China Information Security Technology, Inc. Expands PGIS Solution Set With First 120 Emergency Medical Service (EMS) System Contract Win in Shenzhen City

SHENZHEN, China, July 22 /Xinhua-PRNewswire-FirstCall/ -- China Information Security Technology, Inc., (''China Information Security,'' ''CIST'' or the ''Company''), a leading provider of Information Security and 3S (Geographic Information Systems -- GIS, Global Positioning Systems -- GPS and Remote Sensing -- RS) services in China, today announced that the Company has been awarded a contract to construct the Shenzhen City 120 Emergency Medical Service (EMS) GIS Command and Coordination System (the ''Shenzhen EMS Coordination System''), with a total contract value of $1.5 million. The contract is estimated to be completed by the end of 2008.

The Shenzhen EMS Coordination System will add another module to the Company's Police-use GIS ("PGIS") solutions, providing the most comprehensive solution set for emergency responders in China. The system will be constructed using the Company's existing PGIS platform, but will add features especially developed and focused on ambulatory emergency response functions, similar to computer aided dispatch (CAD) systems used to support 911 dispatchers in the United States. The Company expects that the new system will greatly improve the efficiency of Shenzhen City's 120 Emergency Medical Service (EMS) Center by better coordinating its medical resources and accelerating its public response time, to the enhanced health and benefit of Shenzhen City residents.

The Company provides PGIS customers with specialized GIS services, including specialized mapping, geographic positioning, messaging, real-time resource tracking and monitoring. After successful implementation of the PGIS platform, the Company also offers ongoing systems operation and support services, as well as application interface services that enable interaction between the PGIS platform and other infrastructure applications currently in use by the PGIS customer. The Company's PGIS platform solutions currently offers modules that serve Police (110), Fire (119) and Traffic Police (122). The Shenzhen EMS Coordination System represents an additional PGIS module to serve EMS (120).

''We view this contract win as a validation of our competitive position in the Shenzhen City PGIS market,'' commented Mr. Jiang Huai Lin, CEO of China Information Security. ''We expect that the new Shenzhen EMS Coordination System will strengthen our PGIS product mix and provide increased opportunities for us to cross-sell the new product to other existing PGIS customers. We believe that we can achieve greater success in the rapidly growing national market, through our strong technological capabilities, successful implementation record and industry reputation.''

About China Information Security Technology, Inc.

Through its wholly-owned Chinese subsidiary, China Information Security is focused on the development and implementation of large scale, high-tech information security and 3S (Geographic Information Systems -- GIS, Global Positioning Systems -- GPS and Remote Sensing -- RS) related projects. The Company provides a broad portfolio of fully integrated solutions and services, including Information Security (First Responder Coordination Platform, Intelligent Border Control System and Residence Card Information Management System), 3S and Product Sales and Services. Through its exclusive contractual arrangement with iASPEC Software Company Limited (iASPEC), China Information Security has the licenses to numerous registered and copyrighted software applications in China. In addition, iASPEC is considered the Company's variable interest entity, and its financial data and information is consolidated into the Company's accounts. To learn more about the Company, please visit the corporate website at http://www.chinacpby.com/ .

Safe Harbor Statement

This press release may contain certain ''forward-looking statements" relating to the business of China Information Security Technology, Inc., and its subsidiary companies. All statements, other than statements of historical fact included herein are ''forward-looking statements" including statements regarding the significance of the Shenzhen 120 EMS contract win and the general ability of the Company to achieve its commercial objectives; the business strategy, plans and objectives of the Company and its subsidiaries; and any other statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as ''believes,'' ''expects'' or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov/ ). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

For more information, please contact: Company Contact: Mr. Michael Lin Vice President, Investor Relations China Information Security Technology, Inc. Tel: +1-949-743-0868 Email: mlin@chinacpby.com Web: http://www.chinacpby.com/ Investor Relations Contact: Mr. Crocker Coulson President CCG Investor Relations Tel: +1-646-213-1915 (NY office) Email: crocker.coulson@ccgir.com Web: http://www.ccgir.com/

China Information Security Technology, Inc.

CONTACT: Company Contact: Mr. Michael Lin, Vice President of Investor
Relations of China Information Security Technology, Inc., +1-949-743-0868, or
mlin@cistchina.com; Or Investor Relations Contact, Mr. Crocker Coulson,
President of CCG Elite Investor Relations for China Information Security
Technology, Inc., +1-646-213-1915 (NY office), or crocker.coulson@ccgir.com

Web site: http://www.chinacpby.com/
http://www.ccgir.com/

Longtop Financial Technologies Limited to Release Financial Results on August 12, 2008 for its First Fiscal Quarter Ended June 30, 2008

XIAMEN, China, July 22 /Xinhua-PRNewswire/ -- Longtop Financial Technologies Limited (''Longtop'') , today announced that it will release financial results for its first fiscal quarter ended June 30, 2008, on August 12, 2008 (US Eastern Time), after the market closes.

Longtop's senior management team will host a conference call and audio web cast at 7:00 PM Eastern Time on August 12, 2008 (or 4:00 PM U.S. Pacific Time on August 12, 2008, and 7:00 AM Beijing/Hong Kong time on August 13, 2008). The conference call will last for approximately one hour.

The dial-in numbers for the conference call are as follows: U.S Toll Free: 1866 549 1292 China Toll Free: 800 701 1223 Hong Kong and International: +852-3005-2050 Passcode: 765115

A replay will be available right after the conference call for 30 days by dialing one of the following numbers:

U.S Toll Free: 1866 753 0743 China Toll Free: 800 869 7680 Hong Kong and International: +852 3005 2020 Passcode: 136397

To participate on the call, please R.S.V.P. to Charles Zhang by email at ir@longtop.com or by phone at +86-10-8421-7758.

Additionally, a live and archived web cast of this call will be available on Longtop's website at http://www.longtop.com/en .

About Longtop Financial Technologies Limited

Longtop is a leading software development and solutions provider targeting the financial services industry in China. Longtop develops and delivers a comprehensive range of software applications and solutions with a focus on meeting the rapidly growing IT needs of the financial services institutions in China. Longtop has five solution delivery centers, three research centers and thirty four service centers located in 20 provinces throughout China. Longtop was founded in 1996 by Xiaogong Jia, Chairman, and Weizhou Lian, CEO, as a system integration company focusing on the financial services industry in China and made the transition to a software and solutions provider in 2001. For more information, please visit: http://www.longtop.com/en .

For further information contact: Longtop Financial Technologies Limited Charles Zhang Tel: +86-10-8421-7758 Email: ir@longtop.com IR Inside BV Caroline Straathof Tel: +31-6-5462-4301 Email: info@irinside.com

Longtop Financial Technologies Limited

CONTACT: Charles Zhang of Longtop Financial Technologies Limited,
+86-10-8421-7758, or ir@longtop.com; Caroline Straathof of IR Inside BV for
Longtop Financial Technologies, +31-6-5462-4301, or info@irinside.com, for
LFT

Web site: http://www.longtop.com/en

Emageon Agreement Renewed by Lake Forest Hospital

BIRMINGHAM, Ala., July 22 /PRNewswire-FirstCall/ -- Emageon Inc. , a leading provider of technology solutions for hospitals and healthcare networks announced today that Lake Forest Hospital has renewed its agreement with the company until 2013. Located outside of Chicago, Lake Forest Hospital has been a customer since 2001.

Lake Forest, Emageon's longest-standing PACS customer, has successfully used the company's ECM (Enterprise Content Management), viewing software (Advanced Visualization) and professional services to enhance delivery of patient care and improve physician productivity.

Emageon CEO and President, Chuck Jett said, "We have enjoyed our long-standing relationship with Lake Forest Hospital and are particularly pleased to continue serving the patients and physicians in the Lake Forest community well into the future."

About Lake Forest Hospital

Lake Forest Hospital in Lake Forest, Illinois is a fully licensed and accredited 215-bed community hospital offering a complete range of services that are staffed by 625 physicians, with offices conveniently located throughout Lake County. It is an alliance member of VHA, a nationwide network of community-owned health care systems and their physicians. Lake Forest Hospital serves adults and children with specialty beds in obstetrics, medical/surgical intensive care, neonatal intensive care, skilled nursing care and other long-term care. High technology imaging services include radiation therapy, computed tomography (CT) scanning, diagnostic radioisotope facility magnetic resonance imaging (MRI), single photon emission computerized tomography (SPECT) and Ultrasound. For additional information on Lake Forest Hospital, visit http://www.lakeforesthospital.com/ .

About Emageon Inc.

Emageon provides information technology systems for hospitals, healthcare networks and imaging facilities. Its enterprise family of solutions includes RadSuite(TM), HeartSuite(TM) and other specialty suites. All Emageon solutions are built on a unified Enterprise Content Management system offering advanced visualization and infrastructure tools for the clinical analysis and management of digital medical images, reports and associated clinical content. Emageon's standards-based solutions are designed to help customers enhance patient care, automate workflow, lower costs, improve productivity and provide better service to physicians. For more information, please visit http://www.emageon.com/ .

Emageon Inc.

CONTACT: Bill Funderburk, Emageon, +1-205-280-7542,
bill.funderburk@emageon.com

Web site: http://www.emageon.com/
http://www.lakeforesthospital.com/

U.S. Navy Awards Harris Corporation $9 Million Follow-On Production Contract for Aircraft Cockpit Digital Map Computers1,000 Units Delivered-To-Date Provide Military Pilots Worldwide with Enhanced Situational Awareness

MELBOURNE, Fla., July 22 /PRNewswire-FirstCall/ -- Harris Corporation , an international communications and information technology company, has been awarded a two-year, $9.1 million follow-on production contract by the U.S. Navy to supply digital map computers that provide military aircrews with advanced situational awareness via cockpit displays. The contract brings the total value of the Tactical Airborne Moving Map Capability (TAMMAC) program to Harris to more than $100 million since 1997. The total contract is expected to reach $120 million by 2012.

Under the latest installment, Harris will supply more than 200 digital map computers for use on a variety of military jets and helicopters. The company hosted Navy VIPs today for a ceremony marking the delivery of the 1,000th unit as part the previous contract.

The TAMMAC Digital Map Computer (DMC) provides aircrews with a graphical presentation of the aircraft's current position, as well as the relative positions of targets, threats, terrain features, planned mission flight path, and other information. The DMC's advanced mapping capabilities significantly increase mission effectiveness and ensure that flight crews are operating with the most sophisticated terrain and threat data available. A new version of the DMC, the Digital Video Map Computer (DVMC), provides a 1024x1280 high-resolution digital moving map image channel.

The TAMMAC map is used on the U.S. Navy's FA-18C/D, FA-18E/F and EA-18G; the U.S. Marine Corps' F/A-18A/C/D, AV-8B, AH-1Z, and UH-1Y; the EH-101 for Denmark and Italy; the CF-18 A/B for Canada; and the FA-18A/B for Australia.

"This most recent award and delivery of the 1,000th DMC unit are key milestones in this program, which provides pilots with two independent channels of real-time, digital moving map data, and threat and terrain conflict overlays in various display modes," said Wes Covell, president of Harris Defense Programs. "We are very proud of this program's success and of our ability to continue to provide this advanced technology for enhanced levels of situational awareness that support such a wide variety of aircraft."

Harris Defense Programs develops, supplies, and integrates communications and information processing products, systems, and networks for a diverse base of aerospace, terrestrial and maritime applications supporting U.S. Department of Defense missions. Harris is committed to delivering leading-edge technologies that support the military's ongoing transformation to network-centric communications.

About Harris Corporation

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

Forward-Looking Statements

This press release contains forward-looking statements that reflect management's current expectations, assumptions and estimates of future performance and economic conditions. Such statements are made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The company cautions investors that any forward-looking statements are subject to risks and uncertainties that may cause actual results and future trends to differ materially from those matters expressed in or implied by such forward-looking statements. Statements about the expected value of the program to Harris are forward-looking and involve risks and uncertainties. Harris disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Harris Corporation

CONTACT: Sleighton Meyer, Harris Defense Programs, +1-321-727-6514,
sleighton.meyer@harris.com, or Jim Burke, Harris Corporation, +1-321-727-9131,
jim.burke@harris.com, or Marc Raimondi, Harris Corporation - Washington, D.C.,
+1-202-729-3732, marc.raimondi@harris.com

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

Highwinds and Technicolor Sign International Digital Content Delivery Partner DealTechnicolor's Electronic Distribution Services business to leverage Highwinds for online content distribution

WINTER PARK, Fla., and BURBANK, Calif., July 22 /PRNewswire/ -- Highwinds Network Group, Inc. and Technicolor, the Services Division of Thomson (Euronext 18453; NYSE: TMS), announced today that the companies have signed a major partnership agreement. Under the agreement, Highwinds' RollingThunder(TM) content delivery network will provide lightning-fast content delivery, real-time analytics and other advanced capabilities for Technicolor's digital content distribution solutions that power distribution of some of the world's largest media and entertainment companies.

As a top-tier Highwinds content delivery partner, Technicolor's Electronic Content Distribution Services (EDS) business will expand its electronic content delivery capacity and reach with the massive, high-performance RollingThunder network. RollingThunder is comprised of 21 POPs spanning two continents, including a large private peering infrastructure that will further enable Technicolor to deliver content directly to its customers' end-users. Backed by Highwinds' full range of partner services, Technicolor will receive other key partner benefits including 24x7x365 support, extensive technical training, creative co-marketing strategies, and Highwinds' StrikeTracker(TM) user management console.

The Rolling Thunder network will support Technicolor's delivery of online, high value, on-demand content such as live major league sports programming. The broadcast network operations centers -- to be completely serviced, managed and powered by Technicolor -- provide broadcasters with a turn-key, state-of- the-art television program origination center and end-to-end broadcast services needed for a 24x7 broadcast channel. Other high-value, on-demand content that will be delivered through the partnership includes full length feature films, episodic television programming as well as music, software and games.

"The tight integration we are creating with Technicolor will enable its customers to achieve unmatched performance, reliability and scalability," said Steve Miller, Highwinds' president and chief executive officer. "Partnering with a world-class industry leader like Technicolor is an important step for us in gaining recognition for RollingThunder as the preferred IP services and content distribution platform for service providers and media companies."

"We chose Highwinds as a content delivery partner because they share our vision and commitment to enabling innovative digital distribution models," said Scott Dougall, senior vice president and general manager of Technicolor EDS. Lance Ware, chief technology officer at Technicolor EDS added, "The design and strength of the Highwinds global delivery infrastructure is impressive, and the Rolling Thunder network has the proven capacity, reliability, and performance to expand our global arsenal of digital supply chain solutions."

Technicolor EDS (http://www.technicolor.com/eds) addresses the growing need for digital content distribution services in the media and entertainment industries. Its business model is unique, and unlike other outsourced content delivery networks that only distribute content, Technicolor EDS offers clients a comprehensive suite of end-to-end or a la carte services - from content preparation and digital rights management to global distribution and reporting. Technicolor EDS also provides a host of online services to help bring new and innovative Internet-based connectivity functions for digital copy DVDs and emerging interactive features for Blu-ray discs.

*RollingThunder and StrikeTracker are trademarks of Highwinds Network Group, Inc.

About Highwinds Network Group, Inc. Highwinds has been a leader in the development of content replication and delivery software and services since 2002. This experience has led to a number of technology innovations in network management, distributed file system technology and advanced content routing methods. The Highwinds CDN leverages best-in-class hardware and software to quickly and successfully move content at a global level. The company's high-performance RollingThunder(TM) network and user-friendly StrikeTracker(TM) content management and reporting dashboard enable clients to deploy and manage content, file downloads and streaming media. Highwinds is headquartered in Winter Park, Fla., and maintains data centers in 13 North American and European cities. For more information, please visit http://www.highwinds.com/ .

About Thomson: the worldwide leader in video solutions

Thomson (Euronext Paris: 18453; NYSE: TMS) is the world leading provider of solutions for the creation, management, delivery and access of video, for the Communication, Media & Entertainment (CME) industries. Our clients are studios, broadcasters, network operators (telcos, broadband, satellite and cable operators) and an increasing range of professional users of videos. We deliver superior value to our customers through a unique combination of industry leading technologies, systems and services, enabling us to offer differentiated and innovative end-to-end solutions based on a broad portfolio of Intellectual Property. At the cross-roads of the CME industries, leveraging our core competencies in video but also audio, data and voice, we enable our customers to take advantage of the growth opportunities brought on by the digital convergence revolution. For more information: http://www.thomson.net/

Highwinds Network Group, Inc.

CONTACT: Season Skuro of Technicolor, +1-818-260-4528,
season.skuro@thomson.net; Martine Esquirou of Thomson, +33-1-41-86-58-51,
martine.esquirou@thomson.net; or Wynne Ahern, +1-510-658-8870,
wynne@commstat.net, or Jan Kozlowski, +1-585-392-7878, jan@commstrat.net, both
of Commstat for Highwinds

Web site: http://www.highwinds.com/
http://www.thomson.net/
http://www.technicolor.com/eds

The Jackson Laboratory Improves Enterprise Search With OracleResearch Institute Uses Oracle(R) Secure Enterprise Search to Deliver More Relevant Information to Employees and Web Site Visitors

REDWOOD SHORES, Calif., July 22 /PRNewswire-FirstCall/ -- -- The Jackson Laboratory, a leading non-profit biomedical research institute located in Bar Harbor, Maine, has deployed Oracle(R) Secure Enterprise Search.

-- Using Oracle Secure Enterprise Search, The Jackson Laboratory is providing its employees and visitors to its Web site with relevant, secure and customizable search results about the organization's research, courses, resources and services.

-- The new system searches thousands of electronic documents and datasheets and delivers relevant results to users through the organization's public Web site.

-- Oracle Secure Enterprise Search helps ensure search results display only information that users are authorized to view, and conserves resources by enabling The Jackson Laboratory to use the same system for public and employee searches.

-- Using Oracle Secure Enterprise Search, The Jackson Laboratory can customize search results to deliver the most up-to-date information on courses and research first, which significantly simplifies the search process for scientists and potential students of the institute.

-- Based on the success of the first phase of its Oracle Secure Enterprise Search deployment, The Jackson Laboratory plans to roll out the product's federated search capabilities across multiple databases and leverage its clustering features to improve information display and search result categorization.

-- The Jackson Laboratory teamed with Echelon Consulting, L.L.C., a member of the Oracle PartnerNetwork, to deploy Oracle Secure Enterprise Search.

-- The Jackson Laboratory has also deployed Oracle Database and Oracle E-Business Suite to improve business processes and organizational performance.

Supporting Quotes

-- "Oracle Secure Enterprise Search makes it easier and more productive for our employees and visitors to our Web site to find the information they need. Equally important, it enables us to gain insight into what people are searching for and easily refine results accordingly, without the need for IT resources," said Patricia Eagan, senior manager, Web Communications, The Jackson Laboratory.

-- "The Jackson Laboratory needed a secure, customizable and enterprise class search engine. Oracle Secure Enterprise Search was a perfect fit for their needs, and because its interface is similar to popular Web search tools, users can employ it immediately to find the information they need," said Amin Negandhi, co-founder and chief executive officer, Echelon Consulting L.L.C.

Supporting Resources Analyst Reports

Independent Analyst Reports on Oracle Software http://www.oracle.com/corporate/analyst/reports/infrastructure/index.html#ocs

Podcast

Better Enterprise Search http://streaming.oracle.com/ebn/podcasts/omag/619901_Better_Search.mp3

Related Articles

Better Enterprise Search http://www.oracle.com/technology/oramag/oracle/08-mar/o28interview2.html

Whitepaper

Oracle Secure Enterprise Search http://tinyurl.com/3nxz5n

Related Resources

About Oracle Secure Enterprise Search: http://www.oracle.com/database/secure-enterprise-search.html

About Oracle Database: http://www.oracle.com/database

About Oracle Applications http://www.oracle.com/applications/home.html

Download Oracle Software http://www.oracle.com/technology/software/index.html

Terms, conditions and restrictions apply. About the Oracle PartnerNetwork

Oracle PartnerNetwork is a global business network of more than 20,000 companies who deliver innovative software solutions based on Oracle software. Through access to Oracle's premier products, education, technical services, marketing and sales support, the Oracle PartnerNetwork program provides partners with the resources they need to be successful in today's global economy. Oracle partners are able to offer their customers leading-edge solutions backed by Oracle's position as the world's largest enterprise software company. Partners who are able to demonstrate superior product knowledge, technical expertise and a commitment to doing business with Oracle qualify for the Certified Partner levels. http://oraclepartnernetwork.oracle.com/

About The Jackson Laboratory

The Jackson Laboratory (http://www.jax.org/) is a nonprofit biomedical research institution and National Cancer Institute-designated Cancer Center based in Bar Harbor, Maine. Its mission is to discover the genetic basis for preventing, treating and curing human diseases, and to enable research and education for the global biomedical community.

About Oracle

Oracle is the world's largest enterprise software company. For more information about Oracle, please visit our Web site at http://www.oracle.com/.

(Logo: http://www.newscom.com/cgi-bin/prnh/20020718/ORCLLOGO) Trademarks

Oracle is a registered trademark of Oracle Corporation and/or its affiliates. Other names may be trademarks of their respective owners.

Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20020718/ORCLLOGO
AP Archive: http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com Oracle

CONTACT: Greg Lunsford of Oracle, +1-650-506-6523,
greg.lunsford@oracle.com; or Simon Jones of Blanc & Otus, +1-415-856-5155,
sjones@blancandotus.com, for Oracle

Web site: http://www.oracle.com/
http://www.jax.org/

National Semiconductor President and COO Don Macleod to Address Pacific Crest Technology Leadership Forum

SANTA CLARA, Calif., July 22 /PRNewswire-FirstCall/ -- Don Macleod, president and chief operating officer of National Semiconductor Corp. , will speak at 3 p.m. MDT on Tuesday, Aug. 5, 2008 at the 10th Annual Pacific Crest Technology Leadership Forum. The event takes place at the Sonnenalp Resort of Vail in Vail, Colo.

A live audio webcast will be available http://www.national.com/analog/invest/conf. Following the conference, a replay of the presentation will be available for 90 days.

About National Semiconductor

National Semiconductor creates energy-efficient analog and mixed-signal semiconductors. Its PowerWise(R) products enable systems that consume less power, extend battery life, and generate less heat. Headquartered in Santa Clara, Calif., National reported sales of $1.89 billion for fiscal 2008 which ended May 25, 2008. Additional company and product information is available at http://www.national.com/.

Media Contact Investor Relations Contact LuAnn Jenkins Mark Veeh National Semiconductor National Semiconductor (408) 721-2440 (408) 721-5007 luann.jenkins@nsc.com mark.veeh@nsc.com

National Semiconductor Corp.

CONTACT: Media, LuAnn Jenkins, +1-408-721-2440, luann.jenkins@nsc.com,
or Investors, Mark Veeh, +1-408-721-5007, mark.veeh@nsc.com, both of National
Semiconductor Corp.

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

Verizon Wireless Reports Solid 2Q 2008 Growth Of 1.5 Million New Customers

BASKING RIDGE, N.J., July 22 /PRNewswire/ -- Verizon Wireless today announced second-quarter 2008 net customer additions of 1.5 million. At the end of the quarter the company had 68.7 million customers, including 66.7 million retail customers, which are those it directly serves and manages and who choose the Verizon Wireless brand. More customers use the Verizon Wireless brand than any other wireless brand in the U.S.

Verizon Wireless has the most reliable coast-to-coast wireless voice and data network, and the largest 3G wireless broadband network -- key in attracting new customers and earning the loyalty of existing customers. The company consistently has had the highest loyalty level in the industry, as measured by the rate of customer churn.

Further details about Verizon Wireless' financial and operational results for the quarter will be reported when Verizon Communications announces its consolidated quarterly results on July 28. Verizon Wireless is a joint venture of Verizon Communications and Vodafone Group plc (NYSE and LSE: VOD), which earlier today reported key performance indicators that included its proportionate share of Verizon Wireless net customer additions.

About Verizon Wireless

Verizon Wireless operates the nation's most reliable wireless voice and data network, serving 68.7 million customers. Headquartered in Basking Ridge, N.J., with 70,000 employees nationwide, Verizon Wireless is a joint venture of Verizon Communications and Vodafone (NYSE and LSE: VOD). For more information, go to: http://www.verizonwireless.com/. To preview and request broadcast-quality video footage and high-resolution stills of Verizon Wireless operations, log on to the Verizon Wireless Multimedia Library at http://www.verizonwireless.com/multimedia.

NOTE: This news release contains statements about expected future events and financial results that are forward-looking and subject to risks and uncertainties. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The following important factors could affect future results and could cause those results to differ materially from those expressed in the forward-looking statements: materially adverse changes in economic and industry conditions and labor matters, including workforce levels and labor negotiations, and any resulting financial and/or operational impact, in the markets served by us or by companies in which we have substantial investments; material changes in available technology, including disruption of our suppliers' provisioning of critical products or services; the impact of natural or man-made disasters or litigation and any resulting financial impact not covered by insurance; technology substitution; an adverse change in the ratings afforded our debt securities by nationally accredited ratings organizations; the final results of federal and state regulatory proceedings concerning our provision of retail and wholesale services and judicial review of those results; the effects of competition in our markets; the timing, scope and financial impacts of our deployment of fiber-to-the-premises broadband technology; the ability of Verizon Wireless to continue to obtain sufficient spectrum resources; changes in our accounting assumptions that regulatory agencies, including the SEC, may require or that result from changes in the accounting rules or their application, which could result in an impact on earnings; and the ability to complete acquisitions and dispositions.

Verizon Wireless

CONTACT: Nancy Stark of Verizon Wireless, +1-908-559-7520,
Nancy.Stark@verizonwireless.com

Web site: http://www.verizonwireless.com/
http://www.verizonwireless.com/multimedia

KVH Reports Results for Second Quarter of 2008Second quarter revenue of $22.3 million with record net income of $2.0 million and $0.14 earnings per share; Growing airtime services revenue and new TracPhone V7 satellite communications system are key contributors

MIDDLETOWN, R.I., July 22 /PRNewswire-FirstCall/ -- KVH Industries, Inc., today reported financial results for the second quarter ended June 30, 2008. Revenue for the second quarter of 2008 was $22.3 million, down 4% from the second quarter ended June 30, 2007. Net income for the quarter was a record $2.0 million or $0.14 on a per-diluted share basis. During the same period last year the company reported net income of $1.5 million, or $0.10 on a per-diluted share basis.

For the six months ended June 30, 2008, revenue increased 4% to $45.4 million from $43.6 million for the six months ended June 30, 2007. KVH reported net income of $3.6 million or $0.24 on a per-diluted share basis for the 2008 period, versus net income of $1.6 million or $0.10 on a per-diluted share basis in the year-ago period.

"Despite challenging economic conditions, we achieved solid top line results and earned record profits during the second quarter as our long-term strategic growth drivers began to hit their stride. We also received new orders for our fiber optic gyros to help meet the growing demand for remote weapon stations. Our airtime business started to become a significant contributor to our revenues, and we took a major step toward the global expansion of the mini-VSAT Broadband service. As a result, we are very pleased with our overall results," said Martin Kits van Heyningen, KVH's chief executive officer.

In the second quarter of 2008, mobile communications revenue was $18.3 million, up 4% on a year-over-year basis. "Marine revenue rose 22% over the same quarter last year, driven by increasing demand for Internet access and satellite communications. Shipments of our TracPhone(R) satellite communication systems, especially the TracPhone V7, were quite strong," Mr. Kits van Heyningen continued. "The TracPhone V7 is now attracting interest in the commercial market where its relatively low hardware costs, fast data speeds, and affordable airtime are capable of supporting two key requirements for commercial operators -- supporting shipboard operations and maintaining crew morale. We are accelerating our planned global rollout of the mini-VSAT Broadband service through our recently announced agreement with ViaSat, Inc. The proposed expansion of the mini-VSAT broadband coverage area will enable us to offer broadband connections to a growing market of commercial, leisure, and government vessels worldwide and open new opportunities to build our airtime service revenue.

