GlobalSCAPE, Inc. (NYSE Amex: GSB), a leading developer of
secure information exchange solutions, today announced financial
results for its fourth quarter and 2010 fiscal year end.
Revenue for fiscal 2010 was $18.6 million, an increase of 13
percent when compared with revenue of $16.5 million last year, and
the highest revenue in the Company’s history. Net income for fiscal
2010 was approximately $0.9 million, or $0.05 per diluted share,
compared with net income of $1.4 million, or $0.08 per diluted
share in 2009. Cash and short term investments grew to $11.1
million, a 35 percent increase from 2009.
Revenue for the fourth quarter was $4.9 million, an increase of
18 percent compared to the fourth quarter of 2009. “Setting a new
high water mark for revenue in 2010 is a significant milestone for
GlobalSCAPE,” said Jim Morris, GlobalSCAPE president and CEO. “We
grew revenue every quarter while achieving record revenue for the
fiscal year. During 2011 we are continuing our transition toward
generating additional recurring revenue in the form of subscription
services like our Managed Information Xchange solution. This
subscription revenue potentially provides us with a growing revenue
stream visible into future periods, but will require a transition
that I expect to run through the later part of 2011.”
Adjusted EBITDA for the fourth quarter was $723,000, a 15
percent increase compared with the fourth quarter of 2009. For the
full year, Adjusted EBITDA was $3.1 million, a decrease of 11
percent relative to 2009. The Adjusted EBITDA margin for the fourth
quarter was 14.7 percent, marginally down from 15.2 percent in the
fourth quarter of 2009. For the full year, the Adjusted EBITDA
margin was 16.9 percent, down from 21.5 percent in 2009. Adjusted
EBITDA and Adjusted EBITDA margin are non-GAAP measures. See the
accompanying table for a reconciliation of net income/loss to
Adjusted EBITDA and Adjusted EBITDA margin. “In 2010, cash balances
grew and we remained profitable during a period when we continued
to invest in our operations to further increase our top-line
performance,” Morris continued. “With our new product launches and
with increasing subscription revenue, we believe 2011, especially
the second half of the year, can take us to new heights.”
Conference Call March 29, 2011 at 5:00 p.m. ET
GlobalSCAPE management will hold a conference call Tuesday,
March 29 to discuss the fourth quarter and fiscal year 2010
financial results and other corporate matters at 5:00 p.m. Eastern
Time/4:00 p.m. Central Time. Those wishing to join should dial
1-800-380-1061 and use Conference ID # 41318117. 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 April 30, 2011.
About GlobalSCAPE
GlobalSCAPE, Inc. (NYSE Amex: GSB), headquartered in San
Antonio, Texas, is a global provider of managed file transfer (MFT)
and wide area file services (WAFS) solutions for securely
exchanging critical information over the Internet, within an
enterprise, and with business partners. Since the release of Cute
FTP in 1996, GlobalSCAPE's solutions have continued to evolve to
meet the business and technology needs of an increasingly
interconnected global marketplace. For more information about
GlobalSCAPE's products, visit www.globalscape.com or the Company’s
Secure Info Exchange blog.
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 2010
calendar year, filed with the Securities and Exchange Commission on
March 29, 2011.
Summary Financial Data
GlobalSCAPE, Inc.
Statements of Operations
(in thousands, except per share
amounts) Three months ended December 31, For the Year Ended
December 31, 2010 2009 2010 2009
Operating Revenues: Software license $ 2,627 $ 2,476
$ 10,279 $ 10,274 Maintenance and support 2,146 1,670 7,788 6,026
Others 145 23 498 151
Total Revenues 4,918 4,169 18,565 16,451 Operating Expenses: Cost
of revenues 212 106 601 336 Selling, general and administrative
expenses 3,366 2,973 12,815 10,798 Research and development
expenses 864 711 3,016 2,805 Depreciation and amortization
202 187 852 724 Total operating
expenses 4,644 3,977 17,284
14,663 Income from operations 274 192 1,281 1,788 Other
income (expense) 4 (29 ) 10 (67 )
Income before income taxes 278 163 1,291 1,721 Provision for income
taxes 128 38 410 321 Net
Income $ 150 $ 125 $ 881 $ 1,400 Net income
per common share - basic $ 0.01 $ 0.01 $ 0.05 $ 0.08 Net income per
common share - diluted $ 0.01 $ 0.01 $ 0.05 $ 0.08 Average shares
outstanding: Basic 17,863 17,277 17,540 17,248 Diluted 18,508
17,845 18,260 17,691
GlobalSCAPE, Inc.
