Companies news of 2008-03-18 (page 1)
Newton, New Hampshire and Merrimac, Massachusetts Residents to Benefit from Verizon...
SI International Updates First Quarter and Full Year FY08 GuidanceSchedules conference...
China TransInfo Technology Announces Record Fourth Quarter and Full Year 2007 Year End...
Concur Appoints Randall H. Talbot to Board of Directors
VASCO Launches Identikey Server 3.0Identikey Server 3.0 authentication solution for large...
Grafton, Massachusetts Residents to Benefit from Verizon Wireless Network...
Enfield, New Hampshire Residents to Benefit from Verizon Wireless Network...
CPI International Completes Redemption of $6 Million in Principal Amount of Its Floating...
New Hampshire and Vermont Residents to Benefit From Verizon Wireless Network...
clickNsettle.com, Inc. Closes Sale of 51% of the Company to Investor Group Led by Dr....
Focus Media Reports Fourth Quarter and Full Year 2007 Results
Defense Intelligence Agency Awards Contract to SRACompany to provide support for...
Alternate Marketing Networks Sets Annual Meeting Date and Reports on 2007 Financial...
On2 Technologies Files Form 12b-25 to Extend Filing Due Date of Its 2007 Annual Report on...
Pawtucket, Rhode Island Residents To Benefit from Verizon Wireless Network...
Comcast Corporation Names Jennifer Khoury Vice President of Corporate Communications
FAA Certifies Pratt & Whitney CFM56-3 Engine Life Limited Parts
Pratt & Whitney Installs Geared Turbofan(TM) Engine Flight Nacelle System, Prepares for...
Southern Company's Tom Fanning Named Top CFO by Institutional Investor Magazine
Nectar Announces General Availability for Hosted Telephony ServicesCredit Information...
Comcast Names Kerry Knott Senior Vice President of Government Affairs and Joseph W. Waz,...
Gameloft Signs Multi-Game Multiyear Partnership With FerrariFerrari's Official Licensed...
Organizations Ease Web Application Development With Oracle(R) Application Express...
ViewCast Corporation to Report 2007 Fourth Quarter, Year-End Financial ResultsConference...
Gameloft et Ferrari signent un accord de licence mùltijeu et pluriannuel
Kerry Group Selects Attunity to Improve Data AccessKerry Installs Attunity's Connect for...
Medialink to Report Fourth Quarter and Full Year 2007 Results on March 31
WinSonic Digital Media Group, Ltd. Announces Strategic Network PartnersWinSonic Launches...
Cox and Charter Team to Provide Telecommunications Links for Business...
Newton, New Hampshire and Merrimac, Massachusetts Residents to Benefit from Verizon Wireless Network ExpansionInvesting to Stay Ahead of Growing Demand for Wireless Voice, Multimedia and Internet Access
NEWTON, N.H., March 18 /PRNewswire/ -- In a continuing effort to provide the best wireless service for local residents in southern New Hampshire and northern Massachusetts, Verizon Wireless has activated a new cell site. The new site increases wireless voice and data coverage and capacity along Route 108 in Newton, New Hampshire and northern Merrimac, Massachusetts, as well as the surrounding area.
Verizon Wireless has invested nearly $44 billion since it was formed to increase the coverage and capacity of its national network and to add new services like BroadbandAccess and V CAST. Regionally the company has invested nearly $2.2 billion into its New England network, including over $292 million in 2007 alone.
BroadbandAccess offers computer users the nation's most reliable high- speed wireless mobile broadband network, operating at average upload speeds between 500 and 800 kbps, and download speeds between 600 kbps and 1.4 mbps over Verizon Wireless' BroadbandAccess with EV-DO Revision A network. V CAST brings video clips of TV shows, music on demand and other multimedia services to wireless phones.
Strong demand for Verizon Wireless services continued during the fourth quarter of 2007 as the company added two million net new customers and, for the thirteenth consecutive quarter, reported the lowest customer turnover (highest customer loyalty) rate in the wireless industry.
The company's 'nation's most reliable wireless network' reputation is based on network studies performed by real-life test men and test women throughout the country who inspired the "can you hear me now" national advertising campaign. Nationally, these test men and women drive nearly 100 specially equipped vehicles almost 1,000,000 miles annually on Interstate, U.S. and state highways as well as major roads and surface streets in high- population areas, based upon U.S. Census counts, to confirm that voice calls and data connections are successful on the first attempt and stay connected. Vehicles are equipped with computers that automatically make more than three million voice call attempts and more than 16 million data tests annually on Verizon Wireless' network and the networks of other carriers.
About Verizon Wireless
Verizon Wireless operates the nation's most reliable wireless voice and data network, serving 65.7 million customers. Headquartered in Basking Ridge, N.J., with 69,000 employees nationwide, Verizon Wireless is a joint venture of Verizon Communications and Vodafone (NYSE and LSE: VOD). For more information, go to: http://www.verizonwireless.com/. To preview and request broadcast-quality video footage and high-resolution stills of Verizon Wireless operations, log on to the Verizon Wireless Multimedia Library at http://www.verizonwireless.com/multimedia.
BroadbandAccess speed claim is based on stationary tests with 5 MB FTP data files w/o compression and requires compatible EV-DO Rev. A device. Actual throughput speed varies. BroadbandAccess is available to more than 240 million people in 248 major metros in the U.S. V CAST Music phone & per song charges required; airtime may apply for music downloads. Additional charges required for other V CAST services. Offers & coverage, varying by service, not available everywhere. Network details and coverage maps at vzw.com.
Verizon Wireless
CONTACT: Michael Murphy of Verizon Wireless, +1-781-932-1213, Michael.Murphy@verizonwireless.com; or Anne Elise O'Connor of Thomson Communications for Verizon Wireless, +1-617-548-2765, Aeoc@thomsoncommunications.com
Web site: http://www.verizonwireless.com/
SI International Updates First Quarter and Full Year FY08 GuidanceSchedules conference call to discuss detailed 2008 outlook
RESTON, Va., March 18 /PRNewswire-FirstCall/ -- SI International, Inc. , an information technology and network solutions (IT) company, today revised its previously announced first quarter and full year FY08 guidance.
Based on current trends, the Company is now forecasting that revenues for first quarter FY08 will be between $128 million and $130 million. Net Income is expected to be in the range of $3.2 million to $3.6 million, and diluted earnings per share are expected to be between $0.24 and $0.27 on a weighted average share count of 13.4 million shares for the first quarter FY08. Revisions to the first quarter outlook were prompted by unexpected delays in the funding of anticipated new work and delays in the award of a major new contract that was expected to start during the first quarter.
For the full year FY08, SI International is forecasting revenues to be in the range of $560 million to $580 million. Net income is expected to be between $18.9 and $20.2 million, and diluted earnings per share are expected to be in the range of $1.40 to $1.50 on a weighted average share count of 13.5 million shares for full year FY08.
"SI International is experiencing a delay in the funding and start of several key programs that we had anticipated would make a positive contribution to our first quarter operating results. Specifically we have been carrying staff in anticipation of these program starts, which has resulted in a high level of unabsorbed overhead expense," said Brad Antle, President and CEO of SI International. "We believe these programs will make a positive contribution to the balance of this year. Until the revenue materializes, we have made adjustments to our cost structure to keep in line with our revised revenue expectations. This is being done in a way that will not compromise our investment in key future growth areas. I am confident that the long-term fundamentals of our businesses remain solid and that our industry dynamics will improve in the back-half of the year."
The updated guidance contained in this news release is based on information currently available to the Company and is subject to change based on the completion of the Company's financial statements and related quarter- end financial results. The Company expects to release its first quarter FY08 financial results on Tuesday, April 29, 2008.
Q1 2008 Full Year 2008
Revenue $128 - $130 million $560 - $580 million
Net Income $3.2 - $3.6 million $18.9 - $20.2 million
Diluted Earnings Per Share $0.24 - $0.27 $1.40 - $1.50
Diluted Share Equivalents 13.4 million 13.5 million
Conference Call and Webcast
SI International's President and CEO, Brad Antle, and the Company's CFO, Ted Dunn, will discuss the updated guidance in a conference call that will be held on Wednesday, March 19, 2008 at 8:30 AM EDT. Interested parties may listen to the conference call by dialing 866-831-6247 with passcode 76320249. The conference call will also be webcast simultaneously through a link on the Investor Relations section of SI International's website, http://www.si-intl.com/. A replay of the conference call will be available two hours after the conclusion of the call through Wednesday, April 2, 2008 on SI International's web site or by dialing 888-286-8010 and entering passcode 75540532.
About SI International: SI International, a member of the Russell 2000 and S&P SmallCap 600 indices, is a provider of information technology and network solutions (IT) primarily to the federal government. The Company combines technology and industry expertise to provide a full spectrum of state-of-the- practice solutions and services, from design and development to documentation and operations, to assist clients in achieving their missions. SI International is ranked as the 42nd largest Federal Prime IT Contractor by Washington Technology and has approximately 4,500 employees. More information about SI International can be found at http://www.si-intl.com/.
The above-referenced statements may contain forward-looking statements that are made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Expressions of future goals, financial information or reporting, and similar expressions reflecting something other than historical fact are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. These forward- looking statements may involve a number of risks and uncertainties, which are described in the Company's filings with the Securities and Exchange Commission. These risks and uncertainties include: changes in federal government (or other applicable) procurement laws, regulations, policies and budgets; risks relating to contract performance; changes in the competitive environment (including as a result of bid protests); and the important factors discussed in the Risk Factors section of the annual report on Form 10-K filed by the Company with the Securities and Exchange Commission and available directly from the Commission at http://www.sec.gov/. The actual results may differ materially from any forward-looking statements due to such risks and uncertainties. The Company undertakes no obligations to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
Contact: Alan Hill
SI International, Inc.
703-234-6854
alan.hill@si-intl.com
SI International, Inc.
CONTACT: Alan Hill of SI International, Inc., +1-703-234-6854, alan.hill@si-intl.com
Web site: http://www.si-intl.com/
China TransInfo Technology Announces Record Fourth Quarter and Full Year 2007 Year End Results
-- Fourth quarter record revenue climbed 44% year-over-year to $3.9
million
-- Record full year 2007 net income increased 48% year-over-year to $4.4
million
BEIJING, March 18 /Xinhua-PRNewswire-FirstCall/ -- China TransInfo Technology Corp. (BULLETIN BOARD: CTFO) ("China TransInfo" or "the Company"), a leading provider of public transportation information systems technology and comprehensive solutions in the People's Republic of China (the "PRC"), today reported its financial results for the fourth quarter and year ended December 31, 2007.
Fourth Quarter 2007 Highlights
-- Sales increased 44.0% year-over-year to a record $3.9 million
-- Gross profit increased 103.3% year-over-year to $2.3 million
-- Gross margin increased to 60.3% from 41.1% a year ago
-- Income from operations increased 80.9% year-over-year to $1.7 million
-- Net income increased to $0.8 million, or $0.04 per fully diluted share
-- Awarded transportation service project from PRC Ministry of Science and
Technology to support the Beijing 2008 Olympic Games
-- Entered into framework arrangement with City of Chengdu Department of
Transportation
-- Entered strategic partnerships with Oracle Corporation and
Environmental Systems Research Institute
-- Announced wide scale launch of Transportation Information Service
Operation Platform
-- Appointed Mr. Troy Mao as Chief Financial Officer of the Company
Full Year 2007 Highlights
-- Revenue increased 65.3% year-over-year to a record $11.9 million.
-- Gross profit increased 58.0% year-over-year to $6.3 million, or 52.7%
of revenues
-- Operating income grew 56.0% year-over-year to $4.9 million
-- Net income increased 48.0% to $4.4 million, or $0.28 per fully diluted
share
-- Signed letter of intent with City of Urumqi Department of
Transportation
-- Became a publicly traded company through a share exchange transaction
in May 2007
"We continued to experience strong demand for our products and services during the fourth quarter of fiscal year 2007. The GIS software and solutions industry in China continued its rapid development in the quarter due in part to the Chinese government's preference to use homegrown GIS software applications and services for its government programs," said Mr. Shudong Xia, CEO of China TransInfo. "More importantly, we made significant strides to position China TransInfo as a leader in the rapidly developing market for traffic information systems and real-time traffic data services in China.
"During the fourth quarter of 2007, we broadened our offerings by establishing relationships with two strategic partners and entered into an agreement to provide integrated real-time transportation information services to the City of Chengdu. In January of 2008, we launched the test version of the system and we expect to complete the full commercial launch in June. This is in line with our goal to develop a high margin, recurring revenue business that will leverage our technology leadership in the GIS sector."
Fourth Quarter 2007 Results
For the quarter ended December 31, 2007, revenues were $3.9 million, a 44.0% increase from $2.7 million posted during the same quarter in 2006. This was primarily due to an increase in sales in both the Digital City and Transportation GIS project segments, which accounted for 46.3% and 39.2% of the total revenues in the quarter, respectively. The remaining amount was attributable to the Land & Resources sector and other business segments. During fourth quarter of 2007, 49.0% of total sales revenue came from software products, while the remaining 51.0% resulted from the sale of hardware products.
The Company's gross profit increased 103.3% to $2.3 million in the fourth quarter of 2007, compared to $1.1 million a year ago. Gross margin was 60.3% in the fourth quarter of 2007, compared to 42.8% during the same period in 2006. The increase in gross margin was mainly due to the execution of higher margin contracts for transportation information service projects during the fourth quarter of 2007.
Selling, general and administrative expenses in the fourth quarter of 2007 were $604,880 up from $192,447 in the fourth quarter of 2006. This significant increase in administrative expenses was primarily due to one-time non-cash warrant expenses of $200,105 granted for professional services as well as higher administrative expenses associated with being a public company.
Operating income increased 80.9% to $1.7 million, or 44.7% of revenues, compared to $1.0 million, or 35.6% of revenues, in the fourth quarter of 2006.
Net income increased to $816,737 in the fourth quarter of 2007, or $0.04 per fully diluted share, as compared to net income of $687,144, or $0.08 per basic and fully diluted share, during the same period in 2006. Weighted average fully diluted shares outstanding increased to 19.9 million shares in the fourth quarter of 2007 from 8.6 million shares in the fourth quarter of 2006 as a result of the acquisition and issuance of additional shares from a share exchange transaction and private placement in May 2007.
Full Year 2007 Results
Revenues for 2007 were $11.9 million, up 65.3% from $7.2 million in 2006. Gross profit was $6.3 million or 52.7% of revenues, up 58.0% from $4.0 million, or 55.1% of revenues in 2006. Operating income was $4.9 million, or 40.9% of revenues, up 56.0% from $3.1 million, or 43.3% of revenues, in 2006. Net income was $4.4 million, or $0.28 per fully diluted share, as compared to net income of $3.0 million, or $0.35 per fully diluted share, in 2006. Weighted average fully diluted shares outstanding increased to 15.7 million shares in 2007 from 8.6 million shares in 2006 due to the private placement financing completed in May of 2007.
Financial Condition
As of December 31, 2007 cash totaled $6.8 million and working capital was $16.5 million, up from $5.1 million at December 31, 2006. Total liabilities, including short-term bank loans and other short-term credit instruments, totaled $1.1 million at year end. Stockholders' equity stood at $19.7 million at the end of 2007, as compared to $6.1 million at the end of 2006.
Business Outlook
For 2008, the Company expects revenues to increase to approximately $33.0 million and net income to grow to approximately $11.0 million.
"As China continues down the path towards urbanization, we expect strong demand from government and commercial organizations for advanced GIS software applications to manage growth, particularly in the areas of transportation, logistics and IT infrastructure for telephones and Internet services," stated Mr. Shudong Xia, CEO of China TransInfo. "In 2008, we will continue to leverage our advanced GIS technology and strong R&D capabilities to take advantage of the particularly strong demand in the transportation sector, gradually repositioning China TransInfo as a leading transportation information solutions provider rather than a GIS technology application provider. We also plan to expand our GIS-based taxi media system in more domestic cities and aim to generate revenues from our electronic toll collection business."
Recent Events
-- January 2008, Troy Mao officially joined China TransInfo as the
Company's Chief Financial Officer
-- January 2008, the Company opened a new regional office in Shanxi
Province, China
-- January 2008, China TransInfo signed a contract with the city of Huhhot
to install its Media Platform in the city's taxis
-- February 2008, China TransInfo signed its first revenue contract with
the city of Urumqi for its Taxi Media Platform System
-- February 2008, the Company received a technology award from Beijing
Municipal Government and Beijing Information Office
-- February 2008, China TransInfo presented to a group of potential
investors at the 20th Annual OC Growth Stock Conference in Laguna
Niguel, California. -- sponsored by Roth Capital Partners, LLC
Conference Call
The Company will host a conference call at 10:00 a.m. eastern time on March 19, 2008, to discuss results for the fourth quarter and full year of 2007. Joining Mr. Shudong Xia, Chief Executive Officer, will be Mr. Troy Mao, Chief Financial Officer, and Ms. Cathy Zhuang, IR Supervisor of China TransInfo. To participate in the live conference call, please dial the following number five to ten minutes prior to the scheduled conference call time: (866) 800-8648. International callers should dial +1-617-614-2702. When prompted by the operator, mention conference pass code 686 813 94. The call will be available to replay for seven days after it occurs. If you would like to listen to the call, please dial 1-888-286-8010 or +1-617-801-6888 from outside the US and enter pass code 686 813 94.
