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What: Shares of Vonage (NYSE:VG) have popped today by as much as 13% after the Internet phone specialist reported earnings.

So what: Revenue in the fourth quarter came in at $214 million, with earnings per share of $0.06. Average revenue per user also put up a healthy sequential increase from $29.31 to $30.15 due to price increases and other factors. Customer churn also fell by 30 basis points relative to the beginning of the year.

Now what: Due to the low-interest-rate environment, Vonage has decided to enter a new credit agreement for up to $145 million to increase its financial flexibility. In addition, the board has authorized a $100 million share repurchase program through the end of next year, replacing the previous $50 million program. For 2013, Vonage is planning to spend $5 million to $10 million per quarter investing in growth initiatives, with total capital expenditures of $30 million to $35 million.

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