Companies news of 2008-07-28 (page 1)
CRi's Nuance(TM) Multispectral Imaging System Now Compatible with MDS Analytical...
drugstore.com to Expand Sales InternationallyE4X FiftyOne Global Ecommerce Solution to...
AnalogicTech Reports Financial Results for the Second Quarter 2008
Atheros Announces Financial Results for Q2 2008Thirteenth Consecutive Quarter of Revenue...
PSi Technologies Reports Second Quarter 2008 Results
SRA Awarded $29.9 Million Contract by the U.S. ArmyContract Combines and Extends Two...
SXC Health Solutions to Host Fiscal 2008 Second Quarter Financial Results Conference Call
Mary A. Winston Joins Board of Directors
St. Bernard Regional Medical Center in Jonesboro, Ark., Deploys Federal Signal SmartMSG...
Sonic Foundry to Release 2008 Third Quarter Results on Thursday, July 31, 2008Company will...
Siemens Building Technologies, Inc. Acquires MAC Systems, Inc.Acquisition teams regional...
Tundra Introduces Multi-Standard RapidIO Evaluation Platform with Texas Instruments and...
AirTran Airways Introduces New E-Ticketing Capabilities for Corporate Travelers
Oracle Files Second Amended Complaint Against SAP
VIDEO from Medialink and Seagate Technology: What is Maxtor Central Axis by Seagate?
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Psychemedics Corporation Announces Second Quarter Results$0.17 Dividend Declared
Vonage Holdings Corp. to Host Special Stockholders' Meeting
Next Inning Technology Previews Earnings for Harmonic, Zoran, RF Micro Devices, and Arris...
Hop-on Continues Successful Marketing Campaign at 90th Annual PGA Championship
Virgin Mobile Festival Announces ScheduleFans Get 2 Days of Full-Length Sets From All...
SunTrust Enhances Online Commercial Card Management Solution to Help Companies Better...
Lockheed Martin Agrees to Acquire Aculight CorporationCompany is a Leading Developer and...
Microsoft Research Unveils Free Software Tools to Help Scholars and Researchers Share...
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Kmart Issues Back-to-School Commercial Challenge on YouTubeTeen 'Fashionistas' Enter by...
Egencia's New Product Offerings Make Life Easier for Multi-Tasking Business...
Cablevision Now Offering iO TV(R) Digital Cable Customers 60 Channels of Free HDLeading HD...
GoAdv lève avec succès plus de 11 millions d'euros sous forme d'obligations convertibles
CRi's Nuance(TM) Multispectral Imaging System Now Compatible with MDS Analytical Technologies' MetaMorph(R) Image Acquisition Software
WOBURN, Mass., July 28 /PRNewswire/ -- Cambridge Research & Instrumentation, Inc. (CRi) and MDS Analytical Technologies announced support for the highly regarded Nuance(TM) multispectral imaging system from within the popular MetaMorph(R) software package.
Full support for both monochrome and multispectral imaging using the Nuance system is provided, as well as binning, ROI, live streaming video, movie capture, and autofocus for z-capable hardware. Nuance protocols, spectral libraries, and image cubes may be loaded into the MetaMorph program. In addition, raw or processed images may be loaded into MetaMorph for further analysis or exported as industry-standard TIFFs.
"All supported commands can be incorporated into MetaMorph software journals, so complex tasks can be automated," noted James Mansfield, Director of Multispectral Imaging Systems at CRi. "For example, after an existing Nuance protocol is loaded, an image cube can be acquired using this protocol. The individual components can be unmixed and the data saved as TIFF files, and then read into MetaMorph software for object-counting and reporting. The microscope stage can then be moved to a new location, autofocused, and the previous steps repeated."
"MDS Analytical Technologies is pleased to work with CRi and have MetaMorph used in the multi-spectral analysis application area," said Andy Boorn, president of MDS Analytical Technologies. "The combination of Nuance and MetaMorph creates a simple solution for our customers to automate varied acquisition tasks and analyze complex image data."
MetaMorph compatibility will be introduced in version 2.8 of CRi's Nuance software program on July 1, 2008. Customers currently using version 2.4 or later are eligible for a free update (contact CRi Customer Support for details).
About MDS Analytical Technologies
MDS Analytical Technologies is a newly established unit of MDS Inc. and is comprised of two main lines of business. The Sciex product portfolio offers proven market leadership in mass spectrometry. The Molecular Devices product portfolio is the gold standard in high-performance bioanalytical measurement systems that accelerate and improve drug discovery and other life sciences research. Find out more at http://www.moleculardevices.com/ or http://www.mdssciex.com/.
MDS Inc. (TSX: MDS; NYSE: MDZ) is a global life sciences company that provides market-leading products and services for the development of drugs and diagnosis and treatment of disease. They are a leading global provider of pharmaceutical contract research, medical isotopes for molecular imaging, radiotherapeutics, and analytical instruments. MDS has more than 5,500 highly skilled people in 29 countries. Find out more at http://www.mdsinc.com/ or by calling 1-888-MDS-7222, 24 hours a day.
MetaMorph is a registered trademark of MDS Analytical Technologies (US) Inc.
Cambridge Research & Instrumentation, Inc (CRi) is a Boston-based biomedical imaging company providing innovative optical imaging solutions for more than 20 years. CRi's multidisciplinary team is dedicated to providing comprehensive solutions that enable our customers to produce breakthroughs in research and medical care. CRi technology helps extract new disease-specific information from biological and clinical samples in the physiological, morphological, and biochemical context of intact tissues and organisms.
With over 80 patents pending and issued, CRi's award-winning innovations are being utilized around the world in a wide range of settings, ranging from academic researcher to pharmaceutical drug development to clinical medicine. CRi is headquartered in Woburn, Massachusetts, and operates a state-of-the-art manufacturing facility. We are able to rapidly design and manufacture system- level solutions for a variety of growing market applications.
Visit http://www.cri-inc.com/nuance to find out more about the Nuance system.
For more information visit our website at http://www.cri-inc.com/ or contact:
Ross Nakatsuji
CRi Marketing/Sales Group Leader
35-B Cabot Road, Woburn, MA 01801 USA
(P) 1-781-935-9099, extension 177,
(C) 1-781-405-4000,
(E) rnakatsuji@cri-inc.com
Cambridge Research & Instrumentation, Inc.
CONTACT: Ross Nakatsuji, CRi Marketing/Sales Group Leader, +1-781-935-9099, extension 177, cell +1-781-405-4000, rnakatsuji@cri-inc.com
Web site: http://www.cri-inc.com/ http://www.moleculardevices.com/ http://www.mdssciex.com/
drugstore.com to Expand Sales InternationallyE4X FiftyOne Global Ecommerce Solution to Provide Access to 500 Million Consumers
BELLEVUE, Wash. and NEW YORK, July 28 /PRNewswire-FirstCall/ -- drugstore.com, inc. , a leading online retailer of health, beauty, vision and pharmacy products has entered into a contract to utilize E4X, Inc.'s FiftyOne Global Ecommerce Solution (http://www.fiftyone.com/) to power the expansion of sales internationally. drugstore.com (http://www.drugstore.com/) expects to be able to provide a wide selection of over-the-counter products to customers in 34 countries before year end.
(Logo: http://www.newscom.com/cgi-bin/prnh/20070813/AQM043LOGO)
"drugstore.com is one of the top 50 online retailers in the United States, the time is right to accelerate our growth by adding international markets," said Dawn Lepore, CEO and chairman of drugstore.com, inc. "We're seeing increasing demand for our over-the-counter products from outside of the US and we believe the FiftyOne Global Ecommerce solution from E4X will enable a cost- effective expansion opportunity in a short period of time."
"This is an unprecedented opportunity for U.S. retailers to extend their ecommerce sites internationally, and gain access to an entirely new and previously untapped market of 500 million consumers in 34 countries," said Michael DeSimone, Chief Executive Officer, E4X, Inc. "International shoppers are streaming to U.S. ecommerce websites to buy virtually all categories of consumer products, and for good reason. The low U.S. dollar means they're going to save significantly -- as much as 40% in some instances -- even when shipping costs, import tariffs, and taxes are included."
The FiftyOne Global Ecommerce solution from E4X simplifies international ecommerce for both retailers and consumers. Shoppers visiting a retailer's U.S. based ecommerce site from outside the U.S. are shown only the merchandise, pricing, and delivery options available in their country. Meanwhile, to the retailer, international sales are managed to look the same as any domestic sale. The FiftyOne solution addresses all aspects of an international transaction -- including local country merchandising, multi- currency payments, global logistics and delivery, and post-sale customer support.
This solution will enable drugstore.com to facilitate market expansion with:
* Local Country Merchandising: Website Localization, Guaranteed local currency product pricing, Restricted product screening, and Guaranteed lowest possible landed costs make international customers feel welcome.
* Multi-currency Payments: Multicurrency Credit Card Processing, International credit card fraud protection, Currency management, and USD settlement ensure customers are charged and pay in their own currency, while retailers are paid in U.S. dollars at the time of order -- without foreign exchange risk.
* Global Logistics and Delivery: U.S. retailers ship to a U.S.-based hub and FiftyOne handles the customs clearance, international shipping, package tracking, and return shipping. International customers receive the lowest guaranteed landed cost for delivery to their door -- with no surprise fees or surcharges.
* Post-sale Support: FiftyOne returns management and customer service tools allow U.S. retailers to provide international shoppers with the same level of customer service provided to domestic shoppers.
About drugstore.com, inc.
drugstore.com, inc. is a leading online retailer of health, beauty, vision and pharmacy products. Our portfolio of brands include: drugstore.com(TM), Beauty.com(TM) and VisionDirect.com(TM). All are accessible from http://www.drugstore.com/ and provide a convenient, private, and informative shopping experience while offering a wide assortment of more than 30,000 products at competitive prices.
The drugstore.com pharmacy is certified by the National Association of Boards of Pharmacy (NABP) as a Verified Internet Pharmacy Practice Site (VIPPS) and operates in compliance with federal and state laws and regulations in the United States.
About E4X, Inc.
E4X, Inc. is the leading provider of technology and services that simplify global ecommerce for both retailers and consumers. The company's FiftyOne Global Ecommerce solution (http://www.fiftyone.com/) manages local country merchandising, multi-currency payments, global logistics, and international customer service complexities enabling a U.S. retailer to sell to 500 million new international consumers using its existing ecommerce infrastructure. Founded in 1999, E4X is based in New York with offices in Toronto, Canada and Tel Aviv, Israel. For further information, visit http://www.e4x.com/.
This press release contains forward-looking statements regarding future events and expectations of drugstore.com, inc. Words such as "believe," "may," "will," and similar expressions, are intended to identify forward-looking statements. Forward-looking statements are based on current expectations, are not guarantees of future performance and involve assumptions, risks, and uncertainties. Actual performance may differ materially from those contained or implied in such forward-looking statements. Risks and uncertainties that could lead to such differences could include, among other things: effects of changes in the economy, changes in consumer spending, fluctuations in the stock market, changes affecting the Internet, online retailing and advertising, changes in senior management, risks related to systems interruptions, possible governmental regulation and the ability to manage a growing business. Additional information regarding factors that potentially could affect the business, financial condition and operating results of drugstore.com, inc. is included in the company's periodic filings with the SEC on Forms 10-K, 10-Q and 8-K. drugstore.com, inc. expressly disclaims any intent or obligation to update any forward-looking statement, except as otherwise specifically stated by it.
Media Contacts:
For drugstore.com For E4X, Inc.:
Anne Marshall Don Goncalves
amarshall@drugstore.com dgoncalves@tizinc.com
425-372-3464 781-793-9380
Investor Relations:
The Blueshirt Group for drugstore.com
Brinlea Johnson
212-551-1453
brinlea@blueshirtgroup.com
Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20070813/AQM043LOGO AP Archive: http://photoarchive.ap.org/ PRN Photo Desk, photodesk@prnewswire.com
drugstore.com, inc.
CONTACT: Media, Anne Marshall of drugstore.com, inc., +1-425-372-3464, amarshall@drugstore.com; or Don Goncalves, +1-781-793-9380, dgoncalves@tizinc.com, for E4X, Inc.; or Investors, Brinlea Johnson of The Blueshirt Group, +1-212-551-1453, brinlea@blueshirtgroup.com, for drugstore.com, inc.
Web site: http://www.drugstore.com/ http://www.e4x.com/ http://www.fiftyone.com/
AnalogicTech Reports Financial Results for the Second Quarter 2008
SANTA CLARA, Calif., July 28 /PRNewswire-FirstCall/ -- Advanced Analogic Technologies, Inc. ("AnalogicTech" or the "Company") , a developer of power management semiconductors for mobile consumer electronic devices, today reported financial results for the second quarter ended June 30, 2008.
(Logo: http://www.newscom.com/cgi-bin/prnh/20050829/SFTU089LOGO)
Net revenue for the second quarter of 2008 was $21.2 million, a decrease of 18.1% over net revenue of $25.8 million for the second quarter of 2007 and a sequential decrease of 15.6% from net revenue of $25.1 million for the first quarter of 2008.
Net loss for the second quarter of 2008 was $3.8 million, or $0.08 per diluted share. This compares to net loss of $0.9 million, or $0.02 per diluted share, for the second quarter of 2007, and net income of $0.4 million or $0.01 per diluted share, for the first quarter of 2008. On a non-GAAP basis, excluding stock-based compensation expense, amortization of acquired intangibles, in-process research and development and severance-related expenses, net of taxes, net loss for the second quarter of 2008 was $1.8 million, or $0.04 per diluted share. This compares to a non-GAAP net income of $0.7 million, or $0.01 per diluted share, for the second quarter of 2007 and non-GAAP net income of $2.0 million, or $0.04 per diluted share, for the first quarter of 2008. Non-GAAP net income for the second quarter of 2007 and first quarter of 2008 excluded stock-based compensation expense and amortization of acquired intangibles, net of taxes.
AnalogicTech reported gross margins of 47.3% for the second quarter of 2008, compared to 55.1% for the second quarter of 2007 and 54.7% for the first quarter of 2008. Non-GAAP gross margin was 48.9% for the second quarter of 2008, compared to 56.2% for the second quarter of 2007 and 56.0% for the first quarter of 2008. Second quarter gross margin decreased sequentially, primarily due to a higher than normal excess inventory charge of $0.9 million associated with lower than anticipated net revenues. The Company ended the quarter with $110.0 million in cash, cash equivalents, and short-term investments.
"As we previously announced, our second quarter results were impacted by prolonged weakness in China handset sales, short-term delays in the rollout of new high profile handsets by our customers and general softness in our end markets," stated Richard K. Williams, President, CEO and CTO of AnalogicTech. "While near-term the macro economic environment is expected to continue to be challenging, we remain optimistic about our long-term growth opportunities. We continue to experience design win traction across multiple product lines. The expected dollar content of a number of recent design wins is significantly higher than the Company's historical levels. We remain focused on the continued development, introduction and roll out of high-voltage and multifunction products using ModularBCD and we are encouraged by recent successes."
Business Outlook
The following statements are based upon management's current expectations. These statements are forward-looking, and actual results may differ materially. AnalogicTech undertakes no obligation to update these statements.
For the third quarter ending September 30, 2008, AnalogicTech estimates revenue in the range of $24 to $26 million, and net loss in the range of $0.03 to $0.01 per diluted share on a GAAP basis. The third quarter 2008 estimates include pre-tax quarterly share-based compensation expense in the range of $1.9 to $2.1 million.
Non-GAAP Reporting
In addition to GAAP reporting, AnalogicTech reports net income, gross margin and earnings/loss per share on a non-GAAP basis. This non-GAAP earnings information excludes certain items and their tax-related effects. AnalogicTech believes this non-GAAP earnings information provides meaningful insight into the Company's ongoing operational performance and has therefore chosen to provide this information to investors as an additional dimension of comparability to similar companies. AnalogicTech also uses this information internally to evaluate and manage company operations and to determine incentive compensation. A reconciliation between GAAP and non-GAAP net income, gross margin and earnings/loss per share is included in the tables below.
The non-GAAP information included in this press release is not necessarily comparable to non-GAAP information of other companies. Non-GAAP information should not be viewed as a substitute for, or superior to, net income or other data prepared in accordance with GAAP as measures of our profitability or liquidity. Users of this financial information should consider the types of events and transactions for which adjustments have been made.
Conference Call Details
The AnalogicTech second quarter 2008 teleconference and webcast is scheduled to begin at 4:30 p.m. Eastern Time on Monday, July 28, 2008. To participate in the live call, analysts and investors should dial 800-218-0204 at least ten minutes prior to the call. AnalogicTech will also offer a live and archived webcast of the conference call, accessible from the company's investor relations website at http://www.aati.com/ or via the corporate website, http://www.analogictech.com/. A telephonic replay of the conference call will also be available until 11:59 p.m. Pacific Time on Friday, August 1, 2008, by dialing 800-405-2236 and entering the passcode: 11116327#. Callers outside the U.S. and Canada may access the replay by dialing 303-590-3000 and entering the passcode: 11116327#.
About AnalogicTech
Advanced Analogic Technologies, Inc. (AnalogicTech) is a supplier of Total Power Management(TM) semiconductor solutions for mobile consumer electronic devices, such as wireless handsets, notebook and tablet computers, smartphones, digital cameras, wireless LAN, and personal media players. The company focuses its design and marketing efforts on the application-specific power management needs of consumer, communications, and computing applications in these rapidly evolving devices. AnalogicTech also develops and licenses device, process, package, and application-related technology. AnalogicTech is headquartered in Santa Clara, California and Macau, S.A.R., with offices in China (Beijing, Shanghai and Shenzhen), Hong Kong, Taiwan, Japan, South Korea, Sweden, France and United Kingdom, as well as a worldwide network of sales representatives and distributors. The company is listed on the NASDAQ exchange under the ticker symbol AATI. For more information, please visit the AnalogicTech website: http://www.analogictech.com/. (AnalogicTech - F)
"Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995
Statements contained in this release that are not historical facts are forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements, including financial projections and forecasts, involve risks and uncertainties that could cause AnalogicTech's actual results to differ materially from our current expectations. Factors that could cause AnalogicTech's results to differ materially from those set forth in these forward-looking statements include customers' cancellation or modification of their orders; our failure to accurately forecast demand for our products; the loss of, or a significant reduction in orders from, any of our significant customers; consumer demand for cellular phones and other mobile consumer electronic devices; worldwide economic and political conditions, particularly in Asia; our ability to manage inventory levels, fluctuations in our operating results; our inability to develop and sell new products; defects in or failures of our products; the expense and uncertainty involved in our customer design-win efforts; the financial viability of the distributors of our products; fluctuations in our costs to manufacture our products; our reliance on third parties to manufacture, test, assemble and ship our products; our ability to retain and attract key personnel; our ability to compete with our competitors; and our ability to protect our intellectual property rights and not infringe the intellectual property rights of others. Other factors that may cause our actual results to differ from those set forth in the forward-looking statements contained in this press release and that may affect our prospects in general are described in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2007. AnalogicTech undertakes no obligation to update or revise forward-looking statements to reflect subsequent events or changed assumptions or circumstances.
AnalogicTech and the AnalogicTech logo are trademarks of Advanced Analogic Technologies, Inc. All other brand and product names appearing in this document are registered trademarks or trademarks of their respective holders.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
(in thousands)
Jun. 30, Dec. 31
2008 2007 (*)
ASSETS
CURRENT ASSETS
Cash and cash equivalents $86,834 $53,779
Short-term investments 23,145 60,448
Total cash, cash equivalents
and short term investments 109,979 114,227
Accounts receivable, net of
allowances 11,269 14,428
Inventories 13,732 12,214
Prepaid expenses and other
current assets 1,443 2,273
Notes receivable 2,000 2,000
Deferred income taxes - current 591 591
Total current assets 139,014 145,733
Property and equipment, net 5,836 4,699
Goodwill 16,116 15,717
Intangible assets, net 1,547 2,127
Other assets 4,166 1,377
Deferred income taxes - noncurrent 7,053 6,815
$173,732 $176,468
TOTAL ASSETS
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $7,710 $7,938
Accrued liabilities 4,801 8,623
Income tax payable 730 1,367
Total current liabilities 13,241 17,928
Long-term income tax payable 1,771 1,053
Long-term debt and capital lease
obligations - 41
Other long-term liabilities 196 155
Total liabilities 15,208 19,177
Total stockholders' equity 158,524 157,291
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $173,732 $176,468
* Amounts as of December 31, 2007 were derived from the December 31, 2007
audited financial statements.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Three Months Ended Six Months Ended
Jun. 30, Jun. 30, Jun. 30, Jun. 30,
2008 2007 2008 2007
NET REVENUE $21,173 $25,837 $46,274 $46,945
Cost of revenue 11,149 11,612 22,517 21,544
GROSS PROFIT 10,024 14,225 23,757 25,401
OPERATING EXPENSES:
Research and development 7,790 7,572 15,449 14,675
Sales, general and administrative 6,201 6,597 12,646 12,799
Patent litigation 482 1,488 744 3,077
Total operating expenses 14,473 15,657 28,839 30,551
LOSS FROM OPERATIONS (4,449) (1,432) (5,082) (5,150)
OTHER INCOME (EXPENSES), NET 766 1,354 1,910 2,452
LOSS BEFORE INCOME TAXES (3,683) (78) (3,172) (2,698)
PROVISION FOR INCOME TAXES 147 813 211 944
NET LOSS $(3,830) $(891) $(3,383) $(3,642)
NET LOSS PER SHARE:
Basic $(0.08) $(0.02) $(0.07) $(0.08)
Diluted $(0.08) $(0.02) $(0.07) $(0.08)
WEIGHTED AVERAGE SHARES USED IN
NET LOSS PER SHARE CALCULATION:
Basic 45,687 44,602 45,589 44,461
Diluted 45,687 44,602 45,589 44,461
Note: FAS123R was adopted at the
beginning of fiscal 2006. Stock
compensation recorded in each
expense classification above is as
follows:
Cost of revenues $95 $66 $172 $131
Research and development 773 662 1,563 1,273
Sales, general and administrative 1,034 1,019 1,894 2,053
$1,902 $1,747 $3,629 $3,457
Financial Summary (Non-GAAP)
(in thousands, except per share amounts)
(unaudited)
Three Months Ended Six Months Ended
GAAP TO NON-GAAP RECONCILIATION Jun. 30, Jun. 30, Jun. 30, Jun. 30,
2008 2007 2008 2007
GROSS MARGIN:
GAAP GROSS MARGIN 10,024 14,225 23,757 25,401
GAAP GROSS MARGIN % 47.3% 55.1% 51.3% 54.1%
Amortization of acquired intangibles 242 242 484 484
Stock-based compensation 95 66 172 131
NON-GAAP GROSS MARGIN 10,361 14,533 24,413 26,016
NON-GAAP GROSS MARGIN % 48.9% 56.2% 52.8% 55.4%
NET INCOME (LOSS):
NET LOSS ON GAAP BASIS: $(3,830) $(891) $(3,383) $(3,642)
Stock-based compensation $1,902 $1,747 $3,629 $3,457
Amortization of acquired
intangibles 290 290 580 580
In-process research and
development 255 - 255 -
Severance related charges 167 - 167 -
Loss on liquidation of a foreign
branch office - - - 266
Associated tax effects (561) (446) (1,006) (942)
NET INCOME (LOSS) ON NON-GAAP BASIS: $(1,777) $700 $242 $(281)
EPS:
GAAP EPS, DILUTED $(0.08) $(0.02) $(0.07) $(0.08)
NON-GAAP EPS, DILUTED $(0.04) $0.01 $0.01 $(0.01)
Weighted average shares used to
calculate non-GAAP diluted EPS: 45,687 46,774 47,123 44,461
Photo: http://www.newscom.com/cgi-bin/prnh/20050829/SFTU089LOGO AP Archive: http://photoarchive.ap.org/ PRN Photo Desk, photodesk@prnewswire.com
Advanced Analogic Technologies, Inc.
CONTACT: Brian McDonald, Chief Financial Officer of AnalogicTech, +1-408-737-4788; or Lisa Laukkanen of The Blueshirt Group, +1-415-217-4967, for Advanced Analogic Technologies, Inc.
Web site: http://www.analogictech.com/ http://www.aati.com/
Atheros Announces Financial Results for Q2 2008Thirteenth Consecutive Quarter of Revenue Growth
SANTA CLARA, Calif., July 28 /PRNewswire-FirstCall/ -- Atheros Communications, Inc. , a leading developer of advanced wireless and wired network communications solutions, today announced financial results for its second quarter ended June 30, 2008.
Revenue in the second quarter was a record $121.5 million, compared with $114.5 million reported in the first quarter of 2008 and $100.8 million reported in the second quarter of 2007.
In accordance with U.S. generally accepted accounting principles (GAAP), the company recorded second quarter net income of $10.1 million or $0.16 per diluted share. This compares with GAAP net income of $3.4 million or $0.06 per diluted share in the first quarter of 2008. GAAP net income in the second quarter of 2007 was $9.3 million or $0.16 per diluted share. Total cash, cash equivalents and marketable securities were $276.6 million at June 30, 2008, up $21.1 million from the prior quarter.
Atheros reports gross margins, operating expenses, operating income, net income and basic and diluted net income per share in accordance with GAAP and additionally on a non-GAAP basis. Non-GAAP net income excludes, where applicable, the effect of stock-based compensation, amortization of acquired intangible assets and acquisition related charges, the other-than-temporary impairment of long-term investments, the tax benefit due to a change in state tax filing position and the tax impact of these excluded items. A reconciliation of preliminary GAAP to non-GAAP net income, as well as a description of items excluded in the calculation of non-GAAP net income is presented in the financial statements portion of this release.
Non-GAAP gross margin in the second quarter was 50.8 percent, compared with 51.2 percent in the first quarter of 2008 and 49.7 percent in the second quarter of 2007. Non-GAAP operating income was 16.6 percent of revenue, compared with 15.3 percent in the first quarter of 2008 and 16.1 percent in the second quarter of 2007.
Non-GAAP net income in the second quarter was $19.3 million or $0.31 per diluted share, compared with $17.2 million or $0.28 per diluted share in the first quarter of 2008 and $14.7 million or $0.25 per diluted share in the second quarter of 2007.
"We are pleased to report another very strong quarter, our 13th consecutive quarter of revenue growth," said Craig Barratt, president and CEO. "We experienced broad-based growth across our PC OEM, Networking and Consumer channels and continued growth of our Ethernet and Mobile WLAN product revenues. Revenue from our 11n products grew more than 50 percent sequentially, while our 11g products continued to be a significant contributor to our overall results," Dr. Barratt said.
Recent Atheros Highlights.
July 28 -- Atheros Announces the Appointment of Dan Artusi to its Board of Directors
June 4 -- Atheros' XSPAN Technology Delivers Industry-Leading 802.11n Performance in New AMD Turion(TM) X2 Ultra Notebook Platform
June 3 -- Atheros Demonstrates its Expanded Communications Technology Portfolio at Computex Taipei
June 2 -- Atheros XSPAN Enhances Home Networking with Smart, High-Capacity Routing Platform
May 20 -- Atheros Enhances New Netflix Player by Roku with Wi-Fi Connectivity
May 19 -- Atheros Enables Industry-Leading Wi-Fi in Next-Generation Cable Modem Gateways Based on TI Puma 5 Product Family
May 12 -- Atheros Receives the 2008 Emerging Growth Company Award from the Silicon Valley Chapter of the Association for Corporate Growth
Conference Call
Atheros will broadcast its second quarter financial results conference call today, Monday, July 28, 2008 at 2 p.m. Pacific time (5 p.m. Eastern time).
To listen to the call, please dial 212-547-0138 approximately 10 minutes prior to the start time. The pass code is Atheros. A taped replay will be available approximately one hour after the conclusion of the call and will remain available for one week. To access the replay, dial 203-369-0975.
The Atheros financial results conference call will be available via a live webcast on the investor relations section of the Atheros website at http://www.atheros.com/. Please access the website approximately 15 minutes prior to the start of the call to download and install any necessary audio software. An archived webcast replay of the call will be available on the web site for one year.
About Atheros Communications, Inc.
Atheros Communications is a leading developer of semiconductor system solutions for wireless and wired communications products. Atheros combines its wireless and networking systems expertise with high-performance radio frequency (RF), mixed signal and digital semiconductor design skills to provide highly integrated chipsets that are manufactured on low-cost, standard complementary metal-oxide semiconductor (CMOS) processes. Atheros technology is used by a broad base of leading customers, including personal computer, networking equipment and consumer device manufacturers. For more information, please visit http://www.atheros.com/ or send an email to info@atheros.com .
NOTE: Atheros, the Atheros logo and XSPAN are trademarks of Atheros Communications, Inc.
Note on Forward-Looking Statements
Except for the historical information contained herein, the matters set forth in this press release, including our anticipated growth, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially, including, but not limited to the impacts of competition, technological advances; general economic conditions; difficulties in the development of new products and technologies; whether Atheros is successful in marketing and selling its products; and other risks detailed in Atheros' Annual Report on Form 10-K for the year ended December 31, 2007 and its Quarterly Report on Form 10-Q for the quarter ended March 31, 2008, as filed with the Securities and Exchange Commission, and in other reports filed with the SEC by Atheros from time to time. These forward-looking statements speak only as of the date hereof. Atheros disclaims any obligation to update these forward-looking statements.
ATHEROS COMMUNICATIONS, INC.
PRELIMINARY CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In thousands, except per share data)
Three Months Ended Six Months Ended
June 30, June 30,
2008 2007 2008 2007
Net revenue $121,518 $100,808 $236,036 $196,326
Cost of goods sold 60,057 50,859 116,519 100,775
Gross profit 61,461 49,949 119,517 95,551
Operating expenses:
Research and
development 29,947 24,628 60,001 48,234
Sales and marketing 12,500 8,891 24,442 17,313
General and
administrative 6,309 4,786 12,303 9,513
Amortization of
acquired intangible
assets 3,010 1,789 6,419 3,568
Total operating
expenses 51,766 40,094 103,165 78,628
Income from operations 9,695 9,855 16,352 16,923
Interest income, net 1,944 2,770 4,364 5,262
Impairment of long-term
investments (1,387) - (6,457) -
Provision for income
taxes (127) (3,343) (717) (5,304)
Net income $10,125 $9,282 $13,542 $16,881
Basic earnings per
share $0.17 $0.17 $0.23 $0.31
Diluted earnings per
share $0.16 $0.16 $0.22 $0.29
Shares used in
computing basic
earnings per share 59,607 55,543 59,258 55,112
Shares used in
computing diluted
earnings per share 62,113 59,111 61,780 58,710
ATHEROS COMMUNICATIONS, INC.
PRELIMINARY CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In thousands)
June 30, December 31,
2008 2007
ASSETS
Current assets:
Cash, cash equivalents and short-term
marketable securities $252,574 $219,544
Accounts receivable, net 75,348 58,002
Inventory 45,858 35,497
Deferred income taxes and other current assets 14,436 16,084
Total current assets 388,216 329,127
Property and equipment, net 14,283 13,492
Long-term marketable securities 26,066 30,453
Goodwill and acquired intangible assets 130,130 136,125
Deferred income taxes and other assets 15,718 12,940
$574,413 $522,137
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities $87,299 $76,844
Deferred income taxes and other long-term
liabilities 45,262 43,836
Stockholders' equity 441,852 401,457
$574,413 $522,137
ATHEROS COMMUNICATIONS, INC.
RECONCILIATION OF PRELIMINARY NON-GAAP ADJUSTMENTS
(Unaudited)
(In thousands, except per share data)
Three Months Ended Six Months Ended
June 30, June 30,
2008 2007 2008 2007
GAAP net income $10,125 $9,282 $13,542 $16,881
Stock-based compensation:
Cost of goods sold 144 121 296 246
Research and
development 3,869 2,654 7,578 5,650
Sales and marketing 2,101 1,054 3,893 2,095
General and
administrative 1,180 743 2,179 1,441
Total stock-based
compensation 7,294 4,572 13,946 9,432
Acquisition related
charges:
Amortization of
acquired intangible
assets 3,010 1,789 6,419 3,568
Other acquisition-
related charges 151 - 942 159
Impairment of long-term
investments 1,387 - 6,457 -
Net tax effect of
non-GAAP adjustments (1,633) (945) (3,788) (1,730)
Tax benefit from
change in state tax
filing position (1,068) - (1,068) -
Non-GAAP net income $ 19,266 $ 14,698 $ 36,450 $ 28,310
Shares used in
computing non-GAAP
basic earnings per
share 59,607 55,543 59,258 55,112
Shares used in
computing non-GAAP
diluted earnings per
share 62,113 59,111 61,780 58,710
Non-GAAP basic
earnings per share $0.32 $0.26 $0.62 $0.51
Non-GAAP diluted net
income per share $0.31 $0.25 $0.59 $0.48
ATHEROS COMMUNICATIONS, INC.
