NYFIX Schedules Annual Meeting of Stockholders

NEW YORK, April 29 /PRNewswire-FirstCall/ -- NYFIX, Inc. NYFIX, Inc. ("NYFIX"), a trusted provider of innovative solutions that optimize trading efficiency, today announced that it will hold its 2008 Annual Meeting of Stockholders on Tuesday, June 17, 2008 beginning at 9:00 a.m., Eastern Daylight Time, at The Down Town Association, 60 Pine Street, New York, NY 10005.

The record date for the determination of the stockholders entitled to vote at the Annual Meeting, or any adjournments or postponements thereof, was the close of business on April 22, 2008. If you plan to attend the Annual Meeting in person you will need to bring an acceptable form of photo identification, such as a driver's license or passport, and proof of your ownership of NYFIX common stock as of the close of business on April 22, 2008. Please note that The Down Town Association strictly enforces a business casual dress code and will deny entry to persons wearing inappropriate attire, such as collarless shirts, jeans or sneakers.

About NYFIX, Inc.

A pioneer in electronic trading solutions, NYFIX continues to transform trading through innovation. The NYFIX Marketplace(TM) is a global community of trading counterparties utilizing innovative services that optimize the business of trading. NYFIX Millennium(R) provides the NYFIX Marketplace(TM) with new methods of accessing liquidity. NYFIX also provides value-added informational and analytical services and powerful tools for measuring execution quality. A trusted business partner to the buy-side and sell-side alike, NYFIX enables ultra low touch, low impact market access and end-to-end transaction processing. For more information, please visit http://www.nyfix.com/.

NYFIX, Inc.

CONTACT: INVESTORS, Don Duffy of Integrated Corporate Relations,
+1-203-682-8200, or MEDIA, Matt Zachowski of Intermarket Communications,
+1-212-888-6115 Ext. 228, both for NYFIX, Inc.

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

MTS Signs Agreement to Acquire SANS GroupAccelerates Expansion in China

EDEN PRAIRIE, Minn., April 29 /PRNewswire-FirstCall/ -- MTS Systems Corporation today announced it has signed an agreement to acquire the assets of SANS Group (SANS), a leading provider of material testing solutions in China. The acquisition helps to accelerate MTS' strategy to grow geographically and strengthens the Company's leadership position in the worldwide materials market. The acquisition is expected to be completed by the end of September 2008.

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

"We are very excited about the SANS acquisition," said Laura B. Hamilton, CEO. "While MTS has a successful 30-year history in China, SANS' sales and service capability, product portfolio, and established customer base expands our ability to serve the increasing demand for testing solutions in China and worldwide. We believe MTS, together with the strength of SANS, will be a powerful combination."

The SANS Group, headquartered in Shenzhen, China, manufactures material testing solutions. Their products include electro-mechanical and static-hydraulic testing machines. Annual sales are approximately $25 million.

About MTS Systems Corporation

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

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

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

CONTACT: Sue Knight, Vice President and CFO of MTS Systems Corporation,
+1-952-937-4000

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

Great Mother's Day Gift - Supporting Susan G. Komen for the CureVIPER RESPONDER LE SPECIAL EDITION: THE ULTIMATE VEHICLE SECURITY & REMOTE START SYSTEM FROM DIRECTED ELECTRONICS

VISTA, Calif., April 29 /PRNewswire-FirstCall/ -- Directed Electronics is pleased to announce it has joined the fight against breast cancer with the availability of Responder LE Special Edition 2-Way Vehicle Security & Remote Start systems from Viper, supporting Susan G. Komen for the Cure. For each pink Responder LE sold, Directed will donate $13.39, with a Guaranteed Minimum Donation of $25,000.

(Photo: http://www.newscom.com/cgi-bin/prnh/20080429/LATU540) (Logo: http://www.newscom.com/cgi-bin/prnh/20020424/DIRECTLOGO)

Viper Responder LE was recognized with a prestigious Best of Innovations Award at the 2008 Consumer Electronics Show (CES), one of Directed's eight Innovations Awards. The award reflects the company's #1 market share position in aftermarket Vehicle Security & Remote Start. These are Directed's thinnest and most advanced 2-Way remote controls ever, with an ergonomic patent pending industrial design, made to fit the user's hand comfortably, enabling effortless and intuitive single-handed operation.

Other key aspects of the Responder LE remote are the GhostLights(TM) that enable 2-Way operation of the transceiver, confirming that commands sent to the vehicle have been received and acted upon. These GhostLights are LED indicators concealed in the bezel, which can only be seen when illuminated. Each Responder LE Special Edition system comes with two pink remotes: one 2-Way transceiver and an identical 1-Way transmitter.

Responder LE is the most advanced and user-friendly vehicle security and remote start system in Directed's history. The user is able to start the vehicle's engine with the push of a button from up to 2,000 feet away and receive GhostLight confirmation that the vehicle has started and is either warming up (in the winter) or cooling down (in the summer.) The 2-Way remote will also vibrate or make an audible tone if the system's siren is sounding within range of the remote, alerting the user to a possible break-in attempt.

Responder LE Special Edition systems supporting Susan G. Komen for the Cure are available at Viper retailers in North America with an MSRP of $479. For more information and a store locator, please visit http://www.viper.com/

Susan G. Komen for the Cure's promise is to save lives and end breast cancer forever by empowering people, ensuring quality care for all and energizing science to find the cures. For more information, please contact Susan G. Komen for the Cure at 5005 LBJ Freeway, Suite 250, Dallas, TX 75244 or visit http://www.komen.org/

About Directed Electronics

Headquartered in Southern California, Directed Electronics is the largest designer and marketer in North America of premium home theater loudspeakers sold under the Polk Audio(R) and Definitive Technology(R) brand names, and consumer-branded vehicle security and remote start systems sold under the Viper(R), Clifford(R), Python(R) and Autostart(R) brand names. Directed is also the largest aftermarket supplier of SIRIUS satellite radios and accessories, and a major supplier of mobile audio and video. Directed markets its broad portfolio of products through many channels including leading national retailers and specialty chains throughout North America, and around the world. Founded in 1982, the company has more than 500 employees and operations in California, Maryland, Canada, Europe and Asia. For more information, please visit http://www.directed.com/.

Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20080429/LATU540
AP Archive: http://photoarchive.ap.org/
AP PhotoExpress Network: PRN11
PRN Photo Desk, photodesk@prnewswire.com Directed Electronics

CONTACT: Kennedy Gammage, Corporate Communications Manager of Directed
Electronics, +1-760-599-1325, ken.gammage@directed.com

Web site: http://www.directed.com/
http://www.komen.org/
http://www.viper.com/

Sierra Wireless Reports First Quarter 2008 ResultsTSX: SW Nasdaq: SWIR

VANCOUVER, April 29 /PRNewswire-FirstCall/ -- Sierra Wireless, Inc. is reporting first quarter 2008 results.

Our results are reported in U.S. dollars and are prepared in accordance with United States generally accepted accounting principles.

"In the first quarter of 2008, we experienced continued strong momentum in our business and achieved record quarterly revenue, in spite of a challenging component supply environment" said Jason Cohenour, President and Chief Executive Officer. "Our first quarter revenue grew by 66% compared to Q1 of 2007 and earnings from operations improved by 106%. Our strong year over year improvement was driven by record quarterly sales of our PC Adapter products and embedded modules, as well as the addition of revenue from products acquired in the AirLink transaction.

In addition to our strong operational performance during Q1, we achieved an important strategic milestone in early April, announcing a definitive agreement to acquire CradlePoint, Inc., a supplier of wireless networking products and docking solutions for mobile enterprise, industrial and consumer applications. We believe that adding CradlePoint's mobile broadband networking and docking solutions to our product portfolio will extend our offering and value proposition to mobile operators and vertical OEM customers. We look forward to adding CradlePoint's innovative products to our portfolio and the CradlePoint team to the Sierra Wireless organization.

As we look forward, we are encouraged by the continued strong growth in our market segments, our proven ability to execute in a competitive environment and the strategic opportunities that lay ahead. Our expectations for 2008 are for continued investment and revenue growth, improving profitability and further business diversification."

Q1 2008 Financial Results

Our revenue for the first quarter of 2008 amounted to a record $141.9 million, gross margin was $39.3 million, or 27.7% of revenue, operating expenses were $28.0 million and net earnings were $9.7 million, or diluted earnings per share of $0.31. We generated $17.0 million of cash from operations during the first quarter and our balance sheet remains strong, with $209.5 million of cash, short and long-term investments.

Results for the first quarter of 2008, relative to guidance provided on January 31, 2008 are as follows:

First quarter revenue for 2008 of $141.9 million was better than our guidance of $136.0 million. Our earnings from operations were $11.4 million, in line with our guidance of $11.3 million. Our net earnings of $9.7 million, or diluted earnings per share of $0.31, were better than our guidance of net earnings of $9.4 million, or diluted earnings per share of $0.30.

Results for the first quarter of 2008, compared to the first quarter of 2007 are as follows:

First quarter revenue increased by 66% to $141.9 million in 2008 from $85.4 million for the same period in 2007. Gross margin for the first quarter of 2008 was 27.7% of revenue, compared to 27.3% for the same period in 2007. Operating expenses were $28.0 million in the first quarter of 2008, compared to $17.8 million in the same period of 2007. Net earnings for the first quarter of 2008 were $9.7 million, or diluted earnings per share of $0.31, compared to net earnings of $5.3 million, or diluted earnings per share of $0.20, in the same period of 2007. Included in our results are stock-based compensation expense and amortization resulting from the acquisitions of AirPrime, Inc. in 2003 and AirLink in May 2007. Adjusting for these amounts, our non-GAAP results are as follows: (in millions of U.S. dollars) Q1 2008 Q1 2007 ------- ------- Earnings from operations - GAAP $ 11.4 $ 5.5 Stock-based compensation 1.6 0.9 Acquisition related amortization 1.0 0.3 --- --- Earnings from operations - Non-GAAP $ 14.0 $ 6.7 Net earnings - GAAP $ 9.7 $ 5.3 Net earnings - Non-GAAP 11.5 6.2 Diluted earnings per share - GAAP $ 0.31 $ 0.20 Diluted earnings per share - Non-GAAP 0.37 0.24

Results for the first quarter of 2008, compared to the fourth quarter of 2007 are as follows:

Revenue for the first quarter of 2008 increased by 4.7% to $141.9 million, compared to $135.6 million in the fourth quarter of 2007. Gross margin was 27.7% of revenue in the first quarter of 2008, compared to 27.9% in the fourth quarter of 2007. Operating expenses were $28.0 million in the first quarter of 2008, compared to $24.5 million in the fourth quarter of 2007. Net earnings for the first quarter of 2008 were $9.7 million, or diluted earnings per share of $0.31, compared to net earnings of $11.5 million, or diluted earnings per share of $0.37, in the fourth quarter of 2007. First Quarter and Recent Highlights Included: - During the first quarter, we introduced two new embedded module products - the MC8785V embedded module for HSPA networks and the MC5727 embedded module for EV-DO Revision A networks. We also introduced two new HSPA mobile broadband modems. The AirCard(R) 885E ExpressCard and the Compass(TM) 885 USB modem are small, full-featured and offer the latest high-speed mobile broadband technology for use worldwide. - We announced the availability of the AirLink(TM) line of intelligent Mobile and M2M devices throughout Europe. Initial commercial shipments are expected to begin in the second quarter of 2008. - LANCOM selected our MC8780 embedded module to provide mobile broadband connectivity for the LANCOM 1751 UMTS router. - Fujitsu Siemens Computers selected our embedded modules to provide HSPA network connectivity to selected models in the LIFEBOOK product line of professional notebook computers that are expected to roll out throughout 2008. - Becker Marine Systems integrated our MC8780 and the MC5725 embedded modules into its umc.connect communication server, which provides a critical link for mariners worldwide. - NEC announced the availability of its LaVie G type J notebook computer with integrated Sierra Wireless MC8780 embedded module for use on the NTT DoCoMo network in Japan. The LaVie G type J notebook with the Sierra Wireless MC8780 module supports the NTT DoCoMo HSDPA flat rate service and is NEC's first notebook platform with an embedded HSDPA module. - On April 1, 2008, we announced the upcoming launch with Sprint of our Compass(TM) 597, the nation's smallest USB modem for EV-DO Revision A mobile broadband networks. The Sierra Wireless Compass 597 USB modem is now available for purchase through Sprint sales channels. - On April 7, 2008, we signed a definitive agreement to acquire CradlePoint, Inc. Under the terms of the definitive agreement, we will pay cash consideration of $21.8 million and will issue 462,963 shares to the shareholders of CradlePoint. Completion of the acquisition is expected in July, 2008 and is conditional upon, among other things, regulatory and CradlePoint shareholder approval. - On April 7, 2008, we also announced our intention to seek regulatory approval to repurchase our common shares which, if obtained, will allow us to purchase up to 1,567,378 of our common shares by way of a normal course issuer bid on the Toronto Stock Exchange and the NASDAQ Global Market, representing approximately 5% of our common shares outstanding as of April 7, 2008. Financial Guidance

The following guidance for the second quarter of 2008 reflects our current business indicators and expectations.

Our revenue expectations for the second quarter of 2008 reflect strong demand and good revenue visibility.

For the second quarter of 2008, we expect our gross margin percentage to be stable compared to the first quarter of 2008. As a result of our anticipated new product launch activity in Q2 and Q3, we expect our 2008 second quarter operating expenses to increase relative to the first quarter of 2008.

Inherent in this guidance are risk factors that are described in detail in our regulatory filings. Our actual results could differ materially from those presented below. All figures are approximations based on management's current beliefs and assumptions.

Non-GAAP Adjustments -------------------------- Acquisition Q2 2008 Guidance GAAP Stock Comp Amortization(1) Non-GAAP ---------------- ---- ---------- --------------- -------- Revenue $154 million $154 million Earnings from operations $13.9 million $1.7 million $0.9 million $16.5 million Net earnings $11.0 million $1.1 million $0.6 million $12.7 million Diluted earnings per share $ 0.35/share $0.40/share (1) Represents purchase price amortization associated with the acquisition of AirLink Communications, Inc. in May 2007 and the acquisition of AirPrime, Inc. in 2003. Conference Call, Webcast and Instant Replay

We will host a conference call to review our results on Tuesday, April 29, 2008 at 2:30 PM PST, 5:30 PM EST. You can participate in the conference call either via telephone or webcast. To participate in this conference call, please connect approximately ten minutes prior to the commencement of the call.

Telephone participation: Please dial the following number: 1-800-733-7571 Passcode: Not required or 1-416-644-3414 Passcode: Not required Webcast (to listen): The Company will also broadcast its conference call over the Internet. To access the web broadcast, click on this URL or enter: http://www.newswire.ca/en/webcast/viewEvent.cgi?eventID=2253900

This webcast event will be optimized for Microsoft Windows Media Player version 9. To download go to:

http://www.microsoft.com/windows/windowsmedia/download.

Should you be unable to participate, Instant Replay (audio) will be available following the conference call for 7 business days.

Audio only dial: 1-877-289-8525 or 1-416-640-1917 Passcode: 21263539 followed by the number sign.

The webcast will be available at the above link for 90 days following the call.

We look forward to having you participate in our call. Forward-Looking Statements

Certain statements in this press release that are not based on historical facts constitute forward-looking statements or forward-looking information within the meaning of applicable securities laws ("forward-looking statements"). These forward-looking statements are not promises or guarantees of future performance but are only predictions that relate to future events, conditions or circumstances or our future results, performance, achievements or developments and are subject to substantial known and unknown risks, assumptions, uncertainties and other factors that could cause our actual results, performance, achievements or developments in our business or in our industry to differ materially from those expressed, anticipated or implied by such forward-looking statements. Forward-looking statements include all financial guidance for the second quarter of 2008, disclosure regarding possible events, conditions, circumstances or results of operations that are based on assumptions about future economic conditions, courses of action and other future events. We caution you not to place undue reliance upon any such forward-looking statements, which speak only as of the date they are made. These forward-looking statements appear in a number of different places in this press release and can be identified by words such as "may", "estimates", "projects", "expects", "intends", "believes", "plans", "anticipates", or their negatives or other comparable words. Forward-looking statements include statements regarding the outlook for our future operations, plans and timing for the introduction or enhancement of our services and products, statements concerning strategies or developments, statements about future market conditions, supply conditions, end customer demand conditions, channel inventory and sell through, revenue, gross margin, operating expenses, profits, forecasts of future costs and expenditures, the outcome of legal proceedings, and other expectations, intentions and plans that are not historical fact. The risk factors and uncertainties that may affect our actual results, performance, achievements or developments are many and include, amongst others, our ability to develop, manufacture, supply and market new products that we do not produce today that meet the needs of customers and gain commercial acceptance, our reliance on the deployment of next generation networks by major wireless operators, the continuous commitment of our customers, and increased competition. These risk factors and others are discussed in our Annual Information Form, which may be found on SEDAR at http://www.sedar.com/ and on EDGAR at http://www.sec.gov/ and in our other regulatory filings with the Securities and Exchange Commission in the United States and the Provincial Securities Commissions in Canada. Many of these factors and uncertainties are beyond the control of the Company. Consequently, all forward-looking statements in this press release are qualified by this cautionary statement and there can be no assurance that actual results, performance, achievements or developments anticipated by the Company will be realized. Forward-looking statements are based on management's current plans, estimates, projections, beliefs and opinions and the Company does not undertake any obligation to update forward-looking statements should the assumptions related to these plans, estimates, projections, beliefs and opinions change.

About Sierra Wireless

Sierra Wireless modems and software connect people and systems to mobile broadband networks around the world. The Company offers a diverse product portfolio addressing enterprise, consumer, original equipment manufacturer, specialized vertical industry, and machine-to-machine markets, and provides professional services to customers requiring expertise in wireless design, integration, and carrier certification. For more information about Sierra Wireless, visit http://www.sierrawireless.com/.

"AirCard" is a registered trademark of Sierra Wireless. Other product or service names mentioned herein may be the trademarks of their respective owners.

SIERRA WIRELESS, INC. Consolidated Statements of Operations and Deficit (Expressed in thousands of United States dollars, except per share amounts) (Prepared in accordance with United States generally accepted accounting principles ("GAAP")) (Unaudited) Three months ended March 31, 2008 2007 ---------------------------- ------------ ------------ Revenue........................................ $141,949 $85,428 Cost of goods sold............................. 102,614 62,111 ------------ ------------ Gross margin................................... 39,335 23,317 ------------ ------------ Expenses: Sales and marketing.......................... 7,835 4,097 Research and development..................... 13,769 9,885 Administration............................... 5,084 3,141 Amortization................................. 1,281 668 ------------ ------------ 27,969 17,791 ------------ ------------ Earnings from operations....................... 11,366 5,526 Other income................................... 2,459 1,249 ------------ ------------ Earnings before income taxes................... 13,825 6,775 Income tax expense............................. 4,148 1,518 ------------ ------------ Net earnings................................... 9,677 5,257 Deficit, beginning of period................... (40,602) (73,061) ------------ ------------ Deficit, end of period......................... $(30,925) $(67,804) ------------ ------------ ------------ ------------ Earnings per share for the period: Basic........................................ $ 0.31 $ 0.20 Diluted...................................... $ 0.31 $ 0.20 ------------ ------------ ------------ ------------ Weighted average number of shares (in thousands) Basic........................................ 31,341 25,720 Diluted...................................... 31,427 25,955 ------------ ------------ ------------ ------------ SIERRA WIRELESS, INC. Consolidated Balance Sheets (Expressed in thousands of United States dollars) (Prepared in accordance with United States GAAP) March 31, December 31, ------------ ------------ 2008 2007 ---- ---- (Unaudited) Assets Current assets: Cash and cash equivalents.................... $103,524 $ 83,624 Short-term investments....................... 85,503 92,980 Accounts receivable, net of allowance for doubtful accounts of $2,052 (2007 - $1,939)............................. 100,738 83,015 Inventories.................................. 30,128 24,989 Deferred income taxes........................ 3,408 3,556 Prepaid expenses............................. 9,329 9,229 ------------ ------------ 332,630 297,393 Long-term investments.......................... 20,427 19,757 Fixed assets................................... 17,679 15,274 Intangible assets.............................. 16,957 17,418 Goodwill....................................... 31,961 32,541 Deferred income taxes.......................... 1,359 1,156 Other.......................................... 529 1,482 ------------ ------------ $421,542 $385,021 ------------ ------------ ------------ ------------ Liabilities and Shareholders' Equity Current liabilities: Accounts payable............................. $ 48,565 $ 31,163 Accrued liabilities.......................... 60,919 53,691 Deferred revenue and credits................. 378 534 Current portion of long-term liabilities..... 257 277 ------------ ------------ 110,119 85,665 Long-term liabilities.......................... 508 581 Deferred income taxes.......................... 3,389 3,451 Shareholders' equity: Share capital................................ 328,458 328,323 Additional paid-in capital................... 7,955 6,374 Warrants..................................... 1,538 1,538 Deficit...................................... (30,925) (40,602) Accumulated other comprehensive income (loss)...................................... 500 (309) ------------ ------------ 307,526 295,324 ------------ ------------ $421,542 $385,021 ------------ ------------ ------------ ------------ SIERRA WIRELESS, INC. Consolidated Statements of Cash Flows (Expressed in thousands of United States dollars) (Prepared in accordance with United States GAAP) (Unaudited) Three months ended March 31, 2008 2007 ---------------------------- ------------ ------------ Cash flows from operating activities: Net earnings................................. $ 9,677 $ 5,257 Adjustments to reconcile net earnings to net cash provided by operating activities Amortization............................... 3,771 2,809 Stock-based compensation................... 1,638 885 Utilization of pre-acquisition tax losses.. - 200 Deferred income tax........................ (116) - Loss on disposal........................... 75 - Changes in operating assets and liabilities Accounts receivable........................ (18,745) 7,505 Inventories................................ (5,139) (9,056) Prepaid expenses and other assets.......... 1,381 1,274 Accounts payable........................... 17,402 11,160 Accrued liabilities........................ 7,230 (10,278) Deferred revenue and credits............... (156) 226 ------------ ------------ Net cash provided by operating activities.... 17,018 9,982 Cash flows from investing activities: Deferred acquisition costs................... (529) (381) Purchase of fixed assets..................... (4,909) (2,826) Increase in intangible assets................ (289) (177) Purchase of short-term investments........... (37,572) (54,502) Proceeds on maturity of short-term investments................................. 46,197 37,210 ------------ ------------ Net cash provided by (used in) investing activities.................................. 2,898 (20,676) Cash flows from financing activities: Issue of common shares, net of share issue costs....................................... 77 129 Repayment of long-term liabilities........... (93) (509) ------------ ------------ Net cash used in financing activities........ (16) (380) ------------ ------------ Net increase (decrease) in cash and cash equivalents................................... 19,900 (11,074) Cash and cash equivalents, beginning of period........................................ 83,624 46,438 ------------ ------------ Cash and cash equivalents, end of period....... $103,524 $ 35,364 ------------ ------------ ------------ ------------

CONTACT: Sierra Wireless, Inc.: David G. McLennan, Chief Financial Officer, (604) 231-1185, Website: http://www.sierrawireless.com/, Email: dmclennan@sierrawireless.com

Sierra Wireless, Inc.

CONTACT: Sierra Wireless, Inc.: David G. McLennan, Chief Financial
Officer, (604) 231-1185, Website: http://www.sierrawireless.com/, Email:
dmclennan@sierrawireless.com

Vimicro Reports Fourth Quarter 2007, Fiscal Year 2007 and First Quarter 2008 Financial Results

BEIJING, April 29 /Xinhua-PRNewswire-FirstCall/ -- Vimicro International Corporation , a leading fabless semiconductor company that designs and develops multimedia semiconductor products and solutions, today announced financial results for the fourth quarter of 2007, the fiscal year ended December 31, 2007 and the first quarter ended March 31, 2008.

(Logo: http://www.newscom.com/cgi-bin/prnh/20070528/CNM014LOGO ) Fourth Quarter and Fiscal Year 2007

Net revenue in the fourth quarter of 2007 was $24.3 million as compared to $25.1 million reported in the third quarter of 2007 and $34.2 million in the fourth quarter of 2006.

Net income in the fourth quarter of 2007, prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP), was $1.4 million, compared with net income of $0.3 million in the third quarter of 2007 and $1.6 million in the fourth quarter of 2006. Diluted earnings per ADS (each representing four ordinary shares) were $0.04, compared with earnings per ADS of $0.01 in the third quarter of 2007 and $0.04 in the fourth quarter of 2006.

Non-GAAP net income in the fourth quarter, which excluded $0.5 million in share-based compensation expense, was $1.9 million, compared to net income of $1.9 million in the third quarter of 2007 and $2.9 million in the fourth quarter of 2006. Non-GAAP diluted earnings per ADS for the fourth quarter of 2007 were $0.05, compared with earnings per ADS of $0.05 in the third quarter of 2007 and $0.08 in the fourth quarter of 2006.

For the fiscal year ended December 31, 2007, net revenue was $92.8 million as compared to $126.6 million in the fiscal year ended December 31, 2006. Fiscal year 2007 net loss, prepared in accordance with U.S. GAAP, was $2.0 million, compared with net income of $9.7 million in fiscal year 2006. Non-GAAP net income for fiscal year 2007 was $2.9 million, which excluded $4.9 million for the amortization of stock-based compensation expenses, as compared to non-GAAP net income of $13.2 million in 2006, which excluded $3.5 million for the amortization of stock-based compensation expenses. Diluted loss per ADS for the fiscal year 2007 was ($0.06) and non-GAAP diluted earnings per ADS for the fiscal year 2007 were $0.08.

First Quarter 2008

Net revenue in the first quarter of 2008 was $16.2 million as compared to $16.9 million reported in the first quarter of 2007.

First quarter 2008 net loss prepared in accordance with U.S. GAAP was $3.2 million, compared with a loss of $3.8 million in the first quarter of 2007. The US GAAP loss per ADS (each representing four ordinary shares) was ($0.09), compared with a loss of ($0.11) per ADS in the first quarter of 2007.

Non-GAAP net loss in the first quarter, which excluded $1.8 million in share-based compensation expense, was $1.4 million compared with a loss of $2.5 million in the first quarter of 2007. Non-GAAP loss per ADS for the first quarter of 2008 was ($0.04) compared with a loss of ($0.07) per ADS in the first quarter of 2007.

"2007 was a challenging year for Vimicro as a combination of factors impacted our results throughout the year," commented Dr. John Deng, Vimicro's Chairman and Chief Executive Officer. "Our revenue during the year was primarily affected by our strategic decision to transition away from third- party sensor business and to apply a greater focus on our own products. In addition, we also experienced pressure on average selling prices resulting from a competitive environment in our PC camera business. However, despite these factors, we were able to maintain our market share and leading position within the PC camera and mobile multimedia markets, while at the same time we invested heavily in R&D to further strengthen our product pipeline and expand our addressable markets."

Deng further commented, "Additionally, similar to the first quarter last year, our results were impacted by seasonality within our customer base and end markets as well as that associated with the New Year holiday in China. Looking forward to the second quarter and the remainder of 2008, we are encouraged by our prospects and expect healthy growth throughout the year driven by strength within our embedded notebook camera product line, as well as growth within the mobile, personal media player and surveillance camera markets."

Business Outlook

For the second quarter of 2008, Vimicro expects revenue to range between $22 million and $24 million.

Fourth Quarter, Fiscal Year 2007 and First Quarter 2008 Financial Results Conference Call and Web Cast

Vimicro will host a conference call and Web cast today, April 29, 2008, at 5:30 p.m., Eastern Time, to discuss the Company's fourth quarter 2007, fiscal year 2007 and first quarter 2008 financial results. Investors and other interested parties may access the call by dialing 800-638-4930 (or +1-617-614-3944 outside of the U.S.), with the pass code 82115850, at least 10 minutes prior to the start of the call.

In addition, an audio Web cast will be available in the Investor Relations section of the Company's Web site at http://www.vimicro.com/ . Following the live Web cast, an archived version will be available on the Company's Web site. A telephone replay of the call will also be available approximately two hours after the call and will be available until May 6, 2008 at midnight (ET). The replay number is 888-286-8010 with a pass code of 29162053. International callers should dial +1-617-801-6888 and enter the same pass code at the prompt.

About Vimicro International Corporation

Vimicro International Corporation is a worldwide leading fabless semiconductor company that designs, develops and markets proprietary embedded multimedia signal processing chips and solutions that enable multimedia applications for mobile phones over 2.5G/3G networks and PCs over broadband Internet. Vimicro's ADSs, each of which represents four ordinary shares, are currently trading on the NASDAQ Global Market under the ticker symbol "VIMC."

Forward-Looking Statements

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Among other things, the quotations from management in this announcement, as well as Vimicro's expectations and forecasts, contain forward-looking statements. Vimicro may also make written or oral forward- looking statements in its periodic reports to the U.S. Securities and Exchange Commission on forms 20-F and 6-K, etc., in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Vimicro's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward- looking statement, including but not limited to the following: our limited history of achieving net profit; our growth strategies; our future business development, results of operations and financial condition; our ability to develop and sell mobile multimedia processors that meet changing consumer preferences and industry standards; decrease in the demand for our notebook and PC camera multimedia processors and third-party image sensors which we bundle with some of our PC camera multimedia processors; that multimedia opportunities associated with the 3G build out in China will make a significant contribution to our longer-term growth; our ability to increase our penetration of the PC and notebook multimedia markets; our ability to secure sufficient foundry capacity in a timely manner; our ability to maintain existing customers and attract new customers; and the expected growth of the mobile multimedia processor market. Further information regarding these and other risks is included in our annual report on Form 20-F filed with the Securities and Exchange Commission. Vimicro does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this press release is as of April 29, 2008, and Vimicro undertakes no duty to update such information, except as required under applicable law.

Non-GAAP Measures

To supplement the consolidated financial statements presented in accordance with GAAP, Vimicro uses non-GAAP measures of non-GAAP net income and non-GAAP diluted net earnings per ADS, which are adjusted from the most directly comparable financial measures calculated and presented in accordance with GAAP to exclude amortization of share-based compensation expenses. These non-GAAP financial measures are provided to enhance investors' overall understanding of the Company's financial performance as they exclude share- based expenses that are not expected to result in future cash payments. The non-GAAP measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for or superior to GAAP results. A limitation of using these non-GAAP financial measures is that these non-GAAP measures exclude share-based compensation charges that have been and will continue to be significant recurring expenses in our business for the foreseeable future. We compensate for these limitations by providing the relevant disclosure of our share-based compensation charges in our reconciliations to the GAAP measures. For more information on the non-GAAP financial measures, please see the tables captioned "Reconciliation of non-GAAP results of operations measures to the nearest comparable GAAP measures" set forth at the end of this release.

Vimicro believes that both management and investors benefit from referring to these non-GAAP measures in assessing the performance of Vimicro's liquidity and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management's internal comparisons to Vimicro's historical liquidity. Vimicro computes its non-GAAP financial measures using the same consistent method from quarter to quarter. The accompanying tables have more details on the GAAP financial measures that are most comparable to non-GAAP financial measures and the related reconciliations between financial measures.

Currency Translation

This announcement contains translations of certain RMB amounts into U.S. dollars. Unless otherwise noted, all translations from RMB to U.S. dollars are based on the applicable exchange rates quoted by the Bank of China as of December 31, 2007 and March 31, 2008, depending on the period discussed (the fourth quarter of 2007 and the first quarter of 2008), which were RMB 7.3046 to US$1.00 and RMB 7.019 to US$1.00, respectively.

Vimicro International Corporation Consolidated Statements of Income (Amounts expressed in thousands of U.S. dollars, except number of share data) 2008 Q1 2007 Q4 2007 Q3 (unaudited) (unaudited) (unaudited) Net revenue 16,234 24,281 25,096 Cost of revenue (11,108) (16,940) (17,301) Gross profit 5,126 7,341 7,795 Operating expenses* Research and development, net (5,668) (4,068) (5,244) Sales and marketing (1,126) (897) (1,208) General and administrative (2,963) (2,642) (2,456) (Loss) income from operations (4,631) (266) (1,113) Other income (expense): Interest income 772 831 1,009 Others, net 631 697 373 (Loss) income before income taxes and share of loss of associated company and minority interest (3,228) 1,262 269 Income taxes expense -- 99 (5) Net (loss) income before share of loss of associated company and minority interest (3,228) 1,361 264 Share of gain of associated company, net of tax -- -- 1 Net (loss) income before minority interest (3,228) 1,361 265 Net (loss) income (3,228) 1,361 265 Other comprehensive income (loss): Foreign currency translation adjustment 2,392 1,565 665 Comprehensive (loss) income (836) 2,926 930 (Loss) income per share --Basic (0.02) 0.01 0.00 --Diluted (0.02) 0.01 0.00 (Loss) income per ADS --Basic (0.09) 0.04 0.01 --Diluted (0.09) 0.04 0.01 Weighted average number of ordinary shares outstanding --Basic 140,059,154 139,947,513 139,912,263 --Diluted 140,059,154 143,316,622 143,674,362 Weighted average number of ADS outstanding --Basic 35,014,788 34,986,878 34,978,066 --Diluted 35,014,788 35,829,155 35,918,590 *Components of share- based compensation expenses are included in the following expense captions: Research and development (700) (17) (849) Sales and marketing (261) (46) (211) General and administrative (835) (511) (592) 2007 Q1 2006 Q4 (unaudited) (unaudited) Net revenue 16,880 34,194 Cost of revenue (11,633) (24,993) Gross profit 5,247 9,201 Operating expenses* Research and development, net (5,708) (4,909) Sales and marketing (1,394) (1,373) General and administrative (2,776) (2,326) (Loss) income from operations (4,631) 593 Other income (expense): Interest income 1,096 1,170 Others, net (353) (267) (Loss) income before income taxes and share of loss of associated company and minority interest (3,888) 1,496 Income taxes expense 53 133 Net (loss) income before share of loss of associated company and minority interest (3,835) 1,629 Share of gain of associated company, net of tax -- (28) Net (loss) income before minority interest (3,835) 1,601 Net (loss) income (3,835) 1,601 Other comprehensive income (loss): Foreign currency translation adjustment 453 563 Comprehensive (loss) income (3,382) 2,164 (Loss) income per share --Basic (0.03) 0.01 --Diluted (0.03) 0.01 (Loss) income per ADS --Basic (0.11) 0.05 --Diluted (0.11) 0.04 Weighted average number of ordinary shares outstanding --Basic 139,435,920 138,637,328 --Diluted 139,435,920 146,334,096 Weighted average number of ADS outstanding --Basic 34,858,980 34,659,332 --Diluted 34,858,980 36,583,524 * Components of share-based compensation expenses are included in the following expense captions: Research and development (682) (698) Sales and marketing (206) (196) General and administrative (448) (394) FY2007 FY2006 (unaudited) (unaudited) Net revenue 92,753 126,564 Cost of revenue (64,290) (86,183) Gross profit 28,463 40,381 Operating expenses* Research and development, net (20,039) (17,320) Sales and marketing (4,668) (5,365) General and administrative (10,431) (10,863) (Loss) income from operations (6,675) 6,833 Other income (expense): Interest income 4,001 4,281 Others, net 570 (881) (Loss) income before income taxes and share of loss of associated company and minority interest (2,104) 10,233 Income taxes expense 99 (530) Net (loss) income before share of loss of associated company and minority interest (2,005) 9,703 Share of gain of associated company, net of tax 1 (31) Net (loss) income before minority interest (2,004) 9,672 Net (loss) income (2,004) 9,672 Other comprehensive income (loss): Foreign currency translation adjustment 3,380 1,391 Comprehensive (loss) income 1,376 11,063 (Loss) income per share --Basic (0.01) 0.07 --Diluted (0.01) 0.07 (Loss) income per ADS --Basic (0.06) 0.28 --Diluted (0.06) 0.26 Weighted average number of ordinary shares outstanding --Basic 139,709,890 137,592,825 --Diluted 139,709,890 146,962,266 Weighted average number of ADS outstanding --Basic 34,927,472 34,398,206 --Diluted 34,927,472 36,740,567 * Components of share-based compensation expenses are included in the following expense captions: Research and development (2,240) (2,266) Sales and marketing (654) (436) General and administrative (2,053) (786) Vimicro International Corporation Consolidated Balance Sheets (Amounts expressed in thousands of U.S. dollars, except number of share data) 3/31/2008 12/31/2007 9/30/2007 (unaudited) (unaudited) (unaudited) Assets Current assets: Cash 114,414 116,958 119,849 Accounts receivable, net 3,399 5,842 6,200 Notes receivable -- 297 97 Inventories, net 17,407 13,443 12,418 Prepayments and other current assets, net 3,989 2,898 2,481 Deferred tax assets 294 283 177 Total current assets 139,503 139,721 141,222 Investment in an associated company 164 157 153 Property, equipment and software, net 8,361 8,249 9,668 Other assets 8,160 5,904 1,884 Total assets 156,188 154,031 152,927 Liabilities and Shareholders' Equity Current liabilities: Accounts payable 8,543 7,853 8,150 Taxes payable 1,271 1,226 1,058 Advances from customers 767 154 137 Due to an associated company 60 60 58 Accrued expenses and other current liabilities 3,359 3,510 5,694 Deferred grants -- -- 67 Total current liabilities 14,000 12,803 15,164 Non-current liabilities: Deferred tax liabilities 26 26 30 Total liabilities 14,026 12,829 15,194 Shareholders' equity: Ordinary shares, $.0001 par value. 140,318,046 and 140,301,378 shares issued and outstanding as of March 31, 2008 and December 31, 2007, respectively 14 14 14 Additional paid-in capital 138,214 136,418 135,875 Accumulated other comprehensive income 7,759 5,367 3,802 Accumulated deficit (6,607) (3,379) (4,690) Statutory reserve 2,782 2,782 2,732 Total shareholders' equity 142,162 141,202 137,733 Total liabilities, redeemable convertible preferred shares and shareholders' equity 156,188 154,031 152,927 3/31/2007 12/31/2006 (unaudited) (audited) Assets Current assets: Cash 114,717 114,834 Accounts receivable, net 4,315 6,315 Notes receivable 1,191 2,435 Inventories, net 11,893 11,955 Prepayments and other current assets, net 2,646 3,353 Deferred tax assets 224 170 Total current assets 134,986 139,062 Investment in an associated company 148 146 Property, equipment and software, net 10,119 8,498 Other assets 834 644 Total assets 146,087 148,350 Liabilities and Shareholders' Equity Current liabilities: Accounts payable 5,980 5,379 Taxes payable 1,085 1,500 Advances from customers 238 246 Due to an associated company 56 56 Accrued expenses and other current liabilities 5,760 6,072 Deferred grants 127 210 Total current liabilities 13,246 13,463 Non-current liabilities: Deferred tax liabilities 30 30 Total liabilities 13,276 13,493 Shareholders' equity: Ordinary shares, $.0001 par value. 140,318,046 and 140,301,378 outstanding as of March 31, 2008 and December 31, 2007, respectively 14 14 Additional paid-in capital 132,785 131,449 Accumulated other comprehensive income 2,440 1,987 Accumulated deficit (5,160) (1,325) Statutory reserve 2,732 2,732 Total shareholders' equity 132,811 134,857 Total liabilities, redeemable convertible preferred shares and shareholders' equity 146,087 148,350 Reconciliations of non-GAAP results of operations measures to the nearest comparable GAAP measures (*) (Amounts expressed in thousands of U.S. dollars, except per share data, unaudited) Three months ended Three months ended March 31, 2008 December 31, 2007 GAAP Adjust- Non-GAAP GAAP Adjust- Non-GAAP Result ment Result Result ment Result (Loss) income from operations (4,631) 1,796 (2,835) (266) 574 308 Net (loss) income (3,228) 1,796 (1,432) 1,361 574 1,935 Diluted (loss) income per ADS (0.09) 0.05 (0.04) 0.04 0.01 0.05 Three months ended Three months ended September 30, 2007 March 31, 2007 GAAP Adjust- Non-GAAP GAAP Adjust- Non-GAAP Result ment Result Result ment Result (Loss) income from operations (1,113) 1,653 540 (4,631) 1,336 (3,295) Net (loss) income 265 1,653 1,918 (3,835) 1,336 (2,499) Diluted (loss) income per ADS 0.01 0.04 0.05 (0.11) 0.04 (0.07) Three months ended December 31, 2006 GAAP Adjust- Non-GAAP Result ment Result (Loss) income from operations 593 1,288 1,881 Net (loss) income 1,601 1,288 2,889 Diluted (loss) income per ADS 0.04 0.04 0.08 Twelve months ended Twelve months ended December 31, 2007 December 31, 2006 GAAP Adjust- Non-GAAP GAAP Adjust- Non-GAAP Result ment Result Result ment Result (Loss) income from operations (6,675) 4,947 (1,728) 6,833 3,488 10,321 Net (loss) income (2,004) 4,947 2,943 9,672 3,488 13,160 Diluted (loss) income per ADS (0.06) 0.14 0.08 0.26 0.10 0.36 (*) The adjustment is to exclude non-cash for share-based compensation for employees and non-employees. For further information about Vimicro, please contact: Investor Contact: Shelton Group Investor Relations Ryan Bright Tel: +1-972-239-5119 x159 Email: rbright@sheltongroup.com

Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20070528/CNM014LOGO
PRN Photo Desk, 888-776-6555 or 212-782-2840 Vimicro International Corporation

CONTACT: Investor Contact: Ryan Bright of Shelton Group Investor
Relations at +1-972-239-5119 ext. 159 or rbright@sheltongroup.com

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

FTC Requests Additional Information from ChoicePoint(R), Reed Elsevier

ALPHARETTA, Ga., April 29 /PRNewswire-FirstCall/ -- ChoicePoint Inc. today announced that it and Reed Elsevier have received a request for additional information from the Federal Trade Commission regarding the proposed merger between the companies. In addition, the companies have been notified of parallel reviews by the attorneys general of certain states. The Federal Trade Commission information request was issued under notification requirements of the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended.

