@Road (NASDAQ:ARDI)
Historical Stock Chart
From Jul 2019 to Jul 2024
![Click Here for more @Road Charts. Click Here for more @Road Charts.](/p.php?pid=staticchart&s=N%5EARDI&p=8&t=15)
@Road(R), Inc. (Nasdaq:ARDI), a global provider of
Mobile Resource Management (MRM) and intelligent field service
automation solutions, today announced its results for the quarter and
twelve months ended December 31, 2005.
Total revenues for the fourth quarter of 2005 were $27.3 million,
a 37% increase compared to $19.9 million for the fourth quarter of
2004. Hosted revenues for the fourth quarter of 2005 were $21.8
million, and licensed revenues for the fourth quarter of 2005 were
$5.5 million.
On a GAAP basis, net income attributable to common stockholders
for the fourth quarter of 2005 was $1.0 million, or $0.02 per diluted
share, compared to net income of $2.1 million, or $0.04 per diluted
share, for the fourth quarter of 2004. Included in the results for the
fourth quarter 2005 was a one-time charge of $2.3 million for the
impairment of intangible assets in connection with changing the name
of the Company's U.K. subsidiary from Vidus(TM) Limited to @Road,
Ltd., a tax benefit of $1.1 million, intangibles amortization expense
of $1.0 million, and depreciation expense of $0.8 million.
For the year ended December 31, 2005, total revenues were $92.9
million, a 23% increase compared to the $75.2 million for the same
period last year. Hosted revenues for 2005 were $79.9 million, and
licensed revenues for 2005 were $12.9 million. On a GAAP basis, net
income attributable to common stockholders for 2005 was $25.9 million,
or $0.42 per diluted share, compared to net income of $9.2 million, or
$0.16 per diluted share, for 2004. Included in the results for the
year ended December 31, 2005 were the operating loss of our U.K.
subsidiary from the February 18, 2005, the date of acquisition, as
well as a charge for in-process research and development costs of $5.6
million, a benefit from income taxes of $38.5 million, intangibles
amortization expense of $3.5 million, depreciation expense of $2.6
million, and a one-time charge for the impairment of intangible assets
in connection with changing the name of the Company's U.K. subsidiary
from Vidus Limited to @Road, Ltd of $2.3 million.
"We are pleased to report that some of the increased RFP activity
we saw in the marketplace in 2005 turned into customer wins," said
Krish Panu, president and CEO of @Road. "We believe that market
momentum continues to build, and we are looking for customer demand
for our hosted solutions and licensed software to grow," commented Mr.
Panu.
The Company's condensed consolidated balance sheet at December 31,
2005 included $103.4 million of cash, cash equivalents and short-term
investments. "We believe our balance sheet is strong and that it can
help us gain new customers, establish alliances, and expand our global
presence," stated Mr. Panu.
2005 Highlights
New Customers
-- Announced a licensing agreement with TDC, a leading provider
of communications solutions in Denmark and Switzerland. Under
the terms of the agreement, TDC was granted a license to use
the Company's Taskforce(TM) 7 Field Service Management
solution to help optimize service delivery of approximately
1,900 field engineers in Denmark.
-- Announced that Nabors Industries Ltd., a major worldwide land
drilling and well servicing operations company, selected @Road
MRM solutions to help streamline and optimize its land
drilling operations and support services in North America. In
addition, the Company announced that a major home improvement
specialty retailer selected @Road MRM solutions to help
streamline retail distribution of hardware and construction
supplies to both residential and commercial customers. In
combination, these customers can represent a deployment of up
to 3,200 subscribers to the @Road MRM on-demand software
delivery service.
-- Announced six 2005 customer wins in the transportation and
distribution industry.
-- Announced 28 customer wins in the waste services vertical
market during the first five months of 2005.
Acquisitions
-- Acquired Vidus Limited, now @Road, Ltd., a leading provider of
dynamic field service automation solutions located in Ipswich,
United Kingdom.
New Services
-- Introduced @Road Vehicle Maintenance 2.0 Field Asset
Management module. This module provides a number of tools that
can help @Road customers optimize their maintenance management
program by documenting maintenance history, sending automatic
e-mail reminders and notifications when maintenance is due,
and providing reports showing maintenance status.
-- Introduced Taskforce MSP(SM), a subscription-based Managed
Services Provider (MSP) delivery model for on-demand automated
field service delivery. This new delivery offering of
Taskforce includes the same features and functionality of the
licensed version, but with the additional benefit of being an
on-demand MSP solution with a "pay as you go" monthly
subscription model.
