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Bridgeline Announces Earnings for Fourth Quarter of Fiscal 2019

Burlington, Mass., Dec. 27, 2019 (GLOBE NEWSWIRE) -- Bridgeline Digital, Inc. (NASDAQ:ABLIN), The Digital Engagement Companya??, today announced financial results for its fiscal fourth quarter ended September 30, 2019.a??This year Bridgeline nearly tripled its customer base, added two product lines, and is now driving quarter over quarter growth in SaaS revenue which paves our path to profits in 2020,a?? saidAAri Kahn, Bridgelinea??s President and Chief Executive Officer. a??Customer sentiment is strong with significant renewals across all product lines including multi-year renewals that substantially add to our revenue backlog. Bridgeline is driving new business through its Salesforce.com partnership, cross-sales and account expansion within our expanded customer base, and new opportunities from our new product lines including the Artificial Intelligence capabilities in our Celebros Search product.a??Fourth Quarter Summary:

ATotal revenue for the quarter ended September 30, 2019 was $2.7 million, compared to $2.8 million for the same period last year.



ARecurring revenue increased 16% to $1.7 million for the quarter ended September 30, 2019, from $1.4 million for the same period in 2018.A



ASaaS revenue increased 20% to $1.4 million for the quarter ended September 30, 2019, from $1.1 million for the same period last year.A



AHosting revenue increased 20% to $0.3 million or 9% of total revenue for the quarter ended September 30, 2019, from $0.2 million or 7% of total revenue for the same quarter last year.



AServices revenue was $1.0 million or 38% of total revenue for the quarter ended September 30, 2019, compared to $1.4 million or 48% of total revenue for the same period last year.



AOperating expenses increased 35% or $0.8 million to $3.1 million for the quarter ended September 30, 2019 from $2.3 million for the same quarter last year.AAIncluded within the fourth quarter 2019 results areAthe increased costs associated with additional headcount from the two acquisitions andAa goodwill impairment charge of $0.2 million for the same period ended 2018.



ANet income for the quarter ended September 30, 2019 was $0.6 million, compared to a net loss of $1.0 million for the same quarter last year.AAIncluded within the $0.6 million of net income for the three months ended September 30, 2019 was a non-cash gain of $2.2 million attributable to the change in fair value of certain derivative warrant liabilities.A

Year to Date Summary:

ATotal revenue was $10.0 million for the fiscal year ended September 30, 2019, compared to $13.6 million for the fiscal period ended September 30, 2018.A



ARecurring revenue was $5.7 million or 57% of total revenue for the fiscal year ended September 30, 2019, compared to $6.6 million or 48% for the same period last year.A



ASaaS revenue was $4.3 million or 43% of total revenue for the fiscal year ended September 30, 2019, compared to $5.1 million or 37% for the same period last year.A



AHosting revenue was consistent at $1.0 million or 10% of total revenue for the fiscal year ended September 30, 2019, compared to 8% of total revenue for the same period last year.



AServices revenue was $4.1 million or 41% of total revenue for the fiscal year ended September 30, 2019, compared to $6.9 million or 51% of total revenue for the same period last year.



AOperating expenses are $15.7 million as compared to $13.8 million for the same period last year.AAIncluded within these amounts are restructuring and acquisition-related costs of $1.1 million and $0.2 million and goodwill impairment charges of $3.7 million and $4.9 million for the fiscal year ended September 30, 2019 and 2018, respectively.



ANet loss applicable to common shareholders was $9.8 million for the fiscal year ended September 30, 2019, compared to $7.5 million for the same period last year.AAReflected in net results for the fiscal years ended September 30, 2019 and 2018 is a non-cash net adjustment to other income of $2.1 million and $0.2 million attributable to the change in fair value of certain derivative warrant liabilities and warrant expense, interest expense, net of $0.3 million and $0.2 million, dividends on preferred stock of $0.3 million and $0.3 million andAa non-cash charge to amortization of debt discount of $0.2 million and $0.1 million, respectively.

Financial Results
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