BluePhoenix Solutions Reports First Quarter Results
BluePhoenix Solutions (NASDAQ:BPHX), the leader in value-driven legacy modernization, today announced financial results for the first quarter. Revenues for the first quarter of 2010 were $17.3 million compared to $19.5 million in the previous quarter, and compared to $20.5 million in the first quarter of 2009.
Net income on a non-GAAP basis for the first quarter of 2010 was $0.2 million or $0.01 per diluted share, compared to $1.3 million or $0.06 per diluted share in the previous quarter, and compared to $1.4 million dollar or $0.07 per diluted share in the first quarter of 2009.
On a GAAP basis for the first quarter of 2010 the net loss was $2.2 million or ($0.09) per share, compared to net a loss of $9.1 million or ($0.40) per share in the previous quarter, and compared to a net loss of $1.8 million or ($0.09) per share for the first quarter of 2009. (Please refer to the accompanying financial table for reconciliation of GAAP financial information to non-GAAP).
“While we are disappointed with the financial results of the first quarter, we have started implementing a plan that will lead us to sustainable profitable growth,” commented Arik Kilman, CEO of BluePhoenix. “This plan includes:- Selling certain non-core, less profitable consulting businesses while maintaining the focus on higher margin legacy and knowledge modernization - Increase emphasis on cash flow from operations through continued expense controls as well as improving contractual terms - Focus on relationships with strategic technology and system integration partners which will result in increased backlog and revenues.”
Non-GAAP Results (in thousands US$)
|Earnings per share, diluted||$||0.01||$||0.06||$||0.07|
GAAP Results (in thousands US$)
|Operating income (loss)||(1,979||)||(10,622)*||(573||)|
|Net Income (loss)||(2,183||)||(9,140)*||(1,840||)|
|Earnings per share, diluted||($0.09||)||($0.40)*||($0.09||)|
* Including $5,670 for impairment of goodwill
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