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March 2, 2009

Axesstel Q4 and annual revenue up

Posts a revenue of $23.3m for fourth quarter of 2008

By CBR Staff Writer

Axesstel, a developer of fixed wireless voice and broadband data products, has posted a net loss of $469,000, or $0.02 per share, for the fourth quarter ended December 31, 2008, compared to a net loss of $5.04m, or $0.22 per share, in the fourth quarter of 2007.

Revenues for the fourth quarter of 2008 were $23.3m, compared to revenues of $13.8m in the fourth quarter of 2007. Gross margin for the fourth quarter was $5.2m, or 22% of revenue, compared to $2.9m, or 21% of revenue for the same period in 2007.

For the year ended December 31, 2008, the company reported revenues of $109.6m, compared to $82.4m for 2007. Gross margin for 2008 was 24% compared to 21% for 2007. Net income was $1.4m for 2008, or $0.06 per diluted share, compared a net loss of $9.02m, or $0.39 per share in 2007.

Clark Hickock, CEO of Axesstel, said: While we are not immune to the new realities of the global economy, our diverse range of products combined with our strong localized sales organization enables us to pursue niche opportunities in the markets we serve. We continue to focus on creating innovative fixed wireless and broadband data solutions. In 2009, we will execute on the same business fundamentals that achieved our aggressive 2008 turnaround.

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