Companies news of 2009-03-02 (page 1)
Mobile Operators to See Strong Growth in Central Asia, Pyramid Research Reports
LeapFrog Announces Fourth Quarter and Full Year 2008 Financial Results
Bell Canada to Acquire Circuit City's Canadian Operations
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Mobile Operators to See Strong Growth in Central Asia, Pyramid Research Reports
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Mobile Operators to See Strong Growth in Central Asia, Pyramid Research Reports
CAMBRIDGE, Massachusetts, March 2 /PRNewswire/ --
Central Asia's emerging markets will continue flocking to mobile
telecom services over the next five years, with subscriber bases growing
about 13 percent per year and revenues growing by 8 percent annually through
2013, according to a new report from Pyramid Research (www.pyr.com), the
telecom research arm of the Light Reading Communications Network
(www.lightreading.com).
"Emerging Mobile Markets of Central Asia: The Game Is On" examines the
growth potential for mobile services in Central Asia in light of the current
economic environment, competitive situation, regulations, and adoption of new
technologies. This 14-page report analyzes five key Central Asian mobile
markets: Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan.
Download an excerpt of this new report here:
http://www.pyramidresearch.com/downloads.htm?id=5&sc=PR030209_IAP1.2
Central Asia's large population, its almost non-existent fixed
telecommunications, and its comparatively low mobile penetration all point to
considerable growth potential for mobile operators in the region, notes
Bakhyt Weeks, analyst at Pyramid Research and author of the report. "We
expect more than 26.5 million new subscriptions to be added in these markets
between 2008 and 2013 -- a 13 percent CAGR. This is roughly equal to, and
potentially even higher than, the total net additions in the Central and
Eastern European region during the same period," she says.
Revenue growth will lag subscriber growth as operators add more
lower-income users, Weeks says. "However, in spite of the relatively low
levels of personal income, total mobile services revenue will grow at an 8
percent CAGR in U.S. dollar terms, reaching US$4.6 billion in 2013, thanks to
the massive increase in subscriptions."
Central Asia's potential as a growth area for mobile services has
attracted large multinational operators such as MTS, VimpelCom, and
TeliaSonera. "These operators have brought international experience, new
services, lower prices, and technological innovation, and have in many cases
introduced telecom services to previously untouched areas," says Weeks.
"MegaFon and Tele2 are also eager to get a piece of this growing market, and
this may drive even faster growth."
"Emerging Mobile Markets of Central Asia: The Game Is On" is part of
Pyramid Research's Asia Pacific Telecom Insider Report Series. Published
monthly for each of the world's most dynamic regions, Telecom Insiders are
packed with trend analysis, industry best practices, market sizing and
forecasting, competitor analysis, and case studies, providing you information
you can leverage to make better business decisions.
Download an excerpt of this new report here:
http://www.pyramidresearch.com/downloads.htm?id=5&sc=PR030209_IAP1.2
"Emerging Mobile Markets of Central Asia: The Game Is On" is priced at
US$595 and can be purchased online here:
http://www.pyramidresearch.com/store/ins_ap_090227.htm?sc=PR030209_IAP1.2 or
by contacting Jeff Claudino via email at claudino@pyr.com or telephone at
+1-619-229-9940.
About Pyramid Research
Pyramid Research (http://www.pyr.com) offers practical solutions to the
complex demands our clients face in the telecommunications, media, and
technology industries. Our analysis is uniquely positioned at the
intersection of emerging markets, emerging technologies, and emerging
business models, powered by the bottom-up methodology of our market forecasts
for over 100 countries - a distinction that has remained unmatched for over
25 years. As the telecom research arm of the Light Reading Communications
Network, Pyramid Research works with Heavy Reading, providing the
communications industry's most comprehensive market data, trusted research,
and insightful technology analysis.
About Light Reading
Founded in 2000, Light Reading (http://www.lightreading.com) is the
leading online media, research, and focused event company serving the US$3
trillion worldwide communications market. Lightreading.com is the ultimate
source for technology and financial analysis of the communications industry,
leading the media sector in terms of traffic, content, and reputation. Light
Reading's research arms, Heavy Reading and Pyramid Research, provide the most
comprehensive communications research, market data, and technology analysis
in close to 100 markets around the world. Light Reading produces nearly 20
targeted communications events including TelcoTV, Ethernet Expo New York and
Ethernet Expo London, The Tower Summit @ CTIA, and Optical Expo, as well as
focused one-day events tailored for cable, mobile, and wireline executives.
Light Reading was acquired by United Business Media in August 2005 and
operates as a unit of TechWeb.
About TechWeb
TechWeb (http://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, and Wall Street &
Technology magazines. TechWeb also provides end-to-end services including
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 US$2.5 billion.
*13.3 million business decision-makers: based on number 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
US$2.5 billion.
Press contact:
Jennifer Baker
+1-617-871-1910
jbaker@pyr.com
Pyramid Research
Jennifer Baker, +1-617-871-1910, jbaker@pyr.com
LeapFrog Announces Fourth Quarter and Full Year 2008 Financial Results
EMERYVILLE, Calif., March 2 /PRNewswire-FirstCall/ -- LeapFrog Enterprises, Inc. , a leading designer, developer and marketer of technology- based learning products, today announced financial results for the fourth quarter and full year ended December 31, 2008.
(Logo: http://www.newscom.com/cgi-bin/prnh/20090219/LFLOGO)
For the full year 2008, net sales were $459.1 million, up $16.8 million, or 4%, from the prior year. Net loss for the year narrowed to $68.3 million, or $1.07 per share, from a loss of $101.3 million, or $1.60 per share, in the prior year. The net loss for 2008 includes approximately $24 million of charges and provisions related to the weak macroeconomic environment, as described later.
For the fourth quarter of 2008, net sales were $137.8 million, down $43.5 million, or 24%, from the prior year. Net loss for the quarter was $44.3 million, or $0.70 per share, as compared to a loss of $32.6 million, or $0.51 per share, in the prior year. The year-over-year increase in net loss reflects the impact of the unprecedented deterioration of economic conditions at the end of 2008.
2008 Highlights
-- Achieved 7% growth in U.S. sales (11% excluding School as described
later) year-over-year;
-- Reduced operating expenses by 12% year-over-year;
-- Introduced the Tag Reading System which won the Educational Toy of the
Year award in the U.S., Australia, and France;
-- Generated our highest ever sales of educational gaming handhelds and
software;
-- Launched Learning Path, a proprietary learning feedback technology,
which facilitated more than 2 million Tag audio downloads to date;
-- Narrowed net loss by 33% year-over-year;
-- Generated $12 million in cash from operations, $27 million improvement
from the prior year; and
-- Ended the year with a solid cash position of more than $79 million,
inventories of approximately $58 million and zero debt.
"As was the case for many consumer goods companies, LeapFrog experienced considerable challenges during the 2008 holiday selling season," said Jeffrey Katz, President and Chief Executive Officer. "Consumer sentiment fell off sharply during the quarter, and exchange rates trended unfavorably. Discounting accelerated through the quarter, which impacted margins and diluted merchandising strategies, and ultimately the discounting that occurred did not adequately reduce year-end retailer inventories.
"We are disappointed that the current economic crisis has delayed the growth we were experiencing from the launch of our new product portfolio through the third quarter of 2008. Nevertheless, the changes we implemented throughout the year have helped substantially narrow our losses, restart our reading business, and boost gross margins. In late 2008 we began making further cost cuts and, later this year, we will introduce more new products. In combination, we expect these cost reductions and new products will further improve our operating results and cash flow, even under pessimistic sales assumptions for the majority of the year."
Katz continued, "We expect the retail inventory overhang from the fourth quarter combined with the weak economy will result in lower shipment levels in the first half of 2009 as we sell-through remaining product. So far this quarter, we have seen sell-through volumes exceeding last year, which reflects well on the demand for our products and we hope bodes well for the 2009 holiday season. In any case, we expect to be very well positioned from a product and operating perspective when the consumer recovery begins."
Full Year 2008 Financial Results
Net Sales
Net sales for the full year 2008 were $459.1 million, an increase of 4% compared to $442.3 million for the prior year. LeapFrog's sales increased 23% during the first nine months of 2008 as the company launched its first four web-connected products, a new content library, and Learning Path. Nevertheless, the business was not immune to the increasingly challenging macroeconomic climate in the fourth quarter of 2008. Fourth quarter sales were weaker than expected, declining 24% year over year, which reduced full year 2008 sales growth to 4%.
Segment Results
Net sales from the U.S. segment were $363.4 million for the full year 2008, an increase of 7% compared with $338.9 million for the prior year. Sales through our web store increased 20% year-over-year to $16 million. Driving the increase in U.S. sales was an 11% increase in sales in our U.S. Consumer business, which was previously a separate segment, resulting from the introduction of new products including the Tag Reading System (which achieved tie ratios for content sales exceeding former hit product LeapPad) and the Leapster2 and Didj educational gaming systems. Included in the U.S. segment is the School business which declined $10.2 million to $15.8 million for the year. In 2008, we substantially restructured our School business from a direct sales organization to a reseller and distributor based business.
Net sales from the International segment totaled $95.7 million for 2008, down 7% compared with $103.4 million for 2007. Approximately $4 million of the $8 million decline in International sales was due to the impact of currency fluctuations.
Gross Profit and Gross Margin
Gross profit was $181.5 million for the full year 2008, up from $173.3 million for the full year 2007. Gross margin was 39.5% for 2008 compared to 39.2% for 2007. Gross margin for 2008 included a charge of $2.5 million for the write-off of inventory required for compliance with the Consumer Product Safety Improvement Act of 2008 (CPSIA(1)) and approximately $5.7 million for reserves for markdowns and discounts to rebalance retail inventories. Additionally, the $7.9 million decline in the School business had a negative impact on gross profit.
Operating Expenses
Operating expenses were $241.6 million for 2008 compared to $274.5 million for 2007, a decline of 12%. These expense reductions were partially offset by a $5.7 million increase in the allowance for doubtful accounts and a $5.2 million charge associated with headcount and other expense reductions. Additionally, 2007 operating expenses included approximately $11.4 million for a patent litigation settlement. Selling, general and administrative expense decreased 19% year-over-year to $114.7 million for 2008 due to lower compensation-related costs. Research and development expense decreased 18% year-over-year to $48.5 million for 2008 due to reductions in R&D personnel. Advertising expense increased 5% year-over-year to $67.4 million for 2008, reflecting the support for new product launches including the Tag Reading System and the Leapster2 and Didj educational gaming systems.
Provision for Income Taxes
Provision for income taxes was $1.9 million for 2008 compared with $3.7 million for 2007.
Net Loss
Net loss for the full year 2008 was $68.3 million, or $1.07 per share, compared to a net loss of $101.3 million, or $1.60 per share, for the prior year.
Fourth Quarter 2008 Financial Results
Net Sales
Net sales for the fourth quarter 2008 were $137.8 million, down 24% compared to $181.3 million for the fourth quarter 2007.
Segment Results
Net sales from the U.S. segment declined 22% to $105.3 million for the fourth quarter 2008 compared with $134.4 million for the fourth quarter 2007. Sales through our web store increased 10% year-over-year.
Net sales from the International segment declined 31% to $32.5 million for the fourth quarter 2008 compared with $46.9 million for the fourth quarter 2007. Excluding the impact of currency fluctuations, the decline in International sales would have been 19%. Both the U.S. and international markets were significantly affected by the slowdown in consumer purchases in the fourth quarter.
Gross Profit and Gross Margin
Gross profit was $48.1 million for the fourth quarter 2008 compared to $67.5 million for the fourth quarter 2007. Gross margin for the fourth quarter 2008 declined by 2.3 percentage points to 34.9% compared to 37.2% in the fourth quarter 2007. As discussed above, the fourth quarter 2008 gross margin included a charge of $2.5 million for the write-off of inventory required for compliance with the Consumer Product Safety Improvement Act of 2008 and approximately $5.7 million for reserves for markdowns and discounts to rebalance retail inventories. Additionally, gross profit was negatively impacted by an approximate $3.0 million decline in the School business.
Operating Expenses
Operating expenses totaled $86.9 million for the fourth quarter 2008 compared to $97.6 million for the fourth quarter 2007. Selling, general and administrative expense decreased by 18% for the fourth quarter 2008, reflecting the impact of cost containment actions including a reduction in headcount and legal expenses. These reductions were partially offset by a $4.6 million increase in bad debt expense, due to the eroding financial condition of some retailers, and $3.9 million in restructuring expenses associated with headcount reductions and facility-closure costs. Research and development costs also fell by 29% to $11.8 million reflecting decreased R&D headcount and development costs. Advertising expense declined 2% year-over-year to $40.4 million for the fourth quarter 2008.
Net Loss
Net loss for the fourth quarter 2008 was $44.3 million, or $0.70 per share, compared to a net loss of $32.6 million, or $0.51 per share, for the fourth quarter 2007.
Financial Position
Cash and equivalents totaled $79.1 million at December 31, 2008, compared with $93.5 million at December 31, 2007. The company has zero debt outstanding on a $100 million asset-backed line that expires in late 2010. Inventories were $58.2 million at December 31, 2008, compared with $52.4 million at December 31, 2007.
"Clearly, the weak economic conditions impacted our results," said Bill Chiasson, Chief Financial Officer. "This year we recognized approximately $24 million in charges and provisions related to the weak macro-environment. These costs included: $5 million in restructuring expenses, $5 million in bad debt expense, $6 million in product markdowns, $2 million in product returns, and $6 million for the impairment of Auction Rate Securities.
"We are committed to improving operating performance and protecting our sound liquidity position. We realize conditions can change rapidly, and we will maintain the flexibility to adjust appropriately. That means gearing-up quickly when the economy improves or reducing spending further if conditions worsen."
Conference Call and Webcast
LeapFrog will hold a conference call to discuss fourth quarter and full year 2008 financial results today, March 2, 2009, at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time).
The conference call will be webcast and can be accessed at LeapFrog's investor web site at http://www.leapfroginvestor.com/. To participate in the call, please dial (706) 634-0183 and request Conference ID 85751207.
About LeapFrog
LeapFrog Enterprises, Inc. is a leading designer, developer, and marketer of innovative, technology-based learning products and related proprietary content, dedicated to making learning effective and engaging for all ages, at home and in schools, around the world. The company was founded in 1995 and is based in Emeryville, California. LeapFrog has developed a family of learning platforms that come to life with an extensive library of software titles covering important subjects such as phonics, reading, writing, math, music, geography, social studies, spelling, vocabulary and science. In addition, the company has created a broad line of stand-alone educational products for children. LeapFrog's award-winning products are available in six languages at major retailers in more than 35 countries around the world. LeapFrog School's multisensory products currently reach students in more than 100,000 classrooms across the United States. LeapFrog School is a business division of LeapFrog Enterprises, Inc.
