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Bitstream Management Discusses Q1 2011 Results - Earnings Call Transcript

Bitstream (BITS)

Q1 2011 Earnings Call

May 13, 2011 4:30 pm ET

Executives

James Dore - Chief Financial Officer, Principal Accounting Officer and Vice President

Analysts

Matthew Spratford - Sidoti & Company, LLC

Ken Lang

Unknown Analyst -

Brandon Butler

J.D. Steinhilber

Presentation

Operator

Good day, ladies and gentlemen, and welcome to the first quarter earnings release conference call. [Operator Instructions] As a reminder, this conference call is being recorded. I would now like to turn the conference over to your host for today, Mr. Jim Dore. Sir, please go ahead.

James Dore

Hello, and welcome to Bitstream Inc.’s First Quarter 2011 Conference Call. I am Jim Dore, Vice President and Chief Financial Officer of Bitstream. Here with me today is Costas Kitsos, Bitstream's Vice President of Engineering, who is currently focused on our Publishing division.

As previously announced, Anna Chagnon has resigned as our CEO on May 1, and Amos Kaminski, the Chairman of our Board was named Executive Chairman and CEO of Bitstream. Unfortunately, Mr. Kaminski is traveling out of the country on company business related to our acquisition in Israel and will not be able to join us on the call today. For those of you new to Bitstream, Mr. Kaminski has been Chairman of the Board since August 2010. He was also previously Chairman of the Board from 1991 through 1996 and has been a director of the company since 1985. Mr. Kaminski asked me to relay the following message from him, so I'll read that statement.

Good afternoon. I apologize for not being able to join the call today. I will be present at our annual meeting on June 8 and will be happy to address any questions you may have at that time. We thank Anna Chagnon for her leadership and commitment to Bitstream. With her departure, the board has elected me to serve as interim CEO. We have formed a search committee to search for and nominate to the board a new CEO who will grow the company and shareholder value. The executive team also wishes to thank Anna for her leadership at Bitstream.

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