Companies news of 2008-02-14 (page 1)
Brocade Reports First Quarter Fiscal Year 2008 ResultsContinued Operational Execution and...
ZIM Corporation reports third quarter 2008 financial results
ARRIS Announces Preliminary and Unaudited Fourth Quarter and Full Year 2007 Results
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Brocade Reports First Quarter Fiscal Year 2008 ResultsContinued Operational Execution and Performance; New DCX Backbone Introduced
SAN JOSE, Calif., Feb. 14 /PRNewswire-FirstCall/ -- Brocade(R) , the leader in data center networking solutions that help enterprises connect and manage their information, today reported financial results for its first fiscal quarter, which ended January 26, 2008.
Commenting on the Company's first quarter financial results, Michael Klayko, Brocade CEO, said, "We are pleased with Brocade's continued operational execution and performance. In the quarter, we recorded top line growth, improvements in our margins, and continued our strong cash flow generation. We extended our market leadership position and launched our new DCX Backbone ahead of schedule in January, which we believe will afford us a strong advantage in the marketplace."
First Fiscal Quarter 2008 Business Highlights
-- The Company had a record revenue quarter with its enterprise director
family, led by strong demand for the Brocade 48000.
-- In addition, Brocade achieved a record quarter in sales of its bladed
switch products, which enable SAN connectivity for bladed servers in
enterprises.
-- On January 22, Brocade introduced the Brocade DCX(TM) Backbone, the
first in a new class of high-performance data center networking
products designed to address the demanding requirements of the
evolving data center. The DCX supports up to 8 times the number of
virtual servers as competitive products, while delivering 5 times the
bandwidth and 10 times the power efficiency of competitive offerings.
The DCX has already been recognized with industry awards, winning the
top product honors in the Enterprise category at the recent Nikkei
ITpro EXPO 2008 in Tokyo, Japan.
-- Two OEM partners have committed to qualify and resell Brocade's
upcoming HBA products. Hitachi Data Systems will be among the first to
qualify the Company's new HBAs, and Fujitsu-Siemens in Europe has
stated that they will qualify and include Brocade's HBA products in
certain segments of their server portfolio.
-- Certification Magazine named Brocade Certification Training as the #1
most valuable among all IT certifications worldwide.
Revenues for Q1 08 were $347.8 million, up 55% from the same period a year ago. Reporting on a GAAP basis, net income for Q1 08 was $19.8 million, $0.05 per share diluted. This represents a 38% decrease from GAAP net income of $32.0 million, or $0.08 per share diluted from the prior quarter, which included a one time gain of $11 million.
Non-GAAP net income for Q1 08 was $64.2 million or $0.16 per share diluted. This represents a 3% decrease from non-GAAP net income of $66.5 million, $0.16 per share diluted in Q4 07, reflecting a sequential increase in the Company's effective non-GAAP tax rate and a 30% increase from non-GAAP net income of $49.4 million, $0.17 per share diluted in Q1 07. Non-GAAP financial measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results. A detailed reconciliation between GAAP and non-GAAP information is contained in the tables included herein.
Note: Periods prior to Q2 07 referenced in this press release do not include McDATA results.
First Fiscal Quarter 2008 Financial Highlights and Additional Financial Information
-- Q1 08 non-GAAP gross margin was 60.5%, compared to non-GAAP gross
margin of 58.5% in Q4 07 and 63.7% in Q1 07.
-- Q1 08 non-GAAP operating margin was 23.8%, compared to non-GAAP
operating margin of 23.3% in Q4 07 and 26.1% in Q1 07.
-- In Q1 08, as a percent of total, OEM revenues were 88% and
Channel/Direct were 12%. This compares to 85% and 15%, respectively in
Q4 07 and 92% and 8%, respectively in Q1 07. Three OEM customers, EMC,
HP, and IBM, each accounted for 10% or more of total revenues and
together represented approximately 66% of total revenues in Q1 08. The
same three customers each accounted for 10% or more of total revenues
and together represented approximately 67% of total revenues in Q4 07
and 72% in Q1 07.
-- In Q1 08, as a percent of total, domestic revenue was 62% and
international was 38%. This compares to 60% and 40%, respectively in
Q4 07 and 59% and 41%, respectively, in Q1 07.
-- Service revenue accounted for 14% of total revenue in Q1 08, compared
with 16% of total revenue in Q4 07 and 8% of total revenue in Q1 07.
-- The Company's total installed base of SAN ports is approximately
16.2 million.
-- Sequential Average Selling Price (ASP) declines were in the low single
digits in Q1 08.
-- In Q1 08 net stock-based compensation expense was $8.5 million and has
been excluded from the Company's non-GAAP results.
-- Q1 08 cash flow from operations was $79.2 million, compared to $54.5
million in Q4 07 and $33.3 million in Q1 07.
-- Cash and cash equivalents and investments at the end of Q1 08, net of
the Company's convertible debt, were $614.9 million, compared to
$625.8 million at the end of Q4 07 and $631.7 million at the end of
Q1 07.
-- In Q1 08, the Company repurchased $80.0 million of its common stock,
representing 11.1 million shares, compared with $50.0 million spent in
Q4 07 to repurchase 6.6 million shares. As of the end of Q1 08, the
Company had $502 million remaining under its $800 million in total
stock buyback authorization.
-- Effective GAAP tax rate in Q1 08 was 62.6%.
-- Day sales outstanding in accounts receivable for Q1 08 were 40 days,
compared to 47 days in Q4 07 and 38 days in Q1 07.
-- Q1 08 deferred revenue was $136.6 million, compared to $130.9 million
in Q4 07 and $69.2 million in Q1 07.
-- Q1 08 capital expenditures were $17.2 million. This compares to
$15.0 million in Q4 07 and $13.4 million in Q1 07.
-- As of January 26, 2008, the Company had 2,457 employees, compared with
2,368 employees as of October 27, 2007 and 1,532 employees as of
January 27, 2007.
Non-GAAP Financial Measures
This press release and the related conference call contain non-GAAP financial measures. In evaluating the Company's performance, management uses certain non-GAAP financial measures to supplement consolidated financial statements prepared under GAAP.
Management believes that non-GAAP net income and other non-GAAP measures used in this press release allow management to gain a better understanding of the Company's comparative operating performance from period-to-period and to its competitors' operating results. Management also believes these non-GAAP measures help indicate the Company's baseline performance before gains, losses or charges that are considered by management to be outside on-going operating results. Accordingly, management uses these non-GAAP measures for planning and forecasting of future periods and in making decisions regarding operations performance and the allocation of resources. Management believes these non-GAAP earnings measures, when read in conjunction with the Company's GAAP financials, provide useful information to investors by offering:
-- the ability to make more meaningful period-to-period comparisons of
the Company's on-going operating results;
-- the ability to better identify trends in the Company's underlying
business and perform related trend analysis;
-- a better understanding of how management plans and measures the
Company's underlying business; and
-- an easier way to compare the Company's most recent results of
operations against investor and analyst financial models.
Management excludes certain gains or losses and benefits or costs in determining non-GAAP net income that are the result of infrequent events, or arise outside the ordinary course of our continuing operations. Management believes that it is appropriate to evaluate the Company's operating performance by excluding those items that are not indicative of ongoing operating results or limit comparability. Such items include: (i) legal fees associated with indemnification obligations to former employees and other related costs, (ii) acquisition and integration costs, and (iii) gain/loss on sale of investments.
Management also excludes the following non-cash charges in determining non-GAAP net income: (i) stock-based compensation and (ii) amortization of purchased intangible assets. Because of varying available valuation methodologies, subjective assumptions and the variety of award types, management believes that the exclusion of stock-based compensation allows for more accurate comparisons of our operating results to our peer companies. Further, management believes that excluding stock-based compensation expense allows for a more accurate comparison of our financial results to previous periods during which our equity-based awards were not required to be reflected on our income statement. Management believes that the expense associated with the amortization of acquisition-related intangible assets is appropriate to be excluded because a significant portion of the purchase price for acquisitions may be allocated to intangible assets that have short lives and exclusion of the amortization expense allows comparisons of operating results that are consistent over time for both the Company's newly acquired and long-held businesses.
Finally, management believes that it is appropriate to exclude the tax effects of the items noted above in order to present a more meaningful measure on non-GAAP net income.
Limitations. These non-GAAP measures have limitations, however, because they do not include all items of income and expense that impact the Company. Management compensates for these limitations by also considering the Company's GAAP results. The non-GAAP financial measures the Company uses are not prepared in accordance with, and should not be considered an alternative to, measurements required by GAAP, such as operating income, net income and income per share, and should not be considered measures of the Company's liquidity. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the most directly comparable GAAP measures. In addition, these non-GAAP financial measures may not be comparable to similar measures reported by other companies.
First Quarter Fiscal 2008 Conference Call and Web Cast Information
Brocade management will host a conference call to discuss first quarter 2008 results on Thursday, February 14, 2008 at 1:30 p.m. Pacific Time. To access the live Web Cast, please visit Brocade's Website at http://www.brocade.com/investors at least 20 minutes prior to the call to download any necessary audio or plug-in software. A telephone replay will be available approximately two hours after the conference ends and will be available until 12:00 p.m. Pacific Time on February 21, 2008. A replay of the conference call will be available via the Web Cast at http://www.brocade.com/investors for approximately twelve months. To access the replay, please dial 888-203-1112 for domestic access and 719-457-0820 for international callers; the access code for the telephone replay is #1833841.
Cautionary Statement
This press release contains statements that are forward-looking in nature, including statements regarding the Company's profitability, and product and service offerings for the evolving data center market. These statements are based on current expectations on the date of this press release and involve a number of risks and uncertainties, which may cause actual results to differ significantly from such estimates. The risks include, but are not limited to, the degree of market adoption of the Company's new product and service offerings; market competition; the effect of changes in IT spending levels; the Company's ability to anticipate future OEM and end-user product needs and to accurately forecast end-user demand; dependence on strategic partners; and the Company's ability to manage its business effectively in a rapidly evolving market. Certain of these and other risks are set forth in more detail in "Item 1A. Risk Factors" in Brocade's Annual Report on Form 10-K for the fiscal year ended October 27, 2007. Brocade does not assume any obligation to update or revise any such forward-looking statements, whether as the result of new developments or otherwise.
About Brocade
Brocade is the leading provider of data center networking solutions that help enterprises connect and manage their information. Organizations that use Brocade products and services are better able to optimize their IT infrastructures and ensure compliant data management. For more information, visit the Brocade Web site at http://www.brocade.com/ or contact the company at info@brocade.com.
Brocade, Brocade B weave logo, Fabric OS, File Lifecycle Manager, McDATA, MyView, Secure Fabric OS, SilkWorm, and StorageX are registered trademarks and the Brocade B-wing logo and Tapestry are trademarks of Brocade Communications Systems, Inc., in the United States and/or in other countries. FICON is a registered trademark of IBM Corporation in the U.S. and other countries. All other brands, products, or service names are or may be trademarks or service marks of, and are used to identify, products or services of their respective owners.
BROCADE COMMUNICATIONS SYSTEMS, INC.
GAAP CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
(unaudited)
Three Months Ended
January 26, January 27,
2008 2007
Net revenues
Product $297,946 $207,216
Services 49,903 16,940
Total net revenues 347,849 224,156
Cost of revenues
Product $117,777 $72,311
Services 33,495 10,479
Total cost of revenues 151,272 82,790
Gross margin 196,577 141,366
Operating expenses:
Research and development 58,206 42,391
Sales and marketing 63,174 38,587
General and administrative 12,366 7,404
Legal fees associated with indemnification
obligations and other related costs 9,659 5,228
Acquisition and integration costs - 7,433
Amortization of intangible assets 7,909 910
Total operating expenses 151,314 101,953
Income from operations 45,263 39,413
Interest and other income, net 11,485 7,456
Interest expense (1,521) (4)
Loss on investments (2,225) -
Income before provision for income taxes 53,002 46,865
Income tax provision 33,157 13,547
Net income $19,845 $33,318
Net income per share - Basic $0.05 $0.12
Net income per share - Diluted $0.05 $0.12
Shares used in per share calculation -
Basic 383,194 272,855
Shares used in per share calculation -
Diluted 403,279 285,137
BROCADE COMMUNICATIONS SYSTEMS, INC.
GAAP CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
January 26, October 27,
2008 2007
Assets
Current assets:
Cash and cash equivalents $386,590 $315,755
Short-term investments 267,687 325,846
Total cash, cash equivalents, and
short-term investments 654,277 641,601
Marketable equity securities 3,785 14,205
Accounts receivable, net 152,364 175,755
Inventories 15,355 18,017
Prepaid expenses and other current assets 63,892 62,622
Total current assets 889,673 912,200
Long-term investments 124,894 137,524
Property and equipment, net 208,807 204,052
Goodwill 364,650 384,376
Intangible assets, net 253,414 272,652
Other assets 17,357 19,296
Total assets $1,858,795 $1,930,100
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $78,527 $108,810
Accrued employee compensation 55,881 76,017
Deferred revenue 97,931 94,533
Current liabilities associated with lease
losses 11,834 12,807
Purchase commitments 24,132 23,176
Other accrued liabilities 60,911 94,358
Total current liabilities 329,216 409,701
Convertible subordinated debt 168,038 167,498
Non-current liabilities associated with lease
losses 24,239 25,742
Non-current liabilities - deferred tax 22,476 22,781
Non-current deferred revenue 38,652 36,344
Other non-current liabilities 42,875 1,376
Stockholders' equity
Common stock 1,410,041 1,463,169
Accumulated other comprehensive loss (4,335) (1,180)
Accumulated deficit (172,407) (195,331)
Total stockholders' equity 1,233,299 1,266,658
Total liabilities and stockholders'
equity $1,858,795 $1,930,100
BROCADE COMMUNICATIONS SYSTEMS, INC.
GAAP CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Three Months Ended JANUARY 26, 2008 and JANUARY 27, 2007
(in thousands)
(unaudited)
Three Months Ended
January 26, January 27,
2008 2007
Cash flows from operating activities:
Net income $19,845 $33,318
Adjustments to reconcile net income to net
cash provided by operating activities:
Excess tax benefit from employee stock
plans (3,925) (6,314)
Depreciation and amortization 30,888 8,513
Loss on disposal of property and equipment 629 148
Net (gains) losses on investments and
marketable equity securities 1,667 -
Non-cash compensation expense 8,472 6,725
Provision for doubtful accounts receivable and
sales returns 1,688 127
Changes in operating assets and liabilities:
Accounts receivable 21,702 3,862
Inventories 2,662 (958)
Prepaid expenses and other assets 3,311 (5,091)
Accounts payable (30,282) (3,171)
Accrued employee compensation (16,116) (14,757)
Deferred revenue 5,706 8,325
Other accrued liabilities 35,430 4,050
Liabilities associated with lease losses (2,476) (1,446)
Net cash provided by operating activities 79,201 33,331
Cash flows from investing activities:
Purchases of property and equipment (17,178) (13,362)
Purchases of short-term investments (74,919) (117,700)
Proceeds from sale of marketable equity
securities and equity investments 5,803 -
Proceeds from maturities and sale of
short-term investments 177,301 92,603
Purchases of long-term investments (29,456) (52,176)
Proceeds from maturities and sale of long-term
investments 152 3,697
Cash paid in connection with acquisitions, net - (7,706)
of cash acquired
Net cash provided by (used in) investing
activities 61,703 (94,644)
Cash flows from financing activities:
Common stock repurchases (80,012) -
Excess tax benefit from employees stock plans 3,925 6,314
Proceeds from issuance of common stock, net 7,824 30,507
Net cash provided by (used in) financing
activities (68,263) 36,821
Effect of exchange rate fluctuations on cash and
cash equivalents (1,806) (69)
Net increase (decrease) in cash and cash
equivalents 70,835 (24,561)
Cash and cash equivalents, beginning of period 315,755 274,368
Cash and cash equivalents, end of period $386,590 $249,807
BROCADE COMMUNICATIONS SYSTEMS, INC.
RECONCILIATION BETWEEN GAAP AND NON-GAAP NET INCOME
(in thousands, except per share data)
(unaudited)
Three Months Ended
January 26, October 27, January 27,
2008 2007 2007
Net income on a GAAP basis $19,845 $32,020 $33,318
Adjustments:
Stock-based compensation expense
included in cost of revenues 2,492 4,065 1,441
Amortization of intangible assets
expense included in cost of
revenues 11,328 11,328 -
Total gross margin adjustments 13,820 15,393 1,441
Legal fees associated with
indemnification obligations and
other related costs 9,659 7,811 5,228
Stock-based compensation expense
included in research and development 2,625 3,649 1,998
Stock-based compensation expense
included in sales and marketing 1,986 3,163 1,386
Stock-based compensation expense
included in general and
administrative 1,371 1,622 653
Amortization of intangible assets
expense included in operating
expenses 7,909 7,909 910
Acquisition and integration costs - 302 7,433
Total operating expense
adjustments 23,550 24,456 17,608
Total operating income
adjustments 37,370 39,849 19,049
Loss/ (Gain) on investments 1,815 (10,869) -
Income tax effect of adjustments 5,206 5,518 (2,936)
Non-GAAP net income $64,236 $66,518 $49,431
Non-GAAP net income per share -
Basic $0.17 $0.17 $0.18
Non-GAAP net income per share -
Diluted $0.16 $0.16 $0.17
Shares used in non-GAAP per share
calculation - Basic 383,194 387,400 272,855
Shares used in non-GAAP per share
calculation - Diluted 403,279 408,844 285,137
See explanation of non-GAAP information included herein.
Brocade
CONTACT: Leslie Davis, Global Public Relations, +1-408-333-5260, lmdavis@brocade.com, or Alex Lenke, Investor Relations, +1-408-333-6758, alenke@brocade.com, both of Brocade
Web site: http://www.brocade.com/
ZIM Corporation reports third quarter 2008 financial results
OTTAWA, Feb. 14 /PRNewswire-FirstCall/ -- ZIM Corporation (OTCBB: ZIMCF), a provider of software products and services for the database, mobile and IPTV markets, today announced its financial results for its third quarter ended December 31, 2007. All figures presented are calculated in accordance with generally accepted accounting principles (GAAP) in the United States and presented in US dollars.
Revenue for the quarter ended December 31, 2007 was $698,562, an increase from $517,969 for the quarter ended December 31, 2006. A one-time recognition of revenue in the premium SMS segment of $197,948 is included in revenue and resulted from a review of outstanding payables and receivables and subsequent settlement of outstanding amounts. This was partially offset by the previously disclosed decline in revenue from our SMS aggregation services caused by the continuing saturation of the aggregation market which the Company expects to continue.
Net income for the quarter ended December 31, 2007 was $155,758, or a basic and diluted earnings per share of $0.002. The net loss for the quarter ended December 31, 2006 was $507,117, or a basic and diluted loss per share of $0.006.
"Results from this quarter reflect our efforts to improve operations and focus on our higher margin product segments. We've made good progress in reducing our operating expenses and continue to look for additional savings as we pursue opportunities related to our Internet TV, Mobile, and Database products and services" said Dr. Michael Cowpland, President and CEO of ZIM.
ZIM had cash of $273,507 as at December 31, 2007 as compared to $441,637 for the period ending December 31, 2006 and $209,741 at September 30, 2007. As at December 31, 2007, ZIM had no amounts due to financial institutions.
About ZIM
ZIM is a provider of software products and services for the database, mobile and IPTV markets. ZIM products and services are used by enterprises in the design, development and management of business, database and IPTV applications. Certain of ZIM's mobile products are also provided to the consumer market. For more information on ZIM and its customers, partners and products, visit: http://www.zim.biz/.
