NAVTEQ Reports Record First Quarter 2007 Operating Results
biz.yahoo.com
Tuesday May 1, 4:01 pm ET
CHICAGO, May 1 /PRNewswire-FirstCall/ -- NAVTEQ Corporation, a leading global provider of digital maps for vehicle navigation and location-based solutions, today reported record revenue and operating income for the first quarter ended April 1, 2007.
Revenue in the quarter rose 31% over the first quarter of 2006 to $160.0 million. Operating income grew 85% over the prior year to $38.3 million. Net income was up 87% over last year's first quarter to $30.2 million. Earnings per diluted share grew 84% to $0.31, compared to $0.17 in the prior year's quarter.
"The business is performing very well and we see positive signs for the remainder of the year," said Judson Green, President and Chief Executive Officer. "In terms of our key accomplishments, we closed on our acquisition of Traffic.com, secured new business with a number of in-dash and portable customers, and released our first Thailand map, which marked our 60th country of coverage."
NAVTEQ revenue from the Europe, Middle East & Africa (EMEA) region totaled $87.3 million in the quarter, up 14% from the first quarter of 2006. Excluding the impact of foreign currency rate fluctuation, EMEA revenue for the first quarter grew 5%. Revenue for the Americas region was $70.8 million in the quarter, a 61% increase over the first quarter of 2006. Asia Pacific revenue was $1.9 million compared to $1.8 million in last year's first quarter.
Cash and marketable securities totaled $347.5 million at April 1, 2007. Net cash provided by operating activities for the first quarter of 2007 was $79.1 million.
Business Outlook
The following forward-looking statements reflect NAVTEQ management's expectations as of May 1, 2007. For the fiscal year 2007, NAVTEQ reaffirms its previously issued annual guidance, which was provided on February 8, 2007. NAVTEQ expects revenue in the range of $720 million to $750 million and earnings per diluted share of $1.20 to $1.26, assuming an average annual U.S. Dollar/Euro exchange rate of $1.27 and an effective tax rate of 28-29%. |
