Companies news of 2008-02-29 (page 1)
TDS & U.S. Cellular Fourth Quarter 2007 Operating Results Conference Call Webcast
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TDS & U.S. Cellular Fourth Quarter 2007 Operating Results Conference Call Webcast
CHICAGO, Feb. 29 /PRNewswire-FirstCall/ -- Telephone and Data Systems, Inc. and United States Cellular Corporation will host a joint teleconference to discuss fourth quarter operating results on Mon., March 3, 2008 at 10:00 am Chicago time.
What: TDS and U.S. Cellular Fourth Quarter 2007 Operating Results
Webcast
When: March 3, 2008 @ 10:00 Chicago time
Where: http://www.videonewswire.com/event.asp?id=46101
How: Live over the Internet -- Simply log on to the web at the address
above.
If you are unable to participate during the live webcast, the call will be archived on the Web site http://www.teldta.com/.
About TDS
TDS provides wireless, local and long-distance telephone, and broadband services to more than 7.3 million customers in 36 states through its business units, U.S. Cellular (wireless) and TDS Telecom (wireline). Founded in 1969 and headquartered in Chicago, TDS employed 11,900 people as of year end.
About U.S. Cellular
U.S. Cellular Corporation, the nation's sixth-largest full-service wireless carrier, provides a comprehensive range of wireless products and services, superior customer support, and a high-quality network to more than 6.1 million customers in 26 states. The Chicago-based company employed 8,400 associates as of December 31, 2007.
Telephone and Data Systems, Inc.; United States Cellular Corporation
CONTACT: Julie D. Mathews, Manager, Investor Relations of Telephone and Data Systems, Inc., +1-312-592-5341, julie.mathews@teldta.com
Web site: http://www.teldta.com/ http://www.videonewswire.com/event.asp?id=46101
U.S. Cellular Reports 4Q and Full-Year 2007 ResultsData revenues increase 69 percent for the year to $368 millionNote: Comparisons are year over year unless otherwise noted.4Q 2007 Highlights - 15.2 percent increase in service revenues, to $957.9 million - 64.9 percent increase in data revenues, to $107.9 million (11 percent of service revenues) - ARPU (average revenue per unit) reached $52.46 (9 percent increase) - 22 percent increase in cash flows from operating activities, to $245.7 millionFull-Year 2007 Highlights - 14.5 percent increase in service revenues, to $3,679.2 million - 69.1 percent increase in data revenues, to $367.6 million - ARPU grew to $51.13 (8 percent increase) - 23.1 percent increase in cash flows from operating activities, to $863.1 million - Decrease in retail postpay churn to 1.4 percent from 1.6 percent - To offset dilution and seek to increase value to shareholders, U.S. Cellular repurchased 1,006,000 shares in 2007 at a total cost of $83.3 million
CHICAGO, Feb 29 /PRNewswire-FirstCall/ -- United States Cellular Corporation reported service revenues of $957.9 million for the fourth quarter of 2007, up 15.2 percent from $831.7 million in the comparable period one year ago. The company recorded operating income of $63.3 million, down 0.6 percent from $63.6 million in the fourth quarter of 2006. Net income and diluted earnings per share were $29.2 million and $0.33, respectively, compared to net income and diluted earnings per share of $54.1 million and $0.61, respectively, for the comparable period one year ago.
U.S. Cellular acquired 70,000 net retail postpay customers in the quarter. Prepay customers declined by 6,000 and net reseller customers declined by 9,000. Excluding acquisitions, U.S. Cellular acquired 351,000 retail postpay customers in 2007. Prepay and net reseller customers declined by 18,000 and 32,000, respectively.
Sprint Nextel exchange provides more usable spectrum
In the fourth quarter, U.S. Cellular agreed to deliver personal communication service (PCS) spectrum in eight licenses covering portions of one state to Sprint Nextel in exchange for more strategically useful spectrum in eight licenses covering portions of four states. The exchange will not include any cash, customers, network assets, or other assets. U.S. Cellular recorded a $20.8 million pre-tax loss on the exchange. The transaction is expected to close in the first half of 2008.
Customer focus delivers excellent financial and operating results
"Our customer satisfaction strategy helped us achieve some important milestones in 2007," said John E. Rooney, U.S. Cellular president and CEO. "Data revenues pushed past $100 million in the fourth quarter and $368 million for the year, which contributed to a significant increase in ARPU. Our focus on a high-quality call experience also drove double-digit increases in service revenues and cash flows from operating activities. Retail net additions were strong in 2007, though we saw some softness in the fourth quarter, mainly in December.
"Customers continued to respond well this year to our national, wide area, and family plans," said Rooney. "There was also high demand for our BlackBerry(R) and MOTO Q(TM) smart phone offerings and our expanding suite of easyedge(SM) data services, such as My Contacts Backup, Tone Room, and Your Navigator(TM). And, our customer focus and high network quality were backed up by several independent surveys in 2007. We topped the J.D. Power and Associates call quality rankings in the North Central region for the fourth consecutive time, which speaks to the value of investing the majority of our capital spending for 2007 in network enhancements. And, PC Magazine readers voted us the top contract/postpay wireless provider in 2007. I believe our associates' commitment to customer service is at the heart of these results.
2008 OUTLOOK
Focus on postpay customer, increasing market penetration
"We'll continue our focus on the postpay, high-lifetime value customer in 2008," said Rooney. "As part of our commitment to strategic growth, we're maintaining our drive to increase penetration, revenue, and profitability, and improve distribution, in our existing markets. We'll also continue to evaluate EVDO and Long-Term Evolution technologies with regard to how well they help us meet the needs of our target customers."
Guidance
Guidance for the year ending Dec. 31, 2008 is as follows. There can be no assurance that final results will not differ materially from this guidance.
U.S. Cellular 2008 guidance as of Feb. 29, 2008 is as follows:
Net Retail Customer Additions 250,000 - 325,000
Service Revenues $3.9 - $4.0 billion
Operating Income $460 - $535 million
Depreciation, Amortization & Accretion * Approx. $615 million
Capital Expenditures $590 - $640 million
* Includes losses on disposals of assets
This guidance represents the views of management as of Feb. 29, 2008 and should not be assumed to be accurate as of any other date. U.S. Cellular undertakes no legal duty to update such information, whether as a result of new information, future events, or otherwise.
U.S. Cellular and TDS remediate two material weaknesses; make progress on third
U.S. Cellular and its parent, TDS, have reduced their material weaknesses related to personnel and accounting knowledge and fixed assets to the level of deficiency and significant deficiency, respectively. The companies have made progress toward remediating the third material weakness related to income tax accounting. The companies' efforts in these areas are summarized below:
-- Personnel and accounting knowledge: U.S. Cellular and its parent, TDS,
conducted a multi-year program to increase technical accounting
expertise at the corporate and business unit levels, improve review and
documentation procedures, and automate more aspects of their accounting
and financial reporting. The companies developed many new accounting
policies and procedures, added personnel in key areas, and developed an
ongoing training program for accounting personnel.
-- Fixed assets: U.S. Cellular conducted a detailed physical inventory and
valuation review of its property, plant, and equipment; and enhanced
its controls over the recording of transfers and disposals of such
assets. There was a resulting non-cash charge of $14.6 million included
in loss on asset disposals/exchanges for the fourth quarter.
-- Income tax accounting: U.S. Cellular and its parent, TDS, created and
staffed a new tax accounting group (including adding a director of
accounting) that implemented new tax provisioning software to enhance
internal controls related to income taxes at the corporate and business
unit levels. As part of this implementation, the companies also
instituted several new controls to help ensure the accuracy of
accounting for income taxes.
Item 9A (Controls and Procedures) of U.S. Cellular's SEC Form 10-K contains an expanded discussion of these remediation efforts.
Conference Call Information
U.S. Cellular will hold a conference call on March 3, 2008 at 10:00 a.m. Chicago time.
-- Access the live call online at
http://www.videonewswire.com/event.asp?id=46101 or on the Conference
Calls page of http://www.uscellular.com/
-- Access the call by phone at 800/706-9695 (US/Canada) and use conference
ID #37621356
Before the call, certain financial and statistical information to be discussed during the call will be posted to the Conference Calls page of http://www.uscellular.com/, together with reconciliations to generally accepted accounting principles (GAAP) of any non-GAAP information to be disclosed. The call will be archived on the Conference Calls page of http://www.uscellular.com/.
About U.S. Cellular
U.S. Cellular Corporation, the nation's sixth-largest full-service wireless carrier, provides a comprehensive range of wireless products and services, superior customer support, and a high-quality network to more than 6.1 million customers in 26 states. The Chicago-based company employed 8,400 associates as of year end.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: All information set forth in this news release, except historical and factual information, represents forward-looking statements. This includes all statements about the company's plans, beliefs, estimates, and expectations. These statements are based on current estimates, projections, and assumptions, which involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Important factors that may affect these forward-looking statements include, but are not limited to: The ability of the company to successfully manage and grow the operations of more recently launched markets; changes in the overall economy, competition, the state and federal telecommunications regulatory environment, and the value of assets and investments; adverse changes in the ratings afforded our debt securities by accredited ratings organizations; industry consolidation; likely participation in FCC spectrum auctions; advances in telecommunications technology; uncertainty of access to the capital markets; risks and uncertainties relating to restatements and possible future restatements; ability to remediate material weaknesses; pending and future litigation; changes in income tax rates, laws, regulations or rulings; acquisitions/divestitures of properties and/or licenses; and changes in customer growth rates, average monthly revenue per unit, churn rates, roaming terms, the availability of devices and the mix of products and services offered by the company. Investors are encouraged to consider these and other risks and uncertainties that are discussed in the Form 8-K used by U.S. Cellular to furnish this press release to the SEC, which are incorporated by reference herein.
For more information about U.S. Cellular, visit: http://www.uscellular.com/.
UNITED STATES CELLULAR CORPORATION
SUMMARY OPERATING DATA
Quarter Ended 12/31/2007 9/30/2007 6/30/2007 3/31/2007 12/31/2006
Total Population:
Consolidated
markets (1) 82,371,000 81,841,000 81,581,000 56,048,000 55,543,000
Consolidated
operating
markets (1) 44,955,000 44,955,000 44,955,000 44,416,000 44,043,000
All customers:
Customer units 6,122,000 6,067,000 6,010,000 5,973,000 5,815,000
Gross customer
unit additions 437,000 447,000 418,000 459,000 389,000
Net customer
unit additions 55,000 57,000 37,000 152,000 86,000
Market penetration
at end of period:
Consolidated
markets (2) 7.4% 7.4% 7.4% 10.7% 10.5%
Consolidated
operating
markets (2) 13.6% 13.5% 13.4% 13.4% 13.2%
Retail customers:
Customer units 5,564,000 5,500,000 5,448,000 5,377,000 5,225,000
Gross customer
unit additions 367,000 374,000 347,000 397,000 375,000
Net customer
unit additions 64,000 52,000 71,000 146,000 98,000
Cell sites in service 6,383 6,255 6,140 6,004 5,925
Average monthly
revenue per unit (3) $52.46 $52.71 $50.42 $48.69 $48.15
Retail service
revenue per
unit (3) $45.36 $45.00 $43.87 $42.69 $42.21
Inbound roaming
revenue per unit(3) $3.09 $3.36 $2.68 $2.33 $2.34
Long-distance/
other revenue
per unit (3) $4.01 $4.35 $3.87 $3.67 $3.60
Minutes of use
(MOU) (4) 906 887 858 783 749
Retail postpay
churn rate
per month (5) 1.5% 1.6% 1.4% 1.3% 1.5%
Construction
Expenditures(000s) $188,100 $130,600 $137,100 $109,700 $158,400
(1) "Total population of consolidated markets" and "Total population of
consolidated operating markets" are used only for the purposes of
calculating market penetration of consolidated operating markets,
which is calculated by dividing customers by the total market
population (without duplication of population in overlapping markets).
Effective with this report, U.S. Cellular is expanding its reporting
of total population to include the population of its consolidated
operating markets - i.e., markets in which U.S. Cellular provides
wireless service to customers - in order to reflect its market
penetration more accurately. Historically, total population has been
reported only for total consolidated markets, regardless of whether
U.S. Cellular was providing wireless services in those markets.
(2) Calculated by dividing the number of wireless customers at the end of
the period by the total population of consolidated markets and
consolidated operating markets, respectively, as estimated by
Claritas.
(3) Per unit revenue measurements are derived from service revenues as
reported in Financial Highlights for each respective quarter as
follows:
Service Revenues
per Financial
Highlights $957,896 $954,540 $906,218 $860,583 $831,663
Components:
Retail service
revenue during
quarter $828,169 $814,948 $788,535 $754,515 $729,072
Inbound roaming
revenue during
quarter $56,358 $60,843 $48,084 $41,268 $40,354
Long-distance/
other revenue
during quarter $73,369 $78,749 $69,599 $64,800 $62,237
Divided by average
customers during
quarter (000s) 6,086 6,036 5,991 5,892 5,757
Divided by three
months in each quarter 3 3 3 3 3
Average monthly
revenue per unit $52.46 $52.71 $50.42 $48.69 $48.15
Retail service
revenue per unit $45.36 $45.00 $43.87 $42.69 $42.21
Inbound roaming
revenue per unit $3.09 $3.36 $2.68 $2.33 $2.34
Long-distance/
other revenue per
unit $4.01 $4.35 $3.87 $3.67 $3.60
(4) Average monthly local minutes of use per customer (without roaming).
(5) Retail postpay churn rate per month is calculated by dividing the
total monthly retail postpay customer disconnects during the quarter
by the average retail postpay customer base for the quarter.
UNITED STATES CELLULAR CORPORATION
FINANCIAL HIGHLIGHTS
Three Months Ended December 31,
(Unaudited, dollars and shares in thousands, except per share amounts)
Increase
(Decrease)
2007 2006 Amount Percent
Operating Revenues
Service $957,896 $831,663 $126,233 15.2%
Equipment sales 66,214 70,456 (4,242) (6.0%)
Total Operating Revenues 1,024,110 902,119 121,991 13.5%
Operating Expenses
System operations (excluding
depreciation shown below) 187,903 170,703 17,200 10.1%
Cost of equipment sold 169,869 151,414 18,455 12.2%
Selling, general and
administrative 413,836 370,696 43,140 11.6%
Depreciation, amortization and
accretion 142,279 138,246 4,033 2.9%
Loss on asset
disposals/exchanges 46,958 7,415 39,543 N/M
Total Operating Expenses 960,845 838,474 122,371 14.6%
Operating Income 63,265 63,645 (380) (0.6%)
Investment and Other Income
(Expense)
Equity in earnings of
unconsolidated entities 20,173 28,196 (8,023) (28.5%)
Interest and dividend income 4,461 5,541 (1,080) (19.5%)
Interest expense (20,045) (23,485) 3,440 14.6%
Fair value adjustment of
derivative instruments --- (45,630) 45,630 N/M
Gain on investments 6,301 70,427 (64,126) (91.1%)
Other, net (395) 18 (413) N/M
10,495 35,067 (24,572) (70.1%)
Income Before Income Taxes and
Minority Interest 73,760 98,712 (24,952) (25.3%)
Income tax expense 40,169 42,701 (2,532) (5.9%)
Income Before Minority Interest 33,591 56,011 (22,420) (40.0%)
Minority share of income (4,384) (1,906) (2,478) N/M
Net Income $29,207 $54,105 $(24,898) (46.0%)
Basic Weighted Average Common
Shares Outstanding 87,691 87,645 46 0.1%
Basic Earnings Per Share $0.33 $0.62 $(0.29) (46.8%)
Diluted Weighted Average Common
Shares Outstanding 88,309 88,368 (59) (0.1%)
Diluted Earnings Per Share $0.33 $0.61 $(0.28) (45.9%)
N/M - Percentage change not meaningful
UNITED STATES CELLULAR CORPORATION
FINANCIAL HIGHLIGHTS
Year Ended December 31,
(Unaudited, dollars and shares in thousands, except per share amounts)
Increase
(Decrease)
2007 2006 Amount Percent
Operating Revenues
Service $3,679,237 $3,214,410 $464,827 14.5%
Equipment sales 267,027 258,745 8,282 3.2%
Total Operating Revenues 3,946,264 3,473,155 473,109 13.6%
Operating Expenses
System operations (excluding
depreciation shown below) 717,075 639,683 77,392 12.1%
Cost of equipment sold 640,225 568,903 71,322 12.5%
Selling, general and
administrative 1,555,639 1,399,561 156,078 11.2%
Depreciation, amortization and
accretion 582,269 555,525 26,744 4.8%
Loss on asset
disposals/exchanges 54,857 19,587 35,270 N/M
Total Operating Expenses 3,550,065 3,183,259 366,806 11.5%
Operating Income 396,199 289,896 106,303 36.7%
Investment and Other Income
(Expense)
Equity in earnings of
unconsolidated entities 90,033 93,119 (3,086) (3.3%)
Interest and dividend income 13,059 16,537 (3,478) (21.0%)
Interest expense (84,679) (93,674) 8,995 9.6%
Fair value adjustment of
derivative instruments (5,388) (63,022) 57,634 91.5%
Gain on investments 137,987 70,427 67,560 95.9%
Other, net (710) (145) (565) N/M
150,302 23,242 127,060 N/M
Income Before Income Taxes and
Minority Interest 546,501 313,138 233,363 74.5%
Income tax expense 216,711 120,604 96,107 79.7%
Income Before Minority Interest 329,790 192,534 137,256 71.3%
Minority share of income (15,056) (13,044) (2,012) (15.4%)
Net Income $314,734 $179,490 $135,244 75.3%
Basic Weighted Average Common
Shares Outstanding 87,730 87,346 384 0.4%
Basic Earnings Per Share $3.59 $2.05 $1.54 75.1%
Diluted Weighted Average Common
Shares Outstanding 88,481 88,109 372 0.4%
Diluted Earnings Per Share $3.56 $2.04 $1.52 74.5%
N/M - Percentage change not meaningful
UNITED STATES CELLULAR CORPORATION
CONSOLIDATED BALANCE SHEET HIGHLIGHTS
(Unaudited, dollars in thousands)
ASSETS
December 31, December 31,
2007 2006
Current Assets
Cash and cash equivalents $204,533 $32,912
Marketable equity securities 16,352 249,039
Accounts receivable from customers and other 435,497 407,438
Inventory 100,990 117,189
Prepaid expenses 41,588 34,955
Other current assets 34,793 13,385
833,753 854,918
Investments
Licenses 1,482,446 1,494,327
Goodwill 491,316 485,452
Customer lists 15,375 26,196
Marketable equity securities --- 4,873
Investments in unconsolidated entities 157,693 150,325
Notes and interest receivable--long-term 4,422 4,541
2,151,252 2,165,714
Property, Plant and Equipment
In service and under construction 5,409,115 5,120,994
Less accumulated depreciation 2,814,019 2,492,146
2,595,096 2,628,848
Other Assets and Deferred Charges 31,773 31,136
Total Assets $5,611,874 $5,680,616
LIABILITIES AND SHAREHOLDERS' EQUITY
December 31, December 31,
2007 2006
Current Liabilities
Prepaid forward contracts $--- $159,856
Derivative liability --- 88,840
Notes payable --- 35,000
Accounts payable
Affiliated 8,519 13,568
Trade 252,272 241,303
Customer deposits and deferred revenues 143,445 123,344
Accrued taxes 43,105 26,913
Accrued compensation 59,224 47,842
Net deferred income tax liability --- 26,326
Other current liabilities 97,678 93,718
604,243 856,710
Long-term Debt 1,002,293 1,001,839
Deferred Liabilities and Credits 765,786 792,088
Minority Interest 43,396 36,700
Common Shareholders' Equity
Common Shares, par value $1 per share 55,046 55,046
Series A Common Shares, par value
$1 per share 33,006 33,006
Additional paid-in capital 1,316,042 1,290,829
Treasury Shares (41,094) (14,462)
Accumulated other comprehensive income 10,134 80,382
Retained earnings 1,823,022 1,548,478
3,196,156 2,993,279
Total Liabilities and Shareholders' Equity $5,611,874 $5,680,616
Conference call March 3 at 10:00 a.m. Chicago time. Access the live call on the Conference Calls page of http://www.teldta.com/ or http://www.uscellular.com/.
