Companies news of 2008-08-12 (page 1)
CBS Sports Mobile Launches Ultimate Sports ApplicationNew mobile application features live...
Dewey Electronics Receives an Additional Delivery Order for New Vehicle Auxiliary Power...
Mesa Labs Reports Higher First Quarter Sales and Earnings
Global Med Technologies(R) Delivers Record Second Quarter and First Half RevenuesFirst...
SRA Announces Financial Results for Fourth Quarter and Fiscal Year 2008- Fiscal Fourth...
Winland Electronics, Inc. Announces Second Quarter 2008 Financial Results
Tucows Inc. reports financial results for the second quarter of 2008
ICOP Digital Reports Results for Second Quarter 2008Investor Teleconference and Webcast to...
Sonic Solutions Reports Financial Results for First Fiscal Quarter Ended June 30,...
Jacobs Receives Greater Manchester Passenger Transport Executive Framework
TV Choice and Competition Arrive for Consumers in Three More California...
Spam Arrest Chooses NeuStar's UltraDNS to Enhance Service DeliveryLeading Spam Mitigation...
John Carson Appointed Chairman of Irvine Sensors
TV Choice and Competition Near for Residents of the City of Newburgh, N.Y.City Approves...
The Quantum Group to Present at the Noble Financial Equity Conference
VirtualScopics Reports Second Quarter 2008 Results2008 First Half Revenues Increased 20%...
Lockheed Martin Develops Early Warning for Maritime Security
The Most HD TV in North Jersey: FiOS TV Delivers 100 High-Definition Channels to New...
Sonic Foundry Event Services to Webcast the Noble Financial Equity Conference
Laser Energetics Successfully Completes Defense Contract With ITT
Social Networking Explodes Worldwide as Sites Increase Their Focus on Cultural...
Sonic Foundry CEO to Present at Noble Financial's Fourth Annual Equity Conference
Sentry Technology Corporation Reports Second Quarter Profit
APUS Expands Its Online Master's Degrees in EducationThe online university now offers...
Met-Pro Corporation's Strobic Air Subsidiary Receives Equipment Order in Excess of...
General Dynamics Introduces Two New Tadpole Computer Servers for Enterprise Computing...
China Voice Holding Corp. Announces Initiation of Coverage by Murphy Analytics Research...
Wireless Phone Users in Paola Now Experience Even Clearer Reception and Fewer Dropped...
ParkerVision Names Industry Veteran Domingo Figueredo as New VP of EngineeringWill lead...
CBS Sports Mobile Launches Ultimate Sports ApplicationNew mobile application features live scores, streaming videos and complete control of CBSSports.com fantasy teamsNext Generation CBS Sports Mobile Website to debut for football season
FT. LAUDERDALE, Fla., Aug. 12 /PRNewswire/ -- Just in time for football season, CBS Sports Mobile has launched a new application, announced plans for a redesigned and improved mobile website and is offering a free rich-media fantasy alerts service all geared for wireless devices.
The CBS Sports Mobile Ultimate Sports Application provides everything for the ultimate sports fan on-the-go, with live scores, stats, headlines, streaming videos, and complete control of CBSSports.com fantasy teams. With the CBS Sports Mobile Ultimate Sports Application users can find other fans, update personal profiles, and talk smack with rivals on the message boards, which are all cross-platform with the CBSSports.com online Community.
The CBS Sports Mobile Ultimate Sports Application is fully customizable,
offering users a personalized mobile wireless experience by featuring scores and news on their favorite teams across all major sports and fantasy leagues. Currently accessible on 18 different handsets using AT&T wireless service, the CBS Sports Mobile Ultimate Sports Application is available for a monthly fee of $4.99.
This September, CBS Sports Mobile will unveil a completely redesigned wireless home for CBS Sports. Accessible by entering http://www.cbssports.com/ on any internet enabled wireless device, the revamped Mobile 2.0 website will bring a richer, more advanced wireless experience to sports fans by integrating the latest standards and content technologies into the mobile environment.
The new CBS Sports Mobile website provides users with a personalized sports experience, delivering fans the sports news, scores, videos, analysis and stats they crave while giving them the ability to conduct cross-platform interactions with the CBS Sports Community. The site's personalization features offer sponsors highly-targeted advertising opportunities to reach sports fans.
Significant updates to the fantasy football companion, which already includes live fantasy scoreboard and the ability to set your lineup, include accepting/denying trades, viewing all roster trends, and add/dropping players. The new CBS Sports Mobile website is available through the wireless decks of Sprint, T-Mobile, Verizon and AT&T as well as off-deck with any internet enabled handset.
CBS Sports Mobile has also released a free, rich-media fantasy mobile alerts service. CBSSports.com fantasy football users can now receive instant text updates on all their fantasy players, including immediate notification of trades offered/accepted/rejected/withdrawn, "my player" news specific to your fantasy team and fantasy tips, in video format on who to start, sit, dump and trade from the fantasy experts at CBSSports.com. Fantasy alerts will include direct links to the fantasy companion section of the CBS Sports Mobile web site, allowing users to take immediate action based on the information provided within the mobile alert. (Standard carrier text rates apply)
"We are very excited to launch the Ultimate Sports Application in time for this year's football season. The popularity of football combined with increased user-functionality, mobility, and personalization makes this the perfect application for every football fan on-the-go," said Jeff Sellinger, Executive Vice President, CBS Mobile. "Mobile experiences are about accessing data you want as quickly as possible, with the least amount of clicks. In addition, the enhanced re-launch of the CBS Sports Mobile website will offer fans a free alternative with a fully personalized user experience on any internet enabled wireless device."
CBS Sports Mobile Ultimate Sports Application
Fantasy Features
-- Live game scoring
-- Set lineups, add/drop players
-- Player news and stats
-- Fantasy message boards
-- Roster trends
-- Exclusive CBSSports.com fantasy content
Community Features
-- Read, reply to, and rate messages
-- View your personal profile, connect with other fans
-- Build your CBSSports.com Community reputation
About CBS Interactive
CBS Interactive, a division of CBS Corporation , is the premier online content network for information and entertainment. Its portfolio of leading brands, which include CNET, CBS.com, CBSSports.com, GameSpot, TV.com, BNET, and Last.fm span popular categories like technology, entertainment, sports, news, music and business. With more than 150 million people visiting its properties each month, CBS Interactive is a top 10 web property globally.
More information about CBS and its businesses is available at http://www.cbscorporation.com/.
CBS Sports Mobile
CONTACT: Alex Riethmiller of CBSSports.com, +1-954-489-4235, ariethmiller@cbs.com; or Katie Gunion of CBS Interactive, +1-212-975-8009, katie.gunion@cbs.com
Web Site: http://cbssports.com/ http://www.cbscorporation.com/
Dewey Electronics Receives an Additional Delivery Order for New Vehicle Auxiliary Power Generator$502,300 award is second delivery order received under the 4 year IDIQ contract
OAKLAND, N.J., Aug. 12 /PRNewswire-FirstCall/ -- The Dewey Electronics Corporation (BULLETIN BOARD: DEWY) , a small business concern located in Oakland, NJ, announced today a delivery order for its new vehicle auxiliary power generator used in the U.S. Marine Corp's Logistic Vehicle. This order for the Logistic Vehicle Power System (LVPS) generator is the first follow-on order under the indefinite delivery/indefinite quantity (IDIQ) contract awarded by the USMC Systems Command, Quantico, VA, in July 2007. Under the terms of the agreement, the Company will receive $502,300 for the delivery of spare LVPS and service kits. Delivery is expected to be completed in January of 2009.
The LVPS is a compact diesel powered auxiliary power unit (APU) for military vehicles. The APU provides 3.5kW of 28V DC electrical power to charge Hawker Armor Safe batteries and to operate a jamming system intended to defeat improvised explosive devices. This order marks the second delivery order received on this four year IDIQ contract awarded in July of 2007. The initial delivery order was part of a rapid design-to-manufacture program that delivered hardware in December of 2007.
John Dewey, President and CEO, stated, "The LVPS represents our first major offering in the military vehicle APU market. I am excited to see a follow on order as it demonstrates the increasing traction and success of our development strategy for APU's. Our approach in this area focuses on simple design that provides our war fighters with generators that are easy to operate, highly reliable and low maintenance."
The LVPS auxiliary power unit is an extension of Dewey's existing product line of man portable 2kW Military Tactical Diesel Generators - 11,000 of which have been fielded with various branches of the Department of Defense.
About The Dewey Electronics Corporation
The Dewey Electronic Corporation, founded in 1955, is a diversified manufacturer of sophisticated electronic and electromechanical systems for the military. Visit our website at http://www.deweyelectronics.com/.
This release contains forward-looking statements as defined in Section 21E of the Securities and Exchange Act of 1934, including statements about future business operations, financial performance and market conditions. Such forward-looking statements involve risks and uncertainties including those involved in the Company's dependence upon its Department of Defense business, as further described in our filings under the Securities Exchange Act.
KCSA Joseph A. Mansi / Garth Russell
CONTACT: (212) 896-1205 / (212) 896-1250
jmansi@kcsa.com / grussell@kcsa.com
http://www.kcsa.com/
The Dewey Electronics Corporation
CONTACT: Joseph A. Mansi, +1-212-896-1205, jmansi@kcsa.com, or Garth Russell, +1-212-896-1250, grussell@kcsa.comm, for Dewey
Web site: http://www.deweyelectronics.com/
Mesa Labs Reports Higher First Quarter Sales and Earnings
LAKEWOOD, Colo., Aug. 12 /PRNewswire-FirstCall/ -- Mesa Laboratories, Inc. today reported higher sales and earnings for the fiscal first quarter ended June 30, 2008.
Highlights:
-- First quarter revenues increase 18% over last fiscal year
-- Twelfth consecutive quarter of year-over-year sales increases
-- DataTrace data logger sales increase 33%
For the first quarter of fiscal 2009, net sales increased 18 percent to $5,054,000 from $4,286,000 in the same quarter last year. Net income for the quarter increased less than one percent to $1,016,000 or $.31 per diluted share of common stock compared to $1,015,000 or $.31 per diluted share of common stock last year.
"The new fiscal year started off very well for Mesa, with excellent revenue growth over this quarter last year," said John J. Sullivan, President and Chief Operating Officer. "All three core product lines turned in double-digit growth, led by DataTrace data loggers, which posted a 33% increase over the first quarter last year. We have significantly expanded our sales, marketing, and R&D efforts in the DataTrace line and this is beginning to pay dividends. We have seen excellent customer acceptance of the new radio frequency data logger, the Micropack RF, and during the quarter, we received an order for over 125 RF loggers from a major U.S. pharmaceutical customer. We expect sales of this product line to expand in the months ahead as we refine our sales and marketing efforts and continue to improve the product's capabilities. Both the Raven and Medical product lines also posted solid quarterly growth, continuing the momentum that was established in the latter part of last fiscal year. A key advantage for Mesa is its diversification. Our products are used in multiple markets and cover the whole range of capital equipment, services and consumables. This diversification is a major contributing factor to Mesa's consistent growth in the recent past."
During the first quarter of fiscal 2009, sales of the Company's medical products and services increased 14 percent compared to the prior year period. This increase was due to higher sales of dialysis meters, calibration solutions and dialysis meter service.
During the first quarter of fiscal 2009, sales of DataTrace data logger products increased compared to the prior year. For the quarter, DataTrace sales increased 33 percent compared to the same period last year. The increase in DataTrace sales during the quarter is the result of higher shipments of our Micropack III products and accessories. While domestic sales continue to enjoy the benefit from our change to a direct sales model several years ago, we are starting to see an improving trend in our international markets as we utilize Raven distributors for the DataTrace line in territories that were previously under served.
Raven sales for the first quarter increased 11 percent compared to the first quarter of the prior year. The Raven biological indicator products saw sales gains in its core biological indicator strip business, which will continue to be aided by shipments throughout the year on a new OEM contract. We also saw a substantial increase in sales of our chemical indicator products during the first quarter.
Profitability for fiscal 2009 was essentially unchanged compared to the prior fiscal year due chiefly to a decrease in our gross margin percentage. Over the current fiscal quarter, our Company experienced an 18 percent increase in sales with a substantial increase in sales of DataTrace products. This did not produce an increase in margins due to several factors. These factors included a substantial increase in thermal barrier sales for high temperature DataTrace applications which are passed through to customers with substantially no margin. We are currently addressing this problem, and expect to lower the cost of these products later in the year. Other factors that impacted margins included higher sales of lower margin OEM products and distributed product in comparison to prior year in our Raven line of products.
Also suppressing profitability somewhat this quarter compared to the same quarter last year were increased operating expenses. During the first quarter of fiscal 2009, general and administration costs and research and development costs increased significantly. In the past year, we have been forced to add costs in general and administration to address the regulatory requirements of the Sarbanes - Oxley Act. Our initial phase of consulting to comply with the Act was completed during the first quarter of this fiscal year. Additionally, we have added a new Controller position to our staff to allow us to meet these and other regulatory requirements. This quarter we significantly increased our effort in research and development compared to last fiscal year which has led to higher expenses. Some of these increases were one-time expenses associated with the introduction of the new DataTrace RF product, while some are on-going, as we execute our strategy of increasing the flow of new products to drive revenue growth in the years ahead.
Mesa Laboratories develops, acquires, manufactures and markets electronic instruments and disposables for industrial, pharmaceutical and medical applications.
This news release contains forward-looking statements which involve risks and uncertainties. The Company's actual results could differ materially from those in any such forward-looking statements. Additional information concerning important factors that could cause results to differ materially from those in any such forward-looking statement is contained in the Company's Annual Report on Form-10K for the year ended March 31, 2008 as filed with the Securities and Exchange Commission, and from time to time in the Company's other reports on file with the Commission.
FINANCIAL SUMMARY
STATEMENT OF EARNINGS (Unaudited)
Quarter Ended June 30
2008 2007
Net Sales $5,054,000 $4,286,000
Cost of Goods 1,850,000 1,385,000
Gross Profit 3,204,000 2,901,000
Operating Expense 1,668,000 1,388,000
Operating Income 1,536,000 1,513,000
Other (Income) & Expense (29,000) (48,000)
Earnings Before Taxes 1,565,000 1,561,000
Income Taxes 549,000 546,000
Net Income $1,016,000 $1,015,000
Earnings Per Share (Basic) $.32 $.32
Earnings Per Share (Diluted) $.31 $.31
Average Shares (Basic) 3,170,000 3,170,000
Average Shares (Diluted) 3,264,000 3,300,000
BALANCE SHEETS (Unaudited)
June 30 March 31
2008 2008
Cash and Short-term Investments $6,390,000 $5,770,000
Other Current Assets 8,513,000 8,641,000
Total Current Assets 14,903,000 14,411,000
Property and Equipment 3,487,000 3,488,000
Other Assets 7,702,000 7,634,000
Total Assets $26,092,000 $25,533,000
Liabilities $1,539,000 $1,794,000
Stockholders' Equity 24,553,000 23,739,000
Total Liabilities and Equity $26,092,000 $25,533,000
Mesa Laboratories, Inc.
CONTACT: Luke R. Schmieder, CEO-Chairman of the Board of Directors, or John J. Sullivan, President-COO, or Steven W. Peterson, VP Finance-CFO, all of Mesa Laboratories, Inc., +1-303-987-8000
Web site: http://www.mesalabs.com/
Global Med Technologies(R) Delivers Record Second Quarter and First Half RevenuesFirst Half and Q2 Revenues Rose 20.5% and 17.7%, Respectively*Q2 Marked by Series of Watershed Events and Critical Developments16th Consecutive Quarter of Comparable Quarter-to-Quarter Revenue Growth
DENVER, Aug. 12 /PRNewswire-FirstCall/ -- Global Med Technologies(R), Inc. ("Global Med" or the "Company") (BULLETIN BOARD: GLOB) , an international e-Health, medical information technology company, today reported record revenues for the three and six months ended June 30, 2008.
(Logo: http://www.newscom.com/cgi-bin/prnh/20040226/GLOBALMEDLOGO)
Highlighted by a strong series of events that included: a multimillion dollar contract with Utah's largest healthcare provider; a strategic alliance with Cerner Corporation, including a contract with Egyptian Children's Cancer Hospital Foundation; a national agreement with the American Red Cross to regionally license Global Med software; an agreement with Siemens to license software to California's famed Riverside County Regional Medical Center serving the state's fourth largest population center; similar agreements with St. Joseph's Healthcare System and CentraState Healthcare System, both of New Jersey; all crowned by the acquisition of its European counterpart, Inlog, SA with $11.1 million in revenues and EBITDA of $574 thousand -- extending Global Med's total reach to over 1,500 sites across 20 countries. Global Med's 2008 six month revenues* climbed from $7.69 million to $9.26 million, up $1.57 million or 20.5%, and second quarter revenues* rose from $3.97 million in 2007 to $4.67 million, an increase of $702,000 or 17.7%. Operating income* was $975,000 and $642,000 for the first half 2008 and 2007, respectively, and $350,000 and $346,000 for the quarter ended June 30, 2008 and 2007, respectively. Net income* was $529,000 for the first half of 2008 and $169,000 for the quarter. All numbers are exclusive of Inlog, which was acquired five days prior to the end of the second quarter.
Recurring annual maintenance revenues, exclusive of Inlog, for the quarter were running at an annualized rate of over $8 million. Based on backlog as of June 30, 2008, the Company's annual recurring revenues, when all contracted customer sites are implemented, will be approximately $9.6 million, exclusive of Inlog. Exclusive of Inlog, the Company's backlog of unrecognized software license fees and implementation fees was approximately $5.5 million.
The second quarter's results marked the 16th consecutive quarter of comparable quarter-to-quarter revenue growth for the Company.
On July 31, 2008, the Company acquired eDonor, a web-based donor relationship management system that integrates recruitment, scheduling, retention and fulfillment for national as well as local community blood centers, for total consideration of $5 million in cash and stock. The acquisition was executed in the form of an asset purchase and is designed to complement Global Med's strong line of international blood management and laboratory information software and service solutions.
Mick Ruxin, M.D., Chairman and CEO of Global Med Technologies, Inc., commenting on the recent acquisitions and quarterly results, stated, "The Company's acquisition of Inlog and eDonor will be transformative events. While Global Med expects organic revenues to continue to grow at double digit rates throughout the remainder of the year, Inlog's and eDonor's revenues will substantially increase the Company's overall revenues beginning in the third quarter of 2008. The acquisition of Inlog has provided the Company with an avenue to quickly enter the European market, and the Company has already identified a number of cross-selling opportunities."
Thomas F. Marcinek, the Company's President and COO, stated, "Global Med continues to execute on its business plan. The Company's acquisition of Inlog will bring with it many opportunities for continued growth. For example, Inlog's EdgeCell cellular therapy software has applications for tissue banks and stem cell centers in the United States." Mr. Marcinek continued, "The Company's revenues are at record levels and our second quarter's annualized recurring maintenance revenues were in excess of $8 million (exclusive of Inlog's recurring revenues); this is nearly $1.4 million higher than the comparable quarter of 2007. eDonor's product and service offerings complement the Company's ElDorado Donor(TM) product."
The Company will host a conference call today at 4:30 p.m. EDT. Mick Ruxin, M.D., Chief Executive Officer, Tom Marcinek, President and Chief Operating Officer, and Darren Craig, Acting CFO, will discuss the second quarter financial results and will be available to answer questions. Interested parties are welcome to call the following telephone numbers five minutes prior to the start of the conference call. Callers within the US should call: 1-866-789-9224. Callers that are outside of the US should call: 1-706-679-9621. Callers should reference "Global Med Second Quarter Financial Results" to the conference call operator. The conference call ID number will be: 58996634.
An automated replay of the conference call will be available from August 12, 2008 at 5:30 p.m. EDT until August 14, 2008 at 11:59 p.m. EDT. To access the replay, callers within the US should call: 1-800-642-1687. Callers outside of the US should call: 1-706-645-9291 and enter Global Med's access code of 58996634. The replay of the conference call will be available from August 14, 2008 onward at Global Med's website at http://www.globalmedtech.com/.
The following tables provide information related to the Company's operations for the three and six months ended June 30, 2008 and 2007 which excludes Inlog's results for the acquisition period:
GLOBAL MED TECHNOLOGIES, INC. (BULLETIN BOARD: GLOB.OB)
(EXCLUDES INLOG)**
Selected Results
Three Months Ended June 30,
In (000s) Except Per Share Information
(Unaudited)
2008 2007
Revenues $4,671 $3,969
Cost of revenues 1,768 1,255
Operating expenses 2,553 2,368
Income from operations 350 346
Other income, (expenses)*** 8 106
Income (taxes) benefit (189) 7
Net income $169 $459
Income per share
Basic $0.01 $0.02
Diluted $0.00 $0.01
Weighted average shares outstanding
Basic 27,948 23,294
Diluted 46,875 40,138
Cash flows provided by Operations*** $436 $2,175
GLOBAL MED TECHNOLOGIES, INC. (BULLETIN BOARD: GLOB.OB)
(EXCLUDES INLOG)**
Selected Results
Six Months Ended June 30,
In (000s) Except Per Share Information
(Unaudited)
2008 2007
Revenues $9,264 $7,688
Cost of revenues 3,326 2,394
Operating expenses 4,963 4,652
Income from operations 975 642
Other income, (expenses) and (taxes)*** 38 119
Income (taxes) benefit (484) (15)
Net income $529 $746
Income per share
Basic $0.02 $0.02
Diluted $0.01 $0.01
Weighted average shares outstanding
Basic 27,442 23,294
Diluted 45,882 40,138
Cash flows provided by Operations*** $1,303 $2,679
GLOBAL MED TECHNOLOGIES, INC. CONSOLIDATED
(BULLETIN BOARD: GLOB.OB)
(INCLUDES INLOG)
Selected Results
June 30, 2008
In (000s) Except Per Share Information
(Unaudited)
Three Six
Months Months
Revenues $4,845 $9,438
Cost of revenues 1,860 3,418
Operating expenses 2,652 5,062
Income from operations 333 958
Other income, (expenses) and (taxes) 8 38
Income (taxes) benefit (189) (484)
Net income $152 $512
Income per share
Basic $0.01 $0.02
Diluted $0.00 $0.01
Weighted average shares outstanding
Basic 27,948 27,442
Diluted 46,875 45,882
Cash flows provided by Operations $20 $887
About Global Med Technologies, Inc.
