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BRIDGEWATER SYSTEMS: Bridgewater Systems Reports Q3 2009 Results and Updates Financial Outlook for 2009
Nov 05, 2009 (M2 PRESSWIRE via COMTEX) --
-- Q3 Revenue: $15.8 million, an increase of 53% over prior year
-- Q3 Net Earnings: $1.7 million, or $0.07 per share fully diluted, compared with net earnings of $0.5 million, or $0.02 per share fully diluted, in Q3 2008
-- Cash, cash equivalents and short-term investments increased to $61.5 million
Ottawa, Canada -- Bridgewater Systems (TSX: BWC), the mobile personalization company, today announced its financial results for the three and nine months ended September 30, 2009. All amounts are stated in Canadian dollars unless otherwise noted.
"The Company delivered strong financial performance in the third quarter, highlighted by significant revenue and earnings growth over the prior year," said Ed Ogonek, CEO of Bridgewater Systems. "In addition to continued success in our core markets, we made important progress in the third quarter with our strategy to expand into the 4G market. We introduced a comprehensive product suite for the LTE market and built on our early leadership with WiMAX operators.
"Supported by a strong financial position, high revenue visibility, and our new business pipeline, we are increasing investments in growth initiatives in the coming quarters," added Mr. Ogonek. "These investments are aimed at building our operations support infrastructure, as well as accelerating our expansion in certain geographic markets and continuing our 4G product development. We believe these investments position Bridgewater to capitalize on the substantial growth in next-generation mobile data services."
Financial Highlights
-- Q3 2009 revenue increased 53% to $15.8 million, compared with $10.3 million for the same period last year. The year-over-year increase mainly reflects license revenue from a significant project, as well as revenue from the delivery of the WideSpan systems to Verizon Wireless and Cricket Communications. -- Revenue for the first nine months of 2009 was $45.9 million, 50% higher than revenue in the first nine months of fiscal 2008. -- Q3 2009 gross margin was $10.1 million (64% of revenue) versus $7.7 million (75% of revenue) in Q3 2008, reflecting increases in direct product costs and anticipated investments in operations support infrastructure, as well as internal and subcontracting costs incurred to support the increase in professional services engagements. -- Total operating expenses in Q3 2009 were $8.5 million (54% of revenue), compared with $7.5 million (73% of revenue) in the same period last year.
-- Net earnings for Q3 2009 were $1.7 million, or $0.07 per share fully diluted, compared to $0.5 million, or $0.02 per share fully diluted, in the prior year period.
-- Net earnings for the year-to-date period increased to $8.7 million, or $0.35 per share fully diluted, compared with $1.1 million, or $0.04 per share fully diluted, for the same period in 2008.
-- Increased cash, cash equivalents and short-term investments to $61.5 million, compared with $50.4 million at December 31, 2008.
Business Highlights
-- Unveiled Bridgewater's LTE product suite for the Evolved Packet Core, including the Bridgewater Home Subscriber Server and Policy Controller. These solutions help service providers rapidly trial and launch LTE services and manage mobile data traffic, subscribers, applications, and devices. Several global trials with major service providers are in the planning and implementation stages.
-- Expanded the Company's 4G partner and interoperability ecosystem for LTE and WiMAX, Some of the companies in our ecosystem include: Starent Networks, Alvarion, Motorola, NEC, Hitachi, Samsung, WiChorus, and Verint.
-- Extended global market leadership in WiMAX with five new wins in the quarter, bringing the total number of WiMAX customers to 38. Bridgewater announced selection by Global Mobile, one of Taiwan's leading 4G operators. The Company also announced selection by 4 US-based WiMAX service providers to accelerate the launch of 4G broadband services to rural communities as part of broadband stimulus initiatives. In addition, Bridgewater received United States Department of Agriculture Rural Utility Service acceptance for its WiMAX solutions.
-- Awarded approximately US$18.8 million in additional orders by Verizon Wireless for its WideSpan integrated system, including subscriber data management and service control, to manage the rapid growth in the company's popular mobile data services.
-- Won xchange magazine's Best of 4G award in the Best Mobile Internet Application category for Bridgewater's myPolicy solution for the Apple iPhone and Research in Motion's BlackBerry .
Outlook Based on its year-to-date performance, Bridgewater increased its annual guidance to:
-- Revenues of $62 to $64 million
-- Net earnings of $9.5 to $10.0 million.
Factors supporting Bridgewater's annual outlook include: 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, particularly the growth in mobile data services and applications.
The complete financial statements and management's discussion and analysis for the three and nine months ended September 30, 2009 can be found at www.bridgewatersystems.comor at www.sedar.com.
Conference Call and Webcast
A conference call and webcast will be held today, Thursday, November 5, 2009, at 8:30 am EDT to discuss this announcement. The telephone numbers to access the call are 416-644-3432 or 1-877-974-0446. To access the live webcast, please visit www.bridgewatersystems.comor www.newswire.ca. Participants will require Windows Media Player to listen to the webcast.
About Bridgewater Systems
Bridgewater Systems, the mobile personalization company, enables service providers to efficiently manage and profit from mobile data services, content and commerce. The company's market leading mobile personalization portfolio provides a real-time, unified view of subscribers including entitlements, devices, networks, billing profiles, preferences and context. Anchored by Bridgewater's Subscriber Data Broker(TM), the portfolio of carrier-grade and standards-based products includes the Bridgewater(R) Service Controller (AAA), the Bridgewater(R) Policy Controller (PCRF) and the Bridgewater(R) Home Subscriber Server (HSS). More than 140 leading service providers including America Movil, Bell Canada, Clearwire, Cox, Hutchison Telecom, Iusacell, Scartel, SmarTone-Vodafone, Sprint, Tata Teleservices, Tatung, Telmex, Telstra, and Verizon Wireless use Bridgewater's solutions to rapidly deliver innovative mobile services. . For more information, visit us at www.bridgewatersystems.com.
Bridgewater, Bridgewater Systems, the Bridgewater Systems logo, WideSpan, Smart Caps, myPolicy, and Subscriber Data Broker are trademarks or registered trademarks of Bridgewater Systems Corporation. All other company, product names and any registered and unregistered trademarks mentioned are used for identification purposes only and remain the exclusive property of their respective owners.
Certain statements in this release, including the guidance provided above, constitute forward-looking statements or forward-looking information within the meaning of applicable securities laws and are made pursuant to the "safe harbour" provisions of such laws. These statements are subject to certain assumptions, risks and uncertainties. Readers are cautioned not to place undue reliance on such statements. Risk factors that may cause the actual results, performance, achievements or developments of the Company to differ materially from the results, performance, achievements or developments expressed or implied by such forward-looking statements can be found in the public documents filed by the Company with Canadian securities regulatory authorities. In particular, actual results could differ materially from those expressed in any forward-looking statements. For a list of risk factors, please refer to Bridgewater's Annual Information Form dated March 31, 2009. The Company assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
CONTACT: Kim Butler, Chief Financial Officer, Bridgewater Systems
e-mail: kim.butler@bridgewatersystems.com
Tel: +1 613 591 9104 ex: 6023
Craig Armitage, The Equicom Group Inc.
e-mail: carmitage@equicomgroup.com
Tel: +1 416 815 0700 ext: 278
Joanne Steinberg, Marketing Director, Bridgewater Systems
e-mail: joanne.steinberg@bridgewatersystems.com
Tel: +1 613 591 9104 ext: 2032
((M2 Communications disclaims all liability for information provided within M2 PressWIRE. Data supplied by named party/parties. Further information on M2 PressWIRE can be obtained at http://www.presswire.net on the world wide web. Inquiries to info@m2.com.
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