NOTE: LEAPFROG, the LeapFrog Logo, TAG, LEAPSTER, LEAPPAD, DIDJ and LEARNING PATH are trademarks or registered trademarks of LeapFrog Enterprises, Inc.
Forward-Looking Statements
Cautionary Statement under the Private Securities Litigation Reform Act of 1995:
Except for the historical information contained herein, this news release contains forward-looking statements, including statements regarding anticipated financial results, including operating results and cash flows, product demand and shipment levels, and expected benefits of new products and services. These forward-looking statements involve risks and uncertainties, including risks related to the recession and its effect on retail business, overall consumer sentiment and trends and their effect on retailer buying behavior, the rates of acceptance by consumers of our web-based products and services, new and changing regulations and standards for children's products, and our ability to provide high-quality experiences to consumers with all of our products and services. These and other risks and uncertainties detailed from time to time in our SEC filings, including our 2007 annual report on Form 10-K filed on March 13, 2008, could cause the company's actual results to differ materially from those discussed in this release. All forward-looking statements are based on information available to the company on the date hereof, and the company assumes no obligation to update such statements.
(1) The Consumer Product Safety Improvement Act of 2008 requires that
products that have excessive levels of prohibited materials be removed
from retail by February 10, 2009.
Contact Information:
Investors: Media:
Karen Sansot Mischa Dunton
Investor Relations Corporate Communications
(510) 420-4803 (510) 596-5441
LEAPFROG ENTERPRISES, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)
December 31,
2008 2007
ASSETS
Current assets:
Cash and cash equivalents $79,101 $93,460
Accounts receivable, net of allowances
for doubtful accounts of $3,872 and $97
at December 31, 2008 and 2007, respectively 89,918 126,936
Inventories 58,196 52,415
Prepaid expenses and other current assets 10,822 20,427
Deferred income taxes 3,189 3,405
Total current assets 241,226 296,643
Long-term investments 4,962 10,925
Deferred income taxes 497 213
Property and equipment, net 19,611 19,616
Capitalized product costs, net 16,227 14,401
Goodwill 19,549 19,549
Other assets 5,260 9,116
Total assets $307,332 $370,463
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $56,357 $46,868
Accrued liabilities and deferred revenue 44,596 57,591
Income taxes payable 229 93
Total current liabilities 101,182 104,552
Long-term deferred income taxes 22,404 20,292
Other long-term liabilities 3,820 2,146
Stockholders' equity:
Class A common stock, par value $0.0001;
139,500 shares authorized; shares issued
and outstanding: 36,627 and 35,857 at
December 31, 2008 and December 31, 2007,
respectively 4 4
Class B common stock, par value $0.0001;
40,500 shares authorized; shares issued
and outstanding: 27,141 and 27,614 at
December 31, 2008 and 2007, respectively 3 3
Treasury stock (185) (185)
Additional paid-in capital 364,657 353,857
Accumulated other comprehensive income (2,055) 4,036
(Accumulated deficit) retained earnings (182,498) (114,242)
Total stockholders' equity 179,926 243,473
Total liabilities and stockholders' equity $307,332 $370,463
LEAPFROG ENTERPRISES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
Three Months Ended Twelve Months Ended
December 31, December 31,
2008 2007 2008 2007
Net sales $137,818 $181,307 $459,059 $442,271
Cost of sales 89,677 113,761 277,574 268,965
Gross profit 48,141 67,546 181,485 173,306
Operating expenses:
Selling, general and
administrative 30,767 37,395 114,713 141,628
Research and
development 11,799 16,629 48,473 59,371
Advertising 40,446 41,403 67,361 64,013
Depreciation and
amortization 3,843 2,149 11,044 9,464
Total operating
expenses 86,855 97,576 241,591 274,476
Income (loss) from
operations (38,714) (30,030) (60,106) (101,170)
Interest expense 306 1,129 2,508 7,037
Interest income (210) (23) (349) (111)
Other income
(expense), net (4,231) (3,197) (8,435) (3,348)
Income (loss) before
income taxes (42,849) (32,121) (66,382) (97,592)
Provision for income
taxes 1,453 433 1,874 3,723
Net income (loss) $(44,302) $(32,554) $(68,256) $(101,315)
Net income (loss)
per common share:
Basic and diluted $(0.70) $(0.51) $(1.07) $(1.60)
Shares used in
calculating net loss
per common share:
Basic and diluted 63,643 63,340 63,641 63,361
LEAPFROG ENTERPRISES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Twelve Months Ended
December 31,
2008 2007
Net loss $(68,256) $(101,315)
Adjustments to reconcile net loss to net
cash used by operating activities:
Depreciation and amortization 22,951 19,610
Unrealized foreign exchange (gain) loss 3,146 2,448
Deferred income taxes (68) (2,314)
Stock-based compensation expense, net of
tax benefit 11,011 9,511
Impairment of investment in auction rate
securities 6,561 2,477
Accretion on investments -- (836)
Provision for (recovery on) doubtful accounts 5,045 (688)
Impairment of property and equipment 300 2,014
Increase (decrease) in other accounts
receivable-related allowances 10,289 (11,354)
Other changes in operating assets and liabilities:
Accounts receivable 17,462 15,678
Inventories (8,294) 20,605
Prepaid expenses and other current assets 8,950 (2,252)
Other assets 1,860 4,985
Accounts payable 11,463 148
Accrued liabilities and deferred revenue (11,398) 18,834
Long-term liabilities 3,785 2,768
Income taxes payable 155 (631)
Other (3,014) 4,880
Net cash provided (used) by operating activities 11,948 (15,432)
Investing activities:
Purchases of property and equipment (11,424) (17,382)
Capitalization of content and website
development costs (11,863) (9,243)
Purchases of investments -- (460,329)
Sales of investments -- 527,949
Net cash (used) provided by investing activities (23,287) 40,995
Financing activities:
Proceeds from stock option exercises
and employee stock purchase plans 624 2,836
Borrowings on asset-backed line of credit 30,000 --
Repayment of asset-backed line of credit (30,000) --
Net cash paid for payroll taxes on
restricted stock unit releases (840) (921)
Net cash (used) provided by financing activities (216) 1,915
Effect of exchange rate changes on cash (2,804) (1,332)
Net change in cash and cash equivalents
for the period (14,359) 26,146
Cash and cash equivalents at beginning of period 93,460 67,314
Cash and cash equivalents at end of period $79,101 $93,460
Photo: http://www.newscom.com/cgi-bin/prnh/20090219/LFLOGO AP Archive: http://photoarchive.ap.org/ PRN Photo Desk, photodesk@prnewswire.com
LeapFrog Enterprises, Inc.
CONTACT: Investors, Karen Sansot, Investor Relations, +1-510-420-4803, or Media, Mischa Dunton, Corporate Communications, +1-510-596-5441, both of LeapFrog Enterprises, Inc.
Web site: http://www.leapfrog.com/
Bell Canada to Acquire Circuit City's Canadian Operations
RICHMOND, Va., March 2 /PRNewswire-FirstCall/ -- Circuit City Stores, Inc. (Pink Sheets: CCTYQ) announced today that Bell Canada has agreed to acquire the Canadian operations of Circuit City. InterTAN Canada Ltd., a subsidiary of Circuit City, controls these operations and operates more than 750 The Source stores across Canada.
The acquisition is subject to court approval in both the United States and Canada and customary closing procedures. The purchase price will not be disclosed until further court order.
James A. Marcum, vice chairman and acting president and chief executive officer of Circuit City Stores, Inc., said, "The acquisition of our Canadian operations by Bell Canada follows an active sales process that saw considerable interest in this business. This is a positive outcome for Circuit City, InterTAN and its employees, suppliers and customers. I would like to acknowledge the hard work, dedication and professionalism exhibited by both the InterTAN team in Canada and the Circuit City team in the United States over what has been a challenging period."
Circuit City acquired InterTAN Canada in May 2004. InterTAN is the subject of a court-monitored sales process following the company's entry into creditor protection in Canada in November 2008. The sale is being managed by Rothschild and is expected to close in the third calendar quarter of 2009.
About Circuit City Stores, Inc.
Circuit City Stores, Inc. (Pink Sheets: CCTYQ) conducted business as a specialty retailer of consumer electronics and related services. On November 10, 2008, Circuit City and each of its wholly-owned United States and Puerto Rican subsidiaries filed voluntary petitions for reorganization relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Eastern District of Virginia. In addition, on November 10, 2008, InterTAN Canada Ltd., the Company's Canadian operating subsidiary, received creditor protection from the Ontario Superior Court of Justice under the Companies' Creditors Arrangement Act (Canada).
At December 31, 2008, the domestic segment operated 567 stores in 153 U.S. media markets and 45 states. At December 31, 2008, the international segment operated through more than 750 retail stores and dealer outlets in Canada. On January 16, 2009, Circuit City began the liquidation of the assets of the Company and its subsidiaries as part of the Chapter 11 proceedings.
Forward Looking Statements
Statements made in this release may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are subject to risks and uncertainties. These forward-looking statements include, without limitation, statements regarding the company's expectations concerning the bankruptcy process. Actual results may differ materially from those included in the forward-looking statements due to a number of factors, including, without limitation, developments in the bankruptcy proceedings, the results of the liquidation sales and other matters.
(Logo: http://www.newscom.com/cgi-bin/prnh/20010709/CCLOGO )
Photo: http://www.newscom.com/cgi-bin/prnh/20010709/CCLOGO http://photoarchive.ap.org/ PRN Photo Desk photodesk@prnewswire.com
Circuit City Stores, Inc.
CONTACT: Bill Cimino, Director of Corporate Communications of Circuit City, +1-804-418-8163; or David Ryan of Longview Communications Inc., +1-604-694-6031, dryan@longviewcomms.ca, or Saphina Benimadhu of French Media, +1-604-694-6036, sbenimadhu@longviewcomms.ca
Web Site: http://www.circuitcity.com/
TiVo Reports First Full Year of Profitability for Fiscal Year Ended January 31, 2009- Net Income for fiscal year 2009 was $104 million compared to a loss of ($32) million in the year-ago period; Excluding the EchoStar damages award fiscal year 2009 net income would have been $0.3 million- Record Adjusted EBITDA for fiscal year 2009 was $120 million, compared to a loss of ($3) million in the year-ago period and a loss of ($31) million in fiscal 2007; Excluding the EchoStar damages award fiscal year 2009 Adjusted EBITDA would have been $32 million- Net loss for fourth quarter was ($3.6) million compared to ($6.4) in the year-ago period- Adjusted EBITDA for fourth quarter was $2.5 million compared to $0.9 million in the year-ago quarter, exceeding guidance- Significant progress in litigation with EchoStar; injunction enforcement stage underway- Teaming with SeaChange would enable cable operators to quickly deploy TiVo branded DVRs with Video on Demand and broadband services available via the TiVo service.- Deal with Alticast to help boost progress of TiVo's mass distribution efforts- TiVo Search revolutionizes the way viewers navigate and find content amid millions of broadcast, cable and broadband choices
ALVISO, Calif., March 2 /PRNewswire-FirstCall/ -- TiVo Inc. , the creator of and a leader in television services for digital video recorders (DVRs), today reported financial results for the fourth quarter and fiscal year ended January 31, 2009.
"This was another solid quarter for TiVo and we now bring to a close our most financially successful year ever as we recorded our first Adjusted EBITDA and net income positive year in Company history with or without the EchoStar litigation proceeds," said Tom Rogers, President and CEO of TiVo. "This significant milestone is the result of advancing our long-term growth drivers and future prospects and from more efficiently operating our business. As the economic turmoil continues to exert downward pressure on the entire consumer electronic industry, our strategy so far has proven effective. As of year end, the Company is on solid financial footing with a strong balance sheet with over $200 million in cash, cash equivalents, and short-term investments, no debt, and improved cash flow."
Mr. Rogers continued, "Importantly our litigation with EchoStar has entered the final enforcement stage. We won the original trial and received nearly $105 million in initial damages from EchoStar's infringement of our Time Warp patent. We believe they continue to infringe our patent and violate the injunction issued by the District Court requiring them to disable the DVR functionality in their infringing models. Last month, the District Court held an evidentiary hearing to assess EchoStar's new software and to determine whether EchoStar is in violation the injunction. We are awaiting the Court's ruling on these final matters and are confident in the outcome."
For the fourth quarter, Adjusted EBITDA was $2.5 million compared to $0.9 million in year-ago quarter, and exceeded guidance of ($2) million to ($4) million due in part to the Company's continued efforts to keep costs in line. TiVo reported a net loss of ($3.6) million, compared to guidance of a net loss of ($10) to ($12) million and a net loss of ($6.4) million in the fourth quarter of last year. Net loss per share was ($0.04), compared to a loss of ($0.06) per share for the fourth quarter of last year. Service and technology revenues were $48.5 million, compared with $58.1 million for the same period last year.
For the full year, Adjusted EBITDA for fiscal year 2009 was $120 million, compared to a loss of ($3) million in the prior year and a loss of ($31) million in fiscal year 2007. Excluding the EchoStar damages award, fiscal year 2009 Adjusted EBITDA would have been $32 million. TiVo reported net income of $104 million and a net income per basic share of $1.03, compared to a net loss of ($31.6) million, or ($0.32) per share, for the last fiscal year. Service and technology revenues were $209 million for the year, compared with $231 million for the prior year.
Rogers continued, "Comcast is fully marketing our product in the New England market and is in the process of adding and sharpening offers. For example, Comcast has just introduced a DVR with free TiVo service as an option for their triple play with HD. This makes Comcast DVR with TiVo service only $9.95 (as opposed to $2.95 for TiVo on top of the regular DVR service fee) all-in for anyone subscribing to triple play with HD. They are also working to prepare for the launch of TiVo in Chicago. Further, the work Comcast is doing in the NorthCentral division has been useful for them as they roll-out the tru2way technology infrastructure across their entire footprint.
"Speaking of cable partnerships, this quarter we have also embarked on two important initiatives to make it easier for cable operators to offer the truly differentiated TiVo experience to their subscribers. First, we have announced a relationship with SeaChange, one of the leading providers of cable video on demand solutions, with whom we would be able to integrate cable operators' video on demand services with current and future generations of retail TiVo hardware. This is a significant milestone for the industry, as it provides a way for cable operators to deploy a low cost TiVo platform that seamlessly combines the unique capability of cable VOD with the complete portfolio of broadband services now available via the TiVo service - all without having to invest in a major software porting effort. This collaboration would make it possible for consumers to experience the benefits of "two-way" cable programming services with existing "one-way" TiVo HD DVRs. We are excited about this development and its potential to enhance the competitive position of small and large cable operators alike by accelerating the deployment of next generation cable TV services.
"Our goal of lowering the deployment hurdle for operators also sparked another initiative we announced this quarter with Alticast, a leading provider of middleware software to pay television operators internationally. Porting TiVo software to the Alticast platform would make it easier for domestic and international operators to deploy the TiVo service on set top box platforms that run the Alticast software. We believe our efforts with Alticast will present some welcome new options for pay television providers who are rapidly being confronted with the two-fold challenge of needing to differentiate their consumer services while also reducing capital expenditures and operating expenses.
"Additionally, we continue to work on our new DIRECTV HD DVR. The new HD DVR will include popular TiVo broadband features, and will be immediately accessible to DIRECTV's entire national customer base on day-one of the launch. We have had a very successful history with DIRECTV and those subscribers are some of our most loyal customers. Now, as these customers look to upgrade from standard definition programming, they will have the option to choose the TiVo experience to help them truly get the most out of their high definition viewing experience.
"On the TiVo-Owned side of the business, we have made incredible strides toward creating the ultimate in-home media center that combines the best way to search and watch traditional television with the ability to access the vast amount of video and music choices available via broadband, delivering the most dynamic user experience on the market today. From our partnerships with Amazon, You Tube, Rhapsody and Netflix, to name a few, broadband enabled TiVo subscribers have access to more than five million pieces of content that are not available on cable or satellite.
"In a world of infinite content choice, channel flipping with the remote has become completely obsolete. TiVo not only facilitates the delivery of millions of pieces of content directly to the TV, but also provides viewers with the best experience for easily finding what they want to watch. To that end, last month we rolled out our revolutionary new TiVo Search, which features a high definition design that takes full advantage of the extra real estate that large flat screen TVs provide and makes searching millions of pieces of content even faster and easier. TiVo is the only solution with an interface that integrates broadband, broadcast and cable content delivery with the ability to search this content.
"In terms of our important partnership with Netflix, our users have wasted no time in adopting this feature, which allows many TiVo subscribers who also have a Netflix subscription to instantly stream thousands of movies directly to their television sets for no incremental charge. Almost half of TiVo users who are also Netflix subscribers have already accessed the Netflix library of more than 12,000 movies and TV episodes, after only launching a few short months ago. Such broad adoption speaks to the value and convenience of this service and it is already resulting in significant cross pollination between our two subscriber bases. In these difficult economic times, this is an ideal solution for consumers looking to cut back on discretionary spending with an in-home entertainment alternative to expensive nights out at the movies.
"Our strategy to keep acquisition costs and marketing spend down proved to be particularly effective this quarter as SAC was $114, down 17 percent from the year-ago quarter and was the lowest SAC in three years. As we have discussed in the past, we have benefitted in part from third party marketing efforts from retailers, content owners and consumer electronic manufacturers that market the TiVo product on our behalf as well as prior standard definition inventory reserve releases."
TiVo-Owned subscription gross additions for the fourth quarter were approximately 59,000, compared to 109,000 gross additions for the year-ago period. The TiVo-Owned monthly churn rate was 1.3%, down from both the third quarter and the year-ago quarter. Overall, TiVo-Owned subscriptions ended the quarter at approximately 1.6 million. As expected, TiVo reported a net decline in MSOs/Broadcaster subscriptions as many of our mass distribution deals are still in early phases of deployment and/or development. Cumulative total subscriptions as of January 31, 2009 were 3.3 million.
Rogers continued, "In a keynote address during the annual National Association of Television Program Executives (NATPE) conference last month, we addressed the challenges that commercial avoidance and infinite content choice present for advertisers and programmers and cautioned that if they do not confront these challenges with a greater sense of urgency, the economic consequences for the entire TV industry can be devastating. TiVo's role here is not only to encourage the industry to act, but just as important, to offer solutions that can help develop a television business model that actually creates new opportunities. If the industry acts to meet these challenges head on and doesn't sit idle, we believe that the golden age of television can still be ahead of us.
"To that end, even in a market where advertising expenditures are being pulled back, our advertising and audience measurement business continues to gain mind share. The expansion of the sample size from which our Stop||Watch(TM) ratings service derives anonymous, second-by-second audience research data, making it 25 times larger than other ratings services, has been lauded by agencies, marketers and networks. Just last month we added 17 additional names to our growing list of cable networks that we are now able to produce stable ratings measurements for, bringing the total to 93 broadcast and cable channels - 16 of which were previously unmeasured by the industry currency. In December, we launched a new interactive ad feature allowing advertisers to reach audiences with targeted product messages displayed within the pause screen of a Live or timeshifted program. In an age of infinite choice where the viewer is in total control of the content they watch, we continue to develop the innovative solutions that will help the media industry reach consumers in a DVR world."
Mr. Rogers concluded, "We have made significant progress during fiscal 2009. With uncertain economic conditions still ahead, we will continue to efficiently manage our standalone business while aggressively developing our relationships on the mass distribution, international and advertising fronts and fight to uphold the value of our intellectual property. We are beginning to see our long-term strategic initiatives bear fruit and are confident that our forward momentum will continue to produce solid financial performance and success in fiscal year 2010."
Management Provides Financial Guidance
For the first quarter of fiscal 2010, TiVo anticipates service and technology revenues in the range of $47 million to $49 million, a net loss in the range of ($6) million to ($8) million, and Adjusted EBITDA in the range of breakeven to $2 million.
This financial guidance is based on information available to management as of March 2, 2009. TiVo expressly disclaims any duty to update this guidance.
Management's guidance includes Adjusted EBITDA, a non-GAAP financial measure as defined in Regulation G. TiVo has provided a reconciliation of EBITDA and Adjusted EBITDA to net income (loss) in the attached schedules solely for the purpose of complying with Regulation G and not as an indication that EBITDA or Adjusted EBITDA is a substitute measure for net income (loss).
Conference Call and Webcast
TiVo will host a conference call and Webcast to discuss the fourth quarter financial and operating results and guidance outlook at 2:00 pm PT (5:00 pm ET), today, March 2, 2009. To listen to the discussion, please visit http://www.tivo.com/ir and click on the link provided for the Webcast or dial (888) 713-3587 (no password required). The Webcast will be archived and available through March 9, 2009 at http://www.tivo.com/ir or by calling (719) 457-0820 and entering the conference ID number 9600433.
About TiVo Inc.
Founded in 1997, TiVo pioneered a brand new category of products with the development of the first commercially available digital video recorder (DVR). Sold through leading consumer electronic retailers and TiVo.com, TiVo has developed a brand which resonates boldly with consumers as providing a superior television experience. Through agreements with leading satellite and cable providers, TiVo also integrates its DVR service features into the set-top boxes of mass distributors. TiVo's DVR functionality and ease of use, with such features as Season Pass(TM) recordings and WishList(R) searches and TiVo KidZone, have elevated its popularity among consumers and have created a whole new way for viewers to watch television. With a continued investment in its patented technologies, TiVo is revolutionizing the way consumers watch and access home entertainment. Rapidly becoming the focal point of the digital living room, TiVo's DVR is at the center of experiencing new forms of content on the TV, such as broadband delivered video, music, and photos. With innovative features, such as TiVoToGo(TM) transfers and online scheduling, TiVo is expanding the notion of consumers experiencing "TiVo, TV your way.(R)" The TiVo(R)service is also at the forefront of providing innovative marketing solutions for the television industry, including a unique platform for advertisers and audience research measurement.
TiVo, "TiVo, TV your way." Season Pass, WishList, TiVoToGo, and the TiVo Logo are trademarks or registered trademarks of TiVo Inc.'s subsidiaries worldwide. (C) 2009 TiVo Inc. All rights reserved
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to, among other things, TiVo's future business and growth strategies including TiVo's mass distribution strategy, profitability and financial guidance, distribution of the TiVo service domestically with Comcast and DIRECTV as well as internationally, future initiatives with SeaChange and Alticast, growth and innovation in TiVo's advertising and audience research measurement business, the timing and availability of broadband content, the results of TiVo's litigation with EchoStar, how TiVo intends to exploit its intellectual property, TiVo's future marketing spend and related activities, and financial performance. Forward-looking statements generally can be identified by the use of forward- looking terminology such as, "believe," "expect," "may," "will," "intend," "estimate," "continue," or similar expressions or the negative of those terms or expressions. Such statements involve risks and uncertainties, which could cause actual results to vary materially from those expressed in or indicated by the forward-looking statements. Factors that may cause actual results to differ materially include delays in development, competitive service offerings and lack of market acceptance, as well as the other potential factors described under "Risk Factors" in the Company's public reports filed with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the fiscal year ended January 31, 2008, our Quarterly Reports on Form 10-Q for the fiscal periods ended April 30, 2008, July 31, 2008, and October 31, 2008 and our Current Reports on Form 8-K. The Company cautions you not to place undue reliance on forward-looking statements, which reflect an analysis only and speak only as of the date hereof. TiVo disclaims any obligation to update these forward-looking statements.
TIVO INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share and share amounts)
(unaudited)
Three Months Ended Twelve Months Ended
January 31, January 31,
------------------ -------------------
2009 2008 2009 2008
---- ---- ---- ----
Revenues
Service revenues $44,115 $51,025 $188,408 $211,496
Technology revenues 4,353 7,027 20,126 19,382
Hardware revenues 10,712 16,066 41,133 41,798
------- ------- ------- -------
Net revenues 59,180 74,118 249,667 272,676
Cost of revenues
Cost of service
revenues (1) 11,180 12,019 44,603 42,976
Cost of technology
revenues (1) 2,740 5,252 12,300 17,367
Cost of hardware
revenues 15,764 23,929 57,742 92,052
------- ------- ------- -------
Total cost of revenues 29,684 41,200 114,645 152,395
------- ------- ------- -------
Gross margin 29,496 32,918 135,022 120,281
------- ------- ------- -------
Research and
development (1) 15,459 15,416 62,083 58,780
Sales and
marketing (1) 6,517 7,336 24,944 23,987
Sales and marketing,
subscription
acquisition costs 1,690 7,195 6,038 31,050
General and
administrative (1) 11,382 10,234 42,931 42,954
Litigation proceeds - - (87,811) -
------- ------- ------- -------
Total operating
expenses 35,048 40,181 48,185 156,771
------- ------- ------- -------
Income (loss) from
operations (5,552) (7,263) 86,837 (36,490)
Interest income,
includes $16,789
related to litigation
proceeds in the twelve
months ended
January 31, 2009 423 1,066 18,636 5,031
Interest expense and
other (278) (183) (553) (102)
------- ------- ------- -------
Income (loss)
before income
taxes (5,407) (6,380) 104,920 (31,561)
Provision for
income taxes 1,840 (22) (1,328) (30)
------- ------- ------- -------
Net income (loss) $(3,567) $(6,402) $103,592 $(31,591)
======= ======= ======== ========
Net income (loss)
per common
share - basic $(0.04) $(0.06) $1.03 $(0.32)
======= ======= ======= ========
Net income (loss) per
common share -
diluted $(0.04) $(0.06) $1.01 $(0.32)
======= ======= ======= ========
Weighted average
common shares
used to calculate
basic net income
(loss) per share 101,303,123 98,517,991 100,389,980 97,510,576
=========== ========== =========== ==========
Weighted average
common shares
used to calculate
diluted net income
(loss) per share 101,303,123 98,517,991 102,595,607 97,510,576
=========== ========== =========== ==========
(1) Includes stock-based
compensation expense
as follows :
Cost of service
revenues $229 $216 $903 $729
Cost of technology
revenues 477 729 2,071 2,422
Research and
development 2,235 1,934 8,805 7,326
Sales and marketing 557 737 2,089 2,205
General and
administrative 2,501 2,081 9,552 10,157
TIVO INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share amounts)
(unaudited)
January 31, January 31,
2009 2008
---- ----
ASSETS
CURRENT ASSETS
Cash and cash equivalents $162,337 $78,812
Short-term investments 44,991 20,294
Accounts receivable, net of allowance for
doubtful accounts of $770 and $1,194 14,283 20,019
Inventories 13,027 17,748
Prepaid expenses and other, current 4,896 3,792
-------- --------
Total current assets 239,534 140,665
LONG-TERM ASSETS
Property and equipment, net 10,285 11,349
Purchased technology, capitalized software,
and intangible assets, net 10,597 13,522
Prepaid expenses and other, long-term 1,268 1,513
Long-term investments 3,944 -
-------- --------
Total long-term assets 26,094 26,384
-------- --------
Total assets $265,628 $167,049
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
CURRENT LIABILITIES
Accounts payable $9,844 $23,615
Accrued liabilities 25,054 29,536
Deferred revenue, current 47,560 59,341
-------- --------
Total current liabilities 82,458 112,492
LONG-TERM LIABILITIES
Deferred revenue, long-term 28,557 38,128
Deferred rent and other long-term liabilities 126 309
------ ------
Total long-term liabilities 28,683 38,437
-------- --------
Total liabilities 111,141 150,929
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Preferred stock, par value $0.001:
Authorized shares are 10,000,000;
Issued and outstanding shares -
none - -
Common stock, par value $0.001:
Authorized shares are 275,000,000;
Issued shares are 103,604,015 and
100,098,426, respectively, and
outstanding shares
are 103,370,523 and 99,970,947,
respectively 104 100
Additional paid-in capital 829,273 792,654
Accumulated deficit (672,196) (775,788)
Treasury stock, at cost - 233,492 shares
and 127,479 shares, respectively (1,659) (846)
Unrealized loss on marketable securities (1,035) -
-------- --------
Total stockholders' equity 154,487 16,120
-------- --------
Total liabilities and
stockholders' equity $265,628 $167,049
======== ========
TIVO INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(unaudited)
Twelve Months
Ended January 31,
------------------
2009 2008
---- ----
CASH FLOWS FROM OPERATING ACTIVITIES
Net income(loss) $103,592 $(31,591)
Adjustments to reconcile net
income(loss) to net cash provided
by(used in) operating activities:
Depreciation and amortization of
property and equipment and
intangibles 9,783 10,326
Stock-based compensation expense 23,420 22,839
Inventory write-down - 5,892
Loss on inventory barter transaction,
utilization, and write-down of
trade credits 638 1,331
Allowance for doubtful accounts 470 923
Changes in assets and liabilities:
Accounts receivable 5,266 (301)
Inventories 4,721 3,566
Prepaid expenses and other (1,497) 227
Accounts payable (14,623) (12,437)
Accrued liabilities (4,530) (9,358)
Deferred revenue (21,352) (22,254)
Deferred rent and other long-term
liabilities (183) (1,253)
-------- ---------
Net cash provided by(used in)
operating activities $105,705 $(32,090)
-------- ---------
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of short-term and long-term
investments (49,976) (30,808)
Sales of short-term investments 20,300 50,200
Acquisition of property and equipment (4,549) (7,422)
Acquisition of intangibles (319) (375)
-------- ---------
Net cash provided by (used in)
investing activities $(34,544) $11,595
-------- ---------
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of common
stock related to exercise of common
stock options 9,240 7,107
Proceeds from issuance of common
stock related to employee stock
purchase plan 3,963 3,397
Treasury Stock - repurchase of stock
for tax withholding (813) (276)
Payment under capital lease obligation (26) -
-------- ---------
Net cash provided
by financing activities $12,364 $10,228
-------- ---------
NET INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS $83,525 $(10,267)
-------- ---------
CASH AND CASH EQUIVALENTS:
Balance at beginning of period 78,812 89,079
-------- ---------
Balance at end of period $162,337 $78,812
======== =========
TIVO INC.
