MapBiz: Tele Atlas Reports Record Revenue; Net Loss
Netherlands-based digital map maker, Tele Atlas today reported record gross revenue for the fourth quarter and all of 2005. The company, which provides the digital maps and other content for the internet and navigation systems said revenue for 2005 was up 57% to 200.1 million euros (about 238.7 million U.S. dollars). The company's 4th quarter revenues were up 36% to 57.8 million euros (about 69.0 million U.S. dollars).
The company touted its full year adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) of 14.7 million euros (about 17.5 million U.S. dollars) which compares favorably to a loss in 2004 of 22.5 million euros (about 26.8 million U.S. dollars. However, if you look past the accounting gimmicks, Tele Atlas's net loss for 2005 actually increased to 21.6 million euros (about 25.8 million U.S. dollars) from 5.8 million euros (about 6.9 million U.S. dollars).
Not surprisingly, the company urged investors to look at the Adjusted EBITDA numbers. In a press release, Tele Atlas said, "The Company believes that Adjusted EBITDA provides the best measurement of operating performance, as it eliminates the impact of the large variations in non-cash expense items that the Company has experienced since 2004." However, investors didn't seem to be buying that argument as the company's stock fell 1.48 euros (6.1%) in trading on the Frankfurt Stock Exchange.
Tele Atlas employs 2,300 full-time staff and contract cartographers in 20 countries to update its maps.