Xeta Technologies has reported revenue of $19.1 million for the fourth quarter ended October 31, 2007, a 14% increase over $16.7 million in the corresponding period of the previous year.
Earnings for the fourth quarter stood at $677,000, or $0.07 per diluted share compared to earnings of $516,000, or $0.05 per diluted share in the corresponding period of 2006.
For the fiscal year ended October 31, 2007, revenue stood at $70.1 million, a 17% increase compared to the prior year period. The company reported earnings of $1.4 million, or $0.14 per diluted share, on revenue of $70.1 million compared to net income of $719,000, or $0.07 per diluted share, on revenue of $60 million for the same period in 2006.
Greg Forrest, president and CEO of Xeta, said: Our main objectives for this past year were to acquire significant market share and to grow revenue faster than the market. By focusing on our key strategies we were able to grow our top line by 17% during the fiscal year, clearly outpacing the growth of the telephony equipment market as well as our annual target of 15%.