ORLANDO, Fla., Oct. 20, 2008 (GLOBE NEWSWIRE) -- RedChip Visibility, a division of RedChip Companies, Inc., announced today that it has issued a third quarter 2008 research update for Bridgeline Software, Inc. (Nasdaq:BLSW), a developer of web applications and web application management software.
Harry Russell, MBA, RedChip Research Analyst, reported:
"BLSW has grown their total customer base to 539 customers from 138 customers in the quarter last year, which represents a year-over-year increase of 291%. Further, of these 539 customers, 365 customers, or 68%, represent recurring revenue. We find this additional traction, given the incredibly challenging times, hugely impressive and further validation that Bridgeline had set out a business model and executed as well as can be expected.
"The Company had strong margins in the quarter overall and kept tight control over its expenses. Although we expected as much, again, given the times, this is something the Company has been able to do even with a business model based on acquisitions," he continued.
"If BLSW can continue to deliver performance, find acquisitions of incremental value to the firm, and pay reasonable valuations for these acquisitions, then the stock should be rewarded. We reiterate our 'Speculative Buy' recommendation and 12-month price target of $6.50," Russell concluded.
To receive a complimentary copy of the RedChip Visibility Initial Research Report for BLSW, please visit: http://www.redchip.com/visibility/about.asp?page=vreport&reportid=142&from=10202008pr
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Disclosure
None of the profiles issued by RedChip Companies, Inc., constitutes a recommendation for any investor to purchase or sell any particular security or that any security is suitable for any investor. Bridgeline Software, Inc. paid RedChip Visibility, a division of RedChip Companies, Inc., $36,000 for RedChip Visibility Program services, which included the preparation of this equity research report. RedChip Companies, Inc., is currently engaged by this company to provide investor awareness services. Bridgeline Software, Inc. agreed to pay RedChip Companies, Inc., a fee of $24,000 in cash and for these services. RedChip Companies, Inc., employees and affiliates may have positions and affect transactions in the securities or options of the issuers mentioned herein. To the fullest extent permissible under applicable law, RedChip Companies, Inc., will not be liable to you or anyone else for the quality, accuracy, completeness, reliability, or timeliness of this information.