Heidrick & Struggles Adds New Partner to Technology Practice

CHICAGO, April 24 /PRNewswire-FirstCall/ -- Heidrick & Struggles International, Inc. , the world's premier executive search and leadership consulting firm, today announced that Michael M. Cullen has joined the firm's Boston office as a Partner in the Global Technology Practice.

"Mike is an experienced search professional with strong executive relationships across the technology industry. He is the fifth consultant to join our technology practice in the past four months and we are enthusiastic about our continued growth prospects for our global technology team," said Michael Nieset, Managing Partner (Americas) of the Global Technology Practice. "Our technology practice is widely regarded as the preeminent global team of experienced search partners across the industry. We are pleased to welcome Mike to this remarkable group of professionals."

Cullen, 42, joins Heidrick & Struggles from EMC Corporation, the $14 billion provider of intelligent enterprise storage systems, software, and services, where he was Head of the Office of Executive Talent. Prior to joining that firm in 2000, Cullen spent 10 years in progressively responsible roles in executive search.

Cullen earned an MBA from Northeastern University, where he is a member of the Board of Visitors for the College of Business Administration, and a bachelor's degree in communications from the State University of New York. He also received certification in organization development from Columbia University's Teachers College.

About Heidrick & Struggles International, Inc.

Heidrick & Struggles International, Inc. is the world's premier provider of senior-level executive search and leadership consulting services, including talent management, board building, executive on-boarding and M&A effectiveness. For more than 50 years, we have focused on quality service and built strong leadership teams through our relationships with clients and individuals worldwide. Today, Heidrick & Struggles leadership experts operate from principal business centers in North America, Latin America, Europe and Asia Pacific. For more information about Heidrick & Struggles, please visit http://www.heidrick.com/.

Heidrick & Struggles International, Inc.

CONTACT: Eric Sodorff of Heidrick & Struggles International, Inc.,
+1-312-496-1613, esodorff@heidrick.com

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

Imation Reports Q1 2008 Revenue of $530.9 Million, up 25.8%Gross Profit Margin of 18.6%Diluted EPS of $0.29 on Operating Income of $19.5 Million including Restructuring and Other Charges

OAKDALE, Minn., April 24 /PRNewswire-FirstCall/ -- Imation Corp. today released financial results for the quarter ended March 31, 2008.

Highlights for Q1 include the following: -- Revenue of $530.9 million was up 25.8 percent compared with Q1 2007 revenue of $421.9 million. Growth was driven by optical and consumer electronics products primarily due to the TDK Recording Media and Memcorp acquisitions which closed in Q3 2007 as well as currency benefits. -- Q1 2008 operating income of $19.5 million and diluted earnings per share of $0.29 are compared with $23.6 million of operating income and diluted EPS of $0.44 in Q1 2007. Operating income in Q1 2008 included restructuring and other charges of $0.7 million. Diluted EPS included restructuring and other charges of $0.04 in Q1 2008. -- Cash generated from operations for the first quarter was $32.8 million and approximately 830,000 shares were repurchased during the quarter for $19.4 million.

Commenting on the results, Imation President and CEO Frank Russomanno said: "We are pleased with our Q1 earnings in the face of challenging economic conditions. We benefited from the TDK Recording Media acquisition, our restructuring actions and improved margins in optical and flash products. These factors helped offset declines in our legacy magnetic tape formats. Our gross margin improved over two percentage points compared with Q4, even on seasonally lower revenue. Operating expenses of $78.5 million were as expected and we anticipate further improvement as we continue to integrate our acquisitions."

"Revenue growth in the quarter was driven by our TDK Recording Media and Memcorp acquisitions as well as currency benefits. We saw softening demand from our enterprise tape customers in the financial services sector both in the U.S. and Europe. Europe was softer than planned in optical products as well, despite positive currency benefits. As expected, our flash business declined and profit margins improved as we continued our previously announced rationalization of our U.S. consumer flash business."

"We are pleased with our progress to date in our acquisition integration as well as the transformation of Imation to a brand and product management company. We remain committed to the financial targets for FY 2008," he concluded.

A teleconference is scheduled for 9:00 AM Central Daylight Time today, April 24, 2008. The call-in number is 866-244-4616 (see Webcast and Replay Information at the bottom of this release).

First Quarter 2008 and 2007 Financial Highlights ------------------------------------------------- (Dollars in millions, except per share amounts) Q1 08 Q1 07 % Change ----------------------------- ------ ------ --------- Net Revenue $530.9 $421.9 25.8% Gross Profit $98.7 $81.8 20.7% % of Revenue 18.6% 19.4% SG&A $71.9 $45.2 59.1% % of Revenue 13.5% 10.7% R&D $6.6 $12.4 -46.8% % of Revenue 1.2% 2.9% Restructuring and Other $0.7 $0.6 16.7% Operating Income $19.5 $23.6 -17.4% % of Revenue 3.7% 5.6% Net Income $11.0 $15.7 -29.9% Diluted Earnings per Share $0.29 $0.44 -34.1% Operating Cash Flows $32.8 $6.2 429.0% Reconciliation of GAAP to Adjusted Results -------------------------------------------- Q1 08 Q1 07 ---------------------- ----------------------- (Dollars in millions, Operating Operating except per share amounts) Income Diluted EPS Income Diluted EPS -------------------------- --------- ----------- ---------- ----------- As Reported - GAAP $19.5 $0.29 $23.6 $0.44 Restructuring and other 0.7 0.04 0.6 0.01 Adjusted - Non-GAAP $20.2 $0.33 $24.2 $0.45 Comparison of GAAP to Non-GAAP Financial Measures

The Non-GAAP financial measurements are provided to assist in understanding the impact of restructuring and other charges on our actual results of operations when compared with prior periods. We believe that adjusting for these items will assist investors in making an evaluation of our performance on a comparable basis against prior periods. This information should not be construed as an alternative to the reported results, which have been determined in accordance with accounting principles generally accepted in the United States of America.

Net Revenue was $530.9 million, up 25.8 percent from Q1 2007, driven by the TDK Recording Media and Memcorp acquisitions which closed in Q3 2007. Revenue in the Americas segment, which represented 40.4 percent of total revenue in the quarter, was relatively flat from the comparable period a year ago. Revenue from the Europe segment, which represented 33.2 percent of total revenue in the quarter, increased 23.4 percent driven by the TDK Recording Media acquisition. Revenue growth of 78.3 percent in the Asia Pacific segment, which represented 21.5 percent of total revenue in the quarter, was also driven by the TDK Recording Media acquisition. Revenue from the Electronic Products segment, a new operating segment resulting from the Memcorp acquisition, was $25.8 million or 4.9 percent of total revenue in the quarter. The Q1 2008 total revenue growth as compared with Q1 2007 was generated by overall volume growth of approximately 29 percent and favorable currency impact of five percent, partially offset by price erosion of eight percent.

Gross Margin of 18.6 percent was down from 19.4 percent in Q1 2007, but up 2.1 percentage points from 16.5 percent in Q4 2007. Our gross margin as a percent of revenue decreased in Q1 2008 as compared with the first quarter of 2007, driven by changes in our product mix and by reduced gross profits in our legacy magnetic tape formats. Our gross margin as a percent of revenue increased sequentially from the fourth quarter of 2007, driven by product mix shifts, improved margins in our optical products and currency benefits during the quarter.

Selling, General & Administrative (SG&A) spending was $71.9 million or 13.5 percent of revenue, compared with $45.2 million or 10.7 percent of revenue in Q1 2007 and $71.8 million or 10.2 percent of revenue in Q4 2007. The increase in expense from Q1 2007 was due to several factors including the addition of TDK Recording Media and Memcorp SG&A expenses and intangible asset amortization as well as spending for integrating the acquisitions and incremental brand investments. These items were partially offset by synergies achieved from acquisition integration as well as spending declines elsewhere.

Research & Development (R&D) spending was $6.6 million or 1.2 percent of revenue, compared with $12.4 million or 2.9 percent of revenue reported in Q1 2007. The decrease in R&D expense is due to the result of savings from restructuring actions initiated in the second quarter of 2007 as the Company focuses its activities primarily on development of new magnetic tape formats.

Operating Income was $19.5 million, compared with operating income of $23.6 million reported in Q1 2007. The operating income decline was driven by reduced gross profits in our legacy magnetic tape formats. In addition, our Electronic Products segment incurred a loss of $2.7 million in the seasonally soft first quarter. Total operating income included restructuring and other expense of $0.7 million compared with $0.6 million in Q1 2007. Adjusting for the impact of these expenses, operating income was $20.2 million compared with $24.2 million for Q1 2007 (see table entitled Reconciliation of GAAP to Adjusted Results above).

Non-Operating Income/Expense and Income Taxes: Non-operating expense of $1.2 million in Q1 2008 is compared with $1.5 million of non-operating income in Q1 2007. The change relates primarily to a reduction in interest income. The effective tax rate in Q1 2008 was 39.9 percent compared with 37.5 percent in Q1 2007. The effective tax rate increased due to one-time tax effects primarily associated with restructuring and other charges.

Diluted Earnings per Share was $0.29 for Q1 2008 compared with $0.44 diluted EPS in Q1 2007. Adjusting for the above noted impact of restructuring and other expense and the one-time tax effects, diluted earnings per share was $0.33 for Q1 2008 compared with $0.45 for Q1 2007 (see table entitled Reconciliation of GAAP to Adjusted Results above).

Cash Flow, Working Capital and Balance Sheet: Cash flow generated from operations totaled $32.8 million in Q1 2008 compared with $6.2 million in Q1 2007. Cash flow used in investing activities in Q1 2008 included $8.0 million related to the purchase of the minority interests in our Imation Japan subsidiary. During the quarter we also paid $31.3 million to fully repay the notes payable associated with the Memcorp acquisition. Depreciation and amortization was $12.6 million for the quarter. We repurchased approximately 830,000 shares during the quarter for $19.4 million and dividends of $6.0 million were paid in Q1 2008. Our cash balance as of March 31, 2008 was $105.5 million.

2008 Business Outlook

This business outlook, which is unchanged from the outlook issued in January 2008, is subject to the risks and uncertainties described below.

-- Revenue is targeted at approximately $2.4 billion, representing growth of approximately 16 percent over 2007. -- Operating income, including restructuring and other charges, is targeted to be in the range of $95 million to $105 million. We anticipate restructuring and other charges to be in the range of $4 million to $6 million for 2008. -- Diluted earnings per share is targeted between $1.51 and $1.68 which includes the negative impact of approximately $0.08 from restructuring and other charges. -- Capital spending is targeted in the range of $15 million to $20 million. -- The tax rate is anticipated to be in the range of 35 percent to 37 percent, absent any one-time tax items that may occur in the future. -- Depreciation and amortization expense is targeted to be in the range of $48 million to $52 million. Webcast and Replay Information

A webcast of Imation Corp.'s first quarter teleconference will be available on the Internet on a listen-only basis at http://ir.imation.com/ or http://www.streetevents.com/. A taped replay of the teleconference will be available beginning at 1:00 PM Central Daylight Time on April 24, 2008 until 5:00 PM Central Daylight Time on April 29, 2008 by dialing 866-837-8032 (access code 1216587). All remarks made during the teleconference will be current at the time of the call and the replay will not be updated to reflect any subsequent developments.

About Imation Corp.

Imation Corp. is focused on the development, manufacture and supply of removable data storage products spanning the four pillars of magnetic, optical, flash and removable hard disk storage as well as consumer technology products. Imation Corp.'s global brand portfolio, in addition to the Imation brand, includes the Memorex brand, one of the most widely recognized names in the consumer electronics industry, famous for the slogan, "Is it live or is it Memorex?" Imation is also the exclusive licensee of the TDK Life on Record brand, one of the world's leading recording media brands. Additional information about Imation is available at http://www.imation.com/.

Risk and Uncertainties

Certain information contained in this press release which does not relate to historical financial information may be deemed to constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks and uncertainties that could cause our actual results in the future to differ materially from our historical results and those presently anticipated or projected. We wish to caution investors not to place undue reliance on any such forward-looking statements. Any forward-looking statements speak only as of the date on which such statements are made, and we undertake no obligation to update such statements to reflect events or circumstances arising after such date. Risk factors include our ability to successfully integrate the acquisitions of the TDK Recording Media business and the Memcorp business and achieve the anticipated benefits, including synergies, in a timely manner; our ability to successfully manage multiple brands globally; our ability to successfully defend our intellectual property rights, including the Memorex and TDK Life on Record brands and the Philips patent cross license; continuing uncertainty in global economic conditions and particularly U.S. conditions that make it difficult to predict product demand; the volatility of the markets in which we operate; our ability to meet our cost reduction and revenue growth targets; our ability to successfully implement our global manufacturing strategy for magnetic data storage products and changes to our R&D organization and to realize the benefits expected from the related restructuring; our ability to introduce new offerings in a timely manner either independently or in association with OEMs or other third parties; our ability to achieve the expected benefits from the Moser Baer and other strategic relationships and distribution agreements such as the GDM joint venture and Tandberg relationships; the competitive pricing environment and its possible impact on profitability and inventory valuations; foreign currency fluctuations; the outcome of any pending or future litigation; our ability to secure adequate supply of certain high demand products at acceptable prices; the ready availability and price of energy and key raw materials or critical components; the market acceptance of newly introduced product and service offerings; the rate of decline for certain existing products; the possibility that our goodwill or other assets may become impaired, as well as various factors set forth from time to time in our filings with the Securities and Exchange Commission.

IMATION CORP. CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except for per share amounts) (Unaudited) Three Months Ended March 31, ------------------------ 2008 2007 ------ ------ Net revenue $530.9 $421.9 Cost of goods sold 432.2 340.1 ------ ------ Gross profit 98.7 81.8 Selling, general and administrative 71.9 45.2 Research and development 6.6 12.4 Restructuring and other 0.7 0.6 ------ ------ Total 79.2 58.2 Operating income 19.5 23.6 Other (income) and expense: Interest income (0.9) (2.5) Interest expense 0.7 0.3 Other, net 1.4 0.7 ------ ------ Total 1.2 (1.5) Income before income taxes 18.3 25.1 Income tax provision 7.3 9.4 ------ ------ Net income $11.0 $15.7 ====== ====== Earning per common share: Basic $0.29 $0.45 Diluted $0.29 $0.44 Weighted average shares outstanding: Basic 37.7 34.9 Diluted 37.8 35.4 Cash dividend paid per common share $0.16 $0.14 IMATION CORP. CONSOLIDATED BALANCE SHEETS (In millions) March 31, December 31, 2008 2007 ---------- ------------ (Unaudited) ASSETS Current assets Cash and cash equivalents $105.5 $135.5 Accounts receivable, net 417.0 507.1 Inventories, net 370.2 366.1 Other current assets 118.6 109.9 ---------- ------------ Total current assets 1,011.3 1,118.6 Property, plant and equipment, net 167.2 171.5 Intangible assets, net 367.5 371.0 Goodwill 55.3 55.5 Other assets 36.6 34.4 ---------- ------------ Total assets $1,637.9 $1,751.0 ========== ============ LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Accounts payable $286.4 $350.1 Accrued payroll 15.1 13.5 Other current liabilities 237.3 257.3 Current maturities of long-term debt - 10.0 ---------- ------------ Total current liabilities 538.8 630.9 Other liabilities 44.7 45.0 Long-term debt, less current maturities - 21.3 Shareholders' equity 1,054.4 1,053.8 ---------- ------------ Total liabilities and shareholders' equity $1,637.9 $1,751.0 ========== ============ IMATION CORP. SUPPLEMENTAL INFORMATION (Dollars in millions) (Unaudited) Segment and Product Information --------------------------------- Three months ended Three months ended March 31, March 31, 2008 2007 % Change -------------------- -------------------- --------- Rev $ % Total Rev $ % Total ------- -------- ------- -------- Americas 214.7 40.4% 215.1 51.0% -0.2% Europe 176.1 33.2% 142.7 33.8% 23.4% Asia Pacific 114.3 21.5% 64.1 15.2% 78.3% Electronic Products 25.8 4.9% - NM NM ------- -------- ------- -------- Total 530.9 100.0% 421.9 100.0% ======= ======== ======= ======== Rev $ % Total Rev $ % Total ------- -------- ------- -------- Optical products 261.6 49.3% 192.7 45.7% 35.8% Magnetic products 178.1 33.5% 162.4 38.5% 9.7% Flash media products 26.9 5.1% 35.7 8.5% -24.6% Electronic products 25.8 4.9% - NM NM Accessories and other 38.5 7.2% 31.1 7.3% 23.8% ------- -------- ------- -------- Total 530.9 100.0% 421.9 100.0% ======= ======== ======= ======== Op Inc $ OI % Op Inc $ OI % --------- -------- --------- -------- Americas 23.8 11.1% 24.5 11.4% -2.9% Europe 5.7 3.2% 11.1 7.8% -48.6% Asia Pacific 7.7 6.7% 6.4 10.0% 20.3% Electronic Products (2.7) NM - NM NM Corp/Unallocated(1) (15.0) NM (18.4) NM NM --------- -------- --------- -------- Total 19.5 3.7% 23.6 5.6% ========= ======== ========= ======== NM - Not meaningful (1) Corporate and unallocated amounts include research and development expense, corporate expense, stock-based compensation expense and restructuring and other expense that are not allocated to the segments we serve. We believe this avoids distorting the operating income for the segments. IMATION CORP. SUPPLEMENTAL INFORMATION (Dollars in millions) (Unaudited) Operations & Cash Flow - Additional Information ----------------------------------------------- Three Months Ended (Dollars in millions) March 31, ---------------------- ------------------------ 2008 2007 ------ ------ Gross Profit $98.7 $81.8 Gross Margin % 18.6% 19.4% Operating Income $19.5 $23.6 Operating Income % 3.7% 5.6% Capital Spending $2.4 $5.4 Depreciation $6.7 $7.0 Amortization $5.9 $3.5 Tax Rate % 39.9% 37.5% Asset Utilization Information * ------------------------------- March 31, December 31, 2008 2007 --------- ------------ Days Sales Outstanding (DSO) 67 64 Days of Inventory Supply 69 65 Debt to Total Capital 0.0% 3.0% Other Information ----------------- Approximate employee count as of March 31, 2008: 2,130 Approximate employee count as of December 31, 2007: 2,250 Book value per share as of March 31, 2008: $28.12 Shares used to calculate book value per share (millions): 37.5 Imation repurchased approximately 830,000 shares of its stock in the first quarter of 2008 for $19.4 million. Authorization for repurchase of 2.6 million shares remains outstanding as of March 31, 2008. *These operational measures, which we regularly use, are provided to assist in the investor's further understanding of our operations. Days Sales Outstanding is calculated using the count-back method, which calculates the number of days of most recent revenue that are reflected in the net accounts receivable balance. Days of Inventory Supply is calculated using the current period inventory balance divided by the average of the inventoriable portion of cost of goods sold for the previous 12 months expressed in days. Debt to Total Capital is calculated by dividing total debt (long term plus short term) by total shareholders' equity and total debt.

Imation Corp.

CONTACT: Brad Allen of Imation Corp., +1-651-704-5818

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

Celestica announces first quarter 2008 financial resultsFirst Quarter Summary ---------------------- Revenue of $1,836 million compared to $1,842 million for the same period last year - GAAP earnings of $0.13 per share compared to a loss of ($0.15) per share last year - Adjusted net earnings of $0.15 per share compared to a loss of ($0.04) per share a year ago - Operating margin of 2.7%, gross margin of 6.3% - Inventory turnover of 8.6 turns - Return on invested capital including intangibles of 10.5% compared to 1.1% last year - Free cash flow of $33 million, cash balance of $1.149 billion - Q2/08 revenue guidance $1.8 - $2.0 billion, adjusted net earnings per share of $0.13 - $0.19(All amounts in U.S. dollars. Per share information based on diluted shares outstanding unless noted otherwise.)

TORONTO, April 24 /PRNewswire-FirstCall/ -- Celestica Inc. (NYSE, TSX: CLS), a global provider of electronics manufacturing services (EMS), today announced financial results for the first quarter ended March 31, 2008.

