INNODATA INC. (NASDAQ: INOD) today reported results for the second quarter and the six months ended June 30, 2015.
- Total revenue was $14.1 million in the second quarter of 2015, a 2% sequential increase from $13.8 million in the first quarter of 2015. Total revenue was $14.3 million in the second quarter of 2014.
- In the second quarter of 2015 the Company incurred a net loss of $0.8 million, or $(0.03) per diluted share, compared to a net loss of $1.8 million, or $(0.07) per diluted share, in the first quarter of 2015. Net loss in the second quarter of 2014 was $0.7 million, or $(0.03) per diluted share.
- For the first six months of 2015, total revenue was $27.9 million, down 2% from $28.4 million in the first six months of 2014. Net loss was $2.6 million, or $(0.10) per diluted share, in the first six months of 2015, compared with net loss of $0.5 million, or $(0.02) per diluted share, for the same period in 2014.
- Adjusted EBITDA (as defined below) was a loss of $0.2 million in the second quarter of 2015, compared to a loss of $0.4 million in the first quarter of 2015. Adjusted EBITDA was $0.2 million in the second quarter of 2014.
- Cash, cash equivalents and investments were $23.7 million at June 30, 2015 compared to $24.2 million at December 31, 2014.
Jack Abuhoff, Chairman and CEO, said, "We are making steady progress in executing our business plans in all business segments, and we are cautiously optimistic that we will be able to deliver sequential quarter-over-quarter growth for the balance of this fiscal year.
"In our IADS segment, our proprietary APS.Extract® product is being used by five companies in the life insurance industry. We have been receiving very encouraging feedback from these clients, in terms of both product quality and the value of using digital medical data. Revenue from our IADS segment in the second quarter was $550,000, an increase of 35% over revenue in the first quarter. We expect to report revenue growth in our IADS segment in both Q3 and Q4 of this fiscal year resulting from the continued ramp-up of existing customer contracts and new customer wins."
Abuhoff continued, "In our Media Intelligence Solutions segment we continue to enjoy a customer retention rate in excess of 90%, one of the highest in the industry, which we attribute to the strength of our products and the level of service we provide to our clients. In March, we began focusing on marketing and lead generation, and we are pleased that our efforts have yielded a substantial increase in the number of sales leads. Our near-term goal is to conclude the year with 40% growth in this segment on a constant currency basis.
"Our Bulldog Reporter's Daily Dog blog, published by our employee Richard Carufel, achieved a marketing success last week when it was rated one of the top 10 public relations industry blogs by
Forbes magazine. The Forbes article can be found at:
"Our Content Services segment reported a modest increase in revenue in the second quarter, and we are anticipating higher revenue in Content Services in the third quarter compared to the second quarter. Yesterday we signed a deal with a new client that we anticipate will be worth $4.8 million in revenue over the course of an 18 to 24 month performance period. We are also actively working to close several late-stage opportunities."
Abuhoff concluded, "We anticipate third quarter revenue to be in the range of $14.1 - 14.8 million, consisting of Content Services revenue in the range of $12.4 - 12.9 million, IADS revenue in the range of $0.6 - 0.7 million and Media Intelligence Solutions revenue in the range of $1.1 - 1.2 million."
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