OTHER DATA
Guidance
Reconciliation
Three Months Twelve Months Three Months
Ended Ended Ending
January 31, January 31, April 30,
-------------- -------------- --------------
2009 2008 2009 2008 2009
---- ---- ---- ---- ----
(In thousands) (In thousands) (In millions)
Net income (loss) $(3,567) $(6,402)$103,592 $(31,591) $(8) - $(6)
Add back:
Depreciation &
amortization 2,314 2,675 9,783 10,326 $2 - $3
Interest income &
expense (418) (1,050) (18,583) (4,975) $(1)
Provision for
income tax (1,840) 22 1,328 30 $0
-------- -------- -------- -------- --------
EBITDA (3,511) (4,755) 96,120 (26,210) $(6) - $(4)
Stock-based
compensation 5,999 5,697 23,420 22,839 $6
-------- -------- -------- -------- --------
Adjusted
EBITDA $2,488 $942 $119,540 $(3,371) $0 - $2
======== ======== ======== ======== ========
Provision for income tax. The income tax expense of $1.3 million for the year ended January 31, 2009 differs from expected tax expense of $36.7 million at the statutory rate of 35% primarily due to utilization of $48 million of net operating losses and $63 million of other deferred tax assets. The income tax expense for the year ended January 31, 2009 is comprised primarily of federal and state alternative minimum taxes. As of January 31, 2009, the Company had net operating loss carryforwards for federal and state income tax purposes of approximately $410 million and $119 million respectively, available to reduce future income subject to income taxes.
EBITDA and Adjusted EBITDA Results. TiVo's "EBITDA" means income before interest income and expense, provision for income taxes and depreciation and amortization. TiVo's "Adjusted EBITDA" is EBITDA less expense for stock-based compensation. EBITDA and Adjusted EBITDA are not measures of financial performance under generally accepted accounting principles, which we refer to as GAAP. We have presented EBITDA and Adjusted EBITDA solely as supplemental disclosure because we believe they allow for a more complete analysis of our results of operations and we believe that EBITDA and Adjusted EBITDA are useful to investors because EBITDA and Adjusted EBITDA are commonly used to analyze companies on the basis of operating performance. In addition, because of the variety of equity awards used by companies, the varying methodologies for determining stock-based compensation expense, and the subjective assumptions involved in those determinations, we believe excluding stock-based compensation enhances the ability of management and investors evaluate our operating performance over multiple periods. Management does not use EBITDA or Adjusted EBITDA as a measure of liquidity because, among other things, they do not exclude the impact of deferred revenues associated with the amortization of product lifetime subscriptions. We do not use stock-based compensation expense in our internal measures. A limitation associated with these non-GAAP measures is that they do not include any stock-based compensation expense related to hiring, retaining, and incentivizing the Company's workforce. EBITDA and Adjusted EBITDA are not intended to represent, and should not be considered more meaningful than, or as an alternative to, measures of operating performance as determined in accordance with GAAP.
Adjusted EBITDA and Net Income Excluding EchoStar Damages Award. We have presented Adjusted EBITDA and Net Income for fiscal year 2009, excluding the impact of the approximately $103.3 million in EchoStar damages received by us in fiscal year 2009, net of tax expense of approximately $1.3 million, solely as supplemental disclosure because we believe the presentation of these non-GAAP measures will allow for a more complete analysis by our investors of our prior year results and our on-going results of operations when compared to our fiscal year 2009 results given our belief of the non-ordinary nature of EchoStar damages award when compared to prior and future years.
TIVO INC.
OTHER DATA
Subscriptions
Three Months Twelve Months
Ended Ended
January 31, January 31,
------------ ------------
(Subscriptions in thousands) 2009 2008 2009 2008
---------------------------- ---- ---- ---- ----
TiVo-Owned Subscription Gross Additions 59 109 187 276
Subscription Net Additions/(Losses):
TiVo-Owned (4) 33 (91) 19
MSOs/Broadcasters (121) (155) (520) (518)
---- ---- ---- ----
Total Subscription Net Additions/
(Losses) (125) (122) (611) (499)
Cumulative Subscriptions:
TiVo-Owned 1,654 1,745 1,654 1,745
MSOs/Broadcasters 1,681 2,201 1,681 2,201
----- ----- ----- -----
Total Cumulative Subscriptions 3,335 3,946 3,335 3,946
% of TiVo-Owned Cumulative Subscriptions
paying recurring fees 59% 61% 59% 61%
Included in the 1,654,000 TiVo-Owned subscriptions are approximately
225,000 lifetime subscriptions that have reached the end of the period
TiVo uses to recognize lifetime subscription revenue. These lifetime
subscriptions no longer generate subscription
Subscriptions. Management reviews this metric, and believes it may be useful to investors, in order to evaluate our relative position in the marketplace and to forecast future potential service revenues. The TiVo-Owned lines refer to subscriptions sold directly or indirectly by TiVo to consumers who have TiVo-enabled DVRs and for which TiVo incurs acquisition costs. The MSOs/Broadcasters lines refer to subscriptions sold to consumers by MSOs/Broadcasters such as DIRECTV, Cablevision Mexico, Seven (Australia), and Comcast for which TiVo expects to incur little or no acquisition costs. Additionally, we provide a breakdown of the percent of TiVo-Owned subscriptions for which consumers pay recurring fees, including on a monthly and a prepaid one, two, or three year basis, as opposed to a one-time prepaid product lifetime fee.
We define a "subscription" as a contract referencing a TiVo-enabled DVR for which (i) a consumer has committed to pay for the TiVo service and (ii) service is not canceled. We count product lifetime subscriptions in our subscription base until both of the following conditions are met: (i) the period we use to recognize product lifetime subscription revenues ends; and (ii) the related DVR has not made contact to the TiVo service within the prior six month period. Product lifetime subscriptions past this period which have not called into the TiVo service for six months are not counted in this total. Effective November 1, 2008, we extended the period we use to recognize product lifetime subscription revenues from 54 months to 60 months for all product lifetime subscriptions acquired on or before October 31, 2007. We now amortize all product lifetime subscriptions over a 60 month period. We are not aware of any uniform standards for defining subscriptions and caution that our presentation may not be consistent with that of other companies. Additionally, the subscription fees that some of our MSOs/Broadcasters pay us may be based upon a specific contractual definition of a subscriber or subscription which may not be consistent with how we define a subscription for our reporting purposes.
TIVO INC.
OTHER DATA - KEY BUSINESS METRICS
Three Months Twelve Months
Ended Ended
January 31, January 31,
----------- -----------
TiVo-Owned Churn Rate 2009 2008 2009 2008
--------------------- ---- ---- ---- ----
(In thousands, except churn
rate per month)
Average TiVo-Owned subscriptions 1,656 1,727 1,695 1,721
TiVo-Owned subscription cancellations (63) (76) (278) (257)
---- ---- ---- ----
TiVo-Owned Churn Rate per month -1.3% -1.5% -1.4% -1.2%
---- ---- ---- ----
TiVo-Owned Churn Rate per Month. Management reviews this metric, and believes it may be useful to investors, in order to evaluate our ability to retain existing TiVo-Owned subscriptions (including both monthly and product lifetime subscriptions) by providing services that are competitive in the market. Management believes factors such as service enhancements, service commitments, higher customer satisfaction, and improved customer support may improve this metric. Conversely, management believes factors such as increased competition, lack of competitive service features such as high definition television recording capabilities in our lowest cost product offerings, and increased price sensitivity may cause our TiVo-Owned Churn Rate per month to increase.
We define the TiVo-Owned Churn Rate per month as the total TiVo-Owned subscription cancellations in the period divided by the Average TiVo-Owned subscriptions for the period (including both monthly and product lifetime subscriptions), which then is divided by the number of months in the period. We calculate Average TiVo-Owned subscriptions for the period by adding the average TiVo-Owned subscriptions for each month and dividing by the number of months in the period. We calculate the average TiVo-Owned subscriptions for each month by adding the beginning and ending subscriptions for the month and dividing by two. We are not aware of any uniform standards for calculating churn and caution that our presentation may not be consistent with that of other companies.
Three Months Ended Twelve Months Ended
January 31, January 31,
------------- --------------
2009 2008 2009 2008
---- ---- ---- ----
Subscription Acquisition Costs (In thousands, except SAC)
------------------------
Sales and marketing,
subscription
acquisition costs $1,690 $7,195 $6,038 $31,050
Hardware revenues (10,712) (16,066) (41,133) (41,798)
Less: MSOs/Broadcasters-
related hardware revenues 362 - 9,333 -
Cost of hardware revenues 15,764 23,929 57,742 92,052
Less: MSOs/Broadcasters-
related cost of
hardware revenues (385) - (8,590) -
------ ------ ------ ------
Total Acquisition Costs 6,719 15,058 23,390 81,304
====== ====== ====== ======
TiVo-Owned Subscription
Gross Additions 59 109 187 276
Subscription Acquisition
Costs (SAC) $114 $138 $125 $295
====== ====== ====== ======
Subscription Acquisition Cost or SAC. Management reviews this metric, and believes it may be useful to investors, in order to evaluate trends in the efficiency of our marketing programs and subscription acquisition strategies. We define SAC as our total TiVo-Owned acquisition costs for a given period divided by TiVo-Owned subscription gross additions for the same period. We define total acquisition costs as sales and marketing, subscription acquisition costs less net TiVo-Owned related hardware revenues (defined as TiVo-Owned related gross hardware revenues less rebates, revenue share and market development funds paid to retailers) plus TiVo-Owned related cost of hardware revenues. The sales and marketing, subscription acquisition costs line item includes advertising expenses and promotion-related expenses directly related to subscription acquisition activities, but does not include expenses related to advertising sales. We do not include third parties subscription gross additions, such as MSOs/Broadcasters' gross additions with TiVo subscriptions, in our calculation of SAC because we typically incur limited or no acquisition costs for these new subscriptions, and so we also do not include MSOs/Broadcasters' sales and marketing, subscription acquisition costs, hardware revenues, or cost of hardware revenues in our calculation of TiVo-Owned SAC. We are not aware of any uniform standards for calculating total acquisition costs or SAC and caution that our presentation may not be consistent with that of other companies.
Three Months Ended Twelve Months Ended
January 31, January 31,
------------- -------------
TiVo-Owned Average Revenue per
Subscription 2009 2008 2009 2008
------------------------------ ---- ---- ---- ----
(In thousands, except ARPU)
Total Service revenues $44,115 $51,025 $188,408 $211,496
Less: MSOs/Broadcasters-related
service revenues (5,137) (7,133) (22,412) (27,440)
------ ------ ------- -------
TiVo-Owned-related service revenues 38,978 43,892 165,996 184,056
Average TiVo-Owned
revenues per month 12,993 14,631 13,833 15,338
Average TiVo-Owned per month
subscriptions 1,656 1,727 1,695 1,721
------ ------ ------ ------
TiVo-Owned ARPU per month $7.85 $8.47 $8.16 $8.91
====== ====== ====== ======
Three Months Ended Twelve Months Ended
January 31, January 31,
------------- -------------
MSOs/Broadcasters Average Revenue
per Subscription 2009 2008 2009 2008
--------------------------------- ---- ---- ---- ----
(In thousands, except ARPU)
Total Service revenues $44,115 $51,025 $188,408 $211,496
Less: TiVo-Owned-related
service revenues (38,978) (43,892) (165,996) (184,056)
------- ------- -------- --------
MSOs/Broadcasters-related
service revenues 5,137 7,133 22,412 27,440
Average MSOs/Broadcasters
revenues per month 1,712 2,378 1,868 2,287
Average MSOs/Broadcasters per
month subscriptions 1,743 2,279 1,939 2,481
------- ------- ------- -------
MSOs/Broadcasters ARPU per month $0.98 $1.04 $0.96 $0.92
======= ======= ======= =======
Average Revenue Per Subscription or ARPU. Management reviews this metric, and believes it may be useful to investors, in order to evaluate the potential of our subscription base to generate revenues from a variety of sources, including subscription fees, advertising, and audience research measurement. ARPU does not include rebates, revenue share, and other payments to channel that reduce our GAAP revenues. As a result, you should not use ARPU as a substitute for measures of financial performance calculated in accordance with GAAP. Management believes it is useful to consider this metric excluding the costs associated with rebates, revenue share, and other payments to channel because of the discretionary and varying nature of these expenses and because management believes these expenses, which are included in hardware revenues, net, are more appropriately monitored as part of SAC. We are not aware of any uniform standards for calculating ARPU and caution that our presentation may not be consistent with that of other companies.
We calculate ARPU per month for TiVo-Owned subscriptions by subtracting MSOs/Broadcaster-related service revenues (which includes MSOs/Broadcasters' subscription service revenues and MSOs/Broadcasters'-related advertising revenues) from our total reported net service revenues and dividing the result by the number of months in the period. We then divide by Average TiVo-Owned subscriptions for the period, calculated as described above for churn rate. The above table shows this calculation.
We calculate ARPU per month for MSOs/Broadcasters' subscriptions by first subtracting TiVo-Owned-related service revenues (which includes TiVo-Owned subscription service revenues and TiVo-Owned related advertising revenues) from our total reported service revenues. Then we divide average revenues per month for MSOs/Broadcasters'-related service revenues by the average MSOs/Broadcasters' subscriptions for the period.
Beginning in February 2006, TiVo began deferring a portion of the DIRECTV subscription fees equal to the fair value of the undelivered development services. Additionally, beginning in February 2007, DIRECTV began paying us a monthly fee for all DIRECTV households with DIRECTV receivers with TiVo service similar to the lower amount paid by DIRECTV for households with DIRECTV receivers with TiVo service deployed since March 15, 2002, subject to a monthly minimum payment by DIRECTV.
