Quarterly Revenue Up 15 Percent Compared with
Q3 2015
GlobalSCAPE, Inc. (NYSE MKT: GSB), a pioneer and worldwide
leader in the secure and reliable exchange of business information,
today announced its financial results for the third quarter 2016,
which ended September 30, 2016.
Third Quarter 2016 Financial Highlights:
- Revenue for the third quarter of 2016
was $8.8 million, an increase of 15 percent when compared with
revenue of $7.6 million for the third quarter of 2015. This is the
highest revenue quarter in Globalscape’s history.
- License revenue for the third quarter
of 2016 was $3.4 million, an increase of 18 percent when compared
to license revenue of $2.9 million for the third quarter of
2015.
- Revenue for the first nine months of
2016 was $24.4 million, a nine percent increase over the same time
period last year.
- For the third quarter of 2016, the
Company’s net income was $1.4 million compared with net income of
$1.2 million for the third quarter of 2015.
- Basic earnings per share was $0.07 for
the third quarter of 2016 vs. $0.06 for the third quarter of
2015.
- Adjusted EBITDA for the third quarter
of 2016 was $2.3 million compared with $2.0 million for the third
quarter of 2015. Adjusted EBITDA is not a measure of financial
performance under GAAP. It should not be considered as a substitute
for net income presented on our condensed consolidated statement of
operations and comprehensive income or for cash flow from operating
activities presented on our condensed consolidated statement of
cash flows.
- The Company had cash, cash equivalents
and short-term investments of $20.7 million at September 30, 2016.
Other than liabilities for normal trade payables and taxes, the
Company has no debt.
Recent Business Highlights:
- Technology Alliances Activities:
As a member of the F5 Networks’ Technology Alliance Program
(TAP), Globalscape exhibited and demonstrated its technology at F5
Agility 2016 in Chicago, IL, showcasing EFT Enterprise with High
Availability.
- Company Awards: Over the past
quarter, Globalscape was certified as a great workplace by the
independent analysts at Great Place to Work®.
- Product Awards: Globalscape
received a number of product excellence awards by the 2016 Golden
Bridge Awards for multiple delivery methods of the Company’s core
product in Access Compliance and Risk Management (Gold Winner) for
Enhanced File TransferTM (EFTTM) and Managed File Transfer (Gold
Winner) for EFT Cloud ServicesSM.
Supporting Quote:
Matt Goulet, President and Chief Executive Officer at
Globalscape
“No matter the industry, the amount of data that organizations
need to collect, access, mine, store and share continues to grow.
The need to handle that data in a secure and reliable manner makes
Globalscape’s products a trusted solution in enterprise-level
sharing of mission-critical information. With the landscape
becoming more complex and varied, we are continually improving our
products to meet these changing needs. The third quarter of 2016
was the best quarter in company history, achieving an increase in
revenues of 15 percent when compared with the third quarter of
2015. As we invest more in our core EFT platform, we expect to
continue to see positive results for Globalscape and most
importantly, for our current and future customers.”
Conference Call October 27, 2016 at 4:30 p.m. ET
Globalscape management will hold a conference call on October
27, 2016, at 4:30 p.m. Eastern Time/3:30 p.m. Central Time to
discuss financial results and other corporate matters for the third
quarter 2016. Those wanting to join may call 888-481-2844 or
719-325-2215 and use Conference ID # 1418344. A live
webcast of the conference call will also be available on the
Investor Relations page of the Company's website at
www.globalscape.com. A webcast replay will be made available on the
Company’s website shortly after the call is completed.
About Globalscape
GlobalSCAPE, Inc. (NYSE MKT: GSB) is a pioneer in the reliable
exchange of mission-critical business data and intellectual
property. Globalscape’s leading enterprise suite of solutions
delivers military-proven security for achieving best-in-class
control and visibility of data across multiple locations. Founded
in 1996, Globalscape’s software and services are trusted by tens of
thousands of customers worldwide, including global enterprises,
governments, and small and medium enterprises. 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,” “expect,” 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 2015 fiscal year, filed with the Securities and
Exchange Commission on March 3, 2016.
Use of Non-GAAP Measures
The Company uses Adjusted EBITDA (Earnings Before Interest,
Taxes, Total Other Income/Expense, Depreciation, Amortization,
other than amortization of capitalized software development costs,
and Share-Based Compensation Expense) to provide it with a view of
cash flow from operations that is supplemental and secondary to its
primary assessment of cash flow from operating activities as
presented in its condensed consolidated statement of cash flows.
The Company uses EBITDA to assess cash flow from our operations
prior to considering the cost of financing its business and the
effects of income taxes.
Adjusted EBITDA is not a measure of financial performance under
GAAP. It should not be considered as a substitute for net income
presented on our condensed consolidated statement of operations and
comprehensive income or for cash flow from operating activities
presented on our condensed consolidated statement of cash flows.
Adjusted EBITDA has limitations as an analytical tool and when
assessing our operating performance. Adjusted EBITDA should not be
considered in isolation or without a simultaneous reading and
consideration of our financial statements prepared in accordance
with GAAP.
GlobalSCAPE, Inc.
