Bitstream Inc. Reports Year-End 2000 Results.Business/Technology Editors CAMBRIDGE, Mass.--(BUSINESS WIRE)--Feb. 20, 2001 Bitstream Inc. (Nasdaq: BITS) today reported that revenues for the year ended December 31, 2000 were $8,982,000 compared to $8,921,000 for the year ended December 31, 1999, an increase of $61,000 or 1%. Expenses for the year ended December 31, 2000 decreased $198,000 or 2% to $12,326,000 for the year ended December 31, 2000 as compared to $12,524,000 for the year ended December 31, 1999. Revenues for the three months ended December 31, 2000 were $2,088,000 compared to $2,116,000 for the three months ended December 31, 1999, a decrease of $28,000 or 1%. 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. and cost of revenues (which primarily represent engineering costs attributable to customer specific customizations) for the three months ended December 31, 2000 were $3,007,000, a decrease of $268,000 or 8% from $3,275,000 for the three months ended December 31, 1999 due to decreases in expenses for all three of the Company's businesses. The net loss for the year ended December 31, 2000 decreased $903,000 to $(3,139,000) or 22% compared to a net loss of $(4,042,000) for the year ended December 31, 1999. Basic and diluted net loss per share was $(0.41) for the year ended December 31, 2000 versus basic and diluted net loss per share of $(0.56) for the year ended December 31, 1999. The Company's net loss for the three months ended December 31, 2000 was $(899,000), representing a decrease of $1,172,000, or 57%, from a $(2,071,000) loss during the three months ended December 31, 1999. The decrease in the net loss excluding the write off of $868,000 in deferred tax assets during the three months ended December 31, 1999 was $304,000. Basic and diluted net loss per share were $(0.12) for the three months ended December 31, 2000, versus $(0.28) for the three months ended December 31, 1999. The Company's cash and cash equivalent balance at December 31, 2000 was $7,149,000, a decrease of $328,000 from the September 30, 2000 balance of $7,477,000. The net decrease in cash for the year ended December 31, 2000 was $1,888,000 versus a decrease of $5,215,000 during the year ended December 31, 1999. Bitstream is composed of three different businesses: (1) its type and technology business whose primary revenues are from the license of font rendering software and fonts to the embedded Inserted into. See embedded system. and internet appliance Also called "information appliance," "smart appliance," and "Web appliance," it is a device specialized for accessing the Web and/or e-mail. Designed for ease of use, it plugs into a telephone jack or LAN connection for Internet hookup. markets; (2) MyFonts.com, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. that was formed in late 1999 as the first e-commerce site to aggregate fonts from multiple vendors on one easy-to-use Web site ("MyFonts.com"); and (3) Pageflex, a wholly owned subsidiary that was formed in early 1999, to establish the Company as a leader in on-demand marketing ("Pageflex"). The performance of each business segment is discussed in greater detail below: Type and Technology Results The Company's type and technology business segment was profitable for its eighth successive quarter with income from operations increasing $222,000 or 32% for the year ended December 31, 2000 as compared to the year ended December 31, 1999. Income from operations for this business segment was $87,000 and $910,000 for the three months and year ended December 31, 2000, respectively, as compared to 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 $205,000 and $688,000 for the three months and year ended December 31, 1999, respectively. The year over year increase in income from operations was primarily due to a decrease in expenses. Type and technology revenues for the year ended December 31, 2000 were $6,198,000 compared to $6,187,000 for the year ended December 31, 1999, an increase of $11,000 or less than 1%. Revenues for the three months ended December 31, 2000 decreased $294,000 or 18% to $1,328,000 from $1,622,000 for the three months ended December 31, 1999. Expenses, including cost of revenues, for the three months and year ended December 31, 2000 as compared to the three months and year ended December 31, 1999 decreased $176,000 or 12% from $1,417,000 to $1,241,000, and $211,000 or 4% from $5,499,000 to $5,288,000, respectively. "During 2000, we continued to focus on royalty-bearing deals with major set-top box The cable TV box that sits on "top" of the TV "set," although it is often located several feet away in an equipment rack. The set-top box descrambles the premium channels and provides a tuner for the