RECONCILIATION OF PRELIMINARY GAAP TO NON-GAAP FINANCIAL MEASURES
To supplement our unaudited selected financial data presented on a basis consistent with Generally Accepted Accounting Principles (or "GAAP"), the Company discloses certain non-GAAP financial measures, including non-GAAP gross profit, operating expenses, operating income and net income. These supplemental measures exclude stock-based compensation, acquisition-related charges, other-than-temporary impairments of long-term marketable securities, a tax benefit resulting from a change in state tax filing position and any tax detriment or benefit between the income tax expense with and without the non-GAAP measures. These non-GAAP measures are not in accordance with, nor serve as an alternative for GAAP. We believe that these non-GAAP measures have limitations in that they do not reflect all of the amounts associated with our GAAP results of operations. These non-GAAP measures should only be viewed in conjunction with corresponding GAAP measures. We compensate for the limitations of non-GAAP financial measures by relying upon GAAP results to gain a complete picture of our performance.
In calculating non-GAAP financial measures, we exclude certain items to facilitate a review of the comparability of our core operating performance on a period-to-period basis. The excluded items represent charges and gains that are primarily driven by discrete events that we do not consider to be directly related to core operating performance. We use non-GAAP measures to evaluate the core operating performance of our business, for comparison with forecasts and strategic plans, for calculating return on investment and for benchmarking performance externally against competitors. In addition, management's incentive compensation is determined using these non-GAAP measures. Also, when evaluating potential acquisitions, we primarily consider the impact of the target's performance and valuation on our non-GAAP measures. Since we find these measures to be useful, we believe that investors benefit from seeing results reviewed by management in addition to seeing GAAP results. We believe that these non-GAAP measures, when read in conjunction with our GAAP financials, provide useful information to investors by offering:
-- more meaningful comparability of our on-going operating results;
-- the ability to better identify trends in our underlying business; and
-- a way to compare our operating results against analyst financial models
and operating results of competitors that supplement their GAAP results
with non-GAAP financial measures.
The following are explanations of each type of adjustment that we incorporate into non-GAAP financial measures:
Stock-based compensation expense relates to equity awards granted to our workforce. Our stock incentive plans are important components of our employee incentive compensation arrangements and are reflected as expenses in our GAAP results under Statement of Financial Accounting Standards No. 123 (revised 2004), Share-Based Payment, effective as of January 1, 2006. While we include the dilutive impact of such equity awards in weighted average shares outstanding, the expense associated with stock-based awards is excluded from non-GAAP net income. These non-cash charges are not factored into our internal evaluation of net income as we believe their inclusion would hinder our ability to assess core operational performance.
Acquisition-related charges include the amortization of acquired intangible assets primarily consisting of acquired technology, customer relationships, covenants not to compete, step-up of inventory to its estimated fair value, backlog and cash earn outs. These charges are not factored into our evaluation of potential acquisitions, or of our performance after completion of acquisitions, because they are generally non-cash and are not related to our core operating performance, and the frequency and amount of such charges vary significantly based on the timing and magnitude of our acquisition transactions, the then fair market value of our common stock and the maturities of the businesses being acquired.
Impairment of long-term marketable securities relates to the other-than-temporary, non-operating write down of our investments in auction rate securities rated AA and AAA at the date of purchase. The liquidity and fair value of these securities has been impacted by the uncertainty in the credit markets and the exposure of these securities to the financial condition of bond insurance companies. While we have received all interest payments due on these instruments on a timely basis, we have determined that certain of these assets have been other-than-temporarily impaired and therefore they were written down to their estimated values. These charges are not factored into our internal evaluation of net income as we believe they are non-operating charges that do not impact our core operating performance.
Adjustment for taxes relates to the tax effect of various adjustments that we incorporate into non-GAAP measures in order to provide a more meaningful measure of non-GAAP net income. In addition, the tax benefit resulting from a change in a state tax filing position has been excluded. We believe that these adjustments provide us with the ability to more clearly view trends in our core operating performance.
Reconciliations of non-GAAP measures disclosed in this press release are set forth below (in thousands, except percentages):
Three Months Ended Six Months Ended
June 30, June 30,
2008 2007 2008 2007
GAAP gross profit $61,461 $49,949 $119,517 $95,551
Amortization of
acquisition-related
step-up value of
inventory 121 - 572 159
Stock-based
compensation 144 121 296 246
Non-GAAP gross profit $61,726 $50,070 $120,385 $95,956
GAAP gross profit as a
% of revenue 50.6% 49.6% 50.6% 48.7%
Amortization of
acquisition-related
step-up value of
inventory 0.1% -% 0.3% 0.1%
Stock-based
compensation 0.1% 0.1% 0.1% 0.1%
Non-GAAP gross profit
as a % of revenue 50.8% 49.7% 51.0% 48.9%
GAAP operating expense $51,766 $40,094 $103,165 $78,628
Stock-based
compensation (7,150) (4,451) (13,650) (9,186)
Acquisition-related
deferred compensation (30) - (370) -
Amortization of
acquired intangible
assets (3,010) (1,789) (6,419) (3,568)
Non-GAAP operating
expenses $41,576 $33,854 $82,726 $65,874
GAAP income from
operations $9,695 $9,855 $16,352 $16,923
Amortization of
acquisition-related
step-up value of
inventory 121 - 572 159
Stock-based
compensation 7,294 4,572 13,946 9,432
Acquisition-related
deferred compensation 30 - 370 -
Amortization of
acquired intangible
assets 3,010 1,789 6,419 3,568
Non-GAAP income from
operations $20,150 $16,216 $37,659 $30,082
GAAP income from
operations as a %
of revenue 8.0% 9.8% 6.9% 8.6%
Amortization of
acquisition-related
step-up value of
inventory 0.1% -% 0.3% 0.1%
Stock-based
compensation 6.0% 4.5% 5.9% 4.8%
Acquisition-related
deferred compensation -% -% 0.2% -%
Amortization of
acquired intangible
assets 2.5% 1.8% 2.7% 1.8%
Non-GAAP income from
operations 16.6% 16.1% 16.0% 15.3%
Atheros Communications, Inc.
CONTACT: Jack Lazar, Chief Financial Officer of Atheros Communications, Inc., +1-408-773-5200; or Deborah Stapleton, President of Stapleton Communications Inc., +1-650-470-0200, for Atheros Communications, Inc.
Web site: http://www.atheros.com/
PSi Technologies Reports Second Quarter 2008 Results
MANILA, Philippines, July 28 /PRNewswire-FirstCall/ -- PSi Technologies Holdings, Inc., , an independent provider of assembly and test services for the power semiconductor market, today announced financial results for the second quarter ended June 30, 2008.
Second Quarter Financial Results
Second quarter revenue totaled $22.9 million, an increase of 6.7% compared to $21.5 million in the first quarter of 2008, and an increase of 1.0% as compared to the same quarter in 2007. The sequential increase in sales compared to the first quarter was largely driven by a steady month-to-month increase in the Company's standard package for high power, medium current and fast-switching power devices. These are commonly used for home appliances, office and industrial equipment, and personal and consumer electronic applications.
The top five customers for the second quarter of 2008 (in alphabetical order) were Infineon Technologies, NXP Semiconductors, ON Semiconductors, Power Integrations, and ST Microelectronics. The products assembled and tested for these customers are used in various end user applications, such as automotive systems, consumer electronics, communications equipment, industrial applications, home appliances and PC motherboards.
The cost of sales increased by 2.7% from $21.1 million in the first quarter of 2008 to $21.7 million in the second quarter of 2008, due to higher sales volumes. However, as a percentage of sales, the cost of sales improved by 3.7 percentage points-from 98.4% of sales in the first quarter to 94.7% of sales in the second quarter of 2008. Compared to the second quarter of 2007, cost of sales improved by 1.7 percentage points-from 96.4% of sales in the second quarter of 2007 to 94.7% of sales in the second quarter of 2008.
The reduction in cost of sales as a percentage of sales for second quarter of 2008 is attributable to the cost savings arising from operational efficiencies in raw materials usage; improvement in equipment productivity; better manpower deployment and management; and continued energy conservation efforts complemented by reduction in power rates per kilowatt-hour.
The increase in sales, combined with the savings brought by the improvement in cost of sales as percentage of sales in the second quarter of 2008, resulted to a 245% increase in gross profit, from $0.4 million in the first quarter to $1.2 million in the second quarter of 2008. Compared to the same period in 2007, gross profit grew by 48.5%.
Total operating expenses of $2.2 million in the second quarter of 2008 were lower by 10.8% as compared to $2.5 million in the first quarter. The increase in research and development expenditures and marketing initiatives, were offset by a 19.1% reduction in administrative expenses from the first quarter of 2008 amounting to $2.0 million, down to $1.6 million in the second quarter of 2008.
Net loss decreased by 56% to $1.4 million for the second quarter of 2008 from $3.2 million in the first quarter of 2008. This is largely due to the 245% increase in gross profit and supplemented by favorable foreign exchange and a reduction in financing interest expenses.
Balance Sheet Highlights
Cash and cash equivalents totaled $2.0 million as of June 30, 2008, compared to $3.4 million as of December 31, 2007. The decrease in cash and cash equivalents is largely attributable to increase in payments for purchases of raw materials driven by the increase in sales volume. Cash held in escrow was restricted for withdrawal and is classified as "Restricted Cash" in the consolidated balance sheet, since the balance of the outstanding trade receivables assigned was not adequate to cover the Company's outstanding loan payable.
New acquisitions of property, plant and equipment totaled $1.8 million in the first half of 2008, mostly related to the purchase of machinery and equipment to improve capacity and support ramp up for new products.
Total current liabilities increased by $4.6 million, from $37.4 million as of December 31, 2007 to $42.0 million as of June 30, 2008, mainly due to the reclassification as current liability of our 2005 Exchangeable Senior Subordinated Note which will mature on June 1, 2009.
As of December 31, 2007, the 2003 Exchangeable Senior Subordinated Note (the "2003 Note") was classified as current liability in the Company's consolidated balance sheet. The 2003 Note issued to Merrill Lynch LLC was amended to mature on July 31, 2008. All other terms and conditions remained the same. On July 31, 2008, Merrill Lynch LLC may redeem the note together with the accrued interest and any unpaid interest. However, the Company's Board of Directors, at its May 26, 2008 meeting, after reviewing our financial condition and in consideration of the 2003 Note's maturity date, delegated authority to the Company's Audit Committee to negotiate with Merrill Lynch LLC an extension of the 2003 Note to June 2009. The Audit Committee and Merrill Lynch LLC have reached a non-binding agreement to extend the maturity date of the 2003 Note and we are currently working on finalizing the documents to effect such extension. The Company expect to execute the final documents on or before July 31, 2008.
Business Outlook
Commenting on PSi's business outlook, Arthur J. Young, Jr., Chairman and CEO said, "Given the existing environment in our market today, I am pleased that our PSi team executed our business plan in the face of the challenges of the second quarter of 2008. Keeping focused on our deliverables resulted in improved efficiencies in all operating indices, which translated in better margins. We identified opportunities, continued to invest in research and development, and implemented our marketing initiatives in line with our business plan. Our efforts to diversify our customer base and introduce new product packages to our already extensive package portfolio continue to remain on track and we expect to start seeing results from these initiatives in the third and fourth quarters of 2008. We have seen our sales revenues trend upward, and we are cautiously optimistic that we can maintain that trend through the third quarter of 2008. We continue to watch a very fluid market environment with customer forecasts changing frequently in either direction. The price of oil and our basic raw material costs, as well as weakening consumer sentiment, continue to be major issues on our radar screen."
In addition, George A. Shaw, COO commented, "We continue to focus on strengthening the systems and processes of our organization especially in areas of logistics and supply chain. With the price of oil driving up the costs of our basic raw materials, our execution to low cost alternatives remains a major initiative of our company. The successful qualification and production ramp up of our single gauge dpak package to four new Taiwanese customers was achieved in record time. The introduction of this package enabled us to reduce our copper content on this package by almost 38%. Moving forward we are completing the development of our ECO family of packages in our TO 220, TO 247 and Fullpak platforms. This development will reduce the copper content by 35% to 40% on these selected packages. We hope to bring these packages into the market by the fourth quarter.
"Our Power QFN family of packages continues to gain market acceptance and we continue to see a wide range of end product applications for this. From the standard applications in power protection devices to multi-die applications in power management devices to optical applications in solar chargers.
"We are also working on customer specific applications in different customer proprietary package technologies in high-power applications for industrial, automotive and medical products. Finally, we expect to introduce to the market our new high-voltage family of packages in our SOT 227 configuration by the end of the third quarter of 2008. This family of high- power packages will have the capability of achieving isolation voltages of up to 3000 volts. We expect to provide samples to our customers by the end of the third quarter of 2008."
About PSi Technologies
PSi Technologies is a focused independent semiconductor assembly and test service provider to the power semiconductor market. The Company provides comprehensive package design, assembly and test services for power semiconductors used in telecommunications and networking systems, computers and computer peripherals, consumer electronics, electronic office equipment, automotive systems and industrial products. Their customers include most of the major power semiconductor manufacturers in the world such as Infineon Technologies, ON Semiconductor, Philips Semiconductor, and ST Microelectronics. For more information, visit the Company's web site at http://www.psitechnologies.com/ or call:
At PSi Technologies Holdings, Inc.: At Financial Relations Board:
Larry Cajucom Lasse Glassen
(632) 838 4489 (213) 486 6546
lvcajucomjr@psitechnologies.com.ph lglassen@frbir.com
This press release contains forward-looking statements that involve risks and uncertainties. Actual results and outcomes may differ materially. Factors that might cause a difference include, but are not limited to, those relating to our ability to negotiate final documentation with Merrill Lynch LLC to extend the 2003 Note, the pace of development and market acceptance of PSi's products and the power semiconductor market generally, commercialization and technological delays or difficulties, the impact of competitive products and technologies, competitive pricing pressures, manufacturing risks, the possibility of our products infringing patents and other intellectual property of third parties, product defects, costs of product development, manufacturing and government regulation, risks inherent in emerging markets, including but not limited to, currency volatility and depreciation, restricted access to financing and political and social unrest and the possibility that the initiatives described herein may not produce the intended results. PSi undertakes no responsibility to update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect PSi's financial results is included in the documents PSi files from time to time with the Securities and Exchange Commission.
-Financial Tables Follow-
PSi Technologies Holdings, Inc.
Unaudited Income Statement
(In US Dollars)
For the Three Months Ended For the Six Months Ended
30-Jun-08 31-Mar-08 30-Jun-07 30-Jun-08 30-Jun-07
Unaudited Unaudited Unaudited Unaudited Unaudited
REVENUES $22,897,981 $21,458,501 $22,675,639 $44,356,482 $47,354,304
COST OF
SALES 21,678,534 21,104,906 21,854,639 42,783,440 45,220,610
GROSS
PROFIT 1,219,447 353,595 821,000 1,573,042 2,133,694
OPERATING
EXPENSES
Research
and
development 397,350 330,709 274,256 728,059 526,055
Administrative
expenses 1,606,729 1,986,388 1,690,132 3,593,117 3,367,363
Marketing
expenses 239,191 196,380 225,038 435,571 454,513
Total
Operating
Expenses 2,243,270 2,513,477 2,189,426 4,756,747 4,347,931
LOSS FROM
CONTINUING
OPERATIONS (1,023,823) (2,159,882) (1,368,426) (3,183,705) (2,214,237)
Interest
and bank
charges
-net (144,694) (235,157) (336,662) (379,851) (589,326)
Foreign
exchange
gains
(losses)
-net 447,891 (153,964) (472,747) 293,927 (605,780)
Lease income 41,370 41,370 41,370 82,740 82,740
Exchangeable
Note
interest
and financ-
ing charges (732,827) (716,049) (612,979) (1,448,876) (1,229,908)
Gain on
disposal of
assets (33,719) 3,900 - ( 29,819)
Miscellaneous 36,428 19,258 35,267 55,686 47,530
Net Other
Expense (385,551) (1,040,642) (1,345,751) (1,426,193) (2,294,744)
NET LOSS $(1,409,374)$(3,200,524) $(2,714,177)$(4,609,898)$(4,508,981)
No. of
Shares
Outstand-
ing 13,289,525 13,289,525 13,289,525 13,289,525 13,289,525
EPS-based on
Outstanding
Shares $(0.11) $(0.24) $(0.20) $(0.35) $(0.34)
PSi Technologies Holdings, Inc.