About China TransInfo
China TransInfo, through its subsidiary Beijing PKU ChinaFront High Technology Co., Ltd. ("PKU"), is primarily focused on providing transportation information services. The Company aims to become the largest transportation information product and comprehensive solutions provider, as well as the largest integrated transportation information platform and commuter traffic media platform builder and operator in China. China TransInfo is involved in developing multiple applications in transportation, digital city land and resource filling system based on GIS technologies which is used to service the public sector. In addition, the Company is also developing its transportation system to include ETC technology. The Company is the co-formulator to several transportation technology national standards and has software copyrights to 23 software products. China TransInfo has won 3 of 4 model cases sponsored by the PRC Ministry of Communications. The Company's affiliation with Peking University, which currently owns 5% of PKU, provides access to the University's GeoGIS Research Laboratory, including over 30 Ph.D. researchers. As a result, the Company is currently playing a key role in setting the standards for electrified transportation information solutions. For more information please visit the company website at http://www.chinatransinfo.com/ .
Safe Harbor Statement
This press release contains certain statements that may include "forward- looking statements." All statements other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website ( http://www.sec.gov/ ). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any security.
--FINANCIAL TABLES FOLLOW-
CHINA TRANSINFO TECHNOLOGY CORP. AND SUBSIDIARY
(FORMERLY INTRA-ASIA ENTERTAINMENT CORPORATION)
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS AND COMPREHENSIVE INCOME
3 months ended 12 months ended
December 31 December 31
2007 2006 2007 2006
(Unaudited) (Unaudited) (Audited) (Audited)
Revenues $3,869,165 $2,685,998 $11,864,629 $7,177,023
-- --
Cost of revenues 1,534,393 1,537,461 5,612,372 3,220,259
-- -- --
Gross profit 2,334,772 1,148,537 6,252,257 3,956,764
-- -- --
Expenses: -- -- --
SG&A 604,880 192,447 1,401,169 846,711
-- -- --
Income from operations 1,729,892 956,090 4,851,088 3,110,053
-- -- --
Other income (expense): -- -- --
Interest income 20,073 977 60,289 1,728
Interest expense (110) (13,731) (13,968) (35,278)
Subsidy income 146,058 53,431 146,058 53,431
Decrease in fair
value of warrant
liability (525,918) -- 64,359 --
Minority interest (69,995) (3,282) (396,585) (4,670)
Other income - net (62,265) (65,641) 160,446 (18,655)
(492,157) (28,246) 20,599 (3,444)
-- -- --
Net income before
income taxes 1,237,735 927,844 4,871,687 3,106,609
--
Income tax expense 420,998 240,700 450,606 119,719
--
Net income $816,737 $687,144 $4,421,081 $2,986,890
--
Weighted average
shares of outstanding
- basic 19,601,107 8,597,140 15,520,661 8,597,140
Weighted average
shares of outstanding
- diluted 19,895,552 8,597,140 15,698,439 8,597,140
Income per share - --
basic $0.04 $0.08 $0.28 $0.35
diluted $0.04 $0.08 $0.28 $0.35
-- --
Comprehensive income --
Net income 816,737 687,144 4,421,081 2,986,890
Translation adjustments 401,382 129,407 672,414 162,286
Comprehensive income 1,218,119 816,551 5,093,495 3,149,176
CHINA TRANSINFO TECHNOLOGY CORP. AND SUBSIDIARY
(FORMERLY INTRA-ASIA ENTERTAINMENT CORPORATION)
CONDENSED CONSOLIDATED BALANCE SHEETS
December 31,
December 31, 2007 2006
(Audited) Audited
ASSETS
Current Assets:
Cash and cash equivalents $ 6,842,238 $ 1,321,164
Restricted cash 243,852 128,200
Accounts receivable 4,246,805 2,756,541
Cost and estimated earnings in excess of
billings on
uncompleted contracts 2,659,969 624,589
Prepayments 2,328,289 1,116,580
Other receivable 812,268 125,556
Deferred tax
assets 250,668 461,982
Other current
assets 226,061 85,019
Total current
assets 17,610,150 6,619,631
Prepayment on investment 260,490 243,580
Property and equipment, net 3,574,722 238,545
Deferred tax
assets -- 211,145
Deposits -- 11,701
Loans to others -- 269,989
Total assets $ 21,445,362 $ 7,594,591
LIABILITIES AND SHAREHOLDERS' EQUITY
Current
Liabilities:
Accounts payable $ 446,143 $ 162,503
Notes payable -- 641,000
Billings in excess of costs and
estimated earnings on
uncompleted contracts 258,265 335,286
Accrued expenses 389,432 357,598
Total current
liabilities 1,093,840 1,496,387
Minority Interest 655,876 4,768
Stockholders' equity:
Preferred stock, par value $0.001 per
share, 10,000,000 shares authorized
and 0 shares issued and outstanding --
Common stock, par value $0.001 per share,
150,000,000 shares authorized , 19,601,107
shares issued and outstanding 19,601 --
Additional paid-in capital 10,905,114 2,416,000
Retained earnings 7,883,747 3,462,666
Accumulated other comprehensive gain
- translation adjustments 887,184 214,770
Total stockholders'
equity 19,695,646 6,093,436
Total liabilities and
stockholders' equity $ 21,445,362 7,594,591
CHINA TRANSINFO TECHNOLOGY CORP. AND SUBSIDIARY
(FORMERLY INTRA-ASIA ENTERTAINMENT CORPORATION)
AUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
2007 2006
Cash flows from operating activities:
Net income $4,421,081 $2,986,890
Adjustments to reconcile net income to
net cash provided by (used in)
operating activities:
Depreciation and amortization
expenses 41,915 33,055
Minority interest 396,585 4,670
Warrants issued for service 200,105
Change in fair value of warrant
liability (64,359) --
Changes in operating assets:
Deferred income tax expense
(benefit) 450,606 119,719
(Increase) Decrease in
restricted cash (102,524) (125,570)
Increase in accounts receivable (1,247,452) (987,761)
Increase in prepayment (1,089,273) (658,985)
Increase in other receivable (577,078) 10,974
Increase in cost and estimated
earnings
in excess of billings on
uncompleted contracts (1,913,123) (151,233)
Increase in other current
assets (129,788) (17,454)
Increase (Decrease) in accounts
payable 261,572 (79,746)
Increase (Decrease) in billings
in excess of costs
and estimated earnings on
uncompleted contracts (96,324) (31,507)
Decrease in accrued expenses (466,400) 98,900
Net cash provided by (used in)
operating activities 85,543 1,201,952
Cash flows from investing activities:
Cash acquired from reverse
acquisition 9,199,660 --
(Increase) Decrease in loan to
others 277,297 9,292
Payment of cash to the shareholders
of the
accounting acquirer (2,000,000) --
(Increase) Decreae in other assets
- deposits 12,018 (2,472)
Purchases of property and equipment (3,236,664) (191,868)
Net cash provided by (used in)
investing activities 4,252,311 (185,048)
Cash flows from financing activities:
Proceeds from (payments of) short-
term borrowings (658,350) 125,570
Merger costs to be charged directly
to equity (1,492,361) --
Proceeds from issuing shares 3,200,000 --
Net cash provided by financing
activities 1,049,289 125,570
Effect of foreign currency exchange
translation 133,931 28,999
Net increase (decrease) in cash 5,521,074 1,171,473
Cash - beginning 1,321,164 149,691
Cash - ending $6,842,238 $1,321,164
Supplemental disclosures:
Interest paid $13,986 $35,278
Income taxes paid $-- $--
For more information, please contact:
Company Contact:
Mr. Troy Mao, Chief Financial Officer
China TransInfo Technology Corp.
Tel: +86-10-8267-1299 x3026
Email: troymao@ctfo.com
Investor Relations Contact:
Mr. Crocker Coulson, President
CCG Investor Relations
Tel: +1-646-213-1915 (NY office)
Email: crocker.coulson@ccgir.com
China TransInfo Technology Corp.
CONTACT: Mr. Troy Mao, Chief Financial Officer of China TransInfo Technology Corp., +86-10-8267-1299 x3026, or troymao@ctfo.com; Mr. Crocker Coulson, President of CCG Investor Relations, +1-646-213-1915 (NY office), or crocker.coulson@ccgir.com, both for China TransInfo Technology Corp.
Concur Appoints Randall H. Talbot to Board of Directors
REDMOND, Wash., March 18 /PRNewswire-FirstCall/ -- Concur the world's leading provider of on-demand business services that automate Employee Spend Management, today announced the appointment of Randall H. Talbot to its Board of Directors.
"The addition of Randy to Concur's board ensures the company will continue to benefit from a diversity of knowledge and expertise in both financial and software industry markets," said Concur chairman and CEO Steve Singh. "Randy is a skilled leader with deep expertise in delivering innovative business services. His experience and insight will help Concur to continue to build upon its leadership position in the Employee Spend Management market."
Currently, Talbot serves as chief executive officer and president of Symetra Financial Corporation, a Bellevue, Wash., based company, and brings more than 33 years of financial management experience to the board. Symetra Financial provides retirement plans, employee benefits, life insurance and annuities to more than 1.7 million customers nationally. Prior to joining Symetra in 1998, Talbot spent 23 years at Talbot Financial Corp., marketing a broad spectrum of insurance and investment products. Talbot was one of the first in the industry to bring together insurance companies and financial institutions for the purpose of selling insurance products.
In addition to being on the board of Symetra Financial Corp., Talbot is on the board of the Performing Arts Center Eastside and the Washington Roundtable, a nonprofit public policy organization affecting positive change on critical policy issues in Washington state. Talbot also serves on the Directors Council for the American Council of Life Insurers (ACLI) and is a member of the Initiative for Global Development, a national network of corporate leaders with a business approach to abject poverty.
About Concur
Concur is the world's leading provider of on-demand Employee Spend Management services. Concur enables organizations to globally control costs by automating the processes they use to manage employee spending. Concur's end- to-end solutions seamlessly unite online travel booking with automated expense reporting, streamline meeting management and optimize the process of managing vendor payments, employee check requests and direct reimbursements. Organizations of all sizes trust Concur to help them control spend before it occurs while eliminating paper and optimizing supplier relations. Concur's unified approach to managing employee spend delivers a 360° view into all employee expenses, helping companies globally enforce policies and monitor vendor compliance, while delivering unprecedented control and valuable insight. Concur's suite of on-demand services reach millions of employees across thousands of organizations around the world -- streamlining business processes, reducing operating costs, improving internal controls and providing enhanced visibility and actionable expense analysis. More information about Concur is available at http://www.concur.com/.
Concur
CONTACT: Stefanie Johansen, +1-425-452-5468, sjohansen@webershandwick.com, or Joe Walton, +44 207 067 0511, jwalton@webershandwick.com, both of Weber Shandwick for Concur; or Colin Johnson of Symetra Financial, +1-425-256-5049, colin.johnson@symetra.com
Web site: http://www.concur.com/
VASCO Launches Identikey Server 3.0Identikey Server 3.0 authentication solution for large enterprises and B-2-B market; offers Digipass strong authentication and e-signatures; ideal security solution for web applications and remote access
OAKBROOK TERRACE, Ill. and ZURICH, Switzerland, March 18
/PRNewswire-FirstCall/ -- VASCO Data Security International Inc. , a leading software security company specializing in authentication products, announced today that it launches its new authentication server, Identikey Server 3.0.
This authentication solution, based on VACMAN's core technology, is the ideal solution for large enterprises and the B-2-B market, offering strong Digipass two-factor authentication for remote access to networks or web based applications. The software is designed to support the deployment, use and administration of DIGIPASS authenticators.
Identikey's plug-and-play concept is developed for customers who want to integrate user authentication or signature validation in their custom applications. Its modular design offers centralized user management, multiplatform support and enhanced reporting features in xml or html output. All administration functions are conveniently available through a web based interface.
As a standalone application, Identikey interfaces with standard RADIUS clients and web filters, securing remote access. Additionally, Identikey Server 3.0 can be integrated seamlessly on both front- and back-end level into existing IT environments. It is a complete authentication solution supporting both Windows and Linux operating environments.
"With the development of Identikey Server 3.0, VASCO extends its offerings for larger enterprises and the B-2-B market," said Jan Valcke, VASCO's President and COO. "With Identikey, we bring banking level security to the custom applications of our B-2-B enterprises. VASCO offers with Identikey an affordable and flexible server solution that can be used as a standalone application or integrated in the customer's in-house applications."
Identikey Server 3.0 is available as from today and will be distributed by VASCO's Identikey Integration Partners.
For more information about Identikey, please visit http://www.identikey.com/
About VASCO: VASCO is a leading supplier of strong authentication and e-signature solutions and services specializing in Internet Security applications and transactions. VASCO has positioned itself as a global software company for Internet Security serving a customer base of close to 6,500 companies in more than 100 countries, including approximately 1000 international financial institutions. VASCO's prime markets are the financial sector, enterprise security, e-commerce and e-government.
Forward Looking Statements
Statements made in this news release that relate to future plans, events or performances are forward-looking statements. Any statement containing words such as "believes," "anticipates," "plans," "expects," and similar words, is forward-looking, and these statements involve risks and uncertainties and are based on current expectations. Consequently, actual results could differ materially from the expectations expressed in these forward-looking statements.
Reference is made to the Company's public filings with the US Securities and Exchange Commission for further information regarding the Company and its operations.
For more information contact:
Jochem Binst, +32 2 609 97 00, jbinst@vasco.com
VASCO Data Security International Inc.
CONTACT: Jochem Binst of VASCO, +32 2 609 97 00, jbinst@vasco.com
Web site: http://www.vasco.com/ http://www.identikey.com/
Grafton, Massachusetts Residents to Benefit from Verizon Wireless Network ExpansionInvesting to Stay Ahead of Growing Demand for Wireless Voice, Multimedia and Internet Access
GRAFTON, Mass., March 18 /PRNewswire/ -- In a continuing effort to provide the best wireless service for local residents in Worcester County, Verizon Wireless has activated a new cell site. The new site increases wireless voice and data coverage and capacity along the Mass Pike and Route 122 in Grafton, Massachusetts, as well as the surrounding area.
Verizon Wireless has invested nearly $44 billion since it was formed to increase the coverage and capacity of its national network and to add new services like BroadbandAccess and V CAST. Regionally the company has invested nearly $2.2 billion into its New England network, including over $292 million in 2007 alone.
BroadbandAccess offers computer users the nation's most reliable high- speed wireless mobile broadband network, operating at average upload speeds between 500 and 800 kbps, and download speeds between 600 kbps and 1.4 mbps over Verizon Wireless' BroadbandAccess with EV-DO Revision A network. V CAST brings video clips of TV shows, music on demand and other multimedia services to wireless phones.
Strong demand for Verizon Wireless services continued during the fourth quarter of 2007 as the company added two million net new customers and, for the thirteenth consecutive quarter, reported the lowest customer turnover (highest customer loyalty) rate in the wireless industry.
The company's 'nation's most reliable wireless network' reputation is based on network studies performed by real-life test men and test women throughout the country who inspired the "can you hear me now" national advertising campaign. Nationally, these test men and women drive nearly 100 specially equipped vehicles almost 1,000,000 miles annually on Interstate, U.S. and state highways as well as major roads and surface streets in high- population areas, based upon U.S. Census counts, to confirm that voice calls and data connections are successful on the first attempt and stay connected. Vehicles are equipped with computers that automatically make more than three million voice call attempts and more than 16 million data tests annually on Verizon Wireless' network and the networks of other carriers.
About Verizon Wireless
Verizon Wireless operates the nation's most reliable wireless voice and data network, serving 65.7 million customers. Headquartered in Basking Ridge, N.J., with 69,000 employees nationwide, Verizon Wireless is a joint venture of Verizon Communications and Vodafone (NYSE and LSE: VOD). For more information, go to: http://www.verizonwireless.com/. To preview and request broadcast- quality video footage and high-resolution stills of Verizon Wireless operations, log on to the Verizon Wireless Multimedia Library at http://www.verizonwireless.com/multimedia.
BroadbandAccess speed claim is based on stationary tests with 5 MB FTP data files w/o compression and requires compatible EV-DO Rev. A device. Actual throughput speed varies. BroadbandAccess is available to more than 240 million people in 248 major metros in the U.S. V CAST Music phone & per song charges required; airtime may apply for music downloads. Additional charges required for other V CAST services. Offers & coverage, varying by service, not available everywhere. Network details and coverage maps at vzw.com.
Verizon Wireless
CONTACT: Michael Murphy of Verizon Wireless, +1-781-932-1213, Michael.Murphy@verizonwireless.com, or Anne Elise O'Connor of Thomson Communications, +1-617-548-2765, Aeoc@thomsoncommunications.com, for Verizon Wireless
Web site: http://www.verizonwireless.com/
Enfield, New Hampshire Residents to Benefit from Verizon Wireless Network ExpansionInvesting to Stay Ahead of Growing Demand for Wireless Voice, Multimedia and Internet Access
ENFIELD, N.H., March 18 /PRNewswire/ -- In a continuing effort to provide the best wireless service for local residents in Grafton County, Verizon Wireless has activated a new cell site. The new site increases wireless voice and data coverage and capacity along I-89 in Enfield, as well as the surrounding area.
Verizon Wireless has invested nearly $44 billion since it was formed to increase the coverage and capacity of its national network and to add new services like BroadbandAccess and V CAST. Regionally the company has invested nearly $2.2 billion into its New England network, including over $292 million in 2007 alone.
BroadbandAccess offers computer users the nation's most reliable high- speed wireless mobile broadband network, operating at average upload speeds between 500 and 800 kbps, and download speeds between 600 kbps and 1.4 mbps over Verizon Wireless' BroadbandAccess with EV-DO Revision A network. V CAST brings video clips of TV shows, music on demand and other multimedia services to wireless phones.
Strong demand for Verizon Wireless services continued during the fourth quarter of 2007 as the company added two million net new customers and, for the thirteenth consecutive quarter, reported the lowest customer turnover (highest customer loyalty) rate in the wireless industry.
