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Bitstream Reports Profit on falling Revenues

Tuesday, March 10, 2009

Press release from the issuing company

Cambridge, MA -- Bitstream Inc. today reported revenue for the three months ended December 31, 2008 of $5,638,000, a decrease of $645,000 or 10% as compared to $6,283,000 for the three months ended December 31, 2007 but an increase of $155,000 or approximately 3% as compared to revenue of $5,483,000 for the three months ended September 30, 2008. Revenue of $24,008,000 for the year ended December 31, 2008 is our highest full year revenue since becoming a publicly traded company, increasing $390,000 or approximately 2% as compared to revenue of $23,618,000 for the year ended December 31, 2008. The Company's cash and cash equivalents at December 31, 2008 totaled $16,162,000, an increase of $962,000 from its cash and cash equivalents of $15,200,000 at September 30, 2008.

"While the challenging economic environment affected our revenue for the quarter ended December 31, 2008, we are pleased that we have been able to maintain profitability and that we have been able to continue to generate positive cash flow.  With our strong balance sheet and no debt, we remain well positioned to take advantage of potential growth opportunities." said Anna M. Chagnon, President and Chief Executive Officer. "We continue to conservatively manage our business through these uncertain economic times while investing in key strategic areas. During the quarter ended December 31, 2008 we reduced our operating expenses compared to the quarters ended December 31, 2007 and September 30, 2008 by $248,000 and $221,000, respectively. Such reductions contributed to our positive cash flow and net income for the quarter ended December 31, 2008."

GAAP Results

Our income from operations decreased $284,000 or approximately 28% to $744,000 for the three months ended December 31, 2008 as compared to $1,028,000 for the three months ended December 31, 2007, while net income decreased $465,000 or approximately 40% to $709,000 or $0.07 per diluted share for the three months ended December 31, 2008 as compared to net income of $1,174,000 or $0.11 per diluted share for the three months ended December 31, 2007.

Non-GAAP Results

Our income from operations not including the effect of stock-based compensation expense decreased $245,000 or approximately 21% to $911,000 for the three months ended December 31, 2008 as compared to $1,156,000 for the three months ended December 31, 2007. Net income decreased $426,000 or approximately 33% to $876,000 or $0.09 per diluted share for the three months ended December 31, 2008 as compared to net income of $1,302,000 or $0.12 per diluted share for the three months ended December 31, 2007.

 

 

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