GlobalSCAPE, Inc. (NYSE Amex: GSB), a leading developer of
secure information exchange solutions, today announced financial
results for its third quarter of fiscal year 2011, ending September
30, 2011.
Revenue was $5.4 million for the third quarter of fiscal year
2011, an increase of 14 percent when compared with revenue of $4.8
million in the same quarter last year. Net income for the second
quarter was $611,000, or $0.03 per diluted share, compared with net
income of $233,000, or $0.01 per diluted share, in the same quarter
last year, an increase of 162 percent. Cash grew to $13.4 million,
representing a 32 percent increase from the third quarter of 2010
and a 21 percent improvement since the end of fiscal 2010.
Adjusted EBITDA for the third quarter of 2011 was $980,000, a 32
percent increase compared with the same quarter last year. The
Adjusted EBITDA margin for the third quarter of 2011 was 18.1
percent, compared with 15.6 percent in the third quarter of
2010.
“We continued to deliver strong financial results in the third
quarter,” said Jim Morris, GlobalSCAPE president and CEO. “As in
the prior quarter, revenue, earnings, and cash all increased as
compared to the same period a year ago. I remain very pleased with
our sustained operational excellence and look forward to concluding
a record-setting year.”
Quarterly Highlights
During the third quarter, GlobalSCAPE announced an additional
solution deployment, a major new release of the Wide Area File
Services (WAFS™) software, and the Company’s inclusion in Software
Magazine’s Software 500 ranking of the world's largest software and
service providers.
In July, GlobalSCAPE announced the successful deployment of its
Managed Information Xchange™ (MIX) service at AVI-SPL, the largest
global integrator of audio and video communications systems and
services. Tampa-based AVI-SPL is recognized as an innovative leader
in the collaboration and AV industry, the result of a 2008 merger
between Audio Visual Innovations (AVI) and Signal Perfection Ltd
(SPL). A longtime user of GlobalSCAPE's Enhanced File Transfer
Server™ (EFT Server™), AVI-SPL looked to GlobalSCAPE for a
cloud-based file transfer solution when a planned implementation of
an Electronic Data Interchange system put a strain on its existing
infrastructure.
Launched in July 2010, MIX integrates GlobalSCAPE's
market-leading EFT Server solution with infrastructure from the
world's leader in the hosting and cloud computing industry. MIX
enables companies of any size to outsource all or part of its
information exchange functions to reduce costs, increase
efficiencies, track and audit transactions, and provide greater
levels of security and compliance. GlobalSCAPE's deployment at
AVI-SPL adds to the many businesses worldwide who use the
award-winning MIX service.
During September, GlobalSCAPE released WAFS version 4.0. This
new release features improved support for all current Windows
operating systems, a redesigned and intuitive user interface, and
enhanced international support with full compatibility for Unicode
character sets. The WAFS 4.0 release also includes Local Sync, a
new feature that allows users to rapidly synchronize data while
also simplifying implementation.
First released in 2004, WAFS replicates files across different
locations around the globe, providing secure, near real-time data
access by multiple remote users. As files are modified, the system
instantly mirrors all changes using intelligent byte-level
differencing technology. This method minimizes the impact on
network bandwidth, transferring only the changes to the file,
rather than the entire file. Also, file locking ensures that you
never overwrite files that another user has open.
Also in September, GlobalSCAPE announced Software Magazine’s
Software 500 recognition. The Software 500 is a revenue-based
ranking of software and services suppliers targeting medium to
large enterprises, their IT professionals, software developers, and
business managers involved in software and services purchasing. The
ranking is based on total worldwide software and services revenue
for 2010, including revenue from software licenses, maintenance and
support, training and software-related services and consulting.
GlobalSCAPE experienced record revenues in 2010 and remained
profitable despite making significant investments into its
operations to further increase top-line performance.
Conference Call Thursday, November 10, 2011, at 4:30 p.m.
