Companies news of 2008-08-04 (page 1)
drugstore.com, inc. to Present at Upcoming Investor Conferences
BluePhoenix Announces Appointment of Yaron Tchwella as President of BluePhoenix Solutions...
LeapFrog Announces Second Quarter 2008 Financial Results
eResearchTechnology Reports Second Quarter 2008 ResultsQ2 2008 Net Revenues - a record...
Interwoven Announces Close of Discovery Mining Acquisition
PSi Technologies Extends Maturity on US$4 Million Exchangeable Senior Subordinated Note
White Electronic Designs Corporation to Present at the Noble Financial Equity Conference
Cyberonics to Present at Canaccord Adams 28th Annual Global Growth Conference
Scripps Networks Interactive Names John Lansing EVP
U.S. Coast Guard Commissions First National Security Cutter Equipped With Lockheed Martin...
MyStarU.com Reports Third Quarter Results
RELM to Spin-Off First Access Partners to Form New IT Company
Blockbuster and NCR Announce Strategic Alliance to Launch DVD Vending KiosksFirst Stage of...
TableMAX Holdings, LLC Completes Reverse Acquisition With Publicly Traded CJPG, Inc.
First American Spatial Solutions Reaches 100 Million Parcel Mark for Digital Parcel...
ESCO Announces Major Contract Award in EMC Test Business
ESCO Acquires Diagnostic Solutions Company Serving the International Electric Utility...
American Apparel Ranks as Top Online Advertiser Among Apparel Retailers, According to...
Herley Gets a $7.1 Million Contract Award to Provide Integrated Microwave Assemblies for...
JBT Corporation Announces Appointment of New Executive OfficersMark Montague Joins as Vice...
Next Inning Technology Previews Earnings for Diodes, Inc., IXYS, Microsemi, and ON...
Pero Vegetable Company Cultivates Its Business With Robocom and Progress(R) Software
Halifax Announces Investor Conference Call to be Held on August 6th
Porter Novelli Names Brad McCormick Executive Vice President, U.S. Digital Communications
MedQuist Announces Payment of $2.75 per share Dividend on Common Stock
Bargains Abound During Microsoft Live Search Cashback Back-to-School Deal DaysConsumers...
Westwood One to Report Second Quarter 2008 Results in Teleconference Call on Thursday,...
Advanced Photonix to Hold Conference Call to Discuss First Quarter 2009 Results
Ketchum and ICON Form Strategic Partnership in Australia and Singapore
drugstore.com, inc. to Present at Upcoming Investor Conferences
BELLEVUE, Wash., Aug. 4 /PRNewswire-FirstCall/ -- drugstore.com, inc. , a leading online retailer of health, beauty, vision, and pharmacy products, today announced that senior management will present at the 28th Annual Canaccord Adams Global Growth Conference on August 13, 2008 and the 11th Annual Kaufman Bros. Investor Conference on September 4, 2008.
(Logo: http://www.newscom.com/cgi-bin/prnh/20070813/AQM043LOGO)
Canaccord Adams Global Growth Conference -- The drugstore.com(TM) presentation will take place on Wednesday, August 13th at 1:30 p.m. ET at the InterContinental Boston, Boston, MA.
11th Annual Kaufman Bros. Investor Conference -- The drugstore.com(TM) presentation will take place on Thursday, September 4th, at 10:30 a.m. ET at the W Hotel, New York, NY.
Investors may also listen to the webcast of both presentations live at http://investor.drugstore.com/, by clicking on the "audio" hyperlink.
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.
Contact:
Investor Relations:
The Blueshirt Group
Brinlea Johnson
212-551-1453
brinlea@blueshirtgroup.com
Photo: 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: Investors, Brinlea Johnson of The Blueshirt Group, +1-212-551-1453, brinlea@blueshirtgroup.com, for drugstore.com, inc.
Web site: http://www.drugstore.com/
BluePhoenix Announces Appointment of Yaron Tchwella as President of BluePhoenix Solutions Ltd.Experience and Expertise Significantly Strengthens Management Team and Increases Company's Ability to Scale up in the Coming Years
HERZLIYA, Israel, August 4 /PRNewswire-FirstCall/ -- BluePhoenix Solutions, the leader in value-driven legacy modernization, today announced the appointment of Yaron Tchwella as president of BluePhoenix Solutions, Ltd. Mr. Tchwella brings to this position more than 25 years experience and leadership in the high technology industry and vast experience in leading and managing global organizations.
Mr. Tchwella will assume responsibility for the overall activities of the Company and will work closely with Mr. Arik Kilman, CEO, who will be focusing on strategic customers and alliances, M&A activity and the Company's long-term strategic direction. The addition of a proven executive with considerable experience and the ability to turn strategy and vision into quantifiable results represents a significant addition to BluePhoenix, increasing the Company's ability to scale and accelerate revenue growth in the coming years.
Mr. Tchwella most recently served from 2007 to 2008 as president of Comverse Inc., a world leader in providing value added services to more than 500 of the largest global telecommunication companies. In this role he had direct responsibility for defining and executing the company vision and strategy, and managing thousands of employees in all financial, operational and organizational aspects. Prior to this position and as part of his 11 years at Comverse, Mr. Tchwella served as president of the Messaging Division and a member of the executive management team at Comverse. He has also held various executive managerial positions within the product, delivery and customer-facing organizations. Prior to joining Comverse, Mr. Tchwella held engineering and managerial positions over a 13 year period at Advanced Technology Ltd., known today as Ness Technology.
Mr. Kilman commented, "Yaron is an experienced executive with a proven track record in transforming vision and strategy into business results. Adding Yaron to our team will significantly strengthen our organization, augmenting our ability to scale the Company and adding global company expertise. We believe the addition of Yaron can help us to accelerate our growth rate. His vision for the future of BluePhoenix is compelling, and his ability to execute business plans to drive shareholder value makes him an excellent addition to the BluePhoenix organization."
"I'm excited to join BluePhoenix at a time when its technology and services are in high demand and contribute significant cost savings and return on investment to enterprises that make the decision to modernize their legacy systems," added Mr. Tchwella. "I look forward to working closely with Arik, the Board of Directors and the entire BluePhoenix team towards sustained growth and taking advantage of the opportunities in front of us as a leader in legacy IT modernization."
About BluePhoenix Solutions (http://www.bphx.com/)
BluePhoenix Solutions is a leading provider of value-driven modernization solutions for legacy information systems. BluePhoenix offerings include a comprehensive suite of tools and services from global IT asset assessment and impact analysis to automated database and application migration, rehosting, and renewal. Leveraging over 20 years of best-practice domain expertise, BluePhoenix works closely with its customers to ascertain which assets should be migrated, redeveloped, or wrapped for reuse as services or business processes, to protect and increase the value of their business applications and legacy systems with minimized risk and downtime.
BluePhoenix provides modernization solutions to companies from diverse industries and vertical markets such as automotive, banking and financial services, insurance, manufacturing and retail. Among its prestigious customers are: Aflac, Citigroup, DaimlerChrysler, Danish Commerce and Companies Agency, Lawson Products, Los Angeles County Employees Retirement Association, Merrill Lynch, Rabobank, Rural Servicios Informaticos, SDC Udvikling, and TEMENOS. BluePhoenix has 15 offices in the USA, UK, Denmark, Germany, Italy, France, The Netherlands, Romania, Russia, Cyprus, South Korea, Australia, and Israel.
Safe Harbor:
Certain statements contained in this release may be deemed forward-looking statements, with respect to plans, projections, or future performance of the Company, the occurrence of which involves certain risks and uncertainties that could cause actual plans to differ materially from these statements. These risks and uncertainties include but are not limited to: market demand for the Company's tools, successful implementation of the Company's tools, competitive factors, the ability to manage the Company's growth, the ability to recruit and retrain additional software personnel, and the ability to develop new business lines. All names and trademarks are their owners' property.
Company contact:
Varda Sagiv
BluePhoenix Solutions
+972-9952-6100
vsagiv@bphx.com
Investor contact:
Peter Seltzberg
Hayden Communications
+1-646-415-8972
peter@haydenir.com
Financial Media Contact:
Jeffrey Stanlis
Hayden Communications
+1-602-476-1821
jeff@haydenir.com
BluePhoenix Solutions
CONTACT: Company contact: Varda Sagiv, BluePhoenix Solutions, +972-9952-6100, vsagiv@bphx.com; Investor contact: Peter Seltzberg, Hayden Communications, +1-646-415-8972, peter@haydenir.com. Financial media contact: Jeffrey Stanlis, Hayden Communications, +1-602-476-1821, jeff@haydenir.com
LeapFrog Announces Second Quarter 2008 Financial Results
EMERYVILLE, Calif., Aug. 4 /PRNewswire-FirstCall/ -- LeapFrog Enterprises, Inc. , a leading developer of technology-based learning products, today announced financial results for the second quarter ended June 30, 2008.
Second Quarter Financial Highlights
-- Increased year-over-year net sales by 22% to $68.3 million
-- Improved net loss to $20.6 million, or $0.32 per share
-- Improved gross margin to 39.3%
-- Decreased operating expenses to $49.0 million, including a 13%
reduction in SG&A
"We completed a very important milestone in the second quarter with the on-time launch of our new Tag Reading System in June, and we also launched our two new web-connected educational gaming systems, Leapster2 and Didj, in early July," said Jeffrey G. Katz, president and chief executive officer of LeapFrog. "The early sell-through of Tag and Tag books is good and our overall second quarter U.S. Consumer sales were strong, reflecting initial sales to retailers of Tag, Leapster2 and Didj. Leapster continues to sell well and early online results for Leapster2 are also good. That said, the second half of the year will be much more important with respect to sell-through of these products, particularly given the seemingly endless bad economic news impacting consumers. Looking ahead to the second half, we are locked and loaded to support our biggest ever product launch year. We'll be focused on continued supply chain execution, the launch of the LeapFrog Learning Path in August, and a broad media and promotional campaign consistent with the large scope of products we are bringing to market."
Second Quarter 2008 Financial Results
Net Sales and Segment Results
Net sales for the quarter ended June 30, 2008 were $68.3 million, compared with $56.0 million for the quarter ended June 30, 2007, an increase of 22.0%. Net sales from the U.S. Consumer segment totaled $50.0 million for the second quarter 2008, compared with $31.9 million for the second quarter 2007. The increase from 2007 was the result of initial shipments of new products. Net sales from the International segment declined to $12.3 million for the second quarter 2008, compared with $13.9 million for the second quarter 2007. The International segment's sales do not reflect the impact of new products, as they will be introduced in the second half of 2008. Net sales from the School segment totaled $6.0 million for the second quarter 2008, down from $10.2 million for the second quarter 2007 due to the continuing effects of strong competition compounded by weak school funding levels.
Gross Profit and Gross Margin
Gross profit improved to $26.9 million in the second quarter 2008, compared with $20.3 million for the second quarter 2007. Gross margin for the quarter ended June 30, 2008 increased to 39.3%, compared with 36.2% for the second quarter 2007, reflecting the accretive effect of new, higher-margin product sales and reduced discounts.
Operating Expenses
Operating expenses decreased 3.3% to $49.0 million for the second quarter 2008, compared with $50.7 million for the second quarter 2007. Selling, general and administrative expense decreased 13.0% to $26.0 million for the second quarter 2008 and research and development expense decreased 7.9% to $12.9 million. These declines were driven by previously implemented headcount reductions. Advertising expense nearly doubled year-over-year to $7.8 million for the second quarter 2008, supporting the initial roll-out of the Tag Reading System in June.
Other Income/(Expense)
Other income/(expense) included a $1.6 million write-down of the company's investment in auction rate securities to a carrying value of $9.8 million.
Provision for/(Benefit from) Income Tax
LeapFrog recognized an income tax benefit of $2.8 million for the second quarter 2008 compared with an expense of $0.4 million for the second quarter 2007. The 2008 quarter includes a $1.9 million benefit from the completion of the examination by the IRS of claims for research and experimentation credits as well as a tax benefit from year-to-date losses on foreign operations.
Net Loss
The company recorded a net loss of $20.6 million, or $0.32 per share, for the second quarter 2008, compared with a net loss of $28.0 million, or $0.44 per share, for the second quarter of 2007. Higher sales and gross margin and lower operating expenses all contributed to the improved financial results.
Balance Sheet
Inventories were $86.3 million at June 30, 2008, compared with $103.8 million at June 30, 2007 and $52.4 million at December 31, 2007. Cash and investments totaled $78.1 million at June 30, 2008, compared with $153.8 million at June 30, 2007 and $104.4 million at December 31, 2007.
Bill Chiasson, chief financial officer, stated, "We're pleased with second quarter sales, which are a good early indicator of potential demand for our new products. Second quarter Leapster sales were strong and Tag got off to a good start. While we are encouraged by our second quarter results, our guidance remains unchanged. It is still early in the selling season and we continue to expect the majority of our 2008 shipments and consumer purchases will occur in the second half of the year, as usual. In addition, the outlook for consumer spending remains weak."
The company reiterated its current expectations for full year 2008 results:
-- New products introduced in 2007 and 2008 are expected to comprise
approximately half of 2008 net sales;
-- Net sales are expected to grow at an annual percentage rate in the
mid-to-high teens;
-- Gross margin is expected to continue to improve;
-- Selling, general and administrative expenses and research and
development expenses are expected to decrease approximately 10%-15%
year-over-year;
-- The company expects a nominal loss for the year; and
-- Cash and investments are expected to be approximately $100 million at
year-end.
Conference Call and Webcast
A conference call will be held today, August 4, at 5:00 p.m. Eastern time (2:00 p.m. Pacific time) to provide further discussion of the results for the second quarter of 2008. A live Web cast of the conference call will be offered on LeapFrog's investor relations website at http://www.leapfroginvestor.com/ and on http://www.earnings.com/. To participate in the call, please dial (706) 634-0183 and request Conference ID 56966204. A replay of the Web cast will be available on these Web sites through August 4, 2009. A telephone replay is also available through September 4, 2008 at (706) 645-9291; I.D. No. 56966204.
About LeapFrog
LeapFrog Enterprises, Inc. is a leading designer, developer, and marketer of innovative, technology-based learning products and related proprietary content, dedicated to making learning effective and engaging for all ages, at home and in schools, around the world. The company was founded in 1995 and is based in Emeryville, California. LeapFrog has developed a family of learning platforms that come to life with an extensive library of software titles covering important subjects such as phonics, reading, writing, math, music, geography, social studies, spelling, vocabulary and science. In addition, the company has created a broad line of stand-alone educational products for children. LeapFrog's award-winning products are available in six languages at major retailers in more than 35 countries around the world. LeapFrog School's multisensory products currently reach students in more than 100,000 classrooms across the United States. LeapFrog School is a business division of LeapFrog Enterprises, Inc.
