0001181431-11-021017.txt : 20110401 0001181431-11-021017.hdr.sgml : 20110401 20110331173518 ACCESSION NUMBER: 0001181431-11-021017 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20110330 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20110401 DATE AS OF CHANGE: 20110331 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INFORMATION ANALYSIS INC CENTRAL INDEX KEY: 0000803578 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 541167364 STATE OF INCORPORATION: VA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-22405 FILM NUMBER: 11727828 BUSINESS ADDRESS: STREET 1: 11240 WAPLES MILL RD #400 CITY: FAIRFAX STATE: VA ZIP: 22030 BUSINESS PHONE: 7033833000 MAIL ADDRESS: STREET 1: 2222 GALLOWS ROAD STREET 2: SUITE 300 CITY: DUNN LORING STATE: VA ZIP: 22027 8-K 1 rrd307104.htm 8-K EARNINGS 2010 YE Prepared By R.R. Donnelley Financial -- Form 8-K
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
Form 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported):  03/30/2011
 
INFORMATION ANALYSIS INCORPORATED
(Exact name of registrant as specified in its charter)
 
Commission File Number:  000-22405
 
VA
  
54-1167364
(State or other jurisdiction of
  
(IRS Employer
incorporation)
  
Identification No.)
 
11240 Waples Mill Rd, Ste 201, Fairfax, VA 22030
(Address of principal executive offices, including zip code)
 
703-383-3000
(Registrant’s telephone number, including area code)
 
(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[  ]   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[  ]   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[  ]   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[  ]   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 

 
Item 2.02.    Results of Operations and Financial Condition
 
On March 30, 2011, Information Analysis Incorporated issued a press release reporting earnings and other financial results for its year ended December 31, 2010. A copy of this press release, captioned, "Information Analysis Inc. Reports Profitable Results for 2010", is attached as exhibit 99.1 to this Current Report on Form 8-K (the "8-K"). The information in this 8-K, including the exhibit, shall not be deemed filed for the purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
 
 
Item 9.01.    Financial Statements and Exhibits
 
Press Release dated March 30, 2011, captioned: "Information Analysis Inc. Reports Profitable Results for 2010".
 

 

SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
           
INFORMATION ANALYSIS INCORPORATED
 
 
Date: March 31, 2011
     
By:
 
/s/    Matthew T. Sands
               
Matthew T. Sands
               
Controller
 
 

 

EXHIBIT INDEX
 
Exhibit No.
  
Description
EX-99.1
  
Press Release dated March 30, 2011
EX-99.1 2 rrd307104_34642.htm PRESS RELEASE DATED MARCH 30, 2011 DC10439.pdf -- Converted by SEC Publisher 4.2, created by BCL Technologies Inc., for SEC Filing

Exhibit 99.1 For additional information contact: Richard S. DeRose (703) 293-7901

For release: March 30, 2011

Information Analysis Inc. Reports Profitable Results for 2010

FAIRFAX, VIRGINIA – Information Analysis Inc. (IAIC:OTCBB) today reported results for the year ended December 31, 2010. Revenues were $6,860,000, compared to revenues of $6,711,000 for the same period in 2009. The information technology services company reported net income of $146,000, or $0.01 per share basic and diluted, compared to net income of $164,000, or $0.01 per share basic and diluted, reported for the comparable 2009 period.

     “The Company reported essentially the same revenue and profit for 2010 in comparison to 2009’s results. In order to grow the business, we have added some initiatives in new areas, such as cyber security and more generalized user applications using Adobe products for our solutions sets,” said Sandor Rosenberg, Chairman and Chief Executive Officer of IAI. “We expect to turn this effort into better results during the latter part of 2011.

“We continue to pursue merger and acquisition opportunities.”

About Information Analysis Incorporated

     Information Analysis Incorporated (www.infoa.com), headquartered in Fairfax, Virginia, is an information technology services company. The Company is a web solution provider and software conversion specialist, modernizing legacy systems and extending their reach to the internet world.

Additional information for investors

     This release may contain forward-looking statements regarding the Company's business, customer prospects, or other factors that may affect future earnings or financial results. Such statements involve risks and uncertainties which could cause actual results to vary materially from those expressed in the forward-looking statements. Investors should read and understand the risk factors detailed in the Company's 10-K for the fiscal year ended December 31, 2010 and in other filings with the Securities and Exchange Commission.

-- more --

Information Analysis Reports Profitable Results for 2010                 
March 30, 2011                 
Page 2 of 3                 
 
 
Information Analysis Incorporated         
Statements of Operations             
 
        Year ended December 31, 
(in thousands, except per share data; audited)        2010        2009 
Revenue:                 
           Professional fees    $    4,856    $    4,938 
           Software sales        2,004        1,773 
           Total revenue        6,860        6,711 
Cost of goods sold and services provided:                 
           Cost of professional fees        2,763        3,102 
           Cost of software sales        1,711        1,453 
           Total cost of sales        4,474        4,555 
Gross margin        2,386        2,156 
Selling, general and administrative expense        2,249        2,002 
Income from operations        137        154 
Other income, net        9        10 
Income before income taxes        146        164 
Provision for income taxes        --        -- 
Net income    $    146    $    164 
 
Earnings per share:                 
           Basic    $    0.01    $    0.01 
           Diluted    $    0.01    $    0.01 
 
 
Shares used in calculating earnings per share:                 
           Basic    11,196,760    11,196,760 
           Diluted    11,211,024    11,207,905 

-- more --

<
Information Analysis Reports Profitable Results for 2010                 
March 30, 2011                 
Page 3 of 3                 
 
Information Analysis Incorporated         
Balance Sheets                 
 
       As of        As of 
    December 31, 2010        December 31, 2009 
(in thousands)    (audited)        (audited) 
ASSETS                 
Current assets:                 
     Cash and cash equivalents     $    1,968           $    1,479 
     Accounts receivable, net        772        940 
     Prepaid expenses        571        689 
     Note receivable, current        6        - 
             Total current assets        3,317        3,108 
 
Fixed assets, net        36        36 
     Note receivable, long-term        11        -- 
Other assets        6        6 
             Total assets     $    3,370           $    3,150 
 
 
LIABILITIES & STOCKHOLDERS' EQUITY                 
Current liabilities:                 
     Accounts payable     $    76           $    89 
     Deferred revenues        653        779 
     Commissions payable        447        222 
     Accrued payroll and related liabilities        245        255 
     Other accrued liabilities        69        85 
             Total liabilities        1,490        1,430 
 
Common stock, par value $0.01, 30,000,000 shares authorized;                 
     12,839,376 shares issued, 11,196,760 outstanding        128        128 
Additional paid in capital        14,568        14,554 
Accumulated deficit       (11,886)           (12,032) 
Less treasury stock; 1,642,616 shares at cost        (930)        (930) 
             Total stockholders' equity        1,880        1,720 
             Total liabilities and stockholders' equity     $    3,370           $    3,150 

-- end --