The company's 'nation's most reliable wireless network' reputation is based on network studies performed by real-life test men and test women throughout the country who inspired the "can you hear me now" national advertising campaign. Nationally, these test men and women drive nearly 100 specially equipped vehicles almost 1,000,000 miles annually on Interstate, U.S. and state highways as well as major roads and surface streets in high- population areas, based upon U.S. Census counts, to confirm that voice calls and data connections are successful on the first attempt and stay connected. Vehicles are equipped with computers that automatically make more than three million voice call attempts and more than 16 million data tests annually on Verizon Wireless' network and the networks of other carriers.
About Verizon Wireless
Verizon Wireless operates the nation's most reliable wireless voice and data network, serving 65.7 million customers. Headquartered in Basking Ridge, N.J., with 69,000 employees nationwide, Verizon Wireless is a joint venture of Verizon Communications and Vodafone (NYSE and LSE: VOD). For more information, go to: http://www.verizonwireless.com/. To preview and request broadcast- quality video footage and high-resolution stills of Verizon Wireless operations, log on to the Verizon Wireless Multimedia Library at http://www.verizonwireless.com/multimedia.
BroadbandAccess speed claim is based on stationary tests with 5 MB FTP data files w/o compression and requires compatible EV-DO Rev. A device. Actual throughput speed varies. BroadbandAccess is available to more than 240 million people in 248 major metros in the U.S. V CAST Music phone & per song charges required; airtime may apply for music downloads. Additional charges required for other V CAST services. Offers & coverage, varying by service, not available everywhere. Network details and coverage maps at vzw.com.
Verizon Wireless
CONTACT: Michael Murphy of Verizon Wireless, +1-781-932-1213, Michael.Murphy@verizonwireless.com; or Anne Elise O'Connor of Thomson Communications for Verizon Wireless, +1-617-548-2765, Aeoc@thomsoncommunications.com
Web site: http://www.verizonwireless.com/ http://www.vzw.com/
CPI International Completes Redemption of $6 Million in Principal Amount of Its Floating Rate Senior Notes Due 2015
PALO ALTO, Calif., March 18 /PRNewswire-FirstCall/ -- CPI International, Inc. has completed the previously announced redemption of $6 million in principal amount of its Floating Rate Senior Notes due 2015 (Notes). Including the call premium, the redemption price paid to note holders was 102 percent of the principal amount of the Notes. Including the call price and accrued and unpaid interest, the total cash paid was $6,188,520.
(Logo: http://www.newscom.com/cgi-bin/prnh/20060426/CPILOGO)
Following this redemption, CPI International has $16.0 million aggregate principal amount of Notes outstanding. CPI International is the parent company of Communications & Power Industries, Inc., a leading provider of microwave, radio frequency, power and control solutions for critical defense, communications, medical, scientific and other applications.
About CPI International, Inc.
CPI International, Inc., headquartered in Palo Alto, California, is the parent company of Communications & Power Industries, Inc., a leading provider of microwave, radio frequency, power and control solutions for critical defense, communications, medical, scientific and other applications. Communications & Power Industries, Inc. develops, manufactures and distributes products used to generate, amplify and transmit high-power/high-frequency microwave and radio frequency signals and/or provide power and control for various applications. End-use applications of these systems include the transmission of radar signals for navigation and location; transmission of deception signals for electronic countermeasures; transmission and amplification of voice, data and video signals for broadcasting, Internet and other types of commercial and military communications; providing power and control for medical diagnostic imaging; and generating microwave energy for radiation therapy in the treatment of cancer and for various industrial and scientific applications.
Certain statements included above constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements provide our current expectations, beliefs or forecasts of future events. Forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual events or results to differ materially from the results projected, expected or implied by these forward looking statements. These factors include, but are not limited to, competition in our end markets; our significant amount of debt; changes or reductions in the U.S. defense budget; currency fluctuations; U.S. government contracts laws and regulations; changes in technology; the impact of unexpected costs; and inability to obtain raw materials and components. These and other risks are described in more detail in our periodic filings with the Securities and Exchange Commission. As a result of these uncertainties, you should not place undue reliance on these forward-looking statements. All future written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect us. We undertake no duty or obligation to publicly revise any forward-looking statement to reflect circumstances or events occurring after the date hereof or to reflect the occurrence of unanticipated events or changes in our expectations.
Photo: http://www.newscom.com/cgi-bin/prnh/20060426/CPILOGO AP Archive: http://photoarchive.ap.org/ PRN Photo Desk, photodesk@prnewswire.com
CPI International, Inc.
CONTACT: investor relations, Amanda Mogin of Communications & Power Industries, +1-650-846-3998, amanda.mogin@cpii.com
Web site: http://www.cpii.com/
New Hampshire and Vermont Residents to Benefit From Verizon Wireless Network ExpansionInvesting to Stay Ahead of Growing Demand for Wireless Voice, Multimedia and Internet Access
WALPOLE, N.H., March 18 /PRNewswire/ -- In a continuing effort to provide the best wireless service for residents in New Hampshire and Vermont, Verizon Wireless has activated a new cell site. The new site increases wireless voice and data coverage and capacity along Route 12 in Walpole, New Hampshire, Route 5 and I-91 in Rockingham and Westminster, Vermont, as well as the surrounding area.
Verizon Wireless has invested nearly $44 billion since it was formed to increase the coverage and capacity of its national network and to add new services like BroadbandAccess and V CAST. Regionally the company has invested nearly $2.2 billion into its New England network, including over $292 million in 2007 alone.
BroadbandAccess offers computer users the nation's most reliable high- speed wireless mobile broadband network, operating at average upload speeds between 500 and 800 kbps, and download speeds between 600 kbps and 1.4 mbps over Verizon Wireless' BroadbandAccess with EV-DO Revision A network. V CAST brings video clips of TV shows, music on demand and other multimedia services to wireless phones.
Strong demand for Verizon Wireless services continued during the fourth quarter of 2007 as the company added two million net new customers and, for the thirteenth consecutive quarter, reported the lowest customer turnover (highest customer loyalty) rate in the wireless industry.
The company's 'nation's most reliable wireless network' reputation is based on network studies performed by real-life test men and test women throughout the country who inspired the "can you hear me now" national advertising campaign. Nationally, these test men and women drive nearly 100 specially equipped vehicles almost 1,000,000 miles annually on Interstate, U.S. and state highways as well as major roads and surface streets in high- population areas, based upon U.S. Census counts, to confirm that voice calls and data connections are successful on the first attempt and stay connected. Vehicles are equipped with computers that automatically make more than three million voice call attempts and more than 16 million data tests annually on Verizon Wireless' network and the networks of other carriers.
About Verizon Wireless
Verizon Wireless operates the nation's most reliable wireless voice and data network, serving 65.7 million customers. Headquartered in Basking Ridge, N.J., with 69,000 employees nationwide, Verizon Wireless is a joint venture of Verizon Communications and Vodafone (NYSE and LSE: VOD). For more information, go to: http://www.verizonwireless.com/. To preview and request broadcast-quality video footage and high-resolution stills of Verizon Wireless operations, log on to the Verizon Wireless Multimedia Library at http://www.verizonwireless.com/multimedia.
BroadbandAccess speed claim is based on stationary tests with 5 MB FTP data files w/o compression and requires compatible EV-DO Rev. A device. Actual throughput speed varies. BroadbandAccess is available to more than 240 million people in 248 major metros in the U.S. V CAST Music phone & per song charges required; airtime may apply for music downloads. Additional charges required for other V CAST services. Offers & coverage, varying by service, not available everywhere. Network details and coverage maps at vzw.com.
Verizon Wireless
CONTACT: Michael Murphy of Verizon Wireless, +1-781-932-1213, Michael.Murphy@verizonwireless.com; or Anne Elise O'Connor of Thomson Communications, +1-617-548-2765, Aeoc@thomsoncommunications.com, for Verizon Wireless
Web site: http://www.verizonwireless.com/
clickNsettle.com, Inc. Closes Sale of 51% of the Company to Investor Group Led by Dr. Phillip Frost
MIAMI, March 18 /PRNewswire-FirstCall/ -- clickNsettle.com, Inc. (BULLETIN BOARD: CKST) today announced that it closed a Stock Purchase Agreement with a small group of investors, led by Dr. Phillip Frost.
In accordance with the agreement, on March 13, 2008, clickNsettle.com, Inc. implemented a one-for-ten reverse stock split and amended its Certificate of Incorporation to increase the aggregate number of shares of all classes of capital stock that it may issue. As a result of the reverse stock split, as of March 13, 2008, the trading symbol for the Company's shares on the Over-the-Counter Bulletin Board (OTCBB) changed to "CKST" and the CUSIP number for shares changed to 18682E304. Stockholders of record on March 13, 2008 will receive a transmittal letter from the Company's transfer agent indicating how they can exchange their current pre-reverse stock split share certificates for new post-reverse stock split share certificates.
Pursuant to the agreement, the Company sold to the investor group an aggregate of 5,762,448 post-reverse split unregistered shares, or approximately 51% of the post-reverse split outstanding shares on a fully-diluted basis. The aggregate purchase price for the shares was $1,338,100, an amount equal to approximately net cash and cash equivalents of the Company on the closing date after deducting liabilities and costs, including costs and expenses of this transaction.
Dr. Frost is the Chairman and Chief Executive Officer of Opko Health, Inc., a specialty healthcare company focused on the treatment, diagnosis and prevention of ophthalmic diseases. Previously, Dr. Frost founded IVAX Corporation and served as its Chairman of the Board of Directors and Chief Executive Officer from 1987 until its sale to Teva Pharmaceuticals Industries Ltd., in January 2006. Dr. Frost has served as Vice Chairman of the Board of Directors of Teva since the completion of the acquisition of IVAX.
About clickNsettle.com, Inc.:
clickNsettle.com, Inc. is a "shell company" with no operating assets or business. The Company provided alternative dispute resolution services until the sale of its operating business in 2005. Since 2005 the Company has not had an operating business. The Company's plan of business is to identify and evaluate a merger or other business combination with an operating company. No assurance can be given as to when or if the Company will be successful in doing so.
Forward Looking Statements:
This release contains "forward-looking statements," as that term is defined under the Private Securities Litigation Reform Act of 1995 (PSLRA). Actual results may differ from those projected due to a number of risks and uncertainties, including, but not limited to the possibility that some or all of the pending matters and transactions considered by clickNsettle.com may not proceed as contemplated, and by all other matters specified in clickNsettle.com's filings with the Securities and Exchange Commission. These statements are made based upon current expectations that are subject to risk and uncertainty. clickNsettle.com does not undertake to update forward-looking statements in this news release to reflect actual results, changes in assumptions or changes in other factors affecting such forward-looking information. Assumptions and other information that could cause results to differ from those set forth in the forward-looking information can be found in clickNsettle.com's filings with the Securities and Exchange Commission, including its most recent periodic report. We intend that all forward-looking statements be subject to the safe-harbor provisions of the PSLRA.
clickNsettle.com, Inc.
CONTACT: Glenn L. Halpryn, Chairman and Chief Executive Officer of clickNsettle.com, Inc., +1-305-573-4112
Focus Media Reports Fourth Quarter and Full Year 2007 Results
Fourth Quarter Revenue Increased by 171.4% and
Net Income Increased by 45.6% Year-over-year
SHANGHAI, China, March 18 /Xinhua-PRNewswire/ -- Focus Media Holding Limited , China's largest digital media group, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2007.
Highlights for fourth quarter 2007:
-- Total revenues grew 171.4% year-over-year and 21.9% quarter-over-
quarter to $184.6 million.
-- Net income for the fourth quarter was $43.8 million or $0.34 per fully
diluted ADS.
-- Focus Media provides gross margin, operating margin, net income and
earnings per ADS on a non-GAAP basis that exclude non-cash share-based
compensation expense and acquired intangible assets amortization
expense to enable investors to better assess the Company's operating
performance. The non-GAAP measures are described below and reconciled
to the corresponding GAAP measure in the section below titled ''Use of
non-GAAP Financial Measures". Net income, excluding non-cash share-
based compensation expenses and amortization of acquired intangible
assets resulting from acquisitions (non-GAAP) for the fourth quarter
was $68.0 million or $0.52 per fully diluted ADS, exceeding company
guidance of $62 million to $64 million.
-- In the fourth quarter of 2007, digital out-of-home advertising revenue
was $111.0 million, up 75.3% year-over-year, and 17.2% quarter-over-
quarter.
-- Advertising service revenue from our commercial location network,
including revenue from our LCD display networks, outdoor digital and
non-digital billboard networks (also referred to as our iStreet
Network) and movie theater advertising network, grew 75.9% year-
over-year and 13.6% quarter-over quarter to $73.4 million.
-- Advertising service revenue from our in-store network was $6.5
million, down 17.4% year-over-year and 8.6% quarter-over-quarter,
due to the relatively more competitive environment in our in-store
business, mainly from CGEN Technology Company Limited. On January 2,
2008, we closed the acquisition of CGEN and this transaction
strengthened our market leadership. The results for 2007 do not
include the results of CGEN.
-- Advertising service revenue from our in-elevator poster frame
network grew 126.4% year-over-year and 35.2% quarter-over-quarter to
$31.2 million
-- Mobile handset advertising revenue grew 355.8% year-over-year and 14.0%
quarter-over-quarter, to $16.0 million in the fourth quarter 2007.
-- Internet advertising revenue was $57.2 million in the fourth quarter of
2007, up 34.5% quarter-over-quarter.
Highlights for the full year 2007:
-- Total revenues were $506.6 million in 2007, up 139.1% as compared to
$211.9 million in 2006.
-- Operating income was $143.9 million in 2007, up 79.0% as compared to
$80.4 million in 2006.
-- Net income was $144.4 million in 2007, up 73.6% compared to $83.2
million in 2006. Net income excluding non-cash share-based
compensation expenses and amortization of intangible assets resulting
from acquisitions (non-GAAP) was $190.6 million in 2007, up 95.9%
compared to $97.3 million in 2006.
-- Fully diluted earnings per ADS for 2007 was $1.19, compared to $0.80
per ADS for 2006. Fully diluted earnings per ADS excluding non-cash
share-based compensation expenses and amortization of intangible assets
resulting from acquisitions (non-GAAP) was $1.57 in 2007, compared to
$0.93 in 2006.
Commenting on the fourth quarter and full year 2007 results, Executive Chairman Jason Jiang said, ''Fourth quarter results far exceeded our own guidance. The upside was driven by robust growth in our in-elevator poster frame business resulting from digital Frame 2.0 upgrade, strong momentum in our mobile handset advertising business, and continued strength in our Internet advertising business. We also made improvements in our Internet advertising business model to increase the gross margin from 23.0% in the third quarter 2007 to 26.4% in the fourth quarter. The results demonstrated the strong leverage built into our business model as we move forward to become the largest digital media company in China. Based on our dialogs with our large advertising clients, we strongly believe the current growth momentum in the China advertising industry will continue after the 2008 Olympics, driven by increasing domestic consumer demand for goods and services as the Chinese economy continues to expand. Our strategy of building the largest life-style digital media platform will allow Focus Media to capture a relatively larger share of this growth. I am fully committed to building Focus Media to be one of the leading digital media companies in the world.''
Dr. Tan Zhi, CEO of Focus Media, said, ''2008 will be another very exciting year for Focus Media. Built on the investments and acquisitions we made during 2007, we see very strong growth momentum in all our businesses. We will continue our prudent strategy to build the largest media organization in China.''
Fourth Quarter Financial Results
For the fourth quarter of 2007, Focus Media reported total revenues of $184.6 million, an increase of 171.4% compared to $68.0 million for the fourth quarter of 2006, and an increase of 21.9% compared to $151.4 million for the third quarter of 2007.
Our total digital out-of-home advertising revenue was $111.0 million in the fourth quarter of 2007, an increase of 75.3% from $63.3 million in the fourth quarter of 2006 and a sequential increase of 17.2% from $94.7 million in the third quarter of 2007. In the fourth quarter of 2007, commercial location advertising revenue, including new businesses such as outdoor LED and movie theatre advertising, was $73.4 million, contributing 66.1% of total digital out-of-home advertising revenue. Advertising service revenue from our in-store network was $6.5 million, or 5.8% of total digital out-of-home advertising revenue. Advertising service revenue from our in-elevator poster frame network placed primarily in the elevators of residential complexes was $31.2 million in the fourth quarter of 2007, or 28.1% of total digital out-of-home advertising revenue.
As of December 31, 2007, the total installed base of LCD displays and digital frames in our commercial location network was 112,298 nationwide, including 107,533 displays through our directly owned networks, and 4,765 displays through our regional distributors. In the fourth quarter of 2007, we continued to expand the installed base of our hypermarkets network to 1,398 stores as of December 31, 2007. Our in-store network also covers 638 supermarkets and 2,027 convenience stores as of December 31, 2007. The number of displays installed in our in-store network increased to 49,452 as of December 31, 2007 compared to 43,315 as of September 30, 2007. The total number of non-digital frames available for sale on our poster frame network was 179,649 as of December 31, 2007. In addition, as of December 31, 2007, we had installed 10,819 digital frames on our poster frame network, mainly in Beijing, Shanghai, Guangzhou and Shenzhen.
Mobile Advertising Business
Advertising service revenue from Focus Media Wireless in the fourth quarter of 2007 was $16.0 million, up 355.8% from $3.5 million in the fourth quarter of 2006 and 14.0% from $14.0 million in the third quarter of 2007.
Internet Advertising Business
Internet advertising service revenue was $57.2 million in the fourth quarter of 2007, up 34.5% from $42.5 million in the third quarter of 2007. Digital marketing service accounted for 90% of the total Internet advertising revenue. Rich Media, pay-for-performance and technology solutions accounted for the remaining 10%.
