Companies news of 2008-05-06 (page 1)
SRA Announces Financial Results for Third Quarter of Fiscal Year 2008- Revenue up 18%...
Expedia, Inc. to Participate in Goldman Sachs Internet Conference
RFMD(R) Announces Strategic Restructuring to Leverage Leadership in RF Components and...
RFMD(R) Announces Fiscal 2008 Fourth Quarter ResultsCompany To Focus On RF Components,...
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SRA Announces Financial Results for Third Quarter of Fiscal Year 2008- Revenue up 18% year-over-year to $376 million - Operating income up 30% to $29.6 million - Diluted EPS up $0.04 to $0.30 - $503 million of contract awards - $17 million of shares repurchased during the quarter
FAIRFAX, Va., May 6 /PRNewswire-FirstCall/ -- SRA International, Inc. , a leading provider of technology and strategic consulting services and solutions to government organizations, today announced operating results for the third quarter of fiscal year 2008, which ended March 31, 2008.
Revenue for the quarter was $376.0 million, up 18% from $317.6 million in the March 2007 quarter. Operating income for the quarter was $29.6 million, for an operating margin of 7.9%. Net income was $18.0 million, for a net margin of 4.8%. Diluted earnings per share for the quarter were $0.30, up $0.04 year-over-year.
SRA President and CEO Stan Sloane said, "We were pleased to win nearly three times the volume of contract awards that we won in the same quarter last year. Some of these programs will take time to ramp up because of protested award decisions, but they are a positive indicator for future growth."
"We're also enthusiastic about our agreement to acquire Era Corporation, which we announced last week. Era fits nicely into our plan to increase the product-based component of our business and continue to expand our international footprint. We look forward to completing the transaction and joining forces with an air surveillance market leader."
CFO and Executive Vice President for Operations Steve Hughes added, "Third quarter revenue grew 18% year-over-year, while the low-margin rebillable component declined as planned. This improvement in the business mix led to better operating margins. Operating margin increased to 7.9% in the quarter, 70 basis points better than a year ago."
New Business Awards
The Company won new business in the third quarter with potential value of $503 million, if all options are exercised. As of March 31, 2008, the Company's backlog of signed business orders was $3.9 billion, an increase of 11% year-over-year.
Major highlights of competitive contract awards in the quarter include:
-- Joint Tactical Radio System (JTRS), Network Enterprise Domain (NED).
The Defense Department awarded SRA a five-year, $108 million task order
to perform management support services for the JTRS NED program office.
A consolidation of work previously being performed separately by SRA
and several other contractors, this win represents the second
significant expansion of the Company's San Diego presence in the last
six months.
-- Drug Enforcement Administration (DEA), Enterprise Management Services
(EMS). SRA was awarded a five-year, $78 million contract to provide IT
infrastructure services to the DEA. This award has been protested by
the incumbent contractor, and a decision is expected in the June
quarter.
-- Department of Defense (DoD), Defense Manpower Data Center (DMDC). The
Company won a five-year, $48 million contract to continue supporting
the DMDC, which serves as the DoD's human resource information archive
for more than 28 million current and former service men and women.
Under the contract, SRA will deliver database design and management,
software support and identity management solutions.
-- Food and Drug Administration (FDA), FDA Adverse Event Reporting System
(FAERS). The FDA awarded SRA a five-year, $27 million contract to
develop the FAERS system for collecting and monitoring reports of
adverse events related to FDA-regulated products.
-- Office of Personnel Management (OPM), Network Services. SRA won a
2.5-year, $24 million recompete contract to perform network services
for OPM. The contract will involve the full lifecycle of network
design, management and operations support.
The Company was also awarded several multiple-award, indefinite delivery/indefinite quantity (ID/IQ) contracts in the March quarter. ID/IQ vehicles are not included in the Company's quarterly bookings total, but they provide a solid foundation for future growth.
-- Environmental Protection Agency (EPA), Office of Research and
Development (ORD). SRA was awarded a prime contract on the seven-year,
$200 million Software Engineering and Specialized Scientific Support
(SES3) blanket purchase agreement (BPA) for the EPA. The Company has
since won two task orders under the BPA, with a combined value of $32
million.
-- U.S. Army, Program Executive Office Enterprise Information Systems
(PEO EIS). PEO EIS named SRA one of five awardees of the Program
Management Support Services-2 (PMSS-2) contract, which has a total
value of approximately $478 million over five years. The award
decision has been protested, and task order activity will not begin
until the protest has been resolved.
Share Repurchase
In accordance with a repurchase authority established by its Board of Directors in 2007, SRA executed an open market share buyback during the March quarter. The Company repurchased about 754,000 shares of its stock in the quarter, deploying a total of $17.3 million in cash. The average share price for repurchased shares was $22.91. Although the Company's acquisition program remains its top priority for capital deployment, management may elect to continue opportunistic use of its repurchase authority in the future.
Forward Guidance
The Company is updating its forward guidance for the fourth quarter and full fiscal year 2008. The table below represents management's current expectations about the Company's future financial performance, based on information available at this time. The forward guidance in this table does not include any effect for the pending acquisition of Era Corporation or any acquisitions SRA might make in the future.
Measure Quarter Ending Fiscal Year Ending
June 30, 2008 June 30, 2008
Revenue (in millions) $370-$390 $1,492-$1,512
Diluted EPS $0.31-$0.33 $1.23-$1.25
Diluted Share Equivalents (in millions) 59.4 59.4
The updated revenue guidance is lower than previously issued guidance primarily because of a reduced direct material revenue forecast. Given the consistent June quarter Diluted EPS range, the implied profit margins are higher in this revised guidance. These changes are consistent with the higher labor services component of revenue in the latest forecast.
Conference Call
SRA senior management will hold a conference call to discuss these operating results and forward guidance today at 5:00 PM Eastern. Interested parties may listen to the conference call by dialing 888-287-9905 (U.S./Canada) or 706-643-7540 (Other) with passcode 42439207. The conference call will be Webcast simultaneously through a link on the SRA Web site (http://www.sra.com/). A replay of the conference call will be available approximately two hours after the conclusion of the call from May 6 through May 20, 2008 by dialing 800-642-1687 (U.S./Canada) or 706-645-9291 (Other) and entering passcode 42439207.
About SRA International, Inc.
SRA is a leading provider of technology and strategic consulting services and solutions -- including systems design, development, and integration; and outsourcing and managed services -- to clients in national security, civil government, and health care and public health markets. The Company also delivers business solutions for contingency and disaster response planning, information assurance, business intelligence, environmental strategies, enterprise architecture, infrastructure management, and wireless integration.
FORTUNE(R) magazine has chosen SRA as one of the "100 Best Companies to Work For" for nine consecutive years. The Company's 6,400 employees serve clients from its headquarters in Fairfax, Virginia, and offices around the world. For additional information on SRA, please visit http://www.sra.com/.
Any statements in this press release about future expectations, plans, and prospects for SRA, including guidance about future financial results and statements about the estimated value of contracts and work to be performed, and other statements containing the words "estimates," "believes," "anticipates," "plans," "expects," "will," and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: our dependence on our contracts with federal government agencies, particularly within the U.S. Department of Defense, for substantially all of our revenue; our dependence on our GSA schedule contracts and our position as a prime contractor on government-wide acquisition contracts to grow our business; our ability to attract and retain skilled employees; any reductions in or reallocations of the U.S. defense budget or the budgets for civil government agencies; the market price of the company's stock prevailing from time to time; the nature of other investment opportunities presented to the company from time to time; the company's cash flows from operations; and other factors discussed in our latest quarterly report on Form 10-Q filed with the Securities and Exchange Commission on February 7, 2008. In addition, the forward-looking statements included in this press release represent our views as of May 6, 2008. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so. These forward- looking statements should not be relied upon as representing our views as of any date subsequent to May 6, 2008.
Condensed Consolidated Statements of Operations (Unaudited)
(in thousands, except share and per share amounts)
Three Months Ended Nine Months Ended
31-Mar-08 31-Mar-07 31-Mar-08 31-Mar-07
Revenue $376,002 $317,586 $1,122,144 $942,665
Operating costs and expenses:
Cost of services 276,708 237,684 837,706 710,485
Selling, general and
administrative 63,508 51,588 176,498 148,921
Depreciation and
amortization 6,230 5,535 18,821 15,585
Total operating costs
and expenses 346,446 294,807 1,033,025 874,991
Operating income 29,556 22,779 89,119 67,674
Interest expense (611) (7) (2,216) (27)
Interest income 886 1,180 3,374 4,514
Gain on sale of Mantas, Inc. - - - 3,674
Income before taxes 29,831 23,952 90,277 75,835
Provision for income taxes 11,788 8,979 35,784 29,058
Net income $18,043 $14,973 $54,493 $46,777
Earnings per share:
Basic $0.31 $0.26 $0.95 $0.83
Diluted $0.30 $0.26 $0.92 $0.80
Weighted-average shares:
Basic 57,852,369 56,696,382 57,600,872 56,299,701
Diluted 59,468,955 58,383,305 59,407,213 58,261,389
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands)
As of
31-Mar-08 30-Jun-07
Current assets:
Cash and cash equivalents $136,517 $212,034
Restricted cash 1,126 -
Accounts receivable, net 341,450 262,409
Prepaid expenses and other 21,029 26,370
Deferred income taxes, current 10,764 5,860
Total current assets 510,886 506,673
Property and equipment, net 37,875 36,685
Other assets:
Goodwill 394,153 256,530
Identified intangibles, net 39,314 30,849
Deferred income taxes, noncurrent 6,266 8,163
Deferred compensation trust 7,650 8,784
Other assets 16,185 -
Total other assets 463,568 304,326
Total assets $1,012,329 $847,684
Current liabilities:
Accounts payable and accrued expenses $118,699 $110,897
Accrued payroll and employee benefits 85,566 81,711
Billings in excess of revenue recognized 14,224 16,980
Total current liabilities 218,489 209,588
Long-term liabilities:
Long-term debt 80,000 -
Other long-term liabilities 26,861 12,641
Total long-term liabilities 106,861 12,641
Total liabilities 325,350 222,229
Stockholders' equity 686,979 625,455
Total liabilities and stockholders' equity $1,012,329 $847,684
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
Nine Months Ended
31-Mar-08 31-Mar-07
Cash flows from operating activities:
Net income $54,493 $46,777
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization 18,821 15,585
Stock-based compensation 7,322 8,451
Deferred income taxes (1,372) (625)
Gain on sale of Mantas, Inc. - (3,674)
Loss on disposal of property and equipment 744 -
Working capital changes, net of the effect
of acquisitions (38,453) 7,708
Net cash provided by operating activities 41,555 74,222
Cash flows from investing activities:
Capital expenditures (6,754) (10,289)
Sales and maturities of investments - 9,749
Acquisition of Spectrum Solutions Group,
net of cash acquired - (8,000)
Acquisition of RABA Technologies, net
of cash acquired - (94,237)
Acquisition of Constella Group, LLC,
net of cash acquired (189,714) -
Proceeds from sale of Mantas, Inc. - 3,674
Net cash used in investing activities (196,468) (99,103)
Cash flows from financing activities:
Issuance of common stock 11,916 8,057
Tax benefits of stock option exercises 4,725 6,004
Borrowings (repayments) under credit
facility, net of associated financing costs 79,676 -
Reissuance of treasury stock 679 1,245
Purchase of treasury stock (17,600) (84)
Net cash provided by financing activities 79,396 15,222
Net decrease in cash and cash equivalents (75,517) (9,659)
Cash and cash equivalents, beginning of period 212,034 173,564
Cash and cash equivalents, end of period $136,517 $163,905
Supplemental disclosures of cash flow information:
Cash paid during the period:
Interest $1,885 $27
Income taxes $40,970 $30,820
Cash received during the period:
Interest $3,670 $4,617
Income taxes $757 $438
Reconciliation Between Total Revenue Growth and Organic Revenue Growth
(Unaudited)
(in thousands)
Organic revenue growth, as presented, measures revenue growth adjusted for
the impact of acquisitions. The Company believes that this non-GAAP
financial measure provides useful information because it allows investors
to better assess the underlying growth rate of the Company's existing
business. This non-GAAP financial measure should not be considered in
isolation or as a substitute for measures of performance prepared in
accordance with GAAP.
Three Months Ended
31-Mar-08 31-Mar-07 % Increase
Total Revenue, as reported $376,002 $317,586 18.4%
Plus: Revenue from acquired companies
for the comparable prior year period - 49,604
Organic Revenue $376,002 $367,190 2.4%
SRA International, Inc.
CONTACT: Dave Keffer, Vice President, Investor Relations, +1-703-502-7731, david_keffer@sra.com, or Steve Hughes, CFO and Executive VP, Operations, +1-703-502-7732, steve_hughes@sra.com, both of SRA International, Inc.
Web site: http://www.sra.com/
Expedia, Inc. to Participate in Goldman Sachs Internet Conference
BELLEVUE, Wash., May 6 /PRNewswire-FirstCall/ -- Expedia, Inc. will participate in the Goldman Sachs Global Internet Conference in Las Vegas, Nevada on Wednesday, May 21, 2008. CEO and President Dara Khosrowshahi's presentation will begin at 1:50 p.m. PDT. A live audiocast of the session will be available to the public at http://www.expediainc.com/ir. A replay of the audiocast will be available for approximately 30 days following the conference.
About Expedia, Inc.
Expedia, Inc. is the world's leading online travel company, empowering business and leisure travelers with the tools and information they need to easily research, plan, book and experience travel. Expedia, Inc. also provides in-destination concierge service and activity desks for travelers. The Expedia, Inc. portfolio of brands includes: Expedia.com(R), hotels.com(R), Hotwire(R), Expedia(R) Corporate Travel, TripAdvisor(R), Expedia Local Expert(TM), Classic Vacations(R) and eLong(TM). Expedia, Inc.'s companies operate more than 50 global points of sale with sites in North America, South America, Latin America, Europe, Middle East, Africa and Asia Pacific. Expedia, Inc. is a component of the S&P 500 index. For more information, visit http://www.expediainc.com/ .
Expedia and Expedia.com are either registered trademarks or trademarks of Expedia, Inc. in the U.S. and/or other countries. Other logos or product and company names mentioned herein may be the property of their respective owners.
Expedia, Inc.
CONTACT: Investor Relations, +1-425-679-3555, or Media Relations, +1-425-679-4317, both of Expedia, Inc.
Web site: http://www.expediainc.com/
RFMD(R) Announces Strategic Restructuring to Leverage Leadership in RF Components and Compound SemiconductorsCompany Expects to Eliminate Approximately $75 Million in Annual Wireless Systems Expenses
GREENSBORO, N.C., May 6 /PRNewswire-FirstCall/ -- RF Micro Devices, Inc. , a global leader in the design and manufacture of high-performance semiconductor components, today announced that effective immediately RFMD(R) is reducing its investments in wireless systems, including cellular transceivers and GPS solutions, in order to focus on core semiconductor component opportunities, including cellular front ends and other components in RFMD's Cellular Products Group (CPG) and the expanding portfolio of semiconductor components in RFMD's Multi-Market Products Group (MPG).
As a result, RFMD currently expects to eliminate product development expenses related to its wireless systems business by approximately $75 million this fiscal year beginning in the June 2008 quarter, with the full benefit expected to be realized in the December 2008 quarter.
Bob Bruggeworth, president and CEO of RFMD, said, "These strategic actions will enable RFMD to deliver more predictable financial results and substantially higher profitability. We are the industry leader in RF components and the world's largest manufacturer of compound semiconductors. We are investing in growing markets where we have a demonstrated track record of success, and we will measure our progress using operating income and return on invested capital (ROIC) as key performance metrics. We anticipate steady financial improvement throughout the year, and we currently forecast at least 10% non-GAAP operating income and double-digit ROIC by the end of the calendar year.
"While this is a difficult decision because of the impact on employees, these actions are the result of a comprehensive strategic review, including extensive market analyses and discussions with key customers and channel partners. We are confident the steps we have taken will increase shareholder value and provide significant long-term benefits to our global customers and stakeholders."
Key Restructuring Actions
-- RFMD is eliminating approximately $75 million in annual expenses by
reducing investments in wireless systems, including cellular
transceivers and GPS solutions.
-- RFMD projects approximately $40 million -- $50 million in restructuring
charges, approximately two-thirds of which is expected to be non-cash,
over the next two quarters with a global workforce reduction of
approximately 350 employees.
-- RFMD is engaged in discussions with strategic and financial buyers for
some of these assets, but is not commenting currently on any potential
transactions, including possible proceeds.
-- RFMD will fully support cellular transceivers currently in production
or commencing production, including POLARIS(R) 2, POLARIS 2 Radio
Module, POLARIS 3 and POLARIS 3 Silver(TM).
RFMD anticipates revenue growth in cellular transceivers in fiscal 2009, with transceiver revenue continuing in fiscal 2010.
RF Micro Devices will conduct a conference call at 5:00 p.m. EDT today to discuss today's press release. The conference call will be broadcast live over the Internet and can be accessed by any interested party at http://www.earnings.com/ or http://www.rfmd.com/ (under Investor Info). A telephone playback of the conference call will be available approximately one hour after the call's completion by dialing 303-590-3000 and entering pass code 11111145.
About RFMD: RF Micro Devices, Inc. (Nasdaq GS: RFMD) is a global leader in the design and manufacture of high-performance semiconductor components. RFMD's products enable worldwide mobility, provide enhanced connectivity and support advanced functionality in the cellular handset, wireless infrastructure, wireless local area network (WLAN), CATV/broadband and aerospace and defense markets. RFMD is recognized for its diverse portfolio of semiconductor technologies and RF systems expertise and is a preferred supplier to the world's leading mobile device, customer premises and communications equipment providers.
Headquartered in Greensboro, N.C., RFMD is an ISO 9001- and ISO 14001-certified manufacturer with worldwide engineering, design, sales and service facilities. RFMD is traded on the NASDAQ Global Select Market under the symbol RFMD. For more information, please visit RFMD's web site at http://www.rfmd.com/.
This press release includes "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about our plans, objectives, representations and contentions and are not historical facts and typically are identified by use of terms such as "may," "will," "should," "could," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential," "continue" and similar words, although some forward-looking statements are expressed differently. You should be aware that the forward-looking statements included herein represent management's current judgment and expectations, but our actual results, events and performance could differ materially from those expressed or implied by forward-looking statements. We do not intend to update any of these forward-looking statements or publicly announce the results of any revisions to these forward-looking statements, other than as is required under the federal securities laws. RF Micro Devices' business is subject to numerous risks and uncertainties, including variability in quarterly operating results, the rate of growth and development of wireless markets, risks associated with our planned exit from our wireless systems business, including cellular transceivers and GPS solutions, the risk that restructuring charges may be greater than originally anticipated and that the cost savings and other benefits from the restructuring may not be achieved, risks associated with the operation of our wafer fabrication facilities, molecular beam epitaxy facility, assembly facility and test and tape and reel facilities, our ability to complete acquisitions and integrate acquired companies, including the risk that we may not realize expected synergies from our business combinations, our ability to attract and retain skilled personnel and develop leaders, variability in production yields, our ability to reduce costs and improve gross margins by implementing innovative technologies, our ability to bring new products to market, our ability to adjust production capacity in a timely fashion in response to changes in demand for our products, dependence on a limited number of customers, and dependence on third parties. These and other risks and uncertainties, which are described in more detail in RF Micro Devices' most recent Annual Report on Form 10-K and other reports filed with the Securities and Exchange Commission, could cause actual results and developments to be materially different from those expressed or implied by any of these forward-looking statements.
RF MICRO DEVICES(R), RFMD(R) and POLARIS(TM) TOTAL RADIO(TM) are trademarks of RFMD, LLC. All other trade names, trademarks and registered trademarks are the property of their respective owners.
RF Micro Devices, Inc.
CONTACT: Dean Priddy, CFO, +1-336-678-7975, Doug DeLieto, VP, Investor Relations, +1-336-678-7968, or Jerry Neal, EVP, Marketing and Strategic Development, +1-336-678-7001
Web site: http://www.rfmd.com/
RFMD(R) Announces Fiscal 2008 Fourth Quarter ResultsCompany To Focus On RF Components, Expects To Eliminate Approximately $75 Million In Annual Wireless Systems ExpensesBusiness Highlights:- March 2008 Quarterly Revenue Totaled $221.9 Million- Quarterly Revenue For RFMD's Multi-Market Products Group (MPG) Was Approximately $51 Million, Or 23% Of Revenue- March 2008 Quarterly GAAP Loss Per Share Was ($0.06)- March 2008 Quarterly Non-GAAP Diluted Earnings Per Share Equaled $0.01- GAAP Gross Margin Was 25.7% And Non-GAAP Gross Margin Improved 140 Basis Points To 31.0%- RFMD Repurchased 30 Million Shares In The March Quarter, Reducing The Total Number Of Shares By Approximately 10%- June 2008 Quarterly Revenue Is Expected To Be In The Range Of Approximately $230 Million To $245 Million
GREENSBORO, N.C., May 6 /PRNewswire-FirstCall/ -- RF Micro Devices, Inc. , a global leader in the design and manufacture of high-performance semiconductor components, today reported financial results for its fiscal 2008 fourth quarter ended March 29, 2008. The financial results include a partial quarter of results from Filtronic Compound Semiconductors Ltd ("Filtronic"), which was acquired by RFMD(R) on February 29, 2008. Quarterly revenue decreased approximately 13.7% year-over-year and approximately 17.2% sequentially to $221.9 million. Operating loss was approximately ($31.6) million on a GAAP basis, and operating loss was approximately ($12.1) million on a non-GAAP basis. Non-GAAP gross margin improved 140 basis points during the quarter, due primarily to the sequential increase in MPG revenue. Consistent with guidance provided on January 31, 2008, RFMD's March 2008 quarterly revenue reflected relative strength in MPG and a mid-quarter increase in demand related primarily to GSM/GPRS cellular front ends.
Separately today, RFMD announced that it is focusing its investments on RF components, including cellular front ends and other cellular handset components in its Cellular Products Group (CPG) and MPG's high-value RF components. RFMD is reducing its expenses in wireless systems, including cellular transceivers and GPS solutions. RFMD will continue to support current generations of POLARIS(R) products, including POLARIS 2 and POLARIS 3, at leading customers. RFMD expects these actions will eliminate approximately $75 million in annual product development expenses related to wireless systems. As a result, RFMD forecasts at least 10% non-GAAP operating income and double-digit return on invested capital (ROIC) by the end of the calendar year. For more details, please see the press release titled, "RFMD Announces Strategic Restructuring To Leverage Leadership In RF Components And Compound Semiconductors," issued today.
RFMD Product Group Highlights
CPG
-- As a result of the strategic restructuring, RFMD expects to eliminate
approximately $75 million in annual product development expenses
related to wireless systems
-- CPG revenue for the quarter was approximately $171 million, or 77% of
total revenue
-- RFMD experienced a mid-quarter improvement in GSM/GPRS front end unit
volume, related primarily to a major customer platform ramp
-- RFMD experienced increased design activity during the March 2008
quarter and estimates channel inventory levels have improved
significantly, especially in Asia
-- RFMD commenced the production ramp of its industry-leading EDGE front
ends at a leading handset original equipment manufacturer (OEM) in the
March quarter, resulting in production volume shipments to all five of
the world's leading handset OEMs
-- RFMD experienced strong bookings and increased design activity in
WCDMA, driven by multiple customers
-- RFMD previously announced the consolidation of its production test
facilities for high volume cellular products and anticipates these
actions will improve cash flow and profitability by $3.0 million to
$3.5 million per year
MPG
-- MPG revenue for the quarter was approximately $51 million, or 23% of
total revenue
-- The sequential increase in MPG revenue contributed to the 140-basis
point improvement in non-GAAP gross margin
-- RFMD's March 2008 quarterly results included approximately $7 million
in annualized operating expense savings, in line with the previously
identified "hard synergies" from the Sirenza Microdevices acquisition
-- RFMD expanded its industry-leading RF product portfolio to include
microwave and millimeter wave components and introduced InGaP HBT power
amplifiers for wireless infrastructure applications across all cellular
standards and frequencies
-- MPG is on track to release more than 100 new products in fiscal 2009
-- MPG is currently booked for double-digit sequential revenue growth in
the June quarter and is on track for its fiscal 2009 revenue goal of
$250 million
GAAP and non-GAAP financial measures are presented in the tables below, and non-GAAP financial measures are reconciled to the corresponding GAAP financial measures in the financial statement portion of this press release.
