- Total revenue was $16.3 million for the second quarter of 2011, a sequential increase of 11% from $14.7 million in the first quarter of 2011, and a 6% increase from $15.4 million in the second quarter of 2010. The sequential increase primarily reflects higher revenues from eBook-related services and one-time fee of $0.6 million received from one of our customers for an early termination of an engagement.
- The Company reported net earnings of $0.8 million, or $0.03 per diluted share, in the second quarter of 2011, compared with essentially break-even earnings in the first quarter of 2011, and a net loss of $0.9 million or ($0.03) per diluted share, in the second quarter of 2010. The increase in net earnings primarily reflects an increase in gross margins from 27% in the first quarter of 2011 and 21% in the second quarter of 2010 to 30% in the second quarter of 2011.
- In the first half of 2011, revenue was $31.0 million, compared to $30.9 million for the first half of 2010. Pre-tax earnings improved significantly from a pre-tax loss of $1.4 million to pre-tax earnings of $1.1 million. The increase in pre-tax earnings primarily reflects an increase in gross margins from 21% of revenues to 29% of revenues. Net earnings were $0.8 million, or $0.03 per diluted share for the first half of 2011, up from a net loss of $2.3 million, or ($0.09) per diluted share, in the corresponding period of 2010.
- The Company’s balance sheet continues to be strong. Cash and cash equivalents and investments as of June 30, 2011 were $26.9 million, compared to $28.6 million as of March 31, 2011.
- The Company paid approximately $0.9 million to repurchase approximately 342,000 shares of its common stock during the second quarter of 2011 under the $2.1 million share repurchase program that the Company announced in July 2010. Through the end of the second quarter, the Company repurchased a total of 606,000 shares under this program at a total cost of $1.7 million.
Innodata Reports Second Quarter 2011 Results
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