The companies intend to cooperate fully and respond expeditiously to the FTC. It is expected that the transaction will close later in the year.

Forward-Looking Statements

Certain statements contained in this press release, including statements that are not historical facts, are forward-looking statements made under the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by the use of terminology such as: believe, hope, may, anticipate, should, intend, plan, will, expect, estimate, continue, project, positioned, strategy and similar expressions. Such statements involve certain risks, uncertainties and assumptions that include, but are not limited to, risks and uncertainties related to the proposed merger, including the satisfaction of conditions to closing, such as the receipt of regulatory and other approvals, and other risks and uncertainties described in the Company's filings with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated. In light of these risks and uncertainties you are cautioned not to place undue reliance on these forward- looking statements. The Company undertakes no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise.

About ChoicePoint

ChoicePoint provides businesses, government agencies and non-profit organizations with technology, software, information and marketing services to help manage economic risks and identify business opportunities. Consumers have free access to the reports we create at http://www.choicetrust.com/. Learn what we do to protect consumer privacy by visiting http://www.privacyatchoicepoint.com/ and, for more information on our company, go to http://www.choicepoint.com/.

ChoicePoint and the ChoicePoint logo are registered trademarks of ChoicePoint Asset Company LLC.

ChoicePoint

CONTACT: John Mongelli, Investor Relations, +1-770-752-6171,
John.Mongelli@ChoicePoint.com, or Chuck Jones, Media Relations,
+1-770-752-3594, Chuck.Jones@ChoicePoint.com, both of ChoicePoint

Web site: http://www.choicepoint.com/
http://www.choicetrust.com/
http://www.privacyatchoicepoint.com/

Eagle Test Systems Reports Second Quarter Fiscal 2008 ResultsNet Revenue of $33.1 million; Net Income of $0.26 per Diluted Common Share

BUFFALO GROVE, Ill., April 29 /PRNewswire-FirstCall/ -- Eagle Test Systems, Inc. , a provider of automated test equipment solutions for high-performance analog, mixed-signal and radio frequency (RF) semiconductors, announced financial results for its second fiscal quarter ended March 31, 2008.

Operating Results

Net revenue was $33.1 million for the second fiscal quarter ended March 31, 2008, an increase of $11.8 million, or 55.5%, compared to net revenue of $21.3 million for the same period in the prior fiscal year. Sequentially, net revenues increased $2.1 million or 6.9% from the December 2007 quarter. Gross margin for the second fiscal quarter was 62.0% of net revenue, compared to 60.5% of net revenue for the same period in the prior fiscal year, and 61.5% for our December 2007 quarter. Operating income for the second fiscal quarter was $8.0 million, compared to $2.0 million in operating income for the same period in the prior fiscal year, and $6.9 million for our December 2007 quarter.

Net income for the second fiscal quarter was $6.0 million or $0.26 per fully diluted common share, compared to net income of $1.8 million or $0.08 per fully diluted common share for the same period in the prior fiscal year, and net income of $5.3 million or $0.23 per fully diluted common share for the December 2007 quarter.

Net revenue was $64.1 million for the six months ended March 31, 2008, compared to net revenue of $45.3 million for the same period in the prior fiscal year. Net income was $11.3 million, an increase of $5.6 million over net income of $5.7 million in the comparable period in the prior fiscal year. The Company reported income per fully diluted common share of $0.49 for the six months ended March 31, 2008, compared to $0.25 for the same period in the prior fiscal year.

"I am very pleased with our strong second quarter performance and our ability to continue delivering positive earnings for our shareholders," stated Len Foxman - Eagle CEO. "These results are indicative of the success we can achieve by remaining focused on delivering profitable results and leveraging our strong business model."

Outlook

The Company estimates net revenue will be between $30.0 and $34.0 million in the third fiscal quarter ending June 30, 2008. The Company estimates earnings per share will be between $0.19 and $0.26 based on an estimated 23,200,000 fully diluted common shares.

Earnings Conference Call

Eagle Test Systems will host its earnings call today at 6:00 p.m. Eastern Time/ 5:00 p.m. Central Time for analysts, stockholders, investors and the public.

Participants can join for the voice portion of the call by dialing 1-866- 831-6224 (domestic calls) or 1-617-213-8853 (international calls) starting at 5:45 p.m. Eastern time/ 4:45 p.m. Central time and enter the passcode 15220963; you will be asked for your name and firm's name. The live conference call will also be available via web cast and accessible along with our earnings release the day of the call through the Investor Relations section of our website at http://www.eagletest.com/.

The conference call will be available for replay from approximately 1 hour after completion of the conference call until May 13, 2008. To hear a replay of the call, please dial 1-888-286-8010 (domestic calls) or 1-617-801-6888 (international calls) and enter the passcode 60674706.

About Eagle Test Systems, Inc.

Eagle Test designs, manufactures, sells and services high performance automated test equipment for the semiconductor industry. The company's products are used to test analog, mixed-signal and radio frequency (RF) semiconductors that are used in products such as digital cameras, MP3 players, automotive electronics, cellular telephones, computers and peripherals. The company was founded in 1976 and has offices located throughout the world in Asia, North America and Europe, with corporate headquarters in Buffalo Grove, Illinois. For more information, please visit http://www.eagletest.com/.

Safe Harbor

Certain statements contained in the press release regarding matters that are not historical facts, including statements regarding our projections for revenue, earnings per share and weighted average diluted common shares for the third fiscal quarter ending June 30, 2008 and statements regarding winning new customers, penetrating existing customers with new products with parallel test capabilities, and our business focus in the future are "forward-looking" statements (as defined in the Private Securities Litigation Reform Act of 1995). These forward-looking statements involve important factors that could cause our actual results to differ materially from those expressed or implied by such forward-looking statements. Such important factors involve risks and uncertainties, including, but not limited to, the risk associated with the highly cyclical nature of the semiconductor market; unanticipated challenges in assessing business conditions and the overall market; the lack of visibility with regard to future business conditions for our Company and the rapid nature of changes in industry business conditions; the risk of a loss or reduction of orders from one or more customers among which our business is concentrated; the difficulty in obtaining new customers because of the high switching cost; competition and pricing pressures; the decision by customers to cancel or defer orders that previously had been accepted; delays or shortages in an adequate supply of raw materials; insufficient or excess inventory; our ability to develop new and enhanced products; the ability to manage our growth; the ability to attract and retain key employees; prolonged disruption in the operations of our single manufacturing facility; economic, political and other risks associated with international sales and operations; risks related to our intellectual property; risks related to our need to achieve and maintain effective internal controls over financial reporting; risk related to unanticipated impact of stock based compensation and the tax effects there under on our expenses in any period pursuant to FASB Statement 123(R) and other factors that are detailed from time to time in reports filed by Eagle Test Systems, Inc. with the Securities and Exchange Commission, including risks and uncertainties discussed under "Risk Factors" in our Form 10-K, filed with the Securities and Exchange Commission on December 6, 2007. We undertake no obligation to publicly update or revise any forward-looking statements, whether changes occur as a result of new information or future events, after the date they were made.

Company Contact Stephen J. Hawrysz Chief Financial Officer Eagle Test Systems, Inc. 847-327-1033 Financial Tables to Follow Eagle Test Systems, Inc Financial Results (UNAUDITED) (all dollars in 000's except share and per share data) Three Months ended Six Months Ended March 31, March 31, 2008 2007 2008 2007 Net Revenue $33,134 $21,308 $64,134 $45,344 COGS 12,594 8,420 24,533 18,296 Gross margin 20,540 12,888 39,601 27,048 Margin % 62.0% 60.5% 61.7% 59.7% SG&A 9,213 8,668 18,505 16,083 R&D 3,293 2,208 6,202 4,362 Total operating expense 12,506 10,876 24,707 20,445 Operating income 8,034 2,012 14,894 6,603 % of Revenue 24.2% 9.4% 23.2% 14.6% Interest expense 3 235 8 251 Other (income) expense (1) (1,071) (1,212) (2,219) (2,476) Income before taxes 9,102 2,989 17,105 8,828 Tax expense 3,108 1,150 5,785 3,123 Net income $5,994 $1,839 $11,320 $5,705 18.1% 8.6% 17.7% 12.6% Earnings per common share Basic $0.26 $0.08 $0.49 $0.25 Fully diluted $0.26 $0.08 $0.49 $0.25 Shares Basic 22,974,177 22,895,803 22,974,177 22,864,818 Fully diluted 23,096,408 23,122,421 23,109,083 23,099,357 FOOTNOTES: (1)Other (income) expense primarily consists of interest income earned on cash and marketable securities. March 31, September 30, Balance sheet Data (Unaudited) 2008 2007 Cash & investments $76,891 $112,517 Accounts receivables 24,047 18,238 Inventories 36,056 22,233 Current assets 143,617 161,255 Long-term investments 35,858 - Total assets $193,067 $172,570 Accounts payable $13,667 $6,079 Deferred revenue 7,457 6,441 Current liabilities 29,480 19,222 Long-term liabilities 474 1,458 Total liabilities & stockholders equity $193,067 $172,570 End of Table

Eagle Test Systems, Inc.

CONTACT: Stephen J. Hawrysz, Chief Financial Officer of Eagle Test
Systems, Inc., +1-847-327-1033

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

SonicWALL Reports First Quarter 2008 Financial ResultsCompany Reports Year-over-Year Revenue Growth of 23%

SUNNYVALE, Calif., April 29 /PRNewswire-FirstCall/ -- SonicWALL, Inc. , today reported performance in the quarter ended March 31, 2008, with revenue of $55.3 million, representing 23% growth over the first quarter of 2007. The Company shipped 49,000 revenue units in the quarter compared to 48,000 in the first quarter of 2007. Deferred revenue increased $4.7 million in the first quarter, and cash flow from operations was $2.9 million.

Net loss for the first quarter of 2008 calculated in accordance with U.S. generally-accepted accounting principles (GAAP) was $0.07 million, or $0.00 per diluted share. In comparison, GAAP net earnings for the first quarter of 2007 were $2.3 million, or $0.03 per diluted share.

Non-GAAP net earnings for the first quarter of 2008 were $3.2 million or $0.05 per diluted share. In comparison, non-GAAP net earnings for the first quarter of 2007 were $5.0 million, or $0.07 per diluted share. Non-GAAP net income excludes amortization of purchased intangible assets, restructuring charges, and share-based compensation expense primarily associated with the expensing of stock options in accordance with Financial Accounting Standards No. 123R (FAS 123R). An explanation of our use of non-GAAP measures is included in the section in this press release entitled "Use of Non-GAAP Financial Measures."

"The first quarter represented a good start to 2008 for SonicWALL," said Matt Medeiros, CEO of SonicWALL. "Our strategy of developing a complete line of innovative and affordable solutions for our partners and customers has expanded our market opportunity and positioned us well to exceed market growth rates in a challenging economic environment."

Continued Share Repurchase

During the first quarter SonicWALL spent $32.5 million to repurchase 3.8 million shares of its common stock on the open market, bringing the total number of shares repurchased to 20 million for a total cost of approximately $153 million. There is $47 million remaining under the total current share repurchase authorization of $200 million.

Guidance for Q2 2008

SonicWALL expects second quarter 2008 revenue to be in the range of $53.5 million to $57.5 million. The Company expects non-GAAP gross margin to be in the range of 70.5% to 71.5% of revenue.

SonicWALL expects earnings per share in the second quarter of 2008 to be in the range of $0.04 to $0.07 per diluted share on a non-GAAP basis. On a GAAP basis, inclusive of a total of approximately $4.0 million, before taxes, in combined amortization of purchased intangibles assets and share-based compensation expense, the Company expects earnings per share to be in the range of $0.00 - $0.02. Share-based compensation expense associated with the expensing of stock options is estimated to be approximately $3.0 million for the second quarter of 2008.

This is the only statement SonicWALL will be giving during the quarter with respect to guidance, unless a decision is made to provide an update.

Conference Call

A conference call to discuss first quarter 2008 results will take place today, April 29, 2008, at 2:00 p.m. PT (5:00 p.m. ET). SonicWALL President and CEO Matt Medeiros and SonicWALL CFO Rob Selvi will host the call. A web cast of the live call can be accessed at http://www.sonicwall.com/us/company/2518.html. A replay of the call will be available beginning at approximately 5:00 p.m. PT (8:00 p.m. ET) today at the Company's website or by telephone until 5:00 p.m. PT on May 4, at (888) 203-1112 (domestic) or (719) 457-0820 (international). Conference ID number is 7722014.

About SonicWALL, Inc.

Founded in 1991, SonicWALL, Inc. designs, develops and manufactures comprehensive network security, email security, secure remote access, and continuous data protection solutions. For more information, contact SonicWALL at +1 (408) 745-9600 or visit the company web site at http://www.sonicwall.com/.

Use of Non-GAAP Financial Measures

To supplement our consolidated financial statements presented in accordance with GAAP, SonicWALL uses non-GAAP measures of results of operations. These non-GAAP results are provided to enhance the user's overall understanding of our current financial performance and our prospects for the future. We believe the non-GAAP results provide useful information to both management and investors by excluding certain expenses. The non-GAAP measures are included to provide investors and management with an alternative method for assessing SonicWALL's operating results. In addition, since we have historically reported non-GAAP results to the investment community, we believe the inclusion of non-GAAP numbers provides consistency in our financial reporting. The presentation of this additional information should not be considered in isolation or as a substitute for results prepared in accordance with GAAP.

Cautionary Note Regarding Forward-looking Statements

Certain statements in this press release are "forward-looking statements." The forward-looking statements include without limitation statements regarding our expected revenue for the second quarter of 2008, gross margin on a non-GAAP basis for the second quarter of 2008, earnings per share on a GAAP and non-GAAP basis for the second quarter of 2008, share based compensation expense for the second quarter of 2008, the expanded opportunity associated with our innovative and affordable solutions and our positioning to exceed market growth rates. These forward-looking statements are based on the opinions and estimates of management at the time the statements are made and are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated in the forward-looking statements. Factors that could affect SonicWALL's actual results include, but are not limited to, increased competition in each of the geographic areas in which we do business; exchange rate fluctuations; global macroeconomic and geopolitical conditions; increased competition across all of the market segments in which SonicWALL participates; new product and service introductions by our competitors; significant turnover of our key employees; and unpredictability in the rate of growth of spending of our customers for products and services that SonicWALL provides. In addition, for a more detailed description of the risks and uncertainties that could cause our actual results to differ materially from those anticipated in the forward-looking statements, please see the "Risk Factors" described in our Securities and Exchange Commission filings, including our Annual Report on Form 10-K for the year ended December 31, 2007 and our interim reports on Form 10-Q for quarterly periods thereafter. All forward-looking statements included in this release are based upon information available to SonicWALL as of the date of the release, and we assume no obligation to update any such forward-looking statement.

NOTE: SonicWALL is a registered trademark of SonicWALL, Inc. Other product and company names mentioned herein may be trademarks and/or registered trademarks of their respective companies.

SonicWALL, Inc. CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) (Unaudited) Three Months Ended March 31, ----------------------- 2008 2007 ----------------------- Revenue: Product $23,741 $22,677 License and service 31,570 22,458 -------- -------- Total revenue 55,311 45,135 -------- -------- Cost of revenue: Product 11,041 9,212 License and service 4,822 3,195 Amortization of purchased technology 754 409 -------- -------- Total cost of revenue 16,617 12,816 -------- -------- Gross profit 38,694 32,319 -------- -------- Operating expenses: Research and development 11,544 9,016 Sales and marketing 22,725 17,319 General and administrative 5,145 5,283 Amortization of purchased intangible assets 293 55 Restructuring charges 1,805 - Total operating expenses 41,512 31,673 -------- -------- Income (loss) from operations (2,818) 646 -------- -------- Interest income and other expense, net 2,620 2,818 -------- -------- Income (loss) before income taxes (198) 3,464 Benefit (provision) for income taxes 132 (1,167) -------- -------- Net income (loss) $(66) $2,297 -------- -------- Net income (loss) per share: Basic $(0.00) $0.04 -------- -------- Diluted $(0.00) $0.03 -------- -------- Shares used in computing net income (loss) per share: Basic 60,988 65,336 Diluted 60,988 67,815 SonicWALL, Inc. NON-GAAP CONSOLIDATED STATEMENTS OF OPERATIONS Excluding Amortization of Purchased Intangible Assets Restructuring Charges, Share-Based Compensation (In thousands, except per share amounts) (Unaudited) Three Months Ended March 31, ----------------------- 2008 2007 ----------------------- Revenue: Product $23,741 $22,677 License and service 31,570 22,458 -------- -------- Total revenue 55,311 45,135 -------- -------- Cost of revenue: Product 10,961 9,114 License and service 4,787 3,161 -------- -------- Total cost of revenue 15,748 12,275 -------- -------- Gross profit 39,563 32,860 -------- -------- Operating expenses: Research and development 10,716 7,691 Sales and marketing 21,887 15,914 General and administrative 4,465 4,104 -------- -------- Total operating expenses 37,068 27,709 -------- -------- Income from operations 2,495 5,151 -------- -------- Interest income and other expense, net 2,620 2,818 -------- -------- Income before income taxes 5,115 7,969 Provision for income taxes (1,893) (2,949) -------- -------- Non-GAAP net income $3,222 $5,020 -------- -------- Non-GAAP net income per share: Basic $0.05 $0.08 -------- -------- Diluted $0.05 $0.07 -------- -------- Shares used in computing net income per share: Basic 60,988 65,336 Diluted 63,654 67,815 SonicWALL, Inc. RECONCILIATION of GAAP to NON-GAAP NET INCOME (LOSS) (In thousands, except per share amounts) Three Months Ended March 31, -------------------- 2008 2007 -------- -------- Non-GAAP net income $3,222 $5,020 -------- -------- Share-based compensation expense (2,461) (4,041) Amortization of purchased intangible assets (1,047) (464) Restructuring charges (1,805) - Tax effect of adjustments 2,025 1,782 -------- -------- Net effect of pro forma adjustments (3,288) (2,723) -------- -------- Net income (loss) $(66) $2,297 ======== ======== Diluted Non-GAAP net income per share $0.05 $0.07 -------- -------- Diluted net income (loss) per share $(0.00) $0.03 -------- -------- SonicWALL, Inc. CONDENSED CONSOLIDATED BALANCE SHEETS March 31, December 31, 2008 2007 (1) --------------------------------- (Unaudited) (In thousands) ASSETS Current Assets: Cash and cash equivalents $49,547 $33,324 Short-term investments 97,672 195,647 Accounts receivable, net 25,247 26,255 Inventories 8,138 6,057 Deferred tax assets 11,113 11,107 Prepaid expenses and other current assets 14,259 9,447 ---------- ---------- Total current assets 205,976 281,837 Property and equipment, net 9,891 9,357 Goodwill 138,753 138,753 Long-term investments 55,325 - Deferred tax assets, non-current 16,367 16,367 Purchased intangibles and other assets, net 20,212 26,321 ---------- ---------- Total assets $446,524 $472,635 ========== ========== LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities: Accounts payable $14,704 $10,875 Accrued payroll and related benefits 14,563 20,388 Other accrued liabilities 10,272 7,355 Deferred revenue 90,882 88,818 ---------- ---------- Total current liabilities 130,421 127,436 Deferred revenue, non current 15,016 12,419 Other accrued liabilities, non- current - 5,076 ---------- ---------- Total liabilities 145,437 144,931 ---------- ---------- Shareholders' Equity: Common stock, no par value 424,884 446,431 Accumulated other comprehensive loss, net (1,797) (2,284) Accumulated deficit (122,000) (116,443) ---------- ---------- Total shareholders' equity 301,087 327,704 ---------- ---------- Total liabilities and shareholders' equity $446,524 $472,635 ========== ========== (1) December 31, 2007 balances have been derived from the audited financial statements as of the same date. SonicWALL, Inc. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) Three Months Ended March 31, ---------------------- 2008 2007 ---------------------- Cash flows from operating activities: Net cash provided by operating activities $2,879 $12,226 --------- --------- Cash flows from investing activities: Purchase of property and equipment (1,683) (1,169) Change in restricted cash in escrow 1,389 270 Maturity and sale of short-term investments, net of purchases 43,138 (3,988) --------- --------- Net cash provided by (used in) investing activities 42,844 (4,887) --------- --------- Cash flows from financing activities: Issuance of common stock under employee stock option and purchase plans 3,047 2,819 Repurchase of common stock (32,547) (9,712) --------- --------- Net cash used in financing activities (29,500) (6,893) --------- --------- Net increase in cash and cash equivalents 16,223 446 Cash and cash equivalents at beginning of period 33,324 25,927 --------- --------- Cash and cash equivalents at end of period $49,547 $26,373 --------- ---------

SonicWALL, Inc.

CONTACT: Investor Relations, Kelly Blough, +1-408-962-6329,
kblough@sonicwall.com, or Media Relations, Colleen Nichols, +1-408-962-6131,
cnichols@sonicwall.com, both of SonicWALL, Inc.

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

Anaren Receives Contracts Worth $13.7 Million

SYRACUSE, N.Y., April 29 /PRNewswire-FirstCall/ -- Anaren, Inc. announced today that it has received two contracts totaling $13.7 million in follow-on orders for jamming and passive ranging subsystems to be deployed in airborne applications.

(Logo: http://www.newscom.com/cgi-bin/prnh/20021022/NYTU197LOGO )

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

Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20021022/NYTU197LOGO
AP Archive: http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com Anaren, Inc.

CONTACT: Lawrence A. Sala, President-CEO, or Joseph E. Porcello, VP
Finance, +1-315-432-8909, both of Anaren, Inc.

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

Anaren Reports 3rd Quarter Results

SYRACUSE, N.Y., April 29 /PRNewswire-FirstCall/ -- Anaren, Inc. today reported net sales for the fiscal 2008 third quarter ended March 31, 2008 of $32.6 million, unchanged from the third quarter of last year. Income from continuing operations for the third quarter of fiscal 2008 was $2.0 million, or $0.14 per diluted share, down from income from continuing operations of $3.5 million, or $0.20 per diluted share for the third quarter of last year. Net income for the third quarter of fiscal 2008 was $2.8 million, or $0.19 per share, and included $770,000, or $0.05 per share of income from discontinued operations due to the reduction of an unrecognized tax benefit resulting from the lapse of the applicable statute of limitations related to the prior dissolution of the Company's Netherland subsidiary. This compares to net income of $3.5 million, or $0.20 per diluted share for the third quarter of last year.

(Logo: http://www.newscom.com/cgi-bin/prnh/20021022/NYTU197LOGO )

Proforma net income per share, excluding non cash equity based compensation, for the third quarter ended March 31, 2008 was $0.24 per diluted share and included $0.05 per share for income from discontinued operations. This compares to net income per diluted share, excluding non cash equity based compensation, of $0.24 per share for the third quarter of the previous year.

Gross margin for the third quarter ended March 31, 2008 was 31.1%, compared to 34.8% for the third quarter of last year. The decline in gross margin in the current quarter resulted from manufacturing inefficiencies on several production programs and cost overruns on development projects within the Space & Defense Group, as well as a decline in profitability in the Salem, NH ceramics operation of the Wireless group. As a result of the continued poor financial performance of the ceramics operation, the Company is transitioning the production of the high power wireless resistor product line from the ceramics operation to our Suzhou, China operation. The transition is expected to be completed in the first quarter of fiscal 2009 and will result in more than $1.0 million in annual savings.

Lawrence A. Sala, Anaren's President and CEO said, "Though we remain very optimistic with regard to the near and long term prospects for our Space & Defense business, the execution on several key programs during the quarter was disappointing." Mr. Sala added, "A number of supply chain, quality and product development issues negatively impacted net sales and profit margins for the group in the third quarter."

The effective tax rate on income from continuing operations for the third quarter of fiscal 2008 was 27.4% compared to 28.3% for the third quarter of fiscal 2007. The tax rate for the remainder of fiscal 2008 is expected to be approximately 26.5%.

Operating income for the third quarter of fiscal 2008 was $2.3 million, or 7.0% of net sales, down from $4.0 million, or 12.4% of net sales for the third quarter of last year. The Company incurred a lease charge in the third quarter in the amount of $215,000, or $0.01 per diluted share related to future lease cost in excess of the expected rental income generated from the Company's Frimley, U.K. facility. This charge coupled with the decline in gross margin and a 1.0 percentage point increase in R&D expense as a percent of sales, reduced operating income by 5.4 percentage points for the third quarter of fiscal 2008.

As disclosed in our latest Form 10-K, the Company leases an 18,000 square foot facility in Frimley, England under a non-cancellable lease which runs through February 2014. The building is vacant at this time and the annual rental costs including fees and property taxes are approximately $700,000. The Company has been attempting to sublet the facility for over six months and due to the current real estate market in this area, has not been successful in procuring a new tenant. Currently, the Company believes that it will take a minimum 4 to 6 months to find a tenant and therefore, has reserved for the rent expense over this period. If a tenant is not found during this period, the Company will be required to take additional reserve charges in future quarters.

For the nine months ended March 31, 2008, net sales were $97.1 million, up 4.2% from the first nine months of fiscal 2007. Operating income for the first nine months of fiscal 2008 was $8.1 million, or 8.3% of net sales, down $4.1 million from the same period of last year. Income from continuing operations and net income for the first nine months of fiscal 2008 were $7.3 million, or $0.48 per diluted share and $8.1 million, or $0.53 per share, respectively. This compares to income from continuing operations and net income for the first nine months of fiscal 2007 of $11.0 million, or $0.62 per diluted share.

Balance Sheet

During the third quarter, the Company generated $270,000 in operating cash flow and used $2.8 million to repurchase 194,471 shares of its common stock. Expenditures for capital additions in the third quarter were $2.7 million driven primarily by the expansion and renovation of the Company's East Syracuse, New York manufacturing facility. Funds needed for stock repurchases and capital expenditures in excess of funds generated by operations came from maturities of the Company's investments. Cash, cash equivalents and marketable debt securities at March 31, 2008 were $42.6 million.

Wireless Group

Wireless Group net sales for the quarter were $20.2 million, up 13.3% from the third quarter of fiscal 2007. Increased demand for standard components predominately from customers in Asia offset continued weakness in demand for custom assemblies from one customer. In general, demand for infrastructure products remains volatile and visibility remains very limited. Sales of consumer component products were $845,000 for the quarter, relatively unchanged from the third quarter of last year due to the continued diversification of design wins.

Customers that generated greater than 10% of Wireless Group net sales for the quarter were Flextronics, Huawei, Motorola, Nokia and Richardson Electronics, Ltd.

Space & Defense Group

Space & Defense Group net sales for the quarter were $12.4 million, down 16.0% from the third quarter of fiscal 2007. The decline in net sales from the third quarter of last year was due to the poor execution on several programs in the current third quarter and the significant sales in the third quarter of last year for counter IED related products. This counter IED program was completed in the fourth quarter of last year.

New orders for the quarter totaled $10.0 million and included contracts for passive ranging and radar subsystems. In addition, the Group received a $3.5 million contract to provide receive/transmit assemblies to the Raytheon Missile Division for the Phalanx System. This initial order is both a key new product and new program win for the group with potential for future orders to support additional upgrades and new system production.

Customers that generated greater than 10% of Space & Defense net sales for the quarter were ITT, Raytheon, Northrop Grumman, and Lockheed Martin.

Space & Defense backlog at March 31, 2008 was approximately $58.0 million. Outlook

For the fourth quarter of fiscal 2008, we expect an increase in sales for the Space & Defense Group and a decrease in demand for Wireless products. As a result, we expect net sales to be in the range of $30 - $33 million for the fourth quarter of fiscal 2008. With an anticipated tax rate of approximately 26.5% and expected stock based compensation expense of approximately $0.05 per diluted share, we expect GAAP net earnings per diluted share to be in the range of $0.12-$0.16 for the fourth quarter.

Forward-Looking Statements

The statements contained in this news release which are not historical information are "forward-looking statements". These, and other forward-looking statements, are subject to business and economic risks and uncertainties that could cause actual results to differ materially from those discussed. The risks and uncertainties described below are not the only risks and uncertainties facing our Company. Additional risks and uncertainties not presently known to us or that are currently deemed immaterial may also impair our business operations. If any of the following risks actually occur, our business could be adversely affected, and the trading price of our common stock could decline, and you may lose all or part of your investment.

These known factors include, but are not limited to: the Company's ability to timely ramp up to meet some of our customers' increased demands; unanticipated delays in successfully completing customer orders within contractually required timeframes; unanticipated penalties resulting from failure to meet contractually imposed delivery schedules; unanticipated costs and damages resulting from replacement or repair of products found to include latent defects; increased pricing pressure from our customers; decreased capital expenditures by wireless service providers; the possibility that the Company may be unable to successfully execute its business strategies or achieve its operating objectives, generate revenue growth or achieve profitability expectations; successfully securing new design wins from our OEM customers, reliance on a limited number of key component suppliers, unpredictable difficulties or delays in the development of new products; the ability to successfully transition the production of resistive products from the Company's Salem, New Hampshire facility to the Company's Suzhou China facility; order cancellations or extended postponements; the risks associated with any technological shifts away from the Company's technologies and core competencies; unanticipated impairments of assets including investment values and goodwill; diversion of defense spending away from the Company's products and or technologies due to on-going military operations; and litigation involving antitrust, intellectual property, environmental, product warranty, product liability, and other issues. You are encouraged to review Anaren's 2007 Annual Report on Form 10-K for the fiscal year ended June 30, 2007 and exhibits to those Reports filed with the Securities and Exchange Commission to learn more about the various risks and uncertainties facing Anaren's business and their potential impact on Anaren's revenue, earnings and stock price. Unless required by law, Anaren disclaims any obligation to update or revise any forward-looking statement.

Conference Call

Anaren will host a live teleconference, open to the public, on the Anaren Investor Info, Live Webcast Web Site (http://www.anaren.com/) and ccbn.com at http://www.streetevents.com/ on Tuesday, April 29 at 5:00 p.m. EDT. A replay of the conference call will be available at 8:00 p.m. (EDT) beginning April 29, 2008 through midnight May 2, 2008. To listen to the replay, interested parties may dial in the U.S. at 1-888-203-1112 and international at 1-719-457-0820. The access code is 4863774. If you are unable to access the Live Webcast, the dial in number for the U.S. is 1-877-856-1958 and International is 1-719-325-4822.

Company Background

Anaren designs, manufactures and sells complex microwave components and subsystems for the wireless communications, satellite communications and defense electronics markets. For more information on Anaren's products, visit our Web site at http://www.anaren.com/.

Anaren, Inc. and Subsidiaries Consolidated Condensed Statements of Income (Unaudited) Three Months Ended Nine Months Ended Mar. 31, Mar. 31, Mar. 31, Mar. 31, 2008 2007 2008 2007 Sales $32,618,733 $32,600,635 $97,076,907 $93,126,530 Cost of sales 22,478,241 21,242,154 66,016,934 60,030,937 Gross profit 10,140,492 11,358,481 31,059,973 33,095,593 31.1% 34.8% 32.0% 35.5% Operating expenses: Marketing 1,766,226 1,829,982 5,299,409 5,571,546 Research and development 2,675,685 2,345,034 7,565,676 6,676,042 General and administrative 3,193,705 3,155,894 9,715,555 8,684,862 Lease impairment 214,727 - 418,383 - Total operating expenses 7,850,343 7,330,910 22,999,023 20,932,450 Operating income 2,290,149 4,027,571 8,060,950 12,163,143 7.0% 12.4% 8.3% 13.1% Other income (expense): Other income, primarily interest 535,582 874,297 1,883,991 2,687,983 Interest expense (6,142) (6,143) (52,574) (18,429) Total other income (expense) 529,440 868,154 1,831,417 2,669,554 Income before income taxes 2,819,589 4,895,725 9,892,367 14,832,697 Income taxes 773,000 1,385,000 2,589,000 3,800,000 Income from continuing operations $2,046,589 $3,510,725 $7,303,367 $11,032,697 6.3% 10.8% 7.5% 11.8% Discontinued operations: Income from discontinued operations of Anaren Europe - - - - Income tax benefit 770,000 - 770,000 - Income from discontinued operations $770,000 $- $770,000 $ - Net income $2,816,589 $3,510,725 $8,073,367 $11,032,697 8.6% 10.8% 8.3% 11.8% Basic earnings per share: Income from continuing operations $0.14 $0.20 $0.49 $0.63 Income from discontinued operations 0.05 0.00 0.05 0.00 Net income $0.19 $0.20 $0.54 $0.63 Diluted earnings per share: Income from continuing operations $0.14 $0.20 $0.48 $0.62 Income from discontinued operations 0.05 0.00 0.05 0.00 Net income $0.19 $0.20 $0.53 $0.62 Shares used in computing net income Per share: Basic 14,301,900 17,397,647 15,022,181 17,504,946 Diluted 14,479,862 17,699,597 15,282,144 17,921,998 Anaren, Inc. Consolidated Condensed Balance Sheet March 31, 2008 June 30, 2007 (Unaudited) Assets: Cash, cash equivalents and short-term investments $25,657,018 $43,014,064 Accounts receivable, net 23,147,498 19,768,701 Other receivables 1,541,788 1,606,093 Inventories 27,636,992 24,331,597 Other current assets 2,821,586 3,067,019 Total current assets 80,804,882 91,787,474 Net property, plant and equipment 41,352,684 37,091,786 Securities available for sale 500,000 - Securities held to maturity 16,475,067 31,540,247 Goodwill 30,715,861 30,715,861 Other assets 24,751 68,947 Total assets $169,873,245 $191,204,315 Liabilities and stockholders' equity Liabilities: Accounts payable $9,009,367 $11,717,120 Accrued expenses 2,103,809 3,907,652 Customer advance payments 1,999,898 1,318,812 Other liabilities 2,822,323 1,985,856 Total current liabilities 15,935,397 18,929,440 Other non-current liabilities 5,052,150 5,480,727 Total liabilities 20,987,547 24,410,167 Stockholders' equity: Retained earnings 93,380,180 85,306,813 Common stock and additional paid-in capital 191,631,636 188,149,232 Accumulated comprehensive loss (205,692) (984,640) Less cost of treasury stock (135,920,426) (105,677,257) Total stockholders' equity 148,885,698 166,794,148 Total liabilities and stockholders' equity $169,873,245 $191,204,315 Anaren, Inc. Consolidated Condensed Statements of Cash Flows (Unaudited) Nine Months Three Months Ended Ended Mar. 31, 2008 Mar. 31, 2007 Cash flows from operating activities: Net income $ 8,073,367 $2,816,589 Income from discontinued operations 770,000 770,000 Income from continuing operations 7,303,367 2,046,589 Adjustments to reconcile income from continuing operations to net cash provided by operating activities: Depreciation and amortization of plant and equipment 4,957,528 1,579,415 Amortization 473,220 140,070 Provision for doubtful accounts (24,197) (242) Deferred income taxes 89,000 705,000 Equity based compensation 2,781,092 942,830 Receivables (3,272,600) (2,438,128) Inventories (3,312,017) (565,005) Accounts payable (1,652,316) (1,118,254) Other assets and liabilities 282,567 (1,021,973) Net cash provided by continuing operations 7,625,644 270,302 Net cash used for discontinued operations - - Net cash provided by operating activities 7,625,644 270,302 Cash flows from investing activities: Capital expenditures (9,767,865) (2,659,843) Net maturities of marketable debt and equity securities 30,047,265 4,609,775 Net cash provided by investing activities 20,279,400 1,949,932 Cash flows from financing activities: Stock options exercised 591,004 52,063 Tax benefit from exercise of stock options 116,932 10,822 Purchase of treasury stock (30,243,169) (2,751,891) Net cash used in financing activities (29,535,233) (2,689,006) Effect of exchange rates 190,948 132,332 Net decrease in cash and cash equivalents (1,439,241) (336,440) Cash and cash equivalents at beginning of period 7,912,276 6,809,475 Cash and cash equivalents at end of period $6,473,035 $6,473,035 Non-GAAP Measurements

Non-GAAP results reported in this release, which are a supplement to financial results based on GAAP, exclude charges for stock based compensation. The Company believes these non-GAAP financial measures provide useful information to both management and investors to help understand and compare business trends among reporting periods on a consistent basis. Additionally, these non-GAAP financial measurements are one of the primary indicators management uses for planning and forecasting in future periods. The presentation of this additional information should not be considered in isolation or as a substitute for results prepared in accordance with accounting principles generally accepted in the United States. The chart below, compares results on a GAAP basis to pro-forma results excluding non- cash equity based compensation.

Anaren, Inc. Reconciliation of GAAP and Pro-forma Gross Profit, Operating Income, Net Income and Earnings Per Share Three Months Ended Nine Months Ended Mar. 31, Mar. 31, Mar. 31, Mar. 31, 2008 2007 2008 2007 Net sales $32,618,733 $32,600,635 $97,076,907 $93,126,530 GAAP gross profit 10,140,492 11,358,481 31,059,973 33,095,593 % of sales 31.1% 34.8% 32.0% 35.5% Stock based compensation expense 192,914 226,065 625,487 745,757 Proforma gross profit $10,333,406 $11,584,546 $31,685,460 $33,841,350 % of sales 31.7% 35.5% 32.6% 36.3% GAAP operating income $2,290,149 $4,027,571 $8,060,950 $12,163,143 % of sales 7.0% 12.4% 8.3% 13.1% Stock based compensation expense 942,830 851,441 2,781,092 2,534,990 Proforma operating income $3,232,979 $4,879,012 $10,842,042 $ 14,698,133 % of sales 9.9% 15.0% 11.2% 15.8% GAAP net income $2,816,589 $3,510,725 $8,073,367 $11,032,697 % of sales 8.6% 10.8% 8.3% 11.8% Stock based compensation expense, net of tax 699,830 685,441 2,065,092 2,046,990 Proforma net income $3,516,419 $4,196,166 $10,138,459 $13,079,687 % of sales 10.8% 12.9% 10.4% 14.0% Diluted earnings per share: GAAP net income $0.19 $0.20 $0.53 $0.62 Stock based compensation expense, net of tax 0.05 0.04 0.13 0.11 Proforma net income per share $0.24 $0.24 $0.66 $0.73 Shares used in computing net income per share: Diluted 14,479,862 17,699,597 15,282,144 17,921,998

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AP Archive: http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com Anaren, Inc.

CONTACT: Joseph E. Porcello, VP of Finance of Anaren, Inc.,
+1-315-362-0514

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

National Semiconductor Eliminates 130 Positions to Align Resources With Strategic Focus Areas

SANTA CLARA, Calif., April 29 /PRNewswire-FirstCall/ -- National Semiconductor Corp. today announced it would eliminate approximately 130 positions across the company, primarily in product line and support functions. This action reflects the company strategically aligning its resources as part of National's focus on accelerating revenue growth in key market areas that require better power management and energy efficiency. As part of this, National continues to develop its PowerWise(R) brand of products, which focuses on analog solutions that provide significantly better power efficiency at the system level.

In the current fourth fiscal quarter, which ends May 25, 2008, National expects to record approximately $10 million of charges primarily for severance, of which the vast majority relates to this action, and a small portion relates to the company's factory modernization effort that was announced on January 21, 2008.

National, which currently employs approximately 7,300 people worldwide, is scheduled to announce its fourth quarter fiscal 2008 financial results and hold a conference call on Thursday, June 5, 2008, at which time the company will also provide an outlook for the first quarter of fiscal 2009.

Special Note

This release contains forward-looking statements dependent on a number of risks and uncertainties pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Except for historical information contained herein, the matters set forth in this press release, including management's expectations regarding future financial performance, are forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ materially from those forward-looking statements. A more complete list of risk factors is included in the Company's Annual Report on Form 10-K for the fiscal year ended May 27, 2007 under the captions "Outlook", "Risk Factors" and "Management's Discussion and Analysis of Financial Conditions and Results of Operations" contained therein and the Form 10-Q for the quarter ended February 24, 2008.

About National Semiconductor

National Semiconductor, the industry's premier analog company, creates high-value analog devices and subsystems. National's leading-edge products include power management circuits, display drivers, audio and operational amplifiers, interface products and data conversion solutions. National's key analog markets include wireless handsets, displays, communications infrastructure, medical, automotive, industrial, and test and measurement applications. Headquartered in Santa Clara, Calif., National reported sales of $1.93 billion for fiscal 2007, which ended May 27, 2007. Additional company and product information is available at http://www.national.com/.

Media Contact: Financial: LuAnn Jenkins Mark Veeh National Semiconductor National Semiconductor (408) 721-2440 (408) 721-5007 luann.jenkins@nsc.com invest.group@nsc.com

National Semiconductor Corporation

CONTACT: Media, LuAnn Jenkins, +1-408-721-2440, luann.jenkins@nsc.com,
or Financial, Mark Veeh, +1-408-721-5007, invest.group@nsc.com, both of
National Semiconductor

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

Advent Software Achieves Record Quarterly Revenue of $61.5 Million, a 28% Increase Over Prior YearCompany Also Announces Quarterly Term Contract Value of $15.7 Million, a 41% Increase Over Prior Year

SAN FRANCISCO, April 29 /PRNewswire-FirstCall/ -- Advent Software, Inc. , the award-winning provider of software and services to the investment management industry, announced today its financial results for the first quarter ended March 31, 2008.

"We are very pleased to announce that Advent had a terrific first quarter, marking a great start to the fiscal year," said Stephanie DiMarco, Founder and Chief Executive Officer of Advent. "Headlining our strong financial results was record quarterly revenue of $61.5 million and a 41% increase in term contract value over the prior year. One of the main drivers behind this quarter's solid financials is the success we've had with the term license model, and we're thrilled to see the leverage from the model coming through in our reported results."

