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<SEC-DOCUMENT>0001157523-10-001497.txt : 20100311
<SEC-HEADER>0001157523-10-001497.hdr.sgml : 20100311
<ACCEPTANCE-DATETIME>20100311082653
ACCESSION NUMBER:		0001157523-10-001497
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20100311
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20100311
DATE AS OF CHANGE:		20100311

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:		10672378

	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>a6210721.htm
<DESCRIPTION>INNODATA ISOGEN, INC. 8-K
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2010 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">
      <font style="font-family: Times New Roman; font-size: 18pt"><b>UNITED
      STATES</b></font><br><font style="font-family: Times New Roman; font-size: 18pt"><b>SECURITIES
      AND EXCHANGE COMMISSION</b></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"><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; font-size: 10pt"><b>Washington,
      D.C. &#160;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-family: Times New Roman; font-size: 18pt"><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-family: Times New Roman; font-size: 12pt"><b>CURRENT
      REPORT</b></font><font style="font-family: Times New Roman; font-size: 10pt"><br style="font-size: 10pt; font-family: Times New Roman"></font><br><font style="font-family: Times New Roman; font-size: 10pt"><br style="font-size: 10pt; font-family: Times New Roman"></font><font style="font-family: Times New Roman; font-size: 12pt"><b>Pursuant
      to Section 13 or 15(d) of the Securities Exchange Act of 1934</b></font><font style="font-family: Times New Roman; font-size: 10pt"><br style="font-size: 10pt; font-family: Times New Roman"></font><br><font style="font-family: Times New Roman; font-size: 10pt"><br style="font-size: 10pt; font-family: Times New Roman"></font><font style="font-family: Times New Roman; font-size: 11pt">Date
      of Report: March 11, 2010</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-family: Times New Roman; font-size: 11pt">(Date
      of earliest event reported):</font><font style="font-family: Times New Roman; font-size: 10pt"><br style="font-size: 10pt; font-family: Times New Roman"></font><font style="font-family: Times New Roman; font-size: 10pt"><br style="font-size: 10pt; font-family: Times New Roman"></font><font style="font-family: Times New Roman; font-size: 10pt"><br style="font-size: 10pt; font-family: Times New Roman"></font><font style="font-family: Times New Roman; font-size: 18pt"><b>INNODATA
      ISOGEN, INC.</b></font><font style="font-family: Times New Roman; font-size: 10pt"><br style="font-size: 10pt; font-family: Times New Roman"></font><font style="font-family: Times New Roman; font-size: 10pt">(Exact
      name of registrant as specified in its charter)</font><br><br><br>
    </p>
    <div style="text-align:left">
    <table cellspacing="0" style="margin-bottom: 10.0px; font-family: Times New Roman; font-size: 10pt; width: 100%">
      <tr>
        <td valign="bottom" style="width: 33%; text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Delaware</b>
          </p>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; width: 34%; text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>0-22196</b>
          </p>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; width: 33%; text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 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-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="width: 34%; text-align: center; padding-left: 0.0px">
          <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="width: 33%; text-align: center; padding-left: 0.0px">
          <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 cellspacing="0" style="margin-bottom: 10.0px; font-family: Times New Roman; font-size: 10pt; width: 100%">
      <tr>
        <td valign="bottom" style="width: 33%; text-align: center; padding-left: 0.0px">
          <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="padding-right: 0.0px; white-space: nowrap; width: 33%; text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>07601</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="width: 33%; text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 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>
    </div>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt"><br style="font-family: Times New Roman; font-size: 10pt">
      </font><font style="font-family: Times New Roman; font-size: 10pt"><b>(201)
      371-8000</b></font><font style="font-family: Times New Roman; font-size: 10pt"><br style="font-family: Times New Roman; font-size: 10pt"></font><font style="font-family: Times New Roman; font-size: 10pt">(Registrant&#8217;s
      telephone number, including area code)</font><font style="font-family: Times New Roman; font-size: 10pt"><br style="font-family: Times New Roman; font-size: 10pt"></font><font style="font-family: Times New Roman; font-size: 10pt"><br style="font-family: Times New Roman; font-size: 10pt"></font><font style="font-family: Times New Roman; font-size: 10pt"><b>N/A</b></font><font style="font-family: Times New Roman; font-size: 10pt"><br style="font-family: Times New Roman; 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 style="text-align: left">
      <font style="font-family: Times New Roman; font-size: 10pt"><br style="font-family: Times New Roman; font-size: 10pt">
      </font><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="margin-left: 0pt; margin-bottom: 10pt; width: 100%; text-indent: 0pt; margin-right: 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>
      <b>Item 2.02&#160;&#160;<u>Results of Operations and Financial Condition.</u></b>
    </p>
    <p>
      &#160;&#160;&#160;&#160;&#160;&#160;&#160;On March 11, 2010, Innodata Isogen, Inc. issued a press release
      announcing its fourth quarter and year end 2009 financial results. A
      copy of the press release is attached hereto as Exhibit 99.1.
    </p>
    <p>
      &#160;&#160;&#160;&#160;&#160;&#160;&#160;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.
    </p>
    <p>
      <b>Item 9.01</b>&#160;&#160;<u><b>Financial Statements and Exhibits</b></u>.
    </p>
    <p>
      99.1 &#160;&#160;&#160;&#160;&#160;Press release dated March 11, 2010.
    </p>
    <p>

