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<SEC-DOCUMENT>0001157523-11-001230.txt : 20110228
<SEC-HEADER>0001157523-11-001230.hdr.sgml : 20110228
<ACCEPTANCE-DATETIME>20110228155451
ACCESSION NUMBER:		0001157523-11-001230
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20110222
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20110228
DATE AS OF CHANGE:		20110228

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INSIGNIA SYSTEMS INC/MN
		CENTRAL INDEX KEY:			0000875355
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-ADVERTISING [7310]
		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:		11645938

	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>a6623680.htm
<DESCRIPTION>INSIGNIA SYSTEMS, INC. 8-K
<TEXT>
<html>
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    <title></title>
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    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <font style="font-size: 14pt; font-family: Times New Roman"><b>UNITED
      STATES SECURITIES AND EXCHANGE COMMISSION</b></font><br><font style="font-size: 12pt; font-family: Times New Roman">Washington,
      DC 20549-1004</font><br><br><br><font style="font-size: 14pt; font-family: Times New Roman"><b>FORM
      8-K</b></font><br><br><font style="font-size: 10pt; font-family: Times New Roman"><b>CURRENT
      REPORT PURSUANT TO SECTION 13 OR 15(d) OF</b></font><font style="font-size: 10pt"><br style="font-size: 10pt"></font><font style="font-size: 10pt; font-family: Times New Roman"><b>THE
      SECURITIES EXCHANGE ACT OF 1934</b></font><br><br><br><font style="font-size: 12pt; font-family: Times New Roman">Date
      of Report:</font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-size: 12pt; font-family: Times New Roman">February
      22, 2011</font><font style="font-size: 10pt; font-family: Times New Roman"><br style="font-size: 10pt; font-family: Times New Roman"></font><br><u><font style="font-size: 14pt"><b>INSIGNIA
      SYSTEMS, INC.</b></font></u><br><font style="font-size: 10pt; font-family: Times New Roman">(Exact
      name of registrant as specified in its chapter)</font><br><br><br>
    </p>
    <div style="text-align:center">
    <table cellspacing="0" style="font-size: 10pt; margin-left:auto;margin-right:auto; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center; width: 32%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Minnesota
          </p>
        </td>
        <td style="width: 2%">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center; width: 32%; padding-right: 0.0px; white-space: nowrap">
          <p style="margin-top: 0px; margin-bottom: 0px">
            1-13471
          </p>
        </td>
        <td style="width: 2%">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center; width: 32%; padding-right: 0.0px; white-space: nowrap">
          <p style="margin-top: 0px; margin-bottom: 0px">
            41-1656308
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; width: 32%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (State or other jurisdiction
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            of incorporation)
          </p>
        </td>
        <td style="width: 2%">

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; width: 32%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Commission
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            File Number)
          </p>
        </td>
        <td style="width: 2%">

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; width: 32%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (IRS Employer
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            Identification No.)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <div style="text-align:center">
    <table cellspacing="0" style="font-size: 10pt; width: 100%; margin-left:auto;margin-right:auto; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center; width: 65%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            8799 Brooklyn Blvd., Minneapolis, Minnesota
          </p>
        </td>
        <td style="width: 2%">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center; width: 33%; padding-right: 0.0px; white-space: nowrap">
          <p style="margin-top: 0px; margin-bottom: 0px">
            55445
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; width: 65%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Address of principal executive offices)
          </p>
        </td>
        <td style="width: 2%">

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; width: 33%">
          <font style="font-size: 10pt; font-family: Times New Roman">(Zip
          Code)</font>
        </td>
      </tr>
    </table>
    </div>
    <div style="text-align:center">
    <table cellspacing="0" style="font-size: 10pt; width: 100%; margin-left:auto;margin-right:auto; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center; width: 55%; padding-bottom: 2.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Registrant&#8217;s telephone number, including area code
          </p>
        </td>
        <td style="width: 2%">
          &#160;
        </td>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center; width: 43%; padding-right: 0.0px; white-space: nowrap">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (763) 392-6200
          </p>
        </td>
      </tr>
    </table>
    </div>
    <div style="text-align:center">
    <table cellspacing="0" style="font-size: 10pt; width: 100%; margin-left:auto;margin-right:auto; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Former name or former address, if changed since last report)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>
      <font style="font-size: 10pt; font-family: Times New Roman">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>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font>
    </p>
    <div style="text-indent: 0pt; margin-left: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: justify; white-space: nowrap">
      <b>Item 2.02.&#160;&#160;Results of Operations and Financial Condition.</b><br>
    </p>
    <p style="text-align: justify">
      On February 23, 2011, the Company issued a press release disclosing
      financial information regarding the year and fourth quarter ended
      December 31, 2010.&#160;&#160;A copy of the press release is attached as Exhibit
      99.1.
    </p>
    <p style="text-align: justify">
      <b>Item 5.02.&#160;&#160;Departure of Directors or Certain Officers; Election of
      Directors; Appointment of Certain Officers; Compensatory Arrangements of
      Certain Officers.</b><br>
    </p>
    <p style="text-align: justify">
      On February 22, 2011, the Board of Directors of the Company approved a
      Performance Bonus Plan, providing for the payment of $3,987,500 to
      certain employees of the Company, to reward them for their diligent and
      persistent efforts during the ten plus years of litigation with News
      America Marketing In-Store, LLC (&#8220;NAM&#8221;), which was settled on February
      9, 2011, resulting in the payment to the Company by NAM of $125,000,000
      in settlement proceeds. The total bonus amount is equal to five percent
      of the gross settlement proceeds in excess of $10,000,000, minus
      contingent attorney&#8217;s fees and the $4,000,000 payment to NAM in
      connection with the new business arrangement.&#160;&#160;The named executive
      officers of the Company will receive the following bonuses under the
      plan:
    </p>
    <p style="text-align: justify">

    </p>
    <div style="text-align:center">
    <table cellspacing="0" style="font-size: 10pt; width: 100%; margin-left:auto;margin-right:auto; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td style="width: 25%">
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 20%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>Name</u>
          </p>
        </td>
        <td style="width: 5%">
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: right; width: 20%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>Amount</u>
          </p>
        </td>
        <td style="width: 30%">

        </td>
      </tr>
      <tr>
        <td style="width: 25%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 20%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Scott F. Drill
          </p>
        </td>
        <td style="width: 5%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: right; width: 20%; padding-right: 0.0px; white-space: nowrap">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $2,400,000
          </p>
        </td>
        <td style="width: 30%">

        </td>
      </tr>
      <tr>
        <td style="width: 25%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 20%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Scott J. Simcox
          </p>
        </td>
        <td style="width: 5%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: right; width: 20%; padding-right: 0.0px; white-space: nowrap">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $500,000
          </p>
        </td>
        <td style="width: 30%">

        </td>
      </tr>
      <tr>
        <td style="width: 25%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 20%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Justin W. Shireman
          </p>
        </td>
        <td style="width: 5%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: right; width: 20%; padding-right: 0.0px; white-space: nowrap">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $200,000
          </p>
        </td>
        <td style="width: 30%">

        </td>
      </tr>
      <tr>
        <td style="width: 25%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 20%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            A. Thomas Lucas
          </p>
        </td>
        <td style="width: 5%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: right; width: 20%; padding-right: 0.0px; white-space: nowrap">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $200,000
          </p>
        </td>
        <td style="width: 30%">

        </td>
      </tr>
      <tr>
        <td style="width: 25%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 20%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Alan M. Jones
          </p>
        </td>
        <td style="width: 5%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: right; width: 20%; padding-right: 0.0px; white-space: nowrap">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $100,000
          </p>
        </td>
        <td style="width: 30%">