ET
GlobalSCAPE management will hold a conference call Thursday,
November 10th to discuss the third quarter 2011 financial results
and other corporate matters at 4:30 p.m. Eastern Time/3:30 p.m.
Central Time. Those wishing to join should dial 1-800-380-1061 and
use Conference ID #22261069. A live webcast of the conference call
will also be available in the investor relations page of the
company's website at www.globalscape.com. A webcast replay of the
conference call will be available on the Company’s website through
December 11, 2011.
About GlobalSCAPE
GlobalSCAPE, Inc. (NYSE Amex: GSB), headquartered in San
Antonio, TX, is a leading provider of secure information exchange
solutions. Since the release of CuteFTP in 1996, GlobalSCAPE's
solutions have continued to evolve to meet the business and
technology needs of an increasingly interconnected global
marketplace. Serving a customer base that spans more than 150
countries and includes the majority of Fortune 100 companies,
GlobalSCAPE's primary focus is providing customers with intuitive
and efficient managed file transfer (MFT) solutions while also
ensuring end-to-end security. For more information, visit
GlobalSCAPE, or subscribe to our Blog or Twitter updates.
Safe Harbor Statement
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. The words
"would," "exceed," "should," "anticipates," believe," "possibly,"
"steady," "dramatic," and variations of such words and similar
expressions identify forward-looking statements, but their absence
does not mean that a statement is not a forward-looking statement.
These forward-looking statements are based upon the Company's
current expectations and are subject to a number of risks,
uncertainties, and assumptions. The Company undertakes no
obligation to update any forward-looking statements, whether as a
result of new information, future events or otherwise. Among the
important factors that could cause actual results to differ
significantly from those expressed or implied by such
forward-looking statements are risks that are detailed in the
Company's Annual Report on Form 10-K for the 2010 calendar year,
filed with the Securities and Exchange Commission on March 29,
2011.
Summary Financial Data GlobalSCAPE, Inc.
Statements of Operations (Unaudited)
Three Months EndedSeptember
30,
(In thousands, except per share data) 2011
2010 OPERATING REVENUE: Licenses $
2,848 $ 2,652 Maintenance and support 2,010 1,905 Professional
Services 439 100 All others 120 112 Total
revenue 5,417 4,769 OPERATING EXPENSES: Cost of revenues 451
142 SG&A expenses 3,450 3,326 R&D expenses 811 832
Depreciation and amortization 174 201 Total
operating expenses 4,886 4,501
OPERATING INCOME 531 268 Other income 9
- INCOME BEFORE INCOME TAXES 540 268 PROVISION FOR
INCOME TAXES (71 ) 35
NET INCOME $
611 $ 233 Net income per common
share – basic 0.03 0.01 Net income per common share – diluted 0.03
0.01 Weighted average shares outstanding: Basic 18,121 17,652
Diluted 18,689 18,610
GlobalSCAPE, Inc. Balance
Sheets (In thousands, except share and
per share data) September 30, 2011 December 31,
2010 (Unaudited) Assets Cash and cash equivalents
$ 13,404 $ 11,087 Accounts receivable (net of allowance for
doubtful accounts of $64 and $237 on September 30, 2011 and
December 31, 2010, respectively) 3,194 3,124 CoreTrace receivable
671 298 Federal income tax receivable 122 94 Current deferred tax
assets 864 881 Prepaid expenses 270 319
Total current assets 18,525 15,803 Fixed assets, net 1,065
1,286 Investment in CoreTrace 2,278 2,278 Intangible assets, net
305 531 Goodwill 619 619 Deferred tax assets 137 - Other assets
38 30
Total assets $
22,967 $ 20,547
Liabilities and Stockholders’ Equity Current liabilities:
Accounts payable $ 362 $ 250 Accrued expenses 1,066 1,392 Income
tax payable - - Deferred revenue 5,884 5,554
Total current liabilities 7,312 7,196 Deferred tax
liabilities - 7 Other long term liabilities 1,394 1,185 Commitments
and contingencies - - Stockholders’ equity: Preferred stock,
par value $0.001 per share, 10,000,000 authorized, no shares issued
or outstanding - - Common stock, par value $0.001 per share,
40,000,000 authorized, 18,615,297 and 18,346,982 issued at
September 30, 2011 and December 31, 2010 19 18 Additional paid-in
capital 13,098 12,137 Treasury stock, 403,581 shares, at cost, at
September 30, 2011 and December 31, 2010 (1,452 ) (1,452 ) Retained
earnings 2,596 1,456 Total
stockholders’ equity 14,261 12,159
Total liabilities and stockholders’ equity $
22,967 $ 20,547
GlobalSCAPE, Inc. Statements of Cash Flows
(Unaudited)
Nine Months EndedSeptember
30,
(In thousands) 2011 2010
Operating Activities: Net income $ 1,140 $ 731 Adjustments
to reconcile net income to net cash provided by operating
activities: Bad debt recoveries (172 ) (148 ) Depreciation and
amortization 570 599 Loss on disposition of assets - 52 Stock-based
compensation 792 756 Deferred taxes (127 ) (607 ) Excess tax
(deficiency) benefit from exercise of share based compensation (97
) 66 Changes in operating assets and liabilities: Accounts
receivable 102 (551 ) CoreTrace receivable (373 ) - Prepaid
expenses 49 (161 ) Federal income tax 69 (306 ) Other assets (8 )
10 Accounts payable 112 (20 ) Accrued expenses (326 ) 419 Deferred
revenues 330 921 Other long-term liabilities 209
90 Net cash provided by operating activities
2,270 1,851
Investing Activities:
Purchase of property and equipment (123 ) (160 ) Purchase of
short-term investments - (350 ) Redemption of short-term
investments - 1,555 Net cash provided
by (used in) investing activities (123 ) 1,045
Financing
Activities: Proceeds from exercise of stock options 267 153 Tax
(deficiency) benefit from stock-based compensation (97 )
66 Net cash used in financing activities 170
219 Net increase in cash 2,317 3,115 Cash at
beginning of period 11,087 7,026 Cash
at end of period $ 13,404 $ 10,141 Cash paid
during the period for: Income taxes $ 472 $ 1,125
Non-GAAP Financial Measures
Adjusted EBITDA(In thousands)
We define Adjusted EBITDA as Net Income, plus Income Taxes,
Total Other Income (Expense), Depreciation and Amortization, and
non-cash charges for share-based compensation and asset
impairments.
Adjusted EBITDA is a metric that is used in our industry by the
investment community for comparative and valuation purposes. We
disclose this metric in order to support and facilitate the
dialogue with research analysts and investors.
Note that Adjusted EBITDA is not a measure of financial
performance under accounting principles generally accepted in the
United States (“GAAP”) and should not be considered a substitute
for net income. Adjusted EBITDA has limitations as an analytical
tool, and when assessing our operating performance, you should not
consider Adjusted EBITDA in isolation, or as a substitute for net
income or other income statement data prepared in accordance with
GAAP. Other companies may calculate Adjusted EBITDA differently
than we do, limiting its usefulness as a comparative measure. See
our Adjusted EBITDA to net income reconciliations in the table
below.
Three Months Ended (Unaudited) September
30, 2011 September 30, 2010 Net Revenue $
5,417 $ 4,769 Income from operations $ 531 $ 268 Net
income: $ 611 $ 233 Plus: Income taxes (71 ) 35 Plus: Total other
(income) (9 ) 0 Plus: Depreciation and amortization 174 201 Plus:
Stock-based compensation expense 275 275
Adjusted EBITDA $ 980 $
744 Operating income margin 9.8 % 5.6 %
Adjusted EBITDA margin 18.1 % 15.6 %
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