Advanced Energy Announces Strong First Quarter 2008 Financial Results

FORT COLLINS, Colo., April 23 /PRNewswire-FirstCall/ -- Advanced Energy Industries, Inc. today announced financial results for the first quarter ended March 31, 2008. Sales were $88.9 million for the quarter, representing a decline of 17.2% from $107.3 million in the first quarter of 2007 and an increase of 6.0% from $83.8 million in the fourth quarter of 2007.

Net income for the first quarter of 2008 was $6.0 million, or $0.13 per diluted share, compared to $12.7 million, or $0.28 per diluted share, in the first quarter of 2007. However, net income increased sequentially from $4.2 million, or $0.09 per diluted share, in the fourth quarter of 2007, primarily due to higher revenues and gross profit.

"Strength in our solar equipment and flat panel display markets drove total revenue and EPS above our guided range this quarter. We were pleased with our continued diversification, as we grew our non-semiconductor business 18% sequentially," said Dr. Hans Betz, president and chief executive officer of Advanced Energy. "We implemented cost reductions in G&A during the first quarter that will equate to an estimated $5.5 million in annual savings. This will position us to operate more effectively and profitably in the future."

Second Quarter 2008 Guidance

The Company anticipates the semiconductor market to remain weak through the second quarter 2008 and our results to be within the following ranges:

-- Sales of $81 million to $87 million -- Earnings per share of $0.07 to $0.12 First Quarter 2008 Conference Call

Management will host a conference call today, Wednesday, April 23, 2008, at 5:00 p.m. Eastern Daylight Time, to discuss Advanced Energy's financial results. You may access this conference call by dialing 888-713-4717. International callers may access the call by dialing 706-634-7937. Participants will need to provide a conference passcode 42737664. For a replay of this teleconference, please call 800-642-1687 or 706-645-9291, and enter the passcode 42737664. The replay will be available through 12:00 a.m. Eastern Daylight Time, April 25, 2008. A webcast will also be available on the Investor Relations webpage at http://ir.advanced-energy.com/.

About Advanced Energy

Advanced Energy(R) develops innovative power and control technologies that enable high-growth, plasma thin-film manufacturing processes worldwide, including semiconductors, flat panel displays, data storage products, solar cells, architectural glass, and other advanced product applications. Advanced Energy(R) also develops grid connect inverters for the solar energy market.

The Company's expectations with respect to financial results for the second quarter of 2008 are 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. Forward-looking statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Such risks and uncertainties include, but are not limited to: the volatility and cyclicality of the industries the company serves, particularly the semi-conductor industry, the timing of orders received from customers, the company's ability to realize cost improvement benefits from the global operations initiatives underway, and unanticipated changes to management's estimates, reserves or allowances. These and other risks are described in Advanced Energy's Form 10-K, Forms 10-Q and other reports and statements filed with the Securities and Exchange Commission. These reports and statements are available on the SEC's website at http://www.sec.gov/. Copies may also be obtained from Advanced Energy's website at http://www.advanced-energy.com/ or by contacting Advanced Energy's investor relations at 970-407-6555. Forward-looking statements are made and based on information available to the company on the date of this press release. The company assumes no obligation to update the information in this press release.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (in thousands, except per share data) Three Months Ended March 31, December 31, 2008 2007 2007 Sales $88,887 $107,323 $83,836 Cost of sales 53,039 59,014 51,017 Gross profit 35,848 48,309 32,819 Operating expenses: Research and development 13,085 12,035 12,510 Selling, general and administrative 14,468 15,218 16,075 Amortization of intangible assets 240 324 218 Restructuring charges 674 2,792 (219) Total operating expenses 28,467 30,369 28,584 Income from operations 7,381 17,940 4,235 Other income, net 905 1,554 1,444 Income from continuing operations before income taxes 8,286 19,494 5,679 Provision for income taxes 2,320 6,823 1,512 Net income $5,966 $12,671 $4,167 Basic and diluted earnings per share $0.13 $0.28 $0.09 Basic weighted-average common shares outstanding 44,662 44,941 45,274 Diluted weighted-average common shares outstanding 45,065 45,636 45,758 CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands) March 31, December 31, 2008 2007 ASSETS Current assets: Cash and cash equivalents $99,064 $94,588 Marketable securities 37,816 110,676 Accounts receivable, net 70,493 64,188 Inventories, net 51,603 50,532 Deferred income taxes 14,156 23,696 Other current assets 3,757 4,289 Total current assets 276,889 347,969 Property and equipment, net 31,870 30,912 Deposits and other 46,140 7,045 Goodwill and intangibles, net 72,528 67,768 Customer service equipment, net 1,060 1,236 Deferred income tax assets, net 14,614 4,098 Total assets $443,101 $459,028 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Trade accounts payable $16,786 $12,424 Other accrued expenses 25,669 29,590 Total current liabilities 42,455 42,014 Long-term liabilities 9,979 9,953 Total liabilities 52,434 51,967 Stockholders' equity 390,667 407,061 Total liabilities and stockholders' equity $443,101 $459,028

Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20030825/AEISLOGO
AP Archive: http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com Advanced Energy Industries, Inc.

CONTACT: Lawrence D. Firestone, +1-970-407-6570,
lawrence.firestone@aei.com, or Annie Leschin or Brooke Deterline,
+1-970-407-6555, ir@aei.com, all of Advanced Energy Industries, Inc.

Web site: http://www.advanced-energy.com/
http://ir.advanced-energy.com/

LDK Solar to Report First Quarter 2008 Financial Results on May 12, 2008

XINYU CITY, China, and SUNNYVALE, Calif., April 23 /PRNewswire-FirstCall/ -- LDK Solar Co., Ltd. , a leading manufacturer of multicrystalline solar wafers, announced today that it will release financial results for its first quarter 2008 ended March 31, 2008, following the close of the market on Monday, May 12, 2008. The company will host a corresponding conference call and live webcast at 6:00 p.m. Eastern Time (ET) the same day.

To listen to the live conference call, please dial 800-240-2430 (within U.S.) or 303-262-2051 (outside U.S.) at 5:50 p.m. ET on May 12, 2008. An audio replay of the call will be available to investors through May 16, 2008, by dialing 800-405-2236 (within U.S.) or 303-590-3000 (outside U.S.) and entering the passcode 11113408#.

A live webcast of the call will be available on the company's investor relations website at investor.ldksolar.com.

About LDK Solar

LDK Solar Co., Ltd. is a leading manufacturer of multicrystalline solar wafers, which are the principal raw material used to produce solar cells. LDK sells multicrystalline wafers globally to manufacturers of photovoltaic products, including solar cells and solar modules. In addition, the Company provides wafer processing services to monocrystalline and multicrystalline solar cell and module manufacturers. LDK's headquarters and manufacturing facilities are located in Hi-Tech Industrial Park, Xinyu City, Jiangxi province in the People's Republic of China. The Company's office in the United States is located in Sunnyvale, California.

LDK Solar Co., Ltd.

CONTACT: Lisa Laukkanen of The Blueshirt Group, +1-415-217-4967,
lisa@blueshirtgroup.com, for LDK Solar Co., Ltd.; or Jack Lai, Executive VP
and CFO of LDK Solar Co., Ltd., +1-408-245-8801, IR@ldksolar.com

Web site: http://www.ldksolar.com/
http://investor.ldksolar.com/

Mercury Computer Systems Reports Third Quarter FY08 ResultsRevenues grow to $56.5 million, with a positive book-to-bill ratio of 1.15, GAAP losses per share of $0.26, and non-GAAP earnings per share of $0.04; operating cash flow of $9.6 million

CHELMSFORD, Mass., April 23 /PRNewswire-FirstCall/ -- Mercury Computer Systems, Inc. reported results for its third quarter of fiscal 2008, which ended March 31, 2008.

Third quarter revenues were $56.5 million, up 7% from second quarter revenues of $52.6 million. The book-to-bill ratio was 1.15 for the quarter.

Third quarter GAAP operating losses were $7.0 million. Third quarter GAAP net losses were $5.6 million. GAAP diluted losses per share were $0.26 for the third quarter. GAAP operating losses include $7.0 million in charges, consisting of $3.2 million in stock-based compensation costs, $1.8 million in amortization of acquired intangible assets, a $0.8 million inventory writedown, and $1.2 million in restructuring costs. Excluding the impact of these charges, third quarter non-GAAP operating income was breakeven. Third quarter non-GAAP net income was $1.0 million. Non-GAAP diluted earnings per share were $0.04 for the third quarter.

Cash flows from operating activities were a net inflow of $9.6 million in the third quarter. Cash, cash equivalents, and marketable securities as of March 31, 2008 were $162.1 million.

The Company's total backlog at the end of the third quarter was $98.0 million, an $8.4 million sequential increase from the second quarter of the fiscal year. Of the current total backlog, $90.7 million represents shipments scheduled over the next 12 months.

"I'm pleased to report that we've made progress in strengthening and growing the core defense business in ACS, which performed well this quarter," said Mark Aslett, President and Chief Executive Officer of Mercury Computer Systems, Inc. "Also, by addressing certain elements of our portfolio of businesses, we have laid the groundwork to take costs out of the model, focus operations, and increase our cash balance."

Advanced Computing Solutions (ACS) -- Revenues for the third quarter from ACS were $50.3 million, up $3.6 million or 8% from the second quarter, and now represent 89% of the Company's total revenues. Approximately 70% of ACS's revenues related to defense, compared to approximately 56% in the same quarter last year.

Visage Imaging (Visage) -- Revenues for the third quarter for Mercury's wholly owned subsidiary were $2.9 million, a slight decline of $0.1 million from the second quarter of the fiscal year.

Other -- Combined revenues from Mercury's other business segments totaled $3.3 million.

Business Outlook

This section presents our current expectations and estimates, given current visibility, on our business outlook for the upcoming fiscal quarter and the fiscal year. It is possible that actual performance will differ materially from the estimates given -- either on the upside or on the downside. Investors should consider all of the risks, including those listed in the Safe Harbor Statement below, with respect to these estimates, and make themselves aware of the risk factors that may impact the Company's actual performance.

For the fourth quarter of fiscal year 2008, revenues are currently expected to be in the range of approximately $53 to $56 million. The Company currently expects fourth quarter fiscal 2008 GAAP losses per share to be in the range of a loss of $0.30 to a loss of $0.22. Excluding the impact of stock-based compensation costs, amortization of acquired intangible assets, and restructuring and impairment costs, fourth quarter fiscal year 2008 non- GAAP per share estimates are currently expected to be in the range of a loss of $0.05 to earnings of $0.01.

For the full year, the Company currently expects revenues to be in the range of approximately $211 to $214 million, increasing the bottom end of the range from the previously guided $209 million to $214 million. The Company currently expects fiscal year 2008 GAAP losses per share to be in the range of a loss of $0.99 to a loss of $0.91. Excluding the impact of stock-based compensation costs, amortization of acquired intangible assets, the inventory writedown, and restructuring and impairment costs, fiscal year 2008 non-GAAP earnings per share are currently expected to be in the range of $0.12 to $0.18.

"In the near term, we expect to continue improving the underlying operations of the business and generating cash flow from operations," Mr. Aslett said. "We will also continue to seek opportunities to focus the business and rationalize our portfolio. At the same time, we expect to develop and launch new products in ACS that will support future growth. These initiatives are longer-term efforts, where progress will be made incrementally, quarter by quarter, by consistently improving execution."

Third Quarter Highlights

February -- Mercury announced three new additions to its management team: Alex Van Adzin as Vice President and General Counsel, Leon Woo as Vice President of Engineering for ACS, and Stephen Anderson as Vice President of Product Operations for ACS. Mr. Van Adzin leads the overall direction and management of Mercury's legal affairs and is responsible for a broad range of corporate, legal, and regulatory functions essential to supporting Mercury's success. Messrs. Woo and Anderson, who previously worked together for 17+ years, are tasked with bringing an aligned understanding of engineering, supply chain and product management that will firmly support the Company's product strategy going forward.

February -- Mercury announced its VS6-210 P.A. Semi Dual Dual-Core VXS Module. As the best in class for size, weight and power, the VS6-210 employs industry-standard technologies and an open software environment specifically architected for high-performance multicomputing sensor applications including radar, sonar, communications, and imaging. The P.A. Semi device delivers high performance with low power consumption; depending upon the application, three to four times less power consumption than similar high-performance microprocessor platforms.

February -- Mercury announced its Dual Cell-Based System 2 (DCBS-2) and new-generation MultiCore Plus(TM) SDK (Software Development Kit). The new multicore hardware and software offerings provide dramatic performance and productivity gains for wafer and mask inspection, beam writers, EDA (electronic design automation), computational lithography, aerospace and defense applications, and more. The DCBS-2 employs two Cell Broadband Engine(TM) (BE) processors to boost applications that demand a low acoustic signature in combination with the added density of the 1U form factor. The MultiCore Plus SDK is a cost-effective, seamless package of software development tools and libraries within a comprehensive programming framework that is specially designed for next-generation multicore processors such as the Cell BE processor.

March -- Mercury received a $2.5 million contract award from U.S. Army Ft. Monmouth's CECOM in New Jersey for development and demonstration of a testbed to support the Joint Counter Radio-Controlled Improvised Explosive Device Electronic Warfare (JCREW) program. The testbed will be used by the U.S. Government to develop and test advanced open-architecture technology for counter-IED (improvised explosive device) systems development. Mercury also announced a related agreement with ITT Electronic Systems, a leading supplier of information and electronic warfare (EW) technologies, systems, and services that enable mission success and survivability for a broad range of military aircraft. Through collaboration with ITT's Electronic Warfare Systems business, the strengths of each organization shall be leveraged to demonstrate algorithm component portability for the JCREW testbed architecture, which is an important element of the R&D objectives of the program.

March -- Mercury Federal Systems, Inc., a wholly owned Mercury subsidiary that offers consulting and software engineering services to the government, showcased its edge computational capabilities for C4ISR (Command, Control, Communications, Computers, Intelligence, Surveillance and Reconnaissance) systems, at the Navy League Sea-Air-Space Exposition in Washington, DC. Mercury Federal Systems was also named an Industrial Partner of COEUT, the Center of Excellence in Undersea Technology. COEUT's mission is to perform basic and applied research focused on the design, development, testing, and implementation of a wide variety of undersea technologies that support both military and civilian applications such as ocean and sea floor monitoring; underwater communication, detection and classification systems; and virtual ocean simulators.

April -- Mercury announced two design wins in radar and image processing applications in sensor computing. For next-generation radar on the go, Mercury is working with a leading defense prime contractor to integrate a ruggedized, conduction-cooled RACE++(R) Mercury multicomputer to operate as the radar processor for an airborne platform with significant environmental constraints. For precision approach and landing capability in military aircraft, Mercury is providing high-speed computation with the Momentum(TM) Series VPA-200 single-board computer. The VPA-200 will be integrated into a GPS to enable aircraft to land on any sufficient land- or sea-based surface during adverse weather or terrain conditions such as a low ceiling, cross winds, extreme precipitation, poor visibility, and widespread surface debris.

April -- Mercury was awarded design wins by two global technology companies that specialize in information systems and solutions for security applications. Mercury supplied the Momentum Series VLA-150 UltraSPARC(R) IIi+ Single-Board Computer, as well as obtained inventory of UltraSPARC IIi+ processors, for a long-standing defense customer. As a result, Mercury has helped the customer to sustain a leading reconnaissance program that deploys UAVs, and avoid a premature technology refresh. Also, a leading provider of inspection solutions turned to Mercury to gain a competitive edge for its scanning system. Mercury provided a Cell BE processor-based solution that combined a customized algorithm, the MultiCore Framework software, and professional services. As a result, the customer achieved a 5x performance increase and enhanced image scans.

Conference Call Information

Mercury will host a conference call on Wednesday, April 23, 2008 at 5:00 p.m. EDT to discuss the third quarter fiscal 2008 results and to review the financial and business outlook for the remainder of the year.

To listen to the conference call, dial (888) 215-6995 in the USA and Canada, and (913) 312-0855 for all other countries. The conference code number is 2418735. Please call five to ten minutes prior to the scheduled start time. This call will also be broadcast live over the web at http://www.mc.com/investor under Financial Events.

A replay of the call by telephone will be available from approximately 8:00 p.m. EDT on Wednesday, April 23 through 12:00 a.m. EDT on Friday, May 2. To access the replay, dial (888) 203-1112 in the USA and Canada, and (719) 457-0820 for all other countries. Enter access code 2418735. A replay of the webcast of the call will be available for an extended period of time on the Financial Events page of the Company's website at http://www.mc.com/investor.

Use of Non-GAAP (Generally Accepted Accounting Principles) Financial Measures

In addition to reporting financial results in accordance with generally accepted accounting principles, or GAAP, the Company provides non-GAAP financial measures adjusted to exclude certain non-cash and other specified charges, which the Company believes are useful to help investors better understand its past financial performance and prospects for the future. However, the presentation of non-GAAP financial measures is not meant to be considered in isolation or as a substitute for financial information provided in accordance with GAAP. Management believes these non-GAAP financial measures assist in providing a more complete understanding of the Company's underlying operational results and trends, and management uses these measures along with their corresponding GAAP financial measures to manage the Company's business, to evaluate its performance compared to prior periods and the marketplace, and to establish operational goals. A reconciliation of GAAP to non-GAAP financial results discussed in this press release is contained in the attached exhibits.

Forward-Looking Safe Harbor Statement

This press release contains certain forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, including those relating to the Company's strategic plans, rationalization of its business portfolio, its business outlook, and its fiscal 2008 business performance and beyond. You can identify these statements by our use of the words "may," "will," "should," "plans," "expects," "anticipates," "continue," "estimate," "project," "intend," and similar expressions. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. Such risks and uncertainties include, but are not limited to, general economic and business conditions, including unforeseen weakness in the Company's markets, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technological advances and delivering technological innovations, continued funding of defense programs and the timing of such funding, changes in the U.S. Government's interpretation of federal procurement rules and regulations, market acceptance of the Company's products, shortages in components, production delays due to performance quality issues with outsourced components, inability to fully realize the expected benefits from acquisitions or delays in realizing such benefits, challenges in integrating acquired businesses and achieving anticipated synergies, inability to identify opportunities to rationalize the Company's business portfolio in a timely manner or at all, and difficulties in retaining key customers. These risks and uncertainties also include such additional risk factors as are discussed in the Company's recent filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended June 30, 2007. The Company cautions readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made.

Mercury Computer Systems, Inc. -- Where Challenges Drive Innovation

Mercury Computer Systems (http://www.mc.com/) provides specialized, high-performance computing systems and software designed for complex HPC and embedded applications in a range of industries that include aerospace and defense, telecommunications, medical imaging, semiconductor, EDA, and more.

Our products blend unmatched expertise in algorithm optimization and silicon design with software application knowledge and industry-standard technologies. Mercury's comprehensive, purpose-built solutions capture, process, and present data for the world's largest medical imaging companies, 8 of the 10 top defense prime contractors, and other leading Fortune 500 and mid-market companies in semiconductor, energy, telecommunications, and other industries. Our dedication to performance excellence and collaborative innovation continues a 25-year history in enabling customers to gain the competitive advantage they need to stay at the forefront of the markets they serve.

Mercury is based in Chelmsford, Massachusetts, and serves customers worldwide through a broad network of direct sales offices, subsidiaries, and distributors. We are listed on the Nasdaq Global Select Market .

Contacts: Mark Aslett, President and Chief Executive Officer 978-967-1776 / maslett@mc.com Robert Hult, SVP, Chief Financial Officer 978-967-1990 / rhult@mc.com

Cell Broadband Engine is a trademark of Sony Computer Entertainment Inc. Momentum, MultiCore Plus, RACE++, Visage, and Visage Imaging are trademarks of Mercury Computer Systems, Inc. Other product and company names mentioned may be trademarks and/or registered trademarks of their respective holders.

MERCURY COMPUTER SYSTEMS, INC. UNAUDITED CONSOLIDATED BALANCE SHEETS (in thousands) March 31, June 30, 2008 2007 Assets Current assets: Cash and cash equivalents $113,994 $51,293 Marketable securities - 72,482 Accounts receivable, net 37,958 36,203 Inventory 28,848 22,410 Deferred tax assets, net 361 1,637 Prepaid expenses and other current assets 6,059 9,726 Total current assets 187,220 193,751 Marketable securities 48,147 33,350 Property and equipment, net 11,233 14,764 Goodwill 99,868 94,622 Acquired intangible assets, net 9,554 14,526 Deferred tax assets, net 471 2,085 Other non-current assets 5,959 7,167 Total assets $362,452 $360,265 Liabilities and Shareholders' Equity Current liabilities: Accounts payable $13,062 $14,659 Accrued expenses 9,534 14,221 Accrued compensation 12,317 9,403 Notes payable and current capital lease obligation 106 140 Income taxes payable 2,182 1,273 Deferred revenues and customer advances 19,838 13,375 Total current liabilities 57,039 53,071 Notes payable and non-current capital lease obligation 125,029 125,083 Accrued compensation 1,735 1,918 Deferred tax liabilities 482 392 Deferred gain on sale-leaseback 9,316 10,184 Other long-term liabilities 1,419 960 Total liabilities 195,020 191,608 Shareholders' equity: Common stock 217 214 Additional paid-in capital 99,371 89,332 Retained earnings 60,954 75,988 Accumulated other comprehensive income 6,890 3,123 Total shareholders' equity 167,432 168,657 Total liabilities and shareholders' equity $362,452 $360,265 MERCURY COMPUTER SYSTEMS, INC. UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) Three months ended Nine months ended March 31, March 31, 2008 2007 2008 2007 Net revenues $56,514 $57,347 $158,338 $164,214 Cost of revenues (1) 24,031 25,794 62,851 72,990 Gross profit 32,483 31,553 95,487 91,224 Operating expenses: Selling, general and administrative (1) 21,889 22,192 62,878 65,815 Research and development (1) 14,495 15,973 41,738 45,557 Amortization of acquired intangible assets 1,842 1,876 5,473 5,425 In-process research and development - - - 3,060 Impairment of long-lived assets (2) - - - 79 Restructuring 1,232 43 1,478 1,020 Total operating expenses 39,458 40,084 111,567 120,956 Loss from operations (6,975) (8,531) (16,080) (29,732) Interest income 1,545 1,542 5,768 4,941 Interest expense (839) (846) (2,524) (3,394) Other income, net 604 (228) 1,006 2,395 Loss before income taxes (5,665) (8,063) (11,830) (25,790) Income tax (benefit) provision (26) (2,649) 3,204 (7,688) Net loss $(5,639) $(5,414) $(15,034) $(18,102) Net loss per share: Basic $(0.26) $(0.25) $(0.70) $(0.85) Diluted $(0.26) $(0.25) $(0.70) $(0.85) Weighted average shares outstanding: Basic 21,689 21,255 21,590 21,185 Diluted 21,689 21,255 21,590 21,185 (1) Includes stock-based compensation expense, which was allocated as follows: Cost of revenues $245 $164 $528 $215 Selling, general and administrative $2,178 $1,992 $6,767 $6,127 Research and development $735 $550 $2,117 $1,678 (2) Impairment of long-lived assets consists of: Impairment of non-compete agreement $- $- $- $79 MERCURY COMPUTER SYSTEMS, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) Three months ended Nine months ended March 31, March 31, 2008 2007 2008 2007 Cash flows from operating activities: Net loss $(5,639) $(5,414) $(15,034) $(18,102) Depreciation and amortization 4,254 4,728 12,132 13,667 In-process research and development - - - 3,060 Other and non-cash items, net 4,002 953 11,972 3,867 Changes in operating assets and liabilities 6,973 (6,879) 2,191 (19,850) Net cash provided by (used in) operating activities 9,590 (6,612) 11,261 (17,358) Cash flows from investing activities: Sales of marketable securities, net 33,601 19,667 55,549 39,570 Purchases of property and equipment, net (1,282) (2,221) (3,016) (6,297) Acquisitions, net of cash acquired, and acquired intangible assets - - (2,400) (1,612) Redemption of insurance policies - - 324 - Net cash provided by investing activities 32,319 17,446 50,457 31,661 Cash flows from financing activities: Proceeds from employee stock option and purchase plans 1 25 1,146 1,083 Repurchases of common stock (167) (271) (516) (340) Payments of principal under notes payable and capital leases, net (30) 226 (91) (10,478) Gross tax windfall from stock-based compensation - 17 226 63 Net cash (used in) provided by financing activities (196) (3) 765 (9,672) Effect of exchange rate changes on cash and cash equivalents (103) 185 218 138 Net increase in cash and cash equivalents 41,610 11,016 62,701 4,769 Cash and cash equivalents at beginning of period 72,384 16,736 51,293 22,983 Cash and cash equivalents at end of period $113,994 $27,752 $113,994 $27,752

UNAUDITED SUPPLEMENTAL INFORMATION -- RECONCILIATION OF GAAP TO NON-GAAP MEASURES

The Company provides non-GAAP operating income (losses), non-GAAP net income (losses), and non-GAAP basic and diluted earnings (losses) per share as supplemental measures to GAAP regarding the Company's operational performance. These financial measures exclude the impact of certain items and, therefore, have not been calculated in accordance with GAAP. The adjustments to these non-GAAP financial measures, and the basis for such adjustments, are outlined below:

Stock-based compensation expense. The Company incurs expense related to stock-based compensation included in its GAAP presentation of cost of revenues, selling, general and administrative expense and research and development expense. Although stock-based compensation is an expense of the Company and viewed as a form of compensation, these expenses vary in amount from period to period, and are affected by market forces that are difficult to predict and are not within the control of management, such as the market price and volatility of the Company's shares, risk-free interest rates and the expected term and forfeiture rates of the awards. In accordance with SFAS No. 123R, stock-based compensation expense is calculated as of the grant date of each stock-based award, and generally cannot be changed or influenced by management after the grant date. Management believes that exclusion of these expenses allows comparisons of operating results that are consistent with periods prior to the Company's adoption of SFAS No. 123R, and allows comparisons of the Company's operating results to those of other companies, both public, private or foreign, that either are not required to adopt SFAS No. 123R, or disclose non-GAAP financial measures that exclude stock-based compensation.

Amortization of acquired intangible assets. The Company incurs amortization of intangibles related to various acquisitions it has made in recent years. These intangible assets are valued at the time of acquisition, are then amortized over a period of several years after the acquisition and generally cannot be changed or influenced by management after the acquisition. Management believes that exclusion of these expenses allows comparisons of operating results that are consistent over time for both our newly-acquired and long-held businesses.

In-process research and development. The Company incurs in-process research and development expenses when technological feasibility for acquired technology has not been established at the acquisition date and no future alternative use for such technology exists. These costs do not relate to the Company's ongoing operations and generally cannot be changed or influenced by management at the time of or after the acquisition. Management believes that exclusion of these expenses allows comparisons of operating results that are consistent over time for both our newly-acquired and long-held businesses.

Impairment of acquired intangible assets in business combinations. The Company incurs impairment charges of acquired intangible assets in business combinations, such as a non-compete agreement, based on events that may or may not be within the control of management. Management believes this item is outside the normal operations of the Company's business and is not indicative of ongoing operating results, and that exclusion of this expense allows comparisons of operating results that are consistent across past, present and future periods.

Inventory writedown. The Company incurred a significant inventory writedown in the third quarter of fiscal 2008, resulting from the closure of one of our businesses. Management believes this item was outside the normal operations of the Company's business and is not indicative of ongoing operating results, and that exclusion of this writedown allows comparisons of operating results that are consistent across past, present and future periods.

Restructuring. The Company incurs restructuring charges in connection with management's decisions to undertake certain actions to realign operating expenses through workforce reductions and the closure of certain Company facilities, businesses and product lines. Management believes this item is outside the normal operations of the Company's business and is not indicative of ongoing operating results, and that exclusion of this expense allows comparisons of operating results that are consistent across past, present and future periods.

Adjustments for related tax impact. Finally, for purposes of calculating non-GAAP net income (losses) and non-GAAP basic and diluted earnings (losses) per share, management adjusts the (benefit) provision for income taxes to tax effect the non-GAAP adjustments described above as they have a significant impact on the Company's income tax (benefit) provision.