Gross profit for the fourth quarter of 2007 was $87.4 million, representing an increase of 92.1% compared to $45.5 million for the corresponding period a year ago and a 13.4% increase compared to $77.1 million in the third quarter 2007. In the fourth quarter 2007, gross margin for the Company was 47.4%, as compared to 50.9% in the third quarter of 2007, mainly due to larger revenue contribution from our lower-gross-margin Internet advertising business and higher intangible amortization expenses resulting from acquisitions in our poster frame, mobile and Internet advertising businesses. Excluding non-cash share-based compensation expense of $0.1 million and acquisition-related intangible asset amortization expense of $10.8 million in the cost of revenues, gross margin (non-GAAP) was 53.3% in the fourth quarter of 2007 compared to 52.6% in the third quarter of 2007. In the fourth quarter of 2007, excluding non-cash share-based compensation expense and acquisition-related intangible asset amortization expense, digital out-of-home gross margin (non-GAAP) increased to 65.9% from 64.2% in the third quarter of 2007 even though our in-store network gross margin decreased significantly due to intense price competition with CGEN during the quarter; mobile handset advertising gross margin (non-GAAP) was 50.1% compared to 57.3% in the third quarter of 2007 due to upfront investments in new WAP-based business initiatives; Internet advertising gross margin (non-GAAP) was 30.1% compared to 25.2% in the third quarter.
In the fourth quarter of 2007, operating expenses totaled $43.3 million, including $6.0 million in acquired intangible asset amortization resulting from acquisitions and non-cash share-based compensation expense of $7.2 million. Selling and marketing expenses in the fourth quarter totaled $27.8 million, including $6.0 million in acquired intangible asset amortization and $3.0 million in share compensation expense. General and administrative expense in the fourth quarter was $17.0 million, including $4.2 million in share compensation expense. Our operating margin in the fourth quarter of 2007 was 23.9%. Excluding non-cash share-based compensation expense and acquired intangible asset amortization expense, operating margin (non-GAAP) was 37.0% in the fourth quarter 2007 compared to 36.4% in the previous quarter.
Total intangible amortization expenses in the fourth quarter of 2007 resulting from historical acquisitions were $16.9 million. Non-cash stock compensation expenses were $7.3 million in the fourth quarter of 2007, or 4.0% of total revenues. Total income taxes were $5.9 million, including $4.2 million provision for uncertain tax positions under FIN 48.
Net income for the fourth quarter of 2007 was $43.8 million, an increase of 45.6% compared to $30.1 million for the same period in 2006. Fully diluted net income per ADS for the fourth quarter of 2007 was $0.34. Net income excluding non-cash share-based compensation expense and acquired intangible assets amortization expense resulting from acquisitions (non-GAAP) in the fourth quarter of 2007 was $68.0 million, or $0.52 per fully diluted ADS.
Fourth quarter 2007 operating cash flow was $65.4 million. Day sales outstanding (''DSO'') was 88 days in the fourth quarter. As of December 31, 2007, the Company had cash and cash equivalents of $450.4 million.
Full Year 2007 Results
For the full year 2007, Focus Media reported total revenues of $506.6 million, an increase of 139.1% compared to $211.9 million in 2006.
Full year net income in 2007 was $144.4 million, up 73.6% compared with $83.2 million in 2006. Net income in 2007 excluding non-cash share-based compensation expenses and amortization of intangible assets resulting from acquisitions (non-GAAP) was $190.6 million compared to $97.3 million in 2006.
By the end of December 31, 2007, the Company has 5,175 employees.
Other Recent Developments
Focus Media continues to strengthen our product offerings in our digital out-of-home advertising business. In December 2007, we launched the first large-size LED digital outdoor billboard, a 1500 square foot LED digital billboard on a boat navigating roundtrip along the bund area in Shanghai.
Also in January 2008, we closed the acquisition of CGEN Technology Company Limited, a leading operator of in-store digital advertising network in China. With this acquisition, Focus Media has significantly expanded coverage of its digital advertising displays in large chain stores in China.
In March 2008, Dr. Tan Zhi was appointed as Chief Executive Officer of Focus Media. Jason Jiang will remain as Executive Chairman of Focus Media and will continue to spend full-time at Focus Media and be in charge of Focus Media's Internet advertising, mobile handset advertising and other emerging new media opportunities.
BUSINESS OUTLOOK
Based on organic growth, the Company estimates its total revenues for full year 2008 to range from $900 million to $930 million, of which digital out-of-home is expected to contribute approximately 63%, Internet advertising is expected to contribute approximately 31%, and mobile handset advertising is expected to contribute approximately 6%. Net income of full year 2008 excluding share-based compensation expenses and amortization of intangible assets resulting from acquisitions (non-GAAP) is expected to be between $280 million to $300 million, taking into consideration a 15% effective income tax rate after certain government tax incentives and rebates, or $2.06 to $2.21 per fully diluted ADS based on 136 million annual average total ADS equivalent shares outstanding. In accordance with SFAS No. 123R, the Company estimates total share-based compensation expenses in 2008 will be approximately $35 million based on stock options that have been granted as of February 28, 2008. The Company expects approximately $50 million in acquisition-related intangible amortization expenses in 2008 including CGEN acquisition, subject to the finalization of the purchase price allocation for recent acquisitions.
The Company expects its capital expenditure for 2008 to be approximately $50 million, mainly for the digital Frame 2.0 upgrade and expansion in both of our residential and commercial networks and digital LED investment in our outdoor LED business.
The Company estimates its total revenues for the first quarter of 2008 will range from $160 million to $165 million. First quarter 2008 net income excluding share-based compensation expenses and amortization of intangible assets resulting from acquisitions (non-GAAP) is expected to be between $44 million and $45 million or $0.33 to $0.34 per fully diluted ADS based on 133 million average total ADS equivalent shares outstanding.
USE OF NON-GAAP FINANCIAL MEASURES
In addition to Focus Media's consolidated financial results under GAAP, the Company also provides non-GAAP financial measures, including non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating margin, non-GAAP net income and non-GAAP earnings per fully diluted ADS, all excluding non-cash share-based compensation and acquired intangible asset amortization expense resulting from acquisitions. The Company believes that these non-GAAP financial measures provide investors with another method for assessing Focus Media's operating results in a manner that is focused on the performance of its ongoing operations. Readers are cautioned not to view non-GAAP results on a stand-alone basis or as a substitute for results under GAAP, or as being comparable to results reported or forecasted by other companies, and should refer to the reconciliation of GAAP results with non-GAAP results in the attached financial information.
The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing the performance of Focus Media and when planning and forecasting future periods. The Company computes its non-GAAP financial measures using the same consistent method from quarter to quarter. The accompanying tables have more details on the GAAP financial measures that are most directly comparable to non-GAAP financial measures and the related reconciliation between these financial measures.
Focus Media Holding Ltd.
Reconciliation of GAAP to Non-GAAP
(U.S. Dollar in thousands, except share data)
(Unaudited)
3 months ended 3 months ended
December 31, 2007 September 30, 2007
GAAP Non- GAAP Non-
GAAP adjustments GAAP GAAP adjustments GAAP
(a) (b) (a) (b)
Gross profit
Commercial
location
network 47,356 126 3,089 50,571 41,764 288 566 42,618
In-store
network (981) -- -- (981) 1,255 -- -- 1,255
Poster
frame
network 19,773 -- 3,830 23,603 16,407 -- 571 16,978
Digital
out-of-home 66,148 126 6,919 73,193 59,426 288 1,137 60,851
Mobile Handset
Advertising
Network 6,269 -- 1,741 8,010 7,880 -- 163 8,043
Internet
Advertising 15,076 -- 2,165 17,241 9,793 -- 926 10,719
Others (63) -- -- (63) (4) -- -- (4)
Total 87,430 126 10,825 98,381 77,095 288 2,226 79,609
Gross margin
Commercial
location
network 64.5% 0.2% 4.2% 68.9% 64.7% 0.4% 0.9% 66.0%
In-store
network -15.2% 0.0% 0.0% -15.2% 17.7% 0.0% 0.0% 17.7%
Poster frame
network 63.4% 0.0% 12.3% 75.7% 71.1% 0.0% 2.5% 73.6%
Digital
out-of-home 59.6% 0.1% 6.2% 65.9% 62.7% 0.3% 1.2% 64.2%
Mobile Handset
Advertising
Network 39.2% 0.0% 10.9% 50.1% 56.2% 0.0% 1.2% 57.3%
Internet
Advertising 26.4% 0.0% 3.8% 30.1% 23.0% 0.0% 2.2% 25.2%
Others -20.3% 0.0% 0.0% -20.3% -3.4% -3.4%
Total 47.4% 0.1% 5.9% 53.3% 50.9% 0.2% 1.5% 52.6%
(a) To adjust share-based compensation expenses
(b) To adjust amortization of acquisition related intangible assets
Three months ended Year ended
2007-12-31 2006-12-31 2007-9-30 2007-12-31 2006-12-31
GAAP net income
attributable to
shareholders $43,816 $30,088 $46,613 $144,436 $83,197
Amortization of
acquired
intangible
assets 16,862 1,704 3,287 24,753 5,774
Share-based
compensation 7,338 3,436 4,679 21,453 8,368
Non-GAAP net
income $68,016 $35,228 $54,579 $190,642 $97,339
GAAP income per
ADS - basic $0.35 $0.28 $0.38 $1.22 $0.82
GAAP income per
ADS - diluted $0.34 $0.27 $0.37 $1.19 $0.80
Non-GAAP income
per ADS
- basic $0.54 $0.33 $0.45 $1.61 $0.96
Non-GAAP income
per ADS
- diluted $0.52 $0.32 $0.43 $1.57 $0.93
Shares used in
calculating
basic GAAP/
Non-GAAP
income per
ADS 125,710,757 106,528,150 122,250,042 118,077,479 101,082,216
Shares used in
calculating
diluted GAAP/
Non-GAAP
income per
ADS 129,831,533 109,915,074 126,370,818 121,665,290 104,307,276
GAAP income
from
operations $44,125 $28,409 $47,122 $143,855 $80,378
Amortization
of acquired
intangible
assets 16,862 1,704 3,287 24,753 5,774
Share-based
compensation 7,338 3,436 4,679 21,453 8,368
Non-GAAP
income from
operations $68,325 $33,549 $55,088 $190,061 $94,520
Non-GAAP
operating
margin 37.0% 49.3% 36.4% 37.5% 44.6%
TODAY'S CONFERENCE CALL
The Company will host a conference call to discuss the fourth quarter and full year 2007 results at 9:00 p.m. U.S. Eastern Time on March 18, 2008 (6:00 p.m. U.S. Pacific Time on March 18, 2008 and 9:00 a.m. Beijing/Hong Kong Time on March 19, 2008). The dial-in details for the live conference call are set forth below: U.S. Toll Free Number +1-800-237-9752, Hong Kong dial-in number +852-3002-1672, International dial-in number +1-617-847-8706; Pass code: 38373357.
A replay of the call will be available from March 18, 2008 until March 25, 2008 (US Eastern Time). The dial-in details for the replay are set forth below: U.S. Toll Free Number +1-888-286-8010, International dial-in number +1-617-801-6888; Pass code 52636178.
ABOUT FOCUS MEDIA HOLDING LIMITED
Focus Media Holding Limited is China's leading multi- platform digital media company, operating the largest out-of-home advertising network in China using audiovisual digital displays, based on the number of locations and number of flat-panel television displays in our network, and is also a leading provider of mobile handset advertising and Internet marketing solutions in China. Through Focus Media's multi-platform digital advertising network, the Company reaches urban consumers at strategic locations and point-of-interests over a number of media formats, including audiovisual television displays in buildings and stores, advertising poster frames and other new and innovative media, such as outdoor light-emitting diode or LED digital billboard, mobile handset advertising networks and Internet advertising platforms. As of December 31, 2007, Focus Media's digital out-of-home advertising network had approximately 112,298 LCD display in its commercial location network, approximately 49,452 LCD displays in its in-store network and 179,649 advertising in-elevator poster frames, installed in over 90 cities throughout China, and approximately 200 outdoor LED billboard displays in Shanghai. For more information about Focus Media, please visit our website at http://ir.focusmedia.cn/ .
SAFE HARBOR: FORWARD-LOOKING STATEMENTS
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the Business Outlook section and quotations from management in this press release, as well as Focus Media's strategic and operational plans, contain forward-looking statements. Focus Media may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission on forms 20-F and 6-K., in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Focus Media's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. 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, risks outlined in Focus Media's filings with the U.S. Securities and Exchange Commission, including its registration statements on Form F-1, F-3, F-6 and 20-F, in each case as amended. Focus Media does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
For more information, please contact:
Investor and Media contact:
Jie Chen
Tel: +86-21-3212-4661 x6607
Email: ir@focusmedia.cn
Focus Media Holding Limited
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(U.S. Dollars in thousands)
2007-12-31 2006-12-31
ASSETS
Current assets
Cash and cash equivalents $450,416 $164,611
Investment in equity securities 90,145 --
Accounts receivables, net 206,102 61,614
Inventories 1,654 519
Prepaid expenses and other current
assets 62,193 5,199
Deposit paid for acquisition of
subsidiaries 37,094 3,526
Amount due from related parties 4,510 7,853
Rental deposits 28,763 --
Total current assets $880,877 $243,322
Rental deposits 5,302 11,833
Equipment, net 95,478 70,250
Acquired intangible assets, net 155,717 34,717
Goodwill 943,398 739,744
Other long term assets 58,184 6,376
Total assets $2,138,956 $1,106,242
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Short term debt $-- $2,769
Accounts payable 50,379 5,987
Accrued expenses and other current
liabilities 190,313 38,674
Income taxes payable 18,947 4,060
Amount due to related parties 12,395 347
Deferred tax liabilities 1,227 --
Total current liabilities $273,261 $51,837
Deferred tax liabilities 6,393 3,303
Total liabilities $279,654 $55,140
Minority interests 1,913 358
Shareholders' equity
Ordinary shares 32 27
Additional paid in capital 1,581,580 709,196
Acquisition consideration to be --
issued 237,879
Retained earnings 239,163 96,195
Accumulated other comprehensive
income 36,614 7,447
Total shareholders' equity $1,857,389 $1,050,744
Total liabilities and shareholders'
equity $2,138,956 $1,106,242
Focus Media Holding Limited
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(U.S. Dollar in thousands, except share data)
Three months ended Year ended
2007-12-31 2006-12-31 2007-9-30 2007-12-31 2006-12-31
Gross revenues
(note 3):
Digital
out-of-home
Commercial
locations $80,128 $46,253 $70,173 $240,587 $145,702
In-store
network 7,150 8,655 7,813 30,287 29,710
In-elevator
poster
frame
network 34,079 15,113 25,121 93,401 44,893
Mobile
handset
advertising 16,606 3,714 14,627 48,521 10,880
Internet
advertising 59,318 -- 44,234 129,970 --
Other revenue 310 1,152 117 1,113 1,932
Total gross
revenues 197,591 74,887 162,085 543,879 233,117
Less: Sales
taxes 13,039 6,891 10,693 37,320 21,212
Total revenues 184,552 67,996 151,392 506,559 211,905
Cost of revenues
(note 4):
Digital
out-of-home
Commercial
locations 26,034 11,719 22,825 79,625 42,836
In-store
network 7,456 5,123 5,832 23,502 18,106
In-elevator
poster
frame
network 11,419 3,851 6,656 28,086 13,621
Mobile
handset
advertising 9,725 1,428 6,145 23,193 6,052
Internet
advertising 42,115 -- 32,718 93,238 --
Total advertising
service costs 96,749 22,121 74,176 247,644 80,615
Other costs 373 373 121 797 765
Total cost of
revenues 97,122 22,494 74,297 248,441 81,380
Gross profit 87,430 45,502 77,095 258,118 130,525
Operating expenses:
General and
administrative
(note 4) 17,032 9,074 12,095 49,456 25,723
Selling and
marketing
(note 4) 27,810 9,195 19,081 69,931 25,762
Other operating
income (1,537) (1,176) (1,203) (5,124) (1,338)
Total operating
expenses 43,305 17,093 29,973 114,263 50,147
Income from
operations 44,125 28,409 47,122 143,855 80,378
Interest income,
net 3,530 1,692 1,595 9,752 4,255
Other income
(expenses), net 2,523 367 5 2,568 (287)
Income before tax
and minority
interests 50,178 30,468 48,722 156,175 84,346
Income tax
expense
- Current 5,916 623 2,063 11,763 1,107
- Deferred (267) (252) 46 (719) (63)
Total income
taxes 5,649 371 2,109 11,044 1,044
Income before
minority
interests 44,529 30,097 46,613 145,131 83,302
Minority
Interests 713 9 -- 695 105
Net income 43,816 $30,088 $46,613 $144,436 $83,197
Income per ADS
- basic $0.35 $0.28 $0.38 $1.22 $0.82
Income per ADS
- diluted $0.34 $0.27 $0.37 $1.19 $0.80
Shares used in
calculating
basic income
per ADS 125,710,757 106,528,150 122,250,042 118,077,479 101,082,216
Shares used
in calculating
diluted income
per ADS 129,831,533 109,915,074 126,370,818 121,665,290 104,307,276
Focus Media Holding Limited
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASHFLOWS
(U.S. Dollar in thousands)
Three months ended Year ended
2007-12-31 2006-12-31 2007-12-31 2006-12-31
Operating activities:
Net income $43,816 $30,088 $144,436 $83,197
Adjustments to reconcile
net income to net cash
provided by operating
activities:
Minority interest 713 9 695 105
Bad debt provision 920 447 3,655 1,845
Share based compensation 7,338 3,436 21,453 8,368
Depreciation and amortization 6,223 3,893 19,444 13,737
Amortization of acquired
intangible assets 16,862 1,704 24,753 5,774
Changes in assets and
liabilities, net of effects
of acquisitions (10,435) 7,543 (51,591) (19,671)
Net cash provided by
operating activities $65,437 $47,120 $162,845 $93,355
Investing activities:
Purchase of equipment and
other long term assets (18,852) (9,574) (55,776) (22,878)
Acquisition of an
intangible asset -- (6,403) (105) (6,403)
Purchase of subsidiaries,
net of cash acquired (34,041) (1,455) (88,481) (124,063)
Deposits paid to acquire
subsidiaries (15,796) (691) (106,068) (3,710)
Issuance of loan receivables (30,000) -- -- --
Sales /(purchase) of
available-for-sale securities (38,632) 35,000 (88,178) 35,000
Disposal of an investment -- 60 -- 60
Net cash used in investing
activities $(137,321) $16,937 $(338,608) $(121,994)
Financing activities:
Proceeds from issuance of
ordinary shares, net of
issuance costs 326,272 3,609 447,005 157,998
Proceeds from short-term debts -- -- -- 24,598
Capital injection from minority
shareholders -- 77 137 326
Repayment of short-term debts -- -- (4,166) (29,402)
Net cash provided by financing
activities $326,272 $3,686 $442,976 $153,520
Effect of exchange rate
changes 5,785 1,759 18,592 3,077
Net (decrease) increase in
cash and cash equivalents $260,173 $69,502 $285,805 $127,958
Cash and cash equivalents,
beginning of period 190,243 95,109 164,611 36,653
Cash and cash equivalents,
end of period $450,416 $164,611 $450,416 $164,611
Supplemental disclosure of
cash flow information:
Income taxes paid $211 $124 $1,247 $154
Interest paid $8 $-- $14 $245
Supplemental disclosure of
non-cash investing activity:
Acquisition of subsidiaries:
Value of ordinary share
consideration $-- $-- $166,050 $365,660
Accounts payable $16,935 $4,507 $16,935 $4,507
Notes:
Note 1: Basic income per ADS is computed by dividing income attributable
to holders of ordinary shares by the weighted average number of
ADS outstanding during the year/period. Diluted income per ADS
reflects the potential dilution that could occur if securities or
other contracts to issue ADS were exercised or converted into ADS.
