Companies news of 2008-03-28 (page 1)
Astea International Inc Files Form 8-K, Item 4.02 - Non-Reliance on Previously Issued...
Micromem files interim financials and grants options
Verizon Communications Establishes Distribution Ratio for Spinoff of Northern New England...
John L. Clendenin Announces Retirement as Director of Equifax
CIBER, Inc. Schedules First Quarter 2008 Earnings Release & Conference Call
/C O R R E C T I O N -- Smurfit-Stone Container Corporation/
Ascend Acquisition Corp. Merger Partner e.PAK Resources (S) Pte. Ltd. to Present at Brean...
CDI Corp. Schedules 2008 First Quarter Earnings Announcement, Conference Call
Playlogic Announces 2007 Results
Smart Move, Inc. Year End 2007 Financial Results Conference Call
EMCORE Corporation to Host an Analyst Day in Albuquerque
Louisiana Consumers Want Competition and Choice to Cable, Support Video ReformVoters Favor...
Playlogic Announces 2007 ResultsIncreased Releases and Higher Sales Attributed To Doubling...
General Dynamics Awarded $130 Million Contract to Produce Tactical Data Network Systems...
Presstek Receives NASDAQ Staff Determination Regarding Previously Announced Delay in 10-K...
Genworth Financial Posts Statutory Materials on Website
Martha Stewart Living Omnimedia Announces Election of Charlotte Beers and Todd Slotkin to...
Smurfit-Stone Announces Internet Availability of 2008 Annual Stockholders' Meeting Proxy...
Merrimac Reports Fourth Quarter 2007 ResultsQuarterly Continuing Operations Results...
Hop-on to Uplist to 'Fully Reporting' Pink Sheet Status
Verizon Wireless and Keith Urban Present 'Love, Pain and the Whole Crazy Carnival Ride'...
CGI U.S. President Donna Morea Recognized with Fed 100 Eagle AwardStock Market Symbols...
AT&T Leads Telecom Providers in Security, Stability and Recognition for Small and Medium...
European Commission Extends Review of Nokia's Planned Acquisition of NAVTEQ
Merrimac Announces Conference Call Information for Fourth Quarter and Fiscal Year 2007...
European Commission Extends Its Review of Nokia's Planned Acquisition of NAVTEQ
CTG to Present at The B. Riley Annual Investors ConferenceWebcast Presentation Will Occur...
Verizon Wireless and MTV Networks Launch MTV, VH1, COMEDY CENTRAL, Nickelodeon, and CMT On...
MySpace Mobile Launches on Verizon WirelessVerizon Wireless Customers Now Have Direct...
Astea International Inc Files Form 8-K, Item 4.02 - Non-Reliance on Previously Issued Financial StatementsCompany Will Restate Previously Issued Financial Statements for 2006 and First Three Quarters of 2007
HORSHAM, Pa., March 28 /PRNewswire-FirstCall/ -- Astea International Inc. a global provider of service lifecycle management, today announced that on March 25, 2008, the Company's Audit Committee concluded that the Company's financial statements for 2006, the interim periods contained in 2006, and the interim periods for the first nine months of 2007, should no longer be relied upon because of errors in such financial statements. As a result of these errors, the Company will restate the financial statements described above to correct its accounting for revenue recognition.
The details of the restatement are described in the Form 8-K filed today. To summarize, however, at present it involves certain contracts that were executed in the second and third quarters of 2006. Each contract contained numerous licenses and modules that were purchased by each customer and delivered to them in the quarter in which the Company recognized the revenue. Included in these contracts were one or two add-on modules for an analytical tool. The main component of the tool and one of the analytical modules was included in the delivery of software to these customers. However, there were one or two analytical modules that could not be delivered. The Company had originally estimated a value for the undelivered modules and deferred recognition of the related revenue on them until they were delivered, which occurred in the first and second quarters of 2007. At the time the Company filed its 2006 Form 10-K, which included audited financial statements for the year ended December 31, 2006, it believed that the license revenue on the contracts was properly recognized and the deferral of revenue on the undelivered modules was properly reported. In addition, the Company believed that the maintenance and service revenue related to the contracts were properly recognized as revenue in 2006.
Notwithstanding the preceding, in conjunction with the 2007 audit, management determined that the Company does not have vendor specific objective evidence ("VSOE") for the undelivered analytical module software licenses. According to AICPA SOP 97-2 "Software Revenue Recognition" and related statements, undelivered elements to a sale must have VSOE in order to recognize revenue for the delivered elements that do not have VSOE. The Company uses the residual method for recognizing revenue on its software licenses. In such instances, the accounting rules state that if VSOE for undelivered software modules cannot be determined, then all revenue related to that sale must be deferred until the undelivered elements are delivered. Accordingly, all revenue, including license, service and maintenance must be deferred until the delivery and acceptance of the final undelivered element. Therefore, the Company will be restating its financial statements to defer all license revenue and service and maintenance revenue recognized in relation to the contracts at issue in 2006. Since the undelivered elements were all delivered in 2007, all revenue deferred from 2006 as a result of this restatement will be recognized in 2007. The net effect of the above will be to decrease revenues and increase the net loss in 2006, and, by an equal amount, to increase the revenues and net income for 2007.
The Company anticipates filing amendments to its Forms 10-Q for the affected quarterly periods to reflect the corrections to its quarterly consolidated financial statements in the near future. The Company's Annual Report on Form 10-K for fiscal 2007 will reflect these adjustments and contain additional information regarding this matter. The Company anticipates that it will need additional time to make the necessary adjustments to the 2007 Form 10-K, and will likely file a Form 12b-25 to request a fifteen day extension of the March 31, 2008 filing deadline for the Form 10-K.
About Astea International
Astea International is a global provider of service management software solutions that address the unique needs of companies who manage capital equipment, mission critical assets and human capital. With the acquisition of FieldCentrix, Astea complements its existing portfolio with the industry's leading mobile field service execution solutions. Astea is helping companies drive even higher levels of customer satisfaction with faster response times and proactive communication, creating a seamless, consistent and highly personalized experience at every customer relationship touch point. Since its inception in 1979, Astea has licensed applications to companies, around the world, in a wide range of sectors including information technology, telecommunications, instruments and controls, business systems, HVAC, gaming/leisure, imaging, industrial equipment, and medical devices.
http://www.astea.com/. Service Smart. Enterprise Proven.
Astea and Astea Alliance are trademarks of Astea International Inc.
Forward-Looking Statements
Forward-looking statements in this press release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include the statements regarding potential errors in previously issued financial statements; the nature, magnitude and scope of potential errors and the Company's investigation and analysis of such potential errors. These statements are just predictions reflecting management's current judgment and involve risks and uncertainties, such that actual results may differ significantly. These risks include, but are not limited to, additional actions resulting from the Company's continuing internal review, as well as the review and audit by the Company's independent auditors of restated financial statements, if any, and actions resulting from discussions with or required by the Securities and Exchange Commission, along with other risks and uncertainties discussed in the Company's Annual Report on Form 10-K for the fiscal 2006 and the Company's Quarterly Reports on Form 10-Q for subsequent quarters. The Company disclaims any obligation to update any forward-looking statements.
Astea International Inc.
CONTACT: Investor Relations, Rick Etskovitz, Chief Financial Officer of Astea International, Inc., +1-215-682-2500, retskovitz@astea.com
Web site: http://www.astea.com/
Micromem files interim financials and grants options
TORONTO, March 28 /PRNewswire-FirstCall/ -- Micromem Technologies Inc., ("Micromem") (OTC-BB:MMTIF) a Toronto-based developer of magnetic random access memory (MRAM), has filed its interim financial statements for the period ended January 31, 2008, together with the Management's Discussion & Analysis on SEDAR and EDGAR. These documents may be viewed at http://www.sedar.com/ and by searching EDGAR at http://www.sec.gov/.
The Company also announces that between March 3, 2008 and March 12, 2008 its Board of Directors approved the granting of an aggregate of 695,000 incentive stock options to certain directors and key consultants of the Company. Of the total grant, 350,000 were granted pursuant to the appointment of a new director. These options have exercise prices ranging between $1.01 and $1.20 per share. Of these Options, 595,000 will vest immediately; the remaining options will vest pursuant to the stock option agreement. These stock options are exercisable according to the terms of the Company's stock option plan and will expire five years from the grant date.
Listing: NASD OTC-Bulletin Board - Symbol: "MMTIF"
Shares issued: 77,220,575
SEC File No: 0-26005
About Micromem Technologies Inc.
--------------------------------
Micromem Technologies, Inc. (http://www.micromeminc.com/) is focused on the development of magnetic random access memory (MRAM) technology.
Statements in this news release that are not historical facts, including statements about plans and expectations regarding products and opportunities, demand and acceptance of new or existing products, capital resources and future financial results are forward-looking. Forward-looking statements involve risks and uncertainties, which may cause Micromem's actual results in future periods to differ materially from those expressed or suggested herein. These uncertainties and risks include, without limitation, the inherent uncertainty of research, product development and commercialization, the impact of competitive products and patents, our ability to fund our current and future business strategies and respond to the effect of economic and business conditions generally as well as other risks and uncertainties detailed from time to time in Micromem's filings with the Securities & Exchange Commission. There can be no guarantee that Micromem will be able to enter into any commercial arrangements on terms that are favorable to it, or at all. For more information, please refer to Micromem's Annual Report on Form 20-F and its Form 6-Ks as filed with the U.S. Securities and Exchange Commission. Micromem is under no obligation (and expressly disclaims any obligation) to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
Micromem Technologies Inc.
CONTACT: Jason Baun, Chief Information Officer, 1-877-388-8930
Verizon Communications Establishes Distribution Ratio for Spinoff of Northern New England Spinco and Merger With FairPoint Communications
NEW YORK, March 28 /PRNewswire/ -- Verizon Communications Inc. today announced that subject to the satisfaction of certain conditions, Verizon stockholders will receive one share of the common stock of FairPoint Communications, Inc. for every 53.0245 shares of Verizon common stock they owned as of March 7, 2008 in the proposed spinoff of shares of Northern New England Spinco Inc. (Spinco) to Verizon stockholders, and subsequent merger of Spinco with FairPoint. This is equivalent to 0.0189 shares of FairPoint common stock for each share of Verizon common stock owned as of March 7, 2008. FairPoint will pay cash in lieu of any fraction of a share of FairPoint common stock.
Spinco will hold specified assets and liabilities that are used in Verizon's local exchange business and related activities in Maine, New Hampshire and Vermont. The closing of the spinoff and the merger are scheduled to occur on March 31, 2008.
For further information, see the Current Report on Form 8-K filed by Spinco with the Securities and Exchange Commission on Feb. 29, 2008 and available online at http://www.sec.gov/.
Verizon Communications Inc. , headquartered in New York, is a leader in delivering broadband and other wireline and wireless communication innovations to mass market, business, government and wholesale customers. Verizon Wireless operates America's most reliable wireless network, serving nearly 66 million customers nationwide. Verizon's Wireline operations include Verizon Business, which delivers innovative and seamless business solutions to customers around the world, and Verizon Telecom, which brings customers the benefits of converged communications, information and entertainment services over the nation's most advanced fiber-optic network. A Dow 30 company, Verizon employs a diverse workforce of nearly 235,000 and last year generated consolidated operating revenues of $93.5 billion. For more information, visit http://www.verizon.com/.
VERIZON'S ONLINE NEWS CENTER: Verizon news releases, executive speeches and biographies, media contacts, high-quality video and images, and other information are available at Verizon's News Center on the World Wide Web at http://www.verizon.com/news. To receive news releases by e-mail, visit the News Center and register for customized automatic delivery of Verizon news releases.
Verizon Communications
CONTACT: Peter Thonis of Verizon Communications, +1-212-395-2355, Peter.Thonis@Verizon.com
Web site: http://www.verizon.com/
Company News On-Call: http://www.prnewswire.com/comp/094251.html
John L. Clendenin Announces Retirement as Director of Equifax
ATLANTA, March 28 /PRNewswire-FirstCall/ -- Equifax Inc. today announced that John L. Clendenin has informed the Board of Directors of his intention to retire as a Director effective May 9, 2008, following the regular Board meeting scheduled for that date. Mr. Clendenin has served on the Board since 1982. He was Lead Director from 2002 until 2004, and is currently a member of the Finance and Governance Committees of the Board, and was previously Chairman of the Audit and Governance Committees and a member of the Executive Committee. Mr. Clendenin's current term as a director was scheduled to expire in 2010.
(Logo: http://www.newscom.com/cgi-bin/prnh/20060224/CLF037LOGO )
Mr. Clendenin retired as Chairman of the Board of BellSouth Corporation in 1997, and served as Chairman, President and Chief Executive Officer of BellSouth from 1983 until 1996.
Commenting on Mr. Clendenin's retirement from the Board, Richard F. Smith, Equifax Chairman and Chief Executive Officer, said: "On behalf of the Board, I would like to extend to John our gratitude for his many years of dedicated and thoughtful service to the company. His contributions have been exceptional and his insights as a Board member have been instrumental in the growth of our company over the past 26 years."
About Equifax Inc. (http://www.equifax.com/)
Equifax empowers businesses and consumers with information they can trust. A global leader in information solutions, employment and income verification and human resources business process outsourcing services, we leverage one of the largest sources of consumer and commercial data, along with advanced analytics and proprietary technology, to create customized insights that enrich both the performance of businesses and the lives of consumers.
Customers have trusted Equifax for over 100 years to deliver innovative solutions with the highest integrity and reliability. Businesses -- large and small -- rely on us for consumer and business credit intelligence, portfolio management, fraud detection, decisioning technology, marketing tools, HR/payroll services, and much more. We empower individual consumers to manage their personal credit information, protect their identity and maximize their financial well-being.
Headquartered in Atlanta, Georgia, Equifax Inc. employs approximately 7,000 people in 14 countries throughout North America, Latin America and Europe. Equifax is a member of Standard & Poor's (S&P) 500(R) Index. Our common stock is traded on the New York Stock Exchange under the symbol EFX.
Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20060224/CLF037LOGO AP Archive: http://photoarchive.ap.org/ PRN Photo Desk, photodesk@prnewswire.com
Equifax Inc.
CONTACT: David Rubinger, Media Relations, Equifax Inc., +1-404-885-8555, david.rubinger@equifax.com
Web site: http://www.equifax.com/
CIBER, Inc. Schedules First Quarter 2008 Earnings Release & Conference Call
GREENWOOD VILLAGE, Colo., March 28 /PRNewswire-FirstCall/ -- CIBER, Inc. today announced that it will release its financial results for the first quarter ended March 31, 2008 on Thursday, April 24, 2008 before market open. Following the release, CIBER will hold a conference call to discuss these results at 11:00 a.m. Eastern Time (9 a.m. Mountain Time).
