Companies news of 2008-11-13 (page 1)
Authentidate Holding Corp. Reports Fiscal 2009 First Quarter Results
DayStar Technologies Announces Q3 2008 Financial ResultsCommercialization Progress...
PEER 1 Reports Fiscal 2009 First Quarter ResultsNormalized EBITDA Increases by 23%...
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Authentidate Holding Corp. Reports Fiscal 2009 First Quarter Results
BERKELEY HEIGHTS, N.J., Nov. 13 /PRNewswire-FirstCall/ -- Authentidate Holding Corp. , a worldwide provider of secure workflow management software and web-based services, today announced financial results for the fiscal 2009 first quarter ended September 30, 2008.
Ben Benjamin, President of Authentidate, stated, "Through the first quarter of fiscal 2009 we continued to implement our new strategy announced in January 2008, by increasing revenues, cutting and managing operating costs and expanding into new markets. Even as macro-economic pressures face the country, we are confident in our ability to increase the use of our Inscrybe solutions as they offer customers, among other things, the ability to reduce costs and improve efficiency."
Total revenue for the three months ended September 30, 2008 increased 61% to approximately $1,690,000 compared to $1,048,000 for the same period last year. These results reflect an increase of approximately 41% in U.S. revenues and growth from our German operations of approximately 80%. Compared to the fourth quarter of fiscal 2008, revenues increased approximately 1% reflecting an increase of approximately 9.5% in U.S. revenues which was partially offset by a decrease of approximately 4.5% in German revenues due primarily to exchange rate changes.
Net loss for the first quarter of fiscal 2009 decreased to $2,446,000, or $0.07 per share, compared to $4,583,000, or $0.13 per share, for the same period last year. The net loss for the prior year period includes approximately $1,115,000 for incremental legal, professional service and accrued severance expenses.
As of September 30, 2008, the Company's cash and cash equivalents, and marketable securities totaled $12,761,000 and deferred revenue totaled $1,340,000.
Mr. Benjamin continued, "Increased transaction volumes and new customers for both our U.S. and German operations resulted in revenue growth of 61%. This growth, coupled with our cost management activities significantly reduced our operating loss for the quarter. We recently announced three new customers in the U.S., Virtuox, Community Home Care Services and WILLCARE, and added other new customer projects during the period. We expect new and existing customers to contribute to our revenue growth as they ramp up their use of our current services and sign on for expanded services."
"Our solutions offer the necessary tools to help customers reduce the cost of healthcare administration by automating complex workflows and allowing fast, flexible and compliant communications between third parties that are a key component of such workflows. As such, we believe demand for our services will increase as awareness grows and healthcare providers face increased pressure to reduce their costs while not sacrificing quality of care," concluded Mr. Benjamin.
Conference Call
Management will host a conference call today at 4:30 p.m. ET, to discuss the latest corporate developments and results. The dial-in number for callers in the U.S. is (888) 562-3356 and the dial in number for international callers is (973) 582-2700. The access code for all callers is 69280399. To access the live webcast, visit http://www.authentidate.com/, click the "About Us" link, followed by "Investor Relations" on the drop-down menu and then the "Audio Archives" link. Following the conclusion of the call, the webcast will also be archived on the Company's website.
A replay of the call will be available through November 20, 2008. To access the replay, please dial (800) 642-1687 in the U.S. and (706) 645-9291 internationally, and then enter the access code 69280399. A live web cast will be available on the Company's website.
Information About the Proposed Merger with Parascript
On August 6, 2008, Authentidate announced a definitive merger agreement with Parascript, LLC, an image analysis and pattern recognition software provider. In connection with the proposed transaction, our subsidiary, AHC Group, filed with the Securities and Exchange Commission (the "SEC"), a Registration Statement on Form S-4, containing a preliminary joint proxy statement of Authentidate and Parascript, and a preliminary prospectus of Authentidate covering the common stock of the new Authentidate to be issued upon closing of the transaction. Authentidate and Parascript will mail the definitive Joint Proxy Statement/Prospectus to their respective security holders, which will contain important information about the transaction. Authentidate and Parascript urge investors and security holders to read the definitive Joint Proxy Statement/Prospectus when it is available. Investors and security holders will be able to obtain free copies of the Registration Statement and the Joint Proxy Statement/Prospectus and other documents filed with the SEC by and through the web site maintained by the SEC at http://www.sec.gov/. In addition, investors and security holders will be able to obtain free copies of the Registration Statement and the Joint Proxy Statement/Prospectus from Authentidate from Authentidate's website (http://www.authentidate.com/) under the tab "About Us - Investor Relations and then under the item "SEC Filings."
The merger is still subject to customary closing conditions, including shareholder approval. However, in light of the uncertainty in the credit markets and changes in Parascript's business, the board of directors of the company is considering a proposal to change the structure of the proposed merger. However, there can be no assurance that the parties will agree on an amendment to the merger agreement.
Proxy Solicitation
Authentidate, Parascript and their respective directors and executive officers and certain other persons may be deemed to be participants in the solicitation of proxies in respect of the merger. Information regarding the persons, who may, under the rules of the SEC, be considered participants in the solicitation of proxies in connection with the proposed merger will be set forth in the definitive joint proxy statement/prospectus when it is filed with the SEC. You can also find information about Authentidate's executive officers and directors in its 2008 Annual Report on Form 10-K, which was filed with the SEC on September 26, 2008. You can obtain free copies of these documents from the SEC at the SEC's web site at http://www.sec.gov/ and from Authentidate using the contact information above.
About Authentidate Holding Corp.
Authentidate Holding Corp. is a worldwide provider of secure workflow management software and web-based services. The company's automated and trusted workflow solutions enable enterprises and office professionals to employ rules-based electronic forms, intelligent routing and transaction management, electronic signing, content authentication, identity credentialing and verification and web and fax based communication capabilities. Customer benefits from the company's offerings include increased revenues, reduced costs, improved productivity and service levels, automated audit trails, enhanced compliance with regulatory requirements and the reduction of paper-based processes. The company has offices in the United States and Germany. In the United States we offer our patent pending content authentication technology in the form of the United States Postal Service(R) Electronic Postmark(R) (EPM).
For more information, visit the company's website at http://www.authentidate.com/.
This press release contains forward-looking statements within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Act of 1934. When used in this release, the words "believe," "anticipate," "think," "intend," "plan," "will be," "expect," and similar expressions identify such forward-looking statements. Such statements regarding future events and/or the future financial performance of the Company are subject to certain risks and uncertainties, which could cause actual events or the actual future results of the Company to differ materially from any forward-looking statement. Such risks and uncertainties include, among other things, the availability of any needed financing, the Company's ability to implement its business plan for various applications of its technologies, related decisions by the USPS, the impact of competition, the management of growth, and the other risks and uncertainties that may be detailed from time to time in the Company's reports filed with the Securities and Exchange Commission. In light of the significant risks and uncertainties inherent in the forward-looking statements included herein, the inclusion of such statements should not be regarded as a representation by the Company or any other person that the objectives and plans of the Company will be achieved.
Authentidate is a registered trademark of Authentidate Holding Corp. and Inscrybe is a trademark of Authentidate Holding Corp. All other trade names are the property of their respective owners.
This press release is available on the KCSA Strategic Communications Web site at http://www.kcsa.com/.
Tables follow:
Authentidate Holding Corp. and Subsidiaries
Condensed Consolidated Balance Sheets
September 30,
2008 June 30,
(in thousands, except per share data) (Unaudited) 2008
Assets
Current assets
Cash and cash equivalents $2,836 $4,493
Restricted cash 512 512
Marketable securities 8,925 6,375
Accounts receivable, net 874 1,287
Prepaid expenses and other current assets 1,328 671
Total current assets 14,475 13,338
Marketable securities 1,000 3,950
Property and equipment, net 893 1,014
Note receivable, net of deferred gain of $2,000 - -
Other assets
Software development costs, net 2,530 2,533
Goodwill 7,341 7,341
Other assets 1,339 1,375
Assets held for sale 2,000 2,000
Total assets $29,578 $31,551
Liabilities and Shareholders' Equity
Current liabilities
Accounts payable and accrued expenses $1,776 $1,850
Deferred revenue 1,200 1,273
Other current liabilities 60 97
Total current liabilities 3,036 3,220
Long-term deferred revenue 140 140
Total liabilities 3,176 3,360
Commitments and contingencies
Shareholders' equity
Preferred stock $.10 par value; 5,000
shares authorized Series B, 28 shares
issued and outstanding 3 3
Common stock, $.001 par value; 75,000
shares authorized, 34,615 and 34,537
issued and outstanding on September
30, 2008 and June 30, 2008, respectively 35 35
Additional paid-in capital 165,983 165,681
Accumulated deficit (139,470) (137,006)
Accumulated other comprehensive loss (149) (522)
Total shareholders' equity 26,402 28,191
Total liabilities and shareholders'
equity $29,578 $31,551
Authentidate Holding Corp. and Subsidiaries
Condensed Consolidated Statements of Operations
(Unaudited)
Three Months Ended
September 30,
(in thousands, except per share data) 2008 2007
Revenues
Software licenses and support $983 $547
Hosted software services 707 501
Total revenues 1,690 1,048
Operating expenses
Cost of revenues 735 454
Selling, general and administrative 2,827 4,557
Product development 423 772
Depreciation and amortization 353 379
Total operating expenses 4,338 6,162
Operating loss (2,648) (5,114)
Other income, net 202 531
Net loss $(2,446) $(4,583)
Basic and diluted loss per share $(0.07) $(0.13)
Investor Contacts: Media Contacts:
Todd Fromer / Garth Russell Erika Kay
KCSA Strategic Communications KCSA Strategic Communications
212-896-1215 / 212-896-1250 212-896-1208
tfromer@kcsa.com / grussell@kcsa.com ekay@kcsa.com
Authentidate Holding Corp.
CONTACT: Investors, Todd Fromer, +1-212-896-1215, tfromer@kcsa.com, or Garth Russell, +1-212-896-1250, grussell@kcsa.com, or Media, Erika Kay, +1-212-896-1208, ekay@kcsa.com, all of KCSA Strategic Communications for Authentidate Holding Corp.
Web site: http://www.authentidate.com/
DayStar Technologies Announces Q3 2008 Financial ResultsCommercialization Progress Continues
SANTA CLARA, Calif., Nov. 13 /PRNewswire-FirstCall/ -- DayStar Technologies, Inc. , a developer of photovoltaic products based on CIGS thin-film semiconductor technology, today announced financial results for its third quarter ended Sept. 30, 2008.
Net loss for the third quarter was $6.7 million, or a loss of $0.20 per share, compared with a net loss of $3.8 million, or a loss of $0.25 per share in the third quarter of 2007. The increase in net loss reflects higher operating expenses for CIGS-on-glass module and manufacturing process development as the company continued its progress toward commercialization. The per share loss was calculated on the weighted average common shares outstanding of 33.3 million, compared with 15.2 million in the third quarter of last year, reflecting the company's public offering in the fourth quarter of 2007.
DayStar had cash, cash equivalents and investments of $34.4 million at Sept. 30, 2008, compared with $47.9 million at June 30, 2008. Except for operating accounts, all of the company's cash is invested in U.S. treasury instruments. As of Sept. 30, 2008, the company had total liabilities of $8.1 million, and total stockholders' equity was $50.2 million.
The company also reported third quarter capital investments of $9.5 million to support its planned ramp to commercial production.
"We are pleased to announce that we have met our third quarter technical milestones and are now focused on successfully scaling up our single step deposition process," said Dr. Stephan DeLuca, chief executive officer. "We have achieved greater than 12 percent cell efficiencies on our 2' by 4' substrates. Additionally, we have continued to build out CIGS 1, our first production deposition tool, and we expect to have the capability to produce full 2' by 4' modules in the first quarter of 2009" he said.
Conference Call
DayStar will hold its third quarter conference call today, Thursday, Nov. 13, 2008, at 2 pm Pacific time. To listen to the call, dial (415) 228-4574 approximately 10 minutes prior to the start of the call. The pass code is DayStar. 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 (203) 369-3290.
About DayStar Technologies, Inc.
DayStar Technologies, Inc. is engaged in the development, manufacturing and marketing of photovoltaic products based upon CIGS thin film semiconductor technology. For more information, visit the DayStar website at http://www.daystartech.com/.
Certain statements contained in this press release, including, without limitation, statements regarding expectations of further technological development as well as, timing and technical and financial ability to scale to production capacity and complete the build out of a production facility, and timing and ability to secure additional financing and other statements contained herein regarding matters that are not historical facts, are "forward-looking" statements (as defined in the Private Securities Litigation Reform Act of 1995). These statements are only predictions based on assumptions that are believed to be reasonable at the time they are made and are subject to significant risks and uncertainties. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include, but are not limited to, those factors discussed in the section entitled "Risk Factors" in our Annual Report on Form 10-KSB filed with the SEC on March 31, 2008, our registration statement on Form S-3 filed with the SEC on July 8, 2008, as well as other forms filed with the SEC. You should not place undue reliance on the forward- looking statements in this press release, and we disavow any obligation to update or supplement those statements in the event of any changes in the facts, circumstances, or expectations that underlie those statements.
DAYSTAR TECHNOLOGIES, INC.
(A DEVELOPMENT STAGE ENTERPRISE)
BALANCE SHEETS
September 30, December 31,
2008 2007
(Unaudited)
ASSETS
Current Assets:
Cash and cash equivalents $ 25,799,722 $ 61,365,559
Investments 8,611,096 -
Other current assets 566,473 666,511
Total current assets 34,977,291 62,032,070
Property and Equipment, at cost 31,206,328 14,911,021
Less accumulated depreciation
and amortization (8,074,990) (5,774,823)
Net property and equipment 23,131,338 9,136,198
Other Assets 204,490 72,427
Total Assets $ 58,313,119 $ 71,240,695
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable and accrued expenses $4,579,806 $2,622,968
Notes and capital leases payable,
current portion 183,586 174,996
Deferred rent, current portion 79,927 -
Deferred revenue 420,000
Total current liabilities 5,263,319 2,797,964
Long-Term Liabilities:
Notes and capital leases payable 32,086 171,983
Deferred revenue - 420,000
Deferred rent 1,927,577 -
Stock warrants 856,308 2,771,090
Total long-term liabilities 2,815,971 3,363,073
Commitments and Contingencies
Stockholders' Equity:
Preferred stock, $.01 par value;
3,000,000 shares authorized;
0 shares issued and outstanding - -
Common stock, $.01 par value;
120,000,000 shares authorized;
33,438,862 and 32,621,262
shares issued and outstanding at
September 30, 2008 and
December 31, 2007, respectively 334,389 326,213
Additional paid-in capital 139,057,183 135,387,049
Accumulated deficit (10,145,391) (10,145,391)
Deficit accumulated during the
development stage (78,994,388) (60,488,213)
Accumulated other comprehensive loss (17,964) -
Total stockholders' equity 50,233,829 65,079,658
Total Liabilities and
Stockholders' Equity $58,313,119 $71,240,695
DAYSTAR TECHNOLOGIES, INC.
(A DEVELOPMENT STAGE ENTERPRISE)
STATEMENTS OF OPERATIONS
(Unaudited)
For the Three Months For the Nine Months
Ended September 30, Ended September 30,
2008 2007 2008 2007
Revenue: $- $- $- $-
Costs and Expenses:
Research and
development 5,135,579 2,219,404 11,991,015 7,159,576
Selling, general
and administrative 2,016,110 1,123,402 6,806,396 4,286,315
Restructuring - 201,855 - 1,756,220
Depreciation and
amortization 783,268 769,735 2,307,672 2,227,082
Total costs
and expenses 7,934,957 4,314,396 21,105,083 15,429,193
Other Income (Expense):
Other income 268,394 44,563 716,165 129,322
Interest expense (8,877) (122,499) (32,039) (250,825)
Amortization of
note discount and - ( 94,813) - (4,162,312)
financing costs
Gain (loss) on
derivative
liabilities 926,664 651,046 1,914,782 (2,305,293)
Loss on
extinguishment
of debt - - - (6,091,469)
Total other
income
(expense) 1,186,181 478,297 2,598,908 (12,680,577)
Net Loss $(6,748,776) $(3,836,099) $(18,506,175) $(28,109,770)
Weighted Average
Common Shares
Outstanding
(Basic And Diluted) 33,348,373 15,197,962 33,073,037 14,249,560
Net Loss Per Share
(Basic and Diluted) $(0.20) $(0.25) $(0.56) $(1.97)
DayStar Technologies, Inc.
CONTACT: Alexis Pascal, Alexis@stapleton.com or Cathryn Johnson, Cathryn@stapleton.com, both of Stapleton Communications Inc., +1-650-470-0200, for DayStar Technologies, Inc.
Web site: http://www.daystartech.com/
PEER 1 Reports Fiscal 2009 First Quarter ResultsNormalized EBITDA Increases by 23% Compared With First Quarter 2008
VANCOUVER, Nov. 13 /PRNewswire-FirstCall/ -- PEER 1 Network Enterprises, Inc. (TSX: PIX, or "the Company"), a leading provider of online IT infrastructure, today announced the results for the three months ended September 30, 2008. All amounts are stated in US dollars.
Selected Financial Highlights comparing the quarters ended September 30, 2008 and 2007:
- Revenue increased 12.1 % to $23.5 million from $21.0 million;
- Gross profit increased 16.6 % to $10.5 million from $9.0 million;
- Operating income increased 24.0% to $3.5 million from $2.8 million;
- Normalized EBITDA increased 23.1% to $7.4 million from $6.0 million;
- Normalized EBITDA margin increased to 31.4% compared with 28.6%; and
- Net income increased by 38.5% to $1.73 million, compared with
$1.25 million.
Operational highlights:
- On August 8th the Company took over customer billing, ticketing and
provisioning from the third party that was previously responsible for
its managed hosting customers. By eliminating the barrier of a third
party provider and consolidating these functions, PEER 1 can enhance
the customer experience through better visibility into the trends
affecting its customers, increased responsiveness, and reduced time-
to-market for new products and services.
- The Company entered into an agreement that will expand its leased
data centre facility in Herndon, Virginia adding 8,614 square feet of
additional contiguous space, and increasing the Company's capacity by
approximately 2,880 servers. Occupancy is scheduled for the first
quarter of calendar year 2009.
"While a small percentage of our customers have started to feel the effects of the economic slowdown, overall we continue to see good demand for our core services," said Fabio Banducci, President and CEO of PEER 1. "PEER 1's strategic position, financial strength, and organizational flexibility will allow us to emerge from this period in an even stronger competitive position."
First Quarter Review
Revenues increased by 12.1% to $23.5 million for the three months ended September 30, 2008, compared with $21.0 million for the same period in 2007. On a quarter-over-quarter basis, revenues increased by 0.5% compared with $23.4 million for the three months ended June 30th 2008, and increased by 1.2% when adjusted for the effects of foreign exchange.
Managed and dedicated hosting revenues increased by 15.1% to $16.8 million for the three months ended September 30, 2008, from $14.6 million in the same period of the previous year. Compared with $16.4 million for the three months ended June 30th 2008, managed and dedicated hosting revenues increased over the previous quarter by a combined 2.4% as a result of continued organic growth.