        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p style="text-align: justify; white-space: nowrap">
      <b>Item 8.01.&#160;&#160;Other Events.</b><br>
    </p>
    <p style="text-align: justify">
      On February 22, 2011, the Board of Directors of the Company approved
      payment to the shareholders of a special dividend of $2.00 per share, to
      shareholders of record on April 1, 2011, with payment expected to be on
      May 2, 2011.
    </p>
    <p style="text-align: justify">
      On February 22, 2011, the Board of Directors of the Company approved a
      Stock Repurchase Plan, authorizing but not obligating the Company to
      repurchase up to $15,000,000 of the Company&#8217;s Common Stock from time to
      time.&#160;&#160;Under the plan, any shares repurchased must be purchased on or
      before January 31, 2012.&#160;&#160;The plan calls for the repurchases to be made
      in open market or privately negotiated transactions in compliance with
      Rule 10b-18 under the Securities Exchange Act of 1934, as amended,
      subject to market and business conditions, applicable legal requirements
      and other factors.&#160;&#160;Repurchased shares will become authorized but
      unissued shares.&#160;&#160;The plan does not obligate the Company to purchase any
      particular number of shares, and may be suspended at any time at the
      Company&#8217;s discretion in accordance with Rule 10b-18.
    </p>
    <p>

    </p>
    <p style="text-align: justify; white-space: nowrap">
      <b>Item 9.01.&#160;&#160;Financial Statements and Exhibits.</b><br>
    </p>
    <p style="text-align: justify; white-space: nowrap">
      (d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;Exhibits<br>
    </p>
    <p>
      99.1 &#160;&#160;&#160;&#160;Press Release dated February 23, 2011.<br>
    </p>
    <div style="text-indent: 0pt; margin-left: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      <font style="font-size: 10pt; font-family: Times New Roman"><b>SIGNATURES</b></font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Times New Roman">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>
    <p>

    </p>
    <div style="text-align:center">
    <table cellspacing="0" style="font-size: 10pt; width: 100%; margin-left:auto;margin-right:auto; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 25%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 19%; padding-bottom: 2.0px">
          &#160;
        </td>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Insignia Systems, Inc.</b>
          </p>
        </td>
        <td style="width: 8%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 25%">

        </td>
        <td style="width: 19%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="2">
          (Registrant)
        </td>
        <td style="width: 8%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 25%">

        </td>
        <td style="width: 19%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 40%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 8%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 5%; padding-bottom: 2.0px">
          Date:
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 25%; padding-bottom: 2.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            February 28, 2011
          </p>
        </td>
        <td style="width: 19%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 3%; padding-bottom: 2.0px">
          By:
        </td>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: left; width: 40%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            /s/ Scott F. Drill
          </p>
        </td>
        <td style="width: 8%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 25%">

        </td>
        <td style="width: 19%">

        </td>
        <td style="width: 3%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 40%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Scott F. Drill, President and Chief Executive Officer
          </p>
        </td>
        <td style="width: 8%">

        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a6623680ex991.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2011 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-size: 8pt; font-family: Times New Roman">
    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>Insignia
      Systems, Inc. Announces 2010 Non-GAAP Income of $2,773,000 on POPS
      Revenue of $27,231,000, and Approval of a Special Dividend and Stock
      Repurchase Plan</b></font>
    </p>
    <p>
      MINNEAPOLIS--(BUSINESS WIRE)--February 23, 2011--Insignia Systems, Inc.
      (Nasdaq: ISIG) today reported net sales of $7,281,000 for the fourth
      quarter ended December 31, 2010, a decrease of 17.9%, compared to net
      sales of $8,867,000 for the fourth quarter ended December 31, 2009. The
      net income for the fourth quarter of 2010 was $6,475,000, or $0.41 per
      basic share and $0.38 per diluted share, compared to $1,303,000, or
      $0.09 per basic share and $0.08 per diluted share, for the fourth
      quarter of 2009. The net income for the fourth quarter of 2010 included
      a tax benefit of $6,704,000 primarily related to the reversal of the
      valuation allowance against the deferred tax asset for the Company&#8217;s net
      operating losses which are expected to be fully utilized in 2011 against
      the taxable income generated from the proceeds received as part of the
      News America Marketing In-Store, LLC (&#8220;NAM&#8221;) settlement. The operating
      loss was $(230,000) for the fourth quarter of 2010 compared to operating
      income of $1,339,000 for the fourth quarter of 2009. Insignia
      Point-of-Purchase Services<sup>&#174; </sup>(POPS) revenue for the
      fourth quarter of 2010 was $6,674,000, a decrease of 19.3% compared to
      fourth quarter 2009 POPS revenue of $8,265,000.
    </p>
    <p>
      For the year ended December 31, 2010, net sales were $30,007,000, an
      increase of 4.3%, compared to net sales of $28,770,000 for the year
      ended December 31, 2009. Net income for the 2010 year was $7,626,000, or
      $0.49 per basic share and $0.45 per diluted share, compared to
      $3,716,000, or $0.25 per basic share and $0.23 per diluted share for the
      2009 year. The net income for the year ended December&#160;31,&#160;2010, included
      the tax benefit of $6,704,000 primarily related to the reversal of the
      valuation allowance against the deferred tax asset for the Company&#8217;s net
      operating losses which are expected to be fully utilized in 2011 against
      the taxable income generated from the proceeds received as part of the
      News America Marketing In-Store, LLC (&#8220;NAM&#8221;) settlement. The operating
      income for 2010 was $905,000 compared to operating income of $3,745,000
      for 2009. Operating income for 2009 included proceeds of $1,387,000
      related to the settlement of a lawsuit against one of the Company&#8217;s
      insurers. Insignia POPS revenue for the 2010 year was $27,231,000, an
      increase of 2.1%, compared to POPS revenue of $26,666,000 for the 2009
      year.
    </p>
    <div style="text-indent: 0pt; margin-left: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      As previously announced by the Company, the amount paid by NAM to the
      Company in settlement of the lawsuit was $125,000,000, less a $4,000,000
      payment related to the 10-year business arrangement. Litigation counsel
      for the Company received a contingent fee payment of $31,250,000, which
      resulted in a net cash payment to the Company of $89,750,000. By using
      the Company&#8217;s net operating loss carry forward, the total taxes are
      estimated to be approximately $29,750,000, resulting in net settlement
      proceeds after taxes of approximately $60,000,000.
    </p>
    <p>
      Insignia also announced a series of actions approved by the Board of
      Directors at its meeting on February 22, 2011. First, the Board approved
      payment to the shareholders of a special dividend of $2.00 per share, to
      shareholders of record on April 1, 2011, with payment expected to be on
      May 2, 2011. Second, the Board also approved a Stock Repurchase Plan,
      authorizing the Company to repurchase up to $15,000,000 of the Company&#8217;s
      common stock from time to time on or before January&#160;31, 2012, in
      accordance with SEC Rule 10b-18. Finally, the Board also approved a
      Performance Bonus Plan, providing for the payment of $3,987,500 to
      certain employees of the Company, to reward them for their diligent and
      persistent efforts during the ten plus years of litigation with NAM,
      which was settled on February 9, 2011, resulting in the payment to the
      Company by NAM of $125,000,000 in settlement proceeds. The total bonus
      amount is equal to five percent of the gross settlement proceeds in
      excess of $10,000,000, minus contingent attorney&#8217;s fees and the
      $4,000,000 payment to NAM in connection with the new business
      arrangement.
    </p>
    <p>
      CEO Scott Drill commented, &#8220;Clearly, the most significant development in
      our business is the February&#160;9<sup>th</sup> settlement of our
      litigation with NAM. The combination of the cash infusion and our new
      10-year business arrangement positions us well for future growth. Both
      Insignia and NAM are working diligently to finalize our definitive
      agreement. If the parties cannot reach agreement, the Magistrate Judge
      of the U.S. District Court, District of Minnesota, will resolve any
      remaining issues. This agreement is expected to promote more competition
      in the in-store advertising market and give CPGs increased access to
      at-shelf signs. We also believe that payment of the special dividend and
      authorization of the Stock Repurchase Plan will provide an effective
      means for the Company to return part of the settlement to the
      shareholders, but retain sufficient funds for the Company to grow its
      business.&#8221;
    </p>
    <p>
      Mr. Drill continued, &#8220;Fourth quarter 2010 legal expense was $704,000
      versus $529,000 in the fourth quarter of 2009. Legal expense for the
      2010 year was $2,081,000 versus $1,838,000 in 2009. Cash, cash
      equivalents and short-term investments at December 31, 2010, were
      $13,696,000, up from $13,197,000 on December 31, 2009.&#8221;
    </p>
    <div style="text-indent: 0pt; margin-left: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <u>Non-GAAP versus GAAP Financial Statements</u>
    </p>
    <p>
      To supplement the Company&#8217;s financial statements presented in accordance
      with GAAP, the Company provides certain non-GAAP financial measures of
      financial performance. These non-GAAP measures include:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        net income before insurance settlement proceeds,
      </li>
      <li style="margin-bottom: 10.0px">
        net income before insurance settlement proceeds and News America
        related legal fee expense, and
      </li>
      <li style="margin-bottom: 10.0px">
        net income before insurance settlement proceeds, News America related
        legal fee expense and tax benefit.
      </li>
    </ul>
    <p>
      The Company&#8217;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.
    </p>
    <p>
      These non-GAAP measures are provided to enhance investors&#8217; overall
      understanding of the Company&#8217;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&#8217;s performance.
      Reconciliation to the nearest GAAP measure included in this press
      release can be found in the financial table included below.
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="8">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="9">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="8">
          Three Months Ended
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="9">
          Year Ended
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="8">
          December 31,
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="9">
          December 31,
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center; padding-right: 0.0px; white-space: nowrap">
          2010
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center; padding-right: 0.0px; white-space: nowrap">
          2009
        </td>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center; padding-right: 0.0px; white-space: nowrap">
          2010
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center; padding-right: 0.0px; white-space: nowrap">
          2009
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Net income
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          6,475,000
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          1,303,000
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          7,626,000
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          3,716,000
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Adjustment:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 25.0px; text-align: left; padding-bottom: 2.0px">
          Insurance settlement proceeds
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" colspan="2">
          &#8211;
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" colspan="2">
          &#8211;
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" colspan="2">
          &#8211;
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          (1,387,000
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px; padding-right: 0.0px; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Non-GAAP net income before
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          insurance settlement proceeds
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          6,475,000
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          1,303,000
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          7,626,000
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          2,329,000
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Adjustment:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 25.0px; text-align: left; padding-bottom: 2.0px">
          News America related legal expense
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          663,000
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          499,000
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          1,851,000
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          1,753,000
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Non-GAAP net income before
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          insurance settlement proceeds and News
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          America related legal expense
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          7,138,000
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          1,802,000
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          9,477,000
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          4,082,000
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Adjustment:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 25.0px; text-align: left; padding-bottom: 2.0px">
          Tax benefit
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          (6,704,000
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px; padding-right: 0.0px; white-space: nowrap">
          )
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" colspan="2">
          &#8211;
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          (6,704,000
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px; padding-right: 0.0px; white-space: nowrap">
          )
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" colspan="2">
          &#8211;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Non-GAAP net income before insurance
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          settlement proceeds, News America
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left; padding-bottom: 4.0px">
          related legal expense and tax benefit
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px">

