Companies news of 2008-02-28 (page 1)
Arbinet Announces Strategic Priorities for 2008Board Approves $0.40 Per Share Special Cash...
Arbinet Announces Fourth Quarter and Full Year 2007 Financial Results
Gerber Scientific to Hold Fiscal Year 2008 Third Quarter Conference Call
Netlist Reports 2007 Fourth Quarter, Year-End Results
UTStarcom Releases Fourth Quarter and Full Year 2007 Financial ResultsFourth Quarter...
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Arbinet Announces Strategic Priorities for 2008Board Approves $0.40 Per Share Special Cash Distribution to Shareholders
NEW BRUNSWICK, N.J., Feb. 28 /PRNewswire-FirstCall/ -- Arbinet-thexchange, Inc. today announced its strategic priorities for 2008. These priorities are the culmination of the previously announced review by the Board of Directors and new management team to identify strategies for improved growth and profitability. They include:
-- Refocusing on core voice and data businesses. Market research affirms
that customers value Arbinet's exchange platform for the cost and
operating efficiencies it provides. The Company's review determined,
however, that Arbinet's core voice and data businesses have been
under-resourced and that this has hindered growth on the exchange. To
increase resources available for its core businesses, Arbinet is
exploring strategic alternatives for Broad Street Digital Ltd. and
expects to divest the business in the second quarter of 2008. Arbinet
will continue to evaluate opportunities in the rapidly growing digital
media market that leverage the Company's technology while also enabling
an appropriate balance between cost and revenue opportunities.
-- Increasing liquidity on the exchange. Arbinet is committed to enhancing
its existing services, broadening its marketing strategy to take
advantage of its full suite of complementary services, and to expanding
its sales and trading workforce by 30% in 2008. Based on customer
feedback, Arbinet believes that it can increase sales and exchange
liquidity by offering its solutions as a suite of services. Arbinet
will continue to invest in services such as PrivateExchange(SM),
AssuredAxcess(SM), and intelligent routing services such as global
number portability and peering. These services allow Arbinet to help
customers become more cost and operationally efficient, by, for
example, reducing their number of bilateral agreements. The Company
expects to begin seeing improved volume as a result of these
initiatives during the middle of the year.
-- Growing the data business. The international data market is growing at
over 40% per year, driven by peer-to-peer networking and web browsing.
Arbinet's current data offering includes an exchange for the buying and
selling of internet capacity and services to enhance transit quality
such as OptimizedIP(R). Arbinet believes it can significantly increase
data-related revenues within the next three years. Given the high
growth and term-based contracts associated with data services, Arbinet
expects the data business to help provide a more predictable and stable
revenue stream.
William M. Freeman, President and Chief Executive Officer of Arbinet, said, "Since joining Arbinet, I've spent a lot of time listening to our customers to better understand their needs and our market opportunities. The initiatives announced today are based on customer feedback and are an important part of our efforts to help regain business momentum and improve Arbinet's financial performance. By appropriately managing our costs and refocusing on our greatest asset, namely Arbinet's exchange-based technology, I am confident that we can better meet the expectations of our customers and our shareholders."
Special Cash Distribution
Arbinet also today announced that its Board of Directors has approved a special one-time cash distribution of $0.40 per share. The aggregate total distribution is approximately $10.1 million based on approximately 25.4 million shares outstanding as of February 26, 2008.
Mr. Freeman concluded, "This cash distribution reflects our commitment to enhancing shareholder value. We are committed to prudent capital allocation, and this program has been carefully structured to ensure that we maintain the financial flexibility necessary to support Arbinet's strategic priorities."
The special cash distribution will be paid on March 28, 2008 to Arbinet shareholders of record as of March 12, 2008. The special cash distribution replaces the Company's existing $15.0 million stock repurchase plan, previously announced on June 11, 2007, under which the Company repurchased approximately 835,000 shares. To the extent the special cash distribution is paid out of the Company's earnings and profits from 2008 and past periods, it constitutes a taxable dividend. The balance of the special cash distribution is deemed to be a distribution of paid-in capital and constitutes an adjustment to basis and is not taxable. The Company cannot determine the exact amount of the special cash distribution subject to tax as a dividend until the end of 2008 and this amount will be reported to stockholders on their Form 1099-DIVs for 2008. Shareholders are urged to consult with their own tax advisors to determine the particular tax consequences to them with respect to amounts received in the special cash distribution.
At December 31, 2007, Arbinet's cash and marketable securities totaled approximately $48.9 million.
Conference Call
Arbinet will host a conference call to discuss this announcement as well as its fourth quarter 2007 results at 5:00 p.m. Eastern Time today. The dial- in number for the live audio is 888-562-3654, or 973-582-2703 for international callers; the passcode is 36430509. A live web cast of the conference call will be available on Arbinet's web site at http://www.arbinet.com/. A replay of the call will be available from 8:00 p.m. Eastern Time on Thursday, February 28, 2008 through midnight on March 13, 2008 at http://www.arbinet.com/ and by telephone at 800-642-1687, or 706-645-9291 for international callers; the passcode is 36430509.
About Arbinet
Arbinet is a leading provider of solutions to simplify the exchange of digital communications in a converging world. The Company operates the world's largest electronic market for trading, routing and settling communications capacity. Through its managed service offerings, Arbinet provides solutions to simplify the increased complexity of routing calls across traditional and VoIP networks.
Arbinet's 990 voice and data Members, including the world's 10 largest international carriers, use Arbinet's Internet based electronic platforms to buy, sell, deliver and settle transactions valued at about $500 million in 2007. These Members include fixed, mobile and VoIP carriers, ISPs and content providers from more than 60 countries who exchange voice, data, content and value added services.
For more information about Arbinet's solutions visit http://www.arbinet.com/.
Forward-Looking Statements
This press release contains forward-looking statements regarding anticipated future revenues, growth, capital expenditures, management's future expansion plans, expected product and service developments or enhancements, and future operating results. Such forward-looking statements may be identified by, among other things, the use of forward-looking terminology such as: "believes," "expects," "may," "will," "should" or "anticipates," or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy that involve risks and uncertainties. Various important risks and uncertainties may cause Arbinet's actual results to differ materially from the results indicated by these forward-looking statements, including, without limitation: the ability of Arbinet to effectively divest Broad Street Digital Limited; members (in particular, significant trading members) not trading on our exchange or utilizing our new and additional services (including DirectAxcess(SM), PrivateExchange(SM), AssuredAxcess(SM) and PeeringSolutions(SM); continued volatility in the volume and mix of trading activity; our uncertain and long member enrollment cycle; the failure to manage our credit risk; failure to manage our growth; pricing pressure; investment in our management team and investments in our personnel; regulatory uncertainty, system failures, human error and security breaches that could cause Arbinet to lose members and expose it to liability; and Arbinet's ability to obtain and enforce patent protection for our methods and technologies. For a further list and description of the risks and uncertainties the Company faces, please refer to Part I, Item 1A of the Company's Annual Report on Form 10-K, filed with the Securities and Exchange Commission on March 16, 2007, and other filings that have been filed with the Securities and Exchange Commission. Arbinet assumes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise and such statements are current only as of the date they are made.
Arbinet-thexchange, Inc.
CONTACT: Jack Wynne, CFO of Arbinet-thexchange, Inc., +1-732-509-9230; or Andrea Priest and Andi Salas, both of Joele Frank, Wilkinson Brimmer Katcher, +1-212-355-4449
Web site: http://www.arbinet.com/
Arbinet Announces Fourth Quarter and Full Year 2007 Financial Results
NEW BRUNSWICK, N.J., Feb. 28 /PRNewswire-FirstCall/ -- Arbinet-thexchange, Inc. today reported financial results for the fourth quarter and full year ended December 31, 2007.
Fourth quarter 2007 fee revenues were $12.4 million, a 3.9% decrease compared to $12.9 million in the fourth quarter 2006, and essentially flat with the third quarter 2007. A total of 3.7 billion minutes were bought and sold on Arbinet's exchange in the fourth quarter 2007, a 1.9% increase compared to 3.6 billion minutes in the fourth quarter 2006. Arbinet completed 469.7 million calls during the fourth quarter 2007, compared to 420.3 million calls in the fourth quarter 2006. Fourth quarter 2007 trading revenue and related costs each declined approximately $20.1 million or 14.8% compared to the same quarter in 2006, reflecting the lower average trade rate of minutes transacted through the platform.
Fourth quarter 2007 net loss was ($3.6) million or ($0.14) per diluted share, compared to a net loss of ($1.7) million or ($0.07) per diluted share in the fourth quarter 2006. Current year results include $3.0 million in operating losses related to the Company's digital media segment. The Company is evaluating strategic alternatives for Broad Street Digital Ltd., a license management platform for intellectual property rights and digital content distribution, and expects to divest the business in the second quarter of 2008. As a result, the Company recorded a pre-tax impairment charge of $2.3 million to write down Broad Street Digital's intangible and other long-lived assets to their estimated fair value.
Full year 2007 fee revenues were $50.1 million, an increase of 4.5% from 2006 fee revenues of $47.9 million. A total of 14.4 billion minutes were bought and sold on Arbinet's exchange in 2007, up from 12.6 billion in 2006, representing a year over year increase of 14.3%. Full year 2007 net loss was ($6.9) million or ($0.28) per diluted share, compared to a net loss of ($.4) million or ($0.02) per diluted share for the full year 2006.
William M. Freeman, President and Chief Executive Officer of Arbinet, said, "While our fourth quarter and full-year results were mainly in line with our expectations, we realize that we have a lot to do to improve growth and profitability. The decision regarding Broad Street Digital is a result of the review conducted by management and the Board which concluded that the best path to creating value for our shareholders is to refocus on growing our core voice and data businesses."
Separately, Arbinet today announced its strategic priorities for 2008. In addition to refocusing on its core voice and data businesses, Arbinet is working to increase liquidity on the exchange by changing the way it markets its products and services. Arbinet is working to enhance its data offering to capture a greater share of the rapidly growing data market. Lastly, Arbinet also announced a special one-time cash distribution to shareholders of $0.40 per share.
Quarterly Conference Call
Arbinet will host a conference call to discuss its fourth quarter 2007 results at 5:00 p.m. Eastern Time today. The dial-in number for the live audio is 888-562-3654, or 973-582-2703 for international callers; the passcode is 36430509. A live web cast of the conference call will be available on Arbinet's web site at http://www.arbinet.com/. A replay of the call will be available from 8:00 p.m. Eastern Time on Thursday, February 28, 2008 through midnight on March 13, 2008 at http://www.arbinet.com/ and by telephone at 800-642-1687, or 706-645-9291 for international callers; the passcode is 36430509.
About Arbinet
Arbinet is a leading provider of solutions to simplify the exchange of digital communications in a converging world. The Company operates the world's largest electronic market for trading, routing and settling communications capacity. Through its managed service offerings, Arbinet provides solutions to simplify the increased complexity of routing calls across traditional and VoIP networks.
Arbinet's 990 voice and data Members, including the world's 10 largest international carriers, use Arbinet's Internet based electronic platforms to buy, sell, deliver and settle transactions valued at about $500 million in 2007. These Members include fixed, mobile and VoIP carriers, ISPs and content providers from more than 60 countries who exchange voice, data, content and value added services.
For more information about Arbinet's solutions visit http://www.arbinet.com/.
Forward-Looking Statements
This press release contains forward-looking statements regarding anticipated future revenues, growth, capital expenditures, management's future expansion plans, expected product and service developments or enhancements, and future operating results. Such forward-looking statements may be identified by, among other things, the use of forward-looking terminology such as: "believes," "expects," "may," "will," "should" or "anticipates," or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy that involve risks and uncertainties. Various important risks and uncertainties may cause Arbinet's actual results to differ materially from the results indicated by these forward-looking statements, including, without limitation: the ability of Arbinet to effectively divest Broad Street Digital Limited; members (in particular, significant trading members) not trading on our exchange or utilizing our new and additional services (including DirectAxcess(SM), PrivateExchange(SM), AssuredAxcess(SM) and PeeringSolutions(SM)); continued volatility in the volume and mix of trading activity; our uncertain and long member enrollment cycle; the failure to manage our credit risk; failure to manage our growth; pricing pressure; investment in our management team and investments in our personnel; regulatory uncertainty; system failures, human error and security breaches that could cause Arbinet to lose members and expose it to liability; and Arbinet's ability to obtain and enforce patent protection for our methods and technologies. For a further list and description of the risks and uncertainties the Company faces, please refer to Part I, Item 1A of the Company's Annual Report on Form 10-K, filed with the Securities and Exchange Commission on March 16, 2007, and other filings that have been filed with the Securities and Exchange Commission. Arbinet assumes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise and such statements are current only as of the date they are made.
ARBINET - THEXCHANGE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended Twelve Months Ended
December 31, December 31,
2006 2007 2006 2007
Trading revenues $135,663 $115,562 $495,115 $483,891
Fee revenues 12,880 12,423 47,863 50,146
Total revenues 148,543 127,985 542,978 534,037
Cost of trading revenues 135,705 115,547 495,159 484,116
12,838 12,438 47,819 49,921
Costs and expenses
Operations and
development 4,677 5,532 17,554 21,339
Sales and marketing 2,492 2,387 8,446 9,414
General and
administrative 4,104 3,693 16,189 15,297
Depreciation and
amortization 1,795 1,926 6,954 8,014
Severance charges - 288 - 1,318
Restructuring and
impairment charges - 2,329 - 1,657
Reserve for Litigation 600 - 507 1,940
Total costs and
expenses 13,668 16,155 49,650 58,979
Income (loss) from
operations (830) (3,717) (1,831) (9,058)
Interest income (expense),
net 561 453 1,992 1,780
- - - -
Other income (expense), net 374 (304) 1,342 569
Income before income taxes 105 (3,568) 1,503 (6,709)
Provision for income taxes 1,798 7 2,013 232
Income from continuing
operations (1,693) (3,575) (510) (6,941)
Discontinued operations:
Income from discontinued
operations, net of
income tax of $4 - - 121 -
Net income $(1,693) $(3,575) $(389) $(6,941)
Preferred stock dividends
and accretion - - - -
Net income attributable
to common stockholders $(1,693) $(3,575) $(389) $(6,941)
Basic earnings per share:
Continuing operations $(0.07) $(0.14) $(0.02) $(0.28)
Discontinued operations 0 0 0 0
Net income $(0.07) $(0.14) $(0.02) $(0.28)
Diluted earnings per share:
Continuing operations $(0.07) $(0.14) $(0.02) $(0.28)
Discontinued operations - - - -
Net income $(0.07) $(0.14) $(0.02) $(0.28)
Weighted average number of
common shares
Basic 25,280,864 25,534,241 25,177,662 25,072,482
Diluted 25,280,864 25,534,241 25,177,662 25,072,482
ARBINET - THEXCHANGE, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
As of As of
December 31, 2006 December 31, 2007
Assets
Current Assets:
Cash and cash equivalents 32,986 28,556
Marketable securities 30,051 20,344
Trade accounts receivable, net 34,809 28,451
Other current assets 1,966 2,862
Total current assets 99,812 80,213
Property and equipment, net 23,828 23,001
Other long-term assets 8,882 6,720
Total Assets $132,522 $109,934
Liabilities & Stockholders' Equity
Current Liabilities:
Short-term debt obligations 8,748 785
Accounts payable 19,945 16,394
Deferred revenue 3,220 2,499
Accrued expenses and other current
liabilities 10,418 8,313
Total current liabilities 42,331 27,991
Other long-term liabilities 3,260 2,282
Total Liabilities 45,591 30,273
Stockholders' Equity 86,931 79,661
Total Liabilities &
Stockholders' Equity $132,522 $109,934
Arbinet-thexchange, Inc.
CONTACT: Jack Wynne, CFO of Arbinet-thexchange, Inc., +1-732-509-9230; Andrea Priest, or, Andi Salas, both of Joele Frank, Wilkinson Brimmer Katcher, +1-212-355-4449
Web site: http://www.arbinet.com/
Gerber Scientific to Hold Fiscal Year 2008 Third Quarter Conference Call
SOUTH WINDSOR, Conn., Feb. 28 /PRNewswire-FirstCall/ -- Gerber Scientific, Inc. , a worldwide leader in integrated automation solutions, will hold a conference call with analysts and investors on Thursday, March 6, 2008, at 10:00 a.m. (Eastern Time) to discuss fiscal 2008 third quarter financial results and provide a Company update. The Company will issue its earnings release for the fiscal 2008 third quarter on March 6, 2008 before the market opens.
To participate, please dial the following number approximately 5 - 10 minutes prior to the scheduled starting time:
785-830-1916 (Access Code: 8476243)
The conference call will also be broadcast live over the internet and can be accessed by logging on to http://www.gerberscientific.com/ approximately 5 - 10 minutes prior to the call.
If you are unable to participate in the live webcast, it will be archived on the company's website for 30 days. Minimum requirements to listen to the broadcast: The Windows Media Player software, downloadable for free from http://www.microsoft.com/windows/windowsmedia/mp10/default.aspx and at least a 28.8 Kbps connection to the Internet.
About Gerber Scientific, Inc.
Gerber Scientific, Inc. (http://www.gerberscientific.com/) is a leading international supplier of sophisticated automated manufacturing systems for sign making and specialty graphics, apparel and flexible materials, ophthalmic lens processing, and print and packaging industries. Headquartered in South Windsor, Connecticut, the company operates through four businesses: Gerber Scientific Products and Spandex Ltd., Gerber Technology, and Gerber Coburn.
Forward-looking Statements:
In addition to the historical information contained herein, there are matters discussed that are considered to be "forward-looking statements." These forward-looking statements involve risks and uncertainties, including, but not limited to, economic, competitive, governmental, and technological factors affecting the Company's operations, markets, products, and services, that could significantly affect results in the future. For a discussion of other risk factors relating to the Company's business, see the Company's Annual Report on Form 10-K for the year ended April 30, 2007, as filed with the Securities and Exchange Commission. The forward-looking statements contained in this release are made as of the date of this release, and the Company expressly disclaims any obligation to update or revise any forward- looking statements contained in this release, except as required by law.
Gerber Scientific, Inc.
CONTACT: John Krawczynski of Gerber Scientific, Inc., +1-860-644-1551
Web site: http://www.gerberscientific.com/
Netlist Reports 2007 Fourth Quarter, Year-End Results
IRVINE, Calif., Feb. 28 /PRNewswire-FirstCall/ -- Netlist, Inc. today reported financial results for the fourth quarter and year ended December 29, 2007. Revenues for the 2007 fourth quarter were $22.5 million compared to $42.0 million for the fourth quarter ended December 30, 2006. Revenues for the fourth quarter fell squarely within Netlist's prior estimate that revenue for the quarter was projected to exceed $20 million, while the continued weak DRAM market and the level of OEM customer orders affected pricing and business levels as compared to the fourth quarter of 2006. Despite these factors that impacted revenue, gross margin for the fourth quarter of 2007 improved to 22.7 percent compared to 16.2 percent in the year-earlier period.
Chief Executive Officer Chun K. Hong said, "We continue to be encouraged by the growing number of opportunities in the various memory module markets. As we stated last quarter, several programs were winding down to lower levels at the close of 2007, but we have several more programs set to commence throughout 2008 -- especially in the second half of the year. We continue to invest in sales and marketing in order to take advantage of more opportunities and increase the number of OEM design-wins and qualifications."
Net loss for the 2007 fourth quarter was $171,000, or a $0.01 loss per diluted share, compared to net income in the 2006 fourth quarter of $2.0 million, or $0.12 per diluted share. Fully diluted weighted-average shares outstanding for the 2007 fourth quarter was 19,730,000, compared to 16,793,000 in the corresponding prior year period. These results include stock-based compensation expense in the 2007 fourth quarter of $247,000, compared to $145,000 in the prior year period.
Total 2007 revenues were $100.1 million, compared to $151.4 million for 2006. Gross margin for 2007 was 8.8 percent, compared with 14.7 percent in the prior year. Revenues and gross margins for 2007 were adversely impacted by the well-publicized decline throughout the year in the DRAM market and the related decline in sales to OEM customers.
Net loss for 2007 was $7.4 million, or a $0.38 loss per diluted share, compared to net income for the prior year of $5.1 million, or $0.34 per diluted share. Fully diluted weighted-average shares outstanding for 2007 was 19,674,000, compared to 15,331,000 in the prior year. These results include stock-based compensation expense in 2007 of $1.2 million, compared to $592,000 in 2006.
As of December 29, 2007, cash, cash equivalents and investments in marketable securities were $30.6 million, total assets were $60.4 million, working capital was $27.4 million, total long-term debt was $638,000, and stockholders' equity was $44.2 million.
Outlook for 2008
The Company currently projects that its revenue for the first quarter of 2008 should exceed $15 million with an accelerating growth pattern in subsequent quarters as planned programs come online. In addition, the Company projects that revenue for all of 2008 will exceed that posted in 2007. However, if Netlist encounters adverse developments, such as the significant market price and customer demand deterioration, the risk of not achieving these current expectations will increase.
Conference Call Information
As previously announced, Netlist is conducting a conference call today to be broadcast live over the Internet at 5:00 pm Eastern Time to discuss and review the financial results for the fourth quarter and year ended December 29, 2007. The dial-in number for the call is 1-888-680-0890. The live webcast and archived replay of the call can be accessed in the Events page of the Investor Relations section of Netlist's website at http://www.netlist.com/.
About Netlist, Inc.
Netlist designs and manufactures high-performance memory subsystems for the server and high-performance computing and communications markets. The Company's memory subsystems are developed for applications in which high-speed, high-capacity memory, functionality, small form factor, and heat dissipation are key requirements. These applications include tower-servers, rack-mounted servers, blade servers, high-performance computing clusters, engineering workstations, and telecommunication equipment. Netlist maintains its headquarters in Irvine, California with manufacturing facilities in Irvine and in Suzhou, China.
Safe Harbor Statement
This news release contains forward-looking statements regarding future events and the future performance of Netlist, including future opportunities and growth for the company's business. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expected or projected. These risks and uncertainties include, but are not limited to, the rapidly-changing nature of technology; volatility in the pricing of DRAM ICs; uncertainty of customer demand, including delays in expected qualifications; introductions of new products by competitors; changes in end-user demand for technology solutions; the Company's ability to attract and retain skilled personnel; the Company's reliance on suppliers of critical components; evolving industry standards; and the political and regulatory environment in the People's Republic of China. Other risks and uncertainties are described in the Company's annual report on Form 10-K, dated February 28, 2008, quarterly report on Form 10-Q dated November 6, 2007, and subsequent filings with the U.S. Securities and Exchange Commission made by the Company from time to time. Netlist undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
TABLES FOLLOW
Netlist, Inc.
Unaudited Consolidated Statements of Operations
(in thousands, except per share amounts)
Three Months Ended Year Ended
December 29, December 30, December 29, December 30,
2007 2006 2007 2006
Net sales $22,517 $42,009 $100,060 $151,448
Cost of sales(1) 17,411 35,210 91,261 129,181
Gross profit 5,106 6,799 8,799 22,267
Operating expenses:
Research and
development(1) 947 927 4,748 3,315
Selling, general and
administrative(1) 4,311 2,697 15,900 9,191
Total operating
expenses 5,258 3,624 20,648 12,506
Operating income (loss) (152) 3,175 (11,849) 9,761
Other income (expense):
Interest income
(expense), net 139 (311) 395 (1,825)
Other expense, net 44 58 16 (24)
Total other income
(expense), net 183 (253) 411 (1,849)
Income (loss) before
provision (benefit) for
income taxes 31 2,922 (11,438) 7,912
Provision (benefit) for
income taxes 202 948 (4,025) 2,844
Net income (loss) $(171) $1,974 $(7,413) $5,068
Net income (loss) per
common share:
Basic $(0.01) $0.14 $(0.38) $0.43
Diluted $(0.01) $0.12 $(0.38) $0.34
Weighted-average common
shares outstanding:
Basic 19,730 13,616 19,674 11,705
Diluted 19,730 16,793 19,674 15,331
(1) Amounts include
stock-based
compensation expense
as follows:
Cost of sales $10 $44 $171 $104
Research and
development 44 54 149 125
Selling, general
and administrative 193 47 861 363
Netlist, Inc.
Unaudited Condensed Consolidated Balance Sheets
(in thousands)
December 29, December 30,
2007 2006
ASSETS
Current assets:
Cash and cash equivalents $7,182 $30,975
Investments in marketable securities 15,573 5,267
Accounts receivable, net 12,034 23,703
Inventories 3,333 19,473
Income taxes receivable 708 -
Deferred taxes 3,464 1,054
Prepaid expenses and other current assets 392 988
Total current assets 42,686 81,460
Property and equipment, net 8,191 3,830
Deferred taxes 1,065 576
Long-term investments in marketable
securities 7,814 1,502
Other assets 600 326
Total assets $60,356 $87,694
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $6,697 $11,680
Revolving line of credit 4,872 19,238
Current portion of long-term debt 740 1,033
Current portion of deferred gain on sale and
leaseback transaction 118 118
Income taxes payable - 552
Accrued expenses and other current
liabilities 2,872 3,255
Total current liabilities 15,299 35,876
Long-term debt, net of current portion 638 1,230
Deferred gain on sale and leaseback
transaction, net of current portion 226 344
Total liabilities 16,163 37,450
Commitments and contingencies
Stockholders' equity:
Common stock 20 20
Additional paid-in capital 68,109 66,557
Note receivable from stockholder - (1)
Accumulated deficit (23,899) (16,332)
Accumulated other comprehensive income (37) -
Total stockholders' equity 44,193 50,244
Total liabilities and stockholders' equity $60,356 $87,694
Contact: Allen & Caron Inc Gail Itow
Jill Bertotti (investors) Chief Financial Officer
jill@allencaron.com Netlist, Inc.
Len Hall (media) (949) 435-0025
len@allencaron.com
(949) 474-4300
Netlist, Inc.
CONTACT: investors, Jill Bertotti, jill@allencaron.com, or media, Len Hall, len@allencaron.com, both of Allen & Caron Inc, +1-949-474-4300, for Netlist, Inc.; or Gail Itow, Chief Financial Officer of Netlist, Inc., +1-949-435-0025
Web site: http://www.netlist.com/
UTStarcom Releases Fourth Quarter and Full Year 2007 Financial ResultsFourth Quarter Revenue of $806 Million up 14.5% Year-over-YearCompany Also Announces it has Transferred $289.5 Million To the Trustee of its Convertible Notes Due March 1, 2008 to Pay in Full its Principal and Interest Obligations Under the Note
ALAMEDA, Calif., Feb. 28 /PRNewswire-FirstCall/ -- UTStarcom, Inc. , a global leader in IPTV and IP-based broadband and switching solutions, today reported financial results for the fourth quarter of 2007 and for the full year ended December 31, 2007.
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2007 Financial Results
Net sales for the fourth quarter 2007 were $806 million as compared to $704 million in the fourth quarter of 2006. Gross margins for the fourth quarter 2007 were 12.7% as compared to 11.1% in the fourth quarter of 2006. Net loss for the fourth quarter of 2007 was $24.6 million, or a loss of ($0.20) per share, as compared to a loss of $42 million, or ($0.35) per share in the fourth quarter of 2006.
Certain significant items in the fourth quarter include:
-- A restructuring charge of $14.5 million
-- A $23 million non-cash impairment of long lived assets primarily
related to the IP-CDMA business unit
-- A tax accrual of $17.1 million related to China withholding tax on
dividends and capital gains for anticipated future remittances
-- A cash gain of $53.5 million related to the sale of securities
Net sales for the full year 2007 were $2.5 billion as compared to $2.5 billion in 2006. Gross margins for the full year 2007 were 13.0% as compared with 15.7% in 2006. Net loss for the year was $195.6 million, or a loss of ($1.62) per share, as compared to a loss of $117.3 million, or ($0.97) per share in 2006.
"Beginning in the fourth quarter of 2007, we launched a number of initiatives, including a restructure of the Company to focus on our core growth technologies, including IPTV, and IP-based softswitch and broadband devices. Through 2008, we shall be very focused on continued operational improvements and the execution of our new strategy," stated Peter Blackmore, chief operating officer of UTStarcom. "We are also actively pursuing our liquidity plan to strengthen our cash position, which includes the divestiture of certain non-core assets. We are committed to fulfilling our goal of returning the company to profitability and positive cash flows."
Convertible Notes
The Company also announced that it has transferred $289.5 million to the Trustee of its 10 7/8% Convertible Subordinated Notes, due March 1, 2008 in full repayment of its principal and interest obligations under the Notes.
Added Blackmore, "We are very pleased to be able to pay off the Notes using our own cash; we worked hard to ensure that we would not dilute our equity holders."
Going Concern
As a result of the Company's recurring net losses, the continued use of cash in its operations, and the repayment of the convertible notes described above, the Company expects its independent registered public accounting firm will issue a going concern uncertainty explanatory paragraph in its audit report on the financial statements for the year ended December 31, 2007.
However, management believes that it has developed a liquidity plan that, if executed successfully, will provide sufficient liquidity to finance the Company's anticipated working capital and capital expenditure requirements for the next twelve months.
Q1 2008 Guidance
-- Revenue is expected to improve modestly year-over-year and should be in
the range of $500-$520 million.
-- Overall gross margins in the first quarter is expected to be
approximately 13%
-- First quarter operating expenses is expected to range between $115-$120
million, excluding any one-time items
-- Gains of approximately $35 million from the sale of securities
-- Cash flow from operations is expected to be about neutral
Conference Call
The Company will conduct a conference call, which is open to the public, to discuss these results. The call will take place today, February 28, 2008 at 2:00 p.m. (PST). The conference call dial-in numbers are as follows: United States -- 888-398-3046; International -- 706-902-1962. The conference ID number is 34095806.
A replay of the call will be available for 30 days. The conference call replay numbers are as follows: United States -- 800-642-1687; International -- 706-645-9291. The Access Code is 34095806.
Investors will also have the opportunity to listen to the conference call and the replay over the Internet through UTStarcom's Web site at: http://www.utstar.com/
About UTStarcom, Inc.
UTStarcom is a global leader in IP-based, end-to-end networking solutions and international service and support. The company sells its broadband, wireless, and handset solutions to operators in both emerging and established telecommunications markets around the world. UTStarcom enables its customers to rapidly deploy revenue-generating access services using their existing infrastructure, while providing a migration path to cost-efficient, end-to-end IP networks. Founded in 1991 and headquartered in Alameda, California, the company has research and design operations in the United States, China, Korea and India.
For more information about UTStarcom, visit the company's Web site at http://www.utstar.com/.
Forward-Looking Statements
This release includes forward-looking statements, including the foregoing statements regarding the Company's expectations with respect to its anticipated results for the first quarter of 2008, anticipated realization of operational improvements, and the Company's developing plans to provide sufficient liquidity to finance the Company's anticipated working capital and capital expenditure requirements for the next twelve months. These statements are forward-looking in nature and subject to risks and uncertainties that may cause actual results to differ materially. These risks include the ability of the Company to realize anticipated results of operational improvements and execute on its liquidity plans as well as risk factors identified in its latest Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, as filed with the Securities and Exchange Commission.
UTStarcom, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
(Unaudited)
December 31, December 31,
2007 2006
ASSETS
Current assets:
Cash, cash equivalents and short-term
investments $503,078 $671,169
Accounts and notes receivable, net 343,525 411,140
Inventories and deferred costs 524,727 635,838
Prepaids and other current assets 121,636 126,879
Total current assets 1,492,966 1,845,026
Long-term assets:
Property, plant and equipment, net 209,094 213,155
Long-term deferred costs 164,766 176,649
Other long-term assets 117,762 148,475
Total assets $1,984,588 $2,383,305
LIABILITIES, MINORITY INTEREST AND
STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $148,440 $304,869
Short-term debt 322,829 102,758
Customer advances 229,050 265,812
Deferred revenue 100,502 95,742
Other current liabilities 302,395 275,489
Total current liabilities 1,103,216 1,044,670
Long-term liabilities:
Long-term debt 333 275,161
Long-term deferred revenue and other
liabilities 259,358 282,621
Total liabilities 1,362,907 1,602,452
Minority interest in consolidated
subsidiaries 3,705 6,493
Total stockholders' equity 617,976 774,360
Total liabilities, minority interest
and stockholders' equity $1,984,588 $2,383,305
UTStarcom, Inc.
Consolidated Statement of Operations
(in thousands, except per share amounts)
(Unaudited)
Three months ended Twelve months ended
December 31, December 31,
2007 2006 2007 2006
Net sales $806,330 $704,456 $2,466,970 $2,458,861
Cost of net sales 704,326 626,253 2,145,519 2,073,117
Gross profit 102,004 78,203 321,451 385,744
Operating expenses:
Selling, general and
administrative 76,146 87,547 319,145 334,455
Research and development 40,575 43,559 168,275 182,869
Amortization of intangible
assets 3,824 4,304 15,961 18,871
Gain on sale of semi-conductor
design assets - - (4,271) (12,291)
Impairment of goodwill and
other long-lived assets 19,912 - 19,912 -
Restructuring charges 14,474 - 14,474 -
Total operating expenses 154,931 135,410 533,496 523,904
Operating loss (52,927) (57,207) (212,045) (138,160)
Interest (expense)/income, net (6,612) 1,734 (18,216) 3,141
Other income, net 56,318 (11,198) 64,796 1,092
Loss before income taxes and
minority interest (3,221) (66,671) (165,465) (133,927)
Income taxes (22,164) 23,991 (32,898) 15,024
Minority interest in losses of
consolidated subsidiaries 828 651 2,788 1,558
Net loss $(24,557) $(42,029) $(195,575) $(117,345)
Loss per share - Basic and
diluted $(0.20) $(0.35) $(1.62) $(0.97)
Weighted average shares used
in per-share calculation:
- Basic and diluted 121,340 120,741 121,059 120,657
UTStarcom, Inc.
Condensed Consolidated Statement of Cash Flows
(in thousands)
(Unaudited)
Twelve months Twelve months
ended December ended December
31, 2007 31, 2006
Net cash (used in) provided by
operating activities $(218,209) $66,079
Cash flows from investing activities:
Property, plant and equipment, net (27,324) (26,274)
Proceeds from sale of semiconductor
design asset 4,271 35,965
Proceeds from sale of long-term
investments 3,334 775
Change in restricted cash and long-
term investments 6,591 20,882
Short-term investments, net 41,950 4,028
Investment in affiliates, net of cash
acquired (79) (302)
Other 695 991
Net cash provided by investing
activities 29,438 36,065
Cash flows from financing activities:
Borrowings, net (61,605) (100,113)
Other 3,500 604
Net cash (used in) financing
activities (58,105) (99,509)
Effect of exchange rate changes on
cash and cash equivalents 22,702 13,417
Net (decrease) increase in cash and
cash equivalents (224,174) 16,052
Cash and cash equivalents at
beginning of period 661,623 645,571
Cash and cash equivalents at end of
period $437,449 $661,623
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UTStarcom, Inc.
CONTACT: Chesha Kamieniecki, Director of Investor Relations of UTStarcom, Inc., +1-510-749-1560
Web site: http://www.utstar.com/
BEA Reports Fourth Quarter and Fiscal Year Results; AquaLogic Grows to 27% of Fourth Quarter License Revenue, Driven by Customer Adoption of Service-Oriented ArchitectureBEA Reports $367 Million in Fiscal Year Operating Cash Flow
SAN JOSE, Calif., Feb. 28 /PRNewswire-FirstCall/ -- BEA Systems, Inc. , a world leader in enterprise infrastructure software, today announced results of its fiscal fourth quarter and fiscal year ended Jan. 31, 2008. BEA reported fourth quarter total revenues of $440.9 million, up 13% from last year's fourth quarter. BEA reported fourth quarter license fees of $179.5 million, up 6% from a year ago, and services revenue of $261.4 million, up 17% from a year ago. BEA reported fourth quarter cash flow from operating activities of $123.0 million, compared to cash flow used in operating activities of $3.4 million a year ago.
For the fourth quarter on a generally accepted accounting principles ("GAAP") basis, BEA reported operating income of $87.7 million, compared to a loss of $148.3 million a year ago. BEA reported fourth quarter GAAP net income of $75.7 million, and GAAP earnings per share of $0.18, compared to a net loss of $99.7 million and a net loss per share of $0.25 a year ago.
For the fourth quarter on a non-GAAP basis, BEA reported operating income of $119.3 million and operating margin of 27.1%, compared to $92.5 million and 23.6% a year ago. BEA reported fourth quarter non-GAAP net income of $97.8 million and non-GAAP earnings per share of $0.23, compared to $67.5 million and $0.16 per share a year ago. A description of the adjustments from GAAP to the non-GAAP presentation starts on page 3 of this release.
For the fiscal year ended Jan. 31, 2008, BEA reported total revenues of $1,535.8 million, a 10% increase over the fiscal year ended Jan. 31, 2007. BEA reported fiscal year license fees of $552.0 million, a 4% decrease compared to fiscal 2007, and services revenue of $983.8 million, a 19% increase over fiscal 2007. For fiscal 2008, BEA reported GAAP operating income of $231.3 million, net income of $208.2 million, and diluted net income per share of $0.50, compared to operating loss of $33.6 million, net income of $4.5 million and diluted net income per share of $0.01 for fiscal 2007. For fiscal 2008, BEA reported non-GAAP operating income of $351.9 million, operating margin of 22.9%, net income of $293.1 million, and diluted net income per share of $0.70, compared to operating income of $293.3 million, operating margin of 20.9%, net income of $223.6 million and diluted net income per share of $0.55 for fiscal 2007. For fiscal 2008, BEA reported cash flow from operating activities of $366.9 million, compared to $204.4 million for fiscal 2007. BEA reported a balance of cash, cash equivalents, short-term investments and restricted cash of $1.5 billion. BEA also reported deferred revenues of $477.0 million, up 6% from a year ago.
"In the fourth quarter, BEA achieved our best license performance ever," said Alfred Chuang, chairman and chief executive officer, BEA Systems, Inc. "Our team remained focused on customer success and execution, and they delivered. I am very proud of the team and their performance."
"Customers, including many large global brands, continued to adopt BEA technology as the foundation of their SOA architectures. Our customers have used BEA's products to power some of their most innovative and demanding business solutions. As enterprises use SOA to transform their businesses, BEA products and expertise help them achieve their business objectives," Chuang said. "In the fourth quarter, SOA governance and integration continued to be key drivers, as both new and continuing BEA customers adopt our SOA vision."
Proposed Acquisition by Oracle
As previously disclosed, on February 27, 2008, the Department of Justice and Federal Trade Commission granted early termination of the Hart-Scott-Rodino ("HSR") review period for Oracle Corporation's proposed acquisition of BEA. Also as previously announced, BEA has scheduled a special meeting of its stockholders, to be held at 10:00 a.m. Pacific time on Friday, April 4, 2008, to consider and vote on the proposed acquisition. The transaction still requires BEA stockholder approval and regulatory clearance from the European Commission and is subject to other closing conditions.
BEA Delivers Business Results for Key Customers and Expands Partnerships
Key customer, partner and end-user agreements signed in the quarter included Activos Para Telecomunicacion, Alberta Energy and Utilities Board, Alcatel Lucent Bell, ALTEC, American Chemical Society, AT&T, Bank Zachodni, Cajamar, CashEdge, Chicago Mercantile Exchange, China Mobile SiChuan, Cigna, Cingular Wireless, City of Edmonton, Dell, Comagas, Deutscher Wetterdienst, eHarmony, Fastweb, France Telecom, ICMA Retirement Corporation, Hanaro Telecom, Italtel, Kookmin Bank, La Caixa, Level 3 Communications, Michael Page International, MOLSS JingZhou, MOLSS GuangZhou, NET Servicos de Comunicacao, Pearson Education, Pegaso PCS sa De Cv/Tegularizacion Licencias, Petroleo Brasileiro, PFA Pension, Philips Lifeline, Research in Motion, Screwfix, Sempra Energy, Sensis, Telecom Italia, Telecom Personal de Argentina, Telefonica Moviles Argentina, Telefonica Moviles Espana, TIAA-CREF, United Airlines, Vertex Pharmaceuticals, and Vivo.
New, renewed or expanded relationships were entered into with VARs, hardware OEMs, systems integrators, ASPs and ISVs, including Airvana, Allegient Systems, Amdocs, CashEdge, Intec Billing, Magirus, Motive, Neptune Software, Research in Motion, SAS, Securus Technology, Sorenson Media Sterling and Wisor.
GAAP to Non-GAAP Reconciliation
This release includes non-GAAP operating income, non-GAAP net income and non-GAAP diluted net income per share data. These non-GAAP measures are not in accordance with, or an alternative to, generally accepted accounting principles ("GAAP") and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. Non-GAAP measures have limitations in that they do not reflect all of the items associated with BEA's results of operations as determined in accordance with GAAP and these measures should only be used to evaluate BEA's results of operations in conjunction with the corresponding GAAP measures.
Non-GAAP operating income consists of GAAP operating income excluding, as applicable, acquisition-related asset amortization, acquisition-related deferred compensation, acquisition-related in-process research and development, FAS123R expense, restructuring and separation charges (including facilities consolidations), stock option review expenses, 409A, stock option modifications, employee stock purchase plan bonus, land impairment charges, strategic advisor expenses and tender offer expenses. Non-GAAP net income consists of non-GAAP operating income and excludes, as applicable, net gains on minority interests in equity investments and net gains on retirement of convertible subordinated notes. Non-GAAP net income is adjusted by the amount of additional taxes or tax benefit that BEA would accrue if it used non-GAAP results instead of GAAP results to calculate BEA's tax liability. BEA may consider whether or not other items that arise in the future should also be adjusted from the non-GAAP financial measures reported.
Management believes it is useful in measuring BEA's core continuing operations to exclude the following:
Acquisition-related intangible asset amortization, acquisition-related deferred compensation expense and acquisition-related in-process research and development expense because these costs are primarily fixed at the time of an acquisition and generally cannot be changed by management.
FAS123R expense because it enhances investors' ability to review BEA's business from the same perspective as BEA management, who believes that FAS123R expense is not directly attributable to the underlying performance of BEA's core continuing operations since it is a non-cash charge.
Land impairment charges because this cost was a one-time charge and not related to core operations.
Expenses associated with or as a result of our stock option review and restatement. Stock option review expenses include third party expenses resulting from the review and restatement. 409A expenses associated with remedying current and former employees Internal Revenue Code 409A and equivalent state tax exposure. The employee stock purchase plan bonus relates to payments made to certain employees who were unable to participate in the employee stock purchase plan due to the inability of the Company to issue shares during the stock option investigation. Stock option modifications primarily due to the extension of stock option exercise periods for former employees and withholdings for income and employment taxes associated with "reclassified" and "modified" stock options from incentive stock options (ISO) to non-qualified stock options (NQSO). Tender offer expenses relating to payments made to employees to compensate for re-pricing of options. These expenses should be excluded because they resulted from non-core operations and were incurred primarily from the fourth quarter of fiscal 2007 through the fourth quarter of fiscal 2008.
Strategic advisor expenses associated with shareholder activist activity, the Oracle acquisition offer and the related shareholder litigation. These expenses should be excluded because they result from non-core operations.
Management also believes it is useful to exclude gains on minority interest in equity investments and gains on retirement of convertible subordinated notes since these are not direct results from core continuing operations and, in the case of the minority interest in equity investments, are not under the control of BEA. The foregoing items excluded from BEA's non-GAAP operations are consistently excluded by BEA's management for internal planning and forecasting purposes as well as employee compensation decisions.
