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Intelligent Systems Announces Fourth Quarter And 2012 Results

Stocks in this article: INS

NORCROSS, Ga., March 22, 2013 (GLOBE NEWSWIRE) -- Intelligent Systems Corporation (NYSE MKT:INS) [] announced today its financial results for the three and twelve month periods ended December 31, 2012.

For the three month period ended December 31, 2012, total revenue was $4,329,000, an increase of 17 percent compared to the fourth quarter of 2011. The company recorded net income attributable to Intelligent Systems of $314,000 ($0.04 per share) in the fourth quarter of 2012 as compared to a net loss attributable to Intelligent Systems of $103,000 ($0.01 per share) in the fourth quarter of 2011.

For the twelve month period ended December 31, 2012, total revenue grew by 1 percent to $16,530,000 as compared to total revenue of $16,324,000 in the prior year. Net income attributable to Intelligent Systems for the fiscal year 2012 was $534,000 ($0.06 per share), compared to net income attributable to Intelligent Systems of $1,055,000 ($0.11 per share) in fiscal 2011. 

The fiscal year 2012 results are not directly comparable to 2011 because 2011 results include non-recurring income of $450,000 related to settlement of a law suit in favor of our ChemFree subsidiary in May 2011. In addition, as previously reported, comparative results for the 2011 periods have been restated to correct a misinterpretation of an accounting standard related to allocation of income/losses of noncontrolling common stock interests in a subsidiary.

J. Leland Strange, President and Chief Executive Officer, stated, "Our ChemFree subsidiary continued to post solid financial performance, growing revenue by 7 percent and operating profit by over 25 percent in fiscal year 2012 as compared to 2011. Domestic sales of ChemFree's SmartWasher® parts washer improved as the economic recovery took hold and world-wide sales of consumable products for the SmartWasher® posted gains as well.

"In both the three and twelve month periods ended December 31, 2012, our CoreCard Software subsidiary grew its revenue derived from maintenance, support and other services to the installed base of businesses that have licensed the CoreCard® software solutions to manage credit, fleet, prepaid, loan and accounts receivable programs. We also made measurable and slow but steady progress in developing our prepaid card processing services initiative, in which we continue to invest significant resources."    

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