@Road(R), Inc. (Nasdaq:ARDI), a global provider of mobile resource
management (MRM) 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 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 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 share.
Included in the results for the first quarter 2005 were the
operations of Vidus Limited from the February 18, 2005 closing
date, as well as $5.6 million in in-process research and
development costs and $0.5 million in intangibles amortization
associated with the Vidus Limited acquisition. The Company's
condensed consolidated balance sheet at March 31, 2005 included
$110.8 million of cash, cash equivalents and short-term
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 Carol Rice-Murphy, the Company's Vice
President of Finance, as the Company's interim Chief Financial
Officer (CFO). The Company has commenced a search for a new CFO.
Mike Johnson, the Company's CFO since June 2004, is leaving the
Company to pursue opportunities with privately-held companies. -0-
*T 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. *T Conference Call and Webcast Details
@Road will host a teleconference Thursday, 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 the
management of mobile resources to optimize the service delivery
process for customers across a variety of industries. By providing
real-time Mobile Resource Management infrastructure integrating
wireless communications, location-based technologies, software
applications, transaction processing and the Internet, @Road
solutions provide a secure, scalable, upgradeable, enterprise-class
platform, offered in hosted, on-premise or hybrid environments that
seamlessly connect mobile workers in the field to real-time
corporate data on-demand. @Road is headquartered in Fremont,
Calif., and has a global presence with offices in North America,
Europe 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 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 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 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 are trademarks of @Road, Inc. All other product names and
services are the property of their respective owners. -0- *T @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 ------------ ------------ ------------ *T
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