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I.D. Systems' CEO Discusses Q2 2012 Results - Earnings Call Transcript

In July of 2012, ABG confirmed delivery orders for the approximately 20,000 units representing the balance of the 25,000 systems earmarked for the northeast US and Canada, under the first phase of our master agreement with ABG. We expect to deliver all of these units in Q3 of 2012. In fact, we have already shipped a significant portion of the units.

We are working diligently to build shareholder value, and I look forward to reporting to you further on our continuing progress. Thank you for your time today, and I will be pleased to take your questions later in the call. Now let me turn the discussion over to Ned Mavrommatis to detail our financial results.

Ned Mavrommatis

Thank you Jeff, and hello to everyone on the call today. As Jeff noted, revenue for the three months ended June 30, 2012 increased 4% to $8.7 million, compared to $8.3 million in the second quarter a year ago, with 49% of all revenue coming from predictable recurring sources. For the six months ended June 30, 2012, our revenue increased to a record $18.5 million, up 14% from $16.2 million in the same period a year ago.

Our revenue growth in the first half of the year was driven by increased sales of our wireless vehicle and transportation asset management systems. Recurring revenue for the six months was $8.4 million, or 46% of total revenue. Gross margins in Q2 2012 was a solid 52.4% once again meeting our expectations.

SG&A expenses for the quarter were $5.7 million, relatively flat both year-over-year and sequentially from Q1 2012. Excluding stock-based compensation and depreciation, amortization, non-GAAP net loss in Q2 was $1.2 million, or $0.10 per basic and diluted share, compared to $1.1 million or $0.10 per basic and diluted share in the second quarter a year ago.

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