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.