Companies news of 2008-04-23 (page 3)
ChoicePoint(R) Nonprofit Audit Finds Five Percent of Applicants Have Prior Criminal...
PhotoWorks and American Greetings Announce Exclusive Mother's Day Photo Book and Greeting...
Leading Canadian Operator Expands Business and Residential Services With Sonus...
SureWest Communications Deploys Alcatel-Lucent IMS-based Solution to Enable New SureWest...
Engineered for UMTS900 Handsets, ANADIGICS' New Power Amplifier is Powering EGSM WCDMA...
Towerstream to Report First Quarter 2008 Financial Results
Digital Ally, Inc. to Host the First Quarter 2008 Conference Call on April 30, 2008
myPhotopipe.com Expands Presence on InternetLaunches Ad-Supported Instructional Web Site,...
Opening Today: the Nokia Music Store in France
AXA Equitable Web Site Offers Financial Tools to Navigate Life EventsNew Site Encourages...
Brocade Launches Deal Registration Program to Enhance Channel Partner ProfitabilityBrocade...
8x8, Inc. Chairman and CEO to Present at the 2008 AeA Micro Cap Financial Conference
Telanetix to Present at the LD Micro Conference
Pixelplus Unveils Its PC1030 for Security and Surveillance System Applications
RFMD(R) Announces New 5 GHz Amplifier for WLAN and WiMAX Applications
Conversion Services International Completes Transactions to Strengthen Its Balance Sheet
RightNow Wins Three 2008 CRM Magazine Service Leader Awards; Fifth Consecutive Year as Web...
CACI Awarded Contract to Provide Professional Services to Department of Navy Chief...
Level 3 Reports First Quarter 2008 ResultsFinancial and Business Highlights- Consolidated...
Yucheng Technologies Announces Partnership with Bank of Communications for POS Merchant...
Oracle Announces Financial Services Global Leadership SummitEvent Gathers Industry Leaders...
Salesforce.com Announces Dreamforce Europe - Largest Ever European Software-as-a-Service...
SAP Helps Life Sciences Companies Mitigate Risk and Achieve Compliance With 'Perfect...
National Credit Reporting Companies, Blind Community, Announce Landmark Initiative to...
AT&T Answers the Need for Speed in Bergen, Essex, Hudson, Morris and Passaic...
NutraCea Appoints New Chief Financial Officer
Exar Announces Appointment of Pete Rodriguez as President and Chief Executive Officer
Sanmina-SCI Corporation Invites You to Join Its Fiscal 2008 Second Quarter Earnings...
Nokia N82 Wins Renowned TIPA "Best Mobile Imaging Device in Europe" Award 2008Largest...
General Dynamics Reports Substantial Earnings Growth, Strong Revenue in First Quarter...
ChoicePoint(R) Nonprofit Audit Finds Five Percent of Applicants Have Prior Criminal ConvictionsNonprofits Must Be Vigilant on Background Screening for Potential Employees and Volunteers
ALPHARETTA, Ga., April 23 /PRNewswire-FirstCall/ -- Every day, 144 individuals with criminal records seek employment or a volunteer opportunity with a nonprofit, according to a background screening audit conducted by ChoicePoint, a leading provider of background screening services to the nonprofit sector. Many of these nonprofits serve many vulnerable populations including children, the poor, the elderly and the disabled.
In data compiled from 2002 to 2007, ChoicePoint completed more than 3.7 million background screenings and found that more than 189,000 individuals who had at least one criminal conviction attempted to gain employment or volunteer with a nonprofit organization. The audit also found:
-- More than 2,700 registered sex offenders;
-- 3,900 sex-related crimes;
-- 37,400 drug-related offenses; and
-- 651 murder convictions.
"I hope this audit raises awareness and inspire nonprofits to partner with us in protecting vulnerable populations, so that we may all work together to ensure a safer, more secure society," said Derek V. Smith, chairman and CEO of ChoicePoint.
The audit also found that the top-10 most cited criminal offenses include (in order):
1. DWI/DUI
2. Theft/Larceny
3. Simple Worthless Check/Bad Checks
4. Drug Possession(2)
5. Assault
6. Burglary
7. Sex-related crimes (including rape)
8. Disorderly conduct
9. Criminal trespass
10. Forgery
While the majority of individuals who apply for volunteer or employment positions within the nation's 1.47 million nonprofits(1) do so to serve, nonprofits must also balance the needs of their organizations by remaining vigilant about the risks some individuals pose to the safety of the clients they serve.
According to a recent report by the National Center for Victims of Crime, the nation's leading advocacy group for crime victims, one in three U.S. nonprofit organizations do not conduct background checks on volunteers, and roughly one in eight do no screening at all. Although the majority of surveyed nonprofit human service organizations conduct some screening, most agencies that serve vulnerable populations could benefit from more thorough and comprehensive volunteer screening practices.
"For nonprofits that serve vulnerable people, failure to screen volunteers may prove far more costly than background checks," said Mary Lou Leary, executive director of the National Center for Victims of Crime. "To protect their reputations, their resources, and-above all-those who depend on them, nonprofits should review their screening practices and fill any current gaps."
The ChoicePoint audit is available at http://www.choicepoint.com/nonprofit/white_papers.html and the National Center for Victims of Crime report Who's Lending a Hand? A National Survey of Nonprofit Volunteer Screening Practices is available at http://www.ncvc.org/.
About ChoicePoint
ChoicePoint provides businesses, government agencies and non-profit organizations with technology, software, information and marketing services to help manage economic and physical risks as well as identify business opportunities. Consumers have free access to the reports we create at http://www.choicetrust.com/. Learn what we do to protect consumer privacy by visiting http://www.privacyatchoicepoint.com/ and, for more information on our company, go to http://www.choicepoint.com/.
(1) http://nccsdataweb.urban.org/NCCS/Public/index.php
(2) Drug possession combines crimes associated with possession of marijuana, possession of cocaine, possession of a controlled substance and possession of drug paraphernalia.
ChoicePoint and the ChoicePoint logo are registered trademarks of ChoicePoint Asset Company LLC.
ChoicePoint
CONTACT: Megan Mahoney, +1-770-752-6032, Megan.Mahoney@ChoicePoint.com, or Kimberly Tate-Nuwar, +1-770-752-3895, Kimberly.Tate-Nuwar@ChoicePoint.com, both for ChoicePoint
Web site: http://www.choicepoint.com/ http://www.ncvc.org/ http://www.choicetrust.com/ http://www.choicepoint.com/nonprofit/white_papers.html
PhotoWorks and American Greetings Announce Exclusive Mother's Day Photo Book and Greeting Card DesignsThoughtful Expressions Crafted by American Greetings Add a Meaningful Touch to PhotoWorks Personalized Photo Gifts
CLEVELAND, April 23 /PRNewswire-FirstCall/ -- PhotoWorks, American Greetings online personal photo publishing company and photography community, announces an exclusive line of Mother's Day photo books and photo greetings cards that feature meaningful poems and sentiments crafted by American Greetings. New designs include thoughtful expressions for every type of mom, including grandmother, daughter, wife and friend.
(Photo: http://www.newscom.com/cgi-bin/prnh/20080423/CLW056LOGO )
"Sometimes, finding the right photo can be easier than finding the right words to say to Mom. PhotoWorks new line of Mother's Day books and cards make it easy for anyone to express the perfect sentiment to go along with those special photos," said Sally Babcock, senior vice president of marketing, AG Interactive Digital Photography.
PhotoWorks new Mother's Day photo books ($39.95) include floral-themed designs for mother and grandmother that feature the expression "All About Love." Scrapbook-themed designs feature expressions such as "Mother is the Heart of Our Family" and kid-friendly, polka dot designs feature expressions such as "Behind Every Great Mom are the Kids Who Love Her." Each photo book design also features a special poem or sentiment on the title page that can be customized with names and dates.
Mother's Day expressions are also available on 11 new PhotoWorks greeting cards ranging from traditional single-fold cards to tri-fold and poster cards ($2.07 - $3.47 per card). Examples include "Mommy, You're the Best," "What is a Grandma?," "You're a Wonderful Sister," "Mother Memories," "Daughter, You're Very Special," and more.
PhotoWorks also features a variety of unique gifts that can be customized with a personalized photo, including:
-- Bucket Tote ($89.95) - This elegant, yet sturdy, tote features a zipper
closure, multiple interior pockets and a key fob to hold everything
from valuables to playtime snacks.
-- Clutch/Cosmetic Bag ($49.95) - A microfiber clutch and wristband handle
for her night out on the town!
-- Wine Box ($29.95) - This maple wood wine box holds a standard-size
bottle of wine.
-- Personal Journal ($14.95) - Perfect for noting everything from favorite
vacation memories to shopping lists.
-- Recipe Cards (As low as $.95 per card in bulk) - Help Mom remember her
favorite recipes by turning post cards into handy 4 x 6 inch recipe
cards, $1.50 individually.
-- Perpetual Calendar ($13.46- $14.95) - Keep Mom organized with this
customized calendar.
PhotoWorks Mother's Day photo books and gifts can be purchased online at http://www.photoworks.com/; select items are available at more than 200 American Greetings and Carlton Cards stores nationwide.
About AG Interactive
AG Interactive (AGI), a subsidiary of American Greetings Corporation , is a global leader in licensing and creating original self and social expression products for online, instant messaging and mobile platforms. To create its premier content, the company leverages one of the world's largest creative studios and digital library of award-winning expressive content as well as an extensive international distribution capability. AGI attracts more than 40 million unique visitors per month in 18 countries to its popular websites http://www.americangreetings.com/, http://www.bluemountain.com/, http://www.egreetings.com/, http://www.photoworks.com/ and http://www.webshots.com/, as well as through Instant Messaging or online partnerships with AOL, MSN, and Yahoo!. The company has one of the largest online subscription services with over 3.7 million paying subscribers. For more information, visit http://www.aginteractive.com/.
About PhotoWorks
PhotoWorks(R), an American Greetings company, is an Internet-based personal publishing company and photography community. The company's web-based services allow PC and Mac users to share and store their digital photos, host personalized My Share Web pages, sell one-of-a-kind products through My Storefront, join photo communities, and create hardbound photo books, customized greeting cards, calendars, prints and other photography-sourced products. Formerly known as Seattle Film Works, PhotoWorks has a 30-year national heritage of helping photographers share and preserve their memories with innovative and inspiring products and services. More information on the Company is available at http://www.photoworks.com/.
About American Greetings Corporation
American Greetings Corporation is one of the world's largest manufacturers of social expression products. Along with greeting cards, its product lines include gift wrap, party goods, stationery, calendars, ornaments and electronic greetings. Located in Cleveland, Ohio, American Greetings generates annual revenue of approximately $1.7 billion. For more information on the Company, visit http://corporate.americangreetings.com/.
Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20080423/CLW056LOGO AP Archive: http://photoarchive.ap.org/ PRN Photo Desk, photodesk@prnewswire.com
American Greetings Corporation
CONTACT: Genesa Garbarino of Maloney & Fox, +1-646-356-8313, ggarbarino@maloneyfox.com, for American Greetings Corporation
Web site: http://www.aginteractive.com/ http://www.photoworks.com/ http://corporate.americangreetings.com/
Leading Canadian Operator Expands Business and Residential Services With Sonus NetworksConvergia Networks Lights Up New Regions of the Americas with World-Class Enterprise Services
WESTFORD, Mass., April 23 /PRNewswire-FirstCall/ -- Sonus Networks, Inc. , a leading supplier of IP communications infrastructure solutions, today announced that Convergia Networks, a world-class provider of voice, data, and Internet services for residential, business and wholesale customers, with offices throughout North America, South America and Europe, has selected Sonus solutions as the new backbone of its international network.
Convergia selected Sonus to differentiate its service offerings, while ensuring the highest level of performance for its global customer base. Convergia will deploy Sonus' Access solution, including its recently released IMX 2.0 Multimedia Applications Platform, to deliver its ever expanding customer base with advanced residential and enterprise voice services. Sonus' solution will enable Convergia to deliver on its vision of quality residential and business service without geographic boundaries.
"Our customers demand uncompromised network performance. For Convergia, customer satisfaction is paramount to our success. At the same time, we needed to differentiate our service with unique features and functionality that the IMX 2.0 can deliver," said Alejandro Bitar, president at Convergia Networks. "The decision for us was clear: Sonus was the best solution for quality of service, scalability and reliability; and all within a network environment that is easy to operate and maintain."
Convergia's replacement of its current platform will allow Convergia to increase the performance of its network, improve customer satisfaction, reach new geographic regions and to deliver increased services. Through Sonus' unparalleled CODEC capabilities, Convergia will be able to further improve bandwidth management and increase the overall utilization of its IP network. Further, by integrating advanced service functionality with flexible and robust call performance quality, Sonus' IP-Voice platform will play an integral role with respect to offering the highest quality services to Convergia's customers.
"Convergia Networks has developed one of the most comprehensive, global, end-to-end telecom networks," said Mohammed Shanableh, vice president of worldwide sales, Sonus Networks. "We share a vision of bringing innovative solutions, whether wireline, wireless or integrating both. We are proud to assist Convergia in meeting its goals of global deployment, connectivity and leading edge next generation services."
In addition to Sonus' IMX 2.0, Convergia will also deploy the Sonus GSX9000(TM) and GSX4000(TM) Open Services Switches, the PSX(TM) Call Routing Server, and the ASX(TM) Feature Server.
About Convergia Networks
Convergia Networks (http://www.convergia.com/) is a world-class provider of voice, data, and Internet services for residential, business and wholesale customers. Via our state-of-the-art switching facilities and end-to-end network, our company presents the fullest potential of today's broadband revolution. By introducing leading edge and innovative products and services, establishing global alliances, and always striving to improve our existing business, Convergia Networks is delighting our customers worldwide(TM).
About Sonus Networks
Sonus Networks, Inc. is a leading provider of IP-voice infrastructure solutions for wireline and wireless service providers. With our comprehensive IP Multimedia Subsystem (IMS) solution, Sonus addresses the full range of carrier applications, including residential and business voice services, wireless voice and multimedia, trunking and tandem switching, carrier interconnection and enhanced services. Sonus' voice infrastructure solutions are deployed in service provider networks worldwide. Founded in 1997, Sonus is headquartered in Westford, Massachusetts. Additional information on Sonus is available at http://www.sonusnet.com/.
This release may contain forward-looking statements regarding future events that involve risks and uncertainties. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results. Readers are referred to Item 1A "Risk Factors" of Sonus' Annual Report on Form 10-K for the period ended December, 31, 2007, filed with the SEC, which identifies important risk factors that could cause actual results to differ from those contained in the forward-looking statements. Risk factors include among others: the impact of material weaknesses in our disclosure controls and procedures and our internal control over financial reporting on our ability to report our financial results timely and accurately; the unpredictability of our quarterly financial results; risks and uncertainties associated with the Company's restatement of its historical stock option granting practices and accounting including regulatory actions or litigation; risks associated with our international expansion and growth; consolidation in the telecommunications industry; and potential costs resulting from pending securities litigation against the Company. Any forward-looking statements represent Sonus' views only as of today and should not be relied upon as representing Sonus' views as of any subsequent date. While Sonus may elect to update forward-looking statements at some point, Sonus specifically disclaims any obligation to do so, except as required by law.
Sonus is a registered trademark of Sonus Networks, Inc. All other company and product names may be trademarks of the respective companies with which they are associated.
For more information, please contact:
Sonus Investor Relations: Sonus Media Relations:
Jocelyn Philbrook Lucy Millington
978-614-8672 978-614-8240
jphilbrook@sonusnet.com lmillington@sonusnet.com
Sonus Networks, Inc.
CONTACT: Investor Relations, Jocelyn Philbrook, +1-978-614-8672, jphilbrook@sonusnet.com; or Lucy Millington, +1-978-614-8240, lmillington@sonusnet.com, both of Sonus Networks, Inc.
Web site: http://www.sonusnet.com/ http://www.convergia.com/
SureWest Communications Deploys Alcatel-Lucent IMS-based Solution to Enable New SureWest Digital Phone VoIP Service
MURRAY HILL, N.J., April 23 /PRNewswire-FirstCall/ -- Alcatel-Lucent (Euronext Paris and NYSE: ALU) and leading independent communications holding company SureWest Communications today announced the deployment of Alcatel-Lucent's IMS-based Voice over Internet Protocol (VoIP) for Consumers solution to support its newly launched SureWest Digital Phone VoIP service in the Northern California region. SureWest Communications provides local telephone, long-distance, Internet, wireless, digital TV and commercial high-speed data services in Northern California and in the metropolitan Kansas City area.
SureWest is migrating its network from a traditional Class 5 switch-based infrastructure to an IP network, including IMS, for advanced services. IMS (IP Multimedia Subsystem) is an architecture that provides end-users with anytime, anywhere personalized services based on the blending of voice, video and data content. IMS makes blended lifestyle services, such as video, interactive gaming, telephony, Push-to-Talk and messaging available from any device and across all networks (wireline/fixed and mobile/wireless networks).
"Implementing Alcatel-Lucent's IMS-based VoIP solution gives us the opportunity to take advantage of IMS benefits with a vendor that is the leader in IMS technology, knowledge and experience," said Bill DeMuth, senior vice president and chief technology officer, SureWest Communications. "As we deploy our VoIP service offerings across our network, with IMS we can grow our services to include blended voice, video, data and multimedia applications. We believe our VoIP service delivers the highest quality of customer benefits and reliability in our Northern California market."
Currently available, SureWest Digital Phone enables SureWest subscribers to use a web-based interface to customize their calling services online, including:
-- Caller ID, Call Waiting with ID, Find Me/Follow Me, sequential ringing,
simultaneous ringing and Selective Call Screening, which allows
customers to choose what numbers can call in, and more
-- 911/E911 and unlimited local and domestic long distance direct-dial
calling from home to anywhere in the United States, with competitive
international rates
-- Home alarm system compatibility
-- Ability to retain existing telephone numbers when switching from
another provider
"SureWest and its customers are benefiting from the flexibility of Alcatel-Lucent's IMS solution - a single common solution for wireline, wireless and converged carriers - that enables the service provider to migrate cost-effectively, step by step, to IMS while introducing useful new services at the same time," said Gerry Cafaro, North America strategic accounts sales vice president for Alcatel-Lucent. "SureWest selected our VoIP solution because of its flexibility, supporting not only the next generation VoIP services available today, but also a wide range of services that will become available in the future."
The Alcatel-Lucent solution deployed by SureWest consists of an IMS-based telephony application server (TAS), the Alcatel-Lucent 5420 Converged Telephony Server and Alcatel-Lucent 5420 Personal Communication Manager fully integrated with the Alcatel-Lucent IMS core architecture, which is built around Alcatel-Lucent 5450 IP Session Control. It includes the Alcatel-Lucent 5020 Media Gateway Controller-8 and Alcatel-Lucent 7520 Media Gateway.
About SureWest
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.
About Alcatel-Lucent
Alcatel-Lucent (Euronext Paris and NYSE: ALU) provides solutions that enable service providers, enterprise and governments worldwide, to deliver voice, data and video communication services to end-users. As a leader in fixed, mobile and converged broadband networking, IP technologies, applications and services, Alcatel-Lucent offers the end-to-end solutions that enable compelling communications services for people at home, at work and on the move. With operations in more than 130 countries, Alcatel-Lucent is a local partner with global reach. The company has the most experienced global services team in the industry, and one of the largest research, technology and innovation organizations in the telecommunications industry. Alcatel-Lucent achieved revenues of Euro 17.8 billion in 2007 and is incorporated in France, with executive offices located in Paris. For more information, visit Alcatel-Lucent on the Internet: http://www.alcatel-lucent.com/
Alcatel-Lucent
CONTACT: SureWest Press Contact, Ron Rogers, +1 916-746-3123, r.rogers@surewest.com; or Alcatel-Lucent Press Contacts, Mike Alva, +1-510-747-5148, malva@alcatel-lucent.com, Mary Ward, +1-908-582-7658, maryward@alcatel-lucent.com, or Alcatel-Lucent Investor Relations, Remi Thomas, + 33 1 40 76 50 61, remi.thomas@alcatel-lucent.com, John DeBono, +1- 908-582-7793, debono@alcatel-lucent.com, Tony Lucido, + 33 1 40 76 49 80, alucido@alcatel-lucent.com, or Don Sweeney, +1-908 582 6153, dsweeney@alcatel-lucent.com
Web site: http://www.alcatel-lucent.com/ http://www.surewest.com/
Engineered for UMTS900 Handsets, ANADIGICS' New Power Amplifier is Powering EGSM WCDMA NetworksAWT6281 PA Supports HSPA Solutions; Incorporates HELP3(TM) Technology for Lower Power Consumption and Extended Battery Life
WARREN, N.J., April 23 /PRNewswire-FirstCall/ -- ANADIGICS, Inc. , today announced its new AWT6281 HELP3(TM) WCDMA Linear Power Amplifier (PA) engineered specifically for use in advanced 3G handsets for EGSM (Band 8) UMTS wireless networks. The new power amplifier extends the operating time of 3G handsets and data cards, which is critical for successful operation using today's High Speed Packet Access (HSPA) networks. AWT6281 has been specified by leading chipset manufacturers for selected reference designs.
"As the leading supplier of 3G power amplifiers, ANADIGICS has expanded its product portfolio with the addition of the AWT6281 WCDMA PA," said Dr. Ali Khatibzadeh, Senior Vice President & General Manager of Wireless Products at ANADIGICS, Inc. "WCDMA HSPA rollout in the EGSM band provides another exciting market opportunity for ANADIGICS wireless business."
The latest member of ANADIGICS' family of 3G HELP3(TM) WCDMA Linear Power Amplifiers, the AWT6281 provides full compliance with HSDPA and HSUPA requirements and reduces average current consumption by 75 percent compared to competing devices. The PA provides exceptionally low quiescent currents of 7 mA without a DC-DC converter and eliminates the need for an external voltage regulator. The self-contained 4 mm x 4 mm x 1.1 mm surface mount package incorporates matching networks optimized for output power, efficiency and linearity. The AWT6281's superior performance and integration capabilities are achieved using ANADIGICS' patented InGaP-Plus(TM) technology which combines bipolar and FET devices on the same GaAs die.
Engineered specifically for UMTS900 operation, ANADIGICS' new AWT6281 PA enables leading manufacturers to design and develop the advanced 3G handsets and data cards required for successful conversion to UMTS900 worldwide. A market study(1) done for the GSM Association by Ovum Consulting found that "...UMTS900 provides between 44% (in urban areas) and 119% (rural areas) increased coverage per Node-B compared with UMTS2100. This is primarily due to the propagation characteristics of the lower frequency band and leads directly to lower capex and increased mobility benefits, providing a new option, with greater service capability, for operators ... . Handset availability is crucial to the successful rollout of UMTS900 as the market will need to be populated with handsets which will work in the UMTS900 band and in other GSM and UMTS bands also."
(1) Market Study for UMTS90: A Report to GSM, Project Number CLW28,
Version - V1. Ovum Consulting, London. February 2007.
ANADIGICS new AWT6281 HELP3(TM) WCDMA PA is generally available now. For product specifics, visit: http://www.anadigics.com/products/handsets_datacards/wcdma_power_amplifiers/awt6281.
For product pricing or sampling, visit: http://www.anadigics.com/worldwide_sales or contact ANADIGICS at +1.908.668.5000 (Phone) or +1.908.668.5132 (FAX).
About ANADIGICS, Inc.
ANADIGICS, Inc. is a leading provider of semiconductor solutions in the rapidly growing broadband wireless and wireline communications markets. Founded in 1985 and headquartered in Warren, NJ, the company's award-winning products include power amplifiers, tuner integrated circuits, active splitters, line amplifiers, and other components, which can be sold individually or packaged as integrated radio frequency and front end modules. For more information, visit http://www.anadigics.com/.
Safe Harbor Statement
Except for historical information contained herein, this press release contains projections and other forward-looking statements (as that term is defined in the Securities Exchange Act of 1934, as amended). These projections and forward-looking statements reflect the Company's current views with respect to future events and financial performance and can generally be identified as such because the context of the statement will include words such as "believe", "anticipate", "expect", or words of similar import. Similarly, statements that describe our future plans, objectives, estimates or goals are forward-looking statements. No assurances can be given, however, that these events will occur or that these projections will be achieved and actual results and developments could differ materially from those projected as a result of certain factors. Important factors that could cause actual results and developments to be materially different from those expressed or implied by such projections and forward-looking statements include those factors detailed from time to time in our reports filed with the U.S. Securities and Exchange Commission, including our annual report on Form 10-K for the year ended December 31, 2006.
ANADIGICS, Inc.
CONTACT: Media Relations, Glen Turvey, T2 Public Relations, +1-973-954-2723, glent@t2publicrelations.com; Corporate Contact, Jennifer Palella, ANADIGICS, Inc., +1-908-668-5000, jpalella@anadigics.com; Investor Relations, Thomas Shields, ANADIGICS, Inc., +1-908-412-5995, tshields@anadigics.com
Web site: http://www.anadigics.com/
Towerstream to Report First Quarter 2008 Financial Results
MIDDLETOWN, R.I., April 23 /PRNewswire-FirstCall/ -- Towerstream , a leading fixed WiMAX service provider, today announced that it will report financial results for the first quarter ended March 31, 2008 after the close of the market on May 7, 2008. Following the announcement, a conference call led by President and Chief Executive Officer, Jeff Thompson, and interim Chief Financial Officer, Maria Perry, is scheduled to begin at 5 p.m. EDT to review the Company's financial results and provide an update on current business developments.
Interested parties may participate in the conference by dialing 888-713-4217, 617-213-4869 (for international callers) using pass code 11223312. A telephonic replay of the conference may be accessed approximately two hours after the call through April 10, 2008 by dialing 888-286-8010 or 617-801-6888 (for international callers) using pass code 35827083.
The call will also be webcast and can be accessed in a listen-only mode on the Company's website at http://www.towerstream.com/.
About Towerstream
Towerstream is a leading fixed WiMAX service provider in the U.S., delivering high-speed Internet access to businesses. Founded in 2000, the company has established networks in such markets as New York City, Los Angeles, Miami, Chicago, Seattle, the San Francisco Bay Area, Dallas-Fort Worth, and the greater Boston, Providence and Newport, R.I. areas, and continues to expand coverage throughout the country. The company was the first carrier selected to join the WiMAX Forum to assist leading vendors in establishing industry compliance with international broadband wireless access standards and cross-vendor interoperability.
Safe Harbor
Certain statements contained in this press release are "forward-looking statements" within the meaning of applicable federal securities laws, including, without limitation, anything relating or referring to future financial results and plans for future business development activities, and are thus prospective. Forward-looking statements are inherently subject to risks and uncertainties some of which cannot be predicted or quantified based on current expectations. Such risks and uncertainties include, without limitation, the risks and uncertainties set forth from time to time in reports filed by the company with the Securities and Exchange Commission. Although the company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Consequently, future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward the forward-looking statements contained herein. The company undertakes no obligation to publicly release statements made to reflect events or circumstances after the date hereof.
Towerstream
CONTACT: Investors, Terry McGovern, Vision Advisors, +1-415-902-3001, mcgovern@visionadvisors.net; Media, Todd Barrish, Dukas Public Relations, +1-212-704-7385, todd@dukaspr.com, both for Towerstream
Web site: http://www.towerstream.com/
Digital Ally, Inc. to Host the First Quarter 2008 Conference Call on April 30, 2008
OVERLAND PARK, Kan., April 23 /PRNewswire-FirstCall/ -- Digital Ally, Inc. , which develops, manufactures and markets advanced digital technology products for law enforcement, homeland security and commercial security applications, today announced that the Company will host an investor conference call to discuss its first quarter 2008 operating results at 11:00 a.m. Eastern Time (EDT) on Wednesday, April 30, 2008. The Company will release its operating results for the quarter ended March 31, 2008 earlier the same day.
Shareholders and other interested parties may participate in the conference call by dialing 800-860-2442 (international/local participants dial 412-858-4600) and asking to be connected to the Digital Ally, Inc. conference call a few minutes before 11:00 a.m. EDT on April 30, 2008. The call will also be broadcast live on the Internet at http://www.videonewswire.com/event.asp?id=47996.
A replay of the conference call will be available one hour after the completion of the conference call from April 30, 2008 until 5:00 pm on Monday, June 30, 2008 by dialing 877-344-7529 (international/local participants dial 412-317-0088) and entering the conference ID 418912.
The call will also be archived on the Internet through July 29, 2008, at http://www.videonewswire.com/event.asp?id=47996 and on the Company's website at http://www.digitalallyinc.com/.
About Digital Ally, Inc.
Digital Ally, Inc. develops, manufactures and markets advanced digital technology products for law enforcement, homeland security and commercial security applications. The Company's primary development focus involves the field of Digital Video Imaging and Storage. For additional information, visit http://www.digitalallyinc.com/
The Company is headquartered in Overland Park, Kansas, and its shares are traded on The Nasdaq Capital Market under the symbol "DGLY".
For Additional Information, Please Contact:
Stan Ross, CEO at (913) 814-7774
Or
RJ Falkner & Company, Inc., Investor Relations Counsel at (830) 693-4400 or
via email at info@rjfalkner.com
Audio: http://www.videonewswire.com/event.asp?id=47996
Digital Ally, Inc.
CONTACT: Stan Ross, CEO of Digital Ally, Inc., +1-913-814-7774, or Investor Relations Counsel of RJ Falkner & Company, Inc., +1-830-693-4400, info@rjfalkner.com, for Digital Ally Inc.
Web site: http://www.digitalallyinc.com/
myPhotopipe.com Expands Presence on InternetLaunches Ad-Supported Instructional Web Site, Tutorials on YouTube
ATLANTA, April 23 /PRNewswire-FirstCall/ -- myPhotopipe.com, Inc. (Pink Sheets: MPPC), a web-based online provider of digital photo processing and related services, today announced the launch of http://www.realphotoprint.com/, an advertising-supported web site that provides free information and resources to digital photographers.
(Logo: http://www.newscom.com/cgi-bin/prnh/20080325/CLTU023)
As the name suggests, http://www.realphotoprint.com/ focuses on the conversion of digital images into photographic prints. Topics will include Internet broadband, digital file conversions, color management, pixels versus DPI, retouching, resizing, and anything of interest to the community of photographers that should become regular users of the site. Blogs and community forums will be added in the near future. The new web site presently receives Google AdWord placements, and myPhotopipe.com, Inc. will share in revenues on a 'pay-per-click' basis. "Obviously, our challenge is to evolve the site to attract users, but this is an area of great interest to us and our customers, and we believe it has the potential to become a viable business in and of itself," observed Pete Casabonne, President of myPhotopipe.com, Inc.
myPhotopipe.com has also launched the first in a series of video tutorials on YouTube. The YouTube video tutorials explain how to use the Company's Remote Order Entry System software (ROES). Links to these videos are available on the Company's web site at http://www.myphotopipe.com/links.php.
myPhotopipe.com has also partnered with ePhotopros.com to provide reciprocal web links between the companies. ePhotopros provides a wealth of instructional tutorials for photographers. The tutorials are produced by contributors, including manufacturers of software used by professional photographers.
"We recognized an opportunity to move our message beyond our own web site and on to other sites that our customers are visiting," continued Casabonne. "If our customers are on YouTube, we need to be on YouTube -- or, on our own free-standing web site or with ePhotopros, an aggregator of content for serious amateur and professional photographers. The point is that, in today's world customers define how they spend their time on the Internet, and myPhotopipe.com needs to be visible through multiple venues."
About myPhotopipe.com, Inc.
myPhotopipe.com, Inc. is a web-based online provider of digital photo processing, photo finishing, photo sharing, and related services. The Company's unique blend of 1000 print options, combined with manual print inspections and professional color management, have positioned myPhotopipe.com as one of the fastest-growing providers of digital photography services for professionals and serious amateurs.
The Company is headquartered in Atlanta, Georgia, and its common stock is listed on the OTC Pink Sheets under the symbol "MPPC". Additional information is available on the Internet at http://www.myphotopipe.com/.
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934 that are subject to the "safe harbor" created by those sections. Such forward-looking statements are based upon current information and expectations regarding myPhotopipe.com, Inc. These statements speak only as of the date on which they are made, are not guarantees of future performance, and involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results could materially differ from what is expressed, implied, or forecast in such forward-looking statements.
myPhotopipe.com, Inc. assumes no obligation to update the information contained in this release. Any forward-looking statements in this press release may be materially impacted by any number of factors, any or all of which could have a negative impact on sales, operating results, financial and budgetary constraints. The statements made herein are independent statements by myPhotopipe.com, Inc. The inclusion or mention, if any, of third parties in this press release does not represent an endorsement of any myPhotopipe.com, Inc. products or services by any such third party.
Contact:
L. Douglas Keeney, CEO, at (502) 419-5837 or via email at
dougk@myphotopipe.com
or
R. Jerry Falkner, CFA, RJ Falkner & Company, Inc., Investor Relations Counsel
at (830) 693-4400 or via email at info@rjfalkner.com
Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20080325/CLTU023 AP Archive: http://photoarchive.ap.org/ PRN Photo Desk, photodesk@prnewswire.com
myPhotopipe.com, Inc.
CONTACT: L. Douglas Keeney, CEO of myPhotopipe.com, Inc., +1-502-419-5837, dougk@myphotopipe.com; or Investor Relations Counsel, R. Jerry Falkner, CFA of RJ Falkner & Company, Inc., +1-830-693-4400, info@rjfalkner.com, for myPhotopipe.com, Inc.
Web site: http://www.myphotopipe.com/ http://www.realphotoprint.com/
Opening Today: the Nokia Music Store in France
PARIS, April 23 /PRNewswire-FirstCall/ -- The Nokia Music Store in France combines quality music and exceptional mobile devices, all without sacrificing ease-of-use. It also offers over 2.5 million titles from the best French and international artists, of which some are available exclusively. Local music is very important in France, where more than 60% of songs on the "Hit Parade" hits list are by local artists. Nokia is working with major record companies as well as independent labels and the top local artists.
"The music industry isn't just about selling songs; it is also-and especially-a way to share new musical experiences. Nokia aims to provide the best music experience by building services into its mobile devices to satisfy users who want to be able to access their music collections anytime, anywhere, and for a reasonable price," explains Eric Munier, music activities manager, Nokia France.
"The opening of the Nokia Music Store will also be an opportunity to introduce Nokia to the music industry in France. We look forward to cooperating with French labels and artists. In this context, the Nokia Music Store will allow artists to talk about their musical world and what they're working on. Free songs will also be available each week in order to discover new talents," continued Munier.
Downloads will cost EUR1.00 per song and albums will start at EUR10.00. With a EUR10.00 monthly subscription, users will have unlimited access to listen to the entire catalogue on their PCs.
With a single account, music lovers can access the Nokia Music Store from their desktop computers or directly from compatible Nokia mobile devices such as the Nokia N81 8GB, Nokia N82, and the Nokia N95 8GB. You can search for new music, get advice, or search for your favourite artists, songs, or albums, all from the palm of your hand. When an item grabs your attention, you can add it to your selection to purchase later, or download it instantly to your mobile device.
For more information, visit http://music.nokia.fr/
Notes to Editors
For more information on Nokia Music Store and compatible devices, visit http://music.nokia.fr/
For more information on the Nokia N81 8GB and Nokia N95 8GB, visit http://www.nseries.com/
Prices are indicative; only prices displayed on the Nokia Music Store site are final.
About Nokia Music Store
Nokia Music Store is a service where you can browse and buy music in order to download on your PC and compatible Nokia mobile device. Music downloaded from Nokia Music Store can be conveniently moved between your PC and compatible Nokia device, as well as copied to CD and moved on to compatible digital music players. Nokia Music Store also offers a monthly subscription service that allows you to stream unlimited music from the Store catalogue direct to your internet-connected PC. The Nokia Music Store is available in the United Kingdom, Germany, Finland, Ireland, Italy, the Netherlands, Australia, and France and will expand to more countries throughout the year. http://www.nokia.com/music
About Nokia
Nokia is the world leader in mobility, driving the transformation and growth of the converging Internet and communications industries. We make a wide range of mobile devices with services and software that enable people to experience music, navigation, video, television, imaging, games, business mobility and more. Developing and growing our offering of consumer Internet services, as well as our enterprise solutions and software, is a key area of focus. We also provide equipment, solutions and services for communications networks through Nokia Siemens Networks.
http://www.nokia.com/
Nokia Corporation
CONTACT: Media enquiries: Nokia France, Xavier des Horts, Tel. +33-1-49-15-15-15, Email: nokiafrance.presse@nokia.com. Agence le Public Systeme, Nicolas Kourganoff/Nadege Poutrel/Celina da Silva/Charlotte Dondain, Tel. +33-1-41-34-21-88, Email : Nokia.presse@lepublicsysteme.fr. Nokia, Communications, Tel. +358-7180-34900, Email: press.services@nokia.com
AXA Equitable Web Site Offers Financial Tools to Navigate Life EventsNew Site Encourages Informed Engagement in Financial Planning Process
NEW YORK, April 23 /PRNewswire-FirstCall/ -- Today AXA Equitable announces the launch of its redesigned web site -- http://www.axa-equitable.com/. Enhancements to the online experience include the creation of a Life Events Learning Center, where visitors can find strategies and support to help them understand the important financial considerations at each stage of life, such as benefit considerations when landing a new job, caring for aging parents and transferring accumulated wealth. The dynamic new site also features a personal dimension with real AXA Equitable clients sharing their own financial experiences and employees talking about what it's like to work for the company.
"We've made it easier for prospects and job applicants to get to know AXA Equitable and clients to stay connected with us," says Barbara Goodstein, Chief Innovation Officer and Chief Marketing Officer of AXA Equitable. "We're bringing visitors and clients closer to the information they need to make smart financial decisions. The redesign also encourages client engagement by adding comprehensive product education content, interactive modules, and making the client login, customer service and financial professional contact information available on every page."
A Multi-Tier Web Strategy
Today's http://www.axa-equitable.com/ redesign announcement is part of the company's multi-tiered Internet strategy. In March 2008, the company announced the launch of Performance, a new online analytical and research tool that helps financial professionals doing business with AXA Equitable make faster, informed decisions about their client's variable life insurance and variable annuity investment portfolio choices.
"Our enhanced http://www.axa-equitable.com/ site now serves as the core platform for additional upgrades to be rolled out this year, culminating in the 2009 consolidation of all company Web traffic through the common http://www.axa-equitable.com/ entry point," said Connie O'Brien, Vice President of Internet Strategy & Development.
About AXA Equitable
In business since 1859, AXA Equitable Life Insurance Company is a leading financial protection company and one of the nation's premier providers of life insurance, annuity, and investment products and services. AXA Equitable's assets under management totaled $888.6 billion as of December 31, 2007.
The company's products and services are distributed to individuals and business owners through its retail distribution channel AXA Advisors, LLC; to the financial services market through its wholesale distribution channel, AXA Distributors, LLC; and to corporations and their employees through its corporate distribution channel, Corporate Markets.
AXA Equitable, a subsidiary of AXA Financial Inc., is part of the global AXA Group, a worldwide leader in financial protection strategies and wealth management. AXA Group's operations are geographically diverse, with major operations in Europe, North America, and the Asia/Pacific region. AXA Group is listed as the 15th largest company in the world on the 2007 Fortune Global 500 list (based on revenues). It had $1.87 trillion in assets under management as of December 31, 2007. Listed on the Paris Stock Exchange, the AXA ordinary share trades under the symbol AXA. The AXA American Depositary Share is listed on the New York Stock Exchange under the ticker symbol AXA.
AXA Equitable is a sponsor of the Variable Annuities Knowledge Center (http://www.variableannuityfacts.org/), an online resource aimed at helping consumers understand the facts surrounding variable annuities. The Variable Annuities Knowledge Center is operated by a stand-alone, non-profit organization and is overseen by an independent advisory board.