Note 2: The conversion of Renminbi (''RMB'') amounts into USD amounts is
based on the rate of USD1 = RMB7.3046 on December 28, 2007.
Note 3: Details of net revenues are as follows (U.S. Dollars in thousands):
Three months ended Year ended
2007-12-31 2006-12-31 2007-9-30 2007-12-31 2006-12-31
Gross Advertising
Service Revenue:
Digital out-of-home:
Commercial locations
- Unrelated
parties 80,021 $42,671 $70,091 238,119 $130,258
- Related parties 107 3,582 82 2,468 15,444
Total Commercial
Locations 80,128 46,253 70,173 240,587 145,702
In-store Network
- Unrelated
parties 7,150 7,713 7,813 28,986 25,330
- Related parties -- 942 -- 1,301 4,380
Total in-store
network 7,150 8,655 7,813 30,287 29,710
In-elevator Poster
Frame Network
- Unrelated
parties 34,025 15,113 25,029 93,157 44,893
- Related parties 54 -- 92 244 --
Total In-elevator
Poster Frame
Network 34,079 15,113 25,121 93,401 44,893
Mobile handset
advertising
- Unrelated
parties 16,606 3,714 14,592 48,407 10,880
- Related parties -- -- 35 114 --
Total mobile handset
advertising 16,606 3,714 14,627 48,521 10,880
Internet advertising
- Unrelated
parties 58,965 -- 43,552 128,830 --
- Related parties 353 -- 682 1,140 --
Total internet
advertising 59,318 -- 44,234 129,970 --
Gross Advertising
Services Revenue: 197,281 73,735 161,968 542,766 231,185
Less: Sales taxes:
Digital out-of-home:
Commercial
locations: 6,738 4,529 5,584 19,904 13,641
In-store Network 675 819 726 2,843 2,803
In-elevator Poster
Frame Network 2,887 1,338 2,058 7,929 3,989
Mobile handset
advertising 612 205 602 1,612 779
Internet advertising 2,127 -- 1,723 5,032 --
Total sales taxes: 13,039 6,891 10,693 37,320 21,212
Net Advertising
Service Revenue 184,242 66,844 151,275 505,446 209,973
Add: Other revenue: 310 1,152 117 1,113 1,932
Net revenues: $184,552 $67,996 $151,392 $506,559 $211,905
Note 4: Share based compensations included under SFAS 123R are as follows
(U.S. Dollars in thousands):
Three months ended Year ended
2007-12-31 2006-12-31 2007-9-30 2007-12-31 2006-12-31
Cost of revenues $126 $147 $288 $979 $147
Selling and
marketing 3,005 1,202 2,017 9,524 2,090
General and
administrative 4,207 2,087 2,374 10,950 6,131
Sub-total $7,338 $3,436 $4,679 $21,453 $8,368
Note 5: The Company has performed preliminary purchase price allocation on
their acquisition made in 2007 based on an internal valuation
performed by management. The purchase price allocation will be
finalized once management has assessed the pending results of
independent third party valuations.
Note 6: The earnings per ADS is based on the new conversion ratio of 1 ADS
to 5 ordinary shares, effective as of April 11, 2007. The
comparative numbers haven been adjusted to reflect the conversion.
Focus Media Holding Ltd.
Reconciliation of GAAP to Non-GAAP
(U.S. Dollar in thousands, except percentages, share and per-share data)
(Unaudited)
3 months ended 3 months ended
December 31, 2007 September 30, 2007
GAAP GAAP Non- GAAP GAAP Non-
adjustments GAAP adjustments GAAP
(a) (b) (a) (b)
Gross profit
Commercial
location
network 47,356 126 3,089 50,571 41,764 288 566 42,618
In-store
network (981) -- -- (981) 1,255 -- -- 1,255
Poster frame
network 19,773 -- 3,830 23,603 16,407 -- 571 16,978
Digital
out-of-home 66,148 126 6,919 73,193 59,426 288 1,137 60,851
Mobile Handset
Advertising
Network 6,269 -- 1,741 8,010 7,880 -- 163 8,043
Internet
Advertising 15,076 -- 2,165 17,241 9,793 -- 926 10,719
Others (63) -- -- (63) (4) -- -- (4)
Total 87,430 126 10,825 98,381 77,095 288 2,226 79,609
Gross margin
Commercial
location
network 64.5% 0.2% 4.2% 68.9% 64.7% 0.4% 0.9% 66.0%
In-store network -15.2% 0.0% 0.0% -15.2% 17.7% 0.0% 0.0% 17.7%
Poster frame
network 63.4% 0.0% 12.3% 75.7% 71.1% 0.0% 2.5% 73.6%
Digital
out-of-home 59.6% 0.1% 6.2% 65.9% 62.7% 0.3% 1.2% 64.2%
Mobile Handset
Advertising 39.2% 0.0% 10.9% 50.1% 56.2% 0.0% 1.2% 57.3%
Network
Internet
Advertising 26.4% 0.0% 3.8% 30.1% 23.0% 0.0% 2.2% 25.2%
Others -20.3% 0.0% 0.0% -20.3% -3.4% -3.4%
Total 47.4% 0.1% 5.9% 53.3% 50.9% 0.2% 1.5% 52.6%
(a) To adjust share-based compensation expenses
(b) To adjust amortization of acquisition related intangible assets
Three months ended Year ended
2007-12-31 2006-12-31 2007-9-30 2007-12-31 2006-12-31
GAAP net income
attributable to
shareholders $43,816 $30,088 $46,613 $144,436 $83,197
Amortization of
acquired
intangible
assets 16,862 1,704 3,287 24,753 5,774
Share-based
compensation 7,338 3,436 4,679 21,453 8,368
Non-GAAP net
income $68,016 $35,228 $54,579 $190,642 $97,339
GAAP income per
ADS - basic $0.35 $0.28 $0.38 $1.22 $0.82
GAAP income per
ADS - diluted $0.34 $0.27 $0.37 $1.19 $0.80
Non-GAAP
income per
ADS - basic $0.54 $0.33 $0.45 $1.61 $0.96
Non-GAAP
income per
ADS - diluted $0.52 $0.32 $0.43 $1.57 $0.93
Shares used in
calculating
basic GAAP/
Non-GAAP
income per
ADS 125,710,757 106,528,150 122,250,042 118,077,479 101,082,216
Shares used in
calculating
diluted GAAP/
Non-GAAP
income per
ADS 129,831,533 109,915,074 126,370,818 121,665,290 104,307,276
GAAP income
from
operations $44,125 $28,409 $47,122 $143,855 $80,378
Amortization
of acquired
intangible
assets 16,862 1,704 3,287 24,753 5,774
Share-based
compensation 7,338 3,436 4,679 21,453 8,368
Non-GAAP
income
from
operations $68,325 $33,549 $55,088 $190,061 $94,520
Non-GAAP
operating
margin 37.0% 49.3% 36.4% 37.5% 44.6%
Focus Media Holding Limited
CONTACT: Jie Chen of Focus Media Holding Ltd, +86-21-3212-4661 x6607, or ir@focusmedia.cn
Web Site: http://ir.focusmedia.cn/
Defense Intelligence Agency Awards Contract to SRACompany to provide support for intelligence analysis and national security
FAIRFAX, Va., March 18 /PRNewswire-FirstCall/ -- SRA International, Inc. , a leading provider of technology and strategic consulting services and solutions to government organizations, today announced it has been awarded a Solutions for Intelligence Analysis (SIA) contract by the Defense Intelligence Agency (DIA). This multiple award indefinite delivery, indefinite quantity (IDIQ) contract will provide a wide range of intelligence analysis and related services to the defense intelligence community. The five-year contract, which was awarded in December to multiple prime contractors, including SRA, has a potential value of $1 billion.
SRA will support the DIA -- Army, Navy, Marine Corps and Air Force Service Centers -- and the Combatant Commands in the strategic mission to provide military intelligence to warfighters, defense policymakers and force planners in the Department of Defense (DoD) and the intelligence community, as well as in support of U.S. military planning and operations and weapon systems acquisition.
"This win positions SRA as a prime player in the DoD Intelligence Analysis Community," said SRA National Security Sector Senior Vice President Pat Burke. "We are pleased to provide support to DIA and the DoD intelligence community with a responsive, efficient and reliable means of meeting their important mission needs for intelligence analysis and other services."
SRA will provide the expertise to enable the defense intelligence community to meet all operational and mission requirements -- collection, analysis, utilization, and strategy and support -- and also provide services in national-level intelligence analysis, general military intelligence, intelligence planning, management and implementation, and support to deployed forces. The SIA contract is the primary vehicle to provide the DIA and DoD Intelligence Community with services and solutions to satisfy requirements for contract intelligence analysis and related services.
About SRA International, Inc.
SRA is a leading provider of technology and strategic consulting services and solutions -- including systems design, development, and integration; and outsourcing and managed services -- to clients in national security, civil government, and health care and public health markets. The Company also delivers business solutions for contingency and disaster response planning, information assurance, business intelligence, environmental strategies, enterprise architecture, infrastructure management, and wireless integration.
FORTUNE(R) magazine has chosen SRA as one of the "100 Best Companies to Work For" for nine consecutive years. The Company's 6,400 employees serve clients from its headquarters in Fairfax, Virginia, and offices around the world. For additional information on SRA, please visit http://www.sra.com/.
Any statements in this press release about future expectations, plans, and prospects for SRA, including statements containing the words "estimates," "believes," "anticipates," "plans," "expects," "will," and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements. In addition, the forward-looking statements included in this press release represent our views as of March 18, 2008. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to March 18, 2008.
SRA International, Inc.
CONTACT: Sheila S. Blackwell of SRA International, Inc., +1-703-227-8345, sheila_blackwell@sra.com
Web site: http://www.sra.com/
Alternate Marketing Networks Sets Annual Meeting Date and Reports on 2007 Financial Results
HUDSONVILLE, Mich., March 18 /PRNewswire-FirstCall/ -- Alternate Marketing Networks, Inc. (Pink Sheets: ALTM) has scheduled its annual meeting for June 10, 2008 at its Schaumburg office located at 428 E. State Parkway, Schaumburg, Illinois 60173. The Company reported a net profit of $882,233 on gross sales of $27,204,534 for its fiscal year ending December 31, 2007. The unaudited financial statements were prepared by management. Alternate Marketing Networks became a non-reporting company pursuant to a Form 15 filed with the Securities and Exchange Commission effective January 2, 2004 and does not currently plan to produce audited financial statements or an annual report to the shareholders or to solicit proxies for the meeting. The Company currently has 8,046,656 shares issued and outstanding.
The Company noted that it has expanded its interactive site, http://www.dailyshowtimes.com/ (DST) from several local markets to a national market. DST provides local movie times, descriptions, and theater locations. DST is supported through an affiliate network of suburban newspapers.
The Company's sole operating subsidiary, National Home Delivery, Inc., through its three divisions U.S. Suburban Press (USSPI), Custom Media Solutions (CMS) and Specialty Media Solutions (SMS), provides newspaper solutions to national advertisers in the United States.
Alternate Marketing Networks, Inc.
4675 - 32nd Avenue
Hudsonville, MI 49426
Alternate Marketing Networks, Inc., and Subsidiary
Selected Financial Data
(in thousands)
Twelve months ended December 31,
(unaudited)
2007 2006 2005
Net Sales $27,205 $31,952 $27,897
Income from operations $818 $1,715 $706
Extraordinary items $(17) $0 $(5)
Net income $882 $1,701 $728
Weighted average
shares-diluted 8,060,417 8,029,906 8,279,219
Diluted earnings
per share $0.11 $0.21 $0.09
Statements in this news release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act. The forward- looking statements can generally be identified by words such as "believes," "anticipates," "expects" or words of similar meaning. Forward-looking statements also include statements relating to the Company's future performance, such as future prospects, revenues, profits and cash flows. The forward-looking statements are subject to risks and uncertainties, which may cause actual results to be materially different from any future performance suggested in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements are made only as of the date hereof, and the Company undertakes no obligation to publicly release the result of any revisions to these forward- looking statements.
Alternate Marketing Networks, Inc.
CONTACT: Phil Miller, Chairman and CEO, of Alternate Marketing Networks, Inc., +1-616-662-6420, ext. 12, pmiller@altmarknet.com
Web site: http://www.dailyshowtimes.com/
On2 Technologies Files Form 12b-25 to Extend Filing Due Date of Its 2007 Annual Report on Form 10-KExpects to File 10-K within 15-Day Extension Period
TARRYTOWN, N.Y., March 18 /PRNewswire-FirstCall/ -- On2 Technologies, Inc. filed Form 12b-25 yesterday to extend the due date of its Annual Report on Form 10-K to March 31, 2008. In the Form 12b-25 filing, the Company said it has not yet finalized its December 31, 2007 financial statements and announced that it anticipates filing its Annual Report within the extension period.
The delay in finalizing the Company's financial statements has also resulted in a delay in reporting results for the fourth quarter of 2007. The Company presently plans on announcing its results and hosting its quarterly call with investors prior to filing the Annual Report. Details regarding the earnings release will be announced in a future press release and on the Company's website, http://www.on2.com/.
About On2
On2 creates advanced video compression technologies for desktop and wireless. Powering the video in many of today's leading web and mobile applications and devices, On2's customers include: Nokia, Infineon, Mediatek, Sony, Facebook, Brightcove, Move Networks, Adobe and Skype. On2 Technologies is headquartered in Tarrytown, NY USA. For more information please visit http://www.on2.com/.
Trademarks mentioned in this release are the property of their respective owners.
Forward-Looking and Cautionary Statements
Except for the historical information and discussions contained herein, statements contained in this release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Our forward-looking statements are subject to risks and uncertainties. These forward-looking statements that could cause actual results to differ materially, include, among others, longer than expected delays in On2's completion of its financial statements and Annual Report on Form 10-K, which could result in longer than expected delays in the filing of the Company's Annual Report on Form 10-K, changes in On2's results of operations which could result in changes to Safeguard's consolidated results of operations for 2007 as compared to 2006, and certain other factors described in the Company's filings with the Securities and Exchange Commission. Many of these factors are beyond our ability to predict or control. In addition, as a result of these and other factors, our past financial performance should not be relied on as an indication of future performance. The Company does not assume any obligation to update any forward- looking statements or other information contained in this press release.
On2 Technologies, Inc.
CONTACT: Matt Frost of On2 Technologies, +1-914-468-0510, invest@on2.com
Web site: http://www.on2.com/
Pawtucket, Rhode Island Residents To Benefit from Verizon Wireless Network ExpansionInvesting to Stay Ahead of Growing Demand for Wireless Voice, Multimedia and Internet Access
PAWTUCKET, R.I., March 18 /PRNewswire/ -- In a continuing effort to provide the best wireless service for local residents in Providence County, Verizon Wireless has activated a new cell site. The new site increases high- speed wireless data coverage and capacity along Routes 1a and 15 in the western part of Pawtucket, as well as the surrounding area.
Verizon Wireless has invested nearly $44 billion since it was formed to increase the coverage and capacity of its national network and to add new services like BroadbandAccess and V CAST. Regionally the company has invested nearly $2.2 billion into its New England network, including over $292 million in 2007 alone.
