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TheStreet Open House

AutoNavi Holdings Limited Reports Second Quarter 2013 Results

BEIJING, Aug. 28, 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 second quarter ended June 30, 2013.

Second Quarter 2013 Operational Highlights

  • AutoNavi's free mobile map application had a total of 137 million users and over 62 million monthly active users as of the end of the second quarter of 2013, compared to a total of 116 million users and over 56 million monthly active users as of the end of the first quarter of 2013, and a total of 65 million users and over 36 million monthly active users as of the end of the second quarter of 2012.  
  • AutoNavi's premium navigation application had been downloaded and pre-loaded on more than 70 million smartphones and had approximately 3 million monthly active users as of the end of the second quarter of 2013.

Second Quarter 2013 Financial Highlights

  • Net revenues in the second quarter of 2013 were $38.2 million, compared to $40.2 million in the second quarter of 2012.  
  • Gross profit in the second quarter of 2013 was $26.2 million, compared to $30.1 million in the second quarter of 2012.   
  • Operating income in the second quarter of 2013 was nil, compared to $9.6 million in the second quarter of 2012. Non-GAAP operating income in the second quarter of 2013 was $2.4 million, compared to $13.9 million in the second quarter of 2012.   
  • Net income attributable to AutoNavi shareholders was $3.8 million in the second quarter of 2013, compared to $8.8 million in the second quarter of 2012. Non-GAAP net income attributable to AutoNavi shareholders was $6.2 million in the second quarter of 2013, compared to $13.1 million in the second quarter of 2012.

First Six Months of 2013 Financial Highlights

  • Net revenues in the first six months of 2013 were $72.5 million, compared to $75.9 million in the first six months of 2012.  
  • Gross profit in the first six months of 2013 was $50.1 million, compared to $57.0 million in the first six months of 2012.   
  • Operating income in the first six months of 2013 was $3.2 million, compared to $19.6 million in the first six months of 2012. Non-GAAP operating income in the first six months of 2013 was $8.2 million, compared to $27.1 million in the first six months of 2012.   
  • Net income attributable to AutoNavi shareholders was $9.5 million in the first six months of 2013, compared to $17.7 million in the first six months of 2012. Non-GAAP net income attributable to AutoNavi shareholders was $14.6 million in the first six months of 2013, compared to $25.3 million in the first six months of 2012.

Second Quarter 2013 Results

Revenues

Total net revenues in the second quarter of 2013 were $38.2 million, compared to $40.2 million in the second quarter of 2012 and $34.3 million in the first quarter of 2013.

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