Westwood, Mass. –
North American revenues grew 5
percent to $23 million in the fourth quarter but were flat for the full year at
$96.2 million, the company reported.
Fourth-quarter North American sales of the
company’s stolen-vehicle-recovery systems were driven by a 15 percent increase
in unit volume in the U.S. auto market, partially offset by a decline in the
company’s Canadian business, the company said.
The company’s strong unit volume
in the U.S. “tracked slightly behind overall retail growth in the broader
domestic auto market for the quarter” because of a “shift in historical brand
mix in U.S. auto sales, with our most successful brands experiencing slower
growth rates,” added chairman/CEO Richard Riley.
Although full-year North American
dollar sales were flat, LoJack enjoyed “solid unit growth in the U.S. market”
because of increased bulk installations, which sell on average at a lower
average price than standard installations, Riley said. The increase in bulk
installs, however, signifies that car dealers “are gaining confidence as the
broader domestic auto market experienced several encouraging months,” Riley
said.
For the quarter, worldwide
revenue grew to $40 million from the year-ago $35.6 million, and the company
posted operating income and net income vs. year-ago losses. Operating income
hit $4 million compared with a year-ago $1.6 million loss, and net income hit
$2.8 million compared with a year-ago $2.4 million loss.
For the full year, revenues grew
to $146.6 from $135 million, and the company’s operating losses and net losses
were reduced. Fiscal 2010’s operating loss of $400,000 compared with fiscal
2009’s $44.2 million operating loss, and the net loss of $18.6 million compared
to the year-ago net loss of $35.3 million.
LoJack’s Stolen Vehicle Recovery System
operates in 28 states, the District of Columbia, and more than 30 other
countries.
