Insignia Systems (ISIG) saw its loss widen to $1.19 million, or $0.10 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $0.32 million, or $0.03 a share.

Revenue during the quarter dropped 21.57 percent to $4.77 million from $6.08 million in the previous year period. Gross margin for the quarter contracted 1917 basis points over the previous year period to 13.19 percent. Operating margin for the quarter stood at negative 36.46 percent as compared to a negative 9.39 percent for the previous year period.

Operating loss for the quarter was $1.74 million, compared with an operating loss of $0.57 million in the previous year period.

Insignia's president and chief executive officer Kristine Glancy commented, "We continue to expect to deliver our board approved budget despite our challenging first quarter results. Drivers of the decline in the first quarter are consistent with current trends in retail and the CPG industry. Our first quarter net sales decreased 21.6% resulting in a net loss of $1,191,000. The decrease in sales was primarily driven by two customers who experienced significant budget cuts early in their planning cycles and organizational restructuring. Separate from these two customers, our cumulative net Q1 results were relatively flat across most of our other clients. We are working to diversify our client base in order to better manage quarter to quarter and client specific fluctuations. At the same time, we are collaborating with our current clients to identify ways in-store advertising can complement their out-of-store programs and highlight the overall effectiveness of our tactic."