SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                                    FORM 10-Q

(Mark One)

|X|   QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
      OF 1934 For the quarterly period ended March 31, 2005


|_|   TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
      OF 1934

Commission file number 0-22196

                              INNODATA ISOGEN, INC.
             (Exact name of registrant as specified in its charter)


                Delaware                               13-3475943
     (State or other jurisdiction of                (I.R.S. Employer
     incorporation or organization)                Identification No.)


         Three University Plaza
         Hackensack, New Jersey                           07601
(Address of principal executive offices)               (Zip Code)


                 (201) 488-1200 (Registrant's telephone number)

Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceeding twelve months (or for such shorter period that the Registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.   Yes |X| No |_|

Indicate by check mark whether the registrant is an accelerated filer (as
defined in Exchange Act Rule 12b-2). Yes |_| No |X|

State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date.

    22,696,238 shares of common stock, $.01 par value, as of April 30, 2005.



PART I.     FINANCIAL INFORMATION                                       Page No.
- -------     ---------------------                                       --------

            Condensed Consolidated Balance Sheets                       2
            Condensed Consolidated Statements of Operations             3
            Condensed Consolidated Statements of Cash Flows             4
            Notes to Consolidated Financial Statements                  5
            Management's Discussion and Analysis of Financial
              Condition and Results of Operations                       11
            Quantitative and Qualitative Disclosures about
              Market Risk                                               20
            Controls and Procedures                                     20

PART ll.    OTHER INFORMATION                                           21


                                       1



                       INNODATA ISOGEN, INC. AND SUBSIDIARIES
                       CONDENSED CONSOLIDATED BALANCE SHEETS
                               (Dollars in Thousands)



                                                                     March 31,      December 31,
                                                                        2005             2004
                                                                        ----             ----
                                                                     Unaudited      Derived from
                                                                                       audited
                                                                                      financial
                                                                                      statements
 ASSETS

                                                                                 
CURRENT ASSETS:
 Cash and equivalents                                                 $23,422          $20,663
 Accounts receivable-net                                                6,058            8,019
 Prepaid expenses and other current assets                                882            1,757
 Deferred income taxes                                                    607              645
                                                                      -------          -------

      Total current assets                                             30,969           31,084

PROPERTY AND EQUIPMENT - NET                                            4,275            4,559

OTHER ASSETS                                                              969              893

GOODWILL                                                                  675              675
                                                                      -------          -------

TOTAL                                                                 $36,888          $37,211
                                                                      =======          =======

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:
 Accounts payable and accrued expenses                                $ 3,210          $ 3,412
 Accrued salaries, wages and related benefits                           3,884            3,979
 Income and other taxes                                                   984            1,304
 Current portion of capital lease obligations                             180              180
                                                                      -------          -------

      Total current liabilities                                         8,258            8,875
                                                                      -------          -------

DEFERRED INCOME TAXES                                                   1,432            1,449
                                                                      -------          -------

OBLIGATIONS UNDER CAPITAL LEASE                                           108              150
                                                                      -------          -------

STOCKHOLDERS' EQUITY:
 Serial preferred stock; 5,000,000 shares authorized, none
   outstanding
 Common stock, $.01 par value; 75,000,000 shares
   authorized; 22,693,000 and 22,679,000 shares issued and
   outstanding at March 31, 2005 and December 31, 2004,
   respectively                                                           227              227
 Additional paid-in capital                                            14,968           14,914
 Retained earnings                                                     11,895           11,596
                                                                      -------          -------

      Total stockholders' equity                                       27,090           26,737
                                                                      -------          -------

TOTAL                                                                 $36,888          $37,211
                                                                      =======          =======


         See notes to unaudited condensed consolidated financial statements


                                       2


                     INNODATA ISOGEN, INC. AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
            THREE MONTHS ENDED MARCH 31, 2005 AND 2004 (In thousands,
                            except per share amounts)
                                   (Unaudited)
- --------------------------------------------------------------------------------


                                                                         2005             2004
                                                                         ----             ----

                                                                                 
REVENUES                                                              $11,190          $12,157
                                                                      -------          -------

OPERATING COSTS AND EXPENSES:
  Direct operating expenses                                             8,203            7,775
  Selling and administrative expenses                                   2,684            2,254
  Bad debt recovery - net                                                  --             (963)
  Interest (income) expense - net                                         (81)               1
                                                                      -------          -------

     Total                                                             10,806            9,067
                                                                      -------          -------
INCOME BEFORE PROVISION FOR INCOME TAXES                                  384            3,090

PROVISION FOR INCOME TAXES                                                 85            1,010
                                                                      -------          -------
NET  INCOME                                                           $   299          $ 2,080
                                                                      =======          =======

BASIC INCOME PER SHARE                                                $   .01          $   .09
                                                                      =======          =======
WEIGHTED AVERAGE SHARES OUTSTANDING                                    22,691           21,952
                                                                      =======          =======

DILUTED INCOME PER SHARE                                              $   .01          $   .08
                                                                      =======          =======
ADJUSTED DILUTIVE SHARES OUTSTANDING                                   25,110           24,527
                                                                      =======          =======




                                       3


                     INNODATA ISOGEN, INC. AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                   THREE MONTHS ENDED MARCH 31, 2005 and 2004
                                 (In thousands)
                                   (Unaudited)
- --------------------------------------------------------------------------------


                                                                         2005             2004
                                                                         ----             ----
                                                                                 
OPERATING ACTIVITIES:
  Net income                                                          $   299          $ 2,080
  Adjustments to reconcile net income to net cash
   provided by operating activities:
   Depreciation and amortization                                          824            1,046
   Non-cash compensation                                                    6               13
   Deferred income taxes                                                   21              945
   Changes in operating assets and liabilities:
     Accounts receivable                                                1,961              552
     Refundable income taxes                                               --            1,075
     Prepaid expenses and other current assets                            684             (314)
     Other assets                                                         (93)             (56)
     Accounts payable and accrued expenses                               (202)              47
     Accrued salaries and wages                                           (95)             473
     Income and other taxes                                              (309)              23
                                                                      -------          -------
      Net cash provided by operating activities                         3,096            5,884
                                                                      -------          -------

INVESTING ACTIVITIES:
  Capital expenditures                                                   (332)            (604)
                                                                      -------          -------

