Vonage and positive news has rarely, if ever, been a combination the company has seen in its 10-year history. But in Q4, the company bucked its common negative trend by reporting that it actually had net income from its operations for the first time.
Excluding adjustments, the VoIP provider reported $3 million in net income, an increase of $37 million or $0.24 per share versus 2008.
On a sequential basis, company net income was flat but revenue increase rose up to $224 million. Vonage saw average revenue per user increase to $30.54 from $28.33 in the same quarter last year and $29.89 sequentially.
"2009 marks the first year generating net income excluding adjustments. Adjusted EBITDA more than doubled. And, revenues per subscriber have increased while we reduced selling, general and administrative expenses by double-digit percentages," said Marc Lefar, Vonage Chief Executive Officer in the earnings release. Lefar attributed the quarter's uptick to an upgraded value proposition, enhancing the customer experience, and reduced costs.
- see the release here
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