GAAP RESULTS
(in millions, Q4 Fiscal Q3 Fiscal % Change Q4 Fiscal % Change
except percentages 2008 2008 vs. Q3 2007 vs. Q4
and per share data) 2008 2007
Revenue $221.9 $268.2 (17.2)% $257.3 (13.7)%
Gross Margin 25.7% 26.2% (0.5)ppt 35.2% (9.5)ppt
Operating (Loss)
Income $(31.6) $(24.4) 29.2% $21.4 (247.2)%
Net (Loss) Income $(16.5) $(15.1) 9.1% $30.1 (154.6)%
Diluted (LPS) EPS $(0.06) $(0.06) (3.2)% $0.14 (143.8)%
NON-GAAP RESULTS (excluding share-based compensation, amortization of intangibles, amortization of acquisition-related inventory step-up, acquired in process research and development charge, manufacturing facility relocation and related costs, discontinuation of WLAN chipset development efforts, impairment of intangible license, manufacturing start-up costs, loss on investment, gain on sale of substantially all Bluetooth(R) assets, restructuring charges, and the tax effect on certain non-GAAP adjustments)
(in millions, Q4 Fiscal Q3 Fiscal % Change Q4 Fiscal % Change
except percentages 2008 2008 vs. Q3 2007 vs. Q4
and per share data) 2008 2007
Gross Margin 31.0% 29.6% 1.4ppt 35.7% (4.7)ppt
Operating (Loss)
Income $(12.1) $6.1 (298.2)% $25.7 (147.1)%
Net Income $3.0 $15.4 (80.6)% $29.2 (89.7)%
Diluted EPS $0.01 $0.06 (82.8)% $0.13 (91.8)%
Financial Guidance And Business Outlook
-- Revenue in the June 2008 quarter is currently expected to be in the
range of $230 million to $245 million, representing 4% to 10%
sequential growth
-- RFMD forecasts MPG revenue will increase sequentially approximately 15%
to 20% in the June 2008 quarter as a result of strength in wireless
infrastructure, CATV amplifiers, wireless LAN front ends, RF components
for point-to-point digital radio applications and standard, or catalog
RF, components
-- RFMD forecasts CPG cellular front end revenue will increase 10% to 15%
sequentially in the June 2008 quarter, and RFMD expects POLARIS(R) 3
revenue will increase sequentially in the June quarter, driven by new
and existing handset models
-- RFMD's CPG revenue guidance reflects significantly reduced expectations
for transceiver revenue at RFMD's largest POLARIS 2 customer
-- RFMD is engaged in discussions with strategic and financial buyers for
some of its wireless systems assets, but is not commenting currently on
any potential transactions, including possible proceeds
-- RFMD projects approximately $40 million - $50 million in restructuring
charges, approximately two-thirds of which is expected to be non-cash,
over the next two quarters
-- GAAP net loss in the June 2008 quarter is currently expected to be in
the range of ($0.03) to ($0.04) per diluted share and does not reflect
any restructuring charges resulting from today's announcement
-- Non-GAAP net income in the June 2008 quarter is currently expected to
be in the range of $0.01 to $0.02 per diluted share, excluding
estimated share-based compensation expense and amortization of
intangibles of approximately $13 million in the aggregate
The methodology used by RFMD to estimate share-based compensation expense does not factor in items such as new grants, terminations or amounts that may be capitalized in inventory, and the methodology used to estimate amortization of intangibles assumes no additional intangible assets are recorded. RFMD does not estimate the impact of share-based compensation expense on gross margin or operating expenses and will provide this information with its June 2008 quarterly results. Accordingly, actual quarterly results may differ from these estimates, and such differences may be material.
Comments From Management
Bob Bruggeworth, president and CEO of RFMD, said, "During the March quarter, RFMD experienced an improved demand environment for our industry-leading RF components. We commenced high volume shipments of our industry-leading GSM/GPRS front ends to a top-five handset OEM for a major new handset platform, and we experienced a rebound in demand among multiple handset customers based in China. Additionally, our diversification efforts continued to pay off as steady execution drove MPG revenue to approximately $51 million and as we introduced multiple high-value products for a customer list numbering in the thousands. In the June quarter, we are positioned for cellular front end market share gains at additional top-five OEMs as new handsets commence production, including a popular music phone for EDGE networks and a highly anticipated WCDMA handset manufactured by a Korea-based OEM.
"Looking forward, RFMD is eliminating all product development expenses related to wireless systems, including cellular transceivers and GPS solutions, and this is expected to unleash the value of a very profitable core RF components business, highlighted by CPG's cellular front ends and other cellular components and MPG's multi-market RF, microwave and millimeter wave components. As a result, we believe RFMD is positioned for the largest increase in profitability in our Company's history. Our RF components business consistently generates superior profitability and financial returns in excess of our cost of capital. We are increasing our focus on this core business and deploying the full force of our assets and resources behind it. We will continue to support our wireless systems currently in production, including POLARIS 2 and POLARIS 3, and we expect these products to contribute significant operating profit and cash flow over their multi-year product lifecycles."
Dean Priddy, CFO and corporate vice president of administration of RFMD, said, "We believe RFMD is at an inflection point for both financial and strategic leverage. RFMD projects materially higher profitability as a result of our focus on compound semiconductors and RF components, where we are the established industry leader. Our progress will be measurable, and we will calculate our success based upon anticipated improvements in operating income and ROIC. We currently expect at least 10% non-GAAP operating income and double-digit ROIC by the end of the calendar year. In conjunction with our share repurchase program, these actions demonstrate RFMD's commitment to improving shareholder value."
Non-GAAP Financial Measures
In addition to disclosing financial results calculated in accordance with United States (U.S.) generally accepted accounting principles (GAAP), RFMD's earnings release contains the following non-GAAP financial measures: (i) non-GAAP gross margin, (ii) non-GAAP operating (loss) income, (iii) non-GAAP net income, and (iv) non-GAAP net income per diluted share. Each of these non-GAAP financial measures is adjusted from GAAP results to exclude certain expenses that are outlined in the "Reconciliation of GAAP to Non-GAAP Financial Measures" table on page 10.
In managing RFMD's business on a consolidated basis, management develops an annual operating plan, which is approved by our Board of Directors, using non-GAAP financial measures. In developing and monitoring performance against this plan, management considers the actual or potential impacts on these non-GAAP financial measures from actions taken to reduce unit costs with the goal of increasing gross margin. In addition, management relies upon these non-GAAP financial measures to assess whether research and development efforts are at an appropriate level, and when making decisions about product spending, administrative budgets, and marketing programs. In addition, we believe that non-GAAP financial measures provide useful supplemental information to investors and enable investors to analyze the results of operations in the same way as management. We have chosen to provide this supplemental information to enable investors to perform additional comparisons of operating results and to analyze financial performance excluding the effect of certain non-cash expenses, unusual items and share-based compensation expense, which may obscure trends in RFMD's underlying performance.
We believe that these non-GAAP financial measures offer an additional view of RFMD's operations that, when coupled with the GAAP results and the reconciliations to corresponding GAAP financial measures, provide a more complete understanding of RFMD's results of operations and the factors and trends affecting RFMD's business. However, these non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP.
Our rationale for using these non-GAAP financial measures, as well as their impact on the presentation of RFMD's operations, are outlined below:
Non-GAAP gross margin. Non-GAAP gross margin excludes share-based compensation expense, amortization of intangible assets, an adjustment for amortization of acquisition-related inventory step-up and an adjustment for manufacturing facility relocation and related costs. We believe that exclusion of these costs in presenting non-GAAP gross margin gives management and investors a more effective means of evaluating RFMD's historical performance and projected costs and the potential for realizing cost efficiencies. We believe that the majority of RFMD's purchased intangibles are not relevant to analyzing current operations because they generally represent costs incurred by the acquired company to build value prior to acquisition, and thus are effectively part of transaction costs rather than ongoing costs of operating RFMD's business. In this regard, we note that (i) once the intangibles are fully amortized, the intangibles will not be replaced with cash costs and therefore, the exclusion of these costs provides management and investors with better visibility into the actual costs required to generate revenues over time, and (ii) although we set the amortization expense based on useful life of the various assets at the time of the transaction, we cannot influence the timing and amount of the future amortization expense recognition once the lives are established. Similarly, we believe that presentation of non-GAAP gross margin and other non-GAAP financial measures that exclude the impact of share-based compensation expense assists management and investors in evaluating the period-over-period performance of RFMD's ongoing operations because (i) the expenses are non-cash in nature, and (ii) although the size of the grants is within our control, the amount of expense varies depending on factors such as short-term fluctuations in stock price volatility and prevailing interest rates, which can be unrelated to the operational performance of RFMD during the period in which the expense is incurred and generally is outside the control of management. Moreover, we believe that the exclusion of share-based compensation expense in presenting non-GAAP gross margin and other non-GAAP financial measures is useful to investors to understand the impact of the expensing of share-based compensation to RFMD's gross margins and other financial measures in comparison to both prior periods as well as to its competitors. We also believe that the adjustments to margin related to the acquisition of Sirenza (amortization of acquisition-related inventory step-up and an adjustment for manufacturing facility relocation and related costs), do not constitute part of RFMD's ongoing operations and therefore, the exclusion of these costs provides management and investors with better visibility into the actual costs required to generate revenues over time and gives management and investors a more effective means of evaluating our historical and projected performance.
We believe disclosure of non-GAAP gross margin has economic substance because the excluded expenses do not represent continuing cash expenditures and, as described above, we have little control over the timing and amount of the expenses in question.
Non-GAAP operating (loss) income. Non-GAAP operating (loss) income excludes share-based compensation expense, amortization of intangible assets, restructuring charges, gain on sale of substantially all Bluetooth(R) assets, acquired in process research and development, amortization of acquisition-related inventory step-up, impairment of intangible license, costs associated with the relocation of a manufacturing facility, manufacturing start-up costs, and adjustments associated with the discontinuation of our WLAN chipset development efforts. We believe that presentation of a measure of operating (loss) income that excludes amortization of intangible assets and share-based compensation expense is useful to both management and investors for the same reasons as described above with respect to our use of non-GAAP gross margin. We believe that restructuring charges, as well as the expenses and adjustments associated with the discontinuation of our WLAN chipset development efforts, manufacturing start-up costs, gain on sale of substantially all Bluetooth(R) assets, acquired in process research and development, amortization of acquisition-related inventory step-up, impairment of intangible license, and costs associated with the relocation of a manufacturing facility, do not constitute part of RFMD's ongoing operations and therefore, the exclusion of these costs provides management and investors with better visibility into the actual costs required to generate revenues over time and gives management and investors a more effective means of evaluating our historical and projected performance. We believe disclosure of non-GAAP operating (loss) income has economic substance because the excluded expenses are either non-recurring in nature or do not represent current cash expenditures.
Non-GAAP net income and non-GAAP net income per diluted share. Non-GAAP net income and non-GAAP net income per diluted share exclude the effects of share-based compensation expense, amortization of intangible assets, restructuring charges, manufacturing start-up costs, gain on sale of substantially all Bluetooth(R) assets, acquired in process research and development, amortization of acquisition-related inventory step-up, impairment of intangible license, costs associated with the relocation of a manufacturing facility, adjustments associated with the discontinuation of our WLAN chipset development efforts, loss on investment, and also reflect an adjustment of income tax expense associated with the exclusion of certain of these non-GAAP adjustments. We believe that presentation of measures of net income and net income per diluted share that exclude these items is useful to both management and investors for the reasons described above with respect to non-GAAP gross margin and non-GAAP operating income. We believe disclosure of non-GAAP net income and non-GAAP net income per diluted share has economic substance because the excluded expenses are either non-recurring in nature, do not represent current cash expenditures, or are variable in nature and thus unlikely to become recurring expenses.
Limitations of non-GAAP financial measures. The primary material limitations associated with the use of non-GAAP gross margin, non-GAAP operating (loss) income, non-GAAP net income and non-GAAP net income per diluted share as compared to the most directly comparable GAAP financial measures of gross margin, operating (loss) income, net (loss) income and net (loss) income per diluted share are (i) they may not be comparable to similarly titled measures used by other companies in RFMD's industry, and (ii) they exclude financial information that some may consider important in evaluating our performance. We compensate for these limitations by providing full disclosure of the differences between these non-GAAP financial measures and the corresponding GAAP financial measures, including a reconciliation of the non-GAAP financial measures to the corresponding GAAP financial measures, to enable investors to perform their own analysis of our gross margin, operating (loss) income, net (loss) income and net (loss) income per diluted share.
RF Micro Devices will conduct a conference call at 5:00 p.m. EDT today to discuss today's press release. The conference call will be broadcast live over the Internet and can be accessed by any interested party at http://www.earnings.com/ or http://www.rfmd.com/ (under Investor Info). A telephone playback of the conference call will be available approximately one hour after the call's completion by dialing 303-590-3000 and entering pass code 11111145.
About RFMD: RF Micro Devices, Inc. is a global leader in the design and manufacture of high-performance semiconductor components. RFMD's products enable worldwide mobility, provide enhanced connectivity and support advanced functionality in the cellular handset, wireless infrastructure, wireless local area network (WLAN), CATV/broadband and aerospace and defense markets. RFMD is recognized for its diverse portfolio of semiconductor technologies and RF systems expertise and is a preferred supplier to the world's leading mobile device, customer premises and communications equipment providers.
Headquartered in Greensboro, N.C., RFMD is an ISO 9001- and ISO 14001-certified manufacturer with worldwide engineering, design, sales and service facilities. RFMD is traded on the NASDAQ Global Select Market under the symbol RFMD. For more information, please visit RFMD's web site at http://www.rfmd.com/.
This press release includes "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about our plans, objectives, representations and contentions and are not historical facts and typically are identified by use of terms such as "may," "will," "should," "could," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential," "continue" and similar words, although some forward-looking statements are expressed differently. You should be aware that the forward-looking statements included herein represent management's current judgment and expectations, but our actual results, events and performance could differ materially from those expressed or implied by forward-looking statements. We do not intend to update any of these forward-looking statements or publicly announce the results of any revisions to these forward-looking statements, other than as is required under the federal securities laws. RF Micro Devices' business is subject to numerous risks and uncertainties, including variability in quarterly operating results, the rate of growth and development of wireless markets, risks associated with our planned exit from our wireless systems business, including cellular transceivers and GPS solutions, the risk that restructuring charges may be greater than originally anticipated and that the cost savings and other benefits from the restructuring may not be achieved, risks associated with the operation of our wafer fabrication facilities, molecular beam epitaxy facility, assembly facility and test and tape and reel facilities, our ability to complete acquisitions and integrate acquired companies, including the risk that we may not realize expected synergies from our business combinations, our ability to attract and retain skilled personnel and develop leaders, variability in production yields, our ability to reduce costs and improve gross margins by implementing innovative technologies, our ability to bring new products to market, our ability to adjust production capacity in a timely fashion in response to changes in demand for our products, dependence on a limited number of customers, and dependence on third parties. These and other risks and uncertainties, which are described in more detail in RF Micro Devices' most recent Annual Report on Form 10-K and other reports filed with the Securities and Exchange Commission, could cause actual results and developments to be materially different from those expressed or implied by any of these forward-looking statements.
RF MICRO DEVICES(R), RFMD(R) and POLARIS(TM) TOTAL RADIO(TM) are trademarks of
RFMD, LLC. All other trade names, trademarks and registered trademarks are
the property of their respective owners.
Tables To Follow
RF MICRO DEVICES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
Three Months Ended
March 29, 2008(1) March 31, 2007
Total revenue $221,926 $257,270
Costs and expenses:
Cost of goods sold 164,961 166,704
Research and development 56,941 47,095
Marketing and selling 17,817 12,963
General and administrative 12,460 8,448
Other operating expense 1,297 625
Total costs and expenses 253,476 235,835
Operating (loss) income (31,550) 21,435
Other income 3,580 2,047
(Loss) Income before income taxes $(27,970) $23,482
Income tax benefit 11,519 6,651
Net (loss) income $(16,451) $30,133
Net (loss) income per share, diluted $(0.06) $0.14
Weighted average outstanding diluted shares 276,085 228,937
(1) Management is currently evaluating the impact, if any, on fiscal 2008
financial results related to the strategic restructuring announced
today. Accordingly, financial results shown may be impacted.
RF MICRO DEVICES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
Twelve Months Ended
March 29, 2008 March 31, 2007
(Unaudited)(1) (Audited)
Total revenue $957,552 $1,023,615
Costs and expenses:
Cost of goods sold 681,314 666,755
Research and development 207,362 184,979
Marketing and selling 57,330 53,863
General and administrative 42,080 37,301
Other operating expense (income) 19,085 (33,834)
Total costs and expenses 1,007,171 909,064
Operating (loss) income (49,619) 114,551
Loss on investment (521) (33,959)
Other income 23,512 5,807
(Loss) Income before income taxes $(26,628) $86,399
Income tax benefit (expense) 33,163 (2,983)
Net income $6,535 $83,416
Net income per share, diluted $0.03 $0.39
Weighted average outstanding diluted shares 230,450 226,513
(1) Management is currently evaluating the impact, if any, on fiscal 2008
financial results related to the strategic restructuring announced
today. Accordingly, financial results shown may be impacted.
RF MICRO DEVICES, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In thousands, except per share data)
(Unaudited)
Three Months Ended
March 29, December 29, March 31,
2008(1) 2007 2007
GAAP operating (loss) income $(31,550) $(24,416) $21,435
Share-based compensation
expense 4,645 4,711 3,088
Amortization of intangible
assets 7,682 4,706 567
Acquired in process research
and development - 13,860 -
Gain on sale of substantially
all Bluetooth(R) assets - - (67)
Amortization of acquisition-related
inventory step-up 5,482 3,980 -
Restructuring charges related to
sale of substantially all
Bluetooth(R) assets - - 668
Impairment of intangible license - 1,221 -
Restructuring charges related to
the integration of Sirenza 975 691 -
Manufacturing start-up costs 299 838 -
Manufacturing facility relocation
and related costs 337 488 -
Discontinuation of WLAN chipset
development efforts 23 31 26
Non-GAAP operating (loss) income (12,107) 6,110 25,717
GAAP net (loss) income (16,451) (15,077) 30,133
Share-based compensation
expense 4,645 4,711 3,088
Amortization of intangible
assets 7,682 4,706 567
Acquired in process research
and development - 13,860 -
Gain on sale of substantially
all Bluetooth(R) assets - - (67)
Amortization of acquisition-related
inventory step-up 5,482 3,980 -
Restructuring charges related to
sale of substantially all
Bluetooth(R) assets - - 668
Impairment of intangible license - 1,221 -
Restructuring charges related to
the integration of Sirenza 975 691 -
Manufacturing start-up costs 299 838 -
Manufacturing facility relocation
and related costs 337 488 -
Discontinuation of WLAN chipset
development efforts 23 31 26
Loss on investment - - 94
Tax effect on certain non-GAAP
adjustments - - (5,316)
Non-GAAP net income 2,992 15,449 29,193
Plus: Income impact of assumed
conversions for interest on 1.50%
convertible notes - 669 1,015
Non-GAAP net income plus assumed
conversion of notes-Numerator
for diluted income per share $2,992 $16,118 $30,208
GAAP weighted average outstanding
diluted shares 276,085 244,985 228,937
Adjustments:
Diluted stock options 1,793 4,408 -
Assumed conversion of 1.50%
convertible notes - 30,144 -
Non-GAAP weighted average
outstanding diluted shares 277,878 279,537 228,937
Non-GAAP net income per share,
diluted $0.01 $0.06 $0.13
GAAP gross margin percentage 25.7% 26.2% 35.2%
Adjustment for amortization of
acquisition-related inventory
step-up 2.5% 1.5% -
Adjustment for share-based
compensation 0.2% 0.4% 0.3%
Adjustment for manufacturing
facility relocation and related
costs 0.1% 0.2% -
Adjustment for intangible
amortization 2.5% 1.3% 0.2%
Non-GAAP gross margin
percentage 31.0% 29.6% 35.7%
(1) Management is currently evaluating the impact, if any, on fiscal 2008
financial results related to the strategic restructuring announced
today. Accordingly, financial results shown may be impacted.
RF MICRO DEVICES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
March 29, March 31,
2008 2007
(Unaudited)(2) (Audited)
ASSETS
Current assets:
Cash and cash equivalents $129,750 $229,034
Short-term investments 99,877 89,678
Accounts receivable, net 115,629 102,307
Inventories 190,753 112,975
Other current assets 61,935 46,445
Total current assets 597,944 580,439
Property and equipment, net 430,237 373,455
Goodwill 720,289 114,897
Long-term investments 27,300 617
Intangible assets, net 205,072 8,486
Other assets 140,156 11,740
Total assets $2,120,998 $1,089,634
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities $133,731 $108,929
Current portion - long-term debt 4,523 4,151
Other short-term liabilities, net 283 136
Total current liabilities 138,537 113,216
Long-term debt, net 616,698 245,709
Other long-term liabilities 126,337 11,042
Total liabilities 881,572 369,967
Shareholders' equity:
Total shareholders' equity 1,239,426 719,667
Total liabilities and shareholders'
equity $2,120,998 $1,089,634
(2) Management is currently evaluating the impact, if any, on fiscal 2008
financial results related to the strategic restructuring announced
today, and management is currently evaluating balance sheet
classification adjustments related to deferred taxes and purchase
accounting adjustments. Accordingly, financial results shown may be
impacted.
RF Micro Devices, Inc.
CONTACT: At RFMD(R), Dean Priddy, CFO, +1-336-678-7975, or Doug DeLieto, VP, Investor Relations, +1-336-678-7968; or At the Financial Relations Board, Joe Calabrese, +1-212-827-3772
Web site: http://www.rfmd.com/
Maxwell Technologies Reports First Quarter Financial ResultsUltracapacitor Revenue Up 64% as Top Line Grows by 38% vs. Q1 2007CONFERENCE CALL & WEBCAST AT 5 P.M. (EDT) TODAY, MAY 6, 2008 - DETAILS BELOW
SAN DIEGO, May 6 /PRNewswire-FirstCall/ -- Maxwell Technologies, Inc. today reported revenue of $17.3 million for its first quarter ended March 31, 2008, an increase of 38 percent over the $12.6 million recorded in the same period in 2007. Operating loss for the first quarter 2008 was $3.4 million, compared with $4.5 million in the same period last year. First quarter 2008 net loss of $5.6 million, or $0.28 per share, compared with $4.0 million, or $0.24 per share, in the same period last year, was affected by a non-cash negative swing of approximately $2.5 million, or $0.12 per share, in the change in fair value of conversion features of convertible debentures issued in 2005.
BOOSTCAP(R) ultracapacitor revenue for Q108 increased by 64 percent to $5.4 million, compared with $3.3 million for the same period last year. The company's high voltage capacitor and microelectronics product lines also generated increased sales, combining for Q108 revenue of $12.0 million, up 29 percent from the $9.3 million recorded in Q107.
"Heavy transportation and industrial applications that are advancing into production are contributing to a broader, more predictable revenue base for our emerging ultracapacitor product line," said David Schramm, Maxwell's president and chief executive officer. "Growing demand for ultracapacitors and substantial existing backlogs for our high voltage and microelectronics products are driving what we expect to be another strong revenue performance in the second quarter."
Other significant recent developments include:
-- Announcement of a development collaboration with the Johnson
Controls-Saft lithium-ion battery joint venture (JC-S), through which
Maxwell will validate the cost, performance and environmental
advantages of its proprietary dry fabrication process in the production
of electrodes for lithium-ion batteries for hybrid-electric vehicles.
-- Announcement by Maxwell and NessCap Co., Ltd. that the companies have
agreed to a framework for settling patent disputes relating to their
respective ultracapacitor products and have signed a Memorandum of
Understanding including a provision to immediately halt litigation.
-- Opening of an ultracapacitor customer support office in Munich,
Germany, to service European automakers and global Tier 1 suppliers to
the automotive and transportation industries.
-- Recognition of Maxwell's high voltage capacitor group in Switzerland as
the Siemens Power Transmission & Distribution High Voltage Circuit
Breaker division's 2007 Supplier of the Year.
"We are encouraged by the positive trends for our existing product lines, and we believe that leveraging our patented energy storage technology into the large and rapidly growing lithium-ion battery industry represents a new and exciting value-creation opportunity for Maxwell," Schramm said. "The recently announced alliance with JC-S establishes a working relationship with the world's largest producer of automobile batteries, and late last year we announced a product development and outsource manufacturing collaboration with China's largest producer of lithium-ion batteries, the Lishen Battery Company."
Q108 gross margin was 30 percent, compared with 29 percent in Q407, reflecting ongoing improvements in manufacturing costs and production efficiency. Cash, investments in marketable securities and restricted cash totaled $28.6 million as of March 31, 2008, compared with $30.2 million as of December 31, 2007. Complete financial statements will be available with the filing of the company's Quarterly Report on Form 10-Q with the Securities & Exchange Commission within the next few days.
Management will conduct a conference call and simultaneous webcast to discuss first quarter financial results and the outlook for the balance of 2008 at 5 p.m. (EDT) today. The call may be accessed by dialing toll-free, (800) 862-9098 from the U.S. and Canada, or (785) 424-1051 for international callers. The live webcast may be accessed via the following link: http://www.maxwell.com/investors/investor-calendar.asp; subsequent replay may be accessed at the company's Presentation Archive via the following link: http://www.maxwell.com/investors/presentations.asp
Maxwell is a leading developer and manufacturer of innovative, cost-effective energy storage and power delivery solutions. Our BOOSTCAP(R) ultracapacitor cells and multi-cell modules provide safe and reliable power solutions for applications in consumer and industrial electronics, transportation and telecommunications. Our CONDIS(R) high-voltage grading and coupling capacitors help to ensure the safety and reliability of electric utility infrastructure and other applications involving transport, distribution and measurement of high-voltage electrical energy. Our radiation-mitigated microelectronic products include power modules, memory modules and single board computers that incorporate powerful commercial silicon for superior performance and high reliability in aerospace applications. For more information, please visit our website: http://www.maxwell.com/.
Forward-Looking Statements -- Statements in this news release that are "forward-looking statements" are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors such as:
-- the company's history of losses and uncertainty about its ability to
achieve or maintain profitability, or to obtain sufficient capital to
finance its operations;
-- development and acceptance of products based on new technologies;
-- demand for original equipment manufacturers' products reaching
anticipated levels;
-- general economic conditions in the markets served by the company's
products;
-- cost-effective manufacturing and the success of outsourced
manufacturing;
-- the impact of competitive products and pricing;
-- risks and uncertainties involved in foreign operations, including the
impact of currency fluctuations;
-- product liability or warranty claims in excess of reserves.
For further information regarding risks and uncertainties associated with Maxwell's business, please refer to the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" sections of our SEC filings, including, but not limited to, our annual report on Form 10-K and quarterly reports on Form 10-Q, copies of which may be obtained by contacting Maxwell's investor relations department at (858) 503-3233 or at our investor relations website: http://www.maxwell.com/investors/sec-filing.asp. All information in this release is as of May 6, 2008. The company undertakes no duty to update any forward-looking statement to reflect actual results or changes in the company's expectations.
