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~ Monday! $IDSY ~ Earnings posted, pending or coming soon! In Charts and Links Below!
~ $IDSY ~ Earnings expected on Monday *
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One or more of many earnings sites has alerted this security has or will be posting earnings on or around the day of this message.
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*If the earnings date is in error please ignore error. I do my best.
I.D. Systems to Present at Imperial Capital Security Investor Conference on December 13, 2011
I.D. Systems, Inc. (Nasdaq:IDSY), a leading provider of wireless solutions for tracking, securing and managing high-value enterprise assets, has been invited to present at Imperial Capital's Security Investor Conference. The conference will be held at the Waldorf Astoria in New York City December 12-13, 2011.
I.D. Systems' CEO Jeffrey Jagid and CFO Ned Mavrommatis are scheduled to present on Tuesday, December 13, 2011, at 10:55 a.m. Eastern Time, with one-on-one meetings held throughout the day. Management will discuss the company's recent financial and operational performance, including its partnership with Avis Budget Group to deploy a new generation of wireless vehicle rental technology, as well as recent purchase orders related to its wireless industrial vehicle management system.
Management's presentation will be webcast live via http://wsw.com/webcast/imperial9/idsy/, and available for replay following the conference in the investor relations section of I.D. Systems' Web site at www.id-systems.com.
For more information about the conference or to schedule a one-on-one meeting with I.D. Systems' management, please contact your Imperial Capital representative.
About Imperial Capital
Imperial Capital, founded in 1997, is a full-service investment banking firm with offices in Los Angeles, New York, San Francisco, Minneapolis, Boston and Chicago. The firm currently employs over 195 professionals and offers a wide range of proprietary products and services to institutional investors, middle market companies, and private equity firms. Imperial Capital provides institutional clients research and sales and trading of high yield and distressed debt securities, bank debt, convertible bonds, preferred stocks, and equities. The firm provides middle market companies and financial sponsors with capital markets, merger and acquisitions, capital structure, restructuring and recapitalization advisory services. More information about Imperial Capital can be found at www.imperialcapital.com.
About I.D. Systems
Based in Woodcliff Lake, New Jersey, with subsidiaries in Germany and the United Kingdom, I.D. Systems is a leading provider of solutions for securing, controlling, tracking, and managing high-value enterprise assets, including vehicles, powered equipment, trailers, containers, baggage, and cargo. The Company's patented technologies address the needs of organizations to monitor and analyze their assets to improve safety, security, efficiency, and productivity. For more information, visit www.id-systems.com.
CONTACT: I.D. Systems
Ned Mavrommatis
Chief Financial Officer
Phone: 201-996-9000
ned@id-systems.com
Investor Relations
Liolios Group, Inc.
Scott Liolios or Matt Glover
Phone: 949-574-3860
info@liolios.com
I.D. Systems to Present at Imperial Capital Security Investor Conference on December 13, 2011
I.D. Systems, Inc. (Nasdaq:IDSY), a leading provider of wireless solutions for tracking, securing and managing high-value enterprise assets, has been invited to present at Imperial Capital's Security Investor Conference. The conference will be held at the Waldorf Astoria in New York City December 12-13, 2011.
I.D. Systems' CEO Jeffrey Jagid and CFO Ned Mavrommatis are scheduled to present on Tuesday, December 13, 2011, at 10:55 a.m. Eastern Time, with one-on-one meetings held throughout the day. Management will discuss the company's recent financial and operational performance, including its partnership with Avis Budget Group to deploy a new generation of wireless vehicle rental technology, as well as recent purchase orders related to its wireless industrial vehicle management system.
Management's presentation will be webcast live via http://wsw.com/webcast/imperial9/idsy/, and available for replay following the conference in the investor relations section of I.D. Systems' Web site at www.id-systems.com.
For more information about the conference or to schedule a one-on-one meeting with I.D. Systems' management, please contact your Imperial Capital representative.
About Imperial Capital
Imperial Capital, founded in 1997, is a full-service investment banking firm with offices in Los Angeles, New York, San Francisco, Minneapolis, Boston and Chicago. The firm currently employs over 195 professionals and offers a wide range of proprietary products and services to institutional investors, middle market companies, and private equity firms. Imperial Capital provides institutional clients research and sales and trading of high yield and distressed debt securities, bank debt, convertible bonds, preferred stocks, and equities. The firm provides middle market companies and financial sponsors with capital markets, merger and acquisitions, capital structure, restructuring and recapitalization advisory services. More information about Imperial Capital can be found at www.imperialcapital.com.
About I.D. Systems
Based in Woodcliff Lake, New Jersey, with subsidiaries in Germany and the United Kingdom, I.D. Systems is a leading provider of solutions for securing, controlling, tracking, and managing high-value enterprise assets, including vehicles, powered equipment, trailers, containers, baggage, and cargo. The Company's patented technologies address the needs of organizations to monitor and analyze their assets to improve safety, security, efficiency, and productivity. For more information, visit www.id-systems.com.
CONTACT: I.D. Systems
Ned Mavrommatis
Chief Financial Officer
Phone: 201-996-9000
ned@id-systems.com
Investor Relations
Liolios Group, Inc.
