CAMBRIDGE, Mass.--May 7, 2007-- Bitstream Inc. today reported that it increased total revenue by $936,000 or 20.5% to $5,491,000 for the three months ended March 31, 2007 as compared to $4,555,000 for the three months ended March 31, 2006. We generated operating income of $603,000 for the three months ended March 31, 2007, as compared to $389,000 for the three months ended March 31, 2006. Our net income increased $318,000 or 80% to $716,000 or $0.07 per diluted share for the three months ended March 31, 2007 as compared to net income of $398,000 for the three months ended March 31, 2006. The Company's cash and cash equivalents at March 31, 2007 totaled $11,688,000, an increase of $1,146,000 from $10,542,000 at December 31, 2006.
"We are very pleased with our continued revenue growth, achieving 20% growth for the quarter ended March 31, 2007 as compared to the quarter ended March 31, 2006", said Anna M. Chagnon, President and Chief Executive Officer. "We continue to improve our operating performance as demonstrated by operating income of $603,000 for the quarter ended March 31, 2007, an increase of $214,000 or 55% as compared to the first quarter of 2006 and an increase of $130,000 or 27.5% as compared to the fourth quarter of 2006. Based on our results for the quarter ended March 31, 2007, we believe that our targets for the year ended December 31, 2007 of $25 million in revenue and $3 million in operating profit continue to be achievable." FIRST QUARTER 2007 HIGHLIGHTS AND OTHER RECENT DEVELOPMENTS
January 15, 2007 -- Bitstream announced the release of Pageflex(TM) Storefront 5, a major release of the product that gives print service providers and corporate marketing departments an easy-to-use system to develop, implement, and manage attractive Web-to-print document customization and purchasing sites.
February 12, 2007 -- Bitstream announced its latest offerings in mobile browsing, messaging and font technology solutions at the 3GSM World Congress in Barcelona, Spain. Products featured in the Company's booth included: the ThunderHawk(TM) browser for mobile handsets, myMMS(TM), a creative mobile messaging application, and Bitstream core mobile technologies for rendering worldwide text in handsets and mobile applications.
February 13, 2007 -- Bitstream announced that it is the first PPML producer to be awarded certification by the Print On Demand Initiative (PODi). The Company achieved PPML Certification for its Pageflex product line of variable data publishing software.
February 15, 2007 -- Bitstream announced that three of its Pageflex-based solutions customers have been selected as winners in the annual PODi Best Practices Awards, dominating the PODi Best Practice Awards for Digital Printing and Variable Data.
March 1, 2007 -- Bitstream announced the release of Pageflex(TM) Persona(TM) Cross Media Suite 2007. This is a significant upgrade to the Company's desktop software that enables the creation of database-driven variable data print and personalized HTML emails. This release introduces new features that provide unlimited design and content variability within an individual document, as well as graphic design and production workflow enhancements.
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. This level of detail gives marketers a solid understanding of 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
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