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px; padding-right: 0.0px; white-space: nowrap">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <p style="margin-top: 0px; margin-bottom: 0px">
            434,000
          </p>
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-bottom: 4.0px; padding-right: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <p style="margin-top: 0px; margin-bottom: 0px">
            1,802,000
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-bottom: 4.0px; padding-right: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          2,773,000
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-bottom: 4.0px; padding-right: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          4,082,000
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="text-indent: 0pt; margin-left: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Conference Call</b>
    </p>
    <p>
      The Company will host a conference call today, February 23, at 4:00 p.m.
      Central Time. To access the live call, dial 877-268-1608. The Conference
      ID is 36165764. Please be sure to call in about 5-10 minutes before the
      call is scheduled to begin. Audio replay will be available approximately
      two hours after the call until March 2, 2011. To access the replay, dial
      800-642-1687 and reference Conference ID 36165764.
    </p>
    <p>
      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 9,600 chain retail
      supermarkets and drug stores. Through the nationwide POPS network, over
      200 major consumer goods manufacturers, including General Mills, Kellogg
      Company, Kraft, Nestl&#233;, Ocean Spray, Reckitt Benckiser, Schwan&#8217;s 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 <u>www.insigniasystems.com</u>.
    </p>
    <p>
      Except for the historical information contained herein, the matters
      discussed in this news release are forward-looking statements. The
      Company&#8217;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&#8217;s SEC Form 10-K for
      the year ended December 31, 2009 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.
    </p>
    <div style="text-indent: 0pt; margin-left: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="16">
          Insignia Systems, Inc.
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="16">
          STATEMENTS OF OPERATIONS
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="16">
          (Unaudited)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="14">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="7">
          Three Months Ended
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="6">
          Year Ended
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">