BEA believes that presenting its non-GAAP measures of operating income, net income and diluted net income per share provides investors with an additional tool for evaluating the performance of BEA's business, which management uses in its own evaluation of performance, and an additional base line for assessing the future earnings potential of BEA. While GAAP results are more complete, BEA believes it is valuable to allow investors to have this supplemental measure, with reconciliation to GAAP, since it may provide additional insight into our financial results.
About BEA
BEA Systems, Inc. is a world leader in enterprise infrastructure software. Information about how BEA helps customers build a Liquid Enterprise(TM) that transforms their business can be found at bea.com. Investors will have the opportunity to listen to BEA's earnings conference call over the Internet on the investor information page of the BEA Web site at http://www.bea.com/investors/. The Internet broadcast will be available live, and a replay will be available following completion of the live call. In addition, investors will have the opportunity to access a telephone replay of the call through Mar. 28, 2008, by dialing (719) 457-0820, access code 7665438.
Copyright 1995-2007, BEA Systems, Inc. All rights reserved. BEA, BEA AquaLogic, BEA eLink, BEA WebLogic, BEA WebLogic Portal, BEA WebLogic Server, Connectera, Compoze Software, Jolt, JoltBeans, JRockit, SteelThread, Think Liquid, Top End, Tuxedo, and WebLogic are registered trademarks of BEA Systems, Inc. BEA Blended Application Development, BEA Blended Development Model, BEA Blended Strategy, BEA Builder, BEA Guardian, BEA Manager, BEA MessageQ, BEA microService Architecture, BEA SOA 360, BEA Workshop, BEA WorkSpace 360, Signature Editor, Signature Engine, Signature Patterns, Support Patterns, Arch2Arch, Arch2Arch Advisor, Dev2Dev, Dev2Dev Dispatch, Exec2Exec, Exec2Exec Voice, IT2IT, IT2IT Insight, Business LiquidITy, and Liquid Thinker are trademarks of BEA Systems, Inc. BEA Mission Critical Support, BEA Mission Critical Support Continuum, BEA SOA Self Assessment, and Fluid Framework are service marks of BEA Systems, Inc. All other company and product names may be the subject of intellectual property rights reserved by third parties. All other trademarks are the property of their respective companies.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding customer adoption of BEA products, the proposed merger with Oracle Corporation, and BEA's use of non-GAAP financial metrics and the value of such metrics in assessing BEA's future earnings and financial results. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those contemplated by the forward-looking statements. Such risks and uncertainties include, but are not limited to, the risk that Nasdaq may de-list BEA's common stock for failure to comply with any Nasdaq listing requirement; the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement; the outcome of any legal proceedings that me be instituted against BEA and others following announcement of the proposal or the merger agreement; the inability to complete the merger due to the failure to obtain stockholder approval; the inability to obtain necessary regulatory approvals required to complete the merger; the risk that the proposed transaction disrupts current plans and operations and the potential difficulties in employee retention as a result of the proposed merger; the ability to recognize the benefits of the merger or of any combination of BEA and Oracle; quarterly fluctuations in customer spending due to economic, geopolitical, competitive and other factors; dependence on the growth of the markets for BEA's products, especially the markets for SOA, service infrastructure, VOIP and telecommunications software, and overseas markets such as China; changes in the standards or technologies used in the SOA, telecommunications and portal markets that could render our products less competitive; declines in spending by the telecommunications industry as a result of consolidation or adverse economic conditions; our dependence on large transactions, particularly those consummated at the end of our quarters; dependence on new product introductions and enhancements; the introduction by competitors of new products and pricing strategies; market acceptance of BEA's enhanced product portfolio; BEA's ability to integrate new technology and personnel as a result of acquisitions; the length of BEA's sales cycle; the acceptance of BEA's products by channel partners; the success of BEA's channel partners; rapid technological change; potential software defects (particularly with regard to newly introduced and planned products); BEA's ability to retain and hire key personnel; misinterpretations resulting from the provision of non-GAAP financial information.
These and other risks are set forth in the "Risk Factors," "Legal Proceedings" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of and elsewhere in BEA's Form 10-K for the fiscal year ended January 31, 2007 that was filed with the Securities and Exchange Commission on November 15, 2007. Many of the factors that will determine the outcome of the subject matter of this release are beyond BEA's ability to control or predict. The forward-looking statements and risks stated in this press release are based on information available to BEA today. BEA assumes no obligation to update them.
Important Additional Information Regarding the Proposed Merger
In connection with the proposed merger, on February 7, 2008, BEA filed a preliminary proxy statement with the Securities and Exchange Commission (the "SEC"). Investors and security holders are advised to read the preliminary proxy statement and, when it becomes available, the definitive proxy statement, as well as any other relevant documents filed with the SEC when they become available, because they will contain important information about the merger and the parties to the merger. Investors and security holders may obtain a free copy of the proxy statements and other documents filed by BEA at the SEC website at http://www.sec.gov/. The proxy statements and other documents filed by BEA with the SEC also may be obtained for free at BEA's Internet website at http://www.bea.com/investors or by writing to BEA Systems, Inc., 2315 North First Street, San Jose CA 95131, Attn: Investor Relations Department. In connection with the special meeting of BEA stockholders to approve the adoption of the merger agreement, BEA will mail copies of the definitive proxy statement to BEA stockholders who are entitled to attend and vote at the special meeting.
The information in the preliminary proxy statement is not complete and may be changed. Before making any voting or investment decisions with respect to the proposed acquisition or any of the other matters with respect to which BEA's stockholders will be asked to vote pursuant to the proxy statement, BEA's stockholders are urged to read the definity proxy statement and other documents filed by BEA when they become available.
BEA SYSTEMS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except for per share data)
Three Months Ended Twelve Months Ended
January January
2008 2007 2008 2007
Revenues:
License fees $179,473 $168,735 $552,022 $573,470
Services 261,419 223,091 983,758 828,879
Total revenues 440,892 391,826 1,535,780 1,402,349
Cost of revenues:
Cost of license fees 12,997 17,413 60,969 64,221
Cost of services 78,270 70,441 297,721 269,105
Total cost of revenues 91,267 87,854 358,690 333,326
Gross profit 349,625 303,972 1,177,090 1,069,023
Operating expenses:
Sales and marketing 151,503 146,525 542,124 524,970
Research and development 62,944 63,392 240,130 232,960
General and administrative 47,268 40,251 161,814 138,255
Acquisition-related in-
process research and
development - - - 4,400
Restructuring charges 165 454 1,770 454
Impairment of Land - 201,615 - 201,615
Total operating expenses 261,880 452,237 945,838 1,102,654
Income from operations 87,745 (148,265) 231,252 (33,631)
Interest and other, net 15,651 10,515 57,231 44,317
Income before provision for
income taxes 103,396 (137,750) 288,483 10,686
Provision for income taxes 27,676 (38,019) 80,302 6,186
Net income $75,720 $(99,731) $208,181 $4,500
Net income per share:
Basic $0.19 $(0.25) $0.52 $0.01
Diluted $0.18 $(0.25) $0.50 $0.01
Shares used in computing net
income per share:
Basic 406,440 397,420 400,340 394,100
Diluted 423,520 413,960 416,540 410,120
BEA SYSTEMS, INC.
RECONCILIATION OF GAAP TO NON-GAAP OPERATING MEASURES
INCOME FROM OPERATIONS, NET INCOME AND DILUTED NET INCOME PER SHARE
(In thousands, except for per share data)
(unaudited)
The following tables reconcile the Company's income from operations, net
income and diluted net income per share as presented in its unaudited Condensed Consolidated Statements of Operations as prepared in accordance with
Generally Accepted Accounting Principles ("GAAP") with non-GAAP income from
operations, non-GAAP net income and non-GAAP net income per share. The
Company's non- GAAP income from operations excludes acquisition-related
intangible asset amortization, acquisition-related deferred compensation
expense, acquisition-related in-process research and development expenses,
FAS123R expense, stock option review expenses, separation costs, strategic
advisor expenses, 409A expenses, restructuring charges, impairment, stock option modification expense and tender offer expenses. The Company's non-GAAP
net income and non-GAAP diluted net income per share consists of non-GAAP income from operations and excludes net gains on minority interests in equity investments and net gains on retirement of convertible subordinated notes. In
addition, the Company's non-GAAP net income and non-GAAP diluted net income
per share are adjusted for the tax effect related to those items that have
been excluded from the non-GAAP results.
For the Three For the Twelve
Months Ended Months Ended
January January January January
31, 2008 31, 2007 31, 2008 31, 2007
GAAP Income from operations $87,745 $(148,265) $231,252 $(33,631)
Adjustments:
Acquisition-related
intangible asset
amortization 4,278 10,149 30,529 38,349
Acquisition-related
deferred compensation
expense (325) 3,300 4,683 11,520
Acquisition-related
in-process research and
development - - - 4,400
Restructuring charges 165 454 1,770 454
Impairment of Land - 201,615 - 201,615
FAS123R expense 9,785 11,998 37,614 54,419
Stock option review
expenses 1,521 5,140 15,098 7,188
Employee stock purchase
plan bonus - 8,940 - 8,940
Separation costs 35 - 7,020 -
Strategic advisor expenses 10,323 - 11,754 -
409A expense 2,750 - 7,258 -
Stock option modification (379) (844) 1,532 83
Tender Offer 3,365 - 3,365 -
Non-GAAP Income from
operations $119,263 $92,487 $351,875 $293,337
For the Three For the Twelve
Months Ended Months Ended
January January January January
31, 2008 31, 2007 31, 2008 31, 2007
GAAP Net Income $75,720 $(99,731) $208,181 $4,500
Adjustments:
Acquisition-related
intangible asset
amortization 4,278 10,149 30,529 38,349
Acquisition- related
deferred compensation
expense (325) 3,300 4,683 11,520
Acquisition-related in-
process research and
development - - - 4,400
Restructuring charges 165 454 1,770 454
Impairment of Land - 201,615 - 201,615
FAS123R stock compensation
expense 9,785 11,998 37,614 54,419
Net gains on minority
interest in equity
investments - (104) (1,132) (11,076)
Net gains on retirement of
convertible subordinated
notes - - - (818)
Stock option review
expenses 1,521 5,140 15,098 7,188
Employee stock purchase
plan bonus - 8,940 - 8,940
Separation costs 35 - 7,020 -
Strategic advisor expenses 10,323 - 11,754 -
409A expense 2,750 - 7,258 -
Stock option modification (379) (844) 1,532 83
Tender offer 3,365 - 3,365 -
Income tax adjustments (9,462) (73,425) (34,528) (95,978)
Non-GAAP Net Income $97,776 67,492 $293,144 $223,596
Non-GAAP diluted net income
per share $0.23 $0.16 $0.70 $0.55
Diluted shares outstanding 423,520 413,960 416,540 410,120
BEA SYSTEMS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
January 31, January 31,
2008 2007
(unaudited) (*)
ASSETS
Current assets:
Cash and cash equivalents 993,684 $867,294
Restricted cash 837 1,413
Short-term investments 508,071 313,941
Accounts receivable, net 395,890 394,799
Deferred tax assets 81,991 56,767
Prepaid expenses and other current
assets 72,548 46,126
Total current assets 2,053,021 1,680,340
Property and equipment, net 194,867 144,471
Acquired intangible assets, net 265,709 301,957
Long-term investments 17,475 93,528
Long-term restricted cash 2,597 2,372
Long-term deferred tax assets 129,620 166,027
Other long-term assets 9,359 10,147
2,672,648 $2,398,842
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued
liabilities 262,821 354,858
Deferred revenues 476,985 449,282
Current portion of convertible
subordinated notes - -
Current portion of notes payable
and other obligations 988 1,302
Total current liabilities 740,794 805,442
Notes payable and other long-term
obligations 173,744 228,790
Long-term portion of convertible
subordinated notes - -
Stockholders' equity:
Common stock and additional paid-in
capital 2,080,438 1,903,113
Retained earnings 125,899 (72,416)
Deferred compensation - -
Treasury stock (478,249) (478,249)
Accumulated other comprehensive
income 30,022 12,162
Total stockholders' equity 1,758,110 1,364,610
2,672,648 $2,398,842
(*) Derived from audited consolidated financial statements.
For More Information:
http://www.bea.com/investors
BEA Systems, Inc.
CONTACT: investors, Kevin Faulkner, +1-408-570-8293, kevin.faulkner@bea.com, or media, Kevin Hayden, +1-408-570-8017, kevin.hayden@bea.com, both of BEA Systems, Inc.
Web site: http://www.bea.com/
First Advantage Corporation to Present at Raymond James 29th Annual Institutional Investors Conference
POWAY, Calif., Feb. 28 /PRNewswire-FirstCall/ -- First Advantage Corporation , a global risk mitigation and business solutions provider, today announced that John Lamson, executive vice president and chief financial officer, will deliver a presentation at the Raymond James 29th Annual Institutional Investors Conference in Orlando, Fla. on Wednesday, March 5, 2008, at 9:15 a.m. EST.
To access this presentation following the event, visit the Investor section of the First Advantage Web site at http://www.fadv.com/, and click the Presentations button.
About First Advantage Corporation
First Advantage Corporation combines industry expertise with information to create products and services that organizations worldwide use to make smarter business decisions. First Advantage is a leading provider of consumer credit information in the mortgage, automotive and specialty finance markets; business credit information in the transportation industry; lead generation services; motor vehicle record reports; supply chain security consulting; employment background verifications; occupational health services; applicant tracking systems; recruiting solutions; skills and behavioral assessments; business tax consulting services; insurance fraud, corporate and litigation investigations; surveillance; computer forensics; electronic discovery; data recovery; due diligence reporting; resident screening; property management software and renters insurance. First Advantage ranks among the top companies in all of its major business lines. First Advantage is headquartered in Poway, Calif., and has 4,700 employees in offices throughout the United States and abroad. More information about First Advantage can be found at http://www.fadv.com/.
First Advantage is a majority-owned subsidiary of The First American Corporation , a FORTUNE 500(R) company that traces its history to 1889. First American is America's largest provider of business information, supplying businesses and consumers with valuable information products to support the major economic events of people's lives. Additional information about the First American Family of Companies can be found at http://www.firstam.com/.
Contacts:
Henri Van Parys Cindy Williams
Corporate Communications Manager Investor Relations Manager
727.214.1072 727.214.3438
henri.vanparys@FADV.com clwilliams@FADV.com
First Advantage Corporation
CONTACT: Henri Van Parys, Corporate Communications Manager, +1-727-214-1072, or henri.vanparys@FADV.com, or Cindy Williams, Investor Relations Manager, +1-727-214-3438, clwilliams@FADV.com, both of First Advantage Corporation
Web site: http://www.fadv.com/ http://www.firstam.com/
NYFIX Reports Fourth Quarter and Full Year 2007 ResultsFull Year 2007 Revenues up 24% Driven by Growth in Transaction Services
NEW YORK, Feb. 28 /PRNewswire-FirstCall/ -- NYFIX, Inc. ("NYFIX" or the "Company"), a trusted provider of innovative solutions that optimize trading efficiency, today reported results for the fourth quarter and full year 2007. For the full year 2007, revenues increased 24% over 2006, driven by a 74% increase in Transaction Services revenues. Fourth quarter revenues of $30.7 million represented a 16% increase over fourth quarter 2006. Business highlights during the quarter included the signing of key partnership agreements for Euro-Millennium(TM), NYFIX's European-based neutral dark pool of liquidity scheduled to launch in March, as well as continued infrastructure enhancements designed to position the Company for further growth.
"We are pleased with our tremendous progress during 2007, not only in terms of revenue growth, but also with respect to the remediation activities that marked this as a transitional year," said Howard Edelstein, CEO of NYFIX. "In 2008 we look forward to focusing our energies on growing the business."
Three Month Results
Financial highlights for fourth quarter 2007 include:
-- Revenues of $30.7 million, a 16% increase over revenues of
$26.4 million for fourth quarter 2006.
-- An 8% increase in net revenues for the FIX Division to $14.7 million,
as compared to $13.6 million for fourth quarter 2006.
-- A 64% increase in net revenues for the Transaction Services Division
to $13.8 million, as compared to $8.4 million for fourth quarter 2006.
-- A 50% decrease in net revenues for the OMS Division to $2.2 million,
as compared to $4.4 million for fourth quarter 2006.
-- Gross profit of $14.6 million, a 9% increase over the gross profit of
$13.4 million for fourth quarter 2006. These gross profit amounts
include the impact of stock-based compensation included in cost of
revenue of $0.4 million and less than $0.1 million for fourth quarter
2007 and fourth quarter 2006, respectively.
-- Loss from continuing operations of $(20.6) million, or $(0.56) per
share, compared to a loss from continuing operations for fourth
quarter 2006 of $(3.9) million, or $(0.11) per share. These loss
amounts exclude the impact of accumulated preferred dividends of
$(1.2) million, or $(0.03) per share, and $(1.4) million, or $(0.04)
for fourth quarter 2007 and fourth quarter 2006, respectively, as well
as the beneficial conversion feature on preferred stock of $(18.1)
million, or $(0.51) per share for fourth quarter 2006. Other
significant items which affected the loss amounts disclosed above
include the following:
Three Months Ended December 31,
2007 2006
(in millions, except per share
amounts) Amount per share Amount per share
SEC investigation, restatement and
other related expenses $(0.2) $(0.01) $(3.1) $(0.09)
Transitional rebuilding and
remediation costs (0.9) (0.03) (0.8) (0.02)
Transitional employment costs (1.6) (0.04) (0.9) (0.02)
Euro Millennium pre-operating start-
up costs (2.0) (0.05) - -
Impairment and restructuring charges (7.9) (0.22) - -
Stock-based compensation (5.7) (0.16) (0.1) (0.00)
Tax benefit associated with goodwill
impairment 0.6 0.02 - -
Interest penalty on convertible note
for filing delay - - (0.3) (0.01)
NYFIX has incurred significant transitional rebuilding and remediation costs relating to deficiencies involving critical operational systems and processes, including technology infrastructure and management information systems, and certain historical administrative issues. In addition, NYFIX has incurred significant transitional employment costs to build critical teams, retain key employees and remediate certain skill gaps.
Since the second quarter of 2007 NYFIX has incurred pre-operating start-up costs for a new initiative, Euro Millennium, a multilateral trading facility for non-displayed liquidity in pan-European listed cash equities.
As previously announced, during fourth quarter 2007, NYFIX entered into a strategic agreement with Citi to offer NYFIX Fusion OMS customers a transition arrangement to Citi's Lava ColorPalette(R) OMS. As a result of discontinuing the Fusion OMS, the Company recorded $7.9 million of impairment and employment related restructuring charges, partially offset by a tax credit of $0.6 million related to impaired goodwill.
During fourth quarter 2007, NYFIX adopted a new equity incentive plan to assist in retention and to further promote alignment with stockholders, and issued awards (options and restricted stock units) for approximately 9.9 million shares of common stock.
Fourth quarter 2007 results also include income from discontinued operations of $1.1 million. This amount reflects a preliminary estimate of the earn-out gain associated with the sale of the Company's NYFIX Overseas, Inc. subsidiary in August 2006, net of related expenses and an accrual for the estimated cost to resolve a tax contingency associated with historical stock option gains realized by NYFIX Overseas employees. The Company may have a more up-to-date estimate of the earn-out gain prior to filing its 2007 Form 10-K and as a result, the actual reported amount may vary from the amount noted above.
Full Year Results
Financial highlights for full year 2007 include:
-- Revenues of $121.7 million, a 24% increase over revenues of $98.4
million for full year 2006.
-- A 19% increase in net revenues for the FIX Division to $57.7 million,
as compared to $48.6 million for full year 2006.
-- A 74% increase in net revenues for the Transaction Services Division
to $53.6 million, as compared to $30.8 million for full year 2006.
-- A 44% decrease in net revenues for the OMS Division to $10.5 million,
as compared to $18.9 million for full year 2006.
-- Gross profit of $56.6 million, an 18% increase over the gross profit
of $48.0 million for full year 2006. These gross profit amounts
include the impact of stock-based compensation included in cost of
revenue of $0.4 million and $0.1 million for full year 2007 and full
year 2006, respectively.
-- Loss from continuing operations of $(41.8) million, or $(1.15) per
share, compared to a loss from continuing operations for full year
2006 of $(16.6) million, or $(0.49) per share. These loss amounts
exclude the impact of accumulated preferred dividends of $(5.9)
million, or $(0.16) per share, and $(1.4) million, or $(0.04) per
share for full year 2007 and full year 2006, respectively, as well as
the beneficial conversion feature on preferred stock of $(18.1)
million, or $(0.53) per share for full year 2006. Other significant
items which affected the loss amounts disclosed above include the
following:
Year Ended December 31,
2007 2006
(in millions, except per share
amounts) Amount per share Amount per share
SEC investigation, restatement and
other related expenses $(5.8) $(0.16) $(12.8) $(0.37)
Transitional rebuilding and
remediation costs (6.4) (0.18) (0.8) (0.02)
Transitional employment costs (4.0) (0.11) (1.9) (0.06)
NYSE linkage fees not passed to
clients (1.9) (0.05) - -
Euro Millennium pre-operating start-
up costs (4.0) (0.11) - -
Impairment and restructuring charges (7.9) (0.22) - -
Stock-based compensation (6.0) (0.16) (0.8) (0.02)
Tax benefit associated with goodwill
impairment 0.6 0.02 - -
Restructuring charge on office
closing - - (2.1) (0.06)
Interest penalty on convertible note
for filing delay - - (0.5) (0.01)
Full year 2007 and full year 2006 results also include income from discontinued operations of $1.1 million and $3.6 million, respectively. The full year 2007 amount reflects an estimate of the earn-out gain associated with the sale of NYFIX Overseas in August 2006, net of related expenses, and an accrual for the estimated cost to resolve a tax contingency associated with historical stock option gains realized by NYFIX Overseas employees. The full year 2006 amount includes a gain recorded on the NYFIX Overseas sale of $4.0 million as well as the 2006 results of operations of NYFIX Overseas through the sale date.
