Top Image Systems Ltd. (Nasdaq: TISA; TASE:TISA) today published its financial report for the first quarter of 2009. The business information solutions developer posted $6.1 million revenue, 33% less than the $9.2 million revenue for the corresponding quarter of 2008.
Product sales fell from $5.2 million for the corresponding quarter to $2.9 million for the first quarter, 47% of total revenue. Service sales fell from $4 million to $3.3 million, 53% of total revenue.
Operating profit was almost halved to $314,000 for the first quarter from $554,000 for the corresponding quarter.
Top Image posted a net loss of $1.4 million ($0.15 per share) for the first quarter, compared with a net profit of $1.3 million for the corresponding quarter.
Top Image had $1.7 million in financing expenses for the first quarter compared with $780,000 in financing income in the corresponding quarter.
Top Image CEO Dr. Ido Schechter said, "Our pipeline remains stable and strong, and we are targeting bigger scale and more secure deals including large government projects. We are aiming to leverage the current environment to maintain and build on our market leadership, as well as enhancing our long-term competitive positioning. We believe that we have now set up our business as a platform for future growth and increased profitability going forward, and we expect to record an operating income during 2009, at a level higher than that of 2008."
Top Image's share closed at $0.69 on Nasdaq yesterday, giving a market cap of $6.4 million. The share was unchanged on the TASE at NIS 2.84 today.
Published by Globes [online], Israel business news - www.globes-online.com - on May 13, 2009
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