0001181431-11-029682.txt : 20110513 0001181431-11-029682.hdr.sgml : 20110513 20110513164636 ACCESSION NUMBER: 0001181431-11-029682 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20110512 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20110513 DATE AS OF CHANGE: 20110513 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: 11841701 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 rrd311743.htm 8-K FIRST QUARTER 2011 EARNINGS RELEASE 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):  05/12/2011
 
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 May 12, 2011, Information Analysis Incorporated issued a press release reporting earnings and other financial results for its quarter ended March 31, 2011. A copy of this press release, captioned, "Information Analysis, Inc. Reports First Quarter Results", 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 May 12, 2011, captioned: "Information Analysis, Inc. Reports First Quarter Results".
 

 

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: May 13, 2011
     
By:
 
/s/    Matthew T. Sands
               
Matthew T. Sands
               
Controller
 
 

 

EXHIBIT INDEX
 
Exhibit No.
  
Description
EX-99.1
  
Press Release dated May 12, 2011
EX-99.1 2 rrd311743_34973.htm PRESS RELEASE DATED MAY 12, 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: Mary 12, 2011

Information Analysis Inc. Reports First Quarter Results

FAIRFAX, VIRGINIA – Information Analysis Inc. (IAIC:OTCBB) today reported results for the first fiscal quarter ended March 31, 2011. Revenues were $1,424,000, compared to $2,015,000 reported in 2010's first quarter. The Company reported a net loss of $9,000, or $0.00 per share, compared to net income of $104,000, or $0.01 per share, in the first quarter 2010.

     “The Company's revenue and profits were down in the first quarter in comparison to the first quarter of 2010,” Sandor Rosenberg, Chairman and Chief Executive Officer of IAI said. “This was due, in large part, to the delay in government budget approvals. We expect to achieve a higher revenue level in the second quarter now that funding has been approved for the remainder of the government fiscal year. We are actively pursuing the system modernization business where we have observed an increase in opportunities in both the government and commercial marketplace.

“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.

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Information Analysis Reports First Quarter Results                 
May 12, 2011                 
Page 2 of 3                 
 
 
Information Analysis Incorporated         
Condensed Income Statements             
 
        Three months ended March 31, 
(in thousands, except per share data; unaudited)        2011        2010 
Net revenue:                 
           Professional fees    $    1,103    $    1,513 
           Software sales        321        502 
           Total revenue        1,424        2,015 
Cost of goods sold and services provided:                 
           Cost of professional fees        593        790 
           Cost of software sales        276        422 
           Total cost of sales        869        1,212 
Gross margin        555        803 
Selling, general and administrative expense        566        701 
Operating (loss) income         (11)        102 
Other income        2        2 
(Loss) income before income taxes        (9)        104 
Provision for income taxes        --        -- 
Net (loss) income    $    (9)    $    104 
 
Net (loss) income per share:                 
           Basic    $    0.00    $    0.01 
           Diluted    $    0.00    $    0.01 
 
 
Shares used in calculating earnings per share:                 
           Basic    11,196,760    11,196,760 
           Diluted    11,196,760    11,202,893 

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<
Information Analysis Reports First Quarter Results                 
May 12, 2011                 
Page 3 of 3                 
 
Information Analysis Incorporated         
Balance Sheets                 
 
       As of        As of 
    March 31, 2011        March 31, 2010 
(in thousands, unaudited)             
ASSETS                 
Current assets:                 
     Cash and cash equivalents     $    1,852           $    1,968 
     Accounts receivable, net        999        772 
     Prepaid expenses        434        571 
     Note receivable, current        7        6 
             Total current assets        3,292        3,317 
 
Fixed assets, net        31        36 
     Note receivable (long-term portion)        9        11 
Other assets        6        6 
             Total assets     $    3,338           $    3,370 
 
 
LIABILITIES & STOCKHOLDERS' EQUITY                 
Current liabilities:                 
     Accounts payable     $    47           $    76 
     Deferred revenue        550        653 
     Commissions payable        503        447 
     Other accrued liabilities        119        69 
     Accrued payroll and related liabilities        245        245 
             Total liabilities        1,464        1,490 
 
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        14,571        14,568 
Accumulated deficit       (11,895)           (11,886) 
Less treasury stock; 1,642,616 shares at cost        (930)        (930) 
             Total stockholders' equity        1,874        1,880 
             Total liabilities and stockholders' equity     $    3,338           $    3,370 

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