<SEC-DOCUMENT>0001171843-19-006690.txt : 20191022
<SEC-HEADER>0001171843-19-006690.hdr.sgml : 20191022
<ACCEPTANCE-DATETIME>20191022161533
ACCESSION NUMBER:		0001171843-19-006690
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20191022
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20191022
DATE AS OF CHANGE:		20191022

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:		191161876

	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_102219.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): <!--October 22, 2019-->October 22, 2019 &#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. Employer Identification Number)</font></td></tr></table><p><font style="font-size: 10pt;">&#160;</font></p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="bottom"><td align="center" width="50%"><font style="font-size: 10pt;"><strong>4355 Shackleford Road, Norcross, Georgia 30093</strong><!----></font></td></tr><tr valign="top"><td align="center" width="50%"><font style="font-size: 10pt;">(Address of Principal Executive Offices) (Zip Code)</font></td></tr></table><p align="center"><font style="font-size: 10pt;"><strong>(770) 381-2900</strong><br />(Registrant's telephone number, including area code)</font></p><p align="center"><font style="font-size: 10pt;"><strong></strong><br />(Former name or former address, if changed since last report)</font></p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td colspan="3"><font style="font-size: 10pt;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:<br /><br /></font></td></tr><tr valign="top"><td width="21"><font style="font-size: 10pt;">&#160;</font></td><td width="40"><font style="font-size: 10pt;">[ &#160; ]</font></td><td nowrap="nowrap"><font style="font-size: 10pt;">&#160;&#160;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></td></tr><tr valign="top"><td width="21"><font style="font-size: 10pt;">&#160;</font></td><td width="40"><font style="font-size: 10pt;">[ &#160; ]</font></td><td nowrap="nowrap"><font style="font-size: 10pt;">&#160;&#160;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></td></tr><tr valign="top"><td width="21"><font style="font-size: 10pt;">&#160;</font></td><td width="40"><font style="font-size: 10pt;">[ &#160; ]</font></td><td nowrap="nowrap"><font style="font-size: 10pt;">&#160;&#160;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></td></tr><tr valign="top"><td width="21"><font style="font-size: 10pt;">&#160;</font></td><td width="40"><font style="font-size: 10pt;">[ &#160; ]</font></td><td nowrap="nowrap"><font style="font-size: 10pt;">&#160;&#160;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></td></tr></table><p style="font-size: 10pt; margin: 0pt;">&#160;</p><p style="font-size: 10pt; margin: 0pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR &sect;230.405) or Rule&#160;12b-2&#160;of the Securities Exchange Act of 1934 (17 CFR&#160;&sect;240.12b-2).&#160;Emerging growth company [&#160;&#160; ]</p><p style="font-size: 10pt; margin: 0pt;">&#160;</p><p style="font-size: 10pt; margin: 0pt;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [&#160;&#160; ]</p><p style="margin: 0;">&#160;</p><p style="font-size: 10pt; margin: 0pt 0;">Securities registered pursuant to Section 12(b) of the Act:</p><p style="font-size: 10pt; margin: 0pt 0;">&#160;</p><table style="width: 100%; border-collapse: collapse; font-size: 10pt;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="width: 33%; border: black 1pt solid; text-align: center; white-space: nowrap;"><font style="font-size: 10pt;">Title of each class</font></td><td style="width: 34%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; white-space: nowrap;"><font style="font-size: 10pt;">Trading Symbol</font></td><td style="width: 33%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; white-space: nowrap;"><font style="font-size: 10pt;">Name of each exchange on which registered</font></td></tr><tr style="vertical-align: bottom;"><td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; white-space: nowrap;"><font style="font-size: 10pt;">Common Stock, $0.01 par value for the class</font></td><td style="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; white-space: nowrap;"><font style="font-size: 10pt;">INS</font></td><td style="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; white-space: nowrap;"><font style="font-size: 10pt;">NYSE American</font></td></tr></table><p style="font-size: 10pt; margin: 0pt 0;">&#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 October 22, 2019, 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><font style="font-size:10pt;"><a href="exh_991.htm" rel="nofollow">Exhibit 99.1. Press release dated October 22, 2019</a></font></p> </font></p><p><font style="font-size: 10pt;"></font></p><p><font style="font-size: 10pt;"></font></p><hr style="page-break-after: always;" noshade="noshade" /><p align="center"><font style="font-size: 10pt;"><strong>SIGNATURE</strong></font></p><p><font style="font-size: 10pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td valign="top" width="49%"><font style="font-size: 10pt;">&#160;</font></td><td style="font-size: 12pt;" colspan="2" valign="top"><font style="font-size: 10pt;"><strong>Intelligent Systems Corporation</strong></font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;">&#160;</font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;"></font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">Date: October 22, 2019</font></td><td width="2%"><font style="font-size: 10pt;">By:&#160;</font></td><td style="text-decoration: underline;" width="49%"><font style="font-size: 10pt;">/s/ Matthew A. White&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;">Matthew A. White</font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;">CFO</font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;"></font></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;"><font style="font-size: 14pt;"><strong>Intelligent Systems Reports Preliminary Third Quarter 2019 Results</strong></font></p><p style="text-align: center;"><strong></strong></p><p>