NOTE: LEAPFROG, the LeapFrog Logo, TAG, LEAPSTER, and DIDJ are trademarks or registered trademarks of LeapFrog Enterprises, Inc.
Forward-Looking Statements
Cautionary Statement under the Private Securities Litigation Reform Act of 1995:
Except for the historical information contained herein, this news release contains forward-looking statements, including statements regarding the timing, scope and success of future product launches, expected benefits of new products and services, anticipated 2008 financial results, including expected net sales, margins, expenses, profitability, cash flow and cash balances for 2008. These forward-looking statements involve risks and uncertainties, including risks related to the company's ability to launch and support new products, services and features on time and at anticipated margin and profit levels; the acceptance by consumers, retailers and schools of the company's new strategy related to Internet-connected products and related Internet services, including with respect to the LeapFrog Learning Path; the company's ability to launch and operate its network infrastructure to support the new Internet-related business; the effect of marketing on the sales of the company's products and services; and overall consumer sentiment. These and other risks and uncertainties detailed from time to time in the company's SEC filings, including its 2007 annual report on Form 10-K filed on March 13, 2008, could cause the company's actual results to differ materially from those discussed in this release. All forward-looking statements are based on information available to the company on the date hereof, and the company assumes no obligation to update such statements.
Contact Information:
Investors: Media:
Eileen VanEss Mischa Dunton
Investor Relations Corporate Communications
(510) 420-5361 (510) 596-5441
LEAPFROG ENTERPRISES, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)
June 30, December 31,
2008 2007 2007
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $68,308 $64,260 $93,460
Short-term investments - 75,500 -
Accounts receivable,
net of allowances 50,880 35,456 126,936
Inventories 86,329 103,782 52,415
Prepaid expenses and
other current assets 25,136 21,482 20,427
Deferred income taxes 3,481 3,959 3,405
Total current assets 234,134 304,439 296,643
Property and equipment, net 37,879 30,846 34,017
Deferred income taxes 213 159 213
Intangible assets, net 24,003 25,221 24,512
Long-term investments 9,792 14,000 10,925
Other assets 3,843 9,139 4,152
Total assets $309,864 $ 383,804 $370,463
LIABILITIES AND STOCKHOLDERS'
EQUITY
Current liabilities:
Accounts payable $56,414 $51,368 $46,868
Accrued liabilities and
deferred revenue 30,627 28,187 57,591
Income taxes payable 118 1,405 93
Total current liabilities 87,159 80,960 104,552
Long-term liabilities 21,104 22,215 22,438
Commitments and contingencies - - -
Stockholders' equity:
Class A common stock,
par value $0.0001; 139,500
shares authorized; shares
issued and outstanding:
36,042, 35,317 and 35,857
at June 30, 2008 and
2007, and December 31,
2007, respectively 4 4 4
Class B common stock,
par value $0.0001; 40,500
shares authorized; shares
issued and outstanding:
27,614 at June 30, 2008 and
2007, and December 31, 2007,
respectively 3 3 3
Treasury stock (185) (185) (185)
Additional paid-in capital 358,994 348,712 353,857
Accumulated other comprehensive
income 5,033 3,476 4,036
Accumulated deficit (162,248) (71,381) (114,242)
Total stockholders' equity 201,601 280,629 243,473
Total liabilities and
stockholders' equity $309,864 $383,804 $370,463
LEAPFROG ENTERPRISES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
Unaudited
Three Months Ended June 30, Six Months Ended June 30,
2008 2007 2008 2007
Net sales $68,341 $55,995 $126,615 $ 116,919
Cost of sales 41,454 35,711 78,597 71,932
Gross profit 26,887 20,284 48,018 44,987
Operating expenses:
Selling, general
and administrative 26,013 29,909 56,774 62,342
Research and
development 12,876 14,032 24,986 28,493
Advertising 7,793 4,223 12,325 9,806
Depreciation and
amortization 2,366 2,510 4,717 4,929
Total operating
expenses 49,048 50,674 98,802 105,570
Loss from operations (22,161) (30,390) (50,784) (60,583)
Other income (expense):
Interest income 749 2,205 1,897 4,439
Interest expense (20) (66) (33) (74)
Other (expense)
income, net (1,983) 637 (2,557) 417
Total other income
(expense) (1,254) 2,776 (693) 4,782
Loss before provision
for income taxes (23,415) (27,614) (51,477) (55,801)
Provision for
(benefit from)
income taxes (2,846) 414 (3,471) 2,653
Net loss $(20,569) $(28,028) $(48,006) $(58,454)
Net loss per
common share:
Basic and diluted $(0.32) $ (0.44) $ (0.75) $(0.92)
Shares used in
calculating net
loss per
common share:
Basic and diluted 63,679 63,325 63,645 63,280
LEAPFROG ENTERPRISES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Six Months Ended June 30,
2008 2007
Net loss $(48,006) $(58,454)
Adjustments to reconcile net loss to
net cash provided by operating activities:
Depreciation and amortization 9,256 8,764
Unrealized foreign exchange (gain) loss 823 (2,084)
Deferred income taxes (76) (2,814)
Stock-based compensation 5,112 4,545
Impairment of investment in auction rate
securities 1,731 -
Investment accretion - (778)
Provision for (recovery on) doubtful accounts 569 (226)
Other changes in operating assets and
liabilities:
Accounts receivable 75,487 106,586
Inventories (33,914) (30,762)
Prepaid expenses and other current assets (4,709) 1,857
Other assets 310 (2)
Accounts payable 9,546 4,648
Accrued liabilities and deferred revenue (27,351) (21,814)
Long-term liabilities (1,339) 2,545
Income taxes payable 25 681
Other (20) (740)
Net cash provided by operating activities (12,556) 11,952
Investing activities:
Purchases of property and equipment (12,591) (11,097)
Purchases of investments - (442,341)
Sale of investments - 434,403
Net cash used in investing activities (12,591) (19,035)
Financing activities:
Proceeds from the exercise of stock options
and employee stock purchase plan 419 1,588
Net cash provided by financing activities 419 1,558
Effect of exchange rate changes on cash (424) 2,441
Net change in cash and cash equivalents
for the period (25,152) (3,054)
Cash and cash equivalents at beginning
of period 93,460 67,314
Cash and cash equivalents at end of period $68,308 $64,260
LeapFrog Enterprises, Inc.
CONTACT: Investors, Eileen VanEss, Investor Relations, +1-510-420-5361, or Media, Mischa Dunton, Corporate Communications, +1-510-596-5441, both of LeapFrog Enterprises, Inc.
Web site: http://www.leapfrog.com/ http://www.leapfroginvestor.com/
eResearchTechnology Reports Second Quarter 2008 ResultsQ2 2008 Net Revenues - a record $35.5 million vs. $24.7 million in Q2 2007 - an increase of 43.4%Q2 2008 Diluted Net Income per Share - $0.13 vs. $0.08 in Q2 2007 - an increase of 62.5%Q2 2008 Operating Income margin of 30.3% vs. 25.3% in Q2 2007Q2 2008 New Bookings of $49.0 million vs. $34.5 million in Q2 2007
PHILADELPHIA, Aug. 4 /PRNewswire-FirstCall/ -- eResearchTechnology, Inc. (eRT), , a leading provider of centralized ECG and eClinical technology, ePRO and other services to the pharmaceutical, biotechnology, medical device and related industries, announced today results for the second quarter and six-month period ended June 30, 2008.
Financial highlights for the second quarter of 2008 were:
-- Record quarterly net revenues of $35.5 million, a 43.4% increase from the second quarter of 2007;
-- Diluted net income per share of $0.13, a 62.5% increase from the second quarter of 2007;
-- Gross margin of $20.2 million for a gross margin percentage of 57.0%, a 310 basis point increase from the second quarter of 2007. The gross margin included the impact of the operating results of CCSS and the integration of CCSS into eRT. CCSS generated net revenues of $3.0 million while incurring costs of revenue of $2.4 million;
-- Operating income of $10.8 million, a 72.2% increase from the second quarter of 2007. Operating income margin percentage was 30.3%, a 500 basis point increase from the second quarter of 2007. Operating income included a loss of $0.3 million from the operations of CCSS and the integration of CCSS into eRT;
-- New bookings of $49.0 million compared to $34.5 million for the second quarter of 2007, an increase of 42.0%;
-- New bookings included a record 15 new Thorough ECG study agreements, valued at an average of slightly greater than $900,000 each;
-- The backlog was a record $157.9 million, an increase of $6.5 million from March 31, 2008.
-- The book-to-bill ratio was 1.4 in the second quarter of 2008, the same as in the second quarter of 2007; and
-- eRT ended the second quarter with $55.9 million in cash, cash equivalents and investments, an increase of $7.0 million from $48.9 million at March 31, 2008. For the three months ended June 30, 2008, net cash provided by operating activities was $10.4 million.
Other recent highlights:
-- eRT appointed Keith Schneck as its new Chief Financial Officer in July 2008; Mr. Schneck has extensive public company experience as the CFO for Neoware, Inc. and Integrated Circuit Systems;
-- The cancellation rate was an annualized 18.1% as compared to an annualized cancellation rate of 17.6% in the second quarter of 2007;
-- Reflecting our growth, we are moving our corporate headquarters (and US-based core lab) in Philadelphia to a larger facility, also in Philadelphia, by the end of 2008; and
-- eRT appointed Michael DeMane to the Board of Directors in July 2008. Mr. DeMane was previously Chief Operating Officer of Medtronic, Inc. and served as Senior Vice President and President Europe, Canada, Latin America and Emerging Markets. Mr. DeMane brings a wealth of international operations and marketing experience to the Board.
"We are very pleased with the second quarter results where we saw record quarterly revenue, ECG transactions, backlog and very strong bookings for eRT," commented Dr. Michael McKelvey, President and CEO of eRT. "Our services revenue grew by 55.9%, driven by outstanding growth in our core cardiac safety business. Bookings were strong, especially for Thorough QT studies. In comparison to the first quarter of 2008, margins increased in all three revenue categories -- services, site support, and licenses. Net income was $6.7 million, an increase of 60.9% from $4.1 million for the second quarter of 2007. The second quarter results again demonstrated the leverage in our business model as evidenced by expanding gross margins and net income growth."
For the six months ended June 30, 2008, the Company reported revenues of $69.1 million compared to $45.8 million for the six months ended June 30, 2007, an increase of 50.9%. eRT reported net income of $12.4 million, or $0.24 per diluted share, for the six months ended June 30, 2008 compared to net income of $6.4 million, or $0.12 per diluted share, for the six months ended June 30, 2007.
The Company's gross margin percentage for the six months ended June 30, 2008 was 54.8% compared to 51.0% for the six months ended June 30, 2007. Operating income margin for the six months ended June 30, 2008 was 27.8% compared to 20.4% for the six months ended June 30, 2007. The Company's tax rate was 37.7% for the six months ended June 30, 2008 compared to 39.0% for the six months ended June 30, 2007. For the six months ended June 30, 2008, cash provided by operating activities was $18.0 million.
"We continue to execute very well on our projects. The integration of the CCSS acquisition is approximately 3 months ahead of schedule. We are very fortunate to hire someone of the caliber of Keith Schneck as our new CFO. We believe that he will make a strong impact on our business. Our pipeline of new opportunities is strong, reflecting the continued emphasis on cardiac safety and eRT's reputation for quality, medical and scientific leadership, project execution and technology innovation," continued Dr. McKelvey. "The pricing environment continues to be stable. We continue to see expanded opportunities with all of our CRO key partnerships and Phase I units. While there are many areas in which we need to continue to improve, the first half of the year has been an excellent start to the year."
2008 Guidance
The Company issued guidance for the third quarter of 2008 and for the full year 2008. eRT expects to report revenues of between $33.0 million and $35.0 million, reflecting a normal slowdown due to summer vacations which typically reduces study activity, and diluted net income per share of between $0.10 to $0.12 for the third quarter ending September 30, 2008. For the full year 2008, the Company is confirming its previously issued guidance for revenue of between $133.0 million and $140.0 million and increasing the lower end of its guidance for diluted net income per share to between $0.46 to $0.49; previously issued guidance for diluted net income per share was between $0.44 to $0.49.
Dr. McKelvey and Keith Schneck, the Company's Chief Financial Officer, will hold a conference call to discuss these results. The conference call will take place at 5:00 p.m. EDT on August 4, 2008. Interested participants should call 800-659-2032 when calling within the United States or 617-614-2712 when calling internationally. Please use pass code 98614709. There will be a playback available until August 11, 2008. To listen to the playback, please call 888-286-8010 when calling within the United States or 617-801-6888 when calling internationally. Please use pass code 80358836 for the replay.
This call is being webcast by Thomson Financial and can be accessed at eRT's web site at http://www.ert.com/. The webcast may also be accessed at Thomson's Institutional Investor website at http://phx.corporate-ir.net/playerlink.zhtml?c=119164&s=wm&e=1903663. The webcast can be accessed until August 4, 2009 on either site.
About eResearchTechnology, Inc.
Based in Philadelphia, PA, eResearchTechnology, Inc. (http://www.ert.com/) is a provider of technology and services to the pharmaceutical, biotechnology and medical device industries on a global basis. The Company is a market leader in providing centralized core-diagnostic electrocardiographic (ECG) technology and services to evaluate cardiac safety in clinical development. The Company is also a leader in providing technology and services to streamline the clinical trials process by enabling its customers to automate the collection, analysis, and distribution of clinical data in all phases of clinical development.
