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Globalscape Announces Financial Results For The Fourth Quarter 2012 And 2012 Fiscal Year

Stocks in this article: GSB

GlobalSCAPE, Inc. (NYSE MKT: GSB), a leading developer of secure information exchange solutions, today announced its financial results for fiscal year 2012 and the three month period ended December 31, 2012.

Revenue for fiscal year 2012 was $23.4 million, a 12 percent increase over fiscal year 2011 revenue of $20.9 million. Revenue for the three months ended December 31, 2012, was $6.2 million, a 21% increase over revenue of $5.1 million for the three months ended December 31, 2011.

The Company’s deferred revenue, which the Company believes can be an indicator of future revenue trends, grew to $9.8 million at December 31, 2012, compared to $7.6 million at December 31, 2011, a 28% increase.

For fiscal year 2012, the Company had a net loss of $1.8 million, or ($0.10) per share. This net loss resulted primarily from a $3.3 million, non-cash impairment charge related to the Company’s investment in and notes receivable from CoreTrace Corporation, which was partially offset by a $1.3 million non-cash credit to income related to a previously recorded liability for a potential earn out payment associated with the acquisition of TappIn, Inc. that will not have to be paid. Excluding these infrequent items that occurred only in fiscal year 2012, the Company had non-GAAP net income of $121,000, or $0.01 per share. The Company’s comparable net income for fiscal year 2011 on both a GAAP and non-GAAP basis was $635,000, or $0.04 per basic common share.

For the three months ended December 31, 2012, the Company had net income of $1.3 million, or $0.07 per share. This result includes the $1.3 million non-cash credit to income, which is an infrequent item related to the previously recorded liability for a potential earn out payment associated with the acquisition of TappIn, Inc. that will not have to be paid. Excluding this infrequent item, the Company had a net loss on a non-GAAP basis for the three months ended December 31, 2012, of $36,000, or ($0.00) per share. For the three months ended December 31, 2011, the Company had a net loss of $505,000, or ($0.03) per share.

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