Needless to say, we are gratified by the success of our growth strategy in 2011 and very happy to meet so many goals for our shareholders. We look forward to carrying the positive momentum of 2011 forward in to 2012 and continuing our efforts to grow top line revenue, increase predictable recurring revenue, extend our technical market leadership, expand in vertical and international markets, maintain our cost discipline and increase shareholder value.
Thank you for your time today. I’ll look forward to your questions later on the call. Now let me turn the discussion over to Ned Mavrommatis, our CFO to detail our financial results for the fourth quarter and full year 2011.
Ned MavrommatisThank you Jeff and hello to everyone on the call today. As Jeff noted, our revenue for the fourth quarter ended December 31 2011 increased 64% to a record $11.8 million from $7.2 million for the fourth quarter of 2010. For the full year, revenue increased 52% to $39.3 million another record compared to $25.9 million in 2010. Recurring revenues for the quarter and year were $4.1 million and $16.4 million respectively or a 35% and 42% of total revenues respectively. Our Vehicle Management Business including rental fleet management contributed $6.7 million in revenue for the quarter while our transportation asset management business contributed $5.2 million. For the full year, the corresponding contributions were $22.1 million and $17.2 million respectively. Our gross margins for the fourth quarter and full year were 51% and 52% respectively in line with expectations and past performance. Our consistent strong margins reflect continued price stability for our systems, high margins on recurring revenue from our Asset Intelligence Business and controlled operating cost. Read the rest of this transcript for free on seekingalpha.com