REDWOOD CITY, Calif., Aug. 3 /PRNewswire-FirstCall/ -- Informatica Corporation , a leading provider of data integration software, today announced Brian Gentile, chief marketing officer and Stephanie Wakefield, senior director of investor relations, will present a corporate overview at the Pacific Crest 2007 Technology Forum on Tuesday, August 7, 2007 at 2:30 p.m. CDT.
A live audio Web cast of the events will be available at http://www.informatica.com/investor. An audio Web cast archive of the events will be available until 12:00 p.m. PDT on August 14, 2007.
Informatica Corporation is a leading provider of enterprise data integration software. Using Informatica products, companies can access, integrate, migrate and consolidate enterprise data across systems, processes and people to reduce complexity, ensure consistency and empower the business. More than 2,850 companies worldwide rely on Informatica for their end-to-end enterprise data integration needs. For more information, call 650-385-5000 (800-653-3871 in the U.S.), or visit http://www.informatica.com/.
Note: Informatica is a registered trademark of Informatica Corporation in the United States and in jurisdictions throughout the world. All other company and product names may be trade names or trademarks of their respective owners.Informatica Corporation
CONTACT: Stacey Torman, Public Relations, +1-650-385-5389,
firstname.lastname@example.org, or Stephanie Wakefield, Investor Relations,
+1-650-385-5261, email@example.com, both of Informatica
Web site: http://www.informatica.com/
TAIPEI, Taiwan, Aug. 3 /Xinhua-PRNewswire-FirstCall/ -- ASE Test Limited ("We" or "the Company"), one of the world's largest independent providers of semiconductor testing services, today announced its second quarter (2Q07) diluted earnings of $0.03 per share, compared with diluted earnings of $0.53 per share in the second quarter of 2006 (2Q06) and diluted earnings of $0.12 per share in the first quarter of 2007 (1Q07) under generally accepted accounting principles in the Republic of China (ROC GAAP) (Note 1). The Company's second quarter net income totaled $2.8 million, compared with a net income of $53.2 million in 2Q06 and net income of $12.5 million in 1Q07 under ROC GAAP.
Unless otherwise stated, all financial information presented in this press release is unaudited, consolidated, prepared in accordance with ROC GAAP and denominated in US dollars. Such financial information is generated internally by us, and has not been subjected to the same review and scrutiny, including internal auditing procedures and review by independent auditors, to which we subject our audited consolidated financial statements, and may vary materially from the audited consolidated financial information for the same period. Any evaluation of the financial information presented in this press release should also take into account our published audited consolidated financial statements and the notes to those statements. In addition, the financial information presented is not necessarily indicative of our results for any future period.
Under generally accepted accounting principles in the United States of America (US GAAP), the Company reported its 2Q07 diluted earnings of $0.16 per share, compared with diluted earnings of $0.36 per share in 2Q06 and diluted earnings of $0.09 per share in 1Q07. Under US GAAP, the Company's second quarter net income totaled $16.7 million, compared with a net income of $36.7 million in 2Q06 and net income of $9.7 million in 1Q07.
RESULTS OF OPERATIONS Revenues
Net revenues for 2Q07 totaled $115.0 million. This amount is down 20% from $143.9 million in 2Q06 and up 18% from $97.2 million in 1Q07. As a percentage of the Company's net revenues, testing revenues accounted for 76% and IC packaging revenues accounted for 24%. In 1Q07, net revenues from testing and IC packaging operations were 75% and 25%, respectively.
The Company's top ten customers in 2Q07 included (in alphabetical order) Altera Corporation, ATI Technologies, Atmel, Cambridge Silicon Radio, IEE, Infineon Technologies AG, Lattice Semiconductor, Legerity, Qualcomm, and VIA Technologies. Net revenues from the Company's top ten and top five customers accounted for 59% and 40% of net revenues, respectively. Only one customer accounted for more than 10% of net revenues in 2Q07. Net revenues from integrated device manufacturers (IDM's) represented approximately 19% of net revenues in 2Q07.
The following is the Company's estimated end-market composition of net revenues:
2Q06 1Q07 2Q07 Communications 44% 53% 56% Computers 30% 19% 21% Consumer 23% 24% 22% Industrial 2% 3% 0% Other 1% 1% 1% Expenses
The Company's cost of revenues in 2Q07 totaled $78.1 million, down 10% from $87.2 million in 2Q06 and up 5% from $74.3 million in 1Q07. Depreciation, amortization and rental expenses totaled $34.4 million, representing 30% of net revenues in 2Q07, compared with $39.6 million, or 28% of net revenues, in 2Q06 and $35.2 million, or 36% of net revenues, in 1Q07. As compared with 2Q06, the decrease in depreciation, amortization and rental expenses was primarily attributable to certain machinery and equipment completing their operating lease terms.
The Company's gross margin for 2Q07 was 32%, down from 39% in 2Q06 and up from 24% in 1Q07. As compared to 2Q06, the gross margin decrease was primarily due to lower testing volumes. Compared with 1Q07, the gross margin increase was primarily attributable to increased testing volumes and a slight increase in average selling prices (ASP). ASP increase was due to a shift in product mix towards more complicated devices. Gross margin for IC testing was 36%, compared with 45% in 2Q06 and 26% in 1Q07. Gross margin for IC packaging was 19% in 2Q07, compared with 17% in 2Q06 and 16% in 1Q07.
The Company's operating expenses (R&D and SG&A expenses) in 2Q07 totaled $23.0 million, up 46% from 2Q06 and up 69% from 1Q07. Operating expenses were 20% of net revenues in 2Q07, up from 11% in the 2Q06 and up from 14% in 1Q 07. As compared to 1Q07, the increase in operating expenses was primarily attributable to the ROC GAAP practice of recognizing the annual employee cash bonuses and compensation for the board of directors after approval from ASE Test, Inc.'s annual general meeting in 2Q07. During 2Q07, employee cash bonuses and board of director compensation totaled $8.6 million. Without the inclusion of the annual employee cash bonuses and board of director compensation, 2Q07 operating expenses would have totaled $14.4 million, down 9% from 2Q06 and up 6% from 1Q07. Operating margin for the quarter was 12%, down from 28% in 2Q06 and down from 10% in 1Q07.
The Company's net non-operating income totaled $3.2 million in 2Q07, compared with net non-operating income of $24.5 million in 2Q06 and net non- operating income of $5.1 million in 1Q07. The Company's non-operating income is primarily composed of investment income from ASE Korea, net interest expense, and the results of our foreign exchange and other non-operational gains/losses. Investment income from our ownership interest in ASE Korea totaled $3.0 million in 2Q07, down from $4.8 million in 2Q06 and $4.4 million in 1Q07. Net interest expense totaled $0.7 million in 2Q07, down from $2.6 million in 2Q06 and down from $0.8 million in 1Q07. Finally, foreign exchange and other non-operational gains totaled $1.0 million in 2Q07, down from a gain of $22.3 million in 2Q06 and down from a gain of $1.5 million in 1Q07. As compared with 2Q06, the decrease in non-operating income was mainly due to the recognition of income from the final settlement of fire insurance that was recorded in Q206.
During the quarter, the Company recognized a net income tax expense of $14.3 million, compared with a net income tax expense of $1.8 million in 1Q07. The sequential increase of the income tax expense was primarily due the ROC GAAP practice of recognizing undistributed earnings tax after the approval of any such distribution within the ASE Test, Inc.'s annual general meeting. During 2Q07, the Company recognized $8.8 million of undistributed earnings tax related to the year ended 2006.
At the end of 2Q07, the Company had total headcount of 5,212. This is down from 5,242 at the end of 1Q07.
Net income in 2Q07 was $2.8 million, compared with net income of $53.2 million in 2Q06 and net income of $12.6 million in 1Q07. Diluted earnings per share were $0.03, compared with diluted earnings per share of $0.53 in 2Q06 and diluted earnings per share of $0.12 in 1Q07.
US GAAP Adjustment
For 2Q07, the ROC GAAP to US GAAP net income reconciliation totaled $13.8 million and has 4 primary components:
1. Cash bonuses -- $8.3 million positive adjustment to net income, 2. Undistributed earnings tax -- $8.4 million positive adjustment to net income 3. Stock options -- $2.5 million negative adjustment to net income related to stock option compensation, 4. Other adjustments -- $0.4 million negative adjustment related to other items. BUSINESS REVIEW Testing Business
The Company's testing revenues for 2Q07 were $86.8 million, down 25% from 2Q06 and up 18% from 1Q07. The testing revenue breakdown by type of testing service is shown in the table below:
Testing Service 2Q06 1Q07 2Q07 Final Test 64% 65% 62% Wafer Sort 28% 27% 31% Engineering Test 8% 8% 7% Total Test 100% 100% 100%
Gross margin for the testing operations during 2Q07 was 36%, down from 45% in 2Q06 and up from 26% in 1Q07. As compared to 2Q06, the decrease in gross margin was primarily due to lower testing volumes. As compared to 1Q07, the increase in gross margin was primarily due to an increase in testing volume and a slight increase in ASP. This ASP increase was primarily a result of a shift in product mix towards testing more complicated devices.
The Company spent $10.6 million on testing equipment in 2Q07. A total of 50 testers were added through purchase, lease and/or consignment, and 32 testers were disposed of. At the end of the period, the Company had a total of 777 testers, of which 286 testers were either leased or consigned.
IC Packaging Business
IC packaging revenues for the quarter were $28.2 million, up 2% from 2Q06 and up 18% from 1Q07. IC packaging revenue breakdown by package type is as follows:
Package Type 2Q06 1Q07 2Q07 Substrate & Advanced Leadframe Packages 83% 83% 88% Traditional Leadframe Packages 17% 17% 12% Total Package 100% 100% 100%
Gross margin for packaging in 2Q07 was 19%, up from 17% in 2Q06 and up from 16% in 1Q07. The gross margin increase was primarily the result of a shift in product mix towards more advanced packages. The Company spent $1.1 million on packaging equipment in 2Q07. We ended the quarter with 402 wirebonders, which represents an increase of 20 wirebonders from 1Q07.
LIQUIDITY AND BALANCE SHEET
At the end of the quarter, the Company had $219.4 million in cash and current financial assets, an increase of $9.5 million compared with 1Q07. The Company had $75.6 million in accounts receivable, which was an increase of $13.9 million compared with 1Q07. This increase was primarily related to a similar increase in net sales. Total unused credit lines amounted to $170.8 million. Within the Company's non-current financial assets, the Company is continuing to hold 180.1 million shares of its parent company, ASE Inc (2311.TW), recorded at $246.2 million. Total debt was $104.6 million, comprised of $22.0 million of current portion of long-term debt, and $82.6 million of long-term debt. Total debt decreased by $11.3 million during the quarter. The Company's debt maturity schedule, as of the end of 2Q07, was as follows:
Amount ($ million) Within the first year 22.0 During the second year 34.6 During the third year 32.4 During the fourth year 15.6 During the fifth year and thereafter 0.0
EBITDA (Note 2) for 2Q07 totaled $44.8 million, as compared to $41.2 million in 1Q07.
EBITDA for any period consists of profit from operating activities before extraordinary gains (including the fire insurance settlement) and expenditures plus depreciation expenses. EBITDA is not a standard measure under ROC GAAP or US GAAP. EBITDA is a widely used financial indicator of a company's ability to service and incur debt. EBITDA should not be considered in isolation or construed as an alternative to cash flows, net income or any other measure of performance or as an indicator or our operating performance, liquidity, profitability or cash flows generated by operating, investing or financing activities. EBITDA does not account for taxes, interest expense or other non-operating cash expenses. In evaluating EBITDA, we believe that investors should consider, among other things, the components of EBITDA such as turnover and operating expenses and the amount by which EBITDA exceeds capital expenditures and other changes. We have included EBITDA because we believe it is a useful supplement to cash flow data as a measure of our performance and our ability to generate cash flow from operations to cover debt service and taxes. EBITDA presented herein may not be comparable to similarly titled measures presented by other companies. Investors should not compare our EBITDA to EBITDA presented by other companies because not all companies use the same definition.
CASHFLOW AND CAPITAL EXPENDITURES
As of the end of 2Q07, the Company's year-to-date operating cashflow was $73.6 million as compared to operating cashflow of $115.7 million during the year-to-date period ended 2Q06. Operating cashflow decreased primarily due to lower net income offset by the cash adjustment for gain on fire damage. During 2Q07, working capital increased for the Company as a result of having a higher accounts receivable balance related to higher revenues and the 2006 income tax payment.
In 2Q07, total capital expenditures totaled $12.5 million, of which, $10.6 million was spent on test equipment, and $1.1 million on IC packaging equipment.
For the third quarter, most of our customers continue to provide us with fairly bullish forecasts for their products. We believe that our customer base will continue to provide us good demand for the Company's testing services. Given positive loading patterns, we also believe that the stable ASP environment will continue through the coming quarter. However, we cannot be absolutely certain of the overall impact of the current macro environment on our customers' abilities to sell through their products. At this time, we prefer to be reasonably cautious in our guidance; for the third quarter, we believe that total Company revenues will grow by about 8-10% sequentially.
The second and third quarters have historically been the quarters in which we have spent the most for capital equipment. We expect that our capital expenditures should peak in the third quarter at about $30 - $35 million. However, if business conditions warrant, we may choose to accelerate or delay some capital investment.
ASE Test Limited will conduct a conference call on August 3, 2007 at 5:00 p.m. eastern time. The call can be accessed by visiting the investor relations page of our website http://www.asetest.com/ . A replay of the conference call can be accessed through our website and will be available for six months.
About ASE Test Limited
ASE Test Limited is one of the world's largest independent providers of semiconductor testing services. ASE Test Limited provides customers with a complete range of semiconductor testing services, including front-end engineering testing, wafer probing, final production testing of packaged semiconductors and other test-related services. ASE Test Limited has been quoted on Nasdaq since 1996 under the symbol "ASTSF".
Safe Harbor Notice
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding our future results of operations and business prospects. Although these forward-looking statements, which may include statements regarding our future results of operations, financial condition or business prospects, are based on our own information and information from other sources we believe to be reliable, you should not place undue reliance on these forward-looking statements, which apply only as of the date of this press release. The words "anticipate", "believe", "estimate", "expect", "intend", "plan" and similar expressions, as they relate to us, are intended to identify these forward- looking statements in this press release. Our actual results of operations, financial condition or business prospects may differ materially from those expressed or implied in these forward-looking statements for a variety of reasons, including risks associated with cyclicality and market conditions in the semiconductor industry; demand for the outsourced semiconductor testing and packaging services we offer and for such outsourced services generally; the highly competitive semiconductor industry; our ability to introduce new testing technologies in order to remain competitive; our ability to maintain a high capacity utilization rate relative to our fixed costs; international business activities; our business strategy; our future expansion plans and capital expenditures; the strained relationship between the ROC and the People's Republic of China; general economic and political conditions; possible disruptions in commercial activities caused by natural and human- induced disasters; fluctuations in foreign currency exchange rates; and other factors. For a discussion of these risks and other factors, please see the documents we file from time to time with the Securities and Exchange Commission, including our 2006 Annual Report on Form 20-F filed on June 25, 2007.