To participate in the call, dial (800) 218-9073 in the United States, or dial (303) 262-2137 internationally. The conference ID # is 11111653. The call will also be webcast on the Investor Relations section of CIBER's website at http://www.ciber.com/cbr.
A replay of the call will be available on CIBER's website or by dialing (800) 405-2236 in the United States or (303) 590-3000 internationally. The conference ID # is 11111653.
The webcast is also being distributed through the Thomson StreetEvents Network. Individual investors can listen to the call at http://www.fulldisclosure.com/, Thomson's individual investor portal, powered by StreetEvents. Institutional investors can access the call via Thomson StreetEvents (http://www.streetevents.com/), a password-protected event management site.
About CIBER, Inc.
CIBER, Inc. is a pure-play international system integration consultancy with superior value-priced services and reliable delivery for both private and government sector clients. CIBER's services are offered globally on a project- or strategic-staffing basis, in both custom and enterprise resource planning (ERP) package environments, and across all technology platforms, operating systems and infrastructures. Founded in 1974 and headquartered in Greenwood Village, Colo., CIBER now serves client businesses from over 60 U.S. offices, 25 European offices and seven offices in Asia/Pacific. Operating in 18 countries, with more than 8,000 employees and annual revenue over $1 billion, CIBER and its IT specialists continuously build and upgrade clients' systems to "competitive advantage status." CIBER is included in the Russell 2000 Index and the S&P Small Cap 600 Index. CIBER, ALWAYS ABLE. http://www.ciber.com/. CIBER and the CIBER logo are trademarks or registered trademarks of CIBER, Inc. Copyright(C) 2008.
Forward-Looking and Cautionary Statements
Statements contained in this release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially, as discussed in the company's filings with the Securities and Exchange Commission. CIBER undertakes neither intention nor obligation to publicly update or revise any forward-looking statements.
Contact Information:
Jennifer J. Matuschek, VP, Investor Relations, 303.267.3830
CIBER, Inc.
CONTACT: Jennifer J. Matuschek, VP, Investor Relations, +1-303-267-3830, for CIBER, Inc.
Web site: http://www.ciber.com/ http://www.fulldisclosure.com/ http://www.streetevents.com/
/C O R R E C T I O N -- Smurfit-Stone Container Corporation/
In the news release, Smurfit-Stone Announces Internet Availability of 2008 Annual Stockholders' Meeting Proxy Materials Under SEC Notice and Access Rule, issued earlier today by Smurfit-Stone Container Corporation over PR Newswire, we are advised by the company that the URL in the subheadline and the third paragraph, should be http://bnymellon.mobular.net/bnymellon/sscc rather than http://bnymellon.mobular.net.bnymellon/sscc as originally issued inadvertently.
Smurfit-Stone Container Corporation
Ascend Acquisition Corp. Merger Partner e.PAK Resources (S) Pte. Ltd. to Present at Brean Murray Carret & Co. Mainland China Investor Tour
WAYNE, Pa. and AUSTIN, Texas, March 28 /Xinhua-PRNewswire-FirstCall/ -- Ascend Acquisition Corp. ("Ascend") (BULLETIN BOARD: ASAQ, ASAQU, ASAQW) , a specified purpose acquisition company, announced that Steve Dezso, CEO of its merger partner e.PAK Resources (S) Pte. Ltd. ("ePAK"), will present at the upcoming Brean Murray Carret & Co. Mainland China Investor Tour of China on Wednesday April 2, 2008 at Marco Polo Hotel in Shenzhen, China.
Mr. Dezso will present an overview of the Company's main business, product lines, operations, competitive strengths and growth strategies at 12:45 p.m. local time.
For more information about the conference, please visit http://www.breanmurraycarret.com/ .
In July 2007, Ascend entered into a definitive agreement to merge with ePAK. Under the terms of the agreement, at the closing of the transaction, Ascend will reincorporate as a Bermuda public company and acquire 100% of the outstanding capital stock of ePAK. Upon completion of the transaction, which is expected in the second quarter of 2008, the resulting public company will be domiciled in Bermuda and renamed ePAK International Ltd. It is expected that ePAK International's common stock and warrants will trade on the NASDAQ Global Market.
Additional Information
A registration statement and proxy statement under Form S-4 has been filed under the issuer name "e.PAK International Limited" with the Securities and Exchange Commission in connection with the proposed acquisition of ePAK and reincorporation of Ascend in Bermuda. STOCKHOLDERS OF ASCEND AND OTHER INTERESTED PERSONS ARE ADVISED TO READ, WHEN AVAILABLE, THE FINAL PROSPECTUS AND DEFINITIVE PROXY STATEMENT IN CONNECTION WITH THE TRANSACTIONS AND THE SOLICITATION OF PROXIES FOR THE SPECIAL MEETING OF ASCEND'S STOCKHOLDERS BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.
The final prospectus and definitive proxy statement will be mailed to Ascend's stockholder as of a record date to be established for voting on the acquisition and redomestication. These documents will also be available without charge online at the Securities and Exchange Commission's Internet site (http://www.sec.gov/) and by mail through requests to Ascend Acquisition Corp., 435 Devon Park Drive, Bldg. 400 Wayne, PA 19087, Attention: T. Anderson.
Stockholders and other interested persons can also read Ascend's final prospectus, dated May 11, 2006, for a description of the security holdings of Ascend's directors and officers and of EarlyBirdCapital, Inc., the underwriters of Ascend's initial public offering, and their respective interests in the successful consummation of the proposed transactions.
About e.PAK Resources (S) Pte. Ltd.
ePAK is a full-service designer, manufacturer and supplier of precision engineered products and solutions for the automated transport and handling of semiconductor and electronic devices. ePAK's product areas include front-end wafer handling, back-end IC transport, and end-system sub-assembly handling. The Company's products are sold globally to top tier global customers including semiconductor companies, system OEMs, and IC assembly and test operations. The company's low cost, large-scale manufacturing operations in Shenzhen, the People's Republic of China ("PRC") are centrally located to the semiconductor industry. ePAK's executive offices are located in Austin, Texas and the Company maintains nine sales and applications engineering offices worldwide.
About Ascend Acquisition Corporation
Ascend Acquisition Corp. was formed on December 5, 2005 for the purpose of effecting a merger, capital stock exchange, asset acquisition or other similar business combination with an operating business. Ascend's registration statement for its initial public offering was declared effective on May 11, 2006 and the offering closed on May 22, 2006, generating net proceeds of approximately $38.5 million from the sale of 6.9 million units, including the full exercise of the underwriters' over-allotment option and the sale of 166,667 units to the Ascend's Chairman and CEO, Don K. Rice. Each unit was comprised of one share of Ascend common stock and two warrants, each with an exercise price of $5.00. As of January 31, 2007, Ascend held approximately $40.8 million in a trust account maintained by an independent trustee, which will be released to Ascend upon the consummation of the business combination.
Contact Information:
Ascend Acquisition Corporation
Don K. Rice, Chairman and CEO
Tel: +1-610-519-1336
Email: don@ascendgrowth.com
Web site: http://www.ascendgrowth.com/
e.PAK International Inc.
Steve Dezso, CEO
Tel: +1-512-231-8083
Email: steve.dezso@epak.com
Web site: http://www.epak.com/
Investor Relations:
Crocker Coulson, President
CCG Investor Relations
Tel: +1-646-213-1915
Email: crocker.coulson@ccgir.com
Web site: http://www.ccgir.com/
Ascend Acquisition Corporation
CONTACT: Ascend Acquisition Corporation - Don K. Rice, Chairman and CEO, +1-610-519-1336, or don@ascendgrowth.com; or ePAK International Inc. - Steve Dezso, CEO, +1-512-231-8083, or steve.dezso@epak.com; or Investor Relations - Crocker Coulson, President of CCG Investor Relations, +1-646-213-1915, or crocker.coulson@ccgir.com
Web Site: http://www.ascendgrowth.com/ http://www.epak.com/
CDI Corp. Schedules 2008 First Quarter Earnings Announcement, Conference Call
PHILADELPHIA, March 28 /PRNewswire-FirstCall/ -- CDI Corp. will report its 2008 first quarter results on Wednesday, April 30, 2008, prior to the opening of the market.
Following the release, management will hold a conference call at 11:00 a.m. Eastern Time to discuss the company's results. The call can be accessed live, via the Internet, at http://www.cdicorp.com/. A replay will be available for 14 days.
Company Information
Headquartered in Philadelphia, CDI Corp. is a leading provider of engineering and information technology outsourcing solutions and professional staffing. Its operating units include CDI Engineering Solutions, CDI IT Solutions, CDI AndersElite Limited and Management Recruiters International, Inc. Visit CDI at http://www.cdicorp.com/.
CDI Corp.
CONTACT: Vincent Webb, Vice President, Corporate Communications and Marketing, +1-215-636-1240, Vince.Webb@cdicorp.com, or Mark Kerschner, Chief Financial Officer, +1-215-636-1105, Mark.Kerschner@cdicorp.com, both of CDI Corp.
Web site: http://www.cdicorp.com/
Playlogic Announces 2007 Results
NEW YORK and AMSTERDAM, Netherlands, March 28 /PRNewswire/ --
- Increased Releases and Higher Sales Attributed To Doubling Net Revenues
-- Net revenues: US$10.1 million (2006: US$5.0 million)
-- Gross profit: US$ 5.0 million (2006: US$1.2 million)
-- Net profit: US$0.7 million (2006: a loss of US$12.5 million)
-- Net earnings per share: US$ 0.03 (2006: a loss of US$0.51)
-- Outlook 2008:
-- Further growth in net revenues and net profit
-- Expected Net earnings per share in the range of US$0.07 - US$0.12
(Logo: http://www.newscom.com/cgi-bin/prnh/20071119/PLAYLOGICLOGO )
Key data 2007: solid growth
x US$1000 2007 2006 Change
Net revenues 10,100 5,043 + 5,057
EBITDA 3,213 (9,226) + 12,439
Gross profit 5,040 1,205 + 3,835
Net profit 744 (12,548) +11 804
Net earnings per share (x US$1) 0.03 (0,51) +0.54
Shareholders equity 696 (10,889) +10,985
Total outstanding shares 38.5 million 25.3 million +13.2 million
Playlogic Entertainment, Inc. (OTC Bulletin Board: PLGC) - an independent
worldwide publisher of entertainment software - reports net revenues of
US$10.1 million and a net profit of US$0.7 million for the fiscal year ended
December 31, 2007.
Statement of the CEO
Willem M. Smit, Playlogic's CEO: "For the first time since we started in
2002 Playlogic has realized profit for a full year. We are very pleased about
this achievement and we expect this to be a turning-point towards further
growth of revenues and profit. It is also an important milestone for all our
shareholders and investors who put their trust and money in our company over
the past years."
Net Revenues
Net revenues for the fiscal year 2007 increased substantially from US$5.0
million in 2006 to US$10.1 million in 2007. This is a doubling of the net
revenues compared to the previous year. The change is primarily attributable
to an increased number of games published and higher associated unit sales
per SKU.
Gross profit
For the fiscal year 2007, gross profit totalled US$ 5.0 million, up from
US$1.2 million the previous year, an increase of 318%.
Net profit
The net profit for the year ended December 31, 2007 totalled US$0.7
million versus a loss of US$ 12.5 million the previous year.
Net earnings per share
Net earnings per share went up to US$0.03 for the year, compared to
US$(0.51) in 2006.
Business highlights 2007
-- Received Global Playstation 3 Publishing License from SCEA
-- Received US Playstation 2 and PSP Publishing License from SCEA
-- Highest number of SKU's (#) published to date
-- Playlogic's in-house development studio continued its First Party
relationship with SCEE on new projects
-- Playlogic titles available at retail in Japan, South Korea, Taiwan,
Singapore, Hong Kong and Thailand
-- Sony Computer Entertainment Asia distributed Obscure II on PS2 and
Xyanide Resurrection on PSP
-- Closed US$12.3 million in equity through a Private Placement
New developments
-- Playlogic's in-house studio Playlogic Game Factory has extended First
Party SCEE contracts on projects to be disclosed by SCEE
-- In May Playlogic will move to its new European headquarter (9000sq/ft)
in the World Trade Center in Amsterdam
-- Publishing focus shifting to higher ratio of console titles versus PC
as installed base increases
-- Q1 2008 releases: Xyanide Resurrection PC, Dragon Hunters DS, Simon
the Sorcerer 4-Chaos Happens, Obscure 2 Wii, Aggression-Reign over
Europe
Outlook
Willem M. Smit, CEO: "We anticipate continuous growth in 2008. With the
recent closing of US$7 million in equity and debt we will be able to further
invest in our publishing portfolio as planned. We expect to release around 20
titles on various platforms this year which should result in higher net
earnings in the range of US$0.07 - US$ 0.12 per share".
About Playlogic:
Playlogic Entertainment, Inc. is an independent publisher of
entertainment software for PCs, consoles, handhelds, mobile devices, and
other digital media. Playlogic distributes its products worldwide through all
available channels, online and offline. Playlogic, who currently has
approximately 75 employees, is listed on Nasdaq OTC under the symbol
"PLGC.OB" and is headquartered in New York and Amsterdam. Its internal game
development studio is based in Breda (The Netherlands).
Playlogic's portfolio includes games that are being developed by several
teams at the Playlogic Game Factory, Playlogic's in-house development studio
based in Breda, as well as games developed by a number of studios throughout
the world with approximately 300 people of external development staff.
Playlogic titles: Age of Pirates: Caribbean Tales, Aggression-Reign over
Europe, Airborne Troops, Alpha Black Zero, Ancient Wars: Sparta, Cyclone
Circus, Dragon Hunters, Evil Days of Luckless John, Gene Troopers, Infernal,
Knights of the Temple II, Obscure 2, Obscure 2 Wii, Officers, Simon the
Sorcerer 4-Chaos Happens, World Racing 2, Xyanide, Xyanide Mobile, Xyanide
Resurrection PC, Xyanide Resurrection PS2, Xyanide Resurrection PSP. Upcoming
releases in Q1 2008: Xyanide Resurrection PC, Dragon Hunters DS, Simon the
Sorcerer 4-Chaos Happens, Obscure 2 Wii, Aggression-Reign over Europe.
