Bridgeline Digital Reports Financial Results For The Fourth Quarter And Year Ended September 30, 2010
Onetime expenses of $305 thousand were recorded in the three month period ended September 30, 2010 related to acquisition costs and costs from integrating Bridgeline's Cleveland operations into its Chicago operations. Including onetime expenses of $305 thousand, the loss from operations for the three month period was ($583) thousand compared with income from operations of $202 thousand in the same period of 2009. Including onetime expenses of $305 thousand, the net loss for the three month period was ($652) thousand compared with net income of $197 thousand in the same period of 2009. Earnings (loss) per diluted share were ($0.06) for the three months ending September 30, 2010, compared with $0.02 for the same period of the prior year. Not including the onetime expenses of $305 thousand, non-GAAP adjusted net income was $3 thousand and non-GAAP adjusted income per diluted share was $0.00 for the three months ended September 30, 2010, compared with non-GAAP adjusted net income of $413 thousand and non-GAAP dilutive earnings per share of $0.04 for the same period of 2009. Including onetime expenses of $305 thousand, Adjusted EBITDA was $45 thousand and Adjusted EBITDA per diluted share was $0.00 for the three months ended September 30, 2010, compared with $627 thousand and $0.05 for the same period of 2009.
Results of Operations for the Year Ended September 30, 2010, Compared to September 30, 2009
For the year ended September 30, 2010, our revenue was $23.6 million compared with $23.9 million for the same period of 2009, a decrease of 1%. Gross profit was $12.4 million compared with $13.4 million for the same period of 2009, a decrease of 8%. Gross profit margins were 52.4% compared with 55.9% for the same period of 2009. The decrease in gross margin is attributable to (i) the impact of lower gross profit margin contribution from the two recent completed acquisitions (ii) management's focused efforts to engage with customers that are aligned with the Company's core competencies and proactively ending engagements with a number of very small customers obtained through previous acquisitions, some of which had higher margins and (iii) lower web application development services revenue.
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