St. Paul Software Co. Names New CFO, COO

Dale Parker replaces outgoing Chief Financial Officer Gregory Smith; Image Sensing Systems said that Smith’s departure is “not related to any issue with respect to Image Sensing’s financial statements.”

St. Paul-based software company Image Sensing Systems, Inc., announced Monday that it has named Dale Parker chief operating officer (COO), chief financial officer (CFO), and treasurer.
 
Image Sensing Systems, which makes detection software that is used in traffic management and for security and surveillance purposes, is one of Minnesota’s 85-largest public companies based on revenue.
 
Parker replaces Gregory Smith, who has resigned his role at Image Sensing Systems. According to the company, Smith’s resignation was “not related to any issue with respect to Image Sensing’s financial statements.” Image Sensing Systems did not, however, disclose the reason for his departure.
 
Parker has served on the board of directors of Mankato-based communications service provider HickoryTech Corporation since 2006, acting as chair of the board since 2011.
 
“We are pleased and fortunate to have Dale Parker step into executive positions with our organization,” Image Sensing Systems CEO Kris Tufto said in a statement. “Having been on our board for the past year, Dale already knows our company, growth strategies, and culture. With a strong public company background, he is an ideal choice for COO and CFO.”
 
Parker also served as interim CFO of New York-based lithium-ion battery maker Ener1, Inc., from 2011 to 2012. Ener1 filed for Chapter 11 bankruptcy protection at the beginning of 2012, despite receiving a $118.5 million grant from the Department of Energy to make batteries for electric cars, according to Reuters. It reportedly emerged from bankruptcy protection at the end of March.
 
Image Sensing Systems also announced that it added Paul Lidsky as a board director, replacing Parker on three board committees. Lidsky has been president and CEO of Eden Prairie-based data center services company Datalink Corporation since July 2009.
 
“Paul Lidsky is a proven technology innovator and leader. He has established a growth track record at Datalink, and we look forward to leveraging his knowledge and industry experience for the benefit of Image Sensing Systems and our shareholders,” said Tufto.
 
For the quarter that ended March 31, Image Sensing Systems reported a net loss of $1.5 million, or $0.30 per share, compared to a net loss of $668,000, or $0.14 per share, during the same period in 2012. However, the company’s adjusted loss per share, which excludes costs related to an investigation of two former Polish employees over alleged criminal conduct, was $660,000, or $0.13 per share.
 
Revenue, meanwhile, totaled $4.6 million, down 13.2 percent from $5.3 million in the first quarter of 2012. 

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