Statements included in this release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements, including, but not limited to, 2008 financial guidance, involve a number of risks and uncertainties such as the Company's ability to obtain new contracts and accurately estimate net revenues due to uncertain regulatory guidance, variability in size, scope and duration of projects, and internal issues at the sponsoring client, integration of acquisitions, competitive factors, technological development, and market demand. As a result, actual results may differ materially from any financial outlooks stated herein. Further information on potential factors that could affect the Company's financial results can be found in the Company's Reports on Form 10-K and 10-Q filed with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.
eResearchTechnology, Inc. and Subsidiaries
Consolidated Statements of Operations
(in thousands, except per share amounts)
(unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2007 2008 2007 2008
Net revenues:
Licenses $580 $870 $1,362 $1,495
Services 17,561 27,380 31,529 52,653
Site support 6,593 7,222 12,927 14,997
Total net revenues 24,734 35,472 45,818 69,145
Costs of revenues:
Cost of licenses 63 170 129 370
Cost of services 7,233 10,483 14,023 20,997
Cost of site support 4,117 4,599 8,312 9,867
Total costs of revenues 11,413 15,252 22,464 31,234
Gross margin 13,321 20,220 23,354 37,911
Operating expenses:
Selling and marketing 3,054 3,810 5,592 7,133
General and administrative 2,919 4,601 6,388 9,474
Research and development 1,102 1,051 2,027 2,050
Total operating expenses 7,075 9,462 14,007 18,657
Operating income 6,246 10,758 9,347 19,254
Other income, net 569 244 1,119 671
Income before income taxes 6,815 11,002 10,466 19,925
Income tax provision 2,676 4,342 4,079 7,519
Net income $4,139 $6,660 $6,387 $12,406
Basic net income per share $0.08 $0.13 $0.13 $0.24
Diluted net income per share $0.08 $0.13 $0.12 $0.24
Shares used to calculate basic
net income per share 50,493 50,734 50,346 50,686
Shares used to calculate diluted
net income per share 51,782 52,182 51,606 52,038
eResearchTechnology, Inc. and Subsidiaries
Consolidated Balance Sheets
(in thousands, except share and per share amounts)
December 31, June 30, 2008
ASSETS 2007 (unaudited)
Current assets:
Cash and cash equivalents $38,082 $49,446
Short-term investments 8,797 6,405
Accounts receivable, net 26,718 29,302
Prepaid income taxes 743 -
Prepaid expenses and other 3,087 4,291
Deferred income taxes 901 899
Total current assets 78,328 90,343
Property and equipment, net 33,347 29,852
Goodwill 30,908 33,229
Intangible assets 3,849 2,947
Deferred income taxes 1,011 1,375
Other assets 253 660
Total assets $147,696 $158,406
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $3,505 $3,223
Accrued expenses 12,103 8,078
Income taxes payable 2,352 1,970
Current portion of capital lease
obligations 1,097 290
Deferred revenues 13,905 14,487
Total current liabilities 32,962 28,048
Capital lease obligations, excluding
current portion 48 -
Other liabilities 1,174 1,162
Total liabilities 34,184 29,210
Stockholders' equity:
Preferred stock-$10.00 par value,
500,000 shares authorized,
none issued and outstanding - -
Common stock-$.01 par value,
175,000,000 shares authorized,
58,870,291 and 59,081,686 shares
issued, respectively 589 591
Additional paid-in capital 87,957 91,217
Accumulated other comprehensive income 1,679 1,695
Retained earnings 85,477 97,883
Treasury stock, 8,247,119 shares at cost (62,190) (62,190)
Total stockholders' equity 113,512 129,196
Total liabilities and stockholders'
equity $147,696 $158,406
eResearchTechnology, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Six Months Ended June 30,
2007 2008
Operating activities:
Net income $6,387 $12,406
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 7,139 8,574
Cost of sales of equipment 535 492
Provision for uncollectible accounts - 60
Share-based compensation 1,142 1,366
Deferred income taxes 294 (360)
Changes in operating assets and liabilities
exclusive of CCSS acquisition:
Accounts receivable (2,269) (2,622)
Prepaid expenses and other (833) (1,616)
Accounts payable (2,184) (240)
Accrued expenses 382 (1,013)
Income taxes 2,553 348
Deferred revenues (647) 583
Net cash provided by operating activities 12,499 17,978
Investing activities:
Purchases of property and equipment (7,995) (5,239)
Purchases of investments (40,651) -
Proceeds from sales of investments 39,530 2,392
Payments for acquisition - (4,798)
Net cash used in investing activities (9,116) (7,645)
Financing activities:
Repayment of capital lease obligations (1,132) (855)
Proceeds from exercise of stock options 1,462 1,174
Stock option income tax benefit 578 704
Net cash provided by financing activities 908 1,023
Effect of exchange rate changes on cash 108 8
Net increase in cash and cash equivalents 4,399 11,364
Cash and cash equivalents, beginning of period 15,497 38,082
Cash and cash equivalents, end of period $19,896 $49,446
eResearchTechnology, Inc.
CONTACT: Keith Schneck of eResearchTechnology, Inc., +1-215-282-5566, or Robert East of Westwicke Partners, LLC for eResearchTechnology, Inc., +1-410-321-9652
Web site: http://www.ert.com/
Interwoven Announces Close of Discovery Mining Acquisition
SAN JOSE, Calif., Aug. 4 /PRNewswire-FirstCall/ -- Interwoven, Inc. , a global leader in content management solutions, today announced that it has closed the acquisition of Discovery Mining, Inc., a leading provider of software and services for eDiscovery to professional services firms and corporations.
(Logo: http://www.newscom.com/cgi-bin/prnh/20071205/INTWOVLOGO)
The acquisition of Discovery Mining extends Interwoven's offering -- the legal industry's de facto standard for organizing, finding, and governing matter content -- by adding a service for managing eDiscovery. Discovery Mining significantly streamlines and simplifies the discovery phase of litigation and investigations with a software-as-a-service solution for processing, reviewing and producing massive volumes of electronic data.
Discovery Mining's executive team, including the four founders, and the company's 51 employees have joined Interwoven as part of the company's Professional Services Industry Solutions (PSIS) team. The Discovery Mining and Interwoven sales team will partner to deliver eDiscovery capabilities to Interwoven's more than 1,700 existing professional services firms, including 72 of the Am Law 100 law firms and 87 of the top 250 UK law firms.
Interwoven announced its intent to acquire Discovery Mining on July 24, 2008. Please visit http://www.interwoven.com/ to read the acquisition announcement, as well as additional materials on the news, including a podcast from Interwoven CEO Joe Cowan.
About Interwoven
Interwoven, Inc. is a global leader in content management solutions. Interwoven's software and services enable organizations to maximize online business performance and organize, find, and govern business content. Interwoven solutions unlock the value of content by delivering the right content to the right person in the right context at the right time. Nearly 4,400 of the world's leading companies, professional services firms, and governments have chosen Interwoven, including adidas, Airbus, Amnesty International USA, Avaya, BT, Cisco, Citi, Delta Air Lines, DLA Piper, FedEx, Grant Thornton, Hilton Hotels, HKMP LLP, Hong Kong Trade and Development Council, HSBC, LexisNexis, MasterCard, Microsoft, Samsung, Shell, Sky Italia, Qantas Airways, Tesco, Virgin Mobile, and White & Case. A community of over 20,000 developers and over 300 partners enrich and extend Interwoven's offerings. To learn more about Interwoven, please visit http://www.interwoven.com/.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements that are subject to risks, uncertainties and other factors that could be deemed forward-looking statements and could cause actual results to differ materially from those referred to in the forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Risks, uncertainties and assumptions include the market for the sale of certain products and services may not develop as expected; that Interwoven is unable to cross-sell Discovery Mining offerings to existing Interwoven customers; lack of market acceptance of Discovery Mining's products and services; failure of the market for eDiscovery software solutions to develop and grow as quickly as expected; delays and difficulties in introducing new products and enhancements to address the needs of specific vertical markets; the introduction of new products or services by competitors that could delay or reduce sales; the impact of world and geopolitical events on sales cycles and transaction closure rates; actual or perceived declining economic conditions that could negatively affect sales and profits; and reduced financial and operational performance arising out of the integration of the acquired business with Interwoven. If any of these risks or uncertainties materializes or any of these assumptions proves incorrect, Interwoven's results could differ materially from the results described in these statements. Interwoven does not assume any obligation and does not intend to update these forward-looking or other statements in this release.
Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20071205/INTWOVLOGO AP Archive: http://photoarchive.ap.org/ PRN Photo Desk, photodesk@prnewswire.com
Interwoven, Inc.
CONTACT: Media, Randy Cairns, +1-408-953-7111, rcairns@interwoven.com, or Investors, Keren Ackerman, +1-408-953-7284, kackerman@interwoven.com, both of Interwoven, Inc.
Web site: http://www.interwoven.com/
PSi Technologies Extends Maturity on US$4 Million Exchangeable Senior Subordinated Note
MANILA, Philippines, Aug. 4 /PRNewswire-FirstCall/ -- PSi Technologies Holdings, Inc. , a leading independent provider of assembly and test services for the power semiconductor market, today announced the signing of an amendment to the $4 million exchangeable senior subordinate note issued to Merrill Lynch Global Emerging Markets Partners, LLC, an affiliate of Merrill Lynch Global Emerging Markets Partners, L.P., the Company's majority shareholder. The amendment, dated July 31, 2008, extends the maturity date of the aforementioned note from July 31, 2008 to August 15, 2008. The maturity of the aforementioned note had previously been extended from June 1, 2008 to July 31, 2008.
The note is issued by the Company's principal operating subsidiary, and it accrues interest at 10% per year, net of Philippine withholding tax. The note is exchangeable into the Company's common stock at a price of $1.06 per share.
About PSi Technologies Holdings, Inc.
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 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.
PSi Technologies Holdings, Inc.
CONTACT: Larry Cajucom of PSi Technologies Holdings, Inc., +1-632-838-4489, lvcajucomjr@psitechnologies.com.ph; or Lasse Glassen of Financial Relations Board, +1-213-486-6546, lglassen@frbir.com, for PSi Technologies Holdings, Inc.
Web site: http://www.psitechnologies.com/
White Electronic Designs Corporation to Present at the Noble Financial Equity Conference
PHOENIX, Aug. 4 /PRNewswire-FirstCall/ -- White Electronic Designs Corporation announced today that President and CEO Hamid Shokrgozar will present at the Fourth Annual Noble Financial Equity Conference at 12:30 p.m. (Pacific) on Monday, August 18, 2008 at the Loews Lake Las Vegas Resort in Las Vegas, Nevada.
Mr. Shokrgozar will give a 23-minute presentation regarding White Electronic Designs' market positioning, financial performance, and strategic direction. The presentation will be webcast live featuring high-definition, streaming video and PowerPoint slides. Access is available by logging on to the conference website http://www.noblemadmax.com/. It is recommended that interested parties register at least 15 minutes prior to the start of the presentation to ensure timely access.
About WEDC
White Electronic Designs Corporation designs and manufactures innovative high technology components, systems, and branded products for military, industrial, medical and commercial markets. The Company's Microelectronic products include high-density memory packages and advanced self contained multi-chip and system-in-a-chip modules that are used in a growing range of applications across the Company's markets. The Company also produces anti-tamper security coatings for mission-critical semiconductor components in defense applications. The Company's Display segment designs and manufactures enhanced and reinforced high-legibility flat-panel displays for commercial, medical, defense and aerospace systems. The segment also designs and manufactures digital keyboard and touch-screen operator-interface systems, and electromechanical assemblies for commercial, industrial and military systems. The Company is headquartered in Phoenix, Arizona and has design and manufacturing centers in Arizona, Indiana, Ohio, and Oregon and manufacturing relationships in China. To learn more about White Electronic Designs Corporation's business, as well as employment opportunities, visit our website at http://www.whiteedc.com/.
About Noble Financial
Noble Financial is a privately-held, full-service capital markets firm driven by what is often overlooked by other firms -- uncovering the value embedded in the orphaned, undiscovered or misunderstood company. The company focuses on converting market inefficiencies into profit opportunities. Noble Financial supports emerging companies through strategic advice, investment banking, market-making, sales & trading, comprehensive equity research, and the development of institutional support. Noble Financial's equity conferences -- 2008 marks their fourth annual -- allow for a unique blend of professional and personal interaction among a diverse cross-section of executives. The company has operated for 24 years and has offices in Florida, New York City and Boston.
Cautionary Statement
This press release contains forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for such forward-looking statements. The words, "believe," "expect," "anticipate," "estimate," "will" and other similar statements of expectation identify forward-looking statements. Specific forward looking statements included in this press release include (i) the ability of the Company to dispose the assets of the Interface Electronic and Commercial Microelectronic product lines and (ii) the likely effects of streamlining the business in the manner discussed in this press release. Additionally, other factors that could materially and unexpectedly affect the Company's results are set forth in the Company's most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. You are cautioned not to place undue reliance on our forward-looking statements. We do not undertake any obligation to publicly update any forward-looking statements to reflect events, circumstances or new information after this press release, or to reflect the occurrence of unanticipated events.
Contact: Hamid Shokrgozar Lytham Partners, LLC
Chairman and CEO Joe Dorame
White Electronic Designs Corporation Joe Diaz
602-437-1520 602-889-9700
hamid@wedc.com diaz@lythampartners.com
White Electronic Designs Corporation
CONTACT: Hamid Shokrgozar, Chairman and CEO of White Electronic Designs Corporation, +1-602-437-1520, hamid@wedc.com; or Joe Dorame or Joe Diaz, diaz@lythampartners.com, both of Lytham Partners, LLC, +1-602-889-9700, for White Electronic Designs Corporation
Web site: http://www.whiteedc.com/
Cyberonics to Present at Canaccord Adams 28th Annual Global Growth Conference
HOUSTON, Aug. 4 /PRNewswire-FirstCall/ -- Cyberonics, Inc. today announced that Dan Moore, President and Chief Executive Officer, will present at the Canaccord Adams 28th Annual Global Growth Conference in Boston on Wednesday, August 13, 2008 at 8:00 AM EDT. Presentation slides will be available on-line at http://www.cyberonics.com/ by 5:00 PM EDT on Tuesday, August 12, 2008. Canaccord Adams will host a webcast of the presentation live and by replay at http://www.corporate-ir.net/ireye/conflobby.zhtml?ticker=CYBX&item_id=1887762. The replay will be available for 90 days following the conference. The presentation can also be accessed at http://www.cyberonics.com/ by clicking on the link for this webcast. Access to the webcast is not password protected.
ABOUT VNS THERAPY AND CYBERONICS
Cyberonics, Inc. is a medical technology company with core expertise in neuromodulation. The company developed and markets the Vagus Nerve Stimulation (VNS) Therapy(TM) System, which is FDA-approved for the treatments of refractory epilepsy and depression. The VNS Therapy System uses a surgically implanted medical device that delivers pulsed electrical signals to the vagus nerve. Cyberonics markets the VNS Therapy System in selected markets worldwide.