FINANCING ACTIVITIES:
  Payment of obligations under capital lease                              (42)             (37)
  Proceeds from exercise of stock options                                  37               22
                                                                      -------          -------

      Net cash used in financing activities                                (5)             (15)
                                                                      -------          -------

INCREASE IN CASH                                                        2,759            5,265

CASH AND EQUIVALENTS, BEGINNING OF PERIOD                              20,663            5,051
                                                                      -------          -------

CASH AND EQUIVALENTS, END OF PERIOD                                   $23,422          $10,316
                                                                      =======          =======

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
  Cash paid during the period for:
   Interest                                                           $     6          $     4
                                                                      =======          =======
   Income taxes                                                       $   464          $    15
                                                                      =======          =======



                                       4


                     INNODATA ISOGEN, INC. AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                   THREE MONTHS ENDED MARCH 31, 2005 AND 2004
                                   (Unaudited)
- --------------------------------------------------------------------------------

1.    Innodata  Isogen,  Inc. and  subsidiaries  (the  "Company"),  is a leading
      provider of content  supply  chain  services  and  solutions.  The Company
      manufactures content by providing digitization,  imaging, data conversion,
      XML and markup,  metadata creation,  advanced  classification,  editorial,
      knowledge and related services.  It also designs,  implements,  integrates
      and deploys systems used to manage  content.  The  consolidated  financial
      statements  include  the  accounts  of  Innodata  Isogen,   Inc.  and  its
      subsidiaries, all of which are wholly owned. All intercompany transactions
      and balances have been eliminated in consolidation.

      In the  opinion  of the  Company,  the  accompanying  unaudited  condensed
      consolidated  financial statements contain all adjustments  (consisting of
      only normal recurring  accruals) necessary to present fairly the financial
      position  as of March 31,  2005,  the results of  operations  and the cash
      flows for the three months  ended March 31, 2005 and 2004.  The results of
      operations  for the three  months  ended  March 31,  2005 and 2004 are not
      necessarily  indicative  of  results  that may be  expected  for any other
      interim period or for the full year.

      These  financial  statements  should  be  read  in  conjunction  with  the
      financial  statements  and notes  thereto for the year ended  December 31,
      2004 included in the Company's  Annual Report on Form 10-K. The accounting
      policies  used in preparing  these  financial  statements  are the same as
      those described in the December 31, 2004 financial statements.


                                       5


2.    An analysis of the changes in each caption of stockholders' equity for the
      three months ended March 31, 2005 and 2004 (in thousands) is as follows.



                                                                     Additonal
                                             Common Stock             Paid-in          Retained             Treasury
                                        Shares          Amount        Capital          Earnings               Stock            Total
                                        ------          ------        -------          --------               -----            -----
                                                                                                              
January 1, 2005                         22,679          $227          $14,914          $11,596                  --           $26,737

  Net income                                --            --               --              299                  --               299

  Issuance of common stock
     upon exercise of stock options         14            --               37               --                  --                37

  Tax benefit from exercise
     of options                             --            --               11               --                  --                11

  Non-cash compensation                     --            --                6               --                  --                 6
                                        ------          ----          -------          -------          ----------           -------



March 31, 2005                          22,693          $227          $14,968          $11,895                  --           $27,090
                                        ======          ====          =======          =======          ==========           =======


January 1, 2004                         22,535          $226          $15,413          $ 3,739          $   (1,974)          $17,404

  Net income                                --            --               --            2,080                  --             2,080

  Issuance of common stock
     upon exercise of stock options         19            --               22               --                  --                22

  Tax benefit from exercise
     of options                             --            --               14               --                  --                14

  Non-cash compensation                     --            --               13               --                  --                13
                                        ------          ----          -------          -------          ----------           -------

March 31, 2004                          22,554          $226          $15,462          $ 5,819          $   (1,974)          $19,533
                                        ======          ====          =======          =======          ==========           =======




      Basic income per share is based on the weighted  average  number of common
      shares  outstanding  without  consideration  of  potential  common  stock.
      Diluted income per share is based on the weighted average number of common
      and potential common shares  outstanding.  The difference between weighted
      average common shares outstanding and adjusted dilutive shares outstanding
      represents the dilutive effect of outstanding options. Options to purchase
      1.1  million  shares of  common  stock in 2005 and 1.3  million  shares of
      common stock in 2004 were  outstanding but not included in the computation
      of diluted  earnings  per share  because the options'  exercise  price was
      greater than the average  market price of the common shares and therefore,
      the effect would have been antidilutive.


                                       6


      The basis of the earnings per share computation for the three months ended
      March 31,  2005 and 2004 (in  thousands,  except per share  amounts) is as
      follows:

                                                           2005             2004
                                                           ----             ----

      Net income                                        $   299          $ 2,080
                                                        -------          -------

      Weighted average common shares outstanding         22,691           21,952
      Dilutive effect of outstanding options              2,419            2,575
                                                        -------          -------

      Adjusted for dilutive computation                  25,110           24,527
                                                        =======          =======

      Basic  income per share                           $   .01          $   .09
                                                        =======          =======

      Diluted  income per share                         $   .01          $   .08
                                                        =======          =======

3.    The Company accounts for its stock options issued to employees and outside
      directors pursuant to Accounting  Principles Board Opinion ("APB") No. 25,
      "Accounting  for Stock Issued to Employees" and has adopted the disclosure
      requirements of SFAS No. 123,  "Accounting for Stock-Based  Compensation,"
      and SFAS No. 148,  "Accounting for  Stock-Based  Compensation - Transition
      and Disclosure - an Amendment of FASB Statement No. 123." Accordingly,  no
      compensation  expense has been  recognized in connection with the issuance
      of stock options for the three months ended March 31, 2005 and 2004.

      The following table  illustrates the effect on net income and earnings per
      share if the Company had applied the fair value recognition  provisions of
      SFAS No. 123 to stock-based employee compensation.