Management excludes the above-described expenses and their related tax impact from its internal forecasts and models when establishing internal operating budgets, supplementing the financial results and forecasts reported to the Company's board of directors, determining the portion of bonus compensation for executive officers and other key employees based on operating performance, evaluating short-term and long-term operating trends in the Company's operations, and allocating resources to various initiatives and operational requirements. The Company believes that these non-GAAP financial adjustments are useful to investors because they allow investors to evaluate the effectiveness of the methodology and information used by management in its financial and operational decision-making.

These non-GAAP financial measures have not been prepared in accordance with GAAP, and should not be considered in isolation or as a substitute for financial information provided in accordance with GAAP. These non-GAAP financial measures may not be computed in the same manner as similarly titled measures used by other companies. The Company expects to continue to incur expenses similar to the non-GAAP financial adjustments described above, and investors should not infer from the Company's presentation of these non-GAAP financial measures that these costs are unusual, infrequent or non-recurring.

The following tables reconcile the non-GAAP financial measures to their most directly comparable GAAP financial measures.

(in thousands, except per share data) Three months ended Nine months ended March 31, March 31, 2008 2007 2008 2007 Loss from operations $(6,975) $(8,531) $(16,080) $(29,732) Stock-based compensation 3,158 2,706 9,412 8,020 Amortization of acquired intangible assets 1,842 1,876 5,473 5,425 In-process research and development - - - 3,060 Impairment of non-compete agreement - - - 79 Restructuring 1,232 43 1,478 1,020 Inventory writedown 792 - 792 - Non-GAAP income (loss) from operations $49 $(3,906) $1,075 $(12,128) Three months ended Nine months ended March 31, March 31, 2008 2007 2008 2007 Net loss $(5,639) $(5,414) $(15,034) $(18,102) Stock-based compensation 3,158 2,706 9,412 8,020 Amortization of acquired intangible assets 1,842 1,876 5,473 5,425 In-process research and development - - - 3,060 Impairment of non-compete agreement - - - 79 Restructuring 1,232 43 1,478 1,020 Inventory writedown 792 - 792 - Tax impact of excluding the above items (434) (1,617) 1,607 (5,232) Non-GAAP net income (loss) $951 $(2,406) $3,728 $(5,730) Non-GAAP net income (loss) per share: Basic $0.04 $(0.11) $0.17 $(0.27) Diluted $0.04 $(0.11) $0.17 $(0.27) Non-GAAP weighted average shares outstanding: Basic 21,689 21,255 21,590 21,185 Diluted (1) 22,038 21,255 21,948 21,185 (1) When calculating diluted earnings per share, convertible debt must be assumed to have converted if the effect on EPS would be dilutive. Assuming a 30% tax rate, dilution occurs when net income is $3.0 million per quarter. Accordingly, for non-GAAP net income (loss) per share for the three months and nine months ended March 31, 2008 and March 31, 2007, diluted shares exclude the conversion of the convertible debt as the effect would be anti-dilutive. MERCURY COMPUTER SYSTEMS, INC. RECONCILIATION OF FORWARD-LOOKING GUIDANCE RANGE Year ending June 30, 2008 RANGE (Loss) Income Per (Loss) Income Per Share - Diluted Share - Diluted GAAP expectation $(0.99) $(0.91) Adjustment to exclude stock-based compensation 0.56 0.56 Adjustment to exclude amortization of acquired intangible assets 0.34 0.34 Adjustment to exclude restructuring and impairment 0.13 0.13 Adjustment for inventory writedown 0.04 0.04 Adjustment for tax impact 0.04 0.02 Non-GAAP expectation $0.12 $0.18 RECONCILIATION OF FORWARD-LOOKING GUIDANCE Quarter ending June 30, 2008 Loss Per Share - (Loss) Income Per Diluted Share - Diluted GAAP expectation $(0.30) $(0.22) Adjustment to exclude stock-based compensation 0.13 0.13 Adjustment to exclude amortization of acquired intangible assets 0.08 0.08 Adjustment to exclude restructuring and impairment 0.06 0.06 Adjustment for tax impact (0.02) (0.04) Non-GAAP expectation $(0.05) $0.01

Photo: http://www.newscom.com/cgi-bin/prnh/20030930/MERCURYCSLOGO
AP Archive: http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com Mercury Computer Systems, Inc.

CONTACT: Mark Aslett, President and Chief Executive Officer,
+1-978-967-1776, maslett@mc.com, or Robert Hult, SVP, Chief Financial Officer,
+1-978-967-1990, rhult@mc.com, both of Mercury Computer Systems, Inc.

Web site: http://www.mc.com/
http://www.mc.com/investor

GSI Commerce Reports Fiscal 2008 First Quarter Operating Results

KING OF PRUSSIA, Pa., April 23 /PRNewswire-FirstCall/ -- GSI Commerce Inc. today announced its financial results for its fiscal 2008 first quarter ended March 29, 2008.

Fiscal 2008 First Quarter Compared to Fiscal 2007 First Quarter -- Net revenue increased 34 percent to $195.5 million from $146.3 million. -- Loss from operations was $17.8 million compared to a loss of $4.8 million. -- Non-GAAP income from operations was $0.7 million compared to non-GAAP income from operations of $3.8 million. -- Net loss was $9.6 million or $0.20 per share compared to $2.3 million or $0.05 per share.

A definition of non-GAAP income from operations, a non-GAAP measure, and a discussion of the importance of this financial metric to GSI's business can be found under "Non-GAAP Financial Measures" provided later in this news release.

"GSI enjoyed a strong first fiscal quarter of 2008, including non-GAAP income from operations that exceeded our guidance range and exceptional growth in net revenue," said Michael G. Rubin, chairman, president and CEO of GSI. "Our performance illustrates solid execution and the underlying strength of the multichannel e-commerce and interactive marketing industries. We are pleased with the momentum of our business, the performance of our three acquisitions and the strength of our prospective new business pipeline. We remain optimistic regarding our outlook going forward."

Key Events Since Feb. 13 -- GSI launched four new Web stores as part of full-service, e-commerce agreements, including Kipling (http://www.kipling-usa.com/), the second VF Corp brand to launch with GSI; Spanx(R), (http://www.spanx.com/) a women's hosiery and shapewear company; Christopher & Banks (http://www.christopherandbanks.com/) and C.J. Banks (http://www.cjbanks.com/). GSI also began providing customer care services for Martin + Osa (http://www.martinandosa.com/), an American Eagle Outfitters' brand targeting 28- to 40-year-old customers. -- GSI signed a multiyear agreement to provide a full-service e-commerce solution (technology, fulfillment, and customer care) for one of the world's leading men's and women's fashion design companies. The new Web store, which is expected to launch during the second half of 2008, will feature the unnamed company's apparel, accessories and shoes as well a wide range of other products marketed under the company's many brands and lifestyle offerings. -- During the quarter, Kenneth Cole Productions Inc., signed an agreement to migrate its Web store to GSI's technology platform. With this agreement, all of the companies that had signed on with Accretive Commerce for front-end technology using a non-GSI platform have now agreed to operate on the GSI front-end platform. Kenneth Cole is scheduled to launch on the GSI platform in early summer. -- e-Dialog Inc., GSI's wholly owned e-mail marketing subsidiary, signed four new client engagements during the first quarter including MLB.com (Major League Baseball Advanced Media), Levenger, LimogesJewelry.com and a national credit card and payment network. -- Nick Pahade, a recognized pioneer in the digital marketing arena, joined the company as president of gsi interactive(sm), the company's interactive marketing agency. Fiscal Year 2008 and Second Quarter Guidance

The following forward-looking statements reflect GSI's expectations as of April 23, 2008. Given the potential changes in general economic conditions and consumer spending, the growth rate of e-commerce and various other risk factors discussed in our forward-looking statement and in our public reports, actual results may differ materially.

Fiscal Year 2008 Guidance The company provides the following guidance for fiscal year 2008: -- Net revenue is expected to be approximately $1.0 billion. -- Income from operations is expected to be in a range of a loss of $1.5 million to income of $1.5 million (a). -- Non-GAAP income from operations is expected to be in a range of $80.0 million to $83.0 million (b). (a) At this time, the company has not completed estimates for the following primarily non-cash items related to the e-Dialog acquisition: the amount of amortization from acquisition-related intangibles (non cash) and the amount of incremental depreciation that may result from the step-up of the value of fixed assets (non cash). Because these items have not been estimated at this time, they have been excluded from our guidance for income from operations. As a result, the company's actual income from operations could decrease materially. The change from our previously issued guidance for income from operations is due to the inclusion of estimated stock-based compensation and integration expenses for e-Dialog as well as moderately higher depreciation due to the step-up in value for the fixed assets of Accretive Commerce. These changes did not impact guidance for non-GAAP income from operations. (b) The following is a reconciliation of GAAP income from operations to non-GAAP income from operations: add to projected GAAP income from operations estimated depreciation and amortization of $57.5 million (inclusive of amortization from acquisition-related intangibles of $6.9 million from Accretive Commerce), estimated stock-based compensation of $17.5 million, and acquisition-related integration costs of approximately $6.5 million.

Capital expenditures for fiscal year 2008 are estimated to be approximately $70.0 million including acquisition-related integration capital expenditures of approximately $11.0 million.

Fiscal 2008 Second Quarter Guidance

The company provides the following guidance for fiscal 2008 second quarter:

-- Net revenue is expected to be approximately $179.0 million to $184.0 million. -- Income from operations is expected to range between a loss of $19.0 million and a loss of $20.0 million (a). -- Non-GAAP income from operations is expected to be in a range of $ 1.0 million and $2.0 million (b). (a) At this time, the company has not completed estimates for the following primarily non-cash items related to the e-Dialog acquisition: the amount of amortization from acquisition-related intangibles (non cash) and the amount of incremental depreciation that may result from the step-up of the value of fixed assets (non cash). Because these items have not been estimated at this time, they have been excluded from our guidance for income from operations. As a result, the company's actual income from operations could decrease materially. (b) The following is a reconciliation of GAAP income from operations to non-GAAP income from operations: add to projected GAAP income from operations estimated depreciation and amortization of $14.0 million (inclusive of amortization from acquisition-related intangibles of $1.7 million from Accretive Commerce), estimated stock-based compensation of $4.5 million, and acquisition-related integration costs of approximately $2.5 million. Conference Call Today

GSI has scheduled a conference call for 4:45 p.m. EDT today to discuss the company's 2008 fiscal first quarter operating results and its 2008 fiscal year and second quarter guidance.

Live Conference Access: -- Phone - Dial 1-800-510-9834, passcode 13872877 by 4:30 p.m. EDT on April 23. -- Web - Go to http://www.gsicommerce.com/, and click on the Webcast tab provided on the home page, or go to http://www.streetevents.com/, where the conference call will be broadcast live. Please allow at least 15 minutes to register, download and install any necessary audio software. Conference Replays: -- Web - Go to http://www.gsicommerce.com/, and click on the Webcast tab provided on the home page. Access will remain available through May 30. Non-GAAP Financial Measures

GSI's consolidated financial statements are prepared and presented in accordance with GAAP. To supplement our consolidated financial statements, in this release and on the conference call, we use the non-GAAP financial measures of non-GAAP income from operations and free cash flow. We also discuss certain ratios that use those measures. The non-GAAP measures and ratios presented are not intended to be considered in isolation of, as a substitute for, or superior to our GAAP financial information. We have included reconciliations later in this release of the non-GAAP measures to the nearest GAAP measure.

We use these non-GAAP financial measures for financial and operational decision making and as a means to evaluate our performance. In our opinion, these non-GAAP measures provide meaningful supplemental information regarding our performance. We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting and analyzing future periods. These non-GAAP financial measures also facilitate management's internal comparisons to our historical performance and liquidity as well as to the operating results of comparable companies. We believe these non-GAAP financial measures are useful to investors both because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision making and (2) they are used by institutional investors and the analyst community to help them analyze the health of our business.

Non-GAAP income from operations. We define non-GAAP income from operations, formerly referred to as adjusted EBITDA, as income from operations excluding stock-based compensation, depreciation and amortization expenses and acquisition-related integration expenses. We consider non-GAAP income from operations to be a useful metric for management and investors because it excludes certain non-cash and non-operating items. Because of varying available valuation methodologies, subjective assumptions and the variety of award types that companies can use when valuing equity awards under SFAS 123R, we believe that viewing income from operations excluding stock-based compensation expense allows investors to make meaningful comparisons between our operating performance and those of other businesses. Because we are growing rapidly and operate in an emerging and rapidly changing industry, we believe that our level of capital expenditures and consequently the level of depreciation and amortization expense relative to our revenues could be meaningfully greater today than it will be over time. As a result, we believe it is useful supplemental information to view income from operations excluding depreciation and amortization expense as it provides a potential indicator of the future operating margin potential of the business. We believe the exclusion of acquisition-related integration expenses permits evaluation and a comparison of results for on-going business operations, and it is on this basis that management internally assesses the company's performance.

Free cash flow. We define free cash flow as net cash provided by operating activities minus cash paid for fixed assets, including capitalized software development. We consider free cash flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by the business that, after the acquisition of property and equipment, including information technology infrastructure, can be used for strategic opportunities, including investing in the business, making strategic acquisitions and strengthening the balance sheet. Analysis of free cash flow also facilitates management's comparisons of our operating results to the operating results of comparable companies. A limitation of using free cash flow as a means for evaluating our performance is that free cash flow reflects changes in working capital which is impacted by short-term changes in cash flow and the seasonality of our business which may not be indicative of long-term performance. Another limitation of free cash flow is that it excludes fixed assets purchased and placed in service, but not paid for during the applicable period. Our management compensates for this limitation by providing supplemental information about capital expenditures accrued, but not paid for during the applicable periods on the face of the cash flow statement in our Forms 10-K and 10-Q.

About GSI Commerce

GSI Commerce(R) (http://www.gsicommerce.com/) is a leading provider of services that enable e-commerce, multichannel retailing and interactive marketing for large, business-to-consumer (b2c) enterprises in the U.S. and internationally. We deliver customized e-commerce solutions through an e-commerce platform, which is comprised of technology, fulfillment and customer care. We offer each of the platform's components on a modular basis, or as part of an integrated, end-to-end solution. We also offer a full suite of interactive marketing services through two divisions, gsi interactive(sm) and e-Dialog (http://www.e-dialog.com/).

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements made in this release, other than statements of historical fact, are forward-looking statements. The words "look forward to," "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "will," "would," "should," "could," "guidance," "potential," "opportunity," "continue," "project," "forecast," "confident," "prospects," "schedule," "designed," "future," "discussions," "if" and similar expressions typically are used to identify forward-looking statements. Forward-looking statements are based on the then-current expectations, beliefs, assumptions, estimates and forecasts about the business of GSI Commerce. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or implied by these forward-looking statements. Factors which may affect GSI Commerce's business, financial condition and operating results include the effects of changes in the economy, consumer spending, the financial markets and the industries in which GSI Commerce and its partners operate, changes affecting the Internet and e-commerce, the ability of GSI Commerce to develop and maintain relationships with strategic partners and suppliers and the timing of the establishment, extension or termination of its relationships with strategic partners, the ability of GSI Commerce to timely and successfully develop, maintain and protect its technology, confidential and proprietary information and product and service offerings and execute operationally, the ability of GSI Commerce to attract and retain qualified personnel, the ability of GSI Commerce to successfully integrate its acquisitions of other businesses, and the performance of acquired businesses. More information about potential factors that could affect GSI Commerce can be found in its most recent Form 10-K, Form 10-Q and other reports and statements filed by GSI Commerce with the SEC. GSI Commerce expressly disclaims any intent or obligation to update these forward-looking statements.

Contact: GSI Commerce, Inc. Corporate Marketing 610.491.7474 Fax: 610.265.2866 news@gsicommerce.com GSI COMMERCE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share data) (Unaudited) December 29, March 29, 2007 2008 ASSETS Current assets: Cash and cash equivalents $231,511 $42,750 Accounts receivable, net of allowance of $1,833 and $1,795 64,285 53,484 Inventory 47,293 46,054 Deferred tax assets 14,114 14,114 Prepaid expenses and other current assets 12,459 11,959 Total current assets 369,662 168,361 Property and equipment, net 156,774 167,012 Goodwill 82,757 221,425 Intangible assets, net of accumulated amortization of $4,972 and $6,857 16,476 14,456 Equity investments 6,202 6,508 Long-term deferred tax assets 45,234 54,879 Other assets, net of accumulated amortization of $14,545 and $15,302 16,535 15,017 Total assets $693,640 $647,658 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $85,667 $49,385 Accrued expenses 98,179 75,095 Deferred revenue 17,588 22,109 Current portion - long-term debt 2,406 2,823 Total current liabilities 203,840 149,412 Convertible notes 207,500 207,500 Long-term debt 27,245 41,966 Deferred revenue and other long-term liabilities 5,634 5,350 Total liabilities 444,219 404,228 Commitments and contingencies Stockholders' equity: Preferred stock, $0.01 par value, 5,000,000 shares authorized; 0 shares issued and outstanding as of December 29, 2007 and March 29, 2008 - - Common stock, $0.01 par value, 90,000,000 shares authorized; 46,847,919 and 47,328,556 shares issued as of December 29, 2007 and March 29, 2008, respectively; 46,847,716 and 47,328,353 shares outstanding as of December 29, 2007 and March 29, 2008, respectively 468 473 Additional paid in capital 366,400 369,923 Accumulated other comprehensive loss (156) (110) Accumulated deficit (117,291) (126,856) Total stockholders' equity 249,421 243,430 Total liabilities and stockholders' equity $693,640 $647,658 GSI COMMERCE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited) Three Months Ended March 31, March 29, 2007 2008 Revenues: Net revenues from product sales $108,750 $123,120 Service fee revenues 37,533 72,423 Net revenues 146,283 195,543 Costs and expenses: Cost of revenues from product sales 76,802 85,417 Sales and marketing, inclusive of $557 and $1,134 of stock-based compensation 44,174 75,986 Product development, inclusive of $288 and $426 of stock-based compensation 13,738 22,436 General and administrative, inclusive of $752 and $2,061 of stock-based compensation 9,411 15,724 Depreciation and amortization 6,924 13,809 Total costs and expenses 151,049 213,372 Loss from operations (4,766) (17,829) Other (income) expense: Interest expense 842 2,177 Interest income (1,944) (1,039) Other expense, net 15 145 Total other (income) expense (1,087) 1,283 Net loss before income taxes (3,679) (19,112) Benefit for income taxes (1,334) (9,547) Net loss $(2,345) $(9,565) Basic and diluted loss per share $(0.05) $(0.20) Weighted average shares outstanding - basic and diluted 45,999 46,924 GSI COMMERCE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) Three Months Ended March 31, March 29, 2007 2008 Cash Flows from Operating Activities: Net loss $(2,345) $(9,565) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation 6,522 11,910 Amortization 402 1,899 Stock-based compensation 1,597 3,621 Loss on disposal of equipment 46 - Deferred income taxes (1,402) (9,547) Changes in operating assets and liabilities: Accounts receivable, net 12,393 18,750 Inventory 4,855 1,239 Prepaid expenses and other current assets 815 1,121 Other assets, net 303 1,777 Accounts payable and accrued expenses and other (68,826) (65,295) Deferred revenue 1,567 3,640 Net cash used in operating activities (44,073) (40,450) Cash Flows from Investing Activities: Payments for acquisitions of businesses, net of cash acquired - (145,001) Cash paid for property and equipment, including internal use software (9,556) (17,482) Purchases of marketable securities (56,279) - Sales of marketable securities 60,950 - Net cash used in investing activities (4,885) (162,483) Cash Flows from Financing Activities: Borrowings on revolving credit loan - 15,000 Debt issuance costs paid - (454) Repayments of capital lease obligations (123) (468) Repayments of mortgage note (47) (68) Proceeds from exercise of common stock options 3,402 158 Net cash provided by financing activities 3,232 14,168 Effect of exchange rate changes on cash and cash equivalents 15 4 Net decrease in cash and cash equivalents (45,711) (188,761) Cash and cash equivalents, beginning of period 71,382 231,511 Cash and cash equivalents, end of period $25,671 $42,750 GSI COMMERCE, INC. AND SUBSIDIARIES NON-GAAP INCOME FROM OPERATIONS AND RECONCILIATION TO GAAP RESULTS (In thousands) (Unaudited) Three Months Ended March 31, March 29, 2007 2008 Reconciliation of GAAP loss from operations to non-GAAP income from operations: GAAP loss from operations $(4,766) $(17,829) Acquisition related integration expenses - 1,115 Stock-based compensation 1,597 3,621 Depreciation and amortization (1) 6,924 13,809 Non-GAAP income from operations $3,755 $716 (1) Includes amortization expense of acquisition related intangibles of $1,634 for the three-months ended March 29, 2008 and $391 for the three-months ended March 31, 2007. GSI COMMERCE, INC. AND SUBSIDIARIES FREE CASH FLOW AND RECONCILIATION TO GAAP OPERATING CASH FLOW (In thousands) (Unaudited) Twelve Months Ended March 31, March 29, 2007 2008 Reconciliation of GAAP operating cash flow to free cash flow: GAAP cash flow from operating activities $42,552 $61,757 Cash paid for fixed assets, including capitalized software development (48,456) (62,122) Free cash flow $(5,904) $(365)

GSI Commerce Inc.

CONTACT: GSI Commerce, Inc., Corporate Marketing, +1-610-491-7474, or
Fax, +1-610-265-2866, or news@gsicommerce.com

Web site: http://www.gsicommerce.com/

Scientific Games to Release First Quarter Results May 8, 2008Conference Call May 9, 2008 at 8:30 AM Eastern Time

NEW YORK, April 23 /PRNewswire-FirstCall/ -- Scientific Games plans to release financial results for the first quarter ended March 31, 2008 on May 8, 2008 after market close. The conference call is scheduled for May 9, 2008 at 8:30 AM Eastern Time.

To access the call live via webcast please visit http://www.scientificgames.com/ and click on the webcast link under the Investors tab. To access the call by telephone, please dial (800) 510-0712 (US & Canada) or (617) 597-5380 (International) fifteen minutes before the start of the call. The Conference ID# is 46874432. The call will be archived for replay on the Company's website for 30 days.

About Scientific Games

Scientific Games Corporation is the leading integrated supplier of instant tickets, systems and services to lotteries worldwide, a leading supplier of server based gaming machines and systems, Amusement and Skill with Prize betting terminals, interactive sports betting terminals and systems, and wagering systems and services to pari-mutuel operators. It is also a licensed pari-mutuel gaming operator in Connecticut, Maine and the Netherlands and is a leading supplier of prepaid phone cards to telephone companies. Scientific Games' customers are in the United States and more than 60 other countries. For more information about Scientific Games, please visit our web site at http://www.scientificgames.com/ .

Company Contact: Investor Relations Scientific Games Corporation 212-754-2233

Scientific Games Corporation

CONTACT: Investor Relations of Scientific Games Corporation,
+1-212-754-2233

Web site: http://www.scientificgames.com/

LSI Reports First Quarter 2008 ResultsFirst Quarter 2008 Revenues Exceed Guidance

MILPITAS, Calif., April 23 /PRNewswire-FirstCall/ -- LSI Corporation today reported results for its first quarter ended March 30, 2008.

First Quarter News Release Summary -- First quarter 2008 revenues of $661 million, exceeding guidance -- First quarter 2008 GAAP* net loss of 2 cents per share -- First quarter 2008 non-GAAP** net income of 10 cents per diluted share, exceeding guidance -- First quarter operating cash flows of $96 million -- Cash and short-term investments of $1.2 billion Second Quarter 2008 Business Outlook -- Projected revenues of $650 million to $680 million -- GAAP* net loss in the range of 0 to 8 cents per share -- Non-GAAP** net income in the range of 8 to 12 cents per diluted share * Generally Accepted Accounting Principles. ** Excludes goodwill impairment, stock-based compensation, amortization of acquisition-related intangibles, restructuring of operations and other items, net, purchase accounting effect on inventory, loss on write-down of equity securities and acquired in-process research and development. It also excludes the income tax effect associated with the above mentioned items. STRENGTH IN STORAGE SEMICONDUCTORS DRIVES BETTER THAN EXPECTED SEASONAL PERFORMANCE

First quarter 2008 revenues were $661 million, a 42% increase year-over- year compared to $465 million reported in the first quarter of 2007, and down 11% sequentially compared to $741 million reported in the fourth quarter of 2007 [1]. Adjusting for the sale of the mobility business, first quarter revenues declined 7% sequentially compared to the fourth quarter of 2007. The first quarter revenue decline was less than expected on better than expected sales of semiconductors for storage applications.

First quarter 2008 GAAP* net loss was $14 million or 2 cents per share, compared to first quarter 2007 GAAP net income of $30 million or 7 cents per diluted share. First quarter 2008 GAAP results compare to fourth quarter 2007 GAAP net loss of $2 billion or $2.87 per share, which included a $2 billion non-cash charge for impairment of goodwill. First quarter 2008 GAAP net loss included a net charge of $78 million from special items, including $55.7

million of amortization of acquisition-related items, $4.6 million of restructuring costs, and $17.8 million of stock-based compensation expense.

First quarter 2008 non-GAAP** net income was $64 million or 10 cents per diluted share, compared to first quarter 2007 non-GAAP net income of $44 million or 11 cents per diluted share. Fourth quarter 2007 non-GAAP net income was $94 million or 13 cents per diluted share.

Cash and short-term investments totaled approximately $1.2 billion at quarter end. LSI also announced today that it has completed the purchase of approximately 147 million shares of its common stock for approximately $1 billion under two repurchase authorizations.

"Our first quarter results mark the third consecutive quarter of revenues that have exceeded expectations and reflect continuing strength in our core business," said Abhi Talwalkar, LSI president and chief executive officer. "Stronger than expected sales of our SAS and SAN silicon partially offset the effects of normal seasonality while the longer-term benefits of our strategic steps and sharp focus on storage and networking continued to grow."

"During the quarter we also won significant new silicon designs in the hard disk drive and server spaces and announced an innovative new family of single-chip, low-cost content inspection processors for security and networking applications which is receiving strong interest," added Talwalkar.

Bryon Look, LSI chief financial officer, said, "In the first quarter we continued to generate strong operating cash flows and effectively managed our expenses, delivering a solid financial performance. Our balance sheet remains strong and despite continuing macro-economic uncertainty we remain confident in the health of our business."

[1] The Company merged with Agere Systems on April 2, 2007. LSI Second Quarter 2008 Business Outlook GAAP* Special Items Non-GAAP** Revenue $650 million $650 million to $680 to $680 million million Gross Margin 37 - 40% $45 to $55 million 45 - 47% Operating $270 million $35 to $45 million $235 million to $245 Expenses to $290 million million Net Other Income $0 million $0 million Tax Approximately Approximately 8% $8 million Net (Loss)/Income ($0.08) to ($0.12) to ($0.17) $0.08 to $0.12 Per Share ($0.00) Diluted Share Count 640 million 645 million

Capital spending is projected to be around $15 million in the second quarter and approximately $60 million in total for 2008.

Second quarter depreciation and software amortization is expected to be approximately $25 million.

LSI Conference Call Information

LSI will hold a conference call today at 2 p.m. PDT to discuss first quarter financial results and the second quarter 2008 business outlook. Internet users can access the conference call at http://www.lsi.com/webcast. Subsequent to the conference call, a replay will be available at the same web address.

Forward Looking Statements: This news release contains forward-looking statements that are based on the current opinions and estimates of management. These statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated in the forward-looking statements. Factors that could cause LSI's actual results to differ materially from those set forth in the forward-looking statements include, but are not limited to: timely completion of our planned acquisition of the hard disk drive semiconductor business of Infineon Technologies AG; our reliance on major customers and suppliers; our ability to keep up with rapid technological change; our ability to compete successfully in competitive markets; our ability to achieve anticipated synergies following our acquisition of Agere Systems; fluctuations in the timing and volumes of customer demand; the unavailability of appropriate levels of manufacturing capacity; our ability to successfully and timely transition our assembly and test operations to third parties; and general industry and market conditions. For additional information, see the documents filed by LSI with the Securities and Exchange Commission, and specifically the risk factors set forth in the company's most recent report on Form 10-K. LSI disclaims any intention or obligation to update or revise any forward looking statements, whether as a result of new information, future events or otherwise.

