Printer Friendly

INTELLIGENT SYSTEMS ANNOUNCES 1995 YEAR-END RESULTS; COMPLETES SALE OF STOCK IN ORCAD IPO

NORCROSS, Ga., March 11 /PRNewswire/ -- Intelligent Systems Corporation (AMEX: INS) announced today its financial results for the year ended December 31, 1995.

For the twelve month period, the Company recorded sales revenue from continuing operations of $28,240,000, a 32 percent increase compared to revenue of $21,364,000 from continuing operations in 1994. The year-to- year increase in revenue came equally from growth in the Company's health care services subsidiaries as well as operations in the technology sector. Net income from continuing operations in 1995 was $635,000 or $0.12 per share compared to a loss of $(6,226,000) or $(1.05) per share in 1994.

For the fourth quarter ended December 31, 1995, the Company reported net income from continuing operations of $704,000 or $0.13 per share on revenues of $7,860,000, compared to a net loss from continuing operations of $(1,519,000) or $(0.27) per share on revenue of $5,641,000 in the same period in 1994.

The 1995 results include two non-recurring sources of income: a gain of $818,000 in the third quarter from the sale of a portion of one of the Company's investments and a gain of $1.3 million in the fourth quarter related to the exchange of the Company's interest in its Intelligent Systems Japan (ISJ) subsidiary for shares of common stock in OrCAD, Inc. (Nasdaq: OCAD). The loss from continuing operations in 1994 includes non-recurring operating expenses recorded in the second quarter and a gain on the sale of an investment.

Subsequent to the year-end, the Company reported that shares of OrCAD common stock which it acquired in the ISJ/OrCAD stock exchange on December 2, 1995 were to be included in the initial public offering of OrCAD stock. On March 1, 1996, the Company sold 104,484 shares in the IPO for net proceeds of $1,069,000. The Company retains 104,484 shares.

The average number of shares outstanding declined by 9.7 percent during 1995 as a result of the Company's share repurchase program.

Intelligent Systems Corporation common stock is traded on the American Stock Exchange under the symbol INS. The Company has operations and investments in businesses operating in two industry segments: technology related products and services and health care services.
 SUMMARY OF RESULTS
 3 mos. ended Dec. 31 1995 1994
 Revenue $ 7,860,000 $ 5,641,000


Net income (loss) -
 Continuing operations 704,000(a) (1,519,000)
 Discontinued operations --- 329,000
 Net income (loss) - total 704,000 $(1,190,000)
 Average shares outstanding 5,312,867 5,696,467


Share income (loss) -
 Continuing operations $ 0.13 $ (0.27)
 Discontinued operations --- 0.06
 Net share income (loss) - total $ 0.13 $ (0.21)
 12 mos. ended Dec. 31 1995 1994
 Revenue $28,240,000 $21,364,000


Income (loss) -
 Continuing operations 635,000(a)(b) (6,226,000)(c)
 Discontinued operations --- (1,505,000)(d)
 Net income (loss) - total 635,000 $(7,731,000)
 Average shares outstanding 5,371,401 5,947,515


Share income (loss) -
 Continuing operations $ 0.12 $ (1.05)
 Discontinued operations --- (0.25)
 Net share income (loss) - total $ 0.12 $ (1.30)


NOTES:

(a) Includes gain of $1.3M on exchange of stock in ISJ subsidiary
 for OrCAD stock.


(b) Includes gain of $818,000 on partial sale of investment.

(c) Includes $2.8 million writedown of intangibles and $1.5 million
 gain on sale of investment.


(d) Includes reserve of $1.4 million for estimated losses during
 phase-out period.
 -0- 3/11/96


/CONTACT: Bonnie Herron, Vice President, Intelligent Systems, 770-381-2900/

(INS)

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

BR-KW -- ATM003 -- 0656 03/11/96 09:38 EST
COPYRIGHT 1996 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1996 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 11, 1996
Words:618
Previous Article:PATIENTS BE AWARE! DO YOU KNOW WHAT'S INSIDE YOUR MEDICINE CHEST?
Next Article:NRI PROVIDES FINGER IMAGING SYSTEMS UNDER PILOT PROGRAM TO MASSACHUSETTS DEPARTMENT OF TRANSITIONAL ASSISTANCE
Topics:

Terms of use | Copyright © 2018 Farlex, Inc. | Feedback | For webmasters