"Within the land mobile market, quarterly revenue was down 37%, a reflection of the current challenges faced by the RV industry, where sales of Class A recreational vehicles are down 40% through the end of May 2008 as a result of record high fuel prices, declining consumer confidence, and challenging consumer credit markets. We see this market continuing to be challenging going forward. However, our overall positive results for the quarter in light of this decline speak to the strength of the diversification in our business model."

KVH's defense-related guidance and stabilization sales, including those for KVH's fiber optic gyro solutions and TACNAV(R) military navigation systems, were approximately $4.0 million in the second quarter of 2008, down 30% on a year-over-year basis. "As anticipated, revenue from shipments of fiber optic gyros to support the MK54 torpedo program and our new orders from Kongsberg were minimal in the second quarter but are expected to ramp up significantly in the final months of the year. In fact, since announcing in April 2008 the initial $6 million fiber optic gyro order from Kongsberg for its Protector family of remote weapon stations, we received an additional $2 million order. The full $8 million in orders is expected to ship later this year and during the first few weeks of 2009," remarked Mr. Kits van Heyningen.

Commenting on the company's financial results for the second quarter, Patrick Spratt, KVH's chief financial officer, said, "The quarter results fell just short of our expectations for the top line while they exceeded them in terms of net profit and earnings per share. Gross margin was also somewhat better than expected at almost 42% thanks to a relatively more favorable mix of product sales along with ongoing product cost reduction efforts. We also continued to demonstrate good operating expense control. These factors combined to generate an operating margin of approximately 9% for the quarter. Our total cash and marketable securities balance increased sequentially by approximately $1.3 million even as we continued with our stock repurchase program.

"Looking forward, we expect to see continued strong year-over-year growth in our TracPhone satellite communications and airtime business at a rate similar to what we saw in the first half of the year. This should offset continued low demand in the land mobile business due to the distress of the RV market as well as softness in the leisure marine satellite TV business.

"Taking into account the challenging economic conditions and their affect on the leisure land and marine markets, we are taking a cautious outlook for the remainder of 2008. For the third quarter, we expect top line growth to be in the range of 10% to 16% compared to the same period last year, which would indicate a revenue mid-point of just under $20.0 million. We expect third quarter earnings to be in the range of approximately $0.01 to $0.05 cents per diluted share. We are projecting a full-year growth rate of roughly 10%. Nevertheless, we expect earnings per diluted share for the full year to be approximately $0.36, which would be more than double the 2007 earnings per diluted share of $0.17."

Recent Operational Highlights:

-- July 10, 2008 -- Kongsberg Defence & Aerospace awarded KVH a $2 million fiber optic gyro order, intending to use KVH's FOGs in its Protector family of remote weapon stations.

-- July 1, 2008 -- KVH announced a new 10-year agreement with ViaSat, Inc., to expand the geographic coverage of the mini-VSAT Broadband maritime satellite communications service and compact TracPhone V7 antennas.

-- May 8, 2008 -- KVH launched a new leasing program for the TracPhone V7. With a 36-month lease and an extended 36-month warranty, commercial TracPhone V7 owners will now be able to treat the TracPhone V7 as an operating expense at very reasonable interest rates.

-- May 7, 2008 -- KVH, working in close cooperation with leading GPS manufacturer NovAtel Inc., introduced the CNS-5000, a self-contained navigation system that combines fiber optic gyro-based inertial measurement technology from KVH with global positioning system technology from NovAtel.

KVH is webcasting its second quarter conference call live at 10:30 a.m. Eastern time today through the company's website. The conference call can be accessed via the company's website at http://investors.kvh.com/ and listeners are welcome to submit questions pertaining to the earnings release and conference call to ir@kvh.com. The audio archive and an MP3 podcast will also be available on the company website within three hours of the completion of the call.

About KVH Industries, Inc.

KVH Industries, Inc., is a leading manufacturer of systems to provide mobile access to satellite TV, communication, and high-speed Internet, as well as navigation, pointing, and guidance solutions for defense and commercial applications. The company's products are based on its proprietary mobile satellite antenna and fiber optic technologies. An ISO 9001-certified company, KVH is based in Middletown, Rhode Island. For more information, visit http://www.kvh.com/.

This press release contains forward-looking statements that involve risks and uncertainties. For example, forward-looking statements include statements regarding our financial goals for future periods, anticipated revenue growth, anticipated profitability, anticipated orders for our mobile communication and military products, and anticipated improvements in our competitive position. The actual results we achieve could differ materially from the statements made in this press release. Factors that might cause these differences include, but are not limited to: competitors' products and services; delays or an inability to expand coverage of the mini-VSAT Broadband service to new regions; the potential inability to secure adequate Ku-band satellite capacity or the licenses necessary for any expansion of the mini-VSAT Broadband network; risks associated with the delivery or performance of critical hardware; future decisions about the expected profitability of additional satellite regions; the need for qualification of products to customer or regulatory standards; unanticipated declines or changes in customer demand, due to economic, seasonal and other factors, particularly with respect to the TracPhone V7; the unpredictability of order timing, purchasing schedules and priorities for our defense products; order cancellations or unexercised options, particularly for longer-term defense orders; potential reductions in our overall gross margins in the event of a shift in product mix; weakened consumer demand for our products and services, especially at the more price sensitive low end of our product offerings; changes in customer response to new product introductions; the impact of general economic factors, such as increases in fuel prices, on the sale and use of motor vehicles and marine vessels; changes in interest rates; our dependence on third-party satellite networks for programming and satellite services; delays in delivery arising from supplier production constraints; poor or delayed research and development results; currency fluctuations, export restrictions, delays in procuring export licenses, and other international risks; potential product liability claims; the difficulty in protecting our proprietary technology; potential claims of intellectual property infringement; expenses associated with corporate governance requirements; and changes in our equity compensation practices, including the impact of fluctuations in our stock price. These and other factors are discussed in more detail in our Quarterly Report on Form 10- Q filed with the Securities and Exchange Commission on May 7, 2008. Copies are available through our Investor Relations department and website, http://investors.kvh.com/. We do not assume any obligation to update our forward-looking statements to reflect new information and developments.

KVH Industries, Inc., has used, registered, or applied to register its trademarks in the USA and other countries around the world, including the following marks: KVH, KVH logo, Azimuth, TracVision, TracPhone, TACNAV, DataScope and the DataScope logo, Sailcomp, mini-VSAT Broadband and the mini- VSAT Broadband logo, and the banded, dome-shaped housing of its satellite antennas.

KVH INDUSTRIES, INC. AND SUBSIDIARY CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts, unaudited) Three Months Ended Six Months Ended June 30, June 30, 2008 2007 2008 2007 Sales: ------- ------- ------- ------- Product $19,162 $21,404 $40,409 $40,032 Service 3,153 1,843 5,039 3,613 ------- ------- ------- ------- Total sales 22,315 23,247 45,448 43,645 ------- ------- ------- ------- Costs and expenses: Cost of product sales 11,614 12,568 24,061 24,388 Cost of service sales 1,376 814 2,321 1,798 Research and development 1,657 2,530 3,991 4,728 Sales, marketing and support 4,173 3,779 8,257 7,791 General and administrative 1,541 2,339 3,288 4,123 ------- ------- ------- ------- Total costs and expense 20,361 22,030 41,918 42,828 ------- ------- ------- ------- Income from operations 1,954 1,217 3,530 817 Interest income 310 690 759 1,380 Interest expense 37 46 81 87 Other income (expense), net 12 (28) (195) (41) Income before income tax ------- ------- ------- ------- expense 2,239 1,833 4,013 2,069 Income tax expense 255 332 448 511 ------- ------- ------- ------- Net income $1,984 $1,501 $3,565 $1,558 ======= ======= ======= ======= Net income per common share: Basic and diluted $0.14 $0.10 $0.24 $0.10 ======= ======= ======= ======= Weighted average number of common shares outstanding: Basic 14,463 15,016 14,566 14,962 ======= ======= ======= ======= Diluted 14,490 15,031 14,572 14,997 ======= ======= ======= ======= KVH Industries, Inc. and Subsidiary CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, unaudited) June 30, December 31, 2008 2007 ASSETS ------- ------- Cash, cash equivalents and marketable securities $52,624 $53,305 Accounts receivable, net 11,972 12,826 Inventories 11,777 9,313 Other current assets 964 1,017 ------- ------- Total current assets 77,337 76,461 ------- ------- Property and equipment, net 11,689 11,739 Deferred income taxes 3,334 3,334 Other non-current assets 1,435 36 ------- ------- Total assets $93,795 $91,570 ======= ======= LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable and accrued expenses $10,548 $8,633 Current portion of long-term debt 2,094 132 ------- ------- Total current liabilities 12,642 8,765 ------- ------- Deferred revenue - 9 Long-term debt, excluding current portion - 2,026 Stockholders' equity 81,153 80,770 Total liabilities and ------- ------- stockholders' equity $93,795 $91,570 ======= =======

KVH Industries, Inc.

CONTACT: Patrick Spratt of KVH Industries, Inc., +1-401-847-3327, or
Christine Mohrmann of Financial Dynamics, +1-212-850-5600, for KVH Industries,
Inc.

Web site: http://www.kvh.com/
http://investors.kvh.com/

Lockheed Martin Announces Second Quarter 2008 Results* Second quarter earnings per share up 18% to $2.15; Year-to-date earnings per share up 14% to $3.90* Second quarter net earnings up 13% to $882 million; Year-to-date net earnings up 10% to $1.6 billion* Second quarter net sales up 4% to $11.0 billion; Year-to-date net sales up 6% to $21.0 billion* Cash from operations of $1.5 billion for the quarter; $2.4 billion year- to-date* Increased outlook for 2008 net sales, earnings per share, cash from operations, and return on invested capital (ROIC)

BETHESDA, Md., July 22 /PRNewswire-FirstCall/ -- Lockheed Martin Corporation today reported second quarter 2008 net earnings of $882 million ($2.15 per diluted share), compared to $778 million ($1.82 per diluted share) in 2007. Net sales were $11.0 billion, a 4% increase over second quarter 2007 sales of $10.7 billion. Cash from operations for the second quarter of 2008 was $1.5 billion, compared to $1.4 billion in 2007.

"In line with our expectations, the Corporation had a strong second quarter, strategically, operationally and financially," said Bob Stevens, Chairman, President and CEO. "This performance reflects the dedication of our talented work force and leadership team's focus on consistent performance for our customers and stockholders."

Summary Reported Results and Outlook

The following table presents the Corporation's results for the quarter and year-to-date periods, in accordance with generally accepted accounting principles (GAAP):

REPORTED RESULTS 2nd Quarter Year-to-Date (In millions, except per 2008 2007 2008 2007 share data) Net sales $11,039 $10,651 $21,022 $19,926 Operating profit Segment operating profit $1,315 $1,210 $2,465 $2,209 Unallocated corporate, net: FAS/CAS pension adjustment 32 (14) 64 (28) Unusual items, net 85 25 101 71 Stock compensation expense (40) (33) (75) (82) Other, net (29) (24) (14) (21) 1,363 1,164 2,541 2,149 Interest expense 92 93 179 186 Other non-operating income/(expense), net 34 67 27 104 Earnings before income taxes 1,305 1,138 2,389 2,067 Income taxes 423 360 777 599 Net earnings $882 $778 $1,612 $1,468 Diluted earnings per share $2.15 $1.82 $3.90 $3.42 Cash from operations $1,491 $1,404 $2,373 $2,886

The following table and other sections of this press release contain forward-looking statements, which are based on the Corporation's current expectations. Actual results may differ materially from those projected. See the "Forward-Looking Statements" discussion contained in this press release.

2008 FINANCIAL OUTLOOK (1) 2008 Projections (In millions, except per Current Update April 2008 share data and percentages) Net sales $41,900 - $42,900 $41,800 - $42,800 Operating profit: Segment operating profit $4,825 - $4,925 $4,750 - $4,875 Unallocated corporate expense, net: FAS/CAS pension adjustment 125 125 Unusual items, net 100 15 Stock compensation expense (155) (155) Other, net (40) (40) 4,855 - 4,955 4,695 - 4,820 Interest expense (345) (360) Other non-operating income/(expense), net 45 45 Earnings before income taxes $4,555 - $4,655 $4,380 - $4,505 Diluted earnings per share $7.45 - $7.60 $7.15 - $7.35 Cash from operations >/= $4,300 >/= $4,200 ROIC (2) >/= 20.0% >/= 19.0% (1) All amounts approximate (2) See discussion of non-GAAP performance measures at the end of this document

The increase in the Corporation's projected 2008 net sales results from the acquisition of the Eagle Group during the second quarter.

The increase in the Corporation's projected 2008 diluted earnings per share results primarily from:

* higher projected segment operating profit due to improved performance from Aeronautics, Electronic Systems, and Information Systems & Global Services;

* earnings of $0.14 per share recognized on an unusual item in the second quarter; and

* a decrease in interest expense as a result of the scheduled redemption on August 15, 2008 of the Corporation's $1 billion floating rate convertible debentures as announced on June 26, 2008.

It is the Corporation's practice not to incorporate adjustments to its outlook for proposed acquisitions, divestitures, joint ventures, or other unusual activities until such transactions have been consummated.

Balanced Cash Deployment Strategy

The Corporation continued to execute its balanced cash deployment strategy during the second quarter as follows:

* repurchased 7.3 million shares at a cost of $770 million in the quarter and 18.6 million shares at a cost of $2.0 billion for the year-to-date period;

* made capital expenditures of $170 million during the quarter and $274 million during the first six months of the year;

* paid cash dividends of $168 million in the quarter and $340 million for the year-to-date period;

* repaid $103 million of long-term debt in the quarter; and

* invested $77 million in the quarter and $88 million during the first half of the year for acquisition and investment activities.

Segment Results

The Corporation operates in four principal business segments: Aeronautics; Electronic Systems; Information Systems & Global Services (IS&GS); and Space Systems.

The following table presents the operating results of the four business segments and reconciles these amounts to the Corporation's consolidated financial results.

(In millions) 2nd Quarter Year-to-Date 2008 2007 2008 2007 Net sales Aeronautics $2,884 $3,136 $5,691 $5,957 Electronic Systems 3,095 2,927 5,884 5,442 IS&GS 2,858 2,520 5,362 4,665 Space Systems 2,202 2,068 4,085 3,862 Total net sales $11,039 $10,651 $21,022 $19,926 Operating profit Aeronautics $366 $378 $689 $677 Electronic Systems 409 387 775 704 IS&GS 272 231 502 429 Space Systems 268 214 499 399 Segment operating profit 1,315 1,210 2,465 2,209 Unallocated corporate income (expense), net 48 (46) 76 (60) Total operating profit $1,363 $1,164 $2,541 $2,149

The following discussion compares the operating results for the quarters and year-to-date periods.

Aeronautics ($ millions) 2nd Quarter Year-to-Date 2008 2007 2008 2007 Net sales $2,884 $3,136 $5,691 $5,957 Operating profit $366 $378 $689 $677 Operating margin 12.7% 12.1% 12.1% 11.4%

Net sales for Aeronautics decreased by 8% for the quarter and 4% for the six months of 2008 from the comparable 2007 periods. In both periods, decreases in Combat Aircraft sales more than offset increases in Air Mobility and Other Aeronautics Programs. The decrease in Combat Aircraft for both the quarter and the six months was due primarily to lower volume on F-16 programs. The increase in Air Mobility for the quarter and first half of the year was due primarily to higher volume on C-130J programs, including deliveries and support activities. There were three C-130J deliveries in the second quarter of 2008 and six during the first six months of the year compared to three and five deliveries in the comparable periods of 2007. The increase in Other Aeronautics Programs for both periods was due mainly to higher volume in sustainment services activities.

Operating profit decreased by 3% for the quarter and increased by 2% for the six months of 2008 from the comparable 2007 periods. During the quarter, operating profit decreases in Combat Aircraft and Air Mobility offset an increase in Other Aeronautics Programs. In Combat Aircraft, the decline was due mainly to lower volume on F-16 programs. The decrease in operating profit at Air Mobility was attributable primarily to performance on C-5 programs offset partially by improved performance on C-130 programs. The increase in Other Aeronautics Programs was due mainly to higher volume and improved performance in sustainment services activities. During the first six months of the year, an increase in Other Aeronautics Programs was offset partially by declines in Air Mobility and Combat Aircraft. The increase in Other Aeronautics Programs was due mainly to higher volume in sustainment services activities. In Air Mobility operating profit decreased due to performance on C-5 programs which was partially offset by improved performance and the delivery of one additional C-130J in 2008.

Electronic Systems ($ millions) 2nd Quarter Year-to-Date 2008 2007 2008 2007 Net sales $3,095 $2,927 $5,884 $5,442 Operating profit $409 $387 $775 $704 Operating margin 13.2% 13.2% 13.2% 12.9%

Net sales for Electronic Systems increased by 6% for the quarter and 8% for the six months of 2008 from the comparable 2007 periods. During the quarter and the first half of the year, sales increased due mainly to higher volume in fire control and tactical missile programs at Missiles & Fire Control (M&FC) and undersea systems, surface systems, and radar systems activities at Maritime Systems & Sensors (MS2). These increases were offset partially in both periods by declines in platform integration activities at Platform, Training & Energy (PT&E).

Operating profit for Electronic Systems increased by 6% for the quarter and 10% for the six months of 2008 from the comparable 2007 periods. In both the quarter and six month periods, the increases in operating profit were attributable primarily to higher volume and improved performance in tactical missile and fire control programs at M&FC and radar systems at MS2. In both periods, these increases were offset partially by declines in operating profit at PT&E due mainly to performance in the second quarter on platform integration programs.

Information Systems & Global Services ($ millions) 2nd Quarter Year-to-Date 2008 2007 2008 2007 Net sales $2,858 $2,520 $5,362 $4,665 Operating profit $272 $231 $502 $429 Operating margin 9.5% 9.2% 9.4% 9.2%

Net sales for IS&GS increased by 13% for the quarter and 15% for the six months of 2008 from the comparable 2007 periods. Sales increased in all three lines of business for both the quarter and six months. The increase in Global Services was due principally to global and mission services activities. The increase in Mission Solutions was driven primarily by mission and combat support solutions activities and global security solutions programs. The increase in Information Systems was due to higher volume on information technology programs.

Operating profit for IS&GS increased by 18% for the quarter and 17% for the six months of 2008 from the comparable 2007 periods. In both the quarter and the six month periods, the increase in operating profit was driven by Information Systems and Mission Solutions. The increase in Information Systems was due to higher volume on IT programs and a benefit from a contract restructuring during the first quarter of 2008. Mission Solutions operating profit grew due to higher volume and improved performance on secure enterprise solutions and mission and combat support solutions activities.

Space Systems ($ millions) 2nd Quarter Year-to-Date 2008 2007 2008 2007 Net sales $2,202 $2,068 $4,085 $3,862 Operating profit $268 $214 $499 $399 Operating margin 12.2% 10.3% 12.2% 10.3%

Net sales for Space Systems increased by 6% for both the quarter and six month periods of 2008 from the comparable 2007 periods. In both periods, sales growth in Space Transportation was offset partially by a decline in Satellites. The sales growth in Space Transportation was due primarily to higher volume on the Orion program. In Satellites, reduced volume in government satellite activities was offset partially by an increase in commercial satellite activities in both periods. There was one commercial satellite delivery during the second quarter and two during the first six months of 2008. In the first six months of 2007 there was one commercial satellite delivery in the second quarter.

Operating profit increased by 25% for both the quarter and six months of 2008 from the comparable 2007 periods. In both periods, the increase in operating profit was due to growth in Space Transportation and Satellites. In Space Transportation, the increase was attributable mainly to higher equity earnings on the United Launch Alliance joint venture, volume on the Orion program and the results from successful negotiations of a terminated commercial launch service contract in the first quarter of 2008. In Satellites, the increase was attributable mainly to higher volume and improved performance on commercial satellite activities.

Unallocated Corporate Income (Expense), Net ($ millions) 2nd Quarter Year-to-Date 2008 2007 2008 2007 FAS/CAS pension adjustment $32 $(14) $64 $(28) Unusual items, net 85 25 101 71 Stock compensation expense (40) (33) (75) (82) Other, net (29) (24) (14) (21) Unallocated corporate income (expense), net $48 $(46) $76 $(60)

Consistent with the manner in which the Corporation's business segment operating performance is evaluated by senior management, certain items are excluded from the business segment results and included in "Unallocated corporate income (expense), net." See the Corporation's 2007 Form 10-K for a description of "Unallocated corporate income (expense), net," including the FAS/CAS pension adjustment.

The FAS/CAS pension adjustment (calculated as the difference between FAS 87 expense and the CAS cost amounts) switched to an income item in 2008 due to an increase in the discount rate and other factors such as actual return on plan assets. This change is consistent with the Corporation's previously disclosed assumptions used to compute these amounts.

For purposes of segment reporting, the following unusual items were included in "Unallocated corporate income (expense), net" for the quarters and six-month periods of 2008 and 2007:

2008 --

* Second quarter earnings, net of state income taxes, of $85 million associated with reserves related to various land sales that are no longer required. Reserves were recorded at the time of each land sale based on the U.S. Government's assertion of its right to share in the sale proceeds. This matter was favorably settled with the U.S. Government in the second quarter; and

* A first quarter gain, net of state income taxes, of $16 million representing the recognition of a portion of the deferred net gain from the 2006 sale of the Corporation's ownership interest in Lockheed Khrunichev Energia International, Inc. (LKEI) and International Launch Services, Inc. (ILS). At the time of the sale, the Corporation deferred recognition of the gain pending the expiration of its responsibility to refund advances for future launch services. At June 29, 2008, a deferred gain (net of federal and state taxes) of $57 million remained to be recognized as an unusual item as future launch services are provided.

The reversal of reserves associated with the favorable settlement increased net earnings by $56 million ($0.14 per share) during the second quarter. This item, coupled with the first quarter item, increased net earnings by $66 million ($0.16 per share) during the six months ended June 29, 2008.

2007 --

* A second quarter gain, net of state income taxes, of $25 million related to the sale of the Corporation's remaining 20% interest in COMSAT International;

* A first quarter gain, net of state income taxes, of $25 million related to the sale of land; and

* First quarter earnings, net of state income taxes, of $21 million related to the reversal of legal reserves from the settlement of certain litigation claims.

The COMSAT International sale increased net earnings by $16 million ($0.04 per share) during the second quarter. This sale, coupled with the first quarter items and the income tax benefit of $59 million ($0.14 per share) described in the Income Taxes discussion below, increased net earnings by $105 million ($0.25 per share) during the six months ended June 24, 2007.

Income Taxes

Our effective income tax rates were 32.4% and 32.5% for the quarter and six months ended June 29, 2008 and 31.6% and 29.0% for the quarter and six months ended June 24, 2007. The effective rates for all periods were lower than the statutory rate of 35% due to tax benefits for U.S. manufacturing activities and dividends related to our employee stock ownership plans. The effective tax rates for the quarter and six months periods in 2008 are higher than the comparable periods in 2007 primarily due to the expiration of the research tax credit at the end of 2007 and a benefit recorded in the first quarter of 2007 arising from the closure of the IRS examination of the 2003 and 2004 tax years.

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

Conference call: Lockheed Martin will webcast the earnings conference call (listen-only mode) at 11 a.m. E.D.T. on July 22, 2008. A live audio broadcast, including relevant charts, will be available on the Investor Relations page of the company's web site at: http://www.lockheedmartin.com/investor.

FORWARD-LOOKING STATEMENTS

Statements in this release that are "forward-looking statements" are based on Lockheed Martin's current expectations and assumptions. Forward-looking statements in this release include estimates of future sales, earnings and cash flow. These statements are not guarantees of future performance and are subject to risks and uncertainties. Actual results could differ materially because of factors such as: the availability of government funding for our products and services both domestically and internationally; changes in government and customer priorities and requirements (including changes to respond to election cycles, Congressional actions, Department of Defense reviews, budgetary constraints, and cost-cutting initiatives); the impact of continued military operations in Iraq and Afghanistan on funding for existing defense programs; the award or termination of contracts; return on pension plan assets, interest and discount rates and other changes that may impact pension plan assumptions; difficulties in developing and producing operationally advanced technology systems; the timing and customer acceptance of product deliveries; materials availability and performance by key suppliers, subcontractors and customers; charges from any future impairment reviews that may result in the recognition of losses and a reduction in the book value of goodwill or other long-term assets; the future impact of legislation, changes in accounting, tax rules, or export policies; the future impact of acquisitions or divestitures, joint ventures or teaming arrangements; the outcome of legal proceedings and other contingencies (including lawsuits, government/regulatory investigations or audits, and environmental remediation efforts); the competitive environment for the Corporation's products and services; and economic, business and political conditions domestically and internationally.

These are only some of the factors that may affect the forward-looking statements contained in this press release. For further information regarding risks and uncertainties associated with Lockheed Martin's business, please refer to the Corporation's SEC filings, including the "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Risk Factors," and "Legal Proceedings" sections of the Corporation's 2007 annual report on Form 10-K, which may be obtained at the Corporation's website: http://www.lockheedmartin.com/.

It is the Corporation's policy to only update or reconfirm its financial projections by issuing a press release. The Corporation generally plans to provide a forward-looking outlook as part of its quarterly earnings release but reserves the right to provide an outlook at different intervals or to revise its practice in future periods. All information in this release is as of July 21, 2008. Lockheed Martin undertakes no duty to update any forward-looking statement to reflect subsequent events, actual results or changes in the Corporation's expectations. We also disclaim any duty to comment upon or correct information that may be contained in reports published by investment analysts or others.

NON-GAAP PERFORMANCE MEASURES

The Corporation believes that reporting ROIC provides investors with greater visibility into how effectively Lockheed Martin uses the capital invested in its operations. The Corporation uses ROIC to evaluate multi-year investment decisions and as a long-term performance measure, and also uses ROIC as a factor in evaluating management performance for incentive compensation purposes. ROIC is not a measure of financial performance under generally accepted accounting principles, and may not be defined and calculated by other companies in the same manner. ROIC should not be considered in isolation or as an alternative to net earnings as an indicator of performance.

The Corporation calculates ROIC as follows:

Net earnings plus after-tax interest expense divided by average invested capital (stockholders' equity plus debt), after adjusting stockholders' equity by adding back adjustments related to postretirement benefit plans.

(In millions, except percentages) 2008 Outlook Current Update April 2008 Net Earnings Combined Combined Interest Expense (multiplied by 65%) (1) Return >/= $3,290 >/= $3,185 Average debt (2, 5) Average equity (3, 5) Combined Combined Average Benefit Plan Adjustments (4,5) Average Invested Capital < / = $16,450 < / = $16,750 Return on invested capital >/= 20% >/= 19%

(1) Represents after-tax interest expense utilizing the federal statutory rate of 35%.

(2) Debt consists of long-term debt, including current maturities, and short-term borrowings (if any).

(3) Equity includes non-cash adjustments, primarily for unrecognized benefit plan actuarial losses and prior service costs, the adjustment for the adoption of FAS 158 in 2006 and the additional minimum pension liability in years prior to 2007.

(4) Average Benefit Plan Adjustments reflect the cumulative value of entries identified in our Statement of Stockholders' Equity discussed in Note 3.

(5) Yearly averages are calculated using balances at the start of the year and at the end of each quarter.

