Attached files
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| 8-K - CURRENT REPORT - INFORMATION ANALYSIS INC | iaic_8k.htm |
Exhibit 99.1
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For additional
information contact:
Richard S. DeRose
(703) 293-7901
For
release:
May 11,
2017
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Information
Analysis, Inc. Reports First Quarter Results
FAIRFAX,
VIRGINIA – Information Analysis, Inc. (OTCBB:IAIC) today
reported results for the first fiscal quarter ended March 31, 2017.
Revenues were $1,482,000 compared to $1,468,000 reported in
2016’s first quarter. The Company reported a net loss of
$32,000 or $0.00 per share, compared to a net loss of $210,000, or
$0.02 per share, in the first quarter 2016.
“The
Company’s losses were down dramatically in the first quarter
in comparison to the first quarter of 2016,” Sandor
Rosenberg, Chairman and Chief Executive Officer of IAI said.
“This was due, in large part, to the start-up of a new major
contract that we have been pursuing during the past year. As a
result we expect to achieve higher revenue and net income in excess
of $250,000 for the remainder of the year. We are actively pursuing
the system modernization business where we have observed an
increase in opportunities in both the government and commercial
marketplace.
“We
continue to pursue merger and acquisitions
opportunities.”
About
Information Analysis Incorporated
Information
Analysis Incorporated (www.infoa.com), headquartered in Fairfax,
Virginia, is an information technology services company. The
Company is an e-business, web solution provider and software
conversion specialist, modernizing legacy systems and extending
their reach to the Internet world.
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. These include the failure to obtain sufficient
contracts, and to profitably complete these contracts. Investors
should read and understand the risk factors detailed in the
Company's 10-K for the fiscal year ended December 31, 2016 and in
other filings with the Securities and Exchange
Commission.
Information
Analysis Incorporated
Condensed
Income Statements
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Three
months ended March 31,
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(in thousands, except per share data; unaudited)
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2017
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2016
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Net
revenue:
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Professional
fees
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$1,020
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$841
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Software
sales
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462
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627
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Total
revenue
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1,482
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1,468
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Cost
of goods sold and services provided:
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Cost
of professional fees
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535
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548
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Cost
of software sales
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447
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562
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Total
cost of sales
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982
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1,110
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Gross
margin
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500
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358
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Operating
expenses:
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Selling,
general and administrative
|
534
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570
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Operating
loss
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(34)
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(212)
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Other
income
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2
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2
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Loss
before income taxes
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(32)
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(210)
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Provision
for income taxes
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--
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--
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Net
loss
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$(32)
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$(210)
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Net
loss per share:
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Basic
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$(0.00)
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$(0.02)
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Diluted
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$(0.00)
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$(0.02)
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Shares
used in calculating earnings per share:
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Basic
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11,201,760
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11,201,760
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Diluted
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11,201,760
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11,201,760
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Information
Analysis Incorporated
Balance Sheets
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As
of:
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As
of:
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31-Mar-17
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31-Dec-16
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(in thousands, unaudited)
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ASSETS
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Current
assets:
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Cash
and cash equivalents
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$1,763
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$1,895
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Accounts
receivable, net
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1,055
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1,157
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Prepaid
expenses
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433
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664
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Notes
receivable (current portion)
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4
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3
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Total
current assets
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3,255
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3,719
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Fixed
assets, net
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22
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27
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Other
assets
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6
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6
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Total
assets
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$3,283
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$3,752
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LIABILITIES
& STOCKHOLDERS' EQUITY
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Current
liabilities:
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Accounts
payable
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$235
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$49
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Commissions
payable
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817
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853
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Deferred
revenue
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365
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615
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Accrued
payroll and related liabilities
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226
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207
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Other
accrued liabilities
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39
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396
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Total
liabilities
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1,682
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2,120
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Common
stock, par value $0.01, 30,000,000 shares authorized;
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12,844,376
shares issued, 11,201,760 outstanding
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128
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128
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Additional
paid-in capital
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14,631
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14,631
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Accumulated
deficit
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(12,229)
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(12,197)
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Less
treasury stock; 1,642,616 shares at cost
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(930)
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(930)
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Total
stockholders' equity
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1,601
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1,632
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Total
liabilities and stockholders' equity
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$3,283
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$3,752
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