GAAP RESULTS

The Company reported record revenue of $61.5 million for the first quarter of 2008, compared to $48.0 million in the first quarter of 2007, a 28% increase.

Income from operations for the first quarter of 2008 was $3.7 million, or 6% of revenue, compared with a loss from operations of $50,000, or 0.1% of revenue, in the first quarter of 2007.

Net income for the first quarter of 2008 was $2.6 million, compared with net income of $0.4 million for the first quarter of 2007.

On a fully diluted basis, earnings per share in the first quarter of 2008 were $0.09, which compares to diluted earnings per share of $0.02 in the first quarter of 2007.

Cash flow from operations in the first quarter of 2008 was $9.3 million, compared with $13.8 million in the first quarter of 2007. Cash and cash equivalents totaled $58.0 million as of March 31, 2008, compared to $49.6 million as of December 31, 2007.

Deferred revenues as of March 31, 2008 were $122.9 million, compared to $120.3 million as of December 31, 2007.

NON-GAAP RESULTS

Non-GAAP income from operations for the first quarter of 2008 was $7.9 million, resulting in non-GAAP operating margin of 13%. This compares to non-GAAP income from operations of $4.3 million and non-GAAP operating margin of 9% in the first quarter of 2007.

On a non-GAAP basis, net income for the first quarter of 2008 was $5.3 million, or $0.19 per diluted share, compared with $3.2 million, or $0.11 per diluted share, for the first quarter of 2007.

The reconciliation between GAAP and non-GAAP financial measures is provided at the end of this press release.

FIRST QUARTER HIGHLIGHTS -- Benefit of Term Licensing Model: For the first time in the company's history, total revenue grew from the fourth quarter to the first quarter by $2.1 million, a 3% increase. The success of the transition to term licensing, which Advent started nearly four years ago, has reduced the impact of natural seasonality on revenue. The recurring component of revenue was 80% in the first quarter. -- Term Contract Value Growth: Advent's term contract value, including Advent Portfolio Exchange(R) (APX) migrations, was $15.7 million, which represents 41% growth over the same period last year. With an average term of 2.8 years, the contracts signed in the first quarter will add approximately $5.5 million in annual revenue, an increase of 64% over the same period last year, once they are fully implemented. -- Product Investment and Innovation: On a GAAP basis, Advent invested 21% of revenue in product development. Highlighting Advent's role as an innovator in the industry, Advent was named "Leading Provider of Fund Accounting and Reporting Systems" by The Hedge Fund Journal, based on the strength of Geneva(R)'s reputation, which is strengthened each year by additional product development. The award recognizes the leading service providers for the European hedge fund industry. -- Customer Momentum for APX and Geneva(R): Advent saw continued momentum in customer wins for its award-winning portfolio accounting platforms. The Company sold a first quarter record of 19 APX contracts, bringing the total number of APX contracts sold to 212 worldwide. Advent also sold a first quarter record of 7 new Geneva(R) contracts, bringing the total number of Geneva(R) contracts sold to 164 worldwide. FINANCIAL GUIDANCE Q208 FY08 Total Revenue ($M) $61 - $63 $248 - $254 Non-GAAP Operating Margin 12% - 14% 14% - 17% Non-GAAP Diluted EPS ($) $0.17 - $0.20 $0.89 - $1.01 -- The Operating Cash Flow projection for the full year 2008 remains $68 to $71 million. -- The effective tax rate for the full year 2008 is projected to be in the range of 30% to 35%, and 35% is used for the Company's calculations of non-GAAP diluted EPS. -- Diluted weighted average shares outstanding are expected to increase by approximately 0.5% to 1.0% per quarter, and 0.75% growth in diluted weighted average shares outstanding is used for guidance purposes.

Please refer to the tables at the end of this release for the reconciliation between GAAP and non-GAAP financial measures.

INVESTOR CALL

Advent Software, Inc. will host its Q1 2008 quarterly earnings conference call at 5:00 p.m. Eastern time today. A Q1 2008 earnings presentation, including highlights and detailed financial information, is currently available on http://investor.advent.com/. To participate via phone, please dial 888-812-3873 and request conference ID #42993709. A replay will be available through midnight, May 6, 2008, by calling 800-642-1687 and referencing conference ID #42993709. The conference call will also be web-cast live and then archived on http://investor.advent.com/.

ABOUT ADVENT

Advent Software, Inc. (http://www.advent.com/), a global firm, has provided trusted solutions to the world's leading financial professionals since 1983. Firms in 60 countries use Advent technology and manage investments totaling nearly US $18 trillion. Advent's quality software, data, services and tools enable financial professionals to improve service and communication to their clients, allowing them to grow their business while controlling costs. Advent is the only financial services software company to be awarded the Service Capability and Performance certification for being a world-class support organization.

ABOUT NON-GAAP FINANCIAL INFORMATION

This press release includes non-GAAP financial measures. For a description of these non-GAAP financial measures, including the reasons management uses each measure, and reconciliations of these non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with Generally Accepted Accounting Principles (GAAP), please see the accompanying tables entitled "Reconciliation of Selected GAAP Measures to Non-GAAP Measures."

FORWARD-LOOKING STATEMENTS

The financial projections under Financial Guidance and other forward-looking statements included in this presentation reflect management's best judgment based on factors currently known and involve risks and uncertainties; our actual results may differ materially from those discussed here. These risks and uncertainties include: potential fluctuations in results and future growth rates; continued market acceptance of our APX and Geneva(R) products; the successful development and market acceptance of new products and product enhancements; continued uncertainties and fluctuations in the financial markets; and other risks detailed from time to time in our SEC reports including, but not limited to, our quarterly reports on Form 10-Q and our 2007 annual report on Form 10-K. The Company disclaims any intention or obligation to publicly update or revise any forward-looking statements including any guidance, whether as a result of events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

The Advent logo, Advent Portfolio Exchange and Geneva are registered trademarks of Advent Software, Inc. All other company names or marks mentioned herein are those of their respective owners.

ADVENT SOFTWARE, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (GAAP, Unaudited) March 31 December 31 2008 2007 ASSETS Current assets: Cash and cash equivalents $58,008 $49,589 Accounts receivable, net 44,392 47,574 Deferred taxes, current 10,288 10,288 Prepaid expenses and other 20,464 19,577 Total current assets 133,152 127,028 Property and equipment, net 28,227 27,779 Goodwill 108,601 106,520 Other intangibles, net 8,391 9,376 Deferred taxes, long-term 70,980 70,981 Other assets, net 11,396 10,645 Total assets $360,747 $352,329 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $4,672 $4,382 Accrued liabilities 23,796 29,328 Deferred revenues 116,497 115,398 Income taxes payable 2,207 1,086 Total current liabilities 147,172 150,194 Deferred income taxes 881 998 Deferred revenues, long-term 6,363 4,939 Other long-term liabilities 16,235 16,352 Total liabilities 170,651 172,483 Stockholders' equity: Common stock 266 265 Additional paid-in capital 332,161 326,964 Accumulated deficit (159,050) (161,685) Accumulated other comprehensive income 16,719 14,302 Total stockholders' equity 190,096 179,846 Total liabilities and stockholders' equity $360,747 $352,329 ADVENT SOFTWARE, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (GAAP, Unaudited) Three Months Ended March 31 2008 2007 Net revenues: Term license, maintenance and other recurring $49,139 $37,724 Perpetual license fees 5,625 5,927 Professional services and other 6,709 4,328 Total net revenues 61,473 47,979 Cost of revenues (1): Term license, maintenance and other recurring 10,934 9,032 Perpetual license fees 317 195 Professional services and other 7,726 5,873 Amortization of developed technology 722 364 Total cost of revenues 19,699 15,464 Gross margin 41,774 32,515 Operating expenses (1): Sales and marketing 15,390 12,889 Product development 12,890 9,856 General and administrative 9,227 8,784 Amortization of other intangibles 487 474 Restructuring charges 56 562 Total operating expenses 38,050 32,565 Income (loss) from operations 3,724 (50) Interest and other income (expense), net 227 518 Income before income taxes 3,951 468 Provision for income taxes 1,316 29 Net income $2,635 $439 Net income per share: Basic $0.10 $0.02 Diluted $0.09 $0.02 Weighted average shares used to compute net income per share: Basic 26,570 27,389 Diluted 28,080 28,756 (1) Includes stock-based employee compensation expense as follows: Cost of term license, maintenance and other recurring revenues $290 $247 Cost of professional services and other revenues 237 175 Total cost of revenues 527 422 Sales and marketing 1,038 969 Product development 871 737 General and administrative 955 1,118 Total operating expenses 2,864 2,824 Total stock-based employee compensation expense $3,391 $3,246 ADVENT SOFTWARE, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (GAAP, Unaudited) Three Months Ended March 31 2008 2007 Cash flows from operating activities: Net income $2,635 439 Adjustments to reconcile net income to net cash provided by operating activities: Stock-based compensation 3,391 3,246 Depreciation and amortization 3,262 2,790 Loss on dispositions of fixed assets 1 3 Provision for doubtful accounts 249 137 Reduction of sales returns (104) (6) Gain on investments - (18) Deferred income taxes (117) (65) Other 7 13 Effect of statement of operations adjustments 6,689 6,100 Changes in operating assets and liabilities: Accounts receivable 2,933 6,030 Prepaid and other assets (1,382) (1,117) Accounts payable 290 (685) Accrued liabilities (5,691) (2,505) Deferred revenues 2,626 5,819 Income taxes payable 1,164 (284) Effect of changes in operating assets and liabilities (60) 7,258 Net cash provided by operating activities 9,264 13,797 Cash flows from investing activities: Net cash used in acquisitions - (1,022) Purchases of property and equipment (2,496) (2,620) Capitalized software development costs (205) - Sales and maturities of marketable securities - 24,921 Change in restricted cash (248) - Net cash provided by (used in) investing activities (2,949) 21,279 Cash flows from financing activities: Proceeds from common stock issued through exercise of stock options 1,787 7,806 Repurchase of common stock - (30,120) Net cash provided by (used in) financing activities 1,787 (22,314) Effect of exchange rate changes on cash and cash equivalents 317 12 Net change in cash and cash equivalents 8,419 12,774 Cash and cash equivalents at beginning of period 49,589 30,187 Cash and cash equivalents at end of period $58,008 $42,961 ADVENT SOFTWARE, INC. RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES (In thousands, except per share data) (Unaudited)

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

Three Months Ended March 31, 2008 Gross Gross Operating Operating Net Margin Margin% Income Income% Income GAAP $41,774 68% $3,724 6% $2,635 Amortization of acquired developed technology 199 199 199 Amortization of other acquired intangibles - 487 487 Stock-based compensation - cost of revenues 527 527 527 Stock-based compensation - operating expenses - 2,864 2,864 Restructuring charges - 56 56 Income tax adjustment for non-GAAP (1) - - (1,513) Non-GAAP $42,500 69% $7,857 13% $5,255 Diluted net income per share 3,514 GAAP $0.09 Non-GAAP $0.19 Shares used to compute diluted net income per share 28,080 Three Months Ended March 31, 2007 Gross Gross Operating Operating Net Margin Margin% Income Income% Income GAAP $32,515 68% $(50) 0% $439 Amortization of acquired developed technology 111 111 111 Amortization of other acquired intangibles - 474 474 Stock-based compensation - cost of revenues 422 422 422 Stock-based compensation - operating expenses - 2,824 2,824 Restructuring charges - 562 562 Income tax adjustment for non-GAAP (1) - - (1,672) Non-GAAP $33,048 69% $4,343 9% $3,160 Diluted net income per share GAAP $0.02 Non-GAAP $0.11 Shares used to compute diluted net income per share 28,756 (1) The estimated non-GAAP effective tax rate was 35% for the three months ended March 31, 2008 and 2007, respectively, and has been used to adjust the provision for income taxes for non-GAAP purposes. Three Months Ended December 31, 2007 Gross Gross Operating Operating Net Margin Margin% Income Income% Income GAAP $40,946 69% $3,543 6% $3,801 Amortization of acquired developed technology 100 100 100 Amortization of other acquired intangibles - 476 476 Stock-based compensation - cost of revenues 509 509 509 Stock-based compensation - operating expenses - 2,840 2,840 Acquired in-process research and development - 150 150 Restructuring charges - 63 63 Income tax adjustment for non-GAAP (2) - - (2,805) Non-GAAP $41,555 70% $7,681 13% $5,134 Diluted net income per share GAAP $0.13 Non-GAAP $0.18 Shares used to compute diluted net income per share 28,211 Three Months Ended September 30, 2007 Gross Gross Operating Operating Net Margin Margin% Income Income% Income GAAP $37,580 68% $5,795 10% $3,296 Amortization of acquired developed technology 51 51 51 Amortization of other acquired intangibles - 463 463 Stock-based compensation - cost of revenues 484 484 484 Stock-based compensation - operating expenses - 2,735 2,735 Restructuring charges - 113 113 Income tax adjustment for non-GAAP (2) - - (965) Non-GAAP $38,115 69% $9,641 17% $6,177 Diluted net income per share GAAP $0.12 Non-GAAP $0.23 Shares used to compute diluted net income per share 27,401 Three Months Ended June 30, 2007 Gross Gross Operating Operating Net Margin Margin% Income Income% Income GAAP $36,372 69% $3,041 6% $5,095 Amortization of acquired developed technology 72 72 72 Amortization of other acquired intangibles - 466 466 Stock-based compensation - cost of revenues 510 510 510 Stock-based compensation - operating expenses - 3,072 3,072 Restructuring charges - 227 227 Net equity investment gain - - (3,662) Income tax adjustment for non-GAAP (2) - - (844) Non-GAAP $36,954 71% $7,388 14% $4,936 Diluted net income per share GAAP $0.18 Non-GAAP $0.18 Shares used to compute diluted net income per share 27,754 (2) The estimated non-GAAP effective tax rate was 35% for the second, third and fourth quarters of 2007, respectively, and has been used to adjust the provision for income taxes for non-GAAP purposes.

Advent Software, Inc.

CONTACT: media, Jessica Miller, +1-415-645-1668, jmiller@advent.com, or
investor relations, Heidi Flaherty, +1-415-645-1145, hflaherty@advent.com,
both of Advent Software, Inc.

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

Integrated Electrical Services Announces Fiscal 2008 Second Quarter Earnings Release and Conference Call Schedule

HOUSTON, April 29 /PRNewswire-FirstCall/ -- Integrated Electrical Services, Inc. announced today that it will release its fiscal 2008 second quarter results on Monday, May 12, 2008 after the market closes. In conjunction with the release, the company has scheduled a conference call, which will be broadcast live over the Internet, for Tuesday, May 13, 2008 at 9:30 a.m. Eastern Time.

What: Integrated Electrical Services Fiscal 2008 Second Quarter Earnings Call When: Tuesday, May 13, 2008 at 9:30 a.m. Eastern Time / 8:30 Central Time How: Live via phone -- By dialing 303-205-0066 or live over the Internet -- by logging onto the web at the address below Where: http://www.ies-co.com/

For those who cannot listen to the live call, a telephonic replay will be available through May 20, 2008 and may be accessed by calling 303-590-3000 and using the pass code 11113499#. An archive of the webcast will be available after the call for a period of 60 days on http://www.ies-co.com/ .

Integrated Electrical Services, Inc. is a national provider of electrical solutions to the commercial and industrial, residential and service markets. The company offers electrical system design and installation, contract maintenance and service to large and small customers, including general contractors, developers and corporations of all sizes.

Contacts: Randy Guba, CFO Integrated Electrical Services, Inc. 713-860-1500 Ken Dennard / ksdennard@drg-e.com Karen Roan / kcroan@drg-e.com DRG&E / 713-529-6600

Integrated Electrical Services, Inc.

CONTACT: Randy Guba, CFO of Integrated Electrical Services, Inc.,
+1-713-860-1500; or Ken Dennard, ksdennard@drg-e.com, or Karen Roan,
kcroan@drg-e.com, both of DRG&E, +1-713-529-6600, for Integrated Electrical
Services, Inc.

Web site: http://www.ies-co.com/

EMBARQ Reports First Quarter Results Highlighted by Strong Earnings and Cash FlowCompany Updates 2008 Outlook

OVERLAND PARK, Kan., April 29 /PRNewswire-FirstCall/ -- EMBARQ today announced results for the first quarter of 2008, including record earnings and cash flow. The company reported total revenues of $1.57 billion, operating income of $434 million, diluted earnings per share of $1.38 and cash flow before dividends of $286 million.

"Improving efficiency continues to be one of our key focus areas and that was certainly evident in our earnings and cash flow results this quarter," said Tom Gerke, EMBARQ Chief Executive Officer. "Given this strong profitability and the ongoing growth in high-speed Internet and data revenues, we continue to forecast cash flow improvement for full-year 2008."

First Quarter Highlights -- First quarter operating income, diluted earnings per share and cash flow before dividends reached their highest levels since EMBARQ became a standalone company in mid-2006. -- Operating income increased 17 percent year-over-year to $434 million. -- Diluted earnings per share increased 31 percent year-over-year to $1.38. -- Cash flow before dividends increased 14 percent year-over-year to $286 million. -- As of April 25th, EMBARQ had repurchased approximately 5.97 million shares at an average share price of $40, which represents 48 percent of the $500 million share repurchase authorization the company announced on January 9, 2008. -- The company recently introduced EMBARQ(TM) eGo(TM), a next-generation home phone that combines the quality and reliability of traditional voice service with Internet-enabled features and functionality. -- For business customers, the company recently announced EMBARQ(TM) Business Security Solutions, which includes desktop, network and e-mail security, as well as continuity services such as back-up, recovery and re-routing. Financial Results

EMBARQ reported consolidated operating revenues of $1.57 billion for the first quarter of 2008, which represents a decrease of 0.4 percent sequentially and 1.1 percent from the prior year period. Despite a 7.3 percent decline in access lines compared to the year ago period, Telecommunications segment revenues declined by 0.5 percent compared to the previous quarter and 1.6 percent year-over-year to $1.46 billion. Growth in high-speed Internet and data revenues partially offset a decline in voice revenue. The Logistics segment reported revenue of $115 million, which is a 1.8 percent sequential improvement and a 5.5 percent increase relative to the prior year period.

The decline in revenue in the first quarter was more than offset by improvements in operating efficiency and wireless dilution, as well as lower severance and spin-off expenses. As a result, consolidated operating income improved 17 percent relative to both the prior quarter and prior year period, reaching $434 million in the first quarter.

Operating income was impacted by the following items: Increase (Decrease) 1Q-08 4Q-07 1Q-07 (in millions) Severance expenses $0 ($31) ($14) Spin-off related expenses $0 ($5) ($9) Net wireless dilution ($14) ($14) ($22)

Diluted earnings per share were $1.38 for the quarter, up from $1.05 in the year ago period and $1.23 in the fourth quarter.

Capital Expenditures and Cash Flow

Net capital expenditures during the period were $177 million, a decline of 1.7 percent year-over-year.

EMBARQ reported cash flow before dividends of $286 million in the quarter, an increase of 14 percent compared to the prior year period.

The company paid a dividend of $0.6875 per share in the first quarter, and repurchased approximately 3.35 million common shares at a cost of $135 million. Through April 25, 2008, the company purchased an additional 2.62 million shares at a cost of $104 million.

The company ended the quarter with net debt of $5.6 billion, a sequential reduction of $187 million.

Subscriber Results

EMBARQ reported a decline of 120,000 access lines in the first quarter, ending with 6.19 million access lines. During the quarter, the company added 63,000 high-speed Internet subscribers, bringing the total to 1.34 million. Video net additions totaled 17,000 during the quarter, resulting in the company ending the quarter with 217,000 of its customers subscribing to video services.

2008 Outlook

The company updated its 2008 outlook originally provided on February 7, 2008. Current expectations for the year are as follows:

-- Absolute access lines losses over the remainder of 2008 are expected to be closer to prior year levels than in the first quarter. The company's previous expectation called for access line losses to be flat or slightly higher than 2007 levels throughout 2008. -- Driven by the decision to transition away from its wireless MVNO, the company lowered its outlook for both wireless revenue and telecommunications segment revenue by $30 million. The updated range for telecommunications revenue is $5.72 to $5.80 billion. The previous range was $5.75 to $5.83 billion. -- Wireless dilution is expected to be approximately $20 million, which is within the previously provided range. -- Capital spending is expected to be approximately $780 million, which represents an improvement of $20 million from the previous outlook of approximately $800 million. -- Cash flow before dividends is expected to be between $960 million and $1.0 billion, a $10 million increase from the previous range of $950 to $990 million. Conference Call

Today EMBARQ will hold a conference call beginning at 4:30 p.m. EDT. Dial- in numbers for the conference call are (866) 245-2310 (U.S. and Canada) and (816) 650-2838 (International). The code required to access the call is 38553950. Please plan to dial in at least five minutes before the scheduled

start time. A simultaneous audio webcast of the call and a downloadable presentation will be available at http://www.embarq.com/investors.

For those unable to participate live, a replay of the call will be available until May 13, 2008, by dialing (800) 642-1687 (U.S. and Canada) or (706) 645-9291 (International) as well as at http://www.embarq.com/investors. The accompanying presentation will also be archived and available for download at this website.

Cautionary Statement

This news release contains "forward-looking statements" within the meaning of the securities laws, including statements relating to EMBARQ's outlook or expectations for earnings, revenues, expenses, depreciation and amortization, asset quality, access line declines, cash flow measures, customer growth, wireless dilution, or other future financial or business performance, strategies or expectations. The words "estimate," "plan," "project," "forecast," "expect," "intend," "anticipate," "believe," "seek," "target," "guidance," "outlook" and similar expressions are intended to identify forward-looking statements. These statements reflect management's judgment based on currently available information and involve a number of risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. With respect to these forward-looking statements, management has made assumptions regarding, among other things, customer and network usage, customer retention, pricing, operating costs, technology, and the economic and regulatory environment.

Future performance cannot be ensured. Actual results may differ materially from those in the forward-looking statements. Some factors that could cause actual results to differ include but are not limited to: the effects of vigorous competition in the markets in which we operate, including access line loss to cable operators and wireless providers; the impact of new, emerging and competing technologies on our business; the effect of changes in the legal and regulatory environment and the impact of compliance with regulatory mandates; potential fluctuations in our financial performance, including revenues, capital expenditures and operating expenses; the impact of any adverse change in the ratings assigned to our debt by ratings agencies on the cost of financing or the ability to raise additional financing if needed; the effects of mergers, consolidations or other unexpected developments in the industries relevant to our operations; the failure to realize expected improvement in operating efficiencies; the costs and business risks with the development of new products and services; the uncertainties related to our investments in networks, systems and other businesses; the uncertainties related to the implementation of our business strategies; the inability of third parties to perform to our requirements under agreements related to our business operations; our ownership of or ability to license technology that may be necessary to expand our business offerings; restrictions in our patent agreement with Sprint Nextel; unexpected adverse results of legal proceedings involving our company; the impact of equipment failure or other breaches of network or information technology security; potential work stoppages; a determination by the IRS that the spin-off from Sprint Nextel should be treated as a taxable transaction; the volatility in the equity market; the possible impact of adverse changes in economic, political or other external factors, including hurricanes and other severe weather, over which we have no control; and other risks referenced in our Annual Report on Form 10-K, including in Part I, Item 1A, "Risk Factors", and from time to time in other filings of ours with the SEC.

Forward-looking statements speak only as of the date they were made, and EMBARQ undertakes no obligation to update or revise any forward-looking statements in light of new information or future events. You should not place undue reliance on any forward-looking statements, which speak only as of the date of this release. EMBARQ is not obligated to publicly update or release any revisions to these forward-looking statements to reflect any events or circumstances after the date of this news release.

Selected Financial Data (Unaudited) - Current Period Results Compared to Prior Year

Consolidated 1Q-08 1Q-07 Fav/(Unfav) Net Operating Revenues Voice $1,024 $1,084 ($60) -5.5% Data 198 189 9 4.8% High-speed Internet 133 116 17 14.7% Wireless 16 9 7 77.8% Other services 62 60 2 3.3% Service revenues 1,433 1,458 (25) -1.7% EMBARQ Logistics 115 109 6 5.5% Other product 23 22 1 4.5% Product revenues 138 131 7 5.3% Total Net Operating Revenues 1,571 1,589 (18) -1.1% Operating Expenses Cost of services 390 417 27 6.5% Cost of products 138 127 (11) -8.7% Selling, general and administrative 358 404 46 11.4% Depreciation 251 270 19 7.0% Total Operating Expenses 1,137 1,218 81 6.7% Operating Income $434 $371 $63 17.0% Interest expense 104 109 5 4.6% Other expense (income), net (1) 0 1 n/a Income Before Taxes $331 $262 $69 26.3% Income tax expense 119 102 (17) -16.7% Net Income $212 $160 $52 32.5% Diluted Earnings Per Share $1.38 $1.05 $0.33 31.4% Telecom 1Q-08 1Q-07 Fav/(Unfav) Net Operating Revenues Voice $1,024 $1,084 ($60) -5.5% Data 198 189 9 4.8% High-speed Internet 133 116 17 14.7% Wireless 16 9 7 77.8% Other services 62 60 2 3.3% Service revenues 1,433 1,458 (25) -1.7% Product revenues 23 22 1 4.5% Total Net Operating Revenues 1,456 1,480 (24) -1.6% Operating Expenses Cost of services 389 417 28 6.7% Cost of products 33 30 (3) -10.0% Selling, general and administrative 348 392 44 11.2% Depreciation 250 267 17 6.4% Total Operating Expenses 1,020 1,106 86 7.8% Operating Income $436 $374 $62 16.6% Logistics 1Q-08 1Q-07 Fav/(Unfav) Net Operating Revenues 115 109 6 5.5% Operating Expenses Cost of services & products 106 97 (9) -9.3% Selling, general and administrative 10 12 2 16.7% Depreciation 1 3 2 66.7% Total Operating Expenses 117 112 (5) -4.5% Operating Income ($2) ($3) $1 33.3%

Selected Financial Data (Unaudited) - Current Period Results Compared to Prior Quarter

Consolidated 1Q-08 4Q-07 Fav/(Unfav) Net Operating Revenues Voice $1,024 $1,032 ($8) -0.8% Data 198 193 5 2.6% High-speed Internet 133 128 5 3.9% Wireless 16 16 0 0.0% Other services 62 59 3 5.1% Service revenues 1,433 1,428 5 0.4% EMBARQ Logistics 115 113 2 1.8% Other product 23 36 (13) -36.1% Product revenues 138 149 (11) -7.4% Total Net Operating Revenues 1,571 1,577 (6) -0.4% Operating Expenses Cost of services 390 399 9 2.3% Cost of products 138 141 3 2.1% Selling, general and administrative 358 404 46 11.4% Depreciation 251 263 12 4.6% Total Operating Expenses 1,137 1,207 70 5.8% Operating Income $434 $370 $64 17.3% Interest expense 104 104 0 0.0% Other expense (income), net (1) (1) 0 0.0% Income Before Taxes $331 $267 $64 24.0% Income tax expense 119 77 (42) -54.5% Net Income $212 $190 $22 11.6% Diluted Earnings Per Share $1.38 $1.23 $0.15 12.2% Telecom 1Q-08 4Q-07 Fav/(Unfav) Net Operating Revenues Voice $1,024 $1,032 ($8) -0.8% Data 198 193 5 2.6% High-speed Internet 133 128 5 3.9% Wireless 16 16 0 0.0% Other services 62 59 3 5.1% Service revenues 1,433 1,428 5 0.4% Product revenues 23 36 (13) -36.1% Total Net Operating Revenues 1,456 1,464 (8) -0.5% Operating Expenses Cost of services 389 397 8 2.0% Cost of products 33 39 6 15.4% Selling, general and administrative 348 395 47 11.9% Depreciation 250 262 12 4.6% Total Operating Expenses 1,020 1,093 73 6.7% Operating Income $436 $371 $65 17.5% Logistics 1Q-08 4Q-07 Fav/(Unfav) Net Operating Revenues 115 113 2 1.8% Operating Expenses Cost of services & products 106 104 (2) -1.9% Selling, general and administrative 10 9 (1) -11.1% Depreciation 1 1 0 0.0% Total Operating Expenses 117 114 (3) -2.6% Operating Income ($2) ($1) ($1) -100.0% Non-GAAP Definitions & Reconciliations

The following non-GAAP (generally accepted accounting principles) measures should be used in addition to, but not as a substitute for, the information provided in EMBARQ's consolidated financial statements.

Net Debt

Net debt is consolidated debt, including current maturities, less cash and equivalents. EMBARQ believes that net debt provides useful information about its capital structure.

Reconciliation - Net Debt 1Q08 4Q07 1Q07 Current maturities $99 $99 $37 Long-term debt 5,575 5,779 6,058 Less: Cash and equivalents (52) (69) (46) Net Debt $5,622 $5,809 $6,049 Net Capital Expenditures

Net capital expenditures are capital expenditures less proceeds from construction reimbursements. EMBARQ believes that net capital expenditures provides useful information about the capital requirements of its operations.

Reconciliation - Net Capital Expenditures 1Q08 4Q07 1Q07 Capital expenditures 179 263 183 Less: Proceeds from construction reimbursements (2) (3) (3) Net Capital Expenditures $177 $260 $180 Cash Flow Before Dividends

Cash flow before dividends is net cash provided by operating activities, excluding the effects of changes in assets and liabilities and other non-cash items, less net capital expenditures. EMBARQ believes that cash flow before dividends provides useful information about its capacity to return value to shareholders and reduce debt.

Reconciliation - Cash Flow before Dividends 1Q08 4Q07 1Q07 Net cash provided by operating activities $593 $397 $480 Add: Changes in assets and liabilities, net of other non-cash items (130) 56 (50) Net Income excluding depreciation 463 453 430 Less: Net Capital expenditures (177) (260) (180) Cash Flow before Dividends $286 $193 $250

Because Embarq cannot accurately predict the level of cash flow from operating activities and proceeds from construction reimbursements, Embarq does not provide reconciliations to GAAP of its forward looking measures of cash flow before dividends and net capital expenditures.

Other Financial Measures

Average Revenue per Household is calculated by dividing consumer revenues by average primary consumer access lines. While this measure is not defined under accounting principles generally accepted in the United States, the measure uses a GAAP measure as the basis for the calculation. EMBARQ believes Average Revenue per Household provides useful information concerning the success of its bundling initiatives and performance in attracting and retaining high value customers.

HSI Average Revenue per Subscriber is calculated by dividing high-speed Internet revenues by average high-speed Internet subscribers. While this measure is not defined under accounting principles generally accepted in the United States, the measure uses a GAAP measure as the basis for the calculation. EMBARQ believes HSI Average Revenue per Subscriber provides useful information concerning the appeal of its high-speed Internet pricing plans and performance in attracting and retaining high value customers.

Reclassifications Universal Service Fund Receipts and Surcharges

In the first quarter of 2008, Embarq reclassified universal service fund surcharges related to long distance and wireless services from consumer and business to wholesale. All universal service fund receipts and surcharges are now reported within the wholesale operating unit. A comparison of operating unit revenues both before and after the changes is provided below. Prior to the fourth quarter 2006, universal service fund surcharges related to wireless and long distance were not material.

As Currently Reported 4Q-07 3Q-07 2Q-07 1Q-07 4Q-06 3Q-06 Operating Unit Revenues Consumer $652 $658 $669 $676 $655 $668 Business 389 388 384 383 377 389 Wholesale 423 427 429 421 470 424 Telecommunications segment 1,464 1,473 1,482 1,480 1,502 1,481 Logistics segment 113 121 123 109 115 125 Net operating revenues $1,577 $1,594 $1,605 $1,589 $1,617 $1,606 As Previously Reported 4Q-07 3Q-07 2Q-07 1Q-07 4Q-06 3Q-06 Operating Unit Revenues Consumer $658 $665 $675 $682 $671 $668 Business 390 391 385 384 381 389 Wholesale 416 417 422 414 450 424 Telecommunications segment 1,464 1,473 1,482 1,480 1,502 1,481 Logistics segment 113 121 123 109 115 125 Net operating revenues $1,577 $1,594 $1,605 $1,589 $1,617 $1,606 Switched Access Lines

Beginning in January 2008, EMBARQ no longer includes in its business access line counts lines that support its internal administrative and operational activities. Accordingly, access line counts for all prior periods have been updated to reflect this change. A reconciliation of these changes can be found below.

Access Lines 1Q-08 4Q-07 3Q-07 2Q-07 1Q-07 External Access Lines 6,192 6,312 6,403 6,533 6,681 Internal Company Lines 161 162 162 158 156 Access Lines - Previous Reporting Methodology 6,353 6,474 6,565 6,691 6,837 Access Lines 4Q-06 3Q-06 2Q-06 1Q-06 External Access Lines 6,754 6,845 6,967 7,119 Internal Company Lines 154 153 150 149 Access Lines - Previous Reporting Methodology 6,908 6,998 7,117 7,268 About EMBARQ

Embarq Corporation , headquartered in Overland Park, Kansas, offers a complete suite of communications services. The company has approximately 18,000 employees and operates in 18 states. EMBARQ is included in the S&P 500 and is in the Fortune 500(R) list of America's largest corporations.

For consumers, EMBARQ offers an innovative portfolio of services that includes reliable local and long distance home phone service, high-speed Internet, wireless, and satellite TV from DISH Network(R) -- all on one monthly bill.

For businesses, EMBARQ has a comprehensive range of flexible and integrated services designed to help businesses of all sizes be more productive and communicate with their customers. This service portfolio includes local voice and data services, long distance, Business Class High Speed Internet, wireless, satellite TV from DIRECTV(R), enhanced data network services, voice and data communication equipment and managed network services.

For more information, visit http://www.embarq.com/. Embarq Corporation Consolidated Statements of Operations ($ in millions, except per share amounts) (unaudited) Schedule 1 Quarter Ended March 31, 2008 2007 Net Operating Revenues Service revenues $1,433 $1,458 Product revenues 138 131 Total net operating revenue 1,571 1,589 Operating Expenses Cost of services 390 417 Cost of products 138 127 Selling, general and administrative 358 404 Depreciation 251 270 Total Operating Expenses 1,137 1,218 Operating Income 434 371 Interest expense 104 109 Other (income) expense, net (1) - Income Before Income Taxes 331 262 Income tax expense 119 102 Net Income $212 $160 Basic Earnings Per Share $1.39 $1.07 Basic weighted average shares 152.7 150.2 Diluted Earnings Per Share $1.38 $1.05 Diluted weighted average shares 154.1 152.4 Embarq Corporation Condensed Consolidated Balance Sheets ($ in millions) Schedule 2 March December 31, 31, 2008 2007 (unaudited) Assets Cash and equivalents $52 $69 Accounts receivable, net 579 616 Inventories, net 128 138 Prepaid expenses and other current assets 182 163 Total current assets 941 986 Net property, plant and equipment 7,659 7,748 Prepaid pension asset 126 108 Other noncurrent assets 62 59 Total noncurrent assets 7,847 7,915 Total assets $8,788 $8,901 Liabilities and stockholders' equity Current maturities of long-term debt $99 $99 Accounts payable 404 387 Payroll and employee benefits 140 208 Accrued income taxes 153 27 Accrued operating taxes 90 97 Deferred revenue 200 202 Accrued interest 136 56 Other current liabilities 107 122 Total current liabilities 1,329 1,198 Long-term debt 5,575 5,779 Benefit plan obligations 320 320 Deferred income taxes 1,124 1,130 Other noncurrent liabilities 207 210 Total noncurrent liabilities 7,226 7,439 Stockholders' equity Common stock 2 2 Paid-in capital (232) (231) Retained earnings 728 623 Accumulated other comprehensive income (loss) (130) (130) Treasury stock, at cost (135) - Total stockholders' equity 233 264 Total liabilities and stockholders' equity $8,788 $8,901 Embarq Corporation Condensed Consolidated Statements of Cash Flows ($ in millions) (unaudited) Schedule 3 Quarter Ended March 31, 2008 2007 Operating Activities Net income $212 $160 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 251 270 Deferred and noncurrent income taxes (20) (36) Provision for losses on accounts receivable 21 17 Stock-based compensation expense 9 14 Net losses (gains) on sales of assets - (3) Other, net 11 11 Changes in assets and liabilities: Accounts receivable 16 14 Inventories and other current assets (15) (28) Accounts payable and other current liabilities 133 75 Noncurrent assets and liabilities, net (25) (14) Net cash provided by operating activities 593 480 Investing Activities Net capital expenditures (177) (180) Proceeds from sales of assets 2 17 Net cash used by investing activities (175) (163) Financing Activities Changes in debt, net (205) (360) Dividends paid to stockholders (107) (4) Repurchase of common stock (115) - Common stock issued 4 35 Other, net (12) 5 Net cash used by financing activities (435) (324) Change in Cash and Equivalents (17) (7) Cash and Equivalents at Beginning of Period 69 53 Cash and Equivalents at End of Period $52 $46 Embarq Corporation Operating Statistics (Revenues in millions; lines and subscribers in thousands) (unaudited) Schedule 4 1Q-08 2007 4Q-07 3Q-07 2Q-07 1Q-07 Service and Product Revenues Voice $1,024 $4,238 $1,032 $1,051 $1,071 $1,084 Data 198 765 193 195 188 189 High-speed Internet 133 489 128 124 121 116 Wireless 16 51 16 15 11 9 Other 62 243 59 61 63 60 Service revenues 1,433 5,786 1,428 1,446 1,454 1,458 Logistics 115 466 113 121 123 109 Other 23 113 36 27 28 22 Product revenues 138 579 149 148 151 131 Net operating revenues $1,571 $6,365 $1,577 $1,594 $1,605 $1,589 Operating Unit Revenues Consumer $656 $2,655 $652 $658 $669 $676 Business 381 1,544 389 388 384 383 Wholesale 419 1,700 423 427 429 421 Telecommunications segment 1,456 5,899 1,464 1,473 1,482 1,480 Logistics segment 115 466 113 121 123 109 Net operating revenues $1,571 $6,365 $1,577 $1,594 $1,605 $1,589 Access Lines (1) Consumer 4,172 4,272 4,345 4,461 4,588 Business 1,861 1,876 1,887 1,896 1,909 Wholesale 159 164 171 176 184 Total 6,192 6,312 6,403 6,533 6,681 Average Revenue per Household (HH) Consumer revenue $656 $652 $658 $669 $676 Average households 3,926 3,997 4,076 4,180 4,261 Monthly revenue per average HH $55.70 $54.37 $53.81 $53.35 $52.88 High-speed Internet Lines Consumer 1,132 1,074 1,017 963 916 Business 167 164 160 154 149 Wholesale 41 39 39 39 39 Total 1,340 1,277 1,216 1,156 1,104 HSI Average Revenue per Subscriber High-speed Internet revenue $133 $128 $124 $121 $116 Average HSI subscribers 1,309 1,247 1,186 1,130 1,061 Monthly revenue per average subscriber $33.87 $34.22 $34.85 $35.69 $36.44 Wireless Subscribers Consumer 101 101 98 81 65 Business 11 11 10 8 6 Total 112 112 108 89 71 Entertainment Subscribers 217 200 190 178 170 (1) Beginning in January 2008, we no longer include in our switched access line counts those lines that support our company's internal administrative and operational activities. Accordingly, access line counts for all prior periods have been updated to reflect this change.

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PRN Photo Desk, photodesk@prnewswire.com EMBARQ

CONTACT: Media, Debra Peterson, +1-913-323-4881,
debra.d.peterson@embarq.com, or Investor Relations, Trevor Erxleben,
1-866-591-1964, investorrelations@embarq.com, both of EMBARQ

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

SST Reports First Quarter 2008 Financial Results

SUNNYVALE, Calif., April 29 /PRNewswire-FirstCall/ -- SST (Silicon Storage Technology, Inc.) , a leader in flash memory technology, today announced results for the first quarter ended March 31, 2008.

Net revenues for the first quarter were $81.1 million compared with $107.4 million in the fourth quarter of 2007 and with $97.5 million in the first quarter of 2007. Product revenues for the first quarter of 2008 were $69.7 million, compared with $95.6 million in the fourth quarter of 2007 and with $88.2 million in the first quarter of 2007. Revenues from technology licensing for the first quarter were $11.4 million, down slightly from $11.7 million in the fourth quarter of 2007. Technology licensing revenues in the first quarter of 2007 were $9.3 million.

Net income for the first quarter of 2008 was $1.5 million, or $0.01 per share, based on approximately 104.0 million diluted shares. By comparison, the company recorded a net loss of $23.5 million, or a loss of $0.23 per share in the fourth quarter of 2007, based on approximately 104.2 million diluted shares. For the first quarter of 2007, SST reported a net loss of $1.3 million, or a net loss of $0.01 per share on approximately 103.9 million diluted shares. Included in net income for the first quarter of 2008 were tax refunds and interest thereon of approximately $8.0 million.

SST finished the first quarter of 2008 with $146.4 million in cash, cash equivalents and short-term investments, down approximately $15.8 million from $162.2 million on December 31, 2007. During the first quarter of 2008, the company experienced some non-operating items impacting cash including: a stock repurchase of 2.2 million shares of its common stock at an aggregate cost of approximately $6.2 million, a repayment of a $6.9 million line of credit for the company's China subsidiary, the receipt of the above mentioned $8.0 million tax refund and the investment of $16.0 million in long term marketable debt securities.

Management Qualitative Comments

"During the first quarter, in addition to seasonality, we experienced some softness in our business as several high-volume customers pushed out shipments of their orders and others have been slow to reengage following our capacity shortage at the end of last year that necessitated our turning away certain opportunities," said Bing Yeh, president and CEO. "We do expect to ship to some of those customers in the current quarter but ongoing volatile macroeconomic conditions are prompting us to plan and guide conservatively for our business. However, despite difficult current market conditions, we are pleased by the growth prospect of our high-ASP product platforms that we have been developing over the past few years. We are very proud of the acknowledgement that our newest products are receiving from the industry and we believe that they will be a key component of our growth over the next several years."