Revenue was $1,836 million compared to $1,842 million in the first quarter of 2007. Net earnings on a GAAP basis for the first quarter was $29.8 million or $0.13 per share, compared to GAAP net loss of ($34.3) million or ($0.15) per share for the same period last year. Restructuring charges in the quarter were $3.3 million compared to $8.0 million for the same period last year.

Adjusted net earnings for the quarter were $35.4 million or $0.15 per share, compared to adjusted net loss of ($9.1) million or ($0.04) per share for the same period last year. Adjusted net earnings (loss) is defined as net earnings before other charges, amortization of intangible assets, integration costs related to acquisitions, option expense, option exchange costs and gains or losses on the repurchase of shares and debt, net of tax and significant deferred tax write-offs or recovery (detailed GAAP financial statements and supplementary information related to adjusted net earnings appear at the end of this press release).

These results compare with the company's guidance for the first quarter, announced on January 31, 2008 of revenue of $1.7 billion to $1.9 billion and adjusted net earnings per share of $0.06 to $0.11.

"Celestica delivered another strong performance in the first quarter of 2008 in all of its key financial and operating metrics," said Craig Muhlhauser, President and Chief Executive Officer, Celestica. "With our strong financial position and continuously improving operational performance, we feel Celestica is well positioned for continued progress in 2008 and beyond."

Outlook -------

For the second quarter ending June 30, 2008, the company anticipates revenue to be in the range of $1.8 billion to $2.0 billion, and adjusted net earnings per share to range from $0.13 to $0.19.

First Quarter and Annual Shareholders Meeting Webcasts ------------------------------------------------------

Management will host its quarterly results conference call today at 8:00 a.m. Eastern Time. The webcast can be accessed at http://www.celestica.com/.

The company's Annual Meeting of Shareholders will be held today at 10:00 a.m. at The Dominion Club, 1 King St. West, Toronto. A live webcast of management's presentation can also be heard at http://www.celestica.com/ at approximately 10:10 a.m. Eastern Time.

Supplementary Information -------------------------

In addition to disclosing detailed results in accordance with Canadian generally accepted accounting principles (GAAP), Celestica also provides supplementary non-GAAP measures as a method to evaluate the company's operating performance.

Management uses adjusted net earnings as a measure of enterprise-wide performance. As a result of restructuring activities, acquisitions made by the company, fair value accounting for stock options and securities repurchases, management believes adjusted net earnings is a useful measure for the company as well as its investors to facilitate period-to-period operating comparisons and allow the comparison of operating results with its competitors in the U.S. and Asia. Adjusted net earnings excludes the effects of other charges (most significantly, restructuring costs and the write-down of goodwill and long-lived assets), acquisition-related charges (amortization of intangible assets and integration costs related to acquisitions), option expense and option exchange costs, gains or losses on the repurchase of shares or debt and the related income tax effect of these adjustments and any significant deferred tax write-offs or recovery. Adjusted net earnings does not have any standardized meaning prescribed by GAAP and is not necessarily comparable to similar measures presented by other companies. Adjusted net earnings is not a measure of performance under Canadian or U.S. GAAP and should not be considered in isolation or as a substitute for net earnings (loss) prepared in accordance with Canadian or U.S. GAAP. The company has provided a reconciliation of adjusted net earnings (loss) to Canadian GAAP net earnings (loss) below.

About Celestica ---------------

Celestica is dedicated to delivering end-to-end product lifecycle solutions to drive our customers' success. Through our simplified global operations network and information technology platform, we are solid partners who deliver informed, flexible solutions that enable our customers to succeed in the markets they serve. Committed to providing a truly differentiated customer experience, our agile and adaptive employees share a proud history of demonstrated expertise and creativity that provides our customers with the ability to overcome any challenge.

For further information on Celestica, visit its website at http://www.celestica.com/.

The company's security filings can also be accessed at http://www.sedar.com/ and http://www.sec.gov/.

Safe Harbour and Fair Disclosure Statement ------------------------------------------

This news release contains forward-looking statements related to our future growth, trends in our industry, our financial and or operational results, and our financial or operational performance. Such forward-looking statements are predictive in nature, and may be based on current expectations, forecasts or assumptions involving risks and uncertainties that could cause actual outcomes and results to differ materially from the forward-looking statements themselves. Such forward-looking statements may, without limitation, be preceded by, followed by, or include words such as "believes", "expects", "anticipates", "estimates", "intends", "plans", or similar expressions, or may employ such future or conditional verbs as "may", "will", "should" or "would", or may otherwise be indicated as forward-looking statements by grammatical construction, phrasing or context. The risks and uncertainties referred to above include, but are not limited to: variability of operating results among periods; inability to retain or grow our business due to execution problems resulting from significant headcount reductions, plant closures and product transfers associated with major restructuring activities; the effects of price competition and other business and competitive factors generally affecting the EMS industry; the challenges of effectively managing our operations during uncertain economic conditions; our dependence on a limited number of customers; our dependence on industries affected by rapid technological change; the challenge of responding to lower-than-expected customer demand; our ability to successfully manage our international operations; and the delays in the delivery and/or general availability of various components used in our manufacturing process. These and other risks and uncertainties and factors are discussed in the Company's various public filings at http://www.sedar.com/ and http://www.sec.gov/, including our Form 20-F and subsequent reports on Form 6-K filed with the Securities and Exchange Commission. Forward-looking statements are provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes.

As of its date, this press release contains any material information associated with the company's financial results for the first quarter ended March 31, 2008 and revenue and adjusted net earnings guidance for the second quarter ending June 30, 2008. Revenue and earnings guidance is reviewed by the company's board of directors. Our revenue and earnings guidance is based on various assumptions by management, which management believes are reasonable under the current circumstances, but may prove to be inaccurate, and many of which involve factors that are beyond the control of the Company. The material assumptions may include assumptions regarding the following: forecasts from our customers, which range from 30 to 90 days; investments associated with ramping new business; general economic and market conditions: currency exchange rates, product pricing levels and competition; anticipated customer demand; supplier performance and pricing; operational and financial matters; technological developments; and the execution of our restructuring plan. These assumptions are based on management's current views with respect to current plans and events, and are and will be subject to the risks and uncertainties referred to above. It is Celestica's policy that revenue and earnings guidance is effective on the date given, and will only be updated through a public announcement.

