Bitstream Inc. Reports Q4 EPS of $(0.07)

Bitstream Inc. BITS today reported that total revenue increased by $940,000 or 17% to $6,519,000 for the three months ended December 31, 2010 as compared to total revenue of $5,579,000 for the three months ended December 31, 2009 and by $537,000 or 9% sequentially as compared to $5,982,000 for the three months ended September 30, 2010. The Company's aggregate cash, cash equivalents, and investments at December 31, 2010 totaled $11,412,000, a decrease of $1,333,000 from a balance of $12,745,000 at September 30, 2010 and a decrease of $6,753,000, as compared to a balance of $18,165,000 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. Non-GAAP results for the three months ended December 31, 2010 exclude stock-based compensation expense, the amortization of intangible assets primarily acquired from Press-sense Ltd. and acquisition costs for certain assets of Press-sense Ltd. Non-GAAP loss from operations was $(579,000) for the three months ended December 31, 2010, as compared to operating income for the three months ended December 31, 2009 of $472,000. Non-GAAP net loss was $(678,000) or $(0.07) per share for the three months ended December 31, 2010, as compared to net income for the three months ended December 31, 2009 of $366,000 or $0.04 per fully diluted share.