higher cable numbers that very old TVs did not support. , wireless device and Internet appliance manufacturers," said Anna M. Chagnon, President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . "Although these deals resulted in minimal upfront revenue to Bitstream during 2000, we believe the future revenue from such deals will be significant. To maintain our font technology leadership position in these markets, we also continued to invest extensively in new product development. Even with these investments, we are very pleased that our type and technology business has remained profitable for the eighth successive quarter." Type & Technology Highlights For the Year -- Be Inc (company) Be Inc - The company that produced the BeBox, founded by Jean-Louis Gassee, former product chief at Apple. . entered into a long-term, global agreement to license Bitstream's unified, stroke-based CJK (character) CJK - In internationalisation, a collective term for Chinese, Japanese, and Korean. The characters of these languages are all partly based on Han characters (i.e., "hanzi" or "kanji"), which require 16-bit character encodings. (Chinese, Japanese, Korean) font. By integrating this font into the BeIA Client Platform, Be solves a significant problem facing manufacturers of Internet appliances bound for Asian markets by providing complete, high-quality Asian font support without using a large amount of memory. Be is the first licensee of Bitstream's unified, stroke-based font. The unified font takes up less than 1MB of memory and uses standard Unicode encoding See encode. . It includes over 32,000 Traditional Chinese, Simplified Chinese, Japanese (Kanji (human language, character) kanji - /kahn'jee/ (From the Japanese "kan" - the Chinese Han dynasty, and "ji" - glyph or letter of the alphabet. Not capitalised. Plural "kanji") The Japanese word for a Han character used in Japanese. ), and Korean characters. -- Sony Visual Entertainment Europe licensed TrueDoc for incorporation into its MHP MHP Multimedia Home Platform (consumer electronics) MHP Milliyetci Hareket Partisi (Turkish: National People's Party) MHP Mobile Home Park (district) MHP Maximum Human Performance digital platforms, including digital TV products, allowing Sony to render high-quality text using Bitstream's patented portable font technology. TrueDoc is an award-winning font technology for delivering portable fonts across the Web as well as across applications, operating systems Operating systems can be categorized by technology, ownership, licensing, working state, usage, and by many other characteristics. In practice, many of these groupings may overlap. , platforms, and devices. It provides a compact, high-performance font scaler Software that converts scalable fonts into bitmaps on the fly as required for display or printing. Examples are TrueType, Adobe Type Manager and Bitstream's TrueDoc. See scalable font and font generator. and rasterizer that is ideal for applications and devices that have limited memory and processing power. Many developers, including ANT, Liberate (Liberate Technologies, San Mateo, CA) A software company that specialized in the information appliance field. Formerly Network Computer, Inc. (NCI), a spin-off from Oracle in 1996, it changed its name in 1999. , NDS See eDirectory. NDS - Netware Directory Services , and Microsoft (WebTV), are now using Bitstream's font technology to build cable, satellite, and home entertainment systems for digital television. -- Motorola, Inc. entered into a long-term, global agreement to license 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. , Bitstream's next generation font rasterizing rasterizing - rasterising engine, and to license Bitstream's T2K T2K Tempest 2000 (game; sequel to Tempest) T2K Time 2 Kill (gaming clan) font engine. This new agreement enables Motorola to offer additional interactive solutions and cost-effective advanced multimedia set-top box solutions to its worldwide customer base. -- Novell, the leading provider of Net services software, entered into a long-term, global agreement that will allow developers to use Bitstream's font technology in a Java environment. Under the terms of the agreement, Novell will license Font Fusion, a core set of Bitstream's delta-hinted fonts, and Bitstream's Unicode font. This new agreement enables Novell to render high-quality text in the NetWare Java Virtual Machine A Java interpreter. The Java Virtual Machine (JVM) is software that converts the Java intermediate language (bytecode) into machine language and executes it. The original JVM came from the JavaSoft division of Sun. (JVM See Java Virtual Machine. JVM - Java Virtual Machine ). -- WebEx Communications, Inc. entered into a long-term agreement to license Font Fusion and the TrueDoc recorder. This new agreement extends WebEx's ability to provide the most complete and flexible real time communications Instantaneous transmission. There is little or no network latency when transmitting in real time. See real time. services to its customers and partners, including rendering the fonts users want during Web meetings and presentations. WebEx provides real-time, interactive multimedia communications services that meeting-enable the Web sites of its customers and partners. These services let users conduct meetings and share software applications, documents, presentations and other content on the Internet using a standard Web browser The program that serves as your front end to the Web on the Internet. In order to view a site, you type its address (URL) into the browser's Location field; for example, www.computerlanguage.com, and the home page of that site is downloaded to you. . -- TiVo signed a long-term agreement to license Bitstream's T2K font engine for general purpose use with the TiVo service. TiVo, the creator of and leader in personal television services, is a revolutionary new service that puts customers in control of their television-viewing experience. TiVo changes the way viewers experience television entertainment, giving control over what viewers want to watch and when they want to watch it. -- The Company's next generation font rasterizing engine, Font Fusion, received quick market acceptance during the year ended December 31, 2000. Font Fusion is the convergence of Bitstream's T2K(R) and TrueDoc(R) technology in an advanced, object-oriented architecture. It is designed for operating systems, software applications, Web applications, low-resolution screen devices, multimedia servers, high-definition television high-definition television (HDTV) Any system producing significantly greater picture resolution than that of the ordinary 525-line (625-line in Europe) television screen. Conventional television transmits signals in analog form. screens (HDTVs), set-top boxes, continuous tone printers, personal digital assistants (PDAs), and other embedded systems Embedded systems Computer systems that cannot be programmed by the user because they are preprogrammed for a specific task and are buried within the equipment they serve. , Internet appliances, and small wireless systems. Font Fusion is also optimized for memory-constrained environments. Font Fusion licensees during 2000 included ANT Limited, Be Inc., Liberate Technologies, LSI LSI: see integrated circuit. (Large Scale Integration) Between 3,000 and 100,000 transistors on a chip. See SSI, MSI, VLSI and ULSI. Logic Corporation, Motorola Inc., Novell, 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 Ltd., and WebEx Communications, Inc. -- The Company released version released version - release 2.0 of Font Fusion in July 2000. This new version included the availability of new stroke-based fonts for Japan and Korea, completing Bitstream's CJK (Chinese, Japanese, and Korean) stroke-based font technology and giving developers complete character sets in Unicode and native encodings. -- The Company launched its New Font Collection (NFC NFC abbr. National Football Conference ) program to not only add fonts to its library, but also to seek out designs from new and established designers alike. MyFonts.com Results The Company's MyFonts.com business segment began generating revenue in April 2000 and has experienced double-digit monthly revenue growth resulting in revenues of $64,000 and $96,000 for the three months and year ended December 31, 2000, respectively. Revenues attributable to this segment after the inter-company elimination of royalties due on the resale of Bitstream products was $41,000 and $50,000 for the three months and year ended December 31, 2000, respectively. Operating expenses for the three months ended December 31, 2000 decreased $14,000 or 10% to $133,000 from $147,000 during the three months ended December 31, 1999. Operating expenses for the year ended December 31, 2000 increased $156,000 or 53% to $448,000 from $292,000 during the year ended December 31, 1999. Loss from operations for the MyFonts.com business decreased $25,000 or 17% to $(122,000) during the three months ended December 31, 2000 from $(147,000) during the three months ended December 31, 1999, while the loss from operations for the year ended December 31, 2000 increased $139,000 or 48% to $(431,000) from $(292,000) during the year ended December 31, 1999. "We are very pleased by the initial success of our MyFonts.com website, which has reported double-digit monthly revenue growth since April 2000," said Charles Ying, Chief Executive Officer. "Not only has MyFonts.com