I.D. Systems, Inc. Reports Third Quarter Financial Results And Announces $3 Million Share Repurchase Program
WOODCLIFF LAKE, N.J., Nov. 4, 2010 (GLOBE NEWSWIRE) -- I.D. Systems, Inc. (Nasdaq:IDSY) today announced its financial results for the third quarter and nine-month period ended September 30, 2010.
- Revenue for the quarter increased 8% to $6.5 million, compared to $6.0 million for the second quarter of 2010, attributable primarily to increased sales of wireless vehicle management systems.
- Gross margin for the quarter was 52%.
- Selling, general and administrative ("SG&A") costs decreased 34% to $4.4 million, compared to $6.7 million for the second quarter of 2010.
- Net loss for the quarter was reduced by 54% to $1.9 million, or ($0.17) per basic and diluted share, compared to $4.0 million, or ($0.36) per basic and diluted share, for the second quarter of 2010.
- Cash, cash equivalents, and marketable securities as of September 30, 2010, increased $1.2 million to $28.3 million, compared to $27.1 million, net of a $1.1 million line of credit, as of June 30, 2010.
In addition, on November 3, 2010, I.D. Systems' Board of Directors authorized the repurchase of issued and outstanding shares of the company's common stock having an aggregate value of up to $3 million pursuant to a share repurchase program. The repurchases under this program will be made from time to time in the open market or in privately negotiated transactions and will be funded from I.D. Systems' working capital. The amount and timing of such repurchases will be dependent upon the price and availability of shares, general market conditions, and the availability of cash, as determined at the discretion of I.D. Systems' management.
"The growth of our wireless industrial vehicle management business, the recurring service contract revenue from the trailer tracking business of our Asset Intelligence subsidiary, and our efforts to reduce operating costs are all positive trends that contributed to our substantially lower net loss for the quarter," said Jeffrey Jagid, I.D. Systems' Chairman and Chief Executive Officer. "We also increased our net cash position by over $1 million, with no debt. With the market for our core wireless vehicle management solutions rebounding from the global economic downturn of 2009, we are optimistic that our business will continue to improve."
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