- Achieved record recurring M2M service revenues during the second quarter of 2009. M2M service revenues, excluding analog, grew 47% from $4.5 million in the second quarter of 2008 to $6.6 million in the second quarter of 2009. Total consolidated service revenues for the second quarter are $7.7 million compared to $6.9 million in the same period last year
- Subscriptions (recurring M2M network and application service connections) to our network and application platforms continue to increase at a robust pace with total subscriptions, excluding analog, reaching 799,000 at the end of the second quarter. This compares with 534,000 recorded at the end of the second quarter last year, reflecting a 50% growth rate. We added 41,000 net incremental subscriptions during the quarter and we believe that this number will increase during the remainder of the year. We re-affirm our guidance of achieving between 30% and 40% growth in our full year-over-year digital subscription base
- Gross margin during the second quarter of 2009 improved to 45.1% compared to 41.9% during the first quarter of 2009 and 36.0% during the same period last year. The improvement was primarily due to an increase in higher-margin service revenues
- During the second quarter of 2009, adjusted EBITDA, excluding stock-based compensation expense and litigation costs, which were a combined $771,000, was $1.2 million compared to $0.8 million during the first quarter of 2009 and $1.0 million during the same period last year. The improvement in adjusted EBITDA was primarily due to lower operating expenses. A reconciliation of GAAP to non-GAAP results have been provided in the financial statement tables included in this press release
- Ended the quarter with an improved cash position of $10 million as a result of continued inventory and receivables management. In July, $3 million of debt was retired by using $2 million cash and converting $1 million of debt to equity, which resulted in the issuance of 226,244 shares
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