experienced very promising revenue growth to date, we have also determined that this revenue is from a new group of customers which are not currently being serviced by traditional font foundry web sites thereby representing incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. revenue to both MyFonts.com and the font foundries who sell their fonts through MyFonts.com." MyFonts.com Highlights for the Year -- In April 2000, the Company launched the website http://www.myfonts.com, a user-friendly e-commerce Web site which allows everyone to explore the world of typography typography (tīpŏg`rəfē), the art of printing from movable type. The term typographer is today virtually synonymous with a master printer skilled in the techniques of type and paper stock selection, ornamentation, and composition. with their Web browser and purchase fonts on-line. -- MyFonts.com entered into a long-term partnership with Linotype Library GmbH to offer the complete Linotype Library on its e-commerce Web site. With this agreement, MyFonts.com now gives users direct access to over 2,000 fonts in the Linotype library. -- MyFonts.com was named one of the ten best online software stores by Softletter. Chosen by a panel of 27 Softletter subscribers, the ten winners demonstrated excellence in store design, merchandising, order processing, competitive positioning, and site promotion. The winners also reflect a wide range of product categories and marketing approaches, ranging from software for kids and low-cost trialware to high-end business applications and software components. Pageflex Results Revenues from the Company's Pageflex business were $2,734,000 for both years ended December 31, 2000 and 1999. Revenues for the three months ended December 31, 2000 increased $225,000 or 46% to $719,000 from $494,000 for the three months ended December 31,1999. This increase was primarily attributable to $435,000 in revenue from a worldwide software development and licensing agreement with Xerox Corporation (company) XEROX Corporation - http://xerox.com/. See also XEROX PARC, XEROX Network Services. that was signed during the three months ended December 31, 2000. Revenue for the year ended December 31, 1999, included $600,000 from a one-time distribution agreement with Inso Providence Corporation during the first quarter of 1999. Expenses, including cost of revenues, for the three months and year ended December 31, 2000 as compared to the three months and year ended December 31, 1999 decreased $108,000 or 6% from $1,711,000 to $1,603,000, and $176,000 or 3% from $6,733,000 to $6,557,000, respectively. Operating losses operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. decreased by $333,000 or 27% and $176,000 or 4% for the three months and year ended December 31, 2000, respectively, as compared to the same periods ended December 31, 1999. Operating losses were $(884,000) and $(3,823,000) for the three months and year ended December 31, 2000, respectively, and $(1,217,000) and $(3,999,000) for the three months and year ended December 31, 1999, respectively. The decrease in loss from operations was primarily due to the decrease in expenses described above. "During 2000, we continued to focus on building a stronger distribution channel for Pageflex," said Sang Lee, Vice President of Sales & Marketing for Pageflex. "In addition to signing a number of new resellers worldwide, we are very excited about the signing of a worldwide distribution agreement with Xerox Corporation for both our Persona and Mpower products during the fourth quarter. In addition to the payment of significant development fees evidencing Xerox's commitment to our products, we believe Xerox's extensive sales channel will be a catalyst for sales of Pageflex products in 2001 and beyond." Pageflex Highlights for the Year -- Pageflex entered into a worldwide software development and licensing agreement with Xerox Corporation under which Xerox has the right to resell Pageflex's Mpower and Persona software on a non-exclusive worldwide basis through Xerox's extensive sales channel. Pageflex's software will also be incorporated into a soon-to-be-announced solution from Xerox for the 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. and customization market. -- Pageflex announced that Salomon Smith Barney Smith Barney is a division of Citigroup Global Capital Markets Inc., a global, full-service financial firm, that provides brokerage, investment banking and asset management services to corporations, governments and individuals around the world. uses Mpower to deliver 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. 