INNODATA ISOGEN, INC. (NASDAQ: INOD), today reported results for the fourth quarter ended December 31, 2010 and fiscal year 2010.
- Total revenue was $14.9 million for the fourth quarter of 2010, a decline of 6% from the third quarter driven primarily by what the company believed to be a temporary volume decrease in an ongoing engagement. Year-over-year, the fourth quarter was down 8% compared to the fourth quarter of 2009.
- Net income for the fourth quarter was $1.2 million, or $0.05 per diluted share, compared to net income of $0.3 million, or $0.01 per diluted share in the third quarter of 2010, and a net loss of $0.8 million, or $0.03 per diluted share in the fourth quarter of 2009. The increase in net income largely resulted from certain tax benefits in the period.
- For the fiscal year ended December 31, 2010, revenue was $61.5 million, down 20% from 2009. The company incurred a net loss in 2010 of $0.7 million, or $0.03 per diluted share, compared to net income of $7.3 million, or $0.28 per diluted share, in 2009.
- The company’s balance sheet continues to be strong with cash, cash equivalents and investments of $28.0 million as of December 31, 2010, compared to $28.5 million at September 30, 2010.
- Innodata Isogen repurchased approximately 126,000 shares of its common stock during the fourth quarter of 2010 at a total cost of approximately $0.4 million. During 2010, the company repurchased a total of approximately 264,000 shares at a cost of $0.8 million. Under the company's authorized share repurchase program, an additional $1.3 million remains to be utilized.
“In the fourth quarter, we made progress on several strategic fronts,” said Jack Abuhoff, Chairman and CEO of Innodata Isogen. “We began an important new relationship with Apple to provide online ePublishing services for the iBookstore. Separate from this, we significantly increased our new business bookings relative to the third quarter. In total, the projected value of the new business we booked in the second half of 2010 was more than twice the projected value of the new business we booked in the first half of the year and, significantly, we expect the business we booked in the second half of the year to yield significantly improved margins over the business we booked in the first half of the year.”