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BluePhoenix Solutions Reports Second Quarter Results

BluePhoenix Solutions (NASDAQ: BPHX), the leader in value-driven legacy modernization, today announced financial results for the second quarter of 2011. Revenues for the second quarter of 2011 were $ 9.9 million compared to $ 10.0 million in the previous quarter, and compared to $ 16.2 million in the second quarter of 2010.

Net income on a non-GAAP basis for the second quarter of 2011 was $1.1 million or $0.04 per diluted share, compared to $0.4 million or $0.02 per diluted share in the previous quarter, and compared to $0.1 million or $0.01 per diluted share in the second quarter of 2010.

On a GAAP basis for the second quarter of 2011 the net loss was $(3.7) million or ($0.15) per diluted share, compared to net loss of $(4.2) million or ($0.18) per diluted share in the previous quarter, and compared to net loss of $(1.1) million or ($0.05) per share for the second quarter of 2010.

“During the second quarter of 2011 we continued to reduce our expenses in order to reach a positive cashflow from operation. We are committed to achieve this goal in the beginning of 2012 while returning to growth,” Commented Arik Kilman, CEO of BluePhoenix. “Going forward, we intend to focus mainly on our Legacy Modernization, COBOL to Java and Knowledge Management products.”

Non-GAAP Results (in thousands US$)
     

Q2/2011
     

Q1/2011
     

Q2/2010
Sales 9,914 10,003 16,167
Operating profit 1,271 842 1,317
Net Income 1,082 380 126
Earnings per share, diluted $ 0.04 $ 0.02 $ 0.01
 
GAAP Results (in thousands US$) Q2/2011 Q1/2011 Q2/2010

Sales
9,914 10,003 16,167
Operating profit (loss) (3,521 ) (3,977 ) (1,315 )
Net Income (loss) (3,650 ) (4,242 ) (1,058 )
Earnings per share, diluted ($0.15 ) ($0.18 ) ($0.05 )

The Company has incurred negative cash flows from operations during 2010 and the second quarter of 2011. The Company is working to enhance the Company’s cash resources. However, there is no assurance that continued negative cash flow from operations will not create a material adverse effect on the Company’s future financial condition and results of operations.

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