U.S. Cellular
CONTACT: Mark A. Steinkrauss, Vice President, Corporate Relations, +1-312-592-5384, mark.steinkrauss@teldta.com, or Julie D. Mathews, Manager, Investor Relations, +1-312-592-5341, julie.mathews@teldta.com, for U.S. Cellular
Web site: http://www.teldta.com/ http://www.uscellular.com/
TDS Reports Strong 4Q and Full-Year 2007 Financial ResultsImproves overall profitabilityNote: Comparisons are year over year unless otherwise noted.4Q 2007 HighlightsEnterprise/TDS Corporate- 11 percent increase in operating revenues, to $1,242.7 million- 10 percent increase in operating income, to $96.7 million- Repurchased 593,786 TDS special common shares for $37.6 millionWireless/U.S. Cellular- 15 percent increase in service revenues, to $957.9 million- 65 percent increase in data revenues, to $107.9 million (11 percent of service revenues)- ARPU (average revenue per unit) reached $52.46 (9 percent increase)Wireline/TDS Telecom- 34 percent increase in operating income to $34.6 million, despite a 3 percent decline in operating revenues- 27 percent increase in combined ILEC and CLEC DSL (digital subscriber line) customers, to 186,800; 37 percent increase in ILEC DSL customersFull-Year 2007 HighlightsEnterprise/TDS Corporate- 11 percent increase in operating revenues, to $4,829 million- 28 percent increase in operating income, to $527.9 million- 5 percent increase in cash flows from operating activities, to $941 million- Repurchased 2,076,979 TDS special common shares using $126.7 million of a $250 million stock repurchase program ($123.3 million remains)Wireless/U.S. Cellular- 15 percent increase in service revenues, to $3,679.2 million- 69 percent increase in data revenues, to $367.6 million- ARPU grew to $51.13 (8 percent increase)- 23 percent increase in cash flows from operating activities, to $863.1 million- Decrease in retail postpay churn to 1.4 percent from 1.6 percentWireline/TDS Telecom- 10 percent increase in operating income to $141.2 million, despite a 1.8 percent decrease in operating revenues- 43 percent increase in DSL revenue- ILEC equivalent access lines grew slightly to 762,700; access lines declined 5 percent to 585,600
CHICAGO, Feb. 29 /PRNewswire-FirstCall/ -- Telephone and Data Systems, Inc. reported operating revenues of $1,242.7 million for the fourth quarter of 2007, up 11 percent from $1,124.7 million in the comparable period one year ago. The company recorded operating income of $96.7 million, up 10 percent from $87.9 million in the fourth quarter of 2006. Net loss available to common and diluted loss per share were $56.3 million and $0.48, respectively, compared to net loss and diluted loss per share of $116.2 million and $1.00, respectively, for the comparable period one year ago.
TDS recorded a loss of $194.5 million in the fourth quarter related to the fair value adjustment of derivative instruments. This compares to a loss of $322.4 million in the fourth quarter of 2006. The company recorded a $46.2 million gain in the fourth quarter on the sale of investments, principally related to the delivery of Vodafone American Depositary Receipts to settle the related variable prepaid forward contracts.
Sprint Nextel exchange provides more usable spectrum
In the fourth quarter, U.S. Cellular agreed to deliver personal communication service (PCS) spectrum in eight licenses covering portions of one state to Sprint Nextel in exchange for more strategically useful spectrum in eight licenses covering portions of four states. The exchange will not include any cash, customers, network assets, or other assets. U.S. Cellular recorded a $20.8 million pre-tax loss on the exchange. The transaction is expected to close in the first half of 2008.
Steady growth delivers shareholder value
"TDS had strong revenue and operating income increases in the fourth quarter and throughout 2007," said LeRoy T. Carlson, Jr., TDS president and CEO. "We continued to see dramatic growth in data revenues at U.S. Cellular, our largest business unit, which also achieved strong year-over-year increases in ARPU. Our wireline business, TDS Telecom, reduced operating costs and improved profitability. It also continued to add DSL customers as part of its broadband focus.
"At the enterprise level, we sought to create additional value for our shareholders through the TDS stock repurchase program. And, we continued to pay a modest dividend, which has increased for more than 30 consecutive years."
U.S. Cellular reaches data revenue, ARPU milestones
"U.S. Cellular's customer satisfaction focus helped drive strong service revenue growth," said Carlson, "with data revenues passing the $100 million mark in the quarter. The company also achieved an impressive increase in ARPU in 2007. U.S. Cellular's core retail postpay customers continue to be receptive to its family, wide area, and national plans, as well as to the new handsets, smart phones, and data services introduced in 2007."
TDS Telecom achieves broadband gains
"TDS Telecom's broadband focus drove another quarter of DSL customer gains," added Carlson, "as the company emphasized its Triple Play bundles of voice, high-speed data, and DISH Network television services. Operating income increased significantly in the quarter, due in part to effective cost controls instituted throughout 2007. Equivalent access lines increased year over year on the ILEC side, as did the number of access lines equipped for DSL. TDS Telecom also increased the average speed of its DSL service throughout 2007."
OUTLOOK FOR 2008
"For 2008," continued Carlson, "U.S. Cellular remains committed to adding customers and growing profitably in its existing markets. The company does not plan to enter any significant new markets in 2008. U.S. Cellular continues to target the retail postpay customers that are at the core of its strategy. As always, the company will offer high-quality services and products that are easy for customers to understand. U.S. Cellular will continue to evaluate the timing and potential benefits for its target customers of EVDO/3G and Long- Term Evolution technologies.
"Going forward," said Carlson, "TDS Telecom will continue to focus on adding DSL customers and increasing the DSL speeds it offers. The company's long-term broadband goal is to provide 25 megabits per second or higher data speeds to a majority of its customers."
Guidance
Guidance for the year ending Dec. 31, 2008 is as follows. There can be no assurance that final results will not differ materially from this guidance.
U.S. Cellular 2008 guidance as of Feb. 29, 2008 is
as follows:
Net Retail Customer Additions 250,000 - 325,000
Service Revenues $3.9 - $4.0 billion
Operating Income $460 - $535 million
Depreciation, Amortization & Accretion * Approx. $615 million
Capital Expenditures $590 - $640 million
TDS Telecom (ILEC and CLEC) 2008 guidance as of
Feb. 29, 2008 is as follows:
Operating Revenues $815 - $855 million
Operating Income $110 - $140 million
Depreciation, Amortization & Accretion Approx. $160 million
Capital Expenditures $130 - $160 million
* Includes losses on disposals of assets
This guidance represents the views of management as of Feb. 29, 2008 and should not be assumed to be accurate as of any other date. TDS undertakes no legal duty to update such information, whether as a result of new information, future events, or otherwise.
TDS remediates two material weaknesses; makes progress on third
TDS has reduced its material weaknesses related to personnel and accounting knowledge and fixed assets to the level of deficiency and significant deficiency, respectively. TDS has made progress toward remediating the third material weakness related to income tax accounting. The companies' efforts in these areas are summarized below:
-- Personnel and accounting knowledge: TDS conducted a multi-year program
to increase technical accounting expertise at the corporate and
business unit levels, improve review and documentation procedures, and
automate more aspects of its accounting and financial reporting. The
company developed many new accounting policies and procedures, added
personnel in key areas, and developed an ongoing training program for
its accounting personnel.
-- Fixed assets: U.S. Cellular conducted a detailed physical inventory and
valuation review of its property, plant, and equipment, and enhanced
its controls over the recording of transfers and disposals of such
assets. There was a resulting non-cash charge of $14.6 million included
in loss on asset disposals/exchanges for the fourth quarter.
-- Income tax accounting: TDS created and staffed a new tax accounting
group (including adding a director of accounting) that implemented new
tax provisioning software to enhance internal controls related to
income taxes at the corporate and business unit levels. As part of this
implementation, the company instituted several new controls to help
ensure the accuracy of accounting for income taxes.
Item 9A (Controls and Procedures) of TDS' SEC Form 10-K contains an expanded discussion of the company's remediation efforts.
Conference Call Information
TDS will hold a conference call on March 3, 2008 at 10:00 a.m. Chicago time.
-- Access the live call online at
http://www.videonewswire.com/event.asp?id=46101 or on the Conference
Calls page of http://www.teldta.com/
-- Access the call by phone at 800/706-9695 (US/Canada) and use conference
ID #37621356
Before the call, certain financial and statistical information to be discussed during the call will be posted to the Conference Calls page of http://www.teldta.com/, together with reconciliations to generally accepted accounting principles (GAAP) of any non-GAAP information to be disclosed. The call will be archived on the Conference Calls page of http://www.teldta.com/.
About TDS
TDS provides wireless, local and long-distance telephone, and broadband services to more than 7.3 million customers in 36 states through its business units, U.S. Cellular (wireless) and TDS Telecom (wireline). Founded in 1969 and headquartered in Chicago, TDS employed 11,900 people as of year end.
About U.S. Cellular
U.S. Cellular Corporation, the nation's sixth-largest full-service wireless carrier, provides a comprehensive range of wireless products and services, superior customer support, and a high-quality network to more than 6.1 million customers in 26 states. The Chicago-based company employed 8,400 associates as of year-end.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: All information set forth in this news release, except historical and factual information, represents forward-looking statements. This includes all statements about the company's plans, beliefs, estimates, and expectations. These statements are based on current estimates, projections, and assumptions, which involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Important factors that may affect these forward-looking statements include, but are not limited to: The ability of U.S. Cellular to successfully manage and grow the operations of more recently launched markets; changes in the overall economy, competition, the access to and pricing of unbundled network elements, the state and federal telecommunications regulatory environment, and the value of assets and investments, including variable prepaid forward contracts; adverse changes in the ratings afforded TDS and U.S. Cellular debt securities by accredited ratings organizations; industry consolidation; likely participation in FCC spectrum auctions; advances in telecommunications technology; uncertainty of access to the capital markets; risks and uncertainties relating to restatements and possible future restatements; ability to remediate material weaknesses; pending and future litigation; changes in income tax rates, laws, regulations or rulings; acquisitions/divestitures of properties and/or licenses; and changes in customer growth rates, average monthly revenue per unit, churn rates, roaming terms, the availability of devices, or the mix of products and services offered by U.S. Cellular and TDS Telecom. Investors are encouraged to consider these and other risks and uncertainties that are discussed in the Form 8-K used by TDS to furnish this press release to the SEC, which are incorporated by reference herein.
For more information about TDS and its business units, visit our web sites:
TDS: http://www.teldta.com/ USM: http://www.uscellular.com/
TDS Telecom: http://www.tdstelecom.com/
TELEPHONE AND DATA SYSTEMS, INC.
SUMMARY OPERATING DATA
Quarter Ended 12/31/2007 9/30/2007 6/30/2007 3/31/2007 12/31/2006
U.S. Cellular
Total Population:
Consolidated
markets (1) 82,371,000 81,841,000 81,581,000 56,048,000 55,543,000
Consolidated
operating
markets (1) 44,955,000 44,955,000 44,955,000 44,416,000 44,043,000
All customers:
Customer
units 6,122,000 6,067,000 6,010,000 5,973,000 5,815,000
Gross
customer
unit
additions 437,000 447,000 418,000 459,000 389,000
Net customer
unit
additions 55,000 57,000 37,000 152,000 86,000
Market
penetration
at end of
period:
Consolidated
markets (2) 7.4% 7.4% 7.4% 10.7% 10.5%
Consolidated
operating
markets (2) 13.6% 13.5% 13.4% 13.4% 13.2%
Retail customers:
Customer
units 5,564,000 5,500,000 5,448,000 5,377,000 5,225,000
Gross customer
unit
additions 367,000 374,000 347,000 397,000 375,000
Net customer
unit
additions 64,000 52,000 71,000 146,000 98,000
Cell sites
in service 6,383 6,255 6,140 6,004 5,925
Average monthly
revenue per
unit (3) $52.46 $52.71 $50.42 $48.69 $48.15
Retail service
revenue per
unit (3) $45.36 $45.00 $43.87 $42.69 $42.21
Inbound roaming
revenue per
unit (3) $3.09 $3.36 $2.68 $2.33 $2.34
Long-distance/
other revenue
per unit (3) $4.01 $4.35 $3.87 $3.67 $3.60
Minutes of
use (MOU) (4) 906 887 858 783 749
Retail postpay
churn rate
per month (5) 1.5% 1.6% 1.4% 1.3% 1.5%
Construction
Expenditures
(000s) $188,100 $130,600 $137,100 $109,700 $158,400
(1) "Total population of consolidated markets" and "Total population of
consolidated operating markets" are used only for the purposes of
calculating market penetration of consolidated operating markets,
which is calculated by dividing customers by the total market
population (without duplication of population in overlapping markets).
Effective with this report, U.S. Cellular is expanding its reporting
of total population to include the population of its consolidated
operating markets - i.e., markets in which U.S. Cellular provides
wireless service to customers - in order to reflect its market
penetration more accurately. Historically, total population has been
reported only for total consolidated markets, regardless of whether
U.S. Cellular was providing wireless services in those markets.
(2) Calculated by dividing the number of wireless customers at the end of
the period by the total population of consolidated markets and
consolidated operating markets, respectively, as estimated by
Claritas.
(3) Per unit revenue measurements are derived from service revenues as
reported in Financial Highlights for each respective quarter as
follows:
Service Revenues
per Financial
Highlights $957,896 $954,540 $906,218 $860,583 $831,663
Components:
Retail
service
revenue
during
quarter $828,169 $814,948 $788,535 $754,515 $729,072
Inbound
roaming
revenue
during
quarter $56,358 $60,843 $48,084 $41,268 $40,354
Long-distance
/other
revenue
during
quarter $73,369 $78,749 $69,599 $64,800 $62,237
Divided by
average
customers
during
quarter (000s) 6,086 6,036 5,991 5,892 5,757
Divided by
three months
in each
quarter 3 3 3 3 3
Average monthly
revenue per
unit $52.46 $52.71 $50.42 $48.69 $48.15
Retail service
revenue per
unit $45.36 $45.00 $43.87 $42.69 $42.21
Inbound roaming
revenue per
unit $3.09 $3.36 $2.68 $2.33 $2.34
Long-distance/
other revenue
per unit $4.01 $4.35 $3.87 $3.67 $3.60
(4) Average monthly local minutes of use per customer (without roaming).
(5) Retail postpay churn rate per month is calculated by dividing the
total monthly retail postpay customer disconnects during the quarter
by the average retail postpay customer base for the quarter.
TELEPHONE AND DATA SYSTEMS, INC.
