Business
Bridgeline Announces Earnings for Fourth Quarter of Fiscal 2019
Growth in license revenue and customer renewals paves path to profits in 2020. Burlington, Mass., Dec. 27, 2019 (GLOBE NEWSWIRE) -- Bridgeline Digital, Inc.
About this update from Bridgeline Digital, Inc.
[{"type":"text","content":"Growth in license revenue and customer renewals paves path to profits in 2020.\nBurlington, Mass., Dec. 27, 2019 (GLOBE NEWSWIRE) -- Bridgeline Digital, Inc. (NASDAQ: BLIN), The Digital Engagement Company™, today announced financial results for its fiscal fourth quarter ended September 30, 2019.\n “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,” said Ari Kahn, Bridgeline’s President and Chief Executive Officer. “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.” Fourth Quarter Summary: Total revenue for the quarter ended September 30, 2019 was $2.7 million, compared to $2.8 million for the same period last year. Recurring revenue increased 16% to $1.7 million for the quarter ended September 30, 2019, from $1.4 million for the same period in 2018. SaaS revenue increased 20% to $1.4 million for the quarter ended September 30, 2019, from $1.1 million for the same period last year. Hosting 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. Services 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. Operating 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. Included within the fourth quarter 2019 results are the increased costs associated with additional headcount from the two acquisitions and a goodwill impairment charge of $0.2 million for the same period ended 2018. Net 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. Included within the $0.6 million of net income for the three months ended Septembe...