Scott Liolios or Matt Glover
Phone: 949-574-3860
info@liolios.com
I.D. Systems Reports Record Third Quarter Revenue Up 74%, Net Income of $0.06 per Share (Non-GAAP)
I.D. Systems, Inc. (Nasdaq:IDSY), a leading provider of wireless solutions for tracking, securing and managing high-value enterprise assets, today reported financial results for the three and nine months ended September 30, 2011.
Third Quarter of 2011 Financial Results
• Revenue increased 74% to $11.3 million from $6.5 million in the same period a year ago. The improvement was driven by increased sales of the company's wireless vehicle management systems for fleets of rental cars and industrial trucks. Recurring revenue in Q3 2011 was $4.2 million.
• Excluding stock-based compensation and depreciation and amortization, non-GAAP net income was $665,000, or $0.06 per basic and diluted share, compared to non-GAAP net loss of $1.1 million, or ($0.10) per basic and diluted share, in the same year-ago period.
• Net loss was $214,000, or ($0.02) per basic and diluted share, an improvement from a net loss of $1.9 million, or ($0.17) per basic and diluted share, in the same year-ago period.
• As of September 30, 2011, the company had $28.0 million in cash, cash equivalents and marketable securities, which equates to $2.32 per share outstanding, with no debt.
• As of September 30, 2011, under a stock repurchase program authorized in November of 2010, I.D. Systems has repurchased a total of 265,000 shares of its common stock at an aggregate purchase price of $1.1 million, including 69,684 shares at an aggregate purchase price of $324,000 in the third quarter of 2011. The program authorizes the repurchase of issued and outstanding shares of up to $3 million in aggregate value.
First Nine Months of 2011 Financial Results
• Revenue increased 47% to $27.5 million from $18.6 million in the same period a year ago. Recurring revenue in the nine months ended September 30, 2011 was $12.3 million, or 45% of total revenue.
• Selling, general and administrative expenses and research and development expenses decreased 9% to $19.1 million from $20.9 million in the same year-ago period.
• Excluding stock-based compensation and depreciation and amortization, non-GAAP net loss was $1.3 million, or ($0.12) per basic and diluted share, an improvement from a non-GAAP net loss of $7.3 million, or ($0.66) per basic and diluted share, in the same year-ago period.
• Net loss was $4.0 million, or ($0.37) per basic and diluted share, an improvement from a net loss of $9.9 million, or ($0.89) per basic and diluted share, in the same year-ago period.
Third Quarter of 2011 Operational Highlights
• Strong repeat business across all major product categories from core customers, including Alcoa, American Airlines, Audi, BASF, Caterpillar, Ford Motor Company, Knight Transportation, Marten Transportation, Nestlé, Procter & Gamble, the U.S. Postal Service, Walgreens, and Walmart.
• Record sales of VeriWise™ transportation asset management systems, many of which replaced competitors' systems; new customers include a leading global provider of multi-modal transportation services and a major U.S. logistics solutions provider.
• Growing sales of PowerFleet® and PowerBox™ industrial vehicle management systems through channel partners; new customers across diverse industries include a Fortune 100 food producer, a Fortune 500 retailer, one of North America's largest healthcare products suppliers, and a major U.S. building supply distributor.
• Continued success of direct sales of industrial vehicle management systems; new customers include a regional U.S. grocery chain, a North American consumer beverage producer, and a leading U.K.-based industrial products manufacturer.
• Expanded rental fleet management business with Avis Budget Group, which converted its 5,000-vehicle pilot program with I.D. Systems into a 60-month contract, placed an additional $14 million order to deploy I.D. Systems' technology on 25,000 more vehicles (with an option for global fleet deployment), and purchased an equity stake in I.D. Systems.
Management Commentary
"In the third quarter of 2011 we achieved our highest quarterly revenue to date and our fifth consecutive quarter of revenue growth," said Jeffrey Jagid, I.D. Systems' chairman and CEO. "We are also pleased by our net income of $0.06 per share, on a non-GAAP basis.
"Our strong third quarter revenue was driven by three factors: deployment of rental vehicle management systems for Avis Budget, which based its new "Avis On Location" virtual rental offering on our wireless technology; robust sales of our core industrial vehicle management systems; and record orders of our Asset Intelligence transportation management solutions. Our revenues continue to reflect a balance of product and service sales, with 45% of total revenue for the first nine months of 2011 coming from recurring sources.
"I.D. Systems' gross margins remain strong and stable, at 52% for the quarter and 53% for the nine-month period, consistent with the company's historical range. We also continue to closely manage costs, with combined SG&A and R&D expenses over the first nine months of 2011 9% lower than the same period last year."
Investor Conference Call
I.D. Systems will hold a conference call for investors and analysts today, Monday, October 31, 2011, at 10:30 a.m. Eastern time. The company's chairman and CEO, Jeffrey Jagid, will lead a discussion on the results of the quarter and recent developments, followed by a question and answer period.
The conference call will be broadcast live over the Internet via the investors section of the company's website at www.id-systems.com. To listen to the live call, go to the website at least 10 minutes early to download and install any necessary audio software.