LOCKHEED MARTIN CORPORATION Consolidated Condensed Statement of Earnings Unaudited (In millions, except per share data and percentages) THREE MONTHS ENDED SIX MONTHS ENDED June 29, June 24, June 29, June 24, 2008(a) 2007(a) 2008(a) 2007(a) Net sales $11,039 $10,651 $21,022 $19,926 Cost of sales 9,848 9,597 18,762 17,962 1,191 1,054 2,260 1,964 Other income and expenses, net 172 110 281 185 Operating profit 1,363 1,164 2,541 2,149 Interest expense 92 93 179 186 Other non-operating income (expense), net 34 67 27 104 Earnings before income taxes 1,305 1,138 2,389 2,067 Income tax expense 423 360 777 599 Net earnings $882 $778 $1,612 $1,468 Effective tax rate 32.4% 31.6% 32.5% 29.0% Earnings per common share: Basic $2.21 $1.87 $4.00 $3.50 Diluted $2.15 $1.82 $3.90 $3.42 Average number of shares outstanding Basic 399.3 416.7 402.9 419.1 Diluted 409.5 426.5 413.2 429.1 Common shares reported in stockholders' equity at quarter end: 393.9 412.0 (a) It is our practice to close our books and records on the Sunday prior to the end of the calendar quarter. The interim financial statements and tables of financial information included herein are labeled based on that convention. A LOCKHEED MARTIN CORPORATION Net Sales, Segment Operating Profit and Margins Unaudited (In millions, except percentages) THREE MONTHS ENDED June 29, 2008 June 24, 2007 % Change Net sales Aeronautics $2,884 $3,136 (8) % Electronic Systems 3,095 2,927 6 Information Systems & Global Services 2,858 2,520 13 Space Systems 2,202 2,068 6 Total net sales $11,039 $10,651 4 Operating profit Aeronautics $366 $378 (3) % Electronic Systems 409 387 6 Information Systems & Global Services 272 231 18 Space Systems 268 214 25 Segment operating profit 1,315 1,210 9 Unallocated corporate income (expense), net 48 (46) $1,363 $1,164 17 Margins: Aeronautics 12.7 % 12.1 % Electronic Systems 13.2 13.2 Information Systems & Global Services 9.5 9.2 Space Systems 12.2 10.3 Total operating segments 11.9 % 11.4 % Total consolidated 12.3 % 10.9 % SIX MONTHS ENDED June 29, 2008 June 24, 2007 % Change Net sales Aeronautics $5,691 $5,957 (4) % Electronic Systems 5,884 5,442 8 Information Systems & Global Services 5,362 4,665 15 Space Systems 4,085 3,862 6 Total net sales $21,022 $19,926 6 Operating profit Aeronautics $689 $677 2 % Electronic Systems 775 704 10 Information Systems & Global Services 502 429 17 Space Systems 499 399 25 Segment operating profit 2,465 2,209 12 Unallocated corporate income (expense), net 76 (60) $2,541 $2,149 18 Margins: Aeronautics 12.1 % 11.4 % Electronic Systems 13.2 12.9 Information Systems & Global Services 9.4 9.2 Space Systems 12.2 10.3 Total operating segments 11.7 % 11.1 % Total consolidated 12.1 % 10.8 % B LOCKHEED MARTIN CORPORATION Selected Financial Data Unaudited (In millions, except per share data) THREE MONTHS ENDED SIX MONTHS ENDED June 29, June 24, June 29, June 24, 2008 2007 2008 2007 Unallocated corporate income (expense), net FAS/CAS pension adjustment $32 $(14) $64 $(28) Unusual items, net 85 25 101 71 Stock compensation expense (40) (33) (75) (82) Other, net (29) (24) (14) (21) Unallocated corporate income (expense), net $48 $(46) $76 $(60) THREE MONTHS ENDED SIX MONTHS ENDED June 29, June 24, June 29, June 24, 2008 2007 2008 2007 FAS/CAS pension adjustment FAS 87 expense $(115) $(172) $(231) $(343) Less: CAS costs (147) (158) (295) (315) FAS/CAS pension adjustment - income (expense) $32 $(14) $64 $(28) THREE MONTHS ENDED SIX MONTHS ENDED JUNE 29, 2008 JUNE 29, 2008 Earn- Earn- Opera- ings Opera- ings ting Net per ting Net per profit earnings share profit earnings share Unusual Items - 2008 Earnings associated with prior years' land sales $85 $56 $0.14 $85 $56 $0.14 Partial recognition of the deferred gain from the 2006 sale of LKEI and ILS - - - 16 10 0.02 $85 $56 $0.14 $101 $66 $0.16 THREE MONTHS ENDED SIX MONTHS ENDED JUNE 24, 2007 JUNE 24, 2007 Earn- Earn- Opera- ings Opera- ings ting Net per ting Net per profit earnings share profit earnings share Unusual Items - 2007 Gain on sale of interest in Comsat International $25 $16 $0.04 $25 $16 $0.04 Gain on sale of surplus land - - - 25 16 0.04 Earnings from reversal of legal reserves - - - 21 14 0.03 Benefit from closure of an IRS audit - - - - 59 0.14 $25 $16 $0.04 $71 $105 $0.25 C LOCKHEED MARTIN CORPORATION Selected Financial Data Unaudited (In millions) THREE MONTHS ENDED SIX MONTHS ENDED June 29, June 24, June 29, June 24, 2008 2007 2008 2007 Depreciation and amortization of plant and equipment Aeronautics $43 $40 $85 $79 Electronic Systems 66 49 120 94 Information Systems & Global Services 17 16 33 31 Space Systems 37 28 73 57 Segments 163 133 311 261 Unallocated corporate expense, net 12 14 24 27 Total depreciation and amortization $175 $147 $335 $288 THREE MONTHS ENDED SIX MONTHS ENDED June 29, June 24, June 29, June 24, 2008 2007 2008 2007 Amortization of purchased intangibles Aeronautics $13 $13 $26 $26 Electronic Systems 1 5 6 16 Information Systems & Global Services 10 14 23 29 Space Systems - 2 2 4 Segments 24 34 57 75 Unallocated corporate expense, net 3 3 6 6 Total amortization of purchased intangibles $27 $37 $63 $81 D LOCKHEED MARTIN CORPORATION Consolidated Condensed Balance Sheet Unaudited (In millions) JUNE 29, DECEMBER 31, 2008 2007 Assets Cash and cash equivalents $3,214 $2,648 Short-term investments 96 333 Receivables 5,218 4,925 Inventories 1,623 1,718 Deferred income taxes 724 756 Other current assets 433 560 Total current assets 11,308 10,940 Property, plant and equipment, net 4,256 4,320 Goodwill 9,484 9,387 Purchased intangibles, net 409 463 Prepaid pension asset 322 313 Deferred income taxes 849 760 Other assets 2,833 2,743 Total assets $29,461 $28,926 Liabilities and Stockholders' Equity Accounts payable $1,993 $2,163 Customer advances and amounts in excess of costs incurred 4,208 4,254 Other accrued expenses 4,054 3,350 Current maturities of long-term debt 1,001 104 Total current liabilities 11,256 9,871 Long-term debt, net 3,803 4,303 Accrued pension liabilities 1,431 1,192 Other postretirement and other noncurrent liabilities 3,637 3,755 Stockholders' equity 9,334 9,805 Total liabilities and stockholders' equity $29,461 $28,926 Total debt-to-capitalization ratio: 34% 31% E LOCKHEED MARTIN CORPORATION Consolidated Condensed Statement of Cash Flows Unaudited (In millions) SIX MONTHS ENDED June 29, 2008 June 24, 2007 Operating Activities Net earnings $1,612 $1,468 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization 335 288 Amortization of purchased intangibles 63 81 Stock-based compensation 75 82 Excess tax benefit on stock compensation (43) (61) Changes in operating assets and liabilities: Receivables (266) (618) Inventories 95 282 Accounts payable (176) (94) Customer advances and amounts in excess of costs incurred (3) 720 Other 681 738 Net cash provided by operating activities 2,373 2,886 Investing Activities Expenditures for property, plant and equipment (274) (254) Sale of short-term investments, net 237 52 Acquisitions of businesses / investments in affiliates (88) (136) Divestiture of investment in affiliate - 26 Other 40 (11) Net cash used for investing activities (85) (323) Financing Activities Repurchases of common stock (1,930) (1,394) Issuances of common stock and related amounts 117 193 Excess tax benefit on stock compensation 43 61 Common stock dividends (340) (295) Issuance of long-term debt and related costs 491 - Repayments of long-term debt (103) (32) Net cash used for financing activities (1,722) (1,467) Net increase in cash and cash equivalents 566 1,096 Cash and cash equivalents at beginning of period 2,648 1,912 Cash and cash equivalents at end of period $3,214 $3,008 F LOCKHEED MARTIN CORPORATION Consolidated Condensed Statement of Stockholders' Equity Unaudited (In millions) Accumulated Additional Other Total Common Paid-In Retained Comprehensive Stockholders' Stock Capital Earnings (Loss) Income Equity Balance at January 1, 2008 $409 $- $11,247 $(1,851) $9,805 Net earnings 1,612 1,612 Common stock dividends (a) (508) (508) Stock-based awards and ESOP activity 4 341 345 Repurchases of common stock (b) (19) (341) (1,595) (1,955) Other comprehensive income 35 35 Balance at June 29, 2008 $394 $- $10,756 $(1,816) $9,334 (a) Includes dividends ($0.42 per share) declared and paid in the first and second quarters. This amount also includes a dividend ($0.42 per share) that was declared on June 26, 2008 and is payable on September 26, 2008 to shareholders of record on September 2, 2008. (b) The Corporation repurchased 7.3 million shares for $770 million during the second quarter. Year-to-date, the Corporation has repurchased 18.6 million common shares for $2.0 billion. The Corporation has 14.1 million shares remaining under its share repurchase program as of June 29, 2008. G LOCKHEED MARTIN CORPORATION Operating Data Unaudited (In millions) June 29, December 31, 2008 2007 Backlog Aeronautics $25,800 $26,300 Electronic Systems 19,700 21,200 Information Systems & Global Services 11,900 11,800 Space Systems 17,100 17,400 Total $74,500 $76,700 THREE MONTHS ENDED SIX MONTHS ENDED Aircraft Deliveries June 29, June 24, June 29, June 24, 2008 2007 2008 2007 F-16 7 12 16 21 F-22 6 7 10 10 C-130J 3 3 6 5 H

Lockheed Martin Corporation

CONTACT: Media Contact: Tom Jurkowsky, +1-301-897-6352, or
Investor Relations Contact: Jerry Kircher, +1-301-897-6584, both of Lockheed
Martin Corporation

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

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

Anixter International Inc. Reports Second Quarter Net Income of $1.71 Per Diluted Share, Including 7 Cents Per Diluted Share Noncash Charge Related to Former CEO's Retirement, on Sales of $1.62 Billion

GLENVIEW, Ill., July 22 /PRNewswire-FirstCall/ -- Anixter International Inc. , a leading global distributor of communication products, electrical and electronic wire & cable and a leading distributor of fasteners and other small parts ("C" Class inventory components) to Original Equipment Manufacturers ("OEMs"), today reported results for the quarter ended June 27, 2008.

Second Quarter Highlights

-- Sales of $1.62 billion increased 7 percent compared to sales of $1.51 billion in the year ago quarter.

-- Quarterly operating income of $121.8 million, inclusive of the $4.2 million noncash expense related to the retirement of the company's former Chief Executive Officer, reflected a 5 percent increase from the $116.1 million reported in the second quarter of 2007.

-- Net income in the quarter increased 4 percent to $66.9 million, or $1.71 per diluted share, from $64.6 million, or $1.53 per diluted share, in the year ago quarter. The second quarter 2008 results include after tax expense of $2.6 million or 7 cents per diluted share related to the previously noted CEO retirement. After excluding the effects of these retirement-related expenses, second quarter 2008 net income rose 8 percent and diluted earnings per share rose 16 percent year over year.

-- Cash flow generated from operations was $43.5 million compared to the $30.5 million used for operations in the year ago quarter.

Financial Highlights (In millions, except per share amounts) Three Months Ended Six Months Ended June 27, June 29, Percent June 27, June 29, Percent 2008 2007 Change 2008 2007 Change Net Sales $1,616.8 $1,511.5 7% $3,088.4 $2,840.2 9% Operating Income $121.8 $116.1 5% $223.3 $206.5 8% Net Income $66.9 $64.6 4% $124.6 $118.2 5% Diluted Earnings Per Share $1.71 $1.53 12% $3.16 $2.81 12% Diluted Weighted Shares 39.1 42.2 -7% 39.5 42.1 -6%

Robert Eck, President and CEO, stated, "We are pleased with the 10 percent increase in sales from the first to the second quarter of this year, which despite continuing macroeconomic uncertainty, exceeded longer-term seasonal trends. Also, while the second quarter year-on-year sales growth was modest due to the difficult comparison to last year's exceptionally strong second quarter, it was, however, stronger than we anticipated. The multiple end markets we serve, the diversity of vertical end markets that our customers operate in and the breadth of geographies in which we conduct our business continue to support the company's ongoing revenue and earnings growth."

Second Quarter Results

For the three-month period ended June 27, 2008, sales of $1.62 billion produced net income of $66.9 million, or $1.71 per diluted share, compared to sales of $1.51 billion that generated net income of $64.6 million, or $1.53 per diluted share, in the prior year period. Primarily as a result of the company's share repurchases during the last year, the diluted weighted shares declined by 7 percent during the second quarter versus the respective prior year period which produced a favorable impact on net income per diluted share of 9 cents.

Included in the current year's second quarter results were incremental sales of $4.2 million from acquisitions completed in the past year. After adjusting for acquisitions as well as the favorable foreign exchange impact of $43.1 million, second quarter sales grew at a year-over-year organic rate of 4 percent. As previously announced on May 19, 2008, the current quarter results include an after tax charge of $2.6 million, or 7 cents per diluted share, related to amendments made to the employment contract of the company's recently retired Chief Executive Officer, which extended the terms of his non-competition and non-solicitation restrictions in exchange for extended vesting and termination provisions of previously granted equity awards.

Operating income in the second quarter increased 5 percent to $121.8 million as compared to $116.1 million in the year ago quarter. Operating margins were 7.5 percent during the recent period compared to 7.7 percent in the second quarter of 2007. Excluding the former CEO's retirement-related pre-tax costs of $4.2 million recorded in the second quarter of this year, operating income growth would have been 8 percent and operating margins would have been 7.8 percent.

First Six Month Results

For the six-month period ended June 27, 2008, sales of $3.09 billion produced net income of $124.6 million, or $3.16 per diluted share. In the prior year period, sales of $2.84 billion generated net income of $118.2 million, or $2.81 per diluted share. Primarily as a result of the company's share repurchases during the last year, the diluted weighted shares declined by 6 percent during the six-month period versus the respective prior year period which produced a favorable impact on net income per diluted share of 12 cents.

Included in the 2008 six-month results were incremental sales of $16.5 million from acquisitions completed in the past year. After adjusting for acquisitions and the favorable foreign exchange impact of $86.6 million, sales in the first six months grew at a year-over-year organic rate of 5 percent. Earnings in the first six months of 2008 were affected by the previously noted after-tax expense of $2.6 million, or 7 cents per share, related to the retirement of the company's former CEO and favorable tax adjustments of $1.6 million, or 4 cents per diluted share, associated with recognition of foreign net operating loss carryforwards recorded in the first quarter of 2008. Excluding these items, net income in the first six months of 2008 would have been $125.6 million or $3.18 per diluted share.

Earnings in the year ago period were favorably affected by $2.0 million, or 5 cents per diluted share, for net tax benefits related to the settlement of certain income tax audits. Excluding these tax benefits, net income in the year ago period would have been $116.2 million or $2.76 per diluted share. After excluding the above noted unusual tax items from both years and the former CEO retirement-related costs in 2008, net income and diluted earnings per share in the first six months of 2008 increased 8 percent and 15 percent, respectively, versus the year ago period.

Operating profits in the first six months of 2008 were $223.3 million versus $206.5 million in the year-earlier period. Operating margins were 7.2 percent in the first six months of 2008 as compared to 7.3 percent in the year ago period. Excluding the CEO retirement-related expense in 2008, operating income was $227.5 million, or an increase of 10 percent, and operating margins were 7.4 percent.

Second Quarter Sales Trends

Commenting on second quarter sales trends, Eck said, "Second quarter sales growth, which increased 10 percent on a consecutive quarter basis from the first quarter of this year, exceeded the longer-term seasonal trends of a mid-to-high single digit growth rate from the first to second quarter. However, as we have noted over the past year, our consecutive quarter growth of 14 percent from the first to second quarter of 2007 was well above that historical trend line, which presented us with a difficult year-on-year comparison. Even with that in mind, however, second quarter 2008 sales were still up 7 percent compared to the year-ago quarter."

"The comparatively lower year-on-year growth rates were most pronounced in the North American enterprise cabling and security solutions end market, where the year ago period benefitted from a number of large projects. As a result, North American enterprise cabling and security solution sales of $592.0 million were just 2 percent higher than the year ago quarter. Growth of 16 percent in the security portion of this market was offset by lower volumes of large projects in the overall enterprise cabling market. In the North American electrical wire & cable market we saw strong levels of project activity that produced sales of $395.6 million in the current quarter. This reflects an increase of 8 percent versus the year ago quarter despite a difficult comparison against exceptionally strong second quarter sales in 2007. Lastly, in the OEM Supply market in North America, we had sales of $125.7 million, which represented an increase of 5 percent over the prior year. In this end market, sustained growth in the aerospace and defense markets continued to offset lower production rates for customers in other vertical markets. Foreign exchange contributed $16.1 million to total North American sales in the second quarter as compared to the year ago quarter."

"Total European sales rose 12 percent versus the year ago quarter to $366.0 million," Eck said. "European sales were aided by favorable foreign exchange and acquisitions, which added $21.2 million and $4.2 million, respectively, to second quarter 2008 sales. Sales growth in Europe was highest in the OEM Supply end market, where we reported sales of $172.4 million, representing a 16 percent year-on-year increase as a result of adding business with existing customers and the addition of new accounts. Sales in the electrical wire & cable end market were $68.5 million, or 12 percent higher than the year ago period. Importantly, electrical wire & cable sales outside of the U.K. grew by 48 percent as we continue to focus on expanding the scope of efforts in this market beyond its historical base. Sales in the enterprise cabling and security market of $125.1 million grew by 7 percent versus the second quarter in 2007."

Eck added, "In the emerging markets, sales of $140.5 million grew 23 percent, including $5.8 million from favorable effects related to foreign exchange rates. Growth rates in Asia Pacific and Latin America individually approximated the overall emerging market growth rate."

Second Quarter Operating Results

"Second quarter operating margins of 7.8 percent, exclusive of the previously noted expense related to the retirement of my predecessor, compared to 7.7 percent in the year ago quarter," commented Eck. "As compared to the second quarter of last year, gross margins declined from 24.0 percent to 23.8 percent due to lower supplier volume growth incentives and continued pressure from rising steel and specialty metal prices in our OEM Supply business. At the same time, we have continued to invest in people to drive our initiatives of expanding our security business, the global reach of the electrical wire & cable business, our initial efforts in the factory automation market and expansion of our business in emerging markets. Despite the slight drop in gross margins and continued investment in growth initiatives, we were able achieve a modest improvement in operating margins due to the increased operating leverage coming from growth in sales and sound expense management."

"In North America, our operating margins excluding the expense associated with the retirement of our prior CEO were 8.6 percent, which matched that in the year ago quarter. Good expense control in North America offset the effects of slower growth and slight downward pressure on gross margins. In Europe, operating margins in the most recent quarter were 5.3 percent as compared to 4.6 percent in the year ago quarter. This improvement in European operating margins reflects good sales growth and expense controls, which offset the gross margin pressures in the OEM Supply business. In the emerging markets, operating margins of 7.6 percent in the second quarter compared to 7.7 percent in the year ago period. The slight decrease reflects higher operating costs associated with investments for future growth in this part of our business."

Cash Flow and Leverage

"In the second quarter we generated $43.5 million in cash from operations as compared to the $30.5 million used in operations in the year ago quarter. During the current quarter we needed less working capital to support our sales growth," said Dennis Letham, Chief Financial Officer. "We used the cash flow from operations and a small increase in borrowings in the second quarter to repurchase 1,000,000 of the company's outstanding shares at a cost of $62.9 million, which reflects our strong confidence in the company's long-term prospects."

Letham added, "At the end of the second quarter the company had a debt-to-total capital ratio of 49.0 percent as compared to 49.4 percent at the end of 2007. Furthermore, for the second quarter, the weighted-average cost of borrowed capital was 4.0 percent as compared to 4.2 percent in the year ago quarter. At the end of the second quarter, approximately 75 percent of our total borrowings of $1.06 billion had fixed interest rates, either by the terms of the borrowing agreements or through hedging contracts. We also had $240 million of available, unused credit facilities at June 27, 2008, which provide us with the resources to support continued strong organic growth and to pursue other strategic initiatives, such as acquisitions, throughout the remainder of the year."

Business Outlook

Eck concluded, "Given that the second quarter year-on-year comparisons were difficult because of the exceptional growth in the prior year, especially on larger projects, we are encouraged by the higher than historical trend line growth in consecutive quarter sales from the first to second quarter of this year as well as the growth we realized over the unusually strong second quarter of 2007. While we continue to see select customer situations where sales are softer, we have not observed any broad-based negative trends in the various end markets and geographical regions where we have a business presence. We believe the overall market conditions, as they currently exist, should allow for consecutive quarter sales growth from the second to third quarter of this year. If we achieve a modest level of consecutive quarter growth it will move our third quarter year-on-year growth rates closer to our longer-term target of 8 to 12 percent yearly growth."

"Going forward through the next few quarters, we will remain focused on building on our strategic initiatives, which include growing our security and OEM Supply businesses, initiating a factory automation network sales effort, adding to our supply chain services offering, enlarging the geographic presence of our electrical wire & cable business, and expanding our product offering. We are confident that continued focus on these investments and successful execution on these strategies will help drive full-year and longer-term growth of the business. At the same time we believe the breadth of the end markets we serve, the diversity of the vertical markets our customers operate in and the broad geographical scope of our business will continue to provide excellent opportunities for growth."

Second Quarter Earnings Report

Anixter will report results for the 2008 second quarter on Tuesday, July 22, 2008 and broadcast a conference call discussing them at 9:30 am central time. The call will be Webcast by CCBN and can be accessed at Anixter's Website at http://www.anixter.com/webcasts. The Webcast also will be available over CCBN's Investor Distribution Network to both institutional and individual investors. Individual investors can listen to the call through CCBN's individual investor center at http://www.companyboardroom.com/, or by visiting any of the investor sites in CCBN's Individual Investor Network (such as America Online's Personal Finance Channel and Fidelity.com). Institutional investors can access the call via CCBN's password-protected event management site, StreetEvents (http://www.streetevents.com/). The Webcast will be archived on all of these sites for 30 days.

About Anixter

Anixter International is a leading global distributor of communication products, electrical and electronic wire & cable and a leading distributor of fasteners and other small parts ("C" Class inventory components) to Original Equipment Manufacturers. The company adds value to the distribution process by providing its customers access to 1) innovative inventory management programs, 2) more than 400,000 products and over $1 billion in inventory, 3) 214 warehouses with more than 6 million square feet of space, and 4) locations in 248 cities in 50 countries. Founded in 1957 and headquartered near Chicago, Anixter trades on The New York Stock Exchange under the symbol AXE.

Safe Harbor Statement

The statements in this news release that use such words as "believe," "expect," "intend," "anticipate," "contemplate," "estimate," "plan," "project," "should," "may," or similar expressions are forward-looking statements. They are subject to a number of factors that could cause the company's actual results to differ materially from what is indicated here. These factors include general economic conditions, technology changes, changes in supplier or customer relationships, commodity price fluctuations, exchange rate fluctuations, new or changed competitors and risks associated with integration of recently acquired companies. Please see the company's Securities and Exchange Commission filings for more information.

Additional information about Anixter is available on the Internet at http://www.anixter.com/ ANIXTER INTERNATIONAL INC. Condensed Consolidated Statements of Operations 13 Weeks Ended 26 Weeks Ended June 27, June 29, June 27, June 29, (In millions, except per share amounts) 2008 2007 2008 2007 Net sales $1,616.8 $1,511.5 $3,088.4 $2,840.2 Cost of goods sold 1,232.7 1,148.2 2,355.8 2,158.5 Gross profit 384.1 363.3 732.6 681.7 Operating expenses 262.3 247.2 509.3 475.2 Operating income 121.8 116.1 223.3 206.5 Interest expense (11.1) (11.1) (22.6) (22.0) Other, net (3.6) 2.4 (3.9) 3.1 Income before income taxes 107.1 107.4 196.8 187.6 Income tax expense 40.2 42.8 72.2 69.4 Net income $66.9 $64.6 $124.6 $118.2 Net income per share: Basic $1.89 $1.74 $3.50 $3.16 Diluted $1.71 $1.53 $3.16 $2.81 Average shares outstanding: Basic 35.4 37.1 35.6 37.4 Diluted 39.1 42.2 39.5 42.1 Geographic Segments Net sales: North America $1,110.3 $1,071.4 $2,127.1 $1,998.4 Europe 366.0 326.2 706.0 631.3 Asia Pacific and Latin America 140.5 113.9 255.3 210.5 $1,616.8 $1,511.5 $3,088.4 $2,840.2 Operating income: North America $91.6 $92.4 $172.2 $163.2 Europe 19.5 15.0 33.4 29.0 Asia Pacific and Latin America 10.7 8.7 17.7 14.3 $121.8 $116.1 $223.3 $206.5 ANIXTER INTERNATIONAL INC. Condensed Consolidated Balance Sheets June 27, December 28, (In millions) 2008 2007 Assets Cash and cash equivalents $48.9 $42.2 Accounts receivable, net 1,274.0 1,215.9 Inventories 1,102.4 1,065.0 Deferred income taxes 38.0 37.6 Other current assets 20.7 18.2 Total current assets 2,484.0 2,378.9 Property and equipment, net 83.6 78.1 Goodwill 407.8 403.2 Other assets 156.7 156.0 $3,132.1 $3,016.2 Liabilities and Stockholders' Equity Accounts payable $724.3 $654.8 Accrued expenses 162.4 201.0 Short-term debt 123.1 84.1 Total current liabilities 1,009.8 939.9 1.0% convertible senior notes 300.0 300.0 Revolving lines of credit and other 267.3 275.0 5.95% senior notes 200.0 200.0 3.25% zero coupon convertible notes 164.8 162.2 Other liabilities 93.2 91.3 Total liabilities 2,035.1 1,968.4 Stockholders' equity 1,097.0 1,047.8 $3,132.1 $3,016.2

Anixter International Inc.

CONTACT: Dennis Letham, Chief Financial Officer of Anixter International
Inc., +1-224-521-8601; or Investors and Media, Chris Kettmann of Ashton
Partners, +1-312-553-6716, for Anixter International Inc.

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

Concur's Next Generation Analytics Capabilities Unlock Over $1 Billion In Out-of-Policy Corporate Travel SpendOne seamless service delivers unprecedented access to the richest set of reconciled data available, enabling clients - for the first time - to compare booked travel to actual spend

REDMOND, Wash., July 22 /PRNewswire-FirstCall/ -- Concur the world's leading provider of on-demand business services that automate Employee Spend Management, today announced that the next generation of travel and expense analytics and reporting capabilities will make its debut at the National Business Travel Association (NBTA) International Convention & Exposition in Los Angeles, CA on July 28. In an industry first, visitors to Concur's NBTA Convention booth (#739) can experience the first ever travel and expense management solution that automatically reconciles line-item level booked travel data with actual spend -- all from one seamless service accessing one source of data -- exclusively from Concur.

Every travel manager knows there is significant spend occurring outside of their travel programs. The challenge has been gaining access to all of the data to understand where and how this spend occurs. For instance, the Aberdeen Group estimates that hotel costs are about 20% of a typical company's T&E spend. A recent USA Today study found that almost 12% of those hotels stays were "overcharged $11.35 per night". Similar issues plague car rentals, with items like insurance and re-fueling adding unnecessary and out-of-policy costs to many transactions. And of course -- with travel agency and corporate card program compliance averaging about 60% -- corporations have long struggled to control the leakage that siphons even more corporate travel spend away from negotiated contracts.

