Companies news of 2008-10-27 (page 1)
Report: Despite Economic Turbulence, Critical Talent Remains Hard to FindNewman Group...
Coherent, Inc. to Webcast Fourth Fiscal Quarter 2008 Results
comScore Appoints Pat Pellegrini Vice President of Research for International...
Presstek Announces Information Regarding Third Quarter 2008 Financial Results
Ultra Clean Results in Guidance Range With Strong Non-Semi SalesCombined Solar, FPD and...
ISSI to Present at AeA Classic Financial Conference
Open Text Unveils Industry's First Records Management and Archiving Services for...
Standard & Poor's Compustat(R) Partners with the Cambridge University's Judge Business...
C&D Technologies Partners with Firefly Energy as Manufacturer of Microcell Foam Batteries...
ION and Guide Announce Geophysical AllianceJoint Center to Provide Advanced Seismic Data...
Fidelity National Information Services Reports Revenue Growth of 25.4%; Organic Revenue...
Le GSRM met en oeuvre la première coentreprise du Moyen-Orient en s'associant à Saudi...
Fidelity National Information Services Reports Revenue Growth of 25.4%; Organic Revenue...
Micrel Reports Third Quarter Financial Results- GAAP earnings $0.12 per diluted share-...
Atheros Announces Financial Results for Q3 2008Fourteenth Consecutive Quarter of Revenue...
Sinclair Updates Its Fourth Quarter 2008 Net Broadcast Revenue Outlook
Atheros Launches Align(TM) Technology Leveraging 802.11n 1-Stream Specification to Provide...
GateHouse Media Begins Trading in the Over-The-Counter Market Under New Ticker Symbol
Embarq Corporation to Cancel Third Quarter 2008 Earnings Conference Call
Regal Beloit Corporation to Hold Third Quarter Earnings Conference Call on Tuesday,...
Norton and Easton, Massachusetts Residents to Benefit from Verizon Wireless Network...
Homeland Integrated Security Systems, Inc. Acquired in Order to Improve Product Portfolio...
Warp 9 Launches ClearanceBooks.comB2C E-Commerce site is the second of several sites to be...
Attunity Schedules Earnings Release for Third Quarter, 2008
Herley Announces $3.3 Million In Contract Awards- Herley Lancaster to Produce VCOs for the...
Microsoft présente une large gamme de solutions pour l'édition numérique à l'occasion de...
Newtech Interactive : 11% de croissance sur les 9 premiers mois de l'exercice
WESCO International, Inc. Names Two New Board Members
Standard & Poor's SecurityMaster Services Delivery Platform Expands OfferingsAddition of...
Report: Despite Economic Turbulence, Critical Talent Remains Hard to FindNewman Group survey report to be released at ERE Fall Expo, October 28 and available on new Web Site at www.tng.futurestep.com
LOS ANGELES, Oct. 27 /PRNewswire/ -- While the business climate may change, the search for critical talent continues to pose challenges. Finding quality sources for candidates remains the number one talent acquisition pain point among recruiting decision-makers according to a recent survey by The Newman Group, a talent management consulting leader and part of Futurestep, a Korn/Ferry Company . The report based on the survey, Talent Acquisition 2008: Survey and Analysis of the Changing Recruiting Landscape is scheduled for release on October 28 by The Newman Group at the Electronic Recruiting Exchange (ERE) Expo. The publication will also be available on the organization's Web site at http://www.tng.futurestep.com/
According to the Talent Acquisition 2008 report, sourcing remains a key recruiting challenge as companies wrestle with a myriad of sourcing options, from traditional web posting to more advanced Web 2.0 and network building efforts. With economic concerns driving more careful business decisions, strategic talent acquisition efforts continue to play a growing role in talent strategy, with more than half of respondents (54 percent) engaged in focused workforce planning activity.
The report draws from a survey of 500 respondents active in talent management and related roles within their organizations. This is the fourth year that The Newman Group has conducted the survey, and it reflects the continuing progress that talent organizations are making in their efforts to balance tactical concerns with strategic vision. "Finding the right talent to deliver on objectives remains a key challenge for businesses today," says report author and Newman Group Consulting Director Sally Millick. "Companies understand the significance of an effective talent acquisition strategy. They are now striving to understand their needs, prioritize their actions and put those strategies into practice. That will be an ongoing process."
"The survey shows that companies recognize the continuing importance of talent management fundamentals and the need to deliver business impact," says Ed Newman, president of The Newman Group. "Our relationships with enterprise clients are based on a mutual understanding of the importance of a strategic approach to talent. An effective talent management strategy is essential not only for the success of recruiters and hiring managers, it is critical to the success of the business as a whole."
As a thought leader in Talent Management, The Newman Group is a frequent contributor to industry forums, events and webinars. To learn more about the report and other publications by The Newman Group, visit: http://www.tngconsulting.com/KnowledgeCenter/LatestPublications/tabid/98/Default.aspx
About The Newman Group
The Newman Group is a Futurestep Company and leading provider of talent management consulting services for today's Fortune 500 global enterprises, including one out of three Fortune 100 companies and recognized industry leaders such as General Motors, Johnson & Johnson, and MetLife. Our consultants combine next-practice vision, practical solutions, and an unparalleled level of commitment and integrity to help our clients translate their talent management strategies into measurable business impact. To learn more, visit http://www.tng.futurestep.com/
About Futurestep
Futurestep, a Korn/Ferry Company, is the industry leader in strategic talent acquisition, offering fully customized, flexible solutions to help organizations meet specific workforce needs. Our full-spectrum portfolio of services includes: Strategic Recruitment Process Outsourcing (RPO), Project-Based Recruitment, Mid-Level Recruitment, Interim Professionals and Consulting Services. With locations on four continents and a record of success in securing top talent around the world, Futurestep provides the experience and global reach to identify, attract and retain the people who drive business success. To learn more, visit futurestep.com.
About Korn/Ferry International
Korn/Ferry International, with more than 89 offices in 38 countries, is a premier global provider of talent management solutions. Based in Los Angeles, the firm delivers an array of solutions that help clients to identify, deploy, develop, retain and reward their talent. For more information on the Korn/Ferry International family of companies, visit kornferry.com.
Futurestep
CONTACT: Kelly Cartwright of Futurestep, 1-877-639-6262, kelly.cartwright@futurestep.com
Web site: http://www.kornferry.com/ http://www.tng.futurestep.com/
Coherent, Inc. to Webcast Fourth Fiscal Quarter 2008 Results
SANTA CLARA, Calif., Oct. 27 /PRNewswire-FirstCall/ -- Coherent, Inc. , today announced the Company will release its financial results after the market close and host a live webcast to discuss its fourth fiscal quarter 2008 results scheduled for Wednesday, November 5, 2008 at 4:30 p.m. ET.
The call will be broadcast live over the Internet and can be accessed at either http://www.coherent.com/Investors/ or http://www.earnings.com/. For those who are not available to listen to the live broadcast, the call will be archived for approximately three months on both web sites.
Founded in 1966, Coherent, Inc. is a world leader in providing photonics based solutions to the commercial and scientific research markets and part of the Russell 2000. Please direct any questions to Leen Simonet, Executive Vice President and Chief Financial Officer at 408-764-4161. For more information about Coherent, visit the Company's web site at http://www.coherent.com/.
Coherent, Inc.
CONTACT: Leen Simonet of Coherent, Inc., +1-408-764-4161
Web site: http://www.coherent.com/
comScore Appoints Pat Pellegrini Vice President of Research for International OperationsDr. Pellegrini to Chair comScore Canadian Research Advisory Council
RESTON, Va., Oct. 27 /PRNewswire-FirstCall/ -- comScore, Inc. , a leader in measuring the digital world, today named Pat Pellegrini vice president of research for international operations. Based in comScore's Toronto, Canada office, Dr. Pellegrini will be responsible for the design and implementation of statistical measurement methodologies for existing and future syndicated comScore audience measurement products across international markets, with an initial focus on the Canadian market, but also including Europe, Latin America, and the Asia-Pacific region. He will also serve as chair of comScore's Canadian research advisory council; in that capacity he will be spearheading new comScore measurement initiatives in Canada.
(Logo: http://www.newscom.com/cgi-bin/prnh/20080115/COMSCORELOGO)
Dr. Pellegrini has nearly 20 years of experience in research and audience measurement, most recently as vice president of research and new product development at Arbitron. Prior to that, he was VP of research at both TNS Media Research and BBM Canada, where, among other things, he worked on TV audience measurement using both panel and set-top box methodologies. He has also held teaching positions at The University of Guelph-Humber, McMaster University, and The Ohio State University.
"Pat is one of the most well regarded researchers in the audience measurement industry, and we are excited about his addition to the comScore team," said Magid Abraham, President and CEO of comScore. "As comScore continues to expand into global markets, Pat will be critical in ensuring we apply the most rigorous statistical methods to our broad array of digital audience measurement services."
Dr. Pellegrini earned his bachelor's and master's degrees in Geography from McMaster University in Ontario, Canada and his PhD in Geography from SUNY Buffalo.
About comScore
comScore, Inc. is a global leader in measuring the digital world and preferred source of digital marketing intelligence. 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/
Presstek Announces Information Regarding Third Quarter 2008 Financial Results
GREENWICH, Conn., Oct. 27 /PRNewswire-FirstCall/ -- Presstek Inc. , the leading manufacturer and marketer of digital offset printing business solutions, today announced it will release its third quarter 2008 financial results before the market opens on Friday, October 31, 2008. Presstek senior management will host a conference call on October 31, 2008 at 8:30 AM Eastern Daylight Time to discuss its third quarter 2008 results. The call will be open to all interested parties and may be accessed by using the following information:
CONFERENCE CALL ACCESS
Domestic Dial In: 800-291-9234
International Dial In: 617-614-3923
Passcode: 16106979
Investors can access the call in a "listen only" mode via the Internet at http://www.presstek.com/.
In addition, for those unable to participate at the time of the call, a rebroadcast will be available following the call from Friday, October 31, 2008 at 10:30 AM Eastern Daylight Time until Friday, November 14, 2008 Eastern Standard Time at midnight. The rebroadcast may be accessed on the Internet at http://www.pressstek.com/ or by telephone using the following information:
REBROADCAST ACCESS
Domestic Dial In: 888-286-8010
International Dial In: 617-801-6888
Passcode: 49560256
About Presstek
Presstek, Inc. is the leading manufacturer and marketer of high tech digital imaging solutions to the graphic arts and laser imaging markets. Presstek's patented DI(R), CTP and plate products provide a streamlined workflow in a chemistry-free environment, thereby reducing printing cycle time and lowering production costs. Presstek solutions are designed to make it easier for printers to cost effectively meet increasing customer demand for high-quality, shorter print runs and faster turnaround while providing improved profit margins. Presstek subsidiary, Lasertel, Inc., manufactures semiconductor laser diodes for Presstek's and external customers' applications. For more information visit http://www.presstek.com/, or call 603-595- 7000 or email: info@presstek.com.
DI is a registered trademark of Presstek, Inc.
Contacts
Investor Relations Trade Relations
Kathleen Makrakis Betty LaBaugh
Director of Investor Relations Public Relations Manager
203-769-8099 603-594-8585, ext. 3441
kmakrakis@presstek.com blabaugh@presstek.com
Presstek, Inc.
CONTACT: Investor Relations, Kathleen Makrakis, Director of Investor Relations, +1-203-769-8099, kmakrakis@presstek.com; Trade Relations, Betty LaBaugh, Public Relations Manager, +1-603-594-8585, ext. 3441, blabaugh@presstek.com
Web site: http://www.presstek.com/
Ultra Clean Results in Guidance Range With Strong Non-Semi SalesCombined Solar, FPD and Medical Revenues Grow 21% Sequentially
HAYWARD, Calif., Oct. 27 /PRNewswire-FirstCall/ -- Ultra Clean Holdings, Inc. , a leading developer and supplier of critical subsystems for the semiconductor capital equipment, flat panel, solar, and medical device industries, today reported its financial results for the third quarter of 2008. Revenue for the third quarter of 2008 was $60.1 million, a decrease of 11% from the second quarter of 2008 and a decrease of 37% from the same period a year ago. Gross margin for the third quarter of 2008 was 9.1%, compared to 11.2% for the second quarter of 2008, and 14.0% for the same period a year ago. The company recorded a net loss of $1.9 million or $0.09 per share, during the third quarter of 2008, compared to a net loss of $162,000 or $0.01 per share, for the second quarter of 2008 and net income of $3.5 million, or $0.16 per diluted share, for the same period a year ago. The third quarter 2008 loss per share is inclusive of a $0.01 per share charge for amortization of intangibles, and a $0.03 per share charge related to SFAS 123(R).
Clarence Granger, Ultra Clean's Chairman and Chief Executive Officer commented: "We view the current challenging business environment as an opportunity to expand market share, transfer additional manufacturing to Asia, and consolidate our U.S.-based assembly operations. For the quarter, we met our guidance range for revenue and earnings per share by maintaining our focus on reducing costs, while continuing to increase our non-semiconductor businesses. Solar, flat panel, and medical device revenues grew by 21% sequentially, to 30% of total revenues. In addition, we increased the revenue derived from our China facilities by 14% sequentially to 24% of total revenue. By producing more in Asia, while streamlining our global operations and continuing to increase our activity in these adjacent markets, we improved our operating efficiencies, lessened the impact of this cyclical decline in semiconductor capital equipment demand and positioned ourselves for enhanced levels of profitability when the industry cycle returns to growth."
Cash at the end of the third quarter of 2008 was $28.5 million, a decrease of $4.1 million from $32.6 million at the end of the second quarter of 2008, and an increase of $500,000 from $28.0 million at the end of the third quarter of 2007. Third party debt at the end of the third quarter was $19.7 million, a decrease of $800,000 from $20.5 million at the end of the second quarter of 2008 and a decrease of $9.1 million from $28.8 million at the end of the third quarter of 2007.
In the third quarter, Ultra Clean repurchased $1.2 million of the company's common stock as part of the share buyback program announced in our last earnings call. Program-to-date, Ultra Clean has purchased $3.3 million of the company's common stock. The company recently suspended the repurchase program due to the uncertain economic environment.
Granger commented further "I am pleased to announce that, during the third quarter, we secured a partnership agreement with Cascade Microtech, Inc. to manufacture its 200mm probe stations. Qualification tools will be manufactured in the fourth quarter of 2008, with volume production planned for the first quarter of 2009."
Granger continued, "Also last quarter we shipped significant quantities of recently awarded solar gas abatement subsystems and turnkey FPD test systems from our newest manufacturing facility in Shanghai, China. We remain focused on our key objectives: to outperform the semiconductor equipment industry in upturns and in downturns, by expanding our market share, increasing the portion of our revenue derived from the adjacent markets of the solar, flat panel and medical device industries, and by continuing to expand our presence in Asia."
Commenting on Ultra Clean's corporate outlook, Granger noted, "While we remain very confident in our strategic direction, we remain cautious about the near term outlook, due to continued declines in semiconductor capital equipment demand, partially offset by our growth in non-semiconductor markets. We expect that revenue for the fourth quarter of 2008 will be in the range of $47 million to $53 million, and loss per share will be in the range of $0.10 to $0.16 per share, on a GAAP basis, inclusive of an expected $0.01 per share charge for amortization of intangibles, and a $0.04 per share charge related to SFAS 123(R)."
Ultra Clean will conduct a conference call today, Monday, October 27, 2008, beginning at 2:00 p.m. PDT at 888-561-5097 (domestic) and 706-679-7569 (international). A replay of the webcast will be available for fourteen days following the conference call at 800/642-1687 (domestic) and 706/645-9291 (international). The confirmation number for the live broadcast and replays is 68499647 (all callers). The conference call will also be webcast live and be available for fourteen days on our website.
About Ultra Clean Holdings, Inc.
Ultra Clean Holdings, Inc. is a developer and supplier of critical subsystems for the semiconductor capital equipment, flat panel, solar and medical device industries. Ultra Clean offers its customers an integrated outsourced solution for gas delivery systems and other subassemblies, improved design-to-delivery cycle times, component neutral design and manufacturing and component testing capabilities. Ultra Clean's customers are primarily original equipment manufacturers for the semiconductor capital equipment, flat panel, solar and medical device industries. Ultra Clean is headquartered in Hayward, California. Additional information is available at http://www.uct.com/.
Safe Harbor Statement
The foregoing information contains, or may be deemed to contain, "forward-looking statements" (as defined in the U.S. Private Securities Litigation Reform Act of 1995) which reflect our current views with respect to future events and financial performance. We use words such as "anticipates," "believes," "plan," "expect," "future,"' "intends," "may," "will," "should," "estimates," "predicts," "potential," "continue" and similar expressions to identify these forward-looking statements. Forward looking statements included in the press release include estimates made with respect to our fourth quarter revenue and diluted earnings per share. All forward-looking statements address matters that involve risks and uncertainties. Accordingly, our actual results may differ materially from the results predicted or implied by these forward-looking statements. These risks, uncertainties and other factors include, among others, those identified in "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and elsewhere in our annual report on Form 10-K for the year ended December 28 2007 and quarterly report on Form 10-Q for the quarter ended June 28, 2008, filed with the Securities and Exchange Commission. Ultra Clean Holdings, Inc. undertakes no obligation to publicly update or review any forward-looking statements, whether as a result of new information future developments or otherwise.
Ultra Clean Holdings, Inc
Condensed Consolidated Statements of Operations
(Unaudited; in thousands, except per share data)
For the three months For the nine months
ended ended
September 26, September 28, September 26, September 28,
2008 2007 2008 2007
Sales $60,128 $95,535 $219,849 $311,049
Cost of goods sold 54,660 82,165 194,799 265,106
Gross profit 5,468 13,370 25,050 45,943
Operating expenses:
Research and
development 484 648 1,875 2,275
Sales and marketing 1,464 1,494 4,424 4,253
General and
administrative 5,828 5,700 18,710 18,479
Total
operating
expenses 7,776 7,842 25,009 25,007
Income (loss) from
operations (2,308) 5,528 41 20,936
Interest and other
income (expense),
net (236) (460) (826) (1,450)
Income (loss) before
income taxes (2,544) 5,068 (785) 19,486
Income tax provision
(benefit) (616) 1,527 (584) 5,664
Net income (loss) $(1,928) $3,541 $(201) $13,822
Net income (loss)
per share:
Basic $(0.09) $0.17 $(0.01) $0.65
Diluted $(0.09) $0.16 $(0.01) $0.63
Shares used in
computing net
income (loss)
per share:
Basic 21,708 21,366 21,639 21,240
Diluted 21,708 22,166 21,639 22,088
Ultra Clean Holdings, Inc
Condensed Consolidated Balance Sheets
(Unaudited; in thousands)
September 26, December 28,
ASSETS 2008 2007
Current assets:
Cash and cash equivalents $28,468 $33,447
Accounts receivable 28,817 34,845
Inventory 49,013 49,342
Other current assets 9,747 7,707
Total current assets 116,045 125,341
Equipment and leasehold improvements,
net 20,267 14,095
Goodwill 34,063 34,196
Other intangible assets 19,750 20,762
Other non-current assets 509 633
Total assets $190,634 $195,027
LIABILITIES & STOCKHOLDERS' EQUITY
Current liabilities
Bank borrowings $3,074 $3,575
Accounts payable 28,196 36,817
Other current liabilities 4,682 4,451
Total current liabilities 35,952 44,843
Bank debt and other long-term
liabilities 22,272 20,696
Total liabilities 58,224 65,539
Stockholders' equity
Common stock 92,215 89,092
Retained earnings 40,195 40,396
Total stockholders' equity 132,410 129,488
Total liabilities and stockholders'
equity $190,634 $195,027
Ultra Clean Holdings, Inc.
CONTACT: Jack Sexton, CFO of Ultra Clean Holdings, Inc., +1-510-576-4700
Web site: http://www.uct.com/
ISSI to Present at AeA Classic Financial Conference
SAN JOSE, Calif., Oct. 27 /PRNewswire-FirstCall/ -- Integrated Silicon Solution, Inc. today announced that Scott Howarth, President and CEO, and John Cobb, CFO will present at the AeA Classic Financial Conference being held at the Manchester Grand Hyatt in San Diego, California on November 4th and 5th. ISSI will be giving nine presentations over the two days. The presentation at 10:00 AM PST on Wednesday, November 5th will be web cast. Interested parties may access the live webcast of the presentation by visiting the ISSI website at http://www.issi.com/.
About the Company
ISSI is a fabless semiconductor company that designs and markets high performance integrated circuits for the following key markets: (i) digital consumer electronics, (ii) networking, (iii) mobile communications, (iv) automotive electronics, and (v) industrial. The Company's primary products are high speed and low power SRAM and low and medium density DRAM. The Company also designs and markets EEPROM, SmartCards and is developing selected non- memory products focused on its key markets. ISSI is headquartered in Silicon Valley with worldwide offices in Taiwan, Japan, Singapore, China, Europe, Hong Kong, India, and Korea. Visit our web site at http://www.issi.com/.
Integrated Silicon Solution, Inc.
CONTACT: John M. Cobb, Chief Financial Officer, Investor Relations, of Integrated Silicon Solution, Inc., +1-408-969-6600, ir@issi.com
Web site: http://www.issi.com/
Open Text Unveils Industry's First Records Management and Archiving Services for Microsoft's Cloud StorageThe Right Combination in a Tough Economy to Address Growing Compliance DemandsCustomers Can Control Risks, Manage Compliance for Content While Gaining the Cost Benefits of Cloud Storage: No Infrastructure Investment and Rapid Implementation
MICROSOFT PROFESSIONAL DEVELOPERS CONFERENCE, Oct. 27
/PRNewswire-FirstCall/ -- Open Text(TM) Corporation , a global leader in enterprise content management (ECM), said today it is unveiling first-of-its-kind records management and archiving capabilities for Microsoft's new cloud-based operating system Windows(R) Azure(TM), which Microsoft announced today at the Microsoft Professional Developers Conference in Los Angeles. Open Text will incorporate these cloud-based capabilities into its Enterprise Library Services offering early next year. Enterprise Library Services is one of a series of software services from Open Text that let customers integrate and extend ECM technology across their organizations (http://www.opentext.com/news/pr.html?id=1948).
With the new capabilities, customers will be able to manage Microsoft SharePoint content, Microsoft Outlook email and other business information they want to store on Windows Azure, allowing them to apply records rules, archive content, and address compliance mandates. The new services will give customers the integrated records management and archiving capabilities they need to better leverage cloud-based services, while avoiding the high costs of maintaining their own storage infrastructure. Open Text, the industry's largest independent ECM vendor, is uniquely positioned to offer this solution as the company's ECM solutions are storage agnostic.
"The dominant conversation in businesses today is how to operate in these uncertain economic times. Cost savings and compliance are the top concerns," said Jens Rabe, Vice President of Open Text's Microsoft Solutions Group. "Maintaining your own storage infrastructure is costly and Windows Azure offers the power of 'storage in the clouds' as an alternative. With the cost pressures in many businesses today, cloud-based storage is an attractive option."
Rabe adds, "Compliance and its impact on stored information is an ever-present issue for customers. Our offering will give customers a way to manage compliance and archive content through a solution designed specifically for Microsoft's Window Azure. It will offer customers a faster, less capital intensive route to building a long-term solution for managing and archiving content."
The records management and archive services will provide administrators with the option of saving content on Windows Azure, in addition to other on-premise storage devices. End users won't see any difference between the content stored locally and the content stored in the cloud. For security, Windows Azure provides strong service level agreements that complement the encryption capabilities and other protective features that Open Text leverages in its software.
"Open Text has demonstrated tremendous vision and agility in the development of an archiving and records management solution built on Windows Azure," said Robert Wahbe, Corporate Vice President, Connected Systems Division at Microsoft. "As an industry partner, Open Text continues to provide our mutual customers with value by embracing and extending their investments in the Microsoft platform."
Open Text's Enterprise Library Services provide the foundation for a single, trusted repository that delivers integrated records management, metadata management, archive and search capabilities for all business content in an organization including content stored in Microsoft Office SharePoint Server sites, SAP applications, file systems, email and Open Text content repositories. With Enterprise Library Services, content can be managed, archived and stored consistently across the entire organization, based on a lifecycle defined by records retention and disposition rules and the value of the content to the organization.
