SOURCE: Top Image Systems Ltd.

May 01, 2007 02:00 ET

Top Image Systems Issues Preliminary Results for the First Quarter of 2007

Full Financial Results Release and Conference Call Scheduled for May 16, 2007

TEL AVIV, ISRAEL -- (MARKET WIRE) -- May 1, 2007 -- Top Image Systems (NASDAQ: TISA) (TELAVIV: TISA) announced today its preliminary results for the first quarter of 2007.

Revenues for the first quarter of 2007 are expected to be approximately $4.15 million. The revenue level in the quarter was lower than the Company's expectations. This is mainly due to significantly lower than expected revenues from the Company's division in Japan, as a result of delays in signing a number of expected contracts and slightly weaker than expected revenues in Europe. Subsequently, the Company expects a net loss for the quarter of approximately $1.1 million.

The company will be releasing its full 2007 first quarter results on Wednesday, May 16, 2007 before the US market opens and will be hosting a conference call later that same day to discuss the results.

"Our first quarter revenues were lower than our expectations primarily due to a significant reduction in revenues from our Japanese division and a 10% shortfall from our European business. TISJ, which traditionally achieves strong results in the first quarter of the year, delivered weaker results than expected. At the same time, our European business started the year at a slower pace and therefore ended the quarter somewhat weaker than anticipated," commented Ido Schechter, CEO of TIS. "While we are disappointed, we view this shortfall as a temporary one and still stand by our estimates for 2007. Our business fundamentals remain solid, our pipeline is strong, and we remain confident in our market position and potential."

The Company will be holding a conference call the day of the results, May 16th, 2007, at 10am EDT. To participate, please call one of the following teleconferencing numbers at least 10 minutes before the conference call commences. If you are unable to connect using the toll-free numbers, please try the international dial-in number.

                         US Dial-in Number: 1 888 281 1167
                         UK Dial-in Number: 0 800 917 5108
                         ISRAEL Dial-in Number: 03 918 0610
                   INTERNATIONAL Dial-in Number:  +972 3 918 0610

                                        at:
                              10:00am Eastern Time
                               7:00am Pacific Time
                               3:00pm UK Time
                               5:00pm Israel Time
For those unable to listen to the live call, a replay of the call will be available from the day after the call in the investor relations section of Top Image Systems' website at: www.topimagesystems.com

In addition, there will be a telephone replay available for two days following the call. The replay numbers are: 1 888 326 9310 (US); 0 800 917 4256 (UK) and +972 3 925 5901 (International).

About Top Image Systems

Top Image Systems 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' eFLOW Unified Content Platform is a common platform for the company's solutions. TIS markets its platform in more than 30 countries through a multi-tier network of distributors, system integrators, value added resellers as well as strategic partners. Visit the company's website www.TopImageSystems.com for more information.

Contact Information

  • Company Contact
    Sari Fadlun
    Investor Relations
    Email Contact
    Tel: +972 3 767 9137

    Investor Relations Contact
    Ehud Helft / Kenny Green
    GK Investor Relations
    Email Contact
    Tel: (US) 1 646 201 9246