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Top Image Reports Fourth Quarter 2012 Financial Results

Stocks in this article: TISA

About Top Image Systems

Top Image Systems (TIS) is a leading innovator of enterprise solutions for managing and validating content entering organizations from various sources. Whether originating from mobile, electronic, paper or other sources, TIS solutions deliver the content to applications that drive the organization. TIS's eFLOW™ Platform is a common platform for the company's solutions. TIS markets its platform in more than 40 countries through a multi-tier network of distributors, system integrators, value-added resellers as well as strategic partners. Visit the company's website http://www.TopImageSystems.com for more information.

The Top Image Systems logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4212

Caution Concerning Forward-Looking Statements

Certain matters discussed in this news release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results to be materially different from any future results expressed or implied in those forward looking statements. Words such as "will," "expects," "anticipates," "estimates," and words and terms of similar substance in connection with any discussion of future operating or financial performance identify forward-looking statements. These statements are based on management's current expectations or beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially including, but not limited to, risks in product development, approval and introduction plans and schedules, rapid technological change, customer acceptance of new products, the impact of competitive products and pricing, the lengthy sales cycle, proprietary rights of TIS and its competitors, risk of operations in Europe and Israel, government regulation, litigation, general economic conditions and other risk factors detailed in the Company's most recent annual report on Form 20-F and other subsequent filings with the United States Securities and Exchange Commission. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.

     
Top Image Systems Ltd.
Consolidated Balance Sheet as of
     
  December 31, December 31,
  2012 2011
  In thousands
  Audited Audited
     
Assets    
     
Current Assets:    
Cash and cash equivalents $2,223 $2,090
Restricted cash 212 20
Trade receivables, net 7,985 4,631
Unbilled customers 633 --
Other accounts receivable and prepaid expenses 737 637
Deferred tax asset 785 --
     
Total current assets 12,575 7,378
     
Long-Term Assets:    
Severance pay funds 1,577 1,299
Restricted cash 381 499
Long-term deposits and long-term assets 66 84
Deferred tax asset 438 --
Property and equipment, net 377 485
Intangible assets, net -- 11
Goodwill 6,121 5,842
     
Total long-term assets 8,960 8,220
     
Total Assets $21,535 $15,598
     
     
Liabilities and Shareholders' Equity    
     
Current Liabilities:    
     
Trade payables $684 $351
Deferred revenues 1,467 2,084
Accrued expenses and other accounts payable 2,750 2,480
     
Total current liabilities 4,901 4,915
     
Long-Term Liabilities:    
Accrued severance pay 1,808 1,543
     
Total long-term liabilities 1,808 1,543
     
Total Liabilities $6,709 $6,458
     
Shareholders' Equity 14,826 9,140
     
Total Liabilities and Shareholders' Equity $21,535 $15,598
     
             
Top Image Systems Ltd.          
GAAP and Non-GAAP Statements of Operations for the:         
U.S. dollars in thousands (except per share data)          
             
  Three months ended  Three months ended 
  December 31, 2012 December 31, 2011
  GAAP  Adjustments (1) Non-GAAP GAAP  Adjustments (1) Non-GAAP
  Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited
             
Revenues  $7,350  $ --  $7,350 $7,295  $ --  $7,295
Cost of Revenues   2,976  (16)  2,960  2,851  --   2,851
Gross Profit   4,374  16  4,390  4,444  --   4,444
             
Research and Development   751  (6)  745  468  (6)  462
Selling & Marketing  2,369  (14)  2,355  2,241  (40)  2,201
General and Administrative   846  (57)  789  1,154  (180)  974
   3,966  (77)  3,889  3,863  (226)  3,637
             
Operating Income   408  93  501  581  226  807
             
Financial Income (Expenses), net   (136)  --  (136)  17  --  17
             
Income before Taxes on Income   272  93  365  598  226  824
             
Income Tax Expenses (Tax Benefit)  (1,149)  1,223  74  118  --  118
             
Net Income $1,421  ($1,330)  $291 $480 $226 $706
             
Basic Earnings per Share  $0.12   $0.02 $0.04   $0.07
             
Weighted average number of shares used in computing basic net earnings per share   11,642    11,642  10,858    10,858
             
Diluted Earnings per Share $0.12   $0.02 $0.04   $0.06
             
Weighted average number of shares used in computing diluted net earnings per share   12,253    12,253  11,165    11,165
             
(1) Adjustments reflect the effect of (i) non-cash stock options expenses as per SFAS 123R (ii) amortization of intangible assets related to acquisition transactions and (iii) change in deferred tax asset:  
   
    Three months ended      Three months ended   
    December 31, 2012     December 31, 2011  
    Adjustments       Adjustments    
    Unaudited     Unaudited  
Stock-based compensation expenses   93      214  
Amortization of intangible assets related to acquisition    --      12  
Change in deferred tax asset    (1,223)      --  
     ($1,330)      $226  
             
             
Top Image Systems Ltd.            
GAAP and Non-GAAP Statements of Operations for the:          
U.S. dollars in thousands (except per share data)            
             
  Year ended Year ended
  December 31, 2012 December 31, 2011
  GAAP Adjustments (1) Non-GAAP GAAP Adjustments (1) Non-GAAP
  Audited Unaudited Unaudited Audited Unaudited Unaudited
             
Revenues $31,330  $ --  $31,330 $28,673  $ --  $28,673
Cost of Revenues  11,989  (64)  11,925  11,184  --   11,184
Gross Profit  19,341  64  19,405  17,489  --   17,489
             
Research and Development  2,609  (23)  2,586  1,976  (6)  1,970
Selling & Marketing  8,733  (67)  8,666  7,748  (74)  7,674
General and Administrative  5,087  (1,015)  4,072  4,383  (180)  4,203
   16,429  (1,105)  15,324  14,107  (260)  13,847
             
Operating Income  2,912  1,169  4,081  3,382  260  3,642
             
Financial Expenses, net  (191)  --  (191)  (911)  749  (162)
             
Income before Taxes on Income  2,721  1,169  3,890  2,471  1,009  3,480
             
Income Tax Expenses (Tax Benefit)  (1,122)  1,223  101  121  --  121
             
Net Income $3,843 ($54) $3,789 $2,350 $1,009 $3,359
             
Basic Earnings per Share $0.34   $0.33 $0.23   $0.33
             
Weighted average number of shares used in computing basic net earnings per share  11,404    11,404  10,207    10,207
             
Diluted Earnings per Share $0.31   $0.31 $0.21   $0.30
             
Weighted average number of shares used in computing diluted net earnings per share  12,318    12,318  11,115    11,115
             
(1) Adjustments reflect the effect of (i) non-cash stock options expenses as per SFAS 123R (ii) amortization of intangible assets related to acquisition transactions and (iii) changes in fair value of convertible debentures (iv) change in deferred tax assets:  
    Year ended     Year ended  
    December 31, 2012     December 31, 2011  
    Adjustments     Adjustments  
    Unaudited     Unaudited  
Stock-based compensation expenses    1,158      214  
Amortization of intangible assets related to acquisition   11     46  
Change In Fair Value of Convertible Debentures    --      749  
Change in deferred tax assets    (1,223)     --  
    ($54)     $1,009  
             
CONTACT: Shelli Zargary
         Director of Corporate Marketing
         shelli.zargary@topimagesystems.com
         +972 3 767 9114
         
         Investors:
         James Carbonara
         Regional Vice President, Hayden IR
         james@haydenir.com

Top Image Systems Ltd. Logo

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