NORCROSS, Ga., Feb. 11, 2021 (GLOBE NEWSWIRE) -- Intelligent Systems Corporation [NYSE American: INS], 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 December 31, 2020.

“I am pleased to report that our fourth quarter and full-year results were in-line with initial expectations and, despite volatile market conditions, we completed crucial investments in our infrastructure, setting the stage for future growth. These investments enable CoreCard to take on new customers while ensuring it continues to exceed both current and future customer needs,” said Leland Strange, CEO of Intelligent Systems. “In the fourth quarter, we achieved revenues of $9.6 million, a 7% decline relative to the fourth quarter of 2019. However, we recognized revenues of $35.9 million in fiscal year 2020, a 5% increase from fiscal year 2019. While we expected 2020 to be a building year relative to an incredibly strong 2019, we did not anticipate COVID-19 and resulting impact on our planned work force expansion and development efforts. I am pleased with the strong performance the team has achieved and the strong financial and operational position Intelligent Systems maintains. As we enter fiscal 2021, we are confident in our ability to leverage the investments we made in 2020 to deliver top-line growth of 15% to 25% for the year.”

Financial Highlights for the three and twelve months ended December 31, 2020

Total revenue for the fourth quarter of $9,623,000 was down 7% year over year. Revenue of $35,873,000 for full fiscal year 2020 was up 5% from fiscal year 2019.

In the following table, revenue is disaggregated by type of revenue for the three and twelve months ended December 31, 2020 and 2019:

Income from operations was $2,732,000 for the fourth quarter compared to income from operations of $3,979,000 in the comparable prior year quarter. Full year 2020 income from operations was $11,295,000 compared to $13,382,000 in the comparable prior year.

Net income was $2,119,000 for the fourth quarter compared to net income of $3,697,000 in the prior comparable quarter in 2019. Full year 2020 net income was $8,161,000 compared to $10,969,000 in the comparable prior year.

Earnings per diluted share was $0.24 for the quarter ended December 31, 2020 compared to $0.41 in the comparable prior year quarter. Full year 2020 earnings per diluted share was $0.91 compared to $1.22 in the comparable prior year.

Share Repurchases were approximately $1,639,000 at an average price of $37.62 per share for the quarter ended December 31, 2020.

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 provides prepaid and credit card processing services using its proprietary software solutions that it also licenses to others. CoreCard has designed and developed a comprehensive suite of software solutions that corporations, financial institutions, retailers and processors use to manage credit and debit cards, prepaid cards, private label cards, fleet cards, loyalty programs, and accounts receivable and small loan transactions. CoreCard’s flexible and proven processing platform is being utilized in many countries in addition to the United States including Australia, Canada, China, the United Arab Emirates, France, Italy, Mexico, New Zealand, Singapore, South Africa and the United Kingdom. Further information is available on the company’s website at www.intelsys.com