TiVo Inc.
CONTACT: Investor Relations, Derrick Nueman of TiVo, +1-408-519-9677, ir@tivo.com; or Media Relations, Mike Boccio of Sloane & Company, +1-212-446-1867, mboccio@sloanepr.com, for TiVo
Web Site: http://www.tivo.com/
SRA Awarded $48 Million Task Order by USTRANSCOMProviding automatic identification technology expertise throughout the Department of Defense
FAIRFAX, Va., March 2 /PRNewswire-FirstCall/ -- SRA International, Inc. , a leading provider of technology and strategic consulting services and solutions to government organizations and commercial clients, today announced it has been awarded a five-year indefinite delivery/indefinite quantity (IDIQ) re-compete contract by the U.S. Transportation Command (USTRANSCOM). The base task order is $13.3 million over the contract period with a ceiling of $48 million.
Under the contract, SRA will continue to support USTRANSCOM and their partners (Office of the Secretary of Defense, Joint Staff, Combatant Commands, Military Services and Defense Agencies) with policy and standards development, program management, implementation and strategic planning to improve the overall Department of Defense (DOD) distribution process. SRA contributes directly to the effectiveness of the agency's worldwide automatic identification technology (AIT) backbone, enabling automatic capture of data and enhancing the ability to track, document and control deploying forces, equipment, personnel and sustainment supplies.
"Having been a part of DOD's Logistics and AIT office for 10 years, SRA is in a position to ensure uninterrupted support to this critical requirement," said SRA Vice President and Director, Logistics, George Batsakis. "AIT and the related technology known as radio frequency identification (RFID) are critical components of the DOD supply chain. By continuing to provide subject matter expertise to USTRANSCOM and its national partners, SRA will contribute to policy, standards and planning activities related to the broader DOD AIT requirement."
Beyond support to the AIT requirements, SRA also supports the DOD's broader logistics needs. SRA's solutions-based professional services involve the integration of RFID and related technologies, supply chain optimization techniques (e.g., SCOR(R) and Lean Six Sigma), enterprise resource planning (ERP) and support for total lifecycle systems management, including network design and optimization, data mining and distributed information management for logistics situational awareness and common operating picture.
About SRA International, Inc.
SRA and its subsidiaries are dedicated to solving complex problems of global significance for government organizations serving the national security, civil government and global health markets. Founded in 1978, the company and its subsidiaries have expertise in such areas as air surveillance and air traffic management; contract research organization (CRO) services; cybersecurity; disaster response planning; enterprise resource planning; environmental strategies; IT systems, infrastructure and managed services; logistics; public health preparedness; strategic management consulting; systems engineering; and wireless integration.
fortune(R) magazine has chosen SRA as one of the "100 Best Companies to Work For" for ten consecutive years. The company and its subsidiaries employ more than 6,900 employees serving clients from headquarters in Fairfax, Va., and offices around the world. For additional information on SRA, please visit http://www.sra.com/.
Any statements in this press release about future expectations, plans, and prospects for SRA, including statements about the estimated value of the contract and work to be performed, and other statements containing the words "estimates," "believes," "anticipates," "plans," "expects," "will," and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements. In addition, the forward-looking statements included in this press release represent our views as of March 2, 2009. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to March 2, 2009.
SRA International, Inc.
CONTACT: Sheila S. Blackwell, Vice President, Communications & Public Affairs, +1-703-227-8345, sheila_blackwell@sra.com, or Susie Mouri, Manager, Sector Communications, +1-703-803-1945, susie_mouri@sra.com, both of SRA International, Inc.
Web Site: http://www.sra.com/
Bell to acquire national electronics retailer The SourceSupports Bell's strategy to accelerate wireless and leverage momentum in digital television, high-speed Internet and home phone servicesAdds more than 750 stores across Canada to Bell's national distribution network
MONTREAL, March 2 /PRNewswire-FirstCall/ -- Bell today announced it has agreed to acquire national consumer electronics retailer The Source to further enhance the growth of Bell's wireless, digital TV, Internet and home phone services.
"The Source is a respected leader in consumer electronics retailing right across Canada. Its acquisition supports Bell's strategic imperatives to accelerate wireless and leverage momentum in wireline services like Bell TV, Bell Internet and Bell Home Phone," said George Cope, President and CEO of Bell and BCE.
"With its strong national presence, brand, and management team, acquiring The Source represents a competitive and cost-effective approach to ensuring Bell's leadership in delivering the best communications products to Canadians," Mr. Cope said. "Expanding the number of places people can buy Bell products is a core element in the execution of Bell's strategy to achieve our goal: To be recognized by customers as Canada's leading communications company."
In addition to its extensive lineup of consumer electronics products, The Source plans to carry the full array of Bell consumer services at its more than 750 stores across Canada, including Bell Mobility, Solo Mobile and potentially Virgin Mobile wireless products and services, Bell TV's industry-leading High Definition television services, high-speed Bell Internet, and Bell Home Phone products, by January 2010.
The Source will continue to operate independently from Bell following its acquisition and will maintain its well-known national brand, broad range of communications, computing and audio products, and its seasoned management team to be led by Ron Cuthbertson, a respected 30-year retail veteran and most recently President of The Source.
"The Source's new relationship with Bell will make the most of the combined strengths of both organizations in terms of products, service and national brand strength," said Mr. Cuthbertson. "Combining Bell's industry-leading roster of communications services with the brand, distribution presence, and consumer retailing expertise of The Source will contribute positively to the long-term growth of both businesses going forward."
The Source has a track record of profitability over the past seven years. LTM (latest twelve month) revenue as of December 31, 2008 was approximately $643 million while LTM EBITDA(1) (earnings before interest, taxes, depreciation and amortization) was approximately $27 million for the same period.
The acquisition of The Source and its more than 750 retail stores, most of them in high-traffic mall locations, is a faster and more cost-effective approach to increasing Bell's national distribution footprint than building out new retail locations. More than 70% of Canadians live within five kilometres of stores operated or licensed by The Source, and more than 80 million technology-savvy consumers shop at The Source each year.
Bell is acquiring substantially all of the assets of The Source, which was acquired by Circuit City Stores, Inc. in March 2004. On November 10, 2008, Circuit City and certain of its U.S. subsidiaries voluntarily commenced bankruptcy proceedings under Chapter 11 of the United States Bankruptcy Code and The Source commenced a voluntary proceeding under the Companies' Creditors Arrangement Act (CCAA). Bell is acquiring The Source pursuant to the court monitored sale process being managed by NM Rothschild & Sons Canada Ltd. in connection with the proceedings under the CCAA.
Subject to court approval and other customary conditions to closing, the transaction is expected to close in Q3 2009. Due to the nature of the sale process and at the request of The Source, Bell does not expect to disclose the purchase price until after the completion of the transaction.
About BCE
BCE (TSX, NYSE: BCE) is Canada's largest communications company, providing the most comprehensive and innovative suite of communication services to residential and business customers in Canada. Operating under the Bell brand, the Company's services include Bell Home Phone local and long distance services, Bell Mobility and Solo Mobile wireless, high-speed Bell Internet, Bell TV direct-to-home satellite and VDSL television, IP-broadband services and information and communications technology (ICT) services. BCE shares are listed in Canada and the United States. For corporate information on BCE, please visit http://www.bce.ca/. For Bell product and service information, please visit http://www.bell.ca/.
(1) EBITDA does not have a standardized meaning according to GAAP, and so
is unlikely to be comparable to similar earnings measures presented by
other companies. EBITDA has been defined by The Source to be earnings
before interest, taxes, depreciation and amortization. The most
comparable GAAP financial measure is operating income. EBITDA of
$27 million represents net operating income (excluding non-recurring and
CCAA reorganization costs) of $16 million plus depreciation expense of
$11 million.
Caution Concerning Forward-Looking Statements
This news release contains forward-looking statements relating to the proposed acquisition of The Source by a subsidiary of Bell Canada, strategic benefits and competitive and cost efficiencies expected to result from the transaction and other statements that are not historical facts. Such forward-looking statements are subject to important risks, uncertainties and assumptions and the results or events predicted in these forward-looking statements may differ materially from actual results or events. As a result, we cannot guarantee that any forward-looking statement will materialize and you are cautioned not to place undue reliance on these forward-looking statements.
The timing and completion of the proposed acquisition of The Source by a subsidiary of Bell Canada is subject to customary closing conditions and other risks and uncertainties including, without limitation, court approvals, third party consents and any required regulatory approvals or expiry of any required regulatory waiting periods. Accordingly, there can be no assurance that any transaction between Bell Canada and The Source will occur, or that it will occur on the timetable contemplated in this news release. There can also be no assurance that the strategic benefits and competitive and cost efficiencies expected to result from the transaction will be fully realized.
The forward-looking statements contained in this news release are made as of the date of this release and, accordingly, are subject to change after such date. Except as may be required by Canadian securities laws, we do not undertake any obligation to update or revise any forward-looking statements contained in this news release, whether as a result of new information, future events or otherwise.
BCE & BELL CORPORATE & FINANCIAL
CONTACT: For media inquiries, please contact: Mark Langton, (416) 581-4339, 1-888-482-0809, mark.langton@bell.ca; For investor inquiries, please contact: Thane Fotopoulos, (514) 870-4619, thane.fotopoulos@bell.ca
Continental Airlines Ranked No. 1 World's Most Admired Airline by FORTUNE MagazineSixth consecutive year as FORTUNE World's Most Admired airline
HOUSTON, March 2 /PRNewswire-FirstCall/ -- Continental Airlines today announced that it was again rated the top airline on FORTUNE magazine's annual airline industry list of World's Most Admired Companies. This is the sixth consecutive year that Continental has topped that list.
"Continental's more than 42,000 co-workers are the reason for our success, and I'm proud to see their hard work recognized again this year," said Continental Chairman and Chief Executive Officer Larry Kellner. "They have shown once again that they are the best team in the airline industry."
The rankings are determined in a survey of corporate and airline executives, boards of directors and industry analysts. Companies are evaluated according to the following criteria: quality of products/services, global competitiveness, people management, quality of management, social responsibility, innovation, use of corporate assets, financial soundness and long-term investment.
Continental received an overall score of 7.71, followed by Air France-KLM Group (7.15), Southwest Airlines (6.89), Singapore Airlines (6.85), Lufthansa Group (6.57) and Delta Air Lines (6.18).
Additionally, Continental was ranked among the top ten companies for management quality across all industries on the FORTUNE World's Most Admired Companies survey.
The results are from the magazine's March 16, 2009, issue.
Continental Airlines is the world's fifth largest airline. Continental, together with Continental Express and Continental Connection, has more than 2,800 daily departures throughout the Americas, Europe and Asia, serving 135 domestic and 132 international destinations. More than 650 additional points are served via alliance partners. With more than 42,000 employees, Continental has hubs serving New York, Houston, Cleveland and Guam, and together with Continental Express, carries approximately 67 million passengers per year.
Celebrating its 75th anniversary this year, Continental consistently earns awards and critical acclaim for both its operation and its corporate culture. For more company information, go to continental.com.
Continental Airlines
CONTACT: Corporate Communications of Continental Airlines, +1-713-324-5080, corpcomm@coair.com
Web Site: http://www.continental.com/
One-Chip Interface IC from STMicroelectronics Keeps Card-Slot Feature Phones TrimEMIF06-mSD02N16 shrinks 35-sq.mm electrical interface into 1.2x3.5mm footprint
GENEVA, March 2 /PRNewswire-FirstCall/ -- By 2010 almost 70% of cellular handsets sold will feature a slot for a removable memory card*. Designers can minimize the impact of this feature on handset dimensions by using the EMIF06-mSD02N16 SD Card interface IC announced by STMicroelectronics , a world leader in analog ICs.
Filtering and protection circuitry for an SD Card slot can occupy some 35 square millimeters of board space, but the 1.2 x 3.5mm EMIF06-mSD02N16 saves up to 88% of this area to help designers manage PCB dimensions. All necessary electromagnetic (EMI) filtering, electrostatic discharge (ESD) protection and pull-up resistors are provided on-chip. Support for either electrical or mechanical methods of detecting card insertion maximizes flexibility for handset designers. The EMIF06-mSD02N16 also has a very low mounted height of 0.5mm for use in ultra-slim handset designs, and is the smallest and most highly integrated SD card-interface IC available. The interface supports standard SD cards as well as the MiniSD and MicroSD formats, and will also save space in devices such as ultra-mobile PCs and digital cameras.
Removable memory is an exciting feature for coming generations of handsets, enabling downloading, transferring and sharing of media as well as purchasing of content such as e-books. SD formats already dominate mobile phones and other consumer electronic platforms, and iSupply predicts MiniSD and MicroSD will make up 90% of all card slots in 2010. In addition, the SD Card Association has recently extended its roadmap by announcing Embedded SD, which will enable removable and embedded memory to share a common interface leading to simpler system design.
The EMIF06-mSD02N16 enables mobile phone suppliers and users to benefit from the SD format's powerful positioning, and is available immediately priced at $0.32 each in quantities of 10,000 units.
About STMicroelectronics
STMicroelectronics is a global leader in developing and delivering semiconductor solutions across the spectrum of microelectronics applications. An unrivalled combination of silicon and system expertise, manufacturing strength, Intellectual Property (IP) portfolio and strategic partners positions the Company at the forefront of System-on-Chip (SoC) technology and its products play a key role in enabling today's convergence markets. The Company's shares are traded on the New York Stock Exchange, on Euronext Paris and on the Milan Stock Exchange. In 2008, the Company's net revenues were $9.84 billion. Further information on ST can be found at http://www.st.com/.
* According to iSuppli
STMicroelectronics
CONTACT: Michael Markowitz of STMicroelectronics, +1-212-821-8959, michael.markowitz@st.com
Web Site: http://www.st.com/
Ameren Board Announces Executive Management Changes, Nominates Two New Directors for Election at Annual Meeting in April
ST. LOUIS, March 2 /PRNewswire-FirstCall/ -- The board of directors of Ameren Corporation announced today that, effective May 1, 2009, Thomas R. Voss will succeed Gary L. Rainwater as president and chief executive officer of Ameren, with Rainwater remaining with Ameren in the role of executive chairman. Voss is currently president and chief executive officer of AmerenUE, the company's regulated Missouri utility company.
The board also nominated as directors Voss and Ellen M. Fitzsimmons, senior vice president of law and public affairs, general counsel and corporate secretary of CSX Corporation, a leading transportation supplier. Voss and Fitzsimmons are nominees for election at the Ameren Corporation annual meeting of shareholders on April 28.
