Global Payments Reports Fourth Quarter and Fiscal 2008 Earnings

ATLANTA, July 24 /PRNewswire-FirstCall/ -- Global Payments Inc. today announced results for its fourth quarter and fiscal year ended May 31, 2008. For the fourth quarter, revenues grew 23 percent to $343.8 million compared to $280.1 million in the prior year. Excluding the unfavorable impact of a non-recurring, non-cash foreign currency item and prior period restructuring and other charges, diluted earnings per share grew 21 percent to $0.52 compared to $0.43 in the prior year quarter.

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For the fiscal year ended May 31, 2008, revenues grew 20 percent to $1,274.2 million compared to $1,061.5 million in the prior year. Excluding the favorable impact of a non-recurring, non-cash operating tax item, the unfavorable impact of a non-recurring, non-cash foreign currency item, and prior period restructuring and other charges, diluted earnings per share grew 12 percent to $1.98 from $1.77 in the prior year.

In accordance with GAAP, the current and prior fiscal year periods include restructuring and other charges, and the current fiscal year period includes the operating tax item and foreign currency item described above. These items are reflected in our GAAP diluted earnings per share amounts (see attached reconciliation schedule). For the three months and year ended May 31, 2008, GAAP diluted earnings per share were $0.50 and $2.01, respectively, compared to $0.40 and $1.75, respectively, in the prior year comparable periods.

Comments and Outlook

Chairman, President and CEO, Paul R. Garcia, stated, "Our merchant services segment delivered solid financial results for the fourth quarter and fiscal year 2008. We continue to successfully pursue our ongoing strategy of expanding our existing sales channels, increasing our international presence, and investing in our technology and people. We are also delighted to be joining forces once more with HSBC Bank plc in a merchant services joint venture in the U.K. Lastly, our money transfer segment rebounded to strong growth in the fourth quarter, as expected."

"For our fiscal 2009, we are providing annual revenue guidance of $1,620 million to $1,675 million. This revenue guidance reflects an expected 27 percent to 31 percent growth versus $1,274.2 million in fiscal 2008. In addition, we are providing annual diluted earnings per share guidance of $2.20 to $2.30, or 11 percent to 16 percent growth versus $1.98 in fiscal 2008(1). Our fiscal 2009 guidance excludes the impact of future significant acquisitions and restructuring and other charges," said Garcia.

Conference Call

Global Payments will hold a conference call today, July 24, 2008 at 5:00 p.m. ET to discuss financial results and business highlights. The conference call may be accessed by calling 1-888-221-9554 (U.S. and Canada) or 1-913-312-0963 (outside U.S. and Canada) and using a pass code of "GPN" for both numbers, or via Web cast at http://www.globalpaymentsinc.com/ . A replay of the call will be available on the Global Payments Web site through August 7, 2008.

(1) Fiscal 2008 diluted earnings per share was $2.01 on a GAAP basis, which includes restructuring and other charges, a favorable operating tax item, and an unfavorable foreign currency item (see attached reconciliation schedule).

Global Payments Inc. is a leading provider of electronic transaction processing services for consumers, merchants, Independent Sales Organizations (ISOs), financial institutions, government agencies and multi-national corporations located throughout the United States, Canada, Latin America, Europe, the United Kingdom and the Asia-Pacific region. Global Payments offers a comprehensive line of processing solutions for credit and debit cards, business-to-business purchasing cards, gift cards, electronic check conversion and check guarantee, verification and recovery including electronic check services, as well as terminal management. The company also provides consumer money transfer services from the U.S. and Europe to destinations in Latin America, Morocco and the Philippines. For more information about the company and its services, visit http://www.globalpaymentsinc.com/ .

This announcement and comments made by Global Payments' management during the conference call contain certain forward-looking statements within the meaning of the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including revenue and earnings estimates and management's expectations regarding future events and developments, are forward looking statements and are subject to significant risks and uncertainties. Important factors that may cause actual events or results to differ materially from those anticipated by such forward-looking statements include the following: foreign currency risks which become increasingly relevant as we expand internationally, development difficulties, the effect of economic conditions and consumer spending, costs of capital, the ability to consummate and integrate acquisitions, and other risks detailed in the company's SEC filings, including the most recently filed Form 10-Q or Form 10-K, as applicable. The company undertakes no obligation to revise any of these statements to reflect future circumstances or the occurrence of unanticipated events.

Contact: Jane M. Elliott 770-829-8234 Voice 770-829-8267 Fax investor.relations@globalpay.com UNAUDITED CONSOLIDATED STATEMENTS OF INCOME GLOBAL PAYMENTS INC. AND SUBSIDIARIES (In thousands, except per share data) Three Months Ended May 31, 2008 2007 Revenues $343,832 $280,100 Operating expenses: Cost of service 125,129 107,326 Sales, general and administrative 151,918 118,620 Restructuring and other - 3,088 277,047 229,034 Operating income 66,785 51,066 Other income (expense): Interest and other income 3,567 4,654 Interest and other expense (2,827) (2,166) 740 2,488 Income before income taxes and minority interest 67,525 53,554 Provision for income taxes (26,517) (17,687) Minority interest, net of tax benefit (provision) of $770 and $(1,139), respectively (197) (2,689) Net income $40,811 $33,178 Earnings per share: Basic $0.51 $0.41 Diluted $0.50 $0.40 Weighted average shares outstanding: Basic 79,316 80,617 Diluted 80,846 82,015 UNAUDITED CONSOLIDATED STATEMENTS OF INCOME GLOBAL PAYMENTS INC. AND SUBSIDIARIES (In thousands, except per share data) Year Ended May 31, 2008 2007 Revenues $1,274,229 $1,061,523 Operating expenses: Cost of service 475,612 414,837 Sales, general and administrative 545,941 425,509 Restructuring and other 1,317 3,088 1,022,870 843,434 Operating income 251,359 218,089 Other income (expense): Interest and other income 18,210 16,706 Interest and other expense (8,166) (8,464) 10,044 8,242 Income before income taxes and minority interest 261,403 226,331 Provision for income taxes (90,588) (73,436) Minority interest, net of tax benefit (provision) of $700 and $(696), respectively (8,061) (9,910) Net income $162,754 $142,985 Earnings per share: Basic $2.05 $1.78 Diluted $2.01 $1.75 Weighted average shares outstanding: Basic 79,518 80,229 Diluted 80,979 81,822 CONSOLIDATED CONDENSED BALANCE SHEETS GLOBAL PAYMENTS INC. AND SUBSIDIARIES (In thousands) May 31, May 31, 2008 2007 (Unaudited) Assets Cash and cash equivalents $456,060 $308,872 Accounts receivable, net 100,179 76,168 Claims receivable, net 1,354 2,187 Settlement processing assets 24,280 32,853 Other current assets 35,537 24,349 Current assets 617,410 444,429 Property and equipment, net 141,415 118,495 Goodwill 497,136 451,244 Other intangible assets, net 175,636 175,620 Other assets 14,310 10,841 Total assets $1,445,907 $1,200,629 Liabilities and Shareholders' Equity Lines of credit $1,527 $- Settlement processing obligations 56,731 20,617 Payable to money transfer beneficiaries 9,276 6,589 Accounts payable and other accrued liabilities 150,218 115,671 Current liabilities 217,752 142,877 Other long-term liabilities 86,613 85,043 Total liabilities 304,365 227,920 Minority interest in equity of subsidiaries 14,724 14,933 Shareholders' equity 1,126,818 957,776 Total liabilities and shareholders' equity $1,445,907 $1,200,629 UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOW GLOBAL PAYMENTS INC. AND SUBSIDIARIES (In thousands) Year Ended May 31, 2008 2007 Cash flows from operating activities: Net income $162,754 $142,985 Non-cash items Restructuring and other charges - 1,145 Depreciation and amortization 44,034 40,365 Minority interest in earnings 8,762 9,214 Other, net 38,558 36,227 Changes in working capital, which provided (used) cash Settlement processing assets and obligations, net 38,311 (13,937) Other, net (20,005) (24,867) Net cash provided by operating activities 272,414 191,132 Cash flows from investing activities: Capital expenditures (44,974) (35,374) Business and intangible asset acquisitions (18,247) (81,261) Net cash used in investing activities (63,221) (116,635) Cash flows from financing activities: Net borrowings on lines of credit 1,527 - Principal payments under capital leases - (746) Repurchase of common stock (87,020) - Net proceeds under share-based compensation plans and dividends 18,579 20,385 Distributions to minority interests, net (9,459) (8,753) Net cash (used in) provided by financing activities (76,373) 10,886 Effect of exchange rate changes on cash 14,368 5,014 Increase in cash and cash equivalents 147,188 90,397 Cash and cash equivalents, beginning of period 308,872 218,475 Cash and cash equivalents, end of period $456,060 $308,872 UNAUDITED CONSOLIDATED STATEMENTS OF INCOME GLOBAL PAYMENTS INC. AND SUBSIDIARIES Reconciliation to Exclude Restructuring and Other Items from Normalized Results (In thousands, except per share data) Three Months Ended May 31, 2008 Normalized Other(1) GAAP Revenues $343,832 $- $343,832 Operating expenses: Cost of service 125,129 - 125,129 Sales, general and administrative 151,918 - 151,918 Restructuring and other - - - 277,047 - 277,047 Operating income 66,785 - 66,785 Other income/(expense): Interest and other income 3,567 - 3,567 Interest and other expense (1,157) (1,670) (2,827) 2,410 (1,670) 740 Income before income taxes 69,195 (1,670) 67,525 Provision for income taxes (26,868) 351 (26,517) Minority interest, net of tax benefit (provision) of $770 and $(1,139), respectively (197) - (197) Net income $42,130 $(1,319) $40,811 Diluted shares 80,846 - 80,846 Diluted earnings per share $0.52 $(0.02) $0.50 UNAUDITED CONSOLIDATED STATEMENTS OF INCOME GLOBAL PAYMENTS INC. AND SUBSIDIARIES Reconciliation to Exclude Restructuring and Other Items from Normalized Results (In thousands, except per share data) Three Months Ended May 31, 2007 Restructur- ing and Normalized Other(2) GAAP Revenues $280,100 $- $280,100 Operating expenses: Cost of service 107,326 - 107,326 Sales, general and administrative 118,620 - 118,620 Restructuring and other - 3,088 3,088 225,946 3,088 229,034 Operating income 54,154 (3,088) 51,066 Other income/(expense): Interest and other income 4,654 - 4,654 Interest and other expense (2,166) - (2,166) 2,488 - 2,488 Income before income taxes 56,642 (3,088) 53,554 Provision for income taxes (18,689) 1,002 (17,687) Minority interest, net of tax benefit (provision) of $770 and $(1,139), respectively (2,689) - (2,689) Net income $35,264 $(2,086) $33,178 Diluted shares 82,015 - 82,015 Diluted earnings per share $0.43 $(0.03) $0.40 (1) Reflects the impact of a non-recurring, non-cash, foreign currency accounting loss relating to one of our United States dollar cash accounts held by a foreign subsidiary whose functional currency is their local currency. No economic loss occurred relating to this item. Also reflects the related income tax benefit. (2) Restructuring and other charges consist of employee termination benefits, facility closure costs, and fixed asset abandonment relating to various restructuring initiatives. Also reflects the related income tax benefit using the company's effective tax rate, which is defined as the provision for income taxes divided by income before income taxes and minority interest. UNAUDITED CONSOLIDATED STATEMENTS OF INCOME GLOBAL PAYMENTS INC. AND SUBSIDIARIES Reconciliation to Exclude Restructuring and Other Items from Normalized Results (In thousands, except per share data) Year Ended May 31, 2008 Restruct- Normalized uring(1) Other(2) GAAP Revenues $1,274,229 $- $- $1,274,229 Operating expenses: Cost of service 475,612 - - 475,612 Sales, general and admin. 552,989 - (7,048) 545,941 Restructuring and other - 1,317 - 1,317 1,028,601 1,317 (7,048) 1,022,870 Operating income 245,628 (1,317) 7,048 251,359 Other income/(expense): Interest and other income 18,210 - - 18,210 Interest and other expense (6,496) - (1,670) (8,166) 11,714 - (1,670) 10,044 Income before income taxes 257,342 (1,317) 5,378 261,403 Provision for income taxes (89,059) 449 (1,978) (90,588) Minority interest, net of tax benefit (provision) of $700 and $(696), respectively (8,061) - - (8,061) Net income $160,222 $(868) $3,400 $162,754 Diluted shares 80,979 - - 80,979 Diluted earnings per share(3) $1.98 $(0.01) $0.04 $2.01 UNAUDITED CONSOLIDATED STATEMENTS OF INCOME GLOBAL PAYMENTS INC. AND SUBSIDIARIES Reconciliation to Exclude Restructuring and Other Items from Normalized Results (In thousands, except per share data) Year Ended May 31, 2007 Restructur- ing and Normalized Other(1) GAAP Revenues $1,061,523 $- $1,061,523 Operating expenses: Cost of service 414,837 - 414,837 Sales, general and admin. 425,509 - 425,509 Restructuring and other - 3,088 3,088 840,346 3,088 843,434 Operating income 221,177 (3,088) 218,089 Other income/(expense): Interest and other income 16,706 - 16,706 Interest and other expense (8,464) - (8,464) 8,242 - 8,242 Income before income taxes 229,419 (3,088) 226,331 Provision for income taxes (74,438) 1,002 (73,436) Minority interest, net of tax benefit (provision) of $700 and $(696), respectively (9,910) - (9,910) Net income $145,071 $(2,086) $142,985 Diluted shares 81,822 - 81,822 Diluted earnings per share (3) $1.77 $(0.03) $1.75 (1) Restructuring charges in the current period consist of employee termination benefits relating to a facility closure. Also reflects the related income tax benefit using the company's effective tax rate, which is defined as the provision for income taxes divided by income before income taxes and minority interest. Restructuring and other charges in the prior period consist of employee termination benefits, facility closure costs, and fixed asset abandonment relating to various restructuring initiatives. Also reflects the related income tax benefit using the company's effective tax rate, as described above. (2) Reflects the favorable impact of a non-recurring, non-cash operating tax item included in sales, general and administrative expenses. We define operating taxes as those that are unrelated to income taxes, such as sales and property taxes. During the nine months ended February 29, 2008, we determined that a contingent liability relating to an operating tax item was no longer deemed probable. As such, we released the related liability. Also reflects the related income tax benefit of this operating tax item using the company's effective tax rate, which is defined as the provision for income taxes divided by income before income taxes and minority interest. Also includes the impact of a non- recurring, non-cash, foreign currency accounting loss relating to one of our United States dollar cash accounts held by a foreign subsidiary whose functional currency is their local currency. No economic loss occurred relating to this item, which is reflected above in interest and other expense. Also reflects the related income tax benefit of this foreign currency item. (3) Amounts do not add across the columns due to rounding for the year ended May 31, 2007. SEGMENT INFORMATION GLOBAL PAYMENTS INC. AND SUBSIDIARIES (In thousands) Three Months Ended May 31, 2008 2007 Revenues Domestic direct $182,356 $154,166 Canada 73,544 54,256 Asia-Pacific 18,900 13,377 Central and Eastern Europe 17,413 12,457 Domestic indirect and other 11,256 11,695 Merchant services 303,469 245,951 Domestic 33,016 29,323 Europe 7,347 4,826 Money transfer 40,363 34,149 Total revenues $343,832 $280,100 Operating income Merchant services $73,714 $63,395 Money transfer 7,518 3,481 Corporate (14,447) (12,722) Restructuring and other - (3,088) Operating income $66,785 $51,066 SEGMENT INFORMATION GLOBAL PAYMENTS INC. AND SUBSIDIARIES (In thousands) Year Ended May 31, 2008 2007 Revenues Domestic direct $687,065 $558,026 Canada 267,249 224,570 Asia-Pacific 72,367 48,449 Central and Eastern Europe 59,778 51,224 Domestic indirect and other 44,150 46,873 Merchant services 1,130,609 929,142 Domestic 119,019 115,416 Europe 24,601 16,965 Money transfer 143,620 132,381 Total revenues $1,274,229 $1,061,523 Operating income Merchant services(1) $293,030 $259,670 Money transfer 13,635 14,476 Corporate (53,989) (52,969) Restructuring and other (1,317) (3,088) Operating income $251,359 $218,089 (1) Includes the favorable impact of a non-recurring, non-cash operating tax item of $7.0 million in the year ended May 31, 2008.

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CONTACT: Jane M. Elliott of Global Payments Inc., +1-770-829-8234,
Voice, +1-770-829-8267, Fax, investor.relations@globalpay.com

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

LSI to Showcase High-Performance Tarari(R) Content Processing at Intel(R) Developer Forum Supporting New Intel EP80579 Integrated ProcessorLSI to demonstrate hardware-based content processing on Intel processor platforms

MILPITAS, Calif., July 24 /PRNewswire-FirstCall/ -- LSI Corporation today announced that it will demonstrate Tarari(R) content processing on a platform powered by the new Intel(R) EP80579 Integrated Processor with Intel(R) QuickAssist Technology at the Intel(R) Developer Forum (IDF), August 19-21 in the Moscone Center in San Francisco, Calif.

"This demonstration further validates the speed, power consumption and ROI advantages of LSI(TM) Tarari content processing when integrated with Intel(R) platforms," said Randy Smerik, senior vice president, Network Components Group, LSI. "Our products enable faster time-to-market for Intel customers requiring content processing and deep packet inspection in their systems."

"The Intel(R) EP80579 Integrated Processor with Intel(R) QuickAssist Technology provides security and data path acceleration and delivers excellent performance-per-watt for small form factor designs," said Rose Schooler, general manager, Embedded Performance Products Division, Intel. "LSI-provided accelerator technology enables additional acceleration capabilities for Intel(R) platforms targeted at high-end applications used in communications infrastructure and the enterprise."

As an adopter of Intel(R) QuickAssist, LSI will showcase the performance advantages of Intel EP80579 Integrated Processor platforms tightly coupled with silicon-based, LSI Tarari content processing technology.

The LSI Tarari content processor family provides a comprehensive set of functions focused on security, quality of service, content-based billing, bandwidth management and XML enterprise application acceleration supporting the high-performance complementary acceleration requirements of many Intel EP80579 Integrated Processor product line customers. The Tarari state-of-the-art solutions are highly scalable providing maximum design and application flexibility. The Tarari environment features a common application programming interface and supports common PCIe 8 lane industry interfaces, resulting in shorter design cycles and faster times to market.

For more information about the LSI Tarari content processing please visit http://www.lsi.com/.

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, the LSI logo design and Tarari are trademarks or registered trademarks of LSI Corporation or its subsidiaries.

3. Intel is a trademark of Intel Corporation in the U.S. and other countries.

4. All other brand or product names may be trademarks or registered trademarks of their respective companies.

LSI Corporation

CONTACT: Dan Devine of LSI Corporation, +1-610-712-6802,
dan.devine@lsi.com

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

Celestica announces second quarter 2008 financial resultsSecond Quarter Summary ----------------------- Revenue of $1,876 million compared to $1,937 million for the same period last year - GAAP earnings of $0.17 per share compared to a loss of ($0.08) per share last year - Adjusted net earnings of $0.17 per share compared to $0.02 per share last year - Operating margin of 3.0%, gross margin of 6.7% - Inventory turnover of 8.7x turns - Return on invested capital including intangibles of 11.8% compared to 3.8% last year - Second quarter free cash flow of $54 million, cash balance of $1.203 billion - Third quarter revenue guidance of $1.9 billion - $2.1 billion, adjusted net earnings per share of $0.17 - $0.23(All amounts in U.S. dollars. Per share information based on diluted shares outstanding unless noted otherwise.)

TORONTO, July 24 /PRNewswire-FirstCall/ -- Celestica Inc. (NYSE, TSX: CLS), a global provider of electronics manufacturing services (EMS), today announced financial results for the second quarter ended June 30, 2008.

Revenue was $1,876 million compared to $1,937 million in the second quarter of 2007. Net earnings on a GAAP basis for the second quarter were $39.8 million or $0.17 per share, compared to GAAP net loss of ($19.2) million or ($0.08) per share for the same period last year.

Adjusted net earnings for the quarter were $38.9 million or $0.17 per share, compared to adjusted net earnings of $4.9 million or $0.02 per share for the same period last year. The term adjusted net earnings is defined as net earnings before other charges, amortization of intangible assets, integration costs related to acquisitions, option expense, option exchange costs and gains or losses on the repurchase of shares and debt, net of tax and significant deferred tax write-offs or recovery (detailed GAAP financial statements and supplementary information related to adjusted net earnings appear at the end of this press release).

These results compare with the company's guidance for the second quarter, announced on April 24, 2008, of revenue of $1.8 billion to $2.0 billion and adjusted net earnings per share of $0.13 to $0.19.

For the six months ended June 30, 2008, revenue was $3,712 million compared to $3,779 million for the same period in 2007. Net earnings on a GAAP basis were $69.6 million or $0.30 per share compared to GAAP net loss of ($53.5) million or ($0.23) per share for the same period last year. Adjusted net earnings for the first half of 2008 were $74.3 million or $0.32 per share compared to adjusted net loss of ($4.2) million or ($0.02) per share for the same period in 2007.

"Celestica's second quarter results demonstrate our ability to deliver further improvements in our financial results despite challenging end markets," said Craig Muhlhauser, President and Chief Executive Officer, Celestica. "Operationally, we are executing well for our customers, and we continue to show improvements in operating margins and return on invested capital. We are continuing to win new business across all of our key market segments, and despite limited end-market visibility, we believe we are well positioned to deliver additional financial improvements throughout the balance of the year."

Outlook -------

For the third quarter ending September 30, 2008, the company anticipates revenue to be in the range of $1.9 billion to $2.1 billion, and adjusted net earnings per share to range from $0.17 to $0.23.

Second Quarter Webcast ----------------------

Management will host its quarterly results conference call today at 4:30 p.m. Eastern. The webcast can be accessed at http://www.celestica.com/.