MAXWELL TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(Unaudited)
Three Months Ended March 31,
2008 2007
Revenues:
Products $16,777 $12,193
License fees and service revenue 557 363
Total revenues 17,334 12,556
Cost of sales 12,106 9,143
Gross profit 5,228 3,413
Operating expenses:
Selling, general and administrative 5,339 5,055
Research and development 3,207 2,817
Amortization of intangibles 83 19
Loss on sale of equipment - 41
Total operating expenses 8,629 7,932
Loss from operations (3,401) (4,519)
Interest expense, net (156) (319)
Amortization of debt discount and
prepaid debt costs (728) (904)
Gain (loss) on embedded derivatives
and warrants (993) 1,499
Other income (expense), net (33) 96
Loss from continuing operations
before income taxes (5,311) (4,147)
Income tax provision (benefit) 246 (99)
Net loss $(5,557) $(4,048)
Basic and diluted net loss per share $(0.28) $(0.24)
Shares used in computing basic and
diluted net loss per share 20,164 17,086
MAXWELL TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
(Unaudited)
March 31, December 31,
2008 2007
ASSETS
Current assets:
Cash and cash equivalents $15,625 $14,579
Investments in marketable securities 5,024 7,635
Trade and other accounts
receivable, net 14,063 13,933
Inventories, net 16,371 14,717
Prepaid expenses and other current
assets 1,831 1,657
Total current assets 52,914 52,521
Property and equipment, net 15,883 14,636
Intangible assets, net 3,318 3,154
Goodwill 23,598 21,183
Prepaid pension asset 9,662 8,369
Restricted cash 8,000 8,000
Other non-current assets 326 417
$113,701 $108,280
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued
liabilities $12,094 $9,516
Accrued warranty 809 768
Accrued employee compensation 3,357 2,885
Short-term borrowings and current
portion of long-term debt 17,072 16,472
Deferred tax liability - current
portion 378 378
Total current liabilities 33,710 30,019
Deferred tax liability, long-term 1,493 1,493
Convertible debentures and long-term
debt, excluding current portion 12,060 13,544
Stock warrants 922 577
Other long-term liabilities 580 535
Commitments and contingencies
Stockholders' equity:
Common stock, $0.10 par value per
share, 40,000 shares authorized;
20,795 and 20,417 shares issued
and outstanding at March 31, 2008
and December 31, 2007,
respectively 2,077 2,042
Additional paid-in capital 176,561 172,899
Accumulated deficit (125,651) (120,094)
Accumulated other comprehensive
income 11,949 7,265
Total stockholders' equity 64,936 62,112
$113,701 $108,280
Maxwell Technologies, Inc.
CONTACT: Michael Sund of Maxwell Technologies, Inc., +1-858-503-3233
Web site: http://www.maxwell.com/ http://www.maxwell.com/investors/investor-calendar.asp
Sigma-Aldrich to Present at the Baird 2008 Growth Stock Conference on Tuesday, May 13, 2008
ST. LOUIS, May 6 /PRNewswire-FirstCall/ -- Sigma-Aldrich Corporation will be presenting at the Baird 2008 Growth Stock Conference on Tuesday, May 13th at 1:20 PM CT in Chicago.
Interested parties may listen via live audio broadcast over the Internet available at http://ir.sigmaaldrich.com/. Users can click the "Webcast" icon to access this file. For the webcast on http://ir.sigmaaldrich.com/ users will need to have Media Player software, which can be downloaded at http://www.microsoft.com/windows/windowsmedia/9series/player.aspx.
About Sigma-Aldrich: Sigma-Aldrich is a leading Life Science and High Technology company. Our biochemical and organic chemical products and kits are used in scientific and genomic research, biotechnology, pharmaceutical development, the diagnosis of disease and as key components in pharmaceutical and other high technology manufacturing. We have customers in life science companies, university and government institutions, hospitals and in industry. Over one million scientists and technologists use our products. Sigma-Aldrich operates in 36 countries and has 7,900 employees providing excellent service worldwide. We are committed to accelerating our Customers' success through leadership in Life Science, High Technology and Service. For more information about Sigma-Aldrich, please visit our award-winning web site at http://www.sigma-aldrich.com/.
Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20080506/AQTU157 AP Archive: http://photoarchive.ap.org/ PRN Photo Desk, photodesk@prnewswire.com
Sigma-Aldrich Corporation
CONTACT: Debbie Bockius of Sigma-Aldrich Corporation, +1-314-286-8015, dbockius@sial.com
Web site: http://www.sigma-aldrich.com/
ESCO Announces Second Quarter Results
ST. LOUIS, May 6 /PRNewswire-FirstCall/ -- ESCO Technologies Inc. today announced its results for the second quarter ended March 31, 2008, and also reaffirmed its full year earnings per share (EPS) guidance.
Within this release, references to "quarters" and "year-to-date" relate to the fiscal quarters and six-month periods ended March 31 for the respective fiscal years noted.
Net earnings and EPS are presented from "Continuing Operations" and "Discontinued Operations." Continuing Operations represent the results of the ongoing businesses of the Company, including the results of Doble for the four-month period subsequent to its November 30, 2007 acquisition. Discontinued Operations represent the results of the filtration portion of Filtertek which was sold on November 25, 2007.
Second Quarter 2008 vs. 2007 Summary - Continuing Operations
-- Net sales increased $26.3 million, or 24.2 percent, to $135.2 million.
-- EBIT dollars increased $2.1 million, or 19.2 percent, to $12.9 million.
-- Total depreciation and amortization expense was $7.0 million compared
to $4.3 million.
-- Pretax earnings include $3.5 million ($0.08 per share, after tax) of
amortization expense related to TWACS NG(TM) software and purchase
accounting related assets.
-- Pretax earnings were impacted by $3.2 million of interest expense in
2008 compared to $0.2 million of interest income in 2007.
-- The effective tax rate was 37.3 percent in the 2008 second quarter
compared to 18.5 percent (including the effect of research tax credits)
in the second quarter of 2007.
-- EPS from Continuing Operations was $0.23 per share (or $0.31 per share
adjusted for the $0.08 per share of software and purchase accounting
amortization noted above), compared to $0.34 per share in 2007, with
the decrease due to higher interest expense and a higher tax rate in
2008.
-- Net cash generated during the second quarter was $21.8 million.
-- Entered orders were $164.1 million with a book-to-bill ratio of 121
percent.
Six Months 2008 Year-to-Date Summary - Continuing Operations
-- Net sales increased $80.7 million, or 42.6 percent, to $270.1 million.
-- EBIT dollars increased $19.7 million, or 270 percent, to $26.9 million.
-- Total depreciation and amortization expense was $12.7 million compared
to $7.8 million.
-- Pretax earnings include $8.3 million ($0.20 per share, after tax) of
amortization expense related to TWACS NG software and purchase
accounting related assets.
-- Pretax earnings were impacted by $4.5 million of interest expense in
2008 compared to $0.5 million of interest income in 2007.
-- The effective tax rate was 37.5 percent in 2008 compared to 2.4 percent
(including the effect of research credits and loss in first quarter) in
2007.
-- EPS from Continuing Operations was $0.53 per share (or $0.73 per share
as adjusted for the $0.20 per share of software and purchase accounting
amortization noted above), compared to $0.29 per share in 2007.
-- Net cash generated year-to-date was $19.8 million.
-- Entered orders were $294.4 million with a book-to-bill ratio of 109
percent.
Discontinued Operations Summary
Discontinued Operations had no impact on the 2008 second quarter, and contributed $0.7 million, or $0.02 per share, to the 2007 second quarter.
The sale of Filtertek in the first quarter of 2008 resulted in a year-to-date net loss of $5.1 million, or $0.19 per share, from Discontinued Operations driven by the write-down of the vacated Puerto Rico property and by income tax expense related to its foreign operations.
The divestiture of Filtertek, net of transaction costs, generated $75.5 million of net cash. The Puerto Rico property was sold on March 31, 2008 for $1.4 million with the net cash proceeds of $1.3 million being received on April 1, 2008.
2nd Quarter Year-to-Date
Earnings Per Share Summary 2008 2007 2008 2007
Continuing Operations $0.23 0.34 $0.53 0.29
Discontinued Operations -- 0.02 (0.19) 0.02
Net Earnings $0.23 0.36 $0.34 0.31
Sales
Second quarter 2008 sales of $135.2 million were 24.2 percent higher than second quarter 2007 sales of $108.9 million, and year-to-date sales increased 42.6 percent to $270.1 million compared to $189.4 million in 2007. Fiscal 2008 year-to-date sales include the recognition of $20.5 million of revenue in the first quarter related to electric AMI shipments to PG&E which occurred with the delivery of TWACS NG software version 3.0 in December 2007.
Utility Solutions Group sales of $74.6 million increased $25.3 million, or 51.5 percent in the 2008 second quarter compared to the second quarter of 2007, primarily driven by $21.7 million of sales from Doble in the 2008 second quarter. Fixed network RF AMI sales increased $5.1 million, or 43.1 percent, primarily due to higher gas AMI deliveries at PG&E. Fixed network power-line system (PLS) AMI sales decreased $1.8 million, or 5.3 percent, driven by lower sales to IOU customers (primarily in Texas), partially offset by a 22.4 percent increase in deliveries to COOP and public power (Municipal) customers which totaled $29.0 million during the 2008 second quarter. Software sales and sales of digital video security products increased $0.3 million in the second quarter of 2008. Year-to-date 2008 sales of $153.9 million increased $74.6 million, or 94.1 percent, driven by Doble's sales of $31.1 million; an RF AMI sales increase of $16.2 million, or 82.6 percent; and a PLS AMI sales increase of $29.8 million, or 60.2 percent, partially offset by a $2.5 million decrease in sales of digital video security products.
Test segment sales of $33.5 million in the 2008 second quarter decreased slightly from the $34.0 million of sales recognized in the second quarter of 2007. This decrease is a result of the timing of domestic chamber deliveries which are expected to be completed in the second half of fiscal 2008. Year-to-date, Test segment sales increased 5.4 percent, driven by the continued strength of the international end markets.
Filtration segment sales of $27.1 million increased $1.4 million, or 5.5 percent in the second quarter of 2008, primarily driven by the continued strength in the commercial aerospace market. Year-to-date, Filtration sales increased $2.7 million, or 5.6 percent.
Earnings Before Interest and Taxes (EBIT)
On a segment basis, items that impacted EBIT dollars and EBIT as a percent of sales ("EBIT margin") during the second quarter of fiscal 2008 included the following:
In the Utility Solutions Group, EBIT for the 2008 second quarter was $10.5 million (14.0 percent of sales), compared to $6.1 million (12.4 percent of sales) in the 2007 second quarter. The $4.4 million increase in EBIT dollars in the 2008 second quarter was the result of the sales increases within the segment as noted above. The 2008 second quarter also included higher TWACS NG software amortization compared to the 2007 second quarter ($2.9 million compared to $1.8 million). Year-to-date, 2008 EBIT was $23.9 million (15.5 percent of sales) compared to $3.3 million (4.2 percent of sales) with the significant increase driven by the 94 percent increase in year-to-date sales within this segment.
In the Test segment, EBIT was $2.7 million (8.2 percent of sales) and $4.7 million (7.2 percent of sales) for the 2008 second quarter and six months, respectively, compared to the 2007 second quarter and year-to-date EBIT of $4.1 million (12.0 percent of sales) and $6.2 million (10.0 percent of sales), respectively. The 2008 EBIT included approximately $0.7 million of non-recurring costs associated with the facility consolidation in Austin, Texas that was completed in January 2008. Absent these charges, the Test segment margin for the second quarter of 2008 would have been approximately 2.2 percent higher. Additionally, EBIT margins were lower due to changes in sales mix involving additional large chambers and fewer high-margin components sold in the comparable periods.
In the Filtration segment, 2008 second quarter EBIT was $4.9 million (18.1 percent of sales) compared to $5.2 million (20.3 percent of sales) in the prior year second quarter. The decrease in EBIT dollars and margin is due to sales mix changes at VACCO where fewer high margin defense spares were sold in the 2008 second quarter. Year-to-date, 2008 EBIT was $8.6 million (16.9 percent of sales) compared to 2007 EBIT of $6.9 million (14.4 percent of sales) with the increases being driven by the strength of the commercial aerospace market.
Corporate operating costs included in EBIT were $5.2 million and $10.2 million in the second quarter and six months of 2008, respectively, compared to $4.6 million and $9.1 million in the 2007 second quarter and six months, respectively. The 2008 increases are due to lower royalty income and higher amortization expenses related to purchase accounting identifiable intangible assets recorded at Corporate.
Effective Tax Rate
The effective tax rate from Continuing Operations in the second quarter of 2008 was 37.3 percent compared to 18.5 percent in the second quarter of 2007, and 37.5 percent compared to 2.4 percent for the six month periods of 2008 and 2007, respectively. The 2007 tax rates were favorably benefited by research tax credits realized throughout 2007.
New Orders
New orders received in 2008 were $164.1 million for the second quarter, and $294.4 million year-to-date resulting in a backlog at March 31, 2008 of $281.9 million.
New orders received were $99.6 million in the Utility Solutions Group, $32.5 million in Test, and $31.9 million in Filtration during the second quarter of 2008.
During the 2008 second quarter, Aclara Power-Line Systems received $25.1 million in orders from COOP and Municipal customers, and $8.9 million in orders from PREPA.
Orders from PG&E during the 2008 second quarter were $32.3 million, including $4.1 million related to the RF electric AMI order announced in March 2008. Subsequent to the second quarter end, the Company recorded an additional $11.1 million of PG&E orders ($6.1 million RF gas and $4.7 million RF electric) related to its AMI deployment, resulting in year-to-date PG&E orders of $57.6 million. Total PG&E order quantities since inception (1.7 million units, or $112.4 million) are detailed in a separate press release also dated May 6, 2008.
Cash
Net cash provided by operating activities from Continuing Operations was $37.7 million for the six months ended March 31, 2008. At March 31, 2008, the Company had $31 million in cash and $250.5 million of total debt outstanding for a net debt position of $219.5 million.
Doble Purchase Accounting
Management has finalized its purchase accounting valuation related to the identifiable intangible assets for Doble and has reflected these changes in the Balance Sheet at March 31, 2008. Identifiable intangible assets generally include: trade names; customer relationships; patents and proprietary know-how; firm order backlog; non-compete and employment agreements for key managers, and specific software and database applications. These identifiable intangible assets are required to be recorded on the opening Balance Sheet and amortized over their useful lives.
The total amount of Doble's identifiable intangible assets subject to amortization was $56.3 million and the estimated lives for these assets ranged from five years for certain software and database applications to 20 years for certain long-term customer relationships. Other intangible assets identified in the purchase accounting valuation were $192.6 million of non-amortizable goodwill and $112.3 million of indefinite life trade names.
The annual pretax amortization charge related to Doble's identifiable intangible assets is expected to be approximately $3.3 million for five years, decreasing to $2.7 million for the remaining 15 years.
Regarding tangible assets, Doble's finished goods inventory was required to be "stepped up" during purchase accounting by $1.7 million, which results in finished goods inventory being sold with no profit recognized. This results in positive cash flow, but "lost" profit of $1.3 million in fiscal 2008 and $0.4 million in fiscal 2009.
Chairman's Commentary
Vic Richey, Chairman and Chief Executive Officer, commented, "I am very pleased with our second quarter results as we exceeded our internal targets on nearly every operating metric. We came in well above plan on EBIT, cash flow, working capital and entered orders. Our Utility Solutions Group orders were well ahead of plan this quarter, with the bulk of the upside attributable to additional orders received from PG&E for the gas portion of its AMI deployment along with the initial RF electric order announced in March.
"On the AMR/AMI front, I remain very excited about the opportunities that we are addressing in the international marketplace as well as the momentum we are seeing from potential domestic customers as well. The amount of international pilot activity continues to expand, and we are confident that a few of these trials will ultimately lead to initial deployments over the next 12 months.
"Regarding Doble, the early results have been excellent, and after spending more time with the management team in Boston, I am more confident than ever that this acquisition will continue to exceed our original expectations and will be a significant contributor to our stated goal of increasing long-term shareholder value."
Mr. Richey concluded, "The continued market leadership position that our businesses demonstrate with innovative products and reliable services continues to provide us with growth opportunities across all business segments. Based on our current outlook described below, 2008 should be an exciting time for ESCO, both from a customer and shareholder perspective."
Business Outlook
Statements contained in the preceding and following paragraphs are based on current expectations. Statements that are not strictly historical are considered forward-looking, and actual results may differ materially.
The Business Outlook described below excludes the Discontinued Operations of Filtertek and the impact of any future acquisitions or divestitures, and includes: the expected operating results of Doble for the 10 months of operations included in fiscal 2008 since the date of acquisition; the impact of the amortization of identifiable intangible purchase accounting assets related to Aclara Software, Aclara RF, and Doble; the impact of the inventory step-up resulting in "lost" profit, and the amortization of the TWACS NG software.
PG&E Contract
PG&E's ongoing technology assessment activities may impact the timing and/or receipt of future orders from PG&E for its electric deployment, and until PG&E completes this evaluation and determines whether it will modify its AMI project plan, the Company cannot reasonably estimate the timing or total value of equipment orders that may be received. The gas portion of the PG&E contract is continuing to be deployed using Aclara RF's fixed network solution.
Revenue, EBIT Margins, and Earnings Per Share - 2008
Management continues to expect fiscal year 2008 revenues, EBIT margins and EPS to be consistent with the ranges described in detail in the Company's February 7, 2008 release.
Fiscal 2008 EPS is expected to be within the following ranges:
EPS - GAAP Continuing Operations $1.80 to 1.90
Add: Intangible Asset Amortization and
Inventory Step-Up $0.42 0.42
EPS - Adjusted Basis $2.22 to 2.32
As explained in the February 7, 2008 release, the $0.42 per share noted in the above reconciliation includes TWACS NG software amortization, purchase accounting intangible asset amortization related to the Company's recent acquisitions, and Doble's purchase accounting inventory step-up.
Additionally, interest expense for 2008, which is included in the GAAP EPS amounts noted above, is expected to be in the range of $0.24 to $0.26 per share, and stock option expense is expected to be in the range of $0.08 to $0.10 per share for the year. The effective annual tax rate for fiscal 2008 is expected to be approximately 37.5 percent.
Conference Call
The Company will host a conference call today, May 6, at 4:00 p.m., Central Time, to discuss the Company's second quarter operating results. A live audio webcast will be available on the Company's web site at http://www.escotechnologies.com/. Please access the web site at least 15 minutes prior to the call to register, download and install any necessary audio software. A replay of the conference call will be available for seven days on the Company's web site noted above or by phone (dial 1-888-203-1112 and enter the pass code 1394569).
Forward-Looking Statements
Statements in this press release regarding the amounts and timing of fiscal 2008 future revenues, results, earnings, sales, EBIT, EPS, sales and EBIT margins, the timing and amounts of amortization charges related to Doble's identified intangible assets, potential future revenues from Doble, the success of international AMR/ AMI pilots and the likelihood of resulting international AMR/AMI deployments, the long-term success of the Company, and any other written or oral statements which are not strictly historical are "forward-looking" statements within the meaning of the safe harbor provisions of the federal securities laws. Investors are cautioned that such statements are only predictions and speak only as of the date of this release, and the Company undertakes no duty to update. The Company's actual results in the future may differ materially from those projected in the forward-looking statements due to risks and uncertainties that exist in the Company's operations and business environment including, but not limited to: the risk factors described in Item 1A of the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2007, and in Part II, Item 1A of the Company's Quarterly Report on Form 10-Q for the three months ended December 31, 2007; actions by the California Public Utility Commission; PG&E's Board of Directors or PG&E's Management impacting PG&E's AMI projects; the outcome of PG&E's evaluation of other technologies to meet their requirements for the electric portion of its service territory; the success of the Company's competitors; changes in or the effect of the Federal Energy Bill; the timing and content of purchase order releases under the PG&E contracts; the Company's successful performance of the PG&E contracts; site readiness issues with Test segment customers; weakening of economic conditions in served markets; changes in customer demands or customer insolvencies; competition; intellectual property rights; technical difficulties; unforeseen charges impacting corporate operating expenses; the performance of the Company's international operations; material changes in the costs of certain raw materials including steel and copper; delivery delays or defaults by customers; termination for convenience of customer contracts; timing and magnitude of future contract awards; containment of engineering and development costs; performance issues with key customers, suppliers and subcontractors; labor disputes; changes in laws and regulations including but not limited to changes in accounting standards and taxation requirements; costs relating to environmental matters; uncertainty of disputes in litigation or arbitration; the Company's successful execution of internal operating plans; and the integration of newly acquired businesses.
ESCO, headquartered in St. Louis, is a proven supplier of special purpose utility solutions for electric, gas and water utilities, including hardware and software to support advanced metering applications and fully automated intelligent instrumentation. In addition, the Company provides engineered filtration products to the aviation, space and process markets worldwide and is the industry leader in RF shielding and EMC test products. Further information regarding ESCO and its subsidiaries is available on the Company's web site at http://www.escotechnologies.com/.
ESCO Technologies Inc. and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
(Dollars in thousands, except per share amounts)
Three Months Ended Three Months Ended
March 31, 2008 March 31, 2007
Net Sales $135,159 108,860
Cost and Expenses:
Cost of sales 78,263 66,698
SG&A 39,546 28,568
Amortization of intangible assets 4,598 2,792
Interest expense (income), net 3,187 (176)
Other (income) expenses, net (137) (10)
Total costs and expenses 125,457 97,872
Earnings before income taxes 9,702 10,988
Income taxes 3,620 2,035
Net earnings from continuing
operations 6,082 8,953
Earnings from discontinued operations,
net of tax expense of $363 - 665
Net earnings $6,082 9,618
Earnings per share:
Basic
Continuing operations 0.24 0.35
Discontinued operations 0.00 0.02
Net earnings $0.24 0.37
Diluted
Continuing operations 0.23 0.34
Discontinued operations 0.00 0.02
Net earnings $0.23 0.36
Average common shares O/S:
Basic 25,847 25,895
Diluted 26,250 26,491
ESCO Technologies Inc. and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
(Dollars in thousands, except per share amounts)
Six Months Ended Six Months Ended
March 31, 2008 March 31, 2007
Net Sales $270,116 189,447
Cost and Expenses:
Cost of sales 162,275 122,712
SG&A 73,056 55,191
Amortization of intangible assets 8,195 4,818
Interest expense (income), net 4,546 (497)
Other (income) expenses, net (351) (564)
Total costs and expenses 247,721 181,660
Earnings before income taxes 22,395 7,787
Income taxes 8,408 185
Net earnings from continuing
operations 13,987 7,602
(Loss) earnings from discontinued
operations, net of tax expense of
$325 and $393, respectively (115) 635
Loss on sale of discontinued
operations, net of tax of $4,809 (4,974) -
Net (loss) earnings from
discontinued operations (5,089) 635
Net earnings $8,898 8,237
Earnings per share:
Basic
Continuing operations 0.54 0.29
Discontinued operations (0.20) 0.03
Net earnings $0.34 0.32
Diluted
Continuing operations 0.53 0.29
Discontinued operations (0.19) 0.02
Net earnings $0.34 0.31
Average common shares O/S:
Basic 25,803 25,885
Diluted 26,227 26,477
ESCO TECHNOLOGIES INC. AND SUBSIDIARIES
Condensed Business Segment Information
(Unaudited)
(Dollars in thousands)
Three Months Ended Six Months Ended
March 31, March 31,
2008 2007 2008 2007
Net Sales
Utility Solutions
Group $74,571 49,226 153,880 79,260
Test 33,496 33,959 65,561 62,212
Filtration 27,092 25,675 50,675 47,975
Totals $135,159 108,860 270,116 189,447
EBIT
Utility Solutions
Group $10,466 6,109 23,874 3,327
Test 2,742 4,061 4,732 6,204
Filtration 4,913 5,226 8,562 6,908
Corporate (5,232) (1) (4,584) (2) (10,227) (3) (9,149) (4)
Consolidated EBIT 12,889 10,812 26,941 7,290
Interest (expense)/
income (3,187) 176 (4,546) 497
Earnings before
income taxes $9,702 10,988 22,395 7,787
Note: Depreciation and amortization expense was $7.0 million and
$4.3 million for the quarters ended March 31, 2008 and 2007,
respectively, and $12.7 million and $7.8 million for the
six-month periods ended March 31, 2008 and 2007, respectively.
(1) Includes $1.1 million of amortization of acquired intangible assets.
(2) Includes $0.6 million of amortization of acquired intangible assets.
(3) Includes $1.9 million of amortization of acquired intangible assets.
(4) Includes $1.2 million of amortization of acquired intangible assets.
