Top Image Systems, Ltd. (TISA) saw its loss narrow to $3.78 million, or $0.21 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $6.10 million, or $0.34 a share. On the other hand, adjusted net loss for the quarter narrowed to $1.81 million, or $0.10 a share from a loss of $2.39 million or $0.13 a share, a year ago. Revenue during the quarter grew 5.71 percent to $7.01 million from $6.63 million in the previous year period. Gross margin for the quarter expanded 311 basis points over the previous year period to 38.92 percent. Operating margin for the quarter stood at negative 45.63 percent as compared to a negative 75.33 percent for the previous year period.
Operating loss for the quarter was $3.20 million, compared with an operating loss of $5 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at negative $1.07 million compared to negative $2.49 million in the prior year second quarter. At the same time, adjusted EBITDA margin stood at negative 15.32 percent for the quarter compared to negative 37.58 percent in the last year period.
Brendan Reidy, Chief executive officer of Top Image Systems, commented, “I joined Top Image Systems with a conviction that our blue-chip customer base, the Company’s solid technology, knowhow and talented, experienced professionals will bring to market additional innovative process automation solutions. I am committed to delivering value to our customers and shareholders by focusing on three key priorities to transform our business. By introducing continuous efficiency improvements into our operations, protecting our core remittance and forms processing business and making prudent investments in high velocity cloud applications that target the underserved mid-market for accounts payable automation, we aim to transform our company into a high growth cloud applications and services business.”
Debt increases substantially
Top Image Systems, Ltd. has witnessed an increase in total debt over the last one year. It stood at $3.02 million as on Dec. 31, 2016, up 3,818.18 percent or $2.94 million from $0.08 million on Dec. 31, 2015. Top Image Systems has witnessed an increase in short-term debt over the last one year. It stood at $3.02 million as on Dec. 31, 2016, up 3,818.18 percent or $2.94 million from $0.08 million on Dec. 31, 2015. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
