NetSuite announces fourth quarter and fiscal year results

Total revenue for the year was US$152.5 million, a year-over-year increase of 40.5 percent.

Total revenue for the fourth quarter was US$41.4 million, a 30.5 percent increase over the fourth quarter of 2007.

"I'm delighted that NetSuite delivered one of our best quarters to date in what has been a very difficult economic environment," said Zach Nelson, CEO of NetSuite.

"I am especially excited that we posted the first non-GAAP profitable quarter in the company's history even against the headwinds of global economic challenges.

"Furthermore, we posted record quarterly and annual revenue, which reached a record average selling price and grew our bookings significantly quarter over quarter.

"This is a strong performance in any quarter, and is especially impressive with business spending on equipment and software falling 27.8 percent, the worst in a half century.

"Our strategy of providing an integrated suite of applications delivered on-demand to small- and medium-sized businesses is even more applicable in times when cost-reduction and productivity improvements are necessary for survival," he added.

On a GAAP basis, net loss for the fourth quarter of 2008 was US$(4.5 million), or US$(0.07) per share, compared to US$(3.3 million), or US$(0.22) per share in the fourth quarter of 2007.

On a GAAP basis, net loss for the year ended December 31, 2008 was US$(15.9 million), or US$(0.26) per share, compared to US$(23.9 million), or US$(2.45) per share in 2007.

Non-GAAP net income for the fourth quarter of 2008 was US$534,000, or US$0.01 per share, as compared to a non-GAAP net loss of US$(1.7 million), or US$(0.03) per share, for the third quarter of 2008 and compared to a non-GAAP net loss of US$(842,000), or US$(0.01) per share, for the fourth quarter of 2007.

Non-GAAP net loss for the year ended December 31, 2008 improved 56 percent to US$(2.5 million), or US$(0.04) per share, compared to US$(5.7 million), or US$(0.10) per share in 2007. 

Among the Australian and New Zealand customers who contributed to NetSuite's success last year are: Break Thru, Campus Living, Carbon Planet, CDX, EcoNova, Energy Matters, Healthinc, Netcat, Sonnet and SureBridge IT.