RECONCILIATION OF GAAP TO ADJUSTED NET EARNINGS (in millions of U.S. dollars) 2007 2008 --------------------------- --------------------------- Three months ended Adjust- Adjust- March 31 GAAP ments Adjusted GAAP ments Adjusted -------- ------ -------- -------- ------ -------- Revenue $1,842.3 $ - $1,842.3 $1,835.7 $ - $1,835.7 Cost of sales(1) 1,763.7 (1.0) 1,762.7 1,720.7 (1.0) 1,719.7 -------- ------ -------- -------- ------ -------- Gross profit 78.6 1.0 79.6 115.0 1.0 116.0 SG&A(1) 74.4 (0.6) 73.8 66.3 (0.7) 65.6 Amortization of intangible assets 6.0 (6.0) - 4.2 (4.2) - Integration costs relating to acquisitions 0.1 (0.1) - - - - Other charges 7.1 (7.1) - 3.3 (3.3) - -------- ------ -------- -------- ------ -------- Operating earnings (loss) - EBIAT (9.0) 14.8 5.8 41.2 9.2 50.4 Interest expense, net 16.4 - 16.4 8.7 - 8.7 -------- ------ -------- -------- ------ -------- Net earnings (loss) before tax (25.4) 14.8 (10.6) 32.5 9.2 41.7 Income tax expense (recovery) 8.9 (10.4) (1.5) 2.7 3.6 6.3 -------- ------ -------- -------- ------ -------- Net earnings (loss) $ (34.3) $ 25.2 $ (9.1) $ 29.8 $ 5.6 $ 35.4 -------- ------ -------- -------- ------ -------- -------- ------ -------- -------- ------ -------- W.A. # of shares (in millions) - diluted 228.4 228.4 229.2 229.2 Earnings (loss) per share - diluted $ (0.15) $ (0.04) $ 0.13 $ 0.15 (1) Non-cash option expense included in cost of sales and SG&A is added back for adjusted net earnings GUIDANCE SUMMARY 1Q 08 Guidance 1Q 08 Actual 2Q 08 Guidance(2) --------------- ------------- ----------------- Revenue $1.7B - $1.9B $1.8B $1.8B - $2.0B Adjusted net EPS $0.06 - $0.11 $0.15 $0.13 - $0.19 (2) Guidance for the second quarter is provided only on an adjusted net earnings basis. This is due to the difficulty in forecasting the various items impacting GAAP net earnings, such as the amount and timing of our restructuring activities. CELESTICA INC. CONSOLIDATED BALANCE SHEETS (in millions of U.S. dollars) December 31 March 31 2007 2008 ------------ ------------ Assets (unaudited) Current assets: Cash and cash equivalents................... $ 1,116.7 $ 1,149.3 Accounts receivable......................... 941.2 840.3 Inventories................................. 791.9 805.9 Prepaid and other assets.................... 126.2 110.0 Income taxes recoverable.................... 19.8 15.2 Deferred income taxes....................... 3.8 3.6 ------------ ------------ 2,999.6 2,924.3 Property, plant and equipment................. 466.0 462.5 Goodwill from business combinations........... 850.5 850.5 Intangible assets............................. 35.2 31.0 Other long-term assets........................ 119.2 131.7 ------------ ------------ $ 4,470.5 $ 4,400.0 ------------ ------------ ------------ ------------ Liabilities and Shareholders' Equity Current liabilities: Accounts payable............................ $ 1,029.8 $ 981.0 Accrued liabilities......................... 402.6 338.0 Income taxes payable........................ 14.0 15.9 Deferred income taxes....................... - 0.4 Current portion of long-term debt (note 3)................................... 0.2 0.2 ------------ ------------ 1,446.6 1,335.5 Long-term debt (note 3)....................... 758.3 770.6 Accrued pension and post-employment benefits..................................... 70.4 69.5 Deferred income taxes......................... 63.3 58.1 Other long-term liabilities................... 13.7 13.9 ------------ ------------ 2,352.3 2,247.6 Shareholders' equity (note 10): Capital stock............................... 3,585.2 3,585.2 Warrants.................................... 3.1 3.1 Contributed surplus......................... 190.3 195.2 Deficit..................................... (1,716.3) (1,686.5) Accumulated other comprehensive income...... 55.9 55.4 ------------ ------------ 2,118.2 2,152.4 ------------ ------------ $ 4,470.5 $ 4,400.0 ------------ ------------ ------------ ------------ Guarantees and contingencies (note 11) See accompanying notes to consolidated financial statements. These unaudited interim consolidated financial statements should be read in conjunction with the 2007 annual consolidated financial statements. CELESTICA INC. CONSOLIDATED STATEMENTS OF OPERATIONS (in millions of U.S. dollars, except per share amounts) Three months ended March 31 2007 2008 ------------ ------------ (unaudited) (unaudited) Revenue....................................... $ 1,842.3 $ 1,835.7 Cost of sales................................. 1,763.7 1,720.7 ------------ ------------ Gross profit.................................. 78.6 115.0 Selling, general and administrative expenses..................................... 74.4 66.3 Amortization of intangible assets............. 6.0 4.2 Integration costs related to acquisitions..... 0.1 - Other charges (note 4)........................ 7.1 3.3 Interest on long-term debt.................... 17.6 14.5 Interest income, net of interest expense...... (1.2) (5.8) ------------ ------------ Earnings (loss) before income taxes........... (25.4) 32.5 Income tax expense (recovery): Current..................................... 5.5 5.2 Deferred.................................... 3.4 (2.5) ------------ ------------ 8.9 2.7 ------------ ------------ Net earnings (loss) for the period............ $ (34.3) $ 29.8 ------------ ------------ ------------ ------------ Basic earnings (loss) per share............... $ (0.15) $ 0.13 Diluted earnings (loss) per share............. $ (0.15) $ 0.13 Shares used in computing per share amounts: Basic (in millions)......................... 228.4 229.1 Diluted (in millions)....................... 228.4 229.2 See accompanying notes to consolidated financial statements. These unaudited interim consolidated financial statements should be read in conjunction with the 2007 annual consolidated financial statements. CELESTICA INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (in millions of U.S. dollars) Three months ended March 31 2007 2008 ------------ ------------ (unaudited) (unaudited) Net earnings (loss) for the period............ $ (34.3) $ 29.8 Other comprehensive income (loss), net of tax: Foreign currency translation gain........... 0.6 9.8 Net gain (loss) on derivatives designated as cash flow hedges........................ (0.5) 0.4 Net gain on derivatives designated as cash flow hedges reclassified to operations..... (0.3) (10.7) ------------ ------------ Comprehensive income (loss)................... $ (34.5) $ 29.3 ------------ ------------ ------------ ------------ See accompanying notes to consolidated financial statements. These unaudited interim consolidated financial statements should be read in conjunction with the 2007 annual consolidated financial statements. CELESTICA INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions of U.S. dollars) Three months ended March 31 2007 2008 ------------ ------------ (unaudited) (unaudited) Cash provided by (used in): Operations: Net earnings (loss) for the period............ $ (34.3) $ 29.8 Items not affecting cash: Depreciation and amortization............... 32.0 26.6 Deferred income taxes....................... 3.4 (2.5) Non-cash charge for option issuances........ 1.6 1.7 Restructuring charges....................... - 0.2 Other charges............................... (0.6) - Other......................................... 5.6 5.1 Changes in non-cash working capital items: Accounts receivable......................... 132.2 100.9 Inventories................................. 117.2 (14.0) Prepaid and other assets.................... 2.4 9.8 Income taxes recoverable.................... (2.4) 4.6 Accounts payable and accrued liabilities.... (359.8) (116.7) Income taxes payable........................ 1.4 1.9 ------------ ------------ Non-cash working capital changes............ (109.0) (13.5) ------------ ------------ Cash provided by (used in) operations......... (101.3) 47.4 ------------ ------------ Investing: Purchase of property, plant and equipment.................................. (13.3) (15.9) Proceeds from sale of assets................ 14.4 1.6 Other....................................... 0.1 (0.3) ------------ ------------ Cash provided by (used in) investing activities................................... 1.2 (14.6) ------------ ------------ Financing: Repayment of long-term debt................. (0.2) - Issuance of share capital................... 1.3 - Other....................................... (0.6) (0.2) ------------ ------------ Cash provided by (used in) financing activities................................... 0.5 (0.2) ------------ ------------ Increase (decrease) in cash................... (99.6) 32.6 Cash, beginning of period..................... 803.7 1,116.7 ------------ ------------ Cash, end of period........................... $ 704.1 $ 1,149.3 ------------ ------------ ------------ ------------ Supplemental cash flow information (note 8) See accompanying notes to consolidated financial statements. These unaudited interim consolidated financial statements should be read in conjunction with the 2007 annual consolidated financial statements. CELESTICA INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in millions of U.S. dollars, except per share amounts) (unaudited) 1. Basis of presentation: We prepare our financial statements in accordance with generally accepted accounting principles (GAAP) in Canada with a reconciliation to accounting principles generally accepted in the United States, disclosed in note 20 to the 2007 annual consolidated financial statements. 2. Significant accounting policies: The disclosures contained in these unaudited interim consolidated financial statements do not include all requirements of Canadian GAAP for annual financial statements. These unaudited interim consolidated financial statements should be read in conjunction with the 2007 annual consolidated financial statements. These unaudited interim consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary to present fairly our financial position as at March 31, 2008 and the results of operations and cash flows for the three months ended March 31, 2007 and 2008. These unaudited interim consolidated financial statements are based upon accounting principles consistent with those used and described in the 2007 annual consolidated financial statements, except for the following: Changes in accounting policies: (i) Inventories: Effective January 1, 2008, we adopted CICA Handbook Section 3031, "Inventories," which requires inventory to be measured at the lower of cost and net realizable value. This standard provides additional guidance on the types of costs that can be capitalized and requires the reversal and disclosure of previous inventory write-downs if economic circumstances have changed to support higher inventory values. The adoption of this standard did not have a material impact on our consolidated financial statements. During the first quarter of 2008, we recorded a net inventory provision of $5.4 to write-down the value of our inventory to net realizable value. This net inventory provision is included in cost of sales. There were no significant reversals of previously recorded inventory write-downs during the quarter. (ii) Financial instruments: Effective January 1, 2008, we adopted CICA Handbook Section 3862, "Financial instruments - disclosures," and Section 3863, "Financial instruments - presentation." These standards provide additional guidance on disclosing risks related to recognized and unrecognized financial instruments and how those risks are managed. The adoption of these standards did not have a material impact on our consolidated financial statements. Section 3862 requires us to disclose the classifications of our financial instruments into the following specific categories: - financial assets held-for-trading - loans and receivables - held-for-maturity investments - available-for-sale financial - financial liabilities held-for- assets trading - financial liabilities measured at amortized cost The classification of our financial instruments is as follows: Our cash and cash equivalents is comprised of cash and short-term investments. See note 8. Most of our short-term investments are held-to- maturity, except for investments in highly-liquid mutual funds which are held-for-trading. We classify accounts receivable under loans and receivables. Our derivative assets are included in prepaid and other assets, and other long-term assets. Our derivative liabilities are included in accrued liabilities. The majority of our derivative assets and liabilities arise from foreign currency forward contracts and interest rate swap agreements. Our foreign currency forward contracts are recorded at fair value and the majority of our foreign currency forward contracts are designated as cash flow hedges. Our interest rate swap agreements related to our $500.0 Senior Subordinated Notes due 2011 are recorded at fair value and are designated as fair value hedges. See note 9. Accounts payable and the majority of our accrued liabilities, excluding derivative liabilities, are classified as financial liabilities which are recorded at amortized cost. Our Senior Subordinated Notes, which are recorded in long-term debt, are classified as financial liabilities. See note 3. The carrying values of our Senior Subordinated Notes are comprised of elements recorded at fair value and amortized cost. See note 15 to the 2007 annual consolidated financial statements. We do not currently have any financial assets designated as available-for-sale. We are exposed to a variety of financial risks that we face in the normal course of business. Our financial risk management objectives are described in note 15 of the 2007 annual consolidated financial statements. The new disclosures required by Section 3862 are included in note 12. Effective January 1, 2007, we adopted the CICA standards on financial instruments, hedges and comprehensive income. Section 1530, "Comprehensive income," Section 3855, "Financial instruments - recognition and measurement," Section 3861, "Financial instruments - disclosure and presentation," and Section 3865, "Hedges," were effective for our first quarter of 2007. These disclosures are included in notes 2(s), 7, 10 and 15 to the 2007 annual consolidated financial statements. On January 1, 2007, we made certain transitional adjustments to our consolidated balance sheet which included an adjustment to opening deficit of $6.4. (iii) Capital disclosures: Effective January 1, 2008, we adopted CICA Handbook Section 1535, "Capital disclosures," which provides guidance for disclosing information about an entity's capital and how it manages its capital. This standard requires the disclosure of the entity's capital management objectives, policies and processes. See note 13. The adoption of this standard did not have a material impact on our consolidated financial statements. Recently issued accounting pronouncements: Goodwill and intangible assets: In February 2008, the CICA issued Handbook Section 3064, "Goodwill and intangible assets," which replaces the existing standards. This revised standard establishes guidance for the recognition, measurement and disclosure of goodwill and intangible assets, including internally generated intangible assets. This standard is effective for 2009. We are currently evaluating the impact of adopting this standard on our consolidated financial statements. 3. Long-term debt: December 31 March 31 2007 2008 ----------- ----------- Secured, revolving credit facility due 2009(a)..................................... $ - $ - Senior Subordinated Notes due 2011 (2011 Notes)(b)(c).......................... 500.0 500.0 Senior Subordinated Notes due 2013 (2013 Notes)(b)............................. 250.0 250.0 Embedded prepayment option at fair value(d).................................. (6.5) (10.5) Basis adjustments on debt obligation(d).... 6.5 6.2 Unamortized debt issue costs(b)............ (9.6) (9.0) Fair value adjustment of 2011 Notes attributable to interest rate risks(d).... 17.9 33.9 ----------- ----------- 758.3 770.6 Capital lease obligations.................... 0.2 0.2 ----------- ----------- 758.5 770.8 Less current portion......................... 0.2 0.2 ----------- ----------- $ 758.3 $ 770.6 ----------- ----------- ----------- ----------- (a) We have a revolving credit facility for $300.0 which matures in April 2009. There were no borrowings outstanding under this facility at March 31, 2008. Commitment fees for the first quarter of 2008 were $0.4. The facility has restrictive covenants relating to debt incurrence and sale of assets and also contains financial covenants that require us to maintain certain financial ratios. We were in compliance with all covenants at March 31, 2008. Based on the required financial ratios at March 31, 2008, we have full access to the $300.0 available under this facility. We also have uncommitted bank overdraft facilities available for operating requirements which total $49.5 at March 31, 2008. There were no borrowings outstanding under these facilities at March 31, 2008. (b) In June 2004, we issued the 2011 Notes with an aggregate principal amount of $500.0 and a fixed interest rate of 7.875%. We may redeem the 2011 Notes on July 1, 2008 or later at various premiums above face value. In June 2005, we issued the 2013 Notes with an aggregate principal amount of $250.0 and a fixed interest rate of 7.625%. We may redeem the 2013 Notes on July 1, 2009 or later at various premiums above face value. The 2011 and 2013 Notes are unsecured and are subordinated in right of payment to all our senior debt. The 2011 and 2013 Notes have restrictive covenants that limit our ability to pay dividends, repurchase our own stock or repay debt that is subordinated to these Notes. These covenants also place limitations on debt incurrence, the sale of assets and our ability to incur additional debt. We were in compliance with all covenants at March 31, 2008. (c) In connection with the 2011 Notes, we entered into agreements to swap the fixed interest rate with a variable interest rate based on LIBOR plus a margin. The average interest rate on the 2011 Notes was 7.7% for the first quarter of 2008 (8.4% - first quarter of 2007). The fair value of the interest rate swap agreements is disclosed in note 9(ii). (d) The prepayment options in the 2011 and 2013 Notes qualify as embedded derivatives which must be bifurcated for reporting under the financial instruments standards. As of March 31, 2008, the fair value of the embedded derivative asset is $10.5 and is recorded against long-term debt. The increase in the fair value of the embedded derivative asset of $4.0 for the first quarter of 2008 is recorded as a reduction of interest expense on long-term debt. As a result of bifurcating the prepayment option from these Notes, a basis adjustment is added to the cost of the long-term debt. This basis adjustment is amortized over the term of the debt using the effective interest rate method. The amortization of the basis adjustment of $0.3 for the first quarter of 2008 is recorded as a reduction of interest expense on long-term debt. The change in the fair value of the debt obligation attributable to movement in the benchmark interest rates resulted in a loss of $16.0 for the first quarter of 2008, which increased interest expense on long-term debt. 4. Other charges: Three months ended March 31 2007 2008 ----------- ----------- 2001 to 2004 restructuring(a)................ $ (0.4) $ 0.3 2005 to 2008 restructuring (b)............... 8.4 3.0 ----------- ----------- Total restructuring.......................... 8.0 3.3 Other........................................ (0.9) - ----------- ----------- $ 7.1 $ 3.3 ----------- ----------- ----------- ----------- (a) 2001 to 2004 restructuring: In 2001, we announced a restructuring plan in response to the weak end-markets in the enterprise computing and telecommunications industries. In response to the prolonged difficult end-market conditions, we announced a second restructuring plan in July 2002. The weak demand for our manufacturing services resulted in an accelerated move to lower- cost geographies and additional restructuring in the Americas and Europe. In January 2003, we announced further reductions to our manufacturing capacity in Europe. In 2004, we announced plans to further restructure our operations to better align capacity with customers' requirements. These restructuring actions were focused on consolidating facilities, reducing the workforce, and transferring programs to lower-cost geographies. The majority of the employees terminated were manufacturing and plant employees. For leased facilities that were no longer used, the lease costs included in the restructuring costs represent future lease payments less estimated sublease recoveries. Adjustments were made to lease and other contractual obligations to reflect incremental cancellation fees paid for terminating certain facility leases and to reflect higher accruals for other leases due to delays in the timing of sublease recoveries and changes in estimated sublease rates, relating principally to facilities in the Americas. We have completed the major components of these restructuring plans, except for certain long-term lease and other contractual obligations, which will be paid out over the remaining lease terms through 2015. The restructuring liability is recorded in accrued liabilities. Details of the lease and other contractual obligations accrual are as follows: Total accrued 2008 liability charge ----------- ----------- December 31, 2007............................ $ 26.8 $ - Cash payments................................ (1.7) - Adjustments.................................. 0.3 0.3 ----------- ----------- March 31, 2008............................... $ 25.4 $ 0.3 ----------- ----------- ----------- ----------- (b) 2005 to 2008 restructuring: In January 2005, we announced plans to further improve capacity utilization and accelerate margin improvements. These restructuring actions included facility closures and a reduction in workforce, primarily targeting our higher-cost geographies where end-market demand had not recovered to the levels required to achieve sustainable profitability. We expected to complete these restructuring actions by the end of 2006. However, in light of our operating results in 2006 and in the course of preparing our 2007 plan in the fourth quarter of 2006, we identified additional restructuring actions. These restructuring actions included additional downsizing of workforces to reflect the volume reductions at certain facilities and to reduce overhead costs, which we expected to complete in 2007. In the course of preparing our 2008 plan in the fourth quarter of 2007, we identified additional restructuring actions to drive further operational improvements throughout our manufacturing network. These restructuring actions will reduce our workforce and will include the closure of certain facilities. We plan to consolidate the programs from the facilities we close into our other facilities. As we complete these restructuring actions, our overall utilization and operating efficiency should improve, allowing us to service our customers through fewer and more cost-effective facilities. When the detailed plans of these restructuring actions are finalized in mid-2008, we will recognize the related charges. We estimate the additional restructuring charges will be in the range of $50 to $75 which will be recorded in 2008. We expect to complete these actions by mid-2009. As of March 31, 2008, we have recorded aggregate termination costs, incurred since 2005, relating to approximately 8,700 employees, primarily operations and plant employees. Approximately 8,400 of these employees have been terminated as of March 31, 2008 with the balance of these terminations to occur by the end of 2008. Approximately 60% of employee terminations are in the Americas, 30% in Europe and 10% in Asia. Our lease and other contractual obligations will be paid out over the remaining lease terms through 2010. The restructuring liability is recorded in accrued liabilities. Details of the 2008 activity are as follows: Lease and other Facility Employee cont- exit Total termi- ractual costs accrued nation oblig- and liab- Non-cash 2008 costs ations other ility charge charge -------- -------- -------- -------- -------- -------- December 31, 2007.. $ 9.0 $ 9.7 $ 0.6 $ 19.3 $ 58.7 $ - Cash payments...... (7.1) (1.1) (0.8) (9.0) - - Provisions......... 2.4 - 0.4 2.8 0.2 3.0 -------- -------- -------- -------- -------- -------- March 31, 2008..... $ 4.3 $ 8.6 $ 0.2 $ 13.1 $ 58.9 $ 3.0 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- Restructuring summary: We expected to incur restructuring charges of between $50 and $75 for 2008. During the first quarter of 2008, we recorded restructuring charges of $3.3. We expect to record the remainder of these restructuring charges throughout 2008 and to complete these actions by mid-2009. As of March 31, 2008, we have approximately $25 in assets that are available-for-sale, primarily land and buildings, as a result of the restructuring actions we implemented. We have programs underway to sell these assets. 5. Pension and non-pension post-employment benefit plans: We have recorded the following pension expense: Three months ended March 31 2007 2008 ----------- ----------- Pension plans................................ $ 5.0 $ 5.0 Other benefit plans.......................... 1.7 1.9 ----------- ----------- Total expense................................ $ 6.7 $ 6.9 ----------- ----------- ----------- ----------- 6. Stock-based compensation and other stock-based payments: We have granted stock options as part of our long-term incentive plans. The estimated fair value of options is amortized to expense over the vesting period, on a straight-line basis, and was determined using the Black Scholes option pricing model with the following weighted average assumptions: Three months ended March 31 2007 2008 ----------- ----------- Risk-free rate............................... 4.5%-4.8% 2.3%-2.7% Dividend yield............................... 0.0% 0.0% Volatility factor of the expected market price of our shares......................... 35%-52% 52%-59% Expected option life (in years).............. 4.0-5.5 4.0-5.5 Weighted average fair value of options granted..................................... $2.54 $3.24 Compensation expense for the three months ended March 31, 2008 was $1.7 (three months ended March 31, 2007 was $1.6) relating to the fair value of options granted. Our stock plans are described in note 9 to the 2007 annual consolidated financial statements. 7. Segment information: The accounting standards establish the criteria for the disclosure of certain information in the interim and annual financial statements regarding operating segments, products and services and major customers. Operating segments are defined as components of an enterprise for which separate financial information is available that is regularly evaluated by the chief operating decision maker in deciding how to allocate resources and in assessing performance. We evaluate financial information for purposes of making decisions and assessing financial performance based on the types of services we offer. We have one operating segment which is comprised of electronics manufacturing services. Our chief operating decision maker is our Chief Executive Officer. (i) The following table indicates revenue by end market as a percentage of total revenue. Our revenue fluctuates from period to period depending on numerous factors, including but not limited to: seasonality of business, the level of business from new, existing and disengaging customers, the level of program wins or losses, the phasing in or out of programs, and changes in customer demand. Three months ended March 31 2007 2008 ----------- ----------- Enterprise communications.................... 32% 27% Consumer..................................... 18% 22% Servers...................................... 18% 18% Telecommunications........................... 13% 15% Storage...................................... 11% 11% Industrial, aerospace and defense............ 8% 7% (ii) For the first quarter of 2008, no customers represented more than 10% of total revenue (first quarter of 2007 -- two customers). 8. Supplemental cash flow information: Three months ended March 31 Paid (recovered) during the period: 2007 2008 ----------- ----------- Interest(a).................................. $ 35.7 $ 32.6 Taxes(b)..................................... $ 6.8 $ (1.1) (a) This includes interest paid on the 2011 and 2013 Notes. Interest on these Notes is payable in January and July of each year until maturity. See notes 3 (b) and (c). The interest paid on the 2011 Notes reflect the amounts received or paid relating to the interest rate swap agreements. (b) Cash taxes paid is net of any income taxes recovered. December 31 March 31 Cash is comprised of the following: 2007 2008 ----------- ----------- Cash......................................... $ 328.7 $ 280.5 Short-term investments....................... 788.0 868.8 ----------- ----------- $ 1,116.7 $ 1,149.3 ----------- ----------- ----------- ----------- 9. Derivative financial instruments: (i) We enter into foreign currency contracts to hedge foreign currency risks relating to cash flow. At March 31, 2008, we had forward exchange contracts covering various currencies in an aggregate notional amount of $452.0. All derivative financial instruments are recorded at fair value on our consolidated balance sheet. The fair value of these contracts at March 31, 2008 was a net unrealized gain of $10.1 (December 31, 2007 - net unrealized gain of $20.0). As of March 31, 2008, $14.3 of derivative assets are recorded in prepaid and other assets, $4.1 of derivative liabilities are recorded in accrued liabilities, and $0.1 of derivative liabilities are recorded in other long-term liabilities relating to our hedges against foreign currency risks. The decrease in the fair value of these forward exchange contracts is primarily due to the settlement of certain foreign currency forwards, with significant gains, during the quarter. (ii) In connection with the issuance of our 2011 Notes in June 2004, we entered into agreements to swap the fixed rate of interest for a variable interest rate. The notional amount of the agreements is $500.0. The agreements mature in July 2011. See note 3(c). Payments or receipts under the swap agreements are recorded in interest expense on long-term debt. The fair value of the interest rate swap agreements at March 31, 2008 was an unrealized gain of $21.5, which is recorded in other long-term assets (December 31, 2007 - unrealized gain of $8.7). The increase in the fair value of the swap agreements of $12.8 for the first quarter of 2008 is recorded as a reduction of interest expense on long-term debt. Fair value hedge ineffectiveness arises when the change in the fair values of our swap agreements, hedged debt obligation and its embedded derivatives, and the amortization of the related basis adjustments, do not offset each other during a reporting period. The fair value hedge ineffectiveness for our 2011 Notes is recorded in interest expense on long-term debt and amounted to a gain of $1.0 for the first quarter of 2008. This fair value hedge ineffectiveness is primarily driven by the difference in the credit risk used to value our hedged debt obligation as compared to the credit risk used to value our interest rate swaps. 10. Shareholders' equity: Capital Contributed stock Warrants surplus Deficit ----------- ----------- ----------- ----------- Balance - December 31, 2006... $ 3,576.6 $ 8.4 $ 179.3 $(1,696.2) Change in accounting policy (note 2(ii))........ - - - (6.4) Shares issued........ 8.6 - - - Warrants cancelled... - (5.3) 5.3 - Stock-based costs.... - - 5.1 - Other................ - - 0.6 - Net loss for 2007.... - - - (13.7) ----------- ----------- ----------- ----------- Balance - December 31, 2007... $ 3,585.2 $ 3.1 $ 190.3 $(1,716.3) ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- Capital Contributed stock Warrants surplus Deficit ----------- ----------- ----------- ----------- Balance - December 31, 2007... $ 3,585.2 $ 3.1 $ 190.3 $(1,716.3) Stock-based costs.... - - 4.6 - Other................ - - 0.3 - Net earnings for the first quarter of 2008............. - - - 29.8 ----------- ----------- ----------- ----------- Balance - March 31, 2008................ $ 3,585.2 $ 3.1 $ 195.2 $(1,686.5) ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- Three months Year ended ended Accumulated other comprehensive income, December 31 March 31 net of tax: 2007 2008 ----------- ----------- Opening balance of foreign currency translation account......................... $ - $ 35.2 Transitional adjustment - January 1, 2007.... 26.5 - Foreign currency translation gain............ 8.7 9.8 ----------- ----------- Closing balance.............................. $ 35.2 $ 45.0 Opening balance of unrealized net gain on cash flow hedges............................ $ - $ 20.7 Transitional adjustment - January 1, 2007.... (0.5) - Net gain on cash flow hedges(1).............. 37.5 0.4 Net gain on cash flow hedges reclassified to operations(2)............................ (16.3) (10.7) ----------- ----------- Closing balance(3)........................... $ 20.7 $ 10.4 ----------- ----------- Accumulated other comprehensive income....... $ 55.9 $ 55.4 ----------- ----------- ----------- ----------- (1) Net of income tax expense of $0.6 for the three months ended March 31, 2008 ($0.2 income tax expense for 2007). (2) Net of income tax benefit of $0.3 for the three months ended March 31, 2008 (no income tax for 2007). (3) Net of income tax expense of $0.5 as of March 31, 2008 ($0.2 income tax expense as of December 31, 2007). 11. Guarantees and contingencies: We have contingent liabilities in the form of letters of credit, letters of guarantee, and surety and performance bonds which we have provided to various third parties. These guarantees cover various payments, including customs and excise taxes, utility commitments and certain bank guarantees. At March 31, 2008, these contingent liabilities amounted to $71.6 (December 31, 2007 - $74.4). In addition to the above guarantees, we have also provided routine indemnifications, the terms of which range in duration and often are not explicitly defined. These may include indemnifications against adverse impacts due to changes in tax laws and patent infringements by third parties. We have also provided indemnifications in connection with the sale of certain businesses and real property. The maximum potential liability from these indemnifications cannot be reasonably estimated. In some cases, we have recourse against other parties to mitigate our risk of loss from these indemnifications. Historically, we have not made significant payments relating to these types of indemnifications. Litigation: In the normal course of our operations, we are subject to litigation and claims from time to time. We may also be subject to lawsuits, investigations and other claims, including environmental, labor, product, customer disputes and other matters. Management believes that adequate provisions have been recorded in the accounts where required. Although it is not possible to estimate the extent of potential costs, if any, management believes that the ultimate resolution of such contingencies will not have a material adverse impact on our results of operations, financial position or liquidity. In 2007, securities class action lawsuits were commenced against us and our former Chief Executive and Chief Financial Officers, in the United States District Court of the Southern District of New York by individuals who claim they were purchasers of our stock, on behalf of themselves and other purchasers of our stock, during the period January 27, 2005 through January 30, 2007. The plaintiffs allege violations of United States federal securities laws and seek unspecified damages. They allege that during the purported class period we made statements concerning our actual and anticipated future financial results that failed to disclose certain purportedly adverse information with respect to demand and inventory in our Mexican operations and our information technology and communications divisions. In an amended complaint, the plaintiffs have added one of our directors and Onex Corporation as defendants. A parallel class proceeding has recently been issued against us and our former Chief Executive and Chief Financial Officers, in the Ontario Superior Court of Justice, but neither leave nor certification of the action has been granted by that court. We believe that the allegations in these claims are without merit and we intend to defend against them vigorously. However, there can be no assurance that the outcome of the litigation will be favorable to us or will not have a material adverse impact on our financial position or liquidity. In addition, we may incur substantial litigation expenses in defending these claims. We have liability insurance coverage that may cover some of the expense of defending these cases, as well as potential judgments or settlement costs. Income taxes: We are subject to tax audits by local tax authorities. Tax authorities could challenge the validity of our inter-company financing and transfer pricing policies which generally involve subjective areas of taxation and a significant degree of judgment. If any of these tax authorities is successful in challenging our financing or transfer pricing policies, our income tax expense may be adversely affected and we could also be subject to interest and penalty charges. In connection with ongoing tax audits in Canada, tax authorities have taken the position that income reported by one of our Canadian subsidiaries in 2001 should have been materially higher as a result of certain inter-company transactions. The successful pursuit of that assertion could result in that subsidiary owing significant amounts of tax, interest and possibly penalties. We believe we have substantial defenses to the asserted position and have adequately accrued for any probable potential adverse tax impact. However, there can be no assurance as to the final resolution of this claim and any resulting proceedings, and if this claim and any ensuing proceedings are determined adversely to us, the amounts we may be required to pay could be material. 12. Financial instruments - Financial risks: We have exposures to the following financial risks arising from financial instruments. (a) Currency risk: See note 15(a) to the 2007 annual consolidated financial statements. Due to the nature of our international operations, we are exposed to exchange rate fluctuations on our financial instruments denominated in various foreign currencies. Our major currency exposures, as of March 31, 2008, are summarized in USD equivalents in the following table. The local currency amounts have been converted to USD equivalents using the spot rates as of March 31, 2008. Chinese Canadian Euro renminbi dollar ----------- ----------- ----------- Cash and cash equivalents........ $ 4.8 $ 33.8 $ - Accounts receivable.............. 14.0 19.3 0.1 Other financial assets(i)........ 543.6 9.3 7,157.0 Accounts payable and accrued liabilities..................... (7.6) (17.6) (51.0) Other financial liabilities(i)... (475.9) (5.6) (7,160.3) ----------- ----------- ----------- Net financial assets (liabilities)................... $ 78.9 $ 39.2 $ (54.2) ----------- ----------- ----------- ----------- ----------- ----------- (i) This includes foreign currency denominated inter-company loans. A one-percentage point strengthening or weakening of the following currencies against the U.S. dollar for our financial instruments denominated in non-functional currencies as of March 31, 2008 has the following impact: Chinese Canadian Euro renminbi dollar ----------- ----------- ---------- Increase (decrease) 1% Strengthening Net earnings................... $ 0.8 $ 0.4 $ (0.5) Other comprehensive income..... - - 2.0 1% Weakening Net earnings................... (0.8) (0.4) 0.5 Other comprehensive income..... - - (2.0) (b) Interest rate risk: See note 15(b) to the 2007 annual consolidated financial statements. (c) Credit risk: See notes 2(e), 15(c) and 18 to the 2007 annual consolidated financial statements. The carrying amount of financial assets recorded in the financial statements, net of any allowances or reserves for losses, represents our estimate of maximum exposure to credit risk. As of March 31, 2008, less than 1% of our gross accounts receivable are over 90 days past due. Accounts receivable are net of an allowance for doubtful accounts of $16.9 at March 31, 2008 (December 31, 2007 - $21.5). (d) Liquidity risk: See note 15(d) to the 2007 annual consolidated financial statements. The majority of our financial liabilities recorded in accounts payable and accrued liabilities are due within 90 days. The repayment schedule of our long-term debt and capital lease obligations is included in note 7 to the 2007 annual consolidated financial statements. Our foreign currency forward contracts generally extend for periods ranging from one to 15 months. See note 15 to the 2007 annual consolidated financial statements. 13. Capital management: Our main objectives in managing our capital resources are to ensure liquidity and to have funds available for working capital or other investments required to grow our business. Our capital resources consist of cash, short-term investments, access to credit facilities, senior subordinated notes and issued share capital. We manage our capitalization levels and make adjustments, as available, for changes in economic conditions. We have full access to a $300.0 credit facility and we can sell up to $250.0, on a committed basis, under an accounts receivable sales program to provide short-term liquidity. Our credit facility has restrictive covenants relating to debt incurrence and the sale of assets. The facility also contains financial covenants that may limit the available amount of debt that can be incurred under the facility. We closely monitor our business performance to evaluate compliance with our covenants. Our 2011 and 2013 Notes also have restrictions on financing activities. We continue to monitor and review the most cost-effective methods for raising capital, taking into account these restrictions and covenants. There were no significant changes to our capital structure during the first quarter of 2008. We have not distributed, nor do we currently plan to distribute, any dividends to our shareholders. Our strategy on capital risk management has not changed this quarter. Other than the restrictive covenants associated with our debt obligations noted above, we are not subject to any contractual or regulatorily imposed capital requirements. While some of our international operations are subject to government restrictions on the flow of capital into and out of their jurisdictions, we do not believe that these restrictions will have a material impact on our operations.