Unaudited Consolidated Balance Sheet
(In US Dollars)
30-Jun-08 31-Dec-07
Unaudited Audited
ASSETS
Current Assets
Cash and cash equivalents $2,001,067 $3,414,322
Restricted cash 1,911,472 1,096,376
Accounts receivable-net 13,469,036 12,752,236
Inventories-net 5,405,639 4,477,486
Other current assets-net 527,636 438,430
Total Current Assets 23,314,850 22,178,850
Noncurrent Assets
Property, plant and equipment-net 22,940,482 26,723,243
Other noncurrent assets-net 1,117,476 876,565
Total Noncurrent Assets 24,057,958 27,599,808
$47,372,808 $49,778,658
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable and accrued
expenses $23,534,415 $21,647,112
Accounts payable CAPEX 487,018 425,120
Loans Payable 9,800,000 10,020,000
Exchangeable notes 8,186,416 4,816,349
Advance from customer - 466,503
Trust receipts payable - 52,520
Total Current Liabilities 42,007,849 37,427,604
Noncurrent Liabilities
Noncurrent portion of exchangeable
notes - 2,027,347
Accrued retirement benefit cost 1,122,721 1,475,276
Total Noncurrent Liabilities 1,122,721 3,502,623
Stockhoders' Equity
Capital stock-Philippine peso 1-2/3
par value
Authorized-37,058,100 shares
Issued and outstanding-13,289,525
shares 590,818 590,818
Additional paid-in capital 79,425,279 79,421,574
Other comprehensive loss 280,257 280,257
Deficit (76,054,116) (71,444,218)
Total Stockholders' Equity 4,242,238 8,848,431
$47,372,808 $49,778,658
PSi Technologies Holdings, Inc.
Unaudited Consolidated Statement of
Cash Flows
(In US Dollars)
For the Six Months
Ended June 30, 2008
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss $(4,609,898)
Adjustments to reconcile net loss to
net cash provided by operating activities:
Depreciation 5,562,036
Stock compensation costs 3,705
Amortization of debt issuance costs and discount 639,682
Interest on exchangeable notes converted to principal 716,189
Accretion of interest receivable from Manila
Electric Company (17,779)
Unrealized foreign exchange gain (382,197)
Provision for pension expense 191,008
Loss on disposal of inventories 71,689
Changes in operating assets and liabilities:
Decrease (increase) in:
Trade and other receivables (1,182,305)
Inventories (999,842)
Other current assets (119,989)
Decrease in trade and other payables 1,388,707
Net cash provided by (used in)operating activities 1,261,006
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisitions of property and equipment (1,292,258)
Decrease (increase) in other noncurrent assets (287,428)
Net cash used in investing activities (1,579,686)
CASH FLOWS FROM FINANCING ACTIVITIES
Net proceeds from (payments of) trust receipts payable (220,000)
Net proceeds from (payments of) loans payable (52,520)
Decrease in restricted cash (815,097)
Net cash provided by financing activities (1,087,617)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND
CASH EQUIVALENTS (6,959)
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS (1,413,256)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 3,414,322
CASH AND CASH EQUIVALENTS, END OF PERIOD $2,001,066
SUPPLEMENTAL INFORMATION ON NONCASH INVESTING AND
FINANCING ACTIVITIES
Property and equipment acquired on account under
accounts payable $487,018
PSi Technologies Holdings, Inc.
CONTACT: Larry Cajucom of PSi Technologies Holdings, Inc., +1-632-838-4489, lvcajucomjr@psitechnologies.com.ph; or Lasse Glassen, +1-213-486-6546, lglassen@frbir.com, for PSi Technologies Holdings, Inc.
Web site: http://www.psitechnologies.com/
SRA Awarded $29.9 Million Contract by the U.S. ArmyContract Combines and Extends Two Modernization Projects
FAIRFAX, Va., July 28 /PRNewswire-FirstCall/ -- SRA International, Inc. , a leading provider of technology and strategic consulting services and solutions to government organizations, today announced it has won a re-compete contract from the U.S. Army, extending its modernization work. The contract has an estimated value of $29.9 million over five years, if all options are exercised.
The task order combines the Installation Support Modules (ISM) contract and the Range Facility Management Support System (RFMSS) contract into one program, ISM/RFMSS. SRA's ongoing partnership with subcontractors Tiger Team Consulting and ENSCO, Inc. will help to ensure the continued successful execution of the program.
SRA has supported the Installation Support Modules (ISM) contract for seven years, modernizing the modules from a client/server-based application to an enterprise Web-based application with a centralized database. SRA also migrated data from the legacy systems to the new centralized database. ISM provides users at Army installations with Web-based applications that support personnel functions such as in- and out-processing, transition processing and education management.
The RFMSS application is a standard, integrated, automated management system used by the Active Army, the National Guard, and the U.S. Marine Corps to schedule and manage firing range operations. SRA has supported the RFMSS program for two years.
"ISM and RFMSS are crucial to supporting the Army mission," said SRA Senior Vice President, National Security Sector, Pat Burke. "The applications help to improve efficiency and provide standard business processes which support day-to-day operations."
SRA will continue to enhance the ISM applications, including expanding the application managing the Army organizational clothing and individual equipment (OCIE) inventory and clothing record system to the Army National Guard. OCIE is a key function for Army and National Guard mobilization and movement.
About SRA International, Inc.
SRA is a leading provider of technology and strategic consulting services and solutions -- including systems design, development, and integration; and outsourcing and managed services -- to clients in national security, civil government, and health care and public health markets. The company also delivers business solutions for contingency and disaster response planning, information assurance, business intelligence, environmental strategies, enterprise architecture, infrastructure management, and wireless integration.
FORTUNE(R) magazine has chosen SRA as one of the "100 Best Companies to Work For" for nine consecutive years. The company's 6,400 employees serve clients from its headquarters in Fairfax, Virginia, and offices around the world. For additional information on SRA, please visit http://www.sra.com/.
Any statements in this press release about future expectations, plans, and prospects for SRA, including statements about the estimated value of the contract and work to be performed, and other statements containing the words "estimates," "believes," "anticipates," "plans," "expects," "will," and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements. In addition, the forward-looking statements included in this press release represent our views as of July 28, 2008. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to July 28, 2008.
SRA International, Inc.
CONTACT: Sheila S. Blackwell, +1-703-227-8345, sheila_blackwell@sra.com, or Kelly Batalle, +1-703-284-5083, kelly_batalle@sra.com, both of SRA International, Inc.
Web site: http://www.sra.com/
SXC Health Solutions to Host Fiscal 2008 Second Quarter Financial Results Conference Call
LISLE, IL, July 28 /PRNewswire-FirstCall/ -- SXC Health Solutions Corp. announces that it will host a conference call on Thursday, August 7, 2008 at 8:30 a.m. ET to discuss the Company's fiscal 2008 second quarter financial results. Mark Thierer, President and CEO, and Jeff Park, Senior Vice President Finance and CFO will co-chair the call. A press release announcing the quarterly results will be issued at 7:00 a.m. ET that same day.
All interested parties can join the call by dialing 416-644-3426 or 1-800-588-4490. Please dial in 15 minutes prior to the call to secure a line. The conference call will be archived for replay until Thursday, August 14, 2008 at midnight. To access the archived conference call, please dial 416-640-1917 or 1-800-718-6306 and enter the reservation code 21278499 followed by the number sign.
A live audio webcast of the conference call will be available http://www.sxc.com/ and http://www.newswire.ca/. Please connect at least 15 minutes prior to the conference call to ensure adequate time for any software download that may be required to join the webcast. An archived replay of the webcast will be available for 365 days.
About SXC Health Solutions Corp.
SXC Health Solutions Corp. is a leading provider of pharmacy benefits management (PBM) services and Health Care Information Technology (HCIT) solutions to the healthcare benefits management industry. The Company's product offerings and solutions combine a wide range of software applications, application service provider (ASP) processing services and professional services, designed for many of the largest organizations in the pharmaceutical supply chain, such as Federal, provincial, and, state and local governments, pharmacy benefit managers, managed care organizations, retail pharmacy chains and other healthcare intermediaries. SXC is headquartered in Lisle, Illinois with 13 locations in the US and Canada. For more information please visit http://www.sxc.com/.
SXC Health Solutions Inc.
CONTACT: Jeff Park, Chief Financial Officer, SXC Health Solutions, Inc., Tel: (630) 577-3206, investors@sxc.com; Dave Mason, Investor Relations - Canada, The Equicom Group Inc., (416) 815-0700 ext. 237, dmason@equicomgroup.com; Susan Noonan, Investor Relations - U.S., The SAN Group, LLC, (212) 966-3650, susan@sanoonan.com
Mary A. Winston Joins Board of Directors
NEENAH, Wis., July 28 /PRNewswire-FirstCall/ -- Plexus Corp. today announced that its Board of Directors has increased the size of the Board to nine directors and has elected Mary A. Winston to fill the new seat, effective immediately. Ms. Winston currently serves as President and Founder of WinsCo Financial, LLC, a consulting firm focused on developing and implementing financial and strategic solutions for small to medium-sized companies. Prior to WinsCo Financial, LLC, Ms. Winston was the Executive Vice President and Chief Financial Officer for Scholastic Corporation. Ms. Winston held other accounting and financial positions with Visteon Corporation, Pfizer, Inc., Baxter International, Inc., SBC Ameritech, Inc., and Arthur Andersen & Co. She also serves on the Board of Directors and is Chairperson of the Audit Committee of Dover Corporation.
John Nussbaum, Chairman of the Board of Plexus Corp. commented, "I would like to welcome Ms. Winston to the Plexus Board of Directors. We believe her extensive financial and strategic planning experience will provide additional depth and insight as the Company continues to expand globally."
Dean Foate, President and CEO of Plexus Corp. added, "The Plexus Leadership Team is looking forward to working with Ms. Winston to help us refine the strategy and values of the Company that we believe will drive long-term shareholder value."
Ms. Winston holds a Masters of Business Administration in Finance, International Business and Marketing from the Kellogg School of Management at Northwestern University and a Bachelors of Business Administration in Accounting and Management Information Systems from the University of Wisconsin - Milwaukee. Ms. Winston is a Certified Public Accountant.
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 our 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.
CONTACT: Ginger Jones, Vice President, Chief Financial Officer of Plexus Corp., +1-920-751-5487, ginger.jones@plexus.com
Web site: http://www.plexus.com/
St. Bernard Regional Medical Center in Jonesboro, Ark., Deploys Federal Signal SmartMSG Critical Communications System
UNIVERSITY PARK, Ill., July 28 /PRNewswire/ -- Federal Signal Corporation's Safety and Security Systems Group, a leader in advancing security and well-being, announced today that St. Bernard Regional Medical Center in Jonesboro, Arkansas, has deployed its Federal Signal SmartMSG critical communications system to enhance communications throughout the medical facility and with first responders. The Codespear-enabled Federal Signal SmartMSG system is part of the Federal Signal Public Safety Systems industry platform.
St. Bernard Medical Center is a 400+ bed acute care hospital that has one of the busiest emergency rooms in the Northern Arkansas and Southeast Missouri region. The center recognized a need for improved personnel communications and, with the assistance of an emergency response grant for interoperable and notification solutions, deployed the Federal Signal SmartMSG critical communications system. With the SmartMSG system, St. Bernard Medical Center now has an enhanced communication system within the hospital that has improved the effectiveness of communication among hospital personnel, the safety of using high-alert medication and the effectiveness of clinical alarm systems.
"The personnel at St. Bernard are very pleased with the ease-of-use of the new Federal Signal SmartMsg system," stated Glenn Bridger, director of engineering and bio-medicine at St. Bernard Regional Medical Center. "It has enabled us to efficiently alert the appropriate staff members during critical and non-critical events to help us provide better service to our patient community."
The Federal Signal SmartMsg system can send alerts to individuals and groups of staff members through a web-based program via cell phones, smart phones, email, computers, pagers and other communications devices. Additionally, the SmartMSG system tracks staff response times. If response time is too long, other groups will be alerted to assist. The St. Bernard SmartMSG system is integrated with the local Jonesboro Fire Department to enable additional communication.
"The mission-critical SmartMSG system will enable medical personnel and staff at St. Bernards to connect, communicate and collaborate when time is of the essence," said Michael K. Wons, vice president and general manager of Federal Signal's Public Safety Systems Division. "With the deployment of this advanced Federal Signal critical communications system, St. Bernard Regional Medical Center has implemented an easy-to-use addition to their mission-critical communications, alerting and notification systems."
About Federal Signal
Federal Signal Corporation is a leader in advancing security and well-being for communities and workplaces around the world. The Company designs and manufactures a suite of products and integrated solutions for municipal, governmental, industrial and airport customers. Federal Signal's portfolio of trusted, high-priority products include Bronto aerial devices, Elgin and Ravo street sweepers, E-ONE fire apparatus, Federal Signal safety and security systems, Guzzler industrial vacuums, Jetstream waterblasters and
Vactor sewer cleaners. Federal Signal was founded in 1901 and is based in Oak Brook, Illinois. http://www.federalsignal.com/
Federal Signal Corporation's Safety and Security Systems Group
CONTACT: Media, John Segvich of Federal Signal Corporation's Safety and Security Systems Group, +1-708-587-3486, jsegvich@federalsignal.com
Web site: http://www.federalsignal.com/
Sonic Foundry to Release 2008 Third Quarter Results on Thursday, July 31, 2008Company will hold its investor webcast at 4:30 p.m. ET
MADISON, Wis., July 28 /PRNewswire-FirstCall/ -- Sonic Foundry, Inc. , the recognized market leader for rich media webcasting and knowledge management, today announced it will release results for its third quarter of fiscal 2008 on Thursday, July 31 after the close of the market.
The company will host a corporate webcast for analysts and investors that day at 3:30 p.m. CT / 4:30 p.m. ET. It will use its patented rich media communications system, Mediasite, to webcast the presentation for live and on-demand viewing. To access the presentation, go to http://www.sonicfoundry.com/q3 on or after July 31, 2008. An archive of the conference call will be available for 30 days.
About Sonic Foundry(R), Inc.
Founded in 1991, Sonic Foundry is the recognized market leader for rich media webcasting and knowledge management, providing education and training solutions and services that link an information-driven world. Based in Madison, Wisconsin, the company has received numerous awards including the 2007 Frost & Sullivan Global Market Leadership Award, Ziff Davis Media's Baseline Magazine's sixth fastest-growing software company with sales under $150 million and Deloitte's Technology Fast 500. Named a Bersin & Associates 2007 Learning Leader, Sonic Foundry's webcasting and knowledge management solutions are trusted by education institutions, Fortune 500 companies and government agencies for a variety of critical communication needs. Sonic Foundry is changing the way organizations communicate via the web and how people around the globe receive vital information needed for education, business, professional advancement and safety. Product and service names mentioned herein are the trademarks of Sonic Foundry, Inc. or their respective owners.
Certain statements contained in this news release regarding matters that are not historical facts may be forward-looking statements. Because such forward-looking statements include risks and uncertainties, actual results may differ materially from those expressed in or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, uncertainties pertaining to continued market acceptance for Sonic Foundry's products, its ability to succeed in capturing significant revenues from media services and/or systems, the effect of new competitors in its market, integration of acquired business and other risk factors identified from time to time in its filings with the Securities and Exchange Commission.
Sonic Foundry, Inc.
CONTACT: Investors, Rob Schatz of Wolfe, Axelrod, Weinberger & Assoc., LLC, +1-212-370-4500, rob@wolfeaxelrod.com, for Sonic Foundry, Inc.; or Press, Tammy Kramer of Sonic Foundry, Inc., +1-608-237-8592, tammyk@sonicfoundry.com
Web site: http://www.sonicfoundry.com/
Siemens Building Technologies, Inc. Acquires MAC Systems, Inc.Acquisition teams regional strength with world-class technology, global reach and R&D resources of Siemens
BUFFALO GROVE, Ill., July 28 /PRNewswire/ -- Siemens Building Technologies, Inc., announced today it has completed the transaction to acquire MAC Systems, Inc., of Canton, Mass. MAC Systems, a prominent New England security systems integrator, has been installing and maintaining state-of-the-art access control and security management systems in the region since 1981.
(Logo: http://www.newscom.com/cgi-bin/prnh/20070904/SIEMENSLOGO )
"MAC Systems is one of New England's leading security systems integrators," said George West, vice president and head of Siemens Building Technologies Security Solutions Business Unit. "Our customers throughout New England will benefit from the combined resources and experience of our two companies."
The acquisition, which strengthens Siemens ability to serve current and prospective customers in the region, will integrate MAC Systems operations and its approximately 60 employees with its network of branch offices located throughout the New England states. In the near term, plans call for MAC Systems to operate from its current location as a branch office of Siemens Building Technologies, Inc. With more than 4,000 separate systems installed and nearly 20,000 card readers managing facility access, MAC Systems customer base represents some of the most prominent organizations, businesses and institutions in New England.
