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Redknee Reports Full Year
Second half 2008 revenue is up 48% to $26.6M
December 2, 2008
1 Min Read
TORONTO -- Redknee (TSX/AIM: RKN), a leading provider of mission-critical software and services for communications service providers, including end-to-end convergent billing, real-time charging and rating and personalization, today announces its results for the financial year ended September 30, 2008.
Financial Highlights:
Second half 2008 revenue up 48% to $26.6 million (2H07 - $17.9 million)
2008 revenue up 31% to $50.7million (2007 - $38.6 million)
Second half gross margin increases to 71% (2H07 - 59%)
2008 gross margin increases to 70% (2007 - 67%)
Basic loss per share of ($0.08) (2007 - loss per share of ($0.20))
Cash and investments at $15.3 million (March, 30, 2008 - $16.0 million)
Canadian-based Redknee reports in Canadian dollars but generates a majority of its revenue from US dollar, Euro and UK pound priced and denominated contracts.
Operating Highlights:
Over 20 new operators in 2008 across APAC, EMEA and Americas (2007 - nine new operators);
Further enhanced recurring revenue in Redknee's business model:
Secured first multi-year revenue share agreement,
Integrated interconnect service bureau operation acquired from Argent Networks,
Secured first multi-year term-license agreement generating recurring revenues,
Three new mission-critical solutions introduced during the year;
Six new patents awarded and eight new patent applications filed;
US$10 million credit line obtained from Export Development Canada.
Lucas Skoczkowski, CEO for Redknee commented:
"After 12 months of record growth, Redknee enters fiscal 2009 in a stronger position. Our strategy has positioned us well to benefit from the continued increase in wireless subscriber penetration throughout the high growth markets of Africa, the Middle East and Asia Pacific, while addressing niche growth segments of Tier-1 operators in Europe and North America. In the current uncertain economic environment, we remain focused on accelerating our return to profitability, while executing our strategy in a disciplined fashion."
Redknee Inc. (Toronto TSX: RKN)
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