Playlogic publishes quality games, working with leading technology to
produce digital entertainment from concept to finished product.
FORWARD LOOKING STATEMENTS
This release contains statements about Playlogic's future expectations,
performance, plans, and prospects, as well as assumptions about future
events. The reader is cautioned not to put undue reliance on these
forward-looking statements, as these statements are subject to numerous
factors and uncertainties, including without limitation, business and
economic conditions and trends; fluctuations in operating results; reduced
customer demand relative to expectations; competitive factors; and other risk
factors listed from time to time in the company's SEC reports. Actual results
may differ materially from our expectations as the result of these and other
important factors relating to Playlogic's business and product development
efforts, which are further described in filings with the Securities and
Exchange Commission. These filings can be obtained from the SEC's website
located at www.sec.gov. Any forward-looking statements are based on
information available to Playlogic on the date of this release, and Playlogic
assumes no obligation to update such statements.
FOR MORE INFORMATION
IR & PR Office
T: +31-20-676-03-04
M: +31-6-13-73-20-10
F: +31-20-673-13-14
E: lleatomu@playlogicint.com
For further information about Playlogic, please visit the Corporate
Center at www.playlogicgames.com.
Web site: http://www.playlogicgames.com
Playlogic Entertainment, Inc.
Playlogic Entertainment, Inc. IR & PR Office, +31-20-676-03-04, M: +31-6-13-73-20-10, F: +31-20-673-13-14, lleatomu@playlogicint.com; Photo: http://www.newscom.com/cgi-bin/prnh/20071119/PLAYLOGICLOGO, AP Archive: http://photoarchive.ap.org, PRN Photo Desk, photodesk@prnewswire.com
Smart Move, Inc. Year End 2007 Financial Results Conference Call
DENVER, March 28 /PRNewswire-FirstCall/ -- Smart Move, Inc. , announced that a press release with fourth quarter and full year ended December 31, 2007 financial results will be issued at approximately 8:00 am Eastern Time on April 2, 2008.
Smart Move will host a conference call to discuss fourth fiscal quarter and year-end 2007 financial results on, Wednesday April 2, 2008 at 12:00 pm Eastern Time (10:00 am Mountain time). Hosting the call will be Chris Sapyta, Chief Executive Officer, and Edward Johnson, Chief Financial Officer.
The conference call can be accessed live over the phone by dialing 1-800-218-8862, or for local callers by dialing 303-262-2131 or by webcast at: http://www.gosmartmove.com/about/index.aspx?pageID=28 and a replay will be available at: http://www.gosmartmove.com/about/index.aspx?pageID=28 beginning one hour after the call.
About Smart Move, Inc.
Smart Move is an innovative logistics company providing services through deployment of a fleet of Company-owned, GPS equipped SmartVault(TM) shipping containers to execute the movement of goods. Smart Move utilizes its proprietary and licensed technologies to efficiently manage its fleet of assets, providing superior security, scheduling flexibility and expedited service on behalf of its customers and alliance partners. Smart Move sells its services direct to moving consumers as well as providing moving capacity and guaranteed logistic services to van lines and agents nation wide. http://www.gosmartmove.com/
CONTACT: Pete Bloomquist 303-339-9558
Smart Move, Inc.
CONTACT: Pete Bloomquist of Smart Move, Inc., +1-303-339-9558
Web site: http://www.gosmartmove.com/
EMCORE Corporation to Host an Analyst Day in Albuquerque
ALBUQUERQUE, N.M., March 28 /PRNewswire-FirstCall/ -- EMCORE Corporation , a leading provider of semiconductor-based components and subsystems for the broadband, fiber-optic, satellite and terrestrial solar power markets, announced plans today to host an analyst day for analysts and certain investors at its headquarters in Albuquerque, New Mexico.
In response to overwhelming requests from the investment community, EMCORE has scheduled an analyst day from 9:00am to 2:00pm on April 10, 2008. Participants will have an opportunity to meet senior management, along with selected partners and customers, for detailed explanations of the Company's businesses, products, and markets, as well as a facility and production line tour. The presentation will also be posted on EMCORE's website. To register for the event, please e-mail analystday@emcore.com. Due to limited capacity, advanced reservation is mandatory.
About EMCORE
EMCORE Corporation is a leading provider of compound semiconductor-based components and subsystems for the broadband, fiber optic, satellite and terrestrial solar power markets. EMCORE's Fiber Optics segment offers optical components, subsystems and systems that enable the transmission of video, voice and data over high-capacity fiber optic cables for high-speed data and telecommunications, cable television (CATV) and fiber-to-the-premises (FTTP) networks. EMCORE's Solar Power segment provides solar products for satellite and terrestrial applications. For satellite applications, EMCORE offers high- efficiency compound semiconductor-based gallium arsenide (GaAs) solar cells, covered interconnect cells and fully integrated solar panels. For terrestrial applications, EMCORE offers concentrating photovoltaic (CPV) systems for utility scale solar applications as well as offering its high-efficiency GaAs solar cells and CPV components for use in solar power concentrator systems. For specific information about our company, our products or the markets we serve, please visit our website at http://www.emcore.com/ .
Safe Harbor
Statements in this press release that are not historical facts, and the assumptions underlying such statements, constitute "forward- looking statements" and assumptions underlying "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and involve a number of risks and uncertainties. Readers should also review the risk factors set forth in EMCORE's Annual Report on Form 10-K for the fiscal year ended September 30, 2007. These forward-looking statements are made as of the date hereof, and EMCORE does not assume any obligation to update these statements.
CONTACT:
EMCORE Corporation
Adam Gushard - Interim Chief Financial Officer
(505) 332-5000
info@emcore.com
TTC Group
Vic Allgeier
(646) 290-6400
vic@ttcominc.com
EMCORE Corporation
CONTACT: Adam Gushard, Interim Chief Financial Officer of EMCORE Corporation, +1-505-332-5000, info@emcore.com; or Vic Allgeier of TTC Group, +1-646-290-6400, vic@ttcominc.com, for EMCORE Corporation
Web site: http://www.emcore.com/
Louisiana Consumers Want Competition and Choice to Cable, Support Video ReformVoters Favor Statewide Video Franchise Law, Believe Cable TV Prices Too High
BATON ROUGE, La., March 28 /PRNewswire-FirstCall/ -- AT&T Inc. has announced that a new poll shows that Louisiana consumers believe cable TV prices are too high and want competition in the cable TV market. They would support legislation for a statewide franchise that would encourage alternatives to cable, according to a recent poll conducted by the public opinion research firm Peter D. Hart Research Associates.
According to the survey, 68 percent of voters say there is not enough competition for cable service, and 72 percent think the price for cable TV is too high. And 71 percent say they support legislation to create a statewide video franchise process.
"Like other consumers around the country, Louisiana consumers are eager for an alternative to cable," said William A. Oliver, president of AT&T Louisiana. "The poll reflects that Louisiana consumers feel they are being hit in the pocketbook by high cable prices and a lack of alternatives. They understand that a statewide video franchise law would offer consumers concrete benefits in the form of more choices, competitive prices and better products and services."
In 2006, the Federal Communications Commission (FCC) released figures showing that, nationally, cable prices rose an average of 93 percent between 1995 and 2005. In Louisiana, cable rates in the major cities have risen an average of 26 percent since 2002.
Louisiana legislators have introduced a bill this year to encourage alternatives to cable. The law would enable competitors of cable providers to receive a single statewide franchise to provide video alternatives. Under the proposal, competitors would be required to pay local governments the same franchise fee that cable companies currently pay -- up to 5 percent of gross revenues -- and to provide public, emergency and government programming, which is now offered by cable companies.
In 2006, the Louisiana Legislature overwhelmingly approved similar legislation, which Kathleen Blanco, then the governor, vetoed.
About AT&T
AT&T Inc. is a premier communications holding company. Its subsidiaries and affiliates, AT&T operating companies, are the providers of AT&T services in the United States and around the world. Among their offerings are the world's most advanced IP-based business communications services and the nation's leading wireless, high speed Internet access and voice services. In domestic markets, AT&T is known for the directory publishing and advertising sales leadership of its Yellow Pages and YELLOWPAGES.COM organizations, and the AT&T brand is licensed to innovators in such fields as communications equipment. As part of its three-screen integration strategy, AT&T is expanding its TV entertainment offerings. Additional information about AT&T Inc. and the products and services provided by AT&T subsidiaries and affiliates is available at http://www.att.com/.
(C) 2008 AT&T Intellectual Property. All rights reserved. AT&T, the AT&T logo and all other marks contained herein are trademarks of AT&T Intellectual Property and/or AT&T affiliated companies.
Note: This AT&T news release and other announcements are available as part of an RSS feed at http://www.att.com/rss. For more information, please review this announcement in the AT&T newsroom at http://www.att.com/newsroom.
AT&T Inc.
CONTACT: Karen Beck Zollinger, Public Affairs Director-Louisiana, of AT&T Inc., +1-504-528-2208, cell, +1-504-722-9332, karen.beck@att.com
Web site: http://www.att.com/
Playlogic Announces 2007 ResultsIncreased Releases and Higher Sales Attributed To Doubling Net Revenues
NEW YORK and AMSTERDAM, Netherlands, March 28 /PRNewswire-FirstCall/ --
-- Net revenues: $10.1 million (2006: $5.0 million)
-- Gross profit: $ 5.0 million (2006: $1.2 million)
-- Net profit: $0.7 million (2006: a loss of $12.5 million)
-- Net earnings per share: $ 0.03 (2006: a loss of $0.51)
-- Outlook 2008:
-- Further growth in net revenues and net profit
-- Expected Net earnings per share in the range of $0.07 - $0.12
(Logo: http://www.newscom.com/cgi-bin/prnh/20071119/PLAYLOGICLOGO )
Key data 2007: solid growth
x $1000 2007 2006 Change
Net revenues 10,100 5,043 + 5,057
EBITDA 3,213 (9,226) + 12,439
Gross profit 5,040 1,205 + 3,835
Net profit 744 (12,548) +11 804
Net earnings per share (x $1) 0.03 (0,51) +0.54
Shareholders equity 696 (10,889) +10,985
Total outstanding shares 38.5 million 25.3 million +13.2 million
Playlogic Entertainment, Inc. (BULLETIN BOARD: PLGC) - an independent worldwide publisher of entertainment software - reports net revenues of $10.1 million and a net profit of $0.7 million for the fiscal year ended December 31, 2007.
Statement of the CEO
Willem M. Smit, Playlogic's CEO: "For the first time since we started in 2002 Playlogic has realized profit for a full year. We are very pleased about this achievement and we expect this to be a turning-point towards further growth of revenues and profit. It is also an important milestone for all our shareholders and investors who put their trust and money in our company over the past years."
Net Revenues
Net revenues for the fiscal year 2007 increased substantially from $5.0 million in 2006 to $10.1 million in 2007. This is a doubling of the net revenues compared to the previous year. The change is primarily attributable to an increased number of games published and higher associated unit sales per SKU.
Gross profit
For the fiscal year 2007, gross profit totalled $ 5.0 million, up from $1.2 million the previous year, an increase of 318%.
Net profit
The net profit for the year ended December 31, 2007 totalled $0.7 million versus a loss of $ 12.5 million the previous year.
Net earnings per share
Net earnings per share went up to $0.03 for the year, compared to $(0.51) in 2006.
Business highlights 2007
-- Received Global Playstation 3 Publishing License from SCEA
-- Received US Playstation 2 and PSP Publishing License from SCEA
-- Highest number of SKU's (#) published to date
-- Playlogic's in-house development studio continued its First Party
relationship with SCEE on new projects
-- Playlogic titles available at retail in Japan, South Korea, Taiwan,
Singapore, Hong Kong and Thailand
-- Sony Computer Entertainment Asia distributed Obscure II on PS2 and
Xyanide Resurrection on PSP
-- Closed $12.3 million in equity through a Private Placement
New developments
-- Playlogic's in-house studio Playlogic Game Factory has extended First
Party SCEE contracts on projects to be disclosed by SCEE
-- In May Playlogic will move to its new European headquarter (9000sq/ft)
in the World Trade Center in Amsterdam
-- Publishing focus shifting to higher ratio of console titles versus PC
as installed base increases
-- Q1 2008 releases: Xyanide Resurrection PC, Dragon Hunters DS, Simon the
Sorcerer 4-Chaos Happens, Obscure 2 Wii, Aggression-Reign over Europe
Outlook
Willem M. Smit, CEO: "We anticipate continuous growth in 2008. With the recent closing of $7 million in equity and debt we will be able to further invest in our publishing portfolio as planned. We expect to release around 20 titles on various platforms this year which should result in higher net earnings in the range of $0.07 - $ 0.12 per share".
About Playlogic:
Playlogic Entertainment, Inc. is an independent publisher of entertainment software for PCs, consoles, handhelds, mobile devices, and other digital media. Playlogic distributes its products worldwide through all available channels, online and offline. Playlogic, who currently has approximately 75 employees, is listed on Nasdaq OTC under the symbol "PLGC.OB" and is headquartered in New York and Amsterdam. Its internal game development studio is based in Breda (The Netherlands).
Playlogic's portfolio includes games that are being developed by several teams at the Playlogic Game Factory, Playlogic's in-house development studio based in Breda, as well as games developed by a number of studios throughout the world with approximately 300 people of external development staff. Playlogic titles: Age of Pirates: Caribbean Tales, Aggression-Reign over Europe, Airborne Troops, Alpha Black Zero, Ancient Wars: Sparta, Cyclone Circus, Dragon Hunters, Evil Days of Luckless John, Gene Troopers, Infernal, Knights of the Temple II, Obscure 2, Obscure 2 Wii, Officers, Simon the Sorcerer 4-Chaos Happens, World Racing 2, Xyanide, Xyanide Mobile, Xyanide Resurrection PC, Xyanide Resurrection PS2, Xyanide Resurrection PSP. Upcoming releases in Q1 2008: Xyanide Resurrection PC, Dragon Hunters DS, Simon the Sorcerer 4-Chaos Happens, Obscure 2 Wii, Aggression-Reign over Europe.
Playlogic publishes quality games, working with leading technology to produce digital entertainment from concept to finished product.
