Top Image Systems, Ltd. (NASDAQ:TISA), a global innovator of
intelligent content processing solutions, today announced its
financial results for the fourth quarter and year ended December
31, 2016.
Fiscal 2016 represented an important inflection point for the
company vis-a-vis a number of key transformational initiatives.
The Company has appointed Mr. Brendan Reidy, a U.S
enterprise software industry veteran with a proven track record of
generating customer and shareholder value, as its Chief Executive
Officer. Appointing as Chairman of the Board Mr. Don Dixon,
Managing Director of Trident Capital who has helped his broad
portfolio of companies to become industry leaders, is strengthening
the Company’s leadership. We are steadily making efficiency
improvements in operations to take costs out of the business,
empowering the company to accelerate investments in the high
velocity cloud applications software segment. The Company’s capital
structure is improved by two top tier private equity firms known
for their astute investing, Hale Capital Partners and Trident
Capital. The Company has put in place a senior management
team experienced in the technology arena to drive the company’s
growth strategy.
Brendan Reidy, CEO of Top Image Systems, commented, “I joined
Top Image Systems with a conviction that our blue-chip customer
base, the Company’s solid technology, knowhow and talented,
experienced professionals will bring to market additional
innovative process automation solutions. I am committed to
delivering value to our customers and shareholders by focusing on
three key priorities to transform our business. By
introducing continuous efficiency improvements into our operations,
protecting our core remittance and forms processing business and
making prudent investments in high velocity cloud applications that
target the underserved mid-market for accounts payable automation,
we aim to transform our company into a high growth cloud
applications and services business.”
Fourth Quarter Highlights
- Quarterly revenues were $7.0 million, up 6% compared to $6.6
million in the fourth quarter of 2015;
- Quarterly net loss was ($3.8) million, compared to a loss of
($6.1) million in the fourth quarter of 2015;
- Adjusted EBITDA* was a loss of ($1.1) million, compared to a
loss of ($2.5) million in the fourth quarter of 2015;
- Quarterly recurring revenues were $4.6 million, representing
65% of total revenues in the current quarter, compared to 71% of
revenues in the fourth quarter of 2015;
- Quarterly GAAP expenses were $10.2 million compared to $11.6
million in the fourth quarter of 2015;
- Closed $1.4 million in new contracts that will be recognized in
future periods;
- Closed the sale of convertible notes valued at $5 million to
Hale Capital Partners LP that, following shareholder approval which
is expected during the second quarter of 2017, will be converted to
preferred shares; both notes and preferred shares are convertible
into ordinary shares;
- Martin Hale, CEO of Hale Capital Partners, has joined the Top
Image Systems’ Board of Directors and is serving on its
Compensation and Audit committees;
- Don Dixon, Co-founder and Managing Director of Trident Capital,
was named Chairman of the Board of Directors effective January 1,
2017; founder and former Active Chairman Izhak Nakar remains on the
Board of Directors.
Full Year Highlights
- Annual revenues were $31.6 million, compared to $33.8 million
last year;
- Net loss was ($6.4) million, compared to ($8.3) million for
2015;
- Adjusted EBITDA* was a loss of ($0.6) million, compared to a
loss of ($1.5) million for 2015;
- Recurring revenues were $19.4 million in both 2016 and 2015,
representing 61% of total revenues in 2016 compared to 58% of total
revenues in 2015;
- GAAP total expenses for 2016 were $37.4 million compared to
total expenses of $ 39.7 million for 2015;
- Launched our next generation end-to-end Accounts Payable
Automation for SAP solution certified for S4 Hana; during 2016 the
solution was deployed by several early adopters and upsold to
several existing TIS invoice capture customers;
- Signed partnership agreement with Xerox Global Workflow
Automation Group; delivered extensive training to Xerox sales and
pre-sales teams and achieved initial sales;
- Signed substantive contracts for large-scale government forms
processing projects in the U.S., Latin America and in
Asia-Pacific;
- Executed a corporate restructuring program and put in place
strict expense controls, reducing non-GAAP costs by $4.2
million;
- Initiated major revisions to Global Support and Services
programs to improve quality and increase profitability of services
operations;
- In August 2016, Brendan Reidy joined the Company as CEO; the
Company is putting in place rigorous standards and best practices
to improve performance in all areas, from improved software quality
assurance and release procedures to project management
reporting. These initiatives are designed to gradually
improve our products and increase customer satisfaction.