Now, with Concur's next-generation analytics capabilities leveraging the combined travel booking and expense reporting data exclusively available from Concur(R) Travel & Expense to automatically reconcile line-item level booked travel data with actual spend, travel managers finally have complete visibility into all aspects of their corporate travel spend. With Concur processing over $35 billion a year -- ten percent of the estimated $300 billion in global T&E spend -- these opportunities represent more than $1 billion of hard cost savings opportunities for the company's existing client base.

"It's been referred to as 'the holy grail of the business travel industry' - reconciling the vast amount of corporate travel spend data generated throughout the business travel life-cycle," said Rajeev Singh, president and COO of Concur. "To date, efforts to reconcile all this data have been costly and ineffective. Traditional agency and card analytics tools have struggled because they only capture a part of the spend. Only by incorporating the expense reporting process can a company capture 100% of the information that clients need to truly compare what was booked with what was actually purchased. With Concur Travel & Expense now delivering unprecedented analytics capabilities with just a few clicks, billions of dollars in out-of-policy corporate travel spend are just waiting to be uncovered, giving our clients the opportunity to drive even more costs out of their businesses."

Powered by Cognos reporting technology, this unprecedented set of analytics capabilities enables Concur clients to easily and intuitively access and report on the broadest and deepest set of T&E data available. Unlike other T&E reporting solutions that can only provide access to silos of information from disparate sources, Concur enables clients to report on, compare and analyze booked itineraries, corporate card spend, supplier e-receipts, cash expenses and supplier contracted. All aspects of employee initiated T&E spend are captured and automatically reconciled by Concur and made available for detailed analysis on-demand, without any messy integration of disparate systems or outside sources of data.

About Concur

Concur is the world's leading provider of on-demand Employee Spend Management services. Concur enables organizations to globally control costs by automating the processes they use to manage employee spending. Concur's end-to-end solutions seamlessly unite online travel booking with automated expense reporting, streamline meeting management and optimize the process of managing vendor payments, employee check requests and direct reimbursements. Organizations of all sizes trust Concur to help them control spend before it occurs while eliminating paper and optimizing supplier relations. Concur's unified approach to managing employee spend delivers a 360° view into all employee expenses, helping companies globally enforce policies and monitor vendor compliance, while delivering unprecedented control and valuable insight. Concur's suite of on-demand services reach millions of employees across thousands of organizations around the world -- streamlining business processes, reducing operating costs, improving internal controls and providing enhanced visibility and actionable expense analysis. More information about Concur is available at http://www.concur.com/.

Concur

CONTACT: Stefanie Johansen of Weber Shandwick, +1-425-452-5468,
sjohansen@webershandwick.com, for Concur

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

Concur's Comprehensive Approach to Managing Carbon Emissions Reflects Company's Enduring Commitment to the EnvironmentSmart and sensible options that help manage carbon emissions are just one facet of comprehensive Concur Cares program

REDMOND, Wash., July 22 /PRNewswire-FirstCall/ -- Concur the world's leading provider of on-demand business services that automate Employee Spend Management, announced that Concur(R) Travel & Expense clients have a variety of choices available to help them to understand and manage the impact of carbon emissions generated by their business travelers. By providing one seamless service, Concur provides companies with options that go beyond the typical carbon-calculator approach offered by other travel booking tools. Concur will be demonstrating these capabilities at the National Business Travel Association (NBTA) International Convention & Exposition (booth #739) in Los Angeles, CA on July 28.

These latest service enhancements reflect the tenets of the company's Concur Cares program - a broad-based strategy of corporate citizenship that supports conservation and encourages sustainable business practices - both within the company's products and its own business operations.

Concur's clients are demanding a flexible approach that enables travel managers to customize the travel booking experience to better manage the impact their employees' business travel has on the environment and match their company's specific emissions goals. Concur's unique combination of features include:

-- Access To Low Emission Choices - Comprehensive Access to Alternative Content - Rail is an environmentally smarter choice and often a more efficient use of the traveler's time. Concur offers the broadest selection of rail content of any corporate travel booking tool, including Amtrak (USA), VIA Rail (Canada), UK Rail via Evolvi, Deutsche Bahn (Germany), and SNCF (France). Clients can even display air and rail choices on the same screen, increasing the likelihood that the lower-emission option will be chosen. - Timely Presentation of Alternative Choices - The most carbon- efficient trip is the trip not taken. Since trips between corporate offices comprise a significant portion of business travel, organizations that have invested in video conferencing can now leverage Concur's services to make employees aware of this option right from within the travel booking process. -- Enhanced Visibility Into Carbon Emissions - Display Emissions During Booking - Concur enables travelers to search and sort flight choices by emissions. As no standardization currently exists for calculating emissions, Concur offers companies a choice of two models - DEFRA (http://www.defra.gov.uk/) and CE (http://www.ce.nl/) - while also supporting additional models used by specific TMC's. This ensures consistency between values shown during booking and values reported after travel is complete. - Report on Emissions After Travel - Since Concur Travel & Expense uniquely captures both intended and actual travel data, companies can analyze their business travel data to see all carbon emissions, and even delve into variances between the booked itinerary and the actual travel.

"Concur has invested in a long-term and comprehensive approach to issues that impact the environment," said Rajeev Singh, president and COO of Concur. "Our recent innovations enable our clients to better manage their carbon emissions, but they are just one facet of our company's deep and enduring commitment to the environment and social responsibility. Through the Concur Cares program, we're managing every aspect of our business in an environmentally conscious manner. From the use of sustainable business practices within our own offices; to our continued support of Conservation International; to our continuous innovation that helps clients make smarter decisions about their travel programs that are both green and cost-effective -- the decisions we make as a business affect not just those of us in the business travel industry, but everyone concerned about their impact on the planet."

About Concur

Concur is the world's leading provider of on-demand Employee Spend Management services. Concur enables organizations to globally control costs by automating the processes they use to manage employee spending. Concur's end-to-end solutions seamlessly unite online travel booking with automated expense reporting, streamline meeting management and optimize the process of managing vendor payments, employee check requests and direct reimbursements. Organizations of all sizes trust Concur to help them control spend before it occurs while eliminating paper and optimizing supplier relations. Concur's unified approach to managing employee spend delivers a 360° view into all employee expenses, helping companies globally enforce policies and monitor vendor compliance, while delivering unprecedented control and valuable insight. Concur's suite of on-demand services reach millions of employees across thousands of organizations around the world -- streamlining business processes, reducing operating costs, improving internal controls and providing enhanced visibility and actionable expense analysis. More information about Concur is available at http://www.concur.com/.

Concur

CONTACT: Stefanie Johansen of Weber Shandwick, +1-425-452-5468,
sjohansen@webershandwick.com, for Concur

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

Verizon Offers Enhanced Financing Options for Large-Business CustomersAccelerated Depreciation Under 2008 Economic Stimulus Act Provides Flexibility for Customers Deploying Equipment by Year's End

BASKING RIDGE, N.J., July 22 /PRNewswire/ -- Economic stimulus legislation approved by Congress earlier this year provides additional incentive and more financing flexibility for Verizon Business customers considering network upgrades.

Under the 2008 Economic Stimulus Act (H.R. 5140), corporate customers can receive accelerated or "bonus" depreciation for certain equipment, including voice and data gear, ordered, invoiced and placed into service during 2008. Verizon Credit, Verizon's wholly owned financing subsidiary, offers qualifying commercial businesses more affordable financing terms and increased buying power as they look to accelerate their transition to modern Internet protocol (IP) technology by leasing or buying new equipment.

"This is an ideal time to purchase or lease voice and data equipment," said Nancy Gofus, senior vice president and chief marketing officer, Verizon Business. "The federal government's stimulus package has created tangible incentives for businesses looking to replace or upgrade equipment to support their transformation to IP. Such flexible financing options are an important component of our solutions-oriented approach to meeting customers' unique and often complex business requirements."

Verizon Credit offers flexible financing for purchased equipment, which together with bonus depreciation provides important additional incentive for businesses to upgrade technologies. Verizon Credit can also offer lower lease rates to Verizon Business customers if bonus depreciation is available.

Leveraging World-Class Equipment Options and Professional Services Expertise

Verizon Business and its predecessor companies have sold, installed and maintained customer premises equipment for more than 25 years. The company has more than 85 resale and distributor agreements with leading equipment providers and approximately 1,200 vendor-trained, expert field engineers.

Leveraging its vast selection of equipment and networking options, Verizon Business professional services personnel work closely with customers to assess, plan design and implement advanced, IP-based solutions to meet a wide range of business objectives. Verizon Business delivers a standardized set of more than 50 professional services through 2,700 consultants covering five practice areas - security services, information technology services, network integration and engineering, IP communications, and contact center services.

Visit the Verizon Business Web site for more information on bonus depreciation and the company's portfolio of customer premises equipment.

Note: Verizon Business and Verizon Credit do not provide tax or accounting advice. Please consult with your accounting or tax professional to learn more about how financing can potentially benefit your organization. Actual pricing and tax benefits will vary based on transaction details.

About Verizon Business

Verizon Business, a unit of Verizon Communications , operates the world's most connected public IP network and uses its industry-leading global-network capabilities to offer large-business and government customers an unmatched combination of security, reliability and speed. The company integrates advanced IP communications and information technology (IT) products and services to deliver leading enterprise solutions including managed services, security, mobility, collaboration and professional services. These solutions power innovation and enable the company's 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 releases.

Verizon Business

CONTACT: Kevin W. Irland, Verizon Business, +1-703-886-1117,
kevin.w.irland@verizon.com

Web Site: http://www.verizon.com/news
http://www.verizonbusiness.com/

Company News On-Call: http://www.prnewswire.com/comp/094251.html

ProLogis Leases 540,000 Square Feet to JVC America, Inc. in Atlanta

ATLANTA, July 22 /PRNewswire-FirstCall/ -- ProLogis , the world's largest owner, manager and developer of distribution facilities, announced today that it has leased 540,000 square feet in Atlanta, Georgia to JVC America, Inc., a leading manufacturer of home, mobile and automotive electronics equipment and accessories.

JVC will occupy the entire space at New Manchester Distribution Center, located two miles south of Interstate 20 on Camp Creek Parkway. The company will use the facility for creation and distribution of media products. This is JVC's first lease agreement with ProLogis.

"We are excited to enter into this new relationship with JVC in Atlanta," said Rodney Davidson, first vice president and market officer for ProLogis in Atlanta. "The company's brands are recognized worldwide, and we hope to leverage our global platform to serve their future distribution space needs. We believe this location will enhance JVC's distribution network in the region, especially with its close access to national highway systems."

New Manchester Distribution Center is a freestanding distribution facility with easy access to both Interstate 20 and Interstate 285. Building features include an energy-efficient, T-8 lighting system, which helps to greatly reduce operating costs and energy expenditure.

JVC America, Inc. is a division of JVC Americas Corp., a wholly owned subsidiary of JVC Victor Company of Japan, Limited. JVC is a leading developer and manufacturer of sophisticated audio and video products that use superior technologies to deliver high quality sound and images.

ProLogis is the largest owner of industrial distribution space in Atlanta, with approximately 19 million square feet in 122 facilities owned, managed or under development. Customers in the area include Home Depot, LG Electronics, Petco, APL Logistics and Subaru.

About ProLogis

ProLogis is the world's largest owner, manager and developer of distribution facilities, with operations in 121 markets across North America, Europe and Asia. The company has $38.8 billion of assets owned, managed and under development, comprising 526.3 million square feet (48.9 million square meters) in 2,817 properties as of March 31, 2008. ProLogis' customers include manufacturers, retailers, transportation companies, third-party logistics providers and other enterprises with large-scale distribution needs. Headquartered in Denver, Colorado, ProLogis employs over 1,500 people worldwide. For additional information about the company, go to http://www.prologis.com/.

ProLogis

CONTACT: media, Mo Sheahan of ProLogis, +1-303-567-5434,
msheahan@prologis.com; or Suzanne Dawson of Linden Alschuler & Kaplan, Inc.,
+1-212-329-1420, sdawson@lakpr.com, for ProLogis; or investors, Melissa
Marsden of ProLogis, +1-303-567-5622, mmarsden@prologis.com

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

CSC Signs US$33 Million Outsourcing Contract With Zuger Kantonalbank

FALLS CHURCH, Virginia, July 22 /PRNewswire/ --

- Agreement Extends Services Through 2015

CSC (NYSE: CSC) announced today that it has extended its information technology (IT) outsourcing contract with Swiss bank Zuger Kantonalbank. The new, seven-year contract, which is valued at US$33 million (34 million Swiss Francs) is an early renewal of a previous eight-year contract signed in 2002.

Under the agreement, CSC will continue to provide SAP-based applications services, including development, maintenance and support. Specifically, CSC will continue its 24x7 operation and management of Zuger's SAP banking platform and add new functionality that enhances system efficiency and increases ease of use.

"With CSC's support, we can continue to lower operating costs while increasing customer service," said Beat Mathys, a Zuger Kantonalbank senior management executive. "This will enable us to further increase efficiency and improve our cost-income-ratio in the highly competitive retail banking market."

CSC serves nearly 5,500 financial services clients in 50 countries, including one-third of the world's top 50 banks.

"The strength of our financial services heritage gives our customers security in a rapidly changing market," said Guy Hains, president of CSC's European Group. "We are delighted to expand our relationship with Zuger Kantonalbank and continue our work together to drive innovation and increase efficiency."

About Zuger Kantonalbank

Zuger Kantonalbank is the leading financial institution in the business region of Zug. The whole spectrum of banking services is offered in 14 branch offices throughout the canton of Zug. Zuger Kantonalbank is a stock-registered corporation with 380 employees and a balance sheet of 9.4 billion Swiss Francs in total assets. For further information please consult http://www.zugerkb.ch.

About CSC

CSC is a leading IT services company. CSC's mission is to be a global leader in providing technology-enabled business solutions and services.

With approximately 90,000 employees, CSC provides innovative solutions for customers around the world by applying leading technologies and CSC's own advanced capabilities. These include systems design and integration; IT and business process outsourcing; applications software development; Web and application hosting; and management consulting. Headquartered in Falls Church, Va., CSC reported revenue of US$16.5 billion for the 12 months ended March 28, 2008. For more information, visit the company's Web site at http://www.csc.com.

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

CSC

Ute Blauth, Manager, Media and Analyst Relations, CSC EMEA Central Region, CSC Deutschland Solutions GmbH, +49-611-142-17119, or Rich Venn, Media Relations, CSC Corporate, +1-310-615-3926, rvenn@csc.com, or Bill Lackey, Director, Investor Relations, CSC Corporate, +1-310-615-1700, blackey3@csc.com

Ralph Muse, ex Booz Allen Hamilton Principal and Nextnet Wireless CEO, Joins AtlasTG as CEO

REDMOND, Wash., July 22 /PRNewswire-FirstCall/ -- Atlas Technology Group, Inc. (BULLETIN BOARD: ATYG) is pleased to announce the appointment of Mr. Ralph B. Muse as the company's new Chief Executive Officer, effective July 21, 2008.

Mr. Muse's career has included building and operating multiple successful businesses on an international scale. These businesses have included executive positions with GE, ABB, Cabletron Systems, and Booz Allen Hamilton.

Mr. Muse has raised over $1 Billion in equity financing. Some highlights of Mr. Muses's career include:

-- SR VP and GM Ion Geophysical Inc. Managed turnaround of $270 million revenue Land Imaging Systems Division

-- President and CEO, Nextnet Wireless, Inc., Minneapolis, MN

-- EVP of Metricom, Inc. (a Vulcan Northwest investment), Los Gatos, CA, Secured $600 million in new equity for nation wide deployment of Ricochet wireless mobile data technology

-- President, CSI ZeitNet, Inc., Santa Clara, CA , a $142 million acquisition of Cabletron-Systems, Inc.

-- President, Kenetech Corp., San Francisco, CA, a $350 million revenue and world's largest manufacturer of wind turbines with 1,175 employees

-- Principal, Booz Allen Hamilton, Inc., Dallas TX

Ralph Muse states, "This is a natural fit between myself and AtlasTG, and the timing is ideal. I am a 'hands-on' builder of companies. I believe that AtlasTG can be another very successful company on an international scale, and I look forward to leading the development and execution of strategic and tactical business plans; work effectively with members of the Board, security analysts, shareholders and prospective investors; foster development and effectiveness of internal team resources; and raise significant investment capital. I am looking forward to the opportunity."

Peter Jacobson, interim CEO of AtlasTG states: "After an extensive CEO search, we are all especially excited to have Ralph Muse coming on board. Given his successful and proven track record, in IT, finance, sales, and building very successful companies, we look forward to the future." Mr. Jacobson will remain as a member of the AtlasTG Board.

About AtlasTG: AtlasTG provides outsourced application software support services for clients with large information technology functions worldwide. The company specializes in remotely supporting custom-built applications and networks using proprietary process, monitoring, and management systems. The company operates data and support service centers in Redmond, WA, Gzira, Malta, and Wellington, New Zealand.

For more information: http://www.atlastg.com/

This release shall not constitute an offer to sell or the solicitation of an offer to buy securities to/from any person, nor there any sale of these securities in any jurisdiction in which it is unlawful to make such an offer or solicitation. A number of statements in this press release are forward- looking statements, which are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve a number of products and technologies, competitive market conditions, successful integration of acquisitions, the ability to secure additional sources of financing, the ability to reduce operating expenses and other factors described in the Company's filings with the SEC. The actual results that the Company may achieve may differ materially from any forward- looking statements due to such risks and uncertainties.

Atlas Technology Group, Inc.

CONTACT: Peter Jacobson, +1-949-274-3633, peterj@atlastg.com, for
Atlas Technology Group, Inc.

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

Former VP of DuPont Polymers and Automotive Products Joins Lightwave Logic Board

WILMINGTON, Del., July 22 /PRNewswire-FirstCall/ -- Lightwave Logic, Inc. (BULLETIN BOARD: LWLG) ( http://lightwavelogic.com/ ), a technology company focused on the development of electro-optic polymer materials for applications in high-speed fiber-optic telecommunications and optical computing, announced today the addition of Dr. Ross Fasick to its Board of Directors. Dr. Fasick has a broad spectrum of global business and chemistry experience that spans over thirty years.

Dr. Fasick spent the early years of his career with DuPont as a research chemist primarily working with polymers and dyes. During his thirty year tenure at DuPont, Dr. Fasick held diverse positions ranging from manufacturing and business development to making divestitures and acquisitions. He served as both President of DuPont's Brazil division and Director of worldwide paint operations. He completed his DuPont career as Senior VP of Polymers and Automotive, a division that generated multi-billion dollar annual revenues. Since his retirement, Dr. Fasick has remained an active board and committee member for private college and pre-college level institutions. Dr Fasick earned his Ph.D. in organic chemistry at the University of Delaware.

According to Hal Bennett, Lightwave's chief executive officer, "Dr. Fasick's technical experience with polymers coupled with his global marketing expertise and senior executive knowledge will be instrumental in Lightwave's commercialization objectives."

About Lightwave Logic, Inc.

Lightwave Logic, Inc. is a development stage company, moving toward prototype demonstration and commercialization of its high-activity, high-stability organic polymers for applications in electro-optical device markets. Electro-optical devices convert data from electric signals into optical signals for use in high-speed fiber-optic telecommunications systems and optical computers. Lightwave Logic, Inc. is a portfolio company of Universal Capital Management, Inc. (BULLETIN BOARD: UCMT) . Please visit the Company's website, http://www.lightwavelogic.com/ , for more information.

Safe Harbor Statement

The information posted in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by use of the words "may," "will," "should," "plans," "explores," "expects," "anticipates," "continue," "estimate," "project," "intend," and similar expressions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing various engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technological advances and delivering technological innovations, shortages in components, production delays due to performance quality issues with outsourced components, and various other factors beyond the Company's control.

Lightwave Logic, Inc.

CONTACT: Lightwave Logic, Inc., +1-302-998-8824

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

Imation Announces Further Manufacturing Optimization StepsCompany to Focus Tape Coating Operations in Weatherford, OK and Exit Camarillo, CA Plant by Year End

OAKDALE, Minn., July 22 /PRNewswire-FirstCall/ -- Imation Corp. today announced additional steps to optimize its magnetic tape manufacturing by focusing all tape coating in its state-of-the-art Weatherford, OK plant as a further implementation of the Company's manufacturing strategy. This will result in the exit from its Camarillo, CA plant by the end of this year. This follows the announcement in May 2007 of the consolidation and outsourcing of tape converting operations, resulting in the exit of its Wahpeton, ND plant by year end 2008. Imation's manufacturing plant in Weatherford, OK will remain dedicated to magnetic tape coating operations.

Key elements of today's announcements include the following:

-- Imation will focus all tape coating operations in its Weatherford plant and cease manufacturing operations at its Camarillo plant, which it plans to exit by year-end 2008. This will result in approximately 140 positions out of a current worldwide total of 1,950 being eliminated by year- end.

-- The Company anticipates it will incur up to $20 million in restructuring and related charges associated with the Camarillo closure, the majority of which will occur in the second half of 2008. Approximately half of the charges are anticipated to be cash payments associated with severance benefits and costs of exiting the site. The remaining charges will be non-cash asset write-offs.

-- These actions are expected to result in approximately $15 million to $20 million in annualized cost eliminations intended to mitigate projected declines in tape gross profits in future years. However, these benefits will not be completely realized until the program is fully implemented.

Commenting on today's announcement, Imation's President and Chief Executive Officer, Frank Russomanno said: "Imation remains committed to maintaining our leadership position in the removable data storage industry serving commercial customers. As we said in the past, this management team will take all steps necessary to maintain our competitive advantage.

"At last year's analyst strategy briefing, we announced steps to optimize our magnetic business with the consolidation and outsourcing of our tape converting operations and our planned exit from our Wahpeton plant by the end of 2008. This morning we accelerated our optimization strategy as we announced our plan to focus coating in Weatherford and the exit of our Camarillo operation by year-end.

"The tape industry has consistently addressed the growth in demand for storage capacity with higher capacity cartridges resulting in lower cost per gigabyte. In addition, open format LTO tape continues to gain share with legacy formats declining at an increasing rate. In the current economic environment we have seen this trend accelerate, especially among some of our enterprise class customers. Finally, lower cost disk and optimization strategies such as virtual tape and de-duplication remain a factor in certain sectors of the market. As a result, we expect tape revenue and margins to continue to be under pressure.

"Given these trends, we recognize that excess manufacturing capacity exists, so we are taking aggressive actions as part of our strategy to optimize our tape business and maintain our leadership position.

"Several years ago, we invested $55 million in the most modern coater in the industry, our TeraAngstrom coater in Weatherford. At that time, we said we would deliver a Terabyte (TB) of capacity in a cartridge before the end of the decade. Last week, we passed that milestone. Our Weatherford plant will be the manufacturing site for all our coating operations going forward.

"Imation is well known and trusted as a leading developer and manufacturer of magnetic tape formats. That will not change. We expect the tape business to be an important market for us in the future and we intend to remain a leader," Russomanno concluded.

About Imation Corp.

Imation is a leading global marketer of brands and developer of products in digital storage and audio and video electronics. Imation Corp.'s global brand portfolio, in addition to the Imation brand, includes the Memorex brand, one of the most widely recognized names in the consumer electronics industry, famous for the slogan, "Is it live or is it Memorex?" and the XtremeMac brand. Imation is also the exclusive licensee of the TDK Life on Record brand, one of the world's leading recording media brands. Additional information about Imation is available at http://www.imation.com/.

Risk and Uncertainties

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

Imation Corp.

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

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

Imation Q2 2008 Revenue up 32.5 percent to $547.0 MillionDiluted EPS of $0.19 includes $0.07 per share of Restructuring Charges

OAKDALE, Minn., July 22 /PRNewswire-FirstCall/ -- Imation Corp. today released financial results for the second quarter ended June 30, 2008.

Highlights for Q2 include the following:

-- Revenue of $547.0 million was up 32.5 percent compared with Q2 2007 revenue of $412.8 million. Growth was driven by optical and consumer electronic products primarily due to the TDK Recording Media and Memcorp acquisitions which closed in Q3 2007.

-- Gross margin was 17.3 percent for the quarter, relatively unchanged from last year's second quarter.

-- Q2 2008 operating income of $12.2 million and diluted earnings per share of $0.19 are compared with $2.6 million of operating loss and diluted loss per share of $0.04 in Q2 2007. Operating income in Q2 2008 included restructuring and other charges of $4.0 million or $0.07 per diluted share, compared with charges of $20.8 million, or $0.37 per share in Q2 2007.

-- Cash generated from operations for the quarter was $45.5 million compared to $9.3 million in Q2 2007. Approximately 269,000 shares were repurchased during the quarter for $7.0 million.

The Company also announced today further steps to optimize its manufacturing operation by focusing all tape coating in its Weatherford, OK plant. As a result, the Company will exit its Camarillo, CA facility and incur associated future restructuring and related charges of up to $20 million, the majority of which will be incurred in 2008 (see press release issued today: Imation Announces Further Manufacturing Optimization Steps).

Commenting on the results, Imation President and CEO Frank Russomanno said: "While we faced a challenging economic environment during the quarter, especially with our enterprise class customers, our broad product portfolio, multiple brands and global footprint enabled us to deliver an acceptable quarter with strong operating cash flows. The U.S. and Europe were weak especially in magnetic tape; however, we saw strong results in Asia Pacific most notably in Japan and also in Latin America. We also were pleased with our improved margins in optical and flash products, which offset pressure resulting from declines in higher margin tape products."

"Our tape media business experienced continued softness in the quarter driven by declines in legacy data center and entry level formats. We expect this trend to continue. This morning we announced another step in our strategy to optimize the magnetic tape business and maintain our leadership position as we shift all coating operations to our facility in Weatherford. This will result in the exit of our Camarillo coating operation by year-end."

"We saw growth in optical media driven by our acquisition of the TDK recording media business. Our multi-brand strategy is working as it is enabling us to gain share and improve profitability in an overall declining market. For example, TDK Life on Record has now become the leading optical media brand in Japan."

"Our consumer electronics and accessories business posted strong performance during the quarter and is well positioned for the busy year-end season. We also have a focused effort to expand this business initially in North America. Our recent acquisition of XtremeMac further strengthens our brand and product portfolio and adds a new dimension of product design in consumer electronics and related accessories, especially for Apple enthusiasts. This acquisition is another building block in our strategy as we build a portfolio of strong brands that resonate with consumers."

"We have adjusted our 2008 outlook reflecting the restructuring and related costs associated with our plant exit announced today. Excluding these impacts, we remain committed to our previously communicated 2008 outlook though we are aware of increasing concerns about possible further economic weakness near term. We will continue to closely monitor the external environment and its possible impact on our business as we head into the critical second half." (See 2008 Business Outlook at the end of this release.)

"The results for the second quarter reflect the initial benefits of our strategy and our operational discipline, further reinforcing our confidence in the long-term value of our strategic direction," Russomanno concluded.

A teleconference is scheduled for 9:00 AM Central Daylight Time today, July 22, 2008. (See Webcast and Replay Information at the bottom of this release).

Q2 and YTD 2008 and 2007 Financial Highlights ---------------------------------------------- (Dollars in millions, except per share amounts) Q2 08 Q2 07 YTD 08 YTD 07 ---------------------------- -------- -------- -------- -------- Net Revenue $547.0 $412.8 $1,077.9 $834.7 Gross Profit $94.9 $72.5 $193.6 $154.3 % of Revenue 17.3 % 17.6 % 18.0 % 18.5 % SG&A $72.7 $44.7 $144.6 $89.9 % of Revenue 13.3 % 10.8 % 13.4 % 10.8 % R&D $6.0 $9.6 $12.6 $22.0 % of Revenue 1.1 % 2.4 % 1.2 % 2.6 % Restructuring and Other $4.0 $20.8 $4.7 $21.4 Operating Income (Loss) $12.2 $(2.6) $31.7 $21.0 % of Revenue 2.2 % -0.6 % 2.9 % 2.5 % Net Income $7.2 $(1.4) $18.2 $14.3 Diluted Earnings per Share $0.19 $(0.04) $0.48 $0.41 Operating Cash Flows $45.5 $9.3 $78.3 $15.5 Reconciliation of GAAP to Adjusted Results ------------------------------------------- Q2 08 Q2 07 ----------------- ----------------- (Dollars in millions, except per Operating Diluted Operating Diluted share amounts) Income EPS Income EPS -------------------------------- -------- -------- -------- -------- As Reported - GAAP $12.2 $0.19 $(2.6) $(0.04) Restructuring and other 4.0 0.07 20.8 0.37 Adjusted - Non-GAAP $16.2 $0.26 $18.2 $0.33 YTD 08 YTD 07 ----------------- ----------------- (Dollars in millions, except per Operating Diluted Operating Diluted share amounts) Income EPS Income EPS -------------------------------- -------- -------- -------- -------- As Reported - GAAP $31.7 $0.48 $21.0 $0.41 Restructuring and other 4.7 0.11 21.4 0.37 Adjusted - Non-GAAP $36.4 $0.59 $42.4 $0.78 Comparison of GAAP to Non-GAAP Financial Measures

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

Net Revenue was $547.0 million, up 32.5 percent from Q2 2007 of $412.8 million, driven by the TDK recording media and Memcorp acquisitions which closed in Q3 2007. Our Americas region revenue totaled $190 million in the quarter, down 17 percent from last year. The additional revenue from the TDK recording media business acquisition was more than off-set by declines in other areas. European revenue grew 46 percent and totaled $185 million with growth driven by our TDK recording media business and the GDM joint venture. Asia Pacific revenue totaled $113 million, up nearly 100 percent over last year driven by TDK recording media revenue especially in Japan. Revenue from the Electronic Products segment, the operating segment resulting from the Memcorp acquisition, was 10.6 percent of total revenue in the quarter. The Q2 2008 total revenue growth as compared with Q2 2007 was generated by overall volume growth including the impact of the acquisitions of approximately 34 percent and favorable currency impact of six percent, partially offset by price erosion of approximately seven percent. For the six-month period ended June 30, 2008, revenue was $1,077.9 million, up 29.1 percent from revenue of $834.7 million for the comparable period last year driven primarily by the TDK recording media and Memcorp acquisitions.

Gross Margin of 17.3 percent in the current quarter was relatively unchanged from 17.6 percent in Q2 2007.

Selling, General & Administrative (SG&A) spending was $72.7 million or 13.3 percent of revenue, compared with $44.7 million or 10.8 percent of revenue in Q2 2007. The increase in expense from Q2 2007 was due to several factors including the addition of expenses and intangible asset amortization from acquired businesses as well as spending for acquisition integration and incremental brand investments. These items were partially offset by synergies achieved to date from acquisition integration as well as spending declines elsewhere.

Research & Development (R&D) spending was $6.0 million or 1.1 percent of revenue, compared with $9.6 million or 2.4 percent of revenue reported in Q2 2007. The favorable comparisons were primarily due to savings from restructuring actions initiated in the second quarter of 2007 as the Company focused its R&D activities primarily on development of new magnetic tape formats.

Restructuring and Other Charges of $4.0 million were recorded in the second quarter of 2008 compared with charges of $20.8 million in the second quarter of 2007. These charges related to costs from our previously announced restructuring programs.

Operating Income for the quarter of $12.2 million included restructuring and other charges of $4.0 million, compared with an operating loss of $2.6 million including restructuring and other charges of $20.8 million in Q2 2007. Excluding restructuring and other charges noted above, operating income would have been $16.2 million in Q2 2008 as compared with $18.2 million in Q2 2007 (see table entitled Reconciliation of GAAP to Adjusted Results above).

Non-Operating Income/Expense and Income Taxes: Non-operating expense of $1.6 million in Q2 2008 is compared with $0.7 million of non-operating income in Q2 2007 due primarily to a reduction in interest income. The effective tax rate in Q2 2008 was 32.1 percent compared with 26.3 percent in Q2 2007 which included tax benefits associated with restructuring and other charges in Q2 2007.

Diluted Earnings per Share was $0.19 for Q2 2008 compared with a $0.04 loss per diluted share for Q2 2007. Adjusting for the above noted impacts of restructuring and other charges, diluted earnings per share would have been $0.26 for Q2 2008 compared with $0.33 for Q2 2007 (see table entitled Reconciliation of GAAP to Adjusted Results above).

Cash Flow, Working Capital and Balance Sheet: Ending cash and cash equivalents totaled $117.7 million as of June 30, 2008. Cash flow from operations for Q2 2008 was $45.5 million, driven by earnings and improvements in working capital. During the quarter we repurchased approximately 269,000 shares of common stock for $7.0 million and paid dividends of $6.0 million. We also paid $7.0 million to acquire XtremeMac. Capital spending was $4.1 million and depreciation and amortization was $12.7 million for the quarter.

2008 Business Outlook

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

-- Revenue is targeted at approximately $2.4 billion, representing growth of approximately 16 percent over 2007.

-- Operating income, including restructuring and other charges, is targeted to be in the range of $80 million to $90 million. We anticipate restructuring and other charges to be in the range of $17 million to $22 million for 2008. This change in outlook is the result of the anticipated 2008 restructuring and related charges of $13 million to $16 million associated with the manufacturing restructuring announced today. Previously, operating income was targeted to be in the range of $95 million to $105 million with restructuring and other charges in the range of $4 million to $6 million for 2008. Our outlook for operating income excluding restructuring and related charges is unchanged.

-- Diluted earnings per share is targeted between $1.26 and $1.43 which includes the negative impact of approximately $0.33 from restructuring and related charges. This outlook reflects the restructuring and related charges discussed above. Previously, diluted earnings per share was targeted between $1.51 and $1.68 which included the negative impact of approximately $0.08 from restructuring and other charges. Our outlook for diluted earnings per share excluding the impacts of restructuring and related charges is unchanged.

-- Capital spending is targeted in the range of $15 million to $20 million.

-- The tax rate is anticipated to be in the range of 35 percent to 37 percent, absent any one-time tax items that may occur in the future.

-- Depreciation and amortization expense is targeted in the range of $48 million to $52 million.

Webcast and Replay Information

A webcast of Imation Corp.'s second quarter teleconference will be available on the Internet on a listen-only basis at http://ir.imation.com/ or http://www.streetevents.com/. A taped replay of the teleconference will be available beginning at 1:00 PM Central Daylight Time on July 22, 2008 until 5:00 PM Central Daylight Time on July 28, 2008 by dialing 866-837-8032 (access code 1249095). All remarks made during the teleconference will be current at the time of the call and the replay will not be updated to reflect any subsequent developments.

About Imation Corp.

Imation is a leading global marketer of brands and developer of products in digital storage and audio and video electronics. Imation Corp.'s global brand portfolio, in addition to the Imation brand, includes the Memorex brand, one of the most widely recognized names in the consumer electronics industry, famous for the slogan, "Is it live or is it Memorex?" and the XtremeMac brand. Imation is also the exclusive licensee of the TDK Life on Record brand, one of the world's leading recording media brands. Additional information about Imation is available at http://www.imation.com/.

Risk and Uncertainties

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

IMATION CORP. CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except for per share amounts) (Unaudited) Three Months Ended Six Months Ended June 30, June 30, ------------------ ------------------ 2008 2007 2008 2007 -------- ------- ------- ------- Net revenue $547.0 $412.8 $1,077.9 $834.7 Cost of goods sold 452.1 340.3 884.3 680.4 -------- ------- ------- ------- Gross profit 94.9 72.5 193.6 154.3 Selling, general and administrative 72.7 44.7 144.6 89.9 Research and development 6.0 9.6 12.6 22.0 Restructuring and other 4.0 20.8 4.7 21.4 -------- ------- ------- ------- Total 82.7 75.1 161.9 133.3 Operating income (loss) 12.2 (2.6) 31.7 21.0 Other (income) and expense Interest income (0.7) (2.5) (1.6) (5.0) Interest expense 0.3 0.3 1.0 0.6 Other, net 2.0 1.5 3.4 2.2 -------- ------- ------- ------- Total 1.6 (0.7) 2.8 (2.2) Income before income taxes 10.6 (1.9) 28.9 23.2 Income tax provision (benefit) 3.4 (0.5) 10.7 8.9 -------- ------- ------- ------- Net income (loss) $7.2 $(1.4) $18.2 $14.3 ======== ======== ======== ======== Earning per common share Basic $0.19 $(0.04) $0.48 $0.41 Diluted $0.19 $(0.04) $0.48 $0.41 Weighted average shares outstanding Basic 37.4 34.9 37.6 34.9 Diluted 37.5 34.9 37.7 35.3 Cash dividend paid per common share $0.16 $0.16 $0.32 $0.30 IMATION CORP. CONSOLIDATED BALANCE SHEETS (In millions) June 30, December 31, 2008 2007 ------------ ------------ (Unaudited) ASSETS Current assets Cash and cash equivalents $117.7 $135.5 Accounts receivable, net 394.7 507.1 Inventories, net 346.3 366.1 Other current assets 111.8 109.9 ------------ ------------ Total current assets 970.5 1,118.6 Property, plant and equipment, net 163.1 171.5 Intangible assets, net 366.5 371.0 Goodwill 60.7 55.5 Other assets 36.2 34.4 ------------ ------------ Total assets $1,597.0 $1,751.0 ============ ============ LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Accounts payable $287.1 $350.1 Accrued payroll 15.8 13.5 Other current liabilities 197.2 257.3 Current maturities of long-term debt - 10.0 ------------ ------------ Total current liabilities 500.1 630.9 Other liabilities 44.8 45.0 Long-term debt, less current maturities - 21.3 Shareholders' equity 1,052.1 1,053.8 ------------ ------------ Total liabilities and shareholders' equity $1,597.0 $1,751.0 ============ ============ IMATION CORP. SUPPLEMENTAL INFORMATION (Dollars in millions) (Unaudited) Segment and Product Information ------------------------------- Three months Three months ended June 30, ended June 30, 2008 2007 % Change --------------- -------------- -------- Rev $ % Total Rev $ % Total ------- ------- ------- ------- Americas 190.2 34.8% 229.4 55.6% -17.1% Europe 185.3 33.9% 126.7 30.7% 46.3% Asia Pacific 113.3 20.7% 56.7 13.7% 99.8% Electronic Products 58.2 10.6% - NM NM ------- ------- ------- ------- Total 547.0 100.0% 412.8 100.0% ======= ======= ======= ======= Rev $ % Total Rev $ % Total ------- ------- ------- ------- Optical products 264.3 48.3% 192.6 46.7% 37.2% Magnetic products 166.4 30.4% 150.4 36.4% 10.6% Flash media products 27.0 4.9% 42.8 10.4% -36.9% Electronic products, accessories and other 89.3 16.3% 27.0 6.5% 230.7% ------- ------- ------- ------- Total 547.0 100.0% 412.8 100.0% ======= ======= ======= ======= Op Inc Op Inc $ OI % (Loss)$ OI % ------- ------- ------- ------- Americas 17.5 9.2% 22.1 9.6% -20.8% Europe 7.2 3.9% 7.9 6.2% -8.9% Asia Pacific 8.0 7.1% 4.0 7.1% 100.0% Electronic Products 0.6 NM - NM NM Corp/Unallocated (1) (21.1) NM (36.6) NM NM ------- ------- ------- ------- Total 12.2 2.2% (2.6) -0.6% ======= ======= ======= ======= Six months Six months ended June 30, ended June 30, 2008 2007 % Change --------------- -------------- -------- Rev $ % Total Rev $ % Total ------- ------- ------- ------- Americas 404.9 37.6% 444.5 55.6% -8.9% Europe 361.4 33.5% 269.4 30.7% 34.1% Asia Pacific 227.6 21.1% 120.8 13.7% 88.4% Electronic Products 84.0 7.8% - NM NM ------- ------- ------- ------- Total 1,077.9 100.0% 834.7 100.0% ======= ======= ======= ======= Rev $ % Total Rev $ % Total ------- ------- ------- ------- Optical products 525.9 48.8% 385.3 46.2% 36.5% Magnetic products 344.5 32.0% 312.8 37.5% 10.1% Flash media products 53.9 5.0% 78.5 9.4% -31.3% Electronic products, accessories and other 153.6 14.2% 58.1 6.9% 164.4% ------- ------- ------- ------- Total 1077.9 100.0% 834.7 100.0% ======= ======= ======= ======= Op Inc $ OI % Op Inc $ OI % ------- ------- ------- ------- Americas 41.3 10.2% 46.6 10.5% -11.4% Europe 12.9 3.6% 19.0 7.1% -32.1% Asia Pacific 15.7 6.9% 10.4 8.6% 51.0% Electronic Products (2.1) NM - NM NM Corp/Unallocated (1) (36.1) NM (55.0) NM NM ------- ------- ------- ------- Total 31.7 2.9% 21.0 2.5% ======= ======= ======= ======= NM - Not meaningful (1) Corporate and unallocated amounts include research and development expense, corporate expense, stock-based compensation expense and restructuring and other expense that are not allocated to the segments we serve. We believe this avoids distorting the operating income for the segments. IMATION CORP. SUPPLEMENTAL INFORMATION (Dollars in millions) (Unaudited) Operations & Cash Flow - Additional Information ----------------------------------------------- Three Months Ended Six Months Ended (Dollars in millions) June 30, June 30, ------------------ ------------------ 2008 2007 2008 2007 ------- ------- ------- ------- Gross Profit $94.9 $72.5 $193.6 $154.3 Gross Margin % 17.3% 17.6% 18.0% 18.5% Operating Income (Loss) $12.2 $(2.6) $31.7 $21.0 Operating Income % 2.2% -0.6% 2.9% 2.5% Capital Spending $4.1 $4.0 $6.5 $9.4 Depreciation $6.7 $7.0 $13.4 $14.0 Amortization $6.0 $3.5 $11.9 $7.0 Tax Rate % 32% 26% 37% 38% Asset Utilization Information * -------------------------------- June 30, December 31, 2008 2007 ------------ ------------ Days Sales Outstanding (DSO) 61 64 Days of Inventory Supply 66 65 Debt to Total Capital 0.0% 3.0% Other Information ----------------- Approximate employee count as of June 30, 2008: 1,950 Approximate employee count as of December 31, 2007: 2,250 Book value per share as of June 30, 2008: $28.21 Shares used to calculate book value per share (millions): 37.3 Imation repurchased approximately 269,000 shares of its stock in the second quarter of 2008 for $7.0 million. Authorization for repurchase of 2.3 million shares remains outstanding as of June 30, 2008. * These operational measures, which we regularly use, are provided to assist in the investor's further understanding of our operations. Days Sales Outstanding is calculated using the count-back method, which calculates the number of days of most recent revenue that are reflected in the net accounts receivable balance. Days of Inventory Supply is calculated using the current period inventory balance divided by the average of the inventoriable portion of cost of goods sold for the previous 12 months expressed in days. Debt to Total Capital is calculated by dividing total debt (long term plus short term) by total shareholders' equity and total debt.

Imation Corp.

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

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

Phoenix Technologies Ltd. Reports Third Quarter FY2008 Financial ResultsRevenues Up 53% Year-over-Year and Significantly Above Expectations

MILPITAS, Calif., July 22 /PRNewswire-FirstCall/ -- Phoenix Technologies Ltd. , the global leader in core systems software, today announced its financial results for the third quarter of fiscal year 2008, which ended June 30, 2008.

Highlights for Q3 FY2008 included:

-- Total revenues grew 53% to $19.3 million, compared with $12.6 million in Q3 FY2007;

-- Gross margin expanded to 86% of revenues, compared with 81% in Q3 FY2007;

-- GAAP net loss was ($2.8 million), or ($0.10) per share, compared with a loss of ($1.8 million), or ($0.07) per share in Q3 FY2007;

-- On a non-GAAP basis, net income was $1.3 million, or $0.04 per diluted share, compared with a non-GAAP net loss of ($0.3) million, or ($0.01) per share in Q3 FY2007;

"We are very pleased to report an excellent fiscal third quarter in which we substantially exceeded revenue expectations and furthered our goal of embedding Phoenix's technologies at the very heart of the next generation of computers," stated Woody Hobbs, President and CEO of Phoenix Technologies. "The quarter reflects a continuation of the trends observed in recent quarters, including the ongoing strength in our core BIOS business with strong margins and cash flow. Simultaneously, we are building a new business around our PC 3.0(TM) vision for a revolutionary transformation of the PC user experience. We completed the acquisition of BeInSync, and immediately following the close of the quarter, TouchStone Software, giving us not only great new products and IP but exceptional engineering teams with which to accelerate the realization of that vision. We also announced multiple new strategic alliances with top tier industry partners for Phoenix FailSafe(TM) and HyperCore(TM) products and, perhaps most importantly, we executed and announced the first customer contracts for these exciting new products."

Richard Arnold, COO and CFO of Phoenix Technologies, stated, "Our core BIOS business continues to perform very well, with strong growth, operating margins and cash flow, and provides us the stable base on which to build as we migrate Phoenix to a multi-product, multi-channel business. We continue to make significant investments in research and development to support our expectations of high-growth FailSafe and HyperCore businesses and we have been very happy with our ability to attract a number of exceptional new engineers to our team. Our overall business continues to benefit from the continued strong global growth in shipments of portable computers, resulting in a total order backlog of more than $44 million at the end of the quarter, which provides us with excellent visibility into future period revenues."

Conference Call Dial-in Details:

The Company will conduct its regularly scheduled financial announcement conference call on Tuesday, July 22, 2008 at 5:30 a.m. PDT/8:30 a.m. EDT. Investors are invited to listen to a live audio web cast of the quarterly conference call on the investor relations section of the Company's website at http://www.phoenix.com/. A replay of the web cast will be available two hours after the conclusion of the call and will be available for 90 calendar days. Alternatively investors can listen to the conference call via telephone at: 877-795-3646 (U.S./Canada) or 719-325-4759 (international). An audio replay of the conference call will also be available approximately two hours after the conclusion of the call and will be available until Friday, July 25, 2008. The audio replay can be accessed by dialing 888-203-1112 (U.S./Canada) or 719-457- 0820 (international) and entering conference call ID 7840874.

About Phoenix Technologies

Phoenix Technologies Ltd. is the global market leader in system firmware that provides the most secure foundation for today's computing environments. The PC industry's top system builders and specifiers trust Phoenix to pioneer open standards and deliver innovative solutions that will help them differentiate their systems, reduce time-to-market and increase their revenues. The Company's flagship products and services -- AwardCore, SecureCore, FailSafe, HyperSpace, BeInSync and eSupport -- are revolutionizing the PC user experience by delivering unprecedented performance, security, reliability, continuity, and ease-of-use. The Company established industry leadership and created the PC clone industry with its original BIOS product in 1983. Phoenix has 155 technology patents and 139 pending applications, and has shipped in over one billion systems. Phoenix is headquartered in Milpitas, California with offices worldwide. For more information, visit http://www.phoenix.com/

Phoenix, Phoenix Technologies, Phoenix FailSafe, Phoenix HyperSpace, HyperCore, ManageSpace, BeInSync, eSupport and the Phoenix Technologies logo are trademarks and/or registered trademarks of Phoenix Technologies Ltd. All other trademarks are the property of their respective owners.

Use of Non-GAAP Financial Information

To supplement Phoenix's consolidated condensed financial statements presented on a GAAP basis, Phoenix also presents non-GAAP net income (loss) information in this press release. The adjustments in the current quarter consist principally of non-cash stock compensation expense as required according to Statement of Financial Accounting Standards (SFAS 123R). These non-GAAP adjustments, as well as management's reasons for providing non-GAAP information, are more fully described in the reconciliation between net income (loss) on a GAAP basis and non-GAAP net income (loss) provided in the financial statements which accompany this press release.

Safe Harbor

The statements set forth above include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding the Company's ability to maintain its current level of financial performance, the Company's vision for its new products and PC 3.0, and the benefits of our recent acquisitions. These statements involve risk and uncertainties, including: our dependence on key customers; our ability to successfully enhance existing products and develop and market new products and technologies; our ability to remain profitable; our ability to meet our capital requirements in the long-term and maintain positive cash flow from operations; our ability to attract and retain key personnel; product and price competition in our industry and the markets in which we operate; our ability to successfully compete in new markets where we do not have significant prior experience; end-user demand for products incorporating our products; the ability of our customers to introduce and market new products that incorporate our products; risks associated with any acquisition strategy that we might employ; results of litigation; failure to protect our intellectual property rights; changes in our relationship with leading software and semiconductor companies; the rate of adoption of new operating system and microprocessor design technology; risks associated with our international sales and operating internationally, including currency fluctuations, acts of war or terrorism, and changes in laws and regulations relating to our employees in international locations; whether future restructurings become necessary; our ability to increase the number of volume purchase agreements and pay-as-you-go arrangements with customers; any material weakness in our internal controls over financial reporting; changes in financial accounting standards and our cost of compliance; the effects of any software viruses or other breaches of our network security, power shortages and unexpected natural disasters; trends regarding the use of the x86 microprocessor architecture for personal computers and other digital devices; and changes in our effective tax rates. For a further list and description of risks and uncertainties that could cause actual results to differ materially from those contained in the forward looking statements in this release, we refer you to the Company's filings with the Securities and Exchange Commission, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. All forward- looking statements included in this document are based upon assumptions, forecasts and information available to the Company as of the date hereof, and the Company assumes no obligation to update any such forward-looking statements.

Investor Relations Contacts: Phoenix Technologies Ltd. Richard Arnold Chief Operating Officer and Chief Financial Officer Tel. +1 408 570 1256 investor_relations@phoenix.com The Piacente Group, Investor Relations Counsel Sanjay M. Hurry Tel. +1 212 481 2050 phoenix@thepiacentegroup.com PHOENIX TECHNOLOGIES LTD. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) (unaudited) June 30, September 30, 2008 2007 Assets Current assets: Cash and cash equivalents $46,101 $62,705 Accounts receivable, net of allowances 3,508 6,383 Escrow deposit 18,706 - Other assets - current 4,433 3,496 Total current assets 72,748 72,584 Property and equipment, net 3,258 2,791 Purchased technology and intangible assets, net 14,324 3,571 Goodwill 25,759 14,497 Other assets - noncurrent 3,003 1,037 Total assets $119,092 $94,480 Liabilities and stockholders' equity Current liabilities: Accounts payable $2,041 $1,186 Accrued compensation and related liabilities 4,193 3,922 Deferred revenue 14,042 11,805 Income taxes payable - current 3,401 11,733 Accrued restructuring charges - current 706 1,905 Other liabilities - current 5,700 1,744 Total current liabilities 30,083 32,295 Accrued restructuring charges - noncurrent 10 358 Income taxes payable - noncurrent 13,065 - Other liabilities - noncurrent 2,505 2,055 Total liabilities 45,663 34,708 Stockholders' equity: Preferred stock - - Common stock 28 28 Additional paid-in capital 222,804 206,800 Accumulated deficit (57,216) (55,311) Accumulated other comprehensive loss (509) (67) Less: Cost of treasury stock (91,678) (91,678) Total stockholders' equity 73,429 59,772 Total liabilities and stockholders' equity $119,092 $94,480 See notes to unaudited condensed consolidated financial statements PHOENIX TECHNOLOGIES LTD. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) (unaudited) Three months ended Nine months ended June 30, June 30, 2008 2007 2008 2007 Revenues: License fees $16,883 $10,678 $47,110 $26,077 Subscription fees 20 - 20 - Service fees 2,373 1,902 6,570 5,275 Total revenues 19,276 12,580 53,700 31,352 Cost of revenues: License fees 179 201 421 693 Subscription fees 20 - 20 - Service fees 2,161 1,811 5,678 5,768 Amortization of purchased intangible assets 373 333 444 916 Total cost of revenues 2,733 2,345 6,563 7,377 Gross margin 16,543 10,235 47,137 23,975 Operating expenses: Research and development 8,397 5,204 20,069 14,056 Sales and marketing 3,245 2,554 8,885 9,399 General and administrative 6,708 3,615 16,221 12,254 Restructuring 67 (14) 180 3,082 Total operating expenses 18,417 11,359 45,355 38,791 Income (loss) from operations (1,874) (1,124) 1,782 (14,816) Interest and other income (expenses), net 328 479 602 1,514 Income (loss) before income taxes (1,546) (645) 2,384 (13,302) Income tax expense 1,234 1,129 4,037 2,439 Net loss $(2,780) $(1,774) $(1,653) $(15,741) Loss per share: Basic and diluted $(0.10) $(0.07) $(0.06) $(0.61) Shares used in loss per share calculation: Basic and diluted 27,574 26,001 27,385 25,719 See notes to unaudited condensed consolidated financial statements PHOENIX TECHNOLOGIES LTD. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited) Three months ended Nine months ended June 30, March 31, June 30, June 30, 2008 2008 2007 2008 2007 Cash flows from operating activities: Net loss $(2,780) $(1,365) $(1,774) $(1,653) $(15,741) Reconciliation to net cash provided by (used in) operating activities: Depreciation and amortization 868 501 932 1,919 2,644 Stock-based compensation 3,605 3,665 1,169 8,292 3,924 Loss from disposal of fixed assets (17) - 24 16 51 Change in operating assets and liabilities: Accounts receivable 524 942 1,629 2,785 3,232 Prepaid royalties and maintenance 6 3 18 38 86 Other assets 663 (882) 745 113 1,835 Accounts payable 652 (177) (618) 649 (2,177) Accrued compensation and related liabilities 322 645 162 34 (874) Deferred revenue (387) 2,267 1,924 2,077 4,148 Income taxes 1,104 1,755 938 4,311 1,281 Accrued restructuring charges (132) (246) (910) (1,608) (3,186) Other accrued liabilities (888) 348 138 (10) (1,618) Net cash provided by (used in) operating activities 3,540 7,456 4,377 16,963 (6,395) Cash flows from investing activities: Proceeds from sales of marketable securities - - 10,279 - 113,714 Proceeds from maturities of marketable securities - - (7,500) - 1,000 Purchases of marketable securities - - - - (89,125) Purchases of property and equipment (1,027) (316) (273) (1,958) (373) Funds held in escrow (18,706) - - (18,706) - Acquisition of businesses, net of cash acquired (17,715) - - (17,715) - Net cash provided by (used in) investing activities (37,448) (316) 2,506 (38,379) 25,216 Cash flows from financing activities: Proceeds from stock purchases under stock option and stock purchase plans 1,173 1,355 3,582 4,723 5,154 Net cash provided by financing activities 1,173 1,355 3,582 4,723 5,154 Effect of changes in exchange rates (149) 191 (4) 89 36 Net increase in cash and cash equivalents (32,884) 8,686 10,461 (16,604) 24,011 Cash and cash equivalents at beginning of period 78,985 70,299 48,293 62,705 34,743 Cash and cash equivalents at end of period $46,101 $78,985 $58,754 $46,101 $58,754 Supplemental disclosure of cash flow information: Non-cash financing activity: Fair value of stock issued in connection with acquisition 2,985 2,985 See notes to unaudited condensed consolidated financial statements PHOENIX TECHNOLOGIES LTD. RECONCILIATION OF GAAP TO NON-GAAP NET INCOME (LOSS) AND NET EARNINGS (LOSS) PER SHARE (in thousands, except per share data) (unaudited) Three months ended Nine months ended June 30, March 31, June 30, June 30, 2008 2008 2007 2008 2007 GAAP net loss $(2,780) $(1,365) $(1,774) $(1,653) $(15,741) Equity-based compensation expense (1) under SFAS No. 123(R) 3,605 3,665 1,169 8,292 3,872 Restructuring (2) 67 44 (14) 180 3,082 Amortization of (3) purchased intangible assets 373 - 333 444 916 Non-GAAP net income (loss) $1,265 $2,344 $(286) $7,263 $(7,871) Non-GAAP earnings (loss) per share: Basic $0.05 $0.09 $(0.01) $0.27 $(0.31) Diluted $0.04 $0.08 $(0.01) $0.25 $(0.31) Shares used in earnings (loss) per share calculation: Basic 27,574 27,431 26,001 27,385 25,719 Diluted 29,253 29,514 26,001 29,145 25,719

These adjustments reconcile the Company's GAAP net loss to the reported non-GAAP net income (loss). The Company believes that presentation of net income and net income per share excluding equity-based compensation, restructuring cost, and amortization of purchased intangible assets provides meaningful supplemental information to investors, as well as management, that is indicative of the Company's core operating results and facilitates comparison of operating results across reporting periods as well as comparison with other companies. The Company uses these non-GAAP measures when evaluating its financial results as well as for internal planning and budgeting purposes. Equity-based compensation is excluded from non-GAAP results because management believes it is useful to investors to understand how the expense associated with the adoption of SFAS No. 123(R) are reflected in net income (loss). Restructuring costs are excluded from non-GAAP financial results since they may not be considered directly related to our on-going business operations. Amortization of purchased intangible assets, principally purchased technology, is excluded from non-GAAP financial results since it generally cannot be changed by management after an acquisition has occurred. These non-GAAP measures should not be viewed as a substitute for the Company's GAAP results, and may be different than non-GAAP measures used by other companies.

