@Road Reports Quarterly & Annual Results; 2004 Revenues Increase 19% Over 2003.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 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 ) services, today announced its results for the fourth quarter ended December December: see month. 31, 2004. Total revenues for the fourth quarter of 2004 were $19.9 million, up approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 16 percent from $17.2 million reported for the same period in 2003 and up approximately 4 percent from $19.1 million for the third quarter of 2004. Service revenue for the fourth quarter of 2004 was $15.5 million, up approximately 13 percent from $13.7 million reported for the same period in 2003 and up approximately 4 percent from $14.9 million for the third quarter of 2004. "During the quarter, we continued to focus on delivering valuable MRM solutions to our customers," 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 are looking forward to closing our previously announced acquisition of Vidus Limited. When available, we believe that our integrated solution can deliver even more value to our customers going forward," commented Mr. Panu. Net income for the fourth quarter of 2004 was $2.1 million, or $0.04 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, compared with net income of $2.1 million, or $0.04 per diluted share, for the same period in 2003. For the year ended December 31, 2004, total revenues increased to $75.2 million from $63.4 million for the prior year. Service revenues grew to $58.8 million for the year ended December 31, 2004 from $49.6 million for the same period a year earlier. Net income for 2004 was $9.2 million, or $0.16 per diluted share, compared with net income of $1.7 million, or $0.03 per diluted share, for the same period in 2003. 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 December 31, 2004 included $117.7 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. "With the company's strong balance sheet, we are confident that we have the resources necessary to satisfy the mobile resource management needs of our customers and prospects," concluded Mr. Panu.
A[paragraph] Highlights
A[paragraph] -- New Customers
A[paragraph] -- Selected by SBC Services, Inc. to provide mobile resource
management solutions for up to 35,000 SBC field service
technicians.
A[paragraph] -- Selected by a large government agency to provide mobile
resource management solutions to about 4,000 seasonal
subscribers. This customer was acquired through one of our
wireless carrier partners.
A[paragraph] -- Acquisitions
A[paragraph] -- Signed a definitive agreement to acquire Vidus Limited, a
leading provider of dynamic field service automation
solutions. The transaction is expected to close in the
first quarter 2005.
A[paragraph] -- New Services
A[paragraph] -- Announced the launch of the @Road Solution Suite for
Transportation and Distribution, a comprehensive set of
bundled services and features that combines GPS tracking,
route compliance, electronic driver logs, vehicle
diagnostics and more.
A[paragraph] -- In conjunction with Research In Motion, announced the
development of @Road Workflow Manager for BlackBerry(R).
@Road Workflow Manager will help to streamline the mobile
workflow process by identifying and automating
communications between the field service representative
and the mobile workforce supervisor. The solution is
anticipated to use GPS auto-detection to minimize task
reporting and data entry by the field representative,
automatically update work status and location, and provide
dynamic routing to the next job site.
A[paragraph] -- Introduced @Road Mobile HotSpot, a Wi-Fi device that can
transform any vehicle into a mobile hot spot, allowing
field service personnel to access their corporate
networks, run applications, send and receive work orders
and job status information, retrieve schematics, or access
e-mail -- anywhere, anytime.
A[paragraph] -- Introduced three new GPS-based services for the waste
industry. The Bar Code Wand, CoverSheet and Roll-off
Routing mobile resource management services allow workers
in the field to automatically record, transmit and report
on real-time, location-based information, enabling
customers to streamline operations, reduce paperwork and
dynamically route mobile workers and resources.
A[paragraph] -- Introduced @Road Mobile Enterprise Access service, which
improves field force productivity by allowing wireless
data access to back-office systems. Developed for use on
JAVA and GPS-enabled handsets, the service lets companies
of all sizes access back-office applications from the
field, such as customer relationship management, inventory
control and scheduling databases, as well as integrate
real-time location-based data directly into these same
systems.
A[paragraph] -- Introduced @Road TimeConnect(SM), an automated time
tracking and task management application for Nextel(R)
GPS-enabled mobile phones by Motorola. Mobile workers can
choose from a variety of pre-selected messages to
automatically record shift and job start and stop times;
task start and stop times during a job; and break times
during a shift.
A[paragraph] -- Introduced @Road FieldServices(SM), a suite of 18 new
reports specifically designed to help field service
organizations uncover operations inefficiencies and
measure actual productivity against expected goals.
Customers can apply their business rules to capture mobile
data that can then be analyzed to measure field operations
productivity.
A[paragraph] -- Infrastructure
A[paragraph] -- Improved and enhanced the company's existing
infrastructure, resulting in increased capacity, improved
response time, and richer user functions.
A[paragraph] -- Intellectual Property
A[paragraph] -- Awarded four patents by the U.S. Patent and Trademark
Office, bringing the company's patent portfolio to
fourteen. @Road has over 30 additional patents pending in
jurisdictions throughout the world.
A[paragraph] -- Entered into multi-year intellectual property
cross-licensing agreements with LandSonar, Inc., a San
Francisco-based predictive traffic analytics and services
company. This is the first of its patents that @Road has
licensed.
A[paragraph] -- Alliances
A[paragraph] -- In conjunction with Nextel Communications, announced the
addition of @Road Pathway(SM) iLM(R). This new in-vehicle
solution is designed for small and mid-sized field
service, delivery and transportation companies that want
an entry-level mobile resource management solution.
A[paragraph] -- Financial
A[paragraph] -- Increased cash, cash equivalents and short-term
investments by $2.9 million from September 30, 2004 to
December 31, 2004.
A[paragraph] -- The Pacific Exchange (PCX) began trading options on @Road
on Monday, July 19, 2004.
A[paragraph] -- Accolades
A[paragraph] -- Ranked number 39 on the 2004 Deloitte Technology Fast 500,
a ranking of the 500 fastest growing technology companies
in North America, based on an average percentage revenue
growth over five years, from 1999-2003. @Road revenues
increased by 6,894 percent for the five-year period. This
is the third consecutive year that @Road has earned a
place on the Deloitte Technology Fast 500 list.
A[paragraph] -- Ranked number one on the Forbes Midas List for 2004, a
ranking of the 25 fastest growing publicly traded
technology companies in North America. To be eligible for
the list, a company must have had at least a 10 percent
sales gain in each of the last five years, $25 million in
sales and a positive net income over the last 12 months.
Conference Call and Webcast Details @Road will host a teleconference Thursday Thursday: see week. , February February: see month. 3, commencing at 2:00 p.m. Pacific Time, to discuss fourth quarter financial results. Participating in the call will be @Road President and CEO Krish Panu and CFO See Chief Financial Officer. Mike Johnson. All interested parties may listen by dialing 888-482-0024 or 617-801-9702, pass code 76528918, or by tuning into the webcast at www.road.com. About @Road @Road, Inc. (Nasdaq:ARDI) is a leading provider of mobile resource management (MRM) services, a rapidly growing category of productivity solutions 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 technologies, hosted 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 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 on a subscription basis, customers can experience a rapid and measurable return-on-investment. @Road delivers its MRM services to approximately 133,000 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 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 important 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, the timing of purchasing and implementation decisions by 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. Services, Inc., other large customers and prospects; the ability of @Road to accelerate or continue to grow as a result of its investment initiatives; the ability of @Road and its partners, such as Nextel Communications Nextel Communications, styled NEXTEL, (Former NASDAQ: NXTL) which is now known as the Sprint Nextel Corporation was a telecommunications firm based in the United States. Known for providing a nation-wide mobile communications system. , to market, sell and support the @Road Pathway iLM, @Road Mobile HotSpot (1) The geographic boundary covered by a Wi-Fi (802.11) wireless access point. Typically set up for Internet access, anyone entering the hotspot with a Wi-Fi-based laptop can connect to the Internet, providing the access point is configured to advertise its presence and , @Road TimeConnect and other services discussed herein; the dependence on a wireless carrier partner to support and bill the government agency customer and remit To transmit or send. To relinquish or surrender, such as in the case of a fine, punishment, or sentence. An individual, for example, might remit money to pay bills. TO REMIT. To annul a fine or forfeiture. 