MEMC Reports Second Quarter Results

ST. PETERS, Mo., July 23 /PRNewswire-FirstCall/ -- MEMC Electronic Materials, Inc. today reported financial results for the quarter ended June 30, 2008.

Highlights: -- Net sales of $531.4 million -- Gross margin of $282.8 million (53.2% of net sales) -- Operating income of $242.5 million (45.6% of net sales) -- Cash and investment balances grow to approximately $1.5 billion -- MEMC amends Conergy agreement and signs new wafer agreement with Tainergy -- Board authorizes $500 million increase in share repurchase program

The company reported second quarter 2008 net sales of $531.4 million, which represents an increase of 6.0% from first quarter 2008 net sales of $501.4 million, and an increase of 12.4% from second quarter 2007 net sales of $472.7 million. The increase in net sales was primarily the result of higher product volumes.

Gross margin in the quarter was $282.8 million, or 53.2% of net sales, compared to $259.3 million, or 51.7% of sales, in the 2008 first quarter and $245.6 million, or 52.0% of sales, in the 2007 second quarter. Compared to the 2008 first quarter, gross margin improved by 9.1% in dollar terms, and 150 basis points as a percentage of net sales. Compared to the 2007 second quarter, gross margin improved by 15.1% in dollar terms, and 126 basis points as a percentage of net sales.

The company reported operating income during the quarter of $242.5 million, or 45.6% of net sales. This compares to $218.4 million, or 43.6% of net sales, for the 2008 first quarter and $207.3 million, or 43.9% of net sales, for the 2007 second quarter. Operating expenses were $40.3 million, or 7.6% of sales, compared to $40.9 million, or 8.2% of sales, in the 2008 first quarter, and $38.3 million, or 8.1% of sales, in the 2007 second quarter.

Using an estimated effective cash tax rate of 15%, non-GAAP net income for the second quarter of 2008, excluding the non-cash effects of the quarterly valuation of the Suntech warrants, was $212.0 million and non-GAAP diluted EPS, excluding warrants, was $0.92 per share. See non-GAAP reconciliation information at the end of this press release following the financial statement tables. GAAP net income for the second quarter, using a GAAP tax rate of 25.6%, was $176.1 million or $0.76 per share, which includes a $0.05 per share non-cash impact relating to a decrease in the valuation of the Suntech warrants.

During the second quarter, the company generated operating cash flow of $205.0 million, or 38.6% of sales, compared to $197.2 million, or 39.3% of sales, in the 2008 first quarter. Capital expenditures for the second quarter totaled $87.3 million, or 16.4% of sales. Free cash flow (operating cash flow minus capital expenditures) was $117.7 million or 22.1% of sales. MEMC ended the second quarter with cash and investments of $1.5 billion, compared to $1.4 billion at the end of the 2008 first quarter.

"MEMC grew sales by 6% sequentially, expanded gross and operating margins by 150 and 200 basis points, respectively, continued to generate industry- leading levels of free cash flow at 22% of sales, and further expanded our cash and investment balances to approximately $1.5 billion," said Nabeel Gareeb, MEMC's chief executive officer. "However, our financial results were a bit below the bottom end of our targeted range as the company encountered unanticipated events towards the tail end of the quarter."

The premature failure of a relatively new heat-exchanger at the company's Merano, Italy facility in June reduced the company's second quarter polysilicon output by just under five percent. The output from the company's Pasadena, Texas facility during the month of May and early part of June (shown on the attached silane and polysilicon output charts) had positioned the company on a trajectory to exceed the upper end of the company's targeted second quarter revenue range. Unfortunately, a loose pipe fitting caused a fire at the company's Pasadena facility that required a shut down of half the silane production commencing on Friday June 13. Even though the complications lasted for approximately a week, the Pasadena facility recovered and managed to produce enough silane and polysilicon during the remainder of the quarter to be in the middle of that facility's targeted range for second quarter production, but there was not enough Pasadena production to completely offset the Merano shortfall.

Continued Gareeb, "While we are disappointed that we experienced an uncharacteristic event at our Merano facility, we are pleased that we were able to limit the impact to a few percent below the targeted revenue range. This was primarily a result of the accomplishments in the second quarter that helped to offset the Merano shortfall. Specifically, we:

-- Achieved strong output from Unit 3 in Pasadena, overcoming most of the issues that held us back in the first quarter. While output was limited by the fire incident and its associated complications, the unit has recovered well. -- Completed and ramped Unit 4 in Pasadena over a month prior to the end of the quarter, with the unit running at good rates save for the interruption of the fire incident. -- Completed this technically and operationally challenging phase of silane expansion and established a high level of confidence in the longer-term performance of Units 3 and 4 based on actual output. We expect that this should eliminate silane production as a constraining element for polysilicon production. In addition, so far in the third quarter we have: -- Mechanically completed two additional poly reactors in Pasadena, with ramps scheduled to begin next week. As a result of these installations, the company is now at 7,500MT of annualized capacity and we have demonstrated good output in July as shown in the charts. -- Replaced and restarted the Merano heat exchanger and commenced the Merano expansion several weeks ago, which will get the company to the targeted level of 8,000MT of annualized polysilicon capacity before the end of the third quarter."

"While the last six months of this expansion and ramp have been difficult, our accomplishments in the second quarter and early part of the third should allow us to demonstrate significant growth in the second half of the year compared to the first half, as mentioned in the April earnings call."

Third Quarter 2008 Outlook

"Solar application demand continues to be strong, however, semiconductor application demand seems to be uncertain, primarily due to macroeconomic conditions. In addition, although we have made significant progress as a result of the accomplishments mentioned earlier, we did not achieve the targeted level of results for the second quarter, and that continues to warrant a degree of caution. Based on these considerations, we are targeting revenues of approximately $560 to $620 million for the third quarter. In addition, we are targeting gross margin of approximately 54%-55%, with operating expenses of approximately $41 million," added Gareeb.

"Given the number of unanticipated events associated with our expansion and ramp during the last few quarters as well as our cautious view, we are planning on providing an interim update this quarter via a conference call on September 2. In this update call we intend to review the status of the company's production rate and provide an update to the quarterly financial targets, if appropriate."

Full Year 2008 Update

"For the full year 2008, based on market indicators, customer indications and our projected expansion plans, we are currently targeting:

-- Revenue of approximately $2.25 to $2.35 billion. -- Non-GAAP EPS of approximately $4-$4.30 based on a cash tax rate of approximately 15%, and excluding the non-cash effects of the Suntech warrant valuation. -- Capital expenditures of approximately 15% of sales. -- Operating expenses of approximately $163-$165 million.

These targets would represent 2008 sales growth of 20%-25% and non-GAAP EPS growth (excluding the Suntech warrants) of 23%-33% compared to 2007," concluded Gareeb.

Other Events

The company also announced that the Board of Directors today approved an increase to the company's existing share repurchase plan. The Board has authorized the repurchase of up to an additional $500 million of the company's common stock, bringing the total authorization to $1 billion. Since the initial $500 million authorization was approved in May 2007, the company has repurchased approximately 4 million shares for a total of $270 million through June 30, 2008.

On July 10, the company announced an amendment to the 10-year solar wafer agreement with Conergy, which amendment adjusts the sales volume to approximately $4 billion from $7-$8 billion, providing more financial flexibility for Conergy and allowing MEMC to reallocate solar wafer volumes to other customers. MEMC concurrently announced that it had signed a $3-$3.5 billion solar wafer agreement with Tainergy Tech Co. Ltd. Under the terms of the Tainergy agreement, MEMC will supply solar wafers to Tainergy over a 10- year period, on a take or pay basis, beginning in the third quarter of 2008. In total, MEMC has signed solar wafer contracts worth between $15-$18 billion in revenue to MEMC.

In association with these agreements, the company today announced that the first set of deposits due from Tainergy have been received. The company anticipates that the final deposits from both Conergy and Tainergy will be received in the current quarter, with wafer deliveries commencing subsequent to receipt.

Conference Call

MEMC will host a conference call today, July 23, 2008, at 5:30 p.m. ET to discuss the company's second quarter results and related business matters. A live webcast will be available on the company's web site at http://www.memc.com/. Please go to the web site at least fifteen minutes prior to the call to register, download and install any necessary audio software.

A replay of the conference call will be available from 7:30 p.m. ET on July 23, 2008, until 11:59 p.m. ET on July 30, 2008. To access the replay, please dial (320) 365-3844 at any time during that period, using passcode 953714. A replay will also be available until 11:59 p.m. ET on July 30, 2008 on the company's web site at http://www.memc.com/.

About MEMC

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

Certain matters discussed in this news release are forward-looking statements, including that third quarter 2008 revenues are targeted to be approximately $560-$620 million, with gross margin of approximately 54%-55% and operating expenses of approximately $41 million; that the remaining polysilicon expansion at our Merano, Italy facility will be completed before the end of the third quarter getting us to 8,000MT of annualized capacity in total; that for the full year 2008 we are currently targeting revenue of approximately $2.25 to $2.35 billion, non-GAAP EPS of approximately $4-$4.30 based on a cash tax rate of approximately 15%, and excluding the non-cash effects of the Suntech warrant valuation; that for the full year we are targeting capital expenditures of approximately 15% of sales and operating expenses of approximately $163-$165 million; that the Conergy agreement will provide MEMC with approximately $4 billion in revenue; and that the Tainergy agreement will provide MEMC with $3-$3.5 billion in revenue; that final deposits from Conergy and Tainergy will be received in the current quarter; that solar wafer deliveries to these customers will commence subsequent to receipt of these deposits; and that MEMC's solar wafer contracts will be worth between $15-$18 billion in revenue to MEMC. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Potential risks and uncertainties include market demand for wafers and semiconductors as well as polysilicon; utilization of manufacturing capacity; good working order of our manufacturing facilities; our ability to reduce manufacturing and operating costs; inventory levels of our customers; changes in the pricing environment for both silicon wafers and polysilicon; supply chain difficulties or problems; interruption of production; delays in capacity expansion; customer acceptance of our new products; assumptions underlying management's financial estimates; general economic conditions; actions by competitors, customers and suppliers; changes in product specifications and manufacturing processes; changes in financial market conditions; changes in the composition of worldwide taxable income; the impact of competitive products and technologies; changes in interest and currency exchange rates and other risks described in the company's filings with the Securities and Exchange Commission. These forward-looking statements represent the company's judgment as of the date of this release. The company disclaims, however, any intent or obligation to update these forward-looking statements.

-tables to follow- MEMC ELECTRONIC MATERIALS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except per share data) Unaudited Three Months Ended Six Months Ended June March June June June 30, 31, 30, 30, 30, 2008 2008 2007 2008 2007 Net sales $531.4 $501.4 $472.7 $1,032.8 $913.1 Cost of goods sold 248.6 242.1 227.1 490.7 445.0 Gross margin 282.8 259.3 245.6 542.1 468.1 Operating expenses: Marketing and administration 30.3 30.6 28.9 60.9 54.2 Research and development 10.0 10.3 9.4 20.3 18.9 Operating income 242.5 218.4 207.3 460.9 395.0 Nonoperating (income) expense: Interest expense 0.3 0.3 0.3 0.6 0.6 Interest income (11.3) (12.8) (10.5) (24.1) (18.9) Loss (gain) on fair value of warrant 12.3 209.4 (7.9) 221.7 (6.8) Other, net 2.5 1.5 1.6 4.0 1.4 Total nonoperating (income) expense: 3.8 198.4 (16.5) 202.2 (23.7) Income before income tax expense and minority interests 238.7 20.0 223.8 258.7 418.7 Income tax expense 61.2 60.7 58.9 121.9 117.7 Income (loss) before minority interests 177.5 (40.7) 164.9 136.8 301.0 Minority interests (1.4) (1.1) (1.3) (2.5) (2.7) Net income (loss) $176.1 $(41.8) $163.6 $134.3 $298.3 Basic income (loss) per share $0.77 $(0.18) $0.73 $0.59 $1.33 Diluted income (loss) per share $0.76 $(0.18) $0.70 $0.58 $1.29 Weighted-average shares used in computing basic income (loss) per share 228.3 228.5 225.0 228.4 224.5 Weighted-average shares used in computing diluted income (loss) per share 230.7 228.5 232.5 231.1 232.1 MEMC ELECTRONIC MATERIALS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In millions, except per share data) June 30, December 31, 2008 2007 (Unaudited) ASSETS Current assets: Cash and cash equivalents $1,110.9 $859.3 Short-term investments 276.1 457.1 Accounts receivable, net 230.6 197.9 Inventories 33.9 36.4 Prepaid and other current assets 26.9 38.8 Total current assets 1,678.4 1,589.5 Long-term investments 109.7 12.7 Property, plant and equipment, net 950.4 834.0 Deferred tax assets, net 100.6 89.3 Other assets 141.3 361.7 Total assets $2,980.4 $2,887.2 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current portion of long-term debt $5.6 $5.3 Accounts payable 147.7 168.3 Accrued liabilities 53.8 40.8 Accrued wages and salaries 32.7 31.9 Customer deposits 168.0 122.0 Income taxes payable 42.7 75.9 Total current liabilities 450.5 444.2 Long-term debt, less current portion 24.5 25.6 Pension and post-employment liabilities 57.2 60.6 Deferred revenue 86.1 81.4 Other liabilities 238.4 204.6 Total liabilities 856.7 816.4 Minority interests 35.1 35.8 Commitments and contingencies Stockholders' equity: Preferred stock - - Common stock 2.3 2.3 Additional paid-in capital 420.2 358.0 Retained earnings 1,894.8 1,760.5 Accumulated other comprehensive income 45.9 29.8 Treasury stock (274.6) (115.6) Total stockholders' equity 2,088.6 2,035.0 Total liabilities and stockholders' equity $2,980.4 $2,887.2 MEMC ELECTRONIC MATERIALS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) Unaudited Three Months Ended Six Months Ended June March June June June 30, 31, 30, 30, 30, 2008 2008 2007 2008 2007 Cash flows from operating activities: Net income (loss) $176.1 $(41.8) $163.6 $134.3 $298.3 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 25.5 22.8 20.2 48.3 39.2 Minority interests 1.4 1.1 1.3 2.5 2.7 Stock-based compensation 9.6 12.6 7.8 22.2 15.2 Loss (gain) on fair value of warrant 12.3 209.4 (7.9) 221.7 (6.8) Working capital and other (19.9) (6.9) 12.6 (26.8) 63.5 Net cash provided by operating activities 205.0 197.2 197.6 402.2 412.1 Cash flows from investing activities: Proceeds from sales and maturities of investments 111.3 201.6 29.3 312.9 43.5 Purchases of investments (62.6) (177.6) (132.7) (240.2) (144.4) Capital expenditures (87.3) (81.9) (53.9) (169.2) (101.8) Net cash used in investing activities (38.6) (57.9) (157.3) (96.5) (202.7) Cash flows from financing activities: Net proceeds from customer deposits related to long-term supply agreements 31.0 17.5 - 48.5 63.7 Principal payments on long- term debt (2.9) - (2.5) (2.9) (2.5) Dividends to Minority Interest (3.2) - (6.2) (3.2) (6.2) Excess tax benefits from stock-based payment arrangements 12.1 6.5 16.0 18.6 28.1 Common stock repurchased (76.3) (78.6) (4.8) (154.9) (4.8) Proceeds from issuance of common stock 9.3 9.3 8.2 18.6 18.4 Net cash (used in) provided by financing activities (30.0) (45.3) 10.7 (75.3) 96.7 Effect of exchange rate changes on cash and cash equivalents (5.2) 26.4 2.4 21.2 3.2 Net increase in cash and cash equivalents 131.2 120.4 53.4 251.6 309.3 Cash and cash equivalents at beginning of period 979.7 859.3 783.4 859.3 527.5 Cash and cash equivalents at end of period $1,110.9 $979.7 $836.8 $1,110.9 $836.8 Reconciliation of GAAP Net Income (Loss) and Diluted EPS to non-GAAP Net Income and Diluted EPS (Unaudited; In millions, except per share data) Three Months Ended June 30, March 31, December 31, 2008 2008 2007 Net Net Net Income EPS Income EPS Income EPS GAAP Net Income (Loss) $176.1 $0.76 $(41.8) $(0.18) $376.4 $1.62 Cash Tax Difference* 25.4 0.11 57.7 0.25 24.0 0.10 Non-GAAP 201.5 0.87 15.9 0.07 400.4 1.72 Loss (Gain) on Warrants at Cash Tax Rate** 10.5 0.05 178.0 0.77 (174.0) (0.75) Non-GAAP Income Excluding Warrants $212.0 $0.92 $193.9 $0.84 $226.4 $0.97 Estimated annual book tax rate 25% 25% 20% Estimated cash tax rate 15% 15% 15% *Our estimated cash tax rate is the estimated tax payable on our tax returns as a percentage of estimated annual pre-tax book income. The annual cash tax rate is estimated quarterly by reference to book taxable income and then taking into account temporary book/tax differences and any tax basis items reflected on our annual tax returns. The company uses an estimated cash tax rate to adjust for the historical variation in the effective book tax rate associated with the reversal of valuation allowances, foreign tax credits and loss carry-forwards that are not tied to actual operating results, because the company believes that the cash tax rate provides a more transparent view of the company's operating results. Please note that the actual book rate used for the purposes of calculating actual book net income for the second quarter was 25.6%. **Because the value of the Suntech warrant may vary significantly from quarter to quarter, the company believes excluding its effect for non- GAAP EPS comparisons provides a more transparent view of the company's operating results. Please click here for silane and polysilicon output charts: (Photo: http://www.newscom.com/cgi-bin/prnh/20080723/NYW107 )

Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20080723/NYW107
PRN Photo Desk, photodesk@prnewswire.com MEMC Electronic Materials, Inc.

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

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

Amdocs Limited Reports Quarterly Revenue Growth of 15%Amdocs Reports Record Quarterly Revenue of $820 Million, Exceeding GuidanceKey highlights:- Third quarter revenue increased to $820 million, exceeding guidance of $790-$805 million- Third quarter diluted non-GAAP EPS, excluding acquisition-related costs and equity-based compensation expense, net of related tax effects, increased to $0.61, in line with guidance of $0.59-$0.61 diluted non-GAAP EPS- Diluted GAAP EPS of $0.46 for the quarter- Free cash flow of $83 million for the quarter- Fourth quarter fiscal 2008 guidance: Expected revenue of approximately $825-$835 million and diluted non-GAAP EPS of $0.61-$0.63, excluding acquisition-related costs and approximately $0.06-$0.07 per share of equity-based compensation expense, net of related tax effects. Diluted GAAP EPS is expected to be approximately $0.47-$0.50

ST. LOUIS, July 23 /PRNewswire-FirstCall/ -- Amdocs Limited today reported that for its fiscal third quarter ended June 30, 2008, revenue was $820.3 million, an increase of 15.2% from last year's third quarter. Net income on a non-GAAP basis was $132.5 million, or $0.61 per diluted share (excluding acquisition-related costs, which include amortization of purchased intangible assets and in-process research and development write-off, and excluding equity-based compensation expense, net of related tax effects, of $31.8 million), compared to non-GAAP net income of $120.6 million, or $0.54 per diluted share, in the third quarter of fiscal 2007 (excluding acquisition-related costs, which include amortization of purchased intangible assets and equity-based compensation expense, net of related tax effects, of $32.4 million). The Company's GAAP net income was $100.7 million, or $0.46 per diluted share, compared to GAAP net income of $88.2 million, or $0.40 per diluted share, in the third quarter of fiscal 2007. Free cash flow for the quarter was $83.2 million, comprised of cash flow from operations of $115.1 million less $31.9 million in net capital expenditures and other.

"Our role as a strategic partner with our customers is translating into excellent business results for Amdocs," said Dov Baharav, chief executive officer of Amdocs Management Limited. "We continue to provide innovative solutions to solve real-world business needs for the leading service providers around the world. Our unique combination of industry-leading integrated products, services and domain expertise provides us with growth opportunities in areas such as managed services and transformational projects in developed markets and in emerging markets around the world. We continue to see strong demand at this time but there are macro-economic uncertainties which may have an impact on our results in the future. We believe that we are well-positioned for future growth."

In the third quarter Amdocs had numerous wins across lines of business and geographies. The Company had a win in North America with the Amdocs CES - Qpass 7.5 offering and continues to show momentum in broadband cable and satellite with wins for operational support systems (OSS) and mediation solutions. Amdocs had additional OSS success including a win in Asia Pacific, which builds on a strong existing relationship, and in Europe with Slovak Telecom. Amdocs enjoyed success in emerging markets as Bakcell in Azerbaijan selected Amdocs Compact Convergence Suite and another service provider chose Amdocs CRM.

Financial Outlook

Amdocs expects that revenue for the fourth quarter of fiscal 2008 will be approximately $825-$835 million. Amdocs expects diluted earnings per share on a non-GAAP basis for the fourth quarter to be $0.61-$0.63, excluding acquisition-related costs and approximately $0.06-$0.07 per share of equity-based compensation expense, net of related tax effects. Diluted GAAP EPS is expected to be approximately $0.47-$0.50.

Amdocs will host a conference call on July 23, 2008 at 5 p.m. Eastern Time to discuss the Company's third quarter results. The call will be carried live on the Internet via http://www.investorcalendar.com/ and the Amdocs website, http://www.amdocs.com/.

Non-GAAP Financial Measures

This release includes non-GAAP diluted earnings per share and other non-GAAP financial measures, including free cash flow, non-GAAP cost of service, non-GAAP research and development, non-GAAP selling, general and administrative, non-GAAP operating income, non-GAAP income taxes and non-GAAP net income. These non-GAAP measures exclude the following items:

-- amortization of purchased intangible assets; -- in-process research and development write-off and other; -- restructuring charges; -- equity-based compensation expense; and -- tax effects related to the above.

These non-GAAP financial measures are not in accordance with, or an alternative for, generally accepted accounting principles and may be different from non-GAAP financial measures used by other companies. In addition, these non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles. Amdocs believes that non-GAAP financial measures have limitations in that they do not reflect all of the amounts associated with Amdocs' results of operations as determined in accordance with GAAP and that these measures should only be used to evaluate Amdocs' results of operations in conjunction with the corresponding GAAP measures.

Amdocs believes that the presentation of non-GAAP diluted earnings per share and other financial measures, including free cash flow, non-GAAP cost of service, non-GAAP research and development, non-GAAP selling, general and administrative, non-GAAP operating income, non-GAAP income taxes and non-GAAP net income, when shown in conjunction with the corresponding GAAP measures, provides useful information to investors and management regarding financial and business trends relating to its financial condition and results of operations as well as the net amount of cash generated by its business operations after taking into account capital spending required to maintain or expand the business.

For its internal budgeting process and in monitoring the results of the business, Amdocs' management uses financial statements that do not include amortization of purchased intangible assets, in-process research and development write-off and other, restructuring charges, equity-based compensation expense, and related tax effects. Amdocs' management also uses the foregoing non-GAAP financial measures, in addition to the corresponding GAAP measures, in reviewing the financial results of Amdocs. In addition, Amdocs believes that significant groups of investors exclude these non-cash expenses in reviewing its results and those of its competitors, because the amounts of the expenses between companies can vary greatly depending on the assumptions used by an individual company in determining the amounts of the expenses.

Amdocs further believes that, where the adjustments used in calculating non-GAAP diluted earnings per share are based on specific, identified amounts that impact different line items in the Consolidated Statements of Income (including cost of service, research and development, selling, general and administrative, operating income, income taxes and net income), it is useful to investors to understand how these specific line items in the Consolidated Statements of Income are affected by these adjustments.

Please refer to the Reconciliation of Selected Financial Metrics from GAAP to Non-GAAP tables below.

About Amdocs

Amdocs is the market leader in customer experience systems innovation, enabling world-leading service providers to deliver an integrated, innovative and the intentional customer experience(TM) -- at every point of service. Amdocs provides solutions that deliver customer experience excellence, combining the software, service and expertise to help its customers execute their strategies and achieve service, operational and financial excellence. A global company with revenue of $2.84 billion in fiscal 2007, Amdocs has more than 17,000 employees and serves customers in more than 50 countries around the world. For more information, visit Amdocs at http://www.amdocs.com/.

This press release includes information that constitutes forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995, including statements about Amdocs growth and business results in future quarters. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be obtained or that any deviations will not be material. Such statements involve risks and uncertainties that may cause future results to differ from those anticipated. These risks include, but are not limited to, the effects of general economic conditions, Amdocs ability to grow in the business markets that it serves, Amdocs ability to successfully integrate acquired businesses, adverse effects of market competition, rapid technological shifts that may render the Company's products and services obsolete, potential loss of a major customer, our ability to develop long-term relationships with our customers, and risks associated with operating businesses in the international market. Amdocs may elect to update these forward-looking statements at some point in the future; however, the Company specifically disclaims any obligation to do so. These and other risks are discussed at greater length in the Company's filings with the Securities and Exchange Commission, including in our Annual Report on Form 20-F for the fiscal year ended September 30, 2007 filed on December 3, 2007 and on Form 6-K furnished on February 11 and May 6, 2008.

