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Intelligent Systems Announces Second Quarter 2012 Results

Stocks in this article: INS

NORCROSS, Ga., Aug. 14, 2012 (GLOBE NEWSWIRE) -- Intelligent Systems Corporation (NYSE Amex:INS) ( announced today its financial results for the three and six month periods ended June 30, 2012.

For the three month period ended June 30, 2012, Intelligent Systems reported total revenue of $4,032,000, three percent lower than in the same quarter of 2011. The company reported a net loss of $265,000 ($0.03 per basic and diluted share) compared to net income of $637,000 ($0.07 per basic and diluted share) in the second quarter of 2011.

For the six month period ended June 30, 2012, total revenue was $8,126,000, six percent higher than revenue of $7,701,000 in the comparable period of 2011. Net loss in the six months ended June 30, 2012 was $521,000 ($0.06 per basic and diluted share) compared to net income of $283,000 ($0.03 basic and diluted share) in the comparable period in 2011.

The quarter and year-to-date results are not directly comparable to prior year results due to non-recurring income of $450,000 that is included as Other Income in the quarter and year-to-date periods ended June 30, 2011. As previously reported, the company's ChemFree subsidiary entered into a settlement agreement in May 2011 related to previously imposed court sanctions against a third party. The matter was resolved by payment to ChemFree of $450,000 for reimbursement of certain legal expenses. 

J. Leland Strange, President and Chief Executive Officer, stated, "Our ChemFree subsidiary had another strong, profitable quarter, with revenue growth of five and nine percent in the second quarter and year-to-date periods, respectively, compared to the same periods in 2011. The results were fueled by stronger sales and lease revenue from ChemFree's SmartWasher® bio-remediating parts washers in the domestic U.S. market.

"Our CoreCard subsidiary reported an increase in revenue in both the quarter and year-to-date periods from professional services and maintenance activities, reflecting a growing base of customers. However, license revenue from new software contracts (which is classified as product revenue in our income statement) was lower in both the quarter and year-to-date periods of 2012 than in the same periods in 2011. We continue to invest substantial resources to develop our processing services business and enhance our financial transaction software solutions for prepaid, fleet and private label cards, which has had a major impact on our reported financial results."

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