VoIP service provider 8x8, Inc., today announced financial results for its fourth quarter and fiscal year ended March 31, 2006.

 

The company, which offers VoIP service under the Packet8 brand, did well during the past year, finishing with total revenues of $31.9 million, up 178 percent over the previous fiscal year.

 

Net losses for the fiscal year were $24.1 million ($0.43 per share), compared to $19.1 million ($0.43 per share) for the previous year.

 

The positive results were also reflected in figures for the fourth quarter. Total revenues for the period were $10.3 million, up 21 percent from the same period last year. Net losses for the quarter were $6.6 million ($0.11 per share), down from $7 ($0.14 per share) during the same period last year.

 

8x8 also reported 133,000 active Packet8 subscribers as of March 31, 2006, up 18 percent from December 31, 2005. “Subscriber lines have more than doubled over the 57,000 lines in service at the end of fiscal 2005,” the company said in a press release.

“We are pleased to report our ninth consecutive quarter of increasing top line revenues and an improvement in our bottom line for the fourth quarter,” said 8x8’s CEO, Bryan Martin, in a statement to the press.

 

Martin added: “Our Packet8 service features and pricing remain highly competitive, in large part, due to the lower cost base associated with the ongoing use of 8x8's technology for both the service delivery platforms and the customer premise equipment. In particular, our Virtual Office VoIP- hosted small business phone service has gained significant market acceptance, setting sales and subscriber records on a monthly basis.”

 

 

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