GE-43991 (4/08)
AXA Equitable
CONTACT: Discretion Winter of AXA Equitable, +1-212-314-2968, Discretion.Winter@axa-equitable.com
Web site: http://www.axa-equitable.com/
Brocade Launches Deal Registration Program to Enhance Channel Partner ProfitabilityBrocade to Reward Channel Partners for Growth, New Business Development, and Delivering Ongoing Value
SAN JOSE, Calif., April 23 /PRNewswire-FirstCall/ -- Brocade(R) , the leader in data center networking solutions that help enterprises connect and manage their information, today announced a new channel partner incentive program that will reward channel partners for expanding business opportunities. The program provides economic incentives to reward channel partners for new and incremental sales in competitive accounts, new accounts, and new opportunities within current customer accounts. The new Brocade Enterprise Deal Registration Program is designed to protect presales investments and enable channel partners to focus on delivering high value to win new business.
The new program currently provides incentives for channel partners who sell Brocade 48000 Directors and the Brocade DCX(TM) Backbone. Over time additional Brocade products and technology might be added to the program, including Brocade Host Bus Adapter (HBA), switch, and file management products, as well as Brocade Professional Services offerings.
"Brocade continues to invest and enhance its channel program," said Janet Waxman, IDC Vice President, Hardware Channels and Alliances. "Developing a profitable channel strategy for partners can be extremely difficult in today's competitive channel environment, and this new deals registration program is a strong addition that will help drive incremental business through the Brocade channel and also compliment the Brocade OEM strategy."
"Brocade believes that by rewarding our channel partners through an incentive program, we strengthen our channel ecosystem and continue to provide not only our partners, but our customers, with the service they deserve," said Tony Craythorne, Brocade Director of Worldwide Channel Sales. "We are demonstrating Brocade's commitment to the increasingly important value-added channel and to our OEM partners."
Channel Partner and OEM-Friendly Approach
The Brocade Enterprise Deal Registration Program is brand-agnostic and is designed to reward Brocade Channel Partners selling Brocade 48000 Directors and the Brocade DCX Backbone regardless of the OEM brand. This enables channel partners to sell these Brocade products in partnership through any Brocade OEM Partner, and still take advantage of the economic incentives.
Deal Registration Protects Presales Investment and Value
The Brocade Enterprise Deal Registration Program encourages channel partners who actively identify new opportunities to benefit from an economic advantage because of the presales value they provide in creating these new opportunities. Channel partners can use this economic advantage-which will come in the form of additional discounts or rebates-to showcase their value proposition, cover their presales investment, and help improve their profitability.
For additional information about Brocade's channel partner programs visit http://www.brocade.com/.
About Brocade
Brocade is a leading provider of data center networking solutions that help organizations connect, share, and manage their information in the most efficient manner. Organizations that use Brocade products and services are better able to optimize their IT infrastructures and ensure compliant data management. For more information, visit the Brocade Web site at http://www.brocade.com/ or contact the company at info@brocade.com.
Brocade, Fabric OS, File Lifecycle Manager, MyView, and StorageX are registered trademarks and the Brocade B-wing symbol, DCX, and SAN Health are trademarks of Brocade Communications Systems, Inc., in the United States and/or in other countries. All other brands, products, or service names are or may be trademarks or service marks of, and are used to identify, products or services of their respective owners.
Brocade
CONTACT: Media Relations: Michelle Lindeman, +1-408-333-5319, michelle.lindeman@brocade.com, or Investor Relations: Alex Lenke, +1-408-333-6758, alenke@brocade.com; or Ian Yellin of Ogilvy PR, +1-415-677-2714, ian.yellin@ogilvypr.com
Web site: http://www.brocade.com/
8x8, Inc. Chairman and CEO to Present at the 2008 AeA Micro Cap Financial Conference
SANTA CLARA, Calif., April 23 /PRNewswire-FirstCall/ -- 8x8, Inc. , provider of Packet8 (http://www.packet8.net/) broadband Voice over Internet Protocol (VoIP), videophone and mobile VoIP communication services, today announced that its Chairman and CEO Bryan R. Martin will present at the 10th Annual AeA Micro Cap Financial Conference on Tuesday, May 6, 2008.
The three day conference, to be held May 4-6 at the Monterey Plaza Hotel in Monterey, California, allows executives from 100 technology companies and more than 250 investors to pair off for intimate small group discussions around technologies, strategic missions, trend analyses and investment potential. Additional details about the conference can be viewed at: http://www.aeanet.org/microcap.
About 8x8, Inc.
8x8, Inc., the second largest standalone VoIP service provider in the U.S., offers internet-based telephony solutions (http://www.packet8.net/) for individual residential and business users as well as small to medium sized business organizations. In addition to regular Packet8 VoIP service plans priced as low as $24.99 per month for unlimited anytime calling to the U.S., Canada and eight additional countries, 8x8 offers the Packet8 Tango Video Terminal Adapter along with accompanying monthly service plans also priced at $24.99 per month. Packet8 Virtual Office, 8x8's VoIP phone system for small to medium sized businesses, is a hosted PBX solution comprised of powerful business class features. Companies subscribing to Virtual Office pay just $49.99 per month per extension for enterprise class PBX functionality along with unlimited local and long distance calling in the U.S. and Canada. The Packet8 Complete Contact Center(TM) is a hosted multimedia call center distribution and management platform that works with any broadband Internet service and provides enterprise class contact center functionality combined with Virtual Office hosted iPBX calling features and business calling plans. Packet8 Softalk Office(TM), 8x8's PC-based soft phone client, offers high quality voice and video in-network calling as well as outbound calling to the PSTN. Packet8 MobileTalk(TM) is a breakthrough mobile service that dramatically improves the overall mobile international calling experience by routing overseas mobile phone calls over the award-winning, patent-protected Packet8 digital VoIP network. For additional company information, visit 8x8's web site at http://www.8x8.com/.
8x8, Inc.
CONTACT: Investors, Joan Citelli of 8x8, Inc., +1-408-687-4320, jcitelli@8x8.com
Web site: http://www.8x8.com/ http://www.aeanet.org/microcap
Telanetix to Present at the LD Micro Conference
SAN DIEGO, April 23 /PRNewswire-FirstCall/ -- Telanetix, Inc. (OTC BB: TNXI), a leading IP solutions provider offering telepresence and VoIP services to the SMB and SME markets, is scheduled to present at the LD Micro Conference on Tuesday, April 29th at 3:30 pm PT at the Omni Hotel in Los Angeles, California. Speaking from management will be Tom Szabo, chairman and chief executive officer of Telanetix.
About Telanetix, Inc.
Telanetix is a leading IP solutions provider offering telepresence and advanced communication services to the SMB and SME markets. By leveraging on ubiquitous network infrastructures, Telanetix's solutions meet the real-world communications demands of its customers. The company's core technologies include a Telepresence offering, called Digital Presence(TM), designed to create fully immersive and interactive meeting environments that incorporate voice, video and data from multiple locations into a single environment; and IP enabled enhanced services that give companies flexible calling solutions at a fraction of the price of traditional telecom providers. Additional information can be found at the Telanetix corporate website, http://www.telanetix.com/.
Certain statements contained in this press release are "forward-looking statements" within the meaning of applicable federal securities laws, including, without limitation, anything relating or referring to future financial results and plans for future business development activities, and are thus prospective. Forward-looking statements are inherently subject to risks and uncertainties some of which cannot be predicted or quantified based on current expectations. Such risks and uncertainties include, without limitation, the risks and uncertainties set forth from time to time in reports filed by the company with the Securities and Exchange Commission. Although the company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Consequently, future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements contained herein. The companies undertake no obligation to publicly release statements made to reflect events or circumstances after the date hereof.
Telanetix, Inc.
CONTACT: Rick Ono of Telanetix, Inc., +1-858-362-2250, rick@telanetix.com; or investors, Jim Blackman of PR Financial Marketing, +1-713-256-0369, jim@prfmonline.com; or media, Todd Barrish of Dukas PR, +1-212-704-7385, todd@dukaspr.com, both for Telanetix, Inc.
Web site: http://www.telanetix.com/
Pixelplus Unveils Its PC1030 for Security and Surveillance System Applications
SEOUL, South Korea, April 23 /PRNewswire-FirstCall/ -- Pixelplus Co., Ltd. , a fabless semiconductor company in Korea that designs, develops, and markets CMOS image sensors for various consumer electronics applications, today announced that it unveiled the "PC1030", the Company's NTSC/PAL image sensor for security and surveillance system applications.
The PC1030 is a highly integrated product which features a 0.3 megapixel array and incorporates -- all on a single chip -- CMOS image sensors, image signal processing algorithms, a television encoder for both NTSC and PAL systems which converts the digital video generated from the sensors to a 10-bit digital signal, and a video discretionary access control mechanism which converts the 10-bit signal to a composite analog signal for television viewing. The PC1030 incorporates smart features to generate digital output and analog output simultaneously.
"The PC1030 is one of our most exciting and innovative technologies, as it offers a single chip solution which will enable manufacturing of this product to be simple, efficient, and cost-effective," said Dr. S.K. Lee, CEO and Founder of Pixelplus. "We are very excited about the PC1030 as it is highly integrated, delivers an advanced level of image quality, and operates well under low light conditions. In moving ahead, we seek to apply our PC1030 to a broad range of security and surveillance system applications and are confident that we can penetrate the growing market for low cost security and surveillance cameras, including CCTVs, door cameras, and IPTV applications."
About Pixelplus Co., Ltd.
Pixelplus is a South Korea-based developer of high-performance, high-resolution, and cost-effective CMOS image sensors for use primarily in mobile camera phones. In addition to mobile phones, Pixelplus provides CMOS image sensors and SoC solutions for use in webcams and notebook embedded cameras, toys and games, and security and surveillance system applications.
As a fabless semiconductor company, Pixelplus is focused on creating proprietary design technologies to develop CMOS image sensors with sharp, colorful and enhanced image quality, size efficiency, and low power consumption.
Forward Looking Statement
This press release contains certain statements that are not historical in nature but are "forward-looking statements" within the meaning of the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally can be identified by the use of forward-looking terminology, such as "may," "will," "expect," "intend," "estimate," "anticipate," "believe," "project," or "continue" or the negative of such words or other similar words. Pixelplus cautions readers that forward-looking statements are based on the Company's current expectations, estimates and assumptions about our company and our industry, and are subject to a number of risks and uncertainties. Actual results may differ materially from those contained in such forward-looking statements. Investors are directed to Pixelplus' reports and documents filed from time to time with the U.S. Securities and Exchange Commission for a description of various factors that should be considered before investing in Pixelplus' securities. These factors may cause Pixelplus' results to differ materially from the forward- looking statements made in this release. The forward-looking statements speak only as of the date of this press release and Pixelplus assumes no duty or obligation to update them to reflect new, changing, or unanticipated events or circumstances.
Contact:
Shane Y. Hong
Pixelplus Co., Ltd.
6th Floor, Gyeonggi R&DB Center
906-5 Iui-dong, Yeongtong-gu
Suwon-si, Gyeonggi-do, 443-766
Republic of Korea
+82-31-888-5300
OR
Taylor Rafferty:
London - Emilia Whitbread at +44 (0) 20 7614 2900
New York - Allon Bloch at +1 212 889 4350
Tokyo - Jason Wagers at +81 (0) 3 3221 9513
E-mail pixelplus@taylor-rafferty.com
Pixelplus Co., Ltd.
CONTACT: Shane Y. Hong of Pixelplus Co., Ltd., +82-31-888-5300; or London - Emilia Whitbread, +44(0)20-7614-2900, or New York - Allon Bloch, +1-212-889-4350, or Tokyo - Jason Wagers, +81(0)3-3221-9513, all of Taylor Rafferty, pixelplus@taylor-rafferty.com
RFMD(R) Announces New 5 GHz Amplifier for WLAN and WiMAX Applications
GREENSBORO, N.C., April 23 /PRNewswire-FirstCall/ -- RF Micro Devices, , a global leader in the design and manufacture of high-performance radio frequency systems and solutions, today announced the release of its new 5 GHz SZP-5026Z high linearity amplifier designed specifically for use in WLAN and WiMAX consumer premises equipment (CPE), access point, and base transceiver station (BTS) applications.
Rohan Houlden, general manager of RFMD's Wireless Connectivity Business Unit, said, "RFMD's expanding product portfolio for WLAN and WiMAX applications provides the breadth and flexibility our customers require to accommodate the increasing worldwide demand for wireless connectivity. The superior performance of the SZP-5026Z features an operating range of 4.9 to 5.9 GHz and enables the flexibility to design across both WLAN and WiMAX applications. Accordingly, the SZP-5026Z is generating high interest levels and strong design momentum among top-tier equipment manufacturers."
The SZP-5026Z is a 2 W single stage Class AB Indium Gallium Phosphide (InGaP) Heterojunction Bipolar Transistor (HBT) amplifier optimized for use as either a final or driver stage in WiMAX equipment. The SZP-5026Z delivers world-class error vector magnitude (EVM) performance of 2.5% at 25.5 dBm output power.
Technical features of the SZP-5026Z include:
-- 3 to 5 V supply operation
-- Operating frequency range of 4.9 to 5.9 GHz
-- Internally pre-matched input and output
-- Integrated input power detector and on/off power control
-- Proprietary, thermally enhanced SOF-26 package
-- 1000 V Class 1C ESD protection
The SZP-5026Z is the newest addition to RFMD's SZP family of WLAN and WiMAX amplifiers, which includes the SZP-2026Z (2.2 to 2.7 GHz) and SZP-3026Z (3.0 to 3.8 GHz). With this addition, RFMD's SZP family of amplifiers covers all WLAN and WiMAX frequencies from 2.2 to 5.9 GHz.
Production volumes of the SZP-5026Z are available immediately. Based upon existing customer design activity, RFMD(R) anticipates high volume shipments will commence in the fourth quarter of this year.
RFMD delivers a broad product portfolio enabling WLAN and WiMAX connectivity across multiple applications, including handsets, consumer electronics, desktop and laptop computers, client access cards, wireless access points, routers, consumer premises equipment (CPE) and base transceiver stations (BTS). RFMD's high performance WLAN and WiMAX products encompass all 802.11a/b/g/n and 802.16 applications and include amplifiers, power amplifiers, low noise amplifiers, switches and highly integrated front end modules. For more information please see http://www.rfmd.com/wlanwimax.
About RFMD: RF Micro Devices (Nasdaq GS: RFMD) is a global leader in the design and manufacture of high-performance radio frequency systems and solutions. RFMD's cellular front ends, cellular transceivers, RF components and system- on-chip (SoC) solutions enable worldwide mobility, provide enhanced connectivity and support advanced functionality in the cellular handset, cellular base station, wireless local area network (WLAN), CATV networking, aerospace, defense, and global positioning systems (GPS) markets. Recognized for its diverse portfolio of state-of-the-art semiconductor technologies and vast RF systems expertise, RFMD is a preferred supplier to the world's leading mobile device and RF equipment manufacturers.
Headquartered in Greensboro, N.C., RFMD is an ISO 9001- and ISO 14001- certified manufacturer with worldwide engineering, design, sales and service facilities. RFMD is traded on the NASDAQ Global Select Market under the symbol RFMD. For more information, please visit RFMD's website at http://www.rfmd.com/.
This press release includes "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about our plans, objectives, representations and contentions and are not historical facts and typically are identified by use of terms such as "may," "will," "should," "could," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential," "continue" and similar words, although some forward-looking statements are expressed differently. You should be aware that the forward-looking statements included herein represent management's current judgment and expectations, but our actual results, events and performance could differ materially from those expressed or implied by forward-looking statements. We do not intend to update any of these forward-looking statements or publicly announce the results of any revisions to these forward-looking statements, other than as is required under the federal securities laws. RF Micro Devices' business is subject to numerous risks and uncertainties, including variability in quarterly operating results, the rate of growth and development of wireless markets, risks associated with the operation of our wafer fabrication facilities, molecular beam epitaxy facility, assembly facility and test and tape and reel facilities, our ability to complete acquisitions and integrate acquired companies, including the risk that we may not realize expected synergies from our business combinations, our ability to attract and retain skilled personnel and develop leaders, variability in production yields, our ability to reduce costs and improve gross margins by implementing innovative technologies, our ability to bring new products to market, our ability to adjust production capacity in a timely fashion in response to changes in demand for our products, dependence on a limited number of customers, and dependence on third parties. These and other risks and uncertainties, which are described in more detail in RF Micro Devices' most recent Annual Report on Form 10-K and other reports filed with the Securities and Exchange Commission, could cause actual results and developments to be materially different from those expressed or implied by any of these forward-looking statements.
RF MICRO DEVICES(R) and RFMD(R) are trademarks of RFMD, LLC. All other trade names, trademarks and registered trademarks are the property of their respective owners.
RF Micro Devices
CONTACT: Doug DeLieto, VP, Investor Relations, +1-336-678-7968, or Jerry Neal, Executive Vice President, +1-336-678-7001, both of RFMD
Web site: http://www.rfmd.com/ http://www.rfmd.com/wlanwimax
Conversion Services International Completes Transactions to Strengthen Its Balance Sheet
EAST HANOVER, N.J., April 23 /PRNewswire-FirstCall/ -- Conversion Services International, Inc. ("CSI"), a premier professional services firm focused on delivering business intelligence and business process optimization solutions to Global 2000 organizations and other businesses, today announced that it had converted $600,000 in debt to equity during March 2008.
(Logo: http://www.newscom.com/cgi-bin/prnh/20060421/NYF015LOGO )
Bill Hendry, chief financial officer of CSI, stated, "In December 2007, we made the final payment of $250,000 to repay our debt to Sands Brothers Venture Capital LLC, and we converted $2.5 million of debt to equity. In March 2008, we converted another $600,000 of long-term debt to equity. We are very pleased to have completed this transaction as we continue to strengthen our balance sheet. Also, in March 2008, we replaced our previous line of credit with Laurus Master Fund Ltd. with a new line of credit with Access Capital, Inc."
Hendry concluded, "We have made progress toward improving the Company's capital structure during the last few months and we expect to continue to make further improvements."
Scott Newman, chairman and chief executive officer of CSI, stated, "This strengthening of our capital structure will allow us to pursue our business strategy with greater flexibility and enhance our ability to pursue acquisitions that are complementary to our business. Despite the economic climate, we are continuing to win new contracts and expand our customer base."
About Conversion Services International, Inc.
Conversion Services International, Inc. (CSI) is a provider of professional services focusing on strategic consulting, data warehousing, business intelligence, business process reengineering, as well as integration and information technology management solutions. CSI offers an array of products and services to help companies define, develop, and implement the warehousing and strategic use of both enterprise-wide and specific categories of strategic data. CSI's customers include ADP, Coach, Goldman Sachs, Liberty Mutual, Merck, Morgan Stanley, and Pfizer. Information about CSI can be found on the web at http://www.csiwhq.com/ or by calling its corporate headquarters at 888-CSI-5036.
Note on Forward-Looking Statements
Except for the historical information contained herein, this press release contains, among other things, certain forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. Such statements may include, without limitation, statements with respect to CSI's plans, objectives, expectations and intentions and other statements identified by words such as "may," "could," "would," "should," "believes," "expects," "anticipates," "estimates," "intends," "plans" or similar expressions. Actual results may differ from those set forth in the forward-looking statements. These forward-looking statements involve certain risks and uncertainties that are subject to change based on various factors (many of which are beyond CSI's control). CSI undertakes no obligation to update publicly any forward-looking statements.
Investor Relations: Media Contact:
Porter, LeVay & Rose, Inc. Tracee Lee Beebe
Michael J. Porter, President Marketing & Communications
Jeffrey Myhre, VP -- Editorial Conversion Services International, Inc.
212-564-4700 973-560-9400
tbeebe@csiwhq.com
Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20060421/NYF015LOGO AP Archive: http://photoarchive.ap.org/ PRN Photo Desk, photodesk@prnewswire.com
Conversion Services International, Inc.