-- Launched @Road Portico XP(SM) which features the integration
of patented @Road LocationSmart(SM) technology with
"Toughbook" ruggedized notebook computers from Panasonic
Computer Solutions Company. When integrated with @Road Portico
XP, Panasonic Toughbook computers can enable the field service
technician to perform real-time remote tasks such as opening
and updating work orders, logging in job times, viewing
customer records, messaging, getting driving directions,
placing orders or reviewing upcoming assignments and routes.
-- Announced the global launch of Taskforce 7, the Company's
latest release of its automated and intelligent field service
delivery mobile enterprise application. Taskforce 7 also
introduces a common Microsoft .NET application architecture,
which can be used for mobile field service functions, customer
service functions and in the operations and planning
functions.
Intellectual Property
-- Announced the issuance of recently awarded patents by the U.S.
Patent and Trademark Office, bringing the Company's patent
portfolio to seventeen issued patents. @Road has additional
patents and patents pending in jurisdictions throughout the
world.
Alliances
-- @Road and Cingular Wireless announced that they intend to
jointly offer MRM solutions designed to improve asset and
fleet management for companies with both private and for-hire
fleets in such industries as transportation, consumer packaged
goods and telecommunications.
-- @Road and Capgemini Deutschland 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 companies intend to provide a real-time integrated
solution combining consulting, software and expertise from
both companies which is designed to help utility organizations
meet customer expectations and service level commitments and
reduce operational costs.
Awards
-- Ranked fourth on the Forbes Midas List for 2005, 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.
-- Taskforce was named as a finalist for Product of the Year in
the Information Management Awards for 2005. The Awards
program, now in its tenth year, is one of the premier European
awards of excellence and innovation in the management of
business information.
-- Received the prestigious Frost & Sullivan 2005 Utility Mobile
Solution of the Year Award. Frost & Sullivan recognized @Road
with the award in the Utilities Vertical for the @Road Telco,
Cable and Utilities Suite MRM solution.
-- For the fourth consecutive year, @Road earned a place on the
Deloitte Technology Fast 500 list. In addition to ranking on
Deloitte's Technology Fast 500, @Road ranked 27 on the Silicon
Valley Technology Fast 50, which is a ranking of the 50
fastest growing technology companies in Silicon Valley.
Conference Call and Webcast Details
@Road will host a teleconference Tuesday, February 7, commencing
at 2:00 p.m. Pacific Time, to discuss the fourth quarter and annual
financial results. Participating in the call will be @Road President
and CEO Krish Panu and CFO Mike Martini. All interested parties may
listen by dialing 888-481-7939 or 617-847-8707, pass code 69494136, or
by tuning into the webcast at www.road.com.
About @Road
@Road, Inc. is a leading global provider of solutions designed to
automate the management of mobile resources and to optimize the
service delivery process for customers across a variety of industries.
@Road delivers Mobile Resource Management solutions in three key
areas: Field Force Management, Field Service Management and Field
Asset Management. By providing real-time Mobile Resource Management
infrastructure integrating wireless communications, location-based
technologies, transaction processing and the Internet, @Road solutions
are designed to provide a secure, scalable, upgradeable,
enterprise-class platform, and are offered in on-demand software
delivery, on-premise or hybrid environments that can seamlessly
connect mobile workers in the field to real-time corporate data.
The company is headquartered in Fremont, Calif., and has a global
presence with offices in North America, Europe and Asia. For more
information on @Road solutions, visit www.road.com.
Except for the historical information contained herein, the
matters discussed in this news release are forward-looking statements
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 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 customers to optimize operations as a
result of using @Road solutions; the market acceptance of new @Road
solutions such as Taskforce MSP, @Road Portico XP and other solutions
mentioned in this press release; the ability of @Road to develop new
solutions to meet market demand and deployment commitments; the
ability of @Road to integrate Vidus operations successfully; the
ability of @Road to gain and support new customers; the ability of
@Road and its alliances to market, sell and support @Road solutions;
the size and timing of purchasing and implementation decisions by
prospects and customers; competition; 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. The Company cautions
the reader that the planned appearances of @Road personnel, time
and/or manner of the live teleconference, webcast and replays may
change for administrative or other reasons outside the Company's
control. Further information regarding these and other risks is
included in the @Road Report on Form 10-K dated March 15, 2005, the
@Road Report on Form 10-Q dated November 8, 2005 and in its other
filings with the Securities and Exchange Commission.
