Fleetmatics revenue up 39%

Fleet management firm Fleetmatics said the company performed strongly in the third quarter, as revenue rose 39 per cent.

The company, which develops and sells fleet-management software for small and medium-sized businesses, said it also reached a milestone of 300,000 subscriptions during the three month period ended September 30th, and completed its initial public offering in October.

Revenue for the quarter was $33.2 million, the company said. Gross profit on a GAAP basis was $24.3 million, up from $16.4 million for the third quarter of 2011, with gross margin of 73 per cent. Operating income for the rose from $1.7 million to $2.5 million, with net income $1 million higher at $1.2 million.

Adjusted earnings before interest, tax, depreciation and amortisation rose 80 per cent in the quarter to $10.1 million.

Fleetmatics raised a net $94 million when it floated on the New York Stock Exchange in October after shares were priced at $17, the upper end of the range.

Chief executive Jim Travers previously said the cash was earmarked for product development and growing the business.

Some 303,000 active vehicles were signed up to Fleetmatics at the end of the quarter, a rise of 40 per cent year on year. Net churn was 2.1 per cent.