Exhibit 99.1
For additional information contact:
Richard S. DeRose
(703) 293-7901
For release: March 29, 2018
 
Information Analysis Inc. Reports Profitable Results for 2017
 
FAIRFAX, VIRGINIA – Information Analysis Incorporated. (IAIC:OTCBB) today reported results for the year ended December 31, 2017. Revenues were up 58% to $10,641,000, compared to revenues of $6,729,000 for the same period in 2016. The information technology services company reported net income of $246,000, or $0.02 per share basic and diluted, compared to a net loss of $554,000, or $(0.05) per share basic and diluted, reported for the comparable 2016 period.
 
 “In 2017, the Company continued its effort to focus on legacy system modernization,” said Sandor Rosenberg, Chairman and Chief Executive Officer of IAI. “This has driven a 48 per cent increase in professional services revenue. In addition, we are making investments in marketing and sales in both the commercial market as well as in the government sector. We have been aggressively pursuing new business opportunities through the bidding process for prime contracts and teaming with our partners. Recently, a federal government customer elected to proceed with a needed modernization effort that we have been pursuing for years with a key partner, and we have once again proven ourselves to be able to engineer substantial modernization efforts on time and within budget. We expect that effort to expand into other opportunities.
 
“In recent months, several large companies have approached IAI to be part of their modernization teams due to IAI’s unique knowledge of legacy systems and unique tools to efficiently and cost-effectively modernize them.
 
 “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 product and services company. The Company is a web application and e-business solutions provider, as well as a software conversion specialist, modernizing legacy systems and extending their reach to the internet and more modern platforms.
 
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, 2016 and in other filings with the Securities and Exchange Commission.
 
 

1
 
 
 Information Analysis Incorporated
Statements of Operations
 
 
 
For the years ended December 31,    
 
(in thousands, except per share data)
 
2017
 
 
2016
 
 
 
  (unaudited)
 
 
  (audited)
 
Revenues
 
 
 
 
 
 
Professional fees
 $5,004 
 $3,392 
Software sales
  5,637 
  3,337 
Total revenues
  10,641 
  6,729 
 
    
    
Cost of revenues
    
    
Cost of professional fees
  2,723 
  1,895 
Cost of software sales
  5,502 
  3,011 
Total cost of revenues
  8,225 
  4,906 
 
    
    
Gross profit
  2,416 
  1,823 
 
    
    
Selling, general and administrative expenses
  1,674 
  1,879 
Commissions expense
  504 
  507 
 
    
    
Income (loss) from operations
  238 
  (563)
 
    
    
Other income
  8 
  9 
 
    
    
Income (loss) before income taxes
  246 
  (554)
 
    
    
Net income (loss)
 $246 
 $(554)
 
    
    
Net income (loss) per share:
    
    
Basic
 $0.02 
 $(0.05)
Diluted
 $0.02 
 $(0.05)
 
    
    
Weighted average common shares outstanding
    
    
Basic
  11,201,760 
  11,201,760 
Diluted
  11,583,578 
  11,201,760 

 
 
2
 
 
 Information Analysis Incorporated
 Balance Sheets
 
 
 
As of
 
 
As of
 
 
 
December 31, 2017
 
 
December 31, 2016
 
(in thousands)
 
(unaudited)
 
 
(audited)
 
ASSETS
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
Cash and cash equivalents
 $2,731 
 $1,895 
Accounts receivable, net
  616 
  1,157 
Prepaid expenses
  369 
  664 
Note recivable, current
  2 
  3 
Total current assets
  3,718 
  3,719 
 
    
    
Fixed assets, net
  11 
  27 
Other assets
  6 
  6 
Total assets
 $3,735 
 $3,752 
 
    
    
 
    
    
LIABILITIES & STOCKHOLDERS' EQUITY
    
    
Current liabilities
    
    
Accounts payable
 $48 
 $49 
Commissions payable
  713 
  853 
Other accrued liabilities
  411 
  396 
Deferred revenues
  387 
  615 
Accrued payroll and related liabilities
  276 
  207 
Franchise tax payable
  6 
  - 
Total liabilities
  1,841 
  2,120 
 
    
    
Common stock, par value $0.01, 30,000,000 shares authorized;
    
    
12,844,376 shares issued, 11,201,760 shares outstanding
    
    
as of December 31, 2017 and 2016
  128 
  128 
Additional paid-in capital
  14,646 
  14,631 
Accumulated deficit
  (11,950)
  (12,197)
Less treasury stock; 1,642,616 shares at cost
  (930)
  (930)
Total stockholders' equity
  1,894 
  1,632 
 
    
    
Total liabilities and stockholders' equity
 $3,735 
 $3,752 
 
 

3

The following information was filed by Information Analysis Inc (IAIC) on Thursday, March 29, 2018 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.

View differences made from one quarter to another to evaluate Information Analysis Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Information Analysis Inc.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account