Business
Crexendo Announces Fourth Quarter and Year Ended December 31, 2019 Results
PHOENIX, AZ / ACCESSWIRE / March 3, 2020 / Crexendo, Inc. (OTCQX: CXDO), an award-winning premier provider of cloud communications, UCaaS (Unified
About this update from Crexendo, Inc.
[{"type":"text","content":"PHOENIX, AZ / ACCESSWIRE / March 3, 2020 / Crexendo, Inc. (OTCQX: CXDO), an award-winning premier provider of cloud communications, UCaaS (Unified Communications as a Service), call center, collaboration services, and other cloud business services that are designed to provide enterprise-class cloud services to any size business at affordable monthly rates, today reported financial results for the fourth quarter and full year ended December 31, 2019. Fourth Quarter Financial highlights:Total revenue increased 20% year-over-year to $3.7 million.UCaaS service revenue increased 23% year-over-year to $3.2 million.GAAP net income was $228,000.Non-GAAP net income was $347,000.Financial Results for the Fourth Quarter 2019Consolidated total revenue for the fourth quarter of 2019 increased 20% to $3.7 million compared to $3.1 million for the fourth quarter of 2018.Consolidated service revenue for the fourth quarter of 2019 increased 20% to $3.3 million compared to $2.8 million for the fourth quarter of 2018.Cloud Telecommunications Segment UCaaS service revenue for the fourth quarter of 2019 increased 23% to $3.2 million compared to $2.6 million for the fourth quarter of 2018.Web Services Segment service revenue for the fourth quarter of 2019 decreased 19% to $154,000, compared to $189,000 for the fourth quarter of 2018.Consolidated product revenue for the fourth quarter of 2019 increased 20% to $397,000 compared to $330,000 for the fourth quarter of 2018.Consolidated operating expenses for the fourth quarter of 2019 increased 13% to $3.5 million compared to $3.1 million for the fourth quarter of 2018.The Company reported net income of $228,000 for the fourth quarter of 2019, or $0.02 per basic common share and $0.01 per diluted common share, compared to a net loss of $(8,000) or breakeven per basic and diluted common share for the fourth quarter of 2018.Non-GAAP net income was $347,000 for the fourth quarter of 2019, or $0.02 per basic and diluted common share, compared to a non-GAAP net income of $104,000 or $0.01 per basic and diluted common share for the fourth quarter of 2018.EBITDA for the fourth quarter of 2019 was $243,000 compared to $26,000 for the fourth quarter of 2018. Adjusted EBITDA for the fourth quarter of 2019 was $349,000 compared to $120,000 for the fourth quarter of 2018.Financial Results for the Year Ended December 3...