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<SEC-DOCUMENT>0001157523-08-003943.txt : 20080508
<SEC-HEADER>0001157523-08-003943.hdr.sgml : 20080508
<ACCEPTANCE-DATETIME>20080508081504
ACCESSION NUMBER:		0001157523-08-003943
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20080508
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20080508
DATE AS OF CHANGE:		20080508

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:		08812024

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a5679892.htm
<DESCRIPTION>INNODATA ISOGEN, INC. 8-K
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2008 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-size: 10pt; font-family: Times New Roman">
    <p style="text-align: center">
      <b><font style="font-family: Times New Roman; font-size: 18pt">UNITED
      STATES</font><font style="font-family: Times New Roman; font-size: 18pt"><br style="font-size: 18pt; font-family: Times New Roman"></font><font style="font-family: Times New Roman; font-size: 18pt">SECURITIES
      AND EXCHANGE COMMISSION</font></b><br><br><b><font style="font-family: Times New Roman; font-size: 10pt">Washington,
      D.C. 20549</font></b><br><br><b><font style="font-family: Times New Roman; font-size: 18pt">FORM
      8-K</font></b><br><br><b><font style="font-family: Times New Roman; font-size: 12pt">CURRENT
      REPORT</font></b><br><br><b><font style="font-family: Times New Roman; font-size: 12pt">Pursuant
      to Section 13 or 15 (d) of the Securities Exchange Act of 1934</font></b><br><br><font style="font-family: Times New Roman; font-size: 10pt">Date
      of Report: May 8, 2008</font><br><font style="font-family: Times New Roman; font-size: 10pt">(Date
      of earliest event reported):</font><br><br><br><b><font style="font-size: 18pt">INNODATA
      ISOGEN, INC.</font></b><br><font style="font-family: Times New Roman; font-size: 10pt">(Exact
      name of registrant as specified in its charter)</font><br><br><br>
    </p>
    <table style="margin-bottom: 10.0px; font-family: Times New Roman; font-size: 10pt; width: 100%" cellspacing="0">
      <tr>
        <td valign="bottom" style="width: 33%; text-align: center; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Delaware</b>
          </p>
        </td>
        <td valign="bottom" style="white-space: nowrap; width: 34%; padding-right: 0.0px; text-align: center; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>0-22196</b>
          </p>
        </td>
        <td valign="bottom" style="white-space: nowrap; width: 33%; padding-right: 0.0px; text-align: center; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>13-3475943</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="width: 33%; text-align: center; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (State or other jurisdiction of
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            incorporation)
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td valign="top" style="width: 34%; text-align: center; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (Commission File Number)
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td valign="top" style="width: 33%; text-align: center; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (I.R.S. Employer
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            Identification No.)
          </p>
        </td>
      </tr>
    </table>
    <table style="margin-bottom: 10.0px; font-family: Times New Roman; font-size: 10pt; width: 100%" cellspacing="0">
      <tr>
        <td valign="bottom" style="width: 33%; text-align: center; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Three University Plaza</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Hackensack, NJ 07601</b>
          </p>
        </td>
        <td style="width: 34%">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; width: 33%; padding-right: 0.0px; text-align: center; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>07601</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="width: 33%; text-align: center; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-family: Times New Roman; font-size: 10pt">(Address
            of principal executive offices)</font>
          </p>
        </td>
        <td style="width: 34%">

        </td>
        <td valign="bottom" style="width: 33%; text-align: center; padding-left: 0.0px">
          <font style="font-family: Times New Roman; font-size: 10pt">(Zip
          Code)</font>
        </td>
      </tr>
    </table>
    <p style="text-align: center">
      <b><font style="font-size: 10pt">(201) 371-2828</font></b><font style="font-size: 10pt"><br style="font-size: 10pt"></font><font style="font-size: 10pt">(</font><font style="font-family: Times New Roman; font-size: 10pt">Registrant&#8217;s
      telephone number, including area code)</font><br><br><b><font style="font-size: 10pt">N/A</font></b><font style="font-size: 10pt"><br style="font-size: 10pt"></font><font style="font-family: Times New Roman; font-size: 10pt">(Former
      name or former address, if changed since last report)</font>
    </p>
    <p>

