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I.D. Systems Reports Record Second Quarter Revenue

WOODCLIFF LAKE, N.J., Aug. 7, 2013 (GLOBE NEWSWIRE) -- I.D. Systems, Inc. (Nasdaq:IDSY), a leading provider of wireless solutions for tracking, securing and managing high-value enterprise assets, reported results for the three and six months ended June 30, 2013.

Second Quarter 2013 Financial Results

  • Revenue increased 8% year-over-year to a Q2 record $9.4 million, from $8.7 million in the second quarter of 2012, reflecting increased sales of the company's vehicle and transportation asset management systems.
  • Recurring revenue was $4.4 million, up 2% from $4.3 million in the second quarter a year ago.
  • Gross margin was consistent with historic levels at 52%.
  • Selling, general and administrative expenses and research and development expenditures of $5.6 million and $1.1 million, respectively, in the second quarter of 2013 decreased 1% from $5.7 million and $1.1 million, respectively, in the second quarter of 2012.
  • Excluding stock-based compensation and depreciation and amortization, non-GAAP net loss improved to $851,000, or $(0.07) per basic and diluted share, compared to $1.2 million, or $(0.10) per basic and diluted share, in the same period a year ago.
  • Net loss improved to $1.7 million, or $(0.14) per basic and diluted share, compared to $2.1 million, or $(0.18) per basic and diluted share, in the second quarter of 2012.
  • As of June 30, 2013, I.D. Systems had $14.7 million in cash, cash equivalents and marketable securities, and no debt.

Second Quarter 2013 Operational Highlights

  • Recurring business from core customers, including BASF, Bridgestone Firestone, Campbell's Soup, CH Robinson, Caterpillar, Ford Motor Company, General Mills, Kuehne + Nagel, John Deere, Meijer, Nestlé, Procter & Gamble, Rio Tinto Alcan, Toyota, Walgreens, and Walmart, among others.
  • Initial system implementations with new customers, including two Tier 1 automotive suppliers, a global manufacturer of water heating and treatment systems, a leading U.S. specialty retailer, a U.S. forest products company, and a leading North American transportation and logistics service provider.
  • Substantial revenue contributions from channel partners (industrial truck manufacturers and their dealers), which sold I.D. Systems' solutions to end users including a Fortune 100 retailer, a Fortune 500 retailer, and one of the world's largest food service companies.

Six Month 2013 Financial Results

  • Revenue was $17.4 million, compared to $18.5 million in the same period a year ago. The decrease was due primarily to lower than expected first quarter revenue from 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 $8.7 million, up 4% from $8.4 million in the same period a year ago.
  • Gross margin was consistent with historic levels at 50%. 
  • Selling, general and administrative expenses and research and development expenditures of $11.1 million and $2.3 million, respectively, in the six month period ended June 30, 2013, decreased 1% from $11.3 million and $2.2 million, respectively, in the six months ending June 30, 2012. 
  • Excluding stock-based compensation and depreciation and amortization, non-GAAP net loss was $2.7 million, or $(0.23) per basic and diluted share, compared to $2.0 million, or $(0.17) per basic and diluted share, in the same period a year ago.
  • Net loss was $4.3 million or $(0.36) per basic and diluted share, compared to $3.7 million or $(0.32) per basic and diluted share in the same period in 2012.

Management Commentary

"We are encouraged by our second quarter revenue growth, which increased 17% sequentially over the first quarter of 2013 as well as 8% year-over-year," said Jeffrey Jagid, I.D. Systems' chairman and CEO. "We continue to be optimistic about our prospects for the second half of 2013 and remain committed to our revenue growth strategy, which has proven successful over the past three years. We are working to build revenue vertically by expanding our footprint with core enterprise customers, and diversify revenue horizontally by establishing new customers, utilizing both channel partners and our direct sales organization.

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