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<SEC-DOCUMENT>0001157523-09-007718.txt : 20091105
<SEC-HEADER>0001157523-09-007718.hdr.sgml : 20091105
<ACCEPTANCE-DATETIME>20091105082720
ACCESSION NUMBER:		0001157523-09-007718
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20091105
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20091105
DATE AS OF CHANGE:		20091105

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:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-22196
		FILM NUMBER:		091159540

	BUSINESS ADDRESS:	
		STREET 1:		THREE UNIVERSITY PLAZA
		STREET 2:		SUITE 506
		CITY:			HACKENSACK
		STATE:			NJ
		ZIP:			07601
		BUSINESS PHONE:		201 371 8000

	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>a6092364.htm
<DESCRIPTION>INNODATA ISOGEN, INC. 8-K
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2009 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-family: Times New Roman; font-size: 8pt">
    <p style="text-align: center">
      <font style="font-size: 18pt; font-family: Times New Roman"><b>UNITED
      STATES</b></font><br><font style="font-size: 18pt; font-family: Times New Roman"><b>SECURITIES
      AND EXCHANGE COMMISSION</b></font><font style="font-size: 18pt; font-family: Times New Roman"><br style="font-family: Times New Roman; font-size: 18pt"></font><font style="font-family: Times New Roman"><br style="font-family: Times New Roman"></font><font style="font-family: Times New Roman"><br style="font-family: Times New Roman"></font><font style="font-size: 10pt; font-family: Times New Roman"><b>Washington,
      D.C. 20549</b></font><font style="font-family: Times New Roman"><br style="font-family: Times New Roman"></font><font style="font-family: Times New Roman"><br style="font-family: Times New Roman"></font><font style="font-family: Times New Roman"><br style="font-family: Times New Roman"></font><font style="font-size: 18pt; font-family: Times New Roman"><b>FORM
      8-K</b></font><font style="font-family: Times New Roman"><br style="font-family: Times New Roman"></font><font style="font-family: Times New Roman"><br style="font-family: Times New Roman"></font><font style="font-family: Times New Roman"><br style="font-family: Times New Roman"></font><font style="font-size: 12pt; font-family: Times New Roman"><b>CURRENT
      REPORT</b></font><font style="font-size: 10pt; font-family: Times New Roman"><br style="font-family: Times New Roman; font-size: 10pt"></font><br><font style="font-size: 10pt; font-family: Times New Roman"><br style="font-family: Times New Roman; font-size: 10pt"></font><font style="font-size: 12pt; font-family: Times New Roman"><b>Pursuant
      to Section 13 or 15(d) of the Securities Exchange Act of 1934</b></font><font style="font-size: 10pt; font-family: Times New Roman"><br style="font-family: Times New Roman; font-size: 10pt"></font><br><font style="font-size: 10pt; font-family: Times New Roman"><br style="font-family: Times New Roman; font-size: 10pt"></font><font style="font-size: 11pt; font-family: Times New Roman">Date
      of Report: November 5, 2009</font><font style="font-size: 11pt"><br style="font-size: 11pt"></font><font style="font-size: 11pt"><br style="font-size: 11pt"></font><font style="font-size: 11pt; font-family: Times New Roman">(Date
      of earliest event reported):</font><font style="font-size: 10pt; font-family: Times New Roman"><br style="font-family: Times New Roman; font-size: 10pt"></font><font style="font-size: 10pt; font-family: Times New Roman"><br style="font-family: Times New Roman; font-size: 10pt"></font><font style="font-size: 10pt; font-family: Times New Roman"><br style="font-family: Times New Roman; font-size: 10pt"></font><font style="font-size: 18pt; font-family: Times New Roman"><b>INNODATA
      ISOGEN, INC.</b></font><font style="font-size: 10pt; font-family: Times New Roman"><br style="font-family: Times New Roman; font-size: 10pt"></font><font style="font-size: 10pt; font-family: Times New Roman">(Exact
      name of registrant as specified in its charter)</font><br><br><br>
    </p>
    <div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-size: 10pt; width: 100%; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; width: 33%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Delaware</b>
          </p>
        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; width: 34%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>0-22196</b>
          </p>
        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; width: 33%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>13-3475943</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; width: 33%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (State or other jurisdiction of
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            incorporation)
          </p>
        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px; width: 34%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Commission File Number)
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px; width: 33%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (I.R.S. Employer
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            Identification No.)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>
      <br>