SUMMARY OPERATING DATA
12/31/ 9/30/ 6/30/ 3/31/ 12/31/
Quarter Ended 2007 2007 2007 2007 2006
TDS Telecom
ILEC:
Access line equivalents
(1) 762,700 763,000 761,200 763,400 757,300
Access lines 585,600 595,100 601,600 610,300 616,500
Dial-up Internet service
accounts 56,300 61,300 65,800 71,100 77,100
Digital Subscriber Lines
(DSL) customers 143,500 135,500 127,400 118,000 105,100
Long Distance customers 345,200 346,400 346,500 343,800 340,000
Construction Expenditures
(000s) $41,300 $23,500 $30,900 $16,100 $39,400
CLEC:
Access line equivalents
(1) 435,000 443,700 448,400 456,200 456,200
Dial-up Internet service
accounts 7,600 8,200 8,800 10,200 10,200
Percent of access lines
on-switch 94.0% 93.9% 93.7% 93.3% 93.0%
Digital Subscriber Lines
(DSL) customers 43,300 43,600 43,800 42,600 42,100
Construction Expenditures
(000s) $5,700 $3,400 $4,800 $2,500 $5,700
(1) Equivalent access lines are the sum of physical access lines and high-
capacity data lines adjusted to estimate the equivalent number of
physical access lines in terms of capacity. A physical access line is
the individual circuit connecting a customer to a telephone company's
central office facilities.
TELEPHONE AND DATA SYSTEMS, INC.
FINANCIAL HIGHLIGHTS
Three Months Ended December 31,
(Unaudited, dollars and shares in thousands, except per share amounts)
Increase
(Decrease)
2007 2006 Amount Percent
Operating Revenues
U.S. Cellular $1,024,110 $902,119 $121,991 13.5%
TDS Telecom 211,656 218,277 (6,621) (3.0%)
All Other (1) 6,942 4,288 2,654 61.9%
1,242,708 1,124,684 118,024 10.5%
Operating Expenses
U.S. Cellular
Expenses excluding
depreciation, amortization
and accretion 771,608 692,813 78,795 11.4%
Depreciation, amortization
and accretion 142,279 138,246 4,033 2.9%
Loss on asset
disposals/exchanges 46,958 7,415 39,543 N/M
960,845 838,474 122,371 14.6%
TDS Telecom
Expenses excluding
depreciation, amortization
and accretion 136,422 151,881 (15,459) (10.2%)
Depreciation, amortization
and accretion 40,639 40,497 142 0.4%
177,061 192,378 (15,317) (8.0%)
All Other (1)
Expenses excluding
depreciation and
amortization 4,478 5,301 (823) (15.5%)
Depreciation and amortization 3,667 622 3,045 N/M
8,145 5,923 2,222 37.5%
Total Operating Expenses 1,146,051 1,036,775 109,276 10.5%
Operating Income (Loss)
U.S. Cellular 63,265 63,645 (380) (0.6%)
TDS Telecom 34,595 25,899 8,696 33.6%
All Other (1) (1,203) (1,635) 432 26.4%
96,657 87,909 8,748 10.0%
Investment and Other Income
(Expense)
Equity in earnings of
unconsolidated entities 20,437 28,794 (8,357) (29.0%)
Interest and dividend income 16,784 20,293 (3,509) (17.3%)
Fair value adjustment of
derivative instruments (194,497) (322,406) 127,909 39.7%
Gain on investments 46,213 70,428 (24,215) (34.4%)
Interest expense (45,960) (57,358) 11,398 19.9%
Other, net (1,444) (844) (600) (71.1%)
(158,467) (261,093) 102,626 39.3%
(Loss) Before Income Taxes and
Minority Interest (61,810) (173,184) 111,374 64.3%
Income tax (benefit) (14,791) (68,787) 53,996 78.5%
(Loss) Before Minority Interest (47,019) (104,397) 57,378 55.0%
Minority share of income (9,304) (11,839) 2,535 21.4%
Net (Loss) (56,323) (116,236) 59,913 51.5%
Preferred dividend requirement (13) (13) --- 0.0%
Net (Loss) Available to Common $(56,336) $(116,249) $59,913 51.5%
Basic Weighted Average Common
Shares Outstanding 117,914 116,335 1,579 1.4%
Basic (Loss) Per Share $(0.48) $(1.00) $0.52 52.0%
Diluted Weighted Average Common
Shares Outstanding 117,914 116,335 1,579 1.4%
Diluted (Loss) Per Share $(0.48) $(1.00) $0.52 52.0%
(1) Consists of Suttle Straus printing and distribution operations and
intercompany eliminations.
N/M - Percentage change not meaningful.
TELEPHONE AND DATA SYSTEMS, INC.
FINANCIAL HIGHLIGHTS
Year Ended December 31,
(Unaudited, dollars and shares in thousands, except per share amounts)
Increase
(Decrease)
2007 2006 Amount Percent
Operating Revenues
U.S. Cellular $3,946,264 $3,473,155 $473,109 13.6%
TDS Telecom 860,211 875,918 (15,707) (1.8%)
All Other (1) 22,509 15,445 7,064 45.7%
4,828,984 4,364,518 464,466 10.6%
Operating Expenses
U.S. Cellular
Expenses excluding
depreciation, amortization
and accretion 2,912,939 2,608,147 304,792 11.7%
Depreciation, amortization
and accretion 582,269 555,525 26,744 4.8%
Loss on asset
disposals/exchanges 54,857 19,587 35,270 N/M
3,550,065 3,183,259 366,806 11.5%
TDS Telecom
Expenses excluding
depreciation, amortization
and accretion 561,547 587,450 (25,903) (4.4%)
Depreciation, amortization
and accretion 157,462 159,612 (2,150) (1.3%)
719,009 747,062 (28,053) (3.8%)
All Other (1)
Expenses excluding
depreciation and
amortization 19,524 18,666 858 4.6%
Depreciation and amortization 12,488 2,754 9,734 N/M
32,012 21,420 10,592 49.4%
Total Operating Expenses 4,301,086 3,951,741 349,345 8.8%
Operating Income (Loss)
U.S. Cellular 396,199 289,896 106,303 36.7%
TDS Telecom 141,202 128,856 12,346 9.6%
All Other (1) (9,503) (5,975) (3,528)(59.0%)
527,898 412,777 115,121 27.9%
Investment and Other Income
(Expense)
Equity in earnings of
unconsolidated entities 91,831 95,170 (3,339) (3.5%)
Interest and dividend income 199,435 194,644 4,791 2.5%
Fair value adjustment of
derivative instruments (351,570) (299,525) (52,045) (17.4%)
Gain on investments 432,993 161,846 271,147 N/M
Interest expense (208,736) (234,543) 25,807 11.0%
Other, net (6,401) (7,031) 630 9.0%
157,552 (89,439) 246,991 N/M
Income Before Income Taxes and
Minority Interest 685,450 323,338 362,112 N/M
Income tax expense 269,054 116,459 152,595 N/M
Income Before Minority Interest 416,396 206,879 209,517 N/M
Minority share of income (73,111) (45,120) (27,991) (62.0%)
Income Before Extraordinary Item 343,285 161,759 181,526 N/M
Extraordinary item, net of taxes 42,827 --- 42,827 N/M
Net Income 386,112 161,759 224,353 N/M
Preferred dividend requirement (52) (165) 113 68.5%
Net Income Available to Common $386,060 $161,594 $224,466 N/M
Basic Weighted Average Common
Shares Outstanding 117,624 115,904 1,720 1.5%
Basic Earnings Per Share
Income before extraordinary item $2.92 $1.39 $1.53 N/M
Extraordinary item 0.36 --- 0.36 N/M
$3.28 $1.39 $1.89 N/M
Diluted Weighted Average Common
Shares Outstanding 119,126 116,844 2,282 2.0%
Diluted Earnings Per Share
Income before extraordinary item $2.86 $1.37 $1.49 N/M
Extraordinary item 0.36 --- 0.36 N/M
$3.22 $1.37 $1.85 N/M
(1) Consists of Suttle Straus printing and distribution operations and
intercompany eliminations.
N/M - Percentage change not meaningful.
TELEPHONE AND DATA SYSTEMS, INC.
CONSOLIDATED BALANCE SHEET HIGHLIGHTS
(Unaudited, dollars in thousands)
ASSETS
December 31, December 31,
2007 2006
Current Assets
Cash and cash equivalents $1,174,446 $1,013,325
Marketable equity securities 1,917,893 1,205,344
Accounts receivable from customers
and other 530,421 520,167
Inventory 115,818 128,981
Other current assets 137,010 105,267
3,875,588 2,973,084
Investments
Licenses 1,516,629 1,520,407
Goodwill 679,129 647,853
Customer lists 25,851 26,196
Marketable equity securities 1 1,585,286
Investments in unconsolidated entities 206,418 197,636
Other investments 11,508 11,073
2,439,536 3,988,451
Property, Plant and Equipment, net
U.S. Cellular 2,595,096 2,628,848
TDS Telecom 900,267 920,350
Other 29,739 32,188
3,525,102 3,581,386
Other Assets and Deferred Charges 53,917 56,593
Total Assets $9,894,143 $10,599,514
LIABILITIES AND STOCKHOLDERS' EQUITY
December 31, December 31,
2007 2006
Current Liabilities
Prepaid forward contracts $1,005,512 $738,408
Current portion of long-term debt 3,860 2,917
Derivative liability 711,692 359,970
Notes payable --- 35,000
Accounts payable 308,882 294,932
Customer deposits and deferred revenues 166,191 141,164
Accrued taxes 40,439 38,324
Accrued compensation 91,703 72,804
Net deferred income tax liability 327,162 236,397
Other current liabilities 144,078 164,815
2,799,519 2,084,731
Deferred Liabilities and Credits
Net deferred income tax liability 555,593 950,348
Derivative liability --- 393,776
Other deferred liabilities and credits 328,070 369,045
883,663 1,713,169
Long-term Debt 1,632,226 2,620,609
Minority Interest in Subsidiaries 651,537 609,722
Preferred Shares 860 863
Common Stockholders' Equity
Common Shares, $.01 par value 566 566
Special Common Shares, $.01 par value 629 629
Series A Common Shares, $.01 par value 64 64
Capital in excess of par value 2,048,110 1,992,597
Treasury Shares, at cost
Common Shares (120,544) (187,103)
Special Common Shares (204,914) (187,016)
Accumulated other comprehensive income 511,776 522,113
Retained earnings 1,690,651 1,428,570
3,926,338 3,570,420
Total Liabilities and Stockholders' Equity $9,894,143 $10,599,514
BALANCE SHEET HIGHLIGHTS
DECEMBER 31, 2007
(Unaudited, dollars in thousands)
U.S. TDS TDS Corporate Intercompany TDS
Cellular Telecom & Other Eliminations Consolidated
Cash and cash
equivalents $204,533 $379,007 $590,906 $--- $1,174,446
Affiliated cash
investments --- 737,889 --- (737,889) ---
Marketable
equity
securities 16,352 --- 1,901,541 --- 1,917,893
Notes receivable
--affiliates --- --- 270,582 (270,582) ---
$220,885 $1,116,896 $2,763,029 $(1,008,471) $3,092,339
Licenses,
goodwill
and customer
lists $1,989,137 $401,711 $(169,239) $--- $2,221,609
Marketable
equity
securities --- --- 1 --- 1
Investment in
unconsolidated
entities 157,693 3,677 50,618 (5,570) 206,418
Other
investments 4,422 3,277 3,809 --- 11,508
$2,151,252 $408,665 $(114,811) $(5,570) $2,439,536
Property,
Plant and
Equipment,
net $2,595,096 $900,267 $29,739 $--- $3,525,102
Notes payable:
cash management --- --- 737,889 (737,889) ---
intercompany --- 270,582 --- (270,582) ---
$--- $270,582 $737,889 $(1,008,471) $---
Forward
contracts
(all current) $--- $--- $1,005,512 --- $1,005,512
Long-term Debt:
Current portion $--- $474 $3,386 $--- $3,860
Non-current
portion 1,002,293 3,114 626,819 --- 1,632,226
Total $1,002,293 $3,588 $630,205 $--- $1,636,086
Preferred
Shares $--- $--- $860 $--- $860
Construction
expenditures:
Quarter
ended
12/31/07 $188,096 $47,039 $1,412 $236,547
Year
ended
12/31/07 $565,495 $128,180 $5,891 $699,566
TDS Telecom Highlights
Three Months Ended December 31,
(Unaudited, dollars in thousands)
Increase
(Decrease)
2007 2006 Amount Percent
Local Telephone Operations
Operating Revenues
Local service $46,564 $49,155 $(2,591) (5.3%)
Network access and long-distance 80,347 85,305 (4,958) (5.8%)
Miscellaneous 29,137 25,837 3,300 12.8%
156,048 160,297 (4,249) (2.7%)
Operating Expenses
Cost of services and products 44,878 50,099 (5,221) (10.4%)
Selling, general and
administrative expenses 45,770 50,793 (5,023) (9.9%)
Depreciation, amortization and
accretion 34,528 34,785 (257) (0.7%)
125,176 135,677 (10,501) (7.7%)
Operating Income $30,872 $24,620 $6,252 25.4%
Competitive Local Exchange Carrier
Operations
Revenues $57,440 $59,205 $(1,765) (3.0%)
Expenses excluding depreciation,
amortization and accretion 47,606 52,214 (4,608) (8.8%)
Depreciation, amortization and
accretion 6,111 5,712 399 7.0%
53,717 57,926 (4,209) (7.3%)
Operating Income $3,723 $1,279 $2,444 N/M
Intercompany revenues $(1,832) $(1,225) $(607) N/M
Intercompany expenses (1,832) (1,225) (607) N/M
--- --- ---
Total TDS Telecom Operating Income $34,595 $25,899 $8,696 33.6%
N/M - Percentage change not meaningful.
TDS Telecom Highlights
Year Ended December 31,
(Unaudited, dollars in thousands)
Increase
(Decrease)
2007 2006 Amount Percent
Local Telephone Operations
Operating Revenues
Local service $193,823 $200,213 $(6,390) (3.2%)
Network access and long-
distance 330,627 352,299 (21,672) (6.2%)
Miscellaneous 105,533 93,013 12,520 13.5%
629,983 645,525 (15,542) (2.4%)
Operating Expenses
Cost of services and products 193,761 191,932 1,829 1.0%
Selling, general and
administrative expenses 175,392 188,229 (12,837) (6.8%)
Depreciation, amortization and
accretion 133,440 135,370 (1,930) (1.4%)
502,593 515,531 (12,938) (2.5%)
Operating Income $127,390 $129,994 $(2,604) (2.0%)
Competitive Local Exchange Carrier
Operations
Revenues $236,529 $235,804 $725 0.3%
Expenses excluding depreciation,
amortization and accretion 198,695 212,700 (14,005) (6.6%)
Depreciation, amortization and
accretion 24,022 24,242 (220) (0.9%)
222,717 236,942 (14,225) (6.0%)
Operating Income (Loss) $13,812 $(1,138) $14,950 N/M
Intercompany revenues $(6,301) $(5,411) $(890) N/M
Intercompany expenses (6,301) (5,411) (890) N/M
--- --- ---
Total TDS Telecom Operating Income $141,202 $128,856 $12,346 9.6%
N/M - Percentage change not meaningful.
Conference call March 3 at 10:00 a.m. Chicago time. Access the live call on the Conference Calls page of http://www.teldta.com/.
Telephone and Data Systems, Inc.
CONTACT: Mark A. Steinkrauss, Vice President, Corporate Relations, +1-312-592-5384, mark.steinkrauss@teldta.com, or Julie D. Mathews, Manager, Investor Relations, +1-312-592-5341, julie.mathews@teldta.com, both of Telephone and Data Systems, Inc.
Web site: http:/// http://www.teldta.com/ http://www.tdstelecom.com/ http://www.uscellular.com/
Spreadtrum to Present at Morgan Stanley Technology Conference on March 5
SHANGHAI, China, Feb. 29 /Xinhua-PRNewswire/ -- Spreadtrum Communications, Inc. , one of China's leading wireless baseband chipset providers, today announced that Dr. Ping Wu, President and CEO, and Richard Wei, CFO, will present at the Morgan Stanley Technology Conference on Wednesday, March 5, at the St. Regis Monarch Beach in Dana Point, California.
The presentation is scheduled for 1:00 P.M. Pacific time and the webcast will be available on the investor relations section of the Spreadtrum website at http://www.spreadtrum.com/ .
About Spreadtrum Communications, Inc.
Spreadtrum Communications, Inc. (Nasdaq: SPRD; "Spreadtrum") is a fabless semiconductor company that designs, develops, and markets baseband processor solutions for the mobile wireless communications market. Spreadtrum combines its semiconductor design expertise with its software development capabilities to deliver highly-integrated baseband processors with multimedia functionality and power management. Spreadtrum 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.
Spreadtrum Communications, Inc.
CONTACT: Spreadtrum Communications, Inc. Investor Relations at +86-21-5080-2727 x2268, or ir@spreadtrum.com
Web site: http://www.spreadtrum.com/
Freedom Wireless Corporation, a TMT Capital Corporation Subsidiary Signs New Distribution Agreement with Blackstone Calling Cards Inc.Deal Provides Freedom Brands in Excess of Tens of Thousands Points of Distribution
WINTER PARK, Fla., Feb. 29 /PRNewswire-FirstCall/ -- TMT Capital Corporation ("TMT") (BULLETIN BOARD: TMTP - News) Freedom Wireless Corporation, a national MVNO and mobile phone service provider, today announced a new master distribution agreement with BlackStone Calling Cards Inc. Blackstone will distribute Freedom's prepaid wireless products, branded as Zebra Unlimited(SM) and Zebra Everywhere(SM), to traditional wireless and prepaid distributors and retailers throughout BlackStone's US operating area.
