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Numerex Reports Fourth Quarter and Full Year 2010 Financial Results

ATLANTA Feb. 22, 2011 Numerex Corp December 31, 2010

Stratton Nicolaides

Key metrics for the fourth quarter and full year 2010 include:

Three Months Ended

Twelve Months Ended

December 31

December 31

2010

2009

2010

2009

M2M Total Revenues ($ millions)

14.7

13.5

56.7

49.2

M2M Service Revenues ($ millions)

8.7

8.0

33.4

29.4

Gross Margin

44.5%

44.7%

44.1%

44.0%

Non-GAAP Net Earnings before Non-Cash &

        Non-Recurring Items ($ millions)

2.0

1.3

7.0

3.1

New subscriptions

69,000

93,000

234,000

236,000

Cumulative subscriptions

1,171,000

937,000

1,171,000

937,000

The Company’s Fiscal Year 2010 Financial Highlights:

  • Digital subscriptions increased to 1,171,000 at the end of fiscal 2010. This compares with 937,000 recorded at the end of fiscal 2009, reflecting a 25% growth rate. Certain markets, particularly real estate-related and sub-prime, grew between 10 and 15%, a much slower pace than the balance of our general M2M subscription base, which grew between 30 and 40% over our fiscal 2009 performance.  
  • $58.2 million $50.8 million $34.5 million $23.7 million $30.6 million $20.3 million
  • Consolidated gross margin for the fiscal year 2010 was 44.1% compared to 44.0% during fiscal 2009.
  • $7.0 million $3.1 million
  • $ 0.4 million $1.7 million
  • $10.5 million $5.3 million $8.6 million $2.6 million $0.8 million
  • $5 million

The Company’s Fourth Quarter 2010 Financial Highlights:

  • December 31, 2010 $14.9 million $14.0 million December 31, 2010 $9.0 million $5.9 million $8.3 million $5.7 million
  • December 31, 2010
  • $2.0 million $1.3 million
  • December 31, 2010 $1.6 million $ 0.5 million $2.4 million
  • $10.5 million $9.6 million September 30, 2010 $1.2 million $0.3 million

The Company’s Operational Highlights for the full year 2010 include:

  • the United States
  • M2M Business Solutions
  • Launched the AccelaView™ application designed to meet the core needs of the insurance industry and other customers. This scalable and customizable telematics platform enables customers to build their own vehicle monitoring programs.
  • Colorado
  • North America
  • Announced collaboration with Cinterion that will combine Cinterion’s portfolio of wireless modules with the Company’s network and application technology to provide a full range of integrated M2M services.
  • Renewed its contract with the QinetiQ group, in which the Company plays a pivotal role, to provide continuing support to FEMA’s disaster relief operations.
  • Further strengthened the Company’s focus on data protection and completed the three-year full ISO/IEC-27001:2005 information security standard re-certification.  

Mr. Nicolaides added, "With a strong balance sheet and positive cash generation, we believe that we are well positioned to continue to execute our strategy and scale our M2M service platforms going forward. The return on our continued investment in our horizontal platform infrastructure has significantly strengthened our service offerings and our single source approach of providing device, network, and application with a host of enabling services- our Numerex DNA – uniquely positions us in the marketplace."

Financial Outlook for Fiscal 2011

2011

2010

Outlook

Performance

Annual Subscription Growth.

25%-30%

25%

Annual M2M Service Revenue Growth

18%-23%

14%

Quarterly Conference Call

9:00 a.m. Eastern Time 9:00 a.m. ET http://www.numerex.com

About Numerex

Devices Network Applications www.numerex.com

This press release contains, and other statements may contain, forward-looking statements with respect to Numerex future financial or business performance, conditions or strategies and other financial and business matters, including expectations regarding growth trends and activities. Forward-looking statements are typically identified by words or phrases such as "believe," "expect," "anticipate," "intend," "estimate," "assume," "strategy," "plan," "outlook," "outcome," "continue," "remain," "trend," and variations of such words and similar expressions, or future or conditional verbs such as "will," "would," "should," "could," "may," or similar expressions. Numerex cautions that these forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. These forward-looking statements speak only as of the date of this press release, and Numerex assumes no duty to update forward-looking statements. Actual results could differ materially from those anticipated in these forward-looking statements and future results could differ materially from historical performance.

The following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: our inability to reposition our platform to capture greater recurring service revenues; the risks that a substantial portion of revenues derived from government contracts may be terminated by the government at any time; variations in quarterly operating results; delays in the development, introduction, integration and marketing of new services; customer acceptance of services; economic conditions resulting in decreased demand for our products and services; the risk that our strategic alliances and partnerships will not yield substantial revenues; changes in financial and capital markets, and the inability to raise growth capital; the inability to attain revenue and earnings growth; changes in interest rates; inflation; the introduction, withdrawal, success and timing of business initiatives and strategies; competitive conditions; the inability to realize revenue enhancements; disruption in key supplier relationships and/or related services; and extent and timing of technological changes. Numerex SEC reports identify additional factors that can affect forward-looking statement.

Numerex Corp.

Condensed Consolidated Statement of Operations

(In thousands, except per share data)

(Unaudited)

Three Months Ended

Q410 v Q409

Twelve Months Ended

YTD 10 v YTD 09

12/31/10

12/31/09

Change

% Change

12/31/10

12/31/09

Change

% Change

Net sales:

  Hardware

$       5,946

$       5,726

$    220

4%

$     23,725

$     20,283

$ 3,442

17%

  Service

8,973

8,295

678

8%

34,518

30,554

3,964

13%

Total net sales

14,919

14,021

898

6%

58,243

50,837

7,406

15%

Cost of hardware sales

4,807

4,707

100

2%

19,021

17,318

1,703

10%

Cost of services

3,479

3,054

425

14%

13,565

11,171

2,394

21%

Gross Profit

6,633

6,260

373

6%

25,657

22,348

3,309

15%

44.5%

44.6%

44.1%

44.0%

Sales and marketing expenses

1,581

1,440

141

10%

6,819

6,116

703

11%

General, administrative and legal expenses

2,502

2,644

(142)

-5%

9,473

9,896

(423)

-4%

Engineering and development expenses

888

678

210

31%

3,148

2,421

727

30%

Bad Debt Expense

(8)

144

(152)

-106%

211

536

(325)

-61%

Depreciation and amortization

839

882

(43)

-5%

3,381

3,398

(17)

-1%

Litigation settlement and related expenses

2,412

2,412

3,025

1,637

1,388

85%

Operating earnings (loss)

(1,581)

472

(2,053)

-435%

(400)

(1,656)

1,256

-76%

Interest expense

(31)

(1,418)

1,387

-98%

(93)

(3,931)

3,838

-98%

Other income

1

1

(31)

43

(74)

-172%

Loss before tax

(1,611)

(946)

(665)

70%

(524)

(5,544)

5,020

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