2008 Outlook and Subsequent Events
In 2008 the Company will be focused on growing its Transaction Services and FIX Marketplace(TM) businesses, and further expanding throughout Europe. As previously reported, NYFIX Millennium(R), one of the industry's leading dark pools of liquidity, reached a new high in volumes during January 2008, matching a total of over 1.2 billion shares. This volume established a new average daily volume high for a month with an ADV of nearly 58 million shares.
The Company expects to leverage the experience gained with NYFIX Millennium in the U.S. and launch Euro Millennium in March 2008. This initiative is well aligned with the Company's goal of global expansion during a time of rapid regulatory change. The Company expects to incur approximately $2.0 million of costs related to this effort in the first quarter of 2008.
The transitional costs for the rebuilding, remediation and employment initiatives described above were substantially complete by year-end, with approximately $0.6 million of remaining costs expected during the first half of 2008. In addition, the Company expects to incur $0.6 million of remaining employment related restructuring costs related to the Fusion OMS wind-down, which is currently expected to be completed during the second quarter of 2008. Going forward, stock-based compensation expense is expected to be at lower levels than the fourth quarter of 2007 due to shortened initial vesting periods and other awards that were fully vested on issuance. For 2008, stock- based compensation expense is estimated at $3.0 million for the first quarter and approximately $2.0 million per quarter thereafter. These stock-based compensation amounts may vary, however, depending on the fair value of performance awards when the applicable criteria are established and whether such performance awards actually vest.
In January 2008, NYFIX received a $5.0 million advance from its primary carrier under its previous Directors and Officers insurance policy for fees incurred in defense of the SEC investigation into the Company's historical stock option activity as well as related litigation. As this amount can be recovered in certain circumstances, NYFIX will defer recognition of these proceeds in its operating results until further progress is made in resolving these contingencies. NYFIX is pursuing additional claims from its secondary carriers under its previous insurance policies which have additional limits aggregating $10.0 million.
Investor Conference Call
As previously announced, the Company will host a conference call to discuss its results and business outlook later today at 5:00 PM Eastern. The conference call can be accessed live via telephone by dialing, (866) 225-8754 or for international callers by dialing (480) 629-9562. A replay will be available two hours after the call and can be accessed by dialing (800) 406-7325 or (303) 590-3030 for international callers; the password is 3846539. The replay will be available until March 6, 2008. The call will be webcast live from the Company's website at http://www.nyfix.com/ under the investor relations section.
About NYFIX, Inc.
A pioneer in electronic trading solutions, NYFIX continues to transform trading through innovation. The NYFIX Marketplace(TM) is a global community of trading counterparties utilizing innovative services that optimize the business of trading. NYFIX Millennium(R) provides the NYFIX Marketplace(TM) with new methods of accessing liquidity. NYFIX also provides value-added informational and analytical services and powerful tools for measuring execution quality. A trusted business partner to the buy-side and sell-side alike, NYFIX enables ultra low touch, low impact market access and end-to-end transaction processing. For more information, please visit http://www.nyfix.com/.
This press release may contain forward-looking statements, including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements concerning NYFIX, Inc.'s plans, objectives, expectations and intentions and other statements that are not historical or current facts. Forward-looking statements are based on NYFIX, Inc.'s current expectations and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward- looking statements. Factors that could cause NYFIX, Inc.'s results or future events to differ materially from current expectations include, but are not limited to: the possibility that the Company may record a significant impairment charge relating to its goodwill because the Company is not profitable; the effects of current, pending and future legislation, regulation and regulatory actions; the ability of the Company to achieve and maintain effective internal control over financial reporting in accordance with SEC rules promulgated under Section 404 of the Sarbanes-Oxley Act; the impact of accounting for stock-based compensation and ongoing regulatory investigations, including the possibility of new and significant information subsequently arising which could lead to different determinations and require different accounting treatment; actions and initiatives by both current and future competitors; our ability to accommodate increased levels of trading activity and keep current with market data requirements; and other factors detailed in NYFIX, Inc.'s Annual Report on Form 10-K for 2006, and other periodic reports filed with the U.S. Securities and Exchange Commission. In addition, these statements are based on a number of assumptions that are subject to change. The inclusion of forward-looking statements herein should not be regarded as a representation by NYFIX, Inc. that the forward-looking statements will prove to be correct. In addition, the forward-looking statements included in this press release represent the Company's views as of February 28, 2008. The Company anticipates that subsequent events and developments will cause the Company's views to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to February 28, 2008.
NYFIX, Inc. and Subsidiaries
Consolidated Statements of Operations
(in thousands, except per share amounts)
Three Months Ended Year Ended
December 31, December 31,
2007 2006 2007 2006
(Unaudited) (Unaudited) (Unaudited) (Audited)
Revenue:
Subscription and maintenance $16,815 $17,676 $67,116 $65,801
Transaction 13,582 7,960 52,339 29,609
Product sales and services 254 803 2,247 2,943
Total revenue 30,651 26,439 121,702 98,353
Cost of revenue:
Subscription and maintenance 8,670 8,457 34,381 32,638
Transaction 7,287 4,149 29,916 15,901
Product sales and services 77 459 813 1,824
Total cost of revenue 16,034 13,065 65,110 50,363
Gross profit 14,617 13,374 56,592 47,990
Operating expense:
Selling, general and
administrative 27,624 14,662 86,848 49,237
Asset impairment charge 7,596 - 7,596 -
Depreciation and amortization 515 267 1,554 1,185
Restructuring charge 331 - 331 2,056
SEC investigation, restatement
and other related expenses 249 3,088 5,846 12,758
Loss from operations (21,698) (4,643) (45,583) (17,246)
Interest expense (166) (394) (565) (1,029)
Investment income 815 1,179 4,114 1,894
Other income (expense), net 1 5 (3) 20
Loss from continuing operations
before income tax (benefit)
provision (21,048) (3,853) (42,037) (16,361)
Income tax (benefit) provision (416) 48 (275) 189
Loss from continuing
operations (20,632) (3,901) (41,762) (16,550)
Income from discontinued
operations, including gain on
sale of $2,334 and $4,035,
respectively 1,105 - 1,105 3,646
Net loss (19,527) (3,901) (40,657) (12,904)
Accumulated preferred
dividends (1,182) (1,354) (5,868) (1,354)
Beneficial conversion feature
on preferred stock - (18,139) - (18,139)
Loss applicable to common
stockholders $(20,709) $(23,394) $(46,525) $(32,397)
Basic and diluted loss from
continuing operations per
common share (net of
accumulated preferred
dividends) $(0.60) $(0.66) $(1.32) $(1.06)
Basic and diluted income from
discontinued operations
per common share 0.03 - 0.03 0.11
Basic and diluted loss per
common share $(0.57) $(0.66) $(1.29) $(0.95)
Basic and diluted weighted
average common shares
outstanding 36,601 35,521 36,160 34,035
NYFIX, Inc. and Subsidiaries
Consolidated Balance Sheets
(in thousands, except share and per share amounts)
December 31,
2007 2006
(Unaudited) (Audited)
Assets
Current assets:
Cash and cash equivalents $75,657 $105,888
Accounts receivable, net 14,609 13,727
Clearing broker assets 483,867 423,153
Prepaid expenses and other current assets 8,588 4,179
Total current assets 582,721 546,947
Property and equipment, net 21,478 14,808
Capitalized software costs, net 5,789 5,900
Goodwill 57,401 58,193
Acquired intangible assets, net 3,708 1,966
Other assets, net 1,745 1,514
Total assets $672,842 $629,328
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable and accrued expenses $39,422 $25,133
Clearing broker liabilities 483,600 422,429
Current portion of capital lease
obligations 923 1,223
Current portion of long-term debt - 188
Current portion of other long-term
liabilities 1,564 1,235
Deferred revenue 4,648 4,212
Total current liabilities 530,157 454,420
Long-term portion of capital lease
obligations 550 461
Long-term debt 9,941 7,412
Other long-term liabilities 2,354 3,662
Total liabilities 543,002 465,955
Commitments and contingencies
Stockholders' equity:
Preferred stock, $1.00 par value;
5,000,000 shares authorized:
Series A, none issued - -
Series B Voting Convertible,
1,500,000 shares issued and
outstanding; liquidation preference
of $77,625 at December 31, 2007 62,092 62,092
Series C Non-Voting Convertible,
none issued - -
Common stock, $0.001 par value;
100,000,000 and 60,000,000 shares
authorized; 37,725,758 and
36,654,986 shares issued,
respectively 261,307 256,835
Preferred stock dividend
distributable, 525,000 common shares 2,441 -
Accumulated deficit (182,803) (139,309)
Treasury stock, 906,826 and 1,133,778
shares, respectively, at cost (13,194) (16,224)
Accumulated other comprehensive loss (3) (21)
Total stockholders' equity 129,840 163,373
Total liabilities and stockholders'
equity $672,842 $629,328
NYFIX, Inc.
CONTACT: Investors, Don Duffy of Integrated Corporate Relations, +1-203-682-8215, or Media, Matt Zachowski of Intermarket Communications, +1-212-888-6115 x228, both for NYFIX, Inc.
Web site: http://www.nyfix.com/
On Track Innovations Ltd. (OTI) Schedules Fourth Quarter and Annual 2007 Earnings Release and Conference Call
FORT LEE, N.J., Feb. 28 /PRNewswire-FirstCall/ -- On Track Innovations Ltd., (OTI) , a global leader in contactless microprocessor-based smart card solutions, for homeland security, payments, petroleum payments and other applications, announced today that it will report fourth quarter and 2007 annual operating results on Thursday, March 6, 2008 at 9:00 a.m. Eastern Standard Time. The Company has scheduled a conference call and simultaneous Web cast that will be hosted by Oded Bashan, Chairman and CEO, Ohad Bashan, President and Guy Shafran, CFO. To participate, call
1-888-407-2553 (U.S. toll free)
1-800-227-297 (Israel toll free)
0-800-182-6846 (Germany toll free)
ID Code: OTI Q4 and 2007 Annual Results Conference Call
At:
6:00 a.m. Pacific Time
9:00 a.m. Eastern Standard Time
15:00 Germany Time
16:00 Israel Time
To listen to the web cast please go to:
http://www.otiglobal.com/content.aspx?id=226
For those unable to participate, the teleconference will be available for replay until midnight March 13th, by calling U.S.: 1-888-295-2634 or on the web at: http://www.otiglobal.com/content.aspx?id=226.
About OTI
Established in 1990, OTI designs, develops and markets secure contactless microprocessor-based smart card technology to address the needs of a wide variety of markets. Applications developed by OTI include product solutions for petroleum payment systems, homeland security solutions, electronic passports and IDs, payments, mass transit ticketing, parking, loyalty programs and secure campuses. OTI has a global network of regional offices to market and support its products. The company was awarded the Frost & Sullivan 2005 and 2006 Company of the Year Award in the field of smart cards.
For more information on OTI, visit http://www.otiglobal.com/, the content of which is not part of this press release.
OTI Contact: Investor Relations
Galit Mendelson Miri Segal
Director of Corporate Communications Strategic Growth International
201 944 5200 ext. 111 212 838 1444
galit@otiglobal.com msegal@sgi-ir.com
On Track Innovations Ltd.
CONTACT: Galit Mendelson, Director of Corporate Communications of On Track Innovations Ltd., +1-201-944-5200 ext. 111, galit@otiglobal.com; or Investor Relations, Miri Segal of Strategic Growth International for On Track Innovations Ltd., +1-212-838-1444, msegal@sgi-ir.com
Web site: http://www.otiglobal.com/ http://www.otiglobal.com/content.aspx?id=226
DealerTrack Announces Resignation of Thomas R. Gibson From Its Board of Directors
LAKE SUCCESS, N.Y., Feb. 28 /PRNewswire-FirstCall/ -- DealerTrack Holdings, Inc. , a leading provider of on-demand software and data solutions for the U.S. automotive retail industry, today announced that Thomas R. Gibson has resigned from its board of directors, effective today. The company had previously announced that it expected Gibson to resign, as his role as a senior advisor to Cerberus LLC made it difficult for him to continue to fulfill his responsibilities on the DealerTrack board.
"Tom Gibson has made many significant contributions to DealerTrack's growth, and we would like to thank him for his dedicated service," said Mark O'Neil, DealerTrack's chairman and chief executive officer.
Gibson said, "I cannot express how much I have enjoyed working with DealerTrack's senior management and my fellow board members over the past three years. I believe Mark and his team are doing a terrific job and should be immensely proud of the company they have built, the results they have achieved, and the bright future I foresee for the company."
About DealerTrack (http://www.dealertrack.com/)
DealerTrack Holdings, Inc. is a leading provider of on-demand software and data solutions for the U.S. automotive retail industry. Our solutions enable dealers to receive consumer leads, submit credit applications, compare financing and leasing options, sell insurance, vehicle accessories and other aftermarket products, document compliance, and execute financing contracts electronically. In addition, the DealerTrack Arkona dealer management system (DMS) is used by dealerships nationwide. Over 22,000 dealers, 500 financing sources, and many other service and information providers are active in the DealerTrack network. For more information, visit http://www.dealertrack.com/.
TRAK-G
Contacts:
Raphael Carty
DealerTrack
(516) 734-3777
raphael.carty@dealertrack.com
Stephanie Lowenthal
RF|Binder Partners
(212) 994-7619
stephanie.lowenthal@rfbinder.com
DealerTrack Holdings, Inc.
CONTACT: Raphael Carty of DealerTrack, +1-516-734-3777, raphael.carty@dealertrack.com; Stephanie Lowenthal of RF|Binder Partners, +1-212-994-7619, stephanie.lowenthal@rfbinder.com
Web site: http://www.dealertrack.com/
Harris Corporation Updates EPS Guidance for Fiscal Year 2008
MELBOURNE, Fla., Feb. 28 /PRNewswire-FirstCall/ -- Harris Corporation today announced that it expects non-GAAP earnings for fiscal year 2008 ending on June 27 to be at the lower end of its previous guidance range of $3.45 to $3.55 per diluted share, as a result of additional cost overruns on several commercial satellite reflector programs. The company expects to establish additional reserves of about $47 million in its fiscal third quarter in the Government Communications Systems segment to cover costs related to redesign, rework and schedule delays.
The low end of the non-GAAP earnings guidance range represents earnings growth of 23 percent, compared to non-GAAP earnings per share in fiscal year 2007. Non-GAAP earnings exclude charges related to acquisitions and the formation of Harris Stratex Networks. The corresponding fiscal year 2008 GAAP earnings guidance is a range of $3.35 to 3.45 per diluted share. Revenue for fiscal year 2008 is now expected to be about $5.3 billion, representing organic growth of 13 percent above fiscal year 2007. A reconciliation of GAAP to non-GAAP financial measures is provided in Tables 1 and 2 and the accompanying notes.
The additional reserves will be established for 4 programs encompassing 10 commercial reflectors in various stages of development, assembly, test and delivery. The first reflector has been completed and is awaiting customer launch. A second reflector has been delivered for spacecraft integration. Three others have completed major manufacturing milestones and are expected to be delivered for spacecraft integration by the end of fiscal year 2008.
"Redesign and rework costs required to resolve performance issues and manufacturing complexities have rippled through the entire commercial reflector enterprise, causing significant inefficiencies and bottlenecks in the factory," said Howard L. Lance, chairman, president and chief executive officer. "We have been overly optimistic about our abilities to close the schedule and cost gaps. To maintain schedule commitments to our customers, we will have to sustain the current high level of headcount for an extended period of time. The additional reserves reflect our latest estimated cost-at- completion on these programs, only a portion of which actually has been spent to date.
"We are making progress and believe that we now understand the remaining challenges. While the costs-at-completion for these reflectors will be much higher than originally anticipated, the long-term outlook for our reflector product line is positive," Lance continued. "Harris reflectors have a competitive advantage in the market in terms of their performance, weight and stowable size. As a result, we expect to receive future orders at historical levels of profitability.
"We expect the impact of the additional reserves on fiscal year 2008 earnings to be partially offset through higher than previously expected operating results in the Defense Communications and Electronics segment, a lower effective tax rate as a result of anticipated favorable tax settlements, and increased non-operating income from the sale of securities as we begin to monetize our investment in a Harris technology spin-off.
"Harris is in a solid financial position to absorb the additional costs in the reflector business, while still generating significant revenue and earnings growth in fiscal year 2008. We expect to finish the year with substantial backlog and robust markets that will drive excellent revenue and earnings growth once again in fiscal year 2009," Lance said.
Harris will host a conference call today at 5:00 p.m., Eastern Time, to discuss the content of this press release. Interested individuals are invited to listen to the call by using a dial-in number: (719) 325-4824, access code: 5703433. The conference call also will be broadcast live via the Internet at http://www.harris.com/. A replay of the teleconference will be available beginning at 8:00 p.m., Eastern Time, and will run until midnight, Eastern Time, on March 6, 2008. To access the replay, please call (719) 457-0820, access code: 5703433. A recording of the call will also be available on the Harris website beginning at 7:00 p.m., Eastern Time, on February 28.
Harris is an international communications and information technology company serving government and commercial markets in more than 150 countries. Headquartered in Melbourne, Florida, the company has annual revenue of almost $5 billion and more than 16,000 employees - including nearly 7,000 engineers and scientists. Harris is dedicated to developing best-in-class assured communications(TM) products, systems, and services. Additional information about Harris Corporation is available at http://www.harris.com/.
Non-GAAP Financial Measures
This press release contains non-GAAP financial measures within the meaning of Regulation G promulgated by the SEC, including earnings per share guidance for fiscal 2008 excluding costs associated with our acquisitions and with the formation of Harris Stratex Networks and expected organic revenue growth. Harris management believes that these non-GAAP financial measures, when considered together with the GAAP financial measures, provide information that is useful to investors in understanding period-over-period operating results separate and apart from items that may, or could, have a disproportionately positive or negative impact on results in any particular period. Management also believes that these non-GAAP financial measures enhance the ability of investors to analyze Harris business trends and to understand Harris performance. In addition, Harris may utilize non-GAAP financial measures as a guide in its forecasting, budgeting, and long-term planning process and to measure operating performance for some management compensation purposes. Any analysis of non-GAAP financial measures should be used only in conjunction with results presented in accordance with GAAP.
Forward-Looking Statements
Statements in this press release that are not historical facts are forward-looking statements that reflect management's current expectations, assumptions, and estimates of future performance and economic conditions. Such statements are made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements in this release include but are not limited to: earnings guidance for fiscal 2008; and statements regarding outlook, including expected revenue growth. The Company cautions investors that any forward-looking statements are subject to risks and uncertainties that may cause actual results and future trends to differ materially from those matters expressed in or implied by such forward-looking statements. The Company's consolidated results and the forward-looking statements could be affected by many factors, including but not limited to: our participation in markets that are often subject to uncertain economic conditions which makes it difficult to estimate growth in our markets and, as a result, future income and expenditures; our dependence on the U.S. government for a significant portion of our revenue, as the loss of this relationship or a shift in U.S. government funding could have adverse consequences on our future business; potential changes in U.S. government or customer priorities due to program reviews or revisions to strategic objectives, including termination of or potential failure to fund U.S. government contracts; risks inherent with large long-term fixed-price contracts, particularly the ability to contain cost overruns; the performance of critical subcontractors or suppliers; financial and government and regulatory risks relating to international sales and operations, including fluctuations in foreign currency exchange rates and the effectiveness of our currency hedging program; our ability to continue to develop new products that achieve market acceptance; the consequences of future geo-political events, which may affect adversely the markets in which we operate, our ability to insure against risks, our operations or our profitability; strategic acquisitions and the risks and uncertainties related thereto, including our ability to manage and integrate acquired businesses; potential claims that we are infringing the intellectual property rights of third parties; the successful resolution of patent infringement claims and the ultimate outcome of other contingencies, litigation and legal matters; customer credit risk; the fair values of our portfolio of passive investments, which values are subject to significant price volatility or erosion; risks inherent in developing new technologies; changes in our effective tax rate that may have an adverse effect on our results of operations; the impact of the results of Harris Stratex Networks, which may vary significantly and may be difficult to forecast; the potential impact of natural disasters on our significant operations in Florida, California and other locations; general economic conditions in the markets in which we operate; changes in future business conditions that could cause business investments and/or recorded goodwill to become impaired; and our ability to attract and retain key employees. Further information relating to factors that may impact the Company's results and forward-looking statements are disclosed in the Company's filings with the SEC. Harris disclaims any intention or obligation, other than imposed by law, to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
For additional information, contact Harris Corporation at webmaster@harris.com.
Table 1
HARRIS CORPORATION
Reconciliation of FY'08 GAAP EPS Guidance to Non-GAAP EPS Guidance
(Unaudited)
Earnings Per
Diluted Share
GAAP Earnings Per Share Guidance for FY'08 $3.35 to $3.45
Charges associated with the combination with Stratex
Networks, Inc. (A) $0.07
Charges associated with the acquisition of Multimax
Incorporated (B) $0.01
Charges associated with the acquisition of Zandar
Technologies plc (C) $0.02
Non-GAAP Earnings Per Share Guidance for FY'08 $3.45 to $3.55
Non-GAAP Earnings Per Share for FY'07 $2.80
Percent Change 23% to 27%
Table 2
HARRIS CORPORATION
FY'08 Forecasted Organic Growth Calculation
(Unaudited)
Fiscal Year 2007
GAAP Revenue $4,243.0
Impact of acquisitions (D) 443.0
Organic Revenue $4,686.0
Fiscal Year 2008 Forecasted Revenue $5,300.0
Organic Revenue Growth 13%
Note A - Adjustment for the estimated $0.07 per diluted share impact,
after minority interest, is due to the impact of a step up in fixed assets
and integration costs associated with the Stratex Networks, Inc.
