Revenues for the first quarter of 2011 were $7.2 million, up 36 percent compared to $5.3 million for the first quarter of 2010. Product revenues were $4.2 million as compared to $2.4 million reported in the same period of 2010. Service revenues were $3.0 million as compared to $2.9 million for the first quarter of 2010.

Adjusted EBITDA for the first quarter of 2011 was $1.16 million, compared to $0.36 million in the first quarter of 2010.

Net income increased 167% to $0.74 million, or $(0.07) per diluted share, for the first quarter of 2011 compared to a net loss of $1.1 million, or a loss of $(0.12) per diluted share, for the first quarter of 2010.

Operating income was $1.01 million, an increase of $0.66 million compared to last year.

Dr. Ido Schechter, CEO of TIS attributed the first-quarter performance to strength in two of the company’s divisions.

“This quarter we saw significant progress in our new growth areas — our Business Banking Unit and Global Partner Program. As previously announced, in April, we exhibited at the 12th Annual Asian Banker Summit in Hong Kong where we saw great receptivity to our technology. In addition, we are expanding our partner network and look forward to announcing new customer wins in the months ahead,” Dr. Schechter stated in the press release.

Dr. Schechter noted that the first quarter marks the company’s ninth consecutive quarter of operation profit and that the company remains on track to continue reporting a solid financial performance.
The company also increased its guidance to 20 percent-25 percent for organic revenues and profitability from its original guidance to fall between 17 percent and 23 percent.

For more information visit www.TopImageSystems.com

Let us hear your thoughts below: