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TheStreet Open House

FleetMatics CEO: Driving For Growth

Debra Borchardt:

When I look at FleetMatics numbers, your revenues have been going up, your gross profits have been going up, but then I noticed that your net income had come down in June of '12, so can we get some color around that? What happened?

Jim Travers:

Yeah. Basically, we've had some one-time charges. We've been in the process of going through our initial public offering, and it is an expensive proposition today for companies to go public, so we did have some one-time expenses that we had to take in June, weren't operating level, but they were more one-time expenses related to the IPO.

Debra Borchardt:

And so what will you do with the proceeds of this offering?

Jim Travers:

Basically, grow the business. One of the keys here, Debra, is we have a wide open market opportunity. Eight out of 10 customers that we engage with do not have the FleetMatics system in place, so we have a significant opportunity to grow the company, so certainly investing aggressively in sales and marketing expenses is the key, potentially looking at some acquisitions that might make sense from either a new product category that we can go sale back to our customer or also looking at geographic expansion in that way. So stretching our balance sheet is key to that.

Debra Borchardt:

All right. Well it sounds like the market agrees with you. I think you have some growth ahead of you because they are moving that stock higher on its first day of trading.

-- Written by Debra Borchardt in New York.

>To contact the writer of this article, click here: Debra Borchardt.

Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.
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