BroadbandAccess offers computer users the nation's most reliable high- speed wireless mobile broadband network, operating at average upload speeds between 500 and 800 kbps, and download speeds between 600 kbps and 1.4 mbps over Verizon Wireless' BroadbandAccess with EV-DO Revision A network. V CAST brings video clips of TV shows, music on demand and other multimedia services to wireless phones.
Strong demand for Verizon Wireless services continued during the fourth quarter of 2007 as the company added two million net new customers and, for the thirteenth consecutive quarter, reported the lowest customer turnover (highest customer loyalty) rate in the wireless industry.
The company's 'nation's most reliable wireless network' reputation is based on network studies performed by real-life test men and test women throughout the country who inspired the "can you hear me now" national advertising campaign. Nationally, these test men and women drive nearly 100 specially equipped vehicles almost 1,000,000 miles annually on Interstate, U.S. and state highways as well as major roads and surface streets in high- population areas, based upon U.S. Census counts, to confirm that voice calls and data connections are successful on the first attempt and stay connected. Vehicles are equipped with computers that automatically make more than three million voice call attempts and more than 16 million data tests annually on Verizon Wireless' network and the networks of other carriers.
About Verizon Wireless
Verizon Wireless operates the nation's most reliable wireless voice and data network, serving 65.7 million customers. Headquartered in Basking Ridge, N.J., with 69,000 employees nationwide, Verizon Wireless is a joint venture of Verizon Communications and Vodafone (NYSE and LSE: VOD). For more information, go to: http://www.verizonwireless.com/. To preview and request broadcast- quality video footage and high-resolution stills of Verizon Wireless operations, log on to the Verizon Wireless Multimedia Library at http://www.verizonwireless.com/multimedia.
BroadbandAccess speed claim is based on stationary tests with 5 MB FTP data files w/o compression and requires compatible EV-DO Rev. A device. Actual throughput speed varies. BroadbandAccess is available to more than 240 million people in 248 major metros in the U.S. V CAST Music phone & per song charges required; airtime may apply for music downloads. Additional charges required for other V CAST services. Offers & coverage, varying by service, not available everywhere. Network details and coverage maps at vzw.com.
Verizon Wireless
CONTACT: Michael Murphy of Verizon Wireless, +1-781-932-1213, Michael.Murphy@verizonwireless.com; or Anne Elise O'Connor of Thomson Communications, +1-617-548-2765, Aeoc@thomsoncommunications.com
Web site: http://www.verizonwireless.com/
Comcast Corporation Names Jennifer Khoury Vice President of Corporate Communications
PHILADELPHIA, March 18 /PRNewswire/ -- Comcast Corporation , the nation's leading provider of entertainment, information and communications products and services, today announced that Jennifer Khoury has been promoted to Vice President of Corporate Communications. Khoury reports to D'Arcy Rudnay and leads communications activities for Comcast consumer products.
"Jenn has a terrific background with more than a decade of communications and cable industry experience," said Rudnay. "Since Jenn came to Philadelphia she has been enormously successful at elevating awareness of Comcast and our products. Her expertise, innovation and skill stand out within our industry and I am thrilled to have Jenn on my team."
From 2003 to 2005, Khoury served as Vice President of Public Relations for Comcast Cable's New England region, where she was a member of the region's senior management and operations team and directed the company's communications and public relations activities. Previously, she managed the community and media relations groups for AT&T Broadband and MediaOne's New England territories.
Khoury earned her master's degree from The Annenberg School for Communication at the University of Pennsylvania and received her B.A. in communications from Boston College. She serves on the board of the Association of Cable Communicators and is a trustee of the National Braille Press.
About Comcast Corporation
Comcast Corporation (http://www.comcast.com/) is the nation's leading provider of entertainment, information and communications products and services. With 24.1 million cable customers, 13.2 million high-speed Internet customers, and 4.6 million voice customers, Comcast is principally involved in the development, management and operation of broadband cable systems and in the delivery of programming content.
Comcast's content networks and investments include E! Entertainment Television, Style Network, The Golf Channel, VERSUS, G4, PBS KIDS Sprout, TV One, ten regional Comcast SportsNets and Comcast Interactive Media, which develops and operates Comcast's Internet business. Comcast also has a majority ownership in Comcast-Spectacor, whose major holdings include the Philadelphia Flyers NHL hockey team, the Philadelphia 76ers NBA basketball team and two large multipurpose arenas in Philadelphia.
Comcast Corporation
CONTACT: Kate Noel of Comcast Corporation, +1-215-286-8793, Kate_Noel@Comcast.com
Web site: http://www.comcast.com/
FAA Certifies Pratt & Whitney CFM56-3 Engine Life Limited Parts
EAST HARTFORD, Conn., March 18 /PRNewswire-FirstCall/ -- Pratt & Whitney received Federal Aviation Administration (FAA) approval for the Global Material Solutions CFM56-3 engine fan and booster Supplemental Type Certificate. The Supplemental Type Certificate (STC), resulting from numerous engine and rig development and certification tests, is the first FAA certification granted for alternative life limited engine parts. Pratt & Whitney is a United Technologies Corp. company.
The FAA's STC process requires an applicant to meet all regulations required of a type certificate holder. The STC for Pratt & Whitney's CFM56-3 engine fan and booster, which includes three alternative parts -- the fan disk, booster spool and fan shaft -- certifies each part with FAA Chapter 5 life limits equal to the original type certificate holder.
"We are very excited about this certification, because it validates the Pratt & Whitney OEM-quality of our CFM56-3 engine parts," said Matthew Bromberg, vice president and general manager, Global Material Solutions. "Earning the FAA's approval for the first life-limited parts STC is a significant milestone for Pratt & Whitney and our industry."
This is the first of four STCs Pratt & Whitney is actively pursuing, which will result in the certification of 19 GMS-produced life limited parts for the CFM56-3 engine. The additional three STCs, which Pratt & Whitney expects to earn very soon, will cover the high-pressure compressor, high-pressure turbine and low-pressure turbine.
"Pratt & Whitney holds one of the first FAA production certificates issued, so it seems appropriate that we are once again pioneers in the industry with this accomplishment," continued Bromberg.
Global Material Solutions, which was publicly launched in February 2006, is an industry-revolutionizing initiative delivering Pratt & Whitney OEM- quality life-limited and gas-path parts for the CFM56-3 engine at a competitive price. All GMS parts are expected to be certified and enter service later this year.
Pratt & Whitney is a world leader in the design, manufacture and service of aircraft engines, space propulsion systems and industrial gas turbines. United Technologies, based in Hartford, Conn., is a diversified company providing high technology products and services to the global aerospace and commercial building industries.
CFM and CFM56 are trademarks of CFM International.
Jennifer Whitlow
Phone: 860.565.9600
jennifer.whitlow@pw.utc.com
Pratt & Whitney
CONTACT: Jennifer Whitlow of Pratt & Whitney, +1-860-565-9600, jennifer.whitlow@pw.utc.com
Web site: http://www.pratt-whitney.com/
Pratt & Whitney Installs Geared Turbofan(TM) Engine Flight Nacelle System, Prepares for Phase II Testing
EAST HARTFORD, Conn., March 18 /PRNewswire-FirstCall/ -- Pratt & Whitney installed the flight inlet and nacelle system on the Geared Turbofan demonstrator engine in preparation for Phase II ground testing scheduled to begin next month. The nacelle system, provided by Geared Turbofan demonstrator program partner Goodrich, was installed during a fit check before final test sensors are connected and the engine returns to the test stand. Pratt & Whitney is a division of United Technologies Corp. .
"We are on track to begin Phase II ground testing of the Geared Turbofan demonstrator engine ahead of schedule," said Bob Saia, vice president, Pratt & Whitney Next Generation Product Family. "The Goodrich nacelle system fits perfectly and we are excited to continue our ground test program as we prepare for flight testing later this year."
The Geared Turbofan demonstrator engine will return to Pratt & Whitney's advanced test facility in West Palm Beach, Fla., to begin its next series of tests. Phase II testing will focus on engine performance, acoustic characteristics, and nacelle system validation.
"As we continue to analyze the data from Phase I testing, we are delighted by the performance of the Geared Turbofan engine," said Saia. "The results surpassed our pre-test predictions in every major area, demonstrating the fuel burn, noise and emissions characteristics of this new architecture. As we enter Phase II testing, we will validate the full performance and noise characteristics of this game changing technology."
The Geared Turbofan demonstrator engine has logged a total of 130 hours since ground testing began in November 2007. Running from idle to full power, Phase I testing validated the design of the fan, low pressure compressor, fan drive gear system and thermal management system to demonstrate the Geared Turbofan engine's operational efficiency.
The Geared Turbofan demonstrator engine is part of Pratt & Whitney's overall technology readiness program to power the next generation of commercial aircraft. The company is actively testing key components of the Geared Turbofan engine on 15 test rigs worldwide. The Geared Turbofan engine is expected to set new standards in environmental and operational engine performance.
In 2007, Pratt & Whitney's Geared Turbofan engine was selected as the exclusive power for the new Mitsubishi Regional Jet and the Bombardier CSeries. If launched, both aircraft are scheduled to enter service in 2013.
In a Geared Turbofan engine, a state-of-the-art gear system allows the engine's fan to operate independent of the low-pressure compressor and turbine, resulting in greater fuel efficiency and a slower fan speed for less noise. The Geared Turbofan engine builds on more than 20 years of technology development with improvements in every major module.
Pratt & Whitney has over 17,000 aircraft engines installed with hundreds of airlines throughout the world. Additionally, Pratt & Whitney is a leading partner in two joint venture companies that manufacture commercial aircraft engines: International Aero Engines, which makes the V2500 for the Airbus A320 family of aircraft, and the Engine Alliance, whose GP7200 engine is FAR 33 certified for the new Airbus A380.
Pratt & Whitney is a world leader in the design, manufacture and service of aircraft engines, space propulsion systems and industrial gas turbines. United Technologies, based in Hartford, Conn., is a diversified company providing high technology products and services to the global aerospace and building industries.
This release includes "forward looking statements" concerning future business opportunities and other matters involving this engine that are subject to risks and uncertainties. Important factors that could cause actual results to differ materially from those anticipated or implied in forward looking statements include changes in the health of the global economy and the strength of end market demand in the aerospace industry; as well as company specific items including the ability to achieve cost reductions at planned levels; challenges in the design, development, production and support of advanced technologies and new products including the engine discussed in this press release; and delays and disruption in delivery of materials and services from suppliers. For information identifying other important economic, political, regulatory, legal, technological, competitive and other uncertainties, see UTC's SEC filings as submitted from time to time, including but not limited to, the information included in UTC's 10-K and 10-Q Reports under the headings "Business," "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Cautionary Note Concerning Factors that May Affect Future Results," as well as the information included in UTC's Current Reports on Form 8-K.
Matthew Perra Jennifer Whitlow
Pratt & Whitney Commercial Engines Pratt & Whitney
+1.860.595.6515 +1.860.565.9600
matthew.perra@pw.utc.com jennifer.whitlow@pw.utc.com
Pratt & Whitney
CONTACT: Matthew Perra of Pratt & Whitney Commercial Engines, +1-860-595-6515, matthew.perra@pw.utc.com, or Jennifer Whitlow of Pratt & Whitney, +1-860-565-9600, jennifer.whitlow@pw.utc.com
Web site: http://www.pratt-whitney.com/
Southern Company's Tom Fanning Named Top CFO by Institutional Investor Magazine
ATLANTA, March 18 /PRNewswire-FirstCall/ -- Southern Company's former Chief Financial Officer and current Executive Vice President and Chief Operating Officer Tom Fanning has been named the "Best CFO" in the Energy -- Electric Utilities Sector by Institutional Investor Magazine for 2008.
Fanning served as the company's executive vice president and chief financial officer and successfully led the company's financial operations from 2003 to 2008. He moved into his current position in February as part of Southern Company President and CEO David Ratcliffe's on-going efforts to further develop the next generation of Southern Company leaders. Former Southern Company Generation President Paul Bowers is now executive vice president and chief financial officer.
"We are pleased that Tom has been recognized for his outstanding contribution and superb leadership in his past role as CFO of Southern Company," said Ratcliffe. "This is just one example of the depth and quality of leadership we have throughout our company."
Institutional Investor's 2008 survey of America's Best CFOs identifies the top finance directors in each of 56 sectors. The results are based on the responses of some 675 investment professionals at 350 of the world's most influential money management firms.
With nearly 4.4 million customers and more than 42,000 megawatts of generating capacity, Atlanta-based Southern Company is the premier energy company serving the Southeast, one of America's fastest-growing regions. A leading U.S. producer of electricity, Southern Company owns electric utilities in four states and a growing competitive generation company, as well as fiber optics and wireless communications. Southern Company brands are known for excellent customer service, high reliability and retail electric prices that are significantly below the national average. Southern Company has been listed the top ranking U.S. electric service provider in customer satisfaction for eight consecutive years by the American Customer Satisfaction Index (ACSI). Visit our Web site at http://www.southerncompany.com/ .
Southern Company
CONTACT: Jason Cuevas of Southern Company, +1-404-506-5333, or +1-866-506-5333, media@southerncompany.com
Web site: http://www.southerncompany.com/
Nectar Announces General Availability for Hosted Telephony ServicesCredit Information Specialists CMA Benefit from Hosted System
ORLANDO, Fla., March 18 /PRNewswire/ -- VoiceCon Booth 1105 -- Nectar Services Corp, an IP communications services provider and wholly-owned subsidiary of Juma Technology Corp (BULLETIN BOARD: JUMT) , today announced general availability of its Hosted Telephony Services (HTS). The platform has been available as a limited release for over a year.
The nectar/HTS solution is one of the only hosted platforms founded on Avaya's industry leading IP telephony technologies. The Avaya telephony platform enables nectar/HTS to deliver hundreds of leading enterprise features at a fraction of the cost.
With nectar/HTS, small and medium sized businesses -- and enterprise customers -- gain considerable business benefits using advanced telephony communications.
"The nectar/HTS offering delivers a compelling solution that enables businesses to transform the way they communicate," said Joseph Fuccillo, President and Chief Technology Officer for Nectar. "With nectar/HTS, businesses of any size can take advantage of feature-rich services and comprehensive survivability at an affordable price."
Fuccillo notes that companies are embracing the nectar/HTS platform because the service eliminates large upfront equipment expenses, simplifies system management, and provides unified and predictable billing.
Client Side Survivability Differentiates nectar/HTS
The hallmark of nectar/HTS is the optional Client Side Survivability feature inherent in the service's engineering. In the event of a complete network outage, the customer's local equipment acts as a full-function back-up phone system with dial tone provided by local Plain Old Telephony Service (POTS) lines. This unique offering affords the client maximum system uptime for critical voice applications. In this fail-over scenario, customers maintain 100% feature parity while disconnected from the HTS main telephony servers. Notably, business critical features such as voicemail, bridged appearances, mobility, complex call coverage and call screening (with hold queues) are maintained in the event of a network outage.
Other Industry-First Innovations with nectar/HTS
Bring your own dial tone (BYOD(TM)) allows customers to maintain existing carrier PRI, T1 and POTS line communications while still gaining the additional benefits of the nectar/HTS value proposition.
The nectar/HTS platform also delivers unmatched investment protection and migration flexibility. Customers can seamlessly migrate to a premise-based solution while maintaining their investments. Because the nectar/HTS platform is founded on industry leader Avaya's telephony technologies and open standards, the survivable customer premise equipment can easily become a fully functional IP PBX.
With a premise-based IP PBX system, Nectar's Converged Management Platform (CMP) delivers full outsourced management for superior support.
Fuccillo adds, "When we looked at the market a few years back, we saw an opportunity to deliver the most flexible IP Telephony solution in the industry. With nectar/HTS, customers benefit from the value of IP Telephony and convergence while the experts at Nectar deliver the solution for them. This flexible platform enables businesses to take advantage of hosting, hybrid with BYOD(TM) or fully managed premise-based solutions all while lowering capital expenditures and providing the best TCO and ROI for their business."
Credit information specialists CMA Benefit from nectar/HTS
CMA, credit information specialists with offices in New York and London, utilizes the nectar/HTS platform for their voice communications.
"With nectar/HTS, we leverage advanced communications features throughout our organization without having a costly premise-based system," said CMA's Andrew Roads, Manager, Technical Sales & Account Management Team. "The mobility features have enabled our team to always be accessible by our clients while providing strong business continuity benefits."
CMA's New York City office was closed for nearly two months in the aftermath of the New York City steam pipe explosion in July of 2007. During that time, the mobility features of the nectar/HTS platform enabled staff to work off-site with little impact to their business.
"The very foundation of Nectar's service offerings is to provide our clients with the tools they need to communicate better," said Anthony Servidio, Chairman and CEO of parent-company Juma. "We are extremely pleased to have CMA as a valued client and to provide fundamental functionalities, such as inherent business continuity, to the CMA team and the clients they support."
About Nectar Services Corp
Nectar Services Corp (http://www.nectarcorp.com/), formally AGN Networks, is an IP communications and management services provider that preserves customer investments in existing telecommunications systems while transitioning to VoIP. Nectar, a subsidiary of Juma Technology Corp (BULLETIN BOARD: JUMT) , provides Enterprise Session Management (ESM), Hosted Telephony Services (HTS) and a Converged Management Platform (CMP). Nectar's innovative solutions deliver significant cost savings, inherent business continuity, intelligent call-routing and the centralization of both applications and management.
