BRIDGELINE DIGITAL, INC. |
Delaware | 001-33567 | 52-2263942 | ||
(State or other | (Commission | (IRS Employer | ||
jurisdiction of | File Number) | Identification No.) | ||
incorporation) |
BRIDGELINE DIGITAL, INC. | |||
(Registrant) | |||
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By:
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/s/ Michael D. Prinn | |
Michael D. Prinn | |||
Vice President and | |||
Chief Accounting Officer |
Exhibit No.
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Exhibit Description
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99.1
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Press release issued by Bridgeline Digital, Inc., dated December 29, 2011.
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FOR IMMEDIATE RELEASE |
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In Q4 2011, 68 iAPPS licenses were sold compared to 24 licenses in Q4 2010, an increase of 183%. A total of 428 iAPPS Licenses have been sold since the first iAPPS module was launched.
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In Q4 2011, revenue from subscription, perpetual licenses and managed service hosting increased 14% to $1.128 million compared to $992 thousand for Q4 of 2010.
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In Q4 2011, non-GAAP adjusted net income was $250 thousand compared with non-GAAP adjusted net income of $3 thousand for Q4 2011.
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In Q4 2011, adjusted EBITDA (Earnings before interest, taxes, depreciation and amortization and stock-based compensation) was $444 thousand compared to $45 thousand for Q4 of 2010.
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In fiscal 2011, revenue increased 11% to $26.3 million compared to $23.6 million for fiscal 2010.
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In fiscal 2011, revenue from subscription, perpetual licenses and managed service hosting increased 19% to $4.4 million compared to $3.7 million for fiscal 2010.
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In fiscal 2011, a record number of iAPPS licenses were sold – 213 new licenses, a 47% increase over fiscal 2010.
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In fiscal 2011, new bookings were $26M, compared to $21M of new bookings in fiscal 2010. This is a year over year increase of 24%.
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In fiscal 2011, adjusted EBITDA (Earnings before interest, taxes, depreciation and amortization and stock-based compensation) was $1.5 million.
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In fiscal 2011, over $800 thousand of cash was generated from operating activities. This was accomplished while Bridgeline’s total liabilities were reduced from $11.1 million to $10.2 million, a decrease of $900 thousand. In addition, in fiscal 2011, over $700 thousand of infrastructure investments were made to our iAPPS SaaS/Cloud based hosting environment.
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In 2011, the iAPPS product suite was selected as a finalist for two 2011 CODiE awards – Best Content Management Solution, globally and Best Electronic Commerce Solution, globally.
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In 2011, Editors of KMWorld magazine selected iAPPS as the trend setting product of the year.
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In 2011, Bridgeline Digital received four Interactive Media Awards, three IAC Awards from the Web Marketing Association, and four Horizion Interactive Awards for excellence in the development of interactive technology solutions.
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In 2011, B2B Magazine named Bridgeline Digital as one of the top interactive technology companies in America.
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Three Months Ended
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Twelve Months Ended
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September 30,
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September 30,
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2011
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2010
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2011
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2010
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Reconciliation of GAAP net loss to
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non-GAAP adjusted net (loss)income:
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GAAP net loss
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$ | (51 | ) | $ | (652 | ) | $ | (782 | ) | $ | (377 | ) | ||||
Acquisition, integration and other one-time costs
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48 | 305 | 48 | 522 | ||||||||||||
Amortization of intangible assets
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183 | 188 | 765 | 619 | ||||||||||||
Stock-based compensation
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70 | 162 | 356 | 449 | ||||||||||||
Tax effect of non-GAAP adjustments
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- | - | - | (48 | ) | |||||||||||
Non-GAAP adjusted net income
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$ | 250 | $ | 3 | $ | 387 | $ | 1,165 | ||||||||
Reconciliation of GAAP loss per diluted share to
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non-GAAP adjusted earnings per diluted share:
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GAAP net loss per share
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$ | (0.00 | ) | $ | (0.06 | ) | $ | (0.06 | ) | $ | (0.03 | ) | ||||
Acquisition, integration and other one-time costs
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0.00 | 0.03 | - | $ | 0.05 | |||||||||||
Amortization of intangible assets
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0.01 | 0.02 | 0.06 | 0.05 | ||||||||||||
Stock-based compensation
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0.01 | 0.01 | 0.03 | 0.04 | ||||||||||||
Tax effect of non-GAAP adjustments
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- | - | - | (0.01 | ) | |||||||||||
Non-GAAP adjusted net income
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$ | 0.02 | $ | 0.00 | $ | 0.03 | $ | 0.10 | ||||||||
Reconciliation of GAAP net loss to Adjusted EBITDA:
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GAAP net loss
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$ | (51 | ) | $ | (652 | ) | $ | (782 | ) | $ | (377 | ) | ||||
Provision for income tax
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(39 | ) | 21 | 24 | 73 | |||||||||||
Interest expense (income),net
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45 | 48 | 211 | 65 | ||||||||||||
Amortization of intangible assets
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183 | 188 | 765 | 619 | ||||||||||||
Depreciation
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149 | 193 | 603 | 759 | ||||||||||||
EBITDA
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287 | (202 | ) | 821 | 1,139 | |||||||||||
Other amortization
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87 | 85 | 350 | 271 | ||||||||||||
Stock-based compensation
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70 | 162 | 356 | 449 | ||||||||||||
Adjusted EBITDA
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$ | 444 | $ | 45 | $ | 1,527 | $ | 1,859 | ||||||||
Reconciliation of GAAP net loss per diluted share to
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Adjusted EBITDA per diluted share:
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GAAP net loss per share
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$ | (0.00 | ) | $ | (0.06 | ) | $ | (0.06 | ) | $ | (0.03 | ) | ||||
Provision for income tax
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- | - | - | - | ||||||||||||
Interest expense (income),net
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- | - | 0.02 | - | ||||||||||||
Amortization of intangible assets
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0.01 | 0.02 | 0.06 | 0.06 | ||||||||||||
Depreciation
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0.01 | 0.02 | 0.05 | 0.07 | ||||||||||||
Other amortization
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0.01 | 0.01 | 0.03 | 0.03 | ||||||||||||
Stock-based compensation
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0.01 | 0.01 | 0.03 | 0.04 | ||||||||||||
Adjusted EBITDA
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$ | 0.04 | $ | 0.00 | $ | 0.13 | $ | 0.17 |
Three Months Ended
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Twelve Months Ended
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September 30,
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September 30,
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2011
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2010
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2011
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2010
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Revenue:
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Web application development services
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$ | 5,465 | $ | 5,900 | $ | 21,873 | $ | 19,851 | ||||||||
Managed service hosting
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530 | 481 | 2,006 | 1,931 | ||||||||||||
Subscription and perpetual licenses
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598 | 511 | 2,388 | 1,776 | ||||||||||||
Total revenue
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6,593 | 6,892 | 26,267 | 23,558 | ||||||||||||
Cost of revenue:
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Web application development services
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2,916 | 3,166 | 11,871 | 10,021 | ||||||||||||
Managed service hosting
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88 | 221 | 443 | 603 | ||||||||||||
Subscription and perpetual licenses
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160 | 105 | 681 | 583 | ||||||||||||
Total cost of revenue
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3,164 | 3,492 | 12,995 | 11,207 | ||||||||||||
Gross profit
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3,429 | 3,400 | 13,272 | 12,351 | ||||||||||||
Operating expenses:
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Sales and marketing
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1,684 | 2,115 | 6,738 | 5,962 | ||||||||||||
General and administrative
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890 | 1,170 | 3,875 | 4,416 | ||||||||||||
Research and development
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566 | 342 | 1,866 | 926 | ||||||||||||
Depreciation and amortization
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334 | 356 | 1,340 | 1,286 | ||||||||||||
Total operating expenses
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3,474 | 3,983 | 13,819 | 12,590 | ||||||||||||
Loss from operations
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(45 | ) | (583 | ) | (547 | ) | (239 | ) | ||||||||
Interest income (expense), net
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(45 | ) | (48 | ) | (211 | ) | (65 | ) | ||||||||
Loss before income taxes
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(90 | ) | (631 | ) | (758 | ) | (304 | ) | ||||||||
Provision for income taxes
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(39 | ) | 21 | 24 | 73 | |||||||||||
Net loss
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$ | (51 | ) | $ | (652 | ) | $ | (782 | ) | $ | (377 | ) | ||||
Net loss per share:
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Basic and diluted
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$ | (0.00 | ) | $ | (0.06 | ) | $ | (0.06 | ) | $ | (0.03 | ) | ||||
Number of weighted average shares:
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Basic and diluted
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12,306,207 | 11,188,208 | 12,187,767 | 11,186,187 |
ASSETS
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September 30,
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September 30,
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2011
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2010
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Current Assets:
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Cash and cash equivalents
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$ | 2,528 | $ | 3,045 | ||||
Accounts receivable and unbilled revenues, net
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4,274 | 3,929 | ||||||
Prepaid expenses and other current assets
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494 | 351 | ||||||
Total current assets
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7,296 | 7,325 | ||||||
Equipment and improvements, net
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1,779 | 1,171 | ||||||
Intangible assets, net
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1,527 | 2,292 | ||||||
Goodwill
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20,122 | 20,036 | ||||||
Other assets
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685 | 900 | ||||||
Total assets
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$ | 31,409 | $ | 31,724 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY
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Current liabilities:
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Accounts payable
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$ | 1,291 | $ | 1,270 | ||||
Accrued liabilities
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1,081 | 1,024 | ||||||
Accrued earnouts, current
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295 | 900 | ||||||
Debt, current
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1,750 | 2,475 | ||||||
Capital lease obligations, current
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216 | 50 | ||||||
Deferred revenue
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1,169 | 899 | ||||||
Total current liabilities
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5,802 | 6,618 | ||||||
Accrued earnouts, net of current portion
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772 | 1,073 | ||||||
Debt, net of current portion
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3,017 | 3,025 | ||||||
Capital lease obligations, net of current portion
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215 | 11 | ||||||
Other long term liabilities
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395 | 341 | ||||||
Total liabilities
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$ | 10,201 | $ | 11,068 | ||||
Commitments and contingencies
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Stockholders' equity:
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Preferred stock - $0.001 par value; 1,000,000 shares authorized;
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none issued and outstanding
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- | - | ||||||
Common stock - $0.001 par value; 20,000,000 shares authorized;
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12,306,207 and 11,188,208 shares issued and outstanding, respectively
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12 | 11 | ||||||
Additional paid-in-capital
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38,083 | 36,749 | ||||||
Accumulated deficit
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(16,770 | ) | (15,988 | ) | ||||
Accumulated other comprehensive loss
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(117 | ) | (116 | ) | ||||
Total stockholders' equity
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21,208 | 20,656 | ||||||
Total liabilities and stockholders' equity
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$ | 31,409 | $ | 31,724 |