                                                 Three months ended March 31,
                                                 ----------------------------
                                                       2005         2004
                                                       ----         ----
                                                    (in thousands, except
                                                      per share amounts)

      Net income as reported                       $    299    $   2,080

        Deduct: Total stock-based employee
        compensation determined under fair value
        based method, net of related tax effects       (266)        (515)
                                                   --------    ---------

      Pro forma net income                         $     33    $   1,565
                                                   --------    ---------

      Income per share:

        Basic - as reported                        $    .01    $     .09
                                                   ========    =========

        Basic - pro forma                          $    .00    $     .07
                                                   ========    =========

        Diluted - as reported                      $    .01    $     .08
                                                   ========    =========

        Diluted - pro forma                        $    .00    $     .06
                                                   ========    =========


                                       7


4.    The Company's  operations are classified into two reporting segments:  (1)
      outsourced  content  services  and  (2)  IT  professional   services.  The
      outsourced  content services  segment focuses on fabrication  services and
      knowledge  services.  Fabrication  services include  digitization and data
      conversion services, content creation and XML services. Knowledge services
      include content enhancement,  hyperlinking, indexing and general editorial
      services.  The IT  professional  services  segment  focuses on the design,
      implementation,  integration  and  deployment  of systems  used to author,
      manage and distribute content.  The Company's  outsourced content services
      revenues are generated  principally from its production facilities located
      in the  Philippines,  India and Sri Lanka.  The Company does not depend on
      revenues  from  sources  internal  to the  countries  in which the Company
      operates; nevertheless, the Company is subject to certain adverse economic
      and political  risks  relating to overseas  economies in general,  such as
      inflation, currency fluctuations and regulatory burdens.

                                                            Three Months
                                                           Ended March 31,
                                                      --------------------------
                                                      2005                 2004
                                                      ----                 ----
                                                           (in thousands)
      Revenues:
         Outsourced content services                  $10,007           $ 8,821
         IT professional services                       1,183             3,336
                                                      -------           -------

         Total consolidated                           $11,190           $12,157
                                                      =======           =======


      Depreciation and amortization:
         Outsourced client services                   $   726           $   959
         IT professional services                          27                20
         Selling and corporate administration              71                67
                                                      -------           -------
         Total consolidated                           $   824           $ 1,046
                                                      =======           =======


       Income before income taxes:
         Outsourced client services                   $ 2,826           $ 3,334
         IT professional services                         (93)            1,762
         Selling and corporate administration          (2,349)           (2,006)
                                                      -------           -------
         Total consolidated                           $   384           $ 3,090
                                                      =======           =======


                                                    March 31,      December 31,
                                                      2005             2004
                                                      ----             ----
                                                           (in thousands)
      Total assets:
         Outsourced content services                  $11,346           $15,937
         IT professional services                       1,263             2,033
         Corporate (includes corporate cash)           24,279            19,241
                                                      -------           -------
         Total consolidated                           $36,888           $37,211
                                                      =======           =======


                                       8


      One client  accounted  for 29% and 23% of the  Company's  revenues for the
      three months ended March 31, 2005 and 2004, respectively.  A second client
      accounted for 19% and 24% of the  Company's  revenues for the three months
      ended March 31, 2005 and 2004, respectively. No other client accounted for
      10% or more of revenues during these periods. Further, in the three months
      ended March 31, 2005 and 2004,  revenues to non-US  clients  accounted for
      28% and 36%, respectively, of the Company's revenues.

      A significant amount of the Company's revenues are derived from clients in
      the publishing  industry.  Accordingly,  the Company's accounts receivable
      generally include  significant amounts due from such clients. In addition,
      as of  March  31,  2005,  approximately  22%  of  the  Company's  accounts
      receivable  was from  foreign  (principally  European)  clients and 47% of
      accounts receivable was due from two clients.

5.    The  Company  has a $5  million  line of credit  pursuant  to which it may
      borrow up to 80% of eligible  accounts  receivable at the bank's alternate
      base rate plus 1/2% LIBOR plus 3%.  The line,  which  expires in May 2005,
      and is  expected  to be renewed  under  similar  terms,  is secured by the
      company's  accounts  receivable.  The Company has not borrowed against its
      credit line in 2005.

6.    In the three months ended March 31, 2005,  the  provision for income taxes
      as a percentage of income before income taxes was 22%, which is lower than
      the U.S. Federal  statutory tax rate,  principally due to certain overseas
      income which is neither  subject to foreign  income  taxes  because of tax
      holidays  granted to the  Company,  nor subject to tax in the U.S.  unless
      repatriated.  In the three months ended March 31, 2004,  the provision for
      income taxes as a percentage of income before income taxes was 33%,  which
      is lower  than the US  Federal  statutory  tax  rate,  principally  due to
      certain  overseas  income which is neither subject to foreign income taxes
      because of tax  holidays  granted to the Company nor subject to tax in the
      US unless repatriated. In addition, the provision for income taxes for the
      three months ended March 31, 2004 included a provision for state and local
      income taxes of approximately $150,000.

7.    In January 2004, the Company  reached a settlement  agreement and received
      $1,000,000  cash  from a  former  client  as full  satisfaction  of a $2.6
      million dollar  remaining  outstanding  balance that the Company had fully
      written off as a bad debt in 2001. The $1,000,000 receipt,  net of $37,000
      in  recovery  costs,  is  reflected  as bad debt  recovery  income  in the
      statement of operations for the three months ended March 31, 2004.

8.    In  connection  with the cessation of all  operations  at certain  foreign
      subsidiaries,  certain former employees have filed various actions against
      one of the Company's Philippine  subsidiaries,  and have purported to also
      sue the Company  and certain of its  officers  and  directors,  seeking to
      require  reinstatement  of  employment  and to  recover  back wages for an
      allegedly illegal facility closing on June 7, 2002 based on the terms of a
      collective  bargaining  agreement  with this  subsidiary.  The Company has
      prevailed in substantially all stages of this litigation to date, although
      several appeals by complainants  are still pending.  If the  complainants'
      claims  had  merit,  they  could be  entitled  to back wages of up to $5.0
      million for the period from June 7, 2002 to June 6, 2005,  consistent with
      prevailing  jurisprudence.  Based upon  consultation  with legal  counsel,
      management  believes the claims are without merit and is defending against
      them vigorously.

