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8x8 Reports Fiscal Year, Q4 Sales, Profit Gains

5/21/2008 10:51:00 AM Eastern

Santa Clara, Calif. — 8x8, provider of Packet8 business, mobile and residential communication services, reported higher sales and profits for its fiscal fourth quarter and fiscal year, ended March 31.

Total revenues for the fiscal year were $61.6 million, compared with $53.1 million for fiscal 2007, an increase of 16 percent year-over-year. Packet8 business service revenues grew 81 percent year-over-year to $29.1 million in fiscal 2008 from $16.1 million for all of fiscal 2007. GAAP net income grew to $30,000 in fiscal 2008, compared to a net loss of $9.9 million in the previous fiscal year.

Total revenue for its fiscal fourth quarter was $16.3 million, compared with $14.4 million for the same period of the prior year, an increase of 14 percent. Packet8 business service revenues for the fourth quarter grew 55 percent over the same period last year, and represented 50 percent of total revenue for the fiscal fourth quarter, compared with 37 percent of revenue for the same period last year.

GAAP net income for the fourth quarter of fiscal 2008 was $691,000, compared with a loss of $2.9 million for the same period last year.

As of March 31, 11,011 companies subscribed to Packet8 business services, a 57 percent increase over the 7,003 companies subscribed at the end of fiscal 2007, the company said.

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