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Top Image Systems Ltd. Message Board

feederdog 18 posts  |  Last Activity: Dec 19, 2014 2:26 PM Member since: Jan 16, 2010
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  • Reply to

    Barclay's pilot in the U.K.

    by lddr85 Dec 9, 2014 7:08 PM
    feederdog feederdog Dec 19, 2014 2:26 PM Flag

    Anytime I have owned any stock, shareholders have thought it was a likely M&A target in the future. With TISA, I cannot believe it hasn't happened already. Keep talking it up, Benarnd. We will make this a grass roots movement.

    Dog

  • Reply to

    Great News today

    by dubi_calmy Dec 16, 2014 9:25 AM
    feederdog feederdog Dec 16, 2014 10:05 AM Flag

    A six-figure eFlow deal announced after a 14-week lull by a company with eight-figure quarterly revenue is pathetic.

    Dog

  • Reply to

    Management Where Are You

    by benarnd10 Dec 5, 2014 10:21 AM
    feederdog feederdog Dec 5, 2014 1:50 PM Flag

    I expect another acquisition, maybe several. No one borrows money just to sit on it. Moreover, it is hard to imagine reaching that $100 million goal just by yelling "Full steam ahead!"

    Dog

  • Reply to

    Management Where Are You

    by benarnd10 Dec 5, 2014 10:21 AM
    feederdog feederdog Dec 5, 2014 11:40 AM Flag

    I agree, Benard. They seem to have done a good job of adapting to the changing (paperless, electronic, mobile) marketplace, but have not gotten any traction in the marketplace. What's next -- more stagnation, movement straight ahead, another acquisition, or being bought out?.

    Dog

  • Reply to

    How Do You Light a Fire Under Management

    by benarnd10 Nov 21, 2014 10:47 AM
    feederdog feederdog Nov 27, 2014 10:13 AM Flag

    Was a deal announced on Oct 14 or do you have to go back to Sept 2 (one business day short of 3 months)? A deployment of eFlow was announced on Oct 14, but the selection of TISA by a client was announced on Sept 2. Do they announce some deals when signed and others when they have everything up and running, or do they puff up appearances with announcements at both ends?

    Dog

  • Reply to

    How Do You Light a Fire Under Management

    by benarnd10 Nov 21, 2014 10:47 AM
    feederdog feederdog Nov 21, 2014 12:06 PM Flag

    Well stated Benarnd. You speak for many of us.

    Dog

  • feederdog by feederdog Nov 16, 2014 10:27 AM Flag

    That is an area where we have good reason to anticipate improvement looking forward. But, Mitek estimated their attorney fees for the quarter ahead at $500,000 because of the demands of a patent troll. Hopefully, TISA will not have that problem, but the technology sector is ripe for it.

    Dog

  • feederdog by feederdog Nov 14, 2014 2:56 PM Flag

    Within the past month, you could spend under $2 to buy Mitek or over $4 to buy TISA. Now, Mitek's PPS exceeds TISA's. Fortunately, most of that is due to a surge by Mitek, rather than a decline by TISA.

    Dog

  • Reply to

    Why Egistics?

    by feederdog Nov 14, 2014 1:45 PM
    feederdog feederdog Nov 14, 2014 2:48 PM Flag

    Thank you, Bernard. I was expecting to get some puffy answer to my question, not something so specific as the cloud.

    Dog

  • feederdog by feederdog Nov 14, 2014 1:45 PM Flag

    Can anyone explain why TISA acquired Egistics? Of course, Egistics expands their US presence and expands their client base. By their nature, acquisitions entail expansion. But, did Egistics add something unique that builds on what TISA already had? When you add Egistics to TISA, what synergy are we hoping for?

    I know I used the "S" word, but please try to avoid using terms like "accretion" and "metrics," as they just confuse me.

    Dog

  • Reply to

    Misc Thoughts

    by wcw1068 Nov 12, 2014 7:55 PM
    feederdog feederdog Nov 13, 2014 7:05 PM Flag

    I stand by what I said. The 8th slide released by TISA on Monday shows revenue in Q3 2014 of 10.7 and revenue of 8.2 in Q3 of 2012. That's a difference of 2.5. I do not know how much Q3 revenue is attributable to Egistics, but I do know its 2013 revenue was 10.6, or an average of 2.65 per quarter. Michael Schrader stated Egistics 2013 revenue during the Q2 conference call. So, the evidence strongly points to TISA having less revenue in Q3 2014 than Q3 2012. But, you do make a good point about about the shift to the new revenue recognition model.

    Dog

  • Reply to

    Misc Thoughts

    by wcw1068 Nov 12, 2014 7:55 PM
    feederdog feederdog Nov 12, 2014 10:32 PM Flag

    There is a reason the market treats TISA like it is losing money. Over the last two years TISA has lost money. Non-GAAP losses have exceeded non-GAAP income. And if you back out revenue from Egistics, the revenue in Q3 2012 exceeded the revenue in Q3 2014.

    Dog

    Sentiment: Hold

  • Reply to

    Q3 Revs

    by lddr85 Oct 31, 2014 3:23 PM
    feederdog feederdog Nov 10, 2014 1:28 PM Flag

    So, Q3 was a train wreck -- a GAAP loss of $.28 per share -- but Q4 looks bright. But, wait. If you roll back the clock, didn't Q3 look great? And if you figure Egistics for $2.7 million or more of the revenue, then that leaves TISA with $8 million or less. Despite all the positioning they have done, it just ain't happening.

    Question: Where is the projected growth? Answer: It is somewhere down the road, as always.

    Dog

  • feederdog by feederdog Nov 10, 2014 8:03 AM Flag

    Two related questions: (a) What does TISA plan to do with the money it borrowed, and (b) What is the plan to reach revenue of $100 million in two years?

    Dog

  • Reply to

    Q3 Revs

    by lddr85 Oct 31, 2014 3:23 PM
    feederdog feederdog Nov 2, 2014 11:04 AM Flag

    There is no reason for you to respect my opinion nor for me to pick apart your well-reasoned opinion. I just post on this board out of boredom, shooting from the hip, without ever doing any research. You gave good reasons for your opinion. That slide projecting growth above $12 million, which I was unaware of, particularly give me pause.

    Like you, I have been filling my cart with this stock. Indeed, I doubled my position at the current price when I first heard that $100 million prediction. That should give everyone on this board pause as I have lost a small fortune in the market over the years.

    Dog

  • Reply to

    Q3 Revs

    by lddr85 Oct 31, 2014 3:23 PM
    feederdog feederdog Nov 1, 2014 3:11 PM Flag

    I hate to be Debbie Downer, but I expect something closer to $11 million than $12 million. And $11 million will not disappoint me.

    TISA averaged less than $7.5 million a quarter last year, and had 8.2 last quarter. Likewise, eGistics averaged less than 2.7 a quarter last year. I am not seeing any basis for high expectations in the press releases (wins). Indeed, the news out of Europe is bad and we can expect a lot of energy this quarter was channeled from generating current revenue to integrating the two companies, securing clients, and positioning themselves for the future.

    Dog

  • Reply to

    Stock has gone to sleep

    by benarnd10 Oct 17, 2014 11:27 AM
    feederdog feederdog Oct 18, 2014 3:40 PM Flag

    Bernard,

    I expect seemingly disappointing results this quarter.

    I have not done my DD, but it seems like the wins have trailed off. Of course, there will be a big bump in revenue when you add in the Egistics revenue. But, I expect synergy -- if there ever is synergy -- to kick in later. For now, I think their efforts are going to reorganizing and repositioning themselves to achieve that synergy later on.

    My guess is that we will see a net loss for the quarter with a predictable effect on the PPS. But, admittedly I do not know squat. If I did, I would not be playing stock market roulette.

    Dog

  • Reply to

    11 million this quarter

    by lddr85 Sep 26, 2014 8:23 AM
    feederdog feederdog Oct 2, 2014 10:41 AM Flag

    That is correct. But, the price you pay is normally dependent on the market's opinion of income-producing ability. In the commercial real estate field the income capitalization rate is a primary factor in pricing.(with net pre-tax returns typically varying from 4 to 10%). What the buyer gives up (price) approximates what he receives (income potential) as determined by the market. That would be true for me buying a building or TISA making an acquisition. Certainly anyone looking to acquire TISA will consider its higher revenue after acquiring Egistics, but that would be offset by the lost cash and increased debt.

    TISA has made acquisitions in the past that were busts. Only time will tell if synergies make this one a plus or minus to TISA's value. For now, I think it is a wash. Even if this acquisition is a plus in the long run, I think reorganization associated costs will eat into profits for at least a couple quarters..

    Don't get me wrong. I am long and strong. Have been for years. And I doubled my position after that $100 million revenue prediction. I just hope I did not get suckered by a combination of insider puffing accompanied by insider selling.

    Dog

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