Global Traffic Network

Global Traffic Network, Inc. Reports Fiscal Third Quarter 2008 Operating Results

Adjusted Operating Income increases $1.6 million on 61% revenue increase Reaffirms guidance for FY08 operating performance

NEW YORK — Global Traffic Network, Inc. (Nasdaq: GNET), a leading provider of custom traffic and news reports to radio and television stations outside the U.S., today announced its results for the quarter ended March 31, 2008, its third quarter of fiscal 2008.

For the quarter ended March 31, 2008, revenue increased 61% percent to $12.2 million, from $7.6 million in the prior year period. Revenue from the Company's Australian operations increased 53% while revenue from the Company's Canadian operations increased 150%, both compared to the same period last year.

Adjusted Operating Income for the third quarter of fiscal 2008 was $0.6 million compared to an Adjusted Operating Loss of $1.1 million in the prior year period. The Company defines Adjusted Operating Income as operating income plus depreciation and amortization expense.

Net loss for the quarter decreased to $0.2 million, compared to a net loss of $1.3 million a year ago, primarily as a result of increased net income from the Company's Australian operations. Net income from the Company's Australian Traffic Network subsidiary totaled $1.8 million for the three-month period ending March 31, 2008 compared to net income of $0.4 million for the prior year period.

Revenue for the nine-month period ended March 31, 2008, was $36.4 million, an increase of 66% percent compared to $21.9 million for the nine-month period ended March 31, 2007. Revenue from the Company's Australian operations increased 61% while revenue from the Company's Canadian operations increased 120%, both compared to the same nine-month period last year.

Adjusted Operating Income for the first nine-months of fiscal 2008 was $3.2 million, compared to an Adjusted Operating Loss of $1.1 million for the same period of fiscal 2007, an increase of almost $4.3 million dollars.

Net income was $0.8 million for the nine-month period ended March 31, 2008, compared to a net loss of $2.1 million in the year-ago period. The increase in income for the period is attributable to a $4.1 million increase in net income from the Company's Australian operations.

Commenting on the results, William L. Yde III, Chairman, Chief Executive Officer and President of Global Traffic Network, said, "We are pleased with the progress that was made during the quarter, when compared to the previous year. Due to the seasonality of our business, our third fiscal quarter tends to be the weakest, as advertising slows down following the holiday season. That being said, we are encouraged by the substantial revenue growth we achieved, predominantly from our existing radio networks in both Australia and Canada. With our recently announced letter of intent to purchase the commercial division of UBC Media Group plc, which includes contracts to provide traffic and other programming services and receive corresponding advertising spots for sale on approximately 250 radio stations, along with our Traffic Radio Service contract with the United Kingdom Highways Agency, we have a solid foundation to rapidly expand our UK business. In addition, we introduced our Mobile Traffic Network Broadcast Platform, which continues to generate significant interest from numerous potential clients."

"Our performance over the past several quarters speaks volumes to the efforts that we have put into growing our business. We will continue to expand both our offerings and our market penetration, and are confident that we can continue to improve upon our previous successes," concluded Mr. Yde.

The Company also reaffirms the guidance it initially provided April 9, 2008 related to financial projections for its fiscal year 2008, ending June 30, 2008. The Company's guidance forecasts consolidated net revenues in the range of $49 to $52 million, and Adjusted Operating Income of approximately $4.9 to $5.2 million. The Company defines Adjusted Operating Income as operating income plus depreciation and amortization expense. The Company does not expect to recognize revenue from the United Kingdom Highway's Agency contract or the contemplated acquisition of UBC Media Group plc's commercial division until fiscal 2009, nor has the Company contracted to provide services related to its Mobile Traffic Network Broadcast Platform.

The forecasted ranges for consolidated net revenues and Adjusted Operating Income reflect management's best estimates of the future financial performance based on announced financial results for the nine-months ended March 31, 2008, and expectations for the fourth fiscal quarter ending June 30, 2008. The Company's financial projections are subject to adjustments based upon, among other things, unanticipated changes in foreign exchange rates, actual operating results for the fourth fiscal quarter and the audit of the Company's fiscal 2008 financial statements. Therefore, actual financial results may differ materially from the projections reflected above. The Company does not intend to provide guidance as to future financial performance on a regular basis in the future.

