Westwood, Mass.-based LoJack Corp. last week reported results for the third-quarter revenue of $36.1 million for the period ended Sept. 30, a 32-percent decline from $52.9 million in the same quarter a year ago.
On a GAAP basis, the company’s operating expenses and operating loss reflect the impact of one-time charges of approximately $19.9 million related to the comprehensive agreement to settle all pending disputes with the company’s former licensee in China, as well as associated expenses. GAAP net loss and loss per diluted share reflect an after tax impact of approximately $14.6 million or $0.85 per diluted share related to the one-time charges.
“Despite unit volume and revenue declines compared to the prior year, we continue to see sequential quarter over quarter improvement in our domestic business and stabilization of our international business,” said Ronald Waters, president and CEO. “Our operating performance this quarter continues to reflect our effective management of operations and alignment of our cost structure to the current size of the business.”
Domestic revenue in the third quarter declined 22 percent to $23.7 million, from $30.3 million for the same quarter of the last year, on a 28 percent reduction in unit volume.
International revenue in the third quarter declined 48 percent to $9.1 million, from $17.7 million in the same quarter of the prior year, attributable to a 50-percent decline in unit volume.
LoJack Corp. is the global leader in finding and recovering a wide range of mobile assets including cars, construction equipment and motorcycles.
