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Top Image Systems Reports Financial Results For The Fourth Quarter And Year End 2010

TEL AVIV, Israel, March 2, 2011 (GLOBE NEWSWIRE) -- Top Image Systems™, Ltd. (TIS™) (Nasdaq:TISA) (TASE:TISA) the leading ECM (Enterprise Content Management) solutions provider, today announced its financial results for the fourth quarter and full year ended December 31, 2010.

Fourth Quarter Year-over-Year Highlights include:

  • Adjusted EBITDA of $0.4 million or $0.04 per diluted share, compared to loss of $0.1 million or loss of $0.01 per diluted share;
  • Adjusted EBITDA Margin of 8% compared to loss of 2%;
  • Operating income of $0.3 million, compared to $0.2 million;
  • Positive cash flow from operations of $0.6 million, compared to $0.4 million;

Full Year 2010 Highlights include:

  • Adjusted EBITDA of $2.2 million or $0.20 per diluted share, compared to $1.3 million or $0.11 per diluted share;
  • Adjusted EBITDA Margin of 10% compared to 6%;
  • Operating income of $1.8 million, compared to $1.1 million;
  • Positive cash flow from operations of $2.5 million, compared to $0.9 million;
  • During 2010 TIS closed 55 new deals;

"2010 was a record year in terms of operating profit and cash flow. Our operating income was $1.8 million compared to $1.1 million for 2009, a 64% increase year-over-year. The positive cash flow from operations was $2.5 million, compared to $0.9 million in 2009, a 178% increase year-over-year. These results are following management's strategic decision in 2009 to focus on core business opportunities to increase profitability," commented Dr. Ido Schechter, CEO of TIS. "Looking ahead to 2011, we will continue to execute our growth strategy through our Digital Mailroom and Banking Platform solutions as well as our strong global partnerships. For 2011, TIS expects organic revenues and profitability to increase between 17% and 23%."

Fourth Quarter 2010 Results

Revenues for the fourth quarter of 2010 were $5.8 million compared to $5.9 million for the fourth quarter of 2009. Adjusted EBITDA for the fourth quarter of 2010 reached $0.4 million, compared to loss of $0.1 million in the fourth quarter of 2009. As a percentage of revenues, Adjusted EBITDA increased to 8% from a loss of 2% for the same period in 2009.

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