Global Med Technologies(R), Inc. is an international medical software company which develops regulated and non-regulated software products and services for the healthcare industry. As a leading provider of blood and laboratory software applications and services, Global Med's products are deployed in 20 countries and serve over 1,500 transfusion centers, blood banks and laboratories.
Global Med's U.S. division, Wyndgate Technologies(R), provides Vein-to-Vein(R) tracking through its Donor Doc(TM), SafeTrace(R), SafeTrace Tx(R) and ElDorado Donor(TM) software products. Each year, Wyndgate's products and services manage more than eight million blood components, representing over 27% of the U.S. blood supply.
Global Med's European subsidiary, Inlog, SA, is a leading provider of donor center and transfusion management systems as well as cellular therapy software, laboratory information systems and quality assurance medical software systems internationally. Inlog's products include EdgeBlood****, EdgeTrack****, EdgeCell, EdgeLab and SAPA.
Global Med's U.S. division, eDonor(R), provides a web-based donor relationship management system that integrates recruitment, scheduling, retention and fulfillment for national as well as local community blood centers and hospitals. eDonor's products and services are designed to complement Global Med's strong line of international blood management and laboratory information software and service solutions.
Global Med's U.S. subsidiary, PeopleMed(R), Inc., provides cost-effective customized software validation, consulting and compliance solutions to hospitals and donor centers.
For more information about Global Med's products and services, please call 800-996-3428 or visit http://www.globalmedtech.com/, http://www.peoplemed.com/, http://www.inlog.com/ and http://www.wyndgate.com/.
* Excludes Inlog's revenues of $174 thousand on a pro rata basis.
Also excludes Inlog's cost of revenues, operating expenses, other income
(expenses), taxes, and net income for the three and six months ended
June 30, 2008. On a consolidated basis, the Company's revenues
increased $876 thousand or 22.1% to $4.845 million or $1.750 million or
22.8% to $9.438 million for the three and six months ended 2008,
respectively.
** Inlog's results for the five-day period ended June 30, 2008 have been
excluded from this analysis in order to provide the reader with a
mechanism for comparing the Company's organic results for the three and
six months ended June 30, 2008 with the historical results for the
comparable periods in 2007. The Company believes this information is
useful to readers to better enable them to understand the Company's
performance.
The Company's cash balance of $8.165 million includes Inlog's cash
balance of $1.572 million as of June 30, 2008.
*** For the three and six months ended June 30, 2007, the Company
recognized approximately $80 thousand in accrued interest related to
the return of a deposit in escrow of $1.004 million which increased
the Company's cash flows from operations by $1.084 million.
**** FDA 510(k) clearance required prior to sales in the U.S.
This news release may include statements that constitute forward-looking statements, usually containing the words "believe," "estimate," "project," "expects" 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. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this news release.
Photo: http://www.newscom.com/cgi-bin/prnh/20040226/GLOBALMEDLOGO AP Archive: http://photoarchive.ap.org/ PRN Photo Desk, photodesk@prnewswire.com
Global Med Technologies, Inc.
CONTACT: Company, Michael I. Ruxin, M.D., of Global Med Technologies, Inc., +1-303-238-2000, mick@globalmedtech.com; or Investors, Paul Holm, President of portfolio pr, +1-212-888-4570, paulmholm@gmail.com, for Global Med Technologies, Inc.
Web site: http://www.globalmedtech.com/ http://www.peoplemed.com/ http://www.inlog.com/ http://www.wyndgate.com/
SRA Announces Financial Results for Fourth Quarter and Fiscal Year 2008- Fiscal Fourth Quarter Revenue: Up 18% to $385 Million- Fiscal Year 2008 Revenue: Up 19% to $1.507 Billion- Diluted EPS: $0.32 for Fiscal Fourth Quarter, $1.24 for Fiscal Year 2008- $23 Million of Stock Repurchased, Additional $100 Million Authorized
FAIRFAX, Va., Aug. 12 /PRNewswire-FirstCall/ -- SRA International, Inc. , a leading provider of technology and strategic consulting services and solutions to government organizations, today announced operating results for the fourth quarter and fiscal year (FY) 2008, which ended June 30, 2008.
Revenue for the quarter increased 18% from $326.2 million in the June 2007 quarter to $384.8 million. Revenue for the year increased 19% from $1.269 billion in FY 2007 to $1.507 billion.
Operating income for the quarter was $30.3 million, and full-year operating income was $119.4 million. Net income for the quarter was $18.8 million, and full-year net income was $73.3 million. Diluted earnings per share for the quarter were $0.32, and full-year diluted earnings per share were $1.24. Fourth quarter diluted earnings per share included about $0.01 from the release of the final escrow related to the 2006 sale of the Company's remaining interest in Mantas, Inc.
SRA President and CEO Stan Sloane said, "Given our ongoing focus on accelerating organic growth, we're pleased to have increased our opportunity pipeline to $28.3 billion, including a record $2.2 billion of pending bids. We've also repurchased $23 million of shares since the start of the June quarter, and our Board has authorized an additional $100 million stock buyback for the future."
"We're enthusiastic about our July acquisitions of Era Corporation and Interface & Control Systems, as both companies give us product capabilities and intellectual property in strategically important market segments. Their technologies are valuable differentiators as we move farther into large-scale systems integration. We're pleased to welcome their employees to SRA."
CFO and Executive Vice President of Operations Steve Hughes added, "The more profitable labor services component of revenue grew faster than total revenue again in FY 2008. We expect this trend to continue in FY09, leading to further margin expansion. In light of the AITS re-compete decision, we are pleased with the FY08 results and growth prospects for FY09."
New Business Awards
The Company won new business in the fourth quarter with potential value of $405 million, if all options are exercised. As of June 30, 2008, the Company's backlog of signed business orders was $3.9 billion, an increase of 15% year-over-year.
Major highlights of competitive contract awards in the quarter include:
-- Federal Energy Regulatory Commission (FERC), Information Technology Support Services (ITSS). SRA won a five-year, $77 million contract to provide a range of technical services for FERC, including network and data center support, software engineering, records management, and information security. The award has been protested, and a decision is expected in the next few months.
-- Environmental Protection Agency (EPA), Office of Emergency Management (OEM). The EPA awarded SRA a seven-year, $56 million contract to continue delivering program analysis and management support to the OEM. This recompete contract includes an expansion of the Company's services into technical and regulatory development.
-- National Geospatial-Intelligence Agency (NGA), New Campus East Deployment Planning and Execution (NDPE). NGA awarded the Company a five-year, $34 million contract to support the movement of all of its Washington, DC area missions and personnel to its New Campus East property on Fort Belvoir in Springfield, VA.
-- National Institute of Environmental Health Science (NIEHS), Information Technology Support Services (ITSS). SRA won a 3.5-year, $26 million contract to provide enterprise-wide IT services for NIEHS. The Company will deliver infrastructure operations and application development services, as well as IT security and bioinformatics systems support.
Share Buyback
In June and July, the Company repurchased more than one million shares of SRA stock, deploying about $22.7 million in cash, completing the $40 million buyback authorized by the Board of Directors in 2007. The Board has authorized an additional $100 million buyback at management's discretion over time.
Forward Guidance
The Company is providing initial forward guidance for the full FY 2009. In the past, the Company has provided both quarterly and annual guidance. Management believes that annual guidance is more consistent with building long-term value, so the Company will not provide quarterly guidance going forward.
The table below represents management's current expectations about the Company's future financial performance, based on information available at this time. The forward guidance in this table includes the Interface and Control Systems acquisition for the full year, and it accounts for the Era Corporation acquisition as of July 30. It does not include any effect for acquisitions that SRA might make in the future.
Measure Fiscal Year Ending Growth from
June 30, 2009 FY 2008 to 2009
Revenue $1.60 billion to $1.66 billion 6% to 10%
Diluted earnings per share $1.30 to $1.35 6% to 10%
Please note that the growth calculation for the diluted earnings per share excludes the Company's $0.01 non-operating gain in FY 2008 from the Mantas escrow release.
Conference Call
SRA senior management will hold a conference call to discuss these operating results and forward guidance today at 5:00 PM Eastern. Interested parties may listen to the conference call by dialing 888-287-9905 (U.S./Canada) or 706-643-7540 (Other) with passcode 54846682. The conference call will be Webcast simultaneously through a link on the SRA Web site (http://www.sra.com/). A replay of the conference call will be available approximately two hours after the conclusion of the call on August 12 through August 26, 2008 by dialing 800-642-1687 (U.S./Canada) or 706-645-9291 (Other) and entering passcode 54846682.
About SRA International, Inc.
SRA is a leading provider of technology and strategic consulting services and solutions -- including systems design, development, and integration; and outsourcing and managed services -- to clients in national security, civil government, and health care and public health markets. The Company also delivers business solutions for contingency and disaster response planning, information assurance, business intelligence, environmental strategies, enterprise architecture, infrastructure management, and wireless integration.
FORTUNE(R) magazine has chosen SRA as one of the "100 Best Companies to Work For" for nine consecutive years. The Company's 6,800 employees serve clients from its headquarters in Fairfax, Virginia, and offices around the world. For additional information on SRA, please visit http://www.sra.com/.
Any statements in this press release about future expectations, plans, and prospects for SRA, including guidance about future financial results and statements about the estimated value of contracts and work to be performed, and other statements containing the words "estimates," "believes," "anticipates," "plans," "expects," "will," and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: our dependence on our contracts with federal government agencies, particularly within the U.S. Department of Defense, for a substantial majority of our revenue; our dependence on our GSA schedule contracts and our position as a prime contractor on government-wide acquisition contracts to grow our business; our ability to attract and retain skilled employees; any reductions in or reallocations of the U.S. defense budget or the budgets for civil government agencies; the market price of the company's stock prevailing from time to time; the nature of other investment opportunities presented to the company from time to time; the company's cash flows from operations; and other factors discussed in our latest annual report on Form 10-K filed with the Securities and Exchange Commission on August 16, 2007. In addition, the forward-looking statements included in this press release represent our views as of August 12, 2008. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so. These forward- looking statements should not be relied upon as representing our views as of any date subsequent to August 12, 2008.
Condensed Consolidated Statements of Operations (Unaudited)
(in thousands, except share and per share amounts)
Three Months Ended Year Ended
30-Jun-08 30-Jun-07 30-Jun-08 30-Jun-07
Revenue $384,789 $326,207 $1,506,933 $1,268,872
Operating costs and expenses:
Cost of services 284,207 244,171 1,121,913 954,656
Selling, general and
administrative 63,842 51,283 240,340 200,204
Depreciation and
amortization 6,442 5,602 25,263 21,187
Total operating costs
and expenses 354,491 301,056 1,387,516 1,176,047
Operating income 30,298 25,151 119,417 92,825
Interest expense (1,072) (8) (3,288) (35)
Interest income 887 1,797 4,261 6,311
Gain on sale of Mantas, Inc. 892 - 892 3,674
Income before taxes 31,005 26,940 121,282 102,775
Provision for income taxes 12,234 10,287 48,018 39,345
Net income $18,771 $16,653 $73,264 $63,430
Earnings per share:
Basic $0.33 $0.29 $1.27 $1.12
Diluted $0.32 $0.28 $1.24 $1.09
Weighted-average shares:
Basic 57,463,961 57,008,604 57,566,645 56,476,927
Diluted 58,886,594 58,742,984 59,277,059 58,381,788
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands)
As of
30-Jun-08 30-Jun-07
Current assets:
Cash and cash equivalents $229,260 $212,034
Restricted funds 1,194 -
Accounts receivable, net 344,800 262,409
Prepaid expenses and other 65,240 26,370
Deferred income taxes, current 11,979 5,860
Total current assets 652,473 506,673
Property and equipment, net 37,949 36,685
Other assets:
Goodwill 395,766 256,530
Identified intangibles, net 36,813 30,849
Deferred income taxes, noncurrent 3,217 8,163
Deferred compensation trust 7,747 8,784
Other assets 3,892 -
Total other assets 447,435 304,326
Total assets $1,137,857 $847,684
Current liabilities:
Accounts payable and accrued expenses $165,443 $110,897
Accrued payroll and employee benefits 99,742 81,711
Billings in excess of revenue recognized 14,937 16,980
Total current liabilities 280,122 209,588
Long-term liabilities:
Long-term debt 150,000 -
Other long-term liabilities 14,799 12,641
Total long-term liabilities 164,799 12,641
Total liabilities 444,921 222,229
Stockholders' equity 692,936 625,455
Total liabilities and stockholders'
equity $1,137,857 $847,684
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
Year Ended
30-Jun-08 30-Jun-07
Cash flows from operating activities:
Net income $73,264 $63,430
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation and amortization 25,263 21,187
Stock-based compensation 10,148 11,496
Deferred income taxes (1,173) (5,722)
Gain on sale of Mantas, Inc. (892) (3,674)
Loss on disposal of property
and equipment 788 -
Working capital changes, net
of the effect of acquisitions (23,601) 35,727
Net cash provided by operating
activities 83,797 122,444
Cash flows from investing activities:
Capital expenditures (10,763) (12,624)
Sales and maturities of investments - 9,749
Acquisition of Spectrum Solutions Group,
net of cash acquired - (8,000)
Acquisition of RABA Technologies,
net of cash acquired - (94,005)
Acquisition of Constella Group, LLC,
net of cash acquired (189,714) -
Proceeds from sale of Mantas, Inc. 892 3,674
Net cash used in investing
activities (199,585) (101,206)
Cash flows from financing activities:
Issuance of common stock 15,027 9,550
Tax benefits of stock option exercises 4,667 6,521
Borrowings (repayments) under credit
facility, net of associated financing
costs 148,919 -
Reissuance of treasury stock 679 1,245
Purchase of treasury stock (36,278) (84)
Net cash provided by financing
activities 133,014 17,232
Net increase in cash and cash equivalents 17,226 38,470
Cash and cash equivalents, beginning
of period 212,034 173,564
Cash and cash equivalents, end of period $229,260 $212,034
Supplemental disclosures of cash flow
information:
Cash paid during the period:
Interest $2,656 $35
Income taxes $51,390 $38,012
Cash received during the period:
Interest $4,376 $6,103
Income taxes $961 $938
Reconciliation Between Reported Net Income and Net Income Excluding Gain
On Sale of Mantas, Inc. (Unaudited)
(in thousands, except share and per share amounts)
The Company has presented net income, as adjusted, to show the effect that the gain on the sale of Mantas, Inc. had on the Company's earnings per share. The Company believes that these non-GAAP financial measures provide useful information to investors because they allow investors to compare the Company's current performance to prior performance. These non-GAAP financial measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP.
Three Months Ended
30-Jun-08 30-Jun-07
Net income, as reported $18,771 $16,653
Gain on sale of Mantas, Inc. (892) - (1)
Tax effect from the gain on sale of Mantas, Inc. 348 - (2)
Net income excluding gain on sale of Mantas, Inc. $18,227 $16,653
Adjusted earnings per share:
Basic $0.32 $0.29
Diluted $0.31 $0.28
Adjusted weighted-average shares:
Basic 57,463,961 57,008,604
Diluted 58,886,594 58,742,984
(1) Adjusted to eliminate the gain resulting from the sale of Mantas, Inc.
(2) Adjusted to eliminate the tax effect of the adjustment described in Note 1 at the consolidated marginal tax rate of 39.0%.
Reconciliation Between Total Revenue Growth and Organic Revenue Growth
(Unaudited)
(in thousands)
Organic revenue growth, as presented, measures revenue growth adjusted for the impact of acquisitions. The Company believes that this non-GAAP financial measure provides useful information because it allows investors to better assess the underlying growth rate of the Company's existing business. This non-GAAP financial measure should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP.
Three Months Ended
30-Jun-08 30-Jun-07 % Increase
Total Revenue, as reported $384,789 $326,207 18.0%
Plus: Revenue from acquired companies
for the comparable prior year period - 54,299
Organic Revenue $384,789 $380,506 1.1%
SRA International, Inc.
CONTACT: David Keffer, VP, Investor Relations, +1-703-502-7731, david_keffer@sra.com, or Steve Hughes, CFO and EVP, Operations, +1-703-502-7732, steve_hughes@sra.com, both of SRA International, Inc.
Web site: http://www.sra.com/
Winland Electronics, Inc. Announces Second Quarter 2008 Financial Results
MANKATO, Minn., Aug. 12 /PRNewswire-FirstCall/ --
FlashResults
Winland Electronics, Inc. WEX
(Numbers in Thousands, Except
Per Share Data)
2nd quarter ended 2nd quarter ended
6/30/2008 YTD 6/30/2007 YTD
Sales $6,866 13,898 $8,099 $17,398
Net Income $(765) $(1,146) $(491) $(757)
Average Shares 3,650 3,645 3,601 3,601
EPS $(0.21) $(0.31) $(0.14) $(0.21)
Winland Electronics, Inc. , a leading designer and manufacturer of custom electronic control products and systems, today announced financial results for the second quarter and six months ended June 30, 2008.
Net sales for the second quarter were $6.9 million, a decrease of $1.2 million, or 15%, compared to $8.1 million reported for the second quarter last year. Net sales for the six months ended June 30, 2008 were $13.9 million, down $3.5 million, or 20%, compared to the same period in 2007. Winland's results primarily reflect lower sales caused by a continued reduction in demand from two of its three largest customers that began in the first quarter this year, together with the lingering effect of the phase out of two customer relationships, initiated in 2007.
Tom de Petra, CEO, stated, "As previously reported, we do not believe this downward sales trend is driven by global, national or regional economic factors or sales trends that are impacting EMS providers like Winland. Instead, we believe our sales results primarily indicate market sector weaknesses specific to certain Winland customers and, to a lesser extent, normal business fluctuations, customer inventory rebalancing, product lifecycles and the long sales cycles inherent in our business. Industry research supports our belief that EMS growth in the foreseeable future is most likely among providers of high-mix, low volume electronics assemblies, like Winland, where customers need a high level of proficiency in multiple value-added engineering and manufacturing services, quality standards, component sourcing and program management."
Gross profit was $0.7 million (9.8% of net sales) and $1.3 million (9.3% of net sales) for the second quarter and six months ended June 30, 2008 compared to $0.6 million (7.5% of net sales) and $1.5 million (8.5% of net sales) for the respective periods in 2007. Our improvement in gross profit as a percentage of net sales was primarily due to reductions in warranty and obsolete inventory expenses, offset in part by the under utilization of fixed manufacturing costs caused by our reduced sales volume.
During both the second quarter and six months ended June 30, 2008, total operating expense was flat compared to the respective periods last year. As a result of lower net sales, total operating expense, as a percentage of net sales, increased to 18.8% and 17.8% during the second quarter and six months ended June 30, 2008 compared to 16.0% and 14.4% during the respective periods last year.
The Company incurred operating losses of $617,000 and $1,186,000 for the three and six months ended June 30, 2008, respectively, compared to $691,000 and $1,034,000 last year. Our net loss was $0.8 million or $0.21 per basic share for the second quarter ended June 30, 2008 compared to a net loss of $0.5 million or $0.14 per basic share for the same period in 2007. The loss was the result of the under utilization of manufacturing fixed costs due to a $1.2 million decrease in net sales compared to a year ago. For the six months ended June 30, 2008, we incurred a net loss of $1.1 million or $0.31 per basic share compared to the $0.8 million net loss or $0.21 per basic share for the same period in 2007. The loss for the six month period was characteristic of the second quarter, and was primarily the result of the under utilization of manufacturing fixed costs due to a $3.5 million decrease in net sales compared to one year ago.
As previously reported, during the first quarter, Winland initiated an organizational realignment of our manufacturing, operations and materials groups, and launched change initiatives to enhance program management, information systems, documentation, NPI, quotation and inventory management. The Company's experienced new leaders from within the EMS industry were charged with establishing operational practices and processes that could support a high growth business model combining organic growth and growth by future acquisitions.
During the second quarter, we took our realignment to the next level with the promotion and expanded responsibilities of our newly appointed Vice President of Operations and Supply Chain. Similarly, we made our first hire of a senior program manager under the enhanced new program management role. He brings Winland more than 15 years of experience with top performing EMS providers. Subsequent to the end of the second quarter, we identified an Executive Sales Leader candidate with 25 years EMS experience to replace our former Senior Vice President of Sales and Marketing. We have extended an offer of employment to this individual and anticipate a start date in early September.
The Company completed the second quarter 2008 with $5.8 million in working capital and a current ratio of 2.8 to 1. At June 30, 2008 the Company had $175,000 outstanding on its revolving line-of-credit with no balance outstanding as of December 31, 2007.
