8×8 Posts $1.5M Profit

VoIP provider 8×8 Inc. on Wednesday posted a $1.5 million profit in its third fiscal quarter of 2011 as revenues rose 12 percent to $17.8 million.

The Sunnyvale, Calif.-based communications company said its net income of $1.5 million or $0.02 per share during the quarter included a one-time charge of $625,000 in connection with a previously disclosed settlement of a class-action wage and hour lawsuit.

The company ended the quarter with 23,251 business customers, up from 19,407 customers a year ago.

For the nine months ending Dec 31, 2010, 8×8 posted net income of $4.5 million, or $0.07 per share, on revenues of $52 million. 

Those results mark an improvement over the comparable nine-month period in fiscal year of 2010 when the company posted net income of $2.8 million, or $0.04 per share, on revenues of $47.5 million.

Shares of 8×8 (EGHT) closed Wednesday at $2.82 on the NASDAQ Capital Market.

During the quarter, the company repurchased 539,159 shares of its common stock at an average share price of $2.30.

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