Business
Bridgeline Announces Financial Results for the Fourth Quarter of Fiscal 2020
Recurring Revenue Increases by 20%Positive Net Income, Operating Income and Adjusted EBITDA WOBURN, Mass., Dec. 23, 2020 (GLOBE NEWSWIRE) -- Bridgeline
About this update from Bridgeline Digital, Inc.
[{"type":"text","content":"Recurring Revenue Increases by 20%Positive Net Income, Operating Income and Adjusted EBITDA WOBURN, Mass., Dec. 23, 2020 (GLOBE NEWSWIRE) -- Bridgeline Digital, Inc. (NASDAQ: BLIN), The Digital Engagement Company, today announced financial results for its fiscal fourth quarter ended September 30, 2020. “In our fourth quarter, recurring revenue grew 20% and we delivered another quarter of strong profits,” said Ari Kahn, Bridgeline’s President and Chief Executive Officer. “In addition to our App Sales, which have hit a new high, we won multiple Enterprise Platform customers including a global franchise who committed to a multi-year agreement valued at more than $650,000 to power 200 websites with Bridgeline’s Unbound Franchise software.” “Bridgeline continues to evaluate opportunities to acquire synergistic software companies that provide added value to our growing customer base and drive cross-selling opportunities,” continued Mr. Kahn. “The company evaluates several opportunities every month and is careful to select candidates who fulfill our strategic and financial goals.” Fourth Quarter Summary: Total revenue, which is comprised of License and Services revenue, was consistent at $2.7 million for the quarters ended September 30, 2020 and 2019. License revenue grew by 20% and Services decreased by 31%.Subscription and perpetual licenses revenue, which is comprised of SaaS licenses, maintenance and hosting revenue and perpetual license revenue increased 20% to $2 million for the quarter ended September 30, 2020, from $1.7 million for the same period in 2019. As a percentage of total revenue, Subscription and perpetual license revenue increased 12% to 74% of total revenue for the quarter ended September 30, 2020, compared to 62% for the same period in 2019.Services revenue decreased $314,000 to $701,000 for the quarter ended September 30, 2020 as compared to $1 million for the same period in 2019. As a percentage of total revenue, Services revenue accounted for 26% of total revenue for the quarter ended September 30, 2020, compared to 38% for the same period in 2019.Gross profit increased 16% or $253,000 to $1.8 million for the quarter ended September 30, 2020 as compared to $1.6 million for the same period in 2019. Cost of revenue decreased 21% or $236,000 to $885,000 for the quarter ended September 30, 2020 compared to $1.1 mill...