AMDOCS LIMITED Consolidated Statements of Income (in thousands, except per share data) Three months ended Nine months ended June 30, June 30, --------------------- ---------------------- 2008 2007 2008 2007 -------- ------- --------- --------- Revenue: License $ 35,244 $43,821 $ 93,570 $113,091 Service 785,044 668,270 2,243,249 1,996,393 -------- ------- --------- --------- 820,288 712,091 2,336,819 2,109,484 Operating expenses: Cost of license 555 960 2,267 3,045 Cost of service 528,437 448,795 1,493,134 1,330,776 Research and development 56,137 56,727 168,240 174,929 Selling, general and administrative 104,632 94,445 300,963 274,895 Amortization of purchased intangible assets 22,796 19,175 66,302 55,785 Restructuring charges, in-process research and development and other 1,780 - 1,780 6,761 -------- ------- --------- --------- 714,337 620,102 2,032,686 1,846,191 -------- ------- --------- --------- Operating income 105,951 91,989 304,133 263,293 Interest income and other, net 6,159 14,290 23,797 36,928 -------- ------- --------- --------- Income before income taxes 112,110 106,279 327,930 300,221 Income taxes 11,438 18,098 31,735 31,527 -------- ------- --------- --------- Net income $100,672 $88,181 $296,195 $268,694 ======== ======= ========= ========= Basic earnings per share $ 0.49 $ 0.42 $ 1.43 $ 1.30 ======== ======= ========= ========= Diluted earnings per share (1) $ 0.46 $ 0.40 $ 1.36 $ 1.22 ======== ======= ========= ========= Basic weighted average number of shares outstanding 206,329 208,262 207,069 207,332 ======== ======= ========= ========= Diluted weighted average number of shares outstanding 219,120 223,775 220,315 222,997 ======== ======= ========= ========= (1) To reflect the impact of assumed conversion of the convertible notes, $985 and $2,955, representing interest expense and amortization of issuance costs, were added back to net income for the three and nine months ended June 30, 2008 and 2007, for the purpose of computing diluted earnings per share. AMDOCS LIMITED Selected Financial Metrics (in thousands, except per share data) Three months ended Nine months ended June 30, June 30, --------------------- ------------------------ 2008 2007 2008 2007 -------- -------- ---------- ---------- Revenue $820,288 $712,091 $2,336,819 $2,109,484 Non-GAAP operating income 146,608 123,843 415,925 365,809 Non-GAAP net income 132,463 120,576 382,400 353,163 Non-GAAP diluted earnings per share (1) $ 0.61 $ 0.54 $ 1.75 $ 1.60 Diluted weighted average number of shares outstanding 219,120 223,775 220,315 222,997 (1) To reflect the impact of assumed conversion of the convertible notes, $985 and $2,955, representing interest expense and amortization of issuance costs, were added back to net income for the three and nine months ended June 30, 2008 and 2007, for the purpose of computing diluted earnings per share. AMDOCS LIMITED Reconciliation of Selected Financial Metrics from GAAP to Non-GAAP (in thousands) Three months ended June 30, 2008 ------------------------------------------------------------ Reconciliation items ------------------------------------------- Restructuring Amortization charges, of in-process Equity purchased research and based intangible development compensation Tax Non- GAAP assets and other expense effect GAAP ------------------------------------------------------------ Operating expenses: Cost of license $ 555 $ - $ - $ - $ - $ 555 Cost of service 528,437 - - (5,998) - 522,439 Research and development 56,137 - - (1,104) - 55,033 Selling, general and admini- strative 104,632 - - (8,979) - 95,653 Amortization of purchased intangible assets 22,796 (22,796) - - - - Restructuring charges, in-process research and development and other 1,780 - (1,780) - - - ------------------------------------------------------------ Total operating expenses 714,337 (22,796) (1,780) (16,081) - 673,680 ------------------------------------------------------------ ------------------------------------------------------------ Operating income 105,951 22,796 1,780 16,081 - 146,608 ------------------------------------------------------------ ------------------------------------------------------------ Income taxes 11,438 - - - 8,866 20,304 ------------------------------------------------------------ ------------------------------------------------------------ Net income $100,672 $22,796 $1,780 $16,081 $(8,866) $132,463 ------------------------------------------------------------ Three months ended June 30, 2007 --------------------------------------------------------- Reconciliation items ------------------------------------- Amortization of purchased Equity based intangible compensation GAAP assets expense Tax effect Non-GAAP ----------------------------------------------------------- Operating expenses: Cost of license $ 960 $ - $ - $ - $ 960 Cost of service 448,795 - (6,587) - 442,208 Research and development 56,727 - (1,734) - 54,993 Selling, general and admini- strative 94,445 - (4,358) - 90,087 Amortization of purchased intangible assets 19,175 (19,175) - - - ----------------------------------------------------------- Total operating expenses 620,102 (19,175) (12,679) - 588,248 ----------------------------------------------------------- ----------------------------------------------------------- Operating income 91,989 19,175 12,679 - 123,843 ----------------------------------------------------------- ----------------------------------------------------------- Income taxes 18,098 - - (541) 17,557 ----------------------------------------------------------- ----------------------------------------------------------- Net income $88,181 $19,175 $12,679 $541 $120,576 ----------------------------------------------------------- AMDOCS LIMITED Reconciliation of Selected Financial Metrics from GAAP to Non-GAAP (in thousands) Nine months ended June 30, 2008 ------------------------------------------------------------- Reconciliation items -------------------------------------------- Restructuring Amortization charges, of in-process Equity purchased research and based intangible development compensation Tax Non- GAAP assets and other expense effect GAAP ------------------------------------------------------------- Operating expenses: Cost of license $ 2,267 $ - $ - $ - $ - $ 2,267 Cost of service 1,493,134 - - (17,711) - 1,475,423 Research and development 168,240 - - (3,626) - 164,614 Selling, general and admini- strative 300,963 - - (22,373) - 278,590 Amortization of purchased intangible assets 66,302 (66,302) - - - - Restructuring charges, in-process research and development and other 1,780 - (1,780) - - - ------------------------------------------------------------- Total operating expenses 2,032,686 (66,302) (1,780) (43,710) - 1,920,894 ------------------------------------------------------------- ------------------------------------------------------------- Operating income 304,133 66,302 1,780 43,710 - 415,925 ------------------------------------------------------------- ------------------------------------------------------------- Income taxes 31,735 - - - 25,587 57,322 ------------------------------------------------------------- ------------------------------------------------------------- Net income $ 296,195 $66,302 $1,780 $43,710 $(25,587) $ 382,400 ------------------------------------------------------------- AMDOCS LIMITED Reconciliation of Selected Financial Metrics from GAAP to Non-GAAP (in thousands) Nine months ended June 30, 2007 -------------------------------------------------------------- Reconciliation items -------------------------------------------- Restructuring Amortization charges, of in-process Equity purchased research and based intangible development compensation Tax Non- GAAP assets and other expense effect GAAP -------------------------------------------------------------- Operating expenses: Cost of license $ 3,045 $ - $ - $ - $ - $ 3,045 Cost of service 1,330,776 - - (18,914) - 1,311,862 Research and development 174,929 - - (5,099) - 169,830 Selling, general and admini- strative 274,895 - - (15,957) - 258,938 Amortization of purchased intangible assets 55,785 (55,785) - - - - Restructuring charges, in-process research and development and other 6,761 - (6,761) - - - -------------------------------------------------------------- Total operating expenses 1,846,191 (55,785) (6,761) (39,970) - 1,743,675 -------------------------------------------------------------- -------------------------------------------------------------- Operating income 263,293 55,785 6,761 39,970 - 365,809 -------------------------------------------------------------- -------------------------------------------------------------- Income taxes 31,527 - - - 18,047 49,574 -------------------------------------------------------------- -------------------------------------------------------------- Net income $ 268,694 $55,785 $6,761 $39,970 $(18,047) $ 353,163 -------------------------------------------------------------- AMDOCS LIMITED Condensed Consolidated Balance Sheets (in thousands) As of ----------------------- June 30, September 30, 2008 2007 ---------- ---------- ASSETS Current assets Cash, cash equivalents and short-term interest-bearing investments $1,180,405 $1,179,280 Accounts receivable, net, including unbilled of $35,744 and $43,870 respectively(*) 588,667 473,847 Deferred income taxes and taxes receivable 98,605 117,623 Prepaid expenses and other current assets 104,050 98,746 ---------- ---------- Total current assets 1,971,727 1,869,496 Equipment, vehicles and leasehold improvements, net 304,146 283,839 Goodwill and other intangible assets, net 1,794,893 1,792,588 Other noncurrent assets(*) 493,225 399,427 ---------- ---------- Total assets $4,563,991 $4,345,350 ========== ========== LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Accounts payable and accruals $ 584,424 $ 592,937 Short-term portion of capital lease obligations and other financing arrangements 2,033 2,055 Deferred revenue(*) 188,336 174,526 Deferred income taxes and taxes payable 39,591 205,960 ---------- ---------- Total current liabilities 814,384 975,478 0.50% Convertible notes 450,000 450,000 Noncurrent liabilities and other 500,238 319,629 Shareholders' equity 2,799,369 2,600,243 ---------- ---------- Total liabilities and shareholders' equity $4,563,991 $4,345,350 ========== ========== (*) Certain amounts in prior period financial statements have been reclassified to conform to the current period presentation.

Amdocs Limited

CONTACT: Thomas G. O'Brien, Treasurer and Vice President of Investor
Relations, Amdocs Limited, +1-314-212-8328, dox_info@amdocs.com

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

GSI Commerce Reports Fiscal 2008 Second Quarter Operating Results

KING OF PRUSSIA, Pa., July 23 /PRNewswire-FirstCall/ -- GSI Commerce Inc. today announced its financial results for its fiscal 2008 second quarter ended June 28, 2008.

Fiscal 2008 Second Quarter Compared to Fiscal 2007 Second Quarter

-- Net revenues increased 47 percent to $193.2 million from $131.3 million.

-- Non-GAAP net revenues increased 85 percent to $102.9 million from $55.8 million.

-- Loss from operations was $17.2 million compared to $9.0 million and included $2.2 million in amortization expense related to e-Dialog and Zendor, which was not included in the company's guidance for the quarter.

-- Non-GAAP income from operations was $6.7 million compared to $0.7 million.

-- Net loss was $19.0 million or $0.40 per share compared to $5.0 million or $0.11 per share. The company's effective tax rate for the second quarter was 3.2 percent, bringing its effective tax rate on a year-to-date basis to 26.3 percent. The year-to-date tax rate approximates what the company currently expects for its full-year tax rate. The primary reason for the change in expected tax rate from the first quarter was the inclusion of amortization expense from e-Dialog and Zendor in the company's projected full-year results.

Beginning with this news release, the company is disclosing the non-GAAP metric, non-GAAP net revenues and reporting the former expense line of sales and marketing as two expense lines, marketing and account management and operations.

Non-GAAP net revenues are calculated by subtracting cost of revenues from product sales and marketing expenses from net revenues. A more thorough definition and discussion of the importance of non-GAAP net revenues to GSI's business as well as a definition and discussion of the importance of non-GAAP income from operations to GSI's business can be found under "Non-GAAP Financial Measures" provided later in this news release.

"GSI's second quarter performance was excellent. Our strategy had us well positioned, we executed strongly, and industry trends were favorable -- clearly a winning formula," said Michael G. Rubin, chairman, president and CEO of GSI. "Net revenues grew close to 50 percent and above our guidance range. Non-GAAP income from operations of $6.7 million exceeded our guidance of $1.0 million to $2.0 million and was meaningfully greater than our previous best, non-fourth quarter performance for non-GAAP income from operations of $3.8 million. The momentum in our business along with our focus on capital efficiency should enhance free cash flow in 2008."

Key Events Since April 23

-- GSI launched five new Web stores, three in the United States and two internationally. The U.S. launches were Quiksilver (http://www.quiksilver.com/), which joins Roxy (http://www.roxy.com/) to become the second Quiksilver brand to launch with GSI; Kenneth Cole (http://www.kennethcole.com/); and Iomega U.S. (http://store.iomega.com/). Internationally, GSI launched Web stores for iRobot in the United Kingdom (http://www.iroboteurope.co.uk/) and in Germany (http://www.iroboteurope.de/). Year-to-date, the company has launched 12 Web stores for nine e-commerce partners.

-- GSI signed two new, multiyear, e-commerce agreements, both with companies that will be transitioning existing e-commerce businesses to the GSI platform. One agreement is with a regional department store chain, scheduled to launch its Web store in the fourth quarter of this year, and the other is with a national, specialty retailer of women's apparel, scheduled to launch its Web store in the first quarter of 2009.

-- GSI extended multiyear agreements with five partners, including Polo Ralph Lauren Corporation and The Warnaco Group Inc., which also expanded its agreement to add a third apparel brand to the GSI e-commerce platform and to add marketing services.

-- e-Dialog Inc. signed new e-mail services deals with 8 customers, including Oakley, Course Advisor, Lifetime Networks and Hickory Farms. Additionally, two GSI partners, both of which were added through the Accretive Commerce acquisition, The Warnaco Group Inc. and Cost Plus World Market, signed on for e-mail solutions powered by e-Dialog.

-- gsi interactive signed new business with 17 customers, including e-commerce partners and other customers not on the GSI platform, for services that included search engine optimization, site design, paid search, affiliate marketing, studio photography and strategic e-commerce site assessment and planning. Included in these marketing services agreements was a significant extension and expansion of business with Toys "R" Us, which named gsi interactive as its agency of record and also included an e-mail solution from e-Dialog.

Fiscal Year 2008 and Third Quarter Guidance

The following forward-looking statements reflect GSI's expectations as of July 23, 2008. Given the potential changes in general economic conditions and consumer spending, the growth rate of e-commerce and various other risk factors discussed in our forward-looking statements disclosure and in our public reports, actual results may differ materially.

Fiscal Year 2008 Guidance The company provides the following guidance for fiscal year 2008: -- Net revenues are expected to be approximately $1.0 billion.

-- Loss from operations is expected to be in a range of $6.5 million to $9.5 million. (a)

-- Non-GAAP income from operations is expected to be in a range of $80.0 million to $83.0 million. (b)

-- Capital expenditures are estimated to be approximately $65.0 million, revised from our previous guidance of $70.0 million, and include acquisition-related integration capital expenditures of approximately $8.0 million, revised from our previous guidance of $11.0 million.

(a) Included in the guidance for loss from operations is amortization of acquisition-related intangibles for e-Dialog and Zendor.

(b) The following is a reconciliation of GAAP loss from operations to non- GAAP income from operations: add to projected GAAP loss from operations estimated depreciation and amortization of $67.0 million (inclusive of amortization from acquisition-related intangibles of $13.6 million), estimated stock-based compensation of $17.5 million, and acquisition-related integration costs of approximately $5.0 million.

Fiscal 2008 Third Quarter Guidance The company provides the following guidance for fiscal 2008 third quarter:

-- Net revenues are expected to be approximately $188.0 million to $193.0 million.

-- Loss from operations is expected to be in a range of $18.5 million to $19.5 million. (a)

-- Non-GAAP income from operations is expected to be in a range of $3.5 million to $4.5 million. (b)

(a) Included in the guidance for income from operations is amortization of acquisition-related intangibles for e-Dialog and Zendor.

(b) The following is a reconciliation of GAAP loss from operations to non-GAAP income from operations: add to projected GAAP loss from operations estimated depreciation and amortization of $17.0 million (inclusive of amortization from acquisition-related intangibles of $3.9 million), estimated stock-based compensation of $4.6 million, and acquisition-related integration costs of approximately $1.4 million.

Conference Call Today

GSI has scheduled a conference call for 4:45 p.m. EDT today to discuss the company's 2008 fiscal second quarter operating results and its 2008 fiscal year and third quarter guidance.

Live Conference Access:

-- Phone - Dial 1-888-680-0869, passcode 48017103 by 4:30 p.m. EDT on July 23. For quicker access to the audio conference call the day of the event, investors can pre-register for the conference call by going to: https://www.theconferencingservice.com/prereg/key.process?key=PE7XNNJMM.

-- Web - Go to http://www.gsicommerce.com/, and click on the Webcast tab provided on the home page, or go to http://www.streetevents.com/, where the conference call will be broadcast live. Please allow at least 15 minutes to register, download and install any necessary audio software.

Conference Replays:

-- Web - Go to http://www.gsicommerce.com/, and click on the Webcast tab provided on the home page. Access will remain available through Aug. 25.

Non-GAAP Financial Measures

GSI's consolidated financial statements are prepared and presented in accordance with GAAP. To supplement our consolidated financial statements, in this release and on the conference call, we use the non-GAAP financial measures of non-GAAP net revenues, non-GAAP income from operations and free cash flow. We also discuss certain ratios that use those measures. The non- GAAP measures and ratios presented are not intended to be considered in isolation of, as a substitute for, or superior to our GAAP financial information. We have included reconciliations later in this release of the non-GAAP measures to the nearest GAAP measure.

We use these non-GAAP financial measures for financial and operational decision making and as a means to evaluate our performance. In our opinion, these non-GAAP measures provide meaningful supplemental information regarding our performance. We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting and analyzing future periods. These non-GAAP financial measures also facilitate management's internal comparisons to our historical performance and liquidity as well as to the operating results of comparable companies. We believe these non-GAAP financial measures are useful to investors both because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision making and (2) they are used by institutional investors and the analyst community to help them analyze the health of our business.

Non-GAAP net revenues. We define non-GAAP net revenues as net revenues minus cost of revenues from product sales and marketing expenses. Marketing expenses principally include partner revenue share expenses, net advertising and promotional expenses, subsidized shipping and handling expenses, and catalog expenses. We consider non-GAAP net revenues to be a useful metric for management and investors because (1) it provides a metric for our investors to understand and analyze our company and (2) it provides investors with one of the primary metrics used by the company for evaluation and decision making purposes. We and many of our investors view us as a technology and business services company. Since most technology and business service companies generate their revenues from service fees and do not have product sales, we believe that by subtracting cost of revenues from product sales and marketing expenses from our net revenues from product sales, the company and investors will be better able to assess our revenues on a basis that more closely approximates the net revenues of other technology and business services companies. Further, management uses this metric for evaluating the performance of our business, making operating decisions and for budgeting purposes.

Non-GAAP income from operations. We define non-GAAP income from operations as income from operations excluding stock-based compensation, depreciation and amortization expenses and acquisition-related integration expenses. We consider non-GAAP income from operations to be a useful metric for management and investors because it excludes certain non-cash and non-operating items. Because of varying available valuation methodologies, subjective assumptions and the variety of award types that companies can use when valuing equity awards under SFAS 123R, we believe that viewing income from operations excluding stock-based compensation expense allows investors to make meaningful comparisons between our operating performance and those of other businesses. Because we are growing rapidly and operate in an emerging and rapidly changing industry, we believe that our level of capital expenditures and consequently the level of depreciation and amortization expense relative to our revenues could be meaningfully greater today than it will be over time. As a result, we believe it is useful supplemental information to view income from operations excluding depreciation and amortization expense as it provides a potential indicator of the future operating margin potential of the business. We believe the exclusion of acquisition-related integration expenses permits evaluation and a comparison of results for on-going business operations, and it is on this basis that management internally assesses the company's performance.

Free cash flow. We define free cash flow as net cash provided by operating activities minus cash paid for fixed assets, including capitalized software development. We consider free cash flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by the business that, after the acquisition of property and equipment, including information technology infrastructure, can be used for strategic opportunities, including investing in the business, making strategic acquisitions and strengthening the balance sheet. Analysis of free cash flow also facilitates management's comparisons of our operating results to the operating results of comparable companies. A limitation of using free cash flow as a means for evaluating our performance is that free cash flow reflects changes in working capital which is impacted by short-term changes in cash flow and the seasonality of our business which may not be indicative of long- term performance. Another limitation of free cash flow is that it excludes fixed assets purchased and placed in service, but not paid for during the applicable period. Our management compensates for this limitation by providing supplemental information about capital expenditures accrued, but not paid for during the applicable periods on the face of the cash flow statement in our Forms 10-K and 10-Q.

About GSI Commerce

GSI Commerce(R) (http://www.gsicommerce.com/) is a leading provider of services that enable e-commerce, multichannel retailing and interactive marketing for large, business-to-consumer (b2c) enterprises in the U.S. and internationally. We deliver customized e-commerce solutions through an e-commerce platform, which is comprised of technology, fulfillment and customer care. We offer each of the platform's components on a modular basis, or as part of an integrated, end-to-end solution. We also offer a full suite of interactive marketing services through two divisions, gsi interactive(sm) and e-Dialog (http://www.e-dialog.com/).

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements made in this release, other than statements of historical fact, are forward-looking statements. The words "look forward to," "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "will," "would," "should," "could," "guidance," "potential," "opportunity," "continue," "project," "forecast," "confident," "prospects," "schedule," "designed," "future," "discussions," "if" and similar expressions typically are used to identify forward-looking statements. Forward-looking statements are based on the then-current expectations, beliefs, assumptions, estimates and forecasts about the business of GSI Commerce. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or implied by these forward-looking statements. Factors which may affect GSI Commerce's business, financial condition and operating results include the effects of changes in the economy, consumer spending, the financial markets and the industries in which GSI Commerce and its partners operate, changes affecting the Internet and e-commerce, the ability of GSI Commerce to develop and maintain relationships with strategic partners and suppliers and the timing of the establishment, extension or termination of its relationships with strategic partners, the ability of GSI Commerce to timely and successfully develop, maintain and protect its technology, confidential and proprietary information and product and service offerings and execute operationally, the ability of GSI Commerce to attract and retain qualified personnel, the ability of GSI Commerce to successfully integrate its acquisitions of other businesses, and the performance of acquired businesses. More information about potential factors that could affect GSI Commerce can be found in its most recent Form 10-K, Form 10-Q and other reports and statements filed by GSI Commerce with the SEC. GSI Commerce expressly disclaims any intent or obligation to update these forward-looking statements.

