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Innodata Reports Fourth Quarter And Fiscal Year 2011 Results

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”, “optimistic” 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, that our Innodata Advanced Data Solutions segment has not reported any revenues to date and is subject to the risks and uncertainties of early-stage companies; the primarily at-will nature of the contracts between our Content Services segment and its customers and the ability of customers to reduce, delay or cancel projects; continuing Content Services revenue concentration in a limited number of customers; continuing Content Services 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, joint venture and strategic investments; 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   Twelve Months Ended
December 31, December 31,
2011   2010 2011   2010
Revenues $ 23,739   $ 14,890   $ 73,942   $ 61,513  
Operating costs and expenses:
Direct operating expenses 15,302 11,633 50,176 47,284
Selling and administrative expenses 6,319 3,736 19,082 15,659
Interest income, net   (133 )   (131 )   (587 )   (215 )
Total   21,488     15,238     68,671     62,728  
Income (loss) before provision for income taxes 2,251 (348 ) 5,271 (1,215 )
Provision for (benefit from) income taxes   298     (1,566 )   1,361     (468 )
Net income (loss)   1,953     1,218     3,910     (747 )
Loss attributable to non-controlling interests   320     -     561     -  
Net income (loss) attributable to Innodata Isogen, Inc. and Subsidiaries $ 2,273   $ 1,218   $ 4,471   $ (747 )
Income (loss) per share attributable to Innodata Isogen, Inc. and Subsidiaries:
Basic and diluted $ 0.09   $ 0.05   $ 0.18   $ (0.03 )
Weighted average shares outstanding:
Basic   24,691     25,244     24,916     25,360  
Diluted   25,193     25,578     25,103     25,360  




(Dollars in thousands)
    December 31,
2011   2010
Current assets:
Cash and cash equivalents $ 11,389 $ 14,120
Short term investments - other 5,828 8,875
Accounts receivable, net 21,706 8,389
Prepaid expenses and other current assets 2,984 3,842
Deferred income taxes   1,934     1,581
Total current assets 43,841 36,807
Property and equipment, net 7,430 4,284
Other assets 3,565 2,684
Long term investment - other - 5,000
Deferred income taxes 3,886 2,797
Goodwill   675     675
Total assets $ 59,397   $ 52,247
Current liabilities:
Accounts payable and accrued expenses $ 5,873 $ 3,047
Accrued salaries, wages and related benefits 6,596 4,870
Income and other taxes 2,576 1,852
Current portion of long term obligations 639 458
Deferred income taxes   9     492
Total current liabilities 15,693 10,719
Deferred income taxes 153 137
Income and other taxes - long term - 349
Long term obligations 2,944 1,604
Non-controlling interests   (561 )   -
STOCKHOLDERS' EQUITY   41,168     39,438

Total liabilities and stockholders’ equity





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