Companies news of 2007-04-24 (page 3)
Smart Energy Solutions and Autolite(R) Brand Enter Into Licensing AgreementInnovative...
WhereNet Supports New ISO Active RFID Real-Time Locating System StandardDozens of...
University Hospital Denmark Uses Brocade-Based Storage Area Network and Professional...
VimpelCom Announces New Stock Repurchase Program
McAfee, Inc. Releases New Research Suggesting Data Loss Will Lead to Next Major Corporate...
McAfee, Inc. Expands Data Loss Prevention SolutionNew Data Loss Prevention Gateway Adds...
Restatement of Consolidated Financial Statements for the Third Quarter of the Fiscal Year...
Comcast Named Second 'Best Places to Work' in the Bay Area 2007Comcast Takes Second to #1...
Restatement of Consolidated Financial Statements for the First Quarter of the Fiscal Year...
DST Systems, Inc. Announces First Quarter 2007 Financial Results
Stream Announces a Special Shareholders' Meeting to be Held May 18, 2007 to Enable...
EMCORE Corporation To Report Fiscal 2007 First Quarter Results on Wednesday, April 25,...
Smart Energy Solutions and Autolite(R) Brand Enter Into Licensing AgreementInnovative battery product to feature Autolite(R) name
POMPTON PLAINS, N.J., April 24 /PRNewswire-FirstCall/ -- Smart Energy Solutions (SMGY.OB) and Autolite(R) have entered into an agreement to license the rights to use the Autolite(R) brand name for Smart Energy's innovative, easy to install, automotive battery protector product, which uses unique electronic technology to ensure that you will never be left stranded with a dead automotive battery.
Smart Energy's battery protector device constantly monitors electrical discharge of the battery for nearly all kinds of vehicles. Should the device detect that the battery is losing sufficient charge to start the vehicle's engine, it automatically disconnects the battery to preserve its starting power. In addition, there is a built-in anti-theft feature.
"Autolite(R) is a highly recognizable brand name that's been delivering quality products to a wide spectrum of the auto industry for over ninety years," said Pete Mateja, CEO of Smart Energy Solutions. "This agreement to market under the Autolite(R) brand will instantly broaden our product awareness and credibility in the marketplace and will measurably improve our sales potential. It's a very positive step for Smart Energy."
"This particular product is a perfect complement to the Autolite brand's current market offerings," said Dave Sholtis, vice president, Autolite(R). "Any time there is a partnering like this, it has to make sense for both parties involved and, of course, for the customer -- and this was a very natural fit."
Since its inception, the Autolite(R) brand has guaranteed Aftermarket and Original Equipment customers worldwide innovative products of the highest quality. Its most recent innovation is the Autolite(R) XP Xtreme Performance iridium enhanced spark plugs with a 6mm finewire design. More information about the brand's full line of products, which also include wire sets and lighting products, can be found at http://www.autolite.com/
About Smart Energy Solutions
Smart Energy Solutions, Inc. (OTC Bulletin Board: SMGY; Berlin: UBM.BE; Frankfurt: UBM.F) is the sole owner of the Battery Brain line of vehicle accessory products. The company is headquartered in Pompton Plains, NJ, with operations in Zhuhai, China, Milan, Italy, Petach Tikva, Israel and Pompton Plains, NJ. Visit http://www.smgy.net/.
Forward-Looking Statements:
Actual results could differ materially from any forward-looking statements contained in any Smart Energy Solutions press release. All statements made in this press release are made as of the date of the release and could change due to unknown risks and uncertainties.
Smart Energy Solutions
CONTACT: Media, Smart Energy Solutions, Bruce G. MacDonald, Liebler!MacDonald, +1-248-233-8062, bmacd@liemac.com; Investor, Ed Braniff, CFO, Smart Energy Solutions, Inc., +1-973-340-6000, ebraniff@optonline.net
Web site: http://www.smgy.net/ http://www.autolite.com/
WhereNet Supports New ISO Active RFID Real-Time Locating System StandardDozens of Countries and Companies Drive Adoption of First Global Standard for RTLS to Encourage Interoperability of Products in Rapidly Growing Market
SANTA CLARA, Calif., April 24 /PRNewswire/ -- WhereNet Corp., a Zebra Technologies company and the leader in wireless solutions for tracking and managing enterprise assets, announced today its support for the first global technical standard for real-time locating systems (RTLS). Recently published by the International Standards Organization (ISO), the ISO/IEC 24730 standard defines an air interface protocol and an application programming interface (API) for use in RTLS applications. The new standard will enable multi-vendor compatibility and encourage interoperability of products for the growing RTLS market, thereby driving broad international adoption and integration of wireless location systems by global companies.
"Standards are valuable because they give end users confidence that a technology has been well vetted by the technical community, they promote interoperability, and they encourage a competitive marketplace. ISO/IEC 24730-2 well serves these purposes and begins an era of standardized real-time locating systems," said Craig K. Harmon, President & CEO, Q.E.D. Systems, the industry's leading consulting and standards advisory organization.
"With its bottom-line business benefits and proven return on investment, RTLS is being embraced on a global scale and ratification of this standard will further accelerate adoption," said Jon Rosselle, vice president for SSA Terminals. "Creation of a global standard for tracking mobile assets in campus-wide environments will get more vendors involved in building out RTLS architectures, leading to additional capabilities and price reductions. In particular, the international shipping industry, which has more than 18 million intermodal containers in use around the world, will benefit from this newly established standard, since shippers and carriers have longed for a solution that provides visibility throughout their supply chain."
International Collaboration at Work
WhereNet is a member of ISO/IEC JTC 1/SC 31/WG 5 (International Standards Organization/International Electrotechnical Commission, Joint Technical Committee 1, Sub Committee 31, Working Group 5), and participates as a member of the U.S. delegation within the international community; other members of the delegation include representatives from APL, the Department of Defense, and Q.E.D. Systems, to name a few. Delegations from other countries include representatives from Denso, ETRI, Hyundai, G2 Microsystems, and numerous others.
The ISO/IEC 24730 standard has been ratified by ISO member countries, including Australia, Austria, Brazil, Canada, China, Columbia, Denmark, Finland, France, Germany, Israel, Japan, Korea, Netherlands, Russian Federation, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States, among others.
"This ISO standard is a tribute to a strong partnership of the international community of government and industry. Although many proprietary technologies are being modified to provide limited locating functions, this is the first and only internationally accepted, high-precision locating standard for assets and people," said Tim Harrington, vice president of product strategies for WhereNet and document editor for ISO 24730-2. "Furthermore, ISO/IEC 24730 lends credence to the fact that the technology used by WhereNet is openly available to other companies to develop products. In fact, G2 Microsystems and GE Healthcare are among those already designing products to this standard."
About ISO/IEC 24730
The fundamental goal of the ISO/IEC 24730 standard is to allow for compatibility and to encourage interoperability of products for the growing RTLS market. The ISO/IEC divided the standard into two parts:
-- ISO/IEC 24730-1 defines an API needed for utilizing an RTLS. It enables
software applications to utilize an RTLS infrastructure to locate
assets with RTLS transmitters attached to them. It defines a boundary
across which application software uses facilities of programming
languages to collect information contained in RTLS tag blinks received
by the RTLS infrastructure.
-- ISO/IEC 24730-2, the 2.4 GHz air interface protocol, establishes a
technical standard for real-time locating systems that operate at an
internationally available 2.4 GHz frequency band and are intended to
provide approximate location with frequent updates (for example,
several times a minute). This part of the standard defines a networked
location system that provides x-y coordinates and data telemetry. The
system utilizes RTLS transmitters that autonomously generate a direct-
sequence spread-spectrum radio frequency beacon. The transmitters may
be field programmable and support an optional exciter mode that allows
modification of the rate of location update and location of the RTLS
device.
About WhereNet Corp.
