These risks could cause the company’s actual results for the current fiscal year and beyond to differ materially from those expressed in any forward-looking statements made by or on behalf of the company.
The third quarter of 2011 fully met or exceeded our expectations in almost every respect. As we have stated on prior calls, our goals for 2011 included, resuming strong topline revenue growth, diversifying revenue sources, controlling costs and achieving net profitability by years end.
I am pleased to report, that our Q3 revenue of $11.3 million represents our highest ever quarterly revenue to date, a 74% year-over-year improvement from Q3 2010 and our fifth consecutive quarter of sequential revenue growth.
With this increase in revenue plus a stable gross margin of over 50% and our continued focus on managing overhead costs, we achieved non-GAAP net income of -- in Q3 of $0.06 per share.Needless to say, we are gratified by the success of our growth strategy and very happy about meeting so many key goals this quarter for our shareholders.Our Q3 revenue growth was driven by three factors that speak to the continued expansion of applications for unique wireless asset management technology and to the diversification of our customer and revenue base.First, we generated significant revenue from our rental fleet management solutions, which are now being deployed by Avis Budget Group. Second, we continue to achieve robust sales of our core industrial vehicle management systems adding several more Fortune 500 and industry leading customers from a broad range of vertical markets, as well as maintaining successful business relationships with our core blue chip customers. And third, our Asset Intelligence subsidiary achieved record orders for its transportation management solutions during the quarter.In a few minutes, Darryl will provide more granularity on the performance of our AI unit and Ken will discuss the highlights of our rental and industrial vehicle management businesses.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV