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AutoNavi Holdings Limited Reports First Quarter 2013 Results

Stocks in this article: AMAP

Income Tax

Income tax benefit was $0.8 million in the first quarter of 2013, primarily due to the fact that in March 2013, one of AutoNavi's consolidated entities was certified as a "key software enterprise" by the relevant PRC government authorities and was therefore entitled to a retroactive preferential tax rate of 10% for the years 2011 and 2012, which resulted in a decrease of income tax expense of approximately $1.5 million. The cumulative effect of the change in the enacted tax rate was reflected in the first quarter of 2013 that included the enactment date.

Net Income Attributable to AutoNavi Shareholders

Net income attributable to AutoNavi shareholders was $5.7 million in the first quarter of 2013, compared to $8.9 million in the first quarter of 2012 and $8.7 million in the fourth quarter of 2012. Diluted net income per American depositary share ("ADS") attributable to AutoNavi shareholders for the first quarter of 2013 was $0.12. One ADS represents four ordinary shares.

Non-GAAP net income attributable to AutoNavi shareholders, which excludes share-based compensation expenses, was $8.4 million in the first quarter of 2013, compared to $12.2 million in the first quarter of 2012 and $11.0 million in the fourth quarter of 2012. Diluted non-GAAP net income per ADS attributable to AutoNavi shareholders for the first quarter of 2013 was $0.17.

Cash and Term Deposits Balance

As of March 31, 2013, the Company had $220.3 million in cash and cash equivalents and term deposits.

Business Outlook

The Company expects its full year 2013 net revenues will be in the range of $168 million to $176 million, representing an increase of approximately 5% to 10 % over fiscal year 2012.

Recent Developments

On May 10, 2013, AutoNavi entered into definitive agreements with Alibaba Group ("Alibaba"), pursuant to which Alibaba, through a wholly owned subsidiary, will invest approximately $294 million in newly issued preferred and ordinary AutoNavi shares, representing approximately 28% of the Company's total issued and outstanding shares on a fully-diluted basis.

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