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AutoNavi Holdings Limited Announces Third Quarter 2010 Results

Automotive Navigation Net Revenues Increased by 62.6% Year-Over-Year Company Raises Guidance for Full Year 2010

BEIJING, Nov. 17, 2010 (GLOBE NEWSWIRE) -- AutoNavi Holdings Limited ("AutoNavi" or the "Company") (Nasdaq:AMAP), a leading provider of digital map content and navigation and location-based solutions in China, today announced its unaudited financial results for the quarter ended September 30, 2010.

Third Quarter 2010 Highlights

  • Net revenues in the third quarter of 2010 were $24.0 million, an increase of 47.6% year-over-year from $16.3 million in the third quarter of 2009.
  • Gross profit in the third quarter of 2010 was $16.9 million, an increase of 48.4% year-over-year from $11.4 million in the third quarter of 2009.
  • Operating income in the third quarter of 2010 was $7.7 million, an increase of 16.3% year-over-year from $6.6 million in the third quarter of 2009.
  • Net income attributable to AutoNavi shareholders was $6.2 million in the third quarter of 2010, an increase of 16.4% year-over-year from $5.3 million in the third quarter of 2009.

Year-to-Date 2010 Highlights

  • Net revenues in the first nine months of 2010 were $62.7 million, an increase of 51.3% year-over-year from $41.5 million in the first nine months of 2009.
  • Gross profit in the first nine months of 2010 was $42.5 million, an increase of 53.5% year-over-year from $27.7 million in the first nine months of 2009.
  • Operating income in the first nine months of 2010 was $16.6 million, an increase of 38.3% year-over-year from $12.0 million in the first nine months of 2009.
  • Net income attributable to AutoNavi shareholders was $13.3 million in the first nine months of 2010, an increase of 46.3% year-over-year from $9.1 million in the first nine months of 2009.

"We delivered a strong set of results in the third quarter driven by exceptional sales in our automotive navigation business with net revenues for this business line increasing by 62.6% year-over-year," said Mr. Congwu Cheng, AutoNavi's chief executive officer. "We remain highly optimistic about the prospects of our wireless and internet business line, as we are well-positioned to identify and take advantage of new opportunities in this emerging market. This past quarter also marked the beginning of a long-term, strategic partnership with TomTom - one which will allow us to enhance our global presence as a leading provider of digital map content and navigation solutions in China."

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