CONTACT: Investors, Michael J. Porter, President, or Jeffrey Myhre, VP, Editorial, +1-212-564-4700, both of Porter, LeVay & Rose, Inc. for Conversion Services International, Inc.; or Media, Tracee Lee Beebe, Marketing & Communications of Conversion Services International, Inc., +1-973-560-9400, tbeebe@csiwhq.com
Web site: http://www.csiwhq.com/
RightNow Wins Three 2008 CRM Magazine Service Leader Awards; Fifth Consecutive Year as Web Self-Service Leader
BOZEMAN, Mont., April 23 /PRNewswire-FirstCall/ -- CRM Magazine awarded RightNow(R) Technologies three 2008 Service Leader awards for its on demand customer relationship management (CRM) solutions. For the fifth year in a row, RightNow won the Web Self-Service category, based on strong analyst ratings for customer satisfaction, depth of functionality, and company direction. RightNow is also the inaugural winner of a new category, Web Interaction Management, for the delivery of exceptional customer support via multiple channels: email, chat, and phone.
In a recent CRM Magazine article about the awards, Esteban Kolsky, a former Gartner analyst, commented that as a hosted solution RightNow "is well positioned due to the Web 2.0/services-oriented architecture story."
Jupiter Research Associate Analyst Zachary McGeary, quoted in the same article, said, "These guys are dreamers. They think big. They have a huge, really bright, brilliant development team." McGeary added, "They've exceeded anyone's expectations -- and we expect them to continue to do that."
In addition, RightNow customer iRobot received a Service Elite award for its use of the RightNow CRM solution, which has improved customer satisfaction, contact center operations, and marketing efforts.
"We strive to provide customers with the information that will allow them to serve themselves," Maryellen Abreu, director of global technical support at iRobot, said. "The RightNow solution allows us to keep customers happy while minimizing cost -- savings that we can pass along to our customers."
The RightNow CRM suite reflects the company's commitment to delivering the most robust, enterprise-class, on demand CRM solution available on the market today. The RightNow solution can help organizations deliver excellent customer experiences -- while significantly reducing operating costs -- by facilitating a single, consistent dialogue between a company and a customer, regardless of communication channel.
"CRM Magazine and the Service Leader awards validate the quality of the CRM technology solutions we provide, as well as the strong relationships we build with our customers," Jason Mittelstaedt, chief marketing officer at RightNow, said. "While delivering the industry's most comprehensive on demand CRM suite, we continue to be recognized for our ongoing leadership of the self-service space we originally pioneered."
RightNow also congratulates partners Genesys Telecommunications Laboratories and West Communications on their CRM Magazine Service Leader awards in the Contact Center Infrastructure and Outsourcing categories.
About RightNow Technologies
RightNow delivers the high-impact technology solutions and services organizations need to cost-efficiently deliver a consistently superior customer experience across their frontline service, sales and marketing touch-points. Approximately 1,800 corporations and government agencies worldwide depend on RightNow to achieve their strategic objectives and better meet the needs of those they serve. RightNow is headquartered in Bozeman, Montana. For more information, please visit http://www.rightnow.com/.
RightNow is a registered trademark of RightNow Technologies, Inc. NASDAQ is a registered trademark of the NASDAQ Stock Market.
RightNow Technologies
CONTACT: Chaundera Wolfe of RightNow Technologies, +1-406-556-3323, cell, +1-406-570-0347, cwolfe@rightnow.com
Web site: http://www.rightnow.com/
CACI Awarded Contract to Provide Professional Services to Department of Navy Chief Information Officer$82.8 Million Award Positions CACI to Continue CIO Support
ARLINGTON, Va., April 23 /PRNewswire-FirstCall/ -- CACI International Inc announced today that it has been awarded an indefinite delivery/indefinite quantity (IDIQ) type contract with an estimated value of $82.8 million to continue its support for the Department of Navy Chief Information Officer (DON CIO). The four-year award (one base year, three option years) positions CACI to continue providing professional, technical, management, and administrative services to support the DON CIO as it guides the Department of Navy information management and information technology transformation initiatives and activities.
The DON CIO is the Navy's resource for directing efforts to create a joint, network-centric environment for the Department of Navy to deliver improved IT services to the organization in the form of advancing its information-sharing capabilities, securing networks, protecting privacy, and ensuring adequate infrastructure, capability, and performance. The DON CIO establishes and implements policy, guidance, and plans for sharing knowledge that enables effective and agile decision-making in support of U.S. Navy and Marines Corps forces.
CACI currently provides a full range of mission support services to the DON CIO office, including both technical and administrative assistance in support of the Navy enterprise worldwide. CACI's team has served the DON CIO since 1999, and as prime contractor has blended additional support groups to sustain seamless operations to assist the DON CIO in completing its mission. CACI support helps the DON CIO to improve capabilities and achieve its goals in a timely fashion.
According to Bill Fairl, CACI President of U.S. Operations, "CACI offers the Department of Navy Chief Information Officer a unique combination of technical expertise and innovative thought leadership, plus a track record of success. We have a thorough understanding of all DON CIO requirements and processes and can provide proven solutions for helping the DON CIO achieve knowledge dominance for our sailors and marines."
Paul Cofoni, CACI President and Chief Executive Officer, said, "CACI is proud to continue assisting the Department of Navy in delivering secure, interoperable, and integrated information management and information technology capabilities to our nation's warfighters. We are dedicated to delivering valuable and strategic services with experienced personnel to sustain and improve critical Navy operations and resources."
CACI International Inc provides the IT and network solutions needed to prevail in today's new era of national security, intelligence, and e-government. From systems integration and managed network solutions to knowledge management, engineering, simulation, and information assurance, we deliver the IT applications and infrastructures our federal customers use to improve communications and collaboration, secure the integrity of information systems and networks, enhance data collection and analysis, and increase efficiency and mission effectiveness. Our solutions lead the transformation of national security and intelligence, assure homeland security, enhance decision-making, and help government to work smarter, faster, and more responsively. CACI is a member of the Fortune 1000 Largest Companies of 2007 and the Russell 2000 index. CACI provides dynamic careers for approximately 11,800 employees working in over 120 offices in the U.S. and Europe. CACI is the IT provider for a networked world. Visit CACI on the web at http://www.caci.com/.
There are statements made herein which do not address historical facts, and therefore could be interpreted to be forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are subject to factors that could cause actual results to differ materially from anticipated results. The factors that could cause actual results to differ materially from those anticipated include, but are not limited to, the following: regional and national economic conditions in the United States and the United Kingdom, including conditions that result from terrorist activities or war; failure to achieve contract awards in connection with recompetes for present business and/or competition for new business; the risks and uncertainties associated with client interest in and purchases of new products and/or services; continued funding of U.S. Government or other public sector projects in the event of a priority need for funds, such as homeland security, the war on terrorism or rebuilding Iraq; government contract procurement (such as bid protest, small business set asides, etc.) and termination risks; the results of government investigations into allegations of improper actions related to the provision of services in support of U.S. military operations in Iraq; individual business decisions of our clients; paradigm shifts in technology; competitive factors such as pricing pressures and/or competition to hire and retain employees (particularly those with security clearances); material changes in laws or regulations applicable to our businesses, particularly in connection with (i) government contracts for services, (ii) outsourcing of activities that have been performed by the government, and (iii) competition for task orders under Government Wide Acquisition Contracts ("GWACs") and/or schedule contracts with the General Services Administration; our own ability to achieve the objectives of near term or long range business plans; and other risks described in the company's Securities and Exchange Commission filings.
For investor information contact:
David Dragics, Senior Vice President, Investor Relations
(866) 606-3471, ddragics@caci.com
For other information contact:
Jody Brown, Executive Vice President, Public Relations
(703) 841-7801, jbrown@caci.com
CACI International Inc
CONTACT: For investor information: David Dragics, Senior Vice President, Investor Relations, +1-866-606-3471, ddragics@caci.com, or for other information: Jody Brown, Executive Vice President, Public Relations, +1-703-841-7801, jbrown@caci.com, both of CACI International Inc
Web site: http://www.caci.com/
Level 3 Reports First Quarter 2008 ResultsFinancial and Business Highlights- Consolidated Revenue of $1.09 billion- Net Loss of $181 million, or $0.12 per share- Consolidated Adjusted EBITDA of $211 million- Year over year Core Communications Services revenue growth of 10 percent- 2008 business outlook reaffirmed- Cumulative Free Cash Flow breakeven for the remainder of 2008
BROOMFIELD, Colo., April 23 /PRNewswire-FirstCall/ -- Level 3 Communications, Inc. today reported consolidated revenue of $1.09 billion for the first quarter 2008, an increase of 3 percent from $1.06 billion for the first quarter 2007. Fourth quarter 2007 consolidated revenue was $1.10 billion. The year over year growth rate for Core Communications Services revenue was 10 percent.
The net loss for the first quarter 2008 was $181 million, or $0.12 per share, compared to a net loss of $647 million, or $0.44 per share for the first quarter 2007. In the first quarter 2007, excluding a loss on the extinguishment of debt of $427 million, the net loss would have been $220 million, or $0.15 per share. The net loss for the fourth quarter 2007 was $91 million, or $0.06 per share.
Consolidated Adjusted EBITDA(1) was $211 million in the first quarter 2008, an increase of 24 percent from $170 million for the first quarter 2007. Consolidated Adjusted EBITDA for the fourth quarter 2007 was $246 million.
"Over the last several quarters, a growing number of telecommunications industry participants have noted the growth in the demand for optical and IP services," said James Q. Crowe, president and CEO of Level 3. "We certainly benefited from that trend during the quarter, driven by growth in the delivery of video and other media over the Internet. Additionally, the pricing environment for our Core Communications Services continued to be positive.
"From an operational perspective, we believe we have substantially increased available installation capacity, which was previously a significant constraint on our ability to meet market demand for our services. With these operational improvements, we believe that we are on track to meet our two primary goals for 2008 -- to reach free cash flow breakeven on a run rate basis during 2008, and to increase our sales and installations to rates that match customer demand for our services. With respect to the first goal, our performance has exceeded our earlier expectations and we expect to be free cash flow breakeven for the remaining three quarters of this year."
First Quarter 2008 Financial Results
Metric
($ in millions) First Quarter First Quarter
Revenue 2008 Results 2007 Results
Core Communications $958 $870
Other Communications $51 $84
SBC Contract Services $57 $83
Total Communications Revenue $1,066 $1,037
Other Revenue $26 $19
Total Consolidated Revenue $1,092 $1,056
Consolidated Adjusted EBITDA (1)(2) $211 $170
Capital Expenditures $113 $155
Unlevered Cash Flow (2) $(21) $(69)
Free Cash Flow (2) $(160) $(248)
Communications Gross Margin (2) 56.9% 56.6%
Communications Adjusted EBITDA Margin (2) 19.3% 16.2%
(1) Consolidated Adjusted EBITDA for the first quarter 2008 and 2007
excludes $23 million and $24 million in non-cash compensation expense
and includes $7 million and $4 million of cash restructuring charges
respectively
(2) See schedule of non-GAAP metrics for definition and reconciliation to
GAAP measures
Communications Business
Revenue
Communications revenue for the first quarter 2008 was $1.07 billion, a 3 percent increase from $1.04 billion in the first quarter 2007. In the fourth quarter 2007, Communications revenue was $1.08 billion.
Quarter Quarter
Communications ended ended Quarter ended
Revenue March 31, March 31, Percent December 31, Percent
($ in millions) 2008 2007 Change 2007 Change
Core Network Services $774 $720 8% $783 (1%)
Wholesale Voice
Services $184 $150 23% $172 7%
Total Core
Communications Services $958 $870 10% $955 ---
Other Communications
Services $51 $84 (39%) $56 (9%)
SBC Contract
Services $57 $83 (31%) $73 (22%)
Total Communications
Revenue $1,066 $1,037 3% $1,084 (2%)
Core Communications Services
Core Communications Services revenue, which includes Core Network Services and Wholesale Voice Services, was $958 million in the first quarter 2008, an increase of 10 percent over $870 million in the first quarter 2007. Fourth quarter 2007 Core Communications Services revenue was $955 million.
Core Network Services revenue increased by 8 percent from the first quarter 2007, primarily from increased demand for IP and optical services across the business. Wholesale Voice Services revenue increased by 23 percent from the first quarter 2007, primarily due to growth from cable and wireless customers.
In the first quarter 2008, Core Communications Services revenue by market group was:
First Total Core
Core Communications Services Revenue Quarter Communications
($ in millions) 2008 Services Revenue
Wholesale Markets Group $541 57%
Business Markets Group $240 25%
Content Markets Group $100 10%
European Markets Group $77 8%
Total Core Communications Services Revenue $958
Other Communications Services
Other Communications Services revenue declined 39 percent to $51 million compared to $84 million in the first quarter 2007 as a result of expected declines in managed modem services. For the fourth quarter 2007, Other Communications Services revenue was $56 million.
SBC Contract Services
SBC Contract Services revenue was $57 million in the first quarter 2008, a 31 percent decline compared to the year earlier quarter revenue of $83 million. Fourth quarter 2007 SBC Contract Services revenue was $73 million, which included a $16 million quality of service bonus, the last such bonus for which the company was eligible.
As previously disclosed, SBC announced its intention to migrate the services provided under the agreement to its own network facilities in accordance with terms previously negotiated by WilTel Communications, LLC (WilTel), a company subsequently acquired by Level 3. Under the terms of this agreement, SBC agreed to pay WilTel a minimum amount of gross margin regardless of the actual revenue generated under the contract. Accordingly, while the company expects future SBC Contract Services revenue will be difficult to predict, the gross margin contribution over time is fixed.
As of the end of the first quarter, there was approximately $15 million of gross margin commitment remaining on the contract. The company expects the gross margin commitment to be met in the second quarter 2008 and will evaluate the approach to external revenue reporting under this agreement going forward once the commitment is satisfied.
Deferred Revenue
Communications deferred revenue decreased to $918 million at the end of the first quarter 2008, compared to $939 million at the end of the first quarter 2007 and $929 million at the end of the fourth quarter 2007.
Cost of Revenue
Communications cost of revenue for the first quarter 2008 increased to $459 million, versus $450 million in the first quarter 2007 and $444 million in the previous quarter.
Communications Gross Margin(1) was $607 million, or 56.9 percent in the first quarter 2008, compared to $587 million, or 56.6 percent in the first quarter 2007. For the fourth quarter 2007, Communications Gross Margin was $640 million or 59.0 percent. The fourth quarter gross margin had the benefit of the $16 million SBC performance bonus.
"Actual gross margins in coming quarters will largely be determined by the mix of Core Network Services revenue and Wholesale Voice Services revenue," said Sunit Patel, executive vice president and CFO of Level 3. "Core Network Services revenue has incremental gross margins of approximately 80 percent and Wholesale Voice Services revenue has incremental gross margins of approximately 30 percent. Over the course of the year, we expect to benefit from the growth of higher margin Core Network Services revenue and network optimization."
Selling, General and Administrative (SG&A) Expense
Communications SG&A expense, including non-cash compensation expense, was $418 million for the first quarter 2008, versus $439 million for the first quarter 2007 and $439 million for the fourth quarter 2007. Communications SG&A includes $23 million, $24 million and $50 million for the first quarter 2008, first quarter 2007 and fourth quarter 2007, respectively, of non-cash compensation expense.
Excluding non-cash compensation expense, Communications SG&A was $395 million in the first quarter 2008, a 5 percent decline compared to $415 million in the first quarter 2007. Fourth quarter 2007 Communications SG&A, excluding non-cash compensation expense, was $389 million, which included a $21 million reduction in incentive-based compensation expense.
Adjusted EBITDA
Adjusted EBITDA(1) for the communications business was $205 million for the first quarter 2008, a 22 percent increase compared to $168 million for the first quarter 2007. Fourth quarter 2007 Communications Adjusted EBITDA was $246 million.
Communications Adjusted EBITDA margin was 19.3 percent in the first quarter 2008, versus 16.2 percent in the first quarter 2007 and 22.7 percent in the previous quarter.
Communications Adjusted EBITDA excludes non-cash compensation expense and includes severance and restructuring charges related to integration activities of $7 million, $4 million and $5 million for the first quarter 2008, first quarter 2007 and fourth quarter 2007, respectively.
Other Businesses
The company's other businesses consist primarily of coal mining operations. During the first quarter 2008, the company recognized $6 million in Adjusted EBITDA from other businesses, compared to $2 million in the first quarter 2007 and zero in the fourth quarter 2007. The increase in Adjusted EBITDA was primarily the result of a buyout agreement with one of the coal customers, providing a one-time benefit of $5 million during the quarter.
Consolidated Cash Flow and Liquidity
During the first quarter 2008, Unlevered Cash Flow(1) was negative $21 million, versus negative $69 million in the first quarter 2007 and positive $146 million for the previous quarter. Consolidated Free Cash Flow for the first quarter 2008 was negative $160 million, versus negative $248 million for the first quarter 2007 and positive $41 million for the fourth quarter 2007.
"As expected, our cash flow losses widened during the quarter resulting from negative fluctuations in working capital due to annual bonus payments, declines in payables due to a decline in capital expenditures, prepayments on maintenance contracts, interest payments and property tax payments," said Patel. "For the remaining three quarters of the year, we expect to be free cash flow breakeven on a cumulative basis. Additionally, as we previously disclosed, we expect to be free cash flow positive for the full year 2009."
As of March 31, 2008, the company had cash and marketable securities of approximately $540 million.
Operational Update
The company made several improvements to the service activation processes during the quarter and installed more Core Network Services compared to the previous quarter.
The company also made progress in the implementation of its Project Unity initiative, which remains on schedule. By the end of 2008, Unity processes and systems are expected to support activation of approximately half of the company's order volume, and approximately two thirds of Core Network Services revenue. This increase in operational efficiency, combined with ongoing process improvements, is expected to further increase overall installation capacity over the coming quarters.
2008 Business Outlook
"Our sales funnel growth continues to point to strong sales momentum for the first half of the year," said Patel. "Sales and installs increased in the first quarter and we are aggressively hiring new salespeople to address the strong demand we are seeing in the market. Our installation capacity increased in the quarter, and we expect to continue to increase capacity throughout 2008. We are reaffirming our projection that Core Communications Services revenue will grow 8 to 13 percent for the full year 2008.
"In addition, we expect Consolidated Adjusted EBITDA to increase throughout 2008 as a result of Core Communications Services revenue growth, combined with improvements in gross margin and continued reductions in operating expenses. We are reiterating our 2008 Consolidated Adjusted EBITDA guidance of $950 million to $1.10 billion."
Summary
"Our sales and installation rates increased during the first quarter and we expect that positive trend to continue throughout 2008," said Crowe. "Our financial results for the first quarter and the overall healthy pricing and demand environment give us increasing confidence in our 2008 business outlook, and our ability to be free cash flow breakeven in aggregate for the remaining three quarters of 2008.
"Importantly, we believe our actions over the past six months have greatly improved our customers' experience and that our extensive end-to-end network, coupled with our broad service portfolio, makes us the alternative provider of choice for high bandwidth needs."
Conference Call and Web Site Information
Level 3 will hold a conference call to discuss the company's first quarter results at 10 a.m. EDT today. The call will be broadcast live on Level 3's Web site at http://www.level3.com/. If you are unable to join the call via the Web, you may access the call at 888-724-9520 or 913-312-1272 access code 7889479.
The call will be archived and available on Level 3's Web site at http://www.level3.com/q0108report.html, or you may access an audio replay until 12:00 a.m. MDT on Friday, May 2, 2008, by dialing 888-203-1112 or 719-457-0820 access code 7889479.
The company will post an investor presentation that summarizes the financial and operational progress for the first quarter 2008 on its Web site at http://www.level3.com/investor_relations/index.html.
About Level 3 Communications
Level 3 Communications, Inc. is a leading international provider of fiber-based communications services. Enterprise, content, wholesale and government customers rely on Level 3 to deliver services with an industry-leading combination of scalability and value over an end-to-end fiber network. Level 3 offers a portfolio of metro and long-haul services, including transport, data, Internet, content delivery and voice. For more information, visit http://www.level3.com/.
Level 3 Communications, Level 3, the red 3D brackets and the Level 3 Communications logo are registered service marks of Level 3 Communications, LLC and/or its affiliates in the United States and/or other countries. Level 3 services are provided by wholly owned subsidiaries of Level 3 Communications, Inc. Any other service, product or company names recited herein are trademarks or service marks of their respective owners.
