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.
- 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:
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."
- 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.