Wednesday, Telular Corp. (WRLS), a provider of event monitoring and wireless access solutions, said it has completed the acquisition of SupplyNet Communications, a supplier of wireless tank-level monitoring services. Under the terms of the agreement, Telular would initially pay about $3 million in cash at closing. In addition, the company announced preliminary financials for the fourth quarter and fiscal year ended September 30, 2008.
The Schaumburg, Illinois-based SupplyNet provides private label and branded tank monitoring solutions for some of the major petroleum logistics and chemical companies. Telular expects to generate nearly $6 million in revenues from SupplyNet during 2009.
Commenting on the deal, Joseph Beatty, President and Chief Executive Officer, Telular said, " By combining both our technology and experience, we will be able to introduce wireless ARP solutions to new industrial markets. This acquisition will diversify our revenue stream beyond the security space and into a relatively underpenetrated and burgeoning market. We are very pleased about this exciting growth opportunity and expect this acquisition to be accretive in fiscal 2009."
Further, the company said it expects fourth quarter revenues of about $11 million, compared to $26.4 million in the same period a year ago. Full year revenues are expected to be about $66 million, compared to $74.5 million last year. For the fourth quarter, the company expects net income to be positive.
Commenting on the preliminary results Beatty said," While we effectively managed expenses in the fourth quarter, revenue results were below our expectations due to the weakened housing market and slower demand for our solutions; particularly from our largest Telguard customer. We remain committed to capitalizing on new opportunities to grow revenue and we expect to report positive cash flow generation for the fourth quarter and fiscal 2008 year end."
WRLS closed Wednesday's trading on Nasdaq at $2.05, down $0.36 or 14.94%.
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