<SEC-DOCUMENT>0001144204-13-057892.txt : 20131031
<SEC-HEADER>0001144204-13-057892.hdr.sgml : 20131031
<ACCEPTANCE-DATETIME>20131031104921
ACCESSION NUMBER:		0001144204-13-057892
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20131031
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20131031
DATE AS OF CHANGE:		20131031

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INNODATA 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:	001-35774
		FILM NUMBER:		131181344

	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 ISOGEN INC
		DATE OF NAME CHANGE:	20031117

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INNODATA CORP
		DATE OF NAME CHANGE:	19930505
</SEC-HEADER>
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<TYPE>8-K
<SEQUENCE>1
<FILENAME>v358808_8k.htm
<DESCRIPTION>FORM 8-K
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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report: October 31, 2013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Date of earliest event reported):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INNODATA INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in
its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 33%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Delaware</B></FONT></TD>
    <TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-size: 10pt"><B>0-22196</B></FONT></TD>
    <TD STYLE="width: 33%; text-align: center"><FONT STYLE="font-size: 10pt"><B>13-3475943</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(State or other jurisdiction of</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Commission File Number)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(I.R.S. Employer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">incorporation)</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&#9;Identification No.)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Three University Plaza</B></FONT></TD>
    <TD STYLE="width: 34%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 33%; text-align: center"><FONT STYLE="font-size: 10pt"><B>07601</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>Hackensack, NJ 07601</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Zip Code)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Address of principal executive offices)</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; text-align: center"><FONT STYLE="font-size: 10pt"><B>(201) 371-8000</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Registrant's telephone number, including area code)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>Innodata Inc. </B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Former name or former address, if changed since last report)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Wingdings">&uml;</FONT><FONT STYLE="font-family: Wingdings">&#9;</FONT><FONT STYLE="font-size: 10pt">Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Wingdings">&uml;</FONT><FONT STYLE="font-family: Wingdings">&#9;</FONT><FONT STYLE="font-size: 10pt">Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Wingdings">&uml;</FONT><FONT STYLE="font-family: Wingdings">&#9;</FONT><FONT STYLE="font-size: 10pt">Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Wingdings">&uml;</FONT><FONT STYLE="font-family: Wingdings">&#9;</FONT><FONT STYLE="font-size: 10pt">Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left"><B>Item&nbsp;2.02</B></TD><TD STYLE="text-align: justify"><B><U>Results of Operations and Financial Condition.</U></B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">On October 31, 2013,
Innodata Inc. issued a press release announcing its third quarter 2013 financial results. A copy of the press release is attached
hereto as Exhibit 99.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">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 &ldquo;filed&rdquo; for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;),
or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement
or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth
by specific reference in such filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left"><B>Item&nbsp;9.01</B></TD><TD STYLE="text-align: justify"><B><U>Financial Statements and Exhibits</U></B>.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in">99.1</TD><TD>Press release dated October 31, 2013.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>SIGNATURES</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">INNODATA INC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 46%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Date:&nbsp;&nbsp;October 31, 2013</TD>
    <TD STYLE="padding-left: 0.125in">By:&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid">/s/ O&rsquo;Neil Nalavadi</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>O&rsquo;Neil Nalavadi</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Senior Vice President</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>and Chief Financial Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>INDEX TO EXHIBITS</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 87%; text-align: center; border-bottom: Black 1pt solid"><B>Description</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">99.1</TD>
    <TD>&nbsp;</TD>
    <TD>Press Release of Innodata Inc., dated October 31, 2013, reporting third quarter 2013 financial results.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<DESCRIPTION>EXHIBIT 99.1
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<P STYLE="font: 10pt Courier; margin: 0pt 0"><img src="tlogo.jpg"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center"><B>Innodata Reports Third Quarter
2013 Results</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NEW YORK &ndash; October 31, 2013 &ndash;
INNODATA INC. (NASDAQ: INOD)</B> today reported results for the third quarter and the nine months ended September 30, 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total revenue was $15.7 million for the
third quarter of 2013, a 3% sequential decline from $16.2 million in the second quarter of 2013, and a 20% decline from $19.7 million
in the third quarter of 2012. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In the third quarter of 2013 we incurred
a net loss of $11.7 million, or $0.47 per diluted share, compared to a net loss of $0.1 million, or less than $0.01 per diluted
share, in the second quarter of 2013. Included in the third quarter of 2013 is an impairment charge of $5.5 million in respect
of the Company&rsquo;s IADS segment and a $7.1 million valuation allowance on its U.S. deferred tax assets. Excluding these one-time
non-cash charges, the net loss would be $0.1 million, or less than $0.01 per diluted share, in both the second quarter and the
third quarter of 2013. Net earnings for the third quarter of 2012 were $1.3 million, or $0.05 per diluted share. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">For the first nine months of 2013, revenues
were $48.8 million, down 28% from $67.6 million in the first nine months of 2012. We incurred a net loss of $11.5 million, or $0.46
per diluted share, during the nine months of 2013. Excluding the one-time non-cash charges referred to earlier, we would report
net income of $0.1 million, or less than $0.01 per diluted share, for the first nine months of 2013. Net earnings were $6.8 million,
or $0.26 per diluted share, during the first nine months of 2012. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cash, cash equivalents and investments
were $26.2 million at September 30, 2013 compared to $27.2 million at June 30, 2013. As of September 30, 2013, the Company had
no debt, and stockholders&rsquo; equity was $37.9 million. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Courier">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Jack Abuhoff, Chairman and CEO, said, &ldquo;As