Forward-Looking Statement
Some of the statements made in this press release are forward looking in nature. These statements are based on management's current expectations or beliefs. These forward looking statements are not a guarantee of performance and are subject to a number of uncertainties and other factors, many of which are outside Level 3's control, which could cause actual events to differ materially from those expressed or implied by the statements. The most important factors that could prevent Level 3 from achieving its stated goals include, but are not limited to the company's ability to: successfully integrate acquisitions; increase the volume of traffic on the network; defend intellectual property and proprietary rights; develop new products and services that meet customer demands and generate acceptable margins; successfully complete commercial testing of new technology and information systems to support new products and services; attract and retain qualified management and other personnel; and meet all of the terms and conditions of debt obligations. Additional information concerning these and other important factors can be found within Level 3's filings with the Securities and Exchange Commission. Statements in this press release should be evaluated in light of these important factors. Level 3 is under no obligation to, and expressly disclaims any such obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise.
1) Non-GAAP Metrics
Pursuant to Regulation G, the Company is hereby providing a reconciliation of non-GAAP financial metrics to the most directly comparable GAAP measure.
The Company provides projections that include non-GAAP metrics that the Company deems relevant to management and investors. These non-GAAP metrics are Consolidated Adjusted EBITDA, Communications Gross Margin, Communications Adjusted EBITDA Margin, Unlevered Cash Flow and Consolidated Free Cash Flow. Certain of the following reconciliations of these non-GAAP financial metrics to GAAP include forward-looking statements with respect to the information identified as a projection. Level 3 has made a number of assumptions in preparing our projections, including assumptions as to the components of financial metrics. These assumptions, including dollar amounts of the various components that comprise a financial metric, may or may not prove to be correct. We caution you that these forward-looking statements are only projections, which are subject to risks and uncertainties including technological uncertainty, financial variations, changes in the regulatory environment, industry growth and trend predictions. Please see the Company's Annual Report on Form 10-K for a description of these risks and uncertainties.
In order to provide projections with respect to non-GAAP metrics, we are required to indicate a range for GAAP measures that are components of the reconciliation of the non-GAAP metric. The provision of these ranges is in no way meant to indicate that the Company is explicitly or implicitly providing projections on those GAAP components of the reconciliation. In order to reconcile the non-GAAP financial metric to GAAP, the Company has to use ranges for the GAAP components that arithmetically add up to the non-GAAP financial metric. While the Company feels reasonably comfortable about the projections for its non-GAAP financial metrics, it fully expects that the ranges used for the GAAP components will vary from actual results. We will consider our projections of non-GAAP financial metrics to be accurate if the specific non-GAAP metric is met or exceeded, even if the GAAP components of the reconciliation are different from those provided in an earlier reconciliation.
Communications Gross Margin ($) is defined as communications revenue less communications cost of revenue from the consolidated condensed statements of operations.
Cost of Revenue for the communications business includes leased capacity, right-of-way costs, access charges and other third party circuit costs directly attributable to the network, as well as costs of assets sold. Cost of revenue also includes satellite transponder lease costs, package delivery costs and blank tape media costs attributable to the video business. Cost of revenue does not include depreciation and amortization.
Communications Gross Margin (%) is defined as communications gross margin ($) divided by communications revenue. Management believes that communications gross margin is a relevant metric to provide to investors, as it is a metric that management uses to measure the margin available to the Company after it pays third party network services costs; in essence, a measure of the efficiency of the Company's network.
Communications Gross Margin Q108 Q407 Q107
($ in millions)
Communications Revenue $1,066 $1,084 $1,037
Communications Cost of Revenue $459 $444 $450
Communications Gross Margin ($) $607 $640 $587
Communications Gross Margin (%) 56.9% 59.0% 56.6%
Consolidated Adjusted EBITDA is defined as net income/(loss) from the consolidated condensed statements of operations before income taxes, total other income/(expense), non-cash impairment charges, depreciation and amortization and non-cash stock compensation expense.
Communications Adjusted EBITDA Margin is defined as Communications Adjusted EBITDA divided by communications revenue.
Management believes that Consolidated Adjusted EBITDA and Communications Adjusted EBITDA Margin are relevant and useful metrics to provide to investors, as they are an important part of the Company's internal reporting and are key measures used by Management to evaluate profitability and operating performance of the Company and to make resource allocation decisions. Management believes such measures are especially important in a capital-intensive industry such as telecommunications. Management also uses Consolidated Adjusted EBITDA and Communications Adjusted EBITDA Margin to compare the Company's performance to that of its competitors. Management has adjusted consolidated EBITDA to eliminate certain non-cash and non-operating items in order to consistently measure from period to period its ability to fund capital expenditures, fund growth, service debt and determine bonuses. Consolidated Adjusted EBITDA excludes non-cash impairment charges and non-cash stock compensation expense because of the non-cash nature of these items. Consolidated Adjusted EBITDA also excludes interest income, interest expense, income taxes and gain (loss) on extinguishment of debt because these items are associated with the Company's capitalization and tax structures. Consolidated Adjusted EBITDA also excludes depreciation and amortization expense because these non-cash expenses reflect the impact of capital investments which management believes should be evaluated through consolidated free cash flow. Consolidated Adjusted EBITDA excludes other, net because these items are not related to the primary operations of the Company.
There are limitations to using non-GAAP financial measures, including the difficulty associated with comparing companies that use similar performance measures whose calculations may differ from the Company's calculations. Additionally, this financial measure does not include certain significant items such as interest income, interest expense, income taxes, depreciation and amortization, non-cash impairment charges, non-cash stock compensation expense, gain/(loss) on early extinguishment of debt and net other income/(expense). Consolidated Adjusted EBITDA and Communications Adjusted EBITDA Margin should not be considered a substitute for other measures of financial performance reported in accordance with GAAP.
Consolidated Adjusted EBITDA
Three Months Ended March 31, 2008
($ in millions) Communications Other Consolidated
Net Earnings (Loss) ($187) $6 ($181)
Income Tax (Benefit) Expense $2 $1 $3
Total Other (Income) Expense $128 ($2) $126
Non-Cash Impairment Charge $-- $-- $--
Depreciation and Amortization Expense $239 $1 $240
Non-Cash Stock Compensation Expense $23 $-- $23
Consolidated Adjusted EBITDA $205 $6 $211
Consolidated Adjusted EBITDA
Three Months Ended December 31, 2007
($ in millions) Communications Other Consolidated
Net Earnings (Loss) ($89) ($2) ($91)
Income Tax (Benefit) Expense ($20) $-- ($20)
Total Other (Income) Expense $82 $-- $82
Non-Cash Impairment Charge $-- $-- $--
Depreciation and Amortization Expense $223 $2 $225
Non-Cash Stock Compensation Expense $50 $-- $50
Consolidated Adjusted EBITDA $246 $-- $246
Consolidated Adjusted EBITDA
Three Months Ended March 31, 2007
($ in millions) Communications Other Consolidated
Net Earnings (Loss) ($647) $-- ($647)
Income Tax (Benefit) Expense $1 $1 $2
Total Other (Income) Expense $570 $-- $570
Non-Cash Impairment Charge $-- $-- $--
Depreciation and Amortization Expense $220 $1 $221
Non-Cash Stock Compensation Expense $24 $-- $24
Consolidated Adjusted EBITDA $168 $2 $170
Communications Adjusted EBITDA Margin
($ in millions) Q108 Q407 Q107
Communications Revenue $1,066 $1,084 $1,037
Communications Adjusted EBITDA $205 $246 $168
Communications Adjusted EBITDA Margin 19.3% 22.7% 16.2%
Projected Consolidated Adjusted EBITDA Consolidated
Twelve Months Ended December 31, 2008 Range
($ in millions) Low High
Net Earnings (Loss) ($650) ($450)
Total Other (Income) Expense $540 $510
Depreciation and Amortization Expense $940 $900
Non-Cash Stock Compensation Expense $120 $140
Consolidated Adjusted EBITDA $950 $1,100
Unlevered Cash Flow is defined as net cash provided by (used in) operating activities less capital expenditures, and adding back cash interest paid, less interest income all as disclosed in the consolidated statements of cash flows or the consolidated condensed statements of operations. Management believes that Unlevered Cash Flow is a relevant metric to provide to investors, as it is an indicator of the operational strength and performance of the Company and, measured over time, provides management and investors with a sense of the growth pattern of the business.
There are material limitations to using Unlevered Cash Flow to measure the Company against some of its competitors as it excludes certain material items such as cash spent on merger and acquisition activity and interest expense. Level 3 does not currently pay a significant amount of income taxes due to net operating losses, and therefore, generates higher cash flow than a comparable business that does pay income taxes. Additionally, this financial measure is subject to variability quarter over quarter as a result of the timing of payments related to accounts receivable and accounts payable. Unlevered Cash Flow should not be used as a substitute for net change in cash and cash equivalents on the consolidated statements of cash flows.
Consolidated Free Cash Flow is defined as net cash provided by (used in) operating activities less capital expenditures as disclosed in the consolidated statements of cash flows. Management believes that Consolidated Free Cash Flow is a relevant metric to provide to investors, as it is an indicator of the Company's ability to generate cash to service its debt. Consolidated Free Cash Flow excludes cash used for acquisitions and principal repayments.
There are material limitations to using Consolidated Free Cash Flow to measure the Company against some of its competitors as Level 3 does not currently pay a significant amount of income taxes due to net operating losses, and therefore, generates higher cash flow than a comparable business that does pay income taxes. Additionally, this financial measure is subject to variability quarter over quarter as a result of the timing of payments related to accounts receivable and accounts payable. This financial measure should not be used as a substitute for net change in cash and cash equivalents on the consolidated statements of cash flows.
Unlevered Cash Flow and Consolidated Consolidated
Free Cash Flow Unlevered Free
Three Months Ended March 31, 2008 Cash Flow Cash Flow
($ in millions)
Net Cash Used in Operating Activities ($47) ($47)
Capital Expenditures ($113) ($113)
Cash Interest Paid $145 N/A
Interest Income ($6) N/A
Total ($21) ($160)
Unlevered Cash Flow and Consolidated Consolidated
Free Cash Flow Unlevered Free
Three Months Ended December 31, 2007 Cash Flow Cash Flow
($ in millions)
Net Cash Provided by Operating Activities $194 $194
Capital Expenditures ($153) ($153)
Cash Interest Paid $114 N/A
Interest Income ($9) N/A
Total $146 $41
Unlevered Cash Flow and Consolidated Consolidated
Free Cash Flow Unlevered Free
Three Months Ended March 31, 2007 Cash Flow Cash Flow
($ in millions)
Net Cash Used in Operating Activities ($93) ($93)
Capital Expenditures ($155) ($155)
Cash Interest Paid $200 N/A
Interest Income ($21) N/A
Total ($69) ($248)
LEVEL 3 COMMUNICATIONS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(unaudited)
Three Months Ended
(dollars in millions, except per March 31, December 31, March 31,
share data) 2008 2007 2007
Revenue:
Communications $1,066 $1,084 $1,037
Other 26 16 19
Total Revenue 1,092 1,100 1,056
Costs and Expenses:
Cost of Revenue 475 459 466
Depreciation and Amortization 240 225 221
Selling, General and Administrative,
including non-cash compensation of $23,
$50, and $24, respectively 422 440 440
Restructuring Charges 7 5 4
Total Costs and Expenses 1,144 1,129 1,131
Operating Loss (52) (29) (75)
Other Income (Expense):
Interest Income 6 9 21
Interest Expense (135) (136) (165)
Loss on Extinguishment of Debt, net - - (427)
Other Income (Expense), net 3 45 1
Other Income (Expense) (126) (82) (570)
Loss Before Income Taxes (178) (111) (645)
Income Tax (Expense) Benefit (3) 20 (2)
Net Loss $(181) $(91) $(647)
Loss per Share (Basic and Diluted) $(0.12) $(0.06) $(0.44)
Weighted Average Shares Outstanding
(in thousands):
Basic and Diluted 1,541,872 1,536,736 1,469,163
LEVEL 3 COMMUNICATIONS, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(unaudited)
March 31, December 31,
(dollars in millions) 2008 2007
Assets
Current Assets:
Cash and cash equivalents $533 $714
Marketable securities 7 9
Restricted securities 8 10
Accounts receivable, less allowances of $22
and $20, respectively 416 395
Other 110 88
Total Current Assets 1,074 1,216
Property, Plant and Equipment, net 6,616 6,669
Restricted Securities 119 117
Goodwill and Other Intangibles, net 2,079 2,101
Other Assets, net 131 142
$10,019 $10,245
Liabilities and Stockholders' Equity
Current Liabilities:
Accounts payable $346 $396
Current portion of long-term debt 7 32
Accrued payroll and employee benefits 73 97
Accrued interest 115 128
Deferred revenue 161 166
Other 129 139
Total Current Liabilities 831 958
Long-Term Debt, less current portion 6,831 6,832
Deferred Revenue 757 763
Other Liabilities 662 622
Stockholders' Equity 938 1,070
$10,019 $10,245
LEVEL 3 COMMUNICATIONS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(unaudited)
Three Months Ended
March 31, December 31, March 31,
(dollars in millions) 2008 2007 2007
Cash Flows from Operating Activities:
Net loss $(181) $(91) $(647)
Adjustments to reconcile net loss to
net cash provided by (used in)
operating activities:
Depreciation and amortization 240 225 221
Gain on sale of property, plant
and equipment, and other assets (1) (38) (1)
Loss on extinguishment of long-term
debt, net - - 427
Non-cash compensation expense
attributable to stock awards 23 50 24
Amortization of debt issuance costs 4 4 4
Accreted interest on discount debt - 1 9
Accrued interest on long-term debt (14) 17 (48)
Deferred income taxes (2) (23) -
Changes in working capital items
net of amounts acquired:
Receivables (20) 43 (35)
Other current assets (22) 19 (18)
Payables (52) 9 (13)
Deferred revenue (17) (7) 38
Other current liabilities (15) (22) (53)
Other 10 7 (1)
Net Cash Provided by (Used in)
Operating Activities (47) 194 (93)
Cash Flows from Investing Activities:
Capital expenditures (113) (153) (155)
Proceeds from sale of property, plant and
equipment and other assets 2 1 2
Proceeds from sale of discontinued
operations, net of cash sold - (2) -
Proceeds from sale and maturity of
marketable securities - 45 280
(Increase) decrease in restricted
cash and securities, net - (3) 16
Acquisitions, net of cash acquired,
and investments - (8) (626)
Net Cash Used in Investing Activities (111) (120) (483)
Cash Flows from Financing Activities:
Payments on and repurchases of long-term
debt, including current portion and
refinancing costs (26) (2) (2,611)
Long-term debt borrowings, net of
issuance costs - - 2,362
Proceeds from warrants and stock-based
equity plans - - 23
Net Cash Used in Financing Activities (26) (2) (226)
Effect of Exchange Rates on Cash 3 - 5
Net Change in Cash and Cash Equivalents (181) 72 (797)
Cash and Cash Equivalents at
Beginning of Period 714 642 1,681
Cash and Cash Equivalents at End of Period $533 $714 $884
Supplemental Disclosure of Cash Flow
Information:
Cash interest paid $145 $114 $200
Total Cash, Current Marketable Securities
and Noncurrent Marketable Securities $540 $723 $892
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Level 3 Communications, Inc.
CONTACT: Media, Chris Hardman, +1-720-888-2292, or Kimberly Tulp, +1-720-888-3675, or Investors, Robin Grey, +1-720-888-2518, or Valerie Finberg, +1-720-888-2501, all of Level 3 Communications, LLC
Web site: http://www.level3.com/
Yucheng Technologies Announces Partnership with Bank of Communications for POS Merchant Acquiring Services
BEIJING, April 23 /Xinhua-PRNewswire-FirstCall/ -- Yucheng Technologies Limited , a leading provider of IT solutions and services to China's banking industry, today announced that it has signed an agreement with the Beijing Branch of the Bank of Communications (''BCOM Beijing''), the fifth largest bank in China, to provide outsourced Point of Sale (POS) merchant acquiring services, targeting merchants in Beijing as potential new customers of credit and debit card processing services.
Yucheng's POS merchant acquiring services for BCOM Beijing include merchant acquisition, deployment, installation and maintenance of POS terminals, merchant training, as well as a 24-hour technical support hotline. As part of the agreement, Yucheng will purchase the POS terminals and supply consumables and repair parts for the terminals; fees generated from transactions processed via the installed POS terminals will be shared with BCOM Beijing under a long-term agreement. The POS terminals are designed to accept all major local and foreign credit and debit cards, including China UnionPay, VISA, MasterCard, Amex, and JCB.
As spending power of Chinese consumers has risen dramatically in recent years, bank cards are quickly becoming a major means of payment. According to the statistics of the People's Bank of China, last year 1.47 billion bank cards were issued in China, up 30% from 2006. 21% of the country's consumption value was made via bank cards in 2007, up from 17% in 2006. Annual fee income from cardholders and payment processing fees from merchants are driving banks to issue more cards and increase their POS installation base. In order to accelerate the deployment of POS terminals to enable electronic payments by consumers, many banks have chosen to outsource their POS merchant acquisition functions to third-parties such as Yucheng.
Yucheng's CEO, Mr. Weidong Hong stated, ''We are proud to be associated with Bank of Communications, and provide our POS merchant acquiring services to help accelerate this new revenue stream for them. Bank of Communications is a credible brand name in China's banking industry, and enjoys strong franchise among both consumers and merchants. This partnership, once again, endorses Yucheng's reputation and competitiveness in the POS merchant acquiring services. We are confident our reputation and industry track record positions us to secure more POS merchant acquiring partnerships from leading banks going forward in 2008.''
Mr. Hong added, ''With our existing partnership with China Merchants Bank and China Construction Bank, Yucheng is able to offer to merchants POS terminals from three leading banks, each featuring different service level and content. As merchants tend to prefer using POS terminals from their existing relationship banks, our increasing number of partnership banks gives us an advantage to further win new merchants. As China is expected to experience a period of accelerated growth in POS deployment over the next few years, Yucheng, as a Nasdaq listed company engaging in POS merchant acquiring, is poised to capitalize on this unprecedented opportunity.''
About Bank of Communications
Founded in 1908 and headquartered in Shanghai, Bank of Communications is the fifth-largest bank with an extensive network of approximately 2,612 branches across the country. BCOM was listed on the Hong Kong Stock Exchange in 2005 and was the first Chinese commercial bank that was listed on an overseas stock exchange. BCOM provides a full range of commercial and retail banking services, including RMB and foreign-currency deposits, loans, international and domestic settlement, factoring, currency trading, letters of credit, bank guarantee, and other related services. As of the end of 2006, BCOM had a total asset value of approximately RMB1,720 billion.
About Yucheng Technologies Limited
Yucheng Technologies Limited (YTEC) is a leading IT service provider to the Chinese banking industry. Headquartered in Beijing, China, Yucheng has more than 1,700 employees and has established an extensive footprint to serve its banking clients nationwide with subsidiaries and representative offices in eleven cities. Yucheng provides a comprehensive suite of IT solutions and services to Chinese banks including 1) channel-related IT solutions, such as web banking and call centers, 2) business-related processing solutions, such as core banking systems, foreign exchange and treasury management, and 3) management-related IT solutions, such as risk analytics and business intelligence. It is also a leading third party provider of POS merchant acquiring services in partnership with banks in China.
Safe Harbor Statement
This press release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Forward-looking statements generally can be identified by the use of forward-looking terminology, such as "may," "will," "expect," "intend," "estimate," "anticipate," "believe," ''project'' or ''continue'' or the negative thereof or other similar words. Such forward- looking statements, based upon the current beliefs and expectations of Yucheng's management, are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: current dependence on the PRC banking industry demand for the products and services of Yucheng; competition from other service providers in the PRC and international consulting firms; the ability to update and expand product and service offerings; retention and hiring of qualified employees; protection of intellectual property; creating and maintaining quality product offerings; operating a business in the PRC with its changing economic and regulatory environment; and the other relevant risks detailed in Yucheng filings with the Securities and Exchange Commission. The information set forth herein should be read in light of such risks. Yucheng assumes no obligation to update the information contained in this press release.
