Innodata Inc. (NASDAQ:INOD) Q1 2020 Earnings Conference Call - Final Transcript

May 14, 2020 • 11:00 am ET

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Innodata Inc. (NASDAQ:INOD) Q1 2020 Earnings Conference Call - Final Transcript

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Presentation
Executive
Jack S. Abuhoff

the crisis, user costs for PC rentals, remote Internet access and cloud storage that are all necessitated by remote working. We are working on plans to begin reducing these additional costs and/or offsetting them with other cost savings, so that if the crisis persists for longer than three months, we'll be in a position to reduce these expenses.

I'll now call -- turn the call over to Robert, who will take you through the numbers in greater detail, and then I'll share some closing thoughts. Robert?

Executive
Robert O'Connor

Thank you, Jack. Good morning, everyone. Our total revenue was $14.5 million in the first quarter of 2020, which was a 1% decline from $14.7 million in the fourth [Phonetic] 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 net income of $0.1 million or $0.00 per basis and diluted share in the fourth quarter of 2019. We also had a loss of $0.5 million or $0.02 per basic and diluted share in the first quarter of 2019.

Net income before income taxes in the first quarter of 2020 was $51,000 and included $200,000 of expenses in connection with the activation of our business continuity plan across our 12 global locations, as a result of COVID-19 pandemic. And it also included foreign exchange losses of approximately $100,000 from revaluation of monetary assets and liabilities.

Our cash and cash equivalents remained stable at $10.7 million at March 31st, 2020 compared to $10.9 million at December 31st, 2019.

Thank you, operator. We're ready to take questions now.