Conference Call

Global Traffic Network, Inc. will host a conference call at 8:30 a.m. EDT on May 13, 2008, to discuss its fiscal third quarter results, as well as other relevant matters. To listen to the call, dial (877) 440-5784 (domestic), or (719) 325-4872 (international). The participant code is 8448434. The call will also be available live on the Internet at www.globaltrafficnetwork.com and www.kcsa.com.

A replay of the call will be available from 11:30 a.m. on May 13, 2008 through 11:59 p.m. on May 20, 2008. To access the replay, please call (888) 203-1112 in the United States or (719) 457-0820 outside of the United States. To access the replay, participants will need to enter the participant code 8448434.

About Global Traffic Network

Global Traffic Network, Inc. (Nasdaq: GNET) is a leading provider of custom traffic and news reports to radio and television stations outside the U.S. The Company operates the largest traffic and news network in Australia, operates traffic networks in seven Canadian markets and has recently commenced operations in the United Kingdom. In exchange for providing custom traffic and news reports, television and radio stations provide Global Traffic Network with commercial airtime inventory that the Company sells to advertisers. As a result, radio and television stations incur no out-of-pocket costs when contracting to use Global Traffic Network's services. For more information, visit the Company's website at www.globaltrafficnetwork.com

This press release contains statements that constitute forward-looking statements. These statements reflect our current views with respect to future events. These forward-looking statements involve known and unknown risks, uncertainties and other factors, including those discussed under the heading "Risk Factors" and elsewhere in our annual report 10-K. The Company can provide no assurance that the contemplated acquisition of UBC Media Group plc's commercial division will be completed, which could alter the Company's business strategy in the United Kingdom and affect the near-term operating prospects in that market. Any of the risks and uncertainties applicable to the Company may cause our actual results, performance or achievements to be materially different from any future results, performances or achievements anticipated or implied by these forward-looking statements. These statements can be recognized by the use of words such as "may," "will," "intend," " should," "could," "can," "would," "expect," "believe," "estimate," " predict," "potential," "plan," "is designed to," "target" or the negative of these terms, and similar expressions. We do not undertake to revise any forward-looking statements to reflect future events or circumstances. SUPPLEMENTAL DISCLOSURES REGARDING NON-GAAP FINANCIAL INFORMATION Global Traffic Network, Inc. defines Adjusted Operating Income (Loss) as net operating income (loss) adjusted to exclude depreciation and amortization expense. The Company uses Adjusted Operating Income (Loss), among other things, to evaluate its operating performance. The Company believes the presentation of this measure is relevant and useful for investors because it helps improve their ability to understand the Company's operating performance and makes it easier to compare the Company's results with other companies that have different financing and capital structures or tax rates. In addition, the Company believes this measure is among the measures used by investors, analysts and peers in the media industry for purposes of evaluation and comparing its operating performance to other companies. Adjusted Operating Income (Loss) is not a measure of performance calculated in accordance with generally accepted accounting principles ("GAAP") and it should not be considered in isolation of, or as a substitute for, net operating income (loss) as an indicator of operating performance. Because Adjusted Operating Income (Loss) excludes certain financial information compared with net operating income (loss), the most directly comparable GAAP financial measure, users of this financial information should consider the types of events and transactions which are excluded. In addition, Adjusted Operating Income (Loss) may not be comparable to measures of adjusted operating income, earnings before interest, taxes, depreciation and amortization (EBITDA), operating cash flow or similarly titled measures employed by other companies. In addition, this measure is not necessarily a measure of the Company's ability to fund its cash needs.

The following presents the reconciliation of net operating income (loss) to Adjusted Operating Income (Loss) for the three and nine month periods ended March 31, 2008 and 2007.

Three Months             Nine Months
                                Ended                   Ended
                       ----------------------- -----------------------
                        March 31,   March 31,   March 31,   March 31,
                          2008        2007        2008        2007
                       ----------- ----------- ----------- -----------
                       (Unaudited) (Unaudited) (Unaudited) (Unaudited)
                          (In         (In         (In         (In
                        thousands)  thousands)  thousands)  thousands)
    	Net operating income
 (loss)                       $179    $(1,288)      $2,140    $(1,718)
Add back:
Depreciation and
 amortization expense         $385    $   224       $1,081    $   651
                       ----------- ----------- ----------- -----------
Adjusted Operating
 Income (Loss)                $564    $(1,064)      $3,221    $(1,067)
                       =========== =========== =========== ===========

The following presents the reconciliation of projected net operating income to projected Adjusted Operating Income for the fiscal year ending June 30, 2008.



