WOODCLIFF LAKE, N.J., Nov. 14, 2012 (GLOBE NEWSWIRE) -- I.D. Systems, Inc. (Nasdaq:IDSY), a leading provider of wireless solutions for tracking, securing and managing high-value enterprise assets, today announced that it has been ranked 498th on Deloitte's Technology 2012 Fast 500™ list, a ranking of the 500 fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America. The award was based on I.D. Systems' five-year revenue growth of 130%.
This is the third time I.D. Systems has been named to the Fast 500™ list.
"I.D. Systems has achieved 11 consecutive quarters of year-over-year revenue growth and is on pace for a second consecutive year of record annual revenue," said Jeffrey Jagid, I.D. Systems' chairman and CEO. "In addition, in our most recent quarter, we reported record quarterly net income. This success reflects revenue contributions from all of our patented wireless technology applications—industrial vehicle management, transportation asset management and rental car fleet management—as well as a balanced mix of product and service revenue, and a healthy percentage of predictable recurring revenue.
"We will continue to focus on the long-term strategic objectives behind our success: expanding sales of our wireless solutions with core customers; building a strong recurring revenue base; diversifying revenue sources; sustaining high gross margins; and closely managing costs."
"The companies on the Fast 500 list are among those that have demonstrated remarkable innovation, creativity and business savvy," said Bill Ribaudo, Deloitte & Touche LLP partner and national technology, media and telecommunications leader for audit and enterprise risk services. "As a result, these companies have continued to successfully forge ahead in a challenging economic environment. We applaud the leadership and employees of I.D. Systems for this impressive accomplishment."
About I.D. Systems
Based in Woodcliff Lake, New Jersey, with subsidiaries in Germany and the United Kingdom, I.D. Systems is a leading provider of solutions for securing, controlling, tracking, and managing high-value enterprise assets, including vehicles, powered equipment, trailers, containers, baggage, and cargo. The Company's patented technologies address the needs of organizations to monitor and analyze their assets to improve safety, security, efficiency, and productivity. For more information, visit www.id-systems.com.
About Deloitte's 2012 Technology Fast 500
Technology Fast 500, conducted by Deloitte & Touche LLP, provides a ranking of the fastest growing technology, media, telecommunications, life sciences and clean technology companies—both public and private—in North America. Technology Fast 500 award winners are selected based on percentage fiscal year revenue growth from 2007 to 2011. To be eligible for Technology Fast 500 recognition, companies must own proprietary intellectual property or technology that is sold to customers in products that contribute to a majority of the company's operating revenues. Companies must have base-year operating revenues of at least $50,000 USD or CD, and current-year operating revenues of at least $5 million USD or CD. Additionally, companies must be in business for a minimum of five years, and be headquartered within North America.
"Safe Harbor" statement:
This press release contains forward looking statements within the meaning of federal securities laws. Forward-looking statements include statements with respect to I.D. Systems' beliefs, plans, goals, objectives, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond I.D. Systems' control, and which may cause its actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be forward-looking statements. For example, forward-looking statements include: statements regarding prospects for additional customers; market forecasts; projections of earnings, revenues, synergies, accretion or other financial information; and plans, strategies and objectives of management for future operations, including integration plans in connection with acquisitions. The risks and uncertainties referred to above include, but are not limited to, future economic and business conditions, the loss of key customers or reduction in the purchase of products by any such customers, the failure of the market for I.D. Systems' products to continue to develop, the possibility that I.D. Systems may not be able to integrate successfully the business, operations and employees of acquired businesses, the inability to protect I.D. Systems' intellectual property, the inability to manage growth, the effects of competition from a variety of local, regional, national and other providers of wireless solutions, and other risks detailed from time to time in I.D. Systems' filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2011. These risks could cause actual results to differ materially from those expressed in any forward looking statements made by, or on behalf of, I.D. Systems. I.D. Systems assumes no obligation to update the information contained in this press release, and expressly disclaims any obligation to do so, whether as a result of new information, future events or otherwise.
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