Business
Innodata Reports First Quarter 2020 Results
NEW YORK, NY / ACCESSWIRE / May 14, 2020 / INNODATA INC. (NASDAQ:INOD) today reported results for the first quarter ended March 31, 2020.Total revenue was
About this update from Innodata Inc.
[{"type":"text","content":"NEW YORK, NY / ACCESSWIRE / May 14, 2020 / INNODATA INC. (NASDAQ:INOD) today reported results for the first quarter ended March 31, 2020.Total revenue was $14.5 million in the first quarter of 2020, a 1% decline from $14.7 million in the fourth quarter of 2019. Total revenue was $13.7 million in the first quarter of 2019.Net loss was $0.4 million in the first quarter of 2020, or $(0.01) per basic and diluted share, compared to a net income of $0.1 million, or $0.00 per basic and diluted share, in the fourth quarter of 2019 and a net loss of $0.5 million, or $(0.02) per basic and diluted share, in the first quarter of 2019.Cash and cash equivalents were $10.7 million at March 31, 2020, compared to $10.9 million at December 31, 2019.Innodata enabled its business continuity plan (BCP) on March 11, 2020 in response to the COVID-19 pandemic, resulting in 94% of its global team presently deployed and working remotely.Amounts in this press release have been rounded. All percentages have been calculated using unrounded amounts.Income before provision for income taxes in the first quarter of 2020 was $51,000 and reflected $200,000 of expenses in connection with the activation of our BCP and foreign exchange losses of $100,000 from revaluation of monetary assets and liabilities. The Company estimates that revenues in the quarter were unfavorably impacted by $260,000 of ongoing projects that were suspended as a result of the COVID-19 pandemic as the projects required in-facility production. The Company anticipates that these projects will resume once lockdowns are eased in locations in which these projects are performed.Jack Abuhoff, Chairman and CEO, said, \"Entering 2020, we were seeing strong marketplace traction for our new AI data preparation and AI-based data extraction capabilities. We signed nearly two times the amount of new business we signed in Q1 2019, and our pipeline was robust with significant numbers of new customer prospects that had AI strategies front and center.\"Despite the COVID-19 crisis, due to the implementation of our BCP we continue to sign new deals and bring on new customers consistent with our strategy to expand our addressable market through our AI capabilities, although we are doing so with a significant number of deals being deferred or delayed. We expect that as conditions normalize globally, new deal sign...