<SEC-DOCUMENT>0001157523-11-005977.txt : 20111026
<SEC-HEADER>0001157523-11-005977.hdr.sgml : 20111026
<ACCEPTANCE-DATETIME>20111026083156
ACCESSION NUMBER:		0001157523-11-005977
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20111026
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20111026
DATE AS OF CHANGE:		20111026

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:		111157989

	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>a50043926.htm
<DESCRIPTION>INNODATA ISOGEN, INC. 8-K
<TEXT>
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      <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: October 26, 2011</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 style="width: 100%; margin-bottom: 10.0px; font-family: Times New Roman; font-size: 10pt" cellspacing="0">
      <tr>
        <td style="width: 33%; text-align: center; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Delaware</b>
          </p>
        </td>
        <td style="width: 34%; padding-right: 0.0px; text-align: center; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>0-22196</b>
          </p>
        </td>
        <td style="width: 33%; padding-right: 0.0px; text-align: center; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>13-3475943</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 33%; text-align: center; padding-left: 0.0px" valign="bottom">
          <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 style="width: 34%; text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Commission File Number)
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 33%; text-align: center; padding-left: 0.0px" valign="top">
          <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="width: 100%; margin-bottom: 10.0px; font-family: Times New Roman; font-size: 10pt" cellspacing="0">
      <tr>
        <td style="width: 33%; text-align: center; padding-left: 0.0px" valign="bottom">
          <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 style="width: 33%; padding-right: 0.0px; text-align: center; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>07601</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 33%; text-align: center; padding-left: 0.0px" valign="bottom">
          <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 style="width: 33%; text-align: center; padding-left: 0.0px" valign="bottom">
          <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-family: Times New Roman; font-size: 10pt">
      </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-family: Times New Roman; font-size: 10pt"></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-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"><b>N/A</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">(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-family: Times New Roman; font-size: 10pt">
      </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; width: 100%; margin-bottom: 10pt; 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="height: 1.5pt; color: black">

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

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

    </p>
<div style="text-align:left">
    <table style="width: 100%; margin-bottom: 10.0px; font-size: 10pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="width: 9%; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Item 2.02</b>
          </p>
        </td>
        <td style="width: 1%">
          &#160;
        </td>
        <td style="width: 90%; text-align: left; padding-left: 0.0px" valign="top">
          <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">
      &#160;&#160;&#160;&#160;&#160;&#160;&#160;On October 26, 2011, Innodata Isogen, Inc. issued a press release
      announcing its third quarter 2011 financial results. A copy of the press
      release is attached hereto as Exhibit 99.1.
    </p>
    <p style="text-align: justify">
      &#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.<br><br>
    </p>
<div style="text-align:left">
    <table style="width: 100%; margin-bottom: 10.0px; font-size: 10pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="width: 9%; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Item 9.01</b>
          </p>
        </td>
        <td style="width: 1%">
          &#160;
        </td>
        <td style="width: 90%; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>Financial Statements and Exhibits.</b></u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 9%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 90%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 9%; padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            99.1
          </p>
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 90%; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Press release dated October 26, 2011.
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="white-space: nowrap">

    </p>
    <p style="white-space: nowrap">

    </p>
    <div style="margin-left: 0pt; width: 100%; margin-bottom: 10pt; 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; font-size: 10pt; font-family: Times New Roman">
          2
        </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="width: 100%; margin-bottom: 10.0px; font-family: Times New Roman; font-size: 10pt" cellspacing="0">
      <tr>
        <td style="width: 5%">

