8x8, Inc. (NASDAQ: EGHT), provider of innovative cloud-based business communications and computing solutions, today announced record financial operating results for the third quarter of fiscal 2013 ended December 31, 2012.
Third Quarter Fiscal 2013 Financial Highlights:
- Total revenue for the quarter increased 17% year-over-year to a record $27.3 million from $23.3 million in the same period of fiscal 2012.
- Revenue from business customers grew 22.2% during the quarter from the same period last year and comprised 97% of total revenue for the quarter.
- Overall gross margin was 68.3% compared with 67.8% in the prior quarter and 67.9% in the same period last year.
- Service gross margin was 78.1%, compared with 75.9% in the prior quarter and 76.9% in the same period last year.
- GAAP net income was $1.9 million, or $0.03 per diluted share, compared with $2.6 million, or $0.04 per share, for the same period last year.
- Non-GAAP net income (as outlined in the reconciliation table below) was $3.8 million, or $0.05 per diluted share, compared with $3.7 million, or $0.05 per diluted share, in the same period a year ago.
- Ended the quarter with $46.5 million in cash, cash equivalents and investments compared with $40.1 million in the prior quarter and $21.9 million on December 31, 2011.
- Cash flow from operating activities was $6.6 million for the quarter compared with $3.2 million in the same period last year.
“I am pleased to report another quarter of record revenue along with a substantial uptick in our service margins,” said 8x8 Chairman & CEO Bryan Martin. “Our focus on service margin improvement combined with our continued double-digit revenue growth and consistent profitability are a testament to 8x8’s ability to deliver advanced cloud-based services in a highly efficient and profitable manner to a continually growing base of larger customers.”