For further information, please contact:
In the U.S.A.
Mr. Jim Preissler
Advisor, Investor Relations
Tel: +1-646-383-4832
Email: jpreissler@yuchengtech.com
In Beijing, China
Ms. Yvonne Young
Investor Relations
Tel: +86-10-6442-0533
Email: investors@yuchengtech.com
Yucheng Technologies Limited
CONTACT: In the U.S.A. - Mr. Jim Preissler, Advisor, Investor Relations, +1-646-383-4832, or jpreissler@yuchengtech.com; In Beijing, China - Ms. Yvonne Young of Investor Relations, +86-10-6442-0533, or investors@yuchengtech.com
Oracle Announces Financial Services Global Leadership SummitEvent Gathers Industry Leaders to Collaborate, Share Best Practices and Identify Opportunities in Financial Services Sector
REDWOOD SHORES, Calif., April 23 /PRNewswire-FirstCall/ --
-- Oracle today announced that it will host a Financial Services Global
Leadership Summit, May 7-9, 2008, at the InterContinental Hotel in
Athens, Greece.
-- The summit will provide financial services industry professionals an
opportunity to network with, and learn from, respected thought leaders
in the banking, insurance and capital markets sectors -- as well as
explore how organizations are managing the challenges of increased
regulatory pressure, complex global operations and rising demand for
innovative customer service.
-- Oracle's Financial Services Global Leadership Summit will explore key
industry topics, including:
-- Creating a customer-centric enterprise
-- Enabling organizational flexibility to respond to market needs
-- Embedding an intelligent compliance, risk and performance management
framework
-- Innovating for operational excellence across the enterprise
-- The summit will feature presentations from industry leaders including:
-- Mark Young, Head of Business Development, Old Mutual South Africa
-- Ben Taylor, Head of Operations, HBOS
-- L. Todd Budge, President and Chief Executive Officer, Tokyo Star
Bank, Limited
-- Dr. Walter Kirchmann, Chief Executive Officer, IZB
-- David Webb, Chief Operations Officer, Silicon Valley Bank Financial
Group
-- Steve Meadows, Head of Operations and Technology, Allied Irish Bank
Group
-- Michael Blum, Vice President, Technology Solutions Group, World Wide
Financial Services Industry, HP
-- Pablo E Suarez, Financial Services Sector Leader, South Western
Europe, IBM
-- Charles Philips, President, Oracle
-- Rajesh Hukku, Senior Vice President and General Manager, Oracle
Financial Services Global Business Unit
Supporting Quotes
-- "Oracle's Financial Services Global Leadership Summit provides industry
leaders with a unique and highly personalized forum in which to meet
with their peers and think creatively about challenges and
opportunities in the financial services community. We are pleased to
host this important event designed to highlight successes and help
members of the banking, insurance and capital markets sectors optimize
long-term strategies for enterprise-wide success," said Senthil Kumar,
Vice President of Marketing, Oracle Financial Services Global Business
Unit.
Supporting Resources
Financial Services Global Leadership Summit Overview
http://www.oracle.com/events/executivesummit/emeafinservices/index.html
Summit Registration
https://sslws018.alentus.com/oracleexecutivesummit/emea2/registration1.asp
Oracle in Financial Services
http://www.oracle.com/industries/financial_services/index.html
About Oracle
Oracle is the world's largest enterprise software company. For more information about Oracle, please visit our Web site at http://www.oracle.com/.
Trademarks
Oracle is a registered trademark of Oracle Corporation and/or its affiliates. Other names may be trademarks of their respective owners.
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Oracle
CONTACT: Kevin Ruane of Oracle, +1-650-506-6610, kevin.ruane@oracle.com
Web site: http://www.oracle.com/
Salesforce.com Announces Dreamforce Europe - Largest Ever European Software-as-a-Service EventMusician and philanthropist Peter Gabriel, easyGroup CEO Stelios Haji-Ioannou and Wikipedia Founder Jimmy Wales will join salesforce.com CEO Marc Benioff at salesforce.com's first European user and developer conferenceExecutives from Accenture, AAA Soliditet AB, AON Corporation, CODA, Cognos, Dell Corporation Ltd, Deloitte, Google, Misys International Banking Systems and more will participate in keynotes and sessions on collaboration, community and innovationDreamforce Expo will feature the largest gathering of the European SaaS industry under one roof - dozens of companies will demonstrate on-demand business applications
LONDON, April 23 /PRNewswire-FirstCall/ -- Salesforce.com , the market and technology leader in Software-as-a-Service (SaaS) and Platform-as-a-Service, today announced that its first-ever Dreamforce Europe user and developer conference will take place at the Barbican Centre, London, England on May 7 - 8, 2008. Special guests Peter Gabriel, easyGroup CEO Stelios Haji-Ioannou and Wikipedia founder Jimmy Wales will join salesforce.com CEO Marc Benioff on stage at the industry's largest European Software-as-a-Service event. Additionally, executives from Accenture, AAA Soliditet AB, AON Corporation, CODA, Cognos, Dell Corporation Ltd, Deloitte, Google, Misys International Banking Systems and many others will participate in keynotes and sessions on collaboration, community, innovation and customer success. The Dreamforce Expo will feature the largest gathering of the European SaaS industry under one roof -- dozens of companies will demonstrate on-demand business applications for use with Salesforce CRM applications and the Force.com Platform.
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"SaaS and PaaS have reached a tipping point in Europe," said EMEA President, Lindsey Armstrong. "Salesforce.com is experiencing incredible momentum across Europe and we will maintain our focus on and dedication to industry leadership, technology innovation and customer success. Dreamforce is the place where our European customers can come to experience first hand the power, innovation and business success possible with Software-as-a-Service and Platform-as-a-Service."
"Dreamforce is a great event," says Toby Fox, assistant vice president for IT operations at KONE. "I attended Dreamforce 2007 in San Francisco, and I found it very useful to be at the center of the salesforce community to get practical advice and real-world best practices to enhance our own success. I'm pleased to see the Dreamforce launch in Europe to further extend what is new, innovative and exciting in the world of on-demand."
Sessions and Breakouts Focused on Customer Success with PaaS and SaaS
At Dreamforce Europe, more than 2,000 attendees will gather to share success stories, best practices and take home practical, proven ideas they can implement immediately. Dreamforce Europe will feature more than 50 breakout sessions with over 75 speakers, all focused on customer success. Sessions will include detailed presentations, live demos, innovative business thinkers, and unique case studies for every role from sales and marketing executives to CIOs, IT management and developers. Sessions will cover the entire range of salesforce.com's offerings including the Force.com Platform, salesforce.com's suite of SaaS applications, SFA, Marketing Automation, Customer Service and Call Center, PRM, Ideas, Content, Mobile, the AppExchange and much more. Attendees will meet with salesforce.com product teams, hear from expert users at leading companies, get hands-on training, and learn best practices and strategies for generating on-demand success.
Dreamforce Expo: Europe's On-Demand Marketplace
The Dreamforce Expo is the destination for delegates to see the best and brightest solutions the Software-as-a-Service industry has to offer. Some of the sponsoring partners who will be demonstrating their solutions in the Dreamforce Expo include industry leaders such as ABSI, Accenture, Acumen Solutions, Astadia, BigMachines, Bluewolf, Callidus, Capgemini, CastIron, Clicktools, CODA, Cognos, Deloitte, Dialectyx, Dow Jones, Eloqua, Enecto, Envox, ExactTarget, Fairsail, Firepond, Fujitsu, H&W Consult, Informatica, InstantService, iPayments, Magic Software Enterprises Ltd., Magnetic North, NEXELL, On Demand Business Group, OneSource, OpenAir, OpSource, PARX, PerspecSys, Pervasive, Postcode Anywhere, RadianScore, Research in Motion, saaspoint, Sesame Software, Siemens, Sofia Works, Sterling Commerce, Vivens4CRM, Webcom, Xactly Corporation and more.
Salesforce.com Foundation Volunteer Event
More than 100 non-profits that are using salesforce.com will be in attendance at Dreamforce Europe to participate in sessions and workshops dedicated to nonprofit users. Additionally, Dreamforce Europe attendees will be able to participate in a philanthropic event the day before the conference. In collaboration with Young Enterprise London, a UK charity, Salesforce.com Foundation will be running a day of workshops for teenagers from schools across London to "create entrepreneurs today, for business tomorrow". The workshops will explore concepts of success, independence and employment, understanding the costs of living and exploring types of careers to match lifestyle expectations, as well as learning the importance of education and goal-setting to prepare for their future. For more information please visit http://www.yelondon.com/ and http://www.salesforce.com/dreamforceeurope/community/foundation-event/
Marc Benioff, chairman and CEO of salesforce.com, will deliver keynote addresses and presentations throughout the conference. Webcasts of Mr. Benioff's keynotes will be available on salesforce.com's website at http://www.salesforce.com/investor.
Registration is now open at http://www.dreamforceeurope.com/.
About salesforce.com
Salesforce.com is the market and technology leader in Software-as-a-Service (SaaS) and Platform-as-a-Service (PaaS). The company's portfolio of SaaS applications, including its award-winning CRM, available at http://www.salesforce.com/products/, has revolutionized the ways that customers manage and share business information over the Internet. The company's Force.com PaaS enables customers, developers and partners to build powerful on-demand applications that deliver the benefits of multi-tenancy across the enterprise. Applications built on the Force.com platform, available at http://www.force.com/, can be easily shared, exchanged and installed with a few simple clicks via salesforce.com's AppExchange marketplace available at http://www.salesforce.com/appexchange/.
As of January 31, 2008, salesforce.com manages customer information for approximately 41,000 customers including ABN AMRO, Dow Jones Newswires, Japan Post, Kaiser Permanente, KONE, Sprint Nextel, and SunTrust Banks. Any unreleased services or features referenced in this or other press releases or public statements are not currently available and may not be delivered on time or at all. Customers who purchase salesforce.com applications should make their purchase decisions based upon features that are currently available. Salesforce.com has headquarters in San Francisco, with offices in Europe and Asia, and trades on the New York Stock Exchange under the ticker symbol "CRM". For more information please visit http://www.salesforce.com/, or call 1-800-NO-SOFTWARE.
Copyright (c) 2008 salesforce.com, inc. All rights reserved. Salesforce and the "no software" logo are registered trademarks of salesforce.com, inc., and salesforce.com owns other registered and unregistered trademarks. Other names used herein may be trademarks of their respective owners.
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Salesforce.com
CONTACT: Jane Lawrence of salesforce.com, +44 1276 804632, jlawrence@salesforce.com; or Sarah Crawford, sarahc@lewispr.com, or Alex Yenni, alexy@lewispr.com, both of LEWIS, the PR agency, +44 (0) 20 7802 2626, fax, +44 (0) 20 7802 2627, for salesforce.com
Web site: http://www.salesforce.com/ http://www.lewispr.com/
SAP Helps Life Sciences Companies Mitigate Risk and Achieve Compliance With 'Perfect Plant' Center of ExcellenceIndustry Partners Collaborate to Simulate Plant Environment, Helping Customers Visualize 'Real-World' Business Outcomes
NEWTOWN SQUARE, Pa., April 23 /PRNewswire-FirstCall/ -- SAP AG today unveiled the "Perfect Plant" center of excellence (COE) for the life sciences industry. Representing the collaborative efforts of SAP, Tata Consultancy Services (TCS) and Werum, the "Perfect Plant" COE provides a virtual view of a life sciences plant floor environment and lets users "test drive" end-to-end, real-world manufacturing business processes through SAP solutions and partner composite applications. Via role-specific user dashboards, manufacturers can visualize performance outcomes. The technology helps life sciences manufacturers to lower risk and accelerate time-to-value, increase product quality, reduce waste, and lower rework and product recalls.
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"Under increasing pressure to reduce the cost of operations, manufacturers in the life sciences industry need real-time synchronization of manufacturing processes and business processes to improve performance," said Greg Gorbach, vice president of Manufacturing Research, ARC Advisory Group. "The manufacturing scenarios co-innovated by SAP and its ecosystem, using solutions from SAP and its partners and conveyed through the 'Perfect Plant' center of excellence, effectively showcase the value of bridging the plant-to-enterprise chasm. By exploring complex scenarios or business process templates that involve multiple roles, domains and applications, manufacturers can easily see how their own business could be improved with this technology."
The "Perfect Plant" COE aims to help life sciences companies experience how a common business process platform can help manage key industry-wide business scenarios in order to consistently deliver quality products in compliance with industry regulations, while lowering total cost of operations. Leveraging SAP applications such as SAP(R) ERP, SAP(R) Manufacturing Integration and Intelligence (SAP MII) and the SAP NetWeaver(R) technology platform, coupled with deep industry-specific partner solutions for manufacturing execution, the "Perfect Plant" COE allows customers to "test drive" real-world business processes via role-specific user dashboards to visualize business outcomes. For example:
-- A vice president of manufacturing or operations can achieve a
multi-site operational view to assess how well one plant is running
vis-a-vis another in terms of people, processes and resources to
monitor, measure and improve operational performance.
-- Plant managers have a plant-wide view of system performance and
resource utilization to ensure they are meeting key performance
indicators (KPI), sense and respond to exceptions when they happen and
enable continuous improvement of assets, processes and people.
-- Production supervisors can better monitor the state of the equipment
deployed as well as the quality of each batch produced, to ensure each
production run produces a perfect batch.
Collaborating with Partners for Customer Success
The "Perfect Plant" COE offers customers a "real-world view" of how the SAP for Life Sciences solution portfolio works in association with robust partner solutions delivered by Werum and services by TCS to address pain points, increase efficiencies and deliver business impact. For example, combining the power of the SAP for Life Sciences portfolio of manufacturing applications with Werum's pharmaceutical-specific plant floor production solution enables a seamless, end-to-end, shop floor-to-enterprise business process, delivering tighter integration between planning and execution, as well as an enhanced view into all plant operations. The result is a cost-effective, efficient and coordinated "sense and response" approach to customer demands.
"TCS, with its significant expertise in delivering SAP solutions and domain knowledge in pharmaceutical manufacturing, is delighted to partner with SAP and solutions providers such as Werum to deliver solutions for compliant manufacturing operational excellence to our life sciences customers," said Ashtad Engineer, global head, SAP Adaptive Enterprise Solutions, Tata Consultancy Services (TCS). "These end-to-end, service-enabled, plant-to-enterprise scenarios truly demonstrate operational excellence for multiple roles in a manufacturing context, delivered by SAP and partners such as Werum on a common platform and at a potentially lower risk of adoption for our industry-leading customers in the life sciences industry."
As part of its ongoing mission to drive co-innovation, minimize the risk of adopting new technologies and provide enhanced value to customers across all industries, SAP will follow the development of the life sciences "Perfect Plant" COE with the creation of similar center of excellence environments for the chemicals, mill products, high-tech and industrial machinery and components industries.
"Life sciences manufacturers around the world face myriad challenges throughout the manufacturing lifecycle, from product consistency to compliance and meeting demand on a global scale," said Jim Sabogal, vice president and head of Life Sciences Industry Business Unit, SAP AG. "With the 'Perfect Plant' center of excellence, we are providing a forum for some of the leading minds in technology to work together to address these challenges. With a majority of the world's leading life sciences manufacturers running SAP solutions, we aspire to leverage our domain expertise in manufacturing and those of our ecosystem of partners to deliver solutions that provide real value to the life sciences industry."
Next Major Events
SAPPHIRE(R) 2008 Orlando and SAPPHIRE(R) 2008 Berlin
More than 15,000 customers, partners and technical experts are convening at SAPPHIRE 2008 to discover how SAP and its thriving partner ecosystem are delivering IT solutions that create value beyond the four walls of the enterprise, to create "business beyond boundaries." SAP's premier educational and networking event, SAPPHIRE is the one occasion where senior executives, business managers, and decision-makers can come together every year to explore how innovative business solutions foster long-term, profitable growth. SAPPHIRE(R) 2008 is being held in Orlando, Florida, May 4-7, and in Berlin, Germany, May 19-21, 2008. For more information, please visit http://www.sap.com/sapphire.
About SAP
SAP is the world's leading provider of business software*. Today, more than 46,100 customers in more than 120 countries run SAP(R) applications -- from distinct solutions addressing the needs of small businesses and midsize companies to suite offerings for global organizations. Powered by the SAP NetWeaver(R) technology platform to drive innovation and enable business change, SAP software helps enterprises of all sizes around the world improve customer relationships, enhance partner collaboration and create efficiencies across their supply chains and business operations. SAP solution portfolios support the unique business processes of more than 25 industries, including high tech, retail, financial services, healthcare and the public sector. With subsidiaries in more than 50 countries, the company is listed on several exchanges, including the Frankfurt stock exchange and NYSE under the symbol "SAP." (Additional information at http://www.sap.com/)
(*) SAP defines business software as comprising enterprise resource
planning and related applications such as supply chain management,
customer relationship management, product life-cycle management and
supplier relationship management.
Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "believe," "estimate," "expect," "forecast," "intend," "may," "plan," "project," "predict," "should" and "will" and similar expressions as they relate to SAP are intended to identify such forward-looking statements. SAP undertakes no obligation to publicly update or revise any forward-looking statements. All forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. The factors that could affect SAP's future financial results are discussed more fully in SAP's filings with the U.S. Securities and Exchange Commission ("SEC"), including SAP's most recent Annual Report on Form 20-F filed with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates.
SAP, R/3, mySAP, mySAP.com, xApps, xApp, SAP NetWeaver and other SAP products and services mentioned herein as well as their respective logos are trademarks or registered trademarks of SAP AG in Germany and in several other countries all over the world. All other product and service names mentioned are the trademarks of their respective companies. Data contained in this document serve informational purposes only. National product specifications may vary.
For customers interested in learning more about SAP products:
Global Customer Center: +49 180 534-34-24
United States Only: 1 (800) 872-1SAP (1-800-872-1727)
For more information, press only:
Kelly Schwager, +1 (650) 320-3553, kelly.schwager@sap.com, PDT
Evan Welsh, +49 (6227) 7-67514, evan.welsh@sap.com, CET
SAP Press Office, +49 (6227) 7-46315, CET; +1 (610) 661-3200, EDT;
press@sap.com
Jim Sarlo, Burson-Marsteller, +1 (312) 596-3525, jim.sarlo@bm.com, CDT
Photo: http://www.newscom.com/cgi-bin/prnh/20050310/SFTH009LOGO-a AP Archive: http://photoarchive.ap.org/ PRN Photo Desk, photodesk@prnewswire.com
SAP AG
CONTACT: Kelly Schwager, +1-650-320-3553, kelly.schwager@sap.com, PDT, or Evan Welsh, +49 [6227] 7-67514, evan.welsh@sap.com, CET, or SAP Press Office, +49 [6227] 7-46315, CET, +1-610-661-3200, EDT, press@sap.com, all of SAP AG; or Jim Sarlo of Burson-Marsteller, +1-312-596-3525, jim.sarlo@bm.com, CDT, for SAP AG
Web site: http://www.sap.com/
National Credit Reporting Companies, Blind Community, Announce Landmark Initiative to Provide Accessible Online Credit Reports- Braille and other formats also to be made available -
ATLANTA, CHICAGO and COSTA MESA, Calif., April 23 /PRNewswire-FirstCall/ -- The nation's three major consumer credit reporting companies today unveiled a comprehensive program to provide improved access to important credit information for people who are blind or visually impaired. The initiative, crafted with the American Council of the Blind, its California affiliate and several individual members of the blind community, will help protect the credit information of individuals who cannot read a standard print credit report.
Under the plan announced today, Equifax , Experian , and TransUnion have begun working to make online credit reports and related information accessible through their jointly operated website, AnnualCreditReport.com, the official site to help consumers obtain free credit reports. Accessible credit reports for people with visual impairments will be available online by October 31 of this year. By the end of the year, the companies will also make credit reports available in Braille and other formats at no charge to qualified individuals who cannot access print information.
