GlobalSCAPE, Inc. Announces Financial Results for Fourth Quarter and Fiscal 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 three months and fiscal year ended December 31, 2015.
Revenue for the fourth quarter of 2015 was $8.5 million, which is the highest quarterly revenue in Globalscape’s history. This result is an increase of 8 percent when compared with revenue of $7.9 million for the fourth quarter of 2014.
Revenue for the year ended December 31, 2015, was $30.8 million, which is the highest annual revenue in Globalscape’s history. This result is an increase of 15 percent when compared with revenue of $26.8 million for the year ended December 31, 2014.
For the fourth quarter of 2015, the Company’s net income remained steady at $1.2 million compared with net income of $1.2 million for the fourth quarter of 2014 even as the Company continued its enhanced investments in new product development and expanded sales and marketing initiatives. Earnings per share was $0.06 for the fourth quarter of 2015 compared with $0.06 for the fourth quarter of 2014.
For the year ended December 31, 2015, the Company had net income of $4.6 million compared with net income of $3.0 million for the year ended December 31, 2014. Earnings per share was $0.22 for the year ended December 31, 2015, compared with $0.15 for the year ended December 31, 2014.
Adjusted EBITDA Excluding Infrequent Items was $7.3 million for the year ended December 31, 2015, compared with $5.4 million for the year ended December 31, 2014. Adjusted EBITDA Excluding Infrequent Items is not a measure of financial performance under generally accepting accounting principles, or GAAP, and has limitations as an analytical tool and when assessing the Company’s operating performance. This non-GAAP financial measurement should not be considered in isolation from or as a substitute for net income or other income statement data prepared in accordance with GAAP.
The Company’s cash, cash equivalents and short-term investments increased 32 percent during 2015 to a balance of $19.1 million at December 31, 2015. Other than liabilities for normal trade payables and taxes, the Company has no debt.
James L. Bindseil, President and Chief Executive Officer at Globalscape
“We are very pleased with the entire Globalscape team for their tireless work in achieving new records in both the fourth quarter and for the year of 2015. Accomplishing these increases in bookings, revenue, net income, and cash places us in an excellent position as we enter 2016. We remain confident that the world-class technology we develop, combined with the efforts of our sales, marketing, support and channel teams, make our products, services, and customer care second to none. Our focused team continues to execute on our strategic plan as we identify all possible paths to accelerate potential growth in the year ahead and beyond. As we approach our 20th anniversary as a company, we believe the best is yet to come.”
Globalscape 2015 Financial Statements
Conference Call January 28, 2016 at 4:30 p.m. ET
Globalscape management will hold a conference call on January 28, 2016, at 4:30 p.m. Eastern Time/3:30 p.m. Central Time to discuss financial results and other corporate matters for the fourth quarter and fiscal year 2015. Those wanting to join may call 888-481-2844 or 719-325-2402 and use Conference ID # 971042. 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.
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," 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 2014 calendar year, filed with the Securities and Exchange Commission on March 30, 2015.