ESCO TECHNOLOGIES INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets (Unaudited)
(Dollars in thousands)
March 31, September 30,
2008 2007
Assets
Cash and cash equivalents $30,973 18,638
Accounts receivable, net 100,575 85,319
Costs and estimated earnings
on long-term contracts 9,001 11,520
Inventories 71,670 55,885
Current portion of deferred
tax assets 15,934 25,264
Other current assets 15,985 28,054
Current assets from discontinued
operations - 35,670
Total current assets 244,138 260,350
Property, plant and equipment, net 72,903 50,193
Goodwill 318,365 124,757
Intangible assets, net 240,540 74,624
Other assets 14,193 10,338
Other assets from discontinued
operations - 55,845
$890,139 576,107
Liabilities and Shareholders' Equity
Short-term borrowings and current
portion of long-term debt $15,474 -
Accounts payable 36,814 45,726
Current portion of deferred revenue 17,665 24,621
Other current liabilities 46,328 31,859
Current liabilities from
discontinued operations - 16,994
Total current liabilities 116,281 119,200
Long-term portion of deferred
revenue 9,240 4,514
Deferred tax liabilities 82,208 18,522
Other liabilities 18,261 15,854
Long-term debt 235,000 -
Other liabilities from discontinued
operations - 2,534
Shareholders' equity 429,149 415,483
$890,139 576,107
ESCO TECHNOLOGIES INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in thousands)
Six Months Ended
March 31, 2008
Cash flows from operating activities:
Net earnings $8,898
Adjustments to reconcile net earnings to net
cash provided by operating activities:
Net loss from discontinued operations 5,089
Depreciation and amortization 12,745
Stock compensation expense 2,326
Changes in operating working capital 1,451
Effect of deferred taxes 7,602
Change in deferred revenues and costs, net (859)
Other 408
Net cash provided by operating activities -
continuing operations 37,660
Net loss from discontinued operations,
net of tax (5,089)
Net cash provided by discontinued operations 125
Net cash used by operating activities -
discontinued operations (4,964)
Net cash provided by operating activities 32,696
Cash flows from investing activities:
Acquisition of businesses, net of cash acquired (328,829)
Proceeds from sale of marketable securities 4,966
Additions to capitalized software (8,004)
Capital expenditures - continuing operations (8,673)
Net cash used by investing activities -
continuing operations (340,540)
Capital expenditures - discontinued operations (1,126)
Proceeds from divestiture of business, net -
discontinued operations 74,370
Net cash provided by investing activities -
discontinued operations 73,244
Net cash used by investing activities (267,296)
Cash flows from financing activities:
Proceeds from long-term debt 275,197
Principal payments on long-term debt (24,723)
Debt issuance costs (2,965)
Net decrease in short-term borrowings -
discontinued operations (2,844)
Excess tax benefit from stock options exercised 737
Other 1,533
Net cash provided by financing activities 246,935
Net increase in cash and cash equivalents 12,335
Cash and cash equivalents, beginning of period 18,638
Cash and cash equivalents, end of period $30,973
ESCO TECHNOLOGIES INC. AND SUBSIDIARIES
Other Selected Financial Data
(Unaudited)
(Dollars in thousands)
Backlog And Entered Utility
Orders-Q2 FY 2008 Solutions Test Filtration Total
Beginning Backlog-
12/31/07 continuing
operations $111,128 61,280 80,615 253,023
Entered Orders 99,623 32,514 31,935 164,072
Sales (74,571) (33,496) (27,092) (135,159)
Ending Backlog-3/31/08 $136,180 60,298 85,458 281,936
Backlog And Entered Utility
Orders-Q2 YTD 2008 Solutions Test Filtration Total
Beginning Backlog-
9/30/07 continuing
operations $123,176 60,038 74,394 257,608
Entered Orders 166,884 65,821 61,739 294,444
Sales (153,880) (65,561) (50,675) (270,116)
Ending Backlog-3/31/08 $136,180 60,298 85,458 281,936
ESCO Technologies Inc.
CONTACT: Patricia K. Moore, Director, Investor Relations of ESCO Technologies Inc., +1-314-213-7277; or media inquiries, David P. Garino, +1-314-982-0551, for ESCO Technologies Inc.
Web site: http://www.escotechnologies.com/
SGI Reports Third Quarter Fiscal Year 2008 ResultsOrder Momentum Continues; Strong Q4 Start with Significant Wins
SUNNYVALE, Calif., May 6 /PRNewswire-FirstCall/ -- SGI today announced financial results for the third quarter of fiscal 2008, which ended March 28, 2008.
The Company's Webcast and conference call to discuss results is Tuesday, May 6 at 2:00 p.m. PDT. The Webcast and presentation materials will be available on the SGI Investors Relations Web page at the time of the call, at http://www.sgi.com/company_info/investors/.
Third Quarter FY08 Highlights
Overall in its third quarter, SGI:
-- Grew orders 50 percent over orders received in the third quarter of the
prior year
-- Grew backlog to $134 million as of March 28, 2008, an 80 percent
increase over the beginning of the company's fiscal year on a
comparable basis
-- Accelerated its software strategy with acquisition of key IP assets
formerly owned by Linux Networx
"We have made great strides in continuing to execute on our strategy this quarter," said Bo Ewald, SGI Chief Executive Officer. "We saw a 50 percent increase in orders compared to the third quarter of last year, acquired significant software assets to strengthen our business and accelerate development of our Industrial Strength Linux Environment, announced a new support solutions program to reinforce our services offerings, and continued building on solid traction in our core markets. And with new significant customer wins in April, the fourth quarter is off to a strong start as well."
In this press release, SGI uses certain pro forma financial measures that are not calculated in accordance with GAAP, or non-GAAP financial measures. These measures are referred to as "pro forma" in this press release. In addition, the company uses bookings and backlog to measure performance. Bookings, also referred to as orders, reflect authorized orders for SGI products and professional services accepted in the period that are expected to ship in the next twelve months. Backlog is the cumulative bookings for which the company has not yet recognized revenue. Management believes that these non-GAAP financial measures, bookings and backlog are useful to investors because they facilitate period to period comparisons of SGI performance and because they help investors view the company's results of operations through the eyes of management and the company's lenders. SGI's credit line covenants, management reporting and incentive plans are measured against certain of these non-GAAP financial measures.
GAAP Q3 Results
GAAP revenue for the third quarter was $79.1 million, compared to $90.1 million in the second quarter. The third quarter GAAP operating loss was $40.6 million, compared to $30.8 million in the second quarter of fiscal 2008. GAAP operating expenses were $59.2 million for the third quarter of 2008, as compared to $58.6 million for the second quarter of fiscal 2008.
Pro Forma Q3 Results
Pro forma revenue was $80.9 million in the third quarter of fiscal 2008, compared with $109.1 million in the second quarter of fiscal 2008. Backlog at the end of the third quarter of 2008 grew to $133.9 million compared to $95.8 million at the end of the second quarter of fiscal 2008, the highest backlog level in the past five quarters.
"We are on track with growth in bookings, with much of the growth being attributable to significant wins and large long-term installations," said Kathy Lanterman, SGI Chief Financial Officer. "As we have said, our challenge is the revenue conversion cycle for these long-term orders, where revenue is not recognized for several months or quarters after we receive an order. We expect our operating results to improve as our growing backlog starts converting to revenue over the next two quarters."
Pro forma revenue excludes the impact of fresh-start accounting and the deferral of the company's recognition of revenues for certain of the company's transactions where software is more than incidental to the overall solution pursuant to AICPA Statement of Position 97-2, Software Revenue Recognition ("SOP 97-2"). Pro forma gross margin for the third quarter, which is adjusted for similar items, was 26.9 percent compared with 35.7 percent in the second quarter of fiscal 2008. Pro forma operating expenses, which exclude restructuring and reorganization-related expenses, the non-cash impact of the acquisition of IP assets of Linux Networx, stock-based compensation expense and the impact of fresh start accounting, were $52.7 million in the third quarter of fiscal 2008 compared with $55.3 million in the second quarter of fiscal 2008. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for the third quarter of fiscal 2008, as defined in the company's debt agreements, were a loss of $25.7 million, compared with an $11.0 million loss for the second quarter of fiscal 2008.
A reconciliation of the non-GAAP financial measures used in this press release to the company's GAAP results of operations, including an illustration of the impact of the company's fresh start accounting and the impact of the implementation of SOP 97-2, is attached to this press release and is also available at http://www.sgi.com/company_info/investors.
Strong Start to Fourth Quarter
SGI also reported that it has secured several major domestic and international wins during the fourth quarter to date. These included:
-- NASA chose SGI to supply its next major supercomputer, a 20,480-core,
20TB SGI(R) Altix(R) ICE system, after a competitive evaluation the
space agency launched last year. The new supercomputer will support
NASA's aeronautics, science, space operations and space exploration
initiatives, including its plan to resume manned missions to the moon
and eventually manned exploration of Mars.
-- SGI entered into a multi-year agreement with total contract payments to
SGI expected to be more than $25M with a major national European
supercomputing center to equip the institution with high-performance
SGI computing and storage solutions. The systems will be used to drive
multiple applications and manage massive amounts of data.
-- SGI also will provide a large European weather service with an
extensive data warehouse solution, which will run Oracle 10g and Oracle
Clusterware. The solution incorporates SGI Altix 4700 and SGI Altix
450 servers, and will enable the weather service to analyze more than
30 years of meteorological data -- a challenge that represents 360
terabytes of user data.
"We believe this quarter's wins show significant momentum for SGI across multiple geographies and product lines," added Ewald. "Our ability to prevail in many exceptionally competitive sales situations shows that customers recognize the value of open-standards-based solutions that deliver superior price/performance and leading energy efficiency."
Recent SGI Announcements
-- Virtu VN200: A high density, highly scalable visualization system that
can fully incorporate leading edge visualization capabilities into the
full line of SGI Altix, SGI Altix XE and SGI Altix ICE servers.
-- InfiniteStorage 4600: A new flagship RAID storage system that augments
the InfiniteStorage product line and helps organizations meet the
escalating bandwidth and I/O demands of today's performance-driven
applications.
-- Virtualized Storage Migration Solution: The new solution allows
enterprises to choose the storage device that best suits their needs
-- an advantage that can lead to better data utilization and
significantly lower ownership costs. The new solution also allows
enterprises to migrate data without disrupting operations.
-- Climate Savers: SGI joined the Climate Savers Computing Initiative, a
nonprofit group of consumers, businesses and conservation organizations
dedicated to improving the power efficiency and reducing the energy
consumption of computers.
-- Support Solutions Plus: Through this new services support program, SGI
provides a single, centralized contact for technical support, secured
site management, and parts logistics requirements for many other
vendors' products as well as SGI products.
-- SGI Altix ICE enhancements: This quarter Altix ICE boasts new blade
enclosures and blade options that increase the performance density of
the platform by including improvements to memory, bandwidth and
interconnect performance, and an enhanced cluster management
environment, as well as make use of the next-generation InfiniBand chip
technology.
-- The NBA and SGI announced a multi-year extension of their relationship
to expand the league's groundbreaking digital workflow and media
management system, the NBA Digital Media Management System. The
extended relationship will enable NBA to accelerate and double the
historical digital archiving effort by ingesting 60,000 hours of video
content each year.
Conference Call
SGI will conduct a conference call today at 2 p.m. PT to provide additional details. The webcast and presentation materials are available at http://www.sgi.com/company_info/investors/. The conference call can be accessed by dialing (877) 495-0297 or (706) 643-9931 for participants outside of North America, conference ID: 45113222. An audio replay of this call will be available after 5 p.m. PT today at (800) 642-1687 or (706) 645-9291 (passcode: 45113222) and will be available until May 13, 2008 midnight PT. After May 13, 2008, the call will be available as an archived webcast. All links to the archived webcast, presentation materials and audio replay are available through the SGI web site at http://www.sgi.com/company_info/investors/.
SGI - Innovation for Results(TM)
SGI is a leader in high-performance computing. SGI delivers a complete range of high-performance server, visualization and storage solutions along with industry-leading professional services and support that enable its customers to overcome the challenges of complex data-intensive workflows and accelerate breakthrough discoveries, innovation and information transformation. SGI helps customers solve significant challenges, whether it's enhancing the quality of life through drug research, designing and manufacturing safer and more efficient cars and airplanes, studying global climate change, providing technologies for homeland security and defense, or helping enterprises manage large amounts of data. With offices worldwide, the company is headquartered in Sunnyvale, California, and can be found on the Web at sgi.com.
(C) 2008 SGI. All rights reserved. SGI, the SGI cube, the SGI logo and Altix are registered trademarks of SGI in the United States and/or other countries worldwide. All other registered trademarks mentioned herein are the property of their respective owners.
This press release contains forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth herein, including increased demands on our working capital due to growth in backlog, in particular for large deals; our ability to raise additional capital in the future on commercially attractive terms or at all, which would restrict our growth and impair our ability to operate; our historical losses and possible failure to attain profitability on a quarterly, annual or sustained basis and risks related to the impact on our business of cost reduction initiatives to be effected in the coming quarters to bring costs more in line with current revenues; our operating results continuing to fluctuate significantly and continuing to be difficult to predict; our stock continuing to have extremely low trading volume and price volatility; our failure to continue growth in bookings, delays in the conversion of backlog to revenue due to application of SOP 97-2, shipment delays and the other risks and uncertainties discussed under the caption "Risk Factors" and elsewhere in SGI's Form 10-K or Form 10-Q most recently filed with the Securities and Exchange Commission. These forward-looking statements speak only as of the date hereof. SGI disclaims any intent or obligation to update these forward-looking statements.
MEDIA CONTACT
Marla Robinson
marlar@sgi.com
256.773.2371
SGI PR HOTLINE
650.933.7777
SGI PR FACSIMILE
650.933.0714
SILICON GRAPHICS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts, unaudited)
Predecessor
Successor Company Company
Nine Six Three
Months Months Months
Three Months Ended Ended Ended Ended
Mar. 28, Mar. 30, Mar. 28, Mar. 30, Sep. 28,
2008 2007 2008 2007 2006
Product and
other revenue $29,592 $56,117 $110,194 $114,797 $45,229
Product revenue
from related
party (1) 6,340 2,454 14,747 7,456 15,377
Global services
revenue 43,146 52,475 135,333 96,516 61,199
Total revenue 79,078 111,046 260,274 218,769 121,805
Costs and expenses:
Cost of product
and other revenue 32,038 41,330 104,668 101,248 42,710
Cost of global
services revenue 28,446 33,025 81,645 62,412 32,265
Research and
development (2) 16,520 14,186 44,280 29,170 16,007
Selling, general
and
administrative 42,484 42,017 127,871 83,623 42,359
Other operating
expense, net 230 358 425 3,243 3,926
Total costs and
expenses 119,718 130,916 358,889 279,696 137,267
Operating loss (40,640) (19,870) (98,615) (60,927) (15,462)
Interest expense (2,049) (1,430) (5,051) (3,432) (7,688)
Interest expense
from related
parties (1,921) (1,406) (4,861) (2,562) -
Interest and other
income (expense),
net (3) 4,996 174 (2,357) 1,373 11,391
Loss before
reorganization items
and income taxes (39,614) (22,532) (110,884) (65,548) (11,759)
Reorganization items,
net - - - - 340,397
Income (loss) before
income taxes (39,614) (22,532) (110,884) (65,548) 328,638
Income tax provision 119 488 7,218 1,166 2,382
Net income (loss) $(39,733) $(23,020) $(118,102) $(66,714) $326,256
Net income (loss)
per share:
Basic $(3.49) $(2.07) $(10.53) $(6.00) $1.20
Diluted $(3.49) $(2.07) $(10.53) $(6.00) $0.77
Weighted-average
shares used to
compute net income
(loss) per share:
Basic 11,372 11,125 11,215 11,125 271,563
Diluted 11,372 11,125 11,215 11,125 423,875
(1) Represents product sales to SGI Japan, a related party of which we
owned a 10% interest at March 28, 2008 and at September 29, 2006.
(2) The three-month period ended March 28, 2008 includes approximately $2
million of in-process research and development resulting form our
acquisition of certain assets formerly owned by Linux Networx, Inc.
(3) The three-month period ended March 28, 2008 includes a gain of
approximately $4 million on the sale of our investment in MicroUnity
Systems Engineering, Inc. The nine-month period ended March 28, 2008
includes a write-down of approximately $6 million of our equity
investment in SGI Japan to the estimated fair value of the investment,
which was approximately $15 million at March 28, 2008. The three-month
period ended September 29, 2006 includes a pre-tax gain of
approximately $10 million on the sale of a portion of the Predecessor
Company's investment in SGI Japan.
SILICON GRAPHICS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, unaudited)
March 28, June 29,
2008 2007
ASSETS
Current assets:
Cash and cash equivalents $42,731 $69,887
Short-term marketable investments 22 223
Short-term restricted investments 9,460 6,763
Accounts receivable, net 46,939 47,643
Inventories 73,394 54,354
Prepaid expenses 8,923 6,153
Other current assets 52,486 49,576
Total current assets 233,955 234,599
Restricted investments 434 302
Property and equipment, net 43,085 43,392
Other intangibles, net 60,860 71,264
Other non-current assets, net 71,948 59,501
Total assets $410,282 $409,058
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $22,070 $14,387
Accrued compensation 36,886 35,382
Income taxes payable 3,915 2,209
Other current liabilities 43,897 44,420
Current portion of long-term debt 8,513 261
Current portion of deferred revenue 110,590 84,798
Current portion of restructuring liability 1,075 1,410
Total current liabilities 226,946 182,867
Long-term debt 124,000 85,000
Non-current portion of deferred revenue 57,882 32,362
Other non-current liabilities 25,997 24,370
Total liabilities 434,825 324,599
Total stockholders' equity (deficit) (24,543) 84,459
Total liabilities and stockholders' equity $410,282 $409,058
Calculation of Non-GAAP Quarterly Results of Operations and Adjusted EBITDA
Successor Company
Three Months Ended: 28-Mar 28-Dec 28-Sep 29-Jun 30-Mar 29-Dec
-08 -07 -07 -07 -07 -06
(in thousands)
Total revenue
(GAAP) $79,078 $90,111 $91,085 $122,295 $111,046 $107,723
Plus: Fresh-start
accounting
adjustments 2,046 2,094 3,835 5,472 8,329 15,877
SOP 97-2
revenue
deferrals (1) (253) 16,935 25,813 13,726 10,392 10,544
Non-GAAP total
revenue 80,871 109,140 120,733 141,493 129,767 134,144
Cost of revenue
(GAAP) 60,484 62,248 63,581 90,148 74,355 89,305
Plus: Fresh-start
accounting
adjustments (1,492) (3,834) (2,762) (6,644) (4,703) (12,549)
SOP 97-2
revenue
deferrals (1) 286 11,794 18,576 8,213 3,574 6,293
Depreciation &
amortization -
Linux Networx (45) - - - - -
Stock-based
compensation
expense (84) 8 (87) (57) (45) (12)
Non-GAAP cost of
revenue 59,149 70,216 79,308 91,660 73,181 83,037
Research and
development expense
(GAAP) 16,520 14,464 13,296 14,870 14,186 14,984
Plus: Fresh-start
accounting
adjustments (108) (12) 47 65 52 (348)
Depreciation &
amortization -
Linux Networx (60) - - - - -
Write-off of in-
process R&D -
Linux Networx (2,400) - - - - -
Stock-based
compensation
expense (320) (253) (309) (257) (200) (58)
Non-GAAP research
and development
expense 13,632 14,199 13,034 14,678 14,038 14,578
Selling, general and
administrative
expenses (GAAP) 42,484 44,163 41,224 41,697 42,017 41,606
Plus: Fresh-start
accounting
adjustments (2,545) (2,525) (2,076) (2,580) (2,587) (2,635)
Restructuring and
bankruptcy
related expenses - - - - - -
Goodwill
impairment - - - - - -
Depreciation &
amortization -
Linux Networx (118) - - - - -
Stock-based
compensation
expense (705) (530) (718) (581) (949) (54)
Non-GAAP selling,
general and
administrative
expenses 39,116 41,108 38,430 38,536 38,481 38,917
Other operating
expenses (GAAP) 230 20 175 358 358 2,885
Plus: Restructuring and
bankruptcy
related expenses (230) (20) (175) (358) (358) (2,885)
Non-GAAP other
operating
expenses - - - - - -
Operating expenses
(GAAP) 59,234 58,647 54,695 56,925 56,561 59,475
Plus: Fresh-start
accounting
adjustments (2,653) (2,537) (2,029) (2,515) (2,535) (2,983)
Stock-based
compensation
expense (1,025) (783) (1,027) (838) (1,149) (112)
Goodwill
impairment - - - - - -
Depreciation &
amortization -
Linux Networx (178) - - - - -
Write-off of
in-process R&D
- Linux
Networx (2,400) - - - - -
Restructuring
and bankruptcy
related
expenses (230) (20) (175) (358) (358) (2,885)
Non-GAAP
operating
expenses 52,748 55,307 51,464 53,214 52,519 53,495
Operating
income
(loss) (GAAP) (40,640) (30,784) (27,191) (24,778) (19,870) (41,057)
Plus: Fresh-start
accounting
adjustments 6,191 8,465 8,626 14,631 15,567 31,409
SOP 97-2
revenue
deferrals (1) (539) 5,141 7,237 5,513 6,818 4,251
Stock-based
compensation
expense 1,109 775 1,114 895 1,194 124
Goodwill
impairment - - - - - -
Depreciation &
amortization -
Linux Networx 223 - - - - -
Write-off of in-
process R&D -
Linux Networx 2,400 - - - - -
Restructuring and
bankruptcy
related
expenses 230 20 175 358 358 2,885
Non-GAAP operating
income
(loss) (2): (31,026) (16,383) (10,039) (3,381) 4,067 (2,388)
Plus: Depreciation 5,375 5,414 6,224 6,169 6,128 6,552
Adjusted
EBITDA (25,651) (10,969) (3,815) 2,788 10,195 4,164
Predecessor Company
Three Months Ended: 29-Sep 30-Jun 31-Mar 30-Dec 30-Sep
-06 -06 -06 -05 -05
(in thousands)
Total revenue
(GAAP) $121,805 $115,708 $105,562 $136,796 $160,739
Plus: Fresh-start
accounting
adjustments - - - - -
SOP 97-2
revenue
deferrals (1) 5,154 13,476 2,112 7,597 8,938
Non-GAAP total
revenue 126,959 129,184 107,674 144,393 169,677
Cost of revenue
(GAAP) 74,975 70,532 68,227 80,952 100,722
Plus: Fresh-start
accounting
adjustments - - - - -
SOP 97-2
revenue
deferrals (1) 2,795 4,675 1,334 3,366 4,810
Depreciation &
amortization
- Linux
Networx - - - - -
Stock-based
compensation
expense 7 22 (53) (71) (228)
Non-GAAP cost
of revenue 77,777 75,229 69,508 84,247 105,304
Research and
development
expense (GAAP) 16,007 18,220 20,838 21,254 23,365
Plus: Fresh-start
accounting
adjustments - - - - -
Depreciation &
amortization
- Linux
Networx - - - - -
Write-off of in-
process R&D -
Linux Networx - - - - -
Stock-based
compensation
expense 5 32 (112) (231) (300)
Non-GAAP research
and development
expense 16,012 18,252 20,726 21,023 23,065
Selling, general and
administrative
expenses (GAAP) 42,359 42,903 59,722 57,627 59,865
Plus: Fresh-start
accounting
adjustments - - - - -
Restructuring
and bankruptcy
related expenses - - (3,452) (6,413) (2,082)
Goodwill
impairment - - (8,386) - -
Depreciation &
amortization
- Linux