Contact: GSI Commerce, Inc. Corporate Marketing 610.491.7474 Fax: 610.265.2866 news@gsicommerce.com GSI COMMERCE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share data) (Unaudited) December 29, June 28, 2007 2008 ASSETS Current assets: Cash and cash equivalents $231,511 $49,558 Accounts receivable, less allowance for doubtful accounts of $1,833 and $2,154 64,285 57,658 Inventory 47,293 40,957 Deferred tax assets 14,114 14,771 Prepaid expenses and other current assets 12,459 15,809 Total current assets 369,662 178,753 Property and equipment, net 156,774 166,069 Goodwill 82,757 171,591 Intangible assets, net of accumulated amortization of $4,972 and $10,757 16,476 54,937 Long-term deferred tax assets 45,234 58,986 Other assets, net of accumulated amortization of $14,545 and $16,044 22,737 21,594 Total assets $693,640 $651,930 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $85,667 $54,429 Accrued expenses 98,179 71,260 Deferred revenue 17,588 24,804 Current portion - long-term debt 2,406 2,861 Total current liabilities 203,840 153,354 Convertible notes 207,500 207,500 Long-term debt 27,245 56,350 Deferred revenue and other long-term liabilities 5,634 5,995 Total liabilities 444,219 423,199 Commitments and contingencies Stockholders' equity: Preferred stock, $0.01 par value, 5,000,000 shares authorized; 0 shares issued and outstanding as of December 29, 2007 and June 28, 2008 - - Common stock, $0.01 par value, 90,000,000 shares authorized; 46,847,919 and 47,426,300 shares issued as of December 29, 2007 and June 28, 2008, respectively; 46,847,716 and 47,426,097 shares outstanding as of December 29, 2007 and June 28, 2008, respectively 468 474 Additional paid in capital 366,400 374,173 Accumulated other comprehensive loss (156) (100) Accumulated deficit (117,291) (145,816) Total stockholders' equity 249,421 228,731 Total liabilities and stockholders' equity $693,640 $651,930 GSI COMMERCE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited) Three Months Ended Six Months Ended June 30, June 28, June 30, June 28, 2007 2008 2007 2008 Revenues: Net revenues from product sales $89,004 $107,055 $197,754 $230,175 Service fee revenues 42,260 86,154 79,793 158,577 Net revenues 131,264 193,209 277,547 388,752 Costs and expenses: Cost of revenues from product sales 65,782 78,444 142,584 163,861 Marketing 9,709 11,853 21,930 28,729 Account management and operations, inclusive of $753, $1,311, $1,310 and $2,445 of stock-based compensation 31,598 57,497 63,551 116,607 Product development, inclusive of $343, $656, $631 and $1,083 of stock-based compensation 15,074 25,184 28,812 47,620 General and administrative, inclusive of $950, $2,188, $1,702 and $4,248 of stock-based compensation 10,405 18,609 19,816 34,333 Depreciation and amortization 7,691 18,826 14,615 32,635 Total costs and expenses 140,259 210,413 291,308 423,785 Loss from operations (8,995) (17,204) (13,761) (35,033) Other (income) expense: Interest expense 925 2,347 1,767 4,524 Interest income (1,739) (168) (3,683) (1,207) Other expense, net 8 208 23 353 Total other (income) expense (806) 2,387 (1,893) 3,670 Net loss before income taxes (8,189) (19,591) (11,868) (38,703) Benefit for income taxes (3,156) (631) (4,490) (10,178) Net loss $(5,033) $(18,960) $(7,378) $(28,525) Basic and diluted loss per share $(0.11) $(0.40) $(0.16) $(0.61) Weighted average shares outstanding - basic and diluted 46,391 47,364 46,195 47,144 GSI COMMERCE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) Six Months Ended June 30, June 28, 2007 2008 Cash Flows from Operating Activities: Net loss $(7,378) $(28,525) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation 13,820 26,827 Amortization 795 5,808 Stock-based compensation 3,643 7,776 Loss (gain) on disposal of equipment 66 (282) Deferred income taxes (4,590) (8,553) Changes in operating assets and liabilities: Accounts receivable, net 9,098 15,248 Inventory 8,185 6,336 Prepaid expenses and other current assets (1,850) (2,081) Other assets, net 392 915 Accounts payable and accrued expenses and other (62,555) (68,115) Deferred revenue 2,382 7,181 Net cash used in operating activities (37,992) (37,465) Cash Flows from Investing Activities: Payments for acquisitions of businesses, net of cash acquired - (145,001) Cash paid for property and equipment, including internal use software (22,716) (29,866) Proceeds from disposition of assets - 1,500 Purchases of marketable securities (102,041) - Sales of marketable securities 119,955 - Net cash used in investing activities (4,802) (173,367) Cash Flows from Financing Activities: Borrowings on revolving credit loan - 30,000 Debt issuance costs paid - (550) Repayments of capital lease obligations (249) (1,004) Repayments of mortgage note (90) (110) Proceeds from exercise of common stock options 4,838 572 Net cash provided by financing activities 4,499 28,908 Effect of exchange rate changes on cash and cash equivalents 14 (29) Net decrease in cash and cash equivalents (38,281) (181,953) Cash and cash equivalents, beginning of period 71,382 231,511 Cash and cash equivalents, end of period $33,101 $49,558 GSI COMMERCE, INC. AND SUBSIDIARIES NON-GAAP INCOME FROM OPERATIONS AND RECONCILIATION TO GAAP RESULTS (In thousands) (Unaudited) Three Months Ended Six Months Ended June 30, June 28, June 30, June 28, 2007 2008 2007 2008 Reconciliation of GAAP loss from operations to non-GAAP income from operations: GAAP loss from operations $(8,995) $(17,204) $(13,761) $(35,033) Acquisition related integration expenses - 957 - 2,072 Stock-based compensation 2,046 4,155 3,643 7,776 Depreciation and amortization (1) 7,691 18,826 14,615 32,635 Non-GAAP income from operations $742 $6,734 $4,497 $7,450

(1) Includes amortization expense of acquisition related intangibles of $3,899 and $5,785 for the three- and six-months ended June 28, 2008 and $383 and $774 for the three- and six-months ended June 30, 2007.

GSI COMMERCE, INC. AND SUBSIDIARIES NON-GAAP NET REVENUES AND RECONCILIATION TO GAAP RESULTS (In thousands) (Unaudited) Three Months Ended Six Months Ended June 30, June 28, June 30, June 28, 2007 2008 2007 2008 Reconciliation of GAAP net revenues to non-GAAP net revenues: GAAP net revenues $131,264 $193,209 $277,547 $388,752 Cost of revenues from product sales (65,782) (78,444) (142,584) (163,861) Marketing expenses (9,709) (11,853) (21,930) (28,729) Non-GAAP net revenues $55,773 $102,912 $113,033 $196,162 GSI COMMERCE, INC. AND SUBSIDIARIES FREE CASH FLOW AND RECONCILIATION TO GAAP OPERATING CASH FLOW (In thousands) (Unaudited) Twelve Months Ended June 30, June 28, 2007 2008 Reconciliation of GAAP operating cash flow to free cash flow: GAAP cash flow from operating activities $44,372 $58,661 Cash paid for fixed assets, including capitalized software development (51,023) (61,346) Free cash flow $(6,651) $(2,685) GSI COMMERCE, INC. AND SUBSIDIARIES RESULTS BY SEGMENT (In thousands) (Unaudited) Three Months Ended June 30, 2007 Interactive E-Commerce Marketing Intersegment Services Services Eliminations Consolidated Net revenues $128,446 $6,098 $(3,280) $131,264 Operating expenses before depreciation, amortization and stock-based compensation expense 128,340 5,462 (3,280) 130,522 Operating income before depreciation, amortization and stock-based compensation expense $106 $636 $- $742 Three Months Ended June 28, 2008 Interactive E-Commerce Marketing Intersegment Services Services Eliminations Consolidated Net revenues $175,936 $21,529 $(4,256) $193,209 Operating expenses before depreciation, amortization and stock-based compensation expense 173,861 17,827 (4,256) 187,432 Operating income before depreciation, amortization and stock-based compensation expense $2,075 $3,702 $- $5,777 Six Months Ended June 30, 2007 Interactive E-Commerce Marketing Intersegment Services Services Eliminations Consolidated Net revenues $272,943 $10,913 $(6,309) $277,547 Operating expenses before depreciation, amortization and stock-based compensation expense 269,186 10,173 (6,309) 273,050 Operating income before depreciation, amortization and stock-based compensation expense $3,757 $740 $- $4,497 Six Months Ended June 28, 2008 Interactive E-Commerce Marketing Intersegment Services Services Eliminations Consolidated Net revenues $363,535 $33,614 $(8,397) $388,752 Operating expenses before depreciation, amortization and stock-based compensation expense 362,752 29,019 (8,397) 383,374 Operating income before depreciation, amortization and stock-based compensation expense $783 $4,595 $- $5,378

GSI Commerce, Inc.

CONTACT: GSI Commerce, Inc., Corporate Marketing, +1-610-491-7474, or
fax, +1-610-265-2866, news@gsicommerce.com

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

LSI Reports Second Quarter 2008 ResultsSecond Quarter 2008 Revenues Exceed Guidance

MILPITAS, Calif., July 23 /PRNewswire-FirstCall/ -- LSI Corporation today reported results for its second quarter ended June 29, 2008.

Second Quarter News Release Summary -- Second quarter 2008 revenues of $692 million, exceeding guidance -- Second quarter 2008 GAAP* net loss of 2 cents per share -- Second quarter 2008 non-GAAP** net income of 13 cents per diluted share, exceeding guidance -- Second quarter operating cash flows of $27 million -- Cash and short-term investments of $1.1 billion Third Quarter 2008 Business Outlook -- Projected revenues of $695 million to $725 million -- GAAP* net (loss)/income in the range of ($0.03) to $0.04 per share -- Non-GAAP** net income in the range of 11 to 15 cents per diluted share * Generally Accepted Accounting Principles. ** Excludes goodwill impairment, stock-based compensation, amortization of acquisition-related intangibles, restructuring of operations and other items, net, purchase accounting effect on inventory, loss on write-down of equity securities and acquired in-process research and development. It also excludes the income tax effect associated with the above mentioned items.

DOUBLE-DIGIT SEQUENTIAL GROWTH IN STORAGE SYSTEMS AND NETWORKING DRIVES SOLID

QUARTERLY RESULTS

Second quarter 2008 revenues were $692 million, a 3% increase year-over-year compared to $670 million reported in the second quarter of 2007, and up 5% sequentially compared to $661 million reported in the first quarter of 2008. Adjusting for the sale of the consumer and mobility businesses, second quarter revenues increased 24% year-over-year compared to the second quarter of 2007.

Second quarter 2008 GAAP* net loss was $14 million or 2 cents per share, compared to second quarter 2007 GAAP net loss of $378 million or 50 cents per share. Second quarter 2008 GAAP results compare to first quarter 2008 GAAP net loss of $14 million or 2 cents per share. Second quarter 2008 GAAP net loss included a net charge of $97 million from special items, consisting primarily of $58.6 million of amortization of acquisition-related items, $20.7 million of restructuring costs and other items, and $19.6 million of stock-based compensation expense.

Second quarter 2008 non-GAAP** net income was $83 million or 13 cents per diluted share, compared to second quarter 2007 non-GAAP net loss of $14 million or 2 cents per share. First quarter 2008 non-GAAP net income was $64 million or 10 cents per diluted share.

Cash and short-term investments totaled approximately $1.1 billion at quarter end.

"Strong worldwide demand for our storage systems and networking products helped us deliver another quarter of solid results," said Abhi Talwalkar, LSI president and chief executive officer. "During the quarter, we also continued to build significant momentum for the future, introducing several new storage and networking products and securing additional silicon design wins with top- tier hard disk drive and server makers.

"Our business has demonstrated resilience through recent market uncertainty, and we expect this to continue as the positive effects of seasonal buying patterns materialize in the second half," added Talwalkar.

Bryon Look, LSI chief financial officer, said, "Our second quarter results reflect the ongoing benefit of the many strategic and operational steps we have taken over the past four quarters. Increases in net income compared to the year-ago period were significant, and we continue to focus on improving our top and bottom line results."

LSI Third Quarter 2008 Business Outlook GAAP* Special Items Non-GAAP** Revenue $695 million to $695 million to $725 million $725 million Gross Margin 39 - 41% $40 to 45.5 - 47.5% $50 million Operating Expenses $268 million to $30 to $238 million to $288 million $40 million $248 million Net Other Income $0 million $0 million Tax Approximately Approximately 8% $6 million Net (Loss)/Income Per Share ($0.03) to ($0.11) to $0.11 to $0.04 ($0.14) $0.15 Diluted Share Count 650 million 650 million

Capital spending is projected to be around $15 million in the third quarter and approximately $60 million in total for 2008.

Third quarter depreciation and software amortization is expected to be approximately $20 million.

LSI Conference Call Information

LSI will hold a conference call today at 2 p.m. PDT to discuss second quarter financial results and the third quarter 2008 business outlook. Internet users can access the conference call at http://www.lsi.com/webcast. Subsequent to the conference call, a replay will be available at the same web address.

Forward Looking Statements: This news release contains forward-looking statements that are based on the current opinions and estimates of management. These statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated in the forward-looking statements. Factors that could cause LSI's actual results to differ materially from those set forth in the forward-looking statements include, but are not limited to: our reliance on major customers and suppliers; our ability to keep up with rapid technological change; our ability to compete successfully in competitive markets; our ability to achieve anticipated synergies following our acquisition of Agere Systems; fluctuations in the timing and volumes of customer demand; the unavailability of appropriate levels of manufacturing capacity; our ability to successfully and timely transition our assembly and test operations to third parties; and general industry and market conditions. For additional information, see the documents filed by LSI with the Securities and Exchange Commission, and specifically the risk factors set forth in the company's most recent reports on Form 10-K and 10-Q. LSI disclaims any intention or obligation to update or revise any forward looking statements, whether as a result of new information, future events or otherwise.

About LSI

LSI Corporation is a leading provider of innovative silicon, systems and software technologies that enable products which seamlessly bring people, information and digital content together. The company offers a broad portfolio of capabilities and services including custom and standard product ICs, adapters, systems and software that are trusted by the world's best known brands to power leading solutions in the Storage and Networking markets. More information is available at http://www.lsi.com/.

Editor's Notes: 1. All LSI news releases (financial, acquisitions, manufacturing, products, technology etc.) are issued exclusively by PR Newswire and are immediately thereafter posted on the company's external website, http://www.lsi.com/. 2. LSI and the LSI logo design are trademarks or registered trademarks of LSI Corporation or its subsidiaries. 3. All other brand or product names may be trademarks or registered trademarks of their respective companies. LSI CORPORATION Condensed Consolidated Balance Sheets (In millions) (Unaudited) June 29, March 30, December 31, Assets 2008 2008 2007 Current assets: Cash and short-term investments $1,147.2 $1,236.8 $1,397.6 Accounts receivable, net 359.3 332.1 406.4 Inventories 241.0 258.6 240.8 Prepaid expenses and other current assets 179.1 158.6 147.8 Total current assets 1,926.6 1,986.1 2,192.6 Property and equipment, net 240.2 235.2 229.7 Goodwill and other intangible assets, net 1,692.3 1,665.9 1,724.7 Other assets 268.8 252.5 249.4 Total assets $4,127.9 $4,139.7 $4,396.4 Liabilities and Stockholders' Equity Current liabilities $683.5 $729.0 $762.5 Long-term debt 716.4 717.2 718.0 Pension, tax and other liabilities 406.6 407.0 430.7 Total liabilities 1,806.5 1,853.2 1,911.2 Minority interest in subsidiary 0.3 0.3 0.2 Stockholders' equity: Common stock and additional paid-in capital 6,019.3 5,959.2 6,159.2 Accumulated deficit (3,765.8) (3,752.1) (3,738.5) Accumulated other comprehensive income 67.6 79.1 64.3 Total stockholders' equity 2,321.1 2,286.2 2,485.0 Total liabilities and stockholders' equity $4,127.9 $4,139.7 $4,396.4 LSI CORPORATION Consolidated Statements of Operations (GAAP) (In thousands, except per share amounts) (Unaudited) Three Months Ended Six Months Ended June 29, March 30, July 1, June 29, July 1, 2008 2008 2007 2008 2007 Revenues $692,063 $660,747 $669,939 $1,352,810 $1,135,354 Cost of revenues 360,492 356,878 395,607 717,370 659,277 Purchase accounting effect on inventory - - 47,904 - 47,904 Amortization of acquisition related intangibles 44,103 42,255 71,310 86,358 76,595 Stock-based compensation expense 2,572 2,061 3,148 4,633 5,092 Total cost of revenues 407,167 401,194 517,969 808,361 788,868 Gross profit 284,896 259,553 151,970 544,449 346,486 Research and development 162,546 161,894 192,955 324,440 292,085 Stock-based compensation expense 7,569 7,823 8,978 15,392 13,695 Total research and development 170,115 169,717 201,933 339,832 305,780 Selling, general and administrative 80,473 77,708 97,440 158,181 154,527 Amortization of acquisition related intangibles 14,491 13,434 6,676 27,925 6,676 Stock-based compensation expense 9,506 7,911 10,687 17,417 15,210 Total selling, general and administrative 104,470 99,053 114,803 203,523 176,413 Restructuring of operations and other items, net 20,719 4,564 25,920 25,283 17,840 Acquired in-process research and development - - 176,400 - 182,900 Loss from operations (10,408) (13,781) (367,086) (24,189) (336,447) Interest expense (8,959) (8,978) (9,049) (17,937) (12,939) Interest income and other, net 8,220 14,631 10,790 22,851 21,321 Loss before income taxes (11,147) (8,128) (365,345) (19,275) (328,065) Provision for income taxes 2,500 5,500 12,500 8,000 19,956 Net loss $(13,647) $(13,628) $(377,845) $(27,275) $(348,021) Net loss per share: Basic $(0.02) $(0.02) $(0.50) $(0.04) $(0.60) Diluted $(0.02) $(0.02) $(0.50) $(0.04) $(0.60) Shares used in computing per share amounts: Basic 639,872 661,984 751,114 650,867 577,672 Diluted 639,872 661,984 751,114 650,867 577,672 A reconciliation of net loss on a GAAP basis to a non-GAAP net income/(loss) is included below. Reconciliation of GAAP Three Months Ended Six Months Ended net loss to Non-GAAP June 29, March 30, July 1, June 29, July 1, net income/(loss): 2008 2008 2007 2008 2007 GAAP net loss $(13,647) $(13,628) $(377,845) $(27,275) $(348,021) Special items: a) Stock-based compensation expense - cost of revenues 2,572 2,061 3,148 4,633 5,092 b) Stock-based compensation expense - R&D 7,569 7,823 8,978 15,392 13,695 c) Stock-based compensation expense - SG&A 9,506 7,911 10,687 17,417 15,210 d) Amortization of acquisition related intangibles - cost of revenues 44,103 42,255 71,310 86,358 76,595 e) Amortization of acquisition related intangibles - SG&A 14,491 13,434 6,676 27,925 6,676 f) Purchase accounting effect on inventory - - 47,904 - 47,904 g) Restructuring of operations and other items, net 20,719 4,564 25,920 25,283 17,840 h) Acquired in- process research and development - - 176,400 - 182,900 i) Write-down of debt and equity securities 2,827 - 2,396 2,827 2,396 j) Income tax effect (4,751) (94) 10,264 (4,845) 9,895 Total special items 97,036 77,954 363,683 174,990 378,203 Non-GAAP net income/(loss) $83,389 $64,326 $(14,162) $147,715 $30,182 Non-GAAP net income/(loss) per share: Basic $0.13 $0.10 $(0.02) $0.23 $0.05 Diluted $0.13 $0.10 $(0.02) $0.23 $0.05 Shares used in computing Non-GAAP per share amounts: Basic 639,872 661,984 751,114 650,867 577,672 Diluted 643,106 662,485 751,114 652,293 587,248 Reconciliation of GAAP to Non-GAAP shares used in the calculation of Three Months Ended Six Months Ended diluted per share June 29, March 30, July 1, June 29, July 1, amounts: 2008 2008 2007 2008 2007 Diluted shares used in per-share calculation - GAAP 639,872 661,984 751,114 650,867 577,672 Dilutive stock awards 3,234 501 - 1,426 9,576 Diluted shares used in per-share calculation - Non-GAAP 643,106 662,485 751,114 652,293 587,248 LSI CORPORATION Consolidated Statement of Cash Flows (In thousands, except where noted) (Unaudited) Three Months Ended Six Months Ended June 29, March 30, July 1, June 29, July 1, 2008 2008 2007 2008 2007 Operating Activities: Net loss $(13,647) $(13,628) $(377,845) $(27,275) $(348,021) Adjustments: Depreciation and amortization * 79,290 78,328 101,599 157,618 120,175 Stock-based compensation expense 19,647 17,795 22,813 37,442 33,997 Non-cash restructuring and other items 46 (3,291) (29) (3,245) 199 Acquired in- process research and development - - 176,400 - 182,900 Write-down of debt and equity securities 2,827 - 2,396 2,827 2,396 (Gain)/loss on sale of property and equipment, including assets held- for-sale (11) (12) 160 (23) (9,502) Non-cash foreign exchange (gain)/loss (7,869) 12,918 (4,277) 5,049 (3,888) Changes in deferred tax assets and liabilities 2,014 2,115 (5,501) 4,129 (5,470) Changes in assets and liabilities, net of assets acquired and liabilities assumed in business combinations: Accounts receivable, net (27,253) 74,272 104,715 47,019 150,165 Inventories 17,620 (17,719) 64,896 (99) 45,242 Prepaid expenses and other assets (5,275) (4,317) 9,299 (9,592) 33,864 Accounts payable (11,376) (39,432) (94,585) (50,808) (131,054) Accrued and other liabilities (28,762) (10,828) 29,840 (39,590) 14,860 Net cash provided by operating activities 27,251 96,201 29,881 123,452 85,863 Investing activities: Purchases of debt securities available-for- sale (62,481) (44,151) (61,606) (106,632) (122,236) Proceeds from maturities and sales of debt securities available-for- sale 42,299 50,904 199,740 93,203 374,132 Purchases of equity securities - (3,500) (3,000) (3,500) (3,000) Purchases of property, equipment and software (32,625) (35,230) (20,211) (67,855) (40,714) Proceeds from sale of property and equipment 4,917 6,333 1,274 11,250 13,785 Cash acquired from acquisition of Agere, net of acquisition costs - - 517,712 - 517,712 Acquisitions of other companies, net of cash acquired (95,137) - - (95,137) (52,079) Increase in non- current assets and deposits (13,300) - - (13,300) - Adjustment to goodwill acquired in a prior year for resolution of a pre-acquisition income tax contingency - 4,821 - 4,821 2,442 Net cash (used in)/provided by investing activities (156,327) (20,823) 633,909 (177,150) 690,042 Financing activities: Issuance of common stock 29,203 346 16,246 29,549 21,917 Purchase of common stock under repurchase programs - (229,231) (400,355) (229,231) (400,355) Net cash provided by/(used in) financing activities 29,203 (228,885) (384,109) (199,682) (378,438) Effect of exchange rate changes on cash and cash equivalents (944) 1,816 268 872 203 (Decrease)/increase in cash and cash equivalents (100,817) (151,691) 279,949 (252,508) 397,670 Cash and cash equivalents at beginning of period 869,878 1,021,569 445,521 1,021,569 327,800 Cash and cash equivalents at end of period $769,061 $869,878 $725,470 $769,061 $725,470 * Depreciation of fixed assets and amortization of intangible assets, software, capitalized intellectual property, debt issuance costs and accrued debt premium. LSI CORPORATION Selected Financial Information (GAAP) (In millions, except where noted) (Unaudited) Three Months Ended June 29, March 30, July 1, 2008 2008 2007 Semiconductor revenues $462.0 $458.8 $484.8 Storage Systems revenues $230.1 $201.9 $185.1 Total revenues $692.1 $660.7 $669.9 Percentage change in revenues- qtr./qtr. (a) 4.7% -10.8% 43.9% Percentage change in revenues- yr./yr. (b) 3.3% 42.0% 36.8% Days sales outstanding 47 45 57 Days of inventory 53 58 50 Current ratio 2.8 2.7 3.0 Quick ratio 2.2 2.2 2.3 Gross margin as a percentage of revenues 41.2% 39.3% 22.7% R&D as a percentage of revenues 24.6% 25.7% 30.1% SG&A as a percentage of revenues 15.1% 15.0% 17.1% Employees (c) 5,378 5,351 9,138 Revenues per employee (in thousands) (d) $514.7 $493.9 $293.3 Selected Cash Flow information: Purchases of property and equipment (e) $14.3 $21.1 $8.6 Depreciation and amortization (f) $20.6 $21.9 $21.0 (a) Represents sequential quarter growth in revenues. (b) Represents growth in revenues in the quarter presented as compared to the same quarter of the previous year. (c) Actual number of employees at the end of each period presented. (d) Revenues per employee is calculated by annualizing revenues for each quarter presented and dividing it by the number of employees. (e) Excludes purchases of software. (f) Represents depreciation of fixed assets and amortization of software. LSI CORPORATION Reconciliations of Non-GAAP to GAAP measures (In thousands) (Unaudited) Three Months Ended June 29, July 1, 2008 2007 Consolidated revenues $692,063 $669,939 Less: Mobility revenues - 90,550 Consumer revenues - 20,998 Consolidated revenues excluding Mobility & Consumer $692,063 $558,391 % change in revenues-yr./yr. 24%

LSI Corporation

CONTACT: Investor Relations, Sujal Shah, +1-610-712-5471,
sujal.shah@lsi.com, or Media Relations, Mitch Seigle, +1-408-954-3225,
mitch.seigle@lsi.com, both of LSI Corporation

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

NETGEAR(R) Reports Second Quarter 2008 ResultsSecond Quarter Highlights:- Net revenue increased to $204.5 million, 24% year-over-year growth- Non-GAAP net income of $14.5 million, as compared to $13.7 million in the comparable prior year quarter- Non-GAAP diluted earnings per share of $0.41, as compared to $0.38 in the prior year quarter- Expect third quarter 2008 net revenue to be in the range of $208 million to $212 million, with non-GAAP operating margin in the range of 9.5% to 10.5%

SANTA CLARA, Calif., July 23 /PRNewswire-FirstCall/ -- NETGEAR, Inc. , a worldwide provider of technologically advanced, branded networking products, today reported financial results for the second quarter ended June 29, 2008.

Net revenue for the second quarter ended June 29, 2008 was $204.5 million, a 24% increase as compared to $164.3 million for the second quarter ended July 1, 2007, and a 3% increase as compared to $198.2 million in the first quarter ended March 30, 2008. Net income for the second quarter of 2008 computed in accordance with GAAP was $11.1 million, or $0.31 per diluted share. This compared to net income of $6.1 million for the second quarter of 2007 and to net income of $11.2 million in the first quarter of 2008. Diluted earnings per share, computed in accordance with GAAP, was $0.17 for the second quarter of 2007 and $0.31 for the first quarter of 2008.

Gross margin on a non-GAAP basis in the second quarter of 2008 was 33.2%, as compared to 35.5% in the year ago comparable quarter, and 32.9% in the first quarter of 2008. Non-GAAP operating margin was 11.5% in the second quarter of 2008, as compared to 11.2% in the second quarter of 2007, and 9.5% in the first quarter of 2008. In the second quarter of 2008, non-GAAP operating expenses were 21.7% of net revenue, as compared to 24.2% in the year ago comparable quarter, and 23.4% in the prior quarter.