    </p>
    <div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-size: 10pt; width: 100%; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; width: 33%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Three University Plaza</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Hackensack, NJ 07601</b>
          </p>
        </td>
        <td style="width: 34%">
          &#160;
        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; width: 33%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>07601</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; width: 33%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt; font-family: Times New Roman">(Address
            of principal executive offices)</font>
          </p>
        </td>
        <td style="width: 34%">

        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; width: 33%">
          <font style="font-size: 10pt; font-family: Times New Roman">(Zip
          Code)</font>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <font style="font-size: 10pt; font-family: Times New Roman"><br style="font-size: 10pt; font-family: Times New Roman">
      </font><font style="font-size: 10pt; font-family: Times New Roman"><b>(201)
      371-8000</b></font><font style="font-size: 10pt; font-family: Times New Roman"><br style="font-size: 10pt; font-family: Times New Roman"></font><font style="font-size: 10pt; font-family: Times New Roman">(Registrant&#8217;s
      telephone number, including area code)</font><font style="font-size: 10pt; font-family: Times New Roman"><br style="font-size: 10pt; font-family: Times New Roman"></font><font style="font-size: 10pt; font-family: Times New Roman"><br style="font-size: 10pt; font-family: Times New Roman"></font><font style="font-size: 10pt; font-family: Times New Roman"><b>N/A</b></font><font style="font-size: 10pt; font-family: Times New Roman"><br style="font-size: 10pt; font-family: Times New Roman"></font><font style="font-size: 10pt; font-family: Times New Roman">(Former
      name or former address, if changed since last report)</font>
    </p>
    <p style="text-align: left">
      <font style="font-size: 10pt; font-family: Times New Roman"><br style="font-size: 10pt; font-family: Times New Roman">
      </font><font style="font-size: 10pt; font-family: Times New Roman">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-size: 10pt; font-family: Arial Unicode MS">&#8414;</font><font style="font-size: 10pt; font-family: Times New Roman">
      Written communications pursuant to Rule 425 under the Securities Act (17
      CFR 230.425)</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font><font style="font-size: 10pt; font-family: Times New Roman">
      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
      CFR 240.14a-12)</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font><font style="font-size: 10pt; font-family: Times New Roman">
      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-size: 10pt; font-family: Arial Unicode MS">&#8414;</font><font style="font-size: 10pt; font-family: Times New Roman">
      Pre-commencement communications pursuant to Rule 13e-4(c) under the
      Exchange Act (17 CFR 240.13e-4(c))</font>
    </p>
    <div style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt; margin-bottom: 10pt; width: 100%">
      <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="height: 1.5pt; color: black">

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

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

    </p>
    <div style="text-align:center">
    <table style="margin-left:auto;margin-right:auto; margin-bottom: 10.0px; font-size: 10pt; width: 100%; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="width: 2%">
          &#160;
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 10%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Item 2.02</b>
          </p>
        </td>
        <td style="width: 2%">
          &#160;
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 86%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>Results of Operations and Financial Condition.</b></u>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: justify; text-indent: 30.0px">
      <font style="font-size: 10pt; font-family: Times New Roman">On November
      5, 2009, Innodata Isogen, Inc. issued a press release announcing its
      third quarter 2009 financial results.&#160;&#160;A copy of the press release is
      attached hereto as Exhibit 99.1.</font>
    </p>
    <p style="text-align: justify; text-indent: 30.0px">
      <font style="font-size: 10pt; font-family: Times New Roman">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.</font>
    </p>
    <p style="text-align: justify; text-indent: 30.0px">

