FIS First Quarter Revenues Increase 20.5%Reiterates Full-Year Earnings GuidanceLender Processing Services Growth Rate Accelerates to 12.6%

JACKSONVILLE, Fla., April 24 /PRNewswire-FirstCall/ -- Fidelity National Information Services, Inc. , a leading global provider of technology services to financial institutions, today announced financial results for the first quarter of 2008. First quarter results include the divestiture of certain businesses which are reported as discontinued operations for all periods presented.

Consolidated revenue increased 20.5% to $1.3 billion, including approximately $141.3 million in revenue from eFunds, which was acquired in September 2007. Excluding eFunds, revenue increased 7.3% over the comparable 2007 quarter, driven by 12.6% growth in Lender Processing Services and 4.5% growth in Transaction Processing Services. GAAP net earnings totaled $70.5 million, and net earnings per diluted share totaled $0.36, including $0.01 from discontinued operations.

Adjusted EBITDA increased 14.8% to $312.3 million compared to $272.0 million in the first quarter of 2007. Adjusted net earnings (formerly referred to as "cash earnings") totaled $0.57 per diluted share compared to $0.54 in the prior-year quarter. Adjusted net earnings from continuing operations totaled $0.56 per diluted share compared to $0.52 per diluted share in the prior year.

"While FIS achieved solid revenue growth in the first quarter, earnings came in at the low end of our guidance, primarily due to lower-than-expected software and professional services revenue," stated William P. Foley, II, executive chairman for FIS. "In anticipation of continued economic weakness and the challenges faced by the financial services industry, we are taking a slightly more cautious view towards revenue growth in 2008. As a result, we have taken measures to reduce costs in order to achieve our previously provided earnings guidance."

FIS updated its outlook for 2008 revenue to reflect growth of 13% to 16% (5% to 8% excluding eFunds) over comparable revenue of $4.8 billion in 2007. The company's previously issued guidance was revenue growth of 14% to 16% (6% to 8% excluding eFunds). Management reiterated its outlook for full year adjusted net earnings of $2.73 to $2.83 per diluted share.

Consistent with prior guidance, this updated guidance excludes pre-tax eFunds integration expense of approximately $25 million, up-front costs associated with the spin-off of Lender Processing Services, as well as incremental operating expense for the proposed stand-alone entity. Also excluded is an estimated pre-tax restructuring charge of approximately $15 million to $20 million, which the company expects to record in the second quarter of 2008 in connection with various cost reduction initiatives.

Divestitures and Discontinued Operations

FIS recently completed the sale of two non-strategic businesses, including FIS Credit Services and Certegy Gaming Services' quasi-credit card cash advance, debit and casino ATM operations. These sales are not expected to impact FIS' future earnings. The company also established a plan to exit a small operation that provides services to the residential homebuilding market. These businesses have been accounted for as discontinued operations in the first quarter of 2008 and for all periods presented, along with Property Insight which was sold in the third quarter of 2007. Information pertaining to historical revenue and earnings per diluted share is provided in the attachments to this press release.

FIS' operating results are presented in accordance with generally accepted accounting principles ("GAAP") and on an adjusted pro forma basis, which management believes provides more meaningful comparisons between the periods presented. The adjusted results exclude the after-tax impact of merger and acquisition and integration expenses, certain stock compensation charges, debt restructuring and other charges, gains (losses) on the sale of certain non- strategic assets and acquisition related amortization.

Segment Information

Transaction Processing Services (TPS), which provides core processing and payment technology solutions to financial institutions, generated revenue of $826.8 million in the quarter (including $141.3 million from eFunds) compared to $656.0 million in the prior-year period, an increase of 26.0%. Adjusted EBITDA increased 22.3% to $195.5 million. The adjusted EBITDA margin was 23.6% compared to 24.4% in the first quarter of 2007. The decline in margin was driven by a change in revenue mix, including a decline in higher margin software license sales and professional services revenue compared to the prior-year quarter.

Excluding eFunds, TPS revenue increased 4.5% to $685.5 million driven by 17.0% growth in International to $161.7 million and 4.9% growth in Integrated Financial Solutions to $297.6 million. Enterprise Solutions revenue declined 3.4% to $226.6 million, as a result of lower software license sales, professional services revenues and lower retail check volume compared to the 2007 quarter.

Lender Processing Services (LPS), which provides core processing, information and outsourced solutions to mortgage lenders and servicers, generated revenue of $464.1 million, a 12.6% increase compared to the prior- year quarter, driven by 18.3% growth in Information Services. The strong results are attributable to growth in FIS' default and appraisal services. Mortgage Processing revenue declined $6.7 million, or 7.4%, to $84.3 million compared to the first quarter of 2007, due to a decrease in software and maintenance revenue, and the previously announced deconversion of a customer portfolio in the fourth quarter of 2007. Lender Processing Services' adjusted EBITDA increased 12.0% to $148.4 million. The adjusted EBITDA margin of 32.0% was comparable to the prior-year quarter.

Corporate expense, as adjusted, increased $8.9 million to $35.3 million in the first quarter of 2008, resulting from higher stock option expense and the addition of eFunds. The effective tax rate was 36.6%.

Free Cash Flow

Free cash flow from operations (net cash provided by operating activities minus additions to property and equipment and capitalized software) was $78.7 million. Working capital and other adjustments to cash totaled approximately $26.4 million, driven primarily by continued strong revenue growth in default services.

Net free cash flow, which excludes the after-tax impact of non-operating items, including merger and integration costs, costs associated with the spin-off of Lender Processing Services and other acquisition and investment related activities, was $127.3 million.

Status of Lender Processing Services Spin-Off

On March 27, 2008, Lender Processing Services, Inc. (LPS) filed a Form 10 with the Securities and Exchange Commission. On April 14, 2008, FIS received a formal private letter ruling from the Internal Revenue Service that the spin-off of Lender Processing Services will be tax-free to FIS as well as to LPS and FIS shareholders. The company expects to complete the distribution to shareholders by mid-2008.

Use of Non-GAAP Financial Information

FIS reports several non-GAAP measures, including earnings before interest, taxes, depreciation and amortization ("EBITDA") and adjusted net earnings. The adjusted results exclude the after-tax impact of merger and acquisition and integration expenses, certain stock compensation charges, debt restructuring and other costs, gains (losses) on the sale of certain non- strategic assets and acquisition related amortization. Any non-GAAP measures should be considered in context with the GAAP financial presentation and should not be considered in isolation or as a substitute for GAAP net earnings. A reconciliation of these non-GAAP measures to related GAAP measures is included in the attachments to this release.

Conference Call and Webcast

FIS will host a call with investors and analysts to discuss first quarter 2008 results on Thursday, April 24, 2008, beginning at 5:00 p.m. Eastern daylight time. To register for the event and to access supplemental materials, go to the Investor Relations section at http://www.fidelityinfoservices.com/ and click on "Events and Multimedia." Those wishing to participate via the telephone may do so by calling 800-230-1093 (USA) or 612-288-0337 (International). The webcast replay will be available on FIS' Investor Relations website. The telephone replay will be available through May 1, 2008, by dialing 800-475-6701 (USA) or 320-365-3844 (International). The access code will be 917569.

To access a PDF version of this release and accompanying financial tables, go to http://www.investor.fidelityinfoservices.com/.

About Fidelity National Information Services

Fidelity National Information Services, Inc. is a leading provider of core processing for financial institutions; card issuer and transaction processing services; mortgage loan processing and mortgage-related information products; and outsourcing services to financial institutions, retailers, mortgage lenders and real estate professionals. FIS has processing and technology relationships with 41 of the top 50 global banks, including nine of the top 10. Approximately 50 percent of all U.S. residential mortgages are processed using FIS software. FIS is a member of Standard and Poor's (S&P) 500(R) Index and has been ranked the number one overall financial technology provider in the world by American Banker and the research firm Financial Insights in the annual FinTech 100 rankings. Headquartered in Jacksonville, Fla., FIS maintains a strong global presence, serving more than 9,000 financial institutions in more than 80 countries worldwide. For more information on Fidelity National Information Services, please visit http://www.fidelityinfoservices.com/.

Forward-Looking Statements

This press release contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. Because such statements are based on expectations as to future economic performance and are not statements of fact, actual results may differ materially from those projected. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to: risks associated with the proposed spin-off of the Lender Processing Services (LPS) segment by FIS, including the ability of FIS to contribute certain LPS assets and liabilities to the entity to be spun off, the ability of LPS to obtain debt on acceptable terms and exchange that debt with certain holders of the FIS debt, obtaining government approvals, obtaining FIS Board of Directors approval, market conditions for the spin-off, and the risk that the spin-off will not be beneficial once accomplished, including as a result of unexpected dis- synergies resulting from the separation or unfavorable reaction from customers, rating agencies or other constituencies; changes in general economic, business and political conditions, including changes in the financial markets; the effects of our substantial leverage (both at FIS prior to the spin-off and at the separate companies after the spin-off), which may limit the funds available to make acquisitions and invest in our business; the risks of reduction in revenue from the elimination of existing and potential customers due to consolidation in the banking, retail and financial services industries; failures to adapt our services to changes in technology or in the marketplace; adverse changes in the level of real estate activity, which would adversely affect certain of our businesses; our potential inability to find suitable acquisition candidates or difficulties in integrating acquisitions; significant competition that our operating subsidiaries face; the possibility that our acquisition of EFD/eFunds may not be accretive to our earnings due to undisclosed liabilities, management or integration issues, loss of customers, the inability to achieve targeted cost savings, or other factors; and other risks detailed in the "Statement Regarding Forward-Looking Information," "Risk Factors" and other sections of the Company's Form 10-K and other filings with the Securities and Exchange Commission.

Exhibit A FIDELITY NATIONAL INFORMATION SERVICES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS - UNAUDITED (In thousands, except per share data) Three months ended March 31, 2008 2007 Processing and services revenues $1,290,952 $1,071,440 Cost of revenues 928,555 772,381 Selling, general and administrative expenses 163,551 113,082 Research and development costs 27,068 27,109 Operating income 171,778 158,868 Other income (expense): Interest income 3,018 559 Other income (expense) (451) 665 Interest expense (62,448) (72,115) Total other income (expense) (59,881) (70,891) Earnings before income taxes, equity earnings and minority interest 111,897 87,977 Provision for income taxes 40,955 32,729 Equity in (losses) earnings of unconsolidated entities (1,957) 936 Minority interest (expense) income (122) 176 Net earnings from continuing operations 68,863 56,360 (Loss) earnings from discontinued operations, net of tax (884) 3,143 Gain on disposition of discontinued operations, net of tax 2,521 - Net earnings $70,500 $59,503 Net earnings per share-basic from continuing operations $0.35 $0.29 Net earnings per share-basic from discontinued operations $0.01 $0.02 Net earnings per share-basic $0.36 $0.31 Weighted average shares outstanding-basic 194,542 191,898 Net earnings per share-diluted from continuing operations $0.35 $0.29 Net earnings per share-diluted from discontinued operations 0.01 0.01 Net earnings per share-diluted $0.36 $0.30 Weighted average shares outstanding-diluted 196,537 195,807 Exhibit B FIDELITY NATIONAL INFORMATION SERVICES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands) As of March 31, As of December 31, 2008 2007 (unaudited) Assets Current assets: Cash and cash equivalents $327,965 $355,278 Settlement deposits 42,742 21,162 Trade receivables, net 857,881 825,915 Other receivables 184,971 206,746 Settlement receivables 119,954 116,935 Receivable from FNF 11,687 14,907 Prepaid expenses and other current assets 174,914 168,454 Deferred income taxes 119,983 120,098 Total current assets 1,840,097 1,829,495 Property and equipment, net of accumulated depreciation and amortization 402,848 392,508 Goodwill 5,338,727 5,326,831 Other intangible assets, net of accumulated amortization 986,084 1,030,582 Computer software, net of accumulated amortization 809,497 775,151 Deferred costs 269,946 256,852 Investment in FNRES 28,546 30,491 Long-term notes receivable from FNF 6,059 6,154 Other noncurrent assets 150,426 146,519 Total assets $9,832,230 $9,794,583 Liabilities and Stockholders' Equity Current liabilities: Accounts payable and accrued liabilities $606,250 $606,179 Settlement payables 161,631 129,799 Deferred revenues 241,308 246,222 Current portion of long-term debt 270,615 272,014 Total current liabilities 1,279,804 1,254,214 Deferred revenues 121,468 111,884 Deferred income taxes 382,245 394,972 Long-term debt, excluding current portion 3,908,702 4,003,383 Other long-term liabilities 288,930 234,757 Total liabilities 5,981,149 5,999,210 Minority interest 11,249 14,194 Stockholders' equity: Preferred stock $0.01 par value - - Common stock $0.01 par value 1,990 1,990 Additional paid in capital 3,058,585 3,038,203 Retained earnings 960,296 899,512 Accumulated other comprehensive earnings 28,476 53,389 Treasury stock (209,515) (211,915) Total stockholders' equity 3,839,832 3,781,179 Total liabilities and stockholders' equity $9,832,230 $9,794,583 Exhibit C FIDELITY NATIONAL INFORMATION SERVICES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED (In thousands) Three months ended March 31, 2008 2007 Cash flows from operating activities: Net earnings $70,500 $59,503 Adjustment to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization 124,132 110,612 Amortization of debt issue costs 1,424 28,324 (Gain) on sale of Credit business (3,976) - Stock-based compensation cost 26,378 8,489 Deferred income taxes 6,823 8,950 Income tax benefit from exercise of stock options (357) (10,752) Equity in (earnings) loss of unconsolidated entities 1,957 (936) Minority interest 122 88 Changes in assets and liabilities, net of effects from acquisitions: Net increase in trade receivables (8,094) (65,348) Net increase in prepaid expenses and other assets (12,023) (19,813) Additions to deferred contract costs (21,955) (8,095) Net increase in deferred revenue 4,616 1,504 Net decrease in accounts payable, accrued liabilities and other liabilities (21,321) (40,096) Net cash provided by operating activities 168,226 72,430 Cash flows from investing activities: Additions to property and equipment (24,292) (27,410) Additions to capitalized software (65,256) (46,706) Net proceeds from sale of company assets 6,000 - Acquisitions, net of cash acquired (1,916) (21,196) Net cash used in investing activities (85,464) (95,312) Cash flows from financing activities: Borrowings 1,283,600 2,700,300 Debt service payments (1,381,398) (2,689,045) Capitalized debt issue costs (13) (12,573) Dividends paid (9,716) (9,621) Income tax benefit from exercise of stock options 357 10,752 Stock options exercised 5,991 33,157 Treasury stock purchases (9,944) - Net cash (used in) provided by financing activities (111,123) 32,970 Effect of foreign currency exchange rates on cash 1,048 163 Net (decrease) increase in cash and cash equivalents (27,313) 10,251 Cash and cash equivalents, at beginning of year 355,278 211,753 Cash and cash equivalents, at end of year $327,965 $222,004 Exhibit D FIDELITY NATIONAL INFORMATION SERVICES, INC. SUPPLEMENTAL FINANCIAL INFORMATION - UNAUDITED (In thousands, except per share data) 3/31/2008 12/31/2007 9/30/2007 1. Revenues Revenue from Continuing Operations: TPS Integrated Financial Solutions $368,585 364,612 308,803 Enterprise Solutions 280,544 289,492 241,395 International 178,109 199,811 147,242 Other (439) (1,657) (1,789) Total TPS Revenue 826,799 852,258 695,651 LPS Mortgage Processing 84,268 98,310 88,323 Information Services 380,014 352,556 350,377 Other (169) (457) (1,463) Total LPS Revenue 464,113 450,409 437,237 Corporate 40 341 4,343 Total Revenue from Continuing Operations 1,290,952 1,303,008 1,137,231 Total Revenue from Discontinued Operations 29,720 27,406 42,667 Revenue Growth from Prior Year Period (A) Revenue from Continuing Operations: TPS Integrated Financial Solutions 29.9% 28.7% 11.6% Enterprise Solutions 19.6% 15.9% 3.1% International 28.9% 41.7% 23.9% Other 19.9% 14.1% 33.6% Total TPS Revenue Growth 26.0% 26.8% 11.0% LPS Mortgage Information -7.4% 9.6% -2.3% Information Services 18.3% 14.0% 16.7% Other - -104.6% -112.7% Total LPS Revenue Growth 12.6% 10.1% 8.7% Corporate -98.7% 120.9% 364.8% Total Revenue from Continuing Operations 20.5% 20.7% 10.7% 2. TPS Revenue from Continuing Operations, Excluding eFunds TPS Integrated Financial Solutions $297,566 297,912 296,142 Enterprise Solutions 226,605 244,121 231,613 International 161,742 170,782 142,057 Other (423) (515) (789) Total TPS Revenue, excluding eFunds $685,489 712,300 669,023 Total Revenue from Continuing Operations, excluding eFunds $1,149,642 1,163,050 1,110,603 TPS Revenue Growth from Prior Year Period, excluding eFunds (A) TPS Integrated Financial Solutions 4.9% 5.2% 7.0% Enterprise Solutions -3.4% -2.3% -1.0% International 17.0% 21.2% 19.5% Other 22.7% 73.3% 70.7% Total TPS Revenue Growth, excluding Efunds 4.5% 6.0% 6.7% Total Revenue Growth, excluding Efunds 7.3% 7.7% 8.1% 3. Depreciation and Amortization Depreciation and Amortization $68,711 79,171 83,653 Purchase Price Amortization 46,560 49,385 40,599 Other Amortization 8,861 9,347 10,187 Total Depreciation and Amortization $124,132 137,903 134,439 Depreciation and Amortization Relating to Non-recurring Adjustments $- - 13,531 Depreciation and Amortization from Discontinued Operations 1,394 1,322 1,558 Total Depreciation and Amortization from Continuing Operations, as adjusted $122,738 136,581 119,350 4. Capital Expenditures TPS $72,506 71,664 57,976 LPS 16,574 23,706 34,680 Corporate (522) 2,341 (3,057) Total Capital Expenditures - Continuing Operations 88,558 97,711 89,599 Total Capital Expenditures - Discontinued Operations 990 917 1,062 Total Capital Expenditures $ 89,548 98,628 90,661 5. Long-term Debt as of Period End and Interest Expense and Rates 2008 Q1 2007 Q4 2007 Q3 Term Note A $2,034,375 2,047,500 2,060,625 Term Note B 1,592,000 1,596,000 1,600,000 Revolver 330,000 308,000 332,200 eFunds Notes - 98,533 98,226 Certegy Notes 198,837 198,221 197,638 Other Long-term Debt 24,105 27,143 32,187 Total Long-term Debt $4,179,317 4,275,397 4,320,876 Total Interest Expense $ 62,450 68,864 44,370 Less Debt Restructuring Charge - - - Adjusted Interest Expense $ 62,450 68,864 44,370 Average Interest Rate 5.8% 6.4% 6.3% 6. Stock Compensation Expense Stock Compensation Expense, Excluding Acceleration Charges $12,184 10,170 9,287 Stock Acceleration Expense 14,194 1,653 603 Total Stock Compensation Expense $26,378 11,823 9,890 Full Year 6/30/2007 3/31/2007 2007 1. Revenues Revenue from Continuing Operations: TPS Integrated Financial Solutions 297,117 283,753 1,254,285 Enterprise Solutions 245,174 234,560 1,010,621 International 143,293 138,185 628,531 Other (773) (548) (4,767) Total TPS Revenue 684,811 655,950 2,888,670 LPS Mortgage Processing 94,163 91,005 371,801 Information Services 342,090 321,353 1,366,376 Other (51) - (1,971) Total LPS Revenue 436,202 412,358 1,736,206 Corporate 4,021 3,132 11,837 Total Revenue from Continuing Operations 1,125,034 1,071,440 4,636,713 Total Revenue from Discontinued Operations 51,204 52,626 173,903 Revenue Growth from Prior Year Period (A) Revenue from Continuing Operations: TPS Integrated Financial Solutions 9.1% 5.1% 13.8% Enterprise Solutions 10.8% 7.6% 9.5% International 44.3% 58.4% 40.8% Other 73.2% 83.9% 56.3% Total TPS Revenue Growth 16.1% 14.7% 17.4% LPS Mortgage Information 4.6% 2.5% 3.6% Information Services 25.4% 19.6% 18.7% Other -100.4% -100.0% -104.4% Total LPS Revenue Growth 16.6% 11.8% 11.7% Corporate 47.3% 94.5% 1007.3% Total Revenue from Continuing Operations 16.4% 13.7% 15.4% 2. TPS Revenue from Continuing Operations, Excluding eFunds TPS Integrated Financial Solutions 297,117 283,753 1,174,924 Enterprise Solutions 245,174 234,560 955,468 International 143,293 138,185 594,317 Other (773) (548) (2,625) Total TPS Revenue, excluding eFunds 684,811 655,950 2,722,083 Total Revenue from Continuing Operations, excluding eFunds 1,125,034 1,071,440 4,470,126 TPS Revenue Growth from Prior Year Period, excluding eFunds (A) TPS Integrated Financial Solutions 9.1% 5.1% 6.6% Enterprise Solutions 10.8% 7.6% 3.5% International 44.3% 58.4% 33.2% Other 73.2% 83.9% 75.9% Total TPS Revenue Growth, excluding Efunds 16.1% 14.7% 10.6% Total Revenue Growth, excluding Efunds 16.4% 13.7% 11.3% 3 Depreciation and Amortization Depreciation and Amortization 68,027 62,563 293,414 Purchase Price Amortization 37,897 40,780 168,661 Other Amortization 7,968 7,269 34,771 Total Depreciation and Amortization 113,892 110,612 496,846 Depreciation and Amortization Relating to Non-recurring Adjustments 393 683 14,608 Depreciation and Amortization from Discontinued Operations 1,714 1,716 6,310 Total Depreciation and Amortization from Continuing Operations, as adjusted 111,785 108,213 475,928 4. Capital Expenditures TPS 50,279 43,482 223,401 LPS 22,039 25,426 105,851 Corporate 7,196 4,183 10,663 Total Capital Expenditures - Continuing Operations 79,514 73,091 339,915 Total Capital Expenditures - Discontinued Operations 380 1,025 3,384 Total Capital Expenditures 79,894 74,116 343,299 5. Long-term Debt as of Period End and Interest Expense and Rates 2007 Q2 2007 Q1 Term Note A 2,073,750 2,086,875 Term Note B - - Revolver 430,500 600,300 eFunds Notes - - Certegy Notes 197,040 196,474 Other Long-term Debt 151,134 145,631 Total Long-term Debt 2,852,424 3,029,280 Total Interest Expense 42,991 72,115 Less Debt Restructuring Charge - (27,164) Adjusted Interest Expense 42,991 44,951 Average Interest Rate 6.1% 6.2% 6. Stock Compensation Expense Stock Compensation Expense, Excluding Acceleration Charges 8,751 8,489 36,697 Stock Acceleration Expense - - 2,256 Total Stock Compensation Expense 8,751 8,489 38,953 Notes: (A) Growth calculation for 3/31/2007 growth includes Certegy revenue for January 2006. Exhibit E FIDELITY NATIONAL INFORMATION SERVICES, INC. NON-GAAP FINANCIAL INFORMATION - UNAUDITED (In thousands, except per share data) 3/31/2008 12/31/2007 9/30/2007 1. EBIT and EBITDA - Consolidated Revenue from Continuing Operations $1,290,952 1,303,008 1,137,231 Operating Income $171,778 229,550 177,831 M&A, Restructuring and Integration Costs 14,970 1,653 19,455 LPS Spin Costs 2,858 500 - EBIT, as adjusted $189,606 231,703 197,286 Depr and Amort from Cont Ops, as adjusted 122,738 136,581 119,350 EBITDA , as adjusted $312,344 368,284 316,636 EBIT Margin, as adjusted 14.7% 17.8% 17.3% EBITDA Margin, as adjusted 24.2% 28.3% 27.8% 2. EBITDA from Discontinued Operations Total EBITDA from Discontinued Operations $(3,128) 1,029 5,646 3. EBITDA - TPS Revenue from Continuing Operations $826,799 852,258 695,651 Operating Income $107,879 140,313 86,092 Depreciation 43,124 56,626 56,447 Purchase Price Amortization 36,086 35,949 29,104 Other Amortization 8,386 8,851 9,585 EBITDA, before other items $195,475 241,739 181,228 M&A, Restructuring and Integration Costs - - 4,614 EBITDA, excluding other items $195,475 241,739 185,842 EBITDA Margin, as adjusted 23.6% 28.4% 26.7% 4. EBITDA - LPS Revenue from Continuing Operations $464,113 450,409 437,237 Operating Income $116,350 122,527 116,392 Depreciation 20,794 20,455 20,887 Purchase Price Amortization 10,107 10,605 10,538 Other Amortization 475 496 602 EBITDA, before other items $147,726 154,083 148,419 M&A, Restructuring and Integration Costs 630 - 707 EBITDA, excluding other items $148,356 154,083 149,126 EBITDA Margin, as adjusted 32.0% 34.2% 34.1% 5. Net Earnings - Reconciliation Net Earnings $70,500 108,411 245,304 M&A, Restructuring and Integration Costs, net of tax 9,491 (6,560) 10,505 LPS Spin Costs, net of tax 1,812 315 - Covansys Gain, net of tax - - (114,939) Gain on Property Insight, net of tax - - (42,124) Debt Restructure Charge, net of tax - - - Net Earnings, excluding other items 81,803 102,166 98,746 After-tax Purchase Price Amortization 29,518 31,112 25,578 Adjusted Net Earnings $111,321 133,278 124,324 Net Earnings Per Share, excluding other items $0.42 0.52 0.50 Adjusted Net Earnings Per Share $0.57 0.68 0.63 Diluted Weighted Average Shares 196,537 196,741 196,649 Full Year 6/30/2007 3/31/2007 2007 1. EBIT and EBITDA - Consolidated Revenue from Continuing Operations 1,125,034 1,071,440 4,636,713 Operating Income 179,368 158,868 745,617 M&A, Restructuring and Integration Costs 2,195 4,961 28,264 LPS Spin Costs - - 500 EBIT, as adjusted 181,563 163,829 774,381 Depr and Amort from Cont Ops, as adjusted 111,785 108,213 475,928 EBITDA, as adjusted 293,348 272,042 1,250,309 EBIT Margin, as adjusted 16.1% 15.3% 16.7% EBITDA Margin, as adjusted 26.1% 25.4% 27.0% 2. EBITDA from Discontinued Operations Total EBITDA from Discontinued Operations 6,279 7,007 19,961 3. EBITDA - TPS Revenue from Continuing Operations 684,811 655,950 2,888,670 Operating Income 99,172 90,059 415,636 Depreciation 37,859 33,751 184,683 Purchase Price Amortization 27,027 29,198 121,278 Other Amortization 7,516 6,869 32,821 EBITDA, before other items 171,574 159,877 754,418 M&A, Restructuring and Integration Costs - - 4,614 EBITDA, excluding other items 171,574 159,877 759,032 EBITDA Margin, as adjusted 25.1% 24.4% 26.3% 4. EBITDA - LPS Revenue from Continuing Operations 436,202 412,358 1,736,206 Operating Income 107,846 95,165 441,930 Depreciation 22,281 21,544 85,167 Purchase Price Amortization 10,345 11,046 42,534 Other Amortization 452 400 1,950 EBITDA, before other items 140,924 128,155 571,581 M&A, Restructuring and Integration Costs 1,802 4,278 6,787 EBITDA, excluding other items 142,726 132,433 578,368 EBITDA Margin, as adjusted 32.7% 32.1% 33.3% 5. Net Earnings - Reconciliation Net Earnings 148,004 59,503 561,222 M&A, Restructuring and Integration Costs, net of tax 1,385 3,116 8,446 LPS Spin Costs, net of tax - - 315 Covansys Gain, net of tax (57,988) - (172,927) Gain on Property Insight, net of tax - - (42,124) Debt Restructure Charge, net of tax - 17,059 17,059 Net Earnings, excluding other items 91,401 79,678 371,991 After-tax Purchase Price Amortization 23,901 25,612 106,203 Adjusted Net Earnings 115,302 105,290 478,194 Net Earnings Per Share, excluding other items 0.46 0.41 1.89 Adjusted Net Earnings Per Share 0.59 0.54 2.43 Diluted Weighted Average Shares 196,977 195,807 196,546 Exhibit F FIDELITY NATIONAL INFORMATION SERVICES, INC. RECONCILIATION OF GAAP TO NON-GAAP CASHFLOW MEASURES - UNAUDITED (In thousands) 3/31/2007 GAAP Adj Non-GAAP Cash flows from operating activities: Net earnings (1) $59,503 3,115 62,618 Adjustments to reconcile net earnings to net cash provided by operating activities: Non-cash adjustments 155,527 155,527 Working capital adjustments (2) (142,600) 12,700 (129,900) Net cash provided by operating activities 72,430 15,815 88,245 Capital expenditures included in investing activities: Additions to property and equipment (27,410) (27,410) Additions to capitalized software (46,706) (46,706) Net capital expenditures (74,116) - (74,116) Net free cash flow $(1,686) 15,815 14,129 Notes: (1) Adjustments to Net Earnings Eliminate after-tax impact of non-recurring integration costs 3,115 Eliminate payment of tax liabilities associated with disposition of non-strategic investments - 3,115 (2) Adjustments to working capital reflect elimination of settlement of various acquisition related liabilities. 12/31/2007 GAAP Adj Non-GAAP Cash flows from operating activities: Net earnings (1) $108,411 38,990 147,401 Adjustments to reconcile net earnings to net cash provided by operating activities: Non-cash adjustments 181,495 181,495 Working capital adjustments (2) (82,760) 8,870 (73,890) Net cash provided by operating activities 207,146 47,860 255,006 Capital expenditures included in investing activities: Additions to property and equipment (28,446) (28,446) Additions to capitalized software (70,182) (70,182) Net capital expenditures (98,628) - (98,628) Net free cash flow $108,518 47,860 156,378 Notes: (1) Adjustments to Net Earnings Eliminate after-tax impact of non-recurring integration costs - Eliminate payment of tax liabilities associated with disposition of non-strategic investments 38,990 38,990 (2) Adjustments to working capital reflect elimination of settlement of various acquisition related liabilities. 6/30/2007 GAAP Adj Non-GAAP Cash flows from operating activities: Net earnings (1) $148,004 1,383 149,387 Adjustments to reconcile net earnings to net cash provided by operating activities: Non-cash adjustments 25,152 25,152 Working capital adjustments (2) (2,499) 18,100 15,601 Net cash provided by operating activities 170,657 19,483 190,140 Capital expenditures included in investing activities: Additions to property and equipment (32,792) (32,792) Additions to capitalized software (47,102) (47,102) Net capital expenditures (79,894) - (79,894) Net free cash flow $90,763 19,483 110,246 Notes: (1) Adjustments to Net Earnings Eliminate after-tax impact of non-recurring integration costs 1,383 Eliminate payment of tax liabilities associated with disposition of non-strategic investments - 1,383 (2) Adjustments to working capital reflect elimination of settlement of various acquisition related liabilities. Full Year - 2007 GAAP Adj Non-GAAP Cash flows from operating activities: Net earnings (1) $561,222 153,216 714,438 Adjustments to reconcile net earnings to net cash provided by operating activities: Non-cash adjustments 179,870 - 179,870 Working capital adjustments (2) (277,540) 49,170 (228,370) Net cash provided by operating activities 463,552 202,386 665,938 Capital expenditures included in investing activities: Additions to property and equipment (113,832) - (113,832) Additions to capitalized software (229,467) - (229,467) Net capital expenditures (343,299) - (343,299) Net free cash flow $120,253 202,386 322,639 Notes: (1) Adjustments to Net Earnings Eliminate after-tax impact of non-recurring integration costs 7,666 Eliminate payment of tax liabilities associated with disposition of non-strategic investments 145,550 153,216 (2) Adjustments to working capital reflect elimination of settlement of various acquisition related liabilities. 9/30/2007 GAAP Adj Non-GAAP Cash flows from operating activities: Net earnings (1) $245,304 109,728 355,032 Adjustments to reconcile net earnings to net cash provided by operating activities: Non-cash adjustments (182,304) (182,304) Working capital adjustments (2) (49,681) 9,500 (40,181) Net cash provided by operating activities 13,319 119,228 132,547 Capital expenditures included in investing activities: Additions to property and equipment (25,184) (25,184) Additions to capitalized software (65,477) (65,477) Net capital expenditures (90,661) - (90,661) Net free cash flow $(77,342) 119,228 41,886 Notes: (1) Adjustments to Net Earnings Eliminate after-tax impact of non-recurring integration costs 3,168 Eliminate payment of tax liabilities associated with disposition of non-strategic investments 106,560 109,728 (2) Adjustments to working capital reflect elimination of settlement of various acquisition related liabilities. 3/31/2008 GAAP Adj Non-GAAP Cash flows from operating activities: Net earnings (1) $70,500 2,304 72,804 Adjustments to reconcile net earnings to net cash provided by operating activities: Non-cash adjustments 156,504 156,504 Working capital adjustments (2) (58,778) 46,342 (12,436) Net cash provided by operating activities 168,226 48,646 216,872 Capital expenditures included in investing activities: Additions to property and equipment (24,292) (24,292) Additions to capitalized software (65,256) (65,256) Net capital expenditures (89,548) - (89,548) Net free cash flow $78,678 48,646 127,324 Notes: (1) Adjustments to Net Earnings Eliminate after-tax impact of non-recurring integration costs 2,304 Eliminate payment of tax liabilities associated with disposition of non-strategic investments - 2,304 (2) Adjustments to working capital reflect elimination of settlement of various acquisition related liabilities. Appendix G FIDELITY NATIONAL INFORMATION SERVICES, INC. SEGMENT INFORMATION FROM CONTINUING OPERATIONS - UNAUDITED (In thousands) 3/31/2008 Transaction Lender Processing Processing Corporate Services Services and Other Total Processing and services revenue $826,799 464,113 40 1,290,952 Cost of revenues 634,264 294,291 - 928,555 Gross profit 192,535 169,822 40 362,397 Selling, general and admin costs 65,176 45,884 52,491 163,551 Research development costs 19,480 7,588 - 27,068 Operating income 107,879 116,350 (52,451) 171,778 Depreciation and amortization 87,596 31,376 3,766 122,738 EBITDA $195,475 147,726 (48,685) 294,516 Merger and acquisition costs - 630 14,340 14,970 LPS spin costs - - 2,858 2,858 EBITDA, excluding selected items $195,475 148,356 (31,487) 312,344 3/31/2007 Transaction Lender Processing Processing Corporate Services Services and Other Total Processing and services revenue $655,950 412,358 3,132 1,071,440 Cost of revenues 507,487 264,894 - 772,381 Gross profit 148,463 147,464 3,132 299,059 Selling, general and admin costs 40,886 42,708 29,488 113,082 Research development costs 17,518 9,591 - 27,109 Operating income 90,059 95,165 (26,356) 158,868 Depreciation and amortization 69,818 32,990 6,088 108,896 EBITDA $159,877 128,155 (20,268) 267,764 Merger and acquisition costs - 4,278 - 4,278 EBITDA, excluding selected items $159,877 132,433 (20,268) 272,042 FIS-e

