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FAIRFAX, VA -- (Marketwired) -- 11/12/14 -- Information Analysis Inc. (OTCBB: IAIC) today reported results for its third fiscal quarter ended September 30, 2014. Revenues were $1,357,000 compared to $3,218,000 reported in the third quarter 2013. The information technology services company reported net income of $28,000, or $0.00 per share basic and diluted, compared to net income of $108,000 or $0.01 per share basic and diluted, in the third quarter 2013.

For the nine months ended September 30, 2014, IAI's revenues were $3,561,000 compared to revenues of $5,653,000 for the same period in 2013. The Company reported a net loss of $231,000 or ($0.02) per share basic and diluted, compared to a net loss of $80,000, or $ (0.01) per share basic and diluted, reported for the comparable 2013 period.

"The company has been aggressively pursuing new business opportunities through the bidding process for prime contracts and teaming with our partners. During the third quarter of this year the company was profitable, and in addition, was awarded a number of larger contracts. If the government elects to exercise all option periods in these contracts, the total value could reach in excess of $16 million in new business. These contracts are expected to improve our profitability going forward in the fourth quarter and over the next year," said Sandor Rosenberg, Chairman and Chief Executive Officer of IAI.

"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 services company. The Company is a web solution provider and software conversion specialist, modernizing legacy systems and extending their reach to the internet world.

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, 2013 and in other filings with the Securities and Exchange Commission.

                    Information Analysis Incorporated
                        Statements of Operations

                                                      Three months ended
                                                        September 30,
(in thousands, except per share data; unaudited)      2014          2013
                                                  ------------  ------------
Revenue:
  Professional fees                               $        944  $      1,017
  Software sales                                           413         2,201
                                                  ------------  ------------
  Total revenue                                          1,357         3,218
Cost of goods sold and services provided:
  Cost of professional fees                                521           510
  Cost of software sales                                   232         1,952
                                                  ------------  ------------
  Total cost of sales                                      753         2,462
                                                  ------------  ------------
Gross margin                                               604           756
Selling, general and administrative expense                578           650
                                                  ------------  ------------
Income from operations                                      26           106
Other income, net                                            2             2
                                                  ------------  ------------
Income before income taxes                                  28           108
Provision for income taxes                                  --            --
                                                  ------------  ------------
Net income                                        $         28  $        108
                                                  ============  ============

Earnings per common share:
  Basic                                           $       0.00  $       0.01
  Diluted                                         $       0.00  $       0.01

Shares used in calculating earnings per share:
  Basic                                             11,201,760    11,201,760
  Diluted                                           11,347,107    11,211,501



                     Information Analysis Incorporated
                          Statements of Operations

                                                Nine months ended September
                                                           30,
(in thousands, except per share data;
 unaudited)                                         2014           2013
                                                ------------   ------------
Revenue:
  Professional fees                             $      2,608   $      3,097
  Software sales                                         953          2,556
                                                ------------   ------------
  Total revenue                                        3,561          5,653
Cost of goods sold and services provided:
  Cost of professional fees                            1,498          1,724
  Cost of software sales                                 687          2,257
                                                ------------   ------------
  Total cost of sales                                  2,185          3,981
                                                ------------   ------------
Gross margin                                           1,376          1,672
Selling, general and administrative expense            1,615          1,758
                                                ------------   ------------
Loss from operations                                    (239)           (86)
Other income, net                                          8              6
                                                ------------   ------------
Loss before income taxes                                (231)           (80)
                                                ============   ============
Provision for income taxes                                --             --
Net loss                                        $       (231)  $        (80)

Earnings per share:
  Basic                                         $      (0.02)  $      (0.01)
  Diluted                                       $      (0.02)  $      (0.01)

Shares used in calculating earnings per share:
  Basic                                           11,201,760     11,201,760
  Diluted                                         11,201,760     11,201,760




                     Information Analysis Incorporated
                               Balance Sheets

                                                   As of           As of
                                               September 30,   December 31,
                                                   2014            2013
(in thousands)                                  (unaudited)      (audited)
                                              --------------   ------------
ASSETS
Current assets:
  Cash and cash equivalents                   $        2,067   $      2,360
  Accounts receivable, net                               862          1,438
  Prepaid expenses                                       285            535
  Note receivable                                          4              6
                                              --------------   ------------
    Total current assets                               3,218          4,339

Fixed assets, net                                         50             53
Note receivable                                            6              8
Other assets                                               6              6
                                              --------------   ------------
    Total assets                              $        3,280   $      4,406
                                              ==============   ============


LIABILITIES & STOCKHOLDERS' EQUITY
Current liabilities:
  Accounts payable                            $           93   $        612
  Deferred revenues                                      260            503
  Commissions payable                                    770            903
  Accrued payroll and related liabilities                220            221
  Other accrued liabilities                               50             61
                                              --------------   ------------
    Total current liabilities                          1,393          2,300
                                              --------------   ------------

Common stock, par value $0.01, 30,000,000
 shares authorized; 12,844,376 shares
 issued, 11,196,760 outstanding as of
 September 30, 2014 and December 31, 2013                128            128
Additional paid in capital                            14,612         14,600
Accumulated deficit                                  (11,923)       (11,692)
Less treasury stock; 1,642,616 shares at
 cost                                                   (930)          (930)
                                              --------------   ------------
    Total stockholders' equity                         1,887          2,106
                                              --------------   ------------
    Total liabilities and stockholders'
     equity                                   $        3,280   $      4,406
                                              ==============   ============