Non-GAAP Measures
To supplement its financial statements presented in accordance with GAAP, I.D. Systems provides certain non-GAAP measures of financial performance. These non-GAAP measures include non-GAAP net income/loss and non-GAAP net income/loss per basic and diluted share. 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 I.D. Systems' current financial performance. Specifically, I.D. Systems believes the non-GAAP measures provide useful information to both management and investors by excluding certain expenses, gains and losses that may not be indicative of its core operating results and business outlook. Reconciliation of all non-GAAP measures included in this press release to the nearest GAAP measures can be found in the financial tables included in this press release.
About I.D. Systems
Based in Woodcliff Lake, New Jersey, with subsidiaries in Germany and the United Kingdom, I.D. Systems is a leading provider of wireless solutions for securing, controlling, tracking, and managing high-value enterprise assets, including vehicles, powered equipment, trailers, containers, baggage, and cargo. The company's patented technologies address the needs of organizations to monitor and analyze their assets to improve safety, security, efficiency, and productivity. For more information, please visit www.id-systems.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of federal securities laws. Forward-looking statements include statements with respect to I.D. Systems' beliefs, plans, goals, objectives, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond I.D. Systems' control, and which may cause its actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be forward-looking statements. For example, forward-looking statements include: statements regarding prospects for additional customers; market forecasts; projections of earnings, revenues, synergies, accretion or other financial information; and plans, strategies and objectives of management for future operations, including integration plans in connection with acquisitions. The risks and uncertainties referred to above include, but are not limited to, future economic and business conditions, the loss of key customers or reduction in the purchase of products by any such customers, the failure of the market for I.D. Systems' products to continue to develop, the possibility that I.D. Systems may not be able to integrate successfully the business, operations and employees of acquired businesses, the inability to protect I.D. Systems' intellectual property, the inability to manage growth, the effects of competition from a variety of local, regional, national and other providers of wireless solutions, and other risks detailed from time to time in I.D. Systems' filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2010. These risks could cause actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, I.D. Systems. Unless otherwise required by applicable law, I.D. Systems assumes no obligation to update the information contained in this press release, and expressly disclaims any obligation to do so, whether as a result of new information, future events or otherwise.
-- Tables to Follow --
I.D. Systems, Inc. and Subsidiaries
Statement of Operations Data
(Unaudited)
Three months ended
Nine months ended
September 30,
September 30,
2010
2011
2010
2011
Revenue:
Products
$ 2, 542,000
$ 6,912,000
$ 6,394,000
$ 14,675,000
Services
3,948,000
4,372,000
12,233,000
12,776,000
6,490,000
11,284,000
18,627,000
27,451,000
Cost of revenue:
Cost of products
1,507,000
3,833,000
3,347,000
8,359,000
Cost of services
1,595,000
1,529,000
4,891,000
4,531,000
3,102,000
5,362,000
8,238,000
12,890,000
Gross profit
3,388,000
5,922,000
10,389,000
14,561,000
Selling, general and administrative
4,424,000
5,669,000
17,587,000
16,490,000
Research and development expenses
1,089,000
827,000
3,362,000
2,603,000
Loss from operations
(2,125,000)
(574,000)
(10,560,000)
(4,532,000)
Interest income
179,000
60,000
575,000
160,000
Interest expense
(1,000)
--
(56,000)
--
Other income, net
89,000
300,000
94,000
350,000
Net loss
$ (1,858,000)
$ (214,000)
$ (9,947,000)
$ (4,022,000)
Net loss per share – basic and diluted
$ (0.17)
$ (0.02)
$ (0.89)
$ (0.37)
Weighted average common shares outstanding – basic and diluted
11,138,000
11,173,000
11,170,000
10,969,000
I.D. Systems, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Financial Measures
(Unaudited)
Three months ended September 30,
Nine months ended September 30,
2010
2011
2010
2011
Net loss attributable to common stockholders
$ (1,858,000)
$ (214,000)
$ (9,947,000)
$ (4,022,000)
Depreciation and amortization
477,000
584,000
1,447,000
1,796,000
Stock-based compensation
289,000
295,000
1,182,000
911,000
Non-GAAP net income (loss)
$ (1,092,000)
$ 665,000
$ (7,318,000)
$ (1,315,000)
Non-GAAP net income (loss) per share – basic and diluted
$ (0.10)
$ 0.06
$ ($0.66)
$ ($0.12)
I.D. Systems, Inc. and Subsidiaries
Condensed Balance Sheet Data
September 30, 2011
December 31, 2010*
(Unaudited)
ASSETS
Cash and cash equivalents
$14,491,000
$12,803,000
Investments – short term
4,565,000
6,731,000
Accounts receivable, net
7,044,000
6,412,000
Notes and lease receivable – current
353,000
211,000
Inventory, net
7,295,000
8,420,000
Interest receivable
53,000
70,000
Deferred costs – current
1,159,000
1,503,000
Prepaid expenses and other current assets
1,211,000
1,110,000
Total current assets
36,171,000
37,260,000
Investments – long term
9,364,000
8,486,000
Notes and lease receivable – less current portion
839,000
3,234,000
Deferred costs – less current portion
2,978,000
2,241,000
Fixed assets, net
3,853,000
3,147,000
Other assets
272,000
307,000
Goodwill
1,837,000
1,837,000
Intangible assets, net
5,571,000
4,692,000
Total assets
$60,885,000
$61,204,000
LIABILITIES
Accounts payable and accrued expenses
$9,141,000
$8,224,000
Deferred revenue – current portion
2,186,000
3,235,000
Total current liabilities
11,327,000
11,459,000
Deferred rent
199,000
289,000
Deferred revenue – less current portion
4,614,000
4,053,000
Total liabilities
16,140,000
15,801,000
Commitments and contingencies
Total stockholders' equity
44,745,000
45,403,000
Total liabilities and stockholders' equity
$60,885,000
$61,204,000
*Derived from audited balance sheet as of December 31, 2010.
