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Information Services Group, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a decrease in revenues to $61.3 million from $71.8 million in the same quarter of the previous year. The decrease was attributed primarily to reductions in the Advisory and Automation service lines.
Operating expenses for the quarter were $56.9 million, down from $65.6 million in the prior year. This reduction was mainly due to lower contract labor expenses and a contingent consideration adjustment.
The company reported a net income of $1.1 million for the quarter, compared to $3.2 million in the previous year. The decrease in net income was influenced by lower revenues and higher foreign currency transaction losses.
Interest income increased to $222,000 from $104,000, while interest expense rose slightly to $1.6 million from $1.5 million.
Cash provided by operating activities was $13.3 million, while cash used in investing and financing activities was $2.3 million and $24.2 million, respectively.
Information Services Group had $9.8 million in cash, cash equivalents, and restricted cash as of September 30, 2024, down from $22.8 million at the end of 2023.
The company completed the sale of its Automation business line to UST Global Inc for $27 million in an all-cash transaction on October 1, 2024.
The Board of Directors declared a fourth-quarter dividend of $0.045 per share, payable on December 20, 2024.
The filing also details the company's compliance with its financial covenants and outlines the terms of its amended and restated credit facility, which has a maturity date of February 22, 2028.
Information Services Group continues to focus on its strategy to strengthen its market position and develop new services and products to support future growth plans.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Information Services Group Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.