NAVTEQ Reports Record First Quarter Revenue

30 April 2008, 6:09pm

Chicago, IL – April 30, 2008 – NAVTEQ Corporation (NYSE: NVT), a leading global provider of digital map data for vehicle navigation and location-based solutions, today reported record first quarter revenue and operating income for the quarter ended March 30, 2008.

First quarter revenue rose 40% over the same period in 2007 to $224.5 million. Excluding the impact of foreign currency rate fluctuation, revenue for the first quarter grew 32%. Operating income was $40.8 million, a 6% increase over last year’s first quarter. Net income in the quarter grew 9% over the prior year to $32.9 million. Earnings per diluted share in the quarter of $0.32 grew 4% over the same period in 2007.

“We are quite pleased with the company’s first quarter revenue growth, particularly in this uncertain economic environment,” said Judson Green, president and chief executive officer. “The first quarter was also the beginning of a very important investment year for the company as we continue to develop the next generation products and services our customers demand. As we anticipated, first quarter earnings growth was dampened by a planned increase in spending on capabilities we consider essential to our future success.”

Revenue from NAVTEQ’s Europe, Middle East & Africa (EMEA) region totaled $114.5 million in the quarter, up 31% from the first quarter of 2007. Excluding the impact of foreign currency rate fluctuation, EMEA revenue for the first quarter grew 17%. Revenue for the Americas region was $108.9 million in the quarter, a 54% increase over the first quarter of 2007. Asia Pacific revenue was $1.1 million in the quarter, a decline of 43% from the first quarter of 2007.

Cash and marketable securities totaled $532.2 million at March 30, 2008. Net cash provided by operating activities for the first quarter was $76.8 million.

www.navteq.com

Geo: International