        </td>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" colspan="7">
          December 31,

          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" colspan="6">
          <p style="margin-top: 0px; margin-bottom: 0px">
            December 31,
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center; padding-right: 0.0px; white-space: nowrap">
          2010
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center; padding-right: 0.0px; white-space: nowrap">
          2009
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center; padding-right: 0.0px; white-space: nowrap">
          2010
        </td>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center; padding-right: 0.0px; white-space: nowrap">
          2009
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Net Sales
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          7,281,000
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          8,867,000
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          30,007,000
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          28,770,000
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left; padding-bottom: 2.0px">
          Cost of Sales
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          3,860,000
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          3,906,000
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          14,836,000
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          13,429,000
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Gross Profit
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          3,421,000
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          4,961,000
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          15,171,000
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          15,341,000
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Operating Expenses:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 30.0px; text-align: left">
          Selling
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          1,703,000
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          1,838,000
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          7,082,000
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          6,632,000
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 30.0px; text-align: left">
          Marketing
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          400,000
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          415,000
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          1,635,000
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          1,540,000
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 30.0px; text-align: left">
          General &amp; Administrative
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          1,548,000
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          1,369,000
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          5,549,000
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          4,811,000
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 30.0px; text-align: left">
          General &amp; Administrative
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 35.0px; text-align: left; padding-bottom: 2.0px">
          (Insurance settlement proceeds)
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" colspan="2">
          &#8211;
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" colspan="2">
          &#8211;
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" colspan="2">
          &#8211;
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          (1,387,000
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px; padding-right: 0.0px; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Operating Expense
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          3,651,000
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          3,622,000
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          14,266,000
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          11,596,000
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="14">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Operating Income (Loss)
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          (230,000
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap">
          )
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          1,339,000
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          905,000
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          3,745,000
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left; padding-bottom: 2.0px">
          Other Income, net
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          1,000
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          17,000
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          17,000
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          86,000
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="14">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 25.0px; text-align: left">
          Income (Loss) before Taxes
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          (229,000
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap">
          )
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          1,356,000
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          922,000
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          3,831,000
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 25.0px; text-align: left; padding-bottom: 2.0px">
          Income Tax Benefit (Expense)
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          6,704,000
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          (53,000
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px; padding-right: 0.0px; white-space: nowrap">
          )
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          6,704,000
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          (115,000
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px; padding-right: 0.0px; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="14">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left; padding-bottom: 4.0px">
          Net Income
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px">

