Rediff Revenues Up by 7%

Rediff has announced its financial results for the fourth quarter and fiscal year ended March 31, 2008. Revenues for the quarter increased by 7% to US$9.06 million, as compared to US$8.48 million in the same quarter last fiscal year.

Revenues from India Online, which comprised online advertising and fee-based services, increased by 14% to US$7.18 million during the quarter ended March 31, 2008 compared to US$6.30 million during the same quarter last fiscal year.

Revenues from US Publishing for the quarter ended March 31, 2008 were US$1.88 million compared to US$2.18 million during the same quarter last fiscal year.

Gross margins for the quarter ended March 31, 2008 as well as for the same quarter last fiscal year were 83% or US$7.53 million for the fiscal quarter ended March 31, 2008 compared to US$7.05 million as recorded in the same quarter last fiscal year.

Operating expenses increased by 21% to US$6.12 million for the quarter ended March 31, 2008, compared to US$5.04 million for the same quarter last fiscal year, primarily due to higher bandwidth, advertising and marketing expenses, stock-based compensation and higher payroll costs. Operating expenses for the quarter ended March 31, 2008 included a stock-based compensation charge of US$0.60 million compared to US$0.44 million in the same quarter last fiscal year.

Operating EBITDA was US$1.41 million for the quarter ended March 31, 2008 as compared to an Operating EBITDA of US$2.01 million for the corresponding quarter last fiscal year.

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