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Minorplanet Systems USA, Inc. Announces 2002 Second Quarter Financial Results

August 14, 2002

Minorplanet Systems USA, Inc., a provider of telematics-based, fleet managementsolutions for commercial fleets, reported August 14 that total revenues forthe 2002 second quarter ended June 30 were in line with expectations at$15.6 million, compared with $17.2 million for the 2001 second quarterended June 30.Minorplanet reported a 59.6 percent decrease in net loss for the 2002second quarter to $3.5 million ($0.07 per share on 48.3 million shares),compared to a net loss of $8.7 million ($0.88 per share on 9.8 millionshares) for the 2001 second quarter, before an extraordinary gain of$59.5 million ($6.03 per share on 9.8 million shares) arising from earlyextinguishment of $80 million of the company's Senior Note debt.For the first six months of 2002, total revenues were $30.6 million,compared with $39.6 million for the first six months of 2001. Minorplanet reported a 44.4 percent decrease in net loss for the 2002six months to $7.9 million ($0.16 per share on 48.2 million shares),compared to a net loss of $14.3 million ($1.91 per share on 7.5 millionshares) for the 2001 six months, before an extraordinary gain of $59.5million ($7.96 per share on 7.5 million shares) arising from earlyextinguishment of $80 million of the company's Senior Note debt.About Minorplanet Systems USA, Inc.Minorplanet Systems USA, Inc. (minorplanetusa.com) markets, sells andsupports Vehicle Management Information(VMI), a fleet management solution that, according to the company, contributes to higher customer revenuesand improved operator efficiency. VMI combines global positioning system(GPS) and wireless vehicle telematics technologies to monitor vehicles,minute by minute, in real time. The company also markets, sells andsupports a customized GPS-based fleet management solution for largefleets like SBC Communications, which has more than 37,000 installedvehicles. Headquartered in Richardson, Texas, Minorplanet currently has a marketpresence in the Dallas/Fort Worth, Houston, Atlanta, Los Angeles andAustin, Texas, markets, with plans for other metro markets in thefuture.
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