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Bridgeline Digital Announces Financial Results For The Third Quarter And First Nine Months Of Fiscal 2013

Stocks in this article: BLIN

Subscription and Perpetual License Revenue Increased 33% Year over Year

Recurring Revenue Increased 10% Year over Year

BURLINGTON, Mass., Aug. 14, 2013 (GLOBE NEWSWIRE) -- Bridgeline Digital, Inc. (Nasdaq:BLIN), developer of the award-winning iAPPS Web Engagement Management platform and related interactive technology solutions, today announced financial results for its third quarter ended June 30, 2013.

Third Quarter 2013 Highlights:

  • Revenue in the third quarter of 2013 was $5.6 million, compared to revenue of $6.4 million in the third quarter of 2012. Revenue from legacy non-iAPPS related customers declined 44% or $1M. Revenue from iAPPS related customers increased 4%.
  • Subscription and perpetual license revenue increased 33% to $915 thousand in the third quarter, compared to $686 thousand in the third quarter of 2012.
  • Recurring revenue increased 10% in the third quarter to $1.2 million, compared to $1.1 million in the third quarter of 2012.
  • iAPPS revenue as a percentage of total revenue increased to 78% in the third quarter compared to 66% in the third quarter of 2012.
  • In May, iAPPS 5.0 was released. The latest version of iAPPS boasts a new cross-channel interface; cutting edge mobile-friendly editing and on-the-go authoring; technology integration from industry leading partners; and an overall enhanced user experience.
  • In the third quarter of 2013 Bridgeline reduced its operating expenses by approximately $250,000 per quarter or $1,000,000 annualized, while increasing the size of its national sales force by 40%.

First Nine Months Highlights:

  • Revenue in the first nine months of 2013 was $17.8 million, compared to revenue of $19.6 million in the first nine months of 2012.
  • Subscription and perpetual license revenue increased 42% to $2.7 million in the first nine months of 2013, compared to $1.9 million in the first nine months of 2013.
  • Recurring revenue increased 16% in the first nine months to $3.6 million, compared to $3.1 million in the first nine months of 2012.
  • 174 iAPPS enterprise licenses and 2,160 iAPPS ds licenses were sold in the first nine months of 2013
  • Deferred revenue increased 123% in the first nine months of 2013 to $2.5 million, compared to $1.1 million at September 30, 2012.

Subsequent Event

On August 1, 2013 Bridgeline Digital acquired franchise web platform developer Elements Local, who has over 35 Franchisor customers and over 3,200 Franchises on their web platform. Over the past twelve months Elements Local has experienced a 95% retention rate. Most of Elements Local customers are national franchise brands such as Sports Clips, MAACO, Glass Doctor, Pearle Vision, Molly Maids, and Mr. Handyman. In 2013 Elements Local is projecting a record revenue year of over $2 million, of which the majority of this revenue is recurring.

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