Networx - - - - -
Stock-based
compensation
expense (134) (64) (344) (381) (455)
Non-GAAP selling,
general and
administrative
expenses 42,225 42,839 47,540 50,833 57,328
Other operating
expenses (GAAP) 3,926 (7,694) 11,550 10,114 7,185
Plus: Restructuring and
bankruptcy
related
expenses (3,926) 7,694 (11,550) (10,114) (7,185)
Non-GAAP other
operating
expenses - - - - -
Operating
expenses
(GAAP) 62,292 53,429 92,110 88,995 90,415
Plus: Fresh-start
accounting
adjustments - - - - -
Stock-based
compensation
expense (129) (32) (456) (612) (755)
Goodwill
impairment - - (8,386) - -
Depreciation &
amortization
- Linux
Networx - - - - -
Write-off of in-
process R&D -
Linux Networx - - - - -
Restructuring
and bankruptcy
related
expenses (3,926) 7,694 (15,002) (16,527) (9,267)
Non-GAAP
operating
expenses 58,237 61,091 68,266 71,856 80,393
Operating income
(loss) (GAAP) (15,462) (8,253) (54,775) (33,151) (30,398)
Plus: Fresh-start
accounting
adjustments - - - - -
SOP 97-2
revenue
deferrals (1) 2,359 8,801 778 4,231 4,128
Stock-based
compensation
expense 122 10 509 683 983
Goodwill
impairment - - 8,386 - -
Depreciation &
amortization
- Linux
Networx - - - - -
Write-off of in-
process R&D -
Linux Networx - - - - -
Restructuring
and bankruptcy
related
expenses 3,926 (7,694) 15,002 16,527 9,267
Non-GAAP
operating income
(loss) (2): (9,055) (7,136) (30,100) (11,710) (16,020)
Plus: Depreciation 6,467 10,003 10,898 11,959 13,379
Adjusted
EBITDA (2,588) 2,867 (19,202) 249 (2,641)
Three Months Ended: FY2007 FY2006
(in thousands)
Total revenue (GAAP) $462,869 $518,805
Plus: Fresh-start accounting adjustments 29,678 -
SOP 97-2 revenue deferrals (1) 39,816 32,123
Non-GAAP total revenue 532,363 550,928
Cost of revenue (GAAP) 328,783 320,433
Plus: Fresh-start accounting adjustments (23,896) -
SOP 97-2 revenue deferrals (1) 20,875 14,185
Depreciation & amortization -
Linux Networx - -
Stock-based compensation expense (107) (330)
Non-GAAP cost of revenue 325,655 334,288
Research and development expense (GAAP) 60,047 83,677
Plus: Fresh-start accounting adjustments (231) -
Depreciation & amortization -
Linux Networx - -
Write-off of in-process R&D -
Linux Networx - -
Stock-based compensation expense (510) (611)
Non-GAAP research and development expense 59,306 83,066
Selling, general and administrative
expenses (GAAP) 167,679 220,117
Plus: Fresh-start accounting adjustments (7,802) -
Restructuring and bankruptcy related
expenses - (11,947)
Goodwill impairment - (8,386)
Depreciation & amortization -
Linux Networx - -
Stock-based compensation expense (1,718) (1,244)
Non-GAAP selling, general and
administrative expenses 158,159 198,540
Other operating expenses (GAAP) 7,527 21,155
Plus: Restructuring and bankruptcy related
expenses (7,527) (21,155)
Non-GAAP other operating expenses - -
Operating expenses (GAAP) 235,253 324,949
Plus: Fresh-start accounting adjustments (8,033) -
Stock-based compensation expense (2,228) (1,855)
Goodwill impairment - (8,386)
Depreciation & amortization -
Linux Networx - -
Write-off of in-process R&D -
Linux Networx - -
Non-GAAP operating expenses 217,465 281,606
Operating income (loss) (GAAP) (101,167) (126,577)
Plus: Fresh-start accounting adjustments 61,607 -
SOP 97-2 revenue deferrals (1) 18,941 17,938
Stock-based compensation expense 2,335 2,185
Goodwill impairment - 8,386
Depreciation & amortization -
Linux Networx - -
Write-off of in-process R&D -
Linux Networx - -
Restructuring and bankruptcy related
expenses 7,527 33,102
Non-GAAP operating income (loss) (2): (10,757) (64,966)
Plus: Depreciation 25,316 46,239
Adjusted EBITDA 14,559 (18,727)
Calculation of Non-GAAP Revenues by Reporting Segment(1)
Successor Company
Three Months Ended: 28-Mar 28-Dec 28-Sep 29-Jun 30-Mar 29-Dec
-08 -07 -07 -07 -07 -06
(in thousands)
Core systems:
Server
products
(GAAP) $22,703 $23,282 $31,627 $47,926 $32,692 $40,954
Plus: Fresh-start
accounting
adjustments 306 196 22 332 1,100 1,109
SOP 97-2
revenue
deferrals (2) (346) 12,324 20,887 6,067 4,857 4,075
Non-GAAP server
products
revenue 22,663 35,802 52,536 54,325 38,649 46,138
Storage
products
revenue (GAAP) 8,374 13,505 8,233 14,486 12,063 10,920
Plus: Fresh-start
accounting
adjustments - - - 293 - 320
SOP 97-2
revenue
deferrals (2) 203 2,303 3,377 5,392 2,676 3,834
Non-GAAP storage
products
revenue 8,577 15,808 11,610 20,171 14,739 15,074
Non-GAAP core
systems
revenue 31,240 51,610 64,146 74,496 53,388 61,212
Legacy systems:
Legacy
systems
(GAAP) 4,855 6,626 5,736 11,846 13,816 11,808
Plus: Fresh-start
accounting
adjustments - - - - 37 1,952
SOP 97-2
revenue
deferrals (2) (348) 1,190 424 259 634 895
Non-GAAP legacy
systems
revenue 4,507 7,816 6,160 12,105 14,487 14,655
Non-GAAP
products
revenue 35,747 59,426 70,306 86,601 67,875 75,867
Global services:
Customer
support
(GAAP) 35,163 40,193 38,231 39,332 37,527 35,080
Plus: Fresh-start
accounting
adjustments 1,345 1,898 3,813 4,789 6,545 12,228
SOP 97-2
revenue
deferrals (2) (316) (2,215) 77 677 159 231
Non-GAAP
customer
support
revenue 36,192 39,876 42,121 44,798 44,231 47,539
Professional
services (GAAP) 7,983 6,505 7,258 8,705 14,948 8,961
Plus: Fresh-start
accounting
adjustments 395 - - 58 647 268
SOP 97-2
revenue
deferrals (2) 554 3,333 1,048 1,331 2,066 1,509
Non-GAAP
professional
services
revenue 8,932 9,838 8,306 10,094 17,661 10,738
Non-GAAP global
services
revenue 45,124 49,714 50,427 54,892 61,892 58,277
Non-GAAP
revenue $80,871 $109,140 $120,733 $141,493 $129,767 $134,144
Predecessor Company
Three Months Ended: 29-Sep 30-Jun 31-Mar 30-Dec 30-Sep
-06 -06 -06 -05 -05
(in thousands)
Core systems:
Server
products
(GAAP) $34,914 $21,168 $20,484 $28,182 $53,993
Plus: Fresh-start
accounting
adjustments - - - - -
SOP 97-2
revenue
deferrals (2) 2,304 3,895 30 2,485 2,524
Non-GAAP server
products
revenue 37,218 25,063 20,514 30,667 56,517
Storage
products
revenue
(GAAP) 12,750 13,134 11,798 11,185 13,816
Plus: Fresh-start
accounting
adjustments - - - - -
SOP 97-2
revenue
deferrals (2) 1,584 1,288 854 2,070 2,766
Non-GAAP storage
products
revenue 14,334 14,422 12,652 13,255 16,582
Non-GAAP core
systems revenue 51,552 39,485 33,166 43,922 73,099
Legacy systems:
Legacy systems
(GAAP) 12,942 14,701 13,810 27,095 22,729
Plus: Fresh-start
accounting
adjustments - - - - -
SOP 97-2
revenue
deferrals (2) (580) 7,169 1,338 2,933 2,940
Non-GAAP
legacy
systems
revenue 12,362 21,870 15,148 30,028 25,669
Non-GAAP
products
revenue 63,914 61,355 48,314 73,950 98,768
Global services:
Customer
support (GAAP) 48,396 49,552 52,053 55,304 57,174
Plus: Fresh-start
accounting
adjustments - - - - -
SOP 97-2
revenue
deferrals (2) 144 1,299 (190) (317) 97
Non-GAAP
customer
support
revenue 48,540 50,851 51,863 54,987 57,271
Professional
services
(GAAP) 12,803 17,153 7,417 15,030 13,027
Plus: Fresh-start
accounting
adjustments - - - - -
SOP 97-2
revenue
deferrals (2) 1,702 (175) 80 426 611
Non-GAAP
professional
services
revenue 14,505 16,978 7,497 15,456 13,638
Non-GAAP
global
services
revenue 63,045 67,829 59,360 70,443 70,909
Non-GAAP
revenue $126,959 $129,184 $107,674 $144,393 $169,677
Three Months Ended: FY2007 FY2006
(in thousands)
Core systems:
Server products (GAAP) $156,486 $123,827
Plus: Fresh-start accounting adjustments 2,541 -
SOP 97-2 revenue deferrals (2) 17,303 8,934
Non-GAAP server products revenue 176,330 132,761
Storage products revenue (GAAP) 50,219 49,933
Plus: Fresh-start accounting adjustments 613 -
SOP 97-2 revenue deferrals (2) 13,486 6,978
Non-GAAP storage products revenue 64,318 56,911
Non-GAAP core systems revenue 240,648 189,672
Legacy systems:
Legacy systems (GAAP) 50,412 78,335
Plus: Fresh-start accounting adjustments 1,989 -
SOP 97-2 revenue deferrals (2) 1,208 14,380
Non-GAAP legacy systems revenue 53,609 92,715
Non-GAAP products revenue 294,257 282,387
Global services:
Customer support (GAAP) 160,335 214,083
Plus: Fresh-start accounting adjustments 23,562 -
SOP 97-2 revenue deferrals (2) 1,211 889
Non-GAAP customer support revenue 185,108 214,972
Professional services (GAAP) 45,417 52,627
Plus: Fresh-start accounting adjustments 973 -
SOP 97-2 revenue deferrals (2) 6,608 942
Non-GAAP professional services revenue 52,998 53,569
Non-GAAP global services revenue 238,106 268,541
Non-GAAP revenue $532,363 $550,928
(1) For each of the periods indicated, non-GAAP core systems revenue is
obtained by adding non-GAAP server products revenue and non-GAAP
storage products revenue, non-GAAP products revenue is obtained by
adding non-GAAP core systems revenue and non-GAAP legacy systems
revenue, non-GAAP global services revenue is obtained by adding
non-GAAP customer support revenue and non-GAAP professional services
revenue and non-GAAP revenue is obtained by adding non-GAAP products
revenue and non-GAAP global services revenue. This table includes a
reconciliation of each listed component to the comparable GAAP
figures.
(2) The non-GAAP adjustments for SOP 97-2 are indicative of the revenue
results the company would have recorded without the effect of
SOP 97-2, although these are unaudited adjustments. We believe that
this presentation more closely matches the results that would have
been recorded had SAB 104 been applied, in which case the revenue for
the hardware components of the arrangement would have been recorded
when those deliverables were completed, and the primary remaining
deliverable is customer support. Generally, this presentation matches
the timing of billings to customers for the hardware deliverables, and
therefore allows more transparency to cashflows.
Successor Company
Three Months 28-Mar 28-Dec 28-Sep 29-Jun 30-Mar 29-Dec
Ended: -08 -07 -07 -07 -07 -06
(in thousands)
Products revenue
(GAAP) $35,932 $43,413 $45,596 $74,258 $58,571 $63,682
Plus: Fresh-start
accounting
adjustments 306 196 22 625 1,137 3,381
SOP 97-2
revenue
deferrals(1) (491) 15,817 24,688 11,718 8,167 8,804
Non-GAAP
products
revenue 35,747 59,426 70,306 86,601 67,875 75,867
Global services
revenue (GAAP) 43,146 46,698 45,489 48,037 52,475 44,041
Plus: Fresh-start
accounting
adjustments 1,740 1,898 3,813 4,847 7,192 12,496
SOP 97-2
revenue
deferrals(1) 238 1,118 1,125 2,008 2,225 1,740
Non-GAAP
global
services
revenue 45,124 49,714 50,427 54,892 61,892 58,277
Total revenue
(GAAP) 79,078 90,111 91,085 122,295 111,046 107,723
Plus: Fresh-start
accounting
adjustments 2,046 2,094 3,835 5,472 8,329 15,877
SOP 97-2
revenue
deferrals(1) (253) 16,935 25,813 13,726 10,392 10,544
Non-GAAP
total
revenue 80,871 109,140 120,733 141,493 129,767 134,144
Products cost of
revenue (GAAP) 32,038 34,938 37,692 61,114 41,330 59,918
Plus: Fresh-start
accounting
adjustments(1,588) (3,789) (2,718) (6,814) (5,329) (12,875)
SOP 97-2
revenue
deferrals(1) (50) 9,913 18,092 7,966 2,454 5,318
Depreciation &
amortization
- Linux
Networx (24) - - - - -
Stock-based
compensation
expense (39) (34) (27) (24) (21) (6)
Non-GAAP
products cost
of revenue 30,337 41,028 53,039 62,242 38,434 52,355
Global services
cost of revenue
(GAAP) 28,446 27,310 25,889 29,034 33,025 29,387
Plus: Fresh-start
accounting
adjustments 96 (45) (44) 170 626 326
SOP 97-2
revenue
deferrals(1) 336 1,881 484 247 1,120 975
Depreciation &
amortization
- Linux
Networx (21) - - - - -
Stock-based
compensation
expense (45) 42 (60) (33) (24) (6)
Non-GAAP
global
services
cost of
revenue 28,812 29,188 26,269 29,418 34,747 30,682
Cost of revenue
(GAAP) 60,484 62,248 63,581 90,148 74,355 89,305
Plus: Fresh-start
accounting
adjustments(1,492) (3,834) (2,762) (6,644) (4,703) (12,549)
SOP 97-2
revenue
deferrals(1) 286 11,794 18,576 8,213 3,574 6,293
Depreciation
& amortization
- Linux
Networx (45) - - - - -
Stock-based
compensation
expense (84) 8 (87) (57) (45) (12)
Non-GAAP cost
of revenue 59,149 70,216 79,308 91,660 73,181 83,037
Products gross
profit (GAAP) 3,894 8,475 7,904 13,144 17,241 3,764
Plus: Fresh-start
accounting
adjustments 1,894 3,985 2,740 7,439 6,466 16,256
SOP 97-2
revenue
deferrals(1) (441) 5,904 6,596 3,752 5,713 3,486
Depreciation &
amortization
- Linux
Networx 24 - - - - -
Stock-based
compensation
expense 39 34 27 24 21 6
Non-GAAP
products
gross
profit 5,410 18,398 17,267 24,359 29,441 23,512
Non-GAAP
products
gross
profit
margin 15.1% 31.0% 24.6% 28.1% 43.4% 31.0%
Global services
gross profit
(GAAP) 14,700 19,388 19,600 19,003 19,450 14,654
Plus: Fresh-start
accounting
adjustments 1,644 1,943 3,857 4,677 6,566 12,170
SOP 97-2
revenue
deferrals(1) (98) (763) 641 1,761 1,105 765
Depreciation
& amortization
- Linux
Networx 21 - - - - -
Stock-based
compensation
expense 45 (42) 60 33 24 6
Non-GAAP global
services
gross
profit 16,312 20,526 24,158 25,474 27,145 27,595
Non-GAAP
global
services
gross profit
margin 36.1% 41.3% 47.9% 46.4% 43.9% 47.4%
Gross profit
(GAAP) 18,594 27,863 27,504 32,147 36,691 18,418
Plus: Fresh-start
accounting
adjustments 3,538 5,928 6,597 12,116 13,032 28,426
SOP 97-2
revenue
deferrals(1) (539) 5,141 7,237 5,513 6,818 4,251
Depreciation &
amortization
- Linux
Networx 45 - - - - -
Stock-based
compensation
expense 84 (8) 87 57 45 12
Non-GAAP gross
profit 21,722 38,924 41,425 49,833 56,586 51,107
Non-GAAP gross
profit
margin 26.9% 35.7% 34.3% 35.2% 43.6% 38.1%
Predecessor Company
Three Months
Ended: 29-Sep-06 30-Jun-06 31-Mar-06 30-Dec-05 30-Sep-05
(in thousands)
Products revenue
(GAAP) $60,606 $49,003 $46,092 $66,462 $90,538
Plus: Fresh-start
accounting
adjustments - - - - -
SOP 97-2
revenue
deferrals(1) 3,308 12,352 2,222 7,488 8,230
Non-GAAP
products
revenue 63,914 61,355 48,314 73,950 98,768
Global services
revenue (GAAP) 61,199 66,705 59,470 70,334 70,201
Plus: Fresh-start
accounting
adjustments - - - - -
SOP 97-2
revenue
deferrals(1) 1,846 1,124 (110) 109 708
Non-GAAP global
services
revenue 63,045 67,829 59,360 70,443 70,909
Total revenue
(GAAP) 121,805 115,708 105,562 136,796 160,739
Plus: Fresh-start
accounting
adjustments - - - - -
SOP 97-2
revenue
deferrals(1) 5,154 13,476 2,112 7,597 8,938
Non-GAAP total
revenue 126,959 129,184 107,674 144,393 169,677
Products cost of
revenue (GAAP) 42,710 36,218 35,042 43,517 62,550
Plus: Fresh-start
accounting
adjustments - - - - -
SOP 97-2
revenue
deferrals(1) 2,114 4,518 1,180 2,941 4,215
Depreciation &
amortization
- Linux
Networx - - - - -
Stock-based
compensation
expense - 4 (14) (24) (54)
Non-GAAP
products
cost of
revenue 44,824 40,740 36,208 46,434 66,711
Global services cost
of revenue (GAAP) 32,265 34,314 33,185 37,435 38,172
Plus: Fresh-start
accounting
adjustments - - - - -
SOP 97-2
revenue
deferrals(1) 681 157 154 425 595
Depreciation &
amortization
- Linux Networx - - - - -
Stock-based
compensation
expense 7 18 (39) (47) (174)
Non-GAAP global
services cost
of revenue 32,953 34,489 33,300 37,813 38,593
Cost of revenue
(GAAP) 74,975 70,532 68,227 80,952 100,722
Plus: Fresh-start
accounting
adjustments - - - - -
SOP 97-2
revenue
deferrals (1) 2,795 4,675 1,334 3,366 4,810
Depreciation &
amortization
- Linux
Networx - - - - -
Stock-based
compensation
expense 7 22 (53) (71) (228)
Non-GAAP cost
of revenue 77,777 75,229 69,508 84,247 105,304
Products gross
profit (GAAP) 17,896 12,785 11,050 22,945 27,988
Plus: Fresh-start
accounting
adjustments - - - - -
SOP 97-2
revenue
deferrals(1) 1,194 7,834 1,042 4,547 4,015
Depreciation &
amortization
- Linux
Networx - - - - -
Stock-based
compensation
expense - (4) 14 24 54
Non-GAAP
products
gross profit 19,090 20,615 12,106 27,516 32,057
Non-GAAP
products
gross profit
margin 29.9% 33.6% 25.1% 37.2% 32.5%
Global services
gross profit
(GAAP) 28,934 32,391 26,285 32,899 32,029
Plus: Fresh-start
accounting
adjustments - - - - -
SOP 97-2
revenue
deferrals(1) 1,165 967 (264) (316) 113
Depreciation &
amortization
- Linux
Networx - - - - -
Stock-based
compensation
expense (7) (18) 39 47 174
Non-GAAP global
services
gross profit 30,092 33,340 26,060 32,630 32,316
Non-GAAP global
services gross
profit margin 47.7% 49.2% 43.9% 46.3% 45.6%
Gross profit (GAAP) 46,830 45,176 37,335 55,844 60,017
Plus: Fresh-start
accounting
adjustments - - - - -
SOP 97-2
revenue
deferrals(1) 2,359 8,801 778 4,231 4,128
Depreciation &
amortization
- Linux
Networx - - - - -
Stock-based
compensation
expense (7) (22) 53 71 228
Non-GAAP
gross
profit 49,182 53,955 38,166 60,146 64,373
Non-GAAP
gross
profit
margin 38.7% 41.8% 35.4% 41.7% 37.9%
Three Months Ended: FY2007 FY2006
(in thousands)
Products revenue (GAAP) $257,117 $252,095
Plus: Fresh-start accounting adjustments 5,143 -
SOP 97-2 revenue deferrals (1) 31,997 30,292
Non-GAAP products revenue 294,257 282,387
Global services revenue (GAAP) 205,752 266,710
Plus: Fresh-start accounting adjustments 24,535 -
SOP 97-2 revenue deferrals (1) 7,819 1,831
Non-GAAP global services revenue 238,106 268,541
Total revenue (GAAP) 462,869 518,805
Plus: Fresh-start accounting adjustments 29,678 -
SOP 97-2 revenue deferrals (1) 39,816 32,123
Non-GAAP total revenue 532,363 550,928
Products cost of revenue (GAAP) 205,072 177,327
Plus: Fresh-start accounting adjustments (25,018) -
SOP 97-2 revenue deferrals (1) 17,852 12,854
Depreciation & amortization -
Linux Networx - -
Stock-based compensation expense (51) (88)
Non-GAAP products cost of revenue 197,855 190,093
Global services cost of revenue (GAAP) 123,711 143,106
Plus: Fresh-start accounting adjustments 1,122 -
SOP 97-2 revenue deferrals (1) 3,023 1,331
Depreciation & amortization -
Linux Networx - -
Stock-based compensation expense (56) (242)
Non-GAAP global services cost of revenue 127,800 144,195
Cost of revenue (GAAP) 328,783 320,433
Plus: Fresh-start accounting adjustments (23,896) -
SOP 97-2 revenue deferrals (1) 20,875 14,185
Depreciation & amortization -
Linux Networx - -
Stock-based compensation expense (107) (330)
Non-GAAP cost of revenue 325,655 334,288
Products gross profit (GAAP) 52,045 74,768
Plus: Fresh-start accounting adjustments 30,161 -
SOP 97-2 revenue deferrals (1) 14,145 17,438
Depreciation & amortization -
Linux Networx - -
Stock-based compensation expense 51 88
Non-GAAP products gross profit 96,402 92,294
Non-GAAP products gross profit margin 32.8% 32.7%
Global services gross profit (GAAP) 82,041 123,604
Plus: Fresh-start accounting adjustments 23,413 -
SOP 97-2 revenue deferrals (1) 4,796 500
Depreciation & amortization -
Linux Networx - -
Stock-based compensation expense 56 242
Non-GAAP global services gross profit 110,306 124,346
Non-GAAP global services gross profit
margin 46.3% 46.3%
Gross profit (GAAP) 134,086 198,372
Plus: Fresh-start accounting adjustments 53,574 -
SOP 97-2 revenue deferrals (1) 18,941 17,938
Depreciation & amortization -
Linux Networx - -
Stock-based compensation expense 107 330
Non-GAAP gross profit 206,708 216,640
Non-GAAP gross profit margin 38.8% 39.3%
Calculation of Non-GAAP Quarterly Products Standard Profit Margin
Successor Company
Three Months
Ended: 28-Mar-08 28-Dec-07 28-Sep-07 29-Jun-07 30-Mar-07
(in thousands)
Total products
revenue (GAAP) $35,932 $43,413 $45,596 $74,258 $58,571
Less:
Other revenue (1,015) (286) (395) (810) (248)
Plus:
Fresh-start
accounting
adjustments 306 196 22 625 1,137
SOP 97-2 revenue
deferrals (491) 15,817 24,688 11,718 8,167
Non-GAAP total
products revenue 34,732 59,140 69,911 85,791 67,627
Products standard
cost of revenue
(GAAP) 20,549 24,919 28,163 48,084 32,497
Plus:
Fresh-start
accounting
adjustments (441) (2,521) (1,555) (5,144) (3,736)
SOP 97-2 revenue
deferrals (50) 9,913 18,092 7,966 2,454
Non-GAAP products
standard cost of
revenue 20,058 32,311 44,700 50,906 31,215
Products
standard margin
(GAAP) 14,368 18,208 17,038 25,364 25,826
Plus:
Fresh-start
accounting
adjustments 747 2,717 1,577 5,769 4,873
SOP 97-2 revenue
deferrals (441) 5,904 6,596 3,752 5,713
Non-GAAP
products
standard margin 14,674 26,829 25,211 34,885 36,412
Non-GAAP
products
standard margin 42.2% 45.4% 36.1% 40.7% 53.8%
Calculation of Non-GAAP Revenue by Reporting Segment
Successor Company
Three Months Ended: 28-Mar-08 28-Dec-07 28-Sep-07 29-Jun-07
(in thousands)
Core systems:
Shared memory products
(GAAP) $15,031 $19,312 $21,318 $43,526
Plus: Fresh-start accounting
adjustments 306 196 22 332
SOP 97-2 revenue
deferrals (1,949) 6,167 16,788 4,955
Non-GAAP shared memory
products revenue 13,388 25,675 38,128 48,813
Cluster products (GAAP) $7,672 $3,970 $10,309 $4,400
Plus: Fresh-start accounting
adjustments - - - -
SOP 97-2 revenue deferrals 1,603 6,157 4,099 1,112
Non-GAAP cluster products
revenue 9,275 10,127 14,408 5,512
Storage products revenue
(GAAP) 8,374 13,505 8,233 14,486
Plus: Fresh-start accounting
adjustments - - - 293
SOP 97-2 revenue deferrals 203 2,303 3,377 5,392
Non-GAAP storage products
revenue 8,577 15,808 11,610 20,171
Non-GAAP core systems
revenue 31,240 51,610 64,146 74,496
Legacy systems:
Server products (GAAP) 4,523 6,216 4,887 11,265
Plus: Fresh-start accounting
adjustments - - - -
SOP 97-2 revenue deferrals (296) 1,223 516 176
Non-GAAP server products
revenue 4,227 7,439 5,403 11,441
Storage products (GAAP) 332 410 849 581
Plus: Fresh-start accounting
adjustments - - - -
SOP 97-2 revenue deferrals (52) (33) (92) 83
Non-GAAP storage products
revenue 280 377 757 664
Non-GAAP legacy systems
revenue 4,507 7,816 6,160 12,105
Global services:
Customer support (GAAP) 35,163 40,193 38,231 39,332
Plus: Fresh-start accounting
adjustments 1,345 1,898 3,813 4,789
SOP 97-2 revenue
deferrals (316) (2,215) 77 677
Non-GAAP customer support
revenue 36,192 39,876 42,121 44,798
Professional services
(GAAP) 7,983 6,505 7,258 8,705
Plus: Fresh-start accounting
adjustments 395 - - 58
SOP 97-2 revenue deferrals 554 3,333 1,048 1,331
Non-GAAP professional
services revenue 8,932 9,838 8,306 10,094
Non-GAAP global services
revenue 45,124 49,714 50,427 54,892
Non-GAAP revenue 80,871 $109,140 $120,733 $141,493
Calculation of Non-GAAP Revenue by Reporting Segment
Successor Company Predecessor
Company
Three Months Ended: 30-Mar-07 29-Dec-06 29-Sep-06
Core systems:
Shared memory products
(GAAP) $30,328 $39,237 $34,331
Plus: Fresh-start accounting
adjustments 1,100 1,091 -
SOP 97-2 revenue deferrals 4,834 3,912 2,304
Non-GAAP shared memory
products revenue 36,262 44,240 36,635
Cluster products (GAAP) $2,364 $1,717 $583
Plus: Fresh-start accounting
adjustments - 18 -
SOP 97-2 revenue deferrals 23 163 -
Non-GAAP cluster products
revenue 2,387 1,898 583
Storage products revenue
(GAAP) 12,063 10,920 12,750
Plus: Fresh-start accounting
adjustments - 320 -
SOP 97-2 revenue deferrals 2,676 3,834 1,584
Non-GAAP storage products
revenue 14,739 15,074 14,334
Non-GAAP core systems revenue 53,388 61,212 51,552
Legacy systems:
Server products (GAAP) 12,612 10,966 12,324
Plus: Fresh-start accounting
adjustments 37 1,588 -
SOP 97-2 revenue deferrals 600 703 (504)
Non-GAAP server products
revenue 13,249 13,257 11,820
Storage products (GAAP) 1,204 842 618
Plus: Fresh-start accounting
adjustments - 364 -
SOP 97-2 revenue deferrals 34 192 (76)
Non-GAAP storage products
revenue 1,238 1,398 542
Non-GAAP legacy systems
revenue 14,487 14,655 12,362
Global services:
Customer support (GAAP) 37,527 35,080 48,396
Plus: Fresh-start accounting
adjustments 6,545 12,228 -
SOP 97-2 revenue deferrals 159 231 144
Non-GAAP customer support
revenue 44,231 47,539 48,540
Professional services (GAAP) 14,948 8,961 12,803
Plus: Fresh-start accounting
adjustments 647 268 -
SOP 97-2 revenue deferrals 2,066 1,509 1,702
Non-GAAP professional services
revenue 17,661 10,738 14,505
Non-GAAP global services
revenue 61,892 58,277 63,045
Non-GAAP revenue $129,767 $134,144 $126,959
Calculation of Non-GAAP Quarterly Backlog
Successor Company
Three Months Ended: 28-Mar-08 28-Dec-07 28-Sep-07 29-Jun-07 30-Mar-07
(in millions)
Total beginning backlog
(GAAP) $163 $113 $89 $118 $136
Plus: Bookings 83 100 77 54 55
Products and
professional
services revenue
(GAAP) (44) (50) (53) (83) (73)
Total ending
backlog (GAAP) $202 $163 $113 $89 $118
Total non-GAAP beginning
backlog $96 $65 $66 $109 $139
Plus: Bookings 83 100 77 54 55
Non-GAAP products
and professional
services revenue (45) (69) (79) (97) (85)
Total non-GAAP
ending backlog $134 $96 $65 $66 $109
SGI
CONTACT: Marla Robinson of SGI, +1-256-773-2371, marlar@sgi.com, or SGI PR HOTLINE, +1-650-933-7777, or SGI PR FACSIMILE, +1-650-933-0714
Web site: http://www.sgi.com/
Magic Software Reports That its Former CEO Filed an Additional Request for Relief and a Claim in the Tel Aviv Labor Court
OR YEHUDA, Israel, May 6 /PRNewswire-FirstCall/ -- Magic Software Enterprises Ltd. , a leading provider of business integration and application development technology, today announced that its former President and CEO, Mr. Eitan Naor, filed today a claim and request for relief against the Company and its Chairman, Mr. Guy Bernstein, in the Tel Aviv Labor Court. This request for relief follows an ex parte request for relief filed by Mr. Naor on April 17, 2008 that was denied. The Labor Court has scheduled a hearing on the matter on May 12, 2008.