FORWARD LOOKING STATEMENTS
This release contains statements about Playlogic's future expectations, performance, plans, and prospects, as well as assumptions about future events. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties, including without limitation, business and economic conditions and trends; fluctuations in operating results; reduced customer demand relative to expectations; competitive factors; and other risk factors listed from time to time in the company's SEC reports. Actual results may differ materially from our expectations as the result of these and other important factors relating to Playlogic's business and product development efforts, which are further described in filings with the Securities and Exchange Commission. These filings can be obtained from the SEC's website located at http://www.sec.gov/. Any forward-looking statements are based on information available to Playlogic on the date of this release, and Playlogic assumes no obligation to update such statements.
FOR MORE INFORMATION
IR & PR Office
T: +31 20 676 03 04
M: +31 6 13 73 20 10
F: +31 20 673 13 14
E: lleatomu@playlogicint.com
For further information about Playlogic, please visit the Corporate Center at http://www.playlogicgames.com/.
Playlogic Entertainment, Inc.
CONTACT: Playlogic Entertainment, Inc. IR & PR Office, +31-20-676-03-04, M: +31-6-13-73-20-10, F: +31-20-673-13-14, lleatomu@playlogicint.com
Web site: http://www.playlogicgames.com/
General Dynamics Awarded $130 Million Contract to Produce Tactical Data Network Systems for the U.S. Marine Corps
SCOTTSDALE, Ariz., March 28 /PRNewswire-FirstCall/ -- General Dynamics C4 Systems, a business unit of General Dynamics , has been awarded a five-year indefinite delivery/indefinite quantity (ID/IQ) contract by the U.S. Marine Corps to produce units of the next generation Tactical Data Network (TDN)-Data Distribution System-Modular (DDS-M), a modular, scalable Internet Protocol (IP) communications and networking system. The initial award value of the contract is $130 million; it has a total potential value of $375 million if all options are exercised.
The TDN-DDS-M system enables deployed Marines to establish secure, networked voice, data, video conferencing and other communication capabilities among commanders, joint and coalition forces.
"The TDN-DDS-M connects Marines to essential tactical networks wherever they deploy using advanced communication and networking technologies, at significantly reduced size, weight and power consumption than earlier versions," said Scott Butler, a vice president of Computing Technologies for General Dynamics C4 Systems.
Based on commercial-off-the-shelf equipment, the TDN DDS-M comprises routers, switches, computers, power supply and other equipment needed to access the Defense Information System Network (DISN), Secret Internet Protocol Router Network (SIPRNet) and Non-secure Internet Protocol Router Network (NIPRNet), as well as coalition and joint-forces networks. The TDN-DDS-M system is an upgraded version of the Tactical Data Network (TDN)-Data Distribution System-Replacement (DDS-R), the contract for which was first awarded to General Dynamics in November 2006.
Initial deliveries of TDN-DDS-M systems are scheduled for the third quarter of 2008. The work will be done in Taunton, Mass.
General Dynamics C4 Systems is a leading integrator of secure communication and information systems and technology. With more than 11,000 employees worldwide, the company specializes in command and control, communications networking, computing and information assurance for defense, government and select commercial customers in the United States and abroad.
General Dynamics, headquartered in Falls Church, Va., employs approximately 83,500 people worldwide and reported 2007 revenues of $27.2 billion. The company is a market leader in business aviation; land and expeditionary combat systems, armaments and munitions; shipbuilding and marine systems; and information systems and technologies. More information about the company is available on the Internet at http://www.generaldynamics.com/.
General Dynamics C4 Systems
CONTACT: Fran Jacques of General Dynamics C4 Systems, +1-480-441-2885, or Cell: +1-480-586-1886, Fran.Jacques@gdc4s.com
Web site: http://www.gdc4s.com/ http://www.generaldynamics.com/
Presstek Receives NASDAQ Staff Determination Regarding Previously Announced Delay in 10-K Filing
HUDSON, N.H., March 28 /PRNewswire-FirstCall/ -- Presstek, Inc. , a leading manufacturer and marketer of high tech digital imaging solutions for the graphic arts and laser imaging markets, today announced that, as expected, on March 24, 2008, it received a NASDAQ Staff Determination notifying the company that the failure to timely file its Form 10-K for the period ending December 29, 2007 constitutes a failure to satisfy the filing requirement for continued listing under NASDAQ Marketplace Rule 4310(c) (14).
On March 4, 2008, the company announced that the extensive work efforts required during the latter part of 2007 to complete the company's previously disclosed financial and business process reviews and file its third quarter 2007 Form 10-Q, have resulted in the delayed filing of its annual report on Form 10-K for the year ended December 29, 2007 with the SEC. The company also announced that the delay in filing its Form 10-K is due to the company's late start in closing Q4 2007 financial records.
The company intends to file its Form 10-K for the period ending on December 29, 2007 as soon as practicable.
Pursuant to NASDAQ procedures, the company plans to appeal the Staff Determination and request a hearing before a NASDAQ Listing Qualifications Panel to review the Staff Determination. This hearing request is expected to stay the suspension of trading and delisting of the company's securities pending the issuance of the Panel's decision. Thus, pending a decision by the Panel, the company's shares will remain listed under the ticker symbol PRST on The NASDAQ Stock Market. There can be no assurance that the Panel will grant the Company's request for continued listing.
About Presstek
Presstek, Inc. is the leading manufacturer and marketer of high tech digital imaging solutions to the graphic arts and laser imaging markets. Presstek's patented DI(R), CTP and plate products provide a streamlined workflow in a chemistry-free environment, thereby reducing printing cycle time and lowering production costs. Presstek solutions are designed to make it easier for printers to cost effectively meet increasing customer demand for high-quality, shorter print runs and faster turnaround while providing improved profit margins.
Presstek subsidiary, Lasertel, Inc., manufactures semiconductor laser diodes for Presstek's and external customers' applications.
For more information visit http://www.presstek.com/, or call 603-595-7000 or email: info@presstek.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Certain statements contained in this News Release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the results of internal reviews and their impact on the company's ability to file required reports with the Securities and Exchange Commission on a timely basis and the related NASDAQ Staff Determination notifying the company that the failure to timely file its Form 10-K for the period ending December 29, 2007 constitutes a failure to satisfy the filing requirement for continued listing under NASDAQ Marketplace Rule 4310(c) (14). Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited to, the results and impact of the company's internal reviews, the possible delisting of the company's stock from the NASDAQ Stock Market, and other risks detailed in the company's Annual Report on Form 10-K and the company's other reports on file with the Securities and Exchange Commission. The words "looking forward," "looking ahead," "believe(s)," "should," "may," "expect(s)," "anticipate(s)," "project(s)," "likely," "opportunity," and similar expressions, among others, identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made. The company undertakes no obligation to update any forward-looking statements contained in this news release.
Contact:
Kathleen Makrakis
Director Investor Relations
(203) 485-7534, ext 1432
Presstek, Inc.
CONTACT: Kathleen Makrakis, Director Investor Relations of Presstek, Inc., +1-203-485-7534, ext 1432
Web site: http://www.presstek.com/
Genworth Financial Posts Statutory Materials on Website
RICHMOND, Va., March 28 /PRNewswire-FirstCall/ -- Genworth Financial, Inc. , announced today that it has posted on its website the 2007 statutory financial statements for its U.S. life and U.S. mortgage insurance companies. In addition, Genworth has separately posted portions of each entity's Schedule D in Excel format to make it easier to review the investment data on these schedules.
About Genworth Financial
Genworth Financial, Inc. is a leading public Fortune 500 global financial security company. Genworth has more than $114 billion in assets and employs approximately 7,000 people in 25 countries. Its products and services help meet the investment, protection, retirement and lifestyle needs of over 15 million customers. Genworth operates through three segments: Retirement and Protection, International and U.S. Mortgage Insurance. Its products and services are offered through financial intermediaries, advisors, independent distributors and sales specialists. Genworth Financial, which traces its roots back to 1871, became a public company in 2004 and is headquartered in Richmond, Virginia. For more information, visit Genworth.com.
Genworth Financial, Inc.
CONTACT: Investors, Cass English, +1-804-662-2614, cass.english@genworth.com, or Media, Tom Topinka, +1-804-662-2444, thomas.topinka@genworth.com, both of Genworth Financial, Inc.
Web site: http://www.genworth.com/
Martha Stewart Living Omnimedia Announces Election of Charlotte Beers and Todd Slotkin to the Board of Directors
NEW YORK, March 28 /PRNewswire-FirstCall/ -- Martha Stewart Living Omnimedia, Inc. today announced that its Board of Directors has elected Charlotte Beers and Todd Slotkin as members of the Board of Directors. Ms. Beers and Mr. Slotkin will replace Jill A. Greenthal and Bradley E. Singer, respectively.
Ms. Beers' election marks her return to MSLO's Board; she served as a director from 1999 to 2001, resigning to take a role in the Bush Administration as U.S. Undersecretary of State for Public Diplomacy and Public Affairs from October 2001 through March 2003. A pioneering woman in advertising, Ms. Beers joined the State Department after having held the position of Chairman and CEO at Ogilvy & Mather and then Chairman at J. Walter Thompson Worldwide. Upon her departure from the State Department, she was awarded the Distinguished Service Medal, the highest honor the State Department bestows. She has also been honored with the prestigious Matrix Award from New York Women in Communications for her outstanding accomplishments in advertising. In 1997, Fortune magazine put her on the cover of their first issue to feature the most powerful women in America.
Mr. Slotkin has held leadership positions in the world of finance for more than 30 years. He served as Managing Director and co-head of Natixis Capital Markets Leveraged Finance business from 2006 to 2007. Previously, Mr. Slotkin served as Executive Vice President and Chief Financial Officer of MacAndrews & Forbes Holdings, Inc. from 1999 to 2006; he joined the company in 1992 as a senior vice president. In addition, he was Chief Financial Officer of the publicly owned M & F Worldwide Corp. from 1999 to 2006. Prior to that, he spent over 17 years with Citicorp, now known as Citigroup, serving most recently as director of Citicorp North America, N.A. He was a key architect and senior credit officer in building Citicorp's market leadership in leveraged buyouts. A founding member, director, and chairman of the Food Allergy Initiative, Mr. Slotkin is also a manager on the Board of Managers of Allied Security Holdings and an outside board member of CBIZ, Inc.
MSLO Chairman Charles Koppelman stated: "Charlotte and Todd bring outstanding leadership and valuable expertise to our Board, and that is important as they are replacing two accomplished individuals in Jill and Brad whose contributions in their time serving MSLO are greatly appreciated. Charlotte's creativity along with her rich understanding of branding and marketing make her a natural fit at MSLO. We're thrilled to have her back. We're equally pleased to welcome Todd, who has a distinguished background in corporate finance and acquisitions. We look forward to working with them as we continue to grow our company and build shareholder value."
"I am honored to be returning to MSLO and to be part of an outstanding Board at a company I've known and admired since its inception. MSLO has accomplished so much in what has been nearly 10 years as a public company and I look forward to contributing to its bright and exciting future," said Ms. Beers.
"I see countless opportunities for MSLO on the horizon and, as a member of this distinguished board, I am very happy to work with MSLO's strong management team to help chart this singular company's course," said Mr. Slotkin.
MSLO's board is comprised of seven members. In addition to Mr. Koppelman, Mr. Slotkin, and Ms. Beers, directors include MSLO President and CEO Susan Lyne; Thomas C. Siekman, Lead Director and Former SVP and General Counsel of Compaq Computer Corporation; Rick Boyko, Managing Director of VCU Brandcenter; and Michael Goldstein, former Chairman of the Board and Chief Executive Officer of Toys "R" Us, Inc.
About Martha Stewart Living Omnimedia, Inc.
Martha Stewart Living Omnimedia, Inc. is a diversified media and merchandising company, inspiring and engaging consumers with unique lifestyle content and distinctive products. The Publishing segment encompasses four magazines, including the company's flagship publication, Martha Stewart Living, periodic special issues and books. The marthastewart.com website provides consumers with instant access to MSLO's multimedia library, search and find capabilities, recipes, online workshops, community and personalization tools and more. The Broadcasting segment produces such outstanding programming as the Emmy-winning daily, nationally syndicated television series, "The Martha Stewart Show" and Martha Stewart Living Radio, channel 112 on SIRIUS Satellite Radio. In addition to its media properties, MSLO offers high quality Martha Stewart products through licensing agreements with carefully selected companies, including the Martha Stewart Collection exclusively at Macy's, Martha Stewart Everyday at Kmart, Martha Stewart Crafts with EK Success and a co-branded food line with Costco. In February 2008, Emeril Lagasse agreed to join the Martha Stewart family of brands. During the second quarter of 2008, MSLO expects to complete the acquisition of the assets related to Lagasse's media and merchandising business, including television programming, cookbooks, and emerils.com website and his licensed kitchen and food products. For additional information about MSLO, visit http://www.marthastewart.com/ .
Martha Stewart Living Omnimedia, Inc.
CONTACT: Elizabeth Estroff, SVP, Corporate Communications, of Martha Stewart Living Omnimedia, Inc., +1-212-827-8281, or eestroff@marthastewart.com
Web site: http://www.marthastewart.com/
Smurfit-Stone Announces Internet Availability of 2008 Annual Stockholders' Meeting Proxy Materials Under SEC Notice and Access Rulehttp://bnymellon.mobular.net.bnymellon/sscc
CREVE COEUR, Mo. and CHICAGO, March 28 /PRNewswire-FirstCall/ -- Smurfit- Stone Container Corporation announced today the Internet availability of its 2008 annual stockholders' meeting proxy materials under the new Notice and Access rule of the U.S. Securities and Exchange Commission (SEC). In December 2006, the SEC voted to adopt amendments to its proxy rules that allow companies to furnish proxy materials to stockholders through a Notice and Access model using the Internet.
(Logo: http://www.newscom.com/cgi-bin/prnh/20070129/SMURFIT-STONELOGO )
By utilizing Notice and Access, Smurfit-Stone reduced the number of printed copies of its proxy materials by more than 65 percent from 2007, reducing the environmental impact of the annual meeting materials by using less paper and ink, as well as less energy to manufacture and deliver the materials. Additionally, Smurfit-Stone's printed copies of its Annual Report and Form 10-K used paper that meets the sourcing procurement requirements of the Sustainable Forestry Initiative(R), the most comprehensive wood supply monitoring system of any forest certification program in the world.
Smurfit-Stone's proxy statement and Annual Report on Form 10-K have been filed with the SEC and are available on line at: http://bnymellon.mobular.net.bnymellon/sscc.
Stockholders may obtain a free printed copy of the annual meeting materials by following the instructions provided on the notice.
The company's annual stockholders' meeting will be held May 7 beginning at 10 a.m. CT at the University of Chicago Gleacher Center located at 450 N. Cityfront Plaza Drive, Chicago, IL, 60611.
