TiS - Top Image Systems, Ltd. Announces Record Profit of $606,706 and Earnings Per Share $0.15 for 2Q1998
biz.yahoo.com
Thursday July 23, 8:55 am Eastern Time
Company Press Release
SOURCE: Top Image Systems, Ltd.
TEL AVIV, Israel, July 23 /PRNewswire/ -- Top Image Systems, Ltd., (Nasdaq: TISAF - news, TISWF - news) today announced financial results for the second quarter and six months ended June 30, 1998.
For the second quarter of 1998, net income was $606,706, a 600 percent increase compared to $86,702, in the second quarter of 1997. Earnings per share were $ 0.15 versus $ 0.02 in the same period of 1997. Operating profit for the second quarter of 1998 was $506,995, compared to $62,220 in the second quarter of 1997, an increase of 715 percent.
Total revenues increased 79 percent to a record of $1,779,990 from $995,243 for the same quarter last year. Product sales for the second quarter rose to $1,714,254, an increase of 85 percent from the $928,516 for the second quarter of 1997. Marketing and sales costs also rose to $544,231 from $373,902 for the corresponding 1997 quarter, reflecting significant investments in sales, marketing and new personnel.
Izhak Nakar, TiS Chairman of the Board and CEO, commented, ''The second quarter of 1998 was a pivotal quarter for the Company. We are seeing the fruits of the new Company strategy, namely product-orientation vs. the former project-orientation. Our marketing, sales and support activities are being furthered by our distributors and other partners worldwide, resulting an 85 percent increase in product sales compared to the second quarter of 1997.''
T.i.S. - Top Image Systems, Ltd., develops and markets form processing, information recognition and data entry software, systems and technologies. The Company's software minimizes the need for manual data-entry by automatically reading and processing the information contained in forms, increasing data capture accuracy and the rate of information processing. TiS's award-winning AFPSPro software provides a complete, cost-effective, reliable solution for mid to high-volume production form processing. For more information, the Company's web-site can be reached at www.tis.co.il. |