Open Text's Leadership in ECM Solutions for Microsoft
Open Text is a leader in delivering ECM solutions for the Microsoft platform, including the industry's widest range of solutions that extend Microsoft Office SharePoint Server. In addition to content lifecycle management services for SharePoint, Open Text also offers a case management development framework for SharePoint and specialized vertical market solutions. Other solutions for Microsoft include email management and Open Text Enterprise Connect, which lets users create customized views of content from multiple systems, such as SAP or Oracle, in Microsoft Outlook. Open Text is a Microsoft Gold Certified Partner. For more information on Open Text and Microsoft, go to: http://www.opentext.com/microsoft-partner.
Open Text Content World
Open Text will host its Content World 2008 conference in Orlando, Florida, November 18-20. The event will bring together leading ECM experts from across the industry to network with peers, discuss the latest developments and trends in ECM and Enterprise 2.0, and to gain a first-hand account of the company's long-term strategy and product roadmap. Open Text is planning a series of sessions on ECM solutions for Microsoft. You can find out more about the sessions here: http://www.opentext.com/contentworld/2008/microsoft/.
For more information on Microsoft Professional Developers Conference, go to: http://microsoftpdc.com/Default.aspx.
About Open Text
Open Text, an enterprise software company and leader in enterprise content management, helps organizations manage and gain the true value of their business content. Open Text brings two decades of expertise supporting 46,000 customers and millions of users in 114 countries. Working with our customers and partners, we bring together leading Content Experts(TM) to help organizations capture and preserve corporate memory, increase brand equity, automate processes, mitigate risk, manage compliance and improve competitiveness. For more information, visit http://www.opentext.com/.
Safe Harbor Statement Under the Private Securities Litigation Reform Act
of 1995
This news release may contain forward-looking statements relating to the success of any of the Company's strategic initiatives, the Company's growth and profitability prospects, the benefits of the Company's products to be realized by customers, the Company's position in the market and future opportunities therein, the deployment of Livelink and our other products by customers, and future performance of Open Text Corporation. Forward-looking statements may also include, without limitation, any statement relating to future events, conditions or circumstances. Forward-looking statements in this release are not promises or guarantees and are subject to certain risks and uncertainties, and actual results may differ materially. The risks and uncertainties that may affect forward-looking statements include, among others, the failure to develop new products, risks involved in fluctuations in currency exchange rates, delays in purchasing decisions of customers, the completion and integration of acquisitions, the possibility of technical, logistical or planning issues in connection with deployments, the continuous commitment of the Company's customers, demand for the Company's products and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission (SEC), including the Form 10-K for the year ended June 30, 2008. You should not place undue reliance upon any such forward-looking statements, which are based on management's beliefs and opinions at the time the statements are made, and the Company does not undertake any obligations to update forward-looking statements should circumstances or management's beliefs or opinions change.
Copyright (C) 2008 by Open Text Corporation. LIVELINK ECM and OPEN TEXT are trademarks or registered trademarks of Open Text Corporation in the United States of America, Canada, the European Union and/or other countries. This list of trademarks is not exhaustive. Other trademarks, registered trademarks, product names, company names, brands and service names mentioned herein are property of Open Text Corporation or other respective owners.
Open Text Corporation
CONTACT: Richard Maganini, Open Text Corporation, (847) 267-9330 ext.4266, rmaganin@opentext.com; Stephanie Dodge, Open Text Corporation, (519) 888-7111, x2429, sdodge@opentext.com; Brian Edwards, McKenzie Worldwide, (503) 577-4583, briane@mckenzieworldwide.com
Standard & Poor's Compustat(R) Partners with the Cambridge University's Judge Business SchoolCompustat to provide access to proprietary data to support academic research.
NEW YORK, Oct. 27 /PRNewswire/ -- Standard & Poor's Compustat, the leading provider in financial market intelligence, is announcing a new partnership with Judge Business School, University of Cambridge. The agreement will provide faculty and students at the business school with unlimited access to proprietary data from Compustat North America, Backdata, Bank and ExecuComp databases, which includes data corresponding to nearly 27,000 active and inactive U.S. and Canadian companies.
According to Andy Priestner, Head Librarian, Judge Business School, the quality of the Compustat databases will provide the School with an important resource that will support both their expanding degree programmes and research initiatives. "We are pleased to be able to add Compustat to the range of financial resources now available to our faculty and students," said Mr. Priestner. "Quality data is a key foundational element, and we feel our programmes will benefit from the breadth and depth of data that the Compustat databases provide." The School recently launched a new Master of Finance (MFin) degree for 2008 and its Cambridge MBA programme is ranked as one of the top 10 in the world.
"High quality, extensive data sets are essential components of graduate programmes. Standard & Poor's Compustat is continually striving to develop products and data offerings for the needs of the 21st century researchers and financial analysts -- whether in academia or investment research firms. We are looking forward to our partnership with Judge Business School," said Lu Lau, Associate Director and Head of Compustat University Sales in EMEA.
About Compustat Data
Standard & Poor's Compustat(R) data is used by institutional money managers and analysts around the world. With fundamental and market data on 88,000 global securities, Compustat provides vital company, index and industry information that supports financial models and proprietary company and industry analysis.
About Standard & Poor's
Standard & Poor's, a division of The McGraw-Hill Companies , is the world's foremost provider of financial market intelligence, including independent credit ratings, indices, risk evaluation, investment research and data. With approximately 8,500 employees, including wholly owned affiliates, located in 23 countries and markets, Standard & Poor's is an essential part of the world's financial infrastructure and has played a leading role for more than 140 years in providing investors with the independent benchmarks they need to feel more confident about their investment and financial decisions. For more information, visit http://www.standardandpoors.com/
About The Judge Business School, University of Cambridge
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C&D Technologies Partners with Firefly Energy as Manufacturer of Microcell Foam Batteries for Trucking and Related Deep-discharge Application Markets
BLUE BELL, Pa., Oct. 27 /PRNewswire-FirstCall/ -- C&D Technologies, Inc. , a leading North American producer and marketer of batteries, battery systems and integrated standby power systems, announced today that it has signed a manufacturing contract with Firefly Energy, Inc., the Peoria, Illinois-based battery technology company that has developed a portfolio of innovative lead-acid battery technologies.
The contract calls for the establishment of a manufacturing partnership between the two companies to produce Firefly-designed battery products for the trucking and off highway equipment markets. Firefly's microcell technology provides the trucking industry and fleets with a highly effective fuel-saving alternative for powering their trucks' hotel loads and HVAC systems. Capable of almost double the run time and life of traditional lead-acid batteries, the technology enables significant economic payback as well as compliance with recent anti-idling legislation.
The first focus for this partnership will be for the Firefly "Oasis" battery. Firefly will provide microcell foam technology components, and C&D will manufacture the battery in their Milwaukee Wisconsin facility.
Dr. Jeffery Graves, President and CEO of C&D Technologies said, "This partnership brings together innovative design and materials technologies with advanced manufacturing techniques to produce a customer solution that has outstanding performance and is environmentally friendly, as it reduces the emissions from engine idling or diesel auxiliary power units. C&D is committed to energy storage products, processes and enterprises that preserve our environment. We look forward to a long and fruitful partnership with Firefly Energy."
Firefly CEO Ed Williams called the new C&D relationship a "critical addition to our manufacturing and commercialization strategies which expands the availability of our award winning battery technology."
"Firefly is first and foremost an innovator, creating enabling energy technologies," Williams said. "We will continue to focus on product technologies, design, development and testing that compresses product development schedules while enhancing product quality and performance. We're delighted to be associated with a company of C&D's caliber, given the stringent requirements which C&D has long met in producing batteries of the highest quality for demanding telecom and data protection customers."
About Firefly Energy
Firefly Energy Inc. ("Firefly") is a Peoria, Illinois-based battery technology company developing a portfolio of lead-acid battery technologies and products to enhance performance within major portions of the $30 billion worldwide battery marketplace. The company's first applied technology is a microcell foam-based battery technology, which can deliver a unique combination of high performance, low weight and low cost, all within a battery that unleashes the full power potential of lead acid chemistry. Firefly's battery products and their patented microcell technology deliver to battery markets a level of performance achieved with advanced battery chemistries (Nickel Metal Hydride and Lithium) but at one-fifth the cost. Firefly's microcell battery products can be manufactured as well as recycled within the existing lead acid battery industry's vast infrastructure. Firefly is backed by multi-billion-dollar product companies such as Caterpillar (http://www.cat.com/), BAE Systems (http://www.baesystems.com/), and Husqvarna (http://www.husqvarna.com/). Additional investors include Chicago-area Venture Capital firm KB Partners (http://www.kbpartners.com/), Quercus Trust, Khosla Ventures (http://www.khoslaventures.com/), Infield Capital and the Illinois Finance Authority.
About C&D Technologies:
C&D Technologies, Inc. provides solutions and services for the switchgear and control (utility), telecommunications, and uninterruptible power supply (UPS), as well as emerging markets such as solar power. C&D Technology's designs, manufactures, sells and services fully integrated reserve power systems for regulating and monitoring power flow and providing backup power in the event of primary power loss until the primary source can be restored. C&D Technologies' unique ability to offer complete systems, designed and produced to high technical standards, sets it apart from its competition. C&D Technologies is headquartered in Blue Bell, PA. For more information about C&D Technologies, visit http://www.cdtechno.com/.
Forward-looking Statements:
This press release may contain forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934), which are based on management's current expectations and are subject to uncertainties and changes in circumstances. Words and expressions reflecting something other than historical fact are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. Factors that appear with the forward- looking statements, or in the company's Securities and Exchange Commission filings (including without limitation the company's annual report on Form 10-K for the fiscal year ended January 31, 2008, or the quarterly and current reports filed on Form 10-Q and Form 8-K thereafter), could cause the company's actual results to differ materially from those expressed in any forward- looking statements made herein.
C&D Technologies, Inc.
CONTACT: Ian Harvie of C&D Technologies, Inc., +1-215-619-7835, iharvie@cdtechno.com; Dan Green of Firefly Energy, +1-847-279-0022 ext. 239, Dan.Green@TechImage.com
Web site: http://www.cdtechno.com/
ION and Guide Announce Geophysical AllianceJoint Center to Provide Advanced Seismic Data Processing Services for North Africa
HOUSTON and CAIRO, Egypt, Oct. 27 /PRNewswire-FirstCall/ -- ION Geophysical Corporation and Guide Geoscience Technologies (GGT), a Cairo-based seismic data processing company, announced the formation of an alliance to provide advanced imaging and reservoir-related services to oil & gas companies operating in North Africa. By blending the technological strengths of ION's GX Technology (GXT) Imaging Solutions group and the regional expertise of Guide, the companies will deliver state-of-the-art geoscience technology solutions that enhance the quality and utility of seismic data, thereby allowing clients to optimize their exploration and development drilling programs, advance their hydrocarbon production, and find additional reserves in mature fields.
Egypt boasts one of the oldest oil & gas industries in the world, yet still offers many new opportunities for companies operating within the region. Egypt is a significant oil producer including the mature fields in the Gulf of Suez. More recently, major international oil companies have found new gas discoveries in the Nile Delta and the Western Mediterranean. Across the border in Libya, numerous international oil and gas companies have been awarded large tracts of undeveloped but highly prospective acreage over the last several years.
Given heightened exploration interest in North Africa, the Guide-ION imaging center in Cairo is ideally suited to deliver a broad range of advanced seismic processing services for 2D, 3D, land, marine, and transition zone data. The full scope of services also includes data conditioning, velocity model building, seismic imaging, and geophysical reservoir analysis and interpretation. The center has been equipped with the latest Linux-based server hardware and advanced data processing technology provided by ION. The Cairo seismic processing facility is staffed by Guide geophysicists supported by GX Technology experts in state-of-the-art data processing equipment, algorithms and workflows.
"We believe that the collective processing experience of Guide and GXT, including our advanced technologies and specialist personnel, will offer our clients in the region the highest quality seismic images available," stated Nick Bernitsas, Senior Vice President of GXT Imaging Solutions. "This partnership displays our commitment to expanding the global reach of our processing capabilities so they are readily accessible to our clients in key petroleum centers around the world."
Guide's Chief Executive Officer, Adel Nasser, commented, "We look forward to leveraging this major business opportunity and bringing GXT's experience and expertise to North Africa. Since GGT was established in 2005, we have rapidly expanded in the highly competitive Egyptian market. Developing business strategies based on technical excellence and the understanding of customer's needs has allowed us to tackle the most complex imaging projects in the region. The new Guide-ION venture will be a valuable asset for the further expansion of GXT and Guide in Egypt and throughout the North Africa region."
About ION
ION is a leading provider of geophysical technology, services, and solutions for the global oil & gas industry. ION's offerings allow E&P operators to obtain higher resolution images of the subsurface to reduce the risk of exploration and reservoir development, and enable seismic contractors to acquire geophysical data more efficiently. Additional information about ION is available at: http://www.iongeo.com/.
About Guide
Guide Geoscience Technologies specializes in seismic data processing and integrated high-end geophysical technologies used in oil & gas exploration and development. Guide offers unique geophysical expertise through the integration of state-of-the-art analysis, solutions, and world-class expertise to improve the integrity of seismic data, enhance hydrocarbon production, and find additional reserves in mature fields. Additional information about Guide Geoscience Technologies is available at: http://www.guidegeoscience.com/
The information included herein contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Actual results may vary fundamentally from those described in these forward-looking statements. All forward-looking statements reflect numerous assumptions and involve a number of risks and uncertainties. These risks and uncertainties include risk factors that are disclosed by ION from time to time in its filings with the Securities and Exchange Commission.
Contacts
ION (Financial community)
Chief Financial Officer
Brian Hanson, +1 281.879.3672
ION (Media affairs)
Senior Manager - Corporate Marketing
Jenny Salinas, +1 713.366.7286
jenny.salinas@iongeo.com
GX Technology (Guide)
Regional Manager - Africa
Reda El Sakka, +20 10 192 5000
Reda.elsakka@iongeo.com
ION Geophysical Corporation
CONTACT: Financial community, Brian Hanson, Chief Financial Officer, +1-281-879-3672, or Media affairs, Jenny Salinas, Senior Manager - Corporate Marketing, +1-713-366-7286, jenny.salinas@iongeo.com, both of ION Geophysical Corporation; or Reda El Sakka, Regional Manager - Africa of GX Technology (Guide), +20 10 192 5000, Reda.elsakka@iongeo.com
Web site: http://www.iongeo.com/ http://www.guidegeoscience.com/
Fidelity National Information Services Reports Revenue Growth of 25.4%; Organic Revenue Increases 9.4%Strong organic growth across all business linesIntegrated Financial Solutions increases 9.0%Enterprise Solutions increases 3.7%International increases 25.5%Pro forma free cash flow of $118 million
JACKSONVILLE, Fla., Oct. 27 /PRNewswire-FirstCall/ -- Fidelity National Information Services, Inc. , a leading global provider of technology services to financial institutions, today announced consolidated financial results for the third quarter of 2008.
Consolidated revenue increased 25.4% to $893.8 million, including approximately $142.8 million in revenue from eFunds, which FIS acquired in September 2007. Excluding eFunds, organic revenue increased 9.4% over the comparable 2007 quarter. GAAP net earnings from continuing operations totaled $0.24 per share, compared to $0.68 per share in the third quarter of 2007, which included an after-tax gain of $0.58 from the sale of Covansys stock.
Non-GAAP adjusted net earnings from continuing operations for the third quarter of 2008 totaled $0.42 per share, compared to $0.31 in the prior year, an increase of 35.5%. Adjusted EBITDA increased 27.9% to $228.9 million compared to $179.0 million in the third quarter of 2007. The EBITDA margin improved to 25.6% compared to 25.1% in the prior-year quarter and increased sequentially from 23.1% in the second quarter of 2008. Pro forma free cash flow (cash from operations, adjusted for merger and integration costs, less capital expenditures) increased to $118.2 million in the third quarter of 2008. Pro forma free cash flow for the first nine months of 2008 totaled $209.3 million, or 102% of adjusted net earnings, compared with $41.5 million in the same period in the prior year.
"FIS has achieved consistent improvement in organic revenue growth, EBITDA margin and free cash flow throughout 2008, and we are very pleased with these results," stated William P. Foley, II, executive chairman of FIS. "Despite the increasingly challenging economic environment, we are reaffirming our previously communicated earnings guidance."
"FIS is executing to plan, despite persistent challenges in the marketplace," added Lee A. Kennedy, president and chief executive officer. "We continue to focus on the goals that we established early in the year, including driving higher organic revenue growth through market share gains and cross sales, reducing our overall cost structure, completing the eFunds integration, reducing capital expenditures and improving cash flow. We are making solid progress on each of these initiatives, as demonstrated by the strong results across all business lines."
FIS' operating results are presented in accordance with generally accepted accounting principles ("GAAP") and on an adjusted pro forma basis, which management believes may provide more meaningful comparisons with respect to our current operations between the periods presented. The adjusted results exclude the after-tax impact of merger and acquisition and integration expenses, LPS spin-off related costs, debt restructuring and other charges, gains (losses) on the sale of certain non-strategic assets and acquisition related amortization.
Divestitures and Discontinued Operations
During the first half of 2008, FIS completed the sale of two non-strategic businesses, FIS Credit Services and Certegy Gaming Services. The company also exited a small operation that provided services to the residential homebuilding market. On July 2, 2008, FIS completed the spin-off of Lender Processing Services, Inc., . These businesses are reported as discontinued operations for the periods presented.
On October 13, 2008, FIS completed the previously announced sale of Certegy Australia, Ltd., and will report this business as a discontinued operation beginning in the fourth quarter of 2008. Certegy Australia provides retail lending services to consumers.
Supplemental Information
Consolidated third quarter revenue increased 25.4% to $893.8 million (including eFunds revenue of $142.8 million) compared to $712.8 million (including eFunds revenue of $26.6 from the acquisition date of September 12, 2007) in the prior year quarter. Excluding eFunds revenue from both periods, revenue increased 9.4% to $751.0 million, driven by 25.5% growth in International, 9.0% growth in Integrated Financial Solutions and 3.7% growth in Enterprise Solutions. Termination fees totaled $1.7 million in the third quarter of 2008, compared to $3.0 million in the third quarter of 2007.
The strong performance in International was driven by growth in FIS' core bank processing operation in Germany, new customer implementations, the company's Brazilian card processing joint venture and favorable currency rates, which benefitted revenue by $13.6 million. The increase in Integrated Financial Solutions was due to growth in core processing services, ebusiness solutions, card marketing programs and a $5.6 million year-to-date adjustment for pass-through interchange revenue. Excluding the interchange adjustment, Integrated Financial Solutions revenue increased approximately 7.2%.
Enterprise Solutions revenue, excluding eFunds, increased 3.7% to $240.1 million compared to the prior-year quarter and increased 5.6% compared to the second quarter of 2008. Increased software license sales and outsourced technology revenue more than offset a $6.9 million decline in retail check risk management revenue.
Adjusted EBITDA increased 27.9% to $228.9 million. The adjusted EBITDA margin increased 50 basis points to 25.6% compared to the third quarter of 2007, and increased 250 basis points compared to 23.1% in the second quarter of 2008. The improvement was driven by increasing profitability in the company's International business, efficiency gains and higher software license fees.
Corporate overhead expense totaled $23.7 million in the third quarter of 2008, compared to $15.6 million in the third quarter of 2007. The increase was driven by higher incentive compensation accruals and stock option expense.
Balance Sheet
During the quarter, FIS retired $200 million of secured 4.75% fixed rate notes. As of September 30, 2008, the company had $238.5 million in cash and cash equivalents and $2.6 billion in outstanding debt, of which $2.1 billion has been swapped to fixed interest rates. The effective interest rate on FIS total debt at September 30, 2008, was 5.5%.
Outlook
FIS reaffirmed its previously communicated full year 2008 earnings guidance as follows:
Years Ended
FY 2008 FY 2007
Adjusted net earnings per share:
Continuing operations $1.51 to $1.57 $1.23
Certegy Australia (0.07) (0.07) $(0.05)
Continuing operations, excluding Certegy
Australia $1.44 to 1.50 $1.18
In addition, the company provided guidance for fourth quarter 2008 as follows:
Quarters Ended
12/31/2008 12/31/2007
Adjusted net earnings per share:
Continuing operations $0.45 to $0.49 $0.36
Certegy Australia (0.02) - (0.01)
Continuing operations, excluding Certegy
Australia $0.43 to 0.49 $0.35
Use of Non-GAAP Financial Information
FIS reports several non-GAAP measures, including earnings before interest, taxes, depreciation and amortization ("EBITDA") and adjusted net earnings, free cash flow and organic revenues. The adjusted results exclude the after-tax impact of merger and acquisition and integration expenses, certain stock compensation charges, debt restructuring and other costs, gains (losses) on the sale of certain non-strategic assets and acquisition related amortization. Organic revenue excludes eFunds during the periods being compared. Any non-GAAP measures should be considered in context with the GAAP financial presentation and should not be considered in isolation or as a substitute for GAAP net earnings. Further, FIS' non-GAAP measures may be calculated differently from similarly titled measures of other companies. A reconciliation of these non-GAAP measures to related GAAP measures is included in the attachments to this release.
Conference Call and Webcast
FIS will host a call with investors and analysts to discuss third quarter 2008 results on Monday, October 27, 2008, beginning at 5:00 p.m. Eastern daylight time. To register for the live event and to access a supplemental slide presentation, go to the Investor Relations section at http://www.fidelityinfoservices.com/ and click on "Events and Multimedia." A webcast replay will be available on FIS' Investor Relations website, and a telephone replay will be available through November 10, 2008, by dialing 800-475-6701 (USA) or 320-365-3844 (International). The access code will be 965579. To access a PDF version of this release and accompanying financial tables, go to http://www.investor.fidelityinfoservices.com/.
About Fidelity National Information Services, Inc.
Fidelity National Information Services, Inc. , a Fortune 500 company, is a leading provider of core processing for financial institutions; card issuer and transaction processing services; and outsourcing services to financial institutions and retailers. FIS has processing and technology relationships with 40 of the top 50 global banks, including nine of the top 10. FIS is a member of Standard and Poor's (S&P) 500(R) Index and has been ranked the number one overall financial technology provider in the world by American Banker and the research firm Financial Insights in the annual FinTech 100 rankings. Headquartered in Jacksonville, Fla., FIS maintains a strong global presence, serving more than 13,000 financial institutions in more than 80 countries worldwide. For more information on Fidelity National Information Services, please visit http://www.fidelityinfoservices.com/.
Forward-Looking Statements
This press release contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. Because such statements are based on expectations as to future economic performance and are not statements of fact, actual results may differ materially from those projected. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to: changes in general economic, business and political conditions, including changes in the financial markets; the effects of our substantial leverage which may limit the funds available to make acquisitions and invest in our business; the risks of reduction in revenue from the elimination of existing and potential customers due to consolidation in the banking, retail and financial services industries or due to financial failures suffered by firms in those industries; failures to adapt our services to changes in technology or in the marketplace; our potential inability to find suitable acquisition candidates or difficulties in integrating acquisitions; significant competition that our operating subsidiaries face; the possibility that our acquisition of EFD/eFunds may not be accretive to our earnings due to undisclosed liabilities, management or integration issues, loss of customers, the inability to achieve targeted cost savings, or other factors; and other risks detailed in the "Statement Regarding Forward-Looking Information," "Risk Factors" and other sections of the Company's Form 10-K and other filings with the Securities and Exchange Commission.
FIS-e
Fidelity National Information Services, Inc.
