@Road Announces Record First Quarter Revenues; Quarterly Service Revenues Up 14 Percent Sequentially.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)--April 25, 2002 @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 record results for the first quarter ended March 31, 2002. Service revenues for the first quarter of 2002 were $7.3 million, up from $3.7 million reported for the same period in 2001 and up 14 percent from $6.4 million for the fourth quarter 2001. Total revenues for the first quarter of 2002 were $9.7 million, up from $5.1 million reported for the same period in 2001 and up 13 percent from $8.6 million for the fourth quarter 2001. "We are very pleased by the 14 percent growth in our service revenues in the first quarter compared to the fourth quarter of 2001 in light of the challenging business climate 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. "We were able to increase revenues while decreasing 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. . Service revenues, total revenues and gross profits were up, while net loss and cash burn were down," stated Mr. Panu. "We believe that we have a scalable business that can lead us to profitability." "We are also pleased with the potential we saw in the first quarter in our large-customer sales organization, which we feel will be one of the engines for our future growth. We believe that the commitments that are being made to @Road by large customers demonstrate the substantial return on investment offered by our solution," added Mr. Panu. Net loss for the first quarter of 2002 was $5.2 million, or a loss of $0.12 per share, compared with a net loss of $12.2 million, or a loss of $0.28 per share, for the same period in 2001. Excluding stock compensation and amortization for both periods, the net loss for the first quarter of 2002 was $4.7 million, or a loss of $0.10 per share, compared with a net loss of $10.5 million, or a loss of $0.24 per share, for the same period in 2001. The company's balance sheet at March 31, 2002 includes $39.2 million of cash, cash equivalents 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, 2002 were $74.4 million. "Our balance sheet remains strong and our capital base allows us to continue building our company," stated Mr. Panu. First Quarter 2002 Highlights -- Financial - Increased service revenue by 14 percent over the preceding quarter; increased service revenue by 95 percent over the first quarter 2001; decreased quarterly cash burn to $3.1 million in the first quarter of 2002 from $10.3 million in the first quarter of 2001 and $5.4 million in the fourth quarter 2001. -- New services - Launched the iLM(R)2710 Internet Location Manager, offering an untethered @Road solution to Nextel subscribers; launched DirectData, a store-and-forward transaction and message queuing service that enables Fortune 1000 customers to merge @Road LocationSmart(TM) information with their own data. -- Infrastructure - Implemented core data-capture software with enhanced protocol and data compression, resulting in reduced cost of service through lower airtime costs; implemented data warehousing capabilities, providing customers additional insight into their mobile resources; implemented upgrades in data replication software in support of multi-center operations, data warehousing and data streaming. -- Partners - Added Southern LINC to the existing list of @Road wireless partners, including ALLTEL, AT&T Wireless, Cingular Wireless, Nextel Communications, Nextel Partners, TELUS Mobility and Verizon Wireless. -- Accolades - @Road CEO and President, Krish Panu, was appointed to the nineteen-member Silicon Valley Blue Ribbon Task Force on Aviation Security and Technology by U.S. Congressman Mike Honda (D-San Jose) and San Jose Mayor Ron Gonzales. "We are pioneers in creating and defining a new category: Mobile Resource Management," continued Mr. Panu. "We believe @Road is in the early stages of a huge opportunity. It is an exciting place to be." Conference Call and Webcast Details @Road will host a teleconference Thursday Thursday: see week. , April 25th, commencing at 2:00 p.m. PST PST Paroxysmal supraventricular tachycardia, see there , 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 800-946-0705 or 719-457-2637, 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 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 successfully market and sell its products to large customers, ability of @Road to execute To run a program, which causes the computer to carry out its instructions. See executable code, instruction and EXE file. execute - execution 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 28, 2002 and in its other filings with the Securities and Exchange Commission. iLM is a registered trademark of At Road, Inc. @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, December 31,
2002 2001(a)
ASSETS
Current assets:
Cash, cash equivalents,
and short-term investments $ 39,240 $ 42,380
Accounts receivable, net 5,144 4,781
Inventories 8,183 8,396
Deferred product costs
and other current assets 8,931 9,081
--------- ---------
Total current assets 61,498 64,638
Property and
equipment, net 4,332 4,900
Deferred product
costs and other assets 8,542 8,936
--------- ---------
Total assets $ 74,372 $ 78,474
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable
and accrued liabilities $ 7,296 $ 7,214
Deferred revenue 6,462 6,124
--------- ---------
Total current liabilities 13,758 13,338
Deferred revenue 4,481 4,426
Other long term liabilities 274 299
--------- ---------
Total liabilities 18,513 18,063
Stockholders' equity:
Common stock 168,747 169,148
Deferred stock compensation (1,594) (2,342)
Notes receivable
from stockholders (2,437) (2,748)
Accumulated deficit (108,857) (103,647)
--------- ---------
Total stockholders' equity 55,859 60,411
--------- ---------
Total liabilities and
stockholders' equity $ 74,372 $ 78,474
========= =========
(a) Derived from the audited December 31, 2001 consolidated
financial statements
At Road, Inc.
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
(unaudited)
Three months ended
March 31, December 31, March 31,
2002 2001 2001
-------- -------- ---------
Revenues:
Service $ 7,251 $ 6,371 $ 3,723
Product 2,449 2,242 1,391
-------- -------- ---------
Total revenues 9,700 8,613 5,114
-------- -------- ---------
Costs and expenses:
Cost of service revenue 3,209 3,187 2,843
Cost of product revenue 3,954 4,062 2,646
Research and development 1,586 1,592 2,237
Sales, general
and administrative 5,834 6,200 8,895
Intangibles amortization 414 414 414
Stock compensation 61 578 1,295
-------- -------- ---------
Total costs
and expenses 15,058 16,033 18,330
-------- -------- ---------
Loss from operations (5,358) (7,420) (13,216)
Other income/
(expense), net 148 276 1,057
-------- -------- ---------
Net loss $ (5,210) $ (7,144) $(12,159)
======== ======== =========
Basic and diluted
net loss per share $ (0.12) $ (0.16) $ (0.28)
======== ======== =========
Shares used in
calculating basic
and diluted net
loss per share 45,287 44,668 42,890
======== ======== =========
Supplemental information:
Net loss, as reported $ (5,210) $ (7,144) $(12,159)
Stock compensation 61 578 1,295
Intangibles amortization 414 414 414
-------- -------- ---------
Net loss before stock
compensation
and amortization $ (4,735) $ (6,152) $(10,450)
======== ======== =========
Pro forma basic and diluted
net loss per share before
stock compensation and
amortization $ (0.10) $ (0.14) $ (0.24)
======== ======== =========
Net loss before stock
compensation
and amortization $ (4,735) $ (6,152) $(10,450)
Depreciation
and amortization 763 760 731
-------- -------- ---------
EBITDA (b) $ (3,972) $ (5,392) $ (9,719)
======== ======== =========
EBITDA (b) pro forma
basic and diluted
net loss per share $ (0.09) $ (0.12) $ (0.23)
======== ======== =========
(b) Excludes amortization of intangibles, depreciation and stock
compensation
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