TiS - Top Image Systems, Ltd. Announces 3Q98 Nine Months EPS Increased 368%
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Company Press Release
TEL AVIV, Israel, Nov. 2 /PRNewswire/ -- Top Image Systems, Ltd., (Nasdaq: TISAF - news, TISWF - news) announced today that for the nine months ended September 30, 1998 Earnings Per Share increased 368 percent to $0.21 compared to $0.045 for the same period last year.
For the third quarter of 1998, net income rose to $282,283, a 220 percent increase compared to $87,954, in the third quarter of 1997. Earnings per share was $ 0.07 against $ 0.02 in the same period of 1997. Operating profit for the third quarter of 1998 gained 736 percent to $250,501, compared to $29,964 in the third quarter of 1997.
Total revenues for the quarter increased 75 percent to $1,755,353 from $1,004,617 for the same quarter last year. Product sales for the third quarter rose 81 percent to $1,698,693 from $938,262 for the third quarter of 1997. Furthermore marketing and sales costs rose to $718,859 from $335,880 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 third quarter of 1998 was the seventh consecutive quarter in which the company has seen growth in sales. A 368 percent increase in earnings per share, from 4.5 cents per share to a record 21 cents per share, illustrates the growing profitability of the company. Such growth is grounded in the fact that our automated forms processing solution is adopted by customers world wide as a tool to improve productivity and cut the costs of maintaining and accelerating efficiency. Cutting costs is a critical concern for organizations world wide which are affected by the global economic crisis. Consequently the proven track record of providing a continued and quick return on investment and minimizing costs has yielded increased sales and a gain in gross profit of 55 percent of the revenue in the third quarter of 1997, to 76 percent of the revenues in 1998.''
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 tis.co.il.
Certain matters discussed in this news release are forward-looking statements that involve a number of risks and uncertainties including, but not limited to, risks in product development plans and schedules, rapid technological change, changes and delays in product approval and introduction, customer acceptance of new products, the impact of competitive products and pricing, market acceptance, the lengthy sales cycle, proprietary rights of the Company and its competitors, risk of operations in Israel, government regulation, dependence on third parties to manufacture products, general economic conditions and other risk factors detailed in the Company's United States Securities and Exchange Commission filings.
TiS - Top Image Systems, Ltd.
Condensed Consolidated Statements of Operations (Unaudited)
.............................Quarter Ended........Nine Months Ended
.............................September 30.............September 30
............................1998......1997.........1998........1997
Revenues:
Product Sales............1,698,683...938,262....4,603,006...2,564,927
Service Revenue.............56,670....66,355......164,223.....173,383
Total Revenue............1,755,353.1,004,617....4,767,229...2,738,310
Cost of Revenue:
Product cost...............405,992...432,293....1,198,151...1,006,975
Service cost................10,216....15,000.......27,244......34,627
Total cost of
..revenue..................416,208...447,293....1,225,395...1,041,602
Gross Profit.............1,339,145...557,324....3,541,834...1,696,708
Expenses:
Selling & Marketing.......718,859....335,880....1,962,230...1,063,621
General and
..Administration..........369,785....191,480......901,551.....605,575
Operating Profit
..(loss)..................250,501.....29,964......678,053......27,512
Financing Income
..(expenses), net..........35,397.....62,187......112,385.....138,464
Other Income
..(expenses), net..........(3,615)....(3,291)......15,476.....(3,291)
Income (loss)
..before taxes............282,283.....88,860......805,914.....162,685
Taxes on Income.........................(906)...................(456)
Income (loss)
..after taxes.............282,283.....87,954......805,914.....162,229
Income (loss) from an
..affiliated entity.............................................1,394
Net Income................282,283.....87,954......805,914.....163,623
Earnings (loss)
..per share..................0.07.......0.02.........0.21........0.05
Weighted average number
..of ordinary shares....3,818,325..4,030,794....3,818,325...4,023,109
SOURCE: Top Image Systems, Ltd. |
