CHICAGO, May 1 /PRNewswire-FirstCall/ -- NAVTEQ Corporation, a
leading global provider of digital maps for vehicle navigation and
location-based solutions, today reported record revenue and
operating income for the first quarter ended April 1, 2007. Revenue
in the quarter rose 31% over the first quarter of 2006 to $160.0
million. Operating income grew 85% over the prior year to $38.3
million. Net income was up 87% over last year's first quarter to
$30.2 million. Earnings per diluted share grew 84% to $0.31,
compared to $0.17 in the prior year's quarter. "The business is
performing very well and we see positive signs for the remainder of
the year," said Judson Green, President and Chief Executive
Officer. "In terms of our key accomplishments, we closed on our
acquisition of Traffic.com, secured new business with a number of
in-dash and portable customers, and released our first Thailand
map, which marked our 60th country of coverage." NAVTEQ revenue
from the Europe, Middle East & Africa (EMEA) region totaled
$87.3 million in the quarter, up 14% from the first quarter of
2006. Excluding the impact of foreign currency rate fluctuation,
EMEA revenue for the first quarter grew 5%. Revenue for the
Americas region was $70.8 million in the quarter, a 61% increase
over the first quarter of 2006. Asia Pacific revenue was $1.9
million compared to $1.8 million in last year's first quarter. Cash
and marketable securities totaled $347.5 million at April 1, 2007.
Net cash provided by operating activities for the first quarter of
2007 was $79.1 million. Business Outlook The following
forward-looking statements reflect NAVTEQ management's expectations
as of May 1, 2007. For the fiscal year 2007, NAVTEQ reaffirms its
previously issued annual guidance, which was provided on February
8, 2007. NAVTEQ expects revenue in the range of $720 million to
$750 million and earnings per diluted share of $1.20 to $1.26,
assuming an average annual U.S. Dollar/Euro exchange rate of $1.27
and an effective tax rate of 28-29%. Earnings Call Information The
information for the company's earnings release conference call is
as follows: When: Tuesday, May 1, 2007 at 5:00 PM ET Where:
http://investor.navteq.com/ How: Log on to the web at the URL above
or call to listen in at 866.356.4281 (North America) or
617.597.5395 (international), passcode 42287945 Contact: The
company will provide a telephone replay of the conference call at
888-286-8010 (North America) or 617-801-6888 (international),
passcode 91010598. The telephone replay will be accessible from
7:00 PM ET Tuesday, May 1, 2007 through 11:59 PM ET on Tuesday, May
8, 2007. An on-demand replay of the conference call will also be
available online at investor.navteq.com until June 1, 2007. About
NAVTEQ NAVTEQ is a leading provider of comprehensive digital map
information for automotive navigation systems, mobile navigation
devices, Internet-based mapping applications, and government and
business solutions. NAVTEQ creates the digital maps and map content
that power navigation and location-based services solutions around
the world. The Chicago-based company was founded in 1985 and has
approximately 2,800 employees located in 167 offices in 28
countries. NAVTEQ is a trademark in the U.S. and other countries.