    </p>
    <div style="text-align:center">
    <table style="margin-left:auto;margin-right:auto; margin-bottom: 10.0px; font-size: 10pt; width: 100%; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 2%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 10%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Item 9.01</b>
          </p>
        </td>
        <td style="width: 2%">
          &#160;
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 86%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>Financial Statements and Exhibits.</b></u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 2%">

        </td>
        <td style="width: 10%">

        </td>
        <td style="width: 2%">

        </td>
        <td style="width: 86%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 2%">

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; width: 10%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            99.1
          </p>
        </td>
        <td style="width: 2%">

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 86%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Press release dated November 5, 2009.
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <div style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt; margin-bottom: 10pt; width: 100%">
      <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="height: 1.5pt; color: black">

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

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

    </p>
    <p style="text-align: center">
      <u><font style="font-size: 10pt; font-family: Times New Roman"><b>SIGNATURES</b></font></u>
    </p>
    <p style="text-indent: 30.0px">
      <font style="font-size: 10pt; font-family: Times New Roman">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.</font>
    </p>
    <p style="text-indent: 30.0px">

    </p>
    <div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-size: 10pt; width: 100%; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 50%">

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

        </td>
        <td style="width: 50%">

        </td>
        <td colspan="2" valign="top" style="text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 50%">

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 5%">
          Date:
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 50%">
          November 5, 2009
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 3%">
          By:
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 42%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>/s/ Jurgen C. Tanpho</u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 50%">

        </td>
        <td style="width: 3%">

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 42%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Jurgen C. Tanpho
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 50%">

        </td>
        <td style="width: 3%">

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 42%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Interim Chief Financial Officer
          </p>
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt; margin-bottom: 10pt; width: 100%">
      <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="height: 1.5pt; color: black">

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

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

    </p>
    <p style="text-align: center">
      <u><font style="font-size: 10pt; font-family: Times New Roman"><b>INDEX
      TO EXHIBITS</b></font></u><br><br>
    </p>
    <div style="text-align:center">
    <table style="margin-left:auto;margin-right:auto; margin-bottom: 10.0px; font-size: 10pt; width: 100%; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt; width: 15%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Exhibit No.</b>
          </p>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px; width: 5%">
          &#160;
        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt; width: 60%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Description</b>
          </p>
        </td>
        <td style="width: 20%">

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; width: 15%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            99.1
          </p>
        </td>
        <td style="width: 5%">

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 60%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Press Release of Innodata Isogen, Inc., dated November 5, 2009,<br>reporting
            third quarter 2009 financial results.
          </p>
        </td>
        <td style="width: 20%">

