Telenav, Inc. reported unaudited consolidated financial results for the second quarter and six months ended December 31, 2013. For the quarter, the company reported total revenue of $37,161,000 compared to $47,229,000 for the same period a year ago. Operating loss was $7,009,000 compared to operating income of $694,000 last year. Loss from continuing operations before provision for income taxes was $5,888,000 compared to income from continuing operations before provision for income taxes of $1,308,000 last year. Loss from continuing operations, net of tax was $3,997,000 or $0.10 per basic and diluted share compared to income from continuing operations, net of tax of $418,000 or $0.01 per basic and diluted share last year. Net loss was $3,997,000 or $0.10 per basic and diluted share compared to net income of $904,000 or $0.02 per basic and diluted share last year. Non-GAAP loss from continuing operations, net of tax was $1,171,000 or $0.03 per basic and diluted share compared to income from continuing operations, net of tax of $4,184,000 or $0.10 per basic and diluted share last year. Adjusted LBITDA from continuing operations was $2,716,000 compared to adjusted EBITDA from continuing operations of $6,534,000 last year.

For the six months, the company reported total revenue of $81,457,000 compared to $89,751,000 for the same period a year ago. Operating loss was $7,342,000 compared to operating income of $3,285,000 last year. Loss from continuing operations before provision for income taxes was $5,939,000 compared to income from continuing operations before provision for income taxes of $4,321,000 last year. Loss from continuing operations, net of tax was $3,988,000 or $0.10 per basic and diluted share compared to income from continuing operations, net of tax of $2,639,000 or $0.06 per basic and diluted share last year. Net loss was $3,988,000 or $0.10 per basic and diluted share compared to net income of $3,605,000 or $0.08 per diluted share last year. Net cash used in operating activities was $6,802,000 compared to net cash provided by operating activities of $41,808,000 last year. Purchases of property and equipment were $540,000 compared to $1,157,000 last year. Non-GAAP income from continuing operations, net of tax was $1,661,000 or $0.04 per basic and diluted share compared to income from continuing operations, net of tax of $8,167,000 or $0.19 per diluted share last year. Adjusted EBITDA from continuing operations was $1,228,000 compared to adjusted EBITDA from continuing operations of $12,437,000 last year.

For the third fiscal quarter ending March 31, 2014, the company offers the following guidance, which is predicated on management's judgments. The outlook below addresses the impact of Telenav's acquisition of skobbler in January 2014. Total revenue is expected to be $34 million to $36 million; GAAP gross margin is expected to be 56% to 57%; Non-GAAP gross margin is expected to be 59% to 60%, and represents GAAP gross margin adjusted for the add back of the amortization of capitalized software and developed technology of approximately $1 million; GAAP net loss is expected to be $8 million to $9 million; GAAP diluted net loss per share is expected to be $0.20 to $0.23; Non-GAAP net loss is expected to be $5 million to $6 million, and represents GAAP net loss adjusted for the add back of the tax effected impact of approximately $3 million of stock-based compensation expense, and approximately $1 million of capitalized software and developed technology amortization expenses; Non-GAAP diluted net loss per share is expected to be $0.12 to $0.15 and represents GAAP net loss per share adjusted for the add back of the tax effect of approximately $3 million of stock-based compensation expense, and approximately $1 million of capitalized software and developed technology expenses; Adjusted LBITDA is expected to be $7 million to $8 million, and represents GAAP net loss adjusted for the add back of approximately $3 million of stock-based compensation expense, and approximately $2 million of depreciation and amortization expenses, other income and expense, and income taxes.

For the fiscal year ending June 30, 2014, the company offers the following guidance: Total revenue is expected to be $149 million to $153 million; GAAP gross margin is expected to be 57% to 58%; Non-GAAP gross margin is expected to be 59% to 60%, and represents GAAP gross margin adjusted for the add back of the amortization of capitalized software and developed technology of approximately $4 million; GAAP net loss is expected to be $21 million to $24 million; GAAP diluted net loss per share is expected to be $0.53 to $0.62; Non-GAAP net loss is expected to be $9 million to $12 million, and represents GAAP net loss adjusted for the add back of the tax effected impact of $11 million to $12 million of stock-based compensation expense, and approximately $4 million of capitalized software and developed technology amortization expenses; Non-GAAP diluted net loss per share is expected to be $0.22 to $0.31, and represents GAAP net loss adjusted for the add back of the tax effected impact of $11 million to $12 million of stock-based compensation expense, and approximately $4 million of capitalized software and developed technology amortization expenses; Adjusted LBITDA is expected to be $14 million to $17 million, and represents GAAP net loss adjusted for the add back for the impact of $11 million to $12 million in stock-based compensation expense and $7 million to $8 million of depreciation and amortization expenses, other income and expense, and income taxes.