TEL AVIV, Israel, Jan. 7, 2013 (GLOBE NEWSWIRE) -- Top Image Systems, Ltd. (Nasdaq:TISA), a leading Enterprise Content Management (ECM) intelligent content capture and delivery solutions provider, today announced updated expectations for the fiscal year ended December 31, 2012. Management expects revenues of between $30.9 million and $31.5 million, representing year-over-year growth of 8%-10%, and non-GAAP operating profit of between $4.0 million and $4.2 million, representing year-over-year growth of 10%-15%. This 8% deviation in revenues from the low end of previously announced guidance reflects:
- Delays in closing several major sales, previously expected to close in the fourth quarter, which are now expected to close during 2013;
- A more than $1.0 million EURO-Dollar exchange rate impact, without which the deviation would have been only 5%.