Financial Results are Strong for iAPPS
On Friday, Bridgeline held a conference detailing their third quarter 2010 financial results. Sales of their flagship solution iAPPS, which includes modules for web content management, web analytics, eMarketing and eCommerce, was a record at 88 licenses. It may have helped that iAPPS Content Manager -- the web cms capabilities -- won the 2010 CODie for best web content management system (they were up against CrownPeak).
Bridgeline Chairman and CEO Thomas Massie said iAPPS is at the heart of an initiative that aims for some major revenues this year.
Other interesting numbers that came out of the financial review:
- Revenue was US$ 5.8m, down only 3% from the previous year
- Gross Profit was US$ 3.1 million down from US$ 3.3 million
- Subscriptions/perpetual licenses were up US$ 32k or 129%
- There was a decrease in web application development of US$ 360k and a decrease of managed hosting of US$ 150k
- The balance sheet showed total assets of US$ 27.3 million and liabilities of US$ 6.9 million
The decrease in revenues was due in part from the focus of marketing and business development for the iAPPS product line. Bridgeline also notes some customer attrition (their retention rate is currently at 70%) as a result of less focus on smaller customers brought in from acquisition (there was greater attention focused on enterprise class customers).
2010 was a busy year for Bridgeline Digital. Other than changing their name to better reflect the solutions and services they offer, they also finalized the acquisition of TMX Interactive and acquired eMagination, a .NET web application development firm.
Thanks to both the high sales of iAPPS and the acquisitions of the two companies noted above, Bridgeline Digital expects quarterly revenue to be US$ 7.5 million with an annual run rate of US$ 30 million.