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INTELLIGENT SYSTEMS ANNOUNCES FIRST QUARTER PROFIT

 NORCROSS, Ga., April 29 /PRNewswire/ -- Intelligent Systems Corporation (AMEX: INS) announced today its financial results for the quarter ended March 31.
 Net income for the first quarter of 1993 was $3,506,000 or $.53 per share compared to a net loss of $1,406,000 or $0.21 per share in the same period last year.
 For the three month period, the company recorded revenue of $14,389,000, an increase of 11.6 percent compared to revenue of $12,892,000 in the first quarter of 1992.
 Included in the results of the first quarter this year is a one-time gain of approximately $4.1 million related to the favorable settlement of a lawsuit which had been initiated by the company in 1987. Excluding this extraordinary income, the company nonetheless made progress on reducing its operating loss by almost one-half, from $1,818,000 in the first quarter last year to $995,000 this year. This improvement is a result of discontinuing the operations of the company's Brier Technology subsidiary, a development stage company which had incurred significant losses, and a reduction in operating expenses as a percentage of revenue at the company's European operations.
 The quarter-to-quarter revenue increase is attributed to a higher volume of sales at the European subsidiaries and the inclusion of revenue from two subsidiaries which were not consolidated in last year's figures: Intelligent Enclosures (acquired in October 1992) and Intelligent Systems Japan.
 Commenting on the first quarter's results, J. Leland Strange, president of Intelligent Systems, said: "We are encouraged by the reduction in operating losses and the large gain from the satisfactory resolution of an expensive lawsuit. The acquisition of Intelligent Enclosures is expected to strengthen domestic results as customer acceptance of its mini-environment technology grows. Meanwhile, we continue to investigate other potential opportunities to bolster the company's financial performance."
 Intelligent Systems Corporation common stock is traded on the American Stock Exchange under the symbol INS. The company conducts its business through subsidiaries: InterQuad (European distribution of microcomputer products), Intelligent Systems Japan (Pacific Rim distribution of software products), Quadram (enhancement products) and Intelligent Enclosures (mini-environment systems). The company also has investments in developing and growth-oriented companies and operates the Shared Resource Technology Center, a small business incubator.
 SUMMARY OF RESULTS
 3 mos. ended March 31 1993 1992
 Revenue $14,389,000 $12,892,000
 Net income (loss) 3,506,000(a) (1,406,000)
 Income (loss) per share
 outstanding $ 0.53 $ (0.21)
 Average shares outstanding 6,642,168 6,676,668
 (a) Includes gain of $4.1 million on favorable settlement of lawsuit.
 -0- 4/29/93
 /CONTACT: Bonnie Herron of Intelligent Systems, 404-381-2900/
 (INS)


CO: Intelligent Systems Corporation ST: Georgia IN: CPR SU: ERN

BR-CF -- AT001 -- 2456 04/29/93 08:49 EDT
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Publication:PR Newswire
Date:Apr 29, 1993
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