    	Reconciliation of projected net operating income to projected Adjusted
 Operating Income
----------------------------------------------------------------------
                                                   Fiscal Year Ending
                                                     June 30, 2008
                                                  --------------------
    	Projected net operating income                    $3.5 million to $3.8
                                                         million
Add back:
  Projected depreciation and amortization expense $1.4 million to $1.5
                                                         million
                                                  --------------------
    	Projected Adjusted Operating Income               $4.9 million to $5.3
                                                         million
                                                  ====================



    	                     Global Traffic Network, Inc.
                       Income Statement Detail
                             (Unaudited)
                            (in thousands)
              Three Months Ended March 31, 2008 and 2007
    	----------------------------------------------------------------------
                    2008      2008    2008   2008     2008      2008
----------------------------------------------------------------------
                  Australia  Canada    UK   Mobile* Corporate  Total
----------------------------------------------------------------------
Revenues           $10,745  $ 1,471  $   -   $   -     $   -  $12,216
----------------------------------------------------------------------
Operating
 expenses
----------------------------------------------------------------------
   Traffic           3,791    1,645    390       -         -    5,826
----------------------------------------------------------------------
   News              1,658        -      -       -         -    1,658
----------------------------------------------------------------------
   TV                  203        -      -       -         -      203
----------------------------------------------------------------------
Selling, G&A         1,904      595    137      59         -    2,695
----------------------------------------------------------------------
Corporate
 overhead              513        -      -       -       588    1,101
----------------------------------------------------------------------
Non-cash
 compensation            -        -      -       -       169      169
----------------------------------------------------------------------
Depreciation/
 amortization          207      173      5       -         -      385
----------------------------------------------------------------------
    	----------------------------------------------------------------------
Operating income
 (loss)              2,469     (942)  (532)    (59)     (757)     179
----------------------------------------------------------------------
    	----------------------------------------------------------------------
Interest expense        21        -      -       -         -       21
----------------------------------------------------------------------
Other (income)        (160)      (3)    (1)      -      (265)    (429)
----------------------------------------------------------------------
Other expense            -        -     11       -         -       11
----------------------------------------------------------------------
    	----------------------------------------------------------------------
Net income (loss)
 before taxes        2,608     (939)  (542)    (59)     (492)     576
----------------------------------------------------------------------
Income tax
 expense               786        -      -       -        14      800
----------------------------------------------------------------------
Net income (loss)  $ 1,822  $  (939) $(542)    (59)    $(506) $  (224)
----------------------------------------------------------------------
    	                    2007      2007    2007   2007     2007      2007
----------------------------------------------------------------------
                  Australia  Canada    UK   Mobile* Corporate  Total
----------------------------------------------------------------------
Revenues           $ 7,009  $   600  $   -   $   -     $   -  $ 7,609
----------------------------------------------------------------------
Operating
 expenses
----------------------------------------------------------------------
   Traffic           2,728    1,270    116       -         -    4,114
----------------------------------------------------------------------
   News              1,570        -      -       -         -    1,570
----------------------------------------------------------------------
   TV                  153        -      -       -         -      153
----------------------------------------------------------------------
Selling, G&A         1,360      586    216       -         -    2,162
----------------------------------------------------------------------
Corporate
 overhead              478      113      -       -         -      591
----------------------------------------------------------------------
Non-cash
 compensation            -        -      -       -        83       83
----------------------------------------------------------------------
Depreciation/
 amortization          177       47      -       -         -      224
----------------------------------------------------------------------
    	----------------------------------------------------------------------
Operating income
 (loss)                543   (1,416)  (332)      -       (83)  (1,288)
----------------------------------------------------------------------
    	----------------------------------------------------------------------
Interest expense        30        -      -       -         -       30
----------------------------------------------------------------------
Other (income)         (17)     (66)     -       -       (87)    (170)
----------------------------------------------------------------------
Other expense            -        -      -       -         -        -
----------------------------------------------------------------------
    	----------------------------------------------------------------------
Net income (loss)
 before taxes          530   (1,350)  (332)      -         4   (1,148)
----------------------------------------------------------------------
Income tax
 expense               161        -      -       -         -      161
----------------------------------------------------------------------
Net income (loss)  $   369  $(1,350) $(332)  $   -     $   4  $(1,309)
----------------------------------------------------------------------

* Mobile Traffic Network, Inc. was formed March 7, 2008. Certain information has been reclassed from Global Traffic Network, Inc. for presentation in this format.



