BluePhoenix Solutions Reports Third Quarter 2010 Results
BluePhoenix Solutions (NASDAQ: BPHX), today announced financial results for the third quarter of fiscal 2010. Revenues for the third quarter of 2010 were $11.6 million compared to $16.2 million in the previous quarter, and compared to $18.7 million in the third quarter of 2009.
Net income on a non-GAAP basis for the third quarter of 2010 was $0.4 million or $0.02 per diluted share, compared to $0.1 million or $0.01 per diluted share in the previous quarter, and compared to $1.0 million or $0.05 per diluted share in the third quarter of 2009.
On a GAAP basis for the third quarter of 2010 the net loss was $7.0 million or ($0.30) per share, compared to net loss of $1.1 million or ($0.05) per share in the previous quarter, and compared to a net loss of $2.7 million or ($0.13) per share for the third quarter of 2009. (Please refer to the accompanying financial table for reconciliation of GAAP financial information to non-GAAP).
"Revenues in the quarter were below our expectations principally as a result of a large license contract with a system integrator that did not close. As a result of our implementing an aggressive cost cutting plan to bring our expense levels down to the current level of activity we were able to maintain our non-GAAP profitability. We believe these measures will put the Company in a position to maintain sustainable profitability and positive operating cash flow in 2011," commented Arik Kilman, CEO of BluePhoenix.
|Non-GAAP Results (in thousands US$)||Q3/2010||Q2/2010||Q3/2009|
|Earnings per share, diluted||$||0.02||$||0.01||$||0.05|
|GAAP Results (in thousands US$)||Q3/2010||Q2/2010||Q3/2009|
|Operating income (loss)||(6,591||)||(1,315||)||(1,761||)|
|Net Income (loss)||(7,019||)||(1,058||)||(2,679||)|
|Earnings (loss) per share, diluted||($0.30||)||($0.05||)||($0.13||)|
- Amortization of purchased intangible assets;
- Stock-based compensation
- Expenses related to cost saving plan and other charges
- Revaluation of warrants and issuance costs
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