3pt; margin-top:12pt;text-align:center;'><I><B><font SIZE=2>SELECTED BALANCE SHEET DATA</font></B></I></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>(</font><u><b><font size=2>Unaudited</font></b></u><font size=2>)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="border-collapse:collapse">
    <tr style='page-break-inside:avoid'>

        <td width="71%" valign=top >
<p style='margin-left:.25in;text-indent:-.25in;text-align:center;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>

        <td width="3%" valign=bottom >
<p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>

        <td colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt; '>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>March 31,</font></b><br> <b><font size=1>2009</font></b></p> </td>

        <td width="3%" valign=bottom >
<p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>

        <td colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt; '>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>December 31,</font></b><br> <b><font size=1>2008</font></b></p> </td>

        <td width="1%" valign=bottom >
<p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <TD WIDTH="71%" VALIGN="TOP">
<p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD WIDTH="3%" VALIGN="BOTTOM">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD WIDTH="1%" VALIGN="BOTTOM">
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD WIDTH="10%" VALIGN="BOTTOM" STYLE="border-top: solid black 1.0pt">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD WIDTH="3%" VALIGN="BOTTOM">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD WIDTH="1%" VALIGN="BOTTOM">
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD WIDTH="10%" VALIGN="BOTTOM" STYLE="border-top: solid black 1.0pt">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD WIDTH="1%" VALIGN="BOTTOM">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <td width="71%" valign=top style='background:#D6F3E8'>
<p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Cash and cash equivalents</font></p> </td>

        <td width="3%" valign=bottom style='background:#D6F3E8'>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="10%" valign=bottom style='background:#D6F3E8; '>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>8,174,000</font></p> </td>

        <td width="3%" valign=bottom style='background:#D6F3E8'>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="10%" valign=bottom style='background:#D6F3E8; '>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>11,052,000</font></p> </td>

        <td width="1%" valign=bottom style='background:#D6F3E8'>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <td width="71%" valign=top style='background:white'>
<p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Short-term investments</font></p> </td>

        <td width="3%" valign=bottom style='background:white'>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10%" valign=bottom style='background:white; '>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>1,100,000</font></p> </td>

        <td width="3%" valign=bottom style='background:white'>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10%" valign=bottom style='background:white; '>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>

        <td width="1%" valign=bottom style='background:white'>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <td width="71%" valign=top style='background:#D6F3E8'>
<p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Working capital</font></p> </td>

        <td width="3%" valign=bottom style='background:#D6F3E8'>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10%" valign=bottom style='background:#D6F3E8; '>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>7,944,000</font></p> </td>

        <td width="3%" valign=bottom style='background:#D6F3E8'>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10%" valign=bottom style='background:#D6F3E8; '>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>6,396,000</font></p> </td>

        <td width="1%" valign=bottom style='background:#D6F3E8'>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <td width="71%" valign=top style='background:white'>
<p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Total assets</font></p> </td>

        <td width="3%" valign=bottom style='background:white'>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10%" valign=bottom style='background:white; '>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>13,869,000</font></p> </td>

        <td width="3%" valign=bottom style='background:white'>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10%" valign=bottom style='background:white; '>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>15,593,000</font></p> </td>

        <td width="1%" valign=bottom style='background:white'>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <td width="71%" valign=top style='background:#D6F3E8'>
<p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Total liabilities</font></p> </td>

        <td width="3%" valign=bottom style='background:#D6F3E8'>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10%" valign=bottom style='background:#D6F3E8; '>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>5,134,000</font></p> </td>

        <td width="3%" valign=bottom style='background:#D6F3E8'>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10%" valign=bottom style='background:#D6F3E8; '>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>8,322,000</font></p> </td>

        <td width="1%" valign=bottom style='background:#D6F3E8'>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <td width="71%" valign=top style='background:white'>
<p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Shareholders&#146; equity</font></p> </td>

        <td width="3%" valign=bottom style='background:white'>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10%" valign=bottom style='background:white; '>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>8,735,000</font></p> </td>

        <td width="3%" valign=bottom style='background:white'>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10%" valign=bottom style='background:white; '>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>7,271,000</font></p> </td>

        <td width="1%" valign=bottom style='background:white'>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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