Companies news of 2008-03-13 (page 1)
Aehr Test Systems Schedules Third Quarter Fiscal Year 2008 Earnings Release and Conference...
Sauer-Danfoss Inc. Announces 40th Consecutive Quarterly Dividend
Salary.com(TM) Increases Global Presence in Compensation Market with Launch of Canadian...
NeoMagic(R) Corporation Reports Fiscal Q4 2008 Results
Salvador Imaging Showcases a Range of Innovative Camera Solutions and Unique 1280 x 960...
Vital Images Comments on CMS Decision to Allow Local Coverage for Cardiac CT Angiography
Optical Cable Corporation Reports Fiscal First Quarter 2008 Financial ResultsNet Sales,...
Rockford Corporation Reports Fourth Quarter and Full Year 2007 Profit
Dot Hill Reports Fourth Quarter and Full Year 2007 Results
Comtech Group, Inc. Reports Best Quarterly and Annual Revenue and Profit Ever for 2007-...
Informatica to Present at Citi's 5th Annual Small & Mid Cap Conference
Younger, Heavy Online News Consumers Are Not Newspaper Readers, According to comScore Plan...
Lockheed Martin Opens P-3 Orion New Wing Production Line
ActivIdentity Corporation Announces the Appointment of New Directors to Board
EDS Appoints Musser as Chief Information Officer
Onstream Media Launches iEncode(TM) Webcasting Solution-New Product Puts the Power of...
Cablevision Surpasses One Billion Caller ID on iO TV(SM) MessagesService Has Already...
ActivIdentity Chief Financial Officer to Step Down
EDS and Continental Airlines Launch Next Generation Flight Operations Program
BNS Holding, Inc. Reports Operating Results for the Quarter Ended January 31, 2008
Sony Computer Entertainment Inc. and Sony Online Entertainment Leverage Expertise in the...
Goodrich Announces New Night Vision and Laser Detection Camera Capability- New 'NIR/SWIR'...
Huge PalmSource Settlement Funds Hop-on's New Division
TIE Announces New Interactive Entertainment Group
CCI Appoints New CTO- Zachary Bluestein founder of www.bluezonics.com appointed Chief...
PacificNet Provides Market Update
Wright Group/McGraw-Hill Introduces Pinpoint Math for Targeted Intervention in Grades 1-7
Trey Resources Terminates Letter of Intent To Sell SWK Technologies
Anacomp Receives $8 Million in New FinancingNew Investment to Support Agressive Growth...
Aehr Test Systems Schedules Third Quarter Fiscal Year 2008 Earnings Release and Conference Call
FREMONT, Calif., March 13 /PRNewswire-FirstCall/ -- Aehr Test Systems , a leading supplier of semiconductor test and burn-in equipment, today announced that it will report financial results for the third quarter of fiscal 2008 ended February 29, 2008 after the market closes on Tuesday, March 25, 2008.
Management of Aehr Test Systems will host a conference call and webcast that same day at 5:00 p.m. Eastern (2:00 p.m. Pacific) to discuss the Company's operating performance. The conference call will be accessible live via the internet at http://www.aehr.com/. Please go to the website at least 15 minutes before start time to register, download and install any necessary audio software. A replay of the webcast will be available at http://www.aehr.com/ for 90 days.
About Aehr Test Systems
Headquartered in Fremont, California, Aehr Test Systems is a leading worldwide provider of systems for burning-in and testing DRAMs, flash, and other memory and logic integrated circuits and has an installed base of more than 2,500 systems worldwide. Aehr Test has developed and introduced several innovative products, including the FOX(TM), MTX and MAX systems and the DiePak(R) carrier. The FOX system is a full wafer contact test and burn-in system. The MTX system is a massively parallel test system designed to reduce the cost of memory testing by performing both test and burn-in on thousands of devices simultaneously. The MAX system can effectively burn-in and functionally test complex devices, such as digital signal processors, microprocessors, microcontrollers and systems-on-a-chip. The DiePak carrier is a reusable, temporary package that enables IC manufacturers to perform cost-effective final test and burn-in of bare die. For more information, please visit the Company's website at http://www.aehr.com/.
Contact:
Tricia Ross
Financial Relations Board for Aehr Test Systems
Investor/Analyst Contact
(310) 403-7322
Aehr Test Systems
CONTACT: Investors-Analysts, Tricia Ross of Financial Relations Board, +1-310-403-7322, for Aehr Test Systems
Web site: http://www.aehr.com/
Sauer-Danfoss Inc. Announces 40th Consecutive Quarterly Dividend
CHICAGO, March 13 /PRNewswire-FirstCall/ -- Sauer-Danfoss Inc. today announced that its board of directors has declared a cash dividend of $0.18 per share for the quarter ended March 31, 2008. The dividend is payable on April 15, 2008, to stockholders of record at the close of business on March 28, 2008.
This is the 40th consecutive quarterly dividend paid by the Company since its initial public offering in May of 1998.
Sauer-Danfoss Inc. is a worldwide leader in the design, manufacture, and sale of engineered hydraulic, electric and electronic systems and components, for use primarily in applications of mobile equipment. Sauer-Danfoss, with 9,800 employees worldwide and revenue of approximately $2.0 billion, has sales, manufacturing, and engineering capabilities in Europe, the Americas, and the Asia-Pacific region. The Company's executive offices are located near Chicago in Lincolnshire, Illinois and in Neumunster, Germany. More details online at http://www.sauer-danfoss.com/.
Sauer-Danfoss Inc.
CONTACT: Sauer-Danfoss Inc. - Investor Relations, Kenneth D. McCuskey, Vice President and Chief Accounting Officer, +1-515-239-6364, fax - +1-515-956-5364, kmccuskey@sauer-danfoss.com, or John N. Langrick, Director of Finance Europe, +49-4321-871-190, Fax - +49-4321-871-121, jlangrick@sauer-danfoss.com, both of Sauer-Danfoss Inc.
Web site: http://www.sauer-danfoss.com/
Salary.com(TM) Increases Global Presence in Compensation Market with Launch of Canadian Market Pricing ProductNew CompAnalyst(R) product provides a single source of employer-reported compensation data for Canadian businesses; first deal already completed
WALTHAM, Mass., March 13 /PRNewswire-FirstCall/ -- Salary.com, Inc. , a leading provider of on-demand compensation and talent management solutions, today announced the release of its first international dataset within the existing CompAnalyst market pricing suite and the signing of its first customer for this product. The new Canadian dataset will help companies to streamline their market pricing processes by dramatically reducing the time and effort it takes for compensation professionals to market price positions.
"The need for reliable international compensation data is growing rapidly as companies strive to attract and retain top talent in an increasingly global economy," said Kent Plunkett, founder and CEO of Salary.com.
"To meet that demand we are launching the first of several new international datasets within our CompAnalyst market pricing suite. The new version will help companies that do business in Canada benchmark their jobs and determine the appropriate pay levels by position. Particularly for businesses that operate in more than one market, access to reliable and affordable compensation data is a key competitive advantage. With the CompAnalyst system, compensation professionals can easily locate the data they need and customize it to their company size and industry -- all in a single, web-based system."
The Canadian version of CompAnalyst will allow employers to market price jobs in Canada using a single, employer reported source of data, and includes the following features:
-- Comprehensive data for over 600 benchmark job titles across 21
industries
-- Scoping across three company size breakouts and 28 size categories
-- Comparisons of pay rates by region, province and metro
-- Compensation data represented in Canadian dollars
About Salary.com, Inc.
Salary.com is a leading provider of on-demand compensation and talent management solutions helping businesses and individuals manage pay and performance. Salary.com provides companies of all sizes comprehensive on- demand software applications that are tightly integrated with its own proprietary compensation data sets, thereby automating the essential elements of the compensation management process and significantly improving the effectiveness of its clients' compensation spend. For more information, visit http://www.salary.com/.
Safe Harbor Statement
This release contains "forward-looking" statements that are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These are statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as "may," "will," "expects," "projects," "anticipates," "estimates," "believes," "intends," "plans," "should," "seeks," and similar expressions. This press release contains forward-looking statements relating to, among other things, Salary.com's expectations and assumptions concerning future performance. Forward-looking statements involve known and unknown risks and uncertainties that may cause actual future results to differ materially from those projected or contemplated in the forward-looking statements. The risks and uncertainties referred to above include, but are not limited to, our ability to continue to release and gain customer acceptance of new and improved versions of our service, successful customer deployment and utilization of our services, our ability to expand our customer base and product and service offerings, interruptions or delays in our service or our Web hosting, our business model, breach of our security measures, the emerging market in which we operate, our ability to hire, retain and motivate our employees and manage our growth, and competition, as well as those risks and uncertainties described in Salary.com's filings with the Securities and Exchange Commission. Salary.com expressly disclaims any obligation to update any forward-looking statements.
SLRY-F
Salary.com, Inc.
CONTACT: Karen Peabody of Salary.com, Inc., +1-781-464-7544, press@salary.com ; Bill Keeler or Ross Coyle of Schwartz Communications, +1-781-684-0770, salary@schwartz-pr.com
Web site: http://www.salary.com/
NeoMagic(R) Corporation Reports Fiscal Q4 2008 Results
SANTA CLARA, Calif., March 13 /PRNewswire-FirstCall/ -- NeoMagic Corporation today reported its financial results for the fourth quarter and fiscal year of fiscal 2008. Total revenue for the fourth quarter of fiscal 2008, ended January 27, 2008, was $830 thousand, compared to total revenue of $620 thousand for the third quarter of fiscal 2008, and $117 thousand for the fourth quarter of fiscal 2007. Net loss for the fourth quarter of fiscal 2008 was $4.5 million, or $0.36 per share, compared to a net loss of $4.7 million, or $0.38 per share, in the third quarter of fiscal 2008 and a net loss of $3.0 million, or $0.27 per share, in the fourth quarter of fiscal 2007. For the fiscal year 2008, total revenue was $2.1 million, compared to $0.6 million for the fiscal year 2007. Net loss for the fiscal year 2008 was $16.7 million, or $1.35 per share, compared to $16.5 million, or $1.65 per share for fiscal year 2007.
The fourth quarter fiscal 2008 non-GAAP net loss was $4.1 million, or $0.33 per share, compared to $4.3 million, or $0.35 per share, in the previous quarter and compared to a $4.4 million net loss, or $0.39 per share, in the fourth quarter of fiscal 2007. The fiscal year 2008 non-GAAP net loss was $15.8 million, or $1.28 per share, compared to $17.9 million, or $1.79 per share for the fiscal year of 2007. Non-GAAP results exclude the impact of stock-based compensation expenses, gains and losses on the sale of patents, and gains and losses recorded for the changes in fair value of warrant liabilities.
"I am pleased with our fiscal year 2008 revenue growth. I expect this growth to continue based upon indications from customers who are in production and new customer products anticipated to go into production this year," said Douglas Young, President and CEO of NeoMagic Corporation.
"As we recently announced, we are pleased to have closed the recent patent sale transaction for net proceeds of $9.5 million. This cash infusion, completed in February and therefore not reflected in our January year-end financials, enables us to continue to bring exciting low-power, multimedia solutions to our customers," stated Steve Berry, CFO of NeoMagic.
Dial-in Information
NeoMagic will hold its fourth quarter fiscal 2008 conference call to discuss the information contained in this press release today at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time). The call can be accessed via the Internet at http://www.neomagic.com/, "Investor Resources." The call can also be accessed by dialing 866-259-1024 in the U.S. and 703-639-1218, internationally. There is no passcode. A replay of the call will be available for 7 days beginning on March 13th at 9:00 p.m. Eastern Time (6:00 p.m. Pacific Time). The replay number is 888-266-2081 in the U.S. and 703-925-2533, internationally. The pass code for the replay is 1211480.
The webcast is also being distributed over CCBN's Investor Distribution Network to both institutional and individual investors. Individual investors can listen to the call through CCBN's individual investor center at http://www.fulldisclosure.com/ or by visiting any of the investor sites in CCBN's Individual Investor Network. Institutional investors can access the call via CCBN's password-protected event management site, StreetEvents (http://www.streetevents.com/).
About NeoMagic
NeoMagic Corporation delivers semiconductor chips and software that enable new multimedia features for handheld devices. These solutions offer low power consumption, small form-factor and high performance processing. The Company demonstrated one of the first solutions used for H.264 video decoding in a mobile digital TV phone, and is developing and delivering solutions for audio/video processing of the dominant mobile digital TV standards, including ISDB-T, T-DMB and DVB-H. For its complete system solution, NeoMagic delivers a suite of middleware and sample applications for imaging, video and audio functionality, and provides multiple operating system ports with customized drivers for the MiMagic product family. NeoMagic has a broad patent portfolio that covers NeoMagic's proprietary array processing and other technology. Information on the Company may be found at http://www.neomagic.com/.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, including the Company's design wins, the expectation of revenue based upon existing orders and expected orders, production timing of our customers' products, availability of new products and revenue opportunities. These forward-looking statements reflect current expectations. However, actual events and results could vary significantly based on a variety of factors, including but not limited to customer acceptance of NeoMagic products, the market acceptance of mobile phones and other devices developed and marketed by customers that use the Company's products, the success of customers' plans to develop multimedia phones, feature phones and other products, the acceptance of advanced multimedia services such as H.264 television on mobile phones and other products, the Company's ability to execute product and technology development plans on schedule, and the timely availability of sufficient manufacturing capacity at the Company's foundry to meet future customer demand for products. There is no certainty that current or future design wins will result in revenue for NeoMagic or that customer forecasts will be accurate. Customers may cancel or delay their production orders, projects or switch to other vendors. In addition, customers may fail to achieve their expected sales objectives due to competitive or other reasons resulting in excess or obsolete inventory requiring write-downs and charges to cost of revenue. Our patent licensing activities involve various risks and uncertainties, including, without limitation, uncertainties as to the willingness of other companies to pay significant fees to license our intellectual property, the length and uncertain outcome of licensing negotiations, the possibility that litigation may be required to enforce patents, and the risks and costs inherent in any patent litigation. Additional risks that could affect the Company's future operating results are more fully described in the Company's most recent annual report, its most recent quarterly report and other filings with the United States Securities and Exchange Commission (SEC), and are available online at http://www.sec.gov/. NeoMagic may, from time to time, make additional written or oral forward-looking statements, including statements contained in filings with the SEC and reports to shareholders. NeoMagic does not undertake the obligation to update any forward-looking statements that may be made by or on behalf of the company, except as may be required by law.
Non-GAAP Reporting -- The Company's management uses non-GAAP measures to evaluate the performance of our business and to estimate future performance. Since management finds this measure to be useful, we believe that our investors benefit from seeing our results "through the eyes" of management in addition to seeing our GAAP results. For comparison purposes, the Company makes reference to certain gross margin, operating margin, net loss and net loss per share. These non-GAAP results were reached by excluding stock-based compensation expense, gains and losses on the sale of patents, and gains and losses recorded for the changes in fair value of warrant liabilities. We reference those results to allow a better comparison of results in the current period to those in prior periods and to provide meaningful insight to the Company's on-going operating performance. We have reconciled such non-GAAP results to the most directly comparable GAAP financial measures.
Our reference to these non-GAAP results should be considered in addition to results that are prepared under current accounting standards but should not be considered a substitute for results that are presented as consistent with GAAP. It should also be noted that our non-GAAP information may differ from the non-GAAP information provided by other companies.
NeoMagic and the NeoMagic circle logo are registered trademarks, and MiMagic and NeoMobileTV are trademarks, of NeoMagic Corporation. All other trademarks are the property of their respective owners. NeoMagic disclaims any proprietary interest in the marks and names of others.
