BYE!... Highlights of RMTD:
"Remote Dynamics Reports Q3 2008 Financial Results
PLANO, TX -- (Marketwire) -- 11/14/08 -- Remote Dynamics (OTCBB: RMTD) (www.remotedynamics.com), a provider of asset tracking and fleet management solutions, reports its financial results for the third quarter ended September 30, 2008.
Gary Hallgren, CEO of Remote Dynamics, commented, "We continued our momentum from the second quarter with an excellent third quarter. We had positive adjusted EBITDA of $121,000 during the third quarter and continued growth of our subscriber base. Despite the tough economic conditions, we have been successful in continuing to demonstrate value to our customers by delivering a quick return on investment. We are also continuing to expand our product offerings to satisfy customer demand."
Highlights for the quarter included:
-- REDIview subscriber base increased 12.8% in the first nine months of
2008 and 19.1% on a year-over -year basis since September 30, 2007.
September December September
30, 31, March 31, June 30, 30,
2007 2007 2008 2008 2008
---------- ---------- -------- ---------- ----------
Ending REDIview units 9,057 9,560 10,182 10,462 10,787
-- Total revenue for the three months ended September 30, 2008 was $1.38
million compared to $1.16 million during the three months ended September
30, 2007. The 19.3% increase in revenue from the comparable period in 2007
is primarily attributable to REDIview unit growth.
-- Total gross profit margin was 66% for the third quarter 2008 compared
to 56% for the third quarter of 2007. Reduced costs of airtime and mapping
costs were the primary reasons for the increase in gross margins. Of the
66% gross profit margin, 4 percentage points represents amortization of the
deferred performance obligation of our installed base related to the
reverse merger transaction on December 4, 2006. We expect gross profit
margins of greater than 55% to continue through 2008.
-- Total operating expenses totaled $989,000 for the three months ended
September 30, 2008 compared to $904,000 for the three months ended
September 30, 2007. This $85,000 or 9.4% increase is primarily
attributable to increased bad debt expense and payroll expenses.
-- Interest expense totaled $0.3 million for the three months ended
September 30, 2008 compared to $1.4 million for the same period during
2007. The current period interest expense primarily relates to the
accretion of the Series B Notes in the amount of $248,000. The $1,017,000
decrease in interest expense since the comparable period in 2007 can be
primarily attributed to the fact that the Series A Notes were fully
accreted in February 2008. The accretion of the Series A Notes was $0 for
the three months ended September 30, 2008 compared to $0.7 million for the
three months ended September 30, 2007. Additionally, default interest and
liquidated damages on the Series A and Series B Notes totaled $513,000 for
the three months ended September 30, 2007 versus $50,000 for the three
months ended September 30, 2008.
-- Adjusted EBITDA was positive $121,000 for the third quarter of 2008
compared to negative $27,000 for the same period in 2007. Adjusted year to
date EBITDA was positive $91,000 for the nine months ended September 30,
2008 compared to negative $279,000 for the same period in 2007. The return
to positive EBITDA is attributable to continued sales growth as well as our
efforts to reduce operating expenses and improve gross margins...."
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