WOODCLIFF LAKE, N.J., May 9, 2013 (GLOBE NEWSWIRE) -- I.D. Systems, Inc. (Nasdaq:IDSY), a leading provider of wireless solutions for tracking, securing and managing high-value enterprise assets, today reported results for the quarter ended March 31, 2013. First Quarter 2013 Financial Results
- Revenue was $8.0 million, compared to $9.8 million in the first quarter of 2012. The decrease was attributable primarily to the timing of closing industrial vehicle management business in the U.S. and a shortfall of revenue from Europe, reflecting the economic climate in that region.
- Recurring revenue was $4.4 million, up 4% from $4.2 million in the first quarter a year ago.
- Gross margin was 48%, compared to 50% in the first quarter of 2012. The decrease was attributable primarily to a higher contribution of revenue from channel partners.
- Selling, general and administrative expenses and research and development expenditures of $5.5 million and $1.1 million, respectively, were flat compared to $5.6 million and $1.1 million, respectively, in the first quarter of 2012.
- Excluding stock-based compensation and depreciation and amortization, non-GAAP net loss was $1.8 million, or $(0.15) per basic and diluted share, compared to a non-GAAP net loss of $840,000, or $(0.07) per basic and diluted share, in the same period a year ago.
- Net loss was $2.6 million, or $(0.22) per basic and diluted share, compared to a net loss of $1.6 million, or $(0.14) per basic and diluted share, in the first quarter of 2012.
- As of March 31, 2013, I.D. Systems had $15.2 million in cash, cash equivalents and marketable securities, and no debt.