The total revenue for fourth quarter 2008 was $5.9 million, down 5% from the third quarter of 2008 and down 45% from the fourth quarter 2007. The sequential decline in revenue was primarily due to expected declines in the company’s legacy product revenue. New products ArcticLink, PolarPro II, PolarPro, Eclipse II and QuickPCI II, grew to contribute 26% of revenue in the fourth quarter 2008 compared to 23% in the third quarter 2008 and was 33% of revenue in the fourth quarter 2007.
Under the generally accepted accounting principles (GAAP), the net loss for the fourth quarter 2008 was $2.6 million, or $0.09 per share, compared with a net loss of $615,000, or $0.02 per share, in the third quarter 2008 and a net loss of $1.7 million, or $0.06 per share, in the fourth quarter 2007. The non-GAAP net loss for the fourth quarter 2008 was $1.2 million, or $0.04 per share, compared with a non-GAAP net loss of $196,000, or $0.01 per share, in the third quarter 2008 and a non-GAAP net loss of $1.1 million, or $0.04 per share, in the fourth quarter 2007.
The non-GAAP net loss for 2008 improved to $3 million, or $0.10 per share, compared with a non-GAAP net loss of $9.3 million, or $0.32 per share, in 2007.
New product revenue in our fiscal year 2008 was $8.1 million, a $1.8 million increase over new product revenue in fiscal year 2007. The sale of Customer Specific Standard Products, or CSSPs, into the portable navigation device market was the primary driver of the increase in new product sales, said E. Thomas Hart, chairman, president and chief executive officer. Our low power CSSPs allow mobile device manufacturers to bring their new products to market more quickly and cost effectively with lower risk. The CSSP message – ‘Your idea, our platform, customized for you’ – resonates well in our target markets, as we continue to engage with more top tier mobile device manufacturers.