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

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="font-family: Times New Roman; font-size: 10pt; text-align: center">
          2
        </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">
      <u><font style="font-family: Times New Roman; font-size: 10pt"><b>SIGNATURES</b></font></u>
    </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 thereunto duly authorized.</font>
    </p>
    <p style="text-indent: 30.0px">

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

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

        </td>
        <td valign="top" colspan="2" 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 valign="top" colspan="2" 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 valign="top" colspan="2" style="text-align: left; padding-left: 0.0px">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 5%; text-align: left; padding-left: 0.0px">
          Date:
        </td>
        <td valign="top" style="width: 50%; text-align: left; padding-left: 0.0px">
          March 11, 2010
        </td>
        <td valign="top" style="width: 3%; text-align: left; padding-left: 0.0px">
          By:
        </td>
        <td valign="top" style="width: 42%; text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>/s/ O&#8217;Neil Nalavadi</u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

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

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

        </td>
        <td valign="top" style="width: 42%; text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            O&#8217;Neil Nalavadi
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

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

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

        </td>
        <td valign="top" style="width: 42%; text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Senior Vice President
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

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

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

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

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="font-family: Times New Roman; font-size: 10pt; text-align: center">
          3
        </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">
      <u><font style="font-family: Times New Roman; font-size: 10pt"><b>INDEX
      TO EXHIBITS</b></font></u><br><br>
    </p>
    <div style="text-align:center">
    <table cellspacing="0" style="margin-bottom: 10.0px; font-family: Times New Roman; font-size: 10pt; width: 100%; margin-left:auto;margin-right:auto">
      <tr>
        <td valign="top" style="width: 15%; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Exhibit No.</b>
          </p>
        </td>
        <td valign="top" style="padding-bottom: 2.0px; width: 5%; text-align: left; padding-left: 0.0px">
          &#160;
        </td>
        <td valign="top" style="width: 60%; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Description</b>
          </p>
        </td>
        <td style="width: 20%">

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

        </td>
        <td valign="top" style="width: 60%; text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Press Release of Innodata Isogen, Inc., dated March 11, 2010,
            reporting fourth quarter and year end 2009 financial results.
          </p>
        </td>
        <td style="width: 20%">

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

    </p>
    <p style="text-align: center">
      <font style="font-size: 10pt">4</font>
    </p>
  </body>
</html>
<!--<!DOCTYPE html
     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>a6210721ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2010 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">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>Innodata
      Isogen Reports Fourth Quarter and Fiscal Year 2009 Results</b></font>
    </p>
    <p>
      NEW YORK--(BUSINESS WIRE)--March 11, 2010--<b>INNODATA ISOGEN, INC.
      (NASDAQ: INOD)</b>, today reported results for the fourth quarter ended
      December 31, 2009 and fiscal year 2009.
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Total revenue was $16.8 million for the fourth quarter of 2009, a
        decrease of 12% from third quarter revenue of $19.1 million.
      </li>
      <li style="margin-bottom: 10.0px">
        Gross profit was $2.7 million for the fourth quarter of 2009, a
        decrease of 52% from third quarter gross profit of $5.7 million.
      </li>
      <li style="margin-bottom: 10.0px">
        SG&amp;A was $5.9 million for the fourth quarter of 2009, an increase of
        57% from third quarter SG&amp;A of $3.7 million.
      </li>
      <li style="margin-bottom: 10.0px">
        The company generated a net loss of $768,000 or $0.03 per diluted
        share, compared to net earnings in the third quarter of $1.3 million,
        or $0.05 per diluted share.
      </li>
      <li style="margin-bottom: 10.0px">
        For the fiscal year ended December 31, 2009, revenue was $79.3 million
        in 2009, up 6% from 2008. Net income was $7.3 million, or $0.28 per
        diluted share, up 10% from 2008.
      </li>
      <li style="margin-bottom: 10.0px">
        The company&#8217;s balance sheet continues to be strong with net assets of
        $41 million and cash and cash equivalents of $26.5 million as of
        December 31, 2009, compared to net assets of $29.3 million and cash
        and cash equivalents of $ 13.9 million as of December 31, 2008.
      </li>
    </ul>
    <p>
      &#8220;Our disappointing performance in the fourth quarter reflects the impact
      of the cancellation of a major project we announced last week, for which
      we incurred approximately $450,000 in unreimbursed costs in the quarter,
      the establishment of a $1.2 million reserve for receivables from another
      client which impacted our selling and administrative expenses, and the
      non-recognition of $430,000 in fourth quarter revenues from this client,
      and $0.9 million of other increases in selling and administrative
      expenses that are primarily one-time or end of year related. These
      negative results were offset in part by approximately $2.4 million of
      income tax benefits,&#8221; said Jack Abuhoff, Chairman and CEO of Innodata
      Isogen.
    </p>
    <p>
      &quot;While it will take some time to fully redeploy our resources from the
      cancelled project to other client activities, we are working hard to
      make 2010 another year of profitable growth for Innodata Isogen.&#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 11AM ET today. You can participate in this
      call by dialing the following call-in numbers:
    </p>
    <div style="margin-left: 0pt; margin-bottom: 10pt; text-indent: 0pt; width: 100%; margin-right: 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>
    <div style="text-align:left">
    <table cellspacing="0" style="margin-bottom: 10.0px; font-family: Times New Roman; font-size: 8pt; width: 100%">
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          1-888-397-5338 (Domestic)
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          1-719-325-2346 (International)
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </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>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Pass code on replay only: 1540539
        </td>
      </tr>
    </table>
    </div>
    <p>
      Investors may also 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.
    </p>
    <p>
      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; &#8220;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; margin-bottom: 10pt; width: 100%; text-indent: 0pt; margin-right: 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>
      <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="margin-left: 0pt; margin-bottom: 10pt; width: 100%; text-indent: 0pt; margin-right: 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>
    <div style="text-align:left">
    <table cellspacing="0" style="margin-bottom: 10.0px; font-family: Times New Roman; font-size: 8pt; width: 100%">
      <tr>
        <td>