401(k) brochures to participants and that Spire, an integrated marketing services provider, was handling the implementation and delivery. -- Fidelity Investments Fidelity Investments is a group of privately held companies in the financial services industry. It is made up by two independent but closely cooperating companies, Fidelity Management and Research Corporation (FMR Co. successfully launched its program to dynamically create 401(k) brochures and promotional materials using Pageflex Mpower. -- Collabria licensed Pageflex's Mpower software for use in the Collabria PrintCommerce(TM) service. Pageflex Mpower enables PrintCommerce users to create and produce highly customized, sophisticated marketing documents from a Web-browser for one-to-one marketing communications Marketing communications (or marcom) are messages and related media used to communicate with a market. Those who practice advertising, branding, direct marketing, graphic design, marketing, packaging, promotion, publicity, sponsorship, public relations, sales, sales delivered in print or PDF (Portable Document Format) The de facto standard for document publishing from Adobe. On the Web, there are countless brochures, data sheets, white papers and technical manuals in the PDF format. . -- MediaFlex.com licensed Pageflex's Mpower software to incorporate into its Online Print Center platform, enabling MediaFlex.com to offer a Web-driven document customization solution within its comprehensive e-printing services. -- Pageflex introduced Persona, an XML-based variable content publishing application that allows users to create sophisticated, personalized documents in PDF(TM) or PostScript(TM). Persona is an easy to use application for Windows(TM) NT, consisting of a subset of features from Mpower, Pageflex's enterprise marketing-on-demand solution. -- Pageflex signed a number of new international resellers, including Konzept-IX GmbH in Germany, Switzerland and Austria, Burns & Scott in the United Kingdom and Denmark, Visual Processing Visual processing is the sequence of steps that information takes as it flows from visual sensors to cognitive processing. The sensors may be zoological eyes or they may be cameras or sensor arrays that sense various portions of the electromagnetic spectrum. Japan in Japan, Pinnacle Graphics in Norway, Maximicro in France, Wifac in Belgium and The Netherlands, and IT Mentor in Sweden. -- In May 2000, Persona and Mpower variable content authoring applications were used by some of the leading vendors at Drupa to demonstrate how the Personalized Print Markup Language markup language Standard text-encoding system consisting of a set of symbols inserted in a text document to control its structure, formatting, or the relationship among its parts. The most widely used markup languages are SGML, HTML, and XML. (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. ) allows multiple devices to communicate with one another. Personalized Print Markup Language (PPML) is a new, XML-based Industry standard print language developed by the world's leading manufacturers of print technology for high-speed production of reusable page content. On Wednesday, February 21, 2001, at 1:00 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 year-end results. Interested participants should call 888.693.8686 (US and Canada only) or 303.928.2656 (outside US and Canada) and enter Conference ID Number 8720302 no sooner than five minutes before the call begins. We will also be webcasting the call at www.evoke.com. If you are interested in joining the webcast, please go to www.evoke.com at the start of the call, click "Join a Meeting" and enter ID Number 8720302. 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, 1999. Bitstream Inc. Bitstream Inc. (Nasdaq:BITS) is the leading developer of font technology, digital fonts, and custom font designs for a wide variety of markets. Setting the standard for excellence in font technology, Bitstream holds numerous key patents that cover the creation of portable fonts for the Internet. Bitstream licenses its award-winning TrueDoc, WebFont, and Font Fusion technologies to Web and application developers, and to manufacturers of Internet appliances, wireless devices, set-top boxes, embedded systems, printers, and personal digital assistants. Pageflex, Inc. Pageflex, Inc. (www.pageflexinc.com), develops, markets, and supports on-demand document composition solutions and related technology. Its products include Mpower(TM), a variable data enterprise solution, and Persona(TM), a variable data desktop publishing desktop publishing, system for producing printed materials that consists of a personal computer or computer workstation, a high-resolution printer (usually a laser printer), and a computer program that allows the user to select from a variety of type fonts and