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Bitstream Inc. Reports Third Quarter Results For 2011

Stocks in this article: BITS

Bitstream Inc. (Nasdaq: BITS) today reported that total revenue increased by $826,000 or 14% to $6,808,000 for the three months ended September 30, 2011 as compared to total revenue of $5,982,000 for the three months ended September 30, 2010. The Company’s aggregate cash, cash equivalents, and investments at September 30, 2011 totaled $10,505,000, an increase of $103,000 from a balance of $10,402,000 at June 30, 2011.

GAAP Loss

Our loss from operations increased $720,000 to $1,811,000 for the three months ended September 30, 2011, as compared to $1,091,000 for the three months ended September 30, 2010. Our net loss increased $776,000 to $1,950,000 or $0.19 per share for the three months ended September 30, 2011 as compared to $1,174,000 or $0.12 per share for the three months ended September 30, 2010.

Non-GAAP Loss

Our non-GAAP results exclude stock-based compensation expense, the amortization of intangible assets primarily acquired from Press-Sense Ltd., acquisition costs for certain assets of Press-Sense Ltd., the cost of the resignation agreement with our former CEO, and transaction costs associated with merger and separation activities. Our non-GAAP loss from operations increased $184,000 to $771,000 for the three months ended September 30, 2011, as compared to $587,000 for the three months ended September 30, 2010. Our non-GAAP net loss increased $240,000 to $910,000 or $0.09 per share for the three months ended September 30, 2011, as compared to $670,000 or $0.07 per share for the three months ended September 30, 2010. A reconciliation between GAAP and non-GAAP results is provided at the end of this press release.

“We are pleased to report that revenues across all of our product lines increased in the third quarter as compared to the same quarter in 2010,” said Amos Kaminski, Executive Chairman and Chief Executive Officer. “Revenue for our Pageflex product line increased 28% as compared to the third quarter of 2010 and the addition of Elly Perets as Vice President of Sales and Marketing last quarter has been a strong addition in our effort to drive our marketing strategy and expand the reach of Pageflex products into new regions. During the quarter we released our first mobile application through the Apple App Store and announced a partnership and OEM agreement with Heidelberg Druckmaschinen AG for Pageflex Storefront.”

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