During the call, we will also refer to adjusted EBITDA, a non-GAAP financial measure. Adjusted EBITDA is a non-GAAP measure, which adds back interest expense, income taxes, depreciation, amortization and stock-based compensation to net income.At this point, I would like to turn the call over to Mr. Joe Beatty. Joseph A. Beatty Thank you, Ellice [ph]. Good afternoon, everyone. We're pleased with the revenue growth and profitability we delivered this quarter. Revenue from our 3 businesses: Telguard, SkyBitz and TankLink, continue to grow as we focus on expanding our market opportunity. We're building upon our stream of high-margin, recurring service revenue, ending the quarter with approximately 809,000 billable units company-wide. Our leading reputation and product innovation are keeping us ahead of the curve and we're experiencing strong demand for our products and services, particularly with the 3G/4G Telguard units. Our businesses are operating very well and we're executing on our strategy to drive profitable growth. Cash generation remains strong and predictable, allowing us to reward our shareholders with a regular quarterly dividend payment. Looking forward, we have increased our fiscal year 2012 adjusted EBITDA guidance, and feel confident in our continued execution. I'll go into more detail on our progress this quarter, as well as our long-term strategy, later in the call. First, I'll turn the call over to Jonathan Charak, our CFO, to review our financial results. Jonathan M. Charak Thank you, Joe. Good afternoon, everyone. We delivered strong third quarter financial results and have increased our guidance of adjusted EBITDA for fiscal 2012 to $17 million to $17.5 million. For the quarter, we recorded total revenue of $22.9 million, including $13.3 million or 58% from recurring services. Pretax income was $2.4 million and adjusted EBITDA, a non-GAAP financial measure, was $5 million. As we mentioned last quarter, we are now reporting the combined results of our Telguard and TankLink business lines within the Event Monitoring segment, while SkyBitz will be included in our Asset Tracking segment.
For the third quarter, Event Monitoring and Asset Tracking revenue was $14 million and $8.7 million, respectively. Adjusted EBITDA for Event Monitoring and Asset Tracking was $4.7 million and $1.2 million, respectively, excluding corporate expenses of $900,000.Within our Event Monitoring segment, total Telguard revenue was up 14% year-over-year to $12 million, including $7.7 million of recurring service revenue. During the quarter, Telguard activated over 31,100 new subscribers and the total number of Telguard subscribers increased sequentially to 592,300. Average revenue per unit or ARPU also increased sequentially to $4.37 from $4.32, due to a favorable shift in our customer mix. Telguard product revenue for the third quarter was $4.2 million as we sold approximately 32,100 units, consistent with our unit guidance. The average selling price or ASP for Telguard hardware unit in the third quarter was $132. We are experiencing strong overall demand for our new line of 3G/4G products, and reiterate our guidance of Telguard unit sales for the remainder of this fiscal year of 25,000 or 35,000 per quarter. The other major component to our Event Monitoring segment is TankLink. TankLink revenue increased 11% over the prior year period to $2 million, including recurring service revenue of $1 million or 50% of total TankLink revenue. In the Asset Tracking segment, which is comprised solely of the SkyBitz business line, revenue was $8.7 million, including product revenue of $4.2 million and recurring service revenue of $4.5 million. Additionally, on a consolidated basis, 46,500 monitoring and tracking hardware units were sold with an ASP of $189, and Telular ended the third fiscal quarter with a combined total of 809,000 billable end-to-end units, generating an ARPU of $5.52. Turning to expenses, operating expenses for the third quarter were $9.5 million, including amortization of intangible assets identified with the SkyBitz acquisition of $1.3 million. During the third quarter, we paid shareholders a dividend of $0.11 per share of common stock. Despite this payment of $1.9 million, we are able to end the period with a cash balance of $11.1 million as we continue to generate cash flow. We believe we are delivering a meaningful return to our shareholders by executing our growth strategy while simultaneously distributing dividends. Read the rest of this transcript for free on seekingalpha.com