The operating income in the third quarter of 2011 was $10.0 million, an increase of 30.3%. Net income attributable to AutoNavi shareholders was $9.3 million in the third quarter of 2011, an increase of 49.0% year-over-year.
Net cash provided by operating activities was $9.3 million in the third quarter of 2011. As of September 30, 2011, the Company had $174.6 million in cash and cash equivalents.
In the quarter AutoNavi's free mobile map application had a total of 26 million users and over 10 million monthly active users as of the end of the third quarter of 2011, compared to a total of 17 million users/4 million active as of the end of the second quarter of 2011.
"Our location-based products provide unique, attractive solutions for both our users and advertisers. As our user base continues to grow, we are able to collect even more data on user behavior which can be mined to provide users with valuable location-relevant information while allowing for smarter, more targeted location-based advertising that ultimately creates real value for businesses," explained Congwu Cheng, CEO of AutoNavi.
Net revenues from the automotive navigation segment in the third quarter of 2011 were $21.9 million, an increase of 22.8% year-over-year and a decrease of 4.2% from the previous quarter. The year-over-year increase in net revenues was mainly due to an increase in the number of copies of digital map data licensed for use in in-dash navigation systems,. The slight sequential decrease in the third quarter of 2011 was due to fewer copies of digital map data sold as compared to an exceptionally strong second quarter result.
Mobile and Internet LBS up 239%
The mobile and Internet location-based solutions business in the third quarter of 2011 delivered a record result of $8.8 million in net revenues, representing an increase of 239.3% year-over-year and 63.4% over the previous quarter. The increases were primarily due to the growth in revenues derived from the pre-installation of its navigation solutions on mobile phones.