May 14, 2010 at 08:00 AM EDT
Allin Corporation Announces First Quarter Results

PITTSBURGH, May 14 /PRNewswire-FirstCall/ -- Allin Corporation (the "Company") (Pink Sheets: ALLN), a Microsoft Gold Certified technology consulting company, today announced financial results for the three months ended March 31, 2010.

Revenue for the three months ended March 31, 2010 was $3.7 million compared to $1.6 million for the three months ended March 31, 2009.  The Company recorded a net loss attributable to common shareholders for the three-month period ended March 31, 2010 of $250,000 ($0.03 per share - basic), compared to net income attributable to common shareholders of $1,068,000 ($0.08 per share - diluted) for the same period of the prior year.

In its annual report filed with the Pink Sheets on April 15, 2010, the Company reported revenue for the twelve months ended December 31, 2009 of $14.9 million compared to $14.0 million for the twelve months ended December 31, 2008.  The Company recorded net income attributable to common shareholders for the twelve-month period ended December 31, 2009 of $3.3 million ($0.31 per share – diluted), compared to a net loss attributable to common shareholders of $8.7 million ($1.03 per share – basic) for the same period of the prior year.  Full results and analysis for the year ended December 31, 2009 can be found in the Company's annual report published through the OTC Disclosure and News Service at www.pinksheets.com under the Company's ticker symbol "ALLN."

Revenue for the three-month period ended March 31, 2010 increased $2.1 million, or 136% compared to the same period of the prior year.  Management attributes the revenue growth primarily to the Company contracting for and implementing a greater number of shipboard interactive television systems in the first quarter of 2010 compared to the first quarter of 2009.  

Gross profit increased $1,271,000, or 138% comparing the first quarter of 2010 with the same period of the prior year, roughly in line with the rate of the Company's revenue growth.  

The Company's total selling, general and administrative expenses decreased $480,000 or 20% comparing the quarter ended March 31, 2010 with the quarter ended March 31, 2009.  The decrease in selling, general and administrative expense was primarily due to a loss on impairment of assets that was realized in the three months ended March 31, 2009.  There was no similar loss on impairment recorded for the three months ended March 31, 2010.

Due to the increase in revenue and gross profit, combined with the decrease in selling, general and administrative expenses, the Company recorded $221,000 in income from continuing operations for the three-month period ended March 31, 2010, compared with a loss from continuing operations of $1.0 million for the same period of the prior year.

The Company recorded a loss from the sale of subsidiaries of $334,000 for the period ended March 31, 2010.  The loss was primarily attributable to a reduction in the Company's deferred tax asset of $304,000, due to the utilization of a portion of the Company's net operating loss carry forward associated with the sale of two subsidiaries to Dell Inc. in January 2009.  The Company recorded a gain from the sale of subsidiaries of $2.9 million for the period ended March 31, 2009, related to the above-mentioned sale of two subsidiaries.

About Allin Corporation

Allin Corporation is a leading provider of solutions-oriented application development, technology consulting and technology platform integration services.  Allin specializes in interactive media and Microsoft-based technologies.  Allin leverages its experience in these areas to work with clients through a disciplined project delivery framework to ensure that solutions are delivered on time and on budget. Allin delivers these services through the trade names Allin Interactive, Allin Consulting and the CodeLab Technology Group.  The Company maintains offices in Pittsburgh, Pennsylvania; Ft. Lauderdale, Florida; and Wakefield, Massachusetts.  For additional information about Allin, visit the Company's Internet site on the World Wide Web at http://www.allin.com.

ALLIN CORPORATION & SUBSIDIARIES

SELECTED FINANCIAL DATA

(Dollars in thousands, except for per share data)

The selected financial data for each of the periods ended March 31, 2010 and 2009, presented below, have been derived from the consolidated financial statements of the Company.


Three Months Ended


March 31,

2010

March 31,

2009


Unaudited

Unaudited

Revenue



Consulting services

$   1,602

$   882

Technology Platform Integration

1,914

577

Other

199

117

Total Revenue

3,715

1,576




Cost of sales

1,520

652

Gross profit

2,195

924




Selling, general & administrative expenses

1,749

2,005

Loss from impairment of assets

0

261

Depreciation & amortization

191

154

Total selling, general & administrative expenses

1,940

2,420




Income (loss) from operations

255

(1,496)

Interest expense (income)

2

(2)

Income (loss) before provision for income taxes

253

(1,494)

Provision for (benefit from) income taxes

32

(459)

Income (loss) from continuing operations

221

(1,035)

(Loss) gain from discontinued operations, net of income tax

334

2,878

Net (loss) income

(113)

1,841

Dividends on preferred stock

137

773

Net (loss) income attributable to common shareholders

$(250)

$1,068

(Loss) earnings per common share – basic

$(0.03)

$0.13

(Loss) earnings per common share – diluted

$(0.03)

$0.08

Weighted average shares outstanding – basic

9,251,268

8,533,268

Weighted average shares outstanding – diluted

9,251,268

12,860,912





March 31, 2010

December 31, 2009


Unaudited

Audited

Balance Sheet



Current Assets:



   Cash and Cash Equivalents

$2,634

$4,228

   Other Current Assets

3,646

5,432

Total Current Assets

6,280

9,570

Other Assets, net

1,369

1,405

Total Assets

$7,649

$10,975




Current Liabilities:



   Bank Line of Credit

275

275

   Other Current Liabilities

1,932

3,255

Other Liabilities

9,877

9,877

Shareholder's Deficit

(4,435)

(2,432)

Total Liabilities and Shareholder's Equity

$7,649

$10,975






SOURCE Allin Corporation

Related Stocks:
Stock Market XML and JSON Data API provided by FinancialContent Services, Inc.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
Press Release Service provided by PRConnect.
Stock quotes supplied by Six Financial
Postage Rates Bots go here