I.D. Systems Inc. (IDSY, Financial) filed Quarterly Report for the period ended 2010-03-31.
I.d. Systems Inc. has a market cap of $35.99 million; its shares were traded at around $3.25 with and P/S ratio of 3.49. IDSY is in the portfolios of Jim Simons of Renaissance Technologies LLC, Jim Simons of Renaissance Technologies LLC.
Cost of products increased by $0.2 million, or 22.2%, to $1.0 million in the three months ended March 31, 2010 from $0.8 million in the same period in 2009. Gross profit for products was $1.0 million in 2010 compared to $0.6 million in 2009. The increase in gross profit was attributable to an increase of $0.1 million in the IDS gross profit and $0.3 million from AI. As a percentage of product revenues, gross profit increased to 51.8% in 2010 from 42.0% in 2009. The increase in gross profit as a percent of product revenue was due to an increase in the IDS gross profit percentage to 45.6% in 2010 from 42.0% in 2009 and AI product revenue contributing a higher gross profit percentage of 69.2% in 2010.
Cost of services increased by $1.3 million, or 222.5%, to $1.8 million, in the three months ended March 31, 2010 from $0.5 million in the same period in 2010. Gross profit for services was $2.3 million in 2010 compared to $1.0 million in 2009. The increase in gross profit was attributable to a decrease of $0.6 million in the IDS gross profit and an increase of $1.9 million from AI. As a percentage of service revenues, gross profit decreased to 57.0% in 2010 from 64.8% 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 51.1% in 2010 from 64.8% in 2009 and AI service revenue contributing a higher gross profit percentage of 58.2% 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 $2.3 million, or 53.7%, to $6.5 million in the three months ended March 31, 2010 compared to $4.2 million in the same period in 2009. This increase was primarily attributable to decreases in payroll related and stock-based compensation expense of $0.4 million, more than offset by AI selling, general and administrative expenses of $2.5 million which consists principally of payroll-related and consulting expenses of $1.0 million and $0.8 million, respectively. As a percentage of revenues, selling, general and administrative expenses decreased to 105.7% in the three months ended March 31, 2010 from 143.5% 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 $0.5 million, or 67.5%, to $1.2 million in the three months ended March 31, 2010 from $0.7 million in the same period in 2009 due primarily to a decrease in payroll-related and stock compensation expense of $80,000 and consulting expenses of $66,000, more than offset by AI research and development expenses of $0.6 million which consists principally of payroll-related and consulting expenses of $0.4 million and $0.1 million, respectively. As a percentage of revenues, research and development expenses decreased to 18.8% in the three months ended March 31, 2010 from 23.5% in the same period in 2009, primarily due to the increase in revenue from the AI acquisition.
Net cash used in operating activities was $2.9 million for the three months ended March 31, 2010, compared to net cash used in operating activities of $1.6 million for the same period in 2009. The net cash used in operating activities for the three months ended March 31, 2010 reflects a net loss of $4.1 million and includes non-cash charges of $0.5 million for stock-based compensation and $0.4 million for depreciation and amortization expense. Changes in working capital items, net of $5.3 million of working capital acquired in the AI transaction, included:
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I.d. Systems Inc. has a market cap of $35.99 million; its shares were traded at around $3.25 with and P/S ratio of 3.49. IDSY is in the portfolios of Jim Simons of Renaissance Technologies LLC, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Revenues from services increased by $2.5 million, or 163.6%, to $4.1 million in the three months ended March 31, 2010 from $1.6 million in the same period in 2009. The increase in service revenue is primarily attributable to a decrease in IDS service revenue of $0.9 million resulting from the amount of services rendered to the United States Postal Service and Wal-Mart Stores, Inc., more than offset by AI service revenue of $3.4 million which consists principally of Wal-Mart Stores, Inc. and GE Trailer Fleet Services revenue of $1.5 million and $0.4 million, respectively.Cost of products increased by $0.2 million, or 22.2%, to $1.0 million in the three months ended March 31, 2010 from $0.8 million in the same period in 2009. Gross profit for products was $1.0 million in 2010 compared to $0.6 million in 2009. The increase in gross profit was attributable to an increase of $0.1 million in the IDS gross profit and $0.3 million from AI. As a percentage of product revenues, gross profit increased to 51.8% in 2010 from 42.0% in 2009. The increase in gross profit as a percent of product revenue was due to an increase in the IDS gross profit percentage to 45.6% in 2010 from 42.0% in 2009 and AI product revenue contributing a higher gross profit percentage of 69.2% in 2010.
Cost of services increased by $1.3 million, or 222.5%, to $1.8 million, in the three months ended March 31, 2010 from $0.5 million in the same period in 2010. Gross profit for services was $2.3 million in 2010 compared to $1.0 million in 2009. The increase in gross profit was attributable to a decrease of $0.6 million in the IDS gross profit and an increase of $1.9 million from AI. As a percentage of service revenues, gross profit decreased to 57.0% in 2010 from 64.8% 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 51.1% in 2010 from 64.8% in 2009 and AI service revenue contributing a higher gross profit percentage of 58.2% 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 $2.3 million, or 53.7%, to $6.5 million in the three months ended March 31, 2010 compared to $4.2 million in the same period in 2009. This increase was primarily attributable to decreases in payroll related and stock-based compensation expense of $0.4 million, more than offset by AI selling, general and administrative expenses of $2.5 million which consists principally of payroll-related and consulting expenses of $1.0 million and $0.8 million, respectively. As a percentage of revenues, selling, general and administrative expenses decreased to 105.7% in the three months ended March 31, 2010 from 143.5% 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 $0.5 million, or 67.5%, to $1.2 million in the three months ended March 31, 2010 from $0.7 million in the same period in 2009 due primarily to a decrease in payroll-related and stock compensation expense of $80,000 and consulting expenses of $66,000, more than offset by AI research and development expenses of $0.6 million which consists principally of payroll-related and consulting expenses of $0.4 million and $0.1 million, respectively. As a percentage of revenues, research and development expenses decreased to 18.8% in the three months ended March 31, 2010 from 23.5% in the same period in 2009, primarily due to the increase in revenue from the AI acquisition.
Net cash used in operating activities was $2.9 million for the three months ended March 31, 2010, compared to net cash used in operating activities of $1.6 million for the same period in 2009. The net cash used in operating activities for the three months ended March 31, 2010 reflects a net loss of $4.1 million and includes non-cash charges of $0.5 million for stock-based compensation and $0.4 million for depreciation and amortization expense. Changes in working capital items, net of $5.3 million of working capital acquired in the AI transaction, included:
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