8x8's 
Packet8 may not be the largest VoIP service provider, but they have nice stable growth. Unlike some VoIP service providers which tried to grow fast but then crashed and burned (See SunRocket posts here, here, and here), Packet8 has had slow steady growth over the years.
So I'm pleased to report that 8x8, Inc. (Nasdaq: EGHT), provider of Packet8 broadband Voice over Internet Protocol (VoIP), videophone and mobile VoIP communication services, today announced revenues for the third quarter of fiscal 2008 were $15.8 million, compared with $14.8 million for the second quarter of fiscal 2008 and $13.3 million for the same period of the prior year, an increase of 7% over the prior quarter and 19% year over year.
Net income for the quarter was $1.4 million or $0.02 per share, the second highest quarterly earnings in the company's history, compared with a net loss of $2.6 million or ($0.04) per share for the second quarter of fiscal 2008 and a net loss of $2.8 million or ($0.05) per share for the same period last year. Total revenues for the nine-month periods ended December 31, 2007 and 2006, were $45.3 million and $38.7 million, respectively, an increase of 17%.
You can read the full financial results after the jump...
Packet8 may not be the largest VoIP service provider, but they have nice stable growth. Unlike some VoIP service providers which tried to grow fast but then crashed and burned (See SunRocket posts here, here, and here), Packet8 has had slow steady growth over the years.So I'm pleased to report that 8x8, Inc. (Nasdaq: EGHT), provider of Packet8 broadband Voice over Internet Protocol (VoIP), videophone and mobile VoIP communication services, today announced revenues for the third quarter of fiscal 2008 were $15.8 million, compared with $14.8 million for the second quarter of fiscal 2008 and $13.3 million for the same period of the prior year, an increase of 7% over the prior quarter and 19% year over year.
Net income for the quarter was $1.4 million or $0.02 per share, the second highest quarterly earnings in the company's history, compared with a net loss of $2.6 million or ($0.04) per share for the second quarter of fiscal 2008 and a net loss of $2.8 million or ($0.05) per share for the same period last year. Total revenues for the nine-month periods ended December 31, 2007 and 2006, were $45.3 million and $38.7 million, respectively, an increase of 17%.
You can read the full financial results after the jump...
8x8, Inc. (Nasdaq: EGHT), provider of Packet8 broadband Voice over Internet Protocol
(VoIP), videophone and mobile VoIP communication services, today announced financial results for its third quarter of fiscal 2008 ended December 31, 2007.
Revenues for the third quarter of fiscal 2008 were $15.8 million, compared with $14.8 million for the second quarter of fiscal 2008 and $13.3 million for the same period of the prior year, an increase of 7% over the prior quarter and 19% year over year. Net income for the quarter was $1.4 million or $0.02 per share, the second highest quarterly earnings in the company's history, compared with a net loss of $2.6 million or ($0.04) per share for the second quarter of fiscal 2008 and a net loss of $2.8 million or ($0.05) per share for the same period last year. Total revenues for the nine-month periods ended December 31, 2007 and 2006, were $45.3 million and $38.7 million, respectively, an increase of 17%. The Company's cash and investments increased for the third consecutive quarter from $12.9 million in the quarter ended September 30, 2007 to $14.3 million at December 31, 2007, and have increased by $2.4M for the nine-month period ended December 31, 2007.
Packet8 Virtual Office revenues grew sequentially 8% quarter over quarter, representing 48% of total revenues in the third quarter of fiscal 2008. Packet8 residential, video and mobile services also grew sequentially over the 2nd fiscal quarter by 5%. Overall gross margin improved from 52% in the second quarter of fiscal 2008 to 65% in the third quarter of fiscal 2008 while service margins increased from 67% to 70%, respectively.
As of December 31, 2007, more than 10,000 businesses subscribed to the Packet8 Virtual Office service."We are very pleased to report the highest quarterly revenues and second
highest quarterly earnings in the history of 8x8," said 8x8 Chairman & CEO Bryan R. Martin. "This was a great quarter for 8x8 and our Packet8 communications services as we surpassed a significant Virtual Office milestone and extended our leadership in the hosted business VoIP market. As businesses seek ways to reduce operating expenses, especially in the midst of uncertain economic conditions, we continue to see strong interest and demand for our
cost-effective, feature-rich Packet8 Virtual Office services."
