Intelligent Systems Corporation [NYSE American: INS;
www.intelsys.com] announced today both its preliminary unaudited
financial results for the year ended December 31, 2018 and Chief
Financial Officer changes.
“Given the significant growth experienced by Intelligent Systems
in 2018 over the 2017 year, I thought it prudent to provide
shareholders and interested parties an early preliminary look at
the 2018 financial results rather than waiting for our 10-K filing
that will not come for a couple of months,” commented Leland
Strange, CEO of Intelligent Systems.
In addition, the Company announced that Karen Reynolds, the
Company’s Chief Financial Officer, Vice President and
Corporate Secretary, plans to depart the company to explore
leadership opportunities outside of Intelligent Systems. Her
departure is not based on any disagreement with the company’s
accounting principles, practices or financial statement
disclosures.
The board has elevated Matt White to the position of Chief
Financial Officer, Vice President and Corporate Secretary of
Intelligent Systems. Matt is currently serving as VP Finance
and CFO of CoreCard Software, the main operating subsidiary of
Intelligent Systems and he will continue to serve in that role. To
ensure a smooth transition, Ms. Reynolds plans to continue to serve
as an adviser to the company during the transition.
Prior to joining CoreCard Software Matt held various accounting
and financial reporting positions at Humana and, most recently,
Equifax. Prior to that he was a Senior Manager in the audit
practice at Deloitte and is a licensed CPA.
“We recognized the value of Matt’s diverse financial experiences
when he came onboard to manage the financials of CoreCard’s growth
and look forward to his continued leadership as Intelligent
Systems’ CFO,” stated Leland Strange, President and CEO of
Intelligent Systems.
Leland further stated, “On behalf of everyone in the company and
our Board of Directors, I’d like to thank Karen for her
contributions over the last three-plus years. During her time,
Karen has been an integral part of our successful growth strategy.
We thank Karen for committing to an orderly transition of the CFO
responsibilities and wish her well in her future endeavors.”
Karen Reynolds said, “It has been a positive career experience
working at Intelligent Systems and I am proud of the successful
growth we have accomplished in the business over the last few
years. Intelligent Systems with its subsidiary CoreCard is well
positioned with a strong operational and financial foundation to
continue to achieve its strategic goals and increase shareholder
value.”
“We have previously commented on our path for CoreCard to be a
world class processor for all types of cards, loans and receivables
in 2019,” continued Strange. “We will update our progress when we
file our 10-K and on the conference call that will follow but I
will comment, as I do at practically every opportunity, we manage
to annual goals and not quarterly. It will be a few weeks before we
complete and report our final audited results but we wanted to get
some preliminary information to you now, keeping in mind our final
results may differ somewhat from these preliminary estimates.”
Unaudited Financial
Highlights for 2018
Total revenues are estimated to be
approximately $20,000,000 for the year representing growth of 115
percent compared to 2017.
Income (loss) from operations is expected to be
approximately $6,000,000 for the year compared to a loss from
operations of $1,403,000 in the prior year.
The company plans to file its Form 10-K for the
year ended December 31, 2018 with the Securities and Exchange
Commission in March 2019 and will announce the specific date for
the filing and an investor conference call at a later date. For
additional information about reported results, investors will be
able to access the Form 10-K on the company’s website at
www.intelsys.com or on the SEC site, www.sec.gov.
About Intelligent Systems
Corporation
For over thirty-five years, Intelligent Systems
Corporation [NYSE American: INS] has identified, created, operated
and grown technology companies. The company’s principal
operations are CoreCard Software, Inc. (www.corecard.com) and its
affiliate companies. CoreCard designs, develops, and markets a
comprehensive suite of software solutions to corporations,
financial institutions, retailers and processors to manage their
credit and debit cards, prepaid cards, private label cards, fleet
cards, loyalty programs, and accounts receivable and small loan
transactions. CoreCard also offers prepaid and credit card
processing services using its proprietary software solutions.
Further information is available on the company’s website at
www.intelsys.com or by calling the company at 770-381-2900.
In addition to historical information, this news
release may contain forward-looking statements relating to
Intelligent Systems Corporation and its subsidiary and affiliated
companies. These statements include all statements that are not
statements of historical fact regarding the intent, belief or
expectations of Intelligent Systems Corporation and its management
with respect to, among other things, results of operations, product
plans, and financial condition. The words "may," "will,"
"anticipate," "believe," "intend," "expect," "estimate," "plan,"
"strategy" and similar expressions are intended to identify
forward-looking statements. Prospective investors are
cautioned that any such forward-looking statements are not
guarantees of future performance and involve risks and
uncertainties and that actual results may differ materially from
those contemplated by such forward-looking statements. The company
does not undertake to update or revise any forward-looking
statements whether as a result of new developments or otherwise,
except as required by law. Among the factors that could cause
actual results to differ materially from those indicated by such
forward-looking statements are instability in the financial
markets, delays in product development, undetected software errors,
competitive pressures, changes in customers’ requirements or
financial condition, market acceptance of products and services,
the impact of new or changes in current laws, regulations or other
industry standards, risks relating to unauthorized access to
confidential information due to criminal conduct, attacks by
hackers, employee or insider malfeasance and/or human error and
declines in general economic and financial market conditions,
particularly those that cause businesses to delay or cancel
purchase decisions.
For further information, callMatt White,
770-564-5504or email to matt@intelsys.com
Intelligent Systems (AMEX:INS)
Historical Stock Chart
From Apr 2024 to May 2024
Intelligent Systems (AMEX:INS)
Historical Stock Chart
From May 2023 to May 2024