Intelligent Systems Announces Third Quarter And Year-To-Date 2016 Results

NORCROSS, Ga., Nov. 14, 2016 (GLOBE NEWSWIRE) -- Intelligent Systems Corporation (NYSE MKT:INS) announced today its financial results for the three and nine month periods ended September 30, 2016. 

Revenue was $2,649,000 and $5,844,000 in the three and nine month periods ended September 30, 2016, respectively, representing growth of 115 percent and 67 percent, respectively, as compared to the same periods in 2015.  The growth in both product and services revenue is attributable to the initial implementation of a global license customer in the third quarter of 2016 as well as expansion of our processing services customer base and an upswing in our professional services to support both new and existing customers.  

For the three month period ended September 30, 2016, the company recorded net income attributable to Intelligent Systems of $123,000 ($0.01 per basic and diluted share) compared to a net loss attributable to Intelligent Systems of $424,000 ($0.05 per basic and diluted share) in the third quarter of 2015. The strong revenue growth for the quarter while maintaining operating expenses below the comparable period in the prior year resulted in a $547,000 positive swing in profits for the third quarter of 2016 as compared to the same period in 2015.

For the year-to-date period ended September 30, 2016, the company recorded net loss attributable to Intelligent Systems Corporation of $1,032,000 ($0.12 per basic and diluted share). Included in the year-to-date loss is a previously reported $750,000 impairment charge reducing the carrying value of our minority equity ownership in an early stage sensor technology company. In the comparable nine month period in 2015, the company recorded net income attributable to Intelligent Systems of $17,080,000 ($1.93 per basic share and $1.91 per diluted share). The dramatic change between periods reflects the gain of $18,726,000 on the sale of the company's former ChemFree subsidiary in the year-to-date period in 2015.  As previously reported, the company sold its ChemFree subsidiary on March 31, 2015 and consequently has classified the ChemFree business as discontinued operations for all periods presented.

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