License Revenue Increases 11.8% in the Third
Quarter of Fiscal 2017
Bridgeline Digital, Inc. (NASDAQ:BLIN), The Digital Engagement
Company™, today announced financial results for its fiscal third
quarter ended June 30, 2017.
“We delivered double digit revenue growth for the
quarter, along with our fourth sequential quarter of revenue
growth,” said Ari Kahn, Bridgeline’s President and Chief Executive
Officer. “Our gross margin also continues to expand, driving
meaningful improvements to our bottom line. We won more new
customers this quarter than any other quarter in the last two years
thanks to our Marketing Automation and Pro-Series product
line. Additionally, we have seen strong growth within our
existing customer base including multi-national expansions, new
engagements with customer subsidiaries, and help in addressing
website compliance needs.”
Third Quarter Highlights:
- Total revenue increased 10.2% to $4.1 million in the third
quarter of fiscal 2017, compared to $3.7 million in the third
quarter of fiscal 2016.
- Services revenue increased 14.6% to $2.1 million in the third
quarter of fiscal 2017, compared to $1.8 million in the third
quarter of fiscal 2016.
- Subscription and perpetual license revenue increased 11.8% to
$1.7 million in the third quarter of fiscal 2017, compared to $1.5
million in the third quarter of fiscal 2016.
- SaaS revenue increased 5.6% to $1.4 million in the third
quarter of fiscal 2017, compared to $1.3 million in the third
quarter of fiscal 2016.
- iAPPS recurring revenue increased 7.9% to $1.8 million in the
third quarter of fiscal 2017, compared to $1.6 million in the third
quarter of fiscal 2016.
- Gross margin improved to 55.0% in the third quarter of fiscal
2017, from 54.3% in the third quarter of fiscal 2016.
- Operating expenses were reduced by $457,000, or 15.1% to $2.6
million in the third quarter of fiscal 2017, from $3.0 million in
the third quarter of fiscal 2016.
- Net loss improved by $1.7 million, from a net loss of $2.0
million in the third quarter of fiscal 2016 to a net loss of $0.3
million in the third quarter of fiscal 2017.
- Adjusted EBITDA improved by $624,000, to $49,000 in the third
quarter of fiscal 2017, from a loss of $575,000 in the third
quarter of fiscal 2016.
Year to Date Highlights
- Subscription and perpetual license revenue increased 9.7% to
$5.0 million in the first nine months of fiscal 2017, compared to
$4.6 million in the first nine months of fiscal 2016.
- SaaS revenue increased 8.3% to $4.2 million in the first nine
months of fiscal 2017, compared to $3.8 million in the first nine
months of fiscal 2016.
- iAPPS recurring revenue increased 9.8% to $5.2 million in the
first nine months of fiscal 2017, compared to $4.8 million in the
first nine months of fiscal 2016.
- Gross margin improved to 56.5% in the first nine months of
fiscal 2017, from 52.6% in the first nine months of fiscal 2016.
Cost of revenue was reduced by $520,000, or 9.0% to $5.2 million in
the first nine months of fiscal 2017, from $5.8 million in the
first nine months of fiscal 2016.
- Operating expenses were reduced by $1.2 million, or 13.1% to
$7.9 million in the first nine months of fiscal 2017, from $9.2
million in the first nine months of fiscal 2016.
- Net loss improved by $3.1 million, from a net loss of $4.4
million in the first nine month of fiscal 2016 to a net loss of
$1.3 million in the first nine months of fiscal 2017.
- Adjusted EBITDA improved by $565,000, or 116.7% to $81,000 in
the first nine months of fiscal 2017, from a loss of $484,000 in
the first nine months of fiscal 2016.
Financial Results
Third Quarter
Revenue for the third quarter of fiscal 2017
increased 10.2% to $4.1 million, from $3.7 million in the third
quarter of fiscal 2016. Services revenue increased 14.6% to $2.1
million in the third quarter of fiscal 2017, from $1.8 million in
the third quarter of fiscal 2016. SaaS revenue increased 5.6% to
$1.4 million in the third quarter of fiscal 2017, from $1.3 million
in the third quarter of fiscal 2016. Subscription and perpetual
license revenue increased 11.8% to $1.7 million in the third
quarter of fiscal 2017, from $1.5 million in the third quarter of
fiscal 2016. License and hosting revenue combined in the third
quarter of fiscal 2017 comprised 48.0% of total revenue, compared
to 50.0% of total revenue in the third quarter of fiscal 2016.
