Overview

TIS's founder and Chairman of the Board, Mr. Izhak Nakar and CEO, Dr. Ido Schechter open the trade in Tel Aviv Stock Exchange, December 3, 2006

 

Third Quarter 2007 Results

Revenues for the third quarter exceeded the high end of the initial revenue range reaching $6.5 million, an increase of 24% from the third quarter of last year and an increase of 6% compared with the prior quarter. 45% of third quarter revenues were generated from products and 55% from services.

Operating loss for the third quarter totaled $1.8 million, compared with operating profit of $172 thousand for the third quarter of 2006 and an operating profit of $65 thousand for the prior quarter. As previously announced, the increased expenses in the quarter were primarily related to the assimilation of recently acquired CPL and Asiasoft into the Company. 

Non-GAAP net loss for the third quarter totaled $1.7 million, compared to net income of $0.25 million in the third quarter of 2006. Non-GAAP basic and fully diluted net loss per share in the third quarter totaled $0.190 compared with net income per share of $0.019 in the third quarter of 2006. 

Non-GAAP net income (loss) excludes stock option compensation and amortization of intangible acquired assets which amounted to $348 thousand and $75 thousand in the third quarter of 2007 and 2006, respectively. A reconciliation between net income (loss) on a GAAP basis and a Non-GAAP basis is included at the end of this press release.

On a GAAP basis, net loss for the third quarter totaled $2 million compared to net income of $0.18 million in the third quarter last year, and $0.01 million loss in the prior quarter. GAAP basic and fully diluted net loss per share in the third quarter totaled $0.229, compared to basic and fully diluted net earnings per share of $0.019 in the third quarter of 2006, and basic and fully diluted net loss per share of $0.011 in the prior quarter.

 

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