Global Telecom & Technology has reported a net income of $0.4m, or $0.02 per share, for the fourth quarter ended December 31, 2008, compared to $1.5m, or $0.11 per share, for the same quarter of 2007.
Operating income for the fourth quarter of 2008 was $0.1m, compared to an operating loss of $0.6m in the corresponding quarter of 2007. Revenue for the fourth quarter of 2008 was $16.5m, compared to $15.5m in the same quarter of 2007. Adjusted EBITDA for the fourth quarter of 2008 was $0.6m, compared to $0.2m in the same quarter of 2007.
Net loss for the year ended December 31, 2008 was $42.4m, or $2.85 net loss per share, compared to $4.3m, or $0.35 net loss per share, in 2007. Operating loss for 2008 was $42.9m, compared to $6.6m in 2007. Adjusted EBITDA for 2008 was $2m, compared to negative $0.3m in 2007. Revenue for 2008 was $67m, compared to $57.6m in 2007.
Richard Calder, Jr, president and CEO of Global Telecom & Technology, said: 2008 was a very strong year for GTT. We were able to achieve solid revenue growth and produce positive Adjusted EBITDA in every quarter and, for the first time, the full year. Our 2008 results underscore GTT’s value proposition and in 2009 we expect to continue our positive progress.