Co-location revenues increased by 8.3% to $3.14 million for the three months ended September 30, 2008, from $2.9 million for the same period in 2007. Co-location revenues decreased by 3.0% compared with $3.24 million for the three months ended June 30th, 2008. This decrease is primarily attributable to the effect of foreign exchange on Canadian co-location revenues. PEER 1's growth in this segment will be constrained until new facilities are found in key markets. However, PEER 1 expects that as data centre space is added, co-location revenues will increase.
Bandwidth revenues increased by 2.0% to $2.4 million for the three months ended September 30, 2008, compared with $2.3 million in the same period of the previous year. On a quarter-over-quarter basis, bandwidth revenues decreased by 4.4%, primarily as a result of foreign exchange fluctuations.
PEER 1's Canadian operations accounted for $4.9 million, or roughly 21% of the Company's overall revenue. The effect of the foreign exchange rate on the Company's revenues is mitigated to a large extent by the natural hedge of revenues and expenses for PEER 1's Canadian operations being in Canadian dollars. However, on average, the impact of a one cent change in the exchange rate corresponds to a change in revenue for the quarter of approximately $40,000.
Cost of sales as a percentage of revenue decreased to 55.5% for the three months ended September 30, 2008, from 57.2% for the three months ended September 30, 2007. The decrease in cost of sales as a percentage of revenue is attributable to certain costs, including staffing and facilities rent, remaining relatively stable during the three months ended September 30, 2008, in addition to growth in revenue.
For the three months ended September 30, 2008, total operating expenses increased by 13.3% to $7.0 million, from $6.2 million for the corresponding period in 2007. Operating expenses as a percentage of revenue were 29.6% for the three months ended September 30, 2008, compared with 29.3% for the three months ended September 30, 2007, and 30.9% for the three months ended June 30, 2008.
Normalized EBITDA for the quarter ended September 30, 2008 grew by 23.3% to $7.4 million, compared with $6.0 million in the quarter ended September 30, 2007. On a quarter-over-quarter basis, normalized EBITDA decreased by 5.4% compared with $7.8 million for the three months ended June 30, 2008. The decrease in EBITDA from the previous quarter was the direct result of $100,000 of credits to customers that were affected by the Vancouver outage in July, and increased spending on marketing, advertising, and staffing for sales and product development. Normalized EBITDA margin for the three months ended September 30, 2008 was 31.4%, compared with 28.1% for the corresponding period in 2007, and 33.3% for the three months ended June 30, 2008.
Net income for the three months ended September 30, 2008 increased to $1.7 million, from $1.2 million for the corresponding period in 2007. On a quarter-over-quarter basis, net income remained stable at $1.7 million. Earnings per share was $0.01 for the quarters ended September 30, 2008, September 30, 2007, and June 30, 2008.
As mentioned previously, PEER 1 took over the billing, ticketing, and provisioning for its managed hosting segment from a third party. During the transition, PEER 1 discovered that a portion of the credit card information that was transferred to it by the previous third party provider was out of date or invalid which required the Company to contact customers for updated information and authorization. As well, there were some minor delays in billing while data was being transferred from the third party system to our new system. These transitional issues, combined with a shift to billing a month in advance, contributed to a $2.8 million increase in the Company's accounts receivables, and a $1.3 million increase in deferred revenue this quarter. Of the $1.5 million related to the transitional issues described above, approximately $700,000 has been received as of this week, with normal collections activity expected to recoup the remainder of the balance. On a go forward basis, the remaining $1.3 million increase in PEER 1's accounts receivables, as well as the corresponding $1.3 million increase in deferred revenue, will be an ongoing part of the Company's balance sheet due to the effect of the change in billing date.
As at September 30, 2008, PEER 1 had cash and cash equivalents of $8.2 million, compared with $11.0 million at June 30, 2008. The decrease in cash was the result of $1.8 million in tax payments and $1 million in bonus payments that were accrued in fiscal 2008 and were paid in the first quarter of 2009,
The Company had a working capital deficit of $1.6 million at September 30, 2008, compared with a working capital deficit of $1.3 million at the end of June 30, 2008. The working capital deficit of $1.6 million at September 30, 2008 includes deferred revenue of $5.6 million and current portion of notes payable of $3.3 million. The Company anticipates current liquidity and cash generated from operations to be sufficient to fund existing operations for the foreseeable future. PEER 1 had 119.3 million common shares outstanding as at September 30, 2008.
Subsequent Events
Subsequent to September 30, 2008, the Company:
- Launched the PEER 1 Partner Network, an integrated Referral and
Reseller Program that offers revenue incentives to partners who refer
business, which will in turn increase revenue for both PEER 1 and its
partners;
- Entered into a partnership agreement with Absolute Performance to
enhance its IT systems monitoring solutions across its core business
segments; and
- Effective October 1, 2008, the Company fixed for a period of
12 months, the LIBOR Rate (as defined in the Loan and Security
Agreement ("LSA") with Fortress Credit Opportunities 1 LP) at a rate
of 3.84%. Accordingly, for the twelve-month period commencing
October 1, 2008, the loan balance under the LSA will accrue interest
at the rate equal to (i) the LIBOR Rate of 3.84% plus (ii) an
additional amount to be determined based on the Company's financial
performance. As at today's date, the interest rate accruing on the
loan balance is 6.84%.
EBITDA Reconciliation
(unaudited - prepared by management)
(in $ thousands) Three Months Ended
-------------------------
30-Sept-08 30-Sept-07
Net Profit 1,726 1,246
Income tax expense 1,385 901
Interest expense 424 618
Amortization of preferred share discount
Amortization - licenses, fixed assets and
deferred network costs 3,044 2,711
Stock based compensation 805 352
Loss (gain) on disposal of assets (3) (14)
Amortization of deferred gain (20) (20)
Foreign exchange loss (gain) 7 99
-------------------------------------------------------------------------
EBITDA 7,368 5,893
EBITDA margin 31.4% 28.1%
Impairment of intangible assets
Provision for sales/use tax
Integration costs - 93
-------------------------------------------------------------------------
Normalized EBITDA 7,368 5,986
Normalized EBITDA margin 31.4% 28.6%
Conference Call
PEER 1 will hold a conference call today, Thursday, November 13, 2008 at 5:30 p.m. EST, to discuss the results of the first quarter of fiscal 2009. The Company's full Financial Statements and Management's Discussion and Analysis are available on its website at http://www.peer1.com/investors/.
To access the conference call by telephone, dial 416-644-3417 or 800-732-0232. Please connect approximately 15 minutes prior to the beginning of the call. The conference call will be archived for replay until Thursday, November 20, 2008, at midnight. To access the archived conference call, dial 416-640-1917 or 877-289-8525 and enter the reservation number: 21286003 followed by the number sign.
A live audio webcast of the conference call will be available at:
http://www.newswire.ca/en/webcast/viewEvent.cgi?eventID=2441560
Please connect at least 15 minutes prior to the conference call to ensure adequate time for any software download that may be required to join the webcast. The webcast will be archived at the above website for 90 days.
Non-GAAP Measures
PEER 1 reports EBITDA because it is a key measure used by management to evaluate the Company's performance. PEER 1 believes that EBITDA is useful supplemental information, as it provides an indication of the results generated by PEER 1's main business activities prior to taking into consideration how those activities are financed and expensed. EBITDA is not a recognized measure under Canadian GAAP, and accordingly investors are cautioned that EBITDA should not be construed as an alternative to net earnings or loss determined in accordance with Canadian GAAP as an indicator of financial performance of PEER 1, or as a measure of the company's liquidity and cash flows. PEER 1's method of calculating EBITDA may differ from other issuers and, accordingly, EBITDA may not be comparable to similar measures presented by other issuers. The schedule above sets out PEER 1's EBITDA calculations.
About PEER 1
PEER 1 believes in the limitless opportunity of the Internet, and the business growth potential it provides for its more than 10,000 customers. As a leading online IT infrastructure provider, PEER 1 offers a reliable high performance Internet network, supporting scalable managed hosting, dedicated hosting through the ServerBeach brand, and co-location solutions. Backed by its 100 percent uptime guarantee and 24x7x365 FirstCall Support(TM), PEER 1 ensures customers' online presence is always fast, always available. Since 1999, PEER 1 has grown to include 15 data centres in North America, and points-of-presence in Europe. The Company's headquarters are in Vancouver, Canada and the stock is traded on the TSX under the symbol PIX. For more information visit: http://www.peer1.com/.
Peer 1 Network Enterprises, Inc.
Consolidated Balance Sheet
September 30, 2008
(unaudited - prepared by management)
(in thousands of United States Dollars)
September 30, June 30,
2008 2008
US$ US$
Assets
Current:
Cash and cash equivalents 8,167 11,026
Restricted Cash 250 250
Accounts receivable 7,422 4,704
Future income tax asset 97 104
Prepaid expenses 900 801
---------------------------
16,836 16,885
Other assets 2,804 2,825
Future income tax asset 1,555 1,841
Property, plant and equipment 36,418 33,818
Equipment under capital lease 1,203 1,267
Goodwill 1,716 1,715
Intangible assets 2,479 2,500
---------------------------
63,011 60,851
---------------------------
---------------------------
Liabilities
Current:
Accounts payable and accrued liabilities 8,465 8,810
Deferred revenue 5,558 4,206
Current portion of deferred gain 79 79
Current portion of deferred lease inducements 133 134
Current portion of notes payable 3,282 3,286
Current portion of obligations under
capital lease 220 226
Income taxes payable 684 1,435
---------------------------
18,421 18,176
Deferred gain 552 571
Deferred lease inducements 704 739
Notes payable 11,354 12,008
Obligations under Capital Lease 571 655
---------------------------
31,602 32,149
---------------------------
Shareholders' Equity
Capital stock 26,911 26,539
Warrants 493 678
Contributed Surplus 3,303 2,509
Retained Earnings (Deficit) 713 (1,013)
Accumulated other comprehensive loss (11) (11)
---------------------------
31,409 28,702
---------------------------
63,011 60,851
---------------------------
---------------------------
Peer 1 Network Enterprises, Inc.
Consolidated Statement of Operations, Comprehensive Income and Retained
Earnings (Deficit)
Three Months Ended September 30, 2008
(unaudited - prepared by management)
(in thousands of United States Dollars, except per share amounts)
Three Months Three Months
Ended Ended
September 30, September 30,
2008 2007
US$ US$
Revenue:
Co-location Services 6,715 6,326
Dedicated Hosting Services 16,789 14,633
---------------------------
23,504 20,959
Cost of Sales 13,036 11,983
---------------------------
Gross Profit 10,468 8,976
Operating expenses 6,967 6,151
---------------------------
Operating Income before other items 3,501 2,825
Other Items:
Interest Income (38) (118)
Integration costs - 93
(Gain) on disposal of fixed assets (3) (14)
Foreign exchange loss 7 99
Interest expense - long term 424 618
---------------------------
Income before income taxes 3,111 2,147
---------------------------
Future income tax expense 289 327
Current Income tax expense 1,096 574
---------------------------
Income tax expense 1,385 901
---------------------------
Net income and comprehensive income 1,726 1,246
Deficit, beginning of period (1,013) (8,077)
---------------------------
Retained Earnings (Deficit), end of period 713 (6,831)
---------------------------
---------------------------
Earnings per Share:
Basic .01 .01
Diluted .01 .01
Weighted average number of shares outstanding:
Basic 118,703,525 117,722,895
Diluted 123,344,996 122,314,114
Peer 1 Network Enterprises, Inc.
Consolidated Statement of Cash Flows
For the three months ended September 30, 2008
(unaudited - prepared by management)
(in thousands of United States Dollars)
Three Months Three Months
Ended Ended
September 30, September 30,
2008 2007
US$ US$
Cash flows from operating activities
Net Income 1,726 1,246
Amortization of property and equipment 2,654 2,322
Amortization of intangible assets 390 389
Increase in accrued interest and accretion
on notes payable 18 20
Bad debt expense 136 83
Gain on disposal of property and equipment (3) (16)
Amortization of deferred gain (20) (20)
Amortization of deferred loan origination fees 123 146
Future income tax expense 289 327
Stock-based compensation included in income
for period 805 352
Decrease in deferred lease inducements (36) (173)
Change in non-cash working capital items
Increase in accounts receivable (2,854) (348)
Decrease (increase) in prepaid expenses (100) 86
Increase (decrease) in accounts payable and
accrued liabilities (1,509) 188
Increase (decrease) in income taxes payable (781) 590
Increase in deferred revenue 1,352 137
---------------------------
2,190 5,329
---------------------------
Cash flows from investing activities
Investment in other assets 22 (65)
Acquisition of property and equipment (3,997) (3,224)
Investment in goodwill, licences and
other intangibles (399) (171)
Proceeds on disposition of equipment 3 18
---------------------------
(4,371) (3,442)
---------------------------
Cash flows from financing activities
Repayment of notes payable (800) (800)
Payment of capital lease obligations (54) -
Issuance of capital stock 176 853
---------------------------
(678) 53
---------------------------
(Decrease) Increase in cash and
cash equivalents (2,859) 1,940
Cash and cash equivalents - beginning of period 11,026 8,754
---------------------------
Cash and cash equivalents - end of period 8,167 10,694
---------------------------
---------------------------
Supplemental cash flow information:
Interest paid 282 453
Income tax paid 1,817 -
Interest received 38 118
Effect of acquistion of property and equipment
in accounts payable and accrued liabilities 1,193 2,406
Peer 1 Network Enterprises, Inc.
CONTACT: For media inquiries please contact: Abigail Faylor, Weber Shandwick, (425) 452-5497, afaylor@webershandwick.com; For investor inquiries please contact: Thomas McMillan, The Equicom Group, (403) 536-5903, tmcmillan@equicomgroup.com
Griffon Corporation Announces Date to Discuss Fourth Quarter and Fiscal Year 2008 Financial Results
JERICHO, N.Y., Nov. 13 /PRNewswire-FirstCall/ -- Griffon Corporation announced today that it will release the Company's financial results for the fourth quarter and fiscal year 2008 on Thursday, November 20, 2008 at 4:00 PM EST, followed by a conference call at 4:30 PM EST.
The call can be accessed by dialing 1-800-322-9079 (U.S. participants) or (973) 582-2717 (International participants). Callers should ask to be connected to Griffon Corporation's fourth quarter and fiscal year 2008 teleconference and provide the conference ID number 71563444.
A replay of the call will be available from November 20, 2008 at 7:30 PM EST by dialing 1-800-642-1687 (U.S.) or (706) 645-9291 (International). The replay access code is 71563444. The replay will be available through December 4, 2008.
Griffon Corporation
Griffon Corporation, headquartered in Jericho, New York, is a diversified holding company operating in three distinct business segments: Electronic Information and Communication Systems, through Telephonics Corporation; Garage Doors, through Clopay Building Products Company; and Specialty Plastic Films, through Clopay Plastic Products Company. Telephonics Corporation's high-technology engineering and manufacturing capabilities provide integrated information, communication and sensor system solutions to military and commercial markets worldwide. Telephonics specializes in aircraft intercommunication systems, wireless communication systems, radars, identification friend or foe products, integrated security systems, air traffic management systems, aerospace electronics, and the performance of threat and radar system analyses. Clopay Building Products Company is a leading manufacturer and marketer of residential garage doors to professional installing dealers and major home center retail chains. Clopay Plastic Products is an international leader in the development and production of embossed, laminated and printed specialty plastic films used in a variety of hygienic, health-care and industrial markets. For more information on the company and its operating subsidiaries, please see the company's website at http://www.griffoncorp.com/.
Contact: Patrick L. Alesia
Chief Financial Officer
(516) 938-5544
Griffon Corporation
CONTACT: Patrick L. Alesia, Chief Financial Officer of Griffon Corporation, +1-516-938-5544
Web site: http://www.griffoncorp.com/
Berliner Communications Announces Fiscal 2009 First Quarter Financial ResultsCompany Generates Over $2.0 Million in Operating Cash Flow for Quarter
ELMWOOD PARK, N.J., Nov. 13 /PRNewswire-FirstCall/ -- Berliner Communications, Inc. ("BCI" or the "Company") (BULLETIN BOARD: BERL) , an end-to-end provider of outsourced services for the wireless communications industry, today announced financial results for the fiscal 2009 first quarter, the period ending September 30, 2008.
Quarterly Highlights:
-- Generated over $2.0 million in operating cash flow
-- Generated approximately $0.4 million of EBITDA
-- Reduced short-term debt by approximately $0.3 million
-- Strengthened management team with four key hires to drive strategic
initiatives and expansion plans in fiscal 2009
-- Announced one-for-one share exchange with Old Berliner, Inc.
shareholders
Subsequent to the Quarter:
-- Announced the formation of the Cable Services Group to capitalize on
emerging opportunities in the fiber backhaul market
-- Broadened geographic reach of Specialty Communications Services
Division with the acquisition of a structured cabling division of
privately held T3 Communications, Inc., a telecommunications company
based in Florida
Rich Berliner, CEO of Berliner Communications, Inc., stated, "Our financial results for the quarter reflect solid cash management, expense control, and execution of our business plan, as we generated approximately $0.4 million in EBITDA and over $2 million in operating cash flow. As anticipated, revenue was down due to the previously announced cancellation of certain work during the quarter by our largest customer, which was partially offset by increases from new and other existing customers. This reflects our successful efforts to expand our sales channels, extend our geographic reach and diversify our customer base. Along these lines, we acquired a small division of T3 Communications, Inc., a company in the structured cabling space. This division now provides our Specialty Communications Services Division with additional regional presence in the south east."
Mr. Berliner continued, "During the quarter, we also added key senior management, including Vice President level executives to lead our BCI West region and our Green Energy and Cable Services Groups. They are welcome additions to our team, and I will be asking a lot from each of them going forward. While it has taken time to develop our national sales force and implement our business development strategies, our efforts are beginning to pay off in more customer engagements and a more diverse customer base in our core wireless infrastructure business. Our recently launched Green Energy Group is attracting interest from both current and new customer bases and we are pleased with the activity we have seen there. In addition, we launched the Cable Services Group to take advantage of opportunities we see in the fiber backhaul business, which is at the forefront of mobile and cable network convergence. We have entered fiscal 2009 from a position of strength both financially and operationally, and are encouraged by what we see as opportunities for our long-term growth. With these moves, we are fully prepared for the ramp up of WiMax network development across the country, and the eventual roll-out of LTE."
Fiscal First Quarter 2009 Financial Results
For the fiscal 2009 first quarter, total revenue decreased 43% to $13.1 million from $23.1 million for the quarter ended September 30, 2007. This decrease is due to the cancellation of certain purchase orders by the Company's largest customer and instructions to delay the completion of other existing purchase orders by this same customer, partially offset by an increase in revenues from other new and existing customers.
Gross profit for the quarter ended September 30, 2008 was $5.6 million, or 43% profit margin, compared to $6.5 million, or 28% profit margin, in the same period in 2007. Gross profit margins increased largely due to the premature job closeouts by BCI's largest customer in the quarter. Excluding these job cancellations, gross margin for the first quarter of fiscal 2009 would have been approximately 32% which is slightly higher than first quarter fiscal 2008 gross margin.
Selling, general and administrative expenses for the quarter ended September 30, 2008 decreased to $5.2 million from $5.5 million in last year's same period. This represents an overall decrease of $0.3 million, which consists of a decrease of $0.5 million, primarily driven by decreases in outside services of $0.1 million, insurance and professional fees of $0.1 million and rent and other occupancy costs of $0.1 million, which was partially offset by an increase in payroll related expenses of $0.2 million, which was primarily related to an expansion of our business development team and new hires in our Green Energy Group.
Income from operations was $0.1 million compared to $0.8 million in the year-ago period. Net income was $0.1 million, or less than $0.01 per basic and fully diluted weighted average shares outstanding (based on 26.3 million and 27.5 million weighted average shares outstanding, respectively) from $39,000, or less than $0.01 basic and fully diluted weighted average shares outstanding (based on 17.1 million and 21.0 million weighted average shares outstanding, respectively) for the quarter ended September 30, 2007.
EBITDA*, that is, operating income, plus the loss on sale of fixed assets, plus depreciation and amortization expense, was $0.4 million, or 3.2% of sales in the fiscal first quarter 2009, compared to $1.1 million, or 4.6% of sales in last year's same period. While EBITDA is a non-GAAP measure, it is an important measure of profitability in the industry, and it is a measure that management uses internally to gauge ongoing performance. A reconciliation of EBITDA to income from operations is as follows:
(Amounts in Thousands)
(Unaudited)
Three Months Ended
September 30,
2008 2007
Income from Operations $115 $825
Depreciation and
Amortization Expense 303 228
Loss on sale of fixed assets - 8
EBITDA $418 $1,061
At September 30, 2008, the Company had cash and cash equivalents of approximately $4.9 million and net working capital of approximately $17.3 million. The current ratio is 2.5 to 1. The Company generated approximately $2.0 million in operating cash flow in its first quarter of fiscal 2009.
Mr. Berliner concluded, "We will continue to prudently manage our balance sheet, maintain stringent control over our cost structure, and look for opportunities, including acquisitions, to enhance our leadership position in wireless network infrastructure services. We are confident that we have the right resources, strategy, and financial wherewithal to capitalize on the market opportunity we see ahead of us, and build value for our shareholders."
Conference Call:
Management will be hosting a conference call to review the quarterly results at 4:30 PM, today, Thursday, November 13, 2008. Anyone interested in participating should call 800-762-8795 if calling within the United States or 480-629-9039 if calling internationally. A replay will be available until November 27, 2008, which can be accessed by dialing 800-406-7325 if calling within the United States or 303-590-3030 if calling internationally. Please use pass code 3936368 to access the replay. The call will also be accompanied live by webcast over the Internet and accessible at the company's corporate website at http://www.bcisites.com/.
About Berliner Communications, Inc.
Berliner Communications, Inc. and its wholly owned operating subsidiary, BCI Communications, Inc., are headquartered in Elmwood Park, New Jersey. BCI is a nationwide, self performing, full turnkey service vendor to the wireless community. With over 13 years experience, 16 locations across the United States and 340+ employees, BCI designs, builds and installs cell sites and site equipment. In 2008, BCI launched two new groups: a Green Energy Group, to focus on hydrogen fuel cell technologies, solar, wind and battery solutions; and a Cable Services Group, to focus on the backhaul services that connect mobile devices to cable and other broadband networks. For more information about BCI's services, please visit http://www.bcisites.com/.
The statements in this press release, which are not historical fact, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements involve risks and uncertainties that could cause actual results to differ materially from our expectations. Such risks and uncertainties include, without limitation, risks detailed in our filings with the United States Securities and Exchange Commission, the risk that future trends we have identified, including, but not limited to our stock price, trading volume, liquidity, and acquisition and organic growth plans do not materialize or if they materialize that they do not have the beneficial effect we anticipate, as well as the risk that we will not be able to achieve our sales and profitability goals. All forward-looking statements in this document are made as of the date hereof, based on information available to us on the date hereof, and we disclaim any intention or obligation to revise any forward-looking statements, including, without limitation, financial estimates, whether as a result of new information, future events or otherwise.
*Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) is a key indicator used by management to evaluate operating performance. While EBITDA is not intended to replace any presentation included in these consolidated financial statements under generally accepted accounting principles (GAAP) and should not be considered an alternative to operating performance or an alternative to cash flow as a measure of liquidity, BCI believes this measure is useful to investors in assessing its capital expenditures and working capital requirements. This calculation may differ in method of calculation from similarly titled measures used by other companies.
tables follow
BERLINER COMMUNICATIONS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands)
September 30, June 30,
2008 2008
ASSETS (Unaudited)
CURRENT ASSETS
Cash and cash equivalents $4,939 $3,173
Accounts receivable, net of allowance for
doubtful accounts of $718595 and $830 at
September 30, 2008 and June 30, 2008,
respectively 22,213 31,189
Inventories 991 1,012
Deferred tax assets - current 446 536
Prepaid expenses and other current assets 497 762
29,086 36,672
Property and equipment, net 2,659 2,924
Amortizable intangible assets, net 732 816
Goodwill 2,084 2,084
Deferred tax assets - long-term 294 505
Other assets 277 268
Total Assets $35,132 $43,269
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $3,072 $4,820
Accrued liabilities 7,505 11,919
Accrued income taxes 20 1,849
Line of credit 301 217
Current portion of long-term debt 796 1,133
Current portion of capital lease obligations 113 118
11,7807 20,056
Long-term debt, net of current portion 321 467
Long-term capital lease obligations, net
of current portion 275 305
Other long-term liabilities 123 104
Total liabilities 12,526 20,932
COMMITMENTS
STOCKHOLDERS' EQUITY
Common stock 1 1
Additional paid-in capital 22,813 22,630
Accumulated deficit (208) (294)
Total stockholders' equity 22,606 22,337
Total liabilities and stockholders' equity $35,132 $43,269
BERLINER COMMUNICATIONS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Amounts in thousands, except per share data)
Three Months Ended
September 30,
2008 2007
Revenues $13,086 $23,142
Costs of revenues 7,475 16,625
Gross margin 5,611 6,517
Selling, general and administrative expenses 5,193 5,456
Depreciation and amortization 303 228
Loss on sale of fixed assets - 8
Income from operations 115 825
Other (income) expense
Interest expense 60 350
Amortization of deferred financing fees
and accretion of debt discount 15 373
Financing fees - 36
Interest income (31) (9)
Other income (340) (6)
Income before income taxes 411 81
Income tax expense 325 42
Net income $86 $39
Net income per share:
Basic $0.00 $0.00
Diluted $0.00 $0.00
Weighted average number of
shares outstanding:
Basic 26,263 17,082
Diluted 27,531 20,951
Berliner Communications, Inc.
CONTACT: Rich Berliner of Berliner Communications, Inc., +1-201-791-3200, berlinerr@bcisites.com
Web site: http://www.bcisites.com/
China GrenTech Corporation Limited Announces Third Quarter 2008 Results
SHENZHEN, China, Nov. 13 /Xinhua-PRNewswire-FirstCall/ -- China GrenTech Corporation Limited (Nasdaq: GRRF, "the Company", or "GrenTech"), a leading China-based radio frequency ("RF") technology and product developer and a leading wireless coverage products and services provider, today announced its unaudited financial results for the third quarter ended September 30, 2008.
Third Quarter 2008 Highlights
-- Total revenue increased by 14.0% sequentially and decreased by 22.2%
year-over-year to RMB212.5 million (US$31.3 million)(1)
- Revenue from wireless coverage products was RMB156.3 million
(US$23.0 million)
- Revenue from base station RF products was RMB56.2 million (US$8.3
million)
-- Gross profit was RMB62.8 million (US$9.3 million)
-- Operating income was RMB2.7 million (US$0.4 million)
-- Net loss was RMB8.4 million(US$1.2 million)
-- Telecommunications operator restructuring has been initially completed
in China, and network construction has resumed
-- Customer mix improved, with revenue contribution from China Mobile
increased by 30.8% year-over-year
-- The Company now expects 2008 revenue to remain flat versus 2007
(1) The Company's reporting currency is Renminbi ("RMB"). The
translation of amounts from RMB to United States dollars is solely for
the convenience of the reader. RMB numbers included in this press
release have been translated into U.S. dollars at the noon buying rate
for U.S. dollars in effect on September 30, 2008 in the City of New
York for cable transfers in RMB per U.S. dollar as certified for
customs purposes by the Federal Reserve Bank of New York, which was
US$1.00=RMB6.7899. No representation is made that RMB amounts could
have been, or could be, converted into U.S. dollars at that rate or at
any other rate on September 30, 2008.
Mr. Yingjie Gao, Chairman and Chief Executive Officer of GrenTech, commented, "Our third quarter results were affected by the temporary suspension of nearly all network construction activities during the Beijing Olympic Games. This was the case for all industry players, and we were not immune to this disruption. After the Olympics, the completion of the CDMA network transfer between China Unicom and China Telecom, and the integration of China Unicom and China Netcom have concluded the initial phase of restructuring China's telecommunication operators. China Telecom has commenced CDMA network construction and China Mobile has finalized its main equipment bidding process for the TD Phase II construction. It is expected that all of the operators will invest heavily in order to compensate for the period of suspended investments.
"While we are confident that upcoming large scale network construction will present GrenTech with tremendous opportunities in both the wireless coverage and base station RF businesses in China, we also prepared for a potential impact from the global financial crisis. To this end, we have committed to a few key business initiatives, such as selecting quality orders, strengthening our balance sheet and improving our operational efficiency. Some of these measures may potentially slow down our revenue growth or profitability in the short term; however, we believe that they are essential elements for achieving profitable and sustainable long-term growth," concluded Mr. Gao.
Third Quarter 2008 Unaudited Financial Results
Revenue
Total revenue decreased by RMB60.7 million (US$8.9 million), or 22.2%, year-over-year to RMB212.5 million (US$31.3 million), with revenue from the wireless coverage and RF businesses decreasing year-over-year by 19.6% and 28.6%, respectively. Suspension of almost all wireless coverage construction projects from operators in China during the Beijing Olympic Games was the primary reason for the revenue decline.
However, the Company has improved its customer mix, with wireless coverage revenue from China Mobile increasing by 30.8% compared to the third quarter of 2007. The revenue increase from China Mobile was a result of the Company's contract win in China Mobile's centralized bidding this year, and a sustained effort to further penetrate China Mobile's integration services and WLAN markets. Revenue from the RF business grew by 91.7% sequentially, as a result of increased demand from base station manufacturers as they prepare for the anticipated CDMA network construction roll out.
Three Months Ended September 30,
2007 2008
Revenues Revenues Revenues % of
Total
(RMB'000)(RMB'000)(US$'000)Revenues
Wireless Coverage Products & Services
China Mobile 71,311 93,290 13,740 43.9%
China Unicom 74,491 52,260 7,696 24.6%
China Telecom 15,513 4,745 699 2.2%
China Netcom 8,374 1,165 172 0.6%
Overseas 5,918 302 44 0.2%
Non-operators 18,888 4,546 670 2.1%
Subtotal 194,495 156,308 23,021 73.6%
RF Products
OEMs 78,719 56,170 8,272 26.4%
Total 273,214 212,478 31,293 100.0%
Cost of Revenue
Cost of revenue in the third quarter 2008 decreased by RMB16.0 million (US$2.4 million), or 9.7%, year-over-year to RMB149.6 million (US$22.0 million), mainly due to decreased revenue.
Gross Profit
Gross profit of RMB62.8 million (US$9.3 million) in the third quarter 2008 represented a decrease of RMB44.7 million, or 41.6%, compared to the same period last year. Gross margin was 29.6%, compared with 39.4% in the third quarter of 2007. The decrease was a result of intensified market competition and pricing pressure from telecommunication operators' centralized bidding policies for wireless coverage equipment procurement.
Operating Expenses
Total operating expenses decreased by RMB1.3 million (US$0.2 million), or 2.1%, year-over-year to RMB60.1 million (US$8.9 million) in the third quarter 2008.
Sales and distribution expenses decreased by RMB6.8 million (US$1.0 million), or 20.2%, to RMB26.8 (US$4.0 million) year-over-year, due to tighter controls over sales-related, operational and rental expenses.
Research and development expenses increased by RMB2.2 million (US$0.3 million), or 16.5%, to RMB15.5 million (US$2.3 million) year-over-year, due to increased research materials costs in the third quarter 2008.
General and administrative expenses increased by RMB3.3 million (US$0.5 million), or 23.1%, to RMB17.8 million (US$2.6 million) year-over-year, mainly due to i) depreciation expenses increase of RMB1.3 million (US$0.2 million) from the implementation of a new SAP AG system and the change in accounting treatment for a new building, which was transferred from a construction-in- progress item to a fixed asset; and ii) a share-based compensation of RMB2.1 million (US$0.3 million) in the form of share options to the Company's employees and directors.
Operating Income
Operating income decreased by RMB43.5 million (US$6.4 million), or 94.1%, to RMB2.7 million (US$0.4 million) compared with the third quarter 2007, mainly due to decreases in revenue and gross margin in the wireless coverage business.
Other Expenses
Total other expenses were RMB11.7 million (US$1.7 million), an increase of RMB2.5 million (US$0.4 million), or 26.9%, compared with the third quarter 2007.
Interest expense was RMB15.3 million (US$2.3 million), an increase of RMB7.0 million (US$1.0 million), or 82.8%, year-over-year, due to increased bank borrowings and higher handling charges and interest expenses related to accounts receivable financing.
Interest income was RMB4.5 million (US$0.7 million), an increase of RMB2.0 million (US$0.3 million), or 77.5%, compared with the same period last year. This was primarily due to increases in the effective interest income related to long-term accounts receivable.
Foreign currency exchange loss was RMB1.0 million (US$0.1 million), a decrease of RMB3.4 million (US$0.5 million), or 77.7%, over the third quarter 2007. This was primarily due to the conversion of most of its foreign currency savings to Renminbi during the third quarter 2008, reducing losses from currency exchange rate fluctuations.
Net Loss
Net loss was RMB8.4 million (US$1.2 million), and net loss per ADS was RMB0.35 (US$0.05) in the third quarter 2008.
Balance Sheet
Cash, cash equivalents and pledged time deposits decreased from RMB576.6 million as of December 31, 2007 to RMB200.0 million (US$29.4 million) as of September 30, 2008, a decrease of RMB376.6 million, or 65.3%. This decrease was mainly attributable to the use of cash for working capital outlays for raw materials and operating overhead, as well as capital expenditures for plant and equipment purchases.
Total accounts receivable increased by 2.4%, from RMB1,315.3 million (US$198.5 million) as of December 31, 2007 to RMB1,347.5 million (US$198.5 million) as of September 30, 2008. This increase was mainly attributable to more recognized revenue than receivables collections in the third quarter 2008. The Company is not certain whether the restructuring of China's telecommunications operators and the subsequent CDMA network transfer from China Unicom to China Telecom will affect collections for a portion of the receivables. The Company will carefully reassess the collection risks involved according to restructuring progress, and may write off any probable uncollectible bad debts if necessary.
Inventories increased from RMB542.1 million as of December 31, 2007 to RMB678.2 million (US$99.9 million) as of September 30, 2008, an increase of 25.1%. The increase was mainly due to increases in RF product raw materials and increases in the amount of wireless coverage product finished goods that have been shipped to customers or installed at customer sites but not yet recognized as revenue.
Total assets decreased by RMB118.4 million, or 3.9%, from RMB2,997.3 million as of December 31, 2007 to RMB2,878.9 million (US$424.0 million) as of September 30, 2008, mainly due to decreases in total cash, cash equivalents and pledged time deposits.
Total liabilities decreased by RMB44.0 million, or 3.1%, from RMB1,405.0 million as of December 31, 2007 to RMB1,361.1 million (US$200.5 million) as of September 30, 2008, primarily due to a decrease in accounts payable and long- term debt.
Business Review
In order to capture upcoming large-scale network construction opportunities and be vigilant in preparations for potential impacts from the global financial crisis and economic downturn, GrenTech management has committed to the following key business priorities:
-- Select quality orders
-- Reduce accounts receivable
- Offer discounts to customers that commit to shorter collection
schedules
- Reassess the receivables which may be affected by the operator
restructuring and may write off probable uncollectible bad debts
- Implement stronger initiatives to speed up collection time
-- Improve inventory turnover
- Reduce raw materials inventory levels
- Shorten raw materials delivery period
- Urge customers to speed up the contract conclusion and inspection
process in order to shorten the installed finished goods revenue
recognition cycle
-- Reevaluate the production process and implement more stringent
measurement to rationalize cost of goods sold.
-- Enhance operating efficiency:
- Optimize operating process
- Streamline business procedures
- Manage operating expenses such as sales and marketing, and general
and administration costs
Although some of the above activities may slow down the Company's revenue growth or profitability in the near term, management believes these measures will effectively place the Company in a stronger position to capture future market opportunities for mid- to long-term business growth.
Business Outlook and Guidance
Wireless Coverage Products and Services
Well positioned for the upcoming large-scale wireless coverage construction - In the fourth quarter, China Mobile is expected to accelerate its GSM network construction and to initiate its TD Phase II network construction in 28 cities. It is also believed that China Telecom will commence large-scale construction of its CDMA network, with indoor coverage being one of the most heavily invested projects. China Unicom's network construction may be postponed slightly, due to uncertainties surrounding its personnel integration and organizational restructuring. Following GrenTech's centralized bidding wins for wireless coverage equipment from both China Mobile and China Unicom, the Company has also won China Telecom's wireless coverage equipment centralized bid. Furthermore, the Company won bids to be a qualified integration services provider for China Mobile, China Unicom and China Telecom's provincial subsidiaries in the third quarter 2008. The Company is well positioned for the upcoming coverage construction.
Base Station RF Products
Demand for RF modules is expected to reach record levels, as TD Phase II network construction and CDMA network expansion are expected to launch shortly. The Company has already received large orders for RF modules from base station manufacturers.
Guidance for 2008
Overall, due to the suspension of network construction in the third quarter and telecommunications operator restructuring, the Company expects 2008 revenue to remain flat versus 2007.
Conference Call and Webcast
The Company's management team will host a conference call at 5:00 am (Pacific) / 8:00 am (Eastern) / 9:00 pm (Beijing/Hong Kong) on Friday, November 14, 2008 to discuss its 2008 third quarter financial results and recent business activity. To access the live teleconference, please dial 1 800 299 7635 (US), 800 96 3844 (Hong Kong) or 1 617 786 2901 (International), and enter the passcode "GRENTECHCALL." A replay of the conference call will be available through 11:00 pm (Eastern) on November 20, 2008 by calling 1 888 286 8010 (US) or 1 617 801 6888 (International) and entering the passcode "73141965". A webcast of the conference call will be available on the Company's website at: http://www.grentech.com.cn/ .
About China GrenTech
China GrenTech is a leading developer of radio frequency ("RF") technology in China and a leading provider of wireless coverage products and services in China. The Company uses RF technology to design and manufacture wireless coverage products, which enable telecommunication operators to expand the reach of their wireless communication networks to indoor and outdoor areas, such as buildings, highways, railways, tunnels and remote regions. China GrenTech's wireless coverage services include design, installation and project warranty services. The Company also tailors the design and configuration of its wireless coverage products to the specific requirements of its customers.