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

    </p>
  </body>
</html>
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     PUBLIC "-//W3C//DTD XHTML 1.0 Strict//EN"
     "http://www.w3.org/TR/xhtml1/DTD/xhtml1-strict.dtd">-->
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a6092364ex991.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2009 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-family: Times New Roman; font-size: 8pt">
    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>Innodata
      Isogen Reports Third Quarter 2009 Results</b></font>
    </p>
    <p>
      NEW YORK--(BUSINESS WIRE)--November 5, 2009--<b>INNODATA ISOGEN, INC.
      (NASDAQ: INOD)</b>, today reported results for the third quarter ended
      September 30, 2009 and the first nine months of 2009.
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Total revenue was $19.1 million for the third quarter of 2009, an
        increase of 4% year over year, and lower than revenue of $21.6 million
        in the second quarter of 2009. The decline from the second quarter was
        primarily due to reduced business volume from one of Innodata Isogen&#8217;s
        two largest clients, partially offset by continued growth in other
        areas of the company&#8217;s business.
      </li>
      <li style="margin-bottom: 10.0px">
        Net income in the quarter was $1.3 million or $0.05 per diluted share,
        compared to $1.1 million, or $0.05 per diluted share, in the third
        quarter of 2008, and $3.2 million or $0.13 per diluted share in the
        second quarter of 2009. Earnings in the third quarter reflect the
        company&#8217;s lower revenue level, start-up costs of new projects, and
        increased investment in the company&#8217;s consulting and technology
        outsourcing practices.
      </li>
      <li style="margin-bottom: 10.0px">
        For the first nine months, revenue was $62.6 million, up 15% from
        revenue of $54.6 million in the first nine months of 2008. Net income
        was $8.1 million, or $0.32 per diluted share, up substantially from
        net income of $2.0 million, or $0.08 per diluted share, in the first
        nine months of 2008.
      </li>
      <li style="margin-bottom: 10.0px">
        Cash from operations for the first nine months of 2009 was a record
        $12.9 million, an increase of $9.2 million from $3.7 million for the
        first nine months of 2008. During the first nine months of the fiscal
        year, the company&#8217;s cash and cash equivalents doubled, increasing from
        $13.9 million at December 31, 2008 to $27.9 million at September 30,
        2009.
      </li>
    </ul>
    <p>
      &#8220;While revenue from one of our largest clients was down considerably in
      the quarter, we were able to partially offset this decline with solid
      growth in other areas of the business,&#8221; said Jack Abuhoff, Chairman and
      CEO of Innodata Isogen. &#8220;We expect that work for this client may
      accelerate after its budgets for 2010 are approved.&#8221;
    </p>
    <p>
      Abuhoff continued, &quot;For the fourth quarter, we expect revenue
      essentially in line with the third quarter, as growth in the overall
      business continues to offset declines in volume from the one large
      client.<b> </b>Beyond the fourth quarter, we expect to see the revenue
      impact of significant new business bookings achieved in the second half
      of 2009, expanding contributions from our consulting and information
      technology outsourcing areas into which we are investing this year for
      growth, and likely increasing requirements from many of our existing
      clients. On this basis, we believe that we are poised for an exciting
      2010 that brings growth and increased client diversification.&#8221;
    </p>
    <div style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt; margin-bottom: 10pt; width: 100%">
      <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="height: 1.5pt; color: black">

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

        </div>
      </div>
    </div>
    <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 11AM ET today. You can participate in this
      call by dialing the following call-in numbers:
    </p>
    <p>
      1-888-208-1814 (Domestic)
    </p>
    <p>
      1-719-785-1764 (International)
    </p>
    <p>
      1-888-203-1112 (Domestic Replay)
    </p>
    <p>
      1-719-457-0820 (International Replay)
    </p>
    <p>
      Pass code on replay only: 4966935
    </p>
    <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 <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. 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.
    </p>
    <p>
      Recent honors include EContent Magazine&#8217;s <i>EContent 100</i>,
      KMWorld Magazine&#8217;s <i>100 Companies That Matter in Knowledge
      Management,</i> the International Association of Outsourcing
      Professionals&#8217; (IAOP) <i>Global Outsourcing Top 100</i>, D&amp;B
      India&#8217;s <i>Leading ITeS and BPO Companies </i>and the Black Book
      of Outsourcing&#8217;s <i>Top List of</i> <i>Leading Outsourcing
      Providers to the Printing and Publishing Business</i>.
    </p>
    <p>
      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.
    </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;
      &#8220;forecast,&#8221; </i>&quot;<i>&#8221;likely&#8221; 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>
    <div style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt; margin-bottom: 10pt; width: 100%">
      <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="height: 1.5pt; color: black">

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

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

    </p>
    <p>
      CONTACT:<br>Innodata Isogen, Inc.<br>Corey D. Luskin, 201-371-8055<br>Vice
      President<br><u>cluskin@innodata-isogen.com</u>
    </p>
    <div style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt; margin-bottom: 10pt; width: 100%">
      <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="height: 1.5pt; color: black">

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

        </div>
      </div>
    </div>
    <div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-size: 8pt; width: 100%; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td>

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

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

        </td>
      </tr>
      <tr>
        <td colspan="17" valign="top" style="text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>INNODATA ISOGEN, INC. AND SUBSIDIARIES</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>(Unaudited)</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>(In thousands, except per share amounts)</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="7">

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="7" valign="top" style="text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>Three Months Ended</b></u>
          </p>
        </td>
        <td>

        </td>
        <td colspan="7" valign="top" style="text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>Nine Months Ended</b></u>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="7" valign="top" style="text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>September 30,</b></u>
          </p>
        </td>
        <td>