Fidelity National Information Services, Inc.

CONTACT: Mary Waggoner, Senior Vice President, Investor Relations,
+1-904-854-3282, mary.waggoner@fnis.com; Parag Bhansali, Senior Vice President
Investor Relations and Strategy (LPS), +1-904-854-8640,
parag.bhansali@fnis.com, both of Fidelity National Information Services, Inc.

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

McAfee, Inc. Announces Exclusive Partnership With Acer IncorporatedThird Largest PC Manufacturer Offering 60-Day Trial of McAfee Internet Security Suite with SiteAdvisor

SANTA CLARA, Calif., April 24 /PRNewswire-FirstCall/ -- McAfee, Inc. today announced that it has signed a multi-year worldwide partnership with Acer Inc. to provide McAfee Internet Security Suite with SiteAdvisor(TM) for Acer's consumer customers. Acer computers will ship with the McAfee software suite, starting in Q2 2008 and support more than 28 languages.

"McAfee delivers security solutions for consumers on the PC, Web and Mobile platforms, and we are very excited to add Acer to our list of global partners," said Todd Gebhart, senior vice president and general manager, McAfee Consumer, Mobile and Small Business. "One recent study showed that a consumer's chance of being a cybercrime victim is about one in four (1). By delivering proactive security protection at the time of purchase, Acer customers can use their PCs and search and surf with confidence, even getting advanced warning about Web sites that they should not visit-a level of protection not offered from any other vendor."

McAfee Internet Security Suite offers proactive online security against viruses, spyware and hackers, along with McAfee SiteAdvisor, advanced Web warning protection that clearly indicates whether a site is risky or not. In addition to integrated anti-virus, anti-spyware, anti-phishing and a two-way firewall, the suite provides safeguards against online identity theft, and has anti-spam protection as well as parental controls.

About McAfee, Inc.

McAfee, Inc., headquartered in Santa Clara, California, is the world's largest dedicated security technology company. It delivers proactive and proven solutions and services that secure systems and networks around the world, allowing users to browse and shop the Web securely. With its unmatched security expertise and commitment to innovation, McAfee empowers home users, businesses, the public sector and service providers by enabling them to comply with regulations, protect data, prevent disruptions, identify vulnerabilities and continuously monitor and improve their security. http://www.mcafee.com/.

McAfee and/or other noted McAfee related products contained herein are registered trademarks or trademarks of McAfee, Inc., and/or its affiliates in the US and/or other countries. McAfee Red in connection with security is distinctive of McAfee brand products. Any other non-McAfee related products, registered and/or unregistered trademarks contained herein is only by reference and are the sole property of their respective owners. (C) 2008 McAfee, Inc. All rights reserved.

(1) Consumer Reports State of the Net 2007, September 2007

McAfee, Inc.

CONTACT: Francie Coulter of McAfee, Inc., +1-408-346-3436,
francie_coulter@mcafee.com

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

Foundry Networks Announces $100 Million Expansion of Share Repurchase Program

SANTA CLARA, Calif., April 24 /PRNewswire-FirstCall/ -- Foundry Networks(R), Inc. , a performance and total solutions leader for end-to-end switching and routing, today announced that its Board of Directors has approved an expansion to its existing share repurchase program, enabling the Company to repurchase an additional $100 million of its common stock.

This announcement expands the share repurchase program previously approved by the Company's Board of Directors in July 2007 from $200 million to $300 million. As of April 24, 2008, a total of $157 million remains available for repurchases under the expanded program. The shares may be purchased from time to time in the open market or through privately negotiated transactions at management's discretion. The number of shares to be purchased and the timing of purchases will be based on several factors, including the price of Foundry's stock, general business and market conditions, and other investment opportunities. The share repurchase program is scheduled to expire on December 31, 2008.

In a separate press release issued today, Foundry announced earnings results for the first quarter of fiscal 2008.

About Foundry Networks

Foundry Networks, Inc. is a leading provider of high-performance enterprise and service provider switching, routing, security and Web traffic management solutions, including Layer 2/3 LAN switches, Layer 3 Backbone switches, Layer 4-7 application switches, wireless LAN and access points, metro and core routers. Foundry's customers include the world's premier ISPs, metro service providers, and enterprises, including e-commerce sites, universities, entertainment, health and wellness, government, financial and manufacturing companies. For more information about the company and its products, call 1.888.TURBOLAN or visit http://www.foundrynet.com/.

Forward-Looking Statements

This press release contains forward-looking statements regarding the company's intention to repurchase shares of its common stock under the share repurchase program. Foundry's intentions with regard to the share repurchase program may be affected by a number of factors, which include the market price of the company's stock, general business and market conditions, and management's determination of alternative needs and uses of the company's cash resources. Additional risks are included under the caption "Risk Factors" in Foundry's Annual Report on Form 10-K for the year ended December 31, 2007, which is on file with the SEC and is available on Foundry's investor relations website at http://www.foundrynet.com/company/ir/ir-sec and on the SEC website at http://www.sec.gov/.

Foundry Networks, Inc.

CONTACT: Dan Fairfax, Chief Financial Officer, +1-408-207-1700,
dfairfax@foundrynet.com, or Michael Iburg, Treasurer, +1-408-207-1305,
miburg@foundrynet.com, both of Foundry Networks, Inc.; or Investors, Brendan
Lahiff of FD, +1-415-293-4425, brendan.lahiff@fd.com

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

Foundry Networks Reports First Quarter 2008 Results

SANTA CLARA, Calif., April 24 /PRNewswire-FirstCall/ -- Foundry Networks(R), Inc. , a performance and total solutions leader for end-to-end switching and routing, today announced financial results for its first quarter ended March 31, 2008.

Foundry's revenue for the first quarter of 2008 was $150.1 million, compared to $135.8 million in the first quarter of 2007 and compared to $168.7 million in the fourth quarter of 2007, an increase of 10.5% year-over-year. Net income was $13.9 million, or $0.09 per diluted share, compared to net income of $9.1 million, or $0.06 per diluted share, in the first quarter of 2007, and net income of $28.9 million, or $0.18 per diluted share, in the fourth quarter of 2007.

Included in Foundry's results for the first quarter of 2008 were $14.0 million of non-cash stock-based compensation expenses. Excluding these expenses and the related tax effect, non-GAAP net income in the first quarter of 2008 was $23.0 million and non-GAAP net income per diluted share was $0.15. Please refer to the table below for a reconciliation of GAAP to non-GAAP net income and earnings per share.

In the first quarter of 2008, North American commercial revenue, which does not include revenue from sales to the U.S. federal government, represented 53.4% of total revenue while sales to Europe, the Middle East and Africa (EMEA) represented 15.7% of total revenue. Business from Japan was 3.9% of total revenue, while sales from the rest of Asia represented 7.6% of total revenue. Sales to the U.S. federal government were 19.4% of total revenue.

Within the service provider market, product revenue from sales of our routers grew to 20.8% of total revenue, a slight percentage increase from the fourth quarter of 2007. Overall, total service provider revenue represented 29.0% of total revenue in the first quarter.

The Company's cash and marketable securities decreased to $946.9 million in the first quarter, a decrease of $18.7 million from the fourth quarter of 2007. During the quarter, the Company spent $60.0 million repurchasing 4.4 million shares of Foundry common stock at an average price of $13.56 per share. To date, the Company has spent $143.0 million to repurchase 8.8 million shares of Foundry common stock at an average price of $16.23 per share.

"While Foundry experienced a challenging environment during the first quarter, we still achieved over 10% growth year-over-year," said Bobby Johnson, President and CEO of Foundry Networks. "As the overall macro environment stabilizes, we believe the recent investments we've made in our sales organization and product portfolio will have a positive impact on our business."

About Non-GAAP Financial Measures

Foundry uses non-GAAP net income and non-GAAP net income per share for internal planning purposes, to assess the results of its business on an ongoing basis, to determine management compensation, and for the convenience of analysts and investors. These measures are not determined in accordance with, or as an alternative to, similarly-named financial measures under GAAP. The measures are intended to supplement GAAP financial information and may be different from non-GAAP financial measures used by other companies. Foundry believes these measures provide useful information to its management, board of directors and investors regarding Foundry's performance when used in conjunction with GAAP information. Foundry believes it is useful to investors to receive information about how items in the statement of operations are affected by stock-based compensation, the expenses related to the stock option investigation and restatement of the Company's consolidated financial statements during the first quarter of 2007 and the related income tax effect. Stock-based compensation expense consists of expenses recorded under SFAS 123(R), "Share-Based Payment," in connection with awards granted under the Company's equity incentive plans and shares issued pursuant to the Company's employee stock purchase plan. The Company excludes stock-based compensation expense from non-GAAP financial measures because it is a non-cash measurement that does not reflect the Company's ongoing business and because the Company believes that investors want to understand the impact on the Company of the adoption of SFAS 123(R). The Company believes that the provision of non-GAAP information that excludes stock-based compensation improves the ability of investors to compare its period-over-period operating results, as there is significant variability and unpredictability with respect to this expense. In determining non-GAAP net income and non-GAAP net income per share for the first quarter of 2007, the Company also excluded legal, accounting and one- time employee compensation costs related to the stock option investigation and restatement of the Company's consolidated financial statements because these payments do not reflect the Company's ongoing business, and the exclusion of these payments improves the ability of investors to compare the Company's period-over-period operating results. However, investors should be aware that non-GAAP measures have inherent limitations and should be read in conjunction with the Company's consolidated financial statements prepared in accordance with GAAP.

Conference Call

Foundry Networks will host a conference call today to discuss these results at 2:00 p.m. Pacific Time. The call can be accessed via a webcast at http://www.foundrynetworks.com/. A Web replay will also be available for approximately 90 days at this same Web address.

About Foundry Networks

Foundry Networks, Inc. is a leading provider of high- performance enterprise and service provider switching, routing, security and Web traffic management solutions, including Layer 2/3 LAN switches, Layer 3 Backbone switches, Layer 4-7 application switches, wireless LAN and access points, metro and core routers. Foundry's customers include the world's premier ISPs, metro service providers, and enterprises, including e-commerce sites, universities, entertainment, health and wellness, government, financial and manufacturing companies. For more information about the company and its products, call 1.888.TURBOLAN or visit http://www.foundrynet.com/.

Forward-Looking Statements

This press release contains forward-looking statements, as defined under federal securities laws. These forward-looking statements include statements regarding (1) the expected stabilization of the overall macro environment and (2) the expected benefits to be derived from Foundry's investment in its sales organization and product portfolio. These statements are not historical facts or guarantees of future performance or events and are based on current expectations, estimates, beliefs, assumptions, goals and objectives, and involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from the results expressed or implied by these statements. These risks include business and economic conditions and growth trends in the company's industry, markets and geographic regions; global economic conditions and uncertainties in the macro environment; overall information technology spending; variations in customer demand for products and services, including sales to the service provider market and other customer markets; increased competition in the company's markets; rapid technological and market change; litigation involving intellectual property and other matters; as well as those risks and uncertainties included under the captions "Risk Factors" in Foundry's Annual Report on Form 10-K for the year ended December 31, 2007, which is on file with the SEC and is available on Foundry's investor relations website at http://www.foundrynet.com/company/ir/ir-sec and on the SEC website at http://www.sec.gov/. Additional information will also be set forth in the Company's quarterly report on Form 10-Q for the quarter ended March 31, 2008, which will be filed with the SEC in May 2008. All information provided in this release and in the attachments is as of April 24, 2008, and should not be unduly relied on because Foundry undertakes no duty to update this information.

FOUNDRY NETWORKS, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited) (in thousands, except per share data) Three Months Ended March 31, 2008 2007 Net revenue: Product $125,863 $115,218 Service 24,192 20,595 Total net revenue 150,055 135,813 Cost of revenue: Product 48,415 51,137 Service 8,183 5,466 Total cost of revenue 56,598 56,603 Gross margin 93,457 79,210 Operating expenses: Research and development 21,729 21,250 Sales and marketing 47,135 40,090 General and administrative 11,839 10,933 Other charges, net - 2,533 Total operating expenses 80,703 74,806 Income from operations 12,754 4,404 Interest and other income, net 9,299 10,383 Income before provision for income taxes 22,053 14,787 Provision for income taxes 8,147 5,696 Net income $13,906 $9,091 Basic net income per share $0.09 $0.06 Weighted average shares used in computing basic net income per share 147,235 147,202 Diluted net income per share $0.09 $0.06 Weighted average shares used in computing diluted net income per share 151,271 153,386 FOUNDRY NETWORKS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) March 31, December 31, 2008 2007 ASSETS (unaudited) (2) Assets: Cash and investments (1) $946,948 $965,668 Accounts receivable, net 109,606 121,139 Inventories 49,394 42,384 Prepaid expenses and other current assets 10,497 12,439 Deferred tax assets 82,896 79,214 Property and equipment, net 8,596 9,658 Other long-term assets 4,981 5,234 Total assets $1,212,918 $1,235,736 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Accounts payable $23,033 $23,892 Accrued payroll and related expenses 32,352 50,806 Other accrued expenses 12,100 12,382 Income taxes payable 20,703 11,860 Deferred product and support revenue 91,397 77,672 Other long-term liabilities 532 475 Total liabilities 180,117 177,087 Stockholders' equity 1,032,801 1,058,649 Total liabilities and shareholders' equity $1,212,918 $1,235,736 (1) Includes $110.5 million of long-term marketable securities at March 31, 2008 and $58.1 million at December 31, 2007. (2) Derived from audited condensed consolidated financial statements as of December 31, 2007. FOUNDRY NETWORKS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (in thousands) Three Months Ended March 31, 2008 2007 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $13,906 $9,091 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 2,839 2,777 Stock-based compensation expense 14,001 9,622 Provision for doubtful accounts 142 (242) Provision for sales returns (227) (617) Inventory provisions 2,442 1,818 Benefit for deferred income taxes (3,682) (3,895) Excess tax benefits from stock-based compensation (245) (2) Changes in operating assets and liabilities: Accounts receivable 11,618 (13,245) Inventories (9,425) (4,328) Prepaid expenses and other assets 1,481 (2,688) Accounts payable (859) 984 Accrued payroll and related expenses (18,454) (1,165) Income taxes payable 8,458 8,891 Other accrued expenses (226) (1,381) Deferred product and support revenue 13,724 8,187 Net cash provided by operating activities 35,493 13,807 CASH FLOWS FROM INVESTING ACTIVITIES: Maturities and purchases of investments, net 69,610 (35,604) Purchases of property and equipment, net (1,054) (2,508) Net cash provided by (used in) investing activities 68,556 (38,112) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuances of common stock under stock plans, net of repurchases 10,721 (587) Repurchase and retirement of common stock (59,912) - Excess tax benefits from stock-based compensation 245 2 Net cash used in financing activities (48,946) (585) Increase (decrease) in cash and cash equivalents 55,103 (24,890) Effect of exchange rate changes on cash (243) (3) Cash and cash equivalents, beginning of period 331,961 258,137 Cash and cash equivalents, end of period $386,821 $233,244 SUPPLEMENTAL CASH FLOW INFORMATION: Cash paid for income taxes, net of refunds received $838 $722 FOUNDRY NETWORKS, INC. RECONCILIATION OF GAAP TO NON-GAAP NET INCOME AND EPS (unaudited) (in thousands, except per share data) Three Months Ended March 31, 2008 2007 Net income excluding certain charges and benefits (Non-GAAP) $23,015 $21,166 Stock-based compensation expense (1) (14,001) (9,622) Stock option investigation and related compensation costs (2) - (10,119) Income tax effect 4,892 7,666 Net income $13,906 $9,091 Diluted net income per share excluding certain charges and benefits (Non-GAAP) $0.15 $0.14 Stock-based compensation expense (1) (0.09) (0.06) Stock option investigation and related compensation costs (2) - (0.07) Income tax effect 0.03 0.05 Diluted net income per share $0.09 $0.06 (1) Includes stock-based compensation expense as follows: Three Months Ended March 31, 2008 2007 Cost of product revenue $475 $315 Cost of service revenue 970 449 Research and development 4,880 3,338 Sales and marketing 5,478 3,695 General and administrative 2,198 1,825 $14,001 $9,622 (2) Reflects expenses related to the independent review of our stock option practices, which began in June 2006, and related legal, accounting, and compensation costs as follows: Three Months Ended March 31, 2008 2007 Cost of product revenue $- $250 Cost of service revenue - 228 Research and development - 3,305 Sales and marketing - 3,128 General and administrative - 675 Other charges, net - 2,533 $- $10,119

Foundry Networks, Inc.

CONTACT: Dan Fairfax, Chief Financial Officer, +1-408-207-1700,
dfairfax@foundrynet.com, or Michael Iburg, Treasurer, +1-408-207-1305,
miburg@foundrynet.com, both of Foundry Networks; or Investor Relations,
Brendan Lahiff of FD, +1-415-293-4425, brendan.lahiff@fd.com, for Foundry
Networks

Web site: http://www.foundrynet.com/
http://www.foundrynetworks.com/

Packeteer(R), Inc. Announces First Quarter Financial Results

CUPERTINO, Calif., April 24 /PRNewswire-FirstCall/ -- Packeteer(R), Inc. , the global leader in high-performance, intelligent WAN Application Delivery, today announced results of operations for the three months ended March 31, 2008.

Net revenues for the first quarter 2008 were $37.2 million, compared to $34.7 million for the first quarter 2007, an increase of 7%. GAAP net loss for the first quarter 2008 was $3.2 million or $0.09 per diluted share.

Non-GAAP net loss for the first quarter 2008 was $1.1 million or $0.03 per diluted share, compared to non-GAAP net loss for the first quarter 2007 of $3.1 million or $0.09 per diluted share. Non-GAAP net loss excludes stock- based compensation and amortization of purchased intangible assets, net of the related tax impact.

Total cash and investments at March 31, 2008 were $76.3 million compared to $77.8 million at December 31, 2007. Accounts receivable of $27.7 million at March 31, 2008 represented 68 days sales outstanding (DSO), compared to $27.4 million representing 62 DSO at December 31, 2007. Total inventories decreased to $6.9 million at March 31, 2008 compared to $7.7 million at December 31, 2007.

Blue Coat Acquisition

On April 21, 2008, Blue Coat Systems, Inc. and Packeteer announced that they had entered into a definitive agreement for Blue Coat to acquire Packeteer. Pursuant to this agreement, Blue Coat is to commence a tender offer to purchase for cash all outstanding shares of Packeteer for $7.10 per share. The transaction is subject to certain regulatory reviews and other conditions and is expected to close during the second quarter of 2008.

As a result of the announced acquisition, Packeteer has cancelled its conference call previously scheduled for April 24, 2008. Additional investor information can be accessed at http://www.packeteer.com/ or by calling Packeteer's Investor Relations Department at (408) 873-4422.

Important Information

This press release is for informational purposes only and is not an offer to buy or the solicitation of an offer to sell any of Packeteer's equity securities ("Shares"). The proposed tender offer by Blue Coat Systems (the "Offer") has not yet been commenced. On the commencement date of the Offer, an offer to purchase, a letter of transmittal and related documents will be filed with the SEC, mailed to record holders of the Shares and made available for distribution to beneficial owners of the Shares. The solicitation of offers to buy Shares will only be made pursuant to the offer to purchase, the letter of transmittal and related documents. Packeteer will file a solicitation/recommendation statement with the SEC in connection with the Offer and, if required, will file a proxy statement or information statement with the SEC in connection with the second-step merger (the "Merger") following the Offer. When they are available, stockholders should read those materials carefully because they will contain important information, including the various terms of, and conditions to, the Offer. When they are available, stockholders will be able to obtain the offer to purchase, the letter of transmittal and related documents without charge from the SEC's Website at http://www.sec.gov/ or by directing a request to Packeteer, Inc., Attention: Chief Financial Officer, 10201 North De Anza Blvd., Cupertino, California 95014, Telephone No. (408) 873-4400.

About Packeteer

Packeteer is the global market leader in Application Traffic Management for wide area networks. Deployed at more than 7,000 companies in 50 countries, Packeteer solutions empower IT organizations with patented network visibility, control, and acceleration capabilities delivered through a family of intelligent, scalable appliances. For more information, contact Packeteer via telephone at +1 (408) 873-4400, fax at + 1 (408) 873-4410, or by email at info@packeteer.com, or visit the Company's website at http://www.packeteer.com/. Packeteer is headquartered in Cupertino, CA.

Use of Non-GAAP Financial Measures

Non-GAAP net loss and net loss per share discussed in this press release exclude stock-based compensation, amortization of purchased intangible assets and the related tax impact of the applicable items. Management presents non- GAAP financial measures because it considers them to be important supplemental measures of performance. Management uses the non-GAAP financial measures for planning purposes, including analysis of the Company's performance against prior periods, the preparation of operating budgets and to determine appropriate levels of operating and capital investments. Management also believes that the non-GAAP financial measures provide additional insight for analysts and investors in evaluating the Company's financial and operational performance. However, these non-GAAP financial measures have limitations as an analytical tool, and are not intended to be an alternative to financial measures prepared in accordance with GAAP. A reconciliation between the Company's GAAP and non-GAAP financial results is provided at the end of this press release. Investors are advised to carefully review and consider this information as well as the GAAP financial results that are disclosed in the Company's SEC filings.

Safe Harbor Clause

The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended, including statements regarding Packeteer's expectations, beliefs, intentions or strategies regarding the future. Forward-looking statements include, but are not limited to, express or implied statements regarding the proposed acquisition of Packeteer by Blue Coat, future revenue growth and profitability, spending levels by existing and prospective customers, the markets for our products, new product development, liquidity and macro economic conditions. All forward- looking statements included in this press release are based upon information available to Packeteer as of the date hereof. Packeteer assumes no obligation to update any such forward-looking statements. Forward-looking statements involve risks and uncertainties, which could cause actual results to differ materially from those projected. Actual results may differ materially due to a number of factors including the perceived need for our products, our ability to convince potential customers of our value proposition, the costs of competitive solutions, continued capital spending by prospective customers and macro economic conditions. Further risks and uncertainties associated with the proposed acquisition of the Packeteer by Blue Coat include: the risk that customers may delay or refrain from purchasing the Company's products due to uncertainties about the Company's future and the availability of product support and upgrades; the risk that key employees may pursue other employment opportunities; and the outcome of any litigation related to the proposed acquisition. These and other risks relating to Packeteer's business are set forth in Packeteer's Form 10-K filed with the Securities and Exchange Commission on March 4, 2008, and Packeteer's Form 10-Qs and other reports filed from time to time with the Securities and Exchange Commission.

Copyright (C)2008 Packeteer, Inc. All rights reserved.

Packeteer, the Packeteer logo, PacketWise, PacketShaper, PacketShaper Xpress, PacketSeeker, Intelligence Center, PolicyCenter, ReportCenter, SkyX, iShared, Mobiliti, iShaper, IntelligenceCenter, Raptor, and Talon are trademarks or registered trademarks of Packeteer, Inc. in the United States and other countries. All other products and services are the trademarks of their respective owners.

PACKETEER, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) (unaudited) Three months ended March 31, 2008 2007 Net revenues Product revenues $24,574 $23,841 Service revenues 12,609 10,887 Total net revenues 37,183 34,728 Cost of revenues Product costs 7,065 7,735 Service 3,461 3,570 Amortization of purchased intangible assets 618 635 Total cost of revenues 11,144 11,940 Gross profit 26,039 22,788 Operating expenses: Research and development 8,872 9,227 Sales and marketing (includes amortization of purchased intangible assets of $317 for both the three months ended March 31, 2008 and 2007) 17,051 17,348 General and administrative 4,545 4,080 Total operating expenses 30,468 30,655 Operating loss (4,429) (7,867) Other income, net 662 832 Loss before provision for income taxes (3,767) (7,035) Provision (benefit) for income taxes (568) (948) Net loss $(3,199) $(6,087) Basic net loss per share $(0.09) $(0.17) Diluted net loss per share $(0.09) $(0.17) Shares used in computing basic net loss per share 36,389 35,740 Shares used in computing diluted net loss per share 36,389 35,740 PACKETEER, INC. RECONCILIATION OF GAAP NET LOSS TO NON-GAAP NET LOSS (in thousands, except per share amounts) (unaudited) Three months ended March 31, 2008 2007 GAAP net loss $(3,199) $(6,087) Stock-based compensation from options and employee stock purchase plan 2,030 3,267 Amortization of purchased intangible assets 934 952 Tax impact of above (860) (1,264) Non-GAAP net loss $ (1,095) $(3.132) Basic non-GAAP net loss per share excluding amortization of purchased intangible assets, stock-based compensation, net of taxes $(0.03) $(0.09) Diluted non-GAAP net loss per share excluding amortization of purchased intangible assets and stock-based compensation, net of taxes $(0.03) $(0.09) Shares used in computing basic net loss per share 36,389 35,740 Shares used in computing diluted net loss per share 36,389 35,740 PACKETEER, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) (unaudited) March 31, December 31, 2008 2007 Assets: Cash, cash equivalents and investments $ 76,299 $ 77,779 Accounts receivable, net 27,708 27,353 Inventories 6,900 7,665 Property and equipment, net 4,989 4,962 Other assets 28,282 27,604 Goodwill and other intangible assets, net 73,308 74,242 Total assets $217,486 $219,605 Liabilities and Stockholders' Equity Liabilities: Accounts payable and accrued liabilities $ 18,320 $ 21,591 Other liabilities 4,904 4,569 Deferred revenue 33,695 31,934 Total liabilities 56,919 58,094 Stockholders' equity 160,567 161,511 Total liabilities and stockholders' equity $217,486 $219,605 PACKETEER, INC. CONDENSED CONSOLIDATED CASH FLOW DATA (in thousands) (unaudited) Three Months ended March 31, 2008 2007 Net cash provided by (used in) operating activities $(962) $3,704 Net cash provided by (used in) investing activities (7,941) 7,345 Net cash provided by financing activities 864 5,199 Net increase (decrease) in cash and cash equivalents (8,039) 16,248 Cash and cash equivalents at beginning of period 40,926 39,640 Cash and cash equivalents at end of period 32,887 55,888 Investments 43,412 28,209 Total cash, cash equivalents and investments $76,299 $84,097

Packeteer, Inc.

CONTACT: Investors, David C. Yntema, Chief Financial Officer of
Packeteer, +1-408-873-4518, dyntema@packeteer.com

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

Ikanos Communications Reports Results for First Quarter 2008Recent Highlights:- 20% Quarterly Year-over-Year Revenue Growth;- Non-GAAP Net Income of $0.6M, Non-GAAP EPS of $0.02;- Ikanos' Board of Directors Authorizes the Purchase of up to $10M of IKAN Stock.

FREMONT, Calif., April 24 /PRNewswire-FirstCall/ -- Ikanos Communications, Inc. , a leading provider of advanced broadband for the digital home, today reported its financial results for the first quarter ended March 30, 2008.

"I'm very pleased that Ikanos achieved non-GAAP profitability for the second consecutive quarter. Our quarterly revenues increased 20% from the year ago period driven primarily by increased demand in Europe and Japan," said Michael A. Ricci, Ikanos' president and CEO. "During the quarter we expanded our product portfolio by introducing the industry's first single chip integrated front end (IFE) which enables cost effective, low power, multi-mode triple play residential gateways. In addition, we have made significant progress on our GPON initiative."

The Company's Board of Directors has authorized a new program to repurchase, as opportunities arise, shares of Ikanos' outstanding common stock having an aggregate value of up to $10 million, depending on market conditions and other factors. On March 30, 2008, Ikanos had approximately 29.7 million shares of common stock outstanding.

"We believe that this is an appropriate use of cash at this time as well as a benefit to our stockholders. Our strong balance sheet, coupled with operations that are not currently heavily dependent on cash, enables us to initiate this program if our stock remains at recent trading levels," said Mr. Ricci.

Repurchases under the new program may be made in open market or privately negotiated transactions in compliance with applicable legal requirements. The timing, amount and nature of the stock repurchases will be at the discretion of management, dependent upon market conditions, stock price, other priorities for cash investment, applicable securities laws and other factors. The plan does not obligate Ikanos to acquire any particular amount of common stock, and may be modified, suspended or discontinued at any time at the Company's discretion.

Financial Highlights:

Revenue in the first quarter of 2008 was $29.7 million compared with revenue of $29.9 million for the fourth quarter of 2007 and revenue of $24.7 million for the first quarter of 2007.

Ikanos reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP) and additionally on a non-GAAP basis. Non-GAAP net income (loss), where applicable, excludes the income statement effects of stock-based compensation, and certain expenses resulting from acquisitions such as amortization of intangible assets, fair value adjustment of the acquired inventory and in-process research and development charges. Ikanos has provided these measures because management believes these additional non-GAAP measures are useful to investors for performing financial analysis as these additional measures highlight Ikanos' recurring operating results. Ikanos' management uses these non-GAAP measures internally to evaluate its operating performance and to plan for its future. However, non-GAAP measures are not a substitute for GAAP measures. For a reconciliation of GAAP versus non-GAAP financial information, please see the attached schedule.

GAAP net loss for the first quarter of 2008 was $4.8 million, or $0.16 per share, on 29.5 million weighted average shares. This compares with a net loss of $4.1 million, or $0.14 per share, on 29.3 million weighted average shares in the fourth quarter of fiscal 2007 and with a net loss of $9.1 million, or $0.32 per share, on 28.0 million weighted average shares in the first quarter of 2007.

Non-GAAP net income for the first quarter of 2008 was $0.6 million, or $0.02 per diluted share, on 30.8 million weighted average shares. This compares with non-GAAP net income of $0.3 million, or $0.01 per diluted share, in the fourth quarter of fiscal 2007 and with a non-GAAP net loss of $4.6 million, or $0.16 per share, in the first quarter of 2007.

Recent Highlights: -- Ikanos Communications announced its latest product, the IFE-6. This is the industry's first single chip integrated front end that enables cost effective, low power, multi-mode triple play residential gateways. -- Ikanos Communications Fusiv( R ) Vx180 VDSL2 and Vx170 FTTH gateway processors were awarded "2007 Product of the Year - Best LAN Product" by EN-Genius Network. -- Ikanos Communications participated in the latest GPON interoperability event sponsored by ETSI, the European Telecommunications Standards Institute, and FSAN, the Full Service Access Network group. During this event Ikanos successfully interoperated its GPON ONT technology with major OLT vendors. Outlook: -- Revenue is expected to be between $29 million and $31 million in the second quarter of 2008. -- Non-GAAP gross margins are expected to be between 46% and 48% in the second quarter of 2008. GAAP gross margins in the second quarter of 2008 will be lower than non-GAAP gross margins, as they will include amortization of acquisition-related intangibles of approximately $0.8 million and charges related to stock-based compensation expense in accordance with FAS 123( R ) of approximately $0.1 million. -- Non-GAAP operating expenses are expected to be in the range of $14 to $15 million in the second quarter of 2008. GAAP operating expenses in the second quarter of 2008 will be higher, as they will include amortization of acquisition-related intangibles of $0.9 million and charges related to stock-based compensation expense in accordance with FAS 123( R ) of $2.8 to $3.3 million. First Quarter Fiscal Year 2008 Conference Call:

Management will review the first quarter of 2008 financial results and its expectations for subsequent periods at a conference call on April 24, at 2:00 p.m. Pacific Standard Time. To listen to the call and view the accompanying slides, please visit http://ir.ikanos.com/ and click on the link provided for the web cast or dial 706-902-1343 and enter pass code 43224033. The web cast will be archived and available through April 30, 2008 at http://ir.ikanos.com/ or by calling 706-645-9291 and enter pass code 43224033.

About Ikanos Communications, Inc.

Ikanos Communications, Inc. is a leading provider of advanced broadband solutions for the digital home. The company's multi-mode VDSL2/ADSLx, network processor and other products power the access infrastructure and customer premises equipment for many of the world's leading network equipment manufacturers and telecommunications service providers. For more information, visit http://www.ikanos.com/.

(C) 2008 Ikanos Communications, Inc. All Rights Reserved. Ikanos Communications, Ikanos, the Ikanos logo, Ikanos Programmable Operating System, Arion, CleverConnect, Eagle, Fiber Fast, Fusiv, Fx, FxS, LoopNostics, Maximus, Palladia, RRA, SmartLeap and VLR are among the trademarks or registered trademarks of Ikanos.

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

This document contains forward-looking statements that involve risks and uncertainties concerning Ikanos, including statements regarding a possible repurchase of Ikanos common stock, the demand for its products, customers' expected deployment plans, expected revenue for the second quarter of 2008, expected gross margins for the second quarter of 2008, and expected operating expenses for the second quarter of 2008. Actual events or results may differ materially from those described in this document due to a number of risks and uncertainties. These potential risks and uncertainties include, among others, a lack of interest by possible sellers of Ikanos common stock in the terms of any repurchase offer made by the Company, the ability of the Company to deliver full production releases of our newer products that are accepted by our customers, the continued demand by telecommunications service providers for ADSL and VDSL semiconductor products, the failure of service providers to implement deployment plans on schedule or at all, Ikanos' continued ability to deliver production volumes of new products and technologies, our ability to generate demand and close transactions for the sale of our products, and unexpected future costs, expenses and financing requirements. In addition, for a more extensive discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see the section entitled "Risk Factors" in Ikanos' Annual Report on Form 10-K and Quarterly Report on Form 10-Q, as well as other reports that Ikanos files from time to time with the Securities and Exchange Commission. Ikanos is under no obligation to update these forward-looking statements to reflect events or circumstances subsequent to date of this press release.

IKANOS COMMUNICATIONS, INC. Unaudited Condensed Consolidated Statements of Operations (In thousands, except per share data) Three Months Ended March 30, April 1, 2008 2007 Revenue $29,697 $24,668 Cost and operating expenses: Cost of revenue 17,633 15,256 Research and development 11,663 12,611 Selling, general and administrative 5,870 7,114 Total cost and operating expenses 35,166 34,981 Loss from operations (5,469) (10,313) Interest income, net 776 1,281 Loss before income taxes (4,693) (9,032) Provision for income taxes 91 52 Net loss $(4,784) $(9,084) Basic and diluted net loss per share $(0.16) $(0.32) Weighted average number of shares 29,545 28,014 IKANOS COMMUNICATIONS, INC. Reconciliation of GAAP to Non-GAAP Condensed Consolidated Statements of Operations (In thousands, except per share data) Three Months Ended March 30, 2008 Non-GAAP As Reported Adjustments Non-GAAP Revenue $29,697 $- $29,697 Cost and operating expenses: Cost of revenue 17,633 (119)(a) 15,902 (1,220)(b) (392)(c) Research and development 11,663 (1,571)(a) 9,657 (125)(b) (310)(d) Selling, general and administrative 5,870 (1,125)(a) 4,245 (500)(b) Total cost and operating expenses 35,166 (5,362) 29,804 Income (loss) from operations (5,469) 5,362 (107) Interest income and other, net 776 - 776 Income (loss) before income taxes (4,693) 5,362 669 Provision for income taxes 91 - 91 Net income (loss) $(4,784) $5,362 $578 Net income (loss) per shares: Basic $(0.16) $0.02 Diluted $(0.16) $0.02 Weighted average number of shares: Basic 29,545 29,545 Diluted 29,545 30,770 Three Months Ended April 1, 2007 Non-GAAP As Reported Adjustments Non-GAAP Revenue $24,668 $- $24,668 Cost and operating expenses: Cost of revenue 15,256 (25)(a) 14,405 (826)(b) Research and development 12,611 (1,825)(a) 10,661 (125)(b) Selling, general and administrative 7,114 (1,477)(a) 5,408 (229)(b) Total cost and operating expenses 34,981 (4,507) 30,474 Income (loss) from operations (10,313) 4,507 (5,806) Interest income and other, net 1,281 - 1,281 Income (loss) before income taxes (9,032) 4,507 (4,525) Provision for income taxes 52 - 52 Net income (loss) $(9,084) $4,507 $(4,577) Net income (loss) per shares: Basic $(0.32) $(0.16) Diluted $(0.32) $(0.16) Weighted average number of shares: Basic 28,014 28,014 Diluted 28,014 28,014 Notes: Three Months Ended March 30, April 1, 2008 2007 (a) Stock-based compensation $2,815 $3,327 (b) Amortization of acquired intangible assets 1,845 1,180 (c) Fair value adjustment of acquired inventory 392 - (d) In-process research and development 310 - Total non-GAAP adjustments $5,362 $4,507 IKANOS COMMUNICATIONS, INC. Unaudited Condensed Consolidated Balance Sheets (In thousands) March 30, December 30, 2008 2007 Assets Current assets: Cash, cash equivalents and short-term investments $75,098 $83,972 Accounts receivable, net 14,464 17,081 Inventory 11,878 13,025 Prepaid expenses and other current assets 2,973 3,192 Total current assets 104,413 117,270 Long-term investments 6,606 7,001 Property and equipment, net 13,400 13,916 Intangible assets, net 11,739 6,564 Goodwill 6,520 6,247 Other assets 2,614 2,158 $145,292 $153,156 Liabilities and Stockholders' Equity Current liabilities: Accounts payable and accrued liabilities $22,732 $28,223 Other current liabilities - - Total current liabilities 22,732 28,223 Long-term liabilities - - Total liabilities 22,732 28,223 Stockholders' equity 122,560 124,933 $145,292 $153,156

Ikanos Communications, Inc.

CONTACT: media relations, Margo Westfall, +1-510-438-6276,
mwestfall@ikanos.com, or investor relations, Bonnie Mott, +1-510-438-5360,
bmott@ikanos.com, both of Ikanos Communications

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

Trimble First Quarter 2008 Revenue Up 24 Percent to $355.3 millionGAAP Earnings Per Share $0.32; Non-GAAP Earnings Per Share $0.40

SUNNYVALE, Calif., April 24 /PRNewswire-FirstCall/ -- Trimble today announced results for its first quarter of 2008 ended Mar. 28, 2008. In the first quarter of 2008 revenue was $355.3 million, up approximately 24 percent from revenue of $285.7 million in the first quarter of 2007.

Operating income for the first quarter of 2008 was $58.0 million, up 48 percent from the first quarter of 2007. Operating margins in the first quarter of 2008 were 16.3 percent, compared to 13.7 percent in the first quarter of 2007. Amortization of intangibles increased from $7.9 million in the first quarter of 2007 to $10.8 million in the first quarter of 2008. The impact of stock-based compensation expense was $4.0 million in the first quarter of 2008, compared to $3.4 million in the first quarter of 2007. There were no in- process research and development or restructuring expenses in the first quarter of 2008, while there was a $2.1 million in-process research and development expense and a $2.7 million restructuring expense in the first quarter of 2007. In addition, amortization of acquisition-related inventory step-up was $0.2 million in the first quarter of 2008, compared to no amortization of acquisition-related inventory step-up in the first quarter of 2007. Excluding these impacts, non-GAAP operating income of $73.0 million grew by 32 percent compared to the first quarter of 2007. Non-GAAP operating margins were 20.5 percent in the first quarter of 2008, up from 19.4 percent in the first quarter of 2007.

Net income for the first quarter of 2008 was $40.1 million, up 40 percent compared to net income of $28.7 million in the first quarter of 2007. Diluted earnings per share for the first quarter of 2008 were $0.32, up 35 percent from diluted earnings per share of $0.24 in the first quarter of 2007.

The tax rate for the first quarter of 2008 was 33 percent, compared to 32 percent in the first quarter of 2007. Trimble's tax rate was lower than forecasted due to the implementation of a global supply chain structure which is expected to result in a structural tax rate of 33 percent for fiscal 2008 and beyond.

Adjusting for the amortization of intangibles, in-process research and development, the impact of stock-based compensation expenses, restructuring, and the amortization of acquisition-related inventory step-up, non-GAAP net income of $50.1 million for the first quarter of 2008 was up 26 percent compared to non-GAAP net income of $39.6 million in the first quarter of 2007. Non-GAAP earnings per share for the first quarter of 2008 were $0.40, up 22 percent from non-GAAP earnings per share of $0.33 in the first quarter of 2007.

"The first quarter of 2008 emphasized the growing diversity of the Trimble business portfolio. Although E&C continued to be impacted by slow U.S. economic conditions, we saw strong growth across all other geographies. In addition, we experienced almost 75 percent growth in our TFS segment, driven by strong agriculture product sales," said Steven W. Berglund, Trimble's chief executive officer.

"While monitoring the continuing uncertain economy, our view for revenues for the entire year remains generally unchanged with an expectation for higher earnings per share than previous guidance."

Trimble Results by Business Segment

Segment operating income is revenue less cost of goods sold and operating expenses, excluding general corporate expenses, amortization of intangibles, amortization of acquisition-related inventory step-up, and in-process research and development. In addition, for each segment, non-GAAP operating income excludes the impact of stock-based compensation expense.

Engineering and Construction

First quarter 2008 Engineering and Construction (E&C) revenue was $194.2 million, up approximately 11 percent when compared to revenue of $175.6 million in the first quarter of 2007, with strong international sales.

First quarter 2008 operating income in E&C was $37.0 million, or 19.0 percent of revenue compared to $42.2 million, or 24.0 percent of revenue, in the first quarter of 2007.

Non-GAAP operating income in E&C was $37.9 million, or 19.5 percent of revenue, in the first quarter of 2008 compared to $43.0 million, or 24.5 percent of revenue, in the first quarter of 2007. The decline in operating margins resulted primarily from unfavorable foreign currency exchange rates, the impact of recent acquisitions and product mix.

Field Solutions

First quarter 2008 Field Solutions (TFS) revenue was $88.0 million, up approximately 73 percent when compared to revenue of $51.0 million in the first quarter of 2007. Sales were strong across all geographic regions and product lines, with the majority of the increase coming from the agriculture business.

First quarter 2008 operating income in TFS was $35.1 million, or 39.9 percent of revenue compared to $16.6 million, or 32.6 percent of revenue, in the first quarter of 2007.

Non-GAAP operating income in TFS was $35.3 million, or 40.1 percent of revenue, in the first quarter of 2008 compared to $16.8 million, or 33.0 percent of revenue, in the first quarter of 2007. Operating margin expansion was due primarily to higher revenue.

Mobile Solutions

First quarter 2008 Mobile Solutions (TMS) revenue was $44.0 million, up approximately 47 percent when compared to revenue of $29.9 million in the first quarter of 2007.

First quarter 2008 operating income in TMS was $2.5 million, or 5.6 percent of revenue compared to $1.0 million, or 3.4 percent of revenue, in the first quarter of 2007.

Non-GAAP operating income in TMS was $3.9 million, or 8.8 percent of revenue, in the first quarter of 2008 compared to $1.8 million, or 5.9 percent of revenue, in the first quarter of 2007. Operating margin expansion was driven by higher subscription revenue and operating synergies which were partially offset by higher new product development costs.

Advanced Devices

First quarter 2008 Advanced Devices revenue was $29.1 million, approximately flat when compared to revenue of $29.3 million in the first quarter of 2007.

First quarter 2008 operating income in Advanced Devices was $4.7 million, or 16.1 percent of revenue compared to $3.3 million, or 11.4 percent of revenue, in the first quarter of 2007.

Non-GAAP operating income in Advanced Devices was $5.0 million, or 17.3 percent of revenue, in the first quarter of 2008 compared to $3.7 million, or 12.6 percent of revenue, in the first quarter of 2007. Operating margins improved due to product mix.

Stock Repurchase Program

In January, Trimble announced a stock repurchase program for up to $250 million. As part of this program, in the first quarter of 2008, Trimble repurchased approximately 968 thousand shares of Trimble stock at an average purchase price of $26.71.

Use of Non-GAAP Financial Information

To help our readers understand our past financial performance and our future results, we supplement the financial results that we provide in accordance with generally accepted accounting principles, or GAAP, with non- GAAP financial measures. The specific non-GAAP measures which we use along with a reconciliation to the nearest comparable GAAP measures and the explanation for why management chose to exclude selected items and the additional purposes for which these non-GAAP measures are used can be found at the end of this release. The method we use to produce non-GAAP results is not computed according to GAAP and may differ from the methods used by other companies. Our non-GAAP results are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. Our management regularly uses our supplemental non-GAAP financial measures internally to understand, manage and evaluate our business and to make operating decisions. These non-GAAP measures are among the primary factors management uses in planning for and forecasting future periods. We believe that these non-GAAP financial measures reflect an additional way of viewing aspects of our operations that, when viewed with our GAAP results, provide a more complete understanding of factors and trends affecting our business. Management generally compensates for the limitations in the use of non-GAAP financial measures by relying on comparable GAAP financial measures and providing investors with a reconciliation of the non-GAAP financial measure to the most directly comparable GAAP financial measure or measures. Investors are encouraged to review the reconciliation of our non-GAAP financial measures to the comparable GAAP results which is attached to our quarterly earnings release and which can be found, along with other financial information, on the investor relations page of our Web site at http://www.investor.trimble.com/.

Forward Looking Guidance

In the second quarter of 2008, Trimble expects revenue to grow 14 to 16 percent compared to the second quarter of 2007, with revenue between $374 million and $379 million. Trimble expects second quarter 2008 GAAP earnings per share between $0.36 and $0.38 and non-GAAP earnings per share between $0.44 and $0.46. Non-GAAP guidance for the second quarter of 2008 excludes the amortization of intangibles of $10.9 million related to previous acquisitions, and the anticipated impact of stock-based compensation expense of $3.9 million. Both GAAP and non-GAAP guidance use a 33 percent tax rate and assume 125.9 million shares outstanding.

Trimble has modified full-year 2008 guidance incorporating its current outlook for the year as well as its lower tax rate. Revenue is expected to grow 15 to 17 percent versus previous guidance of 14 to 17 percent revenue growth. Full-year non-GAAP earnings per share are expected to be $1.50 to $1.55, versus previous guidance of $1.39 to $1.44.

Investor Conference Call / Webcast Details

Trimble will hold a conference call on Apr. 24, 2008 at 1:30 p.m. PDT to review its first quarter 2008 results. It will be broadcast live on the Web at http://investor.trimble.com/. Investors without Internet access may dial into the call at (800) 528-9198 (U.S.) or (706) 634-6089 (international). A replay of the call will be available for seven days at (800) 642-1687 (U.S.) or ((706) 645-9291 (international) and the pass code is 43045401. The replay will also be available on the Web at the address above.

About Trimble

Trimble applies technology to make field and mobile workers in businesses and government significantly more productive. Solutions are focused on applications requiring position or location-including surveying, construction, agriculture, fleet and asset management, public safety and mapping. In addition to utilizing positioning technologies such as GPS, lasers and optics, Trimble solutions may include software content specific to the needs of the user. Wireless technologies are utilized to deliver the solution to the user and to ensure a tight coupling of the field and the back office. Founded in 1978 and headquartered in Sunnyvale, Calif., Trimble has a worldwide presence with more than 3,600 employees in over 18 countries.

For more information visit Trimble's Web site at http://www.trimble.com/. Safe Harbor

Certain statements made in this press release are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. These statements include the revenue, effective tax rate, stock-based compensation, the impact from in- process research and development expense, amortization of purchased intangible gross margin, and earnings per share estimates for the second quarter, full- year 2008 and, in the case of tax rates the next three years. These forward- looking statements are subject to change, and actual results may materially differ from those set forth in this press release due to certain risks and uncertainties. For example, strong demand for the Company's products may not continue because of a decline in the overall health of the economy and international markets, which may result in reduced capital spending. In addition, the Company's results may be adversely affected if the growth rates and profitability expectations for each of its four segments are not achieved, or its joint ventures and recent acquisitions do not achieve anticipated results, or if the Company is unable to market, manufacture and ship new products. Any failure to achieve predicted results could negatively impact the Company's revenues, gross margin and other financial results. Whether the Company achieves its guidance for the second quarter and full year 2008 will also depend on a number of other factors, including the risks detailed from time to time in reports filed with the SEC, including its quarterly reports on Form 10-Q and its annual report on Form 10- K. Undue reliance should not be placed on any forward-looking statement contained herein. These statements reflect the Company's position as of the date of this release. The Company expressly disclaims any undertaking to release publicly any updates or revisions to any statements to reflect any change in the Company's expectations or any change of events, conditions, or circumstances on which any such statement is based.

FTRMB

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share data) (Unaudited) Three Months Ended Mar-28, Mar-30, 2008 2007 Revenue $355,296 $285,732 Cost of sales 180,920 142,602 Gross margin 174,376 143,130 Gross margin (%) 49.1% 50.1% Operating expenses Research and development 37,345 31,163 Sales and marketing 51,158 42,147 General and administrative 22,690 21,642 Restructuring - 2,692 Amortization of purchased intangible assets 5,143 4,106 In-process research and development - 2,112 Total operating expenses 116,336 103,862 Operating income 58,040 39,268 Non-operating income, net Interest income 457 1,243 Interest expense (762) (1,400) Foreign currency transaction gain, net 968 357 Income from joint ventures, net 2,015 2,422 Other income (expense), net (907) 235 Total non-operating income, net 1,771 2,857 Income before taxes 59,811 42,125 Income tax provision 19,744 13,442 Net income $40,067 $28,683 Earnings per share: Basic $0.33 $0.25 Diluted $0.32 $0.24 Shares used in calculating earnings per share: Basic 121,467 115,449 Diluted 125,159 120,896 CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) Unaudited Mar-28, Dec-28, 2008 2007 Assets Current assets: Cash and cash equivalents $71,379 $103,202 Accounts receivables, net 280,651 239,884 Other receivables 9,980 10,201 Inventories, net 148,503 143,018 Deferred income taxes 41,760 44,333 Other current assets 18,329 15,661 Total current assets 570,602 556,299 Property and equipment, net 52,326 51,444 Goodwill 709,149 675,850 Other purchased intangible assets, net 197,976 197,777 Other non-current assets 57,823 57,989 Total assets $1,587,876 $1,539,359 Liabilities and Shareholders' Equity Current liabilities: Current portion of long-term debt $138 $126 Accounts payable 72,798 67,589 Accrued compensation and benefits 46,127 55,133 Deferred revenue 56,982 49,416 Deferred income taxes 109 4,129 Accrued warranty expense 11,201 10,806 Income taxes payable 19,890 14,802 Other accrued liabilities 28,439 47,851 Total current liabilities 235,684 249,852 Non-current portion of long-term debt 60,440 60,564 Non-current deferred revenue 11,544 15,872 Deferred income taxes 61,291 47,917 Other non-current liabilities 60,162 56,128 Total liabilities 429,121 430,333 Commitments and contingencies Shareholders' equity: Common stock 670,324 660,749 Retained earnings 408,030 388,557 Accumulated other comprehensive income 80,401 59,720 Total shareholders' equity 1,158,755 1,109,026 Total liabilities and shareholders' equity $1,587,876 $1,539,359 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) Unaudited Three Months Ended Mar-28, Mar-30, 2008 2007 Cash flow from operating activities: Net Income $40,067 $28,683 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation expense 4,571 4,121 Amortization expense 10,848 7,894 Provision for doubtful accounts 38 288 Amortization of debt issuance cost 56 49 Deferred income taxes (885) (6,402) Non-cash restructuring expense - 1,391 Stock-based compensation 3,982 3,353 In-process research and development - 2,112 Equity gain from joint ventures (2,015) (2,422) Excess tax benefit for stock-based compensation (1,992) (2,193) Provision for excess and obsolete inventories 2,103 1,055 Other non-cash items 202 103 Add decrease (increase) in assets: Accounts receivables (39,280) (28,262) Other receivables 516 1,867 Inventories (3,437) (1,025) Other current and non-current assets (191) 11,167 Add increase (decrease) in liabilities: Accounts payable 3,760 3,265 Accrued compensation and benefits (10,557) (11,618) Accrued liabilities (1,648) 2,063 Deferred revenue 2,034 3,296 Income taxes payable 12,547 12,962 Net cash provided by operating activities 20,719 31,747 Cash flows from investing activities: Acquisitions of businesses, net of cash acquired (39,593) (272,050) Acquisition of property and equipment (3,711) (3,873) Other (43) 12 Net cash used in investing activities (43,347) (275,911) Cash flow from financing activities: Issuance of common stock 8,483 10,474 Excess tax benefit for stock-based compensation 1,992 2,193 Repurchase and retirement of common stock (25,870) - Proceeds from long-term debt and revolving credit lines - 250,000 Payments on long-term debt and revolving credit lines (312) (80,000) Other - - Net cash provided by (used in) financing activities (15,707) 182,667 Effect of exchange rate changes on cash and cash equivalents 6,512 (4,553) Net decrease in cash and cash equivalents (31,823) (66,050) Cash and cash equivalents - beginning of period 103,202 129,621 Cash and cash equivalents - end of period $71,379 $63,571 NON-GAAP RECONCILIATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Dollars in thousands, except per share data) (Unaudited) Three Months Ended Mar-28, Mar-30, 2008 2007 REVENUE: $355,296 $285,732 GROSS MARGIN: GAAP gross margin: $174,376 $143,130 Amortization of purchased intangibles (B) 5,661 3,789 Stock-based compensation (D) 493 342 Amortization of acquisition-related inventory step-up (E) 183 - Non-GAAP gross margin: $180,713 $147,261 Non-GAAP gross margin (% of revenue) 50.9% 51.5% OPERATING EXPENSES: GAAP operating expenses: $116,336 $103,862 Restructuring (A) - (2,692) Amortization of purchased intangibles (B) (5,143) (4,106) In-process research and development (C) - (2,112) Stock-based compensation (D) (3,489) (3,011) Non-GAAP operating expenses: $107,704 $91,941 OPERATING INCOME: GAAP operating income: $58,040 $39,268 Restructuring (A) - 2,692 Amortization of purchased intangibles (B) 10,804 7,895 In-process research and development (C) - 2,112 Stock-based compensation (D) 3,982 3,353 Amortization of acquisition-related inventory step-up (E) 183 - Non-GAAP operating income: $73,009 $55,320 Non-GAAP operating margin (% of revenue) 20.5% 19.4% NET INCOME: GAAP net income: $40,067 $28,683 Restructuring (A) - 2,692 Amortization of purchased intangibles (B) 10,804 7,895 In-process research and development (C) - 2,112 Stock-based compensation (D) 3,982 3,353 Amortization of acquisition-related inventory step-up (E) 183 - Income tax effect on non-GAAP adjustments (F) (4,941) (5,121) Non-GAAP net income: $50,095 $39,614 DILUTED NET INCOME PER SHARE: GAAP diluted net income per share: $0.32 $0.24 Non-GAAP diluted net income per share: $0.40 $0.33 SHARES USED TO COMPUTE DILUTED NET INCOME PER SHARE: GAAP and Non-GAAP shares used to compute net income per share: 125,159 120,896 OPERATING LEVERAGE: Increase in non-GAAP operating income $17,689 Increase in revenue $69,564 Operating leverage (increase in non-GAAP operating income as a % of increase in revenue) 25.4% The non-GAAP financial measures included in the table above are non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income and non-GAAP diluted net income per share, which adjust for the following items: expenses related to acquisitions, stock-based compensation expense and restructuring charges. Management uses these non-GAAP measures to assess trends in its business and for budgeting purposes, as many of these excluded items are non-cash. In addition, we believe that the presentation of these non-GAAP financial measures is useful to investors for the reasons associated with each of the adjusting items as described below. (A) Restructuring. The amounts recorded are for employee compensation resulting from reductions in employee headcount in connection with our company restructurings and we believe they are not directly related to the operation of our business. (B) Amortization of purchased intangibles. The amounts recorded as amortization of purchased intangibles arise from prior acquisitions and are non-cash in nature. We exclude these expenses because we believe they are not reflective of ongoing operating results in the period incurred and are not directly related to the operation of our business. Approximately $5,661K and $3,789K of the amortization of purchased intangibles was included in cost of sales for the three months ended March 28, 2008 and March 30, 2007, and approximately $5,143K and $4,106K was reported as a separate line within operating expenses for the three months ended March 28, 2008 and March 30, 2007, respectively. (C) In-process research and development. The amounts recorded as in-process research and development arise from prior acquisitions and are non-cash in nature. We exclude these expenses because we believe they are not reflective of ongoing operating results in the period incurred and not directly related to the operation of our business. (D) Stock-based Compensation. The amounts consist of expenses for employee stock options and purchase rights under our employee stock purchase plan determined in accordance with SFAS 123(R), which became effective for us on January 1, 2006. We exclude these stock-based compensation expenses because they are non-cash expenses that we believe are not reflective of ongoing operation results. For the three months ended March 28, 2008 and March 30, 2007, stock-based compensation was allocated as follows: Three Months Ended Mar-28, Mar-30, 2008 2007 Cost of sales $493 $342 Research and development 917 729 Sales and Marketing 1,030 767 General and administrative 1,542 1,515 $3,982 $3,353 (E) Amortization of acquisition-related inventory step-up. The purchase accounting entries associated with our business acquisitions require us to record inventory at its fair value, which is sometimes greater than the previous book value of the inventory. The increase in inventory value is amortized to cost of sales over the period that the related product is sold. We exclude inventory step-up amortization from our non-GAAP measures because we do not believe it is reflective of our ongoing operating results, and it is not used by management to assess the core profitability of our business operations. (F) Income tax effect on non-GAAP adjustments. This amounts adjusts the provision for income taxes to reflect the effect of the non-GAAP adjustments on non-GAAP operating income. NON-GAAP RECONCILIATION REPORTING SEGMENTS (Dollars in thousands) (Unaudited) Reporting Segments Engineering and Field Mobile Advanced Construction Solutions Solutions Devices THREE MONTHS ENDED MARCH 28, 2008: Revenue $194,180 $88,037 $44,011 $29,068 GAAP operating income before corporate allocations: $36,954 $35,095 $2,453 $4,692 Stock-based compensation (G) 971 198 1,408 327 Non-GAAP operating income before corporate allocations: $37,925 $35,293 $3,861 $5,019 Non-GAAP operating margin (% of segment external net revenues) 19.5% 40.1% 8.8% 17.3% THREE MONTHS ENDED MARCH 30, 2007: Revenue $175,604 $50,962 $29,857 $29,309 GAAP operating income before corporate allocations: $42,164 $16,628 $1,017 $3,343 Stock-based compensation (G) 872 190 742 364 Non-GAAP operating income before corporate allocations: $43,036 $16,818 $1,759 $3,707 Non-GAAP operating margin (% of segment external net revenues) 24.5% 33.0% 5.9% 12.6% (G) Stock-based Compensation. The amounts consist of expenses for employee stock options and purchase rights under our employee stock purchase plan determined in accordance with SFAS 123(R), which became effective for us on January 1, 2006. We discuss our operating results by segment with and with-out stock-based compensation expense, as we believe it is useful to investors to understand the impact of the application of SFAS 123(R) to our results of operations. Stock-based compensation not allocated to the reportable segments was approximately $1,078K and $1,185K for the three months ended March 28, 2008 and March 30, 2007, respectively.