Based on its in-house RF technology platform, the Company also develops and produces base station RF parts and components sold to base station manufacturers. China GrenTech is a qualified supplier of RF parts and components to six major base station manufacturers including Huawei Technologies and ZTE Corporation. For more information, please visit http://www.grentech.com.cn/
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995
Statements contained in this press release that are not historical facts are forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements, including financial projections and forecasts, involve risks and uncertainties that could cause the Company's actual results to differ materially from its current expectations. Factors that could cause the Company's results to differ materially from those set forth in these forward-looking statements include the Company's reliance on business relationships with the Chinese telecom operators and base station manufacturers; the risk that the Company will continue to experience downward pressure on the pricing of its products and services due to the telecom operators' bidding policies or other factors; the risk that the telecom operators in China will not expand or maintain their spending on 2G, 3G, WLAN or other network projects; uncertainty as to the future demand for base station RF products by domestic or international base station manufacturers, including the risk that demand in China or elsewhere for base stations may not grow as the Company's management anticipates; risks associated with large accounts receivable, long collection periods and accounts receivable cycles; fierce competition in the wireless communication industry; growth of, and risks inherent in, the wireless communication industry in China, including uncertainties regarding the timing and nature of any future restructuring of the telecom operators in China and the risks that such restructuring will not result in expanded investments to expand network coverage or quality; uncertainty as to future profitability and the Company's ability to obtain adequate financing for its planned capital expenditure requirements; its reliance on third parties to carry out the installation of its wireless coverage products; uncertainty as to its ability to continuously develop and manufacture new RF technologies and keep up with changes in RF technologies; risks associated with possible defects and errors in its wireless coverage products or RF products; uncertainty as to the Company's ability to protect and enforce its intellectual property rights; and uncertainty as to the Company's ability to attract and retain qualified executives and personnel, particularly in its research and development department. Other factors that may causes the Company's actual results to differ from those set forth in the forward-looking statements contained in this press release and that may affect its prospects in general are described in the Company's filings with the Securities and Exchange Commission, including its Registration Statement on Form F-1 related to its initial public offering and its annual reports on Form 20-F. The Company undertakes no obligation to update or revise forward-looking statements to reflect subsequent events or changed assumptions or circumstances.
Investor Contact:
Kent Lo, Investor Relations Manager
China GrenTech Corp Ltd.
Tel: +86-755-2650-3007
Email: kentlo@GrenTech.com.cn
Investor Relations (US):
Delia Cannan
Taylor Rafferty
Tel: +1-212-889-4350
Email: GrenTech@Taylor-Rafferty.com
Investor Relations (HK):
Ruby Yim
Taylor Rafferty
Tel: +852-3196-3712
Email: GrenTech@Taylor-Rafferty.com
Media Contact:
Jason Marshall
Taylor Rafferty
Tel: +1-212-889-4350
Email: GrenTech@Taylor-Rafferty.com
- FINANCIAL TABLES TO FOLLOW -
China GrenTech Corporation Limited and Subsidiaries
Unaudited Condensed Consolidated Balance Sheets
As of December 31, 2007 and September 30, 2008
(RMB and US$ expressed in thousands)
December September September
31, 2007 30, 2008 30, 2008
RMB RMB US$
Assets
Current assets
Cash and cash equivalents 316,778 67,954 10,008
Pledged time deposits 259,786 131,999 19,440
Accounts receivable, net 925,838 959,887 141,370
Inventories 542,094 678,206 99,885
Other current assets 63,195 96,794 14,256
Total current assets 2,107,691 1,934,840 284,959
Long-term accounts receivable 389,505 387,573 57,081
Other non-current assets 500,103 556,495 81,959
Total assets 2,997,299 2,878,908 423,999
Liabilities
Short-term bank loans 456,050 448,083 65,993
Other current liabilities 793,031 777,218 114,466
Total current liabilities 1,249,081 1,225,301 180,459
Long-term debt 150,000 130,000 19,146
Other non-current liabilities 5,938 5,758 848
Total liabilities 1,405,019 1,361,059 200,453
Minority interests 5,763 5,108 753
Total shareholders' equity 1,586,517 1,512,741 222,793
Total liabilities and shareholders'
equity 2,997,299 2,878,908 423,999
Unaudited Condensed Consolidated Statements of Income
for the Three and Nine Month Periods Ended September 30, 2007 and 2008
(RMB and US$ expressed in thousands, except share and per share data)
For Three Months Ended September 30,
2007 2008 2008
RMB RMB US$
Revenues 273,214 212,478 31,293
Cost of revenues (165,634) (149,635) (22,038)
Gross profit 107,580 62,843 9,255
Operating expenses:
Research and development costs (13,286) (15,477) (2,279)
Sales and distribution expenses (33,636) (26,841) (3,953)
General and administrative expenses (14,473) (17,816) (2,624)
Total operating expenses (61,395) (60,134) (8,856)
Operating income/(loss) 46,185 2,709 399
Other (expense)/income:
Interest income 2,525 4,482 660
Interest expense (8,398) (15,349) (2,261)
Investment income -- -- --
Foreign currency exchange loss (4,369) (974) (143)
Grant income 1,000 110 16
Total other expense (9,242) (11,731) (1,728)
Income/(loss) before income tax
(expense)/benefit and minority
interests 36,943 (9,022) (1,329)
Income tax (expense)/benefit (3,816) 363 53
Income/(loss) before minority
interests 33,127 (8,659) (1,276)
Minority interests, net of tax (5) 227 33
Net income/(loss) 33,122 (8,432) (1,243)
Net income/(loss) available to
ordinary shareholders 33,122 (8,432) (1,243)
Net income/(loss) per share
available to ordinary
shareholders:
- Basic 0.05 (0.01) (0.002)
Weighted average number of ordinary
shares:
- Basic 625,000,000 609,553,400 609,553,400
For Nine Months Ended September 30,
2007 2008 2008
RMB RMB US$
Revenues 507,524 470,208 69,251
Cost of revenues (304,312) (323,271) (47,611)
Gross profit 203,212 146,937 21,640
Operating expenses:
Research and development costs (40,813) (48,620) (7,161)
Sales and distribution expenses (94,089) (86,665) (12,764)
General and administrative expenses (43,533) (50,199) (7,393)
Total operating expenses (178,435) (185,484) (27,318)
Operating income/(loss) 24,777 (38,547) (5,678)
Other (expense)/income:
Interest income 6,757 14,718 2,169
Interest expense (20,985) (42,581) (6,271)
Investment income 318 296 43
Foreign currency exchange loss (10,098) (10,907) (1,606)
Grant income 4,430 2,231 328
Total other expense (19,578) (36,243) (5,337)
Income/(loss) before income tax
(expense)/benefit and minority
interests 5,199 (74,790) (11,015)
Income tax (expense)/benefit (1,735) 7,132 1,050
Income/(loss) before minority
interests 3,464 (67,658) (9,965)
Minority interests, net of tax 1,020 655 97
Net income/(loss) 4,484 (67,003) (9,868)
Net income/(loss) available to
ordinary shareholders 4,484 (67,003) (9,868)
Net income/(loss) per share
available to ordinary
shareholders:
- Basic 0.01 (0.11) (0.016)
Weighted average number of ordinary
shares:
- Basic 625,000,000 612,551,636 612,551,636
China GrenTech Corporation Limited and Subsidiaries
Unaudited Condensed Consolidated Statements of Cash Flows
For Nine months ended September 30, 2007 and 2008
(RMB and US$ expressed in thousands)
For Nine Months Ended September 30,
2007 2008 2008
RMB RMB US$
Net cash used in operating activities (295,591) (185,618) (27,337)
Net cash used in investing activities (196,495) 35,769 5,268
Net cash provided by/ (used in)
financing activities 233,931 (95,506) (14,066)
Effect of exchange rate changes on cash (3,949) (3,469) (511)
Net decrease in cash and cash
equivalents (262,104) (248,824) (36,646)
China GrenTech Corporation Limited
CONTACT: Kent Lo, Investor Relations Manager, China GrenTech Corp Ltd. at +86-755-2650-3007 or kentlo@grentech.com.cn; Delia Cannan at +1-212-889-4350 or GrenTech@Taylor-Rafferty.com; Ruby Yim at +852-3196-3712 or GrenTech@Taylor-Rafferty.com; Jason Marshall at +1-212-889-4350 or GrenTech@Taylor-Rafferty.com all three at Taylor Rafferty for China GrenTech
Web site: http://www.grentech.com.cn/
ICOP Digital Announces Third Quarter 2008 ResultsInvestor Teleconference and Webcast to Begin at 4:15 PM ET Today
LENEXA, Kan., Nov. 13 /PRNewswire-FirstCall/ -- ICOP Digital, Inc. , an industry-leading company engaged in advancing digital surveillance solutions, today announced financial and operational results for the three and nine months ended September 30, 2008.
Key Operational Highlights
-- The percentage of purchase orders received from existing customers engaged in fleet deployments of the ICOP Model 20/20(R)-W was approximately 61%. Based on the estimated number of current customer patrol cars yet to be equipped with ICOP's digital surveillance solution, potential future sales to the Company's existing customer base is presently estimated to exceed $40 million.
-- 40% of the total orders processed during the third quarter of this year stemmed from the Company's growing network of independent dealers.
-- ICOP won first time orders from four U.S. Military installations totaling cumulative sales of approximately $620,000 booked during the third quarter of 2008.
-- In early July 2008, the Company was awarded a state procurement contract for digital in-car video by the state of Utah, allowing for expedited purchasing of the ICOP Model 20/20-W and ancillary products by all state, county and municipal law enforcement agencies.
-- Year-to-date, ICOP has responded to 75 Requests for Proposals (RFPs); of the 34 awarded, thus far, the Company has won 18, representing a 53% closing ratio.
-- Subsequent to the end of the third quarter, the Company announced that it launched a pilot program with one of the largest metropolitan cities in the U.S. to evaluate the use of ICOP's Model 20/20-W and Model 4000(TM) digital in-car video technology in both local law enforcement patrol cars and in metro fire/EMS vehicles.
-- Earlier this week, ICOP announced that it secured a new $5 million credit facility, replacing its former $3 million line of credit with Equity Bank.
-- ICOP unveiled its newest product, ICOP 20/20 VISION(TM), a digital video system which integrates with MDTs (laptops in the police vehicle) earlier this week at the 115th IACP Conference and Exposition held in San Diego.
"2008 has proven, thus far, to be a challenging year for our Company. Nonetheless, there are numerous reasons fueling our enthusiasm and optimistic outlook," stated Dave Owen, Chairman and CEO of ICOP. "Aside from the measured revenue growth we see represented in our current sales pipeline, ICOP is engaged in meeting increasing demand for advanced surveillance solutions in several high growth markets through our expanding platform of high performance products and solutions."
Continuing, he said, "In this regard, the reaction to our newest innovation, the ICOP 20/20 VISION, at the IACP conference was fantastic, as has been the response from transportation administrators from around the country who have been introduced to the ICOP Model 4000 digital video recording solution for school buses. Field tests underway with early adopters of our school bus solution are progressing well and should serve as the basis for tangible sales traction in the future."
"Helping us to a large degree is ICOP's growing global network of independent dealers -- the caliber of which is truly superb, and comprises world-class industry suppliers. Moreover, by leveraging the strength and influence of our strategic partners, including Sprint and other leading and emerging industry players, ICOP is gaining entree to an even broader scope of promising sales prospects," Owen added.
"ICOP is positioned to endure and prosper, in spite of the current economic challenges. With our ambitious growth objectives in focus, we are convinced that the future of advanced digital surveillance will have 'ICOP' indelibly stamped all over it," concluded Owen.
ICOP will host a teleconference today beginning at 4:15 PM Eastern, and invites all interested parties to join management in a discussion regarding the Company's financial results, corporate progression and other meaningful developments. The conference call can be accessed via telephone by dialing toll free 1-800-257-6566 or via webcast accessible on http://www.icop.com/. For those unable to participate at that time, a replay of the webcast will be available for 90 days on http://www.icop.com/.
Financial highlights for the nine months ended September 30, 2008 compared to the nine months ended September 30, 2007:
-- Revenues declined 2% to $8.4 million from $8.6 million.
-- Total operating expenses remained relatively flat at $7.7 million
compared to $7.6 million.
-- Adjusted EBITDA was $(3.5) million compared to $(2.0) million.
-- Net loss totaled $4.4 million, or $0.59 per basic and diluted share,
compared to a net loss of $3.5 million, or $0.48 per basic and diluted
share.
Financial highlights for the three months ended September 30, 2008 compared to the three months ended September 30, 2007:
-- Revenues totaled $2.7 million, a 27% decrease from $3.8 million.
-- Total operating expenses dropped 12% to $2.8 million from $3.2 million.
-- Adjusted EBITDA was $(1.2) million compared to $(0.4) million.
-- Net loss increased 21% to $1.7 million, or $0.22 loss per basic and
diluted share, from $1.4 million, or $0.19 loss per basic and diluted
share.
As of September 30, 2008, the Company had $1.7 million in cash; accounts receivables of $1.4 million; $4.9 million in inventory and net working capital of $4.4 million. Total shareholders' equity was $6.7 million.
Adjusted EBITDA is defined as operating loss excluding depreciation and amortization and stock-based compensation expenses. While depreciation and amortization are considered operating costs under U.S. GAAP, these expenses primarily represent a non-cash current period allocation of costs associated with long-lived assets acquired in prior periods. Similarly, the expense recorded for stock-based compensation does not represent a current or future period cash cost.
We believe that Adjusted EBITDA is an important measure of operating performance, leverage capacity, its ability to service its debt, and its ability to make capital expenditures for its stockholders. These calculations are commonly used as a basis for investors, analysts and credit rating agencies to evaluate and compare the operating performance and value of companies within the digital surveillance industry.
Management believes the use of this non-U.S. GAAP measure provides a useful basis for evaluating underlying business unit performance, but should not be considered in isolation and is not a substitute for evaluating business unit performance utilizing U.S. GAAP financial information. Management uses non-U.S. GAAP measures in its budgeting and forecasting processes and to further analyze its financial trends and "operational run-rate," as well as making financial comparisons to prior periods presented on a similar basis. The Company believes that providing such adjusted results allows investors and other users of ICOP's financial statements to better understand ICOP's recurring comparative operating performance for the periods presented.
ICOP's management uses non-U.S. GAAP financial measures, such as Adjusted EBITDA, in its own evaluation of the Company's performance, particularly when comparing performance to past periods. ICOP's non-U.S. GAAP measures may differ from similar measures by other companies, even if similar terms are used to identify such measures. Although ICOP's management believes non-U.S. GAAP measures are useful in evaluating the performance of its business, ICOP acknowledges that items excluded from such measures may have a material impact on the Company's income from operations, pretax income, net income and earnings per share calculated in accordance with U.S.GAAP. Therefore, management typically uses non-U.S. GAAP measures in conjunction with U.S. GAAP results. Investors and users of our financial information should also consider the above factors when evaluating ICOP's results.
ICOP DIGITAL, INC.
Condensed Balance Sheet (Unaudited)
Assets
September 30, December 31,
Current assets: 2008 2007
Cash $1,672,563 3,166,213
Accounts receivable, net 1,389,959 2,915,897
Inventory, at cost 4,943,621 4,393,348
Prepaid expenses 298,767 252,753
Total current assets 8,304,910 10,728,211
Property and equipment, less accumulated
depreciation of $1,082,149 2,135,968 1,359,630
Other assets:
Equity investment 25,000 25,000
Deferred patent costs 87,621 87,621
Deposits 18,258 18,258
$10,571,757 12,218,720
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable $442,125 735,382
Accrued liabilities 781,850 553,105
Line of credit 1,415,659 -
Notes payable 780,000 -
Unearned revenue 447,005 359,937
Total current liabilities 3,866,639 1,648,424
Shareholders' equity:
Preferred stock, no par value;
5,000,000 shares authorized,
no shares issued and outstanding - -
Common stock, no par value;
50,000,000 shares authorized,
7,486,385 shares issued and outstanding 30,262,796 29,710,064
Accumulated other comprehensive loss,
net of tax 82 7,729
Accumulated deficit (23,557,760) (19,147,497)
Total shareholders'
equity 6,705,118 10,570,296
$10,571,757 12,218,720
ICOP DIGITAL, INC.
Condensed Statements of Operations (Unaudited)
Three Months Ended Nine Months Ended
September 30 September 30
2008 2007 2008 2007
Sales, net of returns $2,720,296 $3,751,834 8,366,244 $8,553,027
Cost of sales 1,555,186 1,961,710 5,063,985 4,605,608
Gross profit 1,165,110 1,790,124 3,302,259 3,947,419
Operating expenses:
Selling, general
and administrative 2,482,823 2,834,615 6,834,569 6,290,363
Research and
development 326,045 366,786 838,078 1,355,858
Total operating
expenses 2,808,868 3,201,401 7,672,647 7,646,221
Loss from operations (1,643,758) (1,411,277) (4,370,388) (3,698,802)
Other income (expense):
Realized gain on
foreign currency
translation - - - 11,691
Loss on disposal of PPE (6,793) (7,155) (12,076) (7,155)
Other income - 5,000 - 20,000
Interest income 3,097 55,051 27,996 185,662
Interest expense (28,725) (29,466) (55,795) (37,802)
Loss before
income taxes (1,676,179) (1,387,847) (4,410,263)(3,526,406)
Income tax provision - - - -
Net loss $(1,676,179) $(1,387,847) (4,410,263)$(3,526,406)
Basic and diluted loss
per share $(0.22) $(0.19) (0.59) $(0.48)
Basic and diluted
weighted average common
shares outstanding 7,478,569 7,346,828 7,467,195 7,275,422
The following schedule provides a full reconciliation of this non-U.S. GAAP financial measure to the most directly comparable corresponding U.S. GAAP financial measure.
ICOP Digital, Inc.
Reconciliation of Operating Loss to Adjusted EBITDA
(Unaudited)
Three Months Nine Months
Ended Ended
September 30, September 30,
2008 2007 2008 2007
Operating Loss (1,643,758) (1,411,277) (4,370,388) (3,698,802)
Add: Depreciation and
amortization 122,553 117,658 415,984 254,764
Add: Share-based
compensation 296,000 907,364 501,000 1,397,662
Earnings before interest,
taxes, depreciation,
amortization and
share-based
compensation
(Adjusted EBITDA) (1,225,205) (386,255) (3,453,404) (2,046,376)
About ICOP Digital, Inc.
ICOP Digital, Inc. operates on the core principle that 'without local security, there is no national security.' It endeavors to protect people, assets and profits for communities with innovative, mission-critical security, surveillance and communication solutions. The Company engineers, manufactures and markets mobile and stationary surveillance products for use in the public and private sectors, and facilitates the delivery of live video to first responders. (GSA Contractor)
The ICOP Model 20/20(R)-W, ICOP's flagship, award-winning product, is the leading digital in-car video recorder system for law enforcement. The ICOP 20/20 VISION(TM) is a digital video recorder which integrates the robust functionality of the ICOP Model 20/20-W into law enforcement agencies' existing Mobile Data Terminals (MDTs) -- laptops in law enforcement vehicles -- thereby delivering full, high performance capabilities controlled through an officer's MDT via keyboard or touch screen interface. ICOP LIVE(TM) delivers live streaming video to and from first responder vehicles and headquarters, empowering first responders with enhanced real-time situational awareness and actionable intelligence, optimizing the outcome of a crisis. ICOP LIVE delivers live video wirelessly to first responders over any wireless network and to multiple internet enabled Windows(R) devices simultaneously. The ICOP Model 4000(TM), ICOP's newest advanced surveillance solution, is the next generation school bus/transit/rail/fixed-base DVR system. The ICOP Model 4000 provides recording of up to eight video/audio inputs at full resolution at 30fps. In addition, the ICOP Model 4000 boasts many advanced and innovative features and capabilities, such as fully integrated wireless solution, gigabit Ethernet, an embedded web interface and many others.
