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Bridgeline Digital Announces Financial Results For The First Quarter Of Fiscal 2013

Our definitions of non-GAAP adjusted net income and Adjusted EBITDA may differ from and therefore may not be comparable with similarly titled measures used by other companies, thereby limiting their usefulness as comparative measures. Because of the limitations that non-GAAP adjusted net income and Adjusted EBITDA have as an analytical tool, investors should not consider them in isolation, or as a substitute for analysis of our operating results as reported under GAAP.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

All statements included in this press release, other than statements or characterizations of historical fact, are forward-looking statements. These forward-looking statements are based on our current expectations, estimates and projections about our industry, management's beliefs, and certain assumptions made by us, all of which are subject to change. Forward-looking statements can often be identified by words such as "anticipates," "expects," "intends," "plans," "predicts," "believes," "seeks," "estimates," "may," "will," "should," "would," "could," "potential," "continue," "ongoing," similar expressions, and variations or negatives of these words. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions, including, but not limited to, the impact of the weakness in the U.S. and international economies on our business, our inability to manage our future growth effectively or profitably, fluctuations in our revenue and quarterly results, our license renewal rate, the impact of competition and our ability to maintain margins or market share, the limited market for our common stock, the volatility of the market price of our common stock, the performance of our products, our ability to respond to rapidly evolving technology and customer requirements, our ability to protect our proprietary technology, the security of our software, our dependence on our management team and key personnel, our ability to hire and retain future key personnel, or our ability to maintain an effective system of internal controls as well as other risks described in our filings with the Securities and Exchange Commission. Any of such risks could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement. We expressly disclaim any obligation to update any forward-looking statement.

About Bridgeline Digital

Bridgeline Digital (Nasdaq:BLIN), The Digital Engagement Company™, enables its customers to maximize the performance of their mission critical websites, intranets, and online stores. Bridgeline's iAPPS ® platform deeply integrates Web Content Management, eCommerce, eMarketing, and Web Analytics to help marketers deliver online experiences that attract, engage and convert their customers across all digital channels. Bridgeline provides end-to-end Digital Engagement solutions and boasts an award-winning team of interactive services professionals. Headquartered in Burlington, Mass., with nine additional locations throughout the U.S. and an Asia Pacific headquarters in Bangalore, India, Bridgeline has thousands of customers that range from middle market organizations to Fortune 1000 companies. To learn more, please visit www.bridgelinedigital.com or call (800) 603-9936.

     
BRIDGELINE DIGITAL, INC.
RECONCILIATION OF GAAP TO NON-GAAP RESULTS
(Dollars in thousands, except per share data)
     
     
  Three Months Ended December 31,
  2012 2011
Reconciliation of GAAP net loss to non-GAAP adjusted net income:    
GAAP net loss  $ (642)  $ (463)
Amortization of intangible assets  156  195
Impairment of intangible asset  --  281
Stock-based compensation  127  60
Non-GAAP adjusted net income(loss)  $ (359)  $ 73
     
     
Reconciliation of GAAP loss per diluted share to non-GAAP adjusted earnings per diluted share:  
GAAP net loss per share  $ (0.04)  $ (0.04)
Acquisition, integration and other one-time costs  --   -- 
Amortization of intangible assets  0.01  0.02
Impairment of intangible asset  --   0.02
Stock-based compensation  0.01  0.01
Non-GAAP adjusted net income(loss)  $ (0.02)  $ 0.01
     
     
Reconciliation of GAAP net loss to Adjusted EBITDA:    
GAAP net loss  $ (642)  $ (463)
Provision for income tax  21  21
Interest expense (income), net  76  64
Amortization of intangible assets  156  195
Impairment of intangible asset  --  281
Depreciation  268  220
EBITDA  (121)  318
Other amortization  44  50
Stock-based compensation  127  60
Adjusted EBITDA  $ 50  $ 428
     
     
Reconciliation of GAAP net loss per diluted share to Adjusted EBITDA per diluted share:  
GAAP net loss per share  $ (0.04)  $ (0.04)
Provision for income tax  --   -- 
Interest expense (income), net  0.01  0.01
Amortization of intangible assets  0.01  0.02
Impairment of intangible asset  --   0.02
Depreciation  0.01  0.02
Other amortization  --   -- 
Stock-based compensation  0.01  -- 
Adjusted EBITDA  $ 0.00  $ 0.03
     
     
BRIDGELINE DIGITAL, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except share and per share data)
(Unaudited)
     
     
  Three Months Ended December 31,
  2012 2011
Revenue:    
Web application development services  $ 4,850  $ 5,308
Managed service hosting  556  616
Subscription and perpetual licenses  787  593
Total revenue  6,193  6,517
     
Cost of revenue:    
Web application development services  2,754  2,855
Managed service hosting  72  106
Subscription and perpetual licenses  168  120
Total cost of revenue  2,994  3,081
Gross profit  3,199  3,436
     
Operating expenses:    
Sales and marketing  1,834  1,715
General and administrative  1,354  1,000
Research and development  132  403
Depreciation and amortization  424  415
Impairment of intangible asset  --  281
Total operating expenses  3,744  3,814
Loss from operations  (545)  (378)
Interest income (expense), net  (76)  (64)
Loss before income taxes  (621)  (442)
Provision for income taxes  21  21
Net loss  $ (642)  $ (463)
     
Net loss per share:    
Basic and diluted  $ (0.04)  $ (0.04)
Number of weighted average shares:    
Basic and diluted  14,782,615  12,319,643
     
     
BRIDGELINE DIGITAL, INC.
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except share and per share data)
(Unaudited)
     
ASSETS    
     
  December 31, 2012 September 30, 2012
Current Assets:    
Cash and cash equivalents  $ 2,395  $ 2,126
Accounts receivable and unbilled revenues, net  4,488  3,977
Prepaid expenses and other current assets  677  648
Total current assets  7,560  6,751
Equipment and improvements, net  2,673  2,735
Intangible assets, net  1,375  1,527
Goodwill  21,724  21,545
Other assets  1,395  1,132
Total assets  $ 34,727  $ 33,690
     
     
LIABILITIES AND STOCKHOLDERS' EQUITY    
     
Current liabilities:    
Accounts payable  $ 988  $ 1,132
Accrued liabilities  903  1,306
Accrued earnouts, current  354  375
Debt, current  1,383  1,424
Capital lease obligations, current  262  230
Deferred revenue  2,852  1,144
Total current liabilities  6,742  5,611
Accrued earnouts, net of current portion  990  990
Debt, net of current portion  3,271  2,988
Capital lease obligations, net of current portion  126  127
Other long term liabilities  991  1,004
Total liabilities  $ 12,120  $ 10,720
     
Commitments and contingencies    
     
Stockholders' equity:    
Preferred stock -- $0.001 par value; 1,000,000 shares authorized;    
none issued and outstanding  --  --
Common stock -- $0.001 par value; 20,000,000 shares authorized;    
15,332,768 and 15,203,538 shares issued and outstanding, respectively  15  15
Additional paid-in-capital  41,087  40,847
Accumulated deficit  (18,358)  (17,716)
Accumulated other comprehensive loss  (137)  (176)
Total stockholders' equity  22,607  22,970
Total liabilities and stockholders' equity  $ 34,727  $ 33,690
CONTACT: Bridgeline Digital, Inc.
         Kim Brown
         Director of Corporate Communications
         781.995.0888
         kbrown@blinedigital.com

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