AutoNavi Holdings Slips To Loss In Q4, But Revenues Beat View

(RTTNews) - Chinese digital map content and navigation solutions provider AutoNavi Holdings Ltd. (AMAP) on Friday reported a loss for the fourth quarter, reflecting lower revenues at all three of its segments. However, revenues for the quarter beat analysts' estimates.

AutoNavi's fourth-quarter net loss attributable to shareholders was $28.21 million or $0.13 per share, compared to net income of $8.69 million or $0.04 per share in the year-ago period.

Net loss per American depositary share or ADS was $0.52, compared to income per ADS of $0.18 in the year-ago period. One ADS represents four ordinary shares.

Excluding share-based compensation expenses, adjusted net loss per ADS was $0.41, compared to adjusted net income of $0.22 per ADS in the prior-year period.

Net revenues for the quarter declined 28 percent to $31.50 million from $43.61 million in the year-ago period. On average, analysts polled by Thomson Reuters expected the company to report revenues of $30.48 million for the quarter.

Net revenues from the automotive navigation market declined 14 percent to $18.6 million, partially attributable to a decline in the number of copies of digital map data licensed for use with in-dash navigation systems. This resulted from one of the company's existing customers, BMW, shifting some of its newer car models to another map data provider.

The company's mobile and Internet location-based solutions business recorded a 43 percent decrease in revenues to $8.9 million in a net revenues, primarily due to the company's strategic decision to make its premium navigation app freely available to users.

Net revenues from the public sector and enterprise applications market declined 47 percent from last year to $3.1 million, primarily due to a decline in the company's aerial photogrammetry business.

AutoNavi's total operating expenses rose to $51.25 million from $22.64 million in the same period last year.

At the end of the fourth quarter, monthly active users of AutoNavi's mobile map application grew 88 percent year-over-year to about 92 million. Users of AutoNavi's mobile map application also grew to over 200 million from 98 million as at the end of the prior-year period.

For fiscal 2013, net loss attributable to AutoNavi shareholders was $25.37 million or $0.12 per share, compared to net income of $36.51 million or $0.18 per share in the prior year.

Loss per ADS for the year was $0.49, compared to net income per ADS of $0.73 last year. Adjusted loss per ADS was $0.23, compared to adjusted net income per ADS of $0.98 a year ago.

Net revenues for the year declined 11 percent to $141.67 million from $159.69 million in the prior year.

Analysts expected the company to report loss of $0.04 per share for the year on revenues of $151.39 million.

AMAP closed Thursday's regular trading session at $20.71, up $0.07 or 0.34 percent on a volume of 492,711 shares.