AgJunction reported financial results for the first quarter ended March 31, 2016.
During the fourth quarter of 2015, AgJunction successfully completed a merger with Novariant strengthening its position within the OEM precision guidance and machine control markets. AgJunction's consolidated 2016 first quarter results are presented as a combined entity however the comparative first quarter ended March 31, 2015 does not include Novariant's operations.
For the three months ended March 31, 2016, AgJunction reported revenue of $15.5 million, a 28% increase from $12.1 million in the first quarter of 2015. Total revenue in the Americas for the first quarter was $7.5 million, up 49% year-over-year due largely to additional sales resulting from the acquisition of Novariant.
Sales in Asia Pacific (APAC) increased $1.1 million or 58% from the first quarter of 2015, of which $0.7 relates to the acquisition of Novariant. Combined, sales in Europe, Middle East and Africa (EMEA) slightly decreased 3% from the first quarter of 2015 to $5.0 million, reflecting market conditions.
The Americas represented 48% of total revenues in the first quarter of 2016 compared to 41% a year ago. EMEA represented 33% of total first quarter revenues and APAC 19%, as compared to 43% and 16% in the first quarter of 2015, respectively.