This excerpt taken from the SLRY 8-K filed May 14, 2008.
Salary.com Delivers 28th Consecutive Quarter of Revenue Growth and Reports Fiscal 2008 Financial Results
Fourth Quarter revenue increased 46%; Full year fiscal 2008 revenue increased 50%
Record cash flow from operations for the quarter and the fiscal year 2008
Bryce Chicoyne Appointed Chief Financial Officer
WALTHAM, Mass. May 14, 2008 Salary.com, Inc. (NASDAQ: SLRY), a leading provider of on-demand compensation and talent management solutions, today announced financial results for its fourth quarter and full year fiscal 2008, which ended March 31, 2008. Revenue in the fourth quarter was $9.3 million, an increase of 46% from the fourth quarter of fiscal 2007. For the full year fiscal 2008, revenue of $34.5 million increased 50% compared to fiscal 2007. Cash flow from operations in the fourth quarter of 2008 was a record $3.0 million, compared to $1.1 million in the fourth quarter of fiscal 2007. For the twelve months ended March 31, 2008, cash flow from operations was $8.4 million, an increase of 175% from fiscal 2007.
Kent Plunkett, founder and chief executive officer stated, Salary.com continues to expand its position as a leading provider of on-demand compensation and talent management solutions. In the fourth quarter we delivered our 28th consecutive quarter of revenue growth as we continued to deliver on our growth strategy. In fiscal 2008 we posted 50% revenue growth year over year and a 23% free cash flow margin, for an operating performance in the top group among on-demand software companies.
Today, Salary.com also announced the appointment of Bryce Chicoyne as chief financial officer replacing Chris Power. There are no known disagreements with Mr. Power on any matters relating to Salary.coms operations, policies or practices.
We are excited to have Bryce join our team. Bryces skills in building strong finance teams at growing technology companies make him an ideal fit for Salary.coms culture and stage of growth. Bryce will be an asset to Salary.com as we continue our pace of rapid growth and expand our market leadership position. We look forward to officially welcoming Bryce during our fourth quarter 2008 earnings conference call today, said Plunkett.
Chicoyne is a seasoned financial executive and has extensive experience leading international financial operations, completing acquisitions and developing strong financial infrastructure for public companies. Mr. Chicoyne joins Salary.com from Harvard Bioscience (NASDAQ: HBIO), where he held the position of Chief Financial Officer from 2004 to 2008. In this role, he led the successful acquisition of an international company, implemented systems to comply with Section 404 of the Sarbanes-Oxley Act, and built a strong finance team. During his tenure at Harvard Bioscience, the company grew annual revenue nearly 30% to $83 million.
This is a great time to join the Salary.com team. I believe that the company is well positioned to take advantage of significant growth opportunities. I look forward to leading the financial organization during this period of high growth, said Chicoyne.