Attached files
| file | filename |
|---|---|
| 8-K - CURRENT REPORT - INFORMATION ANALYSIS INC | iaic_8k.htm |
Exhibit 99.1
For
additional information contact:
Richard
S. DeRose
(703)
293-7901
For
release: March 29, 2018
Information Analysis Inc. Reports Profitable Results for
2017
FAIRFAX,
VIRGINIA – Information Analysis Incorporated. (IAIC:OTCBB)
today reported results for the year ended December 31, 2017.
Revenues were up 58% to $10,641,000, compared to revenues of
$6,729,000 for the same period in 2016. The information technology
services company reported net income of $246,000, or $0.02 per
share basic and diluted, compared to a net loss of $554,000, or
$(0.05) per share basic and diluted, reported for the comparable
2016 period.
“In
2017, the Company continued its effort to focus on legacy system
modernization,” said Sandor Rosenberg, Chairman and Chief
Executive Officer of IAI. “This has driven a 48 per cent
increase in professional services revenue. In addition, we are
making investments in marketing and sales in both the commercial
market as well as in the government sector. We have been
aggressively pursuing new business opportunities through the
bidding process for prime contracts and teaming with our partners.
Recently, a federal government customer elected to proceed with a
needed modernization effort that we have been pursuing for years
with a key partner, and we have once again proven ourselves to be
able to engineer substantial modernization efforts on time and
within budget. We expect that effort to expand into other
opportunities.
“In recent
months, several large companies have approached IAI to be part of
their modernization teams due to IAI’s unique knowledge of
legacy systems and unique tools to efficiently and cost-effectively
modernize them.
“We
continue to pursue merger and acquisition
opportunities.”
About
Information Analysis Incorporated
Information
Analysis Incorporated (www.infoa.com), headquartered in Fairfax,
Virginia, is an information technology product and services
company. The Company is a web application and e-business solutions
provider, as well as a software conversion specialist, modernizing
legacy systems and extending their reach to the internet and more
modern platforms.
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. 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.
1
Information
Analysis Incorporated
Statements of
Operations
|
|
For the years ended December 31,
|
|
|
(in thousands, except per share
data)
|
2017
|
2016
|
|
|
(unaudited)
|
(audited)
|
|
Revenues
|
|
|
|
Professional
fees
|
$5,004
|
$3,392
|
|
Software
sales
|
5,637
|
3,337
|
|
Total
revenues
|
10,641
|
6,729
|
|
|
|
|
|
Cost
of revenues
|
|
|
|
Cost
of professional fees
|
2,723
|
1,895
|
|
Cost
of software sales
|
5,502
|
3,011
|
|
Total
cost of revenues
|
8,225
|
4,906
|
|
|
|
|
|
Gross
profit
|
2,416
|
1,823
|
|
|
|
|
|
Selling,
general and administrative expenses
|
1,674
|
1,879
|
|
Commissions
expense
|
504
|
507
|
|
|
|
|
|
Income
(loss) from operations
|
238
|
(563)
|
|
|
|
|
|
Other
income
|
8
|
9
|
|
|
|
|
|
Income
(loss) before income taxes
|
246
|
(554)
|
|
|
|
|
|
Net
income (loss)
|
$246
|
$(554)
|
|
|
|
|
|
Net
income (loss) per share:
|
|
|
|
Basic
|
$0.02
|
$(0.05)
|
|
Diluted
|
$0.02
|
$(0.05)
|
|
|
|
|
|
Weighted
average common shares outstanding
|
|
|
|
Basic
|
11,201,760
|
11,201,760
|
|
Diluted
|
11,583,578
|
11,201,760
|
2
Information
Analysis Incorporated
Balance
Sheets
|
|
As of
|
As of
|
|
|
December 31, 2017
|
December 31, 2016
|
|
(in thousands)
|
(unaudited)
|
(audited)
|
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash
and cash equivalents
|
$2,731
|
$1,895
|
|
Accounts
receivable, net
|
616
|
1,157
|
|
Prepaid
expenses
|
369
|
664
|
|
Note
recivable, current
|
2
|
3
|
|
Total
current assets
|
3,718
|
3,719
|
|
|
|
|
|
Fixed
assets, net
|
11
|
27
|
|
Other
assets
|
6
|
6
|
|
Total
assets
|
$3,735
|
$3,752
|
|
|
|
|
|
|
|
|
|
LIABILITIES
& STOCKHOLDERS' EQUITY
|
|
|
|
Current
liabilities
|
|
|
|
Accounts
payable
|
$48
|
$49
|
|
Commissions
payable
|
713
|
853
|
|
Other
accrued liabilities
|
411
|
396
|
|
Deferred
revenues
|
387
|
615
|
|
Accrued
payroll and related liabilities
|
276
|
207
|
|
Franchise
tax payable
|
6
|
-
|
|
Total
liabilities
|
1,841
|
2,120
|
|
|
|
|
|
Common
stock, par value $0.01, 30,000,000 shares authorized;
|
|
|
|
12,844,376
shares issued, 11,201,760 shares outstanding
|
|
|
|
as
of December 31, 2017 and 2016
|
128
|
128
|
|
Additional
paid-in capital
|
14,646
|
14,631
|
|
Accumulated
deficit
|
(11,950)
|
(12,197)
|
|
Less
treasury stock; 1,642,616 shares at cost
|
(930)
|
(930)
|
|
Total
stockholders' equity
|
1,894
|
1,632
|
|
|
|
|
|
Total
liabilities and stockholders' equity
|
$3,735
|
$3,752
|
3