Mr. de Petra concluded, "We believe the operational changes taking place will begin to favorably impact financial performance in the third and fourth quarters, primarily due to an anticipated reduction in negative variances for labor and materials. We expect that secondary benefits of these operational change initiatives will be improved on-time delivery, quality and customer retention. Some initiatives will be completed near the end of 2008, including advancements in manufacturing engineering and the establishment of formal Lean/Six Sigma training and implementation. We believe that when fully implemented, the benefits of all current operational initiatives will be sustainable as the Company continues to build EMS industry world-class operations and business practices."
Conference Call
Management will conduct a conference call to discuss its financial results for the second quarter ended June 30, 2008 today at 4:30 p.m. ET. Interested parties may access the call by calling 800-762-8779 from within the United States, or 480-248-5081 if calling internationally, approximately five minutes prior to the start of the call. A replay will be available through August 19, 2008 and can be accessed by dialing 800-406-7325 (U.S.), 303-590-3030 (Int'l), passcode 3906826.
This call is being web cast by ViaVid Broadcasting and can be accessed at Winland Electronics' website at http://www.winland.com/. The web cast may also be accessed at ViaVid's website at http://www.viavid.net/. The web cast can be accessed until September 12, 2008 on either site. To access the web cast, you will need to have the Windows Media Player on your desktop. For the free download of the Media Player please visit: http://www.microsoft.com/windows/windowsmedia/en/download/default.asp.
About Winland Electronics
Winland Electronics, Inc. is a manufacturer providing a variety of products to customers within the trucking, electronic testing, medical, critical environment monitoring and bedding markets primarily in North America. The Company operates in two business segments: Electronic Manufacturing Services (EMS) and Proprietary Products. EMS provides complete product realization services to OEM customers by providing value-added services which include product concept studies, product design, printed circuit board design, design for manufacturing, higher level assembly and box build, and legacy support. Proprietary Products develops and markets an established family of environmental security products that can monitor critical environments. The Company's environmental security products include simple and sophisticated microprocessor and mechanically controlled sensors and alarms that monitor and detect critical environmental changes, such as changes in temperature or humidity, water leakage and power failures. Winland Electronics, Inc. is based in Mankato, Minnesota.
Cautionary Statements
Certain statements contained in this press release and other written and oral statements made from time to time by the Company do not relate strictly to historical or current facts. As such, they are considered forward-looking statements, which provide current expectations or forecasts of future events. The statements included in this release with respect to the following matters are forward-looking statements; (i) that our downward sales trend is not driven by global, national or regional economic factors or sales trends that are impacting other EMS providers; (ii) that our organizational realignment may support a high growth business model combining organic growth by future acquisitions; (iii) that a replacement for our former Senior Vice President of Sales and Marketing will start in early September; and (iv) that our operational changes will begin to favorably impact the Company's financial performance in the third and fourth quarters, that these changes will be sustainable and will improve on-time delivery, quality and customer retention. These statements involve a variety of risks and uncertainties, known and unknown, including among other risks that (i) our downward sales trend is driven by the global, national or regional economic factors; (ii) that our global realignment will not support a high growth business model; (iii) that a replacement for our former Senior Vice President of Sales and Marketing has not been found; (iv) that our operational changes will not begin to favorably impact the Company's financial performance in the third and fourth quarters, if at all, and that such changes will not be sustainable and will improve on-time delivery, quality and customer retention. Consequently, no forward-looking statement can be guaranteed and actual results may vary materially.
CONTACT: Thomas J. de Petra Cameron Donahue
President, Chief Executive Officer Hayden Communications
(507) 625-7231 (651) 653-1854
http://www.winland.com/
-Tables Follow-
WINLAND ELECTRONICS, INC.
CONDENSED BALANCE SHEETS
(In Thousands of Dollars)
ASSETS June 30, December 31,
2008 2007
(Unaudited)
Current Assets
Cash $- $1,152
Accounts receivable, less allowance
for doubtful accounts of $25 3,569 3,436
Refundable income taxes 601 389
Inventories 4,390 4,708
Prepaid expenses and other assets 389 253
Deferred income taxes - 400
Total current assets 8,949 10,338
Property and equipment at cost 11,913 11,827
Less accumulated depreciation (6,792) (6,410)
Net property and equipment 5,121 5,417
Total assets $14,070 $15,755
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Revolving line of credit agreement $175 $-
Current maturities of long-term debt 441 512
Accounts payable 1,685 1,729
Accrued expenses:
Compensation 416 733
Allowance for rework and warranty costs 175 160
Other 255 219
Total current liabilities 3,147 3,353
Long Term Liabilities
Long-term debt, less current
maturities 1,259 1,471
Deferred income taxes - 282
Deferred revenue 134 138
Other long term tax liabilities 129 129
Total long-term liabilities 1,522 2,020
Stockholders' Equity
Common stock, par value $0.01 per
share; authorized 20,000,000
shares; issued and outstanding
3,656,668 and 3,640,741 shares as of
June 30, 2008 and December 31, 2007,
respectively. 37 36
Additional paid-in capital 4,854 4,691
Retained earnings 4,510 5,655
Total stockholders' equity 9,401 10,382
Total liabilities and stockholders'
equity $14,070 $15,755
WINLAND ELECTRONICS, INC.
CONDENSED STATEMENTS OF OPERATIONS
(In Thousands, Except Per Share Amounts)
(Unaudited)
For the Three Months For the Six Months
Ended June 30, Ended June 30,
2008 2007 2008 2007
Net sales $6,866 $8,099 $13,898 $17,398
Cost of sales 6,194 7,492 12,604 15,919
Gross profit 672 607 1,294 1,479
Operating expenses
General and administrative 577 716 1,193 1,346
Sales and marketing 353 279 693 531
Research and development 359 303 594 636
Total operating expenses 1,289 1,298 2,480 2,513
Operating loss (617) (691) (1,186) (1,034)
Other income (expense)
Interest expense (31) (93) (65) (173)
Other income, net - 2 11 15
Total other income (expense) (31) (91) (54) (158)
Loss before income taxes (648) (782) (1,240) (1,192)
Income tax benefit (expense) (117) 291 94 435
Net loss $(765) $(491) $(1,146) $(757)
Loss per common share:
Basic and diluted $(0.21) $(0.14) $(0.31) $(0.21)
Weighted-average number of
common shares outstanding:
Basic and diluted 3,649,541 3,600,856 3,645,141 3,600,603
Winland Electronics, Inc.
CONTACT: Thomas J. de Petra, President, Chief Executive Officer of Winland Electronics, Inc., +1-507-625-7231; or Cameron Donahue of Hayden Communications, +1-651-653-1854, for Winland Electronics, Inc.
Web site: http://www.winland.com/
Tucows Inc. reports financial results for the second quarter of 2008
TORONTO, Aug. 12 /PRNewswire-FirstCall/ -- Tucows Inc., a leading provider of Internet services to web hosting companies, ISPs and consumers worldwide, today reported its financial results for its second quarter ended June 30, 2008. All figures are in U.S. dollars.
"A number of positive trends this quarter keep us on track to grow revenue, profitability and cash flow in 2008," said Elliot Noss, President and CEO of Tucows. "We experienced increased domain name transaction volumes and we finalized our email platform migration, which will result in significantly decreased operating costs starting next quarter. In addition, our portfolio of high value domain names continued to make an impressive contribution. We note that the second quarter of 2007 included a large $3 million bulk sale of domain names."
Noss continued, "We continued to generate strong cash flow from operations during the quarter, assisting us to comfortably pay down debt by $7 million. We are confident that our continued ability to deliver strong cash flow from operations, as well as opportunities to divest non-core assets, will enable us to create additional value for shareholders and execute on our previously announced stock buyback program."
"We see growth opportunities in our wholesale channel with new services such as personal domain names and our upgraded email offering. We also plan to more aggressively target customers directly through our retail offering, which we will soon re-launch as Hover.com," concluded Noss.
Summary Financial Results
(Numbers in Thousands of US Dollars, Except Per Share Data)
-------------------------------------------------------------------------
3 Months 3 Months 6 Months 6 Months
Ended Ended Ended Ended
June 30, June 30, June 30, June 30,
2008 2007 2008 2007
-------------------------------------------------------------------------
Net Revenue $20,450 $20,815 $39,162 $38,586
-------------------------------------------------------------------------
EBITDA 3,689 4,572 4,194 6,544
-------------------------------------------------------------------------
Adjusted Net Income 1,779 4,686 2,732 7,128
-------------------------------------------------------------------------
Net (Loss)/Income 2,209 3,171 1,127 3,921
-------------------------------------------------------------------------
Net (Loss) Income/Share 0.03 0.04 0.02 0.05
-------------------------------------------------------------------------
Cash Flow from Operations 2,580 2,359 2,697 3,524
-------------------------------------------------------------------------
Summary of Revenue and Cost of Revenue
(Numbers in Thousands of US Dollars)
-------------------------------------------------------------------------
Revenue Cost of Revenue
-------------------------------------------------------------------------
Three Three Three Three
Months Months Months Months
Ended Ended Ended Ended
June 30, June 30, June 30, June 30,
2008 2007 2008 2007
-------------------------------------------------------------------------
Traditional Domain
Registration Services $13,269 $12,274 $10,505 $9,110
-------------------------------------------------------------------------
Domain Portfolio 1,873 3,606 181 158
-------------------------------------------------------------------------
Email Services 1,552 1,881 (24) 209
-------------------------------------------------------------------------
Retail Services 2,046 1,208 577 417
-------------------------------------------------------------------------
Other Services 1,711 1,845 421 413
-------------------------------------------------------------------------
Total $20,450 $20,815 $11,660 $10,307
-------------------------------------------------------------------------
Net revenue for the second quarter of fiscal 2008 was $20.5 million compared with $20.8 million for the second quarter of fiscal 2007. Revenue for the second quarter of fiscal 2007 included the atypically large sale of a block of domain names from the Company's portfolio of high value domain names in the amount of $3.0 million.
Adjusted net income for the second quarter of 2008 was $1.8 million, compared with $4.7 million for the corresponding quarter of last year. Net income was $2.2 million, or $0.03 per share, compared with $3.2 million, or $0.04 per share, for the second quarter of fiscal 2007.
Deferred revenue at the end of the second quarter of fiscal 2008 was $54.4 million, an increase of 11% from $49.0 million at the end of the second quarter of 2007 and an increase of 2% from $53.6 million at the end of the first quarter of fiscal 2008.
Cash and restricted cash at the end of the second quarter of fiscal 2008 was $2.9 million compared with $6.2 million at the end of the second quarter of fiscal 2007 and $7.5 million at the end of the first quarter of fiscal 2008. This decrease compared to the first quarter of this year is primarily the result of the repayment of the $6 million promissory note payable to the former shareholders of mailbank.com Inc., as well as payment of $1.4 million on the Company's bank loan. These uses of funds were partially offset by the $2.6 million of cash flow generated from operations, as well as $1.4 million generated through the sale of 14,000 hosting accounts to Hostopia.
EBITDA and Adjusted Net Income
To assist financial statement users in an assessment of the Company's historical performance and to project its future earnings and cash flows, the Company has included earnings before interest, taxes, depreciation and amortization (EBITDA). EBITDA is presented because it is an important supplemental measure of performance frequently used by securities analysts, investors and other interested parties in the evaluation of companies. Other companies may calculate EBITDA differently. EBITDA is not a measurement of financial performance under generally accepted accounting principles (GAAP) and should not be considered as an alternative to cash flow from operating activities or as a measure of liquidity or an alternative to Net Income as indicators of operating performance or any other measures of performance derived in accordance with (GAAP). Because EBITDA is calculated before recurring cash charges, including interest expense and taxes, and is not adjusted for capital expenditures or other recurring cash requirements of the business, it should not be considered as a measure of discretionary cash available to invest in the growth of the business. See the Consolidated Statements of Cash Flows included in the attached financial statements. As a non-GAAP performance measure, EBITDA, has certain material limitations as follows:
- It does not include interest expense. Because the Company has
borrowed money to finance some of its operations, interest is a
necessary part of the Company's costs and ability to generate
revenue. Therefore, any measure that excludes interest has material
limitations;
- It does not include depreciation and amortization expense. Because
the Company must utilize capital assets in order to generate
revenues, depreciation and amortization expense is a necessary and
ongoing part of the Company's costs. Therefore, any measure that
excludes depreciation and amortization expense has material
limitations; and,
- It does not include taxes. Because the payment of taxes is a
necessary and ongoing part of the Company's operations, any measure
that excludes taxes has material limitations.
Management compensates for these limitations by considering the economic effect of the excluded expense items independently as well as in connection with its analysis of net earnings.
Adjusted Net Income represents EBITDA plus the additional adjustments described in the table below. The adjustments reflect the material amount of cash collected by the Company for domain registrations and other Internet services paid for the full term at the time of activation, with the revenue deferred, net of prepaid fees. In addition, adjusted Net Income reflects earnings and expenses considered as non-representative of ongoing business for the reasons specified below. Each of the items being adjusted for may create certain material limitations in the use of Adjusted Net Income as a non-GAAP financial measure. Adjusted Net Income is one of the primary measures the Company uses for planning and budgeting purposes, incentive compensation and to monitor and evaluate Tucows' financial and operating results. Adjusted Net Income is not a measurement of financial performance under GAAP and should not be considered as an alternative to cash flow from operating activities or as a measure of liquidity or an alternative to net income as indicators of operating performance or any other measures of performance derived in accordance with generally accepted accounting principles. See the Consolidated Statements of Cash Flows included in the attached financial statements.
Conference Call
Tucows will host a conference call today, Tuesday, August 12, at 5:00 p.m. ET to discuss the Company's second quarter results. To access the conference call via the Internet go to http://tucowsinc.com/investors and click on "Financials."
For those unable to participate in the conference call at the scheduled time, it will be archived for replay both by telephone and via the Internet beginning approximately one hour following completion of the call. To access the archived conference call by telephone, dial 416-640-1917 or 1-877-289-8525 and enter the pass code 21278773 followed by the pound key. The telephone replay will be available until Tuesday, August 19, 2008 at midnight. To access the archived conference call as an MP3 via the Internet, go to http://tucowsinc.com/investors.
About Tucows
Tucows provides Internet services for web hosting companies and ISPs. Through our global network of over 9,000 service providers our OpenSRS group provides millions of email boxes and manages over eight million domains. Tucows is an accredited registrar with ICANN (the Internet Corporation for Assigned Names and Numbers). We hold a domain name portfolio of approximately 150,000 domain names that are available for sale, monetized through advertising and support our wholesale Personal Names Service. Our Retail division sells Tucows services to consumers and small business owners through Domain Direct, IYD (It's Your Domain) and NetIdentity. Tucows.com remains one of the most popular software download sites on the Internet. For more information please visit: http://tucowsinc.com/.
This release may contain forward-looking statements, relating to the Company's operations or to the environment in which it operates, which are based on Tucows Inc.'s operations, estimates, forecasts and projections. These statements are not guarantees of future performance and are subject to important risks, uncertainties and assumptions concerning future conditions that may ultimately prove to be inaccurate or differ materially from actual future events or results. A number of important factors could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Consequently, investors should not place undue reliance on these forward-looking statements, which are based on Tucows Inc.'s current expectations, estimates, projections, beliefs and assumptions. These forward-looking statements speak only as of the date of this presentation and are based upon the information available to Tucows Inc. at this time. Tucows Inc. disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Tucows Inc.
Consolidated Balance Sheets
(Dollar amounts in U.S. dollars)
(unaudited)
June 30 December 31,
2008 2007
------------- -------------
Assets
Current assets:
Cash and cash equivalents $ 2,947,069 $ 8,093,476
Accounts receivable 3,138,257 3,422,180
Prepaid expenses and deposits 3,237,366 3,132,129
Prepaid domain name registry and other
Internet services fees, current portion 28,479,571 25,473,465
Cash held in escrow 1,083,397 1,070,632
Deferred tax asset, current portion 500,000 500,000
------------- -------------
Total current assets 39,385,660 41,691,882
Prepaid domain name registry and other
Internet services fees, long-term portion 11,466,553 10,765,862
Property and equipment 4,887,720 4,963,311
Deferred financing charges 102,000 128,200
Deferred tax asset, long-term portion 2,500,000 2,500,000
Intangible assets 20,991,504 22,150,738
Goodwill 17,490,807 17,490,807
Investment 353,737 353,737
------------- -------------
Total assets $ 97,177,981 $100,044,537
------------- -------------
------------- -------------
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $ 3,329,112 $ 2,689,346
Accrued liabilities 2,627,816 3,289,087
Customer deposits 3,286,783 3,267,784
Promissory note payable - 6,000,000
Loan payable, current portion 1,914,242 1,914,242
Deferred revenue, current portion 38,354,640 35,465,584
Accreditation fees payable, current portion 510,900 483,090
------------- -------------
Total current liabilities 50,023,493 53,109,133
Deferred revenue, long-term portion 16,036,242 15,147,644
Accreditation fees payable, long-term portion 187,655 181,345
Loan payable, long-term portion 4,902,246 6,859,366
Deferred tax liability 5,396,000 5,396,000
Stockholders' equity:
Preferred stock - no par value, 1,250,000
shares authorized; none issued and
outstanding - -
Common stock - no par value, 250,000,000
shares authorized; 73,923,542 shares issued
and outstanding at June 30, 2008 and
73,888,542 shares issued and outstanding at
December 31, 2007 15,368,310 15,350,915
Additional paid-in capital 48,674,568 48,537,313
Deficit (43,410,533) (44,537,179)
------------- -------------
Total stockholders' equity 20,632,345 19,351,049
------------- -------------
Total liabilities and stockholders' equity $ 97,177,981 $100,044,537
------------- -------------
------------- -------------
Tucows Inc.
Consolidated Statements of Operations
(Dollar amounts in U.S. dollars)
(unaudited)
Three months ended June 30, Six months ended June 30,
2008 2007 2008 2007
------------- ------------- ------------- -------------
Net revenues $ 20,450,329 $ 20,814,881 $ 39,161,536 $ 38,586,098
Cost of revenues:
Cost of
revenues* 13,663,097 12,198,808 26,813,029 23,431,597
Depreciation of
property and
equipment 816,260 985,430 1,642,097 1,795,096
Amortization of
intangible assets 31,941 63,540 105,398 127,072
------------- ------------- ------------- -------------
Total cost of
revenues 14,511,298 13,247,778 28,560,524 25,353,765
------------- ------------- ------------- -------------
Gross profit 5,939,031 7,567,103 10,601,012 13,232,333
Expenses:
Sales and
marketing* 1,730,736 1,480,078 3,426,868 2,824,522
Technical
operations and
development* 1,573,741 1,752,693 3,139,595 3,564,972
General and
administrative* 1,326,218 810,872 3,121,083 2,309,641
Depreciation of
property and
equipment 58,861 68,267 119,931 129,791
Amortization of
intangible assets 376,954 222,741 762,115 456,042
------------- ------------- ------------- -------------
Total expenses 5,066,510 4,334,651 10,569,592 9,284,968
------------- ------------- ------------- -------------
Income (loss) from
operations 872,521 3,232,452 31,420 3,947,365
Other income
(expenses):
Interest income
(expense), net (166,421) (49,297) (376,405) (90,946)
Other income, net 1,532,765 - 1,532,765 88,431
------------- ------------- ------------- -------------
Total other
income
(expense) 1,366,344 (49,297) 1,156,360 (2,515)
------------- ------------- ------------- -------------
Income before
provision for
income taxes 2,238,865 3,183,155 1,187,780 3,944,850
Provision for
income taxes 30,000 12,000 61,134 24,000
------------- ------------- ------------- -------------
Net income for
the period $ 2,208,865 $ 3,171,155 $ 1,126,646 $ 3,920,850
------------- ------------- ------------- -------------
------------- ------------- ------------- -------------
Basic earnings per
common share $ 0.03 $ 0.04 $ 0.02 $ 0.05
------------- ------------- ------------- -------------
------------- ------------- ------------- -------------
Shares used in
computing basic
earnings per
common share 73,899,695 74,447,018 73,894,119 74,950,621
------------- ------------- ------------- -------------
------------- ------------- ------------- -------------
Diluted earnings
per common share $ 0.03 $ 0.04 $ 0.01 $ 0.05
------------- ------------- ------------- -------------
------------- ------------- ------------- -------------
Shares used in
computing diluted
earnings per
common share 75,348,108 77,375,096 75,439,926 77,633,136
------------- ------------- ------------- -------------
------------- ------------- ------------- -------------
* Stock-based
compensation
has been
included in
expenses as
follows:
Cost of
revenues $ 4,800 $ 4,400 $ 9,100 $ 6,900
Sales and
marketing $ 13,000 $ 25,500 $ 31,300 $ 39,700
Technical
operations
and
develop-
ment $ 8,000 $ 23,300 $ 28,700 $ 43,400
General and
adminis-
trative $ 47,200 $ 58,300 $ 76,100 $ 84,200
Tucows Inc.
