Annual revenue increases by 29%
Sierra Wireless, a Canada-based provider of wireless wide area modem services, has posted GAAP net earnings of $34.7m, or diluted earnings per share of $1.12, for the fourth quarter of fiscal 2008, compared to GAAP net earnings of $11.5m, or $0.37 per diluted share, in the same quarter of fiscal 2007.
The company reported revenue of $132.9m for the fourth quarter of fiscal 2008, a decrease of 2% compared to revenue of $135.6m for the same period in 2007.
Revenue for the year ended December 31, 2008 increased by 29% to $567.3m, compared to $439.9m in 2007. Net earnings in 2008 were $62.6m, or diluted earnings per share of $2, compared to net earnings of $32.5m, or diluted earnings per share of $1.16 in 2007.
Jason Cohenour, president and CEO of Sierra Wireless, said: In the context of current economic conditions, we view our fourth quarter financial results as solid. Our fourth quarter revenue of $132.9 million was essentially flat year over year and drove solid earnings from operations of $9 million. For the full year 2008, we are quite pleased that we were able to grow revenue by almost 30% over 2007 and deliver record earnings and cash flow in the face of stiff economic headwinds.