MINNEAPOLIS, May 09, 2024 — Autoscope Technologies Corporation today announced results for its quarter ended March 31, 2024. The Board of Directors has authorized and declared a quarterly cash dividend of $0.13 per share of its common stock. The dividend is payable on May 28, 2024 to the shareholders of record at the close of business on May 20, 2024.Revenue from continuing operations for Autoscope Technologies Corporation , which includes the results of Image Sensing Systems, Inc.
The Company reported net income from continuing operations for the first quarter of 2024 of $0.9 million or $0.16 per basic and diluted share, compared to a net income of $0.8 million or $0.14 per basic and diluted share in the prior year period. This increase is primarily due to increased profit margins and a decrease in operating expenses during the first quarter of 2024 compared to the same period in 2023.As of March 31, 2024, we had $1.6 million in cash and cash equivalents compared to $6.
Net cash used by financing activities of continuing operations was $7.9 million in the first quarter of 2024 compared to net cash used by financing activities of continuing operations of $15,000 in the first three months of 2023. The increase in net cash used for financing activities of continuing operations in 2024 is primarily due to cash dividend payments. The Company made cash dividend payments of $7.9 million in the first quarter of 2024, consisting of a special cash dividend payment of $1.
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