AutoNavi Holdings Limited Announces Fourth Quarter And Fiscal Year 2010 Results

BEIJING, Feb. 24, 2011 (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 quarter and the fiscal year ended December 31, 2010.

Fourth Quarter 2010 Highlights

• Net revenues in the fourth quarter of 2010 were $23.0 million, an increase of 46.7% year-over-year from $15.7 million in the fourth quarter of 2009.  
• Gross profit in the fourth quarter of 2010 was $15.0 million, an increase of 58.1% year-over-year from $9.5 million in the fourth quarter of 2009.  
• Operating income in the fourth quarter of 2010 was $6.7 million, an increase of 88.7% year-over-year from $3.6 million in the fourth quarter of 2009.  
• Net income attributable to AutoNavi shareholders was $5.8 million in the fourth quarter of 2010, an increase of 355.6% year-over-year from $1.3 million in the fourth quarter of 2009.

Fiscal Year 2010 Highlights

• Net revenues in fiscal year 2010 were $85.8 million, an increase of 50.0% year-over-year from $57.2 million in fiscal year 2009.  
• Gross profit in fiscal year 2010 was $57.4 million, an increase of 54.7% year-over-year from $37.1 million in fiscal year 2009.  
• Operating income in fiscal year 2010 was $23.3 million, an increase of 49.8% year-over-year from $15.6 million in fiscal year 2009.  
• Net income attributable to AutoNavi shareholders was $19.1 million in fiscal year 2010, an increase of 84.2% year-over-year from $10.4 million in fiscal year 2009.

AutoNavi's chief executive officer Mr. Congwu Cheng commented, "We believe that strong growth in the middle and high-end car sales markets will continue to provide a stable and increasing source of revenue for our business. To leverage our core navigation expertise, capitalize on the fast-growing smart phone and device markets as well as China's increasing mobile internet user-base, and to diversify our revenue streams, we have begun to deploy meaningful resources to develop our wireless location-based media platform. We expect to devote more resources in the coming quarters towards the execution of this strategy, which we view as one of the most fundamental evolutions in our company's operating history."