-- Tables to Follow -- ASE Test Limited Consolidated Statements of Income (US$ thousands, except percentages and per share data) (unaudited) For the three months ended For the period ended Jun. 30, Mar. 31, Jun. 30, Jun. 30, Jun. 30, 2006 2007 2007 2006 2007 ROC GAAP: Net revenues 143,873 97,253 114,988 271,203 212,241 Cost of revenues 87,214 74,334 78,099 167,590 152,433 Gross profit 56,659 22,919 36,889 103,613 59,808 Operating expense R&D 5,253 5,102 4,311 10,391 9,413 SG&A 10,502 8,499 18,732 20,527 27,231 Subtotal 15,755 13,601 23,043 30,918 36,644 Operating income 40,904 9,318 13,846 72,695 23,164 Non-operating expense (income) Interest income (836) (744) (811) (1,453) (1,555) Interest expense 3,448 1,516 1,541 6,904 3,057 Investment income (4,795) (4,386) (2,998) (7,714) (7,384) Others (22,274) (1,438) (958) (19,572) (2,396) Subtotal (24,457) (5,052) (3,226) (21,835) (8,278) Income before tax 65,361 14,370 17,072 94,530 31,442 Income tax expense (benefit) 12,159 1,827 14,241 14,388 16,068 Net income (ROC GAAP) 53,202 12,543 2,831 80,142 15,374 Net income (US GAAP) 36,722 9,660 16,656 56,852 26,316 Diluted EPS (ROC GAAP) 0.53 0.12 0.03 0.80 0.15 Diluted EPS (US GAAP) 0.36 0.09 0.16 0.57 0.26 Margin Analysis: Gross margin 39.4% 23.6% 32.1% 38.2% 28.2% Operating margin 28.4% 9.6% 12.0% 26.8% 10.9% Net margin (ROC GAAP) 37.0% 12.9% 2.5% 29.6% 7.2% Net margin (US GAAP) 25.5% 9.9% 14.5% 21.0% 12.4% Additional Data: Testing revenues 116,361 73,418 86,841 222,793 160,259 IC packaging revenues 27,512 23,835 28,147 48,410 51,982 Shares outstanding (in thousands) 100,073 100,178 100,340 100,066 100,259 Shares used in diluted EPS calculation(ROC GAAP) (in thousands) 100,944 101,854 102,667 100,319 102,278 Shares used in diluted EPS calculation(US GAAP) (in thousands) 100,893 101,781 102,597 100,220 102,207 ASE Test Limited Consolidated Statements of Cash Flows (US$ thousands) (unaudited) For the six For the six Months Ended Months Ended June. 30, 2006 June. 30, 2007 Cash Flows From Operating Activities Net income 80,142 15,374 Adjustments Depreciation and amortization 60,992 58,844 Gain on fire damage settlement (33,747) -- Loss on idle assets 5,463 541 Investment income under equity method (7,714) (7,384) Allowance for obsolescence 3,815 1,283 Deferred income taxes 8,494 15,331 Other 487 (1,161) Changes in operating assets and liabilities (2,223) (9,191) Net Cash Provided by Operating Activities 115,709 73,637 Cash Flows From Investing Activities Acquisition of properties (38,076) (19,771) Proceeds from sale of properties 10,564 3,459 Increase in financial assets and liability -- current (46,548) (23,391) Increase in other assets (6,639) (902) Net Cash Used in Investing Activities (80,699) (40,605) Cash Flows From Financing Activities Proceeds from issuance of ordinary shares 225 4,492 (Decrease) Increase in collection of sold accounts receivable 7,114 (3,642) (Decrease) Increase in Guarantee deposits received 2,497 (2,500) Increase in short-term borrowings 25,179 -- Repayments of long-term debts (80,856) (15,309) Net Cash Used in Financing Activities (45,841) (16,959) Effect of exchange of rate changes on cash and cash equivalent 4,361 36 Net Increase (decrease) in Cash and Cash Equivalents (6,470) 16,109 Cash and Cash Equivalents, Beginning of Period 138,211 89,715 Cash and Cash Equivalents, End of Period 131,741 105,824 Interest paid 6,969 3,053 Income tax paid 1,269 8,637 Cash paid for acquisitions of properties Purchase price 53,436 19,249 Decrease in payable (8,583) 588 Increase in capital lease obligation (6,777) (66) 38,076 19,771 ASE Test Limited Consolidated Balance Sheet (US$ thousands) (unaudited) Mar. 31, 2007 Jun. 30, 2007 Cash 119,671 105,824 Financial assets -- current 90,244 113,612 Accounts receivable, net 61,709 75,612 Inventories, net 15,508 11,973 Other 30,815 27,540 Total current assets 317,947 334,561 Financial assets -noncurrent 295,036 330,610 Fixed assets, net 363,452 350,443 Intangible assets 22,838 22,830 Other 49,872 42,327 Total assets 1,049,145 1,080,771 Accounts payable 14,722 12,169 Payable for fixed assets 6,355 7,465 Current portion of long-term debt 31,339 21,984 Other current liabilities 41,304 39,543 Total current liabilities 93,720 81,161 Long-term debt 84,576 82,665 Other liabilities 10,170 11,548 Total liabilities 188,466 175,374 Shareholders' equity 860,679 905,397 Total liabilities & shareholders' equity 1,049,145 1,080,771 For more contact, please contact: Ken Hsiang, Chief Financial Officer Tel: +1-510-687-2475 Email: firstname.lastname@example.orgASE Test Limited
CONTACT: Ken Hsiang, Chief Financial Officer of ASE, +1-510-687-2475, or
Web site: http://www.asetest.com/
VAN BUREN TOWNSHIP, Mich., Aug. 3, 2007 /PRNewswire-FirstCall/ -- Visteon Corporation , a leading supplier of automotive systems and technology, will participate in the 10th Annual JPMorgan Harbour Auto Conference on Monday, Aug. 6, at the Ritz-Carlton Hotel in Dearborn, Mich. Visteon's presentation is scheduled for 3:20 p.m. EDT and will last approximately 40 minutes. The presentation will provide an overview of Visteon's business and other related matters.
(Logo: http://www.newscom.com/cgi-bin/prnh/20001201/DEF008LOGO )
A live audio Webcast of the presentation, along with the presentation material and other supplemental information, will be accessible through Visteon's Web site at http://www.visteon.com/presentations. A replay of the presentation will be available following the event.
Visteon Corporation is a leading global automotive supplier that designs, engineers and manufactures innovative climate, interior, electronic and lighting products for vehicle manufacturers, and also provides a range of products and services to aftermarket customers. With corporate offices in Van Buren Township, Mich. (U.S.); Shanghai, China; and Kerpen, Germany; the company has facilities in 26 countries and employs approximately 45,000 people.Photo: http://www.newscom.com/cgi-bin/prnh/20001201/DEF008LOGO
CONTACT: Media Inquiries, Jim Fisher, +1-734-710-5557,
email@example.com or Investor Inquiries, Derek Fiebig, +1-734-710-5800,
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Web site: http://www.visteon.com/
WAYNESBORO, Va. and MURRAY HILL, N.J., Aug. 3 /PRNewswire-FirstCall/ -- NTELOS Holdings Corp. , a Virginia-based integrated telecommunications provider serving customers in the mid-Atlantic region, and Alcatel-Lucent (Euronext Paris and NYSE: ALU) today announced that NTELOS Inc. has selected Alcatel-Lucent to upgrade the nTelos wireless network. The three- year agreement with nTelos is worth up to $88.2 million in equipment, services and software.
The network upgrade includes the deployment of third-generation (3G) CDMA2000(R) 1xEV-DO Revision A (Rev. A) technology in nTelos markets in Virginia, West Virginia, Kentucky, Ohio and North Carolina.
The CDMA2000 1xEV-DO Rev. A platform will enable nTelos to provide an enhanced mobile data customer experience. nTelos customers will experience faster uploads and downloads when connecting to the internet, and new mobile high-speed data services including mobile video telephony, high-quality music and other multimedia applications. Alcatel-Lucent will become the exclusive provider of new CDMA technology throughout the nTelos service area.
"We have decided to upgrade our networks using Alcatel-Lucent CDMA technology based on their proven ability to deliver a 3G solution that will transform our network to a next-generation system, bringing the benefits of new, advanced services to our customers and improving our operations," said Bobby McAvoy, vice president of Wireless Engineering and Operations at nTelos.
In addition, Alcatel-Lucent will provide its industry leading IP/MPLS solution, which includes the Alcatel-Lucent 7750 Service Router and 7450 Ethernet Service Switch, to deploy an IP routing and IP RAN backhaul solution. Built on a single unified IP infrastructure, Alcatel-Lucent's IP-based solution is designed to support multiple types of services with superior scale, hierarchical quality of service and availability, which are critical for ensuring subscriber Quality of Experience (QoE) for multimedia applications. Alcatel-Lucent will provide installation, engineering, training and technical support.
"Providing our EV-DO technology throughout nTelos' wireless service area expands our existing relationship and reinforces our commitment to all wireless service providers who put their faith in Alcatel-Lucent's network, services, and business transformation capabilities," said Cindy Christy, president of Alcatel-Lucent's North America business.
EV-DO Rev. A continues the evolution of CDMA2000 technology, bringing increases in efficiency, data speeds and capacity to existing CDMA2000 1X and 1xEV-DO networks.
CDMA2000 is a registered trademark of the Telecommunications Industry Association.
An integrated communications provider headquartered in Waynesboro, Virginia, nTelos provides products and services to customers in Virginia, West Virginia, Kentucky, Tennessee, Ohio and North Carolina, including wireless phone service, high-speed DSL (high-speed Internet access) and local and long- distance telephone services. Detailed information about nTelos is available at http://www.ntelos.com/.
Alcatel-Lucent (Euronext Paris and NYSE: ALU) provides solutions that enable service providers, enterprises and governments worldwide, to deliver voice, data and video communication services to end-users. As a leader in fixed, mobile and converged broadband networking, IP technologies, applications, and services, Alcatel-Lucent offers the end-to-end solutions that enable compelling communications services for people at home, at work and on the move. With operations in more than 130 countries, Alcatel-Lucent is a local partner with global reach. The company has the most experienced global services team in the industry, and one of the largest research, technology and innovation organizations in the telecommunications industry. Alcatel-Lucent achieved adjusted proforma revenues of Euro 18.3 billion in 2006 and is incorporated in France, with executive offices located in Paris. [All figures exclude impact of activities transferred to Thales]. For more information, visit Alcatel-Lucent on the Internet: http://www.alcatel-lucent.com/.Alcatel-Lucent; nTelos Inc.
CONTACT: Media, Mike Minnis, +1-540-946-7290, or email@example.com;
Investors, Wesley B. Wampler, +1-540-949-3447, or firstname.lastname@example.org, both
of nTelos Inc.; or Media, Denise Panyik-Dale, +1-908-582-4897, or
email@example.com, or Regine Coqueran, +33-0-1-40-76-49-24, or
firstname.lastname@example.org, both of Alcatel-Lucent; or Investors,
Pascal Bantegnie, +33-0-1-40-76-52-20, or email@example.com;
or Maria Alcon, +33-0-1-40-76-15-17, or firstname.lastname@example.org; or
John DeBono, +1-908-582-7793, or email@example.com, all of Alcatel-
Web site: http://www.alcatel-lucent.com/
HONG KONG, Aug. 3 /Xinhua-PRNewswire/ -- Score One Inc. (BULLETIN BOARD: SREA) announced today that according to a recent article published by Michael Wen of Taiwan Economic News, Chinese authorities had marked the Chinese auto and auto-parts sectors as part of the official agenda by their reassuring performance in 2006. According to the article, Wei Jian-guo, vice minister of commerce, announced that China will boost its auto and auto-parts exports to US$120 billion in 10 years, for a 10% global market share, from the current US$11 billion.
"The quality of China-made auto parts and accessories has been upgraded significantly over the past years," claimed Ms. Hoi-ho Kiu, Chairman and CEO of Score One, Inc. "Our auto-parts industry has been able to meet the needs of the fast growing auto industry and the aftermarket, offer original equipment items to commercial vehicles, mid-range and high-end cars, thereby displacing the market shares of the imports parts. We have been evolved from low value-added to high value-added items, with some Chinese local brands beginning to join the international procurement network." She furthered, "Our potential cooperation with Xian Bohua will surely improve our corporate development and provide us with superb opportunities to tap into China's auto- parts industry and lead us to a high level of commercial battlefield."
About Xian Bohua Machinery Electronic Co. Ltd.
With over 100 well trained and experienced staff, Xian Bohua is an expert in developing and manufacturing antilock brake system (ABS) in China. It supplies its ABS to over 100 vehicle models with an annual capacity exceeding 200,000 pieces.
About Score One Inc.
Score One Inc. is a comprehensive investment service group and the parent company of RC Capital Limited, a Hong Kong based corporation which business includes financial consultation, investment and financial planning, enterprise re-organization, public offering consultation, and direct investment. Currently, Score One is in negotiation with possible corporation with Xian Bohua as well as eyeing overseas acquisitions.
Information in this news release or on this website may contain statements about future expectations, plans, prospects or performance of Score One Inc. that constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. The words or phrases "can be," "expects," "may affect," "believed," "estimate," "project," and similar words and phrases are intended to identify such forward-looking statements. Score One Inc. cautions you that any forward- looking information provided by or on behalf of Score One Inc. is not a guarantee of future performance. None of the information on this website constitutes an offer to sell securities or investment advice of any kind, and visitors should not base their investment decisions on information contained in this website. Score One Inc.'s actual results may differ materially from those anticipated in such forward-looking statements as a result of various important factors, some of which are beyond Score One Inc.'s control. In addition to those discussed in Score One Inc.'s press releases, public filings, and statements by Score One Inc.'s management, including, but not limited to, Score One Inc.'s estimate of the sufficiency of its existing capital resources, Score One Inc.'s ability to raise additional capital to fund future operations, Score One Inc.'s ability to repay its existing indebtedness, the uncertainties involved in estimating market opportunities and, in identifying contracts which match Score One Inc.'s capability to be awarded contracts. All such forward-looking statements are current only as of the date on which such statements were made. Score One Inc. does not undertake any obligation to publicly update any forward-looking statement to reflect events or circumstances after the date on which any such statement is made or to reflect the occurrence of unanticipated events.
For more information, please contact: Investors Relation Officer Tel: 852-2251-8831 Fax: 852-2251-8830 Email: firstname.lastname@example.orgScore One Inc.
CONTACT: Investors Relation Officer, +1-852-2251-8831, or fax,
+1-852-2251-8830, email@example.com, for Score One Inc.
CHELMSFORD, Mass., Aug. 3 /PRNewswire-FirstCall/ -- Mercury Computer Systems, Inc. announced the release of its MultiCore Plus(TM) SDK for PS3 - Base Package, which enables application developers to unleash the powerful Sony PLAYSTATION(R)3 (PS3) game console for low-cost, high-speed computing.
The PS3 and its Cell Broadband Engine(TM) (BE) processor have gained worldwide recognition as revolutionary technologies with profound capabilities reaching beyond the gaming market. As the first company to bring the Cell BE processor into commercial and military markets, Mercury is now opening the door to affordable, high-performance computing for a broad range of applications. Using Mercury's proven development environment, developers in research labs, universities, gaming, financial services, oil & gas, electronic data automation, video compression, biotech, and other areas can explore the highest performing potential of Cell BE processor-based computing using PS3 devices.
"We've seen a tremendous amount of interest in leveraging the PS3 as a Cell development system and as a compute node for lightweight, high-performance clusters," said Kai Staats, CEO of Terra Soft Solutions. "With the Mercury MultiCore Plus SDK for PS3, the PS3 gaming console, and Terra Soft's Yellow Dog Linux operating system, users can affordably dive into the power of the Cell BE processor."
"Our MultiCore Plus SDK is being used by a growing roster of customers who select the Cell BE or other multicore processors for their computationally intensive applications," said Joel Radford, Vice President of Corporate Marketing and Strategic Alliances at Mercury Computer Systems, Inc. "Customers who choose to start out with the PS3 can later migrate seamlessly to more sophisticated hardware solutions from both Mercury and IBM by leveraging our software alongside Yellow Dog Linux from Terra Soft."
The MultiCore Plus SDK for PS3 - Base Package is available now for US$399 per seat license through Terra Soft Solutions.
Mercury will hold demonstrations of its MultiCore Plus SDK on PS3s and on Mercury hardware in Booth #443 at SIGGRAPH 2007, August 7-9, at the San Diego Convention Center in San Diego, CA. Mercury will also present "Accelerating with Cell: Programming with the Mercury Cell Accelerator Board and the Cell BE Processor" as the first session in the Exhibitor Tech Talks, on Tuesday, August 7 at 9:45 AM PDT. Visit Mercury at SIGGRAPH 2007 or at http://www.mc.com/PS3 for ordering and support information. Or contact Mercury at (866) 627-6951.
Mercury Computer Systems, Inc. - Where Challenges Drive Innovation
Mercury Computer Systems is the leading provider of computing systems and software for data-intensive applications that include image processing, signal processing, and visualization. With a strong commitment to innovation, our expertise in algorithm optimization, systems development, and silicon design is blended with software application knowledge and industry-standard technologies to solve unique computing challenges. We work closely with our customers to architect solutions that have a meaningful impact on everyday life: detecting aneurysms; designing safer, more fuel-efficient aircraft; identifying security threats; discovering oil; developing new drugs; and visualizing virtually every aspect of scientific investigation.
Mercury's comprehensive, purpose-built solutions capture, process, and present data for the world's largest medical imaging companies, 8 of the 10 top defense prime contractors, and other leading Fortune 500 and mid-market companies in semiconductor, energy, telecommunications, and other industries. Our dedication to performance excellence and collaborative innovation continues a 24-year history in enabling customers to stay at the forefront of the markets they serve.
Mercury is based in Chelmsford, Massachusetts and serves customers worldwide through a broad network of direct sales offices, subsidiaries, and distributors. We are listed on the Nasdaq National Market . Visit Mercury at http://www.mc.com/.
Forward-Looking Safe Harbor Statement
This press release contains certain forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, including those relating to the Mercury MultiCore Plus SDK offerings from Mercury Computer Systems and Terra Soft Solutions, Inc. You can identify these statements by our use of the words "may," "will," "should," "plans," "expects," "anticipates," "continue," "estimate," "project," "intend," and similar expressions. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. Such risks and uncertainties include, but are not limited to, general economic and business conditions, including unforeseen weakness in the Company's markets, effects of continued geo-political unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technological advances and delivering technological innovations, continued funding of defense programs, the timing of such funding, changes in the U.S. Government's interpretation of federal procurement rules and regulations, market acceptance of the Company's products, shortages in components, production delays due to performance quality issues with outsourced components, inability to fully realize the expected benefits from acquisitions or delays in realizing such benefits, challenges in integrating acquired businesses and achieving anticipated synergies, and difficulties in retaining key customers. These risks and uncertainties also include such additional risk factors as are discussed in the Company's recent filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended June 30, 2006. The Company cautions readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made.
Contacts: Technical inquiries Corporate/business inquiries John Brickman, Director Leigh McLeod, Media Relations Performance Computing Group Corporate Marketing Mercury Computer Systems, Inc. Mercury Computer Systems, Inc. (214) 923-3399 / firstname.lastname@example.org (978) 967-1120 / email@example.com
Cell Broadband Engine is a trademark, and PLAYSTATION is a registered trademark of Sony Computer Entertainment Inc. MultiCore Plus is a trademark of Mercury Computer Systems, Inc. Other product and company names mentioned may be trademarks and/or registered trademarks of their respective holders.Photo: http://www.newscom.com/cgi-bin/prnh/20030930/MERCURYCSLOGO
CONTACT: Technical inquiries - John Brickman, Director, Performance
Computing Group, +1-214-923-3399, firstname.lastname@example.org; or Corporate/business
inquiries - Leigh McLeod, Media Relation, Corporate Marketing,
+1-978-967-1120, email@example.com, both of Mercury Computer Systems, Inc.
