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I.D. Systems, Inc. Reports Fourth Quarter And Year-End Financial Results For Fiscal 2010

Stocks in this article: IDSY

Customers contributing to I.D. Systems' revenue growth in 2010 included American Airlines, American Eagle Airlines, Ford Motor Company, GE Transportation, Knight Transportation, Nestlé, and Walmart.

For the quarter ended December 31, 2010, net loss was $2.7 million, or ($0.24) per basic and diluted share, compared to net loss of $4.8 million, or ($0.43) per basic and diluted share, for the quarter ended December 31, 2009. For the year ended December 31, 2010, net loss was $12.6 million, or ($1.12) per basic and diluted share, compared to net loss of $13.2 million, or ($1.20) per basic and diluted share, for the year ended December 31, 2009. Fiscal 2010 results include the operations of I.D. Systems' Asset Intelligence subsidiary, acquired in January, 2010, which are not included in the fiscal 2009 results.

Highlights for fiscal 2010 included:

  • I.D. Systems' acquisition of Asset Intelligence, a leading provider of wireless solutions for tracking and managing trailers, containers, and other supply chain assets, which expanded the scope of I.D. Systems' asset management solutions, broadened the Company's customer base, and contributed a high-margin recurring revenue stream. 
  • Expansion of I.D. Systems' wireless technology solutions with existing customers, including, for industrial vehicle management, American Airlines, American Eagle Airlines, Audi AG, Ford Motor Company, Procter & Gamble, Nestlé, Walgreens and Walmart, and, for Asset Intelligence transportation fleet management, Forward Air and Knight Transportation.
  • Initial implementations of I.D. Systems' wireless technology solutions with new customers, including, for industrial vehicle management, Campbell's Soup, General Mills and the Red River Army Depot, and, for transportation fleet management, Container Port Group, Garner Transportation and Royal Freight.
  • Execution of a marketing agreement with The Raymond Corporation, a leading global manufacturer of material handling vehicles, and growing sales of I.D. Systems' solutions through Raymond's national account sales organization and dealer network.
  • The development and deployment of a new generation of rental fleet management technology for a leading U.S. rental car company, encompassing both traditional airport-based rental fleet management and a remote, charge-by-the-hour "car-sharing" system.
  • Development of new products to expand the markets and applications addressed by I.D. Systems' solutions, including:
  • VeriWise™ Track & Trace, a low-cost, long-life cellular device with flexible mounting options and simple installation, aimed at trailer and container location tracking, theft countermeasures, and short-term asset analytics.
  • SafeNav™ Powered by Garmin™, an on-vehicle, GPS-based navigation and alert system designed to provide airport vehicle operators with real-time situational awareness, with the goal of avoiding accidental runway incursions.
  • PowerBox™ industrial vehicle management system, a hosted, out-of-the-box solution designed to simplify system acquisition, deployment and benefit achievement for customers with small to medium fleets, or larger fleets with basic vehicle management requirements.   
  • Expansion of I.D. Systems' intellectual property portfolio, including the award of new patents on vehicle access control, mobile asset management, baggage tracking, and automated remote asset maintenance.
  • A stock repurchase program, implemented in November, 2010, authorizing the repurchase of issued and outstanding shares of the Company's common stock up to an aggregate value of $3 million, to be made from time to time in the open market or in privately negotiated transactions, funded from I.D. Systems' working capital. As of December 31, 2010, the Company had acquired 36,000 shares at an aggregate purchase price of $99,000 under this program.

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