Globalscape Announces Financial Results for the Second Quarter 2013
Reports Strong Earnings Growth Driven by Increased Revenue Combined with Lower Operating Expenses
SAN ANTONIO, TX - GlobalSCAPE, Inc. (NYSE MKT: GSB), a leading developer of secure information exchange solutions, today announced its financial results for the three and six month periods ended June 30, 2013.
Revenue for the three months ended June 30, 2013, was $5.9 million, a 4% increase over revenue of $5.7 million for the three months ended June 30, 2012. Revenue for the six months ended June 30, 2013 was $11.8 million, a 6% increase over revenue of $11.1 million for the six months ended June 30, 2012.
The Company’s deferred revenue, which the Company believes can be an indicator of future revenue trends, grew to $11.0 million at June 30, 2013, compared to $8.0 million at June 30, 2012, a 37.5% increase.
For the three months ended June 30, 2013, the Company had net income of $381,000, or $0.02 per share, compared to a net loss of $140,000, or ($0.01) per share, for the three months ended June 30, 2012. For the six months ended June 30, 2013, the Company had net income of $898,000, or $0.05 per share, compared to a net loss of $393,000, or ($0.02) per share for the six months ended June 30, 2012.
Adjusted EBITDA Excluding Infrequent Items was $997,000 for the three months ended June 30, 2013, compared to $478,000 for the three months ended June 30, 2012, and was $2.2 million for the six months ended June 30, 2013, compared to $658,000 for the six months ended June 30, 2012. Adjusted EBITDA Excluding Infrequent Items is not a measure of financial performance under GAAP and has limitations as an analytical tools 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.
Net cash provided by operating activities was $1.2 million for the six months ended June 30, 2013. This cash flow performance allowed the Company to end the quarter with over $7.8 million of cash and $3.1 million of long term investments.
“Our second quarter results underline our return to profitability and position us for further growth,” said Craig Robinson, President and Chief Executive Officer of Globalscape. “Our revenue and deferred revenue have continued their consistent pattern of growth between comparable periods, which reflects ongoing customer satisfaction with our solutions. We have confidence in our ability to continue driving the business forward for the benefit of our shareholders.”
Globalscape Second Quarter 2013 Financial Statements
- Financial Statements (PDF)
Conference Call August 7, 2013 at 4:30 p.m. ET
Globalscape management will hold a conference call Wednesday, August 7, 2013 to discuss financial results for the second quarter of 2013 and other corporate matters at 4:30 p.m. Eastern Time/3:30 p.m. Central Time. Those wanting to join should dial 1-888-846-5003 and use Conference ID # 4634013. 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 9, 2013.
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 2012 calendar year, filed with the Securities and Exchange Commission on March 28, 2013.