Web site: http://www.mc.com/PS3
SOUTH FLORAL PARK, N.Y., Aug. 3 /PRNewswire/ -- Residents of this Long Island village are a major step closer to having a real choice for their cable television services, thanks to a newly approved agreement authorizing Verizon to offer its FiOS TV service, delivered over the most advanced fiber-optic network straight to customers' homes.
The Board of Trustees for the village granted a video franchise to Verizon Thursday (Aug. 2), paving the way for video choice in the community. The board's vote brings to 52 the total number of New York communities that have approved video franchises for Verizon.
"This is great news for residents of South Floral Park, who now will have a new choice for their video entertainment," said Monica Azare, Verizon senior vice president for New York and Connecticut. "Verizon's FiOS TV offers consumers something they've never had before, with incredible pictures and sound clarity and innovative new services -- all from a brand they know and trust."
South Floral Park joins a growing list of New York communities that are paving the way for competition and choice in the television market. In addition to South Floral Park, Verizon has been granted video franchises on Long Island in the villages of Massapequa Park, Cedarhurst, Laurel Hollow, Lynbrook, Mineola, East Rockaway, Farmingdale, Valley Stream, Freeport, Williston Park, New Hyde Park, Sands Point, Bayville, Old Field and Floral Park, and in the towns of North Hempstead, Huntington, Smithtown, Hempstead, Oyster Bay and Islip. Verizon also has video franchises in the Rockland County communities of Spring Valley, Chestnut Ridge, Airmont, Piermont, Orangetown, Clarkstown, Nyack, South Nyack, Upper Nyack, Grandview-on-Hudson, West Haverstraw and the Town of Haverstraw; and in the Westchester County communities of Yonkers, Bronxville, Scarsdale, Mount Pleasant, Mount Vernon, North Castle, White Plains, Rye Brook, Irvington, Ardsley, Dobbs Ferry, Tarrytown, Eastchester, Mount Kisco, Elmsford, Port Chester, Tuckahoe and the Town of Greenburgh.
As with all local franchise approvals in New York, the agreement between Verizon and South Floral Park is subject to review by the New York State Public Service Commission.
Verizon's FiOS TV is a formidable competitor to cable and satellite, offering a broad collection of all-digital programming, 28 high-definition (HD) channels in the New York market and access to more than 8,600 on-demand titles, 60 percent of which are free.
Verizon's fiber network delivers amazingly sharp pictures and sound, and has the capacity to transmit a wide array of high-definition programming that is so clear and intense it seems to leap from the TV screen. In addition to FiOS TV, Verizon's fiber network also delivers Internet download speeds of up to 50 Mbps (megabits per second) and upload speeds of up to 5 Mbps, as well as high-quality voice service.*
* NOTE: actual (throughput) speeds will vary.
Verizon Communications Inc. , headquartered in New York, is a leader in delivering broadband and other wireline and wireless communication innovations to mass market, business, government and wholesale customers. Verizon Wireless operates America's most reliable wireless network, serving more than 62 million customers nationwide. Verizon's Wireline operations include Verizon Business, which delivers innovative and seamless business solutions to customers around the world, and Verizon Telecom, which brings customers the benefits of converged communications, information and entertainment services over the nation's most advanced fiber-optic network. A Dow 30 company, Verizon has a diverse workforce of more than 238,000 and last year generated consolidated operating revenues of more than $88 billion. For more information, visit http://www.verizon.com/.
VERIZON'S ONLINE NEWS CENTER: Verizon news releases, executive speeches and biographies, media contacts, high quality video and images, and other information are available at Verizon's News Center on the World Wide Web at http://www.verizon.com/news. To receive news releases by e-mail, visit the News Center and register for customized automatic delivery of Verizon news releases.Verizon
CONTACT: Heather Wilner of Verizon, +1-212-321-8333,
Web site: http://www.verizon.com/
Company News On-Call: http://www.prnewswire.com/comp/094251.html
IRVING, Texas, Aug. 3 /PRNewswire-FirstCall/ -- EFJ, Inc. announced today that its EFJohnson subsidiary has introduced the ES series of Project 25 compliant portable radios. The ES Series provides public safety users with a Project 25 radio that is feature rich, rugged, and reliable. The company will be displaying the ES radios at the Association of Public-Safety Communications Officials (APCO) International's 73rd Annual Conference & Exposition August 6-8 in Baltimore.
"Our new ES Series strengthens our portfolio of Project 25 compliant interoperable communications solutions," said Michael E. Jalbert, chairman and chief executive officer of EFJ, Inc. "These new radios offer crisp audio characteristics, a redesigned user interface, and a sleek ergonomic design. Customers describe them as reliable, rugged, submersible, and solid." Key features of the ES series include: operation in Project 25 trunked and conventional modes, SMARTNET(R)/SmartZone(R) trunking protocols, Enhanced Project 25 Vocoder, and support for up to 864 channels/talkgroups. An immersion option meets military specifications (MIL SPEC) 810C through 810F and the IP67 specification for submersibility. The company is already shipping the ES series of portable radios, Jalbert added.
EFJohnson is a leading provider of two way radios and communication systems for law enforcement, fire fighters, EMS, and the military. Founded in 1923, the company has a lengthy history of leadership in numerous communication industry standards initiatives and organizations and was one of the first developers of wireless communications products to be fully compliant with federal government Project 25 interoperability standards. EFJohnson offers a comprehensive portfolio of digital and analog radio communications solutions which assist in effectively and affordably managing the transition to digital P25 compliant systems. For more information, visit http://www.efjohnson.com/.
About EFJ, Inc.
EFJ, Inc. is the Irving, Texas based parent company to industry-leading secure wireless and private wireless solution businesses. EFJ, Inc. is home to 3e Technologies International, a leading provider of FIPS validated wireless data infrastructure and software with interoperable security; the EFJohnson Company, one of the first developers of Project 25 mobile communications products and solutions; and Transcrypt International, a leader in secure solutions to protect sensitive voice communications. For more information, visit http://www.efji.com/.
Certain matters discussed in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to certain risks and uncertainties that could cause the actual results, performance or achievements to differ materially from those expressed, suggested or implied by the forward-looking statements due to a number of risk factors including, but not limited to, the level of demand for EFJ's products and services, reliance on contract manufacturers, the timely procurement of necessary manufacturing components, dependence on continued funding of governmental agency programs, general economic and business conditions, and other risks detailed in EFJ's reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the period ended December 31, 2006 and in the company's subsequent filings with the SEC. These forward-looking statements are made as of the date of this press release and EFJ undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Readers are cautioned not to place undue reliance on these forward-looking statements.EFJ, Inc.
CONTACT: Investor Relations, Jana Bell of EFJ, Inc., +1-972-819-0900,
firstname.lastname@example.org; or Trade Press, Kevin Nolan of EFJohnson, +1-972-819-0710,
Web site: http://www.efji.com/
SUNNYVALE, Calif., Aug. 3 /PRNewswire-FirstCall/ -- SGI announced today that it plans to release its fourth quarter 2007 and FY2007 financial results after the market closes on Thursday, August 30, 2007. The Company has scheduled a Webcast and conference call to discuss results on Thursday, August 30, 2007 at 2:00 p.m. PDT.
The Webcast will be available on the SGI Investors Relations Web page at the time of the call. The conference call can be accessed by dialing (877) 495-0297 or (706) 643-9931 for participants outside of North America, conference ID: 12134369. An audio replay of this call will be available from August 30 after 5:00 p.m. PDT until October 1, 2007. The replay can be accessed by dialing (800) 642-1687 or (706) 645-9291 for individuals outside of North America, conference ID: 12134369. All links to the archived Webcast and audio replay will be available through SGI's Web site at http://www.sgi.com/company_info/investors/.
SGI - Innovation for Results(TM)
SGI is a leader in high-performance computing. SGI delivers a complete range of high-performance server and storage solutions along with industry-leading professional services and support that enable its customers to overcome the challenges of complex data-intensive workflows and accelerate breakthrough discoveries, innovation and information transformation. SGI helps customers solve their computing challenges whether it's enhancing the quality of life through drug research, designing and manufacturing safer and more efficient cars and airplanes, studying global climate, providing technologies for homeland security and defense, or helping enterprises manage large data. With offices worldwide, the company is headquartered in Sunnyvale, Calif., and can be found on the Web at sgi.com.
(C) 2007 SGI. All rights reserved. SGI, the SGI cube and the SGI logo are registered trademarks of SGI in the United States and/or other countries worldwide. All other trademarks mentioned herein are the property of their respective owners.
MEDIA CONTACT Lisa Pistacchio email@example.com 650.933.5683 SGI PR HOTLINE 650.933.7777 SGI PR FACSIMILE 650.933.0714SGI
CONTACT: Lisa Pistacchio of SGI, +1-650-933-5683, firstname.lastname@example.org, or
SGI PR HOTLINE, +1-650-933-7777, +1-650-933-0714 fax
Web site: http://www.sgi.com/
GRAND RAPIDS, Mich., Aug. 3 /PRNewswire-FirstCall/ -- Adtegrity.com (Pink Sheets: ADTY), a Grand Rapids, Mich.-based company specializing in Internet advertising networks and services, today reported its second straight quarter of improved operating results for the second quarter ended June 30, 2007.
The Company reported net income of $9,339 on net revenues of $2.3 million for the second quarter, compared with net income of $1,610 on net revenues of $1.7 million for the same quarter last year.
Adtegrity noted that the growth was due in part to its May expansion and infrastructure investment which led to a 50 percent increase in account and client service staff.
"Our continued growth is a direct result of our continuing investments in service infrastructure, including our announced staff expansion," said Adtegrity.com president and CEO Scott Brew. "We believe the unique strength of our network and depth of our service team put us in a good position for the remainder of 2007."
The Company noted that its improving results in the quarter were also fueled by its established position as a leader in delivering content through RightMedia's unique and scalable exchange model. Adtegrity reported more than 20 billion impressions served during the period, resulting in over 69 million clicks by consumers. The strong click-through in the quarter enabled the Company to deliver more than 800,000 new consumers to its clients.
Adtegrity.com's primary business is the delivery of interactive advertising and marketing services. Since its founding in 1999, the Company has established itself as a results-driven, customer-focused firm consistently ranking among the top 10 online advertising networks in the world. Adtegrity currently serves thousands of website clients and delivers billions of advertising impressions each month to tens of millions of unique users. For more information, visit http://www.adtegrity.com/.
Forward-Looking Statements: This news release may include certain forward- looking statements including, but not limited to, projections of revenue, income or loss and capital expenditures, statements regarding future operations, financing needs, plans relating to products or services of the Company, assessments of materiality, predictions of future events and the effects of pending and possible litigation, as well as assumptions relating to the foregoing. In addition, when used in this discussion, the words "anticipates," "believes," "estimates," "expects," "intends," "plans," "should," and variations thereof and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are subject to various risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors, including but not limited to the Company's ability to manage rapid growth as a result of internal expansion and strategic acquisitions, the impact of competitive products and pricing, product demand and market acceptance, new product development, reliance on key strategic alliances, the regulatory environment, fluctuations in operating results and other risks.Adtegrity.com
CONTACT: Don Hunt or Patrick Kane of Lambert, Edwards & Associates,
Inc., +1-616-233-0500, email@example.com; or Scott Brew of
Web site: http://www.adtegrity.com/
DANBURY, Conn., Aug. 3 /PRNewswire-FirstCall/ -- Solomon Technologies, Inc. (BULLETIN BOARD: SOLM) announced today that it has expanded the Board by three seats and appointed Kenneth Przysiecki, Thomas Kell and Shannon LeRoy to the newly created seats.
Mr. Przysiecki is a Certified Public Accountant and has been Chief Financial Officer of both public and private companies and has been involved in taking a private company public. His thirty years of senior level financial experience included manufacturing, service and non-profit organizations. Mr. Przysiecki is experienced in managing the financial and cash flow challenges associated with growth and change. He is designated a "financial expert" by Solomon's Board of Directors and will serve as Chairman of the Audit Committee of the Board.
Mr. Kell is the Chief Executive Officer of a Massachusetts based technology start-up company and has previous experience as CEO of companies in the specialty chemicals and paper fabrication industries. In addition, Mr. Kell has proven expertise in marketing, sales and product and business development, to include acquisitions and consolidations He brings a track record of aggressively growing profits and sales in a broad range of industries. Mr. Kell has an Engineering degree from Cornell and an MBA from Harvard.
Mr. LeRoy is the Chief Executive Officer of Physicians Capital, Inc., a specialty healthcare financial company. He has thirty years of experience with financial service companies, including two successful start-up banking operations, as well as private equity and venture capital investing. He has served on numerous company boards and brings unique experience and perspective on the issues inherent in rapidly growing companies.
"The expansion of the Board and addition of three new members underscores Solomon's commitment to good corporate governance and bringing a large reservoir of experience to the Company," commented Gary Brandt, CEO of Solomon. "The addition of Mr. Przysiecki, Mr. Kell and Mr. LeRoy boosts our independent board members to over 50 percent and provides greater diversity and depth to our board committees. As management focuses on the acquisitions of Deltron and Unipower to reach our annualized revenue target of $25 million this year, the expanded Board's collective experience will be invaluable."
Information about Solomon Technologies, Inc.:
Solomon Technologies, Inc., through its Motive Power and Power Electronics divisions, develops, licenses, manufactures and sells precision electric power drive systems, including those utilizing its patented Electric Wheel(TM), Electric Transaxle(TM) and hybrid and regenerative technologies as well as direct current power supplies and power supply systems requiring high levels of reliability and ruggedness for defense, aerospace, marine, commercial, automotive, hybrid electric and all electric vehicle applications.
FORWARD LOOKING STATEMENTS: This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The statements regarding Solomon Technologies, Inc. in this release that are not historical in nature, particularly those that utilize terminology such as "may," "will," "should," "likely," "expects," "anticipates," "estimates," "believes," or "plans," or comparable terminology, are forward- looking statements based on current expectations about future events, which management has derived from the information currently available to it. It is possible that the assumptions made by management for purposes of such statements may not materialize. Actual results may differ materially from those projected or implied in any forward-looking statements. Important factors known to management that could cause forward-looking statements to turn out to be incorrect are identified and discussed from time to time in the Company's filings with the Securities and Exchange Commission. The forward- looking statements contained in this release speak only as of the date hereof, and the Company undertakes no obligation to correct or update any forward- looking statements, whether as a result of new information, future events or otherwise.Solomon Technologies, Inc.
CONTACT: Gary Brandt of Solomon Technologies, Inc., +1-860-828-2060; or
David Long of Crescent Communications, +1-203-226-5527, for Solomon
Web site: http://www.solomontechnologies.com/
MORRISTOWN, N.J., Aug. 3 /PRNewswire/ -- In a continuing effort to provide the best wireless service for residents, visitors and commuters in Middlesex County, Verizon Wireless, the leading wireless company with the most reliable voice and data network, has expanded its network with a new cell site.
The new Middlesex County cell site will improve network coverage and capacity in Perth Amboy on Route 440 and along Amboy Avenue from Cutter's Dock Road to Hall Avenue.
Verizon Wireless invested $2 billion to enhance its New York Metro area network and more than $40 billion across the nation in the past seven years to stay ahead of the growing demand for the company's voice, data and mobile entertainment services, like VZ Navigator, which provides audible turn-by-turn directions; V CAST Mobile TV, offering eight broadcast quality mobile television channels; and V CAST Music which allows customers to download full songs directly to their V CAST-capable wireless phones and Microsoft(R) Windows(R) XP-based PCs.
"Reliable networks are not built overnight," said Charles Hand, president of the company's New York Metro Region. "Our New Jersey customers are among the most demanding and tech savvy in the nation and Verizon Wireless continues to efficiently invest in network enhancements to deliver the reliable and innovative services customers want. Better yet, Verizon Wireless is the only major carrier with a 30-day network test drive pledge that pays for calls if a customer isn't satisfied and switches to another carrier."
Demand for Verizon Wireless services continued during the first half of this year when the company added 3 million new customers, more than any other wireless carrier, and improved upon its industry-leading customer retention rates. Verizon Wireless now serves more than 62.1 million customers nationwide.
Verizon Wireless's high-speed third generation wireless broadband network has been enhanced with EVDO Rev. A technology. This enhancement allows customers who use the company's flagship business data service, BroadbandAccess, to interact with Web-based applications, download music over the air, access to e-mail, everyday corporate data, the Internet, and more at speeds that are eight to nine times faster than before. For example, BroadbandAccess customers with Rev A compatible devices can now expect average download speeds of 600 kilobits per second (kbps) to 1.4 megabits per second and average upload speeds of 500-800 kbps, which means customers can download a 1 megabyte email attachment - the equivalent of a small PowerPoint(R) presentation or a large PDF file - in about eight seconds and upload the same sized file in less than 13 seconds.
Nationally, Verizon Wireless' real-life test men and women drive 98 specially equipped vehicles nearly one million miles each year on Interstate, U.S. and state highways as well as major roads and surface streets in high- population areas, based upon U.S. Census counts, to confirm that voice calls and data connections are successful on the first attempt and stay connected. Vehicles are equipped with computers that automatically make more than three million voice call attempts and more than 16 million data tests annually on Verizon Wireless' network and the networks of other carriers.
