Intelligent Systems Reports Second Quarter 2018 Results

Intelligent Systems (NYSEA:INS) announced its financial results for the quarter ended June 30, 2018.

The company markets a comprehensive suite of software solutions to corporations, financial institutions, retailers and processors to manage their credit and debit cards, prepaid cards through CoreCard Software and its affiliate companies.

As quoted in the press release:

Financial Highlights for the Second Quarter of 2018

• Total revenues of $4,573,000 in the three month period represented growth of 48 percent compared to the same period in 2017.
• Income from operations was $1,317,000 for the quarter compared to $239,000 in the comparable prior year quarter.
• Net income was $1,058,000 for the quarter compared to net income of $160,000 in the comparable prior year quarter.
• Earnings per diluted share was $0.12 for the quarter and $0.22 for the six month period ended June 30, 2018.

“Meeting the business needs of our customers continues to challenge our ability to add resources quickly enough to meet the demand even with R&D resources jumping in to fill some of the gap as an interim solution,” commented J. Leland Strange, CEO of Intelligent Systems.  “The good financial results we are reporting come from a very high level of productivity as the CoreCard team works with a select group of high quality FinTech customers. Having ‘too much business’ at a point of time is not something you often hear from a CEO – particularly one with negligible sales and marketing expenses – but it is true and we can take on no new customer engagements the rest of this year.  Although, at our current revenue size, we may still see fluctuations in quarterly financial results, we plan and expect to maintain the momentum as we expand our footprints in debit, credit card and complex loan processing markets.”

Click here for the full text release.