Intelligent Systems Corporation (INS) swung to a net profit for the quarter ended Sep. 30, 2016. The company has made a net profit of $0.12 million, or $ 0.01 a share in the quarter, against a net loss of $0.42 million, or $0.05 a share in the last year period.
Revenue during the quarter surged 115.02 percent to $2.65 million from $1.23 million in the previous year period. Gross margin for the quarter contracted 38 basis points over the previous year period to 46.21 percent. Operating margin for the quarter period stood at positive 4.95 percent as compared to a negative 50.32 percent for the previous year period.
Operating income for the quarter was $0.13 million, compared with an operating loss of $0.62 million in the previous year period.
"Being up year-over-year for the third quarter in revenue and earnings from on-going CoreCard operations translated into the same results for Intelligent Systems and is welcome from both a management and shareholder perspective," said Leland Strange, chief executive officer of Intelligent Systems. "I can imagine some shareholders feel like I do ��" 'it's about time'! We feel good about the rest of the year while cautioning that we will continue to add resources and infrastructure to take advantage of the unique combination of technology, people and capabilities that CoreCard offers in the FinTech arena. We will still see some variations on a quarter-to-quarter basis as revenue recognition is somewhat dependent on when some of our larger customers determine to 'pull the trigger' and go live."
Working capital increases marginally
Intelligent Systems Corporation has recorded an increase in the working capital over the last year. It stood at $18.18 million as at Sep. 30, 2016, up 1.31 percent or $0.24 million from $17.95 million on Sep. 30, 2015. Current ratio was at 8.09 as on Sep. 30, 2016, up from 8.04 on Sep. 30, 2015.
Days sales outstanding went down to 24 days for the quarter compared with 62 days for the same period last year.
At the same time, days payable outstanding went down to 9 days for the quarter from 17 for the same period last year.
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