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BluePhoenix Solutions Reports Third Quarter 2011 Results

BluePhoenix Solutions (NASDAQ: BPHX), the leader in value-driven legacy modernization, today announced financial results for the third quarter of 2011. Revenues for the third quarter of 2011 were $ 10.1 million compared to $9.9 million in the previous quarter, and compared to $ 11.6 million in the third quarter of 2010.

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

On a GAAP basis for the third quarter of 2011 the net loss was $(3.2) million or ($0.13) per diluted share, compared to net loss of $(3.7) million or ($0.15) per diluted share in the previous quarter, and compared to net loss of $(7.0) million or ($0.30) per share for the third quarter of 2010.

“During the third quarter of 2011 we have reduced our operating expenses in order to reach a positive cash flow from operations in 2012. We plan to achieve this goal till the end the first quarter of 2012, based on the new contracts, especially in the Legacy Modernization line of business,” commented Shimon Bar Kama, CEO of BluePhoenix. “Looking forward, we intend to grow with our newly enhanced products in the Legacy Modernization: Orbit 24 to the banking market and the Cobol to Universe (CTU) tool for the enterprise markets.”

             

Non-GAAP Results (in thousands US$)

Q3/2011

Q2/2011

Q3/2010
Sales 10,070 9,914 11,595
Operating profit 914 1,271 226
Net Income 387 1,082 365
Earnings per share, diluted $ 0.02 $ 0.04 $ 0.02
 
GAAP Results (in thousands US$) Q3/2011 Q2/2011 Q3/2010
Sales 10,070 9,914 11,595
Operating profit (loss) (2,710 ) (3,521 ) (6,591 )
Net Income (loss) (3,206 ) (3,650 ) (7,019 )
Earnings per share, diluted ($0.13 ) ($0.15 ) ($0.30 )
 

The results for the reported period cause the Company to be non-compliant with certain covenants to the banks. The company is negotiating revised set of covenants which will reflect our current level of operations.

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