Fourth Quarter Financial Results
Total revenues for the fourth quarter of 2016 were $7.0 million,
compared to $6.6 million in the fourth quarter of 2015. Recurring
(SaaS and maintenance) revenues for the fourth quarter of 2016 were
$4.6 million, compared to $4.7 million in the same period of last
year.
Gross profit for the fourth quarter of 2016 was $2.7 million
compared to $2.4 million in the fourth quarter of last year. Gross
margin for the fourth quarter of 2016 was 39%, compared to 36% in
the fourth quarter of last year.
GAAP net loss for the fourth quarter of 2016 was ($3.8) million
compared to ($6.1) million in the fourth quarter of last year.
Fourth quarter 2016 GAAP loss per share was ($0.21), compared
to ($0.34) in the fourth quarter of 2015.
Fourth quarter 2016 Non-GAAP* loss per share was ($0.10),
compared to non-GAAP loss per share of ($0.13) for the fourth
quarter of 2015.
Adjusted EBITDA* loss was ($1.1) million, compared to a loss of
($2.5) million in the fourth quarter of 2015.
Full Year Financial Results
Total revenues for 2016 were $31.6 million compared to $33.8
million in 2015. Recurring (SaaS and maintenance) revenues for 2016
were $19.4 million, the same figure as for 2015.
Gross profit for 2016 was $14.8 million compared to $17.6
million last year. Gross margin for 2016 was 47%, compared to 52%
last year.
GAAP net loss for 2016 was ($6.4) million, compared to ($8.3)
million last year. 2016 GAAP loss per share was ($0.36), compared
to ($0.46) in 2015.
2016 Non-GAAP* loss per share was ($0.11), compared to non-GAAP
loss per share of ($0.18) for 2015.
Adjusted EBITDA* was a loss of ($0.6) million, compared to loss
of ($1.5) million in 2015.
“To realize ongoing efficiency improvements, we continued the
restructuring launched earlier in the year and initiated a
consolidation of our European operations into a single, streamlined
region under a single layer of management. Additionally, we
are consolidating our U.S. operations into our Plano, Texas
location which will save about $1.0 million in annual
expenses. We are now focusing on making additional
investments to protect our core eFLOW® document capture business as
well as on better leveraging our existing remittance business with
leading financial providers and banks in the U.S.,” commented Mr.
Reidy.
Mr. Reidy concluded, “With these improvements to our operations
in progress, we can better focus on our investments in the
cloud-based accounts payable applications software segment, aimed
to compress sales cycles and generate more predictable recurring
revenues, with an ambition to generate sustainable top-line revenue
growth. I am unwavering in my belief that it is of vital
importance to deliver high quality products that ensure high levels
of customer loyalty and drive repeat business, all of which, will
over time deliver augmented value to our shareholders.”
Conference Call
The Company will host a conference call and webcast today, March
9, 2017, at 10 a.m. ET, during which the Company’s management will
present and discuss the financial results and be available to
answer questions from investors.
To join the conference call, please dial in to one of the
following teleconference phone lines using the numbers listed
below. Please begin placing your call at least 5 minutes
before the conference call commences. If you are unable to
connect using the toll-free number, please try the U.S.
Toll/International dial-in number.