("Stratex") combination.
Note B - Adjustment for the estimated $0.01 per diluted share impact is
for the estimated impact from integration and other charges associated
with the acquisition of Multimax Incorporated ("Multimax").
Note C - Adjustment for the estimated $0.02 per diluted share impact is
for the estimated impact from integration and other charges associated
with the acquisition of Zandar Technologies plc ("Zandar").
Note D - Adjustments to add revenue of Stratex, Multimax and Zandar
during Harris' fiscal year 2007 and to subtract fiscal year 2007 revenue
of our radio resale business exited in the fourth quarter of fiscal 2007.
Harris Corporation
CONTACT: Investors, Pamela Padgett, +1-321-727-9383, pamela.padgett@harris.com, or Media, Jim Burke, +1-321-727-9131, jim.burke@harris.com, both of Harris Corporation
Web site: http://www.harris.com/
CommScope Achieves Record Fourth Quarter 2007 Results- GAAP EPS of $0.51, up 34 percent year over year- Adjusted EPS of $0.55, excluding costs associated with the Andrew acquisition- Sales of $463 million, up 17 percent year over year- Operating income up 52 percent to $55 million- Orders of $420 million, up 19 percent year over year
HICKORY, N.C., Feb. 28 /PRNewswire-FirstCall/ -- CommScope, Inc. , a global leader in infrastructure solutions for communications networks, achieved record fourth quarter 2007 results, including sales of $462.6 million and net income of $37.6 million, or $0.51 per diluted share.
The reported net income includes after-tax charges of approximately $3.1 million for interest on new term loans, write-off of deferred financing fees and acquisition-related expenses related to the acquisition of Andrew Corporation. Excluding these special items, adjusted fourth quarter 2007 earnings were $40.6 million, or $0.55 per diluted share. (A reconciliation of reported GAAP earnings and earnings per diluted share to adjusted results for the fourth quarter and calendar year is attached.)
For the fourth quarter 2006, CommScope reported sales of $393.7 million and net income of $27.2 million, or $0.38 per diluted share. The reported net income includes after-tax charges of $1.1 million related to restructuring costs. Excluding this special item, adjusted fourth quarter 2006 earnings were $28.3 million, or $0.40 per diluted share.
For 2007, CommScope sales rose 18.9 percent to $1.93 billion and net income rose 57.4 percent to $204.8 million, or $2.78 per diluted share. This compares to sales of $1.62 billion and net income of $130.1 million, or $1.84 per diluted share for 2006.
"Despite an uncertain economic environment, we are pleased to have delivered another record quarter and year while closing the acquisition of Andrew Corporation," said CommScope Chairman and Chief Executive Officer, Frank Drendel. "We believe that the ongoing, fundamental global demand for bandwidth will continue to drive the need for communications infrastructure -- in both wired and wireless networks.
"Both CommScope and Andrew claim a proud past and we believe that, together as one company, we have a promising future. We intend to execute on our previously announced cost reduction plans while we build upon our industry leading portfolio of products, broad geographic base and market diversity to create strong cash flow from operations in 2008. We have an experienced management team and solid competitive position. We remain confident in the long-term outlook for sales growth and profitability."
Sales Overview
Sales for the fourth quarter 2007 increased 17.5 percent year over year, primarily driven by increased volume in all three segments, with particular strength in the Carrier segment. As anticipated, sales declined sequentially due to the typical seasonal slowdown.
Fourth Third Fourth
($ in millions) Quarter Quarter Quarter % Change
2007 2007 2006 YOY Sequential
Enterprise $218.8 $240.4 $187.5 16.7% -9.0%
Broadband 152.6 161.2 144.0 6.0% -5.3%
Carrier 91.4 112.3 62.4 46.5% -18.6%
Inter-segment
eliminations (0.2) (0.3) (0.2) n/a n/a
Total CommScope
Net Sales $462.6 $513.6 $393.7 17.5% -9.9%
Enterprise segment sales rose 16.7 percent year over year to $218.8 million driven by volume growth in all regions with particular strength in North America. Despite economic uncertainty, Enterprise users continue to invest in their communications networks as employees work more collaboratively, data centers expand and buildings are configured with intelligent infrastructure. These drivers, along with the recent ratification of the Category 6A and Class EA standards by the Telecommunication Industry Association (TIA), the International Organization for Standardization (ISO) and International Electrotechnical Commission (IEC) support ongoing demand for 10 Gb/s solutions, such as the industry-leading SYSTIMAX(R) GigaSPEED X10D.
Broadband segment sales rose 6 percent year over year to $152.6 million, primarily due to higher international sales volumes and the positive impact of the Signal Vision, Inc. acquisition, which closed on May 1, 2007. Competition between domestic Multiple System Operators (MSOs) and domestic wireline carriers should continue to drive investment by MSOs in their networks.
Carrier segment sales increased 46.5 percent year over year to $91.4 million. Sales rose significantly in all major Carrier product areas. CommScope experienced particularly strong international wireless sales of its ExtremeFlex(R) smooth wall aluminum cables for mobile cellular towers in the quarter. Integrated Cabinet Solutions (ICS) revenue increased as large domestic wireline carriers continue to deploy electronics deeper in their networks to offer higher bandwidth broadband and video services. Fourth quarter ICS sales reflect a less favorable product mix than previous quarters.
Total international sales for the fourth quarter 2007 rose 17.4 percent year over year to $164.5 million, or 35.6 percent of total company sales.
External customer orders booked in the fourth quarter 2007 were $420.1 million, up 18.5 percent from the year-ago quarter.
Other Fourth Quarter Highlights
* Gross margin for the fourth quarter 2007 was 29.2 percent, up more than
100 basis points year over year. The gross margin improvement was
primarily due to higher sales levels, a more favorable product mix and
the benefits of ongoing cost reduction activities.
* SG&A expense for the fourth quarter 2007 was $70.6 million, or 15.3
percent of sales, compared to $64.8 million or 16.5 percent of sales in
the year-ago quarter. SG&A expenses grew primarily due to higher sales
levels and spending to support and expand global sales initiatives.
* Operating income for the fourth quarter 2007 increased approximately 52
percent year over year to $55.1 million, or 11.9 percent of sales. In
the year-ago quarter, operating income was $36.3 million, or 9.2 percent
of sales. Excluding restructuring costs in the year ago quarter,
operating income would have been $38.1 million, or 9.7 percent of sales.
* Total depreciation and amortization expense was $12.2 million for the
fourth quarter of 2007, while capital spending in the quarter was $9.6
million.
* Net cash provided by operating activities rose to an all-time quarterly
record of $101.4 million.
Full Year 2007 Results
CommScope reported sales of $1.93 billion for 2007, and net income of $204.8 million, or $2.78 per diluted share. The company's 2007 results included after-tax charges of approximately $3.8 million related to interest on the new term loans associated with the Andrew acquisition, write-off of deferred financing fees, restructuring costs and acquisition costs. Excluding these special items, 2007 adjusted earnings would have been $208.6 million or $2.83 per diluted share. (Please see the attached reconciliation of reported GAAP earnings and earnings per diluted share to adjusted results.)
CommScope reported sales of $1.62 billion for 2006, and net income of $130.1 million, or $1.84 per diluted share. The company's 2006 results included an after-tax charge of $8.1 million related to restructuring costs and an after-tax benefit of $18.6 million related to a recovery on a note receivable from OFS BrightWave, LLC. Excluding these special items, 2006 adjusted earnings would have been $119.6 million or $1.69 per diluted share. A sales summary for 2007 and 2006 is shown below:
($ in millions) Actual Actual Change
2007 2006 $ %
Enterprise $899.4 $802.3 $97.1 12.1%
Broadband 625.3 550.2 75.1 13.6%
Carrier 407.6 273.1 134.5 49.2%
Inter-segment eliminations (1.5) (1.7) 0.2 n/a
Total CommScope
Net Sales $1,930.8 $1,623.9 $306.9 18.9%
Andrew Acquisition and December Quarter Results
On December 27, CommScope completed its acquisition of Andrew Corporation for a total purchase price of approximately $2.6 billion. In its December quarter, prior to the acquisition by CommScope, Andrew's unaudited results included revenues of $546.2 million and an operating loss of $24.7 million. Andrew's operating loss reflected merger costs of $34.0 million, asset impairment of $12.1 million, restructuring of $4.8 million, intangible amortization of $1.6 million and a gain on the sale of assets of $0.9 million.
CommScope's 2007 statements of operations and cash flows do not include any operating results for Andrew, which were immaterial for the four-day period between closing and December 31.
2008 Outlook
CommScope management is providing the following guidance for calendar year 2008:
* Expected revenue of $4.1 - $4.3 billion
* Pro forma operating income target of $525 - $575 million, excluding
restructuring and transition costs as well as purchase accounting
adjustments related to the fair value write-up of inventory, property,
plant and equipment and intangibles, which results in increased charges
for inventory, depreciation and amortization. This operating income
target assumes that the company will be able to successfully recover
costs associated with rising raw material costs.
* Overall interest rate expected to be around 6.75% for the term loans,
which had a beginning balance of $2.1 billion
* Expected tax rate of 34% - 36%
* Approximately 81 million weighted average fully diluted shares
anticipated to be outstanding
* More than $500 million of cash flow from operations expected
* Expected capital expenditures of $80-$90 million
* Significant non-cash costs related to purchase accounting adjustments
expected, including:
-- More than $100 million of additional annual intangible
amortization
-- More than $50 million of fair value inventory write-up that
increases cost of goods sold primarily in the first quarter
First Quarter 2008 Outlook
CommScope management is providing the following guidance for the first quarter of 2008:
* Expected Revenue of $950 - $970 million
* Pro forma operating income of $80 - $90 million, excluding
restructuring and transition costs as well as purchase accounting
adjustments related to the fair value write-up of inventory, property,
plant and equipment and intangibles, which results in increased charges
for inventory, depreciation and amortization
* As the result of significant non-cash costs related to purchase
accounting adjustments and one-time transition costs, CommScope
anticipates reporting a GAAP loss in the first quarter of 2008.
"We are excited about the acquisition and the significant task of integrating CommScope and Andrew is well underway," said Executive Vice President and Chief Financial Officer Jearld Leonhardt. "We face some headwinds with the recent volatility in raw material costs. Our calendar year 2008 guidance assumes the ability to recover higher costs, a stable business environment and includes the previously announced $50 to $60 million in cost reduction synergies. While we face some near term challenges, we believe that CommScope has a great foundation for success and that the Andrew team makes us even stronger. We look forward to another successful year."
Conference Call Information
CommScope plans to host a call today at 5:00 p.m. EST to discuss fourth quarter results and full year results. You are invited to listen to the conference call or live webcast with Frank Drendel, chairman and CEO; Brian Garrett, president and COO; and Jearld Leonhardt, executive vice president and CFO.
To participate on the conference call, domestic and international callers should dial (706) 679-4510. Please plan to dial in 10-15 minutes before the start of the call to facilitate a timely connection. The live, listen-only audio of the conference call will be available through a link on the "Events/Presentations" tab of the Investor Relations section of CommScope's website at http://www.commscope.com/.
If you are unable to participate on the call and would like to hear a replay, you may dial (800) 633-8284. International callers should dial (402) 977-9140 for the replay. The replay ID is 21375605 and it will be available through Thursday, March 6. A webcast replay will also be archived on CommScope's website for a limited period of time following the conference call.
About CommScope
CommScope is a world leader in infrastructure solutions for communication networks. Through its Andrew Wireless Solutions(R) brand, it is a global leader in radio frequency subsystem solutions for wireless networks. Through its SYSTIMAX(R) Solutions(TM) and Uniprise(R) Solutions brands, it is a world leader in network infrastructure solutions, delivering a complete end-to-end physical layer solution, including cables and connectivity, enclosures, intelligent software and network design services. CommScope is also the premier manufacturer of coaxial cable for broadband cable television networks and one of the leading North American providers of environmentally secure cabinets for DSL and FTTN applications. Backed by strong research and development, CommScope combines technical expertise and proprietary technology with global manufacturing capability to provide customers with infrastructure solutions for evolving global communications networks in more than 130 countries around the world.
Forward-Looking Statements
This press release contains forward-looking statements regarding, among other things, the Andrew acquisition, business position, plans, outlook, revenues, margins, earnings, integration, synergies and other financial items relating to CommScope that are based on information currently available to management, management's beliefs and a number of assumptions concerning future events. Statements made in the future tense, and statements using words such as "intend," "goal," "estimate," "expect," "project," "projections," "plans," "anticipate," "should," "designed to," "foreseeable future," "believe," confident," "think," "scheduled," "outlook," "guidance" and similar expressions are intended to identify forward-looking statements. Forward- looking statements are not a guarantee of performance and are subject to a number of risks and uncertainties, many of which are difficult to predict and are beyond the control of CommScope, and therefore should be carefully considered. Factors that could cause actual results of CommScope to differ materially include, but are not limited to, customer demand for our products and the ability to maintain existing business alliances with key customers or distributors; competitive pricing and acceptance of products; industry competition and the ability to retain customers through product innovation; changes in cost and availability of key raw materials and the ability to recover these costs from customers through pricing actions; concentration of sales among a limited number of customers or distributors; the risk that internal production capacity and that of contract manufacturers may be insufficient to meet customer demand for products; the risk that customers might cancel orders placed or that orders currently placed may affect order levels in the future; continuing consolidation among customers; possible production disruption due to supplier or contract manufacturer bankruptcy, reorganization or restructuring; achievement of cost reduction synergies expected from the acquisition of Andrew; significant international operations; ability to integrate the CommScope and Andrew businesses; ability to fully realize anticipated benefits from prior or future acquisitions or equity investments; substantial indebtedness as a result of the acquisition of Andrew; dependence upon key personnel; ability to integrate Andrew's systems of internal control over financial reporting with ours; realignment of global manufacturing capacity; purchase accounting costs; protecting or defending intellectual property; ability to obtain capital on commercially reasonable terms; fluctuations in interest rates; the ability to achieve expected sales, growth and earnings goals; and regulatory changes affecting us or the industries we serve. For a more complete description of factors that could cause such a difference, please see CommScope's filings with the Securities and Exchange Commission (SEC), which are available on CommScope's website or at http://www.sec.gov/. In providing forward-looking statements, CommScope does not intend, and does not undertake any duty or obligation, to update these statements as a result of new information, future events or otherwise.
CommScope, Inc.
Condensed Consolidated Statements of Operations
(Unaudited -- In thousands, except per share amounts)
Three Months Ended Twelve Months Ended
December 31, December 31,
2007 2006 2007 2006
Net sales $462,559 $393,711 $1,930,763 $1,623,946
Operating costs and
expenses:
Cost of sales 327,294 282,726 1,341,676 1,179,861
Selling, general and
administrative 70,571 64,795 267,230 240,024
Research and development 9,702 8,078 34,312 32,899
Restructuring costs (111) 1,814 1,002 12,578
Total operating costs
and expenses 407,456 357,413 1,644,220 1,465,362
Operating income 55,103 36,298 286,543 158,584
Other income (expense), net (3,898) 452 (1,356) 1,324
Interest expense (3,452) (1,968) (8,791) (8,050)
Interest income 6,415 4,296 22,663 11,837
Income before income taxes
and gain on OFS BrightWave
note receivable 54,168 39,078 299,059 163,695
Income tax expense before
income tax provision on
gain on OFS BrightWave
note receivable (16,584) (11,908) (94,218) (52,187)
Income before gain on OFS
BrightWave note receivable 37,584 27,170 204,841 111,508
Gain on OFS BrightWave note
receivable, net of tax of
$11,175 - - - 18,625
Net income $37,584 $27,170 $204,841 $130,133
Net income per share:
Basic $0.61 $0.46 $3.34 $2.22
Assuming dilution (a) $0.51 $0.38 $2.78 $1.84
Weighted average shares
outstanding:
Basic 61,930 59,640 61,313 58,524
Assuming dilution (a) 75,181 73,099 74,674 72,266
(a) Calculation of net
income per share,
assuming dilution:
Net income (basic) $37,584 $27,170 $204,841 $130,133
Convertible debt
add-back (b) 629 629 2,516 2,516
Numerator (assuming
dilution) $38,213 $27,799 $207,357 $132,649
Weighted average
shares (basic) 61,930 59,640 61,313 58,524
Dilutive effect of:
Stock options (c) 1,183 1,708 1,374 2,054
Phantom stock,
restricted stock
and performance
units 553 257 487 194
Convertible debt (b) 11,515 11,494 11,500 11,494
Denominator
(assuming dilution) 75,181 73,099 74,674 72,266
(b) Incremental interest expense and shares associated with convertible
senior subordinated debentures.
(c) No options to purchase common shares were excluded from the
computation of net income per share, assuming dilution, for the three
and twelve months ended December 31, 2007. Options to purchase
approximately 0.6 million common shares were excluded from the
computation of net income per share, assuming dilution, for both the
three and twelve months ended December 31, 2006 because they would
have been antidilutive.
See notes to consolidated financial statements included in our Form 10-K.
CommScope, Inc.
Condensed Consolidated Balance Sheets
(Unaudited -- In thousands, except share amounts)
December 31, December 31,
2007 2006
Assets
Cash and cash equivalents $649,451 $276,042
Short-term investments - 151,868
Total cash, cash equivalents and
short-term investments 649,451 427,910
Accounts receivable, less allowance
for doubtful accounts of
$22,154 and $13,461, respectively 793,366 186,824
Inventories, net 548,360 153,596
Prepaid expenses and other current
assets 133,737 14,914
Deferred income taxes 106,476 24,556
Total current assets 2,231,390 807,800
Property, plant and equipment, net 525,305 242,012
Goodwill 1,211,214 151,378
Other intangibles, net 1,042,765 63,967
Deferred income taxes - 15,493
Other assets 95,897 21,823
Total Assets $5,106,571 $1,302,473
Liabilities and Stockholders' Equity
Accounts payable $350,615 $74,927
Other accrued liabilities 399,944 95,316
Current portion of long-term debt 247,662 13,000
Total current liabilities 998,221 183,243
Long-term debt 2,348,157 271,100
Deferred income taxes 268,647 -
Pension and postretirement benefit
liabilities 108,275 89,995
Other noncurrent liabilities 103,263 19,031
Total Liabilities 3,826,563 563,369
Commitments and contingencies
Stockholders' Equity:
Preferred stock, $.01 par value;
Authorized shares: 20,000,000;
Issued and outstanding shares:
None at December 31, 2007
and December 31, 2006 - -
Common stock, $.01 par value;
Authorized shares: 300,000,000;
Issued shares, including treasury
stock: 77,070,029 at December 31,
2007 and 69,934,533 at December
31, 2006; Issued and outstanding
shares: 66,870,029 at December
31, 2007 and 59,734,533 at
December 31, 2006 770 699
Additional paid-in capital 856,452 532,344
Retained earnings 545,607 346,821
Accumulated other comprehensive
income 22,714 4,775
Treasury stock, at cost: 10,200,000
shares at December 31, 2007 and
December 31, 2006 (145,535) (145,535)
Total Stockholders' Equity 1,280,008 739,104
Total Liabilities and
Stockholders' Equity $5,106,571 $1,302,473
See notes to consolidated financial statements included in our Form 10-K.
CommScope, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited -- In thousands)
Twelve Months Ended
December 31,
2007 2006
Operating Activities:
Net income $204,841 $130,133
Adjustments to reconcile net income to
net cash provided by
operating activities:
Depreciation and amortization 49,507 55,557
Equity-based compensation 10,233 4,909
Deferred income taxes (11,476) 7,891
Gain on OFS BrightWave note
receivable - (29,800)
Restructuring costs related to
fixed asset impairment - 1,059
Changes in assets and liabilities (13,180) (50,925)
Net cash provided by operating
activities 239,925 118,824
Investing Activities:
Additions to property, plant and
equipment (27,892) (31,552)
Proceeds from OFS BrightWave note
receivable - 29,800
Net purchases of short-term
investments 146,068 (49,767)
Proceeds from disposal of fixed
assets 10,962 14,919
Acquisition of Andrew Corporation,
net of cash acquired (2,065,001) -
Other acquisition activity (16,976) (13,810)
Net cash used in investing activities (1,952,839) (50,410)
Financing Activities:
Proceeds from issuance of long-term
debt 2,100,000 -
Principal payments on long-term
debt (34,100) (13,200)
Long-term financing costs (33,845) -
Proceeds from the issuance of
shares under equity-based
compensation plans 35,450 54,970
Tax benefit from the issuance of
shares under equity-based
compensation plans 16,688 18,141
Net cash provided by financing
activities 2,084,193 59,911
Effect of exchange rate changes on
cash 2,130 1,168
Change in cash and cash equivalents 373,409 129,493
Cash and cash equivalents, beginning
of period 276,042 146,549
Cash and cash equivalents, end of
period $649,451 $276,042
See notes to consolidated financial statements included in our Form 10-K.
CommScope, Inc.
