Top Image Systems (TISA) Misses Q3 EPS by 2c, MIss on Revenues

Top Image Systems (NASDAQ: TISA) reported Q3 EPS of ($0.05), $0.02 worse than the analyst estimate of ($0.03). Revenue for the quarter came in at $7.1 million versus the consensus estimate of $7.89 million.

Third Quarter Highlights:

• Quarterly revenues were $7.1 million, compared to $7.4 million in the second quarter of 2017 and $7.7 million in the same period in 2016;
• Quarterly operating loss was ($1.5) million, compared to ($1.3) million in the second quarter of 2017 and ($0.6) million in the same period in 2016;
• Adjusted EBITDA was a loss of ($0.71) million, compared to a loss of ($0.47) million in the second quarter of 2017 and positive Adjusted EBITDA of $0.23 million during the same period in 2016;
• Quarterly recurring revenues were $4.9 million, representing 70% of total revenue, compared to $4.8 million, representing 64% of total revenues, in the second quarter of 2017 and $4.9 million, representing 64% of total revenues in the same quarter of 2016;
• Quarterly GAAP total expenses were $8.5 million, compared to $8.8 million in the second quarter of 2017 and $8.2 million in the same period last year.
• In partnership with the SAP Business One organization and as showcased at the SAP Biz.ONE Conference we announced the launch of our cloud-based eFLOW AP solution, integrated with SAP Business One, coupled with an aggressive marketing initiative to build the pipeline and accelerate sales of our solution in fiscal 2018.
• One of the largest financial services group in Southeast Asia, with over 500 branches, has selected Top Image Systems to implement an automated Trade Finance document processing solution.
• Concluded a multi-year seven figure contract renewal of our receivables automation solution with a large financial services provider, which represents high-margin, recurring cloud-based services revenue stream.
• Announced an Extended Support Program with 80% of our existing customers having upgraded to the most current version of eFLOW. This translates to continued high margin maintenance renewal revenue streams, lower support costs and increased opportunities for additional deployment revenues within our installed base of customers.

For earnings history and earnings-related data on Top Image Systems (TISA) click here.

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