                                        9


      In  August  2004,  the  Internal   Revenue  Service  ("IRS")   promulgated
      regulations,  effective  August  12,  2004,  that  treated  certain of the
      Company's  subsidiaries that are incorporated in foreign jurisdictions and
      also  domesticated  as  Delaware  limited  liability   companies  as  U.S.
      corporations for U.S. federal income tax purposes. In the preamble to such
      regulations,  the IRS  expressed its view that dual  registered  companies
      described in the preceding sentence are also treated as U.S.  corporations
      for U.S. federal income tax purposes for periods prior to August 12, 2004.
      Notwithstanding   this  view,  the  Company  believes  that  its  historic
      treatment of these  subsidiaries  as not having been required to pay taxes
      in the United  States for the period  prior to August 12, 2004 is correct,
      and intends to vigorously defend its treatment if challenged. As such, the
      Company has made no provision for U.S.  taxes in its financial  statements
      for these entities for the periods prior to August 12, 2004.  However,  if
      challenges by the IRS were ultimately successful,  the Company's potential
      U.S.  federal  income  tax  liability  could   approximate  $2.5  million,
      excluding  interest  and  potential  penalties.  Furthermore,  the Company
      cannot assure that the IRS will not assert other positions with respect to
      the foregoing matters that, if successful,  could increase  materially the
      Company's  liability for U.S.  federal income taxes. In December 2004, the
      Company  effected  certain  filings  in  Delaware  to  ensure  that  these
      subsidiaries  will not be treated as U.S.  corporations  for U.S.  federal
      income  tax  purposes  as of the date of filing  and as such,  will not be
      subject to U.S. federal income taxes commencing January 1, 2005.

      In  addition,  the  Company is subject to various  legal  proceedings  and
      claims which arise in the ordinary course of business.

      While management currently believes that the ultimate outcome of all these
      proceedings  will not have a  material  adverse  effect  on the  Company's
      financial position or overall trends in results of operations,  litigation
      is subject to inherent uncertainties. Were an unfavorable ruling to occur,
      there exists the possibility of a material adverse impact on the operating
      results  of the  period in which  the  ruling  occurs.  In  addition,  the
      estimate  of  potential  impact on the  Company's  financial  position  or
      overall results of operations for the above legal proceedings could change
      in the future.

9.    The Company's production facilities are located in the Philippines,  India
      and Sri  Lanka.  To the  extent  that the  currencies  of these  countries
      fluctuate, the Company is subject to risks of changing costs of production
      after pricing is established for certain customer projects.  However, most
      significant contracts contain provisions for price renegotiation.

10.   The  Company  is  obligated  under  certain   circumstances  to  indemnify
      directors and certain officers  against costs and liabilities  incurred in
      actions or threatened actions brought against such individual because such
      individual  acted  in the  capacity  of  director  and/or  officer  of the
      Company.  In addition,  the Company has  contracts  with  certain  clients
      pursuant  to which the  Company  has  agreed to  indemnify  the client for
      certain specified and limited claims.  These  indemnification  obligations
      are in the ordinary  course of business and, in many cases, do not include
      a limit on maximum  potential future  payments.  As of March 31, 2005, the
      Company has not recorded liability for any obligations arising as a result
      of these indemnifications.


                                       10


                MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                       CONDITION AND RESULTS OF OPERATIONS

      Disclosures in this Form 10-Q contain certain forward-looking  statements,
including without  limitation,  statements  concerning our operations,  economic
performance,  and financial condition. These forward-looking statements are made
pursuant to the safe harbor  provisions  of the  Private  Securities  Litigation
Reform Act of 1995. The words "estimate,"  "believe," "expect," and "anticipate"
and other similar  expressions  generally identify  forward-looking  statements,
which speak only as of their dates.

      These  forward-looking   statements  are  based  largely  on  our  current
expectations, and are subject to a number of risks and uncertainties,  including
without  limitation,  continuing  revenue  concentration  in a limited number of
clients,   continuing  reliance  on  project-based  work,  worsening  of  market
conditions,  changes in external market factors,  the ability and willingness of
our clients and prospective clients to execute business plans which give rise to
requirements  for  digital  content  and  professional   services  in  knowledge
processing,  difficulty in integrating and deriving synergies from acquisitions,
potential undiscovered  liabilities of companies that we acquire, changes in our
business  or growth  strategy,  the  emergence  of new or  growing  competitors,
various  other  competitive  and  technological  factors,  and  other  risks and
uncertainties indicated from time to time in our filings with the Securities and
Exchange Commission.

      Our actual results could differ materially from the results referred to in
the forward-looking statements. In light of these risks and uncertainties, there
can  be no  assurance  that  the  results  referred  to in  the  forward-looking
statements contained in this release will occur.

      We  undertake  no  obligation  to update or review any  guidance  or other
forward-looking  information,  whether  as a result of new  information,  future
developments or otherwise.

The Company

      Innodata  Isogen is a leading  provider  of  business  services  that help
organizations  create,  manage, use and distribute  information more effectively
and economically.  We provide  outsourced  content services and  content-related
information  technology  (IT)  professional  services.  Our  outsourced  content
services  focus on  fabrication  services and  knowledge  services.  Fabrication
services  include  digitization,  imaging,  data  conversion,  XML  and  mark-up
services, as well as language translation and content creation services. XML, or
Extensible Markup Language,  is a universally  accepted notation for identifying
information  elements in  documents,  and is designed to meet the  challenges of
large-scale   electronic   publishing.   Knowledge   services   include  content
enhancement, taxonomy, controlled vocabulary development,  hyperlinking, mark-up
indexing,  abstracting  and  general  editorial  services.  Our IT  professional
services  focus on the design,  implementation,  integration  and  deployment of
systems used to author, manage and distribute content.

                                       11


      Our services  encompass  both  outsourced  content  services that focus on
fabrication  services and knowledge  services and  information  technology  (IT)
professional services that focus on the design, implementation,  integration and
deployment of systems used to author,  manage and distribute  content. We define
content as all forms of unstructured data,  including text,  formatted text such
as HTML, high-fidelity  information such as XML, interactive and /or dynamic Web
pages, images, graphics animation, video and sound files.

      Outsourced  content  services for business  processes that we anticipate a
client  will  require  for an  indefinite  period  generate  what we  regard  as
recurring revenues.  Outsourced content services for a specific project generate
revenues  that we regard as  non-recurring.  A  substantial  majority  of our IT
professional   services  is  provided   on  a  project   basis  that   generates
non-recurring revenues.

