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8×8 Inc. (EGHT) Reports Increase in 2008 Financials; Launch of Beta Testing for New Family of IP Phones

8X8 Inc. (Nasdaq: EGHT) today announced its financial operating results for the fourth quarter and fiscal year ended March 31, 2008. This provider of voice and video Internet-based telephony services reported increases in revenues for both periods, attributing the 57-percent increase to new Packet8 subscribers.

The company reported revenues for the fourth quarter of 2008 at $16.3 million, up 14 percent from $14.4 million for the same period of 2007. The Packet8 business service represents 50 percent of revenues for the quarter, growing 55 percent for the fourth quarter last year.

For fiscal 2008, 8×8 posted revenues at $61.1 million, up 16 percent from $53.1 million reported for fiscal 2007. Packet8 business service revenues were up 81 percent to $29.1 million for the fiscal year, up from $16.1 million reported for 2007.

GAAP net income for the fourth quarter was $691,000 or 1 cent per share, compared with a loss of $2.9 million, or 5 cents per share for the same period the year prior.

“I am very pleased to report 8×8’s first fiscal year of GAAP net income since we launched the Packet8 service, as well as the growth of our business services to now represent 50 percent of our revenues,” 8×8 CEO and Chairman Bryan R. Martin stated in the press release. “I am also pleased to report continuing positive cash from operating activities for both the quarter and the fiscal year. 8×8 is at an exciting point in its history and we look forward to continued growth and progress both financially and operationally.”

8×8’s communications solutions, manufactured under the Packet8 brand name, strengthen the value and efficiency of existing broadband Internet connections by delivering advanced features and services at a lower cost than legacy, copper wire alternatives. Continued growth includes the recent launch of beta testing for a new family of IP phones that will complement 8X8’s existing Packet8 Virtual Office services.

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