a result of a relentless focus on efficiencies, our Content Services segment succeeded at earning $1.5 million in operating earnings
on revenues of $15.6 million. In our IADS segment, however, in which we are incubating new businesses, we have not yet achieved
significant revenue. Accordingly, and in accordance with GAAP, we took a $5.5 million accounting charge to write off all its assets
on our books and created a $7.1 million valuation allowance against all our U.S. deferred tax assets. Still, we continue to believe
in its potential and are continuing to invest in building it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;For example, our confidence in the
Synodex subsidiary of IADS is based on the positive feedback we are receiving from our initial three customers; our track record
in attracting interest from key decision makers in our targeted client base; a list of active prospects that includes 30 insurance
and reinsurance companies in active stages of discussion and of which 14 are especially active; and a business environment in which
insurers are seeking the kind of business process improvements that our service provides. We are bolstered by the advice of the
Vice Chairman at one of our client prospects, a company with $40 billion in assets, who told us &ldquo;the (insurance) industry
is slow to lead, but fast to follow.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;That said, we will consider steps
to lower our IADS spend if at the end of the fourth quarter of this year we are not forecasting a significant, near-term revenue
improvement in the IADS segment.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Abuhoff concluded, &ldquo;We are forecasting
fourth quarter revenue to be in the range of $14 to $16 million.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Timing of Conference Call with Q&amp;A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The call-in numbers for the conference call are:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">1-888-505-4369&nbsp;(Domestic)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">1-719-457-2689&nbsp;(International)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">1-888-203-1112&nbsp;(Domestic Replay)
&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">1-719-457-0820<FONT STYLE="color: #222222">&nbsp;(International
Replay)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; color: #222222; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; color: #222222">Pass code on both:
9571883</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: black">Investors are also invited to access
a live Webcast of the conference call at the Investor Relations section of </FONT><U>www.innodata.com</U><FONT STYLE="color: black">.
Please note that the Webcast feature will be in listen-only mode.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Call-in or Webcast replay will be available for 30 days following
the conference call.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Innodata Inc. <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&rsquo;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 STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Recent honors include EContent Magazine&rsquo;s
<I>EContent 100</I>, KMWorld Magazine&rsquo;s <I>100 Companies That Matter in Knowledge Management,</I> the International Association
of Outsourcing Professionals&rsquo; (IAOP) <I>Global Outsourcing Top 100</I>, D&amp;B India&rsquo;s <I>Leading ITeS and BPO Companies
</I>and the Black Book of Outsourcing&rsquo;s <I>Top List of</I> <I>Leading Outsourcing Providers to the Printing and Publishing
Business</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Safe Harbor Statement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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
&ldquo;project,&rdquo; &ldquo;head start,&rdquo; &quot;believe,&quot; &quot;expect,&quot; &ldquo;should,&rdquo; &quot;anticipate,&quot;
&quot;indicate,&quot; &quot;point to,&quot; &ldquo;forecast,&rdquo; &ldquo;likely&rdquo;, &ldquo;optimistic&rdquo; and other similar
expressions generally identify forward-looking statements, which speak only as of their dates.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>These forward-looking statements are
based largely on our current expectations, and are subject to a number of risks and uncertainties, including, without limitation,
the matters relating to our IADS segment that are discussed in this release and the risks and uncertainties of early-stage companies
generally; the primarily at-will nature of the Company&rsquo;s contracts with its Content Services segment customers and the ability
of the customers to reduce, delay or cancel projects; continuing Content Services segment revenue concentration in a limited number
of customers; continuing Content Services segment 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 ventures 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. Actual results may differ significantly.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Actual results could differ materially
from the results referred to in the forward-looking statements. In light of these risks and uncertainties, there can be no assurance
that the results referred to in the forward-looking statements contained in this release will occur.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Company Contact</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Raj Jain</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Vice President</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Innodata Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">rjain@innodata.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(201) 371-8024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #222222"><B>or</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #222222; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #222222"><B>Media
Contact</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #222222">Stanley
or Andrew Berger</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #222222">SM
Berger &amp; Company</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">(216) 464-6400</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>INNODATA INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AND COMPREHENSIVE INCOME (LOSS)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Unaudited)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(In thousands, except per-share amounts)<BR>
<BR>
</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Courier New, Courier, Monospace">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-family: Times New Roman, Times, Serif; color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three&nbsp;Months&nbsp;Ended</TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; color: black; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-family: Times New Roman, Times, Serif; color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nine&nbsp;Months&nbsp;Ended</TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; color: black; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-family: Times New Roman, Times, Serif; color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">September&nbsp;30,</TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; color: black; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-family: Times New Roman, Times, Serif; color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">September&nbsp;30,</TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; color: black; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2013</TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; color: black; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; color: black; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2013</TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; color: black; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; color: black; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 48%; font-family: Times New Roman, Times, Serif; color: black; font-weight: bold; padding-bottom: 1pt">Revenues</TD><TD STYLE="width: 1%; font-family: Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; color: black; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; color: black; text-align: right">15,746</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-family: Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; color: black; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; color: black; text-align: right">19,710</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-family: Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; color: black; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; color: black; text-align: right">48,809</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-family: Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; color: black; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; color: black; text-align: right">67,613</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; color: black; font-weight: bold; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Operating costs and expenses:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: left; text-indent: -0.1in; padding-left: 16.2pt">Direct operating expenses</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: right">11,973</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: right">13,509</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: right">38,183</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: right">44,267</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: left; text-indent: -0.1in; padding-left: 16.2pt">Selling and administrative expenses</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: right">3,992</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: right">5,233</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: right">12,972</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: right">16,819</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: left; text-indent: -0.1in; padding-left: 16.2pt">Impairment charges</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: right">5,524</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: right">5,524</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 16.2pt">Interest income, net</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; color: black; text-align: right">(57</TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; color: black; text-align: right">(32</TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; color: black; text-align: right">(314</TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; color: black; text-align: right">(212</TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; color: black; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; color: black; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.35in">Total</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; color: black; text-align: right">21,432</TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; color: black; text-align: right">18,710</TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; color: black; text-align: right">56,365</TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; color: black; text-align: right">60,874</TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; color: black; font-weight: bold; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Income before provision for income taxes</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: right">(5,686</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: right">1,000</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: right">(7,556</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: right">6,739</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in">Provision for income taxes</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; color: black; text-align: right">7,297</TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; color: black; text-align: right">136</TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; color: black; text-align: right">5,809</TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; color: black; text-align: right">1,409</TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; color: black; font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in">Net income (loss)</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; color: black; text-align: right">(12,983</TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; color: black; text-align: right">864</TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; color: black; text-align: right">(13,365</TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; color: black; text-align: right">5,330</TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; color: black; font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in">Loss attributable to non-controlling interests</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; color: black; text-align: right">1,291</TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; color: black; text-align: right">425</TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; color: black; text-align: right">1,869</TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; color: black; text-align: right">1,479</TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; color: black; font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -0.125in; padding-left: 0.125in">Net
    income (loss) attributable to Innodata Inc. and Subsidiaries</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; color: black; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; color: black; text-align: right">(11,692</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; color: black; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; color: black; text-align: right">1,289</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; color: black; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; color: black; text-align: right">(11,496</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; color: black; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; color: black; text-align: right">6,809</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.1in; padding-left: 0.1in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; color: black; font-weight: bold; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Income
