Bitstream Inc. Reports Second Quarter Results for 2008.The Company reported second quarter revenue of $6,518,000 and net income of $813,000 or $0.08 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 CAMBRIDGE, Mass. -- Bitstream Inc. (Nasdaq: BITS) today reported that it increased total revenue by $481,000 or 8% to $6,518,000 for the three months ended June 30, 2008 as compared to total revenue of $6,037,000 for the three months ended June 30, 2007. The Company's cash and cash equivalents at June 30, 2008 totaled $13,939,000. Cash generated by operations and cash received from the exercise of stock options was $471,000 and $444,000, respectively, for the three months ended June 30, 2008, while $81,000 was invested in equipment and intangible assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. and $2,350,000 was used to repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. 388,800 shares of the Company's common stock during the quarter. "Our revenue grew sequentially from the first quarter, as we achieved our highest level of quarterly revenue as compared to any previous quarter since going public. Our 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 increased $0.02 to $0.08 for the second quarter and compared to $0.06 for the three months ended March 31, 2008," said Anna M. Chagnon, President and Chief Executive Officer. "Given general economic concerns affecting the US economy as a whole, we have decided to delay certain planned expenditures for the remainder of 2008. We do not expect that the deferral deferral - Waiting for quiet on the Ethernet. of such expenditures will negatively affect our projected growth plans." GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). Results Our income from operations decreased $288,000 or 27% to $792,000 for the three months ended June 30, 2008 as compared to $1,080,000 for the three months ended June 30, 2007, while net income decreased $412,000 or 34% to $813,000 or $0.08 per diluted share for the three months ended June 30, 2008 as compared to net income of $1,225,000 or $0.11 per diluted share for the three months ended June 30, 2007. Non-GAAP Results Our income from operations, not including the effect of stock-based compensation expense decreased $196,000 or 17% to $980,000 for the three months ended June 30, 2008 as compared to $1,176,000 for the three months ended June 30, 2007. Net income decreased $320,000 or 24% to $1,001,000 or $0.10 per diluted share for the three months ended June 30, 2008 as compared to net income of $1,321,000 or $0.12 per diluted share for the three months ended June 30, 2007. A reconciliation between GAAP and non-GAAP results is provided at the end of this press release. CONFERENCE CALL REMINDER Today, August 12, 2008, 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 June 30, 2008: * Domestic Dial-in number: 1-866-847-7860 * International Dial-in number: 1-703-639-1427 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 August 22, 2008 (access code): 1270212 * 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, 2007. 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 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] The following table shows Bitstream's non-GAAP results reconciled to GAAP results included in this release. [TABLE OMITTED] |
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