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

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

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

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

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

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

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

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

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

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

RECONCILIATION OF GAAP TO ADJUSTED NET EARNINGS (in millions of U.S. dollars) 2007 2008 Three months ----------------------------- ----------------------------- ended Adjust- Adjust- June 30 GAAP ments Adjusted GAAP ments Adjusted --------- --------- --------- --------- --------- --------- Revenue $1,937.0 $ - $1,937.0 $1,876.3 $ - $1,876.3 Cost of sales(1) 1,846.4 (0.9) 1,845.5 1,750.8 (0.8) 1,750.0 --------- --------- --------- --------- --------- --------- Gross profit 90.6 0.9 91.5 125.5 0.8 126.3 SG&A(1) 71.0 (0.5) 70.5 71.6 (1.4) 70.2 Amortization of intangible assets 5.1 (5.1) - 4.2 (4.2) - Other charges (0.9) 0.9 - 3.6 (3.6) - --------- --------- --------- --------- --------- --------- Operating earnings - EBIAT 15.4 5.6 21.0 46.1 10.0 56.1 Interest expense, net 15.3 - 15.3 10.3 - 10.3 --------- --------- --------- --------- --------- --------- Net earnings before tax 0.1 5.6 5.7 35.8 10.0 45.8 Income tax expense (recovery) 19.3 (18.5) 0.8 (4.0) 10.9 6.9 --------- --------- --------- --------- --------- --------- Net earnings (loss) $ (19.2) $ 24.1 $ 4.9 $ 39.8 $ (0.9) $ 38.9 --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- W.A. # of shares (in millions) - diluted 229.0 229.2 230.4 230.4 Earnings (loss) per share - diluted $ (0.08) $ 0.02 $ 0.17 $ 0.17 (1) Non-cash option expense included in cost of sales and SG&A is added back for adjusted net earnings 2007 2008 Six months ----------------------------- ----------------------------- ended Adjust- Adjust- June 30 GAAP ments Adjusted GAAP ments Adjusted --------- --------- --------- --------- --------- --------- Revenue $3,779.3 $ - $3,779.3 $3,712.0 $ - $3,712.0 Cost of sales(1) 3,610.1 (1.9) 3,608.2 3,471.5 (1.8) 3,469.7 --------- --------- --------- --------- --------- --------- Gross profit 169.2 1.9 171.1 240.5 1.8 242.3 SG&A(1) 145.4 (1.1) 144.3 137.9 (2.1) 135.8 Amortization of intangible assets 11.1 (11.1) - 8.4 (8.4) - Integration costs relating to acquisitions 0.1 (0.1) - - - - Other charges 6.2 (6.2) - 6.9 (6.9) - --------- --------- --------- --------- --------- --------- Operating earnings - EBIAT 6.4 20.4 26.8 87.3 19.2 106.5 Interest expense, net 31.7 - 31.7 19.0 - 19.0 --------- --------- --------- --------- --------- --------- Net earnings (loss) before tax (25.3) 20.4 (4.9) 68.3 19.2 87.5 Income tax expense (recovery) 28.2 (28.9) (0.7) (1.3) 14.5 13.2 --------- --------- --------- --------- --------- --------- Net earnings (loss) $ (53.5) $ 49.3 $ (4.2) $ 69.6 $ 4.7 $ 74.3 --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- W.A. # of shares (in millions) - diluted 228.7 228.7 229.7 229.7 Earnings (loss) per share - diluted $ (0.23) $ (0.02) $ 0.30 $ 0.32 (1) Non-cash option expense included in cost of sales and SG&A is added back for adjusted net earnings GUIDANCE SUMMARY 2Q 08 Guidance 2Q 08 Actual 3Q 08 Guidance(2) -------------- ------------ ----------------- Revenue $1.8B - $2.0B $1.9B $1.9B - $2.1B Adjusted net EPS $0.13 - $0.19 $0.17 $0.17 - $0.23 (2) Guidance for the third quarter is provided only on an adjusted net earnings basis. This is due to the difficulty in forecasting the various items impacting GAAP net earnings, such as the amount and timing of our restructuring activities. CELESTICA INC. CONSOLIDATED BALANCE SHEETS (in millions of U.S. dollars) December 31 June 30 2007 2008 ------------ ------------ Assets (unaudited) Current assets: Cash and cash equivalents................... $ 1,116.7 $ 1,203.0 Accounts receivable......................... 941.2 893.3 Inventories................................. 791.9 812.0 Prepaid and other assets.................... 126.2 99.4 Income taxes recoverable.................... 19.8 32.9 Deferred income taxes....................... 3.8 4.0 ------------ ------------ 2,999.6 3,044.6 Property, plant and equipment................. 466.0 465.1 Goodwill from business combinations........... 850.5 850.5 Intangible assets............................. 35.2 26.8 Other long-term assets........................ 119.2 118.6 ------------ ------------ $ 4,470.5 $ 4,505.6 ------------ ------------ ------------ ------------ Liabilities and Shareholders' Equity Current liabilities: Accounts payable............................ $ 1,029.8 $ 1,024.1 Accrued liabilities......................... 402.6 367.6 Income taxes payable........................ 14.0 18.0 Deferred income taxes....................... - 0.2 Current portion of long-term debt (note 3).. 0.2 - ------------ ------------ 1,446.6 1,409.9 Long-term debt (note 3)....................... 758.3 758.8 Accrued pension and post-employment benefits.. 70.4 71.5 Deferred income taxes......................... 63.3 61.8 Other long-term liabilities................... 13.7 13.3 ------------ ------------ 2,352.3 2,315.3 Shareholders' equity (note 10): Capital stock............................... 3,585.2 3,587.6 Warrants.................................... 3.1 3.1 Contributed surplus......................... 190.3 200.9 Deficit..................................... (1,716.3) (1,646.7) Accumulated other comprehensive income...... 55.9 45.4 ------------ ------------ 2,118.2 2,190.3 ------------ ------------ $ 4,470.5 $ 4,505.6 ------------ ------------ ------------ ------------ Guarantees and contingencies (note 11) See accompanying notes to consolidated financial statements. These unaudited interim consolidated financial statements should be read in conjunction with the 2007 annual consolidated financial statements. CELESTICA INC. CONSOLIDATED STATEMENTS OF OPERATIONS (in millions of U.S. dollars, except per share amounts) (unaudited) Three months ended Six months ended June 30 June 30 2007 2008 2007 2008 ----------- ----------- ----------- ----------- Revenue............... $ 1,937.0 $ 1,876.3 $ 3,779.3 $ 3,712.0 Cost of sales......... 1,846.4 1,750.8 3,610.1 3,471.5 ----------- ----------- ----------- ----------- Gross profit.......... 90.6 125.5 169.2 240.5 Selling, general and administrative expenses............. 71.0 71.6 145.4 137.9 Amortization of intangible assets.... 5.1 4.2 11.1 8.4 Integration costs related to acquisitions......... - - 0.1 - Other charges (note 4)............. (0.9) 3.6 6.2 6.9 Interest on long-term debt....... 17.6 13.7 35.2 28.2 Interest income, net of interest expense.. (2.3) (3.4) (3.5) (9.2) ----------- ----------- ----------- ----------- Earnings (loss) before income taxes......... 0.1 35.8 (25.3) 68.3 Income tax expense (recovery): Current............. 6.7 (6.5) 12.2 (1.3) Deferred............ 12.6 2.5 16.0 - ----------- ----------- ----------- ----------- 19.3 (4.0) 28.2 (1.3) ----------- ----------- ----------- ----------- Net earnings (loss) for the period....... $ (19.2) $ 39.8 $ (53.5) $ 69.6 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- Basic earnings (loss) per share............ $ (0.08) $ 0.17 $ (0.23) $ 0.30 Diluted earnings (loss) per share............ $ (0.08) $ 0.17 $ (0.23) $ 0.30 Shares used in computing per share amounts: Basic (in millions)...... 229.0 229.2 228.7 229.2 Diluted (in millions)...... 229.0 230.4 228.7 229.7 See accompanying notes to consolidated financial statements. These unaudited interim consolidated financial statements should be read in conjunction with the 2007 annual consolidated financial statements. CELESTICA INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (in millions of U.S. dollars) (unaudited) Three months ended Six months ended June 30 June 30 2007 2008 2007 2008 ----------- ----------- ----------- ----------- Net earnings (loss) for the period....... $ (19.2) $ 39.8 $ (53.5) $ 69.6 Other comprehensive income (loss), net of tax: Foreign currency translation gain (loss)............. (1.7) (3.7) (1.1) 6.1 Net gain on derivatives designated as cash flow hedges........ 16.8 2.0 16.3 2.4 Net gain on derivatives designated as cash flow hedges reclassified to operations......... (2.1) (8.3) (2.4) (19.0) ----------- ----------- ----------- ----------- Comprehensive income (loss)............... $ (6.2) $ 29.8 $ (40.7) $ 59.1 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- See accompanying notes to consolidated financial statements. These unaudited interim consolidated financial statements should be read in conjunction with the 2007 annual consolidated financial statements. CELESTICA INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions of U.S. dollars) (unaudited) Three months ended Six months ended June 30 June 30 2007 2008 2007 2008 ----------- ----------- ----------- ----------- Cash provided by (used in): Operations: Net earnings (loss) for the period....... $ (19.2) $ 39.8 $ (53.5) $ 69.6 Items not affecting cash: Depreciation and amortization....... 29.9 27.7 61.9 54.3 Deferred income taxes.............. 12.6 2.5 16.0 - Non-cash charge for option issuances... 1.4 2.2 3.0 3.9 Restructuring charges............ (4.1) 0.1 (4.1) 0.3 Other charges....... - - (0.6) - Other................. 8.1 6.9 13.7 12.0 Changes in non-cash working capital items: Accounts receivable......... (98.9) (53.0) 33.3 47.9 Inventories......... 125.8 (6.1) 243.0 (20.1) Prepaid and other assets............. 11.9 5.4 14.3 15.2 Income taxes recoverable........ 1.3 (17.7) (1.1) (13.1) Accounts payable and accrued liabilities........ (13.6) 58.3 (373.4) (58.4) Income taxes payable............ 0.6 2.1 2.0 4.0 ----------- ----------- ----------- ----------- Non-cash working capital changes.... 27.1 (11.0) (81.9) (24.5) ----------- ----------- ----------- ----------- Cash provided by (used in) operations....... 55.8 68.2 (45.5) 115.6 ----------- ----------- ----------- ----------- Investing: Purchase of property, plant and equipment.......... (22.7) (16.5) (36.0) (32.4) Proceeds from sale of assets.......... 8.9 2.2 23.3 3.8 Other............... - 0.3 0.1 - ----------- ----------- ----------- ----------- Cash used in investing activities........... (13.8) (14.0) (12.6) (28.6) ----------- ----------- ----------- ----------- Financing: Financing costs..... (0.9) - (0.9) - Repayment of long-term debt..... (0.1) (0.2) (0.3) (0.2) Issuance of share capital............ 2.1 1.9 3.4 1.9 Other............... (0.2) (2.2) (0.8) (2.4) ----------- ----------- ----------- ----------- Cash provided by (used in) financing activities........... 0.9 (0.5) 1.4 (0.7) ----------- ----------- ----------- ----------- Increase (decrease) in cash.............. 42.9 53.7 (56.7) 86.3 Cash, beginning of period............... 704.1 1,149.3 803.7 1,116.7 ----------- ----------- ----------- ----------- Cash, end of period... $ 747.0 $ 1,203.0 $ 747.0 $ 1,203.0 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- Supplemental cash flow information (note 8) See accompanying notes to consolidated financial statements. These unaudited interim consolidated financial statements should be read in conjunction with the 2007 annual consolidated financial statements. CELESTICA INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in millions of U.S. dollars, except per share amounts) (unaudited) 1. Basis of presentation: We prepare our financial statements in accordance with generally accepted accounting principles (GAAP) in Canada with a reconciliation to accounting principles generally accepted in the United States, disclosed in note 20 to the 2007 annual consolidated financial statements. 2. Significant accounting policies: The disclosures contained in these unaudited interim consolidated financial statements do not include all requirements of Canadian GAAP for annual financial statements. These unaudited interim consolidated financial statements should be read in conjunction with the 2007 annual consolidated financial statements. These unaudited interim consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary to present fairly our financial position as at June 30, 2008 and the results of operations and cash flows for the three and six months ended June 30, 2007 and 2008. These unaudited interim consolidated financial statements are based upon accounting principles consistent with those used and described in the 2007 annual consolidated financial statements, except for the following: Changes in accounting policies: (i) Inventories: Effective January 1, 2008, we adopted CICA Handbook Section 3031, "Inventories," which requires inventory to be measured at the lower of cost and net realizable value. This standard provides additional guidance on the types of costs that can be capitalized and requires the reversal and disclosure of previous inventory write-downs if economic circumstances have changed to support higher inventory values. The adoption of this standard did not have a material impact on our consolidated financial statements. During the second quarter of 2008, we recorded a net inventory provision of $2.2 (first quarter of 2008 - $5.4) to write-down the value of our inventory to net realizable value. This net inventory provision is included in cost of sales. There were no significant reversals of previously recorded inventory write-downs during the quarter. (ii) Financial instruments: Effective January 1, 2008, we adopted CICA Handbook Section 3862, "Financial instruments - disclosures," and Section 3863, "Financial instruments - presentation." These standards provide additional guidance on disclosing risks related to recognized and unrecognized financial instruments and how those risks are managed. The adoption of these standards did not have a material impact on our consolidated financial statements. Section 3862 requires us to disclose the classifications of our financial instruments into the following specific categories: - financial assets held-for-trading - loans and receivables - held-for-maturity investments - available-for-sale - financial liabilities financial assets held-for-trading - financial liabilities measured at amortized cost The classification of our financial instruments is as follows: Our cash and cash equivalents are comprised of cash and short-term investments. See note 8. Most of our short-term investments are held-to-maturity, except for investments in highly-liquid mutual funds which are held-for-trading. We classify accounts receivable under loans and receivables. Our derivative assets are included in prepaid and other assets and other long-term assets. Our derivative liabilities are included in accrued liabilities. The majority of our derivative assets and liabilities arise from foreign currency forward contracts and interest rate swap agreements. Our foreign currency forward contracts are recorded at fair value and the majority of our foreign currency forward contracts are designated as cash flow hedges. Our interest rate swap agreements related to our $500.0 Senior Subordinated Notes due 2011 are recorded at fair value and are designated as fair value hedges. See note 9. Accounts payable and the majority of our accrued liabilities, excluding derivative liabilities, are classified as financial liabilities which are recorded at amortized cost. Our Senior Subordinated Notes, which are recorded in long-term debt, are classified as financial liabilities. See note 3. The carrying values of our Senior Subordinated Notes are comprised of elements recorded at fair value and amortized cost. See note 15 to the 2007 annual consolidated financial statements. We do not currently have any financial assets designated as available-for-sale. We are exposed to a variety of financial risks that we face in the normal course of business. Our financial risk management objectives are described in note 15 to the 2007 annual consolidated financial statements. The disclosures required by Section 3862 are included in note 12. Effective January 1, 2007, we adopted the CICA standards on financial instruments, hedges and comprehensive income. Section 1530, "Comprehensive income," Section 3855, "Financial instruments - recognition and measurement," Section 3861, "Financial instruments - disclosure and presentation," and Section 3865, "Hedges". These disclosures are included in notes 2(s), 7, 10 and 15 to the 2007 annual consolidated financial statements. On January 1, 2007, we made certain transitional adjustments to our consolidated balance sheet which included an adjustment to opening deficit of $6.4. (iii) Capital disclosures: Effective January 1, 2008, we adopted CICA Handbook Section 1535, "Capital disclosures," which provides guidance for disclosing information about an entity's capital and how it manages its capital. This standard requires the disclosure of the entity's capital management objectives, policies and processes. See note 13. The adoption of this standard did not have a material impact on our consolidated financial statements. Recently issued accounting pronouncements: Goodwill and intangible assets: In February 2008, the CICA issued Handbook Section 3064, "Goodwill and intangible assets," which replaces the existing standards. This revised standard establishes guidance for the recognition, measurement and disclosure of goodwill and intangible assets, including internally generated intangible assets. This standard is effective for 2009. We are currently evaluating the impact of adopting this standard on our consolidated financial statements. International financial reporting standards (IFRS): In February 2008, the Canadian Accounting Standards Board announced the adoption of International Financial Reporting Standards for publicly accountable enterprises. IFRS will replace Canadian GAAP effective January 1, 2011. IFRS is effective for our first quarter of 2011 and will require that we restate our 2010 comparative numbers. We have begun to develop plans to implement the new standards. We cannot at this time reasonably estimate the impact of adopting IFRS on our consolidated financial statements. 3. Long-term debt: December 31 June 30 2007 2008 ------------ ---------- Secured, revolving credit facility due 2009(a)..................................... $ - $ - Senior Subordinated Notes due 2011 (2011 Notes)(b)(c).......................... 500.0 500.0 Senior Subordinated Notes due 2013 (2013 Notes)(b)............................. 250.0 250.0 Embedded prepayment option at fair value(d)................................. (6.5) (5.6) Basis adjustments on debt obligation(d)... 6.5 5.9 Unamortized debt issue costs(b)........... (9.6) (8.5) Fair value adjustment of 2011 Notes attributable to interest rate risks(d)................................. 17.9 17.0 ------------ ---------- 758.3 758.8 Capital lease obligations.................... 0.2 - ------------ ---------- 758.5 758.8 Less current portion......................... 0.2 - ------------ ---------- $ 758.3 $ 758.8 ------------ ---------- ------------ ---------- (a) We have a revolving credit facility for $300.0 which matures in April 2009. There were no borrowings outstanding under this facility at June 30, 2008. Commitment fees for the second quarter of 2008 were $0.5 ($0.9 - first half of 2008). The facility has restrictive covenants relating to debt incurrence and sale of assets and also contains financial covenants that require us to maintain certain financial ratios. We were in compliance with all covenants at June 30, 2008. Based on the required financial ratios at June 30, 2008, we have full access to the $300.0 available under this facility. We also have uncommitted bank overdraft facilities available for operating requirements which total $49.5 at June 30, 2008. There were no borrowings outstanding under these facilities at June 30, 2008. (b) In June 2004, we issued the 2011 Notes with an aggregate principal amount of $500.0 and a fixed interest rate of 7.875%. We are now entitled to redeem the 2011 Notes at various premiums above face value. In June 2005, we issued the 2013 Notes with an aggregate principal amount of $250.0 and a fixed interest rate of 7.625%. We will be entitled to redeem the 2013 Notes on or after July 1, 2009 at various premiums above face value. The 2011 and 2013 Notes are unsecured and are subordinated in right of payment to all our senior debt. The 2011 and 2013 Notes have restrictive covenants that limit our ability to pay dividends, repurchase our own stock or repay debt that is subordinated to these Notes. These covenants also place limitations on debt incurrence, the sale of assets and our ability to incur additional debt. We were in compliance with all covenants at June 30, 2008. (c) In connection with the 2011 Notes, we entered into agreements to swap the fixed interest rate with a variable interest rate based on LIBOR plus a margin. The average interest rate on the 2011 Notes was 5.7% and 6.7%, respectively, for the second quarter and first half of 2008 (8.4% - second quarter and first half of 2007). The fair value of the interest rate swap agreements is disclosed in note 9(ii). (d) The prepayment options in the 2011 and 2013 Notes qualify as embedded derivatives which must be bifurcated for reporting under the financial instruments standards. As of June 30, 2008, the fair value of the embedded derivative asset is $5.6 and is recorded against long-term debt. The decrease in the fair value of the embedded derivative asset of $0.9 for the first half of 2008 is recorded as an increase in interest expense on long-term debt. As a result of bifurcating the prepayment option from these Notes, a basis adjustment is added to the cost of the long-term debt. This basis adjustment is amortized over the term of the debt using the effective interest rate method. The amortization of the basis adjustment of $0.6 for the first half of 2008 is recorded as a reduction of interest expense on long-term debt. The change in the fair value of the debt obligation attributable to movement in the benchmark interest rates resulted in a gain of $0.9 for the first half of 2008, which reduced interest expense on long-term debt. 4. Other charges: Three months Six months ended ended June 30 June 30 2007 2008 2007 2008 ------- ------ ------ ------- 2001 to 2004 restructuring(a)....... $ 0.9 $ 0.6 $ 0.5 $ 0.9 2005 to 2009 restructuring(b)....... 1.6 3.0 10.0 6.0 ------- ------ ------ ------ Total restructuring................. 2.5 3.6 10.5 6.9 Other............................... (3.4) - (4.3) - ------ ------ ------ ------- $(0.9) $ 3.6 $ 6.2 $ 6.9 ------ ------ ------ ------- ------ ------ ------ ------- (a) 2001 to 2004 restructuring: In 2001, we announced a restructuring plan as a result of the weak end-markets in the enterprise computing and telecommunications industries. In response to the prolonged difficult end-market conditions, we announced a second restructuring plan in July 2002. The weak demand for our manufacturing services resulted in an accelerated move to lower-cost geographies and additional restructuring in the Americas and Europe. In January 2003, we announced further reductions to our manufacturing capacity in Europe. In 2004, we announced plans to further restructure our operations to better align capacity with customers' requirements. These restructuring actions were focused on consolidating facilities, reducing the workforce, and transferring programs to lower-cost geographies. The majority of the employees terminated were manufacturing and plant employees. For leased facilities that were no longer used, the lease costs included in the restructuring costs represent future lease payments less estimated sublease recoveries. Adjustments were made to lease and other contractual obligations to reflect incremental cancellation fees paid for terminating certain facility leases and to reflect higher accruals for other leases due to delays in the timing of sublease recoveries and changes in estimated sublease rates, relating principally to facilities in the Americas. We have completed the major components of these restructuring plans, except for certain long-term lease and other contractual obligations, which will be paid out over the remaining lease terms through 2015. The restructuring liability is recorded in accrued liabilities. Details of the lease and other contractual obligations accrual are as follows: Total accrued 2008 liability charge ----------- ---------- December 31, 2007..................... $ 26.8 $ - Cash payments......................... (1.7) - Adjustments........................... 0.3 0.3 ----------- ---------- March 31, 2008........................ 25.4 0.3 Cash payments......................... (1.8) - Adjustments........................... 0.6 0.6 ----------- ---------- June 30, 2008 $ 24.2 $ 0.9 ----------- ---------- ----------- ---------- (b) 2005 to 2009 restructuring: In January 2005, we announced plans to further improve capacity utilization and accelerate margin improvements. These restructuring actions included facility closures and a reduction in workforce, primarily targeting our higher-cost geographies where end-market demand had not recovered to the levels required to achieve sustainable profitability. We expected to complete these restructuring actions by the end of 2006. In the fourth quarter of 2006, we identified additional restructuring actions. These restructuring actions included additional downsizing of the workforce to reflect the volume reductions at certain facilities and to reduce overhead costs, which we expected to complete in 2007. In the fourth quarter of 2007, we identified additional restructuring actions to drive further operational improvements throughout our manufacturing network. These restructuring actions will reduce our workforce and will include the closure of certain facilities. We plan to consolidate the programs from the facilities we close into our other facilities. As we complete these restructuring actions, our overall utilization and operating efficiency should improve, allowing us to service our customers through more cost-effective facilities. As we finalize the detailed plans of these restructuring actions, we will recognize the related charges. We estimate the additional restructuring charges will be in the range of $50 to $75 which will be recorded throughout 2008 and 2009. We expect to complete these actions during the second half of 2009. As of June 30, 2008, we have recorded termination costs, incurred since 2005, relating to approximately 8,800 employees, primarily operations and plant employees. Approximately 8,600 of these employees have been terminated as of June 30, 2008. Approximately 60% of the employee terminations have been in the Americas, 30% in Europe and 10% in Asia. Our lease and other contractual obligations will be paid out over the remaining lease terms through 2010. The restructuring liability is recorded in accrued liabilities. Details of the 2008 activity are as follows: Lease and other Facility Employee cont- exit Total termi- ractual costs accrued nation oblig- and liab- Non-cash 2008 costs ations other ility charge charge -------- -------- -------- -------- -------- -------- December 31, 2007.. $ 9.0 $ 9.7 $ 0.6 $ 19.3 $ 58.7 $ - Cash payments ..... (7.1) (1.1) (0.8) (9.0) - - Provisions......... 2.4 - 0.4 2.8 0.2 3.0 -------- -------- -------- -------- -------- -------- March 31, 2008..... 4.3 8.6 0.2 13.1 58.9 3.0 Cash payments...... (2.8) (1.0) (0.3) (4.1) - - Provisions......... 3.2 (0.7) 0.4 2.9 0.1 3.0 -------- -------- -------- -------- -------- -------- June 30, 2008...... $ 4.7 $ 6.9 $ 0.3 $ 11.9 $ 59.0 $ 6.0 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- Restructuring summary: We expect to incur and record restructuring charges of between $50 and $75 throughout 2008 and 2009. During the first half of 2008, we recorded restructuring charges of $6.9. We expect to complete these actions during the second half of 2009. As of June 30, 2008, we have approximately $23 in assets that are available-for-sale, primarily land and buildings, as a result of the restructuring actions we have implemented. We have programs underway to sell these assets. 5. Pension and non-pension post-employment benefit plans: We have recorded the following pension expense: Three months Six months ended ended June 30 June 30 2007 2008 2007 2008 ------- ------ ------ ------- Pension plans................... $ 5.3 $ 4.6 $ 10.3 $ 9.6 Other benefit plans............. 1.7 1.9 3.4 3.8 ------- ------ ------- ------- Total expense................... $ 7.0 $ 6.5 $ 13.7 $ 13.4 ------- ------ ------- ------- ------- ------ ------- ------- 6. Stock-based compensation and other stock-based payments: We have granted stock options as part of our long-term incentive plans. The estimated fair value of options is amortized to expense over the vesting period, on a straight-line basis, and was determined using the Black-Scholes option pricing model with the following weighted average assumptions: Three months Six months ended ended June 30 June 30 2007 2008 2007 2008 ------- --------- ---------- ---------- Risk-free rate................... 4.8% 3.0%-3.2% 4.5%-4.8% 2.3%-3.2% Dividend yield................... 0.0% 0.0% 0.0% 0.0% Volatility factor of the expected market price of our shares................... 36%-48% 42%-44% 35%-52% 42%-59% Expected option life (in years)...................... 4.0-5.5 4.0-5.5 4.0-5.5 4.0-5.5 Weighted average fair value of options granted.............. $2.71 $3.75 $2.55 $3.25 Compensation expense relating to the fair value of options granted for the three and six months ended June 30, 2008 was $2.2 and $3.9, respectively (three and six months ended June 30, 2007 was $1.4 and $3.0, respectively). Our stock-based compensation plans are described in note 9 to the 2007 annual consolidated financial statements. 7. Segment information: The accounting standards establish the criteria for the disclosure of certain information in the interim and annual financial statements regarding operating segments, products and services and major customers. Operating segments are defined as components of an enterprise for which separate financial information is available that is regularly evaluated by the chief operating decision maker in deciding how to allocate resources and in assessing performance. Our operating segment is comprised of our electronics manufacturing services business. Our chief operating decision maker is our Chief Executive Officer. (i) The following table indicates revenue by end market as a percentage of total revenue. Our revenue fluctuates from period to period depending on numerous factors, including but not limited to: seasonality of business; the level of business from new, existing and disengaging customers; the level of program wins or losses; the phasing in or out of programs; and changes in customer demand. Three months Six months ended ended June 30 June 30 2007 2008 2007 2008 ------- ------ ------ ------- Enterprise communications....... 29% 27% 31% 27% Consumer........................ 18% 23% 18% 23% Servers......................... 20% 17% 19% 17% Telecommunications.............. 14% 15% 14% 15% Storage......................... 11% 10% 11% 10% Industrial, aerospace and defense.................... 8% 8% 7% 8% (ii) For the second quarter and first half of 2008, no customer represented more than 10% of total revenue (second quarter and first half of 2007 -- two customers). 8. Supplemental cash flow information: Three months Six months ended ended June 30 June 30 Paid during the period 2007 2008 2007 2008 ------- ------ ------ ------- Interest(a)...................... $ 4.9 $ 1.3 $ 40.6 $ 33.9 Taxes(b)......................... $ 5.1 $ 9.0 $ 11.9 $ 7.9 (a) This includes interest paid on the 2011 and 2013 Notes. Interest on these Notes is payable in January and July of each year until maturity. See notes 3 (b) and (c). The interest paid on the 2011 Notes reflect the amounts received or paid relating to the interest rate swap agreements. (b) Cash taxes paid is net of any income taxes recovered. December 31 June 30 Cash is comprised of the following: 2007 2008 ------------- ----------- Cash..................................... $ 328.7 $ 229.3 Short-term investments................... 788.0 973.7 ------------- ----------- $ 1,116.7 $ 1,203.0 ------------- ----------- ------------- ----------- 9. Derivative financial instruments: (i) We enter into foreign currency contracts to hedge foreign currency risks relating to cash flow. At June 30, 2008, we had forward exchange contracts covering various currencies in an aggregate notional amount of $488.4. All derivative financial instruments are recorded at fair value on our consolidated balance sheet. The fair value of these contracts at June 30, 2008 was a net unrealized gain of $3.4 (December 31, 2007 - net unrealized gain of $20.0). As of June 30, 2008, $9.1 of derivative assets are recorded in prepaid and other assets, $5.6 of derivative liabilities are recorded in accrued liabilities, and $0.1 of derivative liabilities are recorded in other long-term liabilities relating to our hedges against foreign currency risks. The decrease in the fair value of these forward exchange contracts is primarily due to the settlement of certain foreign currency forwards, with significant gains, during the first half of 2008. (ii) In connection with the issuance of our 2011 Notes in June 2004, we entered into agreements to swap the fixed rate of interest for a variable interest rate. The notional amount of the agreements is $500.0. The agreements mature in July 2011. See note 3(c). Payments or receipts under the swap agreements are recorded in interest expense on long-term debt. The fair value of the interest rate swap agreements at June 30, 2008 was an unrealized gain of $8.8, which is recorded in other long-term assets (December 31, 2007 - unrealized gain of $8.7). The increase in the fair value of the swap agreements of $0.1 for the first half of 2008 is recorded as a reduction of interest expense on long-term debt. Fair value hedge ineffectiveness arises when the change in the fair values of our swap agreements, hedged debt obligation and its embedded derivatives, and the amortization of the related basis adjustments, do not offset each other during a reporting period. The fair value hedge ineffectiveness for our 2011 Notes is recorded in interest expense on long-term debt and amounted to a loss of $0.4 for the first half of 2008. This fair value hedge ineffectiveness is driven primarily by the difference in the credit risk used to value our hedged debt obligation as compared to the credit risk used to value our interest rate swaps. 10. Shareholders' equity: Capital Contributed stock Warrants surplus Deficit ----------- ----------- ----------- ----------- Balance - December 31, 2006.. $ 3,576.6 $ 8.4 $ 179.3 $(1,696.2) Change in accounting policy (note 2(ii))....... - - - (6.4) Shares issued....... 8.6 - - - Warrants cancelled.. - (5.3) 5.3 - Stock-based costs... - - 5.1 - Other............... - - 0.6 - Net loss for 2007... - - - (13.7) ----------- ----------- ----------- ----------- Balance - December 31, 2007.. $ 3,585.2 $ 3.1 $ 190.3 $(1,716.3) ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- Capital Contributed stock Warrants surplus Deficit ----------- ----------- ----------- ----------- Balance - December 31, 2007.. $ 3,585.2 $ 3.1 $ 190.3 $ (1,716.3) Shares issued....... 2.4 - - - Stock-based costs... - - 10.1 - Other............... - - 0.5 - Net earnings for the first half of 2008. - - - 69.6 ----------- ----------- ----------- ------------ Balance - June 30, 2008...... $ 3,587.6 $ 3.1 $ 200.9 $ (1,646.7) ----------- ----------- ----------- ------------ ----------- ----------- ----------- ----------- Year ended Six months Accumulated other comprehensive income, December 31 June 30 net of tax 2007 2008 ------------- ----------- Opening balance of foreign currency translation account..................... $ - $ 35.2 Transitional adjustment - January 1, 2007......................... 26.5 - Foreign currency translation gain........ 8.7 6.1 ------------- ----------- Closing balance.......................... $ 35.2 $ 41.3 Opening balance of unrealized net gain on cash flow hedges............ $ - $ 20.7 Transitional adjustment - January 1, 2007......................... (0.5) - Net gain on cash flow hedges(1).......... 37.5 2.4 Net gain on cash flow hedges reclassified to operations(2)........... (16.3) (19.0) ------------- ----------- Closing balance(3) $ 20.7 $ 4.1 ------------- ----------- Accumulated other comprehensive income $ 55.9 $ 45.4 ------------- ----------- ------------- ----------- (1) Net of income tax expense of $0.1 and $0.7, respectively, for the three and six months ended June 30, 2008 ($0.2 income tax expense for 2007). (2) Net of income tax benefit of $0.3 and $0.6, respectively, for the three and six months ended June 30, 2008 (no income tax for 2007). (3) Net of income tax expense of $0.3 as of June 30, 2008 ($0.2 income tax expense as of December 31, 2007). 11. Guarantees and contingencies: We have contingent liabilities in the form of letters of credit, letters of guarantee, and surety and performance bonds which we have provided to various third parties. These guarantees cover various payments, including customs and excise taxes, utility commitments and certain bank guarantees. At June 30, 2008, these contingent liabilities amounted to $72.1 (December 31, 2007 - $74.4). In addition to the above guarantees, we have also provided routine indemnifications, the terms of which range in duration and often are not explicitly defined. These may include indemnifications against adverse impacts due to changes in tax laws and patent infringements by third parties. We have also provided indemnifications in connection with the sale of certain businesses and real property. The maximum potential liability from these indemnifications cannot be reasonably estimated. In some cases, we have recourse against other parties to mitigate our risk of loss from these indemnifications. Historically, we have not made significant payments relating to these types of indemnifications. Litigation: In the normal course of our operations, we are subject to litigation and claims from time to time. We may also be subject to lawsuits, investigations and other claims, including environmental, labor, product, customer disputes and other matters. Management believes that adequate provisions have been recorded in the accounts where required. Although it is not possible to estimate the extent of potential costs, if any, management believes that the ultimate resolution of such contingencies will not have a material adverse impact on our results of operations, financial position or liquidity. In 2007, securities class action lawsuits were commenced against us and our former Chief Executive and Chief Financial Officers, in the United States District Court of the Southern District of New York by certain individuals, on behalf of themselves and other unnamed purchasers of our stock, claiming that they were purchasers of our stock during the period January 27, 2005 through January 30, 2007. The plaintiffs allege violations of United States federal securities laws and seek unspecified damages. They allege that during the purported class period we made statements concerning our actual and anticipated future financial results that failed to disclose certain purportedly material adverse information with respect to demand and inventory in our Mexican operations and our information technology and communications divisions. In an amended complaint, the plaintiffs have added one of our directors and Onex Corporation as defendants. A parallel class proceeding has also been issued against us and our former Chief Executive and Chief Financial Officers, in the Ontario Superior Court of Justice, but neither leave nor certification of the action has been granted by that court. We believe that the allegations in these claims are without merit and we intend to defend against them vigorously. However, there can be no assurance that the outcome of the litigation will be favorable to us or will not have a material adverse impact on our financial position or liquidity. In addition, we may incur substantial litigation expenses in defending these claims. We have liability insurance coverage that may cover some of the expense of defending these cases, as well as potential judgments or settlement costs. Income taxes: We are subject to tax audits by local tax authorities. Tax authorities could challenge the validity of our inter-company transactions, including financing and transfer pricing policies which generally involve subjective areas of taxation and a significant degree of judgment. If any of these tax authorities are successful in challenging our inter-company transactions, our income tax expense may be adversely affected and we could also be subject to interest and penalty charges. In connection with ongoing tax audits in Canada, tax authorities have taken the position that income reported by one of our Canadian subsidiaries in 2001 should have been materially higher as a result of certain inter-company transactions. The successful pursuit of that assertion could result in that subsidiary owing significant amounts of tax, interest and possibly penalties. We believe we have substantial defenses to the asserted position and have adequately accrued for any probable potential adverse tax impact. However, there can be no assurance as to the final resolution of this claim and any resulting proceedings, and if this claim and any ensuing proceedings are determined adversely to us, the amounts we may be required to pay could be material. 12. Financial instruments - financial risks: We have exposures to the following financial risks arising from financial instruments. (a) Currency risk: See note 15(a) to the 2007 annual consolidated financial statements. Due to the nature of our international operations, we are exposed to exchange rate fluctuations on our financial instruments denominated in various foreign currencies. Our major currency exposures, as of June 30, 2008, are summarized in USD equivalents in the following table. The local currency amounts have been converted to USD equivalents using the spot rates as of June 30, 2008. Chinese Canadian Euro renminbi dollar -------- --------- --------- Cash and cash equivalents................. $ 5.6 $ 41.3 $ 88.2 Accounts receivable....................... 4.2 25.2 0.1 Other financial assets(i)................. 541.0 5.1 7,421.6 Accounts payable and accrued liabilities.. (7.4) (26.5) (58.2) Other financial liabilities(i)............ (521.4) (1.5) (7,421.6) -------- -------- ----------- Net financial assets...................... $ 22.0 $ 43.6 $ 30.1 -------- --------- --------- -------- --------- --------- (i) This includes foreign currency denominated inter-company loans. A one-percentage point strengthening or weakening of the following currencies against the U.S. dollar for our financial instruments denominated in non-functional currencies as of June 30, 2008 has the following impact: Chinese Canadian Euro renminbi dollar -------- --------- --------- Increase (decrease) 1% Strengthening Net earnings........................... $ 0.2 $ 0.4 $ 0.3 Other comprehensive income............. (0.3) - 1.9 1% Weakening Net earnings........................... (0.2) (0.4) (0.3) Other comprehensive income............. - - (1.8) (b) Interest rate risk: See note 15(b) to the 2007 annual consolidated financial statements. (c) Credit risk: See notes 2(e), 15(c) and 18 to the 2007 annual consolidated financial statements. The carrying amount of financial assets recorded in the financial statements, net of any allowances or reserves for losses, represents our estimate of maximum exposure to credit risk. As of June 30, 2008, less than 1% of our gross accounts receivable are over 90 days past due. Accounts receivable are net of an allowance for doubtful accounts of $12.9 at June 30, 2008 (December 31, 2007 - $21.5). (d) Liquidity risk: See note 15(d) to the 2007 annual consolidated financial statements. The majority of our financial liabilities recorded in accounts payable and accrued liabilities are due within 90 days. The repayment schedule of our long-term debt obligations is included in note 7 to the 2007 annual consolidated financial statements. Our foreign currency forward contracts generally extend for periods ranging from one to 15 months. See note 15 to the 2007 annual consolidated financial statements. 13. Capital management: Our main objectives in managing our capital resources are to ensure liquidity and to have funds available for working capital or other investments required to grow our business. Our capital resources consist of cash, short-term investments, access to credit facilities, senior subordinated notes and share capital. We manage our capitalization levels and make adjustments, as available, for changes in economic conditions. We have full access to a $300.0 credit facility and we can sell up to $250.0, on a committed basis, under an accounts receivable sales program to provide short-term liquidity. Our credit facility has restrictive covenants relating to debt incurrence and the sale of assets. The facility also contains financial covenants that may limit the available amount of debt that can be incurred under the facility. We closely monitor our business performance to evaluate compliance with our covenants. Our 2011 and 2013 Notes also have restrictions on financing activities. We continue to monitor and review the most cost-effective methods for raising capital, taking into account these restrictions and covenants. There were no significant changes to our capital structure during the first half of 2008. We have not distributed, nor do we currently plan to distribute, any dividends to our shareholders. Our strategy on capital risk management has not changed since year end. Other than the restrictive covenants associated with our debt obligations noted above, we are not subject to any contractual or regulatorily imposed capital requirements. While some of our international operations are subject to government restrictions on the flow of capital into and out of their jurisdictions, these restrictions have not had a material impact on our operations.

