GlobalSCAPE, Inc. (NYSE Amex: GSB), a leading developer of
secure information exchange solutions, today announced financial
results for its first quarter of fiscal year 2012, ending March 31,
2012.
Revenue was $5.4 million for the first quarter of fiscal year
2012, an increase of 16 percent when compared with revenue of $4.6
million in the same quarter last year. The Company reported the
increase in revenue was largely due to an increase in maintenance
and support (M&S) contract renewal sales, an increase in EFT
Server Enterprise license revenue, and an increased contribution
from the Company’s managed solutions business. The increase in
M&S renewals resulted in a 19 percent increase in the Company’s
deferred revenue, to $7.8 million at the end of the first quarter
of 2012, up from $6.5 million at the end of the first quarter of
2011.
The Company reported a loss of $253,000, or ($0.01) per diluted
share, in the first quarter of 2012, compared with net income of
$59,000, or $0.00 per diluted share, in the same quarter last year.
In line with the decrease in net income, Adjusted EBITDA declined
to $180,000 in the first quarter of 2012, from $555,000 in the same
period last year.
Net cash (used in) provided by operating activities for the
three months ended March 31, 2012 and 2011 was approximately
($663,000) and $374,000, respectively. The increase in net cash
used in operating activities in the first quarter 2012 was due to
the decrease in net income and decreases in accrued expenses of
$448,000 and other long-term liabilities of $319,000. These
decreases were somewhat offset by an increase in accounts
receivable of $226,000.
“Our first quarter revenue performance reflects continued growth
in our core business, plus the short-term effects of the TappIn
acquisition,” said Jim Morris, GlobalSCAPE Chief Executive Officer.
“We increased sales of our enterprise solutions and significantly
grew recurring revenue from our managed solutions line of business
during the quarter,” Morris continued.
“Our net loss in the quarter was primarily the result of
increased operating expenses associated with the TappIn
acquisition. TappIn has established and is actively pursuing
additional arrangements with original equipment manufacturers,
known as OEMs, and other companies that will directly integrate
TappIn into their hardware devices or participate in joint
marketing and promotion activities,” Morris said. “We expect to
increase net income, particularly in the second half of 2012, as we
recognize additional revenue from the TappIn OEM arrangements and
potentially continue to increase our core revenue.”
Quarterly Highlights
During the first quarter, GlobalSCAPE announced a new addition
to the Company’s solution portfolio and gained additional industry
recognitions.
In February, GlobalSCAPE announced development of a Secure
Mobile Access™ module, combining TappIn, Inc.’s mobile file access
with GlobalSCAPE's proven Enhanced File Transfer (EFT) Server™
solution. This new solution allows users to securely access their
business files from any popular smartphone or mobile device. The
Secure Mobile Access module also allows businesses and IT
departments to respond to the rapidly growing "Bring Your Own
Device" (BYOD) trend, in which employees increasingly desire to use
the same devices to access personal and business data. The BYOD
trend previously has been problematic for IT departments as they
worked to resolve conflicting demands for security and
convenience.
The new module represents the first significant product
integration with TappIn since it was acquired by GlobalSCAPE last
December.
In March, GlobalSCAPE was recognized by Info Security Products
Guide as a "Global Excellence Award" winner for the second
consecutive year. GlobalSCAPE's Mail Express™ took top honors for
2012 in the "Email Management and Security" category. TappIn™ by
GlobalSCAPE® also was recognized as a “Global Excellence Award”
winner, taking top honors in the "Software as a Service
(SaaS)/Cloud Solutions" category. This double award came one year
after GlobalSCAPE's Managed Information Xchange solution captured
the SaaS/Cloud Solution award in 2011. The Global Excellence Awards
recognize excellence in all areas of information security including
the industry's best products, people, and companies. A panel of
more than 50 judges from a broad spectrum of industries around the
world determines the finalists and winners. Winners this year were
announced during an awards dinner and presentation on February 29,
2012 in San Francisco.
Conference Call May 8, 2012 At 4:30 p.m. ET
GlobalSCAPE management will hold a conference call Tuesday, May
8, 2012 to discuss the first quarter 2012 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 # 76132578. 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
June 8, 2012.
About GlobalSCAPE
San Antonio, Texas-based GlobalSCAPE, Inc. (NYSE Amex: GSB) is a
leading provider of software and services that enable customers to
access and share information quickly, securely, and reliably.
Beginning in 1996 with its CuteFTP® product, GlobalSCAPE has been
helping businesses and consumers – including 15,000 companies in
more than 150 countries – facilitate cost-effective, secure
information exchange. With its 2011 acquisition of Seattle-based
TappIn Inc., GlobalSCAPE also offers customers the ability to
access and share documents, pictures, videos, and music – anytime,
from anywhere – easily and securely, without the need for
uploading, syncing, or paying for cloud storage. For more
information, visit www.globalscape.com or follow the blog and
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," "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 2011
calendar year, filed with the Securities and Exchange Commission on
March 29, 2012.
