Top Image Systems Ltd. (Nasdaq: TISA; TASE:TISA) today published its financial report for the second quarter of 2009. The developer of data capture solutions saw higher losses on lower revenue, but believes that the second half of the year will be better.
Top Image posted $5.6 million revenue for the second quarter, compared with $8.2 million for the corresponding quarter.
GAAP-based net loss rose to $1.7 million for the second quarter from $1.2 million for the corresponding quarter and $1.4 million for the preceding quarter. The company attributed the higher loss to a 33% increase in financial expenses to $2 million for the second quarter from $1.5 million for the corresponding quarter. Operating profit fell to $310,000 for the second quarter from $396,000 for the corresponding quarter.
Non-GAAP net profit was $281,000 ($0.03 per share) for the second quarter, compared with a net loss of $223,000 for the corresponding quarter.
Top Image CEO Dr. Ido Schechter said, "Despite the continued uncertainty in the global markets, we remain cautiously optimistic. Our pipeline remains stable and strong, and we are targeting bigger scale and more secure deals including large governmental and population census projects, as well as projects for banks and financial organizations that are looking to cut costs and expand service offering." He added, "I believe 2009 will be an excellent year for Top Image, and we are looking forward for long-term profitable growth beyond that."
Top Image's share rose 14.3% on Nasdaq yesterday to $0.80 and rose another 6% in after-hours trading, giving a market cap of $7.5 million. The share opened at NIS 3.17, and trading is presently locked.
Published by Globes [online], Israel business news - www.globes-online.com - on August 11, 2009
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