(Logo: http://www.newscom.com/cgi-bin/prnh/20020802/NMGCLOGO)
-tables to follow-
NEOMAGIC CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
Three Months Ended Twelve Months Ended
January October January January January
27, 28, 28, 27, 28,
2008 2007 2007 2008 2007
Net revenue $830 $620 $117 $2,083 $572
Cost of revenue 703 383 126 1,666 524
Gross profit (loss) 127 237 (9) 417 48
Operating expenses:
Research and development 2,872 2,945 3,477 11,762 13,763
Sales, general and
administrative 1,781 2,037 1,198 7,066 6,080
Gain on sale of patents - - - - (1,044)
Total operating expenses 4,653 4,982 4,675 18,828 18,799
Loss from operations (4,526) (4,745) (4,684) (18,411) (18,751)
Interest income and other 7 57 231 469 915
Interest expense (12) (13) (292) (66) (381)
Gain from change
in fair value of
warrant liability 71 15 1,835 829 1,835
Loss before income taxes (4,460) (4,686) (2,910) (17,179) (16,382)
Income tax expense
(benefit) (10) 7 94 (454) 137
Net loss $(4,450) $(4,693) $(3,004) $(16,725) $(16,519)
Basic and diluted
net loss
per share $(0.36) $(0.38) $(0.27) $(1.35) $(1.65)
Weighted average common
shares outstanding
for basic and
diluted 12,420 12,379 11,329 12,356 10,015
NEOMAGIC CORPORATION
Reconciliation of GAAP Gross Profit (Loss) to Non-GAAP Gross Profit (Loss)
(In thousands)
(Unaudited)
Three Months Ended Twelve Months Ended
January October January January January
27, 28, 28, 27, 28,
2008 2007 2007 2008 2007
GAAP - Gross profit (loss) $127 $237 $(9) $417 $48
Stock-based
compensation expense
included in:
Cost of revenue 6 7 6 23 20
Non-GAAP Gross profit (loss) $133 $244 $(3) $440 $68
NEOMAGIC CORPORATION
Reconciliation of GAAP Loss from Operations to Non-GAAP Loss from
Operations
(In thousands)
(Unaudited)
Three Months Ended Twelve Months Ended
January October January January January
27, 28, 28, 27, 28,
2008 2007 2007 2008 2007
GAAP - Loss from
operations $(4,526) $(4,745) $(4,684) $(18,411) $(18,751)
Stock-based
compensation expense
included in:
Cost of revenue 6 7 6 23 20
Research and
Development 208 223 255 917 896
Sales, general,
and
administrative 189 207 170 821 542
Gain on sale of patents - - - - (1,044)
Non-GAAP Loss from
operations $(4,123) $(4,308) $(4,253) $(16,650) $(18,337)
NEOMAGIC CORPORATION
Reconciliation of GAAP Net Loss to Non-GAAP Net Loss
(In thousands)
(Unaudited)
Three Months Ended Twelve Months Ended
January October January January January
27, 28, 28, 27, 28,
2008 2007 2007 2008 2007
GAAP - Net loss $(4,450) $(4,693) $(3,004) $(16,725) $(16,519)
Stock-based
compensation expense
included in:
Cost of revenue 6 7 6 23 20
Research and
Development 208 223 255 917 896
Sales, general,
and
administrative 189 207 170 821 542
Gain on sale of
patents - - - - (1,044)
Gain from change in
fair value of warrant
liability (71) (15) (1,835) (829) (1,835)
Non-GAAP Net loss $(4,118) $(4,271) $(4,408) $(15,793) $(17,940)
NEOMAGIC CORPORATION
Reconciliation of GAAP Net Loss to Non-GAAP Net Loss
(In thousands, except per share data)
(Unaudited)
Twelve Months
Three Months Ended Ended
January October January January January
27, 28, 28, 27, 28,
2008 2007 2007 2008 2007
GAAP - Net loss per share $(0.36) $(0.38) $(0.27) $(1.35) $(1.65)
Stock-based compensation
expense included in:
Cost of revenue - - - - -
Research and Development 0.02 0.02 0.02 0.07 0.09
Sales, general, and
administrative 0.02 0.02 0.02 0.07 0.05
Gain on sale of patents - - - - (0.10)
Gain from change in fair
value of warrant liability (0.01) - (0.16) (0.07) (0.18)
Non-GAAP Net loss per share (1) $(0.33) $(0.35) $(0.39) $(1.28) $(1.79)
Weighted average common shares
outstanding for basic and
diluted 12,420 12,379 11,329 12,356 10,015
(1) Amounts may not aggregate to the total due to rounding
NEOMAGIC CORPORATION
CONSOLIDATED CONDENSED BALANCE SHEETS
(In thousands)
January 27, October 28, January 28,
2008 2007 2007
(unaudited) (unaudited)
ASSETS
Current assets:
Cash and cash equivalents $964 $1,800 $16,468
Short-term investments 500 4,490 4,014
Accounts receivable, net 529 247 65
Inventory 3,715 4,081 1,068
Other current assets 426 505 397
Total current assets 6,134 11,123 22,012
Property, plant and equipment, net 692 712 1,494
Other assets 787 841 584
Total assets $7,613 $12,676 $24,090
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $1,448 $1,907 $1,662
Compensation and related benefits 1,057 1,320 1,017
Income taxes payable 583 544 1,112
Other accruals 196 514 100
Current portion of capital lease
obligations 316 311 866
Warrant liability 38 109 3,853
Total current liabilities 3,638 4,705 8,610
Capital lease obligations 339 420 655
Other long-term liabilities 89 102 148
Stockholders' equity:
Common stock 39 39 39
Additional paid-in-capital 122,071 121,484 116,850
Accumulated other comprehensive
loss 271 310 (2)
Accumulated deficit (118,834) (114,384) (102,210)
Total stockholders' equity 3,547 7,449 14,677
Total liabilities and stockholders'
equity $7,613 $12,676 $24,090
Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20020802/NMGCLOGO AP Archive: http://photoarchive.ap.org/ PRN Photo Desk photodesk@prnewswire.com
NeoMagic Corporation
CONTACT: Steve Berry, Chief Financial Officer of NeoMagic Corporation, +1-408-988-7020; or Erica Mannion of Sapphire Investor Relations, LLC, +1-212-766-1800, for NeoMagic Corporation
Web site: http://www.neomagic.com/
Salvador Imaging Showcases a Range of Innovative Camera Solutions and Unique 1280 x 960 Pixel EMCCD Product Technology at 2008 SPIE Defense + Security Symposium
SAN JOSE, Calif., March 13 /PRNewswire-FirstCall/ -- Photon Dynamics, Inc. announced today that Salvador Imaging, its wholly owned subsidiary, will promote the unprecedented performance of its latest ultra-low light electron multiplying CCD (EMCCD) camera technology and will showcase a range of high performance digital cameras in Booth #321 at the 2008 SPIE Defense + Security Symposium. The exhibition will be held at the Orlando World Center Marriott Resort and Convention Center in Orlando, Florida, March 18-20, 2008.
Salvador Imaging will be previewing the SI-1.3M50-EM's unique 1280 x 960 pixel electron multiplying CCD (EMCCD) product technology, the latest in digital imaging systems for ultra-low light usage. Supporting progressive-scan video at up to 50 frames/second and true 12-bit digitalization, both color and monochrome versions of the SI-1.3M50-EM provide high-performance imaging solutions for day/night surveillance, homeland and border security, biochip readers, video microscopy, airborne imaging and other demanding, light-starved imaging applications.
Also showcased at SPIE Defense + Security will be camera solutions that demonstrate a variety of high-performance imaging applications:
SI-VGA60-EM
658 x 496 Pixel EMCCD Camera -- Ultra-Low Light Video Capture 60 Frames/Second -- Color and Monochrome Versions
Salvador Imaging's SI-VGA60-EM provides outstanding performance in light-starved applications including day/night surveillance, homeland & border security, biochip readers, video microscopy and more. The camera provides 658 x 496 pixel, progressive-scan video at up to 60 frames/second. Both color and monochrome versions are available. The EMCCD sensor used in this camera provides programmable, solid-state gain which amplifies the photon generated charge before it reaches the readout amplifier, thus boosting the signal above the amplifier noise. The use of closed loop thermo-electric coolers significantly reduces dark current and dark current noise, enhancing the camera's ability to see in the dark.
SI-1M30-EM
1 K x 1 K Pixel EMCCD Camera -- Ultra-Low Light Video Capture 30 Frames/Second -- 12 Bit Digital Camera
Our SI-1M30-EM is a video rate high resolution monochrome camera that performs under a very wide range of lighting conditions from extremely low light levels such as overcast starlight to full sunlight.
SI-16M4-IT
4872 x 3248 Pixel CCD Camera Color and Monochrome Versions 3.5 Frames/Second -- 12 Bit Digital Camera
Our SI-16M4-IT is a high resolution, 16-Megapixel camera with on-chip electronic shuttering. This cost-effective camera comes in monochrome or RGB color versions, and provides 12-bit digital data over a standard Camera Link interface. The SI-16M4-IT provides image data at up to 3.5 frames per second.
About Salvador Imaging
Salvador Imaging, headquartered in Colorado Springs, CO, designs and manufactures high-performance digital imaging products for medical, industrial and military applications. Products and services include a line of standard products as well as custom digital camera design and standard digital cameras. For more information about Salvador Imaging, visit its website at http://www.salvadorimaging.com/. Salvador Imaging is a wholly owned subsidiary of Photon Dynamics, Inc.
About Photon Dynamics, Inc.
Photon Dynamics, Inc. is a global supplier utilizing advanced digital imaging technology for market leading Liquid Crystal Display (LCD) flat panel display test and repair systems and for high performance digital imaging systems for defense, surveillance, industrial inspection and medical imaging applications. For more information about Photon Dynamics, visit its website at http://www.photondynamics.com/.
Photon Dynamics, Inc.
CONTACT: So-Yeon Jeong, Vice President, Investor Relations and Marketing Communications of Photon Dynamics, Inc., +1-408-360-3084, soyeon.jeong@photondynamics.com
Web site: http://www.photondynamics.com/ http://www.salvadorimaging.com/
Vital Images Comments on CMS Decision to Allow Local Coverage for Cardiac CT Angiography
MINNEAPOLIS, March 13 /PRNewswire-FirstCall/ -- Vital Images, Inc. , a leading provider of enterprise-wide advanced visualization and analysis solutions, said today that it is pleased that the Centers for Medicare & Medicare Services (CMS) decided to make no changes to national reimbursement coverage of cardiac computed tomography angiography (CCTA) and will continue to allow local contractors to determine coverage. This innovative procedure combines a CT scan with advanced visualization and analysis solutions to generate interior and exterior images of the arteries and heart, within seconds and noninvasively.
"We commend CMS for making this decision," said Michael H. Carrel, Vital Images president and chief executive officer. "CCTA gives physicians valuable information that can help them diagnose patients arriving in the emergency room with chest pain, as well as evaluate difficult cases of artery blockage that require intervention. Providing insurance coverage for CCTA procedures has the potential to positively impact the quality of patient care and save lives by providing diagnostic information quickly."
Vital Images enterprise advanced visualization solution offers physicians a comprehensive application for analyzing cardiovascular images. The package includes tools for coronary vessel analysis, cardiac functional analysis, calcium scoring, peripheral vessel analysis and electrophysiology. Advancements in these cardiovascular applications are a primary reason the company's recent release of Vitrea(R) 4.0 received the 2007 Best New Radiology Software Award from AuntMinnie.com. The software tools are fast and easy to use, and provide anywhere, anytime accessibility to key information and the ability to access the workflow throughout the healthcare enterprise.
Vital Images showcased its enterprise cardiovascular solution at the European Congress of Radiology (ECR) meeting held in Vienna, Austria March 7-11, 2008. Tony DeFrance, M.D., of the Cardiovascular CT Angiography Education Center in San Francisco and a faculty member at Stanford University Medical Center, read the case in front of the entire ECR audience at its first annual "face-off" among providers of advanced visualization software. "Vital Images offers the easiest to learn and use enterprise-wide tools for reading cardiovascular images," commented DeFrance after reading the cardiovascular case using Vital Images software.
About Vital Images
Vital Images, Inc., headquartered in Minneapolis, is a leading provider of enterprise-wide advanced visualization and analysis software solutions. The company's technology gives radiologists, cardiologists, oncologists and other medical specialists, time-saving productivity and communications tools that can be accessed throughout the enterprise and via the Web for easy use in the day-to-day practice of medicine. Vital Images also has offices in Beijing, China and Den Haag, the Netherlands. For more information, visit http://www.vitalimages.com/.
Forward-Looking Statements
Except for the historical information contained herein, the matters discussed in this news release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are intended to enjoy the protection of the safe harbor for forward-looking statements provided by that Act. These statements involve risks and uncertainties which could cause results to differ materially from those projected, including but not limited to dependence on market growth, challenges associated with international expansion, the ability to predict product, customer and geographic sales mix, regulatory approvals, the timely introduction, availability and acceptance of new products, the impact of competitive products and pricing, dependence on major customers, the ability to successfully manage operating costs, fluctuations in quarterly results, approval of products for reimbursement and the level of reimbursement, and other factors detailed from time to time in Vital Images' SEC reports, including its annual report on Form 10-K for the year ended December 31, 2006. Vital Images encourages you to consider all of these risks, uncertainties and other factors carefully in evaluating the forward-looking statements contained in this release. As a result of these matters, changes in facts, assumptions not being realized or other circumstances, the company's actual results may differ materially from the expected results discussed in the forward-looking statements contained in this release. The forward-looking statements made in this release are made only as of the date of this release, and the company undertakes no obligation to update them to reflect subsequent events or circumstances.
Vital Images, Inc.
CONTACT: Peter J. Goepfrich of Vital Images, Inc., +1-952-487-9500; or Nancy A. Johnson, +1-612-455-1745, njohnson@psbpr.com, or Marian Briggs, +1-612-455-1742, mbriggs@psbpr.com, both of Padilla Speer Beardsley, for Vital Images, Inc.
Web site: http://www.vitalimages.com/
Optical Cable Corporation Reports Fiscal First Quarter 2008 Financial ResultsNet Sales, Gross Profit and Net Income All Increased in First Quarter of Fiscal 2008
ROANOKE, Va., March 13 /PRNewswire-FirstCall/ -- Optical Cable Corporation today announced financial results for its fiscal first quarter ended January 31, 2008.
The Company reported increases in net sales, gross profit and net income for the first quarter of fiscal 2008 when compared to the same period last year.
First Quarter 2008 Financial Results
Optical Cable reported net income of $862,000, or $0.14 per basic and diluted share, for its first quarter of fiscal 2008, as compared to a net loss of $332,000, or $0.06 per basic and diluted share, for the same period last year.
Net sales for the first quarter of fiscal 2008 increased 36.5% to $12.7 million compared to net sales of $9.3 million for the comparable period last year. The Company's net sales growth during the first quarter was achieved over a broad customer base and product mix, with particularly notable increases in the Company's specialty markets.
Gross profit increased 79.2% to $5.3 million in the first quarter of fiscal 2008, up from $3.0 million in the first quarter of fiscal 2007. Gross profit as a percentage of net sales (or "gross profit margin") for the first quarter of fiscal 2008 increased to 42.1% compared to 32.1% for the first quarter of fiscal 2007. These improvements are due in part to an increase in Optical Cable's sales of higher margin products and the continued benefits of the Company's previous investments to enhance operational efficiency.
Selling, general and administrative expenses ("SG&A expenses") for the first quarter of fiscal 2008 increased 14.4% to $4.0 million from $3.5 million for the comparable period last year. SG&A expenses as a percentage of net sales dropped to 31.5% in the first quarter of fiscal 2008 compared to 37.6% in the first quarter of fiscal 2007.
Management's Comments
"Optical Cable is off to a great start in our new fiscal year and we look forward to building on this success. Our year-over-year increases in net sales, gross profit and net income confirm that we have the right strategies in place to continue serving our customers while driving further growth and enhanced profitability. We will continue to execute on our strategic plan and focus on positioning Optical Cable for long-term shareholder value creation," stated Mr. Neil Wilkin, President and CEO of Optical Cable Corporation.
Company Information
Optical Cable Corporation is a leading manufacturer of fiber optic cables primarily sold into the enterprise market, and the premier manufacturer of military ground tactical fiber optic cables for the U.S. military. Founded in 1983, Optical Cable Corporation pioneered the design and production of fiber optic cables for the most demanding military field applications, as well as fiber optic cables suitable for both indoor and outdoor use. The Company's current broad product offering is built on the evolution of these fundamental technologies, and is designed to provide end-users with fiber optic cables that are easy and economical to install, provide a high degree of reliability and offer outstanding performance characteristics. Optical Cable Corporation sells its products worldwide for uses ranging from commercial and campus installations to customized products for specialty applications and harsh environments, including military applications. The Company manufactures its high quality fiber optic cables at its ISO 9001:2000 registered and MIL-STD- 790F certified facility located in Roanoke, Virginia.
Further information about Optical Cable Corporation is available on the World Wide Web at http://www.occfiber.com/.
FORWARD-LOOKING INFORMATION
This news release by Optical Cable Corporation (the "Company") may contain certain forward-looking information within the meaning of the federal securities laws. The forward-looking information may include, among other information, (i) statements concerning the Company's outlook for the future, (ii) statements of belief, anticipation or expectation, (iii) future plans, strategies or anticipated events, and (iv) similar information and statements concerning matters that are not historical facts. Such forward-looking information is subject to risks and uncertainties that may cause actual events to differ materially from the Company's expectations. Factors that could cause or contribute to such differences include, but are not limited to: the level of sales to key customers, including distributors; timing of certain projects and purchases by key customers; the economic conditions affecting network service providers; corporate and/or government spending on information technology; actions by competitors; fluctuations in the price of raw materials (including optical fiber); the Company's dependence on a single manufacturing facility; the Company's ability to protect its proprietary manufacturing technology; market conditions influencing prices or pricing; the Company's dependence on a limited number of suppliers; the loss of or conflict with one or more key suppliers or customers; an adverse outcome in litigation, claims and other actions, and potential litigation, claims and other actions against the Company; an adverse outcome in regulatory reviews and audits and potential regulatory reviews and audits; adverse changes in state tax laws and/or positions taken by state taxing authorities affecting the Company; technological changes and introductions of new competing products; changes in end-user preferences for competing technologies, including copper cable and wireless, relative to fiber optic cable; economic conditions that affect the telecommunications sector, certain technology sectors or the economy as a whole; terrorist attacks or acts of war, and any current or potential future military conflicts; changes in the level of military spending by the United States government; ability to retain key personnel; inability to recruit needed personnel; poor labor relations; the impact of changes in accounting policies, including those by the Securities and Exchange Commission and the Public Company Accounting Oversight Board; the Company's ability to successfully comply with, and the cost of compliance with, the provisions of Section 404 of the Sarbanes-Oxley Act of 2002 or any revisions to that act which apply to the Company; impact of future consolidation among competitors and/or among customers adversely affecting the Company's position with its customers and/or its market position; actions by customers adversely affecting the Company in reaction to the expansion of its product offering in any manner, including, but not limited to, by offering products that compete with its customers, and/or by entering into alliances with, and/or making investments in or with, parties that compete with and/or have conflicts with customers of the Company; adverse reactions by customers, vendors or other service providers to unsolicited proposals regarding the acquisition of the Company by another company; the additional costs of considering and possibly defending the Company's position on such unsolicited proposals regarding the acquisition of the Company by another company; impact of weather or natural disasters in the areas of the world in which the Company operates and markets its products; economic downturns and/or changes in market demand, exchange rates, productivity, or market and economic conditions in the areas of the world in which the Company operates and markets its products, and its success in managing the risks involved in the foregoing. The Company cautions readers that the foregoing list of important factors is not exclusive and the Company incorporates by reference those factors included in current reports on Form 8-K.
(Financial Tables Follow)
OPTICAL CABLE CORPORATION
Condensed Statements of INCOME
(thousands, except per share data)
(unaudited)
Three Months Ended
January 31,
2008 2007
Net sales $12,661 $9,276
Cost of goods sold 7,329 6,300
Gross profit 5,332 2,976
SG&A expenses 3,989 3,487
Income (loss) from operations 1,343 (511)
Interest income (expense), net 40 (11)
Other, net (14) 3
Other income (expense), net 26 (8)
Income (loss) before income taxes 1,369 (519)
Income tax expense (benefit) 507 (187)
Net income (loss) $862 $ (332)
Net income (loss) per share:
Basic and diluted $0.14 $(0.06)
Weighted average shares outstanding:
Basic and diluted 6,090 6,008
OPTICAL CABLE CORPORATION
CONDENSED BALANCE SHEET DATA
(thousands)
(unaudited)
January 31, October 31,
2008 2007
Cash $4,067 $3,139
Trade accounts receivable, net 8,591 9,057
Inventories 8,053 7,340
Other current assets 1,404 1,279
Total current assets $22,115 $20,815
Non-current assets 16,666 16,466
Total assets $38,781 $37,281
Current liabilities $5,323 $4,878
Non-current liabilities 482 425
Total liabilities $5,805 $5,303
Total shareholders' equity 32,976 31,978
Total liabilities and shareholders' equity $38,781 $37,281
AT THE COMPANY:
Neil Wilkin Tracy Smith
President & CEO Vice President & CFO
(540) 265-0690 (540) 265-0690
investorrelations@occfiber.com investorrelations@occfiber.com
AT JOELE FRANK, WILKINSON BRIMMER KATCHER:
Andrew Siegel Jaime Wert
(212) 355-4449 ext. 127 (212) 355-4449 ext. 173
asiegel@joelefrank.com jwert@joelefrank.com
Optical Cable Corporation
CONTACT: Neil Wilkin, President & CEO, +1-540-265-0690, investorrelations@occfiber.com, or Tracy Smith, Vice President & CFO, +1-540-265-0690, investorrelations@occfiber.com, both of Optical Cable Corporation; or Andrew Siegel, +1-212-355-4449 ext. 127, asiegel@joelefrank.com, or Jaime Wert, +1-212-355-4449 ext. 173, jwert@joelefrank.com, both of JOELE FRANK, WILKINSON BRIMMER KATCHER, for Optical Cable Corporation
Web site: http://www.occfiber.com/
Rockford Corporation Reports Fourth Quarter and Full Year 2007 Profit
TEMPE, Ariz., March 13 /PRNewswire-FirstCall/ -- Rockford Corporation today announced financial results for the three and twelve months ended December 31, 2007.