In the claim field by Mr. Naor on May 6, Mr. Naor is seeking permanent relief that among other things would prevent the Company from terminating his employment and suspending him, initiating any process that would lead to the termination of his employment, or taking any action that would affect his position as President, CEO and Director. Mr. Naor is also seeking a permanent order that would reinstate him to all positions previously held by him with the Company.
About Magic Software Enterprises
Magic Software Enterprises Ltd. has been a leader in enterprise application development, deployment and integration technology for more than two decades. The company's service-oriented (SOA) platforms are used by companies worldwide to develop, maintain, and deploy both legacy and new business solutions, while integrating these applications across both internal and external, heterogeneous environments. Magic Software's platform- independent methodology lets companies achieve agility by quickly assembling composite applications, allowing programmers to create services and architects and business analysts to orchestrate and reuse these services to enable business processes. Through partnerships with industry leaders such as IBM and SAP and more than 2500 ISVs worldwide, Magic Software technology is used by more than 1.5 million customers around the globe. For more information on Magic Software Enterprises Ltd. and its products and services, visit http://www.magicsoftware.com/.
Magic Software is a subsidiary of the Formula Systems and Emblaze Group of companies.
Forward-Looking Statements
Except for the historical information contained herein, the matters discussed in this news release include forward-looking statements that may involve a number of risks and uncertainties. Actual results may vary significantly based upon a number of factors including, but not limited to, risks in product and technology development, market acceptance of new products and continuing product conditions, both here and abroad, release and sales of new products by strategic resellers and customers, and other risk factors detailed in the Company's most recent annual report and other filings with the Securities and Exchange Commission.
Contact:
David Zigdon
dzigdon@magicsoftware.com
Tel: +972-3-5389600
Magic Software Enterprises Ltd
CONTACT: Contact: David Zigdon, dzigdon@magicsoftware.com, Tel: +972-3-5389600
Motorola Declares Quarterly Dividend
SCHAUMBURG, Ill., May 6 /PRNewswire-FirstCall/ -- Motorola, Inc. declared a regular quarterly dividend of 5 cents ($0.05) per share, payable in cash on July 15, 2008 to stockholders of record at the close of business on June 16, 2008.
This will be Motorola's 245th consecutive quarterly dividend.
About Motorola
Motorola is known around the world for innovation in communications. The company develops technologies, products and services that make mobile experiences possible. Our portfolio includes communications infrastructure, enterprise mobility solutions, digital set-tops, cable modems, mobile devices and Bluetooth accessories. Motorola is committed to delivering next generation communication solutions to people, businesses and governments. A Fortune 100 company with global presence and impact, Motorola had sales of US $36.6 billion in 2007. For more information about our company, our people and our innovations, please visit http://www.motorola.com/.
Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20020307/MOTLOGO http://www.newscom.com/cgi-bin/prnh/20020415/MOTNOTAGLOGO AP Archive: http://photoarchive.ap.org/ PRN Photo Desk, photodesk@prnewswire.com
Motorola, Inc.
CONTACT: Media, Jennifer Erickson, +1-847-435-5320, jennifer.erickson@motorola.com, or Investors, Dean Lindroth, +1-847-576-6899, dean.lindroth@motorola.com, both of Motorola, Inc.
Web site: http://www.motorola.com/
16 Telecommunications Companies Sign Agreement to Build High-Bandwidth Undersea Cable System From UK to India
LONDON, May 6 /PRNewswire/ -- Major leaders of the global telecommunications industry Tuesday (May 6) signed a construction and maintenance agreement (C&MA) to build the first direct, high-bandwidth optical-fiber submarine cable system from the United Kingdom to India. The Europe India Gateway (EIG) cable system, which will cost more than US$700 million, will significantly enhance capacity and diversity between the countries of these regions.
Sixteen telecommunications companies are investing in the project: AT&T; Bharti Airtel; BT; Cable &Wireless; Djibouti Telecom; Du; Gibtelecom; IAM; Libyan Post, Telecom and Information Technology Company; MTN Group Ltd; Omantel; PT Comunicacoes, S.A.; Saudi Telecom Company; Telecom Egypt; Telkom SA Ltd; and Verizon Business.
The EIG cable system, targeted to be operational in the second quarter of 2010, is a 15,000-kilometer (9,000-mile) system that will connect three continents. Thirteen landings are planned in the United Kingdom, Portugal, Gibraltar, Morocco, Monaco, France, Libya, Egypt, Saudi Arabia, Djibouti, Oman, United Arab Emirates and India. In addition to serving these regions, the EIG cable system will also provide seamless interconnection with other major cable systems connecting Europe, Africa, Asia and North America. The system will utilize state-of-art next-generation technology that is designed to provide up to 3.84 terabits per second (Tbps) using dense wavelength division multiplexing (DWDM) to provide upgradeable transmission facilities that support Internet, e-commerce, video, data and voice services.
In addition to complementing existing high-bandwidth cable systems in the region, the EIG cable system will provide much-needed diversity for broadband traffic currently relying largely on traditional routes from Europe to India. This is important, considering the threat of earthquakes in this region. The EIG cable system, with its large bandwidth and high-quality transmission technology, will help meet the present and future growth in telecommunications traffic between the targeted regions.
In addition to the C&MA signing, the EIG Consortium also signed a supply contract with Alcatel-Lucent and Tyco Telecommunications for the cable system's construction.
Verizon Business
CONTACT: Jo Perrin, + 44 770 252 5868, jo.perrin@verizonbusiness.com, or Linda Laughlin, + 1-918-590-5595, linda.laughlin@verizonbusiness.com, both of Verizon Business
Web site: http://www.verizon.com/
Company News On-Call: http://www.prnewswire.com/comp/094251.html
Microsoft et le Hyundai-Kia Automotive Group mettront au point des systèmes automobiles d'infodivertissement de nouvelle génération
SÉOUL, Corée du Sud, May 6 /PRNewswire/ --
- Un nouveau partenariat pour l'internationalisation d'un système
automobile d'infodivertissement novateur.
Aujourd'hui, Microsoft Corp et le Hyundai-Kia Automotive Group (HKAG) ont
conclu un accord à long terme visant l'élaboration conjointe de systèmes
automobiles d'infodivertissement de nouvelle génération. Bill Gates,
président de Microsoft, et Mongku Chung, président de HKAG, étaient présents
lorsque Martin Thall, directeur général de la division Automotive Business de
Microsoft, et Hyun Soon Lee, président et directeur de la technologie de
HKAG, ont signé l'accord à Séoul.
(Logo : http://www.newscom.com/cgi-bin/prnh/20000822/MSFTLOGO)
Microsoft et HKAG collaboreront afin de proposer de nouvelles solutions
novatrices fondées sur la plate-forme logicielle Microsoft Auto, ce qui leur
permettra d'offrir la future technologie automobile à tous les conducteurs
Hyundai-Kia partout dans le monde.
<< Ces nouveaux systèmes redéfiniront l'expérience des conducteurs de
voitures >>, a déclaré M. Thall. << Depuis le printemps 2006, HKAG et
Microsoft partagent leur vision de l'avenir en matière de technologie
automobile. Nous sommes maintenant en position idéale pour mettre au point
des systèmes automobiles d'infodivertissement de nouvelle génération. >>
<< Nous sommes heureux de nous associer à Microsoft pour offrir des
solutions d'infodivertissement de haut rendement à nos clients >>, a déclaré
M. Lee. << Les capacités avancées, la flexibilité et le prix de vente peu
élevé rendent la plate-forme logicielle Microsoft Auto intéressante pour
nous. >>
Le premier produit, un système d'infodivertissement de nouvelle
génération offrant une connectivité à commande vocale entre les appareils
mobiles, sera lancé sur le marché nord-américain en 2010. Par la suite, il
sera déployé sur les marchés asiatique et européen et augmentera sa portée
afin d'inclure les dispositifs multimédias et de navigation. Ces systèmes
d'infodivertissement conviviaux permettront aux consommateurs d'écouter de la
musique en plusieurs formats numériques.
Les systèmes d'infodivertissement de nouvelle génération sont comparables
à de petits ordinateurs. Même après le lancement du produit, il est possible
d'y ajouter de nouvelles fonctions ou de l'actualiser en mettant les
programmes à jour, ce qui constitue une innovation par rapport à la
technologie multimédia automobile existante.
L'adoption de la plate-forme logicielle Microsoft Auto par le Hyundai-Kia
Automotive Group accroît la présence de Microsoft sur le marché automobile
asiatique et améliore l'industrie automobile mondiale. Les équipes
d'ingénierie et de marketing de la division Automotive Business de Microsoft,
située à Redmond, Washington, travailleront directement avec leurs homologues
de HKAG à Séoul dans le but de faciliter l'atteinte de cet objectif. Les
systèmes soutenus par la plate-forme Microsoft Auto sont actuellement
disponibles sur les véhicules du Fiat Auto Group en Europe et en Amérique du
Sud, et sur les véhicules de Ford Motor Co en Amérique du Nord.
Dans une annonce parallèle, Microsoft et Hyundai-Kia, en collaboration
avec l'Institute for Information Technology Advancement (IITA), ont signé un
protocole d'entente (PE) dans le but d'établir conjointement un centre
d'innovation de TI dans le domaine de l'automobile dont l'objectif sera de
promouvoir l'innovation et les occasions offertes aux fournisseurs de
logiciels et de dispositifs coréens par le marché mondial.
Division Automotive Business de Microsoft
La division Automotive Business de Microsoft est un partenaire dévoué de
l'industrie automobile et offre des technologies novatrices et des
plates-formes flexibles dans le but d'aider à fournir des systèmes
automobiles d'infodivertissement à la fois plus simples, plus fiables et plus
rentables. Mises au point grâce à une étroite collaboration avec les
fabricants automobiles et les fournisseurs de l'industrie, les plates-formes
logicielles primées Microsoft Auto et Windows Automotive permettent aux
utilisateurs en déplacement de se connecter à partir d'une importante gamme
d'appareils, de services et de technologies, y compris la communication mains
libres, l'intégration de l'appareil mobile, la navigation personnalisée et un
divertissement numérique haute fidélité. Pour obtenir de plus amples
renseignements, veuillez consulter le
http://www.microsoft.com/windowsautomotive/default.mspx.
À propos de Microsoft
Fondée en 1975, Microsoft (Nasdaq : MSFT) est le leader mondial des
logiciels, des services et des solutions qui aident les particuliers ainsi
que les entreprises à réaliser leur plein potentiel.
À propos de Microsoft EMEA (Europe, Moyen-Orient et Afrique)
Microsoft est présent dans l'EMEA depuis 1982. Microsoft emploie dans la
région plus de 16 000 personnes au sein de plus de 64 filiales, en
fournissant des produits et des services dans plus de 139 pays et
territoires.
Le présent document est fourni exclusivement à titre indicatif. Microsoft
Corp rejette toutes les garanties et les conditions concernant l'utilisation
du présent document à d'autres fins. Microsoft Corp ne pourra, à aucun
moment, être tenue responsable des dommages directs, indirects, particuliers
ou consécutifs, ayant été occasionnés au cours d'une action contractuelle,
d'une négligence, ou de toute autre action découlant de l'utilisation ou du
rendement du présent document, ou qui y est liée. Aucun élément du présent
communiqué ne peut être interprété comme une garantie.
Site Web : http://www.microsoft.com
Microsoft Corp
Velle Kolde de Microsoft Corp, +1-425-706-7023, vellek@microsoft.com ; ou Chris Elliott de Weber Shandwick, +1-425-452-5389, celliott@webershandwick.com, pour Microsoft Corp ; ou Chris Hosford, Hyundai Motor America, +1-714-965-3470, chosford@hmausa.com; NOTE AUX RÉDACTEURS : Si vous êtes intéressés à obtenir de plus amples renseignements au sujet de Microsoft dans la région EMEA, veuillez consulter le http://www.microsoft.com/emea, ou le Centre de presse de l'EMEA au http://www.microsoft.com/emea/presscentre. Les liens hypertextes, les numéros de téléphone et les titres étaient exacts au moment de la publication, mais peuvent avoir changé depuis. Pour obtenir de l'aide additionnelle, les journalistes et les analystes peuvent contacter les personnes-ressources appropriées dont le nom figure au http://www.microsoft.com/emea/presscentre/contactus.mspx. Si vous êtes intéressés à obtenir de plus amples renseignements au sujet de Microsoft Corp, veuillez consulter le site Web de Microsoft au http://www.microsoft.com/presspass, et vous rendre sur les pages Web contenant les renseignements d'entreprise de Microsoft; Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20000822/MSFTLOGO, AP Archive: http://photoarchive.ap.org, PRN Photo Desk, photodesk@prnewswire.com
Everything Channel's Midsize Enterprise Summit Hosts Senior IT Executives from Midsize Businesses to Discuss Affordable Mid-Market SolutionsEvent Takes Place May 4-7 in Orlando
MANHASSET, N.Y., May 6 /PRNewswire-FirstCall/ -- Everything Channel's Midsize Enterprise Summit East which is being held May 4-7 at the Buena Vista Palace in Orlando, Florida, brings together an audience of more than 340 CIOs and senior-level IT executives from medium-sized firms to meet with top IT vendors at the Summit's Private Boardroom Appointments, Pre-Scheduled One-on-One Meetings, and always active Solution Showcase. The Midsize Enterprise Summit also offers research tailored to the needs of medium-sized organizations, as well as first-hand access to the top technology providers with mid-market solutions.
(Logo: http://www.newscom.com/cgi-bin/prnh/20080422/NYTU091LOGO-a
http://www.newscom.com/cgi-bin/prnh/20080422/NYTU091LOGO-b )
Midsize Enterprise Summit, now in its eighth year, is the only global event addressing the information technology issues unique to midsize organizations. The event embraces mid-market specific issues, trends and solutions from a cross industry perspective to discuss business.
"CIOs of medium-sized firms plan to increase their IT budgets by 5 percent for 2008," said Jim Browning, Gartner Research Vice President. Fueling this growth are new demands on mid-market CIOs. Their midsize organizations require the same critical IT challenges as their Fortune 500 counterparts. But with limited staffing, these CIOs must employ creative workarounds to fit their budgets.
For more information, visit http://www.midsizeenterprise.com/ or call toll-free 603-471-4200.
Vision Events
Vision Events, a division of Everything Channel, is a leading producer of highly focused business events that bring resellers and end users together with leading and emerging vendors in private boardroom appointments and case study presentations to form strategic partnerships and secure new business in the technology sector. Additional information about Vision Events can be found at visionevents.com.
Everything Channel (http://www.everythingchannel.com/, http://www.channelweb.com/)
Everything Channel, formerly CMP Channel, is the global leader in technology sales and serves as the one stop shop for the sales channel that drives 75 percent of technology sales throughout the world. IT suppliers and Solution Providers turn to Everything Channel to manage and accelerate their business. Everything Channel provides the answer to strategy and branding, online marketing, research/market intelligence, lead generation, branded and custom events, education and workflow tools targeted to those who buy and sell through the Channel. Everything Channel is a subsidiary of United Business Media (http://www.unitedbusinessmedia.com/), a global provider of news distribution and specialist information services with a market capitalization of more than $2.5 billion.
Photo: http://www.newscom.com/cgi-bin/prnh/20080422/NYTU091LOGO-a http://www.newscom.com/cgi-bin/prnh/20080422/NYTU091LOGO-b AP Archive: http://photoarchive.ap.org/ PRN Photo Desk, photodesk@prnewswire.com
Everything Channel
CONTACT: Kate Spellman of Everything Channel, +1-516-562-7383, or kspellman@everythingchannel.com
Web site: http://www.everythingchannel.com/ http://www.channelweb.com/ http://www.midsizeenterprise.com/ http://www.visionevents.com/ http://www.unitedbusinessmedia.com/
Thomson Reuters and Lance Armstrong Foundation Provide Online Cancer InformationCancer Profiler provides patients with treatment information on www.livestrong.org
ANN ARBOR, Mich., May 6 /PRNewswire-FirstCall/ -- More than 1.4 million people will be diagnosed with cancer this year, and they will confront the question, "what do I do now?" To increase cancer patients' understanding of their medical treatment options, Thomson Reuters has partnered with the Lance Armstrong Foundation (LAF) to provide 20 Cancer Profiler tools on http://www.livestrong.org/.
Now available under the Web site's Cancer Support tab (http://www.livestrong.org/cancersupport), the Thomson Reuters Cancer Profiler tools allow patients and caregivers to enter detailed information on a diagnosis and receive treatment options and other information that can be used in the management of the condition. The online resource provides a step-by-step approach to help users better understand diagnostic tests, treatment options and, in some cases, possible outcomes based on the experience of similar people treated within clinical trials. All of the information is based on a database of peer-reviewed clinical research.
No other Internet offering produces such in-depth treatment information tailored to an individual's specific diagnosis and clinical status. This individualized information helps patients have more informed discussions with their doctors, take charge of their health, and participate more fully in treatment decisions -- with the aim of improving their medical prognosis.
"The Cancer Profilers provide invaluable support to the patient-physician discussion of treatment options," said Dr. Debra L. Friedman, associate member director for the Survivorship Program at the Fred Hutchinson Cancer Research Center. "This support, focusing on treatment information that is relevant to a patient's specific situation, is extremely helpful at a time when patients are faced with the fear and challenges of a cancer diagnosis."
The Cancer Profiler tools use patented technology to lead users through an easy-to-follow questionnaire that matches the patient's diagnosis, diagnostic results, and disease stage with the relevant treatment options.
"This tool significantly expands what we are able to offer those who visit http://www.livestrong.org/ in terms of personalized treatment options, awareness and education," said Andy Miller, vice president of programs and policies for the LAF. "We are pleased to partner with Thomson Reuters to provide this invaluable information to help LAF visitors understand their cancer treatment options."
Thomson Reuters' Profiler treatment option tools provide customized information on more than 30 chronic diseases including cancer, cardiovascular, pulmonary and urologic conditions. They have been used by more than 1 million people on Web sites of the American Heart Association, American Lung Association, and academic and commercial healthcare organizations. To learn more, visit http://www.nexcura.com/ .
About Thomson Reuters
The Healthcare business of Thomson Reuters produces insights, information, benchmarks and analysis that enable organizations to manage costs, improve performance and enhance the quality of healthcare. Thomson Reuters is the world's leading source of intelligent information for businesses and professionals. We combine industry expertise with innovative technology to deliver critical information to leading decision makers in the financial, legal, tax and accounting, scientific, healthcare and media markets, powered by the world's most trusted news organization. With headquarters in New York and major operations in London and Eagan, Minnesota, Thomson Reuters employs more than 50,000 people in 93 countries. Thomson Reuters shares are listed on the New York Stock Exchange ; Toronto Stock Exchange (TSX: TRI); London Stock Exchange ; and Nasdaq . For more information, go to http://www.thomsonreuters.com/ .
About the Lance Armstrong Foundation
The Lance Armstrong Foundation (LAF) unites people to fight cancer, believing that unity is strength, knowledge is power and attitude is everything. We provide the practical information and tools people battling cancer need to live life on their own terms. We take aim at the gap between what is known and what is done to prevent death and suffering due to cancer. We engage the public at large to pursue an agenda focused on preventing cancer, ensuring access to screening and care, improving the quality of life for people affected by cancer, and investing in needed research. Founded in 1997 by cancer survivor and champion cyclist Lance Armstrong, the LAF is located in Austin, Texas. UNITE at http://www.livestrong.org/
Thomson Reuters
CONTACT: David Wilkins, Public Relations, Thomson Reuters, +1-734-913-3397, david.wilkins@thomsonreuters.com
Web site: http://www.thomsonreuters.com/ http://www.livestrong.org/ http://www.nexcura.com/ http://www.livestrong.org/cancersupport
John W. Flora Joins Board of Directors of Shenandoah Telecommunications Company
EDINBURG, Va., May 6 /PRNewswire-FirstCall/ -- Shenandoah Telecommunications Company (Shentel) announced today that John W. Flora was elected to a three-year term on Shentel's Board of Directors at the Company's Annual Shareholders Meeting. Also at the meeting, Douglas C. Arthur and Tracy Fitzsimmons were re-elected for three-year terms.
Since 1988, Mr. Flora has been an attorney-at-law, and currently is a senior partner with Lenhart Obenshain PC in Harrisonburg, Virginia. Mr. Flora's business and tax practice has ranged from serving as lead counsel of a Fortune 500 company to representing private companies and their owners from business formation through succession. Mr. Flora fills the vacancy created by the request of William A. Truban, Jr. to not be re-nominated.
"With his experience working with a Fortune 500 company, John will greatly increase the range and depth of experience of our Board members," said Christopher E. French, Shentel President. "We welcome him to the Board and look forward to working with him for the continued success of the organization. We also want to thank Bill Truban for his contributions to the Board and our Company for his three years of service."
There were approximately 18.1 million shares represented at the meeting out of a total of 23.5 million shares outstanding.
At the Annual Meeting, Christopher French, President of Shentel, reviewed the highlights of the past year and various factors impacting the Company's stock price. Adele Skolits, Chief Financial Officer reviewed the previously announced financial results for 2007 and the first quarter of 2008. Earle MacKenzie, Executive Vice President, gave an overview of the Company's operating performance for 2007, and its current growth initiatives. These presentations are available on the Company's website at http://www.shentel.com/ .
About Shenandoah Telecommunications
Shenandoah Telecommunications Company is a holding company that provides a broad range of telecommunications services through its operating subsidiaries. The Company is traded on the NASDAQ National Market under the symbol "SHEN." The Company's operating subsidiaries provide local and long distance telephone, Internet and data services, cable television, wireless voice and data services, alarm monitoring, and telecommunications equipment, along with many other associated solutions in the Mid-Atlantic and Southeastern United States.
Shenandoah Telecommunications Company
CONTACT: Adele M. Skolits of Shenandoah Telecommunications Company, +1-540-984-5161
Web site: http://www.shentel.com/
Verizon Business Joins Consortium to Build Undersea Cable System Between Europe and India
LONDON, May 6 /PRNewswire/ --
- Company's Participation in EIG Enhances Leading Global Network
Capabilities
Verizon Business Tuesday (May 6) joined a consortium of 16 companies
building a next-generation undersea optical cable system connecting Europe,
the Middle East and India.
The new system, named the Europe India Gateway (EIG), is the third major
submarine cable project Verizon Business has helped launch in the last four
years and continues the company's global network leadership in delivering
more capacity, reliability and speed for the data, video and voice services
of its multinational customers.
The 15,000-kilometer (9,000-mile) cable network system, expected to be
completed in 2010, will connect three continents at a cost of more than $700
million (U.S.). It will have a design capacity of up to 3.84 terabits per
second (Tbps).
"This new cable system will provide not only a second, diverse route from
India to Europe, but also direct access to our network in Europe," said Ihab
Tarazi, Verizon Business vice president of global network planning. "Combined
with our other network capabilities, we will offer our customers reduced
latency (the time it takes data sent from its entry point in the network to
reach its destination), reduced provisioning time and increased reliability."
Verizon Business is a leader in developing undersea cable systems. The
company is the only U.S.-based founding member of the Trans-Pacific Express
Cable, which will provide the first high-speed direct link between the U.S.
and mainland China when activated in July. Verizon Business also is the only
founding U.S. partner in an existing Southeast Asia-to-Europe (via the Indian
subcontinent) submarine cable called SEA-ME-WE-4 (Southeast Asia-Middle
East-Western Europe-4).