For more information, please view the following video presentations at http://www.icop.com/2020video.htm and http://www.icop.com/veil.html, or visit http://www.icop.com/.
Safe Harbor Statement
This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are subject to risks and uncertainties that could cause actual results to vary materially from those projected in the forward-looking statements. The Company may experience significant fluctuations in future operating results due to a number of economic, competitive, and other factors, including, among other things, our reliance on third-party manufacturers and suppliers, government agency budgetary and political constraints, new or increased competition, changes in market demand, the performance or reliability of our products, our ability to draw funds and meet obligations under the new line of credit, and our ability to regain compliance with Nasdaq listing standards. These factors and others could cause operating results to vary significantly from those in prior periods, and those projected in forward-looking statements. Additional information with respect to these and other factors, which could materially affect the Company and its operations, are included in certain forms the Company has filed with the Securities and Exchange Commission.
For more information, contact: For ICOP Investor/Media Relations:
Laura E. Owen, COO & President Elite Financial Communications Group
16801 West 116th Street Dodi Handy, President and CEO
Lenexa, KS 66219 USA Tiffany Korkis or John Morrison,
Phone: (913) 338-5550 Directors of Elite Media Group
Fax: (913) 312-0264 Phone: (407) 585-1080
Lowen@ICOP.com ICOP@efcg.net
http://www.icop.com/
ICOP Digital, Inc.
CONTACT: Laura E. Owen, COO & President, +1-913-338-5550, Fax: +1-913-312-0264, Lowen@ICOP.com; or ICOP Investor/Media Relations, Dodi Handy, President and CEO, Tiffany Korkis or John Morrison, Directors of Elite Media Group, +1-407-585-1080, ICOP@efcg.net
Web site: http://www.icop.com/ http://www.icop.com/2020video.htm http://www.icop.com/veil.html
MTS Reports 33% EPS Growth in Fourth Quarter
EDEN PRAIRIE, Minn., Nov. 13 /PRNewswire-FirstCall/ -- MTS Systems Corporation today reported fourth quarter net income of $14.5 million, or $0.85 per diluted share, an increase of 26 percent and 33 percent, respectively, compared to the fourth quarter fiscal 2007.
(Logo: http://www.newscom.com/cgi-bin/prnh/20020430/MTSCLOGO)
Fiscal year 2008 net income was $49.2 million, or $2.80 per diluted share, an increase of 17 percent and 22 percent, respectively, compared to fiscal 2007.
"Our performance this year, in particular the very strong finish amidst a challenging global economy, was outstanding," said Laura B. Hamilton, Chair and Chief Executive Officer. "In the fourth quarter, we delivered double digit revenue growth in both businesses, an improved gross margin rate in the Test segment and record earnings per share, which contributed to double digit growth in orders, revenue and earnings per share for the year. Finishing strong is critical to positioning MTS for the times ahead.
Hamilton continued, "As we begin fiscal 2009, our backlog is up 15 percent from last year, we have a very healthy balance sheet, broad geographic and market mix, and strong business fundamentals across both segments including the acquisition of SANS in China. At the same time, we've experienced a weakening in Sensors' orders in the fourth quarter that has continued into November and there are recent currency rate fluctuations. Energy, the environment and globalization will continue to create opportunities for MTS over the next several years although timing is less clear today. Given the unprecedented volatility in the global economy, at this time we are not issuing fiscal year 2009 guidance."
Fourth Quarter Results
Fourth quarter orders totaled $115.2 million, an increase of 7 percent compared to fourth quarter fiscal 2007. This represents 8 percent and 5 percent growth in the Test and Sensors segments, respectively, driven by growth in Europe and Americas and includes an estimated $4 million favorable impact from currency translation. Backlog decreased 3 percent to $235 million compared to third quarter fiscal 2008.
Revenue in the fourth quarter was $124.1 million, an increase of 14 percent compared to fourth quarter fiscal 2007. This increase included 13 percent and 17 percent growth in the Test and Sensors segments, respectively, and reflects higher volume across all geographies. An estimated $4 million favorable impact was due to currency translation.
Gross profit in the fourth quarter was $53.7 million, an increase of 15 percent compared to fourth quarter fiscal 2007. The gross margin rate was 43.3 percent, an increase of 0.4 percentage points compared to fourth quarter fiscal 2007, driven by increased volume in both segments and improved margins on custom projects in the Test segment.
Income from operations in the fourth quarter totaled $21.0 million, an increase of 45 percent compared to fourth quarter fiscal 2007, primarily resulting from higher volume.
Income before discontinued operations in the fourth quarter increased to $0.85 per diluted share, or $14.5 million, up 33 percent compared to fourth quarter fiscal 2007. This increase was driven by higher operating income, partially offset by higher income tax expense of $3.5 million. The effective tax rate in the fourth quarter was 34.5 percent, an increase of 8.1 percentage points compared to fourth quarter fiscal 2007. The lower fiscal 2007 rate included the enactment of favorable tax legislation in Germany and the U.S., which allowed the Company to record a $1.3 million tax benefit in the fourth quarter of fiscal 2007. Reduced shares outstanding positively impacted earnings per share on income from continuing operations by $0.05 for the quarter.
Cash and cash equivalents at the end of fourth quarter fiscal 2008 totaled $114.1 million, a decrease of $5.8 million compared to the end of third quarter fiscal 2008. Cash flow from operations generated $3.0 million. During the fourth quarter, the Company borrowed $24.0 million from its credit facility, and invested $13.7 million in SANS and $3.0 million in capital expenditures.
Full Year Results
Fiscal 2008 orders were $485.3 million, an increase of 15 percent compared to fiscal 2007, and included 14 percent and 18 percent growth in the Test and Sensors segments, respectively. The results included an estimated $21 million favorable impact of currency translation. Backlog increased 15 percent in the fiscal year to $235 million.
Fiscal 2008 revenue was $460.5 million, an increase of 12 percent compared to fiscal 2007. This increase included 9 percent and 25 percent growth in the Test and Sensors segments, respectively, and an estimated $22 million favorable impact from currency translation.
Gross profit for fiscal 2008 was $190.3 million, an increase of 10 percent compared to fiscal 2007. This increase included an estimated $7 million favorable impact from currency translation. The gross margin rate for fiscal 2008 was 41.3 percent, a decrease of 1.0 percentage points compared to fiscal 2007. The decrease was primarily driven by unfavorable product mix in the Test segment, partially offset by higher volume.
Fiscal 2008 income from operations was $61.8 million, an increase of 14 percent compared to fiscal 2007. This increase was primarily due to increased gross profit and lower research and development expense in the Test segment, as the Company allocated certain of its resources towards capitalized software development activities during the fiscal year, partially offset by planned increases in operating expenditures to support strategic initiatives.
Fiscal 2008 income before discontinued operations increased 20 percent to $2.68 per diluted share on income of $47.1 million compared to fiscal 2007. The increase was driven by stronger performance in both segments, and $1.0 million favorable currency transaction gains, partially offset by higher income tax expense of $2.8 million. The higher income tax expense is primarily due to increased operating income. Reduced shares outstanding positively impacted earnings per share on income before discontinued operations by $0.11 for fiscal 2008. Fiscal 2008 net income totaled $49.2 million, or $2.80 per diluted share, an increase of 17 percent compared to fiscal 2007.
Segment Results
Test Segment:
Fourth Quarter:
Test segment orders were $91.9 million for fourth quarter fiscal 2008, an increase of 8 percent compared to fourth quarter fiscal 2007, reflecting an increase in the Americas and Europe. During the fourth quarter of fiscal 2008, the Company booked one large custom order for approximately $5 million, compared to fiscal 2007 orders which included one large custom order of approximately $7 million. Backlog decreased 3 percent to $223 million compared to the third quarter of fiscal 2008. Fourth quarter revenue was $99.7 million, an increase of 14 percent compared to fourth quarter fiscal 2007, primarily due to an increase in custom business.
Gross profit in the fourth quarter was $39.7 million, an increase of 14 percent compared to fourth quarter fiscal 2007, driven by higher volume. Fourth quarter gross margin rate was 39.8 percent, an increase of 0.3 percentage points compared to fourth quarter fiscal 2007, primarily due to improved margins on large custom projects. The gross profit rate was up 3.5 percentage points compared to third quarter fiscal 2008.
Income from operations for fourth quarter fiscal 2008 was $15.4 million, an increase of 48 percent compared to fourth quarter fiscal 2007. This increase is primarily driven by higher sales volume and gross profit.
Full Year:
Test segment orders for fiscal 2008 totaled $389.8 million, an increase of 14 percent compared to fiscal 2007, reflecting an increase in Europe and the Americas and an estimated $14 million favorable impact of currency translation. Fiscal 2008 orders included six large custom orders totaling approximately $52 million, compared to fiscal 2007 orders, which included five large custom orders totaling approximately $41 million. Backlog increased 16 percent during the year to $223 million compared to fiscal 2007. Fiscal 2008 revenue was $364.1 million, an increase of 9 percent compared to fiscal 2007, primarily driven by an increase in custom business and an estimated $15 million favorable impact of currency translation.
Gross profit for fiscal 2008 was $135.7 million, an increase of 4 percent compared to fiscal 2007, driven by higher volume. Fiscal 2008 gross margin rate was 37.3 percent, a decrease of 2.0 percentage points compared to fiscal 2007, primarily due to unfavorable product mix.
Income from operations for fiscal 2008 was $41.1 million, an increase of 5 percent compared to fiscal 2007. This increase is primarily driven by higher gross profit and lower research and development expense as the Company allocated certain of its resources towards capitalized software development activities during the fiscal year, partially offset by planned increases in operating expenditures to support strategic initiatives.
Sensors Segment:
Fourth Quarter:
Sensors segment orders were $23.3 million for fourth quarter fiscal 2008, an increase of 5 percent compared to fourth quarter fiscal 2007, primarily due to a favorable impact of currency translation. Backlog decreased 8 percent to $12 million compared to the third quarter of fiscal 2008. Fourth quarter revenue was $24.4 million, an increase of 17 percent compared to fourth quarter fiscal 2007, driven by increased worldwide volume.
Gross profit in the fourth quarter was $14.0 million, an increase of 18 percent compared to fourth quarter fiscal 2007. Fourth quarter gross margin rate was 57.4 percent, an increase of 0.2 percentage points compared to fourth quarter fiscal 2007, reflecting higher volume.
Income from operations for fourth quarter fiscal 2008 was $5.6 million, an increase of 37 percent compared to fourth quarter fiscal 2007, primarily due to increased gross profit, partially offset by planned increases in operating expenditures.
Full Year:
Sensor segment orders for fiscal 2008 were $95.5 million, an increase of 18 percent compared to fiscal 2007, reflecting increased worldwide growth and an estimated $7 million favorable impact of currency translation. Backlog remained flat during the year at $12 million. Fiscal 2008 revenue was $96.4 million, an increase of 25 percent compared to fiscal 2007, driven by increased worldwide volume and an estimated $7 million favorable impact of currency translation.
Gross profit for fiscal 2008 was $54.6 million, an increase of 28 percent compared to fiscal 2007. Fiscal 2008 gross margin rate was 56.6 percent, and increase of 1.1 percentage points compared to fiscal 2007, primarily due to increased volume.
Income from operations for fiscal 2008 was $20.7 million, an increase of 40 percent compared to fiscal 2007, primarily due to increased gross profit, partially offset by planned increases in operating expenditures.
Fiscal Year 2008 Earnings Release and Conference Call
A conference call will be held on November 14, 2008, at 10:00 a.m. EDT (9:00 a.m. CDT). Call +1-719-325-4828; and state the conference passcode "9761641". Telephone re-play will be available through November 21, 2008. Call +1-719-457-0820.
If you prefer to listen live over the Internet, please log on to the web at http://www.mts.com/news/financial_news.htm and click on the webcast event notice. The webcast will be archived through January 19, 2009.
About MTS Systems Corporation
MTS Systems Corporation is a leading global supplier of test systems and industrial position sensors. The Company's testing hardware and software solutions help customers accelerate and improve their design, development and manufacturing processes and are used for determining the mechanical behavior of materials, products, and structures. MTS' high-performance position sensors provide controls for a variety of industrial and vehicular applications. MTS had 1,660 employees and revenue of $461 million for the fiscal year ended September 27, 2008. Additional information on MTS can be found on the worldwide web at http://www.mts.com/.
This release contains "forward-looking statements" made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995 that are subject to certain risks and uncertainties, as well as assumptions, that could cause actual results to differ materially from historical results and those presently anticipated or projected. The Company does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. In addition to the factors discussed above, other important risk factors are delineated in the Company's most recent SEC Form 10-Q and 10-K filings.
MTS SYSTEMS CORPORATION
Consolidated Statements of Income
(unaudited - in thousands, except per share data)
Three Months Ended Year Ended
September September September September
27, 2008 29, 2007 27, 2008 29, 2007
Revenue $124,069 $108,701 $460,515 $410,091
Cost of sales 70,358 62,087 270,262 236,453
Gross profit 53,711 46,614 190,253 173,638
Gross margin 43.3% 42.9% 41.3% 42.3%
Operating expenses:
Selling, general and
administrative 28,629 26,934 112,260 101,123
Research and development 4,056 5,191 16,232 19,285
Total operating expenses 32,685 32,125 128,492 120,408
(Loss) gain on sale of assets - (5) - 742
Income from operations 21,026 14,484 61,761 53,972
Operating margin 16.9% 13.3% 13.4% 13.2%
Interest income, net 789 917 2,950 2,590
Other income, net 333 311 749 28
Income before income taxes and
discontinued operations 22,148 15,712 65,460 56,590
Provision for income taxes 7,649 4,150 18,350 15,549
Income before discontinued
operations 14,499 11,562 47,110 41,041
Discontinued operations:
Income (loss) from discontinued
operations, net of tax 49 (19) (368) 955
Net (loss) gain on disposal of
discontinued businesses, net of
tax (2) - 2,449 -
Income (loss) from discontinued
operations, net of tax 47 (19) 2,081 955
Net income $14,546 $11,543 $49,191 $41,996
Earnings per share:
Basic-
Income before discontinued
operations $0.86 $0.65 $2.72 $2.29
Discontinued operations:
(Loss) Income from
discontinued operations,
net of tax - - (0.02) 0.05
Net gain on disposal of
discontinued businesses, net
of tax - - 0.14 -
Income from discontinued
operations, net of tax - - 0.12 0.05
Earnings per share $0.86 $0.65 $2.84 $2.34
Weighted average number of
common shares outstanding -
basic 16,953 17,782 17,351 17,980
Diluted-
Income before discontinued
operations $0.85 $0.64 $2.68 $2.24
Discontinued operations:
(Loss) Income from
discontinued operations,
net of tax - - (0.02) 0.05
Net gain on disposal of
discontinued businesses, net
of tax - - 0.14 -
Income from discontinued
operations, net of tax - - 0.12 0.05
Earnings per share $0.85 $0.64 $2.80 $2.29
Weighted average number of
common shares outstanding -
diluted 17,126 18,093 17,544 18,330
MTS SYSTEMS CORPORATION
Consolidated Balance Sheets
(unaudited - in thousands, except per share data)
September 27, September 29,
2008 2007
ASSETS
Current Assets:
Cash and cash equivalents $114,099 $104,345
Short-term investments - 17,050
Accounts receivable, net 101,331 73,474
Unbilled accounts receivable 43,022 41,026
Inventories 46,135 42,384
Other current assets 18,030 10,252
Assets of discontinued operations 380 8,077
Total current assets 322,997 296,608
Property and equipment, net 50,534 49,747
Goodwill 1,668 1,642
Other assets 23,958 4,984
Total Assets $399,157 $352,981
LIABILITIES AND SHAREHOLDERS'
INVESTMENT
Current Liabilities:
Short-term borrowings and current
maturities of long-term debt $26,646 $6,948
Accounts payable 28,567 22,341
Advance payments from customers 64,979 51,536
Other accrued liabilities 65,201 62,014
Liabilities of discontinued
operations 177 1,944
Total current liabilities 185,570 144,783
Long-term debt, less current
maturities - 2,308
Other long-term liabilities 8,645 16,189
Total Liabilities 194,215 163,280
Shareholders' Investment:
Common stock, $.25 par; 64,000
shares authorized: 16,976 and
17,704 shares issued and
outstanding 4,244 4,426
Retained earnings 175,216 164,862
Accumulated other comprehensive
income 25,482 20,413
Total shareholders' investment 204,942 189,701
Total Liabilities and Shareholders'
Investment $399,157 $352,981
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MTS Systems Corporation
CONTACT: Susan Knight, Chief Financial Officer of MTS Systems Corporation, +1-952-937-4000
Web site: http://www.mts.com/
Informatica to Present at UBS Technology & Services Conference
REDWOOD CITY, Calif., Nov. 13 /PRNewswire-FirstCall/ -- Informatica Corporation , the leading independent provider of data integration software and services, today announced that Tony Young, chief information officer, and Stephanie Wakefield, senior director of investor relations, will present a corporate overview at the UBS Technology & Services Conference in New York on Wednesday, November 19, 2008 at 12:00 p.m. EST.
A live audio Web cast of the event will be available at http://www.informatica.com/investor. An audio Web cast archive of the events will be available until 12:00 p.m. PST on November 26, 2008.
About Informatica
Informatica Corporation is the leading independent provider of enterprise data integration software. Using Informatica products, companies can access, integrate, migrate and consolidate enterprise data across systems, processes and people to reduce complexity, ensure consistency and empower the business. More than 3,350 companies worldwide rely on Informatica for their end-to-end enterprise data integration needs. For more information, call 650-385-5000 (800-653-3871 in the U.S.), or visit http://www.informatica.com/.
Note: Informatica is a registered trademark of Informatica Corporation in the United States and in jurisdictions throughout the world. All other company and product names may be trade names or trademarks of their respective owners.
Informatica Corporation
CONTACT: Deborah Wiltshire, Public Relations, +1-650-385-5360, dwiltshire@informatica.com, or Stephanie Wakefield, Investor Relations, +1-650-385-5261, swakefield@informatica.com, both of Informatica Corporation
Web site: http://www.informatica.com/
Informatica to Present at Oppenheimer 4th Annual Mid & Small Cap 'Best Ideas' Conference
REDWOOD CITY, Calif., Nov. 13 /PRNewswire-FirstCall/ -- Informatica Corporation , the leading independent provider of data integration software and services, today announced that Tony Young, chief information officer, and Mark Pellowski, vice president of finance, will present a corporate overview at the Oppenheimer 4th Annual Mid & Small Cap 'Best Ideas' Conference in New York on Tuesday, November 18, 2008 at 12:35 p.m. EST.
A live audio Web cast of the event will be available at http://www.informatica.com/investor. An audio Web cast archive of the events will be available until 12:00 p.m. PST on November 25, 2008.
About Informatica
Informatica Corporation is the leading independent provider of enterprise data integration software. Using Informatica products, companies can access, integrate, migrate and consolidate enterprise data across systems, processes and people to reduce complexity, ensure consistency and empower the business. More than 3,350 companies worldwide rely on Informatica for their end-to-end enterprise data integration needs. For more information, call 650-385-5000 (800-653-3871 in the U.S.), or visit http://www.informatica.com/.