Celestica Inc.

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

NYFIX Schedules Second Quarter 2008 Conference Call

NEW YORK, July 24 /PRNewswire-FirstCall/ -- NYFIX, Inc. ("NYFIX"), a trusted provider of innovative solutions that optimize trading efficiency, will release second quarter 2008 financial results on Monday, August 11, 2008 after the U.S. market close.

NYFIX will also host a conference call on August 11 to discuss those results. The conference call will be held at 5:00 PM Eastern Daylight Time and can be accessed live:

-- by phone at 1(888) 215-6918 in the United States or +1(913) 312-0862 internationally; or

-- via webcast on NYFIX's website at http://www.nyfix.com/, accessible through a link provided in the Investor Relations section.

A replay will be available two hours after the call, and can be accessed by dialing 1(888) 203-1112 in the United States or +1(719) 457-0820 internationally. The replay will be available until August 18, 2008.

The password for both the conference call and the replay is 2324873. About NYFIX, Inc.

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

NYFIX, Inc.

CONTACT: For Investors, Don Duffy of Integrated Corporate Relations,
+1-203-682-8200; or For Media, Jed Hamilton of Intermarket Communications,
+1-212-754-5479, both for NYFIX, Inc.

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

Performance Technologies Announces Second Quarter 2008 Financial Results'Company Reports $.05 earnings per share for the latest quarter'

ROCHESTER, N.Y., July 24 /PRNewswire-FirstCall/ -- Performance Technologies, Inc. , a leading provider of innovative communications solutions, today announced its financial results for the second quarter 2008.

Financial Summary

Revenue in the second quarter 2008 amounted to $11.2 million, compared to $9.6 million in the second quarter 2007. Revenue for the six months ended June 30, 2008 amounted to $22.2 million, compared to $19.0 million during the corresponding period in 2007.

Net income in the second quarter 2008 amounted to $.6 million, or $.05 per diluted share, including stock-based compensation expense of $.2 million, or $.01 per share, based on 11.7 million shares outstanding. Net (loss) in the second quarter 2007 amounted to $(0.4) million, or $(.03) per basic share, and included stock-based compensation expense of $.2 million, or $.01 per share; write-off of software development costs amounting to $.5 million, or $.04 per share; restructuring charges of $.2 million, or $.02 per share; a recovery on a note receivable of $.5 million, or $.02 per share; and discrete income tax charges totaling $.3 million, or $.03 per share, based on 12.9 million shares outstanding.

Net income for the six months ended June 30, 2008 amounted to $1.2 million, or $.10 per diluted share, including stock-based compensation expense of $.3 million, or $.02 per share, based on 11.7 million shares outstanding. Net (loss) for the six months ended June 30, 2007 amounted to $(1.0) million, or $(.08) per basic share, including a write-off of software development costs amounting to $.5 million, or $.04 per share; restructuring charges of $.2 million, or $.02 per share; a recovery on a note receivable of $.5 million, or $.02 per share; and discrete income tax charges totaling $.3 million, or $.03 per share, based on 13.0 million shares outstanding.

The Company had 11.6 million common shares outstanding at June 30, 2008. The decline in number of common shares outstanding is primarily attributable to the Company repurchasing .2 million and 1.3 million common shares over the past three and twelve month periods, respectively, for an aggregate purchase price of $1.0 million and $6.2 million, respectively. Cash and investments amounted to $34.0 million at June 30, 2008, or $2.93 per share, and the Company had no long-term debt.

"We are pleased with our second quarter financial results, which again exceeded the upper end of our earnings guidance," said John Slusser, president and chief executive officer. "Our focus on key 2008 initiatives of market diversification, investment in our signaling products and organization, and emphasis on gross margin generated tangible results during the first half. During the second half of 2008, we will continue this focus and execution of our strategies for long-term growth while pursuing near-term business objectives, recognizing challenging economic conditions exist in some of our end markets."

Business Overview and Guidance

The Company targets three vertical markets for its communications products -- telecommunications, aerospace and defense, and commercial. The OEM telecommunications market, which is historically our largest vertical market, continues to be very challenging with investments in broad-based next-generation infrastructure by carriers and service providers being relatively limited. Second quarter sales to aerospace and defense customers grew substantially over the first quarter and we are now seeing aerospace and defense opportunities in Europe. The commercial market is seeing some sluggishness due to current turmoil in applications such as those for the financial markets. Demand for our signaling systems products continues to rise as carriers and service providers respond to the worldwide explosive growth in text messaging and the cost saving benefits of migrating to IP-based networks.

Overall the Company's forward-looking visibility of customer orders continues to be very limited. This lack of customer visibility makes it challenging to forecast revenue and generally results in a substantial portion of the Company's revenue being derived from orders placed within a quarter and shipped in the final month of the same quarter.

The Company provides guidance only on earnings per share expected in the next quarter. Management anticipates earnings per share in the third quarter 2008 to be in the range of $.00 to $.05 per share. These per share estimates include a $.02 per share discrete income tax benefit and exclude stock-based compensation expense of $.01 per share and restructuring charges (if any).

More in-depth discussions of the Company's strategy and financial performance can be found in the Company's periodic reports on Form 10-K and Form 10-Q, as filed with the Securities and Exchange Commission.

About Performance Technologies (http://www.pt.com/)

Performance Technologies is a global supplier of integrated IP-based platforms and solutions for advanced communications networks and innovative computer system architectures. Our Embedded Systems Group offers robust application-ready platforms that incorporate open standards-based software and hardware, providing significantly accelerated end product deployment benefits for equipment manufacturers. Our Signaling Systems Group offers the SEGway(TM) product suite, which includes IP STPs, SS7 over IP transport solutions, and signaling gateways that enable lower operating costs through utilization of IP networks, thereby creating competitive advantages for carriers in existing and emerging markets.

Performance Technologies is headquartered in Rochester, New York. Additional engineering facilities are located in San Diego and San Luis Obispo, California, and Kanata, Ontario, Canada.

Forward-Looking Statements

The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for certain forward-looking statements. This press release contains forward-looking statements which reflect the Company's current views with respect to future events and financial performance, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and is subject to the safe harbor provisions of those Sections. The Company's future operating results are subject to various risks and uncertainties and could differ materially from those discussed in the forward-looking statements and may be affected by various trends and factors which are beyond the Company's control. These risks and uncertainties include, among other factors, general business and economic conditions, rapid technological changes accompanied by frequent new product introductions, competitive pressures, dependence on key customers, inability to gauge order flows from customers, fluctuations in quarterly and annual results, the reliance on a limited number of third party suppliers, limitations of the Company's manufacturing capacity and arrangements, the protection of the Company's proprietary technology, the dependence on key personnel, changes in critical accounting estimates, potential impairments related to goodwill and investments, foreign regulations and potential material weaknesses in internal control over financial reporting. In addition, during weak or uncertain economic periods, customers' visibility deteriorates causing delays in the placement of their orders. These factors often result in a substantial portion of the Company's revenue being derived from orders placed within a quarter and shipped in the final month of the same quarter. Forward-looking statements should be read in conjunction with the audited Consolidated Financial Statements, the Notes thereto, Risk Factors, and Management's Discussion and Analysis of Financial Condition and Results of Operations of the Company as of December 31, 2007, as contained in the Company's Annual Report on Form 10-K, and other documents filed with the Securities and Exchange Commission.

A conference call will be held on Friday, July 25 at 10:00 a.m., New York time, to discuss the Company's financial performance for the second quarter 2008. All institutional investors can participate in the conference by dialing (866) 250-5144 or (416) 849-6163. The call will be available simultaneously for all other investors at (866) 494-3387 or (416) 915-1198. A digital recording of this conference call may be accessed immediately after its completion from July 25 through July 29, 2008. To access the recording, participants should dial (866) 245-6755 or (416) 915-1035 using passcode 630602. A live webcast of the conference call will be available on the Performance Technologies website at http://www.pt.com/ and will be archived to the site within two hours after the completion of the call.

PERFORMANCE TECHNOLOGIES, INCORPORATED AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (unaudited) ASSETS June 30, December 31, 2008 2007 Current assets: Cash and cash equivalents $30,862,000 $15,592,000 Investments 14,150,000 Accounts receivable 7,945,000 7,933,000 Inventories 5,106,000 4,783,000 Prepaid income taxes 713,000 Prepaid expenses and other assets 675,000 916,000 Deferred taxes 1,983,000 2,037,000 Total current assets 46,571,000 46,124,000 Investments 3,165,000 2,500,000 Property, equipment and improvements 2,221,000 2,260,000 Software development costs 3,553,000 3,297,000 Deferred taxes 1,220,000 1,196,000 Goodwill 4,143,000 4,143,000 Total assets $60,873,000 $59,520,000 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $1,375,000 $1,392,000 Accrued expenses 4,762,000 4,425,000 Income taxes payable 186,000 Total current liabilities 6,323,000 5,817,000 Income taxes payable 818,000 807,000 Total liabilities 7,141,000 6,624,000 Stockholders' equity: Preferred stock Common stock 133,000 133,000 Additional paid-in capital 15,829,000 15,483,000 Retained earnings 46,265,000 45,231,000 Accumulated other comprehensive loss (223,000) Treasury stock (8,272,000) (7,951,000) Total stockholders' equity 53,732,000 52,896,000 Total liabilities and stockholders' equity $60,873,000 $59,520,000 PERFORMANCE TECHNOLOGIES, INCORPORATED AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2008 AND 2007 (unaudited) Three Months Ended Six Months Ended June 30, June 30, 2008 2007 2008 2007 Sales $11,225,000 $ 9,603,000 $22,206,000 $18,959,000 Cost of goods sold 4,857,000 4,540,000 9,702,000 9,241,000 Software capitalization write-off 475,000 475,000 Gross profit 6,368,000 4,588,000 12,504,000 9,243,000 Operating expenses: Selling and marketing 2,135,000 1,673,000 4,239,000 3,276,000 Research and development 2,272,000 2,413,000 4,684,000 5,323,000 General and administrative 1,313,000 1,184,000 2,495,000 2,504,000 Restructuring charges 214,000 214,000 Total operating expenses 5,720,000 5,484,000 11,418,000 11,317,000 Income (loss) from operations 648,000 (896,000) 1,086,000 (2,074,000) Note receivable recovery 143,000 143,000 Other income, net 268,000 773,000 657,000 1,206,000 Income (loss) before income taxes 916,000 20,000 1,743,000 (725,000) Income tax provision 280,000 450,000 516,000 323,000 Net income (loss) $636,000 $(430,000) $1,227,000 $(1,048,000) Basic earnings (loss) per share $.05 $(.03) $.10 $(.08) Weighted average common shares 11,687,000 12,864,000 11,691,000 13,036,000 Diluted earnings per share $.05 $.10 Weighted average common and common equivalent shares 11,693,000 11,711,000

Performance Technologies, Inc.

CONTACT: Dorrance W. Lamb, SVP and Chief Financial Officer, Performance
Technologies, +1-585-256-0200 ext. 7276, finance@pt.com

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

Micrel Reports Second Quarter Financial Results- Revenues of $70.6 million increased 7% sequentially and 8% year-over-year- Book-to-bill ratio above one- GAAP earnings per diluted share of $0.10; Non-GAAP earnings per diluted share of $0.14- Board of Directors declares quarterly dividend of $0.035 per common share

SAN JOSE, Calif., July 24 /PRNewswire-FirstCall/ -- Micrel, Incorporated , an industry leader in analog, high bandwidth communications and Ethernet IC solutions, today announced financial results for the second quarter ending June 30, 2008.

Second quarter revenues of $70.6 million were at the high end of the Company's guidance range, increasing by $4.5 million, or 7%, from $66.1 million in the first quarter. This represented Micrel's highest sequential revenue growth rate in four years. Second quarter revenues were up by $5.5 million, or 8%, from $65.1 million the year ago period. The sequential growth in revenues was led by stronger demand from customers serving the wireline communications, wireless handset, and Wifi voice-over-IP end markets, combined with record sales through the Company's global sell-through distributors.

Second quarter 2008 GAAP net income was $7.2 million, or $0.10 per diluted share. This compares with first quarter 2008 GAAP net income of $8.4 million, or $0.12 per diluted share, and GAAP net income of $8.6 million or $0.11 per diluted share in the year ago period. Expenses related to the Company's proxy contest were $2.7 million in the second quarter, which reduced GAAP net income by $0.023 per share. Subsequent to a special meeting of shareholders on May 22, 2008, Micrel announced on July 9, 2008 that Obrem Capital Management LLC had agreed to withdraw its slate of nominees for the board of directors, and support Micrel's board nominees at the upcoming annual meeting of shareholders in September. "This reflects an ongoing cooperative relationship that Micrel is having with its largest independent shareholder," stated Ray Zinn, president and CEO of Micrel.

Second quarter 2008 non-GAAP net income was $10.0 million or $0.14 per diluted share. Non-GAAP results exclude the impact of revenues and cost of revenues related to intellectual property settlements, stock-based compensation expense, other operating income and expense items, proxy contest expenses, restructuring charges and credits, other income related to litigation settlements and their related tax effects. A reconciliation of the GAAP net income to non-GAAP net income is provided in the financial tables of this press release.

"I am pleased with the strong revenue growth Micrel achieved in the second quarter," continued Ray Zinn. "Despite uncertain economic conditions and the distractions of a proxy contest, the Company was able to generate sequential revenue growth in all three of its major product groups. We were especially encouraged by the double digit growth in sales to customers in the wireless handset market during the quarter, which was driven by design win ramps in both high-end smart phones, and our new low cost portable power products. Unfortunately, the bottom line was impacted by expenses related to the proxy contest, which reduced second quarter GAAP net income by more than two cents per diluted share. However, during the quarter, we benefitted from the leverage inherent in our operating model. Excluding non-recurring items, approximately 50% of the sequential growth in revenues fell to operating profit in the second quarter."

Outlook

Commenting on Micrel's business outlook, Mr. Zinn said, "The news reflecting a slowing global economy, particularly in North America and Europe, has caused our customers to become more conservative in their outlook as we progress through the seasonally slower summer period. Although total bookings exceeded revenues in the second quarter, visibility into customer demand is limited due to short order lead times. The swing factor for Micrel's third quarter revenues will be the turns-fill level in September, which is difficult to accurately predict today since lead times are approximately four to five weeks."

For the third quarter of 2008, the Company estimates revenues will be between up 3% to down 3% on a sequential basis. The Company estimates that GAAP earnings per diluted share will be approximately $0.11 to $0.13.

Zinn concluded, "The outlook for the second half of 2008 remains cloudy due to concerns about the strength of this year's seasonal holiday build in the face of slower economic growth. In response, Micrel is heavily focused on reducing its operating costs as we move into the second half of the year while continuing to produce new, high-performance products at a rapid rate, which we believe will position the Company to grow faster than the market over time."

Dividend

The Company announced today that Micrel's Board of Directors has authorized a quarterly cash dividend of $0.035 per share of common stock. The payment of this dividend will be made on August 21, 2008 to shareholders of record as of August 5, 2008.

Conference Call

The Company will host a conference call at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) on July 24, 2008. Chief Executive Officer Raymond Zinn and Chief Financial Officer Richard Crowley will present an overview of second quarter 2008 financial results, discuss current business conditions and then respond to questions.

The call is available, live, to any interested party on a listen only basis by dialing (800) 218-9073. For international callers, please dial (303) 262-2053. Interested callers should dial in at least five minutes before the scheduled start time and ask to be connected to the Micrel, Incorporated Conference Call. A live webcast will also be available through: http://www.investorcalendar.com/IC/CEPage.asp?ID=131946. An audio replay of the conference call will be available through July 31, 2008, by dialing (800) 405-2236 or (303) 590-3000 and entering access code number 11117188. The webcast replay will also be available on the Company's website at: http://www.micrel.com/. The webcast replay will also be available on the Company's website at: http://www.micrel.com/.

SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This press release includes statements that qualify as forward-looking statements under the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements about the following topics: our expectations regarding future financial results, including revenues, earnings per share, customer demand, turns-fill requirements, order lead times, operating costs, development of new products and customer order patterns; and the nature of macro-economic and industry trends. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially. Those risks and uncertainties include, but are not limited to, such factors as: softness in demand for our products; customer decisions to cancel, reschedule, or delay orders for our products; the effect that lead times and channel inventories have on the demand for our products; economic or financial difficulties experienced by our customers; the effect of business conditions in the computer, telecommunications and industrial markets; the impact of any previous or future acquisitions; changes in demand for networking or high bandwidth communications products; the impact of competitive products and pricing and alternative technological advances; the accuracy of estimates used to prepare the Company's financial statements; the global economic situation; the ability of the Company's vendors and subcontractors to supply or manufacture the Company's products in a timely manner; the timely and successful development and market acceptance of new products and upgrades to existing products; softness in the economy and the U.S. stock markets as a whole; fluctuations in the market price of Micrel's common stock and other market conditions; the difficulty of predicting our future cash needs; the nature of other investment opportunities available to the Company from time to time; and Micrel's operating cash flow. For further discussion of these risks and uncertainties, please refer to the documents the Company files with the SEC from time to time, including the Company's Annual Report on Form 10-K for the year ended December 31, 2007 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2008. All forward-looking statements are made as of today, and the Company disclaims any duty to update such statements.

Non-GAAP Reporting

The Company presents non-GAAP financial measures only because investors and financial analysts use non-GAAP results in their analysis of historical results and projections of the Company's future operating results. The Company's management uses non-GAAP measures on a limited basis, primarily for employee performance-based compensation. In order to facilitate the computation of non-GAAP results for the financial analyst community and investors, the Company makes reference to non-GAAP net income and earnings per share. These non-GAAP results exclude the impact of revenues and cost of revenues related to intellectual property settlements, stock-based compensation expense, other operating income and expense items, proxy contest expenses, restructuring charges or credits, other income related to litigation settlements and their respective related tax effects. Micrel references those results to allow a better comparison of results in the current period to those in prior periods and to provide insight to the Company's on-going operating performance after exclusion of these items. The Company has reconciled such non-GAAP results to the most directly comparable GAAP financial measures in the financial tables at the end of this press release.

Reference to these non-GAAP results should be considered in addition to results that are prepared under current accounting standards, but should not be considered a substitute for results that are presented in accordance with GAAP. It should also be noted that Micrel's non-GAAP information may be different from the non-GAAP information provided by other companies.

About Micrel

Micrel Inc. is a leading global manufacturer of IC solutions for the worldwide analog, Ethernet and high bandwidth markets. The Company's products include advanced mixed-signal, analog and power semiconductors; high performance communication, clock management, Ethernet switch and physical layer transceiver ICs. Company customers include leading manufacturers of enterprise, consumer, industrial, mobile, telecommunications, automotive, and computer products. Corporation headquarters and state-of-the-art wafer fabrication facilities are located in San Jose, CA, with regional sales and support offices and advanced technology design centers situated throughout the Americas, Europe and Asia. In addition, the Company maintains an extensive network of distributors and sales representatives worldwide.

For further information, contact Richard Crowley at: Micrel, Incorporated, 2180 Fortune Drive, San Jose, California, 95131, (408) 944-0800; or visit the Company's website at: http://www.micrel.com/.

-Financial Tables to Follow- MICREL, INCORPORATED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) (Unaudited) Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, 2008 2008 2007 2008 2007 Net revenues $70,593 $66,052 $65,101 $136,645 $128,214 Cost of revenues(1) 30,779 28,761 27,994 59,540 54,420 Gross profit 39,814 37,291 37,107 77,105 73,794 Operating expenses: Research and development(1) 14,758 14,126 14,191 28,884 27,443 Selling, general and administrative(1) 11,557 11,925 11,115 23,482 23,252 Proxy contest expense 2,656 331 - 2,987 - Other operating expense (income) - - 86 - 86 Restructuring charges (credits) - (842) 28 (842) 72 Total operating expenses 28,971 25,540 25,420 54,511 50,853 Income from operations 10,843 11,751 11,687 22,594 22,941 Other income (expense): Interest income 645 1,085 1,661 1,730 3,162 Interest expense (1) - 80 (1) (72) Other income 36 11 9 47 15,523 Total other income 680 1,096 1,750 1,776 18,613 Income before income taxes 11,523 12,847 13,437 24,370 41,554 Provision for income taxes 4,283 4,458 4,796 8,741 15,045 Net income $7,240 $8,389 $8,641 $15,629 $26,509 Net income per share: Basic $0.10 $0.12 $0.11 $0.22 $0.34 Diluted $0.10 $0.12 $0.11 $0.22 $0.34 Shares used in computing per share amounts: Basic 71,118 72,266 77,740 71,682 77,740 Diluted 71,413 72,310 79,018 71,802 78,908 (1) Includes amortization of stock-based compensation as follows: Cost of revenues $282 $233 $286 $515 $588 Research and development 568 604 656 1,172 1,135 Selling, general and administrative 589 652 738 1,241 1,227 MICREL, INCORPORATED SUPPLEMENTAL RECONCILIATIONS OF GAAP TO NON-GAAP RESULTS (In thousands, except per share amounts) (Unaudited) Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, 2008 2008 2007 2008 2007 GAAP Net income $7,240 $8,389 $8,641 $15,629 $26,509 Adjustments to GAAP Net Income: Stock-based compensation included in: Cost of revenues 282 233 286 515 588 Research and development 568 604 656 1,172 1,135 Selling, general and administrative 589 652 738 1,241 1,227 Proxy contest expense 2,656 331 - 2,987 - Other operating expense (income) - - 86 - 86 Restructuring charges (credits) - (842) 28 (842) 72 Other non-operating income - Litigation Settlement - - - - (15,514) Tax effect of adjustments to GAAP income (1,335) (103) (350) (1,436) 5,451 Total Adjustments to GAAP Net Income 2,760 875 1,444 3,637 (6,955) Non-GAAP income(2) $10,000 $9,264 $10,085 $19,266 $19,554 Non-GAAP shares used in computing non-GAAP income per share (in thousands): Basic 71,118 72,266 77,740 71,682 77,740 Diluted (1) 71,475 72,327 78,979 71,849 78,734 GAAP income per share - Basic $0.10 $0.12 $0.11 $0.22 $0.34 Total Adjustments to GAAP Net Income $0.04 $0.01 $0.02 $0.05 $(0.09) Non-GAAP income per share - Basic $0.14 $0.13 $0.13 $0.27 $0.25 GAAP income per share - Diluted $0.10 $0.12 $0.11 $0.22 $0.34 Total Adjustments to GAAP Net Income $0.04 $0.01 $0.02 $0.05 $(0.09) Non-GAAP income per share - Diluted(2) $0.14 $0.13 $0.13 $0.27 $0.25

(1) Non-GAAP shares have been adjusted from diluted outstanding shares calculated under FAS123R.

(2) Non-GAAP results were reached by excluding revenues and cost of revenues related to intellectual property settlements, stock-based compensation expense, other operating income or expense items, proxy contest expenses, restructuring charges or credits, other income related to litigation settlements and their related tax-effects. Non-GAAP results are presented to supplement our GAAP consolidated financial statements to allow a better comparison of results in the current period to those in prior periods and to provide meaningful insight to the Company's on-going operating performance after exclusion of these items.

MICREL, INCORPORATED CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) June 30, December 31, 2008 2007 ASSETS CURRENT ASSETS: Cash, cash equivalents and short-term investments $79,134 $91,127 Accounts receivable, net 34,669 29,614 Inventories 35,223 35,660 Income taxes receivable 3,756 3,426 Deferred income taxes 18,151 19,387 Other current assets 1,924 3,604 Total current assets 172,857 182,818 LONG-TERM INVESTMENTS 14,127 16,552 PROPERTY, PLANT AND EQUIPMENT, NET 80,657 82,585 INTANGIBLE ASSETS, NET 2,182 3,026 DEFERRED INCOME TAXES 9,968 9,286 OTHER ASSETS 420 478 TOTAL $280,211 $294,745 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $15,920 $18,010 Deferred income on shipments to distributors 21,708 20,238 Other current liabilities 11,017 14,097 Total current liabilities 48,645 52,345 LONG-TERM TAXES PAYABLE 3,720 2,814 OTHER LONG-TERM OBLIGATIONS 309 335 TOTAL SHAREHOLDERS' EQUITY 227,537 239,251 TOTAL $280,211 $294,745

Micrel, Incorporated

CONTACT: Richard Crowley of Micrel, Incorporated, +1-408-944-0800

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

Ingram Micro Reports Second Quarter 2008 ResultsSales reach record levels for the seventh consecutive quarterGross margins hit highest second-quarter level in 10 years

SANTA ANA, Calif., July 24 /PRNewswire-FirstCall/ -- Ingram Micro Inc. , the world's largest technology distributor, today announced financial results for the second quarter, which ended June 28, 2008.

