<SEC-DOCUMENT>0001171843-18-003693.txt : 20180509
<SEC-HEADER>0001171843-18-003693.hdr.sgml : 20180509
<ACCEPTANCE-DATETIME>20180509070047
ACCESSION NUMBER:		0001171843-18-003693
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20180509
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180509
DATE AS OF CHANGE:		20180509

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INTELLIGENT SYSTEMS CORP
		CENTRAL INDEX KEY:			0000320340
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		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:		18816619

	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_050818.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<html><head><title></title></head><body><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%;"><font style="font-size: 10pt;">&#160;</font></div></div><p style="text-align: center;"><font style="font-size: 14pt;"><strong>UNITED STATES</strong><br /><strong>SECURITIES AND EXCHANGE COMMISSION</strong><br /><strong>Washington, D.C. 20549</strong><br />_____________________</font></p><p style="text-transform: uppercase; text-align: center;"><font style="font-size: 14pt;"><strong>Form 8-K</strong><br />_____________________</font></p><p style="text-align: center;"><font style="font-size: 12pt;"><strong>CURRENT REPORT</strong></font></p><p style="text-align: center;"><font style="font-size: 12pt;"><strong>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</strong></font></p><p align="center"><font style="font-size: 10pt;">Date of Report (Date of earliest event Reported): <!--May 9, 2018-->May 9, 2018 &#160;</font></p><p align="center"><font style="font-size: 12pt;"><strong>Intelligent Systems Corporation</strong></font><br /><font style="font-size: 10pt;">(Exact Name of Registrant as Specified in Charter)</font></p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td align="center" width="33%"><font style="font-size: 10pt;"><strong>Georgia</strong></font></td><td align="center" width="34%"><font style="font-size: 10pt;"><strong>001-09330</strong></font></td><td align="center" width="33%"><font style="font-size: 10pt;"><strong>581964787</strong></font></td></tr><tr valign="top"><td align="center" width="33%"><font style="font-size: 10pt;">(State or Other Jurisdiction of Incorporation)</font></td><td align="center" width="34%"><font style="font-size: 10pt;">(Commission File Number)</font></td><td align="center" width="33%"><font style="font-size: 10pt;">(I.R.S. 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[&#160;&#160; ]</p><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%;"><font style="font-size: 10pt;">&#160;</font></div>&#160;</div><hr style="page-break-after: always;" noshade="noshade" /><p><font style="font-size: 10pt;">  <strong>  </strong></font></p><p><font style="font-size: 10pt;"><strong>Item 2.02. Results of Operations and Financial Condition.</strong></font></p><p><font style="font-size: 10pt;">On May 9, 2018, the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.</font></p><p><font style="font-size: 10pt;"><strong>  </strong></font></p><p><font style="font-size: 10pt;"><strong>Item 9.01. Financial Statements and Exhibits.</strong></font></p><p><font style="font-size: 10pt;"><p><a href="exh_991.htm">Exhibit 99.1</a>. 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</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 Systems Announces First Quarter 2018 Results</strong></p><p style="text-align: center;" ></p><p>
 <p align="left">NORCROSS, Ga., May  09, 2018  (GLOBE NEWSWIRE) -- Intelligent Systems Corporation (NYSE American:INS) (www.intelsys.com)&#160;announced today its financial results for the first quarter of 2018 ended March 31, 2018.&#160;<br ></p>  <p align="justify">&#8220;We are off to a very good start in the first quarter of 2018 with a profit of $893,000. Both the strategic and the tactical decisions we made with CoreCard the last few years are starting to pay-off as we steadily scale the business. We are still not large enough revenue wise to avoid some quarter-to-quarter swings, but I expect us to stay on the path of profitability,&#8221; commented J. Leland Strange, CEO of Intelligent Systems.&#160;</p>  <p align="justify">For the three month period ended March 31, 2018, the company recorded revenue of $4,058,000 compared to $1,699,000 in the comparable period in 2017, a 139 percent increase year over year.&#160; The company experienced growth in all areas of its service and product offerings which consist of transaction processing services, software maintenance and support services, professional services and software license fees.</p>  <p align="justify">The company reported income from operations of $821,000 in the first quarter of 2018 compared to a loss from operations of $541,000 in the first quarter of 2017. The increase in operating income was primarily driven by the 139 percent revenue increase experienced in the period.</p>  <p align="justify">The company reported net income of $893,000 (income of $0.10 per basic and diluted share) in the first quarter of 2018 compared to net loss of $508,000 (loss of $0.06 per basic and diluted share) in the first quarter of 2017. The increase was primarily attributable to the improved operating results.