@Road Quarterly Service Revenues Up 8 Percent Sequentially; Cash Balances Increased for Third Consecutive Quarter.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)--April 24, 2003 @Road (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 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 ) solutions, today announced results for the first quarter ended March 31, 2003. Service revenues for the first quarter of 2003 were $10.6 million, up from $7.3 million reported for the same period in 2002 and up 8 percent from $9.8 million for the fourth quarter 2002. Total revenues for the first quarter of 2003 were $13.7 million, up from $9.7 million reported for the same period in 2002 and up 6 percent from $12.9 million for the fourth quarter 2002. "We are very pleased by the 8 percent growth in our service revenues in the first quarter compared to the fourth quarter of 2002 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. "Since our solution provides customers with a compelling return on investment, we were able to increase our 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 and improve our operating metrics metrics Managed care A popular term for standards by which the quality of a product, service, or outcome of a particular form of Pt management is evaluated. See TQM. across the board," stated Mr. Panu. "Our margins improved and we moved another step closer to achieving profitability." Net loss on a GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). basis for the first quarter of 2003 was $1.3 million, or a loss of $0.03 per share, compared with a net loss of $5.2 million, or a loss of $0.12 per share, for the same period in 2002. Non-GAAP net income (before non-cash charges Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. ) for the first quarter of 2003 was $31 thousand, or $0.00 per share, compared with a non-GAAP net loss (before non-cash charges) of $3.9 million, or a loss of $0.09 per share, for the same period in 2002. A reconciliation of non-GAAP financial measures per Regulation G is provided with the Condensed con·dense v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. Consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: Statements of Operations. The company's balance sheet at March 31, 2003 included $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, 2003 were $71.1 million. "Our balance sheet remains strong and our capital base allows us to continue building our company. We continue to manage the company's cash, growth and path to profitability," concluded Mr. Panu.
First Quarter 2003 Highlights
-- Financial -- increased subscriber base by 10 percent from the
prior quarter and by 38 percent over the prior year; increased
cash balances by $1.3 million in the first quarter of 2003
from the prior quarter.
-- Strategic Customers -- selected by Qwest to provide MRM
services to help Qwest manage its field operations. Qwest
employs over 5,000 mobile workers across a number of lines of
business.
-- New services -- announced the general availability of the
@Road MRM service offering using AT&T Wireless' high-speed
GPRS (General Packet Radio Service) network.
Launched Exception Services, a value-added application
enabling companies to quickly identify and respond to
scheduled or spontaneous field activities through alerts and
reports identifying incidents where mobile workers meet or
exceed customer-defined business rules.
Launched GeoManager(SM) Pocket Edition, a new solution that
combines @Road MRM services with GPS-enabled mobile phones.
-- Intellectual Property -- awarded two patents by the U.S.
Patent and Trademark Office, the seventh and eighth awarded to
the company. @Road has 34 additional patents pending in
jurisdictions throughout the world.
-- Partnerships -- announced the formation of a strategic
alliance with TransDecisions, a developer of innovative
logistics software for enterprises and transportation, to
develop and market an integrated solution.
Conference Call and Webcast Details @Road will host a teleconference Thursday Thursday: see week. , April 24th, commencing at 2:00 p.m. Pacific DST (1) (DeSTination) Contrast with SRC, which is an abbreviation of "source." (2) (Digital Signal Trust Company, Salt Lake City, UT, www.digsigtrust.com) An organization that sets up and manages PKI systems for companies and industry groups. , 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 800-210-9006 or 719-457-2621, or by tuning into the Webcast at www.road.com. About @Road @Road (Nasdaq: ARDI) is a leading provider of mobile resource management (MRM) services, a rapidly growing category of productivity solutions integrating location technologies, wireless communications wireless communications System using radio-frequency, infrared, microwave, or other types of electromagnetic or acoustic waves in place of wires, cables, or fibre optics to transmit signals or data. , transaction processing Updating the appropriate database records as soon as a transaction (order, payment, etc.) is entered into the computer. It may also imply that confirmations are sent at the same time. Transaction processing systems are the backbone of an organization because they update constantly. , software applications and the 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 to help companies better manage mobile workers. Any size organization, in any industry or public sector, in which improving the productivity of mobile workers has an impact on revenue, expenses, customer service and competitive advantage, will benefit from @Road MRM services. Because @Road offers MRM services on a hosted basis, customers avoid expensive and complex software and IT infrastructure investments. Since @Road delivers services using a pay-as-you-go pay-as-you-go also pay as you go n. The system or practice of paying debts as they are incurred. pay subscription model, customers experience an immediate and measurable return-on-investment. @Road delivers its MRM services to 99,000 mobile workers in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. every day. The company has headquarters in Fremont, CA, and secure networked data centers on both U.S. coasts. For more information, visit the @Road web site at www.road.com. 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, scalability How much a system can be expanded. See scalable. scalability - How well a solution to some problem will work when the size of the problem increases. For example, a central server of some kind with ten clients may perform adequately but with a thousand clients it of the @Road business model, ability of @Road to successfully develop, market and sell its products and services, ability of @Road to sell and deploy its products and services to large customers, such as Qwest (Qwest Communications International Inc., Denver, CO, www.qwest.com) A telecommunications company that offers services to telecom carriers, businesses and homes using an extensive fiber-optic network throughout the U.S. and Mexico. , 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 and business 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 31, 2003 and in its other filings with the Securities and Exchange Commission. @Road undertakes no obligation to update the forward-looking statements contained in this press release. Note to Editors: @Road is a registered trademark of At Road, Inc. The @Road logo and GeoManager 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/or service marks are the property of their respective owners.
At Road, Inc.
Condensed Consolidated Balance Sheets
(In thousands, unaudited)
March 31, December 31,
2003 2002(*)
------------ ------------
ASSETS
Current assets:
Cash, cash equivalents, and short-term
investments $39,233 $37,900
Accounts receivable, net 6,563 7,407
Inventories 4,746 5,399
Deferred product costs and other
current assets 10,869 9,937
------------ ------------
Total current assets 61,411 60,643
Property and equipment, net 1,882 2,500
Deferred product costs and other assets 7,820 7,407
------------ ------------
Total assets $71,113 $70,550
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities $ 7,085 $ 7,278
Deferred revenue and customer deposits 8,832 7,594
------------ ------------
Total current liabilities 15,917 14,872
Deferred revenue 5,697 5,321
Other long term liabilities 154 190
------------ ------------
Total liabilities 21,768 20,383
Stockholders' equity:
Common stock 170,868 170,610
Deferred stock compensation (294) (491)
Notes receivable from stockholders (2,042) (2,068)
Accumulated deficit (119,187) (117,884)
------------ ------------
Total stockholders' equity 49,345 50,167
------------ ------------
Total liabilities and
stockholders' equity $71,113 $70,550
============ ============
(*) Derived from the audited December 31, 2002 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,
2003 2002 2002
--------- ---------- ---------
Revenues:
Service $10,603 $ 9,813 $ 7,251
Product 3,138 3,133 2,449
-------- -------- --------
Total revenues 13,741 12,946 9,700
-------- -------- --------
Costs and expenses:
Cost of service revenue 3,792 3,570 3,209
Cost of product revenue 4,637 4,932 3,954
Research and development 1,336 1,340 1,586
Sales, general and
administrative 4,815 4,737 5,834
Intangibles amortization 424 424 414
Stock compensation 192 248 61
-------- -------- --------
Total costs and expenses 15,196 15,251 15,058
-------- -------- --------
Loss from operations (1,455) (2,305) (5,358)
Other income/(expense), net 152 287 148
-------- -------- --------
Net loss $(1,303) $(2,018) $(5,210)
======== ======== ========
Basic and diluted net loss
per share $ (0.03) $ (0.04) $ (0.12)
======== ======== ========
Shares used in calculating
basic and diluted
net loss per share 47,577 46,989 45,287
======== ======== ========
Reconciliation of GAAP Net Loss to non-GAAP Net Income (Loss):
GAAP net loss $(1,303) $(2,018) $(5,210)
Depreciation and amortization 718 752 763
Stock compensation 192 248 61
Intangibles amortization 424 424 414
-------- -------- --------
Non-GAAP net income (loss) (**) $ 31 $ (594) $(3,972)
======== ======== ========
Non-GAAP basic and diluted net
income (loss) per share (**) $ 0.00 $ (0.01) $ (0.09)
======== ======== ========
(**) Excludes intangibles amortization, stock compensation and
depreciation
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