Brightcove generates non-GAAP income from operations for first time in company's history

Brightcove Inc. (NASDAQ: BCOV) reported the total revenue for its third quarter of 2013 was USD28.5m, an increase of 29% compared to USD22.1m for the third quarter of 2012.

Subscription and support revenue was USD26.5m, an increase of 23% compared with USD21.5m for the third quarter of 2012. Professional services and other revenue was USD2.0m, compared to USD568,000 for the third quarter of 2012.

Gross profit for the third quarter of 2013 was USD19.3m, compared to USD15.1m for the third quarter of 2012, and gross margin was 68% for the third quarter of 2013. Non-GAAP gross profit for the third quarter of 2013 was USD19.6m, representing a year-over-year increase of 28% and a non-GAAP gross margin of 69%. Non-GAAP gross profit and non-GAAP gross margin exclude stock-based compensation expense and the amortization of acquired intangible assets.

Loss from operations was USD1.3m for the third quarter of 2013, compared to a loss of USD3.7m for the third quarter of 2012. Non-GAAP income from operations, which excludes stock-based compensation expense, the amortization of acquired intangible assets and merger-related expenses, was USD1.1m for the third quarter of 2013, compared to a non-GAAP loss from operations of USD1.3m during the third quarter of 2012.

Net loss attributable to common stockholders was USD1.3m, or USD0.04 per basic and diluted share, for the third quarter of 2013. This compares to a net loss attributable to common stockholders of USD611,000, or USD0.02 per basic and diluted share, for the third quarter of 2012.

Non-GAAP net income was USD1.1m for the third quarter of 2013, or USD0.04 per diluted share, compared to a non-GAAP net loss attributable to common stockholders of USD1.5m for the third quarter of 2012, or USD0.05 per diluted share.

Brightcove is a leading global provider of cloud services for video. For more information, visit http://www.brightcove.com.

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