Sales and Operating Income by Reportable Segment
(Unaudited -- In millions)
Three Months Ended Twelve Months Ended
December 31, December 31,
2007 2006 2007 2006
Net Sales:
Enterprise $218.8 $187.5 $899.4 $802.3
Broadband 152.6 144.0 625.3 550.2
Carrier 91.4 62.4 407.6 273.1
Inter-segment
eliminations (0.2) (0.2) (1.5) (1.7)
Consolidated Net
Sales $462.6 $393.7 $1,930.8 $1,623.9
Operating Income:
Enterprise $31.6 $19.8 $151.4 $95.9
Broadband 12.4 9.1 71.2 34.3
Carrier 11.1 7.4 63.9 28.4
Consolidated
Operating Income $55.1 $36.3 $286.5 $158.6
CommScope
Reconciliation of GAAP Earnings to Adjusted Earnings
(Unaudited)
Three Months Ended Twelve Months Ended
December 31, 2007 December 31, 2007
Earnings($m) Diluted EPS Earnings($m) Diluted EPS
GAAP Earnings Reported 37.6 $0.51 $204.8 $2.78
Special items related to
the Andrew Acquisition:
Interest on new term
loans 1.3 0.02 1.3 0.02
Write-off of deferred
financing fees 1.2 0.01 1.2 0.01
Acquisition costs 0.6 0.01 0.6 0.01
Restructuring costs (0.1) 0.00 0.7 0.01
Adjusted Earnings $40.6 $0.55 $208.6 $2.83
Three Months Ended Twelve Months Ended
December 31, 2006 December 31, 2006
Earnings($m) Diluted EPS Earnings($m) Diluted EPS
GAAP Earnings
Reported $27.2 $0.38 $130.1 $1.84
Special items:
Restructuring costs 1.1 0.02 8.1 0.11
Gain on OFS BrightWave
note receivable - - (18.6) (0.26)
Adjusted Earnings $28.3 $0.40 $119.6 $1.69
CommScope management believes that presenting earnings information
excluding the after-tax items noted above provides meaningful information
to investors. The 2007 adjusted results eliminate special items that are
related to the acquisition of Andrew Corporation and restructuring costs.
The 2006 adjusted results eliminate special items that are not related to
CommScope's ongoing operations. Management believes that these
adjustments help investors to compare period to period more easily.
Note: Totals may not add due to rounding.
CommScope, Inc.
CONTACT: Rick Aspan, +1-708-236-6568, publicrelations@commscope.com, or Investors, Philip Armstrong, +1-828-323-4848, both of CommScope, Inc.
Web site: http://www.commscope.com/
Novell Reports Financial Results for First Fiscal Quarter 2008- Product revenue grew 9 percent year-over-year- Achieved non-GAAP operating margin of 10 percent
WALTHAM, Mass., Feb. 28 /PRNewswire-FirstCall/ -- Novell, Inc. today announced financial results for its first fiscal quarter ended Jan. 31, 2008. For the quarter, Novell reported net revenue of $231 million. This compares to net revenue of $218 million for the first fiscal quarter 2007. Income from operations for the first fiscal quarter 2008 was $8 million, compared to a loss from operations of $21 million for the first fiscal quarter 2007. Income from continuing operations in the first fiscal quarter 2008 was $15 million, or $0.04 per share. This compares to a loss from continuing operations of $12 million, or $0.04 loss per share, for the first fiscal quarter 2007. Foreign currency exchange rates favorably impacted revenue and unfavorably impacted operating expenses by $7 million and did not materially impact income from operations year-over-year.
On a non-GAAP basis, income from operations for the first fiscal quarter 2008 was $24 million. This compares to non-GAAP loss from operations of $1 million in the year-ago quarter. Non-GAAP income from continuing operations for the first fiscal quarter 2008 was $29 million, or $0.08 per share. This compares to non-GAAP income from continuing operations of $3 million, or $0.01 per share, for the first fiscal quarter 2007.
For the first fiscal quarter 2008, Novell reported $30 million of revenue from Open Platform Solutions of which $28 million was from Linux* Platform Products, up 65 percent year-over-year. Revenue from Identity and Security Management was $32 million, of which Identity and Access Management was $28 million, up 15 percent year-over-year. Revenue from Systems and Resource Management was $37 million, up 5 percent year-over-year. Workgroup revenue of $90 million was up 1 percent year-over-year.
"We are very pleased with our results this quarter. We delivered product revenue growth across all business units and continued expense control this quarter," said Ron Hovsepian, president and CEO of Novell. "These results are indicative that our strategic initiatives are yielding tangible results and that we are on the right path to achieve long-term, sustainable profitability."
Cash, cash equivalents and short-term investments were $1.8 billion at Jan. 31, 2008, consistent with the year-ago quarter. Days sales outstanding in accounts receivable was 51 days at the end of the first fiscal quarter 2008, down from 57 days at the end of the year-ago quarter. Total deferred revenue was $723 million at the end of the first fiscal quarter 2008, down from $728 million at the end of the year-ago quarter. Cash flow from operations was a negative $26 million for the first fiscal quarter 2008, which includes $31 million in special interest and restructuring payments. This compares to cash flow from operations of $348 million in the first fiscal quarter 2007, which includes the $348 million payment from Microsoft and $8 million in special interest payments.
Full details on Novell's reported results, including a reconciliation of the non-GAAP results, are included in the financial schedules that are a part of this release.
Financial Outlook
As a result of our acquisition of PlateSpin and our first fiscal quarter 2008 performance, Novell(R) management issues the following financial guidance:
For the full fiscal year 2008:
-- Net revenue is expected to be between $940 million and $970 million,
exceeding previously stated guidance of between $920 million and
$945 million.
-- Non-GAAP operating margin is expected to be between 7 and 9 percent,
excluding all acquisition -- related intangible asset amortization.
Conference Call Notification and Web Access Detail
A live Webcast of a Novell conference call to discuss the quarter will be broadcast at 5:00 PM ET Feb. 28, 2008, from Novell's Investor Relations Web page: http://www.novell.com/company/ir/qresults/. The domestic conference call dial-in number is 866-335-5255, password "Novell", and the international dial-in number is +1-706-679-2263, password "Novell".
The call will be archived on the Novell Web site approximately two hours after its conclusion and will remain on the Web site until March 14, 2008. The call will also be available for telephone playback through midnight ET, March 14, 2008. The domestic toll-free replay number is 800-642-1687, and the international replay number is +1-706-645-9291. Replay listeners must enter conference ID number 33480646.
A copy of this press release is posted on Novell's Web site at: http://www.novell.com/company/ir/qresults/.
Non-GAAP Financial Measures
We supplement our consolidated unaudited condensed financial statements presented in accordance with GAAP with certain non-GAAP financial measures. These non-GAAP measures include adjusted income (loss) from operations, operating margin, income from continuing operations, net income, income per share from continuing operations and net income per share both of which are based on an adjusted number of diluted weighted average shares. We provide non-GAAP financial measures to enhance an overall understanding of our current financial performance and prospects for the future and enable investors to evaluate our performance in the same way that management does. Management uses these same non-GAAP financial measures to evaluate performance, allocate resources, and determine bonuses. The non-GAAP financial measures do not replace the presentation of our GAAP financial results, but they eliminate expenses and gains that are unusual, that are excluded from analysts' consensus estimates, and/or that arise outside of the ordinary course of business, such as, but not limited to, stock-based compensation expenses, restructuring expenses, asset impairments, litigation judgments and settlements, the write-off of acquired in-process research and development, and gains (losses) on the sale of business operations, long-term investments, and property, plant and equipment.
Legal Notice Regarding Forward-Looking Statements
This press release includes statements that are not historical in nature and that may be characterized as "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act, including those related to future financial and operating results, future opportunities, the benefits and synergies of the company's brands, strategies and acquisitions, and the growth of the market for Linux Platform Products, Identity and Access Management, and Systems and Resource Management. You should be aware that Novell's actual results could differ materially from those contained in the forward-looking statements, which are based on current expectations of Novell management and are subject to a number of risks and uncertainties, including, but not limited to, Novell's completion of announced acquisitions, Novell's ability to transform its business through the implementation of its strategic plan, Novell's ability to realize the benefits anticipated from the Microsoft transaction and other transactions, Novell's ability to realize the benefits anticipated from its restructuring plan, and the expected charges to be incurred and payments to be made under the restructuring plan, Novell's ability to achieve its expense targets, Novell's success in executing its Linux Platform Products, Identity and Access Management, and Systems and Resource Management strategies, Novell's ability to take a competitive position in the Linux Platform Products, Identity and Access Management, and Systems and Resource Management industries, business conditions and the general economy, market opportunities, potential new business strategies, competitive factors, sales and marketing execution, shifts in technologies or market demand, Novell's ability to integrate acquiredoperations and employees, and the other factors described in Novell's Annual Report on Form 10-K filed with the Securities and Exchange Commission on Dec. 21, 2007. Novell disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this press release except as required by the securities laws.
About Novell
Novell, Inc. delivers infrastructure software for the Open Enterprise. Novell is a leader in desktop to data center operating systems based on Linux and the software required to secure and manage mixed IT environments. Novell helps customers around the world minimize cost, complexity and risk, allowing them to focus on innovation and growth. For more information, visit http://www.novell.com/.
*Linux is a registered trademark of Linus Torvalds. All other third-party trademarks are the property of their respective owners.
Novell, Inc.
Consolidated Unaudited Condensed Statements of Operations
(In thousands, except per share data)
Fiscal Quarter Ended
Jan 31, 2008 Jan 31, 2007
Net revenue:
Software licenses $40,431 $38,553
Maintenance and subscriptions 149,183 134,671
Services (1) 41,312 45,162
Total net revenue 230,926 218,386
Cost of revenue:
Software licenses 3,265 4,227
Maintenance and subscriptions 11,640 11,655
Services 43,634 48,565
Total cost of revenue 58,539 64,447
Gross profit 172,387 153,939
Operating expenses:
Sales and marketing 86,605 90,101
Product development 46,058 46,467
General and administrative 26,876 24,883
Other operating expenses (2) 4,367 13,104
Total operating expenses 163,906 174,555
Income (loss) from operations 8,481 (20,616)
Operating margin % 3.7% -9.4%
Other income, net 17,156 18,033
Income from continuing operations,
before income taxes 25,637 (2,583)
Income tax expense 10,953 9,586
Income (loss) from continuing
operations 14,684 (12,169)
Income (loss) from discontinued
operations, before income taxes 1,285 (10,690)
Income tax benefit on discontinued
operations (836) (2,914)
Income (loss) from discontinued
operations 2,121 (7,776)
Net income (loss) $16,805 $(19,945)
Income (loss) per share:
Continuing operations $0.04 $(0.04)
Net income (loss) $0.05 $(0.06)
Weighted average shares 353,047 345,522
(1) Services includes professional services, technical support and
training services.
(2) See Page 8 of 11 for a detail of other operating expenses.
Reclassifications, none of which affected net income (loss), were made to
prior period amounts in order to conform to the current period's
presentation.
Novell, Inc.
Consolidated Unaudited Condensed Balance Sheets
(In thousands)
Jan 31, 2008 Oct 31, 2007
Assets
Current assets:
Cash and cash equivalents $1,038,621 $1,079,819
Short-term investments 728,788 777,818
Restricted cash 51,495 -
Receivables, net 133,606 208,318
Prepaid expenses 68,742 53,316
Other current assets 32,263 35,065
Total current assets 2,053,515 2,154,336
Property, plant and equipment, net 177,082 180,537
Long-term investments 58,643 37,304
Goodwill 399,581 404,612
Intangible assets, net 32,030 33,572
Deferred income taxes 22,027 14,518
Other assets 28,660 29,515
Total assets $2,771,538 $2,854,394
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $34,247 $45,135
Accrued compensation 71,066 112,794
Other accrued liabilities 94,624 122,850
Income taxes payable 49,633 46,724
Deferred revenue 463,605 494,615
Total current liabilities 713,175 822,118
Deferred income taxes - 884
Long-term deferred revenue 259,537 273,066
Senior convertible debentures 600,000 600,000
Total liabilities 1,572,712 1,696,068
Stockholders' equity 1,198,826 1,158,326
Total liabilities and stockholders'
equity $2,771,538 $2,854,394
Novell, Inc.
Consolidated Unaudited Condensed Statements of Cash Flows
(In thousands)
Fiscal Quarter Ended
Jan 31, 2008 Jan 31, 2007
Cash flows from operating activities
Net income (loss) $16,805 $(19,945)
Adjustments to reconcile net
income (loss) to net cash provided by
operating activities:
Stock-based compensation expense 10,767 6,499
Depreciation and amortization 9,000 11,164
Change in accounts receivable
allowances (363) 773
Utilization of previously reserved
acquired net operating losses 5,002 2,471
Gain on long-term investments - (1,738)
Gain on sale of venture capital funds - (3,591)
(Gain) loss on discontinued
operations, before taxes (1,180) 10,848
Changes in current assets and
liabilities, excluding the effect
of acquisitions and dispositions (66,317) 341,047
Net cash (used in) provided by
operating activities (26,286) 347,528
Cash flows from financing activities
Issuance of common stock, net 2,582 7,385
Excess tax effects from stock-based
compensation 9,680 1,986
Payment of cash dividends on Series
B Preferred Stock - (5)
Net cash provided by financing
activities 12,262 9,366
Cash flows from investing activities
Purchases of property, plant and
equipment (5,859) (4,958)
Short-term investment activity 34,518 132
Long-term investment activity - 1,738
Cash restricted due to litigation (51,495) -
Cash divested as a result of Swiss-
based consulting unit disposition (3,417) -
Proceeds from sale of venture capital
funds - 4,964
Cash paid for acquisition of RedMojo,
net of cash acquired - (9,727)
Other (921) 648
Net cash used in investing
activities (27,174) (7,203)
Increase (decrease) in cash and cash
equivalents (41,198) 349,691
Cash and cash equivalents - beginning
of period 1,079,819 675,787
Cash and cash equivalents - end of
period $1,038,621 $1,025,478
Novell, Inc.
Unaudited Non-GAAP Adjusted Income From Operations
(In thousands, except per share data)
Fiscal Quarter Ended
Jan 31, 2008 Jan 31, 2007
GAAP income (loss) from operations $8,481 $(20,616)
Stock-based compensation expense
adjustments:
Cost of revenue 1,308 1,047
Sales and marketing 3,417 1,860
Product development 3,004 2,151
General and administrative 3,038 1,441
Sub-total 10,767 6,499
Other operating expenses
(income) adjustments:
Restructuring expenses 4,367 7,344
Litigation-related income - (543)
Stock-based compensation
review expenses - 6,303
Sub-total 4,367 13,104
Total operating adjustments 15,134 19,603
Non-GAAP income (loss) from
operations $23,615 $(1,013)
Operating margin % 10.2% -0.5%
Novell, Inc.
Unaudited Non-GAAP Adjusted Net Income
(In thousands, except per share data)
Fiscal Quarter Ended
Jan 31, 2008 Jan 31, 2007
GAAP net income (loss) $16,805 $(19,945)
Operating adjustments (detailed above) 15,134 19,603
Non-operating expenses (income) adjustments:
Gain on sale of venture capital funds - (3,591)
Gain on long-term investments - (1,738)
Sub-total - (5,329)
Total pre-tax adjustments 15,134 14,274
Income tax adjustments (537) 1,106
Income (loss) from discontinued operations,
net of taxes (2,121) 7,776
Total net adjustments 12,476 23,156
Non-GAAP net income and non-GAAP income
from continuing operations $29,281 $3,211
GAAP net income (loss) per share $0.05 $(0.06)
Total adjustments detailed above 0.03 0.07
Non-GAAP net income per share and non-GAAP
income from continuing operations per share $0.08 $0.01
GAAP weighted average shares 353,047 345,522
Assumed dilution from stock option exercises 3,022 4,228
Non-GAAP weighted average shares 356,069 349,750
Revisions were made to prior period amounts in order to conform to the
current period's presentation.
Novell, Inc.
CONTACT: Press, Bruce Lowry, +1-415-383-8408, blowry@novell.com, or Investor Relations, Susan Walker White, 1-800-317-3195, swhite@novell.com, both of Novell, Inc.
Web site: http://www.novell.com/
Debra Speed Named Director - Strategic Alliances for Verizon
WASHINGTON, Feb. 28 /PRNewswire/ -- Debra J. Speed has been named director -- strategic alliances for Verizon.
Speed is responsible for public policy development and outreach to civil rights groups, women, and multicultural and education organizations throughout the United States. She succeeds Marianne Becton, who retired in December 2007.
"Debra's knowledgeable and thoughtful leadership will be a tremendous benefit to both Verizon and our stakeholders," said Emilio Gonzalez, Verizon vice president -- strategic alliances and public policy. "With nearly 20 years of experience with Verizon and its legacy companies, Debra is the ideal person for this position, and we are delighted to have her on the team."
Speed began her career with Bell of Pennsylvania in 1989 as a management trainee in the company's executive development program. She has held positions of increasing responsibility in marketing, advertising, operations and public and external affairs.
Speed earned a bachelor's degree in mathematics from Bethune-Cookman University and a master's degree in mathematics from Clark-Atlanta University. She also has completed a leadership course at the Wharton School of Business and business courses at University of Maryland University College. She is a member of Alpha Kappa Alpha Sorority Inc.
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: Brian C. Malina of Verizon, +1-908-559-6434, brian.c.malina@verizon.com
Web site: http://www.verizon.com/
Company News On-Call: http://www.prnewswire.com/comp/618232.html
Tyco International to Present at Citigroup Investor Conference
PEMBROKE, Bermuda, Feb. 28 /PRNewswire-FirstCall/ -- Tyco International Ltd. will present at the Citi 2008 Global Industrial Manufacturing Conference on Wednesday, March 5, 2008 at 1:30 p.m. EST. The company's presentation will be given by Edward Arditte, Senior Vice President, Strategy & Investor Relations and Naren Gursahaney, President of ADT Worldwide. Investors and others who are interested are invited to listen to a live webcast of the presentation and view the supporting materials on the company's website at: http://investors.tyco.com/.
Tyco International is a diversified, global company that provides vital products and services to customers in more than 60 countries. Tyco is a leading provider of security products and services, fire protection and detection products and services, valves and controls, and other industrial products. Tyco had 2007 revenue of more than $18 billion and has 118,000 employees worldwide. More information on Tyco can be found at http://www.tyco.com/.
Tyco International Ltd.
CONTACT: News Media, Paul Fitzhenry, +1-609-720-4261, pfitzhenry@tyco.com, or Investor Relations, Ed Arditte, +1-609-720-4621, Karen Chin, +1-609-720-4398, all of Tyco International Ltd.
Web site: http://www.tyco.com/
KVH Industries' CEO & CFO to Speak at Raymond James Investor Conference
MIDDLETOWN, R.I., Feb. 28 /PRNewswire/ -- KVH Industries' chief executive officer, Martin Kits van Heyningen, and chief financial officer, Patrick Spratt, will be speaking at the Raymond James 29th Annual Institutional Investors Conference in Orlando, FL, on Monday, March 3, 2008. The presentation, which is scheduled for 4:00 p.m., will be simulcast on the Internet and can be accessed via KVH Industries' investor website, http://investors.kvh.com/. An audio archive of the presentation will also be available for replay later in the day at the same website address.
About KVH Industries, Inc.
KVH Industries, Inc., is a premier manufacturer of systems to provide access to live mobile media ranging from satellite TV to telephone and high- speed Internet for vehicles and vessels as well as a leading source of navigation, pointing, and guidance solutions for maritime, defense, and commercial applications. The company's products are based on its proprietary mobile satellite antenna and fiber optic technologies. An ISO 9001-certified company, KVH is based in Middletown, Rhode Island.
KVH Industries, Inc.
CONTACT: Chris Watson of KVH Industries, +1-401-845-8138, cwatson@kvh.com
Web site: http://www.kvh.com/
ATK Precision Programs Cap Milestone Nine Day Run With Three Demanding ShotsPGMM Demonstrates Battle-Ready MaturityAARGM Scores Direct Hit in Demonstration TestATK Guidance Package Delivers Knockout Punch on Dead Satellite
MINNEAPOLIS, Feb. 28 /PRNewswire-FirstCall/ -- Alliant Techsystems announced today that in a period of nine days from February 13-21, three of the company's flagship precision weapon systems scored direct hits in a series of high profile and extremely challenging flight demonstrations.
"The demonstrated ability to defeat three widely different targets, with three uniquely capable weapon systems, in a nine day period highlights ATK's industry leadership in precision fire capability," said Dan Murphy, Chairman and CEO.
On February 13-14, ATK and the U.S. Army successfully performed three consecutive Guide-To-Hit (GTH) tests of the Precision Guided Mortar Munition (PGMM). PGMM is a 120mm, laser-guided, direct fire mortar. The flight tests were conducted at the Yuma Proving Grounds in Arizona. The projectiles hit their target at approximately 5.3km. The tests were conducted in moderate to high wind conditions, demonstrating in-flight maneuverability, repeatability and precision strike capability.
On February 20, the company's Third Stage Rocket Motor (TSRM) and its Solid Divert and Attitude Control System (SDACS) performed flawlessly on a modified U.S. Navy Standard Missile -3 (SM-3) which successfully shot down a disabled U.S. government satellite. Raytheon is the prime contractor for the SM-3, which was launched by the USS Lake Erie, positioned northwest of Hawaii. During the flight, ATK's SDACS provided the maneuvering capability to allow the Kinetic Warhead (KW) to precisely intercept the satellite approximately 153 miles above the Earth. The resulting impact destroyed a tank full of toxic hydrazine rocket fuel carried aboard the 5,000-pound satellite.
On February 21, ATK and the U.S. Navy successfully completed a challenging missile firing of the company's Advanced Anti-Radiation Guided Missile (AARGM). AARGM is a supersonic, air-launched tactical missile. It features an advanced multi-sensor system, including a Millimeter Wave (MMW) terminal seeker, advanced digital Anti-Radiation Homing (ARH) receiver and a GPS/INS. It is capable of rapidly engaging traditional and advanced enemy air defense targets as well as non-radar time-sensitive strike targets
The AARGM test, conducted at the China Lake Naval Air Weapons Station, was a critical milestone in the program and keeps it on track for low-rate initial production (LRIP). The missile was launched off-axis and at low altitude from the wing of an F/A-18C Hornet. The operationally realistic launch profile posed a significant challenge to the missile as its sensor did not have direct line-of-sight to the target. After launch, the missile successfully detected, identified, located, and guided to a representative enemy air defense radar installation, scoring a direct hit. .
ATK is an advanced weapon and space systems company with annual revenues in excess of $4.1 billion that employs approximately 17,000 people in 21 states. News and information can be found on the Internet at http://www.atk.com/.
