By The Canadian Press

OTTAWA - Bridgewater Systems Corp. (TSX:BWC) revised its annual profit and revenue 2009 guidance upward on Thursday as the wireless technology provider reported its third-quarter net income more than tripled while revenues rose 53 per cent.

The Ottawa-based company said it now expects revenue to be in a range of $62 million to $64 million, up from its previous guidance of $58 million to $62 million. It also narrowed its range for net earnings to between $9.5 million and $10 million from $the previous guidance of between $8 million and $10 million.

The company previously reported 2008 revenue was $44.2 million and net income was $2.8 million or 11 cents per share, indicating the company expects substantial improvements in both revenue and profit this year over 2008.

High revenue due to multi-year contracts from its major clients, long-term industry trends and the growth of mobile data services and applications prompted it to change its projections.

Bridgewater said it earned $1.7 million or seven cents a share in the period ended Sept. 30. That compared with a year-ago's $483,409 or two cents a share.

Its revenue gained 53 per cent to $15.8 million from $10.3 million.

"The company delivered strong financial performance in the third quarter, highlighted by significant revenue and earnings growth over the prior year," chief executive Ed Ogonek stated.

"In addition to continued success in our core markets, we made important progress in the third quarter with our strategy to expand into the 4G market."

Most smartphones run on the 3G standard but a switch to the next-generation 4G is anticipated as Bell and Telus launched its High Speed Packet Access, or HSPA, this week.

The 4G standard allows faster downloading and video calling.

The company said more than 120 service providers in 30 countries use Bridgewater's technology.

Shares of Bridgewater Systems dipped 18 cents to $9.72 on the Toronto Stock Exchange.