Condensed Consolidated Balance Sheets (in thousands except
share amounts) Unaudited September 30, December 31, 2016
2015
Assets Current assets: Cash and cash equivalents
$ 17,421 $ 15,885 Short term investments 3,303 3,254 Accounts
receivable (net of allowance for doubtful accounts of $335 and $325
in 2016 and 2015, respectively) 8,870 6,081 Federal income tax
receivable 104 290 Prepaid and other expenses 425
511 Total current assets 30,123 26,021
Fixed assets, net 463 498 Capitalized software development
costs 3,961 3,982 Goodwill 12,712 12,712 Deferred tax asset 976 940
Other assets 30 60 Total
assets $ 48,265 $ 44,213
Liabilities and Stockholders’ Equity Current liabilities:
Accounts payable $ 622 $ 839 Accrued expenses 1,841 1,893 Deferred
revenue 13,005 12,000 Income taxes payable 517
127 Total current liabilities 15,985 14,859
Deferred revenue, non-current portion 3,688 3,612 Other long
term liabilities 34 44 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,
21,548,602 and 21,383,467 shares issued at September 30, 2016, and
December 31, 2015, respectively 21 21 Additional paid-in capital
20,632 19,583 Treasury stock, 403,581 shares, at cost, at September
30, 2016 and December 31, 2015 (1,452 ) (1,452 ) Retained earnings
9,357 7,546 Total
stockholders’ equity 28,558
25,698 Total liabilities and stockholders’ equity $ 48,265
$ 44,213
GlobalSCAPE,
Inc. Condensed Consolidated Statements of Operations and
Comprehensive Income (In thousands, except per share amounts)
(Unaudited)
Three months ended September 30, Nine months ended September
30, 2016 2015 2016 2015 Operating Revenues: Software
licenses $ 3,373 $ 2,852 $ 8,565 $ 8,590 Maintenance and support
4,713 4,142 13,843 12,269 Professional services 667
653 2,013 1,531 Total Revenues 8,753
7,647 24,421 22,390 Cost of revenues Software
licenses 873 562 2,303 1,651 Maintenance and support 363 341 1,145
1,057 Professional services 534 605 1,689
1,257 Total cost of revenues 1,770 1,508
5,137 3,965 Gross profit 6,983 6,139 19,284 18,425
Operating expenses Sales and marketing 2,759 2,289 8,453 7,060
General and administrative 1,638 1,449 5,083 4,629 Research and
development 528 646 1,727 1,832
Total operating expenses
4,925 4,384 15,263 13,521 Income from
operations 2,058 1,755 4,021 4,904 Other income (expense), net
28 17 88 51 Income before income taxes
2,086 1,772 4,109 4,955 Income tax expense 687 542
1,348 1,585 Net income $ 1,399 $ 1,230 $ 2,761 $
3,370 Comprehensive income $ 1,399 $ 1,230 $ 2,761 $ 3,370
Net income per common share - Basic $ 0.07 $ 0.06 $ 0.13 $ 0.16
Diluted $ 0.06 $ 0.06 $ 0.13 $ 0.16 Weighted average shares
outstanding: Basic 21,122 20,892 21,061 20,782 Diluted 21,674
21,440 21,640 21,294 Cash dividends declared per share $
0.015 $ 0.015 $ 0.045 $ 0.030
GlobalSCAPE, Inc. Condensed Consolidated
Statements of Cash Flows (in thousands) (Unaudited)
For the
Nine Months Ended September 30, 2016 2015
Operating Activities: Net income $ 2,761 $ 3,370 Items not
involving cash at the time they are recorded in the statement of
operations: Bad debt expense 67 147 Depreciation and amortization
1,522 1,116 Share-based compensation 721 482 Deferred taxes (36 )
(320 ) Excess tax benefit from share-based
compensation
5 (49 ) Subtotal before changes in operating
assets and liabilities 5,040 4,746 Changes in operating assets and
liabilities: Accounts receivable (2,856 ) (1,690 ) Prepaid expenses
86 154 Deferred revenue 1,081 531 Accounts payable (217 ) (757 )
Accrued expenses (52 ) 10 Other Assets 30 37 Other long-term
liabilities (10 ) (5 ) Income tax receivable and payable 571
403 Net cash provided by operating activities
3,673 3,429 Investing Activities:
Software development costs capitalized (1,298 ) (1,613 ) Purchase
of property and equipment (168 ) (108 ) Interest reinvested in
short and long term investments (49 ) (48 ) Net cash
(used in) investing activities (1,515 ) (1,769 )
Financing Activities: Proceeds from exercise of stock options 333
417 Excess tax benefit from share-based compensation (5 ) 49
Dividends paid (950 ) (626 ) Net cash provided by
(used in) financing activities (622 ) (160 ) Net
increase in cash 1,536 1,500 Cash at beginning of period
15,885 11,358 Cash at end of period $ 17,421
$ 12,858 Supplemental disclosure of cash flow
information: Cash paid during the period for: Interest $ - $
- Income taxes $ 776 $ 1,341
GlobalSCAPE, Inc. Adjusted EBITDA (in thousands)
(Unaudited)
Three Months Ended Nine Months Ended September 30,
September 30, 2016 2015 2016 2015 Net Income $ 1,399 $ 1,230 $
2,761 $ 3,370 Add (subtract) items to determine adjusted EBITDA:
Income tax expense 687 542 1,348 1,585 Interest (income) expense,
net (28 ) (17 ) (88 ) (51 ) Depreciation and amortization: Total
depreciation and amortization 513 433 1,522 1,116 Amortization of
capitalized software development costs (450 ) (366 ) (1,319 ) (911
) Stock-based compensation expense 221 167
721 482 Adjusted EBITDA $ 2,342
$ 1,989 $ 4,945 $ 5,591
View source
version on businesswire.com: http://www.businesswire.com/news/home/20161027005260/en/
GlobalSCAPE, Inc.Investor RelationsCasey Stegman,
210-801-8489ir@globalscape.comorPressCiri Haugh,
210-308-8267PR@globalscape.com
Globalscape (AMEX:GSB)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024
Globalscape (AMEX:GSB)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024