(1) This number represents equity-based compensation expense related to the Company's adoption of SFAS No. 123(R) beginning October 1, 2005. For the three months ended June 30, 2008, equity-based compensation was $3.6 million, allocated as follows: $0.2 million to cost of goods sold, $1.0 million to research and development, $0.4 million to sales and marketing and $2.0 million to general and administrative. For the three months ended March 31, 2008, equity-based compensation was $3.7 million, allocated as follows: $0.1 million to cost of goods sold, $1.0 million to research and development, $0.4 million to sales and marketing and $2.2 million to general and administrative. For the three months ended June 30, 2007, equity-based compensation was $1.2 million, allocated as follows: $0.1 million to cost of goods sold, $0.4 million to research and development, $0.2 million to sales and marketing and $0.5 million to general and administrative. For the nine months ending June 30, 2008, equity-based compensation was $8.3 million, allocated as follows: $0.4 million to cost of goods sold, $2.1 million to research and development, $1.0 million to sales and marketing and $4.8 million to general and administrative. For the nine months ending June 30, 2007, equity-based compensation was $3.9 million, allocated as follows: $0.2 million to cost of goods sold, $1.0 million to research and development, $0.7 million to sales and marketing and $2.0 million to general and administrative. Management believes that it is useful to investors to understand how the expenses associated with the adoption of SFAS No. 123(R) are reflected in net income.

The quarter ended March 31, 2008 is the first quarter during in which the Company reported equity-based compensation expense under SFAS No. 123(R) in respect of stock options granted to the Company's four most senior executives as approved by the Company's stockholders on January 2, 2008 (the "Performance Options"). Of the $3.7 million of equity-based compensation for the three moths ended March 31, 2008, $2.0 million was due to equity-based compensation expense which resulted from the grant of the Performance Options. Of the $3.6 million of equity-based compensation for the three moths ended June 30, 2008, $1.9 million was due to equity-based compensation expense which resulted from the grant of the Performance Options.

(2) The Company has incurred restructuring expenses, included in its GAAP presentation of operating expense, primarily due to workforce related charges such as payments for severance and benefits and estimated costs of exiting and terminating facility lease commitments related to formal restructuring plans approved by the Board of Directors in June 2006, in September 2006, November 2006 and September 2007. For the three months ended June 30, 2008, cost related to exiting and terminating 2 facility leases totaled approximately $0.1 million due to a change in estimate of sublease income. For the three months ended March 31, 2008, cost related to exiting and terminating 2 facility leases totaled approximately $47,000 and severance and benefits decreased for over accrued employer taxes of approximately $3,000. For the three months ending June 30, 2007, no restructuring costs were incurred, and the Company paid all remaining obligations for severance and benefits and costs of exiting and terminating facility lease commitments related to the formal restructuring plans approved by the Board of Directors in June 2006, September 2006, and November 2006. For the nine months ending June 30, 2008, restructuring costs were $0.2 million which were composed of severance and benefits costs of approximately $80,000 and facilities lease costs of approximately $0.1 million. For the nine months ending June 30, 2007, restructuring costs were $3.1 million. The severance and benefits costs totaled $1.8 million. Included as part of the total severance and benefits cost, the Company decreased the September and November 2006 restructuring reserves by $0.1 million due to a revised projection of outplacement and health insurance benefits liability. Costs related to terminating facility leases totaled $1.3 million. Included as part of the total lease termination cost, the Company decreased the fiscal year 2003 restructuring reserve for the Irvine facility by $0.1 million due to a revised projection of the liability over the remaining term of the lease. The Company believes that these items do not reflect expected future operating expenses nor does the Company believe that they provide a meaningful evaluation of current versus past operational performance.

(3) This number represents amortization of purchased intangible assets, principally purchased technology, in accordance with SFAS No. 144, "Accounting for the Impairment or Disposal of Long-Lived Assets" ("SFAS No. 144") and SFAS No. 86, "Accounting for the Costs of Computer Software to Be Sold, Leased, or Otherwise Marketed" ("SFAS No. 86"). For the three months ended June 30, 2008, amortization of purchased intangible assets was $0.4 million allocated to cost of goods sold. For the three months ended March 31, 2008, there was no amortization of purchased intangible assets. For the three months ended June 30, 2007, amortization of purchased intangible assets was $0.3 million allocated to cost of goods sold. For the nine months ending June 30, 2008, amortization of purchased intangible assets was $0.4 million allocated to cost of goods sold. For the nine months ending June 30, 2007, amortization of purchased intangible assets was $0.9 million allocated to cost of goods sold. Future acquisitions may cause amortization expenses to be higher than these amounts.

(Logo: http://www.newscom.com/cgi-bin/prnh/20070410/SFTU048LOGO)

Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20070410/SFTU048LOGO
AP Archive: http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com Phoenix Technologies Ltd.

CONTACT: Richard Arnold, Chief Operating Officer and Chief Financial
Officer of Phoenix Technologies Ltd., +1-408-570-1256,
investor_relations@phoenix.com; or Investor Relations Counsel, Sanjay M. Hurry
of The Piacente Group, +1-212-481-2050, phoenix@thepiacentegroup.com, for
Phoenix Technologies Ltd.

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

Concur Connect Establishes More Connections With Leading Travel Suppliers to Deliver Full Content and E-Receipts to Power Smart ExpensesAvis Budget Group, SNCF, SWABIZ join other key suppliers all now connected to over $35 billion of spend driven by Concur's over 7,000 clients from around the world

REDMOND, Wash., July 22 /PRNewswire-FirstCall/ -- Concur the world's leading provider of on-demand business services that automate Employee Spend Management, today announced that several industry-leading suppliers -- including Avis/Budget, SNCF, SWABIZ (Southwest Business), Volaris and Interjet -- have been added to the growing list of vendors participating in Concur(R) Connect -- the global program that connects suppliers from around the world to over $35 billion of spend driven by Concur's over 7,000 clients. Suppliers participating in this program are able to provide Concur clients with direct access to their travel inventory and content and deliver complete electronic folio data in the form of e-receipts directly into Concur(R) Travel & Expense.

Concur Connect gives clients exclusive access to services otherwise unavailable through traditional managed travel programs, but doesn't just stop at reservations like other content aggregators. Concur uses industry-exclusive technology to gather e-receipts, automate expense reporting and deliver Smart Expenses(TM) -- Concur's industry-first innovation that completely shatters the notion of the traditional expense report. By matching the three trusted sources of corporate travel data -- itinerary, corporate card and industry- exclusive e-receipts -- Concur enables organizations to automatically complete the expense report on the employee's behalf, making One Touch Business Travel(TM) a reality.

"For too long, companies have suffered from a lack of direct access to the travel content that they need to manage their corporate travel programs from a global perspective," said Rajeev Singh, president and chief operating officer for Concur. "This is in addition to the frustration they have in reconciling what was booked with what was actually spent. Concur Connect solves these issues globally, by delivering exclusive access to content from leading global travel suppliers directly through Concur's online booking experience, while also enabling these same suppliers to provide e-receipts that power the Smart Expenses that are helping clients eliminate the traditional expense report. The results are frictionless transactions for both corporate travel buyers and travel suppliers, a seamless experience for business travelers and greater control and efficiency to help our clients drive down costs."

These newly added suppliers join other recently added suppliers including Hilton Hotels Corporation, Choice Hotels International, Intercontinental Hotels Group, RideCharge, Deutsche Bahn and many others who are participating in Concur Connect to provide clients with exclusive access to content, inventory, programs and e-receipts. This industry-leading innovation ensures that every Concur client has access to the travel content and programs they need to help them manage and drive costs out of their corporate travel program. Visitors to Concur's National Business Travel Association (NBTA) International Convention & Exposition booth (#739) in Los Angeles, CA on July 28 will see how Concur's industry-leading travel and expense management service -- Concur Travel & Expense -- delivers access to Concur Connect suppliers.

About Concur

Concur is the world's leading provider of on-demand Employee Spend Management services. Concur enables organizations to globally control costs by automating the processes they use to manage employee spending. Concur's end-to-end solutions seamlessly unite online travel booking with automated expense reporting, streamline meeting management and optimize the process of managing vendor payments, employee check requests and direct reimbursements. Organizations of all sizes trust Concur to help them control spend before it occurs while eliminating paper and optimizing supplier relations. Concur's unified approach to managing employee spend delivers a 360° view into all employee expenses, helping companies globally enforce policies and monitor vendor compliance, while delivering unprecedented control and valuable insight. Concur's suite of on-demand services reach millions of employees across thousands of organizations around the world -- streamlining business processes, reducing operating costs, improving internal controls and providing enhanced visibility and actionable expense analysis. More information about Concur is available at http://www.concur.com/.

Concur

CONTACT: Stefanie Johansen of Weber Shandwick, +1-425-452-5468,
sjohansen@webershandwick.com, for Concur

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

Three Tellabs Products Set Quarterly Revenue RecordsTellabs reports second-quarter revenue of $432 million

NAPERVILLE, Ill., July 22 /PRNewswire-FirstCall/ -- Tellabs' second-quarter 2008 revenue totaled $432 million, down 19% from $535 million in the second quarter of 2007. International revenue rose 20% to $145 million, up from $121 million in the year-ago quarter.

Tellabs earned $39 million or 10 cents per share on a GAAP (U.S. generally accepted accounting principles) basis, including a one-time benefit of $35 million or 9 cents per share resulting from the favorable completion of IRS audits. In the second quarter of 2007, Tellabs earned $30 million or 7 cents per share on a GAAP basis.

On a non-GAAP basis, Tellabs earned $52 million or 13 cents per share, including a one-time benefit of $35 million or 9 cents per share resulting from the favorable completion of IRS audits. This compares with $38 million or 9 cents per share in the year-ago quarter. Non-GAAP results exclude a pretax charge of $18.9 million, which includes $7.9 million or 1.3 cents per share in equity-based compensation expense.

In the second quarter of 2008, GAAP and non-GAAP gross profit margins were 35%, better than expected, as:

-- Tellabs' gross profit margin improvements on the Tellabs 7100 system resulted from cost reductions, additional customers and a beneficial mix including more transponder cards. -- Tellabs' gross profit margin improvements on the Tellabs 1600 optical network terminals resulted from lower shipments and cost reductions. -- Other Tellabs' gross profit margin improvements resulted from aggressive cost management and a favorable product and customer mix.

In the first quarter of 2008, GAAP gross profit margins were 38% and non-GAAP gross profit margins were 39%.

"Three Tellabs products delivered record quarterly revenues in a tough market, and we're encouraged that Tellabs' innovations are gaining traction with customers worldwide," said Rob Pullen, Tellabs president and chief executive officer. "As we continued to apply focus and discipline, our second-quarter gross profit margins outperformed our expectations."

Broadband -- Second-quarter 2008 revenue from the broadband segment totaled $231 million, down 6% from $246 million in the second quarter of 2007. Within the broadband segment:

-- Data (multiservice routers) revenue was $45 million, up 28% from $35 million in the year-ago quarter. Quarterly revenue from the new Tellabs(R) 8600 managed edge system reached a new high. -- Access revenue was $103 million, down 23% from $135 million in the year-ago quarter. -- Managed access revenue was $83 million, up 8% from $77 million in the year-ago quarter. Quarterly revenue from the Tellabs(R) 6300 managed access system reached a new high.

Transport -- Second-quarter 2008 transport revenue totaled $141 million, down 37% from $223 million in the year-ago quarter. Quarterly revenue from the Tellabs(R) 7100 optical transport system reached a new high, excluding deferred revenue recognized in the year-ago quarter. During the second quarter of 2008, Tellabs recognized revenue from two Tellabs 7100 system customers outside the United States.

Services -- Second-quarter 2008 services revenue was $60 million, down 8% from $66 million in the year-ago quarter.

Third-Quarter 2008 Guidance -- The following statements are forward-looking statements that are based on current expectations and involve risks and uncertainties, some of which are set forth below. Given normal third-quarter seasonality, Tellabs expects third-quarter revenue to be flat to slightly down; the company also sees macroeconomic risks in the economy, in enterprise spending and in customers' capital expenditures. Non-GAAP gross margin is expected to be flat, plus or minus, based on product and customer mix. Non-GAAP operating expenses are expected to continue on a downward trajectory from the second quarter of 2008, as a result of the $100 million cost and operating expense reduction plan announced in January. Non-GAAP gross margin excludes about $1 million in equity-based compensation expense. Non-GAAP operating expense excludes about $4 million in equity-based compensation expense.

Share Repurchase -- Since 2005, Tellabs has repurchased 93.1 million shares at a cost of $804 million (about 20% of shares outstanding). Under previously announced share repurchase programs, Tellabs spent approximately $1 million to repurchase 0.2 million shares during the second quarter of 2008. Tellabs significantly curtailed share repurchases during the second quarter, as it re-evaluates uses of cash as it works to position the company for future growth, and in light of capital market conditions.

Simultaneous Webcast and Teleconference Replay -- Tellabs will host an investor teleconference at 7:30 a.m. Central Daylight Time today to discuss its second-quarter 2008 results and provide its outlook for the third quarter of 2008. Internet users can hear a simultaneous webcast of the teleconference at http://www.tellabs.com/; click on the webcast icon. A taped replay of the call will be available beginning at approximately 10:30 a.m. Central Daylight Time today, until midnight Central Daylight Time on Thursday, July 24, at 800-642-1687. (Outside the United States, call 706-645-9291.) When prompted, enter the Tellabs conference ID number: 54800101. A podcast of the call will be available at http://www.tellabs.com/news/feeds/ later today.

Tellabs advances telecommunications networks to meet the evolving needs of users. Solutions from Tellabs enable service providers to deliver high-quality voice, video and data services over wireline and wireless networks around the world. Tellabs is part of the NASDAQ Global Select Market, Ocean Tomo 300(TM) Patent Index and the S&P 500. http://www.tellabs.com/

Forward-Looking Statements -- This news release, which includes the results of operations discussion that follows, contains forward-looking statements, including but not limited to the guidance information contained in this release that involve risks and uncertainties. Actual results may differ from the results discussed in the forward-looking statements. Factors that might cause such a difference include, but are not limited to, risks associated with: the competitive landscape, including pricing and margin pressures, the response of customers and competitors, industry consolidation, the introduction of new products, the entrance into new markets, the ability to secure necessary resources, the ability to realize anticipated savings under our cost-reduction initiatives, and the economic changes generally impacting the telecommunications industry. The company undertakes no obligation to revise or update these forward-looking statements to reflect events or circumstances after today or to reflect the occurrence of unanticipated events. For a more detailed description of the risk factors, please refer to the company's SEC filings.

Tellabs and Tellabs logo are registered U.S. trademarks of Tellabs Operations, Inc. in the United States and/or in other countries.

TELLABS, INC. CONSOLIDATED STATEMENTS OF INCOME Unaudited Second Quarter Six Months In millions, except per-share data 6/27/08 6/29/07 6/27/08 6/29/07 Revenue Products $372.2 $469.0 $780.2 $879.0 Services 60.3 65.5 116.4 107.4 Total revenue 432.5 534.5 896.6 986.4 Cost of Revenue Products 243.0 307.1 485.8 540.1 Services 39.3 39.8 82.7 72.8 Total cost of revenue 282.3 346.9 568.5 612.9 Gross Profit 150.2 187.6 328.1 373.5 Gross profit as a percentage of revenue 34.7% 35.1% 36.6% 37.9% Gross profit as a percentage of revenue - products 34.7% 34.5% 37.7% 38.6% Gross profit as a percentage of revenue - services 34.8% 39.2% 29.0% 32.2% Operating Expenses Research and development 78.6 85.3 159.3 169.8 Sales and marketing 43.2 44.4 86.6 90.2 General and administrative 25.2 24.7 51.3 51.3 Intangible asset amortization 5.6 5.7 11.2 11.3 Restructuring and other charges 5.4 - 14.1 - Total operating expenses 158.0 160.1 322.5 322.6 Operating (Loss) Earnings (7.8) 27.5 5.6 50.9 Other Income Interest income, net 10.5 13.4 20.4 25.2 Other income, net 1.7 0.3 2.3 0.6 Total other income 12.2 13.7 22.7 25.8 Earnings Before Income Tax 4.4 41.2 28.3 76.7 Income tax benefit (expense) 34.6 (11.6) 27.3 (21.6) Net Earnings $39.0 $29.6 $55.6 $55.1 Net Earnings Per Share Basic $0.10 $0.07 $0.14 $0.13 Diluted $0.10 $0.07 $0.14 $0.12 Weighted Average Shares Outstanding Basic 397.5 438.1 402.7 438.1 Diluted 398.5 443.3 403.6 443.2 TELLABS, INC. CONSOLIDATED BALANCE SHEETS 6/27/08 12/28/07 In millions, except share data Unaudited Assets Current Assets Cash and cash equivalents $208.6 $213.0 Investments in marketable securities 987.7 1,005.5 Total cash and investments 1,196.3 1,218.5 Other marketable securities 249.3 291.0 Accounts receivable, net of allowances of $2.2 and $3.0 321.8 363.8 Inventories Raw materials 34.8 35.3 Work in process 11.0 11.7 Finished goods 135.8 124.2 Total inventories 181.6 171.2 Income taxes 11.5 10.6 Miscellaneous receivables and other current assets 57.8 56.6 Total Current Assets 2,018.3 2,111.7 Property, Plant and Equipment Land 21.8 21.2 Buildings and improvements 214.0 209.6 Equipment 445.6 439.3 Total property, plant & equipment 681.4 670.1 Accumulated depreciation (393.2) (367.7) Property, plant and equipment, net 288.2 302.4 Goodwill 1,113.3 1,110.5 Intangible Assets, net of amortization 55.8 67.0 Other Assets 154.1 155.0 Total Assets $3,629.7 $3,746.6 Liabilities and Stockholders' Equity Current Liabilities Accounts payable $84.0 $91.3 Accrued compensation 59.2 49.1 Restructuring and other charges 12.5 10.8 Income taxes 58.5 83.8 Stock loan 249.3 291.0 Deferred revenue 41.5 30.0 Other accrued liabilities 105.9 117.0 Total Current Liabilities 610.9 673.0 Long-Term Restructuring Liabilities 10.8 14.4 Income Taxes 70.9 78.9 Other Long-Term Liabilities 65.2 67.0 Stockholders' Equity Preferred stock: authorized 5,000,000 shares of $0.01 par value; no shares issued and outstanding - - Common stock: authorized 1,000,000,000 shares of $0.01 par value; 494,186,578 and 493,900,528 shares issued 4.9 4.9 Additional paid-in capital 1,475.7 1,459.5 Treasury stock, at cost: 96,911,847 and 75,177,591 shares (940.0) (796.7) Retained earnings 2,168.9 2,113.3 Accumulated other comprehensive income 162.4 132.3 Total Stockholders' Equity 2,871.9 2,913.3 Total Liabilities and Stockholders' Equity $3,629.7 $3,746.6 TELLABS, INC. CONSOLIDATED STATEMENTS OF CASH FLOW (Unaudited) Six Months 6/27/08 6/29/07 In millions Operating Activities Net earnings $55.6 $55.1 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization 44.8 46.6 Equity-based compensation 15.9 17.1 Deferred income taxes (22.1) 7.6 Excess tax benefits from equity-based compensation - (2.1) Restructuring and other charges 14.1 - Other than temporary impairment charge 1.4 - Net changes in assets and liabilities: Accounts receivable 69.9 27.6 Inventories (4.2) (5.9) Miscellaneous receivables and other current assets 3.4 (3.8) Other assets 20.4 3.0 Accounts payable (17.3) (34.0) Restructuring and other charges (16.0) (4.0) Deferred revenue 11.5 (9.5) Other accrued liabilities (2.2) (25.7) Income taxes (27.8) (15.1) Other long-term liabilities (6.5) 2.9 Net Cash Provided by Operating Activities 140.9 59.8 Investing Activities Capital expenditures (17.8) (25.7) Disposals of property, plant and equipment 4.7 1.3 Payments for purchases of investments (688.7) (594.4) Proceeds from sales and maturities of investments 697.8 685.7 Net Cash (Used for) Provided by Investing Activities (4.0) 66.9 Financing Activities Proceeds from issuance of common stock under stock plans 0.4 14.7 Repurchase of common stock (143.3) (35.8) Excess tax benefits from stock-based compensation - 2.1 Net Cash Used for Financing Activities (142.9) (19.0) Effect of Exchange Rate Changes on Cash 1.6 1.4 Net (Decrease) Increase in Cash and Cash Equivalents (4.4) 109.1 Cash and Cash Equivalents - Beginning of Year 213.0 153.6 Cash and Cash Equivalents - End of Period $208.6 $262.7 Forward-Looking Statements

This presentation contains forward-looking statements made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements reflect management's expectations, estimates and assumptions, based on the information available at the time the document was prepared. These forward-looking statements include, but are not limited to, statements regarding future events, plans, goals, objectives and expectations. The words "anticipate," "believe," "foreseeable," "estimate," "target," "expect," "predict," "plan," "project," "intend," "likely," "possible," "will," "would," "should," "could," "may," "continue" and similar expressions are intended to identify forward-looking statements.

RESULTS OF OPERATIONS

For the second quarter of 2008, our revenue was $432.5 million, down 19.1% from $534.5 million in the second quarter of 2007, primarily due to lower revenue from our digital cross-connects and access products. Year-to-date, revenue was $896.6 million, down 9.1% from $986.4 million in 2007. Revenue declines in the first six months of 2008 for our Broadband and Transport segments were partially offset by higher revenue in our Services segment.

Consolidated gross margin was 34.7% in the second quarter, down 0.4 percentage points from 35.1% in the second quarter of 2007. Improved products gross margin was offset by lower services gross margin. On a six-month basis, consolidated gross margin declined by 1.3 percentage points to 36.6% from 37.9% in 2007. The impact from a product-mix shift and lower services gross margin was partially offset by cost reductions.

Operating expenses decreased by $2.1 million to $158.0 million in the second quarter of 2008, compared with $160.1 million in the second quarter of 2007. Excluding restructuring and other charges, our operating expenses decreased by $7.5 million, led by savings from our previously announced cost-reduction program pursuant to which we expect to reduce annual costs and expenses by approximately $100 million by 2009. On a six-month basis, operating expenses were $322.5 million, flat compared with the first six months of 2007. Excluding restructuring and other charges, our operating expenses decreased by $14.2 million, led by savings from our previously announced cost-reduction program.

Net earnings for the second quarter of 2008 were $39.0 million or $0.10 per share (basic and diluted) compared with $29.6 million or $0.07 per share (basic and diluted) in the same period of 2007. In the second quarter of 2008, we had a benefit of $34.8 million or $0.09 per share (basic and diluted), related to the resolution of federal income tax audits for the periods 2001 through 2005. Net earnings for the six-month period in 2008 were $55.6 million or $0.14 per share (basic and diluted) compared with $55.1 million or $0.13 per basic share and $0.12 per diluted share for the first six months of 2007.

Revenue (in millions) Second Quarter Six Months 2008 2007 Change 2008 2007 Change Products $372.2 $469.0 (20.6%) $780.2 $879.0 (11.2%) Services 60.3 65.5 (7.9%) 116.4 107.4 8.4% Total revenue $432.5 $534.5 (19.1%) $896.6 $986.4 (9.1%)

Revenue from products decreased $96.8 million in the second quarter of 2008 compared with the second quarter of 2007. On a six-month basis, revenue from products decreased $98.8 million compared with the first six months of 2007. The decrease for both time periods was due to lower Broadband segment and Transport segment revenue. Broadband segment revenue was lower from our access products, partially offset by higher revenue from data products. Within Broadband, our managed access product revenue was higher for the second quarter but down for the first six months. Revenue declines in our Transport segment for both time periods were due to lower revenue from our digital cross-connects. In the second quarter of 2008, revenue was slightly lower from our Tellabs 7100 Optical Transport System(R) (OTS) from the comparable period in 2007 when we recognized $38.9 million of deferred revenue related to this product. For the first six months of 2008, our revenue for this product significantly improved despite the inclusion of recognition of deferred revenue in the prior year.

Services revenue decreased $5.2 million in the second quarter of 2008 compared with the same period in 2007. Deployment services revenue decreased due to the recognition of $6.1 million of deferred revenue in the second quarter of 2007 for the rollout of the Tellabs 7100 OTS, while professional services revenue increased. On a six-month basis, services revenue increased $9.0 million compared with the first six months of 2007. Our professional and support services revenue increased, which more than offset the decrease in our deployment services revenue.

On a geographic basis, revenue from customers in North America was $287.3 million in the second quarter of 2008, down 30.5% from the year ago quarter. Revenue from customers outside North America was $145.2 million in the second quarter of 2008, up 19.7% from the year ago quarter. On a six-month basis, North America revenue was $636.8 million, down 15.6% from a year ago. Revenue from customers outside North America was $259.8 million, up 12.1% from a year ago. For the quarter and first six months of 2008, our revenue from customers outside North America benefited from the strengthening of the Euro against the US Dollar.

Gross Margin Second Quarter Six Months % Point % Point 2008 2007 Change 2008 2007 Change Products 34.7% 34.5% 0.2% 37.7% 38.6% (0.9%) Services 34.8% 39.2% (4.4%) 29.0% 32.2% (3.2%) Consolidated 34.7% 35.1% (0.4%) 36.6% 37.9% (1.3%)

Our products gross margin slightly improved in the second quarter compared with the same period in 2007 primarily due to cost reductions on our Tellabs 7100 OTS largely offset by the impact from a shift to lower margin products. For the first six months of 2008, our products gross margin decreased compared with the same period in 2007. The decrease was primarily due to a product mix shift with fewer digital cross-connects, which was partially offset by margin improvements on our Tellabs 7100 OTS and optical network terminal (ONT).

Our services gross margin decreased in the second quarter and first six months of 2008 compared with the same periods in 2007. The decline was due to lower deployment services revenue and an increase in expenses to expand our services business outside North America.

Operating Expenses (in millions) Second Quarter Percent of Revenue 2008 2007 Change 2008 2007 Research and development $78.6 $85.3 ($6.7) 18.2% 16.0% Sales and marketing 43.2 44.4 (1.2) 10.0% 8.3% General and administrative 25.2 24.7 0.5 5.8% 4.6% Subtotal 147.0 154.4 (7.4) 34.0% 28.9% Intangible asset amortization 5.6 5.7 (0.1) Restructuring and other charges 5.4 - 5.4 Total operating expenses $158.0 $160.1 ($2.1) Six Months Percent of Revenue 2008 2007 Change 2008 2007 Research and development $159.3 $169.8 ($10.5) 17.8% 17.2% Sales and marketing 86.6 90.2 ($3.6) 9.7% 9.1% General and administrative 51.3 51.3 - 5.7% 5.2% Subtotal 297.2 311.3 (14.1) 33.1% 31.6% Intangible asset amortization 11.2 11.3 (0.1) Restructuring and other charges 14.1 - 14.1 Total operating expenses $322.5 $322.6 ($0.1)

Operating expenses decreased by $2.1 million to $158.0 million in the second quarter of 2008, compared with $160.1 million in the second quarter of 2007. Excluding restructuring and other charges, our operating expenses decreased by $7.5 million. For the first six months of 2008, operating expenses decreased by $0.1 million to $322.5 million compared with the same period in 2007. Excluding restructuring and other charges, our operating expenses decreased by $14.2 million. Decreased operating expenses in the second quarter and the first six months of 2008 reflect savings from our previously announced cost-reduction program. General and administrative expenses in the second quarter and first six months of 2008 included an increase in legal expenses as a result of our current lawsuits.

Our restructuring and other charges for the second quarter of 2008 were primarily for accelerated depreciation and fixed asset write downs due to the consolidation of several facilities and the discontinuation of the Tellabs 8865(R) optical line terminal announced in April 2008. For the first six months of 2008, restructuring and other charges were for severance and facility-related costs and reflect our $100 million cost-reduction program, announced in the first quarter of 2008, as well as the previously mentioned consolidation of several facilities announced in April 2008.

$100 million Cost-Reduction Program

On January 21, 2008, our management committed to a plan to improve gross profit margins and reduce operating expenses. Through this plan, the restructuring plan announced in September 2007 and other cost saving initiatives, we expect to achieve approximately $100 million in savings by 2009. Reductions will include approximately $75 million from annual operating expenses and $25 million from overhead costs of products and services. During the first six months of 2008, we realized approximately $31 million of annualized cost savings in operating expenses and $10 million of annualized savings in overhead costs of products and services affecting gross margin.

Other Income (in millions) Second Quarter Six Months 2008 2007 Change 2008 2007 Change Interest income, net $10.5 $13.4 ($2.9) $20.4 $25.2 ($4.8) Other income, net 1.7 0.3 1.4 2.3 0.6 1.7 Total $12.2 $13.7 ($1.5) $22.7 $25.8 ($3.1)

Interest income, net, was lower in the second quarter of 2008 and first six months of 2008 compared with 2007 due to lower invested balances and lower interest rates. Other income, net, was higher in the second quarter and first six months of 2008 compared with the same periods in 2007 due primarily to net gains from the sale of investments in marketable securities and foreign exchange gains.

Income Taxes

For the second quarter of 2008 we recorded an income tax benefit of $34.6 million compared with an income tax expense of $11.6 million for the second quarter of 2007. For the first six months of 2008, we recorded an income tax benefit of $27.3 million compared with an income tax expense of $21.6 million for the first six months of 2007. During the quarter we recorded a tax benefit of $34.8 million related to the resolution of federal income tax audits for the periods 2001 through 2005. Excluding this benefit, our income tax rate was 5.3% for the second quarter of 2008 and 26.2% for the first six months of 2008 compared with 28.1% in the comparable periods of 2007. The change in our effective tax rate, excluding the impact of audit settlements, reflects a shift in earnings to lower tax jurisdictions.

Segments Segment Revenue (in millions) Second Quarter Six Months 2008 2007 Change 2008 2007 Change Broadband $231.5 $246.4 (6.0%) $433.6 $465.1 (6.8%) Transport 140.7 222.6 (36.8%) 346.6 413.9 (16.3%) Services 60.3 65.5 (7.9%) 116.4 107.4 8.4% Total revenue $432.5 $534.5 (19.1%) $896.6 $986.4 (9.1%) Segment Profit (Loss)* (in millions) Second Quarter Six Months 2008 2007 Change 2008 2007 Change Broadband $23.1 ($0.8) n/a $31.8 ($15.6) n/a Transport 30.8 81.0 (62.0%) 110.0 191.9 (42.7%) Services 22.0 26.4 (16.7%) 35.7 36.3 (1.7%) Total revenue $75.9 $106.6 (28.8%) $177.5 $212.6 (16.5%)

*We define segment profit (loss) as gross profit less research and development expenses. Segment profit excludes sales and marketing expenses, general and administrative expenses, the amortization of intangibles, restructuring and other charges, and the impact of equity-based compensation (which contains restricted stock and performance stock units granted after June 30, 2006, and stock options).

Broadband Revenue

Revenue from our Broadband segment was $231.5 million in the second quarter of 2008, down $14.9 million from the prior-year quarter. Lower revenue from our access products was partially offset by increased revenue from our managed access and data products. For the first six months of 2008, revenue from our Broadband segment was $433.6 million, down $31.5 million from the first six months of 2007. Lower revenue from our access and managed access products was partially offset by growth from our data products.

Access revenue decreased to $103.6 million in the second quarter of 2008 from $134.6 million in 2007. On a six-month basis, access revenue decreased to $203.5 million in 2008 from $255.8 million in 2007. Access revenue was lower as one major customer began transitioning to a new network architecture and another was affected by the slowdown in new housing developments, in addition to lower revenue for copper-based platforms. Our access revenue decrease was partially offset by higher revenue from our ONT. Approximately 66% of access revenue came from fiber-based platforms in the second quarter of 2008, with the balance coming from copper-based platforms.

Managed access revenue increased to $83.4 million in the second quarter of 2008 from $77.1 million in the same quarter of 2007. Our revenue increased due to higher Tellabs(R) 6300 SDH transport product revenue in several regions partially offset by lower revenue from our Tellabs(R) 8100 managed access system. For the first six months of 2008, managed access revenue declined to $142.2 million from $145.8 million in the first six months of 2007. Our revenue decreased for our Tellabs 8100 managed access system primarily in the EMEA region that was partially offset by higher revenue from our Tellabs 6300 SDH transport products in several regions.

Data (multiservice router) product revenue was $44.5 million in the second quarter of 2008, up 28.2% from $34.7 million in the second quarter of 2007. For the first six months of 2008, our data (multiservice router) product revenue was $87.9 million, up 38.4% compared with the first six months of 2007. Revenue increased from the growth of the Tellabs 8600(R) managed edge system and from continued strength with existing and new customers globally from both of our data (multiservice router) products.

Segment Profit (Loss)

Our Broadband segment profit was $23.1 million in the second quarter of 2008, compared with a loss of $0.8 million in the second quarter of 2007. For the first six months of 2008, our Broadband segment profit was $31.8 million, up $47.4 million from a loss of $15.6 million in the comparable period of 2007. The increase in our segment profit for both time periods was primarily due to higher volume of our Tellabs 6300 SDH transport product and cost reductions on our ONT, partially offset by lower access revenue.

Transport Revenue

Revenue from our Transport segment was down $81.9 million to $140.7 million in the second quarter of 2008, compared with $222.6 million in the second quarter of 2007. Revenue was lower primarily from our digital cross-connects and was slightly lower for our Tellabs 7100 OTS from the second quarter of 2007, which included the recognition of $38.9 million of deferred revenue. On a six month-basis, transport revenue was $346.6 million, down by $67.3 million from the same period in 2007. Revenue was lower from our Tellabs 5500 digital cross-connects, which was partially offset by the continued growth from our global customer base for our Tellabs 7100 OTS.

During the second quarter of 2008, approximately 17% of the Tellabs 5500(R) digital cross-connect product revenue came from new systems, system expansions and system upgrades. This percentage is approximately 35% for the first six months of 2008. The remaining balances consisted of port-card growth on the installed base.

Segment Profit

Our Transport segment profit was $30.8 million in the second quarter of 2008, down from $81.0 million in the second quarter of 2007. Our segment profit for the first six months of 2008 was $110.0 million, compared with $191.9 million for the first six months of 2007. The decrease for the quarter and the first six months of 2008 was due to lower revenue from digital cross-connects, partially offset by improved gross margins from our Tellabs 7100 OTS.

Services Revenue

Revenue from our Services segment was $60.3 million for the second quarter of 2008, compared with $65.5 million in the second quarter of 2007. During the quarter, services revenue declined due to lower deployment services revenue from the recognition of $6.1 million of deferred revenue in the second quarter of 2007 for the rollout of the Tellabs 7100 OTS, partially offset by an increase in professional services. On a six-month basis, revenue from our Services segment was $116.4 million in 2008, up from $107.4 million in the first six months of 2007. Our revenue increased from professional and support services, which more than offset our lower deployment services revenue.

Segment Profit

Our Services segment profit was $22.0 million for the second quarter of 2008, compared with $26.4 million in the second quarter of 2007. For the first six months, Services segment profit was $35.7 million in 2008, compared with $36.3 million in 2007. The decrease for the second quarter and six months was due to lower deployment services revenue and an increase in expenses to expand our business outside North America, which was offset by higher revenue from professional and support services.

Financial Condition, Liquidity & Capital Resources

Our principal source of liquidity remained our cash, cash equivalents and marketable securities of $1,196.3 million as of the end of the second quarter of 2008, which increased by $42.5 million during the quarter and decreased by $22.2 million since year-end 2007. Our cash from operating activities was $58.8 million for the quarter and $140.9 million for the first six months of 2008. The increase in cash, cash equivalents and marketable securities in the second quarter of 2008 was primarily driven by cash from operating activities partially offset by cash used for normal capital expenditures. The year-to-date decrease reflects cash used to repurchase our common stock and cash used for normal capital expenditures partially offset by cash from operating activities.

Since 2005, we repurchased 93.1 million shares of our common stock at a cost of $803.9 million under all stock repurchase programs. During the second quarter of 2008, we repurchased our common stock at a cost of $1.2 million (0.2 million shares). On a year-to-date basis, we repurchased our common stock at a cost of $143.0 million (21.7 million shares). Our year-to-date repurchases include $112.7 million under our $600 million repurchase program, $29.9 million under our now completed $300 million share repurchase program and $0.4 million under our 10b5-1 share repurchase program. We significantly curtailed our repurchase activity during the second quarter of 2008 while we evaluate our capital structure in light of current market conditions, though we may resume our repurchase activities in the future.

Based on historical performance and current forecasts, we believe that our cash and marketable securities will satisfy our working capital needs, capital expenditures and other liquidity requirements related to our existing operations for the next twelve months. Future available sources of working capital, including cash-on-hand, cash generated from future operations, short-term or long-term financing, equity offerings or any combination of these sources, should allow us to meet our long-term liquidity needs. Our current policy is to use our liquidity, financial strength and stability to fund our business operations, to expand our business, potentially through acquisitions, or to repurchase our common stock. We do not anticipate paying a cash dividend in the foreseeable future.

TELLABS, INC. CONSOLIDATED NON-GAAP STATEMENTS OF INCOME (1) (Unaudited) Second Quarter Six Months In millions, except per-share data 6/27/08 6/29/07 Change 6/27/08 6/29/07 Change Revenue Products $372.2 $469.0 $780.2 $879.0 Services 60.3 65.5 116.4 107.4 Total revenue 432.5 534.5 -19.1% 896.6 986.4 -9.1% Cost of Revenue Products 242.4 306.3 484.5 538.8 Services 38.3 39.2 80.7 71.2 Total cost of revenue 280.7 345.5 565.2 610.0 Gross Profit 151.8 189.0 -19.7% 331.4 376.4 -12.0% Gross profit as a percentage of revenue 35.1% 35.4% -0.7% 37.0% 38.2% -3.1% Gross profit as a percentage of revenue - products 34.9% 34.7% 0.5% 37.9% 38.7% -2.1% Gross profit as a percentage of revenue - services 36.5% 40.2% -9.1% 30.7% 33.7% -9.0% Operating Expenses Research and development 75.9 82.4 153.9 163.8 Sales and marketing 41.7 42.8 83.5 87.0 General and administrative 23.1 22.8 47.2 47.4 Total operating expenses 140.7 148.0 284.6 298.2 Operating Earnings 11.1 41.0 46.8 78.2 Other Income Interest income, net 10.5 13.4 20.4 25.2 Other income, net 1.7 0.3 2.6 0.6 Total other income 12.2 13.7 23.0 25.8 Earnings Before Income Tax 23.3 54.7 69.8 104.0 Income tax benefit (expense) 28.3 (16.4) 13.4 (31.2) Net Earnings $51.6 $38.3 $83.2 $72.8 Net Earnings Per Share Basic $0.13 $0.09 $0.21 $0.17 Diluted $0.13 $0.09 $0.21 $0.16 Weighted Average Shares Outstanding Basic 397.5 438.1 402.7 438.1 Diluted 398.5 443.3 403.6 443.2 (1) In addition to reporting financial results in accordance with U.S. generally accepted accounting principles, or GAAP, Tellabs, Inc. provides non-GAAP statements of income as additional information for its operating results. These measures are not in accordance with, or an alternative for, GAAP and may be different from measures used by other companies. The non-GAAP statements of income eliminate certain items of expenses and losses from cost of revenue, operating expenses and other income. The Company's management believes that this presentation allows investors to evaluate the current operational and financial performance of the Company's core business as an indicator of future operational and financial performance. The Company's management uses these measures for reviewing its financial results and for business planning and performance. Tellabs, Inc.'s management discloses this information externally along with a complete reconciliation of their comparable GAAP amounts, to provide access to the detail and general nature of adjustments made to GAAP financial results. Furthermore, while some of these items have been periodically reported in Tellabs, Inc.'s statements of income, including significant restructuring and other charges, their occurrence in future periods is dependent upon future business and economic factors, among other evaluation criteria, and may frequently be beyond the control of management. See the attached schedule disclosing the adjustments made to the above non-GAAP statements of income. Tellabs, Inc. Reconciliation of Non-GAAP Adjustments (Unaudited) Second Quarter 2008 (a) Six Months 2008 (b) In millions, except As Non- As Non- per-share data Reported Adjustments GAAP Reported Adjustments GAAP Cost of Revenue $282.3 ($1.6) $280.7 $568.5 ($3.3) $565.2 Gross Profit 150.2 1.6 151.8 328.1 3.3 331.4 Operating Expenses 158.0 (17.3) 140.7 322.5 (37.9) 284.6 Other Income 12.2 - 12.2 22.7 0.3 23.0 Income Tax Benefit (Expense) 34.6 (6.3) 28.3 27.3 (13.9) 13.4 Net Earnings $39.0 $12.6 $51.6 $55.6 $27.6 $83.2 Earnings Per Share - Basic $0.10 $0.03 $0.13 $0.14 $0.07 $0.21 Earnings Per Share - Diluted $0.10 $0.03 $0.13 $0.14 $0.07 $0.21 Second Quarter 2007 (c) Six Months 2007 (d) As Non- As Non- Reported Adjustments GAAP Reported Adjustments GAAP Cost of Revenue $346.9 ($1.4) $345.5 $612.9 ($2.9) $610.0 Gross Profit 187.6 1.4 189.0 373.5 2.9 376.4 Operating Expenses 160.1 (12.1) 148.0 322.6 (24.4) 298.2 Income Tax (Expense) (11.6) (4.8) (16.4) (21.6) (9.6) (31.2) Net Earnings $29.6 $8.7 $38.3 $55.1 $17.7 $72.8 Earnings Per Share - Basic $0.07 $0.02 $0.09 $0.13 $0.04 $0.17 Earnings Per Share - Diluted $0.07 $0.02 $0.09 $0.12 $0.04 $0.16 Note: Equity-based compensation expense includes restricted stock and performance stock units granted after June 30, 2006 and stock options. (a) The $1.6 million charge to Cost of Revenue reflects equity-based compensation. The $17.3 million charge to Operating Expenses reflects $6.3 million for equity-based compensation, $5.6 million for amortization of purchased intangible assets and $5.4 million of restructuring expense. (b) The $3.3 million charge to Cost of Revenue reflects equity-based compensation. The $37.9 million charge to Operating Expenses reflects $12.6 million for equity-based compensation, $11.2 million for amortization of purchased intangible assets and $14.1 million of restructuring expense. The $0.3 million charge to other income reflects a $0.6 million write-down of a long-term equity investment offset by a $0.3 million gain on a sale of a long-term equity investment. (c) The $1.4 million charge to Cost of Revenue reflects equity-based compensation. The $12.1 million charge to Operating Expenses reflects $6.4 million for equity-based compensation and $5.7 million for amortization of purchased intangible assets. (d) The $2.9 million charge to Cost of Revenue reflects equity-based compensation. The $24.4 million charge to Operating Expenses reflects $13.1 million for equity-based compensation and $11.3 million for amortization of purchased intangible assets.

Tellabs

CONTACT: media, George Stenitzer, +1-630-798-3800,
george.stenitzer@tellabs.com, or investors, Tom Scottino, +1-630-798-3602,
tom.scottino@tellabs.com, both of Tellabs

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

REMINDER: CEVA, Inc. Second Quarter 2008 Earnings Release and Conference Call Set for July 23

SAN JOSE, Calif., July 22 /PRNewswire-FirstCall/ -- CEVA, Inc. ; will announce results for the second quarter ended June 30, 2008 on July 23, 2008 before the NASDAQ market opens.

(Logo: http://www.newscom.com/cgi-bin/prnh/20051010/CEVALOGO)

Following the release, CEVA management will conduct a conference call at 8:30 a.m. Eastern Time / 1.30 p.m. London time, to discuss the operating performance for the quarter.

The conference call will be available via the following dial in numbers: -- US Participants: Dial 1-877-493-9121 (Access Code: CEVA) -- UK/Rest of World: Dial +44-800-032-3836 (Access Code: CEVA)

The conference call will also be available live via the Internet at the following link: http://www.videonewswire.com/event.asp?id=49604. Please go to the web site at least fifteen minutes prior to the call to register, download and install any necessary audio software.

For those who cannot access the live broadcast, a replay will be available by dialing 1-800-642-1687 (passcode: 54500819) for US domestic callers and +44-800-917-2646 (passcode: 54500819) for international callers from two hours after the end of the call until 11:59 p.m. (Eastern Time) on July 30, 2008. The replay will also be available at CEVA's web site http://www.ceva-dsp.com/.

About CEVA, Inc.

Headquartered in San Jose, Calif., CEVA is a leading licensor of silicon intellectual property (SIP) platform solutions and DSP cores for mobile, consumer electronics and storage applications. CEVA's IP portfolio includes comprehensive solutions for multimedia, audio, voice over packet (VoP), Bluetooth and Serial ATA (SATA), and a wide range of programmable DSP cores and subsystems with different price/performance metrics serving multiple markets. In 2007, CEVA's IP was shipped in over 225 million devices. For more information, visit http://www.ceva-dsp.com/

CEVA, Inc.

CONTACT: Yaniv Arieli, CFO, +1-408-514-2941, yaniv.arieli@ceva-dsp.com,
or Richard Kingston, Director of Marketing & Investor Relations,
+1-408-514-2976, richard.kingston@ceva-dsp.com, both of CEVA, Inc.

Web site: http://www.ceva-dsp.com/

Solomon Awarded $1.1 Million Contract

DANBURY, Conn., July 22 /PRNewswire-FirstCall/ -- Solomon Technologies, Inc. (BULLETIN BOARD: SOLM) , announced today that its Power Electronics division has been awarded a production contract to supply multiple high voltage power drive systems for laser cutting applications. The contract, valued in excess of $1.1 million, comprises fifty systems incorporating the Cobalt 15 product technology.

The Cobalt 15 product family brings together the rugged reliability of military power electronics with the efficient designs used in industrial applications and incorporates conformable platforms that are easily tailored to specific customer needs.

Peter W. DeVecchis, Jr., President of Solomon said, "This new contract is another example of the success of our strategy in using proprietary technology platforms to address various power conversion markets. Much of our growth has been fueled by the ability to understand the nuances of the different market requirements and then effectively apply these technology platforms to produce industry leading results." He continued, "Our customers understand their process requirements; our power electronics group understands how to deliver power conversion solutions. Together, through strong communication, we leverage our core competencies to create a valuable partnership."

Mr. DeVecchis added, "This contract is another step in our leveraging of the broad power conversion capabilities in our Power Electronics division toward our corporate focus in the renewable and alternative energy markets where high power, rugged and highly reliable products are mandatory."

Information about Solomon Technologies, Inc.:

Solomon Technologies, Inc., through its Power Electronics and Motive Power divisions, develops, licenses, manufactures and sells direct current power supplies and power supply systems requiring high levels of reliability and ruggedness for defense, aerospace, marine, commercial and industrial applications as well as precision hybrid and regenerative electric power drive systems, including those utilizing its patented Electric Wheel(R) Electric Transaxle(TM) for automotive, hybrid electric and all electric vehicle applications.

FORWARD LOOKING STATEMENTS: This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The statements regarding Solomon Technologies, Inc. in this release that are not historical in nature, particularly those that utilize terminology such as "may," "will," "should," "likely," "expects," "anticipates," "estimates," "believes," or "plans," or comparable terminology, are forward-looking statements based on current expectations about future events, which management has derived from the information currently available to it. It is possible that the assumptions made by management for purposes of such statements may not materialize. Actual results may differ materially from those projected or implied in any forward-looking statements. Important factors known to management that could cause forward-looking statements to turn out to be incorrect are identified and discussed from time to time in the Company's filings with the Securities and Exchange Commission. The forward-looking statements contained in this release speak only as of the date hereof, and the Company undertakes no obligation to correct or update any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact: Solomon Technologies, Inc. Peter DeVecchis, 727-859-4447 http://www.solomontechnologies.com/ or Crescent Communications David Long, 203-226-5527

Solomon Technologies, Inc.

CONTACT: Peter DeVecchis of Solomon Technologies, Inc., +1-727-859-4447;
or David Long of Crescent Communications, +1-203-226-5527

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

Lexmark reports second quarter results- Revenue of $1.14 billion, in line with expectations- Operating income growth of more than 50 percent year to year- Cash generation of $135 million- Share repurchases of $158 million

LEXINGTON, Ky., July 22 /PRNewswire-FirstCall/ -- Lexmark International, Inc. today announced financial results for the second quarter of 2008. Second-quarter revenue was $1.14 billion, down 6 percent compared to revenue of $1.21 billion last year. Second-quarter GAAP earnings per share were $0.89. Earnings per share for the second quarter of 2008 would have been $0.96 excluding $0.07 per share for restructuring-related activities. Second- quarter 2007 GAAP earnings per share were $0.67. Earnings per share for the second quarter of 2007 would have been $0.65 excluding $0.02 per share net benefit for restructuring-related activities.

"During the second quarter we continued the strategic shift that we started in late 2007. EPS grew year to year in 2Q and we had good cash generation performance. Overall, we have more work to do to continue to implement our strategy and to drive growth in higher usage segments," said Paul J. Curlander, Lexmark chairman and chief executive officer. "A key element is the introduction of industry-leading products and technology, which has enabled us to win some important large enterprise accounts recently and resulted in our new Professional Series and Home and Student Series inkjet products announced yesterday."

Second-quarter 2008 business segment revenue of $763 million grew 4 percent year to year. Consumer segment revenue of $376 million declined 21 percent compared to a year ago primarily due to the strategic changes announced last October and the slowdown in the inkjet market. Second-quarter 2008 gross profit margin was 36.6 percent, operating expense was $316 million, the operating income margin was 8.9 percent, operating income was $101 million and net earnings were $84 million. Second-quarter 2008 operating income includes $9 million pretax charges in connection with the company's restructuring-related actions.

Second-quarter 2007 gross profit margin was 30.6 percent, operating expense was $305 million, the operating income margin was 5.4 percent, operating income was $66 million, and net earnings were $64 million. Second- quarter 2007 operating income included $5 million restructuring-related pretax charges.

On a non-GAAP basis, excluding restructuring-related charges, second- quarter 2008:

- Gross profit margin would have been 37.0 percent, up 6.0 percentage points from 31.0 percent in the same period last year, principally due to a favorable product mix shift.

- Operating expense would have been $312 million, up 2.6 percent, principally driven by increased demand generation investment.

- Operating income margin would have been 9.6 percent, up 3.7 percentage points from 5.9 percent last year.

- Operating income would have been $110 million, up 55.1 percent compared to $71 million in the same quarter last year.

- Net earnings would have been $90 million, up 46.0 percent compared to $62 million in the second quarter of 2007.

The company ended the quarter with $1.328 billion in cash and current marketable securities. Second-quarter net cash provided by operating activities was $135 million. Capital expenditures for the quarter were $53 million. Depreciation and amortization in the quarter was $45 million. Lexmark repurchased $158 million (4.5 million shares) of stock during the second quarter. The company's remaining share repurchase authorization was approximately $887 million at quarter end.

Lexmark announced a plan today to enhance the efficiency of its inkjet cartridge manufacturing operations by further consolidating manufacturing capacity for the company's inkjet supplies. This restructuring plan is for the closure of one of the company's inkjet supplies manufacturing facilities in Mexico. This action is expected to impact approximately 650 positions by the end of 2008. Most of the impacted positions are being moved to a lower-cost country. The company estimates that this 2008 action will result in total pretax cost of approximately $24 million ($8 million cash cost), with an approximate $20 million impact in 2008. Pretax cost of $3 million impacted second-quarter 2008 results. Total savings from this restructuring are expected to be about $9 million annually beginning in 2009.

Recent Win Demonstrates Strength of Lexmark's Large Enterprise Value Proposition

Lexmark has signed a five-year, multimillion dollar contract with Washington Mutual, one of the leading consumer and small business banks in the U.S. As part of the contract, Lexmark Global Services will manage more than 25,000 devices throughout WaMu's 2,300 financial centers and 37 back-office locations in the U.S. and will also provide consulting services to optimize the workflow processes, carbon footprint and printing infrastructure in each location.

Significant Recent Industry Recognition for Lexmark's Products

Lexmark continued to receive numerous awards for its color laser, color laser multifunction products (MFPs), mono laser MFPs, inkjet all-in-ones (AIOs), and print management software from leading test laboratories:

Color laser and color laser MFPs - Lexmark C500n - BERTL's Best A4 Toner-Based Small Office/Workgroup Color Laser Printer - Lexmark X560n - Buyers Laboratory Inc. Spring 2008 Pick of the Year - Lexmark X560n, X782e, X940e, and X945e - Better Buys for Business Editor's Choice - Lexmark C780n, C780dn and C780dtn - BERTL's Best User-Friendly Color Printer Range - Lexmark C782dtn - BERTL's Best Color Workgroup Printer - Lexmark X940e and X945e - BERTL's Best User-Friendly Workgroup Family Inkjet AIOs - Lexmark Professional Series X9575 - BERTL's Best Professional Color Multifunction Printer - ComputerBild Testsieger Best in Test(1) Mono Laser MFPs - Lexmark X850e, X852e and X854e - Better Buys for Business Editor's Choice Print Management Software - Lexmark's MarkVision Professional - BERTL's Best Extensive MFP/Printer Network-Management Solution New Inkjets Expand Lexmark's Reach into Higher-Usage Segments

Lexmark continued to raise the bar for inkjet features, functionality and performance with the introduction yesterday of six new AIOs, further enhancing and expanding the company's presence in higher-page generation target segments. The new Lexmark Professional Series X4975, X6675 and X7675 AIOs, with prices ranging from $149.99(2) to $199.99(2), were specifically designed to meet the needs of small-business and small office-home office (SOHO) professionals who demand wireless printing capability, along with exceptional speed, quality, reliability, and ease of use. Lexmark's Professional Series AIOs include features that help users reduce the cost of operation and minimize environmental impact, such as wireless connectivity(3), high-yield cartridges and integrated two-sided printing.

The new Lexmark X4950, X5650 and X6650, with prices ranging from $99.99(2) to $149.99(2), complement and extend the range of Lexmark's Home and Student AIO Series. These three new devices join an impressive lineup of fully featured yet affordable AIOs that meet the unique needs of family and student users, offering fast and easy installation and high-yield cartridge options. The X4950 and X6650 also offer wireless connectivity(3).