Net income on a non-GAAP basis for the second quarter of 2008 was $14.5 million, as compared to non-GAAP net income of $13.7 million for the second quarter of 2007, and non-GAAP net income of $14.1 million for the first quarter of 2008. Non-GAAP net income was $0.41 per diluted share in the second quarter of 2008, as compared to $0.38 per diluted share in the second quarter of 2007 and $0.39 per diluted share in the first quarter of 2008. Non-GAAP net income for the second quarter of 2008 excludes $1.1 million of adjustments related to amortization of purchased intangibles and acquisition related retention compensation, net of taxes, related to our recent acquisitions. Non-GAAP net income for the second quarter of 2008 also excludes non-cash, stock-based compensation, net of tax, of $2.4 million. Non-GAAP net income for the second quarter of 2007 excludes $4.6 million of adjustments related to amortization of purchased intangibles and in-process research and development, $814,000 of impact to cost of sales from purchase accounting adjustments to inventory and $179,000 in acquisition related retention compensation, net of taxes, related to our acquisitions. Non-GAAP net income for the second quarter of 2007 also excludes non-cash, stock-based compensation, net of tax, of $1.9 million. Non-GAAP net income for the first quarter of 2008 excludes $762,000 of adjustments related to amortization of purchased intangibles and acquisition related retention compensation, net of taxes, related to our recent acquisitions. Non-GAAP net income for the first quarter of 2008 also excludes non-cash, stock-based compensation, net of tax, of $2.1 million and $31,000 in litigation reserve requirements, net of tax. The accompanying schedules provide a reconciliation of net income computed on a GAAP basis to net income computed on a non-GAAP basis.

Patrick Lo, Chairman and Chief Executive Officer of NETGEAR, commented, "This was a solid quarter for us with net revenue increasing 24% from the second quarter of last year. Despite a challenging market and economic environment in the U.S. and U.K., we enjoyed very healthy year on year revenue growth due to a strong performance in Asia Pacific and the successful launch of NETGEAR products in Wal-Mart stores in the U.S. However, we continue to foresee market weakness in both the U.S. and U.K. in the coming quarters. Our operating margin improved in Q2 due to successful product and operating cost reductions, strong sales of ReadyNAS(R) and Smart Switches and the reduction in air freight costs with an increase in our on hand inventory. Looking forward, we believe continuous emphasis in R&D resulting in differentiated new products and efficient supply chain management will enable us to win in competitive and challenging market conditions."

Mr. Lo continued, "Product wise, our ReadyNAS Network Attached Storage and Gigabit Smart Switches continued to enjoy strong reception worldwide in Q2. Among the 11 new products introduced in the second quarter, notable launches include: our low cost, high performance 11n router, an 11n upgrade kit for any installed 11g routers, and our two industry-first Layer 3 Smart Switches. We foresee a strong transition in the market to 11n in the second half of 2008 and our complete line-up of 11n products with the differentiated RangeMax(TM) technology will position us for revenue growth and market share gain. In Q2, our service provider net revenue was approximately $55 million, about 27% of our total net revenue, as compared to 24% in the year ago quarter, and 28% in the first quarter of 2008. In Q2, we added TV Cabo in Portugal and Cablemas in Mexico to our service provider customer list."

Christine Gorjanc, Chief Financial Officer of NETGEAR, said, "We ended the second quarter of 2008 with net inventory at $106.4 million, compared to $97.6 million at the end of the first quarter of 2008, and $85.6 million at the end of the second quarter of 2007. Ending inventory turns were 5.2, compared to 5.5 at the end of the first quarter of 2008, and 5.1 at the end of the second quarter of 2007. Days sales outstanding (DSO) were 71 in the second quarter of 2008, compared to 71 days in the first quarter of 2008 and 75 days in the second quarter of 2007. Cash, cash equivalents and short-term investments were $186.8 million at the end of the second quarter of 2008, compared to $200.8 million at the end of the first quarter of 2008, and $155.8 million at the end of the second quarter of 2007. Deferred revenue decreased to $4.3 million at the end of the second quarter of 2008, compared to deferred revenue of $7.5 million at the end of the first quarter of 2008, and $8.7 million at the end of the second quarter of 2007."

The U.S. retail channel inventory ended the second quarter of 2008 at 13.6 weeks, compared to 11.3 weeks in the second quarter of 2007, and 10.0 weeks in the first quarter of 2008. U.S. distribution channel inventory ended the second quarter of 2008 at 5.1 weeks, compared to 5.2 weeks in the second quarter of 2007, and 4.3 weeks in the first quarter of 2008. European distribution channel inventory ended the second quarter of 2008 at approximately 6.0 weeks, compared to approximately 4.8 weeks in the second quarter of 2007, and 5.7 weeks in the first quarter of 2008. Asia Pacific distribution channel inventory ended the second quarter of 2008 at approximately 6.0 weeks, compared to approximately 4.6 weeks in the second quarter of 2007, and 4.7 weeks in the first quarter of 2008.

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

Net revenue by geography: Three months ended June 29, 2008 July 1, 2007 March 30, 2008 North America $75,900 37% $61,787 38% $79,203 40% Europe, Middle-East and Africa $97,582 48% $85,155 52% 98,145 50% Asia Pacific $30,982 15% $17,333 10% 20,806 10% $204,464 100% $164,275 100% $198,154 100%

Looking forward, Mr. Lo added, "The weakness in consumer demand in our top two retail markets, the U.S. and U.K., has and will continue to challenge our execution. Despite such market challenges, we firmly believe our core strategy of continuously driving growth through innovation in product line-up, channel penetration and geographic expansion remains sound. We are prepared to introduce another 11 to 12 new products in Q3. Also, we plan to continue to add new service provider customers in Q3. Finally, we believe we can continue to grow and gain market share in Asia Pacific and other emerging markets. For the third quarter of 2008, we expect a lower than normal back to school demand due to the economic climate in the U.S. and U.K. Specifically, we expect third quarter net revenue to be approximately $208 to $212 million. In the meantime, we will increase our R&D effort and will implement a new ERP system in Q3 to enhance our intermediate and long term competitiveness. The non-GAAP operating margin will be in the range of 9.5% to 10.5%. Lastly, we expect the non-GAAP effective tax rate to be approximately 39.5%."

Investor Conference Call / Webcast Details

NETGEAR will review the second quarter 2008 results and discuss management's expectations for the third quarter of 2008 today, Wednesday, July 23, 2008 at 5 p.m. EDT (2 p.m. PDT). The dial-in number for the live audio call is (201) 689-8560. A live webcast of the conference call will be available on NETGEAR's website at http://www.netgear.com/. A replay of the call will be available 2 hours following the call through midnight EDT (9 p.m. PDT) on Wednesday, July 30, 2008 by telephone at (201) 612-7415 and via the web at http://www.netgear.com/. The account number to access the phone replay is 3055 and the conference ID number is 289355.

About NETGEAR, Inc.

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

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

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

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

This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. The forward- looking statements represent NETGEAR, Inc.'s expectations or beliefs concerning future events and include statements, among others, regarding NETGEAR's expected revenue, earnings, operating income and tax rate on both a GAAP and non-GAAP basis, anticipated new product offerings, current and future demand for the Company's existing and anticipated new products, willingness of consumers to purchase and use the Company's products, and ability to increase distribution and market share for the Company's products domestically and worldwide. These statements are based on management's current expectations and are subject to certain risks and uncertainties, including, without limitation, the following: future demand for the Company's products may be lower than anticipated; consumers may choose not to adopt the Company's new product offerings or adopt competing products; product performance may be adversely affected by real world operating conditions; the Company may be unsuccessful or experience delays in manufacturing and distributing its new and existing products; telecommunications service providers may choose to slow their deployment of the Company's products or utilize competing products; the Company may be unable to collect receivables as they become due; the Company may fail to manage costs, including the cost of developing new products and manufacturing and distribution of its existing offerings; channel inventory information reported is estimated based on the average number of weeks of inventory on hand on the last Saturday of the quarter, as reported by certain of NETGEAR's customers. Further information on potential risk factors that could affect NETGEAR and its business are detailed in the Company's periodic filings with the Securities and Exchange Commission, including, but not limited to, those risks and uncertainties listed in the section entitled "Part II - Item 1A. Risk Factors," pages 23 through 34, in the Company's Quarterly Report on Form 10-Q for the quarterly period ended March 30, 2008, filed with the Securities and Exchange Commission on May 9, 2008. NETGEAR undertakes no obligation to release publicly any revisions to any forward-looking statements contained herein to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Use of Non-GAAP Financial Information:

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

NETGEAR, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited) Three months ended Six months ended June 29, July 1, June 29, July 1, 2008 2007 2008 2007 Net revenue $204,464 $164,275 $402,618 $337,847 Cost of revenue 138,055 108,321 272,346 221,863 Gross profit 66,409 55,954 130,272 115,984 Operating expenses: Research and development 8,584 6,909 17,322 13,065 Sales and marketing 31,192 28,421 64,220 56,247 General and administrative 7,877 6,948 15,190 13,862 In-process research and development - 4,100 - 4,100 Litigation reserves, net - - 51 - Total operating expenses 47,653 46,378 96,783 87,274 Income from operations 18,756 9,576 33,489 28,710 Interest income 1,040 2,193 2,552 4,564 Other income (expense) (14) 1,148 2,829 1,420 Income before income taxes 19,782 12,917 38,870 34,694 Provision for income taxes 8,718 6,784 16,580 14,540 Net income $11,064 $6,133 $22,290 $20,154 Net income per share: Basic $0.31 $0.18 $0.63 $0.58 Diluted $0.31 $0.17 $0.62 $0.57 Weighted average shares outstanding used to compute net income per share: Basic 35,354 34,685 35,335 34,496 Diluted 35,792 35,827 35,881 35,609 Stock-based compensation expense was allocated as follows: Cost of revenue $219 $155 $441 $288 Research and development 863 529 1,664 998 Sales and marketing 881 916 1,728 1,538 General and administrative 978 744 1,906 1,367 NETGEAR, INC. NON-GAAP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Excluding amortization of purchased intangibles, in-process research and

development, acquisition related compensation, impact to cost of sales from

purchase accounting adjustments to inventory, litigation reserves and stock-based compensation, net of tax. (In thousands, except per share data) (Unaudited) Three months ended Six months ended June 29, July 1, June 29, July 1, 2008 2007 2008 2007 Net revenue $204,464 $164,275 $402,618 $337,847 Cost of revenue 136,652 106,026 269,538 219,360 Gross profit 67,812 58,249 133,080 118,487 Operating expenses: Research and development 7,178 6,088 15,057 11,483 Sales and marketing 30,311 27,505 62,492 54,709 General and administrative 6,899 6,204 13,284 12,495 Total operating expenses 44,388 39,797 90,833 78,687 Income from operations 23,424 18,452 42,247 39,800 Interest income 1,040 2,193 2,552 4,564 Other income (expense) (14) 1,148 2,829 1,420 Income before income taxes 24,450 21,793 47,628 45,784 Provision for income taxes 9,925 8,129 18,999 16,504 Net income $14,525 $13,664 $28,629 $29,280 Net income per share: Basic $0.41 $0.39 $0.81 $0.85 Diluted $0.41 $0.38 $0.80 $0.82 Weighted average shares outstanding used to compute net income per share: Basic 35,354 34,685 35,335 34,496 Diluted 35,792 35,827 35,881 35,609 NETGEAR, INC. GAAP TO NON-GAAP RECONCILIATION (In thousands, except per share data) (Unaudited) Three months ended Six months ended June 29, 2008 June 29, 2008 GAAP Adjustments Non-GAAP GAAP Adjustments Non-GAAP Net revenue $204,464 $ - $204,464 $402,618 $ - $402,618 Cost of revenue 138,055 1,403 136,652 272,346 2,808 269,538 Gross profit 66,409 (1,403) 67,812 130,272 (2,808) 133,080 Operating expenses: Research and development 8,584 1,406 7,178 17,322 2,265 15,057 Sales and marketing 31,192 881 30,311 64,220 1,728 62,492 General and administrative 7,877 978 6,899 15,190 1,906 13,284 Litigation reserves, net - - - 51 51 - Total operating expenses 47,653 3,265 44,388 96,783 5,950 90,833 Income from operations 18,756 (4,668) 23,424 33,489 (8,758) 42,247 Interest income 1,040 - 1,040 2,552 - 2,552 Other income (expense) (14) - (14) 2,829 - 2,829 Income before income taxes 19,782 (4,668) 24,450 38,870 (8,758) 47,628 Provision for income taxes 8,718 (1,207) 9,925 16,580 (2,419) 18,999 Net income $11,064 $(3,461) $14,525 $22,290 $(6,339) $28,629 Net income per share: Basic $0.31 $0.41 $0.63 $0.81 Diluted $0.31 $0.41 $0.62 $0.80 Weighted average shares outstanding used to compute net income per share: Basic 35,354 35,354 35,335 35,335 Diluted 35,792 35,792 35,881 35,881 NETGEAR, INC. GAAP TO NON-GAAP RECONCILIATION (in thousands, except per share data) (Unaudited) Three months ended Six months ended July 1, 2007 July 1, 2007 GAAP Adjustments Non-GAAP GAAP Adjustments Non-GAAP Net revenue $164,275 $ - $164,275 $337,847 $ - $337,847 Cost of revenue 108,321 2,295 106,026 221,863 2,503 219,360 Gross profit 55,954 (2,295) 58,249 115,984 (2,503) 118,487 Operating expenses: Research and development 6,909 821 6,088 13,065 1,582 11,483 Sales and marketing 28,421 916 27,505 56,247 1,538 54,709 General and administrative 6,948 744 6,204 13,862 1,367 12,495 In-process research and development 4,100 4,100 - 4,100 4,100 - Total operating expenses 46,378 6,581 39,797 87,274 8,587 78,687 Income from operations 9,576 (8,876) 18,452 28,710 (11,090) 39,800 Interest income 2,193 - 2,193 4,564 - 4,564 Other income 1,148 - 1,148 1,420 - 1,420 Income before income taxes 12,917 (8,876) 21,793 34,694 (11,090) 45,784 Provision for income taxes 6,784 (1,345) 8,129 14,540 (1,964) 16,504 Net income $6,133 $(7,531) $13,664 $20,154 $(9,126) $29,280 Net income per share: Basic $0.18 $0.39 $0.58 $0.85 Diluted $0.17 $0.38 $0.57 $0.82 Weighted average shares outstanding used to compute net income per share: Basic 34,685 34,685 34,496 34,496 Diluted 35,827 35,827 35,609 35,609 NETGEAR, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) June 29, December 31, 2008 2007 ASSETS Current assets: Cash and cash equivalents $167,053 $167,495 Short-term investments 19,775 37,848 Accounts receivable, net 159,039 157,765 Inventories 106,387 83,023 Deferred income taxes 14,784 13,091 Prepaid expenses and other current assets 24,727 20,367 Total current assets 491,765 479,589 Property and equipment, net 19,573 11,205 Intangibles, net 13,953 16,319 Goodwill 41,985 41,985 Other non-current assets 2,053 2,011 Total assets $569,329 $551,109 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $46,359 $55,333 Accrued employee compensation 12,205 16,085 Other accrued liabilities 87,510 89,470 Deferred revenue 4,339 7,619 Income taxes payable 96 - Total current liabilities 150,509 168,507 Deferred income tax liability 1,463 2,626 Non-current income taxes payable 11,195 8,272 Other non-current liabilities 5,264 181 Total liabilities 168,431 179,586 Stockholders' equity: Common stock 35 35 Additional paid-in capital 259,760 252,421 Cumulative other comprehensive income 30 101 Retained earnings 141,073 118,966 Total stockholders' equity 400,898 371,523 Total liabilities and stockholders' equity $569,329 $551,109

NETGEAR, Inc.

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

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

Advanced Energy Reports Solid 2008 Second Quarter Financial Results Driven by Growth in Solar Market

FORT COLLINS, Colo., July 23 /PRNewswire-FirstCall/ -- Advanced Energy Industries, Inc. today announced financial results for the second quarter ended June 30, 2008. Sales of $88.0 million were driven by a 36% sequential increase in sales to non-semiconductor markets, which reached 48% of our total sales. Sales to the solar market led the way, topping 14% of total sales for the quarter, while service revenues also hit a record high. Total second quarter sales declined 1% versus the first quarter of 2008, and declined 14.6% from $103.0 million in the second quarter of 2007, both due to the continued weakness in the semiconductor capital equipment market. Our book to bill ratio for the quarter was strong at 1.05:1.

Gross margin for the second quarter was 40.1% versus 43.6% in the second quarter of 2007 due to lower sales and the related overhead absorption. Sequentially, gross margins were fractionally down from 40.3% in the first quarter of 2008.

Net income for the second quarter of 2008 was $5.9 million, or $0.14 per diluted share, as cost reduction efforts controlled our operating expenses, compared to $11.7 million, or $0.25 per diluted share in the second quarter of 2007. Net income decreased sequentially from $6.0 million in the first quarter of 2008, but earnings per diluted share for the second quarter of 2008 were slightly higher due to shares repurchased during the quarter.

"We executed on our diversification strategy, growing non-semiconductor revenue to record levels this quarter. Sales in each of our major non-semiconductor markets demonstrated strong growth, and demand for our products in the solar market reached its highest level yet," said Dr. Hans Betz, president and chief executive officer of Advanced Energy. "Further, we believe our ability to address these emerging markets will serve us well as we develop new applications for our technology and navigate through this cycle in the semiconductor market."

Third Quarter 2008 Guidance

The Company anticipates third quarter 2008 results to be within the following ranges:

-- Sales of $82 million to $88 million. -- Earnings per share of $0.07 to $0.12 Second Quarter 2008 Conference Call

Management will host a conference call today, Wednesday, July 23, 2008 at 5:00 pm Eastern Daylight Time to discuss Advanced Energy's financial results. Domestic callers may access this conference call by dialing 877-627-6511 and International callers may access the call by dialing 719-325-4916. Participants will need to provide the conference passcode 9067934. For a replay of this teleconference, please call 888-203-1112, or 719-457-0820 and enter the passcode 9067934. The replay will be available through 12:00 a.m. Eastern Daylight Time, July 25, 2008. A webcast will also be available on the Investor Relations webpage at http://ir.advanced-energy.com/.

About Advanced Energy

Advanced Energy(R) develops innovative power and control technologies that enable high-growth, plasma thin-film manufacturing processes worldwide, including semiconductors, flat panel displays, data storage products, solar cells, architectural glass, and other advanced product applications. Advanced Energy(R) also develops grid connect inverters for the solar energy market.

The Company's expectations with respect to financial results for the third quarter of 2008 are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Such risks and uncertainties include, but are not limited to: the volatility and cyclicality of the industries the company serves, particularly the semi-conductor industry, the timing of orders received from customers, the company's ability to realize cost improvement benefits from the global operations initiatives underway, and unanticipated changes to management's estimates, reserves or allowances. These and other risks are described in Advanced Energy's Form 10-K, Forms 10-Q and other reports and statements filed with the Securities and Exchange Commission. These reports and statements are available on the SEC's website at http://www.sec.gov/. Copies may also be obtained from Advanced Energy's website at http://www.advanced-energy.com/ or by contacting Advanced Energy's investor relations at 970-407-6555. Forward-looking statements are made and based on information available to the company on the date of this press release. The company assumes no obligation to update the information in this press release.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (in thousands, except per share data) Three Months Ended Six Months Ended June 30, March 31, June 30, 2008 2007 2008 2008 2007 Sales $87,996 $103,049 $88,887 $176,883 $210,372 Cost of sales 52,720 58,094 53,039 105,759 117,108 Gross profit 35,276 44,955 35,848 71,124 93,264 Operating expenses: Research and development 13,762 12,911 13,085 26,847 24,946 Selling, general and administrative 13,955 15,414 14,468 28,423 30,632 Amortization of intangible assets 226 202 240 466 526 Restructuring charges 393 158 674 1,067 2,950 Total operating expenses 28,336 28,685 28,467 56,803 59,054 Income from operations 6,940 16,270 7,381 14,321 34,210 Other income, net 996 1,505 905 1,901 3,059 Income from continuing operations before income taxes 7,936 17,775 8,286 16,222 37,269 Provision for income taxes (2,073) (6,108) (2,320) (4,393) (12,931) Net income $5,863 $11,667 $5,966 $11,829 $24,338 Basic earnings per share $0.14 $0.26 $0.13 $0.27 $0.54 Diluted earnings per share $0.14 $0.25 $0.13 $0.27 $0.53 Basic weighted-average common shares outstanding 41,869 45,161 44,662 43,265 45,051 Diluted weighted-average common shares outstanding 42,290 45,992 45,065 43,686 45,834 CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands) June 30, December 31, 2008 2007 ASSETS Current assets: Cash and cash equivalents $106,178 $94,588 Marketable securities 33,556 110,676 Accounts receivable, net 61,301 64,188 Inventories, net 48,431 50,532 Deferred income taxes 15,243 23,696 Other current assets 4,485 4,289 Total current assets 269,194 347,969 Property and equipment, net 30,434 30,912 Long-term investments 36,002 1,483 Deposits and other 5,831 5,562 Goodwill and intangibles, net 70,160 67,768 Customer service equipment, net 1,069 1,236 Deferred income tax assets, net 15,629 4,098 Total assets $428,319 $459,028 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Trade accounts payable $13,364 $12,424 Other accrued expenses 27,836 29,590 Total current liabilities 41,200 42,014 Long-term liabilities 9,611 9,953 Total liabilities 50,811 51,967 Stockholders' equity 377,508 407,061 Total liabilities and stockholders' equity $428,319 $459,028

Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20030825/AEISLOGO
AP Archive: http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com Advanced Energy Industries, Inc.

CONTACT: Lawrence D. Firestone, +1-970-407-6570,
lawrence.firestone@aei.com, or Annie Leschin, or Vanessa Lehr,
+1-970-407-6555, ir@aei.com, all of Advanced Energy Industries, Inc.

Web site: http://www.advanced-energy.com/
http://ir.advanced-energy.com/

Varian Medical Systems Reports Strong Growth in Net Orders, Revenues, and Earnings for the Third Quarter of Fiscal Year 2008Third quarter net earnings per diluted share were $0.58; revenues grew 21 percent; net orders rose 15 percent; company raises earnings guidance for fiscal year

PALO ALTO, Calif., July 23 /PRNewswire-FirstCall/ -- Varian Medical Systems today is reporting net earnings of $74 million ($0.58 per diluted share) for the third quarter of fiscal year 2008 versus net earnings in the year-ago quarter of $50 million ($0.39 per diluted share). Compared to the same period last fiscal year, third quarter revenues grew 21 percent to $513 million, net orders rose 15 percent to $575 million, and the quarter- ending backlog increased 13 percent to $1.8 billion.

"This was an excellent quarter for our company," said Tim Guertin, president and CEO of Varian Medical Systems. "Our Oncology Systems, X-Ray Products, and Security businesses contributed to significant growth in revenues. High shipment volumes, product mix, and faster than expected Oncology product acceptances contributed to the revenue growth, a nearly 1- point improvement in the gross margin, and 35 percent growth in operating earnings versus the year-ago quarter. Higher operating earnings together with an unusually low 18 percent tax rate stemming from discrete tax benefits led to a 49 percent increase in net earnings per diluted share versus the year ago period."

The company generated $114 million in cash flow from operations in the quarter and ended the period with $406 million in cash and cash equivalents and $107 million of debt. Compared to the year-ago quarter, days sales outstanding improved by 14 days to 79. During the quarter, the company spent $62 million to repurchase 1.2 million shares of common stock under a 12 million share repurchase authorization that extends through the end of this calendar year.

Oncology Systems

The Oncology Systems business, including radiotherapy, radiosurgery, and brachytherapy products, reported third quarter revenues of $408 million, up 21 percent from the year-ago period. This business recorded third quarter net orders of $461 million, up 12 percent from the same period last year with 12 percent growth in North America and 13 percent growth in international markets.

"We continued to experience tremendous demand for our RapidArc(TM) products for faster, more precise image guided IMRT during the quarter," Guertin said. "Once again, even after very strong initial demand for RapidArc, we booked about 70 orders for this capability on new high energy machines during the quarter. Clinical use has commenced at several sites." Higher unit volumes for treatment machines and accessories for image-guided radiotherapy as well as service also drove Oncology Systems' net order growth during the quarter.

X-Ray Products

Revenues for the X-Ray Products business, including X-ray tubes and flat panel detectors for filmless imaging, were $77 million for the third quarter, up 22 percent from the year-ago quarter. Net orders for the quarter were $85 million, up 45 percent from the same period last year driven by continued strong demand for flat panel detectors.

"Our flat panel business grew strongly with the help of a more than $11 million order from a large new customer with a next-generation digital imaging system for medical diagnostics," Guertin said. "On top of adding important new customers, many of our existing customers have increased their order volumes."

Other Businesses

The company's Other category, comprised of the Security and Inspection Products business, the ACCEL proton therapy business, and the Ginzton Technology Center, reported combined third quarter revenues of $28 million, up 23 percent from the same period last fiscal year due to growth in the security business.