Additional information on Cyberonics, Inc. and VNS Therapy(TM) is available at http://www.cyberonics.com/ and http://www.vnstherapy.com/.
CONTACT INFORMATION:
Greg Browne, CFO
Cyberonics, Inc.
100 Cyberonics Blvd.
Houston, TX 77058
Main: (281) 228-7262
Fax: (281) 218-9332
ir@cyberonics.com
Cyberonics, Inc.
CONTACT: Greg Browne, CFO of Cyberonics, Inc., +1-281-228-7262, fax, +1-281-218-9332, ir@cyberonics.com
Web site: http://www.cyberonics.com/ http://www.vnstherapy.com/
Scripps Networks Interactive Names John Lansing EVP
CINCINNATI, Aug. 4 /PRNewswire-FirstCall/ -- John Lansing, who has led the growth of Scripps Networks since 2005, has been named executive vice president of parent company Scripps Networks Interactive Inc. .
Lansing remains president of Scripps Networks. Previously senior vice president for Scripps Networks Interactive, Lansing will continue to be responsible for leading the company's Lifestyle Media operating segment, which includes popular lifestyle television and Internet brands Food Network and HGTV.
"John has successfully led the continued growth of our largest and most profitable division," said Kenneth W. Lowe, chairman, president and CEO of Scripps Networks Interactive. "John will continue to lead the growth strategies for expanding our dominant position in the food and shelter brands on TV and the Internet, extending our brands through creative and lucrative licensing and revenue-sharing partnerships, and exploring opportunities internationally to exploit our expertise in creating and delivering food, shelter and lifestyle content."
Scripps Networks operates HGTV, Food Network, DIY Network, Fine Living Network and Great American Country, along with a growing portfolio of Internet businesses dedicated to the food and shelter categories. Foodnetwork.com is the number one Internet site in the "food" category, with RecipeZaar.com joining it in the top ten. HGTV.com and DIYnetwork.com are both rated in the top ten for Web sites in the "home" category.
Lansing, 51, who will continue to report to Lowe, has been with Scripps for 13 years including the period before Scripps Networks Interactive separated from The E.W. Scripps Company on July 1, 2008.
Before moving to Scripps Networks, Lansing had strategic and operating oversight responsibilities for the Scripps broadcast television station group, first as vice president of station operations and then as senior vice president/television.
Before coming to the Scripps corporate office as vice president of station operations in 2000, Lansing had been vice president and general manager of the Scripps-owned television station in Cleveland, WEWS-TV, and vice president and station manager at the Scripps station in Detroit, WXYZ-TV. Lansing also held news-director positions at WBBM-TV, Chicago, and WCCO-TV in Minneapolis.
Lansing studied marketing and business administration at Bellarmine University in Louisville, the University of Louisville and the University of Kentucky. He has served as a visiting faculty member at the Poynter Institute for Media Studies in St. Petersburg, Fla.
About Scripps Networks Interactive
Scripps Networks Interactive Inc. is the leading developer of lifestyle- oriented content for television and the Internet, where on-air programming is complemented with online video, social media areas and e-commerce components on companion Web sites and broadband vertical channels. The company's media portfolio includes: Lifestyle Media, with popular lifestyle television and Internet brands HGTV, Food Network, DIY Network, Fine Living Network and country music network Great American Country; and Interactive Services, with leading online comparison shopping services, Shopzilla and uSwitch.
Scripps Networks Interactive Inc.
CONTACT: Mark Kroeger, Scripps Networks Interactive Inc., +1-513-824-3227, mark.kroeger@scrippsnetworks.com
Web site: http://www.scrippsnetworksinteractive.com/
U.S. Coast Guard Commissions First National Security Cutter Equipped With Lockheed Martin Command and Control System
ALAMEDA, Calif., Aug. 4 /PRNewswire/ -- The U.S. Coast Guard today commissioned its first National Security Cutter, USCGC Bertholf (WMSL 750), a 418-foot vessel built by Northrop Grumman and equipped by Lockheed Martin with fully-integrated communications, sensors and electronic systems. Bertholf is the first ship in its class of technologically-advanced, multi-mission cutters.
Lockheed Martin's Coast Guard Command and Control (CG-C2) system, onboard Bertholf, provides a common operating picture to aid coordination among helicopters, aircraft, other ships and shore facilities. The system has an open architecture design and provides interoperability, assuring that the Coast Guard can work with multiple federal, regional and state agencies and organizations in maintaining maritime domain awareness and achieving homeland security missions.
Bertholf's CG-C2 system is also fully interoperable with systems previously delivered on the HC-144A Ocean Sentry maritime patrol aircraft, the modified HC-130J Hercules long-range search aircraft, and upgrades to the Coast Guard's 39 legacy high- and medium-endurance cutters.
"This is a complex, innovative vessel, born from the brilliant minds of our Coast Guard customer and industry team," said Fred Moosally, president of Lockheed Martin Maritime Systems and Sensors, in a speech during the commissioning.
Today's event followed a series of successful system tests, where Lockheed Martin engineers, working side-by-side with the Coast Guard, demonstrated the advanced system's capabilities and provided operator training.
"The team has worked hard to deliver a proven system that provides the Coast Guard the ability to see the 'big picture,' improve efficiency and increase coordination when responding to an event," said Richard Lockwood, vice president of Lockheed Martin's Coast Guard Systems line of business.
Integrated Coast Guard Systems, a joint venture of Lockheed Martin and Northrop Grumman, was awarded the Deepwater contract in June 2002 and has been renewed through January 2011.
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
CONTACT: Kimberly Martinez of Lockheed Martin, +1-973-294-8981, kimberly.martinez@lmco.com
Web site: http://www.lockheedmartin.com/
Company News On-Call: http://www.prnewswire.com/comp/534163.html
MyStarU.com Reports Third Quarter Results
-- Revenues totaled $21,708,427 for the nine months, three quarters
continued earns, nine months ended June 30, 2008 and 2007 was $0.02 and
$(0.02) respectively.
FOSHAN, Guangdong, China, Aug. 4 /Xinhua-PRNewswire-FirstCall/ -- MyStarU.com, Inc. (OTC Bulletin Board: MYST; Frankfurt Stock Exchange: TQF) announced today that it has filed with the SEC a Form 10QSB on August 4, 2008. The company reports its nine months operating statistics for the Period ended June 30, 2008: (please copy and paste the below link into your web browser) http://www.sec.gov/Archives/edgar/data/1139570/000114420408043597/0001144204- 08-043597-index.htm
Revenues increased by $4,916,466:
Revenues totaled $21,708,427 for the nine months ended June 30, 2008 compared to $16,791,961 for the nine months ended June 30, 2007. The increase of $4,916,466 is due primarily to the significant growth of the Subaye.com membership business segment, which generated 53% growth, or an additional $2,289,078 in revenues for the nine month period ended June 30, 2008 over the prior period. In addition, the Company's total revenues included revenues of $2,597,338 from the sale of copyrights and $1,203,269 generated from the sale of the Company's ''Master Franchise Licenses."
Costs of Sales increased by $4,703,858:
Costs of sales totaled $15,480,755 and $10,776,897 for the nine months ended June 30, 2008 and 2007, respectively. The Company's import and export business segment had higher costs in 2008 versus 2007, which was in line with expectations. Costs of sales for Panyu M&M, which is the sole contributor to the import and export business, totaled $9,121,360 for 2008 versus total costs of $6,620,945 for 2007. The Company also sold certain copyrights and included the adjusted cost of those copyrights, $2,457,273, in costs of sales for the nine months ended June 30, 2008.
Operating Expenses decreased by $4,674,104:
For the nine months ended June 30, 2008, we incurred stock based compensation expenses of $1,201,324 versus $2,062,363 for the nine months ended June 30, 2007. The Company entered into less significant stock based compensation agreements in 2007 and many of the contracts signed in 2005 had been fully amortized as of October 1, 2007. Additionally, during the course of the last quarter of fiscal year 2007 and first quarter of 2008, the Company completed a full review of its accounts receivable balances and determined that it had over-reserved for its potentially uncollectible accounts receivable in past years. The Company recorded a bad debt recovery of approximately $185,000 during the three months ended December 31, 2007 and believes its allowance for doubtful accounts and accounts receivable balances are fairly presented as of June 30, 2008.
OVERALL
We reported net income (loss) for the nine months ended June 30, 2008 and 2007 of $2,364,352 and $2,062,049, respectively. Earnings (loss) per share for the nine and three months ended June 30, 2008 and 2007 was $0.02 and $(0.02) and$0.00 and $0.01, respectively.
About MyStarU.com, Inc.
MyStarU.com, Inc. (MYST) is a Total Solutions Provider that offers Integrated Communications Network Solutions and Internet Content Service in universal voice, video, data web and mobile communications for interactive media applications, technology and content leaders in interactive multimedia communications. It develops, markets and sells a universal media software solution for enterprise-wide deployment of integrated voice, video, data web and mobile communications and media applications. MyStarU.com, Inc. does business in Asia via its wholly-owned subsidiaries, MyStarU Ltd. ( http://www.mystaru.com/ , http://www.skyestar.com/ , http://www.icurls.com/ ) and majority owned subsidiary Subaye.com, Inc. ( http://www.subaye.com/ , http://www.x381.com/ , http://www.goongreen.org/ ).
Safe Harbor
The statements made in this release constitute "forward-looking" statements, usually containing the words "believe," "estimate," "project," "expect," or similar expressions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, changing economic conditions, interest rates trends, continued acceptance of the Company's products in the marketplace, competitive factors and other risks detailed in the Company's periodic report Filings with the Securities and Exchange Commission. By making these forward- looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.
For more information, please contact:
Ms. Helen Wang
MyStarU.com, Inc.
Tel: +86-10-6702-6968
Email: IR@MyStarU.com
MyStarU.com, Inc.
CONTACT: Ms. Helen Wang, MyStarU.com, Inc. at +86-10-6702-6968 or IR@MyStarU.com
Web site: http://www.mystaru.com/ http://www.skyestar.com/ http://www.goongreen.org/ http://www.subaye.com/
RELM to Spin-Off First Access Partners to Form New IT Company
WILMINGTON, Del., Aug. 4 /PRNewswire-FirstCall/ -- Relm Holdings Inc. (Pink Sheets: RELM) ("RELM" or the "Company") today announced that it expects to spin-off its subsidiary, First Access Partners Inc. ("FAP"), to a newly formed company, Access Versalign Inc. ("AVI").
Concurrently with the spin-off, FAP is expected to merge with Access Channel Inc. and the combined entity will retain the name of Access Channel Inc. and be a wholly-owned subsidiary of AVI.
Upon the closing of the merger, AVI is expected to acquire Versalign Inc. ("Versalign"), under the terms of a letter of intent signed July 2008. Versalign, which will also be a wholly-owned subsidiary of AVI, is an information technology company that delivers technology and consultative solutions.
Under the spin-off, RELM shareholders of record, as of the close of business September 1, 2008, are expected to receive 1 new share of common stock in AVI for every 58 (approximately) shares of common stock they own in RELM, thereby representing approximately 45% of the outstanding shares of AVI, on a fully diluted basis.
The spin-off is expected to occur by mid-September 2008, with the closing of the Versalign acquisition to be completed upon shareholder approval and the satisfaction of the other conditions under the letter of intent.
AVI plans to list on the OTCQX after it conducts a new capital raise to commercialize FAP's proprietary financial modeling software.
This spin-off to AVI and the new capital raise are expected to allow the commercialization of the FAP software, which was designed in 1996 and copyrighted in 1999. The software is designed to originate, securitize, service, and structure debt transactions and to provide total transparency to the debt transactions on a daily basis. This transparency is designed to provide an alert up to 24 months in advance of any legal default, and thus contribute to the mitigation of default risk for the life of the transaction. AVI plans to prepare the FAP software for commercial use and introduce it in the year 2009 for the financial and business sectors.
On a pro-forma basis, for 2007, the AVI companies produced approximately $2.5 in gross revenue with EBITDA of approximately $385,000.
The spin-off is expected to allow RELM to focus on its core business.
About Relm Holdings Inc.
The Company's core business is the acquisition of commercial revenue-producing real estate property. For more information about the Company and its Relm Real Estate Holdings Inc. subsidiary and their pending transactions, please visit http://www.relmholdingsinc.com/.
About First Access Partners.
The Company's subsidiary First Access Partners Inc. was founded in 1999 and has a copyright for its proprietary financial modeling software. The FAP software was designed to securitize, originate, service, structure debt transactions and to provide total transparency to the debt transactions on a daily basis. This transparency is designed to provide an alert in advance, and thus avoid any legal default on the debt transactions for up to 10 years. Currently, the FAP software is utilized by one customer. The software has enabled this customer to keep their operating costs very low. The spin-off should assist First Access Partners to expand its customer base.
About Versalign Inc.
Versalign, which was founded in 1985, currently provides targeted Information Technology solutions for corporate, professional and governmental clients in the Mid-Atlantic region. Versalign provides Network Support and Integration, IT Security and Remediation, Professional Placement, Desktop Support and IT Logistics Services. Versalign maintains expertise in Microsoft, Novell, Citrix, BlueCoat, Packeteer, Fortinet, Cisco, Checkpoint, Hewlett-Packard, IBM, Unitrends, Symantec and Dell Products. For more information about Versalign, please visit http://www.versalign.com/.
Safe Harbor
The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking information made on the company's behalf. All statements, other than statements of historical facts which address the company's expectations of sources of capital or which express the company's expectation for the future with respect to financial performance or operating strategies, can be identified as forward-looking statements. Such statements made by the company are based on knowledge of the environment in which it operates, but because of the factors previously listed, as well as other factors beyond the control of the company, which include the ability of the company to implement its business plans and spin-off its subsidiary, actual results may differ materially from the expectations expressed in the forward-looking statements.
Contact:
Relm Holdings Inc.
info@relmholdingsinc.com
200 West Ninth Street, Suite 314
Wilmington, DE 19801
Tel: 302-778-4222
Relm Holdings Inc.
CONTACT: Relm Holdings Inc., +1-302-778-4222, info@relmholdingsinc.com
Web site: http://www.relmholdingsinc.com/ http://www.versalign.com/
Blockbuster and NCR Announce Strategic Alliance to Launch DVD Vending KiosksFirst Stage of Deployment to Begin in Third Quarter of 2008, With Opportunity for Larger Scale National RolloutVending Kiosks Allow for Future Applications like Digital Downloads
DALLAS and DAYTON, Ohio, Aug. 4 /PRNewswire-FirstCall/ -- Blockbuster Inc. , a leading global provider of media entertainment, and NCR Corporation , a global leader in self-service and assisted-service technology, have entered into an agreement to deploy Blockbuster-branded, state-of-the-art DVD vending kiosks in a pilot program that could be the first step of a national rollout of thousands of units.
