Telular Corporation (NASDAQ: WRLS):
- Total Recurring Service Revenue Up 17% Year-Over-Year
- Net Income before Non-Cash Items Reaches $2 Million for Fourth Quarter
- Cash Increases to $27.7 Million at 2010 Year-End, up from $17.9 Million at Fiscal Year-End 2009
- Company Declares Special One-Time Cash Dividend of $1.00 Per Share and Initiates Regular Quarterly Cash Dividend of $0.10 Per Share
Telular Corporation, a global leader in connecting businesses and machines over wireless networks, today announced financial results for the fourth fiscal quarter ended September 30, 2010. In the fourth quarter, Telular reported revenue of $12.0 million and pre-tax income of $1.4 million.
Telular also announced today that its Board of Directors had approved a special one-time cash dividend of $1.00 per share of common stock and initiated a quarterly dividend of $0.10 per share of common stock. The special one-time cash dividend will be payable on November 22, 2010 to shareholders of record on November 15, 2010 and the quarterly dividend will also be payable on November 22, 2010 to shareholders of record on November 15, 2010. Additional information on the dividend actions are detailed in a separately issued press release.
For the fourth quarter of 2010, net income before non-cash items increased to $2.0 million compared to $1.9 million in the prior year period. Net income before non-cash items is a non-GAAP measure which adds back depreciation, amortization and stock-based compensation expense to net income. For further information, see the reconciliation of this measure to net income in accordance with GAAP, on the last page of this press release.
In the fourth quarter of 2010, total recurring service revenue increased 17% over the prior year period to $7.2 million.
During the quarter, the Company activated 19,000 new Telguard subscribers, bringing the total number of Telguard subscribers to approximately 568,000. For TankLink, the Company also increased the number of billable tanks to 18,700.