      While we seek, wherever possible,  to counterbalance  periodic declines in
revenues  on  completion  of large  projects  with new  arrangements  to provide
services to the same client or others,  we may not be able to avoid  declines in
revenues  when large  projects  are  completed.  Our  inability in any period to
obtain sufficient new projects to counterbalance any decreases in such work will
adversely affect our revenues and results of operations for the period.

      We have historically  relied on a very limited number of clients that have
accounted for a significant portion of our revenues. We may lose any of these or
our other  major  clients  as a result of our  failure  to meet or  satisfy  our
clients' requirements; the completion or termination of a project or engagement;
or the selection of another service provider.

      In addition,  the revenues we generate  from our major clients may decline
or grow at a slower rate in future  periods than in the past.  If we lose any of
our  significant  clients,  our  revenues  and  results of  operations  could be
adversely  affected  and we may incur a loss from  operations.  Our services are
typically subject to client requirements,  and in most cases are terminable upon
30 to 90 days' notice.

      The Company's production facilities are located in the Philippines, India
and Sri Lanka. To the extent that the currencies of these  countries  fluctuate,
the Company is subject to risks of changing costs of production after pricing is
established for certain customer projects.  However,  most significant contracts
contain provisions for price renegotiation.

      We have  experienced,  and expect to continue to  experience,  significant
fluctuations  in our  quarterly  revenues  and results of  operations.  Numerous
factors,  some of which are beyond our control, may affect our quarterly results
of operations, including completions,  terminations,  cancellations or deferrals
of projects or  engagements;  the size,  mix, timing and terms and conditions of
client projects;  variations in the duration,  size and scope of our projects or
engagements;  market  acceptance of our clients' new products and services;  our
ability to manage  costs;  local  factors and events that affect our  production
volume, such as local holidays;  unforeseen events, such as earthquakes,  storms
and civil unrest; currency exchange fluctuations; changes in pricing policies by
us  or  our  competitors;  the  introduction  of  new  services  by  us  or  our
competitors;   and  acquisition  and  integration   costs  related  to  possible
acquisitions of other businesses.


                                       12


      Direct  operating  costs for both our outsourced  content  services and IT
professional services consist of direct payroll,  occupancy costs, depreciation,
telecommunications,  computer services and supplies.  We intend to reduce direct
operating costs of our IT professional services as a percentage of revenues from
our IT professional services by increasing our offshore IT professional services
staff.

      Selling  and  administrative  expenses  for  both our  outsourced  content
services and IT professional  services consist of management and  administrative
salaries,  sales and marketing costs and administrative  overhead. We anticipate
selling and administrative expenses to increase in absolute terms as we continue
to grow our business.

Results of Operations

Three Months Ended March 31, 2005 and 2004

Revenues

      Revenues  were $11.2 million for the quarter ended March 31, 2005 compared
to $12.2 million for the similar period in 2004. Our quarterly  revenues for the
three  months  ended  March 31, 2005  decreased  17% from  fourth  quarter  2004
revenues of  approximately  $13.5 million.  The decline in revenues in the first
quarter  primarily  reflects the unexpected  termination  of a major  outsourced
content  services  project,  and the scheduled  completion of a large outsourced
content  services  project for a second  client.  We expect that  revenues  will
continue to decline to continue in the second  quarter,  principally  because we
expect that revenues from existing projects and new projects will continue to be
insufficient to offset the decline in revenues resulting from projects that were
concluded, terminated or delayed.

      One  client  accounted  for  29%  and 23% of our  total  revenues  for the
quarters ended March 31, 2005 and 2004, respectively.  A second client accounted
for 19% and 24% of our revenues  for the quarters  ended March 31, 2005 and 2004
respectively.  No other client  accounted for 10% or more of our total  revenues
for these  periods.  Further,  for the  quarters  ended March 31, 2005 and 2004,
revenues  from  clients  located in foreign  countries  (principally  in Europe)
accounted for 28% and 36% of our total revenues, respectively.

      Revenues from outsourced  content services  increased 13% to $10.0 million
for the quarter ended March 31, 2005 from $8.8 million for the similar period in
2004.  The  increase  was  primarily  due to  increased  revenues  from  several
projects.

      Revenues from IT professional  services  decreased 65% to $1.2 million for
the quarter  ended March 31,  2005 from $3.3  million for the similar  period in
2004.  The decrease was  primarily  due to decreased  revenues  from two clients
whose projects were completed in 2004.

      For the quarter ended March 31, 2005, approximately 59% of our revenue was
recurring  and the 41% balance  was  non-recurring,  compared  with 52% and 48%,
respectively, for the quarter ended March 31, 2004.


                                       13


Direct Operating Costs

      Direct operating costs were $8.2 million and $7.8 million for the quarters
ended March 31, 2005 and 2004, respectively, an increase of 6%. Direct operating
costs as a  percentage  of revenues  for the  quarters  ended March 31, 2005 and
2004, were 73% and 64% respectively.

      Direct  operating costs for outsourced  content services were $6.9 million
and $6.2 million for the quarters  ended March 31, 2005 and 2004,  respectively,
an increase of 11%. Direct  operating costs of outsourced  content services as a
percentage of revenues from outsourced content services were 68% and 71% for the
quarters ended March 31, 2005 and 2004,  respectively.  The dollar  increase for
the content services segment in the 2005 period  principally  reflects increased
labor costs  related to increased  revenues.  The  decrease in direct  operating
costs of outsourced content services as a percentage of revenues from outsourced
content  services for the 2005 period was  principally  due to a 13% increase in
revenues as compared to a 3% decrease in fixed non-labor costs.

      Direct operating costs for IT professional  services were $1.3 million and
$1.6 million for the  quarters  ended March 31, 2005 and 2004,  respectively,  a
decrease  of 18%.  Direct  operating  costs  of IT  professional  services  as a
percentage of revenues from IT  professional  services were 108% and 46% for the
quarters  ended March 31, 2005 and 2004,  respectively.  The dollar  decrease in
direct  operating  costs of IT  professional  services  for the 2005  period was
principally due to a reduction in both labor and non-labor  costs.  The increase
in  direct  operating  costs of IT  professional  services  as a  percentage  of
revenues  from IT  professional  services  for the  2005  period  was  primarily
attributable to decreased  revenues  without a  corresponding  decrease in labor
costs.