About LSI

LSI Corporation is a leading provider of innovative silicon, systems and software technologies that enable products which seamlessly bring people, information and digital content together. The company offers a broad portfolio of capabilities and services including custom and standard product ICs, adapters, systems and software that are trusted by the world's best known brands to power leading solutions in the Storage and Networking markets. More information is available at http://www.lsi.com/.

Editor's Notes: 1. All LSI news releases (financial, acquisitions, manufacturing, products, technology etc.) are issued exclusively by PR Newswire and are immediately thereafter posted on the company's external website, http://www.lsi.com/. 2. The LSI logo design is a trademark of LSI Corporation. 3. All other brand or product names may be trademarks or registered trademarks of their respective companies. LSI CORPORATION Condensed Consolidated Balance Sheets (In millions) (Unaudited) March 30, December 31, April 1, Assets 2008 2007 2007 Current assets: Cash and short-term investments $1,236.8 $1,397.6 $1,016.6 Accounts receivable, net 332.1 406.4 303.4 Inventories 258.6 240.8 229.1 Prepaid expenses and other current assets 158.6 147.8 62.3 Total current assets 1,986.1 2,192.6 1,611.4 Property and equipment, net 235.2 229.7 89.2 Goodwill and other intangible assets, net 1,665.9 1,724.7 997.8 Other assets 252.5 249.4 103.4 Total assets $4,139.7 $4,396.4 $2,801.8 Liabilities and Stockholders' Equity Current liabilities $729.0 $762.5 $383.7 Long-term debt 717.2 718.0 350.0 Pension, tax and other liabilities 407.0 430.7 131.5 Total liabilities 1,853.2 1,911.2 865.2 Minority interest in subsidiary 0.3 0.2 0.2 Stockholders' equity: Common stock and additional paid- in capital 5,959.2 6,159.2 3,121.0 Accumulated deficit (3,752.1) (3,738.5) (1,198.1) Accumulated other comprehensive income 79.1 64.3 13.5 Total stockholders' equity 2,286.2 2,485.0 1,936.4 Total liabilities and stockholders' equity $4,139.7 $4,396.4 $2,801.8 LSI CORPORATION Consolidated Statements of Operations (GAAP) (In thousands, except per share amounts) (Unaudited) Three Months Ended March 30, December 31, April 1, 2008 2007 2007 Revenues $660,747 $740,874 $465,415 Cost of revenues 356,878 394,730 263,670 Amortization of acquisition related intangibles 42,255 33,842 5,285 Stock-based compensation expense 2,061 2,795 1,944 Total cost of revenues 401,194 431,367 270,899 Gross profit 259,553 309,507 194,516 Research and development 161,894 158,021 99,130 Stock-based compensation expense 7,823 9,132 4,717 Total research and development 169,717 167,153 103,847 Selling, general and administrative 77,708 86,158 57,087 Amortization of acquisition related intangibles 13,434 4,752 - Stock-based compensation expense 7,911 9,568 4,523 Total selling, general and administrative 99,053 100,478 61,610 Restructuring of operations and other items, net 4,564 29,050 (8,080) Goodwill and intangible impairment charges* - 2,021,463 - Acquired in-process research and development - 5,972 6,500 (Loss)/income from operations (13,781) (2,014,609) 30,639 Interest expense (8,978) (9,048) (3,890) Interest income and other, net 14,631 13,629 10,531 (Loss)/income before income taxes (8,128) (2,010,028) 37,280 Provision/(benefit) for income taxes 5,500 (11,830) 7,456 Net (loss)/income $(13,628) $(1,998,198) $29,824 Net (loss)/income per share: Basic $(0.02) $(2.87) $0.07 Diluted $(0.02) $(2.87) $0.07 Shares used in computing per share amounts: Basic 661,984 695,624 404,230 Diluted 661,984 695,624 409,808 * During the fourth quarter of 2007, the Company determined that based on the then market conditions in the semiconductor industry, the carrying amount of the Company's goodwill was no longer recoverable. The Company recognized $2,019.9 million of a goodwill impairment charge and $1.6 million in charges for the impairment of certain amortizable intangible assets in the Semiconductor segment.

A reconciliation of net (loss)/income on a GAAP basis to a non-GAAP net income is included below.

Three Months Ended Reconciliation of GAAP net (loss)/income to Non-GAAP net March 30, December 31, April 1, income: 2008 2007 2007 GAAP net (loss)/income $(13,628) $(1,998,198) $29,824 Special items: a) Stock-based compensation expense - cost of revenues 2,061 2,795 1,944 b) Stock-based compensation expense - R&D 7,823 9,132 4,717 c) Stock-based compensation expense - SG&A 7,911 9,568 4,523 d) Amortization of acquisition related intangibles - cost of revenues 42,255 33,842 5,285 e) Amortization of acquisition related intangibles - SG&A 13,434 4,752 - f) Restructuring of operations and other items, net 4,564 29,050 (8,080) g) Goodwill and intangible impairment charges* - 2,021,463 - h) Acquired in-process research and development - 5,972 6,500 i) Income tax effect (94) (24,158) (369) Total special items 77,954 2,092,416 14,520 Non-GAAP net income $64,326 $94,218 $44,344 Non-GAAP net income per share: Basic $0.10 $0.14 $0.11 Diluted** $0.10 $0.13 $0.11 Shares used in computing Non-GAAP per share amounts: Basic 661,984 695,624 404,230 Diluted 662,485 726,710 409,808 ** In computing non-GAAP diluted earnings per share for the three month period ended December 31, 2007, net income was increased by $3,500 for interest, net of taxes, on the $350 million convertible notes considered dilutive common stock equivalents. Three Months Ended Reconciliation of GAAP to Non-GAAP shares used in the calculation of March 30, December 31, April 1, diluted per share amounts: 2008 2007 2007 Diluted shares used in per-share calculation - GAAP 661,984 695,624 409,808 Dilutive stock awards 501 5,006 - Effect of $350 million convertible notes considered dilutive - 26,080 - Diluted shares used in per-share calculation - Non-GAAP 662,485 726,710 409,808 LSI CORPORATION Consolidated Statement of Cash Flows (In thousands, except where noted) (Unaudited) Three Months Ended March 30, December 31, April 1, 2008 2007 2007 Operating Activities: Net (loss)/income $(13,628) $(1,998,198) $29,824 Adjustments: Depreciation and amortization * 78,328 61,822 18,576 Stock-based compensation expense 17,795 21,495 11,184 Non-cash restructuring and other items (3,291) 10,555 228 Goodwill and intangible impairment charges ** - 2,021,463 - Acquired in-process research and development - 5,972 6,500 (Gain)/loss on sale of property and equipment, including assets held-for-sale (12) 114 (9,662) Non-cash foreign exchange loss 12,918 986 389 Changes in deferred tax assets and liabilities 2,115 3,178 31 Changes in assets and liabilities, net of assets acquired and liabilities assumed in business combinations: Accounts receivable, net 74,272 30,964 45,450 Inventories (17,719) (20,440) (19,654) Prepaid expenses and other assets (4,317) (13,504) 24,565 Accounts payable (39,432) 95,459 (36,469) Accrued and other liabilities (10,828) (109,543) (14,980) Net cash provided by operating activities 96,201 110,323 55,982 Investing activities: Purchases of debt securities available-for-sale (44,151) (149,320) (60,630) Proceeds from maturities and sales of debt securities available-for-sale 50,904 123,195 174,392 Purchases of equity securities (3,500) - - Purchases of property, equipment and software (35,230) (25,837) (20,503) Proceeds from sale of property and equipment 6,333 2,376 12,511 Proceeds from sale of Mobility Products Group, net of transaction costs - 445,500 - Proceeds from sale of semiconductor operations in Thailand, net of transaction costs - 49,600 - Acquisitions of companies, net of cash acquired - (80,751) (52,079) Adjustment to goodwill acquired in a prior year for resolution of a pre-acquisition income tax contingency 4,821 788 2,442 Net cash (used in)/provided by investing activities (20,823) 365,551 56,133 Financing activities: Issuance of common stock 346 17,286 5,671 Purchase of common stock under repurchase programs (229,231) (221,639) - Net cash (used in)/provided by financing activities (228,885) (204,353) 5,671 Effect of exchange rate changes on cash and cash equivalents 1,816 115 (65) (Decrease)/increase in cash and cash equivalents (151,691) 271,636 117,721 Cash and cash equivalents at beginning of period 1,021,569 749,933 327,800 Cash and cash equivalents at end of period $869,878 $1,021,569 $445,521 * Depreciation of fixed assets and amortization of intangible assets, software, capitalized intellectual property, debt issuance costs and accrued debt premium. ** During the fourth quarter of 2007, the Company determined that based on the then market conditions in the semiconductor industry, the carrying amount of the Company's goodwill was no longer recoverable. The Company recognized $2,019.9 million of a goodwill impairment charge and $1.6 million in charges for the impairment of certain amortizable intangible assets in the Semiconductor segment. LSI CORPORATION Selected Financial Information (GAAP) (In millions, except where noted) (Unaudited) Three Months Ended March 30, December 31, April 1, 2008 2007 2007 Semiconductor revenues $458.8 $491.7 $272.4 Storage Systems revenues $201.9 $249.2 $193.0 Total revenues $660.7 $740.9 $465.4 Percentage change in revenues- qtr./qtr. ( a ) -10.8% 1.9% -11.1% Percentage change in revenues- yr./yr. ( b ) 42.0% 41.5% -2.2% Days sales outstanding 45 49 59 Days of inventory 58 50 76 Current ratio 2.7 2.9 4.2 Quick ratio 2.2 2.4 3.4 Gross margin as a percentage of revenues 39.3% 41.8% 41.8% R&D as a percentage of revenues 25.7% 22.6% 22.3% SG&A as a percentage of revenues 15.0% 13.6% 13.2% Employees ( c ) 5,351 6,193 4,082 Revenues per employee (in thousands) ( d ) $493.9 $478.5 $456.1 Selected Cash Flow information: Purchases of property and equipment ( e ) $21.1 $13.6 $14.4 Depreciation and amortization ( f ) $21.9 $21.9 $11.0 ( a ) Represents sequential quarter growth in revenues. ( b ) Represents growth in revenues in the quarter presented as compared to the same quarter of the previous year. ( c ) Actual number of employees at the end of each period presented. ( d ) Revenues per employee is calculated by annualizing revenues for each quarter presented and dividing it by the number of employees. ( e ) Excludes purchases of software. ( f ) Represents depreciation of fixed assets and amortization of software. LSI CORPORATION Reconciliations of Non-GAAP to GAAP measures (In thousands) (Unaudited) Three Months Ended March 30, 2008 December 31, 2007 Consolidated revenues $660,747 $740,874 Mobility revenues - 29,202 Consolidated revenues excluding Mobility $660,747 $711,672 % change in revenues Qtr./Qtr. -7%

LSI Corporation

CONTACT: Investor Relations, Sujal Shah, +1-610-712-5471,
sujal.shah@lsi.com, or Media Relations, Mitch Seigle, +1-408-954-3225,
mitch.seigle@lsi.com, both of LSI

Web site: http://www.lsi.com/

Alliance Data Announces First-Quarter 2008 Results*First Quarter results at high end of expectations*Company reaffirms full-year 2008 guidance

DALLAS, April 23 /PRNewswire-FirstCall/ -- Alliance Data Systems Corporation , a leading provider of loyalty and marketing solutions derived from transaction-rich data, today announced results for the first quarter ended March 31, 2008.

(Logo: http://www.newscom.com/cgi-bin/prnh/20051024/ADSLOGO )

Total first quarter 2008 revenue increased 7 percent to $499.3 million compared to $466.3 million for the first quarter of 2007. Income from continuing operations decreased 3 percent to $62.7 million for the first quarter of 2008, or $0.78 per diluted share, but included $4.7 million of pre-tax merger and other non-routine costs, as compared to $64.7 million, or $0.80 per diluted share, for the first quarter of 2007.

Operating EBITDA for the first quarter of 2008 increased 16 percent to $175.2 million compared to $151.4 million for the first quarter of 2007. Adjusted EBITDA for the first quarter of 2008 increased 3 percent to $164.5 million compared to $159.9 million for the first quarter of 2007. Cash earnings for the first quarter of 2008 decreased 1 percent to $80.7 million compared to $81.2 million for the first quarter of 2007. Cash earnings per diluted share for the first quarter of 2008 of $1.00 was flat to first quarter 2007 results. See "Financial Measures" below for a discussion of operating EBITDA, adjusted EBITDA, cash earnings and cash earnings per diluted share. The segment information, adjusted EBITDA, operating EBITDA, cash earnings and cash earnings per diluted share exclude pre-tax merger and other non-routine costs of $4.7 million, including $1.6 million of expenditures directly associated with the proposed merger of the Company with an affiliate of The Blackstone Group and $3.1 million in compensation charges related to the departure of certain employees and other non-routine costs associated with the proposed merger and the disposition of the Company's Mail Services business.

"We are pleased with our results for the first quarter, delivering cash earnings per share at the high-end of our guidance range," said Mike Parks, Alliance Data chairman and chief executive officer. "While this quarter is expected to be the most difficult comparison of the year, our performance is gaining momentum, and we expect our results to continue to accelerate as the year progresses. Our Canadian AIR MILES(R) Reward Program achieved the strongest quarter in its history. We signed several important sponsor renewals during the quarter, including CENTURY 21 Canada and the InterContinental Hotel Group. Our Epsilon business also signed a major expansion with Citibank's ThankYou(R) Network. Additionally, we signed a long-term agreement with leading specialty retailer Hot Topic, Inc. to provide private label credit card services for its Torrid branded stores."

Mr. Parks continued, "Lastly, liquidity for the Company remains at an all-time high. We have already achieved our goal of completing $2.7 billion in financing at favorable rates, which underscores our view that despite the current volatility in the capital markets, liquidity is available for companies with strong track records and high-quality assets. In summary, we believe our most difficult quarter of 2008 is behind us, and we look forward to our business gaining momentum each quarter to position us well for a successful 2008."

SEGMENT REVIEW

Loyalty Services. Loyalty Services achieved the strongest quarter in its history delivering $40.9 million in adjusted EBITDA, an increase of 60 percent from the prior year period. Driving this historic performance was a 30 percent increase in revenue to $171.8 million in the first quarter of 2008 due to strong growth in both AIR MILES reward miles issued and AIR MILES reward miles redeemed just shy of 10 percent. The AIR MILES Reward Program continues to benefit from stable pricing, the ramp-up of new sponsors, expanded commitments from existing sponsors, the continued benefit of coalition loyalty as households frequent an increasing number of sponsors and a lower cost structure achieved through increased operating leverage. The Company also benefited from a stronger Canadian dollar during the first quarter compared to 2007.

The previously mentioned sponsor renewals provide additional visibility into expected future results. While Alliance Data does not expect this level of over-performance to continue throughout the year, the Company is confident that Loyalty Services will deliver at least mid-teens organic adjusted EBITDA growth for 2008, and the business is well positioned for strong performance in 2009.

Epsilon Marketing Services. For first quarter 2008, Epsilon Marketing Services posted solid mid-teens year over year revenue and adjusted EBITDA growth to $115.5 million and $23.6 million, respectively. The segment's performance was driven by larger commitments from existing clients and stable pricing along with new client ramp-ups including the recently announced major expansion with Citibank's ThankYou Network. Both the pipeline and deals signed are the strongest among all of the divisions within the Company. In addition, Epsilon continues to benefit from the increasing shift of Fortune 1000 companies' marketing spend away from traditional channels and toward transaction-based loyalty and marketing programs that offer greater ROI. For 2008, guidance for Epsilon Marketing Services remains in-line with previous expectations of mid-teens adjusted EBITDA growth in this segment.

Private Label Services. Private Label Services provides processing, high-end customer care and marketing programs associated with the Company's approximately 90 private label credit card clients. The key segment driver -- private label statements generated -- declined 8 percent during the first quarter of 2008 as compared to the prior year period. Importantly, statements generated were roughly flat as compared to the prior year period when excluding the loss of the Lane Bryant portfolio. Private Label Services revenue and adjusted EBITDA declined 3 percent and 17 percent, respectively, in each case primarily as a result of the loss of the Lane Bryant portfolio. For the full-year 2008, the Company expects Private Label Services to realize mid-single digit growth in adjusted EBITDA. This will be driven by increased statements generated resulting from growth in both credit sales and average managed receivables from new clients signed in 2005, 2006 and 2007.

Private Label Credit. Finally, Private Label Credit posted results in-line with Company expectations for the first quarter of 2008. Both revenue and adjusted EBITDA declined 5 percent and 13 percent, respectively, almost exclusively due to the loss of the Lane Bryant portfolio and, to a lesser degree, a modest increase in credit losses which, due to timing, had yet to be offset by favorable funding costs. Credit sales were slightly negative overall, but showed positive growth excluding the impact of Lane Bryant. The segment's decline was primarily due to its January performance, which was down compared to January 2007, while both February and March were slightly favorable to prior year periods. This positive trend is expected to continue throughout 2008.

Specifically, the first quarter of 2008 will be the Company's most challenging year-over-year segment comparison due to a very strong first quarter 2007 for Private Label Credit. Year-over-year comparisons are expected to become more favorable each quarter in 2008. A number of other factors are also expected to drive the segment's adjusted EBITDA growth into the mid-single digits for the year including stable yields along with continued portfolio growth as the portfolio achieved a solid 6 percent growth in the first quarter of 2008 excluding the impact of the loss of the Lane Bryant portfolio.

Finally, despite general concern regarding the weak macro-environment, the Company's overall strategy to offset a moderate and expected increase in credit losses with expected savings from lower funding costs began to take effect at the end of the first quarter. Specifically, delinquency rates, which historically have been a good predictor of losses in the subsequent 180 days, have remained stable over the past eight months. This trend suggests that eventual credit losses will run approximately $20 million higher than budget. More than offsetting this pressure, however, are funding rates that suggest a $30-35 million benefit for the year. This natural offset should provide continued stability and visibility to the Company's Private Label Credit business. These funding benefits have already been locked in as the Company completed its goal of refinancing $2.7 billion in off-balance sheet debt.

Outlook for 2008

For 2008, the Company expects to continue to deliver on its three long-term objectives -- double-digit organic growth in adjusted EBITDA, solid free cash flow generation and earnings visibility. Despite a volatile macro-economic environment, the Company is confident in its ability to continue to achieve double-digit organic growth in both operating EBITDA and adjusted EBITDA during 2008, consistent with its previously announced goals.

The Company believes that its most difficult year-over-year comparisons are now past and expects the remaining quarters to ramp up throughout 2008, positioning the Company well for 2009. Specifically, the performances of Loyalty Services and Epsilon Marketing Services, the Company's high-growth engines, are expected to remain strong in the second half of the year, with Epsilon Marketing Services generating approximately 60 percent of their earnings during that period. Also, Private Label Credit has funding savings that are expected to be more than sufficient to mitigate the moderate increase in credit losses previously discussed. Based on delinquency flows, this modest uptick, which moved up throughout last year and plateaued in August, is expected to remain relatively flat for the remainder of the year. Finally, the combination of easier comparisons in the retail vertical along with the ramping up of the 2005-2007 new Private Label clients are expected to drive mid-single digit growth in both Private Label Services and Private Label Credit. This, combined with expected mid-teens adjusted EBITDA growth in both Loyalty Services and Epsilon Marketing Services, equates to expected double-digit organic growth for the Company as a whole for the year.

In summary, outstanding performances in Loyalty Services and Epsilon Marketing Services combined with the mitigation of higher credit losses via favorable funding rates in Private Label Credit are expected to collectively drive another strong year of growth for Alliance Data, regardless of the weak macro-environment.

For the second quarter of 2008 the Company is expecting to deliver cash earnings per share of $1.00, representing a double-digit increase versus the prior year period. For the full-year 2008, the Company remains very comfortable with its guidance of a minimum of $4.30 cash earnings per share, representing solid double-digit organic growth. Lastly, the Company's overall leverage ratio is approximately 1x and continues to improve.

Financial Measures

In addition to the results presented in accordance with generally accepted accounting principles, or GAAP, the Company presents financial measures that are non-GAAP measures, such as adjusted EBITDA, operating EBITDA, cash earnings and cash earnings per diluted share. These non-GAAP financial measures exclude the loss associated with the sale of the Mail Services business unit, costs associated with the proposed merger and other costs. The Company believes that these non-GAAP financial measures, viewed in addition to and not in lieu of the Company's reported GAAP results, provide useful information to investors regarding the Company's performance and overall results of operations. These metrics are an integral part of the Company's internal reporting to measure the performance of reportable segments and the overall effectiveness of senior management. Reconciliations to comparable GAAP financial measures are available in the accompanying schedules and on the Company's website. The financial measures presented are consistent with the Company's historical financial reporting practices. The non-GAAP financial measures presented herein may not be comparable to similarly titled measures presented by other companies, and are not identical to corresponding measures used in our various agreements or public filings.

Conference Call

Alliance Data will host a conference call on April 23, 2008 at 5:00 p.m. (Eastern) to discuss the Company's first quarter results. The conference call will be available via the Internet at http://www.alliancedata.com/. There will be several slides accompanying the webcast. Please go to the website at least 15 minutes prior to the call to register, download and install any necessary software. The recorded webcast will also be available on the Company's website.

If you are unable to participate in the conference call, a replay will be available. To access the replay, please dial 706-645-9291 and enter "42619220." The replay will be available from two hours after the end of the call until 11:59 p.m. (Eastern) on April 30, 2008.

About Alliance Data

Alliance Data is a leading provider of marketing, loyalty and transaction services, managing over 120 million consumer relationships for some of North America's most recognizable companies. Using transaction-rich data, Alliance Data creates and manages customized solutions that change consumer behavior and that enable its clients to create and enhance customer loyalty to build stronger, mutually beneficial relationships with their customers. Headquartered in Dallas, Alliance Data employs over 9,000 associates at more than 60 locations worldwide. Alliance Data's brands include AIR MILES(R), North America's premier coalition loyalty program, and Epsilon(R), a leading provider of multi-channel, data-driven technologies and marketing services. For more information about the Company, visit its website, http://www.alliancedata.com/.

Alliance Data's Safe Harbor Statement/Forward Looking Statements

This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements may use words such as "anticipate," "believe," "estimate," "expect," "intend," "predict," "project" and similar expressions as they relate to us or our management. When we make forward-looking statements, we are basing them on our management's beliefs and assumptions, using information currently available to us. Although we believe that the expectations reflected in the forward-looking statements are reasonable, these forward-looking statements are subject to risks, uncertainties and assumptions, including those discussed in our filings with the Securities and Exchange Commission.

If one or more of these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may vary materially from what we projected. Any forward-looking statements contained in this presentation reflect our current views with respect to future events and are subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. These risks, uncertainties and assumptions include those made with respect to and any developments related to the termination of the proposed merger with an affiliate of The Blackstone Group, including risks and uncertainties arising from actions that the respective parties to the merger agreement may take in connection therewith. We have no intention, and disclaim any obligation, to update or revise any forward-looking statements, whether as a result of new information, future results or otherwise.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this presentation regarding Alliance Data Systems Corporation's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the company's Annual Report on Form 10-K for the most recently ended fiscal year. Risk factors may be updated in Item 1A in each of the Company's Quarterly Reports on Form 10-Q for each quarterly period subsequent to the Company's most recent Form 10-K.

ALLIANCE DATA SYSTEMS CORPORATION SUMMARY FINANCIAL HIGHLIGHTS (In millions, except per share amounts) (Unaudited) Three Months Ended March 31, 2008 2007 Change Revenue $ 499.3 $ 466.3 7% Income from continuing operations $ 62.7 $ 64.7 (3)% Income from continuing operations per share - diluted $ 0.78 $ 0.80 (3)% Adjusted EBITDA $ 164.5 $ 159.9 3% Operating EBITDA $ 175.2 $ 151.4 16% Cash Earnings $ 80.7 $ 81.2 (1)% Cash Earnings per share - diluted $ 1.00 $ 1.00 -% As of As of March 31, December 31, 2008 2007 Cash and cash equivalents $ 241.4 $ 219.2 Seller's interest and credit card receivables 575.2 652.4 Redemption settlement assets 307.4 317.1 Intangible assets, net 327.5 343.4 Goodwill 1,176.3 1,185.8 Total assets 3,931.4 4,103.6 Deferred revenue 806.1 828.3 Certificates of deposit 281.9 370.4 Core debt(1) 983.0 921.0 Total liabilities 2,680.8 2,906.6 Stockholders' equity 1,250.6 1,197.0 (1) Core debt excludes certificates of deposit and capital leases. ALLIANCE DATA SYSTEMS CORPORATION SUMMARY FINANCIAL HIGHLIGHTS (In millions, except per share amounts) (Unaudited) Three Months Ended March 31, 2008 2007 Change Segment Revenue: Loyalty Services $171.8 $131.8 30% Epsilon Marketing Services 115.5 98.6 17 Private Label Services 94.5 97.9 (3) Private Label Credit 209.1 219.8 (5) Corporate/Other 0.5 11.2 (96) Intersegment (92.1) (93.0) (1) $499.3 $466.3 7% Segment Adjusted EBITDA: Loyalty Services $40.9 $25.5 60% Epsilon Marketing Services 23.6 20.9 13 Private Label Services 26.9 32.5 (17) Private Label Credit 87.1 100.0 (13) Corporate/Other (14.0) (19.0) (26) $164.5 $159.9 3% Key Performance Indicators: Private label statements generated 31.8 34.4 (8)% Average managed receivables $3,906.8 $3,916.2 - Private label credit sales $1,538.1 $1,586.5 (3)% AIR MILES Reward Miles issued 1,023.0 942.1 9% AIR MILES Reward Miles redeemed 701.7 644.3 9% Pro Forma Key Performance Indicators (1) Private label statements generated 31.8 32.1 (1)% Average managed receivables $3,906.8 $3,679.5 6% Private label credit sales $1,538.1 $1,513.3 2% (1) Excludes the impact of the loss of the Lane Bryant portfolio. ALLIANCE DATA SYSTEMS CORPORATION CONSOLIDATED CONDENSED STATEMENTS OF INCOME (In millions, except per share amounts) (Unaudited) Three Months Ended March 31, 2008 2007 Total revenue $499.3 $466.3 Total operating expenses 380.7 345.7 Operating income 118.6 120.6 Interest expense, net 17.1 15.8 Income from continuing operations before income taxes 101.5 104.8 Income tax expense 38.8 40.1 Income from continuing operations 62.7 64.7 (Loss) from discontinued operations, net of taxes (13.4) (7.8) Net income $49.3 $56.9 Per share data: Basic - Net income $0.63 $0.72 Diluted - Income from continuing operations $0.78 $0.80 Diluted - (Loss) from discontinued operations (0.17) (0.10) Diluted - Net income $0.61 $0.70 Weighted average shares outstanding - basic 78.5 79.0 Weighted average shares outstanding - diluted 80.6 81.1 ALLIANCE DATA SYSTEMS CORPORATION RECONCILIATION OF NON-GAAP INFORMATION (In millions, except per share amounts) (Unaudited) Three Months Ended March 31, 2008 2007 Adjusted EBITDA and Operating EBITDA: Income from continuing operations (GAAP measure) $62.7 $64.7 Stock compensation expense 6.3 10.4 Income tax expense 38.8 40.1 Interest expense, net 17.1 15.8 Depreciation and other amortization 17.7 13.8 Amortization of purchased intangibles 17.2 15.1 Loss on sale of assets 1.0 - Merger and other costs 3.7 - Adjusted EBITDA 164.5 159.9 Change in deferred revenue (22.2) 13.1 Change in redemption settlement assets 9.6 (16.6) Foreign currency impact 23.3 (5.0) Operating EBITDA $175.2 $151.4 Cash Earnings: Income from continuing operations (GAAP measure) $62.7 $64.7 Add back non-cash non-operating items and merger and other costs: Stock compensation expense 6.3 10.4 Amortization of purchased intangibles 17.2 15.1 Loss on the sale of assets 1.0 - Merger and other costs 3.7 - Income tax effect (1) (10.2) (9.0) Cash earnings $80.7 $81.2 Weighted average shares outstanding - diluted 80.6 81.1 Cash earnings per share - diluted $1.00 $1.00 (1) Represents income taxes adjusted for the related tax benefit or expense for the non-GAAP measure adjustments. ALLIANCE DATA SYSTEMS CORPORATION RECONCILIATION OF SEGMENT ADJUSTED EBITDA (In millions) (Unaudited) Three months ended March 31, 2008 Operating Depreciation & Stock Merger & Adjusted income amortization compensation other non- EBITDA expense routine costs (1) Loyalty Services $30.9 $8.6 $1.4 $- $40.9 Epsilon Marketing Services 3.6 19.1 0.9 - 23.6 Private Label Services 23.0 2.3 0.8 0.8 26.9 Private Label Credit 83.9 2.8 0.4 - 87.1 Corporate/ Other (22.8) 2.1 2.8 3.9 (14.0) $118.6 $34.9 $6.3 $4.7 $164.5 Three months ended March 31, 2007 Operating Depreciation & Stock Merger & Adjusted income amortization compensation other non- EBITDA expense routine costs (1) Loyalty Services $18.1 $5.5 $1.9 $- $25.5 Epsilon Marketing Services 3.5 15.4 2.0 - 20.9 Private Label Services 28.8 2.4 1.3 - 32.5 Private Label Credit 97.0 2.8 0.2 - 100.0 Corporate/ Other (26.8) 2.8 5.0 - (19.0) $120.6 $28.9 $10.4 $- $159.9 (1) Represents segment Adjusted EBITDA and is equal to operating income plus depreciation, amortization, stock compensation expense and merger and other costs.

Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20051024/ADSLOGO
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PRN Photo Desk, photodesk@prnewswire.com Alliance Data Systems Corporation

CONTACT: Julie Prozeller, Investors-Analysts of Financial Dynamics,
+1-212-850-5721, alliancedata@fd.com, for Alliance Data; or Shelley Whiddon,
Media, Alliance Data, +1-972-348-4310, Shelley.Whiddon@AllianceData.com

Web site: http://www.alliancedata.com/

Baldor Electric Company Announces 1st Quarter Results and Discussion

FORT SMITH, Ark., April 23 /PRNewswire-FirstCall/ -- Baldor Electric Company markets, designs, and manufactures industrial electric motors, power transmission products, drives, and generators and is based in Fort Smith, Arkansas. Today Baldor announced unaudited results for the first quarter of 2008.

1st Quarter (in thousands except per share data) 2008 2007 % Mar 29, 2008 Mar 31, 2007 Change Sales $470,526 $395,694 19% Cost of Sales 326,147 282,132 Gross Profit 144,379 113,562 27% SG&A 77,727 61,321 Operating Profit 66,652 52,241 28% Other Income 1 897 Interest Expense (26,592) (20,528) Earnings Before Income Taxes 40,061 32,610 23% Income Taxes 14,422 11,741 Net Earnings $25,639 $20,869 23% Earnings Per Share - Diluted $0.56 $0.50 11% Dividends Per Share $0.17 $0.17 0% Average Shares Outstanding - Diluted 46,030 41,578 11%

John McFarland, Chairman and CEO, commented on the Company's results, "We are pleased to report first quarter sales of $470.5 million, earnings of $25.6 million, and earnings per share of $0.56. Operating margin for the quarter improved to 14.2%. Diluted shares outstanding averaged 46.0 million in the quarter compared to 41.6 million last year. Our acquisition of Reliance Electric Company took place on January 31, 2007, so prior year figures include only two months of the acquired business."

"Adjusting for the acquisition, sales increased 1% over last year despite having two fewer selling days this quarter. Incoming orders continue to be ahead of last year, and our backlog of orders grew by more than $25 million during the quarter. This growth in backlog is due in part to the strength of our business in large motors and an increase in generator orders."

SELECTED FINANCIAL DATA (preliminary, unaudited) 1st Qtr 4th Qtr 2008 2007 (in thousands) Mar 29, 2008 Dec 29, 2007 Cash $33,103 $37,757 Trade Receivables - net 314,449 281,729 Inventories 316,604 309,921 Total Assets 2,848,448 2,821,625 Total Debt 1,356,586 1,376,346 Shareholders' Equity 835,162 810,769 Year-To-Date 2008 2007 (in thousands) Mar 29, 2008 Mar 31, 2007 Cash Flows from Operations $23,416 $40,775 Depr & Amortization 19,419 15,796 Capital Expenditures 6,987 8,739 Dividends 7,818 7,778 Depreciation & Amortization for purchase accounting 6,202 5,290 Following are answers to questions recently asked by shareholders. Q ... How was business during the quarter? 1st Qtr 08 vs. 1st Qtr 07 Incoming Net Sales As a % of Net Sales Daily Order (in millions) Total Sales Chg % Rate Chg % Motors $295 62% 2% 10% Power Transmission 135 29% 1% -1% Drives 34 7% 2% 13% Generators 7 2% -35% 60%

On a comparable basis, total sales increased 1%. During the quarter, our backlog of unshipped orders increased from nearly $200 million to $225 million. This backlog extends into 2009 with the majority of orders scheduled to ship in 2008. We continue to see positive sales growth in mining, oil and gas, agriculture and commercial HVAC. Domestic sales to original equipment manufacturers continue to outpace sales to distributors which decreased during the quarter.

Sales to Original Sales to Equipment Distributors for Manufacturers Replacement Chg % Chg % Motors + 4% - 1% Power Transmission + 5% - 4% Q ... How is your international business?

Our international business was up 6% for the quarter, making it 17% of consolidated sales, an all time high. The strongest growth was in Latin America and Asia Pacific. Consolidation of the Baldor and Reliance international sales forces is helping us gain new customers. The current value of the dollar is allowing us to be more competitive in foreign markets. It also causes foreign suppliers to be less competitive in the United States which benefits our OEM customers who manufacture in the United States.

Q ... Are rising commodity costs affecting you?

Steel, copper and oil-based material prices began increasing again during the quarter. As a result, we increased motor prices 4.5% on March 31, 2008. If raw material costs continue to increase, additional price increases may be necessary this year.

Q ... What caused the increase in selling and administration expense this quarter?

Selling and administration expenses are composed of both fixed and variable costs. Expenses in 1st quarter 2007 include only two months of the acquired business. In January 2008, a permanent change was made in the way overhead was allocated to the acquired plants. The 2007 amounts have been reclassified to reflect the 2008 presentation. This reclassification, made to create consistency among all Baldor plants, had no impact on the operating margin of 14.2%. Had we not made this reclassification, 2008 gross margin would have been 30.4% instead of 30.7%, and 2008 selling and administration expense would have been 16.2% instead of 16.5% as a percentage of sales.

Q ... How are your inventory balances, and what improvements would you like to make?

Work in process inventories increased from 4th quarter 2007 due to the timing of large motor and generator shipments. Our finished goods inventory is balanced except for motors rated less than 15 horsepower where inventory levels are too low. As a result of low inventory levels, we believe sales to distributors were negatively impacted. Inventory levels have begun to improve which will allow us to better serve our customers.

Q ... How were cash flows from operations?

Cash flows from operations were $23.4 million, down from $40.8 million one year ago. The decrease was due primarily to the $25 million interest payment due every February and August on the unsecured notes.

Q ... Why did interest expense increase compared to 1st quarter 2007?

The acquisition of Reliance closed on January 31, 2007. As a result, 1st quarter 2007 included two months of interest expense, and 1st quarter 2008 included three months. Our current weighted average cost of debt is 7.1% compared to 8.0% one year ago.

Q ... Did you reduce your debt during the quarter?

During the first quarter, we reduced our debt by $20 million. Since the January 31, 2007 acquisition, we have reduced our debt by $196 million, bringing our total outstanding debt balance to $1.36 billion. Our goal is to reduce our debt by at least $125 million during 2008.

Q ... What are your expectations for sales in the 2nd quarter?

In June 2007, we sold the services business, which accounted for $13 million in sales during 2nd quarter 2007. Excluding these sales, and considering current backlog and sales order rates, we expect low single-digit sales growth in 2nd quarter 2008.

Q ... What are your capital investment plans for 2008?

We plan capital investments of approximately $45 million in 2008 compared to $39 million in 2007. Our capital investments are used to expand unit output, improve the quality of our products and produce new products.

Q ... Are premium-efficient motors selling well?

Yes. Only 2% of the lifetime cost of a motor is related to its purchase price. The remaining 98% is the cost of electricity to run it. A standard industrial motor can consume 40 times its original cost in its first year of operation. The small premium paid for a high-efficiency motor can often be paid back in less than one year. Over the last three years, sales of Super-E(R) high-efficiency motors have grown over 25%, and this growth continued in the first quarter.

Q ... When will your next update be?

We will hold a conference call on Thursday, April 24, at 10:00 a.m. central time. Participants may listen to the discussion through the Company's website at http://www.baldor.com/investors or by calling 877-440-5784. A replay will be available through May 1, 2008 and can be accessed by calling 888-203-1112 (passcode 2074683). Additionally, Baldor's Annual Shareholders' Meeting will be held at 10:30 a.m. central time on Saturday, April 26, 2008, in Fort Smith, Arkansas.

Forward-Looking Statement

This document contains statements that are forward-looking, i.e. not historical facts. The forward-looking statements contained in this document (including "estimate", "believe", "will", "intend", "expect", "may", "could", "future", "susceptible", "unforeseen", anticipate", "would", "subject to", "depend", uncertainties", "predict", "can", "expectations", "if", "unpredictable", "unknown", "pending", "assumes", "continued", "ongoing", "assumption" or any grammatical forms of these words or other similar words) are based on the Company's current expectations and some of them are subject to risks and uncertainties. Accordingly, you are cautioned that any such forward looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward looking statements as a result of various factors. The factors that might cause such differences include, among others, the following: (i) changes in economic conditions, (ii) developments or new initiatives by our competitors in the markets in which we compete, (iii) fluctuations in the costs of select raw materials, (iv) the success in increasing sales and maintaining or improving the operating margins of the Company, and (v) other factors including those identified in the Company's filings made from time-to-time with the Securities and Exchange Commission. These statements should be read in conjunction with the Company's most recent annual report (as well as the Company's Form 10-K and other reports filed with the Securities and Exchange Commission) containing a discussion of the Company's business and of various factors that may affect it.

Baldor Electric Company

CONTACT: John McFarland, Chairman & CEO, or Ron Tucker, President & COO,
or Tracy Long, Vice President Investor Relations, all of Baldor Electric
Company, +1-479-648-5769, fax, +1-479-648-5701, Investorinfo@baldor.com

Web site: http://www.baldor.com/

Qualcomm Announces Second Quarter Fiscal 2008 Results Revenues $2.6 Billion, EPS $0.47 Pro Forma EPS $0.54, up 8 Percent Year-over-yearRaises Fiscal 2008 Revenue and Earnings Guidance

SAN DIEGO, April 23 /PRNewswire-FirstCall/ -- Qualcomm Incorporated today announced results for the second fiscal quarter of 2008 ended March 30, 2008.

Total Qualcomm (GAAP) Second Quarter Results

Total Qualcomm results are reported in accordance with generally accepted accounting principles (GAAP).

-- Revenues: $2.61 billion, up 17 percent year-over-year and 7 percent sequentially. -- Net income: $766 million, up 6 percent year-over-year and even sequentially. -- Diluted earnings per share: $0.47, up 9 percent year-over-year and 2 percent sequentially. -- Effective tax rate: 15 percent for the quarter. Fiscal 2008 estimated tax rate of approximately 16 percent. -- Estimated share-based compensation: $88 million, net of tax, up 5 percent year-over-year and 4 percent sequentially. -- Operating cash flow: $947 million, down 4 percent year-over-year; 36 percent of revenues. -- Return of capital to stockholders: $1.2 billion, including $455 million, or $0.28 per share of cash dividends paid (relating to dividends declared in the first and second quarters) and $769 million to repurchase 20.2 million shares of our common stock. Qualcomm Pro Forma Second Quarter Results

Pro forma results exclude the Qualcomm Strategic Initiatives (QSI) segment, certain estimated share-based compensation, certain tax items related to prior years and acquired in-process research and development (R&D) expense.

-- Revenues: $2.60 billion, up 17 percent year-over-year and 7 percent sequentially. -- Net income: $894 million, up 7 percent year-over-year and 3 percent sequentially. -- Diluted earnings per share: $0.54, up 8 percent year-over-year and 4 percent sequentially; excludes $0.02 loss per share attributable to the QSI segment and $0.05 loss per share attributable to certain estimated share-based compensation. -- Effective tax rate: 19 percent for the quarter. Fiscal 2008 estimated tax rate of approximately 20 percent. -- Free cash flow: $775 million, down 29 percent year-over-year; 30 percent of revenues (defined as net cash from operating activities less capital expenditures).

Detailed reconciliations between total Qualcomm (GAAP) results and cash flow and Qualcomm pro forma results and cash flow are included at the end of this news release. Prior period reconciliations are presented on Qualcomm's Investor Relations web page at http://www.qualcomm.com/.

"We delivered another strong quarter as worldwide adoption of 3G CDMA- based products and services continues to accelerate," said Dr. Paul E. Jacobs, chief executive officer of Qualcomm. "Together with our partners, our ongoing focus on innovation, execution and quality provides compelling solutions for the global wireless market. Our financial results reflect another record quarter of both MSM chipset and CDMA-based device shipments."

"We continue to execute on our strategic objectives and are pleased to see positive momentum in the marketplace. Our Gobi mobile internet solution, which provides ubiquitous connection to mobile operator networks worldwide, has been accepted by leading notebook manufacturers, and our Snapdragon platform has multiple design wins with several customers. MediaFLO USA continues its network deployment and FLO-TV will soon be offered by the two largest U.S. operators. We announced a partnership with Citi Cards that brings the total to four of the top 10 banks in the U.S. now taking advantage of the Firethorn solution. The fundamental drivers of our business remain strong, and based on the current business outlook, we are raising fiscal 2008 revenue and earnings per share guidance."

Cash and Marketable Securities

Qualcomm's cash, cash equivalents and marketable securities totaled approximately $10.6 billion at the end of the second quarter of fiscal 2008, compared to $11.3 billion at both the end of the first quarter of fiscal 2008 and the year ago quarter. During the second quarter of fiscal 2008, we increased our quarterly dividend from $0.14 to $0.16 per share. On April 10, 2008, we announced a cash dividend of $0.16 per share payable on June 27, 2008 to stockholders of record at the close of business on May 30, 2008.

Estimated Share-Based Compensation

Total Qualcomm (GAAP) net income for the second quarter of fiscal 2008 included estimated share-based compensation, net of tax, of $88 million or $0.05 per diluted share. This compares to $84 million, or $0.05 per diluted share, in the prior year quarter.

Research and Development Estimated Qualcomm Pro Share-Based In-Process Total Qualcomm ($ in Forma Compensation R&D QSI (GAAP) millions) Second quarter fiscal 2008 $472 $60 $- $21 $553 As a % of revenue 18% N/M 21% Second quarter fiscal 2007 $370 $58 $10 $16 $454 As a % of revenue 17% 20% Year-over-year change ($) 28% 3% 31% 22% N/M - Not Meaningful

Pro forma R&D expenses increased 28 percent year-over-year, primarily due to an increase in costs related to the development of integrated circuit products, next-generation CDMA and OFDMA technologies, the expansion of our intellectual property portfolio and other initiatives to support the acceleration of advanced wireless products and services, including lower-cost devices, the integration of wireless with consumer electronics and computing, the convergence of multiband, multimode, multinetwork products and technologies, third-party operating systems and services platforms. QSI R&D expenses were related to MediaFLO USA.

Selling, General and Administrative Estimated Qualcomm Pro Share-Based Total Qualcomm ($ in millions) Forma Compensation QSI (GAAP) Second quarter fiscal 2008 $334 $61 $25 $420 As a % of revenue 13% N/M 16% Second quarter fiscal 2007 $301 $59 $25 $385 As a % of revenue 14% 17% Year-over-year change($) 11% 3% 0% 9%

Pro forma selling, general and administrative (SG&A) expenses increased 11 percent year-over-year, primarily attributable to an increase in professional fees and employee-related expenses, partially offset by a decrease in bad debt expense. QSI SG&A expenses were primarily related to MediaFLO USA.

Effective Income Tax Rate

Our fiscal 2008 effective income tax rate is estimated to be 16 percent for total Qualcomm (GAAP) compared to our prior estimate of 17 percent provided on January 23, 2008. Our fiscal 2008 Qualcomm pro forma effective income tax rate is estimated to be 20 percent compared with our prior estimate of 21 percent. The second quarter total Qualcomm (GAAP) and pro forma effective tax rates of 15 percent and 19 percent, respectively, are lower than the estimated annual effective tax rates primarily due to the change in our annual estimate of foreign earnings taxed at less than the United States federal tax rate.

Qualcomm Strategic Initiatives

The QSI segment includes our strategic investments, including our MediaFLO USA subsidiary, and related income and expenses. Total Qualcomm (GAAP) results for the second quarter of fiscal 2008 included a $0.02 loss per share for the QSI segment. The second quarter of fiscal 2008 QSI results included $76 million in operating expenses, primarily related to MediaFLO USA.

Business Outlook

The following statements are forward looking and actual results may differ materially. The "Note Regarding Forward-Looking Statements" at the end of this news release provides a description of certain risks that we face, and our annual and quarterly reports on file with the Securities and Exchange Commission (SEC) provide a more complete description of risks. Due to their nature, certain income and expense items, such as realized investment gains or losses, gains and losses on certain derivative instruments or asset impairments, cannot be accurately forecast. Accordingly, we exclude forecasts of such items from our business outlook, and actual results may vary materially from the business outlook if we incur any such income or expense items. In addition, our outlook does not include provisions for the consequences of injunctions or significant possible damages or costs related to litigation matters, unless damages have been awarded by a court.

During the second quarter of 2008, we entered into an agreement with Nokia Corp. to consolidate the arbitration we had filed against Nokia into the pre- existing litigation in Delaware originally filed by Nokia. That case now addresses, among other things, our dispute with Nokia regarding Nokia's obligation to pay royalties for the use of certain of our patents. As a result of the dispute, under generally accepted accounting principles, we are not recording royalty revenue attributable to Nokia's sales after April 9, 2007 until a court awards damages or the disputes are otherwise resolved by agreement with Nokia. We have excluded from our fiscal 2008 revenue and earnings guidance our estimate of royalties which we believe Nokia is required to report and pay to us under our existing license agreement in fiscal 2008.

In late 2004, we discovered that Ericsson and Sony Ericsson were underreporting and underpaying royalties to us for sales of subscriber units under the license agreement between Ericsson and us. In March 2008, the parties resolved the dispute as to both past and future sales. As part of the settlement, the parties have dismissed the arbitration addressing this dispute. The terms of the settlement are consistent with our prior financial guidance.

We continue to be engaged in litigation with Broadcom Corporation in various forums. On December 31, 2007, the Federal District Court in Santa Ana, Calif. issued an injunction as to certain of our products, while enjoining but mandating a limited license with respect to other products. We continue the effort to design products to avoid the claims of the patents found by the jury to infringe Broadcom's patents. We have introduced chipsets ready for commercial-production devices that do not include the accused function of the 6,847,686 patent. We are appealing the adverse findings in this case on an expedited schedule. We have included our estimate of the impact of this ruling in our outlook for fiscal 2008.

The following table summarizes total Qualcomm (GAAP) and Qualcomm pro forma guidance for the third fiscal quarter and fiscal year 2008 based on the current business outlook. The pro forma business outlook provided below is presented in a manner that is consistent with the presentation of pro forma results provided elsewhere herein.

The following estimates are approximations and are based on the current business outlook:

Business Outlook Summary THIRD FISCAL QUARTER Current Guidance Q3'07 Q3'08 Results Estimates Qualcomm Pro Forma Revenues $2.33B $2.5B - $2.7B Year-over-year change increase 8% - 16% Diluted earnings per share (EPS) $0.55 $0.50 - $0.52 Year-over-year change decrease 5% - 9% Total Qualcomm (GAAP) Revenues $2.33B $2.5B - $2.7B Year-over-year change increase 8% - 16% Diluted earnings per share (EPS) $0.47 $0.41 - $0.43 Year-over-year change decrease 9% - 13% Diluted EPS attributable to QSI ($0.04) ($0.03) Diluted EPS attributable to estimated share-based compensation ($0.04) ($0.06) Metrics MSM shipments approx. 65M approx. 85M - 88M CDMA/WCDMA devices shipped(1) approx. 86M*(2) approx. 105M - 109M* CDMA/WCDMA device wholesale average selling price (1) approx. $215*(2) approx. $223* *Shipments in Mar. quarter, reported in June quarter FISCAL YEAR Prior Guidance Current Guidance FY 2007 FY 2008 FY 2008 Results(3) Estimates(4) Estimates(4) Qualcomm Pro Forma Revenues $8.87B $9.6B - $10.0B $10.0B - $10.4B Year-over-year change increase 8% - 13% increase 13% - 17% Diluted earnings per share (EPS) $2.01 $2.01 - $2.07 $2.04 - $2.09 Year-over-year change even - increase 3% increase 1% - 4% Total Qualcomm (GAAP) Revenues $8.87B $9.6B - $10.0B $10.0B - $10.4B Year-over-year change increase 8% - 13% increase 13% - 17% Diluted earnings per share (EPS) $1.95 $1.67 - $1.73 $1.71 - $1.76 Year-over-year change decrease 11% - 14% decrease 10% - 12% Diluted EPS attributable to QSI ($0.08) ($0.12) ($0.11) Diluted EPS attributable to estimated share- based compensation ($0.19) ($0.22) ($0.22) Diluted EPS attributable to in-process R&D ($0.01) $0.00 $0.00 Diluted EPS attributable to tax items related to prior years $0.22 n/a n/a Metrics Fiscal year* CDMA/WCDMA device wholesale average selling price (1) approx. $214(2) approx. $203 approx. $217 *Shipments in Sept. to June quarters, reported in Dec. to Sept. quarters CALENDAR YEAR Device Estimates (1)(2) CDMA/WCDMA Prior Guidance Current Guidance device Calendar 2007 Calendar 2008 Calendar 2008 shipments Estimates Estimates Estimates March quarter approx. 86M not provided approx. 105M - 109M June quarter approx. 89M not provided not provided September quarter approx. 95M not provided not provided December quarter approx. 112M not provided not provided Calendar year range (approx.) 382M 492M - 522M 488M - 518M Midpoint Midpoint Midpoint CDMA/WCDMA units approx. 382M approx. 507M approx. 503M CDMA units approx. 209M approx. 223M approx. 223M WCDMA units approx. 173M approx. 284M approx. 280M (1) CDMA/WCDMA device shipments and average selling prices are estimated for the total market. (2) We perform periodic audits of the royalties payable by our licensees. As a result of our audit process, we determined during the fourth quarter of fiscal 2007 that total CDMA-based device shipments and average selling prices (ASPs) should be adjusted for certain periods in fiscal 2007. The adjustments related only to device shipments and ASPs and did not impact the amount or timing of our revenues. Historical units presented herein have been adjusted to reflect these adjustments. (3) Our fiscal 2007 results do not include royalty revenues attributable to Nokia's sales after April 9, 2007 which, as of November 14, 2007, we estimated to be approximately $0.05 diluted earnings per share. (4) We have excluded from our fiscal 2008 revenue and earnings guidance our estimate of royalties which we believe Nokia is required to report and pay to us under our existing license agreement in fiscal 2008 which, as of December 20, 2007, we estimated to be approximately $0.25-$0.30 diluted earnings per share. Sums may not equal totals due to rounding. Results of Business Segments (in millions, except per share data): Second Quarter - Fiscal Year 2008 Reconciling Segments QCT QTL QWI Items(1) Revenues $1,620 $795 $194 $(5) Change from prior year 29% 5% (2%) N/M Change from prior quarter 3% 22% (8%) N/M EBT $427 $684 $- $(12) Change from prior year 16% 8% N/M N/M Change from prior quarter (9%) 26% N/M N/M EBT as a % of revenues 26% 86% 0% N/M Net income (loss) Change from prior year Change from prior quarter Diluted EPS Change from prior year Change from prior quarter Diluted shares used Estimated Share- Total Qualcomm Pro Based Qualcomm Segments Forma Compensation(2) QSI(3) (GAAP) Revenues $2,604 $- $2 $2,606 Change from prior year 17% N/M 17% Change from prior quarter 7% 100% 7% EBT $1,099 $(130) $(63) $906 Change from prior year (1%) (3%) (50%) (2%) Change from prior quarter (1%) (5%) (15%) (3%) EBT as a % of revenues 42% N/A N/M 35% Net income (loss) $894 $(88) $(40) $766 Change from prior year 7% (6%) (100%) 6% Change from prior quarter 3% (5%) (100%) 0% Diluted EPS $0.54 $(0.05) $(0.02) $0.47 Change from prior year 8% 0% (100%) 9% Change from prior quarter 4% 0% (100%) 2% Diluted shares used 1,643 1,643 1,643 1,643 First Quarter - Fiscal Year 2008 Reconciling Segments QCT QTL QWI Items(1) Revenues $1,574 $650 $210 $5 EBT 470 541 24 76 Net income (loss) Diluted EPS Diluted shares used Estimated Qualcomm Share-Based Total Pro Compen- In-Process Qualcomm Segments Forma sation(2) R&D QSI(3) (GAAP) Revenues $2,439 $- $- $1 $2,440 EBT 1,111 (124) (2) (55) 930 Net income(loss) 872 (84) (1) (20) 767 Diluted EPS $0.52 $(0.05) $- $(0.01) $0.46 Diluted shares used 1,664 1,664 1,664 1,664 1,664 Second Quarter - Fiscal Year 2007 Reconciling Segments QCT QTL QWI Items (1) Revenues $1,259 $759 $198 $5 EBT 368 636 20 82 Net income (loss) Diluted EPS Diluted shares used Estimated Qualcomm Share-Based Total Pro Compen- In-Process Qualcomm Segments Forma sation(2) R&D QSI(3) (GAAP) Revenues $2,221 $- $- $- $2,221 EBT 1,106 (126) (10) (42) 928 Net income (loss) 838 (83) (9) (20) 726 Diluted EPS $0.50 $(0.05) $(0.01) $(0.01) $0.43 Diluted shares used 1,693 1,693 1,693 1,693 1,693 Third Quarter - Fiscal Year 2007 Reconciling Segments QCT QTL QWI Items (1) Revenues $1,367 $766 $196 $(4) EBT 439 668 18 52 Net income (loss) Diluted EPS Diluted shares used Estimated Share- Total Qualcomm Pro Based Qualcomm Segments Forma Compensation(2) QSI(3) (GAAP) Revenues $2,325 $- $- $2,325 EBT 1,177 (114) (91) 972 Net income (loss) 934 (75) (61) 798 Diluted EPS $0.55 $(0.04) $(0.04) $0.47 Diluted shares used 1,704 1,704 1,704 1,704 Twelve Months - Fiscal Year 2007 Reconciling Qualcomm Segments QCT QTL QWI Items (1) Pro Forma Revenues $5,275 $2,772 $828 $(5) $8,870 EBT 1,547 2,340 88 388 4,363 Net income (loss) 3,406 Diluted EPS $2.01 Diluted shares used 1,693 Estimated Share-Based Total Compen- Tax In-Process Qualcomm Segments sation(2) Items(4) R&D QSI (GAAP) Revenues $- $- $- $1 $8,871 EBT (487) - (10) (240) 3,626 Net income (loss) (321) 364 (9) (137) 3,303 Diluted EPS $(0.19) $0.22 $(0.01) $(0.08) $1.95 Diluted shares used 1,693 1,693 1,693 1,693 1,693 Six Months - Fiscal Year 2008 Reconciling Segments QCT QTL QWI Items (1) Revenues $3,194 $1,445 $405 $(1) Change from prior year 28% 6% 5% N/M EBT $897 $1,224 $24 $65 Change from prior year 31% 8% (40%) N/M Net income (loss) Change from prior year Diluted EPS Change from prior year Diluted shares used Estimated Qualcomm Share-Based Total Pro Compen- In-Process Qualcomm Segments Forma sation(2) R&D QSI(3) (GAAP) Revenues $5,043 $- $- $4 $5,047 Change from prior year 19% N/M 19% EBT $2,210 $(255) $(2) $(117) $1,836 Change from prior year 7% 1% N/M (38%) 8% Net income (loss) 1,767 (173) (1) (60) $1,533 Change from prior year 13% (2%) N/M (43%) 12% Diluted EPS $1.07 $(0.10) $- $(0.04) $0.93 Change from prior year 16% 0% N/M (100%) 15% Diluted shares used 1,653 1,653 1,653 1,653 1,653 Six Months - Fiscal Year 2007 Reconciling Qualcomm Segments QCT QTL QWI Items(1) Pro Forma Revenues $2,490 $1,359 $387 $4 $4,240 EBT 684 1,134 40 200 2,058 Net income 1,560 Diluted EPS $0.92 Diluted shares used 1,689 Estimated Share-Based Total Compen- Tax In-Process Qualcomm Segments sation(2) Items R&D QSI(3) (GAAP) Revenues $- $- $- $- $4,240 EBT (257) - (10) (85) 1,706 Net income (169) 33 (9) (42) 1,373 Diluted EPS $(0.10) $0.02 $(0.01) $(0.02) $0.81 Diluted shares used 1,689 1,689 1,689 1,689 1,689 (1) Reconciling items related to revenues consist primarily of other nonreportable segment revenues less intersegment eliminations. Reconciling items related to earnings before taxes consist primarily of certain investment income, research and development expenses and marketing expenses that are not allocated to the segments for management reporting purposes, nonreportable segment results and the elimination of intersegment profit. (2) Certain share-based compensation is included in operating expenses as part of employee-related costs but is not allocated to the Company's segments as such costs are not considered relevant by management in evaluating segment performance. (3) At fiscal year-end, the sum of the quarterly tax provisions for each column, including QSI, equals the annual tax provisions for each column computed in accordance with GAAP. In interim quarters, the tax provision for the QSI operating segment is computed by subtracting the tax provision for Qualcomm pro forma, the tax items column and the tax provisions related to estimated share-based compensation and in-process R&D from the tax provision for total Qualcomm (GAAP). (4) During the fourth quarter of fiscal 2007, the Company recorded a $331 million tax benefit, or $0.20 diluted earnings per share, related to tax expense recorded in prior years resulting from the completion of tax audits during the fourth fiscal quarter. The fiscal 2007 Qualcomm pro forma results excluded this tax benefit attributable to prior years. N/M - Not Meaningful N/A - Not Applicable Sums may not equal totals due to rounding. Conference Call

Qualcomm's second quarter fiscal 2008 earnings conference call will be broadcast live on April 23, 2008 beginning at 1:45 p.m. Pacific Daylight Time (PDT) on the Company's web site at: http://www.qualcomm.com/. This conference call may contain forward-looking financial information. The conference call will include a discussion of "non-GAAP financial measures" as that term is defined in Regulation G. The most directly comparable GAAP financial measures and information reconciling these non-GAAP financial measures to the Company's financial results prepared in accordance with GAAP, as well as the other material financial and statistical information to be discussed in the conference call, will be posted on the Company's Investor Relations web site at http://www.qualcomm.com/ immediately prior to commencement of the call. A taped audio replay will be available via telephone on April 23, 2008, beginning at approximately 5:30 p.m. PDT through May 23, 2008 at 9:00 p.m. PDT. To listen to the replay, U.S. callers may dial (800) 642-1687 and international callers may dial (706) 645-9291. U.S. and international callers should use reservation number 41658202. An audio replay of the conference call will be available on the Company's web site at http://www.qualcomm.com/ for two weeks following the live call.