Smurfit-Stone Container Corporation is the industry's leading integrated containerboard and corrugated packaging producer and is one of the world's largest paper recyclers. The company is a member of the World Business Council for Sustainable Development, the Sustainable Forestry Initiative(R), and the Chicago Climate Exchange. Smurfit-Stone generated revenue of $7.4 billion in 2007, has led the industry in safety every year since 2001, and conducts its business in compliance with the environmental, health, and safety principles of the American Forest & Paper Association.
Photo: http://www.newscom.com/cgi-bin/prnh/20070129/SMURFIT-STONELOGO AP Archive: http://photoarchive.ap.org/ PRN Photo Desk, photodesk@prnewswire.com
Smurfit-Stone Container Corporation
CONTACT: Tom Lange of Smurfit-Stone Container Corporation, +1-314-656-5369
Web site: http://www.smurfit-stone.com/
Merrimac Reports Fourth Quarter 2007 ResultsQuarterly Continuing Operations Results Improve $796,000 Annual Orders and Backlog Set Records
WEST CALDWELL, N.J., March 28 /PRNewswire-FirstCall/ -- Merrimac Industries, Inc. , a leader in the design and manufacture of RF Microwave components, subsystem assemblies and micro-multifunction modules (MMFM(R)), today announced results for the fourth quarter and fiscal year 2007.
Previously reported results of operations of Filtran Microcircuits Inc. ("FMI") for the current and prior periods have been reclassified and reported as discontinued operations and the assets and liabilities relating to FMI have been reclassified as held for sale in the consolidated balance sheet as of December 30, 2006. These operations were sold on December 28, 2007.
Net sales from continuing operations for the fourth quarter of 2007 were $5,392,000, an increase of $144,000 or 2.7 percent compared to the fourth quarter of 2006 net sales of $5,248,000. Net sales from continuing operations increased due to the higher level of orders received earlier in 2007 including higher sales of Multi-Mix(R) products to the defense industry. Gross profit for the fourth quarter of 2007 was $2,219,000, an increase of $706,000 or 46.7 percent, and was 41.2 percent of sales as compared to gross profit of $1,513,000 or 28.8 percent of sales for the fourth quarter of 2006. The increase in gross profit and gross profit percentage for the fourth quarter of 2007 was due to an improved product mix.
Operating loss from continuing operations for the fourth quarter of 2007 was $(283,000), compared to an operating loss from continuing operations of $(1,079,000) for the fourth quarter of 2006. The decrease in operating loss from continuing operations for the fourth quarter of 2007 was due to the improved gross profit and reduced research and development costs. In addition, a restructuring charge of approximately $200,000 was recorded in the fourth quarter of 2006.
Loss from continuing operations for the fourth quarter of 2007 was $(351,000) compared to a loss from continuing operations of $(1,217,000) for the fourth quarter of 2006. Loss from continuing operations for the fourth quarter of 2006 included the write-off of approximately $170,000 of deferred costs related to the Company's prior financing agreement. Loss from continuing operations for the fourth quarter of 2007 was $(.12) per share compared to a loss from continuing operations of $(.39) per share for the fourth quarter of 2006.
As a result of the sale of the FMI discontinued operations in the fourth quarter of 2007, the Company recorded a gain from the disposal of discontinued operations of $1,936,000, which primarily consists of the non-cash realization of foreign currency translation adjustment of $2,025,000. Income from discontinued operations for the fourth quarter of 2007 was $1,471,000 compared to a loss from discontinued operations of $(499,000) for the fourth quarter of 2006. The increase in income from discontinued operations for 2007 was primarily due to the gain described above. Income from discontinued operations for the fourth quarter of 2007 was $.50 per share compared to a loss from discontinued operations of $(.16) per share for the fourth quarter of 2006.
Net income for the fourth quarter of 2007 was $1,120,000 compared to a net loss of $(1,716,000) for the fourth quarter of 2006. Net income was $.38 per share for the fourth quarter of 2007 compared to a net loss of $(.55) per share for the fourth quarter of 2006.
Net sales from continuing operations for fiscal year 2007 were $21,887,000, a decrease of $644,000 or 2.9 percent compared to net sales of $22,531,000 for fiscal year 2006. Net sales from continuing operations for fiscal year 2006 included both the shipment of a $750,000 order to a significant military customer and $1,200,000 of revenue recognized in connection with the early close out of a fixed price customer contract which did not recur in 2007. Gross profit for fiscal year 2007 was $9,099,000, a decrease of $76,000 or 0.8 percent, and was 41.6 percent of sales as compared to gross profit of $9,175,000 or 40.7 percent of sales for fiscal year 2006, notwithstanding that gross profit for fiscal year 2006 included $1,060,000 from the early close out of a fixed price customer contract.
Operating loss from continuing operations for fiscal year 2007 was $(915,000) compared to an operating loss from continuing operations for fiscal year 2006 of $(1,526,000). The decrease in the operating loss from continuing operations for fiscal year 2007 as compared to fiscal year 2006 was due to lower administrative expenses and research and development costs compared to fiscal year 2006. Operating loss for fiscal year 2006 also included a restructuring charge of approximately $200,000.
Loss from continuing operations for fiscal year 2007 was $(1,039,000) compared to a loss from continuing operations of $(1,543,000) for fiscal year 2006. Loss from continuing operations for fiscal year 2006 included the write-off of approximately $170,000 of loan costs related to the Company's prior financing agreement. Loss from continuing operations for fiscal year 2007 was $(.35) per share compared to a loss from continuing operations of $(.49) per share for fiscal year 2006.
Loss from discontinued operations for fiscal year 2007 was $(4,387,000) compared to a loss from discontinued operations of $(682,000) for fiscal year 2006. Loss from discontinued operations for fiscal year 2007 was $(1.48) per share compared to a loss from discontinued operations of $(.22) per share for fiscal year 2006. Loss from discontinued operations includes goodwill impairment charges of $3,756,000, a charge of $506,000 to provide a full valuation allowance for a Canadian net deferred tax asset in the second quarter of 2007, a $586,000 charge for the write down of the remaining FMI net assets to an estimated net realizable value of $450,000 in the third quarter of 2007 and a gain from the disposal of discontinued operations of $1,936,000, which primarily consists of the non-cash realization of foreign currency translation adjustment of $2,025,000 in the fourth quarter of 2007.
Net loss for fiscal year 2007 was $(5,426,000) compared to a net loss of $(2,225,000) for fiscal year 2006. Net loss for fiscal year 2007 was $(1.83) per share compared to a net loss of $(.71) per share for fiscal year 2006.
Orders of $6,621,000 were received during the fourth quarter of 2007, a decrease of $44,000 or 0.7 percent compared to $6,665,000 in orders received during the fourth quarter of 2006. Orders of $28,388,000, a new Merrimac record for a fiscal year, were received during fiscal year 2007, an increase of $6,416,000 or 29.2 percent compared to $21,972,000 in orders received during fiscal year 2006. Backlog increased by $6,501,000 or 56.6 percent to $17,991,000 at the end of fiscal year 2007 compared to $11,490,000 at year-end 2006, due to the increased orders received during 2007 from military and commercial satellite customers. The book-to-bill ratio for the fourth quarter of 2007 was 1.23 to 1 and for the fourth quarter of 2006 was 1.27 to 1. The book-to-bill ratio for fiscal year 2007 was 1.30 to 1 and for fiscal year 2006 was 0.98 to 1. The orders, backlog and book-to-bill information for the current and prior periods excludes discontinued operations information.
On December 28, 2007, the Company sold substantially all of the assets of its wholly-owned subsidiary, FMI, to Firan Technology Group Corporation ("FTG") (TSX: FTG), a manufacturer of high technology/high reliability printed circuit boards, that has operations in Toronto, Ontario, Canada and Chatsworth, California. The transaction was effected pursuant to an asset purchase agreement entered into between Merrimac, FMI and FTG. The total consideration payable by FTG was $1,482,000 (Canadian $1,450,000) plus the assumption of certain liabilities of approximately $368,000 (Canadian $360,000). FTG paid $818,000 (Canadian $800,000) of the purchase price at closing and the balance was paid on February 21, 2008 following the conclusion of a transitional period. The sale of FMI will enable Merrimac to concentrate its resources on RF Microwave and Multi-Mix(R) Microtechnology product lines to generate sustained, profitable growth.
Chairman and CEO Mason N. Carter commented, "Looking into the data we have presented, there is good reason to be optimistic. Most of our losses for the past year have come from discontinued operations allowing us to focus on our Merrimac business. These operations will no longer have an effect in 2008. During this same past year, we have also seen an encouraging growth trend in our continuing operations or 'base business'.
"It is the balance of growth in our base business that is so exciting now. Our 'Core' stripline and lumped element technology, and our new Multi-Mix(R) RF integration technology, have both seen significant increases in new orders in 2007. This only confirms that our execution of the strategy to increase key account customer share by offering creative solutions utilizing state-of-the- art technology is correct."
Mr. Carter further commented, "If you look at our business by market sector, our penetration into the defense and space market has been exciting this year, and is primarily the cause of the impressive growth in both bookings and backlog. Our key customers are becoming more and more familiar with Multi-Mix(R) technology and its benefits, and thus are bringing us into closer partnership. Our business paradigm is changing as we move from 'Vendor' to 'Partner' status with several of our large OEM Defense and Space customers."
Mr. Carter continued, "Our financial highlights include:
-- Record orders booked of $28.4 million for 2007, an increase of 29% over
2006.
-- Record quarter-end and year-end backlog of $18.0 million.
-- Book-to-bill ratio of 1.30 to 1 for fiscal year 2007 and 1.23 for the
fourth quarter of 2007.
-- Multi-Mix(R) orders and sales for 2007 have exceeded 2006 orders and
sales.
-- Working capital of $9.9 million and current ratio of 3.5 to 1."
Investors are invited to participate in the financial results conference call on Friday, March 28, 2008 at 4:15 p.m. (Eastern) by dialing 1-888-256-1007 (for International callers: 1-913-981-5552) ten minutes prior to the scheduled start time, and reference the Merrimac Industries fourth quarter 2007 conference call. For those unable to participate, a replay will be available for seven days by dialing 1-888-203-1112, or 1-719-457-0820 for international callers, passcode number 8461634.
This conference call will also be broadcast live over the internet by logging on to the web at this address:
http://www.videonewswire.com/event.asp?id=47002
Should you be unable to participate during the live webcast, a link to the archived webcast will be posted on the Merrimac Industries, Inc. website http://www.merrimacind.com/ .
About Merrimac
Merrimac Industries, Inc. is a leader in the design and manufacture of RF Microwave signal processing components, subsystem assemblies, and Multi-Mix(R) micro-multifunction modules (MMFM(R)), for the worldwide Defense, Satellite Communications (Satcom), Commercial Wireless and Homeland Security market segments. Merrimac is focused on providing Total Integrated Packaging Solutions(R) with Multi-Mix(R) Microtechnology, a leading edge competency providing value to our customers through miniaturization and integration. Multi-Mix(R) MMFM(R) provides a patented and novel packaging technology that employs a platform modular architecture strategy that incorporates embedded semiconductor devices, MMICs, resistors, passive circuit elements and plated- through via holes to form a three-dimensional integrated module used in High Power, High Frequency and High Performance mission-critical applications. Merrimac Industries facilities are registered under ISO 9001:2000, an internationally developed set of quality criteria for manufacturing operations.
Merrimac Industries, Inc. has facilities located in West Caldwell, NJ and San Jose, Costa Rica and has approximately 180 co-workers dedicated to the design and manufacture of signal processing components, gold plating of high- frequency microstrip and bonded stripline Teflon (PTFE) circuits and subsystems providing Total Integrated Packaging Solutions(R) for wireless applications. Merrimac (MRM) is listed on the American Stock Exchange. Multi- Mix(R), Multi-Mix PICO(R), MMFM(R), System In A Package(R), SIP(R) and Total Integrated Packaging Solutions(R) are registered trademarks of Merrimac Industries, Inc. For more information about Merrimac Industries, Inc. please visit our website http://www.merrimacind.com/ .
This press release contains statements relating to future results of the Company (including certain projections and business trends) that are "forward- looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected as a result of certain risks and uncertainties. These risks and uncertainties include, but are not limited to: risks associated with demand for and market acceptance of existing and newly developed products as to which the Company has made significant investments, particularly its Multi-Mix(R) products; the possibilities of impairment charges to the carrying value of our Multi-Mix(R) assets, thereby resulting in charges to our earnings; risks associated with adequate capacity to obtain raw materials and reduced control over delivery schedules and costs due to reliance on sole source or limited suppliers; slower than anticipated penetration into the satellite communications, defense and wireless markets; failure of our Original Equipment Manufacturer or OEM customers to successfully incorporate our products into their systems; changes in product mix resulting in unexpected engineering and research and development costs; delays and increased costs in product development, engineering and production; reliance on a small number of significant customers; the emergence of new or stronger competitors as a result of consolidation movements in the market; the timing and market acceptance of our or our OEM customers' new or enhanced products; general economic and industry conditions; the ability to protect proprietary information and technology; competitive products and pricing pressures; our ability and the ability of our OEM customers to keep pace with the rapid technological changes and short product life cycles in our industry and gain market acceptance for new products and technologies; risks relating to governmental regulatory actions in communications and defense programs; and inventory risks due to technological innovation and product obsolescence, as well as other risks and uncertainties as are detailed from time to time in the Company's Securities and Exchange Commission filings. These forward-looking statements are made only as of the date hereof, and the Company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
Merrimac Industries, Inc.
Summary of Consolidated Statements of Operations
(Unaudited)
Quarter Ended
December 29, December 30,
2007 2006 (a)
Net sales $5,392,000 $5,248,000
Gross profit 2,219,000 1,513,000
Selling, general and administrative expenses 2,142,000 1,885,000
Research and development 360,000 507,000
Restructuring charge - 200,000
Operating loss (283,000) (1,079,000)
Interest and other expense, net (68,000) (137,000)
Loss from continuing operations (351,000) (1,217,000)
Income (loss) from discontinued operations,
including non-cash realization of $2,025,000
of foreign currency translation adjustment in
2007, net of income taxes 1,471,000 (499,000)
Net income (loss) 1,120,000 (1,716,000)
Net income (loss) per common share-basic and
diluted:
Loss from continuing operations $(.12) $(.39)
Income (loss) from discontinued operations $.50 $(.16)
Net income (loss) per common share $.38 $(.55)
Weighted average number of shares
outstanding-basic and diluted 2,926,000 3,138,000
(a) In accordance with the provisions of SFAS No. 144, "Accounting for the
Impairment or Disposal of Long-Lived Assets," the operating results of
Filtran Microcircuits Inc. for the prior period have been reported as
discontinued operations.