</p>  <p align="justify">J. Leland Strange, CEO, further commented, &#8220;Our professional services&#8217; resources that are needed by both licensed and processed customers are actually being utilized at a greater than 100% capacity so we don&#8217;t see any further growth in that area until we can move more people from &#8216;training&#8217; (which takes a good 2+ years) to revenue producing. Another way to say that is the demand for our resources is outstripping our ability to supply, but it is a good problem to have. However, the current emphasis of CoreCard is processing services rather than licensing which offers&#160; better scalability and we expect to continue quarter to quarter growth in that area.&#8221;&#160;&#160;</p>  <p align="justify">The company intends to file its Form 10-Q for the period ended March 31, 2018 with the Securities and Exchange Commission today, May 9, 2018. 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 align="justify">For over thirty-five years, Intelligent Systems Corporation (NYSE American:INS) has identified, created, operated and grown technology companies.&#160; 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.&#160; CoreCard also offers prepaid and credit card processing services using its proprietary software solutions. &#160; 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.&#160; 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. 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padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">821</td><td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">(541</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">)</td></tr><tr><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">Other income</td><td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; padding-right: 0 ; vertical-align: bottom ; 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">&#160;</td><td style="border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">8,743,299</td><td style="border-bottom: double black 3pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td></tr></table> <p align="center"><br ></p> <table style="width:100%; border-collapse:collapse !important;" style="border-collapse: collapse; "><tr><td colspan="5" style="text-align: center ;  vertical-align: bottom; vertical-align: bottom ; "><strong>Intelligent Systems Corporation<br ><strong>CONSOLIDATED BALANCE SHEETS</strong><br ></strong><em>(in thousands, except share and per share amounts)</em></td></tr><tr><td colspan="5" style="vertical-align: bottom ; 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text-align: center ;  vertical-align: bottom; vertical-align: bottom ; ">(audited)</td></tr><tr><td style="vertical-align: bottom ; ">Current assets:</td><td colspan="2" style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; vertical-align: bottom ; ">Cash</td><td colspan="2" style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">$10,183</td><td colspan="2" style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">$14,024</td></tr><tr><td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; vertical-align: bottom ; ">Marketable securities</td><td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">416</td><td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">438</td></tr><tr><td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; vertical-align: bottom ; ">Accounts receivable, net</td><td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">2,924</td><td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">1,208</td></tr><tr><td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; vertical-align: bottom ; ">Notes and interest receivable, current portion</td><td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">271</td><td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">16</td></tr><tr><td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; vertical-align: bottom ; ">Other current assets</td><td style="vertical-align: bottom;   text-align: left; 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text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">105</td><td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">98</td></tr><tr><td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; vertical-align: bottom ; ">Other current liabilities</td><td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">401</td><td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">408</td></tr><tr><td style="vertical-align: bottom; 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  text-align: left;   padding-left: 10.0px; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">94</td><td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">51</td></tr><tr><td style="border-top: solid black 1pt ; vertical-align: bottom ; ">Total stockholders&#8217; equity</td><td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="border-top: solid black 1pt ; padding-left: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">20,343</td><td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="border-top: solid black 1pt ; padding-left: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">19,453</td></tr><tr><td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; vertical-align: bottom ; ">Total liabilities and stockholders&#8217; equity</td><td colspan="2" style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">$22,849</td><td colspan="2" style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">$21,779</td></tr><tr><td style="vertical-align: bottom ; ">&#160;</td><td colspan="2" style="vertical-align: bottom ; ">&#160;</td><td colspan="2" style="vertical-align: bottom ; ">&#160;</td></tr></table> <p align="center"><strong>&#160;</strong></p>  <p>&#160;<br ></p> </p><p>For further information, call<br >Karen Reynolds, 770-564-5503<br >or email to karen@intelsys.com</p></body></html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
