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March 15, 2009

TeraGo Q4 revenues up 22%

Posts a net loss of C$4.81m compared to C$1.73m for the fourth quarter of 2007

By CBR Staff Writer

Canadian wireless broadband communications provider TeraGo has reported total revenues of C$8.34m for the fourth quarter of 2008, an increase of 22% compared to C$6.81m in the corresponding quarter of 2007.

The company has reported a net loss of C$4.81m, or C$0.43 per share, in the fourth quarter of 2008, compared to C$1.73m, or C$0.15 per share, in the same quarter of 2007.

For the fourth quarter of 2008, earnings before interest, taxes, depreciation and amortization (EBITDA) was C$597,000, compared to C$8,000 in the same quarter of 2007. Gross profit margin was 73.6%, compared to 74.6% in the same quarter of 2007.

Total revenues for the year ended December 31, 2008 were C$30.98m, an increase of 23% compared to C$25.12m in 2007. Net loss in 2008 was C$12.35m, or C$1.11 per share, compared to C$5.49m, or C$0.62 per share, in 2007. Gross profit margin in 2008 was 74.4%, compared to 76.7% in 2007.

Bryan Boyd, president and CEO of TeraGo, said: We maintained a solid revenue growth rate in the fourth quarter and also delivered significant sequential improvement in EBITDA despite the economic slowdown. TeraGo is well positioned with a strong balance sheet having no debt and significant cash resources.

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