Balance Sheets
(in thousands except share amounts) December 31,
December 31, 2010 2009
Assets Current assets: Cash and cash equivalents $ 11,087 $
7,026 Short term investments - 1,205 Accounts receivable (net of
allowance for doubtful accounts of $237 and $217 on December 31,
2010 and December 31, 2009, respectively) 3,124 2,162 CoreTrace
receivable 298 - Federal income tax receivable 94 37 Current
deferred tax assets 881 130 Prepaid expenses 319
132 Total current assets 15,803 10,692 Fixed
assets, net 1,286 1,653 Investment - CoreTrace, at cost 2,278 2,278
Intangible assets, net 531 832 Goodwill 619 619 Deferred tax assets
- 46 Other assets 30 53 Total
assets $ 20,547 $ 16,173
Liabilities and
Stockholders’ Equity Current liabilities: Accounts payable $
250 $ 316 Accrued expenses 1,392 764 Deferred revenue 5,554
4,071 Total current liabilities 7,196 5,151
Deferred tax liabilities 7 - Other long term liabilities
1,185 1,079 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,
18,346,982 and 17,686,252 issued December 31, 2010 and 2009 18 18
Additional paid-in capital 12,137 10,802 Treasury stock, 403,581
shares, at cost, at December 31, 2010
and 2009
(1,452 ) (1,452 ) Retained earnings 1,456 575
Total stockholders’ equity 12,159 9,943
Total liabilities and stockholders’ equity $ 20,547 $
16,173
GlobalSCAPE, Inc.
Statements of Cash Flows
(in thousands) For the year ended December 31, 2010
2009 Operating Activities: Net income $ 881 $
1,400 Adjustments to reconcile net income to net cash provided by
operating activities: Bad debt expense (recoveries) 121 (60 )
Depreciation and amortization 852 724 Loss on disposition of assets
- 85 Stock-based compensation 1,006 1,021 Deferred taxes (698 )
(424 ) Excess tax benefits from exercise of stock-based
compensation (97 ) - Changes in operating assets and liabilities:
Accounts receivable
(1,083 ) (70 ) CoreTrace receivable (298 ) - Prepaid expenses (187
) (12 ) Federal income tax 40 (17 ) Other assets 23 (5 ) Accounts
payable (66 ) (197 ) Accrued expenses 628 203 Deferred revenues
1,483 2,225 Deferred compensation - (216 ) Other long-term
liabilities 106 19 Net cash provided by
operating activities 2,711 4,676
Investing Activities: Proceeds from sale of property and equipment
- 1 Purchase of property and equipment (184 ) (530 ) Investment in
CoreTrace - (2,278 ) Purchase of short-term investments (350 )
(1,705 ) Redemption of short-term investments 1,555
500 Net cash provided by (used in) investing
activities 1,021 (4,012 ) Financing Activities: Proceeds from
exercise of stock options 232 43 Tax benefit from stock-based
compensation 97 - Net cash provided by
financing activities 329 43 Net increase in cash 4,061 707 Cash at
beginning of period 7,026 6,319 Cash at
end of period $ 11,087 $ 7,026 Supplemental
disclosure of cash flow information: Cash paid during the period
for: Income taxes $ 1,128 $ 764
Non-GAAP Financial Measures
Adjusted EBITDA and Adjusted EBITDA Margin
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 and Adjusted EBITDA Margin are metrics that are
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 and Adjusted EBITDA Margin are not
measures 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 and
Adjusted EBITDA Margin have limitations as analytical tools, and
when assessing our operating performance, you should not consider
Adjusted EBITDA and Adjusted EBITDA Margin 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 and Adjusted EBITDA Margin differently than we do, limiting
their usefulness as a comparative measure. See our Adjusted EBITDA
to net income reconciliations in the table below.
Three Months Ended (Unaudited) December
31, March 31, June 30,
September 30, December 31, 2009
2010 2010 2010 2010 Net Revenue $ 4,170
$ 4,413 $ 4,466 $ 4,768 $ 4,918 Income from operations $ 192
$ 556 $ 185 $ 268 $ 272 Net income: $ 125 $ 364 $ 134 $ 233
$ 150 Plus: Income taxes 37 193 55 35 127 Plus: Total other
(income) expense 30 (1 ) (4 ) 0 (4 ) Plus: Depreciation and
amortization 187 200 250 201 201 Plus: Stock-based compensation
expense 253 263 219
275 249 Adjusted EBITDA $ 632 $
1,019 $ 654 $ 744 $ 723
Operating income margin 4.6 % 12.6 % 4.1 % 5.6 % 5.5 %
Adjusted EBITDA margin 15.2 % 23.1 % 14.6 % 15.6 % 14.7 %
Year Ended December 31, December 31,
2010 2009 Net Revenue $
18,565 $ 16,451 Income from operations $ 1,281 $ 1,788
Net income: $ 881 $ 1,400 Plus: Income taxes 410 321 Plus:
Total other (income) expense (10 ) 67 Plus: Depreciation and
amortization 852 724 Plus: Stock-based compensation expense
1,006 1,021 Adjusted EBITDA $ 3,139 $
3,533 Operating income margin 6.9 % 10.9 %
Adjusted EBITDA margin 16.9 % 21.5 %
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