Universal Tracking Solutions announced that revenue for its fourth quarter ending December 31, 2008 totaled $217,452, which is down approximately 9% from the $240,693 generated in the same quarter a year prior. For the full year, UTS had revenue of $1,189,044, up approximately 48% compared to fiscal 2007. Net loss decreased 71% from $297,640 in 2007 to only $87,314 in 2008.
Universal Tracking Solutions CFO Terry Horne commented, 2008 has proven to be another banner year for Universal Tracking Solutions. We managed to decrease our year over year expenses while growing our revenues 48%. We did all of this while decreasing our losses by over 70%.
CEO Keith Tench added, UTS weathered a difficult 4th quarter in a very tough environment and we are pleased with our year over year growth. The Company grew almost 50% in one of the most challenging markets since the great depression. The company is disappointed with its recent stock performance, but we understand that it has a lot to do with market conditions and not as much to do with our individual company. The Company feels undervalued being that our market capitalization is under $1 million, which is currently less than our sales not to mention the value of our clean public vehicle.