Gross margin improved to 55.0% in the third quarter
of fiscal 2017, from 54.3% in the third quarter of fiscal 2016.
Cost of revenue increased by $147,000, or 8.7%, to $1.8 million in
the third quarter of fiscal 2017, compared to $1.7 million in the
third quarter of fiscal 2016.
Operating expenses were reduced by $457,000, or
15.1% to $2.6 million in the third quarter of fiscal 2017, compared
to $3.0 million in the third quarter of fiscal 2016, reflecting
management’s ongoing expense control initiatives. Loss from
Operations was $323,000 in the third quarter of fiscal 2017,
compared to $1.0 million in the third quarter of fiscal 2016.
Net loss was $332,000 in the third quarter of
fiscal 2017, compared to a net loss of $2.0 million in the third
quarter of fiscal 2016. In the third quarter of fiscal 2016, we
recorded a non-cash charge of $726,000 related to the inducement of
convertible notes.
Adjusted EBITDA was $49,000 in the third quarter of
fiscal 2017, compared to a loss of $575,000 in the third quarter of
fiscal 2016.
Year to Date
Revenue for the first nine months of fiscal 2017
was $12.1 million, compared to $12.2 million in the first nine
months of fiscal 2016. This decrease was primarily a result
of us transitioning the last of the non-iAPPS business.
Subscription and perpetual license revenue increased 9.7% to $5.0
million in the first nine months of fiscal 2017, compared to $4.6
million in the first nine months of fiscal 2016. SaaS revenue
increased 8.3% to $4.2 million in the first nine months of fiscal
2017, compared to $3.8 million in the first nine months of fiscal
2016. License and hosting revenue combined in the first nine months
of fiscal 2017 comprised 47.8% of total revenue, compared to 45.7%
of total revenue in the first nine months of fiscal 2016.
Gross margin improved to 56.5% in the first nine
months of fiscal 2017, from 52.6% in the first nine months of
fiscal 2016, reflecting a larger mix of recurring revenue as well
as an improvement in our resource utilization and services gross
margin. Cost of revenue was reduced by $520,000, or 9.0%, to $5.2
million in the first nine months of fiscal 2017, compared to $5.8
million in the first nine months of fiscal 2016.
Operating expenses were reduced by $1.2 million, or
13.1% to $7.9 million in the first nine months of fiscal 2017,
compared to $9.2 million in the first nine months of fiscal 2016,
reflecting management’s ongoing expense control initiatives. Loss
from Operations was $1.1 million in the first nine months of fiscal
2017, compared to $2.7 million in the first nine months of fiscal
2016.
Net loss was $1.3 million in the first nine months
of fiscal 2017, compared to a net loss of $4.4 million in the first
nine months of fiscal 2016, which includes a non-cash charge of
$726,000 related to the inducement of convertible notes and
$795,000 of restructuring charges.
Adjusted EBITDA was $81,000 in the first nine
months of fiscal 2017, compared to a loss of $484,000 in the first
nine months of fiscal 2016.
Financial Outlook
For the fourth quarter of fiscal 2017, the Company
expects revenue in the range of $4.1 million to $4.3 million and
management expects to generate positive Adjusted EBITDA for the
fourth quarter.
For full year fiscal 2017, the Company expects
revenue in the range of $16.1 million to $16.3 million and to
generate positive Adjusted EBITDA.
Conference Call Information
Bridgeline Digital will host a conference call to
discuss first quarter 2017 results at 4:30 p.m. ET today. To listen
to the conference call, please dial (877) 837-3910 within the U.S.
or (973) 796-5077 for international callers.
Non-GAAP Financial Measures
This press release contains the following non-GAAP
financial measures: non-GAAP adjusted net income/(loss), non-GAAP
adjusted earnings/(loss) per diluted share, Adjusted EBITDA and
Adjusted EBITDA per diluted share.
