[SatNews] GlobalSCAPE, Inc. (NYSE Amex: GSB), a developer of secure information exchange solutions, has announced financial results for its first quarter of fiscal year 2011, ending March 31, 2011.

Revenue was $4.6 million for the first quarter of fiscal year 2011, an increase of five percent when compared with revenue of $4.4 million in the same quarter last year. Net income for the first quarter was $59,000, or $0.00 per diluted share, compared with net income of $364,000, or $0.02 per diluted share, in the same quarter last year. Cash grew to $11.4 million, representing a 25 percent increase from the first quarter of 2010 and a 2 percent improvement since the end of fiscal 2010. Adjusted EBITDA for the first quarter of 2011 was $0.5 million, a 45 percent decrease compared with the same quarter last year, and a 25 percent decrease compared with the fourth quarter of 2010. The Adjusted EBITDA margin for the first quarter of 2011 was 11.9 percent, compared with 23.1 percent in the first quarter of 2010, and 14.7 percent in the fourth quarter of 2010.

"Our first quarter performance continued our year-over-year revenue growth. In particular, we have continued to increase recurring revenue which was 48 percent of total revenue in the first quarter, up from 40 percent in the same period last year," said Jim Morris, GlobalSCAPE president and CEO. To read the entire financial report, access this direct link.