Nectar Services Corp
CONTACT: Melissa Nacerino, +1-646-291-8264, or mnacerino@nectarcorp.com
Web site: http://www.nectarcorp.com/ http://www.jumatechnology.com/
Comcast Names Kerry Knott Senior Vice President of Government Affairs and Joseph W. Waz, Jr. Senior Vice President of External Affairs
PHILADELPHIA, March 18 /PRNewswire/ -- Comcast Corporation , the country's leading entertainment, information, and communications company, today announced that Joseph W. Waz, Jr. has been promoted to Senior Vice President of External Affairs and Public Policy Counsel; and Kerry Knott has been promoted to Senior Vice President of Government Affairs.
Comcast Executive Vice President David L. Cohen said, "Joe and Kerry are great assets to Comcast. Joe Waz is one of the communication industry's most well-respected policy experts, and an asset not just to Comcast but to the entire cable industry. He has presided over an incredible expansion in the company's public policy activities, and has done a tremendous job leading these initiatives for the company. As head of Government Affairs for Comcast, Kerry Knott has guided Comcast to a leadership role in Washington and in state capitals across the country. His expertise and insight have made him a respected voice on government affairs and politics. I congratulate them both on this accomplishment."
Joe Waz has primary responsibility for Comcast's public policy activities; oversees the company's political action committees, serves as President of the Comcast Foundation, and works closely with the company's government affairs, law, state and local government relations, and corporate communications professionals. Waz joined Comcast in 1994.
Waz currently serves as Chairman of the Board of the Settlement Music School, the nation's largest community school of the arts, and as Vice Chair of the National Coalition for Cancer Survivorship. For many years he chaired the Public Affairs Committee of the National Cable & Telecommunications Association, and continues to serve on its CablePAC Committee. He is a member of the boards of Connected Nation, the Internet Education Foundation, and the Family Online Safety Institute. He is a past chairman of the Federal Communications Bar Association Foundation. In 2002, Waz was presented with the cable industry's highest honor, the Vanguard Award, for his work in government and community relations. He holds an undergraduate degree cum laude from Boston University and received his law degree from the University of Connecticut. He resides in Philadelphia, Pennsylvania, with his wife and son.
Kerry Knott joined Comcast in 2003 as Vice President of Government Affairs and is responsible for developing and overseeing Comcast's government affairs strategy at the federal, state and local levels.
Knott is the Chairman of the Board of the C.S. Lewis Institute in Springfield, Virginia, and serves on the boards of City Year DC, The Washington Tennis and Educational Foundation, the Alumni Board for the Fund for American Studies and the Comcast Foundation. A graduate of Auburn University, he resides in Arlington, Virginia, with his wife and their three children.
About Comcast Corporation
Comcast Corporation (http://www.comcast.com/) is the nation's leading provider of entertainment, information and communications products and services. With 24.1 million cable customers, 13.2 million high- speed Internet customers, and 4.6 million voice customers, Comcast is principally involved in the development, management and operation of broadband cable systems and in the delivery of programming content.
Comcast's content networks and investments include E! Entertainment Television, Style Network, The Golf Channel, VERSUS, G4, PBS KIDS Sprout, TV One, ten regional Comcast SportsNets and Comcast Interactive Media, which develops and operates Comcast's Internet business. Comcast also has a majority ownership in Comcast-Spectacor, whose major holdings include the Philadelphia Flyers NHL hockey team, the Philadelphia 76ers NBA basketball team and two large multipurpose arenas in Philadelphia.
Comcast Corporation
CONTACT: Sena Fitzmaurice of Comcast Corporation, +1-202-379-7107, sena_fitzmaurice@comcast.com
Web site: http://www.comcast.com/
Gameloft Signs Multi-Game Multiyear Partnership With FerrariFerrari's Official Licensed Mobile Game: Ferrari World Championship on the Starting Line
PARIS, March 18 /PRNewswire-FirstCall/ -- Gameloft(R), the leading publisher and developer of video games for mobile phones, announced today that it has signed a worldwide agreement with Ferrari. The first game developed and published by Gameloft under license will be Ferrari World Championship and is scheduled to launch in March 2008 worldwide.
"We are elated to be working with Ferrari," said Karine Kaiser, Marketing & Licensing Deputy Director, Gameloft. "Scuderia Ferrari is the most admired and prestigious racing team in the world and their drivers are renowned everywhere. The fervor which surrounds this team and its record breaking 30 titles makes them an exceptional partner and an inspiration for all Formula 1 fans."
Ferrari World Championship invites all fans of the "Prancing Horse" car brand to join the prestigious Scuderia Ferrari. Behind the wheel of their single-seater, gamers will play one of the two official race drivers, Kimi Räikkönen or Felipe Massa, and experience the thrills of the new season.
The game includes all of the features that make the Formula 1 outstanding: incredible speed sensations, a world championship, tactical strategies throughout the race, and the thundering noise of the engines drowning out everything else. Plus, gamers will have the opportunity to drive the legendary Ferrari 500 F2 from 1951. By launching Ferrari World Championship on their mobile phones, players will be revving up to meet a dual challenge: proving to be worthy of the world's number one race car constructor, and of the world's number one driver.
Ferrari World Championship will be released in time for the new Formula 1 season, which starts on March 2008.
Gameloft is the leading international publisher and developer of video games for mobile phones. Established in 1999, it has emerged as one of the top innovators in its field. The company creates games for mobile handsets equipped with Java, Brew or Symbian technology. The total number of games-enabled handsets is anticipated to exceed four billion units in 2011.
Partnership agreements with leading licensors and sports personalities such as Ubisoft Entertainment, Universal Pictures, ABC, DreamWorks Animations SKG, Endemol, 20th Century Fox, Viacom, Sony Pictures, Touchtone Television, Warner Bros., FifPro, Lamborghini, Paris Hilton, Gus Hansen, Kobe Bryant, Derek Jeter, Reggie Bush, Lleyton Hewitt, Jonny Wilkinson or Robinho allow Gameloft to form strong relationships with international brands. In addition to the partnerships, Gameloft owns and operates titles such as Block Breaker Deluxe, Asphalt: Urban GT and New York Nights.
Through agreements with major telephone wireless carriers, handset manufacturers, specialized distributors and its online shop, Gameloft has a distribution network in over 80 plus countries.
Gameloft has worldwide offices in New York, San Francisco, Seattle, Montreal, Mexico, Buenos Aires, Paris, London, Cologne, Vienna, Milan, Madrid, Lisbon, Copenhagen, Warsaw, New Delhi, Seoul, Beijing, Hong Kong, Tokyo and Sydney. Gameloft is listed on Euronext Paris (ISIN: FR0000079600, Bloomberg: GFT FP, Reuters: GLFT.PA)
For more information visit http://www.gameloft.com/
(c) 2008 Gameloft. All Rights Reserved. Gameloft and the
Gameloft logo are trademarks of Gameloft in the US and/or other
countries.
Produced under license of Ferrari SpA. Ferrari, the Prancing
Horse device, all associated logos and distinctive designs are property
of Ferrari Spa. The body designs of the Ferrari cars are protected as
Ferrari property under design, trademark and trade dress regulations.
Gameloft
CONTACT: Press contact: Gameloft, Anne-Laure Desclèves, Corporate Communications Manager, email : anne-laure.descleves@gameloft.com, Tel : +33-1-58-16-20-82
Organizations Ease Web Application Development With Oracle(R) Application Express 3.1Latest Release of Oracle Application Express Delivers New Interactive Reporting, BLOB Support, and Enhanced Printing Capabilities
REDWOOD SHORES, Calif., March 18 /PRNewswire-FirstCall/ -- Organizations of all sizes across every industry and region are using Oracle(R) Application Express to rapidly develop data driven Web applications. Using only a Web browser and limited programming experience, developers can build and deploy professional applications that are both fast and secure. Oracle Application Express is integrated with all editions of Oracle Database 11g and Oracle Database 10g.
(Logo: http://www.newscom.com/cgi-bin/prnh/20020718/ORCLLOGO)
The Pennsylvania State University (Penn State), PINNACLE, and VISTA Technology Services are among the organizations taking advantage of Oracle Application Express to rapidly prototype and develop Web applications utilizing data from their Oracle Databases.
Penn State Tracks PC Inventory with Oracle Application Express
One institution with extensive experience with Oracle Application Express is Penn State. Founded in 1855, Penn State is a multi-campus public research university that improves the lives of the people of Pennsylvania, the nation, and the world through integrated, high-quality programs in teaching, research, and service. Penn State's Information Technology Services relies on Oracle Application Express for rapid application development and prototyping. The IT team uses an inventory tracking system developed with Oracle Application Express to keep track of over 2,000 computers along with all of the components attached to each particular workstation.
"With Oracle Application Express Release 3.1, I look forward to adding interactive region reports for my end-users," said Justin Patterson, Programmer Analyst, Information Technology Services, Penn State. "The end-users are thrilled that the latest release of Oracle Application Express includes features they've requested but that we had yet to add to the application ourselves. With Oracle Application Express, the development cycle is reduced by allowing developers to focus on writing queries or back-end logic rather than worrying about how to develop a slick interface, authorization logic, or updateable regions -- all of which Oracle addresses."
PINNACLE Builds Communications Application Suite with Oracle Application Express
PINNACLE, a division of PAETEC (http://www.paetec.com/), offers a suite of Enterprise Communications Management tools designed to streamline an enterprise's operations, ensuring visibility, accountability, productivity, and compatibility. PINNACLE (http://www.pinnsoft.com/) relies on Oracle Application Express to build its suite of applications.
"Oracle Application Express Release 3.1 substantiates our business decision to move to a thick database Web architecture based on Oracle," said Larry Foster, vice president and General Manager for the PINNACLE Communication Management Suite. "The new interactive reporting features in this latest release will allow our customers to conduct powerful spreadsheet-caliber analytics directly from their Web browser -- which will revolutionize our TEM (Telecommunications Expense Management) application."
VISTA Technology Services Rapidly Refreshes Key Property Planning Application
VISTA Technology Services, based in Herndon, Va., provides high-end consulting services and systems development for the U.S. Department of Defense related to real property lifecycle management. VISTA recently re-architected the U.S. Army's real property planning system supporting thousands of users worldwide. After evaluating several different technologies, VISTA selected Oracle Application Express based on capabilities consisting of solid user interface code, complete support for all of Oracle's performance capabilities, security, scalability, and hooks into maintainable table-driven business logic. The application is a critical component of the Army's mission in managing its buildings, utilities and land resources and is used daily to support planning, budgetary and spending decisions involving a real property portfolio of over 150,000 buildings with a replacement value of $263 billion.
"VISTA re-engineered the application in record time," said Bharat Pappu, VISTA's Lead Solutions Architect. "A team of developers with no previous experience in Oracle Application Express is developing a complete solution in a matter of months. What the Army thought would take years and millions of dollars is being delivered by VISTA in a much shorter amount of time and at far greater value. We are particularly impressed with the speed with which an interface could be assembled with Oracle Application Express, its integration of AJAX, dynamic HTML and third-party tools, and its rapid response ability to support functional design changes. And because the solution is based on Oracle, the initial capability was immediately accepted by the government's information assurance team for deployment."
Latest Release Delivers New Reporting, Testing and Layout, Features
Oracle today also announced the general availability of Oracle Application Express Release 3.1. New capabilities and enhancements available in Oracle Application Express Release 3.1 include:
-- Interactive Reporting Region -- innovative technology enables end users
to customize reports resulting in reduced development time and effort
while enhancing application functionality;
-- Declarative BLOB Support -- enables files to be declaratively uploaded
in forms and downloaded or displayed using reports. BLOB (binary large
object) display and download can also be authored using PL/SQL; and,
-- Improved Printing Support -- Report Queries now support multiple
reports in a single document and allow the combination of reports and
charts based on multiple queries. The output format can be set
dynamically at runtime and documents can either be downloaded to the
client or shown within the browser window.
The latest release of Oracle Application Express also supports simple and easy-to-use pre-built applications available for download from the Oracle Technology Network (OTN). These free, fully functional Oracle Application Express applications can be easily customized, deployed and shared within an organization allowing developers to jumpstart simple Web application development efforts. These applications are available at: http://www.oracle.com/technology/products/database/application_express/package d_apps/packaged_apps.html .
"We approach each release of Oracle Application Express with an eye on how we can further help our customers to get the most out of data in their Oracle Databases," said Mike Hichwa, vice president of Software Development, Oracle. "This release features innovative dynamic reporting that brings industry leading end user capabilities to applications developed with Oracle Application Express."
Pricing and Availability
Oracle Application Express Release 3.1 is generally available and is downloadable from the OTN at: http://www.oracle.com/technology/products/database/application_express/downloa d.html .
The tool is integrated with all editions of Oracle Database 11g, Oracle Database 10g and Oracle9i Database Release 2 at no additional cost. For more information on Oracle Application Express, go to: http://otn.oracle.com/apex .
About Oracle
Oracle is the world's largest enterprise software company. For more information about Oracle, visit our Web site at http://www.oracle.com/.
Trademarks
Oracle is a registered trademark of Oracle Corporation and/or its affiliates. Other names may be trademarks of their respective owners.
Photo: http://www.newscom.com/cgi-bin/prnh/20020718/ORCLLOGO AP Archive: http://photoarchive.ap.org/ PRN Photo Desk, photodesk@prnewswire.com
Oracle
CONTACT: Eloy Ontiveros of Oracle, +1-650-607-6458, eloy.ontiveros@oracle.com, or Kristin Reeves of Blanc & Otus, +1-415-856-5145, kreeves@bando.com, for Oracle
Web site: http://www.oracle.com/
ViewCast Corporation to Report 2007 Fourth Quarter, Year-End Financial ResultsConference Call Also Scheduled
PLANO, Texas, March 18 /PRNewswire-FirstCall/ -- ViewCast Corporation (BULLETIN BOARD: VCST) , a leading developer of hardware and software for encoding live and on-demand audio and video content for streaming over Internet, corporate and mobile networks, will release before the market opens on Monday, March 31, 2008, financial results for the fourth quarter and year ended December 31, 2007.
A conference call with management is scheduled for 11 a.m. EDT on March 31 to discuss the Company's financial results, business strategy and outlook for 2008. The call may be accessed by dialing 800-762-8779 five minutes prior to the scheduled start time and referencing ViewCast. For callers outside the United States, dial 480-248-5081.
A live web cast of the call will also be available at http://www.viewcast.com/irconferencecall. An archive of the webcast will be available at the same web page beginning approximately 30 minutes after the end of the call.
About ViewCast Corporation
ViewCast, a pioneer in the Internet streaming industry, develops and markets hardware and software for processing and managing live and on-demand audiovisual content for streaming over Internet, corporate and mobile networks. ViewCast's award-winning products are utilized worldwide by broadcasters, businesses, governments, content-delivery networks and others. ViewCast is a leader in video capture cards through its Osprey(R) product line. ViewCast's encoding and streaming platforms, Niagara(R) Pro and GoStream, incorporate Osprey reliability and performance with its Niagara SCX(R) control and management software and Niagara SCX SDK development software. ViewCast is partnered with strategic providers of networks, equipment, software, and services for Internet and mobile applications. For more information, visit http://www.viewcast.com/.
ViewCast, Osprey, Niagara, Niagara SCX, GoStream, SimulStream and EZStream are trademarks or registered trademarks of ViewCast Corporation or its subsidiaries.
ViewCast Contact: Investor Contact:
Laurie Latham Dan Matsui
Chief Financial Officer Allen & Caron
Tel: +1 (972) 488-7200 Tel: +1 (949) 474-4300
E-mail: llatham@viewcast.com E-mail: d.matsui@allencaron.com
ViewCast Corporation
CONTACT: Laurie Latham, Chief Financial Officer of ViewCast Corporation, +1-972-488-7200, llatham@viewcast.com; or Investors, Dan Matsui of Allen & Caron, +1-949-474-4300, d.matsui@allencaron.com, for ViewCast Corporation
Web site: http://www.viewcast.com/
Gameloft et Ferrari signent un accord de licence mùltijeu et pluriannuel
PARIS, March 18 /PRNewswire/ --
- << Ferrari World Championship >>, le jeu mobile officiel de Ferrari est
sur la ligne de départ
Gameloft(R), le leader du jeu vidéo pour mobiles, annonce
aujourd'hui avoir signé un accord de licence avec Ferrari. Le premier jeu
développé et édité par Gameloft sera Ferrari World Championship, disponible
en mars 2008.
<< Nous sommes ravis de l'accord signé avec Ferrari >> déclare
Karine Kaiser, Directrice Marketing et Licences de Gameloft. <>.
Ferrari World Championship offre aux passionnés de la marque
la possibilité d'intégrer la Scuderia Ferrari. Au volant de leur monoplace,
les joueurs incarneront l'un des deux pilotes officiels, Kimi Räikkönen ou
Felipe Massa, et pourront vivre passionnément la nouvelle saison qui
commence.
Le jeu inclut tous les éléments qui font la grandeur et la
passion de la Formule 1 : des sensations de vitesse incroyables, un
championnat du monde, les stratégies tactiques de l'écurie avant et pendant
la course et le rugissement du moteur. En prime, le joueur aura la
possibilité de conduire la légendaire Ferrari 500 F2 de 1951. Avec Ferrari
World Championship, le joueur doit relever un double défi, être à la hauteur
du champion du monde des constructeurs et du champion du monde des pilotes.
Ferrari World Championship sera disponible pour le début de la
nouvelle saison de Formule 1 qui débute en mars 2008.
A propos de Gameloft
Gameloft est le premier éditeur et développeur mondial de jeux pour
téléphones mobiles.
Fondé en 1999 et aujourd'hui leader dans son domaine, Gameloft conçoit
des jeux pour les téléphones incluant les technologies Java, Brew ou Symbian,
dont le parc installé devrait dépasser quatre milliards d'unités en 2011.