Net orders for the Other category were $29 million, down 2 percent from the year-ago period when the company acquired Bio-Imaging Research (BIR), a supplier of detectors and software for processing and analyzing X-ray images in security and inspection systems. Excluding $3 million in acquired backlog from BIR in the year-ago quarter, net orders for this category grew by 8 percent versus the year-ago quarter with a 12 percent increase in net orders for security products.

"Our security business continued to expand with orders for high energy X-ray screening systems for ports and borders in Europe, the U.S. and the Far East," said Guertin.

Outlook

"For the full fiscal year 2008, we believe that total company revenues should increase by about 17 to 18 percent above the fiscal 2007 total," Guertin said. "Net earnings per diluted share for fiscal year 2008 should grow by about 22 percent over the total for fiscal year 2007. At this early stage, we estimate that revenues for fiscal 2009 could grow by about 12 percent and that earnings per diluted share should grow at a slightly faster rate than revenues."

Investor Conference Call

Varian Medical Systems is scheduled to conduct its third quarter fiscal year 2008 conference call at 2 p.m. PT today. To hear a live webcast or replay of the call, visit the investor relations page on the company's web site at http://www.varian.com/ where it will be archived for a year. To access the call via telephone, dial 1-800-329-9097 from inside the U.S. or 1-617-614-4929 from outside the U.S. and enter confirmation code 70611804. The replay can be accessed by dialing 1-888-286-8010 from inside the U.S. or 1-617-801-6888 from outside the U.S. and entering confirmation code 79882121. The telephone replay will be available through 5 p.m. PT, Friday, July 25, 2008.

Varian Medical Systems, Inc., of Palo Alto, California, is the world's leading manufacturer of medical devices and software for treating cancer and other medical conditions with radiotherapy, radiosurgery, proton therapy, and brachytherapy. The company supplies informatics software for managing comprehensive cancer clinics, radiotherapy centers and medical oncology practices. Varian is a premier supplier of tubes and digital detectors for X-ray imaging in medical, scientific, and industrial applications and also supplies X-ray imaging products for cargo screening and industrial inspection. Varian Medical Systems employs approximately 4,800 people who are located at manufacturing sites in North America, Europe, and China and approximately 60 sales and support offices around the world. For more information, visit http://www.varian.com/.

Forward-Looking Statements

Except for historical information, this news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements concerning industry outlook, including growth drivers; the company's orders, revenues, backlog, or earnings growth; future financial results; market acceptance of or transition to new products or technology such as RapidArc therapy, image-guided radiation therapy (IGRT), stereotactic radiosurgery, filmless X-rays, proton therapy, and security and inspection, and any statements using the terms "estimate," "believe," "expect," "could," "can," "grow," "should" or similar statements are forward-looking statements that involve risks and uncertainties that could cause the company's actual results to differ materially from those anticipated. Such risks and uncertainties include demand for the company's products; the company's ability to develop and commercialize new products; the company's ability to meet demand for manufacturing capacity; the company's reliance on sole or limited-source suppliers; the impact of reduced or limited demand by sole purchasers of certain X-ray tubes; the company's ability to maintain or increase operating margins; the impact of competitive products and pricing; the effect of economic conditions, currency exchange rates, and tax rates; the effect of changes in accounting principles; the company's ability to meet Food and Drug Administration and other regulatory requirements for product clearances or to comply with Food and Drug Administration and other regulatory regulations or procedures; the ability to make strategic acquisitions and to successfully integrate the acquired operations into the company's business; the possibility that material product liability claims could harm future revenues or require the company to pay uninsured claims; the effect of environmental claims and expenses; the company's ability to protect the company's intellectual property; the impact of managed care initiatives, other health care reforms, and/or third-party reimbursement levels and credit availability for capital expenditures for cancer care; the potential loss of key distributors or key personnel; consolidation in the X-ray tubes market; the risk of operations interruptions due to terrorism, disease or other events beyond the company's control; and the other risks listed from time to time in the company's filings with the Securities and Exchange Commission, which by this reference are incorporated herein. The company assumes no obligation to update or revise the forward-looking statements in this release because of new information, future events, or otherwise.

A summary of earnings and other financial information follows. Varian Medical Systems, Inc. and Subsidiaries Consolidated Statements of Earnings (Unaudited) (Dollars and shares in millions, except per share amounts) Q3 QTR Q3 QTR Q3 YTD Q3 YTD 2008 2007 2008 2007 Net orders $574.8 498.9 1,586.8 1,435.1 Oncology Systems 461.4 410.9 1,260.2 1,113.7 X-Ray Products 84.5 58.4 242.6 193.4 Other 28.9 29.6 84.0 128.0 Order backlog $1,786.8 1,581.6 1,786.8 1,581.6 Revenues $512.8 423.7 1,498.9 1,254.2 Oncology Systems 407.7 337.7 1,189.2 1,012.6 X-Ray Products 77.2 63.3 222.1 191.2 Other 27.9 22.7 87.6 50.4 Cost of revenues (1) $302.3 253.2 886.4 738.4 Gross margin 210.5 170.5 612.5 515.8 As a percent of revenues 41.1% 40.2% 40. 9% 41.1% Operating expenses Research and development (1) 36.0 29.2 97.2 84.6 Selling, general and administrative (1) 85.2 75.2 238.6 208.6 Operating earnings 89.3 66.1 276.7 222.6 As a percent of revenues 17.4% 15.6% 18.5% 17.7% Interest income, net 1.2 1.6 4.3 6.1 Earnings before taxes 90.5 67.7 281.0 228.7 Taxes on earnings (1) 16.3 17.4 80.0 67.9 Net earnings(1) $74.2 50.3 201.0 160.8 Net earnings per share - basic:(1) $0.60 0.40 1.61 1.26 Net earnings per share - diluted:(1) $0.58 0.39 1.58 1.22 Shares used in the calculation of net earnings per share: Average shares outstanding - basic 124.6 127.0 124.9 128.1 Average shares outstanding - diluted 127.1 129.9 127.6 131.4 (1) Includes amounts for total share-based compensation expense and its related tax benefits. (in millions, except per share amounts) Q3 QTR Q3 QTR Q3 YTD Q3 YTD 2008 2007 2008 2007 Costs of revenues $2.1 2.0 5.6 6.0 Research & development 1.4 1.2 3.5 3.8 Selling, general & administrative 8.0 7.6 21.0 24.0 Total 11.5 10.8 30.1 33.8 Taxes on earnings - SFAS 123R (3.8) (3.7) (10.0) (11.5) Net earnings $7.7 7.1 20.1 22.3 Net earnings per diluted share - share-based compensation expense $0.06 0.05 0.16 0.17 Net earnings per diluted share - excluding share-based compensation expense $0.64 0.44 1.73 1.39 Varian Medical Systems, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (In thousands) June 27, September 28, 2008 2007 (1) (Unaudited) Assets Current assets Cash and cash equivalents $405,684 $263,246 Accounts receivable, net 442,650 507,040 Inventories 304,306 233,743 Deferred tax assets and other 202,538 156,200 Total current assets 1,355,178 1,160,229 Property, plant and equipment 442,835 386,531 Accumulated depreciation and amortization (233,813) (214,877) Property, plant and equipment, net 209,022 171,654 Goodwill 214,927 205,553 Other assets 161,857 146,939 Total assets $1,940,984 $1,684,375 Liabilities and Stockholders' Equity Current liabilities Accounts payable $103,791 $92,600 Accrued expenses 245,687 299,052 Deferred revenues 138,129 101,839 Product warranty 52,440 51,290 Advance payments from customers 214,311 186,936 Short-term borrowings 66,884 41,000 Current maturities of long-term debt 7,983 8,970 Total current liabilities 829,225 781,687 Other long-term liabilities 126,977 40,847 Long-term debt 32,460 40,386 Total liabilities 988,662 862,920 Stockholders' Equity Common stock 124,877 125,215 Capital in excess of par value 391,771 311,411 Retained earnings and accumulated other comprehensive loss 435,674 384,829 Total stockholders' equity 952,322 821,455 Total liabilities and stockholders' equity $1,940,984 $1,684,375 (1) The condensed consolidated balance sheet as of September 28, 2007 was derived from audited financial statements as of that date. FOR INFORMATION CONTACT: Elisha Finney (650) 424-6803 elisha.finney@varian.com Spencer Sias (650) 424-5782 spencer.sias@varian.com

Varian Medical Systems

CONTACT: Elisha Finney, +1-650-424-6803, elisha.finney@varian.com, or
Spencer Sias, +1-650-424-5782, spencer.sias@varian.com, both of Varian Medical
Systems

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

MTS Reports Third Quarter EPS from Continuing Operations of $0.64 up 23%; Raises Full Year Guidance

EDEN PRAIRIE, Minn., July 23 /PRNewswire-FirstCall/ -- MTS Systems Corporation today reported third quarter fiscal 2008 earnings from continuing operations of $0.64 per diluted share on income of $11.0 million, an increase of 23 percent compared to earnings of $0.52 per diluted share on income of $9.4 million for third quarter of fiscal 2007. Net income was $12.8 million, or $0.74 per diluted share, compared to net income of $10.0 million, or $0.55 per diluted share for third quarter of fiscal 2007.

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

During the quarter, the Company sold the net assets of its Nano Instruments product line, which was based in Oak Ridge, Tennessee. As a result of the sale, the Company recorded a gain of $2.5 million, net of tax.

"We are very pleased with our financial performance for the quarter," said Laura B. Hamilton, CEO. "Both Test and Sensors segments delivered growth in orders, revenue and income from operations, in line with our expectations. The results also include the divestiture of the Instruments product line. This decision reflects our continuing focus on our core markets in which we have the best opportunities for market leadership and profitable growth."

Hamilton continued, "Our third quarter results and an improved outlook for the fourth quarter supports a full year earnings per share range of $2.65 - $2.70. This compares to a previous range of $2.43 - 2.53 and includes $0.14 from the gain on the Nano sale. Revenue is expected to be in the mid to upper-end of the previously issued $455 - $465 million guidance range."

Orders totaled $116.7 million, an increase of 6 percent compared to orders of $109.6 million for third quarter fiscal 2007, driven by growth across all geographies in the Sensors segment, as well as an estimated $7 million favorable impact from currency translation. Backlog decreased 1 percent to $243 million from $246 million in second quarter fiscal 2008.

Revenue was $116.9 million, an increase of 11 percent compared to $105.2 million for third quarter fiscal 2007. This increase was primarily attributable to higher custom business in the Test segment, continued growth in the Sensors segment and an estimated $7 million favorable impact from currency translation.

Gross profit was $47.2 million, an increase of 15 percent compared to $41.1 million for third quarter fiscal 2007. The gross margin rate was 40.4 percent, an increase of 1.3 percentage points compared to 39.1 percent in the prior year. The increase was driven by increased volume in both segments, partially offset by unfavorable product mix in the Test segment.

Income from operations totaled $14.8 million, an increase of 38 percent compared to income from operations of $10.7 million for third quarter fiscal 2007, as higher gross profit was partially offset by planned increases in sales and marketing expenditures.

Earnings from continuing operations increased 23 percent to $0.64 per diluted share on income of $11.0 million, from $0.52 per diluted share for third quarter of fiscal 2007 on income of $9.4 million. This increase was driven by higher income from continuing operations, partially offset by higher income tax expense of $2.0 million, and $0.7 million from unfavorable currency transaction losses. The higher income tax expense was driven by more significant tax benefits in fiscal 2007 than fiscal 2008, primarily resulting from research and development tax credits and export transactions. Reduced shares outstanding positively impacted earnings per share on income before discontinued operations by $0.03 for third quarter fiscal 2008. Net income totaled $12.8 million, or $0.74 per diluted share, an increase of 28 percent compared to net income of $10.0 million, or $0.55 per diluted share, for third quarter fiscal 2007.

Cash and cash equivalents at the end of third quarter fiscal 2008 totaled $119.9 million, compared to $129.4 million at the end of second quarter fiscal 2008. Cash flows from operations provided cash totaling $8.8 million, primarily due to earnings, partially offset by higher working capital requirements. During the quarter, the Company received $11.9 million from the sale of the Nano Instruments product line, and invested $1.9 million in capital expenditures. In addition, the Company purchased approximately 776,000 shares of common stock for $27.9 million.

Segment Results Test Segment:

Orders for the Test segment were $91.9 million, an increase of 4 percent compared to orders of $88.5 million for third quarter fiscal 2007, primarily due to the favorable impact of currency translation. Fiscal 2008 orders included one large custom order worth approximately $10 million compared to fiscal 2007 orders, which included two large custom orders totaling approximately $17 million. Backlog decreased 2 percent to $230 million from $234 million in second quarter of fiscal 2008. Revenue was $92.4 million, an increase of 8 percent compared to $85.7 million for third quarter fiscal 2007, reflecting higher custom business.

Gross profit was $33.6 million, or 36.4 percent, compared to $30.5 million, or 35.6 percent for third quarter fiscal 2007. This increase was primarily due to higher volume, partially offset by unfavorable product mix. Income from operations was $10.3 million, an increase of 43 percent compared to income from operations of $7.2 million for third quarter fiscal 2007. The increase was primarily attributable to higher gross profit and lower research and development expense, partially offset by planned increases in sales and marketing expenditures.

Sensors Segment:

Orders for the Sensors segment were $24.8 million, an increase of 18 percent compared to orders of $21.1 million for third quarter fiscal 2007, reflecting business growth across all geographies. Backlog increased 8 percent to $13 million from $12 million in second quarter fiscal 2008. Revenue was $24.5 million, an increase of 26 percent compared to revenue of $19.5 million for third quarter fiscal 2007, driven by increased volume in all geographies.

Gross profit was $13.6 million, an increase of 28 percent compared to $10.6 million for third quarter fiscal 2007, primarily reflecting higher volume. Income from operations was $4.5 million, an increase of 29 percent compared to income from operations of $3.5 million for third quarter fiscal 2007, primarily due to higher gross profit, partially offset by planned increases in operating expenses.

Third Quarter Conference Call

A conference call will be held on July 24, 2008, at 10:00 a.m. EDT (9:00 a.m. CDT). Call +1-719-325-4828; and state the Conference passcode "5753494". Telephone re-play will be available through July 31, 2008. Call +1-719-457-0820.

If you prefer to listen live over the Internet, please log on to the web at http://www.mts.com/news/financial_news.htm and click on the webcast event notice. The webcast will be archived through November 11, 2008.

About MTS Systems Corporation

MTS Systems Corporation is a leading global supplier of test systems and industrial position sensors. The Company's testing hardware and software solutions help customers accelerate and improve their design, development and manufacturing processes and are used for determining the mechanical behavior of materials, products, and structures. MTS' high-performance position sensors provide controls for a variety of industrial and vehicular applications. MTS had 1,575 employees and revenue of $410 million for the fiscal year ended September 29, 2007. Additional information on MTS can be found on the worldwide web at http://www.mts.com/.

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

MTS SYSTEMS CORPORATION Consolidated Statements of Income (unaudited - in thousands, except per share data) Three Months Ended Nine Months Ended June 28, June 30, June 28, June 30, 2008 2007 2008 2007 Revenue $116,886 $105,180 $336,446 $301,390 Cost of sales 69,640 64,061 199,904 174,366 Gross profit 47,246 41,119 136,542 127,024 Gross margin 40.4% 39.1% 40.6% 42.1% Operating expenses: Selling, general and administrative 28,299 25,432 83,631 74,189 Research and development 4,148 4,921 12,176 14,094 Total operating expenses 32,447 30,353 95,807 88,283 (Loss) gain on sale of assets - (16) - 747 Income from operations 14,799 10,750 40,735 39,488 Operating margin 12.7% 10.2% 12.1% 13.1% Interest income, net 944 459 2,161 1,673 Other (expense) income, net (416) 538 416 (283) Income before income taxes and discontinued operations 15,327 11,747 43,312 40,878 Provision for income taxes 4,342 2,351 10,701 11,399 Income before discontinued operations 10,985 9,396 32,611 29,479 Discontinued operations: (Loss) income from discontinued operations, net of tax (686) 609 (417) 974 Net gain on disposal of discontinued businesses, net of tax 2,451 - 2,451 - Income from discontinued operations, net of tax 1,765 609 2,034 974 Net income $12,750 $10,005 $34,645 $30,453 Earnings per share: Basic- Income before discontinued operations $0.64 $0.53 $1.86 $1.64 Discontinued operations: (Loss) income from discontinued operations, net of tax (0.04) 0.03 (0.02) 0.05 Net gain on disposal of discontinued businesses, net of tax 0.14 - 0.14 - Income from discontinued operations, net of tax 0.10 0.03 0.12 0.05 Earnings per share $0.74 $0.56 $1.98 $1.69 Weighted average number of common shares outstanding - basic 17,150 17,739 17,484 18,046 Diluted- Income before discontinued operations $0.64 $0.52 $1.84 $1.60 Discontinued operations: (Loss) income from discontinued operations, net of tax (0.04) 0.03 (0.02) 0.05 Net gain on disposal of discontinued businesses, net of tax 0.14 - 0.14 - Income from discontinued operations, net of tax 0.10 0.03 0.12 0.05 Earnings per share $0.74 $0.55 $1.96 $1.65 Weighted average number of common shares outstanding - diluted 17,324 18,089 17,683 18,409 MTS SYSTEMS CORPORATION Consolidated Balance Sheets (unaudited - in thousands, except per share data) June 28, September 29, 2008 2007 ASSETS Current Assets: Cash and cash equivalents $119,875 $104,345 Short-term investments - 17,050 Accounts receivable, net 78,260 73,474 Unbilled accounts receivable 49,060 41,026 Inventories 47,300 42,384 Other current assets 15,816 10,252 Assets of discontinued operations 98 8,077 Total current assets 310,409 296,608 Property and equipment, net 50,522 49,747 Goodwill 1,747 1,642 Other assets 8,533 4,984 Total Assets $371,211 $352,981 LIABILITIES AND SHAREHOLDERS' INVESTMENT Current Liabilities: Current debt $6,992 $6,948 Accounts payable 22,127 22,341 Advance payments from customers 54,660 51,536 Other accrued liabilities 59,035 62,014 Liabilities of discontinued operations 3,705 1,944 Total current liabilities 146,519 144,783 Long-term debt, less current maturities 1,154 2,308 Other long-term liabilities 23,771 16,189 Total Liabilities 171,444 163,280 Shareholders' Investment: Common stock, $.25 par; 64,000 shares authorized: 16,864 and 17,704 shares issued and outstanding 4,216 4,426 Retained earnings 162,717 164,862 Accumulated other comprehensive income 32,834 20,413 Total shareholders' investment 199,767 189,701 Total Liabilities and Shareholders' Investment $371,211 $352,981

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

CONTACT: Susan Knight, Chief Financial Officer of MTS Systems
Corporation, +1-952-937-4000

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

Everett, Wash., Awards Video Franchise to VerizonVote Paves the Way for Innovative, Competitive Choice for TV Service, Delivered Over the Nation's Most Advanced, All-Fiber-Optic Network Straight to Consumers' Homes

EVERETT, Wash., July 23 /PRNewswire/ -- Everett residents are a major step closer to having an innovative, reliable and competitive alternative for their television services, thanks to a unanimous vote Wednesday (July 23) by the City Council authorizing Verizon to offer its fiber-optic-powered FiOS TV.

Everett is the second community in the state to grant a video franchise to Verizon, following a similar vote last week in Lynnwood. The company plans to begin offering FiOS TV here later this summer.

FiOS TV offers consumers a broad range of programming choices and superior picture quality from the only TV service delivered over the nation's most advanced all-fiber network directly connecting to millions of individual homes and businesses.

"Approval of Verizon's video franchise is great news for the residents of our Northwest headquarters city, Everett, who will soon have more choice for their video entertainment," said David S. Valdez, senior vice president for Verizon's Pacific Northwest region. "We commend the mayor, the City Council and staff for their dedication and hard work throughout this process. They recognize and support the technological advantage and competitive benefits, as well as the distinctive edge in economic development and quality of life, that fiber will bring to Everett.

"We look forward to reaching similar agreements with other Washington communities," said Valdez.

The council's decision gives Verizon the authority to offer FiOS TV to the 39,000 households in Everett. Many Verizon customers here are already enjoying FiOS Internet service, which delivers ultra-fast download speeds up to 50 Mbps (megabits per second).*

Verizon already provides FiOS TV in parts of California, Delaware, Florida, Indiana, Maryland, Massachusetts, New Jersey, New York, Oregon, Pennsylvania, Rhode Island, Texas and Virginia.

FiOS TV Service Highlights FiOS TV service highlights include:

-- More than 400 all-digital channels grouped by genres such as entertainment, sports, news, shopping, movies and family, making it easy for audiences to find their favorite programming.

-- A wide array of high-definition channels, with extraordinary clarity and theater-quality sound. The company plans to significantly expand the HD lineup to include all available major HD programming by year-end.

-- An industry-leading library of more than 10,000 video-on-demand (VOD) titles each month, 70 percent of which are free. In addition, an increasing number of on-demand titles in high definition, with 1,000 HD VOD titles per month by the end of the year.

-- An easy-to-use interactive media guide that integrates HD programming, on-demand content and the digital video recorder along with broadcast television into a seamless user experience.

-- Set-top boxes ranging from a standard-definition box to the Home Media DVR, featuring a multi-room DVR that enables up to three simultaneous viewings of recorded programs without requiring customers to set up a complex home network or buy extra equipment. The recorder is bundled with Media Manager, a feature that lets customers easily access photos and music from their personal computer and play them on their entertainment center where they look and sound the best.

-- FiOS TV Widgets, a free interactive feature that provides local weather and traffic information.

Programming choices for Hispanic, African-American, Asian, Russian and other multicultural audiences are available in every market, making FiOS TV an outlet for emerging and independent networks to showcase their diverse programming.

Everett consumers can check online at http://www.verizon.com/fios for more information or to request that Verizon contact them when FiOS TV becomes available. Customers also can call their local Verizon sales office or 888-GET FiOS (888-438-3467).

FiOS TV is delivered over Verizon's all-fiber-optic network, which brings the power and capacity of fiber optics directly into people's homes and has industry-leading quality and reliability. Fiber delivers amazingly sharp pictures and sound, and has the capacity to transmit a wide array of high-definition programming that is so clear and intense it seems to leap from the TV screen. It also delivers Internet download speeds of up to 50 Mbps* (megabits per second) and upload speeds of up to 20 Mbps, as well as high-quality voice services.

* NOTE: actual (throughput) speeds will vary.

Verizon Communications Inc. , headquartered in New York, is a leader in delivering broadband and other wireline and wireless communication innovations to mass market, business, government and wholesale customers. Verizon Wireless operates America's most reliable wireless network, serving more than 67 million customers nationwide. Verizon's Wireline operations include Verizon Business, which delivers innovative and seamless business solutions to customers around the world, and Verizon Telecom, which brings customers the benefits of converged communications, information and entertainment services over the nation's most advanced fiber-optic network. A Dow 30 company, Verizon employed a diverse workforce of approximately 232,000 as of the end of the first quarter 2008 and last year generated consolidated operating revenues of $93.5 billion. For more information, visit http://www.verizon.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

CONTACT: Jon Davies of Verizon, +1-805-372-6969, jon.davies@verizon.com

Web Site: http://www.verizon.com/
http://www.verizon.com/fios

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

Rahaxi Processing Enters Agreement With Natixis Paiements to Process China Unionpay TransactionsOver 1.5 billion China Unionpay (CUP) cards in circulation. Around 700 thousand Chinese visitors to France last year

HELSINKI, Finland, July 23 /PRNewswire-FirstCall/ -- FreeStar Technology Corp. (BULLETIN BOARD: FSRT) , an international card payments processor and technology company, today announced that its Finnish-based, wholly-owned subsidiary, Rahaxi Processing Oy has entered into an agreement with Natixis Paiements (KN.PA) to become the card processor of choice for China Unionpay (CUP) transactions.

Rahaxi Processing Oy platform provides an on-line real-time local connection point for Acquiring Banks onto the China Unionpay network benefiting from China's growing prosperity. China Unionpay (CUP) is one of the world's largest payment schemes, whose members issued millions of debit/credit cards to enable Chinese travellers to make purchase or cash withdrawal when travelling in Europe. There are over 1.5 billion CUP cards in circulation and around 700 thousand Chinese people visited France last year.

Natixis Paiements have chosen the Rahaxi Managed Network option, which allows the merchant an automated secure key exchange protocol for message and PIN encryption. The Rahaxi Managed Network performs fraud checks and rejects cards with invalid or expired details, or cards involved in suspicious activity. A significant investment in engineering and resources, Rahaxi Processing has put together a system that is extremely flexible and exposes a reliable and comprehensive interface to the acquiring community. This lowers their barrier of entry to accept CUP cardholders at their merchant locations and provides a low-cost solution with fast time to market to guarantee an excellent return on investment.

Managing Director of Rahaxi Processing Oy, Dr. Jose Enrique Perez said, "When you factor in that Rahaxi is the only vendor in Finland having the highest security standards for Visa and MasterCard coupled with providing transactions for China Unionpay, you can see that we are aggressively moving our business plan forward to take advantage of market opportunities."