2. fees relating thereto there·to adv. 1. To that, this, or it. 2. Archaic In addition to that; furthermore. thereto Adverb Formal 1. to that or it 2. to @Road; 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. Additional risks and uncertainties include the possibility that the Vidus acquisition will not close; that the closing may be delayed; the reaction of @Road and Vidus customers to the transaction; and the ability of @Road to integrate Vidus' operations and employees. The company cautions the reader that the time 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. manner of the live teleconference, Webcast and replay may change for administrative or other reasons outside the control of @Road. Further information regarding these and other risks is included in the @Road Report on Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. dated December 21, 2004, Report on Form 10-Q Form 10-Q See 10-Q. dated November November: see month. 8, 2004, 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 12, 2004 and in its other filings with the Securities and Exchange Commission. @Road undertakes no obligation to update the forward-looking statements contained in this news release. @Road and iLM are registered trademarks of @Road, Inc. The @Road logo, @Road Pathway, LocationSmart, @Road TimeConnect and @Road FieldServices are trademarks and/or service marks 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)
December 31, December 31,
2004 2003 (a)
------------ ------------
ASSETS
Current assets:
Cash, cash equivalents, and short-term
investments $ 117,716 $ 105,669
Accounts receivable, net 7,960 7,109
Inventories 3,593 2,425
Deferred product costs and other current
assets 12,646 13,190
------------ ------------
Total current assets 141,915 128,393
Property and equipment, net 3,668 2,298
Deferred product costs and other assets 6,627 8,325
------------ ------------
Total assets $ 152,210 $ 139,016
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities $ 11,195 $ 10,522
Deferred revenue and customer deposits 11,347 9,751
------------ ------------
Total current liabilities 22,542 20,273
Deferred revenue 4,830 6,582
Other long term liabilities 2 33
------------ ------------
Total liabilities 27,374 26,888
Stockholders' equity:
Common stock 232,016 228,441
Deferred stock compensation - (4)
Notes receivable from stockholders - (87)
Accumulated other comprehensive loss (179) -
Accumulated deficit (107,001) (116,222)
------------ ------------
Total stockholders' equity 124,836 112,128
------------ ------------
Total liabilities and stockholders'
equity $ 152,210 $ 139,016
============ ============
(a) Derived from the audited December 31, 2003 consolidated financial
statements
@Road, Inc.
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
(unaudited)
Three months Twelve months
ended ended
--------------------------- -----------------
December September December December December
31, 30, 31, 31, 31,
2004 2004 2003 2004 2003
--------------------------- -----------------
Revenues:
Service $15,496 $14,920 $13,710 $58,828 $49,561
Product 4,413 4,182 3,527 16,406 13,802
-------- --------- -------- -------- --------
Total revenues 19,909 19,102 17,237 75,234 63,363
-------- --------- -------- -------- --------
Costs and expenses:
Cost of service revenue 4,068 4,206 3,871 16,515 15,711
(excluding intangibles
amortization included
below)
Cost of product revenue 5,138 4,376 4,692 18,310 19,770
Intangibles
amortization - 7 10 28 455
Sales and marketing 3,213 2,929 3,064 12,335 11,408
Research and
development 1,698 1,695 1,360 6,191 5,379
General and
administrative 4,227 3,240 2,355 12,020 9,202
Terminated acquisition
costs (18) 139 - 2,138 -
Stock compensation - - 26 4 467
-------- --------- -------- -------- --------
Total costs and expenses 18,326 16,592 15,378 67,541 62,392
-------- --------- -------- -------- --------
Income from operations 1,583 2,510 1,859 7,693 971
Other income, net 532 420 238 1,528 691
-------- --------- -------- -------- --------
Net income $ 2,115 $ 2,930 $ 2,097 $ 9,221 $ 1,662
======== ========= ======== ======== ========
Net income per share:
Basic $ 0.04 $ 0.05 $ 0.04 $ 0.17 $ 0.03
======== ========= ======== ======== ========
Diluted $ 0.04 $ 0.05 $ 0.04 $ 0.16 $ 0.03
======== ========= ======== ======== ========
Shares used in
calculating net income
per share:
Basic 54,709 54,498 53,450 54,296 49,978
======== ========= ======== ======== ========
Diluted 57,124 56,199 58,209 57,435 54,282
======== ========= ======== ======== ========
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