For more information on Verizon Wireless, please visit http://www.verizonwireless.com/.
About Verizon Wireless
Verizon Wireless operates the nation's most reliable wireless voice and data network, serving 62.1 million customers. The largest US wireless company and largest wireless data provider, based on revenues, Verizon Wireless is headquartered in Basking Ridge, N.J., with 67,000 employees nationwide. The company is a joint venture of Verizon Communications and Vodafone (NYSE and LSE: VOD). Find more information on the Web at http://www.verizonwireless.com/. To preview and request broadcast-quality video footage and high-resolution stills of Verizon Wireless operations, log on to the Verizon Wireless Multimedia Library at http://www.verizonwireless.com/multimedia.Verizon Wireless
CONTACT: David Samberg of Verizon Wireless, +1-845-365-7212,
David.firstname.lastname@example.org; Melinda McLoughlin for Verizon Wireless,
Web site: http://www.verizonwireless.com/
LEXINGTON, Ky., Aug. 3 /PRNewswire-FirstCall/ -- EDAC Systems, Inc., a leading value-added reseller of document imaging solutions, has chosen Lexmark International, Inc. as the exclusive provider of laser printers and multifunction products (MFPs) for its customers.
EDAC currently helps customers in government and commercial industries streamline processes with unique scanning solutions. By also providing Lexmark products, EDAC will now be able to help customers integrate robust distributed scanning solutions easily and effectively into their current workflow processes and systems. In addition, using Lexmark MFPs, EDAC customers will also be able to print, copy, scan and fax from the same device to reduce costs and improve productivity.
As a Lexmark certified solution provider, EDAC can also sell and support the Lexmark Document Solutions Suite (LDSS) software package. LDSS enables customized applications that can simplify complicated workflow processes and help increase productivity. For example, using LDSS and Lexmark's workgroup MFPs, EDAC can now help customers who have been scanning old documents for archive and backfile conversion develop an easy-to-use solution that allows employees to also scan current documents automatically into the same electronic storage system, saving time and money and also creating a single location for all data.
"Lexmark's focus on understanding its customers' unique problems and developing innovative technology to solve those issues complements EDAC's current offerings and helps us do more for our customers," said Ann Blevins, president and CEO of EDAC.
Lexmark's products, especially its MFPs, are designed to be platforms for solutions that improve workflow processes and help businesses increase productivity and reduce costs. In addition, Lexmark also offers unique solutions for security-conscious customers, including common access card authentication for government organizations.
"Lexmark offers award-winning products that EDAC will be able to leverage to help its customers receive the full benefits of using MFP technology for distributed scanning processes," said Marty Canning, Lexmark vice president and president of its Printing Solutions and Services Division. "This is a winning arrangement for customers, EDAC and Lexmark."
About EDAC Systems, Inc.
EDAC Systems, Inc. is a leading, full-service, value-added reseller and integrator providing component, system and full turn-key information management and storage solutions to its Government and Commercial Clients. EDAC offers a complete line of Document Imaging Hardware and Software, Document Management and Content Management Software, Business Process Management Solutions, and Data Storage Solutions such as RAID, NAS, SAN, and archive libraries. EDAC Systems is the owner of Value-Added Government Reseller of the Year awards from three of the largest production scanner manufacturers in the document management industry. In addition, EDAC Systems offers backfile conversion services, training, maintenance, and support for all of its product lines. For more information on the company's products and services, please visit: http://www.edacsystems.com/ or call (888) 610-EDAC (3322).
Lexmark International, Inc. provides businesses and consumers in more than 150 countries with a broad range of printing and imaging products, solutions and services that help them to be more productive. In 2006, Lexmark reported $5.1 billion in revenue. Learn how Lexmark can help you get more done at http://www.lexmark.com/.
Lexmark and Lexmark with diamond design are trademarks of Lexmark International, Inc., registered in the U.S. and/or other countries. All other trademarks are the property of their respective owners.
All prices, features, specifications and capabilities are subject to change without notice.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this release which are not historical facts are forward-looking and involve risks and uncertainties, including, but not limited to, the inability to meet customer product requirements on a cost competitive basis, aggressive pricing from competitors and resellers, entrance into the market of additional competitors focused on printing solutions, market acceptance of new products and pricing programs, the financial failure or loss of business with a key customer, reseller or supplier, increased investment to support product development and marketing, inability to perform under managed print services contracts, decreased supplies consumption, increased competition in the aftermarket supplies business, periodic variables in revenue and profitability, failure to successfully outsource the infrastructure support of information technology systems, failure to manage inventory levels or production capacity, weak economic conditions, unforeseen cost impacts as a result of new legislation, fees on the company's products or litigation costs required to protect the company's rights, inability to obtain and protect the company's intellectual property and defend against claims of infringement and/or anticompetitive conduct, failure to execute planned cost reduction measures, reliance on international production facilities, manufacturing partners and certain key suppliers, disruptions at important points of exit and entry and distribution centers, changes in a country's political or economic conditions, conflicts among sales channels, the failure of information technology systems, changes in the company's tax provisions or tax liabilities, business disruptions, currency fluctuations, China's revaluation of its currency, terrorist acts, acts of war or other political conflicts, or the outbreak of a communicable disease, and other risks described in the company's Securities and Exchange Commission filings. The company undertakes no obligation to update any forward-looking statement.Photo: http://www.newscom.com/cgi-bin/prnh/20020819/LEXMARKLOGO
CONTACT: Kathleen Martin, +1-859-232-6398, email@example.com
Web site: http://www.lexmark.com/
CULVER CITY, Calif., Aug. 3 /PRNewswire-FirstCall/ -- Spider-Man(TM) 3 becomes the home entertainment event of the year when Sony Pictures Home Entertainment (SPHE) releases the international blockbuster on DVD October 30, in time for the holiday gift-giving season. Spider-Man(TM) 3 will be available in several versions for fans to collect including a single-disc release, a two-disc Special Edition release, PSP, and a three-pack DVD release which will include Spider-Man(TM) and Spider-Man(TM) 2 on DVD with collectible O-Ring packaging. Also available is the Spider-Man(TM) High Definition Trilogy, a three-pack release of all three films on Blu-ray(TM) High-Def allowing fans an exclusive opportunity to collect both Spider-Man(TM) and Spider-Man(TM) 2 in high definition, along with Spider-Man(TM) 2.1 and Spider- Man(TM) 3. Spider-Man(TM) 3 will also be available as a stand-alone two-disc release on Blu-ray(TM) High-Def.
Grossing more than $888 million worldwide during its theatrical run, Spider-Man(TM) 3 set numerous records, including the biggest three-day total in box-office history ($151 million), biggest single day gross in box-office history ($59.8 million), and the #1 all-time worldwide opening ($231 million). Tobey Maguire (Seabiscuit, The Ice Storm), Kirsten Dunst (Marie Antoinette, Bring It On), James Franco (Annapolis), Academy Award(R) nominee Rosemary Harris (Best Actress, Tom & Viv, 1995), and J.K. Simmons (Thank You For Smoking) reprise their roles from the first two installments of the franchise under the direction of Sam Raimi (Spider-Man(TM), Spider-Man(TM) 2). Joining the cast are Academy Award(R) nominee Thomas Haden Church (Best Supporting Actor, Sideways, 2005), Topher Grace (In Good Company, Mona Lisa Smile), Bryce Dallas Howard (Lady in the Water, The Village), and Academy Award(R) nominee James Cromwell (Best Supporting Actor, Babe, 1996). The producers are Laura Ziskin (Spider-Man(TM), Spider-Man(TM) 2), Avi Arad (Spider-Man(TM), X-Men), and Grant Curtis (Spider-Man(TM), Spider-Man(TM) 2). The executive producers are Stan Lee, Kevin Feige (Spider-Man(TM) 2, X Men 2), and Joseph M. Caracciolo (Spider-Man(TM) 2, Charlie's Angels(R)).
The two-disc Spider-Man(TM) 3 Blu-ray(TM) High-Def and two-disc Special Edition DVD offer fans more than six hours of all-new bonus materials, including a trio of featurettes spotlighting the cinematic creation of the web crawler's greatest nemeses. Grains of Sand -- Building Sandman details the challenges Sony Pictures Imageworks faced in creating the iconic villain; Re-Imagining the Goblin explores the changes in the New Goblin character from page to screen; and Covered in Black -- Creating Venom follows the cinematic creation of Spider-Man's archrival.
The two-disc's added value also has a trio of features on the creation of the spectacular stunts in the movie: Hanging On ... Gwen Stacy & the Collapsing Floor, where stunt coordinator Scott Rogers explores the logistics of the dangerous stunt performed by Bryce Dallas Howard; Fighting, Flying & Driving -- The Stunts, wherein Stunt Coordinator/2nd Unit Director Dan Bradley and Stunt Coordinator Scott Rogers provide a behind-the-scenes peek at the various "gags" in the film; and Wall of Water where the viewer is taken into the creation of one of the biggest stunts in the film. In addition, the discs offer bloopers, a Snow Patrol music video, and two audio commentary tracks with cast and filmmakers.
About Spider-Man(TM) 3
Columbia Pictures' Spider-Man(TM) 3 reunites the cast and filmmakers from the first two blockbuster adventures for a web of excitement that transports worldwide audiences to thrilling new heights.
In Spider-Man(TM) 3, based on the legendary Marvel Comics series, Peter Parker has finally managed to strike a balance between his devotion to M.J. and his duties as a superhero. But there is a storm brewing on the horizon. When his Spider-Man suit suddenly changes, turning jet-black and enhancing his powers, it transforms Peter as well. Under the influence of the suit, Peter becomes prideful and overconfident and he begins to neglect the ones he cares about the most. As two of the most-feared villains yet, Sandman and Venom, gather unparalleled power and a thirst for retribution, Peter's greatest battle is the one within himself. Spider-Man will need to rediscover the compassion that makes him who he is: a hero.
Columbia Pictures Presents A Marvel Studios/Laura Ziskin Production Spider-Man(TM) 3 starring Tobey Maguire, Kirsten Dunst, James Franco, Thomas Haden Church, Topher Grace, Bryce Dallas Howard, James Cromwell, Rosemary Harris, and J.K. Simmons. The film is directed by Sam Raimi. The screenplay is by Sam Raimi & Ivan Raimi and Alvin Sargent and the screen story by Sam Raimi & Ivan Raimi and based on the Marvel Comic Book by Stan Lee and Steve Ditko. The producers are Laura Ziskin, Avi Arad, and Grant Curtis. The executive producers are Stan Lee, Kevin Feige, and Joseph M. Caracciolo.
Spider-Man(TM) 3 Special Features (Single-Disc DVD) -- Digitally Mastered Audio and Video -- Audio: English Dolby True HD 5.1, English PCM 5.1 (Uncompressed), French, Spanish, Portuguese, Thai 5.1 (Dolby Digital) -- Subtitles: English, English SDH, French, Spanish, Portuguese, Korean, Thai, Chinese Mandarin, Chinese Cantonese -- Bloopers -- Photo Galleries -- Snow Patrol Music Video -- Audio Commentary with Director Sam Raimi and Cast Members Tobey Maguire, Kirsten Dunst, James Franco, Thomas Haden Church, Topher Grace, and Bryce Dallas Howard -- Audio Commentary with Producers Laura Ziskin, Avi Arad and Grant Curtis, Editor Bob Murawski and Special Effects Supervisor Scott Stokdyk -- Closed Captioned -- Bonus Previews
Spider-Man(TM) 3 Two-Disc Special Edition DVD, Two-Disc Blu-ray(TM) High-Def
Disc One Special Features: -- Digitally Mastered Audio and Video -- Audio: English Dolby True HD 5.1, English PCM 5.1 (Uncompressed), French, Spanish, Portuguese, Thai 5.1 (Dolby Digital) -- Subtitles: English, English SDH, French, Spanish, Portuguese, Korean, Thai, Chinese Mandarin, Chinese Cantonese -- Bloopers -- Photo Galleries -- Snow Patrol Music Video -- Audio Commentary with Director Sam Raimi and Cast Members Tobey Maguire, Kirsten Dunst, James Franco, Thomas Haden Church, Topher Grace, and Bryce Dallas Howard -- Audio Commentary with Producers Laura Ziskin, Avi Arad and Grant Curtis, Editor Bob Murawski and Special Effects Supervisor Scott Stokdyk -- Closed Captioned -- Bonus Previews Disc Two Special Features: -- Digitally Mastered Audio and Video -- Audio: English, Spanish 5.1 (Dolby Digital). English, Spanish (Dolby Surround) -- Subtitles: English, Spanish -- Featurette: Grains of Sand -- Building Sandman -- Featurette: Re-Imagining the Goblin -- Featurette: Covered in Black -- Creating Venom -- Featurette: Hanging On ... Gwen Stacy and the Collapsing Floor -- Featurette: Fighting, Flying & Driving -- The Stunts -- Featurette: Tangled Web: The Love Triangles of Spider-Man 3 -- Featurette: Wall Of Water -- Featurette: On Location Cleveland -- The Chase on Euclid Avenue -- Featurette: On Location New York -- From Rooftops to Backstreets -- Featurette: The Science of Sound -- Featurette: Inside The Editing Room -- Theatrical TV Spots From Around the World -- Closed Captioned
Spider-Man(TM) 3 has a run time of approximately 139 minutes and is rated PG-13 for sequences of intense action violence. Artwork is available at http://www.sphepublicity.com/. Visit Sony Pictures Home Entertainment on the Web at http://www.sonypictures.com/.
Spider-Man(TM) 3 DVD single-Disc Spider-Man(TM) 3 PSP SLP: $28.97 SLP: $28.97 Spider-Man(TM) 3 DVD 2-Disc Spider-Man(TM) 3 Blu-ray(TM) Special Edition High-Def 2-Disc SLP: $36.95 SLP: $49.95 Spider-Man(TM) 3 Standard-Def Spider-Man(TM) Blu-ray(TM) DVD 3-Pack High-Def 3-Pack SLP: $38.96 SLP: $98.95 About Marvel Entertainment, Inc.
With a library of over 5,000 characters, Marvel Entertainment, Inc. is one of the world's most prominent character-based entertainment companies. Marvel's operations are focused on utilizing its character franchises in licensing, entertainment, publishing and toys. Areas of emphasis include feature films, DVD/home video, consumer products, video games, action figures and role-playing toys, television and promotions. Rooted in the creative success of over sixty years of comic book publishing, Marvel's strategy is to leverage its character franchises in a growing array of opportunities around the world. For more information visit http://www.marvel.com/.
About Sony Pictures Home Entertainment
Sony Pictures Home Entertainment is a division of Sony Corporation of America, a subsidiary of Tokyo-based Sony Corporation. Sony Pictures Entertainment's global operations encompass motion picture production and distribution; television production and distribution; digital content creation and distribution; worldwide channel investments; home entertainment acquisition and distribution; operation of studio facilities; development of new entertainment products, services and technologies; and distribution of filmed entertainment in 67 countries. Sony Pictures Entertainment can be found on the World Wide Web at http://www.sonypictures.com/.Sony Pictures Home Entertainment
CONTACT: Staci Griesbach of Sony Pictures Home Entertainment,
+1-310-244-6903, firstname.lastname@example.org; or Karen Penhale of Carl
Samrock Public Relations, +1-818-260-0777, KarenPenhale@cs-pr.com, for Sony
Pictures Home Entertainment
Web site: http://www.sonypictures.com/
BEIJING, Aug. 3 /Xinhua-PRNewswire/ -- CCID Consulting, China's leading research, consulting and IT outsourcing service provider, and the first Chinese consulting firm listed in Hong Kong (Hong Kong Stock Exchange: HK08235), has released an article focusing on carriers who are exploring the SMB e-business market from product to service.
In the past few years, driven by multiple factors including technology development, market demand and industrial monitoring policies, transformation has become a development trend for carriers. Pressed by such pressure, all carriers have started to implement transformation one after another and actively explored new markets.
Obviously, opportunities always come abreast with competition. Besides China Netcom, China Telecom and China Mobile, who have found the potential of SMB e-business market, Alibaba and Global Sources have all worked hard in this field for several years. Particularly, Alibaba has launched Alisoft at the beginning of the year in order to provide its customers with internal enterprise management software based on an e-business platform, which includes ERP, CRM, accounting management, human resources management, import/sales storage management, as well as supply chain management, etc. It happens to hold the same view with China Telecom, China Netcom and China Mobile, which attach importance to e-business, broadband services and mobile e-business respectively. However, the only difference lies in the point that carriers start from communications networks and have implemented a kind of strategy to regard IT as its key player and broadband as its basis, while Alibaba focuses on the e-business platform and proceeds from the aspect of consolidating information flow, aiming to help SMBs to solve problems associated with enterprise and business management. It can be predicted that carriers will fight with the third party e-business service providers in the SMB e-business market.
Although carriers have advantages over networks and resources, they do not know much about SMBs' e-business demands. They still follow the mode of standardized products and product consolidation platforms and hope to explore the SMB market via products. However, most of the SMBs are still in their rapid development stage and exploring the market via an e-business platform is still their key demand. In addition, SMBs have a limited understanding about e-business. Their IT applications foundation is relatively poor. They are also limited in terms of capital investment. Their level of acceptation to e-business products is rather low. Range of application to e-business products among SMBs is also quite narrow. Therefore, carriers can only witness slow development in the SMB e-business market. There is still a long way to go in terms of market positioning, development mode and market promotion.