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

        </td>
        <td style="text-align: left; padding-left: 0.0px" colspan="2" valign="top">
          <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 style="text-align: left; padding-left: 0.0px" colspan="2" valign="top">
          <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 style="width: 5%; text-align: left; padding-left: 0.0px" valign="top">
          Date:
        </td>
        <td style="width: 50%; text-align: left; padding-left: 0.0px" valign="top">
          October 26, 2011
        </td>
        <td style="width: 3%; text-align: left; padding-left: 0.0px" valign="top">
          By:
        </td>
        <td style="width: 42%; text-align: left; padding-left: 0.0px" valign="top">
          <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 style="width: 42%; text-align: left; padding-left: 0.0px" valign="top">
          <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 style="width: 42%; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Senior Vice President
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            and Chief Financial Officer
          </p>
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-left: 0pt; width: 100%; margin-bottom: 10pt; 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; font-size: 10pt; font-family: Times New Roman">
          3
        </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="width: 100%; margin-left:auto;margin-right:auto; margin-bottom: 10.0px; font-size: 10pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="border-bottom: solid black 1.0pt; width: 15%; text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Exhibit No.</b>
          </p>
        </td>
        <td style="width: 5%; text-align: left; padding-left: 0.0px; padding-bottom: 2.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; width: 60%; text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Description</b>
          </p>
        </td>
        <td style="width: 20%">

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

        </td>
        <td style="text-align: left; padding-left: 0.0px" colspan="2" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Press Release of Innodata Isogen, Inc., dated October 26, 2011,
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            reporting third quarter 2011 financial results.
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <font style="font-size: 10pt">4</font>
    </p>
  </body>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a50043926ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
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<!--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
      Reports Third Quarter 2011 Results</b></font>
    </p>
    <p>
      NEW YORK--(BUSINESS WIRE)--October 26, 2011--<b>INNODATA ISOGEN, INC.
      (NASDAQ: INOD)</b> today reported results for the third quarter and the
      nine months ended September 30, 2011.
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Total revenue was $19.2 million in the third quarter of 2011, a
        sequential increase of 18% from $16.3 million in the second quarter of
        2011, and a 22% increase from $15.8 million in the third quarter of
        2010. Approximately 80% of the sequential increase is attributable to
        increased revenue from e-book-related services that the Company
        performs for one of its large clients and the balance is attributable
        to analytics services that the Company performs for a major accounting
        firm.
      </li>
      <li style="margin-bottom: 10.0px">
        The Company reported net earnings of $1.4 million, or $0.06 per
        diluted share, in the third quarter of 2011, compared to $0.8 million,
        or $0.03 per diluted share, in the second quarter of 2011, and $0.3
        million, or $0.01 per diluted share, in the third quarter of 2010. The
        increase in net earnings primarily reflects higher revenues and an
        increase in gross margins to 33% from 30% in the second quarter of
        2011 and 28% in the third quarter of 2010.
      </li>
      <li style="margin-bottom: 10.0px">
        For the nine months ended September 30, 2011, total revenue was $50.2
        million, compared to $46.6 million in the corresponding period of
        2010. Pre-tax earnings improved significantly from a pre-tax loss of
        $0.9 million to pre-tax earnings of $3.0 million. The increase in
        pre-tax earnings primarily reflects higher revenues and an increase in
        gross margins to 31% from last year&#8217;s 24%. Net earnings were $2.2
        million, or $0.09 per diluted share, for the nine months in 2011, up
        from a net loss of $2.0 million, or ($0.08) per diluted share, in the
        corresponding period of 2010.
      </li>
      <li style="margin-bottom: 10.0px">
        The Company&#8217;s balance sheet continues to be strong. Cash and cash
        equivalents and investments as of September 30, 2011 were $24.2
        million, compared to $26.9 million as of June 30, 2011. The reduction
        primarily reflects cash used during the quarter for two new delivery
        centers in Asia and for investment in the Company&#8217;s recently-launched
        Innodata Advanced Data Solutions (IADS) segment, as well as for the
        repurchase of stock under the Company&#8217;s previously announced stock
        buyback programs.
      </li>
    </ul>
    <p>
      &#8220;This was our third consecutive quarter of improved revenues and
      margins,&#8221; stated Jack Abuhoff, the Company&#8217;s Chairman and CEO. &#8220;Much of
      our new business has been in the area of e-book-related services in
      which we believe we enjoy competitive advantages that enable us to
      produce e-books at significant scale and at the uncompromised quality
      levels that are demanded by leading consumer brands and publishers.
    </p>
    <p>
      &#8220;At the same time, we are investing significantly in new service
      capabilities in our new IADS segment. Through the end of our third
      quarter, our IADS investment comprised approximately $0.8 million of
      expenses that flowed through the third quarter&#8217;s income statement ($0.3
      million in direct costs and $0.5 million of SG&amp;A), approximately $0.3
      million of expenses that flowed through the second quarter&#8217;s income
      statement ($0.1 million in direct costs and $0.2 million of SG&amp;A), and
      $0.9 million of cumulative capital investment. Our IADS segment will
      provide high-value analytics services that help businesses manage risk
      and otherwise improve their operations. Initially, it targets business
      opportunities in the healthcare, financial, and insurance sectors. We
      expect that the IADS segment will begin contributing to revenue in the
      first half of 2012.
    </p>
    <div style="margin-left: 0pt; width: 100%; margin-bottom: 10pt; 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="height: 1.5pt; color: black">

