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NORCROSS, Ga., Nov. 12, 2010 (GLOBE NEWSWIRE) -- Intelligent Systems Corporation (NYSE Amex:INS) (
www.intelsys.com) announced today its financial results for the three and nine month periods ended September 30, 2010.
For the third quarter ended September 30, 2010, the company recorded net income of $91,000 compared to a net loss of $(521,000) in the third quarter of 2009. Basic and diluted earnings per share were $0.01 in the three month period ended September 30, 2010 compared to basic and diluted loss per share of $(0.07) in the third quarter of 2009. For the nine month period ended September 30, 2010, the company reported net income of $474,000 or $0.05 per basic and diluted share compared to a net loss of $(1,360,000), or $(0.25) per basic and diluted share in the comparable period in 2009.
Revenue for the third quarter of 2010 was $3,816,000, an increase of 12 percent compared to the third quarter of 2009. For the nine month period ended September 30, 2010, net revenue was $12,121,000, an increase of 30 percent over the comparable period in 2009. Compared to the first nine months of 2009, the company's ChemFree subsidiary reported solid year-to-date growth in sales of its SmartWasher® machines and consumable supplies in both domestic and international markets. In addition, the company's CoreCard Software subsidiary continued to enhance its product offerings and reported an increase in service revenue in both the third 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 make a strong profit contribution to our consolidated results as it grows and services its installed base of domestic and international customers. In the first nine months of 2010, CoreCard completed its first international implementation, converted its first significant customer from a national processor, launched its processing services business and entered into several new software license contracts. We are gradually building a solid base of business and the infrastructure to support faster growth in the future."