Oooh. 3Q1999 results are out. I just got an email press release from Rachel Levine at The Anne McBride Co. Here are some highlights.
"Tel Aviv, Israel - November 11, 1999 -- Top Image Systems, Ltd., (NASDAQ: TISA, TISAW), a leading innovator in digital information recognition and data capture software solutions, today announced a 13.8 percent third quarter revenue gain to $2.0 million compared with $1.8 million for the third quarter of 1998. For the first nine months, Top Image posted revenues of $6.2 million, up 29.0 percent from revenues of $4.8 million for the period last year.
"Third quarter gross profit increased 18.0 percent to $1.6 from $1.3 million last year. Net income for the quarter dropped from a profit of $282,283 or $0.07 per share for 3Q98 to a loss of $362,091 or $0.09 per share for 3Q99. Third quarter operating income declined from $250,501 last year to a loss of $332,792.
"Nine-month gross profit was $4.8 million against $3.5 million in 1998. Operating profit fell from $678,053 for the nine months last year to $77,737 for the 1999 period. Net income declined from $805,914 or $0.21 a share to $49,402 or $0.01 per share.[snip]"
Increases in R&D expenses over the last nine months cut into profit, they said. They also state a preference for growth over short term value. We'll see.
Regards,
Harry J.
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