Rahaxi Chairman Paul Egan said, "We have been committed to growing our revenue through strategic partnerships and with more than 1.5 billion CUP cards in circulation, we look forward to increased revenue through transaction processing in the years ahead. This is clear evidence of Rahaxi spreading its wings across Europe with secure and trusted platform leaders in EMV and PCI, which is attracting new card channels and large banking institutions."

About Rahaxi Processing Oy

Rahaxi Processing Oy provides mission-critical solutions to the financial industry worldwide. Working with merchants and acquirers in more than twenty countries, its product suite has empowered partners to focus on their core competencies, while its innovative driven approach has enabled them to benefit from first to market advantage and realize their true potential. Rahaxi Processing Oy has adopted a partnership strategy for growth. Its partners are market leaders in their respective industries. These include IKEA, Finnair and Stockmann. Its subsidiaries, FreeStar Technologies Ireland, Ltd., and FreeStar Dominicana S.A. Dominican Republic, continue to develop and implement first class products and solutions that enhance the service level its partners can offer their customers. For more information, please visit http://www.rahaxi.com/

ABOUT China UnionPay

Based in Shanghai, China UnionPay, also known as UnionPay, or by its abbreviation, CUP, is the only credit card organization in the People's Republic of China (PRC). Founded in 2002, China UnionPay is an association for China's banking card industry. It is the only interbank network in China, excluding Hong Kong and Macau, linking the ATMs of fourteen major banks and many smaller banks throughout mainland China. CUP has been established as the predominant domestic card acceptance brand in the People's Republic of China, and is seeking to expand its acceptance and cash access network internationally. More than 1.2 Billion CUP cards are in circulation. As the only national card brand in China, the world's fastest growing economy with a population of more than 1.3 billion, CUP is anticipating exponential growth in demand for its card services both at home and abroad. CUP has embarked on aggressive expansion plans to develop a worldwide acceptance network. The need for a reliable, secure and dynamic networking solution across a unified multi-country platform is of paramount importance. http://en.chinaunionpay.com/

ABOUT Natixis Paiements

Natixis Paiements is a partnership between two French cooperative banking groups, Groupe Banque Populaire and Groupe Caisse d'Epargne, to offer a single entity for their respective corporate banking services. Natixis is a key player in the banking sector in France and Europe, offering services centered around five core businesses: corporate and investment banking, asset management, private equity and private banking, services and receivables management. Natixis operates in 68 countries with over 120 branches worldwide, and supports the development of large businesses, SMEs and institutions. It generates net banking income of euro 7,322 million and net income (Group share) of euro 2,158 million. http://www.natixis.fr/

For more information, please contact: At FreeStar Technology Corporation, Paul Warren European Sales Director Direct :+44 (0) 1484 532 544 FreeStar Technology Corporation: Mr. Paul Egan President & CEO Tel: +1-809-547-2248 pegan@freestartech.com

FreeStar Technology Corp.

CONTACT: Paul Warren, European Sales Director, +44 0 1484 532 544, or
Mr. Paul Egan, President & CEO, +1-809-547-2248, pegan@freestartech.com, both
of FreeStar Technology Corporation

Web site: http://en.chinaunionpay.com/
http://www.rahaxi.com/
http://www.natixis.fr/

Text Messaging Use in South Carolina Soars by Nearly 500 PercentVerizon Wireless Customers In Greenville Lead The Palmetto State For Most Text Messages Sent and Received Per Month

GREENVILLE, S.C., July 23 /PRNewswire/ -- The 2008 "Big City Wireless Use Study," commissioned by Verizon Wireless, reveals that there is exponential growth in text messaging in South Carolina and across the South area. The study showed an increase in text messaging among the company's South Carolina customers by nearly 500 percent in 24 months (April 2006 to April 2008), making the Palmetto State among the most text-savvy states in the South.

The study revealed that Verizon Wireless customers in Greenville earned the number one spot in the state as the "textiest city" with customers sending and receiving over 116 million text messages in April of 2008, compared to almost 19 million texts sent and received in April of 2006.

Text message use in the US has increased significantly over the years. In fact, according to a CTIA-The Wireless Association(R) evaluation, text message sending and receiving jumped from 14.4 million in 2000 to 48.1 billion in 2007.

Because of the incredible growth of text messaging across the US, Verizon Wireless recently decided to evaluate customer texting habits in the Southeastern states of Alabama, Arkansas, Florida, Georgia, Louisiana, Mississippi, North Carolina, Oklahoma, South Carolina, Tennessee, Texas and Virginia over a 24-month period. Texting use is highlighted in several South Carolina cities below:

South Number of Text Messages South Number of Text Messages Carolina Sent and Received Carolina Sent and Received City City April 2006 April 2008 April 2006 April 2008 Anderson 4,049,746 25,071,855 Greenville 18,940,327 116,337,769 Bluffton 1,201,672 7,415,188 Greenwood 5,399,356 27,274,291 Calhoun 2,461,166 11,315,133 Lancaster 2,911,462 17,395,918 Charleston 5,743,749 31,698,177 Myrtle Beach 869,369 6,052,970 Cherokee 2,197,220 11,153,016 Oconee County 1,169,231 7,695,988 Columbia 10,466,816 59,005,549 Sumter 795,009 4,228,361 Florence 2,395,952 12,209,855

"The Big City Wireless Use study allows our customers in South Carolina to get a true idea of how often they use their cell phones and wireless devices to do much more than simply place a phone call," said Jerry Fountain, Verizon Wireless president for the Carolinas/Tennessee region. "Text messaging is a quick and easy way to communicate information efficiently to family and friends, and people are realizing the benefits of adopting this form of communication."

Verizon Wireless customers have a wide range of texting plans available to them, on both Individual and FamilyShare plans. Basic messaging services start at $0.20 for messages sent and received, or customers can opt for bundle plans. For $5 a month, customers get 200 text messages to use with any wireless customer, and for $20 a month, customers can send and receive 5,000 messages per month. Verizon Wireless prepay customers can get unlimited text, picture and video messaging to Verizon Wireless customers nationwide, plus an additional 250 text, picture and video messages each month for $10 a month. To complement each individual's texting plan, customers now have more options on text-friendly phones such as the new Samsung Gleam, Samsung Glyde, LG enV2, LG Decoy, LG Dare or Voyager by LG.

For more information about text messaging products and services, visit http://www.verizonwireless.com/ and http://www.vtext.com/.

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.

Verizon Wireless

CONTACT: Carly Culbertson of Verizon Wireless, +1-864-987-2006,
Carolyn.Culbertson@verizonwireless.com

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

Chautauqua County, New York, Residents to Benefit From Verizon Wireless Network ExpansionInvesting to Stay Ahead of Growing Demand for Wireless Calling, Data Access and Music

JAMESTOWN, N.Y., July 23 /PRNewswire/ -- In a continuing effort to provide the best wireless service for local residents in Chautauqua County, Verizon Wireless has expanded its network with a new cell site in Ellington. The new site improves coverage and capacity along Route 62 from North Hill Road to Waterman Road.

This network expansion is part of the company's aggressive multi-billion dollar network investment each year to stay ahead of the growing demand for Verizon Wireless' voice and data services. Verizon Wireless has invested more than $45 billion since it was formed -- $5.5 billion on average every year -- to increase the coverage and capacity of its national network and to add new services, including wireless data services such as picture messaging, text messaging and wireless Internet access. NationalAccess, the company's national high-speed wireless data network, provides wireless Internet access at speeds between 60 and 80 kilobits per second (kbps), with bursts up to 144 kbps.

Strong demand for Verizon Wireless' services continued during the first quarter of 2008 as the company added 1.5 million net new customers. Verizon Wireless, the wireless company with the highest customer loyalty, reported the lowest customer turnover (highest customer loyalty) rate in the industry -- 1.2 percent in the first quarter -- for the 14th consecutive quarter.

The company's nation's most reliable wireless network reputation is based on network studies performed by real-life test men and test women throughout the country. These engineers drive 90 specially equipped vehicles almost 1 million miles annually on Interstate, U.S. and state highways, as well as major roads and surface streets. Test vehicles are equipped with computers that automatically make more than 3 million voice call attempts and more than 16 million data tests annually on Verizon Wireless' network and the networks of other carriers.

Last year, Verizon Wireless introduced its 30-day Test Drive, an industry first that lets customers experience its network virtually risk-free for 30 days. If customers are not satisfied with their experience and take their number to another carrier, Verizon Wireless will refund their money for calls, equipment, activation fee and taxes. For more information about Verizon Wireless products and services, visit a Verizon Wireless Communications Store, call 1-800-2 JOIN IN or go to http://www.verizonwireless.com/.

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.

Verizon Wireless

CONTACT: John O'Malley of Verizon Wireless, +1-585-321-7264, or
+1-585-261-5899, John.OMalley@verizonwireless.com; or Meredith Dropkin,
+1-315-413-4293, meredithd@mragroup.com, for Verizon Wireless

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

Ulster County, New York, Residents to Benefit from Verizon Wireless Network ExpansionInvesting to Stay Ahead of Growing Demand for Wireless Calling, Data Access and Music

POUGHKEEPSIE, N.Y., July 23 /PRNewswire/ -- In a continuing effort to provide the best wireless service for local residents in Ulster County, Verizon Wireless has expanded its network with a new cell site in New Paltz. The new site improves coverage and capacity along New York State Route 209 from Route 213 to County Route 27, on Lucas Turnpike from Route 213 to Route 209, at the Mohonk Mountain House Resort, and the area surrounding Mohonk Lake.

This network expansion is part of the company's aggressive multi-billion dollar network investment each year to stay ahead of the growing demand for Verizon Wireless' voice and data services. The company has invested more than $45 billion since it was formed -- $5.5 billion on average every year -- to increase the coverage and capacity of its national network and to add new services.

Services include wireless data services such as picture messaging, text messaging, V CAST and V CAST Music with Rhapsody, ESPN MVP and BroadbandAccess, the company's high-speed wireless broadband network geared toward mobile professionals and business customers. It provides average download speeds of 600 kilobits per second (kbps) to 1.4 megabits per second, and average upload speeds of 500-800 kbps.

Strong demand for Verizon Wireless' services continued during the first quarter of 2008 as the company added 1.5 million net new customers. Verizon Wireless, the wireless company with the highest customer loyalty, reported the lowest customer turnover (highest customer loyalty) rate in the industry -- 1.2 percent in the first quarter -- for the 14th consecutive quarter.

The company's nation's most reliable wireless network reputation is based on network studies performed by real-life test men and test women throughout the country. These engineers drive 90 specially equipped vehicles almost 1 million miles annually on Interstate, U.S. and state highways, as well as major roads and surface streets. Test vehicles are equipped with computers that automatically make more than 3 million voice call attempts and more than 16 million data tests annually on Verizon Wireless' network and the networks of other carriers.

Last year, Verizon Wireless introduced its 30-day Test Drive, an industry first that lets customers experience its network virtually risk-free for 30 days. If customers are not satisfied with their experience and take their number to another carrier, Verizon Wireless will refund their money for calls, equipment, activation fee and taxes. For more information about Verizon Wireless products and services, visit a Verizon Wireless Communications Store, call 1-800-2 JOIN IN or go to http://www.verizonwireless.com/.

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.

Verizon Wireless

CONTACT: John O'Malley of Verizon Wireless, +1-585-321-7264 or +1-585-
261-5899, John.OMalley@verizonwireless.com, or Meredith Dropkin for Verizon
Wireless, +1-315-413-4293, mdropkin@mower.com

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

Novellus Announces Availability of the Webcast of Its Presentation at RBC Capital Market's 2008 Technology, Communications & Media Conference

SAN JOSE, Calif., July 23 /PRNewswire-FirstCall/ -- Novellus Systems, Inc. , today announced that the company will present on Wednesday, August 6, 2008, at RBC Capital Market's 2008 Technology, Communications & Media Conference. The presentation will begin at 12:00 p.m. PDT and will be made available over the Internet via a live webcast.

The live webcast presentation may be accessed via Novellus' Investor Relations home page at http://www.novellus.com/. A replay of the webcast will be available for seven days following the conference.

About Novellus:

Novellus Systems, Inc. is a leading provider of advanced process equipment for the global semiconductor industry. The company's products deliver value to customers by providing innovative technology backed by trusted productivity. An S&P 500 company, Novellus is headquartered in San Jose, Calif. with subsidiary offices across the globe. For more information please visit http://www.novellus.com/.

Novellus Systems, Inc.

CONTACT: Robin S. Yim, Investor Relations of Novellus Systems, Inc.,
+1-408-943-9700

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

Verizon Wireless Launches High-Speed Wireless Broadband Network Throughout Franklin County, PennsylvaniaCustomers Can Now Get High-Speed Wireless Access on Their Laptops and Download Full-track Songs, Watch Videos, Play Games and More on Their Phones

CHAMBERSBURG, Pa., July 23 /PRNewswire/ -- Franklin County residents now have access to the Internet, e-mail and other data on their laptops at faster speeds and can download music, watch videos, play 3D games and more on their phones as Verizon Wireless rolls out its high-speed wireless broadband network in Franklin County. Customers can now enjoy access to Verizon Wireless' flagship services -- BroadbandAccess and V CAST -- in the following areas:

-- Shippensburg, Chambersburg, Waynesboro, Greencastle and St. Thomas -- Along Interstate 81 and Routes 30, 11 and 16 in Franklin County

"Our high-speed wireless network gives our customers three key advantages in wireless communication: speed, mobility and security," said Christine Baron, president of Verizon Wireless' Philadelphia Tri-State region. "With these advantages, business customers and mobile professionals can increase productivity and see bottom-line business benefits. In addition, our V CAST services, such as V CAST Music with Rhapsody, help keep customers entertained while on-the-go -- on the same devices they carry with them every day."

BroadbandAccess

The network expansion into Franklin County enables Verizon Wireless' business customers to experience a truly mobile office experience with BroadbandAccess, giving them access to their calendars, the Internet, e-mail and critical business information residing behind their companies' firewalls. BroadbandAccess was developed with a range of users in mind and enables large enterprises, small- to medium-sized businesses and mobile professionals to conduct business anytime, anywhere in the BroadbandAccess coverage area via a secure, true high-speed data connection.

Customers in wireless broadband coverage areas can expect average download speeds of 600 kilobits per second (kbps) to 1.4 megabits and average upload speeds of 500-800 kbps, which means customers can download a 1 Megabyte e-mail attachment -- the equivalent of a small PowerPoint(R) presentation or a large PDF file -- in about eight seconds and upload the same-sized file in less than 13 seconds. To help customers stay connected, BroadbandAccess seamlessly switches over to the company's NationalAccess service if a customer travels outside of the BroadbandAccess coverage area.

V CAST Music with Rhapsody

The company's network powers its V CAST Music with Rhapsody service, which combines Verizon Wireless' world-class, over-the-air mobile music service with Rhapsody's leading desktop solution. Delivering unlimited monthly access to music on up to three V CAST Music with Rhapsody-compatible mobile phones and players and online on multiple PCs and Web browsers, V CAST Music with Rhapsody lets customers who purchase music over-the-air download the master copy of the songs or albums to their PCs free of digital rights management (DRM) software that restricts how and where music can be played.

V CAST

The company's V CAST service offers customers the ability to play cutting-edge 3D games and stream video clips straight to handsets. V CAST offers content updated daily so customers can watch dozens of on-demand videos, including breaking news, weather, sports highlights and the hottest entertainment clips.

Network Technology and Investment

Verizon Wireless' broadband network is based on CDMA 1x Evolution-Data Optimized (EV-DO) Revision A (Rev. A) technology and provides Verizon Wireless customers in Franklin County with speeds significantly faster than the company's NationalAccess service.

The multi-million dollar expansion entailed installing high-tech wireless hardware and software in wireless transmission sites throughout the region. It is part of an ongoing network investment by Verizon Wireless, which has invested more than $45 billion since it was formed -- $5.5 billion on average every year -- to increase the coverage and capacity of its national network and to add new services. The company spent more than $235 million in 2007 to enhance services and coverage in the Philadelphia Tri-State region, which includes Central Pennsylvania and Northeastern Pennsylvania, bringing the total network investment to more than $1.5 billion since 2000.

For more information about Verizon Wireless products and services, visit the local Verizon Wireless Communications Store at 947 Wayne Avenue, Chambersburg, PA 17201, call 1-800-2 JOIN IN or go to http://www.verizonwireless.com/.

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.

Verizon Wireless

CONTACT: Brett Marcy for Verizon Wireless, +1-717-231-5340; or Sheldon
Jones of Verizon Wireless, +1-215-638-5668, Sheldon.Jones@verizonwireless.com

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

Verizon Wireless Launches High-Speed Wireless Broadband Network Throughout the Susquehanna Valley in PennsylvaniaCustomers Can Now Get High-Speed Wireless Access on Their Laptops and Download Full-track Songs, Watch Videos, Play Games and More on Their Phones

SUNBURY, Pa., July 23 /PRNewswire/ -- Susquehanna Valley residents now have access to the Internet, e-mail and other data on their laptops at faster speeds and can download music, watch videos, play 3D games and more on their phones as Verizon Wireless rolls out its high-speed wireless broadband network in nearly 20 communities throughout the region. Customers can now enjoy access to Verizon Wireless' flagship services -- BroadbandAccess and V CAST -- in the following areas:

-- Danville; Lewisburg, including Bucknell University; Milton; Limestoneville; Little Mountain; Liverpool; Middleburg; Mifflinburg; Montour Ridge; Mount Carmel; Paxinos; Port Trevorton; Shamokin; Shamokin Dam; Sunbury; Watsontown; White Deer; and Winfield

-- Along Interstate 80 and along Routes 11/15, 147, 45 and 61

"Our high-speed wireless network gives our customers three key advantages in wireless communication: speed, mobility and security," said Christine Baron, president of Verizon Wireless' Philadelphia Tri-State region. "With these advantages, business customers and mobile professionals can increase productivity and see bottom-line business benefits. In addition, our V CAST services, such as V CAST Music with Rhapsody, help keep customers entertained while on-the-go -- on the same devices they carry with them every day."

BroadbandAccess

The network expansion throughout the Susquehanna Valley enables Verizon Wireless' business customers to experience a truly mobile office experience with BroadbandAccess, giving them access to their calendars, the Internet, e-mail and critical business information residing behind their companies' firewalls. BroadbandAccess was developed with a range of users in mind and enables large enterprises, small- to medium-sized businesses and mobile professionals to conduct business anytime, anywhere in the BroadbandAccess coverage area via a secure, true high-speed data connection.

Customers in wireless broadband coverage areas can expect average download speeds of 600 kilobits per second (kbps) to 1.4 megabits and average upload speeds of 500-800 kbps, which means customers can download a 1 Megabyte e-mail attachment -- the equivalent of a small PowerPoint(R) presentation or a large PDF file -- in about eight seconds and upload the same-sized file in less than 13 seconds. To help customers stay connected, BroadbandAccess seamlessly switches over to the company's NationalAccess service if a customer travels outside of the BroadbandAccess coverage area.

V CAST Music with Rhapsody

The company's network powers its V CAST Music with Rhapsody service, which combines Verizon Wireless' world-class, over-the-air mobile music service with Rhapsody's leading desktop solution. Delivering unlimited monthly access to music on up to three V CAST Music with Rhapsody-compatible mobile phones and players and online on multiple PCs and Web browsers, V CAST Music with Rhapsody lets customers who purchase music over-the-air download the master copy of the songs or albums to their PCs free of digital rights management (DRM) software that restricts how and where music can be played.

V CAST

The company's V CAST service offers customers the ability to play cutting-edge 3D games and stream video clips straight to handsets. V CAST offers content updated daily so customers can watch dozens of on-demand videos, including breaking news, weather, sports highlights and the hottest entertainment clips.

Network Technology and Investment

Verizon Wireless' broadband network is based on CDMA 1x Evolution-Data Optimized (EV-DO) Revision A (Rev. A) technology and provides Verizon Wireless customers in the Susquehanna Valley with speeds significantly faster than the company's NationalAccess service.

The multi-million dollar expansion entailed installing high-tech wireless hardware and software in wireless transmission sites throughout the region. It is part of an ongoing network investment by Verizon Wireless, which has invested more than $45 billion since it was formed -- $5.5 billion on average every year -- to increase the coverage and capacity of its national network and to add new services. The company spent more than $235 million in 2007 to enhance services and coverage in the Philadelphia Tri-State region, which includes Central Pennsylvania and Northeastern Pennsylvania, bringing the total network investment to more than $1.5 billion since 2000.

For more information about Verizon Wireless products and services, visit the local Verizon Wireless Communications Store at the Susquehanna Valley Mall, Routes 11 and 15, Selinsgrove, PA 17870, call 1-800-2 JOIN IN or go to http://www.verizonwireless.com/.

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.

Verizon Wireless

CONTACT: Brett Marcy for Verizon Wireless, +1-717-231-5340; or Sheldon
Jones of Verizon Wireless, +1-215-638-5668, Sheldon.Jones@verizonwireless.com

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

Spherix Receives NASDAQ Bid Price Deficiency Letter

BETHESDA, Md., July 23 /PRNewswire-FirstCall/ -- Spherix Incorporated reported that on July 21, 2008, it received written notification from NASDAQ advising the Company that the bid price of the Company's common stock for the last thirty (30) consecutive business days had closed below the minimum $1.00 per share required for continued listing on NASDAQ. This notice has no effect on the listing of the Common Stock at this time.

Spherix has been provided an initial period of 180 calendar days, or until January 20, 2009, to regain compliance with the minimum price requirement. The notification further provides that NASDAQ will provide written notification stating that the Company has achieved compliance if at any time before January 20, 2009, the bid price of its common stock closes at $1.00 per share or more for a minimum of ten (10) consecutive business days. Under certain circumstances, NASDAQ has the discretion to require compliance for a period in excess of ten (10) consecutive business days, but generally such extended period does not exceed twenty (20) consecutive business days.

If the Company does not regain compliance with this rule by January 20, 2009, NASDAQ will provide notice to the Company that its common stock will be delisted from NASDAQ. If the Company receives such a letter, the Company will have an opportunity to appeal the determination.

The Company is considering seeking stockholder approval for a reverse stock split to address the bid price deficiency.

Certain statements contained herein are "forward looking" statements as defined in the Private Securities Litigation Reform Act of 1995. Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied. Factors that could cause actual results to differ materially from those expressed or implied include, but are not limited to, those discussed in filings by the Company with the Securities and Exchange Commission, including the filing on Form 8-K made on October 10, 2007.

Spherix's mission is to create value and increase shareholder wealth through innovations that benefit our clients and the human condition. Spherix offers innovations in biotechnology, and provides technical and regulatory consulting services to biotechnology and pharmaceutical companies.

Spherix's Internet address is http://www.spherix.com/.

Spherix Incorporated

CONTACT: Investor Relations of Spherix Incorporated, +1-301-897-2540,
info@spherix.com

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

Verizon Wireless Launches High-Speed Wireless Broadband Network Throughout the Susquehanna ValleyCustomers Can Now Get High-Speed Wireless Access on Their Laptops and Download Full-track Songs, Watch Videos, Play Games and More on Their Phones

SUNBURY, Pa., July 23 /PRNewswire/ -- Susquehanna Valley residents now have access to the Internet, e-mail and other data on their laptops at faster speeds and can download music, watch videos, play 3D games and more on their phones as Verizon Wireless rolls out its high-speed wireless broadband network in nearly 20 communities throughout the region. Customers can now enjoy access to Verizon Wireless' flagship services - BroadbandAccess and V CAST - in the following areas:

-- Danville; Lewisburg, including Bucknell University; Milton; Limestoneville; Little Mountain; Liverpool; Middleburg; Mifflinburg; Montour Ridge; Mount Carmel; Paxinos; Port Trevorton; Shamokin; Shamokin Dam; Sunbury; Watsontown; White Deer; and Winfield

-- Along Interstate 80 and along Routes 11/15, 147, 45 and 61

"Our high-speed wireless network gives our customers three key advantages in wireless communication: speed, mobility and security," said Christine Baron, president of Verizon Wireless' Philadelphia Tri-State region. "With these advantages, business customers and mobile professionals can increase productivity and see bottom-line business benefits. In addition, our V CAST services, such as V CAST Music with Rhapsody, help keep customers entertained while on-the-go - on the same devices they carry with them every day."

BroadbandAccess

The network expansion throughout the Susquehanna Valley enables Verizon Wireless' business customers to experience a truly mobile office experience with BroadbandAccess, giving them access to their calendars, the Internet, e- mail and critical business information residing behind their companies' firewalls. BroadbandAccess was developed with a range of users in mind and enables large enterprises, small- to medium-sized businesses and mobile professionals to conduct business anytime, anywhere in the BroadbandAccess coverage area via a secure, true high-speed data connection.