US Toll-Free
Dial-in Number: |
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1-877-407-0784 |
US
Toll/INTERNATIONAL Dial-in Number: |
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1-877-407-0784 |
Israel
Toll-Free Dial-in Number: |
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1-201-689-8560 |
The conference call is scheduled to begin at:
10 a.m. Eastern Time7 a.m. Pacific Time5 p.m. Israel Time
To join the live webcast, please click on the following link:
http://public.viavid.com/index.php?id=123232. For those unable to
attend the live call or webcast, from the following day an audio
recording of the call will be made available for download from the
Investors section of the Top Image Systems’
website www.topimagesystems.com; during the next three months
the recorded webcast can be viewed by clicking on the same link as
for the live webcast:
http://public.viavid.com/index.php?id=123232
* GAAP and Non-GAAP Financial Measures
This release includes GAAP and non-GAAP financial measures,
including, without limitation, Adjusted EBITDA (which eliminates
the impact of interest, taxes, amortization and depreciation
expenses, as well as non-cash stock-based compensation expenses and
other non-recurring items not part of regular business), Non-GAAP
Net Income (Loss) (which eliminates the impact of amortization
expenses as well as non-cash stock-based compensation expenses and
other non-recurring items not part of TIS’ ongoing business
operations) and Non-GAAP Income (Loss) per share. Non-GAAP measures
are reconciled to comparable GAAP measures in the tables below.
The presentation of these non-GAAP financial measures should be
considered in addition to TIS’ GAAP results provided in the
attached financial statements for the fourth quarter ended
September 30, 2016 and the other periods presented, and is not
intended to be considered in isolation or as a substitute for the
financial information prepared and presented in accordance with
GAAP. The tables below reconcile each non-GAAP financial measure to
its most directly comparable GAAP financial measure. TIS’
management believes that these non-GAAP financial measures provide
meaningful supplemental information regarding TIS’ performance by
excluding the impact of certain items that may not be indicative of
TIS’ core business operating results. TIS’ management believes that
both management and investors benefit from referring to these
non-GAAP financial measures in assessing TIS’ performance in
addition to the GAAP results. These non-GAAP financial measures
also facilitate comparisons to TIS’ historical performance and its
competitors’ operating results. TIS includes these non-GAAP
financial measures because management believes they are useful to
investors in allowing for greater transparency with respect to
supplemental information used by management in its financial and
operational decision-making.
About Top Image Systems
Top Image Systems™ (TIS™) Ltd. is a global innovator of
on-premise and cloud-based applications that
optimize content-driven business processes such
as procure to pay operations, remittance processing,
integrated receivables, customer response management and
more. Whether originating from mobile, electronic, paper
or other sources, TIS solutions automatically capture, process and
deliver content across enterprise applications, transforming
information entering an organization into useful and accessible
electronic data, delivering it directly and efficiently to the
relevant business system or person for action with as little manual
handling as possible. TIS’ solutions are marketed in more
than 40 countries through a multi-tier network of distributors,
system integrators, value-added resellers and strategic partners.
Visit the company's website
at http://www.TopImageSystems.com for more
information.
Caution Concerning Forward-Looking
Statements
Certain matters discussed in this news release are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements involve known and unknown risks, uncertainties and other
factors that may cause our actual results to be materially
different from any future results expressed or implied in those
forward-looking statements. Words such as "will," "expects,"
"anticipates," "estimates," and words and terms of similar
substance in connection with any discussion of future operating or
financial performance identify forward-looking statements. These
statements are based on management's current expectations or
beliefs and are subject to a number of risks and uncertainties that
could cause actual results to differ materially including, but not
limited to, risks in product development, approval
and introduction plans and schedules, rapid technological
change, customer acceptance of new products, the impact of
competitive products and pricing, the lengthy sales cycle,
proprietary rights of TIS and its competitors, risk of operations
in Israel, government regulation, litigation, general economic
conditions and other risk factors detailed in the Company's most
recent annual report on Form 20-F and other subsequent filings with
the United States Securities and Exchange Commission. We are under
no obligation to, and expressly disclaim any obligation to, update
or alter our forward-looking statements, whether as a result of new
information, future events or otherwise.