@Road, the @Road logo, LocationSmart, @Road Portico XP, Taskforce,
Taskforce MSP and Vidus are registered trademarks, trademarks or
service marks of @Road, Inc. or its subsidiaries. All other product
names and services are the property of their respective owners.
-0-
*T
@Road, Inc.
Condensed Consolidated Balance Sheets
(In thousands, unaudited)
December 31, December 31,
2005 2004
-------------- --------------
ASSETS
Current assets:
Cash, cash equivalents and
short-term investments $ 103,416 $ 117,716
Accounts receivable, net 12,475 7,960
Inventories 6,087 3,593
Deferred tax assets 1,448 -
Deferred product costs and other
current assets 18,753 12,646
------------- -------------
Total current assets 142,179 141,915
Property and equipment, net 6,195 3,668
Deferred tax assets 40,794 -
Goodwill 21,056 -
Intangible assets, net 27,333 -
Deferred product costs and other assets 17,395 6,627
------------- -------------
Total assets $ 254,952 $ 152,210
============= =============
LIABILITIES, REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued
liabilities $ 15,404 $ 11,195
Deferred revenue and customer deposits 15,495 11,347
------------- -------------
Total current liabilities 30,899 22,542
Deferred revenue 17,333 4,830
Other long term liabilities 461 2
------------- -------------
Total liabilities 48,693 27,374
Redeemable preferred stock 8,184 -
Stockholders' equity:
Common stock 278,818 232,016
Notes receivable from stockholders (7) -
Accumulated other comprehensive loss (78) (179)
Accumulated deficit (80,658) (107,001)
------------- -------------
Total stockholders' equity 198,075 124,836
------------- -------------
Total liabilities, redeemable
preferred stock and stockholders'
equity $ 254,952 $ 152,210
============= =============
@Road, Inc.
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
(unaudited)
Three months Twelve months
ended ended
---------------------- ----------------------
Dec 31, Sep 30, Dec 31, Dec 31, Dec 31,
2005 2005 2004 2005 2004
-------- -------- -------- -------- --------
Revenues:
Hosted $ 21,805 $ 18,965 $ 19,909 $ 79,945 $ 75,234
Licensed 5,464 6,004 - 12,911 -
-------- -------- -------- -------- --------
Total revenues 27,269 24,969 19,909 92,856 75,234
-------- -------- -------- -------- --------
Costs and expenses:
Cost of hosted revenue
(excluding intangible
amortization included
below) 10,668 10,238 9,206 39,657 34,825
Cost of licensed revenue
(excluding intangible
amortization included
below) 1,295 1,481 - 4,949 -
Intangibles amortization 1,010 1,010 - 3,487 28
In-process research and
development - - - 5,640 -
Impairment of intangible
assets 2,270 - - 2,270 -
Sales and marketing 5,423 5,496 3,213 21,398 12,336
Research and development 3,113 3,487 1,698 13,024 6,192
General and
administrative 4,393 4,724 4,227 17,506 12,022
Terminated acquisition
costs - - (18) - 2,138
-------- -------- -------- -------- --------
Total costs and
expenses 28,172 26,436 18,326 107,931 67,541
-------- -------- -------- -------- --------
(Loss) income from
operations (903) (1,467) 1,583 (15,075) 7,693
Other income, net 943 798 532 2,936 1,528
-------- -------- -------- -------- --------
Net (loss) income before
tax 40 (669) 2,115 (12,139) 9,221
Benefit from income taxes 1,095 34,192 - 38,482 -
-------- -------- -------- -------- --------
Net income 1,135 33,523 2,115 26,343 9,221
Preferred stock dividends (131) (124) - (436) -
-------- -------- -------- -------- --------
Net income attributable
to common stockholders $ 1,004 $ 33,399 $ 2,115 $ 25,907 $ 9,221
======== ======== ======== ======== ========
Net income per share:
Basic $ 0.02 $ 0.55 $ 0.04 $ 0.43 $ 0.17
======== ======== ======== ======== ========
Diluted $ 0.02 $ 0.54 $ 0.04 $ 0.42 $ 0.16
======== ======== ======== ======== ========
Shares used in calculating
net income per share:
Basic 60,988 60,740 54,709 59,928 54,296
======== ======== ======== ======== ========
Diluted 63,121 62,133 57,124 61,353 57,435
======== ======== ======== ======== ========
*T