"Gary Rainwater will continue to serve Ameren as he has throughout his 30-year career with great distinction," said Patrick T. Stokes, lead director of the Ameren board and former chairman of Anheuser-Busch Companies, Inc. "Gary has directed strategic planning for a range of corporate initiatives, including three acquisitions that tripled the company's customer base over the past decade. More recently, his leadership was critical in formulating a strategic response to the global financial crisis and volatile market conditions. That response has included acting swiftly to increase the company's liquidity by cutting spending and reducing the common stock dividend--a tough but necessary decision. Gary's strong leadership and principled approach have positioned the company for future success."
Rainwater noted that Voss brings to the position of president and chief executive officer 40 years of experience at the company. "Tom's leadership skills have improved operations in many segments of our enterprise, from his service in our energy delivery operations in Illinois to his initiatives to improve reliability at AmerenUE. His deep industry knowledge and hands-on experience in areas ranging from energy trading to non-rate-regulated generation to nuclear power make him an ideal choice for the CEO position," said Rainwater.
Voss noted that he appreciates the trust that the Ameren board has vested in him. "I believe this is a great company with many strengths and that we are positioned to succeed by pursuing our key strategies of investing in our regulated businesses, building constructive regulatory frameworks and optimizing our existing non-rate-regulated generation assets," he said. "Most of all, we are focused on delivering safe and affordable energy, while achieving solid returns for our shareholders. At Ameren, we pledge to provide reliable power, dedicated customer service and a vision for a sustainable future. We listen. We respond. We deliver."
Replacing Voss as president and chief executive officer of AmerenUE will be Warner L. Baxter, who is currently executive vice president and chief financial officer of Ameren and president and chief executive officer of Ameren Services Company. "This position will allow Warner to gain additional operations experience that will prove invaluable in his overall development as a senior leader of the company," said Voss. "He has provided strong leadership in the areas of finance and accounting over the last 13 years."
Daniel F. Cole, now senior vice president, administration, Ameren Services, will replace Baxter as president and chief executive officer of Ameren Services. "With more than 30 years at the company, Dan brings a wealth of experience in directing administrative functions, including corporate planning. Over the past five years, he has served as the senior executive in charge of areas as diverse as strategic sourcing and information technology and will continue to direct those operations, in addition to assuming senior management responsibility for strategic initiatives and enterprise risk management," said Voss.
Martin J. Lyons, senior vice president and chief accounting officer, will, in addition to his current responsibilities, assume Baxter's role as chief financial officer. "Following a successful career in public accounting, Marty has served the company for more than eight years, assuming increasingly responsible positions within the finance function," said Voss. "Marty brings abundant financial expertise and leadership experience to the vital role of chief financial officer."
With assets of approximately $23 billion, Ameren, through its subsidiaries, serves approximately 2.4 million electric customers and nearly one million natural gas customers in a 64,000-square-mile area of Missouri and Illinois.
BACKGROUND INFORMATION:
NAMED EXECUTIVE CHAIRMAN OF THE BOARD, AMEREN CORPORATION. Gary L. Rainwater, 62, Ameren chairman, president and chief executive officer since 2004, was named executive chairman of the board. In 2001, Rainwater was promoted to president and chief operating officer of Ameren, after serving as president and CEO of AmerenCIPS and of Ameren's non-rate-regulated generating subsidiary. Rainwater joined the company in 1979 as an engineer in Electric Transmission and Distribution, where he served for three years before joining Corporate Planning, where he held a series of increasingly responsible positions. Rainwater directed the company's strategic planning efforts and managed the power generation and transmission planning, wholesale power marketing and rate design functions. Rainwater holds a bachelor of science degree in electrical engineering from the University of Missouri-Columbia and a master of systems management degree from the University of Southern California.
NAMED PRESIDENT AND CHIEF EXECUTIVE OFFICER, AMEREN CORPORATION AND NOMINATED FOR DIRECTOR OF THE AMEREN BOARD. Thomas R. Voss, 61, was named president and chief executive officer of AmerenUE in January 2007. Prior to this appointment, he served as president of a subsidiary that included all non-nuclear generation in addition to energy marketing, fuels procurement and transportation and fuels-related products and services. Previously, he served as senior vice president over the design, construction, operation and maintenance of all gas and electric delivery systems and also of all customer care activities for Ameren's utility companies. Voss began his career with the company in 1969 after earning a bachelor's degree in electrical engineering from the University of Missouri-Rolla, now Missouri University of Science and Technology. He is a registered professional engineer in Missouri and Illinois.
NAMED PRESIDENT AND CHIEF EXECUTIVE OFFICER, AMERENUE. Warner L. Baxter, 47, was named executive vice president and chief financial officer in October 2003, after having been named senior vice president, finance, in September 2001. In January 2007, he was elected to the additional position of president and chief executive officer of Ameren Services. Baxter joined Union Electric Company in August 1995 as assistant controller and was named vice president and controller of Ameren Corporation following its formation in 1997. During his career at the company, Baxter has been instrumental in negotiating the terms of the acquisitions of Illinois Power Company and CILCORP Inc. Before joining Ameren, Baxter served as senior manager of PricewaterhouseCoopers, LLP in New York City and St. Louis. Baxter earned a bachelor of science degree in accounting from the University of Missouri-St. Louis.
NAMED PRESIDENT AND CHIEF EXECUTIVE OFFICER, AMEREN SERVICES COMPANY. Daniel F. Cole, 55, has served as senior vice president, administration, since October 2004. Before that, from 2001 to 2003, Cole was president of the company's Illinois-based, non-rate-regulated generating subsidiary. Cole has responsibility for the transmission, supply chain, real estate, facilities management, environmental compliance and information technology functions of the company. Cole was named a senior vice president of Ameren Services in 1999, after serving as vice president of corporate planning. He joined Union Electric Company in 1976 as an engineer at the Callaway Nuclear Plant, where he assumed progressively greater levels of responsibility in engineering roles. He has represented Ameren on the Economics and Strategic Planning Committees of the Edison Electric Institute (EEI)--the association of investor-owned electric utility companies in the United States. He is a registered professional engineer in Missouri and Illinois and holds both bachelor's and master's degrees in Engineering Management from the University of Missouri-Rolla, now Missouri University of Science and Technology.
NAMED SENIOR VICE PRESIDENT AND CHIEF FINANCIAL OFFICER, AMEREN CORPORATION. Martin J. Lyons, 42, was named senior vice president and chief accounting officer in January 2008, after serving for five years as vice president and controller. In his current position, Lyons is responsible for tax reporting and compliance, investor relations, accounting and financial reporting and commodity risk management. He joined Ameren in 2001 as controller after serving as a partner in PricewaterhouseCoopers' St. Louis office, where he provided auditing and consulting services, with a focus on utility clients. Lyons earned a bachelor's of science degree in accounting from Saint Louis University and a master's degree in business administration from Washington University in St. Louis. He is the current chairman of the EEI Executive Advisory Committee of Chief Accounting Officers. Lyons is a member of the American Institute of Certified Public Accountants and the Missouri Society of Certified Public Accountants.
NOMINATED FOR DIRECTOR OF THE AMEREN BOARD. Ellen M. Fitzsimmons, 48, is senior vice president of law and public affairs, general counsel and corporate secretary of CSX Corporation. She joined CSX Corporation in 1991 and has served in her current position since December 2003. Fitzsimmons oversees all legal, government relations and public affairs activities for CSX. During her 17-year tenure with CSX, her responsibilities have included key roles in major risk- and corporate governance-related areas.
Ameren Corporation
CONTACT: media, Susan Gallagher, +1-314-554-2175, sgallagher@ameren.com, or analysts, Doug Fischer, +1-314-554-4859, dfischer@ameren.com, both of Ameren Corporation
Web Site: http://www.ameren.com/
Arbitron Files 2008 Annual Report on Form 10-K
COLUMBIA, Md., March 2 /PRNewswire-FirstCall/ -- Arbitron Inc. has filed an Annual Report on Form 10-K for the year ended December 31, 2008 with the Securities and Exchange Commission.
An electronic copy of the filing is available on the Arbitron Web site at: http://www.arbitron.com/investors/home.htm.
Shareholders may receive a hard copy of the complete audited financial statements free of charge by emailing a request to investor.relations@arbitron.com.
About Arbitron
Arbitron Inc. is a media and marketing research firm serving the media - radio, television, cable, online radio and out-of-home - as well as advertisers and advertising agencies in the United States. Arbitron's core businesses are measuring network and local market radio audiences across the United States; surveying the retail, media and product patterns of local market consumers; and providing application software used for analyzing media audience and marketing information data. The company has developed the Portable People Meter(TM), a new technology for media and marketing research.
Arbitron's headquarters and its world-renowned research and technology organizations are located in Columbia, Maryland, USA.
Portable People Meter(TM) and PPM(TM) are marks of Arbitron Inc.
Arbitron Inc.
CONTACT: Thom Mocarsky of Arbitron Inc., +1-410-312-8239, thom.mocarsky@arbitron.com
Web Site: http://www.arbitron.com/ http://www.arbitron.com/investors/home.htm
AT&T Named World's Most Admired Telecommunications CompanyOne of Top 50 Most Admired Companies in the World
DALLAS, March 2 /PRNewswire-FirstCall/ -- AT&T* today announced that FORTUNE magazine has named AT&T the Most Admired Company in the telecommunications industry, marking 11 times in 14 years AT&T has received the top distinction. FORTUNE also named AT&T among the Top 50 Most Admired companies in the world - across all industries - for the second time.
AT&T joins an elite group of other corporate leaders ranked No. 1 in their industries, including Procter & Gamble, Visa, Wal-Mart Stores and FedEx.
"AT&T is committed to being the industry leader -- delivering the mobility, bandwidth and services that people and businesses need to stay connected, anytime, anywhere," said Randall Stephenson, AT&T chairman, chief executive officer and president. "This honor is a real tribute to the competitive drive, the passion to serve and the innovative spirit that defines the people of AT&T."
The magazine's Most Admired Companies lists are among the most highly respected registers of corporate performance and reputation in the nation. This year, the magazine changed its survey format, combining the world's and America's Most Admired surveys into one global survey.
To identify the Most Admired Companies, FORTUNE and its partner, the Hay Group, survey top executives and directors from Fortune 1000 and Global 500 companies, along with financial analysts, to identify companies that have the strongest reputations both inside and outside their industries. Companies are rated on attributes that include the ability to attract and retain talented people, the quality of products and services, the quality of management, innovation, social responsibility, use of corporate assets and long-term investment value.
*AT&T products and services are provided or offered by subsidiaries and affiliates of AT&T Inc. under the AT&T brand and not by AT&T Inc.
About AT&T
AT&T Inc. is a premier communications holding company. Its subsidiaries and affiliates, AT&T operating companies, are the providers of AT&T services in the United States and around the world. Among their offerings are the world's most advanced IP-based business communications services, the nation's fastest 3G network and the best wireless coverage worldwide, and the nation's leading high speed Internet access and voice services. In domestic markets, AT&T is known for the directory publishing and advertising sales leadership of its Yellow Pages and YELLOWPAGES.COM organizations, and the AT&T brand is licensed to innovators in such fields as communications equipment. As part of their three-screen integration strategy, AT&T operating companies are expanding their TV entertainment offerings. In 2009, AT&T again ranked No. 1 in the telecommunications industry on FORTUNE(R) magazine's lists of the Most Admired Companies. Additional information about AT&T Inc. and the products and services provided by AT&T subsidiaries and affiliates is available at http://www.att.com/.
(C) 2009 AT&T Intellectual Property. All rights reserved. AT&T, the AT&T logo and all other marks contained herein are trademarks of AT&T Intellectual Property and/or AT&T affiliated companies.
Note: This AT&T news release and other announcements are available as part of an RSS feed at http://www.att.com/rss. For more information, please review this announcement in the AT&T newsroom at http://www.att.com/newsroom.
AT&T Inc.
CONTACT: Sue McCain of AT&T Corporate Communications, +1-314-982-8664, smccain@attnews.us
Web Site: http://www.att.com/
ASAT Holdings Limited Enters Into Forbearance Agreements
HONG KONG and MILPITAS, Calif., March 2 /PRNewswire-FirstCall/ -- ASAT Holdings Limited (BULLETIN BOARD: ASTTY) (the "Company"), a global provider of semiconductor package design, assembly and test services, today announced that certain holders (the "Noteholders") of the Company's 9.25% Senior Notes due 2011 (the "Notes"), representing more than 25% of the outstanding principal amount of the Notes, have entered into a forbearance agreement with the Company, which is effective through June 1, 2009. The Company intends to seek that the remaining Noteholders accede to the terms of the forbearance agreement.
(Logo: http://www.newscom.com/cgi-bin/prnh/20080325/AQTU023LOGO)
The Company also today announced that it has entered into a forbearance agreement, effective through June 1, 2009, with respect to its Purchase Money Loan Facility.
ASAT expects that the forbearance agreements will provide the Company with additional time and flexibility as it continues discussions with its Noteholders and the lenders under the Purchase Money Loan Facility to develop an appropriate capital structure to support the Company's long-term business objectives.
"We appreciate the confidence that the Noteholders and the Purchase Money Loan lenders have shown by approving the forbearance agreements. The agreements provide additional time to prepare arrangements for a longer-term financial restructuring," said Kei Hong Chua, chief financial officer of ASAT Holdings Limited. "During this process, we expect no changes in our day-to-day operations and will remain focused on providing excellent service to our customers."
Under terms of the forbearance agreements, the lenders agree to forbear from exercising their rights and remedies against the Company with respect to certain designated defaults until after June 1, 2009, subject to certain early termination events. For further details regarding the terms of the forbearance agreement, see ASAT Holdings' report on Form 6-K dated March 2, 2009 furnished to the Securities and Exchange Commission and available at http://www.sec.gov/.
Skadden, Arps, Slate, Meagher & Flom LLP is advising ASAT. The Noteholders are being advised by O'Melveny & Myers LLP.
About ASAT Holdings Limited
ASAT Holdings Limited is a global provider of semiconductor package design, assembly and test services. With 20 years of experience, the Company offers a definitive selection of semiconductor packages and world-class manufacturing lines. ASAT's advanced package portfolio includes standard and high thermal performance ball grid arrays, leadless plastic chip carriers, thin array plastic packages, system-in-package and flip chip. ASAT was the first company to develop moisture sensitive level one capability on standard leaded products. Today, the Company has operations in the United States, Asia and Europe. For more information, visit http://www.asat.com/.