"We are thrilled with the commitment of Equifax, Experian and TransUnion to provide credit information in accessible formats," said Melanie Brunson, Executive Director of the American Council of the Blind in Washington, D.C. "The initiative being announced today will help people with visual impairments fight identity theft by independently monitoring and reviewing their credit reports as all members of the public should."
"By creating AnnualCreditReport.com, Equifax and the other two nationwide credit reporting companies gave consumers easy access to their credit information and this latest initiative is yet another example of how, as an industry, we are extending this access to consumers with visual impairments," said Dann Adams, President, Equifax U.S. Consumer Information Solutions.
"Experian has a long history of providing quality credit products and services to consumers and we were excited by the opportunity to improve access for consumers with visual impairments to these important tools," said Kerry Williams, group president, Credit Services & Decision Analytics, Experian Americas.
"TransUnion is very pleased to be a part of this important effort that will help empower visually impaired consumers to manage their own credit health," said Mark Marinko, president of Consumer Services at TransUnion.
Web Site Access
Today's initiative includes a commitment to design online credit reports and related web pages in accordance with guidelines issued by the Web Accessibility Initiative (WAI) of the World Wide Web Consortium (W3C) (http://www.w3.org/wai). The guidelines, which do not affect the content or look and feel of a Web site, ensure that Web sites are accessible to persons with visual disabilities. The guidelines are of particular benefit to blind computer users who use screen reader or magnification technology on their computers and who rely on a keyboard instead of a mouse.
"Web site accessibility is of great importance to both the blind community and to people with disabilities generally," said ACB Board member, and CCB President, Jeff Thom, a blind lawyer in Sacramento, California. "We applaud the leadership role taken by all the credit reporting companies in committing to address the accessibility of AnnualCreditReport.com and online credit reports, helping to protect the financial security of a wide range of online consumers."
"We truly appreciate the credit reporting companies' willingness to engage in discussions with us to find a solution to the problem of inaccessible credit reports," said Paul Parravano, a blind M.I.T. employee in Cambridge, Massachusetts, who was involved in the discussions. "Today's announcement, reached as a result of the collaborative process, is an important milestone in the blind community's quest for independent control over their financial information."
About American Council of the Blind (ACB) and California Council of the Blind (CCB)
American Council of the Blind is a national consumer-based advocacy organization working on behalf of blind and visually impaired Americans throughout the country, with members organized through seventy state and special interest affiliates. California Council of the Blind is the California affiliate of the ACB, and is a statewide membership organization, with 40 local chapters and statewide special interest associations. ACB and CCB are dedicated to improving the quality of life, equality of opportunity and independence of all people who have visual impairments. Their members and affiliated organizations have a long history of commitment to the advancement of policies and programs which will enhance independence for people who are blind and visually impaired. More information about ACB and CCB can be found by visiting http://www.acb.org/ and http://www.ccbnet.org/
ABOUT EQUIFAX
Equifax (http://www.equifax.com/) empowers businesses and consumers with information they can trust. A global leader in information solutions, employment and income verification and human resources business process outsourcing services, we leverage one of the largest sources of consumer and commercial data, along with advanced analytics and proprietary technology, to create customized insights that enrich both the performance of businesses and the lives of consumers.
Customers have trusted Equifax for over 100 years to deliver innovative solutions with the highest integrity and reliability. Businesses -- large and small -- rely on us for consumer and business credit intelligence, portfolio management, fraud detection, decisioning technology, marketing tools, HR/payroll services, and much more. We empower individual consumers to manage their personal credit information, protect their identity and maximize their financial well-being.
Headquartered in Atlanta, Georgia, Equifax Inc. employs approximately 7,000 people in 14 countries throughout North America, Latin America and Europe. Equifax is a member of Standard & Poor's (S&P) 500(R) Index. Our common stock is traded on the New York Stock Exchange under the symbol EFX.
ABOUT EXPERIAN
Experian(R) is a global leader in providing information, analytical and marketing services to organizations and consumers to help manage the risk and reward of commercial and financial decisions.
Combining its unique information tools and deep understanding of individuals, markets and economies, Experian partners with organizations around the world to establish and strengthen customer relationships and provide their businesses with competitive advantage.
For consumers, Experian delivers critical information that enables them to make financial and purchasing decisions with greater control and confidence.
Clients include organizations from financial services, retail and catalog, telecommunications, utilities, media, insurance, automotive, leisure, e-commerce, manufacturing, property and government sectors.
Experian Group Limited is listed on the London Stock Exchange (EXPN) and is a constituent of the FTSE 100 index. It has corporate headquarters in Dublin, Ireland, and operational headquarters in Costa Mesa, Calif., and Nottingham, UK. Experian employs approximately 15,500 people in 36 countries worldwide, supporting clients in more than 65 countries. Annual sales are in excess of $3.8 billion.
For more information, visit the Group's Web site on http://www.experiangroup.com/.
ABOUT TRANSUNION
As a global leader in credit and information management, TransUnion creates advantages for millions of people around the world by gathering, analyzing and delivering information. For businesses, TransUnion helps improve efficiency, manage risk, reduce costs and increase revenue by delivering comprehensive data and advanced analytics and decisioning. For consumers, TransUnion provides the tools, resources and education to help manage their credit health and achieve their financial goals. Through these and other efforts, TransUnion is working to build stronger economies worldwide. Founded in 1968 and headquartered in Chicago, TransUnion employs more than 3100 employees in 25 countries on five continents. http://www.transunion.com/
TransUnion; Equifax; Experian
CONTACT: Lainey Feingold, +1-510-548-5062, LF@LFLegal.com; or Linda Dardarian, +1-510-763-9800, ldardarian@gdblegal.com, both for the Blind Community; or Jennifer Costello of Equifax, +1-404-885-8907, Jennifer.costello@equifax.com; or Susan Henson of Experian, +1-714-830-5129, Susan.henson@experian.com; or Steven R. Katz of TransUnion, +1-312-985-2373, skatz@transunion.com
Web site: http://www.transunion.com/ http://www.equifax.com/ http://www.experiangroup.com/ http://www.w3.org/wai http://www.ccbnet.org/ http://www.acb.org/
AT&T Answers the Need for Speed in Bergen, Essex, Hudson, Morris and Passaic CountiesCompany Delivers Supercharged Wireless Access to Mobile Applications and Interactive Content to More Places in the Garden State
PARSIPPANY, N.J., April 23 /PRNewswire-FirstCall/ -- AT&T Inc. has announced the expansion of the third-generation (3G) mobile broadband wireless network in five counties in New Jersey. These faster data speeds give customers more options in how, when and where they can access the Internet, use e-mail or view a variety of entertainment services.
AT&T's 3G technology has been added to more than 200 cell sites in New Jersey, and the network expansion includes:
Bergen County: Alpine, Bergenfield, Englewood, Ho-Ho-Kus, Midland
Park, Oakland, Paramus, Ridgewood, Saddle River, Westwood, Wyckoff,
Allendale, Closter, Dumont, Emerson, Midland Park, Old Tappan,
Oradell, River Vale, Ramsey, Tenafly, Waldwick, Fair Lawn,
Hackensack, Hasbrouck Heights and Rutherford.
Essex County: Livingston, Fairfield, Roseland, West Orange, South
Orange, Cedar Grove, the Caldwells, Maplewood and Bloomfield.
Hudson County: Secaucus, North Bergen and Kearny.
Morris County: Boonton, East Hanover, Morris Plains, Parsippany,
Florham Park, Montville, Lincoln Park and Pequannock.
Passaic County: Wayne, Haledon, North Haledon, Prospect Park,
Hawthorne, Pompton Lakes, Wanaque, Paterson, West Paterson, Passaic,
Clifton, Totowa and Little Falls.
AT&T's 3G coverage has also been enhanced along major highways, including interstates 80 and 280; routes 46, 4, 3, 202, 53, 23, 21,10, 208, 17 and 9W; and the New Jersey Turnpike, the Garden State Parkway and Palisades Parkway.
"We are staying ahead of the growing demand for fast, dependable wireless broadband access to feature-rich Internet content, including streaming audio and video," said Tom DeVito, vice president and general manager for AT&T's wireless unit in New Jersey and New York. "Our goal is to ensure that AT&T customers have the very best wireless experience possible -- which means unmatched coverage and quality of service."
AT&T plans to invest more than $70 million in New Jersey this year to enhance network coverage and capacity and further expand its 3G network. Since 2005, the company has invested $1.2 billion in wireless network enhancements in New Jersey, New York City, Westchester County and Long Island.
Benefits of the AT&T 3G Network
AT&T's 3G network provides the simultaneous delivery of voice and data -- a capability not offered by all wireless providers. With a compatible 3G device, consumers have access to razor-sharp clips through CV, an on-demand streaming video service, and can quickly download games, pictures and the latest music, entertainment, news and weather through MEdia(TM) Net, the company's mobile Internet portal.
Mobile business users enjoy the speed and freedom of the combination of AT&T's 3G network and LaptopConnect -- which simply requires a LaptopConnect card or a laptop with embedded 3G service, software and an AT&T data plan. The combination is ideal for customers who want to increase business productivity and need to quickly download large files, run corporate applications or access the Internet.
AT&T uses High Speed Downlink Packet Access/Universal Mobile Telephone System (HSDPA/UMTS) technology that is based on the Global Systems for Mobile Communications (GSM) standard, which is the most widely used wireless technology in the world. AT&T is aggressively rolling out its 3G wireless network across the United States. The network is now available in more than 270 leading U.S. markets, with plans to deliver 3G service to nearly 350 markets by the end of the year.
Customers who use a GSM phone, such as those offered by AT&T, can take their device with them when they travel abroad and benefit from worldwide access enabled by the GSM standard. AT&T subscribers have the ability to browse the Web and perform other data functions in more than 145 countries, and they can make a phone call in 200 countries and territories or on 75 cruise ships worldwide.
About AT&T
AT&T Inc. is a premier communications holding company. Its subsidiaries and affiliates, AT&T operating companies, are the providers of AT&T services in the United States and around the world. Among their offerings are the world's most advanced IP-based business communications services and the nation's leading wireless, high speed Internet access and voice services. In domestic markets, AT&T is known for the directory publishing and advertising sales leadership of its Yellow Pages and YELLOWPAGES.COM organizations, and the AT&T brand is licensed to innovators in such fields as communications equipment. As part of its three-screen integration strategy, AT&T is expanding its TV entertainment offerings. Additional information about AT&T Inc. and the products and services provided by AT&T subsidiaries and affiliates is available at http://www.att.com/.
(C) 2008 AT&T Intellectual Property. All rights reserved. AT&T, the AT&T logo and all other marks contained herein are trademarks of AT&T Intellectual Property and/or AT&T affiliated companies.
Note: This AT&T news release and other announcements are available as part of an RSS feed at http://www.att.com/rss. For more information, please review this announcement in the AT&T newsroom at http://www.att.com/newsroom.
Cautionary Language Concerning Forward-Looking Statements
Information set forth in this news release contains financial estimates and other forward-looking statements that are subject to risks and uncertainties, and actual results may differ materially. A discussion of factors that may affect future results is contained in AT&T's filings with the Securities and Exchange Commission. AT&T disclaims any obligation to update or revise statements contained in this news release based on new information or otherwise.
AT&T Inc.
CONTACT: Ellen Webner of AT&T Inc., +1-973-637-9357, Mobile, +1-201-532-7292, ellen.webner@att.com
Web site: http://www.att.com/
NutraCea Appoints New Chief Financial Officer
PHOENIX, April 23 /PRNewswire-FirstCall/ -- NutraCea (BULLETIN BOARD: NTRZ) , a world leader in stabilized rice bran (SRB), nutrient research and technology, announced today that it has appointed Jeffrey W. Sanders (46) to become Chief Financial Officer for the Company. He will join NutraCea on April 23, 2008 and assume the role of Chief Financial Officer on May 13, 2008, following the filing of NutraCea's 10Q. Todd Crow, the current CFO of NutraCea will be retiring at that time, and will remain as a consultant to NutraCea through October 2008 to ensure and assist in a smooth transition.
Mr. Sanders brings over 20 years of experience in corporate development, SEC reporting, strategic planning, competitive analysis, corporate finance, investor relations, and income tax and internal audit experience having substantial experience with publicly traded companies.
Most recently Sanders served as Chief Financial Officer of Laidlaw International, Inc., which was acquired for approximately $3.0 billion by London based First Group PLC in 2007. Sanders was involved in the negotiation of this sale as well as the divestiture of other holdings while at Laidlaw. Among his responsibilities he conducted portfolio and strategic reviews that included competitive benchmarking to identify margin improvement opportunities and return on net asset analysis to support investment and divestiture decisions. When the company moved its operations from Canada to the U.S., Sanders successfully transitioned all financial reporting, analysis and planning functions to Laidlaw's new headquarters. He also formed and chaired the company's disclosure committee and was an active member of the SOX 404 Steering Committee.
Prior, he served as Chief Financial Officer of Greyhound Lines, Inc., a $1.3 billion company acquired by Laidlaw International in 1999.
Earlier in his career he was with Deloitte & Touche where he served as Senior Manager, Audit Services. He is a certified public accountant and member of the American Institute of Certified Public Accountants. Sanders is a graduate of Arizona State University with a B.S. in accounting.
Brad Edson, President and Chief Executive Officer of NutraCea, said, "We are most pleased to have Jeff join NutraCea. His extensive experience in finance, internal auditing and SEC reporting as well as his success in corporate development and strategic planning will be of great value to us as we expand our operations domestically and worldwide."
About NutraCea
NutraCea is a leader in stabilized rice bran nutrient research and dietary supplement development. Through its wholly owned subsidiary RiceX, the company manufactures as well as distributes products and food ingredients made from Rice Bran through its proprietary technology and processes. The Company has developed intellectual properties to create a range of proprietary product formulations, delivery systems and whole food nutrition products. NutraCea's proprietary technology enables the creation of food and nutrition products from rice bran, normally a wasted by-product of standard rice processing. In addition to its whole foods products, NutraCea develops families of health-promoting "nutraceuticals," including natural arthritic relief and cholesterol-lowering products. More information can be found in the company's filings with the SEC and you can visit the NutraCea web site http://www.nutracea.com/
Forward-Looking Statements
This release contains forward-looking statements, including, but not limited to, statements regarding the development and strategic planning process, the successful expansion of NutraCea's operations domestically and internationally, and the transition of Chief Financial Officers, which statements are subject to market and other risks. These statements are made based upon current expectations and actual results may differ from those projected due to a number of risks and uncertainties. The Company does not undertake to update forward-looking statements in this news release to reflect actual results, changes in assumptions or changes in other factors affecting such forward-looking information. Assumptions and other information that could cause results to differ from those set forth in the forward-looking information can be found in the Company's filings with the Securities and Exchange Commission, including the company's most recent periodic report.
Investor Relations Contact:
Marilynn Meek
Financial Relations Board
212-827-3773
mmeek@frbir.com
NutraCea
CONTACT: Marilynn Meek of Financial Relations Board, +1-212-827-3773, mmeek@frbir.com, for NutraCea
Web site: http://www.nutracea.com/
Exar Announces Appointment of Pete Rodriguez as President and Chief Executive Officer
FREMONT, Calif., April 23 /PRNewswire-FirstCall/ -- Exar Corporation , today announced that Pedro (Pete) Rodriguez has been appointed as President and Chief Executive Officer of the Company, effective April 28, 2008. Mr. Rodriguez succeeds Mr. John McFarlane who on December 7, 2007 assumed, on an interim basis, the duties of President and Chief Executive Officer.
"We are excited that Pete has agreed to serve as President and Chief Executive Officer," stated Richard L. Leza, Chairman of the Company's Board of Directors. "With extensive industry experience, a proven record of delivering results in public and private company environments as well as his contributions as a Board member, Pete has demonstrated the executive management and leadership skills needed to drive the Company's profitability and revenue growth initiatives."
"I believe Exar has tremendous potential and I am delighted to be leading the team going forward. I will focus initially on growing the top line, improving operating performance and driving the strategic initiatives that will result in long term revenue growth and profitability," said Mr. Rodriguez. "My experience with the Company, the Board, and management team will facilitate a quick transition. I thank the Board for its support and welcome the ongoing contributions from the Company's employees."
"While working closely with Pete over the last two and a half years on the Company's Board I have been impressed with the breadth of Pete's product and market expertise which will be critical in addressing global market challenges before the Company," remarked John McFarlane, the Company's interim President and Chief Executive Officer.
Mr. Rodriguez has over 24 years of engineering, sales, marketing and executive management experience in the semiconductor industry. He has served as a Director of Exar since October of 2005. Mr. Rodriguez served, most recently, as Chief Marketing Officer of Virage Logic Corporation, a semiconductor intellectual property supplier for Systems on a Chip (SoC). Prior to his appointment at Virage Logic, Mr. Rodriguez served as President, CEO and Director of Xpedion Design Systems, Inc., a private, venture-funded developer of design solutions for wireless integrated circuits (RFIC). Mr. Rodriguez held this role for six years until shortly after Xpedion was acquired by Agilent Technologies in 2006. Prior to Xpedion he held senior management positions in sales and marketing at Escalade Corporation, a provider of software for chip design, and LSI Corporation (formerly LSI Logic Corporation) as well as design engineering, product management and process engineering positions at Aerojet Electronics, Teledyne Microwave and Siliconix. Mr. Rodriguez holds an MBA from Pepperdine University, an MSEE from California Polytechnic University and a BS in Chemical Engineering from California Institute of Technology.
Mr. Rodriguez will continue as a member of the Board of Directors of the Company and the Board's Strategic Committee. However, he will no longer serve as Chair of the Corporate Governance and Nominating Committee or as a member of the Audit Committee and Compensation Committee.
About Exar
Exar Corporation is Powering Connectivity by delivering highly differentiated silicon solutions empowering products to connect. With distinctive knowledge in analog and digital technologies, Exar enables a wide array of applications such as portable devices, home media gateways, communications systems, and industrial automation equipment. Exar has locations worldwide providing real-time system-level support to drive rapid product innovation. For more information about Exar visit: http://www.exar.com/.
Exar Corporation
CONTACT: J. Scott Kamsler, Sr. Vice President and CFO of Exar Corporation, +1-510-668-7110
Web site: http://www.exar.com/
Sanmina-SCI Corporation Invites You to Join Its Fiscal 2008 Second Quarter Earnings Conference Call
SAN JOSE, Calif., March 19 /PRNewswire-FirstCall/ -- Sanmina-SCI Corporation announced today that it will host its fiscal 2008 second quarter earnings conference call on Wednesday, April 23, 2008 at 5:00 PM ET. Mr. Jure Sola, Chairman and Chief Executive Officer of Sanmina-SCI Corporation, will lead the call.
What: Sanmina-SCI Corporation's Fiscal 2008 Second Quarter Earnings
When: Wednesday, April 23, 2008 at 5:00 PM ET
Web Link: http://www.sanmina-sci.com/
Teleconference Dial in Number: 877.273.6760 -- Domestic
Information: 706.634.6605 -- International
Contact: Sanmina-SCI's Investor Relations at 408.964.3610
About Sanmina-SCI
Sanmina-SCI Corporation is a leading electronics contract manufacturer serving the fastest-growing segments of the global electronics manufacturing services (EMS) market. Recognized as a technology leader, Sanmina-SCI provides end-to-end manufacturing solutions and delivers superior quality and support to large OEMs primarily in the communications, defense and aerospace, industrial and medical instrumentation, computer technology, and multimedia sectors. Sanmina-SCI has facilities strategically located in key regions throughout the world. Information about Sanmina-SCI is available at http://www.sanmina-sci.com/.
Sanmina-SCI Corporation
CONTACT: Paige Bombino, Investor Relations of Sanmina-SCI Corporation, +1-408-964-3610
Web site: http://www.sanmina-sci.com/
Nokia N82 Wins Renowned TIPA "Best Mobile Imaging Device in Europe" Award 2008Largest European Photo and Imaging Press Association Awards Nokia Nseries Handset for Camera Capabilities
ESPOO, Finland, April 23 /PRNewswire-FirstCall/ -- Nokia today announced that the Nokia N82 multimedia computer has been awarded the 'Best Mobile Imaging Device in Europe 2008' by TIPA (Technical Image Press Association) - Europe's largest photo and imaging press association.