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

        </div>
      </div>
    </div>
    <p>
      &#8220;This quarter, we spent approximately $0.7 million in capital
      investments to expand our global production facilities, and we expect to
      spend another $5 million or so for this purpose during the fourth
      quarter of 2011 and the first quarter of 2012. This will add sufficient
      production infrastructure to accommodate approximately $50 million in
      potential incremental annual revenue.&#8221;
    </p>
    <p>
      Abuhoff concluded, &#8220;We anticipate that our fourth quarter revenues will
      be approximately $20.0 million or more, representing both a sequential
      as well as year-over-year increase.&#8221;
    </p>
    <p>
      <b>Timing of Conference Call with Q&amp;A</b>
    </p>
    <p>
      Innodata will conduct an earnings conference call, including a question
      and answer period, at 11:00 AM eastern time today. You can participate
      in this call by dialing the following call-in numbers:
    </p>
    <p>
      The call-in numbers for the conference call are:
    </p>
    <p>
      1-800-768-6544 (Domestic)<br>1-785-830-7990 (International)
    </p>
    <p>
      1-888-203-1112 (Domestic Replay)<br>1-719-457-0820 (International Replay)
    </p>
    <p>
      Pass code on both: 9840082
    </p>
    <p>
      Investors are also invited to access a live Webcast of the conference
      call at the Investor Relations section of <u>www.innodata.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>
      Innodata <b>(NASDAQ: INOD)</b> is a leading provider of business
      process, technology and consulting services, as well as products and
      solutions, that help our valued clients create, manage, use and
      distribute digital information. Propelled by a culture of quality,
      service and innovation, we have developed a client base that includes
      many of the world&#8217;s preeminent media, publishing and information
      services companies, as well as leading enterprises in
      information-intensive industries such as aerospace, defense, financial
      services, government, healthcare, high technology, insurance,
      intelligence, manufacturing and law.
    </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 has offices and
      operations in the United States, the United Kingdom, Israel, 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>
    <div style="margin-left: 0pt; width: 100%; margin-bottom: 10pt; 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="height: 1.5pt; color: black">

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

        </div>
      </div>
    </div>
    <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, that our Innodata Advanced Data Solutions
      segment has not reported any revenues to date and is subject to the
      risks and uncertainties of early-stage companies; the primarily at-will
      nature of the contracts between our Content Services segment and its
      customers and the ability of customers to reduce, delay or cancel
      projects; continuing Content Services revenue concentration in a limited
      number of customers; continuing Content Services 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, joint venture and strategic investments; potential
      undiscovered liabilities of companies that we acquire; changes in our
      business or growth strategy; the emergence of new or growing
      competitors; various other competitive and technological factors; and
      other risks and uncertainties indicated from time to time in our filings
      with the Securities and Exchange Commission.</i>
    </p>
    <p>
      <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; width: 100%; margin-bottom: 10pt; 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="height: 1.5pt; color: black">

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

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

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="6">

        </td>
        <td>

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

        </td>
        <td colspan="5">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="19" valign="top">
          <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>