    </p>
    <p>
      <font style="font-family: Times New Roman; font-size: 10pt">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:</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font>
    </p>
    <div style="text-indent: 0pt; margin-bottom: 10pt; margin-right: 0pt; width: 100%; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p>
      <b><font style="font-family: Times New Roman; font-size: 10pt">Item
      2.02&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman; font-size: 10pt"><u>Results
      of Operations and Financial Condition</u></font><font style="font-family: Times New Roman; font-size: 10pt">.</font></b><br>
    </p>
    <p style="text-indent: 30.0px; font-family: Times New Roman; font-size: 10pt">
      On May 8, 2008, Innodata Isogen, Inc. issued a press release announcing
      its first quarter 2008 financial results. A copy of the press release is
      attached hereto as Exhibit 99.1.<br>
    </p>
    <p style="text-indent: 30.0px; font-family: Times New Roman; font-size: 10pt">
      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 &#8220;filed&#8221; for purposes of Section 18 of the Securities
      Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), 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.<br>
    </p>
    <p style="text-align: left">
      <b><font style="font-family: Times New Roman; font-size: 10pt">Item
      9.01&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman; font-size: 10pt"><u>Financial
      Statements and Exhibits</u></font><font style="font-family: Times New Roman; font-size: 10pt">.</font></b><br>
    </p>
    <p style="text-align: left">
      99.1 &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Press release dated May 8, 2008.<br>
    </p>
    <p style="white-space: nowrap">

    </p>
    <div style="text-indent: 0pt; margin-bottom: 10pt; margin-right: 0pt; width: 100%; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      <b><font style="font-family: Times New Roman; font-size: 10pt"><u>SIGNATURES</u></font></b>
    </p>
    <p style="text-indent: 30.0px">
      <font style="font-family: Times New Roman; font-size: 10pt">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.</font>
    </p>
    <table style="margin-bottom: 10.0px; font-family: Times New Roman; font-size: 10pt; width: 100%" cellspacing="0">
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 55%">

        </td>
        <td valign="top" colspan="2" style="text-align: left; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            INNODATA ISOGEN, INC.
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 55%">

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 55%">

        </td>
        <td valign="top" colspan="2" style="text-align: left; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 5%; text-align: left; padding-left: 0.0px">
          Date:
        </td>
        <td valign="top" style="width: 55%; text-align: left; padding-left: 0.0px">
          May 8, 2008
        </td>
        <td valign="top" style="width: 4%; text-align: left; padding-left: 0.0px">
          By:
        </td>
        <td valign="top" style="width: 36%; text-align: left; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>/s/ Steven L. Ford</u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 55%">

        </td>
        <td style="width: 4%">

        </td>
        <td valign="top" style="width: 36%; text-align: left; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Steven L. Ford
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 55%">

        </td>
        <td style="width: 4%">

        </td>
        <td valign="top" style="width: 36%; text-align: left; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Executive Vice President
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 55%">

        </td>
        <td style="width: 4%">

        </td>
        <td valign="top" style="width: 36%; text-align: left; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            and Chief Financial Officer
          </p>
        </td>
      </tr>
    </table>
    <p>

    </p>
    <div style="text-indent: 0pt; margin-bottom: 10pt; margin-right: 0pt; width: 100%; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <b><font style="font-family: Times New Roman; font-size: 10pt"><u>INDEX
      TO&#160;EXHIBITS </u></font></b>
    </p>
    <p style="text-align: center">

    </p>
    <table style="margin-bottom: 10.0px; font-family: Times New Roman; font-size: 10pt; width: 100%" cellspacing="0">
      <tr>
        <td valign="top" style="border-bottom: solid black 1.0pt; width: 10%; text-align: left; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Exhibit No.</b>
          </p>
        </td>
        <td style="width: 5%">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; width: 85%; text-align: center; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Description</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="white-space: nowrap; width: 10%; padding-right: 0.0px; text-align: center; padding-left: 0.0px">
          99.1
        </td>
        <td style="width: 5%">

        </td>
        <td valign="top" style="width: 85%; text-align: left; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Press Release of Innodata Isogen, Inc., dated May 8, 2008,
            reporting first quarter 2008 financial results.
          </p>
        </td>
      </tr>
    </table>
    <p>

    </p>
  </body>
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     PUBLIC "-//W3C//DTD XHTML 1.0 Strict//EN"
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a5679892ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2008 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-size: 8pt; font-family: Times New Roman">
    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <b><font style="font-family: Times New Roman; font-size: 12pt">Innodata
      Isogen Reports Revenues up 45% in Q1 2008</font></b>
    </p>
    <ul style="text-align: center">
      <li style="margin-bottom: 10.0px">
        <b><font style="font-family: Times New Roman; font-size: 12pt">Recurring
        Revenue Climbs 64%</font></b>
      </li>
      <li style="margin-bottom: 10.0px">
        <b><font style="font-family: Times New Roman; font-size: 12pt">Company
        Anticipates Continuing Strong Performance</font></b>
      </li>
    </ul>
    <p>

    </p>
    <p>
      NEW YORK--(BUSINESS WIRE)--<b>INNODATA ISOGEN, INC. (NASDAQ: INOD)</b>,
      a leading provider of knowledge process outsourcing services, as well as
      publishing and related information technology services, today announced
      revenues of $18,400,000 for the first quarter of 2008, up approximately
      45% from revenues of $12,729,000 in the first quarter of 2007.
    </p>
    <p>
      Significantly, recurring revenue at Innodata Isogen increased 64% from
      $7 million in the first quarter of 2007 to $11.5 million in the first
      quarter of 2008.
    </p>
    <p>
      The company also reported net income of $833,000 or $0.03 per diluted
      share, for the first quarter of 2008, as compared to a net loss of
      $643,000 or $0.03 per diluted share, for the first quarter of 2007.
    </p>
    <p>
      &#8220;The solid revenue results for the quarter exceeded our expectations and
      represent a very good start to the year,&#8221; said Jack Abuhoff, chairman
      and CEO of Innodata Isogen.
    </p>
    <p>
      &#8220;Our strong growth over the past year is attributable to our focus on
      knowledge process outsourcing, an area where we&#8217;re seeing accelerating
      demand from our clients and where most industry analysts continue to
      project rapid expansion,&#8221; Abuhoff said. &#8220;Because we believe that KPO
      represents a significant, multi-year opportunity for us, we are
      investing approximately $500,000 per quarter in new domain experts,
      training, overseas staff and technologists who are building a platform
      to support future accelerated growth. Earnings for the first quarter
      reflect this as an operating expense. We believe that further
      development of this platform should contribute significantly to our
      bottom line because approximately 40% of incremental KPO revenue flows
      through to fund SG&amp;A and support operating income.
    </p>
    <p>
      &#8220;We intend to trim our annual non-KPO operating costs by approximately
      $1 million, while retaining our level of investment in the KPO platform.
      This will help offset the decline in value of the U.S. dollar, which in
      the first quarter reduced our earnings by approximately $1.3 million.
    </p>
    <p>
      &#8220;We expect second quarter revenue to be roughly in line with first
      quarter, with more significant revenue gains coming in the second half
      of the year that we anticipate will help us achieve double-digit
      year-over-year growth.&#8221;
    </p>
    <p>
      <b>Timing of Conference Call with Q&amp;A</b>
    </p>
    <p>
      Innodata Isogen will conduct an earnings conference call, including a
      question &amp; answer period, at 11:00 AM ET today. You can participate in
      this call by dialing the following call-in numbers:
    </p>
    <table style="margin-bottom: 10.0px; font-family: Times New Roman; font-size: 8pt; width: 100%" cellspacing="0">
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          1-800-723-6498 (Domestic)
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          1-785-830-7989 (International)
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          1-888-203-1112 (Domestic Replay)
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          1-719-457-0820 (International Replay)
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Pass code on replay only: 9643220
        </td>
      </tr>
    </table>
    <div style="text-indent: 0pt; margin-bottom: 10pt; margin-right: 0pt; width: 100%; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      Investors are also invited to access a live Webcast of the conference
      call at the Investor Relations section of <u>www.innodata-isogen.com</u>.
      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.
    </p>
    <p>
      <b>About Innodata Isogen</b>
    </p>
    <p>
      Innodata Isogen, Inc. <b>(NASDAQ: INOD) </b>is a leading provider of
      knowledge process outsourcing (KPO) services, as well as publishing and
      related information technology (IT) services.
    </p>
    <p>
      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.
    </p>
    <p>
      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 <i>EContent</i> magazine&#8217;s <u>EContent
      100, </u><i>KMWorld</i> magazine&#8217;s <u>100 Companies That Matter</u>,
      the International Association of Outsourcing Professionals (IAOP) <u>Global
      Outsourcing Top 100</u>, D&amp;B India&#8217;s <u>leading ITeS and BPO
      companies</u> and the <i>Black Book of Outsourcing&#8217;s</i> list of
      leading outsourcing providers to the printing and publishing business.
    </p>
    <p>
      Headquartered in Northern New Jersey, Innodata Isogen has offices and
      operations in the United States, the Philippines, India, Sri Lanka,
      Israel, China and France.
    </p>
    <p>
      <i>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 &#8220;project,&#8221; &#8220;head start,&#8221;
      &quot;believe,&quot; &quot;expect,&quot; &#8220;should,&#8221; &quot;anticipate,&quot; &quot;indicate,&quot; &quot;point to&quot; and
      other similar expressions generally identify forward-looking statements,
      which speak only as of their dates.</i>
    </p>
    <p>
      <i>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.</i>
    </p>
    <p style="text-align: left">
      <i>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.</i>
    </p>
    <div style="text-indent: 0pt; margin-bottom: 10pt; margin-right: 0pt; width: 100%; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <table style="margin-bottom: 10.0px; font-family: Times New Roman; font-size: 8pt; width: 100%" cellspacing="0">
      <tr>
        <td valign="top" colspan="9" style="text-align: center; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>INNODATA ISOGEN, INC. AND SUBSIDIARIES</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>(In thousands, except per share amounts)</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            (Unaudited)
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="7">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" colspan="7" style="white-space: nowrap; padding-right: 0.0px; text-align: center; padding-left: 0.0px">
          <b>Three Months Ended </b><br><b>March 31,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="white-space: nowrap; padding-right: 0.0px; text-align: center; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b><u>2008</u></b>
          </p>
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="white-space: nowrap; padding-right: 0.0px; text-align: center; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b><u>2007</u></b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">
          <b>Revenues</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          18,400
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          12,729
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <b>Operating costs and expenses</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Direct operating expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          13,414
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          10,044
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Selling and administrative expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          4,232
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          3,445
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px">
          Interest (income), net
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          (56
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          (137
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px">
          Total
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          17,590
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          13,352
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <b>Income (loss) before (benefit from) provision for income taxes</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          810
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          (623
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">
          (Benefit from) Provision for income taxes
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          (23
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          20
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px">
          <b>Net income (loss)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          833
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          (643
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px">
          <b>Income (loss) per share &#8211; basic and diluted</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          .03
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          (.03
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <b>Weighted average shares outstanding:</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 4.0px; text-align: left; padding-left: 15.0px">
          Basic
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          24,724
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          23,906
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 4.0px; text-align: left; padding-left: 15.0px">
          Diluted
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          26,205
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          23,906
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
    </table>
    <div style="text-indent: 0pt; margin-bottom: 10pt; margin-right: 0pt; width: 100%; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <table style="margin-bottom: 10.0px; font-family: Times New Roman; font-size: 8pt; width: 100%" cellspacing="0">
      <tr>
        <td valign="top" colspan="5" style="text-align: center; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>INNODATA ISOGEN, INC. AND SUBSIDIARIES</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>CONDENSED CONSOLIDATED BALANCE SHEETS</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>(Dollars in Thousands)</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px">
          <b>March 31,</b>
        </td>
        <td>

