Bitstream Inc. Reports Fourth Quarter Results.CAMBRIDGE, Mass.--(BUSINESS WIRE)--March 3, 1998--Bitstream Inc. (Nasdaq: BITS) today reported revenues of $3,757,000 for the three months ended December 31, 1997, an increase of 50% over revenues of $2,502,000 for the three months ended December 31, 1996. Net income for the quarter ended December 31, 1997 was $118,000, as compared to net income of $157,000 for the three months ended December 31, 1996. Net income per share was $0.02 for the three months ended December 31, 1997, and for the three months ended December 31, 1996. Revenues for the fiscal year ended December 31, 1997 increased 24% to $13,102,000 compared to $10,551,000 for the fiscal year ended December 31, 1996. Net loss for the fiscal year ended December 31, 1997 was ($5,990,000), as compared to net income of 1,337,000, for the fiscal year ended December 31, 1996. Net loss per share was ($0.95) for the fiscal year ended December 31, 1997, versus net income per share of $0.25 for the fiscal year ended December 31, 1996. Operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. for the fiscal year ended December 31, 1997 reflect non-recurring expenses of $6,301,000, including $4,930,000 for in-process research and development expenses incurred in conjunction with the merger with Archetype archetype (är`kĭtīp') [Gr. arch=first, typos=mold], term whose earlier meaning, "original model," or "prototype," has been enlarged by C. G. Jung and by several contemporary literary critics. , Inc. on April 28, 1997 and $1,371,000 for severance and other non-recurring expenses. The Archetype merger was accounted for as a purchase and Archetype's operating results were consolidated with Bitstream's since the merger date. In the fourth quarter of 1997, the Company adopted 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 No. 128 relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the calculation and presentation of Earnings per Share. This standard requires presentation of both basic and fully diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of on the face of the income statement. Basic EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. is calculated using the weighted average common shares outstanding and 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. EPS is calculated using the weighted average common and common equivalent shares outstanding. Diluted EPS during periods of net loss is calculated using only weighted average common shares outstanding. The discussion of EPS in this release focuses on diluted EPS. All previously disclosed quarterly and annual earnings per share, including those for 1996 included in this press release, that were reported in prior periods as "net income per common and common equivalent shares outstanding" are now reported as "diluted income per common share." "1997 was a historical year for Bitstream. Through acquisitions, new product launches, licensing agreements, and organizational changes, we began the Company's evolution from a font-centric company into a diversified diversified (di·verˑ·s software company offering a wide range of key components to the publishing industry," said Charles Ying, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and Chairman of Bitstream Inc. "Our fourth quarter and year-end results support the direction that we are taking, as we posted quarterly and annual revenue increases of 50% and 24% respectively." Fourth quarter highlights include the licensing of the award-winning Bitstream(R) TrueDoc(tm) technology to Samsung Corporation for incorporation into its SmartStudio(tm) video authoring tool; Sun Microsystems' adoption of TrueDoc as the 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. subsystem A unit or device that is part of a larger system. For example, a disk subsystem is a part of a computer system. A bus is a part of the computer. A subsystem usually refers to hardware, but it may be used to describe software. for its JavaOS(tm); and many editor and industry awards for Bitstream(R) Font Navigator See Netscape Navigator, Netscape and Norton Navigator. Navigator - Netscape Navigator (tm) and Bitstream(R) MediaBank.(tm) Bitstream, headquartered in Cambridge Massachusetts, develops, markets, and supports software technologies and applications for the graphics communications industry communications industry, broadly defined, the business of conveying information. Although communication by means of symbols and gestures dates to the beginning of human history, the term generally refers to mass communications. . Through the Type and Technology Division, Bitstream licenses leading text imaging and page layout :For the Wikipedia policy about articles layout, see Wikipedia:Guide to layout. Page layout is the part of graphic design that deals in the arrangement and style treatment of elements (content) on a page. technologies, such as Bitstream TrueDoc, Bitstream JET and Bitstream NuDoc, to hundreds of independent developers. Building on these technologies, Bitstream's Archetype Applications Division develops publishing applications, such as its MediaBank digital asset manager and the InterSep OPI (Open Prepress Interface) An extension to PostScript that provides color separations. It was developed by Aldus Corporation, which was later acquired by Adobe. server. Thousands of corporations, publishers, ad agencies, and prepress houses use Archetype applications. Complementing these products, Bitstream markets and supports an extensive multilingual mul·ti·lin·gual adj. 1. Of, including, or expressed in several languages: a multilingual dictionary. 2. library of over 1,400 typefaces This is a list of typefaces. Serif Here you can find a graphical version of this table.
All trademarks are the property of their respective holders and are mentioned for identification purposes only. -0-
BITSTREAM INC.
Consolidated Statement of Operations Data
(Dollars in Thousands Except Per Share Data)
Three Months Ended Twelve Months Ended
December 31, December 31,
1997 1996 1997 1996
Revenues: $ 3,757 $ 2,502 $13,102 $10,551
Cost of Revenues: 468 405 1,518 1,858
Gross profit: 3,289 2,097 11,584 8,693
Operating expenses:
Marketing and selling 1,740 1,124 6,621 4,386
Research and development 827 498 2,826 1,512
General and administrative
In-process research and 621 359 2,104 1,533
development
Severance & other non- -- -- 4,930 --
recurring compensation
-- -- 1,371 --
Total operating expenses: 3,188 1,981 17,852 7,431
Operating income: 101 116 (6,268) 1,262
Other income (expense), net: 51 43 510 (19)
Provision for (benefit from)
income taxes: 34 2 232 (94)
Net income: $ 118 $ 157 $ (5,990) $ 1,337
Basic net income per share: .02 .03 (.95) .34
Basic weighted average
shares outstanding: 6,512,951 5,050,747 6,303,216 3,879,490
Diluted net income per share: .02 .02 N/A .25
Weighted average common shares
outstanding and dilutive
potential common shares: 7,775,160 6,575,608 N/A 5,404,351
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BITSTREAM INC.
Consolidated Balance Sheet Data
(Dollars in Thousands)
December 31, 1997 December 31, 1996
ASSETS
Current Assets:
Cash and cash equivalents $ 6,364 $11,718
Trade receivables, net 3,694 1,552
Current portion of long-
term account and
extended plan accounts
receivable, net 1,855 1,667
Deferred income taxes 868 868
Other current assets 684 434
Total current assets: 13,465 16,239
Property and equipment, net:
1,399 924
Other assets: 2,145 314
Total Assets: $17,009 $17,477
LIABILITIES AND SHAREHOLDERS'
EQUITY
Current Liabilities:
Short term debt $ 28 $ 36
Accounts payable 752 513
Accrued expenses 3,472 1,470
Total current liabilities: 4,252 2,019
Leases & LTD: 73 99
Total Shareholders' Equity: 12,684 15,359
Total Liabilities & Shareholders'
Equity: $17,009 $17,477
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CONTACT: Bitstream Inc. Colleen col·leen n. An Irish girl. [Irish Gaelic cailín, diminutive of caile, girl, from Old Irish. Cronin, 617/520-8329 ccronin@bitstream.com or Bitstream Inc. Wendy Darland, 617) 520-8378 wdarland@bitstream.com |
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