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Mobile Personalization - Bridewater Systems Report: Revenues for FY 2009 up 51 Percent
February 26, 2010
By Marisa Torrieri, TMCnet Editor
On the same day mobile personalization company Bridgewater Systems (News - Alert) announced its founder and CTO Russ Freen would be stepping down from his “chief” position, the company reported strong financial results – including revenues of $66.7 million for fiscal year 2009, an increase of 51 percent over the prior year.
“Bridgewater delivered solid financial performance in 2009,” said Ed Ogonek, CEO of Bridgewater Systems. “This reflects continued robust demand for our technology to support mobile broadband growth, combined with successful operational execution across the company, highlighted by significant new customer wins and key product launches.”
Because mobile data traffic grew significantly in 2009, Ogonek said there is a much bigger demand for Bridgewater’s solutions “as operators implement network and bandwidth management strategies to reduce costs, while also introducing flexible and dynamic pricing models to better align data revenues with network costs.”
The company also reported net earnings of $11.2 million, or .44 per share fully diluted, compared with net earnings of $2.8 million, or .11 per share fully diluted, in 2008.
But those net earnings didn’t come without at least some cost, thanks to the added expense of building more sophisticated networks. In 2009, gross margin was $45.7 million (69 percent of revenue), versus $34 million (77 percent of revenue) in 2008.
Bridgewater said these numbers reflect “increases in direct product costs associated with the deployment of integrated systems and planned investments in operations to support infrastructure, as well as internal and subcontracting costs incurred to support the increase in professional services engagements.”
Marisa Torrieri is a TMCnet Web editor, covering IP hardware and mobility, including IP phones, smartphones, fixed-mobile convergence and satellite technology. She also compiles and regularly contributes to TMCnet's gadgets and satellite e-Newsletters. To read more of Marisa's articles, please visit her columnist page.
Edited by Marisa Torrieri
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