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INNODATA CORPORATION REPORTS THIRD QUARTER AND NINE MONTH RESULTS

 BROOKLYN, N.Y., Nov. 11 /PRNewswire/ -- Innodata Corporation (NASDAQ-NMS: INOD) today announced results for its third quarter and nine months ended Sept. 30, 1993.
 Revenues for the nine months ended Sept. 30, 1993 were $6,612,000, an increase of $2,419,000, or 58 percent over the comparable period in 1992. Net income for the 1993 period was $419,000 or $.15 per share, compared to $508,000 in 1992, or $.20 per share ($.18 per share using a comparable number of shares).
 Revenues increased to $2,698,000 for the third quarter of 1993 from $1,655,000 for the third quarter of 1992, an increase of 63 percent. Net income for the 1993 period was $103,000, or $.03 per share, compared to $193,000 in 1992, or $.07 per share ($.06 per share using a comparable number of shares).
 Commenting on the results, Barry Hertz, chairman and CEO, said, "we are very pleased with the continued fast pace of growth in revenues. We continued to establish relationships with new customers, and are expanding our services to our existing customers because of the high quality, efficient services that we provide."
 Further, Mr. Hertz commented, "the earnings for the quarter were adversely impacted by the start-up costs incurred on a project for a new customer. We expect to recover these start-up costs over the next two quarters. We anticipate that this project will continue for an extended period of time. We believe that continually meeting new challenges brought to us by existing and potential customers is important to sustain the growth rate of our company. In addition, the company's overhead has continued to grow to support our expansion of business."
 Innodata Corporation performs data entry, data conversion, scanning, indexing and abstracting and related services using a 2,200 person workforce in the Philippines, where the wage rates are substantially lower than the prevailing rates in the United States and Europe. Sales, administration and customer support operations are provided from the company's offices in New York City and Maryland. The company serves major legal, medical, scientific, financial and technical publishers and electronic information services in the United States and Europe. The company also offers typesetting, composition and related publishing services from its facility in Maryland.
 INNODATA CORPORATION
 Financial Highlights
 Periods ended Sept. 30 Three Months Nine Months
 1993 1992 1993 1992
 Revenues $2,698,000 $1,655,000 $6,612,000 $4,193,000
 Net income 103,000 193,000 419,000 508,000
 Income per share $.03 $.07 $.15 $.20
 Weighted average
 shares
 outstanding (A) 3,306,000 2,600,000 2,835,000 2,600,000
 NOTE (A): In August and September 1993, the company sold 1,610,000 shares of its common stock pursuant to a public offering. Using the same number of shares in 1992 for each period, the earning per share would have been $.06 and $.18 for the three and nine months ended Sept. 30, 1992, respectively.
 -0- 11/11/93
 /CONTACT: Barbara Karol of Innodata Corporation, 718-625-7750/
 (INOD)


CO: Innodata Corporation ST: New York IN: PUB SU:

TM -- NY005 -- 3064 11/11/93 08:21 EST
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Publication:PR Newswire
Date:Nov 11, 1993
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