Marbridge Daily

<- February 29, 2012 ->

AutoNavi Q4 2011 Profit Up 22% YoY

AutoNavi PR, 2/28/12

Chinese digital map provider AutoNavi (Nasdaq: AMAP) has announced its unaudited financial results for Q4 and full-year 2011. Net revenues in Q4 2011 were USD 34.7 mln, up 50.7% YoY from USD 23.0 in Q4 2010 and up 2.7% QoQ from USD 34.6 mln in Q3 2011. Net revenues in full-year 2011 were USD 127.0 mln, up 50.7% from USD 85.8 mln in full-year 2010.

Net income attributable to AutoNavi shareholders in Q4 2011 was USD 7.1 mln, up 22.1% YoY from USD 5.8 mln in Q42010, but down 23.6% QoQ from USD 9.3 mln in Q3 2011. Net income attributable to AutoNavi shareholders was USD 36.5 mln in full-year 2011, up 47.1% from USD 19.1 mln in full-year 2010.

Net revenues from the automotive navigation market in Q4 2011 were USD 22.0 mln, up 31.8% YoY and 0.3% QoQ. The year-over-year increase in net revenues was mainly due to an increase in the number of copies of digital map data licensed for use in in-dash navigation systems, which is directly linked to the number of vehicles sold in China equipped with these systems. Net revenues from the automotive navigation market in full-year 2011 were USD 85.9 mln, up 35.4% from full-year 2010. The increase was mainly due to an increase in the number of copies of digital map data licensed for use in in-dash navigation systems, which is directly linked to the number of vehicles sold in China equipped with these systems.

Net revenues from the public sector and enterprise applications market in Q4 2011 were USD 2.8 mln, up 3.0% YoY, but down 4.5% QoQ. Net revenues from the public sector and enterprise applications market in full-year 2011 were USD 12.3 mln, an increase of 35.5% from full-year 2010. The increase was mainly due to an increased number of aerial photogrammetry and 3-D modeling applications contracts entered in 2011.

Net revenues from the wireless and Internet location-based solutions business in Q4 2011 were USD 9.5 mln, up 198.0% YoY and 7.5% QoQ. The increases were primarily due to the growth in revenues derived from the pre-installation of AutoNavi's navigation solutions on mobile phones and the provision of mobile map and navigation solutions to mobile operators, which were partly contributed by the PDAger business acquired in March 2011. Net revenues from the wireless and Internet location-based solutions business in full-year 2011 were USD 27.4 mln, up 142.2% from full-year 2010. The increase in revenues primarily derived from the pre-installation of AutoNavi's navigation solutions on mobile phones, and the provision of mobile map and navigation solutions to mobile operators, which was partly contributed by the PDAger business acquired in March 2011.

AutoNavi estimates its full-year 2012 net revenues will be in the range of USD 152 mln to USD 159 mln, representing an increase of approximately 20% to 25% over full-year 2011.

AutoNavi's free mobile map application had a total of 40 mln users and over 20 mln monthly active users as of the end of full-year 2011, compared to a total of 10 mln users and over 2 mln monthly active users as of the end of full-year 2010. AutoNavi had a total of 26 mln users and over 10 mln monthly active users as of the end of Q3 2011.

AutoNavi has been authorized, but not obligated, by its board of directors to repurchase up to USD 50.0 mln worth of its own American depositary shares ("ADSs") within 12 months upon receiving such authorization. The repurchases may be made from time to time on the open market at prevailing market prices. AutoNavi plans to fund repurchases made under this program from its available cash balance.

To view AutoNavi's full earnings report, please click here.

 
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