During the quarter, 8x8 sold two of its legacy, non-core patents to a third party for $1.2M, and accounted for the sale and payment as Other Income. The Company will retain a worldwide, non-exclusive, royalty-free license to use the technology covered by these patents for all of its current and future products.
Mr. Martin continued, "We are also pleased to report a significant success in our ongoing efforts to monetize the Company's significant portfolio of patents and other intellectual property. We believe that this transaction validates and establishes a baseline value of our portfolio in the marketplace, and we intend to continue efforts towards monetizing our
intellectual property via licensing, covenant-not-to-sue agreements and other business arrangements and transactions in the future."
Mr. Martin concluded, "8x8 is well positioned in the VoIP industry going forward with a strengthened balance sheet, zero debt, a strong intellectual property portfolio, a new mobile offering and the most widely adopted hosted iPBX phone service in the small business market. We are looking forward to continuing these trends in 2008 and beyond."
8x8 will host a conference call today at 4:30 p.m. ET to discuss its third fiscal quarter results. The event and replays of the call can be accessed from the events page of 8x8's corporate website at http://www.8x8.com.
(VoIP), videophone and mobile VoIP communication services, today announced financial results for its third quarter of fiscal 2008 ended December 31, 2007.
Revenues for the third quarter of fiscal 2008 were $15.8 million, compared with $14.8 million for the second quarter of fiscal 2008 and $13.3 million for the same period of the prior year, an increase of 7% over the prior quarter and 19% year over year. Net income for the quarter was $1.4 million or $0.02 per share, the second highest quarterly earnings in the company's history, compared with a net loss of $2.6 million or ($0.04) per share for the second quarter of fiscal 2008 and a net loss of $2.8 million or ($0.05) per share for the same period last year. Total revenues for the nine-month periods ended December 31, 2007 and 2006, were $45.3 million and $38.7 million, respectively, an increase of 17%. The Company's cash and investments increased for the third consecutive quarter from $12.9 million in the quarter ended September 30, 2007 to $14.3 million at December 31, 2007, and have increased by $2.4M for the nine-month period ended December 31, 2007.
Packet8 Virtual Office revenues grew sequentially 8% quarter over quarter, representing 48% of total revenues in the third quarter of fiscal 2008. Packet8 residential, video and mobile services also grew sequentially over the 2nd fiscal quarter by 5%. Overall gross margin improved from 52% in the second quarter of fiscal 2008 to 65% in the third quarter of fiscal 2008 while service margins increased from 67% to 70%, respectively.
As of December 31, 2007, more than 10,000 businesses subscribed to the Packet8 Virtual Office service."We are very pleased to report the highest quarterly revenues and second
highest quarterly earnings in the history of 8x8," said 8x8 Chairman & CEO Bryan R. Martin. "This was a great quarter for 8x8 and our Packet8 communications services as we surpassed a significant Virtual Office milestone and extended our leadership in the hosted business VoIP market. As businesses seek ways to reduce operating expenses, especially in the midst of uncertain economic conditions, we continue to see strong interest and demand for our
cost-effective, feature-rich Packet8 Virtual Office services."
During the quarter, 8x8 sold two of its legacy, non-core patents to a third party for $1.2M, and accounted for the sale and payment as Other Income. The Company will retain a worldwide, non-exclusive, royalty-free license to use the technology covered by these patents for all of its current and future products.
Mr. Martin continued, "We are also pleased to report a significant success in our ongoing efforts to monetize the Company's significant portfolio of patents and other intellectual property. We believe that this transaction validates and establishes a baseline value of our portfolio in the marketplace, and we intend to continue efforts towards monetizing our
intellectual property via licensing, covenant-not-to-sue agreements and other business arrangements and transactions in the future."
Mr. Martin concluded, "8x8 is well positioned in the VoIP industry going forward with a strengthened balance sheet, zero debt, a strong intellectual property portfolio, a new mobile offering and the most widely adopted hosted iPBX phone service in the small business market. We are looking forward to continuing these trends in 2008 and beyond."
8x8 will host a conference call today at 4:30 p.m. ET to discuss its third fiscal quarter results. The event and replays of the call can be accessed from the events page of 8x8's corporate website at http://www.8x8.com.
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