"Freedom is pleased to partner with BlackStone to launch and help build our market brand position throughout the nation," said Michael A. De Prado, President of Freedom. "BlackStone's expertise in the Prepaid Point of Sale Activation (POSA) wireless markets and trailblazing preexisting knowledge of non-traditional wireless markets (exemplified in their tens of thousands plus US distribution points of presence) shall prove to be a valuable asset for Freedom and the Zebra brand," said De Prado.
The contract with BlackStone, a leading national Master Distributor and dealer of prepaid telecom and wireless products based in Miami, Fl., is a first for Freedom Wireless. With Zebra Unlimited(SM), customers will enjoy the convenience of an unlimited long distance, flat rate GSM cell phone plan, that is economical and has great coverage without the worry of leaving your immediate calling coverage area or unanticipated high monthly bills. Zebra Unlimited(SM) prepaid SIM's allow customers to pay a flat rate monthly amount on unlocked GSM cell phones for as low as $40 per month. Additionally, Zebra Everywhere(SM) offers value-priced per-minute plans in the 50 United States and Canada. Zebra prepaid brands require no annual contract and no credit check.
Mike Acton, COO of Blackstone comments, "Zebra brands prepaid cellular service is anticipated to be in great demand, and we look forward to working closely with Freedom Wireless as we explore new sales venues within our distribution that fit our customers' needs."
Zebra Unlimited will offer wireless callers the lowest price for the most coverage, unlimited long distance and wireless service plan. Zebra Unlimited and Zebra Everywhere will be available April 2008.
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: Charly McCue, of TMT Capital Corporation, for Freedom Wireless, +1-407-622-5999, Info@freedomwirelesscorp.com
Energy Focus, Inc. Invites You to Participate in its Fourth Quarter and Total Year 2007 Earnings Conference Call and Webcast
SOLON, Ohio, Feb. 29 /PRNewswire-FirstCall/ -- Energy Focus, Inc. management will host a conference call on Thursday, March 6, 2008 at 11:30 a.m. EST (8:30 a.m. PST) to review the fourth quarter and year-to-date 2007 financial results and other corporate events, followed by a Q & A session. Dialing 1-888-542-9137 (US Canada) or 1-706-758-4961 (International/Local) can access the call. The conference ID number is 37689584. Participants are asked to call the assigned number approximately 10 minutes before the conference call begins.
The conference call will also be available over the Internet at http://www.energyfocusinc.com/ in the Investor Relations area of the site or by going to http://www.mkr-group.com/. A replay of the conference call will be available two hours after the call for the following 7 days by dialing 1-800-642-1687 (US/Canada) or 1-706-645-9291 (international/local) and entering the following pass code: 37689584. Also, an instant replay of the conference call will be available over the Internet at http://www.energyfocusinc.com/ on March 24, 2008 and will remain available for one year in the Investor Relations area of the site or by going to http://www.mkr-group.com/.
About Energy Focus, Inc.
Energy Focus, Inc. is the leading supplier of fiber optic lighting and the world's only supplier of EFO(R), a lighting technology which is more efficient than conventional electric lamps. Energy Focus products are designed, manufactured and marketed for the commercial lighting, sign and swimming pool, and spa markets. Energy Focus fiber optic lighting provides energy savings, aesthetic, safety and maintenance cost benefits over conventional lighting. Customers include supermarket chains, retail stores, fast food restaurants, theme parks and casinos, hotels, swimming pool builders, spa manufacturers and many others. Company headquarters are located at 32000 Aurora Rd., Solon, OH 44139. The Company has additional offices in Pleasanton, CA, New York City, United Kingdom and Germany. For more information, see http://www.energyfocusinc.com/.
Safe Harbor Statement
Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include statements regarding the business outlook for EFO systems. Investors are cautioned that all forward-looking statements involve risks and uncertainties. Actual results may differ materially from the results predicted. Risk factors that could affect the Company's future include, but are not limited to, the slowing U.S. and world economy and its effects on Energy Focus's markets, failure to develop marketable products from new technologies, failure of EFO or other new products to meet performance expectation. For more information about potential factors that could affect Energy Focus financial results, please refer to the Energy Focus SEC reports, including its Annual Report on Form 10-K for the year ended December 31, 2006, and its quarterly reports on Form 10-Q. These forward-looking statements speak only as of the date hereof. Energy Focus disclaims any intention or obligation to update or revise any forward-looking statements.
Energy Focus, Inc.
CONTACT: Energy Focus, Inc., Public Relations Office, +1-440-715-1295, pr@energyfocusinc.com
Web site: http://www.energyfocusinc.com/ http://www.mkr-group.com/
Why Google's Surprising Paid Click Data Are Less Surprising
RESTON, Va., Feb. 29 /PRNewswire-FirstCall/ -- comScore CEO and Co-Founder Dr. Magid Abraham and James Lamberti, SVP Media and Search, jointly posted a blog entry this morning entitled, "Why Google's Surprising Paid Click Data are Less Surprising," providing their analysis of the comScore paid click information released to clients earlier this week.
The blog entry is available at
http://www.comscore.com/blog/google_paid_click_data.html
About comScore
comScore, Inc. is a global leader in measuring the digital world. For more information, please visit http://www.comscore.com/boilerplate
comScore, Inc.
CONTACT: Sarah Radwanick of comScore, Inc., +1-312-775-6538, press@comscore.com
Web site: http://www.comscore.com/
SIRIUS and XM Extend Merger Agreement
WASHINGTON and NEW YORK, Feb. 29 /PRNewswire-FirstCall/ -- XM Satellite Radio and SIRIUS Satellite Radio today announced that the companies have agreed not to exercise their rights to terminate the Merger Agreement until May 1, 2008.
The closing of the pending merger remains subject to satisfaction of all applicable conditions, including approval from the Department of Justice and the Federal Communications Commission. For more information on the SIRIUS-XM merger, please visit http://www.xmmerger.com/ or http://www.siriusmerger.com/.
About SIRIUS
SIRIUS, "The Best Radio on Radio," delivers more than 130 channels of the best programming in all of radio. SIRIUS is the original and only home of 100% commercial free music channels in satellite radio, offering 69 music channels. SIRIUS also delivers 65 channels of sports, news, talk, entertainment, traffic, weather and data. SIRIUS is the Official Satellite Radio Partner of the NFL, NASCAR, NBA, and broadcasts live play-by-play games of the NFL, NBA, as well as live NASCAR races. All SIRIUS programming is available for a monthly subscription fee of only $12.95.
SIRIUS Internet Radio (SIR) is an Internet-only version of the SIRIUS radio service, without the use of a radio, for the monthly subscription fee of $12.95. SIR delivers more than 80 channels of talk, entertainment, sports, and 100% commercial free music.
SIRIUS Backseat TV (TM) is the first ever live in-vehicle rear seat entertainment featuring three channels of children's programming, including Nickelodeon, Disney Channel and Cartoon Network, for the subscription fee of $6.99 plus applicable audio subscription fee.
SIRIUS products for the car, truck, home, RV and boat are available at shop.sirius.com and in more than 20,000 retail locations, including Best Buy, Circuit City, Crutchfield, Target, Wal-Mart, Sam's Club and RadioShack.
As of December 31, 2007, SIRIUS radios were available as a factory and dealer-installed option in 116 vehicle models and as a dealer only-installed option in 37 vehicle models.
SIRIUS has agreements with Aston Martin, Audi, Bentley, BMW, Chrysler, Dodge, Ford, Jaguar, Jeep, Kia, Land Rover, Lincoln, Maybach, Mazda, Mercedes- Benz, Mercury, MINI, Mitsubishi, Rolls-Royce, Volvo, and Volkswagen to offer SIRIUS radios as factory or dealer-installed equipment in their vehicles. SIRIUS has relationships with Toyota and Scion to offer SIRIUS radios as dealer-installed equipment, and a relationship with Subaru to offer SIRIUS radios as factory or dealer-installed equipment. SIRIUS radios are also offered to renters of Hertz vehicles at airport locations nationwide.
Click on http://www.sirius.com/ to listen to SIRIUS live, or to purchase a SIRIUS radio and subscription.
About XM
XM is America's number one satellite radio company with more than 9 million subscribers. Broadcasting live daily from studios in Washington, DC, New York City, Chicago, Nashville, Toronto and Montreal, XM's 2008 lineup includes more than 170 digital channels of choice from coast to coast: commercial-free music, premier sports, news, talk radio, comedy, children's and entertainment programming; and the most advanced traffic and weather information.
XM, the leader in satellite-delivered entertainment and data services for the automobile market through partnerships with General Motors, Honda, Hyundai, Nissan, Porsche, Subaru, Suzuki and Toyota is available in 140 different vehicle models for 2008. XM's industry-leading products are available at consumer electronics retailers nationwide. XM programming is also available through XM Radio Online; as downloads of original XM shows via podcasts from XM's Web site or the Apple's iTunes Store; and as streams of commercial-free XM music channels to AT&T and Alltel wireless customers through XM Radio Mobile. For more information about XM hardware, programming and partnerships, please visit http://www.xmradio.com/.
This communication contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about the benefits of the business combination transaction involving Sirius Satellite Radio Inc. and XM Satellite Radio Holdings Inc., including potential synergies and cost savings and the timing thereof, future financial and operating results, the combined company's plans, objectives, expectations and intentions with respect to future operations, products and services; and other statements identified by words such as "anticipate," "believe," "plan," "estimate," "expect," "intend," "will," "should," "may," or words of similar meaning. Such forward- looking statements are based upon the current beliefs and expectations of SIRIUS' and XM's management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond the control of SIRIUS and XM. Actual results may differ materially from the results anticipated in these forward-looking statements.
The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statement: general business and economic conditions; the performance of financial markets and interest rates; the ability to obtain governmental approvals of the transaction on a timely basis; the failure to realize synergies and cost-savings from the transaction or delay in realization thereof; the businesses of SIRIUS and XM may not be combined successfully, or such combination may take longer, be more difficult, time- consuming or costly to accomplish than expected; and operating costs and business disruption following the merger, including adverse effects on employee retention and on our business relationships with third parties, including manufacturers of radios, retailers, automakers and programming providers. Additional factors that could cause SIRIUS' and XM's results to differ materially from those described in the forward-looking statements can be found in SIRIUS' Annual Report on Form 10-K for the year ended December 31, 2006, and Quarterly Reports on Form 10-Q for the quarters ended March 31, 2007, June 30, 2007 and September 30, 2007 and XM's Annual Report on Annual Report on Form 10-K for the year ended December 31, 2007, which are filed with the Securities and Exchange Commission (the "SEC") and available at the SEC's Internet site (http://www.sec.gov/). The information set forth herein speaks only as of the date hereof, and SIRIUS and XM disclaim any intention or obligation to update any forward looking statements as a result of developments occurring after the date of this communication.
G-SIRI
SIRIUS
Media Relations
Patrick Reilly
212-901-6646
PReilly@siriusradio.com
Kelly Sullivan
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449
ksullivan@joelefrank.com
XM
Media Relations
Nathaniel Brown
212-708-6170
Nathaniel.Brown@xmradio.com
Chance Patterson
202-380-4318
Chance.Patterson@xmradio.com
XM and SIRIUS
CONTACT: Media Relations, Patrick Reilly of SIRIUS, +1-212-901-6646, PReilly@siriusradio.com; or Kelly Sullivan, of Joele Frank, Wilkinson Brimmer Katcher, +1-212-355-4449, ksullivan@joelefrank.com, for SIRIUS; or Media Relations, Nathaniel Brown, +1-212-708-6170, Nathaniel.Brown@xmradio.com, or Chance Patterson, +1-202-380-4318, Chance.Patterson@xmradio.com, both of XM
Web site: http://www.xmradio.com/ http://www.sirius.com/ http://www.xmmerger.com/ http://www.siriusmerger.com/
EDS Appoints Martin Blackburn to Lead Europe, Middle East and Africa OperationsFormer Chief Executive, Global Service Delivery, Logica joins EDS
PLANO, Texas, Feb. 29 /PRNewswire-FirstCall/ -- EDS today announced the appointment of Martin Blackburn to the position of vice president and general manager, EDS Europe, Middle East and Africa (EMEA) Operations. He will report directly to Bill Thomas, executive vice president for EDS EMEA, effective April 1, 2008.
Within this role, Blackburn will assume responsibility for EDS EMEA operations, including the management of delivery to all clients in the region, strategy and financial performance. Blackburn is replacing Mike Koehler, who will assume the position of executive vice president of EDS' Global ITO Services.
To this role, Blackburn brings extensive knowledge and experience in leading the operations function of major outsourcing organisations. Previously, he served as Chief Executive, Global Service Delivery Logica -- a division which comprises 10,000 staff across 18 countries. In this role, Blackburn was responsible for all business process outsourcing, IT outsourcing, applications management and offshore service delivery within the Logica Group. During his time in this role, Blackburn re-established growth for the company -- building an impressive client portfolio, formulating the company's off-shore strategy and personally spearheading the change programme underpinning the company's transformation.
"Martin brings to EDS unique experience and insight which will be instrumental in ensuring we continue to deliver a high quality, consistent service across our client base," said Thomas. "In particular, Martin's recent success building a thriving global delivery model, offering clients the right blend of offshore, nearshore and onshore locations, is particularly complementary to EDS' Best Shore strategy."
Blackburn holds an BSc (Hons) Mathematics and Information Systems. He is also a Member of the British Computer Society, the Institute of Electrical and Electronics Engineers, and the Institute of Mathematics.
About EDS
EDS is a leading global technology services company delivering business solutions to its clients. EDS founded the information technology outsourcing industry 45 years ago. Today, EDS delivers a broad portfolio of information technology and business process outsourcing services to clients in the manufacturing, financial services, healthcare, communications, energy, transportation, and consumer and retail industries and to governments around the world. Learn more at eds.com.
CONTACT:
Travis Jacobsen - EDS
972-797-8751
travis.jacobsen@eds.com
Electronic Data Systems Corporation
CONTACT: Travis Jacobsen of Electronic Data Systems Corporation, +1-972-797-8751, travis.jacobsen@eds.com
Web site: http://www.eds.com/
Thomson Files Information Circular for Approval of Reuters AcquisitionTransaction Expected to Close on April 17; Interim Dividend to be Paid(All amounts are in U.S. dollars)
STAMFORD, Conn., Feb. 29 /PRNewswire-FirstCall/ -- The Thomson Corporation (NYSE: TOC; TSX: TOC), a leading provider of information solutions to business and professional customers worldwide, has filed an information circular for its upcoming shareholders meeting to approve the Reuters acquisition. The shareholders meeting will be held on March 26, 2008 at 10:00 a.m. (EDT) at Roy Thomson Hall in Toronto, Canada. Separately today, Reuters filed a circular for its own shareholder meetings to be held on March 26, 2008 in London to approve the transaction. Thomson's acquisition of Reuters is expected to close on April 17, 2008, and the transaction has received all required antitrust/regulatory clearances.
(Logo: http://www.newscom.com/cgi-bin/prnh/20020227/NYW014LOGO )
Thomson and Reuters have historically paid dividends to their shareholders at different times of the year, and in different amounts. To align the timing and amount of future dividend payments to Thomson Reuters shareholders, an interim dividend of $0.31747 per share will be paid on May 1, 2008 to Thomson common shareholders of record on April 16, 2008. The interim dividend is based on Thomson's previously announced 2008 quarterly dividend rate of $0.27 per share (or $1.08 per share for the year) and covers the period from January 1, 2008 through April 16, 2008. The payment of the interim dividend in May will result in Thomson Reuters not paying a dividend in June 2008, as has been Thomson's past practice, and regularly scheduled dividend payments will resume in September 2008 ($0.22253 per share) and in December 2008 ($0.27 per share).
More information about the Thomson Reuters business, the Thomson Reuters Board and executive management team and dividends expected to be paid during the remainder of 2008 is available in the information circular.
Holders of Thomson common shares as of 5:00 p.m. (ET) on February 22, 2008 will be entitled to vote at the upcoming meeting. The circular is being mailed to shareholders. A copy of the circular is available at the SEC's website at http://www.sec.gov/, at the Canadian securities regulatory authorities' website at http://www.sedar.com/ and at http://www.thomson.com/.
The Thomson Corporation
The Thomson Corporation (http://www.thomson.com/) is a global leader in providing essential electronic workflow solutions to business and professional customers. With operational headquarters in Stamford, Conn., Thomson provides value-added information, software tools and applications to professionals in the fields of law, tax, accounting, financial services, scientific research and healthcare. The Corporation's common shares are listed on the New York and Toronto stock exchanges (NYSE: TOC; TSX: TOC).