Editor's Note: To view the web slides that accompany this earnings release and conference call, please go to the Qualcomm Investor Relations website at http://investor.qualcomm.com/results.cfm.

Qualcomm Incorporated (http://www.qualcomm.com/) is a leader in developing and delivering innovative digital wireless communications products and services based on CDMA and other advanced technologies. Headquartered in San Diego, Calif., Qualcomm is included in the S&P 500 Index and is a 2008 FORTUNE 500(R) company traded on The Nasdaq Stock Market(R) under the ticker symbol QCOM.

Note Regarding Use of Non-GAAP Financial Measures

The Company presents pro forma financial information that is used by management (i) to evaluate, assess and benchmark the Company's operating results on a consistent and comparable basis, (ii) to measure the performance and efficiency of the Company's ongoing core operating businesses, including the Qualcomm CDMA Technologies, Qualcomm Technology Licensing and Qualcomm Wireless & Internet segments and (iii) to compare the performance and efficiency of these segments against each other and against competitors outside the Company. Pro forma measurements of the following financial data are used by the Company's management: revenues, R&D expenses, SG&A expenses, total operating expenses, operating income, net investment income, income before income taxes, effective tax rate, net income, diluted earnings per share, operating cash flow and free cash flow. Management is able to assess what it believes is a more meaningful and comparable set of financial performance measures for the Company and its business segments by using pro forma information. As a result, management compensation decisions and the review of executive compensation by the Compensation Committee of the Board of Directors focus primarily on pro forma financial measures applicable to the Company and its business segments.

Pro forma information used by management excludes the QSI segment, certain estimated share-based compensation, certain tax items related to prior years and acquired in-process R&D. The QSI segment is excluded because the Company expects to exit its strategic investments at various times, and the effects of fluctuations in the value of such investments are viewed by management as unrelated to the Company's operational performance. Estimated share-based compensation, other than amounts related to share-based awards granted under a bonus program that may result in the issuance of unrestricted shares of the Company's common stock, is excluded because management views the valuation of options and other share-based compensation as theoretical and unrelated to the Company's operational performance. Further, share-based compensation is affected by factors that are subject to change, including the Company's stock price, stock market volatility, expected option life, risk-free interest rates and expected dividend payouts in future years. Moreover, it is generally not an expense that requires or will require cash payment by the Company. Certain tax items related to prior years are excluded in order to provide a clearer understanding of the Company's ongoing tax rate and after tax earnings. Acquired in-process R&D is excluded because such expense is viewed by management as unrelated to the operating activities of the Company's ongoing core businesses.

The Company presents free cash flow, defined as net cash provided by operating activities less capital expenditures, to facilitate an understanding of the amount of cash flow generated that is available to grow its business and to create long-term shareholder value. The Company believes that this presentation is useful in evaluating its operating performance and financial strength. In addition, management uses this measure to evaluate the Company's performance, to value the Company and to compare its operating performance with other companies in the industry.

The non-GAAP pro forma financial information presented herein should be considered in addition to, not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. In addition, "pro forma" is not a term defined by GAAP, and, as a result, the Company's measure of pro forma results might be different than similarly titled measures used by other companies. Reconciliations between total Qualcomm (GAAP) results and Qualcomm pro forma results and between total Qualcomm (GAAP) cash flow and Qualcomm pro forma cash flow are presented herein.

Note Regarding Forward-Looking Statements

In addition to the historical information contained herein, this news release contains forward-looking statements that are subject to risks and uncertainties. Actual results may differ substantially from those referred to herein due to a number of factors, including but not limited to risks associated with: the rate of deployment of our technologies in wireless networks and of 3G wireless communications, equipment and services, including CDMA2000 1X, 1xEV-DO, WCDMA, HSPA and OFDMA both domestically and internationally; attacks on our business model, including results of current and future litigation and arbitration proceedings, as well as actions of governmental or quasi-governmental bodies, and the costs we incur in connection therewith, including potentially damaged relationships with customers and operators who may be impacted by the results of these proceedings; fluctuations in the demand for products, services or applications based on our technologies; our dependence on major customers and licensees; foreign currency fluctuations; strategic loans, investments and transactions the Company has or may pursue; our dependence on third-party manufacturers and suppliers; our ability to maintain and improve operational efficiencies and profitability; the development, deployment and commercial acceptance of the MediaFLO USA network and FLO(TM) technology; as well as the other risks detailed from time-to-time in the Company's SEC reports.

(C) 2008 Qualcomm Incorporated. All rights reserved. Qualcomm is a registered trademark of Qualcomm Incorporated. MediaFLO, FLO, FLO-TV, MSM, Gobi and Snapdragon are trademarks of Qualcomm Incorporated. CDMA2000 is a registered trademark of the Telecommunications Industry Association. All other trademarks are the property of their respective owners.

Qualcomm Incorporated CONSOLIDATED STATEMENTS OF OPERATIONS This schedule is to assist the reader in reconciling from Qualcomm Pro Forma results to Total Qualcomm (GAAP) results (In millions, except per share data) (Unaudited) Three Months Ended March 30, 2008 Estimated Total Qualcomm Share-Based Qualcomm Pro Forma Compensation QSI (GAAP) Revenues: Equipment and services $1,723 $- $2 $1,725 Licensing and royalty fees 881 - - 881 Total revenues 2,604 - 2 2,606 Operating expenses: Cost of equipment and services revenues 781 9 30 820 Research and development 472 60 21 553 Selling, general and administrative 334 61 25 420 Total operating expenses 1,587 130 76 1,793 Operating income (loss) 1,017 (130) (74) 813 Investment income, net 82(a) - 11(b) 93 Income (loss) before income taxes 1,099 (130) (63) 906 Income tax (expense) benefit (205)(c) 42 23(d) (140)(c) Net income (loss) $894 $(88) $(40) $766 Earnings (loss) per common share: Diluted $0.54 $(0.05) $(0.02) $0.47 Shares used in per share calculations: Diluted 1,643 1,643 1,643 1,643 Supplemental Financial Data: Operating Cash Flow $1,056 $(53)(f) $(56) $947 Operating Cash Flow as a % of Revenues 41% N/M 36% Free Cash Flow (e) $775 $(53)(f) $(76) $646 Free Cash Flow as a % of Revenues 30% N/M 25% (a) Included $117 million in interest and dividend income related to cash, cash equivalents and marketable securities, which were not part of the Company's strategic investment portfolio, $13 million in net realized gains on investments and $4 million in gains on derivative instruments from net decreases in the fair value of the put option liabilities related to our share repurchase program, partially offset by $47 million in other-than-temporary losses on investments and $5 million in interest expense. (b) Included $24 million in net realized gains on investments and $3 million in equity in earnings of investees, partially offset by $15 million in other-than-temporary losses on investments and $1 million in interest expense. (c) The second quarter of fiscal 2008 effective tax rates were approximately 15% for total Qualcomm (GAAP) and approximately 19% for Qualcomm pro forma. (d) At fiscal year-end, the sum of the quarterly tax provisions for each column, including QSI, equals the annual tax provisions for each column computed in accordance with GAAP. In interim quarters, the tax provision for the QSI operating segment is computed by subtracting the tax provision for Qualcomm pro forma, the tax items column and the tax provisions related to estimated share-based compensation and in-process R&D from the tax provision for total Qualcomm (GAAP). (e) Free Cash Flow is calculated as net cash provided by operating activities less capital expenditures. Reconciliation of these amounts is included in the Reconciliation of Pro Forma Free Cash Flows to Total Qualcomm (GAAP) net cash provided by operating activities and other supplemental disclosures for the three months ended March 30, 2008, included herein. (f) Incremental tax benefits from stock options exercised during the period. Qualcomm Incorporated CONSOLIDATED STATEMENTS OF OPERATIONS This schedule is to assist the reader in reconciling from Qualcomm Pro Forma results to Total Qualcomm (GAAP) results (In millions, except per share data) (Unaudited) Six Months Ended March 30, 2008 Estimated Share-Based In- Total Qualcomm Compensa- Process Qualcomm Pro Forma tion(a) R&D QSI (GAAP) Revenues: Equipment and services $3,425 $- $- $4 $3,429 Licensing and royalty fees 1,618 - - - 1,618 Total revenues 5,043 - - 4 5,047 Operating expenses: Cost of equipment and services revenues 1,533 19 - 52 1,604 Research and development 902 117 2 43 1,064 Selling, general and administrative 642 119 - 47 808 Total operating expenses 3,077 255 2 142 3,476 Operating income (loss) 1,966 (255) (2) (138) 1,571 Investment income, net 244 (b) - - 21 (c) 265 Income (loss) before income taxes 2,210 (255) (2) (117) 1,836 Income tax (expense) benefit (443)(d) 82 1 57(e) (303)(d) Net income (loss) $1,767 $(173) $(1) $(60) $1,533 Earnings (loss) per common share: Diluted $1.07 $(0.10) $(0.00) $(0.04) $0.93 Shares used in per share calculations: Diluted 1,653 1,653 1,653 1,653 1,653 Supplemental Financial Data: Operating Cash Flow $2,070 $(101)(g) $(2) $(140) $1,827 Operating Cash Flow as a % of Revenue 41% N/M 36% Free Cash Flow (f) $1,683 $(101)(g) $(2) $(181) $1,399 Free Cash Flow as a % of Revenue 33% N/M 28% (a) Estimated share-based compensation presented above and excluded from pro forma results did not include $1 million, net of tax, related to share-based awards granted under a bonus program. (b) Included $269 million in interest and dividend income related to cash, cash equivalents and marketable securities, which were not part of the Company's strategic investment portfolio, $83 million in net realized gains on investments and $6 million in gains on derivative instruments from decreases in the fair value of the put option liabilities related to our share repurchase program, partially offset by $104 million in other-than-temporary losses on investments and $10 million in interest expense. (c) Included $35 million in net realized gains on investments, $3 million in equity in earnings of investees and $1 million in interest and dividend income, partially offset by $15 million in other-than- temporary losses on investments and $3 million in interest expense. (d) The effective tax rate of 17% for total Qualcomm (GAAP) for the six months ended March 30, 2008 is higher than the estimated annual rate of 16% primarily due to the effect of discrete items recorded in the first six months of fiscal 2008. The effective tax rate of approximately 20% for pro forma for the six months ended March 30, 2008 is consistent with the estimated annual effective tax rate. (e) At fiscal year-end, the sum of the quarterly tax provisions for each column, including QSI, equals the annual tax provisions for each column computed in accordance with GAAP. In interim quarters, the tax provision for the QSI operating segment is computed by subtracting the tax provision for Qualcomm pro forma, the tax items column and the tax provisions related to estimated share-based compensation and in-process R&D from the tax provision for total Qualcomm (GAAP). (f) Free Cash Flow is calculated as net cash provided by operating activities less capital expenditures. Reconciliation of these amounts is included in the Reconciliation of Pro Forma Free Cash Flows to Total Qualcomm (GAAP) net cash provided by operating activities and other supplemental disclosures for the six months ended March 30, 2008, included herein. (g) Incremental tax benefits from stock options exercised during the period. Qualcomm Incorporated Reconciliation of Pro Forma Free Cash Flows to Total Qualcomm (GAAP) net cash provided by operating activities and other supplemental disclosures (In millions) (Unaudited) Three Months Ended March 30, 2008 Estimated Total Qualcomm Share-Based Qualcomm Pro Forma Compensation QSI (GAAP) Net cash provided (used) by operating activities $1,056 $(53)(a) $(56) $947 Less: capital expenditures (281) - (20) (301) Free cash flow $775 $(53) $(76) $646 Other supplemental cash disclosures: Cash transfers from QSI(1) $25 $- $(25) $- Cash transfers to QSI(2) (88) - 88 - Net cash transfers $(63) $- $63 $- Six Months Ended March 30, 2008 Estimated Total Qualcomm Share-Based In-Process Qualcomm Pro Forma Compensation R&D QSI (GAAP) Net cash provided (used) by operating activities $2,070 $(101)(a) $(2) $(140) $1,827 Less: capital expenditures (387) - - (41) (428) Free cash flow $1,683 $(101) $(2) $(181) $1,399 Other supplemental cash disclosures: Cash transfers from QSI(1) $29 $- $- $(29) $- Cash transfers to QSI(2) (201) - - 201 - Net cash transfers $(172) $- $- $172 $- (1) Cash from loan payments and sale of equity securities. (2) Funding for strategic debt and equity investments, capital expenditures and other QSI operating expenses. Three Months Ended April 1, 2007 Estimated Total Qualcomm Share-Based In-Process Qualcomm Pro Forma Compensation R&D QSI (GAAP) Net cash provided (used) by operating activities $1,159 $(87)(a) $(10) $(71) $991 Less: capital expenditures (72) - - (20) (92) Free cash flow $1,087 $(87) $(10) $(91) $899 Six Months Ended April 1, 2007 Estimated Total Qualcomm Share-Based In-Process Qualcomm Pro Forma Compensation R&D QSI (GAAP) Net cash provided (used) by operating activities $1,994 $(119)(a) $(10) $(85) $1,780 Less: capital expenditures (361) - - (53) (414) Free cash flow $1,633 $(119) $(10) $(138) $1,366 (a) Incremental tax benefits from stock options exercised during the period. Qualcomm Incorporated CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except per share data) (Unaudited) ASSETS March 30, September 30, 2008 2007 Current assets: Cash and cash equivalents $2,803 $2,411 Marketable securities 3,325 4,170 Accounts receivable, net 728 715 Inventories 612 469 Deferred tax assets 357 435 Collateral held under securities lending 334 421 Other current assets 192 200 Total current assets 8,351 8,821 Marketable securities 4,436 5,234 Property, plant and equipment, net 1,817 1,788 Goodwill 1,520 1,325 Deferred tax assets 770 318 Other assets 1,258 1,009 Total assets $18,152 $18,495 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Trade accounts payable $658 $635 Payroll and other benefits related liabilities 282 311 Unearned revenues 212 218 Income taxes payable 22 119 Obligations under securities lending 334 421 Other current liabilities 530 554 Total current liabilities 2,038 2,258 Unearned revenues 128 142 Income taxes payable 212 - Other liabilities 297 260 Total liabilities 2,675 2,660 Stockholders' equity: Preferred stock, $0.0001 par value; issuable in series; 8 shares authorized; none outstanding at March 30, 2008 and September 30, 2007 - - Common stock, $0.0001 par value; 6,000 shares authorized; 1,617 and 1,646 shares issued and outstanding at March 30, 2008 and September 30, 2007, respectively - - Paid-in capital 5,976 7,057 Retained earnings 9,616 8,541 Accumulated other comprehensive (loss) income (115) 237 Total stockholders' equity 15,477 15,835 Total liabilities and stockholders' equity $18,152 $18,495 Qualcomm Incorporated CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except per share data) (Unaudited) Three Months Ended Six Months Ended March 30, April 1, March 30, April 1, 2008 2007 2008 2007 Revenues: Equipment and services $1,725 $1,370 $3,429 $2,712 Licensing and royalty fees 881 851 1,618 1,528 Total revenues 2,606 2,221 5,047 4,240 Operating expenses: Cost of equipment and services revenues 820 634 1,604 1,268 Research and development 553 454 1,064 895 Selling, general and administrative 420 385 808 754 Total operating expenses 1,793 1,473 3,476 2,917 Operating income 813 748 1,571 1,323 Investment income, net 93 180 265 383 Income before income taxes 906 928 1,836 1,706 Income tax expense (140) (202) (303) (333) Net income $766 $726 $1,533 $1,373 Basic earnings per common share $0.47 $0.44 $0.94 $0.83 Diluted earnings per common share $0.47 $0.43 $0.93 $0.81 Shares used in per share calculations: Basic 1,617 1,659 1,626 1,656 Diluted 1,643 1,693 1,653 1,689 Dividends per share paid $0.28 $0.24 $0.28 $0.24 Dividends per share announced $0.14 $0.12 $0.28 $0.24 Qualcomm Incorporated CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) Three Months Ended Six Months Ended March 30, April 1, March 30, April 1, 2008 2007 2008 2007 Operating Activities: Net income $766 $726 $1,533 $1,373 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 111 93 219 184 Non-cash income tax expense 10 131 82 229 Non-cash portion of share-based compensation expense 130 127 255 257 Incremental tax benefits from stock options exercised (53) (87) (101) (119) Net realized gains on marketable securities and other investments(37) (55) (118) (119) Other-than-temporary losses on marketable securities and other investments 62 1 119 2 Other items, net (14) 1 (11) 6 Changes in assets and liabilities, net of effects of acquisitions: Accounts receivable, net (35) (8) 8 (17) Inventories (88) (17) (135) (98) Other assets 31 (57) 42 (155) Trade accounts payable 97 87 20 134 Payroll, benefits and other liabilities (31) 7 (66) 1 Unearned revenues (2) 42 (20) 102 Net cash provided by operating activities 947 991 1,827 1,780 Investing Activities: Capital expenditures (301) (92) (428) (414) Purchases of available-for-sale securities (1,276) (1,908) (2,960) (3,581) Proceeds from sale of available- for-sale securities 1,497 1,909 3,989 4,345 Other investments and acquisitions, net of cash acquired (46) (7) (275) (227) Change in collateral held under securities lending (51) - 87 - Other items, net 26 3 26 1 Net cash (used) provided by investing activities (151) (95) 439 124 Financing Activities: Proceeds from issuance of common stock 159 158 236 255 Incremental tax benefits from stock options exercised 53 87 101 119 Dividends paid (455) (398) (455) (398) Repurchase and retirement of common stock (769) (40) (1,670) (136) Change in obligations under securities lending 51 - (87) - Net cash used by financing activities (961) (193) (1,875) (160) Effect of exchange rate changes on cash - 1 1 2 Net (decrease) increase in cash and cash equivalents (165) 704 392 1,746 Cash and cash equivalents at beginning of period 2,968 2,649 2,411 1,607 Cash and cash equivalents at end of period $2,803 $3,353 $2,803 $3,353 Qualcomm Contact: John Gilbert Vice President of Investor and Industry Analyst Relations 1-858-658-4813 (ph) 1-858-651-9303 (fax) e-mail: ir@qualcomm.com

Qualcomm Incorporated

CONTACT: John Gilbert, Vice President of Investor and Industry Analyst
Relations, +1-858-658-4813, +1-858-651-9303 fax, ir@qualcomm.com

Web site: http://www.qualcomm.com/

MTS Reports Second Quarter EPS of $0.76 up 36%

EDEN PRAIRIE, Minn., April 23 /PRNewswire-FirstCall/ -- MTS Systems Corporation today reported second quarter fiscal 2008 earnings of $0.76 per diluted share on net income of $13.5 million, an increase of 36 percent compared to earnings of $0.56 per diluted share on net income of $10.3 million for second quarter fiscal 2007. Net income in fiscal 2008 included tax benefits of $3.7 million, or $0.21 per diluted share.

(Logo: http://www.newscom.com/cgi-bin/prnh/20020430/MTSCLOGO)

"For the second consecutive quarter, MTS has delivered double digit orders growth in both the Test and Sensors segments reflecting growth across all geographies," said Laura B. Hamilton, CEO. "Revenue and EPS results for the second quarter were in line with expectations and reflect significant tax benefits, strong operating results in the Sensors segment, and reduced share count, net of planned spending on strategic growth initiatives."

"Margin rates in the Test segment continued to be suppressed due in part to unfavorable product mix and higher custom project costs; however, the rate improved over first quarter fiscal 2008. Given our strong backlog position and continued favorable currency, we are raising our full year revenue guidance to $455-$465 million, compared to the previous outlook of $440-$450 million. The additional volume is expected to offset lower Test segment margins, resulting in full year EPS to be in the top half of the previously issued $2.43-$2.53 guidance range".

Orders totaled $131.4 million, an increase of 35 percent compared to orders of $97.0 million for second quarter fiscal 2007, driven by growth across all geographies in both segments, as well as an estimated $7 million from favorable currency. Backlog increased 7 percent in second quarter fiscal 2008, from $229 million in first quarter fiscal 2008, to a record $246 million.

Revenue was $114.5 million, an increase of 12 percent compared to $101.8 million for second quarter fiscal 2007. This increase was primarily attributable to higher standard product and service business in the Test segment, continued growth across the Sensors segment and an estimated $7 million from favorable currency.

Gross profit was $47.1 million, an increase of 3 percent compared to $45.9 million for second quarter fiscal 2007. The gross margin rate was 41.1 percent, a decrease of 3.9 percentage points compared to 45.0 percent for second quarter fiscal 2007. The decrease was driven by unfavorable product mix and higher custom project costs in the Test segment, partially offset by increased volume in the Sensors segment.

Income from operations totaled $14.0 million, a decrease of 16 percent compared to income from operations of $16.7 million for second quarter fiscal 2007, as planned increases in sales and marketing expenditures more than offset the increase in gross profit for the quarter.

Net income totaled $13.5 million, or $0.76 per diluted share, an increase of 31 percent compared to net income of $10.3 million, or $0.56 per diluted share, for second quarter fiscal 2007. This increase was driven by lower income tax expense of $4.1 million, and $1.5 million from favorable currency transaction gains, partially offset by lower income from operations. The repatriation of earnings from Japanese affiliates provided increased tax benefits of $3.7 million, or $0.21 per diluted share, in second quarter fiscal 2008. Additionally, reduced shares outstanding positively impacted earnings per share by $0.03 for second quarter fiscal 2008.

Cash and cash equivalents at the end of second quarter fiscal 2008 totaled $129.4 million, compared to $113.2 million at the end of first quarter fiscal 2008. Cash flows from operations provided cash totaling $20.0 million in the second quarter, primarily due to earnings and decreased working capital requirements. During the quarter, the Company invested $2.5 million in capital expenditures and purchased approximately 126,000 shares of common stock for $4.5 million.

Segment Results Test Segment:

Orders for the Test segment were $106.3 million, an increase of 38 percent compared to orders of $77.3 million for second quarter fiscal 2007, reflecting strong bookings in all geographies. Orders included three custom orders in excess of $5 million totaling approximately $30 million. Backlog increased 8 percent in second quarter fiscal 2008, from $217 million in first quarter of fiscal 2008, to a record $234 million. Revenue was $90.1 million, an increase of 9 percent compared to $82.9 million for second quarter fiscal 2007, reflecting higher standard product and service business.

Gross profit was $33.3 million, or 37.0 percent, compared to $35.5 million, or 42.8 percent for second quarter fiscal 2007. This decrease was primarily due to unfavorable product mix and higher custom project costs, partially offset by increased volume. Income from operations was $8.5 million, a decrease of 34 percent compared to income from operations of $12.8 million for second quarter fiscal 2007. The decrease was primarily attributable to lower gross profit, and planned increases in sales and marketing expenditures.

Sensors Segment:

Orders for the Sensors segment were $25.1 million, an increase of 27 percent compared to orders of $19.7 million for second quarter fiscal 2007, reflecting business growth across all geographies. Backlog was flat at $12 million. Revenue was $24.4 million, an increase of 29 percent compared to revenue of $18.9 million for second quarter fiscal 2007, driven by increased volume in all geographies.

Gross profit was $13.8 million, an increase of 33 percent compared to $10.4 million for second quarter fiscal 2007, primarily reflecting the benefit of increased volume on factory utilization. Income from operations was $5.5 million, an increase of 41 percent compared to income from operations of $3.9 million for second quarter fiscal 2007, primarily due to increased gross profit, partially offset by planned increases in operating expenses.

Second Quarter Conference Call

A conference call will be held on April 24, 2008, at 10:00 a.m. EDT (9:00 a.m. CDT). Call +1-785-830-7988; and state the Conference passcode "5701844". Telephone re-play will be available through May 1, 2008. Call +1-719-830-7988.

If you prefer to listen live over the Internet, please log on to the web at http://www.mts.com/news/financial_news.htm and click on the webcast event notice. The webcast will be archived through July 21, 2008.

About MTS Systems Corporation

MTS Systems Corporation is a leading global supplier of test systems and industrial position sensors. The Company's testing hardware and software solutions help customers accelerate and improve their design, development and manufacturing processes and are used for determining the mechanical behavior of materials, products, and structures. MTS' high-performance position sensors provide controls for a variety of industrial and vehicular applications. MTS had 1,618 employees and revenue of $421 million for the fiscal year ended September 29, 2007. Additional information on MTS can be found on the worldwide web at http://www.mts.com/.