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements related to the success of ZIM's mobile services and ZIM's ability to enter the Internet TV market. All forward-looking statements made in this press release relating to expectations about future events or results are made as of, and are based upon information available to ZIM as of, the date hereof. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those described or implied by any forward-looking statements. Factors that might cause such a difference include, but are not limited to, ZIM's limited operating history, ZIM's history of operating losses and expected future operating losses, ZIM's ability to obtain additional 2 financing when needed, ZIM's ability to continue as a going concern, ZIM's reliance on wireless carriers to market and use its applications and services, possible fee increases by third party service providers, the potential loss of services of Dr. Michael Cowpland and other key personnel, rapid developments in technology, including developments by competitors, possible internal controls deficiencies and possible accounting adjustments resulting from our quarter-end accounting and review procedures, ZIM's ability to maintain current reporting under the Securities Exchange Act of 1934, and ZIM's ability to successfully integrate any acquisition. Please refer to ZIM's filings with the SEC for additional information regarding risks and uncertainties. Copies of these filings are available through the SEC's website at http://www.sec.gov/. ZIM assumes no obligation to revise or update publicly the forward-looking statements included in this news release, other than as required by law.
ZIM CORPORATION
CONTACT: John Chapman, CFO, ZIM Corporation, (613) 727-1397 ext. 121, investorrelations@zim.biz
ARRIS Announces Preliminary and Unaudited Fourth Quarter and Full Year 2007 Results
SUWANEE, Ga., Feb. 14 /PRNewswire-FirstCall/ -- ARRIS Group, Inc. , a global technology leader in the development of advanced cable telephony, next generation high-speed data, demand driven video solutions, operations software and broadband access equipment, today announced preliminary and unaudited financial results for the fourth quarter and full year 2007.
Fourth quarter 2007 revenues of $249.6 million grew by $15.0 million or 6%, as compared to the fourth quarter 2006, but decreased by $5.1 million or 2% as compared to third quarter 2007. Fourth quarter 2007 revenues included approximately $6.6 million of post acquisition sales (December 15, 2007 - December 31, 2007) of former C-COR products. The sequential decline in revenue is predominantly the result of lower sales of E-MTAs. For full year 2007, revenues were $992.2 million, up $100.6 million or approximately 11% as compared to full year 2006 revenues. The revenue growth in 2007 was a result of continuing demand for the Company's Voice over IP (VoIP) and high speed data and video products as cable operators aggressively sign up customers for the "triple-play" offerings of voice, data and video services.
Non-GAAP net income in the fourth quarter 2007 was $0.16 per diluted share, as compared to the fourth quarter 2006 of $0.32 per diluted share, and as compared to the third quarter 2007 of $0.21 per diluted share. The sequential decline quarter over quarter reflects primarily the lower revenue as well as lower margins associated with the introduction of the ARRIS Universal EdgeQAM (D5) as well as the dilutive effects of the December 2007 closing of the C-COR transaction. GAAP net income in the fourth quarter 2007 was $0.08 per diluted share, as compared to the fourth quarter 2006 of $0.64 per diluted share, and as compared to the third quarter 2007 of $0.25 per diluted share. Net income per diluted share on a non-GAAP and GAAP basis for the full year 2007 were $0.79 and $0.87, respectively, and compare to $1.04 and $1.30, respectively, in 2006. 2007 net income reflects income tax expense of approximately $41.0 million, as compared to an income tax benefit of $34.8 million in 2006 resulting from the reduction of deferred tax valuation allowances during the fourth quarter 2006.
Significant non-GAAP items include: in-process research and development expense, equity compensation expense, amortization of intangibles, restructuring/product line exit accruals and adjustments, certain acquisition gains and expenses, and certain tax benefits and costs. A reconciliation of GAAP to non-GAAP earnings per share is attached to this release and also can be found on the Company's website (http://www.arrisi.com/).
In conjunction with the acquisition of C-COR, the Company implemented a new organizational structure in December, 2007. As a result, effective with fourth quarter 2007 results, ARRIS began reporting financial results in three segments: Broadband Communications Systems; Access, Transport and Supplies, and Media & Communication Systems. A summary of quarterly revenue and gross margin for each of the segments for 2007 can be found on the Company's website.
The Company ended 2007 with $391.8 million of cash and short-term investments, which compares to $549.2 million at the end of 2006. The Company generated $52.8 million of cash from operating activities in the fourth quarter and $63.4 million for the year. The Company used $367.6 million of cash in the fourth quarter for the acquisition of C-COR, including related expenses. The Company acquired $120.2 million of cash and short-term investments in connection with the C-COR acquisition.
Order backlog at the end of 2007 was $136.7 million that included approximately $42 million of open orders from C-COR for delivery in the next twelve months. Excluding the impacts from the C-COR acquisition, the Company's book to bill ratio in the fourth quarter was approximately 1.00.
At the completion of the acquisition of C-COR, the Company recorded the fair value of the assets acquired and liabilities assumed as a result of the transaction. As previously described, the revaluation of certain items will have an impact on future results when compared to historic C-COR results; most notably deferred revenue, deferred cost, amortization expense, inventory and in-process research and development expense. A summary of the anticipated impact of certain key purchase accounting items can be found on the Company's website.
"2007 was a year of growth and outstanding execution on all fronts for ARRIS," said Bob Stanzione, ARRIS Chairman & CEO. "Our products achieved continued success throughout the world as we maintained our leadership position in key technology areas. 2007 was also a momentous year for ARRIS. We were able to add significant new products, enhance key customer relationships and substantially add to our outstanding talent pool as we successfully completed the acquisition of C-COR. With the integration of the two companies successfully underway, we now have a more complete portfolio of market leading voice, data, video products and software solutions that will help our customers meet the growing competitive forces that they are facing. Our new technologies have gained early technical and market acceptance and our strong cash position enabled us to make a key strategic acquisition for the future. We are pleased with the acquisition of C-COR and the opportunities in front of the new, combined Company."
"As we enter 2008, we believe certain short-term dynamics may impact us, particularly in the first half of the year," said David Potts, ARRIS EVP & CFO. "While we continue to see robust demand from the majority of our customer base, we anticipate that sales to our largest customer will be lower. As a result, we now project that revenues for the Company in the first quarter 2008 will be in the range of $270 to $285 million with non-GAAP net income per diluted share in the range of $0.08 to $0.12 and GAAP net income per diluted share, in the range of $0.00 to $0.04. It is important to note that when comparing both our non-GAAP and GAAP guidance to the sum of historic ARRIS and C-COR results, earnings per share in the first quarter will be adversely affected by approximately $0.03 as a result of purchase accounting impacts, in particular deferred revenue. Looking forward, we continue to believe that demand for our products will be strong as our customers compete to deliver increasingly content rich services to their subscribers."
ARRIS management will conduct a conference call at 5:00pm EST, today, Thursday, February 14, 2008, to discuss these results in detail. You may participate in this conference call by dialing 888-713-4217 or 617-213-4869 for international calls prior to the start of the call and providing the ARRIS Group, Inc. name, conference passcode 97486089 and Jim Bauer as the moderator. Please note that ARRIS will not accept any calls related to this earnings release until after the conclusion of the 5:00pm EST conference call. A replay of the conference call can be accessed approximately two hours after the call through Tuesday, February 19, 2008 by dialing 888-286-8010 or 617-801-6888 for international calls and using the passcode 79832180. A replay also will be made available for a period of 12 months following the conference call on ARRIS' website at http://www.arrisi.com/.
ARRIS is a global communications technology company specializing in the design, engineering and supply of technology supporting triple and quad-play broadband services for residential and business customers around the world. The company supplies broadband operators with the tools and platforms they need to deliver reliable telephony, demand driven video, next-generation advertising and high-speed data services. ARRIS products expand and help grow network capacity with access and outside plant construction equipment, reliably deliver voice, video and data services and assure optimal service delivery for end customers. Headquartered in Suwanee, Georgia, USA, ARRIS has R&D centers in Atlanta, Chicago, Beaverton, State College, Wallingford, Ireland and China, and operates support and sales offices throughout the world. Information about ARRIS products and services can be found at http://www.arrisi.com/.
Forward-looking statements:
Statements made in this press release, including those related to:
-- first quarter and 2008 revenues and net income;
-- income tax expense impacts;
-- impacts related to the C-COR Incorporated acquisition;
-- anticipated sales to Comcast;
-- expected sales levels and acceptance of certain ARRIS products;
-- the general market outlook; and
-- the outlook for industry trends
are forward-looking statements. These statements involve risks and uncertainties that may cause actual results to differ materially from those set forth in these statements. Among other things,
-- projected results for the first quarter as well as the general outlook
for 2008 and beyond are based on preliminary estimates, assumptions and
projections that management believes to be reasonable at this time, but
are beyond management's control;
-- because the market in which ARRIS operates is volatile, actions taken
and contemplated may not achieve the desired impact relative to
changing market conditions and the success of these strategies will be
dependent on the effective implementation of those plans while
minimizing organizational disruption
In addition to the factors set forth elsewhere in this release, other factors that could cause results to differ from current expectations include: the uncertain current economic climate and its impact on our customers' plans and access to capital; the impact of rapidly changing technologies; the impact of competition on product development and pricing; the ability of ARRIS to react to changes in general industry and market conditions including regulatory developments; rights to intellectual property, market trends and the adoption of industry standards; and consolidations within the telecommunications industry of both the customer and supplier base. These factors are not intended to be an all-encompassing list of risks and uncertainties that may affect the Company's business. Additional information regarding these and other factors can be found in ARRIS' reports filed with the Securities and Exchange Commission, including its Form 10-Q for the quarter ended September 30, 2007. In providing forward-looking statements, the Company expressly disclaims any obligation to update publicly or otherwise these statements, whether as a result of new information, future events or otherwise.
ARRIS GROUP, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands)
December 31, September 30, June 30,
2007 2007 2007
(unaudited) (unaudited) (unaudited)
ASSETS
Current assets:
Cash and cash equivalents $290,206 $370,708 $444,020
Short-term investments, at fair value 101,602 217,845 160,315
Total cash, cash equivalents and
short-term investments 391,808 588,553 604,335
Restricted cash 6,977 3,142 3,136
Accounts receivable, net 166,953 130,216 120,680
Other receivables 4,330 5,000 6,845
Inventories, net 131,792 118,227 90,542
Prepaids 5,856 3,626 3,250
Current deferred income tax assets 44,939 19,602 23,239
Other current assets 4,841 13,703 10,773
Total current assets 757,496 882,069 862,800
Property, plant and equipment, net 59,156 31,251 30,196
Goodwill 455,352 150,569 150,569
Intangibles, net 269,893 115 172
Investments 6,285 8,916 3,151
Noncurrent deferred income tax assets - 16,238 17,294
Other assets 10,308 9,084 7,517
$1,558,490 $1,098,242 $1,071,699
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $58,852 $35,540 $46,015
Accrued compensation, benefits and
related taxes 26,177 18,857 14,631
Accrued warranty 14,370 7,346 7,829
Short-term debt and capital leases 35,397 - -
Other accrued liabilities 50,503 27,127 28,001
Total current liabilities 185,299 88,870 96,476
Long-term debt and capital leases, net
of current portion 276,773 276,000 276,000
Accrued pension 10,455 11,810 12,778
Noncurrent income tax payable 5,686 5,262 4,334
Noncurrent deferred income tax
liabilities 41,796 - -
Other long-term liabilities 12,714 5,143 5,288
532,723 387,085 394,876
Stockholders' equity:
Preferred stock - - -
Common stock 1,356 1,104 1,102
Capital in excess of par value 1,093,498 789,348 782,717
Treasury stock (572) - -
Unrealized gain (loss) on marketable
securities 20 (151) -
Unfunded pension losses (3,358) (4,462) (4,462)
Accumulated deficit (64,993) (74,498) (102,350)
Unrealized loss on derivatives - - -
Cumulative translation adjustments (184) (184) (184)
Total stockholders' equity 1,025,767 711,157 676,823
$1,558,490 $1,098,242 $1,071,699
ARRIS GROUP, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands)
March 31, December 31,
2007 2006
(unaudited) (audited)
ASSETS
Current assets:
Cash and cash equivalents $441,317 $461,618
Short-term investments, at fair value 134,610 87,575
Total cash, cash equivalents and
short-term investments 575,927 549,193
Restricted cash 3,128 3,124
Accounts receivable, net 125,756 115,304
Other receivables 9,888 2,556
Inventories, net 78,186 94,226
Prepaids 3,500 3,547
Current deferred income tax assets 26,818 29,285
Other current assets 4,001 3,717
Total current assets 827,204 800,952
Property, plant and equipment, net 28,076 28,287
Goodwill 150,569 150,569
Intangibles, net 230 288
Investments 3,569 3,520
Noncurrent deferred income tax assets 18,639 20,874
Other assets 7,790 9,067
$1,036,077 $1,013,557
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $41,337 $60,853
Accrued compensation, benefits and
related taxes 9,991 23,269
Accrued warranty 7,968 8,234
Short-term debt and capital leases - -
Other accrued liabilities 32,411 29,057
Total current liabilities 91,707 121,413
Long-term debt and capital leases,
net of current portion 276,000 276,000
Accrued pension 12,420 12,061
Noncurrent income tax payable 4,334 3,041
Noncurrent deferred income tax
liabilities - -
Other long-term liabilities 5,606 5,621
390,067 418,136
Stockholders' equity:
Preferred stock - -
Common stock 1,096 1,089
Capital in excess of par value 773,839 761,500
Treasury stock - -
Unrealized gain (loss) on marketable
securities 1,345 1,297
Unfunded pension losses (4,462) (4,462)
Accumulated deficit (125,624) (163,268)
Unrealized loss on derivatives - (551)
Cumulative translation adjustments (184) (184)
Total stockholders' equity 646,010 595,421
$1,036,077 $1,013,557
ARRIS GROUP, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
For the Three Months For the Twelve Months
Ended December 31, Ended December 31,
2007 2006 2007 2006
(Unaudited) (Unaudited) (Unaudited) (Audited)
Net sales $249,561 $234,571 $992,194 $891,551
Cost of sales 185,636 165,919 718,312 639,473
Gross margin 63,925 68,652 273,882 252,078
Gross margin % 25.6% 29.3% 27.6% 28.3%
Operating expenses:
Selling, general, and
administrative expenses 25,471 22,680 99,879 87,203
Research and development
expenses 17,549 15,580 71,233 66,040
Restructuring and impairment
charges 39 1,863 460 2,210
Acquired in-process research
and development 6,120 - 6,120 -
Amortization of intangibles 2,105 57 2,278 632
51,284 40,180 179,970 156,085
Operating income 12,641 28,472 93,912 95,993
Other expense (income):
Interest expense 1,611 926 6,614 976
Loss (gain) on investments
and notes receivable 282 - (4,596) 29
Loss (gain) on foreign
currency (16) (417) 48 (1,360)
Interest income (5,527) (4,817) (24,776) (11,174)
Gain related to terminated
acquisition, net of
expenses - - (22,835) -
Other (income) expense, net 39 (1) 370 268
Income from continuing
operations before income
taxes 16,252 32,781 139,087 107,254
Income tax expense (benefit) 6,556 (37,374) 40,951 (34,812)
Net income from continuing
operations 9,696 70,155 98,136 142,066
Income (loss) from
discontinued operations (126) 97 204 221
Net income $9,570 $70,252 $98,340 $142,287
Net income per common share
- basic:
Net income $0.08 $0.65 $0.89 $1.33
Net income per common share
- diluted:
Net income $0.08 $0.64 $0.87 $1.30
Weighted average common
shares:
Basic 115,261 108,045 110,843 107,268
Diluted 117,060 109,739 113,027 109,490
ARRIS GROUP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
For the Three Months For the Twelve Months
Ended December 31, Ended December 31,
2007 2006 2007 2006
(Unaudited) (Unaudited) (Unaudited) (Audited)
Operating Activities:
Net income $9,570 $70,252 $98,340 $142,287
Adjustments to reconcile net
income to net cash provided
by (used in) operating
activities:
Depreciation 2,849 2,552 10,852 9,787
Amortization of intangibles 2,105 57 2,278 632
Stock compensation expense 2,193 2,355 10,903 9,423
Deferred income tax and
income taxes payable 901 (50,159) 7,525 (50,159)
Amortization of deferred
finance fees 280 139 1,116 139
Provision for doubtful
accounts (344) 74 140 (174)
Gain related to previously
written off receivables - - (377) (1,573)
Loss (gain) on disposal of
fixed assets 15 (59) 182 (61)
Gain on investments 282 - (4,596) 32
Gain on discontinued
operations 125 (97) (205) (221)
Gain related to terminated
acquisition, net of expenses - - (22,835) -
Write-off of acquired in-
process R&D 6,120 - 6,120 -
Changes in operating assets &
liabilities, net of effects of
acquisitions and disposals:
Accounts receivable (1,963) 5,362 (17,359) (32,153)
Other receivables 670 3,065 (1,774) (2,270)
Inventory 14,499 6,836 (9,502) 19,683
Accounts payable and accrued
liabilities 13,641 32,591 (10,744) 50,200
Excess tax benefits from
stock-based compensation
plans (888) (8,907) (9,157) (9,445)
Prepaids and other, net 2,779 952 2,517 8,114
Net cash provided by
operating activities 52,834 65,013 63,424 144,241
Investing Activities:
Purchases of property, plant,
and equipment (3,934) (5,648) (15,072) (12,728)
Cash proceeds from sale of
property & equipment - 190 3 212
Cash received related to
terminated acquisition, net
of expenses paid - 0 10,554 0
Cash paid for hedge related to
terminated acquisition - - (26,469) -
Cash paid for acquisition,
net of cash acquired (318,875) - (318,875) -
Cash proceeds from hedge
related to terminated
acquisition - - 38,750 -
Purchases of available-for-
sale securities (60,740) (77,575) (356,366) (129,475)
Disposals of available-for-
sale securities 249,315 20,000 412,217 96,150
Net cash used in
investing activities (134,234) (63,033) (255,258) (45,841)
Financing Activities:
Payment of debt and capital
lease obligations (19) - (19) -
Issuance costs related to stock (653) - (653) -
Proceeds from issuance of debt - 276,000 - 276,000
Deferred financing costs paid - (7,760) - (7,760)
Excess tax benefits from stock-
based compensation plans 888 8,907 9,157 9,445
Employer repurchase of shares
to satisfy minimum tax
withholdings (1) - (3,093) (2,019)
Proceeds from issuance of stock
and other 683 2,520 15,030 12,266
Net cash provided by
financing activities 898 279,667 20,422 287,932
Net increase (decrease) in
cash and cash
equivalents (80,502) 281,647 (171,412) 386,332
Cash and cash equivalents at
beginning of period 370,708 179,971 461,618 75,286
Cash and cash equivalents at
end of period $290,206 $461,618 $290,206 $461,618
ARRIS GROUP, INC.
Supplemental First Quarter
Net Income Reconciliation (unaudited)
Q1 EPS 2008 Guidance
Estimated GAAP EPS $0.00 - $0.04
Reconciling Items
Amortization of Intangibles 0.06
Stock Compensation Expense 0.01
Integration Costs 0.01
Subtotal $0.08
Estimated Non GAAP EPS $0.08 - $0.12
See the GAAP to non-GAAP EPS reconciliation for a discussion regarding
management's reasoning for providing this non-GAAP financial measure
ARRIS GROUP, INC.