Top Image Systems Ltd. |
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Consolidated Balance Sheet as of |
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December 31, |
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December 31, |
|
|
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|
2016 |
|
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2015 |
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In thousands |
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Unaudited |
|
Audited |
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Assets |
|
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|
|
|
|
|
|
|
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Current Assets: |
|
|
|
|
|
Cash and
Cash Equivalents |
$ |
7,636 |
|
$ |
2,404 |
|
|
Restricted Cash |
|
119 |
|
|
262 |
|
|
Trade
Receivables, net |
|
6,717 |
|
|
9,348 |
|
|
Other
Accounts Receivable and Prepaid Expenses |
|
829 |
|
|
932 |
|
|
|
|
|
|
|
|
Total
Current Assets |
|
15,301 |
|
|
12,946 |
|
|
|
|
|
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Long-Term Assets: |
|
|
|
|
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Severance Pay Funds |
|
1,029 |
|
|
1,327 |
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Restricted Cash |
|
145 |
|
|
147 |
|
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Long-term Deposits and Long-term Assets |
|
136 |
|
|
204 |
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Property
and Equipment, net |
|
1,000 |
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|
1,444 |
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Intangible Assets, net |
|
3,623 |
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|
5,058 |
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Goodwill |
|
18,405 |
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19,091 |
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Total
Long-term Assets |
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24,338 |
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|
27,271 |
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Total Assets |
$ |
39,639 |
|
$ |
40,217 |
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Liabilities and Shareholders' Equity |
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Current Liabilities: |
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Short-term Bank Loans |
$ |
3,017 |
|
$ |
77 |
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Trade
Payables |
|
1,237 |
|
|
1,541 |
|
|
Deferred
Revenues |
|
3,594 |
|
|
2,966 |
|
|
Accrued
Expenses and Other Accounts Payable |
|
3,195 |
|
|
4,421 |
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|
|
|
|
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Total
Current Liabilities |
|
11,043 |
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|
9,005 |
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Long-Term Liabilities: |
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Accrued
Severance Pay |
$ |
1,214 |
|
$ |
1,533 |
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Non-current Deferred Revenues |
|
2,626 |
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|
3,280 |
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Other
Long-term Liabilities |
|
4,528 |
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|
407 |
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Total
Long-term Liabilities |
|
8,368 |
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|
5,220 |
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Total Liabilities |
$ |
19,411 |
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$ |
14,225 |
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Total
Parent Shareholders' Equity |
$ |
20,189 |
|
$ |
25,967 |
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Non-controlling Interest |
|
38 |
|
|
25 |
|
|
Shareholders' Equity |
|
20,227 |
|
|
25,992 |
|
|
|
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|
|
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Total Liabilities and Shareholders' Equity |
$ |
39,638 |
|
$ |
40,217 |
|
Top Image Systems Ltd. |
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Statement of Operations for the |
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Three months ended |
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Three months ended |
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Year ended |
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Year ended |
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December 31, |
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December 31, |
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December 31, |
