Shares of Intelligent Systems Corporation (NYSE:INS) are up over 20% today in light of a successful 3rd quarter. INS shares opened around $11.53 a share and are currently trading at $12.95 during lunch.
Intelligent Systems Corporation is a tech company with its primary focus on the FinTech industry. They operate through CoreCard and two other subsidiaries in India and Romania. CoreCard allows business to manage things such as prepaid cards, private label cards, and even account receivable as well as process said transactions.
In the past, the company has been successful in the FinTech field. Intelligent Systems used to own PaySys International which they later sold to one of the largest payment processors, First Data Corporation (NYSE:FDC).
The company released their 3rd quarter earnings report today, which shined some light on CoreCard’s growth as well as outlook for the future. As the world turns to favoring digital payments, the race for these FinTech companies to acquire merchants is on.
Intelligent Systems Corporation total revenues came out to $5.4 million for the third quarter, marking a 193% increase compared to the same period last year. Intelligent Systems also turned around their operating income from a loss of $496,000 in Q3 of last year to a profit of $1.7 million this quarter.
In a Globe Newswire press release, CEO of Intelligent System Leland Strange commented on their 3rd quarter performance:
“Our revenue is derived from a mix of licenses, processing, and professional services and the third quarter reflected nice increases in each. While license and professional services revenue varies quarter to quarter and often does not actually reflect the work or progress of the quarter due to revenue recognition guidance, everything seemed to come together this quarter.”
Strange also spoke about the direction they see their CoreCard operations going in, which sounds pretty positive:
“Some of our newer customers are keeping our team working almost around the clock to rapidly customize CoreCard’s software for their innovative and complex card functions. We see no real let up in overall demand although the work may vary quarter-to-quarter from different customers and we may see a license revenue “pop” in the first or second quarter if some of our customers achieve their expected volume targets. We also added a new processing customer with a conversion from a major processor to the CoreCard platform. All in all, we are pleased with our progress and will continue on the path to be a world class processor for all types of cards, loans and receivables in 2019 while always aware, that in rolling out new technology programs, unexpected problems may occur”
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