Market Snapshot
  • U.S.
  • Europe
  • Asia
Ticker Volume Price Price Delta
DJIA 16,408.54 -16.31 -0.10%
S&P 500 1,864.85 2.54 0.14%
NASDAQ 4,095.52 9.29 0.23%
Ticker Volume Price Price Delta
STOXX 50 3,155.81 16.55 0.53%
FTSE 100 6,625.25 41.08 0.62%
DAX 9,409.71 91.89 0.99%
Ticker Volume Price Price Delta
NIKKEI 14,417.53 -0.15 -0.00%
TOPIX 1,166.59 0.04 0.00%
HANG SENG 22,760.24 64.23 0.28%

Innodata Isogen Inc. : Innodata Reports Second Quarter 2013 Results



     Innodata Isogen Inc. : Innodata Reports Second Quarter 2013 Results

 
 

NEW YORK - July 25, 2013 - INNODATA INC. (NASDAQ: INOD) today reported results
for the second quarter and the six months ended June 30, 2013.

  * Total revenue  was $16.2  million for  the second  quarter of  2013, a  4% 
    sequential decline from $16.9 million in the first quarter of 2013.  Total 
    revenue was $22.8 million during the second quarter of 2012.  

  * In the second quarter of 2013 we  incurred a net loss of $0.1 million,  or 
    less than  $0.01 per  diluted  share, compared  to  net earnings  of  $0.3 
    million, or $0.01  per diluted share,  in the first  quarter of 2013.  Net 
    earnings in the  second quarter of  2012 were $2.1  million, or $0.08  per 
    diluted share. 

  * For the first six months in 2013, revenues were $33 million, down 31% from
    $48 million  in the  first six  months  of 2012.  Net earnings  were  $0.2 
    million, or $0.01 per diluted share  during the first six months of  2013, 
    compared with net earnings of $5.5 million, or $0.21 per diluted share for
    the similar period in 2012.  

  * Cash, cash equivalents and investments were $27.2 million at June 30, 2013
    compared to $28.5 million at December 31,  2012. As of June 30, 2013,  the 
    Company had no debt and stockholders' equity was $49.7 million.  

Jack Abuhoff, the Company's Chairman and CEO, said, "Revenues in our IADS
segment declined from the first quarter by $500,000 to $0.2 million primarily
because of the completion of two one-time projects in the first quarter.
Project volume fluctuations resulted in a $200,000 decline to $16 million from
the first quarter in revenues of our Content Services segment. Pre-operating
costs in our Synodex subsidiary were $2 million in the second quarter.

"We believe that our collective patience and perseverance in building the new
Synodex business line will pay off in the end. At the same time, we are
mindful of the investment we are making and the need to manage our cost
structure carefully. For that reason, we have reduced our cost structure by
approximately $6 million in annualized costs over the past 12 months,
including approximately $2 million of annualized costs that we reduced in the
second quarter of 2013."

Abuhoff added, "We anticipate revenues in the  third quarter of 2013 to be  in 
the range of $14 million to $16 million."

Timing of Conference Call with Q&A

Innodata   will   conduct   an   earnings   conference   call,   including   a 
question-and-answer  period,  at  11:00  AM  eastern  time  today.   You   can 
participate in this call by dialing the following call-in numbers:

The call-in numbers for the conference call are:

1-800-533-7619 (Domestic)
1-785-830-1923 (International)

1-888-203-1112 (Domestic Replay)  
1-719-457-0820 (International Replay)

Pass code on both: 6507252

Investors are also invited to access a live Webcast of the conference call at
the Investor Relations section of www.innodata.com.  Please note that the
Webcast feature will be in listen-only mode.

Call-in or Webcast replay will be available for 30 days following the
conference call.

Innodata (NASDAQ: INOD) is a leading provider of business process,  technology 
and consulting services,  as well  as products  and solutions,  that help  our 
valued  clients  create,  manage,  use  and  distribute  digital  information. 
 Propelled by a culture of quality, service and innovation, we have  developed 
a client base that includes many  of the world's preeminent media,  publishing 
and  information  services  companies,  as  well  as  leading  enterprises  in 
information-intensive  industries  such   as  aerospace,  defense,   financial 
services, government,  healthcare, high  technology, insurance,  intelligence, 
manufacturing and law.

Recent honors include EContent Magazine's EContent 100, KMWorld Magazine's 100
Companies That Matter in  Knowledge Management, the International  Association 
of Outsourcing Professionals' (IAOP) Global  Outsourcing Top 100, D&B  India's 
Leading ITeS and BPO  Companies and the Black  Book of Outsourcing's Top  List 
ofLeading Outsourcing Providers to the Printing and Publishing Business.

Headquartered in the New York metro area, Innodata has offices and  operations 
in the United States,  the United Kingdom, Israel,  India, Sri Lanka, and  the 
Philippines.

This release contains forward-looking statements that are made pursuant to the
safe harbor  provisions of  the Private  Securities Litigation  Reform Act  of 
1995. The  words  "project,"  "head  start,"  "believe,"  "expect,"  "should," 
"anticipate," "indicate,"  "point to,"  "forecast," "likely",  "optimistic"and 
other similar expressions generally identify forward-looking statements, which
speak only as of their dates.

These  forward-looking   statements  are   based   largely  on   our   current 
expectations, and  are  subject  to  a  number  of  risks  and  uncertainties, 
including without  limitation,  that  our  Innodata  Advanced  Data  Solutions 
segment is subject to  the risks and  uncertainties of early-stage  companies; 
the primarily  at-will nature  of  the Company's  contracts with  its  Content 
Services segment customers and the ability  of the customers to reduce,  delay 
or cancel projects; continuing Content Services segment revenue  concentration 
in a limited number of customers; continuing Content Services segment reliance
on project-based  work;  inability to  replace  projects that  are  completed, 
cancelled or reduced; depressed market conditions; changes in external  market 
factors;  the  ability  and  willingness  of  our  customers  and  prospective 
customers to  execute  business plans  which  give rise  to  requirements  for 
digital content and professional services in knowledge processing;  difficulty 
in integrating and  deriving synergies from  acquisitions, joint ventures  and 
strategic investments; potential undiscovered liabilities of companies that we
acquire; changes in our business or  growth strategy; the emergence of new  or 
growing competitors; various other competitive and technological factors;  and 
other risks and uncertainties indicated from time to time in our filings  with 
the  Securities   and  Exchange   Commission.   Actual  results   may   differ 
significantly.

Actual results could  differ materially from  the results referred  to in  the 
forward-looking statements.  In light of these risks and uncertainties,  there 
can be  no assurance  that  the results  referred  to in  the  forward-looking 
statements contained in this release will occur.

Company Contact

Raj Jain
Vice President
Innodata Inc.
rjain@innodata.com
(201) 371-8024

or

Media Contact
Stanley or Andrew Berger
SM Berger & Company
(216) 464-6400

                            INNODATA INC. AND SUBSIDIARIES
               CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                       AND COMPREHENSIVE INCOME (LOSS)
                                 (Unaudited)
                   (In thousands, except per-share amounts)

 
 

                        INNODATA INC. AND SUBSIDIARIES
                    CONDENSED CONSOLIDATED BALANCE SHEETS
                                 (Unaudited)
                            (Dollars in thousands)

                                       
 

------------------------------------------------------------------------------

This announcement is distributed by Thomson Reuters on behalf of Thomson
Reuters clients.

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other
applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of
the
information contained therein.

Source: Innodata Isogen Inc. via Thomson Reuters ONE
HUG#1718679
Sponsored Links
Advertisement
Advertisements
Sponsored Links
Advertisement