Intelligent Systems Corporation announced its financial results for the three and six month periods ended June 30, 2009.
For the three month period ended June 30, 2009, the company recorded a loss from continuing operations of $177,000 compared to a loss from continuing operations of $1,256,000 in the second quarter of 2008. Revenue was $3,123,000 in the second quarter of 2009, a decline of 24 percent compared to the second quarter of 2008, but an increase of 12 percent from the first quarter of 2009.
The net loss reported for the quarter ended June 30, 2009 was $177,000 ($0.04 per basic and diluted share) compared to net income of $1,543,000 ($0.34 per basic and diluted share) for the second quarter of 2008. These results are not directly comparable because the 2008 results include a one-time gain of $2,884,000 on the sale of a former subsidiary in April of 2008.
For the six month period ended June 30, 2009, the loss from continuing operations was $839,000 on revenue of $5,911,000 as compared to a loss from continuing operations of $2,381,000 on revenue of $8,435,000 in the same period in 2008.
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