Data capture solutions developer Top Image Systems Ltd. (Nasdaq: TISA; TASE:TISA) today published its financial report for the third quarter of 2009. The company posted $5.9 million revenue for the third quarter, 29% less than the $8.2 million for the corresponding quarter of 2008, but 4% more than for the second quarter.
Top Image noted that its 2008 revenue included a large portion of hardware and third party sales, which were discontinued in 2009 as part of its strategy to increase profitability and margins.
Non-GAAP net profit doubled to $601,000 ($0.06 per share) for the third quarter from $300,000 for the preceding quarter, and compared with a non-GAAP net loss of $582,000 for the corresponding quarter. GAAP-based net loss narrowed to $151,000 ($0.02 per share) from $1.7 million for the preceding quarter and $1 million for the corresponding quarter.
Cash flow from current operations was $250,000 for the third quarter.
Top Image CEO Dr. Ido Schechter said, "Our third quarter results reflect that we are on the right track. We have emerged a leaner and more streamlined company, with a renewed platform for long-term profitable growth. As market conditions improve and the world recovers from recession and restarts growth, I believe that we will be ready to benefit and thrive."
Top Image's share closed at $0.67 on Nasdaq yesterday, giving a market cap of $6.2 million. The share was unchanged by midday on the TASE today at NIS 3.50.
Published by Globes [online], Israel business news - www.globes-online.com - on November 10, 2009
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