Selling and Administrative Expenses

      Selling and administrative expenses were $2.7 million and $2.3 million for
the quarters  ended March 31, 2005 and 2004,  respectively,  an increase of 19%.
Selling and administrative expenses as a percentage of revenues were 24% and 19%
for the  quarters  ended March 31, 2005 and 2004,  respectively,  primarily as a
result of  increased  payroll  costs  attributable  to the hiring of  additional
business development, management and sales support personnel.

Other

      In January  2004,  we reached a settlement  agreement  and  received  $1.0
million  in cash from a former  client in full  satisfaction  of a $2.6  million
outstanding  balance  that we had fully  written off as a bad debt in 2001.  The
$1.0 million receipt, net of $37,000 in recovery costs, is reflected as bad debt
recovery for the three months ended March 31, 2004.


                                       14


      For the three months ended March 31, 2005,  the provision for income taxes
as a percentage of income  before income taxes was 22%,  which is lower than the
U.S.  Federal  statutory tax rate,  principally  due to certain  overseas income
which is neither subject to foreign income taxes because of tax holidays granted
to the Company, nor subject to tax in the U.S. unless repatriated.  In the three
months ended March 31, 2004,  the  provision for income taxes as a percentage of
income before income taxes was 33%, which is lower than the US Federal statutory
tax rate, principally due to certain overseas income which is neither subject to
foreign income taxes because of tax holidays  granted to the Company nor subject
to tax in the US unless repatriated. In addition, the provision for income taxes
for the three  months  ended March 31, 2004  included a provision  for state and
local income taxes of approximately $150,000.

      The  Company  is  obligated  under  certain   circumstances  to  indemnify
directors and certain officers against costs and liabilities incurred in actions
or threatened  actions brought  against such individual  because such individual
acted in the capacity of director  and/or  officer of the Company.  In addition,
the Company has contracts with certain clients pursuant to which the Company has
agreed to indemnify the client for certain  specified and limited claims.  These
indemnification  obligations are in the ordinary course of business and, in many
cases, do not include a limit on maximum potential future payments.  As of March
31, 2005, the Company has not recorded liability for any obligations  arising as
a result of these indemnifications.

Liquidity and Capital Resources

      Selected  measures  of  liquidity  and  capital  resources,  expressed  in
thousands are as follows:


                                           March 31, 2005    December 31, 2004
                                           --------------    -----------------

Cash and Cash Equivalents                         $23,422          $20,663
Working Capital                                    22,711           22,209

Net Cash Provided By Operating Activities

      Net cash provided by operating activities was $3.1 million for the quarter
ended March 31, 2005 compared to $5.9 million  provided by operating  activities
for the quarter ended March 31, 2004, a decrease of approximately  $2.8 million.
The net cash provided by operating activities for the 2005 period is principally
due to net income approximating $300,000, accounts receivable approximating $2.0
million,  non-cash  charges  approximating  $900,000,  and changes in  operating
assets and liabilities of $100,000.

      Accounts  receivable totaled $6.1 million at March 31, 2005,  representing
approximately 51 days of sales outstanding compared to $8.0 million, or 57 days,
at December 31, 2004. The decrease in days  outstanding  resulted from increased
accounts receivable collections during 2005.


                                       15


      A  significant  amount of our  revenues  is  derived  from  clients in the
publishing  industry.  Accordingly,  our accounts  receivable  generally include
significant  amounts due from such clients.  In addition,  as of March 31, 2005,
approximately  22% of our  accounts  receivable  was from  foreign  (principally
European) clients, and 47% of accounts receivable was due from two clients.

Net Cash Used in Investing Activities

      For the quarter ended March 31, 2005, we spent approximately  $300,000 for
capital expenditures,  compared to approximately  $600,000 for the quarter ended
March 31, 2004. Capital spending in 2005 and 2004 related  principally to normal
ongoing equipment  upgrades,  project requirement  specific  equipment,  and for
improvements  in  infrastructure.  We expect that the capital  expenditures  for
these purposes will  approximate  $3.0 million in the next 12 months,  excluding
any potential capital expenditures related to future facilities expansion.

Availability of Funds

      We have a $5.0 million  line of credit  pursuant to which we may borrow up
to 80% of eligible  accounts  receivable at the bank's  alternate base rate plus
1/2% or LIBOR plus 3%. The line,  which expires in May, 2005, and is expected to
be renewed under similar terms, is secured by our accounts receivable. There are
no amounts outstanding under this facility.

      We believe  that  existing  cash and  internally  generated  funds will be
sufficient  for  our  reasonably   anticipated   working   capital  and  capital
expenditure  requirements  during  the  next  12  months.  We fund  our  foreign
expenditures from our U.S. corporate headquarters on an as-needed basis.

Inflation, Seasonality and Prevailing Economic Conditions

      To date, inflation has not had a significant impact on our operations.  We
generally  perform  work  for  our  clients  under  project-specific  contracts,
requirements-based  contracts or long-term  contracts.  Contracts  are typically
subject to numerous termination provisions.

      Our quarterly operating results are also subject to seasonal fluctuations.
Our fourth and first quarters  include the months of December and January,  when
billable  services  activity  by  professional  staff,  as  well  as  engagement
decisions by clients,  may be reduced due to client budget planning  cycles.  In
addition,  demand for our  services  may be lower in the fourth  quarter  due to
reduced  activity  during  the  holiday  season and fewer  working  days for our
Philippines based staff during this period.

Critical Accounting Policies and Estimates

Basis of Presentation and Use of Estimates

      Management's  discussion  and  analysis of its results of  operations  and
financial condition is based upon our consolidated  financial statements,  which
have been prepared in accordance with accounting  principles  generally accepted
in the United States.  The  preparation of these financial  statements  requires
management to make estimates and judgments  that affect the reported  amounts of
assets, liabilities, revenues and expenses, and related disclosure of contingent
assets and  liabilities.  On an  on-going  basis,  we  evaluate  our  estimates,
including those related to accounts  receivable.  Management bases its estimates
on historical  experience and on various other  assumptions that are believed to
be reasonable under the  circumstances,  the results of which form the basis for
making  judgments about the carrying  values of assets and liabilities  that are
not readily  apparent from other  sources.  Actual results may differ from these
estimates under different assumptions or conditions.


