Insignia Solutions PLC " NSDQ Ticker INSG

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FREMONT, Calif.--(BUSINESS WIRE)--April 25, 2002--Insignia Solutions(R) (Nasdaq:INSG), a leading provider of Java(TM) technology-based software for the mobile market, today reported financial results for the first quarter ended March 31, 2002.

In the first quarter of 2002, the company reported revenues of $3.54 million, a 109% increase as compared to $1.70 million revenues reported for the first quarter of the previous year. Net loss for the first quarter of 2002 decreased to $(972,000), or $(0.05) per share (including a tax benefit of $561,000, or $0.03 per share), versus net loss of $(3.42 million), or $(0.18) per share, in the same quarter of the prior year.

Sequentially, the first quarter of 2002 revenues of $3.54 million were 13% greater than fourth quarter, 2001 revenues of $3.13 million. The first quarter of 2002 gross margin improved to 66%, as compared to a 53% gross margin for the first quarter of 2001 and 64% gross margin as reported for the fourth quarter of 2001.

Operating expenses for the first quarter, 2002, decreased to $3.86 million, as compared to $4.58 million for the first quarter, 2001 and $4.43 million (including a $292,000 restructuring expense) for the fourth quarter, 2001.

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Insignia Solutions' shares soared more than 121 percent after the company agreed to license its secure system provisioning client software technology to Mentor Graphics' Accelerated Technology unit. Mentor plans to use Insignia's technology in its Nucleus operating system for mobile phones. Financial terms of the deal weren't disclosed. Insignia said its software enables the repair of mobile phones without recalls, and the addition of new services to existing devices. Insignia also said it has joined the Symbian Companion Technology Program, making its secure system software available to licensees of Symbian's operating system.