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Top Image Reports Fourth Quarter 2012 Financial Results

Dr. Schechter concluded, "For 2013 we are providing guidance of revenue growth between 13% and 20%, indicating revenues of between $35.3 million and $37.7 million. We expect non-GAAP operating income in the range of $4.6 million to $4.9 million. We continue to believe the mobile opportunity will have a positive, transformative impact on revenue and earnings in the near term with initial revenue this year."

Full Year 2012 Results

Revenues for the twelve months ended December 31, 2012 increased 9% to $31.3 million, from $28.7 million for the same period in 2011. Non-GAAP operating income for the twelve months ended December 31, 2012 increased 12% to $4.1 million, from $3.6 million for the same period in 2011. Non-GAAP net income for the twelve months ended December 31, 2012 increased to $3.8 million, from $3.4 million for the same period in 2011. Non-GAAP diluted EPS for the 12 months ended December 31, 2012 increased to $0.31 per diluted share, based on 12.3 million fully diluted shares, from $0.30 per diluted share, based on 11.1 million fully diluted shares, for the same period in 2011.

Fourth Quarter 2012 Year over Year Results

Revenues for the fourth quarter of 2012 increased 1% to $7.4 million, from $7.3 million for the same period in 2011. Non-GAAP operating income for the fourth quarter of 2012 decreased to $0.5 million, from $0.8 million for the same period in 2011. Non-GAAP net income in the fourth quarter of 2012 decreased to $0.3 million, from $0.7 million for the same period in 2011. Non-GAAP diluted EPS for the fourth quarter of 2012 decreased to $0.02 per diluted share based on 12.3 million fully diluted shares, from $0.06 per diluted share, based on 11.2 million fully diluted shares for the same period in 2011.

Conference Call

The Company will host a conference call and webcast at 10 a.m. ET on Thursday, February 28, 2013, during which TIS management will present and discuss the financial results and be available to answer any questions from investors.

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