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I.D. Systems CEO Discusses Q2 2011 Results - Earnings Call Transcript

Stocks in this article: IDSY

As a testament to the ongoing value that our wireless technology provides to our existing customers, we continued to generate repeat business from core customers like Alcoa, American Airlines, Ford, Kellogg, Nestle, Procter & Gamble and Wal-Mart.

Ford Motor Company is worth special note, as it commenced a major upgrade to our technology on its material handling equipment across 38 manufacturing plants in North America. As part of this upgrade, we will implement our latest generation of hardware and software, including expanded on-vehicle memory for data processing, enhanced functionality for vehicle control and new capabilities for managing and analyzing the performance of vehicle batteries and battery-charging systems.

We also won our share of new customers in the second quarter of 2011. A Fortune 100 retailer, a Fortune 100 manufacturer, an S&P 500 consumer products producer, and one of the world's largest specialty apparel retailers, among others, all ordered I.D. Systems' hosted subscription-based PowerBox vehicle management system in the second quarter.

Another Fortune 100 retailer ordered our PowerFleet system for its lift truck fleet in multiple distribution centers following a successful pilot implementation. This order was facilitated by the Raymond Corporation, which between its lift truck dealer network and national account sales team has proven to be a very effective channel marketing partner for us.

We won a number of other new PowerFleet customers during the quarter as well which are deploying our technology for the first time at initial sites.

In the airport vehicle vertical market, we continued to expand our system deployment with American Airlines and American Eagle Airlines at the several major U.S. airports during the second quarter.

We're also exploring new opportunities with strategic marketing partners as well as through our SafeNav product on an on-vehicle Runway Incursion Avoidance System powered by Garmin GPS location mapping technology.

In the overall industrial vehicle management space, I.D. Systems continues to hold a dominant market share and win a majority of the opportunities when up against direct competitors. Although precise market share data is hard to verify, because most of our direct competitors are small private companies and our larger competitors do not breakout their relatively small vehicle management sales numbers, we estimate that more than 50% of installed wireless industrial truck management systems are from I.D. Systems.

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