Top Image Systems 6-K 2012
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549>
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of May, 2012
Commission File Number 001-14552
Top Image Systems Ltd.
(Translation of registrant’s name into English)
2 Ben Gurion Street, Ramat Gan, Israel 52573
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F o
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes o No x
This Form 6-K including all attachments is being incorporated by reference into the Registration Statement on Form S-8 (file no. 333-125064) and the Registration Statements on Form F-3 (file no. 333-119885 and 333-175546).
Attached hereto is a copy of the Registrant’s press release issued on May 9, 2012, reporting the results for the three months period ended March 31, 2012.
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Top Image Reports Q1 2012 Financial Results
Record First Quarter Revenue of $7.7 Million; Non-GAAP EPS of $0.09
Tel Aviv, Israel – May 9, 2012 - Top Image Systems, Ltd. (TIS) (Nasdaq: TISA),> a leading ECM (Enterprise Content Management) intelligent content capture and delivery solutions provider, today announced its financial results for the first quarter ended March 31, 2012.
First Quarter Year-over-Year Highlights include:
Commenting on the first quarter results, Dr. Ido Schechter, CEO of Top Image Systems (TISA), summarized, “The first quarter represents a solid start to the year for Top Image Systems, in which we delivered record revenues. We expect revenues in each successive quarter to grow, in part, following the several new sales force hires we made in late 2011. We are investing in marketing to support the added sales reps, and opening an office in the United States in the first half of this year to begin to realize the billion dollar US mobile market opportunity; at the same time we continue to grow profitably, increasing the proportion of revenue growth coming from high-margin organic sales of eFLOW software licenses.”
Dr. Schechter continued, “We remain on track with our US strategy and we feel that a reasonable sales cycle for the new US mobile business will be 6-9 months. Our current guidance calculation is based only on our existing eFLOW business. We will continue to execute our long-term growth strategy by focusing on our Digital Mailroom, Banking Platform solutions and strong global partnerships, adding now mobile banking apps. For 2012, TISA reiterates that it expects annual growth of between 17% and 23%, revenues of between $33.5 million and $35.3 million, and Non-GAAP operating income in the range of $4.2 million to $4.5 million.”
First Quarter 2012 Results
Revenues for the first quarter of 2012 were $7.7 million, compared to $7.2 million for the first quarter of 2011; an increase of 7.3%. Net income on a GAAP basis was $1.0 million for the first quarter of 2012, compared to $0.7 million for the first quarter of 2011. Diluted EPS on a GAAP basis was $0.08 per diluted share for the first quarter of 2012 compared to $0.07 per diluted share for the first quarter of 2011. Non-GAAP operating income was $1.0 million for the first quarter of 2012, compared to $1.0 million for the first quarter of 2011. Non-GAAP diluted EPS was $0.09 compared to $0.10 in the first quarter of 2011.
The Company will be holding a conference call today, Wednesday, May 9th at 10:00 am ET (7:00 am Pacific Time, 5:00 pm Israel Time) to review the first quarter 2012 results.
Mr. Izhak Nakar, Active Chairman of TISA, and Ms. Gili Shalita, CFO will be on-line to discuss these results and to take part in a Question and Answer session.
US Dial-in Number: +1-866-744-5399
ISRAEL Dial-in Number: 03-9180685
INTERNATIONAL Dial-in Number: +972-3-9180685
The conference call is scheduled to begin at:
10:00 am Eastern Time
7:00 am Pacific Time
5:00 pm Israel Time
For those unable to attend the live call, from the following day a recording of the call will be made available for download from the Investors section of the Top Image Systems' website www.topimagesystems.com.
About Top Image Systems
Top Image Systems (TIS) is a leading innovator of enterprise solutions for managing and validating content entering organizations from various sources. Whether originating from mobile, electronic, paper or other sources, TIS solutions deliver the content to applications that drive the organization. TIS's eFLOW™ Platform is a common platform for the company's solutions. TIS markets its platform in more than 40 countries through a multi-tier network of distributors, system integrators, value-added resellers as well as strategic partners. Visit the company's website http://www.TopImageSystems.com for more information.
Caution Concerning Forward-Looking Statements
Certain matters discussed in this news release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results to be materially different from any future results expressed or implied in those forward looking statements. Words such as "will," "expects," "anticipates," "estimates," and words and terms of similar substance in connection with any discussion of future operating or financial performance identify forward-looking statements. These statements are based on management's current expectations or beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially including, but not limited to, risks in product development, approval and introduction plans and schedules, rapid technological change, customer acceptance of new products, the impact of competitive products and pricing, the lengthy sales cycle, proprietary rights of TIS and its competitors, risk of operations in Europe and Israel, government regulation, litigation, general economic conditions and other risk factors detailed in the Company's most recent annual report on Form 20-F and other subsequent filings with the United States Securities and Exchange Commission. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.
Director of Corporate Marketing
Regional Vice President, Hayden IR
Top Image Systems Ltd.
Consolidated Balance Sheet as of >
Top Image Systems Ltd.
Statements of Operations for the