    	                     Global Traffic Network, Inc.
                       Income Statement Detail
                             (Unaudited)
                            (in thousands)
               Nine Months Ended March 31, 2008 & 2007
    	----------------------------------------------------------------------
                  2008      2008     2008    2008     2008      2008
----------------------------------------------------------------------
                Australia  Canada     UK    Mobile* Corporate  Total
----------------------------------------------------------------------
Revenues         $31,995  $ 4,362  $     -    $  -   $     -  $36,357
----------------------------------------------------------------------
Operating
 expenses
----------------------------------------------------------------------
   Traffic        10,930    4,900      851       -         -   16,681
----------------------------------------------------------------------
   News            4,881        -        -       -         -    4,881
----------------------------------------------------------------------
   TV                578        -        -       -         -      578
----------------------------------------------------------------------
Selling, G&A       5,735    1,808      285      59         -    7,887
----------------------------------------------------------------------
Corporate
 overhead          1,295        -        -       -     1,325    2,620
----------------------------------------------------------------------
Non-cash
 compensation          -        -        -       -       489      489
----------------------------------------------------------------------
Depreciation/
 amortization        587      489        5       -         -    1,081
----------------------------------------------------------------------
    	----------------------------------------------------------------------
Operating
 income (loss)     7,989   (2,835)  (1,141)    (59)   (1,814)   2,140
----------------------------------------------------------------------
    	----------------------------------------------------------------------
Interest
 expense              71        -        -       -         -       71
----------------------------------------------------------------------
Other (income)      (280)     (19)      (4)      -      (939)  (1,242)
----------------------------------------------------------------------
Other expense          -        1       11       -         -       12
----------------------------------------------------------------------
    	----------------------------------------------------------------------
Net income
 (loss) before
 taxes             8,198   (2,817)  (1,148)    (59)     (875)   3,299
----------------------------------------------------------------------
Income tax
 expense           2,478        -        -                25    2,503
----------------------------------------------------------------------
Net income
 (loss)          $ 5,720  $(2,817) $(1,148)   $(59)     (900) $   796
----------------------------------------------------------------------
    	----------------------------------------------------------------------
                  2007      2007     2007    2007     2007      2007
----------------------------------------------------------------------
                Australia  Canada    UK**   Mobile* Corporate  Total
----------------------------------------------------------------------
Revenues         $19,895  $ 2,044  $     -    $  -   $     -  $21,939
----------------------------------------------------------------------
Operating
 expenses
----------------------------------------------------------------------
   Traffic         7,809    3,585      126       -         -   11,520
----------------------------------------------------------------------
   News            3,743        -        -       -         -    3,743
----------------------------------------------------------------------
   TV                364        -        -       -         -      364
----------------------------------------------------------------------
Selling, G&A       3,788    1,446      388       -         -    5,622
----------------------------------------------------------------------
Corporate
 overhead          1,303      244        -       -         -    1,547
----------------------------------------------------------------------
Non-cash
 compensation          -        -        -       -       210      210
----------------------------------------------------------------------
Depreciation/
 amortization        518      133        -       -         -      651
----------------------------------------------------------------------
    	----------------------------------------------------------------------
Operating
 income (loss)     2,370   (3,364)    (514)      -      (210)  (1,718)
----------------------------------------------------------------------
    	----------------------------------------------------------------------
Interest
 expense             102       38        -       -         -      140
----------------------------------------------------------------------
Other (income)       (33)     (66)       -       -      (380)    (479)
----------------------------------------------------------------------
Other expense          -        1        -       -         3        4
----------------------------------------------------------------------
    	----------------------------------------------------------------------
Net income
 (loss) before
 taxes             2,301   (3,337)    (514)      -       167   (1,383)
----------------------------------------------------------------------
Income tax
 expense             697        -        -       -         -      697
----------------------------------------------------------------------
Net income
 (loss)          $ 1,604  $(3,337) $  (514)   $  -   $   167  $(2,080)
----------------------------------------------------------------------

* Mobile Traffic Network, Inc. was formed March 7, 2008. Certain information has been reclassed from Global Traffic Network, Inc. for presentation in this format.

