Yesterday after the closing bell, BigBand Networks announced that total revenues for the fourth quarter of 2008 were $54.1 million, a 76% increase from the $30.7 million reported for the same quarter in the prior year. GAAP net income for the quarter was $7.3 million, or $0.11 per diluted share. This is a substantial improvement from the GAAP net loss of $13.8 million, or $(0.23) per share, in the fourth quarter of 2007.
We are pleased to report a solid quarter marked by record revenues from video products combined with tight expense management to achieve solid net income and positive cash flow from operations, commented Amir Bassan-Eskenazi, President and CEO of BigBand Networks. We executed well across our diverse product portfolio and service offerings. We won new footprint, expanded into previously deployed markets and extended our technology leadership with solutions for personalized television and IPTV, which expands our opportunity.
For fiscal year 2008, total revenues totaled $185.3 million, a 5% increase from the prior year's results. GAAP net income was $9.8 million, or $0.15 per share, compared to a GAAP net loss of $25.4 million, or $(0.52) per share, reported in fiscal year 2007.
In the near term, we remain cautious about the macro-economic environment and its potential impact on service provider spending. Over the long-term, service providers will continue to make substantial investments in the transition to digital television which will drive our business, stated Bassan-Eskenazi.