All rights reserved. This document may include certain
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements include, but are not limited to, plans, objectives,
expectations and intentions and other statements contained in this
press release that are not historical facts and statements
identified by words such as "expects," "anticipates," "intends,"
"plans," "believes," "seeks," "estimates" or words of similar
meaning. The statements are based on our current beliefs or
expectations and are inherently subject to various risks and
uncertainties, including those set forth under "Item 1A. Risk
Factors" in the Company's Annual Report on Form 10-K for the year
ended December 31, 2006, as filed with the Securities and Exchange
Commission. Actual results may differ materially from these
expectations due to changes in global political, economic,
business, competitive, market and regulatory factors. NAVTEQ does
not undertake any obligation to update any forward-looking
statements contained in this document. NAVTEQ CORPORATION Condensed
Consolidated Statements of Income (In thousands, except per share
data) Quarter Ended April 2, April 1, 2006 2007 (Unaudited) Net
revenue: Digital map licensing and related revenues $118,465
150,703 Advertising -- 6,227 Other 3,860 3,021 Total net revenue
122,325 159,951 Operating costs and expenses: Database creation and
delivery costs 62,851 74,255 Selling, general, and administrative
expenses 38,751 47,353 Total operating costs and expenses 101,602
121,608 Operating income 20,723 38,343 Other income 2,334 3,787
Income before income taxes 23,057 42,130 Income tax expense 7,379
11,881 Net income before cumulative effect of change in accounting
principle 15,678 30,249 Cumulative effect of change in accounting
principle, net of tax 506 -- Net income $16,184 30,249 Earnings per
share of common stock before cumulative effect of change in
accounting principle - Basic $0.17 $0.32 Diluted $0.16 $0.31
Cumulative effect of change in accounting principle per share of
common stock - Basic $0.01 $-- Diluted $0.01 $-- Earnings per share
of common stock - Basic $0.18 $0.32 Diluted $0.17 $0.31 NAVTEQ
CORPORATION Condensed Consolidated Balance Sheets (In thousands)
Dec. 31, April 1, 2006 2007 (Unaudited) Assets Current assets: Cash
and cash equivalents $122,335 114,632 Short-term marketable
securities 137,163 188,042 Accounts receivable, net 126,081 109,304
Deferred income taxes, net 9,232 16,338 Prepaid expenses and other
current assets 17,744 18,830 Total current assets 412,555 447,146
Property and equipment, net 27,462 56,439 Capitalized software
development costs, net 18,844 20,877 Long-term deferred income
taxes, net 187,391 231,313 Long-term marketable securities 63,033
44,795 Goodwill and acquired intangible assets, net 72,814 211,452
Deposits and other assets 12,602 3,726 Total assets $794,701
1,015,748 Liabilities and Stockholders' Equity Current liabilities:
Accounts payable $22,874 18,898 Accrued payroll and related
liabilities 33,571 29,704 Other accrued expenses 40,327 45,415
Deferred revenue 43,639 52,808 Total current liabilities 140,411
146,825 Long-term deferred revenue 2,874 47,898 Other long-term
liabilities 2,035 7,789 Total liabilities 145,320 202,512
Stockholders' equity 649,381 813,236 Total liabilities and
stockholders' equity $794,701 1,015,748 NAVTEQ CORPORATION
Condensed Consolidated Statements of Cash Flows (In thousands)
Quarter Ended April 2, April 1, 2006 2007 (Unaudited) Cash flows
from operating activities: Net income $16,184 30,249 Adjustments to
reconcile net income to net cash provided by operating activities:
Depreciation and amortization 6,960 9,108 Deferred income taxes
4,843 470 Stock compensation expense 4,016 4,329 Cumulative effect
of change in accounting principle (506) -- Provision for doubtful
receivables 1,090 575 Noncash other 377 3 Changes in operating
assets and liabilities, net of effects of acquisitions (18,553)
34,323 Net cash provided by operating activities 14,411 79,057 Cash
flows from investing activities: Acquisition of property and
equipment (2,188) (6,602) Capitalized software development costs
(3,655) (5,175) Net purchases of marketable securities (42,074)
(33,687) Payments for acquisitions, net of cash acquired (4,996)
(44,369) Note receivable (200) -- Net cash used in investing
activities (53,113) (89,833) Cash flows from financing activities:
Issuance of common stock and other equity transactions 4,060 2,233
Net cash provided by financing activities 4,060 2,233 Effect of
exchange rate changes on cash 429 840 Net increase in cash and cash
equivalents (34,213) (7,703) Cash and cash equivalents at beginning
of period 85,070 122,335 Cash and cash equivalents at end of period
$50,857 114,632 (Logo:
http://www.newscom.com/cgi-bin/prnh/20060313/NAVTEQLOGO)
http://www.newscom.com/cgi-bin/prnh/20060313/NAVTEQLOGO
http://photoarchive.ap.org/ DATASOURCE: NAVTEQ CONTACT: Editorial,
Jennifer Schuh of NAVTEQ, +1-312-894-3913, ; or Bob Richter for
NAVTEQ, +1-212-802-8588, ; or Investor Relations, Thomas R. Fox of
NAVTEQ, +1-312-894-7500, Web site: http://www.navteq.com/
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