Bitstream Reports $685K Loss, Shareholders Restless
Marlborough-based Bitstream Inc. said it lost $685,000 on revenue of $4.3 million during the second quarter, and now one of the company's major shareholders is calling for its sale.
In a U.S. Securities and Exchange Commission filing made Friday, Millennium Group LLC, which owns more than 11 percent of Bitstream's shares, said it had sent a letter to the company's board of directors asking that a committee be formed to explore selling the company to "one or more third parties."
Millennium is based in Illinois and is headed by Trent Stedman, who authored the letter.
Millennium argues that Bitstream's "current structure is too complex for public markets to ascertain the value of attractive underlying business units."
On Aug. 13, Bitstream announced that board of directors Chairman Charles Ying had stepped down due to a serious illness.
The company makes publishing and media software.
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