NORCROSS, Ga., Aug. 12, 2010 (GLOBE NEWSWIRE) -- Intelligent Systems Corporation (NYSE Amex:INS) ( www.intelsys.com) announced today its financial results for the three and six month periods ended June 30, 2010.
For the second quarter ended June 30, 2010, the company recorded net income of $298,000 compared to a net loss of $(177,000) in the second quarter of 2009. Basic and diluted earnings per share were $0.03 in the three month period ended June 30, 2010 compared to basic and diluted loss per share of $(0.04) in the same period in 2009. For the six month period ended June 30, 2010, the company reported net income of $383,000 or $0.04 per basic and diluted share compared to a net loss of $(839,000), or $(0.19) per basic and diluted share.
Net revenue for the second quarter of 2010 was $4,608,000, an increase of 48 percent compared to the second quarter of 2009. For the six month period ended June 30, 2010, net revenue was $8,305,000, an increase of 40 percent over the comparable period in 2009. The company's ChemFree subsidiary reported strong sales of both SmartWasher® machines and consumable supplies in both domestic and international markets. In addition, the company's CoreCard Software subsidiary continued to expand its product capabilities and customer base and reported an increase in license and service revenue in both the second quarter and year-to-date periods due to a growing number of customers.J. Leland Strange, president and chief executive officer of the company, commented, "ChemFree continues to produce excellent results with good sales momentum and makes a strong profit contribution to our consolidated results. In the first half of 2010, CoreCard completed its first international implementation and first significant customer conversion from a national processor. Software implementations may have significant activity over several quarters but license revenue is generally not recognized until completion of a project. Even though we reported a profit for the second consecutive quarter, it is not necessarily indicative of a trend due in part to the way we recognize revenue on project completions. Our consolidated financial results are not likely to be smooth or predictable on a quarterly basis until CoreCard has a larger base of recurring revenue."