DEALING DISCLOSURE REQUIREMENTS
Under the provisions of Rule 8.3 of the Takeover Code (the 'Code'), if any person is, or becomes, 'interested' (directly or indirectly) in 1% or more of any class of 'relevant securities' of Thomson or of Reuters, all 'dealings' in any 'relevant securities' of that company (including by means of an option in respect of, or a derivative referenced to, any such 'relevant securities') must be publicly disclosed by no later than 3.30 pm (London time) on the London business day following the date of the relevant transaction. This requirement will continue until the date on which the acquisition of Reuters becomes, or is declared, unconditional, lapses or is otherwise withdrawn or on which the 'offer period' otherwise ends. If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire an 'interest' in 'relevant securities' of Thomson or Reuters, they will be deemed to be a single person for the purpose of Rule 8.3.
Under the provisions of Rule 8.1 of the Code, all 'dealings' in 'relevant securities' of Thomson or Reuters by Thomson or Reuters, or by any of their respective 'associates', must be disclosed by no later than 12.00 noon (London time) on the London business day following the date of the relevant transaction.
A disclosure table, giving details of the companies in whose 'relevant securities' 'dealings' should be disclosed, and the number of such securities in issue, can be found on the Takeover Panel's website at http://www.thetakeoverpanel.org.uk/.
'Interests in securities' arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the price of securities. In particular, a person will be treated as having an 'interest' by virtue of the ownership or control of securities, or by virtue of any option in respect of, or derivative referenced to, securities.
Terms in quotation marks are defined in the Code, which can also be found on the Panel's website. If you are in any doubt as to whether or not you are required to disclose a 'dealing' under Rule 8, you should consult the Panel.
CAUTIONARY NOTE CONCERNING FACTORS THAT MAY AFFECT FUTURE RESULTS
This news release, in particular the discussion of the proposed acquisition of Reuters, includes forward-looking statements. These statements are based on certain assumptions and reflect the Corporation's current expectations. Forward-looking statements include statements about its beliefs that the Reuters acquisition will be approved and close on April 17, 2008. The closing of the transaction is subject to approval by Thomson and Reuters shareholders as well as courts in Ontario, Canada and the United Kingdom. The declaration of dividends and the amount of those dividends may be adjusted or eliminated at any time at the discretion of the Thomson Board (or, following the closing of the transaction, the Thomson Reuters Board). All forward-looking statements in this news release are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. These risks and uncertainties include the failure of Reuters shareholders or the courts to approve the proposed transaction; the reaction of Thomson's and Reuters' customers, employees and suppliers to the proposed transaction; the ability to promptly and effectively integrate the businesses of Thomson and Reuters after the transaction closes; and the diversion of management time on transaction-related issues. Some of the other factors that could cause actual results or events to differ materially from current expectations are actions of competitors; failure to fully derive anticipated benefits from acquisitions and divestitures; failure to develop additional products and services to meet customers' needs, attract new customers or expand into new geographic markets; and changes in the general economy. Additional factors are discussed in the Corporation's materials filed with the securities regulatory authorities in Canada and the United States from time to time, including the Corporation's management information circular dated February 29, 2008 for the special meeting of shareholders to be held on March 26, 2008, and its latest annual information form, which is also contained in its most recently filed annual report on Form 40-F. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by applicable law, rule or regulation.
This document does not constitute an offer for sale of any securities or an offer or an invitation to purchase any such securities. Documents relating to the proposed transaction have been furnished by Thomson and Reuters to the SEC. Shareholders are urged to read such documents regarding the proposed transaction because they contain important information. Shareholders may obtain free copies of Thomson's and Reuters' respective circulars, as well as other filings containing information about the companies, without charge, at the SEC's website at http://www.sec.gov/, at the Canadian securities regulatory authorities' website at http://www.sedar.com/ (in the case of Thomson) and from Thomson and Reuters. These documents will also be available for inspection and copying at the public reference room maintained by the SEC at 100 F Street, N.E., Washington, D.C. 20549, United States. For further information about the public reference room, call the SEC at 1-800-732-0330. The Reuters circular, which constitutes an offer document of Thomson for the purposes of the UK Takeover Code, is also available for inspection during usual UK business hours on Monday to Friday of each week (UK public holidays excepted) at the registered office of Reuters, being The Reuters Building, South Colonnade, Canary Wharf, London E14 5EP, United Kingdom, from the date of this news release until the closing of the transaction.
Media Contact: Investor Contact:
Fred Hawrysh Frank J. Golden
Global Director, Vice President,
External Communications Investor Relations
(203) 539-8314 (203) 539-8470
fred.hawrysh@thomson.com frank.golden@thomson.com
Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20020227/NYW014LOGO AP Archive: http://photoarchive.ap.org/ PRN Photo Desk, photodesk@prnewswire.com
The Thomson Corporation
CONTACT: Media, Fred Hawrysh, Global Director, External Communications, +1-203-539-8314, fred.hawrysh@thomson.com; or Investors, Frank J. Golden, Vice President, Investor Relations, +1-203-539-8470, frank.golden@thomson.com, both of Thomson
Web site: http://www.thomson.com/ http://www.thetakeoverpanel.org.uk/
Thomson Files Information Circular for Approval of Reuters Acquisition
STAMFORD, Connecticut, February 29 /PRNewswire/ --
- Transaction Expected to Close on April 17; Interim Dividend to be Paid
- (All amounts are in U.S. dollars)
The Thomson Corporation (NYSE: TOC; TSX: TOC), a leading provider of
information solutions to business and professional customers worldwide, has
filed an information circular for its upcoming shareholders meeting to
approve the Reuters acquisition. The shareholders meeting will be held on
March 26, 2008 at 10:00 a.m. (EDT) at Roy Thomson Hall in Toronto, Canada.
Separately today, Reuters filed a circular for its own shareholder meetings
to be held on March 26, 2008 in London to approve the transaction. Thomson's
acquisition of Reuters is expected to close on April 17, 2008, and the
transaction has received all required antitrust/regulatory clearances.
(Logo: http://www.newscom.com/cgi-bin/prnh/20020227/NYW014LOGO )
Thomson and Reuters have historically paid dividends to their
shareholders at different times of the year, and in different amounts. To
align the timing and amount of future dividend payments to Thomson Reuters
shareholders, an interim dividend of $0.31747 per share will be paid on May
1, 2008 to Thomson common shareholders of record on April 16, 2008. The
interim dividend is based on Thomson's previously announced 2008 quarterly
dividend rate of $0.27 per share (or $1.08 per share for the year) and
covers the period from January 1, 2008 through April 16, 2008. The payment of
the interim dividend in May will result in Thomson Reuters not paying a
dividend in June 2008, as has been Thomson's past practice, and regularly
scheduled dividend payments will resume in September 2008 ($0.22253 per
share) and in December 2008 ($0.27 per share).
More information about the Thomson Reuters business, the Thomson Reuters
Board and executive management team and dividends expected to be paid during
the remainder of 2008 is available in the information circular.
Holders of Thomson common shares as of 5:00 p.m. (ET) on February 22,
2008 will be entitled to vote at the upcoming meeting. The circular is being
mailed to shareholders. A copy of the circular is available at the SEC's
website at www.sec.gov, at the Canadian securities regulatory authorities'
website at www.sedar.com and at www.thomson.com.
The Thomson Corporation
The Thomson Corporation (www.thomson.com) is a global leader in providing
essential electronic workflow solutions to business and professional
customers. With operational headquarters in Stamford, Conn., Thomson provides
value-added information, software tools and applications to professionals in
the fields of law, tax, accounting, financial services, scientific research
and healthcare. The Corporation's common shares are listed on the New York
and Toronto stock exchanges (NYSE: TOC; TSX: TOC).
DEALING DISCLOSURE REQUIREMENTS
Under the provisions of Rule 8.3 of the Takeover Code (the 'Code'), if
any person is, or becomes, 'interested' (directly or indirectly) in 1% or
more of any class of 'relevant securities' of Thomson or of Reuters, all
'dealings' in any 'relevant securities' of that company (including by means
of an option in respect of, or a derivative referenced to, any such 'relevant
securities') must be publicly disclosed by no later than 3.30 pm (London
time) on the London business day following the date of the relevant
transaction. This requirement will continue until the date on which the
acquisition of Reuters becomes, or is declared, unconditional, lapses or is
otherwise withdrawn or on which the 'offer period' otherwise ends. If two or
more persons act together pursuant to an agreement or understanding, whether
formal or informal, to acquire an 'interest' in 'relevant securities' of
Thomson or Reuters, they will be deemed to be a single person for the purpose
of Rule 8.3.
Under the provisions of Rule 8.1 of the Code, all 'dealings' in 'relevant
securities' of Thomson or Reuters by Thomson or Reuters, or by any of their
respective 'associates', must be disclosed by no later than 12.00 noon
(London time) on the London business day following the date of the relevant
transaction.
A disclosure table, giving details of the companies in whose 'relevant
securities' 'dealings' should be disclosed, and the number of such securities
in issue, can be found on the Takeover Panel's website at
www.thetakeoverpanel.org.uk.
'Interests in securities' arise, in summary, when a person has long
economic exposure, whether conditional or absolute, to changes in the price
of securities. In particular, a person will be treated as having an
'interest' by virtue of the ownership or control of securities, or by virtue
of any option in respect of, or derivative referenced to, securities.
Terms in quotation marks are defined in the Code, which can also be found
on the Panel's website. If you are in any doubt as to whether or not you are
required to disclose a 'dealing' under Rule 8, you should consult the Panel.
CAUTIONARY NOTE CONCERNING FACTORS THAT MAY AFFECT FUTURE RESULTS
This news release, in particular the discussion of the proposed
acquisition of Reuters, includes forward-looking statements. These statements
are based on certain assumptions and reflect the Corporation's current
expectations. Forward-looking statements include statements about its beliefs
that the Reuters acquisition will be approved and close on April 17, 2008.
The closing of the transaction is subject to approval by Thomson and Reuters
shareholders as well as courts in Ontario, Canada and the United Kingdom. The
declaration of dividends and the amount of those dividends may be adjusted or
eliminated at any time at the discretion of the Thomson Board (or, following
the closing of the transaction, the Thomson Reuters Board). All
forward-looking statements in this news release are subject to a number of
risks and uncertainties that could cause actual results or events to differ
materially from current expectations. These risks and uncertainties include
the failure of Reuters shareholders or the courts to approve the proposed
transaction; the reaction of Thomson's and Reuters' customers, employees and
suppliers to the proposed transaction; the ability to promptly and
effectively integrate the businesses of Thomson and Reuters after the
transaction closes; and the diversion of management time on
transaction-related issues. Some of the other factors that could cause actual
results or events to differ materially from current expectations are actions
of competitors; failure to fully derive anticipated benefits from
acquisitions and divestitures; failure to develop additional products and
services to meet customers' needs, attract new customers or expand into new
geographic markets; and changes in the general economy. Additional factors
are discussed in the Corporation's materials filed with the securities
regulatory authorities in Canada and the United States from time to time,
including the Corporation's management information circular dated
February 29, 2008 for the special meeting of shareholders to be held on
March 26, 2008, and its latest annual information form, which is also
contained in its most recently filed annual report on Form 40-F. The
Corporation disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise, other than as required by applicable law, rule or
regulation.
This document does not constitute an offer for sale of any securities or
an offer or an invitation to purchase any such securities. Documents relating
to the proposed transaction have been furnished by Thomson and Reuters to the
SEC. Shareholders are urged to read such documents regarding the proposed
transaction because they contain important information. Shareholders may
obtain free copies of Thomson's and Reuters' respective circulars, as well as
other filings containing information about the companies, without charge, at
the SEC's website at www.sec.gov, at the Canadian securities regulatory
authorities' website at www.sedar.com (in the case of Thomson) and from
Thomson and Reuters. These documents will also be available for inspection
and copying at the public reference room maintained by the SEC at 100 F
Street, N.E., Washington, D.C. 20549, United States. For further information
about the public reference room, call the SEC at +1-800-732-0330. The Reuters
circular, which constitutes an offer document of Thomson for the purposes of
the UK Takeover Code, is also available for inspection during usual UK
business hours on Monday to Friday of each week (UK public holidays excepted)
at the registered office of Reuters, being The Reuters Building, South
Colonnade, Canary Wharf, London E14 5EP, United Kingdom, from the date of
this news release until the closing of the transaction.
Media Contact: Investor Contact:
Fred Hawrysh Frank J. Golden
Global Director, Vice President,
External Communications Investor Relations
+1-203-539-8314 +1-203-539-8470
fred.hawrysh@thomson.com frank.golden@thomson.com
Web site: http://www.thomson.com
http://www.thetakeoverpanel.org.uk
The Thomson Corporation
Media, Fred Hawrysh, Global Director, External Communications, +1-203-539-8314, fred.hawrysh@thomson.com; or Investors, Frank J. Golden, Vice President, Investor Relations, +1-203-539-8470, frank.golden@thomson.com, both of Thomson. Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20020227/NYW014LOGO ; AP Archive: http://photoarchive.ap.org ; PRN Photo Desk, photodesk@prnewswire.com
SouthPeak Games to Redefine Hack-and-Slash Action Gameplay With 'X-Blades'Blade-Swinging Blonde Bombshell Battles Evil In Anime-Inspired Adventure
GRAPEVINE, Texas, Feb. 29 /PRNewswire-FirstCall/ -- SouthPeak Games today announced that it will release X-Blades, a third-person hack-and-slash action title for next-gen consoles and PC, in late 2008. In the game, players control an enchanting anime-style heroine that destroys anything in her path using guns, blades, magic, and a healthy dose of cinematic flair.
"The unique anime backdrop combined with the high-octane gameplay really takes X-Blades into brand new territory," said Melanie Mroz, CEO of SouthPeak Games. "This genre needs a fresh take and this game delivers."
X-Blades features a special combination of cinematic style, beautiful animation, and relentless, high speed gameplay. Players assume the role of Ayumi, a stunningly seductive yet tenacious heroine who battles enemies with her pistol blades, acrobatic ability, and magic spells. With full anime cut scenes, the story unfolds revealing demonic powers and spectacular landscapes, all ripe for exploration and battles.
"We are big fans of anime and that was really our inspiration for X- Blades," said James Seaman, Managing Director at TopWare Interactive. "Our goal was to create stylistic characters and artwork, and mix that with lightning fast action. The result is a killer title that gamers and animation fans won't be able to put down."
More information on X-Blades will be coming soon.
Last month, SouthPeak Interactive, LLC and Global Services Partners Acquisition Corp. (BULLETIN BOARD: GSPA, GSPAB, GSPAW, GSPAZ) jointly announced that they have agreed to a business combination resulting in a new publicly held entity that will be called SouthPeak Interactive Corporation. The transaction will allow SouthPeak to access the public markets to accelerate its growth strategy and take advantage of strong industry growth trends.
About SouthPeak Games
SouthPeak Interactive, LLC develops and publishes interactive entertainment software for all current hardware platforms including: PLAYSTATION(R)3 computer entertainment system, PSP(R) (PlayStation(R)Portable) system, PlayStation(R)2 computer entertainment system, Xbox360(TM) video game and entertainment system, Wii(TM), Nintendo DS(TM) and PC. SouthPeak's games cover all major genres including action/adventure, role-playing, racing, puzzle/strategy, fighting and combat. SouthPeak's products are sold in retail outlets in North America, Europe, Australia and Asia. SouthPeak is headquartered in Midlothian, Virginia, and has offices in Grapevine, Texas and London, England. http://www.southpeakgames.com/
About TopWare
TopWare Interactive is based in Las Vegas, Nevada. The company publishes interactive consumer software products in North America and is establishing a vast portfolio from budget to console.
About Reality Pump Studios
Reality Pump Studios was established in 1995 and since 2001 has been an affiliate of the European publisher Zuxxez Entertainment AG. The 45 man team developed hits such as "Earth 2140" (RTS, 1996), "Earth 2150" (RTS, 1999), "World War III: Black Gold" (RTS, 2001), "Knightshift" (RPG, 2003) and "Earth 2160" (RTS, 2005). The studio is a leading developer of 3D graphics engine development, including proprietary editing tool and environmental generators. All programming, art, design, and modelling is done by experienced in-house artists.
SouthPeak Games
CONTACT: Jay Fitzloff of Sandbox Strategies for SouthPeak Games, +1-415-673-3455, jay@sandboxstrat.com
Web site: http://www.southpeakgames.com/
comScore Releases Top Japan Web Site Rankings for January 2008Education, Career, Automotive and Real Estate Sites See Gains to Start the New Year
TOKYO, Feb. 29 /PRNewswire-FirstCall/ -- comScore, Inc. , a leader in measuring the digital world, today released its January 2008 rankings of the largest and fastest-growing Internet properties and site categories in Japan, based on data from the comScore World Metrix audience measurement service. January saw increased visitation to education, career, automotive and real estate sites as many people in Japan focused their Internet activity on planning for the New Year. Several news sites, including J-Cast.com, Sponichi.com, and Jiji.com, saw significant gains in January, with elections in Osaka, the Sumo wrestling tournament, and the Chinese food scandal being major topics in the news.
(Logo: http://www.newscom.com/cgi-bin/prnh/20080115/COMSCORELOGO)
"The New Year marks a time when the people of Japan begin planning and looking ahead, especially to the beginning of the new school and job year in April," said Maru Sato, Managing Director of comScore Japan. "Real estate sites also saw gains as visitors sought housing information for both buying and selling."
