-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, EDiJUXmmYaatGX63ch/iOKdBMMppC/IaxDFEbOfYtMHtQc4VBrBrcbUWDcp2mLkK voZ3jk35ZJkVfQ9WYeDnrw== 0001157523-09-005700.txt : 20090806 0001157523-09-005700.hdr.sgml : 20090806 20090806081621 ACCESSION NUMBER: 0001157523-09-005700 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20090806 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20090806 DATE AS OF CHANGE: 20090806 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INNODATA ISOGEN INC CENTRAL INDEX KEY: 0000903651 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374] IRS NUMBER: 133475943 STATE OF INCORPORATION: DE FISCAL YEAR END: 1216 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-22196 FILM NUMBER: 09989970 BUSINESS ADDRESS: STREET 1: THREE UNIVERSITY PLAZA STREET 2: SUITE 506 CITY: HACKENSACK STATE: NJ ZIP: 07601 BUSINESS PHONE: 201 488 1200 MAIL ADDRESS: STREET 1: THREE UNIVERSITY PLAZA STREET 2: SUITE 506 CITY: HACKENSACK STATE: NJ ZIP: 07601 FORMER COMPANY: FORMER CONFORMED NAME: INNODATA CORP DATE OF NAME CHANGE: 19930505 8-K 1 a6023900.htm INNODATA ISOGEN, INC. 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: August 6, 2009

(Date of earliest event reported):


INNODATA ISOGEN, INC.
(Exact name of registrant as specified in its charter)


Delaware

0-22196

13-3475943

(State or other jurisdiction of

incorporation)

(Commission File Number)

 

(I.R.S. Employer

Identification No.)


Three University Plaza

Hackensack, NJ 07601

 

07601

(Address of principal executive offices)

(Zip Code)


(201) 371-8000
(Registrant’s telephone number, including area code)

N/A
(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 August 6, 2009, Innodata Isogen, Inc. issued a press release announcing its second quarter 2009 financial results.  A copy of the press release is attached hereto as Exhibit 99.1.

In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.


Item 9.01     Financial Statements and Exhibits.

99.1              Press release dated August 6, 2009.

2

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 thereunto duly authorized.

INNODATA ISOGEN, INC.

 

 
Date: August 6, 2009 By:

/s/ Jurgen C. Tanpho

Jurgen C. Tanpho

Interim Chief Financial Officer

3

INDEX TO EXHIBITS

Exhibit No.

 

Description

99.1

Press Release of Innodata Isogen, Inc., dated August 6, 2009, reporting second quarter 2009 financial results.

4

EX-99.1 2 a6023900ex99_1.htm EXHIBIT 99.1

Exhibit 99.1

Innodata Isogen Reports Strong Results for Second Quarter 2009

Revenues, earnings climb significantly year-over-year

Company on track for record revenue in 2009

NEW YORK--(BUSINESS WIRE)--August 6, 2009--INNODATA ISOGEN, INC. (NASDAQ:INOD), today announced revenue of $21,635,000 for the second quarter of 2009, up 21% from revenue of $17,870,000 in the second quarter of 2008, and slightly lower than record revenue of $21,815,000 achieved in the first quarter of 2009.

The company also reported net income of $3,204,000 in the second quarter of 2009, or $0.13 per diluted share, up substantially from net income of $36,000, or less than $0.01 per diluted share, in the second quarter of 2008. In the first quarter of 2009, the company achieved net income of $3,581,000, or $0.15 per diluted share.

In the first six months of 2009, revenue was $43,450,000, up 20% from revenue of $36,270,000 in the first six months of 2008. Net income in the first half of 2009 was $6,785,000, or $0.27 per diluted share, up substantially from net income of $869,000, or $0.03 per diluted share, in the first half of 2008.

The company reported cash from operations for the first six months of 2009 was a record $10 million, an increase of $6.1 million from nearly $4 million for the first six months of 2008. Cash and cash equivalents rose 51% to $23,118,000 at June 30, 2009 from $15,263,000 at June 30, 2008.

“We’re enthusiastic about our second half,” said Jack Abuhoff, chairman and CEO of Innodata Isogen. “We’re optimistic about the opportunities we have with both new and existing clients – opportunities that have significant strategic value in addition to their financial value.

“These opportunities should contribute to strong year-over-year revenue performance in the second half of 2009 and help position us to drive strong performance in 2010.”

Abuhoff said he anticipated revenue in the third quarter of 2009 to be approximately $20 million, with a sequential increase in the fourth quarter.

Timing of Conference Call with Q&A

Innodata Isogen will conduct an earnings conference call, including a question & answer period, at 11:00 AM ET today. You can participate in this call by dialing the following call-in numbers:

1-888-778-9052 (Domestic)
1-913-312-1517 (International)
1-888-203-1112 (Domestic Replay)
1-719-457-0820 (International Replay)

Pass code on replay only: 6023545


Investors are also invited to access a live Webcast of the conference call at the Investor Relations section of www.innodata-isogen.com. Please note that the Webcast feature will be in listen-only mode. Call-in or Webcast replay will be available for 30 days following the conference call.

