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FOR IMMEDIATE RELEASE
CFO Xata Corporation
Xata Reports Fiscal 2011 Yearend and Fourth Quarter Results
Software revenue growth of 7 percent contributes to non-GAAP earnings of $4.2 million, $0.15 per diluted share, for fiscal 2011
MINNEAPOLIS, Nov. 3, 2011Xata Corporation (NASDAQ:XATA) reported results for its fourth quarter and fiscal year ended September 30, 2011.
Total revenue was $15.3 million for the quarter ended September 30, 2011, compared to $17.1 million for the same period of fiscal 2010. Net loss to common shareholders for the fourth quarter of fiscal 2011 was $1.6 million, compared to net income to common shareholders of $0.1 million for the same period of fiscal 2010. Other comments include:
Software revenue increased $0.3 million from $11.4 million to $11.7 million for the quarters ended September 30, 2010 and 2011, respectively. The 3 percent growth in software revenue in the fourth quarter of fiscal 2011 was fueled by 56 percent growth in Xata Turnpike software revenue.
Fiscal 2011 fourth quarter software revenue accounted for approximately 77 percent of total revenue, compared to 67 percent for the same period of fiscal 2010.
The Company acquired 64 new customers in the fourth quarter of fiscal 2011 with the majority selecting the Xata Turnpike solution.
As a result of customers adopting the Xata Turnpike solution, hardware systems and services revenues decreased to $3.6 million in the fourth quarter of fiscal 2011, compared to $5.3 million in the fourth quarter of fiscal 2010. Many new customers are adopting the no upfront cost Xata Turnpike solution, which does not require the customer to purchase hardware.
Our strategy of continuing to invest in fleet optimization solutions has resulted in increased software revenue, said Jay Coughlan, chairman and president of Xata. Given the rapidly changing business and compliance environment, it is essential that we continue to invest in developing solutions that will fulfill our customers needs.
Our non-GAAP earnings performance is reflective of the Companys focus on investing in the development of future compliant applications and functionality, with the goal of providing increased return on investment for our customers, said Scott Christian, chief financial officer of Xata.
Fiscal 2011 fourth quarter overall gross margins were 52 percent, which was consistent with margins for the same period of fiscal 2010. The consistency in the margins was attributable to a positive shift in mix
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