Top Image Systems Q3 net loss narrows
By Samuel Abraham
Top Image Systems, a provider of data capture solutions, has reported GAAP net loss of $1 million for the third quarter ended September 30, 2008, compared to a net loss of $2 million for the same period in 2007 and a net loss of $1.3 million in the second quarter of 2008.
GAAP loss per share in the third quarter of 2008 totaled $0.11, compared to a loss per share of $0.22 in the third quarter of 2007, and a loss per share of $0.14 in the second quarter of 2008.
Non-GAAP net loss for the third quarter of 2008 totaled $0.9 million, compared to a non-GAAP net loss of $1.7 million in the third quarter of 2007 and a net loss of $1.3 million in the second quarter of 2008.
The company reported revenues of $8.5 million for the third quarter of 2008, an increase of 30%, compared to $6.5 million in the third quarter of 2007, and a sequential increase of 1% over the $8.3 million reported in second quarter of 2008. Approximately, 50% of third quarter revenues were generated from products and 50% from services.