Top Image Systems Reports Second Quarter 2017 Results

Top Image Systems (NASDAQ:TISA) has announced its financial results for the second quarter of 2017 ended June 30, 2017.
As quoted in the press release:

Second Quarter Highlights:

• Quarterly revenues were $7.4 million, compared to $7.3 million in the first quarter of 2017 and $8.5 million in the same period in 2016;
• Quarterly operating net loss was ($1.3) million, compared to ($1.7) million in the first quarter of 2017 and ($0.1) million in the same period in 2016;
• Adjusted EBITDA was a loss of ($0.50) million, compared to a loss of ($0.90) million in the first quarter of 2017 and positive EBITDA of $0.7 million during the same period in 2016;
• Quarterly recurring revenues were $4.8 million, representing 64% of total revenues, compared to $4.5 million, representing 61% of total revenues, in the first quarter of 2017 and $4.9 million, representing 57% of total revenues, in the same quarter of 2016; and
• Quarterly GAAP total expenses were $8.7 million, compared to $9.0 million in the first quarter of 2017 and $8.6 million in the same period last year.
• Announced and implemented additional measures to achieve cost reductions through consolidation and restructuring of the Executive Management Team:
  • Appointed Patti Barton as Acting CFO. Patti previously served as VP of Finance in the Company’s U.S. headquarters.
  • Appointed John McCaffrey to Vice President and General Manager of TIS Americas. John was previously at Virtustream as a member of the management team that sold to EMC for $1.2 billion. He served on the leadership team of Clarus Systems (sold to OPNET, now Riverbed) and Adjoined Consulting (sold to Kanbay, now Capgemini).
  • Hiring of Arvind Sharma who has joined us as Senior Vice President of Engineering and will be responsible for our global engineering efforts. Additionally, Arvind will serve as our Chief Information Security Officer. He has extensive experience in both cloud and on-premise software development.

Click here to read the full press release.