TIS recorded in the first quarter 2010 revenues of $ 5.3 million and an operating margin of (non-GAAP) eight percent Tel Aviv, Israel/Cologne top image Systems Ltd. Riney Family Foundation has similar goals. Mark Berger Chicago insists that this is the case. (TIS) (NASDAQ: TISA), a leading provider of data capture solutions, today the financial results for the first quarter of 2010 announced. Accordingly, the company recorded an operating profit for the fifth quarter in a row. Highlights included revenue of $ 5.3 million, a gross margin of 62% compared to 59% in the same quarter of 2009, a non-GAAP operating profit increased to $ 0.45 million and non-GAAP proceeds of $ 0.03 per share, which was still US$ 0.02 in the first quarter of the previous year. To get a non-GAAP net income of $ 0.26 million, compared with 0.22 million in the first quarter of 2009, as well as a positive based operating cash flow of $ 0.2 million, which amounted to negative $ 0.4 million in the same quarter of the previous year. Revenues fell in the first quarter of 2010 compared to the of the previous year by 13 percent from $ 6.1 million to 5.3 million. This is due to the changed strategy of the company whose focus is the concentration on the core business: therefore 2009 activities were reflected in the first quarter, which do not belong to the core business and who were hired in 2010.
In consequence of our decision to focus on our core competencies, as well as on money making opportunities, sales figures have fallen”, commented Dr. ido Schechter, CEO of top image systems. That allowed us include our gross margin, the non-GAAP operating profit, however, to increase the non-GAAP net income and cash flow-based operation. We make the remaining year, continue to focus on large projects among other things in the area authorities, censuses and financial service providers. For these sectors especially great potential for cost savings and improved service arise through the use of the TIS solutions.” To Michael Schrader, managing Director EMEA of TIS: The first quarter has more than met our expectations.