Summary Financial Data
GlobalSCAPE, Inc. Condensed Consolidated Statements of
Operations (Unaudited) Three
Months Ended March 31, (In thousands, except per share data)
2012 2011 Operating Revenues: Software
licenses $ 2,343 $ 1,981 Maintenance and support 2,640 2,230
Professional services 329 404 Other 81 29
Total Revenues 5,393 4,644 Operating Expenses: Cost of
revenues 318 369 Selling, general and administrative expenses 4,152
3,194 Research and development expenses 942 785 Depreciation and
amortization 316 204 Total operating expenses
5,728 4,552 (Loss) income from
operations (335 ) 92 Other (expense) income, net (66
) - (Loss) income before income taxes (401 ) 92
(Benefit) provision for income taxes (148 ) 33
Net (loss) income $ (253 ) $ 59 Net (loss) income per common
share - basic (0.01 ) 0.00 Net (loss) income per common share –
diluted (0.01 ) 0.00 Weighted average shares outstanding:
Basic 18,288 17,943 Diluted 18,288 18,699
GlobalSCAPE, Inc. Condensed Consolidated Balance
Sheets (In thousands, except share and per share data)
March 31, 2012 December 31, 2011 (Unaudited)
Assets Current assets: Cash and cash equivalents $ 7,746 $
8,861
Accounts receivable (net of allowance for
doubtful accounts of $164 and $170 on March 31, 2012 and December
31, 2011, respectively)
3,648 3,433 CoreTrace receivable 911 761 Federal income tax
receivable 267 244 Current deferred tax assets 553 938 Prepaid
expenses 284 239 Total current assets
13,409 14,476 Fixed assets, net 1,092 1,067 Long term
investments 3,000 3,000 Investment - CoreTrace 2,278 2,278
Intangible assets, net 4,594 4,815 Goodwill 12,712 12,712 Other
assets 41 30
Total assets
$ 37,126 $ 38,378
Liabilities and Stockholders’ Equity Current liabilities:
Accounts payable $ 515 $ 591 Accrued expenses 948 1,396 TappIn earn
out, current portion 3,303 3,303 Long term debt, current portion
1,291 1,276 Deferred revenue 6,325 6,248
Total current liabilities 12,382 12,814 Deferred tax
liabilities 68 573 Deferred revenue, non-current portion 1,457
1,383
Other long term liabilities 56
54
TappIn earn out, non-current portion 3,694 3,694 Long term debt,
non-current portion 5,394 5,724 Commitments and
contingencies - - Stockholders’ equity:
Preferred stock, par value $0.001 per
share, 10,000,000 authorized, no shares issued and outstanding
- -
Common stock, par value $0.001 per share,
40,000,000 authorized, 18,691,947 issued at March 31, 2012 and
December 31, 2011
19 19 Additional paid-in capital 13,670 13,478
Treasury stock, 403,581 shares, at cost,
at March 31, 2012 and December 31, 2011
(1,452 ) (1,452 ) Retained earnings 1,838
2,091 Total stockholders’ equity 14,075
14,136
Total liabilities and stockholders’
equity $ 37,126 $ 38,378
GlobalSCAPE, Inc. Condensed
Consolidated Statements of Cash Flows (Unaudited)
Three Months Ended March 31, (In thousands)
2012 2011 Operating Activities: Net
(loss) income $ (253 ) $ 59 Adjustments to reconcile net income to
net cash provided by operating activities: Bad debt expense
(recoveries) 11 (79 ) Depreciation and amortization 326 204
Stock-based compensation 199 258 Deferred taxes (120 ) (48 )
Excess tax deficiency from exercise of
share-based compensation
7 19 Changes in operating assets and liabilities: Accounts
receivable (226 ) 691 CoreTrace receivable (150 ) (298 ) Prepaid
expenses (45 ) (24 ) Federal income tax (30 ) 80 Other assets (11 )
(7 ) Accounts payable (76 ) 290 Accrued expenses (448 ) (583 )
Deferred revenues 472 (112 ) Other long-term liabilities
(319 ) (76 ) Net cash (used in) provided by operating
activities (663 ) 374
Investing
Activities: Purchase of property and equipment (50 ) (29 )
Software development costs (80 ) - Net cash
(used in) investing activities (130 ) (29 )
Financing
Activities: Tax (deficiency) from stock-based compensation (7 )
(19 ) Repayment of notes payable (315 ) - Net
cash (used in) financing activities (322 ) (19 ) Net
(decrease) increase in cash (1,115 ) 326 Cash at beginning of
period 8,861 11,087 Cash at end of
period $ 7,746 $ 11,413 Cash paid during the
period for: Income taxes $ - $ -
Non-GAAP Financial Measures Adjusted EBITDA
(In thousands)
Three Months Ended (Unaudited)
March 31, 2012 March 31, 2011 Net Revenue $ 5,393 $
4,644 (Loss) income from operations $ (335 ) $ 92 Net
(loss) income: $ (253 ) $ 59 Plus: Income tax (benefit) provision
(148 ) 33 Plus: Total other expense 66 0 Plus: Depreciation and
amortization 316 204 Plus: Stock-based compensation expense
199 259
Adjusted EBITDA $
180 $ 555 Operating
income margin (6.2 %) 2.0 % Adjusted EBITDA margin 3.3 %
12.0 %
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