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-- Achieved continued strong revenue growth; RAS revenue up 86% quarter
over quarter.
Additional Financial Results
Gross margin in the fourth quarter of fiscal 2008 was 69%. Operating expenses were higher during the quarter compared to the same period of fiscal 2007, but were lower as a percentage of revenue for the full fiscal year compared to the prior fiscal year. Net income attributable to common stockholders in the fourth quarter of fiscal 2008 was $621,000 or $0.06 per fully diluted share, compared with $713,000, or $0.09 per fully diluted share in the comparable period of fiscal 2007. Historical earnings per share calculations for the quarter and full year have been updated to reflect the 1-for-3 reverse stock split effected in November 2007.
Revenue for the full year of fiscal 2008 was $28.3 million, up 13% from $25.1 million reported for fiscal 2007. Gross margin for full year 2008 was 66%. GAAP net income for the full fiscal year 2008 was $1.7 million, compared with $1.9 million for fiscal 2007. For the full year, Pharsight reported a net loss attributable to common stockholders of $5.5 million, or $0.63 per share, reflecting the non-cash accounting charge associated with the preferred stock conversion of $7.0 million during the fiscal second quarter, compared to net income attributable to common stockholders of $1.1 million, or $0.16 per fully diluted share, for fiscal 2007. Full year non-GAAP net income attributable to common stockholders, excluding the non-cash accounting charge associated with the preferred stock conversion and stock based compensation charges, was $2.7 million, an increase of 40% compared to the prior fiscal year. Full year non-GAAP diluted earnings per share, excluding the non-cash accounting charge associated with the preferred stock conversion and stock based compensation charges, was $0.29 compared with $0.27 for fiscal 2007.
A reconciliation of GAAP to non-GAAP financial measures is
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