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8x8 Breaks Revenue Record

October 19, 2011 - News

Business communications and cloud-computing solutions provider 8x8 Inc. showed solid revenue growth in the second quarter of its 2012 fiscal year.

Total revenue for the period ending Sept. 30 was a record $19.8 million, a 7 percent increase over the previous quarter and a 14 percent increase when compared to the same quarter last year. Revenue from business customers grew 21 percent year-over-year and represented 91 percent of total revenue. And the cloud is picking up steam: Revenue from cloud data services grew to 3.1 percent of total revenue in the second quarter of 2012, up from 2.5 percent of total revenue in the prior quarter.

8x8’s net income in fiscal Q2 2012 was $800,000, or $0.01 per share, compared to $0.03 per share in the same period last year. Operating income, which included one-time acquisition-related expenses of approximately $480,000, was $900,000. Depreciation, amortization and stock-based compensation were approximately $378,000, $48,000 and $329,000, respectively.

Business customer churn was 2.1 percent compared to a churn rate of 2.2 percent for the same period last year. The company ended the quarter with 26,727 business customers, including 250 customers added from the Contactual acquisition, up from 25,455 in the prior quarter and 22,167 customers a year ago.

"8x8 performed exceptionally well during the second quarter of fiscal 2012 as we experienced unusually strong summer demand for our cloud-based unified communications solutions," said 8x8 Chairman & CEO Bryan Martin. "At the same time, we executed upon several key strategic initiatives that underscore 8x8's unique role as the one stop shop for industry-leading, 'gold standard' solutions, highlighted this quarter by the expansion of our offerings with the acquisition of Contactual. In addition, this past August was the best month ever for recurring revenue generated and a recently conducted customer survey confirmed our belief that businesses are increasingly choosing 8x8's service offerings not only to lower expenses but to also leverage the features and flexibility of these solutions to position themselves for future growth."

As of Sept. 30, the company had $19.1 million in cash, cash equivalents and investments, compared with $17.9 million on Sept. 30, 2010, and $18.9 million on June 30, 2011.

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