Top Image Q2 EPS Up On Lower Expenses; Reaffirms Full-Year Revenue Outlook

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8/8/2012 5:09 AM ET

Top Image Systems, Ltd.(TISA: Quote,TISA-L.TA ), an automated data capture solutions provider, that helps manage and validate content from customers Wednesday announced an increase in profit for its second quarter, reflecting higher revenues compared with the same quarter prior year. The result reflected a substantial decline in its financial expenses for the quarter from last year. The company also reaffirmed its full-year revenue outlook, and raised guidance for Non-GAAP operating income.

Top Image' second quarter net income rose to 0.85 million, or 7 cents per share from $0.56 million, or 5 cents per share last year while its non-GAAP net profit rose to $1.15 million per share from $1.0 million last year. On an adjusted basis, Non-GAAP EPS for both the periods remained the same at 9 cents per share, due to an increase in the weighted average number of shares by 1.5 million.

During the quarter, Top Image Systems' also saw a spike and Revenue rose by 14 percent to $8.0 million from $7.0 million last year. The revenue spike was accentuated by improved sales in its Digital Mailroom, said Top Image.

Adding to the profit, the company's financial expenses in the second quarter decreased to $97 thousand from $0.4 million in the same quarter prior year.

Operating income rose by 22 percent to $1.2 million compared with $1.0 million for the second quarter of 2011. Non-GAAP operating margin increased to fifteen percent while gross margin increased to 62 percent from 59 percent last year.

The company in foresight reiterated its full-year revenue and continues to expect revenue in the range of $33.5 million and $35.3 million, representing a growth between 17 percent and 23 percent from last year. The company however, raised its Non-GAAP operating income to the range of $4.4 million to $4.7 million, representing a year-over-year increase of between 21 percent and 29 percent respectively.

On Tuesday, Top Image Systems closed at $4.75 per share on the NASDAQ.

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by RTT Staff Writer

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