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Overview
Top Image Systems 2010 second quarter results were released on August 4, 2010
EBITDA Increased 32% Year-over-Year; EBITDA Margin Reaches 12%
Sixth consecutive quarter of positive EBITDA
Tel Aviv, Israel – August 4, 2010 – Top Image Systems, Ltd. (TIS) (NASDAQ and TASE: TISA), the leading ECM (Enterprise Content Management) innovator of intelligent document recognition, today announced its financial results for the second quarter ended June 30, 2010.
Second Quarter Year-over-Year Highlights include:
- Gross margin increased to 62%;
- EBITDA increased to $0.62 million, a 32% increase from $0.47 million;
- EBITDA Margin increased to 12% from 8%;
- Net income (GAAP) of $1.1 million;
- Non-GAAP net income of $0.35 million, compared to $0.28 million;
- Positive cash flow from operations of $0.70 million, compared to $0.75 million;
Six month Highlights include:
- Operating profit for the first six months of 2010 reached $0.92 million compared to $0.62 million
Dr. Ido Schechter, CEO of TIS, commented, "This was our sixth consecutive quarter of reporting an operating profit and positive net income. While our revenues are stabilizing, we continued to generate cash. Our focus on large scale opportunities, which include government projects as well as projects for banks and financial organizations, is gaining traction. We believe that our solid pipeline, combined with the potential we see in our addressable markets, will allow us to attain sustained and profitable growth."
Second Quarter 2010 Results
Revenues for the second quarter of 2010 were $5.2 million compared to $5.3 million for the first quarter of 2010 and $5.6 million for the second quarter of 2009. The decrease in revenues is attributed to the company's decision to focus on profitable regions as well as foreign exchange losses due to the Euro weakening versus the USD.
Gross margin reached 62%, equal to gross margin of the first quarter of 2010 and compared to 61% in the second quarter of 2009.
EBITDA for the second quarter of 2010 reached $0.62 million, compared to EBITDA of $0.43 million in the first quarter of 2010 and $0.47 million in the second quarter of 2009. As a percentage of sales, EBITDA increased to 12% from 8% in the year ago period.
The Company incurred $0.19 million of foreign exchange losses in the second quarter of 2010 compared to $0.14 million of foreign exchange losses in the first quarter of 2010 and $0.09 million of foreign exchange losses in the second quarter of 2009.
Non-GAAP net income for the second quarter of 2010 totaled $0.35 million or $0.03 per diluted share, compared to non-GAAP net income of $0.26 million for the first quarter of 2010, or $0.03 per diluted share and $0.28 million for the second quarter of 2009 or $0.02 per diluted share.
Net income on a GAAP basis was $1.1 million, or $0.10 per diluted share, for the second quarter of 2010 compared to a GAAP net loss of $1.1 million, or ($0.12) per diluted share, for the first quarter of 2010, and a GAAP net loss of $1.7 million, or ($0.18) per diluted share, for the second quarter of 2009.
During the second quarter of 2010, TIS generated $0.70 million in cash from operating activities compared to $0.20 million in the previous quarter and $0.75 million for the second quarter of 2009.
Conference Call
A replay of the call is available at the right side of this page.
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