Bitstream Inc. Reports Third Quarter Results for 2010: Loss of $0.12 Per Share

Bitstream Inc. BITS today reported that total revenue increased by $322,000 or 6% to $5,982,000 for the three months ended September 30, 2010 as compared to total revenue of $5,660,000 for the three months ended September 30, 2009 and by $547,000 or 10% sequentially as compared to $5,435,000 for the three months ended June 30, 2010. The Company's aggregate cash, cash equivalents, and investments at September 30, 2010 totaled $12,609,000, an increase of $476,000 from a balance of $12,133,000 at June 30, 2010 and a decrease of $5,420,000, as compared to a balance of $18,029,000 at December 31, 2009, reflecting the use of $6,528,000 of cash in the second quarter of 2010 to purchase certain assets of Press-sense Ltd. The company's loss from operations was $(1,091,000) for the three-months ended September 30, 2010, as compared to operating income for the three-months ended September 30, 2009 was $536,000. The company's net loss for the three months ended September 30, 2010 was ($1,174,000) or ($.12) per share as compared to net income for the three months ended September 30, 2009 of $519,000 or $.05 per fully diluted share.