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-bottom: 4.0px; padding-right: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          6,475,000
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px">

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-bottom: 4.0px; padding-right: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          1,303,000
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px">

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-bottom: 4.0px; padding-right: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          7,626,000
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px">

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-bottom: 4.0px; padding-right: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          3,716,000
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="14">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Net Income per Share
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 25.0px; text-align: left">
          Basic
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          0.41
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          0.09
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          0.49
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          0.25
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 25.0px; text-align: left">
          Diluted
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          0.38
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          0.08
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          0.45
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          0.23
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="14">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Shares used in calculation of
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          net income per share:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 25.0px; text-align: left">
          Basic
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          15,847,000
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          15,164,000
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          15,589,000
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          15,139,000
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 25.0px; text-align: left">
          Diluted
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          17,095,000
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          16,385,000
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          16,925,000
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          15,846,000
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td colspan="12">

        </td>
        <td style="width: 8%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="12">
          SELECTED BALANCE SHEET DATA
        </td>
        <td style="width: 8%">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="12">
          (Unaudited)
        </td>
        <td style="width: 8%">

        </td>
      </tr>
      <tr>
        <td colspan="12">

        </td>
        <td style="width: 8%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 59%">

        </td>
        <td style="width: 1%">
          &#160;
        </td>
        <td style="width: 1%">
          &#160;
        </td>
        <td style="width: 1%">
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 1%">
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="2">
          December 31,
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center; width: 1%">
          &#160;
        </td>
        <td style="width: 1%">
          &#160;
        </td>
        <td style="width: 1%">
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="2">
          December 31,
        </td>
        <td style="width: 8%">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 59%; padding-bottom: 2.0px">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 1%; padding-bottom: 2.0px">

        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center; width: 12%; padding-right: 0.0px; white-space: nowrap">
          2010
        </td>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center; width: 1%">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center; width: 12%; padding-right: 0.0px; white-space: nowrap">
          2009
        </td>
        <td style="width: 8%">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 59%">
          Cash and cash equivalents
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 1%">

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; width: 1%; padding-right: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; width: 12%; padding-right: 0.0px; white-space: nowrap">
          13,196,000
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; width: 1%; padding-right: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; width: 12%; padding-right: 0.0px; white-space: nowrap">
          8,797,000
        </td>
        <td style="width: 8%">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 59%">
          Short-term investments
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; width: 12%; padding-right: 0.0px; white-space: nowrap">
          500,000
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; width: 12%; padding-right: 0.0px; white-space: nowrap">
          4,400,000
        </td>
        <td style="width: 8%">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 59%">
          Working capital
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; width: 12%; padding-right: 0.0px; white-space: nowrap">
          12,505,000
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; width: 12%; padding-right: 0.0px; white-space: nowrap">
          10,716,000
        </td>
        <td style="width: 8%">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 59%">
          Total assets
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; width: 12%; padding-right: 0.0px; white-space: nowrap">
          25,631,000
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; width: 12%; padding-right: 0.0px; white-space: nowrap">
          17,839,000
        </td>
        <td style="width: 8%">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 59%">
          Total liabilities
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; width: 12%; padding-right: 0.0px; white-space: nowrap">
          5,343,000
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; width: 12%; padding-right: 0.0px; white-space: nowrap">
          6,154,000
        </td>
        <td style="width: 8%">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 59%">
          Shareholders&#8217; equity
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; width: 12%; padding-right: 0.0px; white-space: nowrap">
          20,288,000
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; width: 12%; padding-right: 0.0px; white-space: nowrap">
          11,685,000
        </td>
        <td style="width: 8%">

        </td>
      </tr>
      <tr>
        <td style="width: 59%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 12%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 12%">

        </td>
        <td style="width: 8%">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>
      CONTACT:<br><b>Insignia Systems, Inc.</b><br>Scott Drill, President and
      CEO<br>763-392-6200; 800-874-4648
    </p>
  </body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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