CTI Group Inc. (CTIG.OB) today announced its financial results for the year ended December 31, 2008, posting increases in revenues and profitability due to increased patent license fee and enforcement revenue. Revenues for the 12 months rose to $22.5 million, up from $21.3 million reported for the same period in 2007.
John Birbeck, CTI Group’s president and CEO, said the results signify the strength of the companyâ€™s business strategy.
“I am greatly encouraged by our reported increase in revenues and increased profitability for 2008 which demonstrates the benefits of our mixed services and license based business model in difficult times. We believe our strong performance better positions us to navigate the continuing challenging environment of 2009 and beyond,” Birbeck stated in the press release.
CTI Group is a global provider of electronic invoice processing and management, enterprise communications management software and services solutions, voice-over-Internet protocol (VoIP) applications. The companyâ€™s new VoIP technology is expected to generate revenue opportunities for service providers, while at the same time, making the change to next-generation platforms a seamless one.
According to Birbeck, it is a company effort to stay atop fresh products and technologies. European federal mandate that all financial institutions record their calls is expected to boost CTI Groupâ€™s product applications and demand as well.
“I believe, that the high level of innovation of our people continues to produce significant new products in E-Billing (EIM) and VoIP applications which positions us well to meet the growing demand of Telecom Service Providers expanding into fixed-mobile convergence,â€ Birbeck stated. â€œWe expect that recent European legislation requiring all financial services companies to record calls will help drive demand of our SmartRecordÂ® products in Europe and Middle East. Meanwhile the requirements of all telecoms companies to reduce costs and become more energy efficient are driving adoption of the online Analysis and Dynamic reports E-Billing products to replace paper and postage.”