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Vonage Holdings Corp. Reports Fourth Quarter and Full Year 2008 Results
Full Year 2008
First Year Generating Adjusted Operating Profit1 and
Positive Cash Flow from Operations
Net Loss excluding certain charges2 of $34 Million or $0.22 per Share
Revenue Increases 9% to $900 Million
Fourth Quarter 2008
8th Consecutive Quarter of Growth
in Adjusted Pre-Marketing Operating Income1
Adjusted Net Loss2 of $10 Million or $0.07 per Share
Revenue Increases 3% to $222 Million
Holmdel, NJ, February 26, 2009 Vonage Holdings Corp. (NYSE: VG), a leading provider of broadband telephone service, today announced results for the quarter and year ended December 31, 2008.
Full Year 2008
Revenue increased to $900 million for the year, up 9 percent from $828 million in 2007. Net loss excluding debt extinguishment costs2 narrowed to $34 million from $93 million excluding certain charges2 . GAAP net loss was $65 million or $0.41 per share in 2008.
Marc Lefar, Vonage Chief Executive Officer, said, We improved our financial position throughout 2008, and for the first time in Vonages history, delivered adjusted operating profit and positive cash from operations for a full year. Vonage also delivered record level pre-marketing operating income1 reflecting increasing levels of cash generated by the existing customer base. This progress occurred despite the uncertainty and challenges of the current economy.
While our financial performance was sound, we fell short in our ability to substantially grow our subscriber base. However, we are confident Vonage has significant opportunities to create future value for shareholders, Mr. Lefar said. Not only is the business model solid, but the market opportunity for digital voice remains robust.
The following information was filed by Vonage Holdings Corp (VG) on Thursday, February 26, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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