Reconciliation of EBITDA and Adjusted Net Income
(Dollar amounts in U.S. dollars)
(unaudited)
Three months ended June 30, Six months ended June 30,
2008 2007 2008 2007
------------- ------------- ------------- -------------
Net income for
the period $ 2,208,865 $ 3,171,155 $ 1,126,646 $ 3,920,850
Depreciation of
property and
equipment 875,121 1,053,697 1,762,028 1,924,887
Amortization of
intangible
assets 408,895 286,281 867,513 583,114
Interest income
(expense), net 166,421 49,297 376,405 90,946
Provision for
income taxes 30,000 12,000 61,134 24,000
------------- ------------- ------------- -------------
EBITDA 3,689,302 4,572,430 4,193,726 6,543,797
------------- ------------- ------------- -------------
Adjustments to
EBITDA(1)
Change in
prepaid domain
name registry
and other
Internet
services fees (1,176,196) (771,898) (3,706,797) (2,752,551)
Change in deferred
revenue 798,720 979,595 3,777,654 3,876,520
Dividend income (176,861) - (176,861) (88,431)
Reversal of
contingencies - (93,749) - (451,249)
Sale of customer
relationships (1,121,065) - (1,121,065) -
Other Income (234,839) - (234,839) -
------------- ------------- ------------- -------------
Subtotal Adjustments
to EBITDA (1,910,241) 113,948 (1,461,908) 584,289
------------- ------------- ------------- -------------
Adjusted Net
Income $ 1,779,061 $ 4,686,378 $ 2,731,818 $ 7,128,086
------------- ------------- ------------- -------------
------------- ------------- ------------- -------------
(1) Adjustments to EBITDA
We define Adjusted EBITDA as net income adjusted for depreciation, amortization, interest, taxes and further adjusted for certain cash and non- cash charges.
Consolidated Statements of Cash Flows
(Dollar amounts in U.S. dollars)
(unaudited)
Three months ended June 30, Six months ended June 30,
2008 2007 2008 2007
------------- ------------- ------------- -------------
Cash provided by
(used in):
Operating
activities:
Net income or
the period $ 2,208,865 $ 3,171,155 $ 1,126,646 $ 3,920,850
Items not
involving
cash:
Depreciation of
property and
equipment 875,121 1,053,697 1,762,028 1,924,887
Amortization of
deferred
financing
charges 12,700 - 26,200 -
Amortization of
intangible
assets 408,895 286,281 867,513 583,114
Gain on sale of
customer
relationships (1,121,065) - (1,121,065) -
Unrealized
change in the
fair value of
forward exchange
contracts (225,640) (885,652) 29,793 (1,102,441)
Stock-based
compensation 73,000 111,500 145,200 174,200
Change in non-cash
operating working
capital:
Accounts
receivable 350,043 (211,028) 283,923 (1,063,651)
Prepaid expenses
and deposits (244,926) (310,274) (105,237) (1,037,510)
Prepaid fees for
domain name
registry and
other Internet
services fees (1,176,196) (771,898) (3,706,797) (2,752,551)
Accounts payable 682,896 (337,450) 249,069 (745,587)
Accrued
liabilities (159,226) (216,318) (691,064) 432,821
Customer deposits 119,589 (195,342) 18,999 (370,466)
Deferred revenue 798,720 979,595 3,777,654 3,876,520
Accreditation
fees payable (22,696) (315,320) 34,120 (316,028)
------------- ------------- ------------- -------------
Net cash provided
by operating
activities 2,580,080 2,358,946 2,696,982 3,524,158
------------- ------------- ------------- -------------
Financing activities:
Proceeds received
on exercise of
stock options 9,450 85,272 9,450 186,343
Repurchase of
shares - (1,119,455) - (2,446,955)
Repayment of
promissory note
and loan
payable (7,478,560) - (7,957,120) -
------------- ------------- ------------- -------------
Net cash used in
financing
activities (7,469,110) (1,034,183) (7,947,670) (2,260,612)
------------- ------------- ------------- -------------
Investing activities:
Cost of domain
names acquired (2,524) 10,303 (8,944) (18,425)
Additions to
property and
equipment (1,084,209) (1,690,523) (1,295,740) (2,893,153)
Decrease in
restricted cash
- being margin
security against
forward exchange
contracts - 257,785 - 509,423
Acquisition of
Hosted Messaging
Assets from
Critical Path
Inc., net of cash
acquired - - - (90,050)
Acquisition of
Boardtown
Corporation, net
of cash acquired - (4,900) - (4,900)
Sale of customer
relationships 1,421,730 - 1,421,730 -
(Decrease) increase
in cash held in
escrow (5,366) - (12,765) 694,579
------------- ------------- ------------- -------------
Net cash provided
by (used in)
investing
activities 329,631 (1,427,335) 104,281 (1,802,526)
------------- ------------- ------------- -------------
Decrease in cash
and cash
equivalents (4,559,399) (102,572) (5,146,407) (538,980)
Cash and cash
equivalents,
beginning of
period 7,506,468 5,819,984 8,093,476 6,256,392
------------- ------------- ------------- -------------
Cash and cash
equivalents, end
of period $ 2,947,069 $ 5,717,412 $ 2,947,069 $ 5,717,412
------------- ------------- ------------- -------------
------------- ------------- ------------- -------------
Supplemental cash
flow information:
Interest paid $ 192,900 $ 105,000 $ 452,237 $ 210,000
Supplementary
disclosure of
non-cash investing
activity:
Capital assets
acquired during
the period not
yet paid for $ 663,767 $ 163,169 $ 663,767 $ 163,169
Tucows Inc.
CONTACT: Company Contact: Leona Hobbs, Director, Communications, Tucows Inc., (416) 538-5450, ir@tucows.com; Investor Contact: Todd Kehrli or Mary Magnani, MKR Group, (323) 468-2300, tcx@mkr-group.com
ICOP Digital Reports Results for Second Quarter 2008Investor Teleconference and Webcast to Begin at 4:15 PM ET
LENEXA, Kan., Aug. 12 /PRNewswire-FirstCall/ -- ICOP Digital, Inc. , an industry-leading company engaged in advancing digital surveillance solutions, today announced its operational and financial results for the three and six months ended June 30, 2008. ICOP will host a teleconference today beginning at 4:15 PM Eastern, and invites all interested parties to join management in a discussion regarding the Company's second quarter financial results, corporate progression and other meaningful developments.
The conference call can be accessed via telephone by dialing toll free 1-800-218-4007 or via the web at http://www.icop.com/investorfaqs.htm. For those unable to participate at that time, a replay of the webcast will be available for 90 days at http://www.icop.com/ .
Key Operational Highlights:
-- During the first six months of 2008, ICOP responded to 58 Request for Proposals for digital in-car video systems; of the 21 contracts awarded thus far, ICOP has won 12, representing a 57% closing ratio.
-- Approximately 1,000 ICOP Model 20/20(R)-W units were shipped to over 210 law enforcement agencies in the first half of this year.
-- In the second quarter of 2008, purchase orders from existing customers engaged in fleet deployments rose to 62% from 51% during the second quarter 2007.
-- ICOP processed its first orders from major and metropolitan agencies in Illinois, Kansas, North Carolina, South Carolina, Tennessee, Utah and Washington during the three months ended June 30, 2008.
-- Following a three month, national, multi-agency field test that commenced in March 2008, ICOP announced the commercial availability of ICOP LIVE(TM) during the second quarter of 2008. ICOP LIVE is a proprietary wireless, audio and video streaming solution designed to provide real-time situational awareness to first responders, emergency managers and crisis coordinators.
-- ICOP expanded its network of independent dealers and distributors actively marketing ICOP's product and solutions in the first six months of 2008.
According to Dave Owen, Chairman and CEO of ICOP, "Strategic decisions made in late 2007 to restructure our direct and indirect sales teams to enhance our Company's market penetration efforts have begun to take hold. By refocusing our regional sales managers on nurturing significant sales opportunities with major and metropolitan agencies, and concentrating our independent channel on winning contract deployments with small and mid-sized agencies across the country, we believe we have found the right formula for long term success."
Continuing, Owen stated, "There are a number of key inflection points that we expect will trigger dynamic sales growth for ICOP in the second half of this year. They include order flow from new customers in the international market place; continued sales to major metro, state and federal agencies; redefinition of the competitive landscape; new strategic partnerships with Fortune 500 companies; industry adoption of ICOP LIVE; and successful penetration into the school bus and transit markets."
Financial highlights for the six months ended June 30, 2008 compared to the six months ended June 30, 2007:
-- Revenues grew 18% to $5.6 million, up from $4.8 million.
-- Total operating expenses increased 9% to $4.9 million from $4.4
million. The increase was largely attributable to the expansion of
ICOP's engineering and customer support teams offset by a 48% decrease
in costs relating to research and development.
-- Adjusted EBITDA rose to $(2.2) million, a 34% increase over Adjusted
EBITDA of $(1.7) million posted for the comparable six months in the
prior year.
-- Net loss totaled $2.7 million, or $0.37 per basic and diluted share,
compared to a net loss of $2.1 million, or $0.30 per basic and diluted
share.
Financial highlights for the three months ended June 30, 2008 compared to the three months ended June 30, 2007:
-- Revenues totaled $2.8 million, a 12% increase over $2.5 million.
-- Total operating expenses rose 8% to $2.5 million from $2.4 million.
-- Adjusted EBITDA was $(1.2) million, a 29% increase when compared to
Adjusted EBITDA of $(909,000) reported for the same three months in
2007.
-- Net loss was $1.4 million, or $0.19 per basic and diluted share,
compared to $1.1 million, or $0.16 per basic and diluted share, for the
same three months of 2007.
As of June 30, 2008, the Company had $1.8 million in cash; accounts receivables of $1.4 million; $4.8 million in inventory and net working capital of $5.7 million. Total shareholders' equity was $8.1 million.
Adjusted EBITDA is defined as operating loss excluding depreciation and amortization and stock-based compensation expenses. While depreciation and amortization are considered operating costs under U.S. GAAP, these expenses primarily represent a non-cash current period allocation of costs associated with long-lived assets acquired in prior periods. Similarly, the expense recorded for stock-based compensation does not represent a current or future period cash cost.
We believe that Adjusted EBITDA is an important measure of operating performance, leverage capacity, its ability to service its debt, and its ability to make capital expenditures for its stockholders. These calculations are commonly used as a basis for investors, analysts and credit rating agencies to evaluate and compare the operating performance and value of companies within the digital surveillance industry.
Management believes the use of this non-U.S. GAAP measure provides a useful basis for evaluating underlying business unit performance, but should not be considered in isolation and is not a substitute for evaluating business unit performance utilizing U.S. GAAP financial information. Management uses non-U.S. GAAP measures in its budgeting and forecasting processes and to further analyze its financial trends and "operational run-rate," as well as making financial comparisons to prior periods presented on a similar basis. The Company believes that providing such adjusted results allows investors and other users of ICOP's financial statements to better understand ICOP's recurring comparative operating performance for the periods presented.
ICOP's management uses non-U.S. GAAP financial measures, such as Adjusted EBITDA, in its own evaluation of the Company's performance, particularly when comparing performance to past periods. ICOP's non-U.S. GAAP measures may differ from similar measures by other companies, even if similar terms are used to identify such measures. Although ICOP's management believes non-U.S. GAAP measures are useful in evaluating the performance of its business, ICOP acknowledges that items excluded from such measures may have a material impact on the Company's income from operations, pretax income, net income and earnings per share calculated in accordance with U.S. GAAP. Therefore, management typically uses non-U.S. GAAP measures in conjunction with U.S. GAAP results. Investors and users of our financial information should also consider the above factors when evaluating ICOP's results.
The attached schedule provides a full reconciliation of this non-U.S. GAAP financial measure to the most directly comparable corresponding U.S. GAAP financial measure.
ICOP DIGITAL, INC.
Condensed Balance Sheet (Unaudited)
June 30, 2008 December 31, 2007
Assets (unaudited)
Current Assets
Cash $1,846,821 $3,166,213
Accounts receivable, net of
allowance for doubtful accounts
of $90,000 at June 30, 2008 and
$114,000 at December 31, 2007 1,435,778 2,915,897
Inventory, at cost 4,811,523 4,393,348
Prepaid expenses 260,382 252,753
Total current assets 8,354,504 10,728,211
Property and equipment, at cost, net
of accumulated depreciation of
$983,827 at June 30, 2008 and
$706,819 at December 31, 2007 2,229,521 1,359,630
Other Assets:
Investment, at cost 25,000 25,000
Deferred patent costs 87,621 87,621
Deposits 18,258 18,258
Total Assets $10,714,904 $12,218,720
Liabilities and Shareholders' Equity
Current Liabilities:
Accounts payable $505,261 $735,382
Accrued liabilities 640,103 553,105
Line of credit 350,000 -
Note payable 780,000 -
Unearned revenue 377,299 359,937
Total current liabilities 2,652,663 1,648,424
Contingencies
Shareholders' Equity:
Preferred stock, no par value;
5,000,000 shares authorized, no
shares issued and outstanding - -
Common stock, no par value;
50,000,000 shares authorized,
issued and outstanding 7,462,937
shares at June 30, 2008 and
7,455,054 at December 31, 2007 29,941,472 29,710,064
Accumulated other comprehensive
(loss) gain 2,350 7,729
Accumulated deficit (21,881,581) (19,147,497)
Total Shareholders' Equity 8,062,241 10,570,296
Total Liabilities and Shareholders'
Equity $10,714,904 $12,218,720
ICOP DIGITAL, INC.
Condensed Statements of Operations (Unaudited)
Three Months Six Months
Ended Ended
June 30, June 30,
2008 2007 2008 2007
Sales, net of returns $2,830,625 $2,529,025 $5,645,948 $4,801,193
Cost of sales 1,719,385 1,397,717 3,508,799 2,643,898
Gross profit 1,111,240 1,131,308 2,137,149 2,157,295
Operating expenses:
Selling, general and
administrative 2,281,508 1,831,700 4,351,746 3,455,748
Research and
development 265,678 530,121 512,033 989,072
Total operating
expenses 2,547,186 2,361,821 4,863,779 4,444,820
Loss from operations (1,435,946) (1,230,513) (2,726,630) (2,287,525)
Other income
(expenses):
Foreign currency
translation - 3,360 - 11,691
Interest income 7,711 63,493 24,899 130,611
Interest expense (16,673) - (27,070) (8,336)
Loss on disposal of
property and
equipment - - (5,283) -
Other income - 15,000 - 15,000
Loss before income
taxes (1,444,908) (1,148,660) (2,734,084) (2,138,559)
Income tax provision - - - -
Net loss $(1,444,908) $(1,148,660) $(2,734,084) $(2,138,559)
Basic and diluted loss
per share $(0.19) $(0.16) $(0.37) $(0.30)
Basic and diluted
weighted average
common shares
outstanding 7,462,937 7,246,651 7,445,647 7,239,732
ICOP Digital, Inc.
Reconciliation of Operating Loss to Adjusted EBITDA
(unaudited)
Three Months Six Months
Ended Ended
June 30, June 30,
2008 2007 2008 2007
Operating Loss $(1,435,946) $(1,230,513) $(2,726,630) $(2,287,525)
Add: Depreciation and
amortization 165,606 66,000 293,431 137,107
Add: Share-based
compensation 100,000 255,698 205,000 490,298
Earnings before
interest, taxes,
depreciation,
amortization and
share-based
compensation
(Adjusted EBITDA) $(1,170,340) $(908,815) $(2,228,199) $(1,660,120)
About ICOP Digital, Inc.
ICOP Digital, Inc. operates on the core principle that 'without local security, there is no national security.' It endeavors to protect people, assets and profits for communities with innovative, mission- critical security, surveillance and communication solutions. The Company engineers, manufactures and markets mobile and stationary surveillance products for use in the public and private sectors, and facilitates the delivery of live video to first responders. (GSA Contractor)
The ICOP Model 20/20(R)-W, ICOP's flagship, award-winning product, is the leading digital in-car video recorder system for law enforcement. ICOP LIVE(TM) delivers live streaming video to and from first responder vehicles and headquarters, empowering first responders with enhanced real-time situational awareness and actionable intelligence, optimizing the outcome of a crisis. ICOP LIVE delivers live video wirelessly to first responders over any wireless network and to multiple internet enabled Windows(R) devices simultaneously. The ICOP Model 4000(TM), ICOP's newest advanced surveillance solution, is the next generation transit/rail DVR system. The ICOP Model 4000 uses less power than traditional DVR's, which means less heat and translates into a more reliable unit with less downtime. In addition, the ICOP Model 4000 boasts many advanced and innovative features and capabilities, such as wireless file uploading and wireless video streaming, among many others. For more information, please view the following video presentations at http://www.icopdigital.com/why_icop.html and http://www.icop.com/veil.html, or visit http://www.icop.com/ .
Safe Harbor Statement
This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are subject to risks and uncertainties that could cause actual results to vary materially from those projected in the forward-looking statements. The Company may experience significant fluctuations in future operating results due to a number of economic, competitive, and other factors, including, among other things, our reliance on third-party manufacturers and suppliers, government agency budgetary and political constraints, new or increased competition, changes in market demand, and the performance or reliability of our products. These factors and others could cause operating results to vary significantly from those in prior periods, and those projected in forward-looking statements. Additional information with respect to these and other factors, which could materially affect the Company and its operations, are included in certain forms the Company has filed with the Securities and Exchange Commission.
For more information, contact: For ICOP Investor/Media Relations:
Laura E. Owen, COO and President Elite Financial Communications Group /
16801 West 116th Street Elite Media Group
Lenexa, KS 66219 USA Dodi Handy, President and CEO
Phone: (913) 338-5550 Phone: (407) 585-1080
Fax: (913) 312-0264 ICOP@efcg.net
Lowen@ICOP.com
http://www.icop.com/
ICOP Digital, Inc.
CONTACT: Laura E. Owen, COO and President of ICOP Digital, Inc., +1-913-338-5550, Fax, +1-913-312-0264, Lowen@ICOP.com; For Investor-Media Relations: Dodi Handy, President and CEO, Elite Financial Communications Group-Elite Media Group, +1-407-585-1080, ICOP@efcg.net
Web site: http://www.icop.com/
Sonic Solutions Reports Financial Results for First Fiscal Quarter Ended June 30, 2008Updates Guidance
NOVATO, Calif., Aug. 12 /PRNewswire-FirstCall/ -- Sonic Solutions(R) today announced financial results for the first fiscal quarter ended June 30, 2008:
Summary Financial Results
(in thousands, except per share amounts)
Three Months Ended June 30,
2008 2008 2007 2007
(GAAP) (Non-GAAP) (GAAP) (Non-GAAP)
(unaudited) (unaudited) (unaudited)(unaudited)
Net revenue $30,114 $30,114 $30,111 $30,111
Gross profit $22,408 $23,594 $22,183 $23,379
Net income (loss) $(3,640) $(2,253) $(1,957) $76
Net income (loss) per share $(0.14) $(0.09) $(0.07) $0.00
Non-GAAP Presentation
To supplement our consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles ("GAAP"), we also present certain non-GAAP information in order to provide the following non-GAAP financial measures: non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income, non-GAAP operating margin, non-GAAP net income and non-GAAP net income per share. Our non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures but should be considered in addition to and in conjunction with results presented in accordance with GAAP, and are intended to provide additional insight into our operations that, when viewed with our GAAP results and the accompanying reconciliations to the corresponding GAAP financial measures, offers a more complete understanding of factors and trends affecting our business. Our non-GAAP presentation should be read in conjunction with our consolidated financial statements prepared in accordance with GAAP. We believe these non-GAAP financial measures are useful to investors because (1) they allow for greater transparency with respect to key metrics we use in our financial and operational decision making and (2) they are used by some of our institutional investors and the analyst community to help them analyze our operational results. The non-GAAP disclosure and the non-GAAP adjustments, including the basis for such adjustment and the impact on our operations, are outlined below.
Acquisition-Related Intangible Amortization
Under purchase accounting rules, some portion of an acquisition purchase price is allocated to intangibles, such as core and developed technology and customer contracts, which are then amortized over various periods of time. The GAAP presentation includes amortization on all acquired intangibles from prior transactions we have consummated. We have excluded the effect of amortization of acquired intangibles from our non-GAAP gross margin and net income. Amortization of acquired intangible assets expense is inconsistent in amount and frequency and is significantly affected by the timing and size of our various acquisitions. Further, the amortization expense on acquired intangibles does not result in ongoing cash expenditures, and, in management's view, does not otherwise have a material impact on our ongoing business operations. Investors should note that the use of acquired intangible assets contributed to revenues earned during the periods presented and will continue to contribute to future period revenues. This amortization expense will recur in future periods.
Share-Based Compensation Expense Adjustment
We have excluded the effect of our share-based compensation expense from our non-GAAP operating expenses and net income as this provides our management with an important tool for financial and operational decision making and for evaluating our own recurring core business operating results over different periods of time. Because of varying available valuation methodologies, subjective assumptions and the variety of award types that companies may use under SFAS No.123R, we believe that providing non-GAAP financial measures that exclude this share-based compensation expense allows investors and analysts to make meaningful comparisons between our ongoing core business operating results with those of other companies. Share-based compensation has been a significant non-cash recurring expense in our business and has been used as a key incentive offered to our employees. We believe such compensation contributed to the revenues earned during the periods presented and also believe it will contribute to the generation of future period revenues. Share-based compensation expense will recur in future periods.
Stock Option Review Expense Adjustment
We have excluded the effect of our stock option review expenses from our non-GAAP operating expenses and net income, as this provided our management with an important tool for financial and operations decision making and for evaluating our own recurring core business operating results over different periods of time. The expenses associated with our stock option review, which include all professional expenses incurred with the review, were significant. We believe that providing non-GAAP financial measures that exclude this stock option review expense allows investors and analysts to make meaningful comparisons of our ongoing core business operating results. Stock option review expense will continue to recur in future periods until all matters associated with the review have been completed.
Restructuring Expense Adjustment
We have excluded the effect of our restructuring expense from our non-GAAP operating expense, operating income and net income. These expenses were primarily associated with the restructuring actions announced on June 30, 2008. As these expenses were in direct association with the recently announced restructuring, we believe that providing non-GAAP financial measures that exclude this restructuring expense allows investors and analysts to make meaningful comparisons of our ongoing core business operating results.
We believe our non-GAAP presentation is useful to investors for the reasons described above, and because such presentation offers investors a better understanding of our core business operating results and budget planning decisions. Management uses these non-GAAP measures internally to plan and forecast future periods, to establish operational goals, to compare with its business plan and individual operating budgets and to allocate resources. The effects of our decision to provide the non-GAAP financial measures is a decrease in net loss of $0.09 per fully diluted share for the first fiscal quarter ended June 30, 2008. Material limitations associated with the use of the non-GAAP financial measures versus the comparable GAAP measures are (a) the non-GAAP measures provide a view of our earnings that does not include all of our expense obligations for the period in question, and (b) this may not enhance the comparability of our results to those of other companies who have treated such matters differently. We compensate for these limitations by providing full disclosure of the effects of these non- GAAP measures, by presenting the corresponding treatment prepared in conformity with GAAP in this release and in our financial statements and by providing a reconciliation to the corresponding GAAP measures so that investors can use the information to perform their own analysis.
Guidance
For the second fiscal quarter ending September 30, 2008, the Company's management anticipates net revenue will be $30 million or more. Cost of revenue, excluding expenses related to the amortization of intangibles and share-based compensation, will be up slightly on a sequential basis due to the September launch of the Company's new version of Easy Media Creator(R) software. Operating expenses, excluding share-based compensation, costs associated with additional restructuring and costs associated with the completion of the Company's stock option review are estimated to be approximately $25.5 million. This will result in a net loss for the quarter of approximately $(1.3) million or $(0.05) per share. The Company believes that it will become profitable in the second half of fiscal year 2009 and that, by the fourth quarter, operating margins should approach 20% and should generate at least $7 million in EBITDA, assuming favorable conditions.
Call Details
Sonic will conduct a conference call at 1:30 p.m. PDST, or 4:30 p.m. EDT, today to discuss its preliminary financial results for the first fiscal quarter ended June 30, 2008. Investors are invited to listen to Sonic's quarterly conference call on the investor section of Sonic's website at http://www.sonic.com/. A replay of the web cast will be available shortly after the conclusion of the call. An audio replay of the conference call will also be made available shortly after the conclusion of the call. The audio replay will remain available until midnight PDT August 15, 2008, and can be accessed by dialing 888-203-1112 (for domestic callers) or 719-457-0820 (for international callers) and entering the passcode 5392414.
Sonic Solutions
Consolidated Statements of Operations
(In thousands, except per share amounts)
(unaudited)
Three Months Ended
June 30,
2008 2007
Net revenue $30,114 $30,111
Cost of revenue 7,706 7,928
Gross profit 22,408 22,183
Operating expenses:
Marketing and sales 9,800 8,641
Research and development 11,680 11,646
General and administrative 6,721 6,047
Restructuring 1,275 -
29,476 26,334
Operating loss (7,068) (4,151)
Other income (expense), net (133) 341
Loss before income taxes (7,201) (3,810)
Provision (benefit) for income taxes (3,561) (1,853)
Net loss $(3,640) $(1,957)
Net loss per share:
Basic $(0.14) $(0.07)
Diluted $(0.14) $(0.07)
Shares used in computing net (loss
per share:
Basic 26,443 26,197
Diluted 26,443 26,197
Sonic Solutions
Consolidated Balance Sheets
(In thousands, except share amounts)
June 30, March 31,
2008 2008 (1)
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents $52,923 $61,955
Restricted cash and cash equivalents 455 454
Short-term investments 900 1,050
Accounts receivable, net of
allowances of $2,787 and $3,901 at
June 30, 2008 and March 31, 2008,
respectively 13,971 15,773
Inventory 808 1,198
Deferred tax benefits 13,956 13,920
Prepaid expenses and other current assets 7,066 4,917
Total current assets 90,079 99,267
Fixed assets, net 3,288 2,959
Purchased and internally developed
software costs, net 604 704
Goodwill 59,256 55,456
Acquired intangibles, net 36,786 35,502
Deferred tax benefits, net 14,632 14,642
Other assets 1,710 1,519
Total assets $206,355 $210,049
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $6,635 $6,118
Accrued expenses and other current
liabilities 27,445 29,467
Deferred revenue 7,377 6,854
Capital lease 121 -
Bank note payable 20,000 20,000
Total current liabilities 61,578 62,439
Other long term liabilities, net of
current portion 2,937 2,943
Capital lease, net of current portion 249 -
Deferred revenue, net of current
portion 101 65
Total liabilities 64,865 65,447
Commitments and contingencies
Shareholders' equity:
Common stock, no par value,
100,000,000 shares authorized;
26,503,602 and 26,383,277 shares
issued and outstanding at June 30,
2008 and March 31, 2008, respectively 163,827 163,251
Accumulated other comprehensive loss (1,745) (1,697)
Accumulated deficit (20,592) (16,952)
Total shareholders' equity 141,490 144,602
Total liabilities and shareholders'
equity $206,355 $210,049
(1) The consolidated balance sheet at March 31, 2008 has been derived
from the Company's audited consolidated financial statements included
in the Company's 2008 Annual Report on Form 10-K.
Sonic Solutions
Reconciliation of Selected GAAP Measures to Non-GAAP Measures
First Quarter Ended June 30, 2008
(In thousands, except per share amounts - unaudited)
Three Months Ended
June 30, June 30, June 30, June 30,
2008 2008 2007 2007
GAAP Adj. Non-GAAP GAAP Adj. Non-GAAP
Net revenue $30,114 $- $30,114 $30,111 $- $30,111
Cost of revenue 7,706 (1,186) 6,520 7,928 (1,196) 6,732
Acquisition-related
intangible
amortization 1,186 (1,186) - 1,196 (1,196) -
Gross profit 22,408 1,186 23,594 22,183 1,196 23,379
Gross margin 74% 78% 74% 78%
Operating expenses 29,476 (2,260) 27,216 26,334 (2,741) 23,593
Share-based
compensation
expense (2) 521 (521) - 484 (484) -
Stock option review
expense (3) 464 (464) - 2,257 (2,257) -
Restructuring
expense (4) 1,275 (1,275) - - - -
Operating income
(loss) (7,068) 3,446 (3,622) (4,151) 3,937 (214)
Operating margin -23% -12% (14)% -1%
Other income
(expense), net (133) - (133) 341 - 341
Income (loss) before
income taxes (7,201) 3,446 (3,755) (3,810) 3,937 127
Provision (benefit)
for income taxes * (3,561) 2,059 (1,502) (1,853) 1,904 51
Net income (loss) $(3,640) $1,387 $(2,253) $(1,957) $2,033 $76
Net income (loss)
per share:
Basic $(0.14) $(0.09) $(0.07) $0.00
Diluted $(0.14) $(0.09) $(0.07) $0.00
Shares used in
computing net
income (loss)
per share:
Basic 26,443 26,443 26,197 26,197
Diluted 26,443 6,443 26,197 27,206
(2)Share-based
compensation expense
consists of:
Marketing and
sales $313 $242
Research and
development $57 $168
General and
administrative $151 $74
$521 $484
(3) Stock option review expense is included in General and Administrative
expense on a GAAP basis.
(4)Restructuring expense is included as a separate line item in
operating expense on a GAAP basis.
* Tax adjustment calculated by applying first quarter ended June 30, 2008
effective tax rate of 40%.
About Sonic Solutions
Sonic Solutions (Nasdaq: SNIC; http://www.sonic.com/) enables the creation, management, and enjoyment of digital media content through its Hollywood to Home(TM) products, services, and technologies. Sonic's products range from the advanced authoring systems used to produce Hollywood DVD and Blu-ray Disc titles to the award-winning Roxio-branded photo, video, music, and digital- media management applications. Sonic's patented technologies and AuthorScript(R) media engine are relied upon by leading technology firms to define rich media experiences on a wide array of consumer electronics, mobile devices, set-top players, retail kiosks, and PCs. Always an innovator, Sonic has taken a leading role in helping professional and consumer markets make the successful transition to the new high-definition media formats and, through the Qflix(TM) platform, Sonic is defining new models for the digital distribution of Hollywood entertainment. Sonic Solutions is headquartered in Marin County, California.
Sonic, the Sonic logo, Sonic Solutions, AuthorScript, Hollywood to Home, Qflix, and Roxio are trademarks or registered trademarks of Sonic Solutions in the United States and/or other countries. All other company or product names are trademarks of their respective owners and, in some cases, are used by Sonic Solutions under license.
Forward-Looking Statements
This press release and Sonic's earnings conference call for the first quarter ended June 30, 2008 contain forward-looking statements that are based upon current expectations. Such forward-looking statements include expectations regarding revenue, income, expenses, capitalization and other guidance for the quarter ending September 30, 2008; views regarding opportunities presented by the "download and burn" and online services business models; Sonic's ability to strengthen relationships with end-users; the evolution of, and opportunities for Sonic arising from, next-generation high-definition formats and channels; future market opportunities; and the potential impact of pending litigation in which Sonic, its directors, and/or its executive officers may be involved.
These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Important factors that could cause such differences include, but are not limited to, the timely introduction and acceptance of new products, such as Sonic's high-definition series products; the costs associated with new product introduction and the possible adverse effect on gross margin; any fluctuation in demand for Sonic products; the transition of products to new hardware configurations and platforms; unforeseen increases in operating expenses; new product introductions; loss of significant customers or key suppliers; risks related to acquisitions and international operations; cost of Sarbanes Oxley ("SOX") compliance or business expansion; costs associated with litigation or patent prosecution and intellectual property claims; and changes in effective tax rates. Other risks and uncertainties that may cause actual results to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements include, but are not limited to; tax issues or liabilities that relate to adjustments to the measurement dates associated with stock options issued by Sonic; issues that Sonic does not currently realize exist resulting from the restatement of its financial statements and related matters; and the impact of any litigation or governmental investigations or proceedings arising out of or related to Sonic's stock option grant practices or any restatement of its financial statements. This press release should be read in conjunction with Sonic's most recent quarterly report on Form 10-Q filed on August 11, 2008, the annual report on Form 10-K filed on June 23, 2008 and Sonic's other reports on file with the Securities and Exchange Commission, which contain more detailed discussion of risks and uncertainties that may affect future results. Sonic does not undertake to update any forward-looking statements.
Sonic Solutions
CONTACT: Paul Norris, E.V.P. and Acting Chief Financial Officer, paul_norris@sonic.com, or Investor Relations, Nils Erdmann, V.P. Investor Relations, nils_erdmann@sonic.com, both of Sonic Solutions, +1-415-893-8000, fax, +1-415-893-8008
Web site: http://www.sonic.com/
Jacobs Receives Greater Manchester Passenger Transport Executive Framework
PASADENA, Calif., Aug. 12 /PRNewswire-FirstCall/ -- Jacobs Engineering Group Inc. announced today that it received a multidisciplinary framework consultancy commission with Greater Manchester Passenger Transport Executive (GMPTE).
Officials did not disclose the contract value.
The commission is for four years, which is extendable for an additional year with agreement. Jacobs will provide project management, cost consultancy, urban realm design, and technical services including, transportation planning, architecture, engineering, and transport systems -- 13 disciplines in total.
GMPTE is responsible for delivering an integrated, modern, and attractive transportation and support network across the 10 Boroughs that constitute Greater Manchester. This covers over 500 square miles, serves more than 2.5 million people, and is the second largest PTE in the U.K.
In making the announcement, Jacobs Group Vice President Allyn Taylor stated, "We are delighted to have secured this framework at an important time in the development of transport services in Greater Manchester. This success builds on the relationships developed over previous years and underpins our ability to integrate a wide range of skills into a focused client service."
Jacobs, with over 55,000 employees and revenues exceeding $10.0 billion, provides technical, professional, and construction services globally.
Any statements made in this release that are not based on historical fact are forward-looking statements. Although such statements are based on management's current estimates and expectations, and currently available competitive, financial, and economic data, forward-looking statements are inherently uncertain. We, therefore, caution the reader that there are a variety of factors that could cause business conditions and results to differ materially from what is contained in our forward-looking statements. For a description of some of the factors which may occur that could cause actual results to differ from our forward-looking statements please refer to our 2007 Form 10-K, and in particular the discussions contained under Items 1 -- Business, 1A -- Risk Factors, 3 -- Legal Proceedings, and 7 -- Management's Discussion and Analysis of Financial Condition and Results of Operations. We also caution the readers of this release that we do not undertake to update any forward-looking statements made herein.
For additional information contact:
Michelle Jones
626.578.6968
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Jacobs Engineering Group Inc.
CONTACT: Michelle Jones, +1-626-578-6968, for Jacobs Engineering Group Inc.
Web site: http://www.jacobs.com/
TV Choice and Competition Arrive for Consumers in Three More California CommunitiesVerizon's FiOS TV and Broadband Products Are Now Available to Residents in Covina, West Covina and SepulvedaNew FiOS TV Customers Eligible for a Free HD DVR for 12 Months and Free Month of HBO and Cinemax
THOUSAND OAKS, Calif., Aug. 12 /PRNewswire/ -- Consumers in four more California communities have another and better option for TV providers now that Verizon has again expanded its FiOS TV service, making a broad range of programming choices and superior picture quality available to thousands of additional households.
Verizon's FiOS TV and FiOS Internet services are available to consumers in parts of Covina, West Covina and the Los Angeles city suburb of Sepulveda. The latest expansion brings to 63 the number of California communities where FiOS TV and Internet services are available, delivered over the nation's most advanced all-fiber network straight to customers' homes and businesses.
"FiOS TV gives consumers in these California communities an outstanding and superior alternative for their video entertainment," said Shawne Angelle, vice president of sales and local marketing for Verizon's West Coast region. "Customers who liked what FiOS did for their Internet connection will love what it does for their TV. We've harnessed the vast capacity of our advanced fiber-optic network to deliver a revolutionary, new entertainment experience."
Verizon announced that consumers who sign up for FiOS TV between now and Oct. 4 are eligible for a year's free use of either an HD DVR (digital video recorder) or an HD Home Media DVR. With Verizon's unique Home Media DVR, customers can use one DVR to record programming that can be watched on up to six other TV sets in the home. This includes viewing up to three separately recorded programs simultaneously on different TV sets, and the ability to pause recorded programming on one set and continue watching it on another. FiOS TV's Home Media DVR is bundled with Media Manager, a feature that allows customers to access photos and music from their personal computers and play them on their TV.
Verizon is also offering new FiOS TV customers, or existing customers who upgrade to a bundled package, one free month of HBO and Cinemax, which includes more than 25 premium channels and access to hundreds of additional video-on-demand (VOD) titles. New customers who take advantage of this offer will save between $200 and $260.
FiOS TV Service Highlights
FiOS TV service highlights include:
-- More than 400 all-digital channels grouped by genres such as entertainment, sports, news, shopping, movies and family, making it easy for audiences to find their favorite programming.
-- Access in California to 30 or more high-definition channels, with extraordinary clarity and theater-quality sound. Verizon plans to significantly increase soon the number of HD channels it offers to California customers, and by the end of 2008 will feature all major available HD channels.
-- An industry-leading library of more than 11,000 VOD titles each month, 70 percent of which are free. The VOD library also includes an increasing number of HD titles, and Verizon plans to have 1,000 HD VOD titles per month by year-end.
-- An easy-to-use interactive media guide that integrates HD programming, VOD content and the optional DVR along with broadcast television into a seamless user experience.
-- Set-top boxes ranging from a standard-definition box for $5.99 per month to the Home Media DVR for $19.99 per month.
Programming choices for Hispanic, African-American, Asian, Russian and other multicultural audiences are available in every market, making FiOS TV an outlet for emerging and independent networks to showcase their diverse programming.
Verizon recently announced that FiOS TV customers will get even greater programming as Verizon adds new channels to the lineup, including HD, sports and multicultural content.
Information on packages and prices is available at http://www.verizon.com/fiostv. California customers also can call 1-888-GET-FIOS to see if they qualify to order FiOS TV.
FiOS TV is designed to be a formidable competitor to cable and satellite. Verizon's fiber-to-the-premises (FTTP) network has industry-leading quality and reliability and is the largest of its kind in the country. It directly connects millions of homes and businesses and is currently under construction in more than half the states where the company offers landline communications services.
Fiber delivers amazingly sharp pictures and sound, and has the capacity to transmit a wide array of high-definition programming that is so clear and intense it seems to leap from the TV screen. It also delivers Internet download speeds of up to 50 Mbps* (megabits per second) and upload speeds of up to 20 Mbps as well as high-quality voice services.
The value of FiOS TV extends to the installation and customer support. Specially trained Verizon technicians will install the service and acquaint subscribers with FiOS TV features and services. Verizon is waiving the installation fee for up to three existing TV outlets, and there is no charge to install a needed optical network terminal at the subscriber's home. Charges for other installation services, such as additional outlets, may apply. Verizon provides 24 x 7 technical assistance by phone from its Fiber Solutions Centers in Oxnard and other cities around the nation.
* NOTE: actual (throughput) speeds will vary.
Verizon Communications Inc. , headquartered in New York, is a leader in delivering broadband and other wireline and wireless communication innovations to mass market, business, government and wholesale customers. Verizon Wireless operates America's most reliable wireless network, serving nearly 69 million customers nationwide. Verizon's Wireline operations include Verizon Business, which delivers innovative and seamless business solutions to customers around the world, and Verizon Telecom, which brings customers the benefits of converged communications, information and entertainment services over the nation's most advanced fiber-optic network. A Dow 30 company, Verizon employs a diverse workforce of more than 228,600 and last year generated consolidated operating revenues of $93.5 billion. For more information, visit http://www.verizon.com/.
VERIZON'S ONLINE NEWS CENTER: Verizon news releases, executive speeches and biographies, media contacts, high-quality video and images, and other information are available at Verizon's News Center on the World Wide Web at http://www.verizon.com/news. To receive news releases by e-mail, visit the News Center and register for customized automatic delivery of Verizon news releases.
Verizon
CONTACT: Jon Davies of Verizon, +1-805-372-6969, jon.davies@verizon.com
Web Site: http://www.verizon.com/fiostv http://www.verizon.com/news
Company News On-Call: http://www.prnewswire.com/comp/094251.html
Spam Arrest Chooses NeuStar's UltraDNS to Enhance Service DeliveryLeading Spam Mitigation Service Provider Requires Best-In-Class DNS Infrastructure for Superior Performance
STERLING, Va., Aug. 12 /PRNewswire-FirstCall/ -- NeuStar today announced that Spam Arrest, a Seattle-based company that efficiently monitors and stops automated junk email, has chosen NeuStar's UltraDNS Managed DNS and Traffic Management Services to support the delivery of services to Spam Arrest's global customer base.
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The UltraDNS Managed DNS Service provides the critical infrastructure that Spam Arrest requires to achieve the highest levels of performance and reliability. Through proprietary advanced routing technologies in the UltraDNS global network, DNS requests are directed to the geographically closest server in the network, enabling the fastest and most reliable response times.
"Our unique, patented method for verifying relationships between email senders and recipients is dependent on having a high performance DNS infrastructure to ensure effective spam filtering," said Brian Cartmell, CEO of Spam Arrest. "We needed a global, carrier-class infrastructure -- and with NeuStar's UltraDNS Services, this verification can be executed anywhere in the world in the fastest possible time."
By leveraging NeuStar's Managed DNS Service, Spam Arrest also has been able to take advantage of UltraDNS Traffic Management Services (Directional DNS and SiteBacker). The Directional DNS service provides geographic traffic shaping by responding to DNS requests based on which of the 14 UltraDNS network nodes, across five continents, receives the request. SiteBacker is the UltraDNS monitoring and failover service which redirects traffic by modifying DNS responses based on server availability. These services require no expensive hardware and are fully integrated with the UltraDNS Managed DNS Service.
"Spam continues to be a major problem for enterprises globally," said Alex Berry, senior vice president of NeuStar's Internet and Infrastructure Services Group. "We are pleased that our UltraDNS Managed Services have enhanced Spam Arrest's ability to address this issue. DNS is a critical component to the effective service delivery of network-based applications, and increasingly, service providers are looking to UltraDNS Services to address their DNS infrastructure requirements."
More information about NeuStar's UltraDNS suite of managed services is available at http://www.ultradns.com/.
About NeuStar
NeuStar is a provider of clearinghouse and directory services to the global communications and Internet industry. Visit NeuStar online at http://www.neustar.biz/.
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NeuStar, Inc.
CONTACT: John Schneidawind of NeuStar, Inc., +1-571-434-5596, john.schneidawind@neustar.biz
Web site: http://www.neustar.biz/ http://www.ultradns.com/
John Carson Appointed Chairman of Irvine Sensors
COSTA MESA, Calif., Aug. 12 /PRNewswire-FirstCall/ -- Irvine Sensors Corporation announced today that John C. Carson, the Company's Chief Executive Officer and a director, has been appointed by its Board to also serve as Chairman of the Board. Mr. Carson succeeds Dr. Mel Brashears who has resigned due to family medical emergencies.
Mr. Carson said, "Mel has provided valuable service to Irvine Sensors and its stockholders during his tenure as Chairman. We all wish he could continue in that role, but we understand the priority he must have in the months ahead. He and his family have all of our best wishes."
Irvine Sensors Corporation (http://www.irvine-sensors.com/), headquartered in Costa Mesa, California, is a vision systems company engaged in the development and sale of miniaturized infrared and electro-optical cameras, image processors and stacked chip assemblies, the manufacture and sale of optical systems and equipment for military applications through its Optex subsidiary and research and development related to high density electronics, miniaturized sensors, optical interconnection technology, high speed network security, image processing and low-power analog and mixed-signal integrated circuits for diverse systems applications.