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December 31, |
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|
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2016 |
|
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|
2015 |
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2016 |
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2015 |
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In thousands, except per share
data |
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Audited |
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License
Revenues |
|
1,232 |
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|
|
353 |
|
|
|
5,973 |
|
|
|
10,823 |
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|
|
Services
Revenues |
|
5,779 |
|
|
|
6,279 |
|
|
|
25,662 |
|
|
|
22,968 |
|
|
|
Revenues |
$ |
7,011 |
|
|
$ |
6,632 |
|
|
$ |
31,635 |
|
|
$ |
33,791 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
License Revenues |
|
365 |
|
|
|
457 |
|
|
|
1,641 |
|
|
|
1,484 |
|
|
|
Cost of
Services Revenues |
|
3,917 |
|
|
|
3,800 |
|
|
|
15,179 |
|
|
|
14,654 |
|
|
|
Cost of Revenues |
|
4,282 |
|
|
|
4,257 |
|
|
|
16,820 |
|
|
|
16,138 |
|
|
|
|
|
|
|
|
|
|
|
|
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Gross
Profit |
|
2,729 |
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|
|
2,375 |
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|
|
14,815 |
|
|
|
17,653 |
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|
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Expenses |
|
|
|
|
|
|
|
|
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Research
& Development |
|
1,012 |
|
|
|
1,370 |
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|
|
4,581 |
|
|
|
4,797 |
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|
|
Sales
& Marketing |
|
1,658 |
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|
|
2,550 |
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|
|
7,448 |
|
|
|
10,894 |
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General
& Administrative |
|
3,061 |
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|
|
3,283 |
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|
|
6,910 |
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|
|
7,492 |
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Amortization Costs |
|
124 |
|
|
|
168 |
|
|
|
502 |
|
|
|
390 |
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|
|
Restructuring Charges |
|
73 |
|
|
|
- |
|
|
|
1,142 |
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|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,928 |
|
|
|
7,371 |
|
|
|
20,583 |
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|
23,573 |
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|
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|
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Operating (Loss)
Profit |
|
(3,199 |
) |
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|
(4,996 |
) |
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|
(5,768 |
) |
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(5,920 |
) |
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Financial Expenses, net |
|
(510 |
) |
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|
(115 |
) |
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|
(953 |
) |
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|
(1,145 |
) |
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Other
Income (loss), net |
|
6 |
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- |
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|
12 |
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|
4 |
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|
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(Loss) profit
Before Taxes on Income |
|
(3,703 |
) |
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|
(5,111 |
) |
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|
(6,709 |
) |
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|
(7,061 |
) |
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|
|
|
|
|
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Tax
Expenses (income) |
|
72 |
|
|
|
984 |
|
|
|
(349 |
) |
|
|
1,215 |
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|
|
Net (Loss) Profit |
|
(3,775 |
) |
|
|
(6,095 |
) |
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|
(6,360 |
) |
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|
(8,276 |
) |
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Net
Income Attributable to Noncontrolling Interest |
|
(2 |
) |
|
|
(5 |
) |
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|
(13 |
) |
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|
(19 |
) |
