@Road Announces Quarterly Service Revenues Up 22 Percent Sequentially Record Third Quarter Revenues.Business Editors/High-Tech Writers FREMONT Fremont (frē`mŏnt). 1 City (1990 pop. 173,339), Alameda co., W Calif., on San Francisco Bay; inc. 1956. Long an agricultural center, with champagne vineyards founded (1870) by Leland Stanford, it still ships fruits and vegetables. , Calif.--(BUSINESS WIRE)--Oct. 25, 2001 @Road(SM) (Nasdaq:ARDI ARDI Association Rwandaise pour la Promotion du Développement Intégré (French) ARDI Accounts Receivable Dollar Inventory ARDI Action Rwandaise pour le Developpement Integre ARDI Annually Renewable Disability Income ), a leading provider of location-enhanced wireless Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the solutions for mobile resource management (MRM MRM Marketing Resource Management MRM Mobile Resource Management MRM Metabolic Response Modifiers MRM Multiple Reaction Monitoring (mass spectrometry) MRM Mormonism Research Ministry MRM Mechanically Recovered Meat ), today announced its financial results for the third quarter ended September September: see month. 30, 2001. Service revenues for the third quarter of 2001 were $5.6 million, up from $2.4 million reported for the same period in 2000 and up 22 percent from the $4.5 million for the second quarter 2001. Total revenues for the third quarter of 2001 were $7.5 million, up from $3.1 million reported for the same period in 2000 and up 22 percent from the $6.2 million for the second quarter 2001. "We were very pleased that we were able to increase our service revenues by more than 20 percent in the third quarter compared to the second quarter of 2001 in light of one of the most challenging and uncertain economic climates in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. ," said Krish Panu, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of @Road. "Let me summarize sum·ma·rize intr. & tr.v. sum·ma·rized, sum·ma·riz·ing, sum·ma·riz·es To make a summary or make a summary of. sum the third-quarter income statement for you: service revenues up; total revenues up; gross profits up; cash operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. down," stated Mr. Panu. "We believe that we have a scalable business that can lead us to profitability." "We were also pleased with the traction Traction Definition Traction is the use of a pulling force to treat muscle and skeleton disorders. Purpose Traction is usually applied to the arms and legs, the neck, the backbone, or the pelvis. we've we've Contraction of we have. we've have seen in the third quarter in our large customer group which we believe will fuel our growth in future quarters. Moreover, we believe that our customers continue to recognize the substantial return on investment offered by their implementation of the @Road solution," added Mr. Panu. Excluding stock compensation, restructuring charges restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. and amortization for both periods, the net loss for the third quarter of 2001 was $7.7 million, or a loss of $0.17 per share, compared with a net loss of $10.0 million, or a loss of $0.28 per share, on a pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma basis for the same period in 2000. Including stock compensation, restructuring charges and amortization for both periods, net loss for the third quarter of 2001 was $9.0 million, or a loss of $0.20 per share, compared with a net loss of $13.3 million, or a loss of $0.38 per share, on a pro forma basis for the same period in 2000. For the nine months ended September 30, 2001, total revenues increased to $18.8 million from $6.4 million for the same period a year ago. Service revenues grew to $13.8 million for the nine months ended September 30, 2001 from $4.9 million for the same period a year earlier. Excluding stock compensation, restructuring charges and amortization for both nine-month periods, the net loss for the first nine months of 2001 was $27.6 million, or a loss of $0.63 per share, compared with a net loss of $25.7 million, or a loss of $0.81 per share, on a pro forma basis for the same period in 2000. Including stock compensation, restructuring charges and amortization for both nine-month periods, net loss for the first nine months of 2001 was $31.5 million, or a loss of $0.72 per share, compared with a net loss of $36.3 million, or a loss of $1.14 per share, on a pro forma basis for the same period in 2000. All per-share amounts for prior periods above are on a pro forma basis, which assumes the conversion of all convertible preferred stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". into common stock as if such conversion occurred at the date of original issuance. The company completed its initial public offering of common stock on September 28, 2000. The company's balance sheet at September 30, 2001 includes $47.8 million of cash and short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. investments. Total assets as of September 30, 2001 were $87.0 million. "Our balance sheet remains strong and our capital base allows us to continue building our company," stated Mr. Panu. "We ended the third quarter 2001 in a solid position," continued Mr. Panu. "We believe that @Road possesses four key elements for success: cash to build our business, a scalable business model designed to lead @Road to profitability, proprietary technology providing a strong competitive position, and experienced management and employees to execute To run a program, which causes the computer to carry out its instructions. See executable code, instruction and EXE file. execute - execution our plan." Conference Call and Webcast Details @Road will host a teleconference Thursday Thursday: see week. , October October: see month. 25th, commencing at 2:00 p.m. PDT PDT abbr. Pacific Daylight Time PDT Pacific Daylight Time PDT n abbr (US) (= Pacific Daylight Time) → hora de verano del Pacífico PDT , to discuss third quarter financial results. Participating in the call will be @Road President and CEO Krish Panu and CFO See Chief Financial Officer. Tom Hoster. All interested parties may listen by dialing 800-946-0708 or 719-457-2639, or by tuning into the webcast at www.atroad.com. About @Road Based in Fremont, CA, @Road is a publicly traded company publicly traded company A company whose shares of common stock are held by the public and are available for purchase by investors. The shares of publicly traded firms are bought and sold on the organized exchanges or in the over-the-counter market. that provides location-enhanced wireless Internet solutions for mobile resource management. Its patented LocationSmart(TM) technology platform combines wireless, positioning and XML XML in full Extensible Markup Language. Markup language developed to be a simplified and more structural version of SGML. It incorporates features of HTML (e.g., hypertext linking), but is designed to overcome some of HTML's limitations. technologies with the Internet into a fully integrated network A network that supports both data and voice and/or different networking protocols. See converged network and new public network. that supports the delivery of location-enhanced wireless Internet services for businesses and mobile professionals. Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. involving risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. Potential risks and uncertainties include, but are not limited to, @Road historical and future losses and operating results, limited operating history, ability of @Road to execute its plan and adapt to a rapidly changing economic environment, and general economic and political conditions. Further information regarding these and other risks is included in the @Road Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. dated March 30, 2001 and in its other filings with the Securities and Exchange Commission. Note to Editors: @Road, the @Road logo and LocationSmart are trademarks and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. service marks of At Road, Inc.
At Road, Inc.
Condensed Consolidated Balance Sheets
(In thousands, unaudited)
September December
ASSETS 30, 2001 31, 2000(a)
--------- ---------
Current assets:
Cash, cash equivalents, and
short-term investments $ 47,825 $ 76,613
Accounts receivable 5,240 4,252
Inventories 9,494 6,976
Deferred product costs and
other current assets 9,384 7,410
--------- ---------
Total current assets 71,943 95,251
Property and equipment, net 5,511 7,108
Deferred product costs and
other assets 9,531 9,083
--------- ---------
Total assets $ 86,985 $ 111,442
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued
liabilities $ 9,782 $ 9,167
Deferred revenue 5,888 3,912
--------- ---------
Total current liabilities 15,670 13,079
Deferred revenue 4,456 3,217
Other long term liabilities 346 380
--------- ---------
Total liabilities 20,472 16,676
Stockholders' equity:
Common stock 168,898 171,208
Deferred stock compensation (3,114) (8,123)
Notes receivable from stockholders (2,770) (3,309)
Accumulated other comprehensive income
(loss) -- (10)
Accumulated deficit (96,501) (65,000)
--------- ---------
Total stockholders' equity 66,513 94,766
--------- ---------
Total liabilities and stockholders'
equity $ 86,985 $ 111,442
========= =========
(a) Derived from the audited December 31, 2000 financial statements
At Road, Inc.
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
(unaudited)
Three months ended Nine months ended
------------------------------ -------------------
Sept. 30, June 30, Sept 30, Sept 30, Sept 30,
2001 2001 2000 2001 2000
-------- -------- -------- -------- --------
Revenues:
Service $ 5,550 $ 4,544 $ 2,353 $ 13,817 $ 4,877
Product 1,980 1,649 698 5,020 1,535
-------- -------- -------- -------- --------
Total revenues 7,530 6,193 3,051 18,837 6,412
-------- -------- -------- -------- --------
Costs and
expenses:
Cost of service
revenue 3,375 3,285 1,758 9,503 3,887
Cost of product
revenue 3,933 2,882 1,885 9,461 5,267
Research and
development 1,575 2,204 2,466 6,015 6,631
Sales, general
and
administrative 6,893 8,012 7,588 23,799 18,162
Restructuring
charges (30) 248 218
Intangibles
amortization 414 414 414 1,242 825
Stock
compensation 880 288 2,859 2,463 9,814
-------- -------- -------- -------- --------
Total costs and
expenses 17,040 17,333 16,970 52,701 44,586
-------- -------- -------- -------- --------
Loss from
operations (9,510) (11,140) (13,919) (33,864) (38,174)
Other income, net 517 789 666 2,363 1,840
-------- -------- -------- -------- --------
Net loss $ (8,993) $(10,351) $(13,253) $(31,501) $(36,334)
======== ======== ======== ======== ========
Basic and diluted
net loss per
share $ (0.20) $ (0.24) $ (2.13) $ (0.72) $ (8.07)
======== ======== ======== ======== ========
Shares used in
calculating
basic and
diluted net loss
per share 44,213 43,798 6,221 43,634 4,502
======== ======== ======== ======== ========
Pro forma basic
and diluted
net loss per
share $ (0.38) $ (1.14)
======== ========
Shares used in
calculating pro
forma basic and
diluted net loss
per share 35,073 31,910
======== ========
Supplemental
information:
Net loss, as
reported $ (8,993) $(10,351) $(13,253) $(31,501) $(36,334)
Stock
compensation 880 288 2,859 2,463 9,814
Restructuring
charges (30) 248 218
Intangibles
amortization 414 414 414 1,242 825
-------- -------- -------- -------- --------
Net loss before
stock
compensation,
restructuring
charges and
amortization $ (7,729) $ (9,401) $ (9,980) $(27,578) $(25,695)
======== ======== ======== ======== ========
Pro forma basic
and diluted net
loss per share
before stock
compensation,
restructuring
charges
amortization $ (0.17) $ (0.21) $ (0.28) $ (0.63) $ (0.81)
======== ======== ======== ======== ========
Net loss before
stock
compensation,
restructuring
charges and
amortization $ (7,729) $ (9,401) $ (9,980) $(27,578) $(25,695)
Depreciation and
amortization 745 733 458 2,210 609
-------- -------- -------- -------- --------
EBITDA(b) $ (6,984) $ (8,668) $ (9,522) $(25,368) $(25,086)
======== ======== ======== ======== ========
EBITDA(b) pro
forma basic and
diluted net loss
per share $ (0.16) $ (0.20) $ (0.27) $ (0.58) $ (0.79)
======== ======== ======== ======== ========
(b) Excludes amortization of intangibles Property that is a "right" such as a patent, Copyright, or trademark, or one that is lacking physical existence, such as good will. , depreciation, restructuring charges and stock compensation |
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