Xeta Technologies , a US-based communication technologies provider, has announced results for fourth quarter of fiscal 2008, with revenues increasing to $22.35m, compared to $19.1m for the fourth quarter of fiscal 2007.
For the fiscal year ended October 31, 2008, the company posted revenue of $84.32 million compared to revenue of $70.09 million for the same period ended October 31, 2007.
The company posted GAAP earnings of $705,000, or $0.07 per diluted share for the fourth quarter of fiscal 2008, compared to earnings of $677,000, or $0.07 per diluted share, for the same quarter of fiscal 2007.
For the fiscal year ended October 31, 2008, the company reported GAAP earnings of $2.05 million, or $0.2 per diluted share,compared to a GAAP net income of $1.43 million, or $0.14 per diluted share, compared to revenue of $70.09 million for the same period ended October 31, 2007.
Greg Forrest, CEO of Xeta Technologies, said: Despite strong economic headwinds, Xeta’s top line grew 20%, clearly outpacing the growth of the telephony equipment market and well above our targeted annual growth rate of 15%. We also showed improvement in profitability, delivering a 49% growth in EBITDA year over year. During the fourth quarter, we strengthened our balance sheet generating $5.21 million in cash flow from operations, improving our ability to finance growth opportunities.