Fourth Quarter 2008 Results:
- Revenues for the fourth quarter of 2008 totaled $22.0 million, an increase of 34% compared to $16.3 million in the fourth quarter of 2007
- Backlog of signed agreements, as of December 31, 2008, reached $185.7 million, an increase from the $178.5 million backlog of signed agreements as of September 30, 2008
- Operating income for the fourth quarter of 2008 totaled $4.5 million, a 38% increase compared to $3.3 million in the fourth quarter of 2007
- Net income on a GAAP basis for the fourth quarter of 2008 was $3.6 million, an increase of 13% compared to $3.2 million in the fourth quarter of 2007. Net income per diluted share on a GAAP basis was $0.21, compared to $0.18 in the fourth quarter of 2007
- Adjusted EBITDA for the fourth quarter of 2008 totaled $5.7 million, an increase of 39% compared to $4.2 million in the fourth quarter of 2007
Adjusted net income for the fourth quarter of 2008 totaled $2.8 million, compared to $3.6 million in the fourth quarter of 2007. Net income for the quarter was impacted by higher tax expense incurred following the strengthening of the US dollar against the Israeli shekel during the period, resulting in an appreciation of the Company's US dollar cash balance relative to the shekel. This appreciation in the cash balance is viewed as a taxable gain by the Israeli tax authorities. Adjusted net income per diluted share, which was similarly impacted by the higher tax expense, totaled $0.17, compared to $0.21 in the fourth quarter of 2007.
Cash, cash equivalents and marketable securities as at December 31, 2008 were $46.6 million, compared with $61.9 million as at September 30, 2008. During the quarter, the Company generated $3.7 million in operating cash flow, paid out the balance of $12.6 million for the acquisition of the Emek Ha'ela Teleport and distributed a dividend of $5 million to our shareholders.
Full Year 2008 Results:
Revenues for the full year 2008 totaled a record $79.0 million, an increase of 33% compared to $59.2 million in 2007. Operating income for 2008 totaled $15.0 million, a 25% increase compared to $12.0 million in 2007. Net income on a GAAP basis for 2008 was $13.4 million, an increase of 18% compared to $11.4 million in 2007. Adjusted EBITDA for 2008 totaled $19.3 million, an increase of 26% compared to $15.4 million in 2007. Adjusted net income for 2008 totaled $12.9 million, an increase of 5% compared to $12.3 million in 2007.