Note: Informatica is a registered trademark of Informatica Corporation in the United States and in jurisdictions throughout the world. All other company and product names may be trade names or trademarks of their respective owners.
Informatica Corporation
CONTACT: Public Relations, Deborah Wiltshire, +1-650-385-5360, dwiltshire@informatica.com, or Investor Relations, Stephanie Wakefield, +1-650-385-5261, swakefield@informatica.com, both of Informatica Corporation
Web site: http://www.informatica.com/
Integral Systems Europe Awarded Contract to Provide VENuS Receiving Kit to CNES
TOULOUSE, France, Nov. 13 /PRNewswire/ -- Integral Systems Europe (ISE), a wholly owned subsidiary of Integral Systems, Inc. , announced a contract with Centre National d'Etudes Spatiales (CNES) -- The French National Space Agency to provide the fully integrated VENuS Receiving Kit. The system will include products from Integral Systems, Inc. and its wholly owned subsidiary, Newpoint Technologies.
The system will be installed at the Swedish Space Corporation's (SSC) Kiruna ground station to ensure VENuS payload telemetry acquisition and transmission to the CNES mission segment. Newpoint Technologies' Compass network management system will monitor and control the system's equipment and provide full capacity for remote system monitoring. Integral Systems' Task Initiator solution will handle automation activities and communications management.
"CNES is looking forward to working with a new partner and has no doubt ISE will bring this development to a successful conclusion," said Emmanuel Bourret, technical manager of the VENuS Receiving Kit.
"We are extremely proud of our first contract with CNES in Toulouse," said Bruno Dupas, President of Integral Systems Europe. "After our success on the METOP programme for EUMETSAT, we continue to demonstrate that a combination of COTS products and Integral's engineering capabilities provide the best value to our customers."
Integral Systems ensures a low-risk implementation and a short delivery schedule by deploying industry-leading, integrated product solutions for customers including Thuraya, HellasSat, and Rascom, Integral Systems' integrated solution allows systems to interface easily and share data automatically, providing superior mission capability.
About Integral Systems
Integral Systems, Inc. applies more than 25 years experience developing innovative satellite communication systems for its government and commercial customers. Integral provides cost-effective solutions for ground, air, and space communications by integrating solutions from its subsidiary companies -- SAT Corporation, Newpoint Technologies, Inc., Integral Systems Europe, RT Logic, and Lumistar. Customers have relied on the Integral family of companies to deliver on time and on budget for more than 250 satellite missions. Our dedication to customer service has solidified long-term relationships with the U.S. Air Force, NASA, NOAA, and nearly every satellite operator in the world. Integral Systems, Inc. is listed in Forbes' Top 200 Small Companies in America for 2008. For more information visit http://www.integ.com/.
About Integral Systems Europe (ISE)
Founded in 2001, Integral Systems Europe is a wholly owned subsidiary of Integral Systems, Inc. serving Europe, the Middle East, and Central Asia. For more information, visit http://www.integ-europe.com/.
About CNES
Founded in 1961, the CNES (Centre National d'Etudes Spatiales) is the government agency responsible for shaping and implementing France's space policy in Europe. Its task is to invent the space systems of the future, bring space technologies to maturity, and guarantee France's independent access to space.
CNES is a pivotal player in Europe's space programme, and a major source of initiatives and proposals that aim to maintain France and Europe's competitive edge. It conceives and executes space programmes with its partners in the scientific community and industry, and is closely involved in many international cooperation programmes -- the key to any far-reaching space policy.
The agency's more-than 2,400-strong workforce constitutes an exceptional pool of talent, with some 1,800 engineers and executives, 35% of whom are women. Through its ability to innovate and its forward-looking vision, CNES is helping to foster new technologies that will benefit society as a whole, focusing on:
-- access to space
-- civil applications of space
-- sustainable development
-- science and technology research
-- security and defense
CONTACT: MEDIA CONTACT:
Kathryn J. Herr Shany Seawright
Vice President, Strategic Communications Group
Marketing and Communications Tel: 240.485.1081
Integral Systems, Inc. Web: sseawright@gotostrategic.com
Tel: 301.731.4233 ext. 1104
Web: kherr@integ.com
Integral Systems Europe
CONTACT: Kathryn J. Herr, Vice President, Marketing and Communications of Integral Systems, Inc., +1-Tel: 301.731.4233 ext. 1104; or Media, Shany Seawright, Strategic Communications Group for Integral Systems, Inc., +1-240.485.1081, sseawright@gotostrategic.com
Web Site: http://www.integ.com/
South Boston, Massachusetts Residents to Benefit from Verizon Wireless Network ExpansionInvesting to Stay Ahead of Growing Demand for Wireless Voice, Multimedia and Internet Access
BOSTON, Nov. 13 /PRNewswire/ -- In a continuing effort to provide the best wireless service for local residents in Suffolk County, Verizon Wireless has activated a new cell site. The new site increases wireless data coverage and capacity along Dorchester Avenue in South Boston, Massachusetts, as well as the surrounding area.
Verizon Wireless has invested more than $48 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 the wireless carrier with America's largest 3G network, 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.
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 more than 90 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 70.8 million customers. Headquartered in Basking Ridge, N.J., with 71,000 employees nationwide, Verizon Wireless is a joint venture of Verizon Communications and Vodafone (NYSE and LSE: VOD). For more information, visit 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 Anne Elise O'Connor of Thomson Communications, +1-860-399-0191, Aeoc@thomsoncommunications.com
Web site: http://www.verizonwireless.com/ http://www.verizonwireless.com/multimedia
Xilinx Expands Authorized Training Provider Program in North American RegionAdds Vai Logic in Mideastern US; Expands Technically Speaking in Northwest
SAN JOSE, Calif., Nov. 13 /PRNewswire/ -- Xilinx, Inc. today announced the expansion of its Authorized Training Provider (ATP) program in North America to include Vai Logic, a unit of Vai Technology, as its exclusive training provider for Indiana, Kentucky, Ohio, Western Pennsylvania and West Virginia. In addition, original North American ATP Technically Speaking, Inc. has expanded its services to include Washington, Oregon, Idaho, and British Columbia, Canada.
(Logo: http://www.newscom.com/cgi-bin/prnh/20020822/XLNXLOGO)
Vai Logic and Technically Speaking each offer a library of more than 20 courses to customers, including FPGA design/architecture, embedded processing, DSP, HDL (VHDL/Verilog), and PCI Express(R) solutions.
The ATP program complements the company's Education Services curriculum, offering engineers an expanded network of local providers certified to deliver high quality Xilinx-authorized training in programmable logic and system-level design. The program provides Xilinx customers valuable assistance and instruction in maximizing the potential of the company's latest programmable silicon solutions, including both the Virtex(R)-5 and Spartan(R)-3A FPGA families.
"The Xilinx technology and customer base is an ideal fit for the skills and experience of our training personnel, and we are confident we can help designers leverage the complete benefits of Xilinx solutions, including its programmable platforms and accompanying development tools," said Vai Technology CEO Mark Kosiarek. "We look forward to a long term relationship with Xilinx and are committed to providing high quality programmable logic training to their customers in our region."
"Vai Logic is a great addition to the Xilinx ATP network," said Xilinx North American ATP Manager Jason Fegley. "Their team has a solid working relationship with our sales organization and an understanding of Xilinx customer needs. With a main training facility in Indiana, they are in a centralized location to provide a comprehensive schedule of courses for that region. By expanding the coverage offered by Technically Speaking from its original Southwest US area, access to proven expertise is provided in another important region for us, the Northwest. Our customers in all ATP regions benefit from a great educational experience to help them design better products faster with programmable solutions."
The Xilinx ATP program delivers training to engineers interested in learning how to develop low-cost, efficient programmable logic and system-level designs. Customers can enroll in Xilinx Education Services directly with their local ATP, or they can register for classes using training credits, if their company has purchased a Xilinx Productivity Advantage (XPA) package. For the latest course details and schedules or to register for instructor-led classes, visit http://www.xilinx.com/education.
About Vai Technology
Founded in 1992, Vai Technology of Fishers, Indianapolis, is a semiconductor marketing and technology services company. For more information, visit http://www.vaitechnology.com/ or email info@vaitechnology.com.
About Technically Speaking
Founded in 1991, Technically Speaking has become the industry's premier training provider for VHDL, Verilog, and FPGA design language learning. The company has trained over 8,000 engineers to become proficient in these complex design languages. Just as its clients vary in size and requirements, its training services and products are designed to offer them the greatest flexibility and customization to meet their needs. The company can conduct classes onsite, offsite or to the engineer's desktop. For more information, go to http://www.technically-speaking.com/.
About Xilinx
Xilinx is the worldwide leader in complete programmable logic solutions. For more information, visit http://www.xilinx.com/.
#0892c
XILINX, the Xilinx Logo, Virtex, Spartan, ISE and other designated brands included herein are trademarks of Xilinx in the United States and other countries. PCI Express is a trademark of PCI-SIG and used with permission. All other trademarks are the property of their respective owners.
Editorial Contact:
Lisa Washington
Xilinx, Inc.
408-879-4631
lisa.washington@xilinx.com
Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20020822/XLNXLOGO AP Archive: http://photoarchive.ap.org/ PRN Photo Desk, photodesk@prnewswire.com
Xilinx, Inc.
CONTACT: Lisa Washington of Xilinx, Inc., +1-408-879-4631, lisa.washington@xilinx.com
Web site: http://www.xilinx.com/ http://www.technically-speaking.com/ http://www.vaitechnology.com/
MicroPlace Marks Anniversary With Special Visit From Muhammad YunusNobel Peace Prize winner and 'father' of microfinance to address MicroPlace investors and friends
SAN JOSE, Calif., Nov. 13 /PRNewswire/ -- On its one-year anniversary, MicroPlace (http://www.microplace.com/), a website that enables everyday people to make investments that address poverty, is hosting an event featuring Muhammad Yunus, 2006 Nobel Peace Prize winner and the 'father' of microfinance. As the founder of the Grameen Bank, Dr. Yunus will offer insights into the future of microfinance to an invitation-only crowd of investors and friends.
"This is a milestone on many levels for MicroPlace. We are honoring all of our investors for using the power of investment to alleviate global poverty, and we're celebrating the thousands of working poor who are growing their businesses and changing their lives," said Tracey Turner, founder of MicroPlace. "The idea of MicroPlace was sparked by Dr. Yunus when he spoke of a 'social stock market.' I was inspired to make this a reality, and MicroPlace was born. So it is a special honor to have him here with us today to celebrate our 1 year anniversary."
As the world's only online brokerage specializing in microfinance investing for the everyday person, MicroPlace is charting a whole new course to end poverty for the billion working poor around the world. According to The World Bank(1), 1.2 billion people subsist on less than $1/day. Around the world, more than 100 million hardworking poor entrepreneurs have benefited from microfinance while nearly 1 billion could benefit if given the opportunity. Every investment through MicroPlace takes a step toward meeting that need.
MicroPlace has had numerous successes in its first year, including:
-- More than 26,000 loans enabled to hardworking poor entrepreneurs
-- Average return on investment of +2.00% while the S&P returned
-35.97% TTM (as of 11/5/08 Intraday Trading)
-- More than 6,500 MicroPlace members
-- Launch of "Small Change, Big Change", a national campaign where
investors gather their small change to make big change to alleviate
poverty through the power of a microfinance investing
-- Launch of "Gifts of Change", where, for as little as $20, people can
make an investment "in honor" of friends and family for the holiday
season
-- Offering 62 investments in 34 countries around the world, including
the U.S.
-- Unique offerings such as a Women's Empowerment Fund, Fair Trade Fund
and U.S. microfinance listings, which extend the ways the everyday
person can alleviate poverty based on what they care about
"We must all believe in people and their ability to change their own lives. All people, including the poor, have enormous capacity to help themselves. Despite appearances, deep inside every human being exists a precious treasure of initiative and creativity waiting to be discovered, to be unleashed, to change life for the better," said Dr. Yunus. "During a financial crisis, microfinance organizations can be an island of stability. I strongly believe that we can create a poverty-free world, if we want to."
As the world's only website where people can invest in microfinance, MicroPlace offers a unique way to invest that gives a financial return and makes a positive impact on the world. Because investments on MicroPlace are returned to the investor with interest, people can invest the same dollars over and over again. Therefore, there is no limit to the number of poor people who can escape poverty.
About MicroPlace
MicroPlace (http://www.microplace.com/), launched in 2007, is the world's first website where everyday people can make investments in the world's working poor. As a brokerage specializing in microfinance, MicroPlace enables people to make investments that offer a return while the capital is used to provide loans to the poor. MicroPlace is paving the way to enable a billion people to lift themselves out of poverty. MicroPlace is a wholly-owned subsidiary of eBay Inc. , and a part of its Global Citizenship commitment, which targets a range of social needs on a large scale and uses eBay's expertise in developing Internet platforms that empower consumers to do good.
(1) (http://web.worldbank.org/WBSITE/EXTERNAL/TOPICS/EXTPOVERTY/EXTPA/0,, contentMDK:20153855~menuPK:435040~pagePK:148956~piPK:216618~theSitePK:430367,0 0.html)
MicroPlace
CONTACT: Donna Berry, +1-415-674-7533, donna@inkspotpr.com, or Laura Noss, +1-415-317-4070, laura@socialplanets.com, both of Social Planets, for MicroPlace
Web site: http://www.microplace.com/
/K I L L K I L L K I L L -- McGraw-Hill Education/
We are advised by McGraw-Hill Education that journalists and other readers should disregard the news release, Glencoe Literature: California Treasures Approved by California Department of Education, issued Friday, November 7 over PR Newswire, as it contained potentially misleading information.
McGraw-Hill Education
CGI to Present at 2009 Scotia Telecom & Tech Conference November 18 in TorontoStock Market Symbols GIB.A (TSX) GIB (NYSE)
MONTREAL, Nov. 13 /PRNewswire-FirstCall/ -- Doug McCuaig, Senior Vice-President and General Manager, Western Canada, Ontario and Atlantic Canada of CGI Group Inc. (TSX: GIB.A; NYSE: GIB), will present to investors at the 2009 Scotia Telecom & Tech Conference at the Meridien King Edward Hotel, in Toronto, Tuesday, November 18, 2008.
The presentation will take place as an open discussion and is scheduled for 9:30 a.m. Eastern Time, and will be available via live audio webcast on CGI's website at http://www.cgi.com/web/en/investors.htm. A replay of the webcast will be archived on CGI's website in the Investors section under Speeches and Webcasts.
About CGI
Founded in 1976, CGI Group Inc. is one of the largest independent information technology and business process services firms in the world. CGI and its affiliated companies employ approximately 25,500 professionals. CGI provides end-to-end IT and business process services to clients worldwide from offices in Canada, the United States, Europe, Asia Pacific as well as from centers of excellence in North America, Europe and India. CGI's fiscal 2008 revenue was $3.7 billion and at September 30, 2008, CGI's order backlog was $11.6 billion. CGI shares are listed on the TSX (GIB.A) and the NYSE (GIB) and are included in the S&P/TSX Composite Index as well as the S&P/TSX Capped Information Technology and MidCap Indices. Website: http://www.cgi.com/.
CGI GROUP INC.
CONTACT: Colin Brown, Specialist, Communications and Investor Relations, (514) 841-3634, colin.brown@cgi.com
SureWest to Participate in Stephens Inc. Fall Investment Conference
ROSEVILLE, Calif., Nov. 13 /PRNewswire-FirstCall/ -- Leading independent communications holding company SureWest Communications will participate in the 2008 Stephens Inc. Fall Investment Conference at The New York Palace Hotel in New York on Wednesday, November 19, 2008.
(Logo: http://www.newscom.com/cgi-bin/prnh/20050908/SFSUREWESTLOGO)
Steve Oldham, president and CEO, is scheduled to speak at 2:30 p.m. ET. A webcast will be available live that day and for replay afterward via SureWest's Investor Relations page at http://www.surw.com/. When tuning in, allow appropriate advance time for registration.
About SureWest
SureWest Communications (http://www.surewest.com/) is one of the nation's leading integrated communications providers and is the bandwidth leader in the markets it serves. Headquartered in Northern California for more than 90 years, the company expanded into the Kansas City region in February 2008 with the acquisition of Everest Broadband, Inc. and offers bundled residential and commercial services that include IP-based digital and high-definition television, high-speed Internet, Voice over IP, and local and long distance telephone. Its fiber-to-the-premise IP-based network in the Sacramento region features the fastest symmetrical Internet speeds in the nation at up to 50 Mbps. In its Kansas City market (http://www.surewestkc.com/), 75 percent of the company's customers subscribe to at least three services.
Contacts: Ron Rogers
Corporate Communications
916-746-3123
r.rogers@surewest.com
Misty Wells
Investor Relations
916-786-1799
m.wells@surewest.com
Photo: http://www.newscom.com/cgi-bin/prnh/20050908/SFSUREWESTLOGO AP Archive: http://photoarchive.ap.org/ PRN Photo Desk, photodesk@prnewswire.com
SureWest Communications
CONTACT: Ron Rogers, Corporate Communications, +1-916-746-3123, r.rogers@surewest.com; or Misty Wells, Investor Relations, +1-916-786-1799, m.wells@surewest.com, both of SureWest Communications
Web site: http://www.surewest.com/
Verizon Eager to Bring Philadelphia Residents Choice for Their Cable TV ServiceCompany, City of Philadelphia Negotiate Video Franchise Agreement; Ordinance Granting Franchise Introduced for City Council ReviewAgreement Includes Aggressive Deployment of Verizon's All-Fiber FiOS TV Throughout City Over Seven Years
PHILADELPHIA, Nov. 13 /PRNewswire/ -- Philadelphia residents are one step closer to more choice for their TV service with the introduction Thursday (Nov. 13) of an ordinance to grant a franchise agreement between the city and Verizon Pennsylvania. The City Council now will consider the ordinance and subsequently vote on whether to approve it.
As part of the 15-year agreement, Verizon has committed to make its fiber-optic-based FiOS TV service available throughout the city within seven years of the franchise's effective date.
Subject to franchise approval by year-end, Verizon plans to begin designing and upgrading its network in Philadelphia to all fiber optics and could begin offering its fiber-optic-based FiOS TV service in portions of the city within the first year.
"Philadelphia residents for too long have suffered from a lack of choice for their cable TV news, information and entertainment," said Gale Y. Given, president of Verizon Pennsylvania. "We will change that in a big way, with a significant investment over the next seven years.
"FiOS TV is the gold standard, with superior picture quality and more high-definition channels than the cable incumbents - all delivered over the nation's most advanced, all-fiber-optic network," said Given. "We're looking forward to getting to work, and we encourage the mayor and Council to act for city residents by approving this agreement expeditiously."
Under the agreement, Verizon will offer service to approximately one-third of the residences in the city within three years of the agreement's effective date, and 70 percent within five years. The initial service area will include parts of West, North and South Philadelphia, as well as Germantown and the Greater Northeast.
The franchise also provides for up to 15 public, educational and governmental (PEG) access channels for use by the city or its Public Access Corporation; payment of franchise fees equivalent to five percent of gross revenues on cable TV service; financial support for the PEG channels; an extensive and appropriate set of customer service provisions, and four local service centers.