 <p>NORCROSS, Ga., Oct.  22, 2019  (GLOBE NEWSWIRE) -- Intelligent Systems Corporation [NYSE American: INS], the leading provider of innovative credit technology solutions and processing services to the financial technology and services market, announced today its preliminary financial results for the fiscal third quarter ended September 30, 2019.<br ></p>  <p align="justify">&#8220;Our third quarter results were strong and in-line with our expectations as we continue to build on the positive momentum throughout this year,&#8221; said Leland Strange, CEO of Intelligent Systems. &#8220;For the third quarter of 2019, we anticipate preliminary revenues of approximately $9.5 million and preliminary income from operations in the range of $4.0 to $4.3 million. Our stronger income from operations was driven by the expected increase in license revenue. We are pleased to see continual growth as customers adopt our credit and prepaid/debit solutions and CoreCard continues to be the proven choice of leading corporations that desire rapid innovation.&#8221;</p>  <p align="justify"><strong>Financial Highlights for the Third Quarter of 2019&#160;&#160; </strong></p>  <p align="justify"><strong>Total revenues</strong> are expected to be $9,522,000, up 76 percent compared to $5,415,000 in the third quarter of 2018.</p>  <p align="justify">In the following table, revenue is disaggregated by type of revenue for the three months ended September 30, 2019 and 2018:</p> <table style="width:100%; border-collapse:collapse !important;;border-collapse: collapse; "><tr><td colspan="6" style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-bottom: solid black 1pt ; vertical-align: bottom ; "><strong>Three Months Ended September 30, </strong><em>(in thousands)</em></td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-bottom: solid black 1pt ; vertical-align: top ; ">&#160;</td><td colspan="2" style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: center ;  vertical-align: middle; ">&#160;<strong>2019</strong></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-bottom: solid black 1pt ; padding-right: 0 ; vertical-align: top ; ">&#160;</td><td colspan="2" style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: center ;  vertical-align: middle; ">&#160;<strong>2018</strong></td></tr><tr><td style="max-width:73%; width:73%; min-width:73%;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: justify ;  vertical-align: middle; vertical-align: top ; ">License</td><td style="max-width:1%; width:1%; min-width:1%;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; padding-right: 0 ; vertical-align: top ; ">$</td><td style="max-width:12%; width:12%; min-width:12%;;padding-left: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160; 2,225</td><td style="max-width:1%; width:1%; min-width:1%;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; padding-right: 0 ; vertical-align: top ; ">&#160;</td><td style="max-width:1%; width:1%; min-width:1%;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; padding-right: 0 ; vertical-align: top ; ">$</td><td style="max-width:12%; width:12%; min-width:12%;;padding-left: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160; 129</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: justify ;  vertical-align: middle; vertical-align: top ; ">Professional services</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; padding-right: 0 ; vertical-align: top ; ">&#160;</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160; 4,579</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; padding-right: 0 ; vertical-align: top ; ">&#160;</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; padding-right: 0 ; vertical-align: top ; ">&#160;</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160; 3,178</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: justify ;  vertical-align: middle; vertical-align: top ; ">Processing and maintenance</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; padding-right: 0 ; vertical-align: top ; ">&#160;</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160; 2,235</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; padding-right: 0 ; vertical-align: top ; ">&#160;</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; padding-right: 0 ; vertical-align: top ; ">&#160;</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160; 1,678</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-bottom: solid black 1pt ; text-align: justify ;  vertical-align: middle; vertical-align: top ; ">Third party</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-bottom: solid black 1pt ; padding-right: 0 ; vertical-align: top ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160; 483</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-bottom: solid black 1pt ; padding-right: 0 ; vertical-align: top ; ">&#160;</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-bottom: solid black 1pt ; padding-right: 0 ; vertical-align: top ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160; 430</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-bottom: double black 3pt ; text-align: justify ;  vertical-align: middle; vertical-align: top ; ">Total</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-bottom: double black 3pt ; padding-right: 0 ; vertical-align: top ; ">$</td><td style="border-bottom: double black 3pt ; padding-left: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160; 9,522</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-bottom: double black 3pt ; padding-right: 0 ; vertical-align: top ; ">&#160;</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-bottom: double black 3pt ; padding-right: 0 ; vertical-align: top ; ">$</td><td style="border-bottom: double black 3pt ; padding-left: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;5,415</td></tr></table> <p align="justify"><strong>Income from operations</strong> is expected to be between $4,000,0000 and $4,300,000 compared to income from operations of $1,736,000 in the third quarter of 2018.</p>  <p align="justify">The company will file its Form 10-Q for the period ended September 30, 2019 with the Securities and Exchange Commission in November 2019. For additional information about reported results, investors will be able to access the Form 10-Q on the company&#8217;s website at <u>www.intelsys.com</u> 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. The company&#8217;s principal operations are CoreCard Software, Inc. (<u>www.corecard.com</u>) and its affiliate companies. CoreCard provides prepaid and credit card processing services using its proprietary software solutions that it also licenses to others. CoreCard has designed and developed a comprehensive suite of software solutions that corporations, financial institutions, retailers and processors use to manage credit and debit cards, prepaid cards, private label cards, fleet cards, loyalty programs, and accounts receivable and small loan transactions. CoreCard's flexible and proven processing platform is being utilized in many countries in addition to the United States including Australia, Canada, China, the United Arab Emirates, France, Italy, Mexico, New Zealand, Singapore, South Africa and the United Kingdom. Further information is available on the company&#8217;s website at <u>www.intelsys.com</u> 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, the impact of new or changes in current laws, regulations or other industry standards, risks relating to unauthorized access to confidential information due to criminal conduct, attacks by hackers, employee or insider malfeasance and/or human error and declines in general economic and financial market conditions, particularly those that cause businesses to delay or cancel purchase decisions.</em></p>  <p align="justify"><em>For further information, call</em><br >Matt White, 770-564-5504<br >or email to <u>matt@intelsys.com</u></p>  <p>&#160;<br ></p> </p><p ></p></body></html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