I.D. Systems, Inc. and Subsidiaries
Statement of Cash Flows Data
(Unaudited)
Nine months ended September 30,
2010
2011
Cash flows from operating activities:
Net loss
$(9,947,000)
$(4,022,000)
Adjustments to reconcile net loss to cash used in operating activities:
Bad debt expense
92,000
165,000
Remeasurement of contingent consideration
(110,000)
--
Accrued interest income
11,000
(17,000)
Stock-based compensation expense
1,182,000
911,000
Depreciation and amortization
1,447,000
1,796,000
Deferred rent expense
(4,000)
90,000
Issuance of warrants
--
137,000
Changes in:
Accounts receivable
1,548,000
498,000
Note and lease receivable
224,000
(2,254,000)
Inventory
1,720,000
(1,125,000)
Prepaid expenses and other assets
(336,000)
66,000
Deferred costs
(2,027,000)
393,000
Deferred revenue
1,959,000
488,000
Accounts payable and accrued expenses
265,000
(917,000)
Net cash used in operating activities
(3,976,000)
(3,791,000)
Cash flows from investing activities:
Expenditures for fixed assets including website development
(1,406,000)
(211,000)
Business acquisition
(15,000,000)
--
Purchase of investments
(10,284,000)
(2,889,000)
Proceeds from sales and maturities of investments
38,872,000
1,618,000
Net cash provided by (used in) investing activities
12,182,000
(1,482,000)
Cash flows from financing activities:
Proceeds from issuance of shares
--
4,605,000
Proceeds from exercise of stock options
3,000
35,000
Purchase of treasury shares
--
(1,050,000)
Principal payments on line of credit
(11,638,000)
--
Net cash used in financing activities
(11,635,000)
3,590,000
Effect of foreign exchange rate changes on cash and equivalents
(3,000)
(5,000)
Net decrease in cash and cash equivalents
(3,432,000)
(1,688,000)
Cash and cash equivalents - beginning of period
19,481,000
14,491,000
Cash and cash equivalents - end of period
$16,049,000
$12,803,000
Supplemental disclosure of cash flow information:
Cash paid for interest
$56,000
$ --
Noncash activities:
Unrealized gain (loss) on investments
$154,000
$(17,000)
Shares withheld pursuant to stock issuance
$10,000
$47,000
Acquisition:
Fair value of assets acquired
$19,695,000
$ --
Liabilities assumed
(4,695,000)
--
Net cash paid
$15,000,000
$ --
CONTACT: Company
Ned Mavrommatis
Chief Financial Officer
Phone: 201-996-9000
ned@id-systems.com
Investor Relations
Liolios Group, Inc.
Scott Liolios or Matt Glover
Phone: 949-574-3860
info@liolios.com
U.S. Postal Service Awards I.D. Systems Contracts for Wireless System Upgrades, Enhancements and Support Services
I.D. Systems, Inc. (Nasdaq:IDSY), a leading provider of wireless asset management solutions, received a series of purchase orders from the United States Postal Service (USPS) for software upgrades and support services related to its wireless industrial vehicle management system (VMS).
Over the past six years, the USPS has deployed I.D. Systems' wireless VMS at more than 100 postal distribution facilities throughout the United States. The new contracts cover an enterprise-wide upgrade of I.D. Systems' state-of-the-art PowerFleet Vision™ software, enhancements to the system's material handling productivity optimization module, and a new generation of automated system health analytics and reporting. The software upgrade includes compatibility with all current Windows operating systems, new interactive dashboards for system users, and enriched functionality to play back and analyze industrial vehicle travel routes inside distribution facilities.
Jeffrey Jagid, I.D. Systems' chairman and chief executive officer, said, "We look forward to providing additional services and support for our installed systems, and we are proud that our wireless technology helps our customers manage their material handling operations."
About Wireless Vehicle Management Systems (VMS)
I.D. Systems' wireless VMS consists of intelligent wireless devices (Vehicle Asset Communicators®) installed on powered industrial vehicles (such as forklifts and pallet movers), a patented RF communication system, and software for access control, utilization analysis, real-time location tracking, and many other functions. The VMS helps improve industrial workplace safety and security by restricting vehicle access to trained, authorized operators and by providing electronic safety inspection checklists. The VMS helps reduce maintenance expenses by automatically uploading vehicle data, reporting vehicle problems in real time, giving management the option of scheduling maintenance according to actual vehicle usage rather than on a calendar basis, and helping plant management determine the optimal economic time to replace equipment. The VMS also helps improve productivity by ensuring equipment is in the proper place at the right time and by providing management with unique reports on vehicle utilization.
About I.D. Systems
Based in Woodcliff Lake, New Jersey, with subsidiaries in Germany and the United Kingdom, I.D. Systems is a leading provider of solutions for securing, controlling, tracking, and managing high-value enterprise assets, including vehicles, powered equipment, trailers, containers, baggage, and cargo. The Company's patented technologies address the needs of organizations to monitor and analyze their assets to improve safety, security, efficiency, and productivity. For more information, visit www.id-systems.com.
"Safe Harbor" Statement:
This press release contains forward-looking statements within the meaning of federal securities laws. Forward-looking statements include statements with respect to I.D. Systems' beliefs, plans, goals, objectives, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond I.D. Systems' control, and which may cause its actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be forward-looking statements. For example, forward-looking statements include: statements regarding prospects for additional customers; market forecasts; projections of earnings, revenues, synergies, accretion or other financial information; and plans, strategies and objectives of management for future operations, including integration plans in connection with acquisitions. The risks and uncertainties referred to above include, but are not limited to, future economic and business conditions, the loss of key customers or reduction in the purchase of products by any such customers, the failure of the market for I.D. Systems' products to continue to develop, the possibility that I.D. Systems may not be able to integrate successfully the business, operations and employees of acquired businesses, the inability to protect I.D. Systems' intellectual property, the inability to manage growth, the effects of competition from a variety of local, regional, national and other providers of wireless solutions, and other risks detailed from time to time in I.D. Systems' filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2010. These risks could cause actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, I.D. Systems. I.D. Systems assumes no obligation to update the information contained in this press release, and expressly disclaims any obligation to do so, whether as a result of new information, future events or otherwise.
CONTACT: For Financial Press
Ned Mavrommatis
Chief Financial Officer
ned@id-systems.com
For Trade Press
Greg Smith
Vice President
gsmith@id-systems.com
I.D. Systems Receives Orders From The Raymond Corporation to Roll Out Wireless Vehicle Management Systems for Fortune 500 Com...
I.D. Systems, Inc. (Nasdaq:IDSY), a leading provider of wireless solutions for tracking, securing and managing high-value enterprise assets, has received a series of purchase orders from The Raymond Corporation, a leading global provider of material handling solutions, to deploy I.D. Systems' PowerFleet™ wireless vehicle management system on fleets of lift trucks at the distribution centers of a leading North American company. The orders have a cumulative value of more than $600,000.
Raymond, through a marketing agreement with I.D. Systems, offers PowerFleet as part of its iWarehouse® fleet optimization system, which gathers, analyzes, and acts upon a comprehensive range of lift truck operational information to enable greater warehousing efficiency and lower material handling costs.
Kenneth Ehrman, President of I.D. Systems, said, "Working closely with our consultative Performance Services team as well as our Raymond partners, this Fortune 500 customer was able to extract significant economic value from our vehicle management technology. As a result, the customer is deploying our systems in its distribution centers across the U.S.
"We look forward to the continued growth of our relationship with Raymond Corporation," added Ehrman. "Together we help bring the best practices in safety and asset management to the material handling operations of our mutual customers."
About Wireless Vehicle Management Systems
A wireless vehicle management system (VMS) helps improve material handling productivity by establishing accountability for the use of equipment, ensuring equipment is in the proper place at the right time, and providing unique fleet utilization metrics. A wireless VMS also helps reduce industrial fleet maintenance costs by automatically uploading vehicle data, reporting vehicle problems electronically, scheduling maintenance according to actual vehicle usage rather than by calendar or manual data entry, and helping determine the optimal economic time to replace equipment. In addition, a wireless VMS helps improve workplace safety and security by restricting vehicle access to trained, authorized operators, providing electronic vehicle inspection checklists, and managing vehicle impacts.
About I.D. Systems
Based in Woodcliff Lake, New Jersey, with subsidiaries in Germany and the United Kingdom, I.D. Systems is a leading provider of solutions for securing, controlling, tracking, and managing high-value enterprise assets, including vehicles, powered equipment, trailers, containers, baggage, and cargo. The Company's patented technologies address the needs of organizations to monitor and analyze their assets to improve safety, security, efficiency, and productivity. For more information, visit www.id-systems.com.
About The Raymond Corporation
The Raymond Corporation is a global provider of unmatched material handling technology, expertise and support to increase productivity and cost-efficiency. High-performance, reliable Raymond® lift trucks range from a full line of manual and electric pallet trucks and walkie stackers to counterbalanced trucks, Reach-Fork® trucks, orderpickers and Swing-Reach® trucks. Through its CustomCare™ approach, Raymond and its Sales and Service Centers deliver a comprehensive package of personalized enterprise solutions—like the iWarehouse® fleet optimization system, in-depth industry knowledge and consulting, flexible financing, OSHA-compliant training, and industry-leading asset protection—to optimize warehouse operations. Learn more at www.raymondcorp.com.
"Safe Harbor" statement:
This press release contains forward looking statements within the meaning of federal securities laws. Forward-looking statements include statements with respect to I.D. Systems' beliefs, plans, goals, objectives, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond I.D. Systems' control, and which may cause its actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be forward-looking statements. For example, forward-looking statements include: statements regarding prospects for additional customers; market forecasts; projections of earnings, revenues, synergies, accretion or other financial information; and plans, strategies and objectives of management for future operations, including integration plans in connection with acquisitions. The risks and uncertainties referred to above include, but are not limited to, future economic and business conditions, the loss of key customers or reduction in the purchase of products by any such customers, the failure of the market for I.D. Systems' products to continue to develop, the possibility that I.D. Systems may not be able to integrate successfully the business, operations and employees of acquired businesses, the inability to protect I.D. Systems' intellectual property, the inability to manage growth, the effects of competition from a variety of local, regional, national and other providers of wireless solutions, and other risks detailed from time to time in I.D. Systems' filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2010. These risks could cause actual results to differ materially from those expressed in any forward looking statements made by, or on behalf of, I.D. Systems. I.D. Systems assumes no obligation to update the information contained in this press release, and expressly disclaims any obligation to do so, whether as a result of new information, future events or otherwise.
CONTACT: I.D. Systems: (201) 996-9000
For Trade Media
Greg Smith, VP
gsmith@id-systems.com
For Financial Media
Ned Mavrommatis, CFO
ned@id-systems.com
Raymond: (607) 656-2734
Elizabeth Buza
Marketing Communications
marcom@raymondcorp.com
ID Systems - >>> 6 Stocks Hitting New 52-Week Highs
By Roberto Pedone 11/10/11 - 01:17 PM EST
http://www.thestreet.com/story/11307534/2/6-stocks-hitting-new-52-week-highs.html
I.D. Systems (IDSY) develops, markets and sells wireless solutions for managing and securing enterprise assets. These assets include industrial vehicles, such as forklifts and airport ground support equipment, and rental vehicles. This stock is trading up 3% to $6.05 in recent trading, after it hit a 52-week high of $6.34 earlier today.
Today's Range: $5.85-$6.34
52-week Range: $2.51-$6.34
Volume: 79,000
Three-Month Average Volume: 40,686
I.D. Systems has a market cap of $67.26 million and an enterprise value of $46.05 million. The stock trades at a forward price-to-earnings of 120.40. Its estimated growth rate for this year is 54.5%, and for next year it's pegged at 114.3%. The current short interest as a percentage of the float for I.D. Systems is a very low 0.4%.
This stock is moving higher today after the company reported record third-quarter revenue that was up 74%.
From a technical standpoint, this stock is triggering a major breakout today now that shares have started to move above some past overhead resistance at 5.77 to $5.94 on heavy volume.
If this stock can sustain this move and close above those levels, then it should set up to trend much higher in the near-term.
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ID Systems (IDSY) related article -
>>> 5 Homeland Security Stocks That Make Safe Buys
By Jamie Dlugosch
09/09/11
http://www.thestreet.com/_yahoo/story/11244032/1/5-homeland-security-stocks-that-make-safe-buys.html?cm_ven=YAHOO&cm_cat=FREE&cm_ite=NA
MINNEAPOLIS (Stockpickr) -- In a few days, we will commemorate 10 years since the tragic events of 9/11. Having been in New York then, I will certainly never forget. That day changed the world forever.
In the aftermath, an entire category of stocks dedicated to homeland security emerged from within the defense industry. Investors now can select specific stocks of companies that play a critical role in our national security. Osama bin Laden may be dead, but the threat still exists. As long as it does, there is money to be made from the efforts to keep us safe.
It's a good thing, too. With a national debt that is out of control and an economy teetering on the brink of a double-dip recession, stock-picking is exceedingly difficult. Where can investors go and know that growth and profits are likely to follow?
Consider homeland security stocks. In the greater story of military and defense stocks, investors need to brace for cuts. That is less the case with homeland security. Nobody wants to be accused of cutting spending there if and when another terror event occurs.
Here are five homeland security stocks to safely buy for your portfolio.
Flir Systems(FLIR_) is a $4 billion market cap homeland security company that is focused on thermal imaging systems that enable the watchers to see at night. In addition, the company's detection division helps design instruments to detect biological, chemical, nuclear and radiological threats to homeland security. It is relatively safe to assume that government contracts to this mission-critical company are protected.
Shares of Flir are down more than 30% since budgetary concerns began to dominate headlines early this summer. Investors should use the discount to as an opportunity to buy shares. Although the company has missed estimates slightly in each of the last three quarters, its prospects for growth remain impressive.
The average Wall Street estimate is for the company to make $1.40 per share in the current year, with that number growing 25% to $1.75 per share in 2012. Investors can buy that growth for just 18 times current-year estimated earnings. That is a bargain in my book for a company that plays an important role in national security.
Flir, one of the top-yielding aerospace and defense stocks, shows up on a recent list of 10 Stocks That Avoid the September Slump.
The fear of another terrorist attack on U.S. soil persists, and with that the fear of weapons or devices being smuggled into the country. Keeping this warfare, be it nuclear, chemical or biological, out of the U.S. is a top priority.
To that end, screening device company American Science & Engineering(ASEI_) is poised to benefit. Its products search cargo at ports, airports and train centers across the country. The company has products to screen cars and trucks as well human beings.
American Science & Engineering is profitable and pays a small dividend of 1.9%. Since July 21, shares are down 20%, caught in the downdraft of speculation regarding massive budget cuts to military budgets. But I'd be shocked if this company sees a dime of cuts. Its products are mission-critical.
With the stock trading for only 19 times current year estimates of earnings, I would buy this stock at these lower prices.
One potential solution to the current economic malaise is small business. These engines of growth have been struggling under the weight of competition from larger players. In the homeland security space, the government is poised to provide support to these smaller entities that play a critical role in keeping the country safe.
I.D. Systems(IDSY_) is a $56 million market cap company that helps other businesses and governmental agencies keep track of enterprise assets. Its wireless solutions allow customers to monitor everything from fork lifts to trailers and rail cars. If something goes missing, I.D. Systems will know about it.
Shares of I.D. Systems have been very stable during this uncertain market environment. The company is expected to lose money this year, with profits coming in 2012. As the importance of asset tracking becomes more prominent in the discussion of homeland security, I.D. Systems is poised to grow.
Currently at around $5.13 per share, the stock is a bargain given the potential size of this market. I would buy this homeland security stock.
The reliance of the global economy on information technology, including the Internet and wireless networks, makes for prime terror targets. Cyber security is an absolute must as more and more trade takes place over the Internet. Hackers have the ability to disrupt power services, air travel and the banking system from the comfort of computers located far from any law enforcement or military presence.
CACI International(CACI_) provides IT services to the federal government and commercial customers in the U.S. and internationally. In addition to helping set up command and control for military missions, the company provides cyber security against potential threats to any number of networks and systems that may be vulnerable to attack.
Shares of this $1.6 billion market cap company have been hit hard by concerns regarding the federal debt and budget deficit. Politicians cutting spending here, though, would be making a big mistake and opening the door to any terrorist ready to find the one opening that could cripple our way of life. Since the beginning of July, shares are down 17%.
Considering the company has beaten average Wall Street estimates in each of the last four quarters, I would use the discount as an opportunity to buy. Trading for just 10 times estimates for the fiscal year 2012 ending June 30, CACI shares are cheap in my opinion.
In the world of homeland security, much of what takes place to keep us safe occurs outside of our borders, where the U.S. may or may not have a presence. To keep an eye out for terrorists, the military has greatly increased the use of predator drone aircraft. These unmanned vehicles are difficult or impossible to detect, allowing for missions in air space that does not belong to us.
AeroVironment(AVAV_), which designs, develops, produces and supports unmanned aircraft missions, is a key player in a fast-growing business. This relatively new publicly traded company came to market in 2007, and the challenging economic environment since its initial offering has kept its valuation in check. At the current price of about $27.88 per share, the stock is only slightly above the $24 it fetched on its initial day of trading. The stock may not be doing much since 2007, but operating performance has been stellar. In each of the last four quarters, the company has beaten average Wall Street estimates for profits. Analysts expect double-digit profit growth from this year to the next. With shares trading for 21 times current fiscal-year profit estimates, investors can still buy this homeland growth story at a reasonable price.
In the future, I would expect orders for drone aircraft to explode as orders for traditional military craft decline. AeroVironment is poised to benefit from this simple budgetary shift to how the U.S. protects the homeland. <<<
>>> I.D. Systems Reports Record Third Quarter Revenue Up 74%, Net Income of $0.06 per Share (Non-GAAP)
Press Release Source: I.D. Systems, Inc. On Monday October 31, 2011, 9:00 am EDT
http://finance.yahoo.com/news/I-D-Systems-Reports-Record-pz-1891826001.html?x=0&.v=1
WOODCLIFF LAKE, N.J., Oct. 31, 2011 (GLOBE NEWSWIRE) -- I.D. Systems, Inc. (Nasdaq:IDSY - News), a leading provider of wireless solutions for tracking, securing and managing high-value enterprise assets, today reported financial results for the three and nine months ended September 30, 2011.
Third Quarter of 2011 Financial Results
• Revenue increased 74% to $11.3 million from $6.5 million in the same period a year ago. The improvement was driven by increased sales of the company's wireless vehicle management systems for fleets of rental cars and industrial trucks. Recurring revenue in Q3 2011 was $4.2 million.
• Excluding stock-based compensation and depreciation and amortization, non-GAAP net income was $665,000, or $0.06 per basic and diluted share, compared to non-GAAP net loss of $1.1 million, or ($0.10) per basic and diluted share, in the same year-ago period.
• Net loss was $214,000, or ($0.02) per basic and diluted share, an improvement from a net loss of $1.9 million, or ($0.17) per basic and diluted share, in the same year-ago period.
