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I.D. Systems Reports First Quarter 2013 Financial Results

WOODCLIFF LAKE, N.J., May 9, 2013 (GLOBE NEWSWIRE) -- I.D. Systems, Inc. (Nasdaq:IDSY), a leading provider of wireless solutions for tracking, securing and managing high-value enterprise assets, today reported results for the quarter ended March 31, 2013.

First Quarter 2013 Financial Results

  • Revenue was $8.0 million, compared to $9.8 million in the first quarter of 2012. The decrease was attributable primarily to the timing of closing industrial vehicle management business in the U.S. and a shortfall of revenue from Europe, reflecting the economic climate in that region.
  • Recurring revenue was $4.4 million, up 4% from $4.2 million in the first quarter a year ago.
  • Gross margin was 48%, compared to 50% in the first quarter of 2012. The decrease was attributable primarily to a higher contribution of revenue from channel partners.
  • Selling, general and administrative expenses and research and development expenditures of $5.5 million and $1.1 million, respectively, were flat compared to $5.6 million and $1.1 million, respectively, in the first quarter of 2012.
  • Excluding stock-based compensation and depreciation and amortization, non-GAAP net loss was $1.8 million, or $(0.15) per basic and diluted share, compared to a non-GAAP net loss of $840,000, or $(0.07) per basic and diluted share, in the same period a year ago.
  • Net loss was $2.6 million, or $(0.22) per basic and diluted share, compared to a net loss of $1.6 million, or $(0.14) per basic and diluted share, in the first quarter of 2012.
  • As of March 31, 2013, I.D. Systems had $15.2 million in cash, cash equivalents and marketable securities, and no debt.

Management Commentary

"We remain optimistic about our growth opportunities in 2013," said Jeffrey Jagid, I.D. Systems' chairman and CEO. "Our sales pipeline is solid and we will continue to execute our revenue growth strategy that has proven successful over the past three years. We will work to deepen the penetration of our solutions with our core customers, especially through our enterprise Analytics software. We will strive to continue diversifying revenue sources by pursuing new customers, through both direct sales and channel partners. And we will continue our efforts to extend our market leadership, especially through solution innovations, including new generations of technology for both the industrial vehicle and rental car management markets."

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