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February 19, 2009

ECtel Q4 net loss widens

Revenues down to $4.8m compared to $6.6m in the fourth quarter of 2007

By CBR Staff Writer

Israel-based ECtel, a provider of integrated revenue management solutions, has posted a GAAP net loss of $3.4m, or $0.21 per share, for the fourth quarter of 2008, compared to a net loss $2.2 m, or $0.13 per share, in the fourth quarter of 2007.

Revenues for the fourth quarter of 2008 totaled $4.8m, compared to $6.6m in the fourth quarter of 2007.

Revenues for full year 2008 increased 20% reaching $25m, compared to $20.9m in 2007. GAAP net loss for 2008 totaled $8.3m or $0.5 per share, compared to a net loss of $8.8m, or $0.53 per share in 2007.

Itzik Weinstein, president and CEO of ECtel, said: As the global markets continue to be in turmoil, we have adopted a series of proactive efficiency measures including a reduction in management and employee salaries, downsizing in workforce, cost efficiencies in the professional service functions as well as other operating expenses. As we enter 2009, it is our clear goal to preserve cash, without compromising either our development or growth prospects, with a view to achieving break-even during the second part of 2009.

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