Irvine Sensors Corporation
CONTACT: Investor Relations, Irvine Sensors Corporation, +1-714-444-8718, investorrelations@irvine-sensors.com
Web site: http://www.irvine-sensors.com/
TV Choice and Competition Near for Residents of the City of Newburgh, N.Y.City Approves Video Franchise for Verizon
NEW YORK, Aug. 12 /PRNewswire/ -- Residents of the Orange County City of Newburgh are a major step closer to having a real choice for their cable television service, thanks to a newly approved agreement authorizing Verizon to offer its FiOS TV service, delivered over the most advanced fiber-optic network straight to customers' homes.
The Newburgh City Council granted a video franchise to Verizon last night (Monday, Aug. 11), paving the way for video choice in this community.
The new franchise brings to 127 the total number of New York municipalities that have approved video franchises for Verizon.
"This is great news for residents of the City of Newburgh, who now will have a new choice for their video entertainment," said Andres Irlando, Verizon senior vice president for New York and Connecticut.
"Consumers in the City of Newburgh will be able to choose their cable provider as easily as they choose their phone company. Competition like this drives innovation and value and puts the consumer in control, and we will continue to compete aggressively for business in these areas," he said.
As with all local franchise approvals in New York, the agreement between Verizon and the City of Newburgh is subject to review by the New York State Public Service Commission.
Verizon's FiOS TV is a formidable competitor to cable and satellite, offering a broad collection of all-digital programming, up to 100 high-definition (HD) channels in the New York market and access to more than 11,000 video-on-demand (VOD) titles, 70 percent of which are free. The VOD library also includes an increasing number of HD titles, and Verizon plans to have 1,000 HD VOD titles per month by year-end.
Verizon's fiber network delivers amazingly sharp pictures and sound, and has the capacity to transmit a wide array of high-definition programming that is so clear and intense it seems to leap from the TV screen. In addition to FiOS TV, Verizon's fiber network also delivers Internet download speeds of up to 50 Mbps (megabits per second) and upload speeds of up to 20 Mbps, as well as high-quality voice service.*
The City of Newburgh joins a growing list of New York communities that are paving the way for competition and choice in the television market. In addition to the City of Newburgh, Verizon has been granted video franchises in the following municipalities:
City of New York
Long Island
Amityville, Massapequa Park, Cedarhurst, Laurel Hollow, Lynbrook, Mineola, East Hills, East Rockaway, Farmingdale, Valley Stream, Freeport, Williston Park, New Hyde Park, Sands Point, Bayville, Old Field, Floral Park, South Floral Park, Garden City, Nissequogue, Northport, Poquott, East Williston, Head of the Harbor, Mill Neck, Stewart Manor, Centre Island, Lawrence, Malverne, Manorhaven, Huntington Bay, The Branch, Oyster Bay Cove, Flower Hill, Great Neck, Great Neck Estates, Great Neck Plaza, Kensington, Kings Point, Lake Success, Munsey Park, North Hills, Plandome, Plandome Heights, Plandome Manor, Rockville Centre, Roslyn, Roslyn Estates, Roslyn Harbor, Russell Gardens, Saddle Rock, Thomaston, Bellerose, Lloyd Harbor and Baxter Estates; and the towns of North Hempstead, Huntington, Smithtown, Hempstead, Oyster Bay, Islip and Babylon.
Rockland County
Nyack, South Nyack, Upper Nyack, Grandview-on-Hudson, Clarkstown, Orangetown, Piermont, Airmont, the Town of Haverstraw, West Haverstraw, Chestnut Ridge, Ramapo, Spring Valley, Stony Point, the Village of Haverstraw, Suffern, Hillburn, Wesley Hills and Montebello.
Dutchess County
Wappinger and Wappingers Falls
Orange County
Town of Newburgh
Erie County
Amherst, Blasdell, Village of Hamburg, Town of Hamburg, West Seneca, Tonawanda, Village of Orchard Park and Town of Orchard Park.
Putnam County
Kent
Westchester County
Ardsley, Dobbs Ferry, Tarrytown, Irvington, Greenburgh, Eastchester, Mount Kisco, Elmsford, Port Chester, Tuckahoe, White Plains, Rye Brook, North Castle, Mount Vernon, Mount Pleasant, Yonkers, Scarsdale, Bronxville, New Rochelle, Cortlandt, Peekskill, Buchanan, Rye, Larchmont, the Village of Mamaroneck, the Town of Mamaroneck, New Castle, Pelham Manor, Sleepy Hollow, Briarcliff Manor, the Town of Ossining and the Village of Ossining.
* NOTE: actual (throughput) speeds will vary.
Verizon Communications Inc. , headquartered in New York, is a leader in delivering broadband and other wireline and wireless communication innovations to mass market, business, government and wholesale customers. Verizon Wireless operates America's most reliable wireless network, serving nearly 69 million customers nationwide. Verizon's Wireline operations include Verizon Business, which delivers innovative and seamless business solutions to customers around the world, and Verizon Telecom, which brings customers the benefits of converged communications, information and entertainment services over the nation's most advanced fiber-optic network. A Dow 30 company, Verizon employs a diverse workforce of more than 228,600 and last year generated consolidated operating revenues of $93.5 billion. For more information, visit http://www.verizon.com/.
VERIZON'S ONLINE NEWS CENTER: Verizon news releases, executive speeches and biographies, media contacts, high-quality video and images, and other information are available at Verizon's News Center on the World Wide Web at http://www.verizon.com/news. To receive news releases by e-mail, visit the News Center and register for customized automatic delivery of Verizon news releases.
Verizon
CONTACT: John Bonomo of Verizon, +1-212-321-8033, john.j.bonomo@verizon.com
Web site: http://www.verizon.com/ http://www.verizon.com/news
Company News On-Call: http://www.prnewswire.com/comp/618232.html
The Quantum Group to Present at the Noble Financial Equity Conference
WELLINGTON, Fla., Aug. 12 /PRNewswire-FirstCall/ -- The Quantum Group, Inc. (http://www.quantummd.com/), a Wellington, Florida based healthcare organization, announced today that Noel J. Guillama, President & CEO, will present at the Fourth Annual Noble Financial Equity Conference at 5:00 p.m. (Pacific) on Monday, August 18, 2008 at the Loews Lake Las Vegas Resort, Nevada.
Mr. Guillama will give a 23-minute presentation regarding The Quantum Group's market positioning, financial performance, and strategic direction. The presentation will be webcast live featuring high-definition, streaming video and PowerPoint slides. Access to the webcast is available by logging on to the conference website http://www.noblemadmax.com/ or by going to the Quantum website at http://www.quantummd.com/. It is recommended that interested parties register at least 15 minutes prior to the start of the presentation to ensure timely access.
About The Quantum Group, Inc.
The Quantum Group provides business process solutions, service chain management, strategic consulting and leading edge technology innovations to the healthcare industry.
Through our dynamic patient-centric architecture, we empower the communication that is critical for the coordination of care and take aim at the $600 billion inefficiency gap in the United States healthcare industry. We are guided by a mission to develop efficiencies, improve the quality of patient care and achieve cost reductions for the nation's largest and fastest growing industry.
We have developed leading-edge technology with the creation and deployment of a series of innovative patent-pending initiatives. Through approximately 2,000 healthcare providers and multiple insurance company relationships under management, we are positioned to be a catalyst for change to the Florida healthcare industry.
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.
Certain statements contained in this news release, which are not based on historical facts, are forward-looking statements as the term is defined in the Private Securities Litigation Reform Act of 1995, and are subject to substantial uncertainties and risks in part detailed in the respective company's Securities and Exchange Commission 10-KSB, 10-QSB, S-8 and 8-K filings (and amendments thereto) that may cause actual results to materially differ from projections. Forward-looking statements can be identified by the use of words such as "expects," "plans," "will," "may," "anticipates," "believes," "should," "intends," "estimates" and other words of similar meaning. These statements are subject to risks and uncertainties that cannot be predicted or quantified and, consequently, actual results may differ materially from those expressed or implied by these forward-looking statements. Such risk factors include, without limitation, the ability of the Company to properly execute its business model, to raise substantial and immediate additional capital to implement its business model, to attract and retain executive, management and operational personnel, to negotiate favorable current debt and future capital raises, to negotiate favorable agreements with a diversified provider base and to continue to supply the services needed by its HMO clients as well as physician clients. The Company does not undertake any obligation to publicly update any forward-looking statements. There can be no assurance that the provisional patents discussed in this press release will be granted by the US Patent and Trademark Office, or, if they are granted, they will not be challenged by third parties, or if not that we will be able to effectively use or commercialize such patents and/or we may not have the resources to deploy such technology. As a result, investors should not place undue reliance on these forward-looking statements.
FOR MORE INFORMATION, PLEASE CONTACT:
PR Financial Marketing
Jim Blackman: 713-256-0369
jim@prfmonline.com
or
Danielle Amodio
Vice President Corporate Communications
The Quantum Group, Inc.
561.798.9800
The Quantum Group, Inc.
CONTACT: PR Financial Marketing: Jim Blackman, +1-713-256-0369, jim@prfmonline.com; or Danielle Amodio, Vice President Corporate Communications of The Quantum Group, Inc., +1-561-798-9800
Web site: http://www.quantummd.com/ http://www.noblemadmax.com/
VirtualScopics Reports Second Quarter 2008 Results2008 First Half Revenues Increased 20% over 2007
ROCHESTER, N.Y., Aug. 12 /PRNewswire-FirstCall/ -- VirtualScopics, Inc. , a leading provider of quantitative imaging for clinical trials, announced today that revenues for the first half of 2008 rose to nearly $3.4 million, a 20% increase over prior year's comparable period. Revenues for the second quarter ended June 30, 2008 were over $1.7 million compared to $1.5 million in the second quarter of 2007. The gross margin for the second quarter of 2008 was 41% compared to 37% in the second quarter of 2007, leading to a 25% improvement in gross profit. Operating loss for the quarter ended June 30, 2008 was $866,727 compared to $1,065,066 for the prior year's comparable period.
"We are very pleased by the growth in revenue and gross margin through the first half of 2008 which we believe further validates our operating model," stated Jeff Markin, president and chief executive officer of VirtualScopics. "These improvements in quarterly performance coupled with the greater than $20,000,000 in project backlog gives us confidence in the strength and demand of our business and the services we offer in the marketplace." He added, "We fully anticipate this momentum to continue as we execute on our operating and financial plans for 2008."
Jeff Markin and Chief Business and Financial Officer, Molly Henderson will provide a business update and discuss these results during the conference call on Wednesday, August 13, 2008 at 11:00 a.m. EDT. Interested participants should call 877-407-0778 when calling within the United States or 201-689-8565 when calling internationally. There will be a playback available until September 13, 2008. To listen to the playback, please call 877-660-6853 when calling within the United States or 201-612-7415 when calling internationally. For the replay, please use account number: 286, conference ID number: 293002
About VirtualScopics, Inc.
VirtualScopics, Inc. is a leading provider of imaging solutions to accelerate drug and medical device development. VirtualScopics has developed a robust software platform for analysis and modeling of both structural and functional medical images. In combination with VirtualScopics' industry-leading experience and expertise in advanced imaging biomarker measurement, this platform provides a uniquely clear window into the biological activity of drugs and devices in clinical trial patients, allowing sponsors to make better decisions faster. For more information about VirtualScopics, visit http://www.virtualscopics.com/.
Forward-Looking Statements
The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbors created thereby. These forward-looking statements include, but are not limited to, statements regarding the expected benefits of the Company's investment in infrastructure and new customer contract signings and awards in 2008 and/or statements preceded by, followed by or that include the words "believes," "could," "expects," "anticipates," "estimates," "intends," "plans," "projects," "seeks," or similar expressions. Forward-looking statements deal with the Company's current plans, intentions, beliefs and expectations. Investors are cautioned that all forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Many of these risks and uncertainties are discussed in the Company's Annual Report on Form 10-KSB for the fiscal year ended December 31, 2007 filed with the Securities and Exchange Commission (the "SEC"), and in any subsequent reports filed with the SEC, all of which are available at the SEC's website at http://www.sec.gov/. These include without limitation: the risk of cancellation or delay of customer contracts or specifically as it relates to contact awards, the risk that they may not get signed. Other risks include the company's dependence on its largest customers and risks of contract performance, protection of our intellectual property and the risks of infringement of the intellectual property rights of others. All forward-looking statements speak only as of the date of this press release and the Company undertakes no obligation to update such forward-looking statements.
VirtualScopics, Inc.
Condensed Consolidated Statements of Operations (unaudited)
Three Months Ended
June 30, Six Months Ended June 30,
2008 2007 2008 2007
Revenues $1,733,299 $1,536,287 $3,367,402 $2,814,692
Cost of services 1,021,536 967,839 2,051,520 1,768,358
Gross profit 711,763 568,448 1,315,882 1,046,334
41% 37% 39% 37%
Operating expenses:
Research and
development 212,825 380,965 464,654 787,919
Sales and marketing 384,237 193,163 673,111 405,279
General and
administrative 580,435 601,615 1,074,876 1,205,633
Stock based
compensation expense 284,228 339,278 687,291 745,482
Depreciation and
amortization 116,765 118,493 234,332 236,205
Total operating
expenses 1,578,490 1,633,514 3,134,264 3,380,518
Operating loss (866,727) (1,065,066) (1,818,382) (2,334,184)
Other income (expense)
Interest income 17,002 43,167 45,727 92,537
Other expense (1,385) (1,253) (2,968) (3,231)
Total other income 15,617 41,914 42,759 89,306
Net Loss $(851,110) $(1,023,152) $(1,775,623) $(2,244,878)
Series B preferred
stock cash dividend 84,520 - 169,760 -
Net loss attributable
to common stockholders $(935,630) $(1,023,152) $(1,945,383) $(2,244,878)
Net loss per share
Basic and diluted $(0.04) $(0.04) $(0.08) $(0.10)
Weighted average shares
used in computing net
loss per share
Basic and diluted 23,358,625 23,001,334 23,302,346 22,986,880
VirtualScopics, Inc.
Condensed Consolidated Balance Sheets
June 30, 2008 December 31, 2007
Assets (unaudited)
Current assets
Cash and cash equivalents $3,238,820 $3,955,835
Restricted cash 200,076 455,583
Accounts receivable 918,363 648,300
Prepaid expenses and other assets 282,027 306,301
Total current assets 4,639,286 5,366,019
Patents, net 1,941,489 1,948,785
Property and equipment, net 455,660 542,679
Other assets 218,552 323,533
Total assets $7,254,987 $8,181,016
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable and accrued expenses $729,247 $626,693
Accrued payroll 384,109 221,013
Unearned revenue 212,941 279,275
Total current liabilities 1,326,297 1,126,981
Commitments and Contingencies - -
Stockholders' Equity
Preferred stock, $0.001 par value;
15,000,000 shares authorized;
8,400 shares designated Series A;
issued and outstanding: 3,976 at
June 30, 2008, 4,001 at December 31,
2007 4 4
6,000 shares designated Series B;
issued and outstanding: 4,226 at
June 30, 2008, 4,230 at December 31,
2007 4 4
Common Stock, $0.001 par value;
85,000,000 shares authorized; issued
and outstanding: 23,459,852 at June
30, 2008 and 23,225,664 at December
31, 2007 23,460 23,226
Additional paid-in capital 16,266,168 15,616,124
Accumulated deficit (10,360,946) (8,585,323)
Total stockholders' equity 5,928,690 7,054,035
Total liabilities and stockholders'
equity $7,254,987 $8,181,016
CONTACT: Company Contact:
Molly Henderson
Chief Business and Financial Officer
500 Linden Oaks
Rochester, New York 14625
(585)249.6231
VirtualScopics, Inc.
CONTACT: Molly Henderson, Chief Business and Financial Officer of VirtualScopics, Inc., +1-585-249-6231
Web site: http://www.virtualscopics.com/
Lockheed Martin Develops Early Warning for Maritime Security
CHERRY HILL, N.J., Aug. 12 /PRNewswire/ -- Lockheed Martin has developed the Suspicion Vessel Focuser (SVF) -- a novel software technology that allows naval watchstanders to monitor large numbers of ships and focuses their attention on those that pose the greatest threat.
In today's environment, the nation's seaports and maritime assets are vulnerable to asymmetric threats. With thousands of ships to track and volumes of data to process, watchstanders face a daunting challenge.
The SVF solves that problem by allowing watchstanders to define operational relevancy to their local situation based on Means, Motive, and Opportunity. Means is an estimate of a vessel's innate potential to cause harm; for example, can it carry deadly cargo? Motive is an estimate of a crew's and owner/operator's predisposition to cause harm; specifically, the U.S. Navy assesses the motives of maritime organizations and individuals as they emerge over time within a maritime area of interest. The SVF end-users then assess the relevancy of these emerging facts and alter their SVF focus, accordingly. Opportunity is an estimate of the vessel's proximity to a protected interest -- based on position, course, and speed.
SVF is a web application that runs on a networked server and is available remotely through generic web browsers. It does not require installation on users' computers. The SVF server can interface with any networked maritime data source and it works with classified or unclassified data. Users operate SVF through two web pages: the SVF Dashboard and the SVF Focus Editor.
The SVF Dashboard shows a dynamically updated "live" visualization of the total threat picture and it provides aids to access relevant information on any vessel. A field experiment has shown that the Dashboard enables users to identify the 10 most important vessels out of several thousands in about 10 seconds.
The SVF Focus Editor enables users to dynamically configure the calculation of Means, Motive, and Opportunity specific to their individual operational responsibilities. Likewise, a field experiment also has shown that the Focus Editor enables users to make significant changes to the configuration in about 30 seconds.
Field assessments over three years show that watchstanders using SVF technology significantly improved their ability to see and understand a threat picture for all vessels in an area of interest, identify the most suspicious vessels, explain a vessel's suspicion/relevancy score, and effectively allocate assets to counter threats.
"The SVF technology can also be adapted to many applications beyond the maritime domain, where it is necessary to monitor complex evolving situations and dynamically identify events or objects that require attention," said Dan McFarlane, principal investigator, Lockheed Martin Advanced Technology Laboratories (ATL).
Lockheed Martin Corporation is investing independent research and development funds to transition the SVF from the laboratory to production as part of an ATL Technology Transition Initiative. The SVF will be the new threat assessment capability for the Maritime Integrated Domain Awareness Solution (MIDAS) -- a leading-edge capability produced by Lockheed Martin.
The Defense Advanced Research Projects Agency sponsored early research and development of SVF as part of the Fast Connectivity for Coalitions and Agents Program (Fast C2AP)-a three-phase, applied research initiative begun in 2005. The goal was to examine the feasibility of web-based composition and application of intelligent software agents in maritime operational environments. The U.S. Navy's 6th Fleet in Naples, Italy, integrated and successfully tested the technology.
Headquartered in Bethesda, MD, Lockheed Martin is a global security company that 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 information on Lockheed Martin Corporation, visit:
http://www.lockheedmartin.com/
Lockheed Martin
CONTACT: Stephen P. O'Neill of Lockheed Martin, +1-856-792-9815, soneill@atl.lmco.com
Web site: http://www.atl.external.lmco.com/ http://www.lockheedmartin.com/
Company News On-Call: http://www.prnewswire.com/comp/534163.html
The Most HD TV in North Jersey: FiOS TV Delivers 100 High-Definition Channels to New Jersey Consumers - on the Network Built for HDFiOS TV in New Jersey Now Offers More HD Channels Than Cablevision or ComcastCable Can't Compete With Ultimate Home Entertainment Experience From Verizon; Promotion Offers Free High-Def Digital Video Recorder for 12 Months and Free Month of HBO/Cinemax for New FiOS TV Customers
NEWARK, N.J., Aug. 12 /PRNewswire/ -- New Jersey consumers have yet another big reason to pull the plug on their disco-era cable TV company as Verizon announced Tuesday (Aug. 12) that it's now offering 100 high-definition television channels to consumers in North Jersey. As a result of this major enhancement, Verizon is now offering consumers more HD than Comcast or Cablevision.
The new channel lineup will be offered to existing FiOS TV markets in northern New Jersey. Communities in the southern part of the state will see similar enhancements in the near future.
In addition, Verizon announced that consumers who sign up for FiOS TV between now and October 4 are eligible for a free DVR or multi-room DVR for 12 months. Verizon is also giving new FiOS TV customers or existing customers who upgrade to a package a free HBO and Cinemax package for the first month.
FiOS TV is delivered over the nation's most advanced fiber-optic network straight to customers' homes and businesses, providing stunning picture and sound quality, more HD and video-on-demand (VOD) choices, a broad spectrum of content diversity, and interactive features that create the ultimate home-entertainment experience.
"There's HD on FiOS and then there's everything else," said Shawn Strickland, vice president of video solutions for Verizon. "The immense capacity of our advanced network means FiOS TV customers receive HD signals just as Verizon receives them, without the additional compression that some cable companies perform. This means stunning picture-and-sound quality that's noticeably better, delivered on the network that's made for HD."
With 100 HD channels and 400 HD VOD titles offered each month, FiOS TV customers in the Northern New Jersey now have more than 500 HD choices available at any time. The company plans to increase its monthly HD VOD titles to more than 1,000 by year-end. In addition, Verizon will continue expanding its HD channel lineup and by year-end will offer all available major HD programming.
Customers in New Jersey who are FiOS TV-eligible can order FiOS TV by calling their local Verizon sales office or 888-438-3467 or visiting http://www.verizon.com/fiostv online. Customers in this market can bundle FiOS TV service with FiOS Internet service and the Verizon Freedom Essentials unlimited calling plan, with packages priced as low as $99.99 per month.
