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Workstream Inc. (WSTM) Announces Preliminary Q4 and Fiscal 2008 Results

After the markets closed, Workstream announced its preliminary financial results for the fourth quarter and fiscal year ended May 31, 2008. The results are considered preliminary because of an ongoing analysis of the company’s goodwill balances, but do not impact current quarter revenue, EBITDA or cash flow amounts that the company disclosed.

Fourth quarter revenues totaled $7.0 million, up 13.3% from $6.2 million in the previous quarter. Adjusted EBITDA was $0.5 million, compared to ($4.5) million during the third quarter and ($1.3) million during the same period last year. EBITDA per share was $0.01 for the FY Q4 2008 compared to ($0.03) for the fourth quarter of 2007. Annual bookings also saw a considerable increase, amounting to 50% year-over-year.

CEO Steve Purello stated, “Workstream had a solid finish to its fiscal year. As we head into fiscal 2009 we are 100% focused on execution and capitalizing on the momentum we are seeing in our business. I am also committed to attaining profitable growth for Workstream and my goal is to steer the Company towards achieving sustained profitability as quickly as possible while still investing to support our future growth initiatives.”

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