Media Contact: Investor Contact:
Bryce Hallowell Steve Wold
Phone: 952-351-3087 Phone: 952-351-3056
E-mail: bryce.hallowell@atk.com E-mail: steve.wold@atk.com
ATK
CONTACT: Bryce Hallowell, +1-952-351-3087, bryce.hallowell@atk.com, or Investors, Steve Wold, +1-952-351-3056, steve.wold@atk.com, both of ATK
Web site: http://www.atk.com/
ATK's Precision Guided Mortar Munition Guides to Target for Three Direct Hits in Recent Guide-To-Hit (GTH) Tests at Yuma Proving Grounds
MINNEAPOLIS, Feb. 28 /PRNewswire-FirstCall/ -- Alliant Techsystems and the U.S. Army successfully performed three consecutive Guide-To-Hit (GTH) tests of the Precision Guided Mortar Munition (PGMM). The flight tests were conducted at the Yuma Proving Grounds (YPG) in Arizona on February 13 and 14. The projectiles hit their target at approximately 5.3km to the target in moderate to high wind conditions, demonstrating in-flight maneuverability, repeatability and precision strike capability.
"We continue to be impressed by the performance of our Precision Guided Mortar Munition and remain optimistic that the Army will consider it as the munition of choice to satisfy the need for an organic indirect precision weapon in Infantry Brigade Combat Teams. Of course, ATK's PGMM would also be highly effective in Heavy and Stryker Brigade Combat Teams as well," said Dave Wise, Vice President and General Manager for ATK's Advanced Weapons division. "The latest test series successfully demonstrated its ability to guide to within 1 meter of the laser designated aim point and concluded our planned guide to hit test series with 12 successful target hits."
PGMM is designed for extreme accuracy in urban combat scenarios and significantly limits the potential for collateral damage. The affordable precision of ATK's PGMM gives the Infantry warfighter organic, extremely accurate, and responsive indirect fire capability which eliminates dependency on outside fire support that may not be available.
ATK won a System Design and Development (SDD) contract in 2004 to give the U.S. Army an unmatched precision advantage in 120mm mortars. The program has successfully completed all major milestones through Critical Design Review (CDR) and recently completed planned Guide-To-Hit Testing with excellent results. The current contract runs through April 30, 2008.
ATK is an advanced weapon and space systems company with annual revenues in excess of $4.1 billion that employs more than 17,000 people in 21 states. News and information can be found on the Internet at http://www.atk.com/.
Media Contact: Investor Contact:
Tracy Imm Steve Wold
Phone: 410-864-4824 Phone: 952-351-3056
E-mail: tracy.imm@atk.com E-mail: steve.wold@atk.com
ATK
CONTACT: Media, Tracy Imm, +1-410-864-4824, tracy.imm@atk.com, or Investors, Steve Wold, +1-952-351-3056, steve.wold@atk.com
Web site: http://www.atk.com/
Vmath Among District Administration Magazine's Top 100 ProductsPassport Reading Journeys nominated
DALLAS, Feb. 28 /PRNewswire/ -- District Administration magazine announced in a special February issue, that Vmath(R), Voyager Expanded Learning's math intervention program was chosen as one of the Reader's Choice Top 100 products for 2007-2008. Passport Reading Journeys(TM), the company's middle and high school reading intervention program was also nominated.
"We are very excited about Vmath being named by District Administration as one of the Reader's Choice Top 100 products of 2007-2008. It is also an honor to have Passport Reading Journeys nominated," said Ron Klausner, president of Voyager Expanded Learning. "This award is especially meaningful because it is based on reader's choice and that speaks volumes about our programs."
Vmath delivers 30 to 40 minutes of daily, targeted intervention via 10 modules, each covering essential concepts and skills within a mathematical topic. Vmath also provides a variety of assessments designed to provide teachers with the critical data they need concerning student performance.
Included with Vmath is VmathLive(TM), a blended solution of web-based technology that extends the Vmath program. Students are engaged and motivated to improve their math proficiency by practicing their math skills, preparing for high-stakes tests, and playing in real-time competitions of speed and skill. VmathLive provides built-in error analysis and correction opportunities, animated demonstrations of essential math concepts, and instant access to online reports to give teachers the ability to track student progress.
To view the Vmath write-up in District Administration's special issue visit: http://www.districtadministration.com/viewarticle.aspx?articleid=1474&p=6#0
About Voyager Expanded Learning
Voyager Expanded Learning provides core, intervention and supplemental reading programs, as well as math intervention and ongoing professional development programs, for school districts throughout the United States. Founded in 1994, Voyager has delivered extended-time reading and basic skills intervention programs, as well as large-scale reading programs, to more than 1000 school districts in cities such as Miami, Richmond, New York and Los Angeles, resulting in dramatically improved student performance. Voyager Expanded Learning, Inc. is a business unit of Voyager Learning Company (Pink Sheets: VLCY) and is based in Dallas, Texas. For more information, please visit http://www.voyagerlearning.com/ or call 1-888-399-1995.
Voyager Expanded Learning
CONTACT: Shannan Overbeck, Voyager Learning Company, +1-214-932-9476, soverbeck@voyagerlearning.com
Web site: http://www.voyagerlearning.com/
Company News On-Call: http://www.prnewswire.com/comp/108291.html
New Enthusiast System Architecture Hits Key Industry MilestonesNew Extensions for Monitoring and Controlling PC Peripherals Formally Ratified by USB Implementers Forum; Dell Ships World's First ESA-Certified Desktop PC
SANTA CLARA, Calif., Feb. 28 /PRNewswire-FirstCall/ -- NVIDIA Corporation , the world leader in visual computing technologies and the inventor of the GPU, today announced that the Enthusiast System Architecture (ESA) extensions have now officially been adopted by the USB Implementers Forum (USB-IF), paving the way for widespread industry adoption. As a result, the ESA protocol, which details the way PC peripherals can communicate with each other, will now be added into the next revision of the USB human interface device (HID)-class definition.
(Logo: http://www.newscom.com/cgi-bin/prnh/20020613/NVDALOGO)
Furthering ESA momentum within the industry is the global availability of ESA-certified PC components produced by many of ESA's founding partners, including Cooler Master, CoolIT Systems, NVIDIA(R), PC Power & Cooling, Silverstone, Tagan, and Thermaltake. In addition, the new Dell XPS 630 is the first commercially-available desktop PC to be ESA-certified. The XPS 630 incorporates Dell's innovative LightFX technology, which utilizes the ESA real-time communications protocol to provide developers an easy way to create highly immersive gaming experiences by synchronizing on-screen gaming action with the ambient lighting integrated into the PC chassis.
Originally introduced in late 2007, ESA was designed and introduced to support new monitoring and control capabilities for PC devices such as chassis, power supplies, and water and air cooling peripherals. Until the introduction of ESA, there was no standard communication protocol allowing such components to report information back to users. Essential data, such as temperature, thermal, voltage, and air flow attributes are made available in real-time and are critical to obtaining maximum PC performance and overclocking. With ESA, component manufacturers can now embed a wide variety of digital and analog sensors into their devices which can communicate real-time data for use in analyzing and optimizing overall PC operating conditions. In addition, ESA's logging functionality offers PC manufacturers and system builders an inexpensive and easy way to help identify PC operating abnormalities, and enable them to quickly identify and resolve customer support issues.
Cross-device compatibility and compliance with the ESA specification is being handled by Allion, a leading IT testing organization. Products that have passed the Allion certification process will incorporate the new ESA logo, providing consumers with a valuable tool in their purchasing decision.
For additional information on ESA technology, please visit http://www.nvidia.com/ESA or the USB-IF at http://www.usb.org/. The Dell XPS LightFX SDK can be downloaded directly from http://www.dell.com/.
About NVIDIA
NVIDIA is the world leader in visual computing technologies and the inventor of the GPU, a high-performance processor which generates breathtaking, interactive graphics on workstations, personal computers, game consoles, and mobile devices. NVIDIA serves the entertainment and consumer market with its GeForce(R) graphics products, the professional design and visualization market with its Quadro(R) graphics products, and the high-performance computing market with its Tesla(TM) computing solutions products. NVIDIA is headquartered in Santa Clara, Calif. and has offices throughout Asia, Europe, and the Americas. For more information, visit http://www.nvidia.com/.
Certain statements in this release including, but not limited to, statements as to: the features, uses, benefits, and performance of the ESA communications protocol, the Dell XPS 630, and Dell's LightFX technology; ESA momentum; control of the ESA specification standard; and the availability of ESA-certified PC components are forward-looking statements that are subject to risks and uncertainties that could cause results to be materially different than expectations. Important factors that could cause actual results to differ materially include: our reliance on third-parties to manufacture, assemble, package and test our products; issues associated with design and manufacturing of products; unanticipated changes in industry standards and interfaces; slower than anticipated adoption of a new industry standard or interface; manufacturing or software defects; the impact of technological development and competition; as well as other factors detailed from time to time in the reports NVIDIA files with the Securities and Exchange Commission including its Form 10-Q for the period ended October 28, 2007. Copies of reports filed with the SEC are posted on our website and are available from NVIDIA without charge. These forward-looking statements are not guarantees of future performance and speak only as of the date hereof, and, except as required by law, NVIDIA disclaims any obligation to update these forward-looking statements to reflect future events or circumstances.
Copyright(R) 2008 NVIDIA Corporation. All rights reserved. NVIDIA, the NVIDIA logo, GeForce, Quadro, SLI, HybridPower, and Tesla are trademarks or registered trademarks of NVIDIA Corporation in the U.S. and other countries. Other company and product names may be trademarks of the respective companies with which they are associated. Features, pricing, availability, and specifications are subject to change without notice.
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NVIDIA Corporation
CONTACT: Bryan Del Rizzo of NVIDIA Corporation, +1-408-486-2772, bdelrizzo@nvidia.com
Web site: http://www.nvidia.com/ http://www.usb.org/ http://www.dell.com/
YTB International, Inc. Unveils Tours and Group Travel Training ProgramNew Course Teaches About the Popular Tour and Group Travel Market
WOOD RIVER, Ill., Feb. 28 /PRNewswire-FirstCall/ -- YTB International, Inc. (OTC Pink Sheets: YTBLA) ("YTB" or the "Company"), a leading provider of Internet-based travel websites and home-based independent representatives in the United States, Bermuda, Canada, and the Bahamas, today announced the launch of the third course in its E-Campus Travel Training Program. The new class, Course 103 - Tours and Groups, is part of YTB's ongoing education made available to its RTAs and Reps.
"The group travel industry is growing so rapidly, it is important that our RTAs have the training necessary to become experts in the market," said J. Kim Sorensen, CEO of YTB Travel Network, YTB's wholly owned subsidiary. "This course will give the RTAs a competitive advantage in this lucrative field."
Group travel is one of the fastest-growing areas of the travel industry with 80 percent of leisure travelers having taken a group vacation in the past five years, creating an estimated $18-24 billion market according to a Yesawich, Pepperdine, Brown & Russell poll. According to industry experts, 85 percent of all tours are sold through travel agencies, making tours a perfect niche for YTB.
The new course covers many of the finer points of group travel and tours, and also provides insider secrets that will educate YTB's network of RTAs about how this key subsection of leisure travel fits into YTB's travel business. The new class is part of YTB's Web-based ten-course training program being designed by Dr. Marc Mancini, one of the travel industry's most highly respected and best known speakers, educators, and consultants. It is estimated that nearly 300,000 travel professionals worldwide have benefited from training programs that he has designed or delivered via his company, Marc Mancini Seminars and Consulting.
"We are committed to giving our RTAs all of the tools and support they need to succeed," continued Mr. Sorensen. "That includes educating them about every part of the travel business. With upcoming tours, such as our exclusive Beijing tour packages with Shanghai Spring, it is even more important that our team understand as much as possible about group and tour packages."
About YTB International
Recognized as the 35th largest seller of travel in the U.S. in 2006 by Travel Weekly, YTB International, Inc. provides Internet-based travel booking services for home-based independent representatives in the United States, Puerto Rico, the Bahamas, Canada, Bermuda, and the U.S. Virgin Islands.
It operates through three subsidiaries: YourTravelBiz.com, Inc., YTB Travel Network, Inc., and REZconnect Technologies, Inc. YourTravelBiz.com focuses on marketing online travel websites through a nationwide network of independent business people, known as 'Reps.' YTB Travel Network establishes and maintains travel vendor relationships, processes travel transactions of online travel agents and affiliates, collects travel commissions and pays sales commissions. Each RTA directs consumers to the YTB Internet-based travel website. REZconnect Technologies hosts a travel agency for traditional travel agents and offers franchises of brick and mortar travel agencies. For more information, visit http://www.ytbi.com/investor.
Statements about the Company's future expectations, including future revenues and earnings, and all other statements in this press release other than historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange of 1934, and as that term is defined in the Private Litigation Reform Act of 1995. Such forward-looking statements involve risks and uncertainties and are subject to change at any time, and the Company's actual results could differ materially from expected results. The Company undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances.
Investor Contact:
Garth Russell / Yemi Rose
KCSA Worldwide for YTB International, Inc.
Phone: 212.896.1250 / 212.896.1233
YTB International, Inc.
CONTACT: Media, Lauren Barker of Levick Strategic Communications for YTB International, Inc., +1-202-973-1342, lbarker@levick.com; or Investors, Garth Russell, +1-212-896-1250, Yemi Rose, +1-212-896-1233, both of KCSA Worldwide for YTB International, Inc.
Web site: http://www.ytbi.com/investor
TMT Capital Corporation Subsidiary, Freedom Wireless Corporation Appoints New President Michael De Prado
WINTER PARK, Fla., Feb. 28 /PRNewswire-FirstCall/ -- TMT Capital Corporation ("TMT") (BULLETIN BOARD: TMTP - News) today announced Freedom Wireless Corporation has appointed Michael De Prado as President. He will join Freedom as President effective immediately, February 27, 2008, succeeding Chris Van der Merwe.
Michael has worked in key executive positions with Lucent Technologies, Ntera Holdings, Radiant Holdings and Theglobe.com responsible for generating revenues exceeding $1.3 Billion in profitable telecom related revenues, collectively.
"We are pleased to have Michael De Prado as President to lead Freedom into becoming a leading wireless service provider throughout the United States, says Tania Torruella, CEO of TMT Capital Corporation. He is responsible for building the distributor, retail and end user wireless base for the ZEBRA Unlimited and ZEBRA Everywhere brands. He has accountability for the Company revenues, expenses, management, profit and determining the strategic direction. Michael has an outstanding track record of building companies, products and generating revenues in the telecom industry."
Mr. De Prado commented, "I am very excited to be given the opportunity to lead a dynamic enterprise such as Freedom. The company truly has tremendous current and future opportunities for growth, and a brand and product strategy that can put it in a leadership position within the wireless industry."
About TMT Capital Corporation
TMT Capital Corporation operates as a holding company that seeks to grow shareholder equity by acquiring companies with unique business models in multi-billion dollar industries. TMT is currently focusing on business activities in the Wireless Communications industry through its majority owned subsidiary, Freedom Wireless Corporation. The Company can be reached at info@tmtcapitalcorp.com.
About Freedom Wireless Corporation
Freedom Wireless is a wireless reseller of cellular service, able to sell service to customers throughout the United States and Canada. Freedom purchased two Mobile Virtual Network Operator Agreements (MVNO) which enable Freedom to sell value priced unlimited long distance and local plans, and per minute plans. The Company is branding their products and services in the marketplace under the trade names ZEBRA unlimited and ZEBRA everywhere. Additionally, Freedom can offer Voice Over Internet (VoIP) services designed to bridge cellular calling via the internet.
Forward-Looking Statements: This release may contain forward-looking statements, including, without limitation, statements concerning our business and possible or assumed future results of operations. Our actual results could differ materially from those anticipated in the forward-looking statements for many reasons including: our ability to continue as a going concern, adverse economic changes affecting markets we serve; competition in our markets and industry segments; our timing and the profitability of entering new markets; greater than expected costs, customer acceptance of wireless networks or difficulties related to our integration of the businesses we may acquire; and other risks and uncertainties as may be detailed from time to time in our public announcements and SEC filings. Although we believe the expectations reflected in the forward-looking statements are reasonable, they relate only to events as of the date on which the statements are made, and our future results, levels of activity, performance or achievements may not meet these expectations. We do not intend to update any of the forward-looking statements after the date of this document to conform these statements to actual results or to changes in our expectations, except as required by law. Additional information about the Company can be found in periodic filings with the Securities and Exchange Commission available at http://www.sec.gov/.
TMT Capital Corporation
CONTACT: TMT Capital Corporation, +1-407-622-5999
Web site:
80th Academy Awards(R) Credentialing and Seating Solutions Provided by iSolutions and FileMaker Pro(R)iSolutions, Inc. provides peace of mind to the Oscars(R) With Its Credentialing And Seating Solutions
BEVERLY HILLS, Calif., Feb. 27 /PRNewswire-FirstCall/ -- iSolutions, Inc (http://www.isolutions-inc.com/), inventor and leading provider of Flash/Flex and FileMaker (http://www.filemaker.com/) integrated solutions, announced today that their Academy Awards Seating Solution (http://www.flickr.com/photos/19360330@N02/2296380334/in/photostream/) was successfully used for the fourth year in a row at the 80th Annual Academy Awards held on Feb. 24.
The Academy of Motion Picture Arts and Sciences used this leading technology during a six-week period prior to the event. The Academy used iSolutions' "Drag and Drop" Seating Chart Solution to assign seats and issue tickets to each guest attending this year's live televised show, as well as to schedule the official screenings of the nominated films for this year's Academy voters.
With an integration of FileMaker Pro's Web Viewer layout object and Adobe Flash(R) technology, iSolutions seating application managed seating arrangements for the Award Show, Governors' Ball and Sci-Tech Awards this season.
Using iSolutions' FileMaker-based seating application for the Governors Ball (http://www.flickr.com/photos/19360330@N02/2296396916/in/photostream/), AMPAS staff was able to view the entire floor layout along with table and guest details on their computer screens. The software was used for decision making and placement of guests like Daniel-Day Lewis, George Clooney, Cate Blanchett and Michael Moore at their respective tables and made seating for the more than 2,000+ invitees much more efficient.
"This year, due to the uncertainty caused by the writer's strike, we were making constant changes up to the very last minute to accommodate seating needs. The system gave us peace of mind during this abbreviated preparation period, benefiting not only our staff but also those who attended the Awards Show," says Kevin Kleinhenz, an official for the Academy.
The iSolutions system excels in efficiency and problem mitigation compared to that of the paper-based methods used by AMPAS in the past and by other awards shows even today.
In addition to its Ticketing and Seating Solution, AMPAS used iSolutions' FileMaker-based Online Registration and Credentialing solution to manage over 800 applications for media credentials.
About iSolutions, Inc.
iSolutions is one of only 33 FileMaker Business Alliance Platinum members and one of 13 Authorized FileMaker Trainers in the world, specializing in providing custom FileMaker applications and Training for medium to large organizations worldwide. iSolutions has been the pioneer of FileMaker and Flash/Flex based development for over 10 years and currently leads the industry in development of those integrated solutions. The company is based in Los Angeles, California with an office in Chicago and was founded by Cris Ippolite. To learn more about the company please visit their website at http://www.isolutions-inc.com/.
About FileMaker, Inc.
FileMaker, Inc. develops award-winning database software. Its products include the legendary FileMaker Pro product line for Windows, Mac and the Web, and the new Bento personal database for Mac. FileMaker Pro won more awards, 46, than its next 8 competitors combined from 2003-2007. Millions of customers, from individuals to large organizations, rely on FileMaker, Inc. software to manage, analyze and share information. FileMaker, Inc. is a subsidiary of Apple Inc. (AAPL).
iSolutions, Inc.
CONTACT: Cris Ippolite of iSolutions, Inc., 1-888-212-4620, cris@isolutions-inc.com; or Kevin Mallon of FileMaker,Inc., +1-408-987-7227, kevin_mallon@filemaker.com
Web site: http://www.isolutions-inc.com/ http://www.filemaker.com/
Microsoft Announces Upcoming Events for the Financial CommunityEvents with Microsoft leadership slated for March.
REDMOND, Wash., Feb. 28 /PRNewswire-FirstCall/ -- Microsoft Corp. today announced participation in the following upcoming events with the financial community. Interested parties can view a webcast of these events on Microsoft's Investor Relations Web site at http://www.microsoft.com/msft.
(Logo: http://www.newscom.com/cgi-bin/prnh/20000822/MSFTLOGO)
Morgan Stanley Technology Conference
Monday, March 3, 2008
8:45 a.m. PT
Chris Liddell, chief financial offer
Microsoft Financial Analyst Briefing at Convergence
Thursday, March 13, 2008
11 a.m. ET (8 a.m. PT)
Kirill Tatarinov, corporate vice president, Microsoft Business Division
Peter Klein, corporate vice president and CFO, Microsoft Business
Division
Founded in 1975, Microsoft is the worldwide leader in software, services and solutions that help people and businesses realize their full potential.
Microsoft is a registered trademark of Microsoft Corp. in the United States and/or other countries.
The names of actual companies and products mentioned herein may be the trademarks of their respective owners.
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Microsoft Corp.
CONTACT: Investors, Colleen Healy, general manager, Investor Relations, +1-425-706-3703; or press only, Rapid Response Team, Waggener Edstrom Worldwide, +1-503-443-7070, rrt@waggeneredstrom.com
Web site: http://www.microsoft.com/msft
Spreadtrum Communications Announces Management Promotions and New Technology Board
SHANGHAI, China, Feb. 28 /Xinhua-PRNewswire/ -- Spreadtrum Communications, Inc. , one of China's leading wireless baseband chipset providers, today announced the promotion of several executives into new positions and the establishment of a board of technology consultants.
Dr. Qiang Cao, who joined Spreadtrum in 2006 as Vice President of Marketing, now serves as Spreadtrum's Vice President of 3G Products. Dr. Cao holds a Ph.D. degree in communications engineering from the Imperial College, University of London. Prior to joining Spreadtrum, Dr. Cao worked as the Vice President of the Mobility Division for ZTE Corporation and as the Technical Director for the China market for Lucent Technologies (UK).