Safe Harbor
This news release contains statements and information that involve risks, uncertainties and assumptions. These statements and information constitute "forward-looking statements" within the meaning of federal securities laws including Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. Such forward-looking statements, including statements regarding expected revenues, liquidity and financial position, our manufacturing cost structure, our operational efficiencies, our relocation and reorganization costs, our customer retention, growth and expectations, our continuation as a going concern and our capital needs, involve known and unknown risks, uncertainties, assumptions and other factors that could cause the actual performance, financial condition or results of operations of ASAT Holdings Limited to differ materially from those expressed or implied in any forward-looking statement. Investors are cautioned that actual events and results could differ materially from those contained in these statements as a result of a variety of factors, including: whether the Company can remain a primary source of packaging and assembly services in the semiconductor industry and continue to stay at the leading edge of packaging technology; the ability of the Company and its shareholders, noteholders, and other lenders to agree to and effectively implement a debt restructuring plan that will materially improve its capital structure and financial flexibility, in a timely manner or at all; the risk that the Company may not be able to continue as a going concern if such a plan is not so implemented and that its operations may be materially adversely affected during or after its discussions with noteholders if, for example, its customers and/or suppliers determine that the Company presents credit or supply risks; the Company's ability to maintain and enhance its operational metrics on an ongoing basis; the risk that the Company will not be able to obtain adequate future funding for its operations and to service its outstanding debt obligations (including, without limitation, its payments obligations under its 9.25% Senior Notes), particularly in light of the current global economic downturn and credit crisis; the Company's dependence on the highly cyclical semiconductor market; acceptance and demand for the Company's products and services; and those risks, uncertainties, assumptions and other factors stated in the section entitled "Risk Factors" in our Annual Report on Form 20-F filed with the United States Securities and Exchange Commission on October 30, 2008 and the section entitled "Risk Factors" in our current reports on Form 6-K filed with the United States Securities and Exchange Commission containing quarterly financial information. The forward-looking statements in this release reflect the current beliefs and expectations of the Company as of this date, and the Company undertakes no obligation to update these projections and forward-looking statements to reflect actual results or events or circumstances that occur after the date of this news release.
Photo: http://www.newscom.com/cgi-bin/prnh/20080325/AQTU023LOGO http://photoarchive.ap.org/ PRN Photo Desk, photodesk@prnewswire.com
ASAT Holdings Limited
CONTACT: Jim Fanucchi of Summit IR Group Inc., +1-408-404-5400, ir@asat.com, for ASAT Holdings Limited
Web Site: http://www.asat.com/
Mobile Operators to See Strong Growth in Central Asia, Pyramid Research Reports
CAMBRIDGE, Mass., March 2 /PRNewswire/ -- Central Asia's emerging markets will continue flocking to mobile telecom services over the next five years, with subscriber bases growing about 13 percent per year and revenues growing by 8 percent annually through 2013, according to a new report from Pyramid Research (http://www.pyr.com/), the telecom research arm of the Light Reading Communications Network (http://www.lightreading.com/).
"Emerging Mobile Markets of Central Asia: The Game Is On" examines the growth potential for mobile services in Central Asia in light of the current economic environment, competitive situation, regulations, and adoption of new technologies. This 14-page report analyzes five key Central Asian mobile markets: Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan.
Download an excerpt of this new report here: http://www.pyramidresearch.com/downloads.htm?id=5&sc=PR030209_IAP1.2
Central Asia's large population, its almost non-existent fixed telecommunications, and its comparatively low mobile penetration all point to considerable growth potential for mobile operators in the region, notes Bakhyt Weeks, analyst at Pyramid Research and author of the report. "We expect more than 26.5 million new subscriptions to be added in these markets between 2008 and 2013 -- a 13 percent CAGR. This is roughly equal to, and potentially even higher than, the total net additions in the Central and Eastern European region during the same period," she says.
Revenue growth will lag subscriber growth as operators add more lower-income users, Weeks says. "However, in spite of the relatively low levels of personal income, total mobile services revenue will grow at an 8 percent CAGR in U.S. dollar terms, reaching US$4.6 billion in 2013, thanks to the massive increase in subscriptions."
Central Asia's potential as a growth area for mobile services has attracted large multinational operators such as MTS, VimpelCom, and TeliaSonera. "These operators have brought international experience, new services, lower prices, and technological innovation, and have in many cases introduced telecom services to previously untouched areas," says Weeks. "MegaFon and Tele2 are also eager to get a piece of this growing market, and this may drive even faster growth."
"Emerging Mobile Markets of Central Asia: The Game Is On" is part of Pyramid Research's Asia Pacific Telecom Insider Report Series. Published monthly for each of the world's most dynamic regions, Telecom Insiders are packed with trend analysis, industry best practices, market sizing and forecasting, competitor analysis, and case studies, providing you information you can leverage to make better business decisions.
Download an excerpt of this new report here: http://www.pyramidresearch.com/downloads.htm?id=5&sc=PR030209_IAP1.2
"Emerging Mobile Markets of Central Asia: The Game Is On" is priced at $595 and can be purchased online here: http://www.pyramidresearch.com/store/ins_ap_090227.htm?sc=PR030209_IAP1.2 or by contacting Jeff Claudino via email at claudino@pyr.com or telephone at +1-619-229-9940.
About Pyramid Research
Pyramid Research (http://www.pyr.com/) offers practical solutions to the complex demands our clients face in the telecommunications, media, and technology industries. Our analysis is uniquely positioned at the intersection of emerging markets, emerging technologies, and emerging business models, powered by the bottom-up methodology of our market forecasts for over 100 countries - a distinction that has remained unmatched for over 25 years. As the telecom research arm of the Light Reading Communications Network, Pyramid Research works with Heavy Reading, providing the communications industry's most comprehensive market data, trusted research, and insightful technology analysis.
About Light Reading
Founded in 2000, Light Reading (http://www.lightreading.com/) is the leading online media, research, and focused event company serving the $3 trillion worldwide communications market. Lightreading.com is the ultimate source for technology and financial analysis of the communications industry, leading the media sector in terms of traffic, content, and reputation. Light Reading's research arms, Heavy Reading and Pyramid Research, provide the most comprehensive communications research, market data, and technology analysis in close to 100 markets around the world. Light Reading produces nearly 20 targeted communications events including TelcoTV, Ethernet Expo New York and Ethernet Expo London, The Tower Summit @ CTIA, and Optical Expo, as well as focused one-day events tailored for cable, mobile, and wireline executives. Light Reading was acquired by United Business Media in August 2005 and operates as a unit of TechWeb.
About TechWeb
TechWeb (http://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, and Wall Street & Technology magazines. TechWeb also provides end-to-end services including 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 $2.5 billion.
*13.3 million business decision-makers: based on number 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 $2.5 billion.
Press contact:
Jennifer Baker
+1 617 871-1910
jbaker@pyr.com
Pyramid Research
CONTACT: Jennifer Baker, +1-617-871-1910, jbaker@pyr.com
Web Site: http://www.pyr.com/
The Indigenous Language Institute Wins National Verizon Tech Savvy AwardFive Nonprofit Programs Recognized for Innovative Efforts to Help Parents Understand the Technology Used by Their Children
ORLANDO, Fla., March 2 /PRNewswire/ -- The Indigenous Language Institute's Intergenerational workshop series is the national winner of the Third Annual Verizon Tech Savvy Awards.
Through the workshop, entitled Ancient Voices, Modern Tools: Native Languages and Technology, the institute instructs families, students and teachers on how to use technology to develop print and audio books to teach Native American languages at school and home. The institute, which is based in Santa Fe., N.M., and serves 2,000 Native Americans annually, will receive a $25,000 grant to continue and expand its program.
"Indian Country has never shied away from using new tools, and the Indigenous Languages Institute regards the incorporation of modern technology and related training as essential and natural in our work to help bring our heritage languages from the brink of extinction," said the institute's president, Gerald Hill, a member of the Oneida tribe of Wisconsin. "We have found that joining intergenerational experiences and using the symbiosis of old knowledge and new tools are working."
The Indigenous Language Institute will receive its award Monday evening (March 2) at a banquet at the 18th annual National Conference on Family Literacy in Orlando, hosted by the National Center for Family Literacy (NCFL).
The Verizon Tech Savvy Awards are a joint creation of NCFL, former First Lady of Iowa Christie Vilsack and the Verizon Foundation. The awards, the first of their kind, are designed to provide an incentive for grassroots, community-based nonprofit organizations and schools to create programs that demystify technology for parents, enabling them to better guide their children in the use of new media.
"In the past, technology has caused a digital divide, but with programs such as the Indigenous Language Institute, technology is becoming a powerful key for learning across all socioeconomic groups and asserting its potential as a great equalizer in education," said Vilsack.
In addition to the national winner, four other programs have been selected as regional winners, and each will receive a $5,000 grant. The regional winners are:
-- Neighborhood House, Saint Paul, Minn., for its English Language
Learner program, which empowers parents to become more involved with
their children's education by developing computer and technology
skills. http://www.neighb.org/
-- Mary's Center for Maternal & Child Care, Washington, D.C., for its
Even Start program, which aims to increase English literacy of
children and parents through English-as-a-second-language classes,
early childhood development activities, computer classes and parenting
workshops. http://www.maryscenter.org/
-- Project Accessible Hollywood, Hollywood, Calif., for its Digital Film
Festival, which teaches parents and children to tell a story using
cell phones, digital cameras and computers. http://www.pahnation.org/
-- Fisher Middle-High School, Lafitte, La., for its TechGen at Fisher -
Using Technology to Cross Generational Lines program, in which parents
learn to use e-mail, text messaging and other tools to keep in touch
with students and administrators. http://fisher.jppss.k12.la.us/
"Technology is a tremendous tool in efforts to expand educational opportunities for all children and improve literacy," said Verizon Foundation President Patrick Gaston. "To truly improve educational achievement in the 21st century, learning must stretch well beyond the school day and into community programs and homes.
Details of the programs honored at the Verizon Tech Savvy Awards will be added to the Verizon Foundation's Thinkfinity.org Web site to serve as an educational resource, highlighting best practices and approaches for technology literacy for people of all ages. The free, comprehensive site contains thousands of educational resources including K-12 lesson plans, online educational activities, videos and other materials to enhance teacher effectiveness and improve student achievement.
"Education and literacy are more important today than ever, especially in light of our current economic challenges," said Sharon Darling, president and founder of the NCFL. "The Tech Savvy Awards recognize exemplary efforts and best practices that expand parents' and children's learning with 21st century technology."
The Verizon Foundation, the philanthropic arm of Verizon Communications, supports the advancement of literacy and K-12 education through its free educational Web site, Thinkfinity.org, and fosters awareness and prevention of domestic violence. In 2008, the Verizon Foundation awarded more than $68 million in grants to nonprofit agencies in the U.S. and abroad. It also matched the charitable donations of Verizon employees and retirees, resulting in an additional $26 million in combined contributions to nonprofits. Through Verizon Volunteers, one of the nation's largest employee volunteer programs, Verizon employees and retirees have volunteered more than 3 million hours of community service since 2000. For more information on the foundation, visit http://www.verizonfoundation.org/.
The National Center for Family Literacy is the worldwide leader in family literacy. More than 1 million families have made positive educational and economic gains as a result of NCFL's work, which includes training more than 150,000 teachers and thousands of volunteers. For more information, contact 1-877-FAMLIT-1 or visit http://www.famlit.org/.
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 more than 80 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 nearly 224,000 and last year generated consolidated operating revenues of more than $97 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: Brian C. Malina, Verizon, +1-908-698-3930, brian.c.malina@verizon.com; Carla Blanton, NCFL, +1-859-608-4850, cblanton@famlit.org
Web Site: http://www.verizon.com/
Company News On-Call: http://www.prnewswire.com/comp/094251.html
CSC Appoints Bryan Brady Vice President of Investor Relations
FALLS CHURCH, Va., March 2 /PRNewswire-FirstCall/ -- CSC today announced that Bryan Brady has been named vice president of Investor Relations, reporting to Mike Mancuso, chief financial officer. Bill Lackey, director of Investor Relations, will retire after a transition period.
Brady has held several executive positions with the company, including corporate controller and vice president of Finance for CSC's European operations.
Prior to joining the company in 1997, Brady had 20 years of experience in the information technology (IT) industry with Fujitsu and IBM. He also spent several years in overseas posts in Saudi Arabia and South Africa.
"I am extremely pleased that Bryan will lead our Investor Relations activities," said Mancuso. "His extensive international experience gives him a unique perspective, and his decade of leadership in our financial operations makes him ideally suited for this role. I'd also like to thank Bill for his significant contributions and leadership during his 15 years of service to CSC."
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 92,000 employees and reported revenue of $17.1 billion for the 12 months ended Jan. 2, 2009. For more information, visit the company's Web site at http://www.csc.com/.
CSC
CONTACT: Janet Herin, Sr. Manager, Media Relations, Corporate, +1-310-615-1693, jherin@csc.com, or Rich Venn, Manager, Media Relations, Corporate, +1-310-615-3926, rvenn@csc.com, or Bill Lackey, Director, Investor Relations, Corporate, +1-310-615-1700, blackey3@csc.com
Web Site: http://www.csc.com/
Gerber Scientific to Hold Fiscal Year 2009 Third Quarter Conference Call
SOUTH WINDSOR, Conn., Feb. 26 /PRNewswire-FirstCall/ -- Gerber Scientific, Inc. , a worldwide leader in integrated automation solutions, will hold a conference call with analysts and investors on Thursday, March 5, 2009, at 10:00 a.m. (Eastern Time) to discuss fiscal 2009 third quarter financial results and provide a Company update. The Company will issue its earnings release for the fiscal 2009 third quarter on March 5, 2009 before the market opens.
To participate, please dial the following number approximately 5 - 10 minutes prior to the scheduled starting time:
719-325-4834 (Access Code: 6834862)
The conference call will also be broadcast live over the internet and can be accessed by logging on to http://www.gerberscientific.com/ approximately 5 - 10 minutes prior to the call. If you are unable to participate, a webcast replay of the call will be available for ninety days as well as a conference call transcription, which will be available three business days after the conference call, on the Company's website.
About Gerber Scientific, Inc.
Gerber Scientific, Inc. (http://www.gerberscientific.com/) is a leading international supplier of sophisticated automated manufacturing systems for sign making, specialty graphics, and packaging, apparel and flexible materials, and ophthalmic lens processing industries. Headquartered in South Windsor, Connecticut, the Company operates through four businesses: Gerber Scientific Products and Spandex Ltd., Gerber Technology, and Gerber Coburn.
