Intelligent Systems Reports Preliminary Third Quarter 2019 Results
October 22 2019 - 4:15PM
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 preliminary financial results for the fiscal third
quarter ended September 30, 2019.
“Our third quarter results were strong and
in-line with our expectations as we continue to build on the
positive momentum throughout this year,” said Leland Strange, CEO
of Intelligent Systems. “For the third quarter of 2019, we
anticipate preliminary revenues of approximately $9.5 million and
preliminary income from operations in the range of $4.0 to $4.3
million. Our stronger income from operations was driven by the
expected increase in license revenue. We are pleased to see
continual growth as customers adopt our credit and prepaid/debit
solutions and CoreCard continues to be the proven choice of leading
corporations that desire rapid innovation.”
Financial Highlights for the Third
Quarter of 2019
Total revenues are expected to
be $9,522,000, up 76 percent compared to $5,415,000 in the third
quarter of 2018.
In the following table, revenue is disaggregated
by type of revenue for the three months ended September 30, 2019
and 2018:
Three Months Ended September 30, (in
thousands) |
|
2019 |
|
2018 |
License |
$ |
2,225 |
|
$ |
129 |
Professional services |
|
4,579 |
|
|
3,178 |
Processing and maintenance |
|
2,235 |
|
|
1,678 |
Third party |
|
483 |
|
|
430 |
Total |
$ |
9,522 |
|
$ |
5,415 |
Income from operations is
expected to be between $4,000,0000 and $4,300,000 compared to
income from operations of $1,736,000 in the third quarter of
2018.
The company will file its Form 10-Q for the
period ended September 30, 2019 with the Securities and Exchange
Commission in November 2019. 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 site,
www.sec.gov.
About Intelligent Systems
Corporation
For 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,
770-564-5504or email to matt@intelsys.com
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