A Zebra Technologies company, WhereNet is the first company to deliver a single wireless location and communication infrastructure that reliably and cost-effectively manages valuable mobile resources and delivers a complete return on investment within 6-12 months. Based on patented, standards- compliant technology resulting from a collective 100+ years of development, the WhereNet active RFID, real-time locating system solutions enable companies such as APL, BMW, Ford Motor Company, and NYK Logistics and facilities like Tobyhanna Army Depot to reduce inventory, lower operating costs, and improve operations. The company has received the Henry Ford Technology Award; was recognized for strong ROI by Computerworld; was ranked among the top 10 in the InfoWorld 100; and has been recognized as a wireless innovator by Forrester Research, Global Logistics & Supply Chain Strategies, Plant Engineering, and Supply & Demand Chain Executive magazines. WhereNet is headquartered in Santa Clara, California, and has offices throughout the United States, Europe and Asia. For more information, visit the WhereNet Web site at http://www.wherenet.com/, or call 408-845-8500 (in the U.S.) or +32 3 286 84 50 (in Europe). Information about Zebra bar code, card and RFID products can be found at http://www.zebra.com/.
WhereNet is a registered trademark of WhereNet Corp. All other brands, products, or service names are or may be trademarks or service marks of their respective owners.
WhereNet Corp.
CONTACT: Ross Perich of Trainer Communications, +1-925-556-5463, wn@trainercomm.com; or Sally Kenvin of WhereNet, skenvin@wherenet.com
Web site: http://www.wherenet.com/ http://www.zebra.com/
University Hospital Denmark Uses Brocade-Based Storage Area Network and Professional Services to Improve Data Availability
SAN JOSE, California, April 24 /PRNewswire/ --
- Denmark's Leading Hospital Implements SAN to Better Manage Virtual Data
for Doctors
Brocade(R) (Nasdaq: BRCD), the leader in networked storage solutions that
help enterprises connect and manage their information, today announced that
Rigshospitalet, the leading Scandinavian University Hospital, is building a
Storage Area Network (SAN) to improve access to vital patient records and
specialist services for 20,000 doctors, nurses, and staff working across
seven hospitals.
The University Hospital, which celebrates its 250th anniversary in 2007,
is the administrative center for seven hospitals in Denmark. In addition to
managing the administration of this new network, the University Hospital
found that its own data demands and storage use were growing rapidly,
requiring it to upgrade its existing storage servers to a SAN. The SAN has
enabled the hospital to roll out specialist services, such as a medicine
module that helps ensure the availability of patient records, medicine
orders, and other information. The medicine module has 800 different roles
and, depending on access rights, enables staff and doctors to order patient
drugs, track patient records, share patient files, and perform other
administrative tasks.
The Brocade SAN has enabled the hospital to better utilize its existing
storage by facilitating administration and management. More importantly, it
helps ensure that doctors working across the hospital network can access and
share vital patient information when they need it.
The SAN consists of Brocade SAN switches and Brocade 48000 Directors,
linked to IBM storage (including TotalStorage DS8100). The project was
managed by the local Brocade Professional Services team working in tandem
with IBM. Over the coming months, the University Hospital will be seeking to
increase redundancy and security within the storage network.
"When we took on administrative duties for the rest of the network, it
quickly became clear that we had to upgrade our existing storage
infrastructure," said Jorgen Krogh Larsen, SAN and Storage Manager,
Rigshospitalet. "For us, storage is the most important part of the storage
area network equation and it made sense to work with the leader in this area:
Brocade."
The Brocade SAN has benefited the University Hospital in numerous ways.
Krogh Larsen continued, "In the future, the storage area network will be able
to serve up to 45,000 users on the system. Because access to information for
the hospital staff is so vital for patient care, availability is a key
requisite for the SAN and as such we have also just signed an Enterprise
Supplemental Support contract with Brocade Services to maximize reliability.
Performance will also have to be closely monitored, especially the speed of
the network, so we are looking into monitoring tools, such as the Brocade SAN
Health utility."
"Working with the University Hospital has been a really rewarding
project," said Bent Jorgensen, Brocade Regional Manager Nordics.
"Implementing a SAN has had great benefits for patient care across the
different hospitals by ensuring that doctors and staff can access necessary
records any time, anywhere."
About Brocade
Brocade is the leading provider of networked storage solutions that help
organizations connect, share, and manage their information. Organizations
that use Brocade products and services are better able to optimize their IT
infrastructures and ensure compliant data management. For more information,
visit the Brocade Web site at www.brocade.com or contact the company at
info@brocade.com.
NOTE: Brocade, the Brocade B-weave logo, Fabric OS, File Lifecycle
Manager, MyView, Secure Fabric OS, SilkWorm, and StorageX are registered
trademarks and the Brocade B-wing symbol and Tapestry are trademarks of
Brocade Communications Systems, Inc., in the United States and/or in other
countries. FICON is a registered trademark of IBM Corporation in the U.S. and
other countries. All other brands, products, or service names are or may be
trademarks or service marks of, and are used to identify, products or
services of their respective owners.
Web site: http://www.brocade.com
Brocade Communications Systems, Inc.
media, Kathryn Craig, +1-832-230-2249, or kcraig@brocade.com, or investors, Shirley Stacy, +1-408-333-5752, or sstacy@brocade.com, both of Brocade; or Ian Yellin of Ogilvy PR, +1-415-677-2714, or ian.yellin@ogilvypr.com
VimpelCom Announces New Stock Repurchase Program
MOSCOW and NEW YORK, April 24 /PRNewswire-FirstCall/ -- Open Joint Stock Company "Vimpel-Communications" ("VimpelCom" or the "Company") today announced that its Board of Directors has authorized VC ESOP N.V., or VC ESOP, an indirect wholly owned subsidiary, to repurchase up to 1,600,000 American Depositary Shares, or ADSs, which is equivalent to up to 400,000 shares of the Company's common stock, par value 0.5 kopecks per share, through December 31, 2008. The number of shares underlying ADSs that may be repurchased equals approximately 0.8% of VimpelCom's common stock currently outstanding. The Company and VC ESOP intend to utilize the repurchased shares for the issuance of stock based compensation awards.
VimpelCom intends to establish a systematic purchasing plan under Rule 10b5-1 of the Securities Exchange Act of 1934 to facilitate repurchases of up to 800,000 ADSs, which is equivalent to up to 200,000 shares of the Company's common stock, under the repurchase program. Rule 10b5-1 permits a public company to repurchase its shares at times when it ordinarily would not be in the market because of self-imposed trading blackout periods. Under the Rule 10b5-1 plan, certain specified amounts of ADSs would be purchased on a daily basis provided that specified trading prices are achieved. The Rule 10b5-1 plan would commence on May 1, 2007 and expire upon the earliest of December 31, 2007, the purchase of all the ADSs covered by the plan, or certain other specified events. Purchases would be made in the open market or through privately negotiated transactions, all in accordance with U.S. and Russian securities law, including the volume, price, timing and other requirements of Rule 10b-18 of the Securities Exchange Act of 1934. VimpelCom also intends to establish a similar purchasing plan in 2008 to facilitate repurchases of up to an additional 800,000 ADSs, which is equivalent to up to 200,000 shares of the Company's common stock, under the repurchase program.
The Company also announced that it has amended its Amended and Restated VimpelCom 2000 Stock Option Plan to increase the maximum number of shares available for issuance under the plan from 650,000 to 1,050,000 common shares (equivalent to 4,200,000 ADSs).
The VimpelCom Group includes cellular companies operating in Russia, Kazakhstan, Ukraine, Uzbekistan and Tajikistan, and recently acquired companies in Georgia and Armenia. The VimpelCom Group's cellular license portfolio covers a territory with a population of about 240 million. This includes 77 regions of Russia (136.5 million people, representing 94% of the Russia's population), and the entire territories of Kazakhstan, Ukraine, Uzbekistan, Tajikistan, Georgia, and Armenia. VimpelCom was the first Russian company to list its shares on the New York Stock Exchange ("NYSE"). VimpelCom's ADSs are listed on the NYSE under the symbol "VIP".
