@Road Announces Record Fourth Quarter Financial Results; Quarterly Service Revenues Up 29 Percent Sequentially; Annual Service Revenues Up 1194 Percent Over 1999.Business Editors and 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)--Feb. 15, 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 fourth quarter ended Dec. 31, 2000. Service revenues grew to $3 million in the fourth quarter of 2000 from $425,000 in the fourth quarter of 1999 and $2.4 million for the third quarter of 2000. Total revenues for the fourth quarter of 2000 were $4.2 million, up $3.6 million from the $583,000 reported for the same period in 1999 and up 38 percent from the $3.1 million for the third quarter 2000. "We are very pleased with the continued robust service revenue growth we were able to demonstrate in the fourth quarter of 2000," 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. "The increase in service revenues reflected our success in increasing the @Road subscriber subscriber, n the person, usually the employee, who represents the family unit in relation to the prepayment plan. Other family members are dependents. Also called certificate holders or enrollees. base during the quarter. Moreover, we were able to increase subscribers and revenues with only a modest increase in 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. ," continued Panu. Excluding stock compensation for both periods, the net loss for the fourth quarter of 2000 was $10.6 million, or a loss of $0.25 per share, compared with a net loss of $4.3 million, or a loss of $0.15 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 1999. Including stock compensation for both periods, net loss for the fourth quarter of 2000 was $12.5 million, or a loss of $0.29 per share, compared with a net loss of $8.3 million, or a loss of $0.30 per share, on a pro forma basis for the same period in 1999. For the year ended Dec. 31, 2000, total revenues increased to $10.6 million from $906,000 for the same period a year ago. Service revenues grew to $7.9 million for the year ended Dec. 31, 2000 from $612,000 for the same period a year earlier. Excluding stock compensation for both years, net loss for 2000 was $37.2 million, or a loss of $1.07 per share, on a pro forma basis, compared with a net loss of $8.5 million, or a loss of $0.37 per share, on a pro forma basis for 1999. Including stock compensation for both years, net loss for 2000 was $48.8 million, or a loss of $1.41 per share, on a pro forma basis, compared with a net loss of $13.5 million, or a loss of $0.59 per share, on a pro forma basis for 1999. 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 Dec. 31, 2000 includes $76.6 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 Dec. 31, 2000 were $111.4 million. "The completion of our initial public offering has strengthened our capital base and given us the foundation to continue building our company," stated Panu. Recent Highlights Strategic Alliances -- Signed an agreement with Nextel Communications Inc. (Nasdaq:NXTL), a leading provider of fully integrated wireless communications services, to develop an integrated solution designed to provide Nextel customers access to the mobile resource management services supported by the @Road LocationSmart(TM) network. Under the agreement, @Road will provide connectivity solutions designed to link a Nextel Internet-capable "plus" phone to the @Road LocationSmart network. -- Formed an alliance with Symbol Technologies (NYSE:SBL) to develop cooperative sales programs, including Symbol's promotion of @Road as a Logistics Systems Group Marketing Alliance Partner, and the introduction of Symbol hardware products to @Road customers. -- Established an alliance with Code-Alarm to deliver through retail channels a Web-based telematics solution for use by motorists in their vehicles. The parties are conducting a pilot program in Detroit to test the solution. -- Concluded successful test of the @Road iLM(TM) throughput using the NTT DoCoMo wireless service with Hitachi Software Engineering. Service Delivery and Technology Enhancements -- Announced the availability of the @Road mobile resource management solution to the expanding subscriber base of 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 Wireless Web customers. The new mobile resource management application provides users of Nextel Internet-capable phones the ability to more effectively manage their mobile work force with the push of a button. -- Enhanced East Coast (Philadelphia Philadelphia, ancient cities Philadelphia, name of several ancient cities. One was in Lydia, W Asia Minor (now W Turkey). At the foot of Mt. Tmolus and near the location of modern Alaşehir, it was founded in the 2d cent. B.C. ) data center capabilities with hot stand-by Stand´-by` n. 1. One who, or that which, stands by one in need; something upon which one relies for constant use or in an emergency. functionality to back up @Road's West Coast (Fremont) data center facility. -- Announced the commercial availability of Landmarks, a new optional feature of FleetASAP(SM). Landmarks permits FleetASAP subscribers to post in their personalized per·son·al·ize tr.v. per·son·al·ized, per·son·al·iz·ing, per·son·al·iz·es 1. To take (a general remark or characterization) in a personal manner. 2. To attribute human or personal qualities to; personify. mapping database up to 2,000 destinations, such as customer locations or route stops, to further enhance and automate To turn a set of manual steps into an operation that goes by itself. See automation. the scheduling and reporting functionality of the company's service. -- During 2000, launched an employee intellectual property program that produced numerous filed and in-process patent applications, each of which is designed to further strengthen the company's core technologies and protect innovative new technologies. Service Expansion and Market Penetration Noun 1. market penetration - the extent to which a product is recognized and bought by customers in a particular market penetration - the act of entering into or through something; "the penetration of upper management by women" Initiatives -- Established a formal Application Programming Interface program and the release of software interfaces to support it. @Road will encourage third-party software developers and service providers to integrate the @Road location, information and communication capabilities into their current and future offerings. "We ended 2000 in a great position," continued Panu. "We believe that @Road possesses four key elements to 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 growth strategy. We look forward to 2001 with great anticipation The performance of an act or obligation before it is legally due. In patent law, the publication of the existence of an invention that has already been patented or has a patent pending, ." Conference Call and Webcast Details The company will host a teleconference call Thursday Thursday: see week. , Feb. 15, commencing at 2 p.m. Pacific Standard Time, to discuss fourth quarter financial results. Participating in the call will be Panu and @Road CFO See Chief Financial Officer. Thomas (language) Thomas - A language compatible with the language Dylan(TM). Thomas is NOT Dylan(TM). The first public release of a translator to Scheme by Matt Birkholz, Jim Miller, and Ron Weiss, written at Digital Equipment Corporation's Cambridge Research Laboratory runs 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, @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, 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 prospectus A document, notice, circular, advertisement, letter, or communication in written form or by radio or television that offers any security for sale, or confirms the sale of any security. dated Sept. 28, 2000 and in its other filings with the Securities and Exchange Commission. Note to Editors: @Road, the @Road logo, LocationSmart, FleetASAP and iLM 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)
December 31, 2000 December 31, 1999 (a)
ASSETS
Current assets:
Cash, cash equivalents, and
short-term investments $ 76,613 $ 38,653
Accounts receivable 4,252 807
Inventories 6,976 1,880
Deferred product costs and other
current assets 7,410 1,486
Total current assets 95,251 42,826
Property and equipment, net 7,108 1,566
Deferred product costs and other assets 9,083 782
Total assets $ 111,442 $ 45,174
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued
liabilities $ 9,167 $ 3,365
Deferred revenue 3,911 703
Total current liabilities 13,078 4,068
Deferred revenue 3,217 464
Other long term liabilities 380 34
Total liabilities 16,675 4,566
Stockholders' equity:
Convertible preferred stock - 51,606
Common stock 171,208 18,590
Deferred stock compensation (8,123) (11,632)
Notes receivable from stockholders (3,308) (1,758)
Accumulated other comprehensive loss (11) (21)
Accumulated deficit (64,999) (16,177)
Total stockholders' equity 94,767 40,608
Total liabilities and stockholders'
equity $ 111,442 $ 45,174
(a) Derived from the audited Dec. 31,1999 financial statements
At Road Inc.
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
(unaudited)
Three months ended Years ended
December 31, September 30, December 31, December 31,
2000 2000 1999 2000 1999(a)
Revenues:
Service $ 3,042 $ 2,353 $ 425 $ 7,919 $ 612
Product 1,169 698 158 2,704 294
Total
revenues 4,211 3,051 583 10,623 906
Costs and expenses:
Cost of
service
revenue 2,527 1,758 457 6,414 681
Cost of
product
revenue 2,597 1,885 942 7,865 1,777
Research and
development 2,263 2,466 1,043 8,893 2,109
Sales,
general and
adminis-
trative 8,238 7,588 2,759 26,398 5,659
Intangibles
amortization 414 414 - 1,239 -
Stock
compen-
sation 1,850 2,859 3,973 11,664 4,973
Total costs
and
expenses 17,889 16,970 9,174 62,473 15,199
Loss from
operations (13,678) (13,919) (8,591) (51,850) (14,293)
Other income,
net 1,189 666 321 3,028 804
Net Loss $ (12,489) $ (13,253) $ (8,270) $ (48,822) $ (13,489)
Basic and
diluted net
loss per
share $ (0.29) $ (2.13) $ (1.94) $ (3.48) $ (4.88)
Shares used
in calculating
basic and diluted
net loss per
share 42,598 6,221 4,269 14,026 2,763
Pro forma
basic and
diluted net
loss per share $ (0.38) $ (0.30) $ (1.41) $ (0.59)
Shares used in
calculating pro
forma basic and diluted
net loss per share 35,073 27,766 34,582 22,882
Supplemental information:
Net loss, as
reported $ (12,489) $ (13,253) $ (8,270) $ (48,822) $ (13,489)
Depreciation and
amortization 681 661 101 2,035 188
Amortization of
intangibles 414 414 - 1,239 -
Stock
compensation 1,850 2,859 3,973 11,664 4,973
EBITDA(b) $ (9,544) $ (9,319) $ (4,196) $ (33,884) $ (8,328)
EBITDA(b)
pro forma
basic and
diluted net
loss per
share $(0.22) $(0.27) $ (0.15) $ (0.98) $ (0.36)
(a) Derived from the audited financial statements for the year ended
Dec. 31, 1999
(b) Excludes amortization of intangibles, depreciation and stock
compensation
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