Information Analysis Inc. Reports Profitable Results for 2015
FAIRFAX, VA -- (Marketwired) -- 03/30/16 -- Information Analysis Incorporated. (OTC PINK: IAIC) today reported results for the year ended December 31, 2015. Revenues were up 7% to $6,214,000, compared to revenues of $5,784,000 for the same period in 2014. The information technology services company reported net income of $78,000, or $0.01 per share basic and diluted, compared to a net loss of $30,000, or $(0.00) per share basic and diluted, reported for the comparable 2014 period.
"In 2015, the Company remained profitable in spite of government budget cuts. We are adding initiatives in new areas, such as cyber security, 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. We have been aggressively pursuing new business opportunities through the bidding process for prime contracts and teaming with our partners."
"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 product and services company. The Company is a web application and e-business solutions provider, as well as a software conversion specialist, modernizing legacy systems and extending their reach to the internet and more modern platforms.
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, 2015 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) | 2015 | 2014 | ||||||
| Revenue: | ||||||||
| Professional fees | $ | 4,659 | $ | 3,707 | ||||
| Software sales | 1,556 | 2,077 | ||||||
| Total revenue | 6,215 | 5,784 | ||||||
| Cost of goods sold and services provided: | ||||||||
| Cost of professional fees | 2,547 | 2,178 | ||||||
| Cost of software sales | 1,295 | 1,218 | ||||||
| Total cost of sales | 3,842 | 3,396 | ||||||
| Gross margin | 2,373 | 2,388 | ||||||
| Selling, general and administrative expense | 1,749 | 1,688 | ||||||
| Commissions expense | 556 | 740 | ||||||
| Income (loss) from operations | 68 | (40 | ) | |||||
| Other income, net | 10 | 10 | ||||||
| Income (loss) before income taxes | 78 | (30 | ) | |||||
| Net income (loss) | $ | 78 | $ | (30 | ) | |||
| Earnings (loss) per share: | ||||||||
| Basic | $ | 0.01 | $ | (0.00 | ) | |||
| Diluted | $ | 0.01 | $ | (0.00 | ) | |||
| Shares used in calculating earnings (loss) per share: | ||||||||
| Basic | 11,201,760 | 11,201,760 | ||||||
| Diluted | 11,310,387 | 11,201,760 | ||||||
| Information Analysis Incorporated | |||||||||||
| Balance Sheets | |||||||||||
| As of | As of | ||||||||||
| December 31, 2015 | December 31, 2014 | ||||||||||
| (in thousands) | (audited) | (audited) | |||||||||
| ASSETS | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 2,168 | $ | 2,450 | |||||||
| Accounts receivable, net | 1,298 | 971 | |||||||||
| Prepaid expenses | 603 | 760 | |||||||||
| Note receivable, current | - | 4 | |||||||||
| Total current assets | 4,069 | 4,185 | |||||||||
| Fixed assets, net | 43 | 54 | |||||||||
| Note receivable, long-term | - | 5 | |||||||||
| Other assets | 6 | 6 | |||||||||
| Total assets | $ | 4,118 | $ | 4,250 | |||||||
| LIABILITIES & STOCKHOLDERS' EQUITY | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 65 | $ | 32 | |||||||
| Commissions payable | 959 | 1,017 | |||||||||
| Deferred revenues | 581 | 738 | |||||||||
| Accrued payroll and related liabilities | 261 | 256 | |||||||||
| Other accrued liabilities | 75 | 116 | |||||||||
| Total liabilities | 1,941 | 2,159 | |||||||||
| Common stock, par value $0.01, 30,000,000 shares authorized; 12,844,376 shares issued, 11,201,760shares outstanding as of December 31, 2015 and 2014, respectively | 128 | 128 | |||||||||
| Additional paid in capital | 14,622 | 14,614 | |||||||||
| Accumulated deficit | (11,643 | ) | (11,721 | ) | |||||||
| Less treasury stock; 1,642,616 shares at cost | (930 | ) | (930 | ) | |||||||
| Total stockholders' equity | 2,177 | 2,091 | |||||||||
| Total liabilities and stockholders' equity | $ | 4,118 | $ | 4,250 | |||||||
For additional information contact:
Richard S. DeRose
(703) 293-7901
Source: Information Analysis, Inc.
Released March 30, 2016
