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Telular Corporation Reports First Quarter 2013 Results

Stocks in this article: WRLS

  • Event Monitoring Revenue Increases 17% Over Prior Year Period
  • Company Delivers Adjusted EBITDA of $5.9 Million
  • Company Reiterates Fiscal Year 2013 Adjusted EBITDA Guidance
  • Company Declares Regular Quarterly Dividend of $0.12 Per Share
  • CEO Transition Plan Announced

CHICAGO, Jan. 31, 2013 (GLOBE NEWSWIRE) -- Telular Corporation (Nasdaq:WRLS), a global leader in helping businesses use wireless networks for remote monitoring and tracking, today announced financial results for the first fiscal quarter of 2013 ended December 31, 2012. In the first quarter of 2013, Telular reported revenue of $24.8 million, including $14.0 million from recurring services, and pre-tax income of $3.4 million.

First quarter 2013 Adjusted EBITDA, a non-GAAP financial measure, was $5.9 million. For further information about Adjusted EBITDA and a reconciliation of this measure to net income in accordance with GAAP, see the last page of this press release.

Total revenue from the Telguard and TankLink lines of business, representing all of the revenue within the Event Monitoring Segment, increased 17% over the prior year period to $15.6 million. 

Total Telguard revenue was up 16% year-over-year to $13.5 million. During the quarter, Telular sold approximately 37,300 Telguard units and activated 35,400 new Telguard subscribers. The total number of Telguard subscribers increased sequentially to 621,800 while average revenue per unit, or ARPU, increased sequentially to $4.45 for the quarter. 

Total TankLink revenue increased 22.5% over the prior year period to $2.1 million, including service revenue of $1.1 million. 

In the Asset Tracking segment, SkyBitz revenue was $9.2 million, including product revenue of $4.6 million and recurring service revenue of $4.6 million.

Adjusted EBITDA for Event Monitoring and Asset Tracking was $5.5 million and $1.2 million respectively, excluding corporate expenses of $0.8 million.

For both segments combined, Telular ended the period with over 850,900 billable units realizing an ARPU of $5.51. The average selling price, or ASP, for the 50,800 monitoring and tracking hardware units sold during the period was $204.

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