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I.D. Systems Reports Third Quarter And Nine Month 2013 Results

WOODCLIFF LAKE, N.J., Nov. 7, 2013 (GLOBE NEWSWIRE) -- I.D. Systems, Inc. (Nasdaq:IDSY), a leading provider of M2M wireless solutions for tracking, securing and managing high-value enterprise assets, today reported financial results for the three and nine months ended September 30, 2013.

Third Quarter 2013 Financial Results

  • Revenue increased 20% sequentially to $11.2 million from $9.4 million in the previous quarter. Year over year, revenue from the company's industrial vehicle management systems increased 60%. This increase partially offset a 96% year-over-year decrease in revenue from the company's rental car management systems, reflecting Avis Budget Group's rollout during the third quarter of 2012.  
  • Non-GAAP net income was $692,000, or $0.06 per basic and diluted share. Non-GAAP results exclude stock-based compensation and depreciation and amortization expenses.  
  • Recurring revenue was $4.5 million, or 40% of total revenue.  
  • Selling, general and administrative expenses decreased 9% compared to the third quarter a year ago, due primarily to lower payroll and stock-based compensation expenses.  
  • Gross margin was 52%, consistent with historical levels.  
  • Net loss was $76,000, or $(0.01) per basic and diluted share.  
  • As of September 30, 2013, the company had $13.6 million in cash, cash equivalents and marketable securities, and no debt.

Third Quarter 2013 Operational Highlights

  • Recurring business from core customers, including Caterpillar, Domtar, Ford Motor Company, International Paper, John Deere, Meijer, Nestlé, Procter & Gamble, Toyota, the U.S. Postal Service, Walgreens, and Walmart, among others.  
  • Initial orders for system implementations from a diverse range of new customers, including one of the world's largest industrial manufacturers, one of the world's largest tobacco companies, a leading North American packaging manufacturer, a major U.S. dairy products producer, an international specialty logistics company, and the U.S. Defense Logistics Agency.  
  • Significant revenue contributions from channel partners (primarily industrial truck manufacturers and their dealers), which sold I.D. Systems' solutions to a broad array of end users, including a Fortune 100 specialty retailer, a Fortune 100 grocery chain, a Fortune 500 discount retailer, two leading global consumer products companies, one of the world's largest apparel producers, the world's largest maker of outdoor power equipment, a leading global tire manufacturer, one of North America's largest logistics companies, and major producers of a variety of other goods, including building products, luggage, medical equipment, and pharmaceuticals.  
  • Expanded deployments of I.D. Systems' new Enterprise Analytics software, which, in addition to generating incremental revenue, could benefit the company by differentiating I.D. Systems from competitors, enhancing customers' return on investment, and enabling I.D. Systems to better integrate with customers' supply chain optimization strategies.

Nine Month 2013 Financial Results

  • Revenue was $28.6 million.  
  • Recurring revenue was $13.2 million, or 46% of total revenue.  
  • Gross margin was 51%, consistent with historical levels.  
  • Selling, general and administrative expenses decreased 4% compared to the same year-ago period.  
  • Non-GAAP net loss was $2.0 million, or $(0.17) per basic and diluted share. Non-GAAP results exclude stock-based compensation and depreciation and amortization expenses.  
  • Net loss was $4.4 million, or $(0.37) per basic and diluted share.

Management Commentary

"We are encouraged by our third quarter non-GAAP net income of $692,000, which was driven by revenue growth from our core industrial vehicle management business," said Jeffrey Jagid, I.D. Systems' chairman and CEO. "We continue to lead the wireless industrial fleet management market with a customer base of global enterprises, good relationships with channel partners, and a wide range of solutions with unique combinations of hardware, software and services.

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