About Innodata Isogen

Innodata Isogen (NASDAQ:INOD), is a leading provider of knowledge process outsourcing (KPO) services, as well as publishing and related information technology (IT) services.

We work as a product development partner to our clients, helping them meet their content creation and publishing challenges. We provide outsourcing services that draw upon onshore and offshore resources, proven project management and highly engineered processes and tools. We also help our clients improve their internal business operations with process and systems engineering. Our clients include leading enterprises in information-intensive industries such as media, publishing and information services, high technology, manufacturing, aerospace, defense, law, government and intelligence.

Recent honors include EContent Magazine’s EContent 100, KMWorld Magazine’s 100 Companies That Matter in Knowledge Management, the International Association of Outsourcing Professionals’ (IAOP) Global Outsourcing Top 100, D&B India’s Leading ITeS and BPO Companies and the Black Book of Outsourcing’s Top List of Leading Outsourcing Providers to the Printing and Publishing Business.

Headquartered in the New York metro area, Innodata Isogen has offices and operations in the United States, the United Kingdom, France, Israel, China, India, Sri Lanka, and the Philippines.

This release contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The words “project,” “head start,” "believe," "expect," “should,” "anticipate," "indicate," "point to" and other similar expressions generally identify forward-looking statements, which speak only as of their dates.

These forward-looking statements are based largely on our current expectations, and are subject to a number of risks and uncertainties, including without limitation, the primarily at-will nature of the company's contracts with its customers and the ability of customers to reduce, delay or cancel projects, including projects that the company regards as recurring; continuing revenue concentration in a limited number of clients; continuing reliance on project-based work; inability to replace projects that are completed, cancelled or reduced; depressed market conditions; changes in external market factors; the ability and willingness of our customers and prospective customers to execute business plans which give rise to requirements for digital content and professional services in knowledge processing; difficulty in integrating and deriving synergies from acquisitions; potential undiscovered liabilities of companies that we acquire; changes in our business or growth strategy; the emergence of new or growing competitors; various other competitive and technological factors; and other risks and uncertainties indicated from time to time in our filings with the Securities and Exchange Commission.

Actual results could differ materially from the results referred to in the forward-looking statements. In light of these risks and uncertainties, there can be no assurance that the results referred to in the forward-looking statements contained in this release will occur.


INNODATA ISOGEN, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per share amounts)

   

Three Months Ended
June 30,

Six Months Ended
June 30,

   

2009

2008

2009

2008

 
Revenues $ 21,635   $ 17,870   $ 43,450   $ 36,270  
 
Operating costs and expenses:
Direct operating expenses 14,199 13,738 27,309 27,067
Selling and administrative expenses 3,063 4,074 6,670 8,391
Interest income, net   (6 )   (50 )   (19 )   (106 )
 
Total   17,256     17,762     33,960     35,352  
Income before provision for income taxes 4,379 108 9,490 918
 
Provision for income taxes   1,175     72     2,705     49  
Net income $ 3,204   $ 36   $ 6,785   $ 869  

Income per share:

Basic $ .13   $ -   $ .28   $ .04  
Diluted $ .13   $ -   $ .27   $ .03  

Weighted average shares outstanding:

Basic   24,249     24,600     24,194     24,662  
Diluted   25,373     25,408     24,912     25,807  
 

INNODATA ISOGEN, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Dollars in thousands)

   

June 30,
2009

December 31,
2008

 
ASSETS
 
Current assets:
Cash and cash equivalents $ 23,118 $ 13,875
Accounts receivable, net 14,177 14,017
Prepaid expenses and other current assets 2,949 2,246
Deferred income taxes   2,282   4,115
 
Total current assets 42,526 34,253
 
Property and equipment, net 6,133 6,726
 
Other assets 2,694 2,825
 
Deferred income taxes 948 906
 
Goodwill   675   675
 
Total assets $ 52,976 $ 45,385
 
 
LIABILITIES AND STOCKHOLDERS' EQUITY
 
Current liabilities:
Accounts payable and accrued expenses $ 3,958 $ 3,593
Accrued salaries, wages and related benefits 5,481 5,289
Income and other taxes 1,437 1,649
Current portion of long-term obligations   865   915
 
Total current liabilities   11,741   11,446
 
Deferred income taxes   2,075   2,080
 
Long term obligations   1,348   1,671
 
Stockholders' equity   37,812   30,188
 
Total liabilities and stockholders’ equity $ 52,976 $ 45,385

CONTACT:
Innodata Isogen, Inc.
Al Girardi, Vice President, 201-371-8034
agirardi@innodata-isogen.com
www.innodata-isogen.com

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