By last month the stock was over $4. After Friday's quarterly results it was in the $4.20 range.

Bridgewater makes network access control products for carriers that manage authentication, authorization and accounting servers. Its leading products include Network Policy Controller and its new integrated Widespan suite.

The largest buyer of its 120 carrier customers is Verizon Wireless in the U.S. Telecom equipment maker Alcatel-Lucent, with whom it has a reseller and an OEM agreement, is among the top five.

Just over 60 per cent of its sales are to CDMA carriers, a ratio it is trying to change as much of the world is dominated by GSM carriers.

As for the Q1 results, Bridgewater pulled in $14 million, a 64 per cent increase over the same period in 2008. Net earnings were $2.9 million, compared to a net loss of $700,000 for the year ago quarter.