sizes, application. Both products use NuDoc(TM), Pageflex's XML-based composition engine. NuDoc technology uses flexible design templates incorporating "spring-loaded" text and image containers that dynamically adjust page layouts :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. based on the sizes and shapes of the variable text and images flowed into them. Text and image containers resize Verb 1. resize - change the size of; make the size more appropriate size - make to a size; bring to a suitable size rescale - establish on a new scale and reposition to automatically maintain the design integrity of each document. Quark quark (kwôrk): see elementary particles. quark Any of a group of subatomic particles thought to be among the fundamental constituents of matter—more specifically, of protons and neutrons. and PageMaker documents can be ported via Adobe InDesign using Pageflex's DesignOut plug-in. Built on open standards Specifications for hardware and software that are developed by a standards organization or a consortium involved in supporting a standard. Available to the public for developing compliant products, open standards imply "open systems;" that an existing component in a system can be replaced , Pageflex(TM) products import data from any ODBC-compliant database and use XML XML in full Extensible Markup Language. Markup language developed to be a simplified and more structural version of SGML. It incorporates features of HTML (e.g., hypertext linking), but is designed to overcome some of HTML's limitations. as the data format between databases and page composition. The Company was established in 1999 as a wholly owned subsidiary of Bitstream Inc. (NASDAQ: BITS, www.bitstream.com). MyFonts.com MyFonts.com, Inc., a venture funded by Bitstream Inc. (NASDAQ: BITS) and established as a wholly owned subsidiary in 1999, is a showcase of the world's fonts available from one easy-to-use Internet portal. It provides the largest collection of fonts ever assembled for on-line delivery, and offers easy ways to find and purchase fonts on-line, unique typographic See typography. resources, and a forum for interacting with font experts. For more information, visit http://www.myfonts.com, the Web site for finding, trying, and buying fonts on line. Bitstream and TrueDoc are registered trademarks and WebFont Maker, T2K and Font Fusion are trademarks of Bitstream Inc. Pageflex, Mpower and NuDoc are trademarks of Pageflex, Inc., a wholly-owned subsidiary of Bitstream Inc. MyFonts.com is a trademark of MyFonts.com, Inc., a wholly-owned subsidiary of Bitstream Inc. All other trademarks mentioned are for identification purposes only and may be trademarks of their respective owners.
Bitstream Inc.
Consolidated Statements of Operations
(In Thousands, Except Per Share Data)
Three Months Ended Year Ended
(Unaudited)
December 31, December 31,
2000 1999 2000 1999
Revenues
Software licenses $ 1,475 $ 1,792 $ 7,341 $ 7,299
Services 613 324 1,641 1,622
Total revenues 2,088 2,116 8,982 8,921
Cost of revenues 232 352 1,232 1,461
Gross profit 1,856 1,764 7,750 7,460
Operating expenses
Selling and
marketing 877 1,111 3,716 4,353
Research and
development 1,257 1,324 4,946 5,037
General and
administrative 641 488 2,432 1,673
Total operating expenses 2,775 2,923 11,094 11,063
Loss from operations (919) (1,159) (3,344) (3,603)
Other income (expense):
Income (loss) on
investment in
DiamondSoft, Inc. (14) 7 (13) 18
Other income, net 108 31 463 533
Loss before
income Taxes (825) (1,121) (2,894) (3,052)
Deferred tax
asset reserve -- 868 -- 868
Provision for
income taxes 74 82 245 122
Net loss $ (899) $ (2,071) $ (3,139) $ (4,042)
Net loss per share:
Basic and diluted $ (0.12) $ (0.28) $ (0.41) $ (0.56)
Weighted average
shares outstanding:
Basic and diluted 7,771 7,406 7,738 7,261
Bitstream Inc.
Consolidated Balance Sheets
(In Thousands)
December 31, December 31,
2000 1999
ASSETS
Current assets:
Cash and cash equivalents $ 7,149 $ 9,037
Accounts receivable, net 2,043 2,188
Prepaid expenses and
other current assets 198 297
Total current assets 9,390 11,522
Property and equipment, net 636 763
Restricted cash 300 --
Goodwill, net 1,196 1,665
Investment in
DiamondSoft, Inc. 449 462
Other assets 136 191
2,081 2,318
Total assets $12,107 $14,603
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current maturities of
capital lease obligations $ -- $ 27
Accounts payable 261 351
Accrued income taxes 17 --
Accrued expenses 1,270 1,126
Deferred revenue 471 350
Total current liabilities 2,019 1,854
Long-term deferred revenue 39 7
Total liabilities 2,058 1,861
Total stockholders' equity 10,049 12,742
Total liabilities and
Stockholders' equity $12,107 $14,603
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