SUPPLEMENTAL NET INCOME RECONCILIATION
(in thousands, except per share data)
(unaudited)
Q1 2007 Q2 2007 Q3 2007
Per Per Per
Diluted Diluted Diluted
Amount Share Amount Share Amount Share
Net income $37,644 $0.34 $23,274 $0.21 $27,852 $0.25
Highlighted items:
Impacting gross margin:
Stock compensation
expense 165 - 229 - 196 -
Write-off discontinued
inventory - - - - - -
Impacting operating
expenses:
Gains related to
previously written
off receivables (377) - - - - -
Write-off of in-
process research
and development
Acquisition Costs
Amortization of
intangibles 58 - 58 - 57 -
Stock compensation
expense 2,491 0.02 3,149 0.03 2,480 0.02
Impacting net
income (loss) from
continuing
operations:
Gains related to
terminated
acquisition, net
of expenses (22,835) (0.21) - - - -
Gain on
investments - - (1,345) (0.01) (3,519) (0.03)
Impacting
discontinued
operations:
Gains related to
previously written
off receivables - - - - (330) -
Impacting income
tax expense:
Adjustments of income
tax valuation allowances
and research &
development credits and
other (3,246) (0.03) - - (3,466) (0.03)
Tax related to
highlighted items
above 7,754 0.07 (670) (0.01) 423 -
Total highlighted
items (15,990) (0.14) 1,421 0.01 (4,159) (0.04)
Net income excluding
highlighted items $21,654 $ 0.20 $24,695 $ 0.22 $23,693 $ 0.21
Weighted average common
shares - diluted 110,988 111,698 112,085
Q1 2006 Q2 2006 Q3 2006
Per Per Per
Diluted Diluted Diluted
Amount Share Amount Share Amount Share
Net income $20,723 $0.19 $24,750 $0.23 $26,562 $0.24
Highlighted items:
Impacting gross
margin:
Stock compensation
expense 108 - 112 - 144 -
Impacting operating
expenses:
Gains related to
previously written
off receivables (475) - (1,098) (0.01) - -
Restructuring
charges - adjustments
to existing accruals 328 - 15 - 4 -
Amortization of
intangibles 218 - 219 - 138 -
Stock compensation
expense 2,140 0.02 2,281 0.02 2,283 0.02
Impacting
discontinued
operations:
Restructuring
charges -
adjustments to
existing accruals (21) - (88) - (15) -
Impacting net income (loss)
from continuing operations:
Adjustments of income
tax valuation allowances
and research & development
credits - - - - - -
Total highlighted items 2,298 0.02 1,441 0.01 2,554 0.02
Net income excluding
highlighted items $23,021 $ 0.21 $26,191 $ 0.24 $29,116 $ 0.27
Weighted average
common shares -
diluted 109,345 109,670 109,090
Q4 2007 YTD 2007
Per Diluted Per Diluted
Amount Share Amount Share
Net income $9,570 $0.08 $98,340 $0.87
Highlighted items:
Impacting gross margin:
Stock compensation
expense 195 - 785 0.01
Write-off discontinued
inventory 1,046 0.01 1,046 0.01
Impacting operating
expenses:
Gains related to
previously written off
receivables - - (377) -
Write-off of in-process
research and
development 6,120 0.05 6,120 0.05
Acquisition Costs 1,415 0.01 1,415 0.01
Amortization of
intangibles 2,105 0.02 2,278 0.02
Stock compensation
expense 1,998 0.02 10,118 0.09
Impacting net income
(loss) from continuing
operations:
Gains related to
terminated acquisition,
net of expenses - - (22,835) (0.20)
Gain on investments - - (4,864) (0.04)
Impacting discontinued
operations:
Gains related to
previously written off
receivables - - (330) -
Impacting income tax
expense:
Adjustments of income
tax valuation allowances
and research &
development credits
and other (1,247) (0.01) (7,959) (0.07)
Tax related to
highlighted items
above (2,373) (0.02) 5,134 0.05
Total highlighted items 9,259 0.08 (9,469) (0.08)
Net income excluding
highlighted items $18,829 $0.16 $88,871 $0.79
Weighted average
common shares -
diluted 117,060 113,027
Q4 2006 YTD 2006
Per Diluted Per Diluted
Amount Share Amount Share
Net income $70,252 $0.64 $142,287 $1.30
Highlighted items:
Impacting gross margin:
Stock compensation
expense 142 - 506 -
Impacting operating
expenses:
Gains related to
previously written
off receivables - - (1,573) (0.01)
Restructuring charges
- adjustments to
existing accruals 1,863 0.02 2,210 0.02
Amortization of
intangibles 58 - 633 0.01
Stock compensation
expense 2,213 0.02 8,917 0.08
Impacting discontinued
operations:
Restructuring charges
- adjustments to
existing accruals (97) - (221) -
Impacting net income
(loss) from continuing
operations:
Adjustments of income
tax valuation
allowances and
research &
development
credits (38,791) (0.35) (38,791) (0.35)
Total highlighted
items (34,612) (0.32) (28,319) (0.26)
Net income excluding
highlighted items $35,640 $0.32 $113,968 $1.04
Weighted average
common shares -
diluted 109,739 109,490
ARRIS believes that presenting net income and related per share amounts adjusted for the items detailed above provides meaningful information that will allow investors to more easily understand ARRIS' financial performance and compare its period-to-period results. With respect to stock compensation expense, ARRIS records non-cash compensation expense related to grants of options and restricted stock. Depending upon the size, timing and the terms of the grants, this non-cash compensation expense may vary significantly. In prior periods, ARRIS highlighted significant losses related to bad debt expense associated with certain customers. ARRIS recognized gains in Q1 of 2006 and 2007 and then again in Q3 of 2007 associated with these previously written off receivables. During the 4th quarter of 2007 ARRIS completed the C-COR acquisition. Due to the acquisition we acquired in process research and development of $6.2 million which was written off during the 4th quarter. With respect to amortization of intangibles, the intangibles being amortized relate to our recent acquisition of C-COR. The $0.9 and $0.1 million relate to inventory of a product line that management decided to discontinue. The restructuring charge and discontinued operations adjustments reflect items that, although they or similar items might recur, are of a nature and magnitude that identifying them separately provides investors with a greater ability to project ARRIS' future performance. In the second quarter of 2007, ARRIS realized a gain before tax of $1.3 million on its deferred compensation asset that had been previously recorded as an unrealized gain on the balance sheet. During the third quarter of 2007, ARRIS bought and sold investments and realized a gain of $3.5 million. In the third quarter of 2007, a tax benefit of approximately $3.5 million was recorded for a reversal of valuation allowances and research and development tax credits related to a tax credit study that was undertaken for prior years (2001 - 2006). During the first quarter of 2007, ARRIS announced that it entered into a transaction agreement with TANDBERG Television ASA, in which ARRIS was to buy all the outstanding shares of TANDBERG. ARRIS was subsequently outbid by another buyer and the transaction agreement was terminated during the first quarter 2007. ARRIS recorded gains, net before tax, of $22.8 million related to the termination of the transaction (termination fee, foreign exchange gains, and expenses). The net termination fee resulted in a capital gain which provided greater access to prior tax capital losses that had previously been viewed as more likely than not unrealizable. As a result, net income tax valuation allowances totaling $3.2 million were reversed in the first quarter 2007. During the fourth quarter 2007, ARRIS recorded severance costs of approximately $0.5 million related to a reduction in the legacy ARRIS workforce. The workforce reduction was due to an overlap of personnel following the C-COR acquisition. Also during the fourth quarter 2007, ARRIS recorded incremental costs of $0.9 million as a result of the C-COR acquisition. Lastly, during the fourth quarter of 2006, ARRIS reduced a large portion of the valuation allowances related to deferred income tax assets, based on current judgment that the benefits will be realized, and recorded a tax benefit related to research and development credits for the periods 2001 - 2006.
In assessing operating performance and preparing budgets and forecasts, ARRIS' management considers performance after making these adjustments and believes that providing investors with the same information provides greater transparency and insight into management's analysis. ARRIS expects to continue providing similar information in the future with schedules reconciling the differences between GAAP and non-GAAP financial measures.
ARRIS Group, Inc.
CONTACT: Jim Bauer, Investor Relations of ARRIS Group, Inc., +1-678-473-2647, jim.bauer@arrisi.com
Web site: http://www.arrisi.com/
Miami-Dade County Public Schools and Hamilton School District Win Connect-ED(R) National Leadership Communication AwardSchools to Receive Award at American Association of School Administrators (AASA) National Conference on Education
TAMPA, Fla., Feb. 14 /PRNewswire-FirstCall/ -- Miami-Dade County Public Schools in Miami, Fla., and Hamilton School District in Sussex, Wis., have been named co-recipients of the 2008 Connect-ED(R) Leadership through Communication Award, which will be presented at AASA's National Conference on Education in Tampa, Fla., on February 14, at 5 p.m.
The award, jointly sponsored by Connect-ED, a service of The NTI Group, Inc., a wholly-owned subsidiary of Blackboard Inc. , the National School Public Relations Association (NSPRA) and the American Association of School Administrators (AASA), recognizes Dr. Rudolph F. Crew, superintendent, and Cathleen Healy, marketing officer, of Miami-Dade County Public Schools and Dr. Kathleen Cooke, superintendent, and Denise Dorn Lindberg, APR, public information/volunteer programs coordinator, for Hamilton School District for demonstrating exemplary leadership in the enhancement of school-to-parent communication within their school systems and the communities they serve.
"This year's recipients are a wonderful example of how districts large and small, urban and rural, excel in communication. Their strong communication programs have changed community and staff attitudes and built support for strong achievement initiatives," said Rich Bagin, APR, NSPRA executive director. Miami-Dade County Public Schools serves more than 353,000 students in 378 schools. Hamilton School District serves 4,300 students in seven schools.
Now in its third year, the Connect-ED Leadership through Communication Award program is open to all school districts throughout the United States. A special recognition reception sponsored by NTI will be held in the districts' honor on February 15, and a $5,000 contribution will be made to each district's scholarship fund. Miami-Dade County Public Schools and Hamilton School District leaders will also give a panel presentation on their communication programs at the conference.
The judges for this year's program noted that the leadership team at Miami-Dade County Public Schools is to be commended for its strategic plan, which integrates a mass notification component into key decision-making processes. They also commended the school system for creating a marketing team dedicated to marketing public education as an obligation of the school district. Hamilton School District was commended for creating genuine synergy between the superintendent, the public relations professional and the leadership team. Hamilton was also recognized for articulating the connection between communication and student achievement and engaging the entire community through innovative practices.
Thomas Motter, President, Connect-ED, noted that these leading districts are to be commended for their excellence in communication and leadership and making the commitment to effective communication and emergency preparedness. "Nothing beats timely, accurate information to assist parents and their children when it comes to academic achievement or coping with unforeseen incidents in today's schools," Motter said.
AASA's Executive Director, Paul D. Houston, applauded the winning districts for taking a leadership role in establishing effective communication systems. "Communication is a critical component of leadership," said Houston. "AASA is pleased to honor the Miami-Dade County Public Schools and the Hamilton School District for developing strategic communication programs that benefit the entire school community."
About The NTI Group
The NTI Group, Inc. is a wholly-owned subsidiary of Blackboard Inc. that provides award winning communication systems designed specifically for local, regional, state, and Federal government entities. The Connect family of services enables rapid dissemination of critical information via voice and text devices using its premier mass notification engine designed to allow users to quickly and easily record and send time-based notifications to thousands of people in minutes using just a telephone. NTI makes and distributes the Connect-ED(R), Connect-CTY(R), Connect-GOV(R), and Connect-MIL(R) systems, allowing users to target specific groups and/or geographic regions within their database(s) and engage recipients in two-way communication by asking them to respond to questions via their telephone keypads. http://www.ntigroup.com/
The NTI Group, Inc. is a wholly-owned subsidiary of Blackboard Inc.
CONTACT: Candace McCarty, +1-916-288-2205, for The NTI Group, Inc.
Web site: http://www.ntigroup.com/
Dice Holdings, Inc. to Present at Upcoming Investor Conferences
NEW YORK, Feb. 14 /PRNewswire-FirstCall/ -- Dice Holdings, Inc. today announced that the Company will be presenting at three upcoming investor conferences.
Scot Melland, Chairman, President & CEO, will present at the Jefferies 4th Annual Internet Conference held in New York City on Wednesday, February 27, 2008 at 10:50 a.m. Eastern time.
On Thursday, February 28, 2008, Mr. Melland and Michael Durney, Senior Vice President, Finance and CFO, will present at Baird's 2008 Business Solutions Conference held in Boston, Massachusetts. The presentation will begin at 9:05 a.m. Eastern time.
Mr. Melland will present at the Morgan Stanley Technology Conference in Dana Point, California on Monday, March 3, 2008. The presentation will begin at 3:55 p.m. Pacific time/6:55 p.m. Eastern time.
The presentations will be webcast live on the investor relations section of the Company's website at http://www.diceholdingsinc.com/.
About Dice Holdings, Inc.
Dice Holdings, Inc. is a leading provider of specialized career websites for professional communities, including technology and engineering, capital markets and financial services, accounting and finance, and security clearance. Our mission is to help our customers source and hire the most qualified professionals in select and highly skilled occupations, and to help those professionals find the best job opportunities in their respective fields and further their careers. For more than 17 years, we have built our company by providing our customers with quick and easy access to high-quality, unique professional communities and offering those communities access to highly relevant career opportunities and information. Today, we serve multiple markets in North America, Europe, the Middle East, Asia and Australia.
Dice Holdings, Inc.
CONTACT: Investors, Jennifer Bewley, Director, Investor Relations of Dice Holdings, Inc., +1-212-448-4181, or ir@dice.com; or Media, Rich Layne, +1-646-277-1219, or Stephanie Sampiere, +1-646-277-1222, both of ICR Inc.
Web site: http://www.diceholdingsinc.com/
Synergx Systems Inc. Reports Improved First Quarter Results
SYOSSET, N.Y., Feb. 14 /PRNewswire-FirstCall/ -- Synergx Systems Inc. reported the following results for its first quarter ended December 31, 2007 and 2006:
THREE MONTHS 2007 2006
Revenues $5,272,000 $3,655,000
Income (Loss) From Operations
Before Interest And Taxes 58,000 (101,000)
Interest (Expense) (48,000) (25,000)
Income (Loss) Before Taxes 10,000 (126,000)
Net Income (Loss) 9,000 (69,000)
Diluted Income (Loss) per Share ($.00) ($.01)
Weighted Average Common and Potential
Dilutive Common Shares Outstanding 5,210,950 5,210,950
The 44 % increase in revenues primarily resulted from higher transit and audio/visual product revenues, including $1.2 million from a New York City subway station security system and $312,000 from a public address system installation. In addition, there was an increased of 95,000 in service revenues primarily from higher call-in-service.
The improvement in 2007 performance reflects an improvement in service gross margin and a decrease in product margin as the Company builds market position in audio/ visual and the transit security and communications markets. The 2006 three month period was impacted by $96,000 of investment banking and legal expenses related to exploring strategic options. After adjusting for these unusual expenses, the income from operations (before interest and taxes) in 2007 was $58,000 compared to a loss of $30,000 during the 2006 period. Interest expense increased in 2007 due to higher borrowing levels during the 2007 three month period.
Effective February 13, 2008, the President of our principal operating subsidiary has resigned to pursue other activities and we are adding to our management group to fill his responsibilities and go forward with our strategic and tactical objectives.
Synergx is engaged in the design, manufacture, marketing and service of a variety of data communication products and systems with applications in the fire alarm, life safety, security and communication industries. For further information about Synergx please go to our website at WWW.SYNERGXSYSTEMS.COM
"Safe Harbor" statement under the Private Securities Reform Act of 1995: This release contains forward-looking statements, which reflect management's current views of future events and operations. These forward-looking statements are based on assumptions and external factors, including assumptions relating to product pricing, competitive market conditions, financial data, and other risks or uncertainties detailed from time to time in the Company's filings with the Securities and Exchange Commission. These forward-looking statements represent the Company's judgment as of the date of this release and any changes in the assumptions of external factors could produce significantly different results.
Synergx Systems Inc.
CONTACT: John Poserina, Chief Financial Officer, Synergx Systems Inc., +1-516-433-4700
Web site: http://www.synergxsystems.com/
Hittite Microwave Corporation Reports Financial Results for the Fourth Quarter of 2007
CHELMSFORD, Mass., Feb. 14 /PRNewswire-FirstCall/ -- Hittite Microwave Corporation today reported revenue for the fourth quarter ended December 31, 2007 of $42.5 million, representing an increase of 20.0% compared with $35.4 million for the fourth quarter of 2006 and an increase of 6.4% compared with $39.9 million for the third quarter of 2007. Net income for the quarter was $13.4 million, or $0.43 per diluted share, an increase of 11.0% compared with $12.1 million, or $0.39 per diluted share, for the fourth quarter of 2006, and a decrease of 2.4% compared with $13.7 million, or $0.44 per diluted share, for the third quarter of 2007.
For the full year 2007, revenue was $156.4 million, a 20.0% increase over $130.3 million for 2006. Net income for the year was $51.2 million, or $1.64 per diluted share, an increase of 20.0% over $42.7 million, or $1.38 per diluted share, for 2006. The backlog at December 31, 2007 was $36.5 million compared with $34.6 million at December 31, 2006.
"Our fourth quarter was an excellent finish to the year, and our employees should be proud of the results they delivered in 2007," said Stephen Daly, Chairman and CEO. "We strengthened our business during the year by increasing the breadth of our high quality product portfolio. For 2008, we will remain focused on growing our revenue by further penetrating our target markets and continuing to invest in research and new product development."
For the fourth quarter of 2007, revenue from customers in the United States was $19.4 million, or 46% of the company's total revenue, and revenue from customers outside the United States was $23.1 million, or 54% of total revenue. Gross margin was 70.8% for the fourth quarter as compared with 70.8% for the fourth quarter of 2006 and 71.0% for the third quarter of 2007. Operating income for the fourth quarter was $19.4 million, or 45.6% of revenue. Total cash and short term investments at the end of the fourth quarter 2007 was $164.7 million, an increase for the quarter of $3.3 million.
Business Outlook
The company currently expects revenue for the first quarter ending March 31, 2008 to be in the range of $42.0 million to $43.0 million and net income to be in the range of $12.9 million to $13.3 million, or $0.41 to $0.42 per diluted share.
Webcast and Taped Replay
The company will host a conference call to discuss its financial results at 5:00 p.m. ET today. A live webcast of the call will be available online on the Hittite Microwave website. To listen to the live webcast, go to the Investor Relations page of the Hittite Microwave web site at http://www.hittite.com/ and click on the webcast icon located under the Events Calendar. A telephonic replay of the call also will be available for one week after the live call by dialing (719) 457-0820, access code 7142369. Following the call, a webcast replay will also be available by visiting the Investor Relations page at http://www.hittite.com/.
About Hittite Microwave Corporation
Hittite Microwave is an innovative designer and developer of high performance integrated circuits, or ICs, modules and subsystems for technically demanding radio frequency, or RF, microwave and millimeterwave applications. Products include amplifiers, attenuators, data converters, frequency dividers and detectors, frequency multipliers, high speed digital logic, mixers and converters, modulators and demodulators, oscillators, passives, phase shifters, power detectors, sensors, switches, synthesizers and variable gain amplifiers. Hittite's products are used in a variety of applications and end markets including automotive, broadband, cellular infrastructure, fiber optic, microwave and millimeterwave communications, military, space, and test and measurement. The company utilizes radio frequency integrated circuits (RFIC), monolithic microwave integrated circuits (MMIC), multi-chip modules (MCM) and microwave integrated circuit (MIC) technologies. The company is headquartered in Chelmsford, MA.
"Safe Harbor Statement" under the Private Securities Litigation Reform Act of 1995
Statements in this press release regarding Hittite Microwave Corporation that do not relate to historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, any statements regarding our expectations as to future levels of revenue, net income and earnings per share. Readers are cautioned that these forward-looking statements are subject to risks and uncertainties and are only predictions, and actual future events and results may differ materially from these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: market acceptance of our new products; our ability to assess market requirements accurately; our success in maintaining the business of our significant customers; our ability to keep pace with new semiconductor processes; regulatory, operational, financial and political risks inherent in operating internationally; competition within the semiconductor industry; product returns and warranty claims; our ability to manage our growth and costs effectively; protection of our intellectual property; the growth and fiscal strength of our end markets; and other risks and uncertainties that are discussed under "Risk Factors" in our Quarterly Report on Form 10-Q for the three months ended September 30, 2007, as filed with the Securities and Exchange Commission.