Earnings Release Supplemental Financial Information
October 27, 2008
Exhibit A Consolidated Statements of Earnings for the Three and Nine-
Month Periods ended September 30, 2008 and 2007
Exhibit B Consolidated Balance Sheets as of September 30, 2008 and
December 31, 2007
Exhibit C Consolidated Statements of Cash Flows for the Nine-Month
Periods ended September 30, 2008 and 2007
Exhibit D Supplemental Financial Information for the Three and Nine-
Month Periods ended September 30, 2008 and 2007
Exhibit E Supplemental Non-GAAP Financial Information for the Three and
Nine-Month Periods ended September 30, 2008 and 2007
Exhibit F Supplemental GAAP to Non-GAAP Reconciliation - Unaudited for
the Three and Nine-Month Periods ended September 30, 2008 and
2007
Exhibit A
FIDELITY NATIONAL INFORMATION SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS - UNAUDITED
(In thousands, except per share data)
Three months ended Nine months ended
September 30, September 30,
2008 2007 2008 2007
Processing and services
revenues $893,844 $712,812 $2,610,720 $2,085,694
Cost of revenues 661,995 562,998 1,984,295 1,624,463
Selling, general and
administrative expenses 79,944 72,387 308,846 216,612
Research and development costs 26,155 17,579 73,308 50,002
Operating income 125,750 59,848 244,271 194,617
Other income (expense):
Interest income 978 719 5,373 1,093
Gain on sale of Covansys
stock - 182,444 - 274,488
Other income (1,884) 3,327 (101) 4,755
Interest expense (48,397) (37,856) (132,415) (152,863)
Total other income
(expense) (49,303) 148,634 (127,143) 127,473
Earnings before income taxes,
equity earnings and minority
interest 76,447 208,482 117,128 322,090
Provision for income taxes 28,071 75,238 37,481 113,802
Equity in (losses) earnings
of unconsolidated entities - 86 (157) 2,824
Minority interest expense (2,751) 41 (2,867) 369
Net earnings from
continuing operations 45,625 133,371 76,623 211,481
Earnings from discontinued
operations, net of tax (2,002) 111,933 109,407 241,330
Net earnings $43,623 $245,304 $186,030 $452,811
Net earnings per share-basic
from continuing operations* $0.24 $0.69 $0.40 $1.10
Net earnings per share-basic
from discontinued operations* (0.01) 0.58 0.57 1.25
Net earnings per share-basic* $0.23 $1.27 $0.97 $2.35
Weighted average shares
outstanding-basic 189,541 193,171 192,198 192,609
Net earnings per share-diluted
from continuing operations* $0.24 $0.68 $0.39 $1.08
Net earnings per share-diluted
from discontinued operations* (0.01) 0.57 0.56 1.23
Net earnings per share-
diluted* $0.23 $1.25 $0.96 $2.30
Weighted average shares
outstanding-diluted 191,822 196,649 194,261 196,480
* Amounts may not sum due to rounding.
Exhibit B
FIDELITY NATIONAL INFORMATION SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands)
As of As of
September 30, December 31,
2008 2007
(unaudited)
Assets
Current assets:
Cash and cash equivalents $238,458 $355,278
Settlement deposits 30,218 21,162
Trade receivables, net 518,640 825,915
Other receivables 165,391 206,746
Settlement receivables 41,243 116,935
Receivable from FNF and LPS 8,627 14,907
Prepaid expenses and other current assets 119,604 168,454
Deferred income taxes 83,317 120,098
Total current assets 1,205,498 1,829,495
Property and equipment, net of
accumulated depreciation and amortization 280,502 392,508
Goodwill 4,232,979 5,326,831
Other intangible assets, net of
accumulated amortization 853,360 1,030,582
Computer software, net of accumulated
amortization 639,867 775,151
Deferred contract costs 233,574 256,852
Investment in FNRES - 30,491
Long-term notes receivable from FNF 5,659 6,154
Other noncurrent assets 100,036 146,519
Total assets $7,551,475 $9,794,583
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable and accrued liabilities $392,564 $606,179
Settlement payables 75,927 129,799
Deferred revenues 159,837 246,222
Current portion of long-term debt 93,962 272,014
Total current liabilities 722,290 1,254,214
Deferred revenues 88,853 111,884
Deferred income taxes 354,636 394,972
Long-term debt, excluding current portion 2,554,799 4,003,383
Other long-term liabilities 175,248 234,757
Total liabilities 3,895,826 5,999,210
Minority interest 66,293 14,194
Stockholders equity:
Preferred stock $0.01 par value - -
Common stock $0.01 par value 1,994 1,990
Additional paid in capital 2,957,937 3,038,203
Retained earnings 1,056,801 899,512
Accumulated other comprehensive
earnings (24,617) 53,389
Treasury stock (402,759) (211,915)
Total stockholders equity 3,589,356 3,781,179
Total liabilities and stockholders
equity $7,551,475 $9,794,583
Exhibit C
FIDELITY NATIONAL INFORMATION SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED
(In thousands)
Nine Months ended September 30,
2008 2007
Cash flows from operating activities:
Net earnings $186,030 $452,811
Adjustment to reconcile net earnings
to net cash provided by operating activities:
Depreciation and amortization 344,520 358,943
Amortization of debt issue costs 16,043 29,224
(Gain) on sale of Covansys stock - (274,488)
Net (Gain) on sale of Non
Strategic businesses 2,496 (71,675)
Stock-based compensation cost 50,594 27,130
Deferred income taxes 3,096 (26,713)
Income tax benefit from exercise
of stock options (139) (44,243)
Equity in (earnings) loss of
unconsolidated entities 2,274 (1,266)
Minority interest 3,589 1,463
Changes in assets and liabilities,
net of effects from acquisitions:
Net increase in trade receivables (30,983) (115,811)
Net increase in prepaid expenses
and other assets (11,388) (41,571)
Additions to deferred contract costs (54,736) (41,335)
Net decrease in deferred revenue (9,328) (11,630)
Net (decrease) increase in
accounts payable, accrued liabilities
and other liabilities (103,408) 15,567
Net cash provided by operating activities 398,660 256,406
Cash flows from investing activities:
Additions to property and equipment (57,084) (85,386)
Additions to capitalized software (146,725) (159,285)
Other Investing Activities (4,665) -
Cash received from sale of Covansys stock - 430,157
Net proceeds from sale of company assets 33,506 81,235
Acquisitions, net of cash acquired (17,404) (1,722,257)
Net cash used in investing activities (192,372) (1,455,536)
Cash flows from financing activities:
Borrowings 3,796,198 4,300,300
Debt service payments (3,839,311) (2,987,160)
Capitalized debt issue costs (12) (28,052)
Dividends paid (28,752) (28,931)
LPS spin-off (20,770) -
Income tax benefit from exercise of
stock options 139 44,243
Stock options exercised 18,626 44,960
Treasury stock purchases (236,168) (80,339)
Net cash (used in) provided by
financing activities (310,050) 1,265,021
Effect of foreign currency exchange
rates on cash (13,058) 1,432
Net (decrease) increase in cash
and cash equivalents (116,820) 67,323
Cash and cash equivalents, at beginning
of period 355,278 211,753
Cash and cash equivalents, at end of period $238,458 $279,076
Exhibit D
FIDELITY NATIONAL INFORMATION SERVICES, INC.
SUPPLEMENTAL FINANCIAL INFORMATION - UNAUDITED
(In thousands, except per share data)
Three Month Periods ended Nine Month Periods ended
September 30, September 30,
2008 2007 2008 2007
1. Revenues
Revenue from Operations:
TPS
Integrated Financial
Solutions $390,746 $309,729 $1,139,794 $890,599
Enterprise Solutions 301,386 243,003 870,080 722,737
International 192,420 144,707 570,412 426,185
Other (666) (1,789) (2,370) (3,110)
Total TPS Revenue 883,886 695,650 2,577,916 2,036,411
Corporate 9,958 17,162 32,804 49,283
Total Revenue from
Operations 893,844 712,812 2,610,720 2,085,694
Total Revenue from
Operations, excluding
eFunds $750,979 $686,185 $2,189,323 $2,059,067
Revenue Growth from Prior Year Period
Revenue from Operations:
TPS
Integrated Financial
Solutions 26.2% 11.9% 28.0% 14.9%
Enterprise Solutions 24.0% 3.8% 20.4% 21.0%
International 33.0% 21.8% 33.8% 47.3%
Other 62.8% 33.6% 23.8% 65.3%
Total TPS Revenue Growth 27.1% 11.0% 26.6% 19.6%
Corporate -42.0% 24.6% -33.4% -2.0%
Total Revenue from
Operations 25.4% 11.3% 25.2% 19.0%
Total Revenue Growth,
excluding eFunds 9.4% 7.1% 6.3% 17.5%
Exhibit E
FIDELITY NATIONAL INFORMATION SERVICES, INC.
NON-GAAP FINANCIAL INFORMATION - UNAUDITED
(In thousands, except per share data)
Three Month Periods ended Nine Month Periods ended
September 30, September 30,
2008 2007 2008 2007
1. EBIT and EBITDA Consolidated
Revenue from
Operations $893,844 $712,812 $2,610,720 $2,085,694
Operating Income $125,750 $59,848 $244,271 $194,617
M&A, Restructuring
and Integration
Costs 2,236 19,455 46,277 26,611
Corporate Costs Non
- Disc. Ops - 5,697 18,118 18,613
LPS Spin Costs 898 - 9,338 -
EBIT, as adjusted $128,884 $85,000 $318,004 $239,841
Depr and Amort from
Cont Ops, as
adjusted 99,980 93,973 298,424 261,818
EBITDA, as
adjusted $228,864 $178,973 $616,428 $501,659
EBIT Margin, as
adjusted 14.4% 11.9% 12.2% 11.5%
EBITDA Margin, as
adjusted 25.6% 25.1% 23.6% 24.1%
2. EBITDA - TPS
Revenue from
Operations $883,886 $695,650 $2,577,916 $2,036,411
Operating Income $148,677 $86,088 $372,562 $275,318
Depreciation 43,140 56,450 128,123 128,059
Purchase Price
Amortization 35,380 29,104 106,925 85,329
Other Amortization 10,998 9,585 29,654 23,970
EBITDA, before
other items $238,195 $181,227 $637,264 $512,676
M&A, Restructuring
and Integration
Costs 708 4,614 13,250 4,614
EBITDA, excluding
other items $238,903 $185,841 $650,514 $517,290
EBITDA Margin,
as adjusted 27.0% 26.7% 25.2% 25.4%
Exhibit E
FIDELITY NATIONAL INFORMATION SERVICES, INC.
RECONCILIATION OF PRO FORMA TO ADJUSTED PRO FORMA CASH FLOW MEASURES -
UNAUDITED
(In thousands)
Quarter Ended Quarter Ended
September 30, 2008 June 30, 2008
Pro Adj
GAAP Adj Adjusted forma (1) Adj Pro forma
Cash flows from
operating activities:
Net earnings (2) $43,623 $2,022 $45,645 $15,593 $28,862 $44,455
Adjustments to
reconcile net
earnings to net
cash provided
by operating
activities:
Non-cash
adjustments 128,760 - 128,760 118,947 - 118,947
Working
capital
adjustments (3) (16,555) 8,560 (7,995) (43,039) 18,090 (24,949)
Net cash
provided
by operating
activities 155,828 10,582 166,410 91,501 46,952 138,453
Capital
expenditures (48,163) - (48,163) (52,260) - (52,260)
Net free cash
flow $107,665 $10,582 $118,247 $39,241 $46,952 $86,193
Quarter Ended Quarter Ended
September 30, 2007 June 30, 2007
Pro Adj Pro Adj
forma (1) Adj Pro forma forma (1) Adj Pro forma
Cash flows from
operating activities:
Net earnings (2) $177,551 $15,521 $193,072 $83,069 $17,541 $100,610
Adjustments to
reconcile net
earnings to net
cash provided
by operating
activities:
Non-cash
adjustments (212,517) - (212,517) (6,481) - (6,481)
Working capital
adjustments (3) (13,236) 116,060 102,824 23,250 18,100 41,350
Net cash
provided by
operating
activities (48,202) 131,581 83,379 99,838 35,641 135,479
Capital
expenditures (81,213) - (81,213) (64,963) - (64,963)
Net free cash
flow $(129,415) $131,581 $2,166 $34,875 $35,641 $70,516
Quarter Ended Year to Date
March 31, 2008 September 30, 2008
Pro Adj Pro Adj
forma (1) Adj Pro forma forma (1) Adj Pro forma
Cash flows from
operating activities:
Net earnings (2) $15,439 $8,270 $23,709 $74,655 $39,154 $113,809
Adjustments to
reconcile net
earnings to net
cash provided by
operating activities:
Non-cash
adjustments 114,008 - 114,008 361,715 - 361,715
Working capital
adjustments (3) (100,899) 46,340 (54,559) (160,493) 72,990 (87,503)
Net cash
provided by
operating
activities 28,548 54,610 83,158 275,877 112,144 388,021
Capital
expenditures (78,250) - (78,250) (178,673) - (178,673)
Net free cash
flow $(49,702) $54,610 $4,908 $97,204 $112,144 $209,348
Quarter Ended Year to Date
March 31, 2007 September 30, 2007
Pro Adj Pro Adj
forma (1) Adj Pro forma forma (1) Adj Pro forma
Cash flows from
operating activities:
Net earnings (2) $819 $18,810 $19,629 $261,439 $51,872 $313,311
Adjustments to
reconcile net
earnings to net
cash provided by
operating activities:
Non-cash
adjustments 111,782 - 111,782 (107,216) - (107,216)
Working capital
adjustments
(3) (111,715) 12,700 (99,015) (101,701) 146,860 45,159
Net cash
provided by
operating
activities 886 31,510 32,396 52,522 198,732 251,254
Capital
expenditures (63,611) - (63,611) (209,787) - (209,787)
Net free cash
flow $(62,725) $31,510 $(31,215) $(157,265) $198,732 $41,467
(1) Pro forma cash flows are presented as if the LPS spin-off was
completed on January 1, 2007 and represents FIS on a post-spin basis.
(2) Adjustments to Net Earnings reflect the elimination of the after-tax
impact of non-recurring M&A and related integration costs, costs
associated with the LPS spin-off, restructuring costs and the
elimination of corporate costs attributable to LPS. The adjustments
also include a recast of Q1 and Q2 2008 to reflect proper allocation
of stock based compensation related to LPS.
(3) Adjustments to working capital reflect elimination of settlement of
various acquisition related liabilities.
Exhibit F
FIDELITY NATIONAL INFORMATION SERVICES, INC.
GAAP TO NON-GAAP RECONCILIATION - UNAUDITED
(in thousands, except per share data)
M&A Non-GAAP
Restruc- Three
GAAP turing Months
Three Months And Purchase Ended
Ended Integr- LPS Price September
September 30, ation Spin Amort- 30,
2008 Costs Costs Subtotal ization 2008
(1) (3) (4)
(Unaudited) (Unaudited)
Processing and
services revenue $893,844 $- $- $893,844 $- $893,844
Cost of revenues 661,995 (1,311) - 660,684 (35,382) 625,302
Gross profit 231,849 1,311 - 233,160 35,382 268,542
Selling, general
and
administrative 79,944 (925) (898) 78,121 - 78,121
Research and
development costs 26,155 - - 26,155 - 26,155
Operating income 125,750 2,236 898 128,884 35,382 164,266
Other income
(expense):
Interest income 978 - - 978 - 978
Interest expense (48,397) - 12,371 (36,026) - (36,026)
Other income, net (1,884) - - (1,884) - (1,884)
Total other income
(expense) (49,303) - 12,371 (36,932) - (36,932)
Earnings before
income taxes,
equity in (losses)
earnings of
unconsolidated
entities, minority
interest, and
discontinued
operations 76,447 2,236 13,269 91,952 35,382 127,334
Provision (benefit)
for income taxes 28,071 716 4,246 33,033 11,322 44,355
Earnings before
equity in (losses)
earnings of
unconsolidated
entities, minority
interest, and
discontinued
operations 48,376 1,520 9,023 58,919 24,060 82,979
Equity in earnings
(losses) of
unconsolidated
entities - - - - - -
Minority interest (2,751) - - (2,751) - (2,751)
Net earnings from
continuing
operations $45,625 $1,520 $9,023 $56,168 $24,060 $80,228
Net earnings per
share - diluted
from continuing
operations* $0.24 $0.01 $0.05 $0.29 $0.13 $0.42
Weighted average
shares
outstanding -
diluted 191,822 191,822 191,822 191,822 191,822 191,822
Supplemental Information:
Depreciation and
amortization from
continuing
operations $99,980 $(35,382) $64,598
Stock compensation
expense from continuing
operations, excluding
acceleration charges $8,427
Stock acceleration
charges -
Total stock
compensation expense
from continuing
operations $8,427
* Amounts may not sum due to rounding.
See accompanying notes.
Exhibit F
FIDELITY NATIONAL INFORMATION SERVICES, INC.
GAAP TO NON-GAAP RECONCILIATION - UNAUDITED
(in thousands, except per share data)
M&A
Restruct
GAAP -uring Corporate
Nine Months And Costs
Ended Integr Non- LPS
September 30, -ation Disc Spin
2008 Costs(1) Ops(2) Costs(3)
(Unaudited)
Processing and services revenue $2,610,720 $- $- $-
Cost of revenues 1,984,295 (25,261) - -
Gross profit 626,425 25,261 - -
Selling, general and administrative 308,846 (21,016) (18,118) (9,338)
Research and development costs 73,308 - - -
Operating income 244,271 46,277 18,118 9,338
Other income (expense):
Interest income 5,373 - - -
Interest expense (132,415) 2,722 - 12,371
Other income, net (101) - - -
Total other income (expense) (127,143) 2,722 - 12,371
Earnings before income taxes,
equity in (losses) earnings of
unconsolidated entities, minority
interest, and discontinued
operations 117,128 48,999 18,118 21,709
Provision (benefit) for income
taxes 37,481 17,450 5,538 7,268
Earnings before equity in (losses)
earnings of unconsolidated entities,
minority interest, and discontinued
operations 79,647 31,549 12,580 14,441
Equity in earnings (losses) of
unconsolidated entities (157) - - -
Minority interest income (expense) (2,867) - - -
Net earnings from continuing
operations $76,623 $31,549 $12,580 $14,441
Net earnings per share - diluted
from continuing operations * $0.39 $0.16 $0.06 $0.07
Weighted average shares outstanding
- diluted 194,261 194,261 194,261 194,261
Non-GAAP
Purchase Nine Months
Price Ended
Amorti- September 30,
Subtotal zation (4) 2008
(Unaudited)
Processing and services revenue $2,610,720 $- $2,610,720
Cost of revenues 1,959,034 (107,341) 1,851,693
Gross profit 651,686 107,341 759,027
Selling, general and administrative 260,374 - 260,374
Research and development costs 73,308 - 73,308
Operating income 318,004 107,341 425,345
Other income (expense):
Interest income 5,373 - 5,373
Interest expense (117,322) - (117,322)
Other income, net (101) - (101)
Total other income (expense) (112,050) - (112,050)
Earnings before income taxes, equity in
(losses) earnings of unconsolidated
entities, minority interest, and
discontinued operations 205,954 107,341 313,295
Provision (benefit) for income taxes 67,737 36,600 104,337
Earnings before equity in (losses)
earnings of unconsolidated entities,
minority interest, and discontinued
operations 138,217 70,741 208,958
Equity in earnings (losses) of
unconsolidated entities (157) - (157)
Minority interest income (expense) (2,867) - (2,867)
Net earnings from continuing operations $135,193 $70,741 $205,934
Net earnings per share - diluted from
continuing operations * $0.70 $0.36 $1.06
Weighted average shares outstanding -
diluted 194,261 194,261 194,261
Supplemental Information:
Depreciation and amortization from
continuing operations $298,424 $(107,341) $191,083
Stock compensation expense from
continuing operations, excluding
acceleration charges $24,795
Stock acceleration charges 16,662
Total stock compensation expense from
continuing operations $41,457
* Amounts may not sum due to rounding.
See accompanying notes.
Exhibit F
FIDELITY NATIONAL INFORMATION SERVICES, INC.
GAAP TO NON-GAAP RECONCILIATION - UNAUDITED
(in thousands, except per share data)
M&A
GAAP Restruct
Three -uring Corporate
Months And Costs Gain Interest
Ended Integr- Non- On Sale Expense
September 30, ation Disc Covansys Allocation
2007 Costs (1) Ops (2) Stock (5) (6)
(Unaudited)
Processing and
services revenue $712,812 $- $- $- $-
Cost of revenues 562,998 (15,133) - - -
Gross profit 149,814 15,133 - - -
Selling, general and
administrative 72,387 (4,322) (5,697) - -
Research and
development costs 17,579 - - - -
Operating income 59,848 19,455 5,697 - -
Other income
(expense):
Interest income 719 - - - -
Interest expense (37,856) - - - 16,122
Gain on sale of
Covansys stock 182,444 - - (182,444) -
Other income, net 3,327 (2,781) - - -
Total other income
(expense) 148,634 (2,781) - (182,444) 16,122
Earnings before
income taxes, equity
in (losses) earnings
of unconsolidated
entities, minority
interest, and
discontinued
operations 208,482 16,674 5,697 (182,444) 16,122
Provision (benefit)
for income taxes 75,238 6,169 2,153 (67,505) 6,236
Earnings before
equity in (losses)
earnings of
unconsolidated
entities, minority
interest, and
discontinued
operations 133,244 10,505 3,544 (114,939) 9,886
Equity in earnings
(losses) of
unconsolidated
entities 86 - - - -
Minority interest
income (expense) 41 - - - -
Net earnings from
continuing
operations $133,371 $10,505 $3,544 $(114,939) $9,886
Net earnings per
share - diluted from
continuing operations* $0.68 $0.05 $0.02 $(0.58) $0.05
Weighted average
shares outstanding -
diluted 196,649 196,649 196,649 196,649 196,649
Non-GAAP
Purchase Three Months
Price Ended
Amortization September 30,
Subtotal (4) 2007
(Unaudited)
Processing and services revenue $712,812 $- $712,812
Cost of revenues 547,865 (29,574) 518,291
Gross profit 164,947 29,574 194,521
Selling, general and administrative 62,368 - 62,368
Research and development costs 17,579 - 17,579
Operating income 85,000 29,574 114,574
Other income (expense):
Interest income 719 - 719
Interest expense (21,734) - (21,734)
Gain on sale of Covansys stock - - -
Other income, net 546 - 546
Total other income (expense) (20,469) - (20,469)
Earnings before income taxes, equity
in (losses) earnings of
unconsolidated entities, minority
interest, and discontinued operations 64,531 29,574 94,105
Provision (benefit) for income taxes 22,291 10,536 32,827
Earnings before equity in (losses)
earnings of unconsolidated entities,
minority interest, and discontinued
operations 42,240 19,038 61,278
Equity in earnings (losses) of
unconsolidated entities 86 - 86
Minority interest income (expense) 41 - 41
Net earnings from continuing
operations $42,367 $19,038 $61,405
Net earnings per share - diluted from
continuing operations* $0.22 $0.10 $0.31
Weighted average shares outstanding -
diluted 196,649 196,649 196,649
Supplemental Information:
Depreciation and amortization from
continuing operations $93,973 $(29,574) $64,399
Stock compensation expense from
continuing operations, excluding
acceleration charges $5,657
Stock acceleration charges 603
Total stock compensation expense from
continuing operations $6,260
* Amounts may not sum due to rounding.
See accompanying notes.
Exhibit F
FIDELITY NATIONAL INFORMATION SERVICES, INC.