Des accords de partenariat avec de grands détenteurs de droits comme
Ubisoft Entertainment, Universal Pictures, ABC, Touchtone Television,
Dreamworks Amimations SKG, Endemol, 20th Century Fox, Viacom, Sony Pictures,
Warner Bros., Paris Hilton Ent., FifPro, Lamborghini, Lleyton Hewitt, Gus
Hansen, Kobe Bryant, Robinho, Patrick Vierra, Christophe Dominici ou Jonny
Wilkinson permettent à Gameloft d'associer de très fortes marques
internationales à ses jeux. En plus de ces marques, Gameloft possède ses
propres marques comme Block Breaker Deluxe, Asphalt: Urban GT ou New York
Nights.
Grâce à des accords avec l'ensemble des principaux opérateurs télécom,
des fabricants de téléphones, des distributeurs spécialisés ainsi que sa
boutique http://www.gameloft.com, Gameloft distribue ses jeux dans 80 pays.
Gameloft est présent à New York, San Francisco, Seattle, Montréal,
Mexico, Buenos Aires, Paris, Londres, Cologne, Copenhague, Milan, Madrid,
Vienne, Varsovie, New Dehli, Beijing, Tokyo, Hong Kong, Séoul et Sydney.
Gameloft est cotée au Compartiment B de la bourse de Paris (ISIN:
FR0000079600, Bloomberg: GFT FP, Reuters: GLFT.PA).
Pour plus d'informations, visitez http://www.gameloft.com
(c) 2008 Gameloft - All rights reserved - Gameloft and Gameloft logo are
registered trademarks of Gameloft S.A. - All rights reserved.
Produced under license of Ferrari SpA. Ferrari, the Prancing
Horse device, all associated logos and distinctive designs are property
of Ferrari Spa. The body designs of the Ferrari cars are protected as
Ferrari property under design, trademark and trade dress regulations.
Contact presse:
Gameloft
Aude Fouquier
PR Manager
email : aude.fouquier@gameloft.com
Tel : +33-1-58-16-21-55
Gameloft
Contact presse: Gameloft, Aude Fouquier, PR Manager, email : aude.fouquier@gameloft.com, Tel : +33-1-58-16-21-55
Kerry Group Selects Attunity to Improve Data AccessKerry Installs Attunity's Connect for Delivery of Real-time Data Integration
BURLINGTON, Massachusetts, March 18 /PRNewswire-FirstCall/ -- Attunity, the leading provider of enterprise-class software for application and data integration, and workplace solutions in the Composite Applications market, announced that Kerry Group had selected its Attunity Integration Suite (AIS) to simplify data access to its various information systems. Attunity will enable real-time data access and integration between Kerry Group's various relational database systems, as well as application integration via its BizTalk adapters, providing improved access to data for one of its divisions.
With revenues in excess of approximately EUR4.8 billion, Kerry Group is a global leader in the food ingredients and flavours markets, and a leading branded consumer foods processing and marketing organisation in selected EU markets. Kerry Group includes many household brands including Walls, Homepride, Lawsons, Richmond, Mattessons and Bowyers, to name a few.
"Attunity's Integration Suite of products will assist our IT rationalisation programme by streamlining the integration of our legacy systems to new business applications in a flexible and robust manner, resulting in significant cost savings to the group," said Bob Goodchild, IT Director, Kerry Foods. "We're very pleased to be working with Attunity's proven technology, from the leading vendor in the market."
AIS dramatically simplifies the access and integration to enterprise data and legacy systems. A modular solution, it allows organizations to address different tactical needs quickly, while relying on a comprehensive platform that allows reusability and can address many needs. With AIS, organizations have a foundation for rapid and standard integration, the ability to reduce the risks of legacy integration, and reduce the total cost of ownership (TCO).
About Attunity
Attunity has delivered sophisticated data integration solutions for nearly 20 years and today is at the forefront of the Composite Applications market focused on the business workplace, with its flagship product Attunity InFocus. With Attunity InFocus, organizations can develop sophisticated workplace-focused applications that make business managers at all levels more effective by giving them the information, context, activity and collaboration tools to resolve the business problems that dominate their day.
With successful deployments of its software products at thousands of organizations worldwide, Attunity provides enterprise-class software directly and indirectly through a number of strategic and OEM agreements with global-class partners such as HP, IBM, Microsoft, Oracle, Business Objects and Cognos.
Headquartered in Boston, Attunity serves its customers via offices in North America, Europe, and Asia Pacific and through a network of local partners. For more information, please visit us at http://www.attunity.com/.
For More Information:
Andy Bailey
Vice President Marketing
Attunity
+44-1344-747416
andy.bailey@attunity.com
Jazz Gandhi
Account Manager
Bite Communications
+44-20-8834-3464
jazz.gandhi@bitepr.com
Attunity Ltd
CONTACT: For More Information: Andy Bailey, Vice President Marketing, Attunity, +44-1344-747416, andy.bailey@attunity.com; Jazz Gandhi, Account Manager, Bite Communications, +44-20-8834-3464, jazz.gandhi@bitepr.com
Medialink to Report Fourth Quarter and Full Year 2007 Results on March 31
NEW YORK, March 18 /PRNewswire-FirstCall/ -- Medialink Worldwide Incorporated , a leading provider of diversified media services for professional communicators and marketers and, through its Teletrax subsidiaries, a leading provider of digital video tracking services to content owners, will report results for the fourth quarter and full year ended December 31, 2007, on Monday, March 31, 2008, prior to the opening of U.S. stock markets.
Following the earnings release on Monday, March 31, 2008, Medialink will host a teleconference with a simultaneous webcast at 11:00 a.m. Eastern Time to discuss the Company's quarterly and full year results and the overall industry outlook. Participating on the teleconference will be Laurence Moskowitz, Chairman, President and Chief Executive Officer, and Kenneth G. Torosian, Chief Financial Officer. To access the teleconference, please dial 1-866-271-0675 (domestic) or 1-617-213-8892 (international) and use "30748474" as the passcode, approximately 10 minutes prior to the start time.
The conference call will be webcast live by Thomson Financial and can be accessed at Medialink's Web site at http://www.medialink.com/. The webcast is also being distributed through the Thomson StreetEvents Network via http://www.earnings.com/ (for individual investors) and http://www.streetevents.com/ (for institutional investors). To listen to the webcast, please go to any of these websites about 10 minutes prior to the start of the call to register, download, and install any necessary audio software.
For those unable to listen to the live broadcast, a replay will be available on the Company's Web site or by dialing 1-888-286-8010 (domestic) or 1-617-801-6888 (international), with playback access code 66452014, starting approximately two hours after the conclusion of the call and available until April 28, 2008.
About Medialink:
Medialink (http://www.medialink.com/) is a global leader in providing unique news and marketing media strategies and solutions that enable corporations and organizations to inform and educate their intended audiences with maximum impact on television, radio, print, and the Internet. The Company offers creative services and multimedia distribution programs including video and audio news and short-form programming. Through its majority-owned subsidiaries, Medialink also provides Teletrax(R), a global television tracking and media asset management service to help clients evaluate return on investment from their programming and advertising efforts.
Teletrax is 76%-owned by Medialink and 24%-owned by Royal Philips Electronics. Based in New York, Medialink has offices in major cities throughout the United States and an international hub in London.
With the exception of the historical information contained in the release, the matters described herein contain certain "forward-looking statements" that are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this release are not promises or guarantees and are subject to risks and uncertainties that could cause our actual results to differ materially from those anticipated. These statements are based on management's current expectations and are naturally subject to uncertainty and changes in circumstances. We caution you not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Actual results may vary materially from those expressed or implied by the statements herein. Such statements may relate, among other things, to our ability to respond to economic changes and improve operational efficiency, the benefits of our products to be realized by our customers, or our plans, objectives, and expected financial and operating results. Forward-looking statements may also include, without limitation, any statement relating to future events, conditions or circumstances or using words such as: will, believe, anticipate, expect, could, may, estimate, project, plan, predict, intend or similar expressions that involve risk or uncertainty. These risks and uncertainties include, among other things, our recent history of losses; our ability to achieve or maintain profitability; potential regulatory action; worldwide economic weakness; geopolitical conditions and continued threats of terrorism; effectiveness of our cost reduction programs; the receptiveness of the media to our services; changes in our marketplace that could limit or reduce the perceived value of our services to our clients; our ability to develop new services and market acceptance of such services, such as Mediaseed(TM); the volume and importance of breaking news, which can have the effect of crowding out the content we produce and deliver to broadcast outlets on behalf of our clients; our ability to develop new products and services that keep pace with technology; the process of embedding a Teletrax watermark or the watermark itself rendering client content unsuitable for broadcast; our ability to develop and maintain successful relationships with critical vendors; the potential negative effects of our international operations on the Company; future acquisitions or divestitures, which may adversely affect our operations and financial results; the absence of long term contracts with customers and vendors; and increased competition, which may have an adverse effect on pricing, revenues, gross margins and our customer base. More detailed information about these risk factors is set forth in filings by Medialink Worldwide Incorporated with the Securities and Exchange Commission, including the Company's registration statement, most recent quarterly report on Form 10-Q, most recent annual report on Form 10-K and other publicly available information regarding the Company. Medialink Worldwide Incorporated is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward- looking statements whether as a result of new information, future events or otherwise.
For more information:
Mary C. Buhay Jordan M. Darrow
Senior Vice President, Darrow Associates, Inc.
Corporate Communications Tel: (631) 367-1866
Medialink Worldwide Incorporated jdarrow@darrowir.com
Tel: (212) 682 8300
IR@medialink.com
Medialink
CONTACT: Mary C. Buhay, Senior Vice President, Corporate Communications at Medialink Worldwide Incorporated, +1-212-682-8300, IR@medialink.com; or Jordan M. Darrow of Darrow Associates, Inc., +1-631-367-1866, jdarrow@darrowir.com
Web site: http://www.medialink.com/ http://www.earnings.com/ http://www.streetevents.com/
WinSonic Digital Media Group, Ltd. Announces Strategic Network PartnersWinSonic Launches Content Delivery & Digital Distribution Services
ATLANTA, March 18 /PRNewswire-FirstCall/ -- WinSonic Digital Media Group, Ltd. (BULLETIN BOARD: WDMG) announced today that it has launched its service agreements with Limelight Networks, AT&T, ETTIX and TULIX to support WinSonic's audio, video transport, video streaming, co-location, high-speed Internet Protocol (HSIP) and content delivery services.
WinSonic solutions enables content providers the ability to offer end- users a greatly enhanced experience across any digital media type, content library or audience scale. This eliminates the need for additional investment in equipment or expertise to build and manage their networks. The Company Content Delivery provides HTTP/web distribution of digital media files such as video, music, games, software and social media. WinSonic Digital Cable Systems Network can now provide on-demand streaming for all major formats including Adobe Flash, MP3 audio, QuickTime, RealNetworks RealPlayer and Windows Media.
"WinSonic's strategic initiative with these companies establishes a local, global, and wireless networking capability that will soon become the new standard for delivery of meaningful digital innovation. Through the consolidated efforts of these companies we provide the promise of high quality communications and entertainment integration that our customers and market have come to demand. This combination is more powerful because of our heritage of innovation, service, quality, reliability and integrity," said Winston Johnson, Chairman& CEO of WinSonic.
About AT&T: AT&T Inc. is one of the world's largest telecommunications holding companies and is the largest in the United States. Operating globally under the AT&T brand, AT&T companies are recognized as the leading worldwide providers of IP-based communications services to business and as leading U.S. providers of high-speed DSL Internet, local and long-distance voice, and directory publishing and advertising services. AT&T Inc. holds a 60 percent ownership interest in Cingular Wireless, which is the No. 1 U.S. wireless services provider with more than 52 million wireless customers. Additional information about AT&T Inc. and AT&T products and services is available at http://www.thenewatt.com/ .
About Limelight: Limelight Networks is a leading provider of high- performance content delivery network services. Limelight digitally delivers content for traditional and emerging media companies, or content providers, including businesses operating in the television, music, radio, newspaper, magazine, movie, videogame and software industries. Using Limelight's content delivery network (CDN), content providers are able to give their end-users a high-quality experience for rich media content, including video, music, games, software and social media. http://www.limelightnetworks.com/
About ETTIX: ETTIX is a multimillion dollar, privately held, International Corporation focused on developing web-based applications that meet the needs and maximize the performance of businesses. As an Internet-based Application Service Provider and Internet pioneer, ETTIX has been delivering applications and hosting services since 1994. Located in Atlanta's downtown telecom district, the company's worldwide headquarters includes a private, secure network operations center, call center and data center. ETTIX and sister company TULIX, which is focused on the telecommunications industry, are currently providing services to over 1,000,000 web users for companies around the world. Visit our websites, http://www.ettix.com/ and http://www.tulix.com/ .
About WinSonic Digital Media Group, Ltd.
WinSonic Digital Media Group, Ltd. is a facilities-based media distribution solutions company with a distinctive video transport concept that enables users to view, interact, and listen to all types of audio, online video, and digital TV, in full-screen format, at high speeds, superb quality, and greatly reduced costs, while reducing the need for expensive high-speed connections.
Statements in this press release are certain statements which are not historical or current fact and constitute "forward-looking statements" within the meaning of such term in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the actual financial or operating results of the company to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. Such forward-looking statements including, but not limited to, our aggressively focus on customer growth and leveraging its relationships with major corporations into revenue growth opportunities, based on our best estimates of future results, performance or achievements, based on current conditions and the most recent results of the company. In addition to statements which explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms "may," "will," "potential," "opportunity," "believes," "belief," "expects," "intends," "estimates," "anticipates" or "plans" to be uncertain and forward looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the company's reports and registration statements filed with the Securities and Exchange Commission. Consequently, all of the forward- looking statements made in this press release are qualified by these cautionary statements and there can be no assurance that the actual results anticipated by the company will be realized or, even if substantially realized, that they will have the expected consequences to or effects on the company or its business or operations.
WinSonic Digital Media Group, Ltd.
CONTACT: Winston D. Johnson, Chairman & Founder, WinSonic Digital Media Group, Ltd, WinSonic Digital Cable Systems Network, Ltd., +1-404-230-5705 ext 2233, +1-800-332-2730
Web site: http://www.winsonic.net/ http://www.thenewatt.com/ http://www.limelightnetworks.com/ http://www.ettix.com/ http://www.tulix.com/
Cox and Charter Team to Provide Telecommunications Links for Business CustomersInterconnection Agreement Provides New Choices, Competitive Pricing for Businesses
ATLANTA and ST. LOUIS, March 18 /PRNewswire/ -- Cox Business and Charter Business(TM) announced today that the two companies have teamed to provide a direct fiber optic cable telecommunications link between metropolitan areas outside of traditional service footprints.
Businesses in Las Vegas and Reno, Nev., can now easily and securely connect offices and information systems with a dedicated SONET, Ethernet connection or IP transport service. A similar link has also been established between Cox in Orange County, Calif. and Charter in the Los Angeles metropolitan area.
High-capacity data transport and Internet services are attractive to businesses with multiple locations that transport large amounts of sensitive data such as financial institutions, long distance carriers, Internet service providers, hospitals, insurance companies and other businesses that do not want to purchase or lease their own fiber network.
"This agreement brings a competitive choice to businesses that need to communicate with locations in other key commerce hubs in the western U.S.," said Jim McGann, vice president and general manager, Charter Business. "While customers have always been able to obtain fiber optic network services within the Charter Business and Cox Business footprints, they were limited to regional telephone companies to connect locations across the two footprints."
"Charter and Cox are responding to customer demand for a better connectivity solution to link their Las Vegas and Reno offices," said David Blau, vice president and general manager, Cox Business and Hospitality Network, Nevada. "By interconnecting our existing robust networks, we're able to provide customers with a reliable and competitive choice. The simplicity of one carrier, one network provider, one bill, one number for technical support and seamless connectivity creates immediate cost and resource efficiencies for our business customers."
Cox and Charter are both facilities-based telecom providers who build and maintain their own advanced networks and provide telephone, Internet and cable television services.
About Cox Communications
Cox Communications is a multi-service broadband communications and entertainment company with more than 6.2 million total residential and commercial customers. The third-largest cable television company in the United States, Cox offers an array of advanced digital video, high-speed Internet and telephony services over its own nationwide IP network, as well as integrated wireless services. Cox Business is a full-service, facilities- based provider of communications solutions for commercial customers, providing high-speed Internet, voice and long distance services, as well as data and video transport services for small to large-sized businesses. Cox Media offers national and local cable advertising in traditional spot and new media formats, along with promotional opportunities and production services. Cox Communications wholly owns and operates the Travel Channel. More information about the services of Cox Communications, a wholly owned subsidiary of Cox Enterprises, is available at http://www.cox.com/, http://www.coxbusiness.com/, and http://www.coxmedia.com/.
About Charter Communications
Charter Communications, Inc. is a leading broadband communications company and the third-largest publicly traded cable operator in the United States. Charter provides a full range of advanced broadband services, including Charter Digital(R) video entertainment programming, Charter High-Speed(R) Internet access, and Charter Telephone(R). Charter Business(R) similarly provides scalable, tailored and cost-effective broadband communications solutions to business organizations, such as business-to- business Internet access, data networking, video and music entertainment services and business telephone. Charter's advertising sales and production services are sold under the Charter Media(R) brand. More information about Charter can be found at http://www.charter.com/.
Cox Communications; Charter Communications
CONTACT: Todd Smith, Cox Communications, +1-404-269-3124, todd.smith6@cox.com; Jack Gordon, +1-608-268-7748, jack.gordon@chartercom.com, or Marty Richmond, +1-314-543-5621, mrichmond@chartercom.com, both of Charter Communications
Web site: http://www.cox.com/ http://www.coxbusiness.com/ http://www.coxmedia.com/ http://www.charter.com/
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