@Road Announces Quarterly Service Revenues Up 22 Percent Sequentially; Record Second Quarter Revenues.Business Editors 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)--July 26, 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 second quarter ended June June: see month. 30, 2001. Service revenues for the second quarter of 2001 were $4.5 million, up from $1.6 million reported for the same period in 2000 and up 22 percent from the $3.7 million for the first quarter 2001. Total revenues for the second quarter of 2001 were $6.2 million, up $4.0 million from the $2.2 million reported for the same period in 2000 and up 21 percent from the $5.1 million for the first quarter 2001. "We were very pleased that we were able to increase our service revenues by more than 20 percent in the second quarter compared to the first quarter of 2001 in spite of in opposition to all efforts of; in defiance or contempt of; notwithstanding. See also: Spite the continued challenging economic environment in the U.S.," 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. "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 second quarter of 2001 was $9.4 million, or a loss of $0.21 per share, compared with a net loss of $9.7 million, or a loss of $0.32 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 second quarter of 2001 was $10.4 million, or a loss of $0.24 per share, compared with a net loss of $13.6 million, or a loss of $0.45 per share, on a pro forma basis for the same period in 2000. For the six months ended June 30, 2001, total revenues increased to $11.3 million from $3.4 million for the same period a year ago. Service revenues grew to $8.3 million for the six months ended June 30, 2001 from $2.5 million for the same period a year earlier. Excluding stock compensation, restructuring charges and amortization for both six-month periods, the net loss for the first six months of 2001 was $19.9 million, or a loss of $0.46 per share, compared with a net loss of $15.7 million, or a loss of $0.52 per share, on a pro forma basis for the same period in 2000. Including stock compensation, restructuring charges and amortization for both six-month periods, net loss for the first six months of 2001 was $22.5 million, or a loss of $0.52 per share, compared with a net loss of $23.1 million, or a loss of $0.76 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 September: see month. 28, 2000. The company's balance sheet at June 30, 2001 includes $56.3 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 June 30, 2001 were $95.2 million. "Our balance sheet remains strong and our capital base allows us to continue building our company," stated Mr. Panu. "We ended the second 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 business model designed to lead @Road to profitability, proprietary technology that forms a competitive barrier to entry, 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. , July July: see month. 26th, 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 second 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, Calif., @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, limited operating history, the infancy infancy, stage of human development lasting from birth to approximately two years of age. The hallmarks of infancy are physical growth, motor development, vocal development, and cognitive and social development. of the wireless data industry where there is no established market for @Road products and services, ability of @Road to adapt to rapid technological change, reliance by @Road on a limited number of customers, and dependence of @Road on wireless networks, network infrastructure and positioning systems owned and controlled by others. 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)
June 30, December 31,
2001 2000(1)
--------- ---------
ASSETS
Current assets:
Cash, cash equivalents,
and short-term investments $ 56,251 $ 76,613
Accounts receivable 4,020 4,252
Inventories 10,035 6,976
Deferred product costs
and other current assets 9,440 7,410
--------- ---------
Total current assets 79,746 95,251
Property and equipment, net 6,089 7,108
Deferred product
costs and other assets 9,320 9,083
--------- ---------
Total assets $ 95,155 $ 111,442
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and
accrued liabilities $ 11,145 $ 9,167
Deferred revenue 5,164 3,912
--------- ---------
Total current liabilities 16,309 13,079
Deferred revenue 4,065 3,217
Other long term liabilities 364 380
--------- ---------
Total liabilities 20,738 16,676
Stockholders' equity:
Common stock 168,937 171,208
Deferred stock compensation (4,098) (8,123)
Notes receivable from
stockholders (2,912) (3,309)
Accumulated other comprehensive
income (loss) -- (10)
Accumulated deficit (87,510) (65,000)
--------- ---------
Total stockholders' equity 74,417 94,766
--------- ---------
Total liabilities and
stockholders' equity $ 95,155 $ 111,442
========= =========
(1) 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 Six months ended
June 30, March 31, June 30, June 30, June 30,
2001 2001 2000 2001 2000
-------- -------- -------- -------- --------
Revenues:
Service $ 4,544 $ 3,723 $ 1,587 $ 8,267 $ 2,524
Product 1,649 1,391 583 3,040 837
-------- -------- -------- -------- --------
Total revenues 6,193 5,114 2,170 11,307 3,361
-------- -------- -------- -------- --------
Costs
and expenses:
Cost of service
revenue 3,285 2,843 1,490 6,128 2,129
Cost of product
revenue 2,882 2,646 2,109 5,528 3,382
Research
and
development 2,204 2,237 2,553 4,441 4,165
Sales, general
and
administrative 8,012 8,895 6,235 16,907 10,573
Restructuring
charges 248 248
Intangibles
amortization 414 414 411 828 411
Stock
compensation 288 1,295 3,540 1,583 6,955
-------- -------- -------- -------- --------
Total costs
and expenses 17,333 18,330 16,338 35,663 27,615
-------- -------- -------- -------- --------
Loss from
operations (11,140) (13,216) (14,168) (24,356) (24,254)
Other income, net 789 1,057 553 1,846 1,174
-------- -------- -------- -------- --------
Net loss $(10,351) $(12,159) $(13,615) $(22,510) $(23,080)
======== ======== ======== ======== ========
Basic and
diluted net
loss per share $ (0.24) $ (0.28) $ (3.68) $ (0.52) $ (6.34)
======== ======== ======== ======== ========
Shares used
in calculating
basic and
diluted net
loss per share 43,798 42,890 3,696 43,344 3,643
======== ======== ======== ======== ========
Pro forma
basic and
diluted net loss
per share $ (0.45) $ (0.76)
======== ========
Shares used
in calculating
pro forma basic
and diluted net
loss per share 30,568 30,328
======== ========
Supplemental
information:
Net loss,
as reported $(10,351) $(12,159) $(13,615) $(22,510) $(23,080)
Stock
compensation 288 1,295 3,540 1,583 6,955
Restructuring
charges 248 248
Intangibles
amortization 414 414 411 828 411
-------- -------- -------- -------- --------
Net loss
before stock
compensation,
restructuring
charges
and amortization $ (9,401) $(10,450) $ (9,664) $(19,851) $(15,714)
======== ======== ======== ======== ========
Pro forma
basic and
diluted net
loss per share
before stock
compensation,
restructuring
charges and
amortization $ (0.21) $ (0.24) $ (0.32) $ (0.46) $ (0.52)
======== ======== ======== ======== ========
Net loss
before stock
compensation,
restructuring
charges
and amortization $ (9,401) $(10,450) $ (9,664) $(19,851) $(15,714)
Depreciation and
amortization 733 732 458 1,465 609
-------- -------- -------- -------- --------
EBITDA (2) $ (8,668) $ (9,718) $ (9,206) $(18,386) $(15,105)
======== ======== ======== ======== ========
EBITDA (2)
pro forma
basic and
diluted net loss
per share $ (0.20) $ (0.23) $ (0.30) $ (0.42) $ (0.50)
======== ======== ======== ======== ========
(2) Excludes amortization of intangibles, depreciation, restructuring
charges and stock compensation
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