LoJack Corporation Reports Q2 Financial Results
LoJack Corporation (NASDAQ GS: LOJN), a provider of vehicle theft recovery systems and advanced fleet management solutions, today reported financial results for the quarter ended June 30, 2015. In a separate release, the Company also announced today that it has appointed Edward Davis, former commissioner of the Boston Police Department, to its Board of Directors.
“We posted a profitable second quarter that demonstrated our success in reducing expenses and right-sizing our foundational Stolen Vehicle Recovery (SVR) business while fully maintaining our focus on building future growth in key telematics segments,” said LoJack President and CEO Randy Ortiz. “Ongoing cost-reduction initiatives helped to drive a $4.6 million improvement in the bottom line in the second quarter, and we remain on track to reduce fixed overhead expense by between $6 million and $8 million on an annualized basis this year.
“Driven by the success of our Pre-Install strategy, unit volume in our domestic dealer SVR business increased 5 percent in the quarter,” Ortiz continued. “June was the strongest month in terms of SVR unit volume in seven years and the second-strongest month ever in terms of Pre-Install volume. Our domestic business has now equaled or exceeded the performance of the broader U.S. retail auto market in 10 of the past 11 quarters.
“We believe that demand and sales momentum are building for our LoJack® Connect for Equipment ruggedized telematics system,” Ortiz said. “Construction firms are seeking to track their equipment and optimize their usage, while large multi-national rental companies are focusing on optimizing their rental models to lower overall maintenance costs and maximize profitability.”