Forward-looking Statements:
This news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The forward-looking statements contained in this news release involve risks and uncertainties regarding the Company's expected financial condition, results of operations and cash flows. For information identifying other important economic, political, regulatory, legal, technological, competitive and other uncertainties, readers are referred to the Company's filings with the Securities and Exchange Commission, including but not limited to, the information included in Gerber Scientific's Annual Report on Form 10-K for the fiscal year ended April 30, 2008, which outlines certain important risks regarding the Company's forward-looking statements, as well as information included in subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Actual future results or events may differ materially from these forward-looking statements. The forward-looking statements contained in this release are made as of the date of this release and the Company expressly disclaims any obligation to update any of these forward-looking statements, except as required by law.
Gerber Scientific, Inc.
CONTACT: Mike Elia, Exec. VP and CFO, Gerber Scientific, Inc., +1-860-644-1551
Web Site: http://www.gerberscientific.com/
Suncoast Schools Federal Credit Union Installs 51-site tw telecom IP VPN-Service delivers dramatic monthly savings-Enterprise wide access to critical data enhanced with MPLS services
TAMPA, Fla., March 2 /PRNewswire-FirstCall/ -- tw telecom, , a leading provider of managed voice, Internet and data networking solutions for businesses, today announced the successful installation of a 51-site IP VPN (Internet Protocol Virtual Private Network) for Suncoast Schools Federal Credit Union in Tampa, which includes offsite data center connectivity, Ethernet Internet Service (EIS) and voice services.
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The multi-year contract enabled Suncoast Schools Federal Credit Union, the largest full service credit union in Florida, to upgrade its network, improve member service and reduce monthly communications expense.
"We were seeking a provider that could increase our connection speeds, boost our network capabilities and enable us to reach all of our locations with a single provider," said Michael Parks, vice president of Information Systems for Suncoast Schools Federal Credit Union in Tampa. "We looked at several providers and the decision to select tw telecom was based on how well they could support us in serving our members. Suncoast is extremely member focused, so we don't tolerate downtime well. If a location goes down, serving our members becomes much more difficult, but the tw telecom IP VPN gives us an extremely reliable network."
"We elected to reinforce our offsite datacenter connectivity and the dual entry MPLS allowed us to achieve that goal," said Parks. "The new circuits provide much better usage capabilities than we had with our previous DS3s. In fact, data back-up that used to take up to four hours daily to complete, now takes about 20 minutes. In all, the new services save us a great deal of time, provide significantly better service than we had before and reduced our monthly expense by about $40,000."
Suncoast's 51-site IP VPN, with Class of Service (CoS), replaced a limiting, point-to-point architecture with a robust, fully-meshed, SONET-protected network with any-to-any connectivity for all of its locations throughout Florida. tw telecom's network delivers Class of Service capabilities allowing Suncoast to maximize their IP VPN to not only transport critical data as needed but also allows them to prioritize voice traffic on their network. tw telecom connected all Suncoast's location that were within easy access to tw telecom's network, and built fiber into eight locations including a 120 seat call center and their remote data center.
Suncoast also utilizes tw telecom's newly introduced MyPortal customer portal on a daily basis to monitor their traffic utilization for both voice and data services. They have the ability to monitor jitter, latency and bandwidth utilization at all sites.
"Our teams worked closely with Suncoast Schools Federal Credit Union to design a solution that would provide them the connectivity they needed as well as the flexibility and reliability they wanted," said Rich Santoro, vice president and general manager for tw telecom in Tampa. "IP VPN is a great solution for businesses that need connectivity for multiple locations. IP VPN is versatile since not only can it connect locations throughout a city, it can also connect to locations across the country."
About tw telecom
tw telecom holdings inc., a unit of tw telecom inc., headquartered in Littleton, Colo., provides managed network services, specializing in Ethernet and transport data networking, Internet access, local and long distance voice, VoIP, VPN and security, to enterprise organizations and communications services companies throughout the U.S. As a leading provider of integrated and converged network solutions, tw telecom delivers customers overall economic value, quality, service, and improved business productivity. Please visit http://www.twtelecom.com/ for more information.
About Suncoast Schools Federal Credit Union
Suncoast Schools Federal Credit Union, chartered in 1934 as Hillsborough County Teachers Credit Union, operates 50 full-service branches and serves more than 473,000 members in the following Florida counties: Levy, Citrus, Sumter, Hernando, Pasco, Hillsborough, Pinellas, Manatee, Hardee, Desoto, Charlotte, Glades, Lee, Hendry and Collier. With assets of more than $5.9 billion, Suncoast Schools FCU is the largest credit union in the state of Florida and the 7th largest in the United States. For more information visit: http://www.suncoastfcu.org/.
Photo: http://www.newscom.com/cgi-bin/prnh/20080626/LATH527LOGO http://photoarchive.ap.org/ PRN Photo Desk, photodesk@prnewswire.com
tw telecom
CONTACT: Patrick Mulcahy of tw telecom, +1-303-566-1470, patrick.mulcahy@twtelecom.com
Web Site: http://www.twtelecom.com/
Lightwave Logic, Inc. CEO Sends Open Letter to Shareholders, Updating Company's Progress
NEWARK, Del., March 2 /PRNewswire-FirstCall/ -- Lightwave Logic, Inc. (OTC Bulletin Board: LWLG; http://lightwavelogic.com/), a technology company focused on the development of electro-optic polymer materials for applications in high speed fiber-optic telecommunications and optical computing, announced today the move to new principal executive offices in Newark, Delaware.
About Light wave Logic, Inc.
Lightwave Logic, Inc. is a development stage company, moving toward prototype demonstration and commercialization of its high-activity, high-stability organic polymers for applications in electro-optical device markets. Electro-optical devices convert data from electric signals into optical signals for use in high-speed fiber-optic telecommunications systems and optical computers. Please visit the Company's website, http://www.lightwavelogic.com/, for more information.
Open Letter to Lightwave Logic, Inc. Shareholders
Dear Shareholders:
I am writing to share with you the significant transformations our company has experienced over the past six months, and to express my strong belief that these transformations are positioning us for a strong future.
In recent months, Lightwave has made extraordinary progress in the development of our Perkinamine class materials. Although these materials involve complex chemistry and difficult engineering, I continue to have the utmost confidence in Dr. David Eaton, our Chief Technology Officer, along with the rest of our world class science and technology team. As the focus of our technology transforms from physics to chemistry, our science and technology team has grown and evolved to reflect these changes. We have recently added two veteran synthetic chemists to our team to bolster our abilities and focus our efforts on the chemical challenges of our technological developments. Dr. Howard Simmons and Dr. Anthony Cocuzza are experts in complex organic synthesis and its scale-up to commercial status. We have also developed a strong relationship with the Chemistry Department at the University of Delaware. We have strengthened our relations with our strategic partner, Photon-X, and our physics consultant, Dr. C. C. Teng, to enable testing of our materials and fabrication of prototype devices.
We currently have significant amounts of our Perkinamine class material in process, and we are continuing to characterize these material samples as we ready them for spin-coat polymer based thin films. Absent any unanticipated obstacles, we expect to start our next phase of test samples within several weeks and anticipate measuring the electro-optic properties of these materials shortly thereafter.
Regarding our intellectual property portfolio, we are waiting for imminent office action from the US Patent Office on our first comprehensive patent application, and we are in the midst of the examination process in both Japan and Canada. European office actions (EPO) will follow. Our intellectual property is our strength.
On the administrative front, we have recently moved our principal executive offices to 121 Continental Drive, Suite 110, Newark, Delaware 19713. As a result of the evolution of our executive team and the strengthening of our board of directors, we elected not to renew our management agreement with Universal Capital Management, Inc., which terminated on February 28, 2009. Universal Capital Management is no longer a related party, and all correspondence with our company should be directed to our new offices. Additionally, we hope to have our new website launched sometime during the next few weeks.
We are aware of the apprehension in the equity markets during these challenging times, and in the short term, we believe we possess an adequate level of capital resources to enable us to focus our efforts on successfully developing our ground breaking technology. Our company has no debt instruments in place and we believe that investment in emerging technology companies will continue to be supported. We hope to build a strong financial foundation to successfully develop our electo-optic products and to maximize shareholder value. We are excited about our near term opportunities and we appreciate your continued support as we prepare to bring this "game changing" technology to market.
Let me close by stating unequivocally that we have met every challenge that has been presented, and we are continuing to move toward our objective of delivering the independent validated definitive r33 test results we have all been expecting. You should expect to hear from me again at the end of March.
Sincerely,
Jim Marcelli,
Chief Executive Officer
March 2, 2009
Safe Harbor Statement
The information posted in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by use of the words "may," "will," "should," "plans," "explores," "expects," "anticipates," "continue," "estimate," "project," "intend," and similar expressions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing various engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technological advances and delivering technological innovations, shortages in components, production delays due to performance quality issues with outsourced components, and various other factors beyond the Company's control.
Lightwave Logic, Inc.
CONTACT: Jim Marcelli, CEO, +1-302-356-2717, jmarcelli@lightwavelogic.com, of Lightwave Logic, Inc.
Web Site: http://www.lightwavelogic.com/
Spare Backup, Inc. Sees First Quarter 2009 Subscription Revenue Exceeding a Record $1.1 MillionAnticipates Further Sales Increases as New Programs Gain Traction
PALM DESERT, Calif., March 2 /PRNewswire-FirstCall/ -- Spare Backup, Inc. (BULLETIN BOARD: SPBU) , an industry-leading provider of automated, online backup applications for home users and small businesses, announced today that it sees revenue for the first quarter of 2009 expanding rapidly and forecasts subscriptions climbing to over $1.1 million.
The strong improvement in top line performance remains largely attributable to its recently launched data backup offerings in partnership with DSG International as well as ramping services to its OEM manufacturers. Management expects its revenue growth rate to significantly improve in the coming quarters as new stores and partnerships are launched. DSGI and Spare Backup have begun their annual subscription backup program through the 160 plus PC World stores and Tech Guys service desk. In the upcoming months Spare Backup plans to launch in 422 Curry's stores, and expects to be fully deployed at Curry's by the end of the second quarter of 2009.
Mr. Cery Perle, CEO of the Spare Backup, Inc., commented, "Our subscription numbers continue to improve and we are very encouraged by our recent sales data. Revenue from subscriptions in the first quarter 2009, which is typically one of our slower quarters may equal or exceed our total 2008 sales. We have benefitted from the combination of strong customer retention, as well as strong growth in new customers through the DSGi channel. We believe that the upcoming Cydcor and Curry's launches will only accelerate this rate of sales growth as we continue to drive our business model to our goal of positive cash flow and profitability."
For additional information, visit http://www.sparebackup.com/. For investor relations, please contact our investor relations department at 760-779-4241 Ext. 224 or ir@sparebackup.com.
About Spare Backup, Inc.:
Spare Backup, Inc. specializes in helping consumers, small office/home office users and small to mid-sized businesses protect their computer data quickly, automatically and cost-effectively. The company's flagship Spare Backup product is the first totally automated online backup service that intelligently selects, secures and stores files without any user intervention, automatically backing up documents, email, music, photos and other PC files on a continuous basis or according to the schedule of the user's choice. The company is headquartered in Palm Desert, California.
Safe Harbor Statement:
The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking information made on the company's behalf. All statements, other than statements of historical facts, which address the company's expectations of sources of capital or which express the company's expectation for the future with respect to financial performance or operating strategies can be identified as forward-looking statements. Such statements made by the company are based on knowledge of the environment in which it operates, but because of the possibility of unknown factors, as well as other factors beyond the control of the company, actual results may differ materially from the expectations expressed in the forward-looking statement. An investment in our common stock involves a significant degree of risk. You should not invest in our common stock unless you can afford to lose your entire investment. You should consider carefully all risk factors and other information in our annual report and quarterly filings before deciding to invest in our common stock. If any of the following risks and uncertainties develops into actual events, our business, financial condition or results of operations could be materially adversely affected and you could lose your entire investment in our company.
Spare Backup, Inc.
CONTACT: investor relations of Spare Backup, Inc., +1-760-779-4241, ext. 224, ir@sparebackup.com
Web Site: http://www.sparebackup.com/
Discovery Communications CFO Brad Singer to Present at the Deutsche Bank 2009 Media & Telecom Conference
SILVER SPRING, Md., March 2 /PRNewswire-FirstCall/ -- Discovery Communications today announced that Senior Executive Vice President and CFO Brad Singer will present at the Deutsche Bank 2009 Media & Telecom Conference on Tuesday, March 3, 2009, at 9:50 a.m. EST. The conference is being held at The Breakers Hotel in Palm Beach, FL.
(Logo: http://www.newscom.com/cgi-bin/prnh/20080918/NETH035LOGO )
A link to a live audio webcast of the presentation will be available in the "Investor Relations" section of Discovery Communications' website at http://www.discoverycommunications.com/. A replay of the webcast will be available on the company's website following the presentation and will be accessible until March 16, 2009.
About Discovery Communications
Discovery Communications is the world's number one nonfiction media company reaching more than 1.5 billion cumulative subscribers in 170 countries. Discovery empowers people to explore their world and satisfy their curiosity through 100-plus worldwide networks, led by Discovery Channel, TLC, Animal Planet, Science Channel, Planet Green, Investigation Discovery and HD Theater, as well as leading consumer and educational products and services, and a diversified portfolio of digital media services including HowStuffWorks.com. For more information, please visit http://www.discoverycommunications.com/.
Photo: http://www.newscom.com/cgi-bin/prnh/20080918/NETH035LOGO AP Archive: http://photoarchive.ap.org/ PRN Photo Desk, photodesk@prnewswire.com
Discovery Communications
CONTACT: Investors: Craig Felenstein, +1-212-548-5109, Craig_Felenstein@discovery.com, Media: Michelle Russo, +1-240-662-2901, Michelle_Russo@discovery.com, both of Discovery Communications
Web site: http://www.discoverycommunications.com/ http://www.discovery.com/
Tyco Electronics Receives Silver Boeing Performance Excellence Award
HARRISBURG, Pa., March 2 /PRNewswire-FirstCall/ -- Tyco Electronics Ltd. today announced that it has received a 2008 Boeing Performance Excellence Award. The Boeing Company issues the award annually to recognize suppliers who have achieved superior performance. Tyco Electronics maintained a Silver composite performance rating for each month of the 12-month performance period, from Oct. 1, 2007, to Sept. 30, 2008.
This year, Boeing recognized 411 suppliers who achieved either a Gold or Silver level Boeing Performance Excellence Award. Tyco Electronics is among 325 suppliers to receive the Silver level of recognition.
"We are absolutely delighted to receive this high level of recognition from Boeing," said Kevin Rock, president of Tyco Electronics' Aerospace, Defense & Marine Business Unit. "Earning this award clearly demonstