Sierra Wireless Q4 net earnings up

Wed. February 11, 2009; Posted: 09:29 AM

Feb 11, 2009 (Datamonitor via COMTEX) -- SWIR | Quote | Chart | News | PowerRating -- Sierra Wireless, a Canada-based provider of wireless wide area modem solutions, has posted GAAP net earnings of $34.7 million, or diluted earnings per share of $1.12, for the fourth quarter of fiscal 2008, compared to GAAP net earnings of $11.5 million, or $0.37 per diluted share, in the same quarter of fiscal 2007.

The company reported revenue of $132.9 million for the fourth quarter of fiscal 2008, a decrease of 2% compared to revenue of $135.6 million for the same period in 2007.

Revenue for the year ended December 31, 2008 increased by 29% to $567.3 million, compared to $439.9 million in 2007. Net earnings in 2008 were $62.6 million, or diluted earnings per share of $2, compared to net earnings of $32.5 million, or diluted earnings per share of $1.16 in 2007.

Jason Cohenour, president and CEO of Sierra Wireless, said: "In the context of current economic conditions, we view our fourth quarter financial results as solid. Our fourth quarter revenue of $132.9 million was essentially flat year over year and drove solid earnings from operations of $9 million. For the full year 2008, we are quite pleased that we were able to grow revenue by almost 30% over 2007 and deliver record earnings and cash flow in the face of stiff economic headwinds."

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For full details on Sierra Wireless Inc (SWIR) click here. Sierra Wireless Inc (SWIR) has Short Term PowerRatings of 6. Details on Sierra Wireless Inc (SWIR) Short Term PowerRatings is available at This Link.

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