I.D. Systems CEO Discusses Q3 2010 Results - Earnings Call Transcript
We remain committed to stimulation revenue growth, strictly controlling costs and maintaining strong gross margins with the goal of achieving profitability in 2011. As a reflection of the confidence we have in our future, I am happy to report yesterday, November 3, 2010, our Board of Directors authorized the buyback of up to $3 million worth of I.D. Systems common stock, which we think is a great long-term investment for the company, as well as the near-term enhancement of shareholder value.
On a final note, I.D. Systems will be hosting an Analyst Day on November 16th in New York City, and I would like to invite all of our listeners on the call today to attend. It will be a happy event, including a working lunch. We will be providing further details on our strategic direction, product developments and sales highlights, as well as provide an opportunity for analysts to interact closely with I.D. Systems’ senior management team. If you are interested in attending, please contact Ned Mavrommatis or Lindsay Estelle at I.D. Systems’ corporate offices for more event details.
Thank you for your time today. I look forward to taking your questions a little later on the call. Now, let me turn it over to Ned Mavrommatis, our CFO, to detail our financial results.
Ned MavrommatisThank you, Jeff and hello to everyone on the call today. As Jeff noted, I.D. Systems revenue grew 8% to $6.5 million for the three months ended September 30, 2010, compared to $6 million for the three months ended June 30, 2010. The increases were attributable primarily to increased sales from our industrial vehicle business.Read the rest of this transcript for free on seekingalpha.com
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