Bitstream Inc. Reports Fourth Quarter Results for 2006.The Company reported fourth quarter revenue of $5,548,000, its highest quarterly revenue since becoming a publicly-traded company, contributing to net income for the year ended December 31, 2006 of $3,234,000 or $0.30 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, the Company's highest annual net income since becoming a publicly-traded company. CAMBRIDGE, Mass. -- Bitstream Inc. (Nasdaq: BITS) today reported that it increased total revenue by $930,000 or 20% to $5,548,000 for the three months ended December 31, 2006 as compared to $4,618,000 for the three months ended December 31, 2005. 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 $473,000 for the three months ended December 31, 2006, as compared to $799,000 for the three months ended December 31, 2005 resulting in operating income for the year of $2,486,000 an increase of $1,448,000 or 140% as compared to the year ended December 31, 2005. Our net income for the three months ended December 31, 2006 was $630,000 or $0.07 per diluted share as compared to net income of $788,000 for the three months ended December 31, 2005, resulting in net income for the year of $3,324,000 or $0.30 per diluted share, an increase of 213% as compared to the year ended December 31, 2005. The Company's cash and cash equivalents at December 31, 2006 totaled $10,542,000, an increase of $723,000 from $9,819,000 at September 30, 2006 and an increase of $5,078,000 from $5,464,000 at December 31, 2005. Income from operations for the quarter ended December 31, 2006 includes $123,000 in non-cash compensation expense associated with our adoption of Statement of Financial Accounting Standards No. 123R, Share-Based Payments, ("SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System 123R") which is effective for periods beginning January 1, 2006. We have adopted SFAS 123R on a modified prospective basis and thus periods prior to January 1, 2006 do not include stock-based compensation expense. Our non-cash stock-based compensation expense for the year ending December 31, 2006 was $322,000. "We are very pleased with our continued revenue growth, achieving 29% growth for the year ended December 31, 2006 as compared to the year ended December 31, 2005 and surpassing the $20 million annual revenue mark for the first time since becoming a publicly-held company", said Anna M. Chagnon, President and Chief Executive Officer. "We continue to improve our operating performance generating operating income of $473,000 for the quarter ended December 31, 2006, which increased operating income to $2,486,000 for the year ended December 31, 2006 an increase of $1,448,000 or 140% as compared to operating income of $1,038,000 for the year ended December 31, 2005. Net income for the year ended December 31, 2006 was $3,234,000 and included other income recognized during our quarter ended June 30, 2006 of $464,000 in recovered legal fees and related expenses resulting from the payment to us by Monotype monotype, type set by the Monotype machine. See printing. monotype or monoprint In art printmaking, a technique prized because of its unique textural qualities. Imaging, Inc. and International Typeface Corporation The International Typeface Corporation (ITC) is a type manufacturer founded in New York in 1970 by Aaron Burns, Herb Lubalin, and Edward Rondthaler. The company is one of the world's first foundries to have no history in metal cast types. for attorneys' fees, expenses and costs awarded to Bitstream by the U.S. District Court for the Northern District of Illinois in connection with the TrueDoc lawsuit. FOURTH QUARTER 2006 HIGHLIGHTS AND OTHER RECENT DEVELOPMENTS October 12, 2006 -- Bitstream announced that through its partnership with Canon USA, Inc. (NYSE NYSE See: New York Stock Exchange :CAJ CAJ Canadian Association of Journalists CAJ Christliche Arbeiterjugend (German Young Christian Workers) CAJ China Academic Journals CAJ Christian Academy in Japan CAJ Canaima, Venezuela (Airport Code) ), that Bitstream's Pageflex product brings Cross Media Variable Data Capabilities to the New Canon imagePRESS C7000VP using Pageflex Software and that Bitstream is one of the first to demonstrate Pageflex software for VDP VDP Variable Data Printing VDP Verband Deutscher Pfandbriefbanken VDP Variable Data Publishing VDP Video Display Processor VDP Van der Pol (equation) VDP Visual Descent Point VDP video datagram protocol and cross media marketing campaigns on this exciting new press. October 12, 2006 -- Bitstream announced a partnership with DirectSmile to offer marketers and print service providers integrated software Separate software components or applications that have been combined into one package. See integrated software package. for producing 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. images within customized documents. October 12, 2006 -- Bitstream Inc. and Deutsch Technologies GmbH announced an alliance that provides users of Bitstream's Pageflex product line for variable publishing with integrated access to Deutsch Technologies' DirecType[R] 2.0 image