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Bitstream CEO Discusses Q3 2010 Results – Earnings Call Transcript

Bitstream, Inc. (BITS)

Q3 2010 Earnings Call Transcript

November 15, 2010 4:30 pm ET


Anna Chagnon – President and CEO

Jim Dore – VP and CFO


Kenneth Lee – RBC Capital Markets

Matt Spratford – Sidoti & Co.

George Gosbee [ph]



Good day, ladies and gentlemen and welcome to the earnings release conference call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. (Operator Instructions)

I would now like to turn the call over to Anna Chagnon.

Anna Chagnon

Hello and welcome to Bitstream Inc's third quarter 2010 conference call. I am Anna Chagnon, President and Chief Executive Officer of Bitstream

Jim Dore

And I am Jim Dore, Bitstream's Vice President and Chief Financial Officer. We will begin this conference call with highlights of the quarter, followed by a question-and-answer session. During this conference call, we may make forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 as amended and Section 21E of the Securities Exchange Act of 1934 as amended.

Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results of operations may differ materially from those projected or suggested in the forward-looking statements due to certain risks and uncertainties, including without limitation, market acceptance of the company's products, competition and the timely introduction of new products. Any forward-looking statements made during this conference call represent the company's judgment as of today and we caution listeners not to place undue reliance on such statements.

A short time ago, we reported our results for the third quarter of 2010 with the following financial highlights. Our aggregate cash, cash equivalents and investments as of September 30, 2010, totaled $12,609,000, an increase of $476,000 from a balance of $12,133,000 at June 30, 2010 and a decrease of $5,420,000 as compared to a balance of $18,029,000 at December 31, 2009, reflecting the use of $6,528,000 in cash to purchase certain assets of Press-sense Ltd during the second quarter.

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