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Intelligent Systems Reports First Quarter 2021 Results NORCROSS , Ga . , May 04 , 2021 ( 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 financial results for the quarter ended March 31 , 2021 . " First - quarter results were in - line with expectations and continued to demonstrate the adaptability of our business model and the resiliency of our employees around the world . Despite challenges stemming from the spread of COVID - 19 , we continued to service our customers without any delays or impacts , " said Leland Strange , CEO of Intelligent Systems . " We generated revenues of $ 8.9 million in the quarter , a 13 % increase relative to the first quarter of 2020. As expected , our year - over - year top - line growth was driven by professional services and processing and maintenance revenue . While we did not recognize any license revenue in the quarter , we continue to expect licensing revenue in the second quarter and more substantially in the second half of fiscal 2021. Due to the costs of opening our new office in Dubai and developing a new platform , income from operations and net income declined from the comparable prior quarter . " " The infrastructure investments we are making are already showing results . We announced that we entered a partnership with the Al Ansari Exchange , a UAE - based foreign exchange and worldwide money transfer company , and CoreCard's first customer in the Middle East region . This partnership validates the strategic investments we made , and we remain confident in our strategic vision . " Mr. Strange continued , “ Throughout the first quarter , Intelligent Systems continued to provide high - quality , on - time delivery for all of our clients despite a challenging and constantly shifting environment . Additionally , we repurchased an additional $ 2.7 million of shares in the quarter and we extended the buyback authorization for an additional $ 10 million . While some headwinds persist , I am encouraged by the start we have had in fiscal 2021 and we are on track to achieve top - line growth of 20 % to 25 % for the year . " Financial Highlights for the three months ended March 31 , 2021 Total revenues- Total revenue in the three - month period ended March 31 , 2021 was $ 8,912,000 which represents an increase of 13 percent compared to the comparable period in 2020 . In the following table , revenue is disaggregated by type of revenue for the three months ended March 31 , 2021 and 2020 : Three months ended March 31 , ( in thousands ) License Professional services Processing and maintenance Third party Total S EXHIBIT 99.1 $ 2021 5,747 2,607 558 8,912 $ $ 2020 5,279 2,194 420 7,893 Income from operations was $ 1,465,000 for the first quarter compared to income from operations of $ 2,379,000 in the comparable prior year quarter . Net income was $ 1,040,000 for the first quarter compared to net income of $ 1,047,000 in the comparable prior year quarter . Earnings per diluted share was $ 0.12 for the first quarter compared to $ 0.12 in the comparable prior year quarter . Investor Conference Call Today The company is holding an investor conference call today , May 4 , 2021 , at 11 A.M. Eastern Standard Time . Interested investors are invited to attend the conference call by accessing the webcast at https : //www.webcast