Top Image Systems said it expects a loss for Q3
Top Image Systems, Ltd. (Nasdaq: TISA), a developer and marketer of information recognition systems and technologies, said this morning that it anticipates a loss for the third quarter of 2007, while Wall Street anticipated a profit.
For the three months ended Sept. 30, the Israeli company said it expects to book revenues of between $6 million to $6.3 million, and as a result anticipates recording an operating loss for the third quarter of 2007 will be in the range of $1.4 million to $1.8 million. Last year Top Image broke even on revenues of $5.25 million.
The company attributed the anticipated loss partly to increased expenses in the quarter related to its incorporation of CPL and Asiasoft into TIS.
An analyst polled by Thomson Financial was forecasting earnings per share of $0.05 on revenues of $6.63 million.
Top Image said it will release its third quarter results on Nov. 28. The company said the delay in reporting is due to additional time required to apply U.S. GAAP reporting requirements to the firm’s recently acquired Asiasoft financial results and also to fully consolidate Asiasoft's financial results for the reported period.
Shares of Top Image (TISA) were halted in pre-market trading.