Worldwide sales for the quarter rose eight percent to $8.82 billion, reaching a second-quarter record, compared to $8.19 billion in the year-ago period. The translation impact of the relatively stronger foreign currencies had an approximate six-percentage-point positive effect on revenue growth comparisons to the prior year.

Second-quarter net income was $58.9 million, or $0.35 per diluted share, which includes costs of approximately $5.5 million net of tax, or $0.03 per diluted share, related to expense-reduction programs in North America and Europe. Net income in the year-ago period was $52.4 million or $0.30 per diluted share, which included a charge of $15 million ($9.2 million net of tax or $0.05 per diluted share) to establish reserves related to the previously disclosed United States Securities and Exchange Commission (SEC) matter.

"We're pleased to deliver results that exceeded our guidance for the quarter, especially considering the context of the current economic climate," said Gregory M. Spierkel, chief executive officer, Ingram Micro Inc. "Despite increasingly competitive markets, we were able to achieve the highest second-quarter gross margin in a decade through pricing discipline, growth in higher-margin business units and improvement in our business mix. We continue to benefit from our decisions to diversify our profit streams through fee-for-service models and adjacent technologies, such as logistics and data capture/point-of-sale."

Additional Second-Quarter Highlights

For more detail regarding the results outlined below, please refer to the financial statements and schedules attached to this news release or visit http://www.ingrammicro.com/.

Regional Sales o North American sales were $3.52 billion (40 percent of total revenues), an increase of seven percent compared with the $3.30 billion posted a year ago. The sales increase was driven primarily by the addition of DBL Distributing, which was acquired in late June 2007, as well as solid growth in Canada. o Europe, Middle East and Africa (EMEA) sales were $2.96 billion (33 percent of total revenues) versus $2.78 billion in the year-ago period, an increase of six percent. The translation impact of the relatively stronger European currencies had an approximate 13 percentage-point positive impact on comparisons to the prior year. o Asia-Pacific sales increased eight percent to $1.90 billion (22 percent of total revenues) compared to $1.76 billion in the prior- year period. The translation impact of the relatively stronger regional currencies had an approximate six-percentage-point positive effect on comparisons to the prior year. o Latin American sales were $438 million (five percent of total revenues), an increase of 28 percent compared to the $344 million posted a year ago. Gross Margin

Gross margin in the 2008 second quarter was 5.53 percent, an increase of 12 basis points versus the prior-year quarter, driven primarily by the positive impact of growth in higher-margin business segments and general process improvements across the regions.

Operating Expenses

Total operating expenses were $394.2 million or 4.47 percent of revenues, which includes $7.7 million (0.09 percent of revenues) in expense-reduction program costs, as described above. Operating expenses in the year-ago quarter were $357.1 million or 4.36 percent of revenues, including the SEC charge of $15 million (0.18 percent of revenues). The increase in operating expenses as a percentage of revenues is primarily the result of the weaker demand environment, investments in people and infrastructure to support strategic initiatives, and additional labor related to continued growth in our fee-for- service business.

Operating Income

Worldwide operating income was $93.2 million or 1.06 percent of revenues, which includes $7.7 million (0.09 percent of revenues) in expense-reduction program costs described above. In the year-ago quarter, operating income was $85.7 million or 1.05 percent of revenues, which included the $15 million (0.18 percent of revenues) SEC charge.

o North American operating income was $44.4 million or 1.26 percent of revenues, which includes $0.9 million (0.03 percent of revenues) in expense-reduction program costs. Operating income in the prior-year quarter was $38.5 million or 1.17 percent of revenues, which included the $15 million SEC charge (0.45 percent of revenues). o EMEA operating income was $15.7 million or 0.53 percent of revenues, which includes $6.8 million (0.23 percent of revenues) in expense- reduction program costs. In the year ago quarter, operating income was $22.9 million or 0.83 percent of revenues. o Asia-Pacific operating income was $32.7 million or 1.72 percent of revenues versus $31.0 million or 1.76 percent of revenues in the year-ago quarter. o Latin American operating income more than doubled to $7.2 million or 1.65 percent of revenues versus $3.5 million or 1.02 percent of revenues in the year-ago quarter. o Stock-based compensation expense, which amounted to $6.7 million in the current quarter and $10.3 million in the prior year quarter, is presented as a separate reconciling amount in the company's segment reporting in both periods. As such, these expenses are not included in the regional operating results, but are included in the worldwide operating results. -- Other expenses for the quarter were $10.8 million, compared to $15.1 million in the year-ago period, primarily driven by lower debt levels, declining interest rates and higher foreign currency gains in the current year. -- Total depreciation and amortization was $18.0 million. -- Capital expenditures were $15.1 million. Balance Sheet Highlights -- The cash balance at the end of the quarter was $748 million, an increase of $168 million versus the end of 2007. -- Total debt was $480 million, a decrease of $43 million from year-end. Debt-to-capitalization was 12 percent, compared with 13 percent at year-end. -- The company purchased approximately 2.8 million shares during the second quarter of 2008, for an aggregate amount of $47.7 million; an additional 0.6 million shares were purchased for $9.8 million since the end of the second quarter through July 18, 2008. Since the inception of the program in mid-November 2007 through July 18, 2008, the company has purchased 10.0 million shares for an aggregate amount of $169.2 million. -- Inventory was $2.58 billion or 28 days on hand compared with $2.77 billion or 27 days on hand at the end of the year and 32 days at the end of the first quarter. -- Working capital days were 23, an increase of one day from year-end 2007 and a three-day improvement versus the end of the first quarter.

"Our regional operations performed well within persistently soft economies in many parts of the globe," said William D. Humes, executive vice president and chief financial officer, Ingram Micro Inc. "We began to see some of the benefits of our cost-containment and mix-management actions. We made the tough decisions to reorganize where necessary and address rising transportation costs through freight-recovery programs, which will be implemented by the end of the third quarter. Our focus on working capital yielded solid progress, as evidenced by the increase in inventory velocity compared to earlier this year. And, although competitive pricing within the industry was widely reported, we were able to improve gross margins while surpassing sales expectations. While growth in Asia-Pacific tempered somewhat due to the softening global economy, the region delivered the highest operating margin of the business units. Latin America was a stand-out, generating more than double the operating income of last year on 28 percent sales growth."

Six-Month Period

For the six months ended June 28, 2008, worldwide sales were $17.39 billion, a six-percent increase over the $16.43 billion reported a year ago, which reflects the favorable translation impact of stronger foreign currencies. Regional sales were $6.81 billion for North America (a three- percent increase versus the prior-year period); $6.02 billion for Europe (an increase of three percent); $3.72 billion for Asia-Pacific (an increase of 12 percent); and $846 million for Latin America (a 23-percent increase versus the prior-year period).

Worldwide operating income for the six-month period was $192.5 million, or 1.11 percent of revenues, which included the second-quarter expense-reduction program costs of $7.7 million (approximately 0.04 percent of revenues). In the year-ago period, operating income was $159.4 million, or 0.97 percent of revenues, which included the first quarter Brazilian commercial tax charge of approximately $33.8 million (approximately 0.21 percent of revenues) and the second-quarter SEC charge of $15 million (approximately 0.09 percent of revenues).

Six-month net income was $123.0 million, or $0.71 per diluted share, which included the second-quarter expense-reduction program costs of $5.5 million after tax or $0.03 per diluted share. In the year-ago period, net income was $89.4 million, or $0.51 per diluted share, which included the first-quarter charge for commercial taxes in Brazil of $33.8 million after tax or $0.19 per diluted share, and the second-quarter charge for the SEC matter of $9.2 million after tax or $0.05 per diluted share. These charges totaled $43.0 million after tax or $0.24 per diluted share for the prior year six-month period.

Outlook for the Third Quarter

The following statements are based on the company's current expectations and internal forecasts. These statements are forward-looking and actual results may differ materially, as outlined in the company's periodic filings with the Securities and Exchange Commission.

According to the company's guidance for the third quarter 2008 ending Sept. 27, 2008:

-- Sales are expected to range from $8.5 billion to $8.8 billion. -- Net income is expected to range from $52 million to $61 million, or $0.31 to $0.36 per diluted share. This includes an estimated $7 million ($5 million net of tax) in costs to be incurred during the third quarter related to the completion of expense-reduction plans in North America and EMEA. This expense-reduction program is expected to generate $18 million to $24 million of annualized savings. -- Moreover, the company is evaluating additional expense-reduction opportunities, which could result in related costs and savings beyond the current program. The costs, savings and timing of these additional actions, if implemented, cannot be reasonably estimated at this time. -- The weighted average shares outstanding is expected to be approximately 169 million and an effective tax rate of 28 percent is estimated for the third quarter 2008 and the remainder of the year.

"We expect the macro-economic softness to continue into the third quarter," said Spierkel. "Solid growth is expected from Latin America, but sales growth in the other regions will be more modest. The benefits of our cost-containment and freight-recovery efforts are expected to be more visible in the third quarter, improving operating leverage. We also expect continued progress in our fee-for-service and adjacency operations. The actions we're taking today will buffer us from the weaker market and better position us when the economic environment improves. Overall, we continue to be confident about the business, our industry and the strength of our management team."

Conference Call and Webcast

Additional information about Ingram Micro's financial results will be presented in a conference call with presentation slides today at 5 p.m. EDT. To listen to the conference call webcast and view the accompanying presentation slides, visit the company's Web site at http://www.ingrammicro.com/ (Investor Relations section). The conference call is also accessible by telephone at (888) 455-0750 (toll-free within the United States and Canada) or (210) 839-8501 (other countries).

The replay of the conference call with presentation slides will be available for one week at http://www.ingrammicro.com/ (Investor Relations section) or by calling (800) 678-3180 or (402) 220-3063 outside the United States and Canada.

Cautionary Statement for the Purpose of the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995

The matters in this press release that are forward-looking statements, including but not limited to statements about future revenues, sales levels, operating income, margins, stock-based compensation expense, integration costs, cost synergies, operating efficiencies, profitability, market share and rates of return, are based on current management expectations that involve certain risks which, if realized, in whole or in part, could cause such expectations to fail to be achieved and have a material adverse effect on Ingram Micro's business, financial condition and results of operations, including, without limitation: (1) intense competition, regionally and internationally, including competition from alternative business models, such as manufacturer-to-end-user selling, which may lead to reduced prices, lower sales or reduced sales growth, lower gross margins, extended payment terms with customers, increased capital investment and interest costs, bad debt risks and product supply shortages; (2) integration of our acquired businesses and similar transactions involve various risks and difficulties -- our operations may be adversely impacted by an acquisition that (i) is not suited for us, (ii) is improperly executed, or (iii) substantially increases our debt; (3) foreign exchange rate fluctuations, devaluation of a foreign currency, adverse governmental controls or actions, political or economic instability, or disruption of a foreign market, and other related risks of our international operations may adversely impact our operations in that country or globally; (4) we may not achieve the objectives of our process improvement efforts or be able to adequately adjust our cost structure in a timely fashion to remain competitive, which may cause our profitability to suffer; (5) our failure to attract new sources of profitable business from expansion of products or services or risks associated with entry into new markets, including geographies, products and services, could negatively impact our future operating results; (6) an interruption or failure of or disruptions due to changes to our information systems or subversion of access or other system controls may result in a significant loss of business, assets, or competitive information and may adversely impact our results of operations; (7) if there is a downturn in economic conditions for an extended period of time, it will likely have an adverse impact on our business; (8) significant changes in supplier terms, such as higher thresholds on sales volume before distributors may qualify for discounts and/or rebates, the overall reduction in the amount of incentives available, reduction or termination of price protection, return levels, or other inventory management programs, or reductions in payment terms, may adversely impact our results of operations or financial condition; (9) termination of a supply or services agreement with a major supplier or product supply shortages may adversely impact our results of operations; (10) changes in, or interpretations of, tax rules and regulations may adversely affect our effective tax rates or we may be required to pay additional tax assessments; (11) we cannot predict with certainty, the outcome of the SEC and U.S. Attorney's inquiries or assessments by Brazilian taxing authorities; (12) we may experience loss of business from one or more significant customers, and an increased risk of credit loss as a result of reseller customers' businesses being negatively impacted by dramatic changes in the information technology products and services industry as well as intense competition among resellers -- increased losses, if any, may not be covered by credit insurance or we may not be able to obtain credit insurance at reasonable rates or at all; (13) rapid product improvement and technological change resulting in inventory obsolescence or changes in demand may result in a decline in value of a portion of our inventory; (14) future terrorist or military actions could result in disruption to our operations or loss of assets, in certain markets or globally; (15) the loss of a key executive officer or other key employees, or changes affecting the work force such as government regulations, collective bargaining agreements or the limited availability of qualified personnel, could disrupt operations or increase our cost structure; (16) changes in our credit rating or other market factors may increase our interest expense or other costs of capital, or capital may not be available to us on acceptable terms to fund our working capital needs; (17) our failure to adequately adapt to industry changes and to manage potential growth and/or contractions could negatively impact our future operating results; (18) future periodic assessments required by current or new accounting standards such as those relating to long-lived assets, goodwill and other intangible assets and expensing of stock options may result in additional non-cash charges; (19) seasonal variations in the demand for products and services, as well as the introduction of new products, may cause variations in our quarterly results; and (20) the failure of certain shipping companies to deliver product to us, or from us to our customers, may adversely impact our results of operations.

Ingram Micro has instituted in the past and continues to institute changes to its strategies, operations and processes to address these risk factors and to mitigate their impact on Ingram Micro's results of operations and financial condition. However, no assurances can be given that Ingram Micro will be successful in these efforts. For a further discussion of significant factors to consider in connection with forward-looking statements concerning Ingram Micro, reference is made to Item 1A Risk Factors of Ingram Micro's Annual Report on Form 10-K for the year ended December 29, 2007; other risks or uncertainties may be detailed from time to time in Ingram Micro's future SEC filings. Ingram Micro disclaims any duty to update any forward-looking statements.

About Ingram Micro Inc.

As a vital link in the technology value chain, Ingram Micro creates sales and profitability opportunities for vendors and resellers through unique marketing programs, outsourced logistics services, technical support, financial services, and product aggregation and distribution. The company serves more than 150 countries and is the only global broadline IT distributor with operations in Asia. Visit http://www.ingrammicro.com/.

(C) 2008 Ingram Micro Inc. All rights reserved. Ingram Micro and the registered Ingram Micro logo are trademarks used under license by Ingram Micro Inc.

Ingram Micro Inc. Consolidated Balance Sheet (Dollars in 000s) (Unaudited) June 28, December 29, 2008 2007 ASSETS Current assets: Cash $747,796 $579,626 Trade accounts receivable, net 3,626,746 4,054,824 Inventories 2,584,291 2,766,148 Other current assets 457,104 520,069 Total current assets 7,415,937 7,920,667 Property and equipment, net 185,601 181,416 Goodwill 758,323 733,481 Other assets 135,677 139,437 Total assets $8,495,538 $8,975,001 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $3,902,429 $4,349,700 Accrued expenses 526,900 602,295 Current maturities of long-term debt 186,671 135,616 Total current liabilities 4,616,000 5,087,611 Long-term debt, less current maturities 293,500 387,500 Other liabilities 71,173 72,948 Total liabilities 4,980,673 5,548,059 Stockholders' equity 3,514,865 3,426,942 Total liabilities and stockholders' equity $8,495,538 $8,975,001 Ingram Micro Inc. Consolidated Statement of Income (Dollars in 000s, except per share data) (Unaudited) Thirteen Weeks Ended June 28, 2008 June 30, 2007 Net sales $8,816,615 $8,186,071 Cost of sales 8,329,193 7,743,256 Gross profit 487,422 442,815 Operating expenses: Selling, general and administrative 387,578(a) 357,354(a) Reorganization costs (credits) 6,613(a) (231) 394,191 357,123 Income from operations 93,231 85,692 Interest and other 10,755 15,147 Income before income taxes 82,476 70,545 Provision for income taxes 23,541 18,145 Net income $58,935 $52,400 Diluted earnings per share: Net income $0.35 $0.30 Diluted weighted average shares outstanding 170,239,703 176,583,738 (a) See related footnote on the succeeding schedule of supplementary information for the thirteen weeks ended June 28, 2008 and June 30, 2007. Ingram Micro Inc. Consolidated Statement of Income (Dollars in 000s, except per share data) (Unaudited) Twenty-six Weeks Ended June 28, 2008 June 30, 2007 Net sales $17,393,932 $16,431,775 Cost of sales 16,421,003 15,580,188(a) Gross profit 972,929 851,587 Operating expenses: Selling, general and administrative 773,801(a) 693,096(a) Reorganization costs (credits) 6,613(a) (915) 780,414 692,181 Income from operations 192,515 159,406 Interest and other 23,478 30,542 Income before income taxes 169,037 128,864 Provision for income taxes 46,047 39,484 Net income $122,990 $89,380 Diluted earnings per share: Net income $0.71 $0.51 Diluted weighted average shares outstanding 172,343,947 175,908,800 (a) See related footnote on the succeeding schedule of supplementary information for the twenty-six weeks ended June 28, 2008 and June 30, 2007. Ingram Micro Inc. Supplementary Information Income from Operations (Dollars in 000s) (Unaudited) Thirteen Weeks Ended June 28, 2008 Operating Operating Net Sales Income Margin North America $3,518,983 $44,380(a) 1.26% EMEA 2,955,209 15,669(a) 0.53% Asia-Pacific 1,904,144 32,699 1.72% Latin America 438,278 7,232 1.65% Reconciling amount (stock-based compensation under SFAS 123R) - (6,749) - Consolidated Total $8,816,614 $93,231(a) 1.06% Thirteen Weeks Ended June 30, 2007 Operating Operating Net Sales Income Margin North America $3,301,497 $38,545(b) 1.17% EMEA 2,776,867 22,924 0.83% Asia-Pacific 1,764,125 31,042 1.76% Latin America 343,582 3,494 1.02% Reconciling amount (stock-based compensation under SFAS 123R) - (10,313) - Consolidated Total $8,186,071 $85,692(b) 1.05% (a) Income from operations included net charges of $7,707 (0.09% of consolidated net sales) comprised of the following: (1) net charges of $877 in North America (0.03% of North America net sales) which included reorganization costs of $1,407 for severance associated with the Company's targeted reduction of administrative and back-office positions in North America, and a credit adjustment of $530 for lower than expected costs to settle lease obligations related to previous actions, and (2) charges of $6,830 in EMEA (0.23% of EMEA net sales) which included reorganization costs of $5,736 related to employee termination benefits for workforce reductions associated with restructuring the regional headquarters in EMEA, and consulting and other costs associated with the restructuring of $1,094 charged to selling, general and administrative expenses. (b) Income from operations recorded in North America for the thirteen weeks ended June 30, 2007 includes a reserve for estimated losses of $15,000 associated with the SEC matter regarding certain transactions with McAfee, Inc. (formerly NAI) from 1998 through 2000 (0.45% of North America net sales and 0.18% of consolidated net sales). Ingram Micro Inc. Supplementary Information Income from Operations (Dollars in 000s) (Unaudited) Twenty-six Weeks Ended June 28, 2008 Operating Operating Net Sales Income (Loss) Margin (Loss) North America $6,809,164 $84,969(a) 1.25% EMEA 6,021,578 42,448(a) 0.70% Asia-Pacific 3,717,573 65,240 1.75% Latin America 845,617 15,055 1.78% Reconciling amount (stock-based compensation under SFAS 123R) - (15,197) - Consolidated Total $17,393,932 $192,515(a) 1.11% Twenty-six Weeks Ended June 30, 2007 Operating Operating Net Sales Income Margin Operating Operating Net Sales Income (Loss) Margin (Loss) North America $6,584,936 $95,559(b) 1.45% EMEA 5,824,163 57,878 0.99% Asia-Pacific 3,333,290 50,730 1.52% Latin America 689,386 (24,864)(c) (3.61%) Reconciling amount (stock-based compensation under SFAS 123R) - (19,897) - Consolidated Total $16,431,775 $159,406(b)(c) 0.97% (a) Income from operations included net charges of $7,707 (0.04% of consolidated net sales) comprised of the following: (1) net charges of $877 in North America (0.01% of North America net sales) which included reorganization costs of $1,407 for severance associated with the Company's targeted reduction of administrative and back-office positions in North America, and a credit adjustment of $530 for lower than expected costs to settle lease obligations related to previous actions, and (2) charges of $6,830 in EMEA (0.11% of EMEA net sales) which included reorganization costs of $5,736 related to employee termination benefits for workforce reductions associated with restructuring the regional headquarters in EMEA, and consulting and other costs associated with the restructuring of $1,094 charged to selling, general and administrative expenses. (b) The income from operations recorded in North America for the twenty-six weeks ended June 30, 2007 includes a reserve for estimated losses of $15,000 associated with the SEC matter regarding certain transactions with McAfee, Inc. (formerly NAI) from 1998 through 2000 (0.23% of North America net sales and 0.09% of consolidated net sales). (c) The loss from operations recorded in Latin America for the twenty-six weeks ended June 30, 2007 includes a commercial tax charge of $33,754 in Brazil (4.90% of Latin America net sales and 0.21% of consolidated net sales).

Ingram Micro Inc.

CONTACT: Investors, Ria Marie Carlson, +1-714-382-4400,
ria.carlson@ingrammicro.com, or Kay Leyba, +1-714-382-4175,
kay.leyba@ingrammicro.com, or Media Marie Connell, +1-714-382-2009,
marie.connell@ingrammicro.com, or Rekha Parthasarathy, +1-714-382-1319,
rekha@ingrammicro.com, all of Ingram Micro Inc.

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

Hittite Microwave Corporation Reports Financial Results for the Second Quarter of 2008

CHELMSFORD, Mass., July 24 /PRNewswire-FirstCall/ -- Hittite Microwave Corporation today reported revenue for the second quarter ended June 30, 2008 of $45.0 million, representing an increase of 19.6% compared with $37.6 million for the second quarter of 2007 and an increase of 4.0% compared with $43.3 million for the first quarter of 2008. Net income for the quarter was $13.5 million, or $0.43 per diluted share, an increase of 10.7% compared with $12.2 million, or $0.39 per diluted share, for the second quarter of 2007, and an increase of 3.2% compared with $13.0 million, or $0.42 per diluted share, for the first quarter of 2008.

"We are pleased with our second quarter results," said Stephen Daly, Chairman and CEO. "Increased international sales allowed us to achieve our objectives. Our product development team continued to execute, and during the quarter we introduced our eighteenth product line, a new Phase Lock Loop (PLL) product line, which will serve all of our target end markets. In total, we introduced 26 new products during the quarter across all of our product lines, in line with our plan for the year."

For the second quarter of 2008, revenue from customers in the United States was $18.2 million, or 40% of the company's total revenue, and revenue from customers outside the United States was $26.8 million, or 60% of total revenue. Gross margin was 70.8% for the second quarter as compared with 71.0% for the second quarter of 2007 and 70.1% for the first quarter of 2008. Operating income for the second quarter was $19.8 million, or 44.0% of revenue. Total cash at the end of the second quarter of 2008 was $186.2 million, an increase for the quarter of $5.0 million.

Business Outlook

The company currently expects revenue for the third quarter ending September 30, 2008 to be in the range of $44.5 million to $45.5 million and net income to be in the range of $13.1 million to $13.5 million, or $0.42 to $0.43 per diluted share.

Webcast and Taped Replay

The company will host a conference call to discuss its financial results at 5:00 p.m. ET today. A live webcast of the call will be available online on the Hittite Microwave website. To listen to the live webcast, go to the Investor Relations page of the Hittite Microwave web site at http://www.hittite.com/ and click on the webcast icon located under Conference Calls. A telephonic replay of the call also will be available for one week after the live call by dialing (719) 457-0820, access code 6314790. Following the call, a webcast replay will also be available by visiting the Investor Relations page at http://www.hittite.com/.

About Hittite Microwave Corporation

Hittite Microwave is an innovative designer and developer of high performance integrated circuits, or ICs, modules, subsystems and instrumentation for technically demanding radio frequency, or RF, microwave and millimeterwave applications. Products include amplifiers, attenuators, data converters, frequency dividers and detectors, frequency multipliers, high speed digital logic, interface, mixers and converters, modulators and demodulators, oscillators, passives, phase lock loop (PLL), phase shifters, power detectors, sensors, switches, synthesizers and variable gain amplifiers. Hittite's products are used in a variety of applications and end markets including automotive, broadband, cellular infrastructure, fiber optic, microwave and millimeterwave communications, military, space, and test and measurement. The company utilizes radio frequency integrated circuits (RFIC), monolithic microwave integrated circuits (MMIC), multi-chip modules (MCM) and microwave integrated circuit (MIC) technologies. The company is headquartered in Chelmsford, MA.

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

Statements in this press release regarding Hittite Microwave Corporation that do not relate to historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, any statements regarding our expectations as to future levels of revenue, net income and earnings per share. Readers are cautioned that these forward-looking statements are subject to risks and uncertainties and are only predictions, and actual future events and results may differ materially from these forward- looking statements. Factors that could cause or contribute to such differences include, but are not limited to: market acceptance of our new products; our ability to assess market requirements accurately; our success in maintaining the business of our significant customers; our ability to keep pace with new semiconductor processes; regulatory, operational, financial and political risks inherent in operating internationally; competition within the semiconductor industry; product returns and warranty claims; our ability to manage our growth and costs effectively; our belief that growth and expansion of our business will continue into 2008; protection of our intellectual property; the growth and fiscal strength of our end markets; and other risks and uncertainties that are discussed under "Risk Factors" in our Quarterly Report on Form 10-Q for the three months ended March 31, 2008, as filed with the Securities and Exchange Commission.

Hittite Microwave Corporation Condensed Consolidated Balance Sheets (unaudited) (In thousands) June 30, 2008 December 31, 2007 Assets Current assets: Cash and cash equivalents $186,212 $65,735 Available-for-sale investments - 99,007 Accounts receivable, net 25,831 22,253 Inventories 11,744 14,129 Deferred costs 214 242 Income taxes receivable 1,000 1,072 Prepaid expenses and other current assets 1,175 677 Deferred taxes 5,007 4,281 Total current assets 231,183 207,396 Property and equipment, net 18,825 18,824 Other assets 8,178 8,275 Total assets $258,186 $234,495 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $2,052 $2,647 Accrued expenses 7,564 6,121 Income taxes payable - - Deferred revenue and customer advances 3,176 6,098 Total current liabilities 12,792 14,866 Long-term income taxes payable 3,268 3,180 Deferred taxes 157 156 Total liabilities 16,217 18,202 Total stockholders' equity 241,969 216,293 Total liabilities and stockholders' equity $258,186 $234,495 Hittite Microwave Corporation Condensed Consolidated Statements of Operations (unaudited) (In thousands except per-share data) Three Months Ended June 30, Six Months Ended June 30, 2008 2007 2008 2007 Revenue $45,038 $37,647 $88,330 $73,977 Cost of revenue 13,149 10,929 26,084 21,350 Gross profit 31,889 26,718 62,246 52,627 70.8% 71.0% 70.5% 71.1% Operating expenses: Research and development 5,862 4,571 11,574 8,980 Sales and marketing 4,027 3,170 8,033 6,036 General and administrative 2,198 1,712 4,165 3,456 Total operating expenses 12,087 9,453 23,772 18,472 Income from operations 19,802 17,265 38,474 34,155 44.0% 45.9% 43.6% 46.2% Interest and other income, net 720 1,280 1,879 2,460 Income before income taxes 20,522 18,545 40,353 36,615 Provision for income taxes 7,060 6,382 13,841 12,460 Net income $13,462 $12,163 $26,512 $24,155 Earnings per share: Basic $0.44 $0.40 $0.86 $0.79 Diluted $0.43 $0.39 $0.85 $0.77 Shares used in the calculation of earnings per share: Basic 30,769 30,643 30,748 30,570 Diluted 31,351 31,266 31,311 31,202

Hittite Microwave Corporation

CONTACT: William W. Boecke, V.P. and Chief Financial Officer of Hittite
Microwave Corporation, +1-978-250-3343

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

CyberSource Announces Second Quarter 2008 Financial ResultsSecond quarter revenue was a record $55.7 million, a 143% increase; Billable transactions processed was a record 449 million, a 67% increase; Company raises 2008 revenue, net income, and EPS guidance

MOUNTAIN VIEW, Calif., July 24 /PRNewswire-FirstCall/ -- CyberSource Corporation , a leading provider of electronic payment and risk management solutions, today announced financial results for its second quarter ended June 30, 2008.

(Logo: http://www.newscom.com/cgi-bin/prnh/19990513/CYBRSOURCELOGO)

-- Second quarter revenue was a record $55.7 million, a 143% increase compared to $22.9 million in the same period the previous year, which was prior to the Company's acquisition of Authorize.Net.

-- On a GAAP basis, net loss for the second quarter of 2008 was ($45,000) and earnings per share was breakeven, compared to net income of $160,000 or breakeven earnings per share in the second quarter of 2007.