This release contains "forward-looking statements" made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995 that are subject to certain risks and uncertainties, as well as assumptions, that could cause actual results to differ materially from historical results and those presently anticipated or projected. The Company does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. In addition to the factors discussed above, other important risk factors are delineated in the Company's most recent SEC Form 10-Q and 10-K filings.

MTS SYSTEMS CORPORATION Consolidated Statements of Income (unaudited - in thousands, except per share data) Three Months Ended Six Months Ended March March March March 29, 31, 29, 31, 2008 2007 2008 2007 Revenue $114,546 $101,830 $224,600 $200,886 Cost of sales 67,467 55,961 133,177 112,909 Gross profit 47,079 45,869 91,423 87,977 Gross margin 41.1% 45.0% 40.7% 43.8% Operating expenses: Selling, general and administrative 28,850 25,103 56,761 50,055 Research and development 4,240 4,847 8,350 9,381 Total operating expenses 33,090 29,950 65,111 59,436 Gain on sale of assets - 763 - 763 Income from operations 13,989 16,682 26,312 29,304 Operating margin 12.2% 16.4% 11.7% 14.6% Interest income, net 643 627 1,217 1,214 Other income (expense), net 901 (885) 850 (810) Income before income taxes 15,533 16,424 28,379 29,708 Provision for income taxes 1,994 6,093 6,484 9,260 Net income $13,539 $10,331 $21,895 $20,448 Earnings per share: Basic- Earnings per share $0.77 $0.57 $1.24 $1.12 Weighted average number of common shares outstanding - basic 17,608 18,159 17,648 18,200 Diluted- Earnings per share $0.76 $0.56 $1.22 $1.10 Weighted average number of common shares outstanding - diluted 17,777 18,536 17,878 18,568 MTS SYSTEMS CORPORATION Consolidated Balance Sheets (unaudited - in thousands, except per share data) March 29, September 29, 2008 2007 ASSETS Current Assets: Cash and cash equivalents $129,390 $104,345 Short-term investments - 17,050 Accounts receivable, net 94,497 75,828 Unbilled accounts receivable 38,386 41,026 Inventories 48,570 43,483 Other current assets 15,768 10,794 Total current assets 326,611 292,526 Property and equipment, net 52,258 50,900 Goodwill 4,677 4,571 Other assets 7,564 4,984 Total Assets $391,110 $352,981 LIABILITIES AND SHAREHOLDERS' INVESTMENT Current Liabilities: Current debt $7,018 $6,948 Accounts payable 21,839 22,813 Advance payments from customers 63,056 51,927 Other accrued liabilities 60,471 63,094 Total current liabilities 152,384 144,782 Long-term debt, less current maturities 1,154 2,308 Other long-term liabilities 24,360 16,190 Total Liabilities 177,898 163,280 Shareholders' Investment: Common stock, $.25 par; 64,000 shares authorized: 17,536 and 17,704 shares issued and outstanding 4,384 4,426 Retained earnings 176,060 164,862 Accumulated other comprehensive income 32,768 20,413 Total shareholders' investment 213,212 189,701 Total Liabilities and Shareholders' Investment $391,110 $352,981

Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20020430/MTSCLOGO
AP Archive: http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com MTS Systems Corporation

CONTACT: Susan Knight, Chief Financial Officer of MTS Systems
Corporation, +1-952-937-4000

Web site: http://www.mts.com/

Captaris Kicks Off a Document Driven Process Automation Roadshow Across North AmericaAn educational series for senior business managers that introduces the latest document automation solutions for Microsoft Office SharePoint Server 2007Highlights- Free regional briefings to feature innovative solutions for automating manual paper intensive document processes using Microsoft Office SharePoint Server 2007 and new Captaris suite of products unveiled at AIIM Expo 2008 and Microsoft SharePoint Conference 2008- Seminar Series in eight regional Microsoft offices will debut on May 12, 2008

BELLEVUE, Wash., April 23 /PRNewswire-FirstCall/ -- Captaris, Inc. , a leading provider of software products that automate document-centric processes and Microsoft announced today the Document Process Automation Roadshow (DPAR). The DPAR events will consist of a series of breakfast briefings, delivered in an educational format, that demonstrate how organizations are replacing manual paper based processes with automated document processing by leveraging Microsoft SharePoint Server 2007 and Captaris solutions.

These free educational briefings will address the latest capabilities for document capture, intelligent recognition, document routing and enterprise content management (ECM). Captaris and Microsoft will be joined by Industry Experts who will discuss and demonstrate how organizations can dramatically reduce costs, streamline processes, and improve compliance within their existing business applications.

Beginning on May 12th in Seattle, WA, the briefings are designed to inform and educate senior-level business managers and technology decision makers on the significant impact that Microsoft Office SharePoint Server 2007 and the suite of Captaris products have in simplifying operations, increasing efficiencies and enabling compliancy with document-driven processes.

"This education series offers executives and IT professionals exposure to the very latest integrated solutions from Microsoft and Captaris," said Paul Yantus, executive vice president of marketing and new product development for Captaris.

"So many organizations using Microsoft Office SharePoint Server are unable to realize the true power of SharePoint because their manual, paper-dependent processes inhibit the information flowing into the system. This educational series will represent the widespread business improvements realized with Captaris and Microsoft products," said Daniel Cheng, president, Process Fusion, a valued Captaris partner.

The half-day briefings will take place at the Microsoft offices in the following cities:

Seattle, WA - May 12 Reston, VA - May 20 Atlanta, GA - May 22 New York, NY - May 29 Chicago, IL - June 2 Austin TX - June 4 Boston, MA - June 12 Irvine, CA - June 17

For event registration or more information, please visit http://www.captaris.com/dpar or call Captaris at 425-638-4105. Registration is free of charge, but seating is limited.

About Captaris Inc.

Captaris, Inc. is a leading provider of software products that automate document-centric business processes. Captaris specializes in document capture, recognition, routing, workflow and delivery. Captaris integrated solutions provide interoperability with leading line of business applications and technology platforms. Captaris products include RightFax, Captaris Workflow, Alchemy, FaxPress, DOKuStar, RecoStar, Single Click Entry and IDStar which are distributed through a global network of leading technology partners. Captaris customers include the entire Fortune 100 and the majority of Global 2000 companies. Headquartered in Bellevue, Washington, Captaris was founded in 1982 and is publicly traded on the NASDAQ Global Market under the symbol CAPA. http://www.captaris.com/.

Captaris, Inc.

CONTACT: Kim LaPlante of Captaris, Inc., +1-425-455-6000,
kimlaplante@captaris.com; or Barrie Locke of Ripple Effect Communications,
+1-617-536-8887, blocke@recommunication.com, for Captaris, Inc.

Web site: http://www.captaris.com/

Cognigen Networks Announces Name Change, Reverse Stock Split and Other Corporate ChangesName to be BayHill Capital Corporation; Trading Symbol to Change to 'BYHL'

SOUTH JORDAN, Utah, April 23 /PRNewswire-FirstCall/ -- Cognigen Networks, Inc. (BULLETIN BOARD: CGNW) , an Internet-enabled marketer and certificated reseller of communications services, announced today that it has completed the steps necessary to change its name to BayHill Capital Corporation, to consummate a reverse split of its common stock at a ratio of one-for-50, effective April 23, 2008, to re-incorporate under the General Corporation Law of the State of Delaware and to effect other corporate changes.

At a special meeting of shareholders held on March 31, 2008, Cognigen's shareholders approved proposals to change the company's name to "BayHill Capital Corporation," to effect a reverse stock split of Cognigen's common stock, at a ratio of one post-split share for each 50 shares currently outstanding, and to re-incorporate the company under the Delaware General Corporation Law. Cognigen shareholders also approved proposals to reduce the number of authorized shares of Cognigen capital stock from 320,000,000 shares (300,000,000 shares of common stock and 20,000,000 shares of preferred stock) to 100,400,000 shares (100,000,000 shares of common stock and 4000,000 shares of preferred stock) and to adopt the Cognigen Networks, Inc. 2008 Stock Incentive Plan.

Following the special meeting, Cognigen's Board of Directors authorized Cognigen's management to implement the actions approved by the company's shareholders. Based on that authorization, the Company's management completed the actions necessary to effect the name change, reverse stock split, Delaware re-incorporation and reduction in the number of authorized shares of common and preferred stock. The common stock of BayHill Capital Corporation began trading on April 23, 2008 on a post-split basis under the symbol "BYHL."

Bob Bench, President and CEO stated: "These events are in line with our ongoing plan to position the business for rapid growth through a strategic acquisition strategy. We believe these activities will also help our Internet Marketing business, CommissionRiver, accelerate our current efforts of building our base of affiliate marketers and product offerings. CommissionRiver will continue operating under its current name. We appreciate the support of our shareholders in helping to make these milestones happen."

Management anticipates that the reverse stock split will reduce the number of outstanding shares of Cognigen's common stock from approximately 87,470,057 shares to approximately 1,749,401 shares. Cognigen does not presently have any shares of preferred stock outstanding. No fractional shares will be issued in connection with the reverse stock split. Cash will be issued in lieu of fractional shares. The exercise price and the number of shares of common stock issuable under Cognigen's outstanding warrants and options will be proportionately adjusted to reflect the reverse stock split. The number of shares issuable under Cognigen's equity incentive plans, including the recently adopted Cognigen Networks, Inc. 2008 Stock incentive Plan, will be proportionately reduced to reflect the reverse stock split. Additional information about the actions approved by the Cognigen shareholders is available in Cognigen's definitive proxy materials filed with the Securities and Exchange Commission on March 3, 2008.

Existing Cognigen shareholders will receive a Letter of Transmittal from Computershare Trust Company, Cognigen's transfer agent, with specific instructions regarding the exchange of stock certificates. Computershare Trust Company will act as the exchange agent for the purpose of implementing the exchange of stock certificates in connection with the reverse split.

About BayHill Capital Corporation

BayHill Capital Corporation owns brands and operates companies related to Internet marketing and product distribution. CommissionRiver, our wholly-owned subsidiary, helps product vendors and advertisers identify and utilize effective marketing methods to find targeted customers. Our current brands and programs are used by thousands of web entrepreneurs who market a variety of products through the Internet on behalf of advertisers. For product advertisers, our brands offer simplified access to a large customer market through an expert selling channel.

Through CommissionRiver we offer a wide range of telecommunication services and related technology products via our Web site, http://www.commissionriver.com/. CommissionRiver's robust marketing engine harnesses distribution channels featuring a prominent Internet presence, a network of independent agents and several affiliate groups, each having their own customized Web site. Our agent-initiated sales, as well as those generated directly off CommissionRiver's main website, are fulfilled via proprietary software utilizing the Internet. Since September of 1999, we have sold, on behalf of our vendors and for our own account, services and products to approximately 875,000 customers worldwide.

Forward-Looking Statements

In addition to historical statements, the information set forth herein contains forward-looking statements. Although Cognigen believes that the expectations reflected in the forward-looking statements are reasonable, no assurance can be given that such expectations will prove to be correct. The forward-looking statements involve risks and uncertainties that affect Cognigen's business, financial condition and results of operations, including without limitation, the process and timing of obtaining regulatory and administrative approvals and completing multiple regulatory and administrative filings. Many of these risks are beyond Cognigen's control.

Cognigen Networks, Inc.

CONTACT: Robyn Farnsworth of BayHill Capital Corporation,
+1-801-705-5128, fax, +1-801-705-9372, robyn@bayhillgroup.com

Web site: http://www.cognigen.com/
http://www.bayhillcapital.com/
http://www.commissionriver.com/

Plexus Announces Q2 Revenue of $451 Million and EPS of $0.48Initiates Q3 Revenue Guidance of $430 - $450 Million

NEENAH, Wis., April 23 /PRNewswire-FirstCall/ -- Plexus Corp. today announced:

-- Q2 Fiscal 2008 Results: Revenue for the fiscal 2nd quarter ended March 29, 2008 was $451 million with diluted GAAP EPS of $0.48, including $0.04 per share of stock-based compensation expense. -- Q3 Fiscal 2008 Guidance: The Company established fiscal 3rd quarter revenue guidance of $430 to $450 million with EPS, excluding any restructuring charges, in the range of $0.36 to $0.41, including approximately $0.05 per share of stock-based compensation expense.

Dean Foate, President and CEO, commented, "We are pleased with our 2nd quarter results, with return on invested capital (ROIC) for Q2 of 23.4% and revenue and EPS in line with our guidance. Revenue for the quarter of $451 million was flat from the strong 1st quarter of fiscal 2008. Sequentially strong performance in our Wireline/Networking and Industrial/Commercial sectors offset modest weakness in our Medical sector and a significant $29 million reduction in revenue from our large un-named defense program. Excluding this defense program, revenue grew approximately 5.5% sequentially in Q2. We are establishing Q3 revenue guidance of $430 to $450 million. This implies that Q3 revenue will be down from Q2, but once again it is important to note that in Q3 we expect a $25 million sequential reduction in revenue from our large un-named defense customer as we have essentially completed the previously announced production orders."

"Looking to the remainder of fiscal 2008," Foate continued, "our current customer forecasts and new business development efforts suggest that revenue growth for the full year will be in the range of 16% to 18%, implying a strong finish to the year. While we are encouraged by our current outlook for our fiscal year, we are mindful that further economic turbulence could quickly disrupt our customers' end-markets and impact our ability to achieve our revised full year targets."

Ginger Jones, Chief Financial Officer, added "Our gross margin for Q2 was 11.4%, consistent with our expectations for the quarter. EPS for Q2 was impacted by two items that were not included in the original Q2 guidance. First, our fiscal 2008 US income is now expected to be higher than previously anticipated. As a result, we are now expecting our tax rate for fiscal 2008 to be approximately 20% rather than the 18% rate used when we established our Q2 guidance last quarter. Consequently, we recorded a tax provision for Q2 that resulted in a reduction in EPS of $0.03. Second, we recognized a benefit to EPS of approximately $.01 from the financial recapitalization announced on February 25. For the second quarter, the $100 million accelerated share repurchase program resulted in the repurchase of 2.9 million shares at an average price of $23.40."

The Company expects to complete the accelerated share repurchase program in the third fiscal quarter. The remaining $100 million share repurchase is expected to be completed in the open market by the end of calendar 2008, although there is no firm schedule or commitment for these purchases. As disclosed in the press release released earlier this month, the credit facilities associated with the financial recapitalization plan were finalized and funded on April 4, 2008.

Foate concluded, "Our strategic intent is to be the best EMS company in the world at serving customers with products in the mid- to low-volume, higher-mix segment of the market. Our value proposition to serve this portion of the market has never been stronger and we are seeing robust demand for our services. We will continue to make prudent investments to service our customers, with modest expansions committed in North America and ongoing strategies to add an additional regional operation in China and our first regional presence in Central/Eastern Europe. We will continue to follow our disciplined focus on intelligent, profitable growth that generates ROIC in excess of our weighted average cost of capital."

Plexus provides non-GAAP supplemental information. Non-GAAP income statements exclude transactions that are not expected to have an effect on future operations. Such transactions include restructuring costs, as well as the establishment or reduction of the valuation allowance for deferred tax assets. We also provide comparisons excluding our large un-named defense program to facilitate understanding of trends in the balance of our business, due to the episodic nature of orders for that program. These non-GAAP financial data are provided to facilitate meaningful period-to-period comparisons of underlying operational performance by eliminating infrequent or unusual charges. Similar non-GAAP financial measures, including ROIC, are used for internal management assessments because such measures provide additional insight into ongoing financial performance. In particular, we provide ROIC because we believe it offers insight into the metrics that are driving management decisions as well as management's performance under the tests which it sets for itself. Please refer to the attached reconciliations of non-GAAP supplemental data.

MARKET SECTOR BREAKOUT

Plexus reports revenue based on the market sector breakout set forth in the table below, which reflects the Company's sales and marketing focus.

Market Sector Q1 - F08 Q2 - F08 Wireline/Networking $176 M 38% $193 M 43% Wireless Infrastructure $42 M 9% $42 M 9% Medical $94 M 21% $92 M 20% Industrial/Commercial $67 M 15% $74 M 17% Defense/Security/ Aerospace * $79 M 17% $50 M 11% Total Revenue $458 M $451 M

* The Defense / Security / Aerospace Sector includes revenue from a large, un-named defense program of $56 million in Q1 F08 and $27 million in Q2 F08.

FISCAL Q2 HIGHLIGHTS -- ROIC for the second fiscal quarter was 23.4%, which was influenced positively by a favorable mix of programs in the quarter. The Company defines quarterly ROIC as tax-effected operating income, divided by average capital employed over a rolling three quarter period. Capital employed is defined as equity plus debt, less cash and cash equivalents and short-term investments. In periods including restructuring charges we also compute adjusted ROIC excluding restructuring costs to better compare ongoing operations. -- Cash flow provided by operations was approximately $43 million for the quarter. -- Top 10 customers comprised 60% of revenue during the quarter, down 3 percentage points from the previous quarter. -- Juniper Networks Inc., with 20% of revenue, was the only customer representing 10% or more of revenue for the quarter. -- Capital expenditures for the quarter were $10.3 million. -- Cash Conversion Cycle: Cash Conversion Cycle Q1 - F08 Q2 - F08 Days in Accounts Receivable 50 Days 46 Days Days in Inventory 67 Days 72 Days Days in Accounts Payable (56) Days (58) Days Annualized Cash Cycle 61 Days 60 Days Conference Call/Webcast and Replay Information: What: Plexus Corp.'s Fiscal Q2 Earnings Conference Call When: Thursday, April 24th at 8:30 a.m. Eastern Time Where: 888-693-3477 or 973-582-2710 with conference ID: 40909066 http://www.videonewswire.com/PLXS/042408/(requires Windows Media Player) Replay: The call will be archived until April 31, 2008 at noon Eastern Time http://www.videonewswire.com/PLXS/042408/or via telephone replay at 800-642-1687 or 706-645-9291 PIN: 40909066 About Plexus Corp. - The Product Realization Company

Plexus (http://www.plexus.com/) is an award-winning participant in the Electronics Manufacturing Services (EMS) industry, providing product design, supply chain and materials management, manufacturing, test, fulfillment and aftermarket solutions to branded product companies in the Wireline/Networking, Wireless Infrastructure, Medical, Industrial/Commercial and Defense/Security/Aerospace market sectors.

The Company's unique Focused Factory manufacturing model and global supply chain solutions are strategically enhanced by value-added product design and engineering services. Plexus specializes in mid- to low-volume, higher-mix customer programs that require flexibility, scalability, technology and quality.

Plexus provides award-winning customer service to more than 100 branded product companies in North America, Europe and Asia.

Safe Harbor and Fair Disclosure Statement

The statements contained in this release which are guidance or which are not historical facts (such as statements in the future tense and statements including "believe," "expect," "intend," "plan," "anticipate," "goal," "target" and similar terms and concepts), including all discussions of periods which are not yet completed, are forward-looking statements that involve risks and uncertainties, including, but not limited to: the economic performance of the electronics, technology and defense industries; market reaction to the previously announced share repurchase programs; the risk of customer delays, changes or cancellations in both ongoing and new programs; the poor visibility of future orders in the defense market sector and the uncertainty of defense appropriations and spending; the effects of the volume of revenue from certain sectors or programs on our margins in particular periods, the Company's ability to secure new customers and maintain its current customer base; the risks of concentration of work for certain customers; material cost fluctuations and the adequate availability of components and related parts for production; the effect of changes in average selling prices; the effect of start-up costs of new programs and facilities, including our expansions in Asia; the adequacy of restructuring and similar charges as compared to actual expenses; the degree of success and the costs of efforts to improve the financial performance of its Mexican operations; possible unexpected costs and operating disruption in transitioning programs; the costs and inherent uncertainties of pending litigation; the effect of general economic conditions and world events (such as increases in oil prices, terrorism and war in the Middle East); the impact of increased competition; and other risks detailed in the Company's Securities and Exchange Commission filings (particularly in Part II, Item 1A of our quarterly report on Form 10-Q for the quarter ended December 29, 2007).

PLEXUS CORP. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (unaudited) Three Months Ended Six Months Ended March 29, March 31, March 29, March 31, 2008 2007 2008 2007 Net sales $ 451,049 $ 360,175 $ 909,300 $ 741,010 Cost of sales 399,497 328,533 802,194 669,713 Gross profit 51,552 31,642 107,106 71,297 Operating expenses: Selling and administrative expenses 23,989 20,572 47,615 40,918 Restructuring costs - 419 - 932 23,989 20,991 47,615 41,850 Operating income 27,563 10,651 59,491 29,447 Other income (expense): Interest expense (723) (761) (1,458) (1,686) Interest income 1,991 2,153 4,538 4,464 Miscellaneous income (expense) (362) (82) (827) (631) Income before income taxes 28,469 11,961 61,744 31,594 Income tax expense 6,359 1,803 12,349 6,319 Net income $ 22,110 $ 10,158 $ 49,395 $ 25,275 Earnings per share: Basic $ 0.48 $ 0.22 $ 1.07 $ 0.55 Diluted $ 0.48 $ 0.22 $ 1.06 $ 0.54 Weighted average shares outstanding: Basic 45,611 46,296 46,030 46,269 Diluted 46,030 46,601 46,546 46,698 PLEXUS CORP. NON-GAAP SUPPLEMENTAL INFORMATION (in thousands, except per share data) (unaudited) Statements of Operation Three Months Ended Six Months Ended March 29, March 31, March 29, March 31, 2008 2007 2008 2007 Net income - GAAP $ 22,110 $ 10,158 $ 49,395 $ 25,275 Add: Income tax expense 6,359 1,803 12,349 6,319 Income before income taxes - GAAP 28,469 11,961 61,744 31,594 Add: Restructuring costs* - 419 - 932 Income before income taxes and excluding restructuring costs - Non-GAAP 28,469 12,380 61,744 32,526 Income tax expense - Non-GAAP 6,359 1,866 12,349 6,505 Net income - Non- GAAP $ 22,110 $ 10,514 $ 49,395 $ 26,021 Earnings per share - Non-GAAP: Basic $ 0.48 $ 0.23 $ 1.07 $ 0.56 Diluted $ 0.48 $ 0.23 $ 1.06 $ 0.56 Weighted average shares outstanding: Basic 45,611 46,296 46,030 46,269 Diluted 46,030 46,601 46,546 46,698 * Summary of restructuring costs Restructuring costs: Severance costs $ - $ 419 $ - $ 932 ROIC Calculation Six Months Ended March 29, 2008 Operating Income $ 59,491 x 2 Annualized operating income 118,982 Tax rate (excluding unusual charges) x 20% Tax impact 23,796 Operating income (tax effected) ÷ 95,186 Average capital employed $ 406,745 ROIC 23.4% Avg. Capital Sept 29, 2007 Dec 29, 2007 Mar 29, 2008 Employed Equity $ 573,265 $604,792 $531,164 Plus: Debt - current 1,720 1,815 1,581 Debt - non-current 25,082 24,681 24,456 Less: Cash and cash equivalents (154,109) (158,547) (144,165) Short-term investments (55,000) (54,500) (2,000) $ 390,958 $ 418,241 $ 411,036 $ 406,745 PLEXUS CORP. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except per share data) (unaudited) March 29, September 29, 2008 2007 ASSETS Current assets: Cash and cash equivalents $ 144,165 $ 154,109 Short-term investments 2,000 55,000 Accounts receivable 228,813 230,826 Inventories 312,957 275,854 Deferred income taxes 12,771 12,932 Prepaid expenses and other 7,112 5,434 Total current assets 707,818 734,155 Property, plant and equipment, net 168,770 159,517 Goodwill, net 7,886 8,062 Deferred income taxes 2,352 2,310 Other 13,985 12,472 Total assets $ 900,811 $ 916,516 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Current portion of capital lease obligations $ 1,581 $ 1,720 Accounts payable 254,349 237,034 Customer deposits 16,357 10,381 Accrued liabilities: Salaries and wages 32,110 23,149 Other 26,783 34,755 Total current liabilities 331,180 307,039 Capital lease obligations, net of current portion 24,456 25,082 Other liabilities 12,867 9,372 Deferred income taxes 1,144 1,758 Shareholders' equity: Common stock, $.01 par value, 200,000 shares authorized, 43,630 and 46,402 shares issued and outstanding, respectively 436 464 Additional paid-in-capital 311,146 336,603 Common stock held in treasury, at cost, 2,894 shares and 0 shares, respectively (67,705) - Retained earnings 273,981 224,586 Accumulated other comprehensive income 13,306 11,612 Total shareholders' equity 531,164 573,265 Total liabilities and shareholders' equity $ 900,811 $ 916,516

Plexus Corp.

CONTACT: Ginger Jones, VP and Chief Financial Officer of Plexus Corp.,
+1-920-751-5487, ginger.jones@plexus.com

Web site: http://www.plexus.com/

EDS Extends Commitment to Remain Title Sponsor of EDS Byron Nelson Championship Through 2014

PLANO, Texas, April 23 /PRNewswire-FirstCall/ -- EDS today announced it has extended its commitment as title sponsor of the EDS Byron Nelson Championship with the sponsorship now running through 2014. This is the second early extension agreed to between EDS and the Salesmanship Club of Dallas since EDS became title sponsor in 2003. Financial terms of the extension were not disclosed.

"We believe in this tournament and appreciate the tremendous impact it has in the Dallas community, and we are excited about the opportunity to play a key role in its future," said Ron Rittenmeyer, chairman, president and chief executive officer of EDS. "The EDS Byron Nelson Championship is our hometown PGA TOUR event and provides a great venue for us to attract our key clients, as well as a wonderful opportunity for our employees to get involved in supporting a great cause. The Championship is woven into the fabric of our employee base. This year alone we have over 300 employees from 24 states and 11 foreign countries volunteering at the tournament.

"Most of all, it allows EDS to honor the legacy of Byron Nelson by continuing our work with the Salesmanship Club of Dallas to raise money to help children and families in the Dallas area," Rittenmeyer emphasized. "The EDS Byron Nelson Championship stands alone among PGA TOUR events in its ability to raise money for charity with more than $100 million raised to date. We are already looking forward to leading the drive for the next $100 million."

"EDS, in large part through Ron Rittenmeyer's leadership, is very much committed to the continued growth and success of the Byron Nelson Championship and the charitable initiatives of the Salesmanship Club," PGA TOUR commissioner Tim Finchem said. "We are extremely pleased to be in a position today to announce that EDS will continue this support through 2014."

"We are thrilled with the extension and appreciate the opportunity to continue our relationship with EDS -- the best title sponsor on the PGA TOUR," said Randy Engstrom, president of the Salesmanship Club of Dallas. "Above all, this agreement secures our programs for the kids of Dallas for the next six years."

According to Rittenmeyer, several critical factors were evaluated before EDS committed to continue as title sponsor, including the completion of the redesign of the TPC of Las Colinas golf course.

"D.A. Weibring and his team, with the support of the Salesmanship Club, the Four Seasons Resort and its owner, Bentley Forbes, did a fantastic job of making the TPC golf course worthy of a premier PGA TOUR event," said Rittenmeyer. "The quality of the course is a key factor in the tournament's ability to attract the strongest field possible."

The announcement of this extension, coupled with the debut of the redesigned course, assure a bright future for the tournament.

About EDS

EDS is a leading global technology services company delivering business solutions to its clients. EDS founded the information technology outsourcing industry more than 45 years ago. Today, EDS delivers a broad portfolio of information technology and business process outsourcing services to clients in the manufacturing, financial services, healthcare, communications, energy, transportation, and consumer and retail industries and to governments around the world. Learn more at eds.com.

