Intelligent Systems Reports Preliminary 2019 Results
April 22 2019 - 7:15AM
Intelligent Systems Corporation [NYSE American: INS;
www.intelsys.com] announced today its preliminary financial results
for the quarter ended March 31, 2019.
“We are pleased to report preliminary first
quarter 2019 revenues of about $7 million and preliminary income
from operations of $2.5 to $2.7 million. This is significantly
higher than the 1st quarter of 2018 for both revenue and operating
profit. Professional services continue to make up a large portion
of our current revenue as we have more demand for the expertise of
our CoreCard team than hours available. We continue to grow and
train to be better able to meet the demands of our customers,”
commented Leland Strange, CEO of Intelligent Systems.
“As we often say, license revenue may vary
considerably from quarter to quarter and even professional services
can vary because in some cases we may not charge for a block of
hours as a part of a larger license or processing contract.
Although we want to provide our shareholders insight on the revenue
streams, don’t be surprised when any one of the revenue sources
spike in some quarters or do not show growth in a specific quarter.
We continue to believe 2019 will be a very good year for the
company and the first quarter is a good way to start the year,”
stated Strange.
While it will be a couple weeks before we
complete and report our final results, we wanted to provide you
some preliminary information. Our final results may differ somewhat
from these preliminary estimates.
Financial Highlights for the First
Quarter of 2019
Total revenues are expected to
be $6,966,000 for the quarter compared to revenue of $4,058,000 in
the first quarter of 2018, an increase of 72 percent.
In the following table, revenue is disaggregated
by type of revenue for the three months ended March 31, 2019 and
2018:
Three
months ended March 31, (in thousands) |
|
2019 |
|
2018 |
License |
$ |
800 |
$ |
95 |
Professional services |
|
3,964 |
|
2,109 |
Processing and maintenance |
|
1,811 |
|
1,624 |
Third party |
|
391 |
|
230 |
Total |
$ |
6,966 |
$ |
4,058 |
Income from operations is
expected to be between $2,500,000 and $2,700,000 for the quarter
compared to income from operations of $821,000 in the first quarter
of 2018.
The company will file its Form 10-Q for the
quarter ended March 31, 2019 with the Securities and Exchange
Commission in May 2019 and will announce the specific date for the
filing and an investor conference call at a later date. For
additional information about reported results, investors will be
able to access the Form 10-Q on the company’s website at
www.intelsys.com or on the SEC site, www.sec.gov.
About Intelligent Systems
Corporation
For over thirty-five years, Intelligent Systems
Corporation [NYSE American: INS] has identified, created, operated
and grown technology companies. The company’s principal operations
are CoreCard Software, Inc. (www.corecard.com) and its affiliate
companies. CoreCard designs, develops, and markets a comprehensive
suite of software solutions to corporations, financial
institutions, retailers and processors to manage their credit and
debit cards, prepaid cards, private label cards, fleet cards,
loyalty programs, and accounts receivable and small loan
transactions. CoreCard also offers prepaid and credit card
processing services using its proprietary software solutions.
CoreCard's flexible and proven processing platform has recently
been deployed in many countries in addition to the United States
including Australia, Canada, China, the United Arab Emirates,
France, Italy, Mexico, New Zealand, Singapore, South Africa and the
United Kingdom. Further information is available on the company’s
website at http://www.intelsys.com or by calling the company at
770-381-2900.
In addition to historical information, this news
release may contain forward-looking statements relating to
Intelligent Systems Corporation and its subsidiary and affiliated
companies. These statements include all statements that are not
statements of historical fact regarding the intent, belief or
expectations of Intelligent Systems Corporation and its management
with respect to, among other things, results of operations, product
plans, and financial condition. The words "may," "will,"
"anticipate," "believe," "intend," "expect," "estimate," "plan,"
"strategy" and similar expressions are intended to identify
forward-looking statements. Prospective investors are
cautioned that any such forward-looking statements are not
guarantees of future performance and involve risks and
uncertainties and that actual results may differ materially from
those contemplated by such forward-looking statements. The company
does not undertake to update or revise any forward-looking
statements whether as a result of new developments or otherwise,
except as required by law. Among the factors that could cause
actual results to differ materially from those indicated by such
forward-looking statements are instability in the financial
markets, delays in product development, undetected software errors,
competitive pressures, changes in customers’ requirements or
financial condition, market acceptance of products and services,
the impact of new or changes in current laws, regulations or other
industry standards, risks relating to unauthorized access to
confidential information due to criminal conduct, attacks by
hackers, employee or insider malfeasance and/or human error and
declines in general economic and financial market conditions,
particularly those that cause businesses to delay or cancel
purchase decisions.
For further information, callMatt White,
770-564-5504or email to matt@intelsys.com
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