Business
Bridgeline Announces Financial Results for the Third Quarter of Fiscal 2020
Recurring Revenue Increases by 22%Positive Operating Income and Adjusted EBITDA WOBURN, Mass., Aug. 13, 2020 (GLOBE NEWSWIRE) -- Bridgeline Digital, Inc.
About this update from Bridgeline Digital, Inc.
[{"type":"text","content":"Recurring Revenue Increases by 22%Positive Operating Income and Adjusted EBITDA\n WOBURN, Mass., Aug. 13, 2020 (GLOBE NEWSWIRE) -- Bridgeline Digital, Inc. (NASDAQ: BLIN), The Digital Engagement Company, today announced financial results for its fiscal third quarter ended June 30, 2020. “In our third quarter, recurring revenue grew 22% and we delivered positive operating income and positive Adjusted EBITDA,” said Ari Kahn, Bridgeline’s President and Chief Executive Officer. “We expect similar success in Q4 with continued growth in recurring revenue, positive operating income and positive Adjusted EBITDA. We have seen very few business delays from COVID, and we have experienced growth in several areas including several online pharmacies purchasing our Celebros product to improve personal protective equipment sales.” “Bridgeline won more license sales in Q3 than in the previously two quarters combined and in the first half of Q4, we’ve already won more license sales than in all of Q3,” continued Mr. Kahn. “We have a faster telephonic sales cycle thanks to our focus on making our products more turn-key. Our turn-key focus differentiates us from competitors who require expensive customizations for capabilities we now provide out-of-the-box. We will continue investing along this path to deliver even greater ROI to our customers and further accelerate license sales.” Third Quarter Summary: Total revenue, which is comprised of License and Services revenue, was $2.6 million for the quarter ended June 30, 2020, as compared to $2.7 million for the same period in 2019. License revenue grew by 30% and Services decreased by 36%.Subscription and perpetual licenses revenue, which is comprised of SaaS licenses, maintenance and hosting revenue and perpetual license revenue increased 22% to $1.9 million for the quarter ended June 30, 2020, from $1.6 million for the same period in 2019.Recurring revenue, which is comprised of SaaS licenses, maintenance and hosting revenue, increased 22% to $1.9 million for the quarter ended June 30, 2020, from $1.6 million for the same period in 2019. As a percentage of total revenue, Recurring revenue increased 14% to 73% of total revenue for the quarter ended June 30, 2020, compared to 59% for the same period in 2019.Services revenue decreased $405,000 to $713,000 for the quarter ended June 30, 2020 as compared ...