USA: Digital map maker reports record financials
Navteq Corporation, a provider of digital map data for vehicle navigation and location-based systems, has reported record revenue and operating income for the quarter ended June 26, 2005.
Revenue in the quarter rose 27% over the second quarter of 2004 to $US122.8 million. Operating income grew 51% over the year-ago period to $37.4 million. Net income was up 65% in the quarter to $25.3 million, compared with $15.3 million in the prior year's second quarter. Diluted earnings per share for the second quarter grew 62% to $0.27, compared with $0.17 in the prior year's second quarter.
For the first six months of 2005, revenue was $227.5 million, which represented growth of 29% over the same period in 2004. Year-to-date operating income grew 53% to $62.3 million. Net income was up 68% for the first six months of 2005 to $42.0 million, compared with $25.0 million for the same period in 2004. Year-to-date diluted earnings per share rose 64% to $0.45, compared with $0.27 for the first six months of 2004.
Revenue from Navteq's European operations totaled $82.0 million in the quarter, up 23% from $66.6 million in the second quarter of 2004. North American revenue was $40.8 million in the quarter, a 36% increase over the $30.0 million posted in the second quarter of 2004.