Customers in wireless broadband coverage areas can expect average download speeds of 600 kilobits per second (kbps) to 1.4 megabits and average upload speeds of 500-800 kbps, which means customers can download a 1 Megabyte e-mail attachment - the equivalent of a small PowerPoint(R) presentation or a large PDF file - in about eight seconds and upload the same-sized file in less than 13 seconds. To help customers stay connected, BroadbandAccess seamlessly switches over to the company's NationalAccess service if a customer travels outside of the BroadbandAccess coverage area.

V CAST Music with Rhapsody

The company's network powers its V CAST Music with Rhapsody service, which combines Verizon Wireless' world-class, over-the-air mobile music service with Rhapsody's leading desktop solution. Delivering unlimited monthly access to music on up to three V CAST Music with Rhapsody-compatible mobile phones and players and online on multiple PCs and Web browsers, V CAST Music with Rhapsody lets customers who purchase music over-the-air download the master copy of the songs or albums to their PCs free of digital rights management (DRM) software that restricts how and where music can be played.

V CAST

The company's V CAST service offers customers the ability to play cutting- edge 3D games and stream video clips straight to handsets. V CAST offers content updated daily so customers can watch dozens of on-demand videos, including breaking news, weather, sports highlights and the hottest entertainment clips.

Network Technology and Investment

Verizon Wireless' broadband network is based on CDMA 1x Evolution-Data Optimized (EV-DO) Revision A (Rev. A) technology and provides Verizon Wireless customers in the Susquehanna Valley with speeds significantly faster than the company's NationalAccess service.

The multi-million dollar expansion entailed installing high-tech wireless hardware and software in wireless transmission sites throughout the region. It is part of an ongoing network investment by Verizon Wireless, which has invested more than $45 billion since it was formed - $5.5 billion on average every year - to increase the coverage and capacity of its national network and to add new services. The company spent more than $235 million in 2007 to enhance services and coverage in the Philadelphia Tri-State region, which includes Central Pennsylvania and Northeastern Pennsylvania, bringing the total network investment to more than $1.5 billion since 2000.

For more information about Verizon Wireless products and services, visit the local Verizon Wireless Communications Store at the Susquehanna Valley Mall, Routes 11 and 15, Selinsgrove, PA 17870, call 1-800-2 JOIN IN or go to http://www.verizonwireless.com/

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

Verizon Wireless

CONTACT: Brett Marcy, for Verizon Wireless, +1-717-231-5340, or Sheldon
Jones, Verizon Wireless, +1-215-638-5668, Sheldon.jones@verizonwireless.com

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

Verizon Wireless Launches High-Speed Wireless Broadband Network Throughout Franklin CountyCustomers Can Now Get High-Speed Wireless Access on Their Laptops and Download Full-track Songs, Watch Videos, Play Games and More on Their Phones

CHAMBERSBURG, Pa., July 23 /PRNewswire/ -- Franklin County residents now have access to the Internet, e-mail and other data on their laptops at faster speeds and can download music, watch videos, play 3D games and more on their phones as Verizon Wireless rolls out its high-speed wireless broadband network in Franklin County. Customers can now enjoy access to Verizon Wireless' flagship services -- BroadbandAccess and V CAST -- in the following areas:

-- Shippensburg, Chambersburg, Waynesboro, Greencastle and St. Thomas -- Along Interstate 81 and Routes 30, 11 and 16 in Franklin County

"Our high-speed wireless network gives our customers three key advantages in wireless communication: speed, mobility and security," said Christine Baron, president of Verizon Wireless' Philadelphia Tri-State region. "With these advantages, business customers and mobile professionals can increase productivity and see bottom-line business benefits. In addition, our V CAST services, such as V CAST Music with Rhapsody, help keep customers entertained while on-the-go -- on the same devices they carry with them every day."

BroadbandAccess

The network expansion into Franklin County enables Verizon Wireless' business customers to experience a truly mobile office experience with BroadbandAccess, giving them access to their calendars, the Internet, e-mail and critical business information residing behind their companies' firewalls. BroadbandAccess was developed with a range of users in mind and enables large enterprises, small- to medium-sized businesses and mobile professionals to conduct business anytime, anywhere in the BroadbandAccess coverage area via a secure, true high-speed data connection.

Customers in wireless broadband coverage areas can expect average download speeds of 600 kilobits per second (kbps) to 1.4 megabits and average upload speeds of 500-800 kbps, which means customers can download a 1 Megabyte e-mail attachment -- the equivalent of a small PowerPoint(R) presentation or a large PDF file -- in about eight seconds and upload the same-sized file in less than 13 seconds. To help customers stay connected, BroadbandAccess seamlessly switches over to the company's NationalAccess service if a customer travels outside of the BroadbandAccess coverage area.

V CAST Music with Rhapsody

The company's network powers its V CAST Music with Rhapsody service, which combines Verizon Wireless' world-class, over-the-air mobile music service with Rhapsody's leading desktop solution. Delivering unlimited monthly access to music on up to three V CAST Music with Rhapsody-compatible mobile phones and players and online on multiple PCs and Web browsers, V CAST Music with Rhapsody lets customers who purchase music over-the-air download the master copy of the songs or albums to their PCs free of digital rights management (DRM) software that restricts how and where music can be played.

V CAST

The company's V CAST service offers customers the ability to play cutting-edge 3D games and stream video clips straight to handsets. V CAST offers content updated daily so customers can watch dozens of on-demand videos, including breaking news, weather, sports highlights and the hottest entertainment clips.

Network Technology and Investment

Verizon Wireless' broadband network is based on CDMA 1x Evolution-Data Optimized (EV-DO) Revision A (Rev. A) technology and provides Verizon Wireless customers in Franklin County with speeds significantly faster than the company's NationalAccess service.

The multi-million dollar expansion entailed installing high-tech wireless hardware and software in wireless transmission sites throughout the region. It is part of an ongoing network investment by Verizon Wireless, which has invested more than $45 billion since it was formed -- $5.5 billion on average every year -- to increase the coverage and capacity of its national network and to add new services. The company spent more than $235 million in 2007 to enhance services and coverage in the Philadelphia Tri-State region, which includes Central Pennsylvania and Northeastern Pennsylvania, bringing the total network investment to more than $1.5 billion since 2000.

For more information about Verizon Wireless products and services, visit the local Verizon Wireless Communications Store at 947 Wayne Avenue, Chambersburg, PA 17201, call 1-800-2 JOIN IN or go to http://www.verizonwireless.com/.

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.

Verizon Wireless

CONTACT: Brett Marcy, for Verizon Wireless, +1-717-231-5340; or Sheldon
Jones, Verizon Wireless, +1-215-638-5668, Sheldon.jones@verizonwireless.com

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

TechTeam Global to Announce Second Quarter 2008 Financial Results on August 5, 2008

SOUTHFIELD, Mich., July 23 /PRNewswire-FirstCall/ -- TechTeam Global, Inc. , a worldwide provider of information technology (IT), enterprise support and business process outsourcing services, has scheduled the release of its second quarter 2008 financial results for approximately 4:05 p.m. EDT, Tuesday, August 5, 2008, via PR Newswire and the Company's Web site http://www.techteam.com/ . The Company will also host an investor teleconference to discuss its second quarter 2008 financial results at 4:30 p.m. EDT, Tuesday, August 5, 2008. To participate in the teleconference, including the question and answer session that will follow the results announcement and discussion, please call 1-866-362-5158 (outside the United States call +1-617-597-5397). When prompted, enter the passcode: 22347781.

To access a simultaneous Web cast of the teleconference, go to the TechTeam Global Web site at http://www.techteam.com/investors and click on the Web cast icon. From this site, you can download the necessary software and listen to the teleconference. TechTeam encourages you to review the site before the teleconference to ensure that your computer is configured properly. A taped replay of the call will be available beginning at approximately 6:30 p.m. EDT, Tuesday, August 5, 2008. This toll-free replay will be available through Tuesday, August 19, 2008. To listen to the teleconference replay, call 1-888-286-8010 (outside the United States call +1-617-801-6888). When prompted, enter the passcode: 93073358.

About TechTeam Global, Inc.

TechTeam Global, Inc. is a worldwide provider of information technology, enterprise support and business process outsourcing services to Fortune 1000 corporations, multinational companies, product providers, small and medium-sized companies, and government entities. TechTeam's ability to integrate computer services into a flexible, ITIL-based solution is a key element of its strategy. Partnerships with some of the world's "best-in-class" corporations provide TechTeam with unique expertise and experience in providing information technology support solutions. For information about TechTeam Global, Inc. and its services, call 1-800-522-4451 from the United States or visit our Web sites at http://www.techteam.com/ and http://www.techteam.eu/ . TechTeam's common stock is traded on the Nasdaq Global Market under the symbol "TEAM."

TechTeam Global, Inc.

CONTACT: Marc J. Lichtman, Vice President, Chief Financial Officer and
Treasurer, TechTeam Global, Inc., +1-248-357-2866

Web site: http://www.techteam.com/
http://www.techteam.com/investors
http://www.techteam.eu/

MAXIMUS Announces Integration Between FleetFocus(TM) and Zonar SystemsSYSTEM AUTOMATES WORK ORDER CREATION, AIDS REGULATORY COMPLIANCE, AND DRAMATICALLY IMPROVES OPERATIONAL EFFICIENCY

RESTON, Va., July 23 /PRNewswire-FirstCall/ -- MAXIMUS , the leading provider of fleet enterprise asset management (EAM) software and automated fuel systems, today announced a collaboration with Zonar Systems to offer an integrated inspection and maintenance package. The integration will enable fleet operators to maintain accurate and electronically verified pre- and post-trip inspections while significantly streamlining their maintenance processes.

"MAXIMUS fleet customers have led the industry in automation and efficiency and we have partnered with them in driving toward the paperless shop," said Jim Schnepp, Vice President of Sales and Marketing for MAXIMUS Asset Solutions. "With the integration to Zonar's paperless inspection package and the bonus of capturing service defects, odometer, and inspection information real-time and electronically, our customers can leverage the benefits of both solutions."

The Zonar(R)/MAXIMUS FleetFocus(TM) integrated solution provides a seamless two-way data exchange that automates the pre- and post-trip vehicle inspection process required by federal and state laws. Zonar pioneered the technology that transportation professionals have embraced as the new "best practice" for vehicle safety inspection. Already in widespread use throughout North America, the company's electronic inspection and fleet management system are now revolutionizing workflow processes in many transportation segments.

Zonar's patented RFID-based inspection system, Electronic Vehicle Inspection Report (EVIR(R)), is the starting point for the Zonar/MAXIMUS integrated solution. RFID tags are placed in critical areas around the vehicle. The driver uses a hand-held RFID reader to scan each tag and document the inspection observations. Once complete, the inspection is wirelessly transmitted to secure servers and the resulting information is delivered to fleet managers in real time.

When a defect is noted by a driver, it will instantly be communicated to MAXIMUS maintenance software, automating defect creation for that asset while capturing odometer reading and inspection information. The shop will be immediately alerted of the needed repairs through one of several notification options. As repairs are performed and closed out, FleetFocus(TM) closes the loop by communicating updated defect status to Zonar's inspection database. This collaborative workflow eliminates the need for labor-intensive and inefficient paper records, as well as ensures the reliability of reporting through the elimination of repeated data entry errors.

"The integration of MAXIMUS industry-leading fleet maintenance applications and Zonar's EVIR system will deliver dramatic productivity gains that have been previously unavailable," said William Brinton, vice president of marketing for Zonar Systems.

MAXIMUS is the world's leading provider of fleet and public transportation asset and maintenance management software solutions, serving more than 500 North American fleets, with products that have a 25+ year market history. MAXIMUS is the market leader in every fleet segment, with over 80 transit properties, 250+ City and County Fleets, over 35 State fleets, major Federal government fleets, over 40 Utility fleets and major commercial fleets.

MAXIMUS FleetFocus(TM) software improves shop floor productivity, efficiency and fleet asset utilization by managing all functions related to the maintenance of the fleet, including processing repair and preventative maintenance work orders, operating expenses (including fuel) and tracking and billing for vehicle usage.

About MAXIMUS

MAXIMUS is one of North America's leading government services companies devoted to providing program management, consulting, and information technology services. MAXIMUS has more than 6,000 employees located in more than 220 offices in the United States, Canada, Australia, and England. In 1999, 2001, 2002, 2003, and 2004, MAXIMUS was selected by Forbes Magazine as one of the Best 200 Small Companies in America for that year. MAXIMUS was selected by Business Week Magazine as one of the 100 Best Hot Growth Small Companies in 1999, 2000, 2001, and 2002. Additionally, MAXIMUS is included in the Russell 2000 Index and the S&P SmallCap 600 Index . For more information, visit http://www.assetsolutions.maximus.com/.

About Zonar

Zonar provides ground-breaking electronic inspection, tracking, and management solutions for fleet operations. Zonar is the recognized leader in innovative telematics and verified visual inspection technologies; helping companies capture, communicate and analyze information about the location and condition of their vehicles and other assets. For more information, visit http://www.zonarsystems.com/.

Sales contacts: William Brinton (Zonar) (206) 878-2459 (william.brinton@zonarsystems.com) Jim Schnepp (MAXIMUS) (858) 663-7481 (jamesschnepp@maximus.com)

Statements that are not historical facts, including statements about the Company's confidence and strategies and the Company's expectations about revenues, results of operations, profitability, future contracts, market opportunities, market demand or acceptance of the Company's products are forward-looking statements that involve risks and uncertainties. These uncertainties could cause the Company's actual results to differ materially from those indicated by such forward-looking statements and include reliance on government clients; risks associated with government contracting; risks involved in managing government projects; legislative changes and political developments; opposition from government unions; challenges resulting from growth; adverse publicity; and legal, economic, and other risks detailed in Exhibit 99.1 to the Company's most recent Annual Report filed with the Securities and Exchange Commission (file number 001 12997).

CONTACTS: Lisa Miles (Investor) 800-MAXIMUS x11637 Rachael Rowland (Media) 800-MAXIMUS x11688

MAXIMUS

CONTACT: Investor, Lisa Miles, +1-800-MAXIMUS, ext. 11637, or Media,
Rachael Rowland, +1-800-MAXIMUS, ext. 11688, both of MAXIMUS

Web site: http://www.assetsolutions.maximus.com/
http://www.zonarsystems.com/

Branded Websites Are the Most Effective Online Marketing Tactic for Pharmaceutical Marketers, comScore Study FindsOnline Advertising Also Has a Significant Impact on Brand Awareness and Favorability for Both Patients and Prospects

RESTON, Va., July 23 /PRNewswire-FirstCall/ -- comScore, Inc. , a leader in measuring the digital world, in conjunction with pharmaceutical marketing consultancy Evolution Road, today released results from the second annual study: e-Marketing Effectiveness Benchmarks for the Pharmaceutical Industry, which is designed to help pharmaceutical marketers assess the success of their online marketing activities.

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

The study evaluated the impact of banner ads, search marketing, and visits to a brand Web site on a brand's awareness, favorability and sales results among both patients and prospects. The study found that getting a patient to visit a branded Web site is the most effective form of online pharmaceutical marketing, with an incremental patient adherence rate nearly 20 percentage points higher than among those who did not visit the Web site and an incremental new start rate for prospects nearly 5 percentage points higher than the control. Meanwhile, exposure to, and interaction with, online ads also improved adherence rates among existing patients. Patient's exposed to an ad showed a 4.0-point lift in adherence and patients who interacted with an ad exhibited a 9.5-point lift.

Using comScore's one million person U.S. panel to passively observe behavior, with an overlay of survey questions to gather perceptions about the brand, the benchmarks study summarizes the performance of 32 individual studies involving more than 10 prescription brands.

Incremental Effect of e-Marketing Tactics Over Control on Adherence/Next Fill For Existing Patients Source: e-Marketing Effectiveness Benchmarks for the Pharmaceutical Industry (2008 Release) Marketing Activity Adherence/Next Fill(Patient Group) Exposure-Only to Online Ads 4.0% Exposure to and Interaction with Online Ads (Rich Media*) 9.5% Visits to Brand.com 19.7% * defined as interactive digital media.

"The most effective online marketing tool for both patients and prospects is the brand's Web site. It's important to realize, though, that visits to a brand Web site are achieved through the use of a variety of offline and online tactics, such as online banner ads, search and offline advertising," said Bridget O'Toole, comScore executive vice president. "This is why it is essential for marketers to develop fully-integrated campaigns that not only raise awareness and educate consumers but that also drive visitation to a site."

Online Advertising Improves Brand Awareness and Favorability

Although brand Web sites are the most effective online marketing tactic, there is also a positive result from online advertising. The study found that exposure to, or interaction with, banner ads yields an incremental lift in brand awareness and favorability among existing and prospective patients. For prospects, exposure-only to an ad had a significant impact on both aided and unaided brand awareness, with increases of 5.1 and 5.7 percentage points, respectively. An even greater incremental lift in aided awareness (9.4 points) and unaided awareness (7.7 points) was achieved when consumers interacted with a rich media ad.

Incremental Effect on Awareness and Favorability Over Control Among Prospects Source: e-Marketing Effectiveness Benchmarks for the Pharmaceutical Industry (2008 Release) Marketing Activity Prospects Aided Unaided Favorability Awareness Awareness Exposure-Only to Online Ads 5.1% 5.7% 1.7% Exposure to and Interaction with Online Ads (Rich Media*) 9.4% 7.7% 4.2% * defined as interactive digital media.

To request a copy of the study: e-Marketing Effectiveness Benchmarks for the Pharmaceutical Industry (2008 Release) or for more information on comScore Pharmaceutical Solutions, please visit http://www.comscore.com/request/pharma_benchmarks.asp.

About comScore Pharmaceutical Solutions

comScore Pharmaceutical Solutions delivers in-depth information needed to understand the impact that brand, condition-specific, and health Web sites have on consumers' brand awareness, conversion, and patient compliance. comScore's products deliver actionable insight to help refine consumer profiles, identify key alliances, optimize interactive marketing initiatives, benchmark against the competition and accurately measure the ROI of Web site and online marketing programs.

To learn more about comScore Pharmaceutical Solutions, please visit http://www.comscore.com/solutions/pharma.asp.

About comScore

comScore, Inc. is a global leader in measuring the digital world. For more information, please visit http://www.comscore.com/boilerplate.

About Evolution Road

Evolution Road is a marketing innovation consultancy focused on helping brands leverage digital channels to drive their business. For more information, please visit http://www.evolutionroad.com/.

Photo: http://www.newscom.com/cgi-bin/prnh/20080115/COMSCORELOGO
AP Archive: http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com comScore, Inc.

CONTACT: Andrea Vollman of comScore, Inc., +1-312-775-6646,
press@comscore.com

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

NeuStar Names Alex Berry Head of Internet Infrastructure Services Group

STERLING, Va., July 23 /PRNewswire-FirstCall/ -- NeuStar, Inc. today announced that it has appointed Alex Berry as senior vice president and general manager of NeuStar's Internet Infrastructure Services group, which includes domain name registry services as well as the UltraDNS and Webmetrics service lines. Berry reports to NeuStar Chief Operating Officer Lisa Hook.

(Logo: http://www.newscom.com/cgi-bin/prnh/20080310/NEUSTARLOGO )

"Alex's extensive background in managed services and in developing and maintaining diverse client portfolios makes him ideal for taking NeuStar's Internet Infrastructure Services group to the next level of growth," said Hook. "Further, Alex brings a wealth of management and technology sales experience to NeuStar."

Berry has spent the majority of his career in the telecommunications, managed services and business process outsourcing arena. Prior to his NeuStar appointment, he was senior vice president of client services and business development at Convergys Corporation, a Cincinnati-based provider of customer care, billing, human resources and learning outsourced solutions. Berry also worked at Lucent Worldwide Services, where he led and grew a new managed services sales group in North America. He was also vice president and general manager of the western region for Genuity, Inc., a provider of managed Internet infrastructure services which was acquired by Level 3 Communications Inc. in 2002.

"This is a very exciting time to be joining NeuStar and the Internet Infrastructure Services group," said Berry. "We have an impressive client list and a portfolio of innovative managed services that is driving fundamental changes in the performance and economics of IP networks. As a result, NeuStar is uniquely positioned to capitalize on the explosive adoption of Internet-based services."

Photos of Alex Berry are available upon request from NeuStar. About NeuStar, Inc.

NeuStar is a provider of clearinghouse and directory services to the global communications and Internet industry. Visit NeuStar online at http://www.neustar.biz/.

Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20080310/NEUSTARLOGO
AP Archive: http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com NeuStar, Inc.

CONTACT: John Schneidawind of NeuStar, Inc., +1-571-434-5596,
john.schneidawind@neustar.biz

Web site: http://www.neustar.biz/

IAC Extends Consent Time and Expiration Time in Connection With its Tender Offer and Consent Solicitation for its 7% Senior Notes Due 2013OFFER TO BE AMENDED AND RESTATED SHORTLY

NEW YORK, July 23 /PRNewswire-FirstCall/ -- IAC announced today, in connection with its previously announced cash tender offer for any and all of its outstanding 7% Senior Notes due 2013 (the "Notes") (CUSIP Nos. 902984AD5 & 902984AC7 / ISINs US902984AD51, US902984AC78 & USU9033KAA26) and related consent solicitation to amend the indenture governing the Notes, that it is extending the Consent Time (as defined in the Offer to Purchase and Consent Solicitation Statement dated June 11, 2008 (the "Offer to Purchase")) from 5:00 p.m., New York City time, on Wednesday, July 23, 2008, to 5:00 p.m., New York City time, on Monday, August 4, 2008, and is extending the Expiration Time (as defined in the Offer to Purchase) from Midnight, New York City time, on Wednesday, August 6, 2008, to Midnight, New York City time, on Monday, August 11, 2008. IAC also is extending the Price Determination Date (as defined in the Offer to Purchase) from July 23, 2008 to July 28, 2008. Holders who previously have tendered Notes do not need to retender their Notes or take any other action in response to these extensions.

As previously announced, IAC has entered into an agreement with certain holders of Notes pursuant to which IAC has agreed, among other things, to amend the terms of the tender offer and consent solicitation. IAC expects to make this amendment shortly by distribution of an Amended and Restated Offer to Purchase and Consent Solicitation Statement (the "Amended Offer to Purchase") and a related Amended and Restated Letter of Transmittal and Consent. In connection with this agreement, IAC stated that the issuance and exchange of new notes of Interval Acquisition Corp. ("Interval") for Notes pursuant to the agreement, together with the offer to purchase and consent solicitation as amended, are being made in connection with the spinoff of Interval Leisure Group, Inc., and are intended to give rise to a succession event (with Interval as the sole successor to IAC) for credit derivatives purposes.

Except for the extension of the Consent Time, Expiration Time and Price Determination Date as described above, the tender offer and consent solicitation and the Offer to Purchase and related Letter of Transmittal and Consent remain in full force and effect. The tender offer and consent solicitation are subject to the satisfaction of certain conditions, including (i) the Minimum Tender Condition, which requires that Notes representing not less than a majority in aggregate principal amount of Notes outstanding (excluding Notes owned by IAC or any of its affiliates) be validly tendered (and not validly withdrawn) prior to the Expiration Time; (ii) the Spin-Off Condition, which requires that all conditions precedent to the previously announced proposed spin-offs to IAC's stockholders shall have been satisfied or waived by IAC and the distribution of shares of one or more of the companies to be spun-off shall have occurred prior to the Expiration Time; and (iii) the Indenture Condition, which requires that the supplemental indenture implementing the proposed amendments shall have been executed by the indenture trustee. IAC expects, however, that the Amended Offer to Purchase will not include the Minimum Tender Condition.

The tender offer will expire at Midnight, New York City time, on August 11, 2008, unless further extended or earlier terminated by IAC. The consent solicitation will expire at 5:00 p.m., New York City time, on August 4, 2008, unless further extended or earlier terminated by IAC. The yield on the Reference Security (as defined in the Offer to Purchase) will be calculated at 2:00 p.m. on July 28, 2008, unless the Price Determination Date is further extended or the tender offer and consent solicitation are earlier terminated by IAC. Except for the extensions described above, the complete terms and conditions of the tender offer and consent solicitation are described in the Offer to Purchase and related Letter of Transmittal and Consent.

IAC has retained Morgan Stanley & Co., Incorporated to act as the Dealer Manager for the tender offer and the Solicitation Agent for the consent solicitation. Questions regarding the tender offer and the consent solicitation may be directed to Morgan Stanley at (800) 624-1808 (toll-free) or (212) 761-1941 (collect) (Attn: Liability Management). Requests for documentation may be directed to MacKenzie Partners, Inc., the Information Agent for the tender offer and consent solicitation, at (800) 322-2885 (toll-free) or (212) 929-5500 (collect).

This press release is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell the Notes. This press release also is not a solicitation of consents to the proposed amendments to the indenture and the Notes. The tender offer and consent solicitation are being made solely by means of the tender offer and consent solicitation documents, including the Offer to Purchase that IAC has distributed to holders of Notes. The tender offer and consent solicitation are not being made to holders of Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction.

