Bitstream Inc. Reports First Quarter Results for 2009.The Company reported first quarter revenue of $5,001,000 and non-GAAP net income of $41,000. CAMBRIDGE, Mass. -- Bitstream Inc. (Nasdaq: BITS) today reported that revenue decreased by $1,368,000 or 22% to $5,001,000 for the three months ended March 31, 2009 as compared to total revenue of $6,369,000 for the three months ended March 31, 2008. The Company's cash and cash equivalents at March 31, 2009 totaled $17,057,000, an increase of $895,000 from a Balance of $16,162,000 at December 31, 2008. "We are pleased to report that we increased our cash and cash equivalents during the quarter by $895,000 and that we achieved a non-GAAP net profit of $41,000 for the quarter. However, as our revenue is typically driven more by consumer-based spending in our first quarter than other quarters, we did experience a decrease in our first quarter revenue due to lower consumer spending Consumer demand or consumption is also known as personal consumption expenditure. It is the largest part of aggregate demand or effective demand at the macroeconomic level. , as well as, longer corporate sales cycles," said Anna M. Chagnon, President and Chief Executive Officer. "We remain optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about our ability to drive future revenue growth given the growing pipeline for many of our products and given the opportunities we see to generate additional revenue by licensing our new Bolt 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 ." GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). Results Our loss from operations was $(166,000) for the three months ended March 31, 2009, a decrease of $766,000 as compared to net income of $600,000 for the three months ended March 31, 2008. Our net loss for the three months ended March 31, 2009 was $(153,000) or $(0.02) per 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. share, a decrease of $812,000 as compared to net income of $659,000 or $0.06 per diluted share for the three months ended March 31, 2008. Non-GAAP Results Our income from operations, not including the effect of stock-based compensation expense, decreased $727,000 or 96% to $28,000 for the three months ended March 31, 2009 as compared to $755,000 for the three months ended March 31, 2008. Net income, not including the effect of stock-based compensation expense, decreased $773,000 or 95% to $41,000 or $0.00 per diluted share for the three months ended March 31, 2009 as compared to $814,000 or $0.08 per diluted share for the three months ended March 31, 2008. A reconciliation between GAAP and non-GAAP results is provided at the end of this press release. CONFERENCE CALL REMINDER Today, May 13, 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, 2009: * Domestic Dial-in number: 1-866-793-1301 * International Dial-in number: 1-703-639-1307 Call into the conference number 5-10 minutes prior to the start time. An operator will request that you provide 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 23, 2009 (access code): 1360380 * 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, 2008. 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 (1) To view the contents of a file or a group of files. Browser programs generally let you view data by scrolling through the documents or databases. In a database program, the browse mode often lets you edit the data. See Web browser. 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):
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, browsing See browse. technology, and publishing technology. For more information about Bitstream please visit www.bitstream.com. 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] [TABLE OMITTED] |
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