Merrimac Industries, Inc.
Summary of Consolidated Statements of Operations
Year Ended
December 29, December 30,
2007 2006 (a)
Net sales $21,887,000 $22,531,000
Gross profit 9,099,000 9,175,000
Selling, general and administrative expenses 8,435,000 8,591,000
Research and development 1,579,000 1,910,000
Restructuring charge - 200,000
Operating loss (915,000) (1,526,000)
Interest and other expense, net (124,000) (17,000)
Loss from continuing operations (1,039,000) (1,543,000)
Loss from discontinued operations, including
non-cash realization of $2,025,000 of foreign
currency translation adjustment in 2007, net
of income taxes (4,387,000) (682,000)
Net loss (5,426,000) (2,225,000)
Net loss per common share-basic and diluted:
Loss from continuing operations $(.35) $(.49)
Loss from discontinued operations $(1.48) $(.22)
Net loss per common share $(1.83) $(.71)
Weighted average number of shares outstanding-
basic and diluted 2,963,000 3,142,000
(a) In accordance with the provisions of SFAS No. 144, "Accounting for the
Impairment or Disposal of Long-Lived Assets," the operating results of
Filtran Microcircuits Inc. for the current and prior periods have been
reported as discontinued operations.
Merrimac Industries, Inc.
Condensed Consolidated Balance Sheets
December 29, December 30,
2007 2006 (a)
ASSETS
Current assets:
Cash and cash equivalents $2,004,000 $5,399,000
Accounts receivable, net 5,300,000 5,140,000
Inventories 5,040,000 3,740,000
Other current assets 774,000 834,000
Due from assets sale contract 664,000 -
Current assets held for sale - 1,608,000
Total current assets 13,782,000 16,721,000
Property, plant and equipment, net 10,956,000 11,776,000
Restricted cash 250,000 -
Other assets 532,000 492,000
Deferred tax assets 52,000 100,000
Long-term assets held for sale - 5,165,000
Total Assets $25,572,000 $34,254,000
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Current liabilities:
Current portion of long-term debt $550,000 $550,000
Accounts payable 944,000 768,000
Other current liabilities 2,328,000 1,303,000
Deferred tax liabilities 52,000 100,000
Current liabilities related to assets
held for sale - 646,000
Total current liabilities 3,874,000 3,367,000
Long-term debt, net of current portion 3,763,000 4,312,000
Deferred liabilities 61,000 38,000
Long-term liabilities related to assets
held for sale - 252,000
Total liabilities 7,698,000 7,969,000
Stockholders' equity:
Common stock 33,000 33,000
Additional paid-in capital 19,789,000 19,237,000
Retained earnings 1,174,000 6,600,000
Accumulated other comprehensive income - 1,389,000
Treasury stock (3,122,000) (974,000)
Stockholders' equity 17,874,000 26,285,000
Total Liabilities and Stockholders'
Equity $25,572,000 $34,254,000
(a) In accordance with the provisions of SFAS No. 144, "Accounting for the
Impairment or Disposal of Long-Lived Assets," the assets and
liabilities of Filtran Microcircuits Inc. have been reclassified as
held for sale.
Merrimac Industries, Inc.
Consolidated Statements of Cash Flows
Year Ended
December 29, December 30,
2007(a) 2006(a)
Cash flows from operating activities:
Net loss $(5,426,000) $(2,225,000)
Less, loss from discontinued operations (4,387,000) (682,000)
Loss from continuing operations (1,039,000) (1,543,000)
Adjustments to reconcile loss from
continuing operations to net cash
provided by (used in) operating
activities:
Depreciation and amortization 2,365,000 2,333,000
Amortization of deferred financing costs 31,000 211,000
Share-based compensation 394,000 189,000
Changes in operating assets and
liabilities:
Accounts receivable (167,000) (1,057,000)
Inventories (1,299,000) (120,000)
Other current assets 184,000 (44,000)
Other assets (71,000) (66,000)
Other current liabilities 460,000 (575,000)
Deferred liabilities 23,000 15,000
Net cash provided by (used by) operating
activities-continuing operations 881,000 (659,000)
Net cash provided by (used by) operating
activities-discontinued operations (776,000) 263,000
Net cash provided by (used by) operating
activities 105,000 (396,000)
Cash flows from investing activities:
Purchases of capital assets (1,546,000) (1,597,000)
Proceeds from sale of discontinued
operations 818,000 -
Net cash used in investing activities-
continuing operations (728,000) (1,597,000)
Net cash used in investing activities-
discontinued operations (180,000) (79,000)
Net cash used in investing activities (908,000) (1,676,000)
Cash flows from financing activities:
Borrowings under term loans - 5,000,000
Repurchase of common stock for the treasury (2,148,000) -
Repayment of borrowings (550,000) (2,728,000)
Restricted cash (deposited) returned (250,000) 1,500,000
Proceeds from stock sales 158,000 225,000
Net cash provided by (used in) financing
activities-continuing operations (2,790,000) 3,997,000
Net cash used in financing activities-
discontinued operations (350,000) (44,000)
Net cash provided by (used in) financing
activities (3,140,000) 3,953,000
Effect of exchange rate changes (14,000) (1,000)
Net increase (decrease) in cash and cash
equivalents (3,957,000) 1,880,000
Cash and cash equivalents at beginning of
period, including $562,000 and $423,000
reported under assets held for sale 5,961,000 4,081,000
Cash and cash equivalents at end of period
including $562,000 reported under assets
held for sale in 2006 $2,004,000 $5,961,000
(a) In accordance with the provisions of SFAS No. 144, "Accounting for the
Impairment or Disposal of Long-Lived Assets," the operating results of
Filtran Microcircuits Inc. for the current and prior periods have been
reported as discontinued operations.
Contact: Mason N. Carter, Chairman & CEO
973-575-1300, ext. 1202
mnc@merrimacind.com
Merrimac Industries, Inc.
CONTACT: Mason N. Carter, Chairman & CEO, Merrimac Industries, Inc., +1-973-575-1300, ext. 1202, mnc@merrimacind.com
Web site: http://www.merrimacind.com/
Company News On-Call: http://www.prnewswire.com/comp/567525.html
Hop-on to Uplist to 'Fully Reporting' Pink Sheet Status
IRVINE, Calif., March 28 /PRNewswire-FirstCall/ -- Hop-on, Inc. (Pink Sheets: HPNN) a leading developer and marketer of wireless phones and accessories announced today the company's intent to achieve fully reporting Pink Sheet status based on the recent settlement with Access America, formerly known as PalmSource, Inc., coupled with the company's agreement for distribution of funds from their wholly owned subsidiary Graffiti Wireless.
Hop-on's corporate accounting firm, Spector and Wong, LLP, reviewed the financials Wednesday, March 26, 2008. They are completing the transfer of assets from Graffiti Wireless to effectuate receipt by the parent company resulting in the ability to uplist to fully reporting Pink Sheet status.
Peter Michaels, President of Hop-on stated, "I am excited that we have been given the preliminary approval by our accountants to report both the financial and monetary value of Graffiti's Intellectual Property and Trademark gains to proceed as fully reporting. One of the financial objectives this year was to uplist into fully reporting Pink Sheet status. The successful Graffiti asset transfer will solidify our transition forward based on audited financial stability."
Michaels further stated, "The preliminary audit has been completed and the company is styling a Form 10SB registration statement required to becoming a fully reporting company and meeting the goal to allow our employees and shareholders to better their financial possibilities."
About HOP-ON, INC.
Hop-on, Inc. (Pink Sheets: HPNN) develops and markets wireless phones and accessories for emerging markets and other domestic carriers and is best known for developing the world's first disposable cell phone. Currently, Hop-on is expanding into value-added services, like mobile gambling and SMS wagering. Hop-on's exclusive software will allow users to stream live interactive feed from legal jurisdictions to play poker, blackjack, roulette and baccarat on personal cell phones.
For more information, visit http://www.hop-on.com/.
Contact: Danny Coleman (949) 756-9008
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933, and are subject to Rule 3B-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All Statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and other results and further events could differ materially from those anticipated in such statements. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements.
Hop-on, Inc.
CONTACT: Danny Coleman of Hop-on, Inc., +1-949-756-9008
Web site: http://www.hop-on.com/
Verizon Wireless and Keith Urban Present 'Love, Pain and the Whole Crazy Carnival Ride' TourVerizon Wireless Customers Can Use V CAST Song ID and Enter to Win a Chance for a Private Backyard BBQ and Show with Keith Urban
BASKING RIDGE, N.J., March 28 /PRNewswire/ -- Verizon Wireless and multi-platinum-selling, GRAMMY(R)-winning artist Keith Urban have joined forces for a 26-city, 28-concert tour dubbed "Love, Pain and the Whole Crazy Carnival Ride." The tour kicks off Verizon Wireless' partnership with Keith Urban and promises to extend the excitement of Urban's incendiary live show beyond the concert stage using mobile technology in a variety of ways.
Through May 3, 2008, Verizon Wireless customers can use Song ID, the music discovery tool on their V CAST-enabled phones, to identify the songs "Everybody" or "I Told You So" from Keith Urban and automatically enter to win a private Backyard BBQ and show with Keith in Nashville, Tenn. Five winners, along with nine of their closest friends, will be invited to Nashville for this exclusive event, hotel and airfare included. Keith Urban fans can visit the "Music and Tones" section of the Get It Now(R) virtual store on their Verizon Wireless phones to download the application. Once V CAST Song ID has been downloaded, customers can hold their mobile phones up to a speaker while playing one of the two Urban songs to identify the song. As soon as the song is identified, fans will automatically be entered into the contest. They will also have the opportunity to download the full Keith Urban song over-the-air, as well as the ringtone or ringback tone -- all with a click of a button on their phone's keypad.
Verizon Wireless customers can enter for a chance to win on their own or participate at one of the demo stations live at Keith's concerts. Fans can go to http://kuconcerts.com/enter/ to play Keith Urban music videos and learn how to get and use V CAST Song ID. From this Web page they can also add these music videos to their Facebook(R) profile using the Facebook Platform and share them with their friends to encourage them to enter the contest. The winners will be selected on May 5, 2008, and the BBQ event will take place in Nashville this June. No purchase is necessary to be entered into the contest.
"This is an exciting partnership that is able to deliver a dynamic and personal way for fans to enjoy the experience that is Keith Urban," said Ed Ruth, director of digital music for Verizon. "The fun begins the minute fans download their favorite tunes using Verizon Wireless V CAST Song ID and will continue when winners and their friends gather for a BBQ they will never forget."
Verizon Wireless extends the Keith Urban experience before and after each show by delivering the following opportunities at each venue:
The Keith Urban Experience
Twenty guests at each show will have a chance to meet Keith Urban in person by downloading his music, ringtones or ringback tones. These lucky winners will enjoy a special session with Keith as he takes group photos, shows a behind-the-scenes video of the making of the tour, performs an acoustic song, and answers fans questions in person. It's the ultimate backstage experience.
Green Screen
At select shows, fans have the opportunity to star in a performance video with Keith Urban's image via a green screen. Fans can choose to appear as though they are performing "I Told You So" with Keith or be serenaded by his performance of "Everybody." Video clips will be sent directly to fans via their mobile phones to share with their friends.
Mobile Tickets
Verizon Wireless customers in each of the tour cities who have downloaded any type of Keith Urban content from V CAST will be entered for a chance to win one of 20 pairs of tickets. These loyal customers and fans will receive a bar-coded ticket sent directly to their phones that is good for two premium seats to the hottest show in town.
Urban's "Love, Pain and the Whole Crazy Carnival Ride" tour is in support of his "Greatest Hits: 18 Kids" album, released in 2007, which features 16 of Urban's smash hits with two new recordings. His previous album, "Love, Pain and the Whole Crazy Thing" made history when its first single, "Once in a Lifetime," debuted at No. 17 on the Billboard Hot Country Song Chart, making it the highest debuting single in the chart's 62-year history. Urban's other hit albums include "Keith Urban," "Golden Road" and "Be Here." He won a GRAMMY for Best Male Country Vocal Performance in 2006 and has also won numerous Country Music Association, Academy of Country Music(R) and ARIA (Australia's GRAMMY) awards.
Fans can download Urban's songs, including his latest single, "Everybody," as ringback tones, true tones and full-song downloads both over-the-air and on their PCs via V CAST Music. Customers will be charged $1.99 per megabyte for data usage when downloading ringtones or ringback tones. However, megabyte pricing is not charged for downloading music, or text, picture and video messaging.
For more information on mobile music from Verizon Wireless, visit a Verizon Wireless Communications Store, call 1-800-2 JOIN IN or visit http://www.verizonwireless.com/music.
Remaining Keith Urban "Love, Pain and the Whole Crazy Carnival Ride" tour dates include:
Date City Venue
4/09/08 Baltimore, Md. Baltimore Arena
4/10/08 Charlottesville, Va. John Paul Jones Arena
4/11/08 Charleston, W.Va. Charleston Civic Center
4/12/08 State College, Pa. Bryce Jordan Center
4/17/08 Charleston, S.C. North Charleston Coliseum
4/18/08 Charlotte, N.C. Bobcat Arena
4/19/08 Raleigh, N.C. RBC Center
4/22/08 Peoria, Ill. Peoria Civic Center
4/24/08 Gwinnett, Ga. Gwinnett Arena
4/25/08 Gwinnett, Ga. Gwinnett Arena
4/26/08 Lexington, Ky. Rupp Arena
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.
Facebook(R) is a registered trademark of Facebook Inc.
Verizon Wireless
CONTACT: Brenda Boyd Raney, Verizon Wireless, +1-908-559-7518, Brenda.Raney@verizonwireless.com, Paul Freundlich for Keith Urban, +1-212-334-6116, paulf@pfamedia.net
Web site: http://www.verizonwireless.com/ http://www.verizonwireless.com/mus http://kuconcerts.com/enter http://www.verizonwireless.com/multimedia
CGI U.S. President Donna Morea Recognized with Fed 100 Eagle AwardStock Market Symbols GIB.A (TSX) GIB (NYSE)
FAIRFAX, VA, March 28 /PRNewswire-FirstCall/ -- CGI Group Inc., (NYSE: GIB; TSX: GIB.A) is pleased to announce that CGI U.S. President Donna Morea has received the prestigious Eagle award as the outstanding industry contributor to the federal IT community over the past year. The Eagle award is given to one industry and one government leader each year, as part of its annual Federal 100 awards. This is her first Eagle award and second Fed 100 award in a career that spans more than 25 years.
