WOODCLIFF LAKE, N.J., Nov. 4, 2010 (GLOBE NEWSWIRE) -- I.D. Systems, Inc. (Nasdaq:IDSY) today announced its financial results for the third quarter and nine-month period ended September 30, 2010.
- Revenue for the quarter increased 8% to $6.5 million, compared to $6.0 million for the second quarter of 2010, attributable primarily to increased sales of wireless vehicle management systems.
- Gross margin for the quarter was 52%.
- Selling, general and administrative ("SG&A") costs decreased 34% to $4.4 million, compared to $6.7 million for the second quarter of 2010.
- Net loss for the quarter was reduced by 54% to $1.9 million, or ($0.17) per basic and diluted share, compared to $4.0 million, or ($0.36) per basic and diluted share, for the second quarter of 2010.
- Cash, cash equivalents, and marketable securities as of September 30, 2010, increased $1.2 million to $28.3 million, compared to $27.1 million, net of a $1.1 million line of credit, as of June 30, 2010.