@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
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