Telguard revenue increases 24% over prior year period
Achieved Company record Adjusted EBITDA of $17.8 million
for the full year
Introduces FY 2013 Adjusted EBITDA guidance of $23.5 -
$25.5 million, up 32-43% over FY 2012
Company declares a 9% increase in the regular quarterly
dividend to $0.12 per share
CHICAGO, IL USA-Telular Corporation (NASDAQ:
WRLS), a global leader in helping businesses use
wireless networks for remote monitoring and tracking, today
announced financial results for the fourth quarter and fiscal
year 2012 ended September 30, 2012. In the fourth quarter of
2012, Telular reported revenue of $23.4 million, including
$13.4 million from recurring services, and pre-tax income of
$2.9 million. For the full year 2012, Telular reported
revenue of $79.8 million, including $46.4 million from
recurring services, and pre-tax income of $9.7 million.
Adjusted EBITDA, a non-GAAP financial measure, was $5.5
million for the fourth quarter and $17.8 million for the full
year. For further information about Adjusted EBITDA and a
reconciliation of this measure to net income in accordance
with GAAP, see the last page of this press release.
For the second consecutive year on the anniversary of the
initiation of a regular quarterly dividend, the Company's
Board of Directors has approved an increase in the dividend,
this time to $0.12 per share. This dividend is payable
November 30, 2012, to shareholders of record as of the close
of business on November 20, 2012. The Company ended fiscal
year 2012 with $12.7 million of cash on the balance sheet, up
from $11.1 million at the end of last quarter.
Total revenue from the Telguard and TankLink lines of
business, representing all of the M2M revenue within the
Event Monitoring Segment, increased 23% over the prior year
period to $15.3 million in the fourth quarter, and increased
19% to $56.1 million for the full year.
Total Telguard revenue was up 24% year-over-year to $13.1
million in the fourth quarter and up 18% to $48.4 million for
the full year. During the quarter, Telular sold approximately
39,300 Telguard units and activated over 35,000 new Telguard
subscribers. The total number of Telguard subscribers
increased sequentially to 617,500, while average revenue per
unit, or ARPU, remained flat at $4.37 for the quarter.
TankLink revenue totaled $2.2 million, including service
revenue of $1.1 million, for the fourth quarter, a 19%
increase over the prior year period. For the full year,
TankLink revenue totaled $7.7 million, including service
revenue of $4.1 million, a 21% increase over the prior year.
In the Asset Tracking segment, SkyBitz revenue was $7.9
million, including product revenue of $3.4 million and
recurring service revenue of $4.5 million for the fourth
quarter. SkyBitz revenue since its acquisition on February 1,
2012, totaled $22.5 million, including product revenue of
$10.5 million and recurring service revenue of $12.0 million.
Adjusted EBITDA for Event Monitoring and Asset Tracking was
$5.0 million and $1.5 million respectively, excluding
corporate expenses of $1.0 million.
For both segments combined, Telular ended the period with
nearly 840,000 billable units realizing an ARPU of $5.47. The
average selling price, or ASP, for the 50,700 monitoring and
tracking hardware units sold during the period was $184.
"We are delighted with the strong revenue growth we achieved
in the fourth quarter and for the full year" commented Joe
Beatty, president and chief executive officer of Telular
Corporation. "During the quarter, we grew our event
monitoring service revenues 23% over the prior year period
and exceeded the high-end of our Telguard unit sales guidance
due to continued strong demand for our new Telguard products
for 3G and 4G networks." concluded Mr. Beatty.
"Based on the momentum we are seeing in our business, we are
announcing fiscal year 2013 Adjusted EBITDA guidance of $23.5
- $25.5 million, as well as increasing the range of our
Telguard sales guidance to 30,000 to 40,000 units each
quarter during fiscal year 2013."
Investor Conference Call
Telular's quarterly conference call will be held today at
4:30 p.m. ET. To participate in the teleconference from the
United States and Canada dial 877-941-2332 (International
dial 480-629-9821). A replay of the call will be available
from November 6, 2012 beginning at 6:30 p.m. ET (5:30 p.m.
CT) through November 10, 2012 ending at 11:59 p.m. ET (10:59
p.m. CT) by dialing 800-406-7325 in the United States and
entering pass code 4572387# or internationally at
303-590-3030 and entering pass code 4572387#. The replay will
also be available via webcast from the Company's
corporate website at: www.telular.com under
"Investor" and the link "Conference