"Our new status ensures that our customers will continue to have access to the highest levels of service, technology and integration experience," said Robert McMenimon, founder of MAC Systems. "We are truly excited to be a part of Siemens. It is a great fit -- we are now a part of one of the most trusted names in the security industry and I am confident our employees will thrive in an organization that, like MAC Systems, is driven to develop and implement innovative solutions that confront the most urgent challenges of security."
As a leading provider of energy and environmental solutions, building controls, fire safety and security systems solutions, Siemens Building Technologies, Inc., makes buildings comfortable, safe, secure and less costly to operate. With U.S. headquarters in Buffalo Grove, Ill., Siemens Building Technologies, Inc. employs 7,400 people and provides a full range of services and solutions from more than 100 locations coast-to-coast. Worldwide, the company has 28,000 employees and operates from more than 500 locations in 51 countries.
For more information on Siemens Building Technologies, visit: http://www.usa.siemens.com/buildingtechnologies
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Siemens Building Technologies, Inc.
CONTACT: Steven E. Kuehn, +1-847-941-6047, steve.kuehn@siemens.com, or Heather Rickart +1-847-941-5801, heather.rickart@siemens.com, both for Siemens Building Technologies, Inc.
Web site: http://www.buildingtechnologies.usa.siemens.com/
Tundra Introduces Multi-Standard RapidIO Evaluation Platform with Texas Instruments and Altera - Tsi620 Evaluation Platform Reduces Time-to-Market and Cost In High Performance Systems
OTTAWA, July 28 /PRNewswire-FirstCall/ -- Tundra Semiconductor Corporation (TSX:TUN), a leader in System Interconnect, today introduced an evaluation platform centered on its Tsi620(TM) multi-standard RapidIO(R) Switch. In addition to the Tundra Tsi620, the multi-platform evaluation platform uses Texas Instruments (TI) TMS320TCI6487 high performance multi-core DSP and an Altera(R) Stratix(R) III FPGA to enable prototyping and, ultimately, cost reduction in applications such as high performance wireless and video processing, medical imaging and military signal-processing solutions.
The platform allows customers to use the RapidIO protocol for DSP or processor aggregation, while leveraging the Tsi620's hardware bridging to low cost PCI-enabled processors. The platform offers communication with a variety of cost competitive PCI-enabled microprocessors through a PMC connector, providing additional cost saving opportunities. TI's 3GHz embedded DSP delivers exceptional performance in computationally challenging applications. On the evaluation platform, the Tsi620 interfaces with Altera's Stratix III FPGA to leverage RapidIO over XGMII. This results in low latency while leveraging the RapidIO protocol and allows customers to access RapidIO processor clusters from an FPGA without SerDes. The complete solution allows customers to reduce their time-to-market, and the bill-of-materials (BOM) in end applications by over $100 compared to other solutions.
System OEMs can leverage the flexibility of the platform as a standalone evaluation board or in a MicroTCA(TM) chassis where RapidIO is running across the backplane. Designers can now go to market faster using this production-ready tool, to speed development and testing of application software and firmware.
"The Tsi620 evaluation platform leverages proven interoperability between Tundra switches and TI's high performance TCI6487 DSP," said Sandeep Kumar, Business Manager for Growth Infrastructure Markets at Texas Instruments. "TI's high performance application customers will benefit from the cost savings and acceleration to market offered by this combination."
"The Tsi620 multi-standard Switch offers our customers the option of bringing RapidIO features to their high volume designs, that also use PCI peripherals and non SerDes based FPGAs. We are committed to providing the market's best solutions with our customers' requirements in mind," said Tracy Richardson, Vice President Marketing, Tundra Semiconductor.
"The Tsi620 evaluation platform showcases the flexibility and performance of Altera Stratix III FPGAs," said David Greenfield, Senior Director of Product Marketing, High-End Products at Altera. "Altera is the first FPGA supplier to support RapidIO over XGMII, which is used by the Tundra Tsi620's FPGA interface port. This support brings the features of RapidIO to our non SerDes based FPGAs, and gives our customers an option to achieve latency advantages without the overhead of a SerDes for short reach RapidIO link applications."
"Tundra continues to bring innovative RapidIO solutions to the market, expanding the growing RapidIO ecosystem. The Tsi620 multi-standard evaluation platform offers the performance of RapidIO to silicon without RapidIO endpoints allowing system vendors to quickly develop applications leveraging RapidIO, PCI and non SerDes FPGAs that result in high performance with low BOM cost," said Tom Cox, Executive Director, RapidIO Trade Association.
Tsi620 Evaluation Platform Features
- AMC width board usable in MicroTCA or in standalone mode
- Tsi620 Multi Protocol Switch
- Texas Instruments TCI6487 DSP
- Altera Stratix III FPGA running RapidIO over XGMII to Tsi620
- Antenna interface to FPGA and DSP
- RapidIO 2x1 from Tsi620 to TCI6487
- RapidIO x4 to backplane and AMC finger connector
- Hardware bridging to PCI, PCI interface exposed to PMC connector
- DSP cluster extendable via backplane RapidIO
- Ethernet connectivity to FPGA and DSP available through RJ45 connectors
About Tundra
Tundra Semiconductor Corporation (TSX:TUN) supplies the world's leading communications, computing and storage companies with System Interconnect products and design services backed by world-class customer service and technical support. Tundra's track record of product leadership includes over a decade of bridges and switches enabling key industry standards: RapidIO(R), PCI, PCI-X, PCI Express(R), Power Architecture(TM), VME, HyperTransport(TM), Interlaken, and SPI4.2. Tundra's products deliver high functional quality and simplified board design and layout, with specific focus on system level signal integrity. Tundra's design services division, Silicon Logic Engineering, Inc., offers industry-leading ASIC and FPGA design services, semiconductor intellectual property and product development consulting. Tundra's technology connects critical components in high performance embedded systems around the world. For more information, please visit http://www.tundra.com/.
TUNDRA and the Tundra logo are registered marks of Tundra Semiconductor Corporation in Canada, the European Union and the People's Republic of China (registration is pending in the United States). Design.Connect.Go. is a trademark of Tundra Semiconductor Corporation. Tsi620, Tsi578, Tsi576, Tsi574, Tsi572, Tsi568A, and Tsi564A are trademarks of Tundra Semiconductor Corporation. RapidIO is a trademark of the RapidIO Trade Association, Inc. Other registered and unregistered trademarks are the property of their respective owners.
Development of the Tsi5xx and Tsi6xx product portfolios were made possible in part with the assistance of the Technology Partnerships Canada Program.
(C) Copyright 2008 Tundra Semiconductor Corporation. All rights reserved.
Information subject to change without notice.
TUNDRA SEMICONDUCTOR CORPORATION
CONTACT: Keri Zeran, Director Marketing Communications, Tundra Semiconductor, (613) 592-0859 ext. 1744, (613) 697-6788, keri.zeran@tundra.com
AirTran Airways Introduces New E-Ticketing Capabilities for Corporate Travelers
LOS ANGELES, July 28 /PRNewswire-FirstCall/ -- AirTran Airways, a subsidiary of AirTran Holdings, Inc. , today announced on the floor at the annual National Business Travel Association convention held in Los Angeles, Calif., that the airline has introduced new e-ticketing capabilities to simplify the booking, ticketing and reporting process for corporate travelers through select global distribution systems (GDS). The airline is adding this new enhancement to save corporations time and money when booking AirTran Airways through the GDS.
This enhancement is another step in AirTran Airways' ongoing commitment to make it easy to do business with the airline. Effective today, e-ticketing will be available initially through the Sabre GDS and will enable corporations and travel management companies to book AirTran Airways in the same fashion as any other airline.
The benefits of e-tickets are reduced documentation costs, enhanced passenger check-in options, reduced fraud, and the elimination of lost, stolen and pre-paid tickets.
In the coming months, the airline will be announcing additional capabilities through the GDS systems, such as improved seat assignment and Business Class upgrade functionality, frequent traveler recognition, and expanded corporate program integration.
AirTran Airways pioneered ticketless travel fifteen years ago and will continue to offer ticketless travel while adding e-ticket travel. Ticketless travel, available through http://www.airtran.com/ or 800-AIRTRAN, is a reservation with a confirmation number and payment is settled through the airline. E- ticketing is a reservation which includes a ticket number, an accounting and reporting trail, inventory management, and other airline interline options, and payment is settled through the Airlines Reporting Corporation (ARC). E- ticketing will give corporate travelers more ticketing and interline capabilities.
"We are committed to building our corporate business, and the introduction of e-ticketing is a major step forward for AirTran Airways," said Paul G. Clements, general manager of sales for AirTran Airways. "While we will continue to be a ticketless airline, AirTran Airways will work to improve GDS functionality for our corporate partners."
"Moving to a 100% e-ticketing environment is a very significant industry initiative," said David Gross, senior vice president of Airline Distribution for Sabre Travel Network. "AirTran Airways is a valuable partner of Sabre's and we are delighted to be to the first GDS to launch e-ticketing with them. We look forward to launching additional functionality that will continue to streamline and enhance the booking process."
AirTran Airways, a subsidiary of AirTran Holdings, Inc., a Fortune 1000 company, ranked number one in the 2008 Airline Quality Rating study. The airline offers more than 700 affordable, daily flights to 57 U.S. destinations, employs 8,900 friendly Crew Members and operates America's youngest all-Boeing fleet. AirTran Airways also provides XM Satellite Radio
and Business Class seating on every flight. For more information and free online booking, visit http://www.airtran.com/.
Media Contacts: AirTran Airways
Tad Hutcheson
Judy Graham-Weaver
Cynthia Tinsley-Douglas
Quinnie Jenkins
678.254.7442
AirTran Airways
CONTACT: Tad Hutcheson, Judy Graham-Weaver, Cynthia Tinsley-Douglas or Quinnie Jenkins, all of AirTran Airways, +1-678-254-7442
Web site: http://www.airtran.com/
Oracle Files Second Amended Complaint Against SAP
REDWOOD SHORES, Calif., July 28 /PRNewswire-FirstCall/ -- Oracle Corporation today filed a second amended complaint with additional claims. A copy of the second amended complaint can be located at: http://www.oracle.com/sapsuit.
(Logo: http://www.newscom.com/cgi-bin/prnh/20020718/ORCLLOGO)
About Oracle
Oracle is the world's largest enterprise software company. For more information about Oracle, please visit our Web site at http://www.oracle.com/.
Trademarks
Oracle is a registered trademark of Oracle Corporation and/or its affiliates. Other names may be trademarks of their respective owners.
Photo: http://www.newscom.com/cgi-bin/prnh/20020718/ORCLLOGO AP Archive: http://photoarchive.ap.org/ PRN Photo Desk, photodesk@prnewswire.com
Oracle Corporation
CONTACT: Deborah Hellinger of Oracle, +1-650-506-5158, deborah.hellinger@oracle.com
Web site: http://www.oracle.com/
VIDEO from Medialink and Seagate Technology: What is Maxtor Central Axis by Seagate?
NEW YORK, July 28 /PRNewswire/ -- The new Maxtor Central Axis network attached drive by Seagate is a back up and storage device for your entire network. A concept once only reserved for the small business and enterprise space, networked storage is increasingly becoming a viable option for multiple-computer homes.
(See video from Seagate Technology at: http://media.medialink.com/WebNR.aspx?story=35385)
According to Yankee Group's 2008 Device Survey, of those who purchased network routers for the home, 75.9% did so with the intent of providing multiple computers with access to the Internet. The challenge of these multi-computer households is the ability to share and back up files from each computer. Maxtor Central Axis network drive allows for each computer in the home to be automatically backed up, so important files and precious memories are sheltered from virus infections or disc drive failures.
Sharing files from computer to computer is easy when there is one repository for any file that you would like to share. Additionally, since the storage device is connected to the router and not formatted for an individual computer, files can be accessed and stored from both Mac OS X and Windows operated PCs.
The Maxtor Central Axis network drive liberates content that was once trapped on individual computers. This easy to use solution enables multimedia file sharing from every computer in the home as well as from common entertainment devices, such as Microsoft(R) Xbox(R) 360 and Sony(R) PlayStation(R) 3(TM). Watching home movies, viewing pictures of the last family vacation and listening to music can now all be enjoyed in the living room through networked console players instead of having guests crowd around a computer monitor in the den or a small laptop computer screen. This storage device helps put your digital entertainment back in a room where the whole family can enjoy it.
Registered journalists can access video, audio, text, graphics and photos for free and unrestricted use at http://www.mediaseed.tv/.
07SF08-0134
Medialink and Seagate Technology
CONTACT: Medialink, New York, +1-888-560-5578, mediadesk@medialink.com
Web site: http://www.mediaseed.tv/ http://media.medialink.com/WebNR.aspx?story=35385
Webcast Alert: tw telecom Invites You to Join Its Second Quarter 2008 Earnings Conference Call on the Web
LITTLETON, Colo., July 28 /PRNewswire-FirstCall/ -- In conjunction with tw telecom's Second Quarter 2008 Earnings Release, you are invited to listen to its conference call that will be broadcast live over the Internet on Tuesday, August 12, 2008 at 9:00 a.m. Mountain Daylight Time/11:00 a.m. Eastern Daylight Time.
What: tw telecom (TWTC) Second Quarter 2008 Earnings Conference Call
When: Tuesday, August 12, 2008 @ 9:00 a.m. Mountain Daylight
Time/11:00 a.m. Eastern Daylight Time
Where: http://www.videonewswire.com/event.asp?id=50470 or go to
http://www.twtelecom.com/ and click on Investor Relations.
How: Live over the Internet -- Simply log on to the web at the address
above.
Contact: Investor Relations Department at tw telecom (303) 566-1371 or
IR@twtelecom.com
About tw telecom inc.
tw telecom inc. , headquartered in Littleton, Colo., provides managed network services, specializing in Ethernet and transport data networking, Internet access, local and long distance voice, VoIP, VPN, and security, to enterprise organizations and communications services companies throughout the U.S. As a leading provider of integrated and converged network solutions, tw telecom delivers customers overall economic value, quality, service, and improved business productivity. Please visit http://www.twtelecom.com/ for more information.
(Logo: http://www.newscom.com/cgi-bin/prnh/20080626/LATH527LOGO)
Photo: http://www.newscom.com/cgi-bin/prnh/20080626/LATH527LOGO AP Archive: http://photoarchive.ap.org/ PRN Photo Desk, photodesk@prnewswire.com
Audio: http://www.videonewswire.com/event.asp?id=50470
tw telecom inc.
CONTACT: tw telecom Investor Relations Department, +1-303-566-1371, IR@twtelecom.com
Web site: http://www.twtelecom.com/
Psychemedics Corporation Announces Second Quarter Results$0.17 Dividend Declared
ACTON, Mass., July 28 /PRNewswire-FirstCall/ -- Psychemedics Corporation today announced second quarter financial results for the period ended June 30, 2008. The Company also announced a quarterly dividend of $0.17 per share payable to shareholders of record as of September 5, 2008 to be paid on September 19, 2008. This will be the Company's 48th consecutive quarterly dividend.
The Company's second quarter revenue was $6.2 million, down 4% as compared to $6.5 million in the second quarter of 2007. Net income was $1.0 million or $0.20 per diluted share, down 23% from $1.3 million or $0.25 per share for the same period in 2007. The Company's revenue for the six months ended June 30, 2008 was $11.9 million, down 2% as compared to $12.2 million for the comparable period of 2007. Net income for the six months ended June 30, 2008 was $1.9 million or $0.36 per diluted share, a decrease of 19% over the comparable period last year during which the Company earned $2.4 million or $0.45 per share.
Raymond C. Kubacki, Chairman and Chief Executive Officer, said, "The jobs market remains a challenge, as the economy continues to see significant job losses through June -- in fact, six months of declines in a row. However, our revenues were off only slightly due to the fact that we continue to add new clients, thereby offsetting the weakness in hiring."
Kubacki continued, "We continue to make the investments in our sales and marketing in order to capitalize on significant future growth opportunities. This increased expense, as well as an increase in our legal expenses as compared to the same period last year, have caused our net income to be below our historic levels. However, despite these investments, we continue to report strong margins and strong earnings in a tough economic environment."
Kubacki concluded, "The Company continues to have a strong balance sheet with approximately $9.5 million of cash and investments and no long-term debt. We continue to stay focused and we remain confident in our future growth. Therefore, we are declaring our 48th consecutive quarterly dividend. This dividend demonstrates our Directors' confidence in the future and continued commitment to rewarding shareholders as we move forward."
On March 17, 2008, the Company announced the authorization of a 250,000 share stock repurchase program.
Psychemedics is the world's largest provider of hair testing for drugs of abuse with thousands of corporations relying on the patented Psychemedics drug testing services. Psychemedics' clients include over 10% of the Fortune 500, some of the largest police departments in America and six Federal Reserve Banks.
