reports.
Bsquare says total revenue for the quarter was $17.1 million, up 13 percent from the first quarter of 2007. Net income for the quarter of $1.0 million was up 57 percent, year-on-year. And overall gross profit was $4.7 million for the quarter, or 27 percent of total revenue, as compared to $4.0 million, or 26 percent of revenue, in 2007.
Among other factors, the company cited significant progress in its business of selling third-party software, including "better than expected momentum" in the form of $450,000 in revenue from its
newly acquired Flash Lite consulting and distribution business. During the quarter, Bsquare also became the
exclusive U.S. distributor of Solidcore's S3 Control Embedded software. Overall, sales of third-party software were $10.1 million for the quarter, compared to $8.2 million in the prior year.
Service revenues were also up three percent over 2007, rising to $6.1 million, driven in particular by strong growth in the Asian market, including Japan. There was a seven percent decrease in average project revenue, but a 24 percent increase in the number of projects -- both of which, the company says, result from the fact that Flash Lite service projects tend to be smaller.
Bquare's revenue from proprietary software, such as its
SDIO stack and reference designs, was down slightly, however. It reached $863,000 for the quarter, compared to $970,000 in the prior year.
During the quarter, Bsquare also:
Brian Crowley, Bsquare's CEO, commented, "We had a very solid quarter. We showed substantial year-over-year bottom line growth, we made progress in building our service backlog and pipeline, [and] capitalized on our recent entre into the Flash Lite market more rapidly than expected."
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