Telular Corporation (NASDAQ: WRLS):
- Total Recurring Service Revenue Up 13% Year-Over-Year – Growing to Over 60% of Revenue
- Company Declares Regular Quarterly Dividend of $0.10 Per Share
- Company Reports Adjusted Net Income before Non-Cash Items of $2.3 Million for First Quarter, Excluding One-Time Cash Compensation Expense Related to Special Dividend- Company Reports Successful Acquisition of Assets Underlying the SMARTank Line of Business from SMARTLogix, Inc. Telular Corporation, a global leader in connecting businesses and machines over wireless networks, today announced financial results for the first quarter ended December 31, 2010. In the first quarter of 2011, Telular reported revenue of $12.1 million and pre-tax income of $632,000. For the first quarter of 2011, adjusted net income before non-cash items and excluding a one-time cash compensation expense of $660,000 related to the special dividend distributed by Telular this quarter, was $2.3 million. Including this expense, net income before non-cash items was $1.6 million. Net income before non-cash items is a non-GAAP measure that adds back depreciation, amortization, stock-based compensation expense, and non-cash deferred tax provision 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. As part of the Company’s current dividend policy, Telular also declared a quarterly dividend of $0.10 per share on its common stock, payable February 21, 2011, to shareholders of record as of the close of business on February 14, 2011. In the first quarter of 2011, total recurring service revenue increased 13% over the prior year period to $7.3 million. During the quarter, Telular activated 18,800 new Telguard subscribers, bringing the total number of Telguard subscribers to approximately 572,000. In the first quarter of 2011, Telular sold 19,070 Telguard units resulting in Telguard product revenues of $2.8 million.