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Press Release

 

@Road^® Reports First Quarter Results

Completion of Vidus Acquisition Continues @Road Transformation

Fremont, CA – May 5, 2005 – @Road (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.

Highlights

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. (NASDAQ: ARDI) 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.

	@Road, Inc.
	Condensed Consolidated Balance Sheets
	(In thousands, unaudited)
		December 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, 2005		December 31, 2004		March 31, 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
Genereal and administrative	___________-		___________-		___________2
Total stock compensation	$_____ ______-		$__________-		$__________4

 

Media Contact

Michael Johnson
@Road Chief Financial Officer
510-870-1099
mjohnson@road-inc.com

David Lebedeff
@Road Vice President Investor Relations
(510) 870-1317
dlebedeff@road-inc.com

 

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