Mobile Personalization

Bridgewater Systems, mobile personalization company, has announced financial results for the months ending September 30, 2010. The results reported that Bridgewater Systems (News - Alert) brought in revenue of $23.9 million for Q3 2010, an increase of 52 percent from last year totaling $15.8 million for Q3 2009.

Product revenue for Q3 2010 was $19.1 million, 65 percent higher than the $11.6 million for Q3 2009. On a year-to-date basis, revenues of $71.1 million increased 55 percent compared with revenues in the first nine months of fiscal 2009. Total operating expenses in Q3 2010 were $11.4 million, or 48 percent of revenue, net of $0.6 million of investment tax credits, compared with $8.5 million in the same period last year.

“The third quarter was highlighted by continued strength with our core customers and important progress with our partnership strategies,” said Ed Ogonek, CEO of Bridgewater Systems. “We also demonstrated our progress in 4G through our live LTE deployment with MetroPCS and selection by Cellcom (News - Alert) for their new network.”

From a business perspective, Bridgewater continued to increase its customer base and diversify geographically by adding 32 new service provider customers in the fiscal year to date, of which 13 were in EMEA, 13 were in the Americas, and 6 in APAC. Bridgewater also continued to build on its broad, multi-vendor interoperability capabilities with the announcement that Sandvine (News - Alert) and Bridgewater successfully completed integration and interoperability testing of policy control solutions for 3G and 4G operators. The two companies are engaged in a number of customer opportunities globally.

With the release of its Q3 2010 results, Bridgewater updated guidance for 2010. For 2010, the Company is expecting revenues of $92 to $94 million along with earnings before taxes of $17 to $18.5 million and net earnings of $12 to $13.5 million.