Top Image Systems, Ltd. Announces Record Year End Results;
Net Income and EPS Increase More Than 1000 Percent
biz.yahoo.com
Thursday January 28, 8:31 am Eastern Time
Company Press Release
SOURCE: Top Image Systems, Ltd.
TEL AVIV, Israel, Jan. 28 /PRNewswire/ --
Top Image Systems, Ltd., (Nasdaq: TISAF, TISWF) 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, an 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.
(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.)
TOP IMAGE SYSTEMS LTD.
CONSOLIDATED BALANCE SHEET
1998 1997 1998 1997
Q4 Q4 Q1-Q4 %CHG Q1-Q4 %CHG
Revenues:
Product Sales 2,027,686 1,595,432 6,630,692 97% 4,160,359 94%
Service Revenue 49,379 75,200 213,602 3% 248,583 6%
Total Revenue 2,077,065 1,670,632 6,844,294 100% 4,408,942 100%
Cost of Revenues:
Product Cost 638,484 967,672 1,836,635 27% 1,974,647 45%
Service Cost 11,000 15,000 38,244 1% 49,627 1%
Total Cost
of Revenue 649,484 982,672 1,874,879 27% 2,024,274 46%
Gross Profit 1,427,581 687,960 4,969,415 73% 2,384,668 54%
Expenses:
Selling
& Marketing 765,419 446,875 2,727,649 40% 1,510,496 34%
General and
Administrative 313,052 297,762 1,214,603 18% 903,337 20%
Operating
Profit (loss) 349,110 (56,677) 1,027,163 15% (29,165) (1)%
Financing Income
(expenses), Net 31,583 57,998 143,968 2% 196,462 4%
Other (expenses)
Income, net 7,785 (6,117) 23,261 -- (9,408) --
Income (loss)
before taxes
on income 388,478 (4,796) 1,194,392 17% 157,889 4%
Taxes on Income -- -- -- -- (456) --
Income (loss)
after taxes
on income 388,478 (4,796) 1,194,392 17% 157,433 4%
Income (loss) of
an affiliated
entity -- (58,327) -- -- (56,933) (1)%
Net Income 388,478 (63,123) 1,194,392 17% 100,500 2%
EPS 0.10 (0.02) 0.31 -- 0.03 --
Weighted Average
Number of Shares 3,827,091 3,030,7943,820,517 -- 3,816,430 --
SOURCE: Top Image Systems, Ltd. |