Non-GAAP adjusted net income/(loss) and non-GAAP
adjusted earnings/(loss) per diluted share are calculated as net
income/(loss) or net income/(loss) per share on a diluted basis,
excluding, where applicable, amortization of intangible assets,
stock-based compensation, restructuring charges, preferred stock
dividends and any related tax effects.
Adjusted EBITDA and Adjusted EBITDA per diluted
share are defined as earnings before interest and charges on
conversion of debt, taxes, depreciation and amortization,
stock-based compensation charges, restructuring charges, preferred
stock dividends and any related tax effects. Bridgeline uses
non-GAAP adjusted net income/(loss) and Adjusted EBITDA as
supplemental measures of our performance that are not required by,
or presented in accordance with, accounting principles generally
accepted in the United States (“GAAP”).
Bridgeline’s management does not consider these
non-GAAP measures in isolation or as an alternative to financial
measures determined in accordance with GAAP. The principal
limitation of these non-GAAP financial measures is that they
exclude significant expenses and income that are required by GAAP
to be recorded in the Company's financial statements. In addition,
they are subject to inherent limitations as they reflect the
exercise of judgments by management about which expenses and income
are excluded or included in determining these non-GAAP financial
measures. In order to compensate for these limitations, Bridgeline
management presents non-GAAP financial measures in connection with
GAAP results. Bridgeline urges investors to review the
reconciliation of its non-GAAP financial measures to the comparable
GAAP financial measures, which is included in this press release,
and not to rely on any single financial measure to evaluate
Bridgeline's financial performance.
Our definitions of non-GAAP adjusted net
income/(loss) and Adjusted EBITDA may differ from and therefore may
not be comparable with similarly titled measures used by other
companies, thereby limiting their usefulness as comparative
measures. As a result of the limitations that non-GAAP adjusted net
income and Adjusted EBITDA have as an analytical tool, investors
should not consider them in isolation, or as a substitute for
analysis of our operating results as reported under GAAP.
Safe Harbor Statement under the Private
Securities Litigation Reform Act of 1995
All statements included in this press release,
other than statements or characterizations of historical fact, are
forward-looking statements. These forward-looking statements are
based on our current expectations, estimates and projections about
our industry, management's beliefs, and certain assumptions made by
us, all of which are subject to change. Forward-looking
statements can often be identified by words such as "anticipates,"
"expects," "intends," "plans," "predicts," "believes," "seeks,"
"estimates," "may," "will," "should," "would," "could,"
"potential," "continue," "ongoing," or similar expressions, and
variations or negatives of these words. These forward-looking
statements are not guarantees of future results and are subject to
risks, uncertainties and assumptions, including, but not limited
to, the impact of the weakness in the U.S. and international
economies on our business, our inability to manage our future
growth effectively or profitably, fluctuations in our revenue and
quarterly results, our license renewal rate, the impact of
competition and our ability to maintain margins or market share,
the limited market for our common stock, the volatility of the
market price of our common stock, the ability to maintain our
listing on the NASDAQ Capital market, the ability to raise capital,
the performance of our products, our ability to respond to rapidly
evolving technology and customer requirements, our ability to
protect our proprietary technology, the security of our software,
our dependence on our management team and key personnel, our
ability to hire and retain future key personnel, or our ability to
maintain an effective system of internal controls as well as other
risks described in our filings with the Securities and Exchange
Commission. Any of such risks could cause our actual results to
differ materially and adversely from those expressed in any
forward-looking statement. We expressly disclaim any obligation to
update any forward-looking statement.
About Bridgeline Digital
Bridgeline Digital, The Digital Engagement
Company™, helps customers maximize the performance of their full
digital experience – from websites and intranets to online stores
and campaigns. Bridgeline’s iAPPS® platform deeply integrates Web
Content Management, eCommerce, eMarketing, Social Media management,
and Web Analytics to help marketers deliver digital experiences
that attract, engage and convert their customers across all
channels. Headquartered in Burlington, Mass., Bridgeline has
thousands of quality customers that range from small- and
medium-sized organizations to Fortune 1000 companies. To learn
more, please visit www.bridgeline.com or call (800) 603-9936.