Second Quarter 2008 Outlook

SST expects revenues of between $75 million and $85 million, assuming a slowdown in the U.S. and international economies. Gross margin is expected to be between 25 percent and 28 percent, subject to changing competitive market conditions. Total operating expenses are expected to be between $29 million and $32 million including non-cash stock-based expense. Net loss per share for the second quarter of 2008 is expected to be between $0.08 and $0.12.

Conference Call Dial-in Information

SST will hold a conference call to discuss its financial results today at 1:30 p.m. PDT. Those wishing to participate in the conference should dial (888) 428-4480, international participants please dial (651) 291-5254, using the password "SST" at approximately 1:20 p.m. PDT. A replay of the call will be available for one week by dialing (800) 475-6701, international participants dial (320) 365-3844, using the access code 917315. A Web cast replay of the conference call will be available until the next earnings conference call on the company's Web site at http://www.sst.com/events.

About Silicon Storage Technology, Inc.

Headquartered in Sunnyvale, California, SST designs, manufactures and markets a diversified range of memory and non-memory products for high volume applications in the digital consumer, networking, wireless communications and Internet computing markets. Leveraging its proprietary, patented SuperFlash technology, SST is a leading provider of nonvolatile memory solutions with product families that include various densities of high functionality flash memory components and flash mass storage products. The Company also offers its SuperFlash technology for embedded applications through its broad network of world-class manufacturing partners and technology licensees, including TSMC, which offers it under its trademark Emb-FLASH. SST's non-memory products include NAND controller-based products, smart card ICs and modules, flash microcontrollers and radio frequency ICs and modules. Further information on SST can be found on the company's Web site at http://www.sst.com/.

Forward-Looking Statements

Except for the historical information contained herein, this news release contains forward-looking statements regarding memory and non-memory market conditions, SST's future financial performance, the launch, design cycle and performance of new products, SST's licensing business, SST's ability to diversify its business, the transition of SST's products to smaller geometrics, and SST's ability to bring new products to market, all of which involve risks and uncertainties. These risks may include timely development, acceptance and pricing of new products, the terms, conditions and revenue recognition issues associated with licensees' royalty payments, the impact of competitive products and pricing, and general economic conditions as they affect SST's customers, as well as other risks detailed from time to time in the Company's periodic reports, including the Annual Report on Form 10-K for the year ended December 31, 2007. These forward-looking statements are not guarantees of future performance and speak only as of the date hereof, and, except as required by law, SST disclaims any obligation to update these forward-looking statements to reflect future events or circumstances.

For more information about SST and the company's comprehensive list of product offerings, please call 1-888/SST-CHIP. Information can also be requested via email to literature@sst.comor through SST's Web site at http://www.sst.com/. SST's head office is located at 1171 Sonora Court, Sunnyvale, Calif.; telephone: 408/735-9110; fax: 408/735-9036.

The SST logo and SuperFlash are registered trademarks of Silicon Storage Technology, Inc. All other trademarks or registered trademarks are the property of their respective holders.

For More Information Contact: Leslie Green Green Communications Consulting, LLC (650) 312-9060 -- FINANCIAL TABLES TO FOLLOW -- Silicon Storage Technology, Inc. and Subsidiaries Condensed Consolidated Statements of Operations (in thousands except per share data) Three months ended March 31, ---------------------------- 2007 2008 ------------- ------------- Net revenues: Product revenues $88,211 $69,698 Technology licensing 9,313 11,387 ------------- ------------- Total net revenues 97,524 81,085 Cost of revenues 71,003 55,376 ------------- ------------- Gross profit 26,521 25,709 ------------- ------------- Operating expenses: Research and development 13,491 15,612 Sales and marketing 6,765 7,483 General and administrative 7,038 7,183 ------------- ------------- Total operating expenses 27,294 30,278 ------------- ------------- Loss from operations (773) (4,569) Interest income 1,798 1,143 Dividend income 32 159 Other income (expense), net (20) (364) Interest expense (89) (64) ------------- ------------- Income (loss) before provision for (benefit from) income taxes, pro rata share of loss from equity investments and minority interest 948 (3,695) Provision for (benefit from) income taxes 746 (7,050) ------------- ------------- Income before pro rata share of loss from equity investments 202 3,355 Pro rata share of loss from equity investments (1,516) (1,896) ------------- ------------- Net income (loss) $(1,314) $1,459 ============= ============= Net income (loss) per share - basic $(0.01) $0.01 ============= ============= Shares used in per share calculation 103,943 103,602 ============= ============= Net income (loss) per share - diluted $(0.01) $0.01 ============= ============= Shares used in per share calculation 103,943 104,014 ============= ============= Silicon Storage Technology, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (in thousands) December 31, March 31, 2007 2008 ------------- ------------- ASSETS Current assets: Cash, cash equivalents and short-term investments $162,224 $146,412 Trade accounts receivable, net 56,313 34,200 Inventories 50,178 59,718 Other current assets 6,055 7,222 ------------- ------------- Total current assets 274,770 247,552 Equipment, furniture and fixtures, net 18,246 18,087 Long-term marketable securities 36,160 53,335 Other assets 63,068 62,699 Goodwill 11,221 11,221 ------------- ------------- Total assets $403,465 $392,894 ============= ============= LIABILITIES Current liabilities: Trade accounts payable $42,068 $41,140 Accrued expenses and other liabilities 28,292 18,225 Deferred revenue 3,004 3,311 ------------- ------------- Total current liabilities 73,364 62,676 Other liabilities 7,548 7,804 ------------- ------------- Total liabilities 80,912 70,480 ------------- ------------- SHAREHOLDERS' EQUITY Common stock 434,905 430,497 Accumulated other comprehensive income 31,239 34,049 Accumulated deficit (143,591) (142,132) ------------- ------------- Total shareholders' equity 322,553 322,414 ------------- ------------- Total liabilities and shareholders' equity $403,465 $392,894 ============= ============= Silicon Storage Technology, Inc. and Subsidiaries Supplemental Data Percentage of Change in Gross Product Revenue Revenue --------------------- -------------- 1Q07 to 4Q07 to 1Q07 4Q07 1Q08 1Q08 1Q08 --------------------- -------------- Product Revenue By Ship-To Location North America 4% 5% 8% 47% 36% Total International 96% 95% 92% (22%) (27%) Europe 8% 8% 8% (26%) (25%) Japan 13% 8% 8% (50%) (17%) Korea 10% 7% 8% (41%) (12%) China 37% 39% 29% (39%) (43%) Taiwan 20% 32% 29% 15% (28%) Other Far East 8% 8% 10% (5%) (1%) Product Revenue By Application Digital Consumer 39% 36% 27% (46%) (44%) Internet Computing 22% 19% 23% (18%) (12%) Networking 8% 9% 12% (10%) (4%) Wireless Communications 31% 36% 38% (4%) (23%) Licensing Revenue as a % of Total Revenue 10% 11% 14% 22% 17%

Silicon Storage Technology, Inc.

CONTACT: Leslie Green of Green Communications Consulting, LLC,
+1-650-312-9060, for Silicon Storage Technology, Inc.

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

Plantronics Declares Quarterly Dividend of $0.05 Per Share

SANTA CRUZ, Calif., April 29 /PRNewswire-FirstCall/ -- Plantronics, Inc., today announced that its Board of Directors declared a quarterly dividend of $0.05 per share. The dividend is payable on June 10, 2008 to stockholders of record at the close of business on May 9, 2008.

"We generated over $28 million in cash flows from operations in the fourth quarter of fiscal 2008. Our Board of Directors is pleased to continue to return a portion of our cash flow to stockholders directly in the form of a dividend," said Ken Kannappan, President and Chief Executive Officer.

About Plantronics

In 1969, a Plantronics headset carried the historic first words from the moon: "That's one small step for man, one giant leap for mankind." Since then, Plantronics has become the headset of choice for mission-critical applications such as air traffic control, 911 dispatch, and the New York Stock Exchange. Today, this history of Sound Innovation(R) is the basis for every product we build for the office, contact center, personal mobile, entertainment and residential markets. The Plantronics family of brands includes Plantronics, Altec Lansing, Clarity, and Volume Logic. For more information, go to http://www.plantronics.com/ or call (800) 544-4660.

Altec Lansing, Clarity, Plantronics, Sound Innovation, Volume Logic and AudioIQ are trademarks or registered trademarks of Plantronics, Inc. All other trademarks are the property of their respective owners.

FOR INFORMATION, CONTACT: Greg Klaben Vice President of Investor Relations (831) 458-7533

Plantronics, Inc.

CONTACT: Greg Klaben, Vice President of Investor Relations of
Plantronics, Inc., +1-831-458-7533

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

Salesforce.com Chief Strategy Officer to Deliver Keynote Presentation at Merrill Lynch Technology ConferenceEvent to be Webcast Live on salesforce.com's Investor Relations Website

SAN FRANCISCO, April 29 /PRNewswire-FirstCall/ -- Salesforce.com , the market and technology leader in Software-as-a-Service (SaaS) and Platform-as-a-Service (PaaS) today announced that Steve Cakebread, Chief Strategy Officer of salesforce.com, will deliver the keynote presentation at the Merrill Lynch Technology Conference on Tuesday, May 6, 2008 at 5:00am (PT) / 8:00am (ET), in New York City, NY.

(Logo: http://www.newscom.com/cgi-bin/prnh/20050216/SFW105LOGO)

An audio webcast of Mr. Cakebread's keynote will be available on salesforce.com's website at http://www.salesforce.com/investor.

About salesforce.com

Salesforce.com is the market and technology leader in Software-as-a-Service (SaaS) and Platform-as-a-Service (PaaS). The company's portfolio of SaaS applications, including its award-winning CRM, available at http://www.salesforce.com/products/, has revolutionized the ways that customers manage and share business information over the Internet. The company's Force.com PaaS enables customers, developers and partners to build powerful on-demand applications that deliver the benefits of multi-tenancy across the enterprise. Applications built on the Force.com platform, available at http://www.force.com/, can be easily shared, exchanged and installed with a few simple clicks via salesforce.com's AppExchange marketplace available at http://www.salesforce.com/appexchange/.

As of January 31, 2008, salesforce.com manages customer information for approximately 41,000 customers including ABN AMRO, Dow Jones Newswires, Japan Post, Kaiser Permanente, KONE, Sprint Nextel, and SunTrust Banks. Any unreleased services or features referenced in this or other press releases or public statements are not currently available and may not be delivered on time or at all. Customers who purchase salesforce.com applications should make their purchase decisions based upon features that are currently available. Salesforce.com has headquarters in San Francisco, with offices in Europe and Asia, and trades on the New York Stock Exchange under the ticker symbol "CRM". For more information please visit http://www.salesforce.com/, or call 1-800-NO-SOFTWARE.

Copyright (c) 2008 salesforce.com, inc. All rights reserved. Salesforce and the "no software" logo are registered trademarks of salesforce.com, inc., and salesforce.com owns other registered and unregistered trademarks. Other names used herein may be trademarks of their respective owners.

Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20050216/SFW105LOGO
AP Archive: http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com Salesforce.com

CONTACT: David Havlek, Investor Relations, +1-415-536-2171,
dhavlek@salesforce.com, or Gordon Evans, Public Relations, +1-415-536-7608,
gevans@salesforce.com, both of salesforce.com

Web site: http://www.salesforce.com/
http://www.force.com/

ShoreTel Reports Financial Results for Third Fiscal Quarter 2008Company Delivers Sequential Revenue Growth

SUNNYVALE, Calif., April 29 /PRNewswire-FirstCall/ -- ShoreTel(R), Inc., , a leading provider of Pure IP unified communications solutions, today announced financial results for the third quarter of fiscal year 2008 ended March 31, 2008.

For the third fiscal quarter of 2008, revenue was $31.5 million, an increase of 21 percent over the third quarter of 2007 and a three percent increase over the prior quarter. GAAP net loss was $1.7 million, or $(0.04) per share, compared to net income of $2.0 million, or $0.06 per diluted share, reported in the third quarter of 2007. GAAP net loss in the third quarter of 2008 included $2.2 million in stock-based compensation expense, compared to $0.6 million reported in the third quarter of fiscal year 2007.

Excluding these stock-based compensation charges and related tax adjustments, non-GAAP net income for the third quarter of 2008 was $0.3 million, or $0.01 per diluted share compared to non-GAAP net income of $2.6 million, or $0.07 per diluted share, reported in the third quarter of 2007.

GAAP gross margins for the third quarters of 2008 and 2007 were 62 percent. GAAP gross margin in the third quarter of 2008 included $183,000 in stock-based compensation expenses, compared to $29,000 in the third quarter of fiscal year 2007. Non-GAAP gross margins, which exclude stock-based compensation charges, were 63 percent in the third quarter of 2008, compared to 62 percent in the year-ago quarter.

As of March 31, 2008, the Company had $103 million in cash, cash equivalents and short-term investments.

"Growth in our revenue in the face of an increasingly challenging market is a tribute to our outstanding team, distribution partners and the strength of the ShoreTel unified communications (UC) system," said John W. Combs, chairman and CEO. "In recent months, prospective customers have shifted their focus when evaluating UC systems, and are placing more weight on the economic return that their new UC system will have on their organization. This growing focus on reducing total cost of ownership and improving return on investment plays to a key ShoreTel strength versus competitive offerings."

Operational Highlights for Third Fiscal Quarter of 2008: PRODUCTS /CUSTOMERS -- The Company continued to invest in the development of its products and services during the quarter. The ShorePhone(R) IP 565 with color display, embedded Bluetooth, and gigabit Ethernet capability began shipping globally with positive customer response. The Company completed both alpha and beta testing on its most current system software release that will be introduced later this quarter. Additionally it introduced its ShoreWare(R) Contact Center v.4.66, a suite of applications that dramatically improve customer service while reducing the cost of deploying and maintaining a high-performance inbound or outbound multimedia call center. -- During the quarter, the Company detailed how Hitachi Consulting, a long-time ShoreTel customer, has continued to benefit from its ShoreTel unified communications (UC) system. Hitachi Consulting has deployed ShoreTel's UC solution at all of its offices in the U.S. and Europe, creating a single, integrated phone system complete with five-digit dialing, centralized management, and toll bypass. According to Hitachi Consulting, ShoreTel's UC system has made the company a more collaborative and productive organization, while saving it more than $10,000 every month. -- During the quarter, the Company highlighted its increased adoption of its unified communications solutions among educational institutions globally. ShoreTel's unique ability to enable educational institutions to lower costs, allow teachers to spend more time teaching, increase staff productivity, and handle emergency situations and disaster recovery makes it an ideal fit in the education market. PARTNERSHIPS -- The Company announced it is working with IBM to integrate ShoreTel's distributed unified communications solutions with IBM's unified communications and collaboration platform, IBM Lotus Sametime. The resulting plug-in is intended to allow joint customers to access ShoreTel's powerful distributed IP telephony features from within their IBM Lotus Sametime application. -- The Company's developer community, a group comprised of ShoreTel customers, reseller partners and third party integrators that are authorized to develop ShoreTel applications for internal use or resale, grew to over 100 during the quarter. This is in addition to the ShoreTel Technology Partner program which allows companies to fully test and certify that their products and services are compatible with ShoreTel's unified communications system. ACCOMPLISHMENTS/AWARDS -- The Company won the 2008 'Best in VoiceCon' Award for the second year in a row, which recognizes new and exceptional enterprise IP unified communications solutions. ShoreTel received the award for its ShoreTel 7.5 unified communications system which it demonstrated at the VoiceCon show in Orlando, Florida. -- The San Jose Mercury News included ShoreTel in the 2007 Silicon Valley 150, with $117.5 million in reported revenue for CY 2007. Business Outlook

The Company is providing the following outlook for the quarter ending June 30, 2008:

-- Revenue is expected to be in the range of $28 to $33 million. -- GAAP gross margins are expected to be in the range of 61 percent to 62 percent, including approximately $200,000 in stock-based compensation expense. Non-GAAP gross margins are expected to be in the range of 62 percent to 63 percent. -- GAAP operating expenses are expected to be in the range of $23 to $24 million, including approximately $2.5 million in stock-based compensation expenses. Non-GAAP operating expenses are expected to be in the range of $20.5 to $21.5 million. Use of Non-GAAP Financial Measures

ShoreTel reports all financial information required in accordance with generally accepted accounting principles (GAAP), but it believes that evaluating its ongoing operating results may be difficult to understand if limited to reviewing only GAAP financial measures. Many investors have requested that ShoreTel disclose this non-GAAP information because it is useful in understanding the Company's performance as it excludes non-cash and other special charges that many investors feel may obscure the Company's true operating performance. Likewise, management uses these non-GAAP measures to manage and assess the profitability of its business and does not consider stock-based compensation expenses, which are non-cash charges, in managing its core operations. ShoreTel has provided a reconciliation of non-GAAP financial measures following the text of this press release. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measure.

Conference Call Details for April 29, 2008

ShoreTel will host a corresponding conference call and live Webcast at 2:30 p.m. Pacific Daylight Time on April 29, 2008. To access the conference call, dial 877-584-6502 for the U.S. or Canada and 706-679-0430 for international callers and provide the operator with the conference identification number of 39986149. The Webcast will be available live on the Investor Relations section of the Company's corporate Web site at http://www.shoretel.com/, and via replay beginning approximately two hours after the completion of the call until the Company's announcement of its financial results for the next quarter. An audio replay of the call will also be available to investors beginning at approximately 4:30 p.m. Pacific Daylight Time on April 29, 2008 until 11:59 p.m. Pacific Daylight Time on May 6, 2008, by dialing 800-642-1687 or 706-645-9291 for callers outside the U.S. and Canada and entering the conference identification number of 39986149.

Legal Notice Regarding Forward-Looking Statements

ShoreTel assumes no obligation to update the forward-looking statements included in this release. This release contains forward-looking statements within the meaning of the "safe harbor" provisions of the federal securities laws, including, without limitation, statements by John W. Combs and statements in the "Business Outlook" section regarding ShoreTel's anticipated future revenues, gross margins, operating expenses and other financial information. The forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. The risks and uncertainties include general economic conditions, particularly in the United States, and the impact thereof on information technology spending, the intense competition in our industry, our reliance on third parties to sell and support our products, supply and manufacturing risks, our ability to control costs as we expand our business, uncertainty as to market acceptance of new products and services, costs of, and customer reaction to, our pending litigation and other risk factors set forth in ShoreTel's Form 10-K for the year ended June 30, 2007 and in its Form 10-Q for the quarter ended December 31, 2007.

About ShoreTel, Inc.

ShoreTel, Inc., is a leading provider of Pure IP unified communications solutions. ShoreTel enables companies of any size to seamlessly integrate all communications-voice, video, messaging and data -- with their business processes. Independent of device or location, ShoreTel's distributed software architecture eliminates the traditional costs, complexity and reliability issues typically associated with other solutions. ShoreTel continues to deliver the highest levels of customer satisfaction, ease of use and manageability while driving down the overall total cost of ownership. ShoreTel is headquartered in Sunnyvale, California, and has regional offices in the United Kingdom, Sydney, Australia and Munich, Germany. For more information, visit http://www.shoretel.com/ or call 1-877-80SHORE.

Investor Contact: Tonya Chin 408-962-2573 tchin@shoretel.com (TABLES TO FOLLOW) SHORETEL, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands) (Unaudited) As of As of As of March 31, December 31, June 30, 2008 2007 2007 ASSETS Current assets: Cash and cash equivalents $95,981 $86,724 $17,326 Short-term investments 7,000 18,680 - Accounts receivable, net of allowance for doubtful accounts of $544, $398 and $320 as of March 31, 2008, December 31, 2007 and June 30, 2007, respectively 20,922 20,432 19,411 Inventories 11,328 7,783 7,057 Prepaid expenses and other current assets 4,151 3,221 3,372 Total current assets 139,382 136,840 47,166 Property and equipment - net 3,646 3,460 2,933 Other assets 2,228 148 2,935 Total assets $145,256 $140,448 $53,034 LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK, AND SHAREHOLDERS' EQUITY (DEFICIT) Current liabilities: Accounts payable $8,214 $6,209 $7,433 Accrued liabilities and other 3,778 3,989 2,807 Accrued employee compensation 4,998 3,695 3,782 Deferred revenue 13,046 12,263 10,126 Total current liabilities 30,036 26,156 24,148 Long-term liabilities: Preferred stock warrant liability - - 549 Long-term deferred revenue 4,698 4,497 3,825 Total long-term liabilities 4,698 4,497 4,374 Total liabilities 34,734 30,653 28,522 Redeemable convertible preferred stock - - 56,341 Shareholders' equity (deficit): Common stock 192,803 190,385 53,206 Deferred stock compensation (163) (186) (237) Accumulated deficit (82,118) (80,404) (84,798) Total shareholders' equity (deficit) 110,522 109,795 (31,829) Total liabilities and shareholders' equity (deficit) $145,256 $140,448 $53,034 SHORETEL, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Amounts in thousands, except per share amounts) (Unaudited) Three Months Nine Months Ended Ended March 31, March 31, 2008 2007 2008 2007 Revenue: Product $26,610 $23,142 $80,992 $61,473 Support and services 4,879 2,867 13,033 7,431 Total revenues 31,489 26,009 94,025 68,904 Cost of revenue Product (1) 9,322 7,997 27,450 21,271 Support and services (2) 2,649 1,813 6,988 4,853 Total cost of revenue 11,971 9,810 34,438 26,124 Gross profit 19,518 16,199 59,587 42,780 Gross profit % 62.0% 62.3% 63.4% 62.1% Operating expenses: Research and development (3) 7,064 4,282 19,528 11,450 Sales and marketing (4) 10,309 7,009 27,435 18,441 General and administrative (5) 4,909 2,973 13,110 8,383 Total operating expenses 22,282 14,264 60,073 38,274 Income (loss) from operations (2,764) 1,935 (486) 4,506 Other income (loss) 951 231 3,351 (7) Income (loss) before (provision for) benefit from income taxes (1,813) 2,166 2,865 4,499 (Provision for) benefit from income taxes 99 (126) (185) (311) Net income (loss) (1,714) 2,040 2,680 4,188 Accretion of preferred stock - (13) - (38) Net income (loss) available to common shareholders $(1,714) $2,027 $2,680 $4,150 Net income (loss) per share available to common shareholders: Basic (6) $(0.04) $0.23 $0.06 $0.50 Diluted (7) $(0.04) $0.06 $0.06 $0.12 Shares used in computing net income (loss) per share available to common shareholders: Basic (6) 42,651 8,887 42,223 8,342 Diluted (7) 42,651 35,822 44,941 35,493 Includes stock-based compensation as follows: (1) Cost of product revenue $19 $3 $44 $7 (2) Cost of support and services revenue 164 26 352 55 (3) Research and development 602 91 1,348 190 (4) Sales and marketing 690 123 1,713 331 (5) General and administrative 690 353 1,486 1,470 $2,165 $596 $4,943 $2,053 (6) Basic net income (loss) per share and share count have been computed using the weighted average number of common shares outstanding and do not include the dilutive effect of redeemable convertible preferred stock which existed for the three and nine month periods ended March 31, 2007. (7) Diluted net income per share and share count reflect the weighted average number of common shares used in the basic net income per share calculation plus the effects of all potentially dilutive securities, including the assumed conversion of redeemable convertible preferred stock which existed for the three and nine month periods ended March 31, 2007. Potentially dilutive securities were not included in the computation of diluted net loss per share for the three months ended March 31, 2008, because to do so would have been anti-dilutive. SHORETEL, INC. RECONCILIATION OF GAAP NET INCOME (LOSS) TO NON-GAAP NET INCOME (Amounts in thousands, except per share amounts) (Unaudited) Three Months Ended March 31, 2008 2007 GAAP gross profit $19,518 $16,199 Stock-based compensation in product cost of revenue (a) 19 3 Stock-based compensation in support and services cost of revenue (a) 164 26 Non-GAAP gross profit $19,701 $16,228 GAAP gross profit % 62.0% 62.3% Stock based compensation (a) 0.6% 0.1% Non-GAAP gross profit % 62.6% 62.4% Total GAAP operating expenses $22,282 $14,264 Stock based compensation included in research and development (a) (602) (91) Stock based compensation included in sales and marketing (a) (690) (123) Stock based compensation included in general and administrative (a) (690) (353) Total non-GAAP operating expenses $20,300 $13,697 GAAP net income (loss) available to shareholders: $(1,714) $2,027 Adjustments for stock-based compensation (a) 2,165 596 Tax effect of non-GAAP adjustments (152) - Non-GAAP net income available to shareholders $299 $2,623 GAAP diluted net income (loss) per share (b): $(0.04) $0.06 Adjustments for stock-based compensation (a) $0.05 $0.01 Tax effect of non-GAAP adjustments $- $- Non-GAAP diluted net income per share (b): $0.01 $0.07 (a) Due to the nature of the variables that impact the Company's valuation of stock-based compensation, some of which are outside the control of management, and the non-cash nature of stock-based compensation charges, these expenses are excluded by management when evaluating the Company's core operating results. (b) Diluted net income per share and share count reflect the weighted average number of common shares used in the basic net income per share calculation plus the effects of all potentially dilutive securities, including the assumed conversion of redeemable convertible preferred stock which existed for the three months ended March 31, 2007. Potentially dilutive securities were not included in the computation of GAAP diluted net loss per share for the three months ended March 31, 2008, because to do so would have been anti-dilutive. SHORETEL, INC. RECONCILIATION OF GAAP TO NON-GAAP PROJECTIONS (Amounts in thousands) (Unaudited) Quarter Ended June 30, 2008 High Low GAAP gross profit % 62.0% 61.0% Adjustments for stock-based compensation 1.0% 1.0% Non-GAAP gross profit % 63.0% 62.0% Total GAAP operating expenses $24,000 $23,000 Adjustments for stock-based compensation $(2,500) $(2,500) Total non-GAAP operating expenses $21,500 $20,500

ShoreTel, Inc.

CONTACT: Tonya Chin of ShoreTel, Inc., +1-408-962-2573,
tchin@shoretel.com

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

Flextronics Announces Record Results for Fourth Quarter and Fiscal Year 2008- Record fourth quarter net sales increase 66% to $7.8 billion- Fourth quarter adjusted operating margin increases 40 basis points to 3.4%- Record fourth quarter adjusted net income increases 76% to $215 million- Record fourth quarter adjusted EPS increases 30% to $0.26- Record fiscal year net sales increase 46% to $27.6 billion- Record fiscal year adjusted net income increases 56% to $745 million- Record fiscal year adjusted EPS increases 28% to $1.02

SINGAPORE, April 29 /PRNewswire-FirstCall/ -- Flextronics today announced results for its fourth quarter and fiscal year ended March 31, 2008 as follows:

(US$ in millions, except EPS) Three Month Twelve Month Periods Ended Periods Ended March 31, March 31, March 31, March 31, 2008 2007 2008 2007 Net sales $7,775 $4,677 $27,558 $18,854 GAAP operating income $14 $77 $331 $376 Adjusted operating income (1) $263 $141 $887 $570 GAAP net income $(93) $121 $(639) $509 Adjusted net income (1) $215 $122 $745 $478 GAAP EPS $(0.11) $0.20 $(0.89) $0.85 Adjusted EPS (1) $0.26 $0.20 $1.02 $0.80

(1) A reconciliation of non-GAAP financial measures to GAAP financial measures is presented in Schedule II attached to this press release.

Fourth Quarter and Fiscal Year Results

Record net sales for the fourth quarter ended March 31, 2008 increased 66% to $7.8 billion, which represents an increase of $3.1 billion over the year ago quarter. Record adjusted operating profit for the fourth quarter ended March 31, 2008 increased 86% over the year ago quarter to $263 million, while adjusted operating margin improved 40 basis points to 3.4%. Record adjusted net income for the fourth quarter ended March 31, 2008 increased 76% over the year ago quarter to $215 million, while adjusted EPS increased 30% to a record $0.26.

Net sales for the fiscal year ended March 31, 2008 increased 46% to a record $27.6 billion, which represents an increase of $8.7 billion. Adjusted operating profit in fiscal year 2008 increased 56%, while adjusted operating margin improved 20 basis points to 3.2%. Adjusted net income in fiscal year 2008 increased 56% to a record $745 million, while adjusted EPS increased 28% to a record $1.02.

Cash and cash equivalents amounted to $1.7 billion at March 31, 2008. Operating cash flow generated $1.0 billion, while free cash flow (operating cash flow less net capital expenditures) amounted to $715 million during the fiscal year ended March 31, 2008.

"I am very proud of the hard work and contribution of our employees across the globe in making fiscal 2008 a transformational year for not only Flextronics, but perhaps the entire EMS industry. Our better than expected operating performance is attributable in part to the successful integration of the Solectron acquisition, which I believe is one of the most successful large scale acquisitions ever completed in any industry, as well as from operating a large diversified company, which is not overly dependent on a particular geographic region, market segment, customer or product," said Mike McNamara, chief executive officer of Flextronics.

McNamara continued, "The acquisition was a defining event for our Company, as it created the most diversified and premier global supplier of advanced design and vertically integrated electronic manufacturing services. The scale, diversification and expanded breadth of capabilities gained through this acquisition have further enhanced our competitive position. We have become the leader in most EMS product market segments, and our increased scale and capabilities should enable us to further extend our reach and realize significant cost savings to increase shareholder value through greater generation of cash flow and earnings. Our customers' solutions increasingly require cost structures and capabilities that can only be achieved through size, and our scale is clearly a significant competitive advantage."

McNamara concluded by stating, "In addition to increasing our vertical capabilities throughout the year, we also diversified across more product categories by expanding into the PC, notebook, disposable medical devices and medical plastics markets. We have also added over 1000 design engineers across a variety of segments and have expanded our ODM/CDM portfolio. Through the revenue and scale that we have added, along with the continued geographic expansion and relentless drive to reduce operating expenses, we have increased our competitive advantage by offering our customers lower cost solutions with enhanced capabilities."

Guidance

For the first quarter ending June 27, 2008, revenue is expected to be in the range of $8.0 billion to $8.5 billion and adjusted EPS is expected to be in the range of $0.27 - $0.29 per share.

GAAP earnings per share are expected to be lower than the guidance provided herein by approximately $0.07 per diluted share for quarterly intangible amortization and stock-based compensation expense, and by approximately $0.03 to $0.04 per diluted share for the remaining restructuring and other charges relating to the Solectron acquisition.

Conference Calls and Web Casts

A conference call hosted by Flextronics's management will be held today at 1:30 p.m. PDT to discuss the Company's financial results for the fourth quarter and fiscal year ended March 31, 2008. This call will be broadcast via the Internet and may be accessed by logging on to the Company's website at http://www.flextronics.com/. Additional information in the form of slide presentations may also be found on the Company's site. Replays of the broadcasts will remain available on the Company's website afterwards.

Minimum requirements to listen to the broadcast are Microsoft Windows Media Player software (free download at http://www.microsoft.com/windows/windowsmedia/download/default.asp) and at least a 28.8 Kbps bandwidth connection to the Internet.

About Flextronics

Headquartered in Singapore (Singapore Reg. No. 199002645H), Flextronics is a leading Electronics Manufacturing Services (EMS) provider focused on delivering complete design, engineering and manufacturing services to automotive, computing, consumer digital, industrial, infrastructure, medical and mobile OEMs. With the acquisition of Solectron, pro forma fiscal year 2008 revenues from continuing operations are more than US$33.6 billion. Flextronics helps customers design, build, ship, and service electronics products through a network of facilities in 30 countries on four continents. This global presence provides design and engineering solutions that are combined with core electronics manufacturing and logistics services, and vertically integrated with components technologies, to optimize customer operations by lowering costs and reducing time to market. For more information, please visit http://www.flextronics.com/.

This press release contains forward-looking statements within the meaning of U.S. securities laws, including statements related to future revenue and earnings growth. These forward-looking statements involve risks and uncertainties that could cause the actual results to differ materially from those anticipated by these forward-looking statements. These risks include that revenue and earnings growth may not occur as expected; our dependence on industries that continually produce technologically advanced products with short life cycles; that we may not fully realize the expected synergies, revenues and earnings growth and cost savings from the Solectron acquisition, and that we may incur significant costs and charges associated with the acquisition; our ability to respond to changes in economic trends, to fluctuations in demand for customers' products and to the short-term nature of customers' commitments; competition in our industry, particularly from ODM suppliers in Asia; our dependence on a small number of customers for the majority of our sales and our reliance on strategic relationships with major customers; the challenges of effectively managing our operations, including our ability to manage manufacturing processes, control costs and manage changes in our operations; the challenges of integrating acquired companies and assets; not obtaining anticipated new customer programs, or that if we do obtain them, that they may not contribute to our revenue or profitability as expected or at all; our ability to utilize available and recently expanded manufacturing capacity; the risk of future restructuring charges that could be material to our financial condition and results of operations; our ability to design and quickly introduce world-class components products that offer significant price and/or performance advantages over competitive products; the impact on our margins and profitability resulting from substantial investments and start-up and integration costs in our components, design and ODM businesses; production difficulties, especially with new products; changes in government regulations and tax laws; not realizing expected returns from our retained interests in divested businesses; our exposure to potential litigation relating to intellectual property rights, product warranty and product liability; potential impairment of our intangible assets; our dependence on the continued trend of outsourcing by OEMs; the risks to our particular electronics and technology sector of economic instability and a slowdown in consumer spending; the effects of customer bankruptcies; supply shortages of required electronic components; the challenges of international operations, including fluctuations in exchange rates beyond hedged boundaries leading to unexpected charges; our dependence on our key personnel; and our ability to comply with environmental laws. Additional information concerning these and other risks is described under "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our reports on Form 10-K, 10-Q and 8-K that we file with the U.S. Securities and Exchange Commission. The forward-looking statements in this press release are based on current expectations and Flextronics assumes no obligation to update these forward-looking statements.

SCHEDULE I FLEXTRONICS INTERNATIONAL LTD. AND SUBSIDIARIES UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) Three Month Twelve Month Periods Ended Periods Ended March 31, March 31, March 31, March 31, 2008 2007 2008 2007 GAAP: Net sales $7,775,352 $4,676,752 $27,558,135 $18,853,688 Cost of sales 7,324,057 4,400,122 25,972,787 17,777,859 Restructuring charges 187,412 51,148 408,945 146,831 Gross profit 263,883 225,482 1,176,403 928,998 Selling, general and administrative expenses 246,304 144,172 807,029 547,538 Restructuring charges 3,770 4,461 38,743 5,026 Operating income 13,809 76,849 330,631 376,434 Intangible amortization 60,873 13,569 112,317 37,089 Other expense (income), net - (77,594) 51,769 (77,594) Interest and other expense, net 32,220 14,923 100,878 91,986 Income (loss) before income taxes (79,284) 125,951 65,667 324,953 Provision for income taxes 13,560 5,277 705,037 4,053 Income (loss) from continuing operations (92,844) 120,674 (639,370) 320,900 Income from discontinued operations (net of tax) - - - 187,738 Net income (loss) $(92,844) $120,674 $(639,370) $508,638 EPS: GAAP $(0.11) $0.20 $(0.89) $0.85 Non-GAAP $0.26 $0.20 $1.02 $0.80 Shares used in computing GAAP per share amounts 835,162 615,428 720,523 596,851 Shares used in computing Non-GAAP per share amounts 839,638 615,428 727,392 596,851

See Schedule II for the reconciliation of GAAP to non-GAAP financials measures.