Rockford was profitable for each period. Net income for the three months ended December 31, 2007 was $0.5 million, compared to a net loss of $4.7 million for the comparable period in 2006. Net income for the year ended December 31, 2007 was $0.7 million compared to a net loss of $8.8 million for the year ended 2006. The fourth quarter profit included a gain of approximately $0.4 million due to previously unrealized cumulative translation gains that were recognized when Rockford dissolved its European subsidiary in December 2007.
Net sales for the three months ended December 31, 2007, decreased 15.2% to $16.9 million compared to $20.0 million for the same period in 2006. Net sales for the year ended December 31, 2007, decreased 13.7% to $88.7 million compared to $102.8 million for the same period in 2006. The decrease in net sales was primarily due to lower sales in the mass retail, independent specialist and OEM distribution channels. These reductions were partially offset by higher royalty revenue and lower sales discounts.
As a percent of net sales, gross margin for the three months ended December 31, 2007 increased to 37.3% compared to 23.1% for the same period in 2006. As a percent of sales, gross margin for the year ended December 31, 2007, increased to 32.5% compared to 28.1% for the same period in 2006. The increase in gross margin percentage was primarily due to higher royalty revenue, lower manufacturing variances, and lower product costs.
Operating expenses for the three months ended December 31, 2007, decreased 36.7% to $6.0 million compared to the 2006 level of $9.5 million. The fourth quarter 2006 expense included approximately $1.9 million of special charges, including legal settlements and severance costs. Operating expenses for the twelve months ended December 31, 2007, decreased 25.7% to $27.3 million compared to the 2006 level of $36.7 million. In 2007 operating expenses included a special charge of approximately $1.1 million primarily related to the Retirement and Salary Continuation Agreement for Rockford's former Chief Executive Officer. The 2006 operating expenses included approximately $2.8 million of special charges, including legal settlement and severance costs.
William R. Jackson, Rockford's President, commented, "The overall consumer electronics sector continues to be challenging. Car audio remains particularly tough. Our specialist retailers appear to have had a decent holiday season, although overall consumer traffic was average through the fourth quarter and many specialist retailers are being very conservative in their purchasing because of negative general economic headlines and concerns about consumer spending. Our mass retail partners reported slow core car audio traffic during the holiday season. Our royalty revenue continues to track up because of greater penetration of Rockford Fosgate branded OEM systems."
Mr. Jackson continued, "We feel good about the progress we made in 2007. Our new products are gaining momentum in the marketplace and dealers continue to report outstanding performance and reliability. The delivery of products to our dealers this year was excellent. We experienced very few backorders and our fill rate was over 98%."
Mr. Jackson stated, "Our new business model is working well. Margins continue to improve and we are managing expenses carefully. The economics of our new business model should continue to improve as we move into the final phases of outsourcing. We are still on track to completely outsource manufacturing by the end of 2008."
Richard G. Vasek, Rockford's CFO, observed, "This is the first time Rockford has had income from continuing operations in the fourth quarter since 2001 and the first time we have had an annual profit since 2002."
Mr. Jackson concluded, "The team has done an excellent job restoring Rockford to profitability. We are now working closely with our retailers and OEM partners to improve our performance in 2008. We continued to be optimistic about the potential of the Rockford Fosgate brand, both in our traditional aftermarket channels and in the OEM channel."
About Rockford Corporation (http://www.rockfordcorp.com/)
Rockford is a designer, marketer and distributor of high-performance audio systems for the mobile audio aftermarket and for the OEM market. Rockford's mobile audio products are marketed primarily under the Rockford Fosgate(R), Rockford Acoustic Design(TM) and Lightning Audio(R) brand names.
Rockford's primary brand websites include: http://www.rockfordfosgate.com/, http://www.rockfordacousticdesign.com/, and http://www.lightningaudio.com/.
Forward-looking Statement Disclosure
We make forward-looking statements in this press release including but not limited to statements about our results of operations. These statements may be identified by the use of forward-looking terminology such as "may," "will," "believe," "expect," "anticipate," "estimate," "continue," or other similar words.
Forward-looking statements are subject to many risks and uncertainties. Rockford cautions you not to place undue reliance on these forward-looking statements, which speak only as at the date on which they are made. Actual results may differ materially from those described in our forward-looking statements. Rockford disclaims any obligation or undertaking to update these forward-looking statements to reflect changes in our expectations or changes in events, conditions, or circumstances on which our expectations are based.
Rockford's revenues continued to decline in 2007, with some of the decline attributable to continued weakness in the mobile audio aftermarket and some to end of life product sales. The U.S. retail environment for mobile audio appeared to become more difficult during 2007, with many retailers reporting decreases in customer traffic. Negative economic headlines appear to have contributed to this difficult environment by making customers and retailers become more conservative in their spending. If sales erode more rapidly in 2008, Rockford may not be able to achieve its business objectives. In this event, Rockford could suffer setbacks in its competitive position, ability to improve its aftermarket and OEM businesses, and overall financial performance. Under such circumstances, Rockford might not be able to sustain the return of its business to profitability achieved in 2007.
When considering our forward-looking statements, you should keep in mind the risk factors and other cautionary statements identified in Rockford's Annual Report on Form 10-K, filed with the Securities and Exchange Commission on March 28, 2007. The risk factors noted throughout the report, particularly those identified in the discussion in Item 1A of the report, and other risk factors that Rockford has not anticipated or discussed, could cause our actual results to differ significantly from those anticipated in our forward-looking statements.
Rockford Corporation
Condensed Consolidated Statements of Operations
For the Three and Twelve Months Ended December 31, 2006 and 2007
($000s omitted except per share amounts)
Three months ended Twelve months ended
December 31, December 31,
2006 2007 2006 2007
(unaudited) (unaudited)
Net sales $19,963 $16,938 $102,776 $88,745
Cost of goods sold 15,353 10,617 73,919 59,868
Gross profit 4,610 6,321 28,857 28,877
Operating expenses:
Sales and marketing 3,249 2,806 16,772 13,273
General and administrative 5,380 2,588 16,753 11,215
Research and development 868 617 3,218 2,817
Total operating expenses 9,497 6,011 36,743 27,305
Operating income (loss) (4,887) 310 (7,886) 1,572
Interest and other expense,
net 290 (182) 1,243 886
Income (loss) from
continuing operations
before income taxes (5,177) 492 (9,129) 686
Income tax benefit (437) - (437) -
Income (loss) from
continuing operations (4,740) 492 (8,692) 686
Loss from discontinued
operations - - (155) -
Net income (loss) $(4,740) $492 $(8,847) $686
Net income (loss) per
common share:
Income (loss) from
continuing operations
Basic $(0.50) $0.05 $(0.92) $0.07
Diluted $(0.50) $0.05 $(0.92) $0.07
Loss from discontinued
operations
Basic $0.00 $0.00 $(0.02) $0.00
Diluted $0.00 $0.00 $(0.02) $0.00
Net income (loss)
Basic $(0.50) $0.05 $(0.94) $0.07
Diluted $(0.50) $0.05 $(0.94) $0.07
Weighted average shares:
Basic 9,391 9,101 9,388 9,325
Diluted 9,391 9,101 9,388 9,342
Rockford Corporation
Condensed Consolidated Balance Sheets
At December 31, 2006 and 2007
(In thousands)
December 31, December 31,
2006 2007
(unaudited)
ASSETS
Current assets:
Cash $ - $ -
Accounts receivable, net 19,242 15,885
Inventories 19,612 14,352
Prepaid expenses and other
current assets 1,998 1,224
Total current assets 40,852 31,461
Property and equipment, net 2,487 1,905
Other assets 1,216 646
Total assets $44,555 $34,012
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable $7,094 $5,794
Accrued salaries and incentives 1,485 1,415
Accrued warranty and returns 2,199 1,267
Other accrued liabilities 2,193 1,640
Current portion of other long-term
liabilities 1,002 760
Current portion of long term debt 10,400 3,475
Total current liabilities 24,373 14,351
Notes payable 9,278 9,582
Other long-term liabilities 659 133
Total liabilities 34,310 24,066
Shareholders' equity:
Common stock 94 94
Additional paid-in-capital 37,995 38,319
Retained deficit (28,255) (27,569)
Accumulated other comprehensive
income 411 -
Treasury stock - (898)
Total shareholders' equity 10,245 9,946
Total liabilities and
shareholders' equity $44,555 $34,012
Rockford Corporation
CONTACT: Executive Contact, Richard Vasek, Chief Financial Officer of Rockford Corporation, +1-480-517-3169
Web site: http://www.rockfordcorp.com/
Dot Hill Reports Fourth Quarter and Full Year 2007 Results
CARLSBAD, Calif., March 13 /PRNewswire-FirstCall/ -- Dot Hill Systems Corp. today announced financial results for the fourth quarter ended December 31, 2007. For the fourth quarter of 2007, net revenue was $51.8 million, compared to $59.4 million for the fourth quarter of 2006 and $45.7 million for the third quarter of 2007. The net revenue figures for the fourth quarter of 2007 were above the guidance range of $44 to $48 million that the company provided on November 8, 2007 and were in-line with the revised guidance the company provided on January 7, 2008 and February 8, 2008. The year-over-year decline in net revenue was due primarily to a decline in revenue from the company's largest OEM customer that was partially offset by increased revenues from the company's second largest OEM customer and sales of its Series 2000 products. The sequential quarterly increase in net revenue was largely due to greater than expected revenue contributions from the company's two largest OEM customers.
Net loss was $46.4 million for the fourth quarter of 2007, or $1.01 per fully diluted share (including a non-cash goodwill impairment charge of $40.7 million), compared to $9.1 million for the fourth quarter of 2006, or $0.20 per fully diluted share (including a foreign income tax expense of $0.5 million related to a legal settlement) and $4.1 million for the third quarter of 2007, or $0.09 per fully diluted share. Excluding the goodwill impairment charge, net loss was $5.7 million for the fourth quarter of 2007, or $0.12 per fully diluted share. Excluding the foreign income tax expense related to a legal settlement, net loss was $8.6 million for the fourth quarter of 2006, or $0.19 per fully diluted share, and $4.1 million for the third quarter of 2007, or $0.09 per fully diluted share.
Net revenue for the full year 2007 was $207.1 million, compared to $239.2 million for the full year 2006. The year-over-year decline in net revenue was due primarily to an expected decline in revenue contribution from the company's largest OEM customer that was partially offset by increased revenue from the company's Series 2000 product sales and from sales to its second largest OEM customer.
Net loss was $60.2 million for the full year 2007, or $1.32 per fully diluted share (including a non-cash goodwill impairment charge of $40.7 million), compared to $80.8 million for the full year 2006, or $1.80 per fully diluted share (including $3.4 million associated with a legal settlement, $1.4 million in foreign income tax expenses related to a legal settlement, $47.1 million in a tax valuation allowance, and $1.3 million in one-time compensation and consulting-related expenses associated with the retirement of the company's prior CEO). Excluding the goodwill impairment charge, net loss for the full year 2007 was $19.5 million, or $0.43 per fully diluted share. Excluding the legal settlement, foreign income tax expenses related to a legal settlement, tax valuation allowance and one-time compensation and consulting-related expense associated with the retirement of the company's prior CEO, net loss for the full year 2006 was $27.6 million, or $0.62 per fully diluted share.
Gross margin for the fourth quarter of 2007 was 12.2 percent as compared to fourth quarter 2006 gross margin of 7.9 percent and third quarter 2007 gross margin of 14.3 percent. The improvement in gross margin percentage on a year-over-year basis is attributed to the improved margin structure on the company's Series 2000 products, reduction of manufacturing overhead and variances and continued cost benefits as a result of the company's migration to its offshore manufacturing partner. This was offset by an increase in lower margin product sales to the company's second largest OEM customer. On a sequential basis, as anticipated, gross margin percentage for the fourth quarter of 2007 was lower due to the continued ramp of products that the company is shipping to its second largest OEM customer.
On a full year basis, gross margin for 2007 was 12.8 percent compared to full year 2006 gross margin of 15.3 percent. The decline in gross margin percentage on an annual basis is attributed to the reduction in higher margin revenue from the company's largest OEM customer, compounded by the effect of several new product introductions during the course of 2007.
The company exited the fourth quarter of 2007 with cash and cash equivalents of $82.4 million. This compares to the third quarter 2007 balance of cash, cash equivalents and short-term investments of $90.2 million. The sequential decrease in cash was due primarily to operating losses and the creation of hub inventory for certain of Dot Hill's large OEM customers.
The company is targeting first quarter 2008 net revenue in the range of $48 to $52 million and a net loss per fully diluted share in the range of $0.15 to $0.19 on a non-GAAP basis. These figures exclude the impact of approximately a $2.0 million reduction in revenue associated with the issuance of warrants to HP, as well as share-based compensation expense, foreign currency translation gains or losses and severance and restructuring charges and other one-time items that may occur or are projected to occur. The company has factored into its earnings guidance the potential impact for additional engineering expenses associated with the development and launch of products for HP as well as a potentially lower gross margin percent due to product sales mix and additional manufacturing overhead expenses related to the HP revenue ramp.
Dot Hill will release final results on its fourth quarter 2007 earnings conference call scheduled for March 13, 2008 at 4:30 p.m. ET. Please join us for a live audio webcast at http://www.dothill.com/ in the Investor Relations section. If you prefer to join via telephone, please dial 877-407-8035 (U.S.) or 201-689-8035 (International) at least five minutes prior to the start of the call. A replay of the webcast will be available on the Dot Hill web site following the conference call. For a telephone replay, dial 877-660-6853 (U.S.) or 201-612-7415 (International) and enter account number 286, then passcode 259172.
About Non-GAAP Financial Measures
This press release contains financial results that exclude the effects of goodwill impairment charges, share-based compensation expense, severance costs, foreign currency adjustments, costs associated with legal settlements, foreign income tax expense, tax valuation allowances and one-time compensation and consulting-related expenses associated with the retirement of the company's prior CEO, and are not in accordance with U.S. generally accepted accounting principles (GAAP). The company believes that these non-GAAP financial measures provides meaningful supplemental information to both management and investors that is indicative of the company's core operating results and facilitates comparison of operating results across reporting periods. The company used these non-GAAP measures when evaluating its financial results as well as for internal resource management, planning and forecasting purposes. These non-GAAP measures should not be viewed in isolation from or as a substitute for the company's expected financial results in accordance with GAAP.
Valuation of Goodwill
On an annual basis, the company reviews goodwill for impairment and whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable in accordance with Statement of Financial Accounting Standards, or SFAS, No. 142, Goodwill and Other Intangible Assets. Consequently, for the year ended December 31, 2007 the company performed an impairment test of the goodwill related to its SANnet reporting unit for each quarter through September 30, 2007. Based upon the results of these impairment tests, management concluded that the fair value of the reporting unit exceeded the carrying value, and therefore the second step of the goodwill impairment test was not required for any quarters through September 30, 2007. However, during the fourth quarter of 2007, the market value of Dot Hill's common stock substantially declined. As a result of this decline, management determined that the goodwill related to its SANnet reporting unit was impaired and the second step of the goodwill impairment test was performed to measure the amount of the impairment. As a result, the company recognized a $40.7 million impairment charge to its goodwill related to the SANnet reporting unit.
About Dot Hill
Delivering innovative technology and global support, Dot Hill empowers the OEM community to bring unique storage solutions to market, quickly, easily and cost-effectively. Offering high performance and industry-leading uptime, Dot Hill's RAID technology is the foundation for best-in-class storage solutions offering enterprise-class security, availability and data protection. The company's products are in use today by the world's leading service and equipment providers, common carriers, advanced technology and telecommunications companies as well as government agencies. Dot Hill solutions are certified to meet rigorous industry standards and military specifications, as well as RoHS and WEEE international environmental standards. Headquartered in Carlsbad, Calif., Dot Hill has offices and/or representatives in China, Germany, Japan, Netherlands, United Kingdom and the United States. For more information, visit us at http://www.dothill.com/.
Statements contained in this press release regarding matters that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Such statements include statements regarding: Dot Hill's projected financial results for the first quarter of 2008; Dot Hill's ability to achieve profitability; continued diversification of Dot Hill's revenue stream; and the transition of Dot Hill's supply chain. The risks that contribute to the uncertain nature of the forward-looking statements include, among other things: the risk that actual financial results for the first quarter 2008 may be different from the financial guidance provided in this press release; the fact that no Dot Hill customer agreements provide for mandatory minimum purchase requirements; the risk that one or more of Dot Hill's OEM or other customers may cancel or reduce orders, not order as forecasted or terminate their agreements with Dot Hill; the risk that Dot Hill's new products may not prove to be popular; the risk that one or more of Dot Hill's suppliers or subcontractors may fail to perform or may terminate their agreements with Dot Hill; unforeseen technological, intellectual property, personnel or engineering issues; and the additional risks set forth in the forms 8-K, 10-K and 10-Q most recently filed by Dot Hill. All forward-looking statements contained in this press release speak only as of the date on which they were made. Dot Hill undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.
