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Intelligent Systems Announces 2010 Results

Stocks in this article: INS

NORCROSS, Ga., March 22, 2011 (GLOBE NEWSWIRE) -- Intelligent Systems Corporation (NYSE Amex:INS) ( www.intelsys.com) announced today its financial results for the three and twelve month periods ended December 31, 2010.

For the twelve month period ended December 31, 2010, total revenue grew by 20 percent to $15,443,000 as compared to total revenue of $12,866,000 in the prior year. Income from continuing operations was $158,000 ($0.02 per share) for fiscal year 2010, compared to a loss from continuing operations of $1,171,000 ($0.18 per share) in fiscal 2009.

J. Leland Strange, President and Chief Executive Officer, stated, "Our ChemFree subsidiary reported record profits for 2010, with domestic and international revenue showing year-over-year growth in sales of SmartWasher® bio-remediating parts washers as well as consumable supplies sold to their installed user base. The year-to-year improvement reflects in part modest economic recovery in the markets ChemFree serves, as well as significantly lower legal expenses.

"In 2010, our CoreCard Software subsidiary grew revenue from both software license sales and service revenue derived from a growing base of customers. We continue to invest in CoreCard's software development activities to provide financial transaction processing solutions for markets such as prepaid, fleet and private label cards, while putting in place the infrastructure to support future growth."

For the three month period ended December 31, 2010, we recorded a net loss from continuing operations of $315,000 on total revenue of $3,322,000 as compared to net income of $189,000 on total revenue of $3,538,000 in the fourth quarter of 2009. As we have frequently cautioned, results may vary from quarter-to-quarter due in part to the timing of CoreCard license revenue recognition. Generally, we defer all revenue associated with contract milestone payments on new CoreCard customer implementations until such customers go-live with the CoreCard software, which may frequently be affected by changes in customer requirements and schedules that are outside of our control.

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