Celestica Inc.

CONTACT: Laurie Flanagan, Celestica Global Communications, (416)
448-2200, media@celestica.com; Paul Carpino, Celestica Investor Relations,
(416) 448-2211, clsir@celestica.com

NII Holdings Posts Strong Results for First Quarter 2008Company achieves record results for operating revenues and operating income before depreciation and amortizationCustomer base surpasses 5 million subscribers- Net subscriber additions of 321,700 -- resulting in an ending subscriber base of over 5 million subscribers -- a 35% increase over the first quarter 2007 ending subscriber base- Consolidated operating revenues of $993 million -- a 39% increase over first quarter 2007- Consolidated operating income before depreciation and amortization of $286 million -- a 36% increase over first quarter 2007- Consolidated net income of $114 million, or $0.67 per basic share -- a 35% increase in net income over first quarter 2007

RESTON, Va., April 24 /PRNewswire-FirstCall/ -- NII Holdings, Inc. today announced its consolidated financial results for the first quarter of 2008. During the quarter, the Company added 321,700 net subscribers, resulting in an ending subscriber base of over 5 million subscribers, a 35% increase over the subscriber base reported at the end of the first quarter 2007. Financial results for the first quarter of 2008 included record consolidated operating revenues of $993 million, a 39% increase over the same period last year. The Company reported record consolidated operating income before depreciation and amortization, or OIBDA, for the first quarter of $286 million, a 36% increase over the same period last year. The Company's reported OIBDA includes approximately $16 million of non-cash stock option compensation expense, compared to $9 million of that expense for the same period in 2007. The Company also reported consolidated operating income for the first quarter of $192 million, a 34% increase over the same period last year, and net income of $114 million, or $0.67 per basic share.

"We're off to a strong start for 2008 as the demand for our differentiated wireless services continues to grow," said Steve Dussek, NII's CEO. "We delivered solid subscriber growth in the first quarter while generating record levels of revenue and OIBDA. Our team is excited about the progress that we have made and is committed to capturing the value available to us in what we believe are some of the most attractive growth markets for wireless communications in the world. We believe we are well on our way to delivering another year of profitable growth," he added.

NII Holdings' average monthly service revenue per subscriber (service ARPU) was $58 for the first quarter, consistent with the amount reported in the same period last year. The Company also reported monthly churn of 1.8% for the first quarter, up from a monthly churn rate of 1.6% in the first quarter 2007. Consolidated cost per gross add, or CPGA, was $330 for the first quarter, an $18 improvement over the fourth quarter 2007 results due primarily to lower advertising costs.

The Company continued to expand the coverage and capacity of its high quality networks during the quarter, adding about 200 sites, primarily in Brazil and Mexico. Consolidated capital expenditures were $192 million during the first quarter of 2008, largely related to investments in network capacity and quality, but also investments in geographic expansion.

"We're excited about the solid operational momentum that our business has exhibited early in the year," said Lo van Gemert, NII's President and COO. "Our differentiated value proposition and unique services, along with our commitment to superior customer service, are the primary catalysts of our strong start for the year. The expansion of our network coverage over the past three years is paying off in terms of our ability to attract new customers and provide a high quality wireless experience -- all leading to another record setting quarter in terms of total revenue and OIBDA," he added.

The Company ended the quarter with approximately $2.35 billion in total long-term debt, consisting primarily of $1.55 billion in low coupon convertible notes, $519 million in syndicated loans and $285 million in local currency tower financing and other debt obligations. With quarter-end consolidated cash and cash equivalents of $1.4 billion and short-term investments of $236 million, the Company's net debt at the end of the quarter was approximately $733 million.

During the quarter, the Company launched its $500 million share purchase program announced in January purchasing 2.7 million shares of its common stock at an average cost of $37.62 per share.

In addition to the preliminary results prepared in accordance with accounting principles generally accepted in the United States (GAAP) provided throughout this press release, NII has presented consolidated OIBDA, ARPU, Net Debt, and CPGA which are non-GAAP financial measures and should be considered in addition to, but not as substitutes for, the information prepared in accordance with GAAP. Reconciliations from GAAP results to these non-GAAP financial measures are provided in the notes to the attached financial table. To view these and other reconciliations of non-GAAP financial measures that the Company uses and information about how to access the conference call discussing NII's first quarter 2008 results, visit the investor relations link at http://www.nii.com/ .

About NII Holdings, Inc.

NII Holdings, Inc., a publicly held company based in Reston, Va., is a leading provider of mobile communications for business customers in Latin America. NII Holdings, Inc. has operations in Mexico, Brazil, Argentina, Peru and Chile offering a fully integrated wireless communications tool with digital cellular voice services, data services, wireless Internet access and Nextel Direct Connect(R) and International Direct Connect(TM), a digital two- way radio feature. NII Holdings, Inc., a Fortune 1000 company, trades on the NASDAQ market under the symbol NIHD and is a member of the NASDAQ 100 Index. Visit the Company's website at http://www.nii.com/.

Nextel, the Nextel logo, Nextel Online, Nextel Business Networks and Nextel Direct Connect are trademarks and/or service marks of Nextel Communications, Inc.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995. A number of the matters and subject areas discussed in this press release that are not historical or current facts deal with potential future circumstances and developments. The discussion of such matters and subject areas is qualified by the inherent risks and uncertainties surrounding future expectations generally, and also may materially differ from NII Holdings' actual future experience involving any one or more of such matters and subject areas. NII Holdings has attempted to identify, in context, certain of the factors that it currently believes may cause actual future experience and results to differ from NII Holdings' current expectations regarding the relevant matter or subject area. Such risks and uncertainties include the uncertainty relating to our ability to achieve the operating results described in our previously announced 2008 guidance, , the risks and uncertainties relating to the impact of more intense competitive conditions in the markets we serve, the risks and uncertainties concerning the impact of changes in economic conditions in the markets in which we operate, the risk that our network technologies will not perform properly or support the services our customers want or need including the risk that technology developments to support our serves will not be timely delivered, the risk that customers in the markets we serve will not find our services attractive, and the additional risks and uncertainties that are described from time to time in NII Holdings' Annual Report on Form 10-K for the fiscal year ended December 31, 2007, which was filed on February 27, 2008, and in other reports filed from time to time by NII Holdings with the Securities and Exchange Commission. This press release speaks only as of its date, and NII Holdings disclaims any duty to update the information herein.

NII HOLDINGS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 2008 and 2007 (in millions, except per share amounts, and unaudited) Three Months Ended March 31, 2008 2007 Operating revenues Service and other revenues $947.8 $691.8 Digital handset and accessory revenues 45.4 22.9 993.2 714.7 Operating expenses Cost of service (exclusive of depreciation and amortization included below) 267.4 188.9 Cost of digital handset and accessory sales 125.8 91.1 Selling, general and administrative 314.1 225.1 Depreciation 86.2 65.4 Amortization 7.9 1.6 801.4 572.1 Operating income 191.8 142.6 Other income (expense) Interest expense (41.4) (24.3) Interest income 18.9 10.2 Foreign currency transaction gains (losses), net 2.9 (3.5) Other (expense) income, net (4.5) 1.8 (24.1) (15.8) Income before income tax provision 167.7 126.8 Income tax provision (54.1) (42.6) Net income $113.6 $84.2 Net income per common share, basic $0.67 $0.52 Net income per common share, diluted $0.65 $0.47 Weighted average number of common shares outstanding, basic 169 162 Weighted average number of common shares outstanding, diluted 188 186 CONSOLIDATED BALANCE SHEET DATA (in millions) March 31, December 31, 2008 2007 (unaudited) Cash and cash equivalents $1,385.4 $1,370.2 Short-term investments 235.8 241.8 Accounts receivable, less allowance for doubtful accounts of $28.3 and $20.2 467.9 438.3 Property, plant and equipment, net 1,980.2 1,853.1 Intangible assets, net 409.9 410.4 Total assets 5,703.6 5,436.7 Long-term debt, including current portion 2,426.5 2,266.5 Total liabilities 3,458.2 3,268.3 Stockholders' equity 2,245.4 2,168.4 NII HOLDINGS, INC. AND SUBSIDIARIES OPERATING RESULTS AND METRICS FOR THE THREE MONTHS ENDED MARCH 31, 2008 AND 2007 (UNAUDITED) NII Holdings, Inc. (subscribers in thousands) Three Months Ended March 31, 2008 2007 Total digital subscribers (as of March 31) 5,050.3 3,729.5 Net subscriber additions 321.7 289.1 Churn (%) 1.84 % 1.58 % Average monthly revenue per handset/unit in service (ARPU) (1) $58 $58 Cost per gross add (CPGA) (1) $330 $313 Nextel Mexico (dollars in millions, except ARPU and CPGA, and subscribers in thousands) Three Months Ended March 31, 2008 2007 Operating revenues Service and other revenues $493.3 $395.1 Digital handset and accessory revenues 15.1 5.1 508.4 400.2 Operating expenses Cost of service (exclusive of depreciation and amortization included below) 105.8 82.6 Cost of digital handset and accessory sales 71.0 56.9 Selling, general and administrative 139.8 106.9 Management fee 8.4 9.9 Depreciation and amortization 46.1 33.2 371.1 289.5 Operating income $137.3 $110.7 Total digital subscribers (as of March 31) 2,269.7 1,691.4 Net subscriber additions 129.9 146.8 Churn (%) 2.29 % 1.74 % ARPU (1) $68 $75 CPGA (1) $425 $413 Nextel Brazil (dollars in millions, except ARPU and CPGA, and subscribers in thousands) Three Months Ended March 31, 2008 2007 Operating revenues Service and other revenues $286.3 $164.4 Digital handset and accessory revenues 15.2 8.1 301.5 172.5 Operating expenses Cost of service (exclusive of depreciation and amortization included below) 100.9 56.0 Cost of digital handset and accessory sales 27.6 16.1 Selling, general and administrative 91.6 54.5 Depreciation and amortization 32.0 19.8 252.1 146.4 Operating income $49.4 $26.1 Total digital subscribers (as of March 31) 1,395.9 981.4 Net subscriber additions 106.4 82.4 Churn (%) 1.32 % 1.33 % ARPU (1) $61 $49 CPGA (1) $288 $235 Nextel Argentina (dollars in millions, except ARPU and CPGA, and subscribers in thousands) Three Months Ended March 31, 2008 2007 Operating revenues Service and other revenues $115.0 $91.1 Digital handset and accessory revenues 11.0 6.9 126.0 98.0 Operating expenses Cost of service (exclusive of depreciation and amortization included below) 41.4 34.2 Cost of digital handset and accessory sales 16.8 11.2 Selling, general and administrative 28.4 20.9 Depreciation and amortization 8.7 7.2 95.3 73.5 Operating income $30.7 $24.5 Total digital subscribers (as of March 31) 851.0 685.4 Net subscriber additions 38.5 34.7 Churn (%) 1.49 % 1.36 % ARPU (1) $39 $40 CPGA (1) $194 $167 Nextel Peru (dollars in millions, except ARPU and CPGA, and subscribers in thousands) Three Months Ended March 31, 2008 2007 Operating revenues Service and other revenues $51.7 $41.0 Digital handset and accessory revenues 4.2 2.8 55.9 43.8 Operating expenses Cost of service (exclusive of depreciation and amortization included below) 18.5 15.9 Cost of digital handset and accessory sales 9.8 6.7 Selling, general and administrative 15.6 12.1 Depreciation and amortization 4.9 5.3 48.8 40.0 Operating income $7.1 $3.8 Total digital subscribers (as of March 31) 520.9 368.8 Net subscriber additions 44.0 23.6 Churn (%) 1.77 % 1.95 % ARPU (1) $32 $35 CPGA (1) $158 $165 (1) For information regarding ARPU and CPGA, see "Non-GAAP Reconciliations for the Three Months Ended March 31, 2008 and 2007" included in this release. NON-GAAP RECONCILIATIONS FOR THE THREE MONTHS ENDED MARCH 31, 2008 AND 2007 (UNAUDITED) Operating Income Before Depreciation and Amortization

Consolidated operating income before depreciation and amortization, or OIBDA, represents operating income before depreciation and amortization expense. Consolidated OIBDA is not a measurement under accounting principles generally accepted in the United States, may not be similar to consolidated OIBDA measures of other companies and should be considered in addition to, but not as a substitute for, the information contained in our statements of operations. We believe that consolidated OIBDA provides useful information to investors because it is an indicator of operating performance, especially in a capital intensive industry such as ours, since it excludes items that are not directly attributable to ongoing business operations. Our consolidated OIBDA calculations are commonly used as some of the bases for investors, analysts and credit rating agencies to evaluate and compare the periodic and future operating performance and value of companies within the wireless telecommunications industry. Consolidated OIBDA can be reconciled to our consolidated statements of operations as follows (in millions):

NII Holdings, Inc. Three Months Ended March 31, 2008 2007 Consolidated operating income $191.8 $142.6 Consolidated depreciation 86.2 65.4 Consolidated amortization 7.9 1.6 Consolidated operating income before depreciation and amortization $285.9 $209.6 Average Monthly Revenue Per Handset/Unit in Service (ARPU)

Average monthly revenue per handset/unit in service, or ARPU, is an industry term that measures service revenues, which we refer to as subscriber revenues, per period from our customers divided by the weighted average number of handsets in commercial service during that period. ARPU is not a measurement under accounting principles generally accepted in the United States, may not be similar to ARPU measures of other companies and should be considered in addition, but not as a substitute for, the information contained in our statements of operations. We believe that ARPU provides useful information concerning the appeal of our rate plans and service offerings and our performance in attracting and retaining high value customers. Other revenue includes revenues for such services as roaming, handset maintenance, cancellation fees, analog and other. ARPU can be calculated and reconciled to our consolidated statement of operations as follows (in millions, except ARPU):

NII Holdings, Inc. Three Months Ended March 31, 2008 2007 Consolidated service and other revenues $947.8 $691.8 Less: consolidated analog revenues (1.4) (1.6) Less: consolidated other revenues (104.4) (70.1) Total consolidated subscriber revenues $842.0 $620.1 ARPU calculated with subscriber revenues $58 $58 ARPU calculated with service and other revenues $65 $65 Nextel Mexico Three Months Ended March 31, 2008 2007 Service and other revenues $493.3 $395.1 Less: analog revenues (0.6) (0.8) Less: other revenues (41.0) (29.0) Total subscriber revenues $451.7 $365.3 ARPU calculated with subscriber revenues $68 $75 ARPU calculated with service and other revenues $75 $82 Nextel Brazil Three Months Ended March 31, 2008 2007 Service and other revenues $286.3 $164.4 Less: analog revenues (0.7) (0.6) Less: other revenues (42.8) (26.0) Total subscriber revenues $242.8 $137.8 ARPU calculated with subscriber revenues $61 $49 ARPU calculated with service and other revenues $71 $59 Nextel Argentina Three Months Ended March 31, 2008 2007 Service and other revenues $115.0 $91.1 Less: other revenues (16.7) (12.2) Total subscriber revenues $98.3 $78.9 ARPU calculated with subscriber revenues $39 $40 ARPU calculated with service and other revenues $46 $46 Nextel Peru Three Months Ended March 31, 2008 2007 Service and other revenues $51.7 $40.9 Less: other revenues (4.0) (3.1) Total subscriber revenues $47.7 $37.8 ARPU calculated with subscriber revenues $32 $35 ARPU calculated with service and other revenues $35 $38 Cost per Gross Add (CPGA)

Cost per gross add, or CPGA, is an industry term that is calculated by dividing our selling, marketing and handset and accessory subsidy costs, excluding costs unrelated to initial customer acquisition, by our new subscribers during the period, or gross adds. CPGA is not a measurement under accounting principles generally accepted in the United States, may not be similar to CPGA measures of other companies and should be considered in addition, but not as a substitute for, the information contained in our statements of operations. We believe CPGA is a measure of the relative cost of customer acquisition. CPGA can be calculated and reconciled to our consolidated statements of operations as follows (in millions, except CPGA):

NII Holdings, Inc. Three Months Ended March 31, March 31, December 31, 2008 2007 2007 Consolidated digital handset and accessory revenues $43.6 $22.9 $34.8 Less: consolidated cost of handset and accessory sales 125.8 91.1 114.8 Consolidated handset subsidy costs Handset subsidy costs 82.2 68.2 80.0 Consolidated selling and marketing Handset subsidy costs 127.0 88.4 133.1 Costs per statement of operations Handset subsidy costs 209.2 156.6 213.1 Less: consolidated costs unrelated to initial customer acquisition (14.4) (12.8) (13.1) Customer acquisition costs $194.8 $143.8 $200.0 Cost per Gross Add $330 $313 $348 Nextel Mexico Three Months Ended March 31, 2008 2007 Digital handset and accessory revenues $13.2 $5.1 Less: cost of handset and accessory sales 71.0 56.9 Handset subsidy costs 57.8 51.8 Selling and marketing 73.1 54.3 Costs per statement of operations 130.9 106.1 Less: costs unrelated to initial customer acquisition (11.1) (10.7) Customer acquisition costs $119.8 $95.4 Cost per Gross Add $425 $413 Nextel Brazil Three Months Ended March 31, 2008 2007 Digital handset and accessory revenues $15.2 $8.1 Less: cost of handset and accessory sales 27.7 16.1 Handset subsidy costs 12.5 8.0 Selling and marketing 35.3 20.6 Costs per statement of operations 47.8 28.6 Less: costs unrelated to initial customer acquisition (1.9) (0.4) Customer acquisition costs $45.9 $28.2 Cost per Gross Add $288 $235 Nextel Argentina Three Months Ended March 31, 2008 2007 Digital handset and accessory revenues $11.0 $6.9 Less: cost of handset and accessory sales 16.8 11.2 Handset subsidy costs 5.8 4.3 Selling and marketing 9.7 7.1 Costs per statement of operations 15.5 11.4 Less: costs unrelated to initial customer acquisition (0.8) (1.1) Customer acquisition costs $14.7 $10.3 Cost per Gross Add $194 $167 Nextel Peru Three Months Ended March 31, 2008 2007 Digital handset and accessory revenues $4.1 $2.8 Less: cost of handset and accessory sales 9.7 6.7 Handset subsidy costs 5.6 3.9 Selling and marketing 6.1 4.1 Costs per statement of operations 11.7 8.0 Less: costs unrelated to initial customer acquisition (0.6) (0.6) Customer acquisition costs $11.1 $7.4 Cost per Gross Add $158 $165 Net Debt

Net debt represents total long-term debt less cash, cash equivalents and short-term investments. Net debt to consolidated operating income before depreciation and amortization represents net debt divided by consolidated operating income before depreciation and amortization. Prior to 2008, we calculated net debt as total long-term debt less cash and cash equivalents. In 2008, we added short-term investments to the items subtracted from long-term debt to calculate net debt because we concluded that our short-term investments were similar to cash and cash equivalents in terms of liquidity and should be used similarly in providing the assessment of our overall leverage in the net debt calculation. Net debt is not a measurement under accounting principles generally accepted in the United States, may not be similar to net debt measures of other companies and should be considered in addition to, but not as a substitute for, the information contained in our balance sheets. We believe that net debt and net debt to consolidated operating income before depreciation and amortization provide useful information concerning our liquidity and leverage. Net debt as of March 31, 2008 can be calculated as follows (in millions):

NII Holdings, Inc. Total long-term debt $2,353.7 Less: cash and cash equivalents (1,385.4) Less: short-term investments (235.8) Net debt $732.5 NII Holdings, Inc. 1875 Explorer Street., Suite 1000 Reston, Va. 20190 (703) 390-5100 http://www.nii.com/ Contacts: Investor Relations: Tim Perrott (703) 390-5113 tim.perrott@nii.com Media Relations: Claudia E. Restrepo (786) 251-7020 claudia.restrepo@nii.com

NII Holdings, Inc.

