TiS Q1/99 Revenues Increase 51 Percent to 1.8 Million
TEL AVIV, Israel, May 10 /PRNewswire/ -- TiS - Top Image Systems, Ltd., (Nasdaq: TISA - news, TISAW - news) today reported first quarter 1999 revenues increased 51 percent to $1.8 million compared with $1.2 million for the first quarter of 1998.
Net income for the first quarter 1999 rose to $85,346, compared to a loss of $83,075 in the first quarter of 1998. Earnings per share for the quarter were $0.02 against a loss of $0.02 for the same period of
1998. Operating profit was $59,900 against a loss of $79,443 for the first quarter of 1998. Gross profit increased 64 percent to $1.3 million or 75 percent of revenues, compared with $851,099 or 69 percent of revenues for the first quarter of 1998.
Izhak Nakar, TiS Chairman of the Board and CEO, said the first quarter growth in sales (51%) and gross profit (64%) were consistent with management expectations. ''The Company decided to invest in sales and marketing expenses and raise general and administration expenses in order to accelerate TiS' penetration into new markets, thus increasing its market share, and in order to open additional offices worldwide'' he added.
''The Company has decided to present the R&D expenses in a separate clause this year since TiS will be developing a new Internet-based product, in which we will be substantially investing these coming years,'' said Mr. Nakar.
Mr. Nakar commented: ''The first quarter of 1999 was the twelfth consecutive quarter that we saw growth in sales. This year we are reaping the fruits of our investments in the development of new
distribution channels all over the world. Our successful projects in the Deutsche Post have persuaded us to continue investing in this market during the upcoming year reflecting TiS' commitment to expanding its markets and sales base. Our growing investments in both the German and US markets reflect the rise in our general and administrative costs.''
''We are pleased to report such consistent positive growth trends in sales and gross profit and are committed to continue working towards building shareholder value,'' concluded Mr. Nakar.
TiS - 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' 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 tis.co.il.
Had to post it so I could read it Emory...
Up 50%...now that ain't HAY!
Chris |