Financial Summary:
-- Revenue for the second quarter of $6.2 million, down 4% from the prior
year quarter
-- Revenue for the six month period of $11.9 million, down 2% from the
prior year period
-- Pretax income for the second quarter of $1.7 million, down 22% from the
prior year quarter
-- Pretax income for the six month period of $3.2 million, down 18% from
the prior year period
-- Net income for the second quarter of $1.0 million, or $0.20 per diluted
share, down 23% from the prior year quarter
-- Net income for the six month period of $1.9 million, or $0.36 per
diluted share, down 19% from the prior year period
The Psychemedics web site is http://www.drugtestwithhair.com/
Cautionary Statement for purposes of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995: From time to time, information provided by Psychemedics may contain forward-looking information that involves risks and uncertainties. In particular, statements contained in this release that are not historical facts (including but not limited to statements concerning earnings, earnings per share, revenues, dividends, future business, growth opportunities, new accounts, customer base, market share, test volume and sales and marketing strategies) may be "forward looking" statements. Actual results may differ from those stated in any forward-looking statements. Factors that may cause such differences include but are not limited to risks associated with the expansion of the Company's sales and marketing team, development of markets for new products and services offered, the economic health of principal customers of the Company, government regulation, including but not limited to FDA regulations, competition and general economic conditions and other factors disclosed in the Company's filings with the Securities and Exchange Commission.
Contact: Jennifer Chmieleski
Vice President and Controller
(978) 206-8220
Jenniferc@psychemedics.com
PSYCHEMEDICS CORPORATION
STATEMENTS OF INCOME
(in thousands, except per share amounts)
UNAUDITED
Three Months Ended Six Months Ended
June 30, June 30,
2008 2007 2008 2007
Revenue $6,211 $6,497 $11,920 $12,214
Cost of revenue 2,435 2,387 4,822 4,842
Gross profit 3,776 4,110 7,098 7,372
Expenses:
General and administrative 1,095 1,029 2,117 1,861
Marketing and selling 902 807 1,701 1,512
Research and development 120 161 238 256
2,117 1,997 4,056 3,629
Operating income 1,659 2,113 3,042 3,743
Interest income 73 101 185 197
Income before income taxes 1,732 2,214 3,227 3,940
Provision for income taxes 699 882 1,304 1,573
Net income $1,033 $1,332 $1,923 $2,367
Basic net income per share $0.20 $0.26 $0.37 $0.46
Diluted net income per share $0.20 $0.25 $0.36 $0.45
Dividends declared per share $0.17 $0.15 $0.32 $0.275
Weighted average common shares
outstanding, basic 5,224 5,172 5,222 5,191
Weighted average common shares
outstanding, diluted 5,279 5,237 5,277 5,260
PSYCHEMEDICS CORPORATION
BALANCE SHEETS
(in thousands, except per share amounts)
June 30, December 31,
2008 2007
(Unaudited)
ASSETS
Current assets
Cash and cash equivalents $7,118 $6,097
Short-term investments 200 3,875
Accounts receivable, net of allowance for
doubtful accounts of $238 in 2008 and
$235 in 2007 3,876 3,555
Prepaid expenses and other current assets 955 499
Deferred tax assets 491 429
Total current assets 12,640 14,455
Property and equipment
Equipment and leasehold improvements, at cost 10,838 10,793
Less - Accumulated depreciation and amortization (10,143) (9,977)
695 816
Deferred tax asset 231 231
Long-term investments 2,200 -
Other assets 77 59
Total assets $15,843 $15,561
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $583 $489
Accrued expenses 965 951
Deferred revenue 193 243
Total current liabilities 1,741 1,683
Shareholders' equity:
Preferred stock, $0.005 par value; 873 shares
authorized, no shares issued or outstanding - -
Common stock, $0.005 par value; 50,000 shares
authorized, 5,843 shares issued in 2008 and
5,812 shares issued in 2007 29 29
Paid-in capital 26,897 26,540
Less - Treasury stock, at cost, 610 shares in
2008 and 586 shares in 2007 (9,545) (9,164)
Accumulated deficit (3,279) (3,527)
Total shareholders' equity 14,102 13,878
Total liabilities and shareholders' equity $15,843 $15,561
Psychemedics Corporation
CONTACT: Jennifer Chmieleski, Vice President and Controller of Psychemedics Corporation, +1-978-206-8220, Jenniferc@psychemedics.com
Web site: http://www.drugtestwithhair.com/
Vonage Holdings Corp. to Host Special Stockholders' Meeting
HOLMDEL, N.J., July 28 /PRNewswire-FirstCall/ -- Vonage Holdings Corp. , a leading provider of broadband telephone services, has announced that it will hold a Special Stockholders' Meeting on Wednesday, August 20, 2008. The purpose of the meeting is to seek approval pursuant to New York Stock Exchange requirements of the issuance of Vonage common stock upon conversion of certain convertible debt securities of Vonage. The meeting will begin at 10:00 a.m., local time and will be held at Vonage Holdings Corp., 23 Main Street, Holmdel, NJ 07733.
Stockholders of record at the close of business on August 5, 2008 are entitled to attend the 2008 Special Stockholders' Meeting and vote their shares. In accordance with Vonage's security procedures, all stockholders attending the Special Stockholders' Meeting must present an acceptable form of photo identification and proof of share ownership as of the close of business on August 5, 2008.
Additional information regarding stockholder approval of the issuance of common stock described above is included in the preliminary proxy statement that Vonage filed on Friday, July 25, 2008 with the Securities and Exchange Commission. Stockholders are encouraged to read the preliminary proxy statement and the final proxy statement when it becomes available because they contain important information. The final proxy statement will be mailed to stockholders. An electronic copy of the preliminary proxy statement, and the final proxy statement when it becomes available, may be obtained from the Securities and Exchange Commission's website, http://www.sec.gov/, for free.
About Vonage
Vonage is a leading provider of broadband telephone services with more than 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, NJ. Vonage(R) is a registered trademark of Vonage Marketing Inc., a subsidiary of Vonage Holdings Corp.
(vg-f)
Vonage Holdings Corp.
CONTACT: Investors, Leslie Arena, +1-732-203-7372, leslie.arena@vonage.com, or Media, Meghan Shaw, +1-732-528-2677, meghan.shaw@vonage.com, both of Vonage
Web site: http://www.vonage.com/
Next Inning Technology Previews Earnings for Harmonic, Zoran, RF Micro Devices, and Arris Group
PRINCETON, N.J., July 28 /PRNewswire/ -- Next Inning Technology Research (http://www.nextinning.com/), a subscription service focused on semiconductor and technology stocks, announced it has updated outlooks for Harmonic , Zoran , RF Micro Devices and Arris Group .
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=prn696
In his earnings preview, McWilliams wrote: "In a post that was published on July 9th when Arris was trading for roughly $7, I wrote that it was a good bet for speculative short-term investors. Since that post, Arris has moved up nearly 30% and is now trading above where it was before issuing the warning..."
McWilliams also looks at these topics:
-- Now that Arris has moved up nearly 30% from where McWilliams called it a buy, should investors take profit or consider holding through earnings?
-- What two recent developments in the cellphone handset industry could lead to upside for RF Micro?
-- Have the risks facing Zoran already been priced into the stock?
-- Does McWilliams believe that Harmonic investors should hold on to shares ahead of earnings? Is there a possibility of a "short squeeze" following Harmonic's report?
Founded in September 2002, Next Inning's model portfolio has returned 232% since its inception versus 77% 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/
Hop-on Continues Successful Marketing Campaign at 90th Annual PGA Championship
IRVINE, Calif., July 28 /PRNewswire-FirstCall/ -- Hop-on, Inc. (Pink Sheets: HPNN) announced today that it will continue the promotion of its New Disposable phone, the HOP1800, at the PGA Championship Golf tournament next week. This round of the PGA Tour is set to take place in Bloomfield Hill, Michigan at the Oakland Hills Country Club. The events are set to begin with practice rounds on Monday, August 4th and the final round taking place on Sunday, August 10th.
Peter Michaels, President and CEO of Hop-on stated, "The Purpose of our attendance at this event is to increase our exposure and to capture the attention of the PGA's Patrons and Sponsors. We will be among some the most Prestigious Fortune 500 companies in the world. All of these companies could potentially use our product as a premium for their businesses and co-brand our phone with their logos. The HOP1800 is a consumer product. We have created a phone that meets the basic phone needs of everyone from the most prestigious of consumers, to the average blue collar worker."
Michaels went on to say, "We have done the research and our phone sells itself. Our goal at this event is to gain exposure with major corporations, so that our phone simply becomes an effective method of marketing and business for them. By branding their logo onto the HOP1800 2" x 3" screen, they create a walking billboard. This not only allows them to further meet the needs of their clients, but also continues mass advertising for their company. We have received an overwhelming amount of both interest and orders from corporations around the world since the introduction of this phone began earlier this summer. It is realistic to expect that we will obtain the business of at least two of these Fortune 500 companies at next week's events. We will be featured in this year's program with a full-page colored ad and sample phones will be handed out at press venues and media gatherings. We have been working hard to secure a 'hole in one' with this event and have already lined up a series of marketing and advertising presentations with this year's sponsors that are set to take place during the first few days of the tournament. Our HOP1800 is just the beginning of a series of phones that will be introduced this year, and it's exciting to see the new heights that Hop-on is reaching and the potential for our Company's growth."
Hop-on's new series of phones include the HOP1801 Smart Phone, the lowest cost Smart Phone on the market. The HOP1803 is an Ultra Low Price GSM Tri Band phone, and the HOP1805 is an Ultra Low Price cell phone for emerging markets. All three phones will be available for distribution in North and South America, Asia, the Middle East and Africa. Available in North and South America is the HOP1808 a Dual Band phone, and the HOP1809 3G mobile phone with Camera. And finally the HOP1800, the Lowest Cost mobile phone is a GSM Dual band simple phone with no display that features a Braille keypad and built-in flashlight.
About Hop-on, Inc.
Hop-on (HPNN-Pink Sheets) develops and markets wireless phones and accessories for emerging market and other domestic carriers and is best known for developing the world's first disposable cell phone. Currently, Hop-on is expanding into value-added services, like mobile gambling and SMS wagering. Hop-on's exclusive software will allow users to stream live interactive feed from legal jurisdictions to play poker, blackjack, roulette and baccarat on personal cell phones.
For more information, visit http://www.hop-on.com/.
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933, and are subject to Rule 3B-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All Statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and other results and further events could differ materially from those anticipated in such statements. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements.
CONTACT: Hop-on, Inc.
Danny Coleman (949) 756-9008
Hop-on, Inc.
CONTACT: Danny Coleman of Hop-on, Inc., +1-949-756-9008
Web site: http://www.hop-on.com/
Virgin Mobile Festival Announces ScheduleFans Get 2 Days of Full-Length Sets From All A-List Indie/Alternative Rock, Hip Hop and Electronic Music Artists
BALTIMORE, July 28 /PRNewswire-FirstCall/ -- The 3rd Virgin Mobile Festival (http://www.virginmobilefestival.com/), which takes place August 9 - 10, at Pimlico Race Course in Baltimore, just released its lineup schedule, giving concertgoers full sets of their favorite acts.
(Logo: http://www.newscom.com/cgi-bin/prnh/20080222/NYF040LOGO )
"We've programmed the Virgin Mobile Festival so fans can enjoy extended sets and get the full concert experience of these top-tier acts," said concert producer Seth Hurwitz, chairman of I.M.P. "We also scheduled it so you can catch parts of each band, since these are all must-see artists." There are two enormous main stages and the off-the-planet dance tent, all easily accessible on the grassy infield.
Tickets are available through Ticketmaster at http://www.ticketmaster.com/ or 1-800-551-SEAT. Two-day tickets are $175 for General Admission and $450 for VIP. Single-day tickets are $97.50 for General Admission and $250 for VIP tickets. A charity contribution of $1.50 per day will be applied to each ticket. Fans can check out the official festival website at http://virginmobilefestival.com/.
Saturday, Aug. 9 GATES OPEN - 10am
NORTH STAGE (all times E.T. p.m.)
12:00 - 12:50 Cat Power
1:10 - 1:55 Duffy
2:15 - 3:05 The Swell Season
3:25 - 4:15 Sharon Jones and the Dap-Kings
4:35 - 5:25 Rodrigo y Gabriela
5:45 - 6:35 Citizen Cope
7:00 - 8:15 Wilco
8:45 - 10:00 Jack Johnson
SOUTH STAGE
12:15-1:00 KT Tunstall
1:20 - 2:10 Gogol Bordello
2:30 - 3:25 Lupe Fiasco
3:45 - 4:35 Bloc Party
5:00 - 6:00 The Offspring
6:30 - 7:30 Chuck Berry and The Silver Beats
8:15 - 10:00 Foo Fighters
DANCE TENT
12:00 - 12:30 JDH & Dave P
12:30 - 1:45 Erol Alkan
1:45 - 3:15 DJ Dan & Donald Glaude
3:35 - 4:35 Soulwax
4:45 - 6:10 Steve Lawler
6:10 - 7:40 Ferry Corsten
8:00 - 10:00 Underworld
Sunday, Aug. 10 GATES OPEN - 10am
NORTH STAGE (all times p.m.)
12:00 - 12:45 Black Rebel Motorcycle Club
1:05 - 1:55 Shudder to Think
2:15 - 3:05 Paramore
3:30 - 4:20 Taking Back Sunday
4:50 - 5:50 Iggy and The Stooges
6:20 - 7:35 Stone Temple Pilots
8:05 - 10:00 Nine Inch Nails
SOUTH STAGE
11:30 - 12:00 Hollywood Undead (Book the Band winner)
12:20 - 1:05 The Go! Team
1:25 - 2:10 Andrew Bird
2:35 - 3:25 She & Him
3:50 - 4:50 Lil' Wayne
5:15 - 6:15 The Black Keys
6:45 - 8:00 Bob Dylan
8:30 - 10:00 Kanye West
DANCE TENT
12:30 - 1:30 Chromeo
1:50 - 3:20 Rabbit in the Moon
3:30 - 5:00 Deadmau5
5:00 - 6:30 Richie Hawtin
6:30 - 8:00 Moby (DJ Set),
8:00 - 10:00 Armin van Buuren
About Virgin Mobile USA, Inc.
Virgin Mobile USA , through its operating company Virgin Mobile USA, L.P., offers millions of customers control, flexibility and choice through monthly Plans Without Annual Contracts, with national coverage powered by the Sprint PCS network. Virgin Mobile USA's full slate of smart, stylish and affordable handsets, including the Wild Card, Slash and Flare, are available at approximately 40,000 top retailers nationwide and online at http://www.virginmobileusa.com/, with Top-Up cards available at more than 140,000 locations. Virgin Mobile USA is known for its award-winning customer service with and its customers report a 90% satisfaction rate.
Virgin Mobile USA contributes a portion of profits from downloadable content to The RE*Generation, its pro-social initiative to help homeless youth; and allows customers to earn free minutes in exchange for viewing advertising content online through the innovative Sugar Mama program.
About I.M.P.
Formed in 1980, I.M.P. is a Bethesda, Md.-based concert promoter and event production company. In addition to launching the Virgin Mobile Festival in the U.S., the principals at I.M.P. own Washington DC's legendary 9:30 Club, named Club of the Year by Billboard and Pollstar, renowned as the premier place to see and hear cutting edge live music of all varieties. I.M.P. also programs and operates Merriweather Post Pavilion in Columbia, Md. Over the last 28 years, I.M.P. and the 9:30 Club have put on nearly 10,000 events, hosting millions of music fans.
Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20080222/NYF040LOGO AP Archive: http://photoarchive.ap.org/ PRN Photo Desk, photodesk@prnewswire.com
Virgin Mobile USA, Inc.
CONTACT: Audrey Fix Schaefer, +1-301-947-1133, Schaefer + Co. for I.M.P., Audrey@schaefer.com; Corinne Nosal, Virgin Mobile USA, +1-908-607-4235, Corinne.nosal@virginmobleusa.com
Web site: http://www.virginmobileusa.com/ http://virginmobilefestival.com/
SunTrust Enhances Online Commercial Card Management Solution to Help Companies Better Control SpendEnterprise Spend Platform(SM) Provides Added Functionality and Controls to Address Travel & Expense Management and Compliance Needs
ATLANTA, July 28 /PRNewswire-FirstCall/ -- SunTrust Banks, Inc. debuted new enhancements to its commercial card business management solution, Enterprise Spend Platform, today at the National Business Travel Association (NBTA) International Convention and Exposition in Los Angeles.
