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Top Image Reports Fourth Quarter 2012 Financial Results

TEL AVIV, Israel, Feb. 28, 2013 (GLOBE NEWSWIRE) -- Top Image Systems, Ltd. (TIS) (Nasdaq:TISA) , a leading ECM (Enterprise Content Management) intelligent content capture and delivery and mobile payments solutions provider, today announced financial results for the fourth quarter ended December 31, 2012.

Full Year 2012 Highlights include:

  • Full year revenue increased 9% to $31.3 million, compared to $28.7 million in 2011;
  • Non-GAAP net income increased to $3.8 million compared to $3.4 million in 2011;
  • Non-GAAP diluted EPS of $0.31 per diluted share, based on 12.3 million fully diluted shares; compared to $0.30 per diluted share, based on 11.1 million fully diluted shares in 2011;
  • Non-GAAP operating income increased 12% to $4.1 million, compared to $3.6 million;
  • Non-GAAP operating margin remains healthy at 13% of revenue;
  • Signed 21 new partnerships including four with US-based partners for mobile and enterprise capture - Jack Henry & Associates, DataMARK, CheckAlt and an expanded partnership with TransCentra;
  • Filed patent applications for mobile - including for full page (Letter /A4) imaging - and for Digital Mailroom (DMR);
  • Opened a new US headquarters in New York City, hired three new direct sales persons and set a target to expand to six in 2013 to support North American General Manager. Advanced in sales cycle of several projects with important players in mobile payments market;
  • Ranked by Forrester Research as 1 of 5 "Leaders" in multichannel capture industry.
  • Subsequent to the end of the quarter, the Company created a Global Solutions group to develop, manage and support market-driven solutions worldwide. This strategic move is designed to drive growth in the US and Asia-Pacific by promoting sales of the eFLOW® INVOICE and Digital Mailroom (DMR) solutions.

Fourth Quarter 2012 Highlights include:

  • Revenues increased 1% to $7.4 million, compared to $7.3 million in 2011;
  • Non-GAAP net income decreased to $0.3 million compared to $0.7 million in 2011;
  • Non-GAAP diluted EPS of $0.02 per diluted share compared to $0.06 per diluted share in 2011;
  • Non-GAAP operating income decreased to $0.5 million, compared to $0.8 million in 2011;
  • Recurring revenue from maintenance was 26% of revenues or $1.9 million;
  • Q4 2012 marks the 16th consecutive quarter of positive operating income;
  • Closed $1.1 million deal with global power provider for digital purchase payment solution;
  • Won six-figure project at Raiffeisen Banking Group Styria;
  • Selected to automate clinical test processing for leading chain of Japanese medical laboratories;
  • Expanded relationship with TransCentra for Mobile Capture Suite.

Dr. Ido Schechter, CEO of Top Image Systems, commented, "While launching our United States expansion and investing in the development of our global solutions portfolio, we delivered solid revenue, increased profitability and a consistent margin with our traditional products internationally. In the fourth quarter, conversion rates outside of the US for legacy products tempered slightly, although our pipeline for deals continues to be strong. The US market has increased our pipeline for our legacy products and we expect it to provide a contribution to sales revenues in 2013. Our presence in this space is bolstered by recognition by Forrester Research as a top technology, noted as one of five 'Leaders' in the multichannel capture industry. On top of that, in the near term, contributions from the mobile market have the potential to be game-changing. Gartner estimated that the mobile transaction market was approximately $170 billion in 2012 with 200 million mobile payment users, and estimates it will grow on average 40% per year to approximately $600 billion in 2016 with 400 million users. The pipeline of deals, variety of viable, revenue-generating use cases and market potential we are seeing for mobile capture is enormous."

Dr. Schechter continued, "Over the last two years Top Image has grown revenue by 44%, an average of 22% per year, non-GAAP earnings by 102%, an average of 51% per year, and diluted EPS by 82%, an average per year of 41%."

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