CCID Consulting believes that learning how to change from product orientation to service orientation is the key for carriers to explore the SMB e-business market. In fact, the change from communications products to e- business actually indicates the process from product to service. Communications products may meet the basic demand of customers, while carriers meet the demand simply via maintaining the network. However, in the e- business market carriers need to help enterprises to enhance market competitiveness and internal management levels, which requires carriers to have a sound understanding about the operation mode, industrial characteristics and business mode of SMBs as well as attract SMBs to get involved in the service process to grow with carriers responsible for the delivery of e-business services.
Currently, finding out how to provide customers with creative services and manage service quality have become the new challenges for carriers. CCID thinks that carriers shall improve themselves via the following aspects: first, they shall internally specify the service processes of e-business. Only by having standardized processes can they evaluate service quality on a quantitative basis; second, they shall group a highly qualified service team; and finally, they shall package their services so as to provide sustained services. Externally, they should firstly segment the market effectively to get a good understanding of SMB's demand for basic IT construction, internal management and transaction platforms; secondly, they need to consolidate links such as IT and e-business solutions, the third party e-business platforms, and e-payment, etc., in accordance with the industrial chain division of e- business so as to define competition relations between the upper and lower streams of the industrial chain; and finally, based on development and promotion modes, they should select model mode and auxiliary mode based on the growth characteristics of SMBs in different geographical areas. They can then give full play to their advantages over channel and brand so as to promote e-business among the vast number of SMBs.
All in all, carriers have great potentials in the SMB e-business market. About CCID Consulting
CCID Consulting Co., Ltd. (also known as CCID Consulting), the first Chinese consulting firm listed in the Growth Enterprise Market of the Stock Exchange (GEM) of Hong Kong (stock code: HK08235), is a direct affiliate of the China Center for Information Industry Development (hereinafter known as CCID Group). Headquartered in Beijing, CCID Consulting has so far set up branch offices in Shanghai, Guangzhou, Shenzhen and Harbin, with over 300 professional consultants and industry experts. The Company's business scope has covered over 200 large- and medium-sized cities in China. Apart from home market development, CCID Consulting is establishing international cooperation links across the United States, the Asia-Pacific region and Europe, by setting up agents in the U.S., Japan, South Korea, Australia, Singapore, Italy and Russia, with the aim of going global.
Based on four major competitive areas of powerful data channels, industrial resources, intense knowledge and deep understanding of information technology, CCID Consulting provides customers with consulting, research and IT outsourcing services covering strategy planning, IT application, marketing strategy, human resources and information technology outsourcing. Our customers range from industrial users in IT, telecommunications, energy, finance, automobile, to government departments at all levels and diversified industrial parks.
CCID Consulting is committed to becoming the No. 1 brand for strategy consulting, the No. 1 consultant for enterprise management and the No. 1 expert in market research. For more information, please visit our website at http://en.ccidconsulting.com/.
For more information, please contact: Cynthia Liu Coordinating Manager CCID Consulting Co., Ltd. Tel: +86-10-8855-9080 Email: email@example.comCCID Consulting Co., Ltd.
CONTACT: Cynthia Liu, Coordinating Manager of CCID Consulting Co., Ltd.,
+86-10-8855-9080, or firstname.lastname@example.org
NEW YORK and LONDON, Aug. 3 /PRNewswire-FirstCall/ -- Electronic Game Card, Inc. (BULLETIN BOARD: EGMI) ("EGC"), announced today that it has scheduled a conference call for Wednesday, August 15, 2007 at 10:00 a.m. (ET) to discuss the Company's financial results for its second quarter 2007, which ended June 30, 2007. EGC intends to issue its earnings release after the close on August 14, 2007.
Conference Call Details: Date/Time: Wednesday, August 15, 2007-10:00 a.m. (ET) Telephone Number: 866-203-3436 International Dial-In Number: 617-213-8849 Participant Pass code: 53209304 Internet Access: http://www.electronicgamecard.com/ or http://www.earnings.com/
It is recommended that participants phone-in at least 10 minutes before the call is scheduled to begin. A replay of the conference call in its entirety will be available approximately one hour after its completion by dialing 888-286-8010 (U.S.), 617-801-6888 (International) and entering the pass code 90835721 and on the Internet at http://www.earnings.com/.
Contact: Yvonne L. Zappulla Managing Director Grannus Financial Advisors, Inc. 212-681-4108 email@example.com Roger Holdom Electronic Game Card, Inc. +44 207 451 2480 firstname.lastname@example.org About Electronic Game Card, Inc.
Electronic Game Card, Inc., (OTCBB: EGMI), develops, produces and markets innovative games to the lottery, casino, and promotional industry worldwide. The Company's lead product is the Electronic GameCard(TM), a unique, extended play credit card-sized pocket game combining patent-pending proprietary technology of interactive capability with "instant win" excitement.
The "Electronic GameCard(TM)" can be programmed to suit a variety of gaming and promotion applications. EGMI's client base is across the $100 billion global market of state and national lotteries, Gaming and Casinos, Indian Gaming and the expanding sales promotion and incentive markets. EGMI develops sales and marketing relationships with agents globally and has a technology licensing agreement with a major lottery focused US listed corporation which owns approximately 5% of the EGMI common stock. For further information please visit http://www.electronicgamecard.com/
July 2005, the Public Gaming Research Institute (PGRI) named the Electronic GameCard(TM) as a 2005 Lottery Product of the Year during its conference in Las Vegas. The PGRI award recognizes the importance of new products to the growth and continuing success of worldwide lotteries.Electronic Game Card, Inc.
CONTACT: Yvonne L. Zappulla, Managing Director, Grannus Financial
Advisors, Inc., +1-212-681-4108, email@example.com; or Roger Holdom,
Electronic Game Card, Inc., +44 207 451 2480,
Web site: http://www.electronicgamecard.com/
SUNNYVALE, Calif., Aug. 3 /PRNewswire-FirstCall/ -- Silicon Image, Inc. , a leader in semiconductors for the secure storage, distribution and presentation of high-definition content, today announced that Silicon Image will webcast its presentation at the following three events:
-- Pacific Crest 9th Annual Technology Forum on Aug. 6, 2007 at 9:00 am Pacific Time -- RBC Capital Markets' North American Technology Conference on Aug., 8, 2007 at 10:00 am Pacific Time -- CIBC's 5th Annual Semiconductor Bus Tour on Aug. 14, 2007 at 12:00 pm Pacific Time
The webcasts for these presentations will be accessible on the financial events page of the investor relations website at http://ir.siliconimage.com/events.cfm . An archive of the webcast will be available within two hours of each event.
About Silicon Image, Inc.
Headquartered in Sunnyvale, Calif., Silicon Image, Inc. is a leader in driving the architecture and semiconductor implementations for the secure storage, distribution and presentation of high-definition content in the consumer electronics and personal computing markets. Silicon Image creates and drives industry standards for digital content delivery such as DVI, HDMI(TM) and Serial ATA (SATA), leveraging partnerships with global leaders in the consumer electronics and personal computing markets to meet the growing digital content needs of consumers worldwide. With a proven track record of improving cross-product interoperability, Silicon Image has shipped more than 100 million HDMI/HDCP and DVI/HDCP semiconductor solutions and offers one of the most robust and comprehensively tested technology platforms in the consumer electronics industry through the Simplay HD(TM) Testing Program of Simplay Labs. Simplay Labs, LLC, a wholly-owned subsidiary of Silicon Image, is a leading provider of testing technologies, tools and services for high-definition consumer electronics devices such as HDTVs, set-top boxes, audio/video receivers and DVD players, helping manufacturers to achieve compatibility and deliver the highest-quality HDTV experience to consumers. Silicon Image is the leading provider of semiconductor intellectual property solutions for high-definition multimedia and data storage applications. For more information, please visit http://www.siliconimage.com/ .Silicon Image, Inc.
CONTACT: media, Kasey Holman, +1-408-616-4192,
firstname.lastname@example.org, or investors, David H. Allen +1-408-616-4003,
email@example.com, both of Silicon Image, Inc.
Web site: http://www.siliconimage.com/
DALLAS, Aug. 3 /PRNewswire/ -- Texas Instruments Incorporated (TI) today introduced a single-supply operational amplifier with e-Trim(TM) precision and very low noise. The OPA376 combines low offset voltage of 25uA (max) and wide bandwidth of 5.5MHz in micro-packages. In addition, the device offers low noise density of 7.5nV/sq rt Hz and quiescent current of 950uA (max). These attributes provide a balance of parameters required to meet both AC and DC specifications for filtering, data acquisition and single-supply processing systems. The device works well in sensor and signal conditioning, wireless communications, medical instrumentation, handheld test equipment and consumer audio equipment. (See http://www.ti.com/opa376-pr.)
Modern CMOS process technology with package level trim equates to ultra-low input offset voltage that minimizes signal errors and maximizes dynamic range. Furthermore, this device has impressive low noise in relation to the quiescent current (less than 1mA) and excellent temperature drift characteristics of 1uV/C (max).
TI provides customers a state-of-the-art signal chain for precision applications. Companion products of the OPA376 for portable medical and industrial applications include OPA333, OPA340, ADS123x, MSP430 and REF50xx. For consumer audio applications, the OPA376 complements OPA363/4, DAC557x, and audio Codecs products.
Availability and Packaging
The OPA376 is available now from TI and its authorized distributors. It is offered in the micro-size SC70, SO-8 and SOT23-5 packages and is priced at $0.65 in 1,000-piece quantities (suggested resale pricing). The dual version, OPA2376, will be available at the end of 3Q 2007 in the MSOP-8 and SO-8 packages and priced at $1.00 in 1,000-piece quantities. The quad version, OPA4376, will be available at the end of 3Q 2007 in the TSSOP-14 package and priced at $1.40 in 1,000-piece quantities. All versions are specified for operation from -40C to +125C and have identical specifications for maximum design flexibility.
TI offers analog engineers a wide-ranging support infrastructure that includes training and seminars, design tools and utilities, technical documentation, evaluation modules, an online KnowledgeBase, a product information hotline and a comprehensive offering of samples that ship within 24 hours of request. To download the latest Amplifier and Data Converter Selection Guide or for more information on TI's complete analog design support, visit http://www.ti.com/analogelab.
About Texas Instruments
Texas Instruments Incorporated provides innovative DSP and analog technologies to meet our customers' real world signal processing requirements. In addition to Semiconductor, the company includes the Education Technology business. TI is headquartered in Dallas, Texas, and has manufacturing, design or sales operations in more than 25 countries.
Texas Instruments is traded on the New York Stock Exchange under the symbol TXN. More information is located on the World Wide Web at http://www.ti.com/.
Please refer all reader inquiries to: Texas Instruments Incorporated Semiconductor Group, SC-07131 Literature Response Center 14950 FAA Blvd. Fort Worth, TX 76155 1-800-477-8924 Safe Harbor Statement
Statements contained in this news release regarding TI product availability and other statements of management's beliefs, goals and expectations may be considered forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995, and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these statements. The following factors and the factors discussed in TI's most recent Form 10-K could cause actual results to differ materially from the statements contained in this news release: actual market demand for ADC products and TI products specifically, and actual test results relating to TI products. TI disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this news release.
e-Trim is a trademark of Texas Instruments. All trademarks and registered trademarks are the property of their respective owners.Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20010105/NEF016LOGO
CONTACT: Kris Thompson of Texas Instruments, +1-520-746-7441,
firstname.lastname@example.org; or Jacqi Moore of GolinHarris, +1-972-341-2513,
email@example.com, for Texas Instruments Incorporated
Web site: http://www.ti.com/
NEW YORK, Aug. 3 /PRNewswire/ -- George Davis, Chief Executive Officer of Avatech Solutions (BULLETIN BOARD: AVSO) (http://www.avat.com/) will be featured in an exclusive interview with http://www.wallst.net/ that is scheduled to take place on August 2 at 1:30 p.m. EDT. The interview will be posted on http://www.wallst.net/ by 8 p.m. EDT on August 2.
The interview will cover topics including Avatech Solutions' market potential, growth initiatives, competitive edge, recent news, and milestones for investors to watch for.
To hear the interview in its entirety, visit http://www.wallst.net/, and click on "Interviews." The interview can be accessed either by locating the company's ticker symbol under the appropriate exchange on the left-hand column of the "Interviews" section of the site, or by entering the company's ticker symbol in the Search Archive window once it is posted.
About Avatech Solutions:
Avatech Solutions, Inc. is the recognized leader in design and engineering technology with unparalleled expertise in design automation, data management and process optimization for the manufacturing, engineering, building design and facilities management markets. Headquartered in Owings Mills, Maryland, the company specializes in consulting, software systems integration and implementation, standards development and deployment, education, and technical support. Avatech is one of the largest integrators of Autodesk software worldwide and a leading provider of PLM solutions. The company's clients include industry leaders from Fortune 500 and Engineering News Record's Top 100 companies.
Visit http://www.avat.com/ for more information. About WallSt.net:
http://www.wallst.net/ is owned and operated by WallStreet Direct, Inc., a wholly owned subsidiary of Financial Media Group, Inc. (http://www.financialmediagroupinc.com/). The Web site is a leading provider of timely business news, executive interviews, multimedia content, and research tools. Financial Media Group, Inc. also owns http://www.mywallst.net/, a financial social network for investors, and Financial Filings Corp. (http://www.financialfilings.com/), a provider of media and compliance solutions to publicly traded companies. In addition to WallSt.net, WallStreet Direct, Inc. owns and operates WallStRadio (http://www.wallstradio.com/), a business and finance podcast Web site. Financial Filings Corp. is expecting to receive two hundred eighty dollars from Avatech Solutions for the dissemination of this press release. For a complete list of our advertisers, and advertising relationships, visit http://www.wallst.net/disclaimer/disclaimer.asp.
(Logo: http://www.newscom.com/cgi-bin/prnh/20050927/LATU121LOGO) Contact: Nick Iyer 800-4-WALL-STPhoto: NewsCom: http://www.newscom.com/cgi-bin/prnh/20050927/LATU121LOGO
CONTACT: Nick Iyer for Financial Filings Corp., +1-800-4-WALL-ST
Web site: http://www.financialfilings.com/
FREMONT, Calif., Aug. 3 /PRNewswire-FirstCall/ -- ESS Technology today announced that the class action securities lawsuit filed against ESS and certain of its officers and directors in the United States District Court for the Northern District of California has been dismissed.
On July 27, 2007, U.S. District Judge Ronald M. Whyte entered a Final Judgment and Order of Dismissal With Prejudice (the "Order and Final Judgment") approving a settlement between the parties and dismissing the shareholder class action lawsuit. If no appeal is filed with the Court within 30 days following the entry of the Order and Final Judgment, the settlement will become final and binding.
The Company and other defendants have denied, and continue to deny, any and all allegations of wrongdoing in connection with this matter, but believe that given the uncertainties, costs, burden and inconvenience associated with litigation, the settlement is in the best interests of the Company and its shareholders. The entire settlement amount and any additional expenses will be covered by the Company's directors and officers insurance policy.
About ESS Technology
ESS Technology, Inc. designs and markets high-performance digital video processors for the consumer market.
ESS, headquartered in Fremont, California, has R&D, sales, and technical support offices worldwide. ESS Technology's common stock is traded on the Nasdaq Global Market under the symbol "ESST". ESS Technology's web site address is: http://www.esstech.com/.ESS Technology, Inc.
CONTACT: Investor Relations of ESS Technology, Inc., +1-510-492-1161, or
Rebecca Mack of Bergman Mack & Associates, +1-949-981-4496,
firstname.lastname@example.org, for ESS Technology, Inc.
Web site: http://www.esstech.com/
ATLANTA, Aug. 3 /PRNewswire-FirstCall/ -- Numerex Corp. , a leader in machine-to-machine (M2M) solutions and provider of wireless network services, today announced financial results for the second quarter and year- to-date 2007 results, reporting a net loss of $323,000 including certain accounting adjustments with respect to the write-off of analog inventory and stock-based compensation expenses, compared to net earnings of $883,000 for the comparable period of 2006. Basic and fully diluted losses per share were $0.02 for the second quarter of 2007 which compares to basic and fully diluted earnings per share of $0.07 for the second quarter of 2006. For the second quarter, non-GAAP net earnings were $14,000 compared to non-GAAP net earnings of $982,000 for the comparable period of 2006. All non-GAAP information is reconciled in the "Non-GAAP Condensed Consolidated Statement of Operations" table below.
Key financial results for the second quarter and first six months of 2007 compared to the second quarter and first six months of 2006:
Three Months Ended Six Months Ended June 30, June 30, 2007 2006 % Increase 2007 2006 Revenues (millions) $ 15.2 $ 12.9 18% $ 29.4 $ 24.7 Non-GAAP earnings (millions) $ - $ 1.0 (24%) $ .6 $ 1.7 Non-GAAP EPS $ - $ 0.08 (25%) $ .05 $ 0.14 Net earnings/(loss) (millions) $(0.32) $ 0.88 N/A $ .10 $ 1.4 Net EPS $(0.02) $ 0.07 N/A $ .01 $ 0.11
Net revenues in the second quarter of 2007 were $15.2 million compared to $12.9 million reported for same quarter last year, representing an 18% year over year growth. Revenues increased 7% sequentially from $14.2 million in the first quarter of 2007. Core wireless M2M revenues, which again represented over 90% of total revenues, were $13.8 million compared to $11.2 million for the second quarter of 2006 and $12.9 million for the first quarter of 2007.
"Our business has been evolving over the last several quarters to a broad network services focus with vastly improved enabling capabilities, which positions us well in serving market leading brands, especially with the addition of our satellite solutions business," said Stratton Nicolaides, Chairman and CEO of Numerex. "We have been investing heavily in our network infrastructure, systems and processes, and have added several people who will be enormously valuable in assisting us to execute our strategy. Of course, this contributed significantly to the increase in our selling, general, and administrative expenses this year. In addition, this quarter marks a fundamental shift in the positioning and focus of the Company as a leading enabler of M2M applications and network services provider. The acquisition of Orbit One Communications, key strategic initiatives and significant customer wins, provides evidence of this evolution."
Numerex' strategy will see it focus on partnering with market leading brands. Numerex believes it is uniquely positioned for this market, with a complete solutions portfolio that will help its partners bring their applications to market faster, and with greater flexibility. Numerex' services portfolio includes network transport, professional services, and proprietary back-end support, which have become stronger with the acquisition of the business of Orbit One Communications, an established leader in the provisioning of satellite data products and services to government agencies and emergency management services markets.
Numerex recently announced a strategic collaboration with market leader GE Security, a wholly-owned subsidiary of the General Electric Company, to provide nationwide wireless services in support of GE's industry-leading advanced technology real estate products, including its new ActiveKEY solution. Numerex enabled GE's ActiveKEY solution by providing network services, real-time network activations, 7x24 network monitoring services, and customer support.
Other highlights and key activity announced since our last earnings release include:
-- The award of M2M Gold Value Chain Awards to two Numerex customers, Southwest Dealer Services and Mexican Bottler, Bepensa, for their use of our expertise and technology in their wireless M2M tracking and information provision solutions. -- The joint release in early July by CalAmp and Numerex of a comprehensive solution for the migration of M2M applications from analog to digital networks. This solution was developed in response to the Federal Communications Commissions' (FCC) Analog Sunset Ruling, which becomes effective in February 2008 and was recently reaffirmed by the FCC. -- The acquisition of Orbit One Communications, a leading provider of satellite solutions to government and emergency management services market.
Mr. Nicolaides continued, "The strategy of integrating our enabling solutions and network technologies to our customers' applications is designed to drive service revenues and connections to our Numerex networks. We believe that in order to better serve the broader M2M markets, we needed to invest in building our network and services platforms to create a more robust environment with which to serve both the enterprise markets and, now, the government sector. In concert with our strategy, we changed our pricing model to focus on securing connections and long-term recurring revenues. The results were very positive as our wireless security business posted record unit sales during the quarter, almost 35% higher than the first quarter and more than double the number from the comparable quarter in 2006. As a result of our new pricing approach, we expect to significantly increase our future digital network connections."
Gross margins for the second quarter of 2007 were 31% compared to just over 36% for the same period in 2006. The decline in margins was caused by our new pricing strategy which reduced net earnings for the quarter by approximately $740,000. We also wrote off analog inventory and the gross margin, adjusted for these two items, would have been approximately 35%. The decline in margins compared to those achieved during the second quarter of 2006 is the result of a higher mix of hardware sales, which earn a lower gross margin and are a greater portion of total revenues.
Operating expenses were $4.88 million for the current quarter compared to $3.70 for the second quarter of 2006 and $4.45 million for the prior sequential quarter, in part reflecting our new positioning in the M2M market. The significant majority of the total increase was driven by the growth in Selling, General and Administrative expenses which included salary and sales commission costs for the 19 additional people who have been hired in the last twelve months. Other expenses that increased were stock option costs of over $237,000, which more than doubled compared to the same quarter last year. In addition, responding to regulatory requirements such as Sarbanes-Oxley as well as compliance with FIN 48, Accounting for Uncertainty in Income Taxes resulted in additional costs for the Company. Expenses were also higher because of M&A activity in the quarter.
Net interest expense in the second quarter of 2007 increased to $356,000 compared to $69,000 in the same quarter in 2006. For the second quarter, we had debt levels of approximately $15 million that was incurred to pursue strategic alternatives. Numerex successfully achieved this objective by acquiring Orbit One, announced earlier, an established leader in the provisioning of satellite data products and services to government agencies and emergency services markets. Orbit One generates approximately $9 to $11 million in annual revenues and is profitable with a good balance of product and service revenue that is expected to generate attractive margins with good operating leverage and scale. The full press release can be viewed at http://www.nmrx.com/
Mr. Nicolaides concluded, "We are very excited about the evolution of our business and the success of our recent strategic initiatives, which have helped transform Numerex into a leading enabler of solutions and provider of network services. While we will continue to entertain strategic opportunities, our primary focus in the short run will be to integrate Orbit One's operations and execute our strategy. Along those lines, we have re-organized our operations into two key business units. Our network and technology group, which includes our satellite operations, will focus on enabling applications and the delivery of our networks services to brand leaders. Our integrated solutions group will concentrate on marketing, selling, and supporting our in- house branded solutions, including Uplink and Airdesk Mobile, and will service and support private labels or 'white labels', dealers and distributors. Numerex plans to continue to evolve and support these solutions, while leveraging the infrastructure put in place across new horizontal services platforms. Further, the Orbit One acquisition will provide the expertise to assist us in expanding into new verticals such as government agencies and the emergency management services sector. While we remain enthusiastic with respect to the Company's prospects of continued growth, we intend to restart issuing revenue growth guidelines after the integration of our satellite business and the re-organization initiatives are complete."
Conference Call and Web Cast Information
Numerex will conduct a conference call today beginning at 9:00 am Eastern time. Dial in information for the conference call is as follows:
Domestic USA: (866) 356-4123 International: (617) 597-5393 Pass code: 37422204
A live web cast of the call will also be available on the Numerex web site at http://www.nmrx.com/ under the Investor Relations section. A replay of the conference call will be available two hours after the end of the call Dial in numbers for the replay are; Domestic USA (888) 286-8010; International (617) 801-6888: Replay pass code: 92649123
This press release contains, and other statements may contain, forward- looking statements with respect to Numerex future financial or business performance, conditions or strategies and other financial and business matters, including expectations regarding growth trends and activities in the wireless data business. Forward-looking statements are typically identified by words or phrases such as "believe," "expect," "anticipate," "intend," "estimate," "assume," "strategy," "plan," "outlook," "outcome," "continue," "remain," "trend," and variations of such words and similar expressions, or future or conditional verbs such as "will," "would," "should," "could," "may," or similar expressions. Numerex cautions that these forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. These forward-looking statements speak only as of the date of this press release, and Numerex assumes no duty to update forward-looking statements. Actual results could differ materially from those anticipated in these forward-looking statements and future results could differ materially from historical performance.
The following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: our inability to reposition our platform to capture greater recurring service revenues, difficulties associated with integrating Orbit One's business, the risks that a substantial portion of Orbit One's revenues are derived from government contracts that may be terminated by the government at any time, variations in quarterly operating results, delays in the development, introduction, integration and marketing of new wireless services; customer acceptance of services; economic conditions; changes in financial and capital markets; the inability to attain revenue and earnings growth in our wireless data business; changes in interest rates; inflation; the introduction, withdrawal, success and timing of business initiatives and strategies; competitive conditions; the inability to realize revenue enhancements; and extent and timing of technological changes. Numerex SEC reports identify additional factors that can affect forward-looking statements.
Company Contact: Alan Catherall (770) 485-2527 Hayden Communications Brett Maas (646) 536-7331 Numerex Corp. Condensed Consolidated Statement of Operations (In thousands, except per share data) (Unaudited) Three Months Ended June 30, 2007 2006 Change % Change Net sales: Product $ 10,113 $ 8,273 $ 1,840 22% Service 5,057 4,620 437 9% Total net sales 15,170 12,893 2,277 18% Cost of product sales 9,168 6,716 2,452 37% Cost of services 1,282 1,471 (189) -13% Depreciation and amortization 12 40 (28) -70% Gross Profit 4,708 4,666 42 1% 31.0% 36.2% Selling, general, and administrative expenses 3,867 2,938 929 32% Research and development expenses 334 280 54 19% Bad Debt Expense 162 83 79 96% Depreciation and amortization 518 395 123 31% Operating profit earnings (172) 970 (1,142) -118% Interest expense (356) (69) (287) nm Other expense (9) (3) (6) nm Earnings before taxes (537) 898 (1,435) nm Provision for income taxes (214) 15 (229) nm Net earnings / (Loss) $ (323) $ 883 (1,206) -137% Basic earnings per common share $ (0.02) $ 0.07 Diluted earnings per common share $ (0.02) $ 0.07 Number of shares used in per share calculation Basic 13,156 12,307 Diluted 13,928 13,021 Six Months Ended June 30, 2007 2006 Change % Change Net sales: Product $ 19,388 $ 15,871 $ 3,517 22% Service 9,968 8,864 1,104 12% Total net sales 29,356 24,735 4,621 19% Cost of product sales 16,777 12,890 3,887 30% Cost of services 2,485 2,905 (420) -14% Depreciation and amortization 32 83 (51) -61% Gross Profit 10,062 8,857 1,205 14% 34.3% 35.8% Selling, general, and administrative expenses 7,480 5,731 1,749 31% Research and development expenses 622 575 47 8% Bad Debt Expense 249 83 166 200% Depreciation and amortization 988 844 144 17% Operating profit earnings 723 1,624 (901) -55% Interest expense (502) (217) (285) nm Other expense (18) (1) (17) nm Earnings before taxes 204 1,406 (1,202) nm Provision for income taxes 100 46 54 nm Net earnings / (Loss) $ 104 $ 1,360 (1,256) -92% Basic earnings per common share $ 0.01 $ 0.11 Diluted earnings per common share $ 0.01 $ 0.11 Number of shares used in per share calculation Basic 13,081 12,275 Diluted 13,780 12,944 Numerex Corp. Supplemental Sales Information (in thousands) Three Months Ended Six Months Ended June 30, June 30, Net Sales: 2007 2006 Change 2007 2006 Change Wireless Data Communications Product $9,661 $7,810 $1,851 $18,574 $15,103 $3,471 Service 4,176 3,402 774 8,133 6,511 1,621 Sub-total 13,837 11,212 2,625 26,707 21,614 5,093 Digital Multimedia, Networking and Wireline Security Product 452 463 (11) 813 768 45 Service 881 1,218 (337) 1,836 2,353 (517) Sub-total 1,333 1,681 (348) 2,649 3,121 (472) Total Product 10,113 8,273 1,840 19,388 15,871 3,517 Service 5,057 4,620 437 9,968 8,864 1,104 Total net sales 15,170 12,893 2,277 29,356 24,735 4,620 Numerex Corp. Condensed Consolidated Statement of Operations (In thousands, except per share data) (Unaudited) Three Months Ended Six Months Ended June 30, 2007 June 30, 2007 GAAP Adjust- Non-GAAP GAAP Adjust- Non-GAAP Results ments Results Results ments Results Net sales: Product $10,113 $ $10,113 $19,388 $ $19,388 Service 5,057 5,057 9,968 9,968 Total net sales 15,170 15,170 29,356 29,356 Cost of product sales 9,168 (100) 9,068 16,777 (100) 16,677 Cost of services 1,282 1,294 2,485 2,517 Gross Profit 4,708 100 4,808 10,062 100 10,162 31.0% 31.7% 34.3% 34.6% Selling, general, and administrative expenses 3,867 (237) 3,629 7,480 (410) 7,070 Research and development expenses 334 334 622 622 Bad debt expense 162 162 249 249 Earnings before income taxes, depreciation and amortization 345 337 683 1,711 510 2,221 Depreciation and amortization 518 518 988 988 Operating earnings (172) 337 165 723 510 1,233 Interest expense (356) (356) (502) (502) Other expense (9) (9) (18) (18) Earnings before income taxes (537) 337 (200) 204 510 714 Provision for income taxes (214) (214) 100 100 Net earnings $(323) $337 $14 $104 $460 $614 Basic earnings (loss) per common share Diluted earnings (loss) per common share $(0.02) $ 0.00 $ 0.01 $0.05 Number of shares used in per share calculation $(0.02) $ 0.00 $ 0.01 $0.04 Basic 13,156 13,156 13,081 13,081 Diluted 13,928 13,928 13,780 13,780 (a) These Unaudited non-GAAP consolidated statements of operations are for informational purposes only and are not presented in accordance with GAAP. The adjustments necessary to provide a direct reconciliation of the non-GAAP to the GAAP basis consolidated statement of operations include; product sales at normalized prices, exclude lower of cost or market inventory adjustment and excludes stock options expense. Numerex Corp. Condensed Consolidated Statement of Operations (In thousands, except per share data) (Unaudited) Three Months Ended Six Months Ended June 30, 2006 June 30, 2006 GAAP Adjust- Non-GAAP GAAP Adjust- Non-GAAP Results ments Results Results ments Results Net sales: Product $ 8,273 $ 8,273 $15,871 $15,871 Service 4,620 4,620 8,864 8,864 Total net sales 12,892 12,892 24,735 24,735 Cost of product sales 6,716 6,716 12,890 12,890 Cost of services 1,511 (40) 1,471 2,989 (84) 2,905 Gross Profit 4,666 (40) 4,705 8,857 (84) 8,940 36.2% 36.5% 35.8% 36.1% Selling, general, and administrative expenses 2,938 (99) 2,839 5,733 (199) 5,534 Research and development expenses 280 280 575 575 Bad debt expense 83 83 81 81 Depreciation and amortization 395 40 435 844 84 928 Operating earnings (loss) 970 99 1,069 1,624 199 1,823 Interest expense (69) (69) (218) 137 (81) Other expense (3) (3) (1) (1) Earnings (loss) before income taxes 898 99 997 1,406 336 1,742 Provision for income taxes 5 15 46 46 Net earnings $883 $99 $982 $1,360 $336 $1,696 Basic earnings per common share $0.07 $ 0.08 $0.11 $0.14 Diluted earnings per common share $0.07 $ 0.08 $0.11 $0.13 Number of shares used in per share calculation Basic 12,307 12,307 12,275 12,275 Diluted 13,021 13,021 12,944 12,944 (a) These Unaudited non-GAAP consolidated statements of operations are for informational purposes only and are not presented in accordance with GAAP. The adjustments necessary to provide a direct reconciliation of the non-GAAP to the GAAP basis consolidated statement of operations include; product sales at normalized prices, exclude lower of cost or market inventory adjustment and excludes stock options expense. NUMEREX CORP. CONDENSED CONSOLIDATED BALANCE SHEET (In thousands, except share information) June 30, December 31, 2007 2006 (unaudited) ASSETS CURRENT ASSETS Cash and cash equivalents $9,311 $ 20,384 Short-term investments 8,051 - Accounts receivable, less allowance for doubtful accounts of $1,069 at June 30, 2007 and $933 at December 31, 2006: 15,104 11,844 Inventory 5,552 2,755 Prepaid expenses and other current assets 3,019 1,677 Deferred tax asset - current 1,025 1,113 TOTAL CURRENT ASSETS 42,061 37,773 Property and Equipment, Net 1,312 1,287 Goodwill, Net 16,985 15,967 Other Intangibles, Net 6,465 6,734 Software, Net 2,121 1,815 Other Assets 653 747 Deferred tax asset - LT 2,070 2,070 TOTAL ASSETS $ 71,667 $ 66,393 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable $ 10,866 $7,651 Other current liabilities 2,127 2,270 Note payable, current 1,858 1,139 Deferred revenues 1,045 715 Obligations under capital leases, current portion 54 96 TOTAL CURRENT LIABILITIES 15,950 11,871 LONG TERM LIABILITIES Obligations under capital leases and other long term liabilities 327 339 Note Payable 12,181 12,763 TOTAL LONG TERM LIABILITIES 12,508 13,102 SHAREHOLDERS' EQUITY Preferred stock - no par value; authorized 3,000,000; none issued - - Class A common stock - no par value; authorized 30,000,000; issued 14,568,549 shares at June 30, 2007 and 14,445,234 shares at December 31, 2006 44,670 43,133 Additional paid-in-capital 2,896 2,486 Treasury stock, at cost, 1,184,900 shares on June 30, 2007 and December 31, 2006 (5,053) (5,053) Class B common stock - no par value; authorized 5,000,000; none issued - - Accumulated other comprehensive income (loss) (8) 2 Accumulated earnings 705 852 TOTAL SHAREHOLDERS' EQUITY 43,210 41,420 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 71,667 $ 66,393Numerex Corp.
CONTACT: Alan Catherall of Numerex Corp., +1-770-485-2527, or Brett Maas
of Hayden Communications, +1-646-536-7331, for Numerex Corp.
Web site: http://www.nmrx.com/
SHELTON, Conn., Aug. 3 /PRNewswire-FirstCall/ -- Clayton Holdings, Inc. , a leading provider of information-based analytics, consulting and outsourced services for capital markets firms, lending institutions, fixed income investors and loan servicers, today announced income from continuing operations of $0.5 million on revenues of $43.2 million for the second quarter ended June 30, 2007.
