Intelligent Systems (INS) Reports Prelim. 1Q19 Revenues

Intelligent Systems Corporation [NYSE American: INS; www.intelsys.com] announced today its preliminary financial results for the quarter ended March 31, 2019.

“We are pleased to report preliminary first quarter 2019 revenues of about $7 million and preliminary income from operations of $2.5 to $2.7 million. This is significantly higher than the 1st quarter of 2018 for both revenue and operating profit. Professional services continue to make up a large portion of our current revenue as we have more demand for the expertise of our CoreCard team than hours available. We continue to grow and train to be better able to meet the demands of our customers,” commented Leland Strange, CEO of Intelligent Systems.

“As we often say, license revenue may vary considerably from quarter to quarter and even professional services can vary because in some cases we may not charge for a block of hours as a part of a larger license or processing contract. Although we want to provide our shareholders insight on the revenue streams, don’t be surprised when any one of the revenue sources spike in some quarters or do not show growth in a specific quarter. We continue to believe 2019 will be a very good year for the company and the first quarter is a good way to start the year,” stated Strange.

While it will be a couple weeks before we complete and report our final results, we wanted to provide you some preliminary information. Our final results may differ somewhat from these preliminary estimates.

Financial Highlights for the First Quarter of 2019

Total revenues are expected to be $6,966,000 for the quarter compared to revenue of $4,058,000 in the first quarter of 2018, an increase of 72 percent.

In the following table, revenue is disaggregated by type of revenue for the three months ended March 31, 2019 and 2018:

Income from operations is expected to be between $2,500,000 and $2,700,000 for the quarter compared to income from operations of $821,000 in the first quarter of 2018.

The company will file its Form 10-Q for the quarter ended March 31, 2019 with the Securities and Exchange Commission in May 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-Q on the company’s website at www.intelsys.com or on the SEC site, www.sec.gov.

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