        </td>
        <td valign="top" style="white-space: nowrap; padding-right: 0.0px; text-align: center; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>December 31,</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: center; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b><u>2008</u></b>
          </p>
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: center; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b><u>2007</u></b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px">
          (unaudited)
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <b>ASSETS:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <b>Current assets:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          Cash and cash equivalents
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          $16,053
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          $14,751
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          Accounts receivable, net
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          9,780
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          10,673
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          Prepaid expenses and other current assets
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          2,633
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          2,117
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          Refundable income taxes
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          4
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          453
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; text-align: left; padding-left: 15.0px">
          Deferred income taxes
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          160
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          202
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Total current assets
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          28,630
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          28,196
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Property and equipment, net
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          7,356
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          7,160
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Other assets
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          3,122
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          2,037
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Deferred income taxes
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          476
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          381
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">
          Goodwill
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          675
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          675
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 4.0px; text-align: left; padding-left: 95.0px">
          <b>Total assets</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          $40,259
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          $38,449
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <b>LIABILITIES AND STOCKHOLDERS' EQUITY:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <b>Current liabilities:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          Accounts payable and accrued expenses
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          $4,159
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          $4,200
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          Accrued salaries, wages and related benefits
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          4,679
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          5,244
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          Income and other taxes
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          1,947
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          2,053
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; text-align: left; padding-left: 15.0px">
          Current portion of long-term obligations
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          919
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          370
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px">
          Total current liabilities
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          11,704
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          11,867
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">
          Deferred income taxes
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          1,156
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          1,224
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">
          Long term obligations
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          3,296
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          2,128
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">
          <b>Stockholders' equity</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          24,103
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          23,230
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 4.0px; text-align: left; padding-left: 85.0px">
          <b>Total liabilities and stockholders&#8217; equity</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          $40,259
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px">
          $38,449
        </td>
      </tr>
    </table>
    <p style="text-align: center">

    </p>
    <p>
      CONTACT:<br>Innodata Isogen, Inc.<br>Steven L. Ford, 201-371-2510<br>Chief
      Financial Officer<br><u>sford@innodata-isogen.com</u>
    </p>
    <p>

    </p>
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</SEC-DOCUMENT>
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