SCHEDULE II FLEXTRONICS INTERNATIONAL LTD. AND SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (1) (In thousands, except per share amounts) Three Month Periods Ended March 31, % of March 31, % of 2008 Sales 2007 Sales GAAP gross profit $263,883 3.4% $225,482 4.8% Stock-based compensation expense 2,400 324 Restructuring and other charges (2) 217,786 51,148 Non-GAAP gross profit $484,069 6.2% $276,954 5.9% GAAP SG&A Expenses $246,304 3.2% $144,172 3.1% Stock-based compensation expense 12,869 8,126 Restructuring and other charges (2) 11,913 - Non-GAAP SG&A Expenses $221,522 2.8% $136,046 2.9% GAAP operating income $13,809 0.2% $76,849 1.6% Stock-based compensation expense 15,269 8,450 Restructuring and other charges (2) 233,469 55,609 Non-GAAP operating income $262,547 3.4% $140,908 3.0% GAAP net income (loss) $(92,844) -1.2% $120,674 2.6% Stock-based compensation expense 15,269 8,450 Restructuring and other charges (2) 233,215 57,686 Intangible amortization (3) 61,478 15,099 Other - impairment of investments (4) - - Other - foreign currency gain on liquidation (5) - (79,844) Other - gain on divestiture of operations (6) - - Adjustment for taxes (7) (2,587) (137) Non-GAAP net income $214,531 2.8% $121,928 2.6% GAAP provision for (benefit from) income taxes $13,560 0.2% $5,277 0.1% U.S. deferred tax asset impairment (7) - - Restructuring and other charges (7) 214 - Intangible amortization (7) 2,373 137 Non-GAAP provision for income taxes $16,147 0.2% $5,414 0.1% EPS: GAAP $(0.11) $0.20 Non-GAAP $0.26 $0.20 Twelve Month Periods Ended March 31, % of March 31, % of 2008 Sales 2007 Sales GAAP gross profit $1,176,403 4.3% $928,998 4.9% Stock-based compensation expense 7,367 3,884 Restructuring and other charges (2) 438,681 146,831 Non-GAAP gross profit $1,622,451 5.9% $1,079,713 5.7% GAAP SG&A Expenses $807,029 2.9% $547,538 2.9% Stock-based compensation expense 43,210 27,884 Restructuring and other charges (2) 28,576 9,619 Non-GAAP SG&A Expenses $735,243 2.7% $510,035 2.7% GAAP operating income $330,631 1.2% $376,434 2.0% Stock-based compensation expense 50,577 31,768 Restructuring and other charges (2) 506,000 161,476 Non-GAAP operating income $887,208 3.2% $569,678 3.0% GAAP net income (loss) $(639,370) -2.3% $508,638 2.7% Stock-based compensation expense 50,577 32,324 Restructuring and other charges (2) 514,224 163,553 Intangible amortization (3) 117,359 49,549 Other - impairment of investments (4) 61,078 - Other - foreign currency gain on liquidation (5) (9,309) (79,844) Other - gain on divestiture of operations (6) - (181,228) Adjustment for taxes (7) 650,245 (14,817) Non-GAAP net income $744,804 2.7% $478,175 2.5% GAAP provision for (benefit from) income taxes $705,037 2.6% $4,053 0.0% U.S. deferred tax asset impairment (7) (661,274) - Restructuring and other charges (7) 5,751 23,012 Intangible amortization (7) 5,278 478 Non-GAAP provision for income taxes $54,792 0.2% $27,543 0.1% EPS: GAAP $(0.89) $0.85 Non-GAAP $1.02 $0.80 See the accompanying notes on Schedule IV attached to this press release. SCHEDULE III FLEXTRONICS INTERNATIONAL LTD. AND SUBSIDIARIES UNAUDITED GAAP CONSOLIDATED BALANCE SHEETS (In thousands) March 31, 2008 March 31, 2007 ASSETS Current Assets: Cash and cash equivalents $1,719,948 $714,525 Accounts receivable, net 3,550,942 1,754,705 Inventories 4,118,550 2,562,303 Deferred income taxes 573 11,105 Other current assets 922,924 548,409 10,312,937 5,591,047 Property and equipment, net 2,465,656 1,998,706 Deferred income taxes 32,598 669,898 Goodwill and other intangibles, net 5,876,741 3,264,320 Other assets 836,983 817,403 $19,524,915 $12,341,374 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities: Bank borrowings, current portion of long-term debt and capital lease obligations $28,591 $8,385 Accounts payable 5,311,337 3,440,845 Other current liabilities 2,061,087 1,038,838 Total current liabilities 7,401,015 4,488,068 Long-term debt, net of current portion: Acquisition Term Loan due 2012 and 2014 1,709,256 - 6 1/2 % Senior Subordinated Notes due 2013 399,622 399,622 6 1/4 % Senior Subordinated Notes due 2014 402,090 389,119 1 % Convertible Subordinated Notes due 2010 500,000 500,000 Zero Coupon Convertible Junior Subordinated Notes due 2009 195,000 195,000 Other long-term debt and capital lease obligations 182,369 10,064 Other liabilities 571,119 182,842 Total shareholders' equity 8,164,444 6,176,659 $19,524,915 $12,341,374 SCHEDULE IV FLEXTRONICS INTERNATIONAL LTD. AND SUBSIDIARIES NOTES TO RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (1) To supplement Flextronics' unaudited selected financial data presented on a basis consistent with Generally Accepted Accounting Principles ("GAAP"), the Company discloses certain non-GAAP financial measures that exclude certain charges, including non-GAAP gross profit, non-GAAP selling, general and administrative expenses, non-GAAP operating income, non-GAAP net income and non-GAAP net income per diluted share. These supplemental measures exclude, among other things, stock-based compensation expense, restructuring charges, intangible amortization, gains or losses on divestitures and certain other items. These non-GAAP measures are not in accordance with or an alternative for GAAP, and may be different from non-GAAP measures used by other companies. We believe that these non-GAAP measures have limitations in that they do not reflect all of the amounts associated with Flextronics's results of operations as determined in accordance with GAAP and that these measures should only be used to evaluate Flextronics's results of operations in conjunction with the corresponding GAAP measures. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the most directly comparable GAAP measures. We compensate for the limitations of non-GAAP financial measures by relying upon GAAP results to gain a complete picture of Company performance. In calculating non-GAAP financial measures, we exclude certain items to facilitate a review of the comparability of the Company's operating performance on a period-to-period basis because such items are not, in our view, related to the Company's ongoing operational performance. We use non-GAAP measures to evaluate the operating performance of our business, for comparison with forecasts and strategic plans, for calculating return on investment, and for benchmarking performance externally against competitors. In addition, management's incentive compensation is determined using these non-GAAP measures. Also, when evaluating potential acquisitions, we exclude the items described below from consideration of the target's performance and valuation. Since we find these measures to be useful, we believe that investors benefit from seeing results "through the eyes" of management in addition to seeing GAAP results. We believe that these non-GAAP measures, when read in conjunction with the Company's GAAP financials, provide useful information to investors by offering: -- the ability to make more meaningful period-to-period comparisons of the Company's on-going operating results; -- the ability to better identify trends in the Company's underlying business and perform related trend analyses; -- a better understanding of how management plans and measures the Company's underlying business; and -- an easier way to compare the Company's operating results against analyst financial models and operating results of competitors that supplement their GAAP results with non-GAAP financial measures. The following are explanations of each of the adjustments that we incorporate into non-GAAP measures, as well as the reasons for excluding each of these individual items in the reconciliations of these non-GAAP financial measures: Stock-based compensation expense consists of non-cash charges for the estimated fair value of stock options and unvested share bonus awards granted to employees and assumed in business acquisitions. The Company believes that the exclusion of these charges provides for more accurate comparisons of its operating results to peer companies due to the varying available valuation methodologies, subjective assumptions and the variety of award types. In addition, the Company believes it is useful to investors to understand the specific impact the application of SFAS 123R has on its operating results. Restructuring charges include severance, impairment, lease termination, exit costs and other charges primarily related to the closures and consolidations of various manufacturing facilities. These costs may vary in size based on the Company's acquisition and restructuring activities, are not directly related to ongoing or core business results, and do not reflect expected future operating expenses. These costs are excluded by the Company's management in assessing current operating performance and forecasting its earnings trends, and are therefore excluded by the Company from its non-GAAP measures. Intangible amortization consists of non-cash charges that can be impacted by the timing and magnitude of acquisitions. The Company considers its operating results without these charges when evaluating its ongoing performance and forecasting its earnings trends, and therefore excludes such charges when presenting non-GAAP financial measures. The Company believes that the assessment of its operations excluding these costs is relevant to its assessment of internal operations and comparisons to the performance of its competitors. Gains or losses on divestiture of operations relate to discrete and unusual events associated with the sale of a non-core business of the Company. These gains or losses can vary significantly in size and do not reflect expected future operating impacts; therefore, it is useful to investors to highlight the specific results of these items on the Company's operating results. The Company's management excludes these items when evaluating its ongoing performance and forecasting its earnings trends, and therefore excludes such charges when presenting non-GAAP net income. Other charges or gains consist of various other types of items that are not directly related to ongoing or core business results, such as integration costs associated with restructuring activities undertaken in connection with various business acquisitions, executive separation costs and cumulative foreign exchange adjustments to the cost basis of international entities that have been divested or liquidated. We exclude these items because they do not affect core operations. Excluding these amounts provide investors with a basis to compare Company performance against the performance of other companies without this variability. Adjustment for taxes relates to the tax effects of the various adjustments that we incorporate into non-GAAP measures in order to provide a more meaningful measure on non-GAAP net income. With the exception of net income and diluted earnings per share, the Reconciliation of GAAP to Non-GAAP Financial Measures as presented in Schedule II and discussed further below represent results from continuing operations. Net income and diluted earnings per share represent results for both continuing and discontinued operations. (2) During the three and twelve-month periods ended March 31, 2008, the Company recognized $232.2 million and $501.0 million, respectively, for charges related to restructuring and integration activities initiated by the Company in an effort to consolidate and integrate the Company's global capacity and infrastructure as a result of its acquisition of Solectron Corporation. These activities, which included closing, consolidating and relocating certain manufacturing and administrative operations, elimination of redundant assets and reducing excess workforce and capacity, were intended to optimize the Company's operational efficiency post acquisition. In addition to the restructuring, integration and other costs described above, the Company also recognized $10.7 million in restructuring charges for employee termination costs in Europe during the first quarter of fiscal 2008. These costs are reflected in the twelve-month period ended March 31, 2008. During the three month period ended March 31, 2007, the Company recognized restructuring charges primarily related to the closures and consolidations of various manufacturing facilities. During the twelve-month period ended March 31, 2007, the Company also recognized restructuring and other charges related to the impairment, lease termination, exit costs and other charges primarily related to the disposal and exit of certain real estate owned and leased by the Company in order to reduce its investment in property, plant and equipment. (3) During the three and twelve-month periods ended March 31, 2008, the Company recognized an incremental $30.0 million in intangible amortization expense for the write-off of a certain license due to technological obsolescence. (4) During the twelve-month period ended March 31, 2007, the Company recognized a loss on sale, other-than-temporary impairment and related charges on certain of its non-core investments, primarily resulting from a divestiture of a certain investment for which the Company received approximately $57.4 million in cash proceeds during the quarter ended March 31, 2008. (5) During the twelve-month period ended March 31, 2008 and the three and twelve-month periods ended March 31, 2007, the Company recognized net foreign exchange gains in connection with the divestiture of certain international entities. (6) During the twelve-month period ended March 31, 2007, the Company recognized a pretax gain associated with the divestiture of the Company's Software Development and Solutions business in September 2006. (7) The Company recognized non-cash tax expense of $661.3 million during the twelve-month period ended March 31, 2008 principally resulting from the Company's re-evaluation of previously recorded deferred tax assets in the United States, which are primarily comprised of tax loss carry forwards, and the determination that the likelihood that certain deferred tax assets will be realized has decreased because the Company expects future projected taxable income in the United States will be lower as a result of increased interest expense resulting from the term loan entered into as part of the acquisition of Solectron. During the three and twelve-month periods ended March 31, 2008 and 2007, the Company also recognized tax benefits related to its restructuring and other activities, and amortization of intangible assets. During the twelve-month period ended March 31, 2007, the Company also recognized $1.3 million in tax benefits related to the amortization of intangible assets attributable to discontinued operations. These tax benefits were offset by $10.0 million in tax expense attributable to discontinued operations associated with the gain recognized on the divestiture of the Company's Software Development and Solutions business during the twelve-month period ended March 31, 2007. Tax benefits and expense attributable to discontinued operations are included as tax adjustments in the Company's reconciliation of GAAP net income (loss) to non-GAAP net income, but are not included in the Company's reconciliation of GAAP provision for (benefit from) income taxes to the corresponding non-GAAP measure as GAAP provision for (benefit from) income taxes represents results from continuing operations.

Flextronics

CONTACT: Warren Ligan, Senior Vice President, Investor Relations,
+1-408-956-6553, investor_relations@flextronics.com, or Renee Brotherton
Vice President, Corporate Communications, +1-408-576-7189,
renee.brotherton@flextronics.com, both of Flextronics

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

Cardica Reports Positive Top-Line Results and Submits 510(k) for PAS-Port(R) Proximal Anastomosis System in Cardiac Bypass Surgery

REDWOOD CITY, Calif., April 29 /PRNewswire-FirstCall/ -- Cardica, Inc. today announced that the PAS-Port(R) Proximal Anastomosis System achieved its primary endpoint in a large, prospective, randomized pivotal clinical trial comparing graft vessel connections made using the PAS-Port system to conventional hand-sewn sutures during coronary artery bypass graft (CABG) procedures. Based on the positive data from the trial, Cardica submitted a 510(k) premarket notification to the U.S. Food and Drug Administration (FDA) for the PAS-Port system. The PAS-Port system, which is commercially available in Japan and Europe, creates a secure connection, or anastomosis, between a vein graft and the aorta, the main artery in the human body, during bypass procedures.

"The innovative design of the PAS-Port system allows surgeons to consistently and reliably attach a graft vessel to the aorta, generally in about two minutes," said Bernard A. Hausen, M.D., Ph.D., president and chief executive officer of Cardica. "The PAS-Port system compliments our marketed C-Port system, and subject to receiving clearance of the PAS-Port system from the FDA, we will be able to provide surgeons with a complete suite of reliable automated revascularization systems for use in CABG procedures."

Cardica conducted the 220-patient pivotal, prospective, randomized trial at 12 sites in the United States and Europe. The primary endpoint of the trial was non-inferiority of the patency of the PAS-Port graft compared to the hand-sewn graft nine months following the CABG procedure. The PAS-Port system met the primary efficacy endpoint of non-inferiority in patency at nine-month follow up compared to hand-sewn anastomoses. Trial results will be presented at future medical meetings.

In the trial, two venous bypass grafts were randomly selected in each patient to be connected to the aorta. The PAS-Port system was used for one graft and the conventional hand-sewn technique for the other, for a total of 440 randomized grafts. Patients were scheduled to receive a follow-up angiogram nine months after their index procedure to determine patency (or degree of openness of the vein graft) for both the PAS-Port and control grafts. Over 90 percent of the patients received these angiograms. The trial design and endpoints reflect guidance received following the April 2005 FDA panel meeting regarding the PAS-Port system. The analysis and endpoints of the clinical trial results are consistent with the FDA approved protocol and statistical analysis plan. During the pivotal trial, the customary FDA inspections validated Cardica's good clinical practices and data collection methods under FDA guidelines.

"I would like to thank the investigators and patients who participated in this landmark trial for their excellent compliance in follow-up angiographies," continued Dr. Hausen. "We believe the robust data generated in this trial help to further establish the long-term safety and efficacy of our PAS-Port system."

The PAS-Port Proximal Anastomosis System Advantage

The innovative design of the PAS-Port system allows a surgeon to load the bypass graft into the system and rapidly complete the anastomosis, typically in approximately two minutes, with little or no injury to the bypass graft vessel or the aorta. Importantly, the PAS-Port system eliminates the need to clamp the aorta during CABG procedures. As of March 31, 2008, over 8,000 PAS-Port systems had been sold in Japan and Europe, and according to Cardica's distributor, today this product is used in more than 20 percent of all proximal anastomoses performed using a vein bypass graft during CABG surgeries in Japan.

About Cardica, Inc.

Cardica is a leading provider of automated anastomosis systems for coronary artery bypass graft (CABG) surgery. By replacing hand-sewn sutures with easy-to-use automated systems, Cardica's products provide cardiovascular surgeons with rapid, reliable and consistently reproducible anastomoses, or connections of blood vessels, often considered the most critical aspect of the CABG procedure. Cardica's C-Port(R) Distal Anastomosis Systems are marketed in Europe and the United States. The PAS-Port(R) Proximal Anastomosis System is marketed in Europe and Japan, and Cardica has submitted a 510(k) premarket notification for clearance to market the PAS-Port system in the United States. Cardica also is developing additional devices with Cook Medical to facilitate vascular closure and other surgical procedures.

Forward-Looking Statements

This press release contains "forward-looking" statements, including statements relating to the potential commercial availability of Cardica's PAS-Port system. Any statements contained in this press release that are not historical facts may be deemed to be forward-looking statements. The words "will" and "believe" or similar expressions are intended to identify forward-looking statements. There are a number of important factors that could cause Cardica's results to differ materially from those indicated by these forward-looking statements, including risks associated with whether and when Cardica receives FDA clearance for the PAS-Port system, and the lack of long-term data regarding the safety and efficacy of Cardica's products, as well as other risks detailed from time to time in Cardica's SEC reports, including its Annual Report on Form 10-Q for the fiscal quarter ended December 31, 2007. Cardica does not undertake any obligation to update forward-looking statements. You are encouraged to read Cardica's reports filed with the U.S. Securities and Exchange Commission, available at http://www.sec.gov/.

Contacts: Bob Newell Vice President, Finance and Operations, Chief Financial Officer Cardica, Inc. (650) 331-7133 investors@cardica.com Daryl Messinger WeissComm Partners, Inc. (415) 999-2361 dmessinger@wcpglobal.com

Cardica, Inc.

CONTACT: Bob Newell, Vice President, Finance and Operations, Chief
Financial Officer of Cardica, Inc., +1-650-331-7133, investors@cardica.com; or
Daryl Messinger of WeissComm Partners, Inc., +1-415-999-2361,
dmessinger@wcpglobal.com, for Cardica, Inc.

Open Text Reports Third Quarter Fiscal 2008 Financial Results

WATERLOO, ON, April 29 /PRNewswire-FirstCall/ -- Open Text(TM) Corporation (TSX:OTC), a leading provider of Enterprise Content Management (ECM) software, today announced unaudited financial results for its third quarter that ended March 31, 2008.(1)

Total revenue for the third quarter was $178.8 million, up 15% compared to $156.1 million for the same period in the prior fiscal year. License revenue in the third quarter was $51.5 million, up 20% compared to $43.0 million in the third quarter of the prior fiscal year.

Adjusted net income in the quarter was $25.4 million or $0.48 per share on a diluted basis, up 45% compared to $17.5 million or $0.34 per share on a diluted basis for the same period in the prior fiscal year. Net income in accordance with U.S. generally accepted accounting principles ("US GAAP") was $7.3 million or $0.14 per share on a diluted basis, up 87% compared to $3.9 million or $0.08 per share on a diluted basis for the same period in the prior fiscal year.(2)

Operating cash flow in the third quarter of fiscal 2008 was $50 million, up 22% compared to $41 million in the third quarter of the prior fiscal year and up 28% compared to $39 million in the previous quarter.

"I am very pleased with our performance in the quarter, generating strong cash flow from operations and meeting our profitability targets," said John Shackleton, President and CEO of Open Text. "We are experiencing continued strength in our European sales."

The cash, cash equivalents and short-term investments balance as of March 31, 2008 was $215.8 million compared to $150.0 million at June 30, 2007. Accounts receivable as of March 31, 2008, totaled $135.7 million, compared to $128.8 million as of June 30, 2007, and Days Sales Outstanding (DSO) was 68 days at the end of the third quarter of fiscal 2008, compared to 66 days at June 30, 2007.

Please see note (2) below for a reconciliation of non-US GAAP based financial measures used in this press release, to US GAAP based financial measures.

"With the success of Hummingbird evident, we are focusing on new solutions like Enterprise Connect," said John Shackleton. "This enables workers to utilize their business environment to access content from across the enterprise including our competitor's repositories as well as from major enterprise ERP applications such as SAP."

Teleconference Call

Open Text will host a conference call on April 29, 2008 at 5:00 p.m. ET to discuss the final financial results for its third quarter.

Date: Tuesday, April 29, 2008 Time: 5:00 p.m. ET/2:00 p.m. PT Length: 60 minutes Where: 416-640-1907

Please dial-in approximately 10 minutes before the teleconference is scheduled to begin. A replay of the call will be available beginning April 29, 2008 at 7:00 p.m. ET through 11:59 p.m. on May 13, 2008 and can be accessed by dialing 416-640-1917 and using pass code 21268405 followed by the number sign.

For more information or to listen to the call via Web cast, please use the following link: http://www.opentext.com/events/event.html?id=6712896.

About Open Text

Open Text(TM) is the world's largest independent provider of Enterprise Content Management software. The company's solutions manage information for all types of business, compliance and industry requirements in large companies, government agencies and professional service firms. Open Text supports approximately 46,000 customers in 114 countries and 12 languages. For more information about Open Text, visit http://www.opentext.com/.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 - This press release contains forward-looking statements, including statements about the financial conditions, and results of operations and earnings for Open Text Corporation ("Open Text" or "the Company"). Forward-looking statements in this press release are not promises or guarantees of future performance and are subject to risks and uncertainties that could cause the Company's actual results to differ materially from those anticipated. The Company cautions you not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. The results included in this press release are unaudited and therefore are deemed to be forward-looking statements. Factors that may cause actual results or earnings to differ materially from such forward-looking statements include, among others, the following: (i) the future performance, financial and otherwise, of Open Text; (ii) the ability of Open Text to bring new products to market and to increase sales; (iii) the strength of the Company's product development pipeline; (iv) the Company's growth and profitability prospects; (v) the estimated size and growth prospects of the ECM market; (vi) the Company's competitive position in the ECM market and its ability to take advantage of future opportunities in this market; (vii) the benefits of the Company's products to be realized by customers; and (viii) the demand for the Company's product and the extent of deployment of the Company's products in the ECM marketplace. Forward-looking statements may also include, without limitation, any statement relating to future events, conditions or circumstances. The risks and uncertainties that may affect forward-looking statements include, but are not limited to: (i) integration of acquisitions and related restructuring efforts, including the quantum of restructuring charges and the timing thereof; (ii) the possibility that the Company may be unable to meet its future reporting requirements under the Securities Exchange Act of 1934, as amended, and the rules promulgated thereunder; (iii) the risks associated with bringing new products to market; (iv) fluctuations in currency exchange rates; (v) delays in the purchasing decisions of the Company's customers; (vi) the competition the Company faces in its industry and/or marketplace; (vii) the possibility of technical, logistical or planning issues in connection with the deployment of the Company's products or services; (viii) the continuous commitment of the Company's customers; (ix) demand for the Company's products; and (10) other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission (SEC), including the Company's Annual Report on Form 10-K for the year ended June 30, 2007 and Form 10-Q for the quarter ended December 31, 2007. Forward-looking statements are based on management's beliefs and opinions at the time the statements are made, and the Company does not undertake any obligation to update forward-looking statements should circumstances or management's beliefs or opinions change.

Notes

(1) Based on comparison of historic revenue figures publicly disseminated by companies in the Enterprise Content Management ("ECM") sector. All dollar amounts in this press release are in US Dollars unless otherwise indicated.

(2) Use of Non- US GAAP financial measures

In addition to reporting financial results in accordance with US GAAP, the Company provides certain non-US GAAP financial measures that are not in accordance with US GAAP. These non-US GAAP financial measures have certain limitations in that they do not have a standardized meaning and thus the Company's definition may be different from similar non-US GAAP financial measures used by other companies and/or analysts and may differ from period to period. Thus it may be more difficult to compare the Company's financial performance to that of other companies. However, the Company's management compensates for these limitations by providing the relevant disclosure of the items excluded in the calculation of adjusted net income and adjusted EPS both in its reconciliation to the US GAAP financial measures of net income and EPS and its consolidated financial statements, all of which should be considered when evaluating the Company's results. The Company uses the financial measures adjusted EPS and adjusted net income to supplement the information provided in its unaudited condensed consolidated financial statements, which are presented in accordance with US GAAP. The presentation of adjusted net income and adjusted EPS is not meant to be a substitute for net income or net income per share presented in accordance with US GAAP, but rather should be evaluated in conjunction with and as a supplement to such US GAAP measures. Open Text strongly encourages investors to review its financial information in its entirety and not to rely on a single financial measure. The Company therefore believes that despite these limitations, it is appropriate to supplement the disclosure of the US GAAP measures with certain non-US GAAP measures for the reasons set forth below. Adjusted net income and adjusted EPS are calculated as net income or net income per share on a diluted basis, excluding, where applicable, the amortization of acquired intangible assets, other income (expense), share-based compensation, and restructuring, all net of tax. The Company's management believes that the presentation of adjusted net income and adjusted EPS provides useful information to investors because it excludes non-operational charges. The use of the term "non-operational charge" is defined by the Company as those that do not impact operating decisions taken by the Company's management and is based upon the way the Company's management evaluates the performance of the Company's business for use in the Company's internal reports. In the course of such evaluation and for the purpose of making operating decisions, the Company's management excludes certain items from its analysis, such as amortization of acquired intangibles, restructuring costs, other income (expense), share-based compensation and the taxation impact of these items. These items are excluded based upon the manner in which management evaluates the business of the Company and are not excluded in the sense that they may be used under US GAAP. The Company believes the provision of supplemental non-US GAAP measures allows investors to evaluate the operational and financial performance of the Company's core business using the same evaluation measures that management uses, and is therefore a useful indication of Open Text's performance or expected performance of recurring operations and facilitates period-to-period comparison of operating performance. As a result, the Company considers it appropriate and reasonable to provide, in addition to US GAAP measures, supplementary non-US GAAP financial measures that exclude certain items from the presentation of its financial results in this press release. The following charts provide reconciliation of (unaudited) US GAAP based financial measures to non-US GAAP based financial measures referred to in this press release:

Reconciliation of (unaudited) US GAAP based Net Income to Adjusted Net Income (in millions of US dollars) for the quarters ended March 31, 2008 and 2007: ------------------------------------------------------------------------- Three months ended Three months ended March 31, 2008 March 31, 2007 GAAP based "Net Income" $ 7.3 $ 3.9 Special Charges/(recovery) 0.0 0.9 Amortization of intangibles 18.5 17.8 Other (Income)/Expense 6.8 0.1 Share-based compensation 1.1 1.3 Tax Impact on Above (8.3) (6.5) -------------------- -------------------- Non-GAAP based "Adjusted Net Income" $ 25.4 $ 17.5 -------------------- -------------------- -------------------- -------------------- Reconciliation of (unaudited) US GAAP based EPS to non-US GAAP based EPS (calculated on a diluted basis) for the quarters ended March 31 2008 and 2007: ------------------------------------------------------------------------- Three months ended Three months ended March 31, 2008 March 31, 2007 GAAP based "Net Income" $ 0.14 $ 0.08 Special Charges/(recovery) - 0.02 Amortization of intangibles 0.35 0.35 Other (Income)/Expense 0.13 - Share-based compensation 0.02 0.03 Tax Impact on Above (0.16) (0.14) -------------------- -------------------- Non-GAAP based "Adjusted Net Income" $ 0.48 $ 0.34 -------------------- -------------------- -------------------- -------------------- OPEN TEXT CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands of U.S. Dollars, except share data) (Unaudited) March 31, June 30, 2008 2007 -------------------- -------------------- ASSETS Current assets: Cash and cash equivalents.... $ 215,762 $ 149,979 Accounts receivable trade, net of allowance for doubtful accounts of $3,629 as of March 31, 2008 and $2,089 as of June 30, 2007.. 135,715 128,781 Income taxes recoverable..... 15,273 31,060 Prepaid expenses and other current assets.............. 12,377 10,368 Deferred tax assets.......... 31,081 30,248 -------------------- -------------------- Total current assets......... 410,208 350,436 Capital assets................. 41,951 43,614 Goodwill....................... 567,418 528,312 Acquired intangible assets..... 300,368 343,324 Deferred tax assets............ 24,950 42,078 Other assets................... 10,691 9,524 Long-term income taxes recoverable................... 38,789 9,557 -------------------- -------------------- $ 1,394,375 $ 1,326,845 -------------------- -------------------- -------------------- -------------------- LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable and accrued liabilities................. $ 94,117 $ 100,211 Current portion of long-term debt........................ 3,473 4,048 Deferred revenues............ 179,273 143,097 Income taxes payable......... 3,839 33,705 Deferred tax liabilities..... 1,039 1,601 -------------------- -------------------- Total current liabilities.... 281,741 282,662 Long-term liabilities: Accrued liabilities.......... 21,120 22,516 Long-term debt............... 304,980 366,765 Deferred revenues............ 2,665 3,840 Long-term income taxes payable..................... 42,661 - Deferred tax liabilities..... 98,147 120,019 -------------------- -------------------- Total long-term liabilities.. 469,573 513,140 Minority interest 8,158 6,975 Shareholders' equity: Share capital 51,094,919 and 50,180,118 Common Shares issued and outstanding at March 31, 2008 and June 30, 2007, respectively; Authorized Common Shares: unlimited................... 437,771 426,188 Additional paid-in capital... 38,973 35,311 Accumulated other comprehensive income........ 137,872 68,034 Retained earnings (deficit).. 20,287 (5,465) -------------------- -------------------- Total shareholders' equity... 634,903 524,068 -------------------- -------------------- $ 1,394,375 $ 1,326,845 -------------------- -------------------- -------------------- -------------------- OPEN TEXT CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In thousands of U.S. dollars, except per share data) (Unaudited) Three months ended Nine months ended March 31, March 31, ---------------------- ---------------------- 2008 2007 2008 2007 ---------- ---------- ---------- ---------- Revenues: License................. $ 51,534 $ 43,032 $ 150,952 $ 123,282 Customer support........ 91,606 79,042 268,524 205,352 Service................. 35,622 33,978 105,787 91,834 ---------- ---------- ---------- ---------- Total revenues........ 178,762 156,052 525,263 420,468 Cost of revenues: License................. 3,093 3,515 11,296 9,637 Customer support........ 14,292 12,431 41,081 32,077 Service................. 28,856 28,042 86,552 77,450 Amortization of acquired technology- based intangible assets................. 10,440 10,433 30,900 25,675 ---------- ---------- ---------- ---------- Total cost of revenues............. 56,681 54,421 169,829 144,839 ---------- ---------- ---------- ---------- 122,081 101,631 355,434 275,629 ---------- ---------- ---------- ---------- Operating expenses: Research and development............ 27,711 21,176 77,367 57,989 Sales and marketing..... 41,586 39,069 122,219 107,765 General and administrative......... 18,268 15,947 52,233 42,640 Depreciation............ 2,909 3,626 9,645 10,525 Amortization of acquired customer- based intangible assets................. 8,077 7,396 23,006 17,147 Special charges (recoveries)........... (14) 878 (122) 5,253 ---------- ---------- ---------- ---------- Total operating expenses............. 98,537 88,092 284,348 241,319 ---------- ---------- ---------- ---------- Income from operations.... 23,544 13,539 71,086 34,310 Other income (expense).... (6,831) (98) (12,341) 604 Interest income (expense), net........... (6,684) (7,550) (22,123) (14,670) ---------- ---------- ---------- ---------- Income before income taxes.................... 10,029 5,891 36,622 20,244 Provision for income taxes.................... 2,594 1,914 10,448 6,421 ---------- ---------- ---------- ---------- Net income before minority interest........ 7,435 3,977 26,174 13,823 Minority interest......... 168 124 422 392 ---------- ---------- ---------- ---------- Net income for the period................... $ 7,267 $ 3,853 $ 25,752 $ 13,431 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- Net income per share-basic.............. $ 0.14 $ 0.08 $ 0.51 $ 0.27 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- Net income per share-diluted............ $ 0.14 $ 0.08 $ 0.49 $ 0.26 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- Weighted average number of Common......... Shares outstanding- basic.................... 50,979 49,490 50,666 49,203 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- Weighted average number of Common Shares outstanding-diluted...... 52,789 51,134 52,424 50,703 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- OPEN TEXT CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands of U.S. Dollars) (Unaudited) Three months ended Nine months ended March 31, March 31, ---------------------- ---------------------- 2008 2007 2008 2007 ---------- ---------- ---------- ---------- Cash flows from operating activities: Net income for the period................... $ 7,267 $ 3,853 $ 25,752 $ 13,431 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization......... 21,426 21,455 63,551 53,347 In-process research and development...... - - 500 - Share-based compensation expense.............. 1,077 1,261 2,795 3,861 Employee long-term incentive plan....... 733 - 1,490 - Excess tax benefits from share-based compensation......... (101) (381) (867) (1,122) Undistributed earnings related to minority interest............. 168 124 422 392 Amortization of debt issuance costs....... 293 274 1,004 531 Unrealized loss on financial instrument........... 2,728 364 5,579 576 Deferred taxes........ (506) (14,270) (4,619) (23,194) Changes in operating assets and liabilities: Accounts receivable... (14,597) 3,550 (7,018) 27,047 Prepaid expenses and other current assets............... (1,811) (212) (2,008) 682 Income taxes.......... (2,662) 1,554 5,892 (2,259) Accounts payable and accrued liabilities.. (9,321) (4,777) (7,849) (9,690) Deferred revenues..... 44,938 28,326 36,055 14,889 Other assets.......... 176 221 686 3,916 ---------- ---------- ---------- ---------- Net cash provided by operating activities..... 49,808 41,342 121,365 82,407 ---------- ---------- ---------- ---------- Cash flows from investing activities: Acquisitions of capital assets......... (2,028) (729) (5,414) (4,620) Additional purchase consideration for prior period acquisitions.... (12) (4,295) (451) (6,018) Purchase of Hummingbird, net of cash acquired... - - - (384,761) Purchase of an asset group constituting a business............. - - (2,209) - Investments in marketable securities.. - - - (829) Acquisition related costs.................. (3,065) (8,049) (14,907) (28,249) ---------- ---------- ---------- ---------- Net cash used in investing activities............... (5,105) (13,073) (22,981) (424,477) ---------- ---------- ---------- ---------- Cash flows from financing activities: Excess tax benefits from share-based compensation........... 101 381 867 1,122 Proceeds from issuance of Common Shares....... 2,198 6,365 11,415 8,829 Repayment of long-term debt................... (869) (1,071) (62,746) (2,244) Proceeds from long-term debt................... - - - 390,000 Debt issuance costs..... - - (349) (7,433) ---------- ---------- ---------- ---------- Net cash provided by (used in) financing activities............... 1,430 5,675 (50,813) 390,274 ---------- ---------- ---------- ---------- Foreign exchange gain on cash held in foreign currencies............... 9,920 1,338 18,212 4,125 ---------- ---------- ---------- ---------- Increase in cash and cash equivalents during the period................... 56,053 35,282 65,783 52,329 Cash and cash equivalents at beginning of period... 159,709 124,401 149,979 107,354 ---------- ---------- ---------- ---------- Cash and cash equivalents at end of period......... $ 215,762 $ 159,683 $ 215,762 $ 159,683 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------

Open Text Corporation

CONTACT: Paul McFeeters, Chief Financial Officer, Open Text Corporation,
(905) 762-6121, pmcfeeters@opentext.com; Greg Secord, Vice President, Investor
Relations, Open Text Corporation, (519) 888-7111 ext.2408,
gsecord@opentext.com

Harris Stratex Networks Reports Q3 Fiscal 2008 Financial Results

RESEARCH TRIANGLE PARK, N.C., April 29 /PRNewswire-FirstCall/ -- Harris Stratex Networks, Inc. , the leading independent supplier of turnkey wireless transmission solutions, today reported financial results for the third quarter of fiscal 2008, which ended March 28, 2008.

Revenue for the third quarter of fiscal 2008 was $178.2 million. GAAP net income was $7.3 million or $0.09 per diluted share, which includes $7.3 million in pre-tax charges associated with the merger transaction, integration and stock compensation expense.

Non-GAAP Financial Results

On a non-GAAP basis, the third quarter revenue of $178.2 million was an increase of 21 percent compared with $146.8 million in the prior year quarter. Non-GAAP gross margin was 31 percent in the third quarter of fiscal 2008, operating income was $16.5 million, and net income was $11.9 million or $0.20 per diluted share.

A reconciliation of GAAP to non-GAAP financial measures is provided on Tables 4 and 6 along with the accompanying notes.

In its seasonally softest quarter, North America microwave grew 16 percent year-over-year with revenue of $56.9 million. This compares with $63.8 million in the prior quarter.

International revenue of $117.1 million grew 6 percent from the prior quarter and increased 27 percent compared with the year-ago period. Growth was led by revenue from Africa at $55.9 million, which increased 36 percent sequentially, and 49 percent when compared with the year-ago quarter, reflecting a rebound in capital investment following a series of operator consolidations. Revenue in Europe, the Middle East and Russia was $39.2 million, a sequential increase of 23 percent and an increase of 17 percent compared with the year-ago period. Combined Q3 revenues for Latin America and Asia Pacific were $22.0 million, compared with $37.8 million in the prior quarter and $21.4 million in the year-ago period. Network Operations revenue was $4.2 million compared with $6.5 million in the prior quarter and $5.2 million in the year-ago period.

"I am pleased with our 21 percent year-over-year revenue improvement. In particular, I am pleased with the rebound in Africa as shipments to major operators gained traction," said Harald Braun, president and chief executive officer of Harris Stratex Networks.

"During the quarter we took remedial steps to improve logistics issues, and we renegotiated our freight costs, the benefits of which should be realized in future quarters," added Braun. "I am encouraged to see the integration successes as the company continues to capture cost synergies from the merger. I have already formed a team to address the areas where additional costs can be removed to both improve gross margins and reduce operating expenses."

Outlook and Guidance

Based on the strength of its revenue momentum exiting Q3, the company now believes revenue for fiscal 2008 will be at the high end of prior guidance. Due to continued pressure on gross margin, non-GAAP earnings for fiscal 2008 are expected to be at the low end of prior guidance. This excludes transition costs related to the company's management changes in the fourth quarter, which will be included in non-GAAP results.

"We enter our fourth quarter with a positive book to bill driven by orders in North America and Africa," said Braun. "While our near term cost issues are challenging, the opportunity in our market is sizeable and we plan to compete aggressively and improve our financial performance."

Conference Call

Harris Stratex Networks will host a conference call today to discuss the company's financial results at 5:30 p.m. Eastern Time. Those wishing to join the call should dial 303-262-2175 (no pass code required) at approximately 5:20 p.m. A replay of the call will be available starting one hour after the call's completion until May 6. To access the replay, dial 303-590-3000 (pass code: 11111496 #). A live and archived webcast of the conference call will also be available via the company's Web site at http://www.harrisstratex.com/investors/conference-call.

Non-GAAP Measures and Comparative Financial Information

Harris Stratex Networks, Inc. and the Microwave Communications Division of Harris Corporation report information in accordance with U.S. Generally Accepted Accounting Principles ("GAAP"). The GAAP information presented in this press release consists of the results of operations, cash flows and financial position of Harris Stratex Networks, Inc. for the quarter and three quarters ended March 28, 2008 and March 30, 2007. On January 26, 2007, the Microwave Communications Division of Harris Corporation and Stratex Networks, Inc. merged into Harris Stratex Networks, Inc. and became one reporting entity. Accordingly, management of Harris Stratex Networks will monitor revenues, cost of product sales and services, research and development expenses, selling and administrative expenses, operating income or loss, tax expense or benefit, net income or loss, and net income or loss per share for the new combined entity for planning and forecasting results in future periods, and may use these measures for some management compensation purposes. As such, historical non-GAAP combined information has been included in this press release for comparative purposes. These measures exclude certain costs and expenses as discussed herein. As a result, management is presenting these non-GAAP measures in addition to results reported in accordance with GAAP to better communicate underlying operational and financial performance in each period. Management believes these non-GAAP measures provide information that is useful to investors in understanding period-over-period operating results separate and apart from items that may, or could, have a disproportionate positive or negative impact on results in any given period. Management also believes that these non-GAAP measures enhance the ability of an investor to analyze trends in Harris Stratex Networks' business and to better understand our performance.

Harris Stratex Networks management does not, nor does it suggest that investors should, consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Harris Stratex Networks presents such non-GAAP financial measures in reporting its financial results to provide investors with an additional tool to evaluate the Company's financial performance. Reconciliations of these non- GAAP financial measures with the most directly comparable financial measures calculated in accordance with GAAP are included in the tables below.

About Harris Stratex Networks

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

Forward-Looking Statements

The information contained in this document includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 21E of the Securities Exchange Act and Section 27A of the Securities Act. All statements, trend analyses and other information contained herein about the markets for the services and products of Harris Stratex Networks and trends in revenue, as well as other statements identified by the use of forward-looking terminology, including "anticipated", "believe", "plan", "estimate", "expect", "goal", "will", "see", "continues", "delivering", and "intend", or the negative of these terms or other similar expressions, constitute forward-looking statements. These forward-looking statements are based on estimates reflecting the current beliefs of the senior management of Harris Stratex Networks. These forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Forward-looking statements should therefore be considered in light of various important factors, including those set forth in this document. Important factors that could cause actual results to differ materially from estimates or projections contained in the forward-looking statements include the following:

-- the volume, timing and customer, product and geographic mix of our product orders may have an impact on our operating results; -- the failure to obtain and retain expected cost synergies from the merger; -- continued price erosion as a result of increased competition in the microwave transmission industry; -- the ability to achieve business plans for Harris Stratex Networks; -- the ability to manage and maintain key customer relationships; -- the effect of technological changes on Harris Stratex Networks' businesses; -- the ability to maintain projected product rollouts, product functionality, anticipated cost reductions or market acceptance of planned products; -- the ability to successfully integrate the operations, personnel and businesses of the former Stratex Networks, Inc. with those of the former Microwave Communications Division of Harris Corporation; -- the ability of our subcontractors to perform or our key suppliers to manufacture or deliver material; -- customers may not pay for products or services in a timely manner, or at all; -- the failure of Harris Stratex Networks to protect its intellectual property rights and its ability to defend itself against intellectual property infringement claims by others; -- currency and interest rate risks; -- the impact of political, economic and geographic risks on international sales; -- the impact of slowing growth in the wireless telecommunications market combined with supplier and operator consolidations; and -- supplier pricing pressure.

For more information regarding the risks and uncertainties for our business as well as risks relating to the combination of the former Harris Corporation Microwave Communications Division and the former Stratex Networks, see "Risk Factors" in our form 10-K filed with the U.S. Securities and Exchange Commission ("SEC") on August 27, 2007, as well as other reports filed by Harris Stratex Networks with the SEC from time to time. Harris Stratex Networks undertakes no obligation to update publicly any forward-looking statement for any reason, except as required by law, even as new information becomes available or other events occur in the future.

Table 1 HARRIS STRATEX NETWORKS, INC. Fiscal Year 2008 Third Quarter Summary CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Quarter Ended Three Quarters Ended March 28, March 30, March 28, March 30, 2008 2007 2008 2007 (In millions, except per share amounts) Revenue from product sales and services $178.2 $139.0 $531.6 $333.8 Cost of product sales and services (123.4) (101.8) (374.9) (230.9) Amortization of purchased technology (1.8) (1.2) (5.3) (1.2) Gross margin 53.0 36.0 151.4 101.7 Research and development expenses (11.5) (11.1) (34.8) (26.8) Selling and administrative expenses (30.4) (27.7) (95.2) (62.2) Acquired in-process research and development - (15.3) - (15.3) Amortization of intangible assets (1.9) (3.0) (5.6) (3.0) Restructuring charges - (1.3) (8.4) (2.0) Corporate allocations expense - (0.3) - (3.7) Operating income (loss) 9.2 (22.7) 7.4 (11.3) Interest income 0.3 0.9 1.4 1.2 Interest expense (0.7) (1.1) (2.2) (1.5) Income (loss) before income taxes 8.8 (22.9) 6.6 (11.6) Income tax (expense) benefit (1.5) (0.3) (1.1) (1.0) Net income (loss) $7.3 $(23.2) $5.5 $(12.6) Net income (loss) per common share of Class A and Class B common stock (1): Basic $0.12 $(0.58) $0.09 $(0.93) Diluted $0.09(2) $(0.58) $0.05(2) $(0.93) Basic weighted average shares outstanding 58.4 40.3(3) 58.4 13.5(3) Diluted weighted average shares outstanding 58.7 40.3(3) 58.9 13.5(3) (1) The net income (loss) per common share amounts are the same for Class A and Class B because the holders of each class are legally entitled to equal per share distributions whether through dividends or in liquidation. (2) For the quarter and three quarters ended March 28, 2008, the calculations of diluted earnings per share include a potential deduction to net income of $2.1 million and $2.7 million for the assumed after-tax effect of the change in fair value of warrants using the "treasury stock" method. (3) Prior to January 26, 2007, the Company was a division of Harris Corporation and there were no shares outstanding for purposes of income or loss calculations. Basic and diluted weighted average shares outstanding are calculated based on the daily outstanding shares, reflecting the fact that no shares were outstanding prior to January 26, 2007. Table 2 HARRIS STRATEX NETWORKS, INC. Fiscal Year 2008 Third Quarter Summary CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) March 28, June 29, 2008 2007 (1) (In millions) Assets Cash and cash equivalents $97.0 $69.2 Short-term investments 3.4 20.4 Receivables 199.0 185.3 Inventories and unbilled costs 161.0 172.6 Current deferred taxes 6.5 4.1 Other current assets 17.5 21.7 Property, plant and equipment 74.4 80.0 Goodwill 315.4 323.6 Identifiable intangible assets 133.2 144.5 Other assets 16.0 16.7 $1,023.4 $1,038.1 Liabilities and Shareholders' Equity Short-term debt $-- $1.2 Current portion of long-term debt 6.0 10.7 Accounts payable 81.8 84.7 Accrued expenses and other current liabilities 94.3 96.1 Due to Harris Corporation 23.7 23.1 Long-term debt 5.0 8.8 Restructuring and other long-term liabilities 6.2 11.8 Redeemable preference shares 8.3 8.3 Warrants outstanding 0.6 3.9 Non-current deferred taxes 21.2 31.5 Shareholders' equity 776.3 758.0 $1,023.4 $1,038.1 (1) Derived from audited financial statements. Table 3 HARRIS STRATEX NETWORKS, INC. Fiscal Year 2008 Third Quarter Summary CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Three Quarters Ended March 28, March 30, 2008 2007 (In millions) Operating Activities Net income (loss) $5.5 $(12.6) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Amortization of identifiable intangible assets acquired in the Stratex acquisition 10.9 19.4 Other noncash charges related to the Stratex Acquisition - 5.4 Depreciation and amortization of property, plant and equipment and capitalized software 15.2 12.2 Non-cash stock-based compensation expense 5.3 1.0 Non-cash charges for restructuring and inventory write-downs 7.8 - Decrease in fair value of warrants (3.2) - Deferred income tax (benefit) expense (0.2) 1.0 Changes in operating assets and liabilities, net of effects from acquisition: Receivables (11.7) 2.7 Unbilled costs and inventories 8.0 (32.0) Accounts payable and accrued expenses (1.4) (0.7) Advance payments and unearned income 4.3 4.8 Due to Harris Corporation 4.6 (3.7) Decrease in restructuring liabilities and other (9.7) (9.0) Net cash provided by (used in) operating activities 35.4 (11.5) Investing Activities Cash acquired from the Stratex Acquisition, net of acquisition costs of $12.7 million - 20.4 Purchases of short-term investments and available for sale securities (8.3) (33.2) Sales of short-term investments and available for sale securities 25.3 17.8 Additions of property, plant and equipment (6.3) (4.4) Additions of capitalized software (7.9) (2.8) Net cash provided by (used in) investing activities 2.8 (2.2) Financing Activities Decrease in short-term debt (1.2) - Proceeds from issuance of redeemable preference shares - 8.3 Payments on long-term debt (8.4) (2.6) Proceeds from issuance of Class B common stock to Harris Corporation - 26.9 Payments on long-term capital lease obligation to Harris Corporation (3.2) - Proceeds from exercise of former Stratex stock options 1.5 1.4 Registration costs for Class A common stock issued in Stratex Acquisition - (1.1) Proceeds from exercise of former Stratex warrants - 0.2 Net cash and other transfers from Harris Corporation prior to the Stratex acquisition - 24.1 Net cash (used in) provided by financing activities (11.3) 57.2 Effect of exchange rate changes on cash and cash equivalents 0.9 (2.9) Net increase in cash and cash equivalents 27.8 40.6 Cash and cash equivalents, beginning of year 69.2 13.8 Cash and cash equivalents, end of quarter $97.0 $54.4 HARRIS STRATEX NETWORKS, INC. Fiscal Year 2008 Third Quarter Summary RECONCILIATION OF NON-GAAP FINANCIAL MEASURES AND REGULATION G DISCLOSURE

To supplement our condensed consolidated financial statements presented in accordance with accounting principles generally accepted in the United States (GAAP), we provide additional measures of revenue, gross margin, operating income (loss), non-operating income (loss), cost of product sales and services, research and development expenses, selling and administrative expenses, income (loss) before income taxes, income taxes, net income (loss), and net income (loss) per basic and diluted share adjusted to exclude certain costs, expenses, gains and losses, including such amounts related to our merger with Stratex. Management of Harris Stratex Networks, Inc. (the "Company" or "Harris Stratex") believes that these non-GAAP financial measures provide information that is useful to investors in understanding period-over- period operating results separate and apart from items that may, or could, have a disproportionate positive or negative impact on results in any particular period. Management also believes these non-GAAP measures enhance the ability of an investor to analyze trends in Harris Stratex business and better understand our performance. In addition, the Company may utilize non- GAAP financial measures as a guide in its budgeting and long-term planning process and to measure operating performance for some management compensation purposes. Any analysis of non-GAAP financial measures should be used only in conjunction with results presented in accordance with GAAP. A reconciliation of these non-GAAP financial measures with the most directly comparable financial measures calculated in accordance with GAAP follows.

