Phonetime reports 60% revenue growth in 2008

Long-distance reseller Phonetime reported a more than 60 percent year-over-year increase in revenue in 2008, and posted net income before taxes of CDN$1.6 million, compared with a net loss before taxes of CDN$1.6 million in 2007. Phonetime, which processed about 5 billion minutes of long-distance calls in 2008, said the revenue increase and margin growth were due to increased focus on its wholesale business.

The company, based in Mississauga, Ontario, said it paid down nearly CDN$5 million in debt as well from organic cash flow. It warned it was feeling effects of the depreciation of the Canadian dollar, as many of its operating budgets are done in U.S. dollars, but said it is continuing to grow and extract higher sales margins.

For more:
- see the Phonetime press release here [1] 

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