DOT HILL SYSTEMS CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE LOSS
(In Thousands, Except Per Share Amounts)
(Unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
2006 2007 2006 2007
NET REVENUE $59,420 $51,764 $239,217 $207,095
COST OF GOODS SOLD 54,728 45,454 202,561 180,662
GROSS PROFIT 4,692 6,310 36,656 26,433
OPERATING EXPENSES:
Sales and marketing 4,092 4,483 15,996 15,939
Research and development 6,476 5,947 36,529 22,564
General and administrative 3,814 3,190 18,119 12,606
Legal settlement - - 3,395 -
Goodwill impairment charge - 40,725 - 40,725
Total operating expenses 14,382 54,345 74,039 91,834
OPERATING LOSS (9,690) (48,035) (37,383) (65,401)
OTHER INCOME:
Interest income, net 1,402 993 5,505 4,787
Other income (expense), net (21) 209 (9) 209
TOTAL OTHER INCOME, NET 1,381 1,202 5,496 4,996
LOSS BEFORE INCOME TAXES (8,309) (46,833) (31,887) (60,405)
INCOME TAX EXPENSE (BENEFIT) 776 (432) 48,885 (177)
NET LOSS $(9,085) $(46,401) $(80,772) $(60,228)
NET LOSS PER SHARE:
Basic and diluted $(0.20) $(1.01) $(1.80) $(1.32)
WEIGHTED AVERAGE SHARES USED TO
CALCULATE NET LOSS PER SHARE:
Basic and diluted 44,990 45,783 44,757 45,534
COMPREHENSIVE LOSS:
Net loss $(9,085) $(46,401) $(80,772) $(60,228)
Foreign currency translation
adjustments (509) (594) (736) (2,286)
Net unrealized gain on short-term
investments 1 2 40 -
Comprehensive loss $(9,593) $(46,993) $(81,468) $(62,514)
DOT HILL SYSTEMS CORP. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In Thousands Except Per Share Amounts)
2006 2007
ASSETS
Current Assets:
Cash and cash equivalents $ 99,663 $ 82,358
Accounts receivable, net of allowance of $629
and $302 39,758 32,445
Inventories 2,210 9,013
Prepaid expenses and other 5,039 3,968
Total current assets 146,670 127,784
Property and equipment, net 9,738 9,599
Goodwill 40,725 -
Intangible assets, net 4,382 2,280
Other assets 136 264
Total assets $201,651 $139,927
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable $ 31,099 $28,472
Accrued compensation 3,231 3,115
Accrued expenses 8,652 6,227
Deferred revenue 521 1,409
Income taxes payable 226 143
Total current liabilities 43,729 39,366
Other long-term liabilities 2,010 4,132
Total liabilities 45,739 43,498
Commitments and Contingencies
Stockholders' Equity:
Preferred stock, $.001 par value, 10,000
shares authorized, no shares
issued and outstanding at December 31, 2006
and 2007, respectively - -
Common stock, $.001 par value, 100,000 shares
authorized, 45,009 and 45,785 shares
issued and outstanding at December 31, 2006
and 2007, respectively 45 46
Additional paid-in capital 290,705 294,193
Accumulated other comprehensive loss (814) (3,100)
Accumulated deficit (134,024) (194,710)
Total stockholders' equity 155,912 96,429
Total liabilities and stockholders' equity $ 201,651 $ 139,927
DOT HILL SYSTEMS CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
(Unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
2006 2007 2006 2007
Cash Flows Related to Operating
Activities:
Net loss $(9,085) $(46,401) $(80,772) $(60,228)
Adjustments to reconcile
net loss to net cash used
in operating activities:
Depreciation and amortization 1,795 1,542 7,200 6,573
Goodwill impairment charge - 40,725 - 40,725
Loss on disposal of property
and equipment 73 55 148 268
Provision for doubtful
accounts (58) (171) 188 (216)
Share-based compensation
expense 608 704 3,326 2,351
Deferred taxes - (16) 47,141 (16)
Changes in operating assets
and liabilities:
Accounts receivable (3,227) (5,140) (5,234) 5,747
Inventories 155 (4,131) 612 (6,777)
Prepaid expenses and other
assets (482) 748 (344) 1,080
Accounts payable 1,967 3,186 4,259 (5,890)
Accrued compensation and
other expenses 2,970 2,383 4,757 (261)
Legal settlement payable (1,475) - - -
Deferred revenue 28 19 (961) 802
Income taxes payable 212 (95) 166 (84)
Restructuring accrual - - (45) -
Other liabilities (7) (614) 1,145 1,723
Net cash used in operating
activities (6,526) (7,206) (18,414) (14,203)
Cash flows related to investing
activities
Purchase of property and
equipment (2,550) (671) (6,548) (4,447)
Sales and maturities of
short-term investments 1,249 5,425 23,824 5,425
Purchases of short-term
investments - - (10,337) (5,425)
Purchase of patent license
portfolio - - - -
Net cash provided by (used in)
investing activities (1,301) 4,754 6,939 (4,447)
Cash flows related to financing
activities
Proceeds from exercise of stock
options and warrants 171 7 948 170
Proceeds from sale of stock to
employees - 1 1,055 968
Net cash provided by financing
activities 171 8 2,003 1,138
Effect of exchange rate
changes on cash 113 64 332 207
Net decrease in cash and cash
equivalents (7,543) (2,380) (9,140) (17,305)
Cash and cash equivalents
beginning of period 107,206 84,738 108,803 99,663
Cash and cash equivalents
end of period $99,663 $82,358 $99,663 $82,358
Supplemental disclosures
of cash flow information
Construction in progress
costs incurred but not paid 418 326 418 326
Deferred tax asset for
share-based compensation
credited to - - - -
Reduction of goodwill
resulting from the
recognition of deferred
tax assets - - - -
Cash paid for income taxes - 28 1,482 245
DOT HILL SYSTEMS CORP. AND SUBSIDIARIES
RECONCILIATION TABLE OF NON-GAAP MEASURES
(In Thousands, Except Per Share Amounts)
(Unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
2006 2007 2006 2007
Net loss $(9,085) $(46,401) $(80,772) $(60,228)
Effect of income tax charge
to record allowance on
U.S. deferred tax assets - - 47,141 -
Effect of foreign income tax
expense related to legal
settlement 462 - 1,430 -
Effect of consulting agreement
with former chief executive
officer - - 600 -
Effect of acceleration of
vesting of former chief
executive officer's stock
options in connection with
consulting agreement - - 650 -
Effect of legal settlement - - 3,395 -
Effect of goodwill
impairment charge - 40,725 - 40,725
Net loss as adjusted $(8,623) $(5,676) $(27,556) $(19,503)
Net loss per share:
Basic and diluted $(0.19) $(0.12) $(0.62) $(0.43)
Weighted average shares used to
calculate net loss per share:
Basic and diluted 44,990 45,783 44,757 45,534
Dot Hill Systems Corp.
CONTACT: Hanif Jamal, Chief Financial Officer, +1-760-931-5500, investors@dothill.com, or Kirsten Garvin, Director of Investor Relations, +1-760-476-3811, kirsten.garvin@dothill.com, both of Dot Hill Systems Corp.
Web site: http://www.dothill.com/
Comtech Group, Inc. Reports Best Quarterly and Annual Revenue and Profit Ever for 2007- 2007 full year revenue grew 34.7% from 2006 with Q4 revenue up 46.3% year-over-year- Full year 2007 net income increased 32.3% from 2006 with Q4 net income up 32.6% year-over-year- 2007 Non-GAAP net income increased 51.9% from 2006 with Q4 Non-GAAP net income up 22.3% from Q3- 2007 full year Non-GAAP EPS Diluted grew 35.1% from 2006 to $0.73; Q4 Non-GAAP EPS Diluted grew 37.5% year-over-year to $0.22- Results exceeded the Company's previous 2007 annual guidance and demonstrated the best quarter in the company's history, delivering the highest quarterly revenue and profit ever- Company expects to continue last year's strong performance with robust growth of 25% to 30% in both revenue and Non-GAAP EPS Diluted for 2008,- Management provides full year guidance of $285 million in revenue and Non-GAAP EPS Diluted of $0.90
SHENZHEN, China, March 13 /PRNewswire-FirstCall/ -- Comtech Group, Inc. , a China-based provider of customized module design solutions as well as engineering and technology services to domestic and international technology product companies, today announced audited financial results for its fourth quarter and full year ended December 31, 2007. The Company reported record quarterly revenue of $70.9 million, up 46.3% year-over-year, compared to $48.5 million reported in the fourth quarter of 2006 with growth in all of the Company's end markets - mobile handset, telecommunication equipment, and digital media, which the Company believes are among the fastest growing markets in China.
Net income for the fourth quarter of 2007 was $6.1 million, up 32.6% from $4.6 million in the same period last year, with Non-GAAP net income up 51.9% over the same period last year. Earnings per share ("EPS") Diluted on a U.S. GAAP basis was $0.15, and Non-GAAP EPS Diluted (excluding share-based compensation expense and acquisition related costs including amortization of intangible assets and recognized deferred taxation) was $0.22, up 37.5% from the fourth quarter of 2006.
For the full year 2007, the Company reported revenues of $228.5 million, a 34.7% increase compared to $169.6 million reported for 2006. 2007 net income was $20.9 million, up 32.3% from $15.8 million in 2006, and Non-GAAP net income was $27.9 million, up 51.9% compared to 2006. EPS Diluted on a U.S. GAAP basis was $0.55, and Non-GAAP EPS Diluted was $0.73, up 35.2% from $0.54 per diluted share in 2006.
Key Financial Indicators
(all numbers in USD thousands, except share data)
Percent
Q42007 Q42006 Change
Consolidated Revenue $70,902 $48,460 46.3%
Cost of Revenue $57,069 $39,331 45.1%
Gross Profit $13,833 $9,129 51.5%
Net Operating Expenses $8,303 $4,685 77.2%
Income from Operations $5,530 $4,444 24.4%
Net Income $6,059 $4,568 32.6%
EPS Diluted $0.15 $0.13 15.4%
Non-GAAP EPS Diluted $0.22 $0.16 37.5%
(1) The US dollar amounts are calculated based on the conversion rate of
US $1 to RMB 7.2946 as of December 31, 2007 and US $1 to RMB 7.8041
as of December 29, 2006.
(2) Included in the Q4 2007 net income was an amount of $1.7 million for
share-based compensation expense to reflect the adoption of
Statement of Financial Accounting Standards of No. 123 (revised
2004), and Share-Based Payment ("SFAS 123R"), effective January 1,
2006 and $1.0 million acquisition related costs including
amortization of purchased intangible assets and recognized deferred
taxation. Non-GAAP net income excluding the effects of share-based
compensation expense and acquisition related costs was $8.7 million
or a $0.22 Non-GAAP EPS Diluted in Q4 2006.
Fourth Quarter highlights:
* Delivered the highest quarterly revenue and profit in Company's
history while continuing to improve the gross margin of the business
and drive profit growth faster than top line
* Secured a series of contracts for providing customized module
solutions to enable cell phone users to watch TV programs broadcast
in China on their mobile handsets
* Achieved significant jump in revenue from the telecom equipment
business, comprising approximately 30% of Comtech's total business.
Company benefited from the growth of some of its major telecom
customers, such as Huawei and ZTE, both of which we expect would
continue to gain global market share.
Recent Developments:
The Company continues to experience robust revenue growth across its key business areas during the quarter. As an effort to capture high growth opportunities, the Company has deepened its development in the auto electronics industry. During the first quarter of 2008, the company announced its partnership with Freescale Semiconductor, one of the world's largest semiconductor companies to provide auto-electronics solutions to the automotive industry in China. Using Comtech's innovative business model, the company is expected to generate meaningful results by the second half of 2008.
The Company's acquisition strategy has provided a firm foundation for future growth. During the past few months, Keen Awards, a company we acquired in 2007, was awarded a series of major design wins to provide LCD display panels to some major OEMs in China. The synergies between Comtech and KA have already made it the fastest growing business unit of the Company. The design wins are expected to further boost Keen Awards' revenue and position the business unit for further growth opportunities this year.
On March 10, 2008, Comtech authorized a stock repurchase program under which the Company may repurchase up to 5 million shares of its outstanding common stock on the open market or in negotiated transactions. The timing and the amount of any repurchases will be determined by the Company's management, based on its evaluation of market conditions and other factors. Under the repurchase program, there is no time limit for the stock repurchases, nor is there a minimum number of shares that the Company intends to repurchase. As of December 31, 2007, the Company had 38,496,167 shares of outstanding common stock, with 33% held by members of the Company. The number of shares that can be repurchased under the repurchase program represent approximately 13% of the Company's total shares of common stock outstanding or 19.4% of shares of public float held by non-members of the Company.
Jeffrey Kang, Chairman & Chief Executive Officer, Comtech Group said, "Recent acquisition development and the stock repurchase plan announced in the first quarter demonstrate the Company's strong position as we enter 2008. Keen Awards' strong performance has illustrated the successful outcome of a calculated synergy impact. This is a good example of the quality of the acquisitions we seek and demonstrates the benefit of keeping our disciplined approach. As part of our acquisition strategy, our next acquisition target offers a great opportunity to capture emerging opportunities with large, high-growth industries in China, such as green energy, where we can leverage our existing business model with both new and existing customers to accelerate the Company's growth. We are planning to close at least one acquisition within the first half of this year."
Mr. Kang continued, "The stock repurchase program is the result of management's belief that the Company is currently undervalued by the investment community because of overstated concerns of a slowdown in handset sales in China. With more than $125 million in cash and only $1.2 million of debt as of December 31, 2007, we want to reaffirm our belief in the Company's strong, sustainable growth by launching a stock buyback program. The repurchase will not affect our near term capital funding for internal growth initiatives and acquisitions. We are confident the Company will achieve this year's revenue growth guidance of 25-30% provided last month and believe that Non-GAAP EPS growth will accelerate further after completion of this repurchase program."
Financial Results
Revenue for the fourth quarter was $70.9 million, an increase of 46.3% compared to the $48.5 million reported for the fourth quarter of last year. The revenue breakdown is as follows: $28.2 million, or 39.8% of total sales for mobile handsets, representing a 50.1% increase year-over-year; $21.6 million, or 30.4% of total sales for telecommunications equipment, representing a 33.8% increase year-over-year, and $18.0 million, or 25.4% of total sales for digital media products, representing a significant increase of 63.9% year-over-year. The Company's service business contributed $3.1 million in revenues for the fourth quarter and accounted for approximately 4.4% of total sales, representing a 24.0% increase year-over-year.
Cost of revenues, which includes the aggregate purchase of components from suppliers and the direct cost of services, was $57.1 million compared to $39.3 million, representing an increase of 45.1% year-over-year. Gross profit for the fourth quarter was $13.8 million, up 51.5% compared to the $9.1 million during the fourth quarter of last year. Gross margin for the fourth quarter increased to 19.5% compared to 18.8% reported during the fourth quarter of 2006 due to a more favorable product mix due mainly to the growth in higher margin business such as digital media and service business during the fourth quarter.
Selling, general and administrative expenses totaled $6.7 million, up 70.1%, compared to $4.0 million reported for the fourth quarter of last year. The increase was attributable to an increase in staff costs due to growth in share-based compensation expense, an additional bad debt provision, amortization of intangible assets and other sales related expenses that support our ongoing business. Research and development (R&D) expenses increased by 111.1% to $1.5 million compared to $0.7 million in the fourth quarter of 2006. The increase was attributable to increase in R&D personnel related costs and additional expenditures for new market development.
Income from operations was $5.5 million, up 24.4% as compared to $4.4 million for the fourth quarter of 2006. Operating margin for the fourth quarter was 7.8% versus 9.2% for the fourth quarter of 2006. Excluding the effects of share-based compensation and acquisition related costs including amortization of purchased intangible assets, operating margin would have been 11.6% for the fourth quarter of 2007, compared to 11.0% for the same period in 2006. The effective tax rate for the fourth quarter of 2007 was 7.8%, compared to 7.3% for the same period in 2006. No minority interest's share of losses was reported as compared to a share of income of $0.4 million over the same period in 2006.
Net income for the fourth quarter was $6.1 million or EPS Diluted of $0.15 on a U.S. GAAP basis, compared to net income of $4.6 million, or EPS Diluted of $0.13 in the fourth quarter of 2006. Included in the fourth quarter 2007 net income was an amount of $1.7 million for share-based compensation expense and $1.0 million for acquisition related costs including amortization of purchased intangible assets and recognized deferred taxation. Excluding the stock-based compensation expense and acquisition related costs including amortization of purchased intangible assets and recognized deferred taxation, the Company would have reported net income of $8.7 million or $0.22 Non-GAAP EPS Diluted for the fourth quarter. The weighted average number of shares used in the calculation of diluted EPS was 40.3 million compared to 34.3 million in the fourth quarter of 2006.
For the full year 2007, the Company reported revenue of $228.5 million, or 34.7% higher than the year ended 2006. Cost of revenue was $184.2 million, an increase of 33.5% compared to the $138.0 million reported last year. Gross profit was $44.3 million, increased 40.0% from $31.6 million in 2006. Gross margin was 19.4% of sales, compared to 18.6% for last year.
Operating expenses, including Selling, general and administrative expenses and research and development expenses, totaled $24.2 million, as compared to $15.1 million for last year. The increase in selling expenses in 2007 was mainly attributable to an increase in a bad debt provision made for 2007. An increase in sales staff costs and share-based compensation also contributed to the increase of general and administrative expenses. The increase in research and development expenses was primarily attributable to the significant rise in personnel and engineer research expenditures focused on potential new markets, such as digital media solutions.
Income from operations was $20.1 million, an increase of 21.7% from the prior year. Operating margin was 8.8% as compared to 9.7% last year. Excluding stock-based compensation and acquisition related costs including amortization of purchased intangible assets, pro forma operating margin actually increased to 11.9% versus 11.2% reported last year.
The Company had an effective tax rate of 8.4% as compared to 7.9% last year. The increase in the effective tax rate was primarily due to subsidiaries with higher tax rates representing a greater percentage of our revenues in 2007. Net income was $20.9 million, or $0.55 per diluted share, compared to net income of $15.8 million, or $0.47 per diluted share last year. Excluding the effects of stock-based compensation expense and acquisition related costs including amortization of purchased intangible assets and recognized deferred taxation, the Company's net income on a Non-GAAP basis was $27.9 million or $0.73 per diluted share for the year.
Balance Sheet
The Company completed fiscal year end 2007 with cash of $126.1 million, up from $48.1 million at the end of 2006, attributable to the proceeds received from the secondary public offering and positive operating cash generated in 2007. Inventory increased from $9.2 at the end of 2006 to $17.8 million as of December 31, 2007. The increase in inventory was attributable to the expansion of existing businesses. It was consistent with the increase in trade accounts receivable from $35.7 million at the end of 2006 to $57.3 million as of December 31, 2007, and the increase in trade accounts payable from $14.6 million to $23.9 million. As a result of the acquisitions during 2007, intangible assets increased from $2.5 million at the end of 2006 to $20.4 million as of December 31, 2007, and goodwill increased from $6.0 million at the end of 2006 to $13.6 million as of December 31, 2007. The Company maintained bank borrowings of $1.2 million. Shareholders' equity was $199.3 million as of December 31, 2007, a significant increase of 134.3% from $85.1 million as of December 31, 2006.
Business Outlook
Based on existing visibility and new business in the pipeline, management is providing 2008 full year guidance of $285 million in revenue and Non-GAAP EPS Diluted of $0.90. The Company expects to be able to achieve this aggressive goal despite a downturn in the US economy because its business mainly targets the Chinese domestic and newly emerging markets, which we expect to continue on a robust upward trajectory that offsets any negative news from the US.
Mr. Kang remarked, "The outlook for our business remains strong. Comtech has a twelve year history in which time we have weathered many tough situations such as what we are seeing today with the US economy. Despite minor setbacks, the Company has always achieved strong growth. We expect to continue last year's strong performance with robust growth of 25% to 30% in both revenue and Non-GAAP EPS Diluted this year. I am confident that our strategies for sustained growth are working, and based on the company's organic expansion and strategic new business and acquisitions in the pipeline, Comtech is well-positioned for continued strong results in 2008."
Currency Exchange Rates Impacts on Annual Results
The audited annual revenue for the full year 2007 was $228.5 million. Total revenue normalized by adding the results of the four quarters together would have been $222.1 million*. The normalized total revenue of the four quarters was slightly higher than the previous 2007 annual guidance and preliminary results announced in February. Non-GAAP EPS Diluted based on the audited net income was $0.73 and the normalized Non-GAAP EPS Diluted based on the addition of the results of the four quarters would have been $0.71, in line with the previous guidance. Because the Chinese Yuan has appreciated significantly against the US dollar during 2007, the full year audited revenue was $6.4 million higher than the normalized revenue and audited Non-GAAP EPS Diluted was $0.02 higher than normalized result. The Company encourages investors to use quarterly results and normalized annual results to measure the Company's operating performance and growth. The Company anticipates that the Chinese Yuan will continue to appreciate against the US dollar throughout 2008.
* The US dollar amounts are calculated based on the conversion rates of
USD 1 to RMB 7.7232 as of March 31, 2007 for the first quarter, USD 1 to
RMB 7.6120 as of June 30th, 2007 for the second quarter, USD 1 to RMB
7.4928 as of September 30th, 2007 for the third quarter and US $1 to RMB
7.2946 as of December 31, 2007 for the fourth quarter and the
consolidated 2007 full year.
Teleconference Information
Management will conduct a conference call to discuss its financial results for the fourth quarter and full year 2006 at 16:30 EST on Thursday, March 13, 2008. Interested parties may dial toll-free at 1-800-762-8973 if dialing domestically, or 1-480-629-9041 if dialing internationally, approximately 15 minutes prior to the start of the call. There will be a playback available until March 20, 2008. To listen to the playback, please call 1-800-406-7325 if calling within the United States or 1-303-590-3030 if calling internationally. Please use pass code 3836196 for the replay.
This call is being web cast by ViaVid Broadcasting and can be accessed at Comtech's website at http://www.comtech.com.cn/investorinfo.html or ViaVid's website at http://viavid.net/dce.aspx?sid=00004A8C.
To access the web cast, you will need to have the Windows Media Player on your desktop. For the free download of the Media Player please visit: http://www.microsoft.com/windows/windowsmedia/en/download/default.asp.
About Comtech Group, Inc.:
Comtech Group, Inc. is a leading provider of customized module and subsystem design solutions in China. The Company believes it acts as a proxy to China's technology industry as it works with virtually all the major ODMs and OEMs in China. Comtech leverages these relationships and combines their IP to create designs that Comtech then sells to electronic manufacturers. These designs allow manufacturers to reduce their time to market for new products and ultimately increase sales. Comtech Group focuses on the mobile handset, telecom equipment and digital media end-markets for their customized design modules while also offering business and engineering services to their large telecom equipment vendor customers. Over the last twelve years, Comtech has grown its customer list to include more than 200 of the largest and most well known manufacturers across the mobile handset, telecom equipment and consumer markets in China, covering both multinational Chinese subsidiaries and Chinese domestic companies. For more information, visit http://www.comtech.com.cn/.
Safe Harbor Statement:
This press release includes certain statements that are not descriptions of historical facts, but are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. These forward-looking statements may include statements about our proposed discussions related to our business such as business with Freescale Semiconductor, Huawei and ZTE or growth strategy such as growth in digital media, growth in mobile handset business, as well as our potential acquisitions which are subject to change. Such information is based upon expectations of our management that were reasonable when made but may prove to be incorrect. All such assumptions are inherently subject to uncertainties and contingencies beyond our control and upon assumptions with respect to future business decisions, which are subject to change. For a further descriptions of other risks and uncertainties, see our most recent Annual Report filed with the Securities and Exchange Commission (SEC) on Form 10-K, and our subsequent SEC filings, including our most recent S-1 Form and/or S-3. Copies of filings made with the SEC are available through the SEC's electronic data gathering analysis retrieval system (EDGAR) at http://www.sec.gov/.
About Non-GAAP Financial Measures:
To supplement Comtech's consolidated financial results presented in accordance with GAAP, Comtech uses the following measures defined as Non-GAAP financial measures by the SEC: 1) Non-GAAP net income, which is net income excluding share-based compensation expenses and acquisition related costs such as amortization of purchased intangible assets, 2) Non-GAAP basic and diluted earnings per share, which is basic and diluted earnings per share excluding share-based compensation expenses and acquisition related costs such as amortization of purchased intangible assets, 3) Non-GAAP income from operation, which is income from operation excluding share-based compensation expenses and acquisition related costs such as amortization of purchased intangible assets and 4) Non-GAAP operating margin, which is operating margin excluding share-based compensation expenses and acquisition related costs such as amortization of purchased intangible assets. The presentation of these Non- GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. For more information on these Non-GAAP financial measures, please see the table captioned "Reconciliations of Non-GAAP measures to the most comparable GAAP measures" set forth at the end of this release.
Comtech believes that these Non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding share-based expenses and acquisition related costs such as amortization of purchased intangible assets that may not be indicative of its operating performance from a cash perspective. Comtech believes that both management and investors benefit from referring to these Non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These Non-GAAP financial measures also facilitate management's internal comparisons to Comtech's historical performance and liquidity. Comtech computes its Non-GAAP financial measures using the same consistent method from quarter to quarter. Comtech believes these non- GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision making. A limitation of using Non-GAAP net income, Non-GAAP basic and diluted earnings per share, Non-GAAP income from operation and Non-GAAP operating margin is that these Non-GAAP measures exclude share-based compensation charge and acquisition related costs such as amortization of purchased intangible assets that have been and will continue to be for the foreseeable future a recurring expense in our business. Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from each Non-GAAP measure. The accompanying tables have more details on the reconciliations between GAAP financial measures that are most directly comparable to Non-GAAP financial measures.
Tables Attached
COMTECH GROUP, INC.
CONSOLIDATED STATEMENT OF INCOME
FOR THE QUARTERS ENDED DECEMBER 31, 2007 AND 2006
(in thousands, except share data)
Three Months Ended December 31,
2007 2007 2006
USD RMB RMB
Net revenue
Product sales 67,807 494,628 358,355
Services revenue 3,095 22,572 19,832
70,902 517,200 378,187
Cost of sales
Cost of goods sold (55,120) (402,081) (298,058)
Cost of services (1,949) (14,215) (8,883)
(57,069) (416,296) (306,941)
Gross profit 13,833 100,904 71,246
Selling, general and
administrative expenses (6,731) (49,102) (30,878)
Research and development
expenses (1,535) (11,197) (5,677)
Other operating expenses (37) (268) (5)
Income from operations 5,530 40,337 34,686
Gain on disposal of a
subsidiary - - (612)
Interest expense (32) (230) (940)
Interest income 1,076 7,846 2,342
Income before income taxes and
minority interests 6,574 47,953 35,476
Income tax expense (515) (3,754) (2,585)
Income before minority
interests 6,059 44,199 32,891
Minority interests - - 2,759
Net income 6,059 44,199 35,650
Earnings per share
Basic 0.16 1.13 1.09
Diluted 0.15 1.10 1.04
Weighted average number of
common shares outstanding
Basic 38,979,312 32,640,683
Diluted 40,282,435 34,285,305
COMTECH GROUP, INC.
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2007 AND 2006
(in thousands, except share data)
At December 31,
2007 2007 2006
USD RMB RMB
ASSETS
Current assets:
Cash 126,073 919,650 375,147
Pledged bank deposits 7,074 51,603 55,416
Accounts receivable, net
of allowance for
doubtful accounts 57,348 418,329 278,589
Bills receivable 4,839 35,300 31,797
Inventories 17,807 129,892 71,959
Prepaid expenses and
other receivables 2,509 18,306 14,254
Total current assets 215,650 1,573,080 827,162
Property and equipment, net 2,447 17,848 12,395
Intangible assets, net 20,379 148,659 19,528
Investment in an affiliated
company 57 416 416
Goodwill 13,636 99,474 46,692
Other assets 146 1,063 905
TOTAL ASSETS 252,315 1,840,540 907,098
LIABILITIES AND STOCKHOLDERS'
EQUITY
Current liabilities:
Trade accounts payable 23,939 174,628 114,217
Bank borrowings 1,245 9,080 30,272
Amounts due to related
parties 192 1,403 1,522
Income taxes payable 954 6,957 9,270
Accrued expenses and
other liabilities 23,174 169,046 86,253
Deferred income taxes 558 4,071 -
Total current liabilities 50,062 365,185 241,534
Deferred income taxes 2,946 21,478 -
Total liabilities 53,008 386,672 241,534
Minority interests - - 1,646
Stockholders' equity:
Common stock Par value:
USD0.01
Authorized: 200,000,000
shares;
Issued and outstanding:
38,796,167 shares in
2007
32,971,901 shares in
2006 432 3,150 2,725
Additional paid in
capital 148,803 1,085,459 402,721
Retained earnings 58,719 428,333 275,890
Accumulated other
comprehensive loss (8,647) (63,074) (17,418)
Total stockholders' equity 199,307 1,453,868 663,918
Commitments and contingencies
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY 252,315 1,840,540 907,098
COMTECH GROUP, INC.
CONSOLIDATED STATEMENT OF INCOME
FOR THE YEARS ENDED DECEMBER 31, 2007, 2006 AND 2005
(in thousands, except share data)
2007 2007 2006 2005
USD RMB RMB RMB
Net revenue
Product sales 219,041 1,597,818 1,269,176 866,332
Services revenue 9,417 68,690 54,387 -
228,458 1,666,508 1,323,563 866,332
Cost of sales
Cost of goods
sold (177,834) (1,297,225) (1,042,951) (714,881)
Cost of services (6,356) (46,368) (33,928) -
(184,190) (1,343,593) (1,076,879) (714,881)
Gross profit 44,268 322,915 246,684 151,451
Selling, general and
administrative
expenses (18,594) (135,631) (90,097) (38,970)
Research and
development
expenses (5,617) (40,973) (27,977) (15,837)
Other operating income 23 170 185 180
Income from
operations 20,080 146,481 128,795 96,824
Gain on disposal of
a subsidiary - - 6,673 -
Interest expense (320) (2,335) (2,896) (1,762)
Interest income 3,515 25,637 7,352 2,493
Income before income
taxes and minority
interests 23,275 169,783 139,924 97,555
Income tax expense (1,957) (14,275) (11,104) (6,736)
Income before
minority interests 21,318 155,508 128,820 90,819
Minority interests (420) (3,065) (5,545) (3,977)
Net income 20,898 152,443 123,275 86,842
Earnings per share
Basic 0.57 4.12 3.83 3.08
Diluted 0.55 3.98 3.64 2.94
Weighted average
number of common
shares outstanding
Basic 36,974,100 32,200,044 28,168,274
Diluted 38,306,969 33,829,519 29,507,939
COMTECH GROUP, INC.
RECONCILIATION OF NON-GAAP MEASURES TO THE MOST COMPARABLE GAAP MEASURES
FOR THE QUARTERS ENDED DECEMBER 31, 2007 AND 2006
(in thousands, except share data)
Three Months Ended December 31,
2007 2007 2006
$'000 RMB'000 RMB'000
Net Income
GAAP net income 6,059 44,199 35,650
Share-based compensation
expense 1,675 12,220 6,979
Acquisition related costs
- amortization of purchased
intangible assets and
recognized deferred
taxation 982 7,161 -
Non-GAAP net income 8,716 63,580 42,629
Income from operation
GAAP income from
operations 5,530 40,337 34,686
Share-based compensation
expense 1,675 12,220 6,979
Acquisition related costs
- amortization of purchased
intangible assets 1,042 7,602 -
Non-GAAP income from
operation 8,247 60,159 41,655
Operating Margin
GAAP operating margin 7.80% 7.80% 9.17%
Non-GAAP operating margin 11.63% 11.63% 11.08%
Earnings per share $ RMB RMB
GAAP net income per
share- Basic 0.16 1.13 1.09
GAAP net income per
share- Diluted 0.15 1.10 1.04
Non-GAAP net income per
share- Basic 0.22 1.63 1.31
Non-GAAP net income per
share- Diluted 0.22 1.58 1.24
Weighted average number of
shares outstanding
Non-GAAP net income per
share- Basic 38,979,312 32,640,683
Non-GAAP net income per
share- Diluted 40,282,435 34,285,305
COMTECH GROUP, INC.
RECONCILIATION OF NON-GAAP MEASURES TO THE MOST COMPARABLE GAAP MEASURES
FOR THE YEARS ENDED DECEMBER 31, 2007 AND 2006
(in thousands, except share data)
Year Ended December 31,
2007 2007 2006
$'000 RMB'000 RMB'000
Net Income
GAAP net income 20,898 152,443 123,275
Share-based compensation
expense 5,211 38,015 20,029
Acquisition related costs
- amortization of
purchased intangible
assets and recognized
deferred taxation 1,777 12,963 -
Non-GAAP net income 27,886 203,421 143,304
Income from operation
GAAP income from
operations 20,080 146,481 128,795
Share-based compensation
expense 5,211 38,015 20,029
Acquisition related costs
- amortization of
purchased intangible
assets 1,837 13,403 -
Non-GAAP income from
operation 27,128 197,899 148,824
Operating Margin
GAAP operating margin 8.79% 8.79% 9.73%
Non-GAAP operating margin 11.88% 11.88% 11.24%
Earnings per share
GAAP net income per
share- Basic 0.57 4.12 3.83
GAAP net income per
share- Diluted 0.55 3.98 3.64
Non-GAAP net income per
share- Basic 0.75 5.50 4.45
Non-GAAP net income per
share- Diluted 0.73 5.31 4.24
Weighted average number of
shares outstanding
- Basic 36,974,100 32,200,044
- Diluted 38,306,969 33,829,519
COMTECH GROUP, INC.
RECONCILIATION OF NON-GAAP MEASURES TO THE MOST COMPARABLE GAAP MEASURES
FOR THE QUARTERS ENDED MARCH 31, JUNE 30, SEPTEMBER 30 AND DECEMBER 31,
2007
(in thousands, except share data)
Quarters Ended
Mar 31 Jun 30 Sep 30 Dec 31 Total
$'000 $'000 $'000 $'000 $'000
Revenue 44,560 50,554 56,100 70,902 222,116
Net Income
GAAP net
income 3,693 5,082 5,477 6,059 20,311
Share-based
compensation
expense 1,208 833 1,351 1,675 5,067
Acquisition
related
costs
- amortization
of purchased
intangible
assets and
recognized
deferred
taxation 230 233 300 982 1,745
Non-GAAP net
income 5,131 6,148 7,128 8,716 27,123
Earnings per
share $ $ $ $ $
GAAP net
income per
share-
Basic 0.11 0.14 0.14 0.16 0.55
GAAP net
income per
share-
Diluted 0.11 0.13 0.14 0.15 0.53
Non-GAAP net
income per
share- Basic 0.16 0.17 0.19 0.22 0.74
Non-GAAP net
income per
share-
Diluted 0.15 0.16 0.18 0.22 0.71
Weighted average
number of
shares
outstanding
- Basic 33,057,444 36,772,864 38,348,516 38,979,312 36,974,100
- Diluted 34,317,751 38,041,918 39,541,664 40,282,435 38,306,969
Comtech Group, Inc.
CONTACT: Investor Relations, H.K., +852 2730 1518, U.S., +1-646-291-8998, fax, +86 755 2674 3522, communications@comtech.com.cn
Web site: http://www.comtech.com.cn/ http://www.comtech.com.cn/investorinfo.html
Informatica to Present at Citi's 5th Annual Small & Mid Cap Conference
REDWOOD CITY, Calif., March 13 /PRNewswire-FirstCall/ -- Informatica Corporation , the leading independent provider of data integration software, today announced that Earl Fry, executive vice president and CFO and Tony Young, vice president & CIO, will present a corporate overview at Citi's 5th Annual Small and Mid Cap Conference on Wednesday, March 19, 2008 at 10:05 a.m. PDT.
A live audio Web cast of the event will be available at http://www.informatica.com/investor. An audio web cast archive of the events will be available until 12:00 p.m. PDT on March 26, 2008.
About Informatica
Informatica Corporation is the leading independent provider of enterprise data integration software. Using Informatica products, companies can access, integrate, migrate and consolidate enterprise data across systems, processes and people to reduce complexity, ensure consistency and empower the business. More than 2,950 companies worldwide rely on Informatica for their end-to-end enterprise data integration needs. For more information, call 650-385-5000 (800-653-3871 in the U.S.), or visit http://www.informatica.com/.
Note: Informatica is a registered trademark of Informatica Corporation in the United States and in jurisdictions throughout the world. All other company and product names may be trade names or trademarks of their respective owners.
Informatica Corporation
CONTACT: public relations, Deborah Wiltshire, +1-650-385-5360, dwiltshire@informatica.com, or investor relations, Stephanie Wakefield, +1-650-385-5261, swakefield@informatica.com, both of Informatica Corporation
Web site: http://www.informatica.com/
Younger, Heavy Online News Consumers Are Not Newspaper Readers, According to comScore Plan MetrixStudy Highlights the Importance of Extending Traditional News Brands to Online
RESTON, Va., March 13 /PRNewswire-FirstCall/ -- comScore, Inc. , a leader in measuring the digital world, today released the results of a study of the differences in online behavior among heavy, medium, light and non-newspaper readers (segments defined below). The results showed that non-newspaper readers are likely to be younger, and they are actually heavier than average online news consumers. Meanwhile, heavy newspaper readers are more likely than average to engage with traditional print news brands online.
(Logo: http://www.newscom.com/cgi-bin/prnh/20080115/COMSCORELOGO)
"That current generations are growing up getting their news online for free is an indicator that print circulations are likely to continue their decline," said Jack Flanagan, executive vice president of comScore. "But the Internet represents a significant opportunity to extend -- and even improve upon -- existing news brands and reach out to new consumers with living, breathing real-time content. Just because print circulations are declining does not mean there are fewer news consumers. In fact, just the opposite is true."
Younger News Consumers Less Likely to Read Print Newspapers
Heavy print newspaper readers show a strong skew towards older age segments, while the non-newspaper reader segments skew younger. Those age 65 and older are nearly 3 times more likely (index of 296) than average to read the print edition of newspapers 6 times per week, while those age 18-24 are 38 percent more likely than average to not read a print newspaper at all during a typical week.
Demographic Profile of Print Newspaper Reader Segments
Summer 2007
Total U.S. - Persons 18+, Home/Work Locations
Source: comScore Plan Metrix
Composition Index
Heavy Medium Light Non-
Age Demographic Readers
18+ yrs old (Total 100 100 100 100
Audience)
18-24 yrs old 31 80 139 138
25-34 yrs old 51 87 106 127
35-44 yrs old 73 110 107 109
45-54 yrs old 116 123 90 76
55-64 yrs old 186 100 80 71
65+ yrs old 296 60 49 37
*Composition Index = Percent of Newspaper Reader Segments/Percent of
Internet Users x 100; Index of 100 represents parity.