FiOS TV's New HD Channels Span Wide Diversity of Content
"Verizon's commitment to HD leadership is about more than just the large number of HD titles we offer; it's also about picture quality and providing a wide diversity of content," said Terry Denson, vice president -- FiOS TV content and programming. "In New Jersey, FiOS is delivering an incredible range of programming that's global in scope."
FiOS TV customers in North Jersey will get to see their favorite channels in HD, including Animal Planet, TLC, FX, USA, Bravo, TBS, History Channel, Weather Channel, Science Channel, SCI FI and Smithsonian Channel.
For those who want the best in news, Verizon is adding CNN, CNBC, Fox Business Network and Fox News Channel in HD. Viewers who watch home and leisure programming can now enjoy QVC, the Travel Channel and Planet Green, while kids can enjoy their favorite shows on the Disney Channel and Toon Disney -- all in HD.
In addition, movie buffs now can get 11 new channels from Cinemax and 13 new channels from HBO in HD plus FiOS TV's Movie Package, which now includes 13 new HD channels from The Movie Channel, Starz and Showtime, including The Movie Channel Xtra, Starz Edge, Starz Comedy, Starz Kids and Family, Showtime, Showtime Showcase, Showtime Extreme and Showtime 2.
Sports fans will also get the best programming with four new HD sports channels:
-- Big Ten Network, which features top college basketball and football
action.
-- Versus/Golf Channel, which features live events and original
programming from Versus as well as PGA Tour and additional golf
coverage.
-- Outdoor Channel 2, which provides programming that promotes
traditional outdoor activities like fishing, hunting and shooting
sports.
-- World Fishing Network, which provides recreational and sport fishing
enthusiasts with an entertaining and comprehensive lineup that covers
a wide range of programming.
New Standard-Definition Channels, Including Multicultural Content
In addition to the new HD content, Verizon has launched seven new standard-definition channels in northern New Jersey. New content includes RFD TV, Reelz, Current TV, Veria TV, WAPA TV and more. Verizon also is now offering a new standard-definition sports channel with Setanta Sports, a premium channel dedicated to bringing European and International soccer and rugby to U.S.-based fans. Currently, no other cable provider offers Setanta.
Verizon also soon will offer New Jersey customers 14 new multicultural channels, including leading channels for Arabic, Portuguese and Russian audiences, among others. These new channels continue to make FiOS TV an outlet for emerging and independent networks to showcase their diverse programming.
This content comes from WorldTV, a division of content management and delivery company GlobeCast, which previously signed a distribution deal with Verizon for top-tier international channels. The new GlobeCast WorldTV international television channels include MBT (Arabic), RTPI (Portuguese) and RTR Planeta (Russian). In addition to the WorldTV content, Verizon will also offer Filipino channel GMA Pinoy TV.
Verizon is in the process of launching new content in each of its FiOS TV markets, with many new channels already available in Oregon and Indiana. During the next few months, Verizon will be rolling out new content, region by region, in areas where FiOS TV is available.
Verizon Communications Inc. , headquartered in New York, is a leader in delivering broadband and other wireline and wireless communication innovations to mass market, business, government and wholesale customers. Verizon Wireless operates America's most reliable wireless network, serving nearly 69 million customers nationwide. Verizon's Wireline operations include Verizon Business, which delivers innovative and seamless business solutions to customers around the world, and Verizon Telecom, which brings customers the benefits of converged communications, information and entertainment services over the nation's most advanced fiber-optic network. A Dow 30 company, Verizon employs a diverse workforce of more than 228,600 and last year generated consolidated operating revenues of $93.5 billion. For more information, visit http://www.verizon.com/.
VERIZON'S ONLINE NEWS CENTER: Verizon news releases, executive speeches and biographies, media contacts, high-quality video and images, and other information are available at Verizon's News Center on the World Wide Web at http://www.verizon.com/news. To receive news releases by e-mail, visit the News Center and register for customized automatic delivery of Verizon news releases.
Verizon
CONTACT: Rich Young of Verizon, +1-973-649-2279, richard.j.young@verizon.com
Web Site: http://www.verizon.com/fiostv http://www.verizon.com/news
Company News On-Call: http://www.prnewswire.com/comp/094251.html
Sonic Foundry Event Services to Webcast the Noble Financial Equity Conference
MADISON, Wis., Aug. 12 /PRNewswire-FirstCall/ -- Sonic Foundry, Inc. , the recognized market leader for rich media webcasting and knowledge management, today announced the company's Event Services group will record all speaker sessions at Noble Financial's fourth annual equity conference using the patented Mediasite webcasting platform. The event will be held at the Loews Lake Las Vegas Resort on August 18 and 19.
Presentations will be streamed live and immediately archived for on-demand viewing on the conference floor. Access is available by logging on to the conference website http://www.noblemadmax.com/, or the full catalog can be viewed at http://www.sonicfoundry.com/noble2008.
It is recommended that interested parties register at least 15 minutes prior to the start of the presentation to ensure timely access.
"Webcasting expands the scope of our conference by allowing investors worldwide to 'sit-in' on company presentations," said Mark Pinvidic, managing partner, Noble Financial Group. "Last year, Sonic Foundry Event Services captured all of the conference presentations live from four rooms simultaneously without even a hiccup for three straight days. Sonic Foundry is a solid, trusted partner for us, and their stunning technology, Mediasite -- which combines audio, video and visual aids in a user-friendly format -- provides an online experience unlike any other provider."
Sonic Foundry's Event Services group consists of systems engineers and project managers with an extensive knowledge of audio/video production and webcasting. The group and its strategic partners supply technical webcasting services and expertise to organizations who seek to complement their conference or event with viewing over the web. Since its launch in January 2007, the Event Services group has provided live and on-demand webcasting for clients ranging from Fortune 500 corporations and university associations to sporting events and charitable organizations.
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.
About Sonic Foundry(R), Inc.
Founded in 1991, Sonic Foundry is the recognized market leader for rich media webcasting and knowledge management, providing education and training solutions and services that link an information-driven world. Based in Madison, Wisconsin, the company has received numerous awards including the 2007 Frost & Sullivan Global Market Leadership Award, Ziff Davis Media's Baseline Magazine's sixth fastest-growing software company with sales under $150 million and Deloitte's Technology Fast 500. Named a Bersin & Associates 2007 Learning Leader, Sonic Foundry's webcasting and knowledge management solutions are trusted by education institutions, Fortune 500 companies and government agencies for a variety of critical communication needs. Sonic Foundry is changing the way organizations communicate via the web and how people around the globe receive vital information needed for education, business, professional advancement and safety. Product and service names mentioned herein are the trademarks of Sonic Foundry, Inc. or their respective owners.
Certain statements contained in this news release regarding matters that are not historical facts may be forward-looking statements. Because such forward-looking statements include risks and uncertainties, actual results may differ materially from those expressed in or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, uncertainties pertaining to continued market acceptance for Sonic Foundry's products, its ability to succeed in capturing significant revenues from media services and/or systems, the effect of new competitors in its market, integration of acquired business and other risk factors identified from time to time in its filings with the Securities and Exchange Commission.
Sonic Foundry, Inc.
CONTACT: Tammy Kramer of Sonic Foundry, Inc., +1-608-237-8592, tammyk@sonicfoundry.com
Web site: http://www.sonicfoundry.com/ http://www.noblemadmax.com/
Laser Energetics Successfully Completes Defense Contract With ITT
PRINCETON, N.J., Aug. 12 /PRNewswire-FirstCall/ -- Laser Energetics, Inc. (Pink Sheets: LNGT) announced today that the Company has successfully completed the Proof-of-Concept contract worth $481,268 with ITT Corporation . This contract supports the U.S. Army's initiative to develop an all solid-state laser for the next generation of chemical warfare agent sensor. This contract provided LEI the opportunity to design and demonstrate a high power all solid state Alexandrite pumping concept which is now part of the Laser Energetics' BrightStar(TM) product line.
The ITT contract with Laser Energetics follows the Army's selection of Laser Energetics' BrightStar(TM) as the laser technology of choice for remote sensing of chemical warfare agents. The technology was selected in 2007 by a government panel following the panel's evaluation of 20 different competing laser technologies from 18 laser companies. The panel's evaluation and decision was made in part by Laser Energetics' report on this all solid-state Alexandrite laser and the technical advantages of this tunable laser technology over other lasers.
The Laser Energetics' BrightStar(TM) is covered under Laser Energetics Patent filings PCT/US06//015339.
Robert Battis, Chief Executive Officer of Laser Energetics, stated, "This is just the first step in what we believe will be a very large transaction for LEI. LEI will retain ownership of this newly developed high power solid state laser pump asset and continue its development in collaboration with the Army. We anticipate being in a position to make further significant announcements regarding this new technology in the very near future."
About Laser Energetics, Inc.:
Laser Energetics has and continues to develop a comprehensive and strategic laser product line that addresses applications in Industry, Science, Medicine and the Military. The Company has had a primary focus on its Alexandrite laser technology. These tunable solid state lasers are unique in that they can be conductively air cooled to compete favorably against water cooled lasers in many applications. In addition, these lasers have one of the greatest wavelength tuning ranges with a bandwidth of over 250nm. The company is pursuing markets that are diverse yet can use the same laser with their compact user friendly design. This laser technology provides a sustainable advantage over many other lasers because of their tune-ability, conductively air cooled operation, and their efficiency.
Laser Energetics believes its BrightStar(TM) Alexandrite laser technology, in its various forms, has many applications on the battlefield as well as for homeland security, including detection of chemical and biological warfare agents and detection of high explosives. As stated by Robert Battis, CEO of Laser Energetics, Inc.: "We believe that Laser Energetics is on the fast track with the development of the BrightStar(TM) Alexandrite laser". "We will continue to develop and test this product within multiple market sectors outside of the military to further the Company's near term growth." The potential for future sales, given the size of the total market, may well be in the hundreds of millions of dollars.
Safe Harbor: Statements regarding financial matters in this press release other than historical facts are "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The company intends that such statements about the Company's future expectations, including future revenues and earnings, technology efficacy and all other forward-looking statements be subject to the safe harbors created thereby. The Company is a development stage company who continues to be dependent upon outside capital to sustain its existence. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from expected results.
Laser Energetics, Inc.
CONTACT: Dan Schall of Laser Energetics, Inc. - Investor Relations, 1-877-736-6907
Web site: http://www.laserenergetics.com/
Social Networking Explodes Worldwide as Sites Increase Their Focus on Cultural RelevanceFacebook and Hi5 More than Double Global Visitor Bases During Past Year
RESTON, Va., Aug. 12 /PRNewswire-FirstCall/ -- comScore, Inc. , a leader in measuring the digital world, today released a study of worldwide usage of social networking sites, indicating that while the growth in new users in North America is beginning to level off, it is burgeoning in other regions around the world. During the past year, the total North American audience of social networkers has grown 9 percent compared to a much larger 25 percent growth for the world at large. The Middle East-Africa region (up 66 percent), Europe (up 35 percent), and Latin America (up 33 percent) have each grown at well-above average rates.
(Logo: http://www.newscom.com/cgi-bin/prnh/20080115/COMSCORELOGO)
Social Networking Growth by Worldwide Region
June 2008 vs. June 2007
Total Worldwide Audience, Age 15+ - Home and Work Locations
Source: comScore World Metrix
Unique Visitors (000)
Jun-07 Jun-08 Percent Change
Worldwide 464,437 580,510 25%
Asia Pacific 162,738 200,555 23%
Europe 122,527 165,256 35%
North America 120,848 131,255 9%
Latin America 40,098 53,248 33%
Middle East - Africa 18,226 30,197 66%
"While the social networking trend first took off in North America, it is beginning to reach a point of maturity in the region," said Jack Flanagan, comScore executive vice president. "However, the phenomenon is still growing rapidly in other regions around the world -- especially as the established American brands turn their focus to developing markets."
Facebook and Hi5 Lead Global Growth among Top Social Networking Sites
During the past year, many of the top social networking sites have demonstrated rapid growth in their global user bases. Facebook.com, which took over the global lead among social networking sites in April 2008, has made a concerted effort to become more culturally relevant in markets outside the U.S. Its introduction of natural language interfaces in several markets has helped propel the site to 153-percent growth during the past year. Meanwhile, the emphasis Hi5.com has put on its full-scale localization strategy has helped the site double its visitor base to more than 56 million. Other social networking sites, including Friendster.com (up 50 percent), Orkut (up 41 percent), and Bebo.com (up 32 percent) have demonstrated particularly strong growth on a global basis.
Worldwide Growth among Selected Social Networking Sites
June 2008 vs. June 2007
Total Worldwide Audience, Age 15+
Home and Work Locations
Source: comScore World Metrix
Total Unique Visitors (000)
Jun-2007 Jun-2008 % Change
Total Internet : Total Audience 778,310 860,514 11%
Social Networking 464,437 580,510 25%
FACEBOOK.COM 52,167 132,105 153%
MYSPACE.COM 114,147 117,582 3%
HI5.COM 28,174 56,367 100%
FRIENDSTER.COM 24,675 37,080 50%
Orkut 24,120 34,028 41%
BEBO.COM 18,200 24,017 32%
Skyrock Network 17,638 21,041 19%
Facebook Gains Traction in Europe and Other Regions
Facebook's recent ascension to become the top global social networking site has been spurred by its substantial growth across worldwide regions. Though its largest visitor base is still in North America (49 million), Facebook's growth in the region is a relatively modest 38-percent. In every other worldwide region, Facebook's audience has more than quadrupled. Europe is quickly catching up with North America as Facebook's largest visitor base with 35 million visitors in June, a 303-percent increase and a net addition of nearly 27 million monthly visitors versus year ago. Other worldwide regions have seen even more dramatic growth on a percentage basis.
Worldwide Growth for Facebook.com
June 2008 vs. June 2007
Total Worldwide Audience, Age 15+
Home and Work Locations
Source: comScore World Metrix
Total Unique Visitors (000)
Jun-2007 Jun-2008 % Change
FACEBOOK.COM 52,167 132,105 153%
North America 35,698 49,248 38%
Europe 8,751 35,263 303%
Asia Pacific 3,712 20,712 458%
Middle East - Africa 2,974 14,951 403%
Latin America 1,033 11,931 1055%
"Facebook has done an exceptional job of leveraging its brand internationally during the past year," added Mr. Flanagan. "By increasing the site's relevance to local markets through local language interface translation, the site is now competing strongly or even capturing the lead in several markets where it had a relatively minor presence just a year ago."
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/
Sonic Foundry CEO to Present at Noble Financial's Fourth Annual Equity Conference
MADISON, Wis., Aug. 12 /PRNewswire-FirstCall/ -- Sonic Foundry, Inc. , the recognized market leader for rich media webcasting and knowledge management, today announced chairman and CEO, Rimas Buinevicius, will present at Noble Financial's fourth annual equity conference held at Leows Lake Las Vegas Resort on August 18 and 19.
The presentation, scheduled for Monday, August 18 at 2:30 p.m. Mountain time, will be streamed live and archived for on-demand viewing on the conference floor. Access is available by logging onto http://www.sonicfoundry.com/noble2008-sofo.
In just a few years since it was first introduced, Sonic Foundry's Mediasite product and service offering has set the standard as a transformational communication medium for delivering critical information and sharing knowledge. The patented Mediasite webcasting and content management system automates the capture, management, delivery and search of multimedia presentations (combining audio, video and accompanying graphics) for live or on-demand viewing.
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.
About Sonic Foundry(R), Inc.
Founded in 1991, Sonic Foundry is the recognized market leader for rich media webcasting and knowledge management, providing education and training solutions and services that link an information-driven world. Based in Madison, Wisconsin, the company has received numerous awards including the 2007 Frost & Sullivan Global Market Leadership Award, Ziff Davis Media's Baseline Magazine's sixth fastest-growing software company with sales under $150 million and Deloitte's Technology Fast 500. Named a Bersin & Associates 2007 Learning Leader, Sonic Foundry's webcasting and knowledge management solutions are trusted by education institutions, Fortune 500 companies and government agencies for a variety of critical communication needs. Sonic Foundry is changing the way organizations communicate via the web and how people around the globe receive vital information needed for education, business, professional advancement and safety. Product and service names mentioned herein are the trademarks of Sonic Foundry, Inc. or their respective owners. Certain statements contained in this news release regarding matters that are not historical facts may be forward-looking statements. Because such forward-looking statements include risks and uncertainties, actual results may differ materially from those expressed in or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, uncertainties pertaining to continued market acceptance for Sonic Foundry's products, its ability to succeed in capturing significant revenues from media services and/or systems, the effect of new competitors in its market, integration of acquired business and other risk factors identified from time to time in its filings with the Securities and Exchange Commission.
Sonic Foundry, Inc.
CONTACT: Tammy Kramer of Sonic Foundry, Inc., +1-608-237-8592, tammyk@sonicfoundry.com
Web site: http://www.sonicfoundry.com/
Sentry Technology Corporation Reports Second Quarter Profit
RONKONKOMA, N.Y., Aug. 12 /PRNewswire-FirstCall/ -- Sentry Technology Corporation (BULLETIN BOARD: SKVY) today reported financial results for the Company's second quarter ended June 30, 2008.
Revenues increased 66% on a comparative basis from $2,428,000 in the second quarter of 2007 to $4,029,000 in the second quarter of 2008. The Company achieved an operating profit of $349,000 and a net income of $8,000 in the second quarter this year compared to a net loss of $898,000, in the second quarter last year. The net profit includes a foreign exchange loss of $65,000 in the second quarter of 2008 as a result of the U.S. dollar valuation of the Company's Canadian dollar bank loan as well as receivables denominated in U.S. dollars.
For the first six months ended June 30, 2008, revenues were $6,071,000 compared to revenues of $5,096,000 reported in the first six months of the prior year. Sentry had a net loss of $879,000 in the first half of 2008, compared to a net loss of $1,622,000 in the first half of 2007.
"We are very pleased to report our first quarterly net profit since the fourth quarter of 2004. At the beginning of 2005 we lost a major customer that represented approximately 30% of our total revenue causing a significant financial challenge for Sentry," said Peter L. Murdoch, President and CEO of Sentry Technology Corporation. "Our dedicated team of employees has battled to regain the lost revenue while introducing important new products like OperationalVideo(TM). We are also benefiting from strong international SmartTrack(TM) sales and the implementation of cost reduction measures. The combination of sales and cost control initiatives has resulted in the substantial improvement reported in the second quarter."
Sentry Technology Corporation designs, manufactures, sells and installs a complete line of Closed Circuit Television (CCTV) solutions, Electro-Magnetic (EM) and RFID based Library Management systems including QuickCheck(TM) patron self-service kiosks. The CCTV product line features SentryVision(R), SmartTrack, a proprietary, patented traveling Surveillance System. The Company's products are used by libraries to secure inventory and improve operating efficiency, by retailers to manage operations, deter shoplifting and internal theft and by industrial and institutional customers to protect assets and people. Recently the Company launched OVportal(TM), a video information portal over the internet offering retailers an OperationalVideo(TM) solution to manage security, merchandising, sign placement and procedure compliance. OVportal(TM) uses the SmartTrack(TM) traveling CCTV system and the Company's real-time video server to provide remote viewing and control of retail operations. OperationalVideo(TM) is the next major trend in online video and OVportal(TM) is a leading, cost effective, market proven solution. For further information, please visit our website at http://www.sentrytechnology.com/.
This press release may include information that could constitute forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. Any such forward-looking statements may involve risk and uncertainties that could cause actual results to differ materially from any future results encompassed within the forward- looking statements. Factors that could cause or contribute to such differences include those matters disclosed in the Company's Securities and Exchange Commission filings.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(In thousands, except per share data)
Three Months Ended Six Months Ended
June 30, June 30,
2008 2007 2008 2007
(Unaudited) (Unaudited)
REVENUES
Sales $ 3,402 $ 1,991 $5,114 $4,320
Service, installation
and other revenues 627 437 957 776
4,029 2,428 6,071 5,096
COST OF SALES AND
EXPENSES:
Cost of sales 1,884 1,106 2,903 2,376
Customer service
expenses 555 485 1,105 940
Selling, general and
administrative expenses 1,095 1,395 2,074 2,592
Research and development 146 185 293 391
3,680 3,171 6,375 6,299
INCOME (LOSS) FROM
OPERATIONS 349 (743) (304) (1,203)
INTEREST AND FINANCING
EXPENSE, net 327 193 564 406
INCOME (LOSS) BEFORE
INCOME TAXES AND
MINORITY INTEREST 22 (936) (868) (1,609)
INCOME TAX EXPENSE
(RECOVERY) 6 (20) 6 7
INCOME (LOSS) BEFORE
MINORITY INTEREST 16 (916) (874) (1,616)
MINORITY INTEREST
EXPENSE (INCOME) 8 (18) 5 6
NET INCOME (LOSS) $8 $(898) $(879) $(1,622)
EARNINGS (LOSS)
PER SHARE
Basic and diluted $0.00 $(0.01) $(0.01) $(0.01)
WEIGHTED AVERAGE
NUMBER OF COMMON
SHARES OUTSTANDING
Basic and diluted 120,744 120,744 120,744 120,744
CONSOLIDATED BALANCE SHEETS (Unaudited)
(In thousands)
June 30, December 31,
2008 2007
(Unaudited) (Audited)
ASSETS
Current Assets:
Cash and cash equivalents $1,389 $256
Short-term investments 199 202
Accounts receivable, less
allowance for doubtful accounts of $149
in 2008 and $209 in 2007, respectively 845 3,014
Inventory, net 3,124 3,299
Prepaid expenses and other assets 899 858
Total current assets 6,456 7,629
PROPERTY AND EQUIPMENT, net 556 634
OTHER ASSETS 266 269
TOTAL ASSETS $7,278 $8,532
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current Liabilities:
Bank indebtedness, demand loan and
revolving line of credit $4,120 $4,551
Accounts payable 612 1,223
Accrued liabilities 1,667 1,539
Obligations under capital leases
- current portion 2 2
Deferred income 265 145
Convertible debenture 2,000 1,986
Total current liabilities 8,666 9,446
OBLIGATIONS UNDER CAPITAL LEASES -
less current portion 6 7
DEFERRED TAX LIABILITY 114 117
Total liabilities 8,786 9,570
MINORITY INTEREST 1,205 1,200
STOCKHOLDERS' DEFICIT (2,713) (2,238)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $7,278 $8,532
Sentry Technology Corporation
CONTACT: Peter L. Murdoch, President & CEO of Sentry Technology Corporation, +1-631-739-2000
Web site: http://www.sentrytechnology.com/
Company News On-Call: http://www.prnewswire.com/comp/494538.html
APUS Expands Its Online Master's Degrees in EducationThe online university now offers graduate teaching degrees in Elementary Education and Social Studies
CHARLES TOWN, W.Va., Aug. 12 /PRNewswire-USNewswire/ -- To answer the demand for a wider range of programs for public servants, American Public University System (APUS) (http://www.apus.edu/), has expanded its online Master of Education Teaching degree to include concentrations in Elementary Education and Secondary Social Studies. The new online education degrees are designed for post-baccalaureate students who wish to become elementary teachers and secondary social studies teachers, respectively. The M.Ed. programs are available at member institutions American Public University (http://www.apu.apus.edu/) and American Military University (http://www.amuonline.com/).
