@Track Communications Announces First Quarter 2000 Financial Results; Key Accomplishments Keep Company On Track in All Three Business Areas.Business Editors RICHARDSON Richardson, city (1990 pop. 74,840), Dallas and Collins counties, N Tex., a suburb of Dallas; founded in the 1850s, inc. as a city 1956. Richardson manufactures telecommunications equipment, medical devices, supercomputers, computer chips, and fiber optics. , Texas--(BUSINESS WIRE)--May 11, 2000 @Track Communications, Inc. (Nasdaq SCP (1) (Service Control Point) A node in an SS7 telephone network that provides an interface to databases, which may reside within the SCP computer or in other computers. :ATRK), a leading provider of wireless-based vehicle fleet management and intelligent mobile asset-tracking solutions, today reported that total revenues for the first quarter ended March 31, 2000, were $14.1 million, down 17.4 percent from $17.1 million for the 1999 first quarter. The company reported a net loss of $4.8 million ($0.19 per share) for the 2000 first quarter, compared with a net loss, before nonrecurring Non`re`cur´ring a. 1. Nonrecurrent; as, the costs of a layoff are considered as a nonrecurring expense s>. income items, of $4.3 million ($0.17 per share) for the 1999 first quarter. Including $4.7 million in nonrecurring income items associated with litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. settlements and cellular carrier credits, @Track reported net income of $0.4 million ($0.02 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) for the 1999 first quarter. "First quarter financial results were in line with our expectations, since revenues from installations of our service vehicle units will not begin to impact our results until the second quarter of 2000," said Jana JANA Journal of American Nutraceutical Association JANA Jamahiriyah News Agency JANA Joint Army-Navy-Air Force Bell, president and chief executive officer. "We expect our revenues will increase, especially in the last two quarters of 2000, as we work to install over 28,000 service vehicle units for a major customer. We also anticipate revenue contribution in the third and fourth quarters from TrackWare(TM), our trailer-tracking product, as current customer pilots are converted into sales." First quarter highlights: -- Changed the corporate name to @Track Communications, Inc. from HighwayMaster Communications, Inc. to reflect the company's wireless technology direction to be an integrator (1) In electronics, a device that combines an input with a variable, such as time, and provides an analog output; for example, a watt-hour meter. (2) See systems integrator. of multiple wireless data and voice networks and broadened vision of "tracking things that move(SM)." -- Began installing for member companies of 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. Communications, Inc. (NYSE NYSE See: New York Stock Exchange :SBC) the first of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 28,000 additional Series 5005S intelligent mobile units, including enhanced proprietary software and services. Approximately 1,600 have been installed to date. -- Received orders for 500 additional Series 5000 mobile units from a major customer, increasing their fleet to over 5,600 @Track units. -- Signed a TrackWare test agreement in January January: see month. with Dart dart see blow dart. dart gun see blow dart. Transit Company, one of the nation's premier truckload carriers Merrian-Webster online dictionary defines truckload as " a load or amount that fills or could fill a truck". A truckload carrier is a trucking company that generally contracts an entire trailer-load to a single customer. , to test @Track's recently launched trailer-tracking solution. There are currently five large companies in pilot programs. -- Formed a strategic alliance, announced in April, with Lockheed “Lockheed” redirects here. For the character in Marvel Comics, see Lockheed (comics). For the current company, see . Lockheed Corporation (originally Loughead Aircraft Manufacturing Company) was an American aerospace company originally founded in 1912 Martin Integrated Business Solutions, one of our nation's top e-business (Electronic-BUSINESS) Doing business online. The term is often used synonymously with e-commerce, but e-business is more of an umbrella term for having a presence on the Web. systems integrators An individual or organization that builds systems from a variety of diverse components. With increasing complexity of technology, more customers want complete solutions to information problems, requiring hardware, software and networking expertise in a multivendor environment. , that will provide enhanced systems integration capabilities for the company's mobile communications solutions for the transportation industry. Service revenue for the 2000 first quarter was $12.2 million, down 4.0 percent from $12.7 million a year ago due to a decline in the number of installed units, reduced personal calling revenue and a higher percentage of service vehicles in the installed base from the 1999 first quarter. The service revenue gross margin percentage for the 2000 first quarter was 41.9 percent, compared with 46.2 percent, before the effect of the nonrecurring income items, for the 1999 first quarter. Including the one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. income items, the 1999 first quarter service revenue gross margin was 74.3 percent. Product revenue for the 2000 first quarter was $1.9 million, down 56.9 percent from $4.3 million for 1999. The installed base at March 31, 2000, was 49,514 mobile units, compared to 52,263 at March 31, 1999. Deactivations of mobile units for the quarter exceeded additions by 1,311 units, which was primarily due to the Company's deactivation de·ac·ti·vate tr.v. de·ac·ti·vat·ed, de·ac·ti·vat·ing, de·ac·ti·vates 1. To render inactive or ineffective. 2. To inhibit, block, or disrupt the action of (an enzyme or other biological agent). 3. of one customer for non-payment non-payment Noun failure to pay money owed non-payment n → Nichtzahlung f, Zahlungsverweigerung f non-payment n . "We currently anticipate that by the end of this year we will have installed approximately 3,000 Series 5000 units, 18,000 to 25,000 Series 5005S units and 15,000 to 25,000 TrackWare units," added Bell. "We believe that @Track's future remains promising as we continue 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 technology plan to integrate multiple wireless voice and data networks and offer mobile platforms with open standard technologies. We expect that this will provide us with added product flexibility and shortened short·en v. short·ened, short·en·ing, short·ens v.tr. 1. To make short or shorter. 2. application development times, while providing significant value to our current and future customers." @Track provides intelligent wireless mobile communications, emergency dispatch A dispatch or dispatches can refer to:
