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Information Analysis Inc. Reports Profitable Results for 2015

FAIRFAX, VA--(Marketwired - Mar 30, 2016) - Information Analysis Incorporated. (OTC PINK: IAIC) today reported results for the year ended December 31, 2015. Revenues were up 7% to $6,214,000, compared to revenues of $5,784,000 for the same period in 2014. The information technology services company reported net income of $78,000, or $0.01 per share basic and diluted, compared to a net loss of $30,000, or $(0.00) per share basic and diluted, reported for the comparable 2014 period.

"In 2015, the Company remained profitable in spite of government budget cuts. We are adding initiatives in new areas, such as cyber security, mobile applications, and more generalized user applications using Adobe products for our solutions sets in order to increase our business base," said Sandor Rosenberg, Chairman and Chief Executive Officer of IAI. "In addition, we are making investments in marketing and sales in both the commercial market as well as in the government sector. We have been aggressively pursuing new business opportunities through the bidding process for prime contracts and teaming with our partners."

"We continue to pursue merger and acquisition opportunities."

About Information Analysis Incorporated

Information Analysis Incorporated (www.infoa.com), headquartered in Fairfax, Virginia, is an information technology product and services company. The Company is a web application and e-business solutions provider, as well as a software conversion specialist, modernizing legacy systems and extending their reach to the internet and more modern platforms.

Additional information for investors

This release may contain forward-looking statements regarding the Company's business, customer prospects, or other factors that may affect future earnings or financial results. Such statements involve risks and uncertainties which could cause actual results to vary materially from those expressed in the forward-looking statements. Investors should read and understand the risk factors detailed in the Company's 10-K for the fiscal year ended December 31, 2015 and in other filings with the Securities and Exchange Commission.

Information Analysis Incorporated

Statements of Operations

Year ended December 31,

(in thousands, except per share data; audited)

2015

2014

Revenue:

Professional fees

$

4,659

$

3,707

Software sales

1,556

2,077

Total revenue

6,215

5,784

Cost of goods sold and services provided:

Cost of professional fees

2,547

2,178

Cost of software sales

1,295

1,218

Total cost of sales

3,842

3,396

Gross margin

2,373

2,388

Selling, general and administrative expense

1,749

1,688

Commissions expense

556

740

Income (loss) from operations

68

(40

)

Other income, net

10

10

Income (loss) before income taxes

78

(30

)

Net income (loss)

$

78

$

(30

)

Earnings (loss) per share:

Basic

$

0.01

$

(0.00

)

Diluted

$

0.01

$

(0.00

)

Shares used in calculating earnings (loss) per share:

Basic

11,201,760

11,201,760

Diluted

11,310,387

11,201,760

Information Analysis Incorporated

Balance Sheets

As of

As of

December 31, 2015

December 31, 2014

(in thousands)

(audited)

(audited)

ASSETS

Current assets:

Cash and cash equivalents

$

2,168

$

2,450

Accounts receivable, net

1,298

971

Prepaid expenses

603

760

Note receivable, current

-

4

Total current assets

4,069

4,185

Fixed assets, net

43

54

Note receivable, long-term

-

5

Other assets

6

6

Total assets

$

4,118

$

4,250

LIABILITIES & STOCKHOLDERS' EQUITY

Current liabilities:

Accounts payable

$

65

$

32

Commissions payable

959

1,017

Deferred revenues

581

738

Accrued payroll and related liabilities

261

256

Other accrued liabilities

75

116

Total liabilities

1,941

2,159

Common stock, par value $0.01, 30,000,000 shares authorized; 12,844,376 shares issued, 11,201,760shares outstanding as of December 31, 2015 and 2014, respectively

128

128

Additional paid in capital

14,622

14,614

Accumulated deficit

(11,643

)

(11,721

)

Less treasury stock; 1,642,616 shares at cost

(930

)

(930

)

Total stockholders' equity

2,177

2,091

Total liabilities and stockholders' equity

$

4,118

$

4,250