                                       16


Allowance for Doubtful Accounts

      We establish credit terms for new clients based upon  management's  review
of their  credit  information  and project  terms,  and perform  ongoing  credit
evaluations of our customers,  adjusting  credit terms when management  believes
appropriate based upon payment history and an assessment of their current credit
worthiness.  We record an allowance for doubtful  accounts for estimated  losses
resulting  from the  inability  of our  clients to make  required  payments.  We
determine  this  allowance by  considering  a number of factors,  including  the
length of time  trade  accounts  receivable  are past  due,  our  previous  loss
history,  our estimate of the client's  current ability to pay its obligation to
us, and the condition of the general economy and the industry as a whole.  While
credit  losses  have  generally  been  within  expectations  and the  provisions
established,  we cannot  guarantee  that credit loss rates in the future will be
consistent  with those  experienced  in the past.  In  addition,  we have credit
exposure  if  the  financial  condition  of one of our  major  clients  were  to
deteriorate.  In the event that the  financial  condition of our clients were to
deteriorate,  resulting  in an  impairment  of their  ability to make  payments,
additional allowances may be necessary.

Revenue Recognition

      We recognize revenue for content manufacturing and outsourcing services in
the period in which we perform  services  and deliver in  accordance  with Staff
Accounting Bulletin 104.

      We recognize IT professional  services revenue from custom application and
systems   integration   development  which  requires   significant   production,
modification  or  customization  of software in  accordance  with  Statement  of
Position ("SOP") No. 97-2 "Software Revenue Recognition" and in a manner similar
to SOP No. 81-1  "Accounting  for Performance of  Construction-Type  and Certain
Production-Type  Contracts". We recognize revenue for such services billed under
fixed fee arrangements using the percentage-of-completion  method under contract
accounting  as we perform  services or reach output  milestones.  We measure the
percentage completed either by the percentage of labor hours incurred to date in
relation to estimated  total labor hours or in  consideration  of achievement of
certain output  milestones,  depending on the specific  nature of each contract.
For arrangements in which percentage-of completion accounting is used, we record
cash receipts from  customers and billed amounts due from customers in excess of
recognized  revenue as  billings in excess of revenues  earned on  contracts  in
progress  (which is included in accounts  receivable).  Revenues from  fixed-fee
projects accounted for less than 10% of our total revenue for the quarters ended
March 31, 2005 and 2004,  respectively.  We receive revenue billed on a time and
materials basis as we perform the services.


                                       17


Property and Equipment

      Property  and  equipment  is  stated  at cost  and is  depreciated  on the
straight-line  method over the  estimated  useful  lives of the related  assets,
which is generally two to five years.  Leasehold improvements are amortized on a
straight-line  basis over the  shorter of their  estimated  useful  lives or the
lives of the leases.

Long-lived Assets

      We account for long lived assets under  Statement of Financial  Accounting
Standards ("SFAS") 144,  Accounting for the Impairment or Disposal of Long Lived
Assets.  We assess the  recoverability of our long-lived  assets,  which consist
primarily  of fixed  assets and  intangible  assets  with finite  useful  lives,
whenever events or changes in circumstance  indicate that the carrying value may
not be recoverable. The following factors, if present, may trigger an impairment
review:  (i)  significant  underperformance  relative to expected  historical or
projected  future  operating  results;  (ii)  significant  negative  industry or
economic trends;  (iii)  significant  decline in our stock price for a sustained
period;  and (iv) a change in our  market  capitalization  relative  to net book
value.  If the  recoverability  of  these  assets  is  unlikely  because  of the
existence  of  one or  more  of  the  above-mentioned  factors,  we  perform  an
impairment analysis using a projected  discounted cash flow method. We must make
assumptions regarding estimated future cash flows and other factors to determine
the fair  value of these  respective  assets.  If  these  estimates  or  related
assumptions  change in the future,  we may be  required to record an  impairment
charge.  Impairment  charges  would be included  in general  and  administrative
expenses in our statements of operations,  and would result in reduced  carrying
amounts of the related assets on our balance sheets.

Income Taxes

      We  determine  our  deferred  taxes  based on the  difference  between the
financial  statement and tax bases of assets and liabilities,  using enacted tax
rates, as well as any net operating loss or tax credit carryforwards expected to
reduce taxes payable in future years.  We provide a valuation  allowance when it
is more  likely  than not that some or all of a  deferred  tax asset will not be
realized.  Unremitted earnings of foreign subsidiaries have been included in the
consolidated  financial  statements  without  giving effect to the United States
taxes  that may be payable on  distribution  to the United  States to the extent
such earnings are not anticipated to be remitted to the United States.

Goodwill and Other Intangible Assets

      SFAS 142 requires  that we test goodwill for  impairment  using a two-step
fair value based test. The first step of the goodwill  impairment test annually,
used to identify  potential  impairment,  compares the fair value of a reporting
unit with its carrying amount, including goodwill. If the carrying amount of the
reporting  unit  exceeds  its  fair  value,  the  second  step  of the  goodwill
impairment test must be performed to measure the amount of the impairment  loss,
if any. If impairment is  determined,  we will recognize  additional  charges to
operating  expenses  in the period in which  they are  identified,  which  would
result in a reduction  of  operating  results  and a reduction  in the amount of
goodwill.


                                       18


Accounting for Stock-Based Compensation

      We account for our stock options issued to employees and outside directors
pursuant to Accounting  Principles Board Opinion ("APB") No. 25, "Accounting for
Stock Issued to Employees" and have adopted the disclosure  requirements of SFAS
No.  123,  "Accounting  for  Stock-Based   Compensation",   and  SFAS  No.  148,
"Accounting  for  Stock-Based  Compensation  -  Transition  and  Disclosure - an
Amendment  of FASB  Statement  No.  123".  Accordingly,  in  2005,  we have  not
recognized  compensation  expense  in  connection  with  the  issuance  of stock
options.

