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Information Analysis Inc. Reports Profitable Results For 2012

Stocks in this article: IAIC

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
 




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