Dr. Ling Qin, who was previously Vice President of Business Development and who has been a member of Spreadtrum's management team since 2001, has been promoted to Spreadtrum's Vice President of Operations, responsible for overseeing the Company's operations, sales and pre-sales marketing. Dr. Qin has over 20 years of experience in wireless system algorithm designs and holds Ph.D. and post-doctoral degrees in electrical engineering (telecommunications) from Conservatoire National des Arts et Metiers (CNAM) in Paris, France. Prior to joining Spreadtrum, Dr. Qin worked as a senior manager of wireless DSP designs at Metricom Inc. and as a design manager at WiLAN Communications Systems, Inc.
In addition, Dr. Bernard Xavier, the former President and CEO of Quorum Systems, which the Company acquired in January, will be a Vice President in charge of Spreadtrum's US operation and international sales and marketing. Dr. Xavier graduated with a Ph.D. in electronics in 1992 from Brunel University. He has worked in several large semiconductor companies focused on the design of analog and RF integrated circuits. In 1998, he founded and was the CEO of Innocomm Wireless, which was sold to National Semiconductor in 2000. Innocomm developed Bluetooth and wireless LAN solutions. In 2002, he founded Quorum Systems and acted as CEO. Quorum develops advanced radio transceiver ICs for the cellular market including GSM, WCDMA, and TD-SCDMA.
Drs. Datong Chen and Renyong Fan, two of Spreadtrum's founders as well as former Chief Technology Officer and former Vice President of Operations, respectively, have scaled back their day-to-day management responsibilities but will maintain active roles as inaugural members of Spreadtrum's board of technology consultants. Dr. Chen will continue to be a member of Spreadtrum's Board of Directors.
The Company also announced the resignation of Carson Zhou, former Vice President of Sales as he takes a break from his day-to-day responsibilities. However, the Company is pleased to also have him join the newly established board of technology consultants.
Commenting on the transition, Dr. Ping Wu, Spreadtrum's President and CEO, said, "We very much appreciate the contribution that these colleagues have made over the last several years. I want to personally thank them for their dedication and hard work, especially to Datong and Renyong who shared our vision for starting this company. We wish them all the best in their future endeavors and as continued contributors to the Company and friends of its people."
The Board of Technology Consultants was established to allow key executives to remain involved in consulting on the Company's long-term directions. It parallels Spreadtrum's Advisory Board which includes outside advisors such as Noble Laureate, Dr. Arno Allan Penzias, and Professor Youshou Wu of the Chinese Academy of Engineering.
About Spreadtrum Communications, Inc.:
Spreadtrum Communications, Inc. (Nasdaq: SPRD; the "Company") is a fabless semiconductor company that designs, develops, and markets baseband processor solutions for the mobile wireless communications market. The Company combines its semiconductor design expertise with its software development capabilities to deliver highly-integrated baseband processors with multimedia functionality and power management. The Company has developed its solutions based on an open development platform, enabling its customers to develop customized wireless products that are feature-rich and meet their cost and time-to-market requirements.
For more information, please contact:
Investor Contact:
Investor Relations
Tel: +86-21-5080-2727 x2268
Email: ir@spreadtrum.com
Spreadtrum Communications, Inc.
CONTACT: Spreadtrum Communications, Inc. Investor Relations at +86-21-5080-2727 x2268 or ir@spreadtrum.com
Milestone Scientific Hosts First International Computer-Controlled Local Anesthetic Delivery (CCLAD) SummitCompany Brings Together Distinguished Panel of Dental Experts to Advance the Art, Science and Knowledge of CCLAD in Dentistry
LIVINGSTON, N.J., Feb. 28 /PRNewswire-FirstCall/ -- Milestone Scientific Inc. (BULLETIN BOARD: MLSS) , the recognized leader in advanced injection technologies, today reported that earlier this month the Company hosted the First International Computer-Controlled Local Anesthetic Delivery (CCLAD) Summit in New Orleans. The Summit welcomed a distinguished panel of dental experts who gathered to discuss advancements in the scientific and clinical practice communities toward the common goal of advancing the art, science and knowledge of CCLAD in dentistry.
Joe Martin, Chief Executive Officer of Milestone, noted, "Through this Summit, Milestone hoped to provide a forum for open and objective discussion by a unique blend of academia, key opinion leaders and practicing dentists. The in-depth discussion, debate and exchange of ideas that occurred helped to provide Milestone with confirmation that the STA(TM) System and the CompuDent(R) (formerly known as The WAND(R)) are significant improvements over traditional injection techniques."
The two day Summit was chaired by noted dental anesthetic expert, Stanley Malamed, DDS, Professor of Anesthesia and Medicine School of Dentistry at the University of Southern California School of Dentistry. Dr. Malamed is also a Diplomate of the American Dental Board of Anesthesiology, as well as a recipient of the Heidebrink Award from the American Dental Society of Anesthesiology and the Horace Wells Award from the International Federation of Dental Anesthesia Societies. He has authored more than 100 scientific papers and 16 chapters in various medical and dental journals and textbooks in the areas of physical evaluation, emergency medicine, local anesthesia, sedation and general anesthesia. In addition, Dr. Malamed is the author of three widely used textbooks, published by CV Mosby: Handbook of Medical Emergencies in the Dental Office (5th edition 2000); Handbook of Local Anesthesia (4th edition 1997); and Sedation - a guide to patient management (4th edition 2001).
Summit presenting participants also included:
-- John Brescia, DDS, PC, President of John J. Brescia, DDS, PC, a private
dental practice in River Forest, Illinois;
-- Monika Daublaender, MD, DDS, Associate Professor of Oral Surgery at
Johannes Guttenberg University in Germany;
-- Martin Jablow, DMD, a partner in the firm of Dental Technology
Solutions and general dental practitioner in Woodbridge, New Jersey;
-- William Lieberman, DDS, a nationally recognized pediatric dentist
practicing in Red Bank, New Jersey;
-- Peter Loomer, DDS, PhD, Associate Professor of Clinical Periodontology
at the University of California at San Francisco School of Dentistry;
-- Alfred Reader, DDS, MS, Professor of Advanced Endodontics at Ohio State
University College of Dentistry;
-- Kenneth Reed, DMD, noted dental anesthesiologist and nationally
recognized lecturer on dental anesthesia;
-- John Yagiela, DDS, PhD, Professor of Anesthesiology, Diagnostic and
Surgical Sciences at UCLA School of Dentistry.
This highly productive and interactive forum has yielded a number of exciting ideas on how Milestone can integrate the STA System not only into dental school curricula, but also extend the message to the dental community and patients, alike. Martin stated, "It was perhaps most gratifying to confirm that academics and clinicians, alike, recognize the potentially profound impact that Milestone's CCLAD technology is having on the practice of dentistry."
In February of last year, Milestone introduced to market the STA System, a patented CCLAD system that incorporates the "pressure force feedback" elements of Milestone's patented CompuFlo(R) technology, thereby allowing dentists to administer injections accurately and painlessly into the periodontal ligament space, effectively anesthetizing a single tooth. The STA System is also capable of performing all of the injections that can be done with a conventional dental syringe, including the palatal-anterior superior alveolar, anterior middle superior alveolar and inferior alveolar nerve block. The STA System achieves all of these injections predictably and reliably and additionally allows a new and novel interactive injection technique to be performed called the STA-Intraligamentary injection that identifies the correct location and provides an almost immediate onset of profound anesthesia to a single tooth. Milestone received FDA 510(k) Pre-market Notification acceptance in August 2006 for the marketing and sale of the highly anticipated STA System and has since named Henry Schein, Inc. , the world's largest provider of healthcare products and services to office-based practitioners in the combined North American and European markets, as its exclusive distributor in the United States and Canada.
"In light of the direction and recommendations to the dental community we have derived from this Summit, Milestone looks forward to replicating this event every year," concluded Martin.
About Milestone Scientific Inc.
Headquartered in Livingston, New Jersey, Milestone Scientific is engaged in pioneering proprietary, highly innovative technological solutions for the medical and dental markets. Central to the Company's IP platform and product development strategy is its patented CompuFlo(TM) technology for the improved and painless delivery of local anesthetic. Specifically, CompuFlo is a computer-controlled, pressure sensitive infusion, perfusion, suffusion and aspiration technology, which provides real-time readouts of pressures, fluid densities and flow rates, enabling the advanced delivery and removal of a wide array of fluids. The Single Tooth Anesthesia (STA(TM)) computer-controlled local anesthesia delivery system which uses this technology provides dentists with audible and visual signals as to in-tissue pressure. Milestone's existing painless injection systems are currently sold in 25 countries. For more information on these and other innovative Milestone products, please visit the Company's web site found at http://www.milesci.com/.
Safe Harbor Statement
This press release contains forward-looking statements regarding the timing and financial impact of the Milestone's ability to implement its business plan, expected revenues and future success. These statements involve a number of risks and uncertainties and are based on assumptions involving judgments with respect to future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond Milestone's control. Some of the important factors that could cause actual results to differ materially from those indicated by the forward-looking statements are general economic conditions, failure to achieve expected revenue growth, changes in our operating expenses, adverse patent rulings, FDA or legal developments, competitive pressures, changes in customer and market requirements and standards, and the risk factors detailed from time to time in Milestone's periodic filings with the Securities and Exchange Commission, including without limitation, Milestone's Annual Report on Form 10-KSB for the year ended December 31, 2006. The forward looking-statements in this press release are based upon management's reasonable belief as of the date hereof. Milestone undertakes no obligation to revise or update publicly any forward-looking statements for any reason.
FOR MORE INFORMATION, PLEASE CONTACT:
Elite Financial Communications Group, LLC
Dodi Handy, President and CEO, or Daniel Conway, Chief Strategist
407-585-1080 or via email at mlss@efcg.net
Milestone Scientific Inc.
CONTACT: Dodi Handy, President and CEO, or Daniel Conway, Chief Strategist, both of Elite Financial Communications Group, LLC, +1-407-585-1080, mlss@efcg.net, for Milestone Scientific Inc.
Web site: http://www.milesci.com/
The 13th Annual CMP Channel XChange Solution Provider Conference Hosts Solution Providers and Channel Vendors in Los AngelesCRN's Channel Champions Awards Program to Take Place in Conjunction with Event
MANHASSET, N.Y., Feb. 28 /PRNewswire-FirstCall/ -- CMP Channel will host the 13th annual XChange Solution Provider conference March 5-8 at the Hyatt Regency Century Plaza in Los Angeles. XChange Solution Provider brings together more than 225 pre-qualified executive-level technology sellers with over 90 industry leading channel vendors to meet, network and build relationships. The CMP Channel is the number one destination for technology vendors and marketers looking to reach the $390 billion technology sellers channel.
Event highlights include:
-- Keynote presentation by Robert Faletra, President, CMP Channel:
"Live, On the Record"
-- IPED Leadership Forum
-- Vendor World Premieres from HP, IBM and VMware
-- Keynote from Juniper Networks
-- Tech Symposiums from CA, Oracle, Panasonic and Ricoh
In addition, CRN's Channel Champions event will take place at XChange Solution Provider. Celebrating its 18th year, CRN's Channel Champions is one of the largest and broadest-based technology sellers market study in the industry and measures overall technology sellers perceptions of vendor products and services, creating a premier resource used by VARs and technology integrators throughout the industry to evaluate vendors and their programs. This year's event will feature a formal dinner and entertainment from comedian, Jay Mohr. CRN Channel Champions is supported by platinum sponsor, Samsung and gold sponsors, ADTRAN, Microsoft, Symantec and Toshiba.
"We are looking forward to kicking-off a new year of exciting and informative events," said Nancy Hammervik, Vice President, Events, CMP Channel. "The channel is morphing and moving at such a rapid pace. XChange Solution Provider will continue its long tradition of exploring and highlighting the most critical market dynamics while providing the Channel community an opportunity to establish their plans and create partnerships for profitable growth."
The Channel's XChange conferences provide vendors and Solution Providers with face-to-face opportunities to meet in an intimate setting over the course of two to three days. XChange is supported by its sister properties CRN, VARBusiness, GovernmentVAR, ChannelWeb and the Institute for Partner Education & Development (IPED).
In 2008, CMP Channel Events will host face-to-face events to provide a platform for vendors, distributors and Solution Providers to meet, define and redefine their relationships. The XChange Conference Group continues to reinforce its wide portfolio of channel events with conferences scheduled as follows: XChange Managed Services '08, April 2, Irvine, CA; XChange Managed Services '08, April 16, Garden City, NY; Government Integrator '08, May 7-9, Washington, DC; XChange '08, August 17-20, Dallas; XChange Latin America '08, September 8-10, Miami; and XChange Tech Innovators '08, November 17-19, San Jose.
For additional information on CMP XChange Solution Provider, contact Allison Cohen at accohen@cmp.com or visit http://www.cmpxchange.com/xsp08.
About XChange Conferences
CMP Channel's XChange Group is the global leader in face-to-face channel events. XChange Conferences bring together new markets, customers and revenue opportunities for solution providers and technology vendors. XChange Conferences offer the best recruiting, training, education and networking opportunities in three and four day events filled with keynotes, lectures, debates and discussions revolving around critical channel issues and trends. XChange Conference information can be found online at http://www.cmpxchange.com/. CMP Channel hosts a complete suite of integrated media and business solutions whose asset portfolio includes, CRN, VARBusiness, XChange Conferences, Institute for Partner Education & Development (IPED), the ChannelWeb network and GovernmentVAR.
About CMP Channel (http://www.cmpchannel.com/)
CMP Channel is the one stop shop customers turn to in order to meet their global sales channel objectives from access to execution. Through use of its family of channel solutions which include CRN and VARBusiness, the ChannelWeb network, XChange Events, Online Services and the Institute for Partner Education & Development (IPED), vendors are able to accelerate sales through the channel. CMP Channel provides a worldwide answer to advertising, branding and marketing services, lead generation, market intelligence, branded and custom events, education and workflow tools for solution providers and vendors.
About CMP
CMP (http://www.cmp.com/) is a media and marketing solutions company serving the technology industry. With the leading online, event and print brands in all technology market categories, and with services and tools that reach beyond traditional advertising, CMP shapes and influences the technology industry worldwide. CMP publishes highly respected media brands such as TechWeb, InformationWeek, ChannelWeb, CRN, EE Times and TechOnline; produces major industry events such as Interop, Web 2.0 Expo, XChange, Game Developers Conference and the Embedded Systems Conferences; and provides business information and marketing services such as the International Customer Management Institute, Semiconductor Insights and Second Life consulting for technology marketers. CMP is a subsidiary of United Business Media (http://www.unitedbusinessmedia.com/), a global provider of news distribution and specialist information services with a market capitalization of more than $3 billion. For more CMP news, go to cmp.com/news.
Contact
Allison Cohen
CMP Channel
(516) 562-7870
accohen@cmp.com
CMP
CONTACT: Allison Cohen of CMP Channel +1-516-562-7870, accohen@cmp.com
Web site: http://www.cmp.com/ http://www.unitedbusinessmedia.com/ http://www.cmpchannel.com/ http://www.cmpxchange.com/xsp08
Company News On-Call: http://www.prnewswire.com/comp/181993.html
France's Liberation newspaper chooses Nstein Technologies for its 2nd generation website"Libe" extends realm of its intellectual community through a Web 2.0 platform using Nstein's content management solutions
MONTREAL, QC and PARIS, France, Feb. 28 /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, announced that France's daily newspaper, Liberation, has selected Nstein's Web Content Management (WCM) and Text Mining Engine (TME) solutions to create its second generation website and develop a robust platform for user-driven content.
Commonly known as "Libe", the paper was founded in 1973 by existentialist Jean-Paul Sartre, and is recognized for its progressive viewpoints. Positioned at the forefront of France's high quality dailies, Libe's website, http://www.liberation.fr/, was France's first newspaper online - and is one of France's most popular sites, attracting more than 10M readers each month. Under new management, Liberation has designed a second generation website that will expand and strengthen the paper's relationship with its audience by offering a vehicle for intellectual discourse which is a key part of its SEO (Search Engine Optimization) strategy for increasing online visibility.
The new management team is committed to the commercial success of the website and has chosen Nstein's solutions to build a full-featured site designed to create a robust platform upon which their community of users can engage-sharing views and driving editorial through blogs and other interactive editorial tools. Nstein's platform will connect to Liberation's current editorial system, ensuring a smooth Print to Web content supply chain. Moreover, the openness of Nstein's WCM will allow the syndication of content to and from the site-reinforcing Libe's brand as a driver of ideas. To handle the high-volume of both editorial and user-generated content, TME is critical because of its ability to categorize and index content automatically and thoroughly.
"Our first site did not have Web 2.0 capabilities, and because the architecture was closed we could not add these functionalities," explained Denis Pierrard, Managing Director for Liberation. "With Nstein, we now have a fully open, fully scalable solution that will allow for the aggressive growth we have planned."
Luc Filiatreault, President and CEO of Nstein Technologies declared: "Liberation is poised to leverage the power of both print and digital distribution to once again take a leading role in forming public opinion and advancing community. Libe's audience, for both the paper and web, is one of its tremendous assets, and this platform is perfect to showcase their opinions and thoughts."
Liberation is the 18th major media company since 2007 to choose Nstein content management solutions for the media and electronic publishing industry.
Nstein is the solution provider of choice for many of the leading French media companies, including: Group Hommell (http://www.telecablesat.fr/), 20 minutes (http://www.20minutes.fr/), Le Nouvel Observateur (tempsreel.nouvelobs.com), 01Net (http://www.01net.com/) and L'Express (http://www.lexpress.fr/).
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.
- The financial value of the contract, on an individual basis, is not
financially material to the affairs of Nstein Technologies Inc. The
specific financial terms of the contracts can not be disclosed since
knowledge of these transaction terms could represent a significant loss
of competitive advantage to the Company as competitors would gain
access to its pricing model. The Company believes that the disclosure
of agreements by means of a press release is necessary to demonstrate
the ability of the Company's technology to meet the requirements of its
potential clients in the publishing, media and entertainment
industries. Further, the completion of these types of agreements
demonstrates the ongoing ability of the Company to capture an
increasing share of this market and generate market acceptance for its
products. The software license revenues resulting from this contract
will be included in the Company's fourth quarter results (quarter
ending December 31, 2007). Any statement that appears prospective shall
not be interpreted as such.
- 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; Josh Rivard: jrivard@renmarkfinancial.com, (514) 939-3989, Fax: (514) 939-3717, http://www.renmarkfinancial.com/
OpVista to Present at Merriman Curhan Ford & Co. Annual IP Video Conference
MILPITAS, Calif., Feb. 28 /PRNewswire/ -- OpVista, a leading provider of optical communications infrastructure, today announced that Karl May, OpVista's President and CEO, will present at the 2nd Annual Merriman Curhan Ford & Co. IP Video Conference on March 3, 2008 at 12:15 pm. This event will be held at the St. Regis Hotel in San Francisco, 125 Third Street.
"Bandwidth growth is now eclipsing historical trends, doubling every 24 months to meet the coming avalanche of data driven by such applications as IPTV, personal TV (VOD) and tele-presence. Today's infrastructure is unprepared for widespread delivery of these bandwidth intensive services and metro, regional and core networks are under intense pressure to add significant capacity in order to meet the new service demands," said Karl May, President and CEO, OpVista.
"For carriers to meet customers' thirst for new bandwidth-intensive service, they must adopt new approaches to optical transport, such as those offered by OpVista, which enable 40Gps and 100Gps services to run over existing 10Gps infrastructure. Only this will allow carriers to meet next-generation service requirements while extracting cost and complexity from their networks," May added.
More information about the conference can be found at http://www.merrimanco.com/.
The conference will bring together more than 50 leading IP video companies with institutional investors. This year's conference will also feature six interactive panel discussions:
-- Communications Technology: IPTV and Cable/Telco competition and
implications for suppliers
-- Online Video Content: Creation and distribution
-- Peer-to-Peer (P2P): The necessary ingredient for a HD world
-- Rich Media Ad Technology: Emergence of new enabling technologies
-- Social Networking: Disruptive force to established online media moguls
-- Video-on-the-Go: Content creation and distribution for mobile networks
About Merriman Curhan Ford & Co. and MCF Corporation
Merriman Curhan Ford & Co. is an investment bank and securities broker-dealer focused on fast-growing companies and growth-oriented institutional investors. It provides investment research, brokerage and trading services primarily to institutions, as well as advisory and investment banking services to corporate clients. Its mission is to become a leader in researching, advising, financing, trading and investing in fast-growing companies. Merriman Curhan Ford & Co. is registered with the Securities and Exchange Commission as a broker-dealer and is a member of the Financial Industry Regulatory Authority (FINRA) and SIPC.
MCF Corporation is a financial services holding company that provides investment research, capital markets services, corporate and venture services, investment banking, asset management and primary research through its operating subsidiaries, Merriman Curhan Ford & Co., MCF Asset Management, LLC and Panel Intelligence, LLC. MCF is focused on providing a full range of specialized and integrated services to institutional investors and corporate clients.
About OpVista
OpVista provides optical networking products to worldwide telecommunications and cable operators for the industry's highest-capacity metro and regional networks. The OpVista portfolio utilizes patented microwave photonics technology to provide infinite amounts of bandwidth over existing fiber infrastructure, eliminating the need for expensive network redesign or the addition of costly dispersion compensation. The resulting capital and operating expense reductions provide operators the ability to offer new services cost-effectively. OpVista is based in Milpitas, CA. For more information, visit http://www.opvista.com/.
OpVista
CONTACT: Michael Newsom, +1-508-541-9036, mike@bcww.com, or Constantine Theodoropulos, +1-617-292-7319, constantine@bcww.com, both for OpVista
Web site: http://www.opvista.com/
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