        </td>
        <td colspan="6">

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td colspan="5">

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" colspan="6" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>Three Months Ended</b></u>
          </p>
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" colspan="6" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>September 30,</b></u>
          </p>
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: center; white-space: nowrap; padding-left: 0.0px" colspan="3" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>2011</b></u>
          </p>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: center; white-space: nowrap; padding-left: 0.0px" colspan="2" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>2010</b></u>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: center; white-space: nowrap; padding-left: 0.0px" colspan="3" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>2011</b></u>
          </p>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: center; white-space: nowrap; padding-left: 0.0px" colspan="3" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>2010</b></u>
          </p>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          19,245
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          15,763
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          50,203
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          46,623
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          12,831
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          11,272
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          34,874
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          35,651
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          4,639
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          4,108
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          12,763
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          11,923
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (175
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (49
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (454
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (84
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px; padding-bottom: 2.0px" valign="top">
          Total
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          17,295
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          15,241
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          47,183
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          47,490
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Income (loss) before provision for income taxes</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          1,950
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          522
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          3,020
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          766
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          209
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          1,063
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          1,098
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px" valign="top">
          <b>Net income (loss)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          1,184
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" colspan="2" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            313
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          1,957
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (1,965
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px" valign="top">
          <b>Loss attributable to non-controlling interests</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          192
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: center; white-space: nowrap; padding-left: 0.0px" colspan="3" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            -
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" colspan="2" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            241
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: center; white-space: nowrap; padding-left: 0.0px" colspan="3" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            -
          </p>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 0.0px; padding-bottom: 4.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Net income (loss) attributable to Innodata</b><br><b>Isogen,
            Inc. and Subsidiaries</b>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td style="border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            1,376
          </p>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td style="border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            313
          </p>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td style="border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            2,198
          </p>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td style="border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (1,965
          </p>
        </td>
        <td style="border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            )
          </p>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Income (loss) per share attributable to</b><br><b>Innodata
            Isogen, Inc. and Subsidiaries:</b>
          </p>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; padding-bottom: 4.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Basic and diluted
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td style="border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            .06
          </p>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td style="border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            .01
          </p>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td style="border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            .09
          </p>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td style="border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (.08
          </p>
        </td>
        <td style="border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            )
          </p>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Weighted average shares outstanding:</b>
          </p>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          24,707
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          25,400
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          24,932
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          25,400
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          25,104
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          25,582
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          25,141
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          25,400
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
      </tr>
    </table>
    </div>
    <div style="margin-left: 0pt; width: 100%; margin-bottom: 10pt; 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="height: 1.5pt; color: black">

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

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

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

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

        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="10" valign="top">
          <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>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" colspan="3" valign="top">
          <b>September 30,</b>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: center; white-space: nowrap; padding-left: 0.0px" colspan="3" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>2011</b></u>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: center; white-space: nowrap; padding-left: 0.0px" colspan="2" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>2010</b></u>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          12,757
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          14,120
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Short term investments - other
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          8,172
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          8,875
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Accounts receivable, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          12,621
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          8,389
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Prepaid expenses and other current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          3,888
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          3,842
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px; padding-bottom: 2.0px" valign="top">
          Deferred income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          1,544
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          1,581
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 25.0px" valign="top">
          Total current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <p>
            38,982
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          36,807
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          5,108
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          4,284
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          3,452
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          2,684
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          3,288
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          5,000
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          3,355
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          2,797
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 95.0px; padding-bottom: 4.0px" valign="top">
          <b>Total assets</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          54,860
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          52,247
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          4,072
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          3,047
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Accrued salaries, wages and related benefits
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          5,967
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          4,870
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Income and other taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          2,210
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          1,852
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Current portion of long term obligations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          632
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          458
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px; padding-bottom: 2.0px" valign="top">
          Deferred income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          9
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          492
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 25.0px; padding-bottom: 2.0px" valign="top">
          Total current liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          12,890
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          10,719
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          153
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px" valign="top">
          Income and other taxes - long term
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          349
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" colspan="3" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          2,829
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          1,604
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (241
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: center; white-space: nowrap; padding-left: 0.0px" colspan="2" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            -
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          39,229
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          39,438
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 85.0px; padding-bottom: 4.0px" valign="top">
          <b>Total liabilities and stockholders&#8217; equity</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          54,860
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          52,247
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">

    </p>
    <p>
      CONTACT:<br>Innodata Isogen, Inc.<br>Raj Jain, 201-371-8024<br>Director
      Finance<br><u>rjain@innodata.com</u>
    </p>
  </body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
