SOURCE: Information Analysis, Inc.

Information Analysis, Inc.

March 30, 2016 10:51 ET

Information Analysis Inc. Reports Profitable Results for 2015

FAIRFAX, VA--(Marketwired - Mar 30, 2016) - Information Analysis Incorporated. (OTC PINK: IAIC) today reported results for the year ended December 31, 2015. Revenues were up 7% to $6,214,000, compared to revenues of $5,784,000 for the same period in 2014. The information technology services company reported net income of $78,000, or $0.01 per share basic and diluted, compared to a net loss of $30,000, or $(0.00) per share basic and diluted, reported for the comparable 2014 period.

"In 2015, the Company remained profitable in spite of government budget cuts. We are adding initiatives in new areas, such as cyber security, mobile applications, and more generalized user applications using Adobe products for our solutions sets in order to increase our business base," said Sandor Rosenberg, Chairman and Chief Executive Officer of IAI. "In addition, we are making investments in marketing and sales in both the commercial market as well as in the government sector. We have been aggressively pursuing new business opportunities through the bidding process for prime contracts and teaming with our partners."

"We continue to pursue merger and acquisition opportunities."

About Information Analysis Incorporated

Information Analysis Incorporated (www.infoa.com), headquartered in Fairfax, Virginia, is an information technology product and services company. The Company is a web application and e-business solutions provider, as well as a software conversion specialist, modernizing legacy systems and extending their reach to the internet and more modern platforms.

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. Investors should read and understand the risk factors detailed in the Company's 10-K for the fiscal year ended December 31, 2015 and in other filings with the Securities and Exchange Commission.

   
   
Information Analysis Incorporated  
Statements of Operations  
   
    Year ended December 31,  
(in thousands, except per share data; audited)   2015   2014  
Revenue:              
  Professional fees   $ 4,659   $ 3,707  
  Software sales     1,556     2,077  
  Total revenue     6,215     5,784  
Cost of goods sold and services provided:              
  Cost of professional fees     2,547     2,178  
  Cost of software sales     1,295     1,218  
  Total cost of sales     3,842     3,396  
Gross margin     2,373     2,388  
Selling, general and administrative expense     1,749     1,688  
Commissions expense     556     740  
Income (loss) from operations     68     (40 )
Other income, net     10     10  
Income (loss) before income taxes     78     (30 )
Net income (loss)   $ 78   $ (30 )
               
Earnings (loss) per share:              
  Basic   $ 0.01   $ (0.00 )
  Diluted   $ 0.01   $ (0.00 )
               
Shares used in calculating earnings (loss) per share:              
  Basic     11,201,760     11,201,760  
  Diluted     11,310,387     11,201,760  
               
   
   
Information Analysis Incorporated  
Balance Sheets  
   
    As of     As of  
    December 31, 2015     December 31, 2014  
(in thousands)   (audited)     (audited)  
ASSETS                
Current assets:                
  Cash and cash equivalents   $ 2,168     $ 2,450  
  Accounts receivable, net     1,298       971  
  Prepaid expenses     603       760  
  Note receivable, current     -       4  
    Total current assets     4,069       4,185  
                 
Fixed assets, net     43       54  
Note receivable, long-term     -       5  
Other assets     6       6  
    Total assets   $ 4,118     $ 4,250  
                 
LIABILITIES & STOCKHOLDERS' EQUITY                
Current liabilities:                
  Accounts payable   $ 65     $ 32  
  Commissions payable     959       1,017  
  Deferred revenues     581       738  
  Accrued payroll and related liabilities     261       256  
  Other accrued liabilities     75       116  
      Total liabilities     1,941       2,159  
                 
Common stock, par value $0.01, 30,000,000 shares authorized; 12,844,376 shares issued, 11,201,760shares outstanding as of December 31, 2015 and 2014, respectively     128       128  
Additional paid in capital     14,622       14,614  
Accumulated deficit     (11,643 )     (11,721 )
Less treasury stock; 1,642,616 shares at cost     (930 )     (930 )
    Total stockholders' equity     2,177       2,091  
    Total liabilities and stockholders' equity   $ 4,118     $ 4,250  

Contact Information

  • For additional information contact:
    Richard S. DeRose
    (703) 293-7901