Bridgewater posts turnaround in Q1

New customer wins triggered a turnaround for Bridgewater Systems in the first quarter, with net earnings reaching $2.9 million from a net loss of $0.7 million in the same period last year.

Revenue likewise surged 64% to $14 million, from $8.6 million the year before.

The company added six new customers in the first quarter, four of which were from EMEA and one each from the US and Asia.

The bulk of Bridgewater’s revenue in the first quarter was attributed to the delivery of the Policy Controller solution with a Tier 1 mobile service provider and the delivery of the WideSpan integrated solution with Verizon Wireless and Cricket Communications.

Bridgewater expects net earnings to reach $7 million to $9 million in 2009.