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|
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|
|
|
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Net (Loss) Profit |
$ |
(3,777 |
) |
|
$ |
(6,100 |
) |
|
$ |
(6,373 |
) |
|
$ |
(8,295 |
) |
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Earnings per Share |
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Basic (Loss) Earnings per
Share |
$ |
(0.21 |
) |
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$ |
(0.34 |
) |
|
$ |
(0.36 |
) |
|
$ |
(0.46 |
) |
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Weighted
Average Number of Shares Used in Computation of Basic Net (Loss)
Income per Share |
|
17,932 |
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|
|
17,915 |
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|
|
17,926 |
|
|
|
17,871 |
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Diluted (Loss) Earnings
per Share |
$ |
(0.21 |
) |
|
$ |
(0.34 |
) |
|
$ |
(0.36 |
) |
|
$ |
(0.46 |
) |
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|
Weighted
Average Number of Shares Used in Calculation of Diluted Net (Loss)
Earnings per Share |
|
17,932 |
|
|
|
17,915 |
|
|
|
17,926 |
|
|
|
17,871 |
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|
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|
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|
Three months ended |
|
Three months ended |
|
Year ended |
|
Year ended |
|
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|
December 31, |
|
December 31, |
|
December 31, |
|
December 31, |
|
|
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|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
In thousands, except per share
data |
|
|
|
Audited |
|
|
Adjusted
EBITDA: |
|
|
|
|
|
|
|
|
|
Net
(Loss) Profit |
$ |
(3,777 |
) |
|
$ |
(6,100 |
) |
|
$ |
(6,373 |
) |
|
$ |
(8,295 |
) |
|
|
Interest |
|
69 |
|
|
|
37 |
|
|
|
143 |
|
|
|
107 |
|
|
|
Other
Financial Expenses |
|
441 |
|
|
|
78 |
|
|
|
810 |
|
|
|
1,038 |
|
|
|
Taxes |
|
72 |
|
|
|
984 |
|
|
|
(349 |
) |
|
|
1,215 |
|
|
|
Depreciation |
|
158 |
|
|
|
176 |
|
|
|
668 |
|
|
|
661 |
|
|
|
Amortization |
|
359 |
|
|
|
336 |
|
|
|
1,441 |
|
|
|
1,344 |
|
|
|
Stock-based Compensation Expenses |
|
402 |
|
|
|
410 |
|
|
|
1,121 |
|
|
|
808 |
|
|
|
Acquisition Related Costs |
|
- |
|
|
|
|
|
- |
|
|
|
(178 |
) |
|
|
Restructuring Charge |
|
73 |
|
|
|
- |
|
|
|
1,142 |
|
|
|
- |
|
|
|
One time
termination expenses |
|
- |
|
|
|
- |
|
|
|
117 |
|
|
|
|
|
Debt
Reserve Adjustment |
|
1,129 |
|
|
|
1,492 |
|
|
|
719 |
|
|
|
1,566 |
|
|
|
Other |
|
- |
|
|
|
95 |
|
|
|
- |
|
|
|
260 |
|
|
|
Total Adjusted EBITDA |
$ |
(1,074 |
) |
|
$ |
(2,492 |
) |
|
$ |
(561 |
) |
|
$ |
(1,474 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP to Non-GAAP
Results: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (Loss) Profit |
$ |
(3,777 |
) |
|
$ |
(6,100 |
) |
|
$ |
(6,373 |
) |
|
$ |
(8,295 |
) |
|
|
Amortization |
|
359 |
|
|
|
336 |
|
|
|
1,441 |
|
|
|
1,344 |
|
|
|
Stock-based Compensation Expenses |
|
402 |
|
|
|
410 |
|
|
|
1,121 |
|
|
|
808 |
|
|
|
Acquisition Related Costs |
|
|
|
|
|
|
|
(178 |
) |
|
|
Deferred
Tax Assets Amortization |
|
|
|
1,472 |
|
|
|
|
|
1,472 |
|
|
|
Debt
Reserve Adjustment |
|
1,129 |
|
|
|
1,492 |
|
|
|
719 |
|
|
|
1,566 |
|
|
|
Restructuring Charge |
|
73 |
|
|
|
- |
|
|
|
1,142 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Net Profit |
$ |
(1,814 |
) |
|
$ |
(2,390 |
) |
|
$ |
(1,950 |
) |
|
$ |
(3,283 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
Net income used for basic earnings per share |
$ |
(1,814 |
) |
|
$ |
(2,390 |
) |
|
$ |
(1,950 |
) |
|
$ |
(3,283 |
) |
|
|
Shares
Used in Basic Earnings per Share Calculation |
|
17,932 |
|
|
|
17,915 |
|
|
|
17,926 |
|
|
|
17,871 |
|
|
|
Non-GAAP Basic Earnings per Share |
$ |
(0.10 |
) |
|
$ |
(0.13 |
) |
|
$ |
(0.11 |
) |
|
$ |
(0.18 |
) |
|
|
Non-GAAP
Net Income Used for Diluted Earnings per Share |
$ |
(1,814 |
) |
|
$ |
(2,390 |
) |
|
$ |
(1,950 |
) |
|
$ |
(3,283 |
) |
|
|
Shares
Used in Diluted Earnings per Share Calculation |
|
17,932 |
|
|
|
17,915 |
|
|
|
17,926 |
|
|
|
17,871 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Diluted Earnings per Share |
$ |
(0.10 |
) |
|
$ |
(0.13 |
) |
|
$ |
(0.11 |
) |
|
$ |
(0.18 |
) |
|
Company Contact:
Shelli Zargary
Director of Corporate Marketing
shelli.zargary@topimagesystems.com
+972 3 767 9114
Investors:
James Carbonara
Regional Vice President, Hayden IR
james@haydenir.com
+1 646 755 7412
Top Image Systems, Ltd. - Ordinary Shares (NASDAQ:TISA)
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Top Image Systems, Ltd. - Ordinary Shares (NASDAQ:TISA)
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