Table 4 HARRIS STRATEX NETWORKS, INC. Fiscal Year 2008 Third Quarter Summary RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Condensed Consolidated Statements of Operations (Unaudited) Quarter Ended March 28, 2008 March 30, 2007 Non-GAAP Non-GAAP As Adjust- Non- As Adjust- Reported ments GAAP Reported ments Non-GAAP (In millions, except per share amounts) Revenue from product sales and services (A) $178.2 $ - $178.2 $139.0 $7.8 $146.8 Cost of product sales and services (B) (123.4) 0.5 (122.9) (101.8) (0.5) (102.3) Amortization of purchased technology (C) (1.8) 1.8 - (1.2) 1.2 - Gross margin 53.0 2.3 55.3 36.0 8.5 44.5 Research and development expenses (D) (11.5) 0.4 (11.1) (11.1) 0.3 (10.8) Selling and administrative expenses (E) (30.4) 2.7 (27.7) (27.7) (0.1) (27.8) Acquired in-process research and development (F) - - - (15.3) 15.3 - Amortization of intangible assets (G) (1.9) 1.9 - (3.0) 3.0 - Restructuring charges (H) - - - (1.3) 1.3 - Corporate allocations expense - - - (0.3) - (0.3) Operating income (loss) 9.2 7.3 16.5 (22.7) 28.3 5.6 Interest income 0.3 - 0.3 0.9 - 0.9 Interest expense (A) (0.7) - (0.7) (1.1) (0.1) (1.2) Income (loss) before income taxes 8.8 7.3 16.1 (22.9) 28.2 5.3 Income tax (expense) benefit (J) (1.5) (2.7) (4.2) (0.3) (1.3) (1.6) Net income (loss) $7.3 $4.6 $11.9 $(23.2) $26.9 $3.7 Net income (loss) per common share of Class A and Class B common stock (1): Basic $0.12 $0.20 $(0.58) (3) Diluted (2)$0.09 (2)$0.20 $(0.58) (3) Basic weighted average shares outstanding 58.4 58.4 (3)40.3 (3) Diluted weighted average shares outstanding 58.7 58.7 (3)40.3 (3) (1) The net income (loss) per common share amounts are the same for Class A and Class B because the holders of each class are legally entitled to equal per share distributions whether through dividends or in liquidation. (2) For the quarter ended March 28, 2008, the "As Reported" calculations of diluted earnings per share include a potential deduction to net income of $2.1 million for the assumed after-tax effect of the change in fair value of warrants using the "treasury stock" method. The "Non- GAAP" calculations exclude the effects of this potential deduction. (3) Prior to January 26, 2007, the Company was not a public reporting entity and there were no shares outstanding for purposes of earnings (loss) per share calculations. Basic and diluted weighted average shares outstanding are calculated based on the daily outstanding shares, reflecting the fact that no shares were outstanding prior to January 26, 2007. Non-GAAP earnings per share for the quarter ended March 30, 2007 is not reported because it is not meaningful due to the merger date occurring during the quarter. Table 4 (Continued) HARRIS STRATEX NETWORKS, INC. Fiscal Year 2008 Third Quarter Summary RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Condensed Consolidated Statements of Operations (Unaudited) Three Quarters Ended March 28, 2008 March 30, 2007 Non-GAAP Non-GAAP As Adjust- Non- As Adjust- Reported ments GAAP Reported ments Non-GAAP (In millions, except per share amounts) Revenue from product sales and services (A) $531.6 $ - $531.6 $333.8 $145.8 $479.6 Cost of product sales and services (B) (374.9) 6.8 (368.1) (230.9) (94.1) (325.0) Amortization of purchased technology (C) (5.3) 5.3 - (1.2) 1.2 - Gross margin 151.4 12.1 163.5 101.7 52.9 154.6 Research and development expenses (D) (34.8) 1.1 (33.7) (26.8) 1.6 (25.2) Selling and administrative expenses (E) (95.2) 12.0 (83.2) (62.2) (29.2) (91.4) Acquired in-process research and development (F) - - - (15.3) 15.3 - Amortization of intangible assets (G) (5.6) 5.6 - (3.0) 3.0 - Restructuring charges (H) (8.4) 8.4 - (2.0) 1.3 (0.7) Corporate allocations expense (I) - - - (3.7) 3.4 (0.3) Operating income (loss) 7.4 39.2 46.6 (11.3) 48.3 37.0 Interest income (A) 1.4 - 1.4 1.2 1.8 3.0 Interest expense (A) (2.2) - (2.2) (1.5) (2.3) (3.8) Income (loss) before income taxes 6.6 39.2 45.8 (11.6) 47.8 36.2 Income tax expense (J) (1.1) (10.8) (11.9) (1.0) (9.9) (10.9) Net income (loss) $5.5 $28.4 $33.9 $(12.6) $37.9 $25.3 Net income (loss) per common share of Class A and Class B common stock (4): Basic $0.09 $0.58 $(0.93) (6) Diluted (5) $0.05 (5)$0.58 $(0.93) (6) Basic weighted average shares outstanding 58.4 58.4 (6) 13.5 (6) Diluted weighted average shares outstanding 58.9 58.9 (6) 13.5 (6) (4) The net income (loss) per common share amounts are the same for Class A and Class B because the holders of each class are legally entitled to equal per share distributions whether through dividends or in liquidation. (5) For the three quarters ended March 28, 2008, the "As Reported" calculations of diluted earnings per share include a potential deduction to net income of $2.7 million for the assumed after-tax effect of the change in fair value of warrants using the "treasury stock" method. The "Non-GAAP" calculations exclude the effects of this potential deduction. (6) Prior to January 26, 2007, the Company was not a public reporting entity and there were no shares outstanding for purposes of earnings (loss) per share calculations. Basic and diluted weighted average shares outstanding are calculated based on the daily outstanding shares, reflecting the fact that no shares were outstanding prior to January 26, 2007. Non-GAAP earnings per share for the three quarters ended March 30, 2007 is not reported because it is not meaningful due to the merger date occurring during the quarter. Notes to tables 4 and 6:

Note A - Revenue, Interest income and Interest expense - Adjustment to revenue for the quarter and first three quarters of fiscal 2007 to add Stratex Networks, Inc. revenue prior to the merger. For Interest income and Interest expense, adjustment is to add Stratex Networks, Inc. amounts for both the quarter and first three quarters of fiscal 2007.

Note B - Cost of sales and services - Includes adjustments to cost of product sales and services for the third quarter and first three quarters of fiscal 2008 to remove purchase accounting adjustments for the amortization of the step-up in the value of fixed assets ($0.2 million and $0.6 million), adjustments to remove merger integration costs ($0.0 million and $1.5 million) and adjustments to remove FAS 123R expense ($0.3 million and $1.0 million). Also includes adjustments to remove $3.7 million in mark-downs of inventory related to restructuring actions for the first three quarters of fiscal 2008.

Includes adjustments to cost of product sales and services for the third quarter and the first three quarters of fiscal 2007 to add $6.3 million and $100.3 million for Stratex Networks cost of product sales and services prior to the merger. Also includes adjustments to remove merger related charges including amortization of the step-up in inventory ($5.4 million) and fixed assets ($0.2 million) and write off of deferred revenue ($0.1 million) for the third quarter of fiscal 2007 and adjustments for the quarter and the first three quarters of fiscal 2007 to remove FAS 123R expense ($0.1 million for the third quarter and $0.5 million for the first three quarters of fiscal 2007).

Note C - Amortization of purchased technology - Adjustments for the third quarter and first three quarters of fiscal 2008 and fiscal 2007 to remove amortization of purchased intangibles incurred in connection with the merger.

Note D - Research and development expenses - Adjustments for the third quarter and first three quarters of fiscal 2008 to remove FAS 123R expense ($0.4 million and $1.1 million). Adjustments for the third quarter and first three quarters of fiscal 2007 to remove FAS 123R expense ($0.3 million and $1.6 million).

Note E - Selling and administrative expenses - Includes adjustments for the third quarter and first three quarters of fiscal 2008 to remove purchase accounting adjustments related to the amortization of the step-up in the value of fixed assets ($0.5 million and $1.5 million), merger integration costs ($0.9 million and $5.4 million), lease impairment costs ($0.0 million and $0.9 million) and FAS 123R expense ($1.3 million and $4.2 million).

For the third quarter and first three quarters of fiscal 2007, includes adjustments to add $3.6 million and $41.5 million for Stratex Networks Selling and administrative expenses for the month of January 2007 prior to the merger. Also includes adjustments to the Microwave Communications Division of Harris Corporation's selling and administrative expenses to remove FAS 123R expense ($0.4 million and $1.1 million), adjustments to the Stratex selling and administrative expenses to remove FAS 123R expense ($0.7 million and $3.9 million) and to remove merger integration costs incurred by Stratex associated with the merger ($0.0 million and $3.2 million). Also includes adjustment to remove merger integration costs incurred by the Microwave Communications Division of Harris ($2.2 million and $3.9 million) and to remove $0.2 million merger related charges for the amortization of the step-up in fixed assets for both the third quarter and first three quarters of fiscal 2007.

Note F - Adjustment for the quarter and first three quarters of fiscal 2007 to remove write off of in-process research and development incurred in connection with the merger.

Note G - Amortization of intangible assets - Adjustment for the third quarter and first three quarters of fiscal 2008 and fiscal 2007 to remove amortization of purchased intangibles incurred in connection with the merger.

Note H - Restructuring charges - Adjustment to remove charges for restructuring incurred during the first three quarters of fiscal 2008. For the third quarter and first three quarters of fiscal 2007, adjustment is to remove restructuring charges incurred subsequent to the merger.

Note I - Corporate allocation expenses - Adjustment for the third quarter and first three quarters of fiscal 2007 to remove corporate allocation expenses from Harris Corporation, which did not continue after the merger with Stratex.

Note J - Income tax benefit (expense) - Adjustment to reflect a pro forma 26 percent tax rate for the third quarter and first three quarters of fiscal 2008, and a pro forma 30 percent tax rate for the third quarter and first three quarters of fiscal 2007.

Table 5 HARRIS STRATEX NETWORKS, INC. Fiscal Year 2008 Third Quarter Summary GAAP REVENUE BY Segment Information (Unaudited) Quarter Ended Three Quarters Ended March 28, March 30, March 28, March 30, 2008 2007 2008 2007 (In millions) North America microwave $56.9 $48.9 $177.3 $157.5 International microwave 117.1 84.9 337.1 161.6 Network operations 4.2 5.2 17.2 14.7 $178.2 $139.0 $531.6 $333.8 Table 6 HARRIS STRATEX NETWORKS, INC. Fiscal Year 2008 Third Quarter Summary SUPPLEMENTAL SCHEDULE OF REVENUE BY GEOGRAPHICAL AREA (Unaudited) Quarter Ended Quarter Ended March 28, March 30, 2008 2007 (In millions) Non-GAAP Non-GAAP As Adjust- Non- As Adjust- Reported ments GAAP Reported ments Non-GAAP North America $56.9 $- $56.9 $48.9 $0.2 $49.1 International: Africa 55.9 - 55.9 35.2 2.4 37.6 Europe, Middle East, and Russia 39.2 - 39.2 30.8 2.7 33.5 Latin America and AsiaPac 22.0 - 22.0 18.9 2.5 21.4 Total International 117.1 - 117.1 84.9 7.6 92.5 Network Operations 4.2 - 4.2 5.2 - 5.2 $178.2 $ - $178.2 $ 139.0 $7.8 $146.8 Table 6 (Continued) HARRIS STRATEX NETWORKS, INC. Fiscal Year 2008 Third Quarter Summary SUPPLEMENTAL SCHEDULE OF REVENUE BY GEOGRAPHICAL AREA (Unaudited) Three Quarters Ended Three Quarters Ended March 28, March 30, 2008 2007 (In millions) Non-GAAP Non-GAAP As Adjust- Non- As Adjust- Reported ments GAAP Reported ments Non-GAAP North America $177.3 $- $177.3 $157.5 $7.0 $164.5 International: Africa 149.3 - 149.3 85.2 44.2 129.4 Europe, Middle East, and Russia 103.9 - 1 03.9 42.7 59.3 102.0 Latin America and AsiaPac 83.9 - 83.9 33.7 35.3 69.0 Total International 337.1 - 337.1 161.6 138.8 300.4 Network Operations 17.2 - 17.2 14.7 - 14.7 $531.6 $- $531.6 $333.8 $145.8 $479.6

Harris Stratex Networks, Inc.

CONTACT: Investor Contact, Mary McGowan of Summit IR Group, Inc.,
+1-408-404-5401, Mary@summitirgroup.com, Media Contact, Kami Spangenberg of
Harris Stratex Networks, Inc., +1-919-767-5238, Kami.Spangenberg@HSTX.com

Web site: http://www.harrisstratex.com/investors/conference-call
http://www.harrisstratex.com/

LodgeNet Reports Results for First Quarter 2008- Quarterly Revenue Up 85.7% to $139.8 Million -- Adjusted Operating Cash Flow of $34.6 Million(2) -

SIOUX FALLS, S.D., April 29 /PRNewswire-FirstCall/ -- LodgeNet Interactive Corporation today reported quarterly revenue of $139.8 million, an increase of $64.5 million or 85.7% over first quarter of 2007. The Company also reported a net loss of $(13.0) million or $(0.58) per share (basic and diluted) for the first quarter of 2008, which included $5.9 million of expenses for restructuring, integration (3), and amortization of acquired intangibles, all related to the 2007 acquisitions of On Command and StayOnline. Net loss for the first quarter of 2008, excluding restructuring and integration expenses and amortization of acquired intangible, was $(7.1) million or $(0.32) per share.

(Logo: http://www.newscom.com/cgi-bin/prnh/20080115/AQTU120LOGO)

The following financial highlights are in thousands of dollars, except per-share data and average shares outstanding:

Three Months Ended March 31, 2008 2007 Total revenue $139,787 $75,285 Operating (loss) income (1,847) 6,117 Net loss (13,011) (28) Net loss per common share (1) $(0.58) $(0.00) Adjusted Operating Cash Flow (2) $34,551 $22,712 Average shares outstanding (basic) 22,606,699 19,040,156 Average shares outstanding (diluted) 22,606,699 19,040,156 (1) Based on the average shares outstanding for both basic and diluted. (2) Adjusted Operating Cash Flow is a non-GAAP measure which we define as Operating (Loss) Income exclusive of depreciation, amortization, share-based compensation, restructuring and integration expenses. (3) Integration expenses are defined as incremental costs associated with activities to combine or merge an operation that is not being closed, exited, or disposed of.

"Our first quarter results put us on pace to achieve the full year guidance we issued in February," said Scott C. Petersen, LodgeNet President and CEO. "Following our strategic acquisitions in 2007 in the areas of interactive television, broadband Internet and advertising media, we now offer our customers an expanded suite of services and solutions that connect, inform and entertain guests and patients. This strategic transformation has placed us in a unique position to broaden our customer relationships and drive meaningful new revenues and cash flows."

"As a result of our initiatives, total revenue on an aggregated and on a monthly per-room basis was greater in the first quarter of this year versus that reported for the first quarter of 2007," said Gary H. Ritondaro, LodgeNet's Chief Financial Officer. "Despite an approximate 3.2% reduction in hotel occupancies, total revenue per room increased 0.8% to $25.12 this quarter, while Guest Entertainment per room decreased 2.9% to $17.83. We believe this reflects a more stable environment for our Guest Entertainment revenues as compared to our third and fourth quarter results from 2007, especially considering that the Easter holiday occurred in the first quarter of this year. We believe it also reflects the positive impact from our multiple revenue diversification initiatives on our overall business."

"We also focused on controlling operating expenses and capital investment levels during the quarter to drive cash flow generation," continued Ritondaro. "Operating costs per room were down 8.0% (on a pro forma basis), capital expenditures, including work in progress, equaled $18.9 million, and average capital investment per new high definition television room was down 10.0% compared to the average investment per room in 2007. Given the attractive price of our stock, we also purchased 470,000 shares during the quarter. We ended the first quarter with a consolidated debt leverage ratio of 4.5 times total debt and 4.2 times net debt, both well within our bank covenant."

"For years we have been a trusted partner to the hospitality industry, and today we are uniquely positioned to continue to strengthen and broaden these relationships," continued Petersen. "With a full suite of products and services, we are establishing new product categories that we believe will become increasingly important contributors to our financial performance. The criteria for establishing these new products and services include minimal capital investment on our part and with the same prudent financial approach we have historically applied to our Company. We are effectively managing our business and capital investment plans to ensure we are capturing our most promising growth opportunities. We remain focused on the execution of our strategic growth initiatives and on delivering $25 to $35 million of adjusted free cash flow in 2008, or approximately $1.11 to $1.55 per share."

RESULTS FROM OPERATIONS THREE MONTHS ENDED MARCH 31, 2008 VERSUS THREE MONTHS ENDED MARCH 31, 2007

Total revenue for the first quarter of 2008 was $139.8 million, an increase of $64.5 million or 85.7%, compared to the first quarter of 2007. The growth in revenue was primarily driven by the 2007 acquisition of On Command, which contributed $56.2 million to revenue in the first quarter of 2008. The average monthly total revenue per room was $25.12 for the first quarter of 2008 compared to $24.93 for the first quarter of 2007.

Guest Entertainment revenue, which includes on-demand entertainment such as movies, games, music, time-shifted television, Internet access through the television, and sports programming, increased $43.8 million or 78.9% to $99.2 million. On a per-room basis, monthly Guest Entertainment revenue for the first quarter of 2008 declined 2.9% to $17.83 compared to $18.36 for the first quarter of 2007. Average monthly movie revenue per room was $16.51 for the first quarter of 2008, a 3.6% reduction as compared to $17.13 per room in the prior year quarter. This change in revenue was in-line with our internal expectations and approximately at the midpoint of our annual guidance range. Non-movie Guest Entertainment revenue per room increased 7.3% to $1.32 in the first quarter of 2008 driven primarily by increases in time-shifted television purchases which was offset, in part, by a reduction in per-room revenue from games and purchases of Internet access through the television. Hotel room occupancy during the quarter was approximately 3.2% lower as compared to the first quarter of 2007. Accordingly, the revenue generated on per-occupied room from Guest Entertainment services during the first quarter of 2008 was essentially unchanged from the first quarter 2007.

Hotel Services revenue, which includes revenue from hotels for television programming and broadband Internet service and support, increased $14.2 million or 93.1% to $29.5 million during the first quarter of 2008 versus $15.3 million in the first quarter of 2007. On a per-room basis, monthly Hotel Services revenue for the first quarter of 2008 increased 4.7% to $5.30 compared to $5.06 for the first quarter of 2007. Monthly television programming revenue per room increased 5.8% to $4.76 for the first quarter of 2008 as compared to $4.50 for the first quarter of 2007. This increase resulted primarily from the continued installation of high definition television systems and related services. Recurring broadband revenue per room was $0.54 for the first quarter of 2008 as compared to $0.56 for the first quarter of 2007.

System Sales, Advertising, and Other Revenue, which includes sales of broadband, healthcare and other interactive systems, and advertising and media services (primarily from The Hotel Networks), increased to $11.1 million during first quarter of 2008 versus $4.6 million in the first quarter of 2007. On a per-room basis, monthly System Sales, Advertising and Other revenue increased 31.8% to $1.99 for the first quarter of 2008 compared to $1.51 for the first quarter of 2007. The increase in revenue resulted directly from an increase in the sale of interactive television and Internet access systems to hotels and the incorporation of the revenue from The Hotel Networks.

Total direct costs (exclusive of operating expenses and depreciation and amortization discussed separately below) increased to $75.9 million in the first quarter of 2008 as compared to $36.5 million in the first quarter of 2007. The increase in total direct costs was primarily due to the direct costs associated with the acquisition of On Command. For the first quarter of 2008, direct costs as a percentage of revenue were 54.3% as compared to 48.5% reported by LodgeNet for the first quarter of 2007. The increase as a percentage of revenue was primarily due to the direct costs associated with the On Command TV programming service, which represented 85% of the increase to total direct costs, quarter over quarter, or 490 basis points. The relationship of direct costs to revenue for the On Command TV programming service was known prior to the acquisition and a contract amendment had already been negotiated with a major On Command customer in the fall of 2006. We expect the margins on this service to improve significantly over the next two years as we convert this customer to high definition television programming as provided by the amended contract. Direct costs related to all other revenue, including guest entertainment, the sale of systems, and the delivery of broadband Internet services accounted for the remaining 90 basis points increase.

System operations expenses increased to $15.4 million in the first quarter of 2008 as compared to $8.5 million in the first quarter of 2007 primarily due to our expanded operations from the acquisition of On Command and StayOnline. As a percentage of revenue, system operations expenses decreased to 11.0% this quarter as compared to 11.3% in the first quarter of 2007. Per average installed room, system operations expenses also decreased to $2.77 per room per month compared to $2.83 in the prior year quarter. Excluding integration expenses, system operations expenses for the first quarter of 2008 were $2.75 per average installed room.

Selling, general and administrative (SG&A) expenses increased as a result of the 2007 acquisitions from $7.8 million in the first quarter of 2007 to $15.2 million in the current quarter. Included within this quarter's SG&A expenses were approximately $717,000 of integration costs. As a percentage of revenue, SG&A expenses were 10.9% (10.4% excluding integration expenses) in the current quarter compared to 10.4% in the first quarter of 2007. SG&A expenses per average installed room were $2.74 ($2.61 excluding integration expenses) as compared to $2.60 in the first quarter of 2007.

Depreciation and amortization expenses were $33.1 million in the first quarter of 2008. The depreciation and amortization expenses included $3.2 million of expense related to the amortization of acquired intangibles from the acquisition of StayOnline and On Command. As a percentage of revenue, depreciation and amortization expenses were 21.4% in the first quarter of 2008 as compared to 21.2% in the first quarter of 2007. Amortization of acquired intangibles was 2.3% of revenue during the first quarter of 2008 as compared to 0.2% in the first quarter of 2007.

For the first quarter of 2008, we also incurred restructuring costs of $2.0 million to complete the personnel reduction phases of our post merger activities. The restructuring expenses were primarily related to employee severance costs for the remaining administrative functions and the consolidation of our corporate systems infrastructure.

Interest expense was $11.0 million in the current quarter versus $6.2 million in the first quarter of 2007. The increase resulted from the change in weighted average long-term debt, which increased to $626.1 million during the first quarter of 2008 from $269.9 million in the first quarter of 2007 as a result of the On Command acquisition. The annualized interest rate decreased to 7.0% for the first quarter of 2008 versus 9.2% for the first quarter 2007.

As a result of factors previously described, Adjusted Operating Cash Flow, a non-GAAP measure, which we define as operating (loss) income exclusive of depreciation, amortization, share-based compensation, restructuring and integration expenses, was $34.6 million for this quarter of 2008 as compared to $22.7 million for the first quarter of 2007, an increase of $11.8 million.

Net loss was $(13.0) million for the first quarter of 2008 compared to a net loss of $(28,000) in the prior year quarter. Net loss per share for the first quarter of 2008 was $(0.58) compared to net loss per share of $(0.00) in the first quarter of 2007. The net loss included $5.9 million of acquisition related costs for restructuring, integration, and amortization of acquired intangibles. Net loss excluding acquisition related items was $(7.1) million or $(0.32) per share.

For the first quarter of 2008, cash provided by operating activities, excluding $5.9 million of cash used for integration and restructuring related activities, was $17.8 million. Cash used for property and equipment additions, including growth related capital was $18.9 million. Also during the first quarter 2008, we repurchased 470,000 shares using $4.7 million of cash. During the first quarter of 2007, cash provided by operating activities was $18.0 million while cash used for property and equipment additions, including growth-related capital, was $15.9 million.

During the quarter, we installed 15,065 new rooms and converted 17,835 rooms as compared to 15,394 new rooms and 14,672 converted rooms during the first quarter of 2007. The average investment per newly installed room was $390 during the first quarter of 2008, compared to $366 for the first quarter of 2007, while the average investment per converted room was $301 this quarter, compared to $285 in the first quarter of 2007. The increase in the average investment per installed room was primarily attributable to the increased installation of HD systems in 8,090 new rooms along with the conversion of 15,184 rooms to HD in the first quarter of 2008 as compared to 5,368 new HD rooms and 7,995 converted HD rooms in the first quarter of 2007. The average investment per newly-installed HD room was $413 during the first quarter of 2008, compared to $430 in the first quarter of 2007. The average investment per converted HD room was $304 during the first quarter of 2008, compared to $316 in the first quarter of 2007.

Outlook

For the year 2008, LodgeNet continues to expect to report revenue in the range of $570.0 million to $585.0 million and Adjusted Operating Cash Flow* is expected to be in a range from $150.0 million to $160.0 million. Net loss is expected to be $(28.0) million to $(18.0) million or loss per share of $(1.24) to $(0.80). Adjusted Net Loss** is expected to be $(14.0) million to $(4.0) million or $(0.62) to $(0.18) per share. Net Free Cash Flow *** is expected to be in a range of $17.0 million to $27.0 million and Adjusted Net Free Cash Flow**** is expected to be $25.0 million to $35.0 million.

* Adjusted Operating Cash Flow is a non-GAAP measure which we define as Operating (Loss) Income exclusive of depreciation, amortization, share-based compensation and restructuring and integration expenses.

** Adjusted Net Loss excludes amortization of purchased intangibles, debt refinancing charges and restructuring and integration expenses.

*** Net Free Cash Flow, a non-GAAP measure, is defined by the Company as cash provided by operating activities less cash used for investing activities, including growth related capital.

**** Adjusted Net Free Cash Flow, a non-GAAP measure, is defined as net free cash flow, as defined above, and further excludes cash used for restructuring and integration activities.

The Company will also host a teleconference to discuss its results April 29, 2008, at 5:00 P.M. Eastern Time. A live webcast of the teleconference will also be available via InterCall at http://audioevent.mshow.com/343938/. The webcast will be archived at that site for one month and can be accessed via LodgeNet's company website at http://www.lodgenet.com/. Additionally, the Company has posted slides at its website under the For Investors, Company Presentations section, which will be referenced during the conference call.

Special Note Regarding the Use of Non-GAAP Financial Information

To supplement our consolidated financial statements presented in accordance with accounting principles generally accepted in the United States ("GAAP"), we use adjusted operating cash flow, adjusted net loss, net free cash flow, and adjusted net free cash flow, which are non-GAAP measures that are derived from results based on GAAP. The presentation of this additional information is not meant to be considered superior to, in isolation of, or as a substitute for, results prepared in accordance with GAAP.

Adjusted operating cash flow is a non-GAAP measure which we define as operating (loss) income exclusive of depreciation, amortization, share-based compensation and restructuring and integration expenses. Adjusted net loss is a non-GAAP measure which we define as net loss exclusive of amortization of purchased intangibles, debt refinancing, restructuring charges and integration expenses. We define net free cash flow, a non-GAAP measure, as cash provided by operating activities less cash used for certain investing activities and excluding consideration paid for acquisitions. Adjusted net free cash flow, a non-GAAP measure, is defined as net free cash flow, as defined above, and further excludes the effect of cash consideration paid for acquisitions, debt tender, and integration and restructuring activities. These non-GAAP measures are key liquidity indicators but should not be construed as an alternative to GAAP measures or as a measure of our profitability or performance. We provide information about these measures because we believe it is a useful way for us, and our investors, to measure our ability to satisfy cash needs, including one-time charges such as restructuring or integration, interest payments on our debt, taxes and capital expenditures. Our method of computing these measures may not be comparable to other similarly titled measures of other companies.

About LodgeNet Interactive

LodgeNet Interactive Corporation is the leading provider of media and connectivity solutions designed to meet the unique needs of hospitality, healthcare and other guest-based businesses. LodgeNet Interactive serves more than 1.9 million hotel rooms representing 9,900 hotel properties worldwide in addition to healthcare facilities throughout the United States. The company's services include: Interactive Television Solutions, Broadband Internet Solutions, Content Solutions, Professional Solutions and Advertising Media Solutions. LodgeNet Interactive Corporation owns and operates businesses under the industry leading brands: LodgeNet, LodgeNetRX, and The Hotel Networks. LodgeNet Interactive is listed on NASDAQ and trades under the symbol LNET. For more information, please visit http://www.lodgenet.com/.

Special Note Regarding Forward-Looking Statement

Certain statements in this press release constitute "forward-looking statements". When used in this press release and in the prepared remarks as well as in response to the questions during the conference call, the words "intends," "expects," "anticipates," "estimates," "believes," "goal," "no assurance" and similar expressions, and statements which are made in the future tense or refer to future events or developments, including, without limitation, those related to guidance and adjusted net free cash flow, are intended to identify such forward-looking statements. Such forward-looking statements are subject to risks, uncertainties, and other factors that could cause the actual results, performance or achievements to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. In addition to the risks and uncertainties discussed herein, such factors include, among others, the following: the effects of economic conditions, including in particular the economic condition of the lodging industry, which can be particularly affected by international crisis, acts or threats of terrorism and public health issues; competition from providers of similar services and from alternative systems for accessing in-room entertainment; competition from HSIA providers; changes in demand for our products and services; programming availability, timeliness, quality, and costs; technological developments by competitors; developmental costs, difficulties, and delays; relationships with customers and property owners; the availability of capital to finance growth; the impact of governmental regulations; potential effects of litigation; risks of expansion into new markets; risks related to the security of our data systems; and other factors detailed, from time to time, in our filings with the Securities and Exchange Commission. With respect to any acquisition, we are subject to risks that integration costs will exceed expectations, that synergies we anticipate will not be realized, or will take longer than anticipated to realize, that our management and management systems will encounter difficulties in dealing with a bigger, more diversified enterprise, and that the financial results we expect from the acquisition will not be realized. For any of the foregoing reasons, our guidance and adjusted free cash flow may not meet our expectations. These forward-looking statements speak only as of the date of this press release. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

LodgeNet is a registered trademark of LodgeNet Interactive Corporation. All rights reserved. Other names and brands may be claimed as the property of others.

LodgeNet Interactive Corporation and Subsidiaries Consolidated Balance Sheets (Unaudited) (Dollar amounts in thousands, except share data) March 31, December 31, 2008 2007 Assets Current assets: Cash and cash equivalents $18,836 $25,569 Accounts receivable, net 77,961 73,580 Other current assets 9,762 11,359 Total current assets 106,559 110,508 Property and equipment, net 313,062 323,963 Debt issuance costs, net 10,919 11,374 Intangible assets, net 123,376 126,530 Goodwill 111,293 111,293 Other assets 10,338 10,155 Total assets $675,547 $693,823 Liabilities and Stockholders' Deficiency Current liabilities: Accounts payable $49,303 $50,559 Current maturities of long-term debt 7,376 7,398 Accrued expenses 24,484 30,118 Deferred revenue 15,689 14,354 Total current liabilities 96,852 102,429 Long-term debt 622,763 617,196 Other long-term liabilities 39,504 22,440 Total liabilities 759,119 742,065 Commitments and contingencies Stockholders' deficiency: Preferred stock, $.01 par value, 5,000,000 shares authorized; no shares issued or outstanding Common stock, $.01 par value, 50,000,000 shares authorized; 22,989,515 and 22,969,775 shares outstanding at March 31, 2008 and December 31, 2007, respectively 230 230 Treasury stock, at cost: 530,000 and 60,000 shares at March 31, 2008 and December 31, 2007, respectively (5,737) (1,075) Additional paid-in capital 330,892 330,405 Accumulated deficit (380,649) (367,638) Accumulated other comprehensive loss (28,308) (10,164) Total stockholders' deficiency (83,572) (48,242) Total liabilities and stockholders' deficiency $675,547 $693,823

The accompanying notes are an integral part of these consolidated financial

statements. LodgeNet Interactive Corporation and Subsidiaries Consolidated Statements of Operations (Unaudited) (Dollar amounts in thousands, except share data) Three Months Ended March 31, 2008 2007 Revenues: Guest Entertainment and hotel services $128,692 $70,720 System sales, advertising and other 11,095 4,565 Total revenues 139,787 75,285 Direct Costs and Operating Expenses: Direct costs (exclusive of operating expenses and depreciation and amortization shown separately below): Guest Entertainment and hotel services 67,391 33,090 System sales, advertising and other 8,519 3,370 Operating expenses: System operations 15,387 8,534 Selling, general and administrative 15,225 7,844 Depreciation and amortization 33,100 16,089 Restructuring 2,002 241 Other operating expense 10 - Total direct costs and operating expenses 141,634 69,168 (Loss) income from operations (1,847) 6,117 Other Income and (Expenses): Interest expense (10,974) (6,204) Other income 11 160 (Loss) income before income taxes (12,810) 73 Provision for income taxes (201) (101) Net loss $(13,011) $(28) Net loss per common share (basic and diluted) $(0.58) $- Weighted average shares outstanding (basic and diluted) 22,606,699 19,040,156

The accompanying notes are an integral part of these consolidated financial

statements. LodgeNet Interactive Corporation and Subsidiaries Consolidated Statements of Cash Flows (Unaudited) (Dollar amounts in thousands) Three Months Ended March 31, 2008 2007 Operating activities: Net loss $(13,011) $(28) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 33,100 16,089 Share-based compensation 509 265 Other 16 - Change in operating assets and liabilities: Accounts receivable (4,556) (2,613) Other current assets 1,527 (1,260) Accounts payable (1,190) 1,777 Accrued expenses and deferred revenue (4,287) 3,823 Other (211) (26) Net cash provided by operating activities 11,897 18,027 Investing activities: Property and equipment additions (18,935) (15,897) Deferred acquisition costs - (447) Acquisition of StayOnline, Inc. - (14,422) Net cash used for investing activities (18,935) (30,766) Financing activities: Repayment of long-term debt (1,563) (375) Payment of capital lease obligations (413) (636) Borrowings of revolving credit facility 30,000 - Repayments of revolving credit facility (23,000) - Purchase of treasury stock (4,662) - Exercise of stock options - 7,272 Net cash provided by financing activities 362 6,261 Effect of exchange rates on cash (57) 3 Decrease in cash and cash equivalents (6,733) (6,475) Cash and cash equivalents at beginning of period 25,569 22,795 Cash and cash equivalents at end of period $18,836 $16,320

The accompanying notes are an integral part of these consolidated financial

statements. LodgeNet Interactive Corporation and Subsidiaries Supplemental Data Pro Forma 1st Qtr 4th Qtr 3rd Qtr 2nd Qtr 1st Qtr '08 '07 '07 '07 '07 (6) Room Base Statistics Total Rooms Served (1) 1,968,000 1,962,090 1,954,116 1,943,183 1,936,875 Total Guest Entertainment Rooms (2) 1,863,599 1,860,720 1,852,124 1,844,451 1,836,530 Total HD Rooms (3) 109,980 84,327 63,502 48,348 37,343 Percent of Total Guest Entertainment Rooms 5.9% 4.5% 3.4% 2.6% 2.0% Total Television Programming (FTG) Rooms (4) 1,076,894 1,068,256 1,059,440 1,044,352 1,036,403 Percent of Total Guest Entertainment Rooms 57.8% 57.4% 57.2% 56.6% 56.4% Total Broadband Internet Rooms (5) 221,906 218,619 215,581 209,145 190,827 Percent of Total Rooms Served 11.3% 11.1% 11.0% 10.8% 9.9% Revenue Per Room Statistics (per month) Guest Entertainment Revenue $17.83 $16.88 $19.06 $18.11 $18.40 Hotel Services Revenue 5.30 4.93 4.86 4.61 4.55 System Sales, Advertising, and Other Revenue 1.99 2.04 1.80 1.73 1.65 Total Revenue Per Room $25.12 $23.85 $25.72 $24.45 $24.60 Summary Operating Results (Dollar amounts in thousands) Guest Entertainment Revenue $99,202 $93,966 $105,651 $99,955 $101,392 Hotel Services Revenue 29,490 27,416 26,945 25,463 25,056 System Sales, Advertising, and Other Revenue 11,095 11,376 10,013 9,520 9,086 Total Revenue $139,787 $132,758 $142,609 $134,938 $135,534 Adjusted Operating Cash Flow (7) $34,551 $33,838 $37,865 $36,253 $33,933 Operating (Loss) Income $(1,847) $(8,199) $(1,428) $(726) $1,671 Write-off Debt Issuance Costs $- $- $(25) $(22,170) $- Net Loss $(13,011) $(19,702) $(11,411) $(34,031) $(11,316) Reconciliation of Adjusted Operating Cash Flow to Operating (Loss) Income (Dollar amounts in thousands) Adjusted Operating Cash Flow $34,551 $33,838 $37,865 $36,253 $33,933 Depreciation and Amortization (29,948) (29,843) (31,020) (31,016) (31,625) Amortization of Acquired Intangibles (3,152) (2,719) (3,110) (2,583) (131) Share Based Compensation (508) (442) (443) (587) (265) Restructuring Expense (2,002) (6,105) (2,296) (2,515) (241) Integration Expense (788) (2,928) (2,424) (278) - Operating (Loss) Income $(1,847) $(8,199) $(1,428) $(726) $1,671 (1) Total rooms served represents rooms receiving one or more of our services including rooms served by international licensees. (2) Guest Entertainment rooms receive one or more Guest Entertainment Services such as movies, video games, music or other interactive services. (3) HD rooms are equipped with high-definition capabilities. (4) Television programming (FTG) rooms receiving basic or premium television programming. (5) Represents rooms receiving high-speed Internet service included in total rooms served. (6) As a result of the acquisitions of On Command and StayOnline, we included Pro Forma On Command amounts from the first quarter 2007 and StayOnline amounts from January 2007. We included this information to provide a better basis for comparison and we believe it is a useful way for us, and our investors, to measure the changes period over period. The presentation of this non-GAAP information is not meant to be considered superior to, in isolation of, or as a substitute for, results prepared in accordance with GAAP. (7) Adjusted Operating Cash Flow is a non-GAAP measure which we define as Operating (Loss) Income exclusive of depreciation, amortization, share-based compensation, restructuring and integration expenses.

Photo: http://www.newscom.com/cgi-bin/prnh/20080115/AQTU120LOGO
AP Archive: http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com LodgeNet Interactive Corporation

CONTACT: Ann Parker, Director, Investor Relations of LodgeNet,
+1-605-988-1000, ann.parker@lodgenet.com; or Mike Smargiassi of Brainerd
Communicators, +1-212-986-6667, smarg@braincomm.com, for LodgeNet

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

Dice Holdings, Inc. to Present at the Third Annual Needham & Company, LLC Internet & Digital Media Conference

NEW YORK, April 29 /PRNewswire-FirstCall/ -- Dice Holdings, Inc. today announced Scot Melland, Chairman, President and CEO and Michael Durney, Senior Vice President, Finance and CFO, will present on Thursday, May 8, 2008 at the Third Annual Needham & Company, LLC Internet & Digital Media Conference in New York City. The presentation will begin at 11:30 a.m. Eastern Time. Investors and interested parties may listen to a live webcast of the presentation by visiting the Company's website at http://www.diceholdingsinc.com/ under the Investor Relations section.

About Dice Holdings, Inc.

