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Minorplanet Systems USA, Inc. Announces Fiscal 2003 First Quarter Financial Results

January 14, 2003

Minorplanet Systems USA, Inc., a provider of telematics-based management solutions for commercial fleets, reported total revenues of $13.6 million for the first three months of fiscal 2003 ended Nov. 30, 2002, compared with total revenues of $18.5 million for the first three months of fiscal 2002 ended Nov. 30, 2001. The company reported a net loss of $4.5 million ($0.09 loss per share) for the fiscal 2003 first quarter, compared with a net loss of $3.1 million ($0.06 loss per share) for the comparable period a year ago."Sales of our Vehicle Management Information (VMI) units were strong during the 2003 first quarter at 1,740 units, 17.6 percent more than the 2002 fourth quarter," said W. Michael Smith, executive vice president and chief financial officer. "VMI sales in the 2003 first quarter resulted in $2.4 million in deferred product revenues and $1.3 million in deferred product gross margin that will be recognized in future periods. As of Nov. 30, 2002, the company had a total of $5.7 million in deferred product revenues and $3.1 million in deferred product gross margins from VMI to be recognized in future periods."Fiscal 2003 First Quarter Operating Highlights
  • The company sold 1,740 VMI units during the 2003 first quarter, compared with about 100 units in the fiscal 2002 first quarter, when the VMI technology was first being introduced in U.S. markets, and 1,480 units in the fiscal 2002 fourth quarter.
  • The company's gross margin improved by 5.3 percentage points to 41.1 percent in the 2003 first quarter, compared with 35.8 percent in the 2002 first quarter, primarily due to improved margins on service revenues and improved ratable product margin associated with VMI product sales.
  • Operating expenses, excluding sales and marketing costs associated mainly with VMI, were down $2.6 million, or about one-third from last year's levels, as management continued to tightly control overhead costs. Sales and marketing costs were up $2.9 million from the fiscal 2002 first quarter due to the company's expansion of VMI sales activities into five metro markets.
  • The company announced a significant upgrade to its VMI fleet management system with the introduction of the patented low-power radio frequency (RF) option. The RF technology enables customers to download, free of charge, critical vehicle location information utilizing two-way radio waves, instead of the cellular network serving their area.About Minorplanet Systems USA, Inc.
    Minorplanet Systems USA, Inc. (minorplanetusa.com) markets, sells and supports Vehicle Management Information (VMI), a fleet management solution that it says contributes to higher customer revenues and improved operator efficiency. VMI combines the technologies of the global positioning system (GPS) and wireless vehicle telematics to monitor vehicles, minute by minute, in real time. The company also markets, sells and supports a customized, GPS-based fleet management solution for large fleets like SBC Communications, Inc., which has approximately 35,000 installed vehicles now in operation. Headquartered in Richardson, Texas, Minorplanet currently markets its VMI fleet management technology in the Dallas/Fort Worth, Houston, Atlanta, Los Angeles and Austin, Texas, markets, with plans for expanding into other metro markets in the future.
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