Bitstream Inc. Reports First Quarter Results for 2007.The Company reported first quarter revenue of $5,491,000 and net income of $716,000 or $0.07 diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. net income per share. CAMBRIDGE, Mass. -- Bitstream Inc. (Nasdaq: BITS) today reported that it increased total revenue by $936,000 or 20.5% to $5,491,000 for the three months ended March 31, 2007 as compared to $4,555,000 for the three months ended March 31, 2006. We generated operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. of $603,000 for the three months ended March 31, 2007, as compared to $389,000 for the three months ended March 31, 2006. Our net income increased $318,000 or 80% to $716,000 or $0.07 per diluted share for the three months ended March 31, 2007 as compared to net income of $398,000 for the three months ended March 31, 2006. The Company's cash and cash equivalents at March 31, 2007 totaled $11,688,000, an increase of $1,146,000 from $10,542,000 at December 31, 2006. "We are very pleased with our continued revenue growth, achieving 20% growth for the quarter ended March 31, 2007 as compared to the quarter ended March 31, 2006", said Anna M. Chagnon, President and Chief Executive Officer. "We continue to improve our operating performance as demonstrated by operating income of $603,000 for the quarter ended March 31, 2007, an increase of $214,000 or 55% as compared to the first quarter of 2006 and an increase of $130,000 or 27.5% as compared to the fourth quarter of 2006. Based on our results for the quarter ended March 31, 2007, we believe that our targets for the year ended December 31, 2007 of $25 million in revenue and $3 million in operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. continue to be achievable." FIRST QUARTER 2007 HIGHLIGHTS AND OTHER RECENT DEVELOPMENTS January 15, 2007 -- Bitstream announced the release of Pageflex[TM] Storefront 5, a major release of the product that gives print service providers and corporate marketing departments an easy-to-use system to develop, implement, and manage attractive Web-to-print document customization and purchasing sites. February 12, 2007 -- Bitstream announced its latest offerings in mobile browsing, messaging and font font or typeface or type family Assortment or set of type (alphanumeric characters used for printing), all of one coherent style. Before the advent of computers, fonts were expressed in cast metal that was used as a template for printing. technology solutions at the 3GSM (Global System for Mobile Communications) A digital cellular phone technology based on TDMA that is the predominant system in Europe, but also used worldwide. Developed in the 1980s, GSM was first deployed in seven European countries in 1992. World Congress in Barcelona, Spain. Products featured in the Company's booth included: the ThunderHawk[TM] browser browser Software that allows a computer user to find and view information on the Internet. The first text-based browser for the World Wide Web became available in 1991; Web use expanded rapidly after the release in 1993 of a browser called Mosaic, which used for mobile handsets, myMMS[TM], a creative mobile messaging application, and Bitstream core mobile technologies for rendering worldwide text in handsets and mobile applications. February 13, 2007 -- Bitstream announced that it is the first PPML (Personalized Printer Markup Language) An XML-based printer language developed by the PODi association that is designed for printing customized documents with digital printers. producer to be awarded certification by the Print On Demand Initiative (PODi). The Company achieved PPML Certification for its Pageflex product line of variable data publishing The introduction to this article provides insufficient context for those unfamiliar with the subject matter. Please help [ improve the introduction] to meet Wikipedia's layout standards. You can discuss the issue on the talk page. software. February 15, 2007 -- Bitstream announced that three of its Pageflex-based solutions customers have been selected as winners in the annual PODi Best Practices Awards, dominating the PODi Best Practice Awards for Digital Printing and Variable Data. March 1, 2007 -- Bitstream announced the release of Pageflex[TM] Persona persona /per·so·na/ (per-so´nah) [L.] in jungian psychology, the personality mask or facade presented by a person to the outside world, as opposed to the anima, the inner being. per·so·na n. [TM] Cross Media Suite 2007. This is a significant upgrade to the Company's desktop software that enables the creation of database-driven variable data print and personalized per·son·al·ize tr.v. per·son·al·ized, per·son·al·iz·ing, per·son·al·iz·es 1. To take (a general remark or characterization) in a personal manner. 2. To attribute human or personal qualities to; personify. HTML HTML in full HyperText Markup Language Markup language derived from SGML that is used to prepare hypertext documents. Relatively easy for nonprogrammers to master, HTML is the language used for documents on the World Wide Web. emails. This release introduces new features that provide unlimited design and content variability within an individual document, as well as graphic design and production workflow The automatic routing of documents to the users responsible for working on them. Workflow is concerned with providing the information required to support each step of the business cycle. enhancements. April 18, 2007 -- Bitstream announced a robust new campaign tracking technology. These campaign tracking features are available with the Pageflex product, and enable users to track each aspect of their marketing campaigns. This level of detail gives marketers a solid understanding of whether their marketing campaigns are effective and where they are getting the best return on their marketing investment. April 19, 2007 -- Bitstream announced that Pageflex Storefront was named the Best of Show Award winner in the category of Web-to-Print Solutions at the On Demand Conference and Exhibition and that Pageflex 5.0, Bitstream's enterprise solution for variable publishing, was given an honorable mention award in the category of Document Creation Software. This marks the second consecutive year that Pageflex Storefront has been honored with the Best in Show Award at the On Demand Conference CONFERENCE CALL REMINDER Today, May 7, 2007, at 4:30 p.m. EST P.M. also p.m. or p.m. abbr. post meridiem Usage Note: By definition, 12 a.m. , Bitstream will host a conference call with the financial community to discuss its results for the quarter ended March 31, 2007: * Domestic Dial-in number: 1-866-835-8903 * International Dial-in number: 1-703-639-1410 Call into the conference number 5-10 minutes prior to the start time. An operator will check your name and organization and ask you to wait until the call begins. If you have any difficulty connecting with the conference call number, please contact at Bitstream: (617) 497-6222. A replay of the conference call will be available through May 17, 2007 (access code): 1082926 * Domestic Replay number: 1-888-266-2081 * International Replay number: 1-703-925-2533 Forward Looking Statements Disclosure This press release may contain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such statements are based on management's current expectations. Actual performance and results of operations may differ materially from those projected or suggested in the forward-looking statements due to certain risks and uncertainties, including, without limitation, market acceptance of the Company's products, competition and the timely introduction of new products. Additional information concerning certain risks and uncertainties that would cause actual results to differ materially from those projected or suggested in the forward-looking statements is contained in the Company's filings with the Securities and Exchange Commission, including Bitstream's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 2006. About Bitstream Bitstream Inc. (NASDAQ: BITS) is a software development company that makes communications compelling. Bitstream enables customers worldwide to render high-quality text, browse the Web on wireless devices, select from the largest collection of fonts online, and customize documents over the Internet. Its core competencies A core competency is something that a firm can do well and that meets the following three conditions specified by Hamel and Prahalad (1990):
Bitstream and MyFonts.com are registered trademarks, and Pageflex, the Bitstream logo and ThunderHawk are trademarks, of the Company. Other technologies and brand names are used for information only and remain trademarks or registered trademarks of their respective companies. [TABLE OMITTED] [TABLE OMITTED] |
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