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BRIDGELINE DIGITAL, INC. |
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RECONCILIATION OF GAAP TO NON-GAAP
RESULTS |
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(Dollars in thousands, except per share data) |
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Three Months Ended |
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Nine Months Ended |
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June 30 |
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June 30 |
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2017 |
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2016 |
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2017 |
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2016 |
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Reconciliation of GAAP net loss
to |
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non-GAAP adjusted net loss: |
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GAAP net
loss |
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$ |
(403 |
) |
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$ |
(2,065 |
) |
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$ |
(1,477 |
) |
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$ |
(4,482 |
) |
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Amortization of intangible assets |
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71 |
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108 |
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214 |
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323 |
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Stock-based compensation |
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161 |
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75 |
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433 |
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208 |
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Restructuring charges |
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49 |
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16 |
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249 |
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795 |
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Preferred
stock dividends |
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71 |
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33 |
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207 |
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97 |
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Non-GAAP
adjusted net loss |
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$ |
(51 |
) |
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$ |
(1,833 |
) |
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$ |
(374 |
) |
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$ |
(3,059 |
) |
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Reconciliation of GAAP net loss per diluted share
to |
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non-GAAP adjusted net loss per diluted share: |
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GAAP net
loss per share |
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$ |
(0.10 |
) |
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$ |
(1.03 |
) |
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$ |
(0.36 |
) |
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$ |
(3.28 |
) |
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Amortization of intangible assets |
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0.02 |
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|
0.05 |
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|
0.05 |
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|
0.24 |
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Stock-based compensation |
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0.04 |
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0.04 |
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0.11 |
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0.15 |
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Restructuring charges |
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|
0.01 |
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|
0.01 |
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|
0.06 |
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|
|
0.59 |
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Preferred
stock dividends |
|
|
0.02 |
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|
0.02 |
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0.05 |
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|
0.07 |
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Non-GAAP
adjusted net loss per diluted share |
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$ |
(0.01 |
) |
|
$ |
(0.91 |
) |
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$ |
(0.09 |
) |
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$ |
(2.23 |
) |
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Reconciliation of GAAP net loss to Adjusted
EBITDA: |
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GAAP net
loss |
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$ |
(403 |
) |
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$ |
(2,065 |
) |
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$ |
(1,477 |
) |
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$ |
(4,482 |
) |
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Provision
for income tax |
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- |
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8 |
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13 |
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46 |
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Interest
expense, net |
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29 |
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|
287 |
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|
94 |
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|
867 |
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Loss on
inducement of convertible notes |
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- |
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|
726 |
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- |
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|
726 |
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Amortization of intangible assets |
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71 |
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108 |
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214 |
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323 |
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Depreciation |
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53 |
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169 |
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216 |
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|
608 |
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Loss on
disposal of fixed assets |
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- |
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- |
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48 |
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- |
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Restructuring charges |
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|
49 |
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16 |
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249 |
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795 |
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Other
amortization |
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18 |
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68 |
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84 |
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328 |
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Stock-based compensation |
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161 |
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75 |
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433 |
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|
208 |
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Preferred
stock dividends |
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|
71 |
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33 |
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|
207 |
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|
97 |
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Adjusted
EBITDA |
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$ |
49 |
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$ |
(575 |
) |
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$ |
81 |
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$ |
(484 |
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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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$ |
(0.10 |
) |
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$ |
(1.03 |
) |
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$ |
(0.36 |
) |
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$ |
(3.28 |
) |
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Provision
for income tax |
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- |
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- |
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- |
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0.03 |
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Interest
expense, net |
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0.01 |
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0.14 |
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0.02 |
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0.64 |
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Loss on
inducement of convertible notes |
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- |
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0.37 |
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- |
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|
0.54 |
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Amortization of intangible assets |
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0.02 |
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0.05 |
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0.05 |
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0.24 |
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Depreciation |
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0.01 |
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|
0.08 |
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|
0.06 |
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|
0.45 |
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Loss on
disposal of fixed assets |
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- |
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- |
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|
0.01 |
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- |
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Restructuring charges |
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|
0.01 |
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|
0.01 |
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0.06 |
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0.59 |
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Other
amortization |
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- |
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|
0.03 |
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|
0.02 |
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|
0.24 |
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|
|
Stock-based compensation |
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|
0.04 |
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|
|
0.04 |
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|
|
0.11 |
|
|
|
0.15 |
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|
|
Preferred
stock dividends |
|
|
0.02 |
|
|
|
0.02 |
|
|
|
0.05 |
|
|
|
0.07 |
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|
|
Adjusted
EBITDA per diluted share |
|
$ |
0.01 |
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|
$ |
(0.29 |
) |
|
$ |
0.02 |
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|
$ |
(0.33 |
) |
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(1) Non-GAAP adjusted net loss per diluted share and Adjusted
EBITDA per diluted share have been adjusted for a reverse stock
split |
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for all
periods presented. |
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BRIDGELINE DIGITAL, INC. |
CONSOLIDATED STATEMENTS OF
OPERATIONS |
(Dollars in thousands, except share and per share
data) |
(Unaudited) |
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Three Months Ended |
