Bridgewater Systems, a mobile personalization company, recently reported its second quarter revenue, which reached $14.85 million, according to the company.

 

According to Ed Ogonek, CEO of Bridgewater Systems (News - Alert), the second quarter, which ended June 30, was driven by new orders for their WideSpan system, momentum in the WiMAX market and continued strength in their core markets. Taking a cue from its performance in the first half of the year, Bridgewater Systems increased its full-year forecasts and now expect revenue of $53.51 million to $57.19 million and earnings of $7.37 million to $9.22 million.

 

The global growth in mobile data services is driving demand for Bridgewater Systems’ technology,  which is being reflected in the high level of new business activity. Bridgewater Systems helps service providers efficiently manage and profit from mobile data services, content and commerce.

 

Ogonek added that the company’s solid financial position and revenue visibility gives it the confidence to increase investments in new growth initiatives. The company is planning to increase investments in global sales development, continued product innovation and operations in the coming quarters.

 

The Q2 2009 revenue of $14.85 million represents an increase of 37 percent when compared to $10.88 million for the same period last year. This year-over-year increase is attributed to license revenue from a significant project as well as ongoing revenue from the delivery of the WideSpan system to Verizon Wireless and Cricket Communications (News - Alert).

 

The gross margin for the second quarter of 2009 was $11.16 million, 75 percent of revenue compared to $8.75 million, or 81% of revenue in the second quarter of 2008. The total operating expenses of Bridgewater Systems for the second quarter of 2009 is $7.55 million, 51 percent of revenue, versus $7.65 million or 71 percent of revenue) in the same period last year.

 

The net earnings of Bridgewater Systems for the three months ended June 30 is $3.77 million. Last year, the net earnings for the same period stood at $1.19 million. The net earning for the first half of 2009 increased to $6.45 million. Bridgewater Systems has also increased cash to $53.15 million, as against $6.50 million on December 31, 2008.

 

Bridgewater Systems has continued to extend its global market leadership in WiMAX         through its global reseller agreement with Alvarion (News - Alert). With several new customers, the total number of WiMAX customers has touched 34. Bridgewater Systems also launched the Bridgewater ServiceMAX 500, an entry-level WiMAX (News - Alert) system that enables small to mid-sized operators to rapidly and cost-effectively commercialize WiMAX services. In addition, Bridgewater Systems unveiled the myPolicy solution for the Apple iPhone and         Research in Motion's (News - Alert) BlackBerry during this period.

 

Bridgewater Systems has updated its financial outlook to revenues of USD53.59 to $57.29 million and net earnings of $7.39 million to $9.23 million based on its year-to-date performance. The revised annual outlook is expected to be supported by high revenue visibility due to significant multi-year contracts with Tier 1 customers; a large installed customer base in existing and emerging markets; long-term industry trends; and a balance sheet with cash of $53.19 million and no debt.