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8x8, Inc. Announces Financial Results For First Quarter Fiscal 2014

Stocks in this article: EGHT

8x8, Inc. (NASDAQ: EGHT), provider of innovative cloud communications and computing solutions, today announced operating results for the first quarter of fiscal 2014 ended June 30, 2013.

The company posted total record revenue of $30 million for its first fiscal quarter ending June 30, 2013. GAAP net income for the first quarter of fiscal 2014 was $2.1 million, or $0.03 per diluted share. Non-GAAP net income for the quarter increased 27% year over year to $4.3 million, or $0.06 per diluted share.

First Quarter Fiscal 2014 Financial Results

  • Revenue from business customers, which represented 98% of total revenue, increased 22% year over year to $29 million.
  • Average number of subscribed services per new business customer grew to 17.5 from 14.0 in the same period last year.
  • Average number of subscribed services per business customer grew to 11.8 from 10.1 in the same period last year.
  • Average revenue per business customer increased $5 per month sequentially to $268, compared with $250 in the same period last year.
  • Business service revenue churn was 1.2%, compared with 2.3% in the same period last year.
  • Business customer churn was a record 1.4%, compared with 1.7% in the same period last year.
  • Service margin was a record 81%, compared with 75% in the same period a year ago; overall gross margin was 71%, compared with 67% in the same year ago period.
  • GAAP net income for the first quarter of fiscal 2014 was $2.1 million, or $0.03 per diluted share, compared with $8.6 million (which included a $12 million gain from the sale of a patent family), or $0.12 per diluted share, for the first quarter of fiscal 2013.
  • Non-GAAP net income (as outlined in the reconciliation table below) was $4.3 million, or $0.06 per diluted share, compared with $3.4 million, or $0.05 per diluted share, in the same period last year.
  • Cash, cash equivalents and investments grew to $57.8 million in the first quarter of fiscal 2014, an increase of $5.5 million sequentially, compared with cash, cash equivalents and investments of $38.2 million at June 30, 2012.

“First and foremost, I am pleased to report that the 22% growth in business revenue we saw in the first quarter of fiscal 2014 has led to the achievement of another revenue milestone with the posting of $30 million in revenue for the quarter,” said 8x8 Chairman & CEO Bryan Martin. “In addition, our average monthly service revenue per business customer increased sequentially by $5 to a new high of $268, and business customers now generate 98% of total revenue.”

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