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

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

        </td>
      </tr>
      <tr>
        <td valign="top" colspan="17" 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>(In thousands, except per share amounts)</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Unaudited)
          </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 valign="top" colspan="7" 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 valign="top" colspan="7" style="text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>Year Ended</b></u>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" colspan="7" style="text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>December 31</b></u>
          </p>
        </td>
        <td>

        </td>
        <td valign="top" colspan="7" style="text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>December 31</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="padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 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="padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 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="padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 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="padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 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="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">
          <b>Revenues</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px">
          16,772
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px">
          20,398
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px">
          79,329
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px">
          75,001
        </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: 15.0px">
          Direct operating expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          14,054
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          12,976
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          54,761
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          53,173
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          5,896
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          4,442
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          16,318
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          16,486
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; text-align: left; padding-left: 15.0px">
          Interest income, net
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px">
          (5
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px">
          (39
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px">
          (206
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px">
          )
        </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="padding-bottom: 2.0px; text-align: left; padding-left: 35.0px">
          Total
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px">
          19,945
        </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="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px">
          17,379
        </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="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px">
          71,049
        </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="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px">
          69,453
        </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>Income (Loss) before benefit from income taxes</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          (3,173
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          3,019
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          8,280
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          5,548
        </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="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">
          <b>Provision (Benefit) from income taxes</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px">
          (2,405
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px">
          (1,662
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px">
          967
        </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="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px">
          (1,110
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px">
          )
        </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="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px">
          (768
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px">
          4,681
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px">
          7,313
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px">
          6,658
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#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>Income (loss) per share:</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="padding-bottom: 4.0px; text-align: left; padding-left: 15.0px">
          Basic
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px">
          .19
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px">
          .30
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px">
          .27
        </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 valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px">
          ( .03
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px">
          .19
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px">
          .28
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px">
          .26
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#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>Weighted average shares outstanding:</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="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="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px">
          25,378
        </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="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px">
          24,119
        </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="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px">
          24,613
        </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="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px">
          24,390
        </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="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px">
          26,451
        </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="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px">
          24,376
        </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="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px">
          25,764
        </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="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px">
          25,137
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-left: 0pt; margin-bottom: 10pt; width: 100%; text-indent: 0pt; margin-right: 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>
    <div style="text-align:left">
    <table cellspacing="0" style="margin-bottom: 10.0px; font-family: Times New Roman; font-size: 8pt; width: 100%">
      <tr>
        <td>

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

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

        </td>
      </tr>
      <tr>
        <td valign="top" colspan="5" 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 BALANCE SHEETS</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>DECEMBER 31, 2009 AND 2008</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>(Dollars in Thousands)</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px">
          From audited
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px">
          financial statements
        </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">
          Current assets:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </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="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $26,480
          </p>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 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 valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          11,741
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 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 valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          3,899
        </td>
        <td>

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

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

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

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px">
          1,763
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px">
          3,189
        </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: 30.0px">
          Total current assets
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          43,883
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          33,327
        </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="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          5,559
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          6,726
        </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="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          2,505
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          2,825
        </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="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          943
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          906
        </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="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px">
          675
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; 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: 35.0px">
          <b>TOTAL</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px">
          $53,565
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px">
          $44,459
        </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">
          Current liabilities:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </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="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $3,554
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 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 valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          5,022
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 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 valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          1,339
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 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 valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          892
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px">
          487
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px">
          -
        </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: 30.0px">
          Total current liabilities
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px">
          11,294
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px">
          11,446
        </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="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px">
          87
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px">
          2,080
        </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="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px">
          1,199
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px">
          1,671
        </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="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px">
          40,985
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px">
          29,262
        </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: 40.0px">
          <b>TOTAL</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px">
          $53,565
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px">
          $44,459
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">

    </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>
  </body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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