NEWSWIRETODAY Press Release& Newswire Distribution | HOME
MOST TRUSTED NEWSWIRE PRESS RELEASE DISTRIBUTION
PRTODAY / NewswireToday press release distribution service network
Written by / Agency / Source: I.D. Systems, Inc.
Check Ads Availability|e-mail Article

Are you the owner of this article?, Turn it PREMIUM with your LOGO instead - and make it 3rd party Ads-Free! within the next hour!

I.D. Systems, Inc. Reports Fourth Quarter Financial Results - I.D. Systems, Inc. today announced its financial results for the fourth quarter and year ended December 31, 2009 - ID-Systems.com
I.D. Systems, Inc. Reports Fourth Quarter Financial Results

 

NewswireToday - /newswire/ - Hackensack, NJ, United States, 2010/03/10 - I.D. Systems, Inc. today announced its financial results for the fourth quarter and year ended December 31, 2009 - ID-Systems.com. NASDAQ: IDSY

   
 
Your Banner Ad Here instead - Showing along with ALL Articles covering Tracking / Navigation Announcements

Replace these Affiliate Programs at ANYTIME! Your banner here within the next hour. Learn How!


 

For the three-month period ended December 31, 2009, revenues were $2.9 million, compared to $7.9 million for the three months ended December 31, 2008. Net loss for the fourth quarter of 2009 was $4.8 million, or ($0.43) per basic and diluted share, compared to net loss of $1.2 million, or ($0.11) per basic and diluted share, for the fourth quarter of 2008. The fourth quarter loss was impacted by $1.3 million in acquisition costs, a charge of $621,000 for inventory obsolescence, and $540,000 in stock-based compensation. Excluding these expenses, non-GAAP net loss for the fourth quarter of 2009 was $2.3 million, or ($0.21) per basic and diluted share. Gross margin for the fourth quarter of 2009 was 28%. Excluding the inventory reserve charge, gross margin for the period was 50%.

Revenues for the year ended December 31, 2009, were $10.3 million, compared to $27.0 million for 2008, and net loss for 2009 was $13.2 million, or ($1.20) per basic and diluted share, compared to net loss of $4.2 million, or ($0.38) per basic and diluted share, for 2008. Excluding the aforementioned acquisition costs, inventory reserve charge, and $2.2 million in stock-based compensation, non-GAAP net loss for the year was $9.1 million, or ($0.83) per basic and diluted share. Gross margin for the year was 46%. Excluding the inventory reserve charge, gross margin for 2009 was 52%.

Jeffrey Jagid, I.D. Systems’ chairman and CEO, said, “Our short term results did not meet our goals, as the global recession impacted technology spending across industrial markets. However, we established over 20 new customers in 2009, including global leaders in the automotive, aviation, food, and consumer packaged goods industries. This expansion of our customer base is a continuing testament to the economic value of our wireless technology and reflects our strategy of diversifying sources of revenue and transitioning initial system deployments into enterprise-scale implementations to drive long-term growth.

“I.D. Systems also achieved a significant milestone in the rental fleet management market in 2009, executing a multi-year contract with a leading U.S. rental car company to deploy our latest rental fleet management solutions in 2010.

“In addition,” continued Mr. Jagid, “we made two strategic acquisitions, most notably the Asset Intelligence business unit of General Electric, as announced in January, 2010. This is a transformational event for I.D. Systems, positioning us to become a preeminent provider of wireless technology for managing high-value corporate assets. Integrating Asset Intelligence into our business expands our range of asset tracking solutions, provides a recurring revenue stream that should help reduce quarterly revenue volatility, gives us immediate access to new customers, and enables operational efficiencies that should reduce our consolidated expenses by an estimated $8 million in 2010. With these revenue and cost synergies, we expect I.D. Systems to continue achieving strong gross margins and achieve profitability in 2011.

“Our balance sheet remains strong,” concluded Mr. Jagid. “As of December 31, 2009, before we closed on the acquisition of Asset Intelligence, I.D. Systems had cash, cash equivalents and investments of $48.5 million, excluding the Company’s $11.6 million line of credit, and more than $47 million of working capital.”

While maintaining investments in growth opportunities, I.D. Systems’ management continued to focus on cost controls in 2009.

Selling, general and administrative (SG&A) expenses for the fourth quarter and year ended December 31, 2009, were $4.9 million and $16.5 million, respectively, which included $1.3 million in acquisition costs. Excluding acquisition and stock-based compensation costs, SG&A expenses were $3.2 million for the quarter and $13.5 million for the year, 6% lower than the comparable figure for the year ended December 31, 2008.

Research and development (R&D) expenditures for the three months ended December 31, 2009, were $582,000. R&D expenses for the year were $2.6 million, 10% lower than the comparable figure in 2008.

Investor Conference Call
I.D. Systems will host a conference call for investors and analysts at 4:45 pm Eastern Standard Time on March 10, 2010. Jeffrey Jagid, I.D. Systems’ chairman and CEO, will lead a discussion on the year’s results and highlights. After opening remarks, there will be a question and answer period. The conference call will be broadcast live over the Internet via the Investors section of I.D. Systems’ website. To listen to the live call, go to the website at least 10 minutes early to download and install any necessary audio software.

Non-GAAP Measures
To supplement its consolidated financial statements presented in accordance with GAAP, I.D. Systems provides certain non-GAAP measures of financial performance. These non-GAAP measures include non-GAAP net income/loss and non-GAAP net income/loss per basic and diluted share. Reference to these non-GAAP measures should be considered in addition to results prepared under current accounting standards, but are not a substitute for, or superior to, GAAP results. These non-GAAP measures are provided to enhance investors’ overall understanding of I.D. Systems’ current financial performance. Specifically, I.D. Systems believes the non-GAAP measures provide useful information to both management and investors by excluding certain expenses, gains and losses that may not be indicative of its core operating results and business outlook. All non-GAAP measures included in this press release are accompanied by information for a reconciliation to the nearest GAAP measures.

About I.D. Systems

Based in Hackensack, New Jersey, with subsidiaries in Texas, Germany, and the United Kingdom, I.D. Systems (id-systems.com) is a leading provider of wireless solutions for securing, controlling, tracking, and managing high-value enterprise assets, including vehicles, powered equipment, trailers, containers, baggage, and cargo. The Company’s patented technologies address the needs of organizations to monitor and analyze their assets to improve safety, security, efficiency, and productivity.

“Safe Harbor” Statement
This press release contains forward looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, such as the Company’s prospects for additional customers and revenues. Forward-looking statements include statements with respect to the Company’s beliefs, plans, goals, objectives, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond the Company’s control, and which may cause its actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be forwardlooking statements. These forward-looking statements are subject to risk and uncertainties, including, but not limited to, future economic and business conditions, the loss of any of the Company’s key customers or reduction in the purchase of its products by any such customers, the failure of the market for the Company’s products to continue to develop, the inability to protect the Company’s intellectual property, the inability to manage the Company’s growth, the effects of competition from a variety of local, regional, national and other providers of wireless solutions and other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission, including the Company’s annual report on Form 10-K for the year ended December 31, 2008. These risks could cause actual results to differ materially from those expressed in any forward looking statements made by, or on behalf of, the Company. The Company assumes no obligation to update the information contained in this press release.

 
 
Your Banner Ad Here instead - Showing along with ALL Articles covering Tracking / Navigation Announcements

Replace these Affiliate Programs at ANYTIME! Your banner here within the next hour. Learn How!


 

Written by / Agency / Source: I.D. Systems, Inc.

 
 

Availability: All Regions (Including Int'l)

 

Traffic Booster: [/] Quick NewswireToday Visibility Checker

 

Distribution / Indexing: [+]

 
 
# # #
 
Tracking Navigation - Purchase keywords tags asset tracking, fleet management / Banner Ads!.

