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AutoNavi Holdings Limited Reports Fourth Quarter And Fiscal Year 2012 Results

Net Income Attributable to AutoNavi Shareholders

Net income attributable to AutoNavi shareholders increased 22.8% year-over-year and a decrease of 13.8% sequentially to $8.7 million in the fourth quarter of 2012. Diluted net income per American depositary share ("ADS") attributable to AutoNavi shareholders for the fourth quarter of 2012 was $0.18, as compared to $0.14 from a year ago. One ADS represents four ordinary shares.

Non-GAAP net income attributable to AutoNavi shareholders, which excludes share-based compensation expenses, was $11.0 million in the fourth quarter of 2012, an increase of 12.5% year-over-year and a decrease of 13.8% sequentially. Diluted non-GAAP net income per ADS attributable to AutoNavi shareholders for the fourth quarter of 2012 was $0.22, as compared to $0.19 from a year ago.

Fiscal Year 2012 Results

Revenues

Total net revenues in fiscal year 2012 were $159.7 million, an increase of 25.8% from $127.0 million in fiscal year 2011.

Automotive Navigation

Net revenues from the automotive navigation market in fiscal year 2012 were $92.1 million, an increase of 7.3% from fiscal year 2011. The increase was primarily due to an increase in the number of copies of digital map data licensed for use with in-dash navigation systems, which is directly linked to the number of vehicles sold in China that are equipped with these systems.

Mobile and Internet Location-based Solutions

The mobile and Internet location-based solutions business in fiscal year 2012 achieved $47.6 million in net revenues, representing an increase of 73.5% from fiscal year 2011. The increase was primarily due to the growth in revenues derived from the pre-installation of the Company's navigation solutions on mobile phones and Internet-based map API solutions. 

Public Sector and Enterprise Applications

Net revenues from the public sector and enterprise applications market in fiscal year 2012 were $17.7 million, an increase of 44.1% from fiscal year 2011. The increase was largely attributable to an increased number of new aerial photogrammetry, 3-D modeling application and map data licensing contracts entered in 2012.

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