Hittite Microwave Corporation
Condensed Consolidated Balance Sheets
(In thousands)
December 31, 2007 December 31, 2006
Assets
Current assets:
Cash and cash equivalents $ 65,735 $ 83,798
Available-for-sale investments 99,007 38,757
Accounts receivable, net 22,253 18,603
Inventories 14,129 10,950
Deferred costs 242 407
Income taxes receivable 1,072 -
Prepaid expenses and other current
assets 677 1,208
Deferred taxes 4,281 4,028
Total current assets 207,396 157,751
Property and equipment, net 18,824 14,478
Other assets 8,275 442
Total assets $234,495 $172,671
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $2,647 $1,479
Accrued expenses 6,121 4,886
Income taxes payable - 3,502
Deferred revenue and customer advances 6,098 5,751
Total current liabilities 14,866 15,618
Long-term income taxes payable 3,180 -
Deferred taxes 156 891
Total liabilities 18,202 16,509
Total stockholders' equity 216,293 156,162
Total liabilities and stockholders'
equity $234,495 $172,671
Hittite Microwave Corporation
Condensed Consolidated Statements of Operations
(In thousands except per-share data)
Three Months Ended December 31, Year Ended December 31,
2007 2006 2007 2006
Revenue $ 42,501 $ 35,418 $156,412 $130,290
Cost of revenue 12,428 10,333 45,363 35,398
Gross profit 30,073 25,085 111,049 94,892
70.8% 70.8% 71.0% 72.8%
Operating expenses:
Research and
development 4,773 3,592 18,546 15,179
Sales and marketing 3,992 3,047 13,313 11,183
General and
administrative 1,937 1,525 7,316 6,501
Total operating
expenses 10,702 8,164 39,175 32,863
Income from operations 19,371 16,921 71,874 62,029
45.6% 47.8% 46.0% 47.6%
Interest and other
income, net 1,355 1,082 5,548 3,259
Income before income
taxes 20,726 18,003 77,422 65,288
Provision for income
taxes 7,351 5,949 26,184 22,598
Net income $ 13,375 $ 12,054 $ 51,238 $ 42,690
Earnings per share:
Basic $0.44 $0.40 $1.67 $1.43
Diluted $0.43 $0.39 $1.64 $1.38
Shares used in the
calculation of earnings
per share:
Basic 30,703 30,351 30,630 29,856
Diluted 31,352 31,093 31,263 30,882
Hittite Microwave Corporation
CONTACT: William W. Boecke, V.P. and Chief Financial Officer of Hittite Microwave Corporation, +1-978-250-3343
Web Site: http://www.hittite.com/
Onstream Media Corporation Reports Fiscal 2008 First Quarter Financial ResultsTotal Revenue Up 105% as Webcasting Revenue Increases 60%; Company Generates Positive Cash Flow from Operations
POMPANO BEACH, Fla., Feb. 14 /PRNewswire-FirstCall/ -- Onstream Media Corporation , an online service provider of live and on-demand internet video, announced today its financial results for the fiscal first quarter, the three months ended December 31, 2007.
Financial Highlights
-- Record first quarter revenue of approximately $4.5 million, up 104.7%
from the first quarter of the prior fiscal year and up 8.6%
sequentially compared to the Company's fourth quarter of fiscal 2007.
-- Excluding acquisitions, the Company's first quarter revenues grew
organically by approximately 20.9%, year-over-year.
-- Gross profit margin as a percent of sales increased to 70.0% for the
first quarter of fiscal 2008, compared to 61.3% for the first quarter
of fiscal 2007 and compared sequentially to 65.1% for the fourth
quarter of fiscal 2007.
-- Operating expenses as a percent of sales decreased to approximately
108.7% for the first quarter of fiscal 2008, from approximately 130.8%
for the first quarter of fiscal 2007.
-- The net loss for the first quarter of fiscal 2008 was entirely due to
non-cash items and as a result, the Company generated approximately
$57,000 in positive cash flow from operations for the quarter ended
December 31, 2007.
-- The Company's cash balance was approximately $1.0 million at December
31, 2007, up from approximately $560,000 as of September 30, 2007.
Financial Discussion
Revenue for the quarter was approximately $4.5 million, an increase of 104.7% from approximately $2.2 million for the first quarter in the prior fiscal year and up 8.6% sequentially compared to the fourth quarter of fiscal 2007. The revenue growth was due to a 59.8% increase in revenues from the Webcasting division of the Web Communications Services Group and the contribution of approximately $1.8 million in revenue from Infinite Conferencing, which was acquired during April of 2007 and accordingly had no revenue during the first quarter of fiscal 2007.
Randy Selman, President and Chief Executive Officer of Onstream Media, commented, "This was a strong quarter for Onstream, with more than 100% year- over-year revenue growth and over 20% organic revenue growth excluding the acquisitions of Infinite Conferencing and Auction Video. In fact, we achieved record revenue and are tracking ahead of our growth targets for the year despite the previous loss of a Digital Media Services Group customer representing $246,000, or 11%, of revenue in the first quarter of last year. Today we have a much more stable and diversified base of revenue with a large recurring revenue component, setting the stage for more predictable and sustainable future growth."
Consolidated gross margin for the quarter was approximately $3.1 million, or 70.0% of revenues, compared with gross margin of $1.3 million, or 61.3% of revenues, for the first quarter of the prior fiscal year. The increase in gross margin to record levels was due in large part to the contribution of higher-margin Infinite Conferencing revenue absent in the prior-year, improvement in Webcasting margins as well as increased revenue leveraged against the Company's fixed expense base. The gross margin on Infinite Conferencing revenue was approximately 81% for the quarter and the Webcasting division contributed gross profit margin of approximately 70%.
Total operating expenses for the quarter were $4.8 million compared to $2.8 million in the prior-year first quarter. The increase was primarily due to increased compensation and depreciation and amortization expense. The Company reported a loss from operations (before interest expense and other non operating items) of $1.7 million compared to a loss from operations of $1.5 million for the first quarter of the prior fiscal year. Included in this fiscal 2008 first quarter loss was $1.0 million in depreciation and amortization expenses, which represents an increase of 52.7%, compared to the approximately $682,000 in similar expenses in the prior-year first quarter.
Mr. Selman continued, "Our ability to achieve the highest gross profit margins in our Company's history and to grow revenues faster than our operating expenses demonstrates the strong operating leverage inherent in our business model. As a percent of revenue, total operating expenses decreased from approximately 130.8% of revenue in last year's first quarter to approximately 108.7% of total revenue this quarter. Going forward, we expect to improve our net operating margin as we continue to grow our revenue base, improving the Company's overall profitability."
The consolidated net loss for the quarter was approximately $(1.7) million, or $(0.04) loss per share (based on 42.1 million weighted average shares outstanding), as compared to a loss of approximately $(3.5) million, or $(0.21) loss per share (based on 16.6 million weighted average shares outstanding) for the prior fiscal year's first quarter. The decreased net loss was primarily due to a significant number of conversions to equity of the 8% Senior and Subordinated Convertible Debentures in the quarter ended December 31, 2006 and the resulting write-off of unamortized discount as interest expense at that time. Similar transactions did not occur in the quarter ended December 31, 2007.
The net loss for the first quarter of fiscal 2008 was entirely due to approximately $1.8 million in non-cash items, including depreciation and amortization expense and consultant and employee compensation paid in shares and options. As a result, the Company generated approximately $57,000 in positive cash flow from operations for the quarter ended December 31, 2007, before changes in working capital components, and increased its December 31, 2007 cash balances by approximately $459,000 compared to cash as of September 30, 2007.
Outlook
"As expected, the first quarter of fiscal 2008 represented a strong start to what we believe will be a record year, both in terms of revenue growth and also the Company's bottom-line results," Mr. Selman continued. "We are reiterating our expectation of 40% top-line growth for the fiscal year and continue to believe we will experience continued reductions in our non-cash net loss throughout the remainder of the fiscal year."
Teleconference
Onstream Media will hold a conference call on Thursday, February 14, 2008 at 4:30 pm ET to discuss its fiscal 2008 first quarter financial results. Management discussion will be followed by an open Q&A session. Interested parties may listen to the presentation live online at http://www.visualwebcaster.com/event.asp?id=46022 or by calling 1-866-682-6100 or 201-499-0416. It is recommended to dial in approximately 10 to 15 minutes prior to the scheduled start time. An audio rebroadcast of the conference call will be archived for one year online at http://www.visualwebcaster.com/event.asp?id=46022.
About Onstream Media:
Onstream Media Corporation is an online service provider of live and on-demand internet video, corporate web communications and content management applications. Onstream Media's pioneering Digital Media Services Platform (DMSP) provides customers with cost effective tools for encoding, managing, indexing, and publishing content via the Internet. The DMSP provides our clients with intelligent delivery and syndication of video advertising, and supports pay-per-view for online video and other rich media assets. The DMSP also provides an efficient workflow for transcoding and publishing user- generated content in combination with social networks and online video classifieds. In addition, Onstream Media provides live and on-demand webcasting, webinars, web and audio conferencing services. In fact, almost half of the Fortune 1000 companies and 78% of the Fortune 100 CEOs and CFOs have used Onstream Media's services.
Select Onstream Media customers include: AOL, AAA, AXA Equitable Life Insurance Company, Bonnier Corporation, Dell, Deutsche Bank, Disney, National Press Club, NHL, MGM, PR Newswire, Rodale, Inc., Televisa, WireOne, Shareholder.com (NASDAQ), and the U.S. Government. Onstream Media's strategic relationships include Akamai, Adobe, eBay, FiveAcross/Cisco and Qwest. For more information, visit Onstream Media at http://www.onstreammedia.com/ or call 954-917-6655.
Certain statements in this document and elsewhere by Onstream Media are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such information includes, without limitation, the business outlook, assessment of market conditions, anticipated financial and operating results, strategies, future plans, contingencies and contemplated transactions of the company. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors which may cause or contribute to actual results of company operations, or the performance or achievements of the company or industry results, to differ materially from those expressed, or implied by the forward-looking statements. In addition to any such risks, uncertainties and other factors discussed elsewhere herein, risks, uncertainties and other factors that could cause or contribute to actual results differing materially from those expressed or implied for the forward- looking statements include, but are not limited to fluctuations in demand; changes to economic growth in the U.S. economy; government policies and regulations, including, but not limited to those affecting the Internet. Onstream Media undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. Actual results, performance or achievements could differ materially from those anticipated in such forward-looking statements as a result of certain factors, including those set forth in Onstream Media Corporation's filings with the Securities and Exchange Commission.
Media Relations: Investor Relations:
Beth Amorosi Brett Maas
FastLane Communications Hayden Communications
973-582-3498 646-536-7331
bamorosi@fast-lane.net brett@haydenir.com
ONSTREAM MEDIA CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended
December 31,
2007 2006
REVENUE:
DMSP and hosting $271,976 $84,203
Network usage 627,961 529,760
Webcasting 1,597,449 999,468
Audio and web conferencing 1,779,674 -
Other 175,247 561,082
Total revenue 4,452,307 2,174,513
COSTS OF REVENUE:
DMSP and hosting 106,130 35,490
Network usage 244,509 232,825
Webcasting 476,548 337,256
Audio and web conferencing 342,266 -
Other 164,084 236,080
Total costs of revenue 1,333,537 841,651
GROSS MARGIN 3,118,770 1,332,862
OPERATING EXPENSES:
General and administrative:
Compensation 2,416,619 1,277,850
Professional fees 710,973 498,940
Other 670,776 386,205
Depreciation and amortization 1,041,308 681,723
Total operating expenses 4,839,676 2,844,718
Loss from operations (1,720,906) (1,511,856)
OTHER INCOME (EXPENSE), NET:
Interest income 978 3,601
Interest expense (6,731) (1,871,095)
Debt extinguishment loss - (135,000)
Other income, net 17,749 26,905
Total other income (expense), net 12,356 (1,975,589)
Net loss $(1,708,550) $(3,487,445)
Loss per share - basic and diluted:
Net loss per share $(0.04) $(0.21)
Weighted average shares of common
stock outstanding - basic and diluted 42,132,382 16,579,373
ONSTREAM MEDIA CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
December 31, September 30,
2007 2007
(unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $1,019,669 $560,230
Accounts receivable, net 2,603,049 2,620,177
Prepaid expenses 631,164 565,649
Inventories 96,702 85,459
Other current assets 138,499 137,632
Total current assets 4,489,083 3,969,147
PROPERTY AND EQUIPMENT, net 4,949,348 5,551,026
INTANGIBLE ASSETS, net 4,758,604 5,108,604
GOODWILL, net 21,696,948 21,696,948
OTHER NON-CURRENT ASSETS 342,806 157,931
Total assets $36,236,789 $36,483,656
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable and accrued liabilities $3,253,765 $2,266,134
Amounts due to shareholders and officer 109,419 109,419
Deferred revenue 186,157 215,400
Notes payable - current portion,
net of discount 633,629 138,629
Total current liabilities 4,182,970 2,729,582
Notes payable, net of current portion 219,785 255,329
Total liabilities 4,402,755 2,984,911
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Series A-10 Convertible Preferred stock,
par value $.0001 per share, authorized
700,000 shares, 71,963 and 69,196 issued
and outstanding, respectively 7 7
Common stock, par value $.0001 per share;
authorized 75,000,000 shares, 42,188,217
and 41,880,707 issued and outstanding,
respectively 4,219 4,188
Additional paid-in capital 129,148,732 129,090,403
Unamortized discount (78,941) (98,491)
Accumulated deficit (97,239,983) (95,497,362)
Total stockholders' equity 31,834,034 33,498,745
Total liabilities and stockholders' equity $36,236,789 $36,483,656
Onstream Media Corporation
CONTACT: Media Relations: Beth Amorosi of FastLane Communications, +1-973-582-3498, bamorosi@fast-lane.net; or Investor Relations: Brett Maas of Hayden Communications, +1-646-536-7331, brett@haydenir.com, both for Onstream Media Corporation
Web site: http://www.onstreammedia.com/
LoJack Corp. Announces Fourth Quarter and Year End 2007 Results Webcast
WESTWOOD, Mass., Feb. 14 /PRNewswire-FirstCall/ -- LoJack Corporation announces the following webcast for its fourth quarter and year end 2007 results on Wednesday, February 20:
What: LoJack Corp. to report fourth quarter and year end 2007 results
When: Wednesday, February 20 -- 09:00AM EST
How: To listen to the live webcast, visit http://www.videonewswire.com/event.asp?id=46073
You may also participate in the live conference call by dialing +1-800-894-5910 and using LOJACK as the conference ID.
If you are unable to participate during the live webcast, the call will be archived at http://www.lojack.com/about/pages/about-ir.aspx.
Contact: Paul McMahon of LoJack, +1-781-251-4130, pmcmahon@lojack.com
About LoJack Corporation
LoJack Corporation, the company that invented the stolen vehicle recovery market two decades ago, is the undisputed global leader in recovering valuable mobile assets. The company's time-tested system is optimized for recovering stolen mobile assets through its proven Radio Frequency technology and unique integration with law enforcement agencies in the United States that use LoJack's in-vehicle tracking equipment to recover cars, trucks, commercial vehicles, construction equipment and motorcycles. The company's Stolen Vehicle Recovery System delivers a 90 percent success rate for cars and trucks and has helped recover more than $4 billion in stolen LoJack-equipped assets worldwide. Today LoJack operates in 26 states and the District of Columbia, and in more than 30 countries throughout North America, South America, Europe, Africa and Asia.
Audio: http://www.videonewswire.com/event.asp?id=46073
LoJack Corporation
CONTACT: Paul McMahon of LoJack, +1-781-251-4130, pmcmahon@lojack.com
Web site: http://www.lojack.com/
AnalogicTech Reports Fourth Quarter and Full Year 2007 Financial Results- Q407 revenue of $32.1 million, up 53% year-over-year- Record annual revenue of $109.6 million, up 35% year-over-year- AnalogicTech introduced a record 106 new products in 2007
SANTA CLARA, Calif., Feb. 14 /PRNewswire-FirstCall/ -- Advanced Analogic Technologies, Inc. ("AnalogicTech" or the "Company") , a developer of power management semiconductors for mobile consumer electronic devices, today reported financial results for the fourth quarter and year ended December 31, 2007.
(Logo: http://www.newscom.com/cgi-bin/prnh/20050829/SFTU089LOGO)
All financial results are reported in accordance with accounting principles generally accepted in the United States of America.
For the fourth quarter of 2007 revenue was $32.1 million, an increase of 53% over revenue of $21.0 million for the fourth quarter of 2006 and a sequential increase of 5% over revenue of $30.6 million for the third quarter of 2007. Net income for the fourth quarter of 2007 was $3.0 million, or $0.06 per diluted share. This compares to a net loss of $2.6 million, or $0.06 per diluted share, for the fourth quarter of 2006, and net income of $2.6 million, or $0.05 per diluted share, for the third quarter of 2007. The Company's results included stock-based compensation expense of $1.8 million, $1.8 million and $1.6 million in the fourth quarter of 2007, the fourth quarter of 2006 and the third quarter of 2007, respectively.
Revenue for the year ended December 31, 2007, was $109.6 million, an increase of 35% over revenue of $81.2 million for 2006. Net income for the full year 2007 was $1.9 million, or $0.04 per diluted share, compared to net loss of $2.1 million, or $0.05 per diluted share for the full year 2006.
AnalogicTech reported gross margins of 52.6% for the fourth quarter of 2007, compared to 54.3% for the fourth quarter of 2006 and 53.6% for the third quarter of 2007. Fourth quarter gross margin decreased sequentially, primarily due to lower sales of previously written down inventory. For the full year 2007, gross margin was 53.5%, compared to 57.4% for fiscal year 2006. The Company ended the quarter with $114.2 million in cash, cash equivalents, and short-term investments.
"The fourth quarter capped a strong year for AnalogicTech," stated Richard K. Williams, President, CEO and CTO of AnalogicTech. "Revenue and earnings were at the upper end of our guidance range for the quarter. In 2007, we achieved record annual revenues, with 35% year-over-year growth, and generated solid cash flow. We made great strides in product development and released a record 106 new products during the year; including 26 products utilizing our proprietary ModularBCD(TM) process technology.
"As we enter 2008, we are excited about the multiple growth drivers we see for both the first and second halves of the year. We have strong design win momentum across a broad range of end applications including smart phones, digital still cameras, Bluetooth(TM) accessories, and overvoltage protected battery chargers. We are continuing to receive a very positive response to the rollout of our higher voltage products from our customers. All of these factors increase our confidence in our position for long-term growth."
Business Outlook
The following statements are based upon management's current expectations. These statements are forward-looking, and actual results may differ materially. AnalogicTech undertakes no obligation to update these statements.
For the first quarter ending March 31, 2008, AnalogicTech estimates revenue in the range of $26.5 million to $29.5 million, and breakeven to net income of $0.02 per diluted share. The first quarter 2008 estimates include pre-tax quarterly share-based compensation expense of $1.7 to $1.8 million. For the first half of 2008, AnalogicTech estimates revenue in the range of $57.0 to $61.0 million.
Conference Call Details
The AnalogicTech fourth quarter and fiscal year 2007 teleconference and webcast is scheduled to begin at 4:30 p.m. Eastern Time on Thursday, February 14, 2008. To participate in the live call, analysts and investors should dial (800) 218-0204 or (303) 262-2125 at least ten minutes prior to the call. AnalogicTech will also offer a live and archived webcast of the conference call, accessible from the Company's investor relations website at http://www.aati.com/ or via the corporate website, http://www.analogictech.com/. A telephonic replay of the conference call will also be available until Monday, February 18, 2008, by dialing (800) 405-2236 and entering the passcode: 11106339#. Callers outside the U.S. and Canada may access the replay by dialing (303) 590-3000 and entering the passcode 11106339#.
