Reports Record Annual Revenue for 2013 of
$24.3 Million
GlobalSCAPE, Inc. (NYSE MKT: GSB), a leading developer of secure
information exchange solutions, today announced its financial
results for fiscal year 2013 and the three-month period ended
December 31, 2013.
Revenue for fiscal year 2013 was $24.3 million, a 4 percent
increase over fiscal year 2012 revenue of $23.4 million. Revenue
for the three months ended December 31, 2013, was $6.2 million,
which equaled revenue for the three months ended December 31,
2012.
Deferred revenue, which the Company believes can be an indicator
of future revenue trends, grew to $10.8 million at December 31,
2013, compared to $9.8 million at December 31, 2012, a 10%
increase.
For fiscal year 2013, the Company had a net income of $3.8
million, or $0.21 per share basic and $0.20 per share diluted.
These results compare to a net loss for fiscal year 2012 of $1.8
million, or ($0.10) per share basic and diluted.
For the three months ended December 31, 2013 the Company had net
income of $655,000, or $0.03 per share basic and diluted. For the
three months ended December 31, 2012, the Company had a net income
of $1.3 million, or $0.07 per share basic and diluted, which
included $1.3 million of income resulting from the elimination of a
TappIn earnout liability not earned.
Adjusted EBITDA Excluding Infrequent Items was $5.2 million for
fiscal year 2013 compared to $2.6 million for fiscal year 2012.
Adjusted EBITDA Excluding Infrequent Items was $1.2 million for the
three months ended December 31, 2013, compared to $887,000 for the
three months ended December 31, 2012.
Amounts reported on a non-GAAP basis and Adjusted EBITDA
Excluding Infrequent Items are not measures of financial
performance under GAAP. Non-GAAP financial measurements and
Adjusted EBITDA Excluding Infrequent Items have limitations as
analytical tools and when assessing the Company’s operating
performance. Non-GAAP financial measurements and Adjusted EBITDA
Excluding Infrequent Items should not be considered in isolation or
as a substitute for net income or other income statement data
prepared in accordance with GAAP.
Net cash provided by operating activities was $4.5 million for
fiscal year 2013 compared to $3.8 million for fiscal year 2012.
This cash flow performance allowed the Company to pay a special
cash dividend of $0.05 per share in December 2013 and end the year
with $9.5 million of cash and $3.1 million of long term investments
at December 31, 2013.
“Our continued revenue growth and strong cash flow performance
demonstrates the strength of our solution portfolio, particularly
our Enhanced File Transfer platform, and also reflects increased
maintenance and support contract revenue across the majority of our
product lines,” said James Bindseil, president and chief executive
officer of Globalscape. “I look forward to continued growth for
fiscal year 2014.”
Conference Call February 13, 2014 at 4:30 p.m. EST
Globalscape management will hold a conference call Thursday,
February 13, 2014, 4:30 p.m. EST/3:30 p.m. CST to discuss financial
results for the fourth quarter of 2013, the fiscal year as a whole,
and other corporate matters. A live webcast of the conference call
will be available via the investor relations page of the Company's
website at www.globalscape.com. A webcast replay of the conference
call will be available via that website through March 13, 2014.
Those wishing to join the call by telephone may call 1-877-941-4774
and use Conference ID # 4668384.
About Globalscape
San Antonio, Texas-based GlobalSCAPE, Inc. (NYSE MKT: GSB)
ensures the reliability of mission-critical operations by securing
sensitive data and intellectual property. Globalscape’s suite of
solutions features EFT, the industry-leading enterprise file
transfer solution that delivers military-grade security and a
customizable platform for achieving best in class control and
visibility of data in motion or at rest, across multiple locations.
Founded in 1996, Globalscape is a leading enterprise solution
provider of secure information exchange software and services to
thousands of customers, including global enterprises, governments
and small businesses. 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 2012
calendar year, filed with the Securities and Exchange Commission on
March 28, 2013.
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, 2013 2012
2013 2012 Operating
Revenues: Software license $ 2,120 $ 2,231 $ 8,086 $ 9,447
Maintenance and support 3,522 3,108 13,650 11,298 Professional
services 242 534 1,479 1,547 Others 313 326
1,124 1,080 Total Revenues 6,197
6,199 24,339 23,372 Operating Expenses: Cost of revenues 229 334
1,011 1,296 Selling, general and administrative expenses 3,744
4,270 14,881 16,761 Research and development expenses 1,113 870
3,766 3,531 Affiliated entity asset impairment 0 0 0 3,264 TappIn
intangible asset impairment and earnout liability elimination 0
(1,343 ) (128 ) (1,303 ) Depreciation and amortization 121
266 908 1,217
Total operating expenses 5,207 4,397
20,438 24,766 Income (loss) from
operations 990 1,802 3,901 (1,394 ) Other income (expense)
(35 ) (51 ) (165 ) (189 ) Income (loss) before
income taxes 955 1,751 3,736 (1,583 ) Provision (benefit) for
income taxes 300 444 (104 )
217 Net income (loss) $ 655 $ 1,307 $
3,840 $ (1,800 ) Net income (loss) per common share -
basic $ 0.03 $ 0.07 $ 0.21 $ (0.10 ) Net income (loss) per common
share - diluted $ 0.03 $ 0.07 $ 0.20 $ (0.10 ) Average shares
outstanding: Basic 18,873 18,421 18,626 18,358 Diluted 19,461
18,959 19,082 18,358
GlobalSCAPE, Inc.
