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TheStreet Open House

BluePhoenix Solutions Reports Fourth Quarter 2012 Results

Stocks in this article: BPHX

BluePhoenix Solutions (NASDAQ: BPHX), the leader in legacy lifecycle modernization, today announced financial results for the fourth quarter of 2012. The turnaround plan continues to be on target showing better operating income and increased gross profit.

With the completion of another discontinued operation, BridgeQuest Inc., net operating income on a non-GAAP basis is reported to have improved 45% in Q4 over Q3 with a loss of only $72 K. Additional achievements in Q4 include an improvement in the cash balance of 33% to $2.56 million. Net cash burn continues to decrease and is down to $281 K in Q4. Earnings per share were better quarter over quarter with a non-GAAP loss of $(0.02) per diluted share in Q4 compared to a loss of $(0.03) in Q3.

Matt Bell, CEO of BluePhoenix said, “We are very happy with the progress we are making and the quarterly numbers continue to show improving results. Almost all of the restructuring is behind us and we are now focused on our core strengths, building sales, and launching new marketing efforts. As a result the pipeline is growing and we are finding new areas to leverage existing technology to sell to new markets.”

BluePhoenix will go over the following numbers during their quarterly conference call today at 4:30PM Eastern US time. The call can be accessed by dialing 1-888-668-9141 within the United States, or via +972-3-9180610 if calling internationally, approximately five minutes prior to its scheduled commencement. A live Veidan Broadcasting and a replay can be accessed through a link that will be available via the BluePhoenix website.

Non-GAAP Results (in thousands US$)     Q4 2012*     Q3 2012*     Q4/2011*
Sales     3,059     2,679     4,642
Operating profit (loss) (72) (130) 990
Net (Loss) Income (264) (241) (2,424)
Earnings (Loss) per share, diluted* (0.02) (0.03) (0.39)
 
GAAP Results (in thousands US$)     Q4 2012*     Q3 2012*     Q4 2011*
Sales 3,059 2,679 4,642
Operating profit (loss) 218** (789) (17,875)
Net loss (383)** (3,685) (21,278)
Loss per share, diluted* (0.04) (0.46) (3.39)

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