MEDIA CONTACTS: Bob Brand Tracy Cobb Chris Smith EDS Salesmanship Club of Dallas PGA TOUR 214 557 8027 214 558 6313 904 273 3379 bob.brand@eds.com tcobb@scdallas.org csmith@pgatourhq.com

Electronic Data Systems Corporation

CONTACT: Bob Brand of EDS, +1-214-557-8027, bob.brand@eds.com; or Tracy
Cobb of Salesmanship Club of Dallas, +1-214-558-6313, tcobb@scdallas.org; or
Chris Smith of PGA TOUR, +1-904-273-3379, csmith@pgatourhq.com

Web site: http://www.eds.com/

Micromem projects revenue from early pilot orders for magnetic sensors in 2008

TORONTO, April 23 /PRNewswire-FirstCall/ -- Micromem Technologies Inc. (OTC BB: MMTIF) is pleased to announce that it is fully engaged and conducting business development work in two foundries in the United States. The company expects to enter into a third foundry contract by Q3 2008.

Joseph Fuda, the company's CEO, stated, "With our potential clients beginning to validate our technology and moving towards specific productization plans for their product lines, it is imperative that we continue to have full access to foundry operations. This will ensure the process of moving from constant innovation to product revenue is accelerated."

The company has begun manufacturing its magnetic sensors for potential commercial clients. This work is currently underway in the Global Communications Semiconductor (GCS) foundry in Torrence, California. The company expects to deliver the first packaged magnetic sensors for evaluation and characterization some time this summer and anticipates generating sales from these pilot projects. GCS performed exceptionally well in the early productization phase and the management will continue this partnership as it brings sensors and memory arrays to market.

With the productization process fully underway with its partners, Micromem has focused its attention to business development. Management is pursuing licensing revenue and direct revenue from sales and marketing channels for its memory and sensor devices. In a similar vein the company will begin to deliver MRAM memory arrays packaged for specific market place evaluation by Q3 2008.

Joseph Fuda states, "We are now actively responding to and submitting proposals for both commercial and government sectors for memory and sensor applications. The interest that we have seen for sensors has been incredible and we expect this to be a very exciting and profitable sector for our patented technology. It is important to note this initial project is for a potential client in the sensor market only and is independent of the company's memory initiatives."

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 and sensors.

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: concerning the Micromem technology or to participate in future
field trials please contact Jason Baun, Chief Information Officer,
1-877-388-8930

Akibia Wins Check Point Software PUREAdvantage Platinum Partner of the Year AwardAkibia Recognized for Second Consecutive Year

WESTBOROUGH, Mass., April 23 /PRNewswire/ -- Akibia, a leading independent IT services firm providing data center and network security solutions, announced it has received from Check Point(R) Software Technologies Ltd. the Check Point Software PUREAdvantage Award at Check Point Experience. The award recognizes Akibia as the Platinum Partner of the Year. This is the second consecutive year Akibia has won this award.

Akibia was recognized because it excels as a Check Point partner providing expert Check Point consulting, integration, support and education services. Akibia's engineers are experienced and proven in implementing Check Point solutions and Akibia is routinely commended by joint customers for its superior Check Point integration and support capabilities. The partnership between the two companies has grown significantly in terms of customers, revenue and strategic successes as a result of Akibia's strong consulting team, its ability to quickly integrate new and emerging Check Point solutions within its portfolio, and its knowledgeable and educated sales and support staff, as well as the strength of Check Point's data security solutions.

"Akibia exemplifies partner excellence," said Marty Leamy, vice president of Americas field operations for Check Point. "We have recognized Akibia for the second consecutive year with the Check Point Software PUREAdvantage Award because of the value Akibia brings to our partnership and our shared customers, in terms of support, technical capabilities and depth of market penetration."

Akibia supports the full Check Point technology life cycle. Akibia's leading consulting, implementation and systems integration services are renowned for superior quality and enable clients to reduce risk, ensure compliance and secure their IT environment by leveraging best-in-breed Check Point security solutions.

Akibia's advanced 24x7 firewall and infrastructure support services, including Monitored and Managed Firewall and VPN Services, help companies proactively support their Check Point environment. The company's 24x7 technical support center is staffed by Check Point-certified engineers, who are experts in firewalls, VPNs, and endpoint security. Akibia's flexible and innovative approach to delivering technical support allows its clients to customize a solution to meet their unique requirements. Akibia is also the largest Check Point Authorized Training Center in New England.

"We are honored to once again be recognized with the Check Point Software PUREAdvantage Award," said Tom Tucker, president of Akibia. "Akibia is a trusted advisor to our clients, and in that role we ensure we are providing the best possible solutions for data security, which includes Check Point's suite of data protection and encryption products."

About Akibia, Inc.

Akibia provides innovative IT solutions that enable leading companies worldwide to optimize, secure, manage and support their mission-critical infrastructure. As an independent advisor, Akibia partners with its customers to deliver solutions that improve the availability and performance of their data center and security infrastructure. Combining expert consulting, integration and support services with world-class customer service, Akibia helps IT organizations maximize the value of their existing infrastructure, while mitigating risk and reducing complexity. Founded as Polaris Service in 1988 and headquartered in Massachusetts, Akibia is an independent services company with offices throughout the United States and Europe.

Akibia is a registered trademark of Akibia, Inc. All other product and company names mentioned are the property of their respective owners and are mentioned for identification purposes only.

About Check Point Software Technologies Ltd.

Check Point Software Technologies Ltd. (http://www.checkpoint.com/) is the leader in securing the Internet. Check Point offers total security solutions featuring a unified gateway, single endpoint agent and single management architecture, customized to fit customers' dynamic business needs. We are unique in this offering as a result of our leadership and innovation in the enterprise firewall, personal firewall/endpoint, data security and VPN markets.

Check Point's pure focus is on information security. Through its NGX platform, Check Point delivers a unified security architecture to protect business communications and resources, including corporate networks and applications, remote employees, branch offices and partner extranets. The company also offers market-leading endpoint and data security solutions with Check Point Endpoint Security products, protecting and encrypting sensitive corporate information stored on PCs and other mobile computing devices. Check Point's award-winning ZoneAlarm solutions protect millions of consumer PCs from hackers, spyware and identity theft. Check Point solutions are sold, integrated and serviced by a network of Check Point partners around the world and its customers include 100 percent of Fortune 100 companies and tens of thousands of businesses and organizations of all sizes.

Akibia, Inc.

CONTACT: Stephanie Hadley of Akibia, Inc., +1-508-621-4753,
shadley@akibia.com

Web site: http://www.akibia.com/
http://www.checkpoint.com/

Open Text's 'Repository of Record' For Microsoft Office SharePoint Server 2007 Fills Growing NeedGrowth in Microsoft Office SharePoint Server 2007 Drives Need to Capture and Manage Company Content Across SharePoint Sites, Analyst Firm Finds

CHICAGO, April 23 /PRNewswire-FirstCall/ -- Open Text(TM) Corporation , a global leader in enterprise content management (ECM), today announced the release of a sponsored IDC white paper that reveals how the ever-growing adoption of Microsoft Office SharePoint Server 2007 for creating, managing and sharing documents is fueling increased demand for software that provides a repository of record for companies' vast amounts of content and data. As detailed in the white paper, Open Text offers a complete set of ECM offerings that "augment and extend the Office SharePoint Server 2007 environment so that content from Office SharePoint Server 2007 sites can be centrally structured and managed, connected to other organizational content resources, and incorporated into industry or process-based content applications."

Organizations across a broad spectrum of industries are deploying Office SharePoint Server 2007, which gives users throughout the organization the ability to see and use documents uploaded to the collaborative system. But this success is driving the need for solutions that build upon that platform, according to the recently released IDC white paper, sponsored by Open Text, Open Text and Microsoft Office SharePoint Server: The Road to Greater Productivity (IDCWP06Q, March 2008).

"At the most basic level, people need the ability to store, share and find their business documents. Organizations are struggling with information management issues, and with how to manage content throughout its lifecycle," the leading market research firm reported.

IDC found that the number one concern for organizations seeking to purchase content management solutions was the need for a repository of record "so nothing is lost." More than 70 percent of IDC's 436-member Enterprise Panel cited the need for a repository of record as their top motivator for adopting ECM. Securing intellectual property ranked second at 64 percent, followed closely with "making it easy to reuse and/or repurpose content" (62 percent). Respondents also cited the need to adhere to retention policies for compliance as well as improve collaboration around creating content and making content available through multiple channels.

Companies that make technology investments understandably want their employees-regardless of their skills-sets or ways of using the technology-to get the maximum benefits. This is driving the demand for "invisible content management" that makes content management systems a seamless part of users' systems. "This brings more employees into the content management fold by incorporating their locally stored content into the more structured overarching systems and processes for managing content," IDC said. Additionally it improves employees' access to their company's content repositories, so they don't spend as much time searching for relevant information.

Through its strategic alliance with Microsoft, Open Text offers optimized ECM solutions for the Microsoft platform, including records management and archiving that enable the implementation of a repository of record. A Microsoft Gold Certified Partner and Global ISV Partner of the Year, Open Text has built on its extensive expertise in content management to take advantage of SharePoint's resident core content services to create vertical solutions and enable enterprise-wide connections across multiple SharePoint Server 2007 sites.

"We recognize the tremendous growth of Office SharePoint Server to enhance knowledge worker productivity and collaboration, and through our close alignment with Microsoft and long-history in ECM we are well positioned to share in this growth," said Jens Rabe, Vice President, Microsoft Applications and Solutions Line of Business for Open Text. "As this IDC white paper explains, due to our rich history in ECM software, we are the natural next step for enterprises seeking maximum value from their investment in ECM technologies."

Open Text is a leader in delivering solutions that extend the Microsoft platform. Last year, Open Text opened a new office in Microsoft's Partner Solution Center in Redmond, WA., to further its relationship with Microsoft, and to better align product strategy and direction.

Over the last year, Open Text has introduced a string of new solutions that enhance Office SharePoint Server 2007. Last year, the company was first-to-market with a U.S. Department of Defense (DoD)-certified records management solution for Office SharePoint Server 2007. This year's new offerings include a document management integration introduced by RedDot, the Open Text Web Solutions Group (http://www.opentext.com/news/pr.html?id=2028); a new offering for the law firm market that delivers legal applications in SharePoint Server 2007 (http://www.opentext.com/news/pr.html?id=1997); and the release of a development framework for the creation of case management applications in Office SharePoint Server 2007 (http://www.opentext.com/news/pr.html?id=2004).

For the full IDC white paper go to: http://www.opentext.com/download/livelinkdownload.html?path= /corporate/partners/idc.pdf

LiveLinkUp Europe 2008

Open Text announced the IDC white paper in conjunction with the company's European conference LiveLinkUp Europe 2008. For more information on the event being held on April 22 in Dusseldorf and April 24 in London, please visit: http://livelinkup.opentext.com/europe/2008/

About Open Text

Open Text, an enterprise software company and leader in enterprise content management, helps organizations manage and gain the true value of their business content. Open Text brings two decades of expertise supporting 46,000 customers and millions of users in 114 countries. Working with our customers and partners, we bring together leading Content Experts(TM) to help organizations capture and preserve corporate memory, increase brand equity, automate processes, mitigate risk, manage compliance and improve competitiveness. For more information, visit http://www.opentext.com/.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995

This news release may contain forward-looking statements relating to the success of any of the Company's strategic initiatives, the Company's growth and profitability prospects, the benefits of the Company's products to be realized by customers, the Company's position in the market and future opportunities therein, the deployment of Livelink and our other products by customers, and future performance of Open Text Corporation. Forward-looking statements may also include, without limitation, any statement relating to future events, conditions or circumstances. Forward-looking statements in this release are not promises or guarantees and are subject to certain risks and uncertainties, and actual results may differ materially. The risks and uncertainties that may affect forward-looking statements include, among others, the failure to develop new products, risks involved in fluctuations in currency exchange rates, delays in purchasing decisions of customers, the completion and integration of acquisitions, the possibility of technical, logistical or planning issues in connection with deployments, the continuous commitment of the Company's customers, demand for the Company's products and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission (SEC), including the Form 10-K for the year ended June 30, 2008. You should not place undue reliance upon any such forward-looking statements, which are based on management's beliefs and opinions at the time the statements are made, and the Company does not undertake any obligations to update forward-looking statements should circumstances or management's beliefs or opinions change.

Copyright (C) 2008 by Open Text Corporation. LIVELINK ECM and OPEN TEXT are trademarks or registered trademarks of Open Text Corporation in the United States of America, Canada, the European Union and/or other countries. This list of trademarks is not exhaustive. Other trademarks, registered trademarks, product names, company names, brands and service names mentioned herein are property of Open Text Corporation or other respective owners.

Open Text Corporation

CONTACT: Richard Maganini, Open Text Corporation, (847) 267-9330
ext.4266, rmaganin@opentext.com; Stephanie Dodge, Open Text Corporation, (519)
888-7111, x2429, sdodge@opentext.com; Brian Edwards, McKenzie Worldwide, (503)
577-4583, briane@mckenzieworldwide.com

Magna International Inc. Annual Meeting of Shareholders and Notice of Conference Call for First Quarter 2008 Results

TORONTO, Canada, April 23 /PRNewswire/ -- Magna International Inc. (TSX: MG.A; NYSE: MGA) is holding its Annual Meeting of Shareholders on Thursday, May 1, 2008 at Roy Thomson Hall, 60 Simcoe Street, Toronto, Ontario, commencing at 10:00 a.m. EDT. The meeting will be webcast live and can be accessed at http://www.magna.com. Magna will also announce its financial results for the first quarter ended March 31, 2008 on the morning of the meeting.

Magna will hold its quarterly conference call on Thursday, May 1, 2008 at 1:30 p.m. EDT. The number to use for this call is 1-800-763-5615. Overseas callers should use 1-212-231-2903. Please call in at least 10 minutes prior to start time. The conference call will be webcast at http://www.magna.com, and will be chaired by Vincent J. Galifi, Executive Vice-President and Chief Financial Officer.

If you have any questions, please call Louis Tonelli at 905-726-7035. For teleconferencing questions, please call Karin Kaminski at 905-726-7103.

For anyone unable to listen to the scheduled call, the rebroadcast numbers are: North America - 1-800-558-5253 and Overseas - 1-416-626-4100 (reservation number is 21381626) and will be available until Thursday, May 8, 2008.

For further information:

If you have any questions, please call Louis Tonelli at +1-905-726-7035

For teleconferencing questions, please call Karin Kaminski at +1-905-726-7103

Magna International Inc.

If you have any questions, please call Louis Tonelli at +1-905-726-7035; For teleconferencing questions, please call Karin Kaminski at +1-905-726-7103

Comcast Awards $55,000 in Scholarships to Houston-Area StudentsComcast Recognizes 55 Local High School Seniors for Academic Achievement, Commitment to Community Service

HOUSTON, April 23 /PRNewswire-FirstCall/ -- For the first time ever in Houston, 55 local high school seniors are receiving a helping hand for college in the form of $1,000 scholarships from the Comcast Foundation. The Comcast Leaders and Achievers Scholarship Program, one of the Comcast Foundation's signature community investment programs, recognizes students in local communities who have demonstrated leadership skills, academic achievement and a commitment to community service.

"As the cost of college continues to rise, Comcast is proud to present each of these young people with the Comcast Leaders and Achievers Scholarship in recognition of their hard work and the leadership they have shown in their communities," said Tony Speller, Senior Vice President for Comcast's Houston Region. "These students represent our future leaders and we're excited by this opportunity to give back to the communities where our employees and our customers live and work."

A commitment to community service is an essential component in the selection of winners of Comcast Leaders and Achievers Scholarships. This year's winners have participated in a wide variety of community service activities, such as helping revitalize communities as part of mission work, mentoring and coaching younger students, volunteering at hospitals and participating in local blood, food and clothing drives. Local community organizations like Big Brothers Big Sisters, YMCA, the American Red Cross, Special Olympics and the Houston Area Women's Center have benefited from their service.

Nationally, 1,965 high school seniors are the beneficiaries of $1,000 Comcast Leaders and Achievers scholarships this year. In the eight years since the Leaders and Achievers Scholarship Program began, it has awarded close to $10 million in college aid to more than 9,000 students. Local Houston area scholarship winners will be attending colleges such as the University of Texas, Texas A&M University, Rice University, Texas Southern University, University of Houston, Harvard College and the Massachusetts Institute of Technology, among others.

Each year, Comcast works with high school principals, guidance counselors, and school administrators to select the scholarship recipients. The program is managed by Scholarship Program Administrators -- an independent, not-for-profit organization that manages corporate and corporate foundation scholarship programs.

For additional information, visit http://www.comcast.com/scholarships. About The Comcast Foundation

The Comcast Foundation was founded by Comcast Corporation in June 1999 and is the company's chief source of charitable support to qualified non-profit organizations. The Foundation primarily invests in programs that work to create a positive, sustainable impact within our communities in the areas of volunteerism, literacy and youth leadership development. Since its inception, The Comcast Foundation has donated more than $43 million to organizations in the communities where Comcast serves. More information about The Foundation and its programs is available at http://www.comcast.com/ -- click on "About," then "In the Community."

About Comcast Corporation

Comcast Corporation (http://www.comcast.com/) is the nation's leading provider of entertainment, information and communications products and services. With 24.1 million cable customers, 13.2 million high-speed Internet customers, and 4.6 million voice customers, Comcast is principally involved in the development, management and operation of broadband cable systems and in the delivery of programming content.

Comcast's content networks and investments include E! Entertainment Television, Style Network, The Golf Channel, VERSUS, G4, PBS KIDS Sprout, TV One, ten Comcast SportsNets networks and Comcast Interactive Media, which develops and operates Comcast's Internet business. Comcast also has a majority ownership in Comcast-Spectacor, whose major holdings include the Philadelphia Flyers NHL hockey team, the Philadelphia 76ers NBA basketball team and two large multipurpose arenas in Philadelphia.

Comcast Corporation

CONTACT: Michael Bybee, +1-713-895-2585,
michael_bybee@cable.comcast.com, or Ray Purser, +1-713-335-3203,
Ray_Purser@cable.comcast.net, both of Comcast Corporation

Web site: http://www.comcast.com/
http://www.comcast.com/scholarships

FARO Technologies Invites You to Join its First Quarter 2008 Conference Call on the Web

LAKE MARY, Fla., April 23 /PRNewswire-FirstCall/ -- FARO Technologies, Inc. announced that after the market closes on April 30, 2008, it will release its financial results for the first quarter ended March 31, 2008. In conjunction with FARO's First Quarter earnings release, you are invited to listen to its conference call that will be broadcast live over the Internet on May 1, 2008, at 11:00 a.m. ET with Jay Freeland, President and CEO, and Keith Bair, CFO, of FARO Technologies.

What: FARO Technologies First Quarter Earnings Release Conference Call When: Thursday, May 1, 2008, at 11:00 a.m. ET Where/How: http://www.faro.com/ccQ1-08

Alternately, one may access the call via FARO's web site http://www.faro.com/, then click "Investor Relations", "Conference Calls", then click the relevant date.

Dial-in Numbers are 800-895-0198 (domestic) or 785-424-1053 (international). Conference ID: FARO

If you are unable to participate during the live web cast, the call will be archived on http://www.faro.com/. Conference Call Replay is also available until August 1, 2008, by calling 800-759-0728 (domestic) and 402-220-7229 (international). No code is required.

FARO Technologies, Inc. designs, develops, and markets portable, computerized measurement devices and software used to create digital models - or to perform evaluation and analysis against an existing model - for anything requiring highly detailed 3-D measurements, including part and assembly inspection, factory planning and asset documentation, as well as specialized applications ranging from surveying, recreating accident sites and crime scenes to digitally preserving historical sites.

FARO's technology increases productivity by dramatically reducing the amount of on-site measuring time, and the various industry-specific software packages enable users to process and present their results quickly and more effectively.

Learn more at http://www.faro.com/

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding FARO Technologies Inc's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.

FARO Technologies, Inc.

CONTACT: Darin Sahler, Global PR Manager of FARO Technologies, Inc.,
+1-407-333-9911, Darin.Sahler@faro.com

Web site: http://www.faro.com/
http://http//www.faro.com/ccQ1-08

TechWeb Releases New Research on B2B Tech Pros' Usage and Consumption of Emerging Media ApplicationsResearch Outlines Marketing Best Practices Based on Consumption Patterns of Blogs, Video, RSS and Online Networks

SAN FRANCISCO, April 23 /PRNewswire-FirstCall/ -- TechWeb, the global leader in business technology media, today released the results of an in-depth research study that delves into the media usage and consumption habits of new media applications by business technology executives. The study, The Rise of B2B Applications-Based Media, reveals that the usage of emerging media among IT decision-makers has increased considerably over the past year, with video and blogs experiencing the most increased usage for work-related information. This latest study is part of TechWeb's ongoing Business Technology Media Engagement Research series. "The results of this study are used by our content and audience teams to shape our strategies and businesses, and have a direct impact on how we deliver information to the millions of business technology executives that engage with our market leading brands," said Scott Vaughan, VP of Marketing Services, TechWeb. "The study also has huge ramifications for technology marketers' strategies and tactics when it comes to how they engage with business technology pros, so they know how, where and when in the marketing process to use these new media applications."

Key study highlights include: -- Increased Usage of Emerging Media Applications: business technology decision makers are utilizing emerging media applications more frequently to obtain work-related information, as compared to last year. % of business technology decision makers utilizing each medium to obtain work-related information: Media-Type 2007 2008 Video Content Programming 46 % 68 % Blogs 37 % 64 % Mobile (web-enabled) n/a 53 % Podcasts 29 % 48 % RSS 30 % 48 % Online communities/social networking sites 42 % 48 % -- More Growth Expected: business technology decision makers currently using emerging media intend to consume even more in the coming year - even those who are not currently using emerging media applications. % planning to increase usage in coming year: Currently Use/ Currently Do Not Use/ Media-Type Plan To Increase Plan to Increase Video Content Programming 38 % 25 % Blogs 45 % 18 % Mobile (web-enabled) 50 % 21 % Podcasts 41 % 20 % RSS 51 % 18 % Online communities/social networking sites 38 % 20 % -- Engagement with Emerging Media Leads to Action: when business technology decision makers interact with emerging media, they continue to look for related information. Top activities as a result of utilizing emerging media applications: 1. Visited a web site mentioned in video/blog/RSS feed 2. Went to a vendor site for more information about their product or service 3. Used the search function within the same web site to get more information 4. Forwarded to co-workers within own organization 5. Went to the originating web site for more information

TechWeb's The Rise of B2B Applications-Based Media Research Study showcases the results of quantitative web-based interviews of 550 business technology professionals fielded in the fourth quarter of 2007. The respondents consisted of 80% IT (CIO, CTO, VP IS/IT, IT Management and Staff), and 20% corporate (CEO, COO, President, CFO and line-of-business corporate management) job functions. Of the respondents, 44% were from large companies (1,000+ employees); 25% Medium (100-999 employees); 32% Small (<100 employees). Respondents were recruited from a random pool of TechWeb Network visitors; the TechWeb Network includes TechWeb.com, InformationWeek, Network Computing, Intelligent Enterprise, bMighty, Byte and Switch, Dark Reading, Wall Street & Technology, Advanced Trading, Bank Systems & Technology, and Insurance & Technology. Respondents were invited to participate via a drop- down intercept invitation.

For additional information or to view the full contents of this in-depth study, please contact Scott Vaughan at svaughan@techweb.com. This study should be sourced as: The Rise of B2B Applications-Based Media Research Study, TechWeb 2008.

About TechWeb (http://techweb.com/aboutus)

TechWeb, the global leader in business technology media, is an innovative business focused on serving the needs of technology decision-makers and marketers worldwide. TechWeb produces the most respected and consumed media brands in the business technology market. Today, more than 13.3 million* business technology professionals actively engage in our communities created around our global face-to-face events Interop, Web 2.0, Black Hat and VoiceCon; online resources such as the TechWeb Network, Light Reading, Intelligent Enterprise, InformationWeek.com, bMighty.com, and The Financial Technology Network; and the market leading, award-winning InformationWeek, TechNet Magazine, MSDN Magazine, Wall Street & Technology magazines. TechWeb also provides end-to-end services ranging from next-generation performance marketing, integrated media, research, and analyst services. TechWeb is a division of United Business Media, a global provider of news distribution and specialist information services with a market capitalization of more than $2.5 billion.

*13.3 million business decision-makers: based on # of monthly connections Contact: Scott Vaughan Vice President, Marketing Services, TechWeb 929.223.3662 svaughan@techweb.com

TechWeb

CONTACT: Scott Vaughan, Vice President, Marketing Services of TechWeb,
+1-929-223-3662, svaughan@techweb.com

SureWest Communications to Report First Quarter 2008 Results on May 8, 2008

ROSEVILLE, Calif., April 23 /PRNewswire-FirstCall/ -- Leading independent communications holding company SureWest Communications will release financial results for the first quarter ended March 31, 2008 before the market opens on Thursday, May 8, 2008.

(Logo: http://www.newscom.com/cgi-bin/prnh/20050908/SFSUREWESTLOGO)

The company will host a conference call and live webcast at 11:00 a.m. Eastern Time on Thursday, May 8. The webcast will be available on the company's investor relations Web site at http://www.surw.com/ and via replay shortly after completion of the call. A telephone replay of the conference call will be available through Thursday, May 15 by dialing (888) 286-8010 and entering passcode 14908547. Be sure to visit http://www.surw.com/ for updates prior to the call.

About SureWest Communications

SureWest Communications (http://www.surewest.com/) is one of the nation's leading integrated communications providers and is the bandwidth leader in the markets it serves under the SureWest and Everest brands. Headquartered in Northern California for more than 90 years, SureWest's bundled residential and commercial offerings include an array of advanced IP-based digital video, high-speed Internet, local and long distance telephone, and wireless PCS. Its fiber-to-the-premise IP-based network features high-definition video and symmetrical Internet speeds of up to 50 Mbps. In the greater Kansas City region, Everest (http://www.everestkc.com/) is a network-based residential and commercial provider of voice, digital video and high-speed Internet services.

Safe Harbor Statement

Statements made in this news release that are not historical facts are forward-looking statements and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. In some cases, these forward-looking statements may be identified by the use of words such as may, will, should, expect, plan, anticipate, or project or the negative of those words or other comparable words. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause the company's actual results to differ from those projected in such forward-looking statements.

Important factors that could cause actual results to differ from those set forth in the forward-looking statements include, but are not limited to, advances in telecommunications technology, changes in the telecommunications regulatory environment, changes in the financial stability of other telecommunications providers who are customers of the company, changes in competition in markets in which the company operates, adverse circumstances affecting the economy in California, Kansas and Missouri in general, and in the Sacramento, California Metropolitan and greater Kansas City Metropolitan areas in particular, the availability of future financing, changes in the demand for services and products, new product and service development and introductions, and pending and future litigation.

Contact: Ron Rogers 916-746-3123 r.rogers@surewest.com

Photo: http://www.newscom.com/cgi-bin/prnh/20050908/SFSUREWESTLOGO
AP Archive: http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com SureWest Communications

CONTACT: Ron Rogers of SureWest Communications, +1-916-746-3123,
r.rogers@surewest.com

Web site: http://www.surewest.com/
http://www.surw.com/
http://www.everestkc.com/

New NetBoss XT from Harris Stratex Networks Sets New Standard for Flexibility and Cost Efficiency for Next-Generation and Traditional NetworksWide Range of Configurations, Comprehensive Services and Third-party Alliances Enable Cost-efficient, Scalable Solutions

RESEARCH TRIANGLE PARK, N.C., April 23 /PRNewswire-FirstCall/ -- Harris Stratex Networks, Inc. , the leading independent supplier of turnkey wireless transmission and network management solutions, today introduced NetBoss XT(R), the latest, most innovative version of the company's pacesetting network management solution for broadband, wireless and converged networks.

NetBoss XT delivers a comprehensive network view, providing detailed information rapidly, so network operators can manage resources efficiently. Designed for easy deployment, it allows users to gather data quickly from multiple sources, including traditional telecommunications networks, radios, and other equipment. NetBoss XT is available in a wide range of configurations that can be combined with other variants or with NetBoss Manage.IT(TM) to deliver flexible, reliable and cost-efficient network management.