Important Information

The matters discussed herein contain forward-looking statements. These statements involve risks and uncertainties. Additionally, IAC is subject to other risks and uncertainties set forth in its filings with the Securities and Exchange Commission. These risks and uncertainties could cause actual results to differ materially from any forward-looking statements made herein.

About IAC

IAC operates leading and diversified businesses in sectors being transformed by the internet, online and offline... our mission is to harness the power of interactivity to make daily life easier and more productive for people all over the world. To view a full list of the companies of IAC please visit our website at http://iac.com/.

Contacts IAC Investor Relations: IAC Corporate Communications: Eoin Ryan Stacy Simpson / Leslie Cafferty (212) 314-7400 (212) 314-7470 / 7326

IAC

CONTACT: Investor Relations, Eoin Ryan, +1-212-314-7400, or Corporate
Communications, Stacy Simpson, +1-212-314-7470, or Leslie Cafferty,
+1-212-314-7326, all of IAC

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

Hop-on's MLB All Star Game Launch a SuccessNext Event the PGA Championship

IRVINE, Calif., July 23 /PRNewswire-FirstCall/ -- Hop-on, Inc. (Pink Sheets: HPNN) announced today that it successfully launched its HOP1800 Disposable Cell Phone "the Anti iPhone" at Major League Baseball's All Star Game at Yankee Stadium. Hop-on will be at the 90th PGA Championship in Michigan, August 4th - 10th to continue the momentum of the HOP1800 Disposable Phone.

Peter Michaels, President of Hop-on, stated, "The reception we received in New York was amazing. We gave phones to New York's finest, from Governor David Paterson to Security Guards at the game. Baseball's greatest athletes and their families enjoyed our phone and what it actually offers. Our targeted demographic was New York City and their incredible citizens. Yankee fans are the most loyal and outspoken fans in the world. They understood that the value and quality of the phone is not disposable. The HOP1800 has clear sound, technology components including a flashlight, and design comparable to any mid-tier cell phone on the market for a fraction of the cost. Their embrace of our phone was truly incredible."

Today's article in The NY Daily News (http://www.nydailynews.com/topics/Naomi+Campbell) "Hello! It's a throwaway $10 cell phone" stated, "There's a new cell phone on the market that doesn't have to be retrieved after it's tossed at someone." The HOP1800 has made an amazing debut in today's market.

About Hop-on, Inc.

Hop-on (HPNN-Pink Sheets) develops and markets wireless phones and accessories for emerging market and other domestic carriers and is best known for developing the world's first disposable cell phone. Currently, Hop-on is expanding into value-added services, like mobile gambling and SMS wagering. Hop-on's exclusive software will allow users to stream live interactive feed from legal jurisdictions to play poker, blackjack, roulette and baccarat on personal cell phones.

For more information, visit http://www.hop-on.com/.

Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933, and are subject to Rule 3B-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All Statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and other results and further events could differ materially from those anticipated in such statements. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements.

CONTACT: Hop-on, Inc.

Danny Coleman (949) 756-9008

Hop-on, Inc.

CONTACT: Danny Coleman of Hop-on, Inc., +1-949-756-9008

Web site: http://www.hop-on.com/

Micrel reduziert Komplexität und Kosten mit neuem 4,25 Gbps FP/DFB Lasertreiber mit integrierter Vorspannung und hohem Antriebsstrom

SAN JOSE, Kalifornien, July 23 /PRNewswire/ --

Micrel Inc., (Nasdaq: MCRL), der Branchenführer für IC-Lösungen im Bereich der Ethernet-, Analog- und Breitbandkommunikation, führte heute einen neuen 4,25 Gbps FP/DFB Laserdiodentreiber ein. Der SY88422L ist ein Einfachversorgungs-3,3V-Lasertreiber mit kleinem Formfaktor, der in der Lage ist, bis zu 90 mA Modulationsstrom und 100 mA Vorspannungsstrom zu liefern. Dieser Treiber bietet in Kombination mit dem Controller MIC3002 und dem Limiting-Post-Verstärker SY88403L 4,25G von Micrel eine ideale Lösung für SFF-, SFP- und LX-4-Moduldesigns mit mittlerer und grosser Reichweite in Multirate-MAN-, WAN-, SAN- und LAN-Anwendungen bis zu 4,25 Gbps, darunter FC, GbE, SONET/SDH und WDM. Der SY88422L wird jetzt auf einem winzigen 16-Pin-MLF(R)-Paket mit 3 mm x 3 mm angeboten. Der integrierte Schaltkreis ist derzeit in grossen Stückzahlen verfügbar. Preise für Abnahmemengen ab 1.000 Stück beginnen bei 3,30 USD. Micrel bietet ausserdem ein vollständiges Referenzdesign für SFP-Module an, das aus dem SY88422L, dem MIC3002 und dem 4,25 Gbps Limiting-Post-Verstärker SY88403L besteht. Proben können jetzt online über die Website Micrels unter der folgenden Adresse bestellt werden: http://www.micrel.com/ProductList.do.

"Die Einführung des Laserdiodentreibers SY88422L bietet unseren Kunden eine grössere Flexibilität für ihre SFP-Moduldesigns", bemerkte Thomas S. Wong, Vice President High Bandwidth Products bei Micrel. "Der SY88422L bietet nicht nur ausserordentliche Treiberfunktionen, er ist auch darauf ausgelegt, sich leicht an den Microcontroller Micrel MIC3002 ankoppeln zu lassen. Bei einer Kopplung mit dem 4,25 Gbps Limiting-Post-Verstärker SY88403L von Micrel wird Kunden eine vollständige kostengünstige 4,25G Multirate-Transceiver-Lösung geboten."

Der SY88422L ist die neuste Ergänzung des umfassenden Glasfaserproduktangebots Micrels. Er bietet einen hohen Antriebsstrom, integrierten Vorspannungsstrom und niedrigen Kernstromverbrauch, wodurch er sich ideal als Treiber für FP/DFB-Laser in SFP-Modulen eignet. Durch die integrierte Vorspannungsstromoption des Treibers entfällt die Notwendigkeit externer Transistoren, was Platinenplatz einspart, Kosten senkt und das Design vereinfacht. Der IC ist mit einer Vorspannungsstromausgangsüberwachung ausgerüstet, so dass Konstrukteure in der Lage sind, den Vorspannungsstromausgang zu verfolgen und die Alterung des Lasers im Laufe der Zeit zu überwachen. Der Vorspannungsstrom kann über den erweiterten Mikrocontroller MIC3002 von Micrel eingestellt werden. Das Gerät nimmt ausserdem eine breite Palette von Eingangssignalen an, die von 100 mVpp bis 2400 mVpp reichen, und verfügt über interne 50-Ohm-Abschlüsse.

Die Kombination aus SY88422L und MIC3002 bietet dem Benutzer beispiellose Kontrolle über Laserleistung und Fehlerdiagnostik. Der MIC3002 kann den Vorspannungsstrom des SY88422L automatisch anpassen, um Temperaturschwankungen und Abnutzungen des Lasers über die Zeit hinweg auszugleichen. Diese Kombination bietet dem Benutzer ausserdem die Möglichkeit, diverse diagnostische Schaltkreise des MIC3002 zu verwenden, um die Übertragungsleistung zu überwachen. Da der MIC3002 mit vier identischen Speicheradressen bedient werden kann, lässt sich die Kombination aus SY88422L und MIC3002 ausserdem reibungslos in die LX-4-Module einpassen.

Informationen über Micrel, Inc.

Micrel Inc., ist ein führender globaler Hersteller von IC-Lösungen für die weltweiten Analog-, Ethernet- und Breitbandmärkte. Die Produkte des Unternehmens umfassen fortschrittliche Mischsignal-, Analog- und Powerhalbleiter, sowie Hochleistungskommunikations-, Uhrenmanagement-, Ethernet-Switch- und Physical-Layer-Transceiver-ICs. Zu den Firmenkunden zählen führende Hersteller von Unternehmens-, Verbraucher-, Industrie-, Mobil-, Telekommunikations-, Automobil- und Computerprodukten. Die Firmenzentrale und hochmoderne Wafer-Herstellungsanlagen befinden sich in San Jose im US-Bundesstaat Kalifornien. Regionale Vertriebs- und Supportniederlassungen, sowie erweiterte Technologie-Designzentren wurden in Nord-, Zentral- und Südamerika, Europa und Asien eingerichtet. Darüber hinaus unterhält das Unternehmen ein umfassendes weltweites Netzwerk von Vertriebspartnern und Vertretern. Web: http://www.micrel.com.

Hinweis: MLF ist ein eingetragenes Warenzeichen von Amkor Technology.

Website: http://www.micrel.com

Micrel Inc.

Julieanne DiBene, Marketing Communications von Micrel Inc., +1-408-474-1276, Julie.DiBene@Micrel.com

Trois produits de Tellabs génèrent des revenus trimestriels record

NAPERVILLE, Illinois, July 23 /PRNewswire/ --

- Tellabs annonce des revenus de 432 millions USD pour le deuxième trimestre

Pour le deuxième trimestre de 2008, les revenus de Tellabs ont atteint 432 millions USD, ce qui représente une baisse de 19 % par rapport aux 535 millions USD du deuxième trimestre de 2007. Les revenus générés à l'échelle internationale ont augmenté de 20 % pour atteindre 145 millions USD, par rapport à 121 millions USD au trimestre équivalent de l'exercice précédent.

Conformément aux PCGR (principes comptables généralement reconnus aux États-Unis), les bénéfices de Tellabs ont atteint 39 millions USD, ou 0,10 USD par action, ce qui comprend un bénéfice ponctuel de 35 millions USD, ou 0,09 USD par action, découlant de la conclusion favorable des vérifications de l'IRS. Conformément aux PCGR, les bénéfices de Tellabs ont atteint 30 millions USD, ou 0,07 USD par action, pour le deuxième trimestre de 2007.

Selon les mesures non conformes aux PCGR, les bénéfices de Tellabs se sont chiffrés à 52 millions USD, ou 0,13 USD par action, ce qui comprend un bénéfice ponctuel de 35 millions USD, ou 0,09 USD par action, découlant de la conclusion favorable des vérifications de l'IRS, comparativement au bénéfice de 38 millions USD, ou 0,09 USD par action, au trimestre équivalent de l'exercice précédent. Les résultats non conformes aux PCGR excluent des frais avant impôts de 18,9 millions USD, dont 7,9 millions USD, ou 1,3 cents par action, en dépenses de rémunération à base d'actions.

Pour le deuxième trimestre de 2008, les marges bénéficiaires brutes conformes aux PCGR et non conformes aux PCGR étaient de 35 %, ce qui est au dessus des prévisions. Les principales raisons sont:

-- L'amélioration de la marge bénéficiaire brute de Tellabs relative au système Tellabs 7100 découle des réductions de coûts, des nouveaux clients, ainsi que d'une gamme de produits plus étendue incluant un plus grand nombre de cartes de transpondeur.

-- L'amélioration de la marge bénéficiaire brute de Tellabs relative aux terminaux de réseaux optiques 1600 de Tellabs est attribuable à la diminution des expéditions et à la réduction des coûts.

-- Les autres améliorations des marges bénéficiaires brutes de Tellabs découlent d'une gestion dynamique des coûts ainsi que d'un élargissment de la gamme de produits et de clients.

Pour le premier trimestre de 2008, les marges bénéficiaires brutes conformes aux PCGR s'élevaient à 38 %, alors que les marges bénéficiaires brutes non conformes aux PCGR étaient de 39 %.

<< Trois produits de Tellabs ont permis la génération de revenus trimestriels records au sein d'un marché difficile, et nous sommes heureux de constater que les innovations de Tellabs sont de plus en plus appréciées auprès des clients dans le monde entier >>, a déclaré Rob Pullen, président du conseil et président-directeur général de Tellabs. << Comme nous avons continué à faire preuve de rigueur et de discipline, nos marges bénéficiaires brutes du deuxième trimestre ont dépassé nos attentes. >>

Large bande - Pour le deuxième trimestre de 2008, les revenus du secteur large bande ont atteint 231 millions USD, soit une baisse de 6 % par rapport aux 246 millions USD du deuxième trimestre de 2007. Au sein du secteur large bande :

-- Les revenus générés par les produits de données (routeurs multiservice) se sont élevés à 45 millions USD, soit une hausse de 28 % par rapport aux 35 millions USD du trimestre équivalent de l'exercice précédent. Les revenus trimestriels générés par le routeur d'agrégation Tellabs(R) 8600 ont atteint un nouveau sommet.

-- Les revenus générés par les produits d'accès se sont élevés à 103 millions USD, soit une baisse de 23 % par rapport aux 135 millions USD du trimestre équivalent de l'exercice précédent.

-- Les revenus générés par les produits d'accès contrôlé se sont chiffrés à 83 millions USD, soit une hausse de 8 % par rapport aux 77 millions USD du trimestre équivalent de l'exercice précédent. Les revenus trimestriels générés par le système d'accès contrôlé Tellabs(R) 6300 ont atteint un nouveau sommet.

Transport -- Pour le deuxième trimestre de 2008, les revenus générés par les équipements de transport se sont chiffrés à 141 millions USD, soit une baisse de 37 % par rapport aux 223 millions USD du trimestre équivalent de l'exercice précédent. Les revenus trimestriels générés par le système de transport optique Tellabs(R) 7100 ont atteint un nouveau sommet, excluant le revenu reporté reconnu au trimestre équivalent de l'exercice précédent. Au cours du deuxième trimestre de 2008, Tellabs a enregistré des revenus générés par sont équipements Tellabs 7100, provenant de clients situés en dehors des États-Unis.

Services -- Pour le deuxième trimestre de 2008, les revenus générés par les équipements de services ont atteint 60 millions USD, soit une baisse de 8 % par rapport aux 66 millions USD du trimestre équivalent de l'exercice précédent.

Perspectives pour le troisième trimestre de 2008 -- Les déclarations suivantes sont des énoncés prospectifs qui sont fondés sur les attentes actuelles et sont assujettis à des risques et incertitudes, dont certains sont détaillés ci-dessous. En raison du caractère saisonnier normal du troisième trimestre, Tellabs s'attend à ce que les revenus du troisième trimestre soient équivalents à ceux du deuxième trimestre ou connaissent une légère baisse ; la société anticipe également des risques macroéconomiques dans l'économie, dans les dépenses opérationnelles et dans les dépenses en immobilisations de ses clients. Selon les mesures non conformes aux PCGR, la marge brute devraient rester plus ou moins identique, en fonction de l'éventail de produits et de clients. Les dépenses d'exploitation non conformes aux PCGR devraient maintenir leur trajectoire descendante entamée au deuxième trimestre de 2008, en raison du plan de réduction des dépenses d'exploitation et des coûts de 100 millions USD annoncé en janvier. La marge brute non conforme aux PCGR est exprimée à l'exclusion d'environ 1 million USD de dépenses de rémunération à base d'actions. Les dépenses d'exploitation non conformes aux PCGR sont exprimées à l'exclusion d'environ 4 million USD de dépenses de rémunération à base d'actions.

Rachat d'actions -- Depuis 2005, Tellabs a racheté 93,1 millions d'actions à un coût total de 804 millions USD (environ 20 % des actions en circulation). Conformément aux programmes de rachat d'actions précédemment annoncés, Tellabs a consacré environ 1 million USD au rachat de 0,2 million d'actions pendant le deuxième trimestre de 2008. Au cours du deuxième trimestre, Tellabs a réduit de façon considérable le rachat d'actions, car elle réévalue son utilisation de l'encaisse alors qu'elle s'efforce de bien se positionner en vue d'une croissance future, et à la lumière des conditions du marché de capitaux.

Rediffusion en simultanée de la Web émission et de la téléconférence -- Tellabs a organisé une téléconférence à l'intention des investisseurs afin de passer en revue ses résultats du deuxième trimestre de 2008 et de donner ses prévisions concernant le troisième trimestre de 2008. Une rediffusion de l'enregistrement sera disponible jusqu'à minuit, heure avancée du Centre, le jeudi 24 juillet au +1-800-642-1687. (Pour un appel provenant de l'extérieur des États-Unis, appelez au +1-706-645-9291.) Lorsque demandé, entrez le numéro d'identification de la conférence de Tellabs : 54800101. Un podcast de la téléconférence sera disponible sur le http://www.tellabs.com/news/feeds/.

Tellabs améliore les réseaux de télécommunications afin qu'ils répondent aux besoins changeants des utilisateurs. Les solutions de Tellabs permettent aux prestataires de services de proposer des services de données, de vidéo et de voix de haute qualité sur des réseaux câblés ou sans fil dans le monde entier. Tellabs (Nasdaq : TLAB) figure au NASDAQ Global Select Market, à l'indice des brevets Ocean Tomo 300(TM) Patent Index et au S&P 500. http://www.tellabs.com

Énoncés prospectifs -- Le présent communiqué de presse, y compris l'analyse des résultats des activités qui suit, contient des énoncés prospectifs, y compris, mais sans s'y limiter les informations sur les perspectives contenues aux présentes et assujetties à des risques et incertitudes. Les résultats réels peuvent varier des résultats mentionnés dans les énoncés prospectifs. Les facteurs susceptibles de causer cette variation comprennent, mais sans s'y limiter, les risques associés à : la concurrence, y compris la pression à laquelle sont soumis les prix et les marges, la réaction des clients et des concurrents, la consolidation de l'industrie, l'introduction de nouveaux produits, la pénétration de nouveaux marchés, la capacité d'obtenir les ressources nécessaires, la capacité de réaliser les économies prévues en vertu des initiatives de réduction des coûts de la société, ainsi que l'évolution des conditions économiques ayant généralement des répercussions sur le secteur des télécommunications. La société rejette toute obligation de réviser ou de mettre à jour ces énoncés prospectifs à la lumière d'événements ou de circonstances futurs ou d'événements imprévus. Pour une description plus détaillée des facteurs de risque, veuillez consulter les documents de la société déposés auprès de la SEC.

Tellabs(R) et le logo de Tellabs sont des marques de commerce de Tellabs ou de ses sociétés affiliées aux États-Unis et/ou dans d'autres pays. Tous les autres noms de société ou de produit mentionnés aux présentes peuvent être des marques de commerces de leurs sociétés respectives.

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

Tellabs

Médias, George Stenitzer, +1-630-798-3800, george.stenitzer@tellabs.com, ou Investisseurs, Tom Scottino, +1-630-798-3602, tom.scottino@tellabs.com, tous deux de Tellabs . NOTE AUX RÉDACTEURS : Le texte intégral de ce communiqué de presse est disponible au http://www.tellabs.com/news/2008/2q08.pdf

Les inscriptions au concours de design << Create the Future >> sont ouvertes : la compétition - dotée d'un prix de 20 000 $ US - est parrainée par SolidWorks et Tech Briefs Media Group et encourage les ingénieurs à présenter leurs innovations

NEW YORK, July 23 /PRNewswire/ --

Afin de fêter le moment d'exaltation latent chez chaque concepteur et créateur de produit, les inventeurs du monde entier sont invités à participer au concours de design << Create the Future >> (Créez le futur) parrainé par SolidWorks Corporation et Tech Briefs Media Group.

Les ingénieurs et les concepteurs de produits peuvent soumettre leurs idées jusqu'au 17 octobre 2008, pour la prochaine invention qui pourrait changer notre façon de travailler, de jouer et de vivre. Dans sa septième année, le concours célèbre les capacités des participants à explorer de nouvelles façons de concevoir ce qui n'a pas encore été imaginé. En plus du prix de 20 000 $ US, le concours attribuera un nouveau poste de travail HP puissant à chacun des gagnants par catégorie, et 100 $ US pour les 6 propositions les plus populaires. Pour participer ou obtenir plus de renseignements à propos du concours de design << Create the Future >>, consultez www.createthefuturecontest.com. COMSOL, Hewlett-Packard et National Instruments figurent parmi les coparrains du concours.

Les participants peuvent choisir parmi six catégories : technologie des machines, équipements et pièces ; produits de grande consommation ; produits médicaux ; sécurité et sécurité ; transports ; et technologies durables. Un jury d'experts évaluera les propositions d'après l'innovation, l'attrait commercial, la fabricabilité et la rentabilité. Les idées peuvent comprendre des produits qui sont entièrement au stade de concept, ou encore en prototypage ou en début de fabrication. Des alternatives audacieuses aux approches conventionnelles seront les critères clés.

Les propositions admissibles comprennent une description (500 mots ou moins) sur une idée de produit mécanique ou électromécanique dans les catégories ci-dessus. Elles doivent également inclure un résumé de l'idée (30 mots) et une description du problème résolu (30 mots). Enfin, elles doivent comporter un ou plusieurs supports visuels (peu importe le format, c'est-à-dire, dossier CAO, esquisse, etc.) de l'idée.

<< En six ans, ce concours a été la pépinière de l'innovation pour des créations innovantes qui pourraient être un jour omniprésentes >>, a déclaré Joe Pramberger, président de Tech Briefs Media Group. << L'an dernier, le concours a établi un record avec près de 1000 entrées, et nous prévoyons que 2008 sera encore plus important. >>

À propos de Tech Briefs Media Group

Tech Briefs Media Group est l'éditeur de NASA Tech Briefs, le magazine de conception-création à plus grand tirage dans le monde entier et de Defense Tech Briefs, le magazine d'ingénierie à plus grand tirage pour le marché militaire/aéronautique. Ensemble, ces produits touchent plus de 600 000 ingénieurs et des gestionnaires du monde entier.

Grâce à une croissance organique, la ligne de produits de Tech Briefs Media Group s'est développée pour inclure de la publicité imprimée/numérique, des produits e-mail/Web, des événements virtuels, des séminaires et des conférences, des médias et des contenus personnalisés liés à la publicité. Parmi les autres produits de la société, citons : Photonics Tech Briefs, Imaging Technology, Motion Control Technology, Defense Tech Briefs, RF & Microwave Technology et Embedded Technology. Pour de plus amples renseignements, consultez le site : www.techbriefsmediagroup.com.

À propos de SolidWorks Corporation

SolidWorks Corporation, une société de Dassault Systemes S.A. (Nasdaq : DASTY, Euronext Paris : #13065, DSY.PA), développe et commercialise des logiciels pour la conception, l'analyse et la gestion des données produits. Elle est le premier fournisseur de technologie de CAO 3D, fournissant aux équipes des logiciels intuitifs haute performance qui les aident à concevoir de meilleurs produits. Pour obtenir les dernières nouvelles, informations ou une démonstration en ligne, consultez le site Web (www.solidworks.com) ou appelez le +1-800-693-9000 (hors de l'Amérique du Nord, composez le +1-978-371-5000).

Site Web : http://www.techbriefsmediagroup.com http://www.solidworks.com http://www.createthefuturecontest.com

Tech Briefs Media Group

Joe Pramberger, président de Tech Briefs Media Group, +1-212-490-3999, joe@abpi.net

MyStarU.com Sells Two Master Franchise Licenses

BEIJING, July 23 /Xinhua-PRNewswire-FirstCall/ -- MyStarU.com, Inc. (OTC Bulletin Board: MYST; Frankfurt Stock Exchange: TQF) announced today that its Online Social Vocational Education and Culture Business Group, MyStarU.com ( http://www.mystaru.com/ ), has sold the exclusive license to three master franchisees in China in July.

The franchisee pays MyStarU.com a license fee of $200,000 in a one-time offer, and has rights to sell licenses to unlimited franchisees inside of Hainan and Shanxi provinces. Under the agreements, the master franchisee plans that a minimum total of 10,000 vocational students will use their online education programs in 2008. MyStarU.com will generate revenues of $50,000 in monthly royalty fees, as a forecast.

About MyStarU.com, Inc.

MyStarU.com, Inc. (MYST) is a Total Solutions Provider that offers Integrated Communications Network Solutions and Internet Content Service in universal voice, video, data web and mobile communications for interactive media applications, technology and content leaders in interactive multimedia communications. It develops, markets and sells a universal media software solution for enterprise-wide deployment of integrated voice, video, data web and mobile communications and media applications. MyStarU.com, Inc. does business in Asia via its wholly-owned subsidiaries, 3G Dynasty Inc., MyStarU Ltd. ( http://www.mystaru.com/ , http://www.skyestar.com/ , http://www.icurls.com/ ) and majority (69.01%) owned subsidiary Subaye.com, Inc. ( http://www.subaye.com/ , http://www.x381.com/ , http://www.goongreen.org/ ).

Safe Harbor

The statements made in this release constitute "forward-looking" statements, usually containing the words "believe," "estimate," "project," "expect," or similar expressions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, changing economic conditions, interest rates trends, continued acceptance of the Company's products in the marketplace, competitive factors and other risks detailed in the Company's periodic report Filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.

MyStarU.com, Inc.

CONTACT: Ms. Helen Wang of MyStarU.com, Inc., +86-10-6702-6968, or
IR@MyStarU.com

Web site: http://www.mystaru.com/
http://www.skyestar.com/
http://www.icurls.com/
http://www.subaye.com/
http://www.x381.com/
http://www.goongreen.org/

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News archive of November 2009
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