Top Gaining Site Categories for January 2008
Top Gaining Site Categories by Number of Unique Japanese Visitors
January 2008 vs. December 2007
Age 15+ Home and Work Locations*
Source: comScore World Metrix
Total Unique Visitors (000)
Dec-2007 Jan-2008 %
Change
Total Internet : Total Audience 54,348 54,544 0
Training and Education 1,791 2,640 47
Real Estate 3,596 5,229 45
Business/Finance - News/Research 7,886 10,300 31
Automotive - Manufacturer 5,668 7,365 30
Career Resources 3,739 4,825 29
* Excludes traffic from public computers such as Internet cafes or access
from mobile phones or PDAs.
Top Gaining Properties for January 2008
Top 10 Gaining Properties by Number of Japanese Unique Visitors*
January 2008 vs. December 2007
Age 15+ Home and Work Locations**
Source: comScore World Metrix
Property Total Unique Visitors (000)
Dec-2007 Jan-2008 % Change
Total Internet : Total Audience 54,348 54,544 0
J-CAST.COM 1,470 2,678 82
SPONICHI.CO.JP 2,340 3,870 65
JIJI.COM 2,741 3,497 28
FRESHEYE.COM 3,068 3,810 24
YOMIURI.CO.JP 4,561 5,490 20
Mizuho Financial Group 2,496 2,987 20
TV-ASAHI.CO.JP 2,499 2,937 18
NIKKEI.CO.JP 2,777 3,219 16
AMEBLO.JP 12,645 14,072 11
GYAO.JP 5,790 6,408 11
* Ranking based on the top 100 Japanese properties in January 2008.
** Excludes traffic from public computers such as Internet cafes or access
from mobile phones or PDAs.
Top 25 Properties for January 2008
Top 25 Properties by Number of Japanese Unique Visitors*
January 2008 vs. December 2007
Age 15+ Home and Work Locations**
Source: comScore World Metrix
Total
Unique
Jan-08 Dec-07 Visitors
(000)
Rank Rank Property Jan-08
N/A N/A Total Internet : Total Audience 54,544
1 1 Yahoo! Sites 42,964
2 2 Google Sites 32,966
3 4 Rakuten Inc 29,921
4 3 Microsoft Sites 29,371
5 5 NTT Group 27,076
6 6 FC2 inc. 27,035
7 7 Nifty Corporation 23,125
8 9 Wikipedia Sites 22,260
9 8 Livedoor 22,109
10 10 GMO Internet Group 20,028
11 11 Amazon Sites 19,101
12 13 NEC Corporation 16,147
13 12 Sakura Internet 15,987
14 15 Apple Inc. 15,633
15 14 Sony Online 15,609
16 16 Excite Japan 14,588
17 17 AMEBLO.JP 14,072
18 N/A*** Hatena 13,080
19 N/A*** KDDI Corporation 12,450
20 18 MIXI, Inc. 12,319
21 19 SEESAA.NET 12,007
22 22 TRACKWORD.NET 10,730
23 20 JWORD.JP 10,678
24 21 IIJ4U.OR.JP 10,094
25 23 NICOVIDEO.JP 9,939
* Ranking based on the top 100 Japanese properties in January 2008.
** Excludes traffic from public computers such as Internet cafes or
access from mobile phones or PDAs.
*** New properties based on January 2008 data; based on aggregations of
previously existing entities.
About comScore
comScore, Inc. is a global leader in measuring the digital world. For more information, please visit http://www.comscore.com/boilerplate
Photo: http://www.newscom.com/cgi-bin/prnh/20080115/COMSCORELOGO AP Archive: http://photoarchive.ap.org/ PRN Photo Desk, photodesk@prnewswire.com
comScore, Inc.
CONTACT: Maru Sato of comScore Japan K.K., +81-3-5789-5555, hsato@comscore.com
Web site: http://www.comscore.com/
VIDEO from Medialink and Philips: Philips Electronics Unveils First 'Imagination Light Canvas' at the New Mercy Medical Center in Rogers AR
NEW YORK, Feb. 29 /PRNewswire/ -- Philips Electronics (PHG) on February 28 unveiled their "Imagination Light Canvas," the first of its kind, during a media tour of the new Mercy Medical Center in Rogers, Ark. The hospital will open its doors on March 16.
(See video from Philips at: http://media.medialink.com/WebNR.aspx?story=34692)
The canvas, displayed in the Women's and Children's waiting area, is an interactive light wall, 14-feet long and 6-feet high, that uses touch screen and Philips technologies to animate 1,420 LED (Light Emitting Diode) lights. By using their hands to draw on the wall, visitors can "paint with light", using an entire spectrum of colors and shapes. The images will remain visible for a few minutes and then disappear. The Imagination Light Canvas can accommodate up to six people drawing at the same time, yet only consumes the daily energy equivalent of a single toaster.
The Light Canvas is a gift from Philips employees to the patients and staff of the new hospital.
Paul Zeven, CEO of Philips Electronics North America, stated, "We wanted our gift to harness some of our advanced technologies that would provide the area residents with a positive, healing experience, delivered in a simple, easy-to-use manner, in keeping with our brand promise of 'Sense and Simplicity.'"
"We created the Imagination Light Canvas specifically for the Women's and Children's waiting room of the new hospital," he explained, "to lessen the tension, anxiety and stress that families often experience when waiting for child birth. We predict it will be a big hit with both children and adults."
Susan Barrett, president of Mercy Health System of Northwest Arkansas, stated, "Mercy is extremely grateful to Philips for helping us transform the healthcare environment for our visitors."
Registered journalists can access video, audio, text, graphics and photos for free and unrestricted use at http://www.mediaseed.tv/.
02NY08-0041
Medialink
CONTACT: Medialink, New York, +1-888-560-5578, mediadesk@medialink.com
Web site http://media.medialink.com/WebNR.aspx?story=34692 http://www.mediaseed.tv/
PC Universe Board of Directors Adds New MemberBruce Martin to Join Board
BOCA RATON, Fla., Feb. 29 /PRNewswire-FirstCall/ -- PC Universe (OTC Pink Sheets: PCUV) today announced that its board of directors has increased the size of the board from five to six members and appointed Bruce Martin, former President, CEO, and Co-Founder of 4Sure.com, to its board as a class II director for a term of two years.
"Bruce's track record of success in the technology resale industry is well known," said PC Universe's chairman Gary Stern. "With his diverse background in all aspects of the channel, and his successful development and eventual sale of 4Sure.com, he is uniquely equipped to understand and help guide PC Universe toward achieving its goals. He will be a tremendous addition to our board."
"I look forward to working with the PC Universe team to help shape the direction of the company as it continues to build its business and tackle the many challenges and opportunities facing technology resellers today," said Martin.
Martin co-founded 4Sure.com, Inc. in 1998 and sold the company to Office depot in 2001. Prior to founding 4Sure.com, Inc., Mr. Martin served as Senior VP of Merchandising and Operations at Intelligent Electronics, Inc., Senior VP of Worldwide Purchasing and Products at Ingram Micro, Inc., President and COO of Multiple Zones International, Inc and Senior Vice President, International of Micro Warehouse, Inc.
About PC Universe, Inc.
PC Universe, Inc. operates as an online value-added reseller (Online VAR) of name brand information technology (IT) products and services. The company offers approximately 250,000 IT products from over 700 manufacturers, including desktops and servers, hard drives, ink and toners, monitors and LCDs, networking products, notebooks, printers, and software products. The company also provides professional technical services, such as networking design and installation. PC Universe, Inc. is based in Boca Raton, Florida.
For more information on PC Universe, please visit http://www.pcuniverse.com/
Forward-Looking Statements
This release may contain statements that are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on current estimates and projections about PC Universe, Inc.'s business, which are derived in part on assumptions of its management, and are not guarantees of future performance, as such performance is difficult to predict. Actual outcomes and results may differ materially from what is expressed or forecasted in forward-looking statements due to numerous factors. Such factors include, but are not limited to, the Company's ability to execute effectively its business plan and acquisition strategy, changes in market activity, the development of new products and services, the enhancement of existing products and services, competitive pressures (including price competition), system failures, economic and political conditions, changes in consumer behavior and the introduction of competing products having technological and/or other advantages. These and other risks are described in the Company's filings with the Securities and Exchange Commission, which should be read in conjunction herewith for a further discussion of important factors that could cause actual results to differ materially from those in the forward-looking statements. The Company assumes no obligation to update information concerning its expectations.
PC Universe, Inc.
CONTACT: Investor Relations: PC Universe Investor Relations Department, +1-561-208-6967, InvestorRelations@pcuniverse.com
Web site: http://www.pcuniverse.com/
Consumers and Businesses in 90 More Maine Communities Benefit From Verizon Broadband Expansion ProjectCompany Completes $12 Million Plan to Expand High Speed Internet Availability
PORTLAND, Maine, Feb. 29 /PRNewswire/ -- More than 30,000 additional Verizon access lines across Maine now have access to Verizon High Speed Internet service following the completion of a $12 million DSL technology deployment plan.
The overall project included equipping 20 more Verizon central switching centers and 70 more remote terminal locations with high-speed broadband technology, allowing consumers and businesses to quickly download movies, share photos or video with friends and family, and create their own Internet content.
"If you're interested in an excellent value in broadband service, now's the time to check out Verizon High Speed Internet," said Ed Dinan, president of Verizon Maine. "With connection speeds up to 53 times faster than 56K dial-up, and delivered to the home over a dedicated line from our central office, Verizon High Speed Internet service makes a real difference in people's online lives. Our service is backed by the quality of the Verizon network and our skilled, knowledgeable employees who stand ready to serve our customers."
With the completion of this project, Verizon High Speed Internet service is now available to approximately 70 percent of the company's access lines in Maine. The following communities received expanded broadband availability as part of this latest deployment phase in DSL technology: Acton, Arundel, Auburn, Bangor, Bar Harbor, Belgrade, Biddeford, Boothbay Harbor, Bowdoinham, Brewer, Brooklin, Brooksville, Brownville, Brunswick, Clifton, Codyville Plantation, Columbia, Cranberry Island, Danforth, Dark Harbor, Dedham, Detroit, Durham, Eddington, Fairfield, Falmouth, Farmington, Franklin, Freeport, Frenchville, Georgetown, Glenburn, Greene, Gouldsboro, Hiram, Houlton, Jefferson, Kennebunk, Lebanon, Lewiston, Limerick, Lubec, Mexico, Monhegan Island, Monroe, Monson, Mount Desert, North Haven, North Sanford, North Whitefield, North Yarmouth, Norway, Ogunquit, Orono, Paris, Pembroke, Phippsburg, Porter, Portland, Pownal, Saco, Saint Agatha, Scarborough, Sedgwick, Shapleigh., Sommesville, South Portland, Southport Island, Sullivan, The Forks, Topsfield, Topsham, Tremont, Vanceboro, Wayne, Wells, Westbrook, Westport, Whitefield, Windsor, Woolwich and Yarmouth.
Qualified customers who sign up online for Verizon High Speed Internet service with a connection speed of up to 768 Kbps (kilobits per second) and a one-year commitment will pay $12.99 a month for the first six months, with the first month free, and $17.99 a month for the remaining six months of the one- year plan. Verizon's 3 Mbps (megabits per second) service also is available for $27.99 a month, with the first month free, to qualified customers who sign up online for a one-year commitment.
No matter what speed or plan customers choose, Verizon High Speed Internet includes 24 x 7 live customer support, a 30-day money-back guarantee, nine e-mail accounts and 10 MB (megabytes) of personal Web space. For additional information about Verizon High-Speed Internet prices and bundled plans, residential consumers can call 1-800-742-5375 or visit http://www.verizon.net/highspeed to see if the service is available to their homes and to place orders.
Verizon also has a number of high-speed Internet service plans that offer excellent value for business customers, with maximum connection speeds ranging from up to 768 Kbps/128 Kbps to up to 7.1 Mbps/768 Kbps. For more information on business offerings, visit http://www.verizon.com/.
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: Peter Reilly, +1-207-797-1335, peter.j.reilly@verizon.com, or John Bonomo, +1-212-321-8033, john.j.bonomo@verizon.com, both of Verizon
Web site: http://www.verizon.com/ http://www.verizon.net/highspeed http://www.verizon.com/news
Company News On-Call: http://www.prnewswire.com/comp/094251.html
Active Control receives $275,000 purchase order to install ActiveMine in West Virginia coal mineMine operator will assess ActiveMine wireless communications, tracking and data system, with potential for additional purchase ordersTSX-V: ACT
TORONTO, Feb. 29 /PRNewswire-FirstCall/ -- Active Control Technology Inc. (TSX-V:ACT) announced today that it has received a $275,000 purchase order for ActiveMine(TM), the company's two-way wireless voice communications, tracking and data system, from a major U.S. coal mining company.
The purchaser, which owns several large underground coal mines in two states - primarily in West Virginia - will install the system as a full-scale, operating demonstration in an area of a West Virginia mine that is free of potentially combustible gases.
The demonstration could lead to additional purchase orders following an assessment by the company of ActiveMine's capabilities under operating conditions and approval by the U.S. Mine Safety and Health Administration (MSHA). The initial order is not subject to regulatory approvals or other special conditions.
The installation will include a significant above-ground wireless network component which will extend voice and data communications from underground to include above-ground operations and facilities. Unlike traditional commercial walkie-talkies, ActiveMine utilizes the unlicensed public Wi-Fi band. The system's Wi-Fi telephones, which feature 24 licence-free channels, can therefore be used outside of the mine without the need for costly FCC licences for every channel.
"We're delighted to have the opportunity to prove ActiveMine's robust data capabilities and other productivity-enhancing features with a coal mining industry leader," said Steve Barrett, President and CEO, Active Control. "As the number of mine operators selecting our system continues to grow, we look forward to additional opportunities for installations in West Virginia and other states."
MSHA Approvals Update
The company continues to make excellent progress with US federal Mine Safety and Health Administration (MSHA) approvals for ActiveMine. ACT has been working closely with an MSHA-approved, independent certification lab that provides additional technical resources, with the goal of speeding the approvals process.
MSHA requires that all electronic components used in underground coal mines be approved as 'intrinsically safe,' i.e. they will not create a spark or thermal ignition of methane or coal dust.
"Based on the progress to date, we are confident that ActiveMine will receive MSHA approvals well before the West Virginia and federal regulatory deadlines to install wireless communications and tracking systems in underground mines," Barrett said.
About ActiveMine
ActiveMine's communications, data and tracking system enables monitoring of production, personnel and equipment in all types of surface and underground mining environments, including coal and base metal mines. The system is designed to:
- Operate on a 100 percent wireless Wi-Fi network backbone.
- Be less susceptible to water and mechanical damage of all sorts,
including rock fall.
- Use open-standards technology.
- Comply with relevant U.S. state and federal regulations, including
MINER Act requirements for wireless systems as established in MSHA
policies.
- Provide four-day intrinsically safe battery back-up and power supply.
- Provide a wireless communications and data network above-ground to
extend underground networks.
About Active Control Technology
ACT designs and markets wireless network control and communication systems for buildings and extreme environments. Located in Burlington, Ontario, Canada, the company trades publicly on the TSX Venture Exchange under the symbol ACT. For more information, visit the company's website at http://www.activecontrol.com/.
We make wireless work.(TM)
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements: This press release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such as changes in demand for and prices for the products of the Company or the materials required to produce those products, labour relations problems, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements. The reader is cautioned not to put undue reliance on such forward-looking statements.
Active Control Technology Inc.
CONTACT: Steve Barrett, President & C.E.O., Active Control Technology Inc., Tel.: (905) 670-5500 ext. 202, Fax: (905) 592-9691, Email: sbarrett@activecontrol.com, Website: http://www.activecontrol.com/; Don Hogarth, Hogarth Communications Inc., Tel.: (416) 565-8920, Email: don@hogarthpr.com
WebMD to Present at the Morgan Stanley Technology Conference
NEW YORK, Feb. 29 /PRNewswire-FirstCall/ -- WebMD Health Corp. and HLTH Corporation today announced that executives of WebMD are scheduled to participate at the Morgan Stanley Technology Conference on Tuesday, March 4, 2007 at 4:35 pm ET.
Investors, analysts and the general public are invited to listen to a live audio broadcast of the presentation over the Internet. The broadcast can be accessed at http://www.wbmd.com/ (in the Investor Relations section). A replay of the broadcast will be available at the same web address.
About WebMD
WebMD Health Corp. is the leading provider of health information services, serving consumers, physicians, healthcare professionals, employers and health plans through our public and private online portals and health-focused publications. WebMD Health Corp. is a subsidiary of HLTH Corporation .
All statements contained in this press release, other than statements of historical fact, are forward-looking statements. These statements are based on WebMD's current plans and expectations and involve risks and uncertainties, including those described in our SEC filings.
WebMD
CONTACT: Investors, Risa Fisher, +1-212-624-3817, rfisher@webmd.net, or Media, Jennifer Newman, +1-212-624-3912, jnewman@webmd.net, both of WebMD
Web site: http://www.webmd.com/
Linktone Raises 4Q Revenue Guidance
Company To Announce Fourth Quarter and Fiscal Year End 2007 Financial Results
On March 27, 2008
SHANGHAI, China, Feb. 29 /Xinhua-PRNewswire/ -- Linktone Ltd. , a leading provider of wireless interactive entertainment products and services to consumers in China, today announced that it will increase its fourth quarter revenue outlook due to stronger-than-expected wireless content sales. Linktone now expects revenue to be between $15.5 million and $16 million for the quarter, compared with earlier guidance of $13.5 million to $14.5 million.