Trimble

CONTACT: Investor Relations, Willa McManmon of Trimble, +1-408-481-7838

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

SMTC Corporation Schedules First Quarter Results

TORONTO, April 24 /PRNewswire-FirstCall/ -- SMTC Corporation (TSX: SMX), a global electronics manufacturing services (EMS) provider, has scheduled its first quarter results teleconference. The teleconference will be held on May 6th at 5:00 PM EST. Those wishing to listen to the teleconference should access the webcast at the investor relations section of SMTC's website http://www.smtc.com/. A rebroadcast of the webcast will be available on SMTC's website following the teleconference.

Participants should ensure that they have a current version of Microsoft Windows Media Player before accessing the webcast.

Members of the investment community wishing to ask questions during the teleconference may access the teleconference by dialing 416-644-3425 or 1-800-594-3615 ten minutes prior to the scheduled start time. A rebroadcast will be available following the teleconference by dialing 416-640-1917 or 1-877-289- 8525, pass code 21270566 followed by the pound key.

About SMTC Corporation: SMTC Corporation, founded in 1985, is a mid-size provider of end-to-end electronics manufacturing services (EMS) including PCBA production, systems integration and comprehensive testing services, enclosure fabrication, as well as product design, sustaining engineering and supply chain management services. SMTC facilities span a broad footprint in the United States, Canada, Mexico, and China, with over 1500 full time employees. SMTC services extend over the entire electronic product life cycle from the development and introduction of new products through to the growth, maturity and end-of-life phases. SMTC offers fully integrated contract manufacturing services with a distinctive approach to global original equipment manufacturers (OEMs) and emerging technology companies primarily within industrial, computing and communication market segments.

SMTC is a public company incorporated in Delaware with its shares traded on the Nasdaq National Market System under the symbol SMTX and on the Toronto Stock Exchange under the symbol SMX. For further information on SMTC Corporation, please visit our website at http://www.smtc.com/ (http://www.smtc.com/)

Note for Investors: The statements contained in this release that are not purely historical are forward-looking statements which involve risk and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. These statements may be identified by their use of forward-looking terminology such as "believes", "expect", "may", "should", "would", "will", "intends", "plans", "estimates", "anticipates" and similar words, and include, but are not limited to, statements regarding the expectations, intentions or strategies of SMTC Corporation. For these statements, we claim the protection of the safe harbor for forward-looking statements provisions contained in the Private Securities Litigation Reform Act of 1995. Risks and uncertainties that may cause future results to differ from forward-looking statements include the challenges of managing quickly expanding operations and integrating acquired companies, fluctuations in demand for customers' products and changes in customers' product sources, competition in the EMS industry, component shortages, and others discussed in the Company's most recent filings with securities regulators in the United States and Canada. The forward-looking statements contained in this release are made as of the date hereof and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ materially from those projected in the forward-looking statements.

SMTC Corporation

CONTACT: Jane Todd, Senior Vice President, Finance and Chief Financial
Officer, (905) 413-1300, Email: jane.todd@smtc.com

MEMC Reports First Quarter Results

ST. PETERS, Mo., April 24 /PRNewswire-FirstCall/ -- MEMC Electronic Materials, Inc. today reported financial results for the quarter ended March 31, 2008.

Summary of first quarter results: -- Net sales of $501.4 million -- Gross margin of $259.3 million (51.7% of net sales) -- Operating income of $218.4 million (43.6% of net sales) -- Cash and investment balances grow to over $1.4 billion

The company reported first quarter net sales of $501.4 million versus fourth quarter 2007 net sales of $535.9 million and first quarter 2007 net sales of $440.4 million.

Gross margin in the quarter was $259.3 million, or 51.7% of net sales, compared to $293.6 million, or 54.8% of sales, in the 2007 fourth quarter and $222.5 million, or 50.5% of sales, in the 2007 first quarter. Compared to the 2007 first quarter, gross margin improved by 16.5% in dollar terms, and 120 basis points as a percentage of net sales.

As previously disclosed, the impact associated with the accelerated chemical deposit buildups at the company's Pasadena, Texas polysilicon manufacturing facility was the primary factor contributing to the sequential reduction in volumes, revenue and gross margin.

The company reported operating income during the quarter of $218.4 million, or 43.6% of net sales. This compares to $254.8 million, or 47.5% of net sales, for the 2007 fourth quarter and $187.7 million, or 42.6% of net sales, for the 2007 first quarter. Operating expenses were $40.9 million, or 8.2% of sales, compared to $38.8 million, or 7.2% of sales, in the 2007 fourth quarter, and $34.8 million, or 7.9% of sales, in the 2007 first quarter.

Using an estimated effective cash tax rate of 15%, non-GAAP net income for the first quarter of 2008, excluding the non-cash effects of the quarterly valuation of the Suntech warrants, was $193.9 million and non-GAAP diluted EPS, excluding warrants, was $0.84 per share. See non-GAAP reconciliation information at the end of this press release following the financial statement tables. GAAP net loss for the first quarter, using a book tax rate of 303.5%, was $41.8 million or $0.18 per share, which includes a $0.77 per share non-cash impact relating to a decrease in the valuation of the Suntech warrants. The significant decrease in the Suntech warrant value as of March 31, 2008 is consistent with the value previously disclosed in the company's Form 10-K filed on February 29, 2008.

During the first quarter, the company generated operating cash flow of $197.2 million, or 39.3% of sales, compared to $238.5 million, or 44.5% of sales, in the 2007 fourth quarter. Capital expenditures for the first quarter totaled $81.9 million, or 16.3% of sales. Free cash flow (operating cash flow minus capital expenditures) was $115.3 million or 23.0% of sales. MEMC ended the first quarter with cash and investments of $1.4 billion, compared to $1.3 billion at the end of the 2007 fourth quarter. Included in this investment balance is $119 million that was reclassified from short-term to long-term investments as of March 31, 2008.

"As we reported earlier this month, accelerated chemical deposit buildups inside the new expansion unit at our Pasadena, Texas polysilicon facility resulted in lower than anticipated output in the first quarter," said Nabeel Gareeb, MEMC's chief executive officer. "While it is unfortunate that these issues prevented us from taking advantage of available market demand, we were able to limit the impact to approximately 10% of our originally targeted revenue in spite of utilization being 20% lower than fourth quarter levels. Demonstrating the underlying strength of our business model, our cost reductions and product mix enabled us to keep revenue and margins between the third and fourth quarter levels, despite sequential price reductions in the mid-to-high single digit percentage range, and a significant reduction in spot polysilicon sales volume."

"Cash flow generation also continued to be strong, highlighting the strong cash generating abilities of our business, even in a quarter that saw reductions in output, sales, and cost absorption."

"Regarding our production and maintenance efforts in Pasadena, our new unit (Unit 3) has demonstrated good results, and the announced maintenance activities on our pre-existing unit (Unit 1) have been completed."

Outlook

"Demand indications from semiconductor application customers are a bit weaker than typical, resulting in additional price declines from first quarter levels," continued Gareeb. "Demand from solar application customers, however, continues to be strong. Although we are pleased with the results of the actions we have taken to address the issues that caused the lower than targeted polysilicon volume in the first quarter, given the unplanned issues that were encountered with our expected polysilicon ramp in the first quarter, we feel it is prudent to be extra cautious regarding our polysilicon output expectations in the second quarter. As a result, we are targeting revenues of approximately $540 to $570 million for the second quarter. In addition, we are targeting gross margin of approximately 54%-55%, with operating expenses of less than $40 million," added Gareeb.

"Regarding our polysilicon expansion, we are currently targeting to achieve mechanical completion of Unit 4 (silane unit) in our Pasadena facility before the end of the second quarter, as well as additional polysilicon reactor capacity in the third quarter. This combination will mark the mechanical completion of our 8,000 metric tons of capacity which was originally targeted for the end of 2008. Depending on the output ramp of the different units, this improved installation schedule may allow us to make good progress toward achieving our annual financial targets in the second half of 2008. We will provide more specific guidance at our semi-annual update in July," concluded Gareeb.

Other Events

The company also announced the appointment of Mike McNamara to MEMC's board of directors, effective April 23, 2008. Mr. McNamara has served as the Chief Executive Officer of Flextronics International Ltd. since January 2006, and as a director since October 2005. Mr. McNamara previously served as Chief Operating Officer of Flextronics from January 2002 to January 2006, as Vice President of U.S. operations from April 1997 to December 2001, and as Vice President, North American Operations from April 1994 to April 1997.

Conference Call

MEMC will host a conference call today, April 24, 2008, at 5:30 p.m. ET to discuss the company's first quarter results and related business matters. A live webcast will be available on the company's web site at http://www.memc.com/. Please go to the web site at least fifteen minutes prior to the call to register, download and install any necessary audio software.

A replay of the conference call will be available from 7:30 p.m. ET on April 24, 2008, until 11:59 p.m. ET on May 1, 2008. To access the replay, please dial (320) 365-3844 at any time during that period, using passcode 918254. A replay will also be available until 11:59 p.m. ET on May 1, 2008 on the company's web site at http://www.memc.com/.

About MEMC

MEMC is a global leader in the manufacture and sale of wafers and related intermediate products to the semiconductor and solar industries. MEMC has been a pioneer in the design and development of wafer technologies over the past four decades. With R&D and manufacturing facilities in the U.S., Europe and Asia, MEMC enables the next generation of high performance semiconductor devices and solar cells. MEMC's common stock is listed on the New York Stock Exchange under the symbol 'WFR' and is included in the S&P 500 Index.

Certain matters discussed in this news release are forward-looking statements, including that second quarter 2008 revenues are targeted to be approximately $540-$570 million, with gross margin of approximately 54%-55% and operating expenses of less than $40 million; that we are currently targeting to achieve mechanical completion of Unit 4 in our Pasadena facility before the end of the second quarter, as well as additional polysilicon reactor capacity by the early part of the third quarter; and that depending on the output ramp of the different units, this may allow us to make good progress toward achieving our annual financial targets in the second half of 2008. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Potential risks and uncertainties include market demand for wafers and semiconductors as well as polysilicon; utilization of manufacturing capacity; our ability to reduce manufacturing and operating costs; inventory levels of our customers; changes in the pricing environment for both silicon wafers and polysilicon; supply chain difficulties or problems; interruption of production; delays in capacity expansion; customer acceptance of our new products; assumptions underlying management's financial estimates; general economic conditions; actions by competitors, customers and suppliers; changes in product specifications and manufacturing processes; changes in financial market conditions; changes in the composition of worldwide taxable income; the impact of competitive products and technologies; changes in interest and currency exchange rates and other risks described in the company's filings with the Securities and Exchange Commission. These forward-looking statements represent the company's judgment as of the date of this release. The company disclaims, however, any intent or obligation to update these forward-looking statements.

-tables to follow- MEMC ELECTRONIC MATERIALS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except per share data) Unaudited Three Months Ended March 31, December 31, March 31, 2008 2007 2007 Net sales $501.4 $535.9 $440.4 Cost of goods sold 242.1 242.3 217.9 Gross margin 259.3 293.6 222.5 Operating expenses: Marketing and administration 30.6 28.3 25.3 Research and development 10.3 10.5 9.5 Operating income 218.4 254.8 187.7 Nonoperating (income) expense: Interest expense 0.3 0.3 0.3 Interest income (12.8) (14.0) (8.4) Loss (gain) on fair value of warrant 209.4 (204.7) 1.1 Other, net 1.5 1.0 (0.2) Total nonoperating (income) expense 198.4 (217.4) (7.2) Income before income tax expense and minority interests 20.0 472.2 194.9 Income tax expense 60.7 94.8 58.8 (Loss) income before minority interests (40.7) 377.4 136.1 Minority interests (1.1) (1.0) (1.4) Net (loss) income $(41.8) $376.4 $134.7 Basic (loss) income per share $(0.18) $1.65 $0.60 Diluted (loss) income per share $(0.18) $1.62 $0.58 Weighted-average shares used in computing basic (loss) income per share 228.5 228.2 224.0 Weighted-average shares used in computing diluted (loss) income per share 228.5 232.5 231.6 MEMC ELECTRONIC MATERIALS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In millions) March 31, December 31, 2008 2007 (Unaudited) ASSETS Current assets: Cash and cash equivalents $979.7 $859.3 Short-term investments 305.6 457.1 Accounts receivable, net 217.3 197.9 Inventories 33.2 36.4 Prepaid and other current assets 27.7 38.8 Total current assets 1,563.5 1,589.5 Investments 131.7 12.7 Property, plant and equipment, net 903.5 834.0 Deferred tax assets, net 110.3 89.3 Other assets 154.8 361.7 Total assets $2,863.8 $2,887.2 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current portion of long-term debt $6.0 $5.3 Accounts payable 159.7 168.3 Accrued liabilities 52.6 40.8 Accrued wages and salaries 31.8 31.9 Customer deposits 163.5 122.0 Income taxes payable 59.6 75.9 Total current liabilities 473.2 444.2 Long-term debt, less current portion 29.0 25.6 Pension and post-employment liabilities 60.3 60.6 Deferred revenue 85.5 81.4 Other liabilities 204.2 204.6 Total liabilities 852.2 816.4 Minority interests 33.7 35.8 Commitments and contingencies Stockholders' equity: Preferred stock - - Common stock 2.3 2.3 Additional paid-in capital 386.8 358.0 Retained earnings 1,718.7 1,760.5 Accumulated other comprehensive income 64.9 29.8 Treasury stock (194.8) (115.6) Total stockholders' equity 1,977.9 2,035.0 Total liabilities and stockholders' equity $2,863.8 $2,887.2 MEMC ELECTRONIC MATERIALS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) Unaudited Three Months Ended March 31, December 31, March 31, 2008 2007 2007 Cash flows from operating activities: Net (loss) income $(41.8) $376.4 $134.7 Adjustments to reconcile net (loss) income to net cash provided by operating activities: Depreciation and amortization 22.8 20.8 19.0 Minority interests 1.1 1.0 1.4 Stock-based compensation 12.6 7.4 7.4 Loss (gain) on fair value of warrant 209.4 (204.7) 1.1 Working capital and other (6.9) 37.6 50.9 Net cash provided by operating activities 197.2 238.5 214.5 Cash flows from investing activities: Proceeds from sales and maturities of investments 201.6 46.8 14.2 Purchases of investments (177.6) (348.8) (11.7) Capital expenditures (81.9) (103.3) (47.9) Other - 0.2 - Net cash used in investing activities (57.9) (405.1) (45.4) Cash flows from financing activities: Proceeds from customer deposits related to long-term supply agreements 99.1 3.5 63.7 Repayments of customer deposits related to long-term supply agreements (81.6) - - Principal payments on long-term debt - (2.7) - Excess tax benefits from stock-based payment arrangements 6.5 7.5 12.1 Common stock repurchased (78.6) (62.9) - Proceeds from issuance of common stock 9.3 17.4 10.2 Net cash (used in) provided by financing activities (45.3) (37.2) 86.0 Effect of exchange rate changes on cash and cash equivalents 26.4 10.8 0.8 Net increase (decrease) in cash and cash equivalents 120.4 (193.0) 255.9 Cash and cash equivalents at beginning of period 859.3 1,052.3 527.5 Cash and cash equivalents at end of period $979.7 $859.3 $783.4 Reconciliation of GAAP Net Income (Loss) and Diluted EPS to non-GAAP Net Income and Diluted EPS (Unaudited; In millions, except per share data) Three Months Ended March 31, December 31, 2008 2007 Net Net Income EPS Income EPS GAAP Net Income (Loss) $(41.8) $(0.18) $376.4 $1.62 Cash Tax Difference* 57.7 0.25 24.0 0.10 Non-GAAP 15.9 0.07 400.4 1.72 Loss (Gain) on Warrants at Cash Tax Rate 178.0 0.77 (174.0) (0.75) Non-GAAP Income Excluding Warrants $193.9 $0.84 $226.4 $0.97 Estimated annual book tax rate 25% 20% Estimated cash tax rate 15% 15% *Our estimated cash tax rate is the estimated tax payable on our tax returns as a percentage of estimated annual pre-tax book income. The annual cash tax rate is estimated quarterly by reference to book taxable income and then taking into account temporary book/tax differences and any tax basis items reflected on our annual tax returns. The company uses an estimated cash tax rate to adjust for the historical variation in the effective book tax rate associated with the reversal of valuation allowances, foreign tax credits and loss carry-forwards that are not tied to actual operating results, because the company believes that the cash tax rate provides a more transparent view of the company's operating results.

MEMC Electronic Materials, Inc.

CONTACT: Bill Michalek, Director, Investor Relations, MEMC Electronic
Materials, Inc., +1-636-474-5443

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

China Security & Surveillance Technology Signs Distribution Agreement with MOBOTIX AG

SHENZHEN, China, April 24 /Xinhua-PRNewswire/ -- China Security & Surveillance Technology, Inc. , a leading provider of digital surveillance technology in the PRC, today announced that the Company has recently signed a distribution agreement with MOBOTIX AG, a worldwide leading manufacturer of digital, high-resolution and network-based video security systems.

Under the terms of this agreement, CSST receives the right to distribute MOBOTIX products within the PRC. As a world leading manufacturer of mega-pixel IP cameras, MOBOTIX AG can enhance and expand CSST's portfolio of security & surveillance products and solutions it can offer to current and potential customers in China. It will allow CSST to bring MOBOTIX IP video solutions into the Chinese market which will not only favor the trend of changing from analog video surveillance to IP video solutions, but also help meet the demand for high-end security monitoring and provide CSST's government and business customers with more sophisticated IP-based solutions.

Mr. Guoshen Tu, Chief Executive Officer of China Security, commented "We look forward to developing a strong relationship with MOBOTIX moving forward. This agreement further demonstrates that international brands continue to recognize CSST's market position in China and its ability to provide a one- stop-shop solution to its clients.

This agreement will allow CSST's distribution and system integration operating segments to offer a more comprehensive solution to its growing customer base. Working closely with CSST will enable MOBOTIX to work with a strong China-based partner to distribute their products in a rapidly growing market. We are pleased to cooperate with this well established technology company and look forward to increased cooperation with international companies in the future."

MOBOTIX AG is listed on the Frankfurt Stock Exchange under the ticker symbol 'MBQ'.

About China Security & Surveillance Technology, Inc.

Based in Shenzhen, China, China Security manufactures, distributes, installs and maintains security and surveillance systems throughout the PRC. China Security has manufacturing facilities located in China and an R&D facility which maintains an exclusive collaboration agreement with Beijing University. China Security has built a diversified customer base through its extensive sales and service network that includes numerous points of presence throughout the PRC. To learn more about the Company visit http://www.csst.com/ .

Safe Harbor Statement

This press release may include certain statements that are not descriptions of historical facts, but are forward-looking statements. Forward-looking statements can be identified by the use of forward-looking terminology such as "will" "believes", "expects" or similar expressions. These forward-looking statements may also include statements about our proposed discussions related to our business or growth strategy, which is subject to change. Such information is based upon expectations of our management that were reasonable when made but may prove to be incorrect. All of such assumptions are inherently subject to uncertainties and contingencies beyond our control and upon assumptions with respect to future business decisions, which are subject to change. We do not undertake to update the forward-looking statements contained in this press release. For a description of the risks and uncertainties that may cause actual results to differ from the forward-looking statements contained in this press release, see our most recent Annual Report filed with the Securities and Exchange Commission (SEC) on Form 10-K, and our subsequent SEC filings. Copies of filings made with the SEC are available through the SEC's electronic data gathering analysis retrieval system (EDGAR) at http://www.sec.gov/.

China Security & Surveillance Technology, Inc.

CONTACT: Kewa Luo for China Security & Surveillance at +1-212-984-0688 or
ir@csst.com; Investors contact Bill Zima & Ashley Ammon MacFarlane for ICR at
+1-203-682-8200; Media contact Patrick Yu for Fleishman-Hillard Hong Kong at
+852-2530-2577 or Patrick.yu@fleishman.com

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

NETGEAR(R) Reports First Quarter 2008 ResultsFirst Quarter Highlights:- Net revenue increased to $198.2 million, 14% year-over-year growth- Non-GAAP net income of $14.1 million, as compared to $15.6 million in the comparable prior year quarter- Non-GAAP diluted earnings per share of $0.39, as compared to $0.44 in the prior year quarter- Expect second quarter 2008 net revenue to be in the range of $195 million to $200 million, with non-GAAP operating margin in the range of 9% to 10%

SANTA CLARA, Calif., April 24 /PRNewswire-FirstCall/ -- NETGEAR, Inc. , a worldwide provider of technologically advanced, branded networking products, today reported financial results for the first quarter ended March 30, 2008.

Net revenue for the first quarter ended March 30, 2008 was $198.2 million, a 14% increase as compared to $173.6 million for the first quarter ended April 1, 2007, and flat as compared to $198.3 million in the fourth quarter ended December 31, 2007. Net income for the first quarter of 2008 computed in accordance with GAAP was $11.2 million, or $0.31 per diluted share. This compared to net income of $14.0 million for the first quarter of 2007 and to net income of $12.5 million in the fourth quarter of 2007. Diluted earnings per share, computed in accordance with GAAP, was $0.40 for the first quarter of 2007 and $0.35 for the fourth quarter of 2007.

Gross margin on a non-GAAP basis in the first quarter of 2008 was 32.9%, as compared to 34.7% in the year ago comparable quarter, and 32.4% in the fourth quarter of 2007. Non-GAAP operating margin was 9.5% in the first quarter of 2008, as compared to 12.3% in the first quarter of 2007, and 10.8% in the fourth quarter of 2007. In the first quarter of 2008, non-GAAP operating expenses were 23.4% of net revenue, as compared to 22.4% in the year ago comparable quarter, and 21.6% in the prior quarter.

Net income on a non-GAAP basis for the first quarter of 2008 was $14.1 million compared to non-GAAP net income of $15.6 million for the first quarter of 2007, and compared to non-GAAP net income of $14.8 million for the fourth quarter of 2007. Non-GAAP net income was $0.39 per diluted share in the first quarter of 2008, compared to $0.44 per diluted share in the first quarter of 2007 and $0.41 per diluted share in the fourth quarter of 2007. Non-GAAP net income for the first quarter of 2008 excludes $762,000 of adjustments related to amortization of purchased intangibles and acquisition related retention bonuses, net of taxes, related to our recent acquisitions. Non-GAAP net income for the first quarter of 2008 also excludes non-cash, stock-based compensation, net of tax, of $2.1 million and $31,000 in litigation reserve requirements, net of tax. Non-GAAP net income for the first quarter of 2007 excludes $254,000 of adjustments related to amortization of purchased intangibles and acquisition related retention bonuses, net of taxes. Non-GAAP net income for the first quarter of 2007 also excludes non-cash, stock-based compensation, net of tax, of $1.3 million. Non-GAAP net income for the fourth quarter of 2007 excludes $763,000 of adjustments related to amortization of purchased intangibles and acquisition related retention bonuses, net of taxes, related to our recent acquisitions. Non-GAAP net income for the fourth quarter of 2007 also excludes non-cash, stock-based compensation, net of tax, of $1.5 million and a $21,000 benefit due to a reduction in litigation reserve requirements, net of tax. The accompanying schedules provide a reconciliation of net income computed on a GAAP basis to net income computed on a non-GAAP basis.

Patrick Lo, Chairman and Chief Executive Officer of NETGEAR, commented, "We enjoyed very healthy growth in Q1 in both the Asia Pacific and North America Regions, as well as in Service Provider channels worldwide. However, we encountered significant market weakness in the UK in the latter part of the quarter. We believe the downturn of the UK market in March was due to the country's macroeconomic weakness. We also observed a slow down in the US retail market, prompting our primary competitor to lower prices below ours for certain consumer products. Despite the pricing pressures, as a result of all the new products we introduced in CES in January, on an aggregate basis we were able to hold a premium price position against our competitors due to our technology and ease of use differentiation. In fact, based on market reports, we continued to gain share in the US, UK and Western European markets. We believe our technology and continued new product leadership will give us an advantage over our competition going forward. In the upcoming Network+Interop show in Las Vegas, we will introduce yet another new set of breakthrough products that we believe will strengthen us further in the SMB market."

Mr. Lo continued, "Product wise, our RangeMax(TM) Wireless-N and ReadyNAS(R) Network Attached Storage offerings continued to enjoy strong reception in the market in Q1. Among the 11 new products introduced in the first quarter, notable launches include: ReadyNAS Duo 500GB/750GB/1TB Home Media Servers, RangeMax Gigabit Wireless-N Router, the Emerging Market Internet Café high speed Router and our channel bonding voice cable gateway. While our RangeMax 11g and 11n WiFi products have been our strength in the retail consumer market, our ReadyNAS and Smart Switches continued to be the stars in our SMB offering. In a short period of three quarters, we have achieved the number two market share position in the US in the SMB NAS market and command significant price premium over our competitors. We continued to maintain our number one market share position worldwide in Smart Switches which is the fastest growing switch category. By focusing on technology and usability differentiation as well as innovation, as we always have, we are confident that we can continue to gain share and improve our operating margin. Channel wise, we continued to drive our service provider revenue to new heights, reaching approximately $55M in Q1, about 28% of our total revenue, as compared to 21% in the year ago quarter, and 23% in the fourth quarter of 2007."

Christine Gorjanc, Chief Financial Officer of NETGEAR, said, "We ended the first quarter of 2008 with net inventory at $97.6 million, compared to $83.0 million at the end of the fourth quarter of 2007, and $68.4 million at the end of the first quarter of 2007. The increase in our inventory level is partly due to the preparation for the entry into a major US mass retailer with over 3,000 stores in mid Q2. Ending inventory turns were 5.5, compared to 6.5 at the end of the fourth quarter of 2007, and 6.6 at the end of the first quarter of 2007. Days sales outstanding (DSO) were 71 in the first quarter of 2008, compared to 73 days in the fourth quarter of 2007 and 65 days in the first quarter of 2007. Cash, cash equivalents and short-term investments were $200.8 million at the end of the first quarter of 2008, compared to $205.3 million at the end of the fourth quarter of 2007, and $216.2 million at the end of the first quarter of 2007. Deferred revenue decreased slightly to $7.5 million at the end of the first quarter of 2008, compared to deferred revenue of $7.6 million at the end of the fourth quarter of 2007, and $5.8 million at the end of the first quarter of 2007."

