Intelligent Systems Corporation [NYSE American: INS], the leading
provider of innovative credit technology solutions and processing
services to the financial technology and services market, announced
today its financial results for the quarter ended March 31, 2021.
“First-quarter results were in-line with
expectations and continued to demonstrate the adaptability of our
business model and the resiliency of our employees around the
world. Despite challenges stemming from the spread of COVID-19, we
continued to service our customers without any delays or impacts,”
said Leland Strange, CEO of Intelligent Systems. “We generated
revenues of $8.9 million in the quarter, a 13% increase relative to
the first quarter of 2020. As expected, our year-over-year top-line
growth was driven by professional services and processing and
maintenance revenue. While we did not recognize any license revenue
in the quarter, we continue to expect licensing revenue in the
second quarter and more substantially in the second half of fiscal
2021. Due to the costs of opening our new office in Dubai and
developing a new platform, income from operations and net income
declined from the comparable prior quarter.”
"The infrastructure investments we are making
are already showing results. We announced that we entered a
partnership with the Al Ansari Exchange, a UAE-based foreign
exchange and worldwide money transfer company, and CoreCard's first
customer in the Middle East region. This partnership
validates the strategic investments we made, and we remain
confident in our strategic vision."
Mr. Strange continued, “Throughout the first
quarter, Intelligent Systems continued to provide high-quality,
on-time delivery for all of our clients despite a challenging and
constantly shifting environment. Additionally, we repurchased an
additional $2.7 million of shares in the quarter and we extended
the buyback authorization for an additional $10 million. While some
headwinds persist, I am encouraged by the start we have had in
fiscal 2021 and we are on track to achieve top-line growth of 20%
to 25% for the year.”
Financial Highlights for the three
months ended March 31, 2021
Total revenues– Total revenue
in the three-month period ended March 31, 2021 was $8,912,000 which
represents an increase of 13 percent compared to the comparable
period in 2020.
In the following table, revenue is disaggregated by type of
revenue for the three months ended March 31, 2021 and 2020:
Three months ended March 31, (in
thousands) |
|
2021 |
|
|
2020 |
|
License |
$ |
-- |
|
$ |
-- |
|
Professional services |
|
5,747 |
|
|
5,279 |
|
Processing and maintenance |
|
2,607 |
|
|
2,194 |
|
Third party |
|
558 |
|
|
420 |
|
Total |
$ |
8,912 |
|
$ |
7,893 |
|
Income from operations was
$1,465,000 for the first quarter compared to income from operations
of $2,379,000 in the comparable prior year quarter.
Net income was $1,040,000 for
the first quarter compared to net income of $1,047,000 in the
comparable prior year quarter.
Earnings per diluted share was
$0.12 for the first quarter compared to $0.12 in the comparable
prior year quarter.
Investor Conference Call
Today
The company is holding an investor conference
call today, May 4, 2021, at 11 A.M. Eastern Standard Time.
Interested investors are invited to attend the conference call by
accessing the webcast
at https://www.webcast-eqs.com/intelligentsystems050411/en or
by dialing 1-877-407-0890. As part of the conference call
Intelligent Systems will be conducting a question-and-answer
session where participants are invited to email their questions to
questions@intelsys.com prior to the call. A transcript of the call
will be posted on the company’s website at www.intelsys.com as soon
as available after the call.
The company will file its Form 10-Q for the
period ended March 31, 2021 with the Securities and Exchange
Commission today. For additional information about reported
results, investors will be able to access the Form 10-Q on the
company’s website at www.intelsys.com or on the SEC website,
www.sec.gov.
About Intelligent Systems
CorporationFor over thirty-five years, Intelligent Systems
Corporation [NYSE American: INS] has identified, created, operated
and grown technology companies. The company’s principal operations
are CoreCard Software, Inc. (www.corecard.com) and its affiliate
companies. CoreCard provides prepaid and credit card processing
services using its proprietary software solutions that it also
licenses to others. CoreCard has designed and developed a
comprehensive suite of software solutions that corporations,
financial institutions, retailers and processors use to manage
credit and debit cards, prepaid cards, private label cards, fleet
cards, loyalty programs, and accounts receivable and small loan
transactions. CoreCard's flexible and proven processing platform is
being utilized in many countries in addition to the United States
including Australia, Canada, China, the United Arab Emirates,
France, Italy, Mexico, New Zealand, Singapore, South Africa and the
United Kingdom. Further information is available on the company’s
website at www.intelsys.com or by calling the company at
770-381-2900.
In addition to historical information, this news
release may contain forward-looking statements relating to
Intelligent Systems Corporation and its subsidiary and affiliated
companies. These statements include all statements that are not
statements of historical fact regarding the intent, belief or
expectations of Intelligent Systems Corporation and its management
with respect to, among other things, results of operations, product
plans, and financial condition. The words "may," "will,"
"anticipate," "believe," "intend," "expect," "estimate," "plan,"
"strategy" and similar expressions are intended to identify
forward-looking statements. Prospective investors are
cautioned that any such forward-looking statements are not
guarantees of future performance and involve risks and
uncertainties and that actual results may differ materially from
those contemplated by such forward-looking statements. The company
does not undertake to update or revise any forward-looking
statements whether as a result of new developments or otherwise,
except as required by law. Among the factors that could cause
actual results to differ materially from those indicated by such
forward-looking statements are instability in the financial
markets, delays in product development, undetected software errors,
competitive pressures, changes in customers’ requirements or
financial condition, market acceptance of products and services,
the impact of new or changes in current laws, regulations or other
industry standards, risks relating to unauthorized access to
confidential information due to criminal conduct, attacks by
hackers, employee or insider malfeasance and/or human error and
declines in general economic and financial market conditions,
particularly those that cause businesses to delay or cancel
purchase decisions.
For further information, callMatt White, 770-564-5504 or email
to matt@intelsys.com
Intelligent Systems
CorporationCONSOLIDATED STATEMENTS OF
OPERATIONS(unaudited, in thousands, except share and per
share amounts)
|
Three Months Ended March 31, |
|
2021 |
2020 |
Revenue |
|
|
Services |
$ |
8,912 |
|
$ |
7,893 |
|
Products |
|
‒ |
|
|
‒ |
|
Total net revenue |
|
8,912 |
|
|
7,893 |
|
Cost of revenue |
|
|
Services |
|
4,429 |
|
|
3,506 |
|
Products |
|
‒ |
|
|
‒ |
|
Total cost of revenue |
|
4,429 |
|
|
3,506 |
|
Expenses |
|
|
Marketing |
|
37 |
|
|
32 |
|
General and administrative |
|
880 |
|
|
1,058 |
|
Research and development |
|
2,101 |
|
|
918 |
|
Income
from operations |
|
1,465 |
|
|
2,379 |
|
Investment income (loss) |
|
(133 |
) |
|
(1,050 |
) |
Other
income, net |
|
75 |
|
|
136 |
|
Income before income
taxes |
|
1,407 |
|
|
1,465 |
|
Income
taxes |
|
367 |
|
|
418 |
|
Net
income |
$ |
1,040 |
|
$ |
1,047 |
|
Earnings per share: |
|
|
Basic |
$ |
0.12 |
|
$ |
0.12 |
|
Diluted |
$ |
0.12 |
|
$ |
0.12 |
|
Basic weighted average common
shares outstanding |
|
8,899,011 |
|
|
8,924,988 |
|
Diluted
weighted average common shares outstanding |
|
8,933,090 |
|
|
9,021,754 |
|
|
|
|
|
|
|
|
Intelligent Systems
CorporationCONSOLIDATED BALANCE SHEETS(in
thousands, except share and per share amounts)
As of |
March 31, 2021 |
December 31, 2020 |
ASSETS |
(unaudited) |
(audited) |
Current assets: |
|
|
Cash |
$ |
31,001 |
|
$ |
37,956 |
|
Accounts receivable, net |
|
5,069 |
|
|
3,270 |
|
Notes and interest receivable, current portion |
|
220 |
|
|
-- |
|
Other current assets |
|
1,059 |
|
|
1,263 |
|
Total current assets |
|
37,349 |
|
|
42,489 |
|
Investments |
|
1,788 |
|
|
1,921 |
|
Notes and interest receivable,
net of current portion |
|
3,030 |
|
|
2,681 |
|
Property and equipment, at
cost less accumulated depreciation |
|
7,555 |
|
|
6,914 |
|
Other
long-term assets |
|
4,111 |
|
|
3,020 |
|
Total
assets |
$ |
53,833 |
|
$ |
57,025 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
Current liabilities: |
|
|
Accounts payable |
$ |
781 |
|
$ |
714 |
|
Deferred revenue, current portion |
|
794 |
|
|
1,322 |
|
Accrued payroll |
|
1,543 |
|
|
1,901 |
|
Accrued expenses |
|
262 |
|
|
321 |
|
Income tax payable |
|
1,383 |
|
|
954 |
|
Other current liabilities |
|
2,640 |
|
|
4,850 |
|
Total current liabilities |
|
7,403 |
|
|
10,062 |
|
Noncurrent liabilities: |
|
|
Deferred revenue, net of current portion |
|
101 |
|
|
-- |
|
Deferred tax liability |
|
818 |
|
|
818 |
|
Long-term lease obligation |
|
2,864 |
|
|
1,994 |
|
Total noncurrent liabilities |
|
3,783 |
|
|
2,812 |
|
Stockholders’ equity: |
|
|
Common stock, $0.01 par value: Authorized shares - 20,000,000; |
|
|
Issued shares - 8,996,868 and 8,929,368 at March 31, 2021 and
December 31, 2020, respectively; |
|
|
Outstanding shares - 8,882,350 and 8,885,797 at March 31, 2021 and
December 31, 2020, respectively |
|
90 |
|
|
89 |
|
Additional paid-in capital |
|
15,999 |
|
|
15,836 |
|
Treasury stock, 114,518 and 43,571 shares at March 31, 2021 and
December 31, 2020, respectively, at cost |
|
(4,351 |
) |
|
(1,639 |
) |
Accumulated other comprehensive loss |
|
(136 |
) |
|
(140 |
) |
Accumulated income |
|
31,045 |
|
|
30,005 |
|
Total
stockholders’ equity |
|
42,647 |
|
|
44,151 |
|
Total
liabilities and stockholders’ equity |
$ |
53,833 |
|
$ |
57,025 |
|
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