Intelligent Systems Reports Second Quarter 2021 Results
- Credit Cards , IT Innovations
- 05.08.2021 05:25 pm
Intelligent Systems Corporation, the leading provider of innovative credit technology solutions and processing services to the financial technology and services market, announced today its financial results for the quarter ended June 30, 2021.
“Our strong momentum continued into the second quarter of fiscal 2021, led by CoreCard’s flexible and agile platform in a constantly shifting environment,” said Leland Strange, CEO of Intelligent Systems. “As expected, we recognized $2.3 million in license revenue, and the total revenue for the quarter increased 66% year-over-year to $13.4 million. Our substantial top-line growth more than offset higher costs associated with our infrastructure and platform investments and resulted in meaningful growth in income from operations and net income."
“While the situation remains fluid, the COVID-19 trajectory in India continues to improve. Additionally, we still expect license revenue in the second half of 2021. However, we expect a portion of that revenue to be pushed into 2022 due to routine project delays with key clients. That said, we had a solid first half of 2021, our investments in our infrastructure are already showing results, and we are well on our way to achieving top-line growth of 20% to 25% for the year.”
Mr. Strange continued, “In addition to our recently announced partnership with Vervent, we continued to provide constant support for key customers who continue to leverage CoreCard's consistency, agility, and ability to implement new and customized features. The partnerships we entered validate our CoreCard platform and the strategic investments we made in the Company. We remain confident in our strategy and our ability to generate long-term value for our shareholders.”
Financial Highlights for the three months ended June 30, 2021
Total revenues– Total revenue in the three-month period ended June 30, 2021, was $13,355,000 which represents an increase of 66 percent compared to the comparable period in 2020.
In the following table, revenue is disaggregated by type of revenue for the three months ended June 30, 2021:
|Three months ended June 30, (in thousands)||2021||2020|
|Processing and maintenance||4,193||2,673|
Income from operations was $3,858,000 for the second quarter compared to income from operations of $2,703,000 in the comparable prior year quarter.
Net income was $2,805,000 for the second quarter compared to net income of $2,200,000 in the comparable prior year quarter.
Earnings per diluted share was $0.32 for the second quarter compared to $0.24 in the comparable prior year quarter.
Investor Conference Call Today
The company is holding an investor conference call today, August 5th, 2021, at 11 A.M. Eastern Time. Interested investors are invited to attend the conference call by accessing the webcast at https://www.webcast-eqs.com/intelligentsystems_08052021/en or by dialing 1-877-407-0890. As part of the conference call, Intelligent Systems will be conducting a question-and-answer session where participants are invited to email their questions to firstname.lastname@example.org prior to the call. A transcript of the call will be posted on the company’s website at www.intelsys.com as soon as available after the call.
The company will file its Form 10-Q for the period ended June 30, 2021, with the Securities and Exchange Commission today. For additional information about reported results, investors will be able to access the Form 10-Q on the company’s website at www.intelsys.com or on the SEC website, www.sec.gov.