APUS is an online university system that serves more than 30,000 working adults in 50 states and more than 100 foreign countries. It offers 73 online undergraduate and graduate degree programs (http://www.apus.edu/APUS/Academics/index.htm) in an affordable and flexible online format.
"Given our institution's mission of educating those who serve, we are proud to offer these accredited, online degree programs for educators at an affordable tuition of $825/course," said Wallace E. Boston, Jr., President at APUS. "At our current tuition levels, our M.Ed. degree programs can be completed for $9,900 - $13,200 in tuition with minimal additional fees. We hope that this will enable additional qualified individuals to become teachers and advance their careers."
The new education degree programs -- The Master of Education (M.Ed.) in Teaching with a concentration in Elementary Education and the Master of Education (M.Ed.) in Teaching with a concentration in Social Studies -- are designed for post-baccalaureate students with an endorsable major from an accredited institution of higher learning who want to teach in either of these areas. The programs require students to take 48 semester hours of a selected curriculum, which includes nine semester hours of student teaching and a three-semester-hour capstone course. Candidates in both online education degree programs will be eligible to earn the West Virginia teaching certificate upon completion of the program.
The APUS M.Ed. program provides the required professional education courses at the graduate level. Students may need to complete additional undergraduate courses if they have insufficient course work in a particular content area. Included in the program is a requirement for student teaching onsite. All courses other than student teaching are offered online, with a school-based observation requirement at an APUS approved location of the student's choosing.
"It is truly exciting to be able to launch additional education degrees this fall," said Dr. Cindy Emmans, Dean of the School of Education at APUS. "These degrees are particularly important additions, giving people the opportunity to earn an advanced degree as well as West Virginia teacher certification, which has reciprocity with most other states."
The APUS School of Education also includes:
Master of Education in Administration and Supervision (36 credit hours)
Master of Education in Guidance and Counseling (48 credit hours)
Master of Education in Teaching with a concentration in Instructional Leadership (36 credit hours)
APUS classes start monthly, with many offered in either 8- or 16-week sessions. For more information on education degrees, call 1-877-777-9081 or go to http://www.apu.apus.edu/education.
NOTE: Teachers with licenses in West Virginia may apply for licensure in other states. Many states have formal reciprocity agreements with West Virginia. Persons considering licensure in additional states should contact the State Department of Education for the prospective state to obtain current testing and licensure requirements or procedures.
About American Public University System
American Public University System is comprised of American Public University (http://www.apu.apus.edu/) and American Military University (http://www.amuonline.com/). Courses are taught by professors who are experienced in the real-world subjects they teach. APUS's curriculum, affordability and flexibility help working adults pursue degrees that will help them advance in a variety of career fields, including business, information technology, education, and management. APUS also provides specialized education in homeland security, national security and emergency and disaster management. A university book grant provides textbooks at no cost for eligible undergraduate students. Eligible students may apply for Federal Student Aid. American Public University System is a wholly-owned subsidiary of American Public Education, Inc. . For more information, please visit http://www.americanpubliceducation.com/.
CONTACT:
Renee Hockaday, American Public University System
703.334.3868, rhockaday@apus.edu
American Public University System
CONTACT: Renee Hockaday of the American Public University System, +1-703-334-3868, rhockaday@apus.edu
Web Site: http://www.americanpubliceducation.com/ http://www.amuonline.com/ http://www.apu.apus.edu/ http://www.apus.edu/
Met-Pro Corporation's Strobic Air Subsidiary Receives Equipment Order in Excess of $500,000
HARLEYSVILLE, Pa., Aug. 12 /PRNewswire-FirstCall/ -- Raymond J. De Hont, Chairman and Chief Executive Officer of Met-Pro Corporation , announced today that the Company's Strobic Air subsidiary has received an order in excess of $500,000 from a premier medical research facility in the Northeastern United States. All of the equipment is expected to ship during the third quarter of the Company's current fiscal year ending January 31, 2009.
"This order reinforces Strobic Air's reputation as the supplier of choice for technologically advanced fume hood exhaust systems at institutional, industrial, and government laboratories," said De Hont. "It represents another example of Met-Pro's solutions that can help solve the challenges of protecting our environment while serving business and industry around the world. Together with a steady level of customer interest and quotation activity for similar type projects, it allows us to remain optimistic about our prospects for future orders of this type at Strobic Air."
For this project, Strobic Air will supply laboratory fume hood exhaust systems, which will utilize a total of eight Tri-Stack(TM) fans on custom plenums. Strobic Air was awarded this contract based on their best-in-class reputation for supplying low profile exhaust systems that are specifically designed to handle the complex issues of laboratory exhaust. Each of the fans will be equipped with Strobic Air's patented acoustical silencer nozzle and acoustical windband to minimize sound output levels at the fan discharge.
About Met-Pro
Met-Pro Corporation, with headquarters at 160 Cassell Road, Harleysville, Pennsylvania, was recently recognized, for the second consecutive year, as one of America's "200 Best Small Companies" by Forbes magazine. The Company was also recently named as one of the world's "Top Small to Midsize Manufacturers" by Start-It magazine for the second year in a row. Through its business units, in the United States, Canada, Europe and The People's Republic of China, a wide range of products and services are offered for industrial, commercial, municipal and residential markets worldwide. These include product recovery and pollution control technologies for purification of air and liquids; fluid handling technologies for corrosive, abrasive and high temperature liquids; Mefiag filtration technologies for harsh, corrosive liquid filtration applications; and filtration and purification technologies which include proprietary water treatment chemicals and filter products for air and liquid filtration. For more information, please visit http://www.met-pro.com/.
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this news release, and other materials filed or to be filed with the Securities and Exchange Commission (as well as information included in oral or other written statements made or to be made by the Company), contain statements that are forward-looking. Such statements may relate to plans for future expansion, business development activities, capital spending, financing, the effects of regulation and competition, or anticipated sales or earnings results. Such information involves risks and uncertainties that could significantly affect results in the future and, accordingly, such results may differ from those expressed in any forward-looking statements made by or on behalf of the Company. These risks and uncertainties include, but are not limited to, those relating to, the cancellation or delay of purchase orders and shipments, product development activities, computer systems implementation, dependence on existing management, the continuation of effective cost and quality control measures, retention of customers, global economic and market conditions, and changes in federal or state laws.
Met-Pro common shares are traded on the New York Stock Exchange, symbol MPR.
To obtain an Annual Report or additional information on the Company, please call 215-723-6751 and ask for the Investor Relations Department, or visit the Company's website at http://www.met-pro.com/.
Contact:
Investor Contact:
Gary J. Morgan,
Senior Vice President of Finance, CFO
215-723-6751, gmorgan@met-pro.com
Joseph Hassett, VP
Gregory FCA Communications
610-642-8253 extension 120
Met-Pro Corporation
CONTACT: Gary J. Morgan, Senior Vice President of Finance, CFO of Met-Pro Corporation, +1-215-723-6751, gmorgan@met-pro.com; or Joseph Hassett, VP of Gregory FCA Communications for Met-Pro Corporation, +1-610-642-8253, ext. 120
Web site: http://www.met-pro.com/
General Dynamics Introduces Two New Tadpole Computer Servers for Enterprise Computing On-the-Move
TAUNTON, Mass., Aug. 12 /PRNewswire/ -- General Dynamics C4 Systems is now offering the new Tadpole VM2000 mobile server/workstation and VR2000 rack-mount server to government and commercial users who require high-performance, enterprise-level, network computing in mobile and space-constrained environments. The servers enable complex computing services to users over distributed networks, while the small form-factor occupies 40-percent less depth in a standard 19-inch rack. General Dynamics C4 Systems is a business unit of General Dynamics .
The two new members to the Tadpole family offer unique advantages. The Tadpole VM2000 portable server/workstation enables computational and memory-intensive network server operations while simultaneously functioning as a workstation with an integrated display, keyboard and track pad. The Tadpole VR2000 rack-mount server enables users to quickly establish and manage computer infrastructure and networks, which supports such functions as virtualization and streamlined provisioning of server-based applications and services. Both servers are compatible with either Microsoft(R) Vista(R) or Red Hat(R) Linux(R) 5 operating systems.
"Now more than ever, the technology infrastructure used by industry and government must be as mobile and flexible as the people who use it," said Steve Shanck, vice president of Tadpole Sales and Marketing for General Dynamics C4 Systems. "These affordable, high-performance, plug-and-play computing solutions accelerate productivity and raise the bar for enterprise computing flexibility and versatility on-the-move."
Performance
The Tadpole VM2000 server/workstation and VR2000 rack-mount servers use AMD Opteron(TM) processors to reduce power consumption by 30 percent when compared to standard AMD processors and enable 2.6 GHz processing speed to accommodate complex computing operations or access to high volumes of memory intensive, digitally-stored data. Two removable SATA disk drives efficiently transfer data between computers and mass-storage devices such as hard-disk drives and optical drives. Integrated dual, fully independent, Gigabit Ethernet ports enable the servers to connect and operate on multiple networks.
Size and Weight
The Tadpole VM2000 server/workstation is 5.1 inches high by 14.3 inches deep and 19.4 inches wide and weighs 25 pounds.
The Tadpole VR2000 rack-mount server is 3.4 inches high by 14.3 inches deep and 17.4 inches wide and weighs 20 pounds. It is designed to fit in a 2U rack space.
Availability
The Tadpole VM2000 and VR2000 are immediately available. Ordering and pricing information are available by emailing sales@tadpole.com.
The Tadpole product group provides notebooks and servers for mission-critical military, government and commercial operations. They are uniquely suited for battlefield management, collaborative briefings, reconnaissance and intelligence gatherings. Tadpole is part of General Dynamics C4 Systems.
General Dynamics, headquartered in Falls Church, Va., employs approximately 84,600 people worldwide and anticipates 2008 revenues of approximately $29.5 billion. The company is a market leader in business aviation; land and expeditionary combat systems, armaments and munitions; shipbuilding and marine systems; and information systems and technologies. More information about the company is available on the Internet at http://www.generaldynamics.com/.
Tadpole is a registered trademark of General Dynamics. All other brands, products or service names are or may be trademarks or service marks of their respective owners
General Dynamics C4 Systems
CONTACT: Fran Jacques of General Dynamics C4 Systems, +1-480-441-2885, or Cell: +1-480-586-1886, Fran.Jacques@gdc4s.com
Web site: http://www.gdc4s.com/ http://www.generaldynamics.com/
China Voice Holding Corp. Announces Initiation of Coverage by Murphy Analytics Research Group
BOCA RATON, Fla., Aug. 12 /PRNewswire-FirstCall/ -- China Voice Holding Corporation (CHVC) , announced today that Murphy Analytics, an equity research group, has initiated coverage on China Voice Holding Corp. with an "Outperform" rating.
In the report entitled "Contracts with Chinese Government and Partnership with China Netcom Drive Near and Long Term Opportunity for CHVC", Murphy Analytics points out the huge opportunity in China that could propel CHVC's revenues in China to over $400 million within the next 3 years. According to Patrick J. Murphy, CFA, and author of the report, CHVC's unique and patented Office Automation software with Voice over IP Telephony services added, along with its partnership with China Netcom and the lack of any viable Chinese software alternative for large governmental agency users, makes it clear that the opportunities are very attractive and the projected results are reasonably attainable.
CHVC's President and CEO, Bill Burbank said, "We are very pleased with the quality of Murphy Analytics research coverage. The report provides serious investors with an in-depth understanding of our Company and what we believe to be a tremendous opportunity for creating outstanding returns for our shareholders. Murphy Analytics sees a great deal of upside in both the near and long term and has initiated coverage on CHVC with an Outperform rating."
The full report is available for review at http://www.murphyanalytics.com/uploads/CHVC_Initiation.pdf.
China Voice Holding Corp. ("CHVC") is a U.S. publicly-traded holding company headquartered in South Florida with a portfolio of next-generation communications products and services doing business in the People's Republic of China and the U.S. Through its subsidiaries, the Company provides Voice over Internet Protocol ("VoIP") telephone services, office automation, wireless broadband, unified messaging, video conferencing, mobility services and other advanced voice and data services in China, where the Company has obtained full legal status as a licensed telecommunications company. The Chinese telecommunications market is the largest and fastest growing in the world. CHVC's focus is on providing its innovative and patented voice and data solutions to government agencies and large enterprises in China. China Voice Holding Corp. trades Over-the-Counter and is listed in the Pink Sheets under the symbol "CHVC". Prior to the filing of periodic reports to the SEC, the Company is providing its recently audited financial statements and other current information at the pinksheets.com website. Additional information may be found at http://www.chvc.com/.
About Murphy Analytics
Murphy Analytics provides company-sponsored research coverage on small-cap stocks in a broad range of sectors. Murphy Analytics was paid $9,000 by China Voice Holding Corp. in advance of the creation of this report. For additional information, please visit http://www.murphyanalytics.com/. The views expressed in the report on China Voice Holding Corp. accurately reflect the analyst's personal views. Neither the analyst's compensation nor the compensation received by Murphy Analytics is in any way related to the specific ratings or views contained in this research report.
Forward-Looking Statements
The foregoing, including any discussion regarding the Company's future prospects, contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve numerous risks and uncertainties, including, but not limited to risks and uncertainties associated with economic conditions in the telecommunications industry, particularly in the principal industry sectors served by the Company; risks and uncertainties inherent in the operation of businesses outside the United States; changes in customer requirements and in the volume of sales to principal customers; the ability of the Company to assimilate acquired businesses and to achieve the anticipated benefits of such acquisitions; competition and technological change; and the ability of the Company to control operating costs and maintain satisfactory relationships with existing and potential vendors. The Company's actual results of operations may differ significantly from those contemplated by any forward- looking statements as a result of these and other factors, including factors that may be set forth in the Company's anticipated filings with the Securities and Exchange Commission.
China Voice Holding Corporation
CONTACT: Investors, Jack Eversull of The Eversull Group, Inc., +1-972-378-7917, or fax, +1-972-378-7981, jack@theeversullgroup.com or ir@chvcmail.com, for China Voice Holding Corporation
Web site: http://www.chvc.com/ http://www.murphyanalytics.com/ http://www.murphyanalytics.com/uploads/CHVC_Initiation.pdf
Wireless Phone Users in Paola Now Experience Even Clearer Reception and Fewer Dropped CallsVerizon Wireless Activates Cell Site in Paola
PAOLA, Kan., Aug. 12 /PRNewswire/ -- Verizon Wireless, the only major carrier with a 30-day network test-drive pledge that pays for calls if a customer isn't satisfied and switches to another carrier, has activated a new cell site in the city of Paola that expands network coverage and increases capacity, enabling more customers to use their wireless phones concurrently to make calls; send and receive email and text, picture and video messages; and download games and ringtones while enjoying clearer reception and fewer dropped calls.
This new cell site improves Verizon Wireless' voice and data network in and around Paola, including along 169 Highway. Specifically, Verizon Wireless customers will experience better coverage in Paola and within a radius of the city that stretches west to Cedar Niles Road and east to Oak Grove Road. Likewise, the improved coverage area extends north of Paola from Highway 68 in the north to 337th Street in the south.
"This network enhancement reflects our ongoing commitment to meet the growing needs of our customers and to provide them with the reliable, high quality service they expect from Verizon Wireless," said Lou Sigillo, president-Kansas/Missouri Region, Verizon Wireless.
Reliable service is fundamental to customer loyalty, and Verizon Wireless boasts the highest customer loyalty in the industry, as measured by the company's low percent of customer turnover.
"The value we offer our customers is closely tied to our industry-leading customer retention," Sigillo said. "Wireless consumers today understand that value is not defined by price alone. A major reason our customers choose Verizon Wireless and stay with us is because we offer the nation's most reliable network."
This new cell site is part of Verizon Wireless' continual effort to expand coverage, increase capacity and enhance the quality of its wireless voice and data network in Kansas and throughout the country. Verizon Wireless has invested $44 billion since it was formed-$5.5 billion on average every year-to increase the coverage and capacity of its national network and to add new services.
About Verizon Wireless
Verizon Wireless operates the nation's most reliable wireless voice and data network, serving 68.7 million customers. Headquartered in Basking Ridge, N.J., with 70,000 employees nationwide, Verizon Wireless is a joint venture of Verizon Communications and Vodafone (NYSE and LSE: VOD). For more information, go to: http://www.verizonwireless.com/. To preview and request broadcast-quality video footage and high-resolution stills of Verizon Wireless operations, log on to the Verizon Wireless Multimedia Library at http://www.verizonwireless.com/multimedia.
Verizon Wireless
CONTACT: Cheryl Bini Armbrecht, Cheryl.Bini@verizonwireless.com, or Brenda Hill, Brenda.Hill@verizonwireless.com, both of Verizon Wireless, +1-314-920-4444; or Jessica Gardner, +1-913-660-9638, jgardner@morningstarcomm.com, for Verizon Wireless
Web site: http://www.verizonwireless.com/
ParkerVision Names Industry Veteran Domingo Figueredo as New VP of EngineeringWill lead product development for company's patented RF technology in wireless handset market
JACKSONVILLE, Fla., Aug. 12 /PRNewswire-FirstCall/ -- ParkerVision, Inc. , a developer and marketer of semiconductor solutions for multi-mode wireless applications, today announced that Domingo Figueredo has joined the company as vice president of engineering. His primary focus is to lead all product development efforts to incorporate the company's technologies into complete solutions for wireless devices. Figueredo will direct the company's growing engineering department based in ParkerVision's Lake Mary, Florida, facility.
Mr. Figueredo has nearly 30 years' experience in engineering, manufacturing, R&D, and product development, most recently as vice president of the Analog Business Unit of Hitachi Semiconductor America (Renesas Technology America). He began his career at HP/Agilent Technologies, holding positions of increasing managerial responsibility for semiconductor design, fabrication, and testing; as well as defining and implementing best practices for "scheduled innovation" in technology-based companies.
"I consider the depth and breadth of Domingo's engineering and management experience and expertise a strategic asset, and view him as an integral member of our executive management team", said Jeff Parker. "He has led teams that have designed and produced RF components for use in mobile handsets that are now sold in the tens of millions of units each month. With our continued progress in engaging new customers and gaining greater market share, we recognized that the timing was right for adding someone with Domingo's relevant high volume product development expertise."
Commenting on his appointment, Figueredo said, "I simply could not pass up the chance to apply my expertise in bringing to market products that embody unsurpassed integration opportunities. My goal is to deliver on our customer commitments for RFIC technologies that bring true multi-mode connectivity, market-leading power efficiency, and low-heat profile design all based on the company's patented technologies."
A prolific writer and sought-after speaker at technical conferences and symposia worldwide, Figueredo has authored dozens of articles and presentations addressing a variety of topics affecting high-performance wireless systems. He is a long-time member of the IEEE.
Figueredo earned his Master's of Science degree in Electrical and Computer Engineering at University of California, Santa Barbara, and his Bachelor's of Science degree in Electrical Engineering from the Florida Institute of Technology in Melbourne.
About ParkerVision
ParkerVision is focused on the commercialization of its patented RF communication technologies that enable significant advancements in wireless products and services. These technologies are described collectively as Energy Signal Processing (ESP(TM)). ESP optimally processes RF waveform energy, eliminating costly and inefficient circuit processes inherent in traditional RF designs.
ParkerVision's solutions will initially address key needs for extended battery life, reduced cost and higher performance in mobile handsets as the cellular industry migrates to next generation networks. The company's extended business strategy targets additional market opportunities in communications and networking where it can leverage its ESP technologies for products and services in an increasingly wireless world. (PRKR-I)
ParkerVision(R) is a registered trademark of ParkerVision Inc.
All other trademarks are property of their respective owners.
ParkerVision, Inc.
CONTACT: Paul Henning of Cameron Associates, for ParkerVision, Inc., +1-212-245-8800, paul@cameronassoc.com; or Carolyn Wrenn of ParkerVision, Inc., +1-888-690-7110, cwrenn@parkervision.com
Web site: http://www.parkervision.com/
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