The initial deployment of 50 Blockbuster-branded kiosks should begin in the third quarter of 2008 with all units expected to be installed by year-end. The pilot vending kiosks will initially offer DVD rentals, but the machines will allow for future applications, including digital downloads, and other services, such as sales of DVDs and video games. The companies have not announced the markets or site locations for the first units.
Earlier this year, Blockbuster and NCR announced an agreement to test digital movie downloading kiosks in select Blockbuster locations. The first of those units is expected to be installed in two Dallas stores this summer.
"With NCR's advanced technology, these machines will dispense a wide array of DVDs and could offer digital downloading in the future, all under the Blockbuster brand," said Jim Keyes, Blockbuster chairman and CEO. "This initial rollout provides consumers increasingly convenient access to their favorite movies and is one more step in the fulfillment of our mission to transform Blockbuster into a multi-channel provider of media entertainment."
"This alliance with Blockbuster is an exciting step for NCR as we pursue our mission of becoming the leader in the market for entertainment self- service solutions," said Bill Nuti, NCR chairman and CEO. "Looking beyond this initial deployment, our mutual goal is to have 10,000 kiosks installed within 18 months. We are energized and thrilled to be such an integral part of Blockbuster's strategy for providing consumers with greater choice and convenience."
Analysts are projecting DVD vending kiosks could grow by more than 60 percent over the next three years, increasing from 9,300 units at the end of 2007 to more than 22,400 by the end of 2010. Additionally, consumer spending on movies from vending machines during that same period is expected to grow from $197 million to more than $760 million.
About Blockbuster
Blockbuster Inc. is a leading global provider of in-home movie and game entertainment, with more than 7,700 stores throughout the Americas, Europe, Asia and Australia. The company may be accessed worldwide at http://www.blockbuster.com/.
About NCR Corporation
NCR Corporation is a global technology company leading how the world connects, interacts and transacts with business. NCR's assisted- and self-service solutions and comprehensive support services address the needs of retail, financial, travel, healthcare, hospitality, gaming and public sector organizations in more than 100 countries. NCR (http://www.ncr.com/) is headquartered in Dayton, Ohio.
Forward-Looking Statements
This release and our related earnings conference call include forward- looking statements related to our operations and business outlook and financial and operational strategies and goals. Specific forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. These forward-looking statements are based on management's current intent, belief, expectations, estimates and projections regarding our company and our industry. These statements are not guarantees of future performance and involve risks, uncertainties, assumptions and other factors that are difficult to predict. Therefore, actual results may vary materially from what is expressed in or indicated by the forward-looking statements. Factors that may cause actual results to vary materially include, among others: (1) consumer appeal of our existing and planned product and service offerings, and the related impact of competitor pricing and product and service offerings; (2) overall industry performance and the accuracy of our estimates and judgments regarding trends impacting the home video industry; (3) our ability to obtain favorable terms from suppliers, including on such matters as copy depth and uses of product; (4) the variability in consumer appeal of the movie titles and games software released for rental and sale; (5) our ability to respond to changing consumer preferences, including with respect to new technologies and alternative methods of content delivery, and to effectively adjust our offerings if and as necessary; and (6) other factors, as described in our filings with the Securities and Exchange Commission, including the factors discussed under the heading "Risk Factors" in our annual report on Form 10-K for the year ended January 6, 2008 and additional disclosures in our quarterly report on Form 10-Q for the quarter ended April 6, 2008 and in our quarterly report on Form 10-Q to be filed for the quarter ended July 6, 2008. This cautionary statement is provided pursuant to Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The forward-looking statements in this release and in our related earnings conference call are made only as of the date hereof and we undertake no obligation to update publicly any forward-looking statement for any reason, even if new information becomes available or other events occur in the future.
Blockbuster Inc.; NCR Corporation
CONTACT: Press, Randy Hargrove, Senior Director, Corporate Communications of Blockbuster Inc., +1-214-854-3190, randy.hargrove@blockbuster.com; or Robert (Kelly) Kramer, Media Relations of NCR Corporation, +1-770-623-7215, kelly.kramer@ncr.com; Investor Relations, Angelika Torres, Director, Investor Relations of Blockbuster Inc., +1-214-854-4279
Web site: http://www.blockbuster.com/ http://www.ncr.com/
TableMAX Holdings, LLC Completes Reverse Acquisition With Publicly Traded CJPG, Inc.
LAS VEGAS, Aug. 4 /PRNewswire/ -- TableMAX Holdings, LLC ("TableMAX"), a California limited liability company, announced the closing of a share exchange transaction with CJPG, Inc. (Pink Sheets: CSJP) and a related private placement financing transaction. CJPG, Inc. is a Nevada corporation formerly known as Casino Journal Publishing Group, Inc. and trades on the pink sheet section of the OTC under the symbol CSJP. Under the terms of the share exchange transaction, TableMAX members will be issued shares of CJPG's common stock in exchange for 100 percent of the issued and outstanding membership interests of TableMAX.
In connection with the transaction, CJPG changed its corporate name to TableMAX Corporation and Stephen Crystal, President and Chief Executive Officer of TableMAX, was appointed to serve as President and Chief Executive Officer of the Company. The Company expects to change its trading symbol in the future.
In conjunction with the share exchange transaction, the Company completed a private placement financing transaction in which it received approximately $3 million in gross offering proceeds in the form of cash and the cancellation of debt, before payment of commissions and fees.
ABOUT TABLEMAX
TableMAX is engaged in the manufacture, sale and distribution of a patented five-seat, multi-player electronic table game known as the TableMAX(R) System(TM). The TableMAX System is a state of the art multi-player video gaming machine that utilizes patented technology to provide electronic versions of popular traditional casino card games. The TableMAX game library includes Progressive Blackjack(TM) (Gaming Labs certified Sept. 2007), Caribbean Stud(R) Poker (Gaming Labs certified May 2008) and Caribbean Draw(R) Poker, which is currently being tested for certification. Texas Hold 'Em Bonus Poker is currently in development. To date, TableMAX has sold five TableMAX Systems abroad; placed six on a recurring revenue basis, including five in Oklahoma casinos and one in South America; signed orders for six system installations; and received verbal commitments for 18 system placements. In April 2008, TableMAX launched its initial wide area network offering a progressive jackpot, linking TableMAX Systems in operations at two separate Tribal gaming establishments in Oklahoma. The wide area network is believed to be the first wide area progressive network on an electronic table game available anywhere in the world.
TableMAX commenced its current business, consisting of the manufacture and sale of the TableMAX System and related video card games, in 2004. It commenced limited revenue producing operations in 2005 through the marketing and sale of an earlier version of the TableMAX System, and completed the initial development of the TableMAX System in the fourth quarter of 2007. TableMAX commenced the formal roll-out of the system and related card games in first quarter of 2008. From its inception through June 30, 2008, TableMAX has generated $308,000 in revenue from the sale or placement of TableMAX Systems.
ABOUT THE COMPANY
The Company is a Nevada corporation organized in 1995 for the purpose of operating a gaming publication business. In 1996, it registered its common stock pursuant to Section 12(g) of the Securities Exchange Act of 1934 and traded on the OTC Bulletin Board from 1996 to 2004. In 2004, it sold substantially all of its assets, voluntarily terminated its SEC reporting requirements, and accepted a delisting from the OTC Bulletin Board. Since 2004, the Company has essentially been dormant and its common shares have traded on the pink sheet section of the over-the-counter stock market. Going forward, the Company will serve as the publicly-listed holding corporation for TableMAX.
The Company plans to resume its prior status as a SEC reporting company, commence filing periodic reports with the SEC and pursue a listing of its shares on the OTCBB, or a more senior exchange in the near future.
After giving effect to the transactions taking place in connection with the share exchange transaction and private financing, the Company has approximately 49,904,181 shares of common stock issued and outstanding. The Company's common stock continues to be listed on the pink sheet section of the over-the-counter under the symbol, CSJP.PK.
FORWARD LOOKING STATEMENTS
This release contains certain "forward-looking statements" relating to the business of the Company and its principal subsidiary, TableMAX, which can be identified by the use of forward-looking terminology such as "believes, expects" or similar expressions. Such forward looking statements involve known and unknown risks and uncertainties, including all business uncertainties relating to product development, marketing, market acceptance, future capital requirements, competition in general and other factors that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. The Company is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise.
Contact
Paul Speirs
702-413-4278
paulspeirs@cox.net
TableMAX Holdings, LLC
CONTACT: Paul Speirs, +1-702-413-4278, paulspeirs@cox.net, for TableMAX Holdings, LLC
First American Spatial Solutions Reaches 100 Million Parcel Mark for Digital Parcel Database-Conversion of Critical Parcel Information Improves the Accuracy of Location-based Solutions-
SANTA ANA, Calif., Aug. 4 /PRNewswire-FirstCall/ -- The First American Corporation , America's largest provider of business information, announced today that its First American Spatial Solutions (FASS) business unit has reached the 100 million parcel mark as part of an ongoing effort to create a national parcel database.
The database includes digitally converted and normalized parcel information and points for more than 2,100 counties and townships in the United States. By utilizing parcel information, companies can improve the accuracy of location-based applications and analytical solutions. FASS is currently making this dataset available as part of its ParcelPoint(TM) solution.
"The GIS space is evolving toward higher accuracy base data. Parcel geometry provides one of the best ways to improve the accuracy of many location-based applications and analytical solutions. Parcel data provides an ability to assign more accurate latitude and longitude coordinates for precise positional accuracy," said David Sonnen, senior consultant at International Data Corp (IDC). "First American has put a lot of effort into building a national parcel database. Reaching the 100 million mark is not only good for the company, but to the industry as a whole."
First American Spatial Solutions' goal is to capture property data throughout the entire country to create the first complete national parcel database. The company plans to expand its database to include 110 million parcels by the end of 2008, which will include approximately 80 percent of the country's parcels. Because parcels are constantly changing, the parcel information stored in the database will be regularly updated.
ParcelPoint complements First American's vast portfolio of data resources to allow industries to accurately locate properties for asset management and property-level risk assessment. Parcels are used by a variety of industries including insurance, utilities, energy, real estate and telecommunications for identifying correct property locations for compliance, tax and risk management purposes. When used with the company's PxPoint geocoder, a high-precision, parcel-level geocoding and spatial analytic engine, customers can achieve the highest level of positional accuracy for any spatial application.
"As First American continues to lead the way in the creation of a national parcel database, we are providing customers with access to critical information that is unparalleled in its accuracy and currency," said Scott Little, executive vice president for First American Spatial Solutions. "When paired with First American's PxPoint solution, users get the one-two punch of a next generation geocoder with the nation's most comprehensive database of parcel information."
For more information on ParcelPoint visit http://www.location.firstam.com/. For more information on PxPoint, please visit http://www.proxix.com/ or contact a First American sales representative at (888) 867-4208.
About First American
The First American Corporation is a FORTUNE 500 company that traces its history to 1889. With revenues of approximately $8.2 billion in 2007, it is America's largest provider of business information. First American combines advanced analytics with its vast data resources to supply businesses and consumer with valuable information products to support the major economic events of people's lives, such as getting a job, renting an apartment, buying a car or house, securing a mortgage and opening or buying a business. The First American Family of Companies, many of which command leading market share positions in their respective industries, operate within five primary business segments including: Title Insurance and Services, Specialty Insurance, Information and Outsourcing Solutions, Data and Analytic Solutions and Risk Mitigation and Business Solutions. More information about the company and an archive of its press releases can be found at http://www.firstam.com/.
Media Contact:
Carrie Gaska
Corporate Communications
The First American Corporation
(714) 250-3298 - cgaska@firstam.com
Investor Contact:
Mark Seaton
Investor Relations
The First American Corporation
(714) 250-4264 - mseaton@firstam.com
The First American Corporation
CONTACT: Media, Carrie Gaska, Corporate Communications, +1-714-250-3298, cgaska@firstam.com, or Investors, Mark Seaton, Investor Relations, +1-714-250-4264, mseaton@firstam.com, both of The First American Corporation
Web site: http://www.firstam.com/
ESCO Announces Major Contract Award in EMC Test Business
ST. LOUIS, Aug. 4 /PRNewswire-FirstCall/ -- ESCO Technologies Inc. today announced that ETS-Lindgren L.P. (ETS) has been awarded a $16.7 million contract to design, construct, install and certify two automotive test chamber facilities in India for the National Automotive Testing and R&D Infrastructure Project (NATRIP). This contract, one of the largest test chamber contracts in ETS's history, is expected to deliver over 20 months beginning in early fiscal 2009.
NATRIP, one of the largest and most significant initiatives in the world-wide automotive industry, represents a unique joint arrangement between the Government of India, a number of State Governments within India, and the Indian automotive industry to create a state-of-the-art testing, validation and R&D infrastructure within the country.
The NATRIP project aims to create core global competencies in the automotive industry in India and to facilitate a seamless integration within the industry while positioning India prominently on the global automotive map.
With the launch of NATRIP, India is set to provide a major resource to its fast growing automotive industry and harness India's major strengths in the realm of engineering, information technology, and electronics by achieving a high degree of convergence. NATRIP's key objective is to facilitate India's emergence as one of the strongest hubs for product development within the global automotive landscape.
Vic Richey, ESCO's Chairman and Chief Executive Officer, commented, "This significant win not only confirms our number one position in the global Test market, but also validates how the Asian market is continuing to gain strength in the areas of new product design and development. We are honored to be a key partner with NATRIP on this very exciting project."
Mr. Richey concluded, "The NATRIP project win, along with our other recently announced contract awards across our three business segments, have me very enthused about how our future outlook is shaping up."
Forward Looking Statement
Statements in this press release regarding NATRIP contract timing, the impacts, financial and otherwise, of such contract to ESCO and other statements which are not strictly historical are "forward looking" statements within the meaning of the safe harbor provisions of the Federal Securities Laws. Investors are cautioned that such statements are only predictions, speak only as of the date of this release and the Company undertakes no duty to update. The Company's actual results in the future may differ materially from those projected in the forward-looking statements due to risks and uncertainties that exist in the Company's operations and business environment, including but not limited to: technical difficulties, material and labor shortages, changes in customer demands, the Company's successful execution of internal operating plans and the risk factors identified in Item 1A of the company's Annual Report on Form 10-K for the fiscal year ended September 30, 2007 and Item 1A of the company's Form 10-Q for the three months ended June 30, 2008.
