Financial Highlights:

• Record revenue for the fourth quarter of fiscal 2010 grew 45 percent over the prior year to $49.5 million.
• Net income for the fourth quarter of fiscal 2010 grew 3 percent over the prior year to $10.6 million.
• Record revenue for fiscal 2010 grew 54 percent year over year to $171.2 million.
• Record net income for fiscal 2010 grew 40 percent year over year to $41.4 million.
• Cash generated from operations for the fourth quarter of fiscal 2010 was $24.7 million.
• Average monthly revenue per end user (ARPU) for the fourth quarter of fiscal 2010 decreased 13 percent over the fourth quarter of fiscal 2009 to $1.03.
• Average monthly paying end users for the fourth quarter of fiscal 2010 increased 69 percent year over year to 16.1 million.
• Completed initial public offering in May 2010 with approximately $44.6 million in net proceeds to TeleNav, after underwriting commissions and discounts and offering expenses.

"In our first quarter as a public company, TeleNav is pleased to report solid financial results for the fourth quarter and fiscal 2010," said HP Jin, president, CEO and co-founder of TeleNav. "During fiscal 2010, TeleNav substantially increased its subscriber base and expanded its partnership with Ford Motor Company, paving the way for growth in our in-dash navigation segment. More recently, TeleNav expanded its U.S. carrier base with the addition of U.S. Cellular, the nation's sixth largest wireless carrier."

Revenue for the fourth quarter of fiscal 2010 was $49.5 million, compared to revenue of $45.1 million for the third quarter of fiscal 2010 and $34.3 million for the fourth quarter of fiscal 2009. Revenue for fiscal 2010 was $171.2 million, compared to revenue of $110.9 million in fiscal 2009.

Net income for the fourth quarter of fiscal 2010 was $10.6 million, or $0.24 per diluted share, compared to net income of $12.5 million, or $0.23 per diluted share, for the third quarter of fiscal 2010 and $10.3 million, or $0.20 per diluted share, for the fourth quarter of fiscal 2009. Net income for fiscal 2010 was $41.4 million, or $0.83 per diluted share, compared to net income of $29.6 million, or $0.57 per diluted share, in fiscal 2009.

Non-GAAP net income for the fourth quarter of fiscal 2010 was $13.0 million, or $0.31 per diluted share, compared to non-GAAP net income of $13.1 million, or $0.34 per diluted share, for the third quarter of fiscal 2010 and $10.5 million, or $0.28 per diluted share, for the fourth quarter of fiscal 2009. For fiscal 2010, non-GAAP net income was $45.2 million, or $1.16 per diluted share, compared to $30.1 million, or $0.82 per diluted share, in fiscal 2009. Our Non-GAAP net income excludes stock-based compensation expense net of the related tax effect. The shares used in the calculation of our non-GAAP net income per share assume the conversion of all outstanding preferred stock into shares of common stock using the as-if converted method as of the beginning of each period presented or the date of issuance, if later.

"Cash generated from operations of $44.5 million increased 93 percent year over year. Including the successful completion of TeleNav's initial public offering this quarter, TeleNav increased its cash and cash equivalents 241 percent year over year to $112.9 million as of June 30, 2010," said Douglas Miller, chief financial officer of TeleNav. "TeleNav's strengthened balance sheet positions us to further invest in our core LBS business, as well as other strategic initiatives such as in-dash navigation and mobile advertising."

Recent Business Highlights:

• In July 2010, U.S. Cellular, the nation's sixth largest wireless carrier, selected TeleNav as a GPS navigation partner and launched Your Navigator Deluxe™, powered by TeleNav, on multiple smartphones.
• In May 2010, TeleNav announced the availability of the Sendum PT200 tracking device for Sprint wireless enterprise customers using the TeleNav Asset Tracker platform. The device provides highly accurate location information allowing TeleNav Asset Tracker users to monitor the real-time location of assets, such as high-value packages, cargo or equipment, using a secure, Web-based portal.
• In April 2010, TeleNav announced the availability of TeleNav business mobility products for Verizon Wireless enterprise customers, which allow organizations' field personnel to manage their work and exchange data with back-office systems using their smartphones on the Verizon Wireless network.
• In March 2010, TeleNav unveiled the new version of TeleNav GPS Navigator™ with new features including one-touch speech recognition, lane assist, red light traffic camera and speed limit alerts, and navigation while out of wireless coverage areas.
• In March 2010, TeleNav introduced OnMyWay™, a new location-based mobile application that automatically alerts a pre-determined person or group of people of the sender's trip status and estimated time of arrival (ETA).
• In January 2010 during CES, Ford Motor Company announced that it would use TeleNav's automotive-grade GPS navigation software in its next generation of the Ford SYNC™ platform.

