<SEC-DOCUMENT>0001171843-16-009849.txt : 20160510
<SEC-HEADER>0001171843-16-009849.hdr.sgml : 20160510
<ACCEPTANCE-DATETIME>20160510071145
ACCESSION NUMBER:		0001171843-16-009849
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20160510
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20160510
DATE AS OF CHANGE:		20160510

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INTELLIGENT SYSTEMS CORP
		CENTRAL INDEX KEY:			0000320340
		STANDARD INDUSTRIAL CLASSIFICATION:	BOLTS, NUTS, SCREWS, RIVETS & WASHERS [3452]
		IRS NUMBER:				581964787
		STATE OF INCORPORATION:			GA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09330
		FILM NUMBER:		161633655

	BUSINESS ADDRESS:	
		STREET 1:		4355 SHACKLEFORD RD
		CITY:			NORCROSS
		STATE:			GA
		ZIP:			30093
		BUSINESS PHONE:		4043812900

	MAIL ADDRESS:	
		STREET 1:		4355 SHACKLEFORD ROAD
		CITY:			NORCROSS
		STATE:			GA
		ZIP:			30093
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>f8k_050916.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd"><html><head></head><body style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><div style="margin-top: 3pt; margin-bottom: 12pt;"><div style="font-size: 1pt; border-top: Black 2.5pt solid; border-bottom: Black 1.1pt solid; width: 100%;">&#160;</div></div><p style="font-size: 14pt;" align="center"><strong>UNITED STATES</strong><br><strong>SECURITIES AND EXCHANGE COMMISSION</strong><br><strong>Washington, D.C. 20549<br></strong>______________________</p><p style="font-size: 14pt; text-transform: uppercase;" align="center"><strong>Form 8-K<br></strong>______________________</p><p style="font-size: 12pt;" align="center"><strong>CURRENT REPORT</strong></p><p style="font-size: 12pt;" align="center"><strong>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</strong></p><p align="center">Date of Report (Date of earliest event Reported): <!--May 10, 2016-->May 10, 2016 &#160;</p><p align="center"><strong style="font-size: 14pt;">Intelligent Systems Corporation</strong><br>(Exact Name of Registrant as Specified in Charter)</p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td align="center" width="33%"><strong>Georgia</strong></td><td align="center" width="34%"><strong>001-09330</strong></td><td align="center" width="33%"><strong>581964787</strong></td></tr><tr valign="top"><td align="center" width="33%">(State or Other Jurisdiction of Incorporation)</td><td align="center" width="34%">(Commission File Number)</td><td align="center" width="33%">(I.R.S. Employer Identification Number)</td></tr></table><p>&#160;</p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="bottom"><td align="center" width="50%"><strong>4355 Shackleford Road, Norcross, Georgia 30093<!----></strong></td></tr><tr valign="top"><td align="center" width="50%">(Address of Principal Executive Offices) (Zip Code)</td></tr></table><p align="center"><strong>(770) 381-2900</strong><br>(Registrant's telephone number, including area code)</p><p align="center"><strong></strong><br>(Former name or former address, if changed since last report)</p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td colspan="3">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:<br><br></td></tr><tr valign="top"><td width="21">&#160;</td><td width="40">[  ]</td><td nowrap="nowrap">&#160;&#160;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</td></tr><tr valign="top"><td width="21">&#160;</td><td width="40">[  ]</td><td nowrap="nowrap">&#160;&#160;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</td></tr><tr valign="top"><td width="21">&#160;</td><td width="40">[  ]</td><td nowrap="nowrap">&#160;&#160;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</td></tr><tr valign="top"><td width="21">&#160;</td><td width="40">[  ]</td><td nowrap="nowrap">&#160;&#160;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</td></tr></table><div style="margin-top: 12pt; margin-bottom: 3pt;"><div style="font-size: 1pt; border-top: Black 1.1pt solid; border-bottom: Black 2.5pt solid; width: 100%;">&#160;</div>&#160;</div><hr style="page-break-after: always;" noshade="noshade"><p>  <strong> &#160;</strong></p><p><strong>Item 2.02. Results of Operations and Financial Condition.</strong></p><p>On May 10, 2016, the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.</p><p><strong> &#160;</strong></p><p><strong>Item 9.01. Financial Statements and Exhibits.</strong></p><p>Exhibit 99.1.   Press release dated May 10, 2016</p><p><p> &#160;</p><hr style="page-break-after: always;" noshade="noshade"><p align="center"><strong>SIGNATURE</strong></p><p>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td valign="top" width="49%">&#160;</td><td style="font-size: 12pt;" colspan="2" valign="top"><strong>Intelligent Systems Corporation</strong></td></tr><tr valign="top"><td width="49%">&#160;</td><td width="2%">&#160;</td><td width="49%">&#160;</td></tr><tr valign="top"><td width="49%">&#160;</td><td width="2%">&#160;</td><td width="49%">&#160;</td></tr><tr valign="top"><td width="49%">Date:&#160;May 10, 2016</td><td width="2%">By:&#160;</td><td style="text-decoration: underline;" width="49%">/s/ Bonnie L. Herron&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td></tr><tr valign="top"><td width="49%">&#160;</td><td width="2%">&#160;</td><td width="49%">Name: Bonnie L. Herron</td></tr><tr valign="top"><td width="49%">&#160;</td><td width="2%">&#160;</td><td width="49%">Title: Vice President and CFO</td></tr><tr valign="top"><td width="49%">&#160;</td><td width="2%">&#160;</td><td width="49%"></td></tr></table><p></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exh_991.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"><html lang="en-US"><head><title>EdgarFiling</title><meta content="text/html; charset=windows-1252"><meta name="GENERATOR" content="MSHTML 8.00.7601.18094"></head><body bgcolor="#ffffff"><p style="text-align: right;"><strong>EXHIBIT 99.1</strong></p><p style="text-align: center;"><strong>Intelligent&#160;Systems&#160;Announces&#160;First&#160;Quarter&#160;2016&#160;Results</strong></p><p style="text-align: center;"><p> <p>NORCROSS, Ga., May  10, 2016  (GLOBE NEWSWIRE) -- Intelligent Systems Corporation (NYSE:INS) (www.intelsys.com) announced today its financial results for the first quarter of 2016 ended March 31, 2016.