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HELIOS & MATHESON INFORMATION TE
Symbol U : HMNY
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Helios and Matheson Reports $101,000 Net Income for Q2 2012

2012-08-06 10:15 ET - News Release

NEW YORK, Aug. 6, 2012 (GLOBE NEWSWIRE) -- Helios and Matheson Information Technology Inc (the "Company") (Nasdaq:HMNY), a 30 year old IT services organization focused on the banking, financial services and insurance sectors, reported a net income of $101,000 or $0.04 per diluted share for the second quarter of 2012 compared to net income of $17,000 or $0.01 per diluted share for Q2 2011 and net income of $14,000 or $0.01 per diluted share for first quarter of 2012. The Company reported revenue of $3 million for the second quarter, as compared to first quarter revenue of $2.7 million and 2011 second quarter revenue of $3 million.

Management believes that the Company is continuing to gain financial strength. The Company closed the second quarter of 2012 with cash of approximately $2 million, up from $1.7 million at the end of the second quarter of 2011. The Company continues to be debt free. The Company closed the second quarter of 2012 with current assets and security deposits at about $4.8 million.

 Three Months EndedSix Months Ended
(In 000s except per share amounts)06/30/1206/30/1103/31/1206/30/1206/30/11
 (Unaudited)(Unaudited)(Unaudited)(Unaudited)(Unaudited)
Revenue  $ 2,960  $ 2,990  $ 2,679  $ 5,640  $ 6,239
Gross Profit  $ 701  $ 547  $ 640  $ 1,342  $ 1,166
Income/(loss) from operations  $ 102  $ 22  $ 102  $ 204  $ (91)
Net Income/(loss)  $ 101  $ 17  $ 14  $ 115  $ (100)
EPS per basic share  $ 0.04  $ 0.01  $ 0.01  $ 0.05  $ (0.04)
EPS per diluted share  $ 0.04  $ 0.01  $ 0.01  $ 0.05  $ (0.04)

About Helios and Matheson Information Technology Inc

Helios and Matheson Information Technology Inc is a 30 year old IT services organization focused on the banking, financial services, insurance and healthcare sectors. Its common stock is traded on the Nasdaq Global Market under the ticker symbol "HMNY".

Forward Looking Statements

This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding our expected future financial position, results of operations, cash flows, financing plans, business strategy, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations, as well as statements that include words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "may," "could," "should," and other similar expressions are forward-looking statements. All forward-looking statements involve risks, uncertainties and contingencies, many of which are beyond our control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. Factors that may cause actual results to differ materially from those in the forward-looking statements include those set forth in the Helios and Matheson Information Technology Inc. Annual Report on Form 10-K for the year ended December 31, 2012 and more recent reports and registration statements filed with the SEC. Helios and Matheson Information Technology Inc. is under no obligation (and expressly disclaims any such obligation) to update or alter such forward-looking statements, whether as a result of new information, future events or otherwise.

HELIOS AND MATHESON INFORMATION TECHNOLOGY INC
CONSOLIDATED STATEMENTS OF OPERATIONS
     
 Six Months EndedThree Months Ended
 June 30,June 30,
 2012201120122011
  (unaudited) (unaudited) (unaudited) (unaudited)
         
Revenues  $ 5,639,595  $ 6,239,077  $ 2,960,464  $ 2,990,065
Cost of revenues  4,298,004  5,073,374  2,259,369  2,443,549
Gross profit  1,341,591  1,165,703  701,095  546,516
Operating expenses:        
Selling, general & administrative   1,128,595  1,243,112  594,685  518,460
Depreciation & amortization  9,319  13,165  4,301  6,347
   1,137,914  1,256,277  598,986  524,807
Income/(Loss) from operations  203,677  (90,574)  102,109  21,709
Other income/(expense):        
Early lease termination fee  (82,548)  --  --  --
Interest income-net  6,096  1,680  5,173  907
   (76,452)  1,680  5,173  907
Income/(Loss) before income taxes  127,225  (88,894)  107,282  22,616
Provision for income taxes  12,000  11,500  6,000  6,000
Net Income/(loss)  115,225  (100,394)  101,282  16,616
Other comprehensive loss -- foreign currency adjustment  (7,790)  (3,512)  (9,525)  (4,738)
Comprehensive Income/(loss)  $ 107,435  $ (103,906)  $ 91,757  $ 11,878
         
         
Basic and diluted Income/(loss) per share  $ 0.05  $ (0.04)  $ 0.04  $ 0.01
         
See accompanying notes to consolidated financial statements.
 
 
HELIOS AND MATHESON INFORMATION TECHNOLOGY INC.
CONSOLIDATED BALANCE SHEETS
     
     
 June 30,December 31,
 20122011
ASSETS (unaudited)  
Current Assets:    
Cash and cash equivalents  $ 2,031,739  $ 1,998,158
Accounts receivable- less allowance for doubtful accounts of $76,732 at June 30, 2012, and $77,590 at December 31, 2011  1,552,293  1,665,553
Unbilled receivables  118,231  46,408
Prepaid expenses and other current assets  141,248  83,326
Total current assets  3,843,511  3,793,445
Property and equipment, net  52,823  20,685
Security Deposit  1,000,000  1,000,000
Deposits and other assets  100,032  142,673
Total assets $ 4,996,366  $ 4,956,803
     
LIABILITIES AND SHAREHOLDERS' EQUITY    
Current Liabilities:    
Accounts payable and accrued expenses  $ 1,036,864  $ 1,104,736
     
Total current liabilities  1,036,864  1,104,736
Shareholders' equity:    
Preferred stock, $.01 par value; 2,000,000 shares authorized; no shares issued and outstanding as of June 30, 2012, and December 31, 2011  --   -- 
Common stock, $.01 par value; 30,000,000 shares authorized; 2,330,438 issued and outstanding as of June 30, 2012, and December 31, 2011  23,304  23,304
Paid-in capital  37,855,740  37,855,740
Accumulated other comprehensive Loss - foreign currency translation  (33,722)  (25,932)
Accumulated deficit  (33,885,820)  (34,001,045)
Total shareholders' equity  3,959,502  3,852,067
Total liabilities and shareholders' equity $ 4,996,366  $ 4,956,803
   
See accompanying notes to consolidated financial statements.
CONTACT: Umesh Ahuja
         703 691 0400 Ext 1046
         uahuja@hmny.com

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