(Logo: http://www.newscom.com/cgi-bin/prnh/20070509/CLAYTONLOGO ) Clayton's second quarter 2007 results include: Key Financial Highlights (amounts in millions, except per share data): Percent Increase Quarter Ended June 30, 2007 2006 (Decrease) Revenue $43.2 $59.9 (28.0)% Gross Profit 17.9 21.0 (15.0)% Income from Continuing Operations 0.5 3.2 (85.5)% Net (Loss) Income (0.4) 2.4 n/a Earnings (Loss) Per Share - Diluted Continuing Operations $0.02 $0.15 n/a Discontinued Operations (0.04) (0.04) n/a Total $(0.02) $0.11 n/a Adjusted Net Income - Continuing Operations (non-GAAP)* 2.1 4.9 (57.3)% Adjusted Earnings Per Share - Continuing Operations (non-GAAP)* 0.10 0.23 (56.5)% Diluted Shares Outstanding 21.5 21.5 (0.0)% Gross Profit Margin - Continuing Operations 41.4% 35.1% 18.0% Percent Increase Six Months Ended June 30, 2007 2006 (Decrease) Revenue $96.5 $113.8 (15.2)% Gross Profit 37.5 37.0 1.3% Income from Continuing Operations 2.1 2.3 (9.9)% Net (Loss) Income (2.6) 1.3 n/a Earnings (Loss) Per Share - Diluted Continuing Operations $0.10 $0.13 (23.1)% Discontinued Operations (0.23) (0.06) n/a Total $(0.13) $0.07 n/a Adjusted Net Income - Continuing Operations (non-GAAP)* 5.2 5.9 (11.3)% Adjusted Earnings Per Share - Continuing Operations (non-GAAP)* 0.24 0.34 (29.4)% Diluted Shares Outstanding 21.6 17.3 24.7% Gross Profit Margin - Continuing Operations 38.8% 32.5% 19.5% * Adjusted net income from continuing operations excludes the following items, net of tax: acquisition-related amortization, loss on extinguishment of debt and the results of discontinued operations. For a reconciliation of net income from continuing operations to adjusted net income from continuing operations, please refer to the tables on the following pages.
"As expected, the continuing turmoil in the subprime market significantly reduced our transaction management volumes and revenues in the quarter. Subprime securitization volumes have declined 42% from last year and our volumes declined similarly," said Frank Filipps, Chairman and Chief Executive Officer of Clayton. "Our gross profit margin, however, continued to be strong, reaffirming the effectiveness of our variable cost business model and the shift in our revenue mix to higher margin products. We also had strong revenue growth in our Surveillance business. We will continue to emphasize our recurring-revenue businesses: Surveillance and Special Servicing. Finally, we are encouraged by the early results of our European acquisition: existing Clayton clients have already given us new international assignments, and we hope to introduce Surveillance offerings to UK and European investors by year- end."
Other Second Quarter Highlights: -- Centralized underwriting volume represented almost 50% of the due diligence business, continuing the shift towards our due diligence delivery channel. Volumes in this unit held up fairly well and we believe current market conditions will accelerate the transition to this diligence platform. -- As of June 30, 2007, Clayton Surveillance was monitoring approximately $465 billion in assets primarily for investment banks and for institutional investors in mortgage-backed securities. This represents an increase of $111 billion, or 31.5%, since June 30, 2006. Revenues from our Surveillance business increased by more than 53% to $12.6 million in the quarter, accounting for 29.3% of total revenues, up from 13.8% a year ago. -- Gross margin from continuing operations was 41.4% for the three months ended June 30, 2007, as compared to 35.1% in the second quarter of 2006. This was the result of a shift in the business mix to higher margin product offerings. -- As previously announced, $5 million of debt was prepaid in May, 2007. An additional debt prepayment of $5 million was made in July, 2007.
Management will hold a conference call today at 10:00 a.m. EDT. A live webcast of the conference call will be available online at http://www.clayton.com/. Web participants are encouraged to go to Clayton's website at least 15 minutes prior to the start of the call to register, download and install any necessary audio software. Listening to the webcast requires speakers and RealPlayer(TM) software, downloadable without charge at http://www.real.com/. Those without Web access can access the call by phone and should plan to dial in approximately 10 minutes prior to the call. The dial-in numbers are (866) 713-8307 for domestic callers and (617) 597-5307 for international callers. The participant passcode for both is 71940338.
A recording of the conference call will remain available for 90 days, on Clayton's website and via telephonic replay. The replay dial-in number is (888) 286-8010 for domestic callers and (617) 801-6888 for international callers. The participant passcode for both is 66433408.
About Clayton Holdings, Inc.
Clayton Holdings, Inc., headquartered in Shelton, Connecticut, is an information and analytics company serving leading capital markets firms, lending institutions, fixed income investors and loan servicers with a full suite of information-based analytics, specialty consulting and outsourced services. Clayton's services include due diligence analytics, conduit support services, professional staffing, compliance products and services, credit risk management and surveillance and specialized loan servicing services. Additional information is available at http://www.clayton.com/.
Safe Harbor Statement
Certain items in this press release may constitute forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Clayton can give no assurance that expectations will be attained. Factors that could cause actual results to differ materially from Clayton's expectations include, but are not limited to, adverse changes in the mortgage-backed securities market, the mortgage lending industry or the housing market; the level of competition for Clayton's services; the loss of one or more of Clayton's largest clients; Clayton's ability to maintain its professional reputation; management's ability to execute Clayton's business strategy; Clayton's ability to recruit and retain additional qualified independent loan review specialists; and other risks detailed in Clayton's Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 23, 2007 and other reports filed with the Securities and Exchange Commission. Such forward-looking statements speak only as of the date of this press release. Clayton expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Clayton's expectations with regard thereto or change in events, conditions, or circumstances on which any such statement is based.
Reconciliation of Non-GAAP Measures
This earnings release contains non-GAAP financial measures. For purposes of Regulation G, a non-GAAP financial measure is a numerical measure of a registrant's historical or future financial performance, financial position or cash flows that excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the statement of operations, balance sheet or statement of cash flows of the issuer; or includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented. In this regard, GAAP refers to generally accepted accounting principles in the United States. Pursuant to the requirements of Regulation G, the Company has provided a reconciliation of the adjusted (non-GAAP) financial measures to the most directly comparable GAAP financial measures.
Adjusted net income from continuing operations and adjusted earnings per share from continuing operations are discussed in this earnings release because management uses this information in evaluating the results of the continuing operations of the business and believes that this information provides the users of the financial statements a valuable insight into the operating results. Additionally, management believes that it is in the best interest of its investors to provide financial information that will facilitate comparison of both historical and future results and allows greater transparency to supplemental information used by management in its financial and operational decision making. Management encourages investors to review the reconciliations of the non-GAAP financial measures to the most directly comparable GAAP measures that are provided within the financial information attached to this release.
Clayton is providing its current quarter GAAP results as well as financial results that have been adjusted for the impact of acquisition-related amortization, loss from extinguishment of debt and discontinued operations. The Company believes that these non-GAAP measures supplement its consolidated GAAP financial statements as they provide a consistent basis for comparison between reporting periods that are not influenced by certain non-cash or non- recurring items and are, therefore, useful to investors in helping them to better understand the Company's operating results.
Contact: Rick Herbst Chief Financial Officer 203-926-5600 CLAYTON HOLDINGS, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Income (in thousands, except per share data) (unaudited) Three Months Ended Six Months Ended June 30, June 30, 2007 2006 2007 2006 Revenue $43,154 $59,897 $96,506 $113,842 Cost of services: Compensation expense 20,206 29,099 45,926 57,610 Travel and related expenses 3,546 6,753 9,090 13,880 Other direct costs 1,535 3,035 4,012 5,368 Total cost of services 25,287 38,887 59,028 76,858 Gross profit 17,867 21,010 37,478 36,984 Operating expenses: Salaries and benefits 5,525 5,087 11,196 10,115 Other selling, general and administrative expenses 5,597 4,539 11,030 9,163 Depreciation and amortization 2,433 1,865 4,488 3,366 Amortization of intangibles 2,571 2,542 5,069 5,084 Total operating expenses 16,126 14,033 31,783 27,728 Income from operations 1,741 6,977 5,695 9,256 Interest expense, net 1,022 1,660 2,214 4,725 Loss from extinguishment of debt 45 - 90 746 Income from continuing operations before income taxes 674 5,317 3,391 3,785 Income tax expense 207 2,103 1,294 1,459 Income from continuing operations 467 3,214 2,097 2,326 Loss from discontinued operations, net of tax of $0.2, $0.6, $0.8 and $0.8, respectively (435) (863) (1,403) (1,052) Loss on disposal, net of tax of $0.1 and $1.9, respectively (386) - (3,331) - Net (loss) income $(354) $2,351 $(2,637) $1,274 Basic income (loss) per share: Continuing operations $0.02 $0.15 $0.10 $0.14 Discontinued operations (0.04) (0.04) (0.23) (0.06) Total $(0.02) $0.11 $(0.13) $0.08 Diluted income (loss) per share: Continuing operations $0.02 $0.15 $0.10 $0.13 Discontinued operations (0.04) (0.04) (0.23) (0.06) Total $(0.02) $0.11 $(0.13) $0.07 Weighted average number of shares of common stock outstanding: Basic 20,926 20,522 20,861 16,374 Diluted 21,514 21,522 21,574 17,303 Reconciliation of non-GAAP measures: Net income from continuing operations as reported $467 $3,214 $2,097 $2,326 Add amortization of intangibles (1) 2,498 2,542 4,996 5,084 Add loss on extinguishment of debt (2) 45 - 90 746 Less income tax impact of these adjustments (3) (923) (865) (1,941) (2,247) Adjusted net income - continuing operations $2,087 $4,891 $5,242 $5,909 Adjusted earnings per share - continuing operations: Basic $0.10 $0.24 $0.25 $0.36 Diluted $0.10 $0.23 $0.24 $0.34 Weighted average number of shares of common stock outstanding: Basic 20,926 20,522 20,861 16,374 Diluted 21,514 21,522 21,574 17,303 (1) amount represents amortization expense associated with intangible assets as a result of assets acquired in certain business acquisitions, including amounts primarily related to acquired customer relationships, technology, noncompetition agreements and client backlog. (2) amount represents write-off of deferred financing costs associated with the portion of the term loan that was repaid earlier than scheduled. (3) amount represents the income tax impact of the amortization expense adjustments referred to in (1) above and the loss on extinguishment of debt referred to in (2) above. CLAYTON HOLDINGS, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (in thousands) June 30, December 31, 2007 2006 (unaudited) ASSETS Current assets: Cash $16,361 $22,882 Restricted cash - 11,739 Accounts receivable, net 29,442 37,452 Unbilled receivables 16,417 14,950 Prepaid and other current assets 2,852 3,252 Prepaid income taxes 5,391 1,791 Deferred tax assets 605 572 Assets of discontinued operations - 5,015 Total current assets 71,068 97,653 Property and equipment, net 18,881 19,621 Goodwill 70,009 69,843 Intangible assets, net 71,820 74,294 Other assets, net 1,466 1,502 Total assets $233,244 $262,913 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Long term debt and capital lease obligations, current portion $743 $929 Accounts payable and accrued expenses 14,745 22,832 Servicer escrow liability - 11,739 Liabilities of discontinued operations - 19 Total current liabilities 15,488 35,519 Long term debt and capital lease obligations, net of current portion 54,031 64,423 Deferred tax liabilities 3,500 4,089 Deferred revenue 283 204 Deferred rent 1,676 949 Other long-term liabilities 2,137 - Total liabilities 77,115 105,184 Commitments and contingencies Stockholders' equity: Common stock 211 207 Additional paid-in capital 144,049 141,256 Retained earnings 11,830 16,266 Accumulated other comprehensive income 39 - Total stockholders' equity 156,129 157,729 Total liabilities and stockholders' equity $233,244 $262,913 Supplementary Data Domestic Loan Volumes (unaudited) Three Months Ended June 30, Increase / (Decrease) 2007 2006 Amount % Due Diligence: Traditional file reviews: Field 56,000 142,000 (86,000) (60.6)% CU 56,000 58,000 (2,000) (3.4)% Other file reviews 5,000 17,000 (12,000) (70.6)% 117,000 217,000 (100,000) (46.1)% Conduit 7,000 21,000 (14,000) (66.7)% Total 124,000 238,000 (114,000) (47.9)% Six Months Ended June 30, Increase /(Decrease) 2007 2006 Amount % Due Diligence: Traditional file reviews: Field 151,000 275,000 (124,000) (45.1)% CU 130,000 109,000 21,000 19.3% Other file reviews 18,000 21,000 (3,000) (14.3)% 299,000 405,000 (106,000) (26.2)% Conduit 24,000 33,000 (9,000) (27.3)% Total 323,000 438,000 (115,000) (26.3)% Revenue by Product (unaudited) Three Months Ended June 30, 2007 2006 Increase / % of % of (Decrease) (in thousands) Amount Revenues Amount Revenues Amount % Transaction Management: Field Due Diligence $11,200 26.0% $23,599 39.4% $(12,399) (52.5)% Central Underwriting 7,015 16.2% 8,316 13.9% (1,301) (15.6)% Ancillary Services 1,079 2.5% 2,418 4.0% (1,339) (55.4)% Sub-total Due Diligence 19,294 44.6% 34,333 57.3% (15,039) (43.8)% Conduit Support Services 2,624 6.1% 7,420 12.4% (4,796) (64.6)% Professional Staffing Services 2,888 6.7% 4,760 7.9% (1,872) (39.3)% Clayton Euro Risk 1,154 2.7% - 0.0% 1,154 n/a Other 2,127 4.9% 1,726 2.9% 401 23.2% Sub-total Transaction Management 28,087 65.0% 48,239 80.5% (20,152) (41.7)% Surveillance Services 12,633 29.3% 8,250 13.8% 4,383 53.1% Special Servicing 2,434 5.7% 3,408 5.7% (974) (28.6)% Total Clayton $43,154 100.0% $59,897 100.0% $(16,743) (28.0)% Six Months Ended June 30, 2007 2006 Increase / % of % of (Decrease) (in thousands) Amount Revenues Amount Revenues Amount % Transaction Management: Field Due Diligence $29,197 30.3% $47,577 41.8% $(18,380) (38.6)% Central Underwriting 17,188 17.9% 15,458 13.6% 1,730 11.2% Ancillary Services 2,347 2.4% 4,009 3.5% (1,662) (41.5)% Sub-total Due Diligence 48,732 50.5% 67,044 58.9% (18,312) (27.3)% Conduit Support Services 7,864 8.1% 13,224 11.6% (5,360) (40.5)% Professional Staffing Services 6,226 6.5% 7,926 7.0% (1,700) (21.4)% Clayton Euro Risk 1,154 1.2% - 0.0% 1,154 n/a Other 3,987 4.1% 3,585 3.1% 402 11.2% Sub-total Transaction Management 67,963 70.4% 91,779 80.6% (23,816) (25.9)% Surveillance Services 24,363 25.2% 15,744 13.8% 8,619 54.7% Special Servicing 4,180 4.3% 6,319 5.6% (2,139) (33.9)% Total Clayton $96,506 100.0% $113,842 100.0% $(17,336) (15.2)%Photo: http://www.newscom.com/cgi-bin/prnh/20070509/CLAYTONLOGO Clayton Holdings, Inc.
CONTACT: Rick Herbst, Chief Financial Officer, +1-203-926-5600
Web site: http://www.clayton.com/
TAIPEI, Taiwan, Aug. 3 /Xinhua-PRNewswire-FirstCall/ -- Advanced Semiconductor Engineering, Inc. (TAIEX: 2311; NYSE: ASX) ("We", "ASE", or the "Company"), the world's largest independent provider of IC packaging and testing services, today reported unaudited net revenues (Note 1) of NT$23,362 million for the second quarter of 2007 (2Q07), down 11% year-over-year and up 11% sequentially. Net income for the quarter totaled NT$2,575 million, down from NT$7,319 million in 2Q06 and up from NT$1,661 million in 1Q07. Diluted earnings per share for the quarter was NT$0.52 (or US$0.079 per ADS), compared to NT$1.58 for 2Q06 and NT$0.36 for 1Q07.
All financial information presented in this press release is unaudited, consolidated and prepared in accordance with accounting principles generally accepted in the Republic of China, or ROC GAAP. Such financial information is generated internally by us, and has not been subjected to the same review and scrutiny, including internal auditing procedures and review by our independent auditors, to which we subject our audited consolidated financial statements, and may vary materially from the audited consolidated financial information for the same period. Any evaluation of the financial information presented in this press release should also take into account our published audited consolidated financial statements and the notes to those statements. In addition, the financial information presented is not necessarily indicative of our results for any future period.
For the six months ended June 30, 2007, the Company reported net revenues of NT$44,455 million and net income of NT$4,236 million. Earnings per share for the 1st half of 2007 was NT$0.92, or US$0.139 per ADS.
RESULTS OF OPERATIONS 2Q07 Results Highlights -- Net revenues contribution from IC packaging operations (including module assembly), testing operations, and substrate sold to third parties were NT$18,029 million, NT$4,724 million and NT$609 million, respectively, and each represented approximately 77%, 20% and 3% respectively, of total net revenues for the quarter. -- Cost of revenues was NT$16,958 million, down 10% year-over-year and up 5% sequentially. -- As a percentage of total net revenues, cost of revenues was 73% in 2Q07, up from 71% in 2Q06 and down from 76% in 1Q07. -- Raw material cost totaled NT$6,375 million during the quarter, representing 27% of total net revenues; compared with NT$5,746 million and 27% of net revenues in the previous quarter. -- Depreciation, amortization and rental expenses totaled NT$4,108 million during the quarter, up 10% year-over-year and up 3% sequentially. -- Total operating expenses during 2Q07 were NT$2,516 million, including NT$720 million in R&D and NT$1,796 million in SG&A. Compared with operating expense of NT$2,226 million in 1Q07, the sequential increase was primarily attributable to the bonus to employee and compensation to directors of subsidiary in 2Q07. Total operating expenses as a percentage of net revenues for the current quarter were 11%, up from 8% in 2Q06 and relatively unchanged compared to 1Q07. -- Operating profit for the quarter totaled NT$3,888 million, up from NT$2,771 million in the previous quarter. Operating margin increased from 13% in 1Q07 to 17% in 2Q07. -- In terms of non-operating items, -- Net interest expense was NT$306 million, down from NT$354 million a quarter ago primarily due to a decrease in total bank loans. -- Net exchange gain of NT$147 million was mainly attributable to the exchange gain in U.S. dollar-based liabilities due to the depreciation of the US dollar against the New Taiwan dollar, and the exchange gain from the appreciation of the Renminbi against the U.S. dollar. -- Gain on long-term investment of NT$65 million was primarily related to investment income of NT$50 million from USI, investment income of NT$16 million from Hung Ching Construction, and partially offset by investment loss from Hung Ching Kwan Co. -- Other non-operating expenses of NT$197 million were primarily related to loss from inventory provision adjustment and other miscellaneous expenses. Together with other non-operating expenses, total non-operating expenses for the quarter were NT$291 million, compared to income of NT$3,146 million for 2Q06 and expenses of NT$501 million for 1Q07. -- Income before tax was NT$3,597 million for 2Q07, compared with NT$2,270 million in the previous quarter. We recorded an income tax expense of NT$866 million during the quarter, compared with an income tax expense of NT$320 million in 1Q07. The sequential increase of the income tax expense was primarily due to the undistributed earnings tax of subsidiary in 2Q07. Minority interest adjustment was NT$156 million for 2Q07. -- In 2Q07, net income was NT$2,575 million, compared to net income of NT$7,319 million for 2Q06 and NT$1,661 million for 1Q07. For the six months ended June 30, 2007, the company reported net income of NT$4,236 million, compared with net income of NT$10,501 million in the same period 2006. -- Our total number of shares (excluding treasury stock) outstanding at the end of the quarter was 4,460,887,738. Our diluted EPS for 2Q07 was NT$0.52, or US$0.079 per ADS, based on 4,719,868,485 weighted average number of shares outstanding during the second quarter. EPS for the first half of 2007 was NT$0.92, or US$0.139 per ADS. LIQUIDITY AND CAPITAL RESOURCES -- As of June 30, 2007, our cash and other financial assets totaled NT$26,683 million, down from NT$26,712 million on March 31, 2007. -- Capital expenditures in 2Q07 totaled US$69 million, of which US$49 million was for IC packaging, US$20 million was for testing, and US$0.2 million was for interconnect materials. -- For the first half of 2007, the Company spent US$145 million for capital expenditures, including US$83 million for IC packaging, US$62 million for testing, and US$0.3 million for IC substrate. -- As of June 30, 2007, we had total bank debts of NT$38,696 million, down from NT$41,620 million as of March 31, 2007. Total bank debts consisted of NT$4,966 million of revolving working capital loans, NT$2,425 million of current portion of long-term debts, NT$22,034 million of long-term debts and NT$9,271 million of long-term bonds payable. Total unused credit lines were NT$52,034 million. -- Current ratio as of June 30, 2007 was 1.54, compared to 1.72 as of March 31, 2007 and net debt to equity ratio was 0.16 as of June 30, 2007. -- Total number of employees was 27,746 as of June 30, 2007. BUSINESS REVIEW IC Packaging Services (Note 2) Note 2: IC packaging services include module assembly services. -- Net revenues generated from our IC packaging operations were NT$18,029 million during the quarter, down by NT$1,926 million or 10% year-over- year and up by NT$1,746 million or 11% sequentially. On a sequential basis, the increase in packaging net revenue was primarily due to volume increase. -- Net revenues from advanced substrate and leadframe-based packaging accounted for 85% of total IC packaging net revenues during the quarter, up by two percentage points from the previous quarter. -- Gross margin for our IC packaging operations was 24%, up by 1 percentage point year-over-year and up by 3 percentage points sequentially. -- Capital expenditure for our IC packaging operations amounted to US$49 million during the quarter, of which US$45 million was for wirebonding packaging capacity, and US$4 million was for wafer bumping and flip chip packaging equipment. -- As of June 30, 2007, there were 7,040 wirebonders in operation, of which 19 wirebonders were added and 29 wirebonders were disposed of during the quarter. -- Net revenues from flip chip packages and wafer bumping services accounted for 10% of total packaging net revenues, up by one percentage point from the previous quarter. Testing Services -- Net revenues generated from our testing operations were NT$4,724 million, down by NT$976 million or 17% year-over-year and up by NT$400 million or 9% sequentially. The increase in testing net revenues was primarily due to an increase in testing volume and average selling prices (ASP). -- Final testing contributed 76% to total testing net revenues, down by two percentage points from the previous quarter. Wafer sort contributed 20% to total testing net revenues, up by three percentage points from the previous quarter. Engineering testing contributed 4% to total testing net revenues, down by one percentage point from the previous quarter. -- Depreciation, amortization and rental expense associated with our testing operations amounted to NT$1,567 million, down from NT$1,585 million in 2Q06 and down from NT$1,573 million in 1Q07. -- In 2Q07, gross margin for our testing operations was 35%, down by eight percentage points year-over-year and up by six percentage points sequentially. The sequential increase in gross margin was primary due to the increase of sales and utilization. -- Capital spending on our testing operations amounted to US$20 million during the quarter. -- As of June 30, 2007, there were 1,385 testers in operations, of which 58 testers were added and 38 testers were disposed of during the quarter. Substrate Operations -- PBGA substrate manufactured by ASE amounted NT$2,047 million for the quarter, up by NT$39 million or 2% from a year-ago quarter, and up by NT$331 million or 19% from the previous quarter. Of the total output of NT$2,047 million, NT$608 million was from sales to external customers. -- Gross margin for substrate operations was 21% during the quarter, down by three percentage points compared with the year-ago quarter, and up by three percentage points compared with the previous quarter. -- In 2Q07, the Company's internal substrate manufacturing operations supplied 54% (by value) of our total substrate requirements. -- As of June 30, 2007, the Company's PBGA capacity was at 48 million units per month. Customers -- Our five largest customers together accounted for approximately 27% of our total net revenues in 2Q07, relatively unchanged compared to 2Q06 and 1Q07. No single customer accounted for more than 10% of our total net revenues. -- Our top 10 customers contributed 44% of our total net revenues during the quarter, relatively unchanged compared to 2Q06 and up from 42% in 1Q07. -- Our customers that are integrated device manufacturers, or IDMs, accounted for 35% of our total net revenues in 2Q07, compared to 41% in 2Q06 and 1Q07. About ASE, Inc.
ASE, Inc. is the world's largest independent provider of IC packaging services and, together with its subsidiary ASE Test Limited , the world's largest independent provider of IC testing services, including front-end engineering testing, wafer probing and final testing services. ASE, Inc.'s international customer base of more than 200 customers includes such leading names as ATI Technologies Inc., CSR plc, Freescale Semiconductor, Inc., MediaTek Inc., NEC Corporation, NVIDIA Corporation, NXP Semiconductors, Qualcomm Incorporated, RF Micro Devices Inc., STMicroelectronics N.V. and VIA Technologies, Inc. With advanced technological capabilities and a global presence spanning Taiwan, Korea, Japan, Singapore, Malaysia and the United States, ASE, Inc. has established a reputation for reliable, high quality products and services. For more information, visit our website at http://www.aseglobal.com/ .
Safe Harbor Notice
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, including statements regarding our future results of operations and business prospects. Although these forward-looking statements, which may include statements regarding our future results of operations, financial condition or business prospects, are based on our own information and information from other sources we believe to be reliable, you should not place undue reliance on these forward-looking statements, which apply only as of the date of this annual report. We were not involved in the preparation of these projections. The words "anticipate", "believe", "estimate", "expect", "intend", "plan" and similar expressions, as they relate to us, are intended to identify these forward-looking statements in this press release. Our actual results of operations, financial condition or business prospects may differ materially from those expressed or implied in these forward-looking statements for a variety of reasons, including risks associated with cyclicality and market conditions in the semiconductor industry; demand for the outsourced semiconductor packaging and testing services we offer and for such outsourced services generally; the highly competitive semiconductor industry; our ability to introduce new packaging, interconnect materials and testing technologies in order to remain competitive; international business activities; our business strategy; our future expansion plans and capital expenditures; the strained relationship between the ROC and the PRC; general economic and political conditions; possible disruptions in commercial activities caused by natural or human-induced disasters; fluctuations in foreign currency exchange rates; and other factors. For a discussion of these risks and other factors, please see the documents we file from time to time with the Securities and Exchange Commission, including our 2006 Annual Report on Form 20-F filed on June 25, 2007.
-- Tables to Follow -- Supplemental Financial Information Consolidated Operations Amounts in NT$ Millions 2Q/07 1Q/07 2Q/06 Net Revenues 23,362 21,093 26,287 Revenues by End Application Communication 46% 45% 36% Computer 22% 21% 25% Automotive and Consumers 32% 32% 38% Others 0% 2% 1% Revenues by Region North America 48% 51% 53% Europe 12% 12% 13% Taiwan 23% 19% 18% Japan 9% 10% 9% Other Asia 8% 8% 7% IC Packaging Services Amounts in NT$ Millions 2Q/07 1Q/07 2Q/06 Net Revenues 18,029 16,283 19,955 Revenues by Packaging Type Advanced substrate & leadframe based 85% 83% 84% Traditional leadframe based 5% 5% 5% Module assembly 6% 8% 6% Others 4% 4% 5% Capacity CapEx (US$ Millions) * 49 33 53 Number of Wirebonders 7,040 7,050 6,517 Wafer Bumping 8'' (pcs/month) 87,000 87,000 78,000 Wafer Bumping 12'' (pcs/month) 17,000 16,000 15,000 Testing Services Amounts in NT$ Millions 2Q/07 1Q/07 2Q/06 Net Revenues 4,724 4,324 5,700 Revenues by Testing Type Final test 76% 78% 76% Wafer sort 20% 17% 19% Engineering test 4% 5% 5% Capacity CapEx (US$ Millions) * 20 43 58 Number of Testers 1,385 1,365 1,314 * Capital expenditure amounts exclude building construction costs. Advanced Semiconductor Engineering, Inc. Summary of Consolidated Income Statements Data (In NT$ millions, except per share data) (Unaudited) For the three months ended For the period ended Jun. 30 Mar. 31 Jun. 30 Jun. 30 Jun. 30 2007 2007 2006 2007 2006 Net revenues: IC Packaging 18,029 16,283 19,955 34,312 39,261 Testing 4,724 4,324 5,700 9,048 10,823 Others 609 486 632 1,095 1,040 Total net revenues 23,362 21,093 26,287 44,455 51,124 Cost of revenues 16,958 16,096 18,787 33,054 36,989 Gross profit 6,404 4,997 7,500 11,401 14,135 Operating expenses: Research and development 720 689 645 1,409 1,279 Selling, general and administrative 1,796 1,537 1,409 3,333 2,725 Total operating expenses 2,516 2,226 2,054 4,742 4,004 Operating income (loss) 3,888 2,771 5,446 6,659 10,131 Net non-operating (income) expenses: Interest expenses - net 306 354 338 660 697 Foreign exchange loss (gain) (147) (19) 20 (166) (23) Loss (gain) on long-term investment (65) (76) (83) (141) (144) Others 197 242 (3,421) 439 (3,073) Total non-operating (income) expenses 291 501 (3,146) 792 (2,543) Income (loss) before tax 3,597 2,270 8,592 5,867 12,674 Income tax expense (benefit) 866 320 435 1,186 567 Income (loss) from continuing operations 2,731 1,950 8,157 4,681 12,107 Cumulative effect of change -- -- -- -- 343 in accounting principle Income (loss) before minority interest 2,731 1,950 8,157 4,681 11,764 Minority interest 156 289 838 445 1,263 Net income (loss) 2,575 1,661 7,319 4,236 10,501 Per share data: Earnings (loss) per share - Basic NT$0.58 NT$0.37 NT$1.67 NT$0.95 NT$2.39 - Diluted NT0.52 NT$0.36 NT$1.58 NT$0.92 NT$2.27 Earnings (loss) per pro forma equivalent ADS - Basic US$0.087 US$0.057 US$0.259 US$0.144 US$0.372 - Diluted US$0.079 US$0.055 US$0.245 US$0.139 US$0.353 Number of weighted average shares used in diluted EPS calculation (in thousands) 4,719,868 4,706,551 4,673,421 4,712,560 4,661,704 Exchange rate (NT$ per US$1) 33.11 32.78 32.12 32.94 32.19 Advanced Semiconductor Engineering, Inc. Summary of Consolidated Balance Sheet Data (In NT$ millions) (Unaudited) As of Jun. 30, As of Mar. 31, 2007 2007 Current assets: Cash and cash equivalents 13,294 14,008 Financial assets - current 13,389 12,704 Notes and accounts receivable 13,812 12,401 Inventories 5,586 5,501 Others 3,865 4,086 Total current assets 49,946 48,700 Financial assets - non current 4,802 5,659 Properties - net 77,618 78,970 Other assets 9,897 10,239 Total assets 142,263 143,568 Current liabilities: Short-term debts - revolving credit 4,966 5,477 Short-term debts - current portion of long-term debts 2,425 2,603 Short-term debts - current portion of bonds payable 0 1,375 Notes and accounts payable 7,616 7,553 Others 17,383 11,322 Total current liabilities 32,390 28,330 Long-term debts 22,034 23,957 Long-term bonds payable 9,271 8,208 Other liabilities 3,029 3,007 Total liabilities 66,724 63,502 Minority interest 11,760 11,470 Shareholders' equity 63,779 68,596 Total liabilities & shareholders' equity 142,263 143,568 Current Ratio 1.54 1.72 Net Debt to Equity 0.16 0.19 Contact: ASE, Inc. Room 1901, No. 333, Section 1 Keelung Road, Taipei, Taiwan, 110 Tel: +886-2-8780-5489 Fax: +886-2-2757-6121 http://www.aseglobal.com/ Joseph Tung, CFO / Vice President Freddie Liu, Vice President Email: email@example.com Clare Lin, Director (US Contact) Email: firstname.lastname@example.org Tel: +1-408-986-6524Advanced Semiconductor Engineering, Inc.
CONTACT: Joseph Tung, CFO / Vice President, or Freddie Liu, Vice
President, +886-2-8780-5489, or fax, +886-2-2757-6121, or email@example.com, or
Clare Lin, Director (US Contact), +1-408-986-6524, or firstname.lastname@example.org, all
Web Site: http://www.aseglobal.com/
SAO PAULO, Aug. 2 /PRNewswire-FirstCall/ -- VIVO Participacoes S.A. (OTC Pink Sheets: VIVFF) ("Vivo") announces that it has signed on this date a stock purchase agreement with Telpart Participacoes S.A. ("Telpart") to acquire control of Telemig Celular Participacoes S.A. ("Telemig Participacoes") and Tele Norte Celular Participacoes S.A. ("Tele Norte Participacoes") comprised of 22.72% and 19.34% of total capital, respectively, for an aggregate amount of R$ 1,2 billion, subject to certain price adjustments. In addition, Vivo will acquire from Telpart certain subscription rights for R$ 87 million. The conclusion of the transaction is subject to Anatel approval and ratification by general shareholders meetings of Vivo and Telpart, among other customary closing conditions.
Upon closing of the transaction, in accordance to Brazilian Law, Vivo will launch mandatory tender offers for the acquisition of common shares held by non-controlling shareholders at 80% of the price paid for the controlling stake. The mandatory tender offers will be extended to Telemig Participacoes, Telemig Celular, Tele Norte Participacoes and Amazonia Celular.
Additionally, Vivo intends to launch voluntary tender offers for up to 1/3 of all classes of preferred shares held by the non-controlling shareholders in the holding and operating companies, at a 25% premium to the weighted average price of the last 30 trading days until August 01, 2007.
Assuming full acceptance in all offers, Vivo will have acquired a beneficial interest of 58.2% in Telemig Celular and 54.6% in Amazonia Celular, for an aggregate consideration of circa R$ 2,9 billion (including the value of the subscription rights).
With this transaction Vivo adds two attractive assets to its portfolio reaffirming its leadership in the wireless market with 35 million subscribers and a 33% national market share:
-- Telemig Celular, the leading wireless operator in the Minas Gerais region, with 3.5 million subscribers and a 31% market share. For the last twelve months ending on March, 31st 2007, net revenues amounted to R$ 1,232 million, with an EBITDA of R$ 383.3 million. In the first quarter of 2007, Telemig Celular achieved a 38.2% margin, being one of the most profitable operators in Brazil. -- Amazonia Celular, the third wireless operator in the Amazonia region with 1.3 million subscribers and a 22% market share. For the last twelve months ending on March, 31st, 2007 net revenues amounted to R$ 454 million, with an EBITDA of R$ 46.3 million and reaching a 24.3% margin in the first quarter of 2007.
Vivo will be hosting an Investor conference call at 9:00am (Brasilia time) on August 3rd, 2007.
Further information about the transaction, is available at Vivo's Investor Relations website (http://www.vivo.com.br/ir).VIVO Participacoes S.A.
CONTACT: Investor Relations of VIVO Participacoes S.A., email@example.com
Web site: http://www.vivo.com.br/ir