The EIG will give Verizon Business customers a second, diverse landing in
France. As with SEA-ME-WE-4, Verizon Business will operate a landing station
in Marseilles that will connect directly with the company's recently expanded
ultra-long-haul network in Europe.
With the addition of the EIG, Verizon Business also plans to extend its
industry-leading global mesh architecture to the Middle East and India.
Meshing is network design that connects undersea cable systems on land,
allowing for instantaneous rerouting of traffic in the event of multiple
undersea cable breaks. Currently, the company operates a seven-way diverse
mesh network between the U.S. and Europe and five-way diversity between the
U.S. and Japan, with expansion to seven-way diversity to Hong Kong, South
Korea and Taiwan planned for the second half of 2008.
Verizon Business continues to expand its partnerships and presence in the
Middle East and India. Verizon Business earlier this year received licenses
for international and national long-distance services in India and will offer
a full range of services including international private-leased circuits with
multiprotocol label switching (MPLS) and Internet protocol (IP) services. The
company already holds an Internet service provider license in India.
"As the world's leading companies grow their presence in emerging market
regions, they know they can rely on our leading global network to support
their critical business applications," said Tarazi. "Wherever they do
business in the world, our customers know they can count on us to use our
outstanding network capabilities to deliver business solutions."
Verizon Business owns and operates a global fiber-optic network that
spans six continents and has more than 485,000 route miles delivering
services to customers in more than 150 countries and 2,700 cities throughout
the world. The company is involved in more than 67 submarine cables
worldwide.
About Verizon Business
Verizon Business, a unit of Verizon Communications (NYSE: VZ), is a
global IP leader and network-based partner for delivering integrated
communications and information technology (IT) solutions to large-business
and government customers worldwide. Combining unsurpassed reach with managed
services, security, mobility, collaboration and professional services
capabilities, Verizon Business delivers global solutions that power
innovation and enable its customers to do business better. For more
information, visit www.verizonbusiness.com.
VERIZON'S ONLINE NEWS CENTER: Verizon news releases, executive speeches
and biographies, media contacts, high-quality video and images, and other
information are available at Verizon's News Center on the World Wide Web at
www.verizon.com/news. To receive news releases by e-mail, visit the News
Center and register for customized automatic delivery of Verizon news
release.
Web site: http://www.verizonbusiness.com
http://www.verizon.com
Verizon Business
Media, Linda Laughlin, +1-918-590-5595, linda.laughlin@verizonbusiness.com, or Jo Perrin, +44-770-252-5868, jo.perrin@verizonbusiness.com, both of Verizon Business.
Motorola Demonstrates New MOTODEV Studio Tools Designed to Accelerate Mobile Application DevelopmentNew 'plug-ins' will enable developers to create applications across a wider variety of Motorola supported platforms, all in a common development environment
SAN FRANCISCO, May 6 /PRNewswire-FirstCall/ -- JAVAONE -- Motorola, Inc. today announced an expanded line of tools for its MOTODEV Studio development platform. Offering an updated toolset for coding Java ME(TM) applications and unveiling plans for tools that support application development on Symbian(TM)/UIQ(TM), WebUI and mobile Linux(R) platforms, Motorola is enabling developers to innovate across its mobile device portfolio.
Based on an open framework enabled by Eclipse, MOTODEV Studio is an integrated development environment that provides the necessary tools for the application development life cycle -- from requirements definition to testing and deployment -- across all Motorola platforms. MOTODEV Studio and its associated toolsets are designed to enable developers all over the world to create platform-specific applications for Motorola devices -- even before they are available on the market.
"Since its launch in August 2007, MOTODEV Studio for Java ME has enjoyed strong success for developers looking for a full set of tools for compiling, debugging, and testing mobile Java applications for Motorola's most popular devices," said Christy Wyatt, vice president, software platforms & ecosystem, Motorola. "By adding new toolsets to our robust MOTODEV Studio development platform, Motorola is providing developers with everything they need to create innovative applications and extend them across Motorola's mobile device portfolio."
The development environments that will be added to MOTODEV Studio include:
-- MOTODEV Studio for Java ME: an updated version, now available for
download, adds support for Motorola's Symbian/UIQ-based handsets
MOTO(TM) Z8 and MOTO Z10, as well as the MOTO Z6w which is built on
Motorola's MOTOMAGX(TM) mobile Linux platform. The latest version also
adds support for the JSR248 mobile service architecture subset, which
helps reduce fragmentation of Java APIs.
-- MOTODEV Studio for UIQ: expected to be available in beta release later
this quarter, the UIQ development environment enables the creation of
native C/C++ applications for Symbian/UIQ-based Motorola products --
including handsets on the market today such as the MOTO Z8 and MOTO
Z10.
-- MOTODEV Studio for WebUI: expected to be available as a technology
preview later this quarter, MOTODEV Studio for WebUI is designed to
support the creation and testing of lightweight WebUI widgets and
full-featured, context-aware WebUI applications that can access local
device services. Developers will be able to create applications using
standard Web programming languages such as JavaScript, HTML, CSS and
AJAX. The development environment will also support future versions of
Motorola's MOTOMAGX mobile Linux platform, which incorporates the open
source WebKit technology.
-- MOTODEV Studio for Linux: demonstrated as a technology preview that
will be available later this quarter, MOTODEV Studio for Linux will
support native C/C++ application development on future versions of
Motorola's MOTOMAGX mobile Linux platform. With millions of Linux-based
devices shipped worldwide, Motorola has one of the broadest Linux
device offerings of any mobile handset manufacturer. MOTODEV Studio
for Linux underlines Motorola's continued commitment to mobile Linux
and open source.
"We are pleased that Motorola continues to support and leverage the extensible frameworks of Eclipse to expand its MOTODEV Studio development platform," said Mike Milinkovich, Executive Director of the Eclipse Foundation. "Both Motorola and the Eclipse Foundation believe that open platforms provide the best possible working environment for developers and complete toolsets such as those in MOTODEV Studio ease the mobile application development process."
Experience MOTODEV Studio
The new MOTODEV Studio for Java ME toolset is available today for registered MOTODEV developers to download at http://www.motorola.com/developer. Upcoming MOTODEV Studio releases will also be made available via the MOTODEV Web site.
Motorola at JavaOne 2008
To learn more about the MOTODEV Studio development platform, visit Motorola at Booth No. 702 at JavaOne in the San Francisco Moscone Center, from Tuesday, May 6, through Thursday, May 8. Developers and show attendees are also invited to participate in Motorola's general session on Thursday, May 8, from 5:30 p.m. to 6:15 p.m. in Halls B&C, where Christy Wyatt will discuss where the future of mobile application development is headed. The session Webcast will be available on JavaOne's Web site at http://java.sun.com/javaone/sf.
About MOTODEV
MOTODEV is Motorola's global developer and ISV program. MOTODEV combines Motorola developer initiatives into one seamless web site resource, giving developers simple access to virtually all things Motorola (from mobile devices to digital set-tops). The program helps foster innovation in application development and delivery by connecting developers with the resources they need most -- tools, SDKs, and clearly defined go-to-market initiatives. And, with information and resources for a variety of products at their fingertips, developers can easily tap into new business opportunities and apply their talent across the full range of Motorola platforms.
To experience the MOTODEV developer network, visit: http://www.motorola.com/developer.
About Motorola
Motorola is known around the world for innovation in communications. The company develops technologies, products and services that make mobile experiences possible. Our portfolio includes communications infrastructure, enterprise mobility solutions, digital set-tops, cable modems, mobile devices and Bluetooth accessories. Motorola is committed to delivering next generation communication solutions to people, businesses and governments. A Fortune 100 company with global presence and impact, Motorola had sales of US $36.6 billion in 2007. For more information about our company, our people and our innovations, please visit http://www.motorola.com/.
MOTOROLA and the Stylized M Logo are registered in the US Patent & Trademark Office. Java and all other Java-based marks are trademarks or registered trademarks of Sun Microsystems, Inc. in the U.S. and other countries. Linux(R) is the registered trademark of Linus Torvalds in the U.S. and other countries. All other product or service names are the property of their respective owners. (C) Motorola, Inc. 2008. All rights reserved.
Photo: http://www.newscom.com/cgi-bin/prnh/20020307/MOTLOGO http://www.newscom.com/cgi-bin/prnh/20020415/MOTNOTAGLOGO AP Archive: http://photoarchive.ap.org/ PRN Photo Desk, photodesk@prnewswire.com
Motorola, Inc.
CONTACT: Jennifer Lyons of Motorola, Inc., +1-847-809-7193, jennifer.lyons@motorola.com
Web site: http://www.motorola.com/
Verizon Business Joins Consortium to Build Undersea Cable System Between Europe and IndiaCompany's Participation in EIG Enhances Leading Global Network Capabilities
LONDON, May 6 /PRNewswire/ -- Verizon Business Tuesday (May 6) joined a consortium of 16 companies building a next-generation undersea optical cable system connecting Europe, the Middle East and India.
The new system, named the Europe India Gateway (EIG), is the third major submarine cable project Verizon Business has helped launch in the last four years and continues the company's global network leadership in delivering more capacity, reliability and speed for the data, video and voice services of its multinational customers.
The 15,000-kilometer (9,000-mile) cable network system, expected to be completed in 2010, will connect three continents at a cost of more than $700 million (U.S.). It will have a design capacity of up to 3.84 terabits per second (Tbps).
"This new cable system will provide not only a second, diverse route from India to Europe, but also direct access to our network in Europe," said Ihab Tarazi, Verizon Business vice president of global network planning. "Combined with our other network capabilities, we will offer our customers reduced latency (the time it takes data sent from its entry point in the network to reach its destination), reduced provisioning time and increased reliability."
Verizon Business is a leader in developing undersea cable systems. The company is the only U.S.-based founding member of the Trans-Pacific Express Cable, which will provide the first high-speed direct link between the U.S. and mainland China when activated in July. Verizon Business also is the only founding U.S. partner in an existing Southeast Asia-to-Europe (via the Indian subcontinent) submarine cable called SEA-ME-WE-4 (Southeast Asia-Middle East-Western Europe-4).
The EIG will give Verizon Business customers a second, diverse landing in France. As with SEA-ME-WE-4, Verizon Business will operate a landing station in Marseilles that will connect directly with the company's recently expanded ultra-long-haul network in Europe.
With the addition of the EIG, Verizon Business also plans to extend its industry-leading global mesh architecture to the Middle East and India. Meshing is network design that connects undersea cable systems on land, allowing for instantaneous rerouting of traffic in the event of multiple undersea cable breaks. Currently, the company operates a seven-way diverse mesh network between the U.S. and Europe and five-way diversity between the U.S. and Japan, with expansion to seven-way diversity to Hong Kong, South Korea and Taiwan planned for the second half of 2008.
Verizon Business continues to expand its partnerships and presence in the Middle East and India. Verizon Business earlier this year received licenses for international and national long-distance services in India and will offer a full range of services including international private-leased circuits with multiprotocol label switching (MPLS) and Internet protocol (IP) services. The company already holds an Internet service provider license in India.
"As the world's leading companies grow their presence in emerging market regions, they know they can rely on our leading global network to support their critical business applications," said Tarazi. "Wherever they do business in the world, our customers know they can count on us to use our outstanding network capabilities to deliver business solutions."
Verizon Business owns and operates a global fiber-optic network that spans six continents and has more than 485,000 route miles delivering services to customers in more than 150 countries and 2,700 cities throughout the world. The company is involved in more than 67 submarine cables worldwide.
About Verizon Business
Verizon Business, a unit of Verizon Communications , is a global IP leader and network-based partner for delivering integrated communications and information technology (IT) solutions to large-business and government customers worldwide. Combining unsurpassed reach with managed services, security, mobility, collaboration and professional services capabilities, Verizon Business delivers global solutions that power innovation and enable its customers to do business better. For more information, visit http://www.verizonbusiness.com/.
VERIZON'S ONLINE NEWS CENTER: Verizon news releases, executive speeches and biographies, media contacts, high-quality video and images, and other information are available at Verizon's News Center on the World Wide Web at http://www.verizon.com/news. To receive news releases by e-mail, visit the News Center and register for customized automatic delivery of Verizon news release.
Verizon Business
CONTACT: Media, Linda Laughlin, +1-918-590-5595, linda.laughlin@verizonbusiness.com, or Jo Perrin, +44-770-252-5868, jo.perrin@verizonbusiness.com, both of Verizon Business
Web site: http://www.verizonbusiness.com/ http://www.verizon.com/
Company News On-Call: http://www.prnewswire.com/comp/094251.html
ICOP Sponsors 13th Annual Law Ride in Washington, D.C.
LENEXA, Kan., May 6 /PRNewswire-FirstCall/ -- ICOP Digital, Inc. , an industry-leading company engaged in advancing digital surveillance solutions, is pleased to announce that in collaboration with Sprint Nextel, it is again pleased to sponsor the 13th Annual Law Ride, a 1,000+ motorcycle procession from RFK Stadium to the National Law Enforcement Officers Memorial, part of the National Police Week celebrations in Washington D.C.
WHO: Jay Dalrymple, Assistant National Sales Manager
Jack Loughran, Northeast Regional Sales Manager
WHEN: Sunday, May 11, 2008 at 9:00 AM ET - 11:00 AM ET
WHERE: Lot 8 of Robert F. Kennedy Memorial Stadium
2400 East Capitol Street, S.E.
Washington, D.C.
WHAT: Using ICOP LIVE(TM), ICOP will be live streaming the Law Ride
captured on the ICOP Model 20/20(R)-W unit that is installed on the
ICOP Harley motorcycle. With ICOP LIVE, the Company believes it is
possible to optimize the management and outcome of a security
crisis or crime-in-process through the delivery of real-time
situational awareness to multiple viewers simultaneously. Never
before has this level of surveillance and communications capability
been possible...until now.
NOTE TO PRESS: To book an interview with ICOP officials at the event or arrange to view an on-site demonstration, please contact John Morrison or Tiffany Korkis at 407-585-1080 or via email at ICOP@efcg.net.
About ICOP Digital, Inc.
ICOP Digital, Inc. operates on the core principle that 'without local security, there is no national security.' It endeavors to protect people, assets and profits for communities with innovative, mission-critical security, surveillance and communication solutions. The Company engineers, manufactures and markets mobile and stationary surveillance products for use in the public and private sectors, and facilitates the delivery of live video to first responders. (GSA Contractor)
The ICOP Model 20/20(R)-W, ICOP's flagship, award-winning product, is the leading digital in-car video recorder system for law enforcement. ICOP LIVE(TM) delivers live streaming video to and from first responder vehicles and headquarters, empowering first responders with enhanced real-time situational awareness and actionable intelligence, optimizing the outcome of a crisis. ICOP LIVE delivers live video wirelessly to first responders over any wireless network and to multiple internet enabled Windows(R) devices simultaneously. The ICOP Model 4000(TM), ICOP's newest advanced surveillance solution, is the next generation transit/rail DVR system. The ICOP Model 4000 uses less power than traditional DVR's, which means less heat and translates into a more reliable unit with less downtime. In addition, the ICOP Model 4000 boasts many advanced and innovative features and capabilities, such as wireless file uploading and wireless video streaming, among many others.
For more information, please view the following video presentations at http://www.icopdigital.com/why_icop.html and http://www.icop.com/veil.html, or visit http://www.icop.com/ .
For more information, contact:
Laura E. Owen, President and COO
16801 West 116th Street
Lenexa, KS 66219 USA
Phone: (913) 338-5550
Fax: (913) 312-0264
Lowen@ICOP.com
http://www.icop.com/
For Investor/Media Relations:
Elite Financial Communications Group/Elite Media Group
Dodi Handy, President and CEO
Phone: (407) 585-1080
ICOP@efcg.net
ICOP Digital, Inc.
CONTACT: Laura E. Owen, President and COO, ICOP Digital, Inc., +1-913-338-5550, +1-913-312-0264 fax, Lowen@ICOP.com; or Investor-Media Relations, Dodi Handy, President and CEO, Elite Financial Communications Group-Elite Media Group, +1-407-585-1080, ICOP@efcg.net
Web site: http://www.icop.com/ http://www.icopdigital.com/why_icop.html http://www.icop.com/veil.html
Hershey Center for Applied Research Supports Acceleration of Scientific Research and DevelopmentSimon Revell, world-renowned Pfizer Enterprise 2.0 expert, to deliver keynote address at launch of ground-breaking social networking and scientific mapping online community
HERSHEY, Pa., May 6 /PRNewswire/ -- Simon Revell, Manager of Enterprise 2.0 Technology Development at Pfizer , will discuss how Web 2.0 social software can be leveraged to stimulate the advancement of science and technology through business development and research synergies. Revell is recognized internationally for his work in developing 'enterprise 2.0 technologies' within Pfizer, including work on the Pfizer-wide wiki, 'Pfizerpedia,' as well as development of standards and guidelines for internal collaboration around the use of blogging and RSS, a family of Web feed formats used to publish frequently updated content such as blog entries, news headlines and podcasts.
Revell's remarks will be delivered on Wednesday, May 14 from 10am to noon at the Hershey Center for Applied Research (HCAR) located at 1214 Research Blvd. in Hershey, PA. His keynote address will set the stage for the launch of the HCAR KnowledgeMesh(TM), a cutting-edge social networking and scientific mapping online community that will drive research and development in the life sciences and high technology sectors. Individuals interested in registering can sign up by visiting http://www.hersheyresearch.com/.
"The HCAR KnowledgeMesh will facilitate quality interactions between industry, academia, government, investors, workforce and support organizations that are located around the globe," said Laura Butcher, executive director of HCAR. "Through the HCAR KnowledgeMesh, the research park will operate as a concierge to these critical business services and research resources thereby accelerating the growth and success of our resident and partner organizations."
The HCAR KnowledgeMesh is being developed and supported by Intelmarx, LLC, a software solutions and services company whose primary market is non-profit organizations and higher education institutions.
In conjunction with the HCAR KnowledgeMesh launch, a grand opening tour of the HCAR Technology Suites will follow, with poster presentations from leading scientists, including their individual views on the benefits of building the KnowledgeMesh.
"The HCAR Technology Suites are the best place to grow your early-stage company because they provide flexible, short-term space as well as access to academic-based resources, including equipment, and business services that serve to lower product development costs, accelerate technology commercialization, and shorten time-to-market," said Butcher. The HCAR Technology Suites are being supported by the Life Sciences Greenhouse of Central PA, an organization that was formed to provide start-up money and business support services to early-stage life sciences companies.
About the Hershey Center for Applied Research
The Hershey Center for Applied Research (HCAR) provides resident organizations with state-of-the-art facilities and high-value business and research resources that enable growth escalation. In addition to its wet and dry lab facilities and office space in a campus-like setting in Hershey, PA, HCAR provides facilitated access to research expertise, especially in the areas of research discovery, development and commercialization; access to Penn State Milton S. Hershey Medical Center and College of Medicine, a major research institution with amenities that include core facilities, clinical trial participation, researcher sponsorship and research advisors; and assistance in obtaining necessary business resources, like venture capital, human resources, including Penn State M.D.s and Ph.D.s, and access to business advisors. For more information, go to http://www.hersheyresearch.com/.
Media Contact:
Sharon O'Shea
610-934-7567
sharon@0to5.com
Hershey Center for Applied Research
CONTACT: Sharon O'Shea, +1-610-934-7567, sharon@0to5.com, for Hershey Center for Applied Research
Web site: http://www.hersheyresearch.com/
16 Telecommunications Companies Sign Agreement to Build High-Bandwidth Undersea Cable System From UK to India
LONDON, May 6 /PRNewswire/ --
Major leaders of the global telecommunications industry Tuesday (May 6)
signed a construction and maintenance agreement (C&MA) to build the first
direct, high-bandwidth optical-fiber submarine cable system from the United
Kingdom to India. The Europe India Gateway (EIG) cable system, which will
cost more than US$700 million, will significantly enhance capacity and
diversity between the countries of these regions.
Sixteen telecommunications companies are investing in the project: AT&T;
Bharti Airtel; BT; Cable &Wireless; Djibouti Telecom; Du; Gibtelecom; IAM;
Libyan Post, Telecom and Information Technology Company; MTN Group Ltd;
Omantel; PT Comunicacoes, S.A.; Saudi Telecom Company; Telecom Egypt; Telkom
SA Ltd; and Verizon Business.
The EIG cable system, targeted to be operational in the second quarter of
2010, is a 15,000-kilometer (9,000-mile) system that will connect three
continents. Thirteen landings are planned in the United Kingdom, Portugal,
Gibraltar, Morocco, Monaco, France, Libya, Egypt, Saudi Arabia, Djibouti,
Oman, United Arab Emirates and India. In addition to serving these regions,
the EIG cable system will also provide seamless interconnection with other
major cable systems connecting Europe, Africa, Asia and North America. The
system will utilize state-of-art next-generation technology that is designed
to provide up to 3.84 terabits per second (Tbps) using dense wavelength
division multiplexing (DWDM) to provide upgradeable transmission facilities
that support Internet, e-commerce, video, data and voice services.
In addition to complementing existing high-bandwidth cable systems in the
region, the EIG cable system will provide much-needed diversity for broadband
traffic currently relying largely on traditional routes from Europe to India.
This is important, considering the threat of earthquakes in this region. The
EIG cable system, with its large bandwidth and high-quality transmission
technology, will help meet the present and future growth in
telecommunications traffic between the targeted regions.
In addition to the C&MA signing, the EIG Consortium also signed a supply
contract with Alcatel-Lucent and Tyco Telecommunications for the cable
system's construction.
Web site: http://www.verizon.com
Verizon Business
Jo Perrin, +44-770-252-5868, jo.perrin@verizonbusiness.com, or Linda Laughlin,
+1-918-590-5595, linda.laughlin@verizonbusiness.com, both of Verizon Business
Mitek Systems to Announce Second Quarter Fiscal 2008 Results on May 13, 2008
SAN DIEGO, May 6 /PRNewswire-FirstCall/ -- Mitek Systems, Inc. (OTC Bulletin Board: MITK; http://www.miteksystems.com/), a leading provider of Image Analytics and Pattern Recognition software, will announce financial results for the fiscal Second quarter ended March 31, 2008, before the market opens on Tuesday, May 13, 2008.
(Logo: http://www.newscom.com/cgi-bin/prnh/20041117/LAW022LOGO)
Following the release, Mitek Systems will host a conference call on Tuesday, May 13, 2008 at 11:00 A.M. Eastern Daylight Time (8:00 A.M. Pacific Daylight Time) to discuss the Company's fiscal Second quarter 2008 operating performance. The conference call, featuring Mr. James B. DeBello, President and CEO, can be accessed by calling 888-494-6099. To listen to the replay of the earnings call, please call the following numbers until June 13, 2008: in the US, 1-800-642-1687; International calls 706-645-9291.
About Mitek Systems
Mitek Systems (OTCBB: MITK; http://www.miteksystems.com/) is a leader in Image Analytics and Pattern Recognition technologies used by financial institutions, life science companies and government agencies. The Company develops and markets the most comprehensive suite of intelligent character recognition software used to test, clean, read and authenticate imaged documents and objects. Sold to partners and system integrators, the Company's software is used to process billions of transactions per year. For more information about Mitek Systems, contact the Company at 8911 Balboa Ave., Suite B, San Diego, CA 92123; 858-503-7810 or visit http://www.miteksystems.com/.
Media Contact:
Jason Magner
Rogers & Cowan on Behalf of Mitek Systems, Inc.
jmagner@rogersandcowan.com
310-854-8128
Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20041117/LAW022LOGO AP Archive: http://photoarchive.ap.org/ PRN Photo Desk, photodesk@prnewswire.com
Mitek Systems, Inc.
CONTACT: Jason Magner of Rogers & Cowan, +1-310-854-8128, jmagner@rogersandcowan.com, for Mitek Systems, Inc.
Web site: http://www.miteksystems.com/
Microsoft and Hyundai-Kia Automotive Group to Develop Next Generation of In-Car InfotainmentNew partnership will globalize innovative in-car infotainment.
SEOUL, South Korea, May 6 /PRNewswire/ -- Today, Microsoft Corp. and Hyundai-Kia Automotive Group (HKAG) entered into a long-term agreement to co-develop the next generation of in-car infotainment systems. Bill Gates, chairman of Microsoft and Eui-Sun Chung, president of HKAG were present as Martin Thall, general manager of Microsoft's Automotive Business Unit, and Hyun Soon Lee, president and chief technology officer of HKAG, signed the agreement in Seoul.
Together, Microsoft and HKAG will deliver new and innovative solutions based on the Microsoft Auto software platform, bringing the future of in-car technology to Hyundai-Kia drivers worldwide.
"These new systems will redefine consumer experiences in the car," Thall said. "Since the spring of 2006, HKAG and Microsoft have been sharing their vision for the future of in-car technology. We're now aligned to develop the next generation of in-car infotainment systems."
"HKAG's strategic vision is to become a global leader in automotive and information technology convergence." Chung said, "The partnership with Microsoft will form the foundation for achieving that vision."
The first product, a next-generation infotainment system that provides voice-controlled connectivity between mobile devices, will be introduced in the North American market in 2010. It will further apply to Asian and European markets, and expand into multimedia and navigation devices. These easy-to-use infotainment systems will allow consumers to enjoy music in various digital formats.
The next-generation infotainment systems are comparable to mini-PCs. Even after product launch, new functions can be added or upgraded in the form of software program updates, an innovation to existing in-car multimedia technology.
The Hyundai-Kia Automotive Group's adoption of the Microsoft Auto software platform increases Microsoft's presence in the Asian car market and enhances the global automotive business. The engineering and marketing teams of Microsoft's Automotive Business Unit in Redmond, Wash., will be working directly with counterparts at HKAG in Seoul to support this goal. Systems powered by the current version of Microsoft Auto are currently available in Fiat Auto Group vehicles in Europe and South America and Ford Motor Co. vehicles in North America.
