Business
Innodata Reports Fourth Quarter and Fiscal Year 2019 Results
NEW YORK, NY / ACCESSWIRE / March 12, 2020 / INNODATA INC. (NASDAQ:INOD) today reported results for the fourth quarter and the year ended ended December 31,
About this update from Innodata Inc.
[{"type":"text","content":"NEW YORK, NY / ACCESSWIRE / March 12, 2020 / INNODATA INC. (NASDAQ:INOD) today reported results for the fourth quarter and the year ended ended December 31, 2019.Total revenue was $14.7 million in the fourth quarter of 2019, a 6% increase from $13.8 million in the third quarter of 2019. Total revenue was $15.0 million in the fourth quarter of 2018. Net income was $0.1 million in the fourth quarter of 2019, or $0.00 per basic and diluted share, compared to a net loss of $0.6 million, or $(0.02) per basic and diluted share, in the third quarter of 2019 and a net loss of $0.2 million, or $(0.01) per basic and diluted share, in the fourth quarter of 2018. Total revenue for the year ended December 31, 2019 was $55.9 million, a decline of 3% from $57.4 million in 2018. Net loss was $1.6 million, or $(0.06) per basic and diluted share, in the year ended December 31, 2019, compared to a net loss of $0.3 million, or $(0.01) per basic and diluted share, in 2018. Adjusted EBITDA (as defined below) was $1.6 million in the fourth quarter of 2019, compared to $0.9 million in the third quarter of 2019 and $1.2 million in the fourth quarter of 2018. Adjusted EBITDA for the year ended December 31, 2019 was $3.3 million compared to $6.4 million for the year ended December 31, 2018. Cash and cash equivalents were $10.9 million at both December 31, 2019 and December 31, 2018.Amounts in this press release have been rounded. All percentages have been calculated using unrounded amounts. The tables that accompany this release set out results by segment.Correction of ErrorsDuring the preparation of the 2019 consolidated financial statements, management became aware of an error in the Company's accounting for foreign currency remeasurement of refundable taxes in one of its foreign subsidiaries under ASC 830, Foreign Currency Matters spanning from 2008 to 2018 and an overstatement of two accruals. Certain financial information for 2018 has been restated due to the correction of these errors. The tables that accompany this release set out financial information for the year ended 2018, both as previously reported and as restated. For further information relating to these errors, please refer to the explanatory note above the tables. Jack Abuhoff, Chairman and CEO, said, \"We are pleased to report sequentially improved revenue, gross margin and Adjusted EBIT...