TeleNav's largest customer, Sprint, is in negotiations with TeleNav regarding potential amendment of its current contract, which expires as to TeleNav's right to be Sprint's exclusive provider of Sprint Navigation on December 31, 2010 and terminates on December 31, 2011. Sprint and TeleNav are currently in active discussions to amend material terms of that contract including an extension of the contract and TeleNav's preferred provider status, changes to the current per subscriber revenue model, and provisions for new revenue opportunities from premium products, advertising and mobile commerce. TeleNav anticipates that any extended agreement would result in declines in ARPU and significant reductions in total revenue from Sprint for bundled basic navigation services compared to the most recent quarter, but would also likely result in continued increases in the number of subscribers. TeleNav cannot predict whether or when it will reach agreement with Sprint on these matters or what the ultimate financial impact would be.

Business Outlook

TeleNav offers the following guidance for the first quarter ending September 30, 2010, which assumes no amendment to the Sprint agreement would be effective during the quarter ending September 30, 2010:

• Total revenue is expected to be approximately $50.0 million;
• Gross margins are expected to be 80%;
• Non-GAAP operating expenses are expected to increase 10% sequentially, and exclude approximately $800,000 in stock-based compensation;
• GAAP net income is expected to be approximately $10.0 million;
• GAAP diluted net income per share is expected to be approximately $0.22;
• Non-GAAP net income is expected to be approximately $11.0 million;
• Non-GAAP diluted net income per share is expected to be approximately $0.23;
• Effective tax rate is expected to be 41%;

Weighted-average diluted shares outstanding are expected to be 45 to 46 million.

The above information concerning the forecast for the quarter ending September 30, 2010 represents the company's outlook only as of the date hereof, and TeleNav undertakes no obligation to update or revise any financial forecast or other forward looking statements, as a result of new developments or otherwise.

Conference Call

The company will host an investor conference call and live webcast today at 2:00 p.m. PDT (5:00 p.m. EDT) to discuss its fourth quarter and fiscal year 2010 results and outlook for the first quarter of fiscal 2011. To access the conference call, dial 888-221-9466 or 913-312-6664 and enter pass code 5484800. The webcast will be accessible on TeleNav's investor relations website at http://investor.telenav.com/. A replay of the conference call will be available approximately two hours after its completion and will be available through Tuesday, August 3, 5:00 p.m. PDT. To access the replay, please dial 888-203-1112 or 719-457-0820 and enter pass code 5484800.

Use of Non-GAAP Financial Measures

TeleNav prepares its financial statements in accordance with generally accepted accounting principles for the United States (GAAP). The non-GAAP financial measures such as net income and earnings per share information for fiscal 2010 and the third and fourth quarter of fiscal 2010 and similar periods from the prior year included in this press release are different from those otherwise presented under GAAP. The following are explanations of each type of adjustment that we incorporate into non-GAAP financial measures:

Stock-based compensation expense relates to equity incentive awards granted to our employees, directors, and consultants accounted for under GAAP. Stock-based compensation expense has been and will continue to be a significant recurring expense for TeleNav. While we include the dilutive impact of such equity awards in weighted average shares outstanding, the expense associated with stock-based awards reflects a non-cash charge that we exclude from non-GAAP net income.

Our non-GAAP tax rate differs from the GAAP tax rate due to the elimination of the tax rate effect of the GAAP stock compensation expenses that are being eliminated to arrive at the non-GAAP expenses.

The shares used to compute non-GAAP basic and diluted net income per share include the assumed conversion of all outstanding shares of convertible preferred stock into shares of common stock using the as-if converted method as of the beginning of each period presented or the date of issuance, if later. In May 2010, in conjunction with the closing of our initial public offering, all of our outstanding preferred stock was converted into shares of our common stock.

TeleNav has provided these measures in addition to GAAP financial results because management believes these non-GAAP measures help provide a consistent basis for comparison between quarters and fiscal year growth rates that are not influenced by certain non-cash charges and therefore are helpful in understanding TeleNav's underlying operating results. These non-GAAP measures are some of the primary measures TeleNav's management uses for planning and forecasting. These measures are not in accordance with, or an alternative to, GAAP and these non-GAAP measures may not be comparable to information provided by other companies. Reconciliations of the GAAP to non-GAAP results are presented at the end of this press release.

Forward Looking Statements

This press release contains forward-looking statements that are based on TeleNav's management's beliefs and assumptions and on information currently available to our management. Forward-looking statements include information concerning TeleNav's anticipated or assumed future results of operations, the anticipated outcome of current negotiations with Sprint to amend TeleNav's current contract, and the benefits of TeleNav's relationship with Ford and US Cellular. Actual events or results may differ materially from those described in this document due to a number of risks and uncertainties. These potential risks and uncertainties include, among others, fluctuations in TeleNav's quarterly and annual operating results; the amendments, if any, to TeleNav's agreement with Sprint; TeleNav's dependence on Sprint and AT&T for a substantial majority of its revenue; competition from other market participants who may provide comparable services to subscribers without charge; TeleNav's inexperience in the automotive navigation market; TeleNav's ability to estimate and sustain or increase its profitability; TeleNav's ability to attract, migrate and retain new wireless carriers and auto manufacturers; TeleNav's ability to issue new releases of its products and services and expand its product portfolio; changes to current accounting policies which may have a significant, adverse impact upon TeleNav's financial results; the introduction of new products by competitors or the entry of new competitors into the markets for TeleNav's services and products; the impact of current or future intellectual property litigation and claims for indemnification and economic and political conditions in the US and abroad. We discuss these risks in greater detail in "Risk factors" and elsewhere in our Form S-1 and other filings with the U.S. Securities and Exchange Commission (SEC), which are available at the SEC's website at www.sec.gov. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Also, forward-looking statements represent our management's beliefs and assumptions only as of the date made. You should review our SEC filings carefully and with the understanding that our actual future results may be materially different from what we expect.

Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

This weekend, Garmin is celebrating its partnership with Girls on the Run SoleMates at our Chicago store. Garmin has been a supporter of Girls on the Run for several years and in 2010 became a proud National Sponsor of Girls on the Run SoleMates, the organization’s adult charity running leg. Starting at 10 a.m. Saturday, July 31, 2010, at the Garmin store at 663 N. Michigan Avenue, the Garmin/Solemates event will feature special guest appearances by Girls on the Run founder Molly Barker and Coach Jenny Hadfield, cofounder of Chicago Endurance Sports and columnist for Runner’s World and Women’s Running magazines.

In addition to inspirational presentations by Barker and Hadfield on the life-changing benefits of Girls on the Run and training with Garmin, the Chicago store event will feature an innovative new trade-in program that is popular at events in the Rock ‘n’ Roll Marathon Series. Customers bringing in old GPS-enabled Forerunner® watches can get $25 off a new Forerunner, and the working units that were traded in will be donated to Girls on the Run. The morning event will also include product demonstrations and various giveaways, including CamelBak and Clif Bar products and a Garmin Forerunner 110 running watch as the raffle’s grand prize.

"Our jobs – yours and mine – are to give girls back the ‘ideas’ that are uniquely theirs,” said Barker, who founded Girls on the Run in 1996 as a four-time Hawaii Ironman triathlete with advanced degrees in social work. “To put their individuality, their inner strength, their ‘girlness’ at the core of all we do. To provide life-changing opportunities for girls to recognize and truly experience their genuine beauty – inside and out, and to celebrate their voices, their spirits and their bodies.”

“Echoing the purpose of Girls on the Run, Garmin’s mission is to improve lives,” said Stan Brajer, director of Garmin Fitness Sales and Marketing. “Our fitness products help people attain their goals personally and collectively while giving individuals, families and friends more ways to exercise together, build self esteem and get the most out of life’s every minute and every mile.”

The Girls on the Run SoleMates program provides a great opportunity for adults to give girls an example of healthy living while ensuring the future success of Girls on the Run programs that benefit the lives of thousands of young women every year. SoleMates participants are male and female athletes who pursue individual goals, such as participating in a marathon or triathlon, to raise money for local Girls on the Run councils.

While Garmin as a company has long provided local support through sponsorship and the donation of product, Garmin employees have also donated considerable time and talent to the local council of Girls on the Run of Johnson County, KS, as volunteer coaches, running buddies and SoleMates participants. “I can't think of a better way to use my passion to help others than by fundraising for Girls on the Run through SoleMates,” said Rebecca Sommers, Senior Copywriter at Garmin and local Girls on the Run board member. “I've had the opportunity to experience Girls on the Run from several different roles: coach, volunteer, mother of a participant, board member and fundraiser. All of those roles bring their own set of rewards, but none quite equal the payoff of seeing the Girls on the Run principles lived out by girls in the program.”

Registration for Girls on the Run SoleMates is $26, and members agree to raise a minimum of $262. Participants are supported through exclusive premiums and promotions, online fundraising tools and support and additional incentives for participants who surpass the fundraising goal. More information is available at http://www.girlsontherunsolemates.org.

How Girls on the Run supports SoleMates participants:

• Easy online registration process and online fundraising
• Welcome packet complete with an exclusive Girls on the Run SoleMates New Balance technical t-shirt and other branded gear
• Training Manual with marathon and half marathon plans for any level developed by Jenny Hadfield, co-author of best selling Marathoning for Mortals
• New Balance running shoes to the top 100 fundraisers and other incentive prizes/contests
• Group training runs (varies per city)

SoleMates participants doing the 2010 Bank of America Chicago Marathon can receive:

• Access to heated Girls on the Run SoleMates tent in Charity Village
• Private gear check and access to private portable restrooms before and after the race
• Food, drinks & other essentials before, during and after the race for runner and family

Now available at Garmin’s Chicago store, Forerunner 110 fills the needs of runners of all levels by focusing on simplicity without sacrificing accuracy. In addition to displaying real-time pace, time and distance, Forerunner 110 can display current heart rate data when users are wearing a Garmin heart rate monitor. Available in three sleek and stylish color combinations – black/gray, charcoal/red and gray/pink – Forerunner 110 looks fashionable on the run, in the office or out on the town. At Garmin Connect (http://garminconnect.com), users can quickly and easily log their workouts, track their totals, set goals, share workouts with friends and family and participate in an online fitness community of more than 20 million activities around the world. Learn more about Garmin’s fitness products at http://www.garmin.com/intosports.

Calling all LSA and experimental aircraft owners! One of our big focuses this year at EAA AirVenture in Oshkosh is the Garmin G3X. We've dedicated several areas of our booth to G3X demos and seminars, and these areas have been very busy as pilots have talked to Garmin experts about electrical systems for kitbuilt aircraft and discovered the best G3X configuration for their plane. In addition, we're also offering rebates of up to $3,500 on G3X single and dual screen purchases made between now and December 31. All Oshkosh attendees should make sure they stop by the Garmin G3X area (hangar D) and talk to one of our experts, attend a seminar, and walk away with a head-full of knowledge and a free Garmin G3X t-shirt.

EAA AirVenture Oshkosh is as busy as ever and so is the Garmin booth. As mentioned yesterday, one of our show announcements is upgrades to the G500/G600. The new features will include compatibility with Garmin’s GSR 56 Iridium voice and data service with worldwide weather capability, AOPA Airport Directory database support, a video input display option, third party radar interface, and display support for radar altimeter. One of one of the most common questions we've received at the show in relation to these two products, is "what's the difference between the G500 and G600?" Here's a quick video that will show that when it comes to the G500 and G600, it's what's on the inside that counts.

If the heat and humidity are sucking the life from your summer training, here’s a little something to fuel your motivation tank. Back in May, we had the rare opportunity to spend a day capturing video, photos and words of wisdom from elite marathoner Deena Kastor. Deena made a visit to the Garmin headquarters outside Kansas City to provide feedback to our fitness engineering and design teams and spend some time doing what she does best: run like pro while cameras roll. She’s the best talent we’ve ever cast. There just aren’t many “do-overs” when every footfall is a reflection of perfection.

Check out the video below for the highlights and learn everything from when this bronze medalist had her first Olympic dreams to how she celebrates after a big race. Deena, who’s been training with Garmin fitness devices for a couple of years, also talks about how our watches keep her training on track when she travels and competes around the world. After you watch the video, be sure to check Deena’s blog where she writes about her latest adventure: accompanying a friend as her pacer/crew member for the Badwater Ultramarathon.

Blogging partner and fitness guru extraordinaire Peg recently blogged about a cadre of "Speed Golfers" using their Forerunner 310XTs to pace themselves as they dashed about the course. Down at the caddy shack, your humble caddy viewed this post as an opportunity to broaden his horizons and do something different - that is, see how many different ways I could use my various Garmin devices in a single weekend.

Strapped with my trusty Garmin Forerunner 205, a borrowed Oregon 550 and my beloved Approach G5, I conjured a plan to golf, geocache and bike using each of the devices, putting them through their paces and seeing what I could learn about the devices.

First, I hustled the little caddies off to Loose Park in Kansas City (pictured above) for a Saturday morning geocache. Next, I strapped my Forerunner 205 to my golf bag to see how many calories I burned walking the hilly course. The results were pretty cool to see:

Having worked on our sweet new Oregon TV ad, I knew I could strap the Oregon to my bike and take it for a whirl. Flipping through the various Oregon fitness menus I quickly realized it had the awesome capability to capture some of the same data an Edge 705 bike computer. I even loaded my City Navigator microSD card into the Oregon, so I was able to navigate around town like I had nuvi 3700.