"The Nokia N82 is a compact multimedia computer that integrates GPS, web, video and music functions around a 5 Megapixel camera with a high-speed, f/2.8 autofocus lens," the TIPA jurors said. "This Carl Zeiss Tessar focuses from 10cm to infinity and produces sharp prints up to and beyond A4 size. Several scene modes are also available to optimize the Nokia N82 for great images, whether shooting portraits or night shots," TIPA continued. Other Nokia N82 features highlighted by the jurors are the Xenon flash and 20X digital zoom.
"We are very excited to hear that the Nokia N82 has been recognized for its excellent imaging features," says Juha Kokkonen, Director for Nokia Nseries devices. "The Nokia N82 is an excellent example of how converged devices entirely change the way people contribute to and share on the internet by combining strong camera capabilities with built-in A-GPS and an array of connectivity features."
Taking advantage of its integrated A-GPS functionality and high resolution camera, the Nokia N82 automatically geotags images with capture location metadata, making it possible to view the capture location on a map either on the Internet or on the device itself. When it comes to sharing, people can upload their pictures or videos directly from their Nokia N82 to services like Share on Ovi, Flickr or YouTube.
The features of the Nokia N82 include:
- 5 megapixel camera with Carl Zeiss optics and Xenon flash
- Geotagging
- Possibility to capture print quality photos and DVD-like quality video
clips
- Wireless LAN connectivity and HSDPA offering high download speeds
- Integrated A-GPS and access to maps for more than 150 countries
The Nokia N82 supports microSD memory cards of up to 8GB which allow the device to hold up to 3600 high-resolution pictures, 5 hours of high quality video capture, up to 6000 songs or all of the available regions for the Nokia Maps application.
TIPA was founded in 1991 as an independent, non-profit association of European photo and imaging magazines. At present, TIPA includes 31 member magazines from twelve countries.
Find out more: http://www.nokia.com/press/n82
Press photos available at http://www.nokia.com/press/photos
About Nokia
Nokia is the world leader in mobility, driving the transformation and growth of the converging Internet and communications industries. We make a wide range of mobile devices with services and software that enable people to experience music, navigation, video, television, imaging, games, business mobility and more. Developing and growing our offering of consumer Internet services, as well as our enterprise solutions and software, is a key area of focus. We also provide equipment, solutions and services for communications networks through Nokia Siemens Networks.
http://www.nokia.com/
Nokia Corporation
CONTACT: Media Enquiries: Nokia: Communications, Tel. +358-7180-34900, Email: press.services@nokia.com; Nokia: Communications, Benjamin Lampe, Tel. +358-7180-60992, Email : benjamin.lampe@nokia.com
General Dynamics Reports Substantial Earnings Growth, Strong Revenue in First Quarter 2008- Earnings from continuing operations increase 30.2 percent- EPS from continuing operations increases 32.7 percent
FALLS CHURCH, Va., April 23 /PRNewswire-FirstCall/ -- General Dynamics today reported first-quarter 2008 earnings from continuing operations of $573 million, or $1.42 per share on a fully diluted basis, compared with 2007 first-quarter earnings from continuing operations of $440 million, or $1.07 per share fully diluted. Revenues grew to $7 billion in the quarter, an 11.2 percent increase over first-quarter 2007 revenues of $6.3 billion. Net earnings for the first quarter of 2008 were $572 million, a 31.8 percent increase over first quarter 2007.
Margins
Company-wide operating margins for the first quarter of 2008 increased 150 basis points over the first quarter of 2007, to 12.3 percent.
Backlog
The company's funded and total backlog each grew by approximately $2.9 billion in the first quarter of 2008, to $40 billion and $49.8 billion respectively at the end of the period. Compared to first-quarter 2007, funded backlog grew by 16 percent and total backlog grew by 14.1 percent.
Cash
Net cash provided by operating activities from continuing operations in the quarter totaled $431 million. Free cash flow from operations, defined as net cash provided by operating activities from continuing operations less capital expenditures, was $346 million for the period.
"General Dynamics' performance in the first quarter of 2008 was excellent," said Nicholas D. Chabraja, chairman and chief executive officer. "Earnings grew substantially over the first quarter of 2007, and significant sales-volume increases in Combat Systems, Marine Systems and the Aerospace segment reflect ongoing demand for each group's products. While revenue in Information Systems and Technology was essentially unchanged year-over-year, the group's operating earnings and margin rates increased for the period.
"Orders in the quarter were very strong, with $2.9 billion in future revenue being added to the company's funded backlog. Notable contract awards include $1.2 billion for upgrades to Abrams tanks, $1.1 billion for a Virginia-class submarine and $1.4 billion for construction of the first DDG-1000 Zumwalt-class destroyer.
"Strong operating performance, lower interest expense and stock-repurchase activity in the quarter all contributed to a 34 percent increase in earnings per share on a fully diluted basis compared to the first quarter of 2007," Chabraja said.
General Dynamics, headquartered in Falls Church, Virginia, employs approximately 84,000 people worldwide. The company is a market leader in business aviation; land and expeditionary combat systems, armaments and munitions; shipbuilding and marine systems; and information systems and technologies. More information about the company is available on the Internet at http://www.generaldynamics.com/.
Certain statements made in this press release, including any statements as to future results of operations and financial projections, may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements are based on management's expectations, estimates, projections and assumptions. These statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Therefore, actual future results and trends may differ materially from what is forecast in forward-looking statements due to a variety of factors. Additional information regarding these factors is contained in the company's filings with the Securities and Exchange Commission, including, without limitation, its Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q.
All forward-looking statements speak only as of the date they were made. The company does not undertake any obligation to update or publicly release any revisions to any forward-looking statements to reflect events, circumstances or changes in expectations after the date of this press release.
WEBCAST INFORMATION: General Dynamics will webcast its first-quarter securities analyst conference call, scheduled for 11:30 a.m. Eastern Time on Wednesday, April 23, 2008. The webcast will be a listen-only audio event, available at http://www.generaldynamics.com/. An on-demand replay of the webcast will be available by 3 p.m. April 23 and will continue for 12 months. To hear a recording of the conference call by telephone, please call 888-286-8010 (international: 617-801-6888); passcode 25482657. The phone replay will be available from 3 p.m. April 23 until midnight April 30, 2008.
CONSOLIDATED STATEMENT OF EARNINGS (UNAUDITED)
DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS
First Quarter Variance
2008 2007 $ %
NET SALES $7,005 $6,300 $705 11.2 %
OPERATING COSTS AND
EXPENSES 6,144 5,619 (525)
OPERATING EARNINGS 861 681 180 26.4 %
Interest, Net (19) (26) 7
Other, Net 3 1 2
EARNINGS FROM CONTINUING
OPERATIONS BEFORE INCOME
TAXES 845 656 189 28.8 %
Provision for Income Taxes 272 216 (56)
EARNINGS FROM CONTINUING
OPERATIONS $573 $440 $133 30.2 %
Discontinued Operations,
Net of Tax (1) (6) 5
NET EARNINGS $572 $434 $138 31.8 %
EARNINGS PER SHARE - BASIC
Continuing Operations $1.43 $1.08 $0.35 32.4 %
Discontinued Operations $- $(0.01) $0.01
Net Earnings $1.43 $1.07 $0.36 33.6 %
BASIC WEIGHTED AVERAGE
SHARES OUTSTANDING
(IN MILLIONS) 400.8 405.6
EARNINGS PER SHARE - DILUTED
Continuing Operations $1.42 $1.07 $0.35 32.7 %
Discontinued Operations $- $(0.01) $0.01
Net Earnings $1.42 $1.06 $0.36 34.0 %
DILUTED WEIGHTED AVERAGE
SHARES OUTSTANDING
(IN MILLIONS) 403.9 409.4
NET SALES AND OPERATING EARNINGS BY SEGMENT (UNAUDITED)
DOLLARS IN MILLIONS
First Quarter Variance
2008 2007 $ %
NET SALES:
AEROSPACE $1,279 $1,094 $185 16.9 %
COMBAT SYSTEMS 1,997 1,568 429 27.4 %
MARINE SYSTEMS 1,378 1,257 121 9.6 %
INFORMATION SYSTEMS
AND TECHNOLOGY 2,351 2,381 (30) (1.3)%
TOTAL $7,005 $6,300 $705 11.2 %
OPERATING EARNINGS:
AEROSPACE $236 $173 $63 36.4 %
COMBAT SYSTEMS 259 174 85 48.9 %
MARINE SYSTEMS 122 98 24 24.5 %
INFORMATION SYSTEMS
AND TECHNOLOGY 260 250 10 4.0 %
CORPORATE (16) (14) (2) (14.3)%
TOTAL $861 $681 $180 26.4 %
OPERATING MARGINS:
AEROSPACE 18.5 % 15.8 %
COMBAT SYSTEMS 13.0 % 11.1 %
MARINE SYSTEMS 8.9 % 7.8 %
INFORMATION SYSTEMS
AND TECHNOLOGY 11.1 % 10.5 %
TOTAL 12.3 % 10.8 %
PRELIMINARY CONSOLIDATED BALANCE SHEET (UNAUDITED)
DOLLARS IN MILLIONS
March 30, December 31,
2008 2007
ASSETS
Current Assets:
Cash and equivalents $2,605 $2,891
Accounts receivable 2,976 2,874
Contracts in process 4,381 4,337
Inventories 1,663 1,621
Other current assets 565 575
Total Current Assets 12,190 12,298
Noncurrent Assets:
Property, plant and equipment, net 2,487 2,472
Intangible assets, net 954 972
Goodwill 8,979 8,942
Other assets 1,097 1,049
Total Noncurrent Assets 13,517 13,435
Total Assets $25,707 $25,733
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Short-term debt and current portion of
long-term debt $673 $673
Accounts payable 2,091 2,318
Customer advances and deposits 3,483 3,440
Other current liabilities 2,809 2,733
Total Current Liabilities 9,056 9,164
Noncurrent Liabilities:
Long-term debt 2,117 2,118
Other liabilities 2,757 2,683
Commitments and contingencies
Total Noncurrent Liabilities 4,874 4,801
Shareholders' Equity:
Common stock 482 482
Surplus 1,190 1,141
Retained earnings 11,812 11,379
Treasury stock (2,399) (1,881)
Accumulated other comprehensive income 692 647
Total Shareholders' Equity 11,777 11,768
Total Liabilities and Shareholders' Equity $25,707 $25,733
PRELIMINARY CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
DOLLARS IN MILLIONS
Three Months Ended
Cash Flows from Operating Activities: March 30, April 1,
2008 2007
Net earnings $572 $434
Adjustments to reconcile net earnings
to net cash provided by operating activities:
Depreciation 69 62
Amortization 33 39
Stock-based compensation expense 23 19
Excess tax benefit from stock-based compensation (15) (18)
Deferred income tax (benefit) provision (1) 24
Discontinued operations, net of tax 1 6
(Increase) decrease in assets, net of effects
of business acquisitions:
Accounts receivable (97) 74
Contracts in process (41) (119)
Inventories (42) (92)
Increase (decrease) in liabilities, net of
effects of business acquisitions:
Accounts payable (231) (54)
Customer advances and deposits 52 90
Income taxes payable 230 152
Other current liabilities (140) (85)
Other, net 18 (10)
Net Cash Provided by Operating Activities
from Continuing Operations 431 522
Net Cash Used by Discontinued Operations -
Operating Activities (1) (9)
Net Cash Provided by Operating Activities 430 513
Cash Flows from Investing Activities:
Purchases of available-for-sale securities (973) (30)
Sales/maturities of available-for-sale
securities 968 26
Capital expenditures (85) (53)
Business acquisitions, net of cash acquired (65) (298)
Proceeds from sale of assets, net 31 14
Net Cash Used by Investing Activities (124) (341)
Cash Flows from Financing Activities:
Purchases of common stock (519) (153)
Dividends paid (117) (93)
Proceeds from option exercises 30 58
Excess tax benefit from stock-based
compensation 15 18
Other, net (1) (114)
Net Cash Used by Financing Activities (592) (284)
Net Decrease in Cash and Equivalents (286) (112)
Cash and Equivalents at Beginning of Period 2,891 1,604
Cash and Equivalents at End of Period $2,605 $1,492
PRELIMINARY FINANCIAL INFORMATION (UNAUDITED)
DOLLARS IN MILLIONS EXCEPT PER SHARE AND EMPLOYEE AMOUNTS
First Quarter First Quarter
2008 2007
Non-GAAP Financial Measures:
Free Cash Flow from Operations:
Net Cash Provided by Operating Activities
from Continuing Operations $431 $522
Capital Expenditures (85) (53)
Free Cash Flow from Operations (A) $346 $469
Return on Invested Capital:
Earnings from Continuing Operations $2,213 $1,763
After-Tax Interest Expense 94 104
After-Tax Amortization Expense 95 98
Net Operating Profit after Taxes 2,402 1,965
Average Debt and Equity 13,822 12,507
Return on Invested Capital (B) 17.4% 15.7%
Other Financial Information:
Debt-to-Equity ( C ) 23.7% 27.7%
Debt-to-Capital (D) 19.2% 21.7%
Book Value per Share (E) $29.57 $24.90
Total Taxes Paid $41 $26
Company Sponsored Research and
Development (F) $110 $98
Employment 84,000 82,600
Sales Per Employee (G) $335,900 $308,900
Shares Outstanding 398,321,560 404,665,744
(A) The company's management believes free cash flow from operations is
a measurement that is useful to investors, because it portrays the
company's ability to generate cash from its core businesses for such
purposes as repaying maturing debt, funding business acquisitions
and paying dividends. The company uses free cash flow from
operations to assess the quality of its earnings and as a
performance measure in evaluating management. The most directly
comparable GAAP measure to free cash flow from operations is net
cash provided by operating activities from continuing operations.
(B) The company's management believes return on invested capital is a
measurement that is useful to investors, because it reflects the
company's ability to generate returns from the capital it has
deployed in its operations. The company uses ROIC to evaluate
investment decisions and as a performance measure in evaluating
management. The company defines ROIC as net operating profit after
taxes for the latest 12-month period divided by the sum of the
average debt and shareholders' equity for the same period. Net
operating profit after taxes is defined as earnings from continuing
operations plus after-tax interest and amortization expense. The
most directly comparable GAAP measure to net operating profit after
taxes is earnings from continuing operations.
( C ) Debt-to-equity ratio is calculated as total debt divided by total
equity as of the end of the period.
(D) Debt-to-capital ratio is calculated as total debt divided by the sum
of total debt plus total equity as of the end of the period.
(E) Book value per share is calculated as total equity divided by total
outstanding shares as of the end of the period.
(F) Includes independent research and development and bid and proposal
costs and Gulfstream product development costs.
(G) Sales per employee is calculated by dividing net sales for the
latest 12-month period by the company's average number of employees
during that period.
BACKLOG (UNAUDITED)
DOLLARS IN MILLIONS
Estimated Total
Potential Estimated
Total Contract Contract
First Quarter 2008 Funded Unfunded Backlog Value* Value
AEROSPACE $11,802 $650 $12,452 $926 $13,378
COMBAT SYSTEMS 11,116 3,171 14,287 2,292 16,579
MARINE SYSTEMS 9,552 3,056 12,608 2,272 14,880
INFORMATION SYSTEMS
AND TECHNOLOGY 7,582 2,838 10,420 9,142 19,562
TOTAL $40,052 $9,715 $49,767 $14,632 $64,399
Fourth Quarter 2007
AEROSPACE $11,591 $665 $12,256 $925 $13,181
COMBAT SYSTEMS 10,824 2,077 12,901 2,347 15,248
MARINE SYSTEMS 7,621 4,439 12,060 2,513 14,573
INFORMATION SYSTEMS
AND TECHNOLOGY 7,158 2,457 9,615 8,721 18,336
TOTAL $37,194 $9,638 $46,832 $14,506 $61,338
First Quarter 2007
AEROSPACE $7,716 $730 $8,446 $964 $9,410
COMBAT SYSTEMS 10,550 1,809 12,359 1,818 14,177
MARINE SYSTEMS 8,927 4,445 13,372 237 13,609
INFORMATION SYSTEMS
AND TECHNOLOGY 7,343 2,111 9,454 7,998 17,452
TOTAL $34,536 $9,095 $43,631 $11,017 $54,648
* The estimated potential contract value represents management's estimate
of the company's future contract value under indefinite delivery,
indefinite quantity (IDIQ) contracts and unexercised options associated
with existing firm contracts. Because the value in the IDIQ
arrangements is subject to the customer's future exercise of an
indeterminate quantity of delivery orders, the company recognizes these
contracts in backlog only when they are funded. Unexercised options are
recognized in backlog when the customer exercises the option and
establishes a firm order.
FIRST QUARTER 2008 SIGNIFICANT ORDERS (UNAUDITED)
DOLLARS IN MILLIONS
General Dynamics received the following significant contract orders during the first quarter of 2008:
Combat Systems
-- A multi-year contract from the U.S. Army worth $1.2 billion to upgrade
435 M1A1 Abrams main battle tanks to the M1A2 System Enhancement
Package (SEP) Version Two (V2) configuration.
-- $359 from the Army to continue performing contractor logistics support
for the Stryker program.
-- Combined orders worth $200 from the Army for Abrams Tank Systems
Technical Support, bringing the total contract value to over $600.
-- $127 for 186 armored Cougar vehicles and related spares and support
under the Mine Resistant Ambush Protected (MRAP) vehicle program.
-- $81 for RG-31 support, spares and training under the MRAP vehicle
program.
-- $97 from the Marine Corps to continue the System Development and
Demonstration phase of the Expeditionary Fighting Vehicle program.
-- $166 from the Army for the production of Hydra-70 (2.75-inch) rockets.
This order brings the total contract value to date to almost $700. The
contract has a potential value of over $900.
-- $110 from the Army for the production of small-caliber ammunition.
This award brings the total contract value to date to approximately
$630.
Marine Systems
-- $1.1 billion in funding from the U.S. Navy for the final Block II
Virginia-class submarine.
-- $325 from the Navy to purchase long-lead materials for the first Block
III Virginia-class submarine.
-- $1.4 billion from the Navy to build the first DDG-1000 Zumwalt-class
destroyer.
-- $360 from the Navy for the construction of the 10th T-AKE
combat-logistics ship and $100 to purchase long-lead materials for the
11th ship.
Information Systems and Technology
-- $263 for the system development and demonstration of the Integrated
Computer System for the Future Combat Systems (FCS) program. This award
brings the total contract value to over $800.
-- $133 from the Marine Corps to produce units of the next generation
Tactical Data Network (TDN)-Data Distribution Systems-Modular. This
indefinite delivery, indefinite quantity (IDIQ) contract has a
potential value of $375.
-- $78 from the Army to provide specialized satellite communications earth
terminals and support services for Increment One of the Warfighter
Information Network-Tactical (WIN-T) program. This contract has a
potential value of over $700.
-- $374 from the National Geospatial Intelligence Agency to plan,
engineer, design, install, test and operate IT infrastructure. This
contract has a potential value of $970.
-- $30 from the Navy to provide systems engineering and program management
support to the Aegis Ballistic Missile Defense program. This contract
has a potential value of over $190.
AIRCRAFT DELIVERIES (UNAUDITED)
First Quarter
2008 2007
GREEN (UNITS):
LARGE AIRCRAFT 22 19
MID-SIZE AIRCRAFT 15 11
TOTAL 37 30
COMPLETIONS (UNITS):
LARGE AIRCRAFT 20 20
MID-SIZE AIRCRAFT 16 10
TOTAL 36 30
PRE-OWNED:
UNITS 1 2
SALES (millions) $9 $21
OPERATING EARNINGS (millions) $1 $2
AEROSPACE MARGINS EXCLUDING PRE-OWNED ACTIVITY 18.5% 15.9%
General Dynamics
CONTACT: Rob Doolittle of General Dynamics, +1-703-876-3199, Fax, +1-703-876-3555, rdoolitt@generaldynamics.com
Web site: http://www.generaldynamics.com/
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