Dice Holdings, Inc. is a leading provider of specialized career websites for professional communities, including technology and engineering, capital markets and financial services, accounting and finance, and security clearance. Our mission is to help our customers source and hire the most qualified professionals in select and highly skilled occupations, and to help those professionals find the best job opportunities in their respective fields and further their careers. For more than 17 years, we have built our company by providing our customers with quick and easy access to high-quality, unique professional communities and offering those communities access to highly relevant career opportunities and information. Today, we serve multiple markets in North America, Europe, the Middle East, Asia and Australia.

Dice Holdings, Inc.

CONTACT: Investors, Jennifer Bewley, Director, Investor Relations of
Dice Holdings, Inc., +1-212-448-4181, ir@dice.com,; or Media, Rich Layne,
+1-646-277-1219, or Stephanie Sampiere, +1-646-277-1222, both of ICR Inc., for
Dice Holdings, Inc.

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

ARRIS Announces Preliminary and Unaudited First Quarter 2008 Results

SUWANEE, Ga., April 29 /PRNewswire-FirstCall/ -- ARRIS Group, Inc. , a global technology leader in advanced cable telephony & broadband access equipment, and next generation high-speed data, video, and operations software solutions, today announced preliminary and unaudited financial results for the first quarter 2008.

First quarter 2008 revenues of $273.5 million represented an increase of $38.2 million or 16%, as compared to the first quarter 2007 revenues of $235.3 million, primarily reflecting the acquisition of C-COR. First quarter 2008 gross margin was $85.2 million, or 31.2% as compared to $68.7 million or 29.2% in the first quarter 2007. Order backlog increased to $147.0 million in the quarter as compared to $136.7 million at year end 2007. Book-to-bill ratio in the first quarter was 1.04.

GAAP net income in the first quarter 2008 was $0.04 per diluted share, as compared to $0.34 per diluted share for the first quarter 2007. Non-GAAP net income in the first quarter 2008 was $0.12 per diluted share, as compared to $0.20 per diluted share for the first quarter 2007. Items excluded from non-GAAP income include: amortization of intangibles, certain acquisition gains and expenses, certain tax benefits and costs, equity compensation expense, and adjustments to restructuring accruals. A reconciliation of GAAP to non-GAAP earnings per share is attached to this release and also can be found on the Company's website (http://www.arrisi.com/).

In conjunction with the acquisition of C-COR, the Company implemented a new organizational structure in December 2007. As a result, effective with fourth quarter 2007 results, ARRIS began reporting financial results in three reporting segments: Broadband Communications Systems; Access, Transport & Supplies; and Media & Communications Systems. A summary of the first quarter revenue and gross margin for each of the segments is attached to this release and can be found on the Company's website.

The Company ended the first quarter 2008 with $293.0 million of cash and short-term investments, which compares to $391.8 million at the end of the fourth quarter 2007. The change in cash balance reflects the repurchase during the quarter of approximately 13 million shares in the open market for an aggregate consideration of approximately $76 million. During the quarter, the Company also redeemed $35 million of convertible debt originally issued by C-COR and paid approximately $12 million to retire various acquisition liabilities. The Company generated $30.5 million of cash from operating activities in the first quarter 2008.

"ARRIS begins 2008 with a sense of strong optimism," said Bob Stanzione, ARRIS Chairman & CEO. "While the current economic climate is somewhat challenging, we see significant opportunities for further growth as the year unfolds. We are investing in our future, and have a strong portfolio of exciting products which solidify our industry leading position as a provider of end-to-end data, voice and video solutions for our domestic and international customers. As evidenced by our recent DOCSIS 3.0 CMTS win in Japan, our products continue to be selected by leading service providers worldwide, thereby helping diversify our customer base. We are well positioned to take advantage of customer and end user demands for high speed data services, VoIP, on-demand video, ad insertion, OSS solutions and network upgrades to accommodate increased high definition channel offerings. We will aggressively pursue these opportunities on a global basis."

"The first quarter was in line with the guidance we provided in February with EPS coming in at the high end of the range. Notably, our gross margin for the quarter was 31%," said David Potts, ARRIS EVP & CFO. "We anticipate continued improvement throughout the year. As a result, we now project that revenues for the Company in the second quarter 2008 will be in the range of $288 to $303 million with GAAP net income per diluted share in the range of $0.04 to $0.08 and non-GAAP net income per diluted share, in the range of $0.13 to $0.17. I remain confident that we are well-positioned to meet the insatiable demand for more bandwidth and speed, driven by accelerating entertainment and information applications."

ARRIS management will conduct a conference call at 5:00pm EDT, today, Tuesday, April 29, 2008, to discuss these results in detail. You may participate in this conference call by dialing 888-713-4218 or 617-213-4870 for international calls prior to the start of the call and providing the ARRIS Group, Inc. name, conference passcode 43173899 and Jim Bauer as the moderator. Please note that ARRIS will not accept any calls related to this earnings release until after the conclusion of the 5:00pm EDT conference call. A replay of the conference call can be accessed approximately two hours after the call through May 2, 2008 by dialing 888-286-8010 or 617-801-6888 for international calls and using the passcode 89070320. A replay also will be made available for a period of 12 months following the conference call on ARRIS' website at http://www.arrisi.com/ .

ARRIS is a global communications technology company specializing in the design, engineering and supply of technology supporting triple and quad-play broadband services for residential and business customers around the world. The company supplies broadband operators with the tools and platforms they need to deliver reliable telephony, demand driven video, next-generation advertising and high-speed data services. ARRIS products expand and help grow network capacity with access and outside plant construction equipment, reliably deliver voice, video and data services and assure optimal service delivery for end customers. Headquartered in Suwanee, Georgia, USA, ARRIS has R&D centers in Atlanta, Chicago, Beaverton, State College, Wallingford, Ireland and China, and operates support and sales offices throughout the world. Information about ARRIS products and services can be found at http://www.arrisi.com/ .

Forward-looking statements: Statements made in this press release, including those related to: -- second quarter and 2008 revenues and net income; and -- the general market outlook;

are forward-looking statements. These statements involve risks and uncertainties that may cause actual results to differ materially from those set forth in these statements. Among other things,

-- projected results for the second quarter as well as the general outlook for 2008 and beyond are based on preliminary estimates, assumptions and projections that management believes to be reasonable at this time, but are beyond management's control; -- because the market in which ARRIS operates is volatile, actions taken and contemplated may not achieve the desired impact relative to changing market conditions and the success of these strategies will be dependent on the effective implementation of those plans while minimizing organizational disruption

In addition to the factors set forth elsewhere in this release, other factors that could cause results to differ from current expectations include: the uncertain current economic climate and its impact on our customers' plans and access to capital; the impact of rapidly changing technologies; the impact of competition on product development and pricing; the ability of ARRIS to react to changes in general industry and market conditions including regulatory developments; rights to intellectual property, market trends and the adoption of industry standards; and consolidations within the telecommunications industry of both the customer and supplier base. These factors are not intended to be an all-encompassing list of risks and uncertainties that may affect the Company's business. Additional information regarding these and other factors can be found in ARRIS' reports filed with the Securities and Exchange Commission, including its Form 10-K for the year ended December 31, 2007. The Company expressly disclaims any obligation to update publicly or otherwise these statements, whether as a result of new information, future events or otherwise.

ARRIS GROUP, INC. CONSOLIDATED BALANCE SHEETS (in thousands) March 31, 2008 (unaudited) ASSETS Current assets: Cash and cash equivalents $243,515 Short-term investments, at fair value 49,513 Total cash, cash equivalents and short-term investments 293,028 Restricted cash 7,186 Accounts receivable, net 159,881 Other receivables 6,074 Inventories, net 125,105 Prepaids 5,680 Current deferred income tax assets 47,051 Other current assets 8,209 Total current assets 652,214 Property, plant and equipment, net 60,747 Goodwill 453,454 Intangible assets, net 257,029 Investments 10,200 Noncurrent deferred income tax assets - Other assets 12,624 $1,446,268 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $60,490 Accrued compensation, benefits and related taxes 14,397 Accrued warranty 13,365 Deferred revenue 19,901 Current portion of long-term debt 310 Other accrued liabilities 27,980 Total current liabilities 136,443 Long-term debt, net of current portion 276,686 Accrued pension 10,905 Noncurrent income tax payable 6,487 Noncurrent deferred income tax liability 43,402 Other long-term liabilities 14,258 Total liabilities 488,181 Stockholders' equity: Preferred stock - Common stock 1,357 Capital in excess of par value 1,095,716 Treasury stock at cost (76,007) Unrealized gain (loss) on marketable securities 151 Unfunded pension liability (3,358) Accumulated deficit (59,588) Cumulative translation adjustments (184) Total stockholders' equity 958,087 $1,446,268 ARRIS GROUP, INC. CONSOLIDATED BALANCE SHEETS (in thousands) December 31, September 30, June 30, March 31, 2007 2007 2007 2007 (unaudited) (unaudited) (unaudited) ASSETS Current assets: Cash and cash equivalents $323,797 $370,708 $444,020 $441,317 Short-term investments, at fair value 68,011 217,845 160,315 134,610 Total cash, cash equivalents and short- term investments 391,808 588,553 604,335 575,927 Restricted cash 6,977 3,142 3,136 3,128 Accounts receivable, net 166,953 130,216 120,680 125,756 Other receivables 4,330 5,000 6,845 9,888 Inventories, net 131,792 118,227 90,542 78,186 Prepaids 5,856 3,626 3,250 3,500 Current deferred income tax assets 44,939 19,602 23,239 26,818 Other current assets 4,841 13,703 10,773 4,001 Total current assets 757,496 882,069 862,800 827,204 Property, plant and equipment, net 59,156 31,251 30,196 28,076 Goodwill 455,352 150,569 150,569 150,569 Intangible assets, net 269,893 115 172 230 Investments 6,412 8,916 3,151 3,569 Noncurrent deferred income tax assets - 16,238 17,294 18,639 Other assets 10,181 9,084 7,517 7,790 $1,558,490 $1,098,242 $1,071,699 $1,036,077 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $58,852 $35,540 $46,015 $41,337 Accrued compensation, benefits and related taxes 26,177 18,857 14,631 9,991 Accrued warranty 14,370 7,346 7,829 7,968 Deferred revenue 8,474 6,273 7,195 5,488 Current portion of long- term debt 35,305 - - - Other accrued liabilities 42,121 20,854 20,806 26,923 Total current liabilities 185,299 88,870 96,476 91,707 Long-term debt, net of current portion 276,765 276,000 276,000 276,000 Accrued pension 10,455 11,810 12,778 12,420 Noncurrent income tax payable 6,322 5,262 4,334 4,334 Noncurrent deferred income tax liability 41,796 - - - Other long-term liabilities 12,086 5,143 5,288 5,606 Total liabilities 532,723 387,085 394,876 390,067 Stockholders' equity: Preferred stock - - - - Common stock 1,356 1,104 1,102 1,096 Capital in excess of par value 1,093,498 789,348 782,717 773,839 Treasury stock at cost (572) - - - Unrealized gain (loss) on marketable securities 20 (151) - 1,345 Unfunded pension liability (3,358) (4,462) (4,462) (4,462) Accumulated deficit (64,993) (74,498) (102,350) (125,624) Cumulative translation adjustments (184) (184) (184) (184) Total stockholders' equity 1,025,767 711,157 676,823 646,010 $1,558,490 $1,098,242 $1,071,699 $1,036,077 ARRIS GROUP, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) For the Three Months Ended March 31, 2008 2007 (unaudited) (unaudited) Net sales $273,506 $235,253 Cost of sales 188,258 166,506 Gross margin 85,248 68,747 Gross margin % 31.2% 29.2% Operating expenses: Selling, general, and administrative expenses 36,982 24,175 Research and development expenses 28,122 18,096 Restructuring and impairment charges 405 421 Amortization of intangible assets 13,254 58 78,763 42,750 Operating income 6,485 25,997 Other expense (income): Interest expense 1,504 1,668 Loss on investments and notes receivable 2 19 (Gain) loss on foreign currency (990) 322 Interest income (2,685) (6,483) Gain related to terminated acquisition, net of expenses - (22,835) Other (income) expense, net (36) 65 Income from continuing operations before income taxes 8,690 53,241 Income tax expense 3,285 15,597 Net income $5,405 $37,644 Net income per common share: Basic $0.04 $0.35 Diluted $0.04 $0.34 Weighted average common shares: Basic 130,763 108,467 Diluted 131,981 110,988 ARRIS GROUP, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) For the Three Months Ended March 31, 2008 2007 (unaudited) (unaudited) Operating Activities: Net income $5,405 $37,644 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation 4,963 2,497 Amortization of intangible assets 13,254 58 Stock compensation expense 2,551 2,656 Deferred income tax provision (benefit) (506) 4,702 Amortization of deferred finance fees 279 279 Provision for doubtful accounts 205 371 Gain related to previously written off receivables - (377) Loss on investments 2 19 Gain related to terminated acquisition, net of expenses - (22,835) Excess tax benefits from stock- based compensation plans - (4,855) Changes in operating assets & liabilities, net of effects of acquisitions and disposals: Accounts receivable 7,502 (10,823) Other receivables (1,744) (7,332) Inventory 7,501 16,040 Income taxes payable 81 1,293 Accounts payable and accrued liabilities (10,294) (24,842) Other, net 1,316 1,470 Net cash provided by (used in) operating activities 30,515 (4,035) Investing Activities: Purchases of property, plant, and equipment (6,429) (2,287) Cash proceeds related to terminated acquisition, net of expenses - 10,881 Cash paid for hedge related to terminated acquisition - (26,469) Cash proceeds from hedge related to terminated acquisition - 38,750 Cash paid for acquisition, net of cash acquired (4,192) - Cash proceeds from sale of property, plant & equipment 224 - Purchases of short-term investments (16,887) (128,135) Disposals of short-term investments 30,500 81,100 Net cash provided by (used in) investing activities 3,216 (26,160) Financing Activities: Payment of debt and capital lease obligations (35,097) - Treasury stock repurchase (75,960) - Excess tax benefits from stock- based compensation plans - 4,855 Repurchase of shares to satisfy minimum tax withholdings (239) - Fees and proceeds from issuance of common stock, net (2,717) 5,039 Net cash (used in) provided by financing activities (114,013) 9,894 Net decrease in cash and cash equivalents (80,282) (20,301) Cash and cash equivalents at beginning of period 323,797 461,618 Cash and cash equivalents at end of period $243,515 $441,317 ARRIS GROUP, INC. SUPPLEMENTAL NET INCOME RECONCILIATION (in thousands, except per share data) (unaudited) Q1 2008 Q1 2007 Per Per Diluted Diluted Amount Share Amount Share Net income $5,405 $0.04 $37,644 $0.34 Highlighted items: Impacting gross margin: Stock compensation expense 201 - 165 - Impacting operating expenses: Gains related to previously written off receivables - - (377) - Integration costs 427 - - - Restructuring charges - adjustments to existing accruals 405 - 421 - Amortization of intangible assets 13,254 0.10 58 - Stock compensation expense 2,350 0.02 2,491 0.02 Impacting net income from continuing operations: Gains related to terminated acquisition, net of expenses - - (22,835) (0.21) Impacting income tax expense: Adjustments of income tax valuation allowances and research & development credits and other - - (3,246) (0.03) Tax related to highlighted items above (6,294) (0.05) 7,754 0.07 Total highlighted items 10,343 0.08 (15,569) (0.14) Net income excluding highlighted items $15,748 $0.12 $22,075 $0.20 Weighted average common shares - diluted 131,981 110,988

ARRIS believes that presenting net income and related per share amounts adjusted for the items detailed above provides meaningful information that will allow investors to more easily understand ARRIS' financial performance and compare its period-to-period results. With respect to stock compensation expense, ARRIS records non-cash compensation expense related to grants of options and restricted stock. Depending upon the size, timing and the terms of the grants, this non-cash compensation expense may vary significantly. In prior periods, ARRIS highlighted significant losses related to bad debt expense associated with certain customers. ARRIS recognized a gain in Q1 of 2007 associated with these previously written off receivables. With respect to amortization of intangibles, the intangibles being amortized relate to our recent acquisition of C-COR. The restructuring charge adjustments reflect items that, although they or similar items might recur, are of a nature and magnitude that identifying them separately provides investors with a greater ability to project ARRIS' future performance. During the first quarter of 2007, ARRIS announced that it entered into a transaction agreement with TANDBERG Television ASA, in which ARRIS was to buy all the outstanding shares of TANDBERG. ARRIS was subsequently outbid by another buyer and the transaction agreement was terminated during the first quarter 2007. ARRIS recorded gains, net before tax, of $22.8 million related to the termination of the transaction (termination fee, foreign exchange gains, and expenses). The net termination fee resulted in a capital gain which provided greater access to prior tax capital losses that had previously been viewed as more likely than not unrealizable. As a result, net income tax valuation allowances totaling $3.2 million were reversed in the first quarter 2007. During the first quarter of 2008, ARRIS recorded incremental costs of $0.4 million as a result of the C-COR integration.

In assessing operating performance and preparing budgets and forecasts, ARRIS' management considers performance after making these adjustments and believes that providing investors with the same information provides greater transparency and insight into management's analysis. ARRIS expects to continue providing similar information in the future with schedules reconciling the differences between GAAP and non-GAAP financial measures.

ARRIS GROUP, INC SUPPLEMENTAL SALES AND GROSS MARGIN INFORMATION (in thousands, except gross margin percentages) (unaudited) Q1 2007 incl Q1 2008 Q1 2007 C-COR (1,2) Broadband Communications Systems Sales 189,637 199,000 199,000 Gross Margin 57,991 62,451 62,451 Gross Margin % 30.6% 31.4% 31.4% Access, Transport & Supplies Sales 72,894 36,006 93,490 Gross Margin 21,876 6,426 30,215 Gross Margin % 30.0% 17.8% 32.3% Media & Communications Systems Sales 10,975 247 15,783 Gross Margin 5,381 (130) 8,826 Gross Margin % 49.0% -52.6% 55.9% Total Sales 273,506 235,253 308,273 Gross Margin 85,248 68,747 101,492 Gross Margin % 31.2% 29.2% 32.9% (1) Sum of Arris and C-Cor reported sales and gross margins, unaudited (2) C-COR gross margin has been adjusted to conform to ARRIS accounting policies with respect to freight billed to customers. ARRIS GROUP, INC. Supplemental Second Quarter Net Income Reconciliation (unaudited) Q2 EPS 2008 Guidance Estimated GAAP EPS - diluted $0.04 - $0.08 Reconciling Items Amortization of Intangibles, after tax 0.07 Stock Compensation Expense, after tax 0.02 Subtotal 0.09 Estimated Non GAAP EPS - diluted $0.13 - $0.17

See the GAAP to Non-GAAP EPS reconciliation for a discussion regarding management's reasoning for providing this non-GAAP financial measure

ARRIS Group, Inc.

CONTACT: Jim Bauer, Investor Relations of ARRIS Group, Inc.,
+1-678-473-2647, jim.bauer@arrisi.com

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

Harris Corporation Third Quarter Revenue Increases 24%; Orders Higher Than Revenue in All Four Operating SegmentsCompany Increases Fiscal Year 2009 Earnings Guidance

MELBOURNE, Fla., April 29 /PRNewswire-FirstCall/ -- Harris Corporation reported revenue for its third quarter of fiscal year 2008 of $1.33 billion, an increase of 24 percent compared to $1.07 billion in the prior-year quarter. Organic revenue increased 15 percent, excluding the impact of prior-year acquisitions.

Net income for the third quarter of fiscal year 2008 was $108 million, or $.78 per diluted share. Net income in the prior-year quarter, which included a significant gain associated with the Harris Stratex Networks combination, was $215 million, or $1.52 per diluted share. Non-GAAP net income, excluding acquisition-related costs and gains, was $110 million, or $.81 per diluted share, in the third quarter of fiscal year 2008, compared to $101 million, or $.72 per diluted share, in the prior-year quarter. Third quarter fiscal year 2008 earnings were adversely impacted by a previously announced charge of $47 million for cost overruns on several commercial satellite reflector programs. Also, as previously announced, third quarter earnings benefited from a low effective tax rate. A reconciliation of GAAP to non-GAAP financial measures is provided in Tables 5 through 8 along with accompanying notes.

"Strong revenue growth continued in the third quarter across all of our businesses. Even with the impact of the commercial reflector charge, Harris generated excellent earnings in the quarter," said Howard L. Lance, chairman, president and chief executive officer. "Orders were particularly strong and our growing backlog should provide excellent momentum entering fiscal 2009."

Defense Communications and Electronics

Results in the Defense Communications and Electronics segment continued to be excellent, with third quarter revenue of $507 million, an increase of 22 percent compared to the prior-year quarter. Orders were significantly greater than revenue. Operating income of $156 million increased 24 percent, compared to the prior-year quarter, and operating margin was 31 percent. The Defense Communications and Electronics segment is comprised of the RF Communications Division and Defense Programs.

Global market demand for Harris Falcon(R) tactical radios continued to increase at double-digit rates. Deployment of advanced communications systems remains a top customer priority in the U.S. as well as globally. Demand is being driven by modernization programs, force expansion, force restructuring and modularity, and network-centric operations that significantly improve situational awareness. International deliveries were made to a diverse set of customers, including Pakistan, Albania, Algeria, Bulgaria, Kazakhstan, Saudi Arabia, Georgia, Singapore, Chad, Jamaica, Romania, Spain, Thailand, and the United Kingdom.

Significant RF Communications orders in the third quarter included: -- A $118 million order from the U.S. Army to supply Falcon II(R) high- frequency (HF) vehicular radio systems for HMMWV's and other vehicles; -- A $97 million contract to continue upgrading U.S. Marine Corps tactical radio communications with multiband, multimission JTRS-approved Falcon III(R) handheld and vehicular radio systems; -- An $80 million order from the Philippines Ministry of Defence for Falcon radios; -- A $45 million order to supply the U.S. Air Force with a complete suite of Falcon tactical radios for its fleet of Mine Resistant Ambush Protected (MRAP) vehicles; and -- A $25 million contract from the Brunei Ministry of Defence to supply tactical radios, accessories and other equipment to the Combat Net Radio replacement program of the Royal Brunei Armed Forces.

Announcements in the third quarter related to the robust RF Communications new product funnel included:

-- First deliveries of the new Falcon III multiband, multimission manpack radio, the first wideband networking radio to utilize the Software Communication Architecture (SCA) and receive NSA Type 1 certification for the protection of voice and data traffic up through the TOP SECRET level; -- Deployment of the new Broadband Ethernet high-capacity line-of-site radio by the 2-25th Stryker Brigade Combat Team of the U.S. Army's 25th Infantry Division; -- Introduction of the first multiband land mobile radio that provides real-time interoperable communications for the growing federal public safety and homeland security market; -- A contract from the Defence Forces of Norway to provide several thousand RF-7800S Secure Personal Radios, a lightweight wideband radio that delivers secure tactical communications to individual soldiers; and -- Use of the JTRS-approved Falcon III handheld radios in U.S. Army Shadow 200 Unmanned Aerial Vehicles to extend the communications capabilities of soldiers serving in mountainous and urban environments.

Defense Programs revenue increased in the third quarter of fiscal year 2008, compared to the prior-year quarter. Higher revenue was achieved in a number of strategic Department of Defense (DoD) programs including: the LMST (Lightweight Multiband Satellite Terminal) program for the U.S. Marine Corps, the WIN-T (Warfighter Information Network-Tactical) program for the U.S. Army, the IFCS (Improved Fire Control System) for the U.S. Army Multiple Launch Rocket System, the CDL (Common Data Link) Hawklink program for the U.S. Navy, and the MIDS (Multifunctional Information Distribution System) for DoD aircraft.

Harris products and systems are providing advanced battlespace networking capabilities at virtually every layer of the global communications grid -- ground, air, sea and space. Harris develops mobile, ad hoc and self-healing networks for network-centric warfare, providing defense forces with true situational awareness and information assurance, along with multi-level security and leading-edge encryption solutions.

Government Communications Systems

Revenue growth also continued in the Government Communications Systems segment. Third quarter revenue was $491 million, an increase of 27 percent compared to the prior-year quarter. Orders were higher than revenue. Operating income for the third quarter was $6 million and was adversely impacted by the $47 million charge for commercial satellite reflector programs. Operating income in the prior-year quarter was $45 million. The Government Communications Systems segment is comprised of Civil Programs, National Intelligence Programs, and IT Services.

Organic revenue increased 6 percent in the third quarter, compared to the prior-year quarter, driven by the FDCA (Field Data Collection Automation) program for the U.S. Census Bureau, the Patriot IT services program for the NRO (National Reconnaissance Office), the NETCENTS IT integration and services program for the U.S. Air Force, and a number of classified programs.

Major program wins in the third quarter included the potential $410 million, 6.5-year Network and Space Operations and Maintenance (NSOM) program. Harris will provide operations and maintenance support to the 50th Space Wing Air Force Satellite Control Network at locations around the world. Harris also received a $22 million, 6-month extension to a Department of State contract to modernize IT architecture for the Bureau of Consular Affairs. During the quarter, Harris won new classified programs valued at approximately $140 million and was awarded a $20 million, 2-year program to provide satellite reflector antennas for the Sirius Satellite Radio FM 6 satellite expected to be launched in the fourth quarter of 2010.

In a new market for Harris -- Healthcare IT -- Harris won a $6 million contract during the third quarter from the U.S. Department of Health and Human Services. Harris will develop and integrate an open-source National Health Information Exchange Gateway solution that will enable federal healthcare agencies and healthcare providers to share patient information more quickly and easily, improving the quality of care and reducing costs.

Following the close of the quarter, Harris was awarded a 10-year contract valued at more than $40 million to supply depot support and engineering services for multiple space control systems for the U.S. Space and Missile Systems Center Space Superiority Systems Wing at Los Angeles Air Force Base, California. The value of the contract may increase through future options.

Broadcast Communications

Third quarter revenue in the Broadcast Communications segment was $159 million, an increase of 14 percent compared to the prior-year quarter. Orders were higher than revenue. Operating income was $7 million, compared to non-GAAP operating income of $5 million in the prior-year quarter. In the prior-year quarter, the segment had an operating loss, on a GAAP basis, of $18 million, which included the impact of cost-reduction actions and the discontinuance of a software development effort. Strong orders and an increase in backlog in the third quarter are expected to drive higher sales and operating income in the fourth quarter. A number of new initiatives are also underway to further reduce operating expenses and improve gross margins going forward.

Revenue growth in the third quarter was across all business areas in both U.S. and international markets. Higher revenue is being driven by the continuing global conversion to both digital and HD (high-definition) operations. Sales of Transmission Systems grew at double-digit rates, compared to the prior-year quarter, as a result of strong shipments in the U.S. market for the over-the-air digital transmission build-out. Double-digit growth continued in Infrastructure & Digital Media systems, including routers, graphics equipment and multiviewers. Third quarter sales of traffic and billing Software Solutions also improved, particularly in international markets.

Increasingly, large media customers are selecting the Harris ONE(TM) approach for workflow solutions across the entire broadcast delivery chain, tying workflow and signal flow together to improve productivity and responsiveness. Recent international examples include projects with Chunghwa Telecom in Taiwan; Brazilian broadcaster TV Anhanguera; the Saudi Arabia Ministry of Culture and Information for Saudi Television; Kuwait Television; RTV, the national public broadcaster in Slovenia; and HD suisse, the first HD television channel in Switzerland.

Harris Stratex Networks, Inc.

Revenue for the Harris Stratex Networks segment was $178 million in the third quarter, an increase of 21 percent compared to the prior-year quarter on a pro forma, non-GAAP basis (as if the former Harris Microwave Communications segment and Stratex Networks had been combined since the beginning of fiscal year 2007). Non-GAAP operating income in the third quarter was $11 million, excluding integration costs associated with the Harris Stratex Networks combination, compared with non-GAAP operating income of $4 million in the prior-year quarter. Segment operating income on a GAAP basis was $9 million, compared to $141 million in the prior-year quarter, which included a significant gain associated with the business combination, net of transaction- related costs.

North American revenue increased a strong 16 percent to $57 million in the third quarter compared to the prior-year quarter. Sales continue to be fueled by leased line substitution, foot-print expansion, grant money that is being made available to state, local and federal agencies, and right-of-way users responding to an increased demand for bandwidth expansion and some re-allocation to 1.7 / 2.7 GHz frequencies. International revenue increased 27 percent to $117 million in the third quarter. Growth was led by a 49 percent year-over-year increase in Africa, reflecting a rebound in capital investment following a series of mobile operator consolidations. Revenue growth was also strong in Europe, the Middle East and Russia.

During the quarter, Harald J. Braun was appointed president and chief executive officer of Harris Stratex Networks, succeeding Guy M. Campbell, who had previously announced his retirement. An industry veteran, Braun previously served as president and CEO of Siemens Networks LLC and was most recently senior executive in Nokia Siemens Networks North America.

Harris Stratex Networks management will host a conference call and webcast (http://www.harrisstratex.com/) today at 5:30 p.m., Eastern Time, to discuss financial results for their fiscal year third quarter.

Outlook

Harris reconfirmed its non-GAAP earnings guidance for fiscal year 2008 previously provided on February 28, 2008 at approximately $3.45 per diluted share. The company increased its earnings guidance for fiscal year 2009 to a new range of $4.05 to $4.15 per diluted share, compared to initial guidance provided on March 5, 2008, of $4.00 to $4.10 per diluted share. Fiscal 2009 earnings guidance now represents a year-over-year increase of 17 to 20 percent compared to current non-GAAP guidance for fiscal year 2008.

The corresponding fiscal year 2008 GAAP earnings guidance is approximately $3.34 per diluted share. A reconciliation of GAAP to non-GAAP guidance is provided in Table 7 and the accompanying notes. Harris will host a conference call today at 4:30 p.m., Eastern Time, to discuss the above items. Interested individuals are invited to listen to the call by using a dial-in number: (719) 325-4796, access code: 5925245. The conference call also will be broadcast live via the Internet at http://www.harris.com/ . A replay of the teleconference will be available beginning at 8:00 p.m., Eastern Time, and will run until midnight, Eastern Time, on May 6, 2008. To access the replay, please call (719) 457-0820, access code: 5925245. A recording of the call will also be available on the Harris website beginning at 7:00 p.m., Eastern Time, on April 29.

Harris is an international communications and information technology company serving government and commercial markets in more than 150 countries. Headquartered in Melbourne, Florida, the company has annual revenue of more than $5 billion and more than 16,000 employees -- including nearly 7,000 engineers and scientists. Harris is dedicated to developing best-in-class assured communications(R) products, systems, and services. Additional information about Harris Corporation is available at http://www.harris.com/ .

Non-GAAP Financial Measures

This press release contains non-GAAP financial measures within the meaning of Regulation G promulgated by the SEC, including net income and earnings per share for the third quarter of fiscal 2008 excluding the impact of costs associated with our acquisitions and integration costs associated with the formation of Harris Stratex Networks; and earnings per share guidance for fiscal 2008 also excluding the impact of integration costs associated with the formation of Harris Stratex Networks and acquisitions. Harris management believes that these non-GAAP financial measures, when considered together with the GAAP financial measures, provide information that is useful to investors in understanding period-over-period operating results separate and apart from items that may, or could, have a disproportionately positive or negative impact on results in any particular period. Management also believes that these non-GAAP financial measures enhance the ability of investors to analyze Harris business trends and to understand Harris performance. In addition, Harris may utilize non-GAAP financial measures as a guide in its forecasting, budgeting, and long-term planning process and to measure operating performance for some management compensation purposes. Any analysis of non-GAAP financial measures should be used only in conjunction with results presented in accordance with GAAP.

Forward-Looking Statements

Statements in this press release that are not historical facts are forward-looking statements that reflect management's current expectations, assumptions, and estimates of future performance and economic conditions. Such statements are made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements in this release include but are not limited to: earnings guidance for fiscal 2008 and fiscal 2009; the potential value of contract awards and potential contract awards; and statements regarding outlook, including expected revenue growth. The Company cautions investors that any forward-looking statements are subject to risks and uncertainties that may cause actual results and future trends to differ materially from those matters expressed in or implied by such forward-looking statements. The Company's consolidated results and the forward-looking statements could be affected by many factors, including but not limited to: our participation in markets that are often subject to uncertain economic conditions which makes it difficult to estimate growth in our markets and, as a result, future income and expenditures; our dependence on the U.S. government for a significant portion of our revenues, as the loss of this relationship or a shift in U.S. government funding could have adverse consequences on our future business; potential changes in U.S. government or customer priorities due to program reviews or revisions to strategic objectives, including termination of or potential failure to fund U.S. government contracts; risks inherent with large long-term fixed-price contracts, particularly the ability to contain cost overruns; the performance of critical subcontractors or suppliers; financial and government and regulatory risks relating to international sales and operations, including fluctuations in foreign currency exchange rates and the effectiveness of our currency hedging program; our ability to continue to develop new products that achieve market acceptance; the consequences of future geo-political events, which may affect adversely the markets in which we operate, our ability to insure against risks, our operations or our profitability; strategic acquisitions and the risks and uncertainties related thereto, including our ability to manage and integrate acquired businesses; potential claims that we are infringing the intellectual property rights of third parties; the successful resolution of patent infringement claims and the ultimate outcome of other contingencies, litigation and legal matters; customer credit risk; the fair values of our portfolio of passive investments, which values are subject to significant price volatility or erosion; risks inherent in developing new technologies; changes in our effective tax rate that may have an adverse effect on our results of operations; the impact of the results of Harris Stratex Networks, which may vary significantly and may be difficult to forecast; the potential impact of natural disasters on our significant operations in Florida, California and other locations; general economic conditions in the markets in which we operate; changes in future business conditions that could cause business investments and/or recorded goodwill to become impaired; and our ability to attract and retain key employees. Further information relating to factors that may impact the Company's results and forward-looking statements are disclosed in the Company's filings with the SEC. Harris disclaims any intention or obligation, other than imposed by law, to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Table 1 HARRIS CORPORATION FY '08 Third Quarter Summary condensed Consolidated Statement of Income (Unaudited) Quarter Ended Three Quarters Ended March 28, March 30, March 28, March 30, 2008 2007 2008 2007 (In millions, except per share amounts) Revenue from product sales and services $1,329.6 $1,072.4 $3,877.8 $3,035.4 Cost of product sales and services (933.9) (719.1) (2,691.7) (2,043.7) Engineering, selling and administrative expenses (236.4) (241.5) (683.6) (592.3) Gain on combination with Stratex Networks, Inc. -- 163.4 -- 163.4 Non-operating income (loss) 2.8 2.8 8.7 (15.9) Interest income 1.9 4.6 5.5 9.5 Interest expense (13.9) (10.5) (42.8) (30.1) Income before income taxes and minority interest 150.1 272.1 473.9 526.3 Income taxes (38.9) (63.8) (149.0) (140.1) Minority interest in Harris Stratex Networks, Inc., net of tax (3.2) 6.6 (2.4) 6.6 Net income $108.0 $214.9 $322.5 $392.8 Net income per common share Basic $.80 $1.62 $2.41 $2.95 Diluted $.78 $1.52 $2.35 $2.79 Cash dividends paid per common share $.15 $.11 $.45 $.33 Basic weighted average shares outstanding 134.6 133.0 134.0 133.0 Diluted weighted average shares outstanding 136.2 141.7 136.9 141.7

Note: Results for the quarter ended March 30, 2007 include a $143.1 million after-tax ($1.01 per diluted share) gain on the combination with Stratex Networks, Inc. offset by $13.0 million after-tax and minority interest ($0.09 per diluted share) of transaction and integration costs related to the combination.

Table 2 HARRIS CORPORATION FY '08 Third Quarter Summary Business Segment Information (Unaudited) Quarter Ended Three Quarters Ended March 28, March 30, March 28, March 30, 2008 2007 2008 2007 (In millions) Revenue Defense Communications and Electronics $506.8 $ 416.4 $1,408.4 $1,196.3 Government Communications Systems 490.6 387.6 1,487.9 1,098.3 Broadcast Communications 158.6 138.6 468.9 433.4 Harris Stratex Networks 178.2 139.0 531.6 333.9 Corporate eliminations (4.6) (9.2) (19.0) (26.5) $1,329.6 $1,072.4 $3,877.8 $3,035.4 Income Before Income Taxes and Minority Interest Segment Operating Income (Loss): Defense Communications and Electronics $156.4 $ 126.3 $ 430.1 $355.2 Government Communications Systems 5.7 44.5 97.8 106.8 Broadcast Communications 7.1 (18.1) 25.7 3.7 Harris Stratex Networks 9.2 141.0 7.4 157.0 Headquarters expense (18.2) (16.2) (55.2) (50.2) Corporate eliminations (0.9) (2.3) (3.3) (9.7) Non-operating income (loss) 2.8 2.8 8.7 (15.9) Net interest (12.0) (5.9) (37.3) (20.6) $150.1 $272.1 $473.9 $526.3 Table 3 HARRIS CORPORATION FY '08 Third Quarter Summary CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) Three Quarters Ended March 28, March 30, 2008 2007 (In millions) Operating Activities Net income $ 322.5 $ 392.8 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation and amortization 125.8 89.1 Purchased in-process research and development write-off 1.4 15.3 Share-based compensation 29.8 19.1 Non-current deferred income tax 2.3 (2.6) Gain on the sale of securities available-for-sale (4.8) -- Gain on the combination with Stratex Networks, Inc. -- (163.4) Minority interest in Harris Stratex Networks, Inc., net of tax 2.4 (6.6) (Increase) decrease in: Accounts and notes receivable (96.7) (27.1) Inventories (90.3) (26.2) Increase (decrease) in: Accounts payable and accrued expenses 67.4 (6.1) Advance payments and unearned income 13.8 20.6 Income taxes (19.2) 6.3 Other (1.2) 12.1 Net cash provided by operating activities 353.2 323.3 Investing Activities Cash paid for acquired businesses (12.8) -- Cash received in the combination with Stratex Networks, Inc. -- 33.2 Additions of property, plant and equipment (84.2) (66.6) Additions of capitalized software (24.7) (32.2) Proceeds from the sale of securities available-for-sale 7.1 -- Cash paid for short-term investments available-for-sale (8.4) (264.9) Proceeds from the sale of short-term investments available-for-sale 25.4 362.1 Net cash provided by (used in) investing activities (97.6) 31.6 Financing Activities Proceeds from borrowings 450.2 36.0 Repayment of borrowings (541.3) (31.5) Payment of treasury lock (8.8) -- Proceeds from exercise of employee stock options 27.1 27.8 Repurchases of common stock (200.0) (47.0) Cash dividends (61.3) (44.2) Net cash used in financing activities (334.1) (58.9) Effect of exchange rate changes on cash and cash equivalents 2.1 4.5 Net increase (decrease) in cash and cash equivalents (76.4) 300.5 Cash and cash equivalents, beginning of year 368.3 181.3 Cash and cash equivalents, end of quarter $291.9 $481.8 Supplemental disclosure of noncash investing and financing activities: Formation and combination of Harris Stratex Networks, Inc.: Contribution of Harris Microwave Communications Division assets and liabilities to the former shareholders of Stratex Networks, Inc. $-- $(117.9) 57% of the fair value of Stratex Networks, Inc. received by Harris Corporation $-- $281.3 Common stock issued in exchange for 3.5% convertible debentures, due fiscal 2023 $163.5 $-- Table 4 HARRIS CORPORATION FY '08 Third Quarter Summary CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited) March 28, June 29, 2008 2007 (In millions) Assets Cash and cash equivalents $291.9 $368.3 Short-term investments 3.4 20.4 Marketable equity securities 31.1 40.5 Receivables 848.9 748.5 Inventories 649.3 556.8 Current deferred income taxes 119.7 94.3 Other current assets 64.8 67.3 Property, plant and equipment 481.3 459.2 Goodwill 1,539.3 1,525.2 Identifiable intangible assets 380.8 417.9 Other non-current assets 114.8 107.6 $4,525.3 $4,406.0 Liabilities and Shareholders' Equity Short-term debt $53.5 $410.0 Accounts payable 395.9 350.0 Compensation and benefits 174.9 188.1 Other accrued items 241.6 187.5 Advance payments and unearned income 142.3 128.5 Income taxes payable 15.2 64.2 Current portion of long-term debt 6.8 309.8 Non-current deferred income taxes 35.6 61.8 Long-term debt 833.5 408.9 Other long-term liabilities 105.8 66.5 Minority interest in Harris Stratex Networks, Inc. 337.8 326.9 Shareholders' equity 2,182.4 1,903.8 $4,525.3 $4,406.0 HARRIS CORPORATION FY '08 Third Quarter Summary RECONCILIATION OF NON-GAAP FINANCIAL MEASURES AND REGULATION G DISCLOSURE

To supplement our condensed consolidated financial statements presented in accordance with U.S. generally accepted accounting principles (GAAP), we provide additional measures of segments' operating income (loss), non- operating income (loss); cost of product sales and services; engineering, selling and administrative expenses; income before income taxes and minority interest; income taxes; minority interest; net income; and net income per diluted share adjusted to exclude certain costs, expenses, gains and losses. Harris management believes that these non-GAAP financial measures, when considered together with the GAAP financial measures, provide information that is useful to investors in understanding period-over-period operating results separate and apart from items that may, or could, have a disproportionately positive or negative impact on results in any particular period. Harris management also believes that these non-GAAP financial measures enhance the ability of investors to analyze Harris business trends and to understand Harris performance. In addition, Harris may utilize non-GAAP financial measures as a guide in its forecasting, budgeting, and long-term planning process and to measure operating performance for some management compensation purposes. Any analysis of non-GAAP financial measures should be used only in conjunction with results presented in accordance with GAAP. A reconciliation of these non-GAAP financial measures with the most directly comparable financial measures calculated in accordance with GAAP follows:

Table 5 HARRIS CORPORATION FY '08 Third Quarter Summary RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Condensed Consolidated Statement of Income (Unaudited) Quarter Ended Quarter Ended March 28, 2008 March 30, 2007 As Adjust- Non- As Adjust- Non- Reported ment GAAP Reported ment GAAP (In millions, except per share amounts) Revenue from product sales and services $1,329.6 $-- $1,329.6 $1,072.4 $-- $1,072.4 Cost of product sales and services (A) (933.9) 0.2 (933.7) (719.1) 6.0 (713.1) Engineering, selling and administrative expenses(B) (236.4) 1.8 (234.6) (241.5) 43.6 (197.9) Gain on combination with Stratex Networks, Inc. (C) -- -- -- 163.4 (163.4) -- Non-operating income 2.8 -- 2.8 2.8 -- 2.8 Interest income 1.9 -- 1.9 4.6 -- 4.6 Interest expense (13.9) -- (13.9) (10.5) -- (10.5) Income before income taxes and minority interest 150.1 2.0 152.1 272.1 (113.8) 158.3 Income taxes (38.9) 0.3 (38.6) (63.8) 9.1 (54.7) Minority interest in Harris Stratex Networks, Inc., net of tax (3.2) (0.1) (3.3) 6.6 (9.7) (3.1) Net income $108.0 $2.2 $110.2 $214.9 $(114.4) $100.5 Net income per diluted common share (N) $.78 $.03 $.81 $1.52 $(.80) $.72 Three Quarters Ended Three Quarters Ended March 28, 2008 March 30, 2007 As Adjust- Non- As Adjust- Non- Reported ment GAAP Reported ment GAAP (In millions, except per share amounts) Revenue from product sales and services $3,877.8 $-- $3,877.8 $3,035.4 $-- $3,035.4 Cost of product sales and services (A) (2,691.7) 6.2 (2,685.5) (2,043.7) 6.0 (2,037.7) Engineering, selling and administrative expenses(B) (683.6) 18.9 (664.7) (592.3) 45.3 (547.0) Gain on combination with Stratex Networks, Inc. (C) -- -- -- 163.4 (163.4) -- Non-operating income (loss)(D) 8.7 -- 8.7 (15.9) 19.8 3.9 Interest income 5.5 -- 5.5 9.5 -- 9.5 Interest expense (42.8) -- (42.8) (30.1) -- (30.1) Income before income taxes and minority interest 473.9 25.1 499.0 526.3 (92.3) 434.0 Income taxes (149.0) (6.6) (155.6) (140.1) 1.9 (138.2) Minority interest in Harris Stratex Networks, Inc., net of tax (2.4) (6.8) (9.2) 6.6 (9.7) (3.1) Net income $322.5 $11.7 $334.2 $392.8 $(100.1) $292.7 Net income per diluted common share (N) $2.35 $.09 $2.44 $2.79 $(.70) $2.09 Table 6 HARRIS CORPORATION FY '08 Third Quarter Summary RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Business Segment Information (Unaudited) Quarter Ended Quarter Ended March 28, 2008 March 30, 2007 As Adjust- Non- As Adjust- Non- Reported ment GAAP Reported ment GAAP (In millions) Revenue Defense Communications and Electronics $506.8 $-- $506.8 $416.4 $-- $416.4 Government Communications Systems 490.6 -- 490.6 387.6 -- 387.6 Broadcast Communications 158.6 -- 158.6 138.6 -- 138.6 Harris Stratex Networks 178.2 -- 178.2 139.0 -- 139.0 Corporate eliminations (4.6) -- (4.6) (9.2) -- (9.2) $1,329.6 $-- $1,329.6 $1,072.4 $-- $1,072.4 Income Before Income Taxes and Minority Interest Segment Operating Income (Loss): Defense Communications and Electronics $156.4 $-- $156.4 $126.3 $-- $126.3 Government Communications Systems (E) 5.7 0.4 6.1 44.5 -- 44.5 Broadcast Communications (F) 7.1 0.1 7.2 (18.1) 23.1 5.0 Harris Stratex Networks (G) 9.2 1.5 10.7 141.0 (136.9) 4.1 Headquarters expense (18.2) -- (18.2) (16.2) -- (16.2) Corporate eliminations (0.9) -- (0.9) (2.3) -- (2.3) Non-operating income 2.8 -- 2.8 2.8 -- 2.8 Net interest expense (12.0) -- (12.0) (5.9) -- (5.9) $150.1 $2.0 $152.1 $272.1 $(113.8) $158.3 Three Quarters Ended Three Quarters Ended March 28, 2008 March 30, 2007 As Adjust- Non- As Adjust- Non- Reported ment GAAP Reported ment GAAP (In millions) Revenue Defense Communications and Electronics $1,408.4 $-- $1,408.4 $1,196.3 $-- $1,196.3 Government Communications Systems 1,487.9 -- 1,487.9 1,098.3 -- 1,098.3 Broadcast Communications 468.9 -- 468.9 433.4 -- 433.4 Harris Stratex Networks 531.6 -- 531.6 333.9 -- 333.9 Corporate eliminations (19.0) -- (19.0) (26.5) -- (26.5) $3,877.8 $-- $3,877.8 $3,035.4 $-- $3,035.4 Income Before Income Taxes and Minority Interest Segment Operating Income (Loss): Defense Communications and Electronics $430.1 $-- $430.1 $355.2 $-- $355.2 Government Communications Systems (E) 97.8 1.3 99.1 106.8 -- 106.8 Broadcast Commu- nications (F) 25.7 1.9 27.6 3.7 23.1 26.8 Harris Stratex Networks (G) 7.4 21.9 29.3 157.0 (135.2) 21.8 Headquarters expense (55.2) -- (55.2) (50.2) -- (50.2) Corporate eliminations (3.3) -- (3.3) (9.7) -- (9.7) Non-operating income (loss)(D) 8.7 -- 8.7 (15.9) 19.8 3.9 Net interest expense (37.3) -- (37.3) (20.6) -- (20.6) $473.9 $25.1 $499.0 $526.3 $(92.3) $434.0 Table 7 HARRIS CORPORATION Reconciliation of FY '08 GAAP EPS Guidance to Non-GAAP EPS Guidance and Reconciliation of FY '09 GAAP EPS Guidance to FY '08 GAAP and Non-GAAP EPS Guidance (Unaudited) Fiscal Year Fiscal Year Percent 2008 2009 Growth GAAP Earnings Per Share Guidance $3.34 $4.05 to $4.15 21% to 24% Charges associated with the combination with Stratex Networks, Inc. (H) $0.07 Charges associated with the acquisition of Multimax Incorporated (I) $0.02 Charges associated with the acquisition of Zandar Technologies plc (J) $0.02 Non-GAAP Earnings Per Share Guidance $3.45 $4.05 to $4.15 17% to 20% Table 8 HARRIS CORPORATION FY '08 Third Quarter Year Over Year Organic Revenue Growth (Unaudited) Quarter Ended March 30, March 28, Percent 2007 2008 Growth (In millions) Harris Corporation GAAP Revenue $1,072.4 $1,329.6 24 % Impact of acquisitions (K) 82.6 Organic Revenue $1,155.0 $1,329.6 15 % Government Communications Systems GAAP Revenue $387.6 $490.6 27 % Impact of acquisitions (L) 73.1 Organic Revenue $460.7 $490.6 6 % Table 9 HARRIS CORPORATION FY '08 Third Quarter Summary

Comparison of Harris Stratex Networks Segment GAAP and Non-GAAP Revenue and

Operating Income to that Reported by Harris Stratex Networks, Inc. (Unaudited) Quarter Ended Quarter Ended March 28, 2008 March 30, 2007 As Reported by As Reported by Harris Harris Stratex Stratex Harris Networks Harris Networks (In millions) Revenue -- As Reported $178.2 $178.2 $139.0 $139.0 Adjustments: Stratex Networks, Inc. revenue: January 2007 -- -- -- 7.8 Revenue -- Non-GAAP $178.2 $178.2 $139.0 $146.8 Operating Income(Loss) -- As Reported (M) $9.2 $9.2 $141.0 $(22.7) Adjustments: Gain on combination with Stratex Networks, Inc. -- -- (163.4) -- Stratex combination transaction costs -- -- 23.0 23.0 Stratex combination integration costs 1.5 1.5 3.5 3.5 FAS 123R expense -- 2.1 -- 1.5 Other identifiable intangible amortization -- 3.7 -- 2.4 Stratex Networks, Inc. operating loss: January 2007 -- -- -- (2.1) Operating Income -- Non-GAAP $10.7 $16.5 $4.1 $5.6 HARRIS CORPORATION FY '08 Third Quarter Summary RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (Unaudited) Notes to tables 5 through 9:

Note A - Adjustments to cost of product sales and services for the quarter ended March 28, 2008 are due to the impact of a step up in fixed assets associated with the combination between Stratex Networks, Inc. ("Stratex") and our former Microwave Communications Division ($0.2 million). Adjustments to cost of product sales and services for the three quarters ended March 28, 2008 are due to the impact of a step up in fixed assets and integration costs associated with the Stratex combination ($5.8 million) and a step up in inventory associated with our acquisition of Zandar Technologies plc ("Zandar") ($0.4 million). Adjustments to cost of product sales and services for the quarter and three quarters ended March 30, 2007 are due to transaction-related costs including a step up in inventory, a step up in fixed assets and a write-off of deferred revenue associated with the Stratex combination ($6.0 million).

Note B - Adjustments to engineering, selling and administrative expenses for the quarter ended March 28, 2008 are due to the impact of a step up in fixed assets and integration costs associated with the Stratex combination ($1.3 million), integration costs associated with our acquisition of Multimax Incorporated ("Multimax") ($0.4 million) and integration costs associated with our acquisition of Zandar ($0.1 million). Adjustments to engineering, selling and administrative expenses for the three quarters ended March 28, 2008 are due to the impact of a step up in fixed assets and integration costs associated with the Stratex combination ($16.1 million), integration costs associated with our acquisition of Multimax ($1.3 million) and integration costs and a write-off of in-process research and development associated with our acquisition of Zandar ($1.5 million). Adjustments to engineering, selling and administrative expenses for the quarter and three quarters ended March 30, 2007 are due to transaction costs associated with the Stratex combination, including a write-off of in-process research and development and the amortization of backlog ($17.0 million); integration costs associated with the Stratex combination ($3.5 million for the quarter and $5.2 million for the three quarters ended March 30, 2007); severance and other expenses associated with cost-reduction actions in our Broadcast Communications segment ($4.2 million) and a write down of capitalized software associated with management's decision to discontinue an automation software development effort in our Broadcast Communications segment ($18.9 million).

Note C - Adjustment for the gain on the Stratex combination ($163.4 million).

Note D - The adjustment to non-operating income (loss) for the three quarters ended March 30, 2007 is due to the impairment to our investment in Terion, Inc. ($19.8 million).

Note E - Adjustments to our Government Communications Systems segment operating income for the quarter and three quarters ended March 28, 2008 are due to integration costs associated with our acquisition of Multimax ($0.4 million and $1.3 million, respectively).

Note F - Adjustments to our Broadcast Communications segment operating income for the quarter ended March 28, 2008 are due to integration costs associated with our acquisition of Zandar ($0.1 million). Adjustments to our Broadcast Communications segment operating income for the three quarters ended March 28, 2008 are due to the impact of a step up in inventory, integration costs and a write-off of in-process research and development associated with our acquisition of Zandar ($1.9 million). Adjustments to our Broadcast Communications segment operating income for the quarter and three quarters ended March 30, 2007 are due to severance and other expenses associated with cost-reduction actions ($4.2 million) and a write down of capitalized software associated with management's decision to discontinue an automation software development effort ($18.9 million).

Note G - Adjustments to our Harris Stratex Networks segment operating income for the quarter and three quarters ended March 28, 2008 are due to the impact of a step up in fixed assets and integration costs associated with the Stratex combination ($1.5 million and $21.9 million, respectively). Adjustments to our Harris Stratex Networks segment operating income for the quarter and three quarters ended March 30, 2007 are due to the gain on the Stratex combination ($163.4 million) offset by transaction costs ($23.0 million) and integration costs ($3.5 million for the quarter and $5.2 million for the three quarters ended March 30, 2007) associated with the Stratex combination.

Note H - Adjustment for the estimated $0.07 per diluted share impact, after minority interest, is due to the impact of a step up in fixed assets and integration costs associated with the Stratex combination.

Note I - Adjustment for the estimated $0.02 per diluted share impact is for the estimated impact from integration and other charges associated with our acquisition of Multimax.

Note J - Adjustment for the estimated $0.02 per diluted share impact is for the estimated impact from integration and other charges associated with our acquisition of Zandar.

Note K - Adjustments to add revenue of Stratex, Multimax, and Zandar during the third quarter of Harris' fiscal year 2007 and to subtract revenue during the third quarter of Harris' fiscal year 2007 of our radio resale business exited in the fourth quarter of fiscal 2007.

Note L - Adjustments to add revenue of Multimax during the third quarter of Harris' fiscal year 2007.

Note M - The difference between the GAAP operating income (loss) recorded during the quarter ended March 30, 2007 by Harris versus Harris Stratex Networks, Inc. is due to the $163.4 million gain recorded by Harris on the Stratex combination and $0.3 million of corporate allocations expense.

Note N - For the quarter and three quarters ended March 28, 2008 the "As Reported" calculations of net income per diluted common share include the potential dilutive effect of warrants to purchase the common stock of Harris Stratex Networks, Inc. The "Non-GAAP" calculations exclude the effects of this potential dilution.

Harris Corporation

CONTACT: Investors, Pamela Padgett, +1-321-727-9383,
pamela.padgett@harris.com, or Media, Jim Burke, +1-321-727-9131,
jim.burke@harris.com, both of Harris Corporation; or Harris Corporation,
webmaster@harris.com

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

Align Technology Announces $50 Million Stock Repurchase Program

SANTA CLARA, Calif., April 29 /PRNewswire-FirstCall/ -- Align Technology, Inc. today announced that its board of directors has authorized a stock repurchase program of up to $50 million, effective immediately.

"We are confident in our ability to generate cash in excess of our needs to grow the business," said Ken Arola, vice president and chief financial officer of Align Technology. "Returning this excess cash to our shareholders through a repurchase program will contribute to our goal of enhancing shareholder value. It will also have the effect of offsetting dilution from our employee equity plans."

Any purchases under Align's stock repurchase program may be made, from time-to-time, in the open market, through block trades or otherwise. The program does not obligate Align to acquire any particular amount of common stock and depending on market conditions and other factors, these purchases may be commenced or suspended at any time, or from time-to-time without prior notice. As of April 25, Align had approximately 69.6 million shares outstanding.

In a separate announcement today, Align also announced financial results for its first fiscal quarter of 2008. For more information, please see Align's press release titled, "Align Technology Announces First Quarter Fiscal 2008 Results."

About Align Technology, Inc.

Align Technology designs, manufactures and markets Invisalign, a proprietary method for treating malocclusion, or the misalignment of teeth. Invisalign corrects malocclusion using a series of clear, nearly invisible, removable appliances that gently move teeth to a desired final position. Because it does not rely on the use of metal or ceramic brackets and wires, Invisalign significantly reduces the aesthetic and other limitations associated with braces. Invisalign is appropriate for treating adults and older teens. Align Technology was founded in March 1997 and received FDA clearance to market Invisalign in 1998.

To learn more about Invisalign or to find a certified Invisalign doctor in your area, please visit http://www.invisalign.com/ or call 1-800-INVISIBLE.

Forward-Looking Statement

This press release contains forward-looking statements, including statements made by Mr. Arola on Align's ability to generate cash in excess of Align's needs and other statements about Align's common stock repurchase program, including the maximum amounts that may be purchased under the program. The statements are based on current expectations, estimates and projections, are not guarantees of future performance, and are subject to certain risks, uncertainties and other factors, some of which are beyond the Company's control and are difficult to predict, including, but not limited to, risks relating to Align's ability to sustain or increase profitability or revenue growth in future periods while controlling expenses, continued customer demand for Invisalign and new products, acceptance of Invisalign and new products by consumers and dental professionals, competition from manufacturers of traditional braces and new competitors, Align's ability to develop and successfully introduce new products and product enhancements, changes in the market price of Align's common stock and changes in Align's financial results, financial condition and cash requirements. These and other risks are detailed from time to time in Align's periodic reports filed with the Securities and Exchange Commission, including, but not limited to, its Annual Report on Form 10-K for the fiscal year ended December 31, 2007, which was filed with the Securities and Exchange Commission on February 26, 2008. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Align undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

Investor Relations Contact Press Contact Shirley Stacy Shannon Mangum Henderson Align Technology, Inc. Ethos Communication, Inc. (408) 470-1150 (678) 540-9222 sstacy@aligntech.com align@ethoscommunication.com

Align Technology, Inc.

CONTACT: Investor Relations, Shirley Stacy of Align Technology, Inc.,
+1-408-470-1150, sstacy@aligntech.com; or Press, Shannon Mangum Henderson of
Ethos Communication, Inc., +1-678-540-9222, align@ethoscommunication.com, for
Align Technology, Inc.

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

CyberSource Announces First Quarter 2008 Financial ResultsFirst quarter revenue was a record $53.4 million, a 141% increase;Billable transactions processed was a record 445 million, a 68% increase

MOUNTAIN VIEW, Calif., April 29 /PRNewswire-FirstCall/ -- CyberSource Corporation , a leading provider of electronic payment and risk management solutions, today announced financial results for its first quarter ended March 31, 2008.

(Logo: http://www.newscom.com/cgi-bin/prnh/19990513/CYBRSOURCELOGO) -- First quarter revenue was a record $53.4 million, a 141% increase compared to $22.1 million in the same period the previous year. First quarter 2008 includes a full quarter of Authorize.Net results, as the acquisition closed on November 1, 2007. -- On a GAAP basis, net income for the first quarter of 2008 was $533,000 and earnings per share was $0.01, compared to $736,000 or $0.02 per share in the first quarter of 2007. -- Non-GAAP net income was $11.5 million or $0.16 per share, a 281% increase compared to $3.0 million or $0.08 per share for the first quarter of 2007. Non-GAAP net income excludes stock-based compensation expense, the reduction in the deferred tax asset allowance, the non-cash portion of the tax provision, depreciation and amortization expense, and certain non-recurring items. A reconciliation of certain historical GAAP to non-GAAP measures is attached. -- During the first quarter, CyberSource processed a record 445 million billable transactions, a 68% increase over the same period the previous year, up 7% from the fourth quarter of 2007. The value of transactions processed was $26.6 billion, a 153% increase over Q1 2007. -- CyberSource signed a record of approximately 25,000 new customers in the quarter increasing the customer base to approximately 237,000.

"We started off 2008 with a very strong first quarter, adding to our customer base, our product portfolio and delivering financial results that reflect the power of our business model and the strength of the eCommerce market. Cash flow from operating activities was $11.7 million in first quarter 2008, compared to $2.3 million for the first quarter of 2007," said Bill McKiernan, Chairman and Chief Executive Officer of CyberSource. "We continue to expand our UK-based operations to service the payment requirements of our non-US customers. We also are benefiting from our large US based customers who continue to sell aggressively to consumers outside of the US. We processed approximately $26.6 billion in payments for the quarter, up 153% from a year ago. Approximately 25% of that volume was non-US dollar transactions which originated outside the US. This highlights the strength of our international business and the increasing globalization of eCommerce."

Business Highlights -- International: CyberSource continues to see significant momentum outside the US. CyberSource's European operations processed a record 86.2 million transactions in the first quarter, an increase of 94% over the same period last year, and approximately 19% of total transaction volume. The Company's European business represents about 6% of revenue, which doesn't include transactions originated by consumers outside the US who purchased from CyberSource's US-based merchants. -- Global acquiring: CyberSource achieved significant growth in its global acquiring services during the first quarter, generating approximately $17.0 million of revenue, up 92% over the previous year. Over 800 customers selected CyberSource for global acquiring services in the quarter up from about 350 in the fourth quarter 2007, which is the highest number of new acquiring customers CyberSource has added in a quarter. -- Customers: CyberSource added approximately 25,000 new customers in the quarter, bringing its installed base of customers to approximately 237,000. New enterprise customer wins this quarter included Circuit City, Cox Communications, TAP Portugal, Travelex, and Vera Wang. Existing customers that added new services or renewed agreements during the quarter include : Craigslist, H&R Block, and Nike. -- Fraud Management: CyberSource continues to enhance its fraud solutions with new features and advanced levels of automation to increase the efficiency of order review and speed the processing of orders. CyberSource also added device fingerprinting to its comprehensive fraud detection systems. Device fingerprinting creates a digital fingerprint of the computer being used by the buyer and can expose fraudsters who use the same computer to place multiple orders using different identities or addresses. As fraud detection and complex order management becomes more of a burden on merchants, CyberSource also offers managed fraud services. Managed fraud services provides customers with a team of CyberSource experts who complement internal customer staff and procedures to help mitigate the risk of fraud. -- Authorize.Net: The acquisition of Authorize.Net has added tremendous value as CyberSource addresses the small business market. CyberSource continues to work to ensure a smooth integration and has combined these two great teams with virtually no attrition of employees or channel partners. Examples of the financial and business synergies from the combination are CyberSource's improving net operating margin and rapid customer growth. CyberSource is now able to sell a wide range of customers comprehensive payment solutions through approximately 4,000 channel partners as well as its direct sales force. Stock buyback program

The Board of Directors has authorized the use of up to $10 million for the repurchase of CyberSource common stock. The purchases will be made in the open market from time to time over the next twelve months as market and business conditions warrant. All purchases are subject to the availability of shares and, accordingly, there is no guarantee as to the timing or number of shares to be repurchased, if any. During 2007, the Company repurchased 420,800 shares of common stock at an average price per share of $11.96.

Guidance for the second quarter and full year 2008

CyberSource is providing guidance for the second quarter of 2008 and full year 2008 based on information available as of April 29, 2008. Guidance does not take into account any further reductions in the company's valuation allowance against its deferred tax assets, which would result in a tax benefit during the period of the reduction. CyberSource will continue to evaluate whether a further reduction is appropriate.

For the second quarter ending June 30, 2008: -- Total revenue is expected to be between $54.0 and $54.5 million. -- The company expects to process between 445 million and 455 million billable transactions. -- GAAP gross profit is expected to be between $27.0 and $27.2 million, while GAAP operating expenses are expected to be between $28.2 and $28.4 million. -- The company expects to record a GAAP net loss in the second quarter of ($500,000) to ($600,000) and a loss per share of ($0.01) based on a weighted average share count of 71.5 million shares. -- Non-GAAP net income for the second quarter is expected to be between $9.8 and $10.0 million and non-GAAP earnings per share is expected to be $0.14 based on a weighted average share count of 71.5 million shares. CyberSource is reiterating its guidance for full year 2008. -- Total revenue for 2008 is expected to be between $215.0 and $220.0 million. -- GAAP net income for 2008 is expected to be between breakeven and a ($1.0) million loss. -- GAAP earnings per share is expected to be between breakeven and a ($0.01) loss per share, based on a weighted average share count of 72 million shares. -- Non-GAAP net income for the full year 2008 is expected to be between $42.5 and $44.0 million. -- Non-GAAP earnings per share is expected to be between $0.59 and $0.61 based on a weighted average share count of 72 million shares. Public call/web cast details

CyberSource will host a public conference call today, April 29, 2008 at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss the first quarter results. The call can be accessed in either of the following ways:

Live conference call 888-585-4496 (U.S. and Canada), 706-634-9580 (local and international). The call's conference ID number is: 42416941. A taped replay of this call will be available through May 31, 2008. The dial-in numbers for the taped replay are: 800-642-1687 (U.S.) 706-645-9291 (local and international). Conference ID is as above. Live web cast http://www.cybersource.com/cgi-bin/ir.pl A replay of this web cast will remain available at this location through July 31, 2008. About CyberSource

CyberSource Corporation is a leading provider of electronic payment and risk management solutions. CyberSource solutions enable electronic payment processing for Web, call center, and POS environments. CyberSource also offers industry leading risk management solutions for merchants accepting card-not-present transactions. CyberSource Professional Services designs, integrates, and optimizes commerce transaction processing systems. Approximately 237,000 businesses use CyberSource solutions, including half the companies comprising the Dow Jones Industrial Average. The company is headquartered in Mountain View, California, and has sales, service, and development offices in Japan, the United Kingdom, and other locations in

the United States including Bellevue, Washington, American Fork, Utah and Austin, Texas. For more information on CyberSource please visit http://www.cybersource.com/ or email info@cybersource.com. For more information on Authorize.Net small business solutions, please visit http://www.authorize.net/ or email sales@authorize.net.

GAAP versus non-GAAP Results and Guidance

In addition to financial results presented on a GAAP basis, the company has provided non-GAAP measures of gross profit, operating expenses, net income and earnings per share, which are adjusted to exclude certain non- cash items. For purposes of this release, non-GAAP gross profit, operating expenses, net income and earnings per share exclude stock based compensation expense under SFAS 123R, the non-cash portion of the income tax provision, a reduction in the deferred tax asset allowance, depreciation and amortization expense, and certain non-recurring items. A reconciliation of these historical GAAP to non-GAAP measures is attached with the financial statements. The company believes that presentation of non-GAAP financial measures may provide investors with additional meaningful and relevant financial information. Management believes the non-GAAP measures help indicate trends in the company's business, and management uses the non-GAAP measures to plan and forecast future periods. Non-GAAP information is not determined using GAAP and should not be considered superior to or as a substitute for GAAP measures or data prepared in accordance with GAAP. Furthermore, non-GAAP information may not be comparable across companies, as other companies may use different non-GAAP measures. The company does not provide guidance for certain financial measures such as depreciation and stock-based compensation expense, and, as a result, is not able to provide a reconciliation of GAAP and non-GAAP financial measures for forward-looking data. The company intends to calculate the various non-GAAP financial measures in future periods consistent with the methodology used in the three months ended March 31, 2008, as presented in this release.

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

Statements in this release that are not purely historical are forward- looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including, without limitation, statements regarding the company's expectations, objectives, anticipations, plans, hopes, beliefs, intentions or strategies regarding the future. Forward-looking statements in this release include, without limitation, statements regarding: (1) strength of the first quarter results, customer base additions, business model, and eCommerce market; (2) strength of the company's international business and increasing globalization of eCommerce; (3) momentum of business outside of the U.S.; (4) growth of the global acquiring business; (5) the acquisition of Authorize.Net adding tremendous value; (6) integration of the Authorize.Net business; (7) the company stock buyback program; and, (8) financial guidance including, without limitation, those regarding revenue, transaction volume, gross profit, operating expenses, net income, earnings per share, and deferred tax assets. Factors that could cause actual results to differ materially from the forward looking statements include risks and uncertainties such as changes in Generally Accepted Accounting Principles and the application thereof, changes in customer needs, the risks inherent in integrating a newly-acquired business, the risk of the economy, in general, and online economy, in particular, slowing down, new products and services offerings by the company and its competitors, any unforeseen event or any unforeseen system failures, and other risks indicated in our filings with the Securities and Exchange Commission. It is important to note that actual outcomes could differ materially from those in such forward-looking statements. Readers should also refer to the documents filed by CyberSource with the Securities and Exchange Commission, specifically the annual report filed on Form 10-K for the year ended December 31, 2007, filed with the Securities and Exchange Commission on March 11, 2008, and our quarterly reports filed on Form 10-Q from time to time, all of which identify important risk factors.

(c)2008 CyberSource Corporation. All rights reserved. CyberSource is a registered trademark in the U.S. and other countries. BidPay is a registered trademark in the U.S. All other brands and product names are trademarks or registered trademarks of their respective companies.

CyberSource Corporation GAAP Condensed Consolidated Statements of Operations (In thousands, except per share data) (Unaudited) Three Months Ended March 31 2008 2007 Revenues $53,420 $22,125 Cost of revenues 25,828 11,916 Gross profit 27,592 10,209 Operating expenses: Product development 5,247 2,591 Sales and marketing 16,630 4,369 General and administrative 5,502 2,792 Total operating expense 27,379 9,752 Income from operations 213 457 Other income, net 147 53 Interest income 394 673 Income before income taxes 754 1,183 Income tax provision 221 447 Net income $533 $736 Basic net income per share $0.01 $0.02 Diluted net income per share $0.01 $0.02 Weighted average number of shares used in computing basic net income per share 68,789 35,011 Weighted average number of shares used in computing diluted net income per share 71,336 37,242 Non-GAAP Financial Metrics: Gross profit $30,370 $10,738 Operating expenses $19,307 $8,422 Net income $11,514 $3,021 Basic net income per share $0.17 $0.09 Diluted net income per share $0.16 $0.08 CyberSource Corporation Reconciliation of GAAP to Non-GAAP Financial Measures (In thousands, except per share data) (Unaudited) Three Months Ended March 31, 2008 2007 GAAP gross profit $27,592 $10,209 Add FAS123R expense 340 182 Add depreciation expense 988 325 Add amortization of intangible assets 1,450 22 Non-GAAP gross profit $30,370 $10,738 GAAP operating expenses $27,379 $9,752 Less FAS123R expense (1,852) (1,209) Less depreciation expense (373) (109) Less amortization of intangible assets (5,718) (12) Less non-recurring charges (129) - Non-GAAP operating expenses $19,307 $8,422 GAAP net income $533 $736 Add FAS123R expense 2,192 1,391 Add non-cash tax provision 131 426 Add depreciation expense 1,361 434 Add amortization of intangible assets 7,168 34 Add non-recurring charges 129 - Non-GAAP net income $11,514 $3,021 GAAP basic net income per share $0.01 $0.02 Add FAS123R expense 0.03 0.04 Add non-cash tax provision - 0.01 Add depreciation expense 0.02 0.02 Add amortization of intangible assets 0.11 - Add non-recurring charges - - Non-GAAP basic net income per share $0.17 $0.09 GAAP diluted net income per share $0.01 $0.02 Add FAS123R expense 0.03 0.04 Add non-cash tax provision - 0.01 Add depreciation expense 0.02 0.01 Add amortization of intangible assets 0.10 - Add non-recurring charges - - Non-GAAP diluted net income per share $0.16 $0.08 CyberSource Corporation Condensed Consolidated Balance Sheets (In thousands) (Unaudited) March 31, December 31, 2008 2007 Assets Current assets: Cash and cash equivalents $50,685 $40,393 Accounts receivable, net 14,818 15,503 Prepaid expenses and other current assets 4,143 4,189 Deferred income taxes 3,596 3,596 Total current assets 73,242 63,681 Property and equipment, net 12,404 10,664 Intangible assets, net 151,148 158,316 Goodwill 291,456 291,456 Non-current deferred income taxes 9,546 9,773 Other non-current assets 2,365 2,341 Restricted cash 1,516 1,516 Total assets $541,677 $537,747 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $1,205 $613 Funds due to merchants 12,246 11,399 Other accrued liabilities 12,085 14,297 Deferred revenue 4,127 3,772 Accrued restructuring 537 904 Total current liabilities 30,200 30,985 Deferred revenue, less current portion 707 493 Accrued restructuring, less current portion 873 860 Other non-current tax liabilities 2,237 2,195 Total liabilities 34,017 34,533 Total stockholders' equity 507,660 503,214 Total liabilities and stockholders' equity $541,677 $537,747 CyberSource Corporation Consolidated Statements of Cash Flows (In thousands, except per share data) (Unaudited) Three Months Ended March 31, 2008 2007 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $533 $736 Adjustments to reconcile net income to net cash provided by operating activities: Amortization expense 7,168 34 Depreciation expense 1,361 434 Income on investment in joint venture (50) (46) Stock-based compensation 2,192 1,391 Changes in operating assets and liabilities: Accounts receivable 685 (658) Prepaid expenses and other current assets 46 (297) Deferred income taxes 227 426 Other non-current assets 26 47 Accounts payable 592 34 Accrued liabilities (2,566) 113 Funds due to merchants 847 - Deferred revenues 569 71 Other long-term tax liabilities 42 - Net cash provided by operating activities 11,672 2,285 CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property and equipment (3,101) (475) Purchases of short-term investments - (14,783) Maturities of short-term investments - 16,066 Net cash provided by (used in) investing activities (3,101) 808 CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of common stock 1,701 970 Net cash provided by financing activities 1,701 970 Effect of exchange rate changes on cash 20 (11) Increase in cash and cash equivalents 10,292 4,052 Cash and cash equivalents at beginning of period 40,393 21,701 Cash and cash equivalents at end of period $50,685 $25,753

Photo: http://www.newscom.com/cgi-bin/prnh/19990513/CYBRSOURCELOGO
AP Archive: http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com CyberSource Corporation

CONTACT: Katrina Rymill of CyberSource Corporation, +1-650-965-6154,
krymill@cybersource.com

Web site: http://www.cybersource.com/
http://www.authorize.net/

Monolithic Power Systems Announces Record First Quarter Revenue and Operating IncomeCompany Will Also Restate 2006 and 2007 Financials to Correct Tax Provision Error That Overstated Book Tax Expense

SAN JOSE, Calif., April 29 /PRNewswire-FirstCall/ -- Monolithic Power Systems (MPS) , a leading fabless manufacturer of high-performance analog and mixed-signal semiconductors, today announced operating results for the quarter ended March 31, 2008. The Company also announced that it would be re-stating its 2006 and 2007 annual financial statements to correct an error in the tax provision, which will result in a reduction in reported book tax expense for both years and an increase in reported net income for the year ended December 31, 2007 and a reduction in net loss for the year ended December 31, 2006. Therefore, the results reported today will reflect the Company's financial performance at the operating income level, and only selected balance sheet data is included.

The operating results for the quarter ended March 31, 2008 are as follows: -- Net revenues of $35.4 million, up 44.6% from $24.5 million in the first quarter of 2007 and down 8.0% sequentially from $38.5 million in the fourth quarter of 2007 -- Gross margin of 63.2%, compared to 63.4% in the first quarter of 2007 and 63.9% in the fourth quarter of 2007 -- GAAP operating expenses of $17.0 million, including $16.3 million for research and development and selling, general and administrative expenses, which includes $2.7 million for stock-based compensation, and $0.7 million for patent litigation expenses -- Non-GAAP(1) operating expenses of $14.3 million, excluding $2.7 million for stock-based compensation. GAAP operating margin of $5.3 million, or 15%, and Non-GAAP(1) operating margin of $8.1 million or 23%.

"We are pleased with the recent quarter's results; our strongest Q1 in MPS' history, and a testament to the strategy we have been putting in place over the past eighteen months," said Michael Hsing, Chief Executive officer and co-founder of MPS. "Our continued focus on rapidly introducing new high-performance products and expanding our global market presence is paying off, and we are well positioned for future growth."

"We are working to resolve and restate our 2006 and 2007 annual financial statements as quickly as possible," said Rick Neely, Chief Financial Officer of MPS. "We would like to note that the restatement relates to an error in recording the tax effect of stock-based compensation expense related to MPS's cost-share agreement with a foreign subsidiary, and will result in a reduction in reported book tax expense in both years and an increase in reported net income for 2007 and a reduction in net loss for 2006. There is no cash impact as a result of this correction. We look forward to providing these and our full quarter results as soon as possible."

Business Outlook

The following are MPS' financial targets for the second quarter ending June 30, 2008:

-- Revenues in the range of $38 million to $41 million -- Gross margin in the mid to upper end of the company's target range of 60% to 63% -- Research and development and selling, general and administrative expenses between $16.7 million and $18.7 million. Non-GAAP(1) research and development and selling, general and administrative expenses between $13.7 million and $15.2 million. This excludes an estimate of stock-based compensation expense in the range of $3.0 million to $3.5 million -- Litigation expense in the range of $3.0 million to $3.5 million (1) Non-GAAP operating expenses, non-GAAP operating margin and non-GAAP research and development and selling, general and administrative expenses differ from operating expenses, operating margin and research and development and selling, general and administrative expenses determined in accordance with GAAP (Generally Accepted Accounting Principles in the United States). Non-GAAP operating expenses and non-GAAP operating margin for the quarter ended March 31, 2008 exclude the effect of stock-based compensation expense. Projected non-GAAP research and development and selling, general and administrative expenses exclude the effect of stock-based compensation. A schedule reconciling these amounts is included in this press release. Non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. MPS utilizes both GAAP and non-GAAP financial measures to assess what it believes to be its core operating performance and to evaluate and manage its internal business and assist in making financial operating decisions. MPS believes that the inclusion of non-GAAP financial measures, together with GAAP measures, provides investors with an alternative presentation useful to investors' understanding of MPS' core operating results and trends. Additionally, MPS believes that the inclusion of non-GAAP measures, together with GAAP measures, provides investors with an additional dimension of comparability to similar companies. However, investors should be aware that non-GAAP financial measures utilized by other companies are not likely to be comparable in most cases to the non-GAAP financials measures used by MPS. Conference Call

MPS plans to conduct a management teleconference covering its first quarter ended March 31, 2008 results at 2:00 p.m. PT / 5:00 p.m. ET today, April 29, 2008. To access the conference call and following replay, go to http://ir.monolithicpower.com/ and click the webcast link. From this site, you can listen to the teleconference, assuming that your computer system is configured properly. In addition to the webcast replay, which will be archived for all investors for one year on the MPS website, a phone replay will be available for seven days after the live call at 617-801-6888, code number 97039398. This press release and any other information related to the call will also be posted on the website.

Safe Harbor Statement

This press release contains forward-looking statements regarding targeted revenues, gross margin, GAAP and non-GAAP research and development and selling, general and administrative expenses, stock-based compensation expense and litigation expenses for the three months ending June 30, 2008, projected results of the restatements of the 2006 and 2007 fiscal periods and MPS' position for future growth. These statements are not historical facts or guarantees of future performance or events, are based on current expectations, estimates, beliefs, assumptions, goals, and objectives, and involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from the results expressed by these statements. Readers of this press release and listeners to the accompanying conference call are cautioned not to place undue reliance on any forward-looking statements. Factors that could cause actual results to differ include, but are not limited to, the risks, uncertainties and costs of litigation in which the company is involved; the outcome of any upcoming trials, hearings, motions, and appeals; any market disruptions or interruptions in MPS' schedule of new product release development; adverse change in production and testing efficiency; adverse changes in government regulations in foreign countries where MPS has offices; acceptance of, or demand for, MPS' products being lower than expected; unanticipated changes in the restatements of the tax provisions and their impact on our first quarter and prior financial results; the adverse impact on MPS' financial performance if its tax and litigation provisions are inadequate; difficulty in predicting or budgeting for future expenses and financial contingencies; and other important risk factors identified in MPS' SEC filings, including, but not limited to, its Form 10-K filed on March 11, 2008.

The forward-looking statements in this press release represent MPS' targets, not predictions of actual performance. MPS assumes no obligation to update the information in this press release or in the accompanying conference call.

About Monolithic Power Systems, Inc.

Monolithic Power Systems, Inc. (MPS) develops and markets proprietary, advanced analog and mixed-signal semiconductors. The company combines advanced process technology with its highly experienced analog designers to produce high-performance power management integrated circuits (ICs) for DC to DC converters, LED drivers, Cold Cathode Fluorescent Lamp (CCFL) backlight controllers, Class D audio amplifiers, and Linear ICs. MPS products are used extensively in computing and network communications products, LCD monitors and TVs, and a wide variety of consumer and portable electronics products. MPS partners with world-class manufacturing organizations to deliver top quality, ultra-compact, high-performance solutions through the most productive, cost-efficient channels. Founded in 1997 and headquartered in San Jose, California, the company has expanded its global presence with sales offices in Taiwan, China, Korea, Japan, and Europe, which operate under MPS International, Ltd.

Monolithic Power Systems, MPS, and the MPS logo are registered trademarks of Monolithic Power Systems, Inc. in the U.S. and trademarked in certain other countries.

Selected Consolidated Balance Sheet Items (Unaudited, in thousands) March 31, December 31, 2008 2007 ASSETS Current assets: Cash and cash equivalents $64,300 $83,114 Short-term investments 4,772 27,765 Accounts receivable, net of allowances of $227 and $227 in 2008 and 2007 11,314 8,239 Inventories 16,390 17,487 Long-term investments 39,140 - Consolidated Statement of Operations Items (Unaudited, in thousands) Three Months ended March 31, 2008 March 31, 2007 (in thousands, except per share amounts) Revenue $35,409 $24,496 Cost of revenue* 13,044 8,963 Gross profit 22,365 15,533 Operating expenses: Research and development* 7,572 5,932 Selling, general and administrative* 8,728 6,197 Provision for litigation expense 736 2,847 Total operating expenses 17,036 14,976 Income from operations 5,329 557 Weighted average common shares outstanding 33,340 30,482 Stock options 2,551 3,277 Diluted weighted-average common equivalent shares outstanding 35,891 33,759 * Stock-based compensation has been included in the following line items: Cost of revenue $45 $111 Research and development 1,207 1,101 Selling, general and administrative 1,535 1,108 Total $2,787 $2,320 RECONCILIATION OF OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES (in thousands, except per share amounts) Total operating expenses $17,036 $14,976 Adjustments to reconcile total operating expenses to non-GAAP total operating expenses Stock-based compensation $(2,742) $(2,209) Non-GAAP total operating expenses $14,294 $12,767 2008 Second Quarter Outlook RECONCILIATION OF R&D AND SG&A EXPENSES TO NON-GAAP R&D AND SG&A EXPENSES (in thousands) Three months ended June 30, 2008 Low High R&D and SG&A $16,700 $18,700 Adjustments to reconcile R&D and SG&A to non-GAAP R&D and SG&A Stock-based compensation (3,000) (3,500) Non-GAAP R&D and SG&A $13,700 $15,200

Monolithic Power Systems, Inc.

CONTACT: Rick Neely, Chief Financial Officer of Monolithic Power
Systems, Inc., +1-408-826-0777, investors@monolithicpower.com

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

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