Telular Corporation Reports Second Quarter 2013 Results
- Company Delivers Pre-Tax Income of $3.1 Million and Adjusted EBITDA of $5.9 Million
- Total M2M Billable Units Reach 877,500
- Agreement to be Acquired by Avista Capital Partners for $253 Million in Total Consideration
- No Dividend Declared as Part of Acquisition Agreement
CHICAGO, May 2, 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 second fiscal quarter of 2013 ended March 31, 2013. In the second quarter of 2013, Telular reported revenue of $24.8 million, including $14.3 million from recurring services, and pre-tax income of $3.1 million.
Second quarter 2013 Adjusted EBITDA, a non-GAAP financial measure, was $5.9 million. For further information, see the reconciliation of Adjusted EBITDA to net income in accordance with GAAP, at the end of this press release.
Total revenue from the Telguard and TankLink lines of business, representing all of the M2M revenue within the Event Monitoring Segment, increased 22% over the prior year period to $16.4 million.Total Telguard revenue was up 19% year-over-year to $13.9 million. During the quarter, Telular sold approximately 40,100 Telguard units and activated over 36,300 new Telguard subscribers. The total number of Telguard subscribers increased sequentially to 639,700 with an average revenue per unit, or ARPU, of $4.42 for the quarter. Total TankLink revenue increased 39% over the prior year period to $2.5 million, including service revenue of $1.1 million. In the Asset Tracking segment, SkyBitz revenue was $8.4 million, including product revenue of $3.6 million and recurring service revenue of $4.7 million. Adjusted EBITDA for Event Monitoring and Asset Tracking was $5.7 million and $0.9 million respectively, excluding corporate expenses of $0.7 million. For both segments combined, Telular ended the period with over 877,500 billable units realizing an ARPU of $5.50. The average selling price, or ASP, for the 53,800 monitoring and tracking hardware units sold during the period was $185.
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