Linktone also announced that it will report financial results for the fourth quarter and fiscal year ending December 31, 2007 after the U.S. equities markets close on Thursday, March 27, 2008.
Linktone will host a conference call to discuss its fourth quarter 2007 and fiscal year end 2007 financial results at 7:00 p.m. Eastern Time on March 27, 2008 (4:00 p.m. Pacific Time on March 27, 2007 and 8:00 a.m. Beijing/Hong Kong Time on March 28, 2008). The dial-in number for the call is 800-240-2430 for U.S. callers and 303-262-2054 for international callers. Chief Executive Officer Michael Li and Deputy Chief Financial Officer HimTiem Foo will be on the call to discuss the quarterly results and highlights and to answer questions from participants. A replay of the call will be available through April 16, 2008. To access the replay, U.S. callers should dial 800-405-2236 and enter passcode 11109898#; international callers should dial 303-590-3000 and enter the same passcode.
Additionally, a live webcast of this call will be available on the Linktone web site at http://english.linktone.com/aboutus/index.html . An archived replay of the call will be available for 90 days.
About Linktone Ltd.
Linktone Ltd. is one of the leading providers of wireless interactive entertainment services to consumers and advertising services to enterprises in China. Linktone provides a diverse portfolio of services to wireless consumers and corporate customers, with a particular focus on media, entertainment and communications. These services are promoted through the Company's and our partners cross-media platform, which merges traditional and new media marketing channels, and through the networks of the mobile operators in China. Through in-house development and alliances with international and local branded content partners, the Company develops, aggregates, and distributes innovative and engaging products to maximize the breadth, quality and diversity of its offerings.
Forward Looking Statements
This announcement contains statements of a forward-looking nature based on the current expectations of Linktone Ltd. with respect to future events and are made only as of the date of publication. These forward-looking statements can be identified by words such as "intends," "expects," "will," "believes" and similar expressions and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those projected in these forward-looking statements. These risks and uncertainties include: the risk that Linktone will not be able to locate and retain suitable people for its board of directors and middle and senior management; current or future changes in the policies of the PRC Ministry of Information Industry and the mobile operators in China or in the manner in which the operators enforce such policies; the risk that other changes in Chinese laws and regulations, or in application thereof by other relevant PRC governmental authorities, could adversely affect Linktone's financial condition and results of operations; the risk that Linktone will not be able to compete effectively in the wireless value-added services market in China for whatever reason, including competition from other service providers or penalties or suspensions for violations of the policies of the mobile operators in China; the risk that Linktone will not be able to develop and effectively market innovative services; and the risk that Linktone will not be able to effectively control its operating expenses in future periods or make expenditures that effectively differentiate Linktone's services and brand. For additional information on factors that could cause Linktone's actual results to differ from expectations reflected in these forward-looking statements, please see Linktone's filings with the Securities and Exchange Commission, including its registration statement on Form F-1 and annual report on Form 20-F. Except as required under applicable law, Linktone expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement included in this document to reflect any changes in expectations with regard thereto or any changes in events, conditions, or circumstances on which any statement is based.
For more information, please contact:
Investor Relations
Edward Liu
Linktone Ltd.
Tel: +86-21-6361-1583
Email: edward.liu@linktone.com
Brandi Piacente
The Piacente Group, Inc.
Tel: +1-212-481-2050
Email: brandi@thepiacentegroup.com
Linktone Ltd.
CONTACT: Investor Relations: Edward Liu of Linktone Ltd. at +86-21-6361-1583 or edward.liu@linktone.com; or Brandi Piacente of The Piacente Group, Inc. at +1-212-481-2050 or brandi@thepiacentegroup.com
Web site: http://www.linktone.com/
Breakthrough in Battery Technology by Daimler- First patented integration of a lithium-ion battery into a series- produced passenger car- Available in Mercedes-Benz S 400 BlueHYBRID starting in 2009- 25 patents for top technology 'made in Germany'
STUTTGART, Germany, Feb. 29 /PRNewswire-FirstCall/ -- Daimler AG has achieved a crucial breakthrough in battery technology. The Stuttgart-based automaker is the world's first manufacturer to have succeeded in adapting lithium-ion technology to the demanding requirements of automotive applications. Until now, the technology has been used primarily in consumer electronics. The new battery will be used in the series-production S 400 BlueHYBRID beginning next year. This important technology was possible thanks to 25 patents held by Daimler.
Dr. Thomas Weber, member of the Daimler AG Board of Management and responsible for Group Research and Mercedes-Benz Cars Development, says: "What we have here is a groundbreaking key technology that is going to be a decisive factor for the future success of the automotive industry. That is a tribute to our intensive research efforts, which we have been conducting in this area since 1992."
The engineers' success is above all a result of the Daimler-developed integration of the lithium-ion battery into the vehicle's climate control system. This ensures that the battery always works at optimal system temperatures of between 15 and 35 degrees C, which in turn makes it possible for the battery to provide long service life and maximum performance.
The main advantages offered by the newly developed lithium-ion battery are its very compact dimensions and its far superior performance compared to conventional nickel-metal hydride batteries. The weight/power ratio of the entire battery is 1,900 watts per liter (W/L). What's more, the battery stands out by virtue of its high ampere-hour efficiency, long service life, and great reliability, even at very low temperatures. Its high level of safety is the equal of that provided by today's auto batteries.
Lithium-ion batteries are ideally suited for use in hybrid vehicles to help reducing fuel consumption and thus also CO2 emissions. At the same time, the Daimler engineers are investigating to what degree this technology can be applied to other vehicle concepts, such as electric and fuel cell-powered cars.
S 400 BlueHYBRID -- the world's most economical luxury sedan
The S 400 BlueHYBRID consumes only 7.9 liters of gasoline per 100 km in the NEDC. This results in very low CO2 emissions of only 190 grams per kilometer, a very low value for this vehicle class and power class, making the S 400 BlueHYBRID the world's most economical luxury sedan -- unrivaled by any gasoline, diesel, or hybrid drive system offered by any competitor. And S 400 BlueHYBRID drivers will still enjoy impressive performance: combined with the hybrid module, the maximum output is 220 kW/299 hp, and the corresponding maximum torque is 375 Nm. The S 400 BlueHYBRID accelerates from zero to 100 km/h in 7.3 seconds on its way to an electronically limited top speed of 250 km/h.
Even more potential is offered by the combination of clean BlueTec diesel technology with a hybrid module, a duo that is featured in the S 300 BlueTec HYBRID, for example.
About Daimler
Daimler AG, Stuttgart, with its businesses Mercedes-Benz Cars, Daimler Trucks, Daimler Financial Services, Mercedes-Benz Vans, and Daimler Buses, is a globally leading producer of premium passenger cars and the world's largest manufacturer of commercial vehicles. The Daimler Financial Services division offers a broad range of financial services, including vehicle financing, leasing, insurance, and fleet management. Daimler sells its products in nearly all the countries of the world and has production facilities on five continents. The company's founders, Gottlieb Daimler and Carl Benz, continued to make automotive history following their invention of the automobile in 1886. As an automotive pioneer, Daimler AG willingly accepts its obligation to act responsibly toward society and the environment and to shape the future of safe and sustainable mobility with groundbreaking technologies and high- quality products. The current brand portfolio includes the world's most valuable automobile brand, Mercedes-Benz, as well as smart, Maybach, Freightliner, Sterling, Western Star, Mitsubishi Fuso, Setra, Orion, and Thomas Built Buses. The company is listed on the stock exchanges in Frankfurt, New York, and Stuttgart (stock exchange abbreviation DAI). In 2007 the Group sold 2.1 million vehicles and employed a workforce of over 270,000 people. Revenues totaled euro 99.4 billion and EBIT amounted to euro 8.7 billion. Daimler is an automotive group with a commitment to excellence, which aims to achieve sustainable growth and industry-leading profitability.
Additional information from Daimler is available on the Internet at: http://www.media.daimler.com/
Daimler AG
CONTACT: Han Tjan, +1-212-909-9063, or Christoph Horn, +49-711-17-75841, or Matthias Brock, +49-711-17-91404, all of Daimler AG
Web site: http://www.media.daimler.com/
Virgin Mobile USA, Inc. to Present at 29th Raymond James Annual Institutional Investors Conference 2008
WARREN, N.J., Feb. 29 /PRNewswire-FirstCall/ -- John Feehan, Chief Financial Officer of Virgin Mobile USA, Inc. , will present at the 29th Annual Raymond James Institutional Investors Conference 2008 at the Hyatt Regency Grand Cypress in Orlando, FL on Monday, March 3, 2008, at approximately 2:15 p.m. EST. Investors may listen to the investor conference webcast by logging onto Virgin Mobile USA's investor relations homepage at http://investorrelations.virginmobileusa.com/ prior to the start of the presentation. The live webcast will be archived for 30 days after the conference ends. Presentation materials will also be available for download on Virgin Mobile USA's investor relations homepage.
(Logo: http://www.newscom.com/cgi-bin/prnh/20070613/VIRGINMOBILE )
To automatically receive Virgin Mobile USA financial news by e-mail, please visit the Investor Relations section of the Virgin Mobile USA website, http://investorrelations.virginmobileusa.com/ and subscribe to the email alert.
About Virgin Mobile USA, Inc.
Virgin Mobile USA offers more than five million customers control, flexibility and choice in wireless service, rich data content and innovative products without annual contracts. Voice pricing plans range from monthly options with unlimited nights and weekends to by-the-minute offers, allowing consumers to adjust how and what they pay according to their needs. Virgin Mobile's full slate of smart, stylish and affordable handsets, including the Wild Card, Super Slice and Cyclops, are available at top retailers in more than 40,000 locations nationwide and online at http://www.virginmobileusa.com/, with Top-Up cards available at more than 140,000 locations.
J.D. Power and Associates ranked Virgin Mobile highest in customer satisfaction among wireless prepaid services in both 2006 and 2007, and its customers report a 90% satisfaction rate. Virgin Mobile contributes a portion of profits from downloadable content to The RE*Generation, its pro-social initiative to help homeless youth, and provides postage-paid return envelopes in every new phone package for customers to recycle old phones. Virgin Mobile USA's national coverage is powered by the nationwide Sprint PCS network.
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Virgin Mobile USA, Inc.
CONTACT: Media: Jayne Wallace, +1-908-607-4014, jayne.wallace@virginmobileusa.com; Investors: Erica Bolton, +1-908-607-4108, erica.bolton@virginmobileusa.com, both of Virgin Mobile USA
Web site: http://www.virginmobileusa.com/
Grupo Clarin S.A. To Host Conference Call and Webcast Presentation to Discuss Its Fourth Quarter and Year-End 2007 Results
BUENOS AIRES, Argentina, Feb. 29 /PRNewswire-FirstCall/ -- Grupo Clarin S.A. will host a conference call and webcast presentation on Monday, March 10, 2008 at 1:30pm Eastern Time (3:30pm Buenos Aires Time) to discuss its results for the fourth quarter and full year periods ended December 31, 2007.
Presentations by Alejandro Urricelqui, Chief Financial Officer, and Alfredo Marin, Investor Relations Officer, will be in English, based on the earnings release, which will be distributed on March 10, 2008 at 7:00am Eastern Time (9:00 am Buenos Aires Time).
Those interested in connecting via conference call are invited to please dial 1 (800) 351 6807 toll-free from the U.S., 0 800 333 0050 toll-free from Argentina, 44 (800) 092 3582 toll-free from the U.K. or +1 (334) 323 7224 from elsewhere 5-10 minutes prior to the start time. The Conference ID is #43445.
The webcast presentation will be available at http://www.grupoclarin.com.ar/ir
There will be a 48-hour replay available starting one hour after the conclusion of the conference call. To access the replay, please dial +1 (877) 919 4059 toll-free from the U.S., or +1 (334) 323 7226 from anywhere outside the U.S. The replay passcode is: 91814872. The webcast presentation will be archived at http://www.grupoclarin.com.ar/ir
About the Company
Grupo Clarin is the largest and most prominent media company in Argentina and the market leader in the cable television and Internet access, printing and publishing, and broadcasting and programming segments. Its cable television network is the largest in Latin America, with the largest broadband subscriber base in Argentina. Its flagship newspaper -- Diario Clarin -- is the highest circulation newspaper in Latin America and the second-highest circulation Spanish-language newspaper in the world. Grupo Clarin is the largest producer of media content in Argentina, including news, sports and entertainment and reaches substantially all segments of the Argentine population in terms of wealth, geography and age.
Investor Relations Contacts
In Buenos Aires:
Alfredo Marin/M. Julia Diaz Ardaya
Grupo Clarin
Email: investors@grupoclarin.com
In London:
Alex Money/Lorna Ellen
Temple Bar Advisory
Tel: +44 20 7002 1080
E-mail: clarin@templebaradvisory.com
In New York:
Melanie Carpenter / Peter Majeski
I-advize Corporate Communications
Tel: +1 212 406 3692
Email: clarin@i-advize.com
Grupo Clarin S.A.
CONTACT: Investor Relations, Buenos Aires, Alfredo Marin or M. Julia Diaz Ardaya, both of Grupo Clarin, investors@grupoclarin.com; or London, Alex Money or Lorna Ellen, both of Temple Bar Advisory, +011-44-20-7002-1080, clarin@templebaradvisory.com; or New York, Melanie Carpenter or Peter Majeski, both of I-advize Corporate Communications, +1-212-406-3692, clarin@i-advize.com
Web site: http://www.grupoclarin.com/
Circuit City Confirms Receipt of Shareholder Proposals
RICHMOND, Va., Feb. 29 /PRNewswire-FirstCall/ -- Circuit City Stores, Inc. today confirmed receipt of two proposals from shareholder Wattles Capital Management, LLC. In one proposal, Wattles Capital Management, which holds only approximately 6.5 percent of the outstanding shares of the company's common stock, proposes to replace the entire Circuit City 12-member board of directors with its own nominees. Circuit City's board of directors will review carefully the shareholder's proposals and the qualifications of the nominees in accordance with its fiduciary duties, mindful that the proposal would give the shareholder absolute control of the entire board, which would be disproportionate to its relative ownership of the company's shares. The members of Circuit City's board are experienced, committed to increasing shareholder value, and vital to the successful implementation of the company's turnaround plan.
About Circuit City Stores, Inc.
Circuit City Stores, Inc. is a leading specialty retailer of consumer electronics and related services. At January 31, 2008, the domestic segment operated through 677 Superstores and 12 other locations in 159 U.S. media markets. At January 31, 2008, the international segment operated through 786 retail stores and dealer outlets in Canada. Circuit City also operates Web sites at http://www.circuitcity.com/, http://www.thesource.ca/ and http://www.firedog.com/.
Circuit City and its directors and executive officers may be deemed to be participants in the solicitation of proxies from the shareholders of Circuit City in connection with the nomination described herein. Information regarding the special interests of these directors and executive officers in the nomination described herein will be included in any proxy statement filed by Circuit City in connection with the nomination. In addition, Circuit City files annual, quarterly and special reports, proxy and information statements, and other information with the Securities and Exchange Commission (the "SEC"). These documents are available free of charge at the SEC's web site at http://www.sec.gov/ or from Circuit City at http://investor.circuitcity.com/. Investors should read any proxy statement filed in connection with the nomination described herein carefully when it becomes available before making any voting or investment decision.
(Logo: http://www.newscom.com/cgi-bin/prnh/20010709/CCLOGO )
Photo: http://www.newscom.com/cgi-bin/prnh/20010709/CCLOGO AP Archive: http://photoarchive.ap.org/ PRN Photo Desk photodesk@prnewswire.com
Circuit City Stores, Inc.
CONTACT: Bill Cimino, Director of Corporate Communications, +1-804-418-8163, Jessica Clarke, Investor Relations, +1-804-527-4038, or Patty Whitten, Investor Relations, +1-804-527-4033, all of Circuit City Stores, Inc.; or Kelly Sullivan, Jeremy Jacobs, or Joele Frank of Joele Frank, Wilkinson Brimmer Katcher, +1-212-355-4449, for Circuit City Stores, Inc.; or Michael Fox or Allison Malkin of ICR, +1-203-682-8200, for Circuit City Stores, Inc.
Web site: http://www.circuitcity.com/
Futuremedia Announces Approval of Resolutions at General Meeting and Transfer Today to the OTC Bulletin Board
BRIGHTON, England, Feb. 29 /PRNewswire-FirstCall/ -- Futuremedia plc , a leading e-learning provider and design, exhibition and events agency, announced today the approval of the three resolutions at the General Meeting of Futuremedia plc (the "Company") held at 9:30 a.m. U.K. Time on February 29, 2008, at its offices at Nile House, Nile Street, Brighton, East Sussex BN1 1HW, England and the transfer of its listing to the OTC Bulletin Board.
Approval of Resolutions
The General Meeting was held for the purpose of increasing the authorized share capital of the Company to allow sufficient flexibility and headroom for the Company to continue to follow its growth strategies, and to meet its obligations under its existing convertible loan and warrant arrangements.
Shareholders voted unanimously to approve the following resolutions at the General Meeting:
Resolution 1 - Increasing the authorized share capital of the Company
The number of ordinary shares represented by the new authorized share
capital of the Company is now 25,000,000,000 which are tradeable as
25,000,000 ADRs. The passing of this resolution will allow the
Company sufficient flexibility and headroom for the Company to meet
its obligations under its existing convertible loan and warrant
arrangements and provide for future acquisition strategies and equity
capital infusions.