More information about Verizon and FiOS TV is available at http://www.verizon.com/pa
Verizon Communications Inc. , headquartered in New York, is a leader in delivering broadband and other wireline and wireless communication innovations to mass market, business, government and wholesale customers. Verizon Wireless operates America's most reliable wireless network, serving nearly 71 million customers nationwide. Verizon's Wireline operations include Verizon Business, which delivers innovative and seamless business solutions to customers around the world, and Verizon Telecom, which brings customers the benefits of converged communications, information and entertainment services over the nation's most advanced fiber-optic network. A Dow 30 company, Verizon employs a diverse workforce of more than 228,000 and last year generated consolidated operating revenues of $93.5 billion. For more information, visit http://www.verizon.com/.
VERIZON'S ONLINE NEWS CENTER: Verizon news releases, executive speeches and biographies, media contacts, high-quality video and images, and other information are available at Verizon's News Center on the World Wide Web at http://www.verizon.com/news. To receive news releases by e-mail, visit the News Center and register for customized automatic delivery of Verizon news releases.
Verizon
CONTACT: Sharon Shaffer: +1-215-963-6200, sharon.b.shaffer@verizon.com
Web Site: http://www.verizon.com/pa
Company News On-Call: http://www.prnewswire.com/comp/094251.html
SIP Reinvigorates the Media Gateway Market, New Report FindsMore intelligent and SIP-capable media gateways are emerging as key components in network operator plans for all-IP networks, according to Heavy Reading
NEW YORK, Nov. 13 /PRNewswire/ -- Media gateways that incorporate Session Initiation Protocol (SIP) technology are emerging as key components in network operator development plans for all-IP network buildouts, a development that will have a significant impact on demand for media gateways and session border controllers (SBCs), according to a major new report from Heavy Reading (http://www.heavyreading.com/), the market research division of TechWeb's Light Reading (http://www.lightreading.com/).
The Rise of the Session-Aware Media Gateway: A Competitive Analysis delivers a complete review and analysis of the media gateway market, focusing on the technology and feature developments that will drive the media gateway sector in the months and years ahead. The report provides a complete competitive assessment of the media gateway access and trunk portfolio strategies of 17 technology suppliers, including each vendor's market focus and commitment to delivery of session-aware products. The 120-page report provides more than 2,000 specific data points for 45 media gateway products across dozens of performance categories -- offering an invaluable tool to perform side-by-side comparisons of media gateways.
For a list of technology suppliers profiled and evaluated in this report, please visit: http://img.lightreading.com/heavyreading/pdf/hr20081113_vendors.pdf
"Media gateways are becoming more intelligent and IP session-aware," says James Hodges, Senior Analyst at Heavy Reading and author of the report. "Media gateways deployed with SIP interfaces leverage a peer-to-peer communication model that enables media gateways to assume new roles in next-generation networks."
The growing importance of session-aware media gateways is likely to have a direct impact on the SBC market, Hodges says. "Vendors including Alcatel-Lucent, AudioCodes, Ericsson, Sonus, and Veraz Networks have already incorporated some SBC functionality in their products, with other vendors poised to follow," he says, adding that gateway suppliers are following this approach. "Huawei and Nortel are opposed to the media gateway/SBC model," he notes.
Other key findings of The Rise of the Session-Aware Media Gateway: A Competitive Analysis include the following:
It is now strategically relevant for trunk media gateway vendors to have internal SBC expertise. Vendors without this capability could find themselves losing new-growth opportunities if the integrated SBC/media gateway moves into the mainstream.
Although media gateway products are based on industry standards such as SIP, plug-and-play interoperability is far from assured. Standards often define multiple implementation options, such as support of the H.248 control protocol using either binary or text-based encodings. Furthermore, vendors typically do not implement all of the features and capabilities of a standard, which hampers interoperability. Finally, vendors may interweave into a standards implementation some proprietary extensions to parameters such as SIP, which creates additional complexities.
Even successful completion of interoperability testing does not ensure future interworking of media gateways from different suppliers. New software releases need to be validated to ensure that additional software and feature content does not unravel interworking stability.
Almost all media gateway vendors are positioning their products as providing market-leading voice quality metrics, but such claims are almost impossible to substantiate. Considering the immense number of codec choices available for implementation, it is almost impossible to discover which vendors, if any, have a clear and measureable advantage in real-time implementations.
The Rise of the Session-Aware Media Gateway: A Competitive Analysis is essential reading for a wide range of industry participants, including the following:
-- Technology suppliers: What technologies and features are driving
demand changes for media gateways? How are changes in media gateways
likely to affect deployments by network operators? Are your products
and marketing strategies in line with network operator plans and
expectations? How do your products match up to the competition? Are
there significant gaps in your product line coverage that need to be
addressed to meet future demand for session-aware media gateways?
-- Network operators: How do your deployment plans for media gateway
technology match up to product technology trends? How do the product
lines of different media gateway suppliers track to your
organization's needs? What are the real costs and opportunities
involved with deployment of session-aware media gateways?
-- Investors: Which technologies are emerging as the winning solutions
for session-aware media gateways, and which companies are the leading
providers of those solutions? How will the media gateway market evolve
over the next two to three years, and which companies are most likely
to emerge as the market leaders?
The Rise of the Session-Aware Media Gateway: A Competitive Analysis costs $3,995 and is published in PDF format. The price includes an enterprise license covering all of the employees at the purchaser's company.
For more information, or to request a free executive summary, contact:
Dave Williams
Sales Director, Heavy Reading
858-485-8870
dave.williams@heavyreading.com
Press/analyst contact:
Dennis Mendyk
Managing Director, Heavy Reading
201-587-2154
mendyk@heavyreading.com
About Heavy Reading
Heavy Reading is an independent market research organization offering quantitative analysis of telecom technology to service providers, vendors, and investors. Its mandate is to provide the comprehensive competitive analysis needed today for the deployment of profitable networks based on next-generation hardware and software.
About TechWeb
TechWeb (techweb.com/aboutus), the global leader in business technology media, is an innovative business focused on serving the needs of technology decision-makers and marketers worldwide. TechWeb produces the most respected and consumed media brands in the business technology market. Today, more than 13.3 million* business technology professionals actively engage in our communities created around our global face-to-face events Interop, Web 2.0, Black Hat and VoiceCon; online resources such as the TechWeb Network, Light Reading, Intelligent Enterprise, InformationWeek.com, bMighty.com, and The Financial Technology Network; and the market leading, award-winning InformationWeek, TechNet Magazine, MSDN Magazine, Wall Street & Technology magazines. TechWeb also provides end-to-end services ranging from next-generation performance marketing, integrated media, research, and analyst services. TechWeb is a division of United Business Media, a global provider of news distribution and specialist information services with a market capitalization of more than $1.6 billion.
* 13.3 million business decision-makers: based on # of monthly connections
About United Business Media Limited (http://www.unitedbusinessmedia.com/)
United Business Media Limited (UBM) is a global media and marketing services company that informs markets and brings the world's buyers and sellers together at events, online, in print, and with the information they need to do business successfully. UBM serves professional and commercial communities, from IT professionals to doctors, from journalists to jewelry dealers, from farmers to pharmacists around the world. UBM employs more than 6,500 people in more than 30 countries. UBM's businesses operating in the US include CMPMedica, Commonwealth Business Media, Everything Channel, PR Newswire, RISI, TechInsights, TechWeb and Think Services. UBM is listed on the London Stock Exchange (UBM.L) and has a market capitalization of $1.6 billion.
Heavy Reading
CONTACT: Dave Williams, Sales Director, Heavy Reading, +1-858-485-8870, dave.williams@heavyreading.com; or Press/analyst, Dennis Mendyk, Managing Director, Heavy Reading, +1-201-587-2154, mendyk@heavyreading.com
Web Site: http://www.heavyreading.com/ http://www.lightreading.com/
Company News On-Call: http://www.prnewswire.com/comp/683682.html
/C O R R E C T I O N -- CyberDefender Corporation/In the news release, CyberDefender Announces Earnings Call for the Quarter Ending September 30, 2008, issued 13-Nov-2008 by CyberDefender Corporation over PR Newswire, we are advised by the company that the second sentence should read "November 17th" rather than "November 19th" as originally issued inadvertently. The complete, corrected release follows:CyberDefender Announces Earnings Call for the Quarter Ending September 30, 2008
LOS ANGELES, Nov. 13 /PRNewswire-FirstCall/ -- Security software developer CyberDefender Corporation (BULLETIN BOARD: CYDE) today announced that it will conduct a conference call to discuss its financial results for the 3rd quarter that ended September 30, 2008. The conference call will be held on November 17th at 4:15 PM Eastern Standard Time. To participate in the conference call live, please dial toll-free to 1-866-317-4496 or 1-706-634-8015 for international and enter the authorization code 73835994. To listen to the recorded version, please dial toll-free to 1-800-642-1687 or 1-706-645-9291 for international and enter authorization code 73835994. To listen to the webcast live or recorded please visit http://www.investorcalendar.com/IC/CEPage.asp?ID=137915.
About CyberDefender Corporation
CyberDefender Corporation (OTCBB: CYDE) believes that its Internet security technology offers the earliest possible detection and most aggressive defense against Internet security attacks. CyberDefender believes that it is the only Internet security software company to combat spyware, viruses, and identity theft using a secure peer-to-peer distributed network (the earlyNETWORK(TM)), enabling protection that is unparalleled in speed and flexibility. Products employing the earlyNETWORK(TM) include CyberDefender's MyIdentityDefender(TM) Toolbar, CyberDefenderFREE(TM) 2.0, and CyberDefender Early Detection Center(TM) 2.0. All of these products are fully compatible with Microsoft's Vista Operating system and available at http://www.cyberdefender.com/.
Forward Looking Statements
Statements in this press release that are not statements of historical or current fact, such as the Company's expectation of future revenue growth and profitability, constitute "forward-looking statements". Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the Company's actual results to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. Factors that could cause the Company's results to be materially different from the forward-looking statements include whether the Company will be able to find financing when and as it needs it and whether the Company's revenues will eventually exceed its expenses. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the Company's reports and registration statements filed with the Securities and Exchange Commission, which are available for review at http://www.sec.gov/.
CyberDefender Corporation
CONTACT: Xenia von Wedel of Terpin Communications, +1-415-595-2030, cyberdefender@terpin.com
Web Site: http://www.cyberdefender.com/ http://www.investorcalendar.com/IC/CEPage.asp?ID=137915
CSC Names Jim Foster Vice President of Marketing and Strategy, Property and Casualty Insurance Division
FALLS CHURCH, Va., Nov. 13 /PRNewswire/ -- CSC announced today that Jim Foster has joined the company as vice president of Marketing and Strategy for CSC's Property and Casualty (P&C) Insurance Division in the Americas. He will report to Ray August, president of the division.
Foster will lead the development of product and business strategy, demand generation programs and sales support for CSC's software, consulting, systems integration and outsourcing offerings to the P&C market. More than 700 organizations worldwide rely on CSC's P&C solutions to support growth and create new sources of business value.
A software industry veteran, Foster has 30 years of experience overseeing the development, marketing, sales and management of computer application software and services. Before joining CSC, Foster held several senior executive positions for Sage Software's North American operations, where he was responsible for more than 15 product lines, integration of strategic acquisitions and the management of five major business units.
"With an impressive track record of successful product launches throughout his career, Jim has been the driving force behind double-digit revenue growth and operating margins for his prior organizations," said August. "Jim brings an exceptional blend of strategic, operational and leadership skills to help us deliver transformative solutions to the P&C insurance market."
Foster received his undergraduate degree from the University of North Carolina, Wilmington. He also serves on the boards of The Neat Company and CheckpointHR, and on the advisory board of Hyde Park Capital.
About CSC
CSC is a global leader in providing technology-enabled solutions and services through three primary lines of business. These include Business Solutions & Services, Global Outsourcing Services and the North American Public Sector. CSC's advanced capabilities include systems design and integration, information technology and business process outsourcing, applications software development, Web and application hosting, mission support and management consulting. Headquartered in Falls Church, Va., CSC has approximately 91,000 employees and reported revenue of $17.3 billion for the 12 months ended Oct. 3, 2008. For more information, visit the company's Web site at http://www.csc.com/.
CSC
CONTACT: Marian Kelley, Director, Media and Analyst Relations, Financial Services Sector, +1-512-275-5722, mkelley3@csc.com, or Janet Herin, Sr. Manager, Media Relations, Corporate, +1-310-615-1693, jherin@csc.com, both of CSC
Web site: http://www.csc.com/
Communications Systems Announces Stock Repurchase Program
MINNETONKA, Minn., Nov. 13 /PRNewswire-FirstCall/ -- Communications Systems, Inc. today announced that its Board of Directors has authorized management to repurchase, within its discretion, up to 500,000 shares of the Company's common stock. The repurchase program is effective immediately.
Communications Systems, Inc. ("CSI") said that purchases under the stock repurchase program may be made, from time to time, in the open market, through block trades or otherwise and will be conducted in compliance with applicable Securities and Exchange Commission regulations. Depending on market conditions and other factors these repurchases may be commenced or suspended at any time, or from time to time, without prior notice. Communications Systems, Inc. currently has 8,579,530 shares outstanding. The repurchase program announced today supplements a similar 500,000 share repurchase authorization announced in September 2007. To date, 403,743 shares have been repurchased under the 2007 program, and repurchases under that program will be completed before repurchases begin under the program announced today.
Jeffrey K. Berg, CSI's President and Chief Executive Officer stated that, "Currently prevailing market prices makes repurchasing our stock a solid investment and represents an attractive opportunity to enhance long-term shareholder value. This share repurchase program reflects our great confidence in CSI's ability to continue generating strong, consistent cash flow."
About Communications Systems, Inc.
CSI provides physical connectivity infrastructure and services for cost-effective broadband solutions and is a leading supplier of voice grade connecting devices and wiring systems. CSI serves the broadband market as the world's leading supplier of media conversion technology, which permits networks to deploy fiber optic technology while retaining the copper-based infrastructure already embedded in the network. CSI also supplies copper wire and fiber optic structured wiring systems for broadband networks and line filters for digital subscriber line ("DSL") service. CSI also provides network design, training and management services.
Cautionary Statement: From time to time, in reports filed with the Securities and Exchange Commission, in press releases, and in other communications to shareholders or the investing public, the Company may make forward-looking statements concerning possible or anticipated future financial performance, business activities, plans, pending claims, investigations or litigation which are typically preceded by the words "believes", "expects", "anticipates", "intends" or similar expressions. For such forward-looking statements, the Company claims the protection of the safe harbor for forward- looking statements contained in federal securities laws. Shareholders and the investing public should understand that such forward looking statements are subject to risks and uncertainties which could cause actual performance, activities or plans to differ significantly from those indicated in the forward-looking statements.
Communications Systems, Inc.
CONTACT: Jeffrey K. Berg, President and Chief Executive Officer, or David T. McGraw, Vice President - Finance and Chief Financial Officer, both of Communications Systems, Inc., +1-952-996-1694
Microsoft Live Search cashback Showing Traction With Advertisers and ConsumersSearch initiative creating higher ROI for advertisers and attracting users to Live Search.
REDMOND, Wash., Nov. 13 /PRNewswire-FirstCall/ -- Microsoft Corp. today announced that since its launch in May, Microsoft Live Search cashback has seen positive traction in all three of the key metrics on which the company said it would report: number of offers in the system, advertiser return on investment (ROI), and percentage of commercial search queries as measured by comScore Inc. The company also announced that 20 of the top 50 online retailers in the U.S. and 140 of Internet Retailer's Top 500 are now participating in the program, including new advertisers AT&T, Drugstore.com Inc., FTD, Gap Inc. properties (including Banana Republic and Old Navy), Kmart, RedEnvelope and Saks Fifth Avenue.
(Logo: http://www.newscom.com/cgi-bin/prnh/20000822/MSFTLOGO)
"We are pleased to report a 30 percent increase in the number of product offers available in Microsoft Live Search cashback, indicative of the strong advertiser interest in the program and early results on its ROI," said Brad Goldberg, general manager of Microsoft Live Search. "We have seen an average of 4.5 million unique users per month visiting cashback who have conducted more than 68 million commercial queries. We believe this early traction speaks to the differentiated and unique value proposition of Microsoft Live Search cashback for both consumers and advertisers, especially in these tough economic times."
On advertiser ROI for the program, according to Stephanie Tilenius, general manager of eBay North America, "Combined with eBay's already great prices -- frequently 30 percent below retail on the items people want -- the Microsoft Live Search cashback program is bringing home holiday deals for eBay shoppers that can be an incredible 60 percent below retail. Beyond the great deals for buyers, Microsoft Live Search cashback (http://www.live.com/) has improved our ROI on paid search by 50 percent, and based upon our shared success, eBay is increasing its search marketing spend with Microsoft Live Search by threefold."*
Other advertisers are also reporting strong results. Sales at ShoeMall have increased over sixfold since it began participating in Microsoft Live Search cashback, prompting ShoeMall to devote even more marketing dollars to the cashback program for holiday and beyond.
In addition, according to a custom comScore study, in the second quarter of 2008, Microsoft Live Search referred almost 12 percent of total U.S. commercial online transactions and about 13 percent of total U.S. online spending among key retail categories. Microsoft Live Search placed among the top two U.S. engines in five of the 10 key commercial categories for conversion rate, including Computer Hardware, Movies & Videos, Home & Garden, Music, and Travel. Microsoft Live Search also shows a competitive advantage in attracting high-quality and high-spending buyers. Microsoft Live Search ranked as the top engine among the competitive set by a large margin in dollars spent per buyer, across the combined 10 key commercial categories.
Shopping Cart Providers Expand Program's Reach
Microsoft also announced today that Microsoft Live Search cashback has entered into agreements with shopping cart providers Miva Merchant, Early Impact Inc. (ProductCart) and 3DCart. Under the agreements, retailers using these shopping carts on their sites are now eligible to become a part of the Microsoft Live Search cashback program. Each of the providers has implemented a set of tools to easily enable its retailer partners, mostly small to midsize merchants, to join Microsoft Live Search cashback. The addition of these merchants through the shopping cart providers is projected to greatly expand the set of product offers available to consumers through Microsoft Live Search cashback.
About Microsoft Live Search cashback
With Microsoft Live Search cashback, Microsoft helps merchants maximize their advertising investments and drive more sales by providing consumers with an added incentive to buy -- a cash reward. Online advertising spend that participating merchants would otherwise pay to Microsoft is instead passed on to customers who complete sales under the Microsoft Live Search cashback program as cash rewards. A complete list of Microsoft Live Search cashback partners can be found at http://www.live.com/cashback.
About Microsoft
Founded in 1975, Microsoft is the worldwide leader in software, services and solutions that help people and businesses realize their full potential.
*1) Price comparisons based on the average selling price on eBay for
15 new and in-demand items during a three-month period from August
2008 to October 2008. Average selling price on eBay was compared to
the MSRP (manufacturer's suggested retail price), and the difference
was calculated to show the savings percentage. As this is based on
average eBay selling price and suggested retail price, the price
difference may vary at any time. Shipping and handling charges are not
included in this calculation. No representation is made that any
particular item will be available at any particular price. All items
are subject to availability.
2) Full terms and conditions are available at
http://pages.ebay.com/cashbackoffer/terms.html?_trksid=m38.
