Revenue for the Quarter is the Highest in
Company History
GlobalSCAPE, Inc. (NYSE MKT: GSB), a leading developer of secure
information exchange solutions, announced today its financial
results for the three and six month periods ended June 30,
2014.
Revenue for the three months ended June 30, 2014, was $6.7
million, which is the highest quarterly revenue in Globalscape’s
history. This result is an increase of 13% when compared with
revenue of $5.9 million for the three months ended June 30,
2013.
Revenue for the six months ended June 30, 2014, was $12.4
million, which is the highest combined first and second quarter
revenue in Globalscape’s history. This result is an increase of 5%
when compared with revenue of $11.8 million for the six months
ended June 30, 2013.
Deferred revenue, which the Company believes can be an indicator
of future revenue trends, was $12.1 million at June 30, 2014,
compared with $10.9 million at June 30, 2013, or an increase of
11%.
For the three months ended June 30, 2014, the Company had net
income of $488,000 compared with net income of $381,000 for the
three months ended June 30, 2013. Earnings per share was $0.02 for
both periods.
For the six months ended June 30, 2014, the Company had net
income of $1.0 million compared with net income of $898,000 for the
six months ended June 30, 2013. Earnings per share was $0.05 for
both periods.
Adjusted EBITDA Excluding Infrequent Items was $975,000 for the
three months ended June 30, 2014, compared with $808,000 for the
three months ended June 30, 2013, and was $1.9 million for the six
months ended June 30, 2014, compared with $1.8 million for the six
months ended June 30, 2013. Adjusted EBITDA Excluding Infrequent
Items is not a measure of financial performance under GAAP and has
limitations as an analytical tool and when assessing the Company’s
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
GAAP.
Cash and cash equivalents were $11.7 million at June 30, 2014,
up from $9.5 million at December 31, 2013.
“I am pleased with our accomplishments during 2014. Our record
revenue in the second quarter is a testament to the success of our
recent and ongoing investment in sales, channel, demand generation
and product development initiatives we discussed earlier this year.
At the same time, we maintained profitability and consistent
earnings per share,” said James Bindseil, Globalscape’s President
and Chief Executive Officer. “While this quarter’s numbers are
positive, we still have a lot of work ahead of us and recognize our
results, while headed in an upward trajectory, will vary on a
quarterly basis. However, we are confident in the plans we have in
place and in our ability to achieve our long-term operational and
financial objectives.”
Conference Call August 13, 2014 at 4:30 p.m. ET
Globalscape management will hold a conference call Wednesday,
August 13, 2014 to discuss financial results for the second quarter
of 2014 and other corporate matters at 4:30 p.m. Eastern Time/3:30
p.m. Central Time. Those wanting to join should dial 888-576-4387
or 719-325-2455 and use Conference ID # 2278812. 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 September 12, 2014.
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 Globalscape, or
subscribe to our Blog or 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 2013
calendar year, filed with the Securities and Exchange Commission on
March 27, 2014.
GlobalSCAPE, Inc. Condensed Consolidated Statements of
Operations and Comprehensive Income (In thousands, except per
share amounts) (Unaudited)
Three months ended June 30, Six months
ended June 30, 2014 2013 2014 2013 Operating Revenues:
Software licenses $ 2,495 $ 1,905 $ 4,096 $ 3,863 Maintenance and
support 3,697 3,367 7,265 6,650 Professional services 287 426 524
825 Other 207 227 528
467 Total Revenues 6,686 5,925
12,413 11,805 Operating
Expenses: Cost of revenues 197 269 401 533 Selling, general and
administrative 4,850 3,796 8,897 7,646 Research and development 689
968 1,215 1,730 Depreciation and amortization 177
264 318 521 Total
operating expenses 5,913 5,297
10,831 10,430 Income from operations 773 628
