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Top Image Reports First Quarter 2013 Financial Results

TEL AVIV, Israel, May 29, 2013 (GLOBE NEWSWIRE) -- Top Image Systems, Ltd. (TIS) (Nasdaq:TISA), a leading ECM (Enterprise Content Management) intelligent content capture, workflow and delivery and mobile payments solutions provider, today announced its financial results for the first quarter ended March 31, 2013.

Dr. Ido Schechter, CEO of Top Image Systems, commented, "In the first quarter, as we expected, sales conversion rates outside of the U.S. for legacy products remained tempered. However, in the second quarter our pipeline has increased notably. We believe that this positive trend and momentum will continue in the subsequent quarters throughout the year. We are doubling our sales staff in the United States to keep up with the increased interest we are encountering. When we entered the United States market, we were pleased to discover that customers showed interest in purchasing not only our mobile solutions, but a combination of our eFLOW platform or eFLOW Banking Platform together with our mobile solutions. This factor lengthened the sales cycle, but also significantly increased the value of the deals under consideration. Revenues in the first quarter in the US reached $400,000, a portion of which represent mobile sales. To realize this growing interest, we have expanded our US-based work force to ten. Although we did anticipate a soft first quarter, we are disappointed with the global results and have taken the steps necessary to return to profitability in the second quarter."

First Quarter 2013 Highlights include:
  • Revenues for the quarter were $6.8 million;
  • Recurring revenue from maintenance was 28% of revenues;
  • Positive cash flow for the quarter was $0.7 million;
  • Cash improved 29% to $2.9 million, compared to $2.2 million at December 31, 2012;
  • Research and development expenses reached $0.8 million following receipt of a grant from the Office of the Chief Scientist in the amount of $0.1 million. Total research and development investment amounted to $0.9 million, reflecting an increase of 27% compared to the same period in 2012;
  • Winning a $320,000 contract with a leading UK retailer to deploy an end-to-end purchase to payment (P2P) Solution;
  • Selection by a major European sugar manufacturer to implement eFLOW INVOICE;
  • Expansion of our partnership with TransCentra for promoting our Mobile Capture Suite;
  • Establishment of a Global Solutions group to develop, manage, support and share our 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 in these regions;
  • Presentation of our mobile and enterprise capture solutions for financial Institutions at Prepaid Expo (Orlando FL) and at BAI Payments Connect 2013 (Phoenix, AZ);
  • Subsequent to the end of the first quarter:
  • Online financial services provider SuperIQ went live with eFLOW Digital Mailroom (DMR);
  • Leading business service provider in the UK selected eFLOW Digital Mailroom (DMR) and INVOICE Solutions.

Dr. Schechter summarized, "We continue to believe that the mobile opportunity will have a positive, transformative impact on revenues and earnings in the near term, starting with the initial revenue this year."

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