Top Image Systems has reported revenues of $6.5 million for the third quarter ended September 30, 2007, an increase of 24% from the third quarter of 2006 and an increase of 6% compared with the prior quarter. Net loss for the third quarter totaled $1.7 million, compared to net income of $0.25 million in the third quarter of 2006.
Operating loss for the third quarter totaled $1.8 million, compared with operating profit of $172,000 for the third quarter of 2006 and an operating profit of $65,000 for the prior quarter.
For the first nine months ended September 30, 2007, revenues stood at $16.6 million compared to $14.7 million in the corresponding period. Operating loss stood at $3.2 million against $420,000 for the corresponding period. Non-GAAP net loss was $2.8 million compared to $866,000 for the corresponding period of the prior year.
Dr Ido Schechter, CEO of Top Image Systems, said: Admittedly, while being disappointed with our results of this quarter, we are encouraged by the substantial progress the company has made over the past nine months in laying the strong foundations for a more successful 2008 in terms of both technology and skilled manpower.