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.