Balance Sheets (Unaudited) In thousands except per
share amounts. December 31, December 31,
2013 2012
Assets Current assets: Cash and cash equivalents $ 9,455 $
8,079 Accounts receivable (net of allowance for doubtful accounts
of $154 and $171 on December 31, 2013 and December 31, 2012
respectively) 3,765 3,350 Federal income tax receivable 113 -
Current deferred tax assets 184 177 Prepaid expenses 349
426 Total current assets 13,866
12,032 Fixed assets, net 744 900 Long-term investments 3,122
3,060 Intangible assets, net 1,028 4,308 Goodwill 12,712 12,712
Deferred tax asset 1,476 535 Other assets 144
41 Total assets $ 33,092
$ 33,588
Liabilities and Stockholders’ Equity
Current liabilities: Accounts payable $ 655 $ 432 Accrued expenses
898 1,353 Deferred revenue 9,092 8,293 Income taxes payable - 46
TappIn earn out, current portion - 500 Long term debt, current
portion 1,397 1,335 Total current
liabilities 12,042 11,959 Deferred revenue, non-current
portion 1,708 1,480 TappIn earn out, non-current portion - 3,694
Long-term debt. non-current portion 2,989 4,389 Other long term
liabilities 60 62 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, 19,590,797 and 18,846,547 issued December
31, 2013 and December 31, 2012 20 19 Additional paid-in capital
15,834 14,435 Treasury stock, 403,581 shares, at cost, at December
31, 2013 and December 31, 2012. (1,452 ) (1,452 ) Retained earnings
1,891 (998 ) Total stockholders’
equity 16,293 12,004
Total liabilities and stockholders’ equity $ 33,092
$ 33,588
GlobalSCAPE, Inc.
Statements of Cash Flows (Unaudited) (in thousands)
For the year ended December 31,
2013 2012 Operating Activities: Net income
(loss) $ 3,840 $ (1,800 ) Adjustments to reconcile net income
(loss) to net cash provided by operating activities: Bad debt
expense (recoveries) 29 68 Depreciation and amortization 908 1,217
Stock-based compensation 666 915 Deferred taxes (948 ) (377 )
Excess tax deficiency (benefit) from exercise of share based
compensation 156 28 Affiliated entity asset impairment - 3,264
TappIn intangible asset impairment and
earnout liability elimination
(128 ) (1,343 ) Other - 40 Changes in operating assets and
liabilities: Accounts receivable (444 ) (60 ) CoreTrace receivable
- (150 ) Prepaid expenses 77 (187 ) Federal income tax (315 ) 292
Other assets (103 ) (11 ) Accounts payable 223 (159 ) Accrued
expenses (455 ) (43 ) Deferred revenues 1,027 2,141 Other long-term
liabilities (2 ) 9 Net cash provided by
operating activities 4,531 3,844
Investing Activities: Software development costs (899 ) (330 )
Purchase of property and equipment (139 ) (213 ) Purchase of
TappIn, Inc. - (1,500 ) TappIn, Inc. earnout liability paid (500 )
- Interest on long-term investments (62 ) - Purchase of long-term
investments - (60 ) Net cash provided by (used
in) investing activities (1,600 ) (2,103 ) Financing Activities:
Proceeds from exercise of stock options 890 70 Tax deficiency
(benefit) from stock-based compensation (156 ) (28 ) Notes payable
principle payments (1,338 ) (1,276 ) Proceeds from note payable - -
Dividends paid out (951 ) (1,289 ) Net cash provided
by (used in) financing activities (1,555 ) (2,523 ) Net (decrease)
increase in cash 1,376 (782 ) Cash at beginning of period
8,079 8,861 Cash at end of period $ 9,455
$ 8,079 Supplemental disclosure of cash flow
information: Cash paid during the period for: Interest $ 234
$ 294 Income taxes $ 1,161 $ 271
GlobalSCAPE, Inc. Adjusted EBITDA Excluding Infrequent
Items (Unaudited) (In thousands)
Three Months Ended Twelve Months Ended December 31,
December 31, 2013 2012 2013 2012 Net
income (loss) 655 1,307 3,840 (1,800 ) Add (subtract) items to
determine adjusted EBITDA excluding infrequent items: Income tax
expense 300 444 (104 ) 217 Other expense 35 51 165 189 Depreciation
and amortization (excluding amortization of capitalized software
development costs) 71 224 734 1,130 Affiliated entity asset
impairment - - - 3,264
TappIn intangible asset impairment and
earnout liability elimination
- (1,343 ) (128 ) (1,303 ) Stock-based compensation expense 144 204
666 915 Adjusted EBITDA excluding
infrequent items $ 1,205 $ 887 $ 5,173 $ 2,612
Adjusted EBITDA [Earnings before Interest, Taxes, Total Other
Income (Expense), Depreciation, and Amortization (including
amortized stock-based compensation expense)] Excluding Infrequent
Items is not a measure of financial performance under generally
accepted accounting principles and should not be considered a
substitute for net income. Adjusted EBITDA Excluding Infrequent
Items has limitations as an analytical tool and when assessing our
operating performance. Adjusted EBITDA Excluding Infrequent Items
should not be considered in isolation or as a substitute for net
income or other income statement data prepared in accordance with
generally accepted accounting principles.
GlobalSCAPE, Inc.Jim Albrecht, 210-293-7970Chief Financial
OfficerorDarrow Associates, Inc.Jim Fanucchi,
408-404-5400ir1@globalscape.com
Globalscape (AMEX:GSB)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024
Globalscape (AMEX:GSB)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024