The U.S. retail channel inventory ended the first quarter of 2008 at 10.0 weeks, compared to 10.4 weeks in the first quarter of 2007, and 7.6 weeks in the fourth quarter of 2007. U.S. distribution channel inventory ended the first quarter of 2008 at 4.3 weeks, compared to 4.4 weeks in the first quarter of 2007, and 5.2 weeks in the fourth quarter of 2007. European distribution channel inventory ended the first quarter of 2008 at approximately 5.7 weeks, compared to approximately 5.0 weeks in the first quarter of 2007, and 5.4 weeks in the fourth quarter of 2007. Asia Pacific distribution channel inventory ended the first quarter of 2008 at approximately 4.7 weeks, compared to approximately 5.1 weeks in the first quarter of 2007, and 5.2 weeks in the fourth quarter of 2007.

Net revenue by geography comprises gross revenue less such items as marketing incentives paid to customers, sales returns and price protection. The following table shows net revenue by geography for the periods indicated:

Net revenue by geography: Three months ended March 30, 2008 April 1, 2007 December 31, 2007 North America $79,203 40% $66,059 38% $69,492 35% Europe, Middle-East and Africa 98,145 50% 92,552 53% 107,098 54% Asia Pacific 20,806 10% 14,961 9% 21,669 11% $198,154 100% $173,572 100% $198,259 100%

Looking forward, Mr. Lo added, "While we fully recognize that weakness in consumer demand and pricing pressure in our top 2 retail markets, the US and UK, has and will continue to adversely affect our operating results, we firmly believe our core strategy of continuously driving growth through expansion in product line-up, channel penetration, new geographic regions and profitably expanding our global market share remains sound. We entered 2008 with a strong new product lineup which has helped position us to price above our competitors while gaining market share. Importantly, we will maintain our product introduction momentum with approximately 12 new products planned for Q2. We plan to continue to penetrate the service provider channel as well as add on strategic new channel partners. We are also continuing to grow and gain share in Asia Pacific and other emerging markets. By focusing on executing our proven strategy, we believe we should emerge even stronger once economic growth resumes in the US and UK. For the second quarter of 2008, we expect normal seasonality as it is historically our weakest fiscal quarter. Specifically, we expect second quarter net revenue to be approximately $195 million to $200 million. The non-GAAP operating margin will be in the range of 9% to 10%. Finally, we expect the non-GAAP effective tax rate to be approximately 39.5%."

Investor Conference Call / Webcast Details

NETGEAR will review the first quarter 2008 results and discuss management's expectations for the second quarter of 2008 today, Thursday, April 24, 2008 at 5 p.m. EDT (2 p.m. PDT). The dial-in number for the live audio call is (877) 407-0784 (domestic) or (201) 689-8560 (international). A live webcast of the conference call will be available on NETGEAR's website at http://www.netgear.com/. A replay of the call will be available 2 hours following the call through midnight EDT (9 p.m. PDT) on Thursday, May 1st, 2008 by telephone at (201) 612-7415 and via the web at http://www.netgear.com/. The account number to access the phone replay is 3055 and the conference ID number is 281044.

About NETGEAR, Inc.

NETGEAR designs technologically advanced, branded networking solutions that address the specific needs of small and medium business and home users. The Company's product offerings enable users to share Internet access, peripherals, files, digital multimedia content and applications among multiple personal computers and other Internet-enabled devices. As an ENERGY STAR(R) partner, NETGEAR offers products that prevent greenhouse gas emissions by meeting strict energy-efficiency specifications set by the U.S. government. NETGEAR is headquartered in Santa Clara, Calif. For more information, visit the company's Web site at http://www.netgear.com/ or call (408) 907-8000.

(C) 2008 NETGEAR, Inc. NETGEAR(R), and the NETGEAR Logo are trademarks or registered trademarks of NETGEAR, Inc. in the United States and/or other countries. Other brand and product names are trademarks or registered trademarks of their respective holders. Information is subject to change without notice. All rights reserved. Actual data throughput will vary from maximum signal rates stipulated. Network conditions and environmental factors, including volume of network traffic, building materials and construction, and network overhead, lower actual data throughput.

Contact: Joseph Villalta The Ruth Group (646) 536-7003 jvillalta@theruthgroup.com

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 for NETGEAR, Inc.:

This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Specifically, statements concerning the expected performance characteristics, specifications, market acceptance, market growth, specific uses, user feedback and market position of NETGEAR's products and technology are forward-looking statements within the meaning of the Safe Harbor. These statements are based on management's current expectations and are subject to certain risks and uncertainties, including, without limitation, the following: the actual price, performance and ease of use of NETGEAR's products may not meet the price, performance and ease of use requirements of customers, product performance may be adversely affected by real world operating conditions, new viruses or Internet threats may develop that challenge the effectiveness of security features in NETGEAR's products, the ability of NETGEAR to market and sell its products and technology, the impact and pricing of competing products and the introduction of alternative technological solutions. Further information on potential risk factors that could affect NETGEAR and its business are detailed in the Company's periodic filings with the Securities and Exchange Commission, including, but not limited to, those risks and uncertainties listed in the section entitled "Part I - Item 1A. Risk Factors," pages 12 through 24, in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2007, filed with the Securities and Exchange Commission on February 29, 2008. NETGEAR undertakes no obligation to release publicly any revisions to any forward-looking statements contained herein to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Use of Non-GAAP Financial Information:

To supplement our consolidated financial statements presented on a GAAP basis, NETGEAR uses non-GAAP measures of operating results, net income and income per share, which are adjusted to exclude certain expenses and tax benefits we believe appropriate to enhance an overall understanding of our past financial performance and also our prospects for the future. These adjustments to our current period GAAP results are made with the intent of providing both management and investors a more complete understanding of NETGEAR's underlying operational results and trends and our marketplace performance. For example, the non-GAAP results are an indication of our baseline performance before charges that are considered by management to be outside of our core operating results. In addition, these adjusted non-GAAP results are among the primary indicators management uses as a basis for our planning and forecasting of future periods. The presentation of this additional information is not meant to be considered in isolation or as a substitute for net income or diluted net income per share prepared in accordance with generally accepted accounting principles in the United States.

NETGEAR, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited) Three months ended March 30, April 1, 2008 2007 Net revenue $198,154 $173,572 Cost of revenue 134,291 113,542 Gross profit 63,863 60,030 Operating expenses: Research and development 8,738 6,156 Sales and marketing 33,028 27,826 General and administrative 7,313 6,914 Litigation reserves 51 - Total operating expenses 49,130 40,896 Income from operations 14,733 19,134 Interest income 1,512 2,371 Other income 2,843 272 Income before income taxes 19,088 21,777 Provision for income taxes 7,862 7,756 Net income $11,226 $14,021 Net income per share: Basic $0.32 $0.41 Diluted $0.31 $0.40 Weighted average shares outstanding used to compute net income per share: Basic 35,316 34,308 Diluted 35,941 35,362 Stock-based compensation expense was allocated as follows: Cost of revenue $222 $133 Research and development 801 469 Sales and marketing 847 622 General and administrative 928 623 NETGEAR, INC. NON-GAAP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Excluding amortization of purchased intangibles, acquisition related retention

bonuses, litigation reserves, and stock-based compensation, net of tax. (In thousands, except per share data) (Unaudited) Three months ended March 30, April 1, 2008 2007 Net revenue $198,154 $173,572 Cost of revenue 132,886 113,334 Gross profit 65,268 60,238 Operating expenses: Research and development 7,879 5,395 Sales and marketing 32,181 27,204 General and administrative 6,385 6,291 Total operating expenses 46,445 38,890 Income from operations 18,823 21,348 Interest income 1,512 2,371 Other income 2,843 272 Income before income taxes 23,178 23,991 Provision for income taxes 9,074 8,375 Net income $14,104 $15,616 Net income per share: Basic $ 0.40 $ 0.46 Diluted $ 0.39 $ 0.44 Weighted average shares outstanding used to compute net income per share: Basic 35,316 34,308 Diluted 35,941 35,362 NETGEAR, INC. GAAP TO NON-GAAP RECONCILIATION (In thousands, except per share data) (Unaudited) Three months ended March 30, 2008 GAAP Adjustments Non-GAAP Net revenue $198,154 $- $198,154 Cost of revenue 134,291 1,405 132,886 Gross profit 63,863 (1,405) 65,268 Operating expenses: Research and development 8,738 859 7,879 Sales and marketing 33,028 847 32,181 General and administrative 7,313 928 6,385 Litigation reserves 51 51 - Total operating expenses 49,130 2,685 46,445 Income from operations 14,733 (4,090) 18,823 Interest income 1,512 - 1,512 Other income 2,843 - 2,843 Income before income taxes 19,088 (4,090) 23,178 Provision for income taxes 7,862 (1,212) 9,074 Net income $11,226 $(2,878) $14,104 Net income per share: Basic $0.32 $0.40 Diluted $0.31 $0.39 Weighted average shares outstanding used to compute net income per share: Basic 35,316 35,316 Diluted 35,941 35,941 NETGEAR, INC. GAAP TO NON-GAAP RECONCILIATION (In thousands, except per share data) (Unaudited) Three months ended April 1, 2007 GAAP Adjustments Non-GAAP Net revenue $173,572 $- $173,572 Cost of revenue 113,542 208 113,334 Gross profit 60,030 (208) 60,238 Operating expenses: Research and development 6,156 761 5,395 Sales and marketing 27,826 622 27,204 General and administrative 6,914 623 6,291 Total operating expenses 40,896 2,006 38,890 Income from operations 19,134 (2,214) 21,348 Interest income 2,371 - 2,371 Other income 272 - 272 Income before income taxes 21,777 (2,214) 23,991 Provision for income taxes 7,756 (619) 8,375 Net income $14,021 $(1,595) $15,616 Net income per share: Basic $0.41 $0.46 Diluted $0.40 $0.44 Weighted average shares outstanding used to compute net income per share: Basic 34,308 34,308 Diluted 35,362 35,362 NETGEAR, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) March 30, December 31, 2008 2007 ASSETS Current assets: Cash and cash equivalents $179,706 $167,495 Short-term investments 21,087 37,848 Accounts receivable, net 155,843 157,765 Inventories 97,604 83,023 Deferred income taxes 13,222 13,091 Prepaid expenses and other current assets 22,391 20,367 Total current assets 489,853 479,589 Property and equipment, net 13,846 11,205 Intangibles, net 15,136 16,319 Goodwill 41,985 41,985 Other non-current assets 1,865 2,011 Total assets $562,685 $551,109 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $51,548 $55,333 Accrued employee compensation 11,183 16,085 Other accrued liabilities 89,451 89,470 Deferred revenue 7,453 7,619 Income taxes payable 3,322 - Total current liabilities 162,957 168,507 Deferred income tax liability 1,787 2,626 Non-current income taxes payable 9,577 8,272 Deferred rent 1,325 181 Total liabilities 175,646 179,586 Stockholders' equity: Common stock 35 35 Additional paid-in capital 256,883 252,421 Cumulative other comprehensive income 86 101 Retained earnings 130,035 118,966 Total stockholders' equity 387,039 371,523 Total liabilities and stockholders' equity $562,685 $551,109

NETGEAR, Inc.

CONTACT: Joseph Villalta of The Ruth Group, +1-646-536-7003,
jvillalta@theruthgroup.com, for NETGEAR, Inc.

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

Performance Technologies Announces First Quarter 2008 Financial Results'Company Reports $.05 earnings per share for the latest quarter'

ROCHESTER, N.Y., April 24 /PRNewswire-FirstCall/ -- Performance Technologies, Inc. , a leading developer of communication platforms and systems, today announced its financial results for the first quarter 2008.

Revenue in the first quarter 2008 amounted to $11.0 million, compared to $9.4 million in the first quarter 2007.

Net income in the first quarter 2008 amounted to $.6 million, or $.05 per diluted share, including stock-based compensation expense of $.2 million, or $.01 per share, based on 11.7 million shares outstanding. Net loss for the first quarter 2007 amounted to $.6 million, or $.05 per basic share, including stock-based compensation expense of $.2 million, or $.01 per share, based on 13.2 million shares.

The Company had 11.7 million common shares outstanding at March 31, 2008. The decline in the number of common shares outstanding from a year earlier is primarily attributable to the Company repurchasing approximately 1.6 million common shares in the open market for an aggregate purchase price of approximately $8.1 million.

Cash and investments amounted to $35.7 million, or $3.04 per share, and the Company had no long-term debt at March 31, 2008.

"We are pleased that our first quarter results exceeded the upper end of our earnings guidance," said John Slusser, president and chief executive officer. "Our key initiatives of market diversification for our embedded systems products, revenue growth for our signaling systems products and emphasis on gross margin all demonstrated continued traction. Although the going forward visibility remains challenging and there are growing concerns about the overall economic climate, we believe 2008 is an important year for the Company to pursue evolving market opportunities to further strengthen its foundation for longer-term growth. During the year, we expect to make additional strategic investments in our signaling products and organization while continuing to focus on our near-term business potential."

Business Overview and Guidance

The Company targets three vertical markets for its embedded systems products -- telecommunications, aerospace and defense, and commercial. The OEM telecommunications market continues to be very challenging with limited broad-based infrastructure investments being made by carriers and service providers. Product demand from our aerospace and defense customers is project driven and shipments to these customers accelerated throughout 2007 as new network projects reached deployment. Demand for our signaling systems products continues to rise as carriers and service providers respond to the worldwide increase in text messaging and the cost saving benefits of migrating to IP-based networks. Management continues to expect shipments to its aerospace and defense customers and signaling deployments to grow more rapidly during 2008, than expected revenue declines of OEM telecommunications products.

The Company's forward-looking visibility of customer orders continues to be very limited. Most of our embedded systems customers are placing orders for product only when they have orders in hand from their customers. This lack of customer visibility makes it challenging to forecast revenue and generally results in a substantial portion of the Company's revenue being derived from orders placed within a quarter and shipped in the final month of the same quarter.

The Company provides guidance only on earnings per share expected in the next quarter. Management anticipates results in the second quarter 2008 to range from a profit of $.02 per share to a loss of $.02 per share. These per share estimates exclude stock-based compensation expense, restructuring charges (if any) and discrete income tax items. In the second quarter 2008, stock-based compensation expense is expected to be approximately $.2 million, excluding any stock options that may be granted during the quarter.

More in-depth discussions of the Company's strategy and financial performance can be found in the Company's periodic reports on Form 10-K and Form 10-Q, as filed with the Securities and Exchange Commission.

About Performance Technologies (http://www.pt.com/)

Performance Technologies is a global supplier of integrated IP-based platforms and solutions for advanced communications networks and innovative computer system architectures. Our Embedded Systems Group offers robust application-ready platforms that incorporate open-standards based software and hardware, providing significantly accelerated end product deployment benefits for equipment manufacturers. Our Signaling Systems Group offers the SEGway(TM) product suite, which includes IP STPs, SS7 over IP transport solutions, and signaling gateways that enable lower operating costs through utilization of IP networks, thereby creating competitive advantages for carriers in existing and emerging markets.

Performance Technologies is headquartered in Rochester, New York. Additional engineering facilities are located in San Diego and San Luis Obispo, California; and Kanata, Ontario, Canada.

Forward Looking Statements

The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for certain forward-looking statements. This press release contains forward-looking statements which reflect the Company's current views with respect to future events and financial performance, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and is subject to the safe harbor provisions of those Sections. The Company's future operating results are subject to various risks and uncertainties and could differ materially from those discussed in the forward-looking statements and may be affected by various trends and factors which are beyond the Company's control. These risks and uncertainties include, among other factors, general business and economic conditions, rapid technological changes accompanied by frequent new product introductions, competitive pressures, dependence on key customers, inability to gauge order flows from customers, fluctuations in quarterly and annual results, the reliance on a limited number of third party suppliers, limitations of the Company's manufacturing capacity and arrangements, the protection of the Company's proprietary technology, the dependence on key personnel, changes in critical accounting estimates, potential impairments related to goodwill and investments, foreign regulations and potential material weaknesses in internal control over financial reporting. In addition, during weak or uncertain economic periods, customers' visibility deteriorates causing delays in the placement of their orders. These factors often result in a substantial portion of the Company's revenue being derived from orders placed within a quarter and shipped in the final month of the same quarter. Forward-looking statements should be read in conjunction with the audited Consolidated Financial Statements, the Notes thereto, Risk Factors, and Management's Discussion and Analysis of Financial Condition and Results of Operations of the Company as of December 31, 2007, as contained in the Company's Annual Report on Form 10-K, and other documents filed with the Securities and Exchange Commission.

A conference call will be held on Friday, April 25 at 10:00 a.m., New York time, to discuss the Company's financial performance for the first quarter 2008. All institutional investors can participate in the conference by dialing (866) 250-5144 or (416) 849-6163. The call will be available simultaneously for all other investors at (866) 494-3387 or (416) 915-1198. A digital recording of this conference call may be accessed immediately after its completion from April 25 through April 29, 2008. To access the recording, participants should dial (866) 245-6755 or (416) 915-1035 using passcode 443523. A live webcast of the conference call will be available on the Performance Technologies website at http://www.pt.com/ and will be archived to the site within two hours after the completion of the call.

PERFORMANCE TECHNOLOGIES, INCORPORATED AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (unaudited) ASSETS March 31, December 31, 2008 2007 Current assets: Cash and cash equivalents $33,450,000 $15,592,000 Investments 14,150,000 Accounts receivable 7,386,000 7,933,000 Inventories 4,046,000 4,783,000 Prepaid income taxes 95,000 713,000 Prepaid expenses and other assets 730,000 916,000 Deferred taxes 2,011,000 2,037,000 Total current assets 47,718,000 46,124,000 Investment 2,251,000 2,500,000 Property, equipment and improvements 2,165,000 2,260,000 Software development costs 3,483,000 3,297,000 Deferred taxes 1,121,000 1,196,000 Goodwill 4,143,000 4,143,000 Total assets $60,881,000 $59,520,000 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $1,354,000 $1,392,000 Accrued expenses 4,935,000 4,425,000 Total current liabilities 6,289,000 5,817,000 Income taxes payable 803,000 807,000 Total liabilities 7,092,000 6,624,000 Stockholders' equity: Preferred stock Common stock 133,000 133,000 Additional paid-in capital 15,677,000 15,483,000 Retained earnings 45,742,000 45,231,000 Accumulated other comprehensive loss (127,000) Treasury stock (7,636,000) (7,951,000) Total stockholders' equity 53,789,000 52,896,000 Total liabilities and stockholders' equity $60,881,000 $59,520,000 PERFORMANCE TECHNOLOGIES, INCORPORATED AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME FOR THE THREE MONTHS ENDED MARCH 31, 2008 AND 2007 (unaudited) Three Months Ended March 31, 2008 2007 Sales $10,981,000 $9,356,000 Cost of goods sold 4,845,000 4,701,000 Gross profit 6,136,000 4,655,000 Operating expenses: Selling and marketing 2,104,000 1,603,000 Research and development 2,412,000 2,910,000 General and administrative 1,182,000 1,320,000 Total operating expenses 5,698,000 5,833,000 Income (loss) from operations 438,000 (1,178,000) Other income, net 389,000 433,000 Income (loss) before income taxes 827,000 (745,000) Income tax provision (benefit) 236,000 (127,000) Net income (loss) $591,000 $(618,000) Basic earnings (loss) per share $.05 $(.05) Weighted average common shares 11,695,000 13,210,000 Diluted earnings per share $.05 Weighted average common and common equivalent shares 11,728,000

Performance Technologies, Inc.

CONTACT: Dorrance W. Lamb, SVP and Chief Financial Officer, Performance
Technologies, +1-585-256-0200 ext. 7276, finance@pt.com

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

Anaren, Inc. Earnings Release and Conference Call Reporting Information

SYRACUSE, N.Y., April 24 /PRNewswire-FirstCall/ -- Anaren, Inc.'s 3rd Quarter 2008 financial results will be released after the market closes on Tuesday, April 29 via "PR Newswire."

Anaren's President and CEO, Lawrence A. Sala, will host a live teleconference, open to the public on the Anaren Investor Info, Live Webcast Web Site (http://www.anaren.com/) and http://www.thomson.com/financial at http://www.streetevents.com/ the same day at 5:00 p.m. (ET). A replay of the conference call will be available at 8:00 p.m. (ET) beginning April 29, 2008 through midnight May 2, 2008. To listen to the replay, interested parties may dial in the U.S. at 888-203-1112 and International at 719-457-0820. The access code is 4863774. If you are unable to access the Live Webcast, the dial in number for the U.S. is 877-856-1958 and International is 719-325-4822.

Anaren designs, develops, manufactures and sells highly integrated microwave component assemblies and subsystems for the wireless communications, satellite communications and defense electronics markets.

Anaren, Inc.

CONTACT: Lawrence A. Sala, President, CEO, or Joseph E. Porcello, Sr. VP
Finance, both of Anaren, Inc., +1-315-362-1514

Web site: http://www.anaren.com/
http://www.thomson.com/financial
http://www.streetevents.com/

Micrel Reports First Quarter Financial Results- Highest quarterly booking level in two years; strong book-to-bill ratio above one- Revenues of $66.1 million increased 5% year-over-year and over 2% sequentially- Revenues were 3% above the high end of guidance- Gross margin increased sequentially to 56.5%- GAAP earnings per diluted share of $0.12; Non-GAAP earnings per diluted share of $0.13- Quarterly dividend increased to $0.035 per share

SAN JOSE, Calif., April 24 /PRNewswire-FirstCall/ -- Micrel, Incorporated , an industry leader in analog, high bandwidth communications and Ethernet IC solutions, today announced financial results for the first quarter ending March 31, 2008.

First quarter revenues of $66.1 million increased 2% sequentially compared to fourth quarter 2007 revenues of $64.6 million and increased 5% compared to revenues of $63.1 million recorded in the year-ago period. The increase in revenues was primarily due to stronger demand from the wire line communications, digital TV, industrial and voice-over-IP end markets.

First quarter GAAP net income was $8.4 million, or $0.12 per diluted share. This compares with fourth quarter 2007 GAAP net income of $8.4 million, or $0.11 per diluted share, and GAAP net income of $17.9 million or $0.23 per diluted share in the year ago period. Included in last year's first quarter 2007 net income was a one-time $15.5 million pre-tax gain associated with a legal settlement, which after income taxes, was equivalent to $0.13 per diluted share.

First quarter 2008 non-GAAP net income was $9.1 million or $0.13 per diluted share. This compares to non-GAAP net income of $9.4 million, or $0.12 per diluted share in the previous quarter and $9.5 million, or $0.12 per diluted share in the first quarter of 2007. Non-GAAP results exclude the impact of revenues and cost of revenues related to intellectual property settlements, stock-based compensation expense, other operating income and expense items, restructuring expense and income, other income related to litigation settlements and their related tax effects. A reconciliation of the GAAP net income to non-GAAP net income is provided in the financial tables of this press release.

"We are encouraged by the increased customer demand for Micrel's products in the first quarter which enabled the Company to record its highest level of quarterly revenues in the past eighteen months," stated Ray Zinn, president and CEO of Micrel. "First quarter order rates rebounded from fourth quarter levels across all geographies and sales channels resulting in a book-to-bill ratio well above one. Gross margin and diluted earnings per share also increased on a sequential basis and our investment in research and development continued to generate a growing number of new, high performance products. We continued to be focused on increasing shareholder value through our stock repurchase program and quarterly dividend payment. Micrel spent $17 million to repurchase 2.6 million shares of common stock during the first quarter and beginning this quarter, increased the quarterly dividend to $0.035 per common share to shareholders of record as of May 6, 2008."

During the first quarter, the Company became engaged in its first proxy contest since going public in 1994 with a small activist hedge fund. Micrel believes this activist hedge fund is seeking to force consolidation in the semiconductor industry and has picked Micrel as its first target. This activist hedge fund is attempting to throw out Micrel's highly qualified and dedicated Board of Directors and insert their own inexperienced nominees, whose sole strategy is to sell Micrel in the face of the most challenging market conditions the industry has seen in years. Micrel's Board is pleased with the encouragement it is getting from the Company's shareholders and believes this support is going to be helpful, together with the commitment of Messrs. Zinn and Muller, to oppose the hedge fund's proxy proposals. This issue resulted in Micrel incurring an incremental $350,000 of operating expenses during the first quarter.

"The diversion of resources required to engage in this proxy contest, including incremental expenses and management's time and energy, are significant and counterproductive," stated Ray Zinn. "We are very focused on the bottom line and I am dismayed that we have to spend the Company's hard-earned money in this manner when it could be better utilized to grow the business."

Outlook

Based on increased order rates, the Company's beginning second quarter backlog is higher than at the same time in the first quarter. For the second quarter of 2008, the Company estimates revenues will increase by 2% to 7% compared to the first quarter. To achieve the high end of the projected revenue range requires approximately 50% turns-fill, which is 10% less than was recorded in the first quarter. The Company estimates that GAAP earnings per diluted share will be approximately $0.10 to $0.11 after taking into account expenses associated with the ongoing proxy contest, which are projected to reduce second quarter GAAP earnings by two to three cents per share.

Zinn concluded, "In spite of an uncertain economic environment, Micrel is getting off to a good start in 2008 with a strong first quarter, which is usually a seasonally weaker period for the Company. We are excited about our prospects for the second quarter and the remainder of the year."

Dividend

The Company announced today that Micrel's Board of Directors has authorized an increase in the Company's quarterly cash dividend to $0.035 per share of common stock. The payment of this dividend will be made on May 22, 2008 to shareholders of record as of May 6, 2008.

Conference Call

The Company will host a conference call at 5:00 p.m. Eastern time (2:00 p.m. Pacific time) on April 24, 2008. Chief Executive Officer Raymond Zinn and Chief Financial Officer Richard Crowley will present an overview of the first quarter 2008 financial results, discuss current business conditions and then respond to questions. The call is available, live, to any interested party on a listen only basis by dialing (866) 214-7077. For international callers, please dial (416) 915-9608. Interested callers should dial in at least five minutes before the scheduled start time and ask to be connected to the Micrel, Incorporated Conference Call. A live webcast will also be available through http://www.vcall.com/. An audio replay of the conference call will be available through May 1, 2008, by dialing (719) 457-0820 or (888) 203-1112 and entering access code number 4916346. The webcast replay will also be available on the Company's website at: http://www.micrel.com/.

SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This press release includes statements that qualify as forward-looking statements under the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements about the following topics: our expectations regarding future financial results, including revenues, net income, earnings per share, customer demand, booking levels, turns-fill requirements, and customer order patterns; expectations regarding repurchase of the Company's common stock, payment of future dividends, expectations about expenses related to the Company's ongoing proxy contest, and the nature of macro-economic and industry trends. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially. Those risks and uncertainties include, but are not limited to, such factors as: softness in demand for our products; customer decisions to cancel, reschedule, or delay orders for our products; the effect that lead times and channel inventories have on the demand for our products; economic or financial difficulties experienced by our customers; the effect of business conditions in the computer, telecommunications and industrial markets; the impact of any previous or future acquisitions; changes in demand for networking or high bandwidth communications products; the impact of competitive products and pricing and alternative technological advances; the accuracy of estimates used to prepare the Company's financial statements; the global economic situation; the ability of the Company's vendors and subcontractors to supply or manufacture the Company's products in a timely manner; the timely and successful development and market acceptance of new products and upgrades to existing products; softness in the economy and the U.S. stock markets as a whole; fluctuations in the market price of Micrel's common stock and other market conditions; the difficulty of predicting our future cash needs; the nature of other investment opportunities available to the Company from time to time; and Micrel's operating cash flow. For further discussion of these risks and uncertainties, we refer you to the documents the Company files with the SEC from time to time, including the Company's Annual Report on Form 10-K for the year ended December 31, 2007. All forward-looking statements are made as of today, and the Company disclaims any duty to update such statements.

Non-GAAP Reporting

The Company presents non-GAAP financial measures only because investors and financial analysts use non-GAAP results in their analysis of historical results and projections of the Company's future operating results. The Company's management uses non-GAAP measures on a limited basis, primarily for employee performance-based compensation. In order to facilitate the computation of non-GAAP results for the financial analyst community and investors, the Company makes reference to non-GAAP net income and earnings per share. These non-GAAP results exclude the impact of revenues and cost of revenues related to intellectual property settlements, stock-based compensation expense, other operating income and expense items, restructuring expense and income, other income related to litigation settlements and their related tax effects. Micrel references those results to allow a better comparison of results in the current period to those in prior periods and to provide insight to the Company's on-going operating performance after exclusion of these items. The Company has reconciled such non-GAAP results to the most directly comparable GAAP financial measures in the financial tables at the end of this press release.

Reference to these non-GAAP results should be considered in addition to results that are prepared under current accounting standards but should not be considered a substitute for results that are presented in accordance with GAAP. It should also be noted that Micrel's non-GAAP information may be different from the non-GAAP information provided by other companies.

IMPORTANT INFORMATION / SOLICITATION PARTICIPANTS LEGEND

Micrel, Incorporated has filed a definitive proxy statement with the SEC in connection with the special meeting of shareholders and prior to the special meeting will mail the proxy statement to shareholders along with a WHITE proxy card. Micrel, Incorporated and its directors and executive officers may be deemed to be participants in the solicitation of proxies from the shareholders of Micrel, Incorporated in connection with the special meeting. Information regarding the interests of these directors and executive officers in connection with the matters to be voted on at the special meeting is included in the definitive proxy statement filed by Micrel, Incorporated in connection with the special meeting. Micrel, Incorporated has filed and may file other solicitation materials. In addition, Micrel, Incorporated files annual, quarterly and special reports, proxy and information statements, and other information with the SEC. These documents are available free of charge at the SEC's web site at http://www.sec.gov/ or from Micrel, Incorporated at http://www.micrel.com/. In addition, information about the proxy solicitation or additional information about the special meeting of shareholders may be obtained by calling MacKenzie Partners, Inc. toll free at 1-800-322-2885 or e-mailing micrelproxy@mackenziepartners.com. You may also visit http://www.votemicrel.com/ for additional information. SHAREHOLDERS ARE URGED TO READ THE PROXY STATEMENT CAREFULLY AS IT CONTAINS IMPORTANT INFORMATION THAT SHAREHOLDERS SHOULD CONSIDER BEFORE MAKING ANY VOTING OR INVESTMENT DECISION.

