Aftermarket

Software Revenue Drives Slight Growth For Xata

August 06, 2010

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Software provider Xata Corporation said its third quarter of fiscal year 2010 performance improved slightly on a 29 percent boost in software revenue to $11.6 million.
This compares to software revenue of $9 million for the year-ago period.

"Our significant software revenue growth for the quarter was a function of the accelerated adoption of the Turnpike product platform," said Mark Ties, chief financial officer of Xata. "Growth in software revenue also translated into strong margins and profitability in the third quarter."

The Minneapolis-based company posted total revenue of $18 million, up from $17.6 million the year before. Net income was $0.6 million, compared to a net loss of $0.1 million for the 2009 quarter.

For the most recent quarter, software revenue accounted for 65 percent of total revenue, compared to 51 percent for the 2009 period.

"Our solid results for the third quarter reflect our efforts to capture the significant growth potential in the trucking industry," said Jay Coughlan, chairman and president of Xata. "As we look ahead, we expect to enhance our distribution by growing our direct and indirect channel partnerships with wireless operators as well as further developing our fleet optimization platform. Xata's success will be measured by our ability to execute our software-as-a-service solution (SaaS), integrating the many existing and new technologies into one offering, and providing the industry with a single source for all its fleet operations needs."

During the quarter, Xata acquired 56 new customers, bringing its total customer count to over 1,200.

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