Non-Newspaper Readers are Heavy Online News Consumers
In order to better understand the news consumption habits of these heavy medium, light and non-print newspaper reader segments, comScore looked at their relative propensity to visit several key news sources online, using a selection of key print, TV, and Internet news brands.
Several key takeaways emerged from this study. First, it is clear that based on their heavier than average visitation across most key news sites, those who do not read print versions of newspapers are not necessarily light news consumers. In fact, they show a high propensity to visit the majority of sites studies, including print (e.g. LA Times), TV (e.g. FoxNews.com), and Internet (e.g. Topix.com) brands.
Secondly, both the heavy print newspaper readers and the non-readers show similarly heavy consumption of print news brands online, which suggests that print news sites are not merely an extension of their offline brands but have a stand-alone brand presence in the online world. For example, the Web sites for three of the largest U.S. city newspapers -- the New York Times, LA Times and Chicago Tribune -- show above average visitation from both heavy newspaper readers and non-readers.
Finally, TV news brands are also heavily visited by non-print newspaper readers, underscoring the importance of sight, sound and motion to the digital news experience. Non-readers were 29 percent more likely than the average Internet user to visit FoxNews.com and 15 percent more likely to visit CBS News Digital.
General News Site Visitation among Print Newspaper Reader
Segments
Summer 2007
Total U.S. - Persons 18+, Home/Work Locations
Source: comScore Plan Metrix
Composition Index
Heavy Medium Light Non-
Readers
Print News Brands
NYTIMES.COM 103 85 91 104
WSJ.COM 147 41 119 106
WASHINGTONPOST.COM 109 58 101 95
LA Times 109 98 95 112
Chicago Tribune 106 94 93 108
TV News Brands
MSNBC 99 95 112 106
CNN 82 93 90 109
FOXNEWS.COM 104 90 82 129
CBS NEWS Digital 113 106 110 115
ABCNEWS DIGITAL 94 88 84 102
Internet News Brands
Google News Search 82 99 95 118
AOL News 109 99 106 94
Yahoo! News 94 106 99 99
TOPIX.COM 82 105 116 124
DIGG.COM 75 102 122 102
*Composition Index = Percent of Newspaper Reader Segments/Percent of
Internet Users x 100; Index of 100 represents parity.
"Non-newspaper readers are a particularly important segment to reach because they are heavier than average news consumers -- they just prefer to consume it in a digital format," continued Flanagan. "That they are receptive to print, TV, and Internet news brands indicates a broad opportunity online, but the brands that will ultimately win over these key news consumers are the ones that successfully integrate cutting edge digital content with high quality journalism."
Print Newspaper Reader Segment Definitions
Segments were defined based on the number of days respondents said they read a print version of a newspaper in an average week, excluding the Sunday edition.
Heavy Newspaper Readers: 6 times per week
Medium Newspaper Readers: 3-5 times per week
Light Newspaper Readers: 1-2 times per week
Non Newspaper Readers: 0 times per week
About comScore Plan Metrix
comScore Plan Metrix is the only service to combine continuously observed Internet behavior measurement with comprehensive attitudinal, lifestyle and product usage data from the same representative consumer panel, providing agencies, advertisers and media sellers with access to comprehensive consumer information, including: technology ownership and usage, demographic, lifestyle, attitudinal, product purchase and offline media consumption data.
To request more information on comScore Plan Metrix, please visit http://www.comscore.com/contact
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: Andrew Lipsman of comScore, Inc., +1-312-775-6510, press@comscore.com
Web site: http://www.comscore.com/
Lockheed Martin Opens P-3 Orion New Wing Production Line
MARIETTA, Ga., March 13 /PRNewswire-FirstCall/ -- Lockheed Martin opened its new P-3 Orion wing production line today, marking production kickoff at its Marietta, Ga., facilities with a brief ceremony attended by Royal Norwegian Air Force (RNoAF) and Lockheed Martin officials. Norway is the initial P-3 Aircraft Service Life Extension Program (ASLEP) customer.
"Today is a landmark day for the long-term sustainment and support of the P-3 Orion," said Ray Burick, Lockheed Martin P-3/S-3 Programs vice president. "It is the culmination of literally years of hard work by many people, and the production of new life extension kits reaffirms Lockheed Martin's commitment to aircraft sustainment and further cements us as the provider of the most comprehensive range of support, sustain and refresh solutions for the P-3. As the P-3 OEM we know these aircraft best and are uniquely qualified to support them."
The RNoAF will receive six life extension kits, two conditional kits, and engineering support under the contract. Delivery of the first set of wings is scheduled for June 2009.
"The Government of Norway is pleased to observe the expanded production of wings for the P-3 Maritime Patrol Aircraft, which will extend the lifespan and improve the capabilities required to support the operational requirement of Norwegian forces," said Col. Geir Wiik, Royal Norwegian Air Force.
Each life extension kit replaces the outer wings, center wing lower surface assembly, horizontal stabilizer, wing and horizontal stabilizer leading edges and various filet fairings. All necessary fatigue-life limiting structures are replaced, allowing the RNoAF to operate its Orions for decades to come. New alloys, which are five times less corrosive and will significantly reduce maintenance and sustainment costs, are employed in the manufacture of the new components. ASLEP is the only solution that removes all current flight restrictions on the P-3.
Headquartered in Bethesda, Md., Lockheed Martin employs about 140,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. The Corporation reported 2007 sales of $41.9 billion.
For additional information, visit our website:
http://www.lockheedmartin.com/aeronautics
Lockheed Martin
CONTACT: Rob Gross, +1-864-422-6435, rob.gross@lmco.com, or Sam Grizzle, +1-703-413-5775, sam.c.grizzle@lmco.com, both of Lockheed Martin
Web site: http://www.lockheedmartin.com/
Company News On-Call: http://www.prnewswire.com/comp/117281.html
ActivIdentity Corporation Announces the Appointment of New Directors to Board
FREMONT, Calif., March 13 /PRNewswire-FirstCall/ -- ActivIdentity Corporation , a global leader in digital identity assurance, announced today new additions to the Board of Directors. The company appointed Mr. Robert Brandewie, Mr. Grant Evans, Mr. Steven Humphreys, and Mr. David B. Wright to serve as directors effective March 13, 2008.
(Logo: http://www.newscom.com/cgi-bin/prnh/20051108/SFTU161LOGO)
In addition, effective immediately, Mr. Richard A. Kashnow and Mr. Richard White will step down from the Board, and the Board has voted to raise its size from six to eight.
"ActivIdentity offers its sincere thanks to Richard Kashnow and Richard White for their dedication and leadership in steering the company. Both have made significant contributions to the company and we wish them the very best of luck in their future endeavors," said Thomas Jahn, CEO at ActivIdentity. "With these changes, the Board remains focused on working directly with the ActivIdentity executive management team to further guide the company's performance and deliver increased value to its shareholders. The newly appointed members of the Board will leverage their proven industry pedigrees to make this a reality."
The new Board of Directors now consists of Mr. Robert Brandewie, Mr. Grant Evans, Mr. James Frankola, Mr. Jason Hart, Mr. Steven Humphreys, Mr. Thomas Jahn, Mr. James Ousley and Mr. David B. Wright.
About ActivIdentity
ActivIdentity(R) Corporation provides identity solutions to secure the business of enterprise, government, healthcare, and financial services organizations worldwide. Trusted identity is the core of the ActivIdentity platform enabling security for data, networks, applications, passwords and credentials, web, email and documents, transactions as well as converged security.
ActivIdentity solutions support the convergence of physical and logical identity through strong authentication with smart card lifecycle management, adding enterprise single sign on, and data encryption and digital signature.
ActivIdentity customers experience multiple benefits including increased network security, protection against identity theft and online fraud, enhanced workforce productivity, business process efficiencies, and regulatory compliance. For more information, visit http://www.actividentity.com/.
ActivIdentity and ActivCard are registered trademarks in the United States and/or other countries. All other trademarks are the property of their respective owners in the United States and/or other countries.
Photo: http://www.newscom.com/cgi-bin/prnh/20051108/SFTU161LOGO AP Archive: http://photoarchive.ap.org/ PRN Photo Desk, photodesk@prnewswire.com
ActivIdentity Corporation
CONTACT: Timothy Polakowski of McGrath\Power Public Relations, +1-408-727-0351, timothyp@mcgrathpower.com, for ActivIdentity Corporation
Web site: http://www.actividentity.com/
EDS Appoints Musser as Chief Information Officer
PLANO, Texas, March 13 /PRNewswire-FirstCall/ -- EDS today announced it has appointed Cherri Musser as vice president and chief information officer (CIO), effective March 31, 2008. She will report to Charlie Feld, senior executive vice president of Applications Services.
As CIO, Musser will be responsible for EDS' global infrastructure and internal systems including information technology (IT) strategy and planning, implementation, and service level agreements supporting the EDS enterprise. This includes the further build out and execution of EDS' own application modernization strategy through the deployment of the company's multi-year IT investment plan.
"Cherri is a well-respected CIO with proven experience managing complex, global environments," said Feld. "She will be a tremendous asset to EDS and our clients. Her knowledge and insight will help EDS continue to showcase its transformational efforts to clients and further evolve our processes as an enterprise."
Previously with General Motors (GM), Musser most recently served as group vice president and CIO for GMAC Financial Services. In that role, she led integrated IT transformation efforts. Earlier in her GM career, Musser served as the process information officer of Supply Chain, OnStar and Business Services. Musser joined GM after 20 years with Texas Instruments (TI), where she held various leadership positions including vice president of worldwide research and development in TI's Software Division.
Musser is an executive committee member and past president of the Michigan Council of Women in Technology (MCWT). She has been recognized as one of the 100 leading women in the North American auto industry by Automotive News and as one of the 25 most influential people in the supply chain industry by Supply Chain Technology News. Musser has also been recognized as one of the "Top Michigan Women in Computing" by The Association of Women in Computing. She received the 2007 2CMichigan Corporate Commitment Award honoring individuals participating in area relations, organizations and philanthropic activities that impact the Michigan community.
Musser earned her bachelor's degree in Mathematics from Mississippi State University and her master's degree in business administration from Southern Methodist University.
About EDS
EDS is a leading global technology services company delivering business solutions to its clients. EDS founded the information technology outsourcing industry more than 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 http://www.eds.com/.
CONTACT:
Travis Jacobsen - EDS
972.797.8751
travis.jacobsen@eds.com
Electronic Data Systems Corporation
CONTACT: Travis Jacobsen of EDS, +1-972-797-8751, travis.jacobsen@eds.com
Web site: http://www.eds.com/
Onstream Media Launches iEncode(TM) Webcasting Solution-New Product Puts the Power of Visual Webcaster in the Customer's Hands-
POMPANO BEACH, Fla., March 13 /PRNewswire-FirstCall/ -- Onstream Media Corporation , an online service provider of live and on-demand internet video, today announced the launch of iEncode(TM), a full-featured, turnkey webcasting solution that operates inside a customer's corporate LAN environment. The new iEncode(TM) webcasting product provides Onstream Media's customers with the flexibility to instantly produce webcasts from within their own network, controlled by their own personnel, and with the power of the wide range of features offered by Onstream Media's proprietary Visual Webcaster platform. Onstream Media will be offering the iEncode(TM) appliance priced at under $10,000 end user list price. In addition to revenue from initial hardware sales, Onstream Media will derive ongoing revenues from iEncode(TM) users for per-event fees, storage and bandwidth usage.
iEncode(TM) possesses all of the powerful features of Onstream Media's Visual Webcaster platform for both multicast (internal) and unicast (Internet) webcasting of live and archived audio and video, including slides (presenter or user controlled), speaker photos, polling, Q&A and indexing. iEncode(TM) is also fully compatible with Onstream Media's Digital Media Services Platform (DMSP) for archiving, publishing, intelligent indexing and retrieval of the digital webcast files. iEncode(TM) users will also have use of a powerful online editing tool that allows the operator to edit the completed webcast including the ability to adjust start and stop times (in and out points) removing unwanted slides, URL, or poll pushes, and changing trigger times for all the above. The iEncode(TM) hardware was also designed to be fully compatible with widely used video conferencing equipment from major companies such as Cisco (Telepresence) and Polycom (VCUs), among others.
After approximately one month of on-site customer testing, the Company expects that sales of iEncode(TM) will begin and revenues from this new product will be realized during the third fiscal quarter ending June 30, 2008. iEncode(TM) fills the void between Onstream Media's "white glove" high touch webcasting clients that require significant involvement by the Company's producers and event coordinators and its audio webcasting clients that do not require video and therefore have minimal personnel involvement. The Company believes that many companies with the need to do higher volume video events with less production requirements will find iEncode(TM) the perfect balance between cost and frequency of usage.
"iEncode(TM) is an important breakthrough for Onstream Media, as well as for customers who desire to have the power of Visual Webcaster in their own hands," said Randy Selman, president and Chief Executive Officer of Onstream Media. "Most important, the standalone aspect of iEncode(TM) gives us the ability to add thousands of new users for our webcasting services, but without the need for any significant investment in infrastructure or personnel. We expect that iEncode(TM) will result in a new high margin recurring revenue stream incremental to the existing client base currently using our webcasting services."
About Onstream Media:
Onstream Media Corporation is an online service provider of live and on-demand internet video, corporate web communications and content management applications. Onstream Media's pioneering Digital Media Services Platform (DMSP) provides customers with cost effective tools for encoding, managing, indexing, and publishing content via the Internet. The DMSP provides our clients with intelligent delivery and syndication of video advertising, and supports pay-per-view for online video and other rich media assets. The DMSP also provides an efficient workflow for transcoding and publishing user- generated content in combination with social networks and online video classifieds, utilizing Onstream Media's Auction Video(TM) (patent pending) technology. In addition, Onstream Media provides live and on-demand webcasting, webinars, web and audio conferencing services. In fact, almost half of the Fortune 1000 companies and 78% of the Fortune 100 CEOs and CFOs have used Onstream Media's services.
Select Onstream Media customers include: AOL, AAA, AXA Equitable Life Insurance Company, Bonnier Corporation, Dell, Deutsche Bank, Disney, National Press Club, NHL, MGM, PR Newswire, Rodale, Inc., Televisa, WireOne, Shareholder.com, and the U.S. Government. Onstream Media's strategic relationships include Akamai, Adobe, eBay, FiveAcross/Cisco and Qwest. For more information, visit Onstream Media at http://www.onstreammedia.com/ or call 954-917-6655.
Certain statements in this document and elsewhere by Onstream Media are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such information includes, without limitation, the business outlook, assessment of market conditions, anticipated financial and operating results, strategies, future plans, contingencies and contemplated transactions of the company. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors which may cause or contribute to actual results of company operations, or the performance or achievements of the company or industry results, to differ materially from those expressed, or implied by the forward-looking statements. In addition to any such risks, uncertainties and other factors discussed elsewhere herein, risks, uncertainties and other factors that could cause or contribute to actual results differing materially from those expressed or implied for the forward- looking statements include, but are not limited to fluctuations in demand; changes to economic growth in the U.S. economy; government policies and regulations, including, but not limited to those affecting the Internet. Onstream Media undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. Actual results, performance or achievements could differ materially from those anticipated in such forward-looking statements as a result of certain factors, including those set forth in Onstream Media Corporation's filings with the Securities and Exchange Commission.
Media Relations: Investor Relations:
Beth Amorosi Brett Maas
FastLane Communications Hayden Communications
973.582.3498 646-536-7331
bamorosi@fast-lane.net brett@haydenir.com
Onstream Media Corporation
CONTACT: Media, Beth Amorosi, FastLane Communications, +1-973-582-3498, bamorosi@fast-lane.net, or Investor Relations, Brett Maas, Hayden Communications, +1-646-536-7331, brett@haydenir.com, both for Onstream Media Corporation
Web site: http://www.onstreammedia.com/
Cablevision Surpasses One Billion Caller ID on iO TV(SM) MessagesService Has Already Delivered More Than One Billion Caller ID Messages Through The Television Set-Top Box To Optimum Voice Customers Who Also Subscribe To iO TV Digital Cable
BETHPAGE, N.Y., March 13 /PRNewswire-FirstCall/ -- Cablevision Systems Corp. today announced that it had already delivered more than one billion Caller ID on iO TV messages to its digital cable television customers who also subscribe to the company's Optimum Voice phone service. The free enhancement was introduced across the company's entire service area in November. More than one-third of the homes in Cablevision's market now subscribe to Optimum Voice, and the majority of the company's cable television customers rely on Cablevision for phone service as well.
"Caller ID on iO TV was an enhancement and a product integration that just made perfect sense, and the feedback we've gotten from customers in response to this free service has been overwhelmingly positive," said John Trierweiler, Cablevision's senior vice president of product management. "You almost forget it's there, until the phone rings when you're watching television and immediately know who is calling. It's amazing to think we have delivered more than a billion such messages to our customers already -- about nine million every day -- so early in the life of this new service."
Caller ID on iO TV features the same Caller ID information a customer would expect to find on a telephone, using Cablevision's fiber optic network and advanced digital set-top boxes to transfer it to the television screen. The information is presented whenever a customer is watching live television or viewing recorded programming on their Cablevision DVR.
When an incoming call is received, customers see the Caller ID display scroll onto the upper left corner of their screen. The display is present for approximately seven seconds, allowing customers to decide if they want to take the call while continuing to watch television, without interruption or having to hunt for a cordless phone to find out who is calling. Customers who do not want to receive Caller ID messages can easily disable the function by tuning to iO TV channel 630.
With more than 2.6 million iO TV digital cable customers, 84 percent of Cablevision's cable customers have embraced the company's digital service, the highest rate of digital penetration in the nation. iO TV offers customers access to more than 360 channels, including 53 premium movie channels, 48 channels of commercial-free digital music, more than 2,000 titles available on demand at all times, an interactive programming guide, 45 high-definition programming services and groundbreaking interactive television applications including News 12 Interactive.
Optimum Voice is available exclusively to Optimum Online(R) high-speed Internet customers. The service includes unlimited calling across the U.S., Canada and Puerto Rico, and a superior array of advanced features like voicemail, call waiting, caller ID, caller ID blocking (*67), call return (*69), three-way calling and call forwarding, directory assistance (411), VIP ringing, find me, caller ID on call waiting, busy redial, anonymous calling and anonymous call blocking -- all at no additional cost. The service's "My Optimum Voice" web portal allows customers to easily activate account features, listen to voicemail messages through any Web browser, review and sort calling history and manage other settings. Optimum Voice received the highest rating in residential telephone customer satisfaction in the Mid-Atlantic region for 2007 in a study by J.D. Power and Associates.
Unlike "Internet phone services," Optimum Voice provides the security of enhanced 911 access for every customer and provides a local number portability option, so new customers who switch from other telephone companies can keep their existing phone number. Optimum Voice service is carried over Cablevision's fiber optic network, not the public Internet, and offers customers a highly reliable voice service with superior value.