Global Positioning System (GPS) Precise satellite-based navigation and location system originally developed for U.S. military use. (GPS (1) (General Print Server) An IBM mainframe feature that lets TN3270 clients access LPD/LPR printers via the SNA/VTAM network. See TN3270 and VTAM. (2) (Global Positioning S ) satellite location capabilities for vehicle fleet management. The company's mobile asset product, TrackWare(TM), combines the technologies of GPS and wireless control channel messaging to track mobile assets. Legal notice to investors: Certain 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. " intended to qualify for the safe harbors Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. from liability established by the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These forward-looking statements can generally be identified as such because the context of the statement will include words such as the Company "expects," "anticipates" or words of similar import. Similarly, statements that describe the Company's future plans, objectives or goals are also forward-looking statements. Such forward-looking statements generally involve known and unknown risks, uncertainties and other facts, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. by such forward-looking statements. Such factors include, among others, the following: ability to meet contract requirements; customer's failure to issue purchase orders for and install the mobile units; ability to execute technology plan; availability of capital for expansion and implementation of technology plan; ability to achieve sales projections; general economic and business conditions; competition; ability to maintain margins; advertising and promotional efforts; acceptance of new product offerings; success of operating initiatives; development and operating costs operating costs npl → gastos mpl operacionales ; market conditions; changes in business strategy or development plans; business abilities and judgment of management and personnel; availability of qualified personnel. For a listing of risks applicable to the future prospects of the Company, please refer to the reports filed with the SEC, such as recent 10-K and 10-Q Reports. @Track's conference call, scheduled for 10:00 a.m. CT on Thursday Thursday: see week. , May 11, will also be broadcast via 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 through StreetFusion(TM) at http://www.streetfusion.com. To listen through the Internet, please access the site at least 15 minutes prior to the call to register and ensure your computer contains the proper software. The conference call also will be available for replay shortly after the live call ends. @Track Communications(TM) is a trademark of @Track Communications, Inc. TrackWare(TM) is a trademark of @Track Communications, Inc. HighwayMaster(R) is a federally registered trademark of @Track Communications, Inc. "Tracking things that move(SM)" is a service mark of @Track Communications, Inc. - TABLES TO FOLLOW -
@TRACK COMMUNICATIONS, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(in thousands, except per share and units)
Three months ended
March 31,
--------------------------
2000 1999
------------ ------------
Revenues:
Product $ 1,870 $ 4,340
Service 12,233 12,741
------------ ------------
Total revenues 14,103 17,081
------------ ------------
Cost of revenues:
Product 1,341 3,144
Service 7,104 3,277 (1)
------------ ------------
Total cost of revenues 8,445 6,421
------------ ------------
Gross profit 5,658 10,660
------------ ------------
Expenses:
General and administrative 2,594 3,389
Customer service 1,725 1,818
Sales and marketing 1,097 914
Engineering 581 647
Network services center 352 419
Depreciation and amortization 1,429 1,624
------------ ------------
7,778 8,811
------------ ------------
Operating income (loss) (2,120) 1,849
Interest income 527 918 (1)
Interest expense (3,342) (3,342)
Other income 142 965 (1)
------------ ------------
Income (loss) before income taxes (4,793) 390
Income tax provision -- --
------------ ------------
Net income (loss) $ (4,793) $ 390
============ ============
Per share:
Basic and diluted income (loss) $ (0.19) $ 0.02
============ ============
Weighted average number of shares
outstanding
Basic 25,505 24,993
============ ============
Diluted 25,505 25,444
============ ============
Supplemental information:
EBITDA $ (549) $ 4,438 (2)
============ ============
Installed units -- beginning of
period 50,825 47,657
Net additions (1,311) 4,606
------------ ------------
Installed units -- end of period 49,514 52,263
============ ============
(1) Includes non-recurring income items of $4.7 million
associated with the settlement of certain litigation
matters and credits received from certain cellular
carriers related to prior periods.
(2) Excluding non-recurring income items EBITDA would have
been ($107).
@TRACK COMMUNICATIONS, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(in thousands)
ASSETS
March 31, December 31,
2000 1999
------------ ------------
Current assets:
Cash and short-term investments $ 18,906 $ 17,768
Accounts receivable, net 10,878 13,341
Inventories 9,917 9,292
Pledged securities --
current portion 6,362 12,705
Other current assets 3,192 2,588
------------ ------------
Total current assets 49,255 55,694
Network, equipment and software,
net 14,754 15,703
Other assets, net 2,568 2,676
------------ ------------
Total assets $ 66,577 $ 74,073
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Accounts payable $ 2,727 $ 2,431
Telecommunications costs payable 4,814 4,462
Accrued interest payable 541 3,784
Other current liabilities 8,904 9,357
------------ ------------
Total current liabilities 16,986 20,034
Senior notes payable 92,189 92,090
------------ ------------
Total liabilities 109,175 112,124
------------ ------------
Commitments and contingencies
Stockholders' equity (deficit):
Preferred Stock -- --
Common Stock 256 255
Additional paid-in capital 149,987 149,742
Accumulated deficit (192,294) (187,501)
Treasury stock (547) (547)
------------ ------------
Total stockholders' equity
(deficit) (42,598) (38,051)
------------ ------------
Total liabilities and
stockholders' equity
(deficit) $ 66,577 $ 74,073
============ ============
Note to Editors: The company name "@Track" is spelled with the "at symbol," which may not translate (1) To change one language into another; for example, assemblers, compilers and interpreters translate source language into machine language. (2) In computer graphics, to move an image on screen without rotating it. on some databases. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion