Bridgeline Digital, maker of the .NET based iAPPS Web content management system has provided its second quarter 2013 financial results, and iAPPS is giving the company a boost of cash and new customers.
10x Increase in Q2 Cash Generated over 2012
Second quarter 2013 financial results for Bridgeline were not a revelation, however, the company does seem to be having some success with the latest version of iAPPS. Cash generated from operations increased to US $ 594,000 in the quarter compared to just US $55,000 in the same quarter in 2012.
Overall, Bridgeline reported less revenue in the quarter compared to last year, US $6 million in 2013 and US $6.7 million in 2012. That number was bolstered though by the fact iAPPS represented a 78% percent share of total revenue in the quarter compared to 64% in the same quarter in 2012.
Bridgeline breaks its revenue streams into three segments:
- Web application development services
- managed service hosting
- and subscription and perpetual licenses
Subscription and perpetual license revenue increased 61% to US $1 million in the second quarter compared to US $620,000 in the same quarter of 2012. That increase can be partially attributed to the 52 iAPPS enterprise licenses and 500 iAPPS da licenses sold in the quarter.
Additionally, Bridgline reported about a US $1 million increase in revenue from the Web application development services line in the second quarter of 2013 over the same quarter in 2012. The cost of revenue in all three streams has gone up, and the company is also spending more on research and development, more than doubling its R&D costs in the first six months of 2013 over the same time period in 2012.
New Management Team's Fist Year Report
After hiring David Maffei away from Ektron to run Brideline's business development unit in early 2012, the company has won a big contract with UPS, and iAPPS seems to be performing well. Bridgeline has touted the US $50 million revenue mark as its goal, and while it is far from there, the company is projecting fiscal 2013 results to be in the US $25 to $26 million range.