This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Information Analysis Inc. Reports Profitable Results For 2012

Information Analysis Inc. (OTCBB: IAIC) today reported results for the year ended December 31, 2012. Revenues were $7,058,000, compared to revenues of $7,821,000 for the same period in 2011. The information technology services company reported net income of $100,000, or $0.01 per share basic and diluted, compared to net income of $154,000, or $0.01 per share basic and diluted, reported for the comparable 2011 period.

“In 2012, the Company remained profitable in spite of government budget cuts. We are adding initiatives in new areas, such as cyber security, incident management, mobile applications, and more generalized user applications using Adobe products for our solutions sets in order to increase our business base,” said Sandor Rosenberg, Chairman and Chief Executive Officer of IAI. “In addition, we are making investments in marketing and sales in both the commercial market as well as in the government sector. Although sequestration has had some impact on operations, we feel that our business will improve as the government budget becomes stable.”

“We continue to pursue merger and acquisition opportunities.”

About Information Analysis Incorporated

Information Analysis Incorporated ( www.infoa.com), headquartered in Fairfax, Virginia, is an information technology services company. The Company is a web solution provider and software conversion specialist, modernizing legacy systems and extending their reach to the internet world.

Additional information for investors

This release may contain forward-looking statements regarding the Company's business, customer prospects, or other factors that may affect future earnings or financial results. Such statements involve risks and uncertainties which could cause actual results to vary materially from those expressed in the forward-looking statements. Investors should read and understand the risk factors detailed in the Company's 10-K for the fiscal year ended December 31, 2012 and in other filings with the Securities and Exchange Commission.

 

Information Analysis Incorporated

Statements of Operations

       

Year ended December 31,

(in thousands, except per share data; audited)

2012

2011

Revenue:
Professional fees $ 5,027 $ 4,701
Software sales   2,031   3,120
Total revenue 7,058 7,821
Cost of goods sold and services provided:
Cost of professional fees 2,899 2,714
Cost of software sales   1,748   2,665
Total cost of sales   4,647   5,379
Gross margin 2,411 2,442
Selling, general and administrative expense   2,317   2,293
Income from operations 94 149
Other income, net   6   8
Income before income taxes 100 157
Provision for income taxes   --   3
Net income $ 100 $ 154
 
Earnings per share:
Basic $ 0.01 $ 0.01
Diluted $ 0.01 $ 0.01
 
 
Shares used in calculating earnings per share:
Basic 11,200,025 11,196,760
Diluted 11,210,939 11,224,410
 
       

Information Analysis Incorporated

Balance Sheets

 
As of As of
December 31, 2012 December 31, 2011

(in thousands)

(audited)

(audited)

ASSETS
Current assets:
Cash and cash equivalents $ 2,623

$

1,281

Accounts receivable, net 738 2,890
Prepaid expenses 192 787
Note receivable, current   2   7
Total current assets 3,555 4,965
 
Fixed assets, net 39 41
Note receivable, long-term 4 4
Other assets   6   6
Total assets $ 3,604 $ 5,016
 
 
LIABILITIES & STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 112 $ 998
Commissions payable 806 679
Accrued payroll and related liabilities 270 248
Deferred revenues 220 940

Other accrued liabilities

48 107
Taxes payable   -   3
Total liabilities   1,456   2,975
 
Common stock, par value $0.01, 30,000,000 shares authorized;
12,844,376 and 12,839,376 shares issued, 11,201,760 and
11,196,760 shares outstanding as of December 31, 2012 and
December 31, 2011, respectively 128 128
Additional paid in capital 14,582 14,574
Accumulated deficit (11,632) (11,732)
Less treasury stock; 1,642,616 shares at cost   (930)   (930)
Total stockholders' equity   2,148   2,040
Total liabilities and stockholders' equity $ 3,604 $ 5,015
 




1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,563.30 -317.06 -1.88%
S&P 500 1,930.67 -39.40 -2.00%
NASDAQ 4,369.7730 -93.1290 -2.09%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs