@Road Reports First Quarter Results; Completion of Vidus Acquisition Continues @Road Transformation.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. -- @Road(R), Inc. (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 global 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 its results for the first quarter ended March 31, 2005. Total revenues for the first quarter of 2005 were $20.0 million. Hosted revenues for the first quarter were $19.5 million, and licensed revenues for the first quarter were $0.5 million. "During the quarter, we closed our previously announced acquisition of Vidus Limited," 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 solution integrating the Vidus and @Road capabilities can deliver even more value to our customers going forward. In addition to the Vidus transaction, we continue to transition our customers to newer technologies and continue our vertical market product releases. We are also preparing for the continued rollout of the SBC (1) (SBC Communications Inc., San Antonio, TX, www.sbc.com) A large, national telecommunications company that grew from a multitude of local and regional companies, including Southwestern Bell, Pacific Bell and Nevada Bell, into a single, unified brand by 2002. business in the second half of 2005," commented Mr. Panu. "This is a transformation year for the company and we believe we are making good progress," stated Mr. Panu. Net loss for the first quarter of 2005 was $7.4 million, or a loss of $0.13 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share. Included in the results for the first quarter 2005 were the operations of Vidus Limited from the February February: see month. 18, 2005 closing date, as well as $5.6 million in in-process research and development costs and $0.5 million in intangibles Property that is a "right" such as a patent, Copyright, or trademark, or one that is lacking physical existence, such as good will. amortization associated with the Vidus Limited acquisition. The Company's 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 balance sheet consolidated balance sheet A balance sheet in which assets and liabilities of a parent company and its controlled subsidiaries are combined, thereby presenting balance sheet items for the parent and its subsidiaries as if they were a single firm. at March 31, 2005 included $110.8 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. "We are confident that we have the financial resources to meet the mobile resource management needs of our customers and prospects," concluded Mr. Panu. In addition, the Company announced that it has appointed ap·point tr.v. ap·point·ed, ap·point·ing, ap·points 1. To select or designate to fill an office or a position: appointed her the chief operating officer of the company. 2. Carol Rice-Murphy, the Company's Vice President of Finance, as the Company's interim Chief Financial Officer (CFO See Chief Financial Officer. ). The Company has commenced a search for a new CFO. Mike Johnson, the Company's CFO since June June: see month. 2004, is leaving the Company to pursue opportunities with privately-held companies.
Highlights
-- Acquisitions
-- On February 18, 2005, @Road completed its previously
announced acquisition of Vidus Limited, a leading provider
of dynamic field service automation solutions located in
Ipswich, United Kingdom.
-- Infrastructure
-- Announced the expansion of the Company's operations and
facilities in Chennai, India.
-- Intellectual Property
-- Announced the issuance of two patents by the U.S. Patent
and Trademark Office, bringing the Company's patent
portfolio to fifteen issued patents. @Road has additional
patents and patents pending in jurisdictions throughout
the world.
-- Alliances
-- Capgemini Deutschland and Vidus Limited, an @Road
subsidiary and international provider of the intelligent
field service automation solution, taskforce(TM),
announced an alliance for the German speaking market and
the integration of taskforce into SAP for Utilities and
SAP Mobile Asset for Utilities (MAU). The solution
combines consulting, software and expertise from the
companies to provide utility organizations with an
integrated, intelligent and real-time solution that can
help increase service levels to meet customer expectations
while reducing operational costs.
Conference Call and Webcast Details @Road will host a teleconference Thursday Thursday: see week. , May 5, commencing at 2:00 p.m. Pacific Time, to discuss the first quarter financial results. Participating in the call will be @Road President and CEO Krish Panu and CFO Mike Johnson. All interested parties may listen by dialing 888-481-7939 or 617-847-8707, pass code 21270227, or by tuning into the webcast at www.road.com. About @Road @Road, Inc. is a global provider of solutions that intelligently automate To turn a set of manual steps into an operation that goes by itself. See automation. the management of mobile resources to optimize optimize - optimisation the service delivery process for customers across a variety of industries. By providing real-time 1. real-time - Describes an application which requires a program to respond to stimuli within some small upper limit of response time (typically milli- or microseconds). Process control at a chemical plant is the classic example. Mobile Resource Management infrastructure integrating 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. , location-based technologies, software applications, 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. 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 , @Road solutions provide a secure, scalable, upgradeable, enterprise-class platform, offered in hosted, on-premise or hybrid hybrid (hī`brĭd), term applied by plant and animal breeders to the offspring of a cross between two different subspecies or species, and by geneticists to the offspring of parents differing in any genetic characteristic (see genetics). environments that seamlessly connect mobile workers in the field to real-time corporate data on-demand On-Demand refers to a service or feature which addresses the user's need for instant gratification and immediacy of use. In most cases the value proposition for an on-demand service is wrapped up in the fact that the user or consumer of the service avoids a significant up-front . @Road is headquartered in Fremont, Calif., and has a global presence with offices 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. , Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). and Asia. For more
information on @Road products and solutions, visit www.road.com.
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. Numerous factors, risks and uncertainties affect the company's operating results and could cause the company's actual results to differ materially from forecasts and estimates or from any other forward-looking statements made by, or on behalf of, @Road, and there can be no assurance that future results will meet expectations, estimates or projections. These factors, risks and uncertainties include, but are not limited to, @Road historical and future operating results and profitability; the ability of @Road to integrate Vidus operations successfully; the ability of @Road to transition its customers from CDPD (Cellular Digital Packet Data) A low-speed, digital, wireless data network that is an enhancement to an existing analog cellular network. Based on IBM's CelluPlan II, CDPD provides a packet overlay onto the AMPS network and moves data at 19. wireless networks; the ability of @Road to accelerate or continue to grow as a result of its investment initiatives; the ability of @Road and its partners to market, sell and support @Road products and services; the timing of purchasing and implementation decisions by SBC and other prospects and customers; competitive and pricing pressures; the dependence of @Road on mobile data systems technology, wireless networks, network infrastructure and positioning systems owned and controlled by others; 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 15, 2005 and in its other filings with the Securities and Exchange Commission. @Road and iLM are registered trademarks of @Road, Inc. The @Road logo, Vidus and taskforce This article is about organizations known as taskforces. For other uses, see Taskforce (disambiguation). A task force is a special committee, usually of experts, formed expressly for the purpose of studying a particular problem. are trademarks of @Road, Inc. All other product names and services are the property of their respective owners.
@Road, Inc.
Condensed Consolidated Balance Sheets
(In thousands, unaudited)
March 31, 2005 December 31, 2004
--------------- -----------------
ASSETS
Current assets:
Cash, cash equivalents, and
short-term investments $110,771 $117,716
Accounts receivable, net 7,827 7,960
Inventories 3,702 3,593
Deferred product costs and other
current assets 13,942 12,646
--------------- -----------------
Total current assets 136,242 141,915
Property and equipment, net 4,963 3,668
Goodwill 22,867 -
Intangible assets, net 32,633 -
Deferred product costs and other
assets 6,920 6,627
--------------- -----------------
Total assets $203,625 $152,210
=============== =================
LIABILITIES, REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued
liabilities $15,034 $11,195
Deferred revenue and customer
deposits 12,209 11,347
--------------- -----------------
Total current liabilities 27,243 22,542
Deferred revenue 7,739 4,830
Deferred tax liabilities 4,691 -
Other long term liabilities 323 2
--------------- -----------------
Total liabilities 39,996 27,374
Redeemable preferred stock 7,805 -
Stockholders' equity:
Common stock 270,361 232,016
Notes receivable from
stockholders (10) -
Accumulated other comprehensive
loss (148) (179)
Accumulated deficit (114,379) (107,001)
--------------- -----------------
Total stockholders' equity 155,824 124,836
--------------- -----------------
Total liabilities,
redeemable preferred
stock and stockholders'
equity $203,625 $152,210
=============== =================
@Road, Inc.
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
(unaudited)
Three months ended
--------------------------------------
March 31, December 31, March 31,
2005 2004 2004
------------ ------------ ------------
Revenues:
Hosted $19,490 $19,909 $17,892
Licensed 502 - -
------------ ------------ ------------
Total revenues 19,992 19,909 17,892
------------ ------------ ------------
Costs and expenses:
Cost of hosted revenue 9,524 9,206 8,368
Cost of licensed revenue 700 - -
Intangibles amortization 457 - 10
In-process research and
development 5,640 - -
Sales and marketing 4,647 3,213 3,111
Research and development 2,575 1,698 1,367
General and administrative 4,447 4,227 2,182
Terminated acquisition costs - (18) -
Stock compensation - - 4
------------ ------------ ------------
Total costs and expenses 27,990 18,326 15,042
------------ ------------ ------------
(Loss) income from operations (7,998) 1,583 2,850
Other income, net 620 532 260
------------ ------------ ------------
Net (loss) income (7,378) 2,115 3,110
Preferred stock dividends (57) - -
------------ ------------ ------------
Net (loss) income attributable
to common stockholders $(7,435) $2,115 $3,110
============ ============ ============
Net (loss) income per share:
Basic $(0.13) $0.04 $0.06
============ ============ ============
Diluted $(0.13) $0.04 $0.05
============ ============ ============
Shares used in calculating
net (loss) income per share:
Basic 57,385 54,709 53,771
============ ============ ============
Diluted 57,385 57,124 58,298
============ ============ ============
Stock compensation
Cost of hosted revenue - - -
Cost of licensed revenue - - -
Sales and marketing - - 1
Research and development - - 1
General and administrative - - 2
------------ ------------ ------------
Total stock compensation - - 4
------------ ------------ ------------
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