February 9, 2008 – (HOSTSEARCH.COM) – Tucows Inc. (http://www.tucows.com), the provider of Internet services for hosting companies and ISPs, has reported its fourth quarter and yearend 2007 financial results, it was announced recently. The company has reported record revenue of $74.6 million for the whole of last year.
"In 2007, we achieved record revenue, record adjusted net income, continued strong cash flow generation from operations, and a record deferred revenue balance," explained Tucows’ President and CEO, Mr. Elliot Noss. "We did all of this while lowering our wholesale domain name pricing and rebuilding our email systems."
"In 2007, we introduced a number of initiatives, including: the first wholesale premium domain name service, a new hosted email service and a new advertising partner for our domain portfolio,” added Mr. Noss. “We are starting to see the favorable impact of these changes and expect to continue to experience momentum in our major lines of business. Tucows is entering 2008 energized and focused on divesting non-strategic assets," said Noss. "With this focus and the recent changes we have made in our business, we believe we will drive growth and increased profitability."
Net revenue for the fourth quarter of fiscal 2007 increased 6% to $18.2 million from $17.2 million for the fourth quarter of fiscal 2006. Adjusted Net Income for the fourth quarter of 2007 was $0.7 million, compared to $1.0 million for the corresponding quarter of last year. Net loss for the fourth quarter of 2007 was $0.9 million, or $0.01 per share, compared with Net income of $0.2 million, or $0.00 per share, for the fourth quarter of 2006.
Adjusted Net Income for the year ending December 31, 2007 increased by 54% to $8.9 million from $5.8 million for the year ended December 31, 2006. Net income for the year ended December 31, 2007 was $2.7 million, or $0.04 per share, compared to $2.2 million, or $0.03 per share for the year ended December 31, 2006. Deferred revenue at the end the fourth quarter of fiscal 2007 was $50.6 million, an increase of 12% from $45.1 million at the end of the fourth quarter of fiscal 2006 and an increase of 2% from $49.8 million at the end of the third quarter of fiscal 2007.