        </td>
        <td colspan="7" valign="top" style="text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>September 30,</b></u>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>2009</b></u>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>2009</b></u>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </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; padding-bottom: 2.0px">
          <b>Revenues</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          19,107
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          18,333
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          62,557
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          54,603
        </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">

        </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>
        <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="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          13,398
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          13,130
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          40,707
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          40,197
        </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="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          3,752
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          3,653
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          10,422
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          12,044
        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          (6
        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          (61
        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          (25
        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          (167
        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </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: 30.0px; padding-bottom: 2.0px">
          Total
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          17,144
        </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="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          16,722
        </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="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          51,104
        </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="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          52,074
        </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 before provision for income taxes</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          1,963
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          1,611
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          11,453
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          2,529
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </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; padding-bottom: 2.0px">
          Provision for income taxes
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          667
        </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="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          503
        </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="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          3,372
        </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="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          552
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; padding-bottom: 4.0px">
          <b>Net income</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt">
          1,296
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt">
          1,108
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt">
          8,081
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt">
          1,977
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Income per share:</b>
          </p>
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; padding-bottom: 4.0px">
          Basic
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt">
          .05
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt">
          .05
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt">
          .33
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt">
          .08
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; padding-bottom: 4.0px">
          Diluted
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt">
          .05
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt">
          .05
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt">
          .32
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt">
          .08
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Weighted average shares outstanding:</b>
          </p>
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; padding-bottom: 4.0px">
          Basic
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt">
          24,670
        </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="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt">
          24,124
        </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="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt">
          24,354
        </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="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt">
          24,481
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; padding-bottom: 4.0px">
          Diluted
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt">
          26,039
        </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="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt">
          24,565
        </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="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt">
          25,401
        </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="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt">
          25,391
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt; margin-bottom: 10pt; width: 100%">
      <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="height: 1.5pt; color: black">

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

        </div>
      </div>
    </div>
    <div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-size: 8pt; width: 100%; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td colspan="7" valign="top" style="text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>INNODATA ISOGEN,&#160;INC. AND SUBSIDIARIES</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>CONDENSED CONSOLIDATED BALANCE SHEETS</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>(Unaudited)</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>(Dollars in thousands)</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="top" style="text-align: center; padding-left: 0.0px">
          <b>September 30,</b>
        </td>
        <td>

        </td>
        <td colspan="2" valign="top" style="text-align: center; padding-left: 0.0px">
          <b>December 31,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="text-align: center; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>2009</b></u>
          </p>
        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="text-align: center; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>2008</b></u>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <b>ASSETS</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

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

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <b>Current assets:</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Cash and cash equivalents
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          27,867
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          13,875
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Accounts receivable, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          12,911
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          14,017
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Prepaid expenses and other current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          3,903
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          2,246
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px; padding-bottom: 2.0px">
          Deferred income taxes
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          1,488
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          4,115
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 35.0px">
          Total current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          <p>
            46,169
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          34,253
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Property and equipment, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          6,105
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          6,726
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Other assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          2,737
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          2,825
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Deferred income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          964
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          906
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px">
          Goodwill
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          675
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          675
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 60.0px; padding-bottom: 4.0px">
          <b>Total assets</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt">
          56,650
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt">
          45,385
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#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 colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

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

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <b>Current liabilities:</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

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

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          3,459
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          3,593
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Accrued salaries, wages and related benefits
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          5,362
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          5,289
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Income and other taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          1,223
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          1,649
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Current portion of long-term obligations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          873
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          915
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px; padding-bottom: 2.0px">
          Deferred income taxes
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          208
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 30.0px; padding-bottom: 2.0px">
          Total current liabilities
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          11,125
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          11,446
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px">
          Deferred income taxes
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          2,075
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          2,080
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px">
          Long term obligations
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          1,234
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          1,671
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px">
          <b>Stockholders' equity</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          42,216
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          30,188
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 50.0px; padding-bottom: 4.0px">
          <b>Total liabilities and stockholders&#8217; equity</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt">
          56,650
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt">
          45,385
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">

    </p>
  </body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