 
  Your Banner Ad showing on ALL
Tracking / Navigation articles,
CATCH Visitors via Your Competitors Announcements!


I.D. Systems, Inc. Reports Fourth Quarter Financial Results

Company website links NOT available to basic submissions
It is OK to republish and/or LINK any newswire for any legitimate media purpose as long as you name NewswireToday and LINK as the source.
 
Publisher Contact: Ned Mavrommatis - ID-Systems.com 
201-996-9000 nmavrommatis[.]id-systems.com
 
Newswire Today - PRZOOM / PRTODAY disclaims any content contained in this article. If you need/wish to contact the company who published the current release, you will need to contact them - NOT us. Issuers of articles are solely responsible for the accuracy of their content. Our complete disclaimer appears here.
IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any I.D. Systems, Inc. securities in any jurisdiction including any other companies listed or named in this release.

Tracking / Navigation via RSSAdd NewswireToday - PRZOOM Headline News to FeedBurner
Find who RetweetFollow @NewswireTODAY

Are you the owner of this article?, Turn it PREMIUM with your LOGO instead - and make it 3rd party Ads-Free! within the next hour!


Read Latest Articles From I.D. Systems, Inc. / Company Profile


Read Tracking / Navigation Most Recent Related Newswires:

MAN and HHLA Pioneer Logistics 4.0 with the Autonomous Hamburg TruckPilot
Thales Alenia Space Unveils New Satellite Navigation Capabilities to Potentially Benefit Australia & New Zealand
Thales Alenia Space and the EU Agency for Space Programme (EUSPA) Sign A First EGNOS Contract
LeddarTech and Osram Collaborate to Accelerate the Autonomous Agenda with Cost-effective, High Performance Solid-state LiDAR
Thales Trusted by Hellenic Civil Aviation Authority to Support the Modernisation of the Greek Civil Aviation Navigation Aids Infrastructure
Thales to Acquire Moog Navigation Aids Business
ADAS Features and Aerospace and Defense Technologies to Propel Global Hardware-in-the-Loop Testing Market by 2026 Finds Frost & Sullivan
MyDataModels and Thales Selected by Nice Côte d’Azur Metropolitan Council to Develop BlueGuard Underwater and Coastal Surveillance System
Thales and Mitsubishi Heavy Industries (MHI) Join Forces to Deliver Combat Proven High Frequency Sonars to the Japan Maritime Self-Defense Force
Thales and Optus Receive Next Generation SBAS Signal in Australia
atlatec and Applus+ IDIADA Partnership Results in 330 Kilometers Scanned Catalan Roads and a Sample Set
Thales Alenia Space will Provide the IRIS Altimeter for the Copernicus CRISTAL Mission
Veoneer and Qualcomm to Power Next Generation ADAS and Autonomous Driving Systems
Silicon Review Chooses PlateSmart as One of 50 Best Companies to Watch
PlateSmart Chosen to Replace Hundreds of Rekor/OpenALPR Installs Across Western PA

Boost Your Social Network
& Crowdfunding Campaigns


LIFETIME SOCIAL MEDIA WALL
NewswireToday Celebrates 10 Years in Business


PREMIUM Members


Visit  MONOVERSE USA, Inc.

Visit  Mokuyobi





 
  ©2021 NewswireToday — Limelon Advertising, Co.
Home | About | Advertise/Pricing | Contact | Investors | Privacy/TOS | Sitemap | FRANCAIS
newswire, PR press releases distribution service magazines engine news alert newsroom press room breaking news public relations articles company news alerts newswiredistribution ezine bizentrepreneur biznewstoday digital business report market search pr firms agencies reports distri-bution today investor relation successful internet entrepreneurs newswire distribution prtoday.com newswiredistribution asianewstoday bizwiretoday USA pr UK today - NOT affiliated with PRNewswire as we declined their partnership offer in 2013
 
PRTODAY & NewswireTODAY are proudly NOT affiliated with USA TODAY (usatoday.com)