NetBoss XT and its products are role-based allowing customers to easily implement flexible, scalable OSS solutions. Built with Java J2SE object-oriented technology and compatible with both Microsoft Windows(R) and Solaris(TM), NetBoss XT's tiered, standards-based architecture is designed for rapid implementation across a distributed network and enables load-sharing across multiple operating systems and platforms. It features textual and explorer presentations, along with standard and custom external interfaces in an embedded network and object model. The architecture, along with published APIs, also simplifies integration with third-party applications such as inventory and trouble ticketing. In addition, a console control panel provides easy access to documentation and to applications. The entire system features a consistent look and feel across all applications.

"NetBoss XT builds on the 20-years of NetBoss' success in providing a complete, standards-based management solution for network operators," said Pat Murtha, vice president and general manager of network operations for the NetBoss(R) business unit of Harris Stratex Networks. "The new NetBoss XT suite will dramatically reduce operational costs while providing a versatile, state-of-the-art resource management solution. NetBoss XT, coupled with the industry's most experienced and dedicated team of management and software specialists, will help us better serve telecom, IT, government, defense, intelligent transportation, utilities and other industries. Our experience in developing industry-leading systems and servicing large networks in every global region makes us uniquely qualified to deliver the optimal solution for any customer requirement."

Four Flexible Configurations, Full Range of Applications

NetBoss XT's four configurations include NetBoss XE(TM) Element Manager, NetBoss XA(TM) Alarm Manager, NetBoss XD(TM) Domain Manager and NetBoss XM(TM) Manager of Managers. Combining one or more of these managers with other NetBoss XT or NetBoss Manage.IT offerings enables customers to scale management architectures to accommodate large networks.

The full NetBoss XT suite of applications includes resource data media, inventory management, performance monitoring and management, provisioning and configuration, status monitoring and problem management. The NetBoss XT family also includes an optional agent development application, NetBoss XADE(TM) (NetBoss XT Agent Development Environment), designed to enable users to build new, customized management agents quickly and easily, using an intuitive graphical user interface (GUI). XADE allows users to support new elements easily and cost effectively and manage legacy elements not supported by NetBoss XT management agents.

NetBoss XT also offers support for multiple standards-based management interface protocols such as SNMP, versions 1, 2 and 3; CORBA, TL1 and XML over HTTP.

NetBoss XT's Java object-oriented technology provides Java Management Extensions (JMX), Java Authentication and Authorization Service (JAAS), Hibernate (object persistency, Java Swing GUI widgets) and the Jview telecom graphics objects (JTGO) interface. These advanced Java technologies deliver a wide range of benefits, including modularity, platform independence, ease of integration and use and consistent, easy-to-learn GUIs.

Supported by a full complement of services and supporting resources, NetBoss XT provides complete OSS integration, RMON services, training and full round-the-clock support and maintenance.

About NetBoss(R)

NetBoss(R) is an established provider of highly scalable service assurance solutions and services that span resource, network, and service management, OSS design, deployment and remote monitoring. With 20 years of continuous OSS experience, NetBoss serves many industry segments-such as telecom, IT, government, defense, transportation and utilities-with confidence. As a business unit of Harris Stratex Networks, and with the knowledge mastery of an active TMF and DMTF member, we are ideally equipped to be your trusted OSS partner, combining your vision with our capabilities to deliver cost effective OSS solutions.

About Harris Stratex Networks, Inc.

Harris Stratex Networks is the world's leading independent supplier of turnkey wireless transmission solutions. The company offers reliable, flexible and scalable wireless network solutions, backed by comprehensive professional services and support. Harris Stratex Networks serves all global markets, including mobile network operators, public safety agencies, private network operators, utility and transportation companies, government agencies and broadcasters. Customers in more than 135 countries depend on Harris Stratex Networks to build, expand and upgrade their voice, data and video solutions. Harris Stratex Networks is recognized around the world for innovative, best- in-class wireless networking solutions and services. For more information, visit http://www.harrisstratex.com/ .

NetBoss(R) and NetBoss XT(R) are registered trademarks of Harris Stratex Networks or its subsidiaries in the United States and other countries.

Harris Stratex Networks, Inc.

CONTACT: Dick Davies, IRPA, +1-415-652-7515, IPRA@comcast.net, or Kami
Spangenberg, Harris Stratex Networks, +1-919-767-5238,
kami.spangenberg@hstx.com

Web site: http://www.harrisstratex.com/

Advantest Introduces New T5503 Memory Test Solution for Low-Cost, High-Volume Production of Next-Generation High-Speed DDR3-SDRAM Memory

TOKYO, April 23 /PRNewswire-FirstCall/ -- Advantest Corporation today announced its new T5503 high-throughput memory test system, boasting the industry's highest parallel test capability of up to 128 devices. The T5503 was developed specifically to address the challenges of high-volume production test of next-generation high-speed DDR3-SDRAM memory. The memory tester will be available from August 2008 and will also be on display at the "Advantest Tour de Force 2008" exhibition to be held at the Tokyo International Forum, June 3-5.

Adoption of Next-Generation DDR3-SDRAM Necessitates Low-Cost Test Solution

As computers become more and more sophisticated, DRAM, used largely as the main memory storage in computers, is continually being replaced with new generations of products that have ever increasing capabilities. The race to achieve higher device speeds and multiple functionality is rapidly advancing in high-performance PCs as the demand for lifelike graphics with audiovisual equipment, including digital TVs and game consoles, continues to escalate. Consequently, these and other machines are driving a shift toward increased employment of very high-speed memory devices, such as DDR3-SDRAM.

Next-generation DDR3-SDRAM boasts low power consumption through a reduced operating voltage of 1.5V, compared to the DDR2-SDRAM's 1.8V, as well as higher speed and higher volume data processing. Because of these generational advantages, manufacturers are transitioning to DDR3-SDRAM, and it is predicted to be in high demand in a wide variety of fields, ranging from high-end desktop computers to notebook computers and digital consumer electronics. As a result, price competition between IC manufacturers is predicted to escalate, driving an increased demand for volume-production solutions that deliver lower overall cost-of-test.

The introduction of the T5503 reinforces Advantest's market leadership in delivering advanced technology solutions for its global customers' next-generation test requirements.

Parallel test of up to 128 DDR3-SDRAM devices

The T5503 enables package test of up to 128 DDR3-SDRAM devices simultaneously. This is double that of the company's previous models, enabling a major reduction in test costs for high volume production lines. Furthermore, with maximum test speeds of 3.2Gbps and data transmission speeds of over 1Gbps, it is the fastest in the industry, making it an ideal solution for high-volume production testing of DDR3-SDRAM, as well as for GDDR3 and GDDR4.

40% reduction in space and 45% reduction in power consumption

The tester's semiconductor circuitry makes full use of the latest CMOS technology to achieve greater packaging density, reducing the footprint by approximately 40% over the previous model, and leading to space savings in high-volume production lines. Power consumption has also been reduced by approximately 45% compared to the system's predecessor, enabling environmentally friendly operation.

Equipped with Advantest's unique multi-strobe capabilities

Advantest's proprietary multi-strobe capabilities, introduced in the company's previous model, T5501, have been further enhanced in the T5503. Supporting source-synchronous test with the use of multi-strobe technology that measures the phase difference between data output from the device and the reference clock signal at each clock cycle, the system provides high-speed, high-precision test.

Key Specifications Test Devices: DDR3-SDRAM, GDDR3, GDDR4 etc. Parallel Test Capacity: Up to 128 units Maximum Test Speed: 3.2Gbps About Advantest

Advantest Corporation is the world's leading automatic test equipment supplier to the semiconductor industry, and also produces electronic and optoelectronic instruments and systems. A global company, Advantest has long offered total ATE solutions, and serves the industry in every component of semiconductor test: tester, handler, mechanical and electrical interfaces, and software. Its logic, memory, mixed-signal and RF testers and device handlers are integrated into the most advanced semiconductor production lines in the world. Founded in Tokyo in 1954, Advantest established its first subsidiary in 1982, in the USA, and now has subsidiaries worldwide. Among them, Advantest America, Inc. is based in Santa Clara, CA, and Advantest (Europe) GmbH is based in Munich, Germany. More information is available at http://www.advantest.com/

Advantest Corporation

CONTACT: Amy Gold of Advantest America, Inc., +1-212-850-6670,
a.gold@advantest.com

Web site: http://www.advantest.com/

Global Crossing to Present at The Economist' Telecoms Leaders Forum

LONDON, April 23 /PRNewswire/ --

Global Crossing (Nasdaq: GLBC), a leading global IP solutions provider, today announced that it will participate in The Economist's Telecom Leaders Forum. Anthony Christie, managing director, UK & EMEA will participate in the forum, which will focus on "understanding tomorrow's markets." He will join other industry thought leaders for the discussion.

The conference will take place at Claridges in Mayfair, London on Thursday, April 24. Mr. Christie will participate in an executive discussion entitled "Meeting the Needs of Tomorrow's Customer" at 11:30 a.m. BST. The session will cover understanding and meeting the needs of a new generation of technology users and how providers can add value for their customers.

ABOUT GLOBAL CROSSING

Global Crossing (Nasdaq: GLBC) provides telecommunications solutions over the world's first integrated global IP-based network. Its core network connects approximately 390 cities in more than 30 countries worldwide, and delivers services to approximately 690 cities in more than 60 countries and 6 continents around the globe. The company's global sales and support model matches the network footprint and, like the network, delivers a consistent customer experience worldwide.

Global Crossing IP services are global in scale, linking the world's enterprises, governments and carriers with customers, employees and partners worldwide in a secure environment that is ideally suited for IP-based business applications, allowing e-commerce to thrive. The company offers a full range of data, voice and security products to approximately 40 percent of the Fortune 500, as well as 700 carriers, mobile operators and ISPs. Its Professional Services and Managed Solutions provide VoIP, security and network consulting and management services to support its Global Crossing IP VPN service and Global Crossing VoIP services. Global Crossing was the first global communications provider with IPv6 natively deployed in both its private and public backbone networks.

Please visit www.globalcrossing.com or blogs.globalcrossing.com/ for more information about Global Crossing.

Statements in this press release about expected future events and financial results are forward-looking and subject to risks and uncertainties that could cause the actual results to differ materially, including risks referenced from time to time in the company's filings with the Securities and Exchange Commission. Global Crossing undertakes no duty to update information contained in this press release or in other public disclosures at any time.

CONTACT GLOBAL CROSSING: Press Contacts Becky Yeamans +1-973-937-0155 PR@globalcrossing.com Jo Baker Europe +44-(0)1256-73238 EuropePR@globalcrossing.com

GEN/PR1

Web site: http://www.globalcrossing.com http://blogs.globalcrossing.com

Global Crossing

Press Contacts, Becky Yeamans, +1-973-937-0155, PR@globalcrossing.com, or Europe, Jo Baker, +44-(0)1256-732387, EuropePR@globalcrossing.com

Global Crossing Announces Conference Call for GCUK's Fourth Quarter and Full Year 2007 Financial Results

FLORHAM PARK, New Jersey, April 23 /PRNewswire/ --

Global Crossing (Nasdaq: GLBC), a leading global IP solutions provider, will conduct a conference call on Tuesday, April 29, 2008 at 9:00 a.m. EDT/2 p.m. BST. Jean Mandeville, CFO, and Anthony Christie, managing director for Global Crossing UK (GCUK) and Europe, will discuss GCUK's financial results for the fourth quarter and full year 2007.

The call may be accessed by dialing +1-212-676-4908 or for UK callers by dialing +44-(0)-870-001-3132. Callers are advised to dial in 15 minutes prior to the 9:00 a.m. EDT/2 p.m. BST. The call will also be Webcast at http://investors.globalcrossing.com/events.cfm.

A replay of the call will be available on Tuesday, April 29, 2008 beginning at 11:00 a.m. EDT/4:00 p.m. BST and will be accessible until Tuesday, May 6, 2008 at 11:00 a.m. EDT/4:00 p.m. BST. To access the replay, callers should dial +1-402-977-9140 or +1-800-633-8284 and enter reservation number 21381571.

ABOUT GLOBAL CROSSING UK TELECOMMUNICATIONS LTD.

Global Crossing UK Telecommunications Ltd. provides a full range of managed telecommunications services in a secure environment ideally suited for IP-based business applications. The company provides managed voice, data, Internet and e-commerce solutions to a strong and established commercial customer base, including more than 100 UK government departments, as well as systems integrators, rail sector customers and major corporate clients. In addition, Global Crossing UK provides carrier services to national and international communications service providers.

ABOUT GLOBAL CROSSING

Global Crossing (Nasdaq: GLBC) provides telecommunications solutions over the world's first integrated global IP-based network. Its core network connects approximately 390 cities in more than 30 countries worldwide, and delivers services to approximately 690 cities in more than 60 countries and 6 continents around the globe. The company's global sales and support model matches the network footprint and, like the network, delivers a consistent customer experience worldwide.

Global Crossing IP services are global in scale, linking the world's enterprises, governments and carriers with customers, employees and partners worldwide in a secure environment that is ideally suited for IP-based business applications, allowing e-commerce to thrive. The company offers a full range of data, voice and security products to approximately 40 percent of the Fortune 500, as well as 700 carriers, mobile operators and ISPs. Its Professional Services and Managed Solutions provide VoIP, security and network consulting and management services to support its Global Crossing IP VPN service and Global Crossing VoIP services. Global Crossing was the first global communications provider with IPv6 natively deployed in both its private and public backbone networks.

Please visit www.globalcrossing.com or blogs.globalcrossing.com for more information about Global Crossing.

CONTACT GLOBAL CROSSING: Press Contact Becky Yeamans +1-973-937-0155 PR@globalcrossing.com Analysts/Investors Contact Gino Mathew +1-800-836-0342 glbc@globalcrossing.com

IR/PR1

Web site: http://www.globalcrossing.com http://investors.globalcrossing.com/events.cfm http://blogs.globalcrossing.com

Global Crossing

Press, Becky Yeamans, +1-973-937-0155, PR@globalcrossing.com, or Analysts/Investors, Gino Mathew, +1-800-836-0342, glbc@globalcrossing.com

La division Scientific de Thomson Reuters et le King's College de Londres organisent un colloque sur la bibliométrie, les classements et le Research Excellence Framework

PHILADELPHIE et LONDRES, April 23 /PRNewswire/ --

- Un événement opportun se concentre sur l'importance grandissante des données bibliométriques dans les systèmes de classement des universités et l'utilisation proposée des données de citation pour le REF

La division Scientific de Thomson Reuters et King's College de Londres ont annoncé aujourd'hui qu'ils organiseront le colloque << Beyond the RAE 2008: Bibliometrics, League Tables and the REF >> (Au-delà du RAE 2008 : la bibliométrie, les classements et le REF). Cet événement d'une journée qui se tiendra au King's College de Londres le 30 avril 2008, contribuera à instruire les universités quant aux utilisations appropriées des données de citation dans l'évaluation de la recherche et offrira un forum pour discuter de et planifier de futures activités d'évaluation concernant le prochain Research Excellence Framework (REF), le successeur du Research Assessment Exercise (RAE).

Le colloque, conçu essentiellement pour les personnes préparant leurs institutions pour le REF, présentera des intervenants du Higher Education Funding Council (HEFC), de The Center for Science and Technology Studies (CWTS), d'Evidence, Ltd. et de Thomson Reuters, ainsi que le point de vue externe de l'Australian Research Evaluation and Policy Project. Les intervenants décriront les meilleures pratiques en matière d'analyse de citation et débattront des stratégies visant à assister les universités dans la collecte de données et le processus d'évaluation. De plus, des études de cas du King's College de Londres, de l'Université de Leicester et de l'Université de Southampton décriront les expériences de ces institutions en matière de collecte et de gestion des métadonnées de production de la recherche.

<< Cette réunion opportune abordera l'importance croissante des données bibliométriques dans les systèmes de classement des universités >>, a déclaré Jim Pringle, vice-président du développement des produits de la division Scientific de Thomson Reuters. << Grâce à l'expertise du King's College de Londres, nous rassemblons les meilleurs esprits du secteur afin de débattre des utilisations appropriées des données de citation dans l'évaluation de la recherche. >>

<< Avec l'introduction du REF, le secteur universitaire du Royaume-Uni est confronté au défi que constituent les données bibliométriques en plus des perpétuels problèmes de collecte et de validation des données de production de la recherche >>, a affirmé Mary Davies, directrice générale adjointe des services et systèmes d'information au King's College de Londres. << Nous sommes enchantés d'organiser ce colloque et nous espérons qu'il sera le premier d'une série d'événements offrant un forum pour discuter des meilleures pratiques dans ce secteur. >>

Les personnes présentes participeront aussi à une enquête visant à déterminer les problèmes principaux auxquels elles sont confrontées et leurs expériences à ce jour avec l'évaluation de la recherche. Les résultats seront présentés dans l'après-midi pour une discussion franche et une planification des activités futures durant l'ère du REF.

Pour de plus amples informations ou pour vous inscrire au colloque, accédez au site http://scientific.thomson.com/kcl/.

Anciennement Thomson Scientific, la division Scientific de Thomson Reuters fournit des informations et des connaissances afin d'accélérer la recherche, la découverte et l'innovation. Nos informations pertinentes, précises et qui font autorité sont essentielles pour que les entreprises pharmaceutiques puissent découvrir de nouveau médicaments et les commercialiser plus rapidement ; pour que les chercheurs puissent trouver des documents pertinents et se tenir au courant de ce qui a été publié récemment dans leur domaine ; et pour que les entreprises puissent optimiser leur propriété intellectuelle et trouver des renseignements compétitifs. Nous créons les plateformes et les services de recherche de l'avenir qui propulseront nos clients vers le succès de leur entreprise et leur succès personnel. Des solutions pour les informations scientifiques sont accessibles à scientific.thomsonreuters.com.

À propos de King's College de Londres

Le King's College de Londres (King's College London) est l'une des 25 meilleures universités dans le monde (Times Higher 2007) et la quatrième d'Angleterre par l'ancienneté. Université à vocation de recherche située au coeur de Londres, le King's est fréquentée par 19 700 étudiants originaires de plus de 140 pays et possède 5 400 employés. Le King's College possède une réputation hors du commun d'enseignement de niveau mondial et de recherche de pointe. Le College fait partie du groupe de tête des universités du Royaume-Uni concernant les gains liés à la recherche et son revenu annuel est d'environ 400 millions de livres sterling. Un investissement de 500 millions de livres sterling a été réalisé pour le redéveloppement de son patrimoine.

Le King's College possède une réputation particulièrement brillante en lettres, droit, sciences sociales, sciences médicales, sciences naturelles et ingénierie, et a joué un rôle majeur dans de nombreuses avancées qui ont modelé la vie moderne, telles que la découverte de la structure de l'ADN. Il s'agit du plus grand centre pour la formation des professionnels des soins de santé en Europe et il héberge cinq Centres de conseil pour la recherche médicale, plus que toute autre université.

À propos de Thomson Reuters

Thomson Reuters est la principale source mondiale d'informations intelligentes pour les entreprises et les professionnels. Nous associons l'expertise du secteur et une technologie innovante afin de fournir des informations critiques aux principaux décideurs des marchés financiers, juridiques, fiscaux et comptables, scientifiques, des marchés des soins de santé et des médias, grâce à l'agence de presse la plus respectée au monde. Possédant son siège social à New York et ses activités principales à Londres et à Eagan, dans le Minnesota, Thomson Reuters emploie plus de 50 000 personnes dans 93 pays. Les actions Thomson Reuters sont cotées à la bourse de New York (NYSE : TRI), à la bourse de Toronto (TSX : TRI), à la bourse de Londres (LSE : TRIL), et au Nasdaq (Nasdaq : TRIN). Pour de plus amples informations, veuillez consulter www.thomsonreuters.com.

Site Web : http://scientific.thomsonreuters.com http://www.thomsonreuters.com

Thomson Reuters

Sue Besaw, directrice des communications et des RP à la division Scientific, au +1-215-823-1840, susan.besaw@thomsonreuters.com

Global Crossing Announces Conference Call for GCUK's Fourth Quarter and Full Year 2007 Financial Results

FLORHAM PARK, N.J., April 23 /PRNewswire-FirstCall/ -- Global Crossing , a leading global IP solutions provider, will conduct a conference call on Tuesday, April 29, 2008 at 9:00 a.m. EDT/2 p.m. BST. Jean Mandeville, CFO, and Anthony Christie, managing director for Global Crossing UK (GCUK) and Europe, will discuss GCUK's financial results for the fourth quarter and full year 2007.

The call may be accessed by dialing +1 212 676 4908 or for UK callers by dialing +44 (0) 870 001 3132. Callers are advised to dial in 15 minutes prior to the 9:00 a.m. EDT/2 p.m. BST. The call will also be Webcast at http://investors.globalcrossing.com/events.cfm.

A replay of the call will be available on Tuesday, April 29, 2008 beginning at 11:00 a.m. EDT/4:00 p.m. BST and will be accessible until Tuesday, May 6, 2008 at 11:00 a.m. EDT/4:00 p.m. BST. To access the replay, callers should dial +1 402 977 9140 or +1 800 633 8284 and enter reservation number 21381571.

ABOUT GLOBAL CROSSING UK TELECOMMUNICATIONS LTD.

Global Crossing UK Telecommunications Ltd. provides a full range of managed telecommunications services in a secure environment ideally suited for IP-based business applications. The company provides managed voice, data, Internet and e-commerce solutions to a strong and established commercial customer base, including more than 100 UK government departments, as well as systems integrators, rail sector customers and major corporate clients. In addition, Global Crossing UK provides carrier services to national and international communications service providers.

ABOUT GLOBAL CROSSING

Global Crossing provides telecommunications solutions over the world's first integrated global IP-based network. Its core network connects approximately 390 cities in more than 30 countries worldwide, and delivers services to approximately 690 cities in more than 60 countries and 6 continents around the globe. The company's global sales and support model matches the network footprint and, like the network, delivers a consistent customer experience worldwide.

Global Crossing IP services are global in scale, linking the world's enterprises, governments and carriers with customers, employees and partners worldwide in a secure environment that is ideally suited for IP-based business applications, allowing e-commerce to thrive. The company offers a full range of data, voice and security products to approximately 40 percent of the Fortune 500, as well as 700 carriers, mobile operators and ISPs. Its Professional Services and Managed Solutions provide VoIP, security and network consulting and management services to support its Global Crossing IP VPN service and Global Crossing VoIP services. Global Crossing was the first global communications provider with IPv6 natively deployed in both its private and public backbone networks.

Please visit http://www.globalcrossing.com/ or blogs.globalcrossing.com for more information about Global Crossing.

CONTACT GLOBAL CROSSING: Press Contact Becky Yeamans + 1 973 937 0155 PR@globalcrossing.com Analysts/Investors Contact Gino Mathew + 1 800 836 0342 glbc@globalcrossing.com IR/PR1

Global Crossing

CONTACT: Press, Becky Yeamans, +1-973-937-0155, PR@globalcrossing.com,
or Analysts/Investors, Gino Mathew, +1-800-836-0342, glbc@globalcrossing.com

Web site: http://www.globalcrossing.com/
http://investors.globalcrossing.com/events.cfm
http://blogs.globalcrossing.com/

More TV Choice and Competition Near for Residents of Hingham, Mass.Town Approves Video License for Verizon; 3,000 More Households Soon Can Get FiOS TV

HINGHAM, Mass., April 23 /PRNewswire/ -- Residents of Hingham are a major step closer to having another choice for their cable television services, thanks to a newly approved agreement authorizing Verizon to offer its FiOS TV service via the most advanced all-digital, fiber-optic network straight to customers' homes.

The Board of Selectmen in Hingham granted a cable franchise to Verizon Tuesday (April 22), paving the way for video choice for approximately 3,000 more Massachusetts households.

The board's vote brings to 68 the total number of Massachusetts communities where Verizon's FiOS TV is or will soon be available.

"We are thrilled to be able to bring FiOS TV to residents in Hingham," said Donna Cupelo, Verizon region president for Massachusetts and Rhode Island. "Since the launch of FiOS TV in Massachusetts last year, we are continuing our efforts to meet the consumer demand for cable TV choice."

FiOS TV is the company's new fiber-optic television service, which offers a better-quality picture, more high-definition and on-demand programs, and more reliable service at competitive prices.

Verizon currently offers FiOS TV in 66 Massachusetts communities [see list below] as well as other locations in New York, New Jersey, California, Delaware, Florida, Indiana, Maryland, Pennsylvania, Oregon, Rhode Island, Texas and Virginia.

"As a result of this new franchise, consumers in Hingham will be able to choose their cable provider as easily as they choose their phone company," said Cupelo. "Competition drives innovation, value and service quality, and it puts the consumer in control."

Verizon is currently in negotiations with several other communities in Massachusetts to obtain additional franchises. For more information on the Verizon franchise process in the state, log on to http://www.verizon.com/ma.

Verizon research indicates 87 percent of Massachusetts residents favor more competition and choice for video services. Independent studies have shown that competition in the video market brings enormous benefits to consumers in the form of reduced prices, better packages and improved service.

The Hingham franchise agreement contains provisions for the network's future growth; financial support and capacity for educational and government access channels; cable service to government buildings; and other important benefits to the town, including insurance, indemnification and enforcement protections.

"Verizon will compete aggressively for subscribers in Hingham with our FiOS services, which are fueled by our lightning-fast fiber-optic network," Cupelo said. Verizon soon will begin its door-to-door sales campaign in Hingham, explaining to local consumers the many advantages of FiOS TV.

Verizon is the first company to offer a fiber-to-the premises (FTTP) network, connecting homes and businesses directly to fiber optics on a widespread scale.

FiOS TV offers a broad collection of all-digital programming, more than two dozen high-definition channels, video on demand and more. Fiber delivers amazingly sharp pictures and sound, and has the capacity to transmit a wide array of high-definition programming that is so clear and intense it seems to leap from the TV screen.

In addition to FiOS TV, Verizon's fiber network also allows the company to offer consumers and businesses high-speed FiOS Internet service at download speeds up to 50 Mbps (megabits per second) and upload speeds up to 20 Mbps.*

* NOTE: actual (throughput) speeds will vary.

[FiOS TV is available in Abington, Acton, Andover, Arlington, Bedford, Belmont, Boxborough, Boxford, Braintree, Burlington, Canton, Dedham, Dunstable, Framingham, Franklin, Georgetown, Hamilton, Holliston, Hopkinton, Ipswich, Lawrence, Lincoln, Littleton, Lexington, Lynn, Lynnfield, Malden, Marion, Marlborough, Marshfield, Mattapoisett, Medfield, Medway, Melrose, Methuen, Middleborough, Nahant, Natick, Needham, Newton, Norfolk, North Reading, Norwood, Reading, Rockland, Rowley, Sherborn, Southborough, Stoneham, Sudbury, Swampscott, Tewksbury, Topsfield, Tyngsborough, Wakefield, Waltham, Wareham, Wayland, Wellesley, Wenham, West Newbury, Westborough, Westwood, Wilmington, Winchester and Woburn. In addition to Hingham, Verizon has a TV franchise in Rochester.]

Verizon Communications Inc. , headquartered in New York, is a leader in delivering broadband and other wireline and wireless communication innovations to mass market, business, government and wholesale customers. Verizon Wireless operates America's most reliable wireless network, serving nearly 66 million customers nationwide. Verizon's Wireline operations include Verizon Business, which delivers innovative and seamless business solutions to customers around the world, and Verizon Telecom, which brings customers the benefits of converged communications, information and entertainment services over the nation's most advanced fiber-optic network. A Dow 30 company, Verizon employs a diverse workforce of nearly 235,000 and last year generated consolidated operating revenues of $93.5 billion. For more information, visit http://www.verizon.com/.

VERIZON'S ONLINE NEWS CENTER: Verizon news releases, executive speeches and biographies, media contacts, high-quality video and images, and other information are available at Verizon's News Center on the World Wide Web at http://www.verizon.com/news. To receive news releases by e-mail, visit the News Center and register for customized automatic delivery of Verizon news releases.

Verizon

CONTACT: Rick Colon, +1-781-849-2046, richard.b.colon@verizon.com, or
Phil Santoro, +1-617-743-4760, philip.g.santoro@verizon.com, both of Verizon

Web site: http://www.verizon.com/

Company News On-Call: http://www.prnewswire.com/comp/094251.html

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