GAAP TO NON-GAAP RECONCILIATION - UNAUDITED
(in thousands, except per share data)
M&A
GAAP Restruct
Nine Months -uring Corporate
Ended And Costs
September 30, Integration Non-Disc
2007 Costs (1) Ops (2)
(Unaudited)
Processing and services revenue $2,085,694 $- $-
Cost of revenues 1,624,463 (22,289) -
Gross profit 461,231 22,289 -
Selling, general and administrative 216,612 (4,322) (18,613)
Research and development costs 50,002 - -
Operating income 194,617 26,611 18,613
Other income (expense):
Interest income 1,093 - -
Interest expense (152,863) - -
Gain on sale of Covansys stock 274,488 - -
Other income, net 4,755 (2,781) -
Total other income (expense) 127,473 (2,781) -
Earnings before income taxes, equity
in (losses) earnings of
unconsolidated entities, minority
interest, and discontinued
operations 322,090 23,830 18,613
Provision (benefit) for income taxes 113,802 8,824 7,036
Earnings before equity in (losses)
earnings of unconsolidated entities,
minority interest, and discontinued
operations 208,288 15,006 11,577
Equity in earnings (losses) of
unconsolidated entities 2,824 - -
Minority interest income (expense) 369 - -
Net earnings from continuing
operations $211,481 $15,006 $11,577
Net earnings per share - diluted from
continuing operations* $1.08 $0.08 $0.06
Weighted average shares outstanding -
diluted 196,480 196,480 196,480
Gain
On Sale Interest Debt
Covansys Expense Restructure
Stock (5) Allocation (6) Charge (7)
Processing and services revenue $- $- $-
Cost of revenues - - -
Gross profit - - -
Selling, general and administrative - - -
Research and development costs - - -
Operating income - - -
Other income (expense):
Interest income - - -
Interest expense - 55,800 27,164
Gain on sale of Covansys stock (274,488) - -
Other income, net - - -
Total other income (expense) (274,488) 55,800 27,164
Earnings before income taxes, equity
in (losses) earnings of
unconsolidated entities, minority
interest, and discontinued
operations (274,488) 55,800 27,164
Provision (benefit) for income taxes (101,561) 21,584 10,105
Earnings before equity in (losses)
earnings of unconsolidated entities,
minority interest, and discontinued
operations (172,927) 34,216 17,059
Equity in earnings (losses) of
unconsolidated entities - - -
Minority interest income (expense) - - -
Net earnings from continuing
operations $(172,927) $34,216 $17,059
Net earnings per share - diluted from
continuing operations* $(0.88) $0.17 $0.09
Weighted average shares outstanding -
diluted 196,480 196,480 196,480
Non-GAAP
Purchase Nine Months
Price Ended
September 30,
Subtotal Amortization (4) 2007
(Unaudited)
Processing and services revenue $2,085,694 $- $2,085,694
Cost of revenues 1,602,174 (85,868) 1,516,306
Gross profit 483,520 85,868 569,388
Selling, general and administrative 193,677 - 193,677
Research and development costs 50,002 - 50,002
Operating income 239,841 85,868 325,709
Other income (expense):
Interest income 1,093 - 1,093
Interest expense (69,899) - (69,899)
Gain on sale of Covansys stock - - -
Other income, net 1,974 - 1,974
Total other income (expense) (66,832) - (66,832)
Earnings before income taxes, equity
in (losses) earnings of
unconsolidated entities, minority
interest, and discontinued
operations 173,009 85,868 258,877
Provision (benefit) for income taxes 59,790 30,367 90,157
Earnings before equity in (losses)
earnings of
unconsolidated entities, minority
interest, and discontinued
operations 113,219 55,501 168,720
Equity in earnings (losses) of
unconsolidated entities 2,824 - 2,824
Minority interest income (expense) 369 - 369
Net earnings from continuing
operations $116,412 $55,501 $171,913
Net earnings per share - diluted
from continuing operations* $0.59 $0.28 $0.87
Weighted average shares outstanding
- diluted 196,480 196,480 196,480
Supplemental Information:
Depreciation and amortization from
continuing operations $261,818 $(85,868) $175,950
Stock compensation expense from
continuing operations,
excluding acceleration charges $15,683
Stock acceleration charges 603
Total stock compensation expense
from continuing operations $16,286
* Amounts may not sum due to rounding.
See accompanying notes.
Notes to Unaudited - Supplemental GAAP to Non-GAAP Reconciliation for the Three and Nine-Month Periods ended September 30, 2008
The adjustments are as follows:
(1) This column represents charges for restructuring and integration
costs relating to merger and acquisition activities.
(2) This column represents corporate costs attributable to LPS as
previously reported in our investor package furnished on form 8-K on
May 28, 2008. These amounts are not allocable to discontinued
operations under U.S. Generally Accepted Accounting Principles.
(3) This column represents incremental transaction costs incurred by the
Company directly related to the LPS spin-off.
(4) This column represents purchase price amortization expense on
intangibles assets acquired through various Company acquisitions.
(5) This column represents a gain on sale of investment in Covansys to a
third party recorded in the second and third quarters of 2007.
(6) This column represents the allocation of interest expense for the
periods presented, as if the debt retired in conjunction with the LPS
spin-off had occurred on January 1, 2007, as previously reported in
our investor package furnished on form 8-K on May 28, 2008
(7) This column represents debt restructuring charges recorded in the
first quarter of 2007, to write-off capitalized unamortized debt
issuance costs.
Fidelity National Information Services, Inc.
CONTACT: Mary Waggoner, Senior Vice President, Investor Relations (FIS), +1-904-854-3282, mary.waggoner@fnis.com
Web site: http://www.fidelityinfoservices.com/ http://www.investor.fidelityinfoservices.com/
Le GSRM met en oeuvre la première coentreprise du Moyen-Orient en s'associant à Saudi Telecom et au malais ASTRO
RIYAD, Arabie Saoudite, October 27 /PRNewswire/ -- Le Groupe Saoudien pour la Recherche et le Marketing (GSRM), qui est le
plus grand groupe intégré d'édition du Moyen-Orient, a annoncé la
constitution d'une coentreprise avec Saudi Telecom (STC), société leader dans
le secteur des télécommunications en Arabie Saoudite et ALL ASIA NETWORKS plc
(ASTRO), opérateur leader au niveau de divers médias et implanté en Malaisie,
au Brunei, en Indonésie et en Inde.
(Photo : http://www.newscom.com/cgi-bin/prnh/20081027/325985 )
Cette nouvelle coentreprise, qui sera établie à Dubaï, marque la création
du premier agrégateur de contenu de la région MOAN (Moyen-Orient et Afrique
du Nord).
Cette coentreprise aura pour but d'acquérir et gérer le contenu produit
par des fournisseurs régionaux et internationaux afin de proposer à tous les
clients de STC en Arabie Saoudite, mais également de façon générale, un
contenu de qualité et varié.
Le Prince Faisal Bin Salman Bin Abdulaziz, qui est PDG de GSRM, a
déclaré: << Après des décennies couronnées de succès en tant que principal
éditeur de presse 'papier' de la région, cette étape révolutionnaire emporte
GSRM vers de nouveaux horizons et nous permet de proposer un contenu
numérique de qualité à environ 70 millions de gens partout dans le monde,
grâce à cette nouvelle plateforme. >>
STC représente actuellement 18 millions d'utilisateurs de téléphones
portables et 4 millions de personnes abonnées à une ligne fixe en Arabie
Saoudite, ainsi qu'un ensemble de 45 millions d'utilisateurs au travers de
ses investissements à l'étranger. La création de cette coentreprise, qui sera
en service à partir de début 2009, permettra à tous ces utilisateurs de
bénéficier en exclusivité de cette nouveauté.
Le Prince Faisal a ajouté << Cette coentreprise est le fruit de la
croissance de GSRM et de sa stratégie de diversification. Elle conforte
davantage notre position d'acteur misant sur l'innovation dans ce secteur du
contenu. >>
Le GSRM, première société arabe de médias à avoir été introduite en
bourse (cotée à la bourse saoudienne depuis 2006) détient 20% de la
coentreprise, tandis qu'ASTRO représente 29% des capitaux et STC, qui est
l'actionnaire principal, représente 51% des capitaux.
L'annonce a été faite à Riyad aujourd'hui en présence du Prince Faisal
Bin Salman, de Mohammed Al-Jaser, PDG de STC et de Dato Mohamed Khadar
Merican, Directeur indépendant d'ASTRO.
À propos du GSRM :
Le Groupe Saoudien pour la Recherche et le Marketing (GSRM),
http://www.srmg.com, est le groupe intégré d'édition leader au Moyen-Orient.
Ses principales activités sont établies en Arabie Saoudite. Il est également
implanté dans 7 pays importants pour des activités dans les secteurs de
l'édition, du graphisme et de la distribution. Le groupe opère grâce à un
ensemble de filiales, tout en restant distinct pour des raisons d'intégration
verticale de ses sociétés. Le GSRM est activement engagé dans quatre secteurs
clés : édition, publicité, graphisme et distribution.
Pour plus de renseignements, veuillez contacter :
Bandar ALMohamadi
Responsable du développement, GSRM
Téléphone portable : +966-501-110120
E-Mail: b.almohamadi@srmg.com
Saudi Research and Marketing (SRMG)
Pour plus de renseignements, veuillez contacter : Bandar ALMohamadi, Responsable du développement, SRMG Téléphone portable : +966-501-110120, E-Mail : b.almohamadi@srmg.com
Fidelity National Information Services Reports Revenue Growth of 25.4%; Organic Revenue Increases 9.4%Strong organic growth across all business linesIntegrated Financial Solutions increases 9.0%Enterprise Solutions increases 3.7%International increases 25.5%Pro forma free cash flow of $118 million
JACKSONVILLE, Fla., Oct. 27 /PRNewswire-FirstCall/ -- Fidelity National Information Services, Inc. , a leading global provider of technology services to financial institutions, today announced consolidated financial results for the third quarter of 2008.
Consolidated revenue increased 25.4% to $893.8 million, including approximately $142.8 million in revenue from eFunds, which FIS acquired in September 2007. Excluding eFunds, organic revenue increased 9.4% over the comparable 2007 quarter. GAAP net earnings from continuing operations totaled $0.24 per share, compared to $0.68 per share in the third quarter of 2007, which included an after-tax gain of $0.58 from the sale of Covansys stock.
Non-GAAP adjusted net earnings from continuing operations for the third quarter of 2008 totaled $0.42 per share, compared to $0.31 in the prior year, an increase of 35.5%. Adjusted EBITDA increased 27.9% to $228.9 million compared to $179.0 million in the third quarter of 2007. The EBITDA margin improved to 25.6% compared to 25.1% in the prior-year quarter and increased sequentially from 23.1% in the second quarter of 2008. Pro forma free cash flow (cash from operations, adjusted for merger and integration costs, less capital expenditures) increased to $118.2 million in the third quarter of 2008. Pro forma free cash flow for the first nine months of 2008 totaled $209.3 million, or 102% of adjusted net earnings, compared with $41.5 million in the same period in the prior year.
"FIS has achieved consistent improvement in organic revenue growth, EBITDA margin and free cash flow throughout 2008, and we are very pleased with these results," stated William P. Foley, II, executive chairman of FIS. "Despite the increasingly challenging economic environment, we are reaffirming our previously communicated earnings guidance."
"FIS is executing to plan, despite persistent challenges in the marketplace," added Lee A. Kennedy, president and chief executive officer. "We continue to focus on the goals that we established early in the year, including driving higher organic revenue growth through market share gains and cross sales, reducing our overall cost structure, completing the eFunds integration, reducing capital expenditures and improving cash flow. We are making solid progress on each of these initiatives, as demonstrated by the strong results across all business lines."
FIS' operating results are presented in accordance with generally accepted accounting principles ("GAAP") and on an adjusted pro forma basis, which management believes may provide more meaningful comparisons with respect to our current operations between the periods presented. The adjusted results exclude the after-tax impact of merger and acquisition and integration expenses, LPS spin-off related costs, debt restructuring and other charges, gains (losses) on the sale of certain non-strategic assets and acquisition related amortization.
Divestitures and Discontinued Operations
During the first half of 2008, FIS completed the sale of two non-strategic businesses, FIS Credit Services and Certegy Gaming Services. The company also exited a small operation that provided services to the residential homebuilding market. On July 2, 2008, FIS completed the spin-off of Lender Processing Services, Inc., . These businesses are reported as discontinued operations for the periods presented.
On October 13, 2008, FIS completed the previously announced sale of Certegy Australia, Ltd., and will report this business as a discontinued operation beginning in the fourth quarter of 2008. Certegy Australia provides retail lending services to consumers.
Supplemental Information
Consolidated third quarter revenue increased 25.4% to $893.8 million (including eFunds revenue of $142.8 million) compared to $712.8 million (including eFunds revenue of $26.6 from the acquisition date of September 12, 2007) in the prior year quarter. Excluding eFunds revenue from both periods, revenue increased 9.4% to $751.0 million, driven by 25.5% growth in International, 9.0% growth in Integrated Financial Solutions and 3.7% growth in Enterprise Solutions. Termination fees totaled $1.7 million in the third quarter of 2008, compared to $3.0 million in the third quarter of 2007.
The strong performance in International was driven by growth in FIS' core bank processing operation in Germany, new customer implementations, the company's Brazilian card processing joint venture and favorable currency rates, which benefitted revenue by $13.6 million. The increase in Integrated Financial Solutions was due to growth in core processing services, ebusiness solutions, card marketing programs and a $5.6 million year-to-date adjustment for pass-through interchange revenue. Excluding the interchange adjustment, Integrated Financial Solutions revenue increased approximately 7.2%.
Enterprise Solutions revenue, excluding eFunds, increased 3.7% to $240.1 million compared to the prior-year quarter and increased 5.6% compared to the second quarter of 2008. Increased software license sales and outsourced technology revenue more than offset a $6.9 million decline in retail check risk management revenue.
Adjusted EBITDA increased 27.9% to $228.9 million. The adjusted EBITDA margin increased 50 basis points to 25.6% compared to the third quarter of 2007, and increased 250 basis points compared to 23.1% in the second quarter of 2008. The improvement was driven by increasing profitability in the company's International business, efficiency gains and higher software license fees.
Corporate overhead expense totaled $23.7 million in the third quarter of 2008, compared to $15.6 million in the third quarter of 2007. The increase was driven by higher incentive compensation accruals and stock option expense.
Balance Sheet
During the quarter, FIS retired $200 million of secured 4.75% fixed rate notes. As of September 30, 2008, the company had $238.5 million in cash and cash equivalents and $2.6 billion in outstanding debt, of which $2.1 billion has been swapped to fixed interest rates. The effective interest rate on FIS total debt at September 30, 2008, was 5.5%.
Outlook
FIS reaffirmed its previously communicated full year 2008 earnings guidance as follows:
Years Ended
FY 2008 FY 2007
Adjusted net earnings per share:
Continuing operations $1.51 to $1.57 $1.23
Certegy Australia (0.07) (0.07) $(0.05)
Continuing operations, excluding Certegy
Australia $1.44 to 1.50 $1.18
In addition, the company provided guidance for fourth quarter 2008 as follows:
Quarters Ended
9/30/2008 9/30/2007
Adjusted net earnings per share:
Continuing operations $0.45 to $0.49 $0.36
Certegy Australia (0.02) - (0.01)
Continuing operations, excluding Certegy
Australia $0.43 to 0.49 $0.35
Use of Non-GAAP Financial Information
FIS reports several non-GAAP measures, including earnings before interest, taxes, depreciation and amortization ("EBITDA") and adjusted net earnings, free cash flow and organic revenues. The adjusted results exclude the after-tax impact of merger and acquisition and integration expenses, certain stock compensation charges, debt restructuring and other costs, gains (losses) on the sale of certain non-strategic assets and acquisition related amortization. Organic revenue excludes eFunds during the periods being compared. Any non-GAAP measures should be considered in context with the GAAP financial presentation and should not be considered in isolation or as a substitute for GAAP net earnings. Further, FIS' non-GAAP measures may be calculated differently from similarly titled measures of other companies. A reconciliation of these non-GAAP measures to related GAAP measures is included in the attachments to this release.
Conference Call and Webcast
FIS will host a call with investors and analysts to discuss third quarter 2008 results on Monday, October 27, 2008, beginning at 5:00 p.m. Eastern daylight time. To register for the live event and to access a supplemental slide presentation, go to the Investor Relations section at http://www.fidelityinfoservices.com/ and click on "Events and Multimedia." A webcast replay will be available on FIS' Investor Relations website, and a telephone replay will be available through November 10, 2008, by dialing 800-475-6701 (USA) or 320-365-3844 (International). The access code will be 965579. To access a PDF version of this release and accompanying financial tables, go to http://www.investor.fidelityinfoservices.com/.
About Fidelity National Information Services, Inc.
Fidelity National Information Services, Inc. , a Fortune 500 company, is a leading provider of core processing for financial institutions; card issuer and transaction processing services; and outsourcing services to financial institutions and retailers. FIS has processing and technology relationships with 40 of the top 50 global banks, including nine of the top 10. FIS is a member of Standard and Poor's (S&P) 500(R) Index and has been ranked the number one overall financial technology provider in the world by American Banker and the research firm Financial Insights in the annual FinTech 100 rankings. Headquartered in Jacksonville, Fla., FIS maintains a strong global presence, serving more than 13,000 financial institutions in more than 80 countries worldwide. For more information on Fidelity National Information Services, please visit http://www.fidelityinfoservices.com/.
Forward-Looking Statements
This press release contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. Because such statements are based on expectations as to future economic performance and are not statements of fact, actual results may differ materially from those projected. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to: changes in general economic, business and political conditions, including changes in the financial markets; the effects of our substantial leverage which may limit the funds available to make acquisitions and invest in our business; the risks of reduction in revenue from the elimination of existing and potential customers due to consolidation in the banking, retail and financial services industries or due to financial failures suffered by firms in those industries; failures to adapt our services to changes in technology or in the marketplace; our potential inability to find suitable acquisition candidates or difficulties in integrating acquisitions; significant competition that our operating subsidiaries face; the possibility that our acquisition of EFD/eFunds may not be accretive to our earnings due to undisclosed liabilities, management or integration issues, loss of customers, the inability to achieve targeted cost savings, or other factors; and other risks detailed in the "Statement Regarding Forward-Looking Information," "Risk Factors" and other sections of the Company's Form 10-K and other filings with the Securities and Exchange Commission.
FIS-e
Fidelity National Information Services, Inc.
Earnings Release Supplemental Financial Information
October 27, 2008
Exhibit A Consolidated Statements of Earnings for the Three and Nine-
Month Periods ended September 30, 2008 and 2007
Exhibit B Consolidated Balance Sheets as of September 30, 2008 and
December 31, 2007
Exhibit C Consolidated Statements of Cash Flows for the Nine-Month
Periods ended September 30, 2008 and 2007
Exhibit D Supplemental Financial Information for the Three and Nine-
Month Periods ended September 30, 2008 and 2007
Exhibit E Supplemental Non-GAAP Financial Information for the Three and
Nine-Month Periods ended September 30, 2008 and 2007
Exhibit F Supplemental GAAP to Non-GAAP Reconciliation - Unaudited for
the Three and Nine-Month Periods ended September 30, 2008 and
2007
Exhibit A
FIDELITY NATIONAL INFORMATION SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS - UNAUDITED
(In thousands, except per share data)
Three months ended Nine months ended
September 30, September 30,
2008 2007 2008 2007
Processing and services
revenues $893,844 $712,812 $2,610,720 $2,085,694
Cost of revenues 661,995 562,998 1,984,295 1,624,463
Selling, general and
administrative expenses 79,944 72,387 308,846 216,612
Research and development costs 26,155 17,579 73,308 50,002
Operating income 125,750 59,848 244,271 194,617
Other income (expense):
Interest income 978 719 5,373 1,093
Gain on sale of Covansys
stock - 182,444 - 274,488
Other income (1,884) 3,327 (101) 4,755
Interest expense (48,397) (37,856) (132,415) (152,863)
Total other income
(expense) (49,303) 148,634 (127,143) 127,473
Earnings before income taxes,
equity earnings and minority
interest 76,447 208,482 117,128 322,090
Provision for income taxes 28,071 75,238 37,481 113,802
Equity in (losses) earnings
of unconsolidated entities - 86 (157) 2,824
Minority interest expense (2,751) 41 (2,867) 369
Net earnings from
continuing operations 45,625 133,371 76,623 211,481
Earnings from discontinued
operations, net of tax (2,002) 111,933 109,407 241,330
Net earnings $43,623 $245,304 $186,030 $452,811
Net earnings per share-basic
from continuing operations* $0.24 $0.69 $0.40 $1.10
Net earnings per share-basic
from discontinued operations* (0.01) 0.58 0.57 1.25
Net earnings per share-basic* $0.23 $1.27 $0.97 $2.35
Weighted average shares
outstanding-basic 189,541 193,171 192,198 192,609
Net earnings per share-diluted
from continuing operations* $0.24 $0.68 $0.39 $1.08
Net earnings per share-diluted
from discontinued operations* (0.01) 0.57 0.56 1.23
Net earnings per share-
diluted* $0.23 $1.25 $0.96 $2.30
Weighted average shares
outstanding-diluted 191,822 196,649 194,261 196,480
* Amounts may not sum due to rounding.
Exhibit B
FIDELITY NATIONAL INFORMATION SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands)
As of As of
September 30, December 31,
2008 2007
(unaudited)
Assets
Current assets:
Cash and cash equivalents $238,458 $355,278
Settlement deposits 30,218 21,162
Trade receivables, net 518,640 825,915
Other receivables 165,391 206,746
Settlement receivables 41,243 116,935
Receivable from FNF and LPS 8,627 14,907
Prepaid expenses and other current assets 119,604 168,454
Deferred income taxes 83,317 120,098
Total current assets 1,205,498 1,829,495
Property and equipment, net of
accumulated depreciation and amortization 280,502 392,508
Goodwill 4,232,979 5,326,831
Other intangible assets, net of
accumulated amortization 853,360 1,030,582
Computer software, net of accumulated
amortization 639,867 775,151
Deferred contract costs 233,574 256,852
Investment in FNRES - 30,491
Long-term notes receivable from FNF 5,659 6,154
Other noncurrent assets 100,036 146,519
Total assets $7,551,475 $9,794,583
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable and accrued liabilities $392,564 $606,179
Settlement payables 75,927 129,799
Deferred revenues 159,837 246,222
Current portion of long-term debt 93,962 272,014
Total current liabilities 722,290 1,254,214
Deferred revenues 88,853 111,884
Deferred income taxes 354,636 394,972
Long-term debt, excluding current portion 2,554,799 4,003,383
Other long-term liabilities 175,248 234,757
Total liabilities 3,895,826 5,999,210
Minority interest 66,293 14,194
Stockholders equity:
Preferred stock $0.01 par value - -
Common stock $0.01 par value 1,994 1,990
Additional paid in capital 2,957,937 3,038,203
Retained earnings 1,056,801 899,512
Accumulated other comprehensive
earnings (24,617) 53,389
Treasury stock (402,759) (211,915)
Total stockholders equity 3,589,356 3,781,179
Total liabilities and stockholders
equity $7,551,475 $9,794,583
Exhibit C
FIDELITY NATIONAL INFORMATION SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED
(In thousands)
Nine Months ended September 30,
2008 2007
Cash flows from operating activities:
Net earnings $186,030 $452,811
Adjustment to reconcile net earnings
to net cash provided by operating activities:
Depreciation and amortization 344,520 358,943
Amortization of debt issue costs 16,043 29,224
(Gain) on sale of Covansys stock - (274,488)
Net (Gain) on sale of Non
Strategic businesses 2,496 (71,675)
Stock-based compensation cost 50,594 27,130
Deferred income taxes 3,096 (26,713)
Income tax benefit from exercise
of stock options (139) (44,243)
Equity in (earnings) loss of
unconsolidated entities 2,274 (1,266)
Minority interest 3,589 1,463
Changes in assets and liabilities,
net of effects from acquisitions:
Net increase in trade receivables (30,983) (115,811)
Net increase in prepaid expenses
and other assets (11,388) (41,571)
Additions to deferred contract costs (54,736) (41,335)
Net decrease in deferred revenue (9,328) (11,630)
Net (decrease) increase in
accounts payable, accrued liabilities
and other liabilities (103,408) 15,567
Net cash provided by operating activities 398,660 256,406
Cash flows from investing activities:
Additions to property and equipment (57,084) (85,386)
Additions to capitalized software (146,725) (159,285)
Other Investing Activities (4,665) -
Cash received from sale of Covansys stock - 430,157
Net proceeds from sale of company assets 33,506 81,235
Acquisitions, net of cash acquired (17,404) (1,722,257)
Net cash used in investing activities (192,372) (1,455,536)
Cash flows from financing activities:
Borrowings 3,796,198 4,300,300
Debt service payments (3,839,311) (2,987,160)
Capitalized debt issue costs (12) (28,052)
Dividends paid (28,752) (28,931)
LPS spin-off (20,770) -
Income tax benefit from exercise of
stock options 139 44,243
Stock options exercised 18,626 44,960
Treasury stock purchases (236,168) (80,339)
Net cash (used in) provided by
financing activities (310,050) 1,265,021
Effect of foreign currency exchange
rates on cash (13,058) 1,432
Net (decrease) increase in cash
and cash equivalents (116,820) 67,323
Cash and cash equivalents, at beginning
of period 355,278 211,753
Cash and cash equivalents, at end of period $238,458 $279,076
Exhibit D
FIDELITY NATIONAL INFORMATION SERVICES, INC.