    (loss) per share attributable to Innodata Inc. and Subsidiaries:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 16.2pt">Basic</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; color: black; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; color: black; text-align: right">(0.47</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; color: black; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; color: black; text-align: right">0.05</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; color: black; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; color: black; text-align: right">(0.46</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; color: black; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; color: black; text-align: right">0.27</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 16.2pt">Diluted</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; color: black; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; color: black; text-align: right">(0.47</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; color: black; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; color: black; text-align: right">0.05</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; color: black; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; color: black; text-align: right">(0.46</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; color: black; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; color: black; text-align: right">0.26</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; color: black; font-weight: bold; text-indent: -0.1in; padding-left: 0.1in">Weighted average shares outstanding:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 16.2pt">Basic</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; color: black; text-align: right">25,053</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; color: black; text-align: right">24,883</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; color: black; text-align: right">24,977</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; color: black; text-align: right">24,808</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 16.2pt">Diluted</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; color: black; text-align: right">25,053</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; color: black; text-align: right">27,446</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; color: black; text-align: right">24,977</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; color: black; text-align: right">26,226</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-indent: -0.1in; padding-left: 0.1in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; color: black; font-weight: bold; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Net income (loss)</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: right">(12,983</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: right">864</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: right">(13,365</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: right">5,330</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: left; text-indent: -0.1in; padding-left: 16.2pt">Pension liability adjustment, net of taxes</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: right">18</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: right">9</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: right">54</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: right">26</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 16.2pt">Change in fair value of derivatives</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; color: black; text-align: right">(575</TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; color: black; text-align: right">526</TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; color: black; text-align: right">(1,805</TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; color: black; text-align: right">1,287</TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: left; text-indent: -0.1in; padding-left: 16.2pt">Comprehensive Income (loss)</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: right">(13,540</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: right">1,399</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: right">(15,116</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: right">6,643</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; color: black; text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 16.2pt">Comprehensive loss attributed to non-controlling interest</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; color: black; text-align: right">1,291</TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; color: black; text-align: right">425</TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; color: black; text-align: right">1,869</TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; color: black; text-align: right">1,479</TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; color: black; font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 0.1in">Comprehensive income (loss) attributable to Innodata Inc. and Subsidiaries</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; color: black; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; color: black; text-align: right">(12,249</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; color: black; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; color: black; text-align: right">1,824</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; color: black; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; color: black; text-align: right">(13,247</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; color: black; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; color: black; text-align: right">8,122</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: center"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>INNODATA INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>CONDENSED CONSOLIDATED BALANCE
SHEETS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(Unaudited)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(Dollars
in thousands)</B></P>

<P STYLE="font: 10pt Courier; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Courier New, Courier, Monospace; text-align: center">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">September&nbsp;30,</TD><TD STYLE="padding-bottom: 1pt; color: black; font-weight: bold">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31,</TD><TD STYLE="padding-bottom: 1pt; color: black; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2013</TD><TD STYLE="padding-bottom: 1pt; color: black; font-weight: bold">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt; color: black; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; font-weight: bold">ASSETS</TD><TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace; text-align: left">&nbsp;</TD><TD STYLE="font-family: Courier New, Courier, Monospace; text-align: right">&nbsp;</TD><TD STYLE="font-family: Courier New, Courier, Monospace; text-align: left">&nbsp;</TD><TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace; text-align: left">&nbsp;</TD><TD STYLE="font-family: Courier New, Courier, Monospace; text-align: right">&nbsp;</TD><TD STYLE="font-family: Courier New, Courier, Monospace; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; font-weight: bold; text-align: left">Current assets:</TD><TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace; text-align: left">&nbsp;</TD><TD STYLE="font-family: Courier New, Courier, Monospace; text-align: right">&nbsp;</TD><TD STYLE="font-family: Courier New, Courier, Monospace; text-align: left">&nbsp;</TD><TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace; text-align: left">&nbsp;</TD><TD STYLE="font-family: Courier New, Courier, Monospace; text-align: right">&nbsp;</TD><TD STYLE="font-family: Courier New, Courier, Monospace; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 74%; color: black; text-align: left; padding-left: 9pt">Cash and cash equivalents</TD><TD STYLE="width: 1%; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; text-align: left">$</TD><TD STYLE="width: 10%; color: black; text-align: right">25,104</TD><TD STYLE="width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; text-align: left">$</TD><TD STYLE="width: 10%; color: black; text-align: right">25,425</TD><TD STYLE="width: 1%; color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-left: 9pt">Short term investments - other</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">1,115</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">3,091</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; text-align: left; padding-left: 9pt">Accounts receivable, net</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">10,805</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">14,317</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-left: 9pt">Prepaid expenses and other current assets</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">2,117</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">2,561</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; text-align: left; padding-bottom: 1pt; padding-left: 9pt">Deferred income taxes</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; text-align: right">168</TD><TD STYLE="padding-bottom: 1pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; text-align: right">1,104</TD><TD STYLE="padding-bottom: 1pt; color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-left: 0.25in">Total current assets</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">39,309</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">46,498</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; text-align: left">Property and equipment, net</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">6,331</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">10,656</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left">Other assets</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">3,210</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">3,504</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; text-align: left">Deferred income taxes</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">780</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">4,848</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; padding-bottom: 1pt">Goodwill</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; text-align: right">675</TD><TD STYLE="padding-bottom: 1pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; text-align: right">675</TD><TD STYLE="padding-bottom: 1pt; color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 0.25in">Total assets</TD><TD STYLE="color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: black; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; color: black; text-align: right">50,305</TD><TD STYLE="padding-bottom: 2.5pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: black; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; color: black; text-align: right">66,181</TD><TD STYLE="padding-bottom: 2.5pt; color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD><TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace; text-align: left">&nbsp;</TD><TD STYLE="font-family: Courier New, Courier, Monospace; text-align: right">&nbsp;</TD><TD STYLE="font-family: Courier New, Courier, Monospace; text-align: left">&nbsp;</TD><TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace; text-align: left">&nbsp;</TD><TD STYLE="font-family: Courier New, Courier, Monospace; text-align: right">&nbsp;</TD><TD STYLE="font-family: Courier New, Courier, Monospace; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; font-weight: bold; text-align: left">LIABILITIES AND STOCKHOLDERS' EQUITY</TD><TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace; text-align: left">&nbsp;</TD><TD STYLE="font-family: Courier New, Courier, Monospace; text-align: right">&nbsp;</TD><TD STYLE="font-family: Courier New, Courier, Monospace; text-align: left">&nbsp;</TD><TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace; text-align: left">&nbsp;</TD><TD STYLE="font-family: Courier New, Courier, Monospace; text-align: right">&nbsp;</TD><TD STYLE="font-family: Courier New, Courier, Monospace; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD><TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace; text-align: left">&nbsp;</TD><TD STYLE="font-family: Courier New, Courier, Monospace; text-align: right">&nbsp;</TD><TD STYLE="font-family: Courier New, Courier, Monospace; text-align: left">&nbsp;</TD><TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace; text-align: left">&nbsp;</TD><TD STYLE="font-family: Courier New, Courier, Monospace; text-align: right">&nbsp;</TD><TD STYLE="font-family: Courier New, Courier, Monospace; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; font-weight: bold; text-align: left">Current liabilities:</TD><TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace; text-align: left">&nbsp;</TD><TD STYLE="font-family: Courier New, Courier, Monospace; text-align: right">&nbsp;</TD><TD STYLE="font-family: Courier New, Courier, Monospace; text-align: left">&nbsp;</TD><TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace; text-align: left">&nbsp;</TD><TD STYLE="font-family: Courier New, Courier, Monospace; text-align: right">&nbsp;</TD><TD STYLE="font-family: Courier New, Courier, Monospace; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-left: 9pt">Accounts payable and accrued expenses</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">$</TD><TD STYLE="color: black; text-align: right">4,941</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">$</TD><TD STYLE="color: black; text-align: right">4,100</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; text-align: left; padding-left: 9pt">Accrued salaries, wages and related benefits</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">5,117</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">6,584</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-left: 9pt">Income and other taxes</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">1,384</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">2,155</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; text-align: left; padding-left: 9pt">Current portion of long-term obligations</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">317</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">818</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-bottom: 1pt; padding-left: 9pt">Deferred income taxes</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; text-align: right">57</TD><TD STYLE="padding-bottom: 1pt; color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; text-align: left; padding-left: 0.25in">Total current liabilities</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">11,759</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">13,714</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left">Deferred income taxes</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">190</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">182</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black">Long-term obligations</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">3,794</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">3,374</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; font-weight: bold; padding-bottom: 1pt">Non-controlling interests</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(3,315</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,598</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; font-weight: bold; text-align: left; padding-bottom: 1pt">STOCKHOLDERS' EQUITY</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; text-align: right">37,877</TD><TD STYLE="padding-bottom: 1pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: black; text-align: right">50,509</TD><TD STYLE="padding-bottom: 1pt; color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 0.25in">Total liabilities and stockholders&rsquo; equity</TD><TD STYLE="color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: black; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; color: black; text-align: right">50,305</TD><TD STYLE="padding-bottom: 2.5pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: black; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; color: black; text-align: right">66,181</TD><TD STYLE="padding-bottom: 2.5pt; color: black; text-align: left">&nbsp;</TD></TR>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
