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AutoNavi Holdings Limited Reports Fourth Quarter And Fiscal Year 2012 Results

BEIJING, Feb. 27, 2013 (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 fourth quarter and the fiscal year ended December 31, 2012.

Fiscal Year 2012 Operational Highlights

  • As of the end of fiscal year 2012, AutoNavi's free mobile map application had a total of 98 million users and more than 49 million monthly active users. This compares to a total of 40 million users and over 20 million monthly active users at the end of fiscal year 2011, and a total of 85 million users and more than 45 million monthly active users at the end of the third quarter of 2012.

Fourth Quarter 2012 Financial Highlights

  • Net revenues in the fourth quarter of 2012 were $43.6 million, an increase of 25.7% year-over-year.  
  • Gross profit in the fourth quarter of 2012 was $30.8 million, an increase of 22.0% year-over-year.   
  • Operating income in the fourth quarter of 2012 was $8.8 million, an increase of 12.5% year-over-year. Non-GAAP operating income in the fourth quarter of 2012 was $11.1 million, an increase of 5.5 % year-over-year.   
  • Net income attributable to AutoNavi shareholders was $8.7 million in the fourth quarter of 2012, an increase of 22.8% year-over-year. Non-GAAP net income attributable to AutoNavi shareholders was $11.0 million in the fourth quarter of 2012, an increase of 12.5% year-over-year.

Fiscal Year 2012 Financial Highlights

  • Net revenues in fiscal year 2012 were $159.7 million, an increase of 25.8% year-over-year.   
  • Gross profit in fiscal year 2012 was $116.7 million, an increase of 26.9% year-over-year.   
  • Operating income in fiscal year 2012 was $38.9 million, an increase of 5.7% year-over-year. Non-GAAP operating income in fiscal year 2012 was $51.5 million, an increase of 21.9% year-over-year.   
  • Net income attributable to AutoNavi shareholders was $36.5 million in fiscal year 2012, flat year-over-year. Non-GAAP net income attributable to AutoNavi shareholders was $49.0 million in fiscal year of 2012, an increase of 19.9% year-over-year.

"2012 was an encouraging year for AutoNavi," said Mr. Congwu Cheng, the Company's chief executive officer. "Our mobile map and mobile navigation applications both achieved the leading market positions in their respective categories in what continues to be a competitive LBS market. We also made exciting progress with our strategic partners, which include Internet companies, mobile device makers, telecom operators, and vertical content service providers. These partners have helped raise our company profile while introducing our products to millions of additional users."

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