In a related announcement, Microsoft and Hyundai-Kia, along with the Institute for Information Technology Advancement (IITA), signed a memorandum of understanding (MOU) to co-establish an automotive IT innovation center with the goal of promoting innovation and opportunities for Korean software and device vendors in the global market. Hyundai-Kia will invest $166 million over the next five years to bring IT technology advancements into the car and to develop new in-car services.
Hyundai-Kia will invest $166 million over the next five years to bring IT technology advancements into the car and to develop new in-car services.
Microsoft Automotive Business Unit
The Microsoft Automotive Business Unit is a dedicated partner to the auto industry, providing innovative technologies and flexible software platforms to help deliver simple, more reliable and cost-effective in-car infotainment systems. Developed closely with automakers and automotive suppliers, the award-winning Microsoft Auto and Windows Automotive software platforms connect drivers with a wide range of devices, services and technology while on the go, including hands-free communication, mobile device integration, customized navigation and high-fidelity digital entertainment. More information can be found at http://www.microsoft.com/windowsautomotive/default.mspx.
About Microsoft
Founded in 1975, Microsoft (Nasdaq "MSFT") is the worldwide leader in software, services and solutions that help people and businesses realize their full potential.
About Hyundai-Kia Automotive Group
Established in 1967, Hyundai Motor Co. has grown into the Hyundai-Kia Automotive Group which was ranked as the world's sixth largest automaker in 2006 and includes over two dozen auto-related subsidiaries and affiliates. Employing over 75,000 people worldwide, Hyundai Motor posted sales of US$74.9 billion in 2007 on a consolidated-basis and US$32.8 billion on a non-consolidated basis (using the average currency exchange of 929 won per US dollar). Hyundai vehicles are sold in 193 countries through some 6,000 dealerships and showrooms. Further information about Hyundai Motor Co. and its products is available at http://www.hyundai-motor.com/. Kia Motors Corp. (http://www.kia.com/) -- a maker of quality vehicles for the young-at-heart-was founded in 1944 and is Korea's oldest manufacturer of motor vehicles. More than 1.4 million vehicles a year are produced in 14 manufacturing and assembly operations in eight countries which are then sold and serviced through a network of distributors and dealers covering 165 countries. Kia today has over 40,000 employees worldwide and annual revenues of almost US$17 billion.
Hyundai-Kia Automotive Group
CONTACT: Miles Johnson of Hyundai Motor America, +1-714-965-3366, milesjohnson@hmausa.com; or Velle Kolde of Microsoft, +1-425-706-7023, vellek@microsoft.com; or Chris Elliott of Weber Shandwick, +1-425-452-5389, celliott@webershandwick.com; or Meeyoung Song of Hyundai Motor Company 011-82-2-3464-2156, meeyoung@hyundai-motor.com
Web site: http://www.hyundainews.com/ http://www.hyundai-motor.com/ http://www.microsoft.com/
Veridigm Inc. (VRGD) Confirms Payment of 18.5% Stock Dividend
LONDON, May 6 /PRNewswire-FirstCall/ -- Veridigm, Inc. (Pink Sheets: VRGD). Pursuant to the Company's press release of 3/12/08, Veridigm had previously declared a stock dividend of 18.5% (rounded up to 19%) to all Veridigm shareholders. NASDAQ has today confirmed that the ex-dividend date is 5/20/08.
Presently, the Company reports the fully diluted, issued and outstanding as 26,972,616. After the dividend is paid to all shareholders there will be approximately 31,963,000.
Forward-Looking Statement: The statements in the press release that relate to the Company's expectations with regard to the future impact on the Company's results from acquisitions or actions in development are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The statements in this document may also contain '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. When used in this press release, the words 'anticipate,' 'believe,' 'estimate,' 'may,' 'intend,' 'expect' and similar expressions identify such forward-looking statements. Forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those contained in such statements. Such risks, uncertainties, and factors include, but are not limited to, future capital needs, changes, and delays in product development plans and schedules, or market acceptance
Veridigm, Inc.
CONTACT: Investor Relations, Andrew Wilcox of Veridigm, Inc., 1-888-646-5677, Veridigm@gmail.com
Azure Dynamics to Present at the 4th Annual Merriman Curhan Ford CleanTech Conference
OAK PARK, Michigan, May 6 /PRNewswire/ --
- Conference to be Held May 13, 2008, at Le Parker Meridien New York
Azure Dynamics Corporation (TSX: AZD, LSE: ADC & OTCQX: AZDDF) ("Azure"
or the "Company"), a leading developer of hybrid electric and electric
powertrains for commercial vehicles today announced that Scott T. Harrison,
Azure Dynamics' Chief Executive Officer, will present at the 4th Annual
Merriman Curhan Ford & Co. CleanTech Conference on May 13, 2008 at 10:15 AM
EST. The event will be held at Le Parker Meridien in New York City, 118 W.
57th Street.
"Our products and technologies are at the leading edge of addressing the
environment and alternative sources of energy in transportation," said
Harrison. "We're new to the U.S. investment community and we think this
conference is an excellent opportunity to introduce ourselves and present
what we believe is a very compelling story for investors."
For those interested but unable to attend in person, we will offer a live
webcast of our presentation at http://www.merrimanco.com.
In addition to presentations from attending companies, this year will
also feature several expert panel discussions on topics including biofuels,
clean coal technology, electric vehicles, energy-efficient lighting, energy
storage, next-generation solar and utility-scale solar.
More information about the conference can be found at:
http://www.merrimanco.com
About Merriman Curhan Ford & Co. and MCF Corporation
Merriman Curhan Ford & Co. is an investment bank and securities
broker-dealer focused on fast-growing companies and growth-oriented
institutional investors. It provides investment research, brokerage and
trading services primarily to institutions, as well as advisory and
investment banking services to corporate clients. Its mission is to become a
leader in researching, advising, financing, trading and investing in
fast-growing companies. Merriman Curhan Ford & Co. is registered with the
Securities and Exchange Commission as a broker-dealer and is a member of the
Financial Industry Regulatory Authority (FINRA) and SIPC.
MCF Corporation (NASDAQ:MERR) is a financial services holding company
that provides investment research, capital markets services, corporate and
venture services, investment banking, asset management and primary research
through its operating subsidiaries, Merriman Curhan Ford & Co., MCF Asset
Management, LLC and Panel Intelligence, LLC. MCF is focused on providing a
full range of specialized and integrated services to institutional investors
and corporate clients.
About Azure Dynamics
Azure Dynamics Corporation (TSX: AZD) (LSE: ADC) (OTCQX: AZDDF) is a
world leader in the development and production of hybrid electric and
electric components and powertrain systems for commercial vehicles. Azure is
strategically targeting the commercial delivery vehicle and shuttle bus
markets and is currently working internationally with various partners and
customers. The Company is committed to providing customers and partners with
innovative, cost-efficient, and environmentally friendly energy management
solutions.
For more information, please visit http://www.azuredynamics.com.
The TSX and LSE Exchanges do not accept responsibility for the adequacy
or accuracy of this release.
Forward-looking Statements
This press release contains forward-looking statements. More
particularly, this press release contains statements concerning Azure's
business development strategy, projected commercial revenues and product
deliveries.
The forward-looking statements are based on certain key expectations and
assumptions made by Azure, including expectations and assumptions concerning
achievement of current timetables for development programs, target market
acceptance of Azure's products, current and new product performance,
availability and cost of labour and expertise, and evolving markets for power
for transportation vehicles.
Although Azure believes that the expectations and assumptions on which
the forward-looking statements are based are reasonable, undue reliance
should not be placed on the forward-looking statements because Azure can give
no assurance that they will prove to be correct. Since forward-looking
statements address future events and conditions, by their very nature they
involve inherent risks and uncertainties. Actual results could differ
materially from those currently anticipated due to a number of factors and
risks. These include, but are not limited to, the risks associated with
Azure's early stage of development, lack of product revenues and history of
losses, requirements for additional financing, uncertainty as to commercial
viability, uncertainty as to product development and commercialization
milestones being met, uncertainty as to the market for Azure's products and
unproven acceptance of Azure's technology, competition for capital, product
market and personnel, uncertainty as to target markets, dependence upon third
parties, changes in environmental laws or policies, uncertainty as to patent
and proprietary rights, availability of management and key personnel, and
acquisition integration risk. These risks are set out in more detail in
Azure's annual information form which can be accessed at
http://www.sedar.com.
The forward-looking statements contained in this press release are made
as of the date hereof and Azure undertakes no obligation to update publicly
or revise any forward-looking statements or information, whether as a result
of new information, future events or otherwise, unless so required by
applicable securities laws.
For further information: Ryan Carr, Chief Financial Officer,
+1-248-298-2403, Email: rcarr@azuredynamics.com; Bruce G. MacDonald,
Liebler!MacDonald, +1-248-840-6990, Email: bmacd@liemac.com
Azure Dynamics Corporation
For further information: Ryan Carr, Chief Financial Officer, +1-248-298-2403, Email: rcarr@azuredynamics.com; Bruce G. MacDonald, Liebler!MacDonald, +1-248-840-6990, Email: bmacd@liemac.com
Thomson Reuters publie le rapport << World IP Today >>, analysant l'activité mondiale des brevets et des innovations technologiques en 2007
LONDRES, May 6 /PRNewswire/ --
Thomson Reuters, la première source de veille économique du monde pour
les entreprises et les professionnels, a publié aujourd'hui deux numéros de
World IP Today analysant l'activité mondiale des brevets et des innovations
technologiques pour l'année 2007. Les deux rapports sont élaborés à partir
des données tirées de Thomson Innovation(SM), le nouveau standard de
recherche et d'analyse IP, et portant un regard détaillé et complet sur les
développements IP récents à travers le monde.
<< L'activité d'octroi de brevets couvrant des données considérables de
Thomson Reuters nous permet de suivre les nouvelles tendances et les derniers
développements technologiques au fil de leur apparition >>, a déclaré Ben
Lansbury, analyste des brevets de Thomson Reuters. << Alors que certains pays
deviennent des acteurs importants sur la scène internationale, nous pouvons
voir les pics et les augmentations de leurs activités de brevet. Nos deux
rapports dévoilent la nature dynamique du secteur IP et son importance
cruciale aussi bien pour les économies nationales et que pour les puissances
mondiales. >>
World IP Today : un rapport de Thomson Reuters sur l'activité mondiale
des brevets en 2007 (<< World IP Today: A Thomson Reuters Report On Global
Patent Activity in 2007 >>) met en exergue les nouveaux brevets des pays du
G8 (Canada, France, Allemagne, Italie, Japon, Russie, Royaume-Uni et
États-Unis), plus la Chine et la Corée du Sud. Les conclusions indiquent :
-- L'activité mondiale des brevets a augmenté de 21 % entre 2003 et
2006, avec une année 2007 qui sera sans aucun doute une autre
année d'augmentation des brevets.
-- Le Japon reste encore le premier pays dépositaire de brevets, mais
il continue à baisser lentement. La prédominance du Japon sur les
États-Unis et la Chine connaît une baisse alors que les
soumissions de brevets augmentent dans ces deux marchés. Les
dépôts de brevet chinois ont presque doublé ces 5 dernières
années.
-- C'est en Chine et en Russie où les innovations universitaires ont
le plus haut pourcentage, avec près de 25 % des activités de
brevet.
-- La Corée du Sud protège plus d'inventions mondiales que jamais
auparavant, alors que les États-Unis a connu la plus forte baisse
du nombre de brevets déposés de ces principales régions créatrices
de brevet.
World IP Today : un rapport de Thomson Reuters concernant les innovations
technologiques en 2007 (<< World IP Today: A Thomson Reuters Report On Global
Technology Innovations in 2007 >>) examine le développement mondial des
innovations technologiques en 2007, en mettant l'emphase sur les inventions
tri-latérales ou les inventions qui ont été déposées aux États-Unis, en
Europe et au Japon. Parmi les principales conclusions :
-- Quatre domaines technologiques sont vraiment exemplaires dans la
protection de grandes quantités d'inventions : l'électronique grand
public, l'informatique, les télécommunications et la technologie des
services commerciaux et de divertissement.
-- La protection pour les inventions informatiques des trois plus grands
marchés, le Japon, les États-Unis et l'Europe, a été plus intense que
dans les autres secteurs technologiques.
-- Les innovations au sein du secteur informatique sont partagées de
façon plus égale entre les pays que les autres technologies.
-- Parmi les dix plus importants dépositaires de brevets basés sur les
innovations aux États-Unis, en Europe et au Japon durant 2007, la
plupart provenait du Japon.
-- Il y a eu une baisse considérable en termes d'innovation au sein des
secteurs industriels, audiovisuels et de l'enregistrement des données
entre 2001 et 2007, ainsi qu'une chute dramatique dans le secteur des
semi-conducteurs, de l'ordre de 26 % durant la même période.
Pour des exemplaires complets des rapports World IP Today de Thomson
Reuters qui incluent la méthodologie menant à ces conclusions, veuillez
visiter le site : http://scientific.thomsonreuters.com/press/insight/.
La division Scientific de Thomson Reuters fournit des informations et des
connaissances pour accélérer la recherche, la découverte et l'innovation. Nos
informations faisant foi, précises et opportunes sont essentielles pour les
sociétés pharmaceutiques afin de découvrir de nouveaux médicaments et les
commercialiser plus rapidement ; pour que les chercheurs puissent avoir accès
à des articles de première importance et savoir ce qui vient de se publier
dans leurs domaines ; et pour les entreprises, afin qu'elles puissent
maximiser leur propriété intellectuelle et trouver des renseignements
concurrentiels. Nous créons les plates-formes et les services de recherche du
futur qui propulseront nos clients sur la route du succès personnel et
commercial.
À propos de Thomson Reuters
Thomson Reuters est la principale source mondiale de veille économique
pour les entreprises et les professionnels. Nous associons l'expertise du
secteur et une technologie innovante afin de fournir des informations
critiques aux principaux décideurs des marchés financiers, juridiques,
fiscaux et comptables, scientifiques, des marchés des soins de santé et des
médias, grâce à l'agence de presse la plus fiable au monde. Possédant son
siège social à New York et ses activités principales à Londres et à Eagan,
dans le Minnesota, Thomson Reuters emploie plus de 50 000 personnes dans 93
pays. Les actions Thomson Reuters sont cotées à la bourse de New York (NYSE :
TRI), à la bourse de Toronto (TSX : TRI), à la bourse de Londres (LSE : TRIL)
et au Nasdaq (Nasdaq : TRIN). Pour de plus amples informations, veuillez
consulter www.thomsonreuters.com.
Site web : http://www.scientific.thomson.com.
http://scientific.thomsonreuters.com/press/insight/
http://www.thomsonreuters.com
Scientific business of Thomson Reuters
Eoin Bedford, PR Manager, Scientific, +44-207-433-4691, eoin.bedford@thomsonreuters.com
La division Scientific de Thomson Reuters va proposer un service de détection de plagiat via Manuscript Central en collaboration avec CrossCheck
PHILADELPHIE, May 6 /PRNewswire/ --
- Manuscript Central v4.2 va proposer à ses clients un accès à des
services de vérification de l'originalité de tout contenu de recherche soumis
au système
La division Scientific de Thomson Reuters a annoncé aujourd'hui que le
système de flux de travaux en ligne Manuscript Central incorporera l'outil de
vérification iThenticate dans son processus de soumission et de révision par
des pairs et qu'elle mettra en place des politiques et des directives
appropriées. CrossRef a annoncé récemment un accord avec iParadigms, LLC pour
lancer le service CrossCheck afin d'aider à vérifier l'originalité de
contenus de recherche. Suite au succès du pilote récent de CrossCheck,
développé par CrossRef, il est prévu que le service prenne effet en juin. Il
sera fourni via Manuscript Central.
L'intégration de Manuscript Central à l'outil iThenticate permettra aux
revues et aux éditeurs membres de CrossCheck d'envoyer des soumissions pour
comparaison au service iThenticate à tout moment de la révision par des pairs
ou de l'acceptation du flux de travaux. Grâce à des indicateurs de statut et
à une consultation rapide des résultats, les journaux pourront enquêter sur
des documents suspects beaucoup plus en amont dans le processus de révision
par des pairs, économisant potentiellement des ressources et un temps
précieux dans le flux des travaux de révision par des pairs.
<< Nous sommes enthousiasmés à l'idée de faire partie du déploiement
initial de l'initiative de détection de plagiat car cela souligne
l'importance que nous accordons à l'aide apportée à nos clients afin qu'ils
contrôlent la qualité de leurs soumissions de manuscrits et de révisions en
ligne par des pairs >>, a déclaré Keith MacGregor, vice-président directeur
de Thomson Reuters Academic and Government Market. << Nous sommes convaincus
que cet effort améliorera en fin de compte la qualité et la précision des
travaux de recherche publiés. >>
Manuscript Central est un programme innovant de révision par des pairs et
de soumission en ligne basé sur le Web et mu par une base de données pour les
éditeurs du monde de la recherche. Manuscript Central automatise la
soumission de manuscrits aux revues et offre des outils conviviaux
d'administration, d'édition et de révision, de sorte que ses clients peuvent
se concentrer sur le contenu et non sur le processus. Avec plus de 200
sociétés et éditeurs, 2 400 livres et revues, 70 000 soumissions mensuelles
et 5 millions d'utilisateurs enregistrés, Manuscript Central est le leader
avéré du secteur.
La division Scientific de Thomson Reuters fournit des informations et des
connaissances afin d'accélérer la recherche, la découverte et l'innovation.
Nos informations pertinentes, précises et qui font autorité sont essentielles
pour que les entreprises pharmaceutiques puissent découvrir de nouveaux
médicaments et les mettre plus rapidement sur le marché ; pour que les
chercheurs puissent trouver des documents pertinents et se tenir au courant
de ce qui a été publié récemment dans leur domaine ; et pour que les
entreprises puissent maximiser leur propriété intellectuelle et trouver des
renseignements compétitifs. Nous créons les plateformes et les services de
recherche de l'avenir qui propulseront nos clients vers le succès de leur
entreprise et leur succès personnel.
À propos de CrossRef
CrossRef (http://www.crossref.org) est une association mutuelle, sans but
lucratif, fondée et dirigée par des éditeurs. Sa mission consiste à faciliter
l'identification et l'utilisation de contenu électronique fiable en
promouvant le développement coopératif et l'application d'une infrastructure
durable.
À propos de Thomson Reuters
Thomson Reuters est la principale source mondiale d'informations
intelligentes pour les entreprises et les professionnels. Nous associons
l'expertise du secteur et une technologie innovante afin de fournir des
informations critiques aux principaux décideurs des marchés financiers,
juridiques, fiscaux et comptables, scientifiques, des marchés des soins de
santé et des médias, grâce à l'agence de presse la plus fiable au monde.
Possédant son siège social à New York et ses activités principales à Londres
et à Eagan, dans le Minnesota, Thomson Reuters emploie plus de 50 000
personnes dans 93 pays. Les actions Thomson Reuters sont cotées à la bourse
de New York (NYSE : TRI) ; à la bourse de Toronto (TSX : TRI) ; à la bourse
de Londres (LSE : TRIL) ; et au Nasdaq (Nasdaq : TRIN). Pour de plus amples
informations, veuillez consulter www.thomsonreuters.com.
Site Web : http://www.scientific.thomson.com
http://www.crossref.org
http://www.thomsonreuters.com
Scientific business of Thomson Reuters
Nikki Haffey, division Scientific, +1-434-817-2040, nikki.haffey@thomsonreuters.com
eXpresso Joins the Etelos Ecosystem to Distribute Award-Winning Application
MENLO PARK, Calif., May 6 /PRNewswire/ -- eXpresso Corporation, a pioneering provider of online community solutions for businesses, has joined the Etelos(TM) ecosystem and is now distributing its line of business solutions through the Etelos Marketplace(TM).
The Etelos Marketplace is the central location for businesses of any size to find, try and deploy innovative Web applications. Currently featured on the Etelos Marketplace, eXpresso(TM) is able to reach a diverse spectrum of businesses that are seeking to build a best-of-breed suite of applications that easily integrate into their workflow.
eXpresso Vice President of Business Development, John Howard, believes the eXpresso / Etelos relationships is an ideal match. "Etelos will give us the kind of visibility we need to reach our target audience of businesses that share files among dispersed staffs and suppliers. And I think eXpresso is just the kind of breakthrough people have come to expect from Etelos."
The eXpresso application is built on a SaaS framework that brings instant file control and distribution across Web-based computing platforms. eXpresso business communities (the first application is Microsoft Excel) uses a patented invitation process and are governed by a system of rights and privileges. Changes to a file in eXpresso are documented in real time and generate an audit trail detailing changes down to the cell level.
By distributing this Web application through the Etelos Marketplace, eXpresso is able to lower the cost of integrating this solution into a businesses' existing workflow.
"Having an application such as eXpresso's strengthens our offerings to the millions of businesses looking for innovative solutions," said Shelley Symonds, Etelos VP & Chief Marketing Officer. "We look forward to helping businesses integrate this award-winning application into their daily collaborative efforts."
For more details on this application, please visit the Etelos Marketplace.
eXpresso is the recipient of the 2008 PC World 25 Most Innovative Products Award and the InfoWorld 2008 Technology of the Year Award.
About eXpresso(TM):
eXpresso is a pioneering provider of managed business community solutions. The company offers secure, hosted online workspaces suitable for business collaboration, beginning with the Excel spreadsheet environment. eXpresso's unique capabilities leverage multiple homegrown, patent-pending technologies, enabling users to access, share, compare and collaborate on business information from any location. The privately-owned company is headquartered in Menlo Park, California. To learn more, visit http://www.expressocorp.com/.
About Etelos, Inc.:
Etelos (BULLETIN BOARD: ETLO) provides on-demand browser-based applications on the hosting environment that you choose. Etelos(TM) technology for developing and deploying on-demand applications is revolutionizing the world of software distribution. The Etelos Marketplace(TM) gives developers an easy way to license, distribute and host their applications, and businesses a wide selection of fully customizable, on-demand applications. Etelos, Etelos CRM(TM), Etelos Projects(TM), and Etelos Marketplace are trademarks of Etelos, Inc.; other trademarks are the property of their respective owners. For more information about Etelos, please visit http://www.etelos.com/.
eXpresso Corporation
CONTACT: Laura Baumgartner of SS|PR, +1-847-415-9341, lbaumgartner@sspr.com, for eXpresso Corporation
Web Site: http://www.expressocorp.com/ http://www.etelos.com/
Everything Channel's CRN Named One of the Most Powerful Business-to-Business Advertising Venues by BtoB MagazineSecond Consecutive Year CRN Named to Media Power 50 List
MANHASSET, N.Y., May 6 /PRNewswire-FirstCall/ -- Everything Channel (formerly CMP Channel), the global leader in technology sales, today announced that its flagship media outlet, CRN, has been recognized as one of the most influential business-to-business advertising venues in publishing. This is the second consecutive year that CRN has been named to the Media Power 50 list, produced by Crain Communication Inc. CRN, which can be found online at http://www.channelweb.com/, provides the sellers of technology with the crucial information and analysis needed to drive their company's sales.
(Logo: http://www.newscom.com/cgi-bin/prnh/20080505/NYM117LOGO-a )
"For 30 years CRN has been the most influential venue for the technology Channel. We are thrilled to be recognized on this list for the second consecutive year. It demonstrates our continued commitment to technology marketers and our audience," said Robert Faletra, Chief Executive Officer, Everything Channel.
The BtoB Media Power 50 looks at the top advertising venues as ranked by media buyers, industry analysts, and BtoB editors and reporters. Data such as ad revenue and audience were evaluated, and all participants were polled for their opinions on the most powerful and targeted b-to-b advertising venues.
Other media outlets named to the ninth annual Media Power 50 include The Wall Street Journal, The New York Times, and Forbes.com. The Media Power 50 was published in today's issue of BtoB magazine.
This is the third award Everything Channel has won this year. Last month min's presented Everything Channel with two Best of the Web awards -- one for the marketing campaign behind the launch of ChannelWeb.com and the second for its first virtual trade show.
Everything Channel continues to strengthen its portfolio with new marketing solutions and business tools to help the technology Channel accelerate sales and grow their businesses. New solutions include domestic and international face-to-face IT events (Vision Events(R)); a workflow tool that helps create efficiencies in Request for Proposals (RFPs) and proposal building through configuration technology solutions (eXalt's multi-vendor workflow tool); a promotions tool to manage incentives (MTC Performance's spiff solutions); a business growth and management tool (M&A Forum); and a service that provides real-time product catalog, availability and pricing on demand (VARStreet).
Everything Channel (http://www.everythingchannel.com/, http://www.channelweb.com/)
Everything Channel (formerly CMP Channel) serves as the one stop shop for the sales channel that drives 75 percent of technology sales throughout the world. IT suppliers and Solution Providers turn to Everything Channel to manage and accelerate their business. Everything Channel provides the answer to strategy and branding, online marketing, research/market intelligence, lead generation, branded and custom events, education and workflow tools targeted to those who buy and sell through the Channel. Everything Channel is a subsidiary of United Business Media (http://www.unitedbusinessmedia.com/ ), a global provider of news distribution and specialist information services with a market capitalization of more than $2.5 billion.
Contact
Kate Spellman
Everything Channel
(516) 562-7383
kspellman@everythingchannel.com
Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20080505/NYM117LOGO-a AP Archive: http://photoarchive.ap.org/ PRN Photo Desk, photodesk@prnewswire.com
Everything Channel
CONTACT: Kate Spellman of Everything Channel, +1-516-562-7383, kspellman@everythingchannel.com
Web site: http://www.unitedbusinessmedia.com/ http://www.everythingchannel.com/ http://www.channelweb.com/
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