Resolution 2 - Authority to allot shares
The resolution was passed giving the directors authority to allot
further shares in the capital of the Company up to the aggregate
nominal amount of the authorized but unissued share capital at the
time of passing this resolution.
It remains the Company's practice to obtain this authority at each
General Meeting, although the authority is valid for 5 years.
Resolution 3 - Disapplication of pre-emption rights
The passing of Resolution 3 gives the directors authority under
Section 95 Companies Act 1985 to allot the shares in the capital of
the Company referred to in Resolution 2 for cash, without being
required first to offer such shares to existing shareholders in
accordance with the statutory pre-emption rights.
It remains the Company's practice to obtain this authority at each
General Meeting, although the authority is valid for 5 years.
Transfer of listing to the OTC Bulletin Board
The Company expects that today it will transfer its securities from its listing on The Nasdaq Capital Market to the OTC Bulletin Board ("OTCBB").
This smooth transition from Nasdaq to OTCBB is an indication of the diligence of the Company and its advisors.
The Company believes the move to the OTCBB will benefit the Company in focus, time and financial savings. The Company will be able to put its full time energy into the performance of the business going forward without the distraction of continually struggling to maintain compliance with Nasdaq listing requirements. There will also be significant savings to the Company relating to the costs which would be incurred by remaining on Nasdaq such as the required compliance with Sarbanes Oxley, Nasdaq listing fees, increased audit fees, etc.
About Futuremedia
Futuremedia plc is a global media company providing online learning, design, exhibition and event services to public and private sector organizations. Established in 1982 and listed on the Nasdaq in 1993, Futuremedia helps its clients to communicate their values, product and brand information to employees, customers and industry, and believes that learning is a key component in the communication mix. Futuremedia divisions are Futuremedia Learning and Button Group. The Button Group has been providing design, exhibition and event services in Cannes, France and elsewhere around the world for more than 30 years. For more information, visit http://www.futuremedia.co.uk/.
About OTC Bulletin Board
The OTC Bulletin Board (OTCBB) is a regulated quotation service that displays real-time quotes, last-sale prices, and volume information in OTC equity securities. An OTC equity security generally is any equity that is not listed or traded on a national securities exchange. OTCBB securities include national, regional, and foreign equity issues, warrants, units, ADRs, and Direct Participation Programs. More information is available at http://www.otcbb.com/.
"Safe Harbor" Statement under Section 21E of the Securities Exchange Act of 1934: This press release contains forward-looking statements related to future results and speaks only of Futuremedia's expectations as of the date hereof. Such statements include expectations regarding: the Company's listing status; the expected benefits from new sales, contracts or products; the expected benefits and success of operations in new markets; the expected benefits of expanding the sales operations of group companies into new geographical markets; the expected benefits of acquisitions; the expected benefits of financing arrangements; and the Company's future financial condition and performance. Such statements involve known and unknown risks and uncertainties that may cause actual results to differ materially from expectations. The risks and uncertainties include: risks associated with the Company's inability to maintain its listing on the Nasdaq; risks associated with the Company's ability to develop and successfully market new services and products (including the risk that such products may not be accepted in the market), risks relating to operations in new markets (including the risk that such operations may not deliver anticipated revenue or profits); risks associated with acquisitions (including the risk that such acquisitions may not deliver the benefits expected by management and risks associated with integration of acquisitions generally); risks that financing arrangements could result in substantial dilution to shareholders because of subscription prices below the current market value of the Company's ADSs or other factors; risks relating to the Company's ability to operate profitably in the future; risks associated with rapid growth; the Company's ability to successfully develop its business in new geographic markets; the early stage of the e- learning market; rapid technological change and competition; and other factors detailed in the Company's filings with the US Securities and Exchange Commission. The Company expressly disclaims any obligation to release publicly any updates or revisions to any such statement to reflect any change in expectations or in information on which any such statement is based. All product names and trademarks mentioned herein are trademarks of Futuremedia or their respective owners. Contact Information:
US - Mike Smargiassi/Dianne Pascarella
Brainerd Communicators, Inc.
+1 212-986-6667
ir@futuremedia.co.uk
Futuremedia plc
CONTACT: Mike Smargiassi or Dianne Pascarella, Brainerd Communicators, Inc., +1-212-986-6667, ir@futuremedia.co.uk, for Futuremedia plc
Web site: http://www.futuremedia.co.uk/ http://www.otcbb.com/
Junk my Car Extends Relationship With AT&T for Voice Solutions
SEYMOUR, Conn., Feb. 29 /PRNewswire-FirstCall/ -- AT&T Inc. has announced that Junk my Car, a leading vehicle-removal service in North America, has awarded a new integrated voice services contract to AT&T. Junk my Car has been an AT&T customer since 2005.
Under terms of the three-year contract, Junk my Car will migrate to AT&T Business Network (ABN) service, providing Junk my Car with an integrated billing, contracting and service solution for local and long distance services. ABN service is flexible and is designed to easily expand as Junk my Car does. ABN service can also adapt to additional service needs as they arise.
Voice services such as AT&T's Toll-Free Services and Toll-Free Advanced Features will equip Junk my Car with added customer service capabilities and offer a dynamic call-handling infrastructure. Toll-Free Advanced Features can include announcements, routing, redirection and control -- all tailored to Junk my Car's specifications.
"Expanding and enhancing our voice services will help strengthen the core of our company, which relies on outstanding customer service," said Tim Yarosh, founder of Junk my Car. "It's imperative that we have the ability to regularly connect with our customers and our partners 24/7. As we continue to grow, we're pleased that AT&T's platform will be reliable and scalable to our needs."
Note: This AT&T release and other news announcements are available as part of an RSS feed at http://www.att.com/rss.
About Junk my Car
Junk my Car is a free junk vehicle removal service covering all 50 US states and Canada removing cars, trucks, motorcycles, motor homes, boats, trailers, and heavy equipment. Junk my Car has been providing this unique service for over four years and is recognized as the premier company of its kind, removing and recycling over 40,000 used vehicles a year. For more information visit http://www.junkmycar.com/.
About AT&T
AT&T Inc. is a premier communications holding company. Its subsidiaries and affiliates, AT&T operating companies, are the providers of AT&T services in the United States and around the world. Among their offerings are the world's most advanced IP-based business communications services and the nation's leading wireless, high speed Internet access and voice services. In domestic markets, AT&T is known for the directory publishing and advertising sales leadership of its Yellow Pages and YELLOWPAGES.COM organizations, and the AT&T brand is licensed to innovators in such fields as communications equipment. As part of its three-screen integration strategy, AT&T is expanding its TV entertainment offerings. Additional information about AT&T Inc. and the products and services provided by AT&T subsidiaries and affiliates is available at http://www.att.com/.
(C) 2008 AT&T Intellectual Property. All rights reserved. AT&T, the AT&T logo and all other marks contained herein are trademarks of AT&T Intellectual Property and/or AT&T affiliated companies. For more information, please review this announcement in the AT&T newsroom at http://www.att.com/newsroom.
AT&T Inc.
CONTACT: Glen Schwartz of AT&T Inc., +1-617-692-0528, gschwart@attnews.us
Web site: http://www.att.com/ http://www.junkmycar.com/
iGATE Corporation to Discuss Fourth Quarter 2007 Financial Results on March 10, 2008
PITTSBURGH, Feb. 29 /PRNewswire-FirstCall/ -- iGATE Corporation , a global provider of IT and BPO services, has scheduled its conference call to discuss the results for its fourth quarter ended December 31, 2007 for Monday, March 10, 2008 at 11:30 a.m. ET.
(Logo: http://www.newscom.com/cgi-bin/prnh/20010110/IGTELOGO )
The call will be webcast live on the Internet at http://www.igatecorp.com/ via the Investor Relations section. Investors should log on 10 minutes prior to the start of the program.
A replay of the call will be available for 7 days following its conclusion. Domestic callers can access the replay by dialing 877-660-6853 and entering account number 293 and conference number 277113. International callers can access the replay by dialing 201-612-7415 and entering the same account number 293 and conference number 277113. The webcast will be available for 7 days on iGATE's corporate Web site.
About iGATE Corporation:
Pittsburgh, Pennsylvania-based iGATE Corporation is the first fully integrated technology and operations firm with a global service model. iGATE Corporation, through its offshore subsidiary, iGATE Global Solutions Ltd., enables clients to optimize their business through a combination of process investment strategies, technology leverage and business process outsourcing and provisioning. Services include consulting, enterprise data management and data warehousing, business intelligence and analytics, design, development, systems integration, package evaluation, and implementation, re-engineering and maintenance. iGATE Corporation also offers IT Professional Services in the areas of packaged application implementation, custom development, web services and business intelligence.
The Company services more than 300 clients across five continents. Clients rely on iGATE for high quality service, responsiveness, and cost- effective global reach. More information about iGATE is available at http://www.igatecorp.com/ .
Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20010110/IGTELOGO AP Archive: http://photoarchive.ap.org/ PRN Photo Desk, photodesk@prnewswire.com
iGATE Corporation
CONTACT: Michael J. Zugay, Sr. Vice President & CFO of iGATE Corporation, +1-412-787-9590, mzugay@igate.com
Web site: http://www.igatecorp.com/
General Dynamics Chairman and CEO Chabraja to Present at Citigroup's Global Industrial Manufacturing Conference
FALLS CHURCH, Va., Feb. 29 /PRNewswire-FirstCall/ -- General Dynamics Chairman and Chief Executive Officer Nicholas D. Chabraja will be presenting at Citigroup Investment Research's 21st Annual Global Industrial Manufacturing Conference in New York on Tuesday, March 4th, at 8 a.m. Eastern time.
General Dynamics will provide a live webcast of the presentation via http://www.generaldynamics.com/. A replay will be available shortly after the live presentation.
General Dynamics, headquartered in Falls Church, Va., employs approximately 83,500 people worldwide and reported 2007 revenues of $27.2 billion. The company is a market leader in business aviation; land and expeditionary combat systems, armaments and munitions; shipbuilding and marine systems; and information systems and technologies. More information about the company is available online at http://www.generaldynamics.com/.
General Dynamics
CONTACT: Rob Doolittle of General Dynamics, +1-703-876-3199, Fax, +1-703-876-3555, rdoolittle@generaldynamics.com
Web site: http://www.generaldynamics.com/
Feasterville, Pennsylvania, Residents to Benefit From Verizon Wireless Network ExpansionInvesting to Stay Ahead of Growing Demand for Wireless Calling, Data Access, and Music
FEASTERVILLE, Pa., Feb. 29 /PRNewswire/ -- In a continuing effort to provide the best wireless service for local residents in Bucks County, Verizon Wireless, the leading wireless company with the most reliable voice and data network, has expanded its network with a new cell site. The new site increases coverage and capacity along Route 532 to Lakeview Drive, Bristol Road to Hilltop Drive and along Route 213 to Chasemoore Drive.
The network expansion is part of an aggressive multi-billion dollar network investment each year (more than $1 billion every 90 days) to stay ahead of the growing demand for Verizon Wireless' voice and data services. The company has spent $192 million to enhance services and coverage throughout southeastern, central and northeastern Pennsylvania, southern New Jersey and Delaware in 2007, bringing the network investment in the region to more than $1 billion since 2000. Nationally, the company has invested nearly $44 billion since it was formed -- $5.5 billion on average every year -- to offer customers the most reliable service available, including wireless data services such as picture messaging, text messaging, and the company's exclusive V CAST service. V CAST brings video clips of TV shows, music on demand and other multimedia services to wireless phones over Verizon Wireless' high-speed EV-DO network. Verizon Wireless's high-speed third generation wireless broadband network has been enhanced with EV-DO Rev. A technology. This enhancement allows customers who use the company's flagship business data service, BroadbandAccess, to interact with Web-based applications, download music over-the-air, access to e-mail, everyday corporate data, the Internet, and more at speeds that are eight to nine times faster than before. For example, BroadbandAccess customers with Rev. A compatible devices can now expect average download speeds of 600 kilobits per second (kbps) to 1.4 megabits per second and average upload speeds of 500-800 kbps, which means customers can download a 1 megabyte e-mail attachment -- the equivalent of a small PowerPoint(R) presentation or a large PDF file -- in about eight seconds and upload the same sized file in less than 13 seconds.
Strong demand for Verizon Wireless services continued during the fourth quarter of 2007 as the company added 2.0 million net new customers. For the 13th consecutive quarter, Verizon Wireless also led the wireless industry in customer loyalty. The company posted a churn (customer turnover) rate of just 1.2%, well below the rate reported by the other major wireless carriers.
Verizon Wireless tests its network and those of its competitors to ensure the Verizon Wireless network remains the nation's most reliable. Nationally, Verizon Wireless' real-life test men and women drive 98 specially equipped vehicles almost 1,000,000 miles annually on Interstate, U.S. and state highways, as well as major roads and surface streets in high-population areas, based upon U.S. Census counts, to determine if voice calls and data connections are successful on the first attempt and stay connected. Vehicles are equipped with computers that automatically make more than three million voice call attempts and more than 16 million data tests annually on Verizon Wireless' network and the networks of other carriers.
About Verizon Wireless
Verizon Wireless operates the nation's most reliable wireless voice and data network, serving 65.7 million customers. Headquartered in Basking Ridge, N.J., with 69,000 employees nationwide, Verizon Wireless is a joint venture of Verizon Communications and Vodafone (NYSE and LSE: VOD). For more information, go to: http://www.verizonwireless.com/. To preview and request broadcast- quality video footage and high-resolution stills of Verizon Wireless operations, log on to the Verizon Wireless Multimedia Library at http://www.verizonwireless.com/multimedia.
Verizon Wireless
CONTACT: Carly Irwin, +1-215-790-4342, or Sheldon Jones, +1-215-638- 5668, both for Verizon Wireless
Web site: http://www.verizon.com/ http://www.verizonwireless.com/multimedia
Philadelphia, Pennsylvania, Residents to Benefit From Verizon Wireless Network ExpansionInvesting to Stay Ahead of Growing Demand for Wireless Calling, Data Access, and Music
PHILADELPHIA, Feb. 29 /PRNewswire/ -- In a continuing effort to provide the best wireless service for local residents in Philadelphia, Verizon Wireless, the leading wireless company with the most reliable voice and data network, has expanded its network with a new cell site. The new site increases coverage and capacity along 8th Street, from Walnut Street to Christian Street and along Pine Street, from 4th Street to Juniper Street.
The network expansion is part of an aggressive multi-billion dollar network investment each year (more than $1 billion every 90 days) to stay ahead of the growing demand for Verizon Wireless' voice and data services. The company has spent $192 million to enhance services and coverage throughout southeastern, central and northeastern Pennsylvania, southern New Jersey and Delaware in 2007, bringing the network investment in the region to more than $1 billion since 2000. Nationally, the company has invested nearly $44 billion since it was formed -- $5.5 billion on average every year -- to offer customers the most reliable service available, including wireless data services such as picture messaging, text messaging, and the company's exclusive V CAST service. V CAST brings video clips of TV shows, music on demand and other multimedia services to wireless phones over Verizon Wireless' high-speed EV-DO network. Verizon Wireless's high-speed third generation wireless broadband network has been enhanced with EV-DO Rev. A technology. This enhancement allows customers who use the company's flagship business data service, BroadbandAccess, to interact with Web-based applications, download music over-the-air, access to e-mail, everyday corporate data, the Internet, and more at speeds that are eight to nine times faster than before. For example, BroadbandAccess customers with Rev. A compatible devices can now expect average download speeds of 600 kilobits per second (kbps) to 1.4 megabits per second and average upload speeds of 500-800 kbps, which means customers can download a 1 megabyte e-mail attachment -- the equivalent of a small PowerPoint(R) presentation or a large PDF file -- in about eight seconds and upload the same sized file in less than 13 seconds.
Strong demand for Verizon Wireless services continued during the fourth quarter of 2007 as the company added 2.0 million net new customers. For the 13th consecutive quarter, Verizon Wireless also led the wireless industry in customer loyalty. The company posted a churn (customer turnover) rate of just 1.2%, well below the rate reported by the other major wireless carriers.
Verizon Wireless tests its network and those of its competitors to ensure the Verizon Wireless network remains the nation's most reliable. Nationally, Verizon Wireless' real-life test men and women drive 98 specially equipped vehicles almost 1,000,000 miles annually on Interstate, U.S. and state highways, as well as major roads and surface streets in high-population areas, based upon U.S. Census counts, to determine if voice calls and data connections are successful on the first attempt and stay connected. Vehicles are equipped with computers that automatically make more than three million voice call attempts and more than 16 million data tests annually on Verizon Wireless' network and the networks of other carriers.
About Verizon Wireless
Verizon Wireless operates the nation's most reliable wireless voice and data network, serving 65.7 million customers. Headquartered in Basking Ridge, N.J., with 69,000 employees nationwide, Verizon Wireless is a joint venture of Verizon Communications and Vodafone (NYSE and LSE: VOD). For more information, go to: http://www.verizonwireless.com/. To preview and request broadcast-quality video footage and high-resolution stills of Verizon Wireless operations, log on to the Verizon Wireless Multimedia Library at http://www.verizonwireless.com/multimedia.
Verizon Wireless
CONTACT: Carly Irwin, +1-215-790-4342, or Sheldon Jones, +1-215-638-5668, both of Verizon Wireless
Web site: http://www.verizon.com/ http://www.verizonwireless.com/ http://www.verizonwireless.com/multimedia
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