SUPPLEMENTAL FINANCIAL INFORMATION - UNAUDITED
(In thousands, except per share data)
Three Month Periods ended Nine Month Periods ended
September 30, September 30,
2008 2007 2008 2007
1. Revenues
Revenue from Operations:
TPS
Integrated Financial
Solutions $390,746 $309,729 $1,139,794 $890,599
Enterprise Solutions 301,386 243,003 870,080 722,737
International 192,420 144,707 570,412 426,185
Other (666) (1,789) (2,370) (3,110)
Total TPS Revenue 883,886 695,650 2,577,916 2,036,411
Corporate 9,958 17,162 32,804 49,283
Total Revenue from
Operations 893,844 712,812 2,610,720 2,085,694
Total Revenue from
Operations, excluding
eFunds $750,979 $686,185 $2,189,323 $2,059,067
Revenue Growth from Prior Year Period
Revenue from Operations:
TPS
Integrated Financial
Solutions 26.2% 11.9% 28.0% 14.9%
Enterprise Solutions 24.0% 3.8% 20.4% 21.0%
International 33.0% 21.8% 33.8% 47.3%
Other 62.8% 33.6% 23.8% 65.3%
Total TPS Revenue Growth 27.1% 11.0% 26.6% 19.6%
Corporate -42.0% 24.6% -33.4% -2.0%
Total Revenue from
Operations 25.4% 11.3% 25.2% 19.0%
Total Revenue Growth,
excluding eFunds 9.4% 7.1% 6.3% 17.5%
Exhibit E
FIDELITY NATIONAL INFORMATION SERVICES, INC.
NON-GAAP FINANCIAL INFORMATION - UNAUDITED
(In thousands, except per share data)
Three Month Periods ended Nine Month Periods ended
September 30, September 30,
2008 2007 2008 2007
1. EBIT and EBITDA Consolidated
Revenue from
Operations $893,844 $712,812 $2,610,720 $2,085,694
Operating Income $125,750 $59,848 $244,271 $194,617
M&A, Restructuring
and Integration
Costs 2,236 19,455 46,277 26,611
Corporate Costs Non
- Disc. Ops - 5,697 18,118 18,613
LPS Spin Costs 898 - 9,338 -
EBIT, as adjusted $128,884 $85,000 $318,004 $239,841
Depr and Amort from
Cont Ops, as
adjusted 99,980 93,973 298,424 261,818
EBITDA, as
adjusted $228,864 $178,973 $616,428 $501,659
EBIT Margin, as
adjusted 14.4% 11.9% 12.2% 11.5%
EBITDA Margin, as
adjusted 25.6% 25.1% 23.6% 24.1%
2. EBITDA - TPS
Revenue from
Operations $883,886 $695,650 $2,577,916 $2,036,411
Operating Income $148,677 $86,088 $372,562 $275,318
Depreciation 43,140 56,450 128,123 128,059
Purchase Price
Amortization 35,380 29,104 106,925 85,329
Other Amortization 10,998 9,585 29,654 23,970
EBITDA, before
other items $238,195 $181,227 $637,264 $512,676
M&A, Restructuring
and Integration
Costs 708 4,614 13,250 4,614
EBITDA, excluding
other items $238,903 $185,841 $650,514 $517,290
EBITDA Margin,
as adjusted 27.0% 26.7% 25.2% 25.4%
Exhibit E
FIDELITY NATIONAL INFORMATION SERVICES, INC.
RECONCILIATION OF PRO FORMA TO ADJUSTED PRO FORMA CASH FLOW MEASURES -
UNAUDITED
(In thousands)
Quarter Ended Quarter Ended
September 30, 2008 June 30, 2008
Pro Adj
GAAP Adj Adjusted forma (1) Adj Pro forma
Cash flows from
operating activities:
Net earnings (2) $43,623 $2,022 $45,645 $15,593 $28,862 $44,455
Adjustments to
reconcile net
earnings to net
cash provided
by operating
activities:
Non-cash
adjustments 128,760 - 128,760 118,947 - 118,947
Working
capital
adjustments (3) (16,555) 8,560 (7,995) (43,039) 18,090 (24,949)
Net cash
provided
by operating
activities 155,828 10,582 166,410 91,501 46,952 138,453
Capital
expenditures (48,163) - (48,163) (52,260) - (52,260)
Net free cash
flow $107,665 $10,582 $118,247 $39,241 $46,952 $86,193
Quarter Ended Quarter Ended
September 30, 2007 June 30, 2007
Pro Adj Pro Adj
forma (1) Adj Pro forma forma (1) Adj Pro forma
Cash flows from
operating activities:
Net earnings (2) $177,551 $15,521 $193,072 $83,069 $17,541 $100,610
Adjustments to
reconcile net
earnings to net
cash provided
by operating
activities:
Non-cash
adjustments (212,517) - (212,517) (6,481) - (6,481)
Working capital
adjustments (3) (13,236) 116,060 102,824 23,250 18,100 41,350
Net cash
provided by
operating
activities (48,202) 131,581 83,379 99,838 35,641 135,479
Capital
expenditures (81,213) - (81,213) (64,963) - (64,963)
Net free cash
flow $(129,415) $131,581 $2,166 $34,875 $35,641 $70,516
Quarter Ended Year to Date
March 31, 2008 September 30, 2008
Pro Adj Pro Adj
forma (1) Adj Pro forma forma (1) Adj Pro forma
Cash flows from
operating activities:
Net earnings (2) $15,439 $8,270 $23,709 $74,655 $39,154 $113,809
Adjustments to
reconcile net
earnings to net
cash provided by
operating activities:
Non-cash
adjustments 114,008 - 114,008 361,715 - 361,715
Working capital
adjustments (3) (100,899) 46,340 (54,559) (160,493) 72,990 (87,503)
Net cash
provided by
operating
activities 28,548 54,610 83,158 275,877 112,144 388,021
Capital
expenditures (78,250) - (78,250) (178,673) - (178,673)
Net free cash
flow $(49,702) $54,610 $4,908 $97,204 $112,144 $209,348
Quarter Ended Year to Date
March 31, 2007 September 30, 2007
Pro Adj Pro Adj
forma (1) Adj Pro forma forma (1) Adj Pro forma
Cash flows from
operating activities:
Net earnings (2) $819 $18,810 $19,629 $261,439 $51,872 $313,311
Adjustments to
reconcile net
earnings to net
cash provided by
operating activities:
Non-cash
adjustments 111,782 - 111,782 (107,216) - (107,216)
Working capital
adjustments
(3) (111,715) 12,700 (99,015) (101,701) 146,860 45,159
Net cash
provided by
operating
activities 886 31,510 32,396 52,522 198,732 251,254
Capital
expenditures (63,611) - (63,611) (209,787) - (209,787)
Net free cash
flow $(62,725) $31,510 $(31,215) $(157,265) $198,732 $41,467
(1) Pro forma cash flows are presented as if the LPS spin-off was
completed on January 1, 2007 and represents FIS on a post-spin basis.
(2) Adjustments to Net Earnings reflect the elimination of the after-tax
impact of non-recurring M&A and related integration costs, costs
associated with the LPS spin-off, restructuring costs and the
elimination of corporate costs attributable to LPS. The adjustments
also include a recast of Q1 and Q2 2008 to reflect proper allocation
of stock based compensation related to LPS.
(3) Adjustments to working capital reflect elimination of settlement of
various acquisition related liabilities.
Exhibit F
FIDELITY NATIONAL INFORMATION SERVICES, INC.
GAAP TO NON-GAAP RECONCILIATION - UNAUDITED
(in thousands, except per share data)
M&A Non-GAAP
Restruc- Three
GAAP turing Months
Three Months And Purchase Ended
Ended Integr- LPS Price September
September 30, ation Spin Amort- 30,
2008 Costs Costs Subtotal ization 2008
(1) (3) (4)
(Unaudited) (Unaudited)
Processing and
services revenue $893,844 $- $- $893,844 $- $893,844
Cost of revenues 661,995 (1,311) - 660,684 (35,382) 625,302
Gross profit 231,849 1,311 - 233,160 35,382 268,542
Selling, general
and
administrative 79,944 (925) (898) 78,121 - 78,121
Research and
development costs 26,155 - - 26,155 - 26,155
Operating income 125,750 2,236 898 128,884 35,382 164,266
Other income
(expense):
Interest income 978 - - 978 - 978
Interest expense (48,397) - 12,371 (36,026) - (36,026)
Other income, net (1,884) - - (1,884) - (1,884)
Total other income
(expense) (49,303) - 12,371 (36,932) - (36,932)
Earnings before
income taxes,
equity in (losses)
earnings of
unconsolidated
entities, minority
interest, and
discontinued
operations 76,447 2,236 13,269 91,952 35,382 127,334
Provision (benefit)
for income taxes 28,071 716 4,246 33,033 11,322 44,355
Earnings before
equity in (losses)
earnings of
unconsolidated
entities, minority
interest, and
discontinued
operations 48,376 1,520 9,023 58,919 24,060 82,979
Equity in earnings
(losses) of
unconsolidated
entities - - - - - -
Minority interest (2,751) - - (2,751) - (2,751)
Net earnings from
continuing
operations $45,625 $1,520 $9,023 $56,168 $24,060 $80,228
Net earnings per
share - diluted
from continuing
operations* $0.24 $0.01 $0.05 $0.29 $0.13 $0.42
Weighted average
shares
outstanding -
diluted 191,822 191,822 191,822 191,822 191,822 191,822
Supplemental Information:
Depreciation and
amortization from
continuing
operations $99,980 $(35,382) $64,598
Stock compensation
expense from continuing
operations, excluding
acceleration charges $8,427
Stock acceleration
charges -
Total stock
compensation expense
from continuing
operations $8,427
* Amounts may not sum due to rounding.
See accompanying notes.
Exhibit F
FIDELITY NATIONAL INFORMATION SERVICES, INC.
GAAP TO NON-GAAP RECONCILIATION - UNAUDITED
(in thousands, except per share data)
M&A
Restruct
GAAP -uring Corporate
Nine Months And Costs
Ended Integr Non- LPS
September 30, -ation Disc Spin
2008 Costs(1) Ops(2) Costs(3)
(Unaudited)
Processing and services revenue $2,610,720 $- $- $-
Cost of revenues 1,984,295 (25,261) - -
Gross profit 626,425 25,261 - -
Selling, general and administrative 308,846 (21,016) (18,118) (9,338)
Research and development costs 73,308 - - -
Operating income 244,271 46,277 18,118 9,338
Other income (expense):
Interest income 5,373 - - -
Interest expense (132,415) 2,722 - 12,371
Other income, net (101) - - -
Total other income (expense) (127,143) 2,722 - 12,371
Earnings before income taxes,
equity in (losses) earnings of
unconsolidated entities, minority
interest, and discontinued
operations 117,128 48,999 18,118 21,709
Provision (benefit) for income
taxes 37,481 17,450 5,538 7,268
Earnings before equity in (losses)
earnings of unconsolidated entities,
minority interest, and discontinued
operations 79,647 31,549 12,580 14,441
Equity in earnings (losses) of
unconsolidated entities (157) - - -
Minority interest income (expense) (2,867) - - -
Net earnings from continuing
operations $76,623 $31,549 $12,580 $14,441
Net earnings per share - diluted
from continuing operations * $0.39 $0.16 $0.06 $0.07
Weighted average shares outstanding
- diluted 194,261 194,261 194,261 194,261
Non-GAAP
Purchase Nine Months
Price Ended
Amorti- September 30,
Subtotal zation (4) 2008
(Unaudited)
Processing and services revenue $2,610,720 $- $2,610,720
Cost of revenues 1,959,034 (107,341) 1,851,693
Gross profit 651,686 107,341 759,027
Selling, general and administrative 260,374 - 260,374
Research and development costs 73,308 - 73,308
Operating income 318,004 107,341 425,345
Other income (expense):
Interest income 5,373 - 5,373
Interest expense (117,322) - (117,322)
Other income, net (101) - (101)
Total other income (expense) (112,050) - (112,050)
Earnings before income taxes, equity in
(losses) earnings of unconsolidated
entities, minority interest, and
discontinued operations 205,954 107,341 313,295
Provision (benefit) for income taxes 67,737 36,600 104,337
Earnings before equity in (losses)
earnings of unconsolidated entities,
minority interest, and discontinued
operations 138,217 70,741 208,958
Equity in earnings (losses) of
unconsolidated entities (157) - (157)
Minority interest income (expense) (2,867) - (2,867)
Net earnings from continuing operations $135,193 $70,741 $205,934
Net earnings per share - diluted from
continuing operations * $0.70 $0.36 $1.06
Weighted average shares outstanding -
diluted 194,261 194,261 194,261
Supplemental Information:
Depreciation and amortization from
continuing operations $298,424 $(107,341) $191,083
Stock compensation expense from
continuing operations, excluding
acceleration charges $24,795
Stock acceleration charges 16,662
Total stock compensation expense from
continuing operations $41,457
* Amounts may not sum due to rounding.
See accompanying notes.
Exhibit F
FIDELITY NATIONAL INFORMATION SERVICES, INC.
GAAP TO NON-GAAP RECONCILIATION - UNAUDITED
(in thousands, except per share data)
M&A
GAAP Restruct
Three -uring Corporate
Months And Costs Gain Interest
Ended Integr- Non- On Sale Expense
September 30, ation Disc Covansys Allocation
2007 Costs (1) Ops (2) Stock (5) (6)
(Unaudited)
Processing and
services revenue $712,812 $- $- $- $-
Cost of revenues 562,998 (15,133) - - -
Gross profit 149,814 15,133 - - -
Selling, general and
administrative 72,387 (4,322) (5,697) - -
Research and
development costs 17,579 - - - -
Operating income 59,848 19,455 5,697 - -
Other income
(expense):
Interest income 719 - - - -
Interest expense (37,856) - - - 16,122
Gain on sale of
Covansys stock 182,444 - - (182,444) -
Other income, net 3,327 (2,781) - - -
Total other income
(expense) 148,634 (2,781) - (182,444) 16,122
Earnings before
income taxes, equity
in (losses) earnings
of unconsolidated
entities, minority
interest, and
discontinued
operations 208,482 16,674 5,697 (182,444) 16,122
Provision (benefit)
for income taxes 75,238 6,169 2,153 (67,505) 6,236
Earnings before
equity in (losses)
earnings of
unconsolidated
entities, minority
interest, and
discontinued
operations 133,244 10,505 3,544 (114,939) 9,886
Equity in earnings
(losses) of
unconsolidated
entities 86 - - - -
Minority interest
income (expense) 41 - - - -
Net earnings from
continuing
operations $133,371 $10,505 $3,544 $(114,939) $9,886
Net earnings per
share - diluted from
continuing operations* $0.68 $0.05 $0.02 $(0.58) $0.05
Weighted average
shares outstanding -
diluted 196,649 196,649 196,649 196,649 196,649
Non-GAAP
Purchase Three Months
Price Ended
Amortization September 30,
Subtotal (4) 2007
(Unaudited)
Processing and services revenue $712,812 $- $712,812
Cost of revenues 547,865 (29,574) 518,291
Gross profit 164,947 29,574 194,521
Selling, general and administrative 62,368 - 62,368
Research and development costs 17,579 - 17,579
Operating income 85,000 29,574 114,574
Other income (expense):
Interest income 719 - 719
Interest expense (21,734) - (21,734)
Gain on sale of Covansys stock - - -
Other income, net 546 - 546
Total other income (expense) (20,469) - (20,469)
Earnings before income taxes, equity
in (losses) earnings of
unconsolidated entities, minority
interest, and discontinued operations 64,531 29,574 94,105
Provision (benefit) for income taxes 22,291 10,536 32,827
Earnings before equity in (losses)
earnings of unconsolidated entities,
minority interest, and discontinued
operations 42,240 19,038 61,278
Equity in earnings (losses) of
unconsolidated entities 86 - 86
Minority interest income (expense) 41 - 41
Net earnings from continuing
operations $42,367 $19,038 $61,405
Net earnings per share - diluted from
continuing operations* $0.22 $0.10 $0.31
Weighted average shares outstanding -
diluted 196,649 196,649 196,649
Supplemental Information:
Depreciation and amortization from
continuing operations $93,973 $(29,574) $64,399
Stock compensation expense from
continuing operations, excluding
acceleration charges $5,657
Stock acceleration charges 603
Total stock compensation expense from
continuing operations $6,260
* Amounts may not sum due to rounding.
See accompanying notes.
Exhibit F
FIDELITY NATIONAL INFORMATION SERVICES, INC.
GAAP TO NON-GAAP RECONCILIATION - UNAUDITED
(in thousands, except per share data)
M&A
GAAP Restruct
Nine Months -uring Corporate
Ended And Costs
September 30, Integration Non-Disc
2007 Costs (1) Ops (2)
(Unaudited)
Processing and services revenue $2,085,694 $- $-
Cost of revenues 1,624,463 (22,289) -
Gross profit 461,231 22,289 -
Selling, general and administrative 216,612 (4,322) (18,613)
Research and development costs 50,002 - -
Operating income 194,617 26,611 18,613
Other income (expense):
Interest income 1,093 - -
Interest expense (152,863) - -
Gain on sale of Covansys stock 274,488 - -
Other income, net 4,755 (2,781) -
Total other income (expense) 127,473 (2,781) -
Earnings before income taxes, equity
in (losses) earnings of
unconsolidated entities, minority
interest, and discontinued
operations 322,090 23,830 18,613
Provision (benefit) for income taxes 113,802 8,824 7,036
Earnings before equity in (losses)
earnings of unconsolidated entities,
minority interest, and discontinued
operations 208,288 15,006 11,577
Equity in earnings (losses) of
unconsolidated entities 2,824 - -
Minority interest income (expense) 369 - -
Net earnings from continuing
operations $211,481 $15,006 $11,577
Net earnings per share - diluted from
continuing operations* $1.08 $0.08 $0.06
Weighted average shares outstanding -
diluted 196,480 196,480 196,480
Gain
On Sale Interest Debt
Covansys Expense Restructure
Stock (5) Allocation (6) Charge (7)
Processing and services revenue $- $- $-
Cost of revenues - - -
Gross profit - - -
Selling, general and administrative - - -
Research and development costs - - -
Operating income - - -
Other income (expense):
Interest income - - -
Interest expense - 55,800 27,164
Gain on sale of Covansys stock (274,488) - -
Other income, net - - -
Total other income (expense) (274,488) 55,800 27,164
Earnings before income taxes, equity
in (losses) earnings of
unconsolidated entities, minority
interest, and discontinued
operations (274,488) 55,800 27,164
Provision (benefit) for income taxes (101,561) 21,584 10,105
Earnings before equity in (losses)
earnings of unconsolidated entities,
minority interest, and discontinued
operations (172,927) 34,216 17,059
Equity in earnings (losses) of
unconsolidated entities - - -
Minority interest income (expense) - - -
Net earnings from continuing
operations $(172,927) $34,216 $17,059
Net earnings per share - diluted from
continuing operations* $(0.88) $0.17 $0.09
Weighted average shares outstanding -
diluted 196,480 196,480 196,480
Non-GAAP
Purchase Nine Months
Price Ended
September 30,
Subtotal Amortization (4) 2007
(Unaudited)
Processing and services revenue $2,085,694 $- $2,085,694
Cost of revenues 1,602,174 (85,868) 1,516,306
Gross profit 483,520 85,868 569,388
Selling, general and administrative 193,677 - 193,677
Research and development costs 50,002 - 50,002
Operating income 239,841 85,868 325,709
Other income (expense):
Interest income 1,093 - 1,093
Interest expense (69,899) - (69,899)
Gain on sale of Covansys stock - - -
Other income, net 1,974 - 1,974
Total other income (expense) (66,832) - (66,832)
Earnings before income taxes, equity
in (losses) earnings of
unconsolidated entities, minority
interest, and discontinued
operations 173,009 85,868 258,877
Provision (benefit) for income taxes 59,790 30,367 90,157
Earnings before equity in (losses)
earnings of
unconsolidated entities, minority
interest, and discontinued
operations 113,219 55,501 168,720
Equity in earnings (losses) of
unconsolidated entities 2,824 - 2,824
Minority interest income (expense) 369 - 369
Net earnings from continuing
operations $116,412 $55,501 $171,913
Net earnings per share - diluted
from continuing operations* $0.59 $0.28 $0.87
Weighted average shares outstanding
- diluted 196,480 196,480 196,480
Supplemental Information:
Depreciation and amortization from
continuing operations $261,818 $(85,868) $175,950
Stock compensation expense from
continuing operations,
excluding acceleration charges $15,683
Stock acceleration charges 603
Total stock compensation expense
from continuing operations $16,286
* Amounts may not sum due to rounding.
See accompanying notes.
Notes to Unaudited - Supplemental GAAP to Non-GAAP Reconciliation for the Three and Nine-Month Periods ended September 30, 2008
The adjustments are as follows:
(1) This column represents charges for restructuring and integration
costs relating to merger and acquisition activities.
(2) This column represents corporate costs attributable to LPS as
previously reported in our investor package furnished on form 8-K on
May 28, 2008. These amounts are not allocable to discontinued
operations under U.S. Generally Accepted Accounting Principles.
(3) This column represents incremental transaction costs incurred by the
Company directly related to the LPS spin-off.
(4) This column represents purchase price amortization expense on
intangibles assets acquired through various Company acquisitions.
(5) This column represents a gain on sale of investment in Covansys to a
third party recorded in the second and third quarters of 2007.
(6) This column represents the allocation of interest expense for the
periods presented, as if the debt retired in conjunction with the LPS
spin-off had occurred on January 1, 2007, as previously reported in
our investor package furnished on form 8-K on May 28, 2008
(7) This column represents debt restructuring charges recorded in the
first quarter of 2007, to write-off capitalized unamortized debt
issuance costs.
Fidelity National Information Services, Inc.
CONTACT: Mary Waggoner, Senior Vice President, Investor Relations (FIS), +1-904-854-3282, mary.waggoner@fnis.com
Web site: http://www.fidelityinfoservices.com/ http://www.investor.fidelityinfoservices.com/
Micrel Reports Third Quarter Financial Results- GAAP earnings $0.12 per diluted share- Board of Directors declares quarterly dividend of $0.035 per common share
SAN JOSE, Calif., Oct. 27 /PRNewswire-FirstCall/ -- Micrel, Incorporated , an industry leader in analog, high bandwidth communications and Ethernet IC solutions, today announced financial results for the third quarter ending September 30, 2008.
Third quarter revenues of $67.5 million up by $2.3 million, or 3%, from $65.2 million compared to the same quarter in the prior year. Third quarter revenues decreased by $3.1 million, or 4%, from $70.6 million in the second quarter. The sequential decrease in revenues was a result of a reduction in overall demand from customers during the last two weeks of the quarter, as the financial crisis in the United States began to impact the semiconductor industry, causing several of the Company's customers to reduce orders and conserve cash. The order decrease was abrupt and substantial. Notwithstanding this order decrease, resales of the Company's products from global sell- through distributors remained strong throughout the quarter and represented an all-time record for the Company.
Third quarter 2008 GAAP net income increased to $8.5 million, or $0.12 per diluted share. This compares with second quarter 2008 GAAP net income of $7.2 million, or $0.10 per diluted share, and GAAP net income of $9.4 million or $0.12 per diluted share compared to the same quarter in the prior year. Third quarter 2008 non-GAAP net income was $9.5 million or $0.13 per diluted share. A reconciliation of the GAAP net income to non-GAAP net income is provided in the financial tables of this press release. Non-GAAP results exclude the impact of stock-based compensation expense, other operating income and expense items, proxy contest expenses, restructuring charges and credits, other income related to litigation settlements and their related tax effects.
"Micrel's third quarter sales were significantly impacted by the slowing global economy," stated Ray Zinn, president and CEO of Micrel. "Going into the third quarter, we predicted that the September turns-fill level was key to achieving our revenue guidance and unfortunately, customer demand dropped significantly in the last two weeks of the quarter. However, I was quite pleased with our operating execution and expense management. During the quarter, the Company was able to successfully reduce operating expenses. This resulted in Micrel being able to hit its earning expectations even on lower revenue. In addition, Micrel continues to generate strong cash flow from operations, and we have maintained our quarterly dividend payment and our stock repurchase program to the benefit of all shareholders."
