Top Image Systems Reports First Quarter 2014 Results
finance.yahoo.com
Q1 2014 Revenue Increases 19% to $8.1 Million, Subscription Revenue Increases 36% to $2.6 Million, Gross Margin Reaches 64%
Michael Schrader, COO, Top Image Systems, commented, "We delivered strong top line and bottom line performance this quarter, increasing revenue by 19% year over year to $8.1 million. We expect this double-digit revenue growth and continued margin improvement to be sustainable moving forward. The ability to generally fund operations from our cash flow has enabled us to earmark the money from our recent capital raise to pursue strategic inorganic opportunities and we are actively pursuing subscription-based, growing and accretive assets. During this process, we will make every effort to maximize shareholder value on any investment we make."
Mr. Schrader continued, "The organic growth that resulted in increased revenues derived from increased sales of our growth engine solutions: Mobile Imaging, ERP (INVOICE) and DMR (Digital Mailroom). Our business is highly defensible as our customers are large, blue chip companies with strong balance sheets that consider our solutions critical to their business success. Both our sales pipeline and our win rates have increased. In addition, our new SaaS business model is helping us win additional business and increase revenue predictability and visibility quarter to quarter. We continue to aggressively pursue sales and partnership opportunities in the U.S. For mobile imaging in particular, we are successfully engaging and landing industry-leading customers and partners thanks to our robust and flexible mobile imaging platform, which enables not only the mobile front end but also a complete back end platform, differentiating us from our competition. In fact, we find ourselves competing against first to market mobile providers in only a small percentage of our business, as we offer an open, extendible platform that they do not have. This important competitive advantage uniquely positions us to thrive in this space." |