** Global Traffic Network (UK) Limited was formed October 19, 2006.



    	                     GLOBAL TRAFFIC NETWORK, INC.
                     CONSOLIDATED BALANCE SHEETS
                            (In thousands)
    	                                            March 31,      June 30,
                                               2008          2007
                                           ------------  ------------
                                           (Unaudited)    (Unaudited)
                    ASSETS:
Current Assets:
Cash and cash equivalents                  $     38,160  $      7,278
Accounts receivable net of allowance for
 doubtful accounts of $322 and $93 at
 March 31, 2008 and June 30, 2007                10,833         8,482
Prepaids and other current assets                   938           462
Deferred tax assets                                 229           173
                                            -----------   -----------
    	    Total current assets                         50,160        16,395
    	Property and equipment, net                       8,379         6,568
Intangibles                                         392           354
Deferred offering costs                              --           258
Deferred tax assets                                 130           139
Other assets                                        168           126
                                            -----------   -----------
    	      Total assets                         $     59,229  $     23,840
                                            ===========   ===========
    	  LIABILITIES AND SHAREHOLDERS' EQUITY:
Current Liabilities:
Accounts payable and accrued expenses      $      7,975  $      6,032
Deferred revenue                                    621            25
Income taxes payable                              2,442         1,121
Current portion of long term debt                   518           668
                                            -----------   -----------
    	    Total current liabilities                    11,556         7,846
Long term debt, less current portion                555           822
Other liabilities                                   395           339
                                            -----------   -----------
    	    Total liabilities                            12,506         9,007
Common stock, $.001 par value; 100,000,000
 shares authorized; 18,076,133 shares
 issued and outstanding as of March 31,
 2008 and 12,870,000 shares issued and
 outstanding as of June 30, 2007                     18            13
Preferred stock, $.001 par value;
 10,000,000 authorized; 0 issued and
 outstanding as of March 31, 2008 and June
 30, 2007                                            --            --
Additional paid in capital                       48,722        18,527
Accumulated other comprehensive income            2,092         1,198
Accumulated deficit                              (4,109)       (4,905)
                                            -----------   -----------
    	    Total shareholders' equity                   46,723        14,833
                                            -----------   -----------
    	    Total liabilities and shareholders'
     equity                                $     59,229  $     23,840
                                            ===========   ===========



    	                     GLOBAL TRAFFIC NETWORK, INC.
                  CONSOLIDATED STATEMENTS OF INCOME
          (In thousands except share and per share amounts)
    	                      Three Months Ended        Nine Months Ended
                           March 31                  March 31
                   ------------------------  ------------------------
                      2008         2007         2008         2007
                   -----------  -----------  -----------  -----------
                   (Unaudited)  (Unaudited)  (Unaudited)  (Unaudited)
Revenues           $    12,216  $     7,609  $    36,357  $    21,939
                    ----------   ----------   ----------   ----------
    	Operating expenses
 (exclusive of
 depreciation and
 amortization
 shown separately
 below)                  7,687        5,837       22,140       15,627
Selling, general
 and
 administrative
 expenses                3,965        2,836       10,996        7,379
Depreciation and
 amortization
 expense                   385          224        1,081          651
                    ----------   ----------   ----------   ----------
    	    Net operating
     income (loss)         179       (1,288)       2,140       (1,718)
Interest expense            21           30           71          140
Other (income)
 (including
 interest income
 of $426 and $100
 for the three
 months ended
 March 31, 2008
 and 2007 and
 interest income
 of $1,224 and
 $397 for the nine
 months ended
 March 31, 2008
 and 2007)                (429)        (170)      (1,242)        (479)
Other expense               11            -           12            4
                    ----------   ----------   ----------   ----------
    	    Net income
     (loss) before
     income taxes          576       (1,148)       3,299       (1,383)
    	Income tax expense         800          161        2,503          697
    	    Net (loss)
     income        $      (224) $    (1,309) $       796  $    (2,080)
                    ==========   ==========   ==========   ==========
    	(Loss) income per
 common share:
  Basic            $     (0.01) $     (0.10) $      0.05  $     (0.16)
  Diluted          $     (0.01) $     (0.10) $      0.05  $     (0.16)
Weighted average
 common shares
 outstanding:
  Basic             18,051,867   12,870,000   17,482,727   12,870,000
  Diluted           18,051,867   12,870,000   17,578,102   12,870,000