3) Price comparisons based on the average selling price on eBay for
15 new and in-demand items during a three-month period from August
2008 to October 2008. Average selling price on eBay was compared to
the MSRP (manufacturer's suggested retail price), and the difference
was calculated to show the savings percentage. Index of 15 items
includes select new and in-season accessories, electronics, clothing,
home appliances, shoes, sporting goods and video games.
4) Calculated as of Oct. 20, 2008.
5) eBay holiday coupons valid on any auction-style or fixed-price listing
when PayPal is used as a payment method. See individual coupon for
specific expiration date.
6) To receive more information about these categories, please submit an
online request at http://news.ebay.com/.
Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20000822/MSFTLOGO AP Archive: http://photoarchive.ap.org/ PRN Photo Desk photodesk@prnewswire.com
Microsoft Corp.
CONTACT: Rapid Response Team of Waggener Edstrom Worldwide, +1-503-443-7070, rrt@waggeneredstrom.com, for Microsoft Corp.
Web site: http://www.microsoft.com/ http://www.live.com/
Chemistry.com Thanksgiving Survey: 65% of People Have Wished for Love on a WishboneSurvey Reveals Members' Thanksgiving Secrets
DALLAS, Nov. 13 /PRNewswire/ -- In a recent survey conducted by online dating site Chemistry.com, 65 percent of members admitted that when looking for true love, they've wished on a wishbone.
(Logo: http://www.newscom.com/cgi-bin/prnh/20080613/LAF006LOGO)
Members were also asked which celebrity chef they would want to help them cook their Thanksgiving dinner. Forty-one percent of members said they would want Rachael Ray by their side in the kitchen, followed by Bobby Flay with 26 percent and Wolfgang Puck with 22 percent. And cooking a Thanksgiving feast is "Hell"-ish enough without constructive criticism, which could possibly be why members decided that Gordon Ramsay received only 11 percent.
And what better dish to prepare with a celebrity chef than one that tells your sweetie how thankful you are for them? Fifty-one percent of members said a chocolate pie was the top aphrodisiac on the dinner table. Apple crisp came in second with 23 percent, sweet potatoes received 14 percent and turkey gobbled up 12 percent of the votes.
"It might be called 'Turkey Day,' but our members have made it clear that it's actually the sweets that get them excited," said Dr. Helen Fisher, chief scientific advisor to Chemistry.com. "While Thanksgiving is traditionally based around the dinner table, it's ultimately a time for people to share a day and say thanks to the people they love."
This Chemistry.com poll was conducted online and fielded 3,302 responses.
About Chemistry.com
Launched by Match.com in February 2006, Chemistry.com was created to bring together independent-thinking, confident, diverse singles that are serious about finding a meaningful relationship. Based on the research of renowned biological anthropologist Dr. Helen Fisher, Chemistry.com uses a proprietary test to predict which two people are most likely to experience a life-changing jolt of chemistry. This approach, combined with its "come as you are" philosophy and private matching technique, makes Chemistry.com the ideal place to find the relationship that is right for each individual, whether it's marriage, romance, a partnership or a long-term commitment. Chemistry.com is an operating business of IAC .
Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20080613/LAF006LOGO AP Archive: http://photoarchive.ap.org/ PRN Photo Desk, photodesk@prnewswire.com
Chemistry.com
CONTACT: Amy Canaday of Match.com, +1-214-576-9416, amy.canaday@match.com; or Courtney Pischke, +1-212-468-3391, courtney.pischke@mslworldwide.com, for Chemistry.com
Web site: http://www.chemistry.com/ http://www.match.com/
Expedia, Inc. Organizes to Emphasize Global Brands FocusOnline travel leader improves structure to strengthen global marketplace offerings through brand focus
BELLEVUE, Wash., Nov. 13 /PRNewswire-FirstCall/ -- Expedia, Inc. , the world's leading online travel company, announced a new organizational structure that aligns its worldwide brands and technology functions to best support more than 60 global points of sale in more than 40 countries.
During the past decade, Expedia, Inc.'s international operations have transformed from nascent geographic footholds to become sizeable, high growth businesses supporting its global marketplace strategy. Beginning today, the company is structuring its teams around worldwide operations for the Expedia.com, hotels.com, and Expedia Distribution divisions. This change allows the businesses to align with worldwide brands and technology, rather than align based on geographic regions.
"Our objective is to build the world's largest and most intelligent travel marketplace," said Dara Khosrowshahi, Expedia, Inc.'s CEO and president. "Improving our organizational structure will allow us to react more quickly to evolving global markets, more flexibly address traveler needs and better leverage the expertise of our leaders."
Leading the company's worldwide teams are:
-- Eric Grosse -- President, Expedia Worldwide. This group is responsible for Expedia.com in the U.S., all Expedia worldwide sites, and the Media Services Group. Grosse was previously president and co-founder of The Hotwire Group. Prior to founding Hotwire in 2000, Grosse was with Morgan Stanley and also worked in Internet research at DMG Technology Group, where he helped lead the Amazon.com IPO.
-- David Roche -- President, hotels.com Worldwide and Venere.com. This group is responsible for the global hotels.com points of sale, including the recent acquisition of Europe-based Venere.com. Roche joined Expedia in 2003 to lead the hotels.com and Expedia Distribution businesses in the Europe, Middle East & Africa regions. Prior to joining Expedia, Roche founded companies in both the marketing and technology spheres.
-- Henrik Kjellberg -- President, Expedia Distribution Worldwide. This team provides private label booking solutions for travel suppliers looking to enhance and extend their product offerings. Kjellberg has been with Expedia since 2001 and most recently led the Asia Pacific region. His other roles include leading the Europe, Middle East & Africa team for the Partner Services Group. Kjellberg has been on the board of directors for Expedia's majority- owned eLong, Inc. since 2005 and will continue to act as Chairman of eLong Board. Prior to joining Expedia, Kjellberg was with Spray, a leading Swedish Internet portal, and with Procter & Gamble.
In addition to these structural changes, the company announced the departure of Paul Brown and Dermot Halpin.
"Paul Brown has tirelessly served as the head of our Partner Services Group and provided great leadership for our Expedia North America business," said Khosrowshahi. "He will be a great addition to the management team of Hilton Hotels Corporation, as president of Global Brands and Shared Services."
Khosrowshahi continued: "As president of Expedia Europe, Dermot Halpin has built our EMEA business from $2 billion in gross bookings to more than $4.5 billion in gross bookings in 32 countries. Through Dermot's leadership, we have created real scale in EMEA that has enabled us to realign our organization along global brands. After year-end, Dermot will assume new business interest and board positions in organizations outside Expedia, Inc."
"We thank Paul and Dermot for their efforts and wish them continued success in their endeavors."
Brown will continue in the Partner Services Group role for a brief transition period, after which the function will report directly to Khosrowshahi while Expedia conducts an internal and external search for a new leader.
Expedia, Inc.'s other businesses, Trip Advisor, Egencia, Hotwire, and Classic Vacations will not be affected by these changes.
About Expedia, Inc.
Expedia, Inc. is the world's leading online travel company, empowering business and leisure travelers with the tools and information they need to easily research, plan, book and experience travel. Expedia, Inc. also provides in-destination concierge service and activity desks for travelers. The Expedia, Inc. portfolio of brands includes: Expedia.com, hotels.com, Hotwire, Egencia (formerly Expedia Corporate Travel), TripAdvisor, Expedia Local Expert, Classic Vacations and eLong. Expedia, Inc.'s companies operate more than 60 global points of sale in more than 40 countries, with sites in North America, South America, Latin America, Europe, Middle East, Africa and Asia- Pacific. Expedia, Inc. is a component of the S&P 500 index. For more information, visit http://www.expediainc.com/ .
Expedia is a registered trademark of Expedia, Inc. in the U.S. and/or other countries. hotels.com is either a trademark or registered trademark of hotels.com, L.P., a subsidiary of hotels.com in the U.S. and/or other countries. Other logos or product and company names mentioned herein may be the property of their respective owners.
(C) 2008 Expedia, Inc. All rights reserved. CST: 2029030-40
Expedia, Inc.
CONTACT: Expedia, Inc. U.S. Press Office, +1-425-679-4317, press@expedia.com, or EMEA Press Office, Kate Hopcraft of Expedia, Inc., +00 44 (0)207 019 2165, khopcraft@expedia.com
Web site: http://www.expediainc.com/
Dutchess County Residents To Benefit From Verizon Wireless Network ExpansionInvesting to Stay Ahead of Growing Demand for Wireless Calling, Data Access and Music
POUGHKEEPSIE, N.Y., Nov. 13 /PRNewswire/ -- In a continuing effort to provide the best wireless service for local residents in Dutchess County, Verizon Wireless has expanded its network with a new cell site in Hyde Park. The new site improves coverage and capacity along Route 9 from Poughkeepsie to Hyde Park, along Route 9W from Highland to Esopus, and on the campus of the Culinary Institute of America.
This network expansion is part of the company's aggressive multi-billion dollar network investment each year to stay ahead of the growing demand for Verizon Wireless' voice and data services. The company 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.
Services include wireless data services such as picture messaging, text messaging, V CAST and V CAST Music with Rhapsody, ESPN MVP and BroadbandAccess, the company's high-speed wireless broadband network geared toward mobile professionals and business customers. It provides average download speeds of 600 kilobits per second (kbps) to 1.4 megabits per second, and average upload speeds of 500-800 kbps.
Strong demand for Verizon Wireless' services continued during the third quarter of 2008 as the company added 1.5 million net new customers. Verizon Wireless, the wireless company with the highest customer loyalty, reported the lowest customer turnover (highest customer loyalty) rate in the industry - 1.3 percent in the third quarter - for the 16th consecutive quarter.
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. These engineers drive 90 specially equipped vehicles almost 1 million miles annually on Interstate, U.S. and state highways, as well as major roads and surface streets. Test vehicles are equipped with computers that automatically make more than 3 million voice call attempts and more than 16 million data tests annually on Verizon Wireless' network and the networks of other carriers.
Last year, Verizon Wireless introduced its 30-day Test Drive, an industry first that lets customers experience its network virtually risk-free for 30 days. If customers are not satisfied with their experience and take their number to another carrier, Verizon Wireless will refund their money for calls, equipment, activation fee and taxes. For more information about Verizon Wireless products and services, visit a Verizon Wireless Communications Store, call 1-800-2 JOIN IN or go to http://www.verizonwireless.com/.
About Verizon Wireless
Verizon Wireless operates the nation's most reliable wireless voice and data network, serving 70.8 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: John O'Malley, +1-585-321-7264, or +1-585-261-5899, John.OMalley@verizonwireless.com, of Verizon Wireless; or Meredith Dropkin, +1-315-413-4293, mdropkin@mower.com, EMA/MRA, for Verizon Wireless
Web Site: http://www.verizonwireless.com/
New FileMaker Job Board Matches Job-Seeking Developers With EmployersFree service at www.FileMakerJobBoard.com created to meet growing demand for FileMaker database developers
SANTA CLARA, Calif., Nov. 13 /PRNewswire-FirstCall/ -- FileMaker, Inc. today announced the FileMaker Job Board, a free service that connects FileMaker database developers with job opportunities in corporate IT organizations, independent consulting firms, and more (go to http://www.filemakerjobboard.com/).
Job seekers will find a wide variety of positions including developer, software tester, architect, and intern. They can post their resumes anonymously or apply for specific openings, and can set up e-mail alerts to inform them when a new job is posted in a particular geographic location or field of interest.
Employers can use the FileMaker Job Board to get job openings in front of the best-qualified FileMaker developers.
The Job Board complements FileMaker's existing "Search for a Consultant" database, a resource that helps organizations find FileMaker consultants.
"The demand for FileMaker database developers is growing quickly," said Ryan Rosenberg, FileMaker vice president of marketing and services. "The FileMaker Job Board makes it easier for professionals to find exciting careers in FileMaker development, helps companies expand their use of FileMaker, and enables consulting firms to grow their businesses by adding highly qualified staff."
About FileMaker, Inc.
FileMaker, Inc. develops award-winning database software. Its products include the legendary FileMaker Pro product line for Windows, Mac and the Web, and the new Bento personal database for Mac. FileMaker Pro won 49 awards, more than its next eight competitors combined, from 2003-2008 in the U.S., and a total of 130 awards worldwide during this time. Millions of customers, from individuals to large organizations, rely on FileMaker, Inc. software to manage, analyze and share information. FileMaker, Inc. is a subsidiary of Apple Inc.
(C)2008 FileMaker, Inc. All rights reserved. FileMaker and Bento are trademarks of FileMaker, Inc., registered in the U.S. and other countries. All other trademarks are the property of their respective owners.
FileMaker, Inc.
CONTACT: Kevin Mallon of FileMaker, Inc., +1-408-987-7227, kevin_mallon@filemaker.com
Web Site: http://www.filemaker.com/ http://www.filemakerjobboard.com/
Andeler Corporation Selects ePsolutions, Inc. to Power Back Office
AUSTIN, Texas, Nov. 13 /PRNewswire/ -- Today, ePsolutions, Inc., a leader in back office solutions for competitive energy resellers, announced the selection of their emPower software solution by Texas Retail Electric Provider, Andeler Corporation. After a thorough assessment of back office solutions, Andeler selected ePsolutions to assist with the wide range of requirements needed for supporting competitive retailers within the Texas market. As a part of the relationship, ePsolutions will be responsible for processing Andeler's customer data, including support for all EDI transaction sets and market support. Ultimately, emPower's superior functionality and ease of use won the Andeler Corporation over.
emPower is a comprehensive solution that automates and simplifies all critical functions of an energy resellers' back office. Key capabilities include automating new customer acquisition, billing and collections; streamlining customer care; providing self service capabilities for customers; completing market transactions in real-time; and easily scaling to support the needs of resellers as they expand to new market segments or offerings.
"As a new market participant in the highly competitive Texas retail market, it is essential to choose a reliable, robust back office provider. Extensive research was done when we were selecting a back office solution and we see the value in having one vendor for every aspect of our solution. We will need to process transactions such as customer enrollment, meter readings and historical usage quickly and seamlessly and we're assured this with ePsolutions' state-of-the-art software and high customer satisfaction," said Sam Holton, president and founder of Andeler Corporation. "It is also critical to stay abreast with regulatory changes and requirements within the Texas market and ePsolutions has the experience and market presence to provide this to us.
"ePsolutions is committed to being an industry leader in back office automation for postpaid, prepaid, commercial and residential energy resellers. We are pleased to be working with Andeler Corporation and to assist them in achieving their goals in a cost-effective and timely manner. We believe that our robust system gives our customers a significant competitive advantage in the marketplace by enabling them to offer superior service to their customers," said Steve Langerock, Chief Executive Officer, ePsolutions. "It's no surprise that we are becoming the back office solution of choice for Texas retail electric providers."
About Andeler, Inc.
Andeler was incorporated December 2001 and is committed to providing reliable and competitively priced supply of electricity and related services to the Texas market. Their mission is to provide apartment communities and businesses with the most dependable utility services at the lowest rates. Andeler brings the power of electric deregulation to apartment communities and businesses in one very lucrative and creative package.
About ePsolutions, Inc.
ePsolutions delivers the industry's most fully integrated, automated, and cost effective back office solution on the market for competitive energy resellers. Combining the comprehensive emPower software with a knowledgeable team of experts, ePsolutions helps resellers substantially lower operating costs and free up resources to support other aspects of the business. Founded in 2004 and serving clients throughout Texas, it is a privately-held company backed by Peninsula Capital Management, Inc., Toreador Resources Corporation and private investors. For more information, visit http://www.epsolutions.com/.
Contact:
Stephanie Grider
512-263-8765 ext. 221
sgrider@epsolutions.com
ePsolutions, Inc.
CONTACT: Stephanie Grider of ePsolutions, Inc., +1-512-263-8765, ext. 221, sgrider@epsolutions.com
Web site: http://www.epsolutions.com/
/C O R R E C T I O N -- Zebra Technologies/In the news release, Zebra Technologies Launches EM(TM) 220 Mobile Printer for Easy, Cost-Effective Mobile Receipt Printing, issued earlier today by Zebra Technologies over PR Newswire, we are advised by the company that in the first paragraph after the bulleted information, the last sentence should read "please call 866-230-9494" rather than "800-452-4056" as originally issued inadvertently. Complete, corrected release follows:Zebra Technologies Launches EM(TM) 220 Mobile Printer for Easy, Cost-Effective Mobile Receipt PrintingEM 220's ultra small design and value price improves accuracy and efficiency of mobile printing transactions
VERNON HILLS, Ill., Nov. 13 /PRNewswire-FirstCall/ -- Zebra Technologies , a global leader in specialty printing and automatic identification solutions, today announced the launch of the Economy Mobile 220 (EM 220) for quick, on-demand receipt printing. This ultra-small and lightweight mobile printing solution delivers accuracy and versatility to mobile printing applications by allowing users to easily bring the printer to the point of application.
The EM 220 mobile printer offers a lightweight, ultra small design that is easy to carry in a pocket or on a belt, making it ideal for customer-facing environments or when the end user must wear the printer for extended periods of time. With Optional Bluetooth(R) 2.0 wireless connectivity and a magnetic card reader, the EM 220 provides simple mobile receipt printing and credit card transactions.
"As mobile technology continues to evolve, companies are integrating more mobile applications into their daily operations," said Luis Rosales, product manager for Zebra Technologies. "This integration drives the need for small, reliable mobile printers that easily communicate with their Windows Mobile smart phones and handheld computer. The EM 220 meets that need, and is ideal for users who need a quick and easy printing solution that easily can be transported for on-site printing."
Highlights of the EM 220 mobile printer include:
-- Ultra small and lightweight design: The EM 220's pocket-size and lightweight design allow users to wear this durable receipt printer for extended use-without sacrificing performance.
-- Optional Magnetic Card Reader: Integrated one touch card reader to accept credit cards at the point-of-service. Keeping the credit card in sight while handling transactions also adds to a user's sense of security.
-- Optional Bluetooth connectivity: Secure wireless connectivity allows for enhanced functionality and capability.
-- Easy integration with existing systems: Offering industry standard software and drivers such as Windows(R) and Win Mobile along with a software development kits and OPOS drivers, the EM 200 can be easily integrated into a customer's existing system.
-- Ease of use: With straightforward operation and one-touch media loading and integrated card reading, the EM 220 requires minimal training.
-- Enhance user and customer convenience: The EM 220 improves efficiency and minimizes lines during peak periods by processing transactions on the store floor. This flexibility improves user convenience, customer satisfaction and reduces the likelihood of lost sales from customers who grow tired of waiting in line.
The EM 220 mobile printer is available in North America immediately and will be available in Asia Pacific in December 2008 and in EMEA in January 2009. For more information about the Zebra EM 220 and other Zebra mobile printing solutions, please call 866-230-9494 or visit http://www.zebra.com/em220.
About Zebra Technologies
Zebra Technologies Corporation improves customers' business performance through products and solutions that identify, track and manage assets, transactions and people. In more than 100 countries around the world, more than 90 percent of Fortune 500 companies use innovative and reliable Zebra printers, supplies, RFID products and software to increase productivity, improve quality, lower costs, and deliver better customer service. Information about Zebra and Zebra-brand products can be found at http://www.zebra.com/.
Contact Information:
Zebra Technologies Corporation
Media:
Tim Dreyer
+1 847-793-5677
tdreyer@zebra.com
Zebra Technologies
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