-- Non-GAAP net income was $11.3 million, a 362% increase compared to $2.4 million for the second quarter of 2007. Non-GAAP earnings per share was $0.16 per share, a 129% increase compared to $0.07 per share for the second quarter of 2007. Non-GAAP net income excludes stock-based compensation expense, the reduction in the deferred tax asset valuation allowance, the non-cash portion of the tax provision, depreciation and amortization expense, and certain non-recurring items. A reconciliation of certain historical GAAP to non-GAAP measures is attached.

-- During the second quarter, CyberSource processed a record 449 million billable transactions, a 67% increase over the same period the previous year. The value of transactions processed was $27.4 billion, a 158% increase over Q2 2007.

-- CyberSource signed a record 26,000 new customers in the quarter increasing the active customer base to approximately 238,000.

"CyberSource had a very strong second quarter and an excellent first half of 2008. Our results this quarter reflect the power of our combined value proposition with Authorize.Net, and the strength of the eCommerce market. Cash flow from operating activities was $12.5 million in the second quarter of 2008, compared to $2.9 million for the second quarter of 2007," said Bill McKiernan, chairman and chief executive officer of CyberSource. "This quarter we signed the highest number of new customers in the history of the Company. This is a key indicator of the momentum in our business and the success of the Authorize.Net integration."

Business Highlights

-- International: CyberSource continues to see significant momentum outside the US. CyberSource's European operations processed a record 87.8 million transactions in the second quarter, an increase of 90% over the same period last year. The Company's European business represents about 7% of revenue and includes revenue generated by merchants domiciled outside the US. This revenue does not include transactions originated by consumers outside the US who purchased from CyberSource's US-based merchants.

-- Global acquiring: CyberSource achieved significant growth in its global acquiring services during the second quarter, generating approximately $19.7 million of revenue, up 116% over the previous year. CyberSource added approximately 1,000 new acquiring customers during the quarter, which is the highest number ever of new acquiring customers in CyberSource's history, and seven times higher than before the Authorize.Net acquisition.

-- Customers: CyberSource added approximately 26,000 new customers in the quarter, bringing its installed base of customers to approximately 238,000. New enterprise customer wins this quarter included IBM Canada, Hertz Europe, National Lampoon, and Samsonite. Existing customers that added new services or renewed agreements during the quarter include: JetBlue Airways, LOT Polish Airlines, and The Art Institute of Chicago.

-- Small Business Market: CyberSource continues to generate strong growth in the small business segment (SMB). There are several initiatives that are driving the success in this market. The CyberSource channel management team has been working closely with its base of 4,000 resellers and partners to provide them with the additional tools, training and programs necessary to increase sales of CyberSource's products and services. 70% of our 75 largest resellers have increased merchant setup activity with Authorize.Net over last year. In the first half of 2008, CyberSource also made significant investments and improvements in its customer support department. These efforts have resulted in some of the best customer support metrics in the history of the SMB platform.

Six-month financial highlights

Revenue for the six-month period ended June 30, 2008 was $109.1 million compared to $45.0 million for the same six-month period last year, an increase of 142%. GAAP net income was $488,000 or $0.01 per share for the six months ended June 30, 2008 compared to $896,000 or $0.02 per share for the same period last year. Non-GAAP net income was $22.8 million or $0.32 per share for the six months ended June 30, 2008 compared to $5.5 million or $0.15 per share for the same period last year.

Stock buyback program

During the second quarter, the Company did not repurchase any shares of common stock under the $10 million stock repurchase plan that was approved by the Board of Directors in May 2008. However, subsequent to quarter-end, the company repurchased 172,900 shares of common stock at an average stock price of $14.45 per share.

Guidance for the third quarter and full year 2008

CyberSource is providing guidance for the third quarter of 2008 and full year 2008 based on information available as of July 24, 2008. Guidance does not take into account any further reductions in the company's valuation allowance against its deferred tax assets, which would result in a tax benefit during the period of the reduction. CyberSource will continue to evaluate whether a further reduction is appropriate.

For the third quarter ending September 30, 2008: -- Total revenue is expected to be between $55.8 and $56.0 million. -- The company expects to process between 450 million and 455 million billable transactions. -- GAAP gross profit is expected to be between $28.3 and $28.5 million, while GAAP operating expenses are expected to be between $29.5 and $29.7 million. -- The company expects to record a GAAP net loss in the third quarter of ($400,000) to ($600,000) and a loss per share of ($0.01) based on a weighted average share count of 72.5 million shares. -- Non-GAAP net income for the third quarter is expected to be between $10.1 and $10.3 million and non-GAAP earnings per share is expected to be $0.14 based on a weighted average share count of 72.5 million shares.

Based on the financial results for the first half of 2008, CyberSource is raising its full year 2008 guidance for revenue, net income, and earnings per share.

-- Total revenue for 2008 is expected to be between $220.0 and $225.0 million, versus previous guidance of between $215.0 and $220.0 million.

-- GAAP net income for 2008 is expected to be between $800,000 and $1.3 million, versus previous guidance of between breakeven and a ($1.0) million loss.

-- GAAP earnings per share is expected to be between $0.01 and $0.02, based on a weighted average share count of 72.5 million shares, versus previous guidance of between breakeven and a ($0.01) loss per share.

-- Non-GAAP net income for the full year 2008 is expected to be between $45.0 and $46.2 million, versus previous guidance of between $42.5 and $44.0 million.

-- Non-GAAP earnings per share is expected to be between $0.62 and $0.64 based on a weighted average share count of 72.5 million shares, versus previous guidance of between $0.59 and $0.61 per share.

Public call/web cast details

CyberSource will host a public conference call today, July 24, 2008 at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss the second quarter results. The call can be accessed in either of the following ways:

Live conference call

888-585-4496 (U.S. and Canada), 706-634-9580 (local and international). The call's conference ID number is: 54905308. A taped replay of this call will be available through August 31, 2008. The dial-in numbers for the taped replay are: 800-642-1687 (U.S.) 706-645-9291 (local and international). Conference ID is as above.

Live web cast

http://www.cybersource.com/cgi-bin/ir.pl A replay of this web cast will remain available at this location through October 31, 2008

About CyberSource

CyberSource Corporation is a leading provider of electronic payment and risk management solutions. CyberSource solutions enable electronic payment processing for Web, call center, and POS environments. CyberSource also offers industry leading risk management solutions for merchants accepting card-not-present transactions. CyberSource Professional Services designs, integrates, and optimizes commerce transaction processing systems. Approximately 238,000 businesses use CyberSource solutions, including half the companies comprising the Dow Jones Industrial Average. The company is headquartered in Mountain View, California, and has sales, service, and development offices in Japan, the United Kingdom, and other locations in the United States including Bellevue, Washington, American Fork, Utah and Austin, Texas. For more information on CyberSource please visit http://www.cybersource.com/ or email info@cybersource.com. For more information on Authorize.Net small business solutions, please visit http://www.authorize.net/ or email sales@authorize.net.

GAAP versus non-GAAP Results and Guidance

In addition to financial results presented on a GAAP basis, the company has provided non-GAAP measures of gross profit, operating expenses, net income and earnings per share, which are adjusted to exclude certain non-cash items. For purposes of this release, non-GAAP gross profit, operating expenses, net income and earnings per share exclude stock based compensation expense under SFAS 123R, the non-cash portion of the income tax provision, a reduction in the deferred tax asset allowance, depreciation and amortization expense, and certain non-recurring items. A reconciliation of these historical GAAP to non-GAAP measures is attached with the financial statements. The company believes that presentation of non-GAAP financial measures may provide investors with additional meaningful and relevant financial information. Management believes the non-GAAP measures help indicate trends in the company's business, and management uses the non-GAAP measures to plan and forecast future periods. Non-GAAP information is not determined using GAAP and should not be considered superior to or as a substitute for GAAP measures or data prepared in accordance with GAAP. Furthermore, non-GAAP information may not be comparable across companies, as other companies may use different non-GAAP measures. The company does not provide guidance for certain financial measures such as depreciation and stock-based compensation expense, and, as a result, is not able to provide a reconciliation of GAAP and non-GAAP financial measures for forward-looking data. The company intends to calculate the various non-GAAP financial measures in future periods consistent with the methodology used in the three months ended June 30, 2008, as presented in this release.

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

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

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

CyberSource Corporation GAAP Condensed Consolidated Statements of Operations (In thousands, except per share data) (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2008 2007 2008 2007 Revenues $55,659 $ 22,893 $109,079 $45,018 Cost of revenues 27,558 12,417 53,386 24,333 Gross profit 28,101 10,476 55,693 20,685 Operating expenses: Product development 5,863 2,892 11,110 5,483 Sales and marketing 16,927 4,829 33,557 9,198 General and administrative 5,786 3,255 11,288 6,047 Total operating expense 28,576 10,976 55,955 20,728 Loss from operations (475) (500) (262) (43) Other income, net 92 19 239 72 Interest income 364 722 758 1,395 Income (loss) before income taxes (19) 241 735 1,424 Income tax provision 26 81 247 528 Net income (loss) $(45) $160 $488 $896 Basic net income per share $ - $- $0.01 $0.03 Diluted net income per share $ - $- $0.01 $0.02 Weighted average number of shares used in computing basic net income per share 69,217 35,276 69,014 35,144 Weighted average number of shares used in computing diluted net income per share 72,223 37,472 71,907 37,439 Non-GAAP Financial Metrics: Gross profit $31,048 $ 11,022 $61,418 $21,760 Operating expenses $20,202 $9,304 $39,509 $17,726 Net income $11,290 $2,445 $22,804 $5,466 Basic net income per share $0.16 $0.07 $0.33 $0.16 Diluted net income per share $0.16 $0.07 $0.32 $0.15 CyberSource Corporation Reconciliation of GAAP to Non-GAAP Financial Measures (In thousands, except per share data) (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2008 2007 2008 2007 GAAP gross profit $28,101 $10,476 $55,693 $20,685 Add FAS123R expense 407 198 747 380 Add depreciation expense 1,090 326 2,078 651 Add amortization of intangible assets 1,450 22 2,900 44 Non-GAAP gross profit $31,048 $11,022 $61,418 $21,760 GAAP operating expenses $28,576 $10,976 $55,955 $20,728 Less FAS123R expense (2,185) (1,554) (4,037) (2,763) Less depreciation expense (459) (106) (832) (215) Less amortization of intangible assets (5,718) (12) (11,436) (24) Less non-recurring charges (12) - (141) - Non-GAAP operating expenses $20,202 $9,304 $39,509 $17,726 GAAP net income (loss) $(45) $160 $488 $896 Add FAS123R expense 2,592 1,752 4,784 3,143 Add non-cash tax provision 14 67 145 493 Add depreciation expense 1,549 432 2,910 866 Add amortization of intangible assets 7,168 34 14,336 68 Add non-recurring charges 12 - 141 - Non-GAAP net income $11,290 $2,445 $22,804 $ 5,466 GAAP basic net income per share $- $ - $0.01 $0.03 Add FAS123R expense 0.04 0.05 0.07 0.09 Add non-cash tax provision - - - 0.02 Add depreciation expense 0.02 0.02 0.04 0.02 Add amortization of intangible assets 0.10 - 0.21 - Add non-recurring charges - - - - Non-GAAP basic net income per share $0.16 $0.07 $0.33 $0.16 GAAP diluted net income per share $- $ - $0.01 $0.02 Add FAS123R expense 0.04 0.05 0.07 0.09 Add non-cash tax provision - - - 0.02 Add depreciation expense 0.02 0.02 0.04 0.02 Add amortization of intangible assets 0.10 - 0.20 - Add non-recurring charges - - - - Non-GAAP diluted net income per share $0.16 $0.07 $0.32 $0.15 CyberSource Corporation Condensed Consolidated Balance Sheets (In thousands) (Unaudited) June 30, December 31, 2008 2007 Assets Current assets: Cash and cash equivalents $64,646 $40,393 Accounts receivable, net 15,555 15,503 Prepaid expenses and other current assets 4,371 4,189 Deferred income taxes 3,596 3,596 Total current assets 88,168 63,681 Property and equipment, net 13,028 10,664 Intangible assets, net 143,980 158,316 Goodwill 291,342 291,456 Non-current deferred income taxes 9,773 9,773 Other non-current assets 2,600 2,341 Restricted cash 1,537 1,516 Total assets $550,428 $ 537,747 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $1,268 $613 Funds due to merchants 11,974 11,399 Other accrued liabilities 14,821 14,297 Deferred revenue 4,154 3,772 Accrued restructuring 389 904 Total current liabilities 32,606 30,985 Deferred revenue, less current portion 874 493 Accrued restructuring, less current portion 798 860 Other non-current tax liabilities 2,281 2,195 Total liabilities 36,559 34,533 Total stockholders' equity 513,869 503,214 Total liabilities and stockholders' equity $550,428 $537,747 CyberSource Corporation Consolidated Statements of Cash Flows (In thousands, except per share data) (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2008 2007 2008 2007 CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $(45) $160 $488 $896 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Amortization expense 7,168 34 14,336 68 Depreciation expense 1,549 432 2,910 866 Income on investment in joint venture (49) (37) (99) (83) Stock-based compensation 2,592 1,752 4,784 3,143 Loss on disposal of property and equipment - 8 - 8 Changes in operating assets and liabilities: Accounts receivable (737) (563) (52) (1,221) Prepaid expenses and other current assets (228) (474) (182) (771) Deferred income taxes (227) 67 - 493 Other non-current assets (93) 6 (67) 53 Accounts payable 63 (80) 655 (46) Accrued liabilities 2,513 1,582 (53) 1,695 Funds due to merchants (272) - 575 - Deferred revenue 194 (26) 763 45 Other long-term tax liabilities 44 - 86 - Net cash provided by operating activities 12,472 2,861 24,144 5,146 CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property and equipment (2,173) (337) (5,274) (812) Purchases of short-term investments - (21,085) - (35,868) Maturities of short-term investments - 20,265 - 36,331 Net cash used in investing activities (2,173) (1,157) (5,274) (349) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of common stock 3,685 1,193 5,386 2,163 Repurchase of common stock - (363) - (363) Net cash provided by financing activities 3,685 830 5,386 1,800 Effect of exchange rate changes on cash (23) 110 (3) 99 Increase in cash and cash equivalents 13,961 2,644 24,253 6,696 Cash and cash equivalents at beginning of period 50,685 25,753 40,393 21,701 Cash and cash equivalents at end of period $64,646 $28,397 $64,646 $28,397

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

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

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

Bookham Fiscal 2008 Fourth Quarter Revenue Up 39% Year-Over-Year

SAN JOSE, Calif., July 24 /PRNewswire-FirstCall/ -- Bookham, Inc. , a leading provider of optical components, modules and subsystems, today announced financial results for its fourth quarter and fiscal year ended June 28, 2008.

Fourth Quarter Fiscal 2008 GAAP Results

Revenue for the fourth quarter of fiscal 2008 was $62.6 million, an increase of 39 percent from $45.1 million in the fourth quarter of fiscal 2007 and 5 percent over the third quarter of fiscal 2008.

Gross margin in the fourth quarter was 22 percent, up 6 percentage points from 16 percent in the same quarter last year. Gross margin was 22 percent last quarter. Fourth quarter fiscal 2008 net loss, which included a $3.8 million one-time gain on a legal settlement, was $1.9 million, or net loss of $0.02 per share. This compares with a net loss of $13.6 million, or a net loss of $0.17 per share, in the fourth quarter last year, and a net loss of $5.4 million, or a net loss of $0.05 per share, last quarter.

Cash, cash equivalents, short term investments and restricted cash at the end of June 2008 were $51.9 million, compared with $54.7 million at the end of the last quarter.

Fourth Quarter Fiscal 2008 Non-GAAP Results

Adjusted EBITDA for the fourth quarter of fiscal 2008 was negative $0.7 million, an improvement of approximately $5.3 million when compared with Adjusted EBITDA of negative $6.0 million in the fourth quarter of fiscal 2007. Adjusted EBITDA in the third quarter of fiscal 2008 was negative $1.1 million.

Non-GAAP gross margin of 23 percent, which excludes stock compensation expense of $0.6 million, represents an increase of 6 percentage points from 17 percent in the fourth quarter of fiscal 2007. Non-GAAP gross margin last quarter was 23 percent.

Non-GAAP net loss of $1.5 million, or $0.01 per share for the fourth quarter of fiscal 2008, compares with a non-GAAP net loss of $10.8 million, or net loss of $0.13 per share, in the fourth quarter of fiscal 2007, and a non-GAAP net loss of $3.4 million, or a net loss of $0.03 per share, in the prior quarter. A reconciliation table of non-GAAP measures to the most comparable GAAP measures is included in the financial tables section of this release and further discussion of these measures is also included later in this release.

Non-cash stock and option-based compensation expense for the fourth quarters of fiscal 2008 and fiscal 2007, and the third quarter of fiscal 2008, were $3.2 million, $1.2 million and $1.2 million, respectively.

Fiscal 2008 Financial Results

Fiscal 2008 revenue was $235.5 million, compared with $202.8 million in fiscal 2007. GAAP net loss was $23.4 million, or a net loss of $0.25 per share, for fiscal 2008. This compares with a GAAP net loss of $82.2 million, or a net loss of $1.17 per share, for the prior year. Adjusted EBITDA for fiscal 2008 of negative $3.9 million is an improvement when compared with negative Adjusted EBITDA of $38.1 million in fiscal 2007.

"We are proud of our turnaround and our growth momentum. We continue to gain market share in tunable products. Also, our Indium Phosphide chip technology is rapidly becoming the preferred choice for tunable applications, in particular in 40Gb solutions," said Alain Couder, president and CEO of Bookham, Inc. "We plan to align our capital spending to fulfill increasing demand in these key growth markets. We believe our non-GAAP operating income and our cash flow from operations, prior to any capital spending, will be positive in the December 2008 quarter."

First Quarter Fiscal 2009 Outlook

For the first quarter of fiscal 2009, ending September 27, 2008, excluding restructuring and other non-recurring charges, the Company expects:

-- Revenue in the range of $64 million to $68 million -- Non-GAAP gross margin between 22 percent and 26 percent, which excludes stock compensation and one-time costs related to the transfer of San Jose photonics operations to Shenzhen, China -- Adjusted EBITDA of negative $2.0 million to positive $2.0 million

The forecasts provided are based on current expectations. These statements are forward looking, and actual results may differ materially. Please see the Safe Harbor Statement in this release for a description of certain important risk factors that could cause actual results to differ, and refer to Bookham's most recent annual and quarterly reports on file with the Securities and Exchange Commission (SEC) for a more complete description of the risks. Furthermore, our outlook excludes items that may be required by GAAP, such as restructuring and related costs, acquisition or disposal related costs, expenses or income from certain legal actions, settlements and related costs outside our normal course of business, impairments of goodwill and other long-lived assets for which the likelihood and amounts are not determinable at this time, extraordinary items, as well as the expensing of stock options and restricted stock grants under SFAS 123R.

Conference Call

Bookham will report financial results for the fourth quarter and fiscal year 2008 on Thursday, July 24, 2008 at 1:30 p.m. PT/4:30 p.m. ET. To listen to the live conference call, please dial (480) 629-9031. A replay of the conference call will be available through July 31, 2008. To access the replay, dial 1-303-590-3030. The conference code for the replay is 3896355. A webcast of this call will be available in the investors section of Bookham's website at http://www.bookham.com/.

About Bookham

Bookham, Inc. is a leading provider of high performance optical products, spanning from components to advanced subsystems. The company designs and manufactures a broad range of solutions tailored for the telecommunications optical infrastructure and other selected markets, including industrial, life sciences, semiconductor, and scientific. The Company utilizes proprietary core technologies and a vertically integrated manufacturing organization to provide its customers with cost-effective and innovative devices, as well as flexible, scalable product delivery. Bookham is a global company, headquartered in San Jose, Calif., with leading edge chip fabrication facilities in the UK and Switzerland, and manufacturing sites in the USA and China.

Bookham and all other Bookham, Inc. product names and slogans are trademarks or registered trademarks of Bookham, Inc. in the USA or other countries.

Safe Harbor Statement

Any statements in this announcement about the future expectations, plans or prospects of Bookham, including statements containing the words "believe," "plan," "anticipate," "expect," "estimate," "will," "should," "ongoing," and similar expressions and including references to operating income and cash flow from operations, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. There are a number of important factors that could cause actual results or events to differ materially from those indicated by such forward-looking statements, including factors described in Bookham's most recent annual report on Form 10-K and most recent quarterly reports on Form 10-Q. These include continued demand for optical components, changes in inventory and product mix, no further degradation in the exchange rate of the United States dollar relative to U.K, China and Switzerland currencies, and the continued ability of the Company to maintain requisite financial resources. The forward-looking statements included in this announcement represent Bookham's view as of the date of this release. Bookham anticipates that subsequent events and developments may cause Bookham's views to change. However, Bookham disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this release. Those forward-looking statements should not be relied upon as representing Bookham's views as of any date subsequent to the date of this announcement.

Non-GAAP Financial Measures

To provide investors with the opportunity to use the same financial metrics as management to evaluate the Company's performance, the Company provides certain supplemental non-GAAP financial measures, including: 1) non-GAAP net loss excluding non-cash stock and option-based compensation, charges such as impairment, and restructuring, income taxes, and expenses or income from certain legal actions, settlements and related costs outside the ordinary course of business; 2) a measure of Adjusted EBITDA, that also excludes these charges, plus the impact of net interest income/expense, depreciation and amortization, and net foreign currency translation gain/loss; and 3) non-GAAP operating loss that excludes amortization of intangible assets, non-cash stock and option-based compensation, charges such as impairment and restructuring, and expenses or income from certain legal actions, settlements and related costs outside the normal course of business; to provide investors with the opportunity to use the same financial metrics as management to evaluate the Company's performance. Bookham also believes these non-GAAP measures enhance the comparability and transparency of results for the periods reported. These measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results.

Non-GAAP Net Loss

Non-GAAP net loss is calculated as net loss excluding the impact of restructuring and severance costs, non-cash compensation related to stock and options granted to employees and directors, impairment charges and certain other one-time charges and credits specifically identified where applicable. The Company evaluates its performance using, among other things, non-GAAP net loss in evaluating the Company's historical and prospective operating financial performance, as well as its operating performance relative to its competitors. Specifically, management uses this non-GAAP measure to further understand the Company's "core operating performance." The Company believes its "core operating performance" represents the Company's on-going performance in the ordinary course of its operations. Accordingly, management excludes from "core operating performance" those items, such as impairment charges, income taxes, restructuring and severance programs and costs relating to specific major projects which are non-recurring, expenses or income from certain legal actions, settlements and related costs, as well as non-cash compensation related to stock and options. Management does not believe these items are reflective of the Company's ongoing operations and accordingly excludes those items from non-GAAP net loss.

The Company believes that providing non-GAAP net loss to its investors, in addition to corresponding income statement measures, provides investors the benefit of viewing the Company's performance using the same financial metrics that the management team uses in making many key decisions and understanding how the core business and its results of operations may look in the future. The Company further believes that providing this information allows the Company's investors greater transparency and a better understanding of the Company's core financial performance. Additionally, non-GAAP net loss has historically been presented by the Company as a complement to net loss, thus increasing the consistency and comparability of the Company's earnings releases. The non-GAAP adjustments, and the basis for excluding them, are discussed further below.

A pro-forma subtotal within the Company's determination of non-GAAP net loss specifically excludes from the Company's net loss the non-cash compensation related to stock and options granted to employees and directors under SFAS 123R - Share-Based Payment. Management uses this non-GAAP information to compare this specific non-cash expense with similar expenses of competitors and other companies.

Non-GAAP financial measures are not in accordance with, or an alternative for, generally accepted accounting principles in the United States. Non-GAAP net loss should not be considered in isolation from or as a substitute for financial information presented in accordance with generally accepted accounting principles, and may be different from non-GAAP net loss used by other companies. The GAAP measure most directly comparable to non-GAAP net loss is net loss. A reconciliation of non-GAAP net loss to net loss is set forth in the schedules below.

Adjusted EBITDA

Adjusted EBITDA is calculated as net loss excluding the impact of taxes, net interest income/expense, depreciation and amortization, net foreign currency translation gains/losses, as well as restructuring and severance, impairment, non-cash compensation related to stock and options, expenses or income from certain legal actions, settlements and related costs outside our normal course of business, and certain other one-time charges and credits specifically identified where applicable. The Company uses Adjusted EBITDA in evaluating the Company's historical and prospective cash usage, as well as its cash usage relative to its competitors. Specifically, management uses this non-GAAP measure to further understand and analyze the cash used in/generated from the Company's core operations. The Company believes that by excluding these non-cash and non-recurring charges, more accurate expectations of our future cash needs can be assessed in addition to providing a better understanding of the actual cash used in or generated from core operations for the periods presented. Management does not believe the excluded items are reflective of the Company's ongoing operations and accordingly excludes those items from Adjusted EBITDA. The Company believes that providing Adjusted EBITDA to its investors, in addition to corresponding GAAP cash flow measures, provides investors the benefit of viewing the Company's performance using the same financial metrics that the management team uses in making many key decisions that impact the Company's cash position and understanding how the cash position may look in the future. The Company further believes that providing this information allows the Company's investors greater transparency and a better understanding of the Company's core cash position.

Non-GAAP financial measures are not in accordance with, or an alternative for, generally accepted accounting principles (GAAP) in the United States. Adjusted EBITDA should not be considered in isolation from or as a substitute for financial information presented in accordance with generally accepted accounting principles, and may be different from non-GAAP measures used by other companies. The GAAP measure most directly comparable to Adjusted EBITDA is net loss. A reconciliation of Adjusted EBITDA to GAAP net loss is set forth in the financial schedules section below.

Non-GAAP Operating Loss

Non-GAAP operating loss is calculated as operating loss excluding the impact of amortization of intangible assets in connection with the purchase accounting for its acquisition of numerous companies and businesses prior to its fiscal year ended July 3, 2004, restructuring and severance costs, non- cash compensation related to stock and options granted to employees and directors, impairment charges, and certain other one-time charges and credits specifically identified where applicable. The Company evaluates its performance using, among other things, non-GAAP operating loss in evaluating the Company's historical and prospective operating financial performance, as well as its operating performance relative to its competitors. Specifically, management uses this non-GAAP measure to further understand the Company's "core operating performance." The Company believes its "core operating performance" represents the Company's on-going performance in the ordinary course of its operations. Accordingly, management excludes from "core operating performance" those items such as restructuring and severance programs and costs relating to specific major projects which are non- recurring, expenses or income from certain legal actions, settlements and related costs outside our normal course of business, impairment charges, as well as non-cash compensation related to stock and options. Management does not believe these items are reflective of the Company's ongoing operations and accordingly excludes those items from non-GAAP operating loss.

The Company believes that providing non-GAAP operating loss to its investors, in addition to corresponding income statement measures, provides investors the benefit of viewing the Company's performance using the same financial metrics that the management team uses in making many key decisions and understanding how the core business and its results of operations may look in the future. The Company further believes that providing this information allows the Company's investors greater transparency and a better understanding of the Company's core financial performance. The non-GAAP adjustments, and the basis for excluding them, are discussed further below.

A pro-forma subtotal within the Company's determination of non-GAAP operating loss specifically excludes from the Company's operating loss the non-cash compensation related to stock and options granted to employees and directors under SFAS 123R - Share-Based Payment. Management uses this non- GAAP information to compare this specific non-cash expense with similar expenses of competitors and other companies.

Non-GAAP financial measures are not in accordance with, or an alternative for, generally accepted accounting principles in the United States. Non-GAAP net loss should not be considered in isolation from or as a substitute for financial information presented in accordance with generally accepted accounting principles, and may be different from non-GAAP operating loss used by other companies. The GAAP measure most directly comparable to non-GAAP operating loss is net loss. A reconciliation of non-GAAP net loss to net loss is set forth in the schedules below.

Furthermore, similar non-GAAP measures have historically been presented by the Company as a complement to its GAAP presentation. The non-GAAP adjustments, and the basis for excluding them, are discussed further below.

Restructuring and Severance Activities

The Company has incurred expenses, which are included in its GAAP statement of operations, primarily due to the write-down of certain property and equipment that has been identified for disposal, workforce related charges such as retention bonuses, severance, benefits and employee relocation costs related to formal restructuring plans, termination costs and building costs for facilities not required for ongoing operations, and costs related to the relocation of certain facilities and equipment from buildings which the Company has disposed of or plans to dispose of. The Company excludes these items, for the purposes of calculating non-GAAP net loss, Adjusted EBITDA and non-GAAP operating loss, when it evaluates the continuing operational performance of the Company. The Company does not believe that these items reflect expected future operating expenses nor does it believe that they provide a meaningful evaluation of current versus past core operational performance.