personalization Custom tailoring information to the individual. On the Web, personalization means returning a page that has been customized for the user, taking into consideration that person's habits and preferences. software, offering High-Impact DirecType Image Personalization Software with Pageflex Variable Publishing Products. October 13, 2006 -- Bitstream announced that it will provide Variable Data, Web-to-Print, and Cross Media Publishing Solutions to HP Indigo Customers. October 15, 2006 -- Bitstream announced that Pageflex[TM] technology has been adopted by the packaging industry as their choice for the Web-based production and customization of product packaging. Over the past year, packagers have demanded a way to be able to accommodate for variations on their labels and cartons and to automate the production process. This demand comes as more and more packagers need to include labeling that accommodates for different languages, nutrition, and product information across a product line. October 15, 2006 -- Bitstream announced that it had shipped the most robust 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. solution available on the market today: Pageflex 5.0. This latest release from the Pageflex product line means that anyone involved with variable data publishing - from small printers producing stationery The term for boilerplate in the Eudora mail client, starting with Version 3.0. Stationery files are stored on disk and brought into new messages or added to replies. See boilerplate. and business cards to high-volume shops running Web-to-print, 24x7 operations - can possess the functionality they need to produce a wide range of variable jobs, all from one application. Pageflex 5.0 replaces the company's Mpower[TM] and .EDIT products and incorporates all of the capabilities of these server-based products into one modular application, and includes important new features designed to improve workflow, enhance design and document manipulation, and provide support for mission critical environments. October 16, 2006 -- Bitstream and Software Marketing Associates, Inc., providers of the PRO-MAIL[R] System, announced the availability of an interface between the PRO-MAIL[R] Fulfillment Solution and Pageflex[TM] Storefront. With this interface commercial printers, fulfillment service bureaus and direct mailers direct mail n. Advertising circulars or other printed matter sent directly through the mail to prospective customers or contributors. di·rect can now offer their clients a seamless solution for placing Internet orders for pre-printed material and products, as well as customized print on demand products. November 6, 2006 -- Bitstream announced the release of Font Fusion Bitstream Font Fusion is a small, fast, object-oriented font engine written in ANSI C capable of rendering high-quality text on any platform, any device, and at any resolution. The entire source code is portable, optimized, and executes independent of operating system and processor. [R] 3.3. This release offers a significant increase in rendering speed for compressed fonts and reasserts Font Fusion's dominant position as the fastest font engine available today. November 27, 2006 --Bitstream announced that a research study co-developed by The Center for Women's Leadership at Babson College Babson College, located in Wellesley, Massachusetts (zoned as "Babson Park," ZIP code 02457),[1] is a private business school that grants all undergraduates a Bachelor of Science in Business Administration. The F. W. and The Commonwealth Institute has named Bitstream as one of the Top 100 Women-Led Businesses in Massachusetts. The report includes data from 191 women-led firms, and details the successes and contributions that companies led by women have made to the state's economy. This marks the second consecutive year that Bitstream was included in the study, moving up from number 48 last year to number 38 in the 2006 report. November 29, 2006 -- Bitstream announced that QNX A multiuser, multitasking, real time operating system for PCs from QNX Software Systems, Ltd., Ottawa, Ontario (www.qnx.com), that is noted for its low-memory requirement and rapid response. Similar to Unix, it has been in use since the early 1980s. Software Systems has extended its licensing agreement with the company. Under this new agreement, QNX has extended its license for Bitstream's Font Fusion technology. 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 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 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. CONFERENCE CALL REMINDER Today, February 27, 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 December 31, 2006: * International Dial-in number: 1-703-639-1219 * Domestic Dial-in number: 1-866-259-6033 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 March 9, 2007 (access code): 1048344 * International Replay number: 1-703-925-2533 * Domestic Replay number: 1-888-266-2081 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, 2005. 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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