About Micrel

Micrel Inc., is a leading global manufacturer of IC solutions for the worldwide analog, Ethernet and high bandwidth markets. The Company's products include advanced mixed-signal, analog and power semiconductors; high performance communication, clock management, Ethernet switch and physical layer transceiver ICs. Company customers include leading manufacturers of enterprise, consumer, industrial, mobile, telecommunications, automotive, and computer products. Corporation headquarters and state-of-the-art wafer fabrication facilities are located in San Jose, CA, with regional sales and support offices and advanced technology design centers situated throughout the Americas, Europe and Asia. In addition, the Company maintains an extensive network of distributors and sales representatives worldwide.

For further information, contact Richard Crowley at: Micrel, Incorporated, 2180 Fortune Drive, San Jose, California, 95131, (408) 944-0800; or visit the Company's website at: http://www.micrel.com/.

-Financial Tables to Follow- MICREL, INCORPORATED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) (Unaudited) Three Months Ended March 31, December 31, March 31, 2008 2007 2007 Net revenues $66,052 $64,569 $63,113 Cost of revenues(1) 28,761 28,512 26,426 Gross profit 37,291 36,057 36,687 Operating expenses: Research and development(1) 14,126 13,400 13,252 Selling, general and administrative(1) 12,256 10,917 12,137 Restructuring expense (income) (842) 28 44 Total operating expenses 25,540 24,345 25,433 Income from operations 11,751 11,712 11,254 Other income (expense): Interest income 1,002 1,500 1,501 Interest expense 83 (10) (152) Other income 11 10 15,514 Total other income 1,096 1,500 16,863 Income before income taxes 12,847 13,212 28,117 Provision for income taxes 4,458 4,793 10,249 Net income $8,389 $8,419 $17,868 Net income per share: Basic $0.12 $0.11 $0.23 Diluted $0.12 $0.11 $0.23 Shares used in computing per share amounts: Basic 72,266 75,248 77,738 Diluted 72,310 75,432 78,750 (1) Includes amortization of stock-based compensation as follows: Cost of revenues $233 $308 $302 Research and development 604 452 479 Selling, general and administrative 652 408 489 MICREL, INCORPORATED SUPPLEMENTAL RECONCILIATIONS OF GAAP TO NON-GAAP RESULTS (In thousands, except per share amounts) (Unaudited) Three Months Ended March 31, December 31, March 31, 2008 2007 2007 GAAP Net income $8,389 $8,419 $17,868 Adjustments to GAAP Net Income: Stock-based compensation included in: Cost of revenues 233 308 302 Research and development 604 452 479 Selling, general and administrative 652 408 489 Restructuring expense (income) (842) 28 44 Other non-operating income - Litigation Settlement - - (15,514) Tax effect of adjustments to GAAP income 25 (202) 5,800 Total Adjustments to GAAP Net Income 672 994 (8,400) Non-GAAP income(2) $9,061 $9,413 $9,468 Non-GAAP shares used in computing non-GAAP income per share (in thousands): Basic 72,266 75,248 77,738 Diluted(1) 72,327 75,405 78,462 GAAP income per share - Basic $0.12 $0.11 $0.23 Total Adjustments to GAAP Net Income $0.01 $0.02 $(0.11) Non-GAAP income per share - Basic $0.13 $0.13 $0.12 GAAP income per share - Diluted $0.12 $0.11 $0.23 Total Adjustments to GAAP Net Income $0.01 $0.01 $(0.11) Non-GAAP income per share - Diluted(2) $0.13 $0.12 $0.12 (1) Non-GAAP shares have been adjusted from diluted outstanding shares calculated under FAS123R. (2) Non-GAAP results were reached by excluding revenues and cost of revenues related to intellectual property settlements, stock-based compensation expense, other operating income or expense items, restructuring expenses or income, other income related to litigation settlements and their related tax-effects. Non-GAAP results are presented to supplement our GAAP consolidated financial statements to allow a better comparison of results in the current period to those in prior periods and to provide meaningful insight to the Company's on-going operating performance after exclusion of these items. MICREL, INCORPORATED CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) March 31, December 31, 2008 2007 ASSETS CURRENT ASSETS: Cash, cash equivalents and short-term investments $78,519 $91,127 Accounts receivable, net 33,689 29,614 Inventories 34,869 35,660 Income taxes receivable 235 3,426 Deferred income taxes 18,960 19,387 Other current assets 2,427 3,604 Total current assets 168,699 182,818 LONG-TERM INVESTMENTS 14,723 16,552 PROPERTY, PLANT AND EQUIPMENT, NET 81,784 82,585 INTANGIBLE ASSETS, NET 2,604 3,026 DEFERRED INCOME TAXES 9,945 9,286 OTHER ASSETS 427 478 TOTAL $278,182 $294,745 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $15,190 $18,010 Deferred income on shipments to distributors 20,593 20,238 Other current liabilities 9,642 14,097 Total current liabilities 45,425 52,345 LONG-TERM TAXES PAYABLE 3,442 2,814 OTHER LONG-TERM OBLIGATIONS 325 335 TOTAL SHAREHOLDERS' EQUITY 228,990 239,251 TOTAL $278,182 $294,745

Micrel, Incorporated

CONTACT: Richard Crowley of Micrel, Incorporated, +1-408-944-0800

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

Ingram Micro Reports First Quarter 2008 ResultsSales hit a first-quarter recordGross margins hit highest first-quarter level in 10 yearsCost reduction plans announced

SANTA ANA, Calif., April 24 /PRNewswire-FirstCall/ -- Ingram Micro Inc. , the world's largest technology distributor, today announced financial results for the first quarter of 2008 (ended March 29, 2008).

Worldwide sales for the quarter were $8.58 billion, a 4-percent increase from $8.25 billion in the prior-year period. The translation impact of the relatively stronger foreign currencies had an approximate six-percentage-point positive effect on comparisons to the prior year.

Net income for the first quarter was $64.1 million, or $0.37 per diluted share, compared with $37.0 million, or $0.21 per diluted share, in the year-ago period. The prior-year quarter included a charge of $33.8 million, or $0.19 per diluted share, which was recorded to cost of sales for commercial taxes on software imports in Brazil, as well as a benefit of approximately $0.02 per diluted share from the favorable resolution of a U.S. tax audit.

"We're pleased with the performance of our Asia-Pacific and Latin America regions, both of which grew at double-digit rates with good operating leverage," said Greg Spierkel, chief executive officer, Ingram Micro Inc. "However, as we discussed in February, softness in the economic environments in North America and Europe is exerting pressure on our operations in those regions. We've made good progress on the expense-containment plan instituted earlier this year, but additional steps are necessary in this environment. We are planning a restructuring in our Europe, Middle East and Africa (EMEA) operations, primarily in the regional headquarters, and made targeted reductions of office-based positions in North America earlier this month. We're confident that the actions will improve productivity and operational effectiveness without sacrificing customer service or vendor relationships, or inhibiting profitable growth."

The planned actions are expected to generate $18 million to $24 million of annualized savings, beginning in the second and third quarters of 2008. Costs associated with these actions are expected to be approximately $11 million to $13 million, the majority of which are expected to be incurred during the second and third quarters of 2008.

Additional First Quarter Highlights

For additional detail regarding the results outlined below, please refer to the financial statements and schedules attached to this news release or visit http://www.ingrammicro.com/.

Regional Sales: o North American sales were $3.29 billion (38 percent of total revenues), essentially flat with the $3.28 billion posted a year ago. o EMEA sales were $3.07 billion (36 percent of total revenues), an increase of one percent versus the $3.05 billion in the year-ago quarter. The translation impact of the relatively stronger European currencies had an approximate eleven-percentage-point positive effect on comparisons to the prior year. o Asia-Pacific sales were $1.81 billion (21 percent of total revenues), an increase of 16 percent versus the $1.57 billion reported in the year-ago quarter. The translation impact of the relatively stronger regional currencies had an approximate ten-percentage-point positive effect on comparisons to the prior year. o Latin American sales were $407 million (5 percent of total revenues), an increase of 18 percent compared to the $346 million posted a year ago. Gross margin

Gross margin was 5.66 percent, an increase of 70 basis points versus the prior-year quarter, driven by general business improvements in every region. In the prior-year quarter, the charge related to Brazilian commercial taxes adversely affected the gross margin by approximately 41 basis points.

Operating expenses

Total operating expenses were $386.2 million or 4.50 percent of revenues versus $335.1 million or 4.06 percent of revenues in the year-ago quarter. Softer sales growth due to the weaker-demand environment, additional investments in people and infrastructure to support our strategic initiatives, and growth in our fee-for-services business had a negative impact on operating expenses as a percent of revenues.

Operating income

Worldwide operating income was $99.3 million or 1.16 percent of revenues. In the year-ago quarter, operating income was $73.7 million or 0.89 percent of revenues, which includes the Brazilian tax charge of approximately $33.8 million or 41 basis points.

o North American operating income was $40.6 million or 1.23 percent of revenues, compared to $57.0 million or 1.74 percent of revenues in the year-ago quarter. o EMEA operating income was $26.8 million or 0.87 percent of revenues, compared to $35.0 million or 1.15 percent of revenues in the year-ago quarter. o Asia-Pacific operating income increased 65 percent to $32.5 million or 1.79 percent of revenues from $19.7 million or 1.25 percent of revenues in the year-ago quarter. o Latin America operating income was $7.8 million or 1.92 percent of revenues. In the year ago quarter, the region recorded an operating loss of $28.4 million or 8.20 percent of revenues due to the $33.8 million commercial tax charge in Brazil, described previously, which was approximately 9.76 percent of revenues. o Stock-based compensation expense, which amounted to $8.4 million in the current quarter and $9.6 million in the prior year quarter, is presented as a separate reconciling amount in the company's segment reporting in both periods. As such, these expenses are not included in the regional operating results, but are included in the worldwide operating results. * Other income and expense for the quarter was $12.7 million versus $15.4 million in the year-ago period, primarily driven by lower interest rates. * The effective tax rate for the quarter was 26 percent, which includes a favorable two-percentage-point discrete impact of a tax-rate change in China. The effective rate in the prior year period was 36.6 percent, which was negatively impacted by the Brazilian commercial tax charge referenced previously. * Total depreciation and amortization was $16.9 million. * Capital expenditures were approximately $10.9 million. Balance Sheet * The cash balance at the end of the quarter was $567 million, relatively flat with the year-end balance. * Total debt was $609 million, an increase of $86 million from year-end. Debt-to-capitalization was 15 percent versus 13 percent at the end of 2007. * The company repurchased approximately 5.3 million shares during the first quarter of 2008, for an aggregate amount of $86.6 million. Total shares repurchased since the inception of the program in mid-November 2007 through the quarter-end is 6.6 million shares for an aggregate amount of $111.7 million. * Inventory was $2.89 billion or 32 days on hand compared to $2.77 billion or 27 days on hand at the end of the year. The increase in inventory days is primarily due to the softer sales environment. * Working capital days were 26, an increase of four days from year-end, primarily due to higher inventory days. Working capital days were roughly flat with the first quarter of the prior year.

"Despite the challenging economic environment, gross margins were at the highest first-quarter level in 10 years," said William D. Humes, executive vice president and chief financial officer. "This is a direct result of our commitment to strategic initiatives that improve the margin profile and continued focus on our most profitable lines of business. Other bright spots included strong performances in many of our emerging markets. We are clearly focused on opportunities to reduce operating expenses and inventory levels. While it's difficult to make rapid adjustments in these areas when demand slows, we have improvement plans in place and I expect to see good progress going forward."

Outlook for the Second Quarter

The following statements are based on the company's current expectations and internal forecasts. These statements are forward-looking and actual results may differ materially, as outlined in the company's periodic filings with the Securities and Exchange Commission.

According to the company's guidance for the second quarter ending June 28, 2008:

-- Sales are expected to range from $8.50 billion to $8.75 billion. -- Net income is expected to range from $59 million to $64 million, or $0.34 to $0.37 per diluted share. This does not include costs related to the expense-reduction plans in North America and EMEA. The timing of the costs cannot be predicted with certainty, but are estimated to be approximately $2 million to $4 million in the second quarter, with the balance substantially incurred in the third quarter. -- The weighted average shares outstanding and effective tax rate are expected to be approximately 172 million and 28 percent, respectively.

"Our second-quarter guidance reflects continued economic softness in North America and Europe, with solid growth in Asia-Pacific and Latin America," said Spierkel. "The expected sequential sales growth is following a fairly normal seasonal pattern, with a modest benefit from slightly stronger foreign currencies compared to the first quarter. While we are taking the necessary steps to manage our cost structure in the current economy, we will continue to pursue activities that improve our infrastructure, generate greater customer loyalty, diversify our business mix and enhance margins. The company has proven its resiliency in similar economic environments and we will be stronger than ever when the economy rebounds."

Conference Call and Webcast

Additional information about Ingram Micro's financial results will be presented in a conference call with presentation slides today at 5 p.m. EDT. To listen to the conference call webcast and view the accompanying presentation slides, visit the company's Web site at http://www.ingrammicro.com/ (Investor Relations section). The conference call is also accessible by telephone at (888) 455-0750 (toll-free within the United States and Canada) or (210) 839-8501 (other countries).

The replay of the conference call with presentation slides will be available for one week at http://www.ingrammicro.com/ (Investor Relations section) or by calling (800) 678-3180 or (402) 220-3063 outside the United States and Canada.

Cautionary Statement for the Purpose of the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995

The matters in this press release that are forward-looking statements, including but not limited to statements about future revenues, sales levels, operating income, margins, stock-based compensation expense, integration costs, cost synergies, operating efficiencies, profitability, market share and rates of return, are based on current management expectations that involve certain risks which, if realized, in whole or in part, could cause such expectations to fail to be achieved and have a material adverse effect on Ingram Micro's business, financial condition and results of operations, including, without limitation: (1) intense competition, regionally and internationally, including competition from alternative business models, such as manufacturer-to-end-user selling, which may lead to reduced prices, lower sales or reduced sales growth, lower gross margins, extended payment terms with customers, increased capital investment and interest costs, bad debt risks and product supply shortages; (2) integration of our acquired businesses and similar transactions involve various risks and difficulties -- our operations may be adversely impacted by an acquisition that (i) is not suited for us, (ii) is improperly executed, or (iii) substantially increases our debt; (3) foreign exchange rate fluctuations, devaluation of a foreign currency, adverse governmental controls or actions, political or economic instability, or disruption of a foreign market, and other related risks of our international operations may adversely impact our operations in that country or globally; (4) we may not achieve the objectives of our process improvement efforts or be able to adequately adjust our cost structure in a timely fashion to remain competitive, which may cause our profitability to suffer; (5) our failure to attract new sources of profitable business from expansion of products or services or risks associated with entry into new markets, including geographies, products and services, could negatively impact our future operating results; (6) an interruption or failure of or disruptions due to changes to our information systems or subversion of access or other system controls may result in a significant loss of business, assets, or competitive information and may adversely impact our results of operations; (7) if there is a downturn in economic conditions for an extended period of time, it will likely have an adverse impact on our business; (8) significant changes in supplier terms, such as higher thresholds on sales volume before distributors may qualify for discounts and/or rebates, the overall reduction in the amount of incentives available, reduction or termination of price protection, return levels, or other inventory management programs, or reductions in payment terms, may adversely impact our results of operations or financial condition; (9) termination of a supply or services agreement with a major supplier or product supply shortages may adversely impact our results of operations; (10) changes in, or interpretations of, tax rules and regulations may adversely affect our effective tax rates or we may be required to pay additional tax assessments; (11) we cannot predict with certainty, the outcome of the SEC and U.S. Attorney's inquiries or assessments by Brazilian taxing authorities; (12) we may experience loss of business from one or more significant customers, and an increased risk of credit loss as a result of reseller customers' businesses being negatively impacted by dramatic changes in the information technology products and services industry as well as intense competition among resellers -- increased losses, if any, may not be covered by credit insurance or we may not be able to obtain credit insurance at reasonable rates or at all; (13) rapid product improvement and technological change resulting in inventory obsolescence or changes in demand may result in a decline in value of a portion of our inventory; (14) future terrorist or military actions could result in disruption to our operations or loss of assets, in certain markets or globally; (15) the loss of a key executive officer or other key employees, or changes affecting the work force such as government regulations, collective bargaining agreements or the limited availability of qualified personnel, could disrupt operations or increase our cost structure; (16) changes in our credit rating or other market factors may increase our interest expense or other costs of capital, or capital may not be available to us on acceptable terms to fund our working capital needs; (17) our failure to adequately adapt to industry changes and to manage potential growth and/or contractions could negatively impact our future operating results; (18) future periodic assessments required by current or new accounting standards such as those relating to long-lived assets, goodwill and other intangible assets and expensing of stock options may result in additional non-cash charges; (19) seasonal variations in the demand for products and services, as well as the introduction of new products, may cause variations in our quarterly results; and (20) the failure of certain shipping companies to deliver product to us, or from us to our customers, may adversely impact our results of operations.

Ingram Micro has instituted in the past and continues to institute changes to its strategies, operations and processes to address these risk factors and to mitigate their impact on Ingram Micro's results of operations and financial condition. However, no assurances can be given that Ingram Micro will be successful in these efforts. For a further discussion of significant factors to consider in connection with forward-looking statements concerning Ingram Micro, reference is made to Item 1A Risk Factors of Ingram Micro's Annual Report on Form 10-K for the year ended December 29, 2007; other risks or uncertainties may be detailed from time to time in Ingram Micro's future SEC filings. Ingram Micro disclaims any duty to update any forward-looking statements.

About Ingram Micro Inc.

As a vital link in the technology value chain, Ingram Micro creates sales and profitability opportunities for vendors and resellers through unique marketing programs, outsourced logistics services, technical support, financial services, and product aggregation and distribution. The company serves more than 150 countries and is the only global broadline IT distributor with operations in Asia. Visit http://www.ingrammicro.com/.

(C) 2008 Ingram Micro Inc. All rights reserved. Ingram Micro and the registered Ingram Micro logo are trademarks used under license by Ingram Micro Inc.

Ingram Micro Inc. Consolidated Balance Sheet (Dollars in 000s) (Unaudited) March 29, December 29, 2008 2007 ASSETS Current assets: Cash $567,344 $579,626 Trade accounts receivable, net 3,639,654 4,054,824 Inventories 2,891,699 2,766,148 Other current assets 531,087 520,069 Total current assets 7,629,784 7,920,667 Property and equipment, net 184,114 181,416 Goodwill 745,939 733,481 Other assets 140,386 139,437 Total assets $8,700,223 $8,975,001 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $3,984,771 $4,349,700 Accrued expenses 545,141 602,295 Current maturities of long-term debt 181,339 135,616 Total current liabilities 4,711,251 5,087,611 Long-term debt, less current maturities 428,000 387,500 Other liabilities 68,756 72,948 Total liabilities 5,208,007 5,548,059 Stockholders' equity 3,492,216 3,426,942 Total liabilities and stockholders' equity $8,700,223 $8,975,001 Ingram Micro Inc. Consolidated Statement of Income (Dollars in 000s, except per share data) (Unaudited) Thirteen Weeks Ended March 29, 2008 March 31, 2007 Net sales $8,577,318 $8,245,704 Costs of sales 8,091,810 7,836,932 Gross profit 485,508 408,772 Operating expenses: Selling, general and administrative 386,224 335,742 Reorganization credits - (684) 386,224 335,058 Income from operations 99,284 73,714 Interest and other 12,724 15,395 Income before income taxes 86,560 58,319 Provision for income taxes 22,505 21,339 Net income $64,055 $36,980 Diluted earnings per share: Net income $0.37 $0.21 Diluted weighted average shares outstanding 174,405,002 175,074,739 Ingram Micro Inc. Supplementary Information Income from Operations (Dollars in 000s) (Unaudited) Thirteen Weeks Ended March 29, 2008 Operating Operating Net Sales Income Margin North America $3,290,181 $40,589 1.23% EMEA 3,066,370 26,778 0.87% Asia-Pacific 1,813,429 32,541 1.79% Latin America 407,338 7,824 1.92% Reconciling amount (stock-based compensation under SFAS 123R) - (8,448) - Consolidated Total $8,577,318 $99,284 1.16% Thirteen Weeks Ended March 31, 2007 Operating Operating Net Sales Income Margin North America $3,283,438 $57,014 1.74% EMEA 3,047,297 34,954 1.15% Asia-Pacific 1,569,165 19,689 1.25% Latin America 345,804 (28,359)(a) (8.20%) Reconciling amount (stock-based compensation under SFAS 123R) - (9,584) - Consolidated Total $8,245,704 $73,714 (a) 0.89% (a) The loss from operations recorded in Latin America for the thirteen weeks ended March 31, 2007 includes a commercial tax charge of $33,754 in Brazil (9.76% of Latin America net sales and 0.41% of consolidated net sales).

Ingram Micro Inc.

CONTACT: Investors, Ria Marie Carlson, +1-714-382-4400,
ria.carlson@ingrammicro.com, or Kay Leyba, +1-714-382-4175,
kay.leyba@ingrammicro.com, or Media, Marie Connell, +1-714-382-2009,
marie.connell@ingrammicro.com, or Rekha Parthasarathy, +1-714-382-1319,
rekha@ingrammicro.com, all of Ingram Micro Inc.

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

Nanophase Achieves Record First Quarter Revenue

ROMEOVILLE, Ill., April 24 /PRNewswire-FirstCall/ -- Nanophase Technologies , a leader in nanomaterials and advanced nanoengineered products, announced that for the quarter ending March 31, 2008, total revenue was $3.05 million compared to $2.9 million in the first quarter of 2007. Gross margin as a percentage of revenue increased to 35%, versus 25% in the first quarter of 2007, while gross margin dollars increased 48%.

Nanophase continues to narrow its losses with increasing revenues and gross margin growth. Nanophase reported a net loss of $950,000, or $0.04/share, versus a net loss of $1.2 million, or $0.06 per share, in the first quarter of 2007. Management noted that of the $950,000 loss, approximately 71%, or $670,000, was due to non-cash items.

"Nanophase delivered another solid quarter, especially in a difficult economic environment," noted Joseph Cross, Nanophase's president and CEO. "In spite of some general and specific market caution entering 2008, comparing the first quarter of 2008 to the prior year, we experienced relatively solid customer demand in personal care and sunscreens, an 82% increase in architectural coatings revenues, twenty-five fold revenue growth in chemical/mechanical planarization nanomaterials, and 37% growth in biosensor nanomaterials. The Company's revenue declined 26% for industrial coatings and plastics, primarily, we believe, reflecting one customer's inventory build in the first and second quarter of 2007 that was not duplicated during the first quarter of 2008. We anticipate that industrial coatings and plastics revenues should improve over the next three quarters."

Cross added: "As we have stated before, our business model requires developing unique value-added solutions that are ready to integrate into customers' products and, therefore, command higher margins. We believe Nanophase's consistent margin growth since 2005 has demonstrated that our model and market tactics are having positive effects. Our gross margin this past quarter continues that trend."

"Operationally, Nanophase continues to perform at a high level with 100% on-time delivery and absolutely zero customer returns in the first quarter. The Company also ended the first quarter with over 875,000 hours, or over 420 man years, worked without a lost time accident -- a quite exemplary record for a company of our size."

Markets and Outlook

Cross noted that while first quarter revenue was encouraging, the Company continues to have limited visibility and is maintaining its 5 to 15% revenue growth estimate for 2008. "Using our improved market development and sales approach, we have made sound progress adding targeted new revenue opportunities to our stage gate sales process. While we continue to work closely with our market partners, we have been developing a greater in-house ability to directly market new nanomaterial-based solutions. To further that effort, we increased our sales staff this past quarter with the addition of an experienced chemical sales professional to expand targeted customer initiatives."

"But, it remains pragmatically difficult for us to accurately forecast the speed of movement through the stage gates, the start of revenue generating activities, and the ensuing growth ramp," Cross noted. "At this point, we anticipate that second quarter 2008 revenue will be relatively flat with the current quarter. We do not believe that the inventory build-up from two major customers that benefited the second quarter of 2007 will recur in 2008."

Cross noted that the Company finished the first quarter with $16 million in cash and equivalents and should be adequately capitalized to meet its growth objectives in the foreseeable future. Nanophase believes that it has adequate facilities and equipment to support a $20-25 million revenue run rate, depending on product mix, and does not anticipate material capital spending during 2008.

Cross concluded: "We continue to expect an increased revenue run rate in the second half of 2008 based on market partner forecasts and opportunities that we are pursuing. As we see how the second quarter unfolds and have increased information on new opportunities, we will re-evaluate our 2008 outlook at the appropriate time."

Nanophase has scheduled its quarterly conference call for April 24, 2008 at 4:00PM CDT (5:00PM EDT), which will be hosted by Joseph Cross, president and CEO, and Jess Jankowski, CFO. The call may be accessed through the Company's website, http://www.nanophase.com/, by clicking on the link under Investor Relations and Calendar of Events. If you are unable to attend, a replay will be available through May 1, 2008 by dialing 706-645-9291 and entering code 44233587, or by logging onto the Company's website and following the above directions.

Nanophase Technologies Corporation (NANX), http://www.nanophase.com/, is a leader in nanomaterials technologies and provides nanoengineered solutions for multiple industrial product applications. Using a platform of patented and proprietary integrated nanomaterial technologies, the Company creates products with unique performance attributes from two ISO 9001:2000 and ISO 14001 facilities. Nanophase delivers commercial quantity and quality nanoparticles, coated nanoparticles, and nanoparticle dispersions in a variety of media. The Company owns or licenses 18 United States and 49 foreign patents and patent applications. Information about Nanophase may be found in the Company's public filings or on its website.

This press release contains words such as "expects", "shall", "will", "believes" and similar expressions that are intended to identify forward-looking statements within the meaning of the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Such statements in this announcement are made based on the Company's current beliefs, known events and circumstances at the time of publication, and as such, are subject in the future to unforeseen risks and uncertainties that could cause the Company's results of operations, performance and achievements to differ materially from current expectations expressed in, or implied by, these forward-looking statements. These risk and uncertainties include the following: a decision by a customer to cancel a purchase order or supply agreement in light of the Company's dependence on a limited number of key customers; uncertain demand for, and acceptance of, the Company's nanocrystalline materials; the Company's manufacturing capacity and product mix flexibility in light of customer demand; the Company's limited marketing experience; changes in development and distribution relationships; the impact of competitive products and technologies; the Company's dependence on patents and protection of proprietary information; the resolution of litigation in which the Company may become involved; and other risks described in the Company's Form 10K filed March 14, 2007, and other filings with the Securities and Exchange Commission. In addition, the Company's forward-looking statements could be affected by general industry and market conditions and growth rates. Except as required by federal securities laws, the Company undertakes no obligation to update or revise these forward-looking statements to reflect new events, uncertainties or other contingencies.

NANOPHASE TECHNOLOGIES CORPORATION BALANCE SHEETS (Unaudited) March 31, December 31, ASSETS 2008 2007 Current assets: Cash and cash equivalents $1,234,033 $563,075 Investments 14,808,624 16,145,844 Trade accounts receivable, less allowance for doubtful accounts of $13,000 on March 31, 2008 and December 31, 2007 1,982,630 1,403,206 Inventories, net 1,129,825 1,085,364 Prepaid expenses and other current assets 373,838 298,464 Total current assets 19,528,950 19,495,953 Equipment and leasehold improvements, net 7,226,314 7,409,666 Other assets, net 624,108 781,266 $27,379,372 $27,686,885 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current portion of capital lease obligations $44,092 $43,110 Current portion of deferred other revenue 127,273 127,273 Accounts payable 802,443 238,295 Accrued expenses 1,459,725 1,584,656 Total current liabilities 2,433,533 1,993,334 Long-term debt, less current maturities and unamortized debt discount 1,526,524 1,512,507 Long-term portion of capital lease obligations 20,032 31,430 Deferred other revenue, less current portion 42,425 74,243 1,588,981 1,618,180 Contingent liabilities: - - Stockholders' equity: Preferred stock, $.01 par value, 24,088 shares authorized and no shares issued and outstanding - - Common stock, $.01 par value, 30,000,000 shares authorized; 21,116,369 and 21,088,068 shares issued and outstanding on March 31, 2008 and December 31, 2007, respectively 211,164 210,881 Additional paid-in capital 90,430,162 90,201,131 Accumulated deficit (67,284,468) (66,336,641) Total stockholders' equity 23,356,858 24,075,371 $27,379,372 $27,686,885 NANOPHASE TECHNOLOGIES CORPORATION STATEMENTS OF OPERATIONS (Unaudited) Three months ended March 31, 2008 2007 Revenue: Product revenue $2,942,722 $2,794,141 Other revenue 111,386 112,296 Total revenue 3,054,108 2,906,437 Operating expense: Cost of revenue 2,000,208 2,193,275 Gross Profit 1,053,900 713,162 Research and development expense 438,695 524,164 Selling, general and administrative expense 1,694,068 1,410,259 Loss from operations (1,078,863) (1,221,261) Interest income 167,221 99,626 Interest expense (38,416) (33,047) Other, net 2,231 (69,345) Loss before provision for income taxes (947,827) (1,224,027) Provision for income taxes - - Net loss $(947,827) $(1,224,027) Net loss per share-basic and diluted $(0.04) $(0.06) Weighted average number of basic and diluted common shares outstanding 21,106,607 19,005,846 NANOPHASE TECHNOLOGIES CORPORATION STATEMENTS OF OPERATIONS - EXPANDED SCHEDULE (Unaudited) Three months ended March 31 2008 2007 Revenue: Product revenue, net $2,942,722 $2,794,141 Other revenue 111,386 112,296 Total revenue 3,054,108 2,906,437 Operating expense: Cost of revenue detail: Depreciation 238,044 280,080 Non-Cash equity compensation 16,771 14,402 Other costs of revenue 1,745,393 1,898,793 Cost of revenue 2,000,208 2,193,275 Gross profit 1,053,900 713,162 Research and development expense detail: Depreciation 58,458 55,362 Non-Cash equity compensation 31,032 45,230 Other research and development expense 349,205 423,572 Research and development expense 438,695 524,164 Selling, general and administrative expense detail: Depreciation and amortization 24,094 19,098 Non-Cash equity compensation 152,660 146,704 Patent abandonment charge 168,050 - Other selling, general and administrative expense 1,349,264 1,244,457 Selling, general and administrative expense 1,694,068 1,410,259 Loss from operations (1,078,863) (1,221,261) Interest income 167,221 99,626 Interest expense (38,416) (33,047) Other, net 2,231 (69,345) Loss before provision for income taxes (947,827) (1,224,027) Provision for income taxes - - Net loss $(947,827) $(1,224,027)

Nanophase Technologies

CONTACT: Joseph Cross, President, CEO, +1-630-771-6705, or Jess
Jankowski, VP, CFO, +1-630-771-6702, or Nancy Baldwin, Investor Relations,
+1-630-771-6707, all of Nanophase Technologies

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

Hittite Microwave Corporation Reports Financial Results for the First Quarter of 2008

CHELMSFORD, Mass., April 24 /PRNewswire-FirstCall/ -- Hittite Microwave Corporation today reported revenue for the first quarter ended March 31, 2008 of $43.3 million, representing an increase of 19.2% compared with $36.3 million for the first quarter of 2007 and an increase of 1.9% compared with $42.5 million for the fourth quarter of 2007. Net income for the quarter was $13.0 million, or $0.42 per diluted share, an increase of 8.8% compared with $12.0 million, or $0.39 per diluted share, for the first quarter of 2007, and a decrease of 2.4% compared with $13.4 million, or $0.43 per diluted share, for the fourth quarter of 2007.

