TomTom NV (TMOAF.PK), a Dutch supplier of location and navigation products and services, reported Tuesday a wider net loss in its first quarter, hurt by lower revenues. The company also backed its fiscal 2013 forecast.
In its first quarter, the company's net loss attributable to the group was 2.27 million euros or 0.01 euros per share, compared to last year's loss of 1.53 million euros or 0.01 euros.
Adjusted earnings per share, which excluded certain items, dropped to 0.03 euros from 0.04 euros a year ago.
TomTom generated 202 million euros revenue for the quarter, a decrease of 13 percent from last year's 233 million euros.
The gross margin was 56 percent, compared to 49 percent last year, which was impacted by one-off provision for a malfunctioning GPS chip. Excluding this one-off, last year's gross margin would have been 55 percent.
EBITDA margin grew to 14 percent from 12 percent last year. Chief Executive Officer Harold Goddijn said, "In the quarter, we delivered results in line with expectations and a strong gross margin. The product unit structure we implemented last year is starting to deliver on its goal of making componentised products out of our map, navigation and traffic assets."
"With the sport watches we are combining our GPS knowledge with our expertise in creating products that are easy to use. We will continue to work on bringing innovations to the market and reiterate our outlook for the full year," he added.
For fiscal 2013, the company maintained its outlook for revenue of between 900 million euros and 950 million euros, and adjusted earnings per share of around 0.20 euros.
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