Looking Forward

In the third quarter of 2008, the company expects revenue to be down in the mid- to high-single digit percentage range year over year. It expects third-quarter 2008 GAAP EPS to be in the range of $0.25 to $0.35 per share. Restructuring-related costs and expenses are expected to be approximately $0.28 per share in the third quarter of 2008. Excluding these restructuring- related costs and expenses, non-GAAP EPS are expected to be in the range of $0.53 to $0.63 per share. GAAP EPS in the third quarter of 2007 were $0.48, or $0.60 excluding $0.12 per share for restructuring-related activities.

Conference Call Today

The company will be hosting a conference call with securities analysts today at 8:30 a.m. (EDT). A live broadcast and a complete replay of this call can be accessed from Lexmark's investor relations Web site at http://investor.lexmark.com/. If you are unable to connect to the Internet, you can access the call via telephone at 888-693-3477 (outside the U.S. by calling 973-582-2710) or the replay shortly afterward by calling 800-642-1687 (outside the U.S. by calling 706-645-9291) using access code 54879148. This telephone replay of the conference call will be available through Tuesday, July 29, 2008.

Supplemental information slides, including reconciliations between GAAP and non-GAAP financial measures, will be available on Lexmark's investor relations Web site prior to the live broadcast.

About Lexmark

Lexmark International, Inc. provides businesses and consumers in more than 150 countries with a broad range of printing and imaging products, solutions and services that help them to be more productive. In 2007, Lexmark reported $5.0 billion in revenue. Learn how Lexmark can help you get more done at http://www.lexmark.com/.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this release which are not historical facts are forward-looking and involve risks and uncertainties, including, but not limited to, weak economic conditions, aggressive pricing from competitors and resellers, inability to be successful in the higher-usage segments of the inkjet market, the financial failure or loss of business with a key customer or reseller including loss of retail shelf placements, disruptions at important points of exit and entry and distribution centers, market acceptance of new products and pricing programs, periodic variations affecting revenue and profitability, the inability to meet customer product requirements on a cost competitive basis, failure to execute planned cost reduction measures, entrance into the market of additional competitors focused on printing solutions, increased investment to support product development and marketing, inability to perform under managed print services contracts, decreased supplies consumption, increased competition in the aftermarket supplies business, failure to successfully outsource the infrastructure support of information technology systems, failure to manage inventory levels or production capacity, unforeseen cost impacts as a result of new legislation, changes in the company's tax provisions or tax liabilities, fees on the company's products or litigation costs required to protect the company's rights, inability to obtain and protect the company's intellectual property and defend against claims of infringement and/or anticompetitive conduct, reliance on international production facilities, manufacturing partners and certain key suppliers, changes in a country's political or economic conditions, conflicts among sales channels, the failure of information technology systems, business disruptions, currency fluctuations, terrorist acts, acts of war or other political conflicts, or the outbreak of a communicable disease, and other risks described in the company's Securities and Exchange Commission filings. The company undertakes no obligation to update any forward-looking statement.

Lexmark and Lexmark with diamond design are trademarks of Lexmark International, Inc., registered in the U.S. and/or other countries. All other trademarks are the property of their respective owners.

All prices, features, specifications and capabilities are subject to change without notice.

(1) ComputerBild Testsieger: Lexmark X9575 in ComputerBild Ausgabe 11/2008, Testergebnis: gut

(2) All prices are estimated street prices in U.S. dollars - actual prices may vary.

(3) 802.11 b/g/n wireless network required for all wireless functions. Subject to the range and capabilities of your wireless router and access to electricity.

LEXMARK INTERNATIONAL, INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS (In Millions, Except Per Share Amounts) (Unaudited) Three Months Ended Six Months Ended June 30 June 30 2008 2007 2008 2007 Revenue $1,138.8 $1,208.2 $2,314.0 $2,468.8 Cost of revenue (1) (2) 721.6 838.0 1,461.3 1,675.8 Gross profit 417.2 370.2 852.7 793.0 Research and development 102.9 102.2 208.4 202.1 Selling, general and administrative (1) (2) 211.2 202.4 420.1 404.2 Restructuring and related charges (1) 2.2 - 1.0 - Operating expense 316.3 304.6 629.5 606.3 Operating income 100.9 65.6 223.2 186.7 Interest (income) expense, net (2.9) (3.8) (10.4) (8.2) Other expense (income), net (3) 0.2 (7.4) 1.5 (6.2) Earnings before income taxes 103.6 76.8 232.1 201.1 Provision for income taxes (4) (5) 19.9 12.6 46.6 44.5 Net earnings $83.7 $64.2 $185.5 $156.6 Net earnings per share: Basic $0.89 $0.68 $1.96 $1.64 Diluted $0.89 $0.67 $1.96 $1.62 Shares used in per share calculation: Basic 94.0 94.8 94.6 95.6 Diluted 94.2 95.5 94.8 96.5

(1) Amounts for the three months ended June 30, 2008, include total restructuring-related charges and project costs of $8.8 million with $4.5 million and $2.1 million included in Cost of revenue and Selling, general and administrative, respectively, in addition to the $2.2 million in Restructuring and related charges.

Amounts for the six months ended June 30, 2008, include total restructuring-related charges and project costs of $21.4 million with $9.8 million and $10.6 million included in Cost of revenue and Selling, general and administrative, respectively, in addition to the $1.0 million in Restructuring and related charges.

(2) Amounts for the three months ended June 30, 2007, included restructuring-related project costs of $5.1 million with $4.5 million and $0.6 million included in Cost of revenue and Selling, general and administrative, respectively.

Amounts for the six months ended June 30, 2007, included restructuring- related project costs of $10.8 million and a $3.5 million gain on the sale of the Company's Scotland facility. Of the net $7.3 million of project costs incurred, $6.1 million and $1.2 million were included in Cost of revenue and Selling, general and administrative, respectively.

(3) Amounts for the three and six months ended June 30, 2007, included an $8.1 million pre-tax foreign exchange gain realized upon the substantial liquidation of the Company's Scotland entity.

(4) Amounts for the three and six months ended June 30, 2008, include non-recurring tax benefits of $5.1 million and $11.9 million, respectively.

(5) Amounts for the three and six months ended June 30, 2007, included non-recurring tax benefits of $4.8 million and $6.0 million, respectively.

LEXMARK INTERNATIONAL, INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF FINANCIAL POSITION (In Millions) (Unaudited) June 30 December 31 2008 2007 ASSETS Current assets: Cash and cash equivalents $747.9 $277.0 Marketable securities 579.6 519.1 Trade receivables, net 475.9 578.8 Inventories 427.2 464.4 Prepaid expenses and other current assets 244.6 227.5 Total current assets 2,475.2 2,066.8 Property, plant and equipment, net 879.3 869.0 Marketable securities 31.3 - Other assets 198.5 185.3 Total assets $3,584.3 $3,121.1 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current portion of long-term debt $- $149.9 Accounts payable 562.4 636.9 Accrued liabilities 678.1 710.5 Total current liabilities 1,240.5 1,497.3 Long-term debt 648.6 - Other liabilities 352.7 345.5 Total liabilities 2,241.8 1,842.8 Stockholders' equity: Common stock and capital in excess of par 913.1 888.9 Retained earnings 1,121.2 935.7 Treasury stock, net (612.9) (454.7) Accumulated other comprehensive loss (78.9) (91.6) Total stockholders' equity 1,342.5 1,278.3 Total liabilities and stockholders' equity $3,584.3 $3,121.1 LEXMARK INTERNATIONAL, INC. AND SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP MEASURES (Unaudited) Earnings Per Share 2Q08 2Q07 GAAP $0.89 $0.67 Restructuring-related charges & project costs 0.07 0.04 Accumulated translation gain upon Scotland liquidation - (0.06) Non-GAAP $0.96 $0.65 Net Earnings (In Millions) 2Q08 2Q07 GAAP $84 $64 Restructuring-related charges & project costs 7 4 Accumulated translation gain upon Scotland liquidation - (6) Non-GAAP $90 $62 Earnings Per Share Guidance 3Q08 3Q07 GAAP $0.25 to $0.35 $0.48 Restructuring-related charges & project costs 0.28 0.12 Non-GAAP $0.53 to $0.63 $0.60

Note: Management believes that presenting the non-GAAP measures above is useful because they enhance shareholders' understanding of how management assesses the performance of the Company's businesses. Management reviews the performance of the Company's operating segments based on GAAP and non-GAAP measures which reflect income and expense items which are recurring in nature, and do not include the impact of actions that management believes are not reflective of the ongoing operation of the Company. These measures may not be comparable to similar measures of other companies as not all companies calculate these measures in the same manner.

Totals may not foot due to rounding. LEXMARK INTERNATIONAL, INC. AND SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP MEASURES (Unaudited) Gross Profit Margin (%) 2Q08 2Q07 GAAP 36.6% 30.6% Restructuring-related charges & project costs 0.4% 0.4% Non-GAAP 37.0% 31.0% Operating Expense (In Millions) 2Q08 2Q07 GAAP $316 $305 Restructuring-related charges & project costs (4) (1) Non-GAAP $312 $304 Operating Income (In Millions) 2Q08 2Q07 GAAP $101 $66 Restructuring-related charges & project costs 9 5 Non-GAAP $110 $71 Operating Income Margin (%) 2Q08 2Q07 GAAP 8.9% 5.4% Restructuring-related charges & project costs 0.7% 0.5% Non-GAAP 9.6% 5.9%

Note: Management believes that presenting the non-GAAP measures above is useful because they enhance shareholders' understanding of how management assesses the performance of the Company's businesses. Management reviews the performance of the Company's operating segments based on GAAP and non-GAAP measures which reflect income and expense items which are recurring in nature, and do not include the impact of actions that management believes are not reflective of the ongoing operation of the Company. These measures may not be comparable to similar measures of other companies as not all companies calculate these measures in the same manner.

Totals may not foot due to rounding.

Lexmark International, Inc.

CONTACT: Investors: John Morgan, +1-859-232-5568, jmorgan@lexmark.com;
Media: Todd Hastings, +1-859-232-6012, thasting@lexmark.com, both of Lexmark
International, Inc.

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

MIPS Technologies Announces New Licensing Agreement with PMC-Sierra for a Broad Range of MIPS(R) CoresEntry-level to Multi-threaded, Multi-core Solutions Provide Diverse Options for Next-generation Designs

MOUNTAIN VIEW, Calif., July 22 /PRNewswire-FirstCall/ -- MIPS Technologies, Inc. , a leading provider of industry-standard architectures, processors and analog IP for digital consumer, home networking, wireless, communications and business applications, today announced that long- time licensee PMC-Sierra has licensed a broad range of MIPS(R) cores for its next-generation communications and storage solutions. Included in the agreement are MIPS Technologies' highest performance single-threaded cores, multi-threaded cores, and its new multi-threaded, multiprocessor IP core, the MIPS32(R) 1004K(TM) Coherent Processing System. The code-compatible cores offer scalable solutions from entry-level designs to 1 GHz and beyond.

"MIPS Technologies has long played a role in PMC-Sierra's development of leading-edge infrastructure solutions, and now we have even greater choice for future generations," said Robert Yung, vice president, chief technology officer, PMC-Sierra. "In addition, MIPS Technologies' new 1004K multi-threaded multi-core platform offers significant performance increases we can deliver through this new technology. The performance, power and cost benefits in MIPS Technologies' cores, supported by their development tools, will enable us to offer our customers clear competitive advantages."

"PMC-Sierra is widely recognized as a leading provider of networking and storage infrastructure solutions," said Brad Holtzinger, vice president of worldwide sales at MIPS Technologies. "Our relationship with PMC-Sierra as a close partner and long-time licensee continues to help them deliver innovative products across multiple markets."

PMC-Sierra licensed a broad selection of industry-leading MIPS32 processor technologies:

1004K Core -- the industry's first multi-threaded multiprocessor IP core. Multi-threading in each core within a coherent multi-core architecture of one to four cores, enables the 1004K core to surpass the performance of multi-core systems based on single-threaded processor cores.

MIPS32(R) 74Kc(TM) Core -- the industry's first fully synthesizable processors to surpass 1 GHz using industry standard libraries and EDA flows, based on MIPS Technologies' superscalar microarchitecture with out-of-order instruction dispatch and incorporating the MIPS DSP Application Specific Extension (ASE).

MIPS32(R) 34Kc(TM) Pro Core -- The first MIPS cores to exploit multi- threading for embedded applications, the 34Kc core delivers significant gains in system performance and cost savings, with a very modest increase in die size.

MIPS32(R) 24Kc(TM) Pro Core -- Low-power 24Kc cores offer 700 MHz worst- case performance in a 65nm process, and offer the best combination of performance, power and density of any midrange synthesizable CPU in the industry. They are ideal for home entertainment applications as well as portable, battery-powered consumer devices.

MIPS32(R) 4KEm(TM) Pro Core -- These highly-configurable cores offer SoC designers a tailored solution for high-performance, low-power consumer applications, with the flexibility to optimize applications by maximizing performance or minimizing power consumption.

MIPS(R) SOC-it(R) L2 Cache Controller -- Designed to minimize memory latency, reducing system costs and power consumption. Fully synthesizable, it works seamlessly with all MIPS Technologies' cores and uses standard cell libraries and memory arrays.

Pro Series(R) cores offer unprecedented value by enabling SoC designers to write their own instruction set extensions and create highly differentiated, highly competitive products. Using standard tools and software, designers can implement instruction extensions to significantly increase performance, reduce power consumption, implement critical operations and more.

About PMC-Sierra

PMC-Sierra(TM) is a leading provider of broadband communications and storage semiconductors for metro, access, fiber to the home, wireless infrastructure, storage, laser printers, and fiber access gateway equipment. PMC-Sierra offers worldwide technical and sales support, including a network of offices throughout North America, Europe, Israel and Asia. The company is publicly traded on the NASDAQ Stock Market under the PMCS symbol. For more information, visit http://www.pmc-sierra.com/.

About MIPS Technologies, Inc.

MIPS Technologies, Inc. (NasdaqGS: MIPS) is the world's second largest semiconductor design IP company and the number one analog IP company worldwide. With more than 250 customers around the globe, MIPS Technologies is the only company that provides a combined portfolio of processors, analog IP and software tools for the embedded market. The company powers some of the world's most popular products for the digital entertainment, home networking, wireless, and portable media markets-including broadband devices from Linksys, DTVs and digital consumer devices from Sony, DVD recordable devices from Pioneer, digital set-top boxes from Motorola, network routers from Cisco, 32- bit microcontrollers from Microchip Technology and laser printers from Hewlett-Packard. Founded in 1998, MIPS Technologies is headquartered in Mountain View, California, with offices worldwide. For more information, contact (650) 567-5000 or visit http://www.mips.com/.

MIPS, MIPS32, MIPS-Based, SOC-it, 1004K, 74Kc, 34Kc, 24Kc, 4KEm and Pro Series are trademarks or registered trademarks in the United States and other countries of MIPS Technologies, Inc. PMC is a registered trademark of PMC- Sierra, Inc. in the United States and other countries. PMC-SIERRA, PMCS, and "Enabling connectivity. Empowering people." are trademarks of PMC-Sierra, Inc. All other trademarks referred to herein are the property of their respective owners.

MIPS Technologies, Inc.

CONTACT: Media, Jen Bernier of MIPS Technologies, Inc., +1-650-567-5178,
jenb@mips.com

Web site: http://www.mips.com/
http://www.pmc-sierra.com/

EUR 2 Million Contract to Pointer Telocation in RomaniaShagrir, Pointers' Subsidiary, Enters RomaniaCustomer is a Large Global Petrol Company, Operates in CEE

ROSH HAAYIN, Israel, July 22 /PRNewswire-FirstCall/ -- Pointer Telocation Ltd. (Nasdaq Capital Market: PNTR, Tel-Aviv Stock Exchange: PNTR) - a leading provider of Automatic Vehicle Location (AVL) technology, stolen vehicle retrieval services, fleet management, car & driver safety, public safety, vehicle security, asset management and road side assistance, announces today first EUR 2 million in two years contract to Shagrir's subsidiary in Romania.

Shagrir provides RSA, SVR and Fleet Management services to over 750,000 customers in Israel. Shagrir's subsidiary in Romania, S.C. Pointer S.R.L, will provide Road Side Assistance in Romania starting October 1st, 2008 for EUR 2 million, over a period of two years, to a large Romanian-based petrol company that will offer the services to its customers.

In addition, Pointer engaged with a Hungarian company to provide technology for fleet management services in Hungary. Pointer signed an agreement to loan a certain amount to the Hungarian company and will have an option to become a shareholder in the company in accordance with the terms of the agreement.

Danny Stern, Pointer's CEO, said: "Pointer Telocation continues to expand it global presence with its broad offering of technology, products and services. Operating in Romania is a step in Shagrir's strategic growth plan to duplicate its vast knowledge and experience in service providing. Following this contract, S.C. Pointer S.R.L will approach insurance companies, car leasing companies and large car fleets with large service offering in order to duplicate its economies-of-scale business-model", concluded Mr. Stern.

About Pointer Telocation:

Pointer Telocation is a leading provider of technology and services to the automotive and insurance industries, offering a set of services including Road Side Assistance, Stolen Vehicle Recovery and Fleet Management. Pointer has a growing client list with products installed in over 400,000 vehicles across the globe: the UK, Greece, Mexico, Argentina, Russia, Croatia, Germany, Czech Republic, Latvia, Turkey, Hong Kong, Singapore, India, Costa Rica, Norway, Venezuela, Hungary, Israel and more. Cellocator, a Pointer Products Division, is a leading AVL (Automatic Vehicle Location) solutions provider for stolen vehicle retrieval, fleet management, car & driver safety, public safety, vehicle security and more. In 2004, Cellocator was selected as the official security and location equipment supplier for the Olympic Games in Athens. For more information: http://www.pointer.com/

About Shagrir:

Shagrir Systems. Pointer's Israeli subsidiary is the leading provider of services to the automotive and insurance industries, offering a set of services including Road Side Assistance, Stolen Vehicle Recovery and Fleet Management. The company uses the most advanced operation systems in 24/7 call mode. Shagrir offers Road-Side Assistance (RSA) to more than 750,000 customers in Israel and has a large install base of proprietary "Pointer" Stolen Vehicle Recovery (SVR) systems.

Safe Harbor Statement

This press release contains forward-looking statements with respect to the business, financial condition and results of operations of Pointer and its affiliates. These forward-looking statements are based on the current expectations of the management of Pointer, only, and are subject to risk and uncertainties relating to changes in technology and market requirements, the company's concentration on one industry in limited territories, decline in demand for the company's products and those of its affiliates, inability to timely develop and introduce new technologies, products and applications, and loss of market share and pressure on pricing resulting from competition, which could cause the actual results or performance of the company to differ materially from those contemplated in such forward-looking statements. Pointer undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. For a more detailed description of the risks and uncertainties affecting the company, reference is made to the company's reports filed from time to time with the Securities and Exchange Commission.

Contact: Zvi Fried, V.P. and Yael Nevat, Chief Financial Officer Commitment-IR.com Tel: +972-3-572-3111 Tel: +972-9-741-8866 E-mail: zvif@pointer.com E-mail: yael@commitment-IR.com

Pointer Telocation Ltd

CONTACT: Contact: Zvi Fried, V.P. and Chief Financial Officer, Tel:
+972-3-572-3111, E-mail: zvif@pointer.com; Yael Nevat, Commitment-IR.com,
Tel: +972-9-741-8866, E-mail: yael@commitment-IR.com

Ticketmaster.co.uk Gets a New Look

LONDON, July 22 /PRNewswire/ -- Ticketmaster, the world's leading live entertainment ticketing and marketing company, announced today a new look to Ticketmaster.co.uk (http://www.Ticketmaster.co.uk). These changes have been made based on customer feedback in order to provide an improved web-browsing experience.

The site is now wider, increasing from 770 pixels to 1000 pixels. This allows for larger font sizes, increased space around the site, and general improvements in readability and user experience. In tests users found these improvements made the site more engaging and they were more likely to scan down the page and look at all the content.

The colours on the site have been updated to reflect a more modern palette and also now include a unique colour scheme for each event category.

A simplified top level navigation promotes focus on Search, the Change Location module and the four major event categories. Each category tab has a drop down menu containing popular events. There is also a left hand navigation panel on the homepage and each major event category page will be enhanced and include the most relevant and popular events in each market. The search is more visible, the site's change location option is easier to use, enabling the retrieval of more relevant content based on user selection. The redesign also initially displays more events to users and a new popular events module surfaces key events by category and consumer location with dropdown menus containing easy-to-use quick links

Chris Edmonds, Managing Director, said, "We are delighted about the changes to Ticketmaster.co.uk. It will be more accessible, user friendly and functionally more intuitive, but the most important thing is the new site will provide a better experience for our consumers."

About Ticketmaster

As the world's leading live entertainment ticketing and marketing company, Ticketmaster connects the world to live entertainment. Ticketmaster operates in 20 global markets, providing ticket sales, ticket resale services, marketing and distribution through www.ticketmaster.com, one of the largest e-commerce sites on the Internet; and international Web sites including Ticketmaster.co.uk approximately 6,500 retail outlets; and 23 worldwide call centres. Established in 1976, Ticketmaster serves more than 9,000 clients worldwide across multiple event categories, providing exclusive ticketing services for leading arenas, stadiums, professional sports franchises and leagues, college sports teams, performing arts venues, museums, and theatres. In 2007, the company sold more than 142 million tickets valued at over US$8 billion on behalf of its clients. Ticketmaster is headquartered in West Hollywood, California and is an operating business of IAC (NASDAQ: IACI).

Ticketmaster UK Ltd

For more information contact: Jon Wiffen, Ticketmaster UK, Phone: +44-207-344-4000

Three Tellabs Products Set Quarterly Revenue Records

NAPERVILLE, Illinois, July 22 /PRNewswire/ --

- Tellabs Reports Second-Quarter Revenue Of US$432 Million

Tellabs' second-quarter 2008 revenue totaled US$432 million, down 19% from US$535 million in the second quarter of 2007. International revenue rose 20% to US$145 million, up from US$121 million in the year-ago quarter.

Tellabs earned US$39 million or 10 cents per share on a GAAP (U.S. generally accepted accounting principles) basis, including a one-time benefit of US$35 million or 9 cents per share resulting from the favorable completion of IRS audits. In the second quarter of 2007, Tellabs earned US$30 million or 7 cents per share on a GAAP basis.

On a non-GAAP basis, Tellabs earned US$52 million or 13 cents per share, including a one-time benefit of US$35 million or 9 cents per share resulting from the favorable completion of IRS audits. This compares with US$38 million or 9 cents per share in the year-ago quarter. Non-GAAP results exclude a pretax charge of US$18.9 million, which includes US$7.9 million or 1.3 cents per share in equity-based compensation expense.

In the second quarter of 2008, GAAP and non-GAAP gross profit margins were 35%, better than expected, as:

-- Tellabs' gross profit margin improvements on the Tellabs 7100 system resulted from cost reductions, additional customers and a beneficial mix including more transponder cards.

-- Tellabs' gross profit margin improvements on the Tellabs 1600 optical network terminals resulted from lower shipments and cost reductions.

-- Other Tellabs' gross profit margin improvements resulted from aggressive cost management and a favorable product and customer mix.

In the first quarter of 2008, GAAP gross profit margins were 38% and non-GAAP gross profit margins were 39%.

"Three Tellabs products delivered record quarterly revenues in a tough market, and we're encouraged that Tellabs' innovations are gaining traction with customers worldwide," said Rob Pullen, Tellabs president and chief executive officer. "As we continued to apply focus and discipline, our second-quarter gross profit margins outperformed our expectations."

Broadband -- Second-quarter 2008 revenue from the broadband segment totaled US$231 million, down 6% from US$246 million in the second quarter of 2007. Within the broadband segment:

-- Data (multiservice routers) revenue was US$45 million, up 28% from US$35 million in the year-ago quarter. Quarterly revenue from the new Tellabs(R) 8600 managed edge system reached a new high.

-- Access revenue was US$103 million, down 23% from US$135 million in the year-ago quarter.

-- Managed access revenue was US$83 million, up 8% from US$77 million in the year-ago quarter. Quarterly revenue from the Tellabs(R) 6300 managed access system reached a new high.

Transport -- Second-quarter 2008 transport revenue totaled US$141 million, down 37% from US$223 million in the year-ago quarter. Quarterly revenue from the Tellabs(R) 7100 optical transport system reached a new high, excluding deferred revenue recognized in the year-ago quarter. During the second quarter of 2008, Tellabs recognized revenue from two Tellabs 7100 system customers outside the United States.

Services -- Second-quarter 2008 services revenue was US$60 million, down 8% from US$66 million in the year-ago quarter.

Third-Quarter 2008 Guidance -- The following statements are forward-looking statements that are based on current expectations and involve risks and uncertainties, some of which are set forth below. Given normal third-quarter seasonality, Tellabs expects third-quarter revenue to be flat to slightly down; the company also sees macroeconomic risks in the economy, in enterprise spending and in customers' capital expenditures. Non-GAAP gross margin is expected to be flat, plus or minus, based on product and customer mix. Non-GAAP operating expenses are expected to continue on a downward trajectory from the second quarter of 2008, as a result of the US$100 million cost and operating expense reduction plan announced in January. Non-GAAP gross margin excludes about US$1 million in equity-based compensation expense. Non-GAAP operating expense excludes about US$4 million in equity-based compensation expense.

Share Repurchase -- Since 2005, Tellabs has repurchased 93.1 million shares at a cost of US$804 million (about 20% of shares outstanding). Under previously announced share repurchase programs, Tellabs spent approximately US$1 million to repurchase 0.2 million shares during the second quarter of 2008. Tellabs significantly curtailed share repurchases during the second quarter, as it re-evaluates uses of cash as it works to position the company for future growth, and in light of capital market conditions.

Simultaneous Webcast and Teleconference Replay -- Tellabs hosted an investor teleconference to discuss its second-quarter 2008 results and provide its outlook for the third quarter of 2008. A taped replay of the call is available until midnight Central Daylight Time on Thursday, July 24, at +1-800-642-1687. (Outside the United States, call +1-706-645-9291.) When prompted, enter the Tellabs conference ID number: 54800101. A podcast of the call is available at http://www.tellabs.com/news/feeds/.

Tellabs advances telecommunications networks to meet the evolving needs of users. Solutions from Tellabs enable service providers to deliver high-quality voice, video and data services over wireline and wireless networks around the world. Tellabs (Nasdaq: TLAB) is part of the NASDAQ Global Select Market, Ocean Tomo 300(TM) Patent Index and the S&P 500. http://www.tellabs.com

Forward-Looking Statements -- This news release, which includes the results of operations discussion that follows, contains forward-looking statements, including but not limited to the guidance information contained in this release that involve risks and uncertainties. Actual results may differ from the results discussed in the forward-looking statements. Factors that might cause such a difference include, but are not limited to, risks associated with: the competitive landscape, including pricing and margin pressures, the response of customers and competitors, industry consolidation, the introduction of new products, the entrance into new markets, the ability to secure necessary resources, the ability to realize anticipated savings under our cost-reduction initiatives, and the economic changes generally impacting the telecommunications industry. The company undertakes no obligation to revise or update these forward-looking statements to reflect events or circumstances after today or to reflect the occurrence of unanticipated events. For a more detailed description of the risk factors, please refer to the company's SEC filings.

Tellabs(R) and Tellabs logo are trademarks of Tellabs or its affiliates in the United States and/or other countries. Any other company or product names mentioned herein may be trademarks of their respective companies.

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

Tellabs

Media, George Stenitzer, +1-630-798-3800, george.stenitzer@tellabs.com, or Investors, Tom Scottino, +1-630-798-3602, tom.scottino@tellabs.com, both of Tellabs ; NOTE TO EDITORS: The complete text of this release is available at http://www.tellabs.com/news/2008/2q08.pdf

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News archive of November 2009
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