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XATA Reports Fiscal 2011 First Quarter Results

MINNEAPOLIS Feb. 2, 2011 December 31, 2010

$14.0 million December 31, 2010 $17.5 million $0.1 million $1.7 million

  • $11.3 million December 31, 2010 $9.7 million
  • The Company acquired 48 new customers in the first quarter of fiscal 2011, bringing its total customer count to approximately 1,500.
  • Software revenue grew approximately 5 percent on an organic basis in the first quarter of fiscal 2011, with our flagship XATANET and Turnpike products growing at approximately 13 percent.
  • Fiscal 2011 first quarter software revenue accounted for 81 percent of total revenue, compared to 55 percent for the same period of fiscal 2010.
  • $2.6 million $7.3 million
  • $1.5 million

Jay Coughlan

"Continued improvement in our software margins again allowed the Company to generate positive non-GAAP earnings and cash flow from operations," said Mark Ties, chief financial officer of XATA.

Gross margins were 60 percent for the first quarter of fiscal 2011, compared to 45 percent for the same period of fiscal 2010. This margin increase was driven largely by a favorable revenue mix shifting towards higher margin software revenue.  Software margins of 75.5 percent for the first quarter of fiscal 2011 were consistent with the same period of fiscal 2010.

$6.1 million December 2009

$2.2 million $1.3 million

$0.1 million $1.7 million $0.01 December 31, 2010 $0.20

$1.6 million

December 31, 2010 $14.0 million $18.0 million

Non-GAAP vs. GAAP Financials

To supplement the Company’s consolidated financial statements presented in accordance with GAAP, the Company provides certain non-GAAP measures of financial performance. These non-GAAP measures include non-GAAP earnings, which is earnings before interest (net), acquisition and financing related costs, taxes, depreciation, amortization, stock based compensation and preferred stock dividends and deemed dividends, and non-GAAP earnings per diluted share. The Company’s 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 the Company’s current financial performance and ability to generate cash flow. In many cases non-GAAP financial measures are used by analysts and investors to evaluate the Company’s performance. Reconciliation to the nearest GAAP measure of all non-GAAP measures included in this press release can be found in a financial table included below.

About XATA

Minneapolis, MN www.xata.com

Cautionary note regarding forward-looking statements

September 30, 2009 www.xata.com www.sec.gov

CONSOLIDATED STATEMENTS OF OPERATIONS

(Amounts in thousands, except per share amounts)

(Unaudited)

Three Months Ended

December 31,

2010

2009

Revenue

$            13,978

$              17,523

Cost of goods sold

5,658

9,692

Selling, general and administrative

6,113

6,150

Research and development

2,224

1,333

Acquisition related costs

779

Total costs and expenses

13,995

17,954

Operating loss

(17)

(431)

Net interest and other expense

(83)

(276)

Interest expense on financing activities

(779)

Acquisition related interest and mark to market

(162)

Loss before income taxes

(100)

(1,648)

Income tax expense (benefit)

(15)

Net loss

(85)

(1,648)

Preferred stock dividends and deemed dividends

(35)

(65)

Net loss to common shareholders

$                (120)

$              (1,713)

Net loss per common share:

Basic and diluted

$               (0.01)

$                (0.20)

Weighted average common and common share equivalents:

Basic and diluted

9,740

8,646

XATA CORPORATION

CONSOLIDATED BALANCE SHEETS

(Amounts in thousands)

December 31,

September 30,

2010

2010

(Unaudited)

Current assets

     Cash and cash equivalents

$                    14,030

$                    13,374

     Accounts receivable, net

6,493

11,392

     Inventories

4,107

3,047

     Deferred product costs

1,875

2,042

     Prepaid expenses and other current assets

1,134

1,260

          Total current assets

$                    27,639

$                    31,115

Equipment and leasehold improvements, net

6,651

5,798

Intangible assets, net

14,417

14,901

Goodwill

17,525

17,048

Deferred product costs, non-current

1,491

1,757

Deferred tax assets

348

337

Other assets

410

420

          Total assets

$                    68,481

$                    71,376

Current liabilities

     Current portion of long-term obligations

$                         973

$                         839

     Accounts payable

3,842

5,138

     Accrued expenses

3,917

4,872

     Deferred revenue

3,878

5,070

          Total current liabilities

$                    12,610

$                    15,919

Long-term obligations, net of current portion

688

485

Deferred revenue, net of current portion

2,976

3,591

Deferred tax liabilities

2,317

2,242

Other long-term liabilities

592

638

          Total liabilities

$                    19,183

$                    22,875

Shareholders’ equity

     Preferred stock

44,068

43,980

     Common stock

44,232

41,637

     Contingent common stock earn-out

4,062

6,452

     Accumulated deficit

(44,249)

(44,129)

     Accumulated other comprehensive income

1,185

561

          Total shareholders’ equity

49,298

48,501

          Total liabilities and shareholders’ equity

$                    68,481

$                    71,376

XATA CORPORATION

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(Amounts in thousands, except per share amounts)

(Unaudited)

Three Months Ended

December 31,

2010

2009

Net loss to common shareholders

$               (120)

$           (1,713)

Adjustments:

Depreciation and amortization expense

1,440

935

Stock-based compensation

205

287

Net interest expense

40

282

Preferred stock dividends and deemed dividends

35

65

Income taxes

(15)

Interest expense on financing activities

779

Acquisition related interest, mark to market, and costs

941

Total adjustments

1,705

3,289

Non-GAAP earnings

$             1,585

$            1,576

Non-GAAP earnings per diluted share

$               0.06

$              0.10

Shares used in calculating non-GAAP earnings per diluted share

26,151

15,181

SOURCE XATA Corporation

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