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ARDI - (recommended to subscribers on 10/18/04 at
$4.03)
BOUGHT
at $4.03 SOLD
at $6.46
On July 22nd 2004 @Road Inc., a
provider of mobile resource management
solutions and services that include location, reporting, dispatching,
messaging
and other management services that help companies manage and improve
productivity
among their mobile workers, reported 2nd quarter 2004 revenue of $18.3
million which was up 16% from the $15.8 reported in the 2nd quarter of
2003. Revenue was also up 3% sequentially. Gross margins were up from
the
year ago period and flat sequentially. Net income during the 2nd
quarter
was $3.1 million or 5 cents per share and compares with a net loss of
$227,000
or 0 cents per share reported in the 2nd quarter of 2003. At the end of
the quarter @Road had 130,000 subscribers.
During the first
six months of 2004 only
one customer accounted for more than 10% of total revenue. The largest
customer was Verizon which accounted for 18% of revenue. Currently 100%
of the company's revenue is derived from within the United States and
Canada
however @Road said it plans on offering it's services in other
countries
in the future. <> Consensus
estimates call for earnings per
share of 3 cents for the 3rd quarter. For the year 15 cents per share
is
expected on revenue of $73 million.
@Road has $111.7
million in cash and short-term
investments which comes out to $2.05 per share. Book value is $2.17 per
share and the company carries no debt. At the current price the stock
has
a price-to-sales ratio of 3. ARDI trades a little under 2x cash
and
investments. Currently ARDI's price-to-book ratio is 1.9.
11/4/04
- SOLD
AT $6.46 FOR A GAIN OF 60%. DURING THE SAME PERIOD THE NASDAQ WAS
UP 4%.
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