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Telenav Reports Third Quarter Fiscal 2013 Financial Results

SUNNYVALE, Calif., April 25, 2013 (GLOBE NEWSWIRE) -- Telenav®, Inc. (Nasdaq:TNAV), the leader in personalized navigation, today announced its financial results for the third quarter of fiscal 2013 ended March 31, 2013.

"We achieved solid financial results in the third quarter, driven primarily by strength in our automotive business, which accounted for 46 percent of total revenue in the period," said HP Jin, chairman, president and CEO of Telenav. "In addition, this month we completed the sale of our Enterprise business, which enables us to focus more resources on the targeted revenue growth opportunities in our automotive, mobile advertising, and premium LBS."

We have classified the results of operations of our Enterprise business as discontinued operations in our income statement for all periods presented.

Financial Highlights

  • Revenue from continuing operations for the third quarter of fiscal 2013 was $55.0 million, which excluded approximately $2.8 million in revenue from the discontinued operations of our Enterprise business. This compared with $47.2 million of revenue from continuing operations in the prior sequential quarter and $54.5 million in the third quarter of fiscal 2012.
  • Revenue from continuing operations stemming from strategic growth areas and international revenue was $32.1 million, which compared with $21.9 million in the prior sequential quarter and $14.9 million in the same quarter one year ago. Strategic growth and international revenue from continuing operations represented 58 percent of total revenue from continuing operations for the third quarter of fiscal 2013, up from 46 percent for the second quarter of fiscal 2013, and up 115 percent from the third quarter of fiscal 2012. Automotive revenue was $25.3 million, or 46 percent of total revenue from continuing operations, for the third quarter of fiscal 2013.
  • GAAP net income from continuing operations for the third quarter of fiscal 2013 was $3.8 million, or $0.09 per diluted share, which compared with GAAP net income from continuing operations of $0.4 million, or $0.01 per diluted share, in the second quarter of fiscal 2013 and GAAP net income from continuing operations of $7.1 million, or $0.16 per diluted share, for the third quarter of fiscal 2012.
  • Non-GAAP net income from continuing operations for the third quarter of fiscal 2013 was $6.9 million, or $0.17 per diluted share, which compared with $4.2 million, or $0.10 per diluted share, in the second quarter of fiscal 2013 and $8.7 million, or $0.20 per diluted share, in the third quarter of fiscal 2012. Non-GAAP net income from continuing operations and non-GAAP net income from continuing operations per diluted share excludes stock-based compensation expense, net income from discontinued operations, legal settlement costs and amortization expense of capitalized software and developed technology, net of tax.
  • Adjusted EBITDA from continuing operations (earnings before interest, taxes, depreciation, amortization, stock-based compensation expense, and income from discontinued operations) for the third quarter of fiscal 2013 was $8.8 million, which compared with $6.5 million in the prior sequential quarter and $13.8 million in the same quarter a year ago.
  • Ending cash, cash equivalents and short-term investments were $187.5 million and Telenav had no debt as of March 31, 2013. This represented $4.73 per share, based on approximately 39.7 million shares of outstanding common stock as of March 31, 2013.

Recent Business Highlights

  • In April 2013, Telenav and Sprint agreed to extend the fixed fee arrangement related to the Sprint bundles for an additional $3.6 million for three months through September 30, 2013.
  • In the March quarter, Ford began shipping cars which include the Telenav navigation solution to China showroom floors and Telenav recognized more than $1 million in royalties from these shipments.
  • In April 2013, Telenav announced Scout for Cars: Built-in, which is a connected and embedded product that integrates in-dash navigation with mobile and cloud services for real-time, personalized information. Scout for Cars: Built-in combines technologies from Telenav's embedded and smartphone products to provide a consistent and personalized experience, whether a driver is using Scout on a phone or in a car.
  • In April 2013, Scout Advertising released data mined across its search and navigation infrastructure about location and driving behavior in 15 cities across the US to understand the distances consumers drive to get to various types of businesses. The entire data set is available on Telenav's website. The differences in consumer preferences and behavior and the company's ability to mine the massive amounts of data available from various sources present a unique capability to refine our advertising platforms and improve return on investment for local advertisers.
  • In February 2013, Telenav launched new features on Scout for iPhone that make it easy for users to plan with friends by sharing locations and turn by turn navigation. The app store ratings for Scout for iPhone averaged 4.5 stars throughout the third quarter of fiscal 2013.
  • In March 2013, Telenav announced that its board of directors authorized the company to repurchase up to $10 million, inclusive of broker fees, of its common stock under a share repurchase program, in compliance with Rule 10b-18 of the Securities Exchange Act of 1934, as amended. Telenav completed its prior stock repurchase plan for $20 million in the second quarter of fiscal 2013.
  • In April 2013, Telenav completed the sale of its Enterprise business to FleetCor Technologies Operating Company, LLC, or FleetCor, for aggregate proceeds of approximately $10 million.

Business Outlook

For the fourth fiscal quarter ending June 30, 2013, Telenav offers the following guidance, which is predicated on management's judgments.

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