&#160;<br></p>  <p align="justify">For the three month period ended March 31, 2016, the company recorded revenue of $1,647,000, a 54 percent increase compared to the same period in 2015, reflecting growth in both product and service revenue. Net loss attributable to Intelligent Systems Corporation of $937,000 (loss of $0.11 per basic and diluted share) in the first quarter of 2016 compares to net income attributable to Intelligent Systems Corporation of $18,296,000 (income of $2.04 per basic share and $2.03 per diluted share) in the first quarter of 2015.&#160;</p>  <p align="justify">The dramatic change between periods reflects the gain on sale of the company&#8217;s former ChemFree subsidiary in the quarter ended March 31, 2015, amounting to $18,746,000 or $2.09 per basic share ($2.08 per diluted share). As previously announced, the company sold its ChemFree subsidiary on March 31, 2015 and consequently has classified the ChemFree business as discontinued operations for all periods presented.&#160;</p>  <p align="justify">The company reported a loss from continuing operations of $1,024,000 in the first quarter of 2016 compared to a loss from continuing operations of $670,000 in the first quarter of 2015. Impacting the current quarter results is a non-cash charge of $700,000 included in the line item Other Income (Loss) to reduce the carrying value of an investment in a development stage technology company in which the company owned a minority equity stake. Excluding this one-time expense and other income items, the company&#8217;s loss from operations was $361,000 in the quarter ended March 31, 2016, significantly lower than the loss from operations of $669,000 in the same period last year.</p>  <p align="justify">&#8220;Our revenue growth this year reflects an increasing number of customers for both our licensed software and related support services, as well as transaction processing services for prepaid and credit programs,&#8221; stated J. Leland Strange, Chief Executive Officer. &#8220;We are steadily building our FinTech business supported by our flexible CoreCard&#174; technology platform and experienced workforce of nearly 250 employees. However, we expect revenue and profits will still fluctuate quarterly in large part due to customers&#8217; schedules and third party approvals that are largely outside of our control but impact the timing of revenue recognition.&#8221;<br>&#160; &#160;<br>During the first quarter of 2016, the company paid a special cash dividend of $0.35 per common share on February 8, 2016 to shareholders of record on January 29, 2016.&#160;</p>  <p align="justify">The company intends to file its Form 10-Q for the period ended March 31, 2016 with the Securities and Exchange Commission today, May 10, 2016. For additional information about reported results, investors will be able to access the Form 10-Q on the company&#8217;s website at www.intelsys.com or on the SEC site, www.sec.gov.&#160;</p>  <p align="justify"><strong>About Intelligent Systems Corporation</strong></p>  <p>For over thirty-five years, Intelligent Systems Corporation (NYSE:INS) has identified, created, operated and grown technology companies. The company&#8217;s principal operations are CoreCard Software, Inc. (www.corecard.com) and its affiliate companies. CoreCard designs, develops, and markets a comprehensive suite of software solutions to corporations, financial institutions, retailers and processors to manage their credit and debit cards, prepaid cards, private label cards, fleet cards, loyalty programs, and accounts receivable and small loan transactions. CoreCard also offers prepaid and credit card processing services using its proprietary software solutions. Further information is available on the company&#8217;s website at http://www.intelsys.com or by calling the company at 770/381-2900.</p>  <p align="justify"><em>In addition to historical information, this news release may contain forward-looking statements relating to Intelligent Systems Corporation and its subsidiary and affiliated companies. These statements include all statements that are not statements of historical fact regarding the intent, belief or expectations of Intelligent Systems Corporation and its management with respect to, among other things, results of operations, product plans, and financial condition. The words "may," "will," "anticipate," "believe," "intend," "expect," "estimate," "plan," "strategy" and similar expressions are intended to identify forward-looking statements. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those contemplated by such forward-looking statements. The company does not undertake to update or revise any forward-looking statements whether as a result of new developments or otherwise, except as required by law. Among the factors that could cause actual results to differ materially from those indicated by such forward-looking statements are instability in the financial markets, delays in product development, undetected software errors, competitive pressures, changes in customers&#8217; requirements or financial condition, market acceptance of products and services, and declines in general economic and financial market conditions, particularly those that cause businesses to delay or cancel purchase decisions.</em></p>  <p align="center"><strong>&#160;</strong><strong>Intelligent Systems Corporation</strong><br><strong>CONSOLIDATED STATEMENTS OF OPERATIONS</strong><br><em>(unaudited, in thousands, except share and per share amounts)</em></p> <table style="border-collapse: collapse; border-collapse: collapse; border-collapse: collapse; border-collapse: collapse; "><tr><td style="vertical-align: top ; "><strong>&#160;</strong></td><td colspan="6" style="text-align: center ;  vertical-align: bottom; 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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