"Our first quarter was a solid start to the year," said Stephen Daly, Chairman and CEO. "During the quarter we introduced our 17th product line, launched 12 new products and published our 13th annual designers' guide. We believe our growth and expansion will continue as we move into 2008."

For the first quarter of 2008, revenue from customers in the United States was $18.0 million, or 42% of the company's total revenue, and revenue from customers outside the United States was $25.3 million, or 58% of total revenue. Gross margin was 70.1% for the first quarter as compared with 71.3% for the first quarter of 2007 and 70.8% for the fourth quarter of 2007. Operating income for the first quarter was $18.7 million, or 43.1% of revenue. Total cash and short-term investments at the end of the first quarter of 2008 was $181.2 million, an increase for the quarter of $16.5 million.

Hittite also announced today that its board of directors has authorized a stock repurchase program. The purpose of this program is to offset share dilution attributable to equity-based awards that have been made since the company's initial public offering in 2005. The program authorizes the repurchase of up to 1.7 million shares over a period of three years and authorizes offsetting future equity grants with additional stock repurchases. The shares may be repurchased from time to time on the open market or in privately negotiated transactions. The timing, price and volume of repurchases will be based on market conditions, relevant securities laws and other factors considered appropriate by the company. The company may suspend or discontinue the repurchase program at any time.

Business Outlook

The company currently expects revenue for the second quarter ending June 30, 2008 to be in the range of $44.0 million to $45.0 million and net income to be in the range of $13.2 million to $13.6 million, or $0.42 to $0.43 per diluted share.

Webcast and Taped Replay

The company will host a conference call to discuss its financial results at 5:00 p.m. ET today. A live webcast of the call will be available online on the Hittite Microwave website. To listen to the live webcast, go to the Investor Relations page of the Hittite Microwave web site at http://www.hittite.com/ and click on the webcast icon located under Conference Calls. A telephonic replay of the call also will be available for one week after the live call by dialing (719) 457-0820, access code 4364310. Following the call, a webcast replay will also be available by visiting the Investor Relations page at http://www.hittite.com/.

About Hittite Microwave Corporation

Hittite Microwave is an innovative designer and developer of high performance integrated circuits, or ICs, modules and subsystems for technically demanding radio frequency, or RF, microwave and millimeterwave applications. Products include amplifiers, attenuators, data converters, frequency dividers and detectors, frequency multipliers, high speed digital logic, interface, mixers and converters, modulators and demodulators, oscillators, passives, phase shifters, power detectors, sensors, switches, synthesizers and variable gain amplifiers. Hittite's products are used in a variety of applications and end markets including automotive, broadband, cellular infrastructure, fiber optic, microwave and millimeterwave communications, military, space, and test and measurement. The company utilizes radio frequency integrated circuits (RFIC), monolithic microwave integrated circuits (MMIC), multi-chip modules (MCM) and microwave integrated circuit (MIC) technologies. The company is headquartered in Chelmsford, MA.

"Safe Harbor Statement" under the Private Securities Litigation Reform Act of 1995

Statements in this press release regarding Hittite Microwave Corporation that do not relate to historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, any statements regarding our expectations as to future levels of revenue, net income and earnings per share. Readers are cautioned that these forward-looking statements are subject to risks and uncertainties and are only predictions, and actual future events and results may differ materially from these forward- looking statements. Factors that could cause or contribute to such differences include, but are not limited to: market acceptance of our new products; our ability to assess market requirements accurately; our success in maintaining the business of our significant customers; our ability to keep pace with new semiconductor processes; regulatory, operational, financial and political risks inherent in operating internationally; competition within the semiconductor industry; product returns and warranty claims; our ability to manage our growth and costs effectively; our belief that growth and expansion of our business will continue into 2008; protection of our intellectual property; the growth and fiscal strength of our end markets; and other risks and uncertainties that are discussed under "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2007, as filed with the Securities and Exchange Commission.

Hittite Microwave Corporation Condensed Consolidated Balance Sheets (In thousands) March 31, 2008 December 31, 2007 Assets Current assets: Cash and cash equivalents $152,277 $65,735 Available-for-sale investments 28,919 99,007 Accounts receivable, net 24,256 22,253 Inventories 12,716 14,129 Deferred costs 233 242 Income taxes receivable - 1,072 Prepaid expenses and other current assets 1,370 677 Deferred taxes 4,706 4,281 Total current assets 224,477 207,396 Property and equipment, net 18,738 18,824 Other assets 8,459 8,275 Total assets $251,674 $234,495 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $3,212 $2,647 Accrued expenses 6,419 6,121 Income taxes payable 3,978 - Deferred revenue and customer advances 3,742 6,098 Total current liabilities 17,351 14,866 Long-term income taxes payable 3,226 3,180 Deferred taxes 157 156 Total liabilities 20,734 18,202 Total stockholders' equity 230,940 216,293 Total liabilities and stockholders' equity $251,674 $234,495 Hittite Microwave Corporation Condensed Consolidated Statements of Operations (In thousands except per-share data) Three Months Ended March 31, 2008 2007 Revenue $43,292 $36,330 Cost of revenue 12,935 10,421 Gross profit 30,357 25,909 70.1% 71.3% Operating expenses: Research and development 5,712 4,409 Sales and marketing 4,006 2,866 General and administrative 1,967 1,744 Total operating expenses 11,685 9,019 Income from operations 18,672 16,890 43.1% 46.5% Interest and other income, net 1,159 1,180 Income before income taxes 19,831 18,070 Provision for income taxes 6,781 6,078 Net income $13,050 $11,992 Earnings per share: Basic $0.42 $0.39 Diluted $0.42 $0.39 Shares used in the calculation of earnings per share: Basic 30,728 30,496 Diluted 31,272 31,138

Hittite Microwave Corporation

CONTACT: William W. Boecke, V.P. and Chief Financial Officer of Hittite
Microwave Corporation, +1-978-250-3343

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

Coherent, Inc. Reports Second Fiscal Quarter Results

SANTA CLARA, Calif., April 24 /PRNewswire-FirstCall/ -- Coherent, Inc. today announced financial results for its second fiscal quarter ended March 29, 2008, posting sales of $155.9 million and net income, on a U.S. generally accepted accounting principles (GAAP) basis, of $6.1 million or $0.19 per diluted share compared to net sales of $152.1 million and net income of $7.3 million or $0.23 per diluted share for the second quarter of fiscal 2007.

Net income for the second quarter of fiscal 2008 included an after tax charge of $1.5 million related to our restatement of financial statements and litigation resulting from our internal stock option investigation ($0.05 per diluted share), after tax stock-related compensation expense of $3.7 million ($0.12 per diluted share) and a one-time tax expense in connection with a dividend from one of our European subsidiaries of $1.4 million ($0.04 per diluted share). Excluding these charges, non-GAAP net income was $12.8 million or $0.40 per diluted share. Net income for the second quarter of fiscal 2007 included an after tax charge of $2.6 million ($0.08 per diluted share) of internal stock option investigation costs and $2.5 of million stock-related compensation expense, net of tax ($0.08 per diluted share). Excluding these charges, non-GAAP net income for the second quarter of fiscal 2007 was $12.3 million or $0.39 per diluted share.

In comparison, sales for the first quarter of fiscal 2008 were $144.3 million and net income, on a GAAP basis, was $4.7 million ($0.15 per diluted share). Net income for the first quarter of fiscal 2008 included an after tax charge of $2.8 million related to our restatement of financial statements and litigation resulting from our internal stock option investigation ($0.09 per diluted share) and after tax stock-related compensation expense of $1.9 million ($0.06 per diluted share). Excluding these charges, non-GAAP net income for the first quarter of fiscal 2008 was $9.5 million or $0.30 per diluted share.

Orders received during the three months ended March 29, 2008 of $148.6 million decreased 2.2% from the same prior year period and decreased by 4.1% compared to orders received in the immediately preceding quarter. The book- to-bill ratio was 0.95, resulting in backlog of $199.3 million at March 29, 2008 compared to a backlog of $198.4 million at December 29, 2007 and a backlog of $189.3 million at March 31, 2007.

As of March 29, 2008, year-to-date sales of $300.2 million and net income of $10.9 million ($0.34 per diluted share) compared to the prior year period sales of $299.6 million and a net income of $18.0 million ($0.56 per diluted share). Orders received for the six month period ended March 29, 2008 were $303.4 million, compared to $288.1 million in orders received during the same period a year ago.

"We are pleased to have exceeded our revenue and profit guidance for the second fiscal quarter, especially in light of the current macroeconomic turbulence. These results reinforce the benefits of serving diversified end markets," said John Ambroseo, Coherent's President and Chief Executive Officer. "We also remain committed to our long-term adjusted EBITDA objectives. Our recently announced outsourcing of optics manufacturing and ensuing exit of our Auburn, California facility have been taken in support of these goals. Following the transition, we expect to achieve run rate savings of approximately $3.5 to $4.5 million per year," he stated.

"Another component of our long-term strategy is to deploy more configurable platform designs. We are developing a series of products based upon an ultrafast fiber laser. The first offering in the series is the Talisker, which is a rugged industrial laser for use in micromaterials processing," Ambroseo continued. "Talisker was officially released last week following customer qualification testing. Based upon the feedback, we expect Talisker to be the solution of choice for a variety of applications including wafer dicing and solar cell manufacturing," he concluded.

At March 29, 2008, Coherent's cash, cash equivalents and short term investments totaled $184.6 million, representing a decrease of $177.2 million compared to September 29, 2007. The decrease includes the use of approximately $228 million for the repurchase of our common stock under the previously announced tender offer ended March 19, 2008.

Summarized statement of operations information is as follows (unaudited, in thousands except per share data):

Three Months Ended Six Months Ended March 29, Dec. 29, March 31, March 29, March 31, 2008 2007 2007 2008 2007 Net sales $155,942 $144,296 $152,116 $300,238 $299,625 Cost of sales(A) 88,818 83,802 87,646 172,620 173,181 Gross profit 67,124 60,494 64,470 127,618 126,444 Operating expenses: Research & development(A) 19,428 18,319 18,884 37,747 37,206 Selling, general & administrative(A)(B) 37,384 38,818 37,139 76,202 70,623 Restructuring, impairment and other charges - - 111 - 248 Intangibles amortization 2,229 2,206 1,950 4,435 3,893 Total operating expenses 59,041 59,343 58,084 118,384 111,970 Income from operations 8,083 1,151 6,386 9,234 14,474 Other income, net 4,263 5,881 5,096 10,144 10,370 Income before income taxes 12,346 7,032 11,482 19,378 24,844 Provision for income taxes(C) 6,221 2,303 4,200 8,524 6,804 Net income $6,125 $4,729 $7,282 $10,854 $18,040 Net income per share: Basic $0.20 $0.15 $0.23 $0.35 $0.57 Diluted $0.19 $0.15 $0.23 $0.34 $0.56 Shares used in computation: Basic 31,394 31,417 31,417 31,406 31,378 Diluted 31,874 31,959 31,937 31,916 32,030 (A) The quarter ended March 29, 2008 includes $4,949 ($3,734 net of tax ($0.12 per diluted share)) of stock-related compensation expense. Pretax stock-related compensation expense is recorded in the statement lines as follows: $759 to cost of sales; $808 to research and development; and $3,382 to selling, general and administrative. The quarter ended December 29, 2007 includes $2,705 ($1,933 net of tax ($0.06 per diluted share)) of stock-related compensation expense. Pretax stock-related compensation expense is recorded in the statement lines as follows: $385 to cost of sales; $320 to research and development; and $2,000 to selling, general and administrative. The quarter ended March 31, 2007 includes $3,755 ($2,483 net of tax ($0.08 per diluted share)) of stock-related compensation expense. Pretax stock-related compensation expense is recorded in the statement lines as follows: $667 to cost of sales; $739 to research and development; and $2,349 to selling, general and administrative. The six months ended March 29, 2008 includes $7,654 ($5,667 net of tax ($0.18 per diluted share)) of stock-related compensation expense. Pretax stock-related compensation expense is recorded in the statement lines as follows: $1,144 to cost of sales; $1,128 to research and development; and $5,382 to selling, general and administrative. The six months ended March 31, 2007 includes $7,246 ($4,673 net of tax ($0.15 per diluted share)) of stock-related compensation expense. Pretax stock-related compensation expense is recorded in the statement lines as follows: $1,104 to cost of sales; $1,299 to research and development; and $4,843 to selling, general and administrative. (B) The quarter ended March 29, 2008 includes $2,505 ($1,528 net of tax ($0.05 per diluted share)) of costs related to our restatement of financial statements and litigation resulting from our internal stock option investigation. The quarter ended December 29, 2007 includes $4,749 ($2,849 net of tax ($0.09 per diluted share)) of costs related to our restatement of financial statements and litigation resulting from our internal stock option investigation. The quarter ended March 31, 2007 includes $4,278 ($2,567 net of tax ($0.08 per diluted share)) of costs related to our internal stock option investigation. The six months ended March 29, 2008 includes $7,254 ($4,377 net of tax ($0.14 per diluted share)) of costs related to our restatement of financial statements and litigation resulting from our internal stock option investigation. The six months ended March 31, 2007 includes $5,999 ($3,593 net of tax ($0.11 per diluted share)) of costs related to our internal stock option investigation. (C) The quarter ended March 29, 2008 includes a tax charge of $1,394 ($0.04 per diluted share) in connection with a dividend from one of our European subsidiaries. Summarized balance sheet information is as follows (unaudited, in thousands): March 29, Sept. 29, 2008 2007 ASSETS Current assets: Cash, cash equivalents and short-term investments $184,626 $361,823 Restricted cash(A) 2,758 2,460 Accounts receivable, net 112,694 102,314 Inventories 116,567 112,893 Prepaid expenses and other assets 98,188 86,088 Total current assets 514,833 665,578 Property and equipment, net 107,475 104,305 Other assets 189,495 177,717 Total assets $811,803 $947,600 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current portion of long-term obligations $9 $9 Accounts payable 33,622 27,849 Other current liabilities 97,471 100,887 Total current liabilities 131,102 128,745 Other long-term liabilities 90,117 47,869 Total stockholders' equity 590,584 770,986 Total liabilities and stockholders' equity $811,803 $947,600 (A) Represents cash for remaining close out costs associated with our purchase of the remaining outstanding shares of Lambda Physik AG. Reconciliation of GAAP to Non-GAAP net income (unaudited, in thousands, after-tax): Three Months Ended Six Months Ended March 29, Dec. 29, March 31, March 29, March 31, 2008 2007 2007 2008 2007 GAAP net income $6,125 $4,729 $7,282 $10,854 $18,040 Stock option investigation and related restatement of financial statements, and litigation expenses 1,528 2,849 2,567 4,377 3,593 Stock-related compensation expense 3,734 1,933 2,483 5,667 4,673 One-time tax expense (benefit) 1,394 - - 1,394 (2,147) Non-GAAP net income $12,781 $9,511 $12,332 $22,292 $24,159 Non-GAAP net income per diluted share $0.40 $0.30 $0.39 $ 0.70 $0.75

The Company's conference call scheduled for 1:30 p.m. PT today will include discussions relative to the current quarter results and some comments regarding forward looking guidance on future operating performance. Readers are encouraged to refer to the risk disclosures described in the Company's reports on Forms 10-K, 10-Q and 8-K, as applicable and as filed from time-to-time by the Company.

Forward-Looking Statements

This press release contains forward-looking statements, as defined under the Federal securities laws. These forward-looking statements include the statements in this press release that relate to our long-term adjusted EBITDA percentage goals, the achievement of savings from the outsourcing of optics manufacturing and exit from our Auburn, California facility, the development of products based upon an ultrafast fiber laser, and that we expect Talisker to be the solution of choice for a variety of applications including wafer dicing and solar cell manufacturing. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement. Factors that could cause actual results to differ materially include risks and uncertainties, including but not limited to risks associated with quarterly and annual fluctuations in our net sales and operating results, our exposure to risks associated with worldwide economic slowdowns, our ability to increase our sales volumes and decrease our costs, the impact that our operations and potential acquisitions will have on interest, taxes, depreciation and amortization measurements, changes to the Company's tax rate as a result of government action, customer acceptance and adoption of our new product offerings, our ability to successfully achieve the benefits from the outsourcing of our optics manufacturing, and other risks identified in the Company's SEC filings. Readers are encouraged to refer to the risk disclosures described in the Company's reports on Forms 10-K, 10-Q and 8-K, as applicable and as filed from time-to-time by the Company. Actual results, events and performance may differ materially from those presented herein. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to update these forward-looking statements as a result of events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Founded in 1966, Coherent, Inc. is a world leader in providing photonics based solutions to the commercial and scientific research markets. Please direct any questions to Leen Simonet, Chief Financial Officer at 408-764-4161. For more information about Coherent, visit the Company's Web site at http://www.coherent.com/ for product and financial updates.

Coherent, Inc.

CONTACT: Leen Simonet of Coherent, Inc., +1-408-764-4161

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

Interwoven Announces First Quarter Financial ResultsRevenue Growth of 17%; Non-GAAP Net Income Growth of 21%

SAN JOSE, Calif., April 24 /PRNewswire-FirstCall/ -- Interwoven, Inc. , a global leader in content management solutions, today announced financial results for the three months ended March 31, 2008.

(Logo: http://www.newscom.com/cgi-bin/prnh/20071205/INTWOVLOGO)

Interwoven reported total revenues of $61.5 million for the first quarter of 2008, an increase of 17% from total revenues of $52.7 million for the first quarter of 2007. Net income for the first quarter of 2008, calculated in accordance with generally accepted accounting principles, was $6.1 million, or $0.13 per share, compared to net income of $4.7 million, or $0.10 per share, for the same quarter in 2007. On a non-GAAP basis, Interwoven reported a net income of $7.3 million for the first quarter of 2008, or $0.16 per share, compared to non-GAAP net income of $6.0 million, or $0.13 per share, for the first quarter of 2007.

Reconciliations of net income and net income per share calculated in accordance with generally accepted accounting principles and non-GAAP net income and non-GAAP net income per share are provided in the tables immediately following the consolidated statements of operations. Additional information about the company's non-GAAP financial measures can be found under the caption "Non-GAAP Financial Information" below.

As of March 31, 2008, cash, cash equivalents and short-term investments totaled $173.3 million and deferred revenues totaled $71.1 million.

"Our first quarter performance provided an excellent start to 2008", said Joe Cowan, CEO of Interwoven. "We posted a revenue increase of 17% over last year, while increasing earnings and cash flows. These results are a direct result of a strategy that is tuned to the needs of our customers."

Customer Success Highlights -- During the first quarter, Interwoven added 84 customers, bringing the company's total to approximately 4,300 customers worldwide. -- Notable customer orders in Q1 included, among others, Addleshaw Goddard, AIMCO/Bethesda Holdings, Air France, Amnesty International USA, Ballard Spahr Andrews & Ingersoll, LLP, Butler Rubin Saltarelli & Boyd LLP, Chantrey Vellacott DFK, Commonwealth Bank of Australia, Genpact India, ING Direct Italia, Kennedys, Loma Linda University Health Center, LOVEFiLM International, Loyalty Management UK, Osborne Clarke, Pleasant Holidays, Principal Life Insurance Company, The Segal Company, Shutterfly, Sky Italia and Taylor Wessing.

Recent Company Highlights, Product News, and Industry Leadership Highlights

-- GearUp 2008 -- This week over 1,000 customers and partners attended Interwoven GearUp, Interwoven's 7th annual customer conference, held in San Francisco. A record 50 partner organizations sponsored the event, and over 60 customers shared their success stories on how they are using Interwoven to maximize online business performance and improve efficiency, agility and collaboration. As part of the three-day agenda, Interwoven conducted an "Executive Summit" for senior IT and marketing leadership. -- Leading Interactive Marketing Agencies Certified on Interwoven Optimost -- This week Interwoven announced a new Interwoven Optimost certification program for interactive marketing agencies. The certification program empowers interactive marketing agencies and systems integration firms to fully leverage the Interwoven Optimost multivariable optimization solution across their customer base. To date, representatives from seven leading interactive marketing firms -- including Avenue A | Razorfish, Digitaria, Earthbound Media Group, Molecular, One to One Interactive, Roundarch, and Stratigent -- have completed the certification process. -- Interwoven Optimost Launched in Asia-Pacific -- Earlier this month, Interwoven announced the immediate availability of the Interwoven Optimost solution in the Asia-Pacific region. As part of this announcement, Interwoven will also be growing its network of Interwoven Optimost service specialists, and will be expanding its Interwoven Optimost certification process to Asia-Pacific interactive marketing firms. -- Interwoven Takes Top Honors at 5th Annual Law Technology News Conference -- In February 2008, Interwoven announced that the readers of Law Technology News (LTN) selected Interwoven as the best-in-class solution provider for both document management and records management. The award winners are selected by the readers of Law Technology News, which is comprised of over 40,000 subscribers representing large, midsize and small firms, as well as in-house corporate counsel and legal technology professionals. Non-GAAP Financial Information

To supplement the company's consolidated financial statements presented in accordance with generally accepted accounting principles, Interwoven uses measures of operating results, net income, net income per share, and shares used in the net income per share calculation, which are adjusted to exclude restructuring and excess facilities charges, stock-based compensation, amortization of intangible assets, recoveries from amounts held in escrow related to the settlement of certain claims associated with the acquisition of Scrittura and the related tax impact of these adjustments, and the costs associated with the company's completed voluntary review of historical stock option grant procedures and related accounting. These non-GAAP results are not in accordance with, or an alternative for, results prepared in accordance with accounting principles generally accepted in the United States of America, and the company's non-GAAP measures may be different from non-GAAP measures used by other companies. Interwoven believes that the presentation of non-GAAP results provides useful information to management and investors regarding underlying trends in its consolidated financial condition and results of operations. Interwoven also believes that where the adjustments used in calculating non-GAAP net income and non-GAAP net income per share are based on specific, identified charges that impact different line items in the consolidated statements of operations (including cost of revenues-license, cost of revenues-support and service, sales and marketing, research and development, and general and administrative expenses), it is useful to investors to know how these specific line items in the consolidated statements of operations are affected by these adjustments. For its internal budgets, Interwoven's management uses consolidated financial statements that do not include restructuring and excess facilities charges, stock-based compensation, amortization of intangible assets, recoveries from amounts held in escrow related to the settlement of certain claims associated with the acquisition of Scrittura, and the related tax impact of these adjustments, and the costs associated with the company's completed voluntary review of historical stock option grant procedures and related accounting. Interwoven uses these non-GAAP measures in assessing corporate performance and determining incentive compensation. Readers are advised to review and consider carefully the financial information prepared in accordance with accounting principles generally accepted in the United States of America contained in this press release and Interwoven's periodic filings with the Securities and Exchange Commission.

Conference Call Information

Interwoven's 2008 first quarter financial results and its financial outlook for the second quarter of 2008 will be discussed today, April 24, 2008 at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time).

Conference Call Details: Date: Thursday, April 24, 2008 Time: 2:00 p.m. PDT (5:00 p.m. EDT) Live Dial-in #: (888) 684-1277 or (913) 312-0970 Replay Dial-in #: (888) 203-1112 or (719) 457-0820 Replay Passcode: 1614082

Audio Webcast instructions will be available on Interwoven's Website at http://www.interwoven.com/investors. The call replay will be available starting on April 24, 2008 at approximately 5:00 p.m. Pacific Time for a limited time period.

Cautionary Statement Regarding Forward-Looking Statements This press release contains "forward-looking" statements, including statements about historical results that may suggest trends in our business. These statements are based on estimates and information available to us at the time of this press release and are not guarantees of future performance. Our forward-looking statements include statements about customer demand. Actual results could differ materially from our current expectations as a result of many factors including: our ability to develop new products, services, features and functionality successfully and on a timely basis; customer acceptance of our solutions; changes in customer spending on enterprise content management initiatives; our ability to cross-sell and up-sell additional products into our installed base of customers; our ability to successfully acquire businesses and technologies and to successfully integrate and operate these acquired businesses and technologies; the timing and impact of acquisition-related costs or amortization costs for acquired intangible assets; the success of our strategic business alliances; intense competition in our markets; changes in key personnel; the introduction of new products or services by competitors; and the ongoing consolidation in our markets. These and other risks and uncertainties associated with our business are described in our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Forms 8-K, which are on file with the Securities and Exchange Commission and available through http://www.sec.gov/.

About Interwoven

Interwoven is a global leader in content management solutions. Interwoven's software and services enable organizations to maximize online business performance and organize, find, and govern business content. Interwoven solutions unlock the value of content by delivering the right content to the right person in the right context at the right time. Approximately 4,300 of the world's leading companies, professional services firms, and governments have chosen Interwoven, including adidas, Airbus, Avaya, BT, Cisco, Citi, Delta Air Lines, DLA Piper, the Federal Reserve Bank, FedEx, Grant Thornton, Hilton Hotels, Hong Kong Trade and Development Council, HSBC, LexisNexis, MasterCard, Microsoft, Samsung, Shell, Qantas Airways, Tesco, Virgin Mobile, and White & Case. Over 20,000 developers and over 300 partners enrich and extend Interwoven's offerings. To learn more about Interwoven, please visit http://www.interwoven.com/.