For customers who make international calls, Cablevision offers an innovative flat-rate international calling plan, Optimum Voice World Call, giving customers up to 250 minutes per month of calling anywhere in the world from their Optimum Voice phone for a flat monthly fee of $19.95, delivering more value to customers than any other international calling plan.
About Cablevision
Cablevision Systems Corporation is one of the nation's leading entertainment and telecommunications companies. Its cable television operations serve more than 3 million households in the New York metropolitan area. The company's advanced telecommunications offerings include its iO: Interactive Optimum(R) digital television, Optimum Online(R) high-speed Internet, Optimum Voice(R) digital voice-over-cable, and its Optimum Lightpath integrated business communications services. Cablevision's Rainbow Media Holdings LLC operates several successful programming businesses, including AMC, IFC, WE tv and other national and regional networks. In addition to its telecommunications and programming businesses, Cablevision owns Madison Square Garden and its sports teams, the New York Knicks, Rangers and Liberty. The company also operates New York's famed Radio City Music Hall, and owns and operates Clearview Cinemas.
Disclaimer: Cablevision's Optimum Voice received the highest numerical score among telephone service providers in the Mid-Atlantic Region in the proprietary J.D. Power and Associates 2007 Residential Regional Telephone Customer Satisfaction Study(SM). Study based on 11,911 total responses from consumers measuring 6 providers in the Mid-Atlantic region (DE, MD, NJ, PA, VA, WV) and measures satisfaction of consumers who received their local and long distance service from one provider. Proprietary study results are based on experiences and perceptions of consumers surveyed between April-May 2007. Your experiences may vary. Visit jdpower.com.
Mid-Atlantic Region: DE, MD, NJ, PA, VA, WV
Cablevision Systems Corp.
CONTACT: Jim Maiella of Cablevision Systems Corp., +1-516-803-3947
Web site: http://www.cablevision.com/ http://jdpower.com/
ActivIdentity Chief Financial Officer to Step Down
FREMONT, Calif., March 13 /PRNewswire-FirstCall/ -- ActivIdentity Corporation , a global leader in digital identity assurance, today announced that Mark Lustig will step down from the position of chief financial officer to pursue opportunities outside of the IT security industry.
Lustig will remain with the company through May 9, 2008. The company has already commenced a search for his successor.
(Logo: http://www.newscom.com/cgi-bin/prnh/20051108/SFTU161LOGO)
"We thank Mark for his contributions to the company and wish him well as he explores the next stage of his career outside of the security industry," said Thomas Jahn, ActivIdentity CEO. "Mark will remain with us through May of this year to ensure a smooth transition to his successor, to be determined by the executive management team and a new Board of Directors. This new Board will be elected today and I look forward to working with them through this next stage of the company's growth."
Lustig joined ActivIdentity in February 2006 from the Sanmina-SCI Corporation where he held various positions including the senior vice president of finance and corporate controller.
"My decision to step down from the position of CFO was a difficult one. In my next endeavors, I will build on my past experience at Sanmina-SCI and move back to my roots in manufacturing," said Lustig. "I have enjoyed my time at ActivIdentity and believe that the company and its new Board are poised to usher in the next era of identity solutions."
About ActivIdentity
ActivIdentity(R) Corporation identity solutions secure the business of enterprise, government, healthcare, and financial services organizations worldwide. Trusted identity is the core of the ActivIdentity platform enabling security for data, networks, applications, passwords and credentials, web, email and documents, transactions as well as converged security.
ActivIdentity(R) solutions support the convergence of physical and logical identity through strong authentication with smart card management lifecycle management, adding enterprise single sign on, and data encryption and digital signature.
ActivIdentity customers experience multiple benefits including increased network security, protection against identity theft and online fraud, enhanced workforce productivity, business process efficiencies, and regulatory compliance.
For more information, visit http://www.actividentity.com/.
ActivIdentity and ActivCard are registered trademarks in the United States and/or other countries. All other trademarks are the property of their respective owners in the United States and/or other countries.
Forward-Looking Statements Safe Harbor
The statements in this press release that are not historical facts are forward-looking statements that involve risks and uncertainties. These risks and uncertainties include risks relating to variability in operating results, our history of losses, the integration of acquired business and technologies, and other risks identified under the caption "Risk Factors" in our most recent Annual Report on Form 10-K, and in subsequent Quarterly Reports on Form 10-Q, which are filed with the United States Securities and Exchange Commission (SEC). Copies of these filings are available from the Company and on the SEC's website at http://www.sec.gov/. Actual results, events and performance may differ materially from our forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company disclaims any intention to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20051108/SFTU161LOGO AP Archive: http://photoarchive.ap.org/ PRN Photo Desk, photodesk@prnewswire.com
ActivIdentity Corporation
CONTACT: Timothy Polakowski of McGrath|Power Public Relations, +1-408-727-0351, timothyp@mcgrathpower.com, for ActivIdentity Corporation; or Investor Relations, Mahima Patnaik of ActivIdentity Corporation, +1-510-745-6275, mahima.patnaik@actividentity.com
Web site: http://www.actividentity.com/
EDS and Continental Airlines Launch Next Generation Flight Operations Program
PLANO, Texas, March 13 /PRNewswire-FirstCall/ -- EDS and Continental Airlines today announced they will be working together to transform Continental's current mainframe environment and develop a new, next generation flight operations program -- an application modernization strategy involving aircraft movement, load planning and air-to-ground communications flight operations services. Financial details were not disclosed.
The next generation flight operations suite of services will leverage EDS' Airline Service Oriented Architecture and allow Continental and airlines around the world to adjust to changing business conditions through the use of sophisticated business process modeling tools. Airlines will be able to integrate disparate systems through a standard interface and implement new technologies with seamless sharing and access of real-time data across the enterprise, which drives decision making and automation of business processes that occur during scheduled and off-scheduled operations.
"With the fast-paced environment of the airline industry, it is important for Continental to have state of the art flexible tools to enable us to adjust to changing business conditions to maximize performance and deliver the best quality we can for our customers," said Ron Anderson-Lehman, CIO of Continental Airlines.
"Continental chose this modernization approach with EDS because there is no other provider in this space capable of delivering fully integrated modernized technology solutions that Continental requires to better manage their business," said Eric Harte, vice president and leader of EDS' Global Air Services industry group. "Continental also chose EDS because there is no other application service provider in the industry that brings the industry knowledge, tools, methodologies and best shore delivery capabilities to reliably and cost effectively undertake this modernization journey."
As a result of this joint agreement, EDS will be launching an industry leading, fully integrated suite of flight operations services to the global air services market. Timing of the suite of applications is still being finalized.
As the leading global airline IT services provider, EDS brings world-class technology solutions and infrastructure to help airlines and transportation customers sustain competitive advantage in a highly dynamic global market.
About Continental Airlines
Continental Airlines is the world's fifth largest airline. Continental, together with Continental Express and Continental Connection, has more than 2,900 daily departures throughout the Americas, Europe and Asia, serving 144 domestic and 139 international destinations. More than 550 additional points are served via SkyTeam alliance airlines. With more than 45,000 employees, Continental has hubs serving New York, Houston, Cleveland and Guam, and together with Continental Express, carries approximately 69 million passengers per year. Continental consistently earns awards and critical acclaim for both its operation and its corporate culture.
For the fourth consecutive year, FORTUNE magazine named Continental the No. 1 World's Most Admired Airline on its 2007 list of World's Most Admired Companies. Continental was also named the No. 1 airline on the publication's 2007 America's Most Admired airline industry list. Additionally, Continental again won major awards at the OAG Airline of the Year Awards including "Best Airline Based in North America" for the fourth year in a row, and "Best Executive/Business Class" for the fifth consecutive year. For more company information, visit continental.com.
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.
CONTACTS:
Blake Hull - EDS
972 605 5063
blake.hull@eds.com
Electronic Data Systems Corporation
CONTACT: Blake Hull of EDS, +1-972-605-5063, blake.hull@eds.com
Web site: http://www.eds.com/ http://www.continental.com/
BNS Holding, Inc. Reports Operating Results for the Quarter Ended January 31, 2008
LOS GATOS, Calif., March 13 /PRNewswire-FirstCall/ -- BNS Holding Inc. (Pink Sheets: BNSSA) today reported its operating results for the quarter ended January 31, 2008. Net sales for the quarter ended January 31, 2008 were $77.5 million as compared to $58.8 million in the quarter ended January 31, 2007. Income from operations was $3.6 million in the quarter ended January 31, 2008 as compared to $1.6 million in the quarter ended January 31, 2007. Net income was $10,850 or $0.00 per share for the quarter ended January 31, 2008 as compared to a net loss of $831,554 or $(0.27) loss per share for the quarter ended January 31, 2007.
As of January 31, 2008, BNS Holding Inc. has approximately $47 million of U.S. Federal net operating loss carryforwards (NOL's) that expire between 2020 and 2026. Such NOL's are available to offset current and future Federal taxable income, subject to regulations of the Internal Revenue Service and the Internal Revenue Code.
On August 23, 2007, the Company filed a Form 15 with the Securities and Exchange Commission deregistering its Common Stock and suspending its reporting obligations with the Securities and Exchange Commission under the Securities Act of 1934. The Company presently intends to continue to make available its periodic financial information.
BNS Holding Inc. Common Stock is currently traded in the Pink Sheets under the symbol BNSSA.PK and the website is http://www.bnsholding.com/. Collins Industries, an 80% owned subsidiary of BNS Holding, Inc., website is http://www.collinsind.com/.
Contact: Terry Gibson
Chief Financial Officer
(401) 848-6300
BNS Holding, Inc. and Subsidiaries
Consolidated Condensed Statements of Income
For the Three Months Ended January 31, 2008 and January 31, 2007
Three Months Ended
January 31,
2008 2007
Sales $77,482,053 $58,847,197
Cost of sales 68,103,981 52,181,502
Gross profit 9,378,072 6,665,695
Selling, general and administrative expenses 5,812,569 5,092,770
Income from operations 3,565,503 1,572,925
Other income (expense):
Interest expense (2,856,629) (2,707,355)
Other, net (340,466) (198,612)
Income (loss) before income tax (expense)
benefit and minority interest 368,408 (1,333,355)
(Provision) benefit for income taxes (168,844) 470,958
Income (loss) before minority interest 199,564 (862,084)
Minority interest (188,714) 30,530
Net income (loss) $10,850 $ (831,554)
Earnings (loss) per share, basic and diluted $- $ (0.27)
Weighted average common and common
equivalent shares outstanding basic
and diluted 2,972,333 3,030,922
BNS Holding, Inc. and Subsidiaries
Consolidated Condensed Balance Sheets
January 31, 2008 and October 31, 2007
(Unaudited) (Audited)
January 31, October 31,
Assets 2008 2007
Current Assets:
Cash and cash equivalents $3,197,724 $3,387,243
Receivables, less allowance for
uncollectible accounts of $111,286
in 2008 and $44,790 in 2007 14,285,200 13,808,239
Inventories 38,212,533 44,602,637
Deferred income taxes 1,793,000 2,001,000
Prepaid expenses and other current
assets 1,657,516 1,479,942
Total current assets 59,145,973 65,279,061
Restricted cash 243,341 243,341
Property, plant and equipment, net 31,124,771 30,038,601
Assets held for sale 1,650,000 2,000,000
Deferred income taxes 2,450,000 2,334,000
Deferred financing costs net of
accumulated amortization of $812,382
in 2008 and $646,717 in 2007 2,426,306 2,591,970
Goodwill 17,318,893 17,318,893
Intangibles 24,768,101 25,118,280
Other assets 1,396,416 1,004,098
Total assets $140,523,801 $145,928,244
Liabilities and Shareholders' Investment
Current liabilities:
Current maturities of long-term debt $2,288,000 $2,288,000
Controlled disbursements 3,387,486 1,755,539
Accounts payable 12,697,643 16,753,240
Accrued expenses and other current
liabilities 10,988,215 12,094,885
Total current liabilities 29,361,344 32,891,664
Long-term debt, less current
maturities 88,632,502 90,467,476
Minority interest 4,082,510 3,893,796
Shareholders' investment
Class A Common Stock: (January 31,
2008 - 3,049,652 issued,
October 31, 2007 - 3,043,652 issued) 30,497 30,436
Paid-in capital 87,206,689 87,188,259
Treasury stock; 2008 and 2007, 74,319
shares at cost (1,731,674) (1,731,674)
Retained earnings (deficit) (67,006,313) (67,017,163)
Accumulated other comprehensive
income (loss) (51,754) 205,450
Total shareholders' investment 18,447,445 18,675,308
Total liabilities and shareholders'
investment $140,523,801 $145,928,244
BNS Holding Inc.
CONTACT: Terry Gibson, Chief Financial Officer of BNS Holding Inc., +1-401-848-6300
Web site: http://www.bnsholding.com/
Sony Computer Entertainment Inc. and Sony Online Entertainment Leverage Expertise in the Computer Entertainment Industry
SAN DIEGO and TOKYO, March 13 /PRNewswire-FirstCall/ -- In a strategic move to closely align itself with the strong growth of the worldwide online gaming market, Sony Computer Entertainment Inc. (SCEI) announced today that Sony Online Entertainment (SOE) will report to Kazuo Hirai, President and Group CEO, SCEI, effective April 1, 2008. The new structure is designed to mutually benefit both companies by further accelerating the PlayStation business through SOE's strong online gaming expertise.
"I am excited to be able to work with SOE even more closely, as online games and services become a more integral part of the PS3 entertainment experience," Hirai said. "This new structure will allow us to take full advantage of the extensive breadth of expertise of the two companies and increase our range of exciting entertainment offerings to our consumers."
San Diego-based SOE is currently part of Sony Pictures Entertainment. Under the new structure, SOE will continue to develop its games for the PC and the PLAYSTATION(R)3 (PS3(R)) computer entertainment system, and SOE President John Smedley will report to Hirai.
"We are thrilled to become a part of the incredible team that has made PLAYSTATION 3 the premier platform for next generation online gaming," said Smedley. "This move is going to broaden our capabilities and expand the development of our products into new and exciting directions."
About Sony Online Entertainment
Sony Online Entertainment (SOE) is a recognized worldwide leader in massively multiplayer online games, with hundreds of thousands of subscribers around the globe. SOE creates, develops and provides compelling entertainment for the personal computer, online, game console and wireless markets. Known for its blockbuster franchises and hit titles including EverQuest(R), EverQuest(R) II, Champions of Norrath(R), Untold Legends(TM), and PlanetSide(R), as well as for developing Star Wars Galaxies(TM), SOE continues to redefine the business of online gaming and the creation of active player communities while introducing new genres on various entertainment platforms. Headquartered in San Diego, CA, with additional development studios in Austin, TX, Seattle, WA, Denver, CO and Taiwan, SOE has an array of cutting-edge games in development.
About Sony Computer Entertainment Inc.
Recognized as the global leader and company responsible for the progression of consumer-based computer entertainment, Sony Computer Entertainment Inc. (SCEI) manufacturers, distributes and markets the PlayStation(R) game console, the PlayStation(R)2 computer entertainment system, the PSP(R) (PlayStation(R)Portable) handheld entertainment system and the PLAYSTATION(R)3 (PS3(R)) system. PlayStation has revolutionized home entertainment by introducing advanced 3D graphic processing, and PlayStation 2 further enhances the PlayStation legacy as the core of home networked entertainment. PSP is a new handheld entertainment system that allows users to enjoy 3D games, with high-quality full-motion video, and high-fidelity stereo audio. PS3 is an advanced computer system, incorporating the state-of-the-art Cell processor with super computer like power. SCEI, along with its subsidiary divisions Sony Computer Entertainment America Inc., Sony Computer Entertainment Europe Ltd., and Sony Computer Entertainment Korea Inc. develops, publishes, markets and distributes software, and manages the third party licensing programs for these platforms in the respective markets worldwide. Headquartered in Tokyo, Japan, Sony Computer Entertainment Inc. is an independent business unit of the Sony Group.
Sony Online Entertainment
CONTACT: Courtney Simmons of Sony Online Entertainment, +1-858-577-3335, csimmons@soe.sony.com; or Corporate Communications of Sony Computer Entertainment Inc., +81-3-6438-8686; or Patrick Seybold of Sony Computer Entertainment America, +1-650-655-7549
Web site: http://www.station.com/
Goodrich Announces New Night Vision and Laser Detection Camera Capability- New 'NIR/SWIR' camera significantly increases both day and night time image sensitivity
CHARLOTTE, N.C., March 13 /PRNewswire-FirstCall/ -- Goodrich Corporation has launched a new night vision and laser detection camera that can see from the near infrared (NIR) to the shortwave infrared (SWIR) portions of the light spectrum, beyond what traditional night vision goggles can see. The camera, called NIR/SWIR, uses the company's proprietary indium gallium arsenide-night vision (InGaAs-NV(TM)) technology to detect and track a broad range of battlefield infrared lasers with heightened night and day time sensitivity. The NIR/SWIR cameras are being developed by the Sensors Unlimited, Inc. team in Princeton, N.J. within Goodrich's ISR Systems unit.
New processing techniques have pushed capabilities of the NIR/SWIR camera to see light wavelengths from 0.7 micrometers to 1.7 micrometers, whereas traditional night vision cameras can detect wavelengths up to roughly 1.0 micrometers. NIR/SWIR's expanded capabilities allow the end user to detect and track a wide range of military lasers including the covert eye-safe 1.5 micrometer laser. Because InGaAS-NV technology detects light, unlike today's small thermal night vision cameras that detect heat signature, the NIR/SWIR camera provides exceptional clarity in both day and night use.
Presently available in small, lightweight camera packages with 320x256 or 640x512 resolution, the NIR/SWIR cameras are ideal for integration into night vision and laser detection systems on unmanned aerial or ground vehicles, rifle scopes, precision guided munitions, and hostile fire indicators. Potential industrial applications include machine vision to detect moisture, manufacturing imperfections, integrity of seals or joints, and other characteristics that affect product quality.
Ed Hart, Vice President and General Manager for Goodrich ISR Systems' Princeton team, said, "Our NIR/SWIR technology expands the compatibility with current night vision systems while adding remarkable new capabilities for the warfighter. With the ability to see everything from the near infrared through the short wave infrared portion of the spectrum, these new lightweight high sensitivity cameras are staying ahead of the curve in addressing customer requirements."
Goodrich will demonstrate NIR/SWIR capability at SPIE's Defense and Security Symposium in Orlando, Fla., March 18 - 20, 2008.
Goodrich's ISR Systems division designs and builds high performance custom engineered electronics, optics, shortwave infrared cameras and arrays, intelligence exploitation systems and electro-optical products for defense, scientific and commercial applications. Sensors Unlimited, Inc. pioneered the design and production of SWIR cameras and systems utilizing advanced InGaAs imaging technology for industrial, commercial, military, agricultural and scientific markets. For additional information on InGaAs-based imaging detectors, arrays and systems visit http://www.isr.goodrich.com/sui .
