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TeleNav Reports Second Quarter Fiscal 2011 Financial Results

Quarterly revenue increased 19 percent year over year to $48.0 million

Average monthly paid subscribers for the second quarter reached 19.6 million, up from 17.7 million in the prior quarter

TeleNav announces two-year extension of AT&T agreement with no change in terms

TeleNav announces signing of automotive navigation supply agreement with Delphi

SUNNYVALE, Calif., Jan. 27, 2011 (GLOBE NEWSWIRE) -- TeleNav, Inc. (Nasdaq:TNAV), one of the largest global wireless location-based services providers, today announced its financial results for the second quarter of fiscal 2011 ended December 31, 2010.

Financial Highlights

  • Revenue for the second quarter of fiscal 2011 grew 19 percent over the second quarter of fiscal 2010 to $48.0 million.
  • Average monthly paying end users for the second quarter of fiscal 2011 increased 54 percent over the second quarter of fiscal 2010 to 19.6 million.
  • Revenue from automotive, enterprise LBS, mobile advertising and commerce and premium LBS was seven percent of total revenue for the second quarter of fiscal 2011,up from six percent of total revenue for the first quarter of fiscal 2011.
  • Cash generated from operations for the second quarter of fiscal 2011 was $28.5 million.

"We have continued to substantially increase the number of our paying end users and we have also grown revenue outside of our core navigation services," said HP Jin, president, CEO and co-founder of TeleNav. "Revenue from our strategic growth areas: automotive, enterprise LBS, mobile advertising and commerce and premium LBS grew both in absolute dollars and as a percent of revenue, comprising seven percent of our total revenue in the December quarter."

Revenue for the second quarter of fiscal 2011 was $48.0 million, compared to revenue of $40.5 million for the second quarter of fiscal 2010. Revenue for the second quarter of fiscal 2011 reflects the first full quarter impact of the September 2010 amended Sprint agreement.

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