@Road Reports Record Revenues in the Second Quarter; Diluted Earnings Per Share is $0.05.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) (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 results for the second quarter ended June June: see month. 30, 2004. Total revenues for the second quarter of 2004 were $18.3 million, up approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 16 percent from $15.8 million reported for the same period in 2003 and up approximately 2.5 percent from $17.9 million for the first quarter 2004. Service revenue for the second quarter of 2004 was $14.4 million, up approximately 19 percent from $12.1 million reported for the same period in 2003 and up approximately 3 percent from $14.0 million for the first quarter in 2004. "Despite the difficult environment for technology companies, we are pleased that we were profitable and also generated cash in the second quarter of 2004," 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. "Beginning in the third quarter of 2004, we will undertake several investment initiatives designed to generate additional growth for @Road in the future," concluded Mr. Panu. Net income for the second quarter of 2004 was $3.1 million, or $0.05 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 a net loss of $227,000, or a loss of $0.00 per diluted share, for the same period in 2003. For the six months ended June 30, 2004, total revenues increased to $36.2 million from $29.5 million for the same period a year ago. Service revenues grew to $28.4 million for the six months ended June 30, 2004 from $22.7 million for the same period in 2003. Net income for the first six months of 2004 was $6.2 million, or $0.11 per diluted share, compared with a net loss of $1.5 million, or a loss of $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 June 30, 2004 included $111.6 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 believe that by maintaining a strong balance sheet we increase customer confidence that we have the resources to provide them with their mobile resource management needs," concluded Mr. Panu. Recent Highlights
A[paragraph] -- Financial - Increased cash, cash equivalents and short-term
investments by $3.4 million in the second quarter of 2004 from
the first quarter of 2004.
A[paragraph] The Pacific Exchange (PCX) began trading options on @Road on
Monday, July 19, 2004.
A[paragraph] -- New Services - 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] -- Intellectual Property - Awarded a patent by the U.S. Patent
and Trademark Office, "Method for Distributing
Location-Relevant Information Using a Network," the eleventh
patent awarded to the company. @Road has 38 additional patents
pending in jurisdictions throughout the world.
Conference Call and Webcast Details @Road will host a teleconference Thursday Thursday: see week. , July July: see month. 22, commencing at 2:00 p.m. Pacific Time, to discuss second 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 800-314-7867 or 719-867-0640, 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 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 130,000 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. 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 large customers and prospects; competitive and pricing pressures; the ability to complete and deliver products and services within currently estimated time frames and budgets; the market acceptance of products and services that are under development; the possibility that the acquisition of MDSI MDSI Multiple (Destination) Digital Speech Interpolation MDSI Mobile Data Solutions Inc. MDSI Mountain Data Systems, Inc (Boise, Idaho) Mobile Data Solutions Inc. will not close; the possibility that the closing of the acquisition may be delayed; the reaction of @Road and MDSI customers to the acquisition; the ability of @Road to integrate MDSI's operations and employees; 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-Q Form 10-Q See 10-Q. dated May 10, 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 press release. @Road is a registered trademark of @Road, Inc. The @Road logo is a trademark of @Road, Inc. Additional information regarding the proposed acquisition of MDSI Mobile Data Solutions Inc. and where to find it MDSI Mobile Data Solutions Inc. has distributed a management proxy See proxy server. (networking) proxy - A process that accepts requests for some service and passes them on to the real server. A proxy may run on dedicated hardware or may be purely software. circular to its shareholders containing information about the proposed acquisition of MDSI by @Road. Investors and security holders are urged to read the circular carefully. The circular contains important information about @Road, MDSI, the combination, the persons soliciting proxies relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the combination, their interests in the combination, and related matters. The circular is available to the public on the System for Electronic Document Analysis and Retrieval The System for Electronic Document Analysis and Retrieval (SEDAR) is a mandatory document filing and retrieval system for Canadian public companies. Similar to EDGAR, SEDAR is operated by the Canadian Securities Administrators, a coordinating body comprising the 13 Canadian maintained by the Canadian Securities Administrators Canadian Securities Administrators(CSA) is a forum for the 13 securities regulators of Canada's provinces and territories to coordinate and harmonize regulation of the Canadian capital markets. at www.sedar.com. @Road files annual, quarterly and special reports, proxy statements Proxy Statement A document containing the information that a company is required by the SEC to provide to shareholders so they can make informed decisions about matters that will be brought up at an annual stockholder meeting. and other information with the SEC. MDSI files annual and quarterly financial statements, annual reports, annual information forms, management proxy circulars and other documents and information with the Canadian Securities Administrators in Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of and annual and special reports with the SEC. You may read and copy any reports, statements or other information filed with the SEC by @Road or MDSI at the SEC Public Reference Rooms at 450 Fifth Street NW, Washington Washington, town, England Washington, town (1991 pop. 48,856), Sunderland metropolitan district, NE England. Washington was designated one of the new towns in 1964 to alleviate overpopulation in the Tyneside-Wearside area. , DC 20549 or at any of the SEC's other public reference rooms in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and Chicago Chicago, city, United States Chicago (shĭkä`gō, shĭkô`gō), city (1990 pop. 2,783,726), seat of Cook co., NE Ill., on Lake Michigan; inc. 1837. , Illinois Illinois, river, United States Illinois, river, 273 mi (439 km) long, formed by the confluence of the Des Plaines and Kankakee rivers, NE Ill., and flowing SW to the Mississippi at Grafton, Ill. It is an important commercial and recreational waterway. . Please call the SEC at 1-800-SEC-0330 for further information on the public reference rooms. @Road filings with the SEC are also available to the public from commercial document-retrieval services and at the web site maintained by the SEC at www.sec.gov See .gov and GovNet. (networking) gov - The top-level domain for US government bodies. . MDSI's filings with the Canadian Securities Administrators are available to the public on the System for Electronic Document Analysis and Retrieval maintained by the Canadian Securities Administrators at www.sedar.com.
