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November 3, 2010

Top Image Systems Q3 revenue decreases 11.4%

Operating income increased by 65% in Q3 2010

By CBR Staff Writer

Top Image Systems (TIS), a provider of data capture offerings, has reported revenues of $5.4m for the third quarter of 2010, a decrease of 11.4%, compared to $6.1m in the third quarter of 2009.

The company’s gross profit decreased to $3.2m, compared to $3.7m for the same quarter of 2009, while operating income increased to $0.51m from $0.31m.

For the third quarter ended 30 September 2010, the company’s net profit was $0.43m, compared to a net loss of $0.51m for the same period in 2009.

Diluted earnings per share were $0.04, compared to a loss of $0.02 per share in the previous year quarter.

TIS CEO Ido Schechter said the company’s financial results for the third quarter mark their seventh consecutive quarter of operating income and positive net income and adjusted EBITDA also increased 47% year-over-year, with adjusted EBITDA margin reaching 19%.

"Our revenues increased on a sequential basis and our cash flow increased to $1.1m for the quarter, and our various partnerships, our eFLOW platform has been chosen to replace existing competing systems in ECM (Enterprise Content Management) offerings projects," Schechter said.

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