Exhibit 99.1

 

 

For additional information contact:

Matt Sands 

(703) 293-7925

   
  For release: August 18, 2020

 

Information Analysis Inc. Reports Improving Results in its Second Quarter

 

 

FAIRFAX, VIRGINIA – Information Analysis Incorporated (IAIC:OTC PINK) reported on Friday its results for the second quarter and first six months of 2020.

 

For the second quarter of 2020, revenues increased 30% to $4,819,000, compared to second quarter 2019 revenues of $3,704,000. The information technology services company reduced its net losses by $174,000, or 83%, and reported a net loss in the second quarter of 2020 of $35,000, or $0.00 per share basic and diluted, versus a net loss in the second quarter of 2019 of $209,000, or ($0.02) per share basic and diluted.

 

For the first six months of 2020, revenues increased 41% to $6,881,000, compared to second quarter 2019 revenues of $4,883,000. The company reduced its net losses by $238,000, or 60%, and reported a net loss in the six months ended June 30, 2020, of $161,000, or ($0.01) per share basic and diluted, versus a net loss in the six months ended June 30, 2019, of $399,000, or ($0.04) per share basic and diluted.

 

“There is no doubt about it - 2019 was a tough year,” said Sandor Rosenberg, Chairman and Chief Executive Officer of IAI. “Contracts were expiring in normal course, but every material new contract and subcontract we won was delayed due to protests by companies competing for the business. Despite managing our offices and employees through ever-changing directives and regulations due to the COVID health emergency, we turned the corner during this second quarter, as the largest of these delayed subcontracts emerged from protest almost a year after it was originally won. In June we were able to commence a massive modernization effort at a federal agency that could be worth upwards of $25 million over the subcontract’s seven-year term. With the addition of this effort, we expect our third quarter to be profitable, and we should remain so for the foreseeable future.

 

“With our recent large-scale modernization successes, especially with regard to aging COBOL-based systems, we are poised to pursue and win opportunities with the federal government, as well as efforts to modernize and enhance state and local data systems and large-scale commercial systems. We make an excellent teammate when tackling multi-faceted modernization efforts.”

 

About Information Analysis Incorporated

 

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

 

-- more --

 

The following information was filed by Information Analysis Inc (IAIC) on Tuesday, August 18, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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