Certain Legal Actions, Settlement and Related Costs

In the current quarter, the Company has recorded a gain, net of costs incurred, related to the settlement of a legal action against a third party in connection with land sold by the Company in 2006, and in prior periods expenses related to the legal costs and settlement of a different on-going litigation, net of insurance recoveries, both of which are included in its GAAP statement of operations. The Company excludes these items for the purposes of calculating non-GAAP net loss, Adjusted EBITDA and non-GAAP operating loss when it evaluates the continuing performance of the Company. The Company does not believe that these items reflect expected future expenses nor does it believe they provide a meaningful evaluation of current versus past core operational performance.

Amortization of Intangible Assets

In connection with the purchase accounting for its acquisition of numerous companies and businesses prior to its July 3, 2004 fiscal year end, the Company recorded intangible assets which are being amortized to operating expenses over their useful lives. The Company excludes the amortization of intangible assets for the purposes of calculating non-GAAP operating loss and Adjusted EBITDA when it evaluates the continuing core operational performance of the Company. The Company believes that these items do not reflect expected future operating expenses nor does the Company believe that they provide a meaningful evaluation of current versus past core operational performance.

Impairment of Goodwill, Intangibles and other Long-Lived Assets

GAAP requires the Company to compare the fair value of its long-lived assets to their carrying amount on the Company's financial statements. If the carrying amount is greater than its fair value, then an impairment must be recognized in the GAAP presentation, and included as a charge to earnings in the statement of operations. In particular this is the case regarding businesses acquired by the Company. If the carrying amount of the acquired businesses, including recorded goodwill, is greater than its fair value, then an impairment of the goodwill must be recognized in the GAAP presentation, and included as a charge to earnings in the Company's statement of operations. The Company excludes the impairment of long-lived assets, for the purposes of calculating non-GAAP net loss, Adjusted EBITDA and non-GAAP operating loss, when it evaluates the continuing core operational performance of the Company. The Company believes that these items do not reflect expected future operating expenses nor does the Company believe that they provide a meaningful evaluation of current versus past core operational performance.

Foreign Currency Translation Gains/Losses

The Company records gains and losses related to the translation of intercompany balances denominated in currencies other than the functional currencies of the Company's local legal entities, the translation of certain other ending balance sheet accounts denominated in currencies other than the function currencies of the Company's local legal entities, and contracts entered into to mitigate the exposure to these translation gains and losses. The Company excludes this item, for the purposes of calculating Adjusted EBITDA, when it evaluates the cash usage and prospective cash usage of the Company. Management does not believe this excluded item is reflective of its ongoing operations.

Non-GAAP financial measures are not in accordance with, or an alternative for, generally accepted accounting principles in the United States of America. Non-GAAP measures should not be considered in isolation from or as a substitute for financial information presented in accordance with generally accepted accounting principles, and may be different from non-GAAP measures used by other companies. The GAAP measure most directly comparable to non-GAAP net loss is net loss. The GAAP measure most directly comparable to Adjusted EBITDA is net loss. The GAAP measure most directly comparable to non-GAAP operating loss is operating loss. A reconciliation of each of these non-GAAP financial measures to GAAP information is set forth below.

BOOKHAM, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) June 28, March 29, 2008 2008 (unaudited) (unaudited) ASSETS Current assets: Cash and cash equivalents $32,863 $39,363 Short-term investments 17,845 14,066 Restricted cash 1,154 1,320 Accounts receivable, net 45,665 45,620 Inventories 59,612 58,615 Prepaid expenses and other current assets 6,007 4,288 Total current assets 163,146 163,272 Goodwill 7,881 7,881 Other intangible assets, net 7,829 8,179 Property and equipment, net 32,962 34,133 Other assets 272 338 Total assets $212,090 $213,803 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $21,501 $20,453 Bank loan payable - 2,000 Accrued expenses and other liabilities 20,789 20,289 Total current liabilities 42,290 42,742 Other long-term liabilities 1,336 1,411 Deferred gain on sale leaseback 19,402 19,985 Total liabilities 63,028 64,138 Stockholders' equity: Common stock 1,007 1,007 Additional paid-in capital 1,163,598 1,160,491 Accumulated other comprehensive income 44,036 45,847 Accumulated deficit (1,059,579) (1,057,680) Total stockholders' equity 149,062 149,665 Total liabilities and stockholders' equity $212,090 $213,803 BOOKHAM, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) (unaudited) Three Months Ended June 28, March 29, June 30, 2008 2008 2007 Net revenues $62,550 $59,703 $45,106 Cost of revenues 48,731 46,320 37,733 Gross profit 13,819 13,383 7,373 Operating expenses: Research and development 8,203 7,570 9,154 Selling, general and administrative 12,742 11,711 10,837 Amortization of intangibles 622 667 1,956 Restructuring and severance charges 1,020 672 1,872 (Recovery)/impairment of long-lived assets - - (280) Certain legal actions, settlements and related costs (3,813) 54 - Gain on sale of property and equipment and other assets (250) (596) (2,185) Total operating expenses 18,524 20,078 21,354 Operating loss (4,705) (6,695) (13,981) Other income/(expense), net 2,841 1,312 389 Loss before income taxes (1,864) (5,383) (13,592) Income tax (provision)/benefit (35) (17) (22) Net loss $(1,899) $(5,400) $(13,614) Basic and diluted loss per share: Net loss per share $(0.02) $(0.05) $(0.17) Weighted average shares of common stock outstanding (basic and diluted) 99,604 99,316 82,454 Stock based compensation included in the following: Cost of revenues $560 $380 $249 Research and development 712 243 376 Selling, general and administrative 1,897 611 603 Total $3,169 $1,234 $1,228 BOOKHAM, INC. RECONCILIATION OF GAAP NET LOSS TO CERTAIN NON-GAAP MEASURES (in thousands, except per share amounts) (unaudited) Three Months Ended June 28, 2008 March 29, 2008 Net Adjusted Operating Net Adjusted Operating Loss EBITDA Loss Loss EBITDA Loss GAAP net loss $(1,899) $(1,899) n/a $(5,400) $(5,400) n/a GAAP operating loss n/a n/a $(4,705) n/a n/a $(6,695) Stock compensation 3,169 3,169 3,169 1,234 1,234 1,234 Pro forma 1,270 1,270 (1,536) (4,166) (4,166) (5,461) Adjustments: Depreciation expense - 2,985 - - 2,966 - Amortization expense - 622 622 - 667 667 Income tax provision, net 35 35 - 17 17 - Interest income, net - (114) - - (305) - Foreign currency (gain)/losses, net - (2,723) - - (995) - Restructuring and severance charges 1,020 1,020 1,020 672 672 672 Certain legal actions, settlements and related costs (3,813) (3,813) (3,813) 54 54 54 Non-GAAP measures $(1,488) $(718) $(3,707) $(3,423) $(1,090) $(4,068) Non-GAAP measures per share (basic and diluted) $(0.01) $(0.01) $(0.04) $(0.03) $(0.01) $(0.04) Weighted average shares of common stock outstanding (basic and diluted) 99,604 99,604 99,604 99,316 99,316 99,316

Bookham, Inc.

CONTACT: Jim Fanucchi of Summit IR Group Inc., +1-408-404-5400,
ir@bookham.com, for Bookham, Inc.; or Steve Abely, Chief Financial Officer of
Bookham, Inc., +1-408-383-1400, ir@bookham.com

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

Plexus Announces Q3 Revenue of $456 Million and EPS of $0.41Initiates Q4 Revenue Guidance of $470 - $490 Million

NEENAH, Wis., July 24 /PRNewswire-FirstCall/ -- Plexus Corp. today announced:

-- Q3 Fiscal 2008 Results: Revenue for the fiscal 3rd quarter ended June 28, 2008 was $456 million with diluted GAAP EPS of $0.41, including $0.03 per share of stock-based compensation expense.

-- Q4 Fiscal 2008 Guidance: The Company established fiscal 4th quarter revenue guidance of $470 to $490 million with EPS, excluding any restructuring charges, in the range of $0.42 to $0.46, including approximately $0.05 per share of stock-based compensation expense.

Dean Foate, President and CEO, commented, "We are very pleased with our 3rd quarter results, with return on invested capital (ROIC) for the quarter of 21%, revenue of $456 million, exceeding our guidance, and EPS of $0.41 at the top end of our guidance range. Sequentially strong performance in our Wireline/Networking and Medical sectors offset a modest decline in our Industrial/Commercial sector and an anticipated $26 million reduction in revenue from our large un-named defense program. Excluding this defense program, revenue grew by a healthy 7.3% sequentially in Q3. We are establishing Q4 revenue guidance of $470 to $490 million. This implies a very strong finish to fiscal 2008, with full-year revenue growth above 19% at the mid-point of the guidance range."

"We are mindful of concerns about the economy and potential impacts on our customers and their end-market demand" Foate continued, "which could impact our ability to achieve our fourth quarter and full year targets and could affect our outlook for fiscal 2009. Despite those concerns, we are pleased by the strong overall performance projected for fiscal 2008."

Ginger Jones, Chief Financial Officer, added "Our gross and operating margins were 10.7% and 4.9%, respectively, for the third quarter, a strong result and consistent with our 20-10-5 financial model (20% ROIC target, 10% gross margin target and 5% operating margin target)."

"We are also pleased to announce that our $200 million share repurchase plan was completed at an average price of $26.87." Jones continued, "The $100 million accelerated share repurchase program was completed in April 2008, resulting in the repurchase of 3.8 million shares at an average price of $26.51. The remaining $100 million open market share repurchase was completed earlier this month and resulted in the repurchase of 3.7 million shares at an average price of $27.25. These repurchases successfully complete the financial recapitalization that was announced on February 25, 2008; we believe that the combination of a moderate amount of debt and returning excess cash to shareholders through the share repurchase program positions us to create significant shareholder value."

Foate concluded, "Our continued strategic focus is to be the best EMS company in the world at serving customers with products in the mid- to low- volume, higher-mix segment of the market. We expect to continue to make prudent investments to service our customers, such as: the modest expansions previously announced in North America, ongoing strategies to add additional footprint in China and our desire to establish our first regional presence in Central/Eastern Europe. While we expand, we are carefully evaluating the value proposition and long-term viability of each of our United States manufacturing locations to ensure we optimize capacity to deliver intelligent, profitable growth that generates ROIC in excess of our weighted average cost of capital."

Plexus provides non-GAAP supplemental information. Non-GAAP income statements exclude transactions that are not expected to have an effect on future operations. Such transactions include restructuring costs, as well as the establishment or reduction of the valuation allowance for deferred tax assets. We also provide comparisons excluding our large un-named defense program to facilitate understanding of trends in the balance of our business, due to the episodic nature of orders for that program. These non-GAAP financial data are provided to facilitate meaningful period-to-period comparisons of underlying operational performance by eliminating infrequent or unusual charges. Similar non-GAAP financial measures, including ROIC, are used for internal management assessments because such measures provide additional insight into ongoing financial performance. In particular, we provide ROIC because we believe it offers insight into the metrics that are driving management decisions as well as management's performance under the tests which it sets for itself. Please refer to the attached reconciliations of non-GAAP supplemental data.

MARKET SECTOR BREAKOUT

Plexus reports revenue based on the market sector breakout set forth in the table below, which reflects the Company's sales and marketing focus.

Market Sector Q2 - F08 Q3 - F08 Wireline/Networking $193 M 43% $215 M 47% Wireless Infrastructure $42 M 9% $41 M 9% Medical $92 M 20% $99 M 22% Industrial/Commercial $74 M 17% $72 M 16% Defense/Security/ Aerospace * $50 M 11% $29 M 6% Total Revenue $451 M $456 M * The Defense / Security / Aerospace Sector includes revenue from a large, un-named defense program of $27 million in Q2 F08 and $1 million in Q3 F08. FISCAL Q3 HIGHLIGHTS -- ROIC for the third fiscal quarter was 21%. The Company defines quarterly ROIC as tax-effected operating income, divided by average capital employed over a rolling four quarter period. Capital employed is defined as equity plus debt, less cash and cash equivalents and short-term investments. In periods including restructuring charges we also compute adjusted ROIC excluding restructuring costs to better compare ongoing operations. -- Cash flow provided by operations was approximately $4.6 million for the quarter. -- Top 10 customers comprised 62% of revenue during the quarter, up 2 percentage points from the previous quarter. -- Juniper Networks Inc., with 23% of revenue, was the only customer representing 10% or more of revenue for the quarter. -- Capital expenditures for the quarter were $14.0 million. -- Cash Conversion Cycle: Cash Conversion Cycle Q2 - F08 Q3 - F08 Days in Accounts Receivable 46 Days 48 Days Days in Inventory 72 Days 77 Days Days in Accounts Payable (58) Days (57) Days Annualized Cash Cycle 60 Days 68 Days Conference Call/Webcast and Replay Information: What: Plexus Corp.'s Fiscal Q3 Earnings Conference Call When: Friday, July 25th at 8:30 a.m. Eastern Time Where: 888-693-3477 or 973-582-2710 with conference ID: 53533515 http://www.videonewswire.com/PLXS/072508/ (requires Windows Media Player) Replay: The call will be archived until August 1, 2008 at noon Eastern Time http://www.videonewswire.com/PLXS/072508/or via telephone replay at 800-642-1687 or 706-645-9291 PIN: 53533515 For further information, please contact: Ginger Jones, VP and Chief Financial Officer 920-751-5487 or ginger.jones@plexus.com About Plexus Corp. -- The Product Realization Company

Plexus (http://www.plexus.com/) is an award-winning participant in the Electronics Manufacturing Services (EMS) industry, providing product design, supply chain and materials management, manufacturing, test, fulfillment and aftermarket solutions to branded product companies in the Wireline/Networking, Wireless Infrastructure, Medical, Industrial/Commercial and Defense/Security/Aerospace market sectors.

The Company's unique Focused Factory manufacturing model and global supply chain solutions are strategically enhanced by value-added product design and engineering services. Plexus specializes in mid- to low-volume, higher-mix customer programs that require flexibility, scalability, technology and quality.

Plexus provides award-winning customer service to more than 100 branded product companies in North America, Europe and Asia.

Safe Harbor and Fair Disclosure Statement

The statements contained in this release which are guidance or which are not historical facts (such as statements in the future tense and statements including "believe," "expect," "intend," "plan," "anticipate," "goal," "target" and similar terms and concepts), including all discussions of periods which are not yet completed, are forward-looking statements that involve risks and uncertainties, including, but not limited to: the economic performance of the electronics, technology and defense industries; the risk of customer delays, changes or cancellations in both ongoing and new programs; the poor visibility of future orders in the defense market sector and the uncertainty of defense appropriations and spending; the effects of the volume of revenue from certain sectors or programs on our margins in particular periods; our ability to secure new customers and maintain its current customer base; the risks of concentration of work for certain customers; material cost fluctuations and the adequate availability of components and related parts for production; the effect of changes in average selling prices; the effect of start-up costs of new programs and facilities, including our recent and planned expansions; the adequacy of restructuring and similar charges as compared to actual expenses; the degree of success and the costs of efforts to improve the financial performance of our Mexican operations and the outcome of our review of our other North American footprint; possible unexpected costs and operating disruption in transitioning programs; the costs and inherent uncertainties of pending litigation; market reaction to the recently completed share repurchase program; the effect of general economic conditions and world events (such as increases in oil prices, terrorism and war in the Middle East); the impact of increased competition; and other risks detailed in the Company's Securities and Exchange Commission filings (particularly in Part II, Item 1A of our quarterly report on Form 10-Q for the quarter ended March 29, 2008).

PLEXUS CORP. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (unaudited) Three Months Ended Nine Months Ended June 28, June 30, June 28, June 30, 2008 2007 2008 2007 Net sales $456,352 $379,574 $1,365,651 $1,120,584 Cost of sales 407,520 341,052 1,209,714 1,010,765 Gross profit 48,832 38,522 155,937 109,819 Operating expenses: Selling and administrative expenses 26,350 20,169 73,965 61,087 Restructuring costs - - - 932 26,350 20,169 73,965 62,019 Operating income 22,482 18,353 81,972 47,800 Other income (expense): Interest expense (2,262) (741) (3,720) (2,427) Interest income 1,827 2,264 6,365 6,728 Miscellaneous income (expense) (258) (451) (1,086) (1,082) Income before income taxes 21,789 19,425 83,531 51,019 Income tax expense 4,357 3,885 16,706 10,204 Net income $17,432 $15,540 $66,825 $40,815 Earnings per share: Basic $ 0.42 $ 0.34 $1.50 $0.88 Diluted $ 0.41 $ 0.33 $1.48 $0.87 Weighted average shares outstanding: Basic 41,962 46,336 44,674 46,291 Diluted 42,481 46,722 45,191 46,704 PLEXUS CORP. NON-GAAP SUPPLEMENTAL INFORMATION (in thousands, except per share data) (unaudited) Statements of Operations Three Months Ended Nine Months Ended June 28, June 30, June 28, June 30, 2008 2007 2008 2007 Net income - GAAP $17,432 $15,540 $66,825 $40,815 Add: Income tax expense 4,357 3,885 16,706 10,204 Income before income taxes - GAAP 21,789 19,425 83,531 51,019 Add: Restructuring costs* - - - 932 Income before income taxes and excluding restructuring costs - Non-GAAP 21,789 19,425 83,531 51,951 Income tax expense - Non-GAAP 4,357 3,885 16,706 10,390 Net income - Non-GAAP $17,432 $15,540 $66,825 $41,561 Earnings per share - Non-GAAP: Basic $0.42 $0.34 $1.50 $0.90 Diluted $0.41 $0.33 $1.48 $0.89 Weighted average shares outstanding: Basic 41,962 46,336 44,674 46,291 Diluted 42,481 46,722 45,191 46,704 * Summary of restructuring costs Restructuring costs: Severance costs $- $- $- $932 ROIC Calculation Nine Months Ended June 28, 2008 Operating income $81,972 Annualized operating income 109,296 Tax rate (excluding unusual charges) x 20% Tax impact - 21,859 Operating income (tax effected) 87,437 Average capital employed $416,088 ROIC 21.0% Average Capital Sept 29, 2007 Dec 29, 2007 Mar 29, 2008 Jun 29, 2008 Employed Equity $573,265 $604,792 $531,164 $472,846 Plus: Debt - current 1,720 1,815 1,581 1,638 Debt - non-current 25,082 24,681 24,456 174,132 Less: Cash and cash equiva- lents (154,109) (158,547) (144,165) (206,499) Short-term invest- ments (55,000) (54,500) - - $390,958 $418,241 $413,036 $442,117 $416,088 PLEXUS CORP. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except per share data) (unaudited) June 28, September 29, 2008 2007 ASSETS Current assets: Cash and cash equivalents $206,499 $154,109 Short-term investments - 55,000 Accounts receivable 241,099 230,826 Inventories 342,309 275,854 Deferred income taxes 14,888 12,932 Prepaid expenses and other 7,421 5,434 Total current assets 812,216 734,155 Property, plant and equipment, net 171,366 159,517 Goodwill, net 7,884 8,062 Deferred income taxes 2,399 2,310 Other 15,954 12,472 Total assets $1,009,819 $916,516 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Current portion of long-term debt and capital lease obligations $1,638 $1,720 Accounts payable 252,182 237,034 Customer deposits 22,267 10,381 Accrued liabilities: Salaries and wages 40,816 23,149 Other 29,886 34,755 Total current liabilities 346,789 307,039 Long-term debt and capital lease obligations, net of current portion 174,132 25,082 Other liabilities 14,874 9,372 Deferred income taxes 1,178 1,758 Shareholders' equity: Common stock, $.01 par value, 200,000 shares authorized, 46,677 and 46,402 shares issued, respectively, and 39,910 and 46,402 shares outstanding, respectively 467 464 Additional paid-in-capital 348,675 336,603 Common stock held in treasury, at cost, 6,767 shares and 0 shares, respectively (181,025) - Retained earnings 292,389 224,586 Accumulated other comprehensive income 12,340 11,612 Total shareholders' equity 472,846 573,265 Total liabilities and shareholders' equity $1,009,819 $916,516

Plexus Corp.

CONTACT: Ginger Jones, VP and Chief Financial Officer of Plexus Corp.,
+1-920-751-5487, ginger.jones@plexus.com

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

Tri-S Security Announces Second Quarter 2008 Financial Results and Conference Call

ATLANTA, July 24 /PRNewswire-FirstCall/ -- Tri-S Security Corp. , a provider of security services and equipment for government and private entities, announced today that it will report its 2008 second quarter earnings after the market close on August 12, 2008.

Ronald Farrell, Tri-S Security's President, will host a conference call to discuss the Company's financial results for the second quarter 2008. The live conference call will take place at 10:00 a.m. EDT on Wednesday 13 August, 2008. The conference call may be accessed by dialing 877-795-3635. Participants should ask for the Tri-S Security Second Quarter 2008 Financial Results conference call.

This call is being webcast by Thomson Financial and can be accessed at Tri-S Security's website at http://trissecurity.com/. The website may also be accessed at Thomson's website at http://earnings.com/. The webcast can be accessed through September 3, 2008 on either site. To access the webcast, you will need to have the Windows Media Player on your desktop. For the free download of the Media Player, please visit: http://www.microsoft.com/windows/windowsmedia/en/download/default.asp. (Due to its length, this URL may need to be copied/pasted into your Internet browser's address field. Remove the extra space if one exists.)

About Tri-S Security Corp.

Based in Atlanta, GA, Tri-S Security Corp. is a provider of security services and equipment for government and private entities spanning a wide range of industries. The government sector is serviced through its wholly-owned subsidiary Paragon Systems and the private sector through its subsidiary Cornwall Group. Security services include uniformed guards, electronic monitoring systems, personnel protection, access control, crowd control and the prevention of sabotage, terrorist and criminal activities. As a leading aggregator of elite security companies, Tri-S Security is designed to build a strong enterprise in which to service a unique customer base that ensures America's safety at home and work. Tri-S Security assumes responsibility for the marketing, infrastructure and overall operational performance for its subsidiaries. Tri-S Security's management leverages highly trained government officers, experienced industry leaders, proven financial executives and infrastructure experts to consolidate the fragmented security industry into one efficient and effective security force.

Forward-Looking Statements

This press release includes "forward-looking statements" within the meaning of the Federal securities laws. Forward-looking statements are commonly identified by such terms and phrases as "should", "expects", "plans", "anticipates", "believes", "estimates", "projects" and other terms with similar meaning indicating potential impact on our business. Although we believe that the assumptions upon which such forward-looking statements are based are reasonable, we can give no assurance that these assumptions will prove to be correct. Important factors that could cause actual results to differ materially from our projections and expectations are disclosed in our filings with the Securities and Exchange Commission, including the "Risk Factors" section set forth in our Annual Report on Form 10-K for the year ended December 31, 2006. All forward-looking statements in this press release are expressly qualified by such cautionary statements and by reference to their underlying assumptions. We do not undertake to publicly update the forward-looking statements contained herein to conform to actual results or changes in our expectations, whether as a results of new information, future events or otherwise. You may obtain and review our filings with the Securities and Exchange Commission by visiting http://www.sec.gov/.

Tri-S Security Corp.

CONTACT: Ron Farrell, President of Tri-S Security Corporation,
+1-678-808-1540

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

Global Payments Reports Fourth Quarter and Fiscal 2008 Earnings

ATLANTA, July 24 /PRNewswire/ --

Global Payments Inc. (NYSE: GPN) today announced results for its fourth quarter and fiscal year ended May 31, 2008. For the fourth quarter, revenues grew 23 percent to US$343.8 million compared to US$280.1 million in the prior year. Excluding the unfavorable impact of a non-recurring, non-cash foreign currency item and prior period restructuring and other charges, diluted earnings per share grew 21 percent to US$0.52 compared to US$0.43 in the prior year quarter.

(Logo: http://www.newscom.com/cgi-bin/prnh/20010221/ATW031LOGO )

For the fiscal year ended May 31, 2008, revenues grew 20 percent to US$1,274.2 million compared to US$1,061.5 million in the prior year. Excluding the favorable impact of a non-recurring, non-cash operating tax item, the unfavorable impact of a non-recurring, non-cash foreign currency item, and prior period restructuring and other charges, diluted earnings per share grew 12 percent to US$1.98 from US$1.77 in the prior year.

In accordance with GAAP, the current and prior fiscal year periods include restructuring and other charges, and the current fiscal year period includes the operating tax item and foreign currency item described above. These items are reflected in our GAAP diluted earnings per share amounts (see attached reconciliation schedule). For the three months and year ended May 31, 2008, GAAP diluted earnings per share were US$0.50 and US$2.01, respectively, compared to US$0.40 and US$1.75, respectively, in the prior year comparable periods.

Comments and Outlook

Chairman, President and CEO, Paul R. Garcia, stated, "Our merchant services segment delivered solid financial results for the fourth quarter and fiscal year 2008. We continue to successfully pursue our ongoing strategy of expanding our existing sales channels, increasing our international presence, and investing in our technology and people. We are also delighted to be joining forces once more with HSBC Bank plc in a merchant services joint venture in the U.K. Lastly, our money transfer segment rebounded to strong growth in the fourth quarter, as expected."

"For our fiscal 2009, we are providing annual revenue guidance of US$1,620 million to US$1,675 million. This revenue guidance reflects an expected 27 percent to 31 percent growth versus US$1,274.2 million in fiscal 2008. In addition, we are providing annual diluted earnings per share guidance of US$2.20 to US$2.30, or 11 percent to 16 percent growth versus US$1.98 in fiscal 2008(1). Our fiscal 2009 guidance excludes the impact of future significant acquisitions and restructuring and other charges," said Garcia.

Conference Call

Global Payments will hold a conference call today, July 24, 2008 at 5:00 p.m. ET to discuss financial results and business highlights. The conference call may be accessed by calling +1-888-221-9554 (U.S. and Canada) or +1-913-312-0963 (outside U.S. and Canada) and using a pass code of "GPN" for both numbers, or via Web cast at http://www.globalpaymentsinc.com . A replay of the call will be available on the Global Payments Web site through August 7, 2008.

(1) Fiscal 2008 diluted earnings per share was US$2.01 on a GAAP basis, which includes restructuring and other charges, a favorable operating tax item, and an unfavorable foreign currency item (see attached reconciliation schedule).

Global Payments Inc. (NYSE: GPN) is a leading provider of electronic transaction processing services for consumers, merchants, Independent Sales Organizations (ISOs), financial institutions, government agencies and multi-national corporations located throughout the United States, Canada, Latin America, Europe, the United Kingdom and the Asia-Pacific region. Global Payments offers a comprehensive line of processing solutions for credit and debit cards, business-to-business purchasing cards, gift cards, electronic check conversion and check guarantee, verification and recovery including electronic check services, as well as terminal management. The company also provides consumer money transfer services from the U.S. and Europe to destinations in Latin America, Morocco and the Philippines. For more information about the company and its services, visit http://www.globalpaymentsinc.com .

This announcement and comments made by Global Payments' management during the conference call contain certain forward-looking statements within the meaning of the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including revenue and earnings estimates and management's expectations regarding future events and developments, are forward looking statements and are subject to significant risks and uncertainties. Important factors that may cause actual events or results to differ materially from those anticipated by such forward-looking statements include the following: foreign currency risks which become increasingly relevant as we expand internationally, development difficulties, the effect of economic conditions and consumer spending, costs of capital, the ability to consummate and integrate acquisitions, and other risks detailed in the company's SEC filings, including the most recently filed Form 10-Q or Form 10-K, as applicable. The company undertakes no obligation to revise any of these statements to reflect future circumstances or the occurrence of unanticipated events.

Contact: Jane M. Elliott +1-770-829-8234 Voice +1-770-829-8267 Fax investor.relations@globalpay.com (All amounts in US Dollars unless otherwise specified) UNAUDITED CONSOLIDATED STATEMENTS OF INCOME GLOBAL PAYMENTS INC. AND SUBSIDIARIES (In thousands, except per share data) Three Months Ended May 31, 2008 2007 Revenues $343,832 $280,100 Operating expenses: Cost of service 125,129 107,326 Sales, general and administrative 151,918 118,620 Restructuring and other - 3,088 277,047 229,034 Operating income 66,785 51,066 Other income (expense): Interest and other income 3,567 4,654 Interest and other expense (2,827) (2,166) 740 2,488 Income before income taxes and minority interest 67,525 53,554 Provision for income taxes (26,517) (17,687) Minority interest, net of tax benefit (provision) of $770 and $(1,139), respectively (197) (2,689) Net income $40,811 $33,178 Earnings per share: Basic $0.51 $0.41 Diluted $0.50 $0.40 Weighted average shares outstanding: Basic 79,316 80,617 Diluted 80,846 82,015 UNAUDITED CONSOLIDATED STATEMENTS OF INCOME GLOBAL PAYMENTS INC. AND SUBSIDIARIES (In thousands, except per share data) Year Ended May 31, 2008 2007 Revenues $1,274,229 $1,061,523 Operating expenses: Cost of service 475,612 414,837 Sales, general and administrative 545,941 425,509 Restructuring and other 1,317 3,088 1,022,870 843,434 Operating income 251,359 218,089 Other income (expense): Interest and other income 18,210 16,706 Interest and other expense (8,166) (8,464) 10,044 8,242 Income before income taxes and minority interest 261,403 226,331 Provision for income taxes (90,588) (73,436) Minority interest, net of tax benefit (provision) of $700 and $(696), respectively (8,061) (9,910) Net income $162,754 $142,985 Earnings per share: Basic $2.05 $1.78 Diluted $2.01 $1.75 Weighted average shares outstanding: Basic 79,518 80,229 Diluted 80,979 81,822

CONSOLIDATED CONDENSED BALANCE SHEETS GLOBAL PAYMENTS INC. AND SUBSIDIARIES (In thousands) May 31, May 31, 2008 2007 (Unaudited) Assets Cash and cash equivalents $456,060 $308,872 Accounts receivable, net 100,179 76,168 Claims receivable, net 1,354 2,187 Settlement processing assets 24,280 32,853 Other current assets 35,537 24,349 Current assets 617,410 444,429 Property and equipment, net 141,415 118,495 Goodwill 497,136 451,244 Other intangible assets, net 175,636 175,620 Other assets 14,310 10,841 Total assets $1,445,907 $1,200,629 Liabilities and Shareholders' Equity Lines of credit $1,527 $- Settlement processing obligations 56,731 20,617 Payable to money transfer beneficiaries 9,276 6,589 Accounts payable and other accrued liabilities 150,218 115,671 Current liabilities 217,752 142,877 Other long-term liabilities 86,613 85,043 Total liabilities 304,365 227,920 Minority interest in equity of subsidiaries 14,724 14,933 Shareholders' equity 1,126,818 957,776 Total liabilities and shareholders' equity $1,445,907 $1,200,629 UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOW GLOBAL PAYMENTS INC. AND SUBSIDIARIES (In thousands) Year Ended May 31, 2008 2007 Cash flows from operating activities: Net income $162,754 $142,985 Non-cash items Restructuring and other charges - 1,145 Depreciation and amortization 44,034 40,365 Minority interest in earnings 8,762 9,214 Other, net 38,558 36,227 Changes in working capital, which provided (used) cash Settlement processing assets and obligations, net 38,311 (13,937) Other, net (20,005) (24,867) Net cash provided by operating activities 272,414 191,132 Cash flows from investing activities: Capital expenditures (44,974) (35,374) Business and intangible asset acquisitions (18,247) (81,261) Net cash used in investing activities (63,221) (116,635) Cash flows from financing activities: Net borrowings on lines of credit 1,527 - Principal payments under capital leases - (746) Repurchase of common stock (87,020) - Net proceeds under share-based compensation plans and dividends 18,579 20,385 Distributions to minority interests, net (9,459) (8,753) Net cash (used in) provided by financing activities (76,373) 10,886 Effect of exchange rate changes on cash 14,368 5,014 Increase in cash and cash equivalents 147,188 90,397 Cash and cash equivalents, beginning of period 308,872 218,475 Cash and cash equivalents, end of period $456,060 $308,872

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME GLOBAL PAYMENTS INC. AND SUBSIDIARIES Reconciliation to Exclude Restructuring and Other Items from Normalized Results (In thousands, except per share data) Three Months Ended May 31, 2008 Normalized Other(1) GAAP Revenues $343,832 $- $343,832 Operating expenses: Cost of service 125,129 - 125,129 Sales, general and administrative 151,918 - 151,918 Restructuring and other - - - 277,047 - 277,047 Operating income 66,785 - 66,785 Other income/(expense): Interest and other income 3,567 - 3,567 Interest and other expense (1,157) (1,670) (2,827) 2,410 (1,670) 740 Income before income taxes 69,195 (1,670) 67,525 Provision for income taxes (26,868) 351 (26,517) Minority interest, net of tax benefit (provision) of $770 and $(1,139), respectively (197) - (197) Net income $42,130 $(1,319) $40,811 Diluted shares 80,846 - 80,846 Diluted earnings per share $0.52 $(0.02) $0.50 UNAUDITED CONSOLIDATED STATEMENTS OF INCOME GLOBAL PAYMENTS INC. AND SUBSIDIARIES Reconciliation to Exclude Restructuring and Other Items from Normalized Results (In thousands, except per share data) Three Months Ended May 31, 2007 Restructur- ing and Normalized Other(2) GAAP Revenues $280,100 $- $280,100 Operating expenses: Cost of service 107,326 - 107,326 Sales, general and administrative 118,620 - 118,620 Restructuring and other - 3,088 3,088 225,946 3,088 229,034 Operating income 54,154 (3,088) 51,066 Other income/(expense): Interest and other income 4,654 - 4,654 Interest and other expense (2,166) - (2,166) 2,488 - 2,488 Income before income taxes 56,642 (3,088) 53,554 Provision for income taxes (18,689) 1,002 (17,687) Minority interest, net of tax benefit (provision) of $770 and $(1,139), respectively (2,689) - (2,689) Net income $35,264 $(2,086) $33,178 Diluted shares 82,015 - 82,015 Diluted earnings per share $0.43 $(0.03) $0.40 (1) Reflects the impact of a non-recurring, non-cash, foreign currency accounting loss relating to one of our United States dollar cash accounts held by a foreign subsidiary whose functional currency is their local currency. No economic loss occurred relating to this item. Also reflects the related income tax benefit. (2) Restructuring and other charges consist of employee termination benefits, facility closure costs, and fixed asset abandonment relating to various restructuring initiatives. Also reflects the related income tax benefit using the company's effective tax rate, which is defined as the provision for income taxes divided by income before income taxes and minority interest.

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME GLOBAL PAYMENTS INC. AND SUBSIDIARIES Reconciliation to Exclude Restructuring and Other Items from Normalized Results (In thousands, except per share data) Year Ended May 31, 2008 Restruct- Normalized uring(1) Other(2) GAAP Revenues $1,274,229 $- $- $1,274,229 Operating expenses: Cost of service 475,612 - - 475,612 Sales, general and admin. 552,989 - (7,048) 545,941 Restructuring and other - 1,317 - 1,317 1,028,601 1,317 (7,048) 1,022,870 Operating income 245,628 (1,317) 7,048 251,359 Other income/(expense): Interest and other income 18,210 - - 18,210 Interest and other expense (6,496) - (1,670) (8,166) 11,714 - (1,670) 10,044 Income before income taxes 257,342 (1,317) 5,378 261,403 Provision for income taxes (89,059) 449 (1,978) (90,588) Minority interest, net of tax benefit (provision) of $700 and $(696), respectively (8,061) - - (8,061) Net income $160,222 $(868) $3,400 $162,754 Diluted shares 80,979 - - 80,979 Diluted earnings per share(3) $1.98 $(0.01) $0.04 $2.01 UNAUDITED CONSOLIDATED STATEMENTS OF INCOME GLOBAL PAYMENTS INC. AND SUBSIDIARIES Reconciliation to Exclude Restructuring and Other Items from Normalized Results (In thousands, except per share data) Year Ended May 31, 2007 Restructur- ing and Normalized Other(1) GAAP Revenues $1,061,523 $- $1,061,523 Operating expenses: Cost of service 414,837 - 414,837 Sales, general and admin. 425,509 - 425,509 Restructuring and other - 3,088 3,088 840,346 3,088 843,434 Operating income 221,177 (3,088) 218,089 Other income/(expense): Interest and other income 16,706 - 16,706 Interest and other expense (8,464) - (8,464) 8,242 - 8,242 Income before income taxes 229,419 (3,088) 226,331 Provision for income taxes (74,438) 1,002 (73,436) Minority interest, net of tax benefit (provision) of $700 and $(696), respectively (9,910) - (9,910) Net income $145,071 $(2,086) $142,985 Diluted shares 81,822 - 81,822 Diluted earnings per share (3) $1.77 $(0.03) $1.75 (1) Restructuring charges in the current period consist of employee termination benefits relating to a facility closure. Also reflects the related income tax benefit using the company's effective tax rate, which is defined as the provision for income taxes divided by income before income taxes and minority interest. Restructuring and other charges in the prior period consist of employee termination benefits, facility closure costs, and fixed asset abandonment relating to various restructuring initiatives. Also reflects the related income tax benefit using the company's effective tax rate, as described above. (2) Reflects the favorable impact of a non-recurring, non-cash operating tax item included in sales, general and administrative expenses. We define operating taxes as those that are unrelated to income taxes, such as sales and property taxes. During the nine months ended February 29, 2008, we determined that a contingent liability relating to an operating tax item was no longer deemed probable. As such, we released the related liability. Also reflects the related income tax benefit of this operating tax item using the company's effective tax rate, which is defined as the provision for income taxes divided by income before income taxes and minority interest. Also includes the impact of a non- recurring, non-cash, foreign currency accounting loss relating to one of our United States dollar cash accounts held by a foreign subsidiary whose functional currency is their local currency. No economic loss occurred relating to this item, which is reflected above in interest and other expense. Also reflects the related income tax benefit of this foreign currency item. (3) Amounts do not add across the columns due to rounding for the year ended May 31, 2007.

SEGMENT INFORMATION GLOBAL PAYMENTS INC. AND SUBSIDIARIES (In thousands) Three Months Ended May 31, 2008 2007 Revenues Domestic direct $182,356 $154,166 Canada 73,544 54,256 Asia-Pacific 18,900 13,377 Central and Eastern Europe 17,413 12,457 Domestic indirect and other 11,256 11,695 Merchant services 303,469 245,951 Domestic 33,016 29,323 Europe 7,347 4,826 Money transfer 40,363 34,149 Total revenues $343,832 $280,100 Operating income Merchant services $73,714 $63,395 Money transfer 7,518 3,481 Corporate (14,447) (12,722) Restructuring and other - (3,088) Operating income $66,785 $51,066 SEGMENT INFORMATION GLOBAL PAYMENTS INC. AND SUBSIDIARIES (In thousands) Year Ended May 31, 2008 2007 Revenues Domestic direct $687,065 $558,026 Canada 267,249 224,570 Asia-Pacific 72,367 48,449 Central and Eastern Europe 59,778 51,224 Domestic indirect and other 44,150 46,873 Merchant services 1,130,609 929,142 Domestic 119,019 115,416 Europe 24,601 16,965 Money transfer 143,620 132,381 Total revenues $1,274,229 $1,061,523 Operating income Merchant services(1) $293,030 $259,670 Money transfer 13,635 14,476 Corporate (53,989) (52,969) Restructuring and other (1,317) (3,088) Operating income $251,359 $218,089 (1) Includes the favorable impact of a non-recurring, non-cash operating tax item of $7.0 million in the year ended May 31, 2008.

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

Global Payments Inc.

Jane M. Elliott of Global Payments Inc., +1-770-829-8234, Voice, +1-770-829-8267, Fax, investor.relations@globalpay.com; Photo: http://www.newscom.com/cgi-bin/prnh/20010221/ATW031LOGO, AP Archive: http://photoarchive.ap.org, PRN Photo Desk, photodesk@prnewswire.com

Industry Veteran Allen E. Snyder Joins RightNow Board of Directors

BOZEMAN, Mont., July 24 /PRNewswire-FirstCall/ -- RightNow Technologies, Inc. announced that Allen E. Snyder joined its board of directors on July 23, 2008. Mr. Snyder has been appointed to fill a Class II vacancy on the Board of Directors, to serve until RightNow's 2011 annual meeting of stockholders. He also has been appointed to serve on the compensation committee of RightNow's board of directors.

Mr. Snyder is currently the CEO of Aepona, a leading supplier of telecom service layer products and solutions to telcos globally.

Prior to joining Aepona, Mr. Snyder served as CEO of Carrier Access, Inc. and COO of Openwave Systems, Inc.; he also held senior executive positions at Oracle Corporation and Digital Equipment Corporation, with responsibilities for product development, sales, customer service, software support, and professional services.

"We are pleased to welcome Allen to our board," said Greg Gianforte, CEO and founder of RightNow. "With 27 years of executive management experience at technology companies, we believe Allen will provide us with valuable insight that will help us continue to grow."

"RightNow is widely recognized as a leading provider of on demand CRM solutions, and I'm honored to be joining their board," said Mr. Snyder. "I look forward to working with RightNow to further its success."

FRNOW About RightNow Technologies

RightNow delivers the high-impact technology solutions and services organizations need to cost-efficiently deliver a consistently superior customer experience across their frontline service, sales and marketing touch-points. Approximately 1,800 corporations and government agencies worldwide depend on RightNow to achieve their strategic objectives and better meet the needs of those they serve. RightNow is headquartered in Bozeman, Montana. For more information, please visit http://www.rightnow.com/.

RightNow is a registered trademark of RightNow Technologies, Inc. NASDAQ is a registered trademark of the NASDAQ Stock Market.

RightNow Technologies, Inc.

CONTACT: Kathleen O'Boyle of RightNow Technologies, Inc.,
+1-406-556-3428, Kathleen.oboyle@rightnow.com

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

Vonage Hails President's Signing of the New and Emerging Technologies 911 Improvement Act of 2008

HOLMDEL, N.J., July 24 /PRNewswire-FirstCall/ -- Vonage, a leading provider of digital phone services, today applauded President Bush's signing into law of the New and Emerging Technologies 911 Improvement Act of 2008. This new act grants long awaited rights and protection to VoIP service providers to interconnect to the traditional 911 network operated by incumbent telephone providers.

"Vonage is grateful to the President and Congress for making this legislation a reality. It will enable Vonage and other VoIP providers to better support first responders in times of emergency," said Jeffrey Citron, Chairman, Chief Strategist, and Interim CEO of Vonage. "While over 98% of our subscriber lines already have access to E911, enactment of this law provides additional tools and leadership for platform neutral, responder friendly safety communications."

Vonage's E911 solution enables a customer's call to be automatically routed to the appropriate 911 center, with the caller's registered street address and telephone number appearing on the dispatcher's screen.

Vg-a About Vonage

Vonage is a leading provider of digital phone services with over 2.6 million subscriber lines. Our award-winning technology enables anyone to make and receive phone calls with a touch tone telephone almost anywhere a broadband Internet connection is available. We offer feature-rich and cost-effective communication services that offer users an experience similar to traditional telephone services.

Our Residential Premium Unlimited and Small Business Unlimited calling plans offer consumers unlimited local and long distance calling, and popular features like call waiting, call forwarding and voicemail -- for one low, flat monthly rate. Vonage's service is sold on the web and through national retailers including Best Buy, Circuit City, Wal-Mart Stores Inc. and Target and is available to customers in the U.S., Canada and the United Kingdom. For more information about Vonage's products and services, please visit http://www.vonage.com/.

Vonage Holdings Corp. is headquartered in Holmdel, New Jersey. Vonage(R) is a registered trademark of Vonage Marketing Inc., a subsidiary of Vonage Holdings Corp.

This press release contains forward-looking statements relating to our E911 deployment. In addition, statements in this press release that are not historical facts or information may be forward-looking statements. The forward-looking statements in this release are based on information available at the time the statements are made and/or management's belief as of that time with respect to future events and involve risks and uncertainties that could cause actual results and outcomes to be materially different. Important factors that could cause such differences include, but are not limited to, our history of net operating losses and our need for cash to finance our growth; the competition we face; our dependence on our customers' existing broadband connections; differences between our service and traditional phone services, including our 911 service; uncertainties relating to regulation of VoIP services; system disruptions or flaws in our technology; our ability to manage our growth; the risk that VoIP does not gain broader acceptance; and other factors described in the "Risk Factors" section of our registration statement on Form S-1, as amended (File No. 333-136773), and in our subsequent periodic reports filed with the SEC. While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, and therefore, you should not rely on these forward- looking statements as representing our views as of any date subsequent to today.

Vonage

CONTACT: Michael Zema of Vonage, +1-732-528-2677,
michael.zema@vonage.com; or Caitlin Snavely of Access Communications, for
Vonage, +1-917-522-3526, csnavely@accesspr.com

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

Microsoft to Acquire DATAllegroLeaders in data warehousing team to provide large-scale business intelligence solutions.

ALISO VIEJO, Calif. and REDMOND, Wash., July 24 /PRNewswire-FirstCall/ -- Microsoft Corp. today announced that it intends to acquire DATAllegro Inc., a provider of breakthrough data warehouse appliances. The acquisition will extend the capabilities of Microsoft's mission-critical data platform, making it easier and more cost-effective for customers of all sizes to manage and glean insight from the ever-expanding amount of data generated by and for businesses, employees and consumers.

(Logo: http://www.newscom.com/cgi-bin/prnh/20000822/MSFTLOGO)

"DATAllegro is a tremendously innovative company that has started to redefine the data warehouse market," said Ted Kummert, corporate vice president of the Data and Storage Platform Division at Microsoft. "Microsoft SQL Server 2008 delivers enterprise-class capabilities in business intelligence and data warehousing, and the addition of the DATAllegro team and its technology will take our data platform to the highest scale of data warehousing."

"Integrating DATAllegro's nonproprietary hardware platform and flexible software architecture into Microsoft SQL Server will provide customers with the strongest offering in the market," said Stuart Frost, CEO of DATAllegro. "We are excited to join forces with Microsoft and continue the innovation this company was founded on."

Unlike most data warehouse appliance vendors targeting the 1-25 terabyte range, DATAllegro has specialized in large-volume, high-performance data warehouses. DATAllegro's data warehouse appliance installations boast some of the largest data volume capacities in the industry -- up to hundreds of terabytes on a single system. DATAllegro clients span such markets as retail, telecommunications and manufacturing.

According to a report by Donald Feinberg of Gartner Inc., "As data warehouses are becoming more strategic to organizations and as data warehouse appliances mature, the adoption rate of the data warehouse appliance is increasing rapidly." ("Data Warehouse Appliances Are More Than Just Plug-And-Play," July 13, 2007.)

In addition to offering large capacities, DATAllegro's patent-pending technology is designed for complex workloads including high concurrency and mixed queries. DATAllegro is one of the few data warehouse appliances built on a nonproprietary hardware platform including Dell and Bull servers and EMC storage. This flexible architecture makes it ideally suited to integrate with Microsoft SQL Server.

After completing the acquisition, Microsoft will retain most of DATAllegro's team as well as its headquarters in Aliso Viejo, Calif., making it a Center of Excellence for data warehousing. Existing DATAllegro customers will continue to be supported.

"We are pleased to support DATAllegro's pending acquisition," said Lisa Lambert, managing director of the Software and Solutions Group for Intel Capital. "DATAllegro's integration with SQL Server is the optimal next-generation solution, and the acquisition by Microsoft is a great conclusion for the company."

To help customers of all sizes keep up with the current "data explosion" and allow them to benefit from the next generation of data-driven applications, Microsoft is focused on delivering not just a database, but a data platform. A leader in data warehousing and business intelligence (BI), Microsoft SQL Server includes comprehensive, tightly integrated functionality for data management as well as advanced BI out of the box. SQL Server delivers on Microsoft's vision for pervasive BI by providing capabilities for large-scale data warehousing, rich interoperability with Microsoft Office, and enhanced functionality for Microsoft's BI solutions. SQL Server is a key element of the broader Microsoft Application Platform, a portfolio of technology capabilities and core products that help organizations develop, deploy and manage dynamic applications and IT infrastructure.

About DATAllegro

DATAllegro offers the most advanced data warehouse appliance on an enterprise-class platform. By combining DATAllegro's patent-pending software with the industry's leading hardware, storage and database technologies, DATAllegro has taken data warehouse performance and innovation to the next level. DATAllegro v3 goes beyond the high performance of first generation data warehouse appliances and adds the flexibility and scalability that only an open platform can offer. The result is a complete data warehouse appliance that enables companies with large volumes of data to increase their business intelligence.

About Microsoft

Founded in 1975, Microsoft (Nasdaq "MSFT") is the worldwide leader in software, services and solutions that help people and businesses realize their full potential.

Microsoft Corp.

CONTACT: Rapid Response Team of Waggener Edstrom Worldwide,
+1-503-443-7070, rrt@waggeneredstrom.com, for Microsoft; or Julie Bassett of
DATAllegro, +1-949-290-3452, julieb@datallegro.com

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

Mercury Computer Systems' Founder and Executive Chairman Jay Bertelli Retires

CHELMSFORD, Mass., July 24 /PRNewswire-FirstCall/ -- Mercury Computer Systems, Inc. , a leading provider of high-performance computing solutions for image, sensor, and signal processing, announced the retirement of James "Jay" R. Bertelli as a Mercury employee and its Executive Chairman of the Board, effective July 25, 2008.

Mr. Bertelli will assume the role of Non-Executive Chairman of the Board until the Company's 2008 annual shareholder meeting to be held later this year, after which he will retire from the Board of Directors. Mr. Bertelli has agreed to enter into a non-compete agreement and to provide consulting services to Mercury. A new Chairman of the Board will be named at a later date.

"Mercury's unique capabilities in sensor signal processing and computational acceleration are a testament to Jay's vision and dedication to customer success," said Mark Aslett, President and CEO of Mercury Computer Systems. "We value the insight and support he will continue to provide in his new role."

Mr. Bertelli served as Mercury's President and CEO since the start of operations in 1983 and as its Chairman from 1998 to November 2007, when he was appointed Executive Chairman of the Board. Through the years, he developed the Company from a start-up operation with two employees working in borrowed space into a first-class engineering organization of more than 700 employees in offices and support centers worldwide, driving new technologies, industry standards, and unprecedented compute performance levels along the way.

"Back in the early 1980s, I set out to create a company that could develop high-speed accelerator modules to solve the growing challenges of high-performance computing. In the 25 years since, Mercury has stayed true to the philosophy of delivering unsurpassed engineering excellence and scalable computing solutions that leverage the best available technology for a customer's application," said Mr. Bertelli. "I'm very proud of the innovation the Mercury team continues to drive, and of their unwavering commitment to advancing our customers' competitive edge. As we turn the corner on our 25th year, I look forward to supporting Mercury in the next era of high-performance computing."

Mercury Computer Systems, Inc. -- Where Challenges Drive Innovation

Mercury Computer Systems (http://www.mc.com/) provides specialized, high-performance computing systems and software designed for complex HPC and embedded applications in a range of industries that include aerospace and defense, telecommunications, medical imaging, semiconductor, EDA, and more. Our products blend unmatched expertise in algorithm optimization and silicon design with software application knowledge and industry-standard technologies. Mercury's comprehensive, purpose-built solutions capture, process, and present data for the world's largest medical imaging companies, 8 of the 10 top defense prime contractors, and other leading Fortune 500 and mid-market companies in semiconductor, energy, telecommunications, and other industries. Our dedication to performance excellence and collaborative innovation continues a 25-year history in enabling customers to gain the competitive advantage they need to stay at the forefront of the markets they serve.

Mercury is based in Chelmsford, Massachusetts, and serves customers worldwide through a broad network of direct sales offices, subsidiaries, and distributors. We are listed on the Nasdaq Global Select Market .

Forward-Looking Safe Harbor Statement

This press release contains certain forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, including those relating to the retirement of James R. Bertelli. You can identify these statements by our use of the words "may," "will," "should," "plans," "expects," "anticipates," "continue," "estimate," "project," "intend," and similar expressions. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. Such risks and uncertainties include, but are not limited to, general economic and business conditions, including unforeseen weakness in the Company's markets, effects of continued geo-political unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technological advances and delivering technological innovations, continued funding of defense programs, the timing of such funding, changes in the U.S. Government's interpretation of federal procurement rules and regulations, market acceptance of the Company's products, shortages in components, production delays due to performance quality issues with outsourced components, inability to fully realize the expected benefits from acquisitions or delays in realizing such benefits, challenges in integrating acquired businesses and achieving anticipated synergies, and difficulties in retaining key customers. These risks and uncertainties also include such additional risk factors as are discussed in the Company's recent filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended June 30, 2007. The Company cautions readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made.

Product and company names mentioned may be trademarks and/or registered trademarks of their respective holders.

Contact: Robert Hult, Chief Financial Officer 978-967-1990

Photo: http://www.newscom.com/cgi-bin/prnh/20030930/MERCURYCSLOGO
AP Archive: http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com Mercury Computer Systems, Inc.

CONTACT: Robert Hult, Chief Financial Officer of Mercury Computer
Systems, Inc., +1-978-967-1990

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

Plaintree Systems Inc announces the award of a second phase of a large mining stockpile cover contract in British Columbia, Canada

OTTAWA, July 24 /PRNewswire-FirstCall/ -- Plaintree Systems Inc. (the "Company" or "Plaintree") today announced that its steel division, Triodetic (http://www.triodetic.com/), has been awarded the second phase of a contract for the engineering, supply and supervision of installation of two industrial mining dome enclosures in British Columbia, Canada, from one of the world's largest mining companies. The first phase of the contract, awarded to Triodetic on October 3, 2007, was for one dome with a value of $2,100,000 CND that is now nearing on-site completion.

The second phase of the contract is for engineering, supply and supervision of installation of 2 domes, having a value in excess of $5 million CND. Plaintree expects that the first of the two additional domes to be delivered in the 2008 calendar year and the second dome to be delivered early during the 2009 calendar year.

"Triodetic has over 40 years of experience as a major supplier of industrial mining enclosures and this contract is an excellent example of Triodetic's capabilities" said Plaintree CEO David Watson. "The domes are each 105 meters (345 feet) in diameter and are installed on working stockpiles. Each one of these domes can accommodate a Boeing 787 Dreamliner - the world's largest aircraft. It is projects like this that help us maintain the Triodetic name as the "go to people" for large difficult mining structures". David Watson also stated that: "This contract is an excellent example of the value creation to Plaintree's shareholders that will now be achieved as a result of the Triodetic and Hypernetics acquisitions earlier this year".

About Plaintree Systems -----------------------

Ottawa-based, Plaintree Systems Inc. (http://www.plaintree.com/), founded in 1988 has three divisions. The first provides management services and specializes in developing optical wireless communications equipment for the local area, wide area, voice, Internet and security networks. The second, Hypernetics, manufactures avionic components for many of the largest aerospace OEM's. The third, Triodetic, is a design/build manufacturer of steel, aluminum and stainless steel specialty structures.

Plaintree is publicly quoted in the U.S. on the OTC BB (PTEEF.OB), with 12,522,143 common shares (post-consolidation) and 18,325 class A preferred shares outstanding.

This press release may include statements that are forward-looking and based on current expectations. The actual results of the company may differ materially from current expectations. The business of the company is subject to many risks and uncertainties, including changes in markets for the company's products, delays in product development and introduction to manufacturing and intense competition. For a more detailed discussion of the risks and uncertainties related to the company's business, please refer to documents filed by the company on SEDAR (http://www.sedar.com/) including the Company's proxy circular dated January 21, 2008 in relation to its annual and special meeting of shareholders held on March 18, 2008 and with the U.S. Securities and Exchange Commission, including the Company's Form 20-F dated September 28, 2007.

Plaintree Systems Inc.

CONTACT: Lynn Saunders, (613) 623-3434 ext 3002

Trintech Group Plc's Annual General Meeting for 2008Chairman's Updating Statement

DUBLIN, Ireland, July 24 /PRNewswire-FirstCall/ -- Trintech Group Plc , a leading global provider of integrated financial governance, transaction risk management, and compliance solutions, today held it's 9th Annual General Meeting (AGM) as a public company in Dublin, Ireland.

At the AGM, Cyril McGuire, Chairman and CEO, welcomed the approval by shareholders of all the ordinary and special resolutions including the approval of the share buy-back agreement with First Analysis Securities Corporation. The timing and amount of any repurchase by Trintech under the share buy-back program will be dependent upon market conditions, securities law limitations and other corporate considerations.

Mr. McGuire said, "Trintech's business performance in FY08 was solid as we complete the transition to more focused, higher value software and transaction based services business model. Our operating plan for next year is to drive revenue growth and EBITDA profitability with a strong focus on our operating cost efficiency given the challenges of the economic environment."

About Trintech Group

Trintech Group Plc is a leading global provider of integrated financial governance, transaction risk management, and compliance solutions for commercial, financial, and healthcare markets worldwide. Trintech's recognized expertise in reconciliation process management, financial data aggregation, revenue and cost cycle management, financial close, risk management, and compliance enables customers to gain greater visibility and control of their critical financial processes leading to better overall business performance.

Over 600 leading global organizations realize the benefits of Trintech's configurable and highly scalable solutions everyday, including 7-Eleven, Accenture, Allianz Life North America, Ameren, Bank of Nevada, eBay, Farmer's Insurance Group, Kinder Morgan, Regal Entertainment, Rohm and Haas, Sears, UPMC, Verizon Wireless, Wyndham Worldwide, and YUM! Brands Restaurants.

Trintech's technology enables our customers to ensure their internal financial processes are optimized, improve performance through stronger management of revenue and cost cycles, ensure the accuracy and integrity of financial data, improve the quality and efficiency of the financial close process, as well as reduce the risk of material weaknesses and restatements.

