Third-quarter revenues at Fleetmatics up 39%

Newly listed fleet management firm Fleetmatics said it performed strongly in the third quarter, as revenue rose 39 per cent.

The firm, which develops and sells fleet-management software for small and medium- sized businesses, said it also reached a milestone of 300,000 subscriptions during the three months to September 30th.

It completed its initial public offering in October.

Fleetmatics raised about $94 million when it floated on the New York Stock Exchange in October after shares were priced at $17, the upper end of the range.

Revenue for the quarter was $33.2 million, the company said.

Gross profit on a GAAP basis was $24.3 million, up from $16.4 million for the third quarter of 2011, with gross margin of 73 per cent. Operating income for the rose from $1.7 million to $2.5 million, with net income $1 million higher at $1.2 million.

“There are numerous opportunities to continue to drive strong growth over the long-term,” said chief executive Jim Travers.