- Quarterly revenue increased 10 percent sequentially, 45 percent year over year, to $49.5 million with annual revenue growth of 54 percent to $171.2 million
- Average monthly paid subscribers for the fourth quarter reached 16.1 million, up from 14.5 million in the prior quarter
SUNNYVALE, Calif., July 29, 2010 (GLOBENEWSWIRE) -- TeleNav, Inc. (Nasdaq:TNAV), a leading provider of location-based services, or LBS, including voice guided navigation on mobile phones, autos and enterprise LBS, today announced its financial results for the fourth quarter and fiscal year ended June 30, 2010.
- Record revenue for the fourth quarter of fiscal 2010 grew 45 percent over the prior year to $49.5 million.
- Net income for the fourth quarter of fiscal 2010 grew 3 percent over the prior year to $10.6 million.
- Record revenue for fiscal 2010 grew 54 percent year over year to $171.2 million.
- Record net income for fiscal 2010 grew 40 percent year over year to $41.4 million.
- Cash generated from operations for the fourth quarter of fiscal 2010 was $24.7 million.
- Average monthly revenue per end user (ARPU) for the fourth quarter of fiscal 2010 decreased 13 percent over the fourth quarter of fiscal 2009 to $1.03.
- Average monthly paying end users for the fourth quarter of fiscal 2010 increased 69 percent year over year to 16.1 million.
- Completed initial public offering in May 2010 with approximately $44.6 million in net proceeds to TeleNav, after underwriting commissions and discounts and offering expenses.
"In our first quarter as a public company, TeleNav is pleased to report solid financial results for the fourth quarter and fiscal 2010," said HP Jin, president, CEO and co-founder of TeleNav. "During fiscal 2010, TeleNav substantially increased its subscriber base and expanded its partnership with Ford Motor Company, paving the way for growth in our in-dash navigation segment. More recently, TeleNav expanded its U.S. carrier base with the addition of U.S. Cellular, the nation's sixth largest wireless carrier."