Goodrich Corporation, a Fortune 500 company, is a global supplier of systems and services to aerospace, defense and homeland security markets. With one of the most strategically diversified portfolios of products in the industry, Goodrich serves a global customer base with significant worldwide manufacturing and service facilities. For more information visit http://www.goodrich.com/.
Goodrich Corporation operates through its divisions and as a parent company for its subsidiaries, one or more of which may be referred to as "Goodrich Corporation" in this press release.
Goodrich Corporation; GR - Electronic Systems
CONTACT: Media, Laurie Tardif, +1-704-423-7048, or Lisa Bottle, +1-704-423-7060, both of Goodrich Corporation
Web site: http://www.goodrich.com/
Huge PalmSource Settlement Funds Hop-on's New Division
IRVINE, Calif., March 13 /PRNewswire-FirstCall/ -- Hop-on, Inc. (Pink Sheets: HPNN) announced today Access Systems America, Inc. (ASA, formerly known as PalmSource, Inc.) "Requested to Withdraw Opposition" from the USPTO with prejudice. The Opposition withdrawal and financial settlement is a major victory for Hop-on.
The settlement addressed Hop-on's sole right to mobile and wireless use of the GRAFFITI name. Peter Michaels, President and CEO of Hop-on, Inc. stated, "This huge financial settlement will be used to continue to protect Hop-on's Intellectual Property rights. We took down a giant corporation. It's nice to be paid for hard work! With this new division we will continue to file patents and trademarks for our gaming applications and services here in the US and abroad."
Michaels further stated, "With the financial settlement of this case, we now have the resources to go after other companies who are infringing our Design and Utility Patents. I am extremely confident that we will be signing multiple license agreements for our technology, and litigating others who do not pay our company for use of our Intellectual Property rights. It is estimated that there are over 50 companies who are infringing our patents. This is a great opportunity for our shareholders to reap the benefits of license agreements and other potential victories in court! To take advantage Hop-on has hired a full time attorney to protect our Intellectual Property rights."
For additional information on the case settlement, go to the United States Patent and Trademark Office website at http://www.uspto.gov/.
About Hop-on, Inc.
Hop-on, Inc. (Pink Sheets: HPNN) develops and markets wireless phones and accessories for emerging market and other domestic carriers and is best known for developing the world's first disposable cell phone. Currently, Hop-on, Inc. is expanding into value-added services including mobile gambling and SMS wagering. Hop-on's exclusive software will allow users to stream live interactive feed from legal jurisdictions to play poker, blackjack, roulette and baccarat on personal cell phones.
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933, and are subject to Rule 3B-6 under the Securities Exchange 1934, and are subject to the safe harbor created by those rules. All Statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and other results and further events could differ materially from those anticipated in such statements. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements.
For more information, visit http://www.hop-on.com/ or contact Danny Coleman at (949) 756.9008.
Hop-on, Inc.
CONTACT: Danny Coleman, +1-949-756-9008, for Hop-on, Inc.
Web site: http://www.hop-on.com/ http://www.uspto.gov/
TIE Announces New Interactive Entertainment Group
NEW YORK, March 13 /PRNewswire-FirstCall/ -- TIE Technologies, Inc. (Pink Sheets: TIET) announced today the formation of a new interactive entertainment complex hosting services group. TIE's IE Services Group will be headquartered in Northern Virginia initially under the direction of Executive Vice President Mark V. Marangella.
Chairman and CEO of TIE Technologies Edward C. Andercheck stated, "We are very pleased to bring together in one group the resources of several key teams to evolve a specialty outsource applications hosting and services solution for the interactive entertainment industry. We are currently providing virtually turnkey services to the online game publishing sector and perceive the future of this market to offer above-average growth potential for us."
TIE's IE Services Group provides a suite of seamlessly integrated systems and services for the interactive entertainment industry. The group's capabilities include specialty application and game hosting, Interactive Entertainment Portal operations and e-commerce wallet and customer-community services.
About TIE Technologies, Inc.
TIE Technologies is a systems integration and telecommunications company focused on engineering and delivering innovative solutions within the competitive global voice, video and data communications markets. The company brings managed IT, telecommunications and wireless services to support its clients. Services and outsource solutions include application and database hosting, disaster recovery, redundancy, data transport, customer service, billing, etc. TIE Technologies (TIE) is a development stage public company introducing new products to the marketplace in 2008, and is traded on the Pink Sheets under the symbol "TIET."
Safe Harbor Statement
The information in this release, other than historical information, may be considered forward-looking statements within the provisions of the Private Securities Litigation Reform Act of 1995. Projection and other forward-looking statements and management expectations regarding future events and/or financial performance of the Company -- although given in good faith -- are inherently uncertain and actual events and/or results may differ materially.
Contact: Total Communications
212-494-3400
Investor.relations@tietechnologies.com
TIE Technologies, Inc.
CONTACT: Total Communications, +1-212-494-3400, Investor.relations@tietechnologies.com
Web site: http://www.total-comm.net/
CCI Appoints New CTO- Zachary Bluestein founder of www.bluezonics.com appointed Chief Technical Officer of CCI - Bluezonics.com to market CCI's (800) service - Bluezonics.com and www.ccius.net web site to unite for product distribution and marketing
ELIZABETHTOWN, Ky., March 13 /PRNewswire-FirstCall/ -- Effective today Competitive Companies, Inc. CCI, Symbol (BULLETIN BOARD: CCOP) appoints Zachary Bluestein founder of bluezonics.com as Chief Technical Officer of the company.
Mr. Bluestein founder of bluezonics.com brings tremendous marketing talent to the company which will allow mass marketing of its (800) service nationwide. The (800) service will be sold for $5.95 per month and $.05 per minute. Existing companies with (800) service now can simply call the company @ (800) 340-1999 to switch and keep their present number and receive the highly popular discounted rates.
Bluezonics.com has received 1.5 MM visits to its web site in the past 4 months. This type of market penetration along with its deep discounts for electronic equipment reaching 50% of the "BIG BOX" stores will greatly enhance CCI's market penetration and take them out of only servicing large apartment complexes. The company expects continued grown in the number of visitors to the company's web sites as well as product sales. CCI will have a mirrored site of bluezonics.com as well as its own specialized telecommunications portal for the distribution of its communications services.
Mr. Bluestein will immediately begin the marketing program for CCI and lead the company into its next growth cycle. Additional products and services will be immediately expanded through its networking and internet marketing sites. Continued deep discounts are to be the cornerstone of this marketing edge for the company as it follows the philosophy of "We are the Future of Electronics Retail" that has built bluezonics.com.
The addition of the new web site development of http://www.ccius.net/ will immediately turn the company into a profit mode. We will continue the deep discount delivery program that has already been in place, while delivering additional communications services outside of our traditional apartment complex business.
Forward-Looking Statements:
This press release contains statements that are "forward-looking" and are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995 and federal securities laws. Generally, the words "expect," "intend," "estimate," "will" and similar expressions identify forward-looking statements. By their very nature, forward-looking statements are subject to known and unknown risks and uncertainties that may cause our actual results, performance or achievements, or that of our industry, to differ materially from those expressed or implied in any of our forward- looking statements. Statements in this press release regarding the Company's business or proposed business, which are not historical facts, are "forward- looking" statements that involve risks and uncertainties, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements. Investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made.
Competitive Companies, Inc.
CONTACT: Jerald L. Woods, President and CEO of Competitive Companies, Inc., +1-270-763-9129
Web site: http://www.ccius.net/ http://bluezonics.com/
PacificNet Provides Market Update
BEIJING, March 13 /Xinhua-PRNewswire/ -- PacificNet, Inc. , a leading provider of gaming technology, Customer Relationship Management (CRM) and e-commerce in China, announced the following market updates today:
1. PacificNet (''PACT'' or the company) plans to rebrand the company as ''PACT'' in an effort to reflect its growing gaming technology business in the gaming division which includes Octavian, Take1, Poly, and PacificNet Games (PactGames).
2. PACT expects to report Q4 and Fiscal Year 2007 earnings on April 15, 2008, and will hold a conference call to discuss the results and business outlook for 2008. The Company will announce details on these events as the company completes its annual audit. The company expects to file a Notification of Late Filing on Form 12b-25 with the SEC regarding its upcoming annual report on Form 10-K due to the significant increase in its scale of operations and a greater number of accounts to consolidate as a result of recent acquisitions, resulting in possible late filing, concurrent with its earning call mentioned above.
3. Assuming the current stock market environment persists and without the possibility of new funding, PACT expects to achieve minimum $60 million revenue for Fiscal Year 2008, assuming no equity, convertible, or other financing during the year.
4. PACT expects to report a loss for FY2007 due to certain write-offs and provision for bad debt related to its legacy telecom operation.
5. Due to the traditional slow season in the first quarter of the year, PACT expects to incur a one-time non-recurring loss in Q1 2008, after taking into account of certain one-time non-recurring post-merger write-offs, and merger and acquisition expenses. During 2007 Octavian invested in certification of its products, including GLI certification by Gaming Laboratories International, which now enables Octavian systems and games to be sold in regulated gaming markets worldwide. Octavian expects GLI approval to significantly boost revenues in the medium and long term.
6. On March 3, PACT appointed Mr. Stephen Crystal to the Company's board of directors as an independent director. PACT believes it is now in full compliance with the independent director requirement of Rule 4350 and although it has not yet received a compliance letter from Nasdaq in this regard, it expects that one will be issued in due course.
About PacificNet
PacificNet, Inc. ( http://www.pacificnet.com/ ) is a leading provider of gaming and mobile game technology worldwide with a focus on emerging markets in Asia, Latin America and Europe. PacificNet's gaming products are localized to their specific markets creating an enhanced user experience for players and larger profits for operators. PacificNet's gaming products include multi- player electronic table games such as baccarat, sicbo and fish-prawn-crab, roulette machines, Server-Based Games (SBG) with multiple client betting stations, slot and bingo machines, Video Lottery Terminals (VLTs), Amusement With Prizes (AWP) machines, gaming cabinet and client/server system designs, online i-gaming software design, and multimedia entertainment kiosks as well as the Octavian line of casino management software, hardware and games. PacificNet's gaming clients include the leading hotels, casinos, and gaming operators in Macau, Europe and elsewhere around the world. PacificNet also maintains legacy subsidiaries in the call center and ecommerce business in China. PacificNet employs about 1,800 staff in its various subsidiaries with offices in the US, Hong Kong, China, UK, Russia, Ukraine, Italy, Germany, Argentina, Colombia, India and Australia. For more information please visit http://www.pacificnet.com/ and http://www.octavianinternational.com/ .
Safe Harbor Statement
This Company's announcement contains forward-looking statements. We may also make written or oral forward-looking statements in our periodic reports to the SEC on Forms 10-K, 10-Q, 8-K, etc., in our annual report to shareholders, in our proxy statements, in press releases and other written materials and in oral statements made by our officers, directors or employees to third parties. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. These statements are based on current plans, estimates and projections, and therefore you should not place undue reliance on them. Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, PacificNet's historical and possible future losses, limited operating history, uncertain regulatory landscape in China, and fluctuations in quarterly and annual operating results. Further information regarding these and other risks is included in PacificNet's Form 10K and other filings with the SEC.
For more information, please contact:
If to PacificNet:
PacificNet USA office:
Jacob Lakhany
Tel: +1-605-229-6678
Email: investor@pacificnet.com
PacificNet, Inc.
CONTACT: PacificNet USA office, Jacob Lakhany, +1-605-229-6678, or investor@pacificnet.com
Web Site: http://www.pacificnet.com/ http://www.octavianinternational.com/
Wright Group/McGraw-Hill Introduces Pinpoint Math for Targeted Intervention in Grades 1-7
CHICAGO, March 13 /PRNewswire/ -- Wright Group/McGraw-Hill has published a new math intervention curriculum, Pinpoint Math. The supplemental program, with both online and print components, was designed for students in Grades 1-7 who are one to two grade levels behind in mathematics.
Pinpoint Math can be used successfully with any basal mathematics program. It incorporates the three essential elements necessary for improvement of mathematics performance among struggling students:
-- Diagnostic Assessment: Identify areas of weakness for individual
students.
-- Targeted Instruction: Provides content in an individual Student Action
Plan that meets the needs of the student with both print and animated
tutorials.
-- Progress Monitoring: For ongoing assessment of students' advancement on
individual topics in both formal and informal formats.
The lesson format begins with teachers modeling solutions and moves to student group work before ending with independent student work. Interactive student activities are provided via software or online.
The instructional model includes:
-- Pretest: Pretest for the first volume is given to all students, either
online or by paper and pencil.
-- Student Action Plan: The teacher prepares individual or group
standards-based assignments based on test results.
-- Student booklet pages and online computer tutorials are assigned based
on individual student needs in the Student Action Plan.
-- Summary and Review: Students complete informal assessment pages and
receive teacher feedback.
-- Teaching a Topic: Each topic is presented in a three-part lesson: model
it, understand it, and try it. The optional online version of Pinpoint
Math allows students to take assessments online. Teachers can then
implement the computer-generated individual Student Action Plans based
on assessment results.
Pinpoint Math includes resources for English-language learners including suggestions for teachers, vocabulary instruction for key mathematical terms, short exercises to activate prior knowledge, and strategies to understand common mistakes.
To learn more about Pinpoint Math, visit: http://www.wrightgroup.com/index.php/programsummary?isbn=0076215059
About Wright Group/McGraw-Hill
Wright Group/McGraw-Hill publishes innovative core and supplemental literacy and mathematics programs for differentiated instruction and teacher training in Grades PreK-8. The research-based approach is anchored in real- world applications and is based on the assessed needs of students, combining developmentally appropriate materials with explicit outcomes.
Wright Group is part of McGraw-Hill Education, a leading global provider of instructional, assessment and reference solutions that empower the success of professionals and students of all ages. McGraw-Hill Education has offices in 33 countries and publishes in more than 40 languages. Additional information is available at http://www.mheducation.com/. For more information on Wright Group's products, call 1-800-648-2970 or visit http://www.wrightgroup.com/.
Contact: Tom Stanton Melina Metzger
McGraw-Hill Education Paul Werth Associates
(212) 904-3214 (614) 224-8114 Ext. 236
tom_stanton@mcgraw-hill.com mmetzger@paulwerth.com
Wright Group/McGraw-Hill
CONTACT: Tom Stanton McGraw-Hill Education +1-212-904-3214 tom_stanton@mcgraw-hill.com Melina Metzger Paul Werth Associates +1-614-224-8114 Ext. 236 mmetzger@paulwerth.com
Web site: http://www.mheducation.com/ http://www.wrightgroup.com/
Trey Resources Terminates Letter of Intent To Sell SWK Technologies
LIVINGSTON, N.J., March 13 /PRNewswire-FirstCall/ -- Trey Resources, Inc. (BULLETIN BOARD: TYRIA) , the premier total solutions provider specializing in business software for the small- and medium-sized business market, today reported that it has terminated the previously announced letter of intent to sell its subsidiary, SWK Technologies, Inc.
Mark Meller, CEO of Trey Resources, said, "We were unable to come to final terms with the buyout group. Enough was enough, and it is now time to get back to work. Trey has grown in a short period of time from a company with no revenue, (back in May 2004), to a Company which today is reporting sales results at a run rate in excess of $7 million per year. We are immediately refocusing our energy away from the sale and back towards increasing the profitability of SWK. We will provide our shareholders with updates in the coming weeks about new developments."
About Trey Resources
Trey Resources is involved in the acquisition and build-out of technology and software companies. The Company's growth strategy is to acquire firms in this extensive and expanding, but highly fragmented segment, as it seeks to create substantial value for shareholders. Since June 2004, Trey has acquired SWK Technologies, Inc., Business Tech Solutions Group, Inc., Wolen Katz Associates, and AMP-BEST Consulting, Inc. For more information, visit http://www.treyresources.com/, http://www.swktech.com/, http://www.mapadoc.com/, http://www.amp-best.com/, or contact Trey Resources CEO Mark Meller at (973) 758-9555 or by e-mail at mark.meller@swktech.com. Trey Resources was a recent spin-off of iVoice, Inc.
This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended, regarding among other things our plans, strategies and prospects -- both business and financial. Although we believe that our plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, we cannot assure you that we will achieve or realize these plans, intentions or expectations. Forward-looking statements are inherently subject to risks, uncertainties and assumptions. Many of the forward-looking statements contained in this news release may be identified by the use of forward-looking words such as "believe," "expect," "anticipate," "should," "planned," "will," "may," "intend," "estimated," and "potential," among others. Important factors that could cause actual results to differ materially from the forward-looking statements we make in this news release include market conditions and those set forth in reports or documents that we file from time to time with the United States Securities and Exchange Commission. All forward-looking statements attributable to Trey Resources, Inc. or a person acting on its behalf are expressly qualified in their entirety by this cautionary language.
Trey Resources, Inc.
CONTACT: Mark Meller, CEO of Trey Resources, +1-973-758-9555, mark.meller@swktech.com
Web site: http://www.treyresources.com/ http://www.swktech.com/ http://www.mapadoc.com/ http://www.amp-best.com/
Anacomp Receives $8 Million in New FinancingNew Investment to Support Agressive Growth Initiatives
SAN DIEGO, March 13 /PRNewswire-FirstCall/ -- Anacomp(R) Inc., a leading business process solutions company, today announced that it has raised $8.0 million in secured senior subordinated debt from its two principal shareholders. The debt, which has a stated maturity of five years from date of issuance, also entitles the investors to purchase an additional $2.0 million at the same terms as the initial investment. The new financing will help support Anacomp's aggressive growth initiatives.
"This investment is an affirmation of our vision to transform Anacomp into a highly profitable business process solutions company, offering leading software as a service (SaaS) applications in litigation support, finance and accounting, and human resources which leverage our leading on-demand business process platform for enterprise capture, hosted repository, and business process management," said Howard Dratler, Anacomp's President and CEO. "These proceeds will be used to fund ongoing investments in product development, sales, marketing and our technology infrastructure both in the United States and in Europe."
About Anacomp
With 40 years of experience and a passionate commitment to client services, Anacomp partners with its customers to help them realize the full potential of their business processes at the lowest total cost of ownership. Possessing one of the world's largest document repositories as well as a large, independent field services organization, Anacomp's offerings serve hundreds of original equipment manufacturing (OEM) partners and thousands of end users in insurance, financial services, government, legal, and other markets. Anacomp is headquartered in San Diego, with international headquarters in Wokingham, UK. For more information, visit http://www.anacomp.com/ or call (800) 364-9870.
Anacomp, docHarbor and CaseLogistix are registered trademarks of Anacomp, Inc. All other trademarks, services marks, company names are properties of their respective owners.
Anacomp Inc.
CONTACT: Rob Jensen, Senior Director of Marketing of Anacomp, Inc., +1-858-716-3549, rob.jensen@anacomp.com
Web site: http://www.anacomp.com/
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