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AutoNavi Holdings Limited Reports First Quarter 2013 Results

Stocks in this article: AMAP

Total Free Mobile Map App Users Up More Than 123% Year-Over-Year to 116 Million Monthly Active Free Mobile Map App Users Up More Than 93% Year-Over-Year to 56 Million

BEIJING, May 10, 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 first quarter ended March 31, 2013.

First Quarter 2013 Operational Highlights

  • As of the end of the first quarter of 2013, AutoNavi's free mobile map application had a total of 116 million users and more than 56 million monthly active users. This compares with a total of 98 million users and more than 49 million monthly active users at the end of the fourth quarter of 2012, and a total of 52 million users and over 29 million monthly active users at the end of the first quarter of 2012.

First Quarter 2013 Financial Highlights

  • Net revenues in the first quarter of 2013 were $34.3 million.  
  • Gross profit in the first quarter of 2013 was $23.9 million.   
  • Operating income in the first quarter of 2013 was $3.2 million. Non-GAAP operating income, which excludes share-based compensation expenses, was $5.9 million in the first quarter of 2013.  
  • Net income attributable to AutoNavi shareholders was $5.7 million in the first quarter of 2013. Non-GAAP net income attributable to AutoNavi shareholders, which excludes share-based compensation expenses, was $8.4 million in the first quarter of 2013.

"Our first quarter results reflect the implementation of our mobile strategy for 2013 and the degree to which we have reinvested in our business to advance our product technology and increase our market share," said Mr. Congwu Cheng, AutoNavi's chief executive officer. "We remain committed to investing in our people and products in order to build a world-class location-based service platform for hundreds of millions of users on the go."

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