SEATTLE, Washington March 27, 2014 – BluePhoenix Solutions Ltd. (NASDAQ: MDSY) today announced fourth quarter and annual financial results for 2013.
Revenue during the fourth quarter was $2M and slightly more than third quarter of $1.9M. Non-GAAP expenses and operating loss also remained consistent with third quarter in the amount of $1.8M and ($.9M), respectively. Ending cash increased $930K to $2.6M for the quarter.
For the full-year 2013, revenue was $8.5M vs. $10.6M in 2012 and a dramatic improvement in net loss in 2013 to ($4M) vs. ($11.4M) in 2012.
Matt Bell, Chief Executive Office and President, commented, “2013 has been a year of transition for us here at BluePhoenix. We finalized the divesture of BridgeQuest Inc. just after the first of the year, transitioned our operational headquarters to the US, continued to align our fixed infrastructure costs, converted our SEC reporting to US domestic standards, created operational liquidity through issuance of equity and debt, sold several new deals, and hired key new people in Sales, Marketing, and Finance. We are optimistic about 2014.
See related 8-K and 10-K filings for additional details.
BluePhoenix will go over the following numbers during the quarterly conference call today at 4:30PM Eastern Daylight Savings Time. The call can be accessed by dialing 1-877-941-8609 within the United States, or via local US number 1-480-629-9692 if calling internationally, approximately five minutes prior to its scheduled commencement. A replay can be accessed through a link on the BluePhoenix website.