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LoJack Corporation Reports Fourth Quarter and Year End 2010 Results

WESTWOOD, Mass. Feb. 16, 2011

Fourth Quarter Highlights

  • 12% Increase in Revenue Year Over Year
  • $2.8 Million $0.15
  • $6.4 Million
  • $14.5 Million

December 31, 2010 $40.0 million $35.6 million North America $23.0 million $21.9 million Canada $16.4 million $12.9 million Italy

http://photos.prnewswire.com/prnh/20080512/NEM054LOGO

Richard T. Riley

"The strong unit volume in the U.S. tracked slightly behind overall retail growth in the broader domestic auto market for the quarter, as we were impacted by a shift in historical brand mix in U.S. auto sales, with our most successful brands experiencing slower growth rates.

Italy Italy

$20.4 million $18.2 million

$3.4 million $16.4 million $6.4 million $2.5 million $4.0 million $1.6 million

Italy

$2.8 million $0.15 $2.3 million $0.13 $14.5 million $6.0 million $51.8 million

December 31, 2010 $146.6 million $135.0 million North America $96.2 million $46.9 million $36.1 million Italy

$10.2 million $3.0 million $0.4 million $44.2 million $18.3 million $1.06 $34.7 million $2.02 $15.1 million $0.87

Italy $154 million and $157 million $16 million and $18 million

December 31, 2010

About LoJack Corporation

USD$5 billion District of Columbia North America South America Europe Africa Asia http://www.lojack.com

9:00 AM ET February 16, 2011 www.lojack.com http://www.lojack.com

Safe Harbor Regarding Forward Looking Statements

December 31, 2009

The company undertakes no obligation to release publicly the result of any revision to the forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Use of Non-GAAP Financial Measures

In addition to financial measures prepared in accordance with generally accepted accounting principles (GAAP), this press release also contains the non-GAAP financial measure, adjusted EBITDA.  The company believes that the inclusion of this non-GAAP financial measure in this press release helps investors to gain a meaningful understanding of changes in the company’s core operating results, and can also help investors who wish to make comparisons between LoJack and other companies on both a GAAP and a non-GAAP basis. LoJack management uses this non-GAAP measure, in addition to GAAP financial measures, as the basis for measuring our core operating performance and comparing such performance to that of prior periods and to the performance of our competitors. These measures are also used by management to assist with their financial and operating decision making.

The non-GAAP financial measures included in this press release are not meant to be considered superior to or a substitute for results of operations prepared in accordance with GAAP. In addition, the non-GAAP financial measures included in this press release may be different from, and therefore may not be comparable to, similar measures used by other companies.  Reconciliations of the non-GAAP financial measures used in this press release to the most directly comparable GAAP financial measures are set forth in the text of, and the accompanying tables to, this press release.

Table 1 – Adjusted EBITDA Computation

GAAP to Pro Forma Non-GAAP Reconciliation

(in millions)

Three Months ended December 31, 2010

Three Months ended December 31, 2009

$

$

Operating income (loss), as reported

$      4.0

$      (1.6)

Adjusted for:

Depreciation and amortization

1.8

3.3

Stock compensation expense

0.6

0.8

Adjusted EBITDA

$      6.4

$       2.5

Twelve Months ended December 31, 2010

Twelve Months ended December 31, 2009

$

$

Operating loss, as reported

$       (0.4)

$     (44.2)

Adjusted for:

Depreciation and amortization

7.6

8.8

Impairment of intangible assets and goodwill

14.0

Legal settlement and associated charges

21.3

Stock compensation expense

3.0

3.1

Adjusted EBITDA

$      10.2

$        3.0

LoJack Corporation and Subsidiaries

Condensed Consolidated Statement of Operations

(in millions, except share and per share amounts)

Three Months Ended December 31,

2010

2009

(unaudited)

Revenue

$40.0

$35.6

Cost of goods sold

19.6

17.4

Gross profit

20.4

18.2

Costs and expenses:

Product development

1.3

1.7

Sales and marketing

6.6

7.3

General and administrative

6.8

7.8

Depreciation and amortization

1.7

3.0

     Total

16.4

19.8

Operating income (loss)

4.0

(1.6)

Other income (expense):

Interest income

(0.1)

Interest expense

(0.3)

(0.2)

Other, net

(0.1)

(0.1)

     Total

(0.4)

(0.4)

Income (loss) before provision for income taxes

3.6

(2.0)

Provision for income taxes

0.8

0.4

Net income (loss)

2.8

(2.4)

Less: Net loss attributable to the noncontrolling interest

(0.1)

   Net income (loss) attributable to LoJack Corporation

$2.8

$(2.3)

Diluted net income (loss) per share attributable to

LoJack Corporation

$0.15

$(0.13)

Weighted average diluted common shares outstanding

17,915,507

17,237,015

LoJack Corporation and Subsidiaries

Condensed Consolidated Statement of Operations

(in millions, except share and per share amounts)

Twelve Months Ended December 31,

2010

2009

(unaudited)

Revenue

$146.6

$135.0

Cost of goods sold

72.9

64.1

Gross profit

73.7

70.9

Costs and expenses:

Product development

6.2

7.0

Sales and marketing

29.3

31.5

General and administrative

31.5

36.4

Legal settlement

18.3

Depreciation and amortization

7.1

7.9

Loss on impairment of intangible assets and goodwill

14.0

    Total

74.1

115.1

Operating loss

(0.4)

(44.2)

Other income (expense):

Interest income

0.1

1.0

Interest expense

(0.7)

(0.5)

Other, net

(0.2)

0.6

    Total

(0.8)

1.1

Loss before provision (benefit) for income taxes

(1.2)

(43.1)

Provision (benefit) for income taxes

17.4

(7.8)

Net loss

(18.6)

(35.3)

Less: Net loss attributable to the noncontrolling interest

(0.3)

(0.6)

    Net loss attributable to LoJack Corporation

$(18.3)

$(34.7)

Diluted net loss per share attributable to

LoJack Corporation

(1.06)

$(2.02)

Weighted average diluted common shares outstanding

17,348,433

17,170,492

LoJack Corporation and Subsidiaries

Condensed Consolidated Balance Sheets

(in millions)

December 31, 2010

December 31, 2009

(unaudited)

Assets

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