1,582 1,375 Other expense, net (27 ) (43 ) (48
) (90 ) Income before income taxes 746 585 1,534 1,285
Income tax expense 258 204 511
387 Net income $ 488 $ 381 $
1,023 $ 898 Comprehensive income $ 488 $ 381
$ 1,023 $ 898 Net income per common
share - Basic $ 0.02 $ 0.02 $ 0.05 $ 0.05 Diluted $ 0.02 $ 0.02 $
0.05 $ 0.05 Weighted average shares outstanding: Basic
20,071 18,502 19,789 18,473 Diluted 20,622 18,955 20,487 18,920
GlobalSCAPE, Inc. Condensed Consolidated
Balance Sheets (in thousands except share amounts)
June 30, 2014 December 31, 2013
Assets Current assets: Cash and cash equivalents $ 11,693 $
9,455
Accounts receivable (net of allowance for
doubtful accounts of $394 and $154 in 2014 and 2013,
respectively)
5,624 3,765 Federal income tax receivable 371 113 Current deferred
tax asset 138 184 Prepaid expenses 415
349 Total current assets 18,241 13,866 Long
term investments 3,153 3,122 Capitalized software development
costs, net 2,139 1,028 Deferred tax asset 824 1,476 Goodwill 12,712
12,712 Fixed assets, net 724 744 Other assets 93
144 Total assets $ 37,886
$ 33,092
Liabilities and Stockholders’
Equity Current liabilities: Accounts payable $ 998 $ 655
Accrued expenses 1,691 898 Deferred revenue 9,493 9,092 Long term
debt, current portion 1,429
1,397 Total current liabilities 13,611 12,042
Deferred revenue, non-current portion 2,646 1,708 Long term debt,
non-current portion 2,268 2,989 Other long term liabilities 56 60
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, 20,837,727 and 19,592,117 shares issued at
June 30, 2014 and December 31, 2013, respectively
21 20 Additional paid-in capital 17,822 15,834
Treasury stock, 403,581 shares, at cost,
at June 30, 2014 and December 31, 2013
(1,452 ) (1,452 ) Retained earnings 2,914
1,891 Total stockholders’ equity 19,305
16,293 Total liabilities and
stockholders’ equity $ 37,886 $ 33,092
GlobalSCAPE, Inc. Condensed Consolidated
Statements of Cash Flows (in thousands)
For the Six Months Ended June 30, 2014
2013 Operating Activities: Net income $ 1,023 $ 898
Adjustments to reconcile net income to net cash provided by
operating activities: Bad debt expense 240 75 Depreciation and
amortization 318 521 Stock-based compensation 256 297 Deferred
taxes 697 81
Excess tax deficiency from share-based
compensation
294 27 Changes in operating assets and liabilities: Accounts
receivable (2,099 ) (1,524 ) Prepaid expenses (66 ) 15 Income tax
receivable and payable (551 ) (416 ) Other assets 51 (62 ) Accounts
payable 342 160 Accrued expenses 793 (82 ) Deferred revenue 1,338
1,206 Other long-term liabilities (2 ) (1 ) Net cash
provided by operating activities 2,634 1,195
Investing Activities: Software development costs (1,284 )
(360 ) Purchase of property and equipment (124 ) (39 ) Purchase of
TappIn, Inc. and earnout payments - (500 ) Interest on long term
investments (32 ) (31 ) Net cash (used in) investing
activities (1,440 ) (930 ) Financing Activities:
Proceeds from exercise of stock options 2,026 157 Tax deficiency
(benefit) from stock-based compensation (294 ) (27 ) Notes payable
principle payments (688 ) (662 ) Net cash provided by
(used in) financing activities 1,044 (532 )
Net increase (decrease) in cash 2,238 (267 ) Cash at beginning of
period 9,455 8,079 Cash at end of
period $ 11,693 $ 7,812 Supplemental
disclosure of cash flow information: Cash paid during the period
for: Interest $ 93 $ 125 Income taxes $ 379 $
734
GlobalSCAPE, Inc. Adjusted
EBITDA Before Infrequent Items (in thousands)
Three Months Ended Six Months Ended
June 30, June 30, 2014 2013 2014 2013
Net income (loss) $ 488 $ 381 $ 1,023 $ 898 Add (subtract) items to
determine adjusted EBITDA: Income tax expense 258 204 511 387
Interest expense, net 27 43 47 90 Depreciation and amortization:
Total depreciation and amortization 177 264 318 521 Amortization of
capitalized software development costs (105 ) (189 ) (173 ) (369 )
Stock-based compensation expense 130 105
256 297 Adjusted EBITDA $ 975
$ 808 $ 1,982 $ 1,824
GlobalSCAPE, Inc.Jim AlbrechtChief Financial
Officerir@Globalscape.comorDarrow Associates, Inc.Jim Fanucchi,
408-404-5400ir@Globalscape.com
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