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TheStreet Open House

AutoNavi Holdings Limited Reports Second Quarter 2012 Results

Stocks in this article: AMAP

BEIJING, Aug. 14, 2012 (GLOBE NEWSWIRE) -- AutoNavi Holdings Limited ("AutoNavi" or the "Company") (Nasdaq:AMAP), a leading provider of digital map content and navigation and location-based solutions in China, today announced its unaudited financial results for the second quarter ended June 30, 2012.

Second Quarter 201 2 Operational Highlights

  • AutoNavi's free mobile map application had a total of 65 million users and over 36 million monthly active users as of the end of the second quarter of 2012, compared to a total of 52 million users and over 29 million monthly active users as of the end of the first quarter of 2012, and a total of 17 million users and over 4 million monthly active users as the end of the second quarter of 2011.

Second Quarter 201 2 Financial Highlights

  • Net revenues in the second quarter of 2012 were $40.2 million, an increase of 22.0% year-over-year.  
  • Gross profit in the second quarter of 2012 was $30.1 million, an increase of 27.4% year-over-year.    
  • Operating income in the second quarter of 2012 was $9.6 million, a decrease of 8.7% year-over-year. Non-GAAP operating income in the second quarter of 2012 was $13.9 million, an increase of 21.2% year-over-year.   
  • Net income attributable to AutoNavi shareholders was $8.8 million in the second quarter of 2012, a decrease of 8.1% year-over-year. Non-GAAP net income attributable to AutoNavi shareholders was $13.1 million in the second quarter of 2012, an increase of 24.2% year-over-year.

First Six Months of 2012 Financial Highlights

  • Net revenues in the first six months of 2012 were $75.9 million, an increase of 30.0% year-over-year.  
  • Gross profit in the first six months of 2012 was $57.0 million, an increase of 37.0% year-over-year.    
  • Operating income in the first six months of 2012 was $19.6 million, an increase of 3.2% year-over-year. Non-GAAP operating income in the first six months of 2012 was $27.1 million, an increase of 33.5% year-over-year.   
  • Net income attributable to AutoNavi shareholders was $17.7 million in the first six months of 2012, a decrease of 12.2% year-over-year. Non-GAAP net income attributable to AutoNavi shareholders was $25.3 million in the first six months of 2012, an increase of 23.1% year-over-year.

"Our overall business maintained a healthy growth trajectory during the first half of 2012, with net revenues growing 30% year-over-year to $75.9 million," said Mr. Congwu Cheng, chief executive officer of AutoNavi. "In the second quarter, our mobile and Internet location-based solutions business hit new record high with $11 million in net revenues, representing more than 100% year-over-year growth and accounting for nearly 28% of our total revenues. Our ability to integrate a mapping value chain of data collection, content production and application development differentiates AutoNavi in the mobile Internet space. This competitive advantage allows us to provide rich and authentic location-based content, while being recognized as a trusted resource for people on the go."

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