INNODATA ISOGEN, INC. (NASDAQ: INOD), today reported results for the second quarter ended June 30, 2010 and the first six months of 2010.
Total revenue was $15.4 million for the second quarter of 2010, compared to $15.5 million in the first quarter of 2010, and $20.9 million in the second quarter of 2009.
The $5.5 million decline from the second quarter of 2009 was primarily due to reduced business volume from one of Innodata Isogen’s two largest clients, partially offset by continued growth in other areas of the company’s business.
Pre-tax loss was approximately $0.5 million in the second quarter of 2010 compared to a pre-tax loss of $0.9 million in the first quarter of 2010, and pre-tax income of $4.4 million in the second quarter of 2009.
Net loss for the second quarter of 2010 was $0.9 million or ($0.03) per diluted share, compared to a net loss of $1.4 million or ($0.06) per diluted share in the first quarter of 2010, and net income of $3.2 million, or $0.13 per diluted share in the second quarter of 2009.
In the first six months of 2010, revenue was $30.9 million, down 27% from revenue of $42.0 million in the first six months of 2009. Net loss in the first half of 2010 was $2.3 million, or ($0.09) per diluted share, compared to net income of $6.8 million, or $0.27 per diluted share, in the first half of 2009.
The company’s balance sheet continues to be strong with $27.0 million of cash and cash equivalents and investments as of June 30, 2010, compared to $25.8 million as of March 31, 2010.
Innodata Isogen also announced that its board of directors has authorized the repurchase of up to $2.1 million of its common stock in open market or private transactions. The timing and nature of repurchases are subject to market and business conditions and applicable securities laws. Depending on market conditions and other factors, these repurchases may be commenced or suspended from time to time without prior notice. The repurchase authorization replaces a $2.0 million authorization made in May 2008 under which the company bought approximately 606,000 shares for approximately $1.9 million.