Don't give me that "the chart looks goods' stuff!!!! It's AWESOME!!!!
Top Image Systems, Ltd. Announces Record Year End Results; Net Income and EPS Increase More Than 1000 Percent
TEL AVIV, Israel, Jan. 28 /PRNewswire/ -- Top Image Systems, Ltd., (Nasdaq: TISAF - news, TISWF - news) today announced record results for fourth quarter and full year 1998.
For the fourth quarter ended December 31, 1998 revenues were $2.1 million, a 24 percent increase, compared to $1.7 million for the same quarter in 1997. Net income for the quarter increased to a record
$388,478 compared with a loss of $63,123 in the same quarter of 1997. Earnings per share were $0.10 in the fourth quarter, compared to a loss of $0.02 in the fourth quarter of fiscal 1997.
The company achieved record results for the fiscal year ended December 31, 1998 as well. Revenues for the full year were $6.8 million compared to $4.4 million for the same period in 1997, an increase of 55 percent. Net income for the fiscal year ended December 31, 1998 increased 1,082 percent to $1.2 million compared with $100,500 in the same period of 1997. Operating profit reached $1.0 million in 1998,
compared with a loss of $29,165 for year ended 1997. Earnings per share for fiscal 1998 were $0.31, compared to $0.03 in fiscal 1997, an increase of 1,092 percent.
''Our dramatic growth in net income and operational profit can be attributed to significant increases in global demand for our flagship product, AFPSPro, and the success of the company's transition from a
project to a product-oriented company,'' Izhak Nakar, CEO and Chairman of the Board, stated.
Mr. Nakar continued, ''We understand that our continued growth requires additional investment to generate a meaningful return. We invested great engineering efforts in improving the capabilities of
AFPSPro to further automate the forms processing and data entry activities of our clients and to confer unparalleled character recognition results. In addition, we expanded our sales and marketing base by teaming with strategic global partners, who are focused on imaging and forms processing solutions.''
Mr. Nakar concluded, ''Our leadership in automated forms processing positions us well for continued revenue growth in the next millennium. We are fully committed to increasing shareholder value, and believe that earnings per share will continue to increase through investment in proactive marketing, and increased reseller and customer base, and groundbreaking product releases.''
Top Image Systems, Ltd., (TiS) 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' award-winning AFPSPro software provides
a complete, cost-effective, reliable solution for mid to high-volume production form processing. For more information on TiS, you can visit the Company's Web Site at www.tis.co.il. |
