Bitstream Reports Second Quarter Results.CAMBRIDGE Cambridge, city, Canada Cambridge (kām`brĭj), city (1991 pop. 92,772), S Ont., Canada, on the Grand River, NW of Hamilton. It was formed in 1973 with the amalgamation of Galt, Hespeler, and Preston, all founded in the early 19th cent. , Mass.--(BUSINESS WIRE)--July 29, 1997--Bitstream Inc. (Nasdaq: BITS) today reported its financial results for the second quarter of fiscal 1997 which reflect the Company's recent 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. The merger was accounted for as a purchase and Archetype's operating results were consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: with Bitstream's since the merger date of April 28, 1997. For the three months ended June June: see month. 30, 1997, Bitstream The transmission, or flow, of binary data (bits). reported revenues of $3,163,000, an increase of 16.9% over revenues of $2,705,000 for the three months ended June 30, 1996. The net loss for the quarter ended June 30, 1997 was $6,386,000, as compared to net income of $504,000 for the three months ended June 30, 1996. Net loss per share was $1.01 for the three months ended June 30, 1997, versus net income per share of $0.12 for the three months ended June 30, 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 this quarter 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, Inc. and $1,371,000 for severance The act of dividing, or the state of being divided. The term severance has unique meanings in different branches of the law. Courts use the term in both civil and criminal litigation in two ways: first, when dividing a lawsuit into two or more parts, and second, when and other non-recurring compensation expenses. Not including these non-recurring charges, the net loss and the net loss per share for the three months ended June 30, 1997 would have been $85,000 and $0.01, respectively. Revenues for the six months ended June 30, 1997 increased 5.1% to $5,685,000, compared to $5,411,000 for the six months ended June 30, 1996. The net loss for the six months ended June 30, 1997 was $6,154,000, as compared to net income of $1,044,000, for the six months ended June 30, 1996. Net loss per share was $1.01 for the six months ended June 30, 1997 versus net income per share of $0.24 for the six months ended June 30, 1996. Not including the $6,301,000 of non-recurring charges cited above, net income and net income per share for the six months ended June 30, 1997 would have been $147,000 and $0.02, respectively. "Bitstream's integration of Archetype's operations has made significant progress," said Charles Charles, archduke of Austria Charles, 1771–1847, archduke of Austria; brother of Holy Roman Emperor Francis II. Despite his epilepsy, he was the ablest Austrian commander in the French Revolutionary and Napoleonic wars; however, he was handicapped by Ying, Chairman and 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. of Bitstream Inc. "With this merger our company is able to deliver broader publishing tools for our OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and and VAR customers worldwide, including type, enabling technology and publishing servers. Our objective in the coming quarters will be to solidify so·lid·i·fy v. so·lid·i·fied, so·lid·i·fy·ing, so·lid·i·fies v.tr. 1. To make solid, compact, or hard. 2. To make strong or united. v.intr. our position in emerging markets such as interactive television, Java Java (jä`və), island (1990 pop. 107,525,520), c.51,000 sq mi (132,090 sq km), Indonesia, S of Borneo, from which it is separated by the Java Sea, and SE of Sumatra across Sunda Strait. based applications, digital asset management, and flexible publishing." Bitstream also announced the selection of Wendy Wendy is a female name which may be used as a short form for Gwendolyn, or in its own right. Its popularity is attributed to the character Wendy Darling from the children's play and novel Peter Pan, by J.M. Barrie. The character Wendy was inspired by a real girl. Darland as vice president and chief financial officer replacing James James, person in the Bible James, in the Gospel of St. Luke, kinsman of St. Jude. The original does not specify the relationship. James, rivers, United States James. D. Hart, who has decided to pursue other interests. Ms. Darland comes to Bitstream from Xitron, Inc., a wholly-owned subsidiary of Autologic Information International, where she was president. Xitron is a software and hardware developer providing individual components and whole integrated systems for pre-press applications. Prior to Xitron, Ms. Darland was vice president, finance and administration, of RIPS RIPS Runway Incursion Prevention System (airport safety system developed by NASA) RIPS Regional Institute for Population Studies (University of Ghana) RIPS Raster Image Processing Systems Corporation , Inc. Bitstream appreciates the numerous contributions made by Mr. Hart to the Company and wishes him well in his future endeavors. The transition of day-to-day day-to-day adj. 1. Occurring on a routine or daily basis: the day-to-day movements of the stock market. 2. responsibilities from Mr. Hart to Ms. Darland will take place in August. Bitstream Inc. develops and sells software solutions for the creation, enhancement, management, transport, viewing and printing of electronic information. The Company licenses typeface The design of a set of printed characters, such as Courier, Helvetica and Times Roman. The terms "typeface" and "font" are used interchangeably, but the typeface is the primary design, while the font is the particular implementation and variation of the typeface, such as bold or italics libraries, publishing servers and imaging technology directly and through its subsidiaries, business agents and distributors to hundreds of computer hardware manufacturers and software developers worldwide. Headquartered in Cambridge Massachusetts Massachusetts (măsəch  `sĭts), most populous of the New England states of the NE United States. USA, Bitstream's stock is traded on the
National Market System under the NASDAQ symbol "BITS." For
more information on Bitstream or its products, visit the company's
home page on the World Wide Web at http://www.bitstream.com . -0-Bitstream and TrueDoc An embedded font from Netscape and Bitstream that is stored on a Web server so that it can be retrieved and rendered by the browser. This allows the Web designer to publish pages using fonts no matter whether the user has them installed in the computer or not. are registered trademarks of Bitstream Inc. All other trademarks mentioned are for identification purposes only and may be trademarks of their respective owners.
BITSTREAM INC.
Unaudited Consolidated Statement of Operations Data
(Dollars in Thousands Except Per Share Data)
Three Months Ended
June 30,
1997 1996
Revenues $ 3,163 $ 2,705
Cost of revenues 485 452
Gross profit: 2,678 2,253
Operating expenses:
Marketing and selling 1,603 1,039
Research and development 649 347
General and administrative 564 377
In-process research and development 4,930 -
Severance and other non-recurring
compensation 1,371 -
Total operating expenses: 9,117 1,763
Operating income (loss): (6,439) 490
Other income (expense), net: 171 (35)
Income (loss) before provision for
(benefit from) income taxes: (6,268) 455
Provision for (benefit from)
income taxes: 118 (49)
Net income (loss): $(6,386) $ 504
Net income (loss), per common and
common equivalent shares: $ (1.01) $ 0.12
Weighted average common and common
equivalent shares outstanding: 6,303,487 4,745,292
-0-
Six Months Ended
June 30, June 30,
1997 1996
Revenues $ 5,685 $ 5,411
Cost of revenues 774 808
Gross profit: 4,911 4,603
Operating expenses:
Marketing and selling 2,819 2,145
Research and development 1,157 680
General and administrative 989 776
In-process research and development 4,930 -
Severance and other non-recurring
compensation 1,371 -
Total operating expenses: 11,266 3,601
Operating income (loss): (6,355) 1,002
Other income (expense), net: 342 (44)
Income (loss) before provision for
(benefit from) income taxes: (6,013) 958
Provision for (benefit from)
income taxes: 141 (86)
Net income (loss): $ (6,154) $ 1,044
Net income (loss), per common and
common equivalent shares: $ (1.01) $ 0.24
Weighted average common and common
equivalent shares outstanding: 6,112,453 4,745,292
-0-
BITSTREAM INC.
Unaudited Consolidated Balance Sheet Data
(Dollars in Thousands)
June 30, 1997 December 31, 1996
ASSETS
Current Assets:
Cash and cash equivalents $ 8,238 $ 11,718
Trade receivables, net 1,891 1,552
Current portion of long-
term account and
extended plan accounts
receivable, net 1,827 1,667
Deferred income taxes 868 868
Other current assets 368 493
Total current assets: 13,192 16,298
Property and equipment, net:
1,074 924
Other assets: 2,371 255
Total Assets: $16,637 17,477
LIABILITIES AND SHAREHOLDERS'
EQUITY
Current Liabilities:
Short term debt $ 31 $ 36
Accounts payable 456 513
Accrued expenses 3,719 1,470
Total current liabilities: 4,206 2,019
Leases & LTD 99 99
Total Shareholders' Equity: 12,332 15,359
Total Liabilities & Shareholders'
Equity: $16,637 $17,477
CONTACT: Bitstream Inc. Colleen col·leen n. An Irish girl. [Irish Gaelic cailín, diminutive of caile, girl, from Old Irish. Cronin Cronin is a surname, and may refer to
(617) 520-8329 ccronin@bitstream.com or James D. Hart (617) 520-8341 jhart@bitstream.com |
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