This excerpt taken from the N 8-K filed Feb 10, 2009.
SAN MATEO, Calif. February 10, 2009 NetSuite Inc. (NYSE: N), a leading vendor of on-demand, integrated business management software suites for mid-market enterprises and divisions of large companies, today announced operating results for its fourth quarter and fiscal year ended December 31, 2008.
Total revenue for the year was $152.5 million, a year-over-year increase of 40.5%. Total revenue for the fourth quarter was $41.4 million, a 30.5% increase over the fourth quarter of 2007.
On a GAAP basis, net loss for the fourth quarter of 2008 was $(4.5 million), or $(0.07) per share, compared to $(3.3 million), or $(0.22) per share in the fourth quarter of 2007. On a GAAP basis, net loss for the year ended December 31, 2008 was $(15.9 million), or $(0.26) per share, compared to $(23.9 million), or $(2.45) per share in 2007.
Non-GAAP net income for the fourth quarter of 2008 was $534,000, or $0.01 per share, as compared to a non-GAAP net loss of $(1.7 million), or $(0.03) per share, for the third quarter of 2008 and compared to a non-GAAP net loss of $(842,000), or $(0.01) per share, for the fourth quarter of 2007. Non-GAAP net loss for the year ended December 31, 2008 improved 56% to $(2.5 million), or $(0.04) per share, compared to $(5.7 million), or $(0.10) per share in 2007.
Items presented on a non-GAAP basis exclude expenses related to stock-based compensation and the amortization of intangible assets. A reconciliation of GAAP net loss to non-GAAP net income/(loss) is provided below in a table immediately following the Condensed Consolidated Statements of Operations, along with an explanation of why these non-GAAP financial measures are useful to investors and how they are used by management.
Revenue from the Americas for the year ended 2008 was $123.4 million, while revenue from international regions was $29.1 million. NetSuite added approximately 350 new customers in the fourth quarter and ended the year with over 6,600 active companies.
Im delighted that NetSuite delivered one of our best quarters to date in what has been a very difficult economic environment. I am especially excited that we posted the first non-GAAP profitable quarter in the Companys history even against the headwinds of global economic challenges, said Zach Nelson, CEO of NetSuite. Furthermore, we posted record quarterly and annual revenue, reached a record average selling price and grew our bookings significantly quarter over quarter. This is a strong performance in any quarter, and is especially impressive with business spending on equipment and software falling 27.8%, the worst in a half century.
What led to this remarkable success in the fourth quarter and fiscal 2008, and what we believe will drive the Company in 2009, is our unique business strategy and great tactical execution. Our strategy of providing an integrated suite of applications delivered on-demand to small- and medium-sized businesses is even more applicable in times when cost-reduction and productivity improvements are necessary for survival, concluded Nelson.