@Road, Inc.
Condensed Consolidated Balance Sheets
(In thousands, unaudited)
Jun 30, Dec 31, (*)
2004 2003
----------- ----------
ASSETS
Current assets:
Cash, cash equivalents, and short-term
investments $111,648 $105,669
Accounts receivable, net 5,813 7,109
Inventories 3,248 2,425
Deferred product costs and other current
assets 13,782 13,190
----------- ----------
Total current assets 134,491 128,393
Property and equipment, net 2,406 2,298
Deferred product costs and other assets 9,050 8,325
----------- ----------
Total assets $145,947 $139,016
=========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities $9,052 $10,522
Deferred revenue and customer deposits 10,696 9,751
----------- ----------
Total current liabilities 19,748 20,273
Deferred revenue 5,669 6,582
Other long term liabilities 12 33
----------- ----------
Total liabilities 25,429 26,888
Stockholders' equity:
Common stock 230,772 228,441
Deferred stock compensation - (4)
Notes receivable from stockholders (37) (87)
Accumulated other comprehensive loss (188) -
Accumulated deficit (110,029) (116,222)
----------- ----------
Total stockholders' equity 120,518 112,128
----------- ----------
Total liabilities and stockholders'
equity $145,947 $139,016
=========== ==========
(*) Derived from the audited December 31, 2003 financial statements
@Road, Inc.
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
(unaudited)
Three months ended Six months ended
--------------------------- -----------------
Jun 30, Mar 31, Jun 30, Jun 30, Jun 30,
2004 2004 2003 2004 2003
--------- -------- -------- -------- --------
Revenues:
Service $14,385 $14,027 $12,135 $28,412 $22,738
Product 3,946 3,865 3,634 7,811 6,772
--------- -------- -------- -------- --------
Total revenues 18,331 17,892 15,769 36,223 29,510
--------- -------- -------- -------- --------
Costs and expenses:
Cost of service
revenue (excluding
intangibles
amortization
included below) 4,278 3,963 4,266 8,241 8,058
Cost of product
revenue 4,391 4,405 5,192 8,796 9,829
Intangibles
amortization 11 10 10 21 434
Sales and marketing 3,082 3,111 2,840 6,193 5,437
Research and
development 1,431 1,367 1,297 2,798 2,633
General and
administrative 2,371 2,182 2,440 4,553 4,658
Stock compensation - 4 95 4 287
--------- -------- -------- -------- --------
Total costs and
expenses 15,564 15,042 16,140 30,606 31,336
--------- -------- -------- -------- --------
Income (loss) from
operations 2,767 2,850 (371) 5,617 (1,826)
Other income, net 316 260 144 576 296
--------- -------- -------- -------- --------
Net income (loss) $3,083 $3,110 $(227) $6,193 $(1,530)
========= ======== ======== ======== ========
Net income (loss) per
share:
Basic $0.06 $0.06 $0.00 $0.11 $(0.03)
========= ======== ======== ======== ========
Diluted $0.05 $0.05 $0.00 $0.11 $(0.03)
========= ======== ======== ======== ========
Shares used in
calculating net
income (loss) per
share:
Basic 54,185 53,771 48,196 53,978 47,887
========= ======== ======== ======== ========
Diluted 57,414 58,298 48,196 57,856 47,887
========= ======== ======== ======== ========
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