The Federal 100 Awards recognize individuals from government, industry and academia who significantly influence how the federal government buys, uses or manages information technology. Federal 100 winners are recognized for their risk-taking, vision and pioneering spirit in the federal IT community. Winners are nominated by Federal Computer Week readers and selected by an independent panel of judges. Morea and the other Fed 100 Award winners were honored at a gala on March 24th at the Ritz Carlton in Tysons Corner.
Morea began her career at CGI (formerly American Management Systems) in 1980 and currently leads CGI's U.S. business as well as its global delivery operations in India. She is active in the business community and serves as Vice Chair of the Northern Virginia Technology Council and Secretary of the Board for the George Mason University Foundation, Inc. Board of Trustees. She is also the recipient of numerous awards, including the Corporate Leadership Award from Women in Technology and the Private Sector Excellence award from the Association of Government Accountants.
"CGI is fortunate to have leaders like Donna," said Michael Roach, President and CEO, CGI. "The Fed 100 Eagle award is further recognition of her leadership in the federal IT community and her commitment to the collaboration between the government and industry. I know I speak for the entire company when I congratulate her on receiving this award."
CGI's clients include large organizations in government and healthcare, financial services, telecommunications, utilities and manufacturing, retail and distribution. CGI provides these clients with a comprehensive portfolio of services that enable them to improving all facets of their operations including: systems integration and consulting, application management, technology management, and business process services.
About CGI Federal
CGI Federal (http://www.cgi.com/\usfederal ) is a wholly-owned U.S. operating subsidiary of CGI Group Inc., dedicated to providing effective IT solutions for federal government agencies by combining over 30 years of government experience and technology skills. Founded in 1976, CGI Group Inc. is one of the largest independent information technology and business process services firms in the world. CGI and its affiliated companies employ approximately 26,500 professionals. CGI provides end-to-end IT and business process services to clients worldwide from offices in Canada, the United States, Europe, Asia Pacific as well as from centers of excellence in North America, Europe and India. CGI's annual revenue run rate stands at $3.7 billion and at December 31st, 2007, CGI's order backlog was $12.04 billion. CGI shares are listed on the TSX (GIB.A) and the NYSE (GIB) and are included in the S&P/TSX Composite Index as well as the S&P/TSX Capped Information Technology and MidCap Indices. Website: http://www.cgi.com/.
CGI GROUP INC.
CONTACT: Peter Cutler, Director, Communications, (703) 633-8973, peter.cutler@cgifederal.com,
AT&T Leads Telecom Providers in Security, Stability and Recognition for Small and Medium BusinessesIn-Stat Survey Places AT&T Over Competitors in Key Areas of Network Security, Financial Stability and Brand Familiarity
PHOENIX, March 28 /PRNewswire-FirstCall/ -- AT&T Inc. has announced that In-Stat, a leading provider of actionable research, market analysis and forecasts of advanced communications services, has recognized AT&T as a leader in the areas of network security, financial stability and brand familiarity for small to midsized business customers.
The survey findings distinguished AT&T as the most financially stable and recognizable provider. Nearly 90 percent of small business decision-makers surveyed indicated they were familiar with AT&T products and services, and 70 percent believed it to be the most financially secure provider.
According to Jeff Jernigan, In-Stat analyst, some providers are doing a good job, while others still have room to grow. "AT&T is clearly one of the more positively perceived providers," said Jernigan.
In-Stat's Business Telecom Trends Survey questioned more than 300 decision-makers from business with five to 99 employees about how they perceive their telecom providers.
Network security, a survey category in which AT&T excelled, is an important focus for the company. AT&T, for example, has invested millions of dollars to keep its global IP network secure, and the company continually works to discover new security threats and protection techniques.
"Better network security not only ensures more confidence and reliability, but also means that small business owners and IT professionals can concentrate on running business applications and services rather than patching up and repairing security breaches," said Ann Rotatori, vice president of Business Marketing for AT&T.
In-Stat also recognized AT&T as the strongest international provider for small businesses. AT&T international capabilities include a global network that provides a flexible, future-proof architecture to help meet customers' communications needs wherever they are in the world.
"Not all small businesses use our international network, but we want them to know it's a cost-effective option available to our customers," said Rotatori.
About In-Stat
In-Stat (http://www.in-stat.com/) is the leading provider of actionable research, market analysis and forecasts of advanced communications services, infrastructure, end-user devices and semiconductors. Our insights are derived from both a deep technology understanding and comprehensive research, which examines each segment of the value chain for each market. Technology vendors, service providers, technology professionals and market specialists, worldwide, rely on In-Stat's tenured, experienced staff and in-depth research to support critical business, product and technology decisions.
About AT&T
AT&T Inc. is a premier communications holding company. Its subsidiaries and affiliates, AT&T operating companies, are the providers of AT&T services in the United States and around the world. Among their offerings are the world's most advanced IP-based business communications services and the nation's leading wireless, high speed Internet access and voice services. In domestic markets, AT&T is known for the directory publishing and advertising sales leadership of its Yellow Pages and YELLOWPAGES.COM organizations, and the AT&T brand is licensed to innovators in such fields as communications equipment. As part of its three-screen integration strategy, AT&T is expanding its TV entertainment offerings. Additional information about AT&T Inc. and the products and services provided by AT&T subsidiaries and affiliates is available at http://www.att.com/.
(C) 2008 AT&T Intellectual Property. All rights reserved. AT&T, the AT&T logo and all other marks contained herein are trademarks of AT&T Intellectual Property and/or AT&T affiliated companies.
Note: This AT&T news release and other announcements are available as part of an RSS feed at http://www.att.com/rss. For more information, please review this announcement in the AT&T newsroom at http://www.att.com/newsroom.
AT&T Inc.
CONTACT: Brian Pelletier of AT&T Inc., +1-314-982-8704, bpelleti@attnews.us
Web site: http://www.att.com/
European Commission Extends Review of Nokia's Planned Acquisition of NAVTEQ
ESPOO, Finland, March 28 /PRNewswire-FirstCall/ -- Nokia announced today that the European Commission has initiated a Phase II review of the pending acquisition of NAVTEQ. This is part of the Commission's review process, and does not in any way signal the ultimate outcome.
"We have engaged in an open and constructive dialogue with the Commission in order to find agreement on the acquisition of NAVTEQ. We have listened to the Commission's concerns, and look forward to finding a common understanding that will enable the transaction to be closed," said Rick Simonson, Executive Vice President and Chief Financial Officer, Nokia.
"Nokia remains strongly committed to this acquisition, which will play a key role in our Internet services push," Simonson added.
The Commission now has 90 working days to make a final decision on the transaction. However, the review period may be extended to 125 working days under certain circumstances. The completion of the acquisition is subject to the receipt of European regulatory approval. Nokia has received all other necessary regulatory approvals.
About Nokia
Nokia is the world leader in mobility, driving the transformation and growth of the converging Internet and communications industries. We make a wide range of mobile devices with services and software that enable people to experience music, navigation, video, television, imaging, games, business mobility and more. Developing and growing our offering of consumer Internet services, as well as our enterprise solutions and software, is a key area of focus. We also provide equipment, solutions and services for communications networks through Nokia Siemens Networks.
It should be noted that certain statements herein which are not historical facts, including, without limitation, those regarding: A) the timing of product, services and solution deliveries; B) our ability to develop, implement and commercialize new products, services, solutions and technologies; C) expectations regarding market growth, developments and structural changes; D) expectations regarding our mobile device volume growth, market share, prices and margins; E) expectations and targets for our results of operations; F) the outcome of pending and threatened litigation; G) expectations regarding the successful completion of contemplated acquisitions on a timely basis and our ability to achieve the set targets upon the completion of such acquisitions; and H) statements preceded by "believe," "expect," "anticipate," "foresee," "target," "estimate," "designed," "plans," "will" or similar expressions are forward-looking statements. These statements are based on management's best assumptions and beliefs in light of the information currently available to it. Because they involve risks and uncertainties, actual results may differ materially from the results that we currently expect. Factors that could cause these differences include, but are not limited to: 1) competitiveness of our product, service and solutions portfolio; 2) the extent of the growth of the mobile communications industry and general economic conditions globally; 3) the growth and profitability of the new market segments that we target and our ability to successfully develop or acquire and market products, services and solutions in those segments; 4) our ability to successfully manage costs; 5) the intensity of competition in the mobile communications industry and our ability to maintain or improve our market position or respond successfully to changes in the competitive landscape; 6) the impact of changes in technology and our ability to develop or otherwise acquire complex technologies as required by the market, with full rights needed to use; 7) timely and successful commercialization of complex technologies as new advanced products, services and solutions; 8) our ability to protect the complex technologies, which we or others develop or that we license, from claims that we have infringed third parties' intellectual property rights, as well as our unrestricted use on commercially acceptable terms of certain technologies in our products, services and solution offerings; 9) our ability to protect numerous Nokia and Nokia Siemens Networks patented, standardized or proprietary technologies from third-party infringement or actions to invalidate the intellectual property rights of these technologies; 10) Nokia Siemens Networks' ability to achieve the expected benefits and synergies from its formation to the extent and within the time period anticipated and to successfully integrate its operations, personnel and supporting activities; 11) whether, as a result of investigations into alleged violations of law by some current or former employees of Siemens AG ("Siemens"), government authorities or others take further actions against Siemens and/or its employees that may involve and affect the carrier-related assets and employees transferred by Siemens to Nokia Siemens Networks, or there may be undetected additional violations that may have occurred prior to the transfer, or ongoing violations that may have occurred after the transfer, of such assets and employees that could result in additional actions by government authorities; 12) any impairment of Nokia Siemens Networks customer relationships resulting from the ongoing government investigations involving the Siemens carrier-related operations transferred to Nokia Siemens Networks; 13) occurrence of any actual or even alleged defects or other quality issues in our products, services and solutions; 14) our ability to manage efficiently our manufacturing and logistics, as well as to ensure the quality, safety, security and timely delivery of our products, services and solutions; 15) inventory management risks resulting from shifts in market demand; 16) our ability to source sufficient amounts of fully functional components and sub-assemblies without interruption and at acceptable prices; 17) any disruption to information technology systems and networks that our operations rely on; 18) developments under large, multi-year contracts or in relation to major customers; 19) economic or political turmoil in emerging market countries where we do business; 20) our success in collaboration arrangements relating to development of technologies or new products, services and solutions; 21) the success, financial condition and performance of our collaboration partners, suppliers and customers; 22) exchange rate fluctuations, including, in particular, fluctuations between the euro, which is our reporting currency, and the US dollar, the Chinese yuan, the UK pound sterling and the Japanese yen, as well as certain other currencies; 23) the management of our customer financing exposure; 24) allegations of possible health risks from electromagnetic fields generated by base stations and mobile devices and lawsuits related to them, regardless of merit; 25) unfavorable outcome of litigations; 26) our ability to recruit, retain and develop appropriately skilled employees; 27) the impact of changes in government policies, laws or regulations; and 28) our ability to effectively and smoothly implement our new organizational structure; as well as the risk factors specified on pages 10-25 of Nokia's annual report on Form 20-F for the year ended December 31, 2007 under "Item 3.D Risk Factors." Other unknown or unpredictable factors or underlying assumptions subsequently proving to be incorrect could cause actual results to differ materially from those in the forward-looking statements. Nokia does not undertake any obligation to update publicly or revise forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent legally required.
http://www.nokia.com/
Nokia Corporation
CONTACT: Media Enquiries: Nokia Communications, Tel. +358-7180-34900, Email: press.services@nokia.com
Merrimac Announces Conference Call Information for Fourth Quarter and Fiscal Year 2007 Financial Results
WEST CALDWELL, N.J., March 28 /PRNewswire-FirstCall/ -- Merrimac Industries, Inc. , a leader in the design and manufacture of RF Microwave components, subsystem assemblies and micro-multifunction modules (MMFM(R)), today announced plans to release its fourth quarter and fiscal year 2007 financial results on Friday, March 28, 2008.
Investors are invited to participate in the financial results conference call on Friday, March 28, 2008 at 4:15 p.m. (Eastern) by dialing 1-888-256-1007 (for International callers: 1-913-981-5552) ten minutes prior to the scheduled start time, and reference the Merrimac Industries fourth quarter 2007 conference call. For those unable to participate, a replay will be available for seven days by dialing 1-888-203-1112, or 1-719-457-0820 for international callers, passcode number 8461634.
This conference call will also be broadcast live over the internet by logging on to the web at this address:
http://www.videonewswire.com/event.asp?id=47002
If you are unable to participate during the live webcast, a link to the archived webcast will be posted on the Merrimac Industries, Inc. website http://www.merrimacind.com/ .
About Merrimac
Merrimac Industries, Inc. is a leader in the design and manufacture of RF Microwave signal processing components, subsystem assemblies, and Multi-Mix(R) micro-multifunction modules (MMFM(R)), for the worldwide Defense, Satellite Communications (Satcom), Commercial Wireless and Homeland Security market segments. Merrimac is focused on providing Total Integrated Packaging Solutions(R) with Multi-Mix(R) Microtechnology, a leading edge competency providing value to our customers through miniaturization and integration. Multi-Mix(R) MMFM(R) provides a patented and novel packaging technology that employs a platform modular architecture strategy that incorporates embedded semiconductor devices, MMICs, resistors, passive circuit elements and plated- through via holes to form a three-dimensional integrated module used in High Power, High Frequency and High Performance mission-critical applications. Merrimac Industries facilities are registered under ISO 9001:2000, an internationally developed set of quality criteria for manufacturing operations.
Merrimac Industries, Inc. has facilities located in West Caldwell, NJ and San Jose, Costa Rica and has approximately 180 co-workers dedicated to the design and manufacture of signal processing components, gold plating of high- frequency microstrip and bonded stripline Teflon (PTFE) circuits and subsystems providing Total Integrated Packaging Solutions(R) for wireless applications. Merrimac (MRM) is listed on the American Stock Exchange. Multi- Mix(R), Multi-Mix PICO(R), MMFM(R), System In A Package(R), SIP(R) and Total Integrated Packaging Solutions(R) are registered trademarks of Merrimac Industries, Inc. For more information about Merrimac Industries, Inc. please visit our website http://www.merrimacind.com/ .
