Attached files
| file | filename |
|---|---|
| 8-K - QUARTERLY REPORT - INFORMATION ANALYSIS INC | iaic_8k.htm |
For
additional information contact:
Richard
S. DeRose (703) 293-7901
For
release:
August
14, 2017
Information Analysis Incorporated Reports Profitable Second Quarter
Results
FAIRFAX,
VIRGINIA – Information Analysis Incorporated (OTCBB:IAIC)
(the “Company”) reported results for its second fiscal
quarter ended June 30, 2017. Revenues for the three months ended
June 30, 2017, were $4,056,000 compared to $1,823,000 reported in
the same period in 2016. The Company reported net income of
$89,000, or $0.01 per share, compared to a net loss of $146,000, or
($0.01) per share, in 2016.
Revenues for the
six months ended June 30, 2017, were $5,538,000 compared to
$3,291,000 reported in the same period in 2016. The Company
reported net income of $57,000, or $0.00 per share, compared to a
net loss of $356,000, or ($0.03) per share, in 2016.
“The
Company’s professional services revenue has increased greater
than 30% over last year, which is the most significant factor
contributing to our increase in profitability,” Sandor
Rosenberg, Chairman and Chief Executive Officer of IAI said.
“We continue to aggressively pursue the modernization and
forms businesses, and have been awarded a number of new contracts
in the last quarter. We see an increase in business opportunities
overall in the government space and expect to remain profitable
during the second half of the year.
“We
continue to pursue merger and acquisitions
opportunities.”
About Information Analysis Incorporated
Information
Analysis Incorporated (www.infoa.com), headquartered in Fairfax,
Virginia, is an information technology services company. The
Company is an e-business, web solution provider and software
conversion specialist, modernizing legacy systems and extending
their reach to the Internet world.
Additional information for investors
This
release may contain forward-looking statements regarding the
Company's business, customer prospects, or other factors that may
affect future earnings or financial results. Such statements
involve risks and uncertainties which could cause actual results to
vary materially from those expressed in the forward-looking
statements. These include the failure to obtain sufficient
contracts, and to profitably complete these contracts. Investors
should read and understand the risk factors detailed in the
Company's 10-K for the fiscal year ended December 31, 2016 and in
other filings with the Securities and Exchange
Commission.
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Information Analysis Reports Profitable Second Quarter
Results
August
14, 2017
Page
2 of
4
INFORMATION ANALYSIS INCORPORATED
STATEMENTS OF OPERATIONS
(Unaudited)
|
|
For the three months ended
|
|
|
|
June 30,
|
|
|
|
2017
|
2016
|
|
Revenues:
|
|
|
|
Professional
fees
|
$1,271
|
$929
|
|
Software
sales
|
2,785
|
894
|
|
Total
revenues
|
4,056
|
1,823
|
|
Cost
of revenues:
|
|
|
|
Cost
of professional fees
|
679
|
492
|
|
Cost
of software sales
|
2,740
|
805
|
|
Total
cost of revenues
|
3,419
|
1,297
|
|
Gross
margin
|
637
|
526
|
|
Operating
xpenses:
|
|
|
|
Selling,
general and administrative expenses
|
550
|
674
|
|
Income
(loss) from operations
|
87
|
(148)
|
|
Other
income
|
2
|
2
|
|
Income
(loss) before income taxes
|
89
|
(146)
|
|
Provision
for income taxes
|
-
|
-
|
|
Net
income (loss)
|
$89
|
$(146)
|
|
|
|
|
|
Net
income (loss) per common share:
|
|
|
|
Basic
|
$0.01
|
$(0.01)
|
|
Diluted
|
$0.01
|
$(0.01)
|
|
|
|
|
|
Weighted
average common shares outstanding:
|
|
|
|
Basic
|
11,201,760
|
11,201,760
|
|
Diluted
|
11,544,756
|
11,201,760
|
Information Analysis Reports Profitable Second Quarter
Results
August
14, 2017
Page 3
of 4
INFORMATION ANALYSIS INCORPORATED
STATEMENTS OF OPERATIONS
(Unaudited)
|
|
For the six months ended
|
|
|
|
June 30,
|
|
|
(in thousands, except per share data;
unaudited)
|
2017
|
2016
|
|
Revenues:
|
|
|
|
Professional
fees
|
$2,292
|
$1,769
|
|
Software
sales
|
3,246
|
1,522
|
|
Total
revenues
|
5,538
|
3,291
|
|
Cost
of goods sold and services provided:
|
|
|
|
Cost
of professional fees
|
1,214
|
1,041
|
|
Cost
of software sales
|
3,187
|
1,367
|
|
Total
cost of revenues
|
4,401
|
2,408
|
|
Gross
margin
|
1,137
|
883
|
|
Operating
expenses:
|
|
|
|
Selling,
general and administrative expenses
|
1,084
|
1,244
|
|
Income
(loss) from operations
|
53
|
(361)
|
|
Other
income
|
4
|
5
|
|
Income
(loss) before income taxes
|
57
|
(356)
|
|
Provision
for income taxes
|
-
|
-
|
|
Net
income (loss)
|
$57
|
$(356)
|
|
|
|
|
|
Net
income (loss) per common share:
|
|
|
|
Basic
|
$0.01
|
$(0.03)
|
|
Diluted
|
$0.00
|
$(0.03)
|
|
Weighted
average common shares outstanding:
|
|
|
|
Basic
|
11,201,760
|
11,201,760
|
|
Diluted
|
11,508,431
|
11,201,760
|
Information Analysis Reports Profitable Second Quarter
Results
August
14, 2017
Page 4
of 4
INFORMATION ANALYSIS INCORPORATED
BALANCE SHEETS
|
|
June
30,
2017
|
December
31,
2016
|
|
(in thousands,
unaudited)
|
|
|
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash
and cash equivalents
|
$1,967
|
$1,895
|
|
Accounts
receivable, net
|
736
|
1,157
|
|
Prepaid
expenses
|
228
|
664
|
|
Notes
receivable (current portion)
|
3
|
3
|
|
Total
current assets
|
2,934
|
3,719
|
|
|
|
|
|
Fixed
assets, net
|
17
|
27
|
|
Other
assets
|
6
|
6
|
|
Total
assets
|
$2,957
|
$3,752
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$73
|
$48
|
|
Commissions
payable
|
783
|
853
|
|
Deferred
revenue
|
108
|
615
|
|
Accrued
payroll and related liabilities
|
255
|
207
|
|
Other
accrued liabilities
|
49
|
396
|
|
Total
liabilities
|
1,268
|
2,120
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
Common
stock, par value $0.01, 30,000,000 shares authorized;
|
|
|
|
12,844,376
shares issued, 11,201,760 shares outstanding
|
128
|
128
|
|
Additional
paid-in capital
|
14,631
|
14,631
|
|
Accumulated
deficit
|
(12,140)
|
(12,197)
|
|
Treasury
stock, 1,642,616 shares at cost
|
(930)
|
(930)
|
|
Total
stockholders' equity
|
1,689
|
1,632
|
|
Total
liabilities and stockholders' equity
|
$2,957
|
$3,752
|
-- end
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