• As of September 30, 2011, the company had $28.0 million in cash, cash equivalents and marketable securities, which equates to $2.32 per share outstanding, with no debt.
• As of September 30, 2011, under a stock repurchase program authorized in November of 2010, I.D. Systems has repurchased a total of 265,000 shares of its common stock at an aggregate purchase price of $1.1 million, including 69,684 shares at an aggregate purchase price of $324,000 in the third quarter of 2011. The program authorizes the repurchase of issued and outstanding shares of up to $3 million in aggregate value.
First Nine Months of 2011 Financial Results
• Revenue increased 47% to $27.5 million from $18.6 million in the same period a year ago. Recurring revenue in the nine months ended September 30, 2011 was $12.3 million, or 45% of total revenue.
• Selling, general and administrative expenses and research and development expenses decreased 9% to $19.1 million from $20.9 million in the same year-ago period.
• Excluding stock-based compensation and depreciation and amortization, non-GAAP net loss was $1.3 million, or ($0.12) per basic and diluted share, an improvement from a non-GAAP net loss of $7.3 million, or ($0.66) per basic and diluted share, in the same year-ago period.
• Net loss was $4.0 million, or ($0.37) per basic and diluted share, an improvement from a net loss of $9.9 million, or ($0.89) per basic and diluted share, in the same year-ago period.
Third Quarter of 2011 Operational Highlights
• Strong repeat business across all major product categories from core customers, including Alcoa, American Airlines, Audi, BASF, Caterpillar, Ford Motor Company, Knight Transportation, Marten Transportation, Nestle, Procter & Gamble, the U.S. Postal Service, Walgreens, and Walmart.
• Record sales of VeriWise(TM) transportation asset management systems, many of which replaced competitors' systems; new customers include a leading global provider of multi-modal transportation services and a major U.S. logistics solutions provider.
• Growing sales of PowerFleet(R) and PowerBox(TM) industrial vehicle management systems through channel partners; new customers across diverse industries include a Fortune 100 food producer, a Fortune 500 retailer, one of North America's largest healthcare products suppliers, and a major U.S. building supply distributor.
• Continued success of direct sales of industrial vehicle management systems; new customers include a regional U.S. grocery chain, a North American consumer beverage producer, and a leading U.K.-based industrial products manufacturer.
• Expanded rental fleet management business with Avis Budget Group, which converted its 5,000-vehicle pilot program with I.D. Systems into a 60-month contract, placed an additional $14 million order to deploy I.D. Systems' technology on 25,000 more vehicles (with an option for global fleet deployment), and purchased an equity stake in I.D. Systems.
Management Commentary
"In the third quarter of 2011 we achieved our highest quarterly revenue to date and our fifth consecutive quarter of revenue growth," said Jeffrey Jagid, I.D. Systems' chairman and CEO. "We are also pleased by our net income of $0.06 per share, on a non-GAAP basis.
"Our strong third quarter revenue was driven by three factors: deployment of rental vehicle management systems for Avis Budget, which based its new "Avis On Location" virtual rental offering on our wireless technology; robust sales of our core industrial vehicle management systems; and record orders of our Asset Intelligence transportation management solutions. Our revenues continue to reflect a balance of product and service sales, with 45% of total revenue for the first nine months of 2011 coming from recurring sources.
"I.D. Systems' gross margins remain strong and stable, at 52% for the quarter and 53% for the nine-month period, consistent with the company's historical range. We also continue to closely manage costs, with combined SG&A and R&D expenses over the first nine months of 2011 9% lower than the same period last year."
Investor Conference Call
I.D. Systems will hold a conference call for investors and analysts today, Monday, October 31, 2011, at 10:30 a.m. Eastern time. The company's chairman and CEO, Jeffrey Jagid, will lead a discussion on the results of the quarter and recent developments, followed by a question and answer period.
The conference call will be broadcast live over the Internet via the investors section of the company's website at www.id-systems.com. To listen to the live call, go to the website at least 10 minutes early to download and install any necessary audio software.
Non-GAAP Measures
To supplement its financial statements presented in accordance with GAAP, I.D. Systems provides certain non-GAAP measures of financial performance. These non-GAAP measures include non-GAAP net income/loss and non-GAAP net income/loss per basic and diluted share. 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 I.D. Systems' current financial performance. Specifically, I.D. Systems believes the non-GAAP measures provide useful information to both management and investors by excluding certain expenses, gains and losses that may not be indicative of its core operating results and business outlook. Reconciliation of all non-GAAP measures included in this press release to the nearest GAAP measures can be found in the financial tables included in this press release.
About I.D. Systems
Based in Woodcliff Lake, New Jersey, with subsidiaries in Germany and the United Kingdom, I.D. Systems is a leading provider of wireless solutions for securing, controlling, tracking, and managing high-value enterprise assets, including vehicles, powered equipment, trailers, containers, baggage, and cargo. The company's patented technologies address the needs of organizations to monitor and analyze their assets to improve safety, security, efficiency, and productivity. For more information, please visit www.id-systems.com. <<<
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