Significant New Accounting Pronouncements Not Yet Adopted

      In December 2004, the FASB issued SFAS No. 123 (R), "Share-Based Payment",
which is a revision of SFAS No. 123 and supersedes  Accounting  Principles Board
("APB")  Opinion No. 25. SFAS No. 123 (R) requires all  share-based  payments to
employees,  including  grants of employee  stock  options,  to be valued at fair
value on the date of  grant,  and to be  expensed  over the  applicable  vesting
period.  Pro forma  disclosure of the income  statement  effects of  share-based
payments  is no longer an  alternative.  SFAS No. 123 (R) is  effective  for all
stock-based  awards granted on or after January 1, 2006. In addition,  companies
must also  recognize  compensation  expense  related to any awards  that are not
fully vested as of the  effective  date.  Compensation  expense for the unvested
awards  will be  measured  based on the  fair  value  of the  awards  previously
calculated  in  developing  the pro forma  disclosures  in  accordance  with the
provisions  of SFAS No.  123.  We are  currently  evaluating  SFAS No.  123 (R),
including  the  method of  adoption,  and  expect its  adoption  will  result in
increased compensation expense in the future.

      In December  2004, the FASB issued FASB Staff Position No. FAS 109-1 ("FAS
109-1"),  "Application of FASB Statement No. 109, `Accounting for Income Taxes,'
to the Tax Deduction on Qualified Production Activities provided by the American
Jobs Creation Act of 2004." The American  Jobs Creation Act, or AJCA,  creates a
temporary  incentive  for U.S.  corporations  to repatriate  accumulated  income
earned  abroad by  providing  an 85%  dividend  received  deduction  for certain
qualified  dividends from controlled foreign  corporations.  FAS 109-1 clarifies
that this tax  deduction  should be accounted  for as a special tax deduction in
accordance  with  Statement  109. Our evaluation of the AJCA with respect to the
additional  deduction  is  still  in  process  and we  expect  to  complete  the
evaluation  process in 2005. As such, we cannot  reasonably  estimate the income
tax effect of any such repatriation at the present time.

      In December 2004, the FASB issued SFAS No. 153,  "Exchanges of Nonmonetary
Assets, an amendment of APB Opinion No. 29." The guidance in APB Opinion No. 29,
Accounting  for  Nonmonetary  Transactions,  is  based  on  the  principle  that
exchanges of  nonmonetary  assets should be measured  based on the fair value of
assets  exchanged.  The  guidance in that  opinion,  however,  included  certain
exceptions to that principle.  This Statement amends APB No. 29 to eliminate the
exception for  nonmonetary  exchanges of similar  productive  assets that do not
have commercial  substance.  A nonmonetary  exchange has commercial substance if
the future cash flows of the entity are  expected to change  significantly  as a
result of the  exchange.  SFAS No. 153 is effective  for  nonmonetary  exchanges
occurring in fiscal periods  beginning after June 15, 2005. The adoption of SFAS
No. 153 is not expected to have a material impact on our financial  position and
results of operations.


                                       19


Item 3.  Quantitative and Qualitative Disclosures About Market Risk.

      We are exposed to interest  rate  change  market risk with  respect to our
credit line with a  financial  institution  which is priced  based on the bank's
alternate  base rate  (5.75% at March 31,  2005)  plus 1/2% or LIBOR  (2.875% at
March 31,  2005) plus 3%. We have not borrowed  under this line in 2005.  To the
extent we  utilize  all or a  portion  of this line of  credit,  changes  in the
interest rate will have a positive or negative effect on our interest expense.

      We have operations in foreign  countries.  While we are exposed to foreign
currency  fluctuations,  we presently  have no financial  instruments in foreign
currency and do not maintain  significant funds in foreign currency beyond those
necessary for operations.

Item 4.  Controls and Procedures

      An  evaluation  has been  carried out under the  supervision  and with the
participation  of our  management,  including  our Chief  Executive  Officer and
Principal  Financial  Officer,  of the  effectiveness  of  the  design  and  the
operation of our  "disclosure  controls and procedures" (as such term is defined
in Rules  13a-15(e)  under the Securities  Exchange Act of 1934) as of March 31,
2005 ("Evaluation Date"). Based on such evaluation,  our Chief Executive Officer
and Chief Financial  Officer have concluded that, as of the Evaluation Date, the
disclosure  controls and  procedures  are  reasonably  designed and effective to
ensure that (i)  information  required to be  disclosed  by us in the reports we
file or submit under the Securities Exchange Act of 1934 is recorded, processed,
summarized and reported within the time periods specified in the SEC's rules and
forms,  and  (ii)  such  information  is  accumulated  and  communicated  to our
management,  including  our Chief  Executive  Officer  and  Principal  Financial
Officer, as appropriate to allow timely decisions regarding required disclosure.

      There were no changes in our internal controls over financial reporting in
connection  with the  evaluation  required by  paragraph  (d) of Rules 13a-15 or
15d-15 under the Exchange Act that occurred  during our last fiscal quarter that
materially  affected or are reasonably  likely to materially affect the internal
controls over financial reporting.


                                       20


PART II.    OTHER INFORMATION

Item 1.     Legal Proceedings. Not Applicable

Item 2.     Changes in Securities. Not Applicable

Item 3.     Defaults upon Senior Securities. Not Applicable

Item 4.     Submission of Matters to a Vote of Security Holders. Not Applicable

Item 5.     Other Information. Not Applicable

Item 6.     (a) Exhibits.

            31.1 Certificate of Chief Executive Officer and Principal  Financial
Officer pursuant to Section 302 of the Sarbanes Oxley Act of 2002.

            32.1  Certification  Pursuant to 18 U.S.C.  Section 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

            32.2  Certification  Pursuant to 18 U.S.C.  Section 1350, as adopted
pursuant to Section 906 of the Sarbanes Oxley Act of 2002.


                                       21


                                   SIGNATURES

In accordance with the  requirements of the Exchange Act, the registrant  caused
this  report to be  signed on its  behalf  by the  undersigned,  thereunto  duly
authorized.


INNODATA ISOGEN, INC.


            Date: May 13, 2005               Jack Abuhoff
                                             -----------------------------------
                                             Jack Abuhoff
                                               Chairman of the Board of
                                               Directors, Chief Executive
                                               Officer and President


            Date: May 13, 2005               Stephen Agress
                                             -----------------------------------
                                             Stephen Agress
                                               Vice President - Finance
                                               Chief Accounting Officer