INTERWOVEN, INC. Consolidated Balance Sheets (In thousands) Assets March 31, 2008 December 31, (Unaudited) 2007 Current assets: Cash and cash equivalents $87,803 $68,453 Short-term investments 85,529 88,896 Accounts receivable, net 38,325 39,000 Prepaid expenses and other current assets 9,060 8,252 Total current assets 220,717 204,601 Property and equipment, net 15,777 16,247 Goodwill 217,747 217,777 Other intangible assets, net 18,985 20,960 Deferred tax assets 6,159 5,895 Other assets 2,058 2,878 Total assets $481,443 $468,358 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $3,612 $4,378 Accrued liabilities 25,041 30,707 Restructuring and excess facilities accrual 1,345 1,618 Deferred revenues 71,098 61,977 Total current liabilities 101,096 98,680 Accrued liabilities 7,772 7,816 Restructuring and excess facilities accrual 1,746 2,016 Total liabilities 110,614 108,512 Commitments and contingencies Stockholders' equity: Preferred stock - - Common stock 45 45 Additional paid-in capital 771,031 766,660 Accumulated other comprehensive income 906 415 Accumulated deficit (401,153) (407,274) Total stockholders' equity 370,829 359,846 Total liabilities and stockholders' equity $481,443 $468,358 INTERWOVEN, INC. Consolidated Statements of Income (In thousands, except per share data) (Unaudited) Three Months Ended March 31, 2008 2007 Revenues: License $21,972 $19,614 Support and service 39,492 33,102 Total revenues 61,464 52,716 Cost of revenues: License 1,779 1,960 Support and service 15,950 13,192 Total cost of revenues 17,729 15,152 Gross profit 43,735 37,564 Operating expenses: Sales and marketing 22,037 19,804 Research and development 9,953 9,061 General and administrative 5,732 4,959 Amortization of intangible assets 668 828 Restructuring and excess facilities charges (recoveries) (48) 3 Total operating expenses 38,342 34,655 Income from operations 5,393 2,909 Interest income and other, net 1,178 2,492 Income before provision for income taxes 6,571 5,401 Provision for income taxes 450 673 Net income $6,121 $4,728 Basic net income per common share $0.13 $0.11 Shares used in computing basic net income per common share 45,434 44,636 Diluted net income per common share $0.13 $0.10 Shares used in computing diluted net income per common share 46,717 46,460 INTERWOVEN, INC. Impact of Non-GAAP Adjustments on Reported Net Income (In thousands, except per share data) (Unaudited) Three Months Ended Three Months Ended March 31, 2008 March 31, 2007 As As Repor- Adjust- Non- Repor- Adjust- Non- ted ments GAAP ted ments GAAP Revenues: License $21,972 $- $21,972 $19,614 $- $19,614 Support and service 39,492 - 39,492 33,102 - 33,102 Total revenues 61,464 - 61,464 52,716 - 52,716 Cost of revenues: License (1) 1,779 (928) 851 1,960 (1,226) 734 Support and service (1) (2) 15,950 (677) 15,273 13,192 (148) 13,044 Total cost of revenues 17,729 (1,605) 16,124 15,152 (1,374) 13,778 Gross profit 43,735 1,605 45,340 37,564 1,374 38,938 Operating expenses: Sales and marketing (2) 22,037 (885) 21,152 19,804 (415) 19,389 Research and development (2) 9,953 (397) 9,556 9,061 (235) 8,826 General and administra- tive(2) (3) 5,732 (1,028) 4,704 4,959 (1,363) 3,596 Amortization of intangible assets (1) 668 (668) - 828 (828) - Restructuring and excess facilities charges (recoveries) (4) (48) 48 - 3 (3) - Total operating expenses 38,342 (2,930) 35,412 34,655 (2,844) 31,811 Income from operations 5,393 4,535 9,928 2,909 4,218 7,127 Interest income and other, net (5) 1,178 - 1,178 2,492 (472) 2,020 Income before taxes 6,571 4,535 11,106 5,401 3,746 9,147 Provision for income taxes (6) 450 3,326 3,776 673 2,437 3,110 Net income $6,121 $1,209 $7,330 $4,728 $1,309 $6,037 Net income per share $0.13 $0.16 $0.10 $0.13 Shares used in computing net income per share 46,717 46,717 46,460 46,460 (1) For the three months ended March 31, 2008, adjustments reflect the reversal of amortization of purchased technology of $928,000 in cost of revenues -- license and $379,000 in cost of revenues support and service. For the three months ended March 31, 2007, adjustments reflect the reversal of amortization of purchased technology of $1.2 million in cost of revenues -- license and none in cost of revenues support and service. For the three months ended March 31, 2008 and 2007, adjustments reflect the reversal of $668,000 and $828,000, respectively, associated with the amortization of intangible assets. (2) For the three months ended March 31, 2008, adjustments reflect the reversal of stock-based compensation expense of $298,000 in cost of revenues -- support and service, $885,000 in sales and marketing, $397,000 in research and development and $1.0 million in general and administrative. For the three months ended March 31, 2007, adjustments reflect the reversal of stock-based compensation expense of $148,000 in cost of revenues -- support and service, $415,000 in sales and marketing, $235,000 in research and development and $123,000 in general and administrative. (3) For the three months ended March 31, 2008 and 2007, adjustment reflects the reversal of none and $1.2 million in expenses incurred in connection with the Company's completed voluntary review of historical stock option grant procedures and related accounting. (4) For the three months ended March 31, 2008 and 2007, adjustments reflect the reversal of ($48,000) and $3,000, respectively, in adjustments associated with the Company's restructuring and excess facilities. (5) For the three months ended March 31, 2007, adjustment reflects the reversal of recoveries from amounts held in escrow related to the settlement of certain claims associated with the acquisition of Scrittura, Inc. (6) For the three months ended March 31, 2008 and 2007, adjustments reflect an additional hypothetical tax provision of $3.3 million and $2.4 million, respectively, associated with the non-GAAP adjustments.

Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20071205/INTWOVLOGO
AP Archive: http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com Interwoven, Inc.

CONTACT: Investors, Keren Ackerman, +1-408-953-7284,
kackerman@interwoven.com, Media, Randy Cairns, +1-408-953-7111,
rcairns@interwoven.com, both of Interwoven, Inc.

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

CSC Announces Sponsorship for the PBS Series 'CARRIER'

FALLS CHURCH, Va., April 24 /PRNewswire/ -- Computer Sciences Corporation today announced that the company is the corporate underwriter for the upcoming PBS series, "CARRIER." The 10-part documentary series, filmed aboard the U.S. Navy aircraft carrier U.S.S. Nimitz (CVN 68), will air on PBS from April 27 - May 1.

"CARRIER" is a six-month character-driven immersion into the high-stakes world of a nuclear aircraft carrier. The all-access series follows a core group of film participants -- from the admiral of the strike group to seasoned fighter pilots and the youngest sailors -- as they navigate personal conflicts around their jobs, families, faith, patriotism, love, the rites of passage and the war on terror.

"We are pleased to support a documentary series that will deeply resonate with many of our employees and customers," said James W. Sheaffer, president of CSC's North American Public Sector business unit. "The U.S. military is an important client of CSC. Many of our employees have proudly served in the armed forces, including the U.S. Navy, and have similar connections and experiences to those who will be profiled on the 'CARRIER' series."

CSC, with approximately one third of its revenue generated from business with the federal government, is a global, multibillion-dollar corporation with a rich history of working with the U.S. Navy and Department of Defense.

For unique stories from CSC's Navy veterans who have shared their experiences aboard the USS Nimitz and other aircraft carriers, please visit: http://www.csc.com/ee/nimitz.

A trailer with behind-the-scenes footage and commentary of the "CARRIER" series is available at: http://www.pbs.org/weta/carrier/video.php.

About CSC

Computer Sciences Corporation is a leading information technology (IT) services company. CSC's mission is to be a global leader in providing technology-enabled business solutions and services.

With approximately 91,000 employees, CSC provides innovative solutions for customers around the world by applying leading technologies and CSC's own advanced capabilities. These include systems design and integration; IT and business process outsourcing; applications software development; Web and application hosting; and management consulting. CSC reported revenue of $16.1 billion for the 12 months ended Dec. 28, 2007. For more information, visit the company's Web site at http://www.csc.com/.

Computer Sciences Corporation

CONTACT: Caroline Longanecker, Senior Manager, Communications, North
American Public Sector, +1-703-641-3260, clonganecker@csc.com, or Rich Venn,
Media Relations, Corporate, +1-310-615-3926, rvenn@csc.com, both of Computer
Sciences Corporation

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

Aerojet Demonstrates Innovative Thruster for Missile Defense Agency's NCADE Program

SACRAMENTO, Calif., April 24 /PRNewswire-FirstCall/ -- Aerojet, a GenCorp company, recently completed a successful full-duration development test firing of its innovative Axial HAN Thruster for the Missile Defense Agency and Raytheon Company's Net-Centric Airborne Defense Element (NCADE) program.

NCADE is an air-launched weapon system designed to engage short- and medium-range ballistic missiles in the boost and ascent phase of flight. The system provides an interim or near-term solution to boost or ascent phase threats, and is based on the Advanced Medium Range Air-to-Air Missile (AMRAAM) that adds proven seeker technology from Raytheon.

Aerojet's spiral development, second-stage propulsion system uses an advanced Hydroxylammonium nitrate (HAN) monopropellant thruster providing higher performance and high-density packaging to ultimately power lighter, higher-velocity missiles. HAN is less toxic and easier to handle than other propellants and could eventually enable safe shipboard operation. The technology signifies an important advancement in missile defense propulsion technology and this success builds on thruster and propellant technology that has been developed collaboratively between Aerojet and USAF Air Force Research Laboratory.

Aerojet's recent fast-paced design, build and test program has provided valuable risk reduction for the Axial Thruster and is widely recognized as a key advancement in fielding non-toxic propulsion systems. The challenge to introducing new rocket propellant is to produce stable and controllable combustion. Aerojet achieved very stable combustion of HAN which will enable higher performance and better packaging. "Aerojet overcame significant technical challenges in this thruster development program," said Dick Bregard, Aerojet's vice president of Defense Programs. "This testing opens a new range of possibilities for rocket engines using non-toxic, high performance propellants. The monopropellant technology offers significant simplification and higher performance compared to existing systems," he said.

Aerojet's successful test program provides the hot fire data needed to develop new flight-weight designs and fabricate next generation Axial and Divert thrusters for NCADE, and a variety of other Missile Defense Agency and potential space flight applications.

Aerojet is a world-recognized aerospace and defense leader principally serving the missile and space propulsion, and armaments markets. GenCorp is a leading technology-based manufacturer of aerospace and defense products and systems with a real estate segment that includes activities related to the entitlement, sale, and leasing of the company's excess real estate assets. Additional information about Aerojet and GenCorp can be obtained by visiting the companies' Web sites at http://www.aerojet.com/ and http://www.gencorp.com/.

Aerojet

CONTACT: Glenn Mahone, +1-202-302-9941, Glenn.Mahone@Aerojet.com, or
Kristin Conner, +1-916-355-2143, Kristin.Conner@Aerojet.com, both of Aerojet;
or Linda Cutler of GenCorp, +1-916-351-8650, Linda.Cutler@GenCorp.com

Web site: http://www.aerojet.com/
http://www.gencorp.com/

FAA Opens Discussion at AVIATION WEEK's MRO ConferenceAD compliance, safety, self-disclosure examined by FAA's Jim Ballough, John Hickey

FT. LAUDERDALE, Fla., April 24 /PRNewswire/ -- On Thursday, April 17, at AVIATION WEEK's Maintenance, Repair and Overhaul (MRO) North America Conference & Exhibition in Ft. Lauderdale, FL, Jim Ballough, director, Flight Standards Service, FAA, and John Hickey, director, Aircraft Certification Services, FAA, discussed airworthiness directive (AD) compliance issues and Safety Management Systems (SMS) with airlines, services providers and suppliers. Highlights include:

-- AD compliance issues related to the FAA-mandated audit fall into three categories: 1) outright non-compliance for which aircraft are grounded; 2) perceived compliance, but poor workmanship, which could cause issues such as chafing of the wiring that could result in mandatory groundings; 3) basic compliance, but slight deviations in application need to be examined. Once an issue has been identified, airlines should not continue to operate affected aircraft, said the FAA. -- The FAA maintains that overall compliance is at 99%, but airlines are uneasy about the remaining 1%. "We're just wondering what's going to happen next," says Oliver Martins, American Airlines' engineering, planning and quality assurance chief (Aviation Week & Space Technology, Apr. 21, p. 23). -- The FAA is reviewing its AD and self-disclosure processes to see how they can be improved to minimize ambiguities. As in the past, it continues to work with suppliers and airlines during this review. -- Companies should implement SMS and known best practices to internally evaluate themselves and ensure safety. -- The FAA is reviewing its oversight of suppliers and the routing of Suspected Unapproved Parts (SUPs). Both may result in further hearings from Congress in months to come.

For current figures, data and projections related to MRO, the following PowerPoints from the "Forecast and Survey Presentations" session on Tuesday, April 15, are available on AviationWeek.com:

-- Chris Doan, president & CEO, TeamSAI, Inc. -- Kevin Michaels, principal, AeroStrategy -- Chris Spafford, partner in Oliver Wyman's Aviation practice and co president for CAVOK, a division of Oliver Wyman

For the latest aviation, aerospace and defense news, and for more information on the MRO North America 2008 Conference & Exhibition including photos, blogs and videos, visit AviationWeek.com. Full coverage of the conference will also be available in the June 2008 issue of Overhaul & Maintenance.

About AVIATION WEEK

AVIATION WEEK, a division of The McGraw-Hill Companies, is the largest multimedia information and services provider to the global aviation, aerospace and defense industries, and includes the publications Aviation Week & Space Technology, Defense Technology International, Business & Commercial Aviation, Overhaul & Maintenance, ShowNews, Aviation Daily, The Weekly of Business Aviation, Aerospace Daily & Defense Report and the World Aerospace Database. The group's website, http://www.aviationweek.com/, offers the industry's most reliable news, information, search and online community tools. Premium content services include the Aviation Week Intelligence Network, an integrated business tool for managers, business developers, buyers and technical professionals, and MRO Prospector, a unique web-based suite of data and tools for business development and benchmarking in maintenance, repair and overhaul. The group also produces prominent conferences, exhibitions and management forums around the world.

About The McGraw-Hill Companies

Founded in 1888, The McGraw-Hill Companies is a leading global information services provider meeting worldwide needs in the financial services, education and business information markets through leading brands including Standard & Poor's, McGraw-Hill Education, BusinessWeek and J.D. Power and Associates. The Corporation has more than 280 offices in 40 countries. Sales in 2007 were $6.8 billion. Additional information is available at http://www.mcgraw-hill.com/.

AVIATION WEEK

CONTACT: Lisa Jaycox
+1-212-512-3272; +1-718-964-7404
lisa_jaycox@mcgraw-hill.com

Web site: http://www.aviationweek.com/
http://www.mcgraw-hill.com/

Optelecom-NKF Announces First Quarter 2008 Earnings Release Date and Conference Call

GERMANTOWN, Md., April 24 /PRNewswire-FirstCall/ -- Optelecom-NKF, Inc. , a leading global provider of advanced IP-video network solutions, today announced it will release first quarter earnings after the market close on Wednesday, April 30, 2008.

Optelecom-NKF president and CEO Edmund Ludwig will lead a conference call to discuss first quarter results at 10:00 a.m. Eastern Time, Thursday, May 1, 2008.

Interested parties are welcome to call 800-638-4817 (International Dial In: 617-614-3943) and request the "Optelecom-NKF conference call" shortly before the designated start time or provide the participant passcode 25071317. The telephone conference call will feature a question and answer segment with management. For those parties unable to participate in the live conference call, a replay will be available from noon following the teleconference until April 8, 2008. Those wishing to listen to the replay should call 888-286-8010 (International Dial In: 617-801-6888) and enter reservation number 25737680 when prompted.

The call is being web cast by CCBN and can be accessed at http://www.earnings.com/ or at Optelecom-NKF's website http://www.optelecom-nkf.com/.

About Optelecom-NKF

Optelecom-NKF, Inc. , is a global supplier of advanced video surveillance solutions, including IP cameras, video servers/codecs, network video recorders, fiber transmission equipment, video management and video analytics software. We deliver complete solutions for traffic management and security of airports, seaports, casinos, prisons, utilities, public transport, city centers, hospitals, and corporate campuses.

Founded in 1972, Optelecom-NKF is committed to providing its customers with expert technical advice and support in addition to products that are developed and tested for professional and mission critical applications. All Optelecom-NKF IP surveillance solutions are marketed under the Siqura(R) name.

The Optelecom-NKF corporate headquarters is in Germantown, Maryland, USA, with European corporate offices in Gouda, The Netherlands, and sales offices or support covering Latin America, France, Spain, the UK, Germany, Italy, Dubai, and Singapore.

Investor inquiries should be directed to Mr. Rick Alpert at 301-948-7872.

Optelecom-NKF, Inc.

CONTACT: Rick Alpert of Optelecom-NKF, Inc., +1-301-948-7872

Web site: http://www.optelecom-nkf.com/

Lockheed Martin Supports National Security Agency's 2008 Cyber Defense ExerciseNSA Experts Face Off Against Cyber Security Teams from Military Service Academies

ELKRIDGE, Md., April 24 /PRNewswire-FirstCall/ -- Lockheed Martin is providing key support to this week's Cyber Defense Exercise (CDX), a National Security Agency-led cyber "war game" that pits security teams from the nation's service academies against network experts from the Agency. Lockheed Martin is providing the central facility for the exercise, as well as the network infrastructure the teams will use in their week-long game of virtual capture the flag.

"We're very proud to support this important NSA activity," said Bob Eastman, Lockheed Martin Vice President, Information Systems. "Cyber security is an area of rapidly growing importance, and this exercise will help test out strategies, tactics and technology for defending against increasingly complex attacks on our networks."

During the exercise, teams from each of the service academies -- Air Force, Coast Guard, Merchant Marine, Naval Academy and West Point -- set up secure networks with sophisticated, layered defenses. A "Red Team" of NSA experts takes on the role of hackers, throwing an increasingly frenzied and intricate series of attacks at the academies' networks. As the students rush to fend off the attacks, an NSA "White Team" keeps score and tracks each team's success. This year, West Point is defending their 2007 championship title and Commander's Trophy.

Lockheed Martin helped NSA establish a closed, secure network for the exercise, which links all the academies with CDX headquarters at the Lockheed Martin facility in Elkridge, Md. The company is also providing technical support and expertise for CDX preparation and execution. The Corporation currently supports NSA and a number of defense and intelligence customers with a wide array of cyber security technology and services.

Headquartered in Bethesda, MD, Lockheed Martin employs more than 140,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. The Corporation reported 2007 sales of $41.9 billion.

For additional information, visit our website: http://www.lockheedmartin.com/.

Lockheed Martin

CONTACT: Matt Kramer of Lockheed Martin, +1-703-293-4333,
matthew.s.kramer@lmco.com

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

Lockheed Martin Stockholders Elect David B. Burritt to Board of Directors

BETHESDA, Md., April 24 /PRNewswire-FirstCall/ -- David B. Burritt has been elected to the Lockheed Martin board of directors. Mr. Burritt is Vice President and Chief Financial Officer of Caterpillar Inc. Stockholders approved the nomination today at Lockheed Martin's Annual Meeting. Lockheed Martin directors serve one-year terms.

Burritt, 52, began his career at Caterpillar in 1978 as an accountant. He has served in a variety of accounting, tax and financial reporting roles, including business manager for Caterpillar Belgium and general manager of Strategic and Business Services for Europe, Africa and the Middle East. In 2002, Burritt was named Caterpillar's corporate controller. He held that position until 2004, when he was named to his current position.

Burritt received a Masters of Business Administration degree from the University of Illinois in 1990 and a Bachelor of Science degree from Bradley University in 1977.

Burritt will serve as a member of the Audit Committee and the Strategic Affairs and Finance Committee.

Headquartered in Bethesda, Md., Lockheed Martin employs about 140,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. The corporation reported 2007 sales of $41.9 billion.

For additional information, visit our website:

http://www.lockheedmartin.com/

Lockheed Martin

CONTACT: Jeff Adams of Lockheed Martin, +1-301-897-6308,
jeffery.adams@lmco.com

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

Company News On-Call: http://www.prnewswire.com/comp/534163.html

NVIDIA and CGSociety Announce Winners of NVArt 'Architecture and Landscape' Digital Art ChallengeAward Winners to be Displayed at NVISION 08 in August in San Jose, California

SANTA CLARA, Calif. and ADELAIDE, Australia, April 24 /PRNewswire-FirstCall/ -- NVIDIA and CGSociety today announced the winners of the latest NVArt digital art challenge, the second in a series of worldwide art competitions. The theme was "Art Space: Architecture and Landscape."

(Photo: http://www.newscom.com/cgi-bin/prnh/20080424/AQTH108-a) (Photo: http://www.newscom.com/cgi-bin/prnh/20080424/AQTH108-b) (Logo: http://www.newscom.com/cgi-bin/prnh/20020613/NVDALOGO)

Artists from around the world were invited to submit computer-generated imagery of "awe-inspiring fusions" of architecture and landscapes, with an emphasis on imagination and artistic expression. The winning submissions can be viewed online at http://events.cgsociety.org/NVArt/02/winners.php.

"We invited artists to stand on the shoulders of giants like architect Frank Gehry and gaze into the far reaches of their imaginations," said Mark Snoswell, president of CGSociety, a global organization for digital artists. "Our artists have created wonderful places that are pure art, where one can wake each day to marvel at the play of light through fantastical spaces and at vibrant fusions of light, color, and texture."

Selected NVArt award winners will be on display at NVISION 08, the premier event for visual computing professionals and enthusiasts, on August 25-27, 2008 in San Jose, California. For more information, go to: http://www.nvision2008.com/. NVArt submissions have been showcased recently at the San Jose Museum of Art in Silicon Valley and the Tate Modern in London.

Award Winners The winners of the "Art Space: Architecture and Landscape" challenge are: * 1st place: "Complex at the Centre of the Universe" by Staszek Marek, Poland * 2nd place: "The Great Bayan" by Sergey Skachkov, Russia * 3rd place: "Mega Village 2108" by Andrew Barton, Great Britain Honorable Mention: * "Gaia's Gift" by Petar Milivojevic, Belgrade, Serbia * "The Valley" by Rudolf Herczog, Sweden * "Wandering City" by Sergey Skachkov, Russia * "5:45 to Santa Monica -- Now Boarding" by Aleksander (Olek) Novak-Zemplinski, USA * "Solaric Glass Anemone Structure V" by Albert Kiefer, Netherlands * "Heaven in Desert" by Tolgahan Gungor, Turkey * "The Pinevalley Keeps" by Georgi 'Calader' Simeonov, Great Britain * "Underworld" by Maxime Desmettre, Canada * "Water Plant" by David Gonzalez Fernandez, Spain * "Water Station" by Steve Bjorck, Great Britain * "Atmosphere Emitters" by Brajan Martinovic, Croatia * "In a Beautiful Place out in the Country" by Colin Cassidy, Great Britain Judging

The submissions were reviewed by a distinguished panel of judges, including: Pascal Blanche, Ubisoft; Francisco Cortina, 3D Artist; Lorne Lanning, Oddworld Inhabitants; Stephan Martinere, Midway Games; JoAnne Northrup, San Jose Museum of Art; Shelley Page, Dreamworks; Mark Snoswell, CGSociety; Steven Stahlberg, Androidblues; and David Wright, NVIDIA.

Next NVArt Challenge

The theme of the next NVArt challenge is "Digital Fusion." It will run from April 24 to June 19, 2008. Artists are invited to create inspiring fusions of 2D and 3D that are more than the sum of their parts. For more information on "Digital Fusion," go to: http://events.cgsociety.org/NVArt/03/. (Winners from the first NVArt challenge -- "Amazing Creations" -- can be viewed at: http://events.cgsociety.org/NVArt/01/winners.php.)

About The CGSociety

The CGSociety is a respected and accessible global organization for creative digital artists. CGSociety supports artists at every level by offering a range of services to connect, inform, educate, and promote, by celebrating achievement, excellence, and innovation in all aspects of digital art. CGSociety, along with Ballistic Publishing, is a division of Ballistic Media. For more information, visit http://www.cgsociety.org/.

About NVIDIA

NVIDIA is the world leader in visual computing technologies and the inventor of the GPU, a high-performance processor which generates breathtaking, interactive graphics on workstations, personal computers, game consoles, and mobile devices. NVIDIA serves the entertainment and consumer market with its GeForce(R) products, the professional design and visualization market with its Quadro(R) products, and the high-performance computing market with its Tesla(TM) products. NVIDIA is headquartered in Santa Clara, Calif. and has offices throughout Asia, Europe, and the Americas. For more information, visit http://www.nvidia.com/.

NVIDIA, the NVIDIA logo, GeForce, Quadro, and Tesla are trademarks or registered trademarks in the U.S. and/or other countries. Other product or company names may be claimed as trademarks by other companies.

Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20080424/AQTH108-a
http://www.newscom.com/cgi-bin/prnh/20080424/AQTH108-b
http://www.newscom.com/cgi-bin/prnh/20020613/NVDALOGO
PRN Photo Desk, photodesk@prnewswire.com NVIDIA

CONTACT: Calisa Cole of NVIDIA Corporation, +1-408-486-6263,
ccole@nvidia.com; or Annie O'Neill of Ballistic Media, +61 88 463 1866,
annie@ballisticmedia.net, for The CGSociety

Web site: http://www.nvidia.com/
http://www.cgsociety.org/

Regal Beloit Corporation to Hold First Quarter Earnings Conference Call on Thursday, May 1, 2008

BELOIT, Wis., April 24 /PRNewswire-FirstCall/ -- Regal Beloit Corporation announced today that it plans to release its 2008 first quarter financial results at 7:00 AM CT on Thursday, May 1.

At 1:00 PM CT on Thursday, May 1, the Company will hold a telephone conference call regarding the earnings release. Interested parties should call 800-288-8961.

A replay of the call will be available through May 19, 2008 at 800-475-6701, access code 920700.

Regal Beloit Corporation is a leading manufacturer of electrical and mechanical motion control and power generation products serving markets throughout the world. Regal Beloit is headquartered in Beloit, Wisconsin, and has manufacturing, sales, and service facilities throughout North America and in Mexico, Europe and Asia.

Regal Beloit Corporation

CONTACT: David A. Barta, Vice President, Chief Financial Officer of
Regal Beloit Corporation, +1-608-361-7405

Web site: http://www.regal-beloit.com/

National Lampoon Expands Drunk University NetworkCOMPANY LAUNCHES NEW WEBSITE AS PART OF COLLEGE FOCUSED ONLINE NETWORK

LOS ANGELES, April 24 /PRNewswire-FirstCall/ -- The Drunk University Network, a wholly owned online network of National Lampoon, Inc. , the most widely recognized brand in comedy, today announced the launch of a satirical, guy oriented, entertainment site, WhoreDiamonds.com (http://www.whorediamonds.com/). The site was developed as a "hot or not" type voting site to allow the site visitors to participate in the new "diamond" rating system, brought to the forefront by the now infamous Emperors Club. WhoreDiamonds.com will expand into a forum for breaking news and daily biting commentary on the underground world of politics, pop culture, and entertainment.

"We don't feel that only politicians and Emperors Club members should have an exclusive on rating today's generation of working girls, this opens up the process to the masses," said Sam Elhag, Drunk University Network's head of strategy. "Who knows, a 'five diamond' girl to a Spitzer may only be a 'three diamond' to the rest of the world."

The launch of WhoreDiamonds.com continues the expansion of Drunk University's online properties. It follows last year's acquisition of DrunkUniversity.com and then the launch of the Drunk University Network, a college focused online network of affiliate websites. WhoreDiamonds.com is a throwback to the early days of National Lampoon, where any part of current culture can be skewered and looked at from all angles, and where anything and everything is fair game. The company's growth through the acquisition and launch of new properties is part of National Lampoon's continued efforts to expand their online presence, which will prove to capture more advertising revenue targeted at additional demographics.

About National Lampoon

National Lampoon, Inc. has been a dominant force in the US comedy world for almost 40 years, and is currently active in a broad array of media and entertainment segments. These include feature films, television programming, online and interactive entertainment, home video, audio, and book publishing. The Company also owns interests in all major National Lampoon properties, including National Lampoon's Animal House, the National Lampoon Vacation series and National Lampoon's Van Wilder. National Lampoon reaches nearly one in four of all 18 to 24 year old college students in America today. The Company has three core operating divisions: National Lampoon Films, which includes production along with theatrical and video distribution of feature films; College Marketing Division; and National Lampoon Networks, providing humor content through a number of platforms. These include its National Lampoon College TV network, the National Lampoon Humor Network -- the most trafficked humor sites on the web, Toga TV.com -- the company's broadband channel, the Drunk University Network, and the National Lampoon Video Network, which includes channels on YouTube, AOL, Yahoo, Joost, and a number of digital video platforms across the Internet. These are all anchored by the award winning comedy website http://www.nationallampoon.com/

National Lampoon, Inc.

CONTACT: Press, Alastair Duncan, +1-310-300-0950, ext. 223,
aduncan@LCOonline.com, or Dawn Miller, +1-310-300-0950, ext. 231,
dmiller@LCOonline.com, both of National Lampoon, Inc.; or IR, Howard Gostfrand
or David Sasso, +1-305-918-7000, info@amcapventures.com, for National Lampoon,
Inc.

Web site: http://www.nationallampoon.com/
http://www.whorediamonds.com/
http://www.amcapventures.com/

New Leadership At PublicisLiveRichard Attias to Step DownJohn Rossant to Become Executive ChairmanAnthony Gazagne to Become Managing Director

PARIS, April 24 /PRNewswire-FirstCall/ -- Publicis Groupe and Richard Attias today jointly announced an agreement under which Richard Attias will step down as Executive Chairman of PublicisLive in order to pursue entrepreneurial opportunities outside the Groupe. Attias was the founder of PublicisLive, the celebrated Geneva-based agency producing world-class international conferences.

Simultaneously, Publicis Groupe also announced a new leadership team for PublicisLive. Effective immediately, John Rossant, currently Vice President Communications and Public Affairs of Publicis Groupe, becomes Executive Chairman of PublicisLive. Anthony Gazagne, currently Vice President Operations at PublicisLive, becomes PublicisLive Managing Director, reporting to John Rossant. For a transitional period, Richard Attias will continue to cooperate with PublicisLive as an external consultant to ensure that certain clients receive the kind of top-notch service they have come to expect from PublicisLive.

"Our relationship with Richard has been a highly rewarding one over the past decade, and he has helped make the Groupe a global reference in event management. I wish to thank him for this record of magnificent work and service," said Maurice Levy, Chairman and CEO of Publicis Groupe. "I have great confidence in the PublicisLive team under John's leadership to pursue the wonderful job Richard has done. The global experience and professionalism of both John and Anthony will allow PublicisLive to continue growing and expanding into new areas."

PublicisLive, launched in 2007, is a Geneva-based agency dedicated to the world's most prestigious conferences and corporate events. PublicisLive is designed to meet the increasing demand on the part of governments, institutions and corporations for sophisticated, content-rich live events. Key global clients include the World Economic Forum, which stages its famous annual meeting in Davos, Switzerland, the Monaco Media Forum and global clients such as L'Oreal, BT and Sanofi. PublicisLive is part of the Publicis Events Worldwide network which is part of Publicis Groupe's SAMS (Specialized Agencies and Marketing Services) division. Web Site: http://www.publicislive.com/

Publicis Groupe is the world's fourth largest communications group. In addition, it is ranked as the world's second largest media counsel and buying group, and is a global leader in digital and healthcare communications. With activities spanning 104 countries on five continents, the Groupe employs approximately 44,000 professionals.

The Groupe offers local and international clients a complete range of communication services, through three autonomous global advertising networks, Leo Burnett, Publicis, Saatchi & Saatchi and two multi-hub networks, Fallon and 49%-owned Bartle Bogle Hegarty; to media consultancy and buying, through two worldwide networks, Starcom MediaVest Group and ZenithOptimedia; interactive and digital marketing led by Digitas; Specialized Agencies and Marketing Services offering healthcare communications, corporate and financial communications, sustainability communications, shopper marketing, public relations, CRM and direct marketing, event and sports marketing, and multicultural communications.

Web Site: http://www.publicisgroupe.com/

Publicis Groupe Services

CONTACT: CONTACTS: Peggy Nahmany, External Communications: +
33(0)1-44-43-72-83; Martine Hue, Investors Relations: + 33(0)1-44-43-65-00

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News archive of November 2009
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