Contact: Mason N. Carter, Chairman & CEO
mnc@merrimacind.com
973-575-1300, ext. 1202
Merrimac Industries, Inc.
CONTACT: Mason N. Carter, Chairman & CEO of Merrimac Industries, Inc., +1-973-575-1300, ext. 1202, mnc@merrimacind.com
Web site: http://www.merrimacind.com/
Company News On-Call: http://www.prnewswire.com/comp/567525.html
European Commission Extends Its Review of Nokia's Planned Acquisition of NAVTEQ
CHICAGO, March 28 /PRNewswire-FirstCall/ -- NAVTEQ Corporation , a leading provider of digital map data for vehicle navigation and location-based solutions, announced today that the European Commission has initiated a Phase II review of Nokia's pending acquisition of NAVTEQ. This is part of the Commission's review process and does not in any way signal the ultimate outcome.
"NAVTEQ remains enthusiastic about the pending acquisition by Nokia and the potential benefits to all our customers," said Judson Green, President and Chief Executive Officer, NAVTEQ. "We will continue to provide any support we can in Nokia's ongoing discussions with the European Commission," he added.
"Nokia remains strongly committed to this acquisition, which will play a key role in our Internet services push," said Rick Simonson, EVP and Chief Financial Officer, Nokia. "We have engaged in an open and constructive dialogue with the Commission in order to find agreement on the acquisition of NAVTEQ. We have listened to the Commission's concerns, and look forward to finding a common understanding that will enable the transaction to be closed," Simonson added.
The Commission now has 90 working days to make a final decision on the transaction. However, the review period may be extended to 125 working days under certain circumstances. The completion of the acquisition is subject to the receipt of European regulatory approval.
All other necessary regulatory approvals have been received.
About NAVTEQ
NAVTEQ is a leading provider of comprehensive digital map information for automotive navigation systems, mobile navigation devices, Internet-based mapping applications, and government and business solutions. NAVTEQ creates the digital maps and map content that power navigation and location-based services solutions around the world. The Chicago-based company was founded in 1985 and has approximately 3,300 employees located in 174 offices and in 32 countries.
NAVTEQ is a trademark in the U.S. and other countries. All rights reserved.
This document may include certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts and statements identified by words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" or words of similar meaning. The statements are based on our current beliefs or expectations and are inherently subject to various risks and uncertainties, including those set forth under "Item 1A. Risk Factors" in each of the Company's most recent Annual and Quarterly Reports filed with the Securities and Exchange Commission.
Actual results may differ materially from these expectations due to changes in global political, economic, business, competitive, market and regulatory factors. NAVTEQ does not undertake any obligation to update any forward-looking statements contained in this document.
(Logo: http://www.newscom.com/cgi-bin/prnh/20060313/NAVTEQLOGO )
Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20060313/NAVTEQLOGO AP Archive: http://photoarchive.ap.org/ PRN Photo Desk, photodesk@prnewswire.com
NAVTEQ Corporation
CONTACT: Editorial Contacts, Jennifer Schuh of NAVTEQ Corporation, +1-312-894-3913, jennifer.schuh@navteq.com; or Bob Richter, +1-212-802-8588, bob@richtermedia.com, for NAVTEQ Corporation; or Investor Relations Contact, Thomas R. Fox of NAVTEQ Corporation, +1-312-894-7500, investorrelations@navteq.com
Web site: http://www.navteq.com/
CTG to Present at The B. Riley Annual Investors ConferenceWebcast Presentation Will Occur on April 4, 2008
BUFFALO, N.Y., March 28 /PRNewswire-FirstCall/ -- CTG , an international information technology (IT) staffing and solutions company, today announced that its Chairman and Chief Executive Officer James R. Boldt will present on Friday April 4, 2008 beginning at 11:00 AM Pacific Time at the B. Riley 9th Annual Investors Conference being held in Las Vegas, Nevada. Mr. Boldt will discuss the Company's strategy for continued growth, its solutions offerings, and opportunities in the markets it serves.
A live webcast of the presentation and a copy of the presentation materials will be available on the Company's web site at http://www.ctg.com/ and archived in its investors section for 90 days following completion of the presentation.
Mr. Boldt and Senior Vice President and Chief Financial Officer Brendan M. Harrington will also be available for one-on-one meetings with investors registered at the conference after 1:30 PM Pacific Time on April 3 and the morning of April 4 prior to the Company's presentation. To register for the conference and schedule a one-on-one meeting, please visit http://www.brileyco.com/ .
Backed by over 40 years' experience, CTG provides IT staffing, application management, consulting, and software development and integration solutions to help Global 2000 clients focus on their core businesses and use IT as a competitive advantage to excel in their markets. CTG combines in-depth understanding of our clients' businesses with a full range of integrated services and proprietary ISO 9001:2000-certified service methodologies. Our IT professionals based in an international network of offices in North America and Europe have a proven track record of delivering solutions that work. More information about CTG is available on the Web at http://www.ctg.com/.
Today's news release, along with CTG news releases for the past year, is available on the Web at http://www.ctg.com/.
CONTACT:
Jo Ann Rice
(716) 887-7244
joann.rice@ctg.com
CTG
CONTACT: Jo Ann Rice of CTG, +1-716-887-7244, joann.rice@ctg.com
Web site: http://www.ctg.com/ http://www.brileyco.com/
Company News On-Call: http://www.prnewswire.com/comp/198025.html
Verizon Wireless and MTV Networks Launch MTV, VH1, COMEDY CENTRAL, Nickelodeon, and CMT On Mobile Web 2.0
BASKING RIDGE, N.J., and NEW YORK, March 28 /PRNewswire/ -- Verizon Wireless, owner and operator of the nation's most reliable wireless voice and data network, and MTV Networks (MTVN), a unit of Viacom , today announced the launch of mobile Web sites for MTV, VH1, COMEDY CENTRAL, Nickelodeon, and CMT on Verizon Wireless' Mobile Web 2.0(SM) service.
Available beginning today, the MTVN mobile Web sites include:
-- MTV offering up-to-the-minute MTV News, show information, and music,
featuring bios and more of today's hottest artists and a dedicated
Street Team '08 area, featuring blog posts from the 51 citizen
journalists covering the 2008 election as part of the Choose or Lose
initiative;
-- VH1 featuring the "Best Week Ever" Blog, the VH1 Blog, celebrity photo
flipbooks, music and artist features, and VH1 News commentary;
-- COMEDY CENTRAL with a "Joke of the Day," a "What's Your Sign" horoscope
and a section dedicated to the Peabody and Emmy(R) Award-winning series
"South Park";
-- Nickelodeon featuring kid-oriented content including pictures,
flipbooks, polls, and games including: a TEENick "Who is It" picture
game and a SpongeBob SquarePants personality quiz; and
-- CMT with news updates and show information that allow country music
fans to stay connected to CMT's great heartland programming.
In addition to the newly launched WAP sites, Verizon Wireless offers V CAST Video channels for MTVN's MTV, Nickelodeon, COMEDY CENTRAL, VH1, CMT, Logo, Spike, MTV Tr3s, and Atom Films. Verizon Wireless' V CAST Video channels join its stable of live streaming channels available on V CAST Mobile TV, including MTV, COMEDY CENTRAL, Nickelodeon, and MTV Tr3s as announced earlier today.
Mobile Web 2.0 can be self-provisioned, eliminating the need for customers to call customer service or visit a Verizon Wireless Communications Store to sign up for the service. Customers simply register for Mobile Web 2.0 on their Mobile Web 2.0-capable handsets by visiting the News and Info category under the Get It Now(R) menu on their phones.
Unlimited Mobile Web 2.0 usage is included with a $15 monthly V CAST VPak subscription, which also includes access to V CAST Video, V CAST Music and Get It Now applications. Alternatively, customers can access Mobile Web for free with a Nationwide Plan but will incur usage charges of $1.99 per megabyte. As an example, 50 Mobile Web 2.0 pages equal approximately 0.6 megabytes. Customers should view their customer agreements or see a Verizon Wireless customer service representative for additional details as legacy plans may vary.
For more information about Mobile Web 2.0 from Verizon Wireless, visit http://www.verizonwireless.com/mobileweb, visit a Verizon Wireless Communications Store or call 1-800-2 JOIN IN.
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.
About MTV Networks
MTV Networks, a unit of Viacom , is one of the world's leading creators of programming and content across all media platforms. MTV Networks, with more than 150 channels worldwide, owns and operates the following television programming services -- MTV: MUSIC TELEVISION, MTV2, VH1, mtvU, NICKELODEON, NICK at NITE, COMEDY CENTRAL, TV LAND, SPIKE TV, CMT, LOGO, NOGGIN, THE N, VH1 CLASSIC, MTVN INTERNATIONAL and THE DIGITAL SUITE FROM MTV NETWORKS, a package of 13 digital services, all of these networks trademarks of MTV Networks. MTV Networks connects with its audiences through its robust consumer products businesses and its more than 300 interactive properties worldwide, including online, broadband, wireless and interactive television services and also has licensing agreements, joint ventures, and syndication deals whereby all of its programming services can be seen worldwide.
Verizon Wireless
CONTACT: Jeffrey Nelson of Verizon Wireless, +1-908-559-7519, Jeffrey.Nelson@verizonwireless.com; or Mark Jafar of MTV Networks, +1-212-846-8961, Mark.Jafar@mtvstaff.com
Web site: http://www.verizonwireless.com/ http://www.verizonwireless.com/mobileweb
MySpace Mobile Launches on Verizon WirelessVerizon Wireless Customers Now Have Direct Access to the MySpace Mobile Site on Mobile Web 2.0-Enabled Phones
BASKING RIDGE, N.J., and LOS ANGELES, March 28 /PRNewswire/ -- MySpace, the world's most popular social network, and Verizon Wireless, the nation's leading wireless service provider, today announced Verizon Wireless customers can now access MySpace Mobile on all Mobile Web 2.0(SM)-enabled phones.
Mobile Web 2.0 subscribers can now click directly into the MySpace Mobile Web site from the Connect category on the Mobile Web 2.0 home screen, eliminating the need for customers to type in a URL in order to access the site. With MySpace on Mobile Web 2.0, Verizon Wireless customers now have the ability to edit MySpace profiles, view and add friends, post comments and blogs, send and receive MySpace messages -- all from their mobile phones.
"Millions of MySpace users have Verizon Wireless phones, and starting today we're giving them fast and easy access to our mobile site, at no additional charge," said Brandon Lucas, senior director of mobile business development for MySpace. "Today's announcement brings us a step closer to fulfilling our vision that every user has access to MySpace, anytime, anywhere."
Ryan Hughes, vice president of digital media programming for Verizon, said, "Our relationship with MySpace helps us connect our customers to their friends -- with MySpace available on our Mobile Web 2.0 service, our customers can take MySpace with them wherever they go."
To access MySpace Mobile, Verizon Wireless customers simply open Mobile Web 2.0 on their phones, click on the Connect category from the home screen, and click on MySpace. On the MySpace site, customers can access a host of features, including:
-- Message Management - send, read and reply to messages from all of their
MySpace friends, as well as field friend requests from their mobile
devices.
-- Viewing Photo Albums - easily look at MySpace photo albums by choosing
"My Photos" on MySpace Mobile.
-- Viewing Friends - look up profiles of their friends and others through
their MySpace profile. Just as on standard MySpace, MySpace Mobile lets
Verizon Wireless customers see profile pictures and other member
information via their mobile devices.
-- Friend Search - search for people by name or e-mail address, as well as
send friend invites and review invites that are pending.
-- Comments / Blog Posting - post comments and update blogs just as they
would from a PC. Any new information entered will be posted to a
member's mobile and online MySpace profile simultaneously.
Mobile Web 2.0 can be self-provisioned, eliminating the need for customers to call customer service or visit a Verizon Wireless Communications Store to sign up for the service. Customers simply register for Mobile Web 2.0 on their Mobile Web 2.0-capable handsets by visiting the News and Info category under the Get It Now(R) menu on their phones.
The availability of MySpace on Verizon Wireless' Mobile Web 2.0 service is part of a larger agreement in which Verizon Wireless will distribute mobile versions of FOX Interactive Media's leading Web brands.
Unlimited MySpace Mobile use is included at no additional charge with a Mobile Web 2.0 subscription. Unlimited Mobile Web 2.0 usage is included with a $15 monthly V CAST VPak subscription, which also includes access to V CAST Video, V CAST Music and Get It Now applications. Alternatively, customers can access Mobile Web for free with a Nationwide Plan but will incur usage charges of $1.99 per megabyte. As an example, 50 Mobile Web 2.0 pages equal approximately 0.6 megabytes. Customers should view their customer agreements or see a Verizon Wireless customer service representative for additional details as legacy plans may vary.
For more information about Mobile Web 2.0 from Verizon Wireless, visit http://www.verizonwireless.com/mobileweb, visit a Verizon Wireless Communications Store or call 1-800-2 JOIN IN.
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.
About MySpace
MySpace, a unit of Fox Interactive Media Inc., is the premier lifestyle portal for connecting with friends, discovering popular culture, and making a positive impact on the world. MySpace has created a connected global community by integrating web profiles, blogs, instant messaging, e-mail, music streaming, music videos, photo galleries, classified listings, events, groups, college communities, and member forums. MySpace's international network includes more than 20 localized community sites in the United States, Brazil, Canada, Latin America, Mexico, Austria, Denmark, Finland, France, Germany, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Australia, India, Japan, and New Zealand. Fox Interactive Media is a division of News Corp. .
About FOX Interactive Media
A division of News Corporation , Fox Interactive Media (FIM) offers a global, border-free online network that caters to consumers by giving them the platform and tools to express themselves, communicate with each other, and engage with the best music, TV, film, sports, information and more. The company's worldwide network includes such category leaders as MySpace, IGN Entertainment, FOXSports.com, RottenTomatoes, AskMen, AmericanIdol.com and more that together comprise one of the largest and most engaged audiences on the Web.
(*) Among the top 2000 domains comScore Media Metrix, February 2008. For
more information on comScore Networks, please go to
http://www.comscore.com/
Verizon Wireless
CONTACT: Jeffrey Nelson, Verizon Wireless, +1-908-559-7519, Jeffrey.Nelson@verizonwireless.com; Tracy Akselrud, MySpace, +1-310-969-2813, takselrud@myspace.com
Web site: http://www.verizonwireless.com/ http://www.verizonwireless.com/mobileweb
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