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@ROAD REPORTS THIRD QUARTER RESULTS
Quarterly Revenues Up 8 Percent Sequentially;
Significant Customer Wins Announced During Quarter
FREMONT, Calif. October 26, 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 September 30, 2006.
Total revenues for the third quarter of 2006 were $25.2 million, an 8% sequential growth compared to $23.2 million for the second quarter of 2006. Hosted revenues for the third quarter of 2006 were $21.2 million, and licensed revenues for the third quarter of 2006 were $4.0 million. Net loss attributable to common stockholders for the third quarter of 2006 was $3.6 million, or $0.06 per diluted share.
For the nine months ended September 30, 2006, total revenues were $73.1 million, an 11% increase compared to $65.6 million for the same period in 2005. Hosted revenues for the nine months ended September 30, 2006 were $61.8 million, and licensed revenues for the same nine months were $11.3 million. Net loss attributable to common stockholders for the first nine months of 2006 was $10.1 million, or $0.16 per diluted share.
@Roads revenue for the third quarter of 2006 was above our target as we continued to monetize our sales orders. We are pleased that the momentum we saw during the first half of the year in sales orders continued into the third quarter, said Krish Panu, president and CEO of @Road. We have expanded our market footprint during the quarter as we are now offering our solutions in the UK and in Australia, as well as in North America. We also intend to leverage sales alliances which have the potential to help accelerate adoption of MRM solutions.
Non-GAAP earnings before tax for the third quarter of 2006 was $2.1 million, or $0.03 per diluted share. Non-GAAP earnings before tax is calculated by adjusting GAAP net loss attributable to common stockholders for the impacts of stock-based compensation of $1.0 million, intangibles amortization expense of $1.0 million, an expense for the change in the value of the derivative instrument liability of $3.0 million, a benefit from income taxes of $0.2 million, and depreciation expense of $0.8 million.
The following information was filed by Road, Inc on Thursday, October 26, 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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