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Telenav Reports First Quarter Fiscal 2014 Financial Results

Strategic Growth Revenue More Than Doubled Year Over Year

Automotive Revenue Represented 45 Percent of Total Revenue

SUNNYVALE, Calif., Oct. 24, 2013 (GLOBE NEWSWIRE) -- Telenav®, Inc. (Nasdaq:TNAV), the leader in personalized navigation, today announced its financial results for the first quarter of fiscal 2014 ended September 30, 2013.

"In the first quarter, we are pleased to have exceeded our revenue and adjusted EBITDA guidance, and we are raising our revenue outlook for full fiscal year 2014," said HP Jin, chairman, president and CEO of Telenav. "Revenue from our strategic growth areas more than doubled year over year, driven by continued momentum in our automotive business which accounted for 45 percent of total revenue. We continue to see growth in our mobile advertising business as we expand our mobile ad inventory, providing advertisers a single point of access to over 22 billion monthly location-enabled ad impressions."

Financial Highlights

  • Revenue for the first quarter of fiscal year 2014 was $44.3 million, compared with $47.1 million in the fourth quarter of fiscal year 2013 and $42.5 million in the first quarter of fiscal year 2013.
  • Revenue from strategic growth areas (automotive, mobile advertising and premium mobile navigation services) for the first quarter of fiscal year 2014 was $23.4 million, compared with $24.8 million in the fourth quarter of fiscal year 2013 and $11.6 million in the first quarter of fiscal year 2013. Strategic growth revenue represented 53 percent of total revenue for the first quarter of fiscal year 2014, consistent with the fourth quarter of fiscal year 2013, and up 102 percent from the first quarter of fiscal year 2013. Automotive revenue was $19.9 million, or 45 percent of total revenue, for the first quarter of fiscal year 2014, compared with $21.6 million in the fourth quarter of fiscal year 2013, or 46 percent of total revenue, and $9.4 million in the first quarter of fiscal year 2013, or 22 percent of total revenue.
  • GAAP net income for the first quarter of fiscal year 2014 was $9,000, or breakeven per diluted share, compared with GAAP net loss of ($0.9) million, or ($0.02) per diluted share, in the fourth quarter of fiscal year 2013 and GAAP net income of $2.2 million, or $0.05 per diluted share, for the first quarter of fiscal year 2013.
  • Adjusted EBITDA for the first quarter of fiscal year 2014 was $3.9 million (GAAP net income (loss) adjusted for the add back of stock-based compensation expense, depreciation, amortization, interest income, other expense, provision (benefit) for income taxes, and other items such as legal settlements and restructuring costs, net of tax), compared with $4.2 million in the fourth quarter of fiscal year 2013 and $5.9 million in the first quarter of fiscal year 2013.
  • Ending cash, cash equivalents and short-term investments, excluding restricted cash, were $181.5 million, and Telenav had no debt as of September 30, 2013. This represented cash, cash equivalents and short-term investments of $4.66 per share, based on approximately 39.0 million shares of outstanding common stock as of September 30, 2013.

Recent Business Highlights

  • In October 2013, real-time social meet up and ETA sharing features were added to Scout for Android. Users are now able to invite multiple people to meet at a specific location directly from the app. Scout will automatically provide navigation to each driver, either via Scout for Android or via Scout's HTML5 browser-based GPS navigation service. While en route, Scout also shows a map on the same screen with real-time location and ETA information for each driver, eliminating the need to call or text friends to find out where they are.
  • In September 2013, Steve Coast, founder of OpenStreetMap (OSM), joined the company to lead its crowd-sourced mapping initiatives for Scout, beginning with the September launch of OSM on Scout's HTML5 browser-based GPS navigation service. Coast joined Telenav from Microsoft, where he was a principal architect for Bing and responsible for adding satellite imagery to OSM.
  • In August 2013, Telenav also hired a new head of design, Lowell Goss, who will lead the company's design and user experience team for the Scout mobile and automotive product lines. Goss joined Telenav from Amazon where he served as a director of user experience.
  • In August 2013, the app store ratings for Scout for iPhone and Scout for Android averaged 4.5 stars. Scout continues to rank in the top three in the free Navigation category on iTunes as well as in the top three on Google Play in the free Travel & Local category. On Google Play, Scout continues to rank higher than Google Maps, Waze, Yelp and other popular applications.
  • In the September quarter, Telenav was issued six patents in the US. These recently issued patents cover technology related to our automotive business, general navigation, driving safety and the use of 'big data' in generating routes. Telenav has a total of 32 patents issued in the US, 50 internationally, and 196 patent applications pending worldwide.

As previously announced, due to the sale of the Enterprise business that closed effective April 1, 2013, the results of operations of that business are presented as discontinued operations in Telenav's income statement for all periods presented. All financial metrics reported exclude discontinued operations relating to the Enterprise business.

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