NetSuite’s 2007 sales rise 62 percent

Industrial Distribution staff -- Industrial Distribution, 2/15/2008 6:18:00 AM

NetSuite Inc. posted sales of $108.5 million last year, up 61.5 percent compared with $67.2 million during the prior year.

The San Mateo, Calif.-based business software provider cut its net loss by 49.4 percent to $23.9 million, compared with a loss of $35.7 million during 2006.

Fourth-quarter sales rose 57.2 percent to $31.7 million, up from $20.2 million during the fourth quarter of the prior year. A quarterly net loss of $3.3 million was down 147 percent compared with a net loss of $8.1 million during the fourth quarter of 2006.

"Our fourth quarter and fiscal year 2007 results capped off the best year in our history by every measure," CEO Zach Nelson said. "We head into 2008 with tremendous market, customer and product momentum, not just in the United States but around the world."

NetSuite said it expects revenues to increase as much as 7.3 percent during the first quarter of 2008 and net loss to decrease as much as 560 percent to $500,000. For the full year, revenues are expected to grow up to 43.8 percent and net loss to decrease up to 700 percent, to as low as $500,000.

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