Outlook
Commenting on Micrel's business outlook, Mr. Zinn said, "The financial crisis impacting the world economy has caused our customers to restrict their ordering patterns and only place orders to satisfy short term demand. During the third quarter, total bookings were less than revenues as our distributors implemented actions to decrease inventory levels and conserve cash as a result of the economic slowdown. Visibility into customer demand continues to be limited due to short order lead times. The Company is heavily dependent on both a steady, robust sell through from its distributors and from OEMs with approximately forty three percent turns-fill orders."
For the fourth quarter of 2008, the Company estimates revenues will decline by between 7% to 13% on a sequential basis. The Company estimates that GAAP earnings per diluted share will be approximately $0.08 to $0.11.
Zinn concluded, "The outlook for the fourth quarter 2008 remains relatively uncertain due to the turbulent worldwide financial crisis and its impact on demand for goods and services. As I commented last quarter, Micrel has been heavily focused on reducing operating costs as we moved into the second half of the year, while maintaining our commitment to produce new, high-performance products at a rapid rate. We believe this will position the Company to grow faster than the market over time. The cost cutting measures we implemented earlier in the year coupled with additional actions planned in the fourth quarter will help the Company remain profitable during these difficult times."
Dividend
The Company announced today that Micrel's Board of Directors has authorized a quarterly cash dividend of $0.035 per share of common stock. The payment of this dividend will be made on November 19, 2008 to shareholders of record as of November 5, 2008.
Conference Call
The Company will host a conference call at 5:00 p.m. Eastern time (2:00 p.m. Pacific time) on October 27, 2008. Chief Executive Officer Raymond Zinn and Interim Chief Financial Officer Robert Barker will present an overview of third quarter 2008 financial results, discuss current business conditions and then respond to questions.
The call is available, live, to any interested party on a listen only basis by dialing (800) 240-4186. For international callers, please dial (303) 262-2053. Interested callers should dial in at least five minutes before the scheduled start time and ask to be connected to the Micrel, Incorporated Conference Call. A live webcast will also be available through: http://www.vcall.com/. An audio replay of the conference call will be available through November 11, 2008, by dialing (800) 405-2236 or (303) 590-3000 and entering access code number 11121027. The webcast replay will also be available on the Company's website at: http://www.micrel.com/.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This press release includes statements that qualify as forward-looking statements under the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements about the following topics: our expectations regarding future financial results, including revenues, earnings per share, customer demand, turns-fill requirements, order lead times, operating costs, development of new products and customer order patterns; and the nature of macro-economic and industry trends. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially. Those risks and uncertainties include, but are not limited to, such factors as: softness in demand for our products; customer decisions to cancel, reschedule, or delay orders for our products; the effect that lead times and channel inventories have on the demand for our products; economic or financial difficulties experienced by our customers; the effect of business conditions in the computer, telecommunications and industrial markets; the impact of any previous or future acquisitions; changes in demand for networking or high bandwidth communications products; the impact of competitive products and pricing and alternative technological advances; the accuracy of estimates used to prepare the Company's financial statements; the global economic situation; the ability of the Company's vendors and subcontractors to supply or manufacture the Company's products in a timely manner; the timely and successful development and market acceptance of new products and upgrades to existing products; softness in the economy and the U.S. stock markets as a whole; fluctuations in the market price of Micrel's common stock and other market conditions; the difficulty of predicting our future cash needs; the nature of other investment opportunities available to the Company from time to time; and Micrel's operating cash flow. For further discussion of these risks and uncertainties, please refer to the documents the Company files with the SEC from time to time, including the Company's Annual Report on Form 10-K for the year ended December 31, 2007 and Quarterly Report on Form 10-Q for the quarter ended June 30, 2008. All forward-looking statements are made as of today, and the Company disclaims any duty to update such statements.
Non-GAAP Reporting
The Company presents non-GAAP financial measures only because investors and financial analysts use non-GAAP results in their analysis of historical results and projections of the Company's future operating results. The Company's management uses non-GAAP measures on a limited basis, primarily for employee performance-based compensation. In order to facilitate the computation of non-GAAP results for the financial analyst community and investors, the Company makes reference to non-GAAP net income and earnings per share. These non-GAAP results exclude the impact of revenues and cost of revenues related to, stock-based compensation expense, other operating income and expense items, proxy contest expenses, restructuring charges or credits, other income related to litigation settlements and their respective related tax effects. Micrel references those results to allow a better comparison of results in the current period to those in prior periods and to provide insight to the Company's on-going operating performance after exclusion of these items. The Company has reconciled such non-GAAP results to the most directly comparable GAAP financial measures in the financial tables at the end of this press release.
Reference to these non-GAAP results should be considered in addition to results that are prepared under current accounting standards, but should not be considered a substitute for results that are presented in accordance with GAAP. It should also be noted that Micrel's non-GAAP information may be different from the non-GAAP information provided by other companies.
About Micrel
Micrel Inc., is a leading global manufacturer of IC solutions for the worldwide analog, Ethernet and high bandwidth markets. The Company's products include advanced mixed-signal, analog and power semiconductors; high performance communication, clock management, Ethernet switch and physical layer transceiver ICs. Company customers include leading manufacturers of enterprise, consumer, industrial, mobile, telecommunications, automotive, and computer products. Corporation headquarters and state-of-the-art wafer fabrication facilities are located in San Jose, CA, with regional sales and support offices and advanced technology design centers situated throughout the Americas, Europe and Asia. In addition, the Company maintains an extensive network of distributors and sales representatives worldwide.
For further information, contact Robert Barker at: Micrel, Incorporated, 2180 Fortune Drive, San Jose, California, 95131, (408) 944-0800; or visit the Company's website at: http://www.micrel.com/.
-Financial Tables to Follow-
MICREL, INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended Nine Months Ended
September 30, June 30, September 30, September 30,
2008 2008 2007 2008 2007
Net revenues $67,549 $70,593 $65,191 $204,194 $193,405
Cost of revenues(1) 29,678 30,779 27,698 89,218 82,118
Gross profit 37,871 39,814 37,493 114,976 111,287
Operating expenses:
Research and
development(1) 13,832 14,758 13,680 42,716 41,123
Selling,
general and
administrative
(1) 11,307 11,557 10,871 34,789 34,123
Proxy contest
expense 16 2,656 - 3,003 -
Other operating
expense
(income) - - - - 86
Restructuring
charges
(credits) - - 28 (842) 100
Total
operating
expenses 25,155 28,971 24,579 79,666 75,432
Income from
operations 12,716 10,843 12,914 35,310 35,855
Other income
(expense):
Interest income 652 645 1,605 2,382 4,767
Interest expense (1) (1) (11) (2) (83)
Other income 10 36 10 57 15,533
Total other
income 661 680 1,604 2,437 20,217
Income before income
taxes 13,377 11,523 14,518 37,747 56,072
Provision for income
taxes 4,900 4,283 5,095 13,641 20,140
Net income $8,477 $7,240 $9,423 $24,106 $35,932
Net income per
share:
Basic $0.12 $0.10 $0.12 $0.34 $0.46
Diluted $0.12 $0.10 $0.12 $0.34 $0.46
Shares used in
computing per share
amounts:
Basic 70,299 71,118 76,964 71,243 77,466
Diluted 70,427 71,413 77,971 71,365 78,625
(1) Includes
amortization of
stock-based
compensation as
follows:
Cost of
revenues $244 $282 $260 $759 $848
Research and
development 544 568 543 1,716 1,678
Selling,
general and
administrative 545 589 564 1,786 1,791
MICREL, INCORPORATED
SUPPLEMENTAL RECONCILIATIONS OF GAAP TO NON-GAAP RESULTS
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended Nine Months Ended
September 30, June 30, September 30, September 30,
2008 2008 2007 2008 2007
GAAP Net income $8,477 $7,240 $9,423 $24,106 $35,932
Adjustments to
GAAP Net Income:
Stock-based
compensation
included in:
Cost of
revenues 244 282 260 759 848
Research and
development 544 568 543 1,716 1,678
Selling,
general and
administrative 545 589 564 1,786 1,791
Proxy contest
expense 16 2,656 - 3,003 -
Other operating
expense
(income) - - - - 86
Restructuring
charges
(credits) - - 28 (842) 100
Other non-
operating
income -
Litigation
Settlement - - - - (15,514)
Tax effect of
adjustments
to GAAP income (306) (1,335) (288) (1,743) 5,163
Total Adjustments to
GAAP Net Income 1,043 2,760 1,107 4,679 (5,848)
Non-GAAP income(2) $9,520 $10,000 $10,530 $28,785 $30,084
Non-GAAP shares
used in computing
non-GAAP income
per share
(in thousands):
Basic 70,299 71,118 76,964 71,243 77,466
Diluted (1) 70,553 71,475 77,788 71,439 78,418
GAAP income per
share - Basic $0.12 $0.10 $0.12 $0.34 $0.46
Total Adjustments
to GAAP Net Income $0.02 $0.04 $0.02 $0.06 $(0.07)
Non-GAAP income
per share -
Basic $0.14 $0.14 $0.14 $0.40 $0.39
GAAP income
per share -
Diluted $0.12 $0.10 $0.12 $0.34 $0.46
Total Adjustments
to GAAP Net
Income $0.01 $0.04 $0.02 $0.06 $(0.08)
Non-GAAP income
per share -
Diluted(2) $0.13 $0.14 $0.14 $0.40 $0.38
(1) Non-GAAP shares have been adjusted from diluted outstanding shares
calculated under FAS123R.
(2) Non-GAAP results were reached by excluding revenues and cost of
revenues related to intellectual property settlements, stock-based
compensation expense, other operating income or expense items, proxy
contest expenses, restructuring charges or credits, other income
related to litigation settlements and their related tax-effects.
Non-GAAP results are presented to supplement our GAAP consolidated
financial statements to allow a better comparison of results in the
current period to those in prior periods and to provide meaningful
insight to the Company's on-going operating performance after
exclusion of these items.
MICREL, INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
September 30, December 31,
2008 2007
ASSETS
CURRENT ASSETS:
Cash, cash equivalents and
short-term investments $82,261 $91,127
Accounts receivable, net 34,271 29,614
Inventories 36,483 35,660
Income taxes receivable 2,934 3,426
Deferred income taxes 18,852 19,387
Other current assets 1,431 3,604
Total current assets 176,232 182,818
LONG-TERM INVESTMENTS 13,453 16,552
PROPERTY, PLANT AND EQUIPMENT, NET 78,475 82,585
INTANGIBLE ASSETS, NET 1,760 3,026
DEFERRED INCOME TAXES 8,963 9,286
OTHER ASSETS 436 478
TOTAL $279,319 $294,745
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $15,694 $18,010
Deferred income on shipments to
distributors 23,012 20,238
Other current liabilities 10,645 14,097
Total current liabilities 49,351 52,345
LONG-TERM TAXES PAYABLE 3,612 2,814
OTHER LONG-TERM OBLIGATIONS 290 335
TOTAL SHAREHOLDERS' EQUITY 226,066 239,251
TOTAL $279,319 $294,745
Micrel Inc.
CONTACT: Robert Barker of Micrel, Incorporated, +1-408-944-0800
Web site: http://www.micrel.com/
Atheros Announces Financial Results for Q3 2008Fourteenth Consecutive Quarter of Revenue Growth
SANTA CLARA, Calif., Oct. 27 /PRNewswire-FirstCall/ -- Atheros Communications, Inc. , a leading developer of advanced wireless and wired network communications solutions, today announced financial results for its third quarter ended Sept. 30, 2008.
Revenue in the third quarter was a record $138.1 million, compared with $121.5 million reported in the second quarter of 2008 and $106.3 million reported in the third quarter of 2007.
In accordance with U.S. generally accepted accounting principles (GAAP), the company recorded third quarter net income of $10.1 million or $0.16 per diluted share. This compares with GAAP net income of $10.1 million or $0.16 per diluted share in the second quarter of 2008. GAAP net income in the third quarter of 2007 was $9.7 million or $0.16 per diluted share. Total cash, cash equivalents and short-term marketable securities were $274.1 million at Sept. 30, 2008, up $21.5 million from the prior quarter.
Atheros reports gross margins, operating expenses, operating income, net income and basic and diluted net income per share in accordance with GAAP and additionally on a non-GAAP basis. Non-GAAP net income excludes, where applicable, the effect of stock-based compensation, amortization of acquired intangible assets and acquisition-related charges, the other-than-temporary impairment of long-term investments and the tax impact of these excluded items. A reconciliation of preliminary GAAP to non-GAAP net income, as well as a description of items excluded in the calculation of non-GAAP net income is presented in the financial statements portion of this release.
Non-GAAP gross margin in the third quarter was 49.4 percent, compared with 50.8 percent in the second quarter of 2008 and 49.3 percent in the third quarter of 2007. Non-GAAP operating income was 17.7 percent of revenue, compared with 16.6 percent in the second quarter of 2008 and 17.0 percent in the third quarter of 2007.
Non-GAAP net income in the third quarter was $23.4 million or $0.37 per diluted share, compared with $19.3 million or $0.31 per diluted share in the second quarter of 2008 and $16.9 million or $0.28 per diluted share in the third quarter of 2007.
"We are pleased to report our 14th consecutive quarter of revenue growth," said Dr. Craig Barratt, president and chief executive officer. "Our 14 percent sequential increase in revenue was driven by strength in each of our three channels - PC, Networking and Consumer. Demand for our expanded family of 802.11n products was particularly strong while our 802.11g solutions continue to be incorporated into a wide variety of value-oriented laptops, networking products and consumer devices," Dr. Barratt said.
Recent Atheros Highlights
* October 27, 2008
Atheros Launches Align(TM) 1-Stream Solutions Leveraging 802.11n
Specification to Provide Upgrade from Legacy 11g
* September 29, 2008
Atheros Appoints Amir Faintuch as Vice President and General Manager
to Lead Mobile Wireless Business Unit
* September 22, 2008
Atheros Named to FORTUNE's 100 Fastest-Growing Companies List
* August 11, 2008
Atheros XSPAN PC Solutions Are First to Achieve Cisco Compatible
Extensions Version 5 Certification
Conference Call
Atheros will broadcast its third quarter financial results conference call today, Monday, Oct. 27, 2008 at 2 p.m. Pacific time (5 p.m. Eastern time).
To listen to the call, dial 210-234-0024 approximately 10 minutes prior to the start of the call. The pass code is Atheros. A taped replay will be made available approximately one hour after the conclusion of the call and will remain available for one week. To access the replay, dial 888-562-4471 and use the pass code 2843767.
Atheros' financial results conference call will be available via a live webcast on the investor relations section of the Atheros web site at http://www.atheros.com/. Please access the web site 15 minutes prior to the start of the call to download and install any necessary audio software. An archived webcast replay will be available on the web site for 6 months.
About Atheros Communications, Inc.
Atheros Communications is a leading developer of semiconductor system solutions for wireless and wired communications products. Atheros combines its wireless and networking systems expertise with high-performance radio frequency (RF), mixed signal and digital semiconductor design skills to provide highly integrated chipsets that are manufactured on low-cost, standard complementary metal-oxide semiconductor (CMOS) processes. Atheros technology is used by a broad base of leading customers, including personal computer, networking equipment and consumer device manufacturers. For more information, please visit http://www.atheros.com/ or send email to info@atheros.com.
NOTE: Atheros, the Atheros logo, Align and XSPAN are trademarks of Atheros Communications, Inc.
Note on Forward-Looking Statements
Except for the historical information contained herein, the matters set forth in this press release, including our anticipated growth and the continued incorporation of our 802.11g solutions in a variety of products, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially, including, but not limited to the impacts of competition, technological advances; general economic conditions; difficulties in the development of new products and technologies; whether Atheros is successful in marketing and selling its products; and other risks detailed in Atheros' Annual Report on Form 10-K for the year ended December 31, 2007 and its Quarterly Report on Form 10-Q for the quarter ended June 30, 2008, as filed with the Securities and Exchange Commission, and in other reports filed with the SEC by Atheros from time to time. These forward-looking statements speak only as of the date hereof. Atheros disclaims any obligation to update these forward-looking statements.
ATHEROS COMMUNICATIONS, INC.
PRELIMINARY CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In thousands, except per share data)
Three Months Ended Nine Months Ended
September 30, September 30,
2008 2007 2008 2007
Net revenue $138,064 $106,307 $374,100 $302,633
Cost of goods sold 69,939 54,048 186,458 154,823
Gross profit 68,125 52,259 187,642 147,810
Operating expenses:
Research and
development 30,859 25,772 90,860 74,006
Sales and marketing 13,471 9,508 37,913 26,821
General and
administrative 7,034 5,864 19,337 15,377
Amortization of
acquired intangible
assets 2,927 1,790 9,346 5,358
Total operating
expenses 54,291 42,934 157,456 121,562
Income from operations 13,834 9,325 30,186 26,248
Interest income, net 2,354 3,064 6,718 8,326
Impairment of long-term
investments (4,385) - (10,842) -
Provision for income
taxes (1,715) (2,718) (2,432) (8,022)
Net income $10,088 $9,671 $23,630 $26,552
Basic earnings
per share $0.17 $0.17 $0.40 $0.48
Diluted earnings
per share $0.16 $0.16 $0.38 $0.45
Shares used in
computing basic
earnings per share 60,146 56,218 59,554 55,481
Shares used in
computing diluted
earnings per share 62,624 59,576 62,062 58,999
ATHEROS COMMUNICATIONS, INC.
PRELIMINARY CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In thousands)
September 30, December 31,
2008 2007
ASSETS
Current assets:
Cash, cash equivalents and marketable
securities $274,105 $219,544
Accounts receivable, net 91,006 58,002
Inventory 52,118 35,497
Deferred income taxes and other current assets 16,804 16,084
Total current assets 434,033 329,127
Property and equipment, net 14,162 13,492
Long-term investments 21,745 30,453
Goodwill and acquired intangible assets 127,830 136,125
Deferred income taxes and other assets 17,699 12,940
$615,469 $522,137
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities $106,385 $76,844
Deferred income taxes and other long-term
liabilities 46,712 43,836
Stockholders' equity 462,372 401,457
$615,469 $522,137
ATHEROS COMMUNICATIONS, INC.
RECONCILIATION OF PRELIMINARY NON-GAAP ADJUSTMENTS
(Unaudited)
(In thousands, except per share data)
Three Months Ended Nine Months Ended
September 30, September 30,
2008 2007 2008 2007
GAAP net income $10,088 $9,671 $23,630 $26,552
Stock-based compensation:
Cost of goods sold 145 146 441 391
Research and
development 4,058 3,457 11,636 9,011
Sales and marketing 2,145 1,353 6,038 3,443
General and
administrative 1,260 850 3,439 2,297
Total stock-based
compensation 7,608 5,806 21,554 15,142
Acquisition-related charges:
Amortization of
acquired intangible
assets 2,927 1,790 9,346 5,358
Other acquisition-
related charges 3 1,163 945 1,418
Impairment of long-term
investments 4,385 - 10,842 -
Net tax effect of
non-GAAP adjustments (1,648) (1,493) (5,436) (3,223)
Tax benefit from
change in state tax
filing position - - (1,068) -
Non-GAAP net income $23,363 $16,937 $59,813 $45,247
Shares used in
computing non-GAAP
basic earnings
per share 60,146 56,218 59,554 55,481
Shares used in
computing non-GAAP
diluted earnings
per share 62,624 59,576 62,062 58,999
Non-GAAP basic
earnings per share $0.39 $0.30 $1.00 $0.82
Non-GAAP diluted
net income per share $0.37 $0.28 $0.96 $0.77
ATHEROS COMMUNICATIONS, INC.
RECONCILIATION OF PRELIMINARY GAAP TO NON-GAAP FINANCIAL MEASURES
To supplement our unaudited selected financial data presented on a basis consistent with Generally Accepted Accounting Principles (or "GAAP"), the Company discloses certain non-GAAP financial measures, including non-GAAP gross profit, operating expenses, operating income and net income. These supplemental measures exclude stock-based compensation, acquisition-related charges, other-than-temporary impairments of long-term marketable securities, a tax benefit resulting from a change in state tax filing position and any tax detriment or benefit between the income tax expense with and without the non- GAAP measures. These non-GAAP measures are not in accordance with, nor serve as an alternative for GAAP. We believe that these non-GAAP measures have limitations in that they do not reflect all of the amounts associated with our GAAP results of operations. These non-GAAP measures should only be viewed in conjunction with corresponding GAAP measures. We compensate for the limitations of non-GAAP financial measures by relying upon GAAP results to gain a complete picture of our performance.
In calculating non-GAAP financial measures, we exclude certain items to facilitate a review of the comparability of our core operating performance on a period-to-period basis. The excluded items represent charges and gains that are primarily driven by discrete events that we do not consider to be directly related to core operating performance. We use non-GAAP measures to evaluate the core operating performance of our business, for comparison with forecasts and strategic plans, for calculating return on investment and for benchmarking performance externally against competitors. In addition, management's incentive compensation is determined using these non-GAAP measures. Also, when evaluating potential acquisitions, we primarily consider the impact of the target's performance and valuation on our non-GAAP measures. Since we find these measures to be useful, we believe that investors benefit from seeing results reviewed by management in addition to seeing GAAP results. We believe that these non-GAAP measures, when read in conjunction with our GAAP financials, provide useful information to investors by offering:
* more meaningful comparability of our on-going operating results;
* the ability to better identify trends in our underlying business;
and
* a way to compare our operating results against analyst financial
models and operating results of competitors that supplement their
GAAP results with non-GAAP financial measures.
The following are explanations of each type of adjustment that we incorporate into non-GAAP financial measures:
Stock-based compensation expense relates to equity awards granted to our workforce. Our stock incentive plans are important components of our employee incentive compensation arrangements and are reflected as expenses in our GAAP results under Statement of Financial Accounting Standards No. 123 (revised 2004), Share-Based Payment, effective as of January 1, 2006. While we include the dilutive impact of such equity awards in weighted average shares outstanding, the expense associated with stock-based awards is excluded from non-GAAP net income. These non-cash charges are not factored into our internal evaluation of net income as we believe their inclusion would hinder our ability to assess core operational performance.
Acquisition-related charges include the amortization of acquired intangible assets primarily consisting of acquired technology, customer relationships, covenants not to compete, step-up of inventory to its estimated fair value, backlog and cash earn outs. These charges are not factored into our evaluation of potential acquisitions, or of our performance after completion of acquisitions, because they are generally non-cash and are not related to our core operating performance, and the frequency and amount of such charges vary significantly based on the timing and magnitude of our acquisition transactions, the then fair market value of our common stock and the maturities of the businesses being acquired.
Impairment of long-term marketable securities relates to the other-than- temporary, non-operating write down of our investments in auction rate securities rated AA and AAA at the date of purchase. The liquidity and fair value of these securities has been impacted by the uncertainty in the credit markets and the exposure of these securities to the financial condition of bond insurance companies. While we have received all interest payments due on these instruments on a timely basis, we have determined that certain of these assets have been other-than-temporarily impaired and therefore they were written down to their estimated values. These charges are not factored into our internal evaluation of net income as we believe they are non-operating charges that do not impact our core operating performance.
Adjustment for taxes relates to the tax effect of various adjustments that we incorporate into non-GAAP measures in order to provide a more meaningful measure of non-GAAP net income. In addition, the tax benefit resulting from a change in a state tax filing position has been excluded. We believe that these adjustments provide us with the ability to more clearly view trends in our core operating performance.