One of the key enhancements breaking new ground in the industry is the compliance monitor feature. Compliance monitor offers companies a unique set of tools to assist in actively managing compliance to company process guidelines and expense policies. Company management and program administrators can define automated alerts, escalation events and card account actions that encourage and enforce positive behavior based on the company's specific business rules for activities like preferred vendor use, timely submission of expense reports and managing outstanding transactions. Through compliance monitor, employees' spend behavior can be coached so that they are aware of the infraction, understand the penalty assessed and the requirements to remedy the infraction.
The availability of the advanced offerings coincides with the findings of a recent AberdeenGroup study co-sponsored by SunTrust which stated that travel and entertainment (T&E) expenses are the second largest controllable expense within a company. Moreover, the study found that 80 percent of the companies surveyed have seen their T&E expenses increase by an average of 14 percent in the last year. "With so many companies seeing substantial increases in their T&E expenses, it's extremely important that companies are able to see, control and effectively modify expense behaviors," said Greg Hammermaster, senior vice president, SunTrust Commercial Card Services. "The enhancements that we've made to Enterprise Spend Platform make it even easier for companies to implement greater controls over business travel expenses and to expect more accountability of employees through intelligent and automated means."
Some of the other enhancements to Enterprise Spend Platform include:
-- Trip-by-Trip Dynamic Card Funding - Provides clients with the ability to implement a pre-trip approval process for travel expenses and then dynamically fund the card with the approved amount. This helps companies expand the distribution of their corporate card program to cover employees who travel less frequently, while maintaining greater control over company travel expenses.
-- Declining Balance Requisitions for Project-Based Expenses - Allows companies to create custom requisitions linked to specific cards and non-card payments for projects such as meetings and events, helping companies comply with individual program budgets. Once a meeting or event has been planned, and the budget has been determined, the employee can requisition single or multiple cards - depending on how many employees will be using them - that upon linking the transactions will decrement the balance of the budget on the requisition.
-- Declining Balance Cards for Budget Control - Allows companies to establish cards with a fixed dollar amount that upon use decrements the balance on the card. Specific amounts and merchant category controls can be set to ensure tight financial controls. And like any SunTrust card, the transactions on a declining balance card can be processed through Enterprise Spend Platform modules, such as Transaction Manager, Expense Manager, or Requisition Manager.
-- Improved Expense Reporting Features - Includes an online receipt imaging function that can be linked to the respective expense report for review, approval and archiving purposes; and customizable reporting templates that give administrators the ability to create company-wide custom reports.
-- Multi-National Capabilities - Gives global companies the ability to use Enterprise Spend Platform in offices around the world due to its multi-lingual feature (supporting 13 languages) and its multi-currency options (all ISO currencies).
Enterprise Spend Platform, launched in April, consists of five application modules (Statement Manager, Transaction Manager, Expense Manager, Payables Manager and Requisition Manager) hosted on a single, base platform that can be configured to fit company-specific needs. The modular approach creates a highly flexible and scalable product that can be implemented and developed on the client's terms. The enhancements unveiled at NBTA provide companies with even greater visibility and control for their corporate buying activities and allow them to move beyond simple card management and expand into dynamic travel expense management, procurement and strategic purchasing.
"Using a spend control platform as integrated and intuitive as Enterprise Spend Platform is especially important in today's economy characterized by higher travel expenses, increased telecommuting and greater need for accountability of expenses," added David Fuller, executive vice president and division manager, SunTrust Treasury & Payment Solutions. "With changing economies we find that companies' needs often change as well. Enhancing our tools for business clients is just one of the ways in which SunTrust addresses and recognizes these needs."
For more information about Enterprise Spend Platform, visit http://www.suntrust.com/ or to download the full study conducted by AberdeenGroup visit http://www.suntrust.com/treasury.
About SunTrust Treasury & Payment Solutions
SunTrust's Treasury & Payment Solutions division provides a complete range of integrated treasury solutions to help clients effectively manage their payables, receivables, and cash position. These solutions enable companies of all sizes to better navigate today's complex payments environment, overcome time and staffing constraints, and implement appropriate financial and operational controls. Reflecting SunTrust's strong commitment to quality, the bank's treasury solutions recently received A or A+ ratings in 17 out of 18 product categories, as well as high marks for client services and knowledgeable specialists, according to a Phoenix-Hecht middle market survey. The bank's Fraud Inspector(SM) service recently won the Most Innovative Feature in the Barlow Research Associates Monarch Innovation Awards. SunTrust is also a top 10 commercial card issuer and cash management provider in the United States.
About SunTrust Banks, Inc.
SunTrust Banks, Inc., headquartered in Atlanta, is one of the nation's largest banking organizations, serving a broad range of consumer, commercial, corporate and institutional clients. As of June 30, 2008, SunTrust had total assets of $177.4 billion and total deposits of $119.8 billion. The Company operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic states and a full array of technology-based, 24-hour delivery channels. The Company also serves customers in selected markets nationally. Its primary businesses include deposit, credit, trust and investment services. Through various subsidiaries the Company provides mortgage banking, insurance, brokerage, investment management, equipment leasing and capital markets services. SunTrust's Internet address is suntrust.com.
SunTrust Banks, Inc.
CONTACT: Hugh Suhr of SunTrust, +1-404-827-6813; or Yona Benstock of Edelman for SunTrust, +1-404-460-1491, yona.benstock@edelman.com
Web site: http://www.suntrust.com/ http://www.suntrust.com/treasury
Lockheed Martin Agrees to Acquire Aculight CorporationCompany is a Leading Developer and Producer of Innovative Laser Technologies
BETHESDA, Md., July 28 /PRNewswire-FirstCall/ -- Lockheed Martin Corporation has entered into a definitive agreement to acquire Aculight Corporation based in Bothell, WA. Aculight is a privately held company primarily focused on providing laser-based solutions for national defense and aerospace customers. The new business unit will report to Lockheed Martin's Maritime Systems & Sensors business in Akron, OH. The companies are not disclosing terms of the transaction.
"This transaction is consistent with Lockheed Martin's focus on acquiring companies with strategic capabilities that strengthen our core offerings and create potential for adjacent market expansion," said Chris Kubasik, Executive Vice President of Lockheed Martin's Electronic Systems business area. "Aculight's expertise in countermeasures, laser radar, and high power directed energy will be of tangible benefit to Lockheed Martin's customers in areas such as guided munitions, airborne self-protection and advanced sensors."
"Aculight's focus is to be a leader in providing high quality, innovative and cost-effective laser system solutions for our customers," said Don Rich, Chief Executive Officer of Aculight. "Becoming a part of Lockheed Martin will provide us with additional reach and resources to help achieve these goals. We are looking forward to becoming part of the Lockheed Martin team."
The transaction is subject to Aculight shareholder approval and satisfaction of other closing conditions. It is expected that the transaction will close in the third quarter of 2008. Founded in 1993, Aculight has approximately 90 employees.
Headquartered in Bethesda, Md., Lockheed Martin employs about 140,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. The corporation reported 2007 sales of $41.9 billion.
For additional information, visit our website:
http://www.lockheedmartin.com/
LOCKHEED MARTIN Safe Harbor Statement / Forward-Looking Statements: Some of the statements contained in this press release are considered "forward-looking statements" under the federal securities laws. Forward- looking statements include, but are not limited to statements regarding: the expected closing date of the transaction; the expected strengthening of our core offerings and potential for adjacent market expansion; and expected tangible benefits to Lockheed Martin's customers and expected additional reach and resources to help achieve the company's goals. These forward-looking statements are subject to risks, uncertainties and other factors that may cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. Potential risks and uncertainties include, but are not limited to: (a) the risk that the transaction may close more slowly than expected or not at all; (b) the risk that the expected benefits of the transaction may not be fully realized, and (c) other risks and uncertainties detailed from time to time in Lockheed Martin's filings with the Securities and Exchange Commission. All information in this release is as of July 28, 2008. Lockheed Martin disclaims any duty to update forward-looking statements to reflect subsequent events, actual results or changes in expectations.
Lockheed Martin Corporation
CONTACT: Media: Jeff Adams, +1-301-897-6308, jeffery.adams@lmco.com
Web site: http://www.lockheedmartin.com/
Company News On-Call: http://www.prnewswire.com/comp/534163.html
Microsoft Research Unveils Free Software Tools to Help Scholars and Researchers Share KnowledgeMicrosoft Research Faculty Summit fosters industry and academic partnerships to create next-generation computing technologies.
REDMOND, Wash., July 28 /PRNewswire-FirstCall/ -- At the ninth annual Microsoft Research Faculty Summit today, leaders from Microsoft Research outlined their vision for how Microsoft Corp. and academics can collaborate on research projects to develop technological breakthroughs that will define computing and scientific research in the years ahead.
(Logo: http://www.newscom.com/cgi-bin/prnh/20000822/MSFTLOGO)
Speaking to more than 400 faculty members from leading research institutions worldwide, Tony Hey, corporate vice president of Microsoft's External Research Division, emphasized the role his group plays not only in supporting specific collaborative research projects, but also in improving the process of research and its role in the innovation ecosystem, including developing and supporting efforts in open access, open tools, open technology and interoperability. Toward that end, Hey announced a set of free software tools aimed at allowing researchers to seamlessly publish, preserve and share data throughout the entire scholarly communication life cycle. He also discussed collaborative initiatives intended to unlock the potential of multicore computing.
In the area of scholarly communication, Hey said, "Collecting and analyzing data, authoring, publishing, and preserving information are all essential components of the everyday work of researchers -- with collaboration and search and discovery at the heart of the entire process. We're supporting that scholarly communication life cycle with free software tools to improve interoperability with existing tools used commonly by academics and scholars to better meet their research needs."
Microsoft researchers partnered with academia throughout the development of these tools to obtain input on the application of technology to the needs of the academic community, while Microsoft product groups submitted feedback on how the company's technology could optimally address the entire research process. The collective efforts resulted in the first wave of many tools designed to support academics across the scholarly communication life cycle.
The following tools are freely available now at http://www.microsoft.com/mscorp/tc/scholarly_communication.mspx:
-- Add-ins. The Article Authoring Add-in for Word 2007 enables metadata to be captured at the authoring stage to preserve document structure and semantic information throughout the publishing process, which is essential for enabling search, discovery and analysis in subsequent stages of the life cycle. The Creative Commons Add-in for Office 2007 allows authors to embed Creative Commons licenses directly into an Office document (Word, Excel or PowerPoint) by linking to the Creative Commons site via a Web service.
-- The Microsoft e-Journal Service. This offering provides a hosted, full-service solution that facilitates easy self-publishing of online-only journals to facilitate the availability of conference proceedings and small and medium-sized journals.
-- Research Output Repository Platform. This platform helps capture and leverage semantic relationships among academic objects -- such as papers, lectures, presentations and video -- to greatly facilitate access to these items in exciting new ways.
-- The Research Information Centre. In close partnership with the British Library, this collaborative workspace will be hosted via Microsoft Office SharePoint Server 2007 and will allow researchers to collaborate throughout the entire research project workflow, from seeking research funding to searching and collecting information, as well as managing data, papers and other research objects throughout the research process.
"Technology that effectively addresses the increasing need to integrate the research life cycle and provide a holistic end-to-end perspective has the potential to revolutionize the way academics collect data, publish findings and preserve information," said Daniel Pollock, vice president and lead analyst at Outsell Inc., a research and advisory firm specializing in the information and education industries. "Companies that work closely with academia can understand how their products might benefit the scholarly workflow and so inform their product development. Microsoft is engaged with the academic community and is releasing a series of tools aimed at streamlining the academic workflow."
Microsoft External Research has a history of supporting groundbreaking research, supporting approximately 400 research projects worldwide last year alone. One area of particular focus has been parallel computing, as exemplified by the creation of a Joint Research Centre with the Barcelona Supercomputing Center, and two Universal Parallel Computing Research Centers in partnership with Intel Corporation, the University of California, Berkeley, and the University of Illinois at Urbana-Champaign in the past year. Furthering Microsoft's efforts to unlock the potential of multicore processing, Hey announced that his group will provide $1.5 million to seven academic research projects as part of the Safe and Scalable Multicore Computing Program, with the goal of stimulating impactful research in multicore software.
Under Hey's leadership, the Microsoft External Research team, which complements the work pursued by more than 800 Microsoft researchers in the larger Microsoft Research organization, accelerates the company's efforts to build lasting public-private partnerships with global scientific and engineering communities. In collaboration with scientists and researchers from industry, academia and government, the External Research team pursues advances in four important areas of research: computer science; earth, energy and environment; education and scholarly communications; and health and well-being.
More information about the annual Microsoft Research Faculty Summit is available at http://www.research.microsoft.com/workshops/FS2008.
About Microsoft Research
Founded in 1991, Microsoft Research is dedicated to conducting both basic and applied research in computer science and software engineering. Its goals are to enhance the user experience on computing devices, reduce the cost of writing and maintaining software, and invent novel computing technologies. Researchers focus on more than 55 areas of computing and collaborate with leading academic, government and industry researchers to advance the state of the art in such areas as graphics, speech recognition, user-interface research, natural language processing, programming tools and methodologies, operating systems and networking, and the mathematical sciences. Microsoft Research currently employs more than 800 people in six labs located in Redmond, Wash.; Cambridge, Mass.; Silicon Valley, Calif.; Cambridge, England; Beijing, China; and Bangalore, India. Microsoft Research collaborates openly with colleges and universities worldwide to enhance the teaching and learning experience, inspire technological innovation, and broadly advance the field of computer science. More information can be found at http://www.research.microsoft.com/.
About Microsoft
Founded in 1975, Microsoft is the worldwide leader in software, services and solutions that help people and businesses realize their full potential.
Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20000822/MSFTLOGO AP Archive: http://photoarchive.ap.org/ PRN Photo Desk photodesk@prnewswire.com
Microsoft Corp.
CONTACT: Lisa Hildebrandt of Waggener Edstrom Worldwide, +1-503-443-7558, lhildebrandt@waggeneredstrom.com, or Rapid Response Team of Waggener Edstrom Worldwide, +1-503-443-7070, rrt@waggeneredstrom.com, both for Microsoft
Web site: http://www.microsoft.com/
Kmart Goes Back-to-School with High School Musical: Get In the PictureIn-store and online experiences aim to build lasting relationships with kids, teens and moms
HOFFMAN ESTATES, Ill., July 28 /PRNewswire/ -- Just in time for back-to-school (BTS), Kmart is one of the sponsors of this summer's highly anticipated reality show, ABC's High School Musical: Get in the Picture, hosted by Nick Lachey. The family-oriented show gives one talented newcomer the opportunity to become a part of "High School Musical" history. The winner will literally "get in the picture" when that person stars in a music video shown in the end credits of the feature film, Disney's "High School Musical 3: Senior Year," opening this fall. In addition, the winner will also receive an exclusive talent hold agreement with ABC and a recording contract for two digital singles with Walt Disney Records, one of which will be a version of the song from the music video.
Kmart's integrated marketing program launched in stores nationwide to coincide with the debut of the television series on ABC-TV on Sunday, July 20th. Various scenes will be in Kmart stores and Kmart products will be featured.
"We are delighted to be working with ABC Television and High School Musical: Get in the Picture to showcase Kmart as a modern, hip, fun brand," said Andrew Stein, interim Chief Marketing Officer, Kmart. "This sponsorship provides us with an outstanding opportunity to build a lasting relationship with moms and their kids, not just for back-to-school but throughout the year."
The marketing program also includes promotional messages for High School Musical: Get In The Picture in a Kmart circular and in-store signage. This sponsorship complements Kmart's assortment of High School Musical licensed merchandise which is prominently featured in store and will be promoted online at a special Kmart.com microsite launching July 21 (http://www.kmart.com/disney).
About Kmart
Kmart, a wholly owned subsidiary of Sears Holdings Corporation , is a mass merchandising company that offers customers quality products through a portfolio of exclusive brands that include Jaclyn Smith, Joe Boxer, Martha Stewart Everyday and Route 66. For more information visit the company's website at http://www.kmart.com/ or the Sears Holdings Corporation website at http://www.searsholdings.com/.
About the High School Musical franchise
Disney's High School Musical premiered in January 2006 on Disney Channel U.S. and posted the highest ever ratings for a Disney Channel Original Movie at the time. It went on to become a smash hit internationally, airing on 27 Disney Channels and free-to-air broadcasters worldwide. It has reached over 255 million viewers in over 20 languages across 100 countries including India, China and Russia. It was also the first TV movie to be offered on the iTunes Music Store. The High School Musical soundtrack was the #1 album of 2006 and was the year's #1 TV movie on DVD. It delivered licensed amateur and professional touring stage productions, a best-selling junior novel, a popular consumer products franchise at mass retailers, a themed show at Disneyland Parks and Resorts in Anaheim, Orlando and Paris, a sold-out 42 date arena concert tour in North America and Latin America, and a popular touring ice show around the world. Adding to its success, it won two Emmy Awards, a DGA Award, an Imagen Award and a Director's Guild of America Award among other honors. It received a Billboard Music Award (Soundtrack of the Year) and was nominated for an American Music Award. Its critically acclaimed sequel, High School Musical 2, ranks as the #1 basic cable telecast of all time (18.6 million viewers for its August 17, 2007 premiere) and thus far has been seen by over 200 million total viewers, in 24 languages, around the world. The High School Musical 2 soundtrack is triple Platinum and its DVD release was the top-selling TV property on DVD for 2007. High School Musical: Get In The Picture premieres Sunday, July 20th, 8p EDT (check local listings) on the ABC Television Network.
Kmart
CONTACT: Chelsea Moreno, Euro RSCG Worldwide PR, +1-212-367-6825, chelsea.moreno@eurorscg.com; Kirsten Whipple, Sears Holdings, +1-847-286-3037, kwhippl@searshc.com
Web site: http://www.kmart.com/ http://www.kmart.com/disney http://www.searsholdings.com/
Kmart Issues Back-to-School Commercial Challenge on YouTubeTeen 'Fashionistas' Enter by Posting Videos on Unique Kmart Brand Channel on YouTube
HOFFMAN ESTATES, Ill., July 28 /PRNewswire/ -- Adding an interactive dimension to its sponsorship of the summer's highly anticipated reality show, ABC's High School Musical: Get in the Picture, hosted by Nick Lachey, Kmart is running an online contest on YouTube that encourages 'junior fashionistas' at home to get involved.
Teens ages 13 and up can enter the Show Your Back to School Style: Get in the Commercial contest on the official Kmart channel on YouTube from July 18 to August 17. Visitors to the site can record and upload a :30- to :60-second commercial of themselves and up to four friends demonstrating how Kmart works with their unique back-to-school (BTS) style and personality. The commercials can be viewed, shared, commented upon and ultimately voted upon at the site: http://www.kmart.com/youtube
A panel of judges will select the top 20 videos, which will then be featured on YouTube for users to vote on from August 26 to Sept. 1. The top vote-getting commercial will be professionally produced and aired on national television. Additional prizes for the winner include a weekend trip to New York City, $1,000 in Kmart gift cards, and a Flip Video Ultra.
The family-oriented show gives one talented newcomer the opportunity to become a part of "High School Musical" history. The winner will literally "get in the picture" when that person stars in a music video shown in a music video shown in the end credits of the feature film, Disney's High School Musical 3: Senior Year, opening this fall. In addition, the winner will also receive an exclusive talent hold agreement with ABC and a recording contract for two digital singles with Walt Disney Records, one of which will be a version of the song from the music video.
The campaign is supported via interactive advertising and in-store point of sale material. iCrossing, Kmart's search agency of record, has developed an integrated search and contextual advertising campaign to increase visibility of the Kmart brand channel on YouTube.com and drive participation in the contest. iCrossing built a comprehensive keyword list and selective ad copy reflects the lexicon of the teen demographic, aimed at shifting the perception of Kmart among teens and encouraging them to consider Kmart for their back-to-school apparel and supply needs. The campaign is optimized on iCrossing's proprietary bid management and campaign analytics platforms.
"The Kmart back-to-school message is all about confidence, and we feel that running this contest on YouTube offers a relevant vehicle for teens to express themselves confidently," said Andrew Stein, interim chief marketing officer, Kmart. "The contest also offers us an opportunity to work with Google and YouTube to reach and engage teenagers with the modern, hip, fun Kmart brand that may surprise them."
About Kmart
Kmart, a wholly owned subsidiary of Sears Holdings Corporation , is a mass merchandising company that offers customers quality products through a portfolio of exclusive brands that include Jaclyn Smith, Joe Boxer, Martha Stewart Everyday and Route 66. For more information visit the company's website at http://www.kmart.com/ or the Sears Holdings Corporation website at http://www.searsholdings.com/
Teen Challenge Contest Rules
NO PURCHASE NECESSARY. Contest begins on July 18, 2008 at 12:00:01 AM (ET) and ends on August 17, 2008 at 11:59:59 PM (ET). Open to legal residents of the 50 United States and District of Columbia and Guam, 13 years or older and registered users of youtube.com at the time of entry. Void where prohibited. Visit http://www.kmart.com/youtube for Official Rules.
YouTube is a trademark of Google Inc.
Kmart
CONTACT: Chelsea Moreno of Euro RSCG Worldwide PR, +1-212-367-6825, chelsea.moreno@eurorscg.com, or Kirsten Whipple of Sears Holdings, +1-847-286-3037, kwhippl@searshc.com, both for Kmart
Web site: http://www.kmart.com/ http://www.searsholdings.com/ http://www.kmart.com/youtube
Egencia's New Product Offerings Make Life Easier for Multi-Tasking Business TravelersSurvey highlights how travelers find value in mobile and user-generated information at work and on the go
BELLEVUE, Wash., July 28 /PRNewswire/ -- Egencia(TM) today announced a range of product investments that enhance the customer experience by offering technology and information that's accessible, easy to use and truly transforms their travel. Egencia will now provide the best-in-breed mobile flight information and bring the richness of firsthand travel experiences online to benefit travel bookers, business travelers and travel managers with the debut of Egencia On the Go and the integration of content such as hotel reviews, city guides and SeatGuru by TripAdvisor online.
"Today's announcement is another milestone in our history of providing intuitive technology that makes the business travel experience easier and allows Egencia travelers to focus on business not travel," said Simon Tam, senior vice president of product and technology for Egencia. "These developments keep our customers informed so they can make better decisions throughout the travel process. Meeting this demand is part of our promise to deliver innovative features that enhance the experience of today's hard working business traveler."
Egencia's multifaceted global strategy for mobile applications aims to deliver the right information to travelers in the easiest and most convenient way for each local market. In the U.S., the company has launched an application that delivers updated itinerary information via text, e-mail and voicemail to business travelers. European business travelers, who are more likely to have powerful internet-enabled phones or PDAs, are able to access important data such as itineraries, flight schedules and local weather conditions from a mobile portal. European travel managers also have the ability to approve trips via their mobile device. In the future, these mobile applications will converge, allowing global clients to take enjoy the benefits of the mobile portal and real-time alerts.
"Being prepared is the best way to ensure a successful business trip," said Susan Madden with Houghton Mifflin Harcourt Publishing Company. "Much like other road warriors, our business travelers lead busy lives and are constrained for time. Whether it's information on a delayed flight or facilitating re-booking after a missed connection, Egencia On the Go provides our travelers with the real-time data they need to ensure every trip is as successful, rewarding and pleasant as possible."
Mobile Survey Results Show Travelers Hooked on Instant Info
Egencia's mobile advances come as research shows that travelers are growing ever more reliant on their mobile devices. The results of a recent Egencia survey show that 44 percent of business travelers access flight information from their mobile devices. More than half of respondents (56 percent) receive travel alerts at least on occasion for their trips with 17 percent signing up for alerts every time. Other information is starting to become more useful with travelers finding mobile access to hotel recommendations, maps, and other knowledge of the city very valuable (31 percent) or somewhat valuable (48 percent).
Empowering Business Travelers with User-Generated Content
In addition to these new mobile offerings, Egencia is bringing valuable opinions and feedback of the online travel community to benefit travel bookers, business travelers and travel managers. Egencia customers will now be able to read hotel reviews, destination guides and find the best seat on an airplane based on users' opinions. Egencia is introducing several tools to help customers make more informed decisions when planning travel:
-- TripAdvisor(R) City Guides: Gives Egencia business travelers access to detailed destination information from the largest travel community in the world.
-- Hotel Reviews: Traveler feedback and commentary appears on the hotel search results page. A blend of leisure and business traveler feedback further enables Egencia customers to make better decisions.
-- SeatGuru(R) by TripAdvisor: Color-coded, interactive airplane seating charts outline the pros and cons of different seats for more than 380 airplanes and 50 airlines.
Results from a recent business traveler survey, conducted by Egencia, show how user-generated content is useful to business travelers. Ninety-four percent of travelers surveyed said they found other travelers' opinions to be somewhat or very valuable. Seventy-four percent of those surveyed said they look online for hotel reviews from other travelers with 23 percent also checking out reviews about destinations.
About Egencia, an Expedia, Inc. Company
Egencia is the fifth largest travel management company in the world. As part of Expedia, Inc., , the world's largest travel marketplace, Egencia helps business get ahead by offering the only truly integrated corporate travel service. Egencia's industry expertise and the partnerships the company has built help drive results that matter, delivering meaningful advancements that have a real impact. By combining a powerful offline and online service, Egencia delivers a complete corporate travel offering supported by global market expertise and a best-in-class technology platform.
For more information, go to http://egencia.com/.
Expedia and Egencia are either registered trademarks or trademarks of Expedia, Inc. in the U.S. and/or other countries. TripAdvisor and SeatGuru are either registered trademarks or trademarks of TripAdvisor LLC in the U.S. and/or other countries. Other logos or product and company names mentioned herein may be the property of their respective owners.
(C) 2008 Expedia, Inc. All rights reserved. CST# 2029030-40, 2083922-50.
Egencia, an Expedia, Inc. Company
CONTACT: Jordan Rittenberry of Edelman, +1-312-233-1226, jordan.rittenberry@edelman.com, for Egencia, an Expedia, Inc. Company
Web site: http://egencia.com/
Cablevision Now Offering iO TV(R) Digital Cable Customers 60 Channels of Free HDLeading HD Line-Up Adds 15 New Channels This Week, Including Popular Cable Networks Like Nickelodeon, Discovery Channel, FX, FOX News Channel, AMC, Animal Planet And The Weather Channel - All Offered To iO TV Customers At No Additional Cost
BETHPAGE, N.Y., July 28 /PRNewswire-FirstCall/ -- Cablevision Systems Corp. today announced the addition of 15 new high-definition channels to its iO TV HD line-up, which now features 60 channels of diverse and popular HD programming -- all available to iO TV customers without the extra equipment or programming fees Cablevision's competitors charge for HD. The HD additions include many major cable networks, some of the most popular channels on television.
The new additions are launching across Cablevision's service area over a five-day period that begins today and ends on Friday. More than 1.1 million iO TV customers today have at least one high-definition television and HD-enabled set-top box, an HD customer base that has grown by more than 50 percent in the last year, as Cablevision's high-definition programming line-up has expanded from 23 channels a year ago to 60 this week.
"We have continued to build additional value into our Emmy Award-winning iO TV digital cable service, through the addition of more free on demand programming, unique and valuable interactive services like News 12 Interactive, and more free HD," said John Trierweiler, Cablevision's senior vice president of product management. "The ongoing expansion of the HD programming available to our iO TV customers represents our commitment to ensuring that Optimum offers the very best cable television, high-speed Internet and voice products in our market, and consumers have recognized this superiority by continuing to choose our services over those of our competitors."
Cablevision expects its high-definition line-up to continue to expand, and to ultimately deliver all of the channels it carries in HD, as networks convert to the superior format and the company taps the enormous capacity of its fiber optic network and advanced technology.
The new channels being added this week are:
-- AMC HD
-- Animal Planet HD
-- Discovery Channel HD
-- Fox News HD
-- FX HD
-- Hallmark Movie Channel HD
-- IFC HD
-- Nickelodeon HD
-- Science Channel HD
-- Speed Channel HD
-- Spike HD
-- The Weather Channel HD
-- TLC HD
-- Travel Channel HD
-- WE HD
With nearly 2.7 million iO TV customers, more than 85 percent of Cablevision's cable customers are iO TV digital cable customers, the highest digital penetration in the nation. iO TV offers customers access to up to 360 channels, including 53 premium movie channels, 48 channels of commercial-free digital music, more than 3,500 titles available on demand at all times, an interactive programming guide, 60 high-definition programming services, and uniquely valuable and relevant interactive television applications including News 12 Interactive.
About Cablevision
Cablevision Systems Corporation is one of the nation's leading entertainment and telecommunications companies. Its cable television operations serve more than 3 million households in the New York metropolitan area. The company's advanced telecommunications offerings include its iO TV(R) digital television, Optimum Online(R) high-speed Internet, Optimum Voice(R) digital voice-over-cable, and its Optimum Lightpath integrated business communications services. Cablevision's Rainbow Media Holdings LLC operates several successful programming businesses, including AMC, IFC, Sundance Channel and WE tv, along with other national and regional networks. In addition to its telecommunications and programming businesses, Cablevision owns Madison Square Garden and its sports teams, the New York Knicks, Rangers and Liberty. The company also operates New York's famed Radio City Music Hall, and owns and operates Clearview Cinemas.
Cablevision
CONTACT: Jim Maiella of Cablevision, +1-516-803-3947
Web site: http://www.cablevision.com/
GoAdv lève avec succès plus de 11 millions d'euros sous forme d'obligations convertibles
PARIS, July 28 /PRNewswire/ -- GoAdv, Groupe de média online pan-européen annonce aujourd'hui
le succès d'une émission d'obligations convertibles pour un montant supérieur
à 11 millions d'euros, opération réalisée auprès d'investisseurs
institutionnels de renom.
Les modalités de cette émission, émission sursouscrite, de 11,5 millions
d'euros sous forme d'obligations convertibles à 5 ans sont les suivantes :
- Emission de 1 000 000 obligations convertibles,
- Prix d'émission fixé à 11,50 euros par obligation, prix
représentant une prime de l'ordre de 8 % par rapport à la moyenne des
cours des 20 dernières séances (10,67 euros par action),
- Coupon de 6 % par an,
- Prix de remboursement de 15,88 euros par obligation, prix
correspondant à une prime de 38,1 % au dessus du prix d'émission des
obligations.
Une demande d'admission de ces obligations convertibles auprès
de NYSE Euronext Paris a été réalisée, les obligations convertibles devant
ainsi être admises aux négociations sur le marché Alternext dans les
prochains jours.
Cette opération de financement permet au Groupe de poursuivre
sa stratégie de croissance externe et correspond à une nouvelle étape
franchie pour GoAdv pour la poursuite de son développement, dans un contexte
économique plus incertain et dans des conditions de marché difficiles. Avec
ce succès, GoAdv dispose ainsi de plus de 20 millions d'euros de trésorerie
aujourd'hui pour être un acteur majeur de la phase de consolidation engagée
sur le secteur du média Internet.
Luca Ascani, Président du Conseil d'Administration de GoAdv, a
déclaré : "Nous sommes très satisfaits de la réussite de cette opération de
financement par obligations convertibles. Cette réussite témoigne de la
confiance des investisseurs au regard de la croissance enregistrée par le
Groupe au cours des 12 derniers mois et accroît le potentiel du Groupe pour
faire de GoAdv un intervenant majeur du processus de consolidation sur le
secteur pour les 2 prochaines années. Après avoir doublé son chiffre
d'affaires chaque année au cours des 3 derniers exercices et annoncé un
chiffre d'affaires pour le premier trimestre de 8,8 millions d'euros, nous
sommes aujourd'hui parfaitement placés pour poursuivre notre stratégie en
matière d'acquisitions, avec des opérations à réaliser dans les 2 ans qui
viennent.
Bryan, Garnier & Co a accompagné GoAdv dans le cadre de cette
opération de financement, réalisée avec succès dans un contexte de marché
particulièrement difficile.
A propos de GoAdv
Le groupe GoAdv a été créé en 2004 et est aujourd'hui l'un des
spécialistes européens de la génération de trafic qualifié sur Internet. Avec
plus de 100 collaborateurs répartis au sein de structures installées en
Italie, en Irlande et en France, le groupe déploie ses activités dans les
principaux pays européens: Royaume-Uni, Allemagne, Pays Bas, France, Italie,
Espagne, Suède et Pologne.
GoAdv est coté sur Alternext Nyse-Euronext Paris
Code ISIN FR0010500975 - Code MNEMO: ALGOA
Pour plus d'informations: http//www.goadv.com
GoAdv :
Luca Ascani, President Hervé Guyot, Investor Relations
ascani@goadv.com guyot@goadv.com
Amanda Lorenzani, Head of Media Relations
alorenzani@staff.excite.it
Listing Sponsor :
Euroland Finance
Julia Temin
jtemin@euroland-finance.com
tel : + 33-1-44-70-20-84
GoAdv SA
GoAdv :, Luca Ascani, President Hervé Guyot, Investor Relations, ascani@goadv.com guyot@goadv.com; Amanda Lorenzani, Head of Media Relations, alorenzani@staff.excite.it; Listing Sponsor :, Euroland Finance, Julia Temin, jtemin@euroland-finance.com, tel : + 33-1-44-70-20-84
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