Benzinga | May 4, 2021 01:12PM EDT

Intelligent Systems Beat On Q1 Earnings, Reaffirmed FY21 Guidance

* Intelligent Systems Corp (AMEX:INS) reported first-quarter FY21 revenue growth of 13% year-on-year to $8.9 million, beating analyst consensus of $8.26 million.

* Professional services revenue rose 8.9% to $5.7 million; Processing and maintenance revenue increased 18.8% to $2.6 million, while the Third-party revenue rose 32.9% to $0.56 million.

* Due to Dubai office opening and new platform development costs, income from operations declined 38.4% to $1.465 million.

* Net income declined 0.7% to $1.04 million. EPS of $0.12 beat the analyst consensus of $0.11.

* The company repurchased an additional $2.7 million shares in Q1 and extended the buyback authorization for an additional $10 million.

* It held $31 million in cash and equivalents.

* The company was on track to accomplish the 20-25% topline growth in FY21, CEO Leland Strange said.

* Price action: INS shares traded lower by 4.27% at $36.5 on the last check Tuesday.