Vonage Releases Third Quarter Results
Source: www.voip-news.com
Vonage Holdings Corp. has announced its third quarter results. Revenue grew by seven percent over the previous year to $226 million.
“We reported our fourth consecutive quarter of positive adjusted operating income delivering a record level $15 million in the third quarter. Pre-marketing operating income also represents a record high of $91 million. Shortly after the quarter ended, we refinanced $253 million of convertible debt despite one of the most difficult capital market environments in our nation’s history,” said Marc Lefar, Vonage Chief Executive Officer.
According to Vonage:
For the third quarter of 2008, adjusted operating income(1) was $15 million, an increase from an adjusted operating loss excluding certain charges(1) of $1 million in the year-ago quarter and adjusted operating income of $12 million sequentially. The Company reported a GAAP net loss of $8 million or $0.05 per share, compared to a net loss excluding certain charges(2) of $12 million or $0.08 per share reported in the third quarter 2007.
“As we look forward, we continue to maintain our focus on fixing the business fundamentals. We are becoming more selective in our product investments, continuing to improve customer care and reevaluating our marketing messaging and media investment. Although we anticipate modest growth for the balance of the year, the changes we are putting in place should position us for accelerated growth in 2009,” said Lefer.



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