I.D. Systems Inc. (IDSY, Financial) filed Quarterly Report for the period ended 2010-06-30.
I.d. Systems Inc. has a market cap of $26.6 million; its shares were traded at around $2.36 with and P/S ratio of 2.6. IDSY is in the portfolios of Jim Simons of Renaissance Technologies LLC.
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES. Selling, general and administrative expenses increased by $2.9 million, or 77.7%, to $6.7 million in the three months ended June 30, 2010 compared to $3.8 million in the same period in 2009. This increase was primarily attributable to by AI selling, general and administrative expenses of $3.0 million consisting principally of payroll-related expenses of $1.1 million, consulting expenses of $1.1 million, communications and technology expenses of $0.3 million and travel expenses of $0.1 million, respectively, partially offset by decreases in payroll-related and stock-based compensation expense of $0.4 million. As a percentage of revenues, selling, general and administrative expenses decreased to 111.2% in the three months ended June 30, 2010 from 140.2% in the same period in 2009, primarily due to the increase in revenue from the AI acquisition.
RESEARCH AND DEVELOPMENT EXPENSES. Research and development expenses increased by $0.4 million, or 61.9%, to $1.1 million in the three months ended June 30, 2010 from $0.7 million in the same period in 2009 due primarily due to AI research and development expenses of $0.6 million consisting principally of payroll-related and consulting expenses of $0.5 million and $0.1 million, respectively, partially offset by a decrease in payroll-related and stock compensation expense of $90,000 and consulting expenses of $56,000. As a percentage of revenues, research and development expenses decreased to 18.6% in the three months ended June 30, 2010 from 25.8% in the same period in 2009, primarily due to the increase in revenue resulting from the AI acquisition.
Cost of products increased by $0.1 million, or 9%, to $1.8 million in the six months ended June 30, 2010 from $1.7 million in the same period in 2009. Gross profit for products was $2.0 million in 2010 compared to $1.5 million in 2009. The increase in gross profit was attributable to a contribution of $0.7 million from AI offset by a decrease of $0.2 million in the IDS gross profit. As a percentage of product revenues, gross profit increased to 52.2% in 2010 from 46.4% in 2009. The increase in gross profit as a percent of product revenue was due to AI product revenue contributing a higher gross profit percentage of 71.5% in 2010.
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES. Selling, general and administrative expenses increased by $5.2 million, or 65.1%, to $13.2 million in the six months ended June 30, 2010 compared to $8.0 million in the same period in 2009. This increase was primarily attributable to by AI selling, general and administrative expenses of $5.5 million consisting principally of payroll-related expenses of $2.1 million, consulting expenses of $1.9 million, travel expenses of $0.3 million and communication and technology expenses $0.5 million, respectively, partially offset by decreases in payroll related and stock-based compensation expense of $0.8 million. As a percentage of revenues, selling, general and administrative expenses decreased to 108.5% in the six months ended June 30, 2010 from 142.0% in the same period in 2009, primarily due to the increase in revenue resulting from the AI acquisition.
RESEARCH AND DEVELOPMENT EXPENSES. Research and development expenses increased by $0.9 million, or 64.7%, to $2.3 million in the six months ended June 30, 2010 from $1.4 million in the same period in 2009 due primarily to AI research and development expenses of $1.2 million consisting principally of payroll-related and consulting expenses of $0.9 million and $0.2 million, respectively, offset by a decrease in payroll-related and stock compensation expense of $0.2 million and consulting expenses of $0.1 million. As a percentage of revenues, research and development expenses decreased to 18.7% in the six months ended June 30, 2010 from 24.6% in the same period in 2009, primarily due to the increase in revenue resulting from the AI acquisition.
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I.d. Systems Inc. has a market cap of $26.6 million; its shares were traded at around $2.36 with and P/S ratio of 2.6. IDSY is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Cost of services increased by $1.2 million, or 374.3%, to $1.5 million, in the three months ended June 30, 2010 from $0.3 million in the same period in 2009. Gross profit for services was $2.7 million in 2010 compared to $0.6 million in 2009. The increase in gross profit was attributable to a gross profit contribution of $2.2 million from AI offset by a decrease of $0.1 million in the IDS gross profit. As a percentage of service revenues, gross profit decreased to 63.4% in 2010 from 64.6% in 2009. The decrease in gross profit as a percent of service revenue was due to a decrease in the IDS gross profit percentage to 57.9% in 2010 from 64.6% in 2009 and AI service revenue contributing a higher gross profit percentage of 64.7% in 2010. The gross margin decrease in the IDS gross profit margin was primarily due to a reduction in service revenue with fixed costs remaining constant driving the margin down.SELLING, GENERAL AND ADMINISTRATIVE EXPENSES. Selling, general and administrative expenses increased by $2.9 million, or 77.7%, to $6.7 million in the three months ended June 30, 2010 compared to $3.8 million in the same period in 2009. This increase was primarily attributable to by AI selling, general and administrative expenses of $3.0 million consisting principally of payroll-related expenses of $1.1 million, consulting expenses of $1.1 million, communications and technology expenses of $0.3 million and travel expenses of $0.1 million, respectively, partially offset by decreases in payroll-related and stock-based compensation expense of $0.4 million. As a percentage of revenues, selling, general and administrative expenses decreased to 111.2% in the three months ended June 30, 2010 from 140.2% in the same period in 2009, primarily due to the increase in revenue from the AI acquisition.
RESEARCH AND DEVELOPMENT EXPENSES. Research and development expenses increased by $0.4 million, or 61.9%, to $1.1 million in the three months ended June 30, 2010 from $0.7 million in the same period in 2009 due primarily due to AI research and development expenses of $0.6 million consisting principally of payroll-related and consulting expenses of $0.5 million and $0.1 million, respectively, partially offset by a decrease in payroll-related and stock compensation expense of $90,000 and consulting expenses of $56,000. As a percentage of revenues, research and development expenses decreased to 18.6% in the three months ended June 30, 2010 from 25.8% in the same period in 2009, primarily due to the increase in revenue resulting from the AI acquisition.
Cost of products increased by $0.1 million, or 9%, to $1.8 million in the six months ended June 30, 2010 from $1.7 million in the same period in 2009. Gross profit for products was $2.0 million in 2010 compared to $1.5 million in 2009. The increase in gross profit was attributable to a contribution of $0.7 million from AI offset by a decrease of $0.2 million in the IDS gross profit. As a percentage of product revenues, gross profit increased to 52.2% in 2010 from 46.4% in 2009. The increase in gross profit as a percent of product revenue was due to AI product revenue contributing a higher gross profit percentage of 71.5% in 2010.
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES. Selling, general and administrative expenses increased by $5.2 million, or 65.1%, to $13.2 million in the six months ended June 30, 2010 compared to $8.0 million in the same period in 2009. This increase was primarily attributable to by AI selling, general and administrative expenses of $5.5 million consisting principally of payroll-related expenses of $2.1 million, consulting expenses of $1.9 million, travel expenses of $0.3 million and communication and technology expenses $0.5 million, respectively, partially offset by decreases in payroll related and stock-based compensation expense of $0.8 million. As a percentage of revenues, selling, general and administrative expenses decreased to 108.5% in the six months ended June 30, 2010 from 142.0% in the same period in 2009, primarily due to the increase in revenue resulting from the AI acquisition.
RESEARCH AND DEVELOPMENT EXPENSES. Research and development expenses increased by $0.9 million, or 64.7%, to $2.3 million in the six months ended June 30, 2010 from $1.4 million in the same period in 2009 due primarily to AI research and development expenses of $1.2 million consisting principally of payroll-related and consulting expenses of $0.9 million and $0.2 million, respectively, offset by a decrease in payroll-related and stock compensation expense of $0.2 million and consulting expenses of $0.1 million. As a percentage of revenues, research and development expenses decreased to 18.7% in the six months ended June 30, 2010 from 24.6% in the same period in 2009, primarily due to the increase in revenue resulting from the AI acquisition.
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