CONTACT: Investors, Tim Perrott, +1-703-390-5113, tim.perrott@nii.com;
or Media, Claudia E. Restrepo, +1-786-251-7020, claudia.restrepo@nii.com

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

Incentra Solutions Sets Date for First Quarter Results Release and Conference Call

BOULDER, Colo., April 24 /PRNewswire-FirstCall/ -- Incentra Solutions, Inc. (BULLETIN BOARD: ICNS) will report its financial results for the first quarter ended March 31, 2008, at 6:00 a.m. Eastern Time on Thursday, May 1, and will host a conference call at 11:30 a.m. Eastern Time that same day.

Conference Call Toll free dial-in number: 1-800-762-8908 International dial-in number: 1-480-629-9031 Webcast A live webcast and one-year archive of the call can be accessed at: http://www.incentrasolutions.com/. About Incentra Solutions, Inc.

Incentra Solutions, Inc. (http://www.incentrasolutions.com/) (OTCBB: ICNS) is a provider of complete IT solutions and services to enterprises and managed service providers in North America and Europe. Incentra's complete solution includes managed services, professional services, hardware and software products with the Company's First Call and Enhanced First Call support services, IT outsourcing solutions and financing options.

Contacts: Jill Bertotti Allen & Caron Inc jill@allencaron.com (949) 474-4300

Incentra Solutions, Inc.

CONTACT: Jill Bertotti of Allen & Caron Inc, +1-949-474-4300,
jill@allencaron.com, for Incentra Solutions, Inc.

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

Perot Systems Expands European Footprint by Acquiring Leading SAP Services ProviderGermany's HighQ-IT deepens company's expertise and capability to support expanding global clients

PLANO, Texas, April 24 /PRNewswire-FirstCall/ -- Perot Systems Corporation announced today that it has signed a definitive agreement to acquire HighQ-IT for the manufacturing industry GmbH (HighQ-IT), a leading German IT services provider with SAP expertise.

The Munich-based company is one of nine special expertise partners in the automotive industry to be globally certified by SAP. With a delivery center in Bratislava, Slovakia, HighQ-IT is a business driven, IT innovation partner for select manufacturing industries, with a clear emphasis on delivering IT services in the SAP and enterprise solutions market.

The acquisition is projected to close during the second quarter of this year following approval from the Federal Cartel Office in Germany. Financial details of the acquisition were not disclosed.

"With its proven expertise in SAP implementation services, HighQ-IT is an excellent fit for Perot Systems," said Peter Altabef, President and CEO of Perot Systems Corporation. "Increasingly, our clients are demanding enterprise solutions, and this acquisition significantly enhances our global capacity to deliver them. We are delighted to welcome HighQ-IT to the Perot Systems team."

Klaus Holzhauser, senior consultant, Pierre Audoin Consultants (PAC) GmbH, commented on the acquisition: "The good positioning of HighQ-IT in the German SAP market in the sector of manufacturing, especially automotive, allows Perot Systems to significantly improve its own positioning in this environment. Furthermore Perot Systems increases its chance of also realizing larger projects with a broader delivery basis."

This acquisition underscores Perot Systems' commitment to the German and wider European marketplace, and will enable further growth in Germany, supporting local and global clients by leveraging the combined strength of both companies.

"HighQ-IT will complement our existing portfolio by bringing valuable domain expertise in the automotive, engineering and technology-based manufacturing industries," said Andreas Stein, Managing Director of Perot Systems Germany. "High client satisfaction and long-term relationships have earned it a strong reputation in the market. HighQ-IT is a great addition of talented people to Perot Systems."

"We are pleased to be joining forces with Perot Systems. Our spectrum of services, our exclusive client base, and our talented employees fit exceptionally well into the business model and culture of Perot Systems," said Hans Josef Nagel, Managing Director of HighQ-IT. "Working together we will be able to provide our services on a significantly broader basis and with greater flexibility, to better meet the requirements of our global clients. By joining the Perot Systems family we will be able to support our clients worldwide and offer better advancement opportunities for our hard-working team."

HighQ-IT, founded in 1989, brings a strong European presence servicing both global and local clients such as Audi, BMW, Daimler, General Motors Europe/Opel, Gildemeister, OSRAM, Pari Medical and Siemens.

In 2007, HighQ-IT reported revenue of euro 14.9 million.

Hans Josef Nagel and Thomas Popp will remain as the managing directors of HighQ-IT, charged with further developing an expanded market presence throughout Europe and delivering expanded value solutions to its clients.

In Germany, Perot Systems is headquartered in Frankfurt/Main and concentrates on business and IT solutions for clients in a wide range of industries, including telecommunications, manufacturing, travel and transport.

About HighQ-IT

As an IT service provider, HighQ-IT for the manufacturing industry GmbH focuses on the automotive, manufacturing and medical devices industries. HighQ-IT is specialized in process optimization within the field of product development and logistics -- major branches are sales, maintenance and service as well as finance and controlling management. HighQ-IT offers expertise in the fields of SAP consulting, software engineering, implementation and training as well as maintenance and support for IT solutions. HighQ-IT is a service partner and special expertise partner of SAP for automotive and product lifecycle management.

HighQ-IT for the manufacturing industry GmbH was established in 1989. The IT service provider employs more than 120 people in Munich and Bratislava. Customers include mid-sized as well as large companies such as Audi, BMW, Daimler, General Motors Europe / Opel, Gildemeister, Maha, MAN, Miba Group, OSRAM, Pari Medical, Siemens and VW.

About Perot Systems

Perot Systems is a worldwide provider of information technology services and business solutions. Through its flexible and collaborative approach, Perot Systems integrates expertise from across the company to deliver custom solutions that enable clients to accelerate growth, streamline operations, and create new levels of customer value. Headquartered in Plano, Texas, Perot Systems reported 2007 revenue of $2.6 billion. The company has more than 23,000 associates located in North America, Europe, MENA and Asia. Additional information on Perot Systems is available at http://www.perotsystems.com/.

This press release contains forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. For factors that could affect our business and cause actual results to differ materially, please refer to our Annual Report on Form 10-K for the fiscal year ended December 31, 2007, as filed with the U.S. Securities and Exchange Commission and available at http://www.sec.gov/, as updated in our Quarterly Reports on Form 10-Q filed after such Form 10-K, for additional information regarding risk factors. We disclaim any intention or obligation to revise any forward-looking statements whether as a result of new information, future developments, or otherwise.

Media Contacts: Perot Systems Corporation US - Global Jonathan Moss +1 972 577 6395 jonathan.moss@ps.net Joe McNamara +1 972 577 6165 joe.mcnamara@ps.net UK Charlie Richards +44 20 7892 1071 Charlie.richards@ps.net LEWIS - Global PR Germany Ruth Streder +49 89 173019 21 +49 176 10 11 96 08 cell ruths@lewispr.com

Perot Systems Corporation

CONTACT: US - Global, Jonathan Moss, +1-972-577-6395,
jonathan.moss@ps.net, or Joe McNamara, +1-972-577-6165, joe.mcnamara@ps.net,
or UK, Charlie Richards, +44 20 7892 1071, Charlie.richards@ps.net, all of
Perot Systems Corporation; or Germany, Ruth Streder of LEWIS - Global PR,
+49 89 173019 21, cell, +49 176 10 11 96 08, ruths@lewispr.com, for Perot
Systems Corporation

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

Company News On-Call: http://www.prnewswire.com/comp/122686.html

Autodesk Holds Annual Investor Day MeetingRepurchases 8 Million Shares of Common StockRaises Previously Announced Guidance for Fiscal 2009

SAN RAFAEL, Calif., April 24 /PRNewswire-FirstCall/ -- Autodesk, Inc. announced that key members of its senior management team will present an overview of the company's strategy at its Annual Investor Day meeting today. At the event, management will illustrate the company's long-term growth opportunities, global market and industry trends, as well as its industry-leading execution. In anticipation of the meeting, the company is providing an update on its financial guidance for the first quarter, second quarter and full year of fiscal 2009.

"We are very pleased to get fiscal 2009 off to such a solid start, which demonstrates the resiliency of our diversified business -- across industries and geographies," said Carl Bass, Autodesk president and CEO. "Our business in international markets, both developed countries and emerging economies, remains strong. As expected, our performance in the Americas is consistent with the performance we experienced last quarter.

"We've also taken measures to optimize our business," continued Bass. "During the quarter we will spend approximately $8 million on cost reduction initiatives including prioritization of projects and resource reorganization. These costs were not in our original forecast when we provided our first quarter guidance in February. However, we believe these actions will aid future growth of the company and strengthen our financial position. With a solid performance expected in our first quarter results, a diversified product portfolio and diversified geographic mix, we feel confident about our overall business for the rest of fiscal 2009."

In addition, during the first quarter of fiscal 2009 the company used approximately $257 million to buy back approximately 8 million shares of common stock at an average price of $32.06.

The following statements are forward-looking statements which are based on current expectations and which involve risks and uncertainties, some of which are set forth below.

First Quarter Fiscal 2009

With less than one week remaining in the first quarter, revenue is now expected to be between $590 million and $595 million. The previously provided guidance range for revenue was $575 million to $585 million.

GAAP earnings per diluted share are now expected to be in the range of $0.37 and $0.38. Previously provided guidance for GAAP earnings per diluted share was $0.35 to $0.37. Non-GAAP earnings per diluted share are now expected to be in the range of $0.47 and $0.48 and exclude $0.08 related to stock-based compensation expense and $0.02 for the amortization of acquisition related intangibles. Previously provided guidance for non-GAAP earnings per diluted share was $0.46 to $0.48.

Second Quarter Fiscal 2009

For the second quarter of fiscal 2009, revenue is now expected to be between $600 million and $610 million. Previously provided guidance for revenue was about $590 million.

GAAP earnings per diluted share are now expected to be in the range of $0.42 and $0.44. Previously provided guidance for GAAP earnings per diluted share was about $0.40. Non-GAAP earnings per diluted share are now expected to be in the range of $0.52 and $0.54 and exclude $0.07 related to stock-based compensation expense and $0.03 for the amortization of acquisition related intangibles. Previously provided guidance for non-GAAP earnings per diluted share was approximately $0.50.

Fiscal Year 2009

Revenue is now expected to be between $2.45 billion and $2.50 billion, representing a 13 percent to 15 percent increase over fiscal 2008. Previously issued guidance range for revenue was $2.425 billion and $2.475 billion.

For fiscal 2009, GAAP earnings per diluted share are now expected to be in the range of $1.81 and $1.91. Non-GAAP earnings per diluted share are now expected to be in the range of $2.20 and $2.30 and exclude $0.29 related to stock-based compensation expense and $0.10 for the amortization of acquisition related intangibles and the write off of acquired IPR&D. Previously provided guidance for GAAP earnings per diluted share was $1.75 to $1.85. Previously provided guidance for non-GAAP earnings per diluted share was $2.15 to $2.25.

Annual Investor Day Meeting Webcast

Autodesk's management team plans to discuss its business strategy at its Annual Day Investor meeting being held today in New York City. As previously announced, a live webcast of today's Annual Investor Day meeting will be available beginning at 8.30 a.m. eastern time at http://www.autodesk.com/investors. A webcast and podcast replay of the event will be available beginning later today on our website at http://www.autodesk.com/investors. This replay will be maintained on our website for at least twelve months.

Safe Harbor Statement

This press release contains forward-looking statements that involve risks and uncertainties, including statements about our expected financial performance for the first quarter of fiscal 2009, the second quarter of fiscal 2009 and the entire fiscal 2009, and statements about our cost structure, financial position and expected geographic mix of revenue. Factors that could cause actual results to differ materially include the following: general market and business conditions, our performance in particular geographies, including emerging economies, difficulties encountered in integrating new or acquired businesses and technologies, fluctuation in foreign currency exchange rates, unexpected fluctuations in our tax rate, the timing and degree of expected investments in growth opportunities, slowing momentum in maintenance or subscription revenues, failure to achieve sufficient sell-through and efficiencies in our channels for new or existing products, pricing pressure, failure to achieve continued cost reductions and productivity increases, failure to achieve continued migration from 2D products to 3D products, changes in the timing of product releases and retirements, failure of key new applications to achieve anticipated levels of customer acceptance, failure to achieve continued success in technology advancements, the financial and business condition of our reseller and distribution channels, interruptions or terminations in the business of the Company's consultants or third party developers, and unanticipated impact of accounting for technology acquisitions.

Further information on potential factors that could affect the financial results of Autodesk are included in the Company's report on Form 10-K for the year ended January 31, 2008, which is on file with the Securities and Exchange Commission. Autodesk does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.

About Autodesk

Autodesk, Inc. is the world leader in 2D and 3D design software for the manufacturing, building and construction, and media and entertainment markets. Since its introduction of AutoCAD software in 1982, Autodesk has developed the broadest portfolio of state-of-the-art digital prototyping solutions to help customers experience their ideas before they are real. Fortune 1000 companies rely on Autodesk for the tools to visualize, simulate and analyze real-world performance early in the design process to save time and money, enhance quality and foster innovation. For additional information about Autodesk, visit http://www.autodesk.com/.

Note: Autodesk is a registered trademark of Autodesk, Inc., in the US and/or other countries. All other brand names, product names or trademarks belong to their respective holders.

Investors: David Gennarelli, david.gennarelli@autodesk.com, 415-507-6033 Katie Blanchard, katherine.blanchard@autodesk.com, 415-507-6034 Press: Pam Pollace, pam.pollace@autodesk.com, 415-547-2441 Caroline Kawashima, caroline.kawashima@autodesk.com, 415-547-2498

Autodesk, Inc.

CONTACT: investors, David Gennarelli, +1-415-507-6033,
david.gennarelli@autodesk.com, or Katie Blanchard, +1-415-507-6034,
katherine.blanchard@autodesk.com, or media, Pam Pollace, +1-415-547-2441,
pam.pollace@autodesk.com, or Caroline Kawashima, +1-415-547-2498,
caroline.kawashima@autodesk.com, all of Autodesk, Inc.

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

Perot Systems Expands European Footprint by Acquiring Leading SAP Services Provider

PLANO, Texas, April 24 /PRNewswire/ --

- Germany's HighQ-IT deepens company's expertise and capability to support expanding global clients

Perot Systems Corporation (NYSE: PER) announced today that it has signed a definitive agreement to acquire HighQ-IT for the manufacturing industry GmbH (HighQ-IT), a leading German IT services provider with SAP expertise.

The Munich-based company is one of nine special expertise partners in the automotive industry to be globally certified by SAP. With a delivery center in Bratislava, Slovakia, HighQ-IT is a business driven, IT innovation partner for select manufacturing industries, with a clear emphasis on delivering IT services in the SAP and enterprise solutions market.

The acquisition is projected to close during the second quarter of this year following approval from the Federal Cartel Office in Germany. Financial details of the acquisition were not disclosed.

"With its proven expertise in SAP implementation services, HighQ-IT is an excellent fit for Perot Systems," said Peter Altabef, President and CEO of Perot Systems Corporation. "Increasingly, our clients are demanding enterprise solutions, and this acquisition significantly enhances our global capacity to deliver them. We are delighted to welcome HighQ-IT to the Perot Systems team."

Klaus Holzhauser, senior consultant, Pierre Audoin Consultants (PAC) GmbH, commented on the acquisition: "The good positioning of HighQ-IT in the German SAP market in the sector of manufacturing, especially automotive, allows Perot Systems to significantly improve its own positioning in this environment. Furthermore Perot Systems increases its chance of also realizing larger projects with a broader delivery basis."

This acquisition underscores Perot Systems' commitment to the German and wider European marketplace, and will enable further growth in Germany, supporting local and global clients by leveraging the combined strength of both companies.

"HighQ-IT will complement our existing portfolio by bringing valuable domain expertise in the automotive, engineering and technology-based manufacturing industries," said Andreas Stein, Managing Director of Perot Systems Germany. "High client satisfaction and long-term relationships have earned it a strong reputation in the market. HighQ-IT is a great addition of talented people to Perot Systems."

"We are pleased to be joining forces with Perot Systems. Our spectrum of services, our exclusive client base, and our talented employees fit exceptionally well into the business model and culture of Perot Systems," said Hans Josef Nagel, Managing Director of HighQ-IT. "Working together we will be able to provide our services on a significantly broader basis and with greater flexibility, to better meet the requirements of our global clients. By joining the Perot Systems family we will be able to support our clients worldwide and offer better advancement opportunities for our hard-working team."

HighQ-IT, founded in 1989, brings a strong European presence servicing both global and local clients such as Audi, BMW, Daimler, General Motors Europe/Opel, Gildemeister, OSRAM, Pari Medical and Siemens.

In 2007, HighQ-IT reported revenue of euro 14.9 million.

Hans Josef Nagel and Thomas Popp will remain as the managing directors of HighQ-IT, charged with further developing an expanded market presence throughout Europe and delivering expanded value solutions to its clients.

In Germany, Perot Systems is headquartered in Frankfurt/Main and concentrates on business and IT solutions for clients in a wide range of industries, including telecommunications, manufacturing, travel and transport.

About HighQ-IT

As an IT service provider, HighQ-IT for the manufacturing industry GmbH focuses on the automotive, manufacturing and medical devices industries. HighQ-IT is specialized in process optimization within the field of product development and logistics -- major branches are sales, maintenance and service as well as finance and controlling management. HighQ-IT offers expertise in the fields of SAP consulting, software engineering, implementation and training as well as maintenance and support for IT solutions. HighQ-IT is a service partner and special expertise partner of SAP for automotive and product lifecycle management.

HighQ-IT for the manufacturing industry GmbH was established in 1989. The IT service provider employs more than 120 people in Munich and Bratislava. Customers include mid-sized as well as large companies such as Audi, BMW, Daimler, General Motors Europe / Opel, Gildemeister, Maha, MAN, Miba Group, OSRAM, Pari Medical, Siemens and VW.

About Perot Systems

Perot Systems is a worldwide provider of information technology services and business solutions. Through its flexible and collaborative approach, Perot Systems integrates expertise from across the company to deliver custom solutions that enable clients to accelerate growth, streamline operations, and create new levels of customer value. Headquartered in Plano, Texas, Perot Systems reported 2007 revenue of US$2.6 billion. The company has more than 23,000 associates located in North America, Europe, MENA and Asia. Additional information on Perot Systems is available at http://www.perotsystems.com/.

This press release contains forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. For factors that could affect our business and cause actual results to differ materially, please refer to our Annual Report on Form 10-K for the fiscal year ended December 31, 2007, as filed with the U.S. Securities and Exchange Commission and available at http://www.sec.gov/, as updated in our Quarterly Reports on Form 10-Q filed after such Form 10-K, for additional information regarding risk factors. We disclaim any intention or obligation to revise any forward-looking statements whether as a result of new information, future developments, or otherwise.

