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Innodata Reports Second Quarter 2011 Results

About Innodata Isogen

Innodata Isogen (NASDAQ: INOD) is a leading provider of business process, technology and consulting services, as well as products and solutions, that help our valued clients create, manage, use and distribute digital information. Propelled by a culture of quality, service and innovation, we have developed a client base that includes many of the world’s most preeminent media, publishing and information services companies, as well as leading enterprises in information-intensive industries such as aerospace, defense, financial services, government, healthcare, high technology, insurance, intelligence, manufacturing and law.

Recent honors include EContent Magazine’s EContent 100, KMWorld Magazine’s 100 Companies That Matter in Knowledge Management, the International Association of Outsourcing Professionals’ (IAOP) Global Outsourcing Top 100, D&B India’s Leading ITeS and BPO Companies and the Black Book of Outsourcing’s Top List of Leading Outsourcing Providers to the Printing and Publishing Business.

Headquartered in the New York metro area, Innodata has offices and operations in the United States, the United Kingdom, Israel, India, Sri Lanka, and the Philippines.

This release contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The words “project,” “head start,” "believe," "expect," “should,” "anticipate," "indicate," "point to," “forecast,” “likely” and other similar expressions generally identify forward-looking statements, which speak only as of their dates.

These forward-looking statements are based largely on our current expectations, and are subject to a number of risks and uncertainties, including without limitation, the primarily at-will nature of the Company's contracts with its customers and the ability of customers to reduce, delay or cancel projects, including projects that the Company regards as recurring; continuing revenue concentration in a limited number of clients; continuing reliance on project-based work; inability to replace projects that are completed, cancelled or reduced; depressed market conditions; changes in external market factors; the ability and willingness of our customers and prospective customers to execute business plans which give rise to requirements for digital content and professional services in knowledge processing; difficulty in integrating and deriving synergies from acquisitions; potential undiscovered liabilities of companies that we acquire; changes in our business or growth strategy; the emergence of new or growing competitors; various other competitive and technological factors; and other risks and uncertainties indicated from time to time in our filings with the Securities and Exchange Commission.

Actual results could differ materially from the results referred to in the forward-looking statements. In light of these risks and uncertainties, there can be no assurance that the results referred to in the forward-looking statements contained in this release will occur.
(In thousands, except per share amounts)
Three Months Ended Six Months Ended

June 30,

June 30,




Revenues $ 16,257   $ 15,386   $ 30,958   $ 30,860  
Operating costs and expenses:
Direct operating expenses 11,370 12,107 22,043 24,379
Selling and administrative expenses 4,071 3,770 8,124 7,905
Interest income, net   (170 )   (33 )   (279 )   (35 )
Total   15,271     15,844     29,888     32,249  
Income (loss) before provision for income taxes 986 (458 ) 1,070 (1,389 )
Provision for income taxes   228     416     297     889  
Net income (loss)   758     (874 )   773     (2,278 )
Loss attributable to non-controlling interests   49  


Net income (loss) attributable to Innodata Isogen, Inc. and Subsidiaries $ 807   $ (874 ) $ 822   $ (2,278 )

Income (loss) per share attributable to Innodata Isogen, Inc. and Subsidiaries:

Basic and diluted











Weighted average shares outstanding:
Basic   25,059     25,419     25,107     25,400  
Diluted   25,308     25,419     25,262     25,400  

(Dollars in thousands)
June 30, December 31,


Current assets:
Cash and cash equivalents $ 11,690 $ 14,120
Short term investments - other 9,190 8,875
Accounts receivable, net 9,621 8,389
Prepaid expenses and other current assets 3,455 3,842
Deferred income taxes   1,426     1,581
Total current assets

Property and equipment, net 4,165 4,284
Other assets 3,474 2,684
Long term investment - other 6,038 5,000
Deferred income taxes 3,392 2,797
Goodwill   675     675
Total assets $ 53,126   $ 52,247
Current liabilities:
Accounts payable and accrued expenses $ 2,867 $ 3,047
Accrued salaries, wages and related benefits 5,175 4,870
Income and other taxes 1,793 1,852
Current portion of long term obligations 658 458
Deferred income taxes   260     492
Total current liabilities   10,753     10,719
Deferred income taxes   153     137
Income and other taxes - long term   368     349

Long term obligations   2,643     1,604
Non-controlling interests   (49 )

Stockholders' equity   39,258     39,438
Total liabilities and stockholders’ equity $ 53,126   $ 52,247

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