WOODCLIFF LAKE, N.J., March 9, 2011 (GLOBE NEWSWIRE) -- I.D. Systems, Inc. (Nasdaq:IDSY) today announced its financial results for the fourth quarter and fiscal year ended December 31, 2010.
- Revenue for the fourth quarter increased sequentially 11% to $7.2 million, compared to $6.5 million for the third quarter of 2010, as sales of systems and services increased across I.D. Systems' primary market segments—wireless industrial vehicle management and trailer fleet management.
- Revenue for the year increased to $25.9 million, compared to $10.3 million for the year ended December 31, 2009, reflecting the strategic acquisition of the Asset Intelligence business unit in January, 2010, and improving economic and market conditions in the second half of 2010. The Asset Intelligence business contributed revenue of $15.2 million for the year.
- Gross margins for both the fourth quarter and full fiscal year were 56%, compared to 28% for the fourth quarter of 2009 and 46% for the full fiscal year 2009.
- Cash flow from operations was positive for the second consecutive quarter. Cash, cash equivalents and marketable securities as of December 31, 2010 increased to $28.4 million from $28.2 million as of September 30, 2010. For the last six months of 2010, positive cash flow from operations was $1.9 million, compared to net cash used of $5.5 million for the first six months of the year.
- Excluding stock-based compensation and depreciation and amortization of intangible assets, non-GAAP net loss for the fourth quarter of 2010 decreased 68% to $1.3 million, or ($0.12) per basic and diluted share, compared to non-GAAP net loss of $4.1 million, or ($0.37) per basic and diluted share, for the fourth quarter of 2009.
- For the last six months of 2010, non-GAAP net loss decreased 62% to $2.4 million, compared to non-GAAP net loss of $6.2 million for the first six months of 2010.
"We are pleased by our progress in the second half of 2010 and believe we are well positioned for 2011," said Jeffrey Jagid, I.D. Systems' Chairman and Chief Executive Officer. "Our top line revenue growth, and the underlying improvement in economic conditions in the industrial markets we serve, is encouraging. Our margins are strong, especially from the recurring service contract revenue of our Asset Intelligence subsidiary. We have met or exceeded the goals we set at the beginning of the year to reduce and control the Company's operating costs. And we increased our net cash position by almost $2 million in the second half of the year, with no debt."