About AnalogicTech
Advanced Analogic Technologies, Inc. (AnalogicTech) is a supplier of Total Power Management(TM) semiconductor solutions for mobile consumer electronic devices, such as wireless handsets, notebook and tablet computers, smartphones, digital cameras, wireless LAN, and personal media players. The company focuses its design and marketing efforts on the application-specific power management needs of consumer, communications, and computing applications in these rapidly evolving devices. AnalogicTech also develops and licenses device, process, package, and application-related technology. AnalogicTech is headquartered in Santa Clara, California and Macau, S.A.R., with offices in China (Beijing, Shanghai and Shenzhen), Hong Kong, Taiwan, Japan, South Korea, Sweden, France and United Kingdom, as well as a worldwide network of sales representatives and distributors. The company is listed on the NASDAQ exchange under the ticker symbol AATI. For more information, please visit the AnalogicTech website: http://www.analogictech.com/. (AnalogicTech - F)
"Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995
Statements contained in this release that are not historical facts are forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements, including financial projections and forecasts, involve risks and uncertainties that could cause AnalogicTech's actual results to differ materially from our current expectations. Factors that could cause AnalogicTech's results to differ materially from those set forth in these forward-looking statements include customers' cancellation or modification of their orders; our failure to accurately forecast demand for our products; the loss of, or a significant reduction in orders from, any of our significant customers; fluctuations in our operating results; our inability to develop and sell new products; defects in or failures of our products; the expense and uncertainty involved in our customer design-win efforts; the financial viability of the distributors of our products; consumer demand for cellular phones and other mobile consumer electronic devices; worldwide economic and political conditions, particularly in Asia; fluctuations in our costs to manufacture our products; our reliance on third parties to manufacture, test, assemble and ship our products; our ability to retain and attract key personnel; our ability to compete with our competitors; and our ability to protect our intellectual property rights and not infringe the intellectual property rights of others. Other factors that may cause our actual results to differ from those set forth in the forward-looking statements contained in this press release and that may affect our prospects in general are described in our filings with the Securities and Exchange Commission, including our Registration Statement on Form S-1 related to our initial public offering and our Annual Report on Form 10-K for the year ended December 31, 2006. AnalogicTech undertakes no obligation to update or revise forward-looking statements to reflect subsequent events or changed assumptions or circumstances.
NOTE: AnalogicTech and the AnalogicTech logo are trademarks of Advanced Analogic Technologies, Inc. All other brand and product names appearing in this document are registered trademarks or trademarks of their respective holders.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
(in thousands)
Dec. 31 Dec. 31
2007 2006 (*)
ASSETS
CURRENT ASSETS
Cash and cash equivalents $53,779 $58,121
Short term investments 60,448 49,566
Total cash, cash equivalents
and short term investments 114,227 107,687
Accounts receivable, net 14,428 11,037
Inventories 12,214 8,480
Prepaid expenses and other
current assets 4,273 2,223
Restricted cash - 700
Deferred income tax assets -
current 591 857
Total current assets 145,733 130,984
Property and equipment, net 4,699 2,812
Goodwill 15,717 16,775
Intangible assets, net 2,127 3,287
Other assets 1,377 1,375
Deferred income tax assets -
noncurrent 6,815 5,965
$176,468 $161,198
TOTAL ASSETS
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $7,938 $6,968
Accrued liabilities 8,623 6,852
Income tax payable 1,367 1,250
Total current liabilities 17,928 15,070
Long-term income tax payable 1,053 -
Long-term debt and capital lease
obligations 41 191
Other long-term liabilities 155 -
Total liabilities 19,177 15,261
Total stockholders' equity 157,291 145,937
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $176,468 $161,198
* Amounts as of December 31, 2006 were derived from the December 31, 2006
audited consolidated financial statements.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Quarters Ended Years Ended
Dec. 31 Dec. 31 Dec. 31 Dec. 31
2007 2006 2007 2006
REVENUE $32,065 $20,951 $109,610 $81,161
Cost of revenue 15,186 9,570 50,934 34,556
GROSS PROFIT 16,879 11,381 58,676 46,605
OPERATING EXPENSES:
Research and development 8,368 6,558 30,991 23,772
Sales, general and administrative 6,585 6,073 25,757 22,272
Patent litigation 136 3,288 3,793 8,536
Total operating expenses 15,089 15,919 60,541 54,580
INCOME (LOSS) FROM OPERATIONS 1,790 (4,538) (1,865) (7,975)
INTEREST AND OTHER INCOME (EXPENSES),
NET 1,220 1,503 5,070 5,751
INCOME (LOSS) BEFORE INCOME TAXES 3,010 (3,035) 3,205 (2,224)
PROVISION FOR INCOME TAXES 59 (454) 1,319 (142)
NET INCOME (LOSS) $2,951 $(2,581) $1,886 $(2,082)
NET INCOME (LOSS) PER SHARE:
Basic $0.07 $(0.06) $0.04 $(0.05)
Diluted $0.06 $(0.06) $0.04 $(0.05)
WEIGHTED AVERAGE SHARES USED IN
NET INCOME (LOSS) PER SHARE
CALCULATION:
Basic 45,158 43,915 44,728 43,477
Diluted 47,767 43,915 47,007 43,477
Note: FAS123R was adopted at the
beginning of fiscal 2006. Stock
compensation recorded in each
expense classification above is as
follows:
Cost of revenues $73 $76 $282 $268
Research and development 735 604 2,766 2,403
Sales, general and administrative 1,011 1,082 3,845 3,472
$1,819 $1,762 $6,893 $6,143
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Advanced Analogic Technologies, Inc.
CONTACT: Investors, Brian McDonald, Chief Financial Officer of AnalogicTech, +1-408-737-4788; or Lisa Laukkanen of The Blueshirt Group, +1-415-217-4967, for Advanced Analogic Technologies, Inc.
Web site: http://www.analogictech.com/ http://www.aati.com/
SGI HPC Momentum Continues With Acquisition and InvestmentSGI Acquires Assets of Linux Networx, a Leader in Clustered HPCOak Investment Partners and Lehman Brothers Invest in SGI
SUNNYVALE, Calif., Feb. 14 /PRNewswire-FirstCall/ -- SGI demonstrated continued momentum in the HPC market today with the announcement of its acquisition of the core assets of Linux Networx, Inc. and an investment in SGI by Oak Investment Partners and Lehman Brothers.
In exchange for the issuance of SGI common stock, SGI has acquired key Linux Networx software, patents, technology and expertise. Linux Networx is a recognized technology leader in the clustered HPC space and boasts a significant customer base. The acquisition is expected to advance SGI leadership in production-ready high performance computing solutions.
"This is another significant step in the growth of SGI," said Bo Ewald, SGI Chief Executive Officer. "We've grown orders more than 30 percent in each of the last two quarters. We're in a position to acquire key technology and expertise to further power our growth. This represents the first of such key technology acquisitions and will help further the development of our software environment and support for our clustered systems. In addition, we are very pleased that Oak and Lehman Brothers have provided additional financing to the company to help speed our growth."
As part of the transaction, SGI has acquired software and several patents in the areas of cluster design, power and cooling and overall cluster optimization. SGI will also add key personnel and expertise in the areas of software design, system optimization, application performance tuning and cluster management.
The purchase of the Linux Networx assets closed today. For additional information please refer to SGI SEC reports.
SGI - Innovation for Results(TM)
SGI is a leader in high-performance computing. SGI delivers a complete range of high-performance server, visualization 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 significant 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 change, 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) 2008 SGI. All rights reserved. SGI, the SGI cube and the SGI logo are registered trademarks.
This news release contains forward-looking statements regarding SGI technologies and third-party technologies that are subject to risks and uncertainties. These risks and uncertainties could cause actual results to differ materially from those described in such statements. The reader is cautioned not to rely unduly on these forward-looking statements, which are not a guarantee of future or current performance. Such risks and uncertainties include the sustained performance of current and future products, financing risks, the ability to integrate and support a complex technology solution involving multiple providers and users, the ability to attract and retain customers, and other risks detailed from time to time in the company's most recent SEC reports, including its reports on Form 10-K and Form 10-Q.
MEDIA CONTACT
Marla Robinson
marlar@sgi.com
256.773.2371
SGI PR HOTLINE
650.933.7777
SGI PR FACSIMILE
650.933.0714
SGI
CONTACT: Marla Robinson of SGI, +1-256-773-2371, marlar@sgi.com, or SGI PR HOTLINE, +1-650-933-7777, or SGI PR FACSIMILE, +1-650-933-0714
Web site: http://www.sgi.com/
NetSuite Announces Fourth Quarter and Fiscal Year 2007 Results- Record 2007 Revenue of $108.5M, up 62% year-over-year- Record Q4 2007 Revenue of $31.7M, up 13% quarter-over-quarter- Record Q4 2007 Cash Flow from Operations of $3.7M- Record Q4 2007 Unique Log-ins of 930,000
SAN MATEO, Calif., Feb. 14 /PRNewswire-FirstCall/ -- NetSuite Inc. , a leading vendor of on-demand, integrated business management application suites that include Accounting / Enterprise Resource Planning (ERP), Customer Relationship Management (CRM) and Ecommerce software for small and medium-sized businesses and divisions of large companies, today announced operating results for its fourth quarter and fiscal year ended December 31, 2007.
(Logo: http://www.newscom.com/cgi-bin/prnh/20021024/SFTH024LOGO)
NetSuite announced record revenue for the fourth quarter and fiscal year ended December 31, 2007. Total revenue for the year was $108.5 million, a year-over-year increase of 62%. Total revenue for the fourth quarter was $31.7 million, a 57% increase over the fourth quarter of 2006, and a 13% increase over the third quarter of 2007. The fourth quarter of 2007 marked the 33rd consecutive quarter of increased revenue for NetSuite.
On a GAAP basis, net loss for the fourth quarter of 2007 was $(3.3 million), or $(0.22) per share, compared to $(8.1 million), or $(1.25) per share in the fourth quarter of 2006. On a GAAP basis, net loss for the year ended December 31, 2007 was $(23.9 million), or $(2.45) per share, compared to $(35.7 million), or $(6.42) per share, in 2006.
Net loss on a non-GAAP basis for the fourth quarter of 2007 was $(842,000), or $(0.01) per share, compared with $(3.9 million), or $(0.07) per share in the fourth quarter of 2006, an improvement of 78%. Net loss on a non-GAAP basis for the year ended December 31, 2007 was $(5.7 million), or $(0.10) per share, compared to $(20.4 million), or $(0.36) per share, in 2006, an improvement of 72%.
Net loss on a non-GAAP basis excludes stock-based compensation. Net loss per share on a non-GAAP basis also includes certain adjustments to outstanding shares of common stock based upon the conversion of convertible preferred stock to common stock and the issuance of common stock in connection with the Company's Q4 07 initial public offering. A reconciliation of net loss and net loss per share on a non-GAAP basis to their comparable measures on a GAAP basis is provided below in a table immediately following the Condensed Consolidated Statements of Operations.
"Our fourth quarter and fiscal year 2007 results capped off the best year in our history by every measure," said Zach Nelson, CEO of NetSuite. "We head into 2008 with tremendous market, customer and product momentum, not just in the U.S. but around the world."
Revenue from the Americas for the year ended 2007 was $89.3 million, while revenue from international regions doubled to $19.2 million. The Company added approximately 430 new customers in the fourth quarter and ended the year with over 5,600 active customers. The NetSuite platform had more than 930,000 unique log-ins during the fourth quarter, making it one of the most widely used software as a service applications in the world.
In addition, NetSuite's Board of Directors recently elected Ms. Deborah Farrington as the Board's Lead Independent Director. Ms. Farrington is expected to serve in this capacity for two years following the annual stockholder meeting expected to take place in May 2008.
Outlook
Based on information as of February 14, 2008, NetSuite is providing the following outlook for its first quarter of 2008 and its full fiscal year 2008:
Q1 FY08: For the first quarter of 2008, NetSuite expects total revenue in
the range of $33 million to $34 million. Non-GAAP net loss, which excludes
the non-cash impact of stock-based compensation expense, is expected to be
in the range of $(1.5 million) to $(0.5 million). Non-GAAP loss per share
is expected to be in the range of approximately $(0.02) to $(0.01).
Weighted average shares for the quarter are estimated to be approximately
60.1 million shares.
Full Year FY08: For the full year 2008, NetSuite expects total revenue in
the range of $153 million to $156 million. Non-GAAP net loss, which
excludes the non-cash impact of stock-based compensation expense, is
expected to be in the range of $(2.5 million) to $(0.5 million). Non-GAAP
loss per share is expected to be in the range of approximately $(0.04) to
$(0.01). Weighted average shares for the year are estimated to be
approximately 61.3 million shares.
Conference Call
NetSuite will host a conference call to discuss its fourth quarter and full fiscal year 2007 results at 2:00 p.m. Pacific Standard Time today. A live audio webcast of the conference call, together with detailed financial information, can be accessed through the investors section of the Company's web site at http://www.netsuite.com/investors. In addition, an archive of the webcast can be accessed through the same link for at least 30 days. Participants may also call into the conference call by calling 888-727-7693 domestically and 913-312-1481 internationally. A replay of the call will be available at 888-203-1112 or 719-457-0820, passcode 6478447, until midnight (PST) February 16, 2008.
About NetSuite
NetSuite Inc. is a leading vendor of on-demand, integrated business management application suites for small and medium-sized businesses. NetSuite enables companies to manage core business operations in a single system, which includes Accounting / Enterprise Resource Planning (ERP), Customer Relationship Management (CRM), and Ecommerce. NetSuite's patent-pending "real-time dashboard" technology provides an easy-to-use view into up-to-date, role-specific business information.
Cautionary Note Regarding Forward-Looking Statements
This press release and scheduled conference call contain forward-looking statements relating to expectations, plans, prospects, or financial results for NetSuite, which include but are not limited to the outlook stated above. These forward-looking statements are based upon current expectations and beliefs of NetSuite's management as of February 14, 2008 and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. All forward-looking statements in this press release are based on information available to the Company as of the date hereof, and NetSuite disclaims any obligation to update these forward-looking statements.
In particular, the following factors, among others, could cause results to differ materially from those expressed or implied by such forward-looking statements: the market for on-demand services may develop more slowly than expected; quarterly operating results may fluctuate more than expected; unexpected disruptions of service at the Company's data center may occur; a security breach may impact operations; risks associated with material defects or errors in the Company's software or the effect of undetected computer viruses could impact operations; the risk of technological developments and innovations by others; the risk of loss of power or disruption in Internet service; failure to manage growth; the ability to manage operations when faced with competitive pricing and marketing strategies by competitors; the risk of losing key employees; increased demands on employees and costs associated with operating as a public company; evolving government regulation of the Internet and e-commerce; changes to current accounting rules; general political, economic and market conditions and events, including war, conflict or acts of terrorism; and other risks and uncertainties.
For a detailed discussion of these and other cautionary statements, please refer to the risk factors discussed in filings with U.S. Securities and Exchange Commission ("SEC"), including but not limited to the Company's Registration Statement on Form S-1/A filed on December 19, 2007, and any subsequently filed reports on Forms 10-K and 10-Q. All documents are available through the SEC's Electronic Data Gathering Analysis and Retrieval system (EDGAR) at http://www.sec.gov/ or NetSuite's website at http://www.netsuite.com/.
Non-GAAP Financial Measures
The Company's stated results include certain non-GAAP measures, including net loss, weighted average shares outstanding, and net loss per share. Non-GAAP net loss excludes stock-based compensation as these expenses are non-cash items that are difficult to predict and are often excluded by other companies. Additionally, non-GAAP weighted average shares outstanding, the denominator for the non-GAAP net loss per share calculation, assumes the conversion of preferred stock and the issuance of common stock as part of the Company's Initial Public Offering had occurred at the beginning of the applicable period. The Company considers these events to be non-routine, and believes these adjustments provide useful comparative information to investors.
The Company considers these non-GAAP measures to be important because they provide useful measures of the operational performance of the Company and are used by the Company's management for that purpose. In addition, investors often use measures such as these to evaluate the financial performance of a company. Non-GAAP results are presented for supplemental informational purposes only for understanding the Company's operating results. The non-GAAP results should not be considered a substitute for financial information presented in accordance with generally accepted accounting principles, and may be different from non-GAAP measures used by other companies.
A copy of this press release can be found on the Investors page of NetSuite's website at http://www.netsuite.com/investors.
NOTE: NetSuite and the NetSuite logo are registered service marks of NetSuite Inc.
NETSUITE INC.
CONDENSED CONSOLIDATED BALANCE SHEETS -- UNAUDITED
(In thousands)
December 31,
2006 2007
ASSETS
Current assets:
Cash and cash equivalents $9,910 $169,408
Accounts receivable, net 15,274 19,252
Deferred commissions 11,871 13,241
Other current assets 935 1,778
Total current assets 37,990 203,679
Property and equipment, net 5,513 12,068
Deferred commissions, non-current 3,353 2,275
Other assets 1,197 1,309
Total assets $48,053 $219,331
LIABILITIES, CONVERTIBLE PREFERRED STOCK,
MINORITY INTEREST, AND STOCKHOLDERS' EQUITY
(DEFICIT)
Current liabilities:
Accounts payable $1,770 $2,788
Deferred revenue 52,660 66,368
Accrued compensation 6,614 8,552
Other current liabilities 9,102 13,603
Total current liabilities 70,146 91,311
Long-term liabilities:
Line of credit from related party 7,013 -
Deferred revenue, non-current 19,109 11,172
Other long-term liabilities 1,453 4,257
Total long-term liabilities 27,575 15,429
Total liabilities 97,721 106,740
Minority interest 1,945 1,330
Convertible preferred stock 125,654 -
Stockholders equity (deficit) (177,267) 111,261
Total liabilities, convertible
preferred stock, minority interest
and stockholders' equity (deficit) $48,053 $219,331
NETSUITE INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS -- UNAUDITED
(In thousands, except per share data)
Three Months Ended Year Ended
Dec. Sept. Dec. Dec. Dec.
31, 30, 31, 31, 31,
2006 2007 2006 2007
Revenue $20,189 $28,065 $31,734 $67,202 $108,541
Cost of revenue (1) 6,535 8,440 9,583 22,993 33,766
Gross Profit 13,654 19,625 22,151 44,209 74,775
Operating expenses:
Product development (1) 5,420 3,683 4,990 20,690 23,703
Sales and marketing (1) 12,207 14,083 16,026 43,892 57,932
General and
administrative (1) 4,137 3,622 4,423 14,619 16,720
Total operating
expenses 21,764 21,388 25,439 79,201 98,355
Operating loss (8,110) (1,763) (3,288) (34,992) (23,580)
Other income (expense),
net, including the effect
of minority interest and
income taxes (7) (32) 6 (730) (326)
Net loss $(8,117) $(1,795) $(3,282) $(35,722) $(23,906)
Net loss per common share $(1.25) $(0.21) $(0.22) $(6.42) $(2.45)
Weighted average number of
shares used in computing
net loss per common share 6,469 8,412 15,246 5,567 9,774
(1) Includes stock-based
compensation expense as
follows:
Three Months Ended Year Ended
Dec. Sept. Dec. Dec. Dec.
31, 30, 31, 31, 31,
2006 2007 2006 2007
Cost of revenue $10 $125 $183 $19 $1,703
Product development 2,419 256 1,478 8,885 10,376
Sales and marketing 27 46 225 75 2,540
General and
administrative 1,794 215 554 6,329 3,605
Total stock-based
compensation expense $4,250 $642 $2,440 $15,308 $18,224
NETSUITE INC.
RECONCILIATION OF NET LOSS PER SHARE TO NON-GAAP NET LOSS PER SHARE --
UNAUDITED
(In thousands, except per share data)
Three Months Ended Year Ended
Dec. Sept. Dec. Dec. Dec.
31, 30, 31, 31, 31,
2006 2007 2006 2007
Numerator:
Reconciliation between
GAAP and non-GAAP Net
loss:
Net loss applicable to
common shareholders,
as reported $(8,117) $(1,795) $(3,282) $(35,722) $(23,906)
Reversal of
amortization of stock
based-compensation (a) 4,250 642 2,440 15,308 18,224
Non-GAAP net loss: $(3,867) $(1,153) $(842) $(20,414) $(5,682)
Denominator:
Reconciliation between
GAAP and non-GAAP
weighted average shares
used in computing basic
and diluted net loss
per common share:
Weighted average number
of shares used in
computing basic and
diluted net loss per
common share 6,469 8,412 15,246 5,567 9,774
Pro forma adjustments
to reflect assumed
weighted average
effect of issuing
shares in initial
public offering on
January 1, 2006 (b) 6,765 6,765 5,883 6,765 6,543
Pro forma adjustments
to reflect assumed
weighted average
effect of conversion
of preferred stock
on January 1, 2006
based on conversion
price set at initial
public offering
date (c) 44,677 44,677 38,849 44,677 43,207
Non-GAAP weighted
average shares used
in computing
non-GAAP basic and
diluted net loss
per common share 57,911 59,854 59,978 57,009 59,524
GAAP net loss per
share $(1.25) $(0.21) $(0.22) $(6.42) $(2.45)
Non-GAAP net loss per
share $(0.07) $(0.02) $(0.01) $(0.36) $(0.10)
Use of Non-GAAP Financial Measures:
To supplement our condensed consolidated financial statements presented on a GAAP basis, NetSuite uses non-GAAP measures of net loss, weighted average shares outstanding and net loss per share, which are adjusted to exclude stock-based compensation expense, and to include dilutive shares where applicable. We believe these adjustments are appropriate to enhance an overall understanding of our past financial performance and also our prospects for the future. These adjustments to our current period GAAP results are made with the intent of providing both management and investors a more complete understanding of NetSuite's underlying operating results and trends and our marketplace performance. The non-GAAP results are an indication of our baseline performance that are considered by management for the purpose of making operational decisions. In addition, these non-GAAP results are the primary indicators management uses as a basis for our planning and forecasting of future periods. The presentation of this addition
(a) Stock-based compensation is a non-cash expense accounted for in
accordance with Statement of Financial Accounting Standards No. 123(R)
for options granted after January 1, 2006, and Accounting Principles
Board Opinion No. 25 for options granted before January 1, 2006. While
a large component of our expense in certain periods, we believe
investors want to exclude the effects of stock-based compensation
expense in order to compare our financial performance with that of
other companies and between time periods.
(b) Represents common shares issued in the company's IPO as if the shares
were issued as of the beginning of the comparable periods. We believe
investors want to give effect to the issuance for prior periods in
order to compare our financial performance with that of other
companies and between time periods.
(c) Represents common shares from the conversion of convertible preferred
shares as if the shares were converted as of the beginning of the
comparable periods. Convertible preferred shares were converted into
common shares as of December 20, 2007, the date of our IPO. We believe
investors want to give effect to the conversion for prior periods in
order to compare our financial performance with that of other
companies and between time periods.
NETSUITE INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS -- UNAUDITED
(in thousands)
Year Ended December 31,
2006 2007
Cash flows from operating
activities:
Net loss $(35,722) $(23,906)
Adjustments to reconcile net loss to
net cash provided by operating activities:
Depreciation and amortization 2,584 3,380
Provision for accounts receivable
allowances 432 530
Stock-based compensation 15,308 18,224
Amortization of deferred commissions 12,762 19,752
Loss on disposal of property and
equipment - 1
Minority interest (240) (614)
Accrued interest on notes from
stockholders (156) (56)
Changes in operating assets and
liabilities 7,800 (13,192)
Net cash provided by operating activities 2,768 4,119
Cash flows from investing activities:
Purchases of property and equipment (1,903) (4,670)
Proceeds from disposal of property
and equipment - 6
Capitalized internal use software (447) (108)
Net cash used in investing activities (2,350) (4,772)
Cash flows from financing activities:
Proceeds from refundable prepaid
royalities 1,903 -
Proceeds from line of credit
from related party 9,046 1,000
Payments on line of credit from
related party (9,282) (8,000)
Proceeds from notes receivable
from stockholders - 4,429
Payments under capital leases (820) (1,133)
Proceeds from issuance of common stock 325 163,509
Proceeds received from sale of
subsidiary stock 6,716 -
Net cash provided by financing activities 7,888 159,805
Effect of exchange rate on cash and
cash equivalents (53) 346
Net increase in cash and cash equivalents 8,253 159,498
Cash and cash equivalents at beginning
of period 1,657 9,910
Cash and cash equivalents at end of period $9,910 $169,408
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NetSuite Inc.
CONTACT: Investors, IR@netsuite.com, or Media, Mei Li, Senior VP, Corporate Communications of NetSuite Inc., +1-650-627-1063, meili@netsuite.com
Web site: http://www.netsuite.com/
Sonic Solutions to Present at the Roth Annual OC Growth Stock Conference
NOVATO, Calif., Feb. 14 /PRNewswire-FirstCall/ -- Sonic Solutions(R) today announced that Executive Vice President of Strategy, Mark Ely, will participate in the Roth Annual OC Growth Stock Conference on Tuesday, February 19, 2008, at 12:00 p.m. PT. An on-demand audio webcast of the presentation will be accessible through the company's Investor Relations Webcast section at http://www.sonic.com/about/investor/.
ROTH Capital Partners
ROTH 20th Annual OC Growth Stock Conference
The Ritz Carlton Laguna Niguel
Dana Point, CA
February 19, 2008
12:00 p.m. PT / 3:00 p.m. ET
Mark Ely, Executive Vice President of Strategy
About Sonic Solutions
Sonic Solutions (http://www.sonic.com/) enables the creation, management, and enjoyment of digital media content through its Hollywood to Home(TM) products, services, and technologies. Sonic's products range from the advanced authoring systems used to produce Hollywood DVD and Blu-ray Disc titles to the award-winning Roxio(R)-branded photo, video, music, and digital-media management applications. Sonic's patented technologies and AuthorScript(R) media engine are relied upon by leading technology firms to define rich media experiences on a wide array of consumer electronics, mobile devices, set-top players, retail kiosks, and PCs. Always an innovator, Sonic has taken a leading role in helping professional and consumer markets make the successful transition to the new high-definition media formats and, through the Sonic DVD On Demand(TM) and Qflix(TM) platforms, Sonic is defining new models for the digital distribution of premium Hollywood entertainment. Sonic Solutions is headquartered in Marin County, California.
Sonic, the Sonic logo, Sonic Solutions, AuthorScript, Hollywood to Home, Sonic DVD On Demand, Qflix, and Roxio are trademarks or registered trademarks of Sonic Solutions in the United States and/or other countries. All other company or product names are trademarks of their respective owners and, in some cases, are used by Sonic Solutions under license.
Sonic Solutions
CONTACT: Investor Relations, Nils Erdmann of Sonic Solutions, +1-415-893-7824, nils_erdmann@sonic.com; or Brooke Deterline of Street Smart Investor Relations, +1-415-893-7824, ir@sonic.com, for Sonic Solutions; or Press, Chris Taylor of Sonic Solutions, +1-408-367-5231, chris_taylor@sonic.com
Web site: http://www.sonic.com/
AT&T Tennessee Offers Storm Victims Service Option While Restoration Efforts Continue
NASHVILLE, Tenn., Feb. 14 /PRNewswire-FirstCall/ -- With restoration and repair efforts continuing in the aftermath of Tennessee's recent storms and tornadoes, AT&T Inc. has announced additional steps to help victims by waiving charges for some services and offering free telephony relocation costs.
"Many of our consumer and business customers in Tennessee have experienced significant damage and losses because of the recent storms and tornadoes in our state," said Gregg Morton, president, AT&T Tennessee. "AT&T wants to help them in every way we can. Our disaster recovery plan will help our consumer and business customers who require service in temporary locations because of the catastrophes. AT&T will help customers stay connected so that they can keep in touch during this difficult time."
The AT&T Disaster Relief Effort includes the following assistance for qualifying consumer and business customers. If customers cannot be in their regular home or business location but want to stay in touch with family, friends, customers or suppliers, AT&T has waived fees on many options to keep them connected. This relief is available as long as needed for qualifying customers.
-- Service charges associated with providing dial tone phone service to a
new or temporary location will be waived, as well as charges for a
move back to the original location.
Customers who want more information on this or other ways AT&T may assist your home or business in re-establishing communications should call the following numbers or visit http://www.att.com/
-- Consumer: 888-757-6500
-- Small business customers: 866-620-6000
-- AT&T business customers: 800-945-6500
Identifying possible service problems before calling AT&T will help speed the resolution time. These problem-isolation tips include:
-- Cordless phones don't work? Use a traditional corded telephone.
-- Dial tone is available on one of your phones but not others? Chances
are the problem is in the phone itself. Unplug it from the network.
-- There's noise or static on the line? Try disconnecting all of your
telephones and related equipment (answering machines, computers, fax
machines, caller-ID devices, etc.). Wait at least one minute. Then,
reconnect your phones one at a time to see if the trouble still
exists. Check for a dial tone as you plug in each one. If the problem
stops, it is most likely associated with a specific phone or related
equipment. If static returns once you have reconnected another device,
the problem is most likely associated with that item or the cord
attached to that equipment.
-- Can't receive telephone calls even though you have a dial tone? It is
possible that Call Forwarding has been activated on your telephone.
Try dialing *73 (or 1173 from a rotary dial telephone) to disable this
feature.
Customers wishing to call AT&T for repair service may call the following phone numbers or send an online repair request at http://www.att.com/
-- Consumer: 877-737-2478
-- Small business: 866-620-6900
-- AT&T business: 800-247-2020
Note: This AT&T release and other news announcements are available as part of an RSS feed at http://www.att.com/rss.
About Philanthropy at AT&T
AT&T Inc. is committed to advancing education, strengthening communities and improving lives. Through its philanthropic initiatives and partnerships, AT&T supports projects that create learning opportunities; promote academic and economic achievement; and address community needs. In 2006, AT&T contributed more than $101 million through corporate-, employee- and AT&T Foundation-giving programs. AT&T and the AT&T Foundation, the corporate philanthropy organization of AT&T Inc., combine more than $1.8 billion of historic charitable commitment to communities across the country.
About AT&T
AT&T Inc. is a premier communications holding company. Its subsidiaries and affiliates, AT&T operating companies, are the providers of AT&T services in the United States and around the world. Among their offerings are the world's most advanced IP-based business communications services and the nation's leading wireless, high speed Internet access and voice services. In domestic markets, AT&T is known for the directory publishing and advertising sales leadership of its Yellow Pages and YELLOWPAGES.COM organizations, and the AT&T brand is licensed to innovators in such fields as communications equipment. As part of its three-screen integration strategy, AT&T is expanding its TV entertainment offerings. Additional information about AT&T Inc. and the products and services provided by AT&T subsidiaries and affiliates is available at http://www.att.com/.
(C) 2008 AT&T Intellectual Property. All rights reserved. AT&T and the AT&T logo are trademarks of AT&T Intellectual Property. For more information, please review this announcement in the AT&T newsroom at http://www.att.com/newsroom.
AT&T Inc.
CONTACT: Cathy Lewandowski, AT&T Market Manager, +1-615-214-5874, cathy.lewandowski@att.com
Web site: http://www.att.com/
Honeywell Declares Quarterly Dividend
MORRIS TOWNSHIP, N.J., Feb. 14 /PRNewswire-FirstCall/ -- The Board of Directors of Honeywell has declared a regular quarterly dividend of $0.275 per share on the company's outstanding common stock. The dividend is payable on March 10, 2008, to shareowners of record at the close of business on February 27, 2008.
Honeywell International is a $36 billion diversified technology and manufacturing leader, serving customers worldwide with aerospace products and services; control technologies for buildings, homes and industry; automotive products; turbochargers; and specialty materials. Based in Morris Township, N.J., Honeywell's shares are traded on the New York, London and Chicago Stock Exchanges. For additional information, please visit http://www.honeywell.com/.
This release contains certain statements that may be deemed "forward- looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, that address activities, events or developments that we or our management intends, expects, projects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements are based upon certain assumptions and assessments made by our management in light of their experience and their perception of historical trends, current conditions, expected future developments and other factors they believe to be appropriate. The forward-looking statements included in this release are also subject to a number of material risks and uncertainties, including but not limited to economic, competitive, governmental, and technological factors affecting our operations, markets, products, services and prices. Such forward-looking statements are not guarantees of future performance, and actual results, developments and business decisions may differ from those envisaged by such forward-looking statements.
Media: Investor Relations:
Robert C. Ferris Murray Grainger
(973) 455-3388 (973) 455-2222
rob.ferris@honeywell.com murray.grainger@honeywell.com
Honeywell
CONTACT: Media, Robert C. Ferris, +1-973-455-3388, or rob.ferris@honeywell.com; or Investor Relations, Murray Grainger, +1-973-455-2222, or murray.grainger@honeywell.com, both of Honeywell
Web site: http://www.honeywell.com/
Verizon Taps High-Octane Filmmaker Michael Bay for New FiOS Advertising CampaignThemed 'This is FiOS; This is Big,' New Campaign Illustrates Powerful Home-Entertainment Experiences Delivered Over Verizon's Fiber-Optic Network Straight to Customers' Homes
NEW YORK, Feb. 14 /PRNewswire/ -- Celebrated filmmaker Michael Bay will be the first celebrity featured in a new advertising campaign for Verizon FiOS TV and FiOS Internet services. Themed "This is FiOS; This is Big," the new campaign -- created for Verizon by McCann Erickson, New York -- showcases the groundbreaking services delivered over Verizon's advanced fiber-optic network straight to customers' homes.
"Michael Bay is a larger-than-life figure because he's a powerful game-changer," said John Wimsatt, senior vice president of marketing for Verizon Telecom. "Verizon FiOS is the best and first choice for home entertainment because the power of our fiber-optic network delivers the best picture quality, fastest Internet and most-innovative interactive services. Michael Bay is the perfect choice to help portray the big, powerful experiences that FiOS creates in home entertainment and broadband."
Bay -- who is famous for directing cutting-edge, high-octane blockbusters like "Transformers," "Pearl Harbor," "Bad Boys" and "Armageddon" -- stars in an action-packed, 30-second TV spot for Verizon FiOS Internet service that begins airing Sunday (Feb. 17). In the ad, Bay deftly spoofs his own super-charged Hollywood persona as he blows up things throughout a super-contemporary home to show how Verizon "blows away" cable Internet service with upload and download speeds that are up to 25 times faster. While a Verizon technician installs FiOS Internet service in the home, Bay uses a remote detonator to blow up a barbecue grill and swimming pool. He also shows off his pet cat -- a Bengal tiger -- and a 20-foot-tall Transformer to underscore how "awesome" -- a word he continuously repeats -- he finds the Verizon fiber-optic technology.
(NOTE: A high-quality MPEG4 video of the new Verizon FiOS ad featuring Michael Bay and photographs of Bay are available at for download at http://verizon.wieck.com/.)
"Verizon is the only Internet provider offering this kind of symmetrical service in the United States on a mass scale," said Wimsatt. "The flash and excitement of our new ad reflects how FiOS Internet changes everything by creating a whole new category of U.S. broadband where 'fast' applies equally to receiving and sending data."
An additional spot featuring another game-changing superstar will air at a later date and will highlight more of the many innovative new features accessible to consumers through Verizon's advanced fiber-optic network.
In addition to ads featuring popular celebrities, the new campaign includes TV spots that showcase FiOS customers sharing stories about the difference FiOS has made in their television and online experiences.
The "This is FiOS; This is Big" campaign demonstrates that FiOS TV is a formidable competitor to cable and satellite TV. FiOS TV 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. The company's fiber network also delivers Internet download speeds of up to 50 megabits per second (Mbps) and upload speeds of up to 20 Mbps, as well as high-quality voice service. Verizon is the only major telecom company building a fiber-optic network all the way to customers' homes on a mass scale.
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 nearly 66 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 employs a diverse workforce of nearly 235,000 and last year generated consolidated operating revenues of $93.5 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: Bobbi Henson, Verizon, +1-972-718-2225, bobbi.henson@verizon.com
Web site: http://www.verizon.com/ http://verizon.wieck.com/ http://www.verizon.com/news
Company News On-Call: http://www.prnewswire.com/comp/094251.html
Advanced Energy to Webcast Presentation at the Piper Jaffray Clean Energy and Renewables Conference
FORT COLLINS, Colo., Feb. 14 /PRNewswire-FirstCall/ -- Advanced Energy Industries, Inc. is pleased to announce its participation in the upcoming Piper Jaffray Clean Energy and Renewables Conference. Lawrence D. Firestone, Executive Vice President and Chief Financial Officer, will deliver a group presentation on Wednesday, February 20, 2008, at 11:30 AM Eastern Time. The live and archived webcast will be available over Advanced Energy's investor relations website, http://ir.advanced-energy.com/.
About Advanced Energy(R)
Advanced Energy(R) develops innovative power and control technologies that drive high-growth, plasma thin-film manufacturing processes worldwide, including semiconductors, flat panel displays, data storage products, solar cells, architectural glass, and other advanced product applications. Advanced Energy(R) also develops grid connect inverters for the solar energy market.
AE is a publicly held company traded on Nasdaq Global Market under the symbol AEIS. For more information, go to http://www.advanced-energy.com/.
Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20030825/AEISLOGO AP Archive: http://photoarchive.ap.org/ PRN Photo Desk, photodesk@prnewswire.com
Advanced Energy Industries, Inc.
CONTACT: Annie Leschin or Brooke Deterline, both of StreetSmart Investor Relations, +1-970-407-6555, ir@aei.com, for Advanced Energy Industries, Inc.
Web site: http://www.advanced-energy.com/
Verizon to Bring TV Choice and Competition to Ramapo, N.Y.N.Y. PSC Confirms Verizon's Video Franchise With the Town
NEW YORK, Feb. 14 /PRNewswire/ -- Residents of the Rockland County Town of Ramapo are a major step closer to having a real choice for their cable television service, thanks to a recently approved agreement authorizing Verizon to offer its FiOS TV service, delivered over the most advanced fiber- optic network straight to customers' homes.
The New York Public Service Commission on Wednesday (Feb. 13) issued an order confirming Verizon's video franchise with the town, which had granted the company a franchise late last year. The commission has the authority to review franchise agreements between local governments in New York and cable service providers, such as Verizon, to make sure the agreements comply with statewide rules and regulations.
"The PSC's confirmation of the franchise agreement for the Town of Ramapo brings us closer to providing the choice and competition that New York consumers demand," said Monica Azare, Verizon senior vice president for New York and Connecticut. "Competition like this drives innovation and value, and puts the consumer in control.
"We look forward to launching FiOS TV in the town soon and offering more New York consumers the benefits and innovation that our service provides," she added.
The Town of Ramapo's franchise covers parts of the unincorporated communities of Hillcrest, Ladentown, Monsey, Tallman, Viola, Northeast Ramapo and Western Ramapo. Each incorporated area of the Town, as well as all other incorporated areas of New York, must conduct its own negotiations with Verizon for a video franchise.
Ramapo is joining 98 other New York communities that are paving the way for competition and choice in the television market. Verizon also has secured video franchises in the Rockland County communities of Nyack, South Nyack, Upper Nyack, Grandview-on-Hudson, Clarkstown, Orangetown, Piermont, Airmont, the town of Haverstraw, West Haverstraw, Chestnut Ridge, Spring Valley, the village of Haverstraw, Suffern and Hillburn. Verizon also has video franchises in the Orange County town of Newburgh; the Westchester County communities of Ardsley, Dobbs Ferry, Tarrytown, Irvington, the Town of Greenburgh, Eastchester, Mount Kisco, Elmsford, Port Chester, Tuckahoe, White Plains, Rye Brook, North Castle, Mount Vernon, Mount Pleasant, Yonkers, Scarsdale, Bronxville, New Rochelle, Cortlandt, Peekskill, Buchanan, Rye, Larchmont, the village of Mamaroneck, the town of Mamaroneck, Pelham Manor, Sleepy Hollow, Briarcliff Manor, the town of Ossining and the village of Ossining; and 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, Floral Park, South Floral Park, Garden City, Nissequogue, Poquott, East Williston, Head of the Harbor, Mill Neck, Stewart Manor, Centre Island, Malverne, Huntington Bay, The Branch, Oyster Bay Cove, Flower Hill, Great Neck Estates, Great Neck Plaza, Great Neck, Kensington, Kings Point, Lake Success, Munsey Park, North Hills, Plandome, Plandome Heights, Plandome Manor, Russell Gardens, Saddle Rock, Thomaston, Bellerose and East Hills; and in the towns of North Hempstead, Huntington, Smithtown, Hempstead, Oyster Bay and Islip.
Verizon's FiOS TV is a formidable competitor to cable and satellite, offering a broad collection of all-digital programming, 31 high-definition (HD) channels in the New York market and access to more than 10,000 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 20 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 nearly 66 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 employs a diverse workforce of nearly 235,000 and last year generated consolidated operating revenues of $93.5 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, heather.b.wilner@verizon.com
Web site: http://www.verizon.com/
Digital Realty Trust présente un Webinaire sur les tendances émergentes du marché européen des centres de données
SAN FRANCISCO et LONDRES, February 14 /PRNewswire/ --
- Une présentation Web interactive aura lieu lundi 18 février
Digital Realty Trust, Inc. (NYSE: DLR), propriétaire et
exploitant de premier plan de centres de données de passerelles Internet et
d'entreprise, présentera un Webinaire sur les tendances émergentes du marché
européen des centres de données lundi 18 février 2008 à 12h00 GMT. Le
Webinaire sera animé par Bernard Geoghegan, vice-président, qui supervise les
opérations de Digital Realty Trust en Europe. Le portefeuille de Digital
Realty Trust est constitué de 70 propriétés situées dans 26 marchés à travers
l'Europe et l'Amérique du Nord.
Les sujets abordés dans cette présentation incluront :
-- Les tendances principales qui influenceront le marché
européen des centres de données en 2008
-- Les principales questions conduisant à la nécessité de
développer des centres de données
-- Les principaux facteurs dans le choix de l'emplacement d'un
nouveau centre de données
-- Les importants besoins de puissance des nouveaux centres
de données
-- L'impact de la virtualisation sur les besoins d'espace des
centres de données
-- Les critères utilisés par les utilisateurs pour évaluer les
partenaires potentiels et prendre les décisions de leurs
centres de données
-- Les comparaisons entre les besoins des centres de données
en Europe et aux États-Unis
Pour vous inscrire à ce Webinaire, consultez
http://www.digitalrealtytrust.com/email/DLR_EM_BG_Webinar_Invite.htm. Une
version archivée du Webinaire sera également disponible à l'adresse
http://www.digitalrealtytrust.com après le 18 février 2008.
À propos de Digital Realty Trust, Inc.
Digital Realty Trust, Inc. détient, acquiert, redéveloppe,
développe et gère des biens immobiliers associés à la technologie. La Société
se concentre sur la fourniture de solutions de centre de données Turn-Key
Datacentre(TM) et Powered Base Building(TM) pour les locataires nationaux et
internationaux dans divers secteurs verticaux, allant des entreprises
informatiques et Internet aux services financiers et de fabrication. Les 70
propriétés de Digital Realty Trust, sans compter un bien détenu en
coentreprise non consolidée, comprennent des applications et des opérations
essentielles aux opérations quotidiennes des locataires de l'industrie
technologique et des locataires de centres de données de grandes entreprises.
Composé d'environ 12,3 millions de pieds carrés louables au 7 février 2008,
dont 1,8 million de pieds carrés d'espace consacré au redéveloppement, le
portefeuille de Digital Realty Trust est réparti dans 26 marchés en Amérique
du Nord et en Europe. Pour de plus amples renseignements, veuillez visiter le
site Internet de Digital Realty Trust à l'adresse
http://www.digitalrealtytrust.com.
Énoncé de zone refuge
Ce communiqué de presse contient des énoncés prospectifs qui
sont basés sur des attentes, des prévisions et des hypothèses actuelles et
qui impliquent des risques et incertitudes qui pourraient avoir pour
conséquences que les résultats réels soient sensiblement différents. Ces
risques et incertitudes comprennent les développements économiques ou
immobiliers contraires sur les marchés de la société ou dans le secteur
technologique ; les conditions économiques générales ; la réduction des
dépenses informatiques, les défauts de paiement ou les non-renouvellements de
locations par les locataires ; les augmentations des taux d'intérêt ou des
coûts d'opération ; une incapacité à gérer la croissance locale et
internationale de manière efficace ; l'incapacité à obtenir les financements
extérieurs nécessaires ; des taux de location en baisse ou des taux de
vacance en hausse ; les difficultés à identifier des biens à acquérir et à
conclure les acquisitions à des taux de rendement acceptables ; l'incapacité
à gérer de manière acceptable les biens et opérations acquis ; l'incapacité
des biens acquis à atteindre les performances attendues ; l'incapacité à
redévelopper de manière satisfaisante les biens acquis à de telles fins ou
des coûts inattendus afférents ; l'incapacité à maintenir le statut de la
société en tant que société de placement immobilier (REIT) ; les incertitudes
et les risques environnementaux relatifs aux catastrophes naturelles ; les
fluctuations du marché financier ; les modifications des taux de conversion
des devises étrangères ; les risques liés aux opérations sur les marchés
étrangers ; et les modifications des lois de l'immobilier et du zonage, ainsi
que les augmentations des taux d'impôts sur les biens immobiliers. Pour
obtenir une liste et une description des risques et des incertitudes,
veuillez consulter les rapports et autres documents déposés par la société
auprès de la Securities and Exchange Commission américaine, ou SEC, dont le
rapport annuel de la société sur le Formulaire 10-K pour l'année close au 31
décembre 2006, tel qu'il a été mis à jour par les rapports suivants sur les
Formulaires 10-Q et 8-K déposés auprès de la SEC. La société se décharge de
toute intention ou obligation de mettre à jour ou de réviser tout énoncé
prospectif, que ce soit à la suite de nouvelles informations, d'événements
futurs ou autre.
Pour d'autres informations :
A. William Stein Pamela A. Matthews
Directeur financier et Informations Investisseurs/Analystes
Directeur de l'investissement Digital Realty Trust, Inc.
Digital Realty Trust, Inc. +1-415-738-6500
+1-415-738-6500
Chris Crosby
Ventes & activités techniques
Digital Realty Trust, Inc.
+1-214-231-1350
Site Web : http://www.digitalrealtytrust.com
Digital Realty Trust, Inc.
A. William Stein, directeur financier et directeur de l'investissement, ou Pamela A. Matthews, informations investisseurs | analystes, tous deux au +1-415-738-6500, ou Chris Crosby, ventes et activités techniques, +1-214-231-1350, tous de Digital Realty Trust, Inc.
Camtek's Fourth Quarter 2007 Results Release and Conference Call to be Held on Wednesday, February 20, 2008
MIGDAL HA'EMEK, Israel, February 14 /PRNewswire-FirstCall/ -- Camtek Ltd. announced that it would be releasing its financial results for the fourth quarter and full year of 2007 on Wednesday, February 20, 2008, and holding an investor conference call starting at 9:00am ET.
Rafi Amit, Chief Executive Officer and Ronit Dulberg, Chief Financial Officer will host the call and will be available to answer questions after presenting the results.
To participate, please call one of the following telephone numbers at least 10 minutes before the start of the call, referencing the "Camtek fourth quarter 2007 results conference call".
US toll free: 1-888-935-4577 at 9:00 a.m. Eastern Time
Israel toll free: 1-809-246-002 at 4:00 p.m. Israel Time
International: +1-718-354-1389
For those unable to participate, the teleconference will be available for replay on Camtek's website beginning 24 hours after the call.
ABOUT CAMTEK LTD.
With headquarters in Migdal Ha'Emek Israel, Camtek Ltd., designs, develops, manufactures, and markets automatic optical inspection systems and related products. Camtek's automatic inspection systems are used to enhance both production processes and yield for manufacturers in the printed circuit board industry, the high density interconnect substrate industry and the semiconductor manufacturing and packaging industry. This press release is available at http://www.camtek.co.il/.
This press release may contain projections or other forward-looking statements regarding future events or the future performance of the Company. These statements are only predictions and may change as time passes. We do not assume any obligation to update that information. Actual events or results may differ materially from those projected, including as a result of changing industry and market trends, reduced demand for our products, the timely development of our new products and their adoption by the market, increased competition in the industry, price reductions as well as due to risks identified in the documents filed by the Company with the SEC.
Contact information
CAMTEK:
Ronit Dulberg, CFO
Tel: +972-4-604-8308
Fax: +972-4-604 8300
Mobile: +972-54-905-0776
ronitd@camtek.co.il
IR INTERNATIONAL:
Ehud Helft / Kenny Green
GK Investor Relations
Tel: (US) 1-646-201-9246
info@gkir.com
Camtek Ltd
CONTACT: Contact information: CAMTEK: Ronit Dulberg, CFO, Tel: +972-4-604-8308, Fax: +972-4-604 8300, Mobile: +972-54-905-0776, ronitd@camtek.co.il. IR INTERNATIONAL: Ehud Helft / Kenny Green, GK Investor Relations, Tel: (US) 1-646-201-9246, info@gkir.com
Neopets(R), the Leading Virtual World for Tweens, Showcases New Collectible Plush Toys, Fun Paks and Trading Cards at Toy Fair 2008Limited Spring Retail Launch of JAKKS Pacific(R) and Enterplay(R) Products Followed by a Full Launch Slated for Fall 2008Neopets Key Quest(TM) Collectors' Case Kicks Off New Multiplayer Gaming & Collecting Experience Linking Products to Neopia(R) - Products Include Virtual Prize Codes to Unlock Added Play Experiences on Neopets.com
NEW YORK, Feb. 14 /PRNewswire/ -- Nickelodeon & Viacom Consumer Products announced today that the first wave of a new line of products based on Neopets(R), the largest global youth-focused virtual world, is now available at Target(R) stores and target.com and it is expected to expand to full retail distribution for Fall 2008. The new products will be showcased next week at Toy Fair 2008. The line includes Series 1 of collector plush from JAKKS Pacific, as well as Fun Paks and Trading Cards created by Enterplay(R). The products feature an online component that ties to Neopets.com with exclusive virtual prize codes. While Neopets.com membership and wealth of content is free and open to all, the exclusive virtual prize codes provide premium play experiences for members who purchase Neopets toys. Neopets.com has more than 44 million global registered users, and it is the 'stickiest' kids entertainment site on the internet with an average of 2 hours and 45 minutes spent on the site, per visitor per month, according to Comscore(R).
(Photo: http://www.newscom.com/cgi-bin/prnh/20080214/NYTH110 )
"We're bringing the successful digital-first world of Neopets to the real world with an amazing range of collectible products," said Leigh Ann Brodsky, President, Nickelodeon & Viacom Consumer Products. "JAKKS has created an irresistible line of collectible plush that kids will love, and Fun Paks from Enterplay are filled with trading cards, mini-games and prizes -- both at an amazingly enticing prices. Best of all, each and every Neopets product comes with exclusive virtual prize codes."
"We're excited to launch Neopets Key Quest(TM) in conjunction with the new collectible products hitting retail this month for the first time," said Kyra Reppen, Senior Vice President and General Manager of Neopets. "It's a natural step for us to take the digital-first brand into the consumer products arena, and the multiplayer game and Collectors' Case will offer both new and old fans a unique, convergent play experience within the world of Neopets."
The JAKKS collectible plush line focuses on the extensive variety of Neopets species and characters featured throughout the world of Neopia(R). The product plans include multiple plush series with both limited and retired editions, which will make the plush line both collectible and coveted. Series 1 plush are now available at Target stores and target.com and include: Pink Bruce(R), Yellow Kacheek(TM), Red Scorchio(R), Brown Uni(TM), Speckled Acara(R), Striped Cybunny(R), Starry Grundo(TM), Cloud Kougra(R), Plushie Jub Jub(TM), Plushie Mynci(R) and Plushie Wocky(TM). Limited Editions include: Gold Aisha(R), Gold Gelert(R) and Gold Shoyru(R).
All the products will converge and tie into a new multiplayer gaming and collecting experience, called "Neopets Key Quest." The product packaging contains codes that allow kids to unlock virtual game pieces representing both plush and trading card characters as part of their Neopets Key Quest play experience. Kids can collect and show-off their Key Quest virtual game pieces in the Key Quest Collectors' Case on http://www.neopets.com/keyquest. Members are also rewarded with special virtual game pieces for collecting an entire series of plush toys. NeoCash(TM) cards, which launched in 2007 are another form of cash payment for Neopets' virtual items and tie into Key Quest by unlocking special Collector Case decorative themes.
Fun Paks from Enterplay offer a high level of entertainment and an exceptional value. For a suggested retail price of $1.99, consumers get a mix of trading cards, tattoos, stickers, pop-up cards, mini-games and trivia-cards. In addition to the basic pak, multi-paks will also be available. Enterplay is a leader in trading cards and packs with licenses that include Nickelodeon(R), Nintendo(R) of America, Major League Baseball(R), National Hockey League(R) and others.
On Neopets.com, players create a Neopet to be their companion who they can dress and take care of while exploring the fantasy world of Neopia, which rich with 54 species of Neopets, 16 lands, and hundreds of characters, stories and plotlines. With more than 44 million global memberships, 200 games, an active virtual economy based on Neopoints(R), daily and weekly creativity contests, Neovision(TM) video player, discussion boards, quests, and thousands of virtual items to collect, Neopets.com offers its audience an almost endless array of engaging activities. The site's recently launched its NC Mall(TM), where users can buy premium items for their pets. Neopets.com is a global community, available in 11 languages.
Neopets is part of the Nickelodeon/MTVN Kids and Family Group community of digital sites, which also includes Nick.com, NickJr.com, The-N.com, Shockwave,com, AddictingGames.com, ParentsConnect.com, Nicktropolis.com, NickatNite.com, Noggin.com, NickArcade.com, and myNOGGIN.com, among others.
About Nickelodeon & Viacom Consumer Products
Nickelodeon & Viacom Consumer Products manages the world's third largest licensing business, representing leading properties such as SpongeBob SquarePants and Dora the Explorer, and managing merchandising for Nick Jr., Nickelodeon, Comedy Central, MTVN International, and Spike TV.
Nickelodeon, in its 28th year, is the number-one entertainment brand for kids. It has built a diverse, global business by putting kids first in everything it does. The company includes television programming and production in the United States and around the world, plus consumer products, online, recreation, books, magazines and feature films. Nickelodeon's U.S. television network is seen in more than 96 million households and has been the number-one-rated basic cable network for more than 13 consecutive years. Nickelodeon and all related titles, characters and logos are trademarks of Viacom Inc. .
About JAKKS Pacific, Inc.
JAKKS Pacific, Inc. is a multi-brand company that designs and markets a broad range of toys and consumer products. The product categories include: Action Figures, Art Activity Kits, Stationery, Writing Instruments, Performance Kites, Water Toys, Sports Activity Toys, Vehicles, Infant/Pre-School, Plush, Construction Toys, Electronics, Dolls, Dress-Up, Role Play, and Pet Toys and Accessories. The products are sold under various brand names including JAKKS Pacific(R), Play Along(R), Flying Colors(R), Creative Designs International(TM), Road Champs(R), Child Guidance(R), Pentech(R), Trendmasters(R), Toymax(R), Funnoodle(R), Go Fly a Kite(R), Color Workshop(R), JAKKS Pets(TM) and Plug It In & Play TV Games(TM). JAKKS and THQ Inc. participate in a joint venture that has worldwide rights to publish and market World Wrestling Entertainment video games. For further information, visit http://www.jakks.com/.
About Enterplay LLC.
Founded in 2006, Enterplay is the innovator of the new Fun Pak and Fan Pak product lines, promising "Fun in Every Pak." Enterplay holds merchandise licenses with Nintendo of America, Nickelodeon, Major League Baseball, Major League Baseball Players Association, National Hockey League, and National Hockey League Players Association. Enterplay LLC is located in Guilford, CT and distributes products through major retailers and distribution partners worldwide.
Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20080214/NYTH110 AP Archive: http://photoarchive.ap.org/ AP PhotoExpress Network: PRN12 PRN Photo Desk, photodesk@prnewswire.com
Nickelodeon
CONTACT: Jonathan Finn, Nickelodeon, +1-212-846-4082, jonathan.finn@nick.com; or Joanna Roses, Neopets, +1-212-846-7326, joanna.roses@nick.com; or Genna Rosenberg, JAKKS Pacific, +1-310-455-6235, gennar@jakks.net; or Enterplay, +1-203-458-1128, media@enter-play.com; or Marisa Gross, Bender Helper Impact, +1-646-435-1646, marisa_gross@bhimpact.com
Web site: http://www.nick.com/ http://www.jakks.com/ http://www.neopets.com/ http://www.neopets.com/keyquest
PacificNet Octavian Secures More Than 3 Million Euro Gaming Machine Order from MaxBet - Leading Operator in Europe
BEIJING, Feb. 14 /Xinhua-PRNewswire/ -- PacificNet, Inc. , a leading provider of gaming technology, Customer Relationship Management ("CRM") and e-commerce in China, announced today that its Octavian International Limited ("Octavian") subsidiary has secured a 3 million euro order from MaxBet, a leading casino operator in Europe with operations in Russia, Ukraine, Belarus, Romania and Georgia.
Octavian International has finalized a deal with their existing customer, MaxBet, where Octavian Europe will supply an initial order of AGI Gaminator(R) machines with an order valued at more than EUR3 million. The highly popular Gaminator machines, destined for gaming venues in Belarus, Georgia, Romania and Ukraine, are scheduled for delivery within the next four weeks.
Octavian will supply each of the Gaminators complete with Novomatic game content, which have a proven track record as being the best performing electronic gaming machines ("EGMs") in the region.
Avi Barel, Chief Executive Officer at MaxBet said, "As an existing customer we have come to rely on Octavian for their speed of delivery, competitive pricing, post sales support, and continuity of supply. By being able to promptly deliver the latest top-brand gaming equipment at the right price to our customers, MaxBet is adding an essential ingredient for strong growth in the gaming industry in this region."
Robert Dykstra, General Manager, Octavian Europe added, "MaxBet is experiencing growing demand for Octavian supplied gaming machines as their growth and expansion continues."
About PacificNet
PacificNet, Inc. is a leading provider of gaming and mobile game technology worldwide. Having established itself with e-commerce and Customer Relationship Management (CRM) solutions for the Chinese market, the company has diversified to focus on systems and games development for the global gaming market. Through its highly experienced gaming subsidiaries including PactGames, Take1 Technologies and Octavian International, PacificNet is able to offer world-leading solutions in casino equipment supply and the development, installation and support of systems and game content for the casino, lottery and AWP markets. Positioning itself as the systems integrator for the gaming industry, with a special focus on the emerging markets, PacificNet enables customers to integrate gaming operations, linking electronic gaming machines, tables and larger networks so that operators can build efficient and highly attractive gaming operations that drive revenue growth and profit opportunity for operators and enhance the customer experience. PacificNet's gaming clients include leading hotels, casinos, and gaming operators in Asia, Europe, Latin America, Russia and other gaming markets around the world. The company employs around 1,800 staff in its various subsidiaries with offices in Argentina, Australia, China, Colombia, Germany, Hong Kong, India, Italy, Russia, Ukraine, UK and the US.
Safe Harbor Statement
This Company's announcement contains forward-looking statements. We may also make written or oral forward-looking statements in our periodic reports to the SEC on Forms 10-K, 10-Q, 8-K, etc., in our annual report to shareholders, in our proxy statements, in press releases and other written materials and in oral statements made by our officers, directors or employees to third parties. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. These statements are based on current plans, estimates and projections, and therefore you should not place undue reliance on them. Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, PacificNet's historical and possible future losses, limited operating history, uncertain regulatory landscape in China, and fluctuations in quarterly and annual operating results. Further information regarding these and other risks is included in PacificNet's Form 10K and other filings with the SEC.
For more information, please contact:
If to PacificNet:
PacificNet USA office:
Jacob Lakhany
Tel: +1-605-229-6678
Email: investor@pacificnet.com
If to Octavian:
Octavian International
Helen Hedgeland
Tel: +44-0-1483-543-543
Email: H.Hedgeland@octavianonline.co.uk
PacificNet, Inc.
CONTACT: Jacob Lakhany at the PacificNet USA office, +1-605-229-6678, investor@pacificnet.com; or Helen Hedgeland of Octavian International, +44-0-1483-543-543, H.Hedgeland@octavianonline.co.uk
Web site: http://www.pacificnet.com/
SectorWatch.biz Issues MarketStats on CVBT, BSX, MDT, CXM and DNA
IRVINE, Calif., Feb. 14 /PRNewswire/ -- SectorWatch.biz announces the availability of MarketStats on public equities that are in the news and driving markets today.
Investors can view all of SectorWatch.biz MarketStats free of charge by visiting: http://www.sectorwatch.biz/ -- Click on MarketStats
Today's MarketStats on Healthcare and Biotechnology companies include: CardioVascular Bio Therapeutics, Inc. (BULLETIN BOARD: CVBT) , Boston Scientific Corp. , Medtronic Inc. , Cardium Therapeutics Inc. and Genentech Inc. .
To view a complete profile on CardioVascular Bio Therapeutics, Inc., visit our financial courier StockUpTicks.com (http://www.stockupticks.com/).
Our MarketStats provide snapshots and analysis on public equities making news, driving industry sectors and affecting the markets. SectorWatch.biz is powered by Market Pathways, a leader in the representation of Small Cap equities for over twenty-five years. We are your discovery zone for under-followed stocks shaping the market.
Interested investors may subscribe for FREE to our StockUpTicks newsletter featuring a treasure trove of promising companies, daily market movers and free personal investment information -- visit http://stockupticks.com/register.html. D.R. Clark of Market Pathways is a member of the National Association of Securities Dealers, CRD # 4518163.
Contact us directly to have your company featured in StockUpTicks.com or SectorWatch.biz. For D.R. Clark's perspective on personal finance and the markets visit http://www.clarkreport.com/
Statements herein may contain forward-looking statements and are subject to significant risks and uncertainties affecting results. SectorWatch.biz and StockUpTicks.com are properties of Market Pathways Financial Relations, Inc. (MP). MP provides no assurance as to the subject company's plans or ability to effect proposed actions and cannot project capabilities, intent, resources, or experience. The subject companies have not always approved the statements made in this report.
This report is neither a solicitation to buy nor an offer to sell securities but is for information purposes only and should not be used as the basis for any investment decision. MP is not an investment advisor, analyst or licensed broker dealer and this report is not investment advice. MP has been granted twenty thousand restricted shares of CVBT common stock by CardioVascular BioTherapeutics Inc. for preparation and distribution of this report and other services over a ninety day period. This constitutes a conflict of interest as to MP's ability to remain objective in its communication regarding the subject company.
SectorWatch.biz
CONTACT: Shannon Squyres, Editor, Market Pathways - SectorWatch.biz, +1-949-955-0107
Web site: http://www.sectorwatch.biz/ http://www.stockupticks.com/ http://www.clarkreport.com/
Energizer Holdings, Inc. to Webcast Presentation at Consumer Analyst Group of New York Conference February 20, 2008
ST. LOUIS, Feb. 14 /PRNewswire-FirstCall/ -- Energizer Holdings, Inc.'s Chief Executive Officer, Ward Klein, will make a presentation, Wednesday, February 20, 2008, at the Consumer Analyst Group of New York Conference. Mr. Klein will speak at 1:15 p.m. Eastern Standard Time. The presentation is scheduled to last approximately one hour.
A link to the broadcast and related presentation slides will be provided through the Investor's section of Energizer's web site at http://www.energizer.com/. The web cast will be available for replay for approximately three weeks through the link provided on the web site.
Energizer Holdings, Inc., headquartered in St. Louis, Missouri, is a consumer goods company operating globally in the broad categories of household and personal care products. Energizer's Household Products Division offers consumers the broadest range of portable power solutions, anchored by our universally recognized Energizer(R) and Eveready(R) brands. Energizer's Personal Care Division offers a diversified range of consumer products in the wet shave, skin care, feminine care and infant care categories. Our portfolio includes well established brand names such as Schick(R) and Wilkinson Sword(R) men's and women's shaving systems and disposables; Playtex(R) tampons, gloves and infant feeding products; Banana Boat(R) and Hawaiian Tropic(R) sun care products and Wet Ones(R) moist wipes.
Energizer Holdings, Inc.
CONTACT: Jacqueline E. Burwitz, Vice President, Investor Relations of Energizer Holdings, Inc., +1-314-985-2169
Web site: http://www.energizer.com/
Natick, Massachusetts Residents to Benefit from Verizon Wireless Network ExpansionInvesting to Stay Ahead of Growing Demand for Wireless Voice, Multimedia and Internet Access
NATICK, Mass., Feb. 14 /PRNewswire/ -- In a continuing effort to provide the best wireless service for local residents in Middlesex County, Verizon Wireless has activated a new cell site. The new site increases wireless voice and data coverage and capacity along Route 16 in southern Natick, as well as the surrounding area.
Verizon Wireless has invested nearly $44 billion since it was formed to increase the coverage and capacity of its national network and to add new services like BroadbandAccess and V CAST. Regionally the company has invested nearly $2.2 billion into its New England network, including over $292 million in 2007 alone.
BroadbandAccess offers computer users the nation's most reliable high- speed wireless mobile broadband network, operating at average upload speeds between 500 and 800 kbps, and download speeds between 600 kbps and 1.4 mbps over Verizon Wireless' BroadbandAccess with EV-DO Revision A network. V CAST brings video clips of TV shows, music on demand and other multimedia services to wireless phones.
Strong demand for Verizon Wireless services continued during the fourth quarter of 2007 as the company added two million net new customers and, for the thirteenth consecutive quarter, reported the lowest customer turnover (highest customer loyalty) rate in the wireless industry.
The company's 'nation's most reliable wireless network' reputation is based on network studies performed by real-life test men and test women throughout the country who inspired the "can you hear me now" national advertising campaign. Nationally, these test men and women drive nearly 100 specially equipped vehicles almost 1,000,000 miles annually 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.
About Verizon Wireless
Verizon Wireless operates the nation's most reliable wireless voice and data network, serving 65.7 million customers. Headquartered in Basking Ridge, N.J., with 69,000 employees nationwide, Verizon Wireless is a joint venture of Verizon Communications and Vodafone (NYSE and LSE: VOD). For more information, go to: 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.
BroadbandAccess speed claim is based on stationary tests with 5 MB FTP data files w/o compression and requires compatible EV-DO Rev. A device. Actual throughput speed varies. BroadbandAccess is available to more than 240 million people in 248 major metros in the U.S. V CAST Music phone & per song charges required; airtime may apply for music downloads. Additional charges required for other V CAST services. Offers & coverage, varying by service, not available everywhere. Network details and coverage maps at http://www.vzw.com/.
Verizon Wireless
CONTACT: Michael Murphy of Verizon Wireless, +1-781-932-1213, Michael.Murphy@verizonwireless.com; or Anne Elise O'Connor of Thomson Communications for Verizon Wireless, +1-617-548-2765, Aeoc@thomsoncommunications.com
Web site: http://www.verizonwireless.com/ http://www.vzw.com/ http://www.verizonwireless.com/multimedia
IBBS to Offer CA Internet Security Suite Plus 2008Company to help its customers increase competitiveness and customer satisfaction
ATLANTA, Feb. 14 /PRNewswire/ -- Integrated Broadband Services, LLC, the technology leader providing the Broadband Explorer (BBX) broadband diagnostics and provisioning software, announced that it will begin offering its current customers CA, Inc.'s Internet Security Suite Plus 2008 in early March.
The security software package provides users with Internet security and data protection. The software includes anti-virus, anti-spyware, personal firewall, anti-spam, anti-phishing and parental controls, as well as data backup and transfer capabilities. The suite provides protection from viruses, hackers, spyware and spam while important files, photos, music and PC settings are safe and conveniently backed-up should they need to be restored or transferred to a new PC. IBBS will also offer a basic service that includes Anti-Virus and Anti-Spyware protection.
"Our customers realize there are tremendous advantages for their businesses and operations by providing end user security software," said Paul Freeman, COO of IBBS. "The elimination of spam and virus traffic is beneficial to the operator's efficient use of bandwidth; and by protecting end-user PCs operators eliminate many of the common causes associated with slow speed and inbound tech support calls. We selected CA after looking at several providers and were not only impressed by their software's capabilities but also by their commitment to the satisfaction of our customers."
"IBBS has a great reputation in providing its broadband operator customers with high levels of service," said Rob DeSilva VP of Worldwide OEM Sales at CA. "We know that the features and functionality of our software, its inherent ease of use, and our continued development efforts, will provide IBBS and its customers with the security they need to further enhance their services."
CA Internet security products for the home and home office are used by more than 13 million consumers worldwide. The products are based on CA's, enterprise-grade solutions and include a full range of security and utility software solutions. CA Internet security products have received industry certification from: ICSA Labs for Anti-Virus; West Coast Labs Checkmark certification for PC Firewall, Anti-Spyware Desktop and Anti-Virus Level 1 and Level 2; Virus Bulletin VB 100 for Anti-Virus; first product to receive Windows Vista(TM) certification from West Coast Labs (CA Anti-Virus); and Microsoft 'Works with Windows Vista' certification.
About IBBS
Integrated Broadband Services, LLC is a leading provider of software and services deployed by leading broadband operators worldwide. Since 2001, IBBS and its customers have been providing world class customer service and network management by utilizing the Broadband Explorer (BBX) Provisioning and Diagnostics Software Suite. More than 110 Service Providers operating 450 systems in 42 States, Central America, and the Caribbean rely on IBBS for technical solutions enabling the Triple Play through wired and wireless networks. IBBS is located in suburban Atlanta, GA, and is a Platinum Vendor of the National Cable Television Co-operative (NCTC). Additional information can be found at http://www.ibbs.com/ or by calling 770-387-2053.
Integrated Broadband Services, LLC
CONTACT: Marsha Hemmerich of Integrated Broadband Services, LLC, +1-770-387-2053, x2020
Web site: http://www.ibbs.com/
Ellsworth, Maine Residents to Benefit from Verizon Wireless Network ExpansionInvesting to Stay Ahead of Growing Demand for Wireless Voice, Multimedia and Internet Access
ELLSWORTH, Maine, Feb. 14 /PRNewswire/ -- In a continuing effort to provide the best wireless service for local residents in Hancock County, Verizon Wireless has activated a new cell site. The new site increases wireless voice and data coverage and capacity along Routes 1, 3, 230, and 172 in Ellsworth, as well as the surrounding area.
Verizon Wireless has invested nearly $44 billion since it was formed to increase the coverage and capacity of its national network and to add new services like BroadbandAccess and V CAST. Regionally the company has invested nearly $2.2 billion into its New England network, including over $292 million in 2007 alone.
BroadbandAccess offers computer users the nation's most reliable high-speed wireless mobile broadband network, operating at average upload speeds between 500 and 800 kbps, and download speeds between 600 kbps and 1.4 mbps over Verizon Wireless' BroadbandAccess with EV-DO Revision A network. V CAST brings video clips of TV shows, music on demand and other multimedia services to wireless phones.
Strong demand for Verizon Wireless services continued during the fourth quarter of 2007 as the company added two million net new customers and, for the thirteenth consecutive quarter, reported the lowest customer turnover (highest customer loyalty) rate in the wireless industry.
The company's 'nation's most reliable wireless network' reputation is based on network studies performed by real-life test men and test women throughout the country who inspired the "can you hear me now" national advertising campaign. Nationally, these test men and women drive nearly 100 specially equipped vehicles almost 1,000,000 miles annually 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.
About Verizon Wireless
Verizon Wireless operates the nation's most reliable wireless voice and data network, serving 65.7 million customers. Headquartered in Basking Ridge, N.J., with 69,000 employees nationwide, Verizon Wireless is a joint venture of Verizon Communications and Vodafone (NYSE and LSE: VOD). For more information, go to: 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.
BroadbandAccess speed claim is based on stationary tests with 5 MB FTP data files w/o compression and requires compatible EV-DO Rev. A device. Actual throughput speed varies. BroadbandAccess is available to more than 240 million people in 248 major metros in the U.S. V CAST Music phone & per song charges required; airtime may apply for music downloads. Additional charges required for other V CAST services. Offers & coverage, varying by service, not available everywhere. Network details and coverage maps at http://www.vzw.com/.
Verizon Wireless
CONTACT: Michael Murphy of Verizon Wireless, +1-781-932-1213, Michael.Murphy@verizonwireless.com; or Anne Elise O'Connor of Thomson Communications for Verizon Wireless, +1-617-548-2765, Aeoc@thomsoncommunications.com
Web site: http://www.verizonwireless.com/ http://www.vzw.com/ http://www.verizonwireless.com/multimedia
China Display Technologies, Inc. to Present at Roth Conference
SHENZHEN, China, Feb. 14 /Xinhua-PRNewswire-FirstCall/ -- China Display Technologies, Inc. (BULLETIN BOARD: CDYT) ("China Display", or "the Company"), a leading manufacturer of optoelectronic products, specializing in small to mid-sized LED and CCFL backlight units for LCD displays in China, today announced its Vice President, Investor Relations, Mr. Jason Wong and Chief Financial Officer, Mr. Kam Ming Yip will present at the upcoming Roth 20th Annual OC Growth Stock Conference in Dana Point, California.
The date, time and location of China Display Technologies' presentation at the conference are as follows:
Date: Wednesday, February 20, 2008
Time: 9:30 a.m. Pacific Time
Venue: Ritz Ballroom Salon 2
The Ritz Carlton Laguna Niguel
One Ritz-Carlton Drive
Dana Point, California 92629
The ROTH 20th Annual OC Conference will feature presentations from over 300 small-cap companies including over 40 U.S.-listed Chinese companies. The distinguished list of presenting companies have been identified by Roth Capital's award-winning research team and are representative of a broad spectrum of sectors, including Technology, Healthcare, Energy and Industrial as well as Consumer Products.
Interested parties and investors may find more information for the conference by visiting the website at http://www.rothcapital.com/ .
About China Display Technologies, Inc.
China Display Technologies, Inc. through its wholly-owned subsidiary Suny Electronics (Shenzhen) Company Limited ("SUNY") in China, designs, manufactures and markets small to mid-sized Light Emitting Diode (LED) and Cold Cathode Fluorescent Lamp (CCFL) backlights for various types of Liquid Crystal Displays (LCDs). Its products have applications in electronic consumer products, such as mobile phones, PDAs, GPS systems, portable DVD/VCD players, MP3s and MP4s, medical equipment and household appliances with displays. SUNY was organized in November 2004 and started operations in 2005. It has experienced rapid growth and became a publicly-traded company, listed on the OTC market, through a reverse merger in September 2007. The Company has 600 employees, with manufacturing facilities and management located in Shenzhen, China.
Safe Harbor Statement
This release contains certain "forward-looking statements" relating to the business of the Company and its subsidiary companies. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes, expects" or similar expressions. Such forward looking statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov/). All forward-looking statements attributable the Company or to persons acting on its behalf are expressly qualified in their entirety by these factors other than as required under the securities laws. The Company does not assume a duty to update these forward-looking statements.
For more information, please contact:
Company Contact:
Mr. Jason Wong
Executive Vice President
China Display Technologies, Inc.
Tel: +852-9257-8928
Email: jason@suny.hk
Investor Relations Contact:
Mr. Crocker Coulson
President
CCG Elite Investor Relations
Tel: +1-646-213-1915 (NY office)
Email: crocker.coulson@ccgir.com
China Display Technologies, Inc.
CONTACT: Company Contact, Mr. Jason Wong, Executive Vice President, China Display Technologies, Inc., +852-9257-8928, jason@suny.hk; or Investor Relations Contact, Mr. Crocker Coulson, President, CCG Elite Investor Relations, +1-646-213-1915, (NY office), crocker.coulson@ccgir.com
Web site: http://www.rothcapital.com/
Nstein Technologies finalist at 2008 Codie AwardsThe Company is named finalist in Best Content Management Solution category at SIIA's 23rd annual Codie Awards
MONTREAL, Feb. 14 /PRNewswire-FirstCall/ -- Nstein Technologies Inc. http://www.nstein.com/ (TSX-V: EIN), a leader in online publishing solutions for newspapers, magazines and online content providers, is pleased to announce that it is a finalist for Best Content Management Solution with its integrated online publishing platform--Web Content Management (WCM), Text Mining Engine (TME) and Digital Asset Management (DAM)--at the Software and Information Industry Association's (SIIA) 23 rd annual Codie Awards.
Established in 1986, the Codie Awards celebrates outstanding achievement and vision in the software, digital information and education technology industries. Through a unique combination of journalist and peer review, the Codie Awards recognizes 68 categories of outstanding products and services. Over 250 judges including professionals from the trade press, consultants, educators, IT specialists and other knowledgeable, but neutral, experts have reviewed all of the products entered. The Finalists were chosen from more than 1,000 nominations submitted by more than 600 companies.
"Competition is tough this year and that makes selection as a Codie Finalist a real achievement," said Ken Wash, SIIA president. "All the companies on this year's list should feel justifiably proud of their recognition."
"We're very happy to be named a finalist for such a prestigious award," said Luc Filiatreault, President and Chief Executive Officer of Nstein Technologies. "This acknowledgement is a testament to the strength of our products, and the value that we bring to media, publishers and online content providers using our solutions. Many of them have been turning to Nstein as they begin to realize the importance of deploying tools for demonstrating content relevance to readers and the role that this plays in achieving high search rankings."
Winners will be announced at the 23rd Annual Codie Awards Gala to be held on May 20, 2008 at the Palace Hotel, San Francisco, CA.
For a complete list of 2008 Codie Awards finalists, visit:
http://www.siia.net/codies/2008/press_pull.asp
About Nstein Technologies Inc.
Nstein Technologies (TSX-V: EIN) develops and markets multilingual solutions that power online publishing for the most prestigious newspapers, magazines, and content-driven organizations. Nstein's solutions generate new revenue opportunities and reduce operational costs by enabling the centralization, management and automated indexing of digital assets. Nstein partners with clients to design a complete online strategy for success using publishing industry best practices for the implementation of its Web Content Management, Digital Asset Management and Text Mining Engine products. http://www.nstein.com/
- The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
- Any statement that appears prospective shall not be interpreted as
such.
Nstein Technologies Inc.
CONTACT: Nstein Technologies Inc.: Investor Relations: Bruno Martel, Chief Financial Officer, Nstein Technologies Inc., (514) 908-5406, bruno.martel@nstein.com; Media: Rina Marchand, Marketing Manager, Nstein Technologies Inc., (514) 908-5406, rina.marchand@nstein.com; Renmark Financial Communications Inc.: Maurice Dagenais: mdagenais@renmarkfinancial.com; Bryan Neebar: bneebar@renmarkfinancial.com, (514) 939-3989, Fax: (514) 939-3717, http://www.renmarkfinancial.com/
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