GlobalSCAPE, Inc. Announces Financial Results for the First Quarter 2016
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 ended March 31, 2016.
Revenue for the first quarter of 2016 was $7.4 million, an increase of eight percent when compared with revenue of $6.9 million for the first quarter of 2015.
Deferred revenue, which can be an indicator of future revenue trends, was $15.4 million at March 31, 2016, compared with $14.3 million at March 31, 2015, which is an increase of eight percent.
For the first quarter of 2016, the Company’s net income was $407,000 compared with net income of $815,000 for the first quarter of 2015. Earnings per share was $0.02 for the first quarter of 2016 compared with $0.04 for the first quarter of 2015.
Adjusted EBITDA Excluding Infrequent Items for the first quarter of 2016 was $849,000 compared with $1.5 million for the first quarter of 2015.
The Company had cash, cash equivalents and short-term investments of $19.6 million at March 31, 2016. Other than liabilities for normal trade payables and taxes, the Company has no debt.
James L. Bindseil, President and Chief Executive Officer at Globalscape
“The first quarter of 2016 helped lay a solid foundation for continuing the growth that Globalscape has established over the past two years. Revenue continued to climb, achieving eight percent growth year over year when compared to Q1 2015. Additionally, we saw a 22.5 percent increase in bookings year over year. We view this as an incredibly positive indicator to the health and growth of our business. The first quarter investments made in the Sales and Channel teams continue to put the pieces in place for our growth that is in line with expectations for the following quarters in the year. We remain confident in our sales, marketing and product development strategies and look forward to continuing to execute on the plans we have in place for the remainder of 2016.”
Globalscape First Quarter 2016 Financial Statements
Conference Call April 28, 2016 at 4:30 p.m. ET
Globalscape management will hold a conference call on April 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 first quarter 2016. Those wanting to join may call 888-523-1225 or 719-325-2484 and use Conference ID # 9715704. 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 2015 calendar year, filed with the Securities and Exchange Commission on March 3, 2016.