For more information on how Trintech can help you increase confidence in business performance and reduce financial risk, please contact us online at http://www.trintech.com/ or at our principal business office in Addison, Texas, or through an international office in Ireland, the United Kingdom, or the Netherlands.

Trintech - 15851 Dallas Parkway, Suite 900 - Addison, TX 75001 - Tel 1 972 701 9802

Trintech UK Ltd. - Warnford Court, 29 Throgmorton St. - London EC2N2AT, UK - Tel +44 (0) 20 7628 5235

Trintech Technologies - Block C, Central Park - Leopardstown, Dublin 18, Ireland - Tel +353 1 293 9840

Trintech - Cypresbaan 9 - 2908 LT Capelle a/d Ijssel, The Netherlands - Tel +31 (0) 10 8507 474

Contact Paul Byrne President Trintech Group Plc T. +353 1 293 9840 E. paul.byrne@trintech.com

Available Topic Expert(s): For information on the listed expert(s), click appropriate link. Paul Byrne http://profnet.prnewswire.com/Subscriber/ExpertProfile.aspx?ei=72826

Trintech Group Plc

CONTACT: Paul Byrne, President of Trintech Group Plc, +353 1 293 9840,
paul.byrne@trintech.com

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

Agilysys Fiscal 2009 First Quarter Conference Call to be Broadcast Live over the Internet

BOCA RATON, Fla., July 24 /PRNewswire-FirstCall/ -- Agilysys, Inc. , a leading provider of innovative IT solutions, today announced it will release fiscal 2009 first quarter results before the market opens on Thursday, Aug. 7, 2008. The news release will be followed by a conference call at 11 a.m. ET, which will be broadcast live over the Internet and will be accessible from the Investor Relations section of http://www.agilysys.com/. In addition, a replay of the call will be archived on the Web site.

(Logo: http://www.newscom.com/cgi-bin/prnh/20030915/AGLSLOGO ) About Agilysys, Inc.

Agilysys is a leading provider of innovative IT solutions to corporate and public-sector customers, with special expertise in select markets, including retail and hospitality. The company uses technology - including hardware, software and services - to help customers resolve their most complicated IT needs. The company possesses expertise in enterprise architecture and high availability, infrastructure optimization, storage and resource management, identity management and business continuity; and provides industry-specific software, services and expertise to the retail and hospitality markets. Headquartered in Boca Raton, Fla., Agilysys operates extensively throughout North America, with additional sales offices in the United Kingdom and China. For more information, visit http://www.agilysys.com/.

Investor contact: Martin Ellis Executive Vice President, Treasurer, and Chief Financial Officer Agilysys, Inc. 561-999-8780 martin.ellis@agilysys.com Media contact: Shawn Turner Communications manager Agilysys, Inc. 440-519-8627 shawn.turner@agilysys.com

Photo: http://www.newscom.com/cgi-bin/prnh/20030915/AGLSLOGO
AP Archive: http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com Agilysys, Inc.

CONTACT: Investors, Martin Ellis, Executive Vice President, Treasurer,
and Chief Financial Officer, +1-561-999-8780, martin.ellis@agilysys.com,
Media, Shawn Turner, Communications manager, +1-440-519-8627,
shawn.turner@agilysys.com, both of Agilysys, Inc.

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

Microsoft to Acquire DATAllegro

ALISO VIEJO, California and REDMOND, Washington, July 24 /PRNewswire/ --

- Leaders in data warehousing team to provide large-scale business intelligence solutions.

Microsoft Corp today announced that it intends to acquire DATAllegro Inc, a provider of breakthrough data warehouse appliances. The acquisition will extend the capabilities of Microsoft's mission-critical data platform, making it easier and more cost-effective for customers of all sizes to manage and glean insight from the ever-expanding amount of data generated by and for businesses, employees and consumers.

(Logo: http://www.newscom.com/cgi-bin/prnh/20000822/MSFTLOGO)

"DATAllegro is a tremendously innovative company that has started to redefine the data warehouse market," said Ted Kummert, corporate vice president of the Data and Storage Platform Division at Microsoft. "Microsoft SQL Server 2008 delivers enterprise-class capabilities in business intelligence and data warehousing, and the addition of the DATAllegro team and its technology will take our data platform to the highest scale of data warehousing."

"Integrating DATAllegro's nonproprietary hardware platform and flexible software architecture into Microsoft SQL Server will provide customers with the strongest offering in the market," said Stuart Frost, CEO of DATAllegro. "We are excited to join forces with Microsoft and continue the innovation this company was founded on."

Unlike most data warehouse appliance vendors targeting the 1-25 terabyte range, DATAllegro has specialised in large-volume, high-performance data warehouses. DATAllegro's data warehouse appliance installations boast some of the largest data volume capacities in the industry -- up to hundreds of terabytes on a single system. DATAllegro clients span such markets as retail, telecommunications and manufacturing.

According to a report by Donald Feinberg of Gartner Inc, "As data warehouses are becoming more strategic to organisations and as data warehouse appliances mature, the adoption rate of the data warehouse appliance is increasing rapidly." ("Data Warehouse Appliances Are More Than Just Plug-And-Play", 13 July 2007.)

In addition to offering large capacities, DATAllegro's patent-pending technology is designed for complex workloads including high concurrency and mixed queries. DATAllegro is one of the few data warehouse appliances built on a nonproprietary hardware platform including Dell and Bull servers and EMC storage. This flexible architecture makes it ideally suited to integrate with Microsoft SQL Server.

After completing the acquisition, Microsoft will retain most of DATAllegro's team as well as its headquarters in Aliso Viejo, California, making it a Center of Excellence for data warehousing. Existing DATAllegro customers will continue to be supported.

"We are pleased to support DATAllegro's pending acquisition," said Lisa Lambert, managing director of the Software and Solutions Group for Intel Capital. "DATAllegro's integration with SQL Server is the optimal next-generation solution, and the acquisition by Microsoft is a great conclusion for the company."

To help customers of all sizes keep up with the current "data explosion" and allow them to benefit from the next generation of data-driven applications, Microsoft is focused on delivering not just a database but a data platform. A leader in data warehousing and business intelligence (BI), Microsoft SQL Server includes comprehensive, tightly integrated functionality for data management as well as advanced BI out of the box. SQL Server delivers on Microsoft's vision for pervasive BI by providing capabilities for large-scale data warehousing, rich interoperability with Microsoft Office, and enhanced functionality for Microsoft's BI solutions. SQL Server is a key element of the broader Microsoft Application Platform, a portfolio of technology capabilities and core products that help organisations develop, deploy and manage dynamic applications and IT infrastructure.

About DATAllegro

DATAllegro offers the most advanced data warehouse appliance on an enterprise-class platform. By combining DATAllegro's patent-pending software with the industry's leading hardware, storage and database technologies, DATAllegro has taken data warehouse performance and innovation to the next level. DATAllegro v3 goes beyond the high performance of first generation data warehouse appliances and adds the flexibility and scalability that only an open platform can offer. The result is a complete data warehouse appliance that enables companies with large volumes of data to increase their business intelligence.

About Microsoft

Founded in 1975, Microsoft (Nasdaq "MSFT") is the worldwide leader in software, services and solutions that help people and businesses realise their full potential.

About Microsoft EMEA (Europe, Middle East and Africa)

Microsoft has operated in EMEA since 1982. In the region Microsoft employs more than 16,000 people in over 64 subsidiaries, delivering products and services in more than 139 countries and territories.

This material is for informational purposes only. Microsoft Corp disclaims all warranties and conditions with regard to use of the material for other purposes. Microsoft Corp shall not, at any time, be liable for any special, direct, indirect or consequential damages, whether in an action of contract, negligence or other action arising out of or in connection with the use or performance of the material. Nothing herein should be construed as constituting any kind of warranty.

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

Microsoft

Microsoft EMEA Response Centre, emearesponse@waggeneredstrom.com; or Julie Bassett, +1-949-290-3452, julieb@datallegro.com, for DATAllegro; NOTE TO EDITORS: If you are interested in viewing additional information on Microsoft in EMEA, please visit http://www.microsoft.com/emea or the EMEA Press Centre at http://www.microsoft.com/emea/presscentre. Web links, telephone numbers and titles were correct at the time of publication, but may since have changed. For additional assistance, journalists and analysts may contact the appropriate contacts listed at http://www.microsoft.com/emea/presscentre/contactus.mspx. If you are interested in viewing additional information on Microsoft Corp, please visit the Microsoft web page at http://www.microsoft.com/presspass on Microsoft's corporate information pages; Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20000822/MSFTLOGO, AP Archive: http://photoarchive.ap.org, PRN Photo Desk, photodesk@prnewswire.com

SureWest Communications to Report Second Quarter Results on August 7

ROSEVILLE, Calif., July 24 /PRNewswire-FirstCall/ -- Leading independent communications holding company SureWest Communications will release financial results for the second quarter ended June 30, 2008 before the market opens on Thursday, August 7, 2008.

(Logo: http://www.newscom.com/cgi-bin/prnh/20050908/SFSUREWESTLOGO)

The company will host a conference call and live webcast at 11:00 a.m. Eastern Time on Thursday, August 7, 2008. Open to the public, the webcast will be available from the company's investor relations Web site at http://www.surw.com/ and via replay shortly after completion of the call. A telephone replay of the conference call will be available through Thursday, August 14 by dialing (888) 286-8010 and entering passcode 25440442. Be sure to visit http://www.surw.com/ for updates prior to the call.

About SureWest Communications

SureWest Communications (http://www.surewest.com/) is one of the nation's leading integrated communications providers and is the bandwidth leader in the markets it serves. Headquartered in Northern California for more than 90 years, the company expanded into the Kansas City region in February 2008 and offers bundled residential and commercial services that include IP-based digital and high-definition television, high-speed Internet, Voice over IP, and local and long distance telephone. Its fiber-to-the-premise IP-based network in the Sacramento region features the fastest symmetrical Internet speeds in the nation at up to 50 Mbps. In its Kansas City market (http://www.everestkc.com/), 75 percent of the company's customers subscribe to at least three services.

Safe Harbor Statement

Statements made in this news release that are not historical facts are forward-looking statements and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. In some cases, these forward-looking statements may be identified by the use of words such as may, will, should, expect, plan, anticipate, or project or the negative of those words or other comparable words. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause the company's actual results to differ from those projected in such forward-looking statements.

Important factors that could cause actual results to differ from those set forth in the forward-looking statements include, but are not limited to, advances in telecommunications technology, changes in the telecommunications regulatory environment, changes in the financial stability of other telecommunications providers who are customers of the company, changes in competition in markets in which the company operates, adverse circumstances affecting the economy in California, Kansas and Missouri in general, and in the Sacramento, California Metropolitan and greater Kansas City Metropolitan areas in particular, the availability of future financing, changes in the demand for services and products, new product and service development and introductions, and pending and future litigation.

Contact: Ron Rogers Corporate Communications 916-746-3123 r.rogers@surewest.com

Photo: http://www.newscom.com/cgi-bin/prnh/20050908/SFSUREWESTLOGO
AP Archive: http://photoarchive.ap.org/
PRN Photo Desk photodesk@prnewswire.com SureWest Communications

CONTACT: Ron Rogers, Corporate Communications of SureWest
Communications, +1-916-746-3123, r.rogers@surewest.com

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

HowStuffWorks.com Dives Into Discovery Channel's Annual Shark WeekAward-winning Web site Takes Shark Week Fans Beneath the Surface with In-Depth Shark Information and Video

ATLANTA, July 24 /PRNewswire/ -- HowStuffWorks.com, the Web site famous for its easy-to-understand explanations of how the world actually works, explores the world of sharks to help commemorate the 20th anniversary of Discovery Channel's highly acclaimed Shark Week, premiering July 28. With astounding video and more than 50 articles about these underwater creatures, HowStuffWorks.com takes visitors even closer to the mysterious world and lives of sharks.

Visitors can find the entire suite of content at http://animals.howstuffworks.com/fish/shark-guide.htm which includes specific topics such as:

-- The Five Most Dangerous Sharks (http://animals.howstuffworks.com/fish/most-dangerous-shark.htm)

-- 15 Tips for Surviving a Shark Attack (http://adventure.howstuffworks.com/15-tips-for-surviving-a-shark-attack.htm)

-- What Causes a Shark Feeding Frenzy? (http://animals.howstuffworks.com/fish/shark-guide.htm)

The integration of contextually relevant Discovery video with HowStuffWorks award-winning content allows visitors to immerse themselves in a truly multimedia experience. From sharks to cars to NASA, and everything in between, HowStuffWorks.com is the online hub for satisfying curiosity.

About HowStuffWorks.com

HowStuffWorks.com (http://www.howstuffworks.com/), headquartered in Atlanta, is an online source of credible, unbiased and easy-to-understand explanations of how the world actually works. The site has won hundreds of awards since its inception, including multiple Webby awards, Time Magazine's "25 Web Sites We Can't Live Without" and PC Magazine's "Top 100 Web Sites." In December 2007, HowStuffWorks.com joined with Discovery Communications as part of Discovery's digital media strategy.

About Discovery Communications

Discovery Communications is the world's number-one nonfiction media company reaching more than 1.5 billion cumulative subscribers in over 170 countries. Discovery empowers people to explore their world and satisfy their curiosity through 100-plus worldwide networks, led by Discovery Channel, TLC, Animal Planet, Science Channel, Planet Green, Investigation Discovery and HD Theater, as well as leading consumer and educational products and services, and a diversified portfolio of digital media services including HowStuffWorks. Discovery Communications is owned by Discovery Holding Company , Advance/Newhouse Communications and John S. Hendricks, Discovery's founder and chairman. For more information, please visit http://www.discoverycommunications.com/.

HowStuffWorks.com

CONTACT: David Falkenstein, Sunshine, Sachs & Associates,
+1-212-691-2800, falkenstein@sunshinesachs.com; or Anne Braidish,
HowStuffWorks.com, +1-404-926-0620, abraidish@howstuffworks.com

Web site: http://www.howstuffworks.com/
http://www.discoverycommunications.com/

AddictingGames to Reward Game Developers With Cash BonusesNew Game Performance Bonus Program to Launch in Third Quarter 2008

SAN FRANCISCO, July 24 /PRNewswire/ -- AddictingGames (http://www.addictinggames.com/), the largest source of the best free games on the web, today announced the launch of its Game Performance Bonus Program to reward and incentivize its developers. The new program, launching in third quarter 2008, is designed to reward game developers who have created high performing games for the enjoyment of AddictingGames' users. With the new Bonus Program, along with AddictingGames' licensing and direct developer production programs, individual games can now earn dollar amounts.

"AddictingGames is launching new games everyday and works with more than one-thousand developers," said Kate Connally, Vice President, AddictingGames. "With the emergence of flash games as an industry, there is a huge pool of talented new game designers that have been driving this growth. The bonus program gives us an additional way to reward their creativity and hard work."

Over the next 12 months, AddictingGames will reward the developers of the top 25 qualifying games that generate the most game plays, ranked by the site, at the end of each calendar quarter. The bonus percentage awarded to a developer each quarter will be pro-rated according to the total number of game plays generated by a particular qualifying game, divided by the total game plays of the top 25 qualifying games combined. For example, if the total game plays generated from the top 25 qualifying games in the quarter equates to 100 million, and an individual top 25 game generates five million game plays in that quarter, that developer will be awarded five percent of the total bonus pool.

All qualifying games will continue to be eligible for the Bonus Program as long as the game remains on AddictingGames and adheres to the Bonus Program eligibility rules. For details on qualifications for the Bonus Program, visit http://www.addictinggames.com/aboutus/ausg.html.

Since its inception, AddictingGames has worked with more than 1,000 talented third-party Flash developers worldwide to build franchises for the brand. Key franchises that developed as a result of these relationships include: "Pencil Racer"; the "FratBoy" series; "RiffMaster"; and the "Clear Vision" series. This year, AddictingGames will add 75 exclusive self-published titles and 600+ titles from game developers worldwide. To further build its gaming community, AddictingGames has been adding new community and social networking-oriented features, and will soon launch profiles, buddy-list based high scores and chat.

With a library of more than 3,000 games and 12 to 20 new games introduced each week, AddictingGames is the number-one independent gaming site, and the top destination for male gamers ages 12-24. Impulsive, popular and user-driven, AddictingGames brings teens and college students games as fresh and relevant to them as pop culture. With double-digit traffic growth every month, the site had average visitors of 10.7 million uniques (source: comScore June 2008), with an average visit of more than 30 minutes on the site.

AddictingGames is part of the Nickelodeon Kids and Family Games Group, which has invested $100 million in the casual gaming arena. The Nickelodeon Kids and Family Group portfolio of digital sites serve kids, tweens, teens, and parents, and focus on the activities that its audiences participate in most online: gaming, socialization and community, and video. Per comScore (June 2008), Nickelodeon Kids and Family digital ranks as the number-one kids and family online destination in total time spent and visits with 28.6 million unique visitors.

Nickelodeon, in its 29th year, is the number-one entertainment brand for kids. It has built a diverse, global business by putting kids first in everything it does. The company includes television programming and production in the United States and around the world, plus consumer products, online, recreation, books, magazines and feature films. Nickelodeon's U.S. television network is seen in more than 96 million households and has been the number-one-rated basic cable network for 14 consecutive years. Nickelodeon and all related titles, characters and logos are trademarks of Viacom Inc. .

Nickelodeon

CONTACT: Joanna Roses, +1-212-846-7326, or Nakiah Cherry Chinchilla,
+1-212-846-6492, both for Nickelodeon

Web site: http://www.nick.com/
http://www.addictinggames.com/
http://www.addictinggames.com/aboutus/ausg.html

ASAT Holdings Limited Announces Date for Fourth Quarter and Fiscal Year 2008 Financial Results Conference Call

HONG KONG and MILPITAS, Calif., July 24 /PRNewswire-FirstCall/ -- ASAT Holdings Limited (BULLETIN BOARD: ASTTY) , a global provider of semiconductor package design, assembly and test services, today announced it will hold a conference call to discuss the financial results for its fourth quarter and fiscal year 2008, ended April 30, 2008, on Thursday, July 31, 2008 at 8:30 am. ET/5:30 am PT.

Date: Thursday, July 31, 2008 Time: 8:30 a.m. ET/5:30 a.m. PT Dial-in: (480) 248-5081 Passcode: None required Replay: (303) 590-3030 Passcode: 3904866 Duration: Through August 7, 2008 Webcast: http://www.asat.com/ About ASAT Holdings Limited

ASAT Holdings Limited is a global provider of semiconductor package design, assembly and test services. With 19 years of experience, the Company offers a definitive selection of semiconductor packages and world-class manufacturing lines. ASAT's advanced package portfolio includes standard and high thermal performance ball grid arrays, leadless plastic chip carriers, thin array plastic packages, system-in-package and flip chip. ASAT was the first company to develop moisture sensitive level one capability on standard leaded products. Today the Company has operations in the United States, Asia and Europe. For more information, visit http://www.asat.com/.

(Logo: http://www.newscom.com/cgi-bin/prnh/20080325/AQTU023LOGO)

Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20080325/AQTU023LOGO
AP Archive: http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com ASAT Holdings Limited

CONTACT: Jim Fanucchi of Summit IR Group Inc., +1-408-404-5400,
ir@asat.com, for ASAT Holdings Limited

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

Next Inning Technology Previews Earnings for Juniper Networks, NetLogic Microsystems, Microchip Technology, and Power Integrations

PRINCETON, N.J., July 24 /PRNewswire/ -- Next Inning Technology Research (http://www.nextinning.com/), a subscription service focused on semiconductor and technology stocks, announced it has updated outlooks for Juniper Networks , NetLogic Microsystems , Microchip Technology and Power Integrations .

In a series of reports released in March, Editor Paul McWilliams advised readers it was time to buy specific tech stocks. His selections went up considerably with one very near doubling. However, in May and early June, he warned readers it was time to take some profits and prepare for the summer swoon he saw coming. Now that tech stocks have taken a significant hit, is it time to start buying again? Click to read his updated thoughts and enjoy a 21-day free trial of Next Inning:

https://www.nextinning.com/subscribe/index.php?refer=prn695

In his earnings preview, McWilliams wrote: "The price of NetLogic continued to climb until the company informed investors during its calendar Q3 2007 conference call that its business with Cisco had suffered a setback. While this news appeared bad on the surface, as I pointed out to no avail, it was actually good news in disguise..."

McWilliams also looks at these topics:

-- What was Wall Street getting wrong about NetLogic's relationship with Cisco? Should investors consider accumulating NetLogic ahead of earnings?

-- Is Juniper performing well in its key markets? Is the stock attractively priced ahead of earnings?

-- What is McWilliams' price target for Microchip? Does he expect the stock to move higher in the near term?

-- Is Power Integrations well placed for future growth? Is it priced attractively? Is competition looming for the company?

Founded in September 2002, Next Inning's model portfolio has returned 225% since its inception versus 78% for the Nasdaq.

About Next Inning:

Next Inning is a subscription financial newsletter focused on technology stocks. Editor Paul McWilliams is a 20+-year industry veteran.

NOTE: This release was published by Indie Research Advisors, LLC, a registered investment advisor with CRD #131926. Interested parties may visit adviserinfo.sec.gov for additional information. Past performance does not guarantee future results. Investors should always research companies and securities before making any investments. Nothing herein should be construed as an offer or solicitation to buy or sell any security.

CONTACT: Marcie Martin Next Inning Technology Research, +1-888-278-5515

Indie Research Advisors, LLC

CONTACT: Marcie Martin of Next Inning Technology Research,
+1-888-278-5515

Web site: http://www.nextinning.com/
https://www.nextinning.com/subscribe/index.php?refer=prn695

Building Blocks Continues to Demonstrate Effectiveness in Achieving Math ProficiencyFederally Funded Research Study Shows Students Using Math Software Outscore Peers

COLUMBUS, Ohio, July 24 /PRNewswire/ -- Research into the efficacy of Building Blocks(TM) continues to show positive results for both students and teachers, according to a three-state study. The development and continued research for Building Blocks -- an elementary mathematics software program available through SRA/McGraw-Hill -- has been strongly supported by the federal funds from the National Science Foundation and the U.S. Department of Education's Institute of Educational Sciences.

Building Blocks is a software-driven curriculum used in a research-based teaching model that combines the program with professional development for teachers. This model, which is the focus of the study, is called TRIAD (Technology-enhanced, Research-based Instruction, Assessment, and Professional Development).

The study began at schools in Buffalo, N.Y., and Boston, Mass., in 2005. In 2006, Nashville also joined the study, which will continue through 2009. Between the 3 states, more than 167 classrooms are participating. Students in the study who were taught through the TRIAD model outscored those were not on the Research-based Elementary Math Assessment by 50%!

The research project -- called Scaling Up TRIAD: Teaching Early Mathematics for Understanding with Trajectories and Technologies -- was designed to build on previous research, testing if the TRIAD intervention model works in multiple, varied settings and if positive effects are sustained longitudinally.

About the Building Blocks Curriculum

Building Blocks was developed by Drs. Douglas Clements and Julie Sarama of University at Buffalo, State University of New York.

The curriculum components of the study are also available as SRA Real Math Pre-K. In addition, the software component of Building Blocks (https://www.sraonline.com/products.html?PHPSESSID=8003111df3f7382f1119fe581e5 b1bb8&tid=10&sid=3611) (Due to the length of this URL, please copy and paste into your browser) is incorporated in both SRA Real Math (https://www.sraonline.com/products.html?PHPSESSID=8003111df3f7382f1119fe581e5 b1bb8&tid=10&sid=2094) (Due to the length of this URL, please copy and paste into your browser) and SRA Number Worlds(R) (https://www.sraonline.com/products.html?PHPSESSID=8003111df3f7382f1119fe581e5 b1bb8&tid=10&sid=2701) (Due to the length of this URL, please copy and paste into your browser) for Pre-K-6 to serve as a computer-based personal student tutor, providing engaging, proven learning activities that correspond to levels of thinking on the learning trajectory. Building Blocks also has a sophisticated management system to track individual and class progress.

"Building Blocks is an example of how technology can assist teachers in boosting student learning through customizing activities to the individual child's understanding," Dr. Clements explained. "The results we are seeing in the classroom are exciting."

For more information about the research project, visit http://www.ubtriad.org/. News Reports Show Children as Young as 3 Learning Math

Schools participating in the Scaling Up TRIAD research project have received positive media attention for their success. West Zone Early Learning Center is featured in an NPR story (http://www.npr.org/templates/story/story.php?storyId=88154049) as well as Boston's WCVB-TV,(http://www.thebostonchannel.com/news/15776035/detail.html) where you can see the program in action. Buffalo School District was highlighted in a June 6 article published by Buffalo News (http://www.buffalonews.com/cityregion/story/363834.html).

About SRA/McGraw-Hill

SRA/McGraw-Hill is the top provider of specialized research-based educational programs and professional development for the elementary market. Leading programs include SRA Imagine It! reading program, Direct Instruction, Real Math, and additional core and supplemental programs. SRA is part of McGraw-Hill Education, a division of The McGraw-Hill Companies . McGraw-Hill Education is a leading global provider of instructional, assessment, and reference solutions that empower professionals and students of all ages. McGraw-Hill Education has offices in 33 countries and publishes in more than 40 languages. Additional information is available at mheducation.com. For more information on SRA/McGraw-Hill's products, call 1-888-SRA-4543 and visit SRAonline.com.

Contact: Amy Tillinghast SRA/McGraw-Hill Paul Werth Associates (614) 750-7285 (614) 224-8114 Ext. 236 amy_tillinghast@mcgraw-hill.com mmetzger@paulwerth.com

SRA/McGraw-Hill

CONTACT: Amy Tillinghast
SRA/McGraw-Hill
(614) 750-7285
amy_tillinghast@mcgraw-hill.com
or
Paul Werth Associates
(614) 224-8114 Ext. 236
mmetzger@paulwerth.com

Web site: http://www.mheducation.com/
http://www.sraonline.com/
http://www.ubtriad.org/

The Brink's Company Announces Schedule for Second-Quarter Earnings Release and Conference Call

RICHMOND, Va., July 24 /PRNewswire-FirstCall/ -- The Brink's Company will host a conference call on Thursday, July 31, at 11:00 a.m. (ET) to review second-quarter results, which will be released earlier that day.

The conference call can be accessed by calling (877) 407-0778 (domestic) or (201) 689-8565 (international). Participants should dial in at least five minutes prior to the start of the call. The call will also be available via live webcast at http://www.brinkscompany.com/.

A dial-in replay of the call will be available through August 14, 2008, at (877) 660-6853 (domestic) or (201) 612-7415 (international). The conference account number is 286 and the conference ID for the call replay is 290626. A webcast replay will also be available at http://www.brinkscompany.com/.

About The Brink's Company

The Brink's Company is a global leader in security-related services that operates two businesses: Brink's, Incorporated and Brink's Home Security. Brink's, Incorporated is the world's premier provider of secure transportation and cash management services. Brink's Home Security is one of the largest and most successful residential alarm companies in North America. For more information, please visit The Brink's Company website at http://www.brinkscompany.com/ or call toll free 877-275-7488.

Contact: Investor Relations 804.289.9709

The Brink's Company

CONTACT: Investor Relations, The Brink's Company, +1-804-289-9709

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

Inventoriste : Exercice 2008 Chiffre d'affaires du 1er semestre 2008 en hausse de +23,1%

MAUREPAS, France, July 24 /PRNewswire/ --

En EUR - Normes IFRS 2008 2007 Variation 1er trimestre 3 953 106 3 847 262 +2,8% 2ème trimestre 6 882 897 4 951 850 +39,0% Total CA groupe au 30 juin 10 836 003 8 799 112 +23,1%

Le chiffre d'affaires du groupe INVENTORISTE s'élève pour le 1er semestre 2008 à 10,8 MEUR, en hausse de +23,1% sur le 1er semestre 2007. Toutes les filiales du groupe contribuent à cette progression.

Ce chiffre d'affaires est conforme aux attentes et permet à INVENTORISTE de confirmer son objectif de 30% de progression de l'activité sur l'ensemble de l'exercice.

Créé en 1991, INVENTORISTE est le spécialiste de l'externalisation d'inventaires physiques de stocks, essentiellement dans l'univers de la distribution. Le groupe dispose de filiales en Espagne, Italie et Belgique et d'une agence au Portugal.

Alternext - Cotation en continu - Mnémonique ALIVT - Code ISIN FR 0010082305 Capitalisation boursière au 23.07.2008 : 34,1 MEUR http://www.ivalisgroup.com

Inventoriste S A

Vos contacts: Frédéric MARCHAL, INVENTORISTE, Tél +31-(0)1-30-49-22-88, frederic.marchal@inventoriste.fr. Camille TRÉMEAU, TSAF, Tél +33-(0)1-44-50-24-18, ctremeau@viel.com

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News archive of November 2009
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