Reconciliations of non-GAAP measures disclosed in this press release are set forth below (in thousands, except percentages):
Three Months Ended Nine Months Ended
September 30, September 30,
2008 2007 2008 2007
GAAP gross profit $68,125 $52,259 $187,642 $147,810
Amortization of
acquisition-related
step-up value of
inventory - - 572 160
Stock-based
compensation 145 146 441 391
Non-GAAP gross profit $68,270 $52,405 $188,655 $148,361
GAAP gross profit as
a % of revenue 49.3% 49.2% 50.2% 48.8%
Amortization of
acquisition-related
step-up value of
inventory -% -% 0.1% 0.1%
Stock-based
compensation 0.1% 0.1% 0.1% 0.1%
Non-GAAP gross profit
as a % of revenue 49.4% 49.3% 50.4% 49.0%
GAAP operating
expense $54,291 $42,934 $157,456 $121,562
Stock-based
compensation (7,466) (5,660) (21,113) (14,751)
Acquisition-related
deferred
compensation - (1,163) (373) (1,258)
Amortization of
acquired intangible
assets (2,927) (1,790) (9,346) (5,358)
Non-GAAP operating
expenses $43,898 $34,321 $126,624 $100,195
GAAP income from
operations $13,834 $9,325 $30,186 $26,248
Amortization of
acquisition-related
step-up value
of inventory - - 572 160
Stock-based
compensation 7,611 5,806 21,554 15,142
Acquisition-related
deferred compensation - 1,163 373 1,258
Amortization of
acquired intangible
assets 2,927 1,790 9,346 5,358
Non-GAAP income from
operations $24,372 $18,084 $62,031 $48,166
GAAP income from
operations as a
% of revenue 10.0% 8.8% 8.1% 8.7%
Amortization of
acquisition-related
step-up value of
inventory -% -% 0.1% -%
Stock-based
compensation 5.5% 5.4% 5.8% 5.0%
Acquisition-related
deferred compensation -% 1.1% 0.1% 0.4%
Amortization of acquired
intangible assets 2.2% 1.7% 2.5% 1.8%
Non-GAAP income from
operations as a %
of revenue 17.7% 17.0% 16.6% 15.9%
Atheros Communications, Inc.
CONTACT: analysts, Jack Lazar, +1-408-773-5200, jack.lazar@atheros.com, IR, David H. Allen, +1-408-830-5762, david.allen@atheros.com, press, Dakota Lee, +1-408-720-5597, Dakota@atheros.com, all of Atheros Communications; or press, Greg Wood of A&R Edelman, +1-650-762-2838, gwood@ar-edelman.com, for Atheros Communications
Web site: http://www.atheros.com/
Sinclair Updates Its Fourth Quarter 2008 Net Broadcast Revenue Outlook
BALTIMORE, Oct. 27 /PRNewswire-FirstCall/ -- Sinclair Broadcast Group, Inc. , the "Company" or "Sinclair," today updated its previously issued public guidance for its fourth quarter 2008 net broadcast revenues. On October 13, 2008, the Company commented that it was expecting its fourth quarter net broadcast revenues to be down mid to high single digit percents, as compared to the fourth quarter 2007 net broadcast revenues of $165.7 million, due to volatility in the marketplace and its impact on advertising budgets. The Company now expects its fourth quarter net broadcast revenues to be down low to mid single digit percents due to an inflow of last minute unexpected political ads. The Company cautions that forecasting for the fourth quarter has been made difficult due to a lack of visibility as it relates to the political advertising spending and timing, as well as the unpredictable effect of the current economic environment on the core business.
The Company will provide more detailed 2008 guidance when it releases its final third quarter results on November 5, 2008.
Sinclair Conference Call:
The senior management of Sinclair will release its final third quarter 2008 results on November 5, 2008 and will hold a conference call to discuss its third quarter 2008 results on Wednesday, November 5, 2008, at 8:30 a.m. ET. After the call, an audio replay will be available at http://www.sbgi.net/ under "Investor Information/Earnings Webcast." The press and the public will be welcome on the call in a listen-only mode. The dial-in number is (877) 407-9205.
Forward-Looking Statements:
The matters discussed in this press release, particularly those in the section labeled "Outlook," include forward-looking statements regarding, among other things, future operating results. When used in this press release, the words "outlook," "intends to," "believes," "anticipates," "expects," "achieves," and similar expressions are intended to identify forward-looking statements. Such statements are subject to a number of risks and uncertainties. Actual results in the future could differ materially and adversely from those described in the forward-looking statements as a result of various important factors, including and in addition to the assumptions identified in this release, the impact of changes in national and regional economies, successful execution of outsourcing agreements, pricing and demand fluctuations in local and national advertising, volatility in programming costs, the market acceptance of new programming, the CW Television Network and MyNetworkTV programming, our news share strategy, our local sales initiatives, the execution of retransmission consent agreements, our ability to identify and consummate investments in attractive non-television assets and to achieve anticipated returns on those investments once consummated and the other risk factors set forth in the Company's most recent reports on Form 10-Q and Form 10-K, as filed with the Securities and Exchange Commission. There can be no assurances that the assumptions and other factors referred to in this release will occur. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements except as required by law.
About Sinclair:
Sinclair Broadcast Group, Inc., one of the largest and most diversified television broadcasting companies, owns and operates, programs or provides sales services to 58 television stations in 35 markets. Sinclair's television group reaches approximately 22% of U.S. television households and is affiliated with all major networks. Sinclair owns equity interests in various non-broadcast related companies.
The Company regularly uses its website as a key source of Company information and can be accessed at http://www.sbgi.net/.
Sinclair Broadcast Group, Inc.
CONTACT: David Amy, EVP & Chief Financial Officer, or Lucy Rutishauser, VP-Corporate Finance & Treasurer, both of Sinclair Broadcast Group, Inc., +1-410-568-1500
Web site: http://www.sbgi.net/
Company News On-Call: http://www.prnewswire.com/comp/110203.html
Atheros Launches Align(TM) Technology Leveraging 802.11n 1-Stream Specification to Provide Upgrade from Legacy 802.11gComprehensive 1-Stream Portfolio Enables Align Ecosystem Consisting of Value-Class Home Networking Equipment, PCs and Consumer Electronics
SANTA CLARA, Calif., Oct. 27 /PRNewswire-FirstCall/ -- Atheros Communications, Inc. , a leading developer of advanced semiconductor system solutions for wireless and wired communications, today announced the first members of its Align(TM) product family, the industry's most complete portfolio of wireless LAN (WLAN) solutions based on the IEEE draft 802.11n 1-stream specification. The single-stream feature enables a new class of Wi-Fi(R) devices that deliver performance enhancements over the existing 802.11g technology, at comparable price points. Align solutions are also forward compatible to higher-performance, multi-stream, MIMO-based 802.11n -- providing the optimal upgrade path for value-class WLAN products.
(Photo: http://www.newscom.com/cgi-bin/prnh/20081027/AQM096LOGO)
Consumers who move from 802.11g to products based on Align 1-stream technology will experience enhanced performance in their home networks. Align solutions deliver up to 150 Mbps PHY rates, and leverage the efficiencies of the 802.11n media access control (MAC) technology to achieve actual throughput levels up to five times that of legacy 802.11g. The higher throughput of 1-stream products improves network efficiency by occupying the wireless channel for shorter periods than slower 11g devices -- reducing congestion and increasing capacity for additional wireless devices. Align products employ optional features of the 11n specification and Atheros' advanced radio design techniques, to effectively double the wireless coverage versus legacy WLAN solutions.
Initial Align solutions target the low-cost notebook, netbook, home networking and consumer electronics (CE) markets, enabling end-to-end, 1-stream connectivity for highly reliable and power-efficient WLAN operation. With its significant 802.11g footprint among leading PC and networking equipment manufacturers, Atheros is enabling a rapid transition from legacy WLAN to Align 1-stream technology.
The Atheros Align portfolio is the ideal performance and value complement to the company's XSPAN(R) family, which was launched in 2006 and is now the most widely adopted 802.11n technology worldwide. Based on the 2-stream, MIMO-enabled 802.11n specification, today's XSPAN solutions deliver up to 300 Mbps PHY rates per band, providing the best user experience for advanced multimedia networking. Together, XSPAN and Align comprise Atheros' new-generation WLAN product portfolio, which offers customers performance and price options to address the complete range of throughput and coverage requirements of today's wireless PC and home networking products.
Align for PCs: Atheros AR9285
The Atheros AR9285 single-chip PCI Express (PCIe) solution enables PC OEMs to cost-effectively migrate their 11g-based notebooks to the enhanced, future-proofed performance of Align. This solution targets the growing value PC market segment consisting of sub-$500 notebook and netbook products. Align is the ideal technology for PC users seeking robust throughput, enhanced range and extended battery life for data networking applications such as Web surfing, instant messaging and e-mail.
The AR9285 is based on Atheros' market-proven, single-chip 802.11 PCIe solutions that have shipped in tens of millions of PCs worldwide. Atheros' integration expertise has enabled the industry's most cost-effective, 2-layer half mini-card embedded module reference design. The single chip integrates the MAC/baseband and radio transceiver, as well as the power amplifier, low noise amplifiers and antenna switch -- the entire RF front-end -- providing a complete WLAN solution. In addition, the AR9285's 8mm x 8mm QFN package provides size and cost benefits over larger, more expensive, BGA packages used by competitors. This solution supports Windows XP(R), Windows Vista(R), Mac OS(R) and Linux(R) operating systems.
Align for Home Networking: Atheros AR9002AP-1S
The Atheros Align AR9002AP-1S chipset for home networking targets a new generation of higher performance, value-priced wireless routing equipment, with increased capacity and range over legacy 802.11g. The solution is ideal for wireless AP/routers that support multiple users with robust operation of multiple data networking applications.
Featuring the industry's highest level of integration for an 802.11n-based AP/router solution, the AR9002AP-1S chipset consists of the AR9285 1-stream MAC/BB/radio and the new Atheros AR7240 network processor System-on-Chip (SOC) which features advanced power management and a network processor with integrated 5-port Fast Ethernet switch -- based on the company's ETHOS(TM) technology. The AR7240 provides 400 MHz of processing power, ample to support 1-stream solutions as well as higher-performance, 2-stream, MIMO radio designs. The Atheros network processor is specifically engineered to optimize wireless performance by looking beyond clock speed and focusing on overall system efficiency. The AR7240 features a MIPS32(R) 24K(R) processor core, 64KB of instruction memory cache up to four times that offered by competitor NPUs, and a high speed 16-bit Double-Data-Rate (DDR) memory interface to dramatically increase raw memory speed. The AR7240 provides wirespeed NAT/routing performance for best-in-class Fast Ethernet routers. With its unmatched chip and board integration, the AR9002AP-1S delivers the lowest total bill of materials for a new generation of pricing and performance efficiency and value.
Align for Carrier Gateways, Consumer Electronics and PC Adapters: Atheros AR9271
The Atheros AR9271 single-chip USB solution provides enhanced Wi-Fi performance and value for home gateways, set-top boxes, gaming consoles, printers and a variety of other embedded wireless products. The solution can also be integrated into wireless USB adapters for notebooks and desktops, to enable simple, low-cost performance upgrades on legacy PCs.
The AR9271 WLAN USB single chip features a new architecture that integrates both a CPU and memory to run more of the wireless LAN function on-chip. Unlike competitive 11g and 11n USB solutions, the Atheros integrated CPU offloads the wireless processing overhead from the host appliance. This design breakthrough enables consumer electronics devices with host processors not originally intended to support wireless functions, to now offer robust Wi-Fi performance. With the AR9271's innovative host offload capability, the WLAN operates autonomously and enables the main device application to operate seamlessly.
"With Atheros' announcement of Align, two key factors immediately become evident," said Craig Mathias, Principal at Farpoint Group. "The first is that we will shortly close the door on 802.11g as the primary WLAN technology -- 802.11n-based solutions are going to dominate the market, and quickly, across all devices and applications. And the second is that Atheros continues to build on its position of leadership in wireless LAN components with a new direction that offers not only throughput of up to five times that of 11g, but is also very power- and cost-efficient."
Range Enhancements
Atheros Align delivers more than double the coverage of legacy 11g products. Range is enhanced through the implementation of advanced 802.11n techniques including Space Time Block Coding (STBC) and Enhanced Receiver Synchronization (ERS), as well as all of the mandatory elements of the 1-stream specification. To further enhance network coverage, all Align solutions employ Signal Receive Combine (SRC), with optional support for 2 antennas.
"The Align portfolio of WLAN solutions represents the alignment of 1-stream, 11n-class performance with legacy 11g price points," said Todd Antes, vice president, computing and consumer networking for Atheros. "With Align, consumers will benefit from a new class of standards-based Wi-Fi products that deliver greater networking efficiency on every key measure-performance, power and price."
Lower Power Consumption
Leveraging a variety of power-saving techniques and protocols, the entire portfolio of Align solutions consume significantly less power than today's leading 11g designs. Atheros has merged a linearized power amplifier (PA) with a low-noise amplifier (LNA) on chip to form a highly integrated RF front-end with built-in transmit and receive switch functionality. The company's patented PA linearization scheme, Atheros' Efficient Power Amplifier(TM) (EPA) Technology, delivers the power efficiencies of an external PA, while deriving the cost and manufacturing efficiencies of an integrated PA.
The company's Wake-on-Wireless(R) and Unscheduled Automatic Power Save Delivery (UAPSD) also contribute to the enhanced power efficiencies of Atheros' 1-stream family. The AR7240 Wireless Router SOC delivers incremental power savings achieved with Atheros low-power, ETHOS Ethernet architecture, which dynamically detects the link status and cable length at a router's port, and adjusts power usage accordingly.
Availability
The AR9002AP-1S chipset for AP/Routers and AR9285 single chip for PCs are sampling now. The AR9271 embedded USB solution will begin sampling in late Q4 2008.
For more information about Atheros' Align family of single-stream solutions, please visit http://www.atheros.com/.
About Atheros Communications, Inc.
Atheros Communications is a leading developer of semiconductor system solutions for wireless and wired communications products. Atheros combines its wireless and networking systems expertise with high-performance radio frequency (RF), mixed signal and digital semiconductor design skills to provide highly integrated chipsets that are manufactured on low-cost, standard complementary metal-oxide semiconductor (CMOS) processes. Atheros technology is used by a broad base of leading customers, including personal computer, networking equipment and consumer device manufacturers. For more information, please visit http://www.atheros.com/ or send email to info@atheros.com.
Atheros, the Atheros logo, Align, ETHOS, XSPAN, Efficient Power Amplifier and Wake-On-Wireless are trademarks of Atheros Communications, Inc. All other trademarks mentioned in this document are the sole property of their respective owners.
Note on Forward Looking Statements
Except for the historical information contained herein, the matters set forth in this press release, including the features, benefits and performance of Atheros' Align, XSPAN and other products, the anticipated transition from 802.11g to 802.11n, and the adoption of WiFi in markets worldwide, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially, including, but not limited to, difficulties in the development of new and enhanced products, general economic conditions, the effects of competition and technological change, and the risks detailed in Atheros' Annual Report on Form 10-K for the year ended December 31, 2007 and its Quarterly Reports on Form 10-Q for the quarters ended March 31, 2008 and June 30, 2008, as filed with the Securities and Exchange Commission, and in other reports filed with the SEC by Atheros from time to time. These forward-looking statements speak only as of the date hereof. Atheros disclaims any obligation to update these forward-looking statements.
Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20081027/AQM096LOGO AP Archive: http://photoarchive.ap.org/ AP PhotoExpress Network: PRN19 PRN Photo Desk, photodesk@prnewswire.com
Atheros Communications, Inc.
CONTACT: Editorial, Dakota Lee of Atheros Communications, +1-408-720-5597, dakota@atheros.com; or Dan Munoz of A&R Edelman, +1-650-762-2918, dmunoz@ar-edelman.com, for Atheros Communications; or IR, David Allen of Atheros Communications, +1-408-830-5762, david.allen@atheros.com
Web site: http://www.atheros.com/
GateHouse Media Begins Trading in the Over-The-Counter Market Under New Ticker Symbol
FAIRPORT, N.Y., Oct. 27 /PRNewswire-FirstCall/ -- GateHouse Media, Inc. (the "Company" or "GateHouse Media") announced that the Company's common stock is trading in the over-the-counter market under the ticker symbol GHSE. The Company was formerly traded on the NYSE under the ticker symbol GHS.
GateHouse Media, Inc., headquartered in Fairport, New York, is one of the largest publishers of locally based print and online media in the United States as measured by its 92 daily publications. GateHouse Media currently serves local audiences of more than 10 million per week across 21 states through hundreds of community publications and local websites.
GateHouse Media, Inc.
CONTACT: Mark Maring, Investor Relations, GateHouse Media, Inc., +1-585-598-6874
Embarq Corporation to Cancel Third Quarter 2008 Earnings Conference Call
OVERLAND PARK, Kan., Oct. 27 /PRNewswire-FirstCall/ -- EMBARQ today announced that the earnings conference call previously scheduled for 4:30 p.m. EDT on October 29, 2008 will no longer take place due to the Company's recent announcement of its proposed merger with CenturyTel, Inc. A press release containing the company's third quarter results was issued prior to U.S. markets opening today.
(Logo: http://www.newscom.com/cgi-bin/prnh/20060516/EMBARQLOGO)
About EMBARQ
Embarq Corporation , headquartered in Overland Park, Kansas, offers a complete suite of communications services. EMBARQ has operations in 18 states and is in the Fortune 500(R) list of America's largest corporations.
For consumers, EMBARQ offers an innovative portfolio of services that includes reliable local and long distance home phone service, high-speed Internet, wireless, and satellite TV from DISH Network(R) -- all on one monthly bill.
For businesses, EMBARQ has a comprehensive range of flexible and integrated services designed to help businesses of all sizes be more productive and communicate with their customers. This service portfolio includes local voice and data services, long distance, Business Class High Speed Internet, wireless, satellite TV from DIRECTV(R), enhanced data network services, voice and data communication equipment and managed network services.
For more information, visit embarq.com.
Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20060516/EMBARQLOGO AP Archive: http://photoarchive.ap.org/ PRN Photo Desk, photodesk@prnewswire.com
Embarq Corporation
CONTACT: Media, Debra Peterson, +1-913-323-4881, debra.d.peterson@embarq.com, or Investor Relations, Trevor Erxleben, 1-866-591-1964, investorrelations@embarq.com, both of Embarq Corporation
Web site: http://www.embarq.com/
Regal Beloit Corporation to Hold Third Quarter Earnings Conference Call on Tuesday, November 4, 2008
BELOIT, Wis., Oct. 27 /PRNewswire-FirstCall/ -- Regal Beloit Corporation announced today that it plans to release its 2008 third quarter financial results after the market close on Monday, November 3, 2008.
At 10:30 AM CT on Tuesday, November 4, 2008 the Company will hold a telephone conference call regarding the earnings release. Interested parties should call 866-394-7807 and reference conference ID 71041041. International callers should call 706-634-1728 and reference the same conference ID.
A replay of the call will be available through November 14, 2008 at 800-642-1687, conference ID 71041041. International callers should call 706-645-9291 using the same conference ID.
Regal Beloit Corporation is a leading manufacturer of electrical and mechanical motion control and power generation products serving markets throughout the world. Regal Beloit is headquartered in Beloit, Wisconsin, and has manufacturing, sales, and service facilities throughout North America and in Mexico, Europe and Asia.
Regal Beloit Corporation
CONTACT: David A. Barta, Vice President, Chief Financial Officer of Regal Beloit Corporation, +1-608-361-7405
Web site: http://www.regal-beloit.com/
Norton and Easton, Massachusetts Residents to Benefit from Verizon Wireless Network ExpansionInvesting to Stay Ahead of Growing Demand for Wireless Voice, Multimedia and Internet Access
NORTON, Mass., Oct. 27 /PRNewswire/ -- In a continuing effort to provide the best wireless service for local residents in Bristol County, Verizon Wireless has activated a new cell site. The new site increases high-speed wireless data coverage and capacity along I-495 and Route 123 in Norton and Easton, Massachusetts, as well as the surrounding area.
Verizon Wireless has invested more than $45 billion since it was formed to increase the coverage and capacity of its national network and to add new services like BroadbandAccess and V CAST. Regionally the company has invested over $2.2 billion into its New England network, including over $100 million during the first six months of 2008. As a result of these investments, every Verizon Wireless cell site in New England provides wireless broadband connectivity.
"We've always believed that even the most advanced cell phone is only as good as the network it runs on," said director for Network Systems Performance for Verizon Wireless, Richard Enright. "We continue to aggressively invest into our wireless networks across New England to increase coverage and capacity for our customers."
BroadbandAccess offers computer users the nation's most reliable high- speed wireless mobile broadband network, operating at average upload speeds between 500 and 800 kbps, and download speeds between 600 kbps and 1.4 mbps over Verizon Wireless' BroadbandAccess with EV-DO Revision A network. V CAST brings video clips of TV shows, music on demand and other multimedia services to wireless phones.
Strong demand for Verizon Wireless services continued during the second quarter of 2008 as the company added 1.5 million net new customers and, for the fifteenth consecutive quarter, reported the lowest customer turnover (highest customer loyalty) rate in the wireless industry.
The company's 'nation's most reliable wireless network' reputation is based on network studies performed by real-life test men and test women throughout the country who inspired the "can you hear me now" national advertising campaign. Nationally, these test men and women drive nearly 100 specially equipped vehicles almost 1,000,000 miles annually on Interstate, U.S. and state highways as well as major roads and surface streets in high- population areas, based upon U.S. Census counts, to confirm that voice calls and data connections are successful on the first attempt and stay connected. Vehicles are equipped with computers that automatically make more than three million voice call attempts and more than 16 million data tests annually on Verizon Wireless' network and the networks of other carriers.
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: Michael Murphy of Verizon Wireless, +1-781-932-1213, Michael.murphy@verizonwireless.com, or David Thomson of Thomson Communications, +1-978-808-7700, David@thomsoncommunications.com
Web site: http://www.verizonwireless.com/
Homeland Integrated Security Systems, Inc. Acquired in Order to Improve Product Portfolio and Increase Revenue
ARDEN, N.C., Oct. 27 /PRNewswire-FirstCall/ -- Homeland Integrated Security Systems, Inc. (Other OTC: HISU) is pleased to announce that the Company has been acquired by Mr. Roger Ralston, a Technology and Finance Industry Executive. Effective today, Mr. Ralston will assume control of the Company as CEO and Chairman of Homeland Integrated Security Systems, Inc. The Company's current Officers and Directors have agreed to resign effective immediately. The terms of the acquisition will be disclosed in the near future.
Homeland Integrated Security Systems, Inc. will continue to operate as a subsidiary of the public entity, continuing its operations in applying applications for data and tracking functions using its current Cyber Tracker product line. Ian Riley, Brian Riley and Fred Wicks have been named officers and board members of the subsidiary. With Mr. Ralston's direction, the Company will actively seek acquisition candidates which will complement the Company's current products and improve their product portfolio to reach various vertical markets and increase the Company's revenue stream.
Mr. Ralston has spent a number of years in the communications and emerging technology sector, helping develop small to mid sized businesses to increase productivity and revenue. He has also raised millions of dollars in capital to help stabilize public companies on the open market, as well as funded several different companies privately.
"The board unanimously believes that the relationship between Mr. Ralston and Homeland Integrated Security Systems is an opportunity to increase shareholder and market value. We are pleased to see the Company take the next step to truly evolve into a leading technology corporation," stated Fred Wicks, former CEO and President of Homeland Integrated Security Systems, Inc.
"I am excited about the opportunity that Homeland Integrated Security System, Inc. offers. I believe the Company can and will succeed in accomplishing its goals through their suite of innovative technology products," stated Roger Ralston, CEO of Homeland Integrated Security Systems.
About Homeland Integrated Security Systems, Inc.:
Homeland Integrated Security Systems owns proprietary technology in conjunction with its Cyber Tracker product line. Cyber Tracker technology has applications for data and tracking functions across a variety of industries, utilizing CDMA, IDEN, and GSM technologies. In addition, the use of satellite technology in conjunction with the Cyber Tracker is under development.
Statements contained in this news release, other than those identifying historical facts, constitute "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934 and the Safe Harbor provisions as contained in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relating to the Company's future expectations, including but not limited to revenues and earnings, technology efficacy, strategies and plans, are subject to safe harbors protection. Actual Company results and performance may be materially different from any future results, performance, strategies, plans, or achievements that may be expressed or implied by any such forward-looking statements. The Company disclaims any obligation to update or revise any forward-looking statements.
Homeland Integrated Security Systems, Inc.
CONTACT: Investor Relations, +1-866-THE-APPL(E), of Homeland Integrated Security Systems, Inc.
Web site: http://www.hissusa.com/
Warp 9 Launches ClearanceBooks.comB2C E-Commerce site is the second of several sites to be launched for F+W Media
SANTA BARBARA, Calif., Oct. 27 /PRNewswire-FirstCall/ -- Warp 9, Inc. (BULLETIN BOARD: WNYN) , the premier provider of robust e-commerce platforms and services, today announces that its client, F+W Media, Inc. has launched the business-to-consumer (B2C) site ClearanceBooks.com (http://www.clearancebooks.com/) on the Warp 9 Internet Commerce System (ICS) platform.
