Intelligent Systems Corporation Reports Financial Results for 1994

Strategic Insights -

Intelligent Systems Corporation, a technology-based company operating in healthcare and technology sectors, announced its financial results for the year ended December 31, 1994. Despite a significant increase in revenue from continuing operations, the company reported a substantial net loss due to non-recurring operating expenses and costs associated with a new start-up operation. The company's discontinued operations also recorded significant losses, primarily due to the phase-out of its European distribution business.

Key Takeaways:

  • Revenue from continuing operations increased by 70% to $21,364,000 in 1994, driven mainly by growth in the company's healthcare services subsidiaries and the acquisition of PsyCare USA.
  • The company recorded a net loss from continuing operations of $(6,226,000) or $(1.05) per share in 1994, compared to a gain of $2,945,000 or $0.45 per share in 1993.
  • Non-recurring operating expenses, including write-offs of intangibles and allocation of purchase prices of acquisitions, totaled approximately $2.8 million.
  • Discontinued operations recorded losses of $(1,505,000) and $(3,369,000) for the years ended December 31, 1994 and 1993, respectively.
  • The average number of shares outstanding declined by 9% during 1994 as a result of the company's share repurchase program.
  • Bonnie Herron, a representative of Intelligent Systems, was quoted as a contact for further information.

Statistics:

  • Revenue from continuing operations (1994): $21,364,000
  • Revenue from continuing operations (1993): $12,598,000
  • Net loss from continuing operations (1994): $(6,226,000)
  • Net gain from continuing operations (1993): $2,945,000
  • Increment in revenue (1994 vs. 1993): 70%

Sources:

  • Intelligent Systems Corporation (AMEX: INS)
  • PRNewswire, March 3, 1995
  • CONTACT: Bonnie Herron, Intelligent Systems, 404-381-2900