@Road Announces Record First Quarter Revenues; Quarterly Service Revenues Up 22% Percent Sequentially.Business Editors & High-Tech high-tech also hi-tech adj. Informal Of, relating to, or resembling high technology. high-tech Adjective same as hi-tech Adj. 1. 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)--April 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 first quarter ended March 31, 2001. Service revenues for the first quarter of 2001 were $3.7 million, up from $937,000 reported for the same period in 2000 and up 22 percent from the $3 million for the fourth quarter 2000. Total revenues for the first quarter of 2001 were $5.1 million, up $3.9 million from the $1.2 million reported for the same period in 2000 and up 21 percent from the $4.2 million for the fourth quarter 2000. "We were very pleased that we were able to increase our net subscriber additions in the first quarter compared to the fourth quarter of 2000 in spite of in opposition to all efforts of; in defiance or contempt of; notwithstanding. See also: Spite the difficult 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 this is an endorsement of the value that customers find in their implementation of the @Road solution. Moreover, part of the growth came from early 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 were able to achieve from our Nextel (Nextel Communications, Inc., Reston, VA, www.nextel.com) A wireless communications carrier founded in New Jersey in 1987 as Fleet Call, a two-way radio service. Throughout the late 1980s and 1990s, the company acquired a large number of SMR (Specialized Mobile Radio) operators and turned channel and our Strategic Accounts sales force. We believe these channels will be important to our growth in the rest of the year," added Panu. Excluding stock compensation and amortization for both periods, the net loss for the first quarter of 2001 was $10.5 million, or a loss of $0.24 per share, compared with a net loss of $6.1 million, or a loss of $0.20 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 and amortization for both periods, net loss for the first quarter of 2001 was $12.2 million, or a loss of $0.28 per share, compared with a net loss of $9.5 million, or a loss of $0.31 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 Sept. 28, 2000. The company's balance sheet at March 31, 2001 includes $66.3 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 March 31, 2001 were $103 million. "Our balance sheet remains strong and our capital base allows us to continue building our company," stated Panu. "We ended the first quarter 2001 in a solid position," continued 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 our plan. We look forward to the remainder of 2001 with confidence." Conference Call and Webcast Details @Road will host a teleconference Thursday Thursday: see week. , April 26, commencing at 2 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 first 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 800/624-6265, pass code 01166, 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 news 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. All other trademarks and service marks are the property of their respective owners.
At Road Inc.
Condensed Consolidated Balance Sheets
(In thousands, unaudited)
March 31, 2001 Dec. 31, 2000(a)
ASSETS
Current assets:
Cash, cash equivalents, and
short-term investments $ 66,272 $ 76,613
Accounts receivable 4,242 4,252
Inventories 7,944 6,976
Deferred product costs and other
current assets 8,581 7,410
Total current assets 87,039 95,251
Property and equipment, net 6,610 7,108
Deferred product costs and other assets 9,342 9,083
Total assets $ 102,991 $ 111,442
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued
liabilities $ 10,314 $ 9,167
Deferred revenue 4,590 3,912
Total current liabilities 14,904 13,079
Deferred revenue 3,694 3,217
Other long term liabilities 383 380
Total liabilities 18,981 16,676
Stockholders' equity:
Common stock 170,712 171,208
Deferred stock compensation (6,258) (8,123)
Notes receivable from stockholders (3,293) (3,309)
Accumulated other comprehensive income
(loss) 8 (10)
Accumulated deficit (77,159) (65,000)
Total stockholders' equity 84,010 94,766
Total liabilities and stockholders'
equity $ 102,991 $ 111,442
(a) Derived from the audited Dec. 31, 2000 financial statements
At Road Inc.
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
(unaudited)
Three months ended
March 31, Dec. 31, March 31,
2001 2000 2000
Revenues:
Service $ 3,723 $ 3,042 $ 937
Product 1,391 1,169 253
Total revenues 5,114 4,211 1,190
Costs and expenses:
Cost of service revenue 2,843 2,527 639
Cost of product revenue 2,646 2,598 1,273
Research and development 2,237 2,262 1,611
Sales, general and administrative 8,895 8,237 4,339
Intangibles amortization 414 414 -
Stock compensation 1,295 1,850 3,415
Total costs and expenses 18,330 17,888 11,277
Loss from operations (13,216) (13,677) (10,087)
Other income, net 1,057 1,188 621
Net loss $ (12,159) $ (12,489) $ (9,466)
Basic and diluted
net loss per share $ (0.28) $ (0.29) $ (2.64)
Shares used in calculating basic
and diluted net loss per share 42,890 42,598 3,590
Pro forma basic and diluted
net loss per share $ (0.31)
Shares used in calculating pro
forma basic and diluted net loss
per share 30,088
Supplemental information:
Net loss, as reported $ (12,159) $ (12,489) $ (9,466)
Stock compensation 1,295 1,850 3,415
Amortization of intangibles 414 414 -
Net loss before stock compensation
and amortization $ (10,450) $ (10,225) $ (6,051)
Pro forma basic and diluted net
loss per share before stock
compensation and amortization $ (0.24) $ (0.24) $ (0.20)
Net loss before stock compensation
and amortization $ (10,450) $ (10,225) $ (6,051)
Depreciation and amortization 732 681 151
EBITDA (a) $ (9,718) $ (9,544) $ (5,900)
EBITDA (a) pro forma basic and
diluted net loss per share $ (0.23) $ (0.22) $ (0.20)
(a) Excludes amortization of intangibles, depreciation and stock
compensation.
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