ESCO, headquartered in St. Louis, Missouri is a proven supplier of special purpose communications systems for electric, gas and water utilities, including hardware and software to support advanced metering applications. In addition, the Company provides engineered filtration products to the transportation, health care and process markets worldwide and is the industry leader in RF shielding and EMC test products. Further information regarding ESCO and its subsidiaries is available on the Company's website at http://www.escotechnologies.com/.
ESCO Technologies Inc.
CONTACT: Patricia K. Moore, Director, Investor Relations of ESCO Technologies Inc., +1-314-213-7277; or media inquiries, Dan Callahan, +1-314-982-0553, for ESCO Technologies Inc.
Web site: http://www.escotechnologies.com/
ESCO Acquires Diagnostic Solutions Company Serving the International Electric Utility Industry
ST. LOUIS, Aug. 4 /PRNewswire-FirstCall/ -- ESCO Technologies Inc. today announced that it has acquired LDIC GmbH ("LDIC"). LDIC, with operations in Dresden, Germany and Rheinfelden, Switzerland, is a manufacturer of state-of-the-art diagnostic test solutions serving the international electric utility industry. Terms of the deal were not disclosed.
LDIC's 2008 sales and percentage of earnings before interest, taxes, depreciation and amortization (EBITDA) are expected to be approximately $10 million and 18.5 percent, respectively. The acquisition is expected to be accretive to ESCO's earnings in fiscal 2009, excluding the impact of purchase accounting, which has yet to be determined.
LDIC is a leading supplier of "partial discharge" diagnostic testing instruments and systems used to assess the integrity of high voltage power delivery equipment. The company also provides an advanced surface acoustic wave sensor technology that enables utility customers to remotely monitor the condition of high voltage power lines.
LDIC's instruments are designed for permanent and periodic diagnostic testing of high voltage transformers, switchgear, cables and large generators, and are widely used by manufacturers of such equipment and by electric utilities and the high voltage research community. Use of LDIC's test equipment can aid in preventing costly and catastrophic failures and improve the in-service life of high voltage power equipment.
LDIC will be part of Doble Engineering Company's ("Doble") European Group, which will serve to broaden the portfolio of high quality intelligent diagnostic products and will significantly expand the distribution channels for Doble's products and services throughout Europe. Additionally, Doble's more expansive distribution networks in the United States and Asia will provide LDIC with significant growth opportunities world-wide.
Vic Richey, ESCO's Chairman and Chief Executive Officer, commented, "We are pleased to have LDIC and its strong management and product development teams become part of Doble and our Utility Solutions Group. The products and services LDIC provides are very well respected throughout the industry, and perfectly complement Doble's existing product lines, allowing us to better serve our valued electric utility customers."
Mr. Richey concluded, "This acquisition not only enhances our portfolio of diagnostic products offered to the utility industry, but has the added benefit of establishing a base of operations in both Germany and Switzerland, which is in keeping with our goal of expanding internationally."
Bob Smith, Doble's President and Chief Executive Officer, added, "The LDIC products are becoming increasingly recognized for the value added benefits that they provide to their customers. We have enjoyed a close business relationship with LDIC for a number of years, and are excited that they are now part of our family of companies. This acquisition is yet another indication of our intention to serve the utility industry on a global basis."
Forward Looking Statement
Statements in this press release regarding LDIC's 2008 expected sales and EBITDA percentage, future LDIC growth opportunities, the impacts, financial and otherwise, of such acquisition to ESCO and other statements which are not strictly historical are "forward looking" statements within the meaning of the safe harbor provisions of the Federal Securities Laws. Investors are cautioned that such statements are only predictions, speak only as of the date of this release and the Company undertakes no duty to update. The Company's actual results in the future may differ materially from those projected in the forward-looking statements due to risks and uncertainties that exist in the Company's operations and business environment, including but not limited to: material changes in the LDIC and Doble businesses, technical difficulties, competition, changes in customer demands, intellectual property rights, the Company's successful execution of internal operating plans and the risk factors identified in Item 1A of the company's Annual Report on Form 10-K for the fiscal year ended September 30, 2007 and Item 1A of the company's Form 10- Q for the three months ended June 30, 2008.
ESCO, headquartered in St. Louis, Missouri is a proven supplier of special purpose communications systems for electric, gas and water utilities, including hardware and software to support advanced metering applications. In addition, the Company provides engineered filtration products to the transportation, health care and process markets worldwide and is the industry leader in RF shielding and EMC test products. Further information regarding ESCO and its subsidiaries is available on the Company's website at http://www.escotechnologies.com/.
ESCO Technologies Inc.
CONTACT: Patricia K. Moore, Director, Investor Relations of ESCO Technologies Inc., +1-314-213-7277; or media inquiries, Dan Callahan, +1-314-982-0553, for ESCO Technologies Inc.
Web site: http://www.escotechnologies.com/
American Apparel Ranks as Top Online Advertiser Among Apparel Retailers, According to comScore Ad MetrixBrand's Online Advertising Strategy Relies Heavily on Social Media
RESTON, Va., Aug. 4 /PRNewswire-FirstCall/ -- comScore, Inc. , a leader in measuring the digital world, today released a study based on data from the comScore Ad Metrix service, revealing that American Apparel ranked as the top advertiser using online display ads among apparel retailers in the United States, with 483 million ads delivered during the month of April.
(Logo: http://www.newscom.com/cgi-bin/prnh/20080115/COMSCORELOGO)
comScore Ad Metrix provides detailed reporting of the number and types of online display ads viewed by Internet users for the U.S. market. The syndicated service measures the number of times each advertiser's ads are viewed and where they are viewed, the demographics of those exposed to the ads, and the reach and frequency of the advertiser's campaign. It also provides samples of the creative ad units with information on ad sizes.
American Apparel Top Online Advertiser among Apparel Retailers
American Apparel delivered 483 million display ad views in April, reaching 49 million Internet users an average of 9.9 times during the month. Under Armour ranked second with 311 million ad views, followed by Snorg Tees (249 million) and L.L. Bean (205 million).
Top 15 Retail Apparel Advertisers* by Total Display Ad Views**
April 2008
Total U.S. - Home/Work/University Locations
Source: comScore Ad Metrix
Ad-Exposed
Advertiser Total Display Share of Unique
Ad Views Advertising Visitors Average
(000) Voice* (000) Frequency
American Apparel, LLC 483,389 24.1% 48,887 9.9
UnderArmour.com 311,528 15.5% 50,862 6.1
SnorgTees.com 249,214 12.4% 34,009 7.3
L.L. Bean, Inc. 205,590 10.3% 39,781 5.2
LaneBryant.com 141,981 7.1% 22,645 6.3
Nordstrom.com 94,206 4.7% 19,822 4.8
Spiegel Inc 90,212 4.5% 7,461 12.1
Giorgio Armani S.p.A. 81,724 4.1% 10,645 7.7
Levi Strauss & Co. 72,259 3.6% 18,825 3.8
BustedTees.com 64,088 3.2% 19,425 3.3
Nike 60,573 3.0% 18,440 3.3
NFLShop.com 57,199 2.9% 6,255 9.1
Endless.com 47,288 2.4% 11,630 4.1
Skechers.com 45,847 2.3% 9,358 4.9
* Share of advertising voice among Top 15 online advertisers in the
category
** Excludes house ads and small 120x120 ads
While athletic apparel (Under Armour, Nike, NFL Shop), shoes (Nike, Endless, Skechers), and t-shirts (American Apparel, Snorg Tees, and Busted Tees) are well represented among the top online advertisers in this segment, many of the largest apparel retailers are noticeably absent from this list.
"Apparel is one of the largest U.S. e-commerce categories, accounting for roughly 15 percent of total online retail sales," said Evan Neufeld, comScore Vice President, Advertising Effectiveness. "However, some of the biggest retailers in the category are significantly underrepresented in the online display ad market. Given the Internet's proven ability to drive both online and offline sales, those retailers failing to make use of this growing advertising channel are overlooking a substantial opportunity."
American Apparel Advertises Heavily on Social Media Sites
In April, the majority of display ads for American Apparel were delivered via social media. Nearly half of its ads appeared on top social networking sites MySpace.com (24 percent) and Facebook.com (19 percent), while AOL's AIM application carried nearly 12 percent.
Top Publisher Properties of American Apparel Display Ads
April 2008
Total U.S. - Home/Work/University Locations
Source: comScore Ad Metrix
Total Display Share of
Ad Views Advertiser
(000) Ad Views
Total Internet 483,389 100.0%
Fox Interactive Media (includes MySpace.com) 117,059 24.2%
Facebook.com 89,456 18.5%
AOL LLC (includes AIM) 60,283 12.5%
Photobucket.com 29,325 6.1%
Yahoo! Sites 7,793 1.6%
Google Sites 6,581 1.4%
Time Warner - Excl. AOL 5,895 1.2%
Amazon Sites 5,691 1.2%
DeviantArt.com 3,001 0.6%
eBay 2,991 0.6%
"American Apparel is a cutting edge brand, and its online advertising strategy clearly reflects that," added Mr. Neufeld. "Using social media as the primary vehicle to drive its provocative ad campaigns has helped it build a strong presence among its core audience of young adults."
To request more information on comScore Ad Metrix, please visit: http://www.comscore.com/contact
About comScore
comScore, Inc. is a global leader in measuring the digital world. For more information, please visit http://www.comscore.com/boilerplate.
Photo: http://www.newscom.com/cgi-bin/prnh/20080115/COMSCORELOGO AP Archive: http://photoarchive.ap.org/ PRN Photo Desk, photodesk@prnewswire.com
comScore, Inc.
CONTACT: Andrew Lipsman of comScore, Inc., +1-312-775-6510, press@comscore.com
Web site: http://www.comscore.com/
Herley Gets a $7.1 Million Contract Award to Provide Integrated Microwave Assemblies for Major U.S. Electronic Warfare Program
LANCASTER, Pa., Aug. 4 /PRNewswire-FirstCall/ -- Herley Industries, Inc. announced today that it has received a follow-on contract award of approximately $7.1 to produce complex integrated microwave assemblies used in the upgrade of an existing electronic attack aircraft program. The award is from a major U.S. defense contractor, and production will be at Herley New England in Woburn, Massachusetts.
Myron Levy, Herley's Chairman and CEO, commented, "Herley New England has been providing a number of microwave components and assemblies for this U.S. Prime Contractor on this program for many years, and we expect additional, significant awards in the future. Repeat awards such as this are a clear demonstration of long-term customer confidence."
Herley Industries, Inc. is a leader in the design, development and manufacture of microwave technology solutions for the defense, aerospace and medical industries worldwide. Based in Lancaster, PA, Herley has eight manufacturing locations and approximately 950 employees. Additional information about the company can be found on the Internet at http://www.herley.com/
Safe Harbor Statement - Except for the historical information contained herein, this release may contain forward-looking statements. Such statements are inherently subject to risks and uncertainties. When used in this report, words such as "anticipated," "believes," "could," "estimates," "expects," "may," "plans," "potential" and "intends" and similar expressions, as they relate to the Company or its management, identify forward-looking statements. Such forward-looking statements are based on the belief of the Company's management, as well as assumptions made by and information currently available to the Company's management. The Company's results could differ materially based on various factors, including, but not limited to, cancellation or deferral of customer orders, difficulties in the timely development of new products, difficulties in manufacturing, increased competitive pressures, and general economic conditions. The Company undertakes no obligation to update forward-looking statements as a result of future events or developments.
For information at Herley contact:
Peg Guzzetti Tel: (717) 735-8117
Investor Relations http://www.herley.com/
Herley Industries, Inc.
CONTACT: Peg Guzzetti of Herley Industries, Inc. Investor Relations, +1-717-735-8117
Web site: http://www.herley.com/
JBT Corporation Announces Appointment of New Executive OfficersMark Montague Joins as Vice President of Human ResourcesJohn Lee Joins as Vice President and Division Manager of JBT AeroTech
CHICAGO, Aug. 4 /PRNewswire-FirstCall/ -- John Bean Technologies Corporation today announced that Mark Montague has been named Vice President of Human Resources and John Lee has been named Vice President and Division Manager of JBT AeroTech, effective August 4, 2008.
Mr. Montague brings to JBT Corporation considerable experience leading human resource functions in publicly traded companies. Most recently he served as Senior Vice President, Corporate Human Resources for Chicago-based Molex, Inc. Previously, he held leadership roles in human resources at Competitive Human Resource Strategies, Inc and Whirlpool Corporation, and he began his professional career as an attorney with the Kansas City law firm, Shughart, Thomson & Kilroy, P.C. Mr. Montague holds a B.A. degree from the University of Notre Dame and a J.D. from George Washington University.
Mr. Lee brings to JBT Corporation considerable managerial experience in both the aviation and defense markets as well as a wealth of knowledge of sourcing and marketing in the Asia Pacific region. Most recently he served as President of Carrier Refrigeration, North America, a $700 M business unit of United Technologies Corporation. During his fifteen years at United Technologies, John served in a variety of leadership roles within its Carrier, Pratt & Whitney and Sikorsky Aircraft business units, including assignments in China, Korea and Singapore. Previously, he held various marketing and strategic planning positions with Northrop Grumman Corporation and McDonnell Douglas Corporation, and he served as an officer in the U.S. Army. Mr. Lee is a graduate of the United States Military Academy, West Point and holds an MBA from the Sloan School of Management (MIT).
JBT Corporation Executive Officers
In addition to Mr. Lee and Mr. Montague, JBT Corporation's Chairman and Chief Executive Officer, Charlie Cannon, leads an experienced and diverse executive team whose top 23 managers represent nine different nationalities and speak nine different languages. Those reporting directly to Mr. Cannon are: Vice President and Chief Financial Officer Ronald Mambu; Vice President and Division Manager of JBT FoodTech's Food Solutions and Services Division, Torbjorn Arvidsson; Vice President and Division Manager of JBT FoodTech's Food Processing Systems Division, Juan C. Podesta; Vice President and Division Manager of JBT AeroTech, John Lee; and Vice President of Human Resources Mark Montague.
JBT Corporation is a leading global solutions provider to the food processing and air transportation industries. The Company designs, manufactures, tests and services technologically sophisticated systems and products for regional and multi-national industrial food processing customers through its JBT FoodTech segment and for domestic and international air transportation customers through its JBT AeroTech segments. JBT Corporation employs approximately 3,100 people and operates 16 manufacturing facilities in 10 countries. For more information please visit http://www.jbtcorporation.com/.
John Bean Technologies Corporation
CONTACT: Investors, Cindy Shiao, +1-312-861-5931, or Media, Ken Jones, +1-312-861-6791, both for John Bean Technologies Corporation
Web site: http://www.jbtcorporation.com/
Next Inning Technology Previews Earnings for Diodes, Inc., IXYS, Microsemi, and ON Semiconductor
PRINCETON, N.J., Aug. 4 /PRNewswire/ -- Next Inning Technology Research (http://www.nextinning.com/), a subscription service focused on semiconductor and technology stocks, announced it has updated outlooks for Diodes, Inc. , IXYS , Microsemi and On Semiconductor .
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=prn698
In his report on worldwide semiconductor sales, McWilliams wrote: "When Wall Street gets nervous, companies with weak balance sheets commonly catch the brunt of the worry. I've included this fact regularly in our reports covering ON Semiconductor, drawing attention to a negative net cash balance now approaching $1B. While it's right to be cautious of companies with weak balance sheets operating in cyclical industries, ON Semi has managed both its balance sheet and operating expenses very well..."
McWilliams also looks at these topics:
-- On Semi has rallied sharply from McWilliams call to buy at $5.50 last March? Does he think it's time to take profits?
-- What hedging strategy does McWilliams recommend for Diodes investors?
-- Does McWilliams think IXYS has the right strategy to leverage its resources?
-- What cycle trading strategy has McWilliams used to successfully time the highs and lows for Microsemi?
Founded in September 2002, Next Inning's model portfolio has returned 200% since its inception versus 76% 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/
Pero Vegetable Company Cultivates Its Business With Robocom and Progress(R) Software
FARMINGDALE, N.Y., Aug. 4 /PRNewswire/ -- Supporting Business Growth With Information Technology
Unlike most manufacturing and distribution organizations, produce companies face unique challenges and issues due to weather and product freshness. The complications and related uncertainty of running a growing company in the produce industry make it critical to exercise complete control over its inventory and distribution processes. Pero Vegetable Company, Inc. (Pero), a world-class grower, packer, and distributor of vegetables headquartered in Del Ray Beach, Florida, had aggressive plans to grow its business, and consequently needed to expand its distribution operations.
Pero contacted a consultant with a long history of working with food and beverage clients to help identify where it needed to optimize its business to support its growth strategy. The first phase focused on taking a look at the current distribution centers and seeing what improvements could be made to the physical layout, handling equipment, storage mediums, racking and so on. The consultant also looked at a planned expansion of the buildings and greenhouses.
Phase two focused on implementing information technology to support this new infrastructure and volume increase. Pero was using an Enterprise Resource Planning (ERP) application from Famous Software, which it still uses to manage its accounting functions. However, because the system did not offer a stand alone warehouse management module, Pero was managing its inventory and distribution processes manually. The consultant concluded that it would be impossible for Pero to achieve the growth it was looking for without automating these processes. The company needed the ability to achieve total visibility across its operations and real-time inventory management to ensure success.
"The fact is, we are more than just a farmer and a distributor, we are a service and solutions provider" explains Preston Fletcher, Director of Plant Operations for Pero Vegetable Company. "It is imperative that we have the flexibility to move product as needed, and using an inventory management system is critical to gaining that business agility. If you make a mistake in our industry it isn't like paint or wood chips where you can sell them next week. When you make a mistake with produce, things go bad and you lose money. There is very little room for delay."
Staying Ahead of the Curve With RIMS
Pero's consultant worked with the organization to identify a number of potential warehouse management systems. After an extensive RFP process, they chose RIMS (Robocom's Inventory Management System) from Progress Application Partner Robocom. Based on the Progress OpenEdge(R) platform, RIMS is a flexible, cost-effective, Warehouse Management System (WMS) that easily integrates with leading front-end business systems and provides supply chain visibility critical to success in today's global marketplace.
In addition to meeting all of their functional requirements, Pero selected Robocom because the vendor was willing to meet some of their unique requests. For one, Robocom would provide an interface to Pero's existing Famous Software ERP solution. The integration between the applications begins when RIMS receives an advanced shipping notice (ASN) from Famous with the details of what is to be received and culminates when product is shipped from RIMS; an upload to Famous closes the circuit.
RIMS also provided functionality and customization for classification of products. "We were the first produce company that Robocom worked with, so there were some unique challenges to overcome on both sides-but it was well worth the effort. Robocom was willing to do whatever it took to ensure our implementation was a success," says Fletcher.
Robocom also supported Pero's need to meet some of its customers' unique requirements. Fletcher explains: "Our business mix of customers was changing and they were asking for special packaging options. For example, we may take three boxes of commodities and combine those goods into one package. We needed a system that could track all three commodities into one unique package; that is a difficult thing to do. With RIMS we can now accommodate new types of customers and take advantage of strategic opportunities we were previously unable to pursue."
Fletcher says that much of Pero's decision to implement a new solution was based on the company's goal to be forward thinking and proactive. "If you look at all the news in the produce industry, there are constant product recalls. We haven't had to face that issue yet, but you never know what may come up in the future. Our goal was to be ahead of the curve in recognizing that there could be a problem in the future. We knew one of the keys to our success would be having quick access to information and control over our inventory-and that would require a whole new infrastructure."
Successful Implementation and User Adoption Support a Rapid Expansion
According to Fletcher, the final cutover to RIMS was seamless, and the business did not experience any slow down. Pero went from a 40,000 square foot facility to a 300,000 square foot facility, of which about 180,000 square feet are under refrigeration. "The day I opened the Florida facility I was able to turn on the switch and the system was working."
Training posed a challenge because many of Pero's employees speak only Spanish and most had never used a computer; they were intimidated by the new system. Robocom was able to provide bilingual training which was essential to getting users comfortable with the new system. "The trainer they sent was phenomenal-patient and did a great job," says Fletcher. "It was a tough transition and many employees were fearful of the whole process. However, today our employees love RIMS and realize how much easier it is making their jobs."
Today, pallets of produce are received in RIMS and then stored as per the rules for the item on the pallet. "With three high, five deep racking, our RIMS solution helps us locate and store all of these goods without losing the ability to do the proper rotation based on size, needs, etc.," explains Fletcher. RIMS not only tracks lot control for Pero, it also bases its putaway logic on the temperature of the storage room so that each product line is properly stored. Since fresh produce has a relatively short shelf life, strict FIFO (First In, First Out) is paramount in the Pero environment.
RIMS manages Pero's FIFO stock rotation through the use of sophisticated algorithms. For example, RIMS recognizes that some pallets come into the distribution center already prepackaged for a specific Pero customer. In those instances RIMS knows to by-pass FIFO rules and ship the specifically packaged product to the proper customer.
One of the major reasons Pero implemented RIMS was to manage inventory in the repackaging operation. Here pallets of products are pulled from inventory and sent to the repack operation to be packaged into smaller retailer packs. RIMS allows Pero to keep control of freshness and ensures that the complicated and fast paced operation results in attractively packed and fresh product for the customer. Pero handles a large variety of produce items, and each has its own set of requirements. RIMS manages these diverse requirements while optimizing space utilization and efficiently directing personnel and material handling equipment in a real-time, paperless environment.
Improved Productivity and Cost Savings through Automated, Real-Time Inventory Control
Pero has achieved both improved productivity and cost savings by automating the inventory control process using RIMS. Prior to RIMS, the company was managing the entire process manually. At the end of each fiscal year, the company spent anywhere from 24-30 hours to physically count the inventory. Now, because Pero's inventory is managed automatically and in real time, that same process is performed in seconds with just the push of a button. "That is a huge savings for our organization," says Fletcher. "And the accuracy level of the system is proven month in and month out. I have the confidence level from my buyers and sales people that they can buy goods, store them and they will be there when they want to sell. That has been a big benefit which is saving us the equivalent of two hourly workers, or $50,000- $75,000 in manpower on inventory alone. RIMS has absolutely helped us improve our profitability, just in the control of inventory loss."
Streamlined Operations Increases Efficiency and Reduces Costs
RIMS's storage algorithms have significantly impacted the efficiency of Pero's operations business. Prior to using RIMS it took Pero an hour to an hour and ten minutes to load a truck. Today, the company can load that same truck in less than 40 minutes. With 100 trucks being loaded each day during the peak season, the time and subsequent cost savings are significant, says Fletcher.
"Before using RIMS we were pushing out the same number of trucks, but it was taking a lot longer; we were working around the clock. We have been able to essentially eliminate an entire shift since using RIMS. It has been a huge improvement from a loading perspective, and our operations are much more streamlined and improved. Now I don't have to pay to have people around the clock loading trucks. When I first arrived at Pero we had a shipping department of 50 people. Since implementing RIMS, I run the department with under 20 people. The cost savings in manpower alone has been tremendous."
Management Improving the Business through Increased Visibility
Pero is also achieving productivity gains with increased visibility. "We can track which of our employees are doing what, who is more productive and why. RIMS gives management the ability to see how employees are spending their time. It is a wonderful tool that has also improved productivity. We can understand where we need to implement changes in order to make significant improvements to the business."
Increased Accuracy Level Improves Customer Satisfaction and Bottom Line
Another major improvement since implementing RIMS is the quality of the outbound loads. "From an accuracy perspective, we are probably 99.5 percent accurate on our loads, maybe even higher," says Fletcher. "Before, if a customer ordered a pallet of red peppers, extra large, he could very easily have gotten a pallet of red peppers, large, simply because the loader mistakenly grabbed the wrong one. The RIMS system eliminates that opportunity for error."
"All of our major customers rate us on various levels, and certainly on accuracy and load completions we are scoring usually at the 100 percentile. That is a huge improvement that makes a big difference to a buyer on the other end. By running a tighter business, we are impacting our customers' profitability as well. If we don't ship something to them that they purchased at a fixed price, then they either have to go somewhere else for the goods, which could be more expensive, or live with the delay-both of which could impact their bottom line."
Continuing to Grow the Business with Robocom
According to Fletcher, RIMS has successfully supported Pero's growing business. The organization is currently using RIMS in two out of its three active facilities, Michigan and Florida, and has plans to implement the system in the Georgia facility soon. "Anywhere that we are going to control and store product we will implement RIMS. We are expanding the Florida facility now and have additional growth plans."
Fletcher says he would recommend RIMS to an organization looking for a similar system. "I have personally found working with Robocom to be a very positive experience. They are wonderful people to work with, provide terrific support, are very timely, and most importantly, the product does everything they said it could do. I can't say enough about them. I would highly recommend Robocom and RIMS."
About Robocom
Robocom is a leading supplier of supply chain software and services, founded in 1982, with offices in New York, Toronto, Minneapolis and Europe. Robocom's core products include two separate and industry-specific Warehouse Management Systems, a Transportation Management System, a separate Voice Picking Module and a Labor Management System. We enhance, implement and support robust, flexible, and efficient software that performs as predicted and yields the positive business results your enterprise demands. http://www.robocom.com/
Challenge
Pero Vegetable Company had aggressive growth plans but was unable to support the expansion of its distribution operations with existing manual inventory management process.
Solution
The company chose the RIMS(R) inventory management system from Progress(R) Application Partner Robocom.
Why Progress(R) Software
In addition to meeting all of its functional requirements, Robocom was willing to meet Pero's unique requests, including providing an interface to the company's existing ERP solution and adding functionality and customization for the classification of products.
Benefit
Pero reduced the end-of-year inventory process from 24-30 hours to just seconds with the push of a button, streamlined its loading process resulting in the elimination of an entire shift and a reduction in shipping staff from 50 to 20 people, and is achieving a 99.5 percent accuracy rate on outbound loads.
About Progress Software
Progress Software Corporation provides application infrastructure software for the development, deployment, integration and management of business applications. Our goal is to maximize the benefits of information technology while minimizing its complexity and total cost of ownership. Progress can be reached at +1-781-280-4000.
http://www.progress.com/
Worldwide Headquarters
Progress Software Corporation,
14 Oak Park, Bedford, MA 01730 USA
Tel: +1 781 280-4000 Fax: +1 781 280-4095
On the Web at: http://www.progress.com/
For international office locations and contact information, please refer to: http://www.progress.com/worldwide
All rights reserved. Progress and OpenEdge are trademarks or registered trademarks of Progress Software Corporation or one of its affiliates or subsidiaries in the U.S. and other countries. Any other trademarks contained herein are the property of their respective owners. Specifications subject to change without notice.
Robocom
CONTACT: Kathy Poulos of Robocom, +1-631-861-2045
Web site: http://www.robocom.com/ http://www.progress.com/ http://www.progress.com/worldwide
Halifax Announces Investor Conference Call to be Held on August 6th
ALEXANDRIA, Va., Aug. 4 /PRNewswire-FirstCall/ -- Halifax Corporation today announced that it plans to hold a conference call on Wednesday, August 6, 2008, at 11 a.m. EDT to review its financial and operational results for the quarter ended June 30, 2008. Halifax plans to release financial results for the fiscal 2009 first quarter before the market opens on August 6, 2008.
The conference call phone number is 800-768-5901 for U.S. callers and 212-231-2906 for international callers. The conference call replay will be available from 1 p.m. EDT on Wednesday August 6, 2008, to 1 p.m. EDT on Thursday, August 7. The replay number is 800-633-8284 for U.S. callers and 402-977-9140 for international callers. The reservation number is 21390175.
Founded in 1967, Halifax Corporation is an enterprise logistics and maintenance solutions company providing a wide range of technology services to commercial and government customers throughout the United States. The Company's principal products are enterprise logistics solutions and high availability hardware maintenance services. More information on Halifax can be found at http://www.hxcorp.com/.
Halifax Corporation
CONTACT: Tammy Erwin of Halifax Corporation, +1-703-658-2422, terwin@hxcorp.com
Web site: http://www.hxcorp.com/
Company News On-Call: http://www.prnewswire.com/comp/391950.html
Porter Novelli Names Brad McCormick Executive Vice President, U.S. Digital Communications
NEW YORK, Aug. 4 /PRNewswire/ -- Porter Novelli today announced that Brad McCormick will join the global communications agency in mid-August as Executive Vice President, U.S. Digital Communications. In this new position, McCormick will oversee the design, development and implementation of best-in- class Web applications, interactive strategies and integrated campaigns, working with and through the agency's extensive Strategic Planning and Research discipline, originator of world-class data driven insights shaping each and every Porter Novelli client campaign.
