GlobalSCAPE, Inc. (NYSE Amex: GSB), a leading developer of
secure information exchange solutions, today announced financial
results for its fourth quarter and 2011 fiscal year end.
Revenue for fiscal 2011 was $20.9 million, an increase of 13
percent when compared with revenue of $18.6 million last year, and
the highest revenue in the Company’s history. Net income for fiscal
2011 was approximately $0.6 million, or $0.03 per diluted share,
compared with net income of $0.9 million, or $0.05 per diluted
share in 2010. Excluding non-recurring expenses related to the
Company’s acquisition of TappIn, Inc. in December 2011, the
Company’s net income would have been $1.1 million or $0.06 per
diluted share in 2011. Cash and short term investments declined to
$8.9 million in 2011 from $11.1 million in December 2010, largely
attributable to the Company’s acquisition of TappIn which also
required investment of $3 million in a long-term certificate of
deposit.
Revenue for the fourth quarter was $5.1 million, an increase of
4 percent compared to the fourth quarter of 2010. “We are very
pleased to sustain our growth and set another revenue record in
2011,” said Jim Morris, GlobalSCAPE CEO. “We entered 2011 expecting
some changes to our quarterly revenue growth trends as we
transitioned to more subscription-based revenue. Setting a new
revenue record and maintaining 13 percent annual revenue growth in
the midst of this transition is a further indicator of our
momentum. With our entry into the growing market for secure content
mobility, through the acquisition of TappIn, I believe we are
poised for additional long-term success.”
Adjusted EBITDA for the fourth quarter was ($115,000), a 116
percent decrease compared with the fourth quarter of 2010. For the
full year, Adjusted EBITDA was $2.6 million, a decrease of 18
percent relative to 2010. The Adjusted EBITDA margin for the fourth
quarter was (2.3) percent, down from 14.7 percent in the fourth
quarter of 2010. For the full year, the Adjusted EBITDA margin was
12.4 percent, down from 16.9 percent in 2010. 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. The decreases in the Company’s adjusted
EBITDA and adjusted EBITDA margin for 2011 and for the fourth
quarter were mainly due to the TappIn acquisition costs.
Conference Call March 22, 2011 at 5:00 p.m. ET
GlobalSCAPE management will hold a conference call Thursday,
March 22 to discuss the fourth quarter and fiscal year 2011
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 # 58717945. 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, 2012.
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 2011
calendar year, to be filed with the Securities and Exchange
Commission on March 29, 2012.
Summary Financial Data GlobalSCAPE,
Inc. Statements of Operations (Unaudited)
(in thousands, except per share amounts)
Three months ended December 31,
For the year ended December 31,
2011 2010 2011 2010 Operating Revenues:
Software license $ 2,022 $ 2,562 $ 9,149 $ 10,158 Maintenance and
support 2,491 2,120 9,424 7,762 Professional services 406 110 1,772
438 Others 204 126 549 207 Total
Revenues 5,123 4,918 20,894 18,565 Operating Expenses: Cost of
revenues 374 212 1,723 601 Selling, general and administrative
expenses 4,310 3,366 14,466 12,815 Research and development
expenses 765 864 3,124 3,016 Depreciation and amortization
220 202 790 852 Total operating
expenses 5,669 4,644 20,103
17,284 Income (loss) from operations (546 ) 274 791 1,281 Other
income (expense) (10 ) 4 13 10 Income
(loss) before income taxes (556 ) 278 804 1,291 Provision (benefit)
for income taxes (51 ) 128 169 410 Net
(loss) income $ (505 ) $ 150 $ 635 $ 881
Net income (loss) per common share -
basic
$
(0.03
)
$ 0.01 $ 0.04 $ 0.05
Net income (loss) per common share -
diluted
$
(0.03
)
$ 0.01 $ 0.03 $ 0.05 Average shares outstanding: Basic 18,262
17,863 18,081 17,540 Diluted 18,262 18,508 18,747 18,260
GlobalSCAPE, Inc. Balance Sheets
(Unaudited) (in thousands except share amounts)
December 31, December 31, 2011
2010
Assets Current assets: Cash
and cash equivalents $ 8,861 $ 11,087 Accounts receivable (net of
