Bitstream Inc. Reports Second Quarter Results for 2007.The Company reported second quarter revenue of $6,037,000 and net income of $1,225,000 or $0.11 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 $1,045,000 or 20.9% to $6,037,000 for the three months ended June 30, 2007 as compared to $4,992,000 for the three months ended June 30, 2006. The Company's cash and cash equivalents at June 30, 2007 totaled $13,477,000, an increase of $1,789,000 from $11,688,000 at March 31, 2007 and an increase of $2,935,000 from $10,542,000 at December 31, 2006. "Our 2007 second quarter was very strong. We achieved our highest level of quarterly revenue since going public with year-over-year revenue growth of 21% for the quarter and six months ended June 30, 2007 as compared to the same periods in 2006," said Anna M. Chagnon, President and Chief Executive Officer. "We also attained our highest quarterly 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. and net income levels since going public, excluding one time gains from the sale of a product line in 1998 and a legal fee reimbursement Reimbursement Payment made to someone for out-of-pocket expenses has incurred. in 2006." GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). Results Our income from operations increased $307,000 or 39.7% to $1,080,000 for the three months ended June 30, 2007 as compared to $773,000 for the three months ended June 30, 2006, while net income decreased $28,000 or 2.2% to $1,225,000 or $0.11 per diluted share for the three months ended June 30, 2007 as compared to net income of $1,253,000 for the three months ended June 30, 2006. Income from operations and net income for the three months ended June 30, 2006 included a one time gain of $464,000 from a court awarded legal fee reimbursement which is excluded from income from operations and net income in our Non-GAAP results below. Non-GAAP Results Our income from operations increased $349,000 or 42.2% to $1,176,000 for the three months ended June 30, 2007 as compared to $827,000 for the three months ended June 30, 2006, while net income increased $478,000 or 56.7% to $1,321,000 or $0.12 per diluted share for the three months ended June 30, 2007 as compared to net income of $843,000 or $0.08 per diluted share for the three months ended June 30, 2006. A reconciliation between GAAP and non-GAAP results is provided at the end of this press release. SECOND QUARTER 2007 HIGHLIGHTS 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. The level of detail provided by our technology allows marketers to determine 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. June 4, 2007 -- Bitstream announced that it was selected as the 20th ranked Massachusetts-based public company in the 19th Annual Boston Globe 100, highlighting its 2006 business successes. The ranking marked Bitstream's first appearance in the Globe's 100 rankings. June 13, 2007 - Bitstream announced the conclusion of the First Annual Pageflex User Group Conference, held in Cambridge, MA. The conference brought together nearly 100 Pageflex software users from around the world for a two-day educational program that offered technical, marketing and business development updates, in-depth sessions on new product features, and informative presentations on publishing industry trends. June 25, 2007 - Bitstream announced its inclusion in the Russell Microcap microcap 1. Of or relating to the common stock of a company with a small capitalization, usually between $50 million and $250 million. Microcap stocks tend to experience volatile price movements and are subject to investment fraud schemes. [TM] Index, effective June 22, 2007. The addition of Bitstream to the index enables the company to be included in the portfolios of investors who rely on the Russell Indexes Russell Indexes US equity index widely used by pension and mutual fund investors that are weighted by market capitalization and published by the Frank Russell Company of Tacoma, Washington. as part of their investment strategies. June 26, 2007 - Bitstream announced that TVWorks, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control licensed Bitstream's 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. font rasterizing rasterizing - rasterising technology and the Tiresias Screenfont, a font developed by the Royal National Institute for the Blind to improve the legibility leg·i·ble adj. 1. Possible to read or decipher: legible handwriting. 2. Plainly discernible; apparent: legible weaknesses in character and disposition. of text on TV screens. CONFERENCE CALL REMINDER Today, August 7, 2007, at 4:30 p.m. EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT , Bitstream will host a conference call with the financial community to discuss its results for the quarter ended June 30, 2007: * Domestic Dial-in number: 1-866-804-3545 * International Dial-in number: 1-703-639-1326 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 August 17, 2007 (access code): 338729 * 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 (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):
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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