Numerex Corp, a provider of business services, technology and products for the worldwide machine-to-machine (M2M) market, has released its financial results for fourth quarter and full year ended Dec. 31, 2010.
In a press release, Stratton Nicolaides, chairperson and CEO of Numerex, said, “Numerex significantly advanced its M2M business in 2010 by achieving many of its financial objectives, while successfully attracting several new customers to its Business Solutions services platforms. We are in the process of commercializing several key projects, many global in scope, that we expect will come on line in 2011 and will add significantly to our base of nearly 1.2 million subscriptions. While we are pleased with the Company's 2010 subscription growth, we believe that the quantity, quality, and diversity of our opportunity funnel, bodes particularly well for future growth.”
For the fiscal year 2010, the company reported consolidated revenue including both "M2M Services" and "Other Services" segments of $58.2 million compared to $50.8 million in fiscal 2009.
During fiscal 2010, the company reported service revenues of $34.5 million and hardware revenues of $23.7 million compared to $30.6 million in service revenues and $20.3 million in hardware revenues during the same period last year.
Consolidated gross margin for the fiscal year 2010 was 44.1 percent compared to 44.0 percent during fiscal 2009. Non-GAAP net earnings—before non-cash charges and a litigation settlement—increased by 122 percent to $7.0 million for fiscal 2010 compared to $3.1 million for fiscal 2009.
GAAP loss from operations was $ 0.4 million for fiscal 2010, compared to a GAAP loss from operations of $1.7 million in fiscal 2009. The change was due to improved operating performance that was partially offset by litigation settlement and related expenses.
For the quarter ended Dec. 31, 2010, the company reported consolidated revenue including both "M2M Services" and "Other Services" segments of $14.9 million compared to $14 million in the fourth quarter of 2009.
During the quarter ending, the company reported service revenues of $9 million and hardware revenues of $5.9 million compared to $8.3 million in service revenues and $5.7 million in hardware revenues during the same period in 2009.
Consolidated gross margin for the three months ended Dec. 31, 2010 was 44.5 percent compared to 44.7 percent during the same period in 2009. Non-GAAP net earnings before non-cash charges and certain litigation related legal fees increased by 54 percent to $2 million during the fourth quarter of 2010 compared to $1.3 million for the same period in 2009.
Numerex was in news recently when it announced that Federal Emergency Management Agency (FEMA) renewed its contract with the QinetiQ-led group, to support FEMA's disaster operations.
Sujata Garud is a IoTevolutionworld freelancer with three years of writing/editing experience and two years of market research experience. As an editor she has covered the IT, electronics, banking, pharma, construction, mining and healthcare industries. To see more of her articles, please visit her columnist page.
Edited by Janice McDuffee