allowance for doubtful accounts of $170 and $237 on December 31,
2011 and December 31, 2010, respectively) 3,433 3,124 CoreTrace
receivable 761 298 Federal income tax receivable 244 94 Current
deferred tax assets 938 881 Prepaid expenses 239
319 Total current assets 14,476 15,803
Fixed assets, net 1,067 1,286 Long-term investments 3,000 -
Investment - CoreTrace 2,278 2,278 Intangible assets, net 4,815 531
Goodwill 12,712 619 Other assets 30 30
Total assets $ 38,378 $ 20,547
Liabilities and Stockholders’ Equity Current liabilities:
Accounts payable $ 591 $ 250 Accrued expenses 1,396 1,392 TappIn
earn out, current portion 3,303 - Long-term debt, current portion
1,276 - Deferred revenue 6,248 5,554
Total current liabilities 12,814 7,196 Deferred tax
liabilities 573 7 Other long term liabilities 1,437 1,185 TappIn
earn out, non-current portion 3,694 - Long-term debt 5,724 -
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, 18,691,947 and 17,686,252 issued
December 31, 2011 and 2010 19 18 Additional paid-in capital 13,478
12,137 Treasury stock, 403,581 shares, at cost, at December 31,
2011 and 2010. (1,452 ) (1,452 ) Retained earnings 2,091
1,456 Total stockholders’ equity
14,136 12,159 Total liabilities and
stockholders’ equity $ 38,378 $ 20,547
GlobalSCAPE, Inc. Statements of Cash Flows
(Unaudited) (in thousands) For the year
ended December 31, 2011 2010
Operating Activities: Net income $ 635 $ 881 Adjustments to
reconcile net income to net cash provided by operating activities:
Bad debt expense (recoveries) (62 ) 121 Depreciation and
amortization 790 852 Stock-based compensation 1,003 1,006 Deferred
taxes (241 ) (698 ) Excess tax benefits from exercise of
stock-based compensation (13 ) (97 ) Changes in operating assets
and liabilities: Accounts receivable (78 ) (1,083 ) CoreTrace
receivable (463 ) (298 ) Prepaid expenses 108 (187 ) Federal income
tax (163 ) 40 Other assets - 23 Accounts payable 341 (66 ) Accrued
expenses 1 628 Deferred revenues 690 1,483 Other long-term
liabilities 252 106 Net cash provided
by operating activities 2,800 2,711
Investing Activities: Proceeds from sale of property and equipment
- - Purchase of property and equipment (201 ) (184 ) Purchase of
TappIn, Inc. (9,190 ) Purchase of short-term investments - (350 )
Purchase of long-term investments (3,000 ) - Redemption of
short-term investments - 1,555 Net cash
provided by (used in) investing activities (12,391 ) 1,021
Financing Activities: Proceeds from exercise of stock options 352
232 Tax benefit from stock-based compensation 13 97 Proceeds from
note payable 7,000 - Net cash provided
by financing activities 7,365 329 Net (decrease) increase in cash
(2,226 ) 4,061 Cash at beginning of period 11,087
7,026 Cash at end of period $ 8,861 $ 11,087
Supplemental disclosure of cash flow information:
Cash paid during the period for: Income taxes $ 1,225 $
1,128
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.
(in thousands)
Three Months Ended
(Unaudited) December 31, September 30,
June 30, March 31, December
31, 2011 2011 2011 2011 2010
Net Revenue $ 5,123 $ 5,417 $ 5,710 $ 4,644 $ 4,918 Income
from operations $ (546 ) $ 540 $ 715 $ 92 $ 272 Net income:
$ (505 ) $ 611 $ 471 $ 59 $ 150 Plus: Income taxes (51 ) (71 ) 257
33 128 Plus: Total other (income) expense 10 (9 ) (13 ) 0 (4 )
Plus: Depreciation and amortization 220 174 193 204 202 Plus:
Stock-based compensation expense 211 275
259 258 249
Adjusted EBITDA $ (115 ) $ 980 $ 1,167 $ 554 $
725 Operating income margin -10.7 % 10.0 % 12.5 % 2.0
% 5.5 % Adjusted EBITDA margin -2.3 % 18.1 % 20.4 % 11.9 %
14.7 % (Unaudited) (In thousands)
Year
Ended December 31, December 31,
2011 2010 Net Revenue $ 20,894 $
18,565 Income from operations $ 791 $ 1,281 Net
income: $ 635 $ 881 Plus: Income taxes 169 410 Plus: Total other
(income) expense (13 ) (10 ) Plus: Depreciation and amortization
790 852 Plus: Stock-based compensation expense 1,003
1,006 Adjusted EBITDA $ 2,584 $ 3,139
Operating income margin 3.8 % 6.9 % Adjusted EBITDA
margin 12.4 % 16.9 %
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