"We're very excited to roll out this new online store with Warp 9. The fact that this site was launched in under 30 days -- especially including design, product data, and all the other components that go into it -- is quite a feat. The Warp 9 team did a great job to meet our aggressive launch schedule, enabling us to be up in time for the holiday season," stated Eric Svenson, Director of eCommerce for F+W Media.
ClearanceBooks.com is the second website property F+W Media has launched with Warp 9 in the last 30 days.
The new website features:
-- An integrated approach to leveraging product data to push out to Comparison Shopping Engines (CSEs) such as Shopzilla, NexTag, Become.com, Googlebase, Shopping.com, Pricegrabber, Smarter.com, Sortprice, Yahoo, and others.
-- Warp 9's Suggested and Directed search features along with filtered and full-text searching.
-- More granular reporting of Google, Yahoo, MSN, and other search engine search terms, showing a breakout of Natural and Search Engine Optimization (SEO) versus Pay-Per-Click (PPC) contributions.
Warp 9 powers some of the most successful e-commerce websites for retailers such as http://www.magellans.com/, Craft Supplies USA flagship site http://www.woodturnerscatalog.com/, and Spiegel Brands' http://www.carabella.com/, http://www.ablambdin.com/ and http://www.shapefx.com/.
About F+W Media
F+W Media, Inc., (http://www.fwmedia.com/) formerly F+W Publications, Inc., is the leading enthusiast-focused media company, delivering to passionate consumers the content and community they desire regardless of platform. The Company offers high quality magazines, books, events, digital and online products to a number of targeted communities, including art, writing, design, outdoors, lifestyle, woodworking, crafts, horticulture, genealogy, and automotive. F+W Media stays true to its mission to inspire, inform, and connect communities.
About Warp 9
Warp 9, Inc. (http://www.warp9inc.com/) is the premier provider of enterprise-class e-commerce solutions and services to mid-sized businesses in the catalog and retail industry. With a proven track record and years of experience in the industry, Warp 9's comprehensive and scalable suite of software platforms and technologies for online catalogs, e-mail marketing, and interactive visual merchandising help businesses leverage the Internet to increase sales. Offered on a fully managed Software-as-a-Service (SaaS) model, Warp 9 products deliver unique benefits to its customers by reducing total cost of ownership, lowering upfront cost, providing faster time to market and being a one-stop-shop for all things e-commerce. Known for its outstanding customer service, Warp 9 powers some of the most successful e-commerce sites for companies like Magellan's and Spiegel.
Safe Harbor Statement:
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the Company.
Warp 9, Inc.
CONTACT: T. Harris, +1-805-964-3313, ext. 103, for Warp 9, Inc.
Web site: http://www.warp9inc.com/ http://www.clearancebooks.com/ http://www.fwmedia.com/
Attunity Schedules Earnings Release for Third Quarter, 2008
BURLINGTON, Massachusetts, October 27 /PRNewswire-FirstCall/ -- Attunity, Ltd. (BULLETIN BOARD: ATTUF) , a leading provider of real-time event capture and data integration software, announced today that it will report third quarter 2008 operating results on Tuesday, November 11th 2008, at approximately 8:00 a.m. EST.
About Attunity
Attunity is a leading provider of real-time event capture and data integration software. Using our software solutions, Attunity's customers enjoy dramatic business benefits by driving down the cost of managing their operational systems, creating flexible, service-based architectures for increased business agility, and by detecting critical actionable business events, as they happen, for faster business execution.
Attunity has supplied innovative software solutions to its enterprise-class customers for nearly 20 years and has successful deployments at over a thousand organizations worldwide. Attunity provides software directly and indirectly through a number of strategic and OEM agreements with partners such as Microsoft, Oracle, IBM, HP and SAP/Business Objects. Headquartered in Boston, Attunity serves its customers via offices in North America, Europe, the Middle East and Asia Pacific and through a network of local partners. For more information, please visit us at http://www.attunity.com/.
(c) 2008 Attunity Ltd. All rights reserved. Attunity is a trademark of Attunity Inc.
For more information:
Andy Bailey, VP Marketing
Attunity
+1-781-213-5204
andy.bailey@attunity.com
Dror Elkayam, VP Finance
Attunity
+972-9-899-3000
dror.elkayam@attunity.com
Attunity Ltd
CONTACT: For more information: Andy Bailey, VP Marketing, Attunity, +1-781-213-5204, andy.bailey@attunity.com; Dror Elkayam, VP Finance, Attunity, +972-9-899-3000, dror.elkayam@attunity.com
Herley Announces $3.3 Million In Contract Awards- Herley Lancaster to Produce VCOs for the U. S. Air Force F-16- Herley Medical Products will Supply High Power Amplifiers for GE Healthcare- Company Backlog is More Than $190 Million
LANCASTER, Pa., Oct. 27 /PRNewswire-FirstCall/ -- Herley Industries, Inc. today announced the receipt of two important contract awards totaling approximately $3.3 million:
-- Hill Air Force Base in Ogden, Utah has awarded a three year IDIQ contract to Herley Lancaster for the production of Voltage Controlled Oscillators (VCOs) for the 68 APG-68 Fire Control Radar (FCR) system for the F-16 Fighting Falcon
-- Herley Medical Products has received a contract award from GE Healthcare of Milwaukee, Wisconsin, to produce high power amplifiers for its MRI (Magnetic Resonance Imaging) system.
Myron Levy, Herley's Chairman and CEO, commented, "The F-16 represents approximately 50% of the U.S. Air Force's current fighter force. The U. S. Air Force, as well as allied Air Forces flying the F-16, have projected a useful life through at least 2030. Herley has a long history of successfully providing quality microwave components for the F-16, and we are very happy to be selected to produce this critical radar component for the APG-68 Radar.
Mr. Levy continued, "I am also very pleased with the significant award to Herley Medical Products. We have produced amplifiers for the medical industries for a number of years; and we believe that this significant contract from GE will be followed by orders for similar quantities in the next six months."
Mr. Levy concluded, "With the Company's recent strong bookings, Herley's current backlog is in excess of $190 million, a record for this company. My thanks and appreciation goes to our loyal customer base, for their steadfast support."
Herley Industries, Inc. is a leader in the design, development and manufacture of microwave technology solutions for the defense, aerospace and medical industries worldwide. Based in Lancaster, PA, Herley has eight manufacturing locations and approximately 1000 employees. Additional information about the company can be found on the Internet at http://www.herley.com/
Safe Harbor Statement - Except for the historical information contained herein, this release may contain forward-looking statements. Such statements are inherently subject to risks and uncertainties. When used in this report, words such as "anticipated," "believes," "could," "estimates," "expects," "may," "plans," "potential" and "intends" and similar expressions, as they relate to the Company or its management, identify forward-looking statements. Such forward-looking statements are based on the belief of the Company's management, as well as assumptions made by and information currently available to the Company's management. The Company's results could differ materially based on various factors, including, but not limited to, cancellation or deferral of customer orders, difficulties in the timely development of new products, difficulties in manufacturing, increased competitive pressures, and general economic conditions. The Company undertakes no obligation to update forward-looking statements as a result of future events or developments.
For information at Herley contact: Tel: (717) 735-8117
Peg Guzzetti http://www.herley.com/
Investor Relations
Herley Industries, Inc.
CONTACT: Peg Guzzetti, Investor Relations of Herley Industries, Inc., +1-717-735-8117
Web site: http://www.herley.com/
Microsoft présente une large gamme de solutions pour l'édition numérique à l'occasion de l'expo IFRA 2008
AMSTERDAM, Pays-Bas, October 27 /PRNewswire/ --
- Solutions qui permettent aux éditeurs de relever le défi consistant à
créer et monétiser des contenus numériques et imprimés.
Au cours de l'expo IFRA 2008 qui a lieu cette semaine, Microsoft Corp
démontrera la manière dont les éditeurs peuvent mettre la technologie au
service de leur compétitivité dans l'univers des médias en ligne et
numériques et transformer leurs publications en offres de services de
contenus en générant des expériences fascinantes pour les utilisateurs et en
adaptant leurs modèles d'entreprise. Au stand 9003, hall 9, du Centre
d'expositions et de congrès RAI, Microsoft présentera une série de solutions
dédiées à la recherche de fichiers médias dans les archives, et à la mise à
profit de la publicité et de l'expérience du contenu numérique.
(Logo : http://www.newscom.com/cgi-bin/prnh/20000822/MSFTLOGO)
<< Le secteur traditionnel de l'édition est en train d'adapter rapidement
ses modèles d'entreprise afin d'exploiter au mieux le potentiel de l'univers
en ligne, et nous proposons aux éditeurs une variété de solutions pouvant les
aider à gérer et monétiser efficacement les contenus à travers de multiples
canaux >>, a affirmé Rainer Kellerhals, directeur international des solutions
médias et de divertissement, secteur communications de Microsoft. << Les
consommateurs exigent déjà d'avoir accès à de la musique et des vidéos en
déplacement et où qu'ils se trouvent ; il semble donc évident que leurs
attentes soit élevées en ce qui concerne les informations et autres médias
publiés. >>
Solutions pour la publicité
5 fifteen, fournisseur de logiciels et de conseil destinés aux éditeurs,
utilise la technologie Microsoft pour les aider à mieux gérer le cycle des
ventes d'espaces publicitaires. 5 fifteen combine Microsoft Dynamics CRM avec
ad DEPOT et Atlas AdManager pour intégrer directement dans le processus de
vente des espaces publicitaires les réservations et les insertions
publicitaires papier et en ligne.
ad DEPOT Media pour Microsoft Dynamics CRM apporte des fonctionnalités
supplémentaires spécifiques de vente et de marketing afin de fournir un
moteur de réservations multimédias complet pour tous types de publicités. Les
réservations d'espaces publicitaires multimédias, fort complexes, peuvent
désormais être effectuées directement depuis l'environnement Microsoft
Dynamics CRM, disposant de l'intégration de toutes les informations
concernant le compte et le contact.
<< Internet est un canal qui gagne de plus en plus en importance pour les
annonceurs, et si les éditeurs souhaitent rester compétitifs, ils doivent
être en mesure de proposer des campagnes de médias multiples, y compris des
supports papier et en ligne >>, a expliqué Rod Fenwick, directeur général de
5 fifteen. << Cela requiert une excellente intégration des systèmes de
réservation d'espaces publicitaires papier et en ligne, de gestion de la
relation avec la clientèle (CRM) et d'édition. Nous avons développé, en
partenariat avec Microsoft, un système intégré de vente et de réservation
d'espaces publicitaires pour des campagnes imprimées et en ligne >>.
Expérience du contenu numérique et monétisation
Le Syndicated Client Experiences (SCE) Reader de Microsoft est une
application qui permet aux éditeurs de générer une expérience de lecture sur
écran de la meilleure qualité possible. Microsoft SCE Reader est une solution
complète grâce à laquelle les éditeurs sont en mesure de construire et de
déployer facilement des services de publication électronique offrant à
l'utilisateur une expérience de lecture riche et optimisée soit pour la
plateforme Windows en utilisant Windows Presentation Foundation (WPF) soit
également, dans à l'avenir, pour les navigateurs Internet et les dispositifs
mobiles grâce à Microsoft Silverlight. SCE Reader permet l'accès aux contenus
aussi bien en ligne qu'hors ligne, utilise l'affichage texte perfectionné et
les fonctions de mise en page de WPF afin de présenter une expérience de
lecture à l'écran de haute qualité, et propose des manières innovantes de
faire de la publicité au sein de contenus d'informations. Parmi les nouveaux
clients on compte le journal français Le Monde et Jyllands-Posten au
Danemark.
<< Nous avons récemment mis en oeuvre le SCE Reader pour offrir aux
lecteurs du Monde un accès instantané à la dernière parution, où qu'ils se
trouvent >>, a affirmé Dao Nguyen, directeur général, Le Monde interactif.
<< Ils peuvent recevoir la dernière édition sur leur ordinateur portable. La
mise à jour des informations s'effectue automatiquement tant qu'ils restent
en ligne et tout est également mémorisé localement afin de permettre une
lecture hors-ligne. Cela nous permet d'atteindre un public plus vaste et
d'élargir le portefeuille de services de contenu numérique que nous proposons
à nos lecteurs. >>
<< JP2 représente un aspect important de notre stratégie d'édition
numérique, proposant nos informations à travers de multiples canaux. Notre
expérience nous l'a clairement montré jusqu'à présent >>, a expliqué Jens
Nicolaisen, PDG médias électroniques, Jyllands-Posten. << Nos ambitions et
objectifs pour l'édition numérique JP2 étaient de compter sur un outil
puissant pour communiquer le fait que nous ne sommes pas un journal
conservateur et traditionnel, qui se limite à "imprimer des journaux". Nous
sommes convaincus que grâce à notre édition numérique JP2 nous allons pouvoir
séduire un public plus jeune et pour qui la flexibilité et la mobilité sont
importants. >>
Recherche de fichiers médias
FAST, filiale de Microsoft, présente FAST ESP, sa plateforme de recherche
flexible et extensible pour entreprises, qui leur permet de créer une
expérience unique d'utilisation et de changer la façon dont les individus
interagissent avec l'information, en générant de nouvelles sources de
revenus, améliorant la qualité des décisions des sociétés et augmentant leur
productivité. FT.com, l'un des sites Web commerciaux à plus forte croissance
au monde, a déclaré que les recherches en ligne prises en charge par FAST ESP
avaient augmenté de plus de 70 % en un an suite au lancement de son nouveau
modèle d'accès en octobre 2007.
A propos de Microsoft
Fondée en 1975, Microsoft (Nasdaq : MSFT) est le leader mondial des
logiciels, des services et des solutions qui aident les particuliers ainsi
que les entreprises à réaliser leur plein potentiel.
A propos de Microsoft EMEA (Europe, Moyen Orient et Afrique)
Microsoft est présente dans la région EMEA depuis 1982. Microsoft emploie
plus de 16 000 personnes dans la région au sein de plus de 64 filiales,
fournissant des produits et des services dans 139 pays et territoires.
Le présent document ne sert qu'à des fins d'information. Microsoft Corp
rejette toutes les garanties et les conditions concernant l'utilisation du
présent document à d'autres fins. Microsoft Corp ne pourra, à aucun moment,
être tenue responsable des dommages directs, indirects, particuliers ou
consécutifs, ayant été occasionnés au cours d'une action contractuelle, d'une
négligence, ou de toute autre action découlant de l'utilisation du présent
document, ou qui y est liée. Aucun des propos contenus dans le présent
document ne peut être interprété comme une forme quelconque de garantie.
Site Web : http://www.microsoft.com
Microsoft Corp
Laura Woodward de Weber Shandwick, +44-7894-193-887, lwoodward@webershandwick.com, pour Microsoft Corp ; NOTE AUX RÉDACTEURS : Si vous êtes intéressés à obtenir plus d'informations sur Microsoft dans la région EMEA, veuillez consulter le http://www.microsoft.com/emea ou le centre de presse EMEA à l'adresse http://www.microsoft.com/emea/presscentre. Les liens hypertextes, numéros de téléphone et titres étaient corrects au moment de la publication, mais sont susceptibles d'avoir changé depuis. Pour de l'aide supplémentaire, les journalistes et analystes peuvent contacter les contacts appropriés dont les noms figurent au http://www.microsoft.com/emea/presscentre/contactus.mspx. Si vous souhaitez obtenir plus d'informations au sujet de Microsoft Corp, rendez-vous sur la page Web de Microsoft à l'adresse http://www.microsoft.com/presspass, sur les pages d'information d'entreprise de Microsoft ; Photo : NewsCom : http://www.newscom.com/cgi-bin/prnh/20000822/MSFTLOGO, AP Archive : http://photoarchive.ap.org, PRN Photo Desk, photodesk@prnewswire.com
Newtech Interactive : 11% de croissance sur les 9 premiers mois de l'exercice
TOULOUSE, France, October 27 /PRNewswire/ -- A fin septembre, le chiffre d'affaires de Newtech Interactive
(ML NEW) s'établit à 18,8 MEUR, contre 16,9 MEUR l'année précédente. Cette
croissance de 11% est portée par le dynamisme de l'activité mais également
par la poursuite du développement de nos solutions télécom.
En MEUR 30.09.08 30.09.07 % (variation) 08/07
Chiffre d'affaires total 18,78 16,89 + 11,2 %
Dynamisme de l'activité et poursuite du développement
Malgré un contexte économique difficile, Newtech Interactive confirme le
dynamisme de son activité par sa capacité à anticiper et à innover pour son
propre compte comme pour celui de ses clients. Le lancement de nouveaux
produits et plus globalement le déploiement de son offre de solutions télécom
devraient permettre au Groupe de maintenir ce niveau de croissance au second
semestre 2008.
Croissance d'au moins 10% en 2008
En dépit d'une conjoncture économique et financière dégradée,
Newtech Interactive anticipe un rythme de croissance du chiffre d'affaires
d'au moins 10% et un objectif de résultat d'exploitation d'environ 1 MEUR sur
l'exercice 2008.
A propos de Newtech Interactive
Créé en 1997, Newtech Interactive est un acteur majeur de l'édition de
contenu on-line. Le groupe concentre son activité autour du contenu << Mobile
et Internet Mobile >> et de l'offre aux entreprises.
Newtech Interactive affiche un chiffre d'affaires de 23,7
millions d'euros en 2007.
Newtech Interactive est labellisée << entreprise innovante >>
par l'OSEO-ANVAR et à ce titre, éligible aux FCPI. Newtech est côté sur le
Marché Libre - Euronext Paris - FR000003740 - MLNEW
Newtech Interactive
Contacts: Newtech Interactive: René Carrillo - Président, r.carrillo@newtech.fr ; Eric Labarbarie - Directeur Général, e.labarbarie@newtech.fr; Tél: +33(0)5-61-43-20-20. Communication Financière - Actifin: Stéphane Ruiz, sruiz@actifin.fr ; Nicolas Meunier, nmeunier@actifin.fr ; Tél : +33(0)1-56-88-11-11
WESCO International, Inc. Names Two New Board Members
PITTSBURGH, Oct. 27 /PRNewswire-FirstCall/ -- WESCO International, Inc. , a leading provider of electrical MRO products, construction materials and advanced integrated supply procurement outsourcing services, today announced the appointment of Messrs. John J. Engel and Stephen A. Van Oss to its Board of Directors, effective November 3, 2008. With the addition of Messrs. Engel and Van Oss, WESCO's Board of Directors now consists of 12 Directors.
(Logo: http://www.newscom.com/cgi-bin/prnh/20030508/WCCLOGO )
John J. Engel has been Senior Vice President and Chief Operating Officer for WESCO since July 2004. Previously, Mr. Engel served as Senior Vice President and General Manager of Gateway, Inc. and as an Executive Vice President and Senior Vice President of Perkin Elmer, Inc. Earlier in his career, Mr. Engel held management positions with Allied Signal and General Electric.
Stephen A. Van Oss has been Senior Vice President and Chief Financial and Administrative Officer for WESCO since July 2004 and, from 2000 to July 2004, served as the Vice President and Chief Financial Officer. Mr. Van Oss also served as our Director, Information Technology from 1997 to 2000 and as our Director, Acquisition Management in 1997. Previously, Mr. Van Oss held executive positions with Paper Back Recycling of America, Inc. and Reliance Electric Corporation. Mr. Van Oss is a trustee of Robert Morris University and serves on the board of Cooper-Standard Holdings, Inc.
Chairman and CEO, Roy W. Haley, commented, "I am very pleased to welcome John Engel and Steve Van Oss to serve on our Board. In addition to their current roles as senior executives of the Company, John and Steve both have done a superb job in directing major portions of WESCO's total business. Their industry and WESCO-specific knowledge and experience will further strengthen our Board."
WESCO International, Inc. is a publicly traded Fortune 500 holding company, headquartered in Pittsburgh, Pennsylvania, whose primary operating entity is WESCO Distribution, Inc. WESCO Distribution is a leading distributor of electrical construction products and electrical and industrial maintenance, repair and operating (MRO) supplies, and is the nation's largest provider of integrated supply services. 2007 annual sales were approximately $6.0 billion. The Company employs approximately 7,300 people, maintains relationships with over 24,000 suppliers, and serves more than 110,000 customers worldwide. Major markets include commercial and industrial firms, contractors, government agencies, educational institutions, telecommunications businesses and utilities. WESCO operates seven fully automated distribution centers and more than 400 full-service branches in North America and selected international markets, providing a local presence for area customers and a global network to serve multi-location businesses and multi-national corporations.
The matters discussed herein may contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from expectations. Certain of these risks are set forth in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2007, as well as the Company's other reports filed with the Securities and Exchange Commission.
Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20030508/WCCLOGO AP Archive: http://photoarchive.ap.org/ PRN Photo Desk, photodesk@prnewswire.com
WESCO International, Inc.
CONTACT: Daniel A. Brailer, Vice President, Treasurer, Legal and Investor Relations of WESCO International, Inc., +1-412-454-4220, or Fax: +1-412-222-7329
Web site: http://www.wescodist.com/ http://www.wesco.com/
Standard & Poor's SecurityMaster Services Delivery Platform Expands OfferingsAddition of ISIDPlus, CUSIP Syndicated Loan Service and ANNA Service Bureau's ISIN databases provides greater transparency for global securities
NEW YORK, Oct. 27 /PRNewswire/ -- Standard & Poor's, the world's foremost provider of financial market intelligence, today announced that SecurityMaster Services(SM), a web services delivery platform that provides direct access to a variety of securities data, will add access to the ISIDPlus global cross reference database, CUSIP Syndicated Loan Service and the ANNA Service Bureau's ISIN database. Standard & Poor's SecurityMaster Services already includes access to the CUSIP Master File data.
With access to these four critical global reference and cross-reference databases through Standard & Poor's SecurityMaster Services, clients can obtain the most up-to-date and comprehensive global reference data to help them make more informed investment decisions.
"By providing easier access to these extensive and timely global reference data sources, Standard & Poor's continues to expand how institutional investors, global banks and other market participants can obtain more information and insight into international securities," said Jim Taylor, Managing Director at Standard & Poor's. "Standard & Poor's SecurityMaster Services, using API technology, gives our clients the flexibility and tools they require to efficiently integrate this reference and cross-reference content into the workflow solutions they are building."
With these new additions, Standard & Poor's SecurityMaster Services now encompasses four critical datasets with more than 10 million instrument identifiers and related descriptive data:
-- CUSIP Master File -- Six million Corporate, U.S. Government and
Municipal identifiers
-- ISIDPlus -- More than 1.4 million globally traded instruments
-- ANNA's ISIN Service -- Four million ISINs sourced directly from 75
numbering agencies
-- Syndicated Loan Service -- 8,000 Loan CUSIPs covering U.S. bank loan
deals and facilities
Standard & Poor's SecurityMaster Services is an XML-based web services platform that provides direct access to an array of datasets. As a modular solution, Standard & Poor's SecurityMaster Services enables clients to tailor a data search for a specific one-time need or develop customized, recurring data downloads. Search results are retrieved in XML format, giving clients the ability to integrate data seamlessly into their applications. Clients can search and retrieve information from the platform using predefined parameters, including issuer name, security description, dated date, coupon, maturity date, domicile, and last update. In addition to traditional bulk delivery services, the Standard & Poor's SecurityMaster Services' interface allows clients to fully customize both content and frequency to obtain new instrument-level information as it becomes available.
About Standard & Poor's
Standard & Poor's, a division of The McGraw-Hill Companies , is the world's foremost provider of financial market intelligence, including independent credit ratings, indices, risk evaluation, investment research and data. With approximately 8,500 employees, including wholly owned affiliates, located in 23 countries, Standard & Poor's is an essential part of the world's financial infrastructure and has played a leading role for more than 140 years in providing investors with the independent benchmarks they need to feel more confident about their investment and financial decisions. For more information, visit http://www.standardandpoors.com/.
Standard & Poor's
CONTACT: Media, Christopher Capot, KNB Communications, +1-212-505-2441, ccapot@knbpr.com, or Product, Maria Latorraca, Product Director, Standard & Poor's, CUSIP Service Bureau, +1-212-438-6552, maria_latorraca@standardandpoors.com
Web Site: http://www.standardandpoors.com/
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