"Brad is a proven thought leader in the world of digital media," said Julie Winskie, President, Chief Client Officer for Porter Novelli, New York. "His expertise in delivering targeted and effective new media campaigns for a broad spectrum of clients will be an integral driver of our value proposition -- Intelligent Influence -- which is based around creating the right conversations among the right people through the right channels at the right time."
McCormick joins Porter Novelli from Ruder Finn Interactive, where he was a founding member of the award-winning boutique. He most recently served as Senior Vice President, Director of Client Services, spearheading numerous pioneering digital campaigns. This included the redesign and creation of a fully integrated and dynamic Web platform for the Council on Foreign Relations, termed "the Google for the foreign policy set" by Slate.com editor Jacob Weisberg. He was also responsible for leading every aspect of the creation and management of the U.S. Department of Homeland Security Web site, the preeminent channel for terrorism-related information in the United States.
McCormick's other notable clients included a broad spectrum of high-profile organizations, including the Kellogg Company, the Smithsonian Institution, Girl Scouts, Johnson & Johnson, Novartis Pharmaceuticals, Perdue Farms, the Ad Council and the U.S. Department of Forestry.
Prior to Ruder Finn Interactive, McCormick was the advertising and creative services manager for Big Apple Circus, where he led design and advertising efforts.
McCormick holds a BA in liberal arts and a BS in advertising from the University of Texas at Austin. A frequent commentator on emerging trends and issues in new media, McCormick has been quoted in such eminent outlets as The New York Times and CNN.com.
About Porter Novelli
PORTER NOVELLI was founded in Washington, D.C., in 1972 and is a part of Omnicom Group Inc. (http://www.omnicomgroup.com/). With 100 offices in 60 countries, we take a 360-degree view of clients' businesses to build powerful communications programs that resonate with critical stakeholders. Our reputation is built on our foundation in strategic planning and insights generation and our ability to adopt a media-neutral approach. We ensure our clients achieve Intelligent Influence, systematically mapping the most effective interactions, making them happen and measuring the outcome. Many minds. Singular results.
Porter Novelli
CONTACT: Lisa Gruber, +1-212-601-8358, Lisa.Gruber@porternovelli.com, or Sona Rai, +1-212-601-8450, Sona.Rai@porternovelli.com, both of Porter Novelli
Web site: http://www.omnicomgroup.com/
MedQuist Announces Payment of $2.75 per share Dividend on Common Stock
MOUNT LAUREL, N.J., Aug. 4 /PRNewswire-FirstCall/ -- MedQuist Inc. today announced the payment of a dividend of $2.75 per share of MedQuist common stock to shareholders of record as of the close of business on July 25, 2008.
As previously announced, certain MedQuist shareholders filed a derivative lawsuit in New Jersey state court seeking to enjoin the payment of the dividend and the closing of the sale by Koninklijke Philips Electronics, N.V. of its approximately 69.5% ownership interest in MedQuist to CBay Systems Holdings, Limited, among other things. On August 1, 2008, the court denied the motion for preliminary injunctive relief in its entirety.
About MedQuist:
MedQuist is the largest Medical Transcription Service Organization (MTSO) in the world, and a leader in technology-enabled clinical documentation workflow. MedQuist's enterprise solutions -- including mobile voice capture devices, speech recognition, Web-based workflow platforms, and global network of medical editors -- help healthcare facilities improve patient care, increase physician satisfaction, and lower operational costs. For more information, please visit http://www.medquist.com/.
MedQuist Inc.
CONTACT: Kathleen Donovan, Chief Financial Officer of MedQuist Inc., +1-856-206-4000
Web site: http://www.medquist.com/
Bargains Abound During Microsoft Live Search Cashback Back-to-School Deal DaysConsumers earn up to double the rewards for online purchases - just in time for back-to-school shopping.
REDMOND, Wash., Aug. 4 /PRNewswire-FirstCall/ --
What: For a limited time starting today, Microsoft Corp. is
offering big savings to consumers, in some cases up to
double the cashback rewards on millions of products from
hundreds of participating retailers, during back-to-school
Deal Days at Live Search cashback
(http://www.live.com/cashback).
Why: After the holiday season, back-to-school is the most
important shopping season of the year. However, a recent
survey from Deloitte found that during this back-to-school
shopping season, 71 percent of households plan on spending
less on back-to-school items than they have in previous
years. With consumers feeling financial strain from higher
gas and food prices, Live Search cashback is offering
back-to-school shoppers extra savings to stretch their
dollars further.
When: Back-to-school savings start today and will run for a
limited time during the month of August.
How It Works: Online shoppers can search, shop and get cashback rebates
from hundreds of participating online stores through the
Microsoft Live Search cashback program, which launched in
May. Current retailers include Barnes & Noble.com,
Overstock.com, Sears, Foot Locker and Zappos.com, among
many others. This month, the cashback return is even
higher with Deal Days. Here are a few examples of the
bargains:
* Rebate of 36 percent on Jordan Men's AJF 12
basketball shoes from Foot Locker at
http://search.live.com/cashback/products/offerings/3043/11054289
* Rebate of 18 percent on Lenovo ThinkPad X61 Tablet
PCs from Zappos.com at
http://search.live.com/cashback/products/offerings/4005/8648093
* Rebate of 30 percent on The North Face Doubletrack
backpacks from eBags at
http://search.live.com/cashback/products/offerings/3072/6686999
Consumers can save money each time they use Live Search
cashback. For every qualifying purchase, the shopper will
be sent an e-mail message confirming the Live Search
cashback savings. Consumers' cash can be claimed when
their Live Search cashback balance hits at least $5, 60
days after the purchase. Microsoft will provide the rebate
one of three ways: via PayPal, check or direct deposit
into a bank account.
Where: http://www.live.com/cashback
(Logo: http://www.newscom.com/cgi-bin/prnh/20000822/MSFTLOGO)
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: Rapid Response Team of Waggener Edstrom Worldwide, +1-503-443-7070, rrt@waggeneredstrom.com, for Microsoft Corp.
Web site: http://www.microsoft.com/
Westwood One to Report Second Quarter 2008 Results in Teleconference Call on Thursday, August 7, 2008
NEW YORK, Aug. 4 /PRNewswire-FirstCall/ -- Westwood One announced today that the company will report second quarter earnings for 2008 on Thursday, August 7, 2008. Westwood One will conduct a teleconference call at 5:00 p.m. ET following the release of the earnings report. The call is open to the general public.
The conference call number is 888-245-0960 (reference: Westwood One 2008 Q2 Earnings Call). Please call five minutes in advance to ensure that you are connected prior to the presentation.
Digitized replays are scheduled for August 7th at 8:00 p.m. ET through August 10th at 11:59 p.m. ET. The digitized replay number is 888-203-1112 for domestic and 719-457-0820 for international callers (access code: 7140590).
Westwood One is a platform-agnostic content company providing over 150 news, sports, music, talk, entertainment programs, features and live events to numerous media partners. Through its subsidiaries, Metro Networks/Shadow Broadcast Services, Westwood One provides local content to the radio and TV industries and to the Web. This content includes news, sports, weather, traffic, video news services and other information. SmartRoute Systems manages traffic information centers for state and local departments of transportation, and markets traffic and travel content to wireless, Internet, in-vehicle navigation systems and voice portal customers. Westwood One serves more than 5,000 radio stations. For more information please visit http://www.westwoodone.com/.
Westwood One
CONTACT: Gary Yusko, Westwood One, +1-212-373-5311
Web site: http://www.westwoodone.com/
Advanced Photonix to Hold Conference Call to Discuss First Quarter 2009 Results
ANN ARBOR, Mich., Aug. 4 /PRNewswire-FirstCall/ -- Advanced Photonix, Inc.(R) will hold a conference call to discuss the Company's results for the first quarter ended June 27, 2008 on Monday, August 11, 2008 at 5:00pm ET. Participating in the call will be Richard Kurtz, Chairman and CEO, and Rob Risser, CFO.
Participants can dial into the conference call at 888-713-4216 (617-213-4868 for international) using the passcode 43918096. A question and answer period will take place at the end of the discussion. The first quarter results will be announced after the close of the market on the same day.
Participants may pre-register for the call at https://www.theconferencingservice.com/prereg/key.process?key=P63LUUEFR. Pre-registrants will be issued a pin number to use when dialing into the live call which will provide quick access to the conference by bypassing the operator upon connection.
The call will be webcast live by CCBN and can be accessed at Advanced Photonix's web site at http://investor.advancedphotonix.com/ or at http://www.earnings.com/.
An audio replay of the call will be available shortly thereafter the same day and will remain on-line for two weeks. The replay number is 888-286-8010 (617-801-6888 for international) using passcode 15736689.
For further information, please email investor relations at ir@advancedphotonix.com, or Richard Moyer, Cameron Associates, at richard@cameronassoc.com.
About Advanced Photonix, Inc.
Advanced Photonix, Inc.(R) is a leading supplier of opto-electronic solutions and Terahertz instrumentation to a global OEM customer base. Products include the patented High speed optical receivers in APD and PIN configurations and silicon Large Area Avalanche Photodiode (LAAPD), PIN photodiode and FILTRODE(R) detectors. More information on Advanced Photonix can be found at http://www.advancedphotonix.com/.
Contact:
Richard Kurtz, Advanced Photonix, Inc. (734) 864-5600
Richard Moyer, Cameron Associates (212) 554-5466
Advanced Photonix, Inc.
CONTACT: Richard Kurtz, Advanced Photonix, Inc., +1-734-864-5600; or Richard Moyer, Cameron Associates, +1-212-554-5466
Web site: http://www.advancedphotonix.com/ http://investor.advancedphotonix.com/
Ketchum and ICON Form Strategic Partnership in Australia and Singapore
NEW YORK, SYDNEY, Australia and SINGAPORE, Aug. 4 /PRNewswire/ -- Ketchum, one of the world's leading public relations agencies and a unit of Omnicom Group , and ICON International Communications, a leading independent communications consultancy in Sydney and Singapore, announced today the signing of an exclusive affiliate agreement to form a strategic alliance in Australia and Singapore. The partnership will enable the two firms, which already work together on client assignments for blue-chip brands, to provide national, regional and global support to clients.
"ICON adds deep expertise in two key geographic markets and a professional approach that aligns exceptionally well with Ketchum," said Jerry Olszewski, senior partner and chief client officer, Ketchum. "Beyond the vitally important client service that ICON provides in Australia and Singapore, we intend to work with the firm's senior leaders to define a Southeast Asia expansion strategy, which will mark the next phase of Ketchum's development in the Asia Pacific region."
"ICON's senior executives and Ketchum Greater China CEO Kenneth Chu have worked together in various businesses for nearly 20 years," Olszewski added. "This long relationship and their vast knowledge of the Asia Pacific marketplace enable us to hit the ground running with a fully integrated regional offer for clients."
Founded in Sydney in 2000 and dubbed a "startup mega-star" in 2005 when it was recognized as one of Australia's most successful and fastest-growing firms by Business Review Weekly, ICON "has since grown into one of the [region's] leading independent [strategic] communications consultancies" according to the inaugural Holmes Report 2008 Asia Report Card. The firm opened its Singapore office in 2005.
"Ketchum has built a reputation for innovation and sound business thinking that matches our own," said Phil Burfurd, chairman and chief executive officer, ICON. "We are excited to leverage our experience in the region to build upon this foundation."
"The fit is perfect and the timing is right for ICON to align itself with one of the world's leading public relations agencies," Burfurd said. "ICON and Ketchum share similar business philosophies, company cultures and approaches to client service. We are on the same page in relation to harnessing the opportunities that exist in the expanding Asia Pacific markets beyond China and Japan."
Ketchum's and ICON's respective core businesses include a corporate practice, with industry-best-practice crisis management and change management offerings, and consumer (brand) marketing practices for sectors such as aviation, technology, financial services, professional services, packaged goods, food and beverage, and pharmaceuticals.
ICON will remain an independent, privately held company within the agreement. The management team will include Phil Burfurd, who, having been a journalist and senior corporate communication professional at a number of large multinational companies for more than 40 years, will continue as chairman and chief executive officer. ICON co-founder Chris Gray, who has 17 years experience as a journalist and senior agency leader, and John Bailey, who has worked in more than 50 countries worldwide in a 22-year career as a journalist and PR practitioner, will continue as managing directors of the Sydney and Singapore operations, respectively. Working at board and senior management level for a number of high-profile multinational brands, ICON has developed an international reputation in brand and corporate positioning, corporate change and organizational management, reputation and issues management, international media relations, public affairs, market expansion, and marketing communication.
Ketchum's Jon Higgins, who was recently appointed senior partner, international, will work with ICON to grow Ketchum's presence in this region.
About Ketchum
A communications innovator, Ketchum ranks among the largest global public relations agencies, operating in more than 50 countries. With five global practices - Brand Marketing, Corporate, Healthcare, Food and Nutrition, and Technology - and specialty areas that include Concentric Communications (experiential marketing, events and meetings), Ketchum Entertainment Marketing, Ketchum Global Research Network, Ketchum Sports Network, MMG (clinical trial recruitment), Stromberg Consulting (change management and workplace communications) and The Washington Group (lobbying and government relations), Ketchum leverages its marketing and corporate communications expertise to build brands and reputations for clients. For more information on Ketchum, a unit of Omnicom Group Inc. , visit http://www.ketchum.com/.
About ICON International Communications
ICON International Communications is a leading independent strategic communication consultancy with fully owned offices in Sydney and Singapore, plus access to a partner agency network throughout Asia Pacific and beyond. ICON designs and implements innovative consumer marketing, corporate communication and public relations programs for companies looking to enhance their reputation and grow their bottom line. ICON works with a broad portfolio of local, regional and multinational clients. For further information, visit http://www.iconinternational.com.au/ or http://www.iconinternational.com.sg/.
Ketchum
CONTACT: Phil Burfurd (Sydney), +61-2-8235-7600, pburfurd@iconinternational.com.au, or John Bailey (Singapore), +65-6220-2623, jbailey@iconinternational.com.sg, or Robyn Massey (global), +44(0)-20-7611-3500, robyn.massey@ketchum.com
Web site: http://www.ketchum.com/ http://www.iconinternational.com.au/pages/company http://www.iconinternational.com.au/ http://www.iconinternational.com.sg/
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