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Nine Months Ended |
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June 30 |
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June 30 |
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2017 |
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2016 |
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2017 |
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2016 |
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Revenue: |
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Digital
engagement services |
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$ |
2,121 |
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$ |
1,849 |
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$ |
6,298 |
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$ |
6,611 |
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Subscription and perpetual licenses |
|
|
1,711 |
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|
|
1,530 |
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|
5,018 |
|
|
|
4,575 |
|
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Managed
service hosting |
|
|
242 |
|
|
|
317 |
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|
|
743 |
|
|
|
985 |
|
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Total revenue |
|
|
4,074 |
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|
|
3,696 |
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|
12,059 |
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|
12,171 |
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Cost of
revenue: |
|
|
|
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|
|
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Digital
engagement services |
|
|
1,297 |
|
|
|
1,221 |
|
|
|
3,569 |
|
|
|
4,111 |
|
|
Subscription and perpetual licenses |
|
|
473 |
|
|
|
391 |
|
|
|
1,468 |
|
|
|
1,423 |
|
|
Managed
service hosting |
|
|
65 |
|
|
|
76 |
|
|
|
209 |
|
|
|
232 |
|
|
|
Total cost of
revenue |
|
|
1,835 |
|
|
|
1,688 |
|
|
|
5,246 |
|
|
|
5,766 |
|
|
|
Gross profit |
|
|
2,239 |
|
|
|
2,008 |
|
|
|
6,813 |
|
|
|
6,405 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
Sales and
marketing |
|
|
1,193 |
|
|
|
1,212 |
|
|
|
3,661 |
|
|
|
3,528 |
|
|
General and
administrative |
|
|
801 |
|
|
|
1,035 |
|
|
|
2,395 |
|
|
|
2,660 |
|
|
Research
and development |
|
|
393 |
|
|
|
428 |
|
|
|
1,175 |
|
|
|
1,145 |
|
|
Depreciation and amortization |
|
|
126 |
|
|
|
328 |
|
|
|
468 |
|
|
|
1,023 |
|
|
Restructuring charges |
|
|
49 |
|
|
|
16 |
|
|
|
249 |
|
|
|
795 |
|
|
|
Total operating
expenses |
|
|
2,562 |
|
|
|
3,019 |
|
|
|
7,948 |
|
|
|
9,151 |
|
Loss from
operations |
|
|
(323 |
) |
|
|
(1,011 |
) |
|
|
(1,135 |
) |
|
|
(2,746 |
) |
|
Interest
and other expense, net |
|
|
(9 |
) |
|
|
(287 |
) |
|
|
(122 |
) |
|
|
(867 |
) |
|
Loss in
inducement of convertible notes |
|
|
- |
|
|
|
(726 |
) |
|
|
- |
|
|
|
(726 |
) |
Loss before
income taxes |
|
|
(332 |
) |
|
|
(2,024 |
) |
|
|
(1,257 |
) |
|
|
(4,339 |
) |
|
Income
Taxes |
|
|
- |
|
|
|
8 |
|
|
|
13 |
|
|
|
46 |
|
Net
loss |
|
|
$ |
(332 |
) |
|
$ |
(2,032 |
) |
|
$ |
(1,270 |
) |
|
$ |
(4,385 |
) |
Dividends
on convertible preferred stock |
|
|
(71 |
) |
|
|
(33 |
) |
|
|
(207 |
) |
|
|
(97 |
) |
Net loss
applicable to common shareholders |
|
$ |
(403 |
) |
|
$ |
(2,065 |
) |
|
$ |
(1,477 |
) |
|
$ |
(4,482 |
) |
Net loss
per share attributable to common shareholders: |
|
|
|
|
|
|
|
|
|
Basic and
diluted |
|
$ |
(0.10 |
) |
|
$ |
(1.03 |
) |
|
$ |
(0.36 |
) |
|
$ |
(3.28 |
) |
Number of
weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
Basic and
diluted |
|
|
4,195,900 |
|
|
|
2,003,006 |
|
|
|
4,129,481 |
|
|
|
1,367,021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Basic
and diluted net loss per share and weighted average shares
outstanding have been adjusted for a reverse stock split for all
periods presented |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BRIDGELINE DIGITAL, INC. |
|
CONSOLIDATED BALANCE SHEETS |
|
(Dollars in thousands, except share and per share
data) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
June 30 |
|
September 30 |
|
|
|
|
|
|
2017 |
|
|
|
2016 |
|
|
Current
Assets: |
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
753 |
|
|
$ |
661 |
|
|
|
Accounts
receivable and unbilled revenues, net |
|
|
3,056 |
|
|
|
2,549 |
|
|
|
Prepaid
expenses and other current assets |
|
|
405 |
|
|
|
381 |
|
|
|
|
Total current
assets |
|
|
4,214 |
|
|
|
3,591 |
|
|
Equipment
and improvements, net |
|
|
265 |
|
|
|
512 |
|
|
Intangible
assets, net |
|
|
334 |
|
|
|
548 |
|
|
Goodwill |
|
|
12,641 |
|
|
|
12,641 |
|
|
Other
assets |
|
|
391 |
|
|
|
436 |
|
|
|
|
Total assets |
|
$ |
17,845 |
|
|
$ |
17,728 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
Accounts
payable |
|
$ |
1,287 |
|
|
$ |
1,285 |
|
|
|
Accrued
liabilities |
|
|
841 |
|
|
|
946 |
|
|
|
Accrued
contingent consideration |
|
|
- |
|
|
|
75 |
|
|
|
Capital
lease obligations |
|
|
9 |
|
|
|
45 |
|
|
|
Deferred
revenue |
|
|
1,629 |
|
|
|
1,360 |
|
|
|
|
Total current
liabilities |
|
|
3,766 |
|
|
|
3,711 |
|
|
Debt |
|
|
|
2,344 |
|
|
|
2,115 |
|
|
Other long
term liabilities |
|
|
251 |
|
|
|
400 |
|
|
|
|
Total liabilities |
|
|
6,361 |
|
|
|
6,226 |
|
|
|
|
|
|
|
|
|
|
Commitments
and contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity: |
|
|
|
|
|
|
Preferred
stock - $0.001 par value; 1,000,000 shares authorized; |
|
|
|
|
|
|
236,438 and
221,092 issued and outstanding |
|
|
- |
|
|
|
- |
|
|
|
Common
stock - $0.001 par value; 50,000,000 shares authorized; |
|
|
|
|
|
|
4,200,848
and 3,725,542 issued and outstanding |
|
|
21 |
|
|
|
19 |
|
|
|
Additional
paid-in-capital |
|
|
65,656 |
|
|
|
64,202 |
|
|
|
Accumulated
deficit |
|
|
(53,843 |
) |
|
|
(52,366 |
) |
|
|
Accumulated
other comprehensive loss |
|
|
(350 |
) |
|
|
(353 |
) |
|
|
|
Total stockholders'
equity |
|
|
11,484 |
|
|
|
11,502 |
|
|
|
|
Total liabilities and
stockholders' equity |
|
$ |
17,845 |
|
|
$ |
17,728 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Common
stock issued and outstanding has been adjusted for a reverse stock
split for all periods presented. |
|
|
|
|
|
|
|
|
|
Contact:
Company Contact
Bridgeline Digital, Inc.:
Michael D. Prinn
Chief Financial Officer
(781)497-3016
mprinn@bridgeline.com
Investor Relations Contact:
Hayden IR
Brett Maas/Cameron Donahue
(646)536-7331/(651)653-1854
brett@haydenir.com or cameron@haydenir.com
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