This press release contains "forward-looking statements," as the phrase is defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The statements related to the Company and VC ESOP's ability to repurchase ADSs and establish a Rule 10b5-1 plan are based on management's best assessment of the Company's strategic and financial position and of future market conditions and opportunities. This discussion involves risks and uncertainties. The actual outcome may differ materially from these statements as a result of changes in market conditions, unforeseen developments from competition, governmental regulations of the wireless telecommunications industry, general political uncertainties in Russia and the CIS, general economic developments in Russia and the CIS and other factors. As a result of these risks and uncertainties, there can be no assurances that the effects of competition or current or future changes in the political, economic and social environment or current or future regulation of the telecommunications industries in Russia or the countries of the CIS will not have a material adverse effect on VimpelCom, and there can be no assurances that the Company will be able to undertake any of the actions described above in the manner described in this press release. Certain factors that could cause actual results to differ materially from those described in any forward- looking statements include the risks described in the Company's Annual Report on Form 20-F for the year ended December 31, 2005 and other public filings made by the Company with the United States Securities and Exchange Commission, which risk factors are incorporated herein by reference. VimpelCom disclaims any obligation to update developments of these risk factors or to announce publicly any revision to any of the forward-looking statements contained in this release, or to make corrections to reflect future events or developments.
VimpelCom
CONTACT: Marine Babayan, VimpelCom (Moscow), +7 (495) 974-5888, Investor_Relations@VimpelCom.com; Ian Bailey/Michael Polyviou, Financial Dynamics, +1-212-850-5600, mpolyviou@fd-us.com
McAfee, Inc. Releases New Research Suggesting Data Loss Will Lead to Next Major Corporate CollapseA Third of Enterprises Surveyed Believe a Major Breach Could Put Their Companies Out of Business
INFOSEC, LONDON, April 24 /PRNewswire-FirstCall/ -- McAfee, Inc., , today announced it has released a report, Datagate: The Next Inevitable Corporate Disaster?, revealing a widespread belief that a major security breach, even an unintentional one, could lead to the collapse of a major corporation. The global research, conducted for McAfee(R) by Datamonitor, surveyed more than 1400 IT professionals at companies with at least 250 employees in the United States, the United Kingdom, France, Germany and Australia. Thirty-three percent of respondents said they believe a major data loss incident involving accidental or malicious distribution of confidential data could put them out of business.
The research also suggests that while awareness regarding the danger of breaches is high, the problem continues to grow. Sixty percent of respondents said they had experienced a data breach in the past year, and only six percent of respondents could say with certainty that they had not experienced one in the previous two years. However, despite the prevalence of breaches, enterprises are still devoting just a fraction of their IT budgets to the problem. On average respondents spend just one-half of one percent of their overall IT budgets on data security.
Additional key findings from the research include:
-- A data breach that exposed personal information would cost companies an
average of $268,000 to inform their customers -- even if the lost data
is never used
-- Sixty-one percent of respondents think that data leakage is the doing
of insiders, and 23 percent believe those leaks are malicious
-- Nearly half (46 percent) of respondents don't debrief or monitor
employees after they have given notice that they are leaving the
company
-- Twenty-three percent of respondents were able to estimate the total
annual cost of data leakage, and the average figure they gave was $1.82
million
-- Respondents rated loss of intellectual property and financial
information as the two most valuable classes of data -- with the
average estimated cost of leaked financial data reaching $1.68 million.
"Six in ten companies admitting a breach in just the past year is ample proof that more needs to be done to address this very serious problem," said Dave DeWalt, president and chief executive officer at McAfee, Inc. "Awareness alone isn't enough. To protect customers, employees and shareholders, data loss prevention needs to become a top priority at every level of the organization, from the board room to the lunch room."
About McAfee, Inc.
McAfee Inc., the leading dedicated security technology company, headquartered in Santa Clara, California, delivers proactive and proven solutions and services that secure systems and networks around the world. With its unmatched security expertise and commitment to innovation, McAfee empowers home users, businesses, the public sector, and service providers with the ability to block attacks, prevent disruptions, and continuously track and improve their security. http://www.mcafee.com/.
NOTE: McAfee is a registered trademark of McAfee, Inc. and/or its affiliates in the US and/or other countries. McAfee Red in connection with security is distinctive of McAfee brand products. All other registered and unregistered trademarks herein are the sole property of their respective owners.
McAfee, Inc.
CONTACT: Erica Coleman of McAfee, Inc., +1-408-346-5624, or erica_coleman@mcafee.com; or Ian Bain of Red Consultancy, +1-415-618-8806, or ian.bain@redconsultancy.com, for McAfee, Inc.
Web site: http://www.mcafee.com/
McAfee, Inc. Expands Data Loss Prevention SolutionNew Data Loss Prevention Gateway Adds Another Layer of Protection to McAfee's Security Risk Management Portfolio
INFOSEC, LONDON, April 24 /PRNewswire-FirstCall/ -- McAfee, Inc. today announced McAfee(R) Data Loss Prevention (DLP), the industry's most comprehensive solution for preventing both accidental and malicious loss of confidential data. The ability to prevent data loss at the network level and on the desktop, makes McAfee the largest security company to offer a complete data loss prevention solution, and the only company to offer it as part of a comprehensive security risk management portfolio.
Recent high profile cases have shown that the cost of confidential data loss can have a major impact on a company's bottom line, with losses reaching hundreds of millions of dollars. New research from Datamonitor, commissioned by McAfee, underscores the problem, and shows that 33 percent of IT decision makers believe a major data loss incident could put their company out of business.
"Data loss is a burning issue right now and will only gain momentum as examples of its devastating impact continue to surface," said Dave DeWalt, president and chief executive officer of McAfee. "Our entire company is dedicated to protecting and securing information for organizations and individuals around the world, and McAfee Data Loss Prevention takes a huge step in that direction by extending protection wherever users work -- in the office, at home or on the road."
Additional compliance requirements, coupled with changing threat environments, are forcing enterprises to re-examine how they approach security. To help organizations fulfill their compliance requirements, McAfee DLP can provide proof of internal and regulatory compliance measures to auditors, board members, and other stakeholders. McAfee DLP offers organizations complete visibility and control over the transfer of data, with the ability to monitor, block, quarantine and/or encrypt sensitive data.
Gateway Protection Greatly Enhances Data Loss Prevention
The launch of McAfee Data Loss Prevention Gateway complements McAfee Data Loss Prevention Host, announced in February, by delivering multi-layered protection that prevents data loss at the desktop and the gateway. McAfee DLP Gateway prevents data loss from guest laptops, non-Windows systems (e.g. Mac and Linux), servers, mobile devices and all other agent-less devices by blocking the transfer of confidential information at the gateway. The protection of agent-less devices is growing in importance as corporations and government agencies are increasingly using mobile devices and laptops to access sensitive information on corporate networks.
"The data loss prevention problem is as challenging to corporations as asbestos removal is to homeowners. Like asbestos, data can be toxic when airborne," said Andrew Jaquith, senior analyst at Yankee Group. "Organizations today require data loss prevention controls that filter information at the gateway and control sensitive data on the endpoint."
Availability:
McAfee Data Loss Protection Host is available now, and McAfee Data Loss Prevention Gateway will be available May 2007.
For more information on McAfee Data Loss Prevention solution, please visit: http://www.mcafee.com/us/enterprise/products/data_loss_prevention/index.html.
About McAfee, Inc.
McAfee Inc., the leading dedicated security technology company, headquartered in Santa Clara, California, delivers proactive and proven solutions and services that secure systems and networks around the world. With its unmatched security expertise and commitment to innovation, McAfee empowers home users, businesses, the public sector, and service providers with the ability to block attacks, prevent disruptions, and continuously track and improve their security. http://www.mcafee.com/.
NOTE: McAfee is a registered trademark of McAfee, Inc. and/or its affiliates in the US and/or other countries. McAfee Red in connection with security is distinctive of McAfee brand products. All other registered and unregistered trademarks herein are the sole property of their respective owners.
McAfee, Inc.
CONTACT: Erica Coleman of McAfee, Inc., +1-408-346-5624, or erica_coleman@mcafee.com; or Ian Bain of Red Consultancy, +1-415-618-8806, or ian.bain@redconsultancy.com, for McAfee, Inc.
Web site: http://www.mcafee.com/
Restatement of Consolidated Financial Statements for the Third Quarter of the Fiscal Year Ending December 31, 2006
TOKYO, April 24 /Xinhua-PRNewswire-FirstCall/ -- Trend Micro ( NASDAQ: TMIC) , a leader in network antivirus and Internet content security software and services, today is restating its Consolidated Financial Statements for the third quarter of the fiscal year ending December 31, 2006, which were previously announced on October 31, 2006.
1. Reasons for Restatement
The Company is restating its Consolidated Financial Statements for the third quarter of fiscal year ending December 31, 2006, according to the reason for the restatement of its ''Restatement of Consolidated / Non-consolidated Financial Statements for the first half of the fiscal year ending December 31, 2006'', which were announced on February 19, 2007.
Meanwhile, this amendment have no impacted to those 2 of our financial announcements, Consolidated Financial Statements for the fiscal year ending December 31, 2006 (February 21, 2007) and Restatement of Consolidated / Non- consolidated Financial Statements for the first half of the fiscal year ending December 31, 2006 (February 19, 2007).
2. Restatement
Please refer to the link. (Revised figures are underlined.) http://jp.trendmicro.com/jp/about/financeinfo/english/ir-releases/070424- 2/index.html
Supplementary Information
After amendment of Quarterly Results -- FY2006 in U.S.GAAP 2006 as follows.
Meanwhile, this amendment have no impacted to those 2 of our financial announcements, Consolidated Financial Statements for the fiscal year ending December 31, 2006 (February 21, 2007) and Restatement of Consolidated / Non- consolidated Financial Statements for the first half of the fiscal year ending December 31, 2006 (February 19, 2007).
Quarterly Results -- FY2006 (in million of yen)
FY2006
Q.1 Q.2 Q.3 Q.4 Annual
Net Sales 20,778 20,447 21,156 23,232 85,614
Cost of sales 3,679 3,826 3,886 4,503 15,894
Operating Expense 8,570 10,891 11,022 12,161 42,644
Operating Income 8,529 5,730 6,249 6,568 27,076
Income before taxes 8,877 5,893 7,042 7,744 29,556
Net Income 5,145 3,240 3,896 4,956 17,236
(Sales by region) Q.1 Q.2 Q.3 Q.4 Annual
Japan 8,028 8,128 8,315 8,777 33,248
US 4,819 4,249 4,897 5,330 19,295
Europe 5,124 5,134 5,119 5,774 21,150
Asia Pacific 2,166 2,270 2,178 2,535 9,149
Latin America 642 667 647 816 2,771
Total 20,778 20,447 21,156 23,232 85,614
(Sales by segment) Q.1 Q.2 Q.3 Q.4 Annual
Enterprise 5,395 5,782 6,261 7,302 24,740
Small & Medium 9,772 9,842 9,952 10,733 40,300
Consumer 5,611 4,823 4,944 5,196 20,574
Total 20,778 20,447 21,156 23,232 85,614
Contact Person:
Mahendra Negi
Phone: +81-3-5334-4899
Fax: +81-3-5334-4874
Email: ir@trendmicro.co.jp
Trend Micro, Inc.
CONTACT: Mahendra Negi of Trend Micro, +81-3-5334-4899, or fax, +81-3-5334-4874, or ir@trendmicro.co.jp
Web site: http://www.trendmicro.com/
Comcast Named Second 'Best Places to Work' in the Bay Area 2007Comcast Takes Second to #1 GenentechComcast #1 Rated Telecom Company
SAN FRANCISCO, April 24 /PRNewswire/ -- The San Francisco Business Times, East Bay Business Times and the Silicon Valley/San Jose Business Journal named Comcast the second "Best Places to Work" in the Bay Area. Comcast Corporation is the country's leading provider of cable, entertainment and communications products and services.
"To be recognized as one of the top 5 "Best Places to Work" by our employees is an extreme honor, because we pride ourselves in building a dynamic team and company that our employees are proud to be a part of," shared Rick Germano, Regional Senior Vice President, California. "With the hard work and dedication of our more than 5,000 employees, we've also created a company that Bay Area residents look to first for the communications products and services that connect them to what's important in their lives."
The business publications noted the good employee benefits package that includes tuition reimbursement and Comcast University training as key assets. Comcast's community involvement was also noted, especially its Comcast Cares Day -- the company-wide day of service in which more than 30,000 employees volunteer in their local communities. "I feel valued as an employee, because Comcast supports my professional development and my volunteering in the community," remarked, Tamera Lappen, Comcast employee.
Due to the hard work and dedication of our team of employees, Comcast continues to grow and enhance our products and services -- from doubling the amount of ON DEMAND programming available in the past two years to adding more than 100 hours of HD VOD programming each month and adding new Comcast Digital Voice features like the ability to check voice mail online-all at no additional charge.
Comcast continues to grow its team to meet the high demand for its products and services. Last week, Comcast announced that it will hire 400 new employees throughout the Bay Area in the next several months. The majority of available jobs are for front-line technicians and customer care representatives, with the rest crossing the broad categories of engineering and sales. "The new employees will join an already strong, customer-focused team that is bringing advanced entertainment and communications products to residents of the Bay Area, everyday," said Mr. Germano.
Applicants can learn more about specific positions by reviewing job profiles and opportunities at http://www.comcast.com/, where they can also apply online.
Best Places to Work Selection Process
According to the publications, "This year's ranking of the 100 Best Places to Work in the Bay Area was the most competitive we've seen." Nominations from 464 companies were received. Approximately 161,000 Bay Area employees were surveyed in 12 Bay Area counties. The ranking is based solely on the satisfaction of the company's employees.
About Comcast:
Comcast Corporation (http://www.comcast.com/) is the nation's leading provider of cable, entertainment and communications products and services. With 24.2 million cable customers, 11.5 million high-speed Internet customers, and 2.5 million voice customers, Comcast is principally involved in the development, management and operation of broadband cable systems and in the delivery of programming content.
Comcast's content networks and investments include E! Entertainment Television, Style Network, The Golf Channel, VERSUS, G4, AZN Television, PBS KIDS Sprout, TV One, four regional Comcast SportsNets and Comcast Interactive Media, which develops and operates Comcast's Internet business. Comcast also has a majority ownership in Comcast-Spectacor, whose major holdings include the Philadelphia Flyers NHL hockey team, the Philadelphia 76ers NBA basketball team and two large multipurpose arenas in Philadelphia.
Comcast
CONTACT: Lorena Hernandez of Comcast, +1-925-766-4758, Lorena_Hernandez@cable.comcast.com
Web site: http://www.comcast.com/
Restatement of Consolidated Financial Statements for the First Quarter of the Fiscal Year Ending December 31, 2006
TOKYO, April 24 /Xinhua-PRNewswire-FirstCall/ -- Trend Micro ( NASDAQ: TMIC) , a leader in network antivirus and Internet content security software and services, today is restating its Consolidated Financial Statements for the first quarter of the fiscal year ending December 31, 2006, which were previously announced on April 25, 2006.
1. Reasons for Restatement
The Company is restating its Consolidated Financial Statements for the first quarter of fiscal year ending December 31, 2006, according to the reason for the restatement of its ''Restatement of Consolidated / Non-consolidated Financial Statements for the first half of the fiscal year ending December 31, 2006'', which were announced on February 19, 2007.
Meanwhile, this amendment have no impacted to those 2 of our financial announcements, Consolidated Financial Statements for the fiscal year ending December 31, 2006 (February 21, 2007) and Restatement of Consolidated / Non- consolidated Financial Statements for the first half of the fiscal year ending December 31, 2006 (February 19, 2007).
2. Restatement
Please refer to the link (Revised figures are underlined.): http://jp.trendmicro.com/jp/about/financeinfo/english/ir-releases/070424- 1/index.html
Supplementary Information
After amendment of Quarterly Results -- FY2006 in U.S.GAAP 2006 as follows.
Meanwhile, this amendment have no impacted to those 2 of our financial announcements, Consolidated Financial Statements for the fiscal year ending December 31, 2006 (February 21, 2007) and Restatement of Consolidated / Non- consolidated Financial Statements for the first half of the fiscal year ending December 31, 2006 (February 19, 2007).
Quarterly Results -- FY2006 (in million of yen)
FY2006
Q.1 Q.2 Q.3 Q.4 Annual
Net Sales 20,778 20,447 21,156 23,232 85,614
Cost of sales 3,679 3,826 3,886 4,503 15,894
Operating Expense 8,570 10,891 11,022 12,161 42,644
Operating Income 8,529 5,730 6,249 6,568 27,076
Income before taxes 8,877 5,893 7,042 7,744 29,556
Net Income 5,145 3,240 3,896 4,956 17,236
(Sales by region) Q.1 Q.2 Q.3 Q.4 Annual
Japan 8,028 8,128 8,315 8,777 33,248
US 4,819 4,249 4,897 5,330 19,295
Europe 5,124 5,134 5,119 5,774 21,150
Asia Pacific 2,166 2,270 2,178 2,535 9,149
Latin America 642 667 647 816 2,771
Total 20,778 20,447 21,156 23,232 85,614
(Sales by segment) Q.1 Q.2 Q.3 Q.4 Annual
Enterprise 5,395 5,782 6,261 7,302 24,740
Small & Medium 9,772 9,842 9,952 10,733 40,300
Consumer 5,611 4,823 4,944 5,196 20,574
Total 20,778 20,447 21,156 23,232 85,614
Contact Person:
Mahendra Negi
Phone: +81-3-5334-4899
Fax: +81-3-5334-4874
Email: ir@trendmicro.co.jp
Trend Micro, Inc.
CONTACT: Mahendra Negi of Trend Micro, +81-3-5334-4899, or fax, +81-3-5334-4874, or ir@trendmicro.co.jp
Web site: http://www.trendmicro.com/
DST Systems, Inc. Announces First Quarter 2007 Financial Results
KANSAS CITY, Mo., April 23 /PRNewswire-FirstCall/ -- Consolidated net income for DST Systems, Inc. was $65.4 million ($0.90 per diluted share) for the first quarter 2007 compared to $81.7 million ($1.11 per diluted share) for the first quarter 2006. Taking into account certain non-GAAP adjustments explained herein, consolidated net income was $62.6 million ($0.87 per diluted share) for the first quarter 2007 compared to $51.2 million ($0.69 per diluted share) for the first quarter 2006.
First quarter 2007 highlights were as follows:
-- Consolidated operating revenues increased $43.5 million or 11.4%
compared to the first quarter 2006 primarily from inclusion of Amisys
Synertech, Inc. ("ASI") operating revenues, higher license fees for
international investment management and AWD software and higher Output
Solutions volumes.
-- Consolidated income from operations increased $10.2 million or 14.7% to
$79.6 million as compared to $69.4 million for first quarter 2006.
Taking into account certain non-GAAP adjustments (including
$2.8 million of 2007 ASI merger integration costs and an Output
Solutions contract termination fee of $3.1 million), income from
operations increased $7.8 million or 10.9% as compared to first quarter
2006 primarily resulting from higher license fees for international
investment management and AWD software, higher contributions from
mutual fund shareowner processing, and higher contributions from Output
Solutions.
Output Solutions operating income for first quarter 2007 increased
$3.2 million (excluding the contract termination fee in 2007 and a
$1.8 million severance charge in 2006) from first quarter 2006.
Contributing to the increase of operating income were higher U.S.
volumes and revenues from new international clients, and cost
efficiencies realized from the implementation of new proprietary
printing and inserting technologies. As previously announced, a client
completed its internalization of its print/mail operations as a result
of a merger with a company with in-house capabilities at the end of
first quarter 2007. The loss of this client will adversely affect
revenues and operating income for the remainder of 2007.
Share related activity during first quarter 2007 was as follows:
-- During first quarter 2007, the Company repurchased 1,137,000 shares of
DST common stock for $81.6 million or approximately $71.77 per share.
At March 31, 2007 approximately 2.8 million shares remained outstanding
under the existing share repurchase authorization.
-- The Company had approximately 65.2 million shares outstanding at March
31, 2007, including approximately 2.5 million unvested restricted
shares. The net effect of share repurchases and shares issued from
stock option exercises during the three months ended March 31, 2007
resulted in a decrease in shares outstanding of approximately 500,000
shares.
-- Diluted shares outstanding for first quarter 2007 were 71.8 million
shares, a decrease of 1.6 million shares or 2.2% from first quarter
2006, but an increase of 1.7 million shares or 2.4% from fourth quarter
2006. The increase in diluted shares outstanding for the quarter is
primarily caused by a 1.6 million share increase in the dilutive effect
of the convertible debentures as a result of higher average DST share
prices. The dilutive effects of the convertible debentures,
outstanding stock options and restricted stock were approximately 5.3
million shares, 2.2 million shares and 1.2 million shares,
respectively, during first quarter 2007.
-- Total stock options and restricted stock ("equity units") outstanding
at March 31, 2007 were 10.7 million, a decrease of 700,000 equity units
or 6.1% from December 31, 2006.
Intangible asset amortization during the first quarter 2007 was as follows:
-- The combined amortization of intangibles affecting DST's equity in
earnings of Asurion during the three months ended March 31, 2007 was
$1.8 million. DST also recorded approximately $1.8 million of
intangible asset amortization for first quarter 2007 from the
acquisition of ASI on October 2, 2006.
-- Effective January 1, 2007, DST adopted FASB Interpretation No. 48,
"Accounting for Uncertainty in Income Taxes - an interpretation of FASB
No. 109" ("FIN 48"). The adoption resulted in approximately
$87.5 million of previously recorded liabilities for uncertain tax
positions being released, of which $68.2 million (net of related
deferred income taxes) resulted in a reduction in previously recorded
identified intangibles relating to the Company's April 2005 acquisition
of DST Health Solutions, and the remainder was recorded as an increase
in stockholders' equity as a cumulative effect adjustment. The
reduction in the identified intangibles resulted in a reduction in
amortization expense of approximately $1.5 million during first quarter
2007 as compared to 2006. The reduced amortization will continue in
the future, as no identified intangibles remain from the DST Health
Solutions acquisition.
Use of Non-GAAP Financial Information
In addition to reporting operating income, pretax income, net income and earnings per share on a GAAP basis, DST has also made certain non-GAAP adjustments which are described in the attached schedule titled "Description of Non-GAAP Adjustments" and are reconciled to the corresponding GAAP measures in the attached financial schedules titled "Reconciliation of Reported Results to Income Adjusted for Certain Non-GAAP Items" that accompany this earnings release. In making these non-GAAP adjustments, the Company takes into account the impact of items that are not necessarily ongoing in nature, that do not have a high level of predictability associated with them or that are non- operational in nature. Generally, these items include net gains on dispositions of business units, net gains (losses) associated with securities and other investments, restructuring and impairment costs and other similar items. Management believes the exclusion of these items provides a useful basis for evaluating underlying business unit performance, but should not be considered in isolation and is not in accordance with, or a substitute for, evaluating business unit performance utilizing GAAP financial information. Management uses non-GAAP measures in its budgeting and forecasting processes and to further analyze its financial trends and "operational run-rate", as well as making financial comparisons to prior periods presented on a similar basis. The Company believes that providing such adjusted results allows investors and other users of DST's financial statements to better understand DST's recurring comparative operating performance for the periods presented.
DST's management uses each of these non-GAAP financial measures in its own evaluation of the Company's performance, particularly when comparing performance to past periods. DST's non-GAAP measures may differ from similar measures by other companies, even if similar terms are used to identify such measures. Although DST's management believes non-GAAP measures are useful in evaluating the performance of its business, DST acknowledges that items excluded from such measures may have a material impact on the Company's income from operations, pretax income, net income and earnings per share calculated in accordance with GAAP. Therefore, management typically uses non-GAAP measures in conjunction with GAAP results. Investors and users of our financial information should also consider the above factors when evaluating DST's results.
Detailed Review of Financial Results
The following discussion of financial results takes into account the non- GAAP adjustments described in the section entitled "Use of Non-GAAP Financial Information" and detailed in the attached schedule titled "Description of Non- GAAP Adjustments".
Segment Results
Financial Services Segment
Operating revenues for the Financial Services segment, excluding out-of- pocket reimbursements ("OOP"), for the three months ended March 31, 2007 increased $32.1 million or 13.2% to $275.5 million as compared to the three months ended March 31, 2006. U.S. operating revenues for first quarter 2007 increased $23.3 million or 10.9% over first quarter 2006 primarily from the inclusion of ASI revenues and higher mutual fund and AWD revenues. International operating revenues increased $8.8 million over first quarter 2006 attributable to higher license fees for investment management and AWD software.
Financial Services segment software license fee revenues are derived principally from DST International (investment management systems), DST Health Solutions (medical claims processing systems) and AWD (workflow management and CRM solutions). Operating revenues include approximately $16.7 million of software license fee revenues for the three months ended March 31, 2007, an increase of $5.0 million, compared to the same period in 2006, due primarily to higher international investment management and AWD license fee revenues. While license fee revenues are not a significant percentage of DST's total operations, they can significantly impact earnings in the period in which they are recognized. Revenues and operating results from individual license sales depend heavily on the timing, size and nature of the contract.
U.S. mutual fund open shareowner accounts processed totaled 108.2 million at March 31, 2007, a net increase of 2.4 million or 2.3% since December 31, 2006 and an increase of 4.7 million or 4.5% from the 103.5 million accounts serviced at March 31, 2006. Tax-advantaged retirement and educational savings accounts serviced (which include 529 and Coverdell savings plan accounts) totaled 41.4 million at March 31, 2007, a net increase of 900,000 or 2.2% since December 31, 2006 and an increase of 1.4 million or 3.5% from the 40.0 million at March 31, 2006. For the period April 1 - 17, 2007, open shareowner accounts increased approximately 700,000, of which 400,000 were tax-advantaged retirement and educational savings accounts. In addition, previously announced new mutual fund client commitments of approximately 7.6 million accounts, based on current account levels, are expected to convert in the second and third quarters of 2007.
Financial Services segment income from operations for the first quarter 2007 increased $3.8 million from the prior year quarter to $66.6 million, attributable to higher license fee revenues and the elimination of amortization of DST Health Solutions intangibles from the adoption of FIN 48, partially offset by higher personnel costs to support business growth. Costs and expenses (including OOP costs) during the first quarter 2007 increased $29.2 million compared to the prior year quarter due primarily to the inclusion of ASI and increased personnel. Depreciation and amortization costs decreased $900,000 in the first quarter 2007 compared to the prior year quarter. The net decrease is attributable to lower depreciation of computer equipment and the absence of amortization of DST Health Solutions intangible assets resulting from the adoption of FIN 48, which is partially offset by the inclusion of amortization of ASI intangible assets. Operating margin for the first quarter 2007 was 24.2% compared to 25.8% for the first quarter 2006.
Output Solutions Segment
Output Solutions segment operating revenues (excluding OOP reimbursements) for first quarter 2007 were $146.1 million, an increase of $10.3 million or 7.6% as compared to first quarter 2006, reflecting higher U.S. processing volumes and revenues from new international clients.
Items mailed during first quarter 2007 were 694.2 million, an increase of 11.7% compared to first quarter 2006. Images produced during first quarter 2007 were 4.3 billion, an increase of 22.2% compared to first quarter 2006. Revenues per image and package have declined principally as a result of higher relative volume increases from customers with lower unit pricing.
Output Solutions segment income from operations for first quarter 2007 was $9.2 million as compared to $6.0 million in first quarter 2006. Costs and expenses (including OOP costs) decreased $29.5 million or 9.8% from the first quarter 2006 attributable to lower OOP costs associated with a reduction in OOP reimbursement revenues of approximately $34.7 million resulting from certain customers purchasing postage directly, offset by higher material and equipment costs associated with increased volumes. Depreciation and amortization increased $2.0 million as compared to first quarter 2006 attributable to depreciation on new proprietary printing and inserting equipment.
Investments and Other Segment
Investments and Other segment operating revenues, primarily rental income for facilities leased to the Company's operating segments, were $15.8 million for first quarter 2007, an increase of $400,000 from first quarter 2006. Income from operations for first quarter 2007 increased $800,000 as compared to first quarter 2006 attributable to a $300,000 gain from the sale of a property, higher rental income and operational cost improvements.
Other Financial Results
Equity in earnings (losses) of unconsolidated affiliates
The following table summarizes the Company's equity in earnings (losses) of unconsolidated affiliates:
Three months ended
March 31,
---------------------
(in millions) 2007 2006
------ ------
Asurion $11.4 $7.8
BFDS 7.9 6.6
IFDS 5.9 1.4
Argus 1.2 1.0
Other (1.6) (0.7)
------ ------
$24.8 $16.1
====== ======
DST's equity in Asurion earnings for first quarter 2007 increased $3.6 million due to higher revenues, primarily from higher subscribers to Asurion's handset insurance programs, and operational cost improvements, partially offset by additional interest expense for debt incurred in the third quarter 2006 to finance a distribution to shareholders.
DST's equity in BFDS earnings for first quarter 2007 increased $1.3 million due to increased mutual fund shareowner servicing revenues from an increase in shareowner accounts processed and improvements in operations.
DST's equity in IFDS earnings for first quarter 2007 increased $4.5 million, due to improvements in operations and a $1.2 million deferred income tax benefit. Shareowner accounts serviced by IFDS U.K. were 5.8 million at March 31, 2007, an increase of 200,000 or 3.6% from December 31, 2006 and an increase of 500,000 or 9.4% from March 31, 2006. Shareowner accounts serviced by IFDS Canada were 7.3 million at March 31, 2007, an increase of 200,000 or 2.8% from December 31, 2006 and an increase of 500,000 or 7.4% from March 31, 2006.
Increased equity in earnings of Argus Health Systems during first quarter 2007 were the result of higher levels of pharmacy claims processed, principally Medicare Part D claims, partially offset by an increase in personnel costs and data processing support costs charged by DST.
Other income, net
Other income was $8.5 million in first quarter 2007, an increase of $100,000 as compared to first quarter 2006, from higher dividend income.
Interest expense
Interest expense was $18.2 million for first quarter 2007, an increase of $1.4 million from first quarter 2006, due to higher average debt balances outstanding and higher average interest rates.
Income taxes
As previously mentioned, DST adopted FIN 48 effective January 1, 2007. The Company's effective income tax rate was 33.7% for first quarter 2007, compared to 35.3% for first quarter 2006, a decrease of 1.6% from 2006 primarily due to a reduction in the interest accruals relating to uncertain tax positions resulting from the adoption of FIN 48 and a change in the relative proportions of domestic and international taxable income. The Company expects its recurring tax rate for the remainder of 2007 to be approximately 33.7%.
Accounting Standards
The FASB has previously issued an exposure draft on a proposed accounting standard that would amend SFAS 128, Earnings per Share, to clarify guidance for mandatorily convertible instruments, the treasury stock method, contingently issuable shares, and contracts that may be settled in cash or shares. The final statement has yet to be issued. DST is currently evaluating the impact of this proposed accounting standard and currently believes that this proposed amendment would impact the way the Company treats the 17.1 million incremental shares to be issued from the assumed conversion of the $840 million of convertible debentures issued in August 2003 in calculating diluted earnings per share. The proposed amendment would require the use of the "if-converted" method from the date of issuance of the convertible debentures. The proposed amendment would remove the ability of a company to support the presumption that the convertible securities will be satisfied in cash and not converted into shares of common stock. Under this "if converted" method, GAAP diluted earnings per share would have been $0.84 and $1.08 (versus GAAP reported earnings of $0.90 and $1.11) for the three months ended March 31, 2007 and 2006, respectively. The above pro-forma information presents only the effect on diluted earnings per share of the "if converted" method included in the exposure draft, but does not include any other computational changes (i.e. treasury stock method considerations) discussed in the exposure draft. DST is continuing to monitor the FASB's progress towards finalizing this proposed accounting standard.
The proposed change in accounting principles would affect the calculation of diluted earnings per share during the period the debentures are outstanding, but would not affect DST's ability to ultimately settle the convertible debentures in cash, shares or any combination thereof.
The information and comments in this press release may include forward- looking statements respecting DST and its businesses. Such information and comments are based on DST's views as of today, and actual actions or results could differ. There could be a number of factors, risks, uncertainties or contingencies that could affect future actions or results, including but not limited to those set forth in DST's periodic reports (Form 10-K or 10-Q) filed from time to time with the Securities and Exchange Commission. All such factors should be considered in evaluating any forward-looking statements. The Company will not update any forward-looking statements in this press release to reflect future events.
DST SYSTEMS, INC.
CONDENSED CONSOLIDATED STATEMENT OF INCOME
(In millions, except per share amounts)
(Unaudited)
For the Three Months
ended March 31,
2007 2006
------ ------
Operating revenues $426.2 $382.7
Out-of-pocket reimbursements 159.1 193.3
------ ------
Total revenues 585.3 576.0
Costs and expenses 475.8 477.3
Depreciation and amortization 29.9 29.3
------ ------
Income from operations 79.6 69.4
Interest expense (18.2) (29.5)
Other income, net 12.8 24.5
Gain on sale of business 52.8
Equity in earnings of unconsolidated
affiliates 24.8 16.1
------ ------
Income before income taxes 99.0 133.3
Income taxes 33.6 51.6
------ ------
Net income $65.4 $81.7
====== ======
Average common shares outstanding 63.1 67.9
Diluted shares outstanding 71.8 73.4
Basic earnings per share $1.04 $ 1.20
Diluted earnings per share $0.90 $ 1.11
DST SYSTEMS, INC.
STATEMENT OF REVENUES BY SEGMENT
(In millions)
(Unaudited)
Three months ended
March 31,
---------------------
2007 2006
------ ------
Financial Services
Operating $275.5 $243.4
OOP reimbursements 16.3 16.3
------ ------
$291.8 $259.7
====== ======
Output Solutions
Operating $149.2 $135.8
OOP reimbursements 142.8 177.4
------ ------
$292.0 $313.2
====== ======
Investments and Other
Operating $15.8 $15.4
OOP reimbursements 0.1 0.1
------ ------
$15.9 $15.5
====== ======
Eliminations
Operating $(14.3) $(11.9)
OOP reimbursements (0.1) (0.5)
------ ------
$(14.4) $(12.4)
====== ======
Total Revenues
Operating $426.2 $382.7
OOP reimbursements 159.1 193.3
------ ------
$585.3 $576.0
====== ======
DST SYSTEMS, INC.
STATEMENT OF INCOME FROM OPERATIONS BY SEGMENT
(In millions)
(Unaudited)
Three months ended
March 31,
---------------------
2007 2006
------ ------
Income from operations
Financial Services $63.8 $62.5
Output Solutions 12.3 4.2
Investments and Other 3.5 2.7
------ ------
$79.6 $69.4
====== ======
DST SYSTEMS, INC.
OTHER SELECTED FINANCIAL INFORMATION
(In millions)
(Unaudited)
March 31, December 31,
Selected Balance Sheet Information 2007 2006
------ ------
Cash $ 91 $ 61
Total debt 1,486 1,441
For the Quarter
Ended March 31,
Selected Cash Flow Information 2007 2006
------ ------
Capital expenditures
Operating segments $25 $43
Investments and Other segment 5 1
DST Systems, Inc.
Description of Non-GAAP Adjustments
In addition to reporting operating income, pretax income, net income and earnings per share on a GAAP basis, DST has also made certain non-GAAP adjustments which are described below and are reconciled to the corresponding GAAP measures in the attached financial schedules titled "Reconciliation of Reported Results to Income Adjusted for Certain Non-GAAP Items" that accompany this earnings release. DST's use of non-GAAP adjustments is further described in the section entitled "Use of Non-GAAP Financial Information".
The following items, which have been treated as non-GAAP adjustments, occurred during the quarter ended March 31, 2007:
-- A contract termination fee, in the amount of $3.1 million, included in
Output Solutions operating revenues. The income tax expense associated
with this income was approximately $1.2 million.
-- Merger integration costs incurred with the acquisition of ASI, in the
amount of $2.8 million, included in Financial Services costs and
expenses. The income tax benefit associated with these costs was
approximately $1.1 million. The Company expects that ASI integration
costs will continue for the next few quarters.
-- Other net gains, in the amount of $3.3 million, associated with
securities transactions, which are included in other income, net. The
income tax expense associated with these gains was approximately
$1.3 million.
-- A gain related to the recovery in a non-operating Chapter 11 bankruptcy
claim of an amount due from a previous client, in the amount of
$1.0 million, included in other income, net. The income tax expense
associated with this gain was approximately $400,000.
The following items, which have been treated as non-GAAP adjustments, occurred during the quarter ended March 31, 2006:
-- Increased compensation expense from accelerated vesting of restricted
stock as a result of the lock\line merger with Asurion on January 1,
2006, in the amount of $1.7 million, included in Financial Services
costs and expenses. The income tax benefit associated with these costs
was approximately $700,000.
-- Reduced compensation expense as a result of the effect of the adoption
of FAS 123R, Share-Based Payment, on January 1, 2006 related to the
initial estimation of forfeitures on restricted stock awards which
resulted in a $1.4 million reduction in Financial Services costs and
expenses. The income tax expense associated with this gain was
approximately $600,000.
-- Severance and related compensation charges of $1.8 million associated
with an adjustment of staffing levels, included in Output Solutions
costs and expenses. The income tax benefit associated with these costs
was approximately $700,000.
-- Increased interest expense of $12.7 million resulting from the write-
off of the Company's convertible debenture debt issuance costs. The
income tax benefit associated with these interest costs was
approximately $5.0 million.
-- Other net gains in the amount of $16.1 million associated with
securities transactions, principally from the sale of 1.5 million
shares of State Street Corporation, which are included in other income,
net. The income tax expense associated with these gains was
approximately $6.3 million.
-- A net gain of $52.8 million resulting from the lock\line merger with
Asurion on January 1, 2006, which is included in gain on sale of
business. The income tax expense associated with this gain was
approximately $23.1 million.
DST SYSTEMS, INC.
RECONCILIATION OF REPORTED RESULTS TO INCOME ADJUSTED FOR CERTAIN NON-
GAAP ITEMS
For the Three Months Ended March 31,
(Unaudited - in millions, except per share amounts)
2007
------------------------------------
Operating Pretax Net Diluted
Income Income Income EPS
-------- ------ ------ -------
Reported GAAP income $79.6 $99.0 $65.4 $0.90
Adjusted to remove:
Included in operating income:
Contract termination fee - Output
Solutions (3.1) (3.1) (1.9) (0.02)
ASI merger integration costs -
Financial Services 2.8 2.8 1.7 0.02
Included in non-operating income:
Net gains on securities transactions (3.3) (2.0) (0.02)
Recovery of Chapter 11 bankruptcy
claim (1.0) (0.6) (0.01)
-------- ------ ------ ------
Adjusted Non-GAAP income $79.3 $94.4 $62.6 $0.87
======== ====== ====== ======
2006
------------------------------------
Operating Pretax Net Diluted
Income Income Income EPS
-------- ------ ------ ------
Reported GAAP income $69.4 $133.3 $81.7 $1.11
Adjusted to remove:
Included in operating income:
Restricted stock vesting acceleration
- Financial Services 1.7 1.7 1.0 0.01
Effect of adoption of FAS 123R -
Financial Services (1.4) (1.4) (0.8) (0.01)
Employee severance expense - Output
Solutions 1.8 1.8 1.1 0.01
Included in non-operating income:
Write-off of convertible debenture
issuance costs 12.7 7.7 0.10
Net gains on securities transactions (16.1) (9.8) (0.13)
Gain on lock\line merger (52.8) (29.7) (0.40)
-------- ------ ------ ------
Adjusted Non-GAAP income $71.5 $79.2 $51.2 $0.69
======== ====== ====== ======
Note: See the Description of Non-GAAP Adjustments section for a
description of each of the above adjustments and see the Use of Non-GAAP
Financial Information section for management's reasons for providing non-
GAAP financial information.
DST Systems, Inc.
CONTACT: Thomas A. McDonnell, President and Chief Executive Officer, +1-816-435-8684, or Kenneth V. Hager, Vice President and Chief Financial Officer, +1-816-435-8603, both of DST Systems
Stream Announces a Special Shareholders' Meeting to be Held May 18, 2007 to Enable Corporate Restructuring, Acquisition Funding and AIM IPO.
WARSAW, Poland, April 23 /PRNewswire-FirstCall/ -- Stream Communications Network & Media Inc. (OTC Bulletin Board: SCNWF; FSE: TPJ) ("Stream"), the broadband cable company offering Cable TV, high-speed Internet and VoIP services in Poland, today announced that the shareholders of Stream Communications are invited to the Special Meeting of Shareholders, to be held on Friday, May 18, 2007 at 9.30 a.m. PT at the offices of Lang Michener LLP, 1500--1055 West Georgia St. Vancouver, British Columbia, Canada.
The purpose of the meeting is to vote on a special resolution to transfer the assets of the company, primarily the shares of Stream Communications SP z.o.o. ("Stream Poland") to Central European Cable Company "CECC," to be incorporated under the laws of Guernsey. It is proposed that CECC would then apply to have its common shares listed for trading on the AIM market of the London Stock Exchange and that, concurrent with such listing, CECC would raise approximately US $60 million ("the CECC Financing"). Concurrently with or subsequent to listing, it is proposed that shares of Stream will be exchanged for shares of CECC. [See Chart below.]
Relative Ownership Chart
Stream shareholders' relative ownership of CECC will be calculated including the value of acquisitions announced prior to the AIM IPO.
CECC
(Owns Stream Poland Assets)
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Stream Communications IPO/Investment
& Media Inc. Funds
The purpose of the CECC Financing is to assemble the funds needed for future growth of the business as a provider of cable TV, high-speed Internet and VoIP services in Poland and take advantage of industry consolidation opportunities which currently exist in the Polish cable industry, while continuing to strengthen its existing technology and service offerings and better compete in the rapidly evolving Polish triple play market.
Jan Rynkiewicz, President & CEO states, "Specifically, the equity fundraising, together with a similar amount of debt, will be used exclusively to acquire both existing and greenfield networks with whom Stream has completed or is completing negotiations, in keeping with the Company's 2007 objectives. The proposed acquisitions will be announced as negotiations are completed. These restructuring and funding initiatives mark the beginning of a new stage of growth for the Company."
The Company is also evaluating U.S. and London based private funding sources for pre-IPO participation; these funds may also choose to participate in the IPO.
Concurrently with, or subsequent to, successful listing on AIM, Stream management will act diligently to finalize distribution of the CECC shares to Stream shareholders. Once such distribution is completed CECC will assume Stream's status as a reporting company under the US Securities Exchange Act of 1934.
Stream remains committed to its North American shareholder base, and also recognizes the importance of North American capital markets for funding future growth.
Copies of the proxy materials with respect to the Special Meeting have been mailed on April 23, 2007 to shareholders of record as of April 4, 2007 and are otherwise available from Stream or on SEDAR at http://www.sedar.com/.
It is important for Stream shareholders to exercise their right to vote (or to exercise their right to dissent) either at the Special Meeting or by proxy, on the arrangement. The directors of the Company urge shareholders to exercise these rights.
About Stream Communications
Stream is a broadband cable company and offers cable TV, high-speed Internet and VoIP services in Poland. Stream is the 7th largest cable TV operator in Poland, focusing on the densely populated markets of Southern Poland.
Safe Harbor for Forward-Looking Statement
Except for statements of historical fact, the information presented herein constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund operations and changes in consumer and business consumption habits and other factors over which Stream Communications Network and Media Inc. has little or no control.
Stream Communications Network & Media Inc.
CONTACT: Iwona Kozak of Stream Communications, +1-604-669-2826, or +1-800-704-9649, iwona.kozak@streamcn.com; or Maura Gedid of Breakstone Group +1-646-452-2335, mgedid@breakstone-group.com
Web site: http://www.sedar.com/
EMCORE Corporation To Report Fiscal 2007 First Quarter Results on Wednesday, April 25, 2007Conference call scheduled for Thursday, April 26, 2007 at 9:00 am ET
ALBUQUERQUE, N.M., April 23 /PRNewswire-FirstCall/ -- EMCORE Corporation , a leading provider of compound semiconductor-based components and subsystems for the broadband, fiber optic, satellite, and solar power markets, will announce its fiscal 2007 first quarter results for the period ended December 31, 2006 on Wednesday, April 25, 2007, after the close of markets.
EMCORE will discuss its quarterly results on a conference call to be held on Thursday April 26, 2007, at 9:00 am ET. To participate in the call, U.S. callers should dial (toll free) 866-710-0179 and international callers should dial 334-323-9871. The access code for the call is 18077. A replay of the call will be available beginning April 26, 2007 at 11:00 am ET until May 3, 2007 at 11:59 pm ET. The replay call-in number for U.S. callers is 877-656-8905, for international callers it is 334-323-9859, and the access code is 85597960. The call also will be web cast via the Company's web site at http://www.emcore.com/. Please go to the site beforehand to download any necessary software.
About EMCORE
EMCORE Corporation offers a broad portfolio of compound semiconductor- based products for the broadband, fiber optic, satellite and solar power markets. EMCORE's Fiber Optic segment offers optical components, subsystems and systems for high-speed data and telecommunications networks, cable television (CATV) and fiber-to-the-premises (FTTP). EMCORE's Photovoltaic segment provides products for both satellite and terrestrial applications. For satellite applications, EMCORE offers high efficiency Gallium Arsenide (GaAs) solar cells, Covered Interconnect Cells (CICs) and panels. For terrestrial applications, EMCORE is adapting its high-efficiency GaAs solar cells for use in solar concentrator systems. For further information about EMCORE, visit http://www.emcore.com/.
Contacts:
EMCORE Corporation
Adam Gushard - Interim Chief Financial Officer
(505) 332-5000
info@emcore.com
TTC Group
Victor Allgeier
(646) 290-6400
info@ttcominc.com
EMCORE Corporation
CONTACT: Adam Gushard, Interim Chief financial Officer of EMCORE Corporation, +1-505-332-5079, or info@emcore.com, or Victor Allgeier of TTC Group, +1-646-290-6400, or info@ttcominc.com, for EMCORE Corporation
Web site: http://www.emcore.com/
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