BluePhoenix Solutions Reports First Quarter 2012 Results

BluePhoenix Solutions (NASDAQ: BPHX), the leader in value-driven legacy modernization, today announced financial results for the first quarter of 2012. Revenues for the first quarter of 2012 were $6.8 million compared to $9.5 million in the previous quarter, and compared to $10 million in the first quarter of 2011.

Net loss on a non-GAAP basis for the first quarter of 2012 was $(1.7) million or $(0.27) per diluted share, compared to non-GAAP net loss of $(2.2) million or $(0.35) per diluted share in the previous quarter, and compared to a non-GAAP net income of $0.4 million or $0.06 per diluted share in the first quarter of 2011.

On a GAAP basis for the first quarter of 2012 the net loss was $(3.2) million or (0.50) per diluted share, compared to net loss of $(21.3) million or (3.39) per diluted share in the previous quarter, and compared to net loss of $(4.2) million or $(0.71) per share for the first quarter of 2011.

“In the first quarter of 2012, the company continued to sign substantial new contracts in Legacy Modernization and Knowledge Management businesses. Progress was also made in restructuring efforts to achieve positive cash-flow before year end,” commented Shimon Bar Kama, CEO of BluePhoenix. “Looking forward, The Company’s management is optimistic the continuous reduction in operating cost will soon show improvements in the results.”

Non-GAAP Results (in thousands US$)				Q1/2012				Q4/2011				Q1/2011
Sales				6,776				9,538				10,003
Operating profit (loss)				(1,955)				1,452				842
Net (Loss) Income				(1,747)				(2,166)				380
Earnings (Loss) per share, diluted*				(0.27)				(0.35)				0.06
GAAP Results (in thousands US$)				Q1/2012				Q4/2011**				Q1/2011
Sales				6,776				9,538				10,003
Operating loss				(3,201)				(17,489)				(3,977)
Net loss				(3,249)				(21,274)				(4,242)
Loss per share, diluted*				(0.50)				(3.39)				(0.71)

Notes:

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