Bridgeline Announces Financial Results for the First Quarter of Fiscal 2020 Recurring revenue increases by more than 50%.

Burlington, Mass: Bridgeline Digital, Inc. (NASDAQ: BLIN), The Digital Engagement Company, today announced financial results for its fiscal first quarter ended December 31, 2019.

"Bridgeline is winning new customers at its fastest rate ever, averaging more than 15 new logos per year, in addition to sales into our existing customer base, and the rate of wins is continuing to accelerate," said Ari Kahn, Bridgeline's President and Chief Executive Officer. "Since our acquisitions last year, Bridgeline's engineering team has focused on bringing the Salesforce.com capabilities from the OrchestraCMS acquisition and the Artificial Intelligence features from Celebros Search together with our traditional Unbound software suite to provide highly differentiated products and out of the box features that have helped to accelerate our sales cycle. New sales have a higher ratio of SaaS licenses to professional services and we expect our revenue mix to be increasingly weighted towards licenses."

First Quarter Summary:

Total revenue increased 19% to $2.8 million for the quarter ended December 31, 2019, as compared to $2.4 million for the same period last year.

Recurring revenue, which is comprised of SaaS licenses, maintenance and hosting revenue, increased 51% to $1.7 million for the quarter ended December 31, 2019, from $1.2 million for the same period last year.

Subscription and perpetual licenses revenue, which is comprised of recurring revenue and perpetual license revenue increased 33% to $1.7 million for the quarter ended December 31, 2019, from $1.3 million for the same period last year.

Services revenue was consistent at $1.1 million for the quarters ended December 31, 2019, and 2018, respectively. As a percentage of total revenue, Services revenue decreased to 39% of total revenue for the quarter ended December 31, 2019, compared to 45% for the same period last year.

Operating expenses increased 22% or $400 thousand to $2.5 million for the quarter ended December 31, 2019 as compared to $2.1 million (excluding a goodwill impairment charge of $3.7 million) for the same quarter last year.

Net income for the quarter ended December 31, 2019 was $136 thousand, compared to a net loss of $1.2 million (excluding a goodwill impairment charge of $3.7 million) for the same quarter last year...