Media Contacts: Perot Systems Corporation US - Global Jonathan Moss +1-972-577-6395 jonathan.moss@ps.net Joe McNamara +1-972-577-6165 joe.mcnamara@ps.net UK Charlie Richards +44-20-7892-1071 Charlie.richards@ps.net LEWIS - Global PR Germany Ruth Streder +49-89-173019-21 +49-176-10-11-96-08 cell ruths@lewispr.com

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

Perot Systems Corporation

US - Global, Jonathan Moss, +1-972-577-6395, jonathan.moss@ps.net, or Joe McNamara, +1-972-577-6165, joe.mcnamara@ps.net, or UK, Charlie Richards, +44-20-7892-1071, Charlie.richards@ps.net, all of Perot Systems Corporation; or Germany, Ruth Streder of LEWIS - Global PR, +49-89-173019-21, cell, +49-176-10-11-96-08, ruths@lewispr.com, for Perot Systems Corporation

Réunion annuelle des actionnaires de Magna International Inc. et avis de conférence téléphonique pour les résultats du premier trimestre 2008

TORONTO, April 24 /PRNewswire/ -- Magna International Inc. (TSX : MG.A) (NYSE : MGA) tiendra sa réunion annuelle des actionnaires jeudi 1er mai 2008 au Roy Thomson Hall, 60 Simcoe Street, Toronto, Ontario, à partir de 10h00 EDT. La réunion sera diffusée en direct sur le Web et sera accessible à l'adresse http://www.magna.com. Dans la matinée de cette réunion, Magna annoncera aussi ses résultats financiers pour le premier trimestre s'achevant le 31 mars 2008.

Magna tiendra sa conférence téléphonique jeudi 1er mai 2008, à 13h30 EDT. Le numéro de téléphone pour cette conférence sera le 1-800-763-5615. Les personnes appelant de l'étranger devront composer le 1-212-231-2903. Veuillez appeler au moins 10 minutes avant le début. La conférence téléphonique sera diffusée sur le Web à l'adresse http://www.magna.com et sera présidée par Vincent J. Galifi, vice-président directeur et directeur financier.

Si vous avez des questions, veuillez appeler Louis Tonelli au +1-905-726-7035. Pour les questions relatives à la téléconférence, veuillez appeler Karin Kaminski au +1-905-726-7103.

Pour toute personne ne pouvant pas écouter la conférence prévue, les numéros de rediffusion sont les suivants : 1-800-558-5253 pour l'Amérique du Nord et 1-416-626-4100 pour l'étranger (le numéro de réservation est le 21381626). Ils seront disponibles jusqu'à jeudi 8 mai 2008.

Magna International Inc.

Pour de plus amples informations : Si vous avez des questions, veuillez appeler Louis Tonelli au +1-905-726-7035; Pour les questions relatives à la téléconférence, veuillez appeler Karin Kaminski au +1-905-726-7103

Spreadtrum and WingTech Enter Strategic Partnership

JIAXING, China, April 24 /Xinhua-PRNewswire-FirstCall/ -- Spreadtrum Communications, Inc. , one of China's leading wireless baseband chipset providers, today announced during the "International Handset Supply Chain Summit 2008" that Spreadtrum and WingTech Group have entered into a strategic partnership aimed at leveraging their respective leading edge chip and handset design technologies. This two-day summit, sponsored by Jiaxing Communication Industry Association and organized by WingTech Communication Science and Technology Co. Ltd., promotes the theme of "Developing hand in hand for mutual benefits in the future."

The announced Spreadtrum-WingTech partnership is expected to benefit both companies and their customers as it is intended to capitalize on Spreadtrum's technology expertise in developing chipsets and WingTech's strengths in handset design for the industry. With the establishment of this new strategic partnership, WingTech will deploy Spreadtrum's SC6600W chip in its handsets. The SC6600W is a single chip quad-band GSM/GPRS multimedia baseband intended for WingTech handsets targeted at feature rich entry-level phones that include features such as MP3 playback, stereo output, voice recording, and Bluetooth interface for wireless data transmissions. Like Spreadtrum's other highly integrated basebands, the SC6600W features an integrated multimedia processor and built-in power management circuits on a single chip, which should reduce production costs, while enabling customers such as WingTech to develop new, differentiated products within a quick time-to-market threshold.

Referring to this strategic partnership, president of WingTech Group, Zhang Xueying said, "WingTech and Spreadtrum have a long history of close and steady partnership. Spreadtrum's advanced technologies and products are one of the important factors that account for WingTech's rapid growth. By entering this partnership, we believe we will be in the best possible position to win additional market share through use of the customized SC6600W chip, since it may greatly reduce the time-to-market and overall cost while improving core competitiveness of our products. This announcement further strengthens the strategic alliance between our two companies, but also starts a new mode of business collaboration in the industry to push the differentiation of the terminal products. WingTech will commit itself to unite all the segments in the industry to develop hand in hand for mutual benefits in the future."

Dr. Ping Wu, President and CEO of Spreadtrum, expressed, "By establishing this strategic partnership, we hope to expand and deepen the cooperation with WingTech in technology, marketing and other aspects to further expand our markets and accelerate our respective technology innovation. We believe that closer cooperation between the handset design solution provider and chip designer will be in everyone's interest to further improve the features and diversity of future handset products. We look forward to a sustained, close partnership with WingTech and to driving a new round of development in China's communication industry."

About Spreadtrum:

Spreadtrum Communications, Inc. (Nasdaq: SPRD; "Spreadtrum") is a fabless semiconductor company that designs, develops, and markets baseband processor solutions for the mobile wireless communications market. Spreadtrum combines its semiconductor design expertise with its software development capabilities to deliver highly-integrated baseband processors with multimedia functionality and power management. Spreadtrum has developed its solutions based on an open development platform, enabling its customers to develop customized wireless products that are feature-rich and meet their cost and time-to-market requirements.

For more information, please check: http://www.spreadtrum.com/ About WingTech:

WingTech group was founded in Hong Kong at the end of 2005 and ever since then, it has been devoting to R&D, manufacturing and marketing of mobile terminals. The main business scope includes complete design solution for mobile phones and value-added services based on mobile terminals. With technological strength and excellent products, after only two years from its establishment, WingTech has risen to be one of the top Chinese mobile companies

For more information, please check: http://www.wingtech.com/ Safe Harbor Statements:

This press release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, without limitation, the effectiveness of SC6600W in reducing production costs and enabling customers to new, differentiated products within a quick time to market threshold Spreadtrum's expectation that the strategic partnership will further expand its markets and accelerate its technology innovation and drive a new round of development in China's communication industry and Spreadtrum's belief that the closer cooperation between the handset design solution provider and chip designer will further improve the features and diversity of future handset products. These statements are forward-looking in nature and involve risks and uncertainties that may cause actual market trends and Spreadtrum's actual results to differ materially from those expressed or implied in these forward-looking statements for a variety of reasons. Potential risks and uncertainties include, but are not limited to, continued competitive pressure in the semiconductor industry and the effect of such pressure on prices, unpredictable changes in technology and consumer demand for mobile handsets, uncertainty regarding the timing and pace of adoption of the SC6600W by WingTech; and the state of and any change in Spreadtrum's relationship with WingTech. For additional discussion of these risks and uncertainties and other factors, please consider the information contained in Spreadtrum's filings with the U.S. Securities and Exchange Commission (the "SEC"), including the registration statement on Form F-1 filed on June 26, 2007, as amended, especially the sections under "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations," and such other documents that Spreadtrum may file with the SEC from time to time, including on Form 6-K. Spreadtrum assumes no obligation to update any forward-looking statements, which apply only as of the date of this press release.

For more information, please contact: William Shi Tel: +86-10-6270-2988 Email: news@spreadtrum.com

Spreadtrum Communications, Inc.

CONTACT: William Shi, +86-10-6270-2988, or news@spreadtrum.com, of
Spreadtrum Communications, Inc.

Web Site: http://www.spreadtrum.com/
http://www.wingtech.com/

SMIC and Amlogic in Commercial Production of 90nm Digital Photo Frame Chip

SHANGHAI, China, April 24 /Xinhua-PRNewswire/ -- Semiconductor Manufacturing International Corporation ("SMIC"; NYSE: SMI; SEHK: 0981.HK) and Amlogic Inc. today jointly announced the successful commercial production of a 90nm digital photo frame (DPF) chip designed by Amlogic and manufactured at SMIC.

The chip, used in the fast-growing digital photo frame market, is the most integrated multimedia SOC on the market. It supports multiple video and photo format decoding and integrated numerous advanced peripherals like high-speed USB and LCD controls. Due to the high integration of this chipset, DPF can perform more complex functions and the overall platform cost can be reduced, thus enabling more consumers to own their personal digital photo frame.

"Thanks to SMIC's full range of services and support, we can have commercial production in such a short time to meet the rapidly growing market's demand," Amlogic's Vice President, Mike Yip said. "As our business continues to expand, our collaboration with SMIC will also continue to strengthen."

"SMIC is honored to provide foundry services to Amlogic, whose rapid development exemplifies the overall growth of the consumer electronics fabless design industry," said Richard Chang, CEO & President of SMIC. "By combining SMIC's manufacturing expertise with Amlogic's design capability, we are able to achieve the customer's high standards for time to market and cost- performance ratio."

About SMIC

Semiconductor Manufacturing International Corporation ("SMIC"; NYSE: SMI; SEHK: 981) is one of the leading semiconductor foundries in the world and the largest and most advanced foundry in Mainland China, providing integrated circuit (IC) manufacturing service at 0.35 micron to 65 nanometer and finer line technologies. Headquartered in Shanghai, China, SMIC has a 300-millimeter wafer fabrication facility (fab) and three 200 mm wafer fabs in its Shanghai mega-fab, two 300 mm wafer fabs in its Beijing mega-fab, a 200 mm wafer fab in Tianjin, and an in-house assembly and testing facility in Chengdu. SMIC also has customer service and marketing offices in the U.S., Europe, and Japan, and a representative office in Hong Kong. In addition, SMIC manages and operates a 200 mm wafer fab in Chengdu owned by Cension Semiconductor Manufacturing Corporation and a 300 mm wafer fab under construction in Wuhan owned by Wuhan Xinxin Semiconductor Manufacturing Corporation. For more information, please visit http://www.smics.com/

About Amlogic

Amlogic is a leading fabless semiconductor company, headquartered in Santa Clara, California USA, that provides advanced solutions for video, audio and image processing for wide range of consumer applications including TVs, Digital Picture Frames, Home Media Centers and Set-top-Boxes. Amlogic provides a total integrated solution to its customers so that they can bring the most compelling products to consumers in record time. In this partnership, Amlogic customers have the confidence and ability to focus on their core business competency. Amlogic's advanced networking technology further extends the user experience beyond the consumer devices to the internet, therefore ushering in a new era of connected consumer electronics devices to every home and everyone. For more information, please visit http://www.amlogic.com/ .

For more information, please contact: SMIC Shanghai Peter Lin Public Relations Tel +86-21-50802000 ext 12349 Email Peter_LHH@smics.com SMIC Shanghai Angela Miao Public Relations Tel +86-21-50802000 ext 10088 Email Angela_Miao@smics.com

Semiconductor Manufacturing International Corporation

CONTACT: Peter Lin, +86-21-50802000 ext 12349, or Peter_LHH@smics.com; Or
Angela Miao, +86-21-50802000 ext 10088, or Angela_Miao@smics.com, both of
Public Relations of SMIC Shanghai

Web site: http://www.smics.com/
http://www.amlogic.com/

DOCDATA N.V. Today Publishes the 2007 Annual Report and the Agenda for the Annual General Meeting of Shareholders to be held on 15 May 2008

WAALWIJK, The Netherlands, April 24 /PRNewswire/ --

2007 Annual Report

DOCDATA N.V. today publishes the 2007 Annual Report. The 2007 Financial Statements included in the 2007 Annual Report correspond with the figures for the 2007 financial year, which DOCDATA N.V. already announced on 14 February 2008.

General Meeting of Shareholders

In addition, DOCDATA N.V. today publishes the agenda for the Annual General Meeting of Shareholders, to be held on Thursday 15 May 2008 at 2.00 PM CET in Hotel NH Waalwijk, Bevrijdingsweg 1 in Waalwijk (Sprang Capelle). The agenda for this General Meeting of Shareholders contains amongst others proposals to adopt the 2007 Financial Statements, to distribute dividend, to reappoint Mr. M.F.P.M. Alting von Geusau as member of the Management Board in the position of CEO for a term of four years, to reduce the issued share capital by cancellation of shares, and to amend the Company's Articles of Association. As of today, the complete text of the agenda for the Annual General Meeting of Shareholders with the explanatory notes, as well as the 2007 Annual Report, including the 2007 Financial Statements, the proposal to amend the Articles of Association with explanatory notes, and the other documents for the meeting, are available for inspection by shareholders and other authorised persons at the office of the Company, Energieweg 2 in Waalwijk, and at ABN AMRO Bank N.V., Foppingadreef 22, 1102 BS Amsterdam, and shall also be made available free of charge at ABN AMRO Bank N.V., Servicedesk, e-mail servicedesk.beleggen@nl.abnamro.com or telephone number +31(0)76-5799455. Also as of today, all documents mentioned here are available to be inspected and obtained through the Corporate website of the Company, http://www.docdatanv.com.

Registration

The Management Board of the Company has determined that for this meeting the persons who will be considered as entitled to vote and attend the meeting, are those persons who on Thursday 8 May 2008 at 6.00 PM CET, after processing of all settlements per this date (the "Registration Time"), have these rights and are registered as such in a (sub)register designated by the Management Board and have notified their attendance in the way as described below. The (sub)registers are the administrations held at the Registration Time by the banks and brokers which are according to the Dutch Securities Depository Act (Wet giraal effectenverkeer) participating institutions ('aangesloten instelling') of Nederlands Centraal Instituut voor Giraal Effectenverkeer B.V. ("Euroclear Nederland"). The main participating institutions of Euroclear Nederland have indicated that blocking of shares will no longer be required for the General Meeting of Shareholders of the Company. For private investors, banks may decide to block your shares until the Registration Time. Your bank can provide further information.

Notification

Holders of ordinary shares listed at Euronext Amsterdam N.V. who, either in person or by proxy, wish to attend the meeting must notify ABN AMRO Bank N.V. in writing (via their own bank) not later than the Registration Time. An electronic confirmation must be submitted to ABN AMRO Bank N.V., at the latest on Tuesday 8 May 2008 at 6.00 PM CET, by the participating institution of Euroclear Nederland in which administration those holders are registered as holders of the shares, stating that such number of ordinary shares were or will be registered at the Registration Time, whereupon the holder of these ordinary shares will receive an admission ticket for the meeting per email or per mail.

Written proxy and voting through the Internet

The meeting and voting rights may be exercised by a written proxy. The written proxy from shareholders or other attendants to the meeting, who wish to be represented by a proxy holder, must be received at the office of the Company at the latest on Tuesday 8 May 2008 at 12.00 AM CET. The proxy holder should hand in the written proof that you are a shareholder ('depotbewijs') as well as a copy of the written proxy prior to the meeting at the registration desk. Shareholders may also vote through an electronic proxy with voting instruction. To be able to submit your vote through the Internet lawfully, you should confirm your attendance as described above under 'Notification'. An electronic proxy with voting instruction will be provided to the Management Board of the Company, who will vote on your behalf at the meeting. As of today, shareholders may electronically submit their voting instructions up to and including Tuesday 8 May 2008 at 12.00 AM CET through http://www.abnamrovoting.nl.

DOCDATA N.V. has been listed at the NYSE Euronext since 1997 and exists of two different organisations, docdata and Industrial Automation Integrators.

The Internet Service Company docdata (http://www.docdata.com) is an European market leader with a strong basis in The Netherlands, Germany and the United Kingdom, and exists of four divisions:

- docdata commerce - docdata payments - docdata fulfilment - docdata media

The Technology Company Industrial Automation Integrators (www.iai.nl) is a high tech engineering company specialised in developing and building machines for very accurate and high speed processing of all kinds of products and materials. IAI delivers clients globally in the following sectors:

- securing and personalising of security documents - processing of packaging materials - processing of solar cells - processing of other materials (such as motion picture subtitling)

PRN NLD

docdata N.V.

Further information: DOCDATA N.V., M.E.T. Verstraeten, CFO, Tel. +31-416-631-100

Xilinx Celebrates Winners of Industry's First Open Source Hardware Innovation Contest for Mainland China Universities

WUXI, China, April 24 /PRNewswire/ -- At an awards ceremony held this week, Xilinx, Inc. announced the winners of its inaugural Open Source Hardware Innovation Contest, launched in June 2007 for engineering students at Chinese universities. The innovation contest is the first of its kind to establish an open source hardware community (OSHC) for senior undergraduates, masters and doctoral-level engineering students in mainland China designing with industry-leading FPGA platforms.

(Photo: http://www.newscom.com/cgi-bin/prnh/20080424/AQTH065) (Logo: http://www.newscom.com/cgi-bin/prnh/20020822/XLNXLOGO)

A panel of seven judges awarded 17 prizes to the winners for designs in industrial control, multimedia, telecom, consumer electronics and surveillance applications. The winning submissions were selected from 200 design teams made up of more than 1000 student participants. Contestants submitted online entries to http://www.openhw.org/ from June through September 2007. Winning entries scored highest with a panel of seven judges from academia, industry and government for practicality, creativity and teamwork.

"The enthusiasm this year's contest has generated with young engineers is a testament to the tremendous talent at leading universities in China," said Michael Wu, country manager for Xilinx China. "Given the success of our inaugural program, Xilinx is committed to continued collaboration with the China Institute of Electronic (CIE) in the coming years to encourage innovation with next-generation FPGA designers through the Open Source Hardware Innovation Contest."

"We're impressed by the breadth and depth of creativity exhibited by hundreds of design teams this year -- and the incredible support provided by our long-time partners in academia, industry and government," added Patrick Lysaght, senior director for the Xilinx University Program (XUP). "Programs such as this will play a key role in driving business and technology innovation in China by fostering communication, contribution and sharing within the open source hardware community."

Winning teams were awarded prizes, cash and free training courses through the Extension Courses for Electronic Design, provided by the Chinese Institute of Electronics (CIE). The winning teams are:

-- 1st place Winner -- Tian Yun, Xu Wenbo, Hu Bin and Gu Tao from the Beijing University of Posts and Telecommunications, "WCDMA System Digital Frequency Interference Canceller" -- 2nd Place Winners -- -- Design team led by Deng Qingxu of the Embedded Laboratory of Northeastern University Software and Theory Institute, "FPGA Dynamic Part Reconfiguration Technology Based Surveillance System for Thermal Power Plan" -- Wang Yuguo, Tian Wei, Wang Chunqiu, Kang Weiguo, with directing professors Li Yunsong and Lei Jie of Xidian University, "The Reconfigurable Hardware Measure and Control Platform Based on Web Server" -- 3rd Place Winners -- -- Hai Ming, and Hai Shan of Dalian University of Technology, "Designing and Validating a 32-bit Synthesizable RISC CPU Core" -- Zou Shilei, Mei Yu, Zhao Wenfeng, Wang Peng, Chenqian, Sun Biao, with directing professor Jiang Jianjun from Huazhong University of Science & Technology, "Distributed Data Acquisition" -- Zhang Zhihui, Wang Bo, Liu Juntao, Li Xiaofei, with directing professor Zhang Yongjun from Beijing University of Posts and Telecommunications, "FPGA Based TMPLS Network Design" -- Zhang Shuai, Zhu Junchcao, Zhang Yijia, Yu Qing from Dalian University of Technology, "Using FPGA to Design and Realize Encryption System Based on Chaotic Encryption Algorithm and Combined with Multi-Level Shuffle Exchange Network" -- Sui Yongsheng, Wang Pengda, Moazhen, Shiying, Li Xinxin from Dalian University of Technology, "FPGA based Liner CCD Color Election System" -- Deng Jiajia, Qian Ruishuo, Zhang Weiwei from Huazhong University of Science & Technology, "FPGA Based Firewall System" -- Merit Winners -- design teams from Anhui University, Xi'An Jiaotong University, Dalian University of Technology, Xidian University, Chengdu Electronic and Technology University, Harbin Engineering University and Chinese University of Science and Technology. -- Individual Winners -- -- Most Creative, Northeastern University for "FPGA Dynamic Part Reconfiguration Technology Based Surveillance System for Thermal Power Plan" -- People's Choice, Shanghai Jiaotong University, "FPGA-Based Hardware Platform Associated with a Surgery Navigation System" -- Best Director Professor, Li Yunsong of Dalian University of Technology and Li Mingwei of Xidian University

Notably, winning entries accompanied by innovative business proposals are now under consideration for further investment by the Xilinx Asia Pacific Technology Fund and local venture capital firms, such as Wuxi Venture Capital and Taiwan Global Venture Capital Management Consultants.

About the Xilinx Open Source Hardware Innovation Contest in Mainland China

This year's inaugural Open Source Hardware Innovation Contest is a cooperative effort between academia, government and industry in mainland China. Its goals are to: drive business and technology innovation; foster communication, contribution and sharing within the open source community; and accelerate the development of hardware intellectual property.

The contest is co-hosted by the Xilinx and the Chinese Institute of Electronics. All the participating teams received donations of FPGA development systems and design software through the Xilinx University Program. The list of sponsoring partners included: Shanghai Ultrawise Co. Ltd. (AUTC); SEED International Ltd.; and Iridium Ltd; Xilinx distributors Avnet and NuHorizons; IBM; National Instruments; International Digital & Embedded Technology Certificate Org. (IDETCO); Tokyo Electron Device (Shanghai) Limited; Excelpoint; Wuxi New District Information Industry Science and Technology Park Administration; Wuxi National IC Design Base Co. Ltd; EEFocus (http://www.eefocus.com/); and Embedded Online (http://www.mcuol.com/).

The seven-member panel of judges included: Xu Beijing, director of CIE; Professor Peng Chenglian, Fudan Computing and Information Technology School of Information Science and Engineering Department; Professor Sun Hongbo, Beijing Electronic Science and Technology Institute of the Office of Academic Degrees Committee of the State; Professor Zhou Jianjiang, Nanjing University of Aeronautics & Astronautics; Professor Ji Zhicheng, Jiangnan University; Chen Hao, General Manager of Ultrawise Corp.; and Kevin Xie, Xilinx China University Manager.

About Xilinx

Xilinx is the worldwide leader in complete programmable logic solutions. For more information, visit http://www.xilinx.com/.

0851c

Xilinx, the Xilinx logo and other designated brands included herein are trademarks of Xilinx in the United States and other countries. All other trademarks are the property of their respective owners.

Editorial Contacts: Melissa Zhang Gail Liu/Betty Wang Xilinx China H-line Ogilvy (86-10) 62682899-809 (86-10) 83913200-704/341 melissa.zhang@xilinx.com gail.liu@h-line.com betty.wang@h-line.com Lisa Washington Xilinx, Inc. 408-626-6272 lisa.washington@xilinx.com

Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20080424/AQTH065
http://www.newscom.com/cgi-bin/prnh/20020822/XLNXLOGO
AP Archive: http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com Xilinx, Inc.

CONTACT: Melissa Zhang of Xilinx China, (86-10) 62682899-809,
melissa.zhang@xilinx.com, or Lisa Washington of Xilinx, Inc., +1-408-626-6272,
lisa.washington@xilinx.com; or Gail Liu, (86-10) 83913200-704,
gail.liu@h-line.com, or Betty Wang, (86-10) 83913200-341,
betty.wang@h-line.com, both of H-line Ogilvy, for Xilinx, Inc.

Web site: http://www.xilinx.com/
http://www.eefocus.com/
http://www.mcuol.com/

Autonomy Corporation Announces Results for the First Quarter Ended March 31, 2008Quarterly Report and Interim Management StatementRecord Q1 Results Ahead of Consensus, With Strong Organic Growth; Highest Q1 Revenues and Profits in Autonomy's History; Revenues up 61%; Profit Before Tax (adjusted)* up 60% to $31.1 million

CAMBRIDGE, England, April 24 /PRNewswire-FirstCall/ -- Autonomy's first quarter conference call will be available live at http://www.autonomy.com/ on April 24, 2008, at 9:30 a.m. BST/4:30 a.m. EDT/1:30 a.m. PDT.

Autonomy Corporation plc , a global leader in infrastructure software, today reported financial results for the first quarter ended March 31, 2008.

Financial Highlights Three Months Ended (unaudited) March March 31, 31, 2008 2007 Results in US$ ($'000s except per share) $'000 $'000 105,088 65,475 Revenues Gross profit 93,464 60,010 (adjusted)* Gross profit margin 89% 92% (adjusted)* Profit from operations 31,069 18,539 (adjusted)* Profit before tax 31,136 19,518 (adjusted)* Net profit 21,684 13,340 (adjusted)*. Gross profit 88,184 58,110 (IFRS) Gross profit margin 84% 89% (IFRS) Profit from operations 24,236 15,450 (IFRS) Profit before tax 23,613 16,080 (IFRS) Net profit 16,445 10,990 (IFRS). EPS - basic $ 0.10 $ 0.07 (adjusted)*. - diluted $ 0.10 $ 0.07 (adjusted)* - basic $ 0.08 $ 0.06 (IFRS) - diluted $ 0.08 $ 0.06 (IFRS) -----------

* Adjusted results exclude the share of loss of associates, post-acquisition restructuring costs and non-cash charges, namely the amortization of purchased intangibles, share-based compensation and non-cash translational foreign exchange gains and losses and associated tax effects. See reconciliations on page 5.

First Quarter 2008 Highlights - Record revenues, up 61% from Q1 2007 including strong organic growth and contribution from acquisitions - 20th consecutive quarter of year-on-year growth - Organic IDOL growth of 16% from Q1 2007 - Licence revenue up 21% from Q1 2007 - Profit before tax (IFRS) up 47% from Q1 2007 to $23.6 million - Net profit (IFRS) up 50% from Q1 2007 to $16.4 million - Operational gearing sees operating margins (adjusted) at 30%, from 28% in Q1 2007 - Average selling price for meaning-based computing at $380,000 (Q1 2007: $385,000) - 12 OEM deals signed including new deals and extensions with Oracle, Symantec, Tumbleweed and Openwave - Gross margins (adjusted) at 89%, up from 88% in Q4 2007 - Fully-diluted EPS (adjusted) up 43% from Q1 2007 - Blue chip first quarter wins include MetLife, JC Penney, Reuters, Dow Jones, Costco, Wolters Kluwer, Fortis Investments, Michelin, Danske Bank, T Rowe Price, Barclays Capital, Johnson Controls, Connecting for Health, Allstate, Pepsi, JP Morgan Chase and Dupont - Positive cashflow generated from operations of $25.1 million, up from $20.0 million in Q1 2007 - Cash balance of $95.5 million at quarter end and no net debt

Commenting on the results, Dr. Mike Lynch, Group CEO of Autonomy said today: "We are witnessing continued strength as the momentum of the unstructured information revolution continues. Recent analyst reports acknowledge this development, placing Autonomy in the number one slot across a range of seemingly distinct software sectors, which are all united by the value of Autonomy's ability to understand meaning."

Dr. Lynch continued: "Q1 unfolded as expected with its usual seasonality. At the same time various sectors shifted spending from general IT to regulatory and litigation-related purchases, making the direct effect of the sub-prime crisis a net positive for our business. Our regulatory, compliance and government-driven prospects, which account for the significant majority of our revenues, are proving robust."

Dr. Lynch concluded, "We have decided to maintain our conservative view on prospects, which we will review if, as expected, current strength continues. While the current economic conditions bring a degree of uncertainty to businesses, we have seen no negative changes from the model outlined at the beginning of 2008. We will continue to monitor the situation closely as the year unfolds, although currently our strong fundamental market dynamics suggest that we have good reason to be confident in the current outlook for the business."

First Quarter Financial Highlights

Revenues for the first quarter of 2008 totalled $105.1 million, up 61% from $65.5 million for the first quarter of 2007 driven by strong organic growth and the contribution from ZANTAZ. In the first quarter of 2008, Americas revenues of $63.9 million represented 61% of total revenues and Rest of World revenues of $41.2 million represented 39% of total revenues (see note 2). The quarter demonstrated its traditional seasonal effects in revenue, profitability and deferred revenue movements.

Gross profits (adjusted) for the first quarter of 2008 were $93.5 million, up 56% from $60.0 million in the first quarter of 2007. Gross margins (adjusted) were 89% in the first quarter of 2008, versus 92% in the first quarter of 2007. Gross profits (IFRS) for the first quarter of 2008 were $88.2 million, up 52% from $58.1 million in the first quarter of 2007. Gross margins (IFRS) for the first quarter of 2008 were 84%, compared to 89% in the first quarter of 2007. Gross margins decreased in the third quarter of 2007 following the acquisition of ZANTAZ in July 2007, but have increased as planned in each subsequent quarter as a result of the integration of ZANTAZ and the transition of the core ZANTAZ business to higher margin sales.

Net profit (adjusted) for the first quarter of 2008 was $21.7 million, or $0.10 per diluted share, compared to net profit (adjusted) of $13.3 million, or $0.07 per diluted share, for the first quarter of 2007. Net profit (IFRS) for the first quarter of 2008 was $16.4 million, or $0.08 per diluted share, compared to net profit (IFRS) of $11.0 million, or $0.06 per diluted share, for the first quarter of 2007.

Cash balances were $95.5 million at March 31, 2008, an increase of $2.9 million from the prior quarter. Movements in cash flow during the quarter reflect a combination of strong cash generation from operating activities and proceeds from exercise of share options, offset by the quarterly repayment of Autonomy's bank loan and instalment tax payments. Although the company noticed some customers delay payments until immediately after quarter end, in light of recent receipts cash collection continues to be strong. Autonomy has no net debt.

Receivables at March 31, 2008, were $111.8 million, compared to $110.5 million for the prior quarter. Accounts receivable days sales outstanding were 91 days at March 31, 2008, compared to 83 days at December 31, 2007. Deferred revenues were $93.6 million at March 31, 2008, compared with $97.9 million at December 31, 2007, including normal seasonality.

Although IFRS disclosure provides investors and management with an overall view of Autonomy's financial performance, Autonomy believes that it is important for investors to also understand the performance of Autonomy's fundamental business without giving effect to certain specific, non-recurring and non-cash charges. Consequently, the non-IFRS (adjusted) results exclude share of loss of associates, post-acquisition restructuring costs and non-cash charges for the amortization of purchased intangibles, share-based compensation, foreign exchange gains and losses and associated tax effects. Management uses the adjusted results to assess the financial performance of Autonomy's operational business activities.

Q1 Product Sales

Autonomy's infrastructure technology continued to be adopted by enterprises around the globe to process information across all internal and external data formats and sources, in virtually every vertical market. During the first quarter of 2008, major customer wins included: Costco, Allstate, Wolters Kluwer, Dow Jones, Fortis Investments, HBO, Michelin, Danske Bank, Logitech, MetLife, JP Morgan Chase, Jane's, JC Penney, T.Rowe Price, Barclays Capital, ABB, Dupont, TNT, Ernst & Young, Statoil, Pepsi, Mazda, Ameriprise and Linklaters. Q1 2008 business also included new and repeat licenses with multiple government, defence and intelligence agencies around the globe such as the US Army, US Marines, US DOJ, UK Land Registry, UK Home Office and the Northern Ireland Police, and in countries as diverse as the Netherlands, Singapore, Hungary, Germany, Spain, Mexico, Canada and South Africa. Repeat business from existing customers accounted for approximately 45% of revenue for the quarter.

Strategic Partnerships and OEMs

Autonomy's OEM Program continued to grow during Q1 2008. Agreements were signed with 12 customers during the quarter, including new and extended agreements with Oracle, Symantec, Tumbleweed, Filetech and Openwave.

Q1 Corporate Developments

During the first quarter of 2008 Autonomy continued to extend its market leadership with the introduction of key new and upgraded technologies, including:

- New advanced features for Autonomy's IDOL Pan-Enterprise Search platform - the first unified platform to transcend all file types, operating systems, and language barriers for business and legal search - such as Drag and Drop Personalization; IDOL Deep Video Indexing Advanced Features; Geo-Cluster Maps; Intent-Based Ranking; Interlinking; Multi-Dimensional Index & Query Throttling; and Quantum Clustering. - The industry's first electronic discovery of VMware virtual environments, extending Autonomy ZANTAZ's lead in discovering over 1,000 types of electronically stored information. - Compliance with the newly-released EDRM XML standards for electronic discovery, supporting interoperability and faster, more efficient e-discovery. - Autonomy etalk's Qfiniti Web Access, an enhanced secure and robust thin-client user interface for accessing the etalk Intelligent Contact Center solutions suite, eliminating time-consuming installation and extending customer service compliance and quality management to globally distributed offices and external business partners in the most cost-effective manner. During the first quarter Autonomy was recognized in multiple ways for its market leadership and unmatched technology, including: - Dr Mike Lynch, Autonomy's founder and CEO, being named the winner of the highly coveted Innovator of the Year award for pioneering new approaches to search and information processing technology at The European Business Leaders Awards 2008. - Being named leader in the February 2008 Forrester Wave(TM): Message Archiving Hosted Services, Q1 2008 report, wherein "[Forrester] found that Autonomy ZANTAZ leads the pack with strong search functionality and vision for its services." - Being named a leader in the February 2008 Forrester Wave(TM): Message Archiving Software, Q1 2008 report, and thus the only leader in both of Forrester's two main reports on the sector. - Autonomy etalk's Qfiniti Enterprise receiving a 2007 Product of the Year Award from Technology Marketing Corporation (TMC) Customer Interaction Solutions magazine. - Being selected as one of the "100 Companies that Matter in Knowledge Management" by KMWorld, a leading industry publication, for the eighth consecutive year. - Recognition from Ovum, the independent analyst and consulting company, as the leader in the enterprise information access market, ranked by its market position and breadth of functional scope and appropriateness for the enterprise. About Autonomy Corporation plc

Autonomy Corporation plc is a global leader in infrastructure software for the enterprise and is spearheading the meaning-based computing movement. Autonomy's technology forms a conceptual and contextual understanding of any piece of electronic data including unstructured information, be it text, email, voice or video. Autonomy's software powers the full spectrum of mission-critical enterprise applications including information access technology, BI, CRM, KM, call center solutions, rich media management, information risk management solutions and security applications, and is recognized by industry analysts as the clear leader in enterprise search.

Autonomy's customer base comprises of more than 17,000 global companies and organizations including: 3, ABN AMRO, AOL, BAE Systems, BBC, Bloomberg, Boeing, Citigroup, Coca Cola, Daimler Chrysler, Deutsche Bank, Ericsson, Ford, GlaxoSmithKline, Lloyds TSB, NASA, Nestle, the New York Stock Exchange, Reuters, Shell, T-Mobile, the U.S. Department of Energy, the U.S. Department of Homeland Security and the U.S. Securities and Exchange Commission. Autonomy also has over 350 OEM partners and more than 400 VARs and Integrators, numbering among them leading companies such as BEA, Business Objects, Citrix, EDS, IBM Global Services, Novell, Satyam, Sybase, Symantec, TIBCO, Vignette and Wipro. The company has offices worldwide.

The Autonomy Group includes: ZANTAZ, the leader in the archiving, e-Discovery and Proactive Information Risk Management (IRM) markets; Cardiff, a leading provider of Intelligent Document solutions; etalk, award-winning provider of enterprise-class contact center products, Virage, a visionary in rich media management and security and surveillance technology and Meridio, a leading provider of records management software.

Autonomy and the Autonomy logo are registered trademarks or trademarks of Autonomy Corporation plc. All other trademarks are the property of their respective owners.

AUTONOMY CORPORATION plc CONSOLIDATED INCOME STATEMENTS (in thousands, except per share amounts) Three Months Ended (unaudited) March March 31, 2008 31, 2007 $'000 $'000 Revenues (see note 2) 105,088 65,475 Cost of revenues (excl. amortisation) (11,624) (5,465) Amortization of purchased intangibles (5,280) (1,900) Total cost of revenues (16,904) (7,365) Gross profit 88,184 58,110 Operating expenses: Research and development (19,788) (13,606) Sales and marketing (33,043) (22,562) General and administrative (11,145) (6,080) Other costs Post-acquisition restructuring costs (300) - Profit (loss) on foreign exchange 328 (412) Total operating expenses (63,948) (42,660) Profit from operations 24,236 15,450 Share of loss of associate (690) (349) Interest receivable 723 1,503 Interest payable (656) (524) Profit before income taxes 23,613 16,080 Income taxes (see note 3) (7,168) (5,090) Net profit 16,445 10,990 Basic earnings per share $ 0.08 $ 0.06 Diluted earnings per share $ 0.08 $ 0.06 Weighted average number of ordinary shares outstanding 213,431 188,866 Weighted average number of ordinary shares outstanding, assuming dilution 217,541 191,986 Reconciliation of Adjusted Financial Measures $'000 $'000 Gross profit ............................................. 88,184 58,110 Amortization of purchased intangibles.................................. 5,280 1,900 Gross profit (adjusted)................................... 93,464 60,010 Profit before income taxes.................... .................. 23,613 16,080 (Profit) loss on foreign exchange..................................... (328) 412 Amortization of purchased intangibles.................................. 5,280 1,900 Share of loss of associate.................................... 690 349 Share-based compensation (see note 4)....................... ............ 1,581 777 Post-acquisition restructuring costs......................................... 300 - Profit before tax (adjusted)................................... 31,136 19,518 Provision for income taxes........................................ (9,452) (6,178) Net profit (adjusted)................. ................. 21,684 13,340 Profit from operations................................... 24,236 15,450 (Profit) loss on foreign exchange..................................... (328) 412 Amortization of purchased intangibles.................................. 5,280 1,900 Share-based compensation (see note 4)...................................... 1,581 777 Post-acquisition restructuring costs........................................ 300 - Profit from operations (adjusted)................ ................ 31,069 18,539 AUTONOMY CORPORATION plc CONSOLIDATED BALANCE SHEETS (in thousands, except share data) As at (unaudited) March 31, December 2008 31, 2007 $'000 $'000 ASSETS Non-current assets: Goodwill....................................... 821,700 820,147 Other intangible assets........................................ 110,950 113,956 Property and equipment, net........................................... 28,935 28,788 Equity and other investments ............................................... 13,390 20,010 Deferred tax asset......................................... 8,112 8,862 Total non-current assets........................................ 983,087 991,763 Current assets: Trade receivables, net.......................... ................ 111,771 110,468 Other receivables................................... 22,694 21,019 Total trade and other receivables................................... 134,465 131,487 Inventory..... 514 583 Cash and cash equivalents.................................... 95,486 92,571 Total current assets......................................... 230,465 224,641 TOTAL ASSETS...................... ................. 1,213,552 1,216,404 CURRENT LIABILITIES Trade payables...................................... (12,676) (11,595) Other payables...................................... (19,492) (29,374) Total trade and other payables...................................... (32,168) (40,969) Bank loan.......................................... (10,637) (10,638) Tax liabilities.................................... (12,917) (20,118) Deferred revenue....................................... (80,213) (77,491) Provisions................. ................. (995) (1,099) Total current liabilities................................... (136,930) (150,315) Net current assets.......................................... 93,535 74,326 NON-CURRENT LIABILITIES Bank loan......................................... (34,572) (37,231) Deferred revenue....................................... (13,351) (20,389) Other payables...................................... (11,107) (9,899) Provisions....................................... (109) (257) Total non-current liabilities................................... (59,139) (67,776) Total liabilities................................... (196,069) (218,091) NET ASSETS.........................................1,017,483 998,313 Shareholders' equity: Ordinary shares (1)............................................... 1,201 1,196 Share premium account........................................ 785,444 780,888 Capital redemption reserve............................................ 135 135 Own shares......................................... (943) (981) Merger reserve..................... ................. 27,589 27,589 Stock compensation reserve....................... ............... 10,981 9,438 Revaluation reserve....................................... 3,566 10,163 Translation reserve....................... ............... 25,101 23,801 Retained earnings...................................... 164,409 146,084 TOTAL EQUITY........................................ 1,017,483 998,313 ------------

(1) At March 31, 2008, 600,000,000 ordinary shares of nominal value 1/3 pence each authorized, 213,754,957 issued and outstanding; as of December 31, 2007, 600,000,000 ordinary shares of nominal value 1/3 pence each authorized, 213,066,320 issued and outstanding.

AUTONOMY CORPORATION plc CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) Three Months Ended (unaudited) March March 31, 2008 31, 2007 $'000 $'000 Cash flows from operating activities: Profit from operations..................................... 24,236 15,450 Adjustments for: Depreciation and amortization.................. ............... 9,696 3,217 Share based compensation................. ................. 1,581 777 Foreign currency movements......................................... (328) 412 Operating cash flows before movements in working capital....................................... 35,185 19,856 Changes in operating assets and liabilities (net of impact of acquisitions): Receivables................................. (3,021) 5,656 Inventories........................................ 69 249 Payables........................................ (7,120) (5,727) Cash generated by operations..................................... 25,113 20,034 Income taxes (paid) received...................................... (11,454) 23 Net cash provided by operating activities.............................. 13,659 20,057 Cash flows from investment activities: Interest received......................... 723 1,503 Purchase of property, plant and equipment....................................... (3,838) (1,005) Purchase of investments.................................... (650) - Expenditure on product development.................................... (3,015) (858) Acquisition of subsidiaries, net of cash acquired....................................... (5,422) (1,657) Net cash used in investing activities......................................(12,202) (2,017) Cash flows from financing activities: Proceeds from issuance of shares, net of issuance costs.................................. 4,434 10,491 Interest on bank loan............................................ (656) (524) Repayment of bank loan............................................ (2,675) (4,083) Net cash provided by financing activities..................................... 1,103 5,884 Net increase in cash and cash equivalents.................................... 2,560 23,924 Beginning cash and cash equivalents..................................... 92,571 121,059 Effect of foreign exchange on cash and cash equivalents.................... 355 69 Ending cash and cash equivalents................... ................ 95,486 145,052 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (in thousands) Capital Ordinary Share redemption Own Merger shares premium reserve shares reserve Sub-total $'000 $'000 $'000 $'000 $'000 $'000 At 1 January 2008.............. 1,196 780,888 135 (981) 27,589 808,827 Retained profit................ - - - - - - Stock compensation........ - - - - - - Share options exercised 5 4,556 - - - 4,561 EBT options exercised.. - - - 38 - 38 Deferred tax on stock options - - - - - - Revaluation of equity investment.... - - - - - - Translation of overseas operations - - - - - - At 31 March 2008.... 1,201 785,444 135 (943) 27,589 813,426 Sub-total Stock Revaluation comp'n Translation Retained Forwarded reserve reserve reserve earnings Total $'000 $'000 $'000 $'000 $'000 $'000 At 1 January 808,827 9,438 10,163 23,801 146,084 998,313 2008 Retained - - - - 16,445 16,445 profit.................................... Stock compensation - 1,581 - - - 1,581 Share options exercised... 4,561 - - - 4,561 EBT options exercised .. 38 (38) - - - - Deferred tax on stock options.... - - - - 1,880 1,880 Revaluation of equity investment.... - - (6,597) - - (6,597) Translation of overseas operations - - - 1,300 - 1,300 At 31 March 813,426 10,981 3,566 25,101 164,409 1,017,483 2008 AUTONOMY CORPORATION plc NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED 1. Basis of presentation

The accompanying quarterly consolidated financial statements of Autonomy Corporation plc have been prepared in conformity with the recognition and measurement criteria of International Financial Reporting Standards ("IFRS") as adopted by the EU. The accounting policies applied are consistent in all material respects with those applied in the Company's Annual Report for the year ended December 31, 2007. Whilst the financial information included in this quarterly announcement has been computed in accordance with International Financial Reporting Standards (IFRSs) and IAS 34 Interim financial reporting, this announcement does not itself contain all of the disclosures required by IFRSs and IAS 34.

Quarterly information is unaudited, but reflects all normal adjustments which are, in the opinion of management, necessary to provide a fair statement of results and the company's financial position for and as at the periods presented. The results of operations for the three months ended March 31, 2008, are not necessarily indicative of the operating results for future operating periods. The quarterly financial statements should be read in connection with the company's audited Consolidated Financial Statements and the notes thereto for the year ended December 31, 2007. These have been delivered to the Registrar of Companies and the auditor's report thereon was unqualified, did not draw attention to any matters by way of emphasis and did not contain statements under s237(2) or (3) Companies Act 1985.

These financial statements for the three months ended March 31, 2008, are unaudited and do not constitute statutory financial statements within the meaning of section 240 of the Companies Act 1985. This announcement was approved by the Board of Directors on April 24, 2008. The financial information for the year ended December 31, 2007 is derived from the statutory accounts for that year which have been delivered to the Registrar of Companies. The auditors reported on those accounts; their report was unqualified and did not contain a statement under s237(2) or (3) Companies Act 1985.

2. Geographical information

The following table provides an analysis of the group's sales by geographical market based upon the location of the Group's customers:

Three Months Ended (unaudited) March March 31, 31,2007 2008 $'000 $'000 Revenue by region: (restated) 63,902 38,555 Americas..................... Rest of 41,186 26,920 World............. 105,088 65,475 Total......

The quarterly report in Q1 2007 presented the above on the basis of the location of the Group's assets. As noted in the 2007 annual report the directors have changed the presentation as they believe the revised presentation to be more appropriate under IAS 14. The financial impact of this restatement has been to reallocate approximately $2.7m of revenues from Americas to the Rest of World for the quarter ended March 31, 2007.

3. Income taxes Three Months Ended (unaudited) March March 31, 31, 2008 2007 Tax charge by region: $'000 $'000 4,758 4,023 UK................................................................... 2,410 1,067 Foreign.............................................................. 7,168 5,090 Total................................................................ 4. Share based compensation

Share based compensation charges have been charged in the income statement within the following functional areas:

Three Months Ended (unaudited) March March 31, 31, 2008 2007 $'000 $'000 Research and 522 256 development................................................................... Sales and 854 420 marketing..................................................................... General and administrative 205 101 .......................................................................... Total share based compensation 1,581 777 charge.................................................. INDEPENDENT REVIEW REPORT TO AUTONOMY CORPORATION PLC

We have been engaged by the company to review the condensed set of financial statements in the quarterly financial report for the three months ended March 31, 2008, which comprises the income statement, the balance sheet, the statement of changes in equity, the cash flow statement and related notes 1 to 4. We have read the other information contained in the quarterly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.

This report is made solely to the company in accordance with International Standard on Review Engagements 2410 issued by the Auditing Practices Board. Our work has been undertaken so that we might state to the company those matters we are required to state to them in an independent review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company, for our review work, for this report, or for the conclusions we have formed.

Directors' responsibilities

The quarterly financial report is the responsibility of, and has been approved by, the directors.

As disclosed in note 1, the annual financial statements of the company are prepared in accordance with the recognition and measurement criteria of IFRSs as adopted by the European Union. The condensed set of financial statements included in this quarterly financial report have been prepared in accordance with the accounting policies the group intends to use in preparing its next annual financial statements.

Our responsibility

Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the quarterly financial report based on our review.

Scope of Review

We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board for use in the United Kingdom. A review of quarterly financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying quarterly financial information is not prepared, in all material respects, in accordance with the recognition and measurement criteria of IFRSs as adopted for use in the EU and the basis set out in note 1.

Deloitte & Touche LLP Chartered Accountants and Registered Auditor April 24, 2008 Cambridge, UK Financial Media Contacts: Analyst and Investor Contacts: Edward Bridges/Haya Chelhot Sushovan Hussain, Chief Financial Officer Financial Dynamics Autonomy Corporation plc +44(0)20-7831-3113 +44(0)1223-448-000

Autonomy Corporation plc

CONTACT: Financial Media Contacts: Edward Bridges/Haya Chelhot,
Financial Dynamics, +44(0)20-7831-3113; Analyst and Investor Contacts:
Sushovan Hussain, Chief Financial Officer, Autonomy Corporation plc,
+44(0)1223-448-000

VASCO Reports Results for First Quarter 2008Revenues increased 10% over first quarter 2007; operating income decreased 15% over first quarter 2007. Guidance for full-year 2008 reaffirmed. Financial results for the first quarter of 2008 to be discussed on conference call today at 10:00 a.m. E.D.T.

OAKBROOK TERRACE, Ill., and ZURICH, Switzerland, April 24 /PRNewswire-FirstCall/ -- VASCO Data Security International, Inc. (http://www.vasco.com/), today reported financial results for the first quarter 2008.

Revenues for the first quarter of 2008 increased 10% to $28.9 million from $26.4 million in 2007. Net income available to common shareholders for the first quarter of 2008 was $4.9 million, or $0.13 per diluted share and compares to $5.0 million, or $0.13 per diluted share in 2007.

Financial Highlights: -- Gross profit was $20.0 million or 69% of revenue for the first quarter 2008. Gross profit was $17.5 million or 66% of revenue for the first quarter 2007. -- Operating expenses for the first quarter 2008 were $14.2 million, an increase of $3.5 million or 33% from $10.7 million reported for the first quarter 2007. Operating expenses for the first quarter 2008 and 2007 included $0.7 million and $0.4 million, respectively, related to stock-based incentives. -- Operating income for the first quarter of 2008 was $5.8 million, a decrease of $1.0 million, or 15%, from $6.9 million reported for the first quarter of 2007. Operating income as a percentage of revenue for the first quarter 2008 was 20% compared to 26% for the first quarter 2007. -- Earnings before interest, taxes, depreciation and amortization were $6.9 million for the first quarter 2008, a decrease of 8.5% from $7.6 million reported for the first quarter of 2007. -- Net cash balances, total cash and cash equivalents at March 31, 2008, totaled $47.8 million compared to $38.8 million at December 31, 2007. Operational and Other Highlights: -- VASCO won 591 new customers in Q1 2008 (71 banks and 520 Enterprise Security customers. In the first quarter of 2007, 619 new accounts were sold (94 banks and 525 Enterprise Security). -- Leading Japanese bank, Mizuho Bank, uses VASCO's Digipass G06 and VACMAN Controller for retail banking -- Arab Bank uses VASCO's Digipass & VACMAN Controller -- Swedbank uses VASCO in Sweden and Baltic -- VASCO launches Identikey 3.0 authentication server -- VASCO extends Full-Option, All-Terrain Strategy by Launching Digipass 110, the zero-footprint e-signature solution -- VASCO's security competence center launches e-banking security consultancy -- Audema to distribute VASCO in Spanish enterprise security market -- VASCO wins European Seal of e-Excellence Guidance for full-year 2008:

VASCO reaffirmed the full-year 2008 guidance provided on February 21, 2008, which included:

-- Revenue growth of 25% to 35% for the full-year 2008 over full-year 2007, -- Gross margins as a percentage of revenue of 60% to 68% for full-year 2008, and -- Operating margins as a percentage of revenue of 20% to 25% for full-year 2008.

"The results of the first quarter reflected a general slowdown in the approval processes within our banking customers and our strategy of continued investment in the infrastructure of the business to ensure that we have the capacity to support strong future growth," stated T. Kendall Hunt, Chairman & CEO. "As stated in our prior earnings calls and as reflected in the full-year 2008 guidance, we plan to continue to invest aggressively in our infrastructure and expect that the revenue growth rate will accelerate in the second half of the year."

"Investments made in prior periods and in the current quarter resulted in two important product introductions in the first quarter of 2008," said Jan Valcke, VASCO's President and COO. "We believe that the Identikey 3.0 Authentication Server will allow us to compete more effectively in the small and medium enterprise market. The Digipass 110 is a significant extension of our market leading e-signature products. While overall revenue growth in this quarter was less than we have experienced in recent quarters, we are continuing to see strong interest in our products and a strong flow of new orders."

Cliff Bown, Executive Vice President and CFO added, "The continued strong operating performance has allowed us to both invest strongly in the business and strengthen our balance sheet. Our net cash balance increased $9.0 million or 23% and our working capital increased $6.5 million or 12% from December 31, 2007, respectively. Days Sales Outstanding (DSO) in net accounts receivable decreased to approximately 67 days at March 31, 2008 from 76 days at December 31, 2007."

Conference Call Details

In conjunction with this announcement, VASCO Data Security International, Inc. will host a conference call today, April 24, 2008, at 10:00 a.m. EDT - 16:00h CET. During the Conference Call, Mr. Ken Hunt, CEO, Mr. Jan Valcke, President and COO, and Mr. Cliff Bown, CFO, will discuss VASCO's results for the first quarter 2008.

To participate in this Conference Call, please dial one of the following numbers:

USA/Canada: 888 562 3356 International: +1 973 582 2700

This will be a direct dial in call. Participants will be greeted by the operator. No password is required.

The Conference Call is also available in listen-only mode on http://www.vasco.com/. Please log on 15 minutes before the start of the Conference Call in order to download and install any necessary software. The recorded version of the Conference Call will be available on the VASCO website 24 hours a day.

VASCO Data Security International, Inc. CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share data) (unaudited) Three months ended March 31, 2008 2007 Net revenue $28,928 $26,405 Cost of goods sold 8,889 8,875 Gross profit 20,039 17,530 Operating costs: Sales and marketing 7,700 6,090 Research and development 2,691 1,923 General and administrative 3,535 2,387 Amortization of purchased intangible assets 272 258 Total operating costs 14,198 10,658 Operating income 5,841 6,872 Interest income (expense), net 257 58 Other income (expense), net 261 (37) Income before income taxes 6,359 6,893 Provision for income taxes 1,463 1,930 Net income $4,896 $4,963 Net income per share: Basic $0.13 $0.14 Diluted $0.13 $0.13 Weighted average common shares outstanding: Basic 37,109 36,564 Diluted 38,308 38,001 VASCO Data Security International, Inc. CONSOLIDATED BALANCE SHEETS (in thousands, except per share data) March 31, December 31, 2008 2007 ASSETS (unaudited) Current assets: Cash and equivalents $47,815 $38,833 Accounts receivable, net of allowance for doubtful accounts 21,320 25,721 Inventories 8,418 7,076 Prepaid expenses 1,756 1,712 Foreign sales tax receivable 6,002 4,919 Deferred income taxes 224 476 Other current assets 216 180 Total current assets 85,751 78,917 Property and equipment, net 3,030 2,140 Goodwill, net of accummulated amortization 15,362 14,319 Intangible assets, net of accumulated amortization 2,164 2,295 Other assets, net of accumulated amortization 2,802 3,005 Total assets $109,109 $100,676 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable 6,760 7,757 Deferred revenue 5,234 5,608 Accrued wages and payroll taxes 5,288 5,330 Income taxes payable 4,843 4,008 Other accrued expenses 4,659 3,776 Total current liabilities 26,784 26,479 Deferred warranty 268 309 Accrued compensation 462 1,281 Deferred revenue 697 457 Deferred tax liability 577 611 Total liabilities 28,788 29,137 Stockholders' equity : Common stock, $.001 par value - 75,000 shares authorized; 37,254 and 37,205 shares issued and outstanding at March 31, 2008 and December 31, 2007, respectively 37 37 Additional paid-in capital 65,179 64,734 Accumulated income 5,461 565 Accumulated other comprehensive income 9,644 6,203 Total stockholders' equity 80,321 71,539 Total liabilities and stockholders' equity $109,109 $100,676

Reconciliation of Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") to net income:

Three Months Ended March 31, 2008 2007 (in thousands) (unaudited) EBITDA $6,911 $7,554 Interest income, net 257 58 Provision for income taxes (1,463) (1,930) Depreciation and amortization (809) (719) Net income 4,896 4,963

EBITDA is a non-GAAP financial measure within the meaning of applicable U.S. Securities and Exchange Commission rules and regulations. We use EBITDA as a measure of performance, a simplified tool for use in communicating our performance to investors and analysts and for comparisons to other companies within our industry. As a performance measure, we believe that EBITDA presents a view of our operating results that is most closely related to serving our customers. By excluding interest, taxes, depreciation and amortization we are able to evaluate performance without considering decisions that, in most cases, are not directly related to meeting our customers' requirements and were either made in prior periods (e.g., depreciation and amortization), or deal with the structure or financing of the business (e.g., interest) or reflect the application of regulations that are outside of the control of our management team (e.g., taxes). Similarly, we find that the comparison of our results to those of our competitors is facilitated when we do not need to consider the impact of those items on our competitors' results.

EBITDA should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with accounting principles generally accepted in the United States. While we believe that EBITDA, as defined above, is useful within the context described above, it is in fact incomplete and not a measure that should be used to evaluate our full performance or our prospects. Such an evaluation needs to consider all of the complexities associated with our business including, but not limited to, how past actions are affecting current results and how they may affect future results, how we have chosen to finance the business and how regulations and the other aforementioned items affect the final amounts that are or will be available to shareholders as a return on their investment. Net income determined in accordance with U.S. GAAP is the most complete measure available today to evaluate all elements of our performance. Similarly, our Consolidated Statement of Cash Flows, which will be filed as part of our annual report on Form 10-K, provides the full accounting for how we have decided to use resources provided to us from our customers, lenders and shareholders.

About VASCO: VASCO is a leading supplier of strong authentication and e-signature solutions and services specializing in Internet Security applications and transactions. VASCO has positioned itself as a global software company for Internet Security serving a customer base of close to 6,500 companies in more than 100 countries, including approximately 1,000 international financial institutions. VASCO's prime markets are the financial sector, enterprise security, e-commerce and e-government.

Forward Looking Statements

Statements made in this news release that relate to future plans, events or performances are forward-looking statements. Any statement containing words such as "believes," "anticipates," "plans," "expects," and similar words, is forward-looking, and these statements involve risks and uncertainties and are based on current expectations. Consequently, actual results could differ materially from the expectations expressed in these forward-looking statements.

Reference is made to our public filings with the U.S. Securities and Exchange Commission for further information regarding VASCO and our operations.

For more information contact:

Jochem Binst, +32 2 609 97 40, jbinst@vasco.com

VASCO Data Security International, Inc.

CONTACT: Jochem Binst of VASCO Data Security International, Inc.,
+32 2 609 97 40, jbinst@vasco.com

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

Chunghwa Telecom 2007 Form 20-F filed with the U.S. SEC

TAIPEI, Taiwan, April 23 /Xinhua-PRNewswire-FirstCall/ -- Chunghwa Telecom Co., Ltd (TAIEX: 2412; NYSE: CHT) ("Chunghwa" or "the Company") today announced that the Company filed its 2007 Annual Report on Form 20-F with the U.S. Securities and Exchange Commission. The Form 20-F filing is available at http://www.cht.com.tw/ir/ .

Hard copies of the Company's complete audited financial statements can also be requested, free of charge, by contacting Chunghwa, orally or in writing, at the following address:

Chunghwa Telecom Co., Ltd. Investor Relations 21-3 Hsinyi Road, Sec. 1, Taipei, Taiwan 100 R.O.C. Tel: +886-2-2344-5488 Email: chtir@cht.com.tw About Chunghwa Telecom

Chunghwa Telecom (TAIEX: 2412; NYSE: CHT) is the leading telecom service provider in Taiwan. Chunghwa Telecom provides fixed line, mobile and Internet and data services to residential and business customers in Taiwan.

For inquiries: Fu-fu Shen Investor Relations Tel: +886-2-2344-5488 Email: chtir@cht.com.tw

Chunghwa Telecom

CONTACT: Investors, Fu-fu Shen of Chunghwa Telecom Co., Ltd.,
+886 2 2344 5488, or chtir@cht.com.tw

Web site: http://www.cht.com.tw/

page 1     page 2     page 3     page 4     page 5    

News archive of November 2009
1  2  3  4  5  6  7  8  9  10  11  12  13  14  15  16  17  18  19  20  21  22  23  24  25  26  27  28  29  30