Bitstream Inc. Reports First Quarter Results For 2011
Bitstream Inc. (Nasdaq: BITS) today reported that total revenue increased by $1,605,000 or 31% to $6,813,000 for the three months ended March 31, 2011 as compared to total revenue of $5,208,000 for the three months ended March 31, 2010 and by $294,000 or 5% sequentially as compared to $6,519,000 for the three months ended December 31, 2010. The Company’s aggregate cash, cash equivalents, and investments at March 31, 2011 totaled $11,456,000, an increase of $188,000 from a balance of $11,268,000 at December 31, 2010.
“We are pleased to report that revenues increased sequentially for the fourth consecutive quarter to $6,813,000 for the first quarter of 2011," said Amos Kaminski, Executive Chairman and Chief Executive Officer. "The increase from the prior year was the result of increased sales across all of our product lines. MyFonts sales, with the addition of Webfonts, continue to grow and exceeded our expectations. Our OEM font product line closed several large licenses during the quarter that include possible royalties in future quarters. In addition to closing Pageflex Storefront licenses, our publishing line also received OEM revenue from our acquired iWay product. We continue to strengthen the relationships with our iWay OEM partners and additionally have signed contracts with iWay resellers in the US and Europe. Our BOLT browser team, built over the past year, is focused on generating revenue opportunities through a variety of channels and establishing BOLT’s brand recognition."
The increase in cost of license revenue for the three months ended March 31, 2011 as compared to the three months ended March 31, 2010 is due to the increase in direct third party cost of $473,000 primarily from royalties associated with e-commerce sales and $47,000 for amortization expense related to the acquisition of iWay technology. Cost of services increased primarily due to the additional personnel added with the iWay acquisition.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV