Full Press Release Details
additional information contact:
S. DeRose (703) 293-7901
Information Analysis Incorporated Reports Profitable Second Quarter
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.
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.
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.
continue to pursue merger and acquisitions
About Information Analysis Incorporated
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
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
Information Analysis Reports Profitable Second Quarter
INFORMATION ANALYSIS INCORPORATED
STATEMENTS OF OPERATIONS
| 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
INFORMATION ANALYSIS INCORPORATED
STATEMENTS OF OPERATIONS
| 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
INFORMATION ANALYSIS INCORPORATED
| 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 |