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@ROAD REPORTS SECOND QUARTER RESULTS
Second Quarter 2006 Revenues Increase 12% Over Second Quarter 2005
FREMONT, Calif. July 27, 2006 - @Road, Inc. (Nasdaq: ARDI), a global provider of next generation solutions for Mobile Resource Management (MRM), today announced its results for the quarter ended June 30, 2006.
Total revenues for the second quarter of 2006 were $23.2 million, a 12% increase compared to $20.6 million for the second quarter of 2005. Hosted revenues for the second quarter of 2006 were $19.6 million, and licensed revenues for the second quarter of 2006 were $3.6 million. Net loss attributable to common stockholders for the second quarter of 2006 was $2.9 million, or $0.05 per diluted share.
For the six months ended June 30, 2006, total revenues were $47.9 million, an 18% increase compared to $40.6 million for the same period in 2005. Hosted revenues for the first six months were $40.6 million, and licensed revenues for the first six months were $7.3 million. Net loss attributable to common stockholders for the first six months of 2006 was $5.6 million, or $0.09 per diluted share.
New sales orders for the second quarter were higher than expected, and represent the second highest level of orders in any quarter in the companys history. We believe that our first half sales orders are tracking ahead of where we need to be to meet our 2006 subscriber goals, said Krish Panu, president and CEO of @Road. We also believe the adoption of MRM solutions is beginning to accelerate and that we are positioned to take advantage of this expanding opportunity.
Non-GAAP loss before tax for the second quarter of 2006 was $1.1 million, or $0.02 per diluted share. Non-GAAP loss before tax is calculated by adjusting GAAP net loss attributable to common stockholders for the impacts of stock-based compensation of $1.2 million, intangibles amortization expense of $1.0 million, a benefit for the change in the value of the derivative instrument liability of $0.1 million, a benefit from income taxes of $1.0 million, and depreciation expense of $0.8 million. A reconciliation of non-GAAP financial measures used in this press release to the GAAP financial measures and presentation of the most directly comparable GAAP
The following information was filed by Road, Inc on Thursday, July 27, 2006 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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