SEATTLE, Washington – March 31, 2015 — ModSys International Ltd. “Modern Systems” (NASDAQ: MDSY) today announced fourth quarter and annual financial results for 2014. In the fourth quarter the company completed the merger with Sophisticated Business Solutions “Ateras”. In connection with the merger, we changed our name from BluePhoenix Solutions Ltd. to ModSys International Ltd. and our NASDAQ ticker symbol from BPHX to MDSY. We also changed the name of our main U.S. subsidiary to Modern Systems Corporation.
Revenue during the fourth quarter was $1.9M and 19% more than third quarter of $1.6M. For the full-year 2014, revenue was $7.2M vs. $8.5M in 2013 and an improvement in net loss in 2014 to ($3.4M) vs. ($4M) in 2013.
Matt Bell, Chief Executive Office and President, commented, “2015 marks a turning point for us as a company and we will switch from a company focused on cleaning up a business to one which grows revenue. Modern Systems represents our new future as one of the largest independent modernization companies in our space. We will look to grow the business in 2015.”
See related 8-K and 10-K filings for additional details.
Modern Systems 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 1-888-427-9376 within the United States, or via local US number 1-719-325-2393 if calling internationally, approximately five minutes prior to its scheduled commencement.