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AutoNavi Holdings Limited Reports First Quarter 2013 Results

Stocks in this article: AMAP

First Quarter 2013 Results

Revenues

Total net revenues in the first quarter of 2013 were $34.3 million, compared to $35.7 million in the first quarter of 2012, and $43.6 million in the fourth quarter of 2012.

Automotive Navigation

Net revenues from the automotive navigation market in the first quarter of 2013 were $15.5 million, compared to $21.7 million in the first quarter of 2012 and $21.6 million in the fourth quarter of 2012. The changes were largely attributable to a decline in the number of copies of digital map data licensed for use with in-dash navigation systems during the quarter.

Mobile and Internet Location-based Solutions

The Company's mobile and Internet location-based solutions business earned $13.9 million in net revenues in the first quarter of 2013, compared to $9.9 million in the first quarter of 2012 and $15.5 million in the fourth quarter of 2012. The year-over-year increase was primarily due to the growth in revenues derived from the pre-installation of the Company's premium navigation solutions on mobile phones and the Company's mobile navigation service with China Mobile. The sequential fluctuation reflects what were historically high deliveries with respect to the Company's pre-installation business in the fourth quarter of last year. 

Public Sector and Enterprise Applications

Net revenues from the public sector and enterprise applications market in the first quarter of 2013 were $4.3 million, compared to $3.6 million in the first quarter of 2012 and $5.8 million in the fourth quarter of 2012. The year-over-year increase was largely attributable to certain new map data licensing projects in the first quarter of 2013. The sequential change was mainly due to a decline in the number of 3-D modeling applications projects, which was associated with certain large contracts that neared completion in the fourth quarter of 2012.

Cost of Revenues

Cost of revenues in the first quarter of 2013 was $10.4 million, compared to $8.8 million in the first quarter of 2012 and $12.8 million in the fourth quarter of 2012. The year-over-year increase was mainly due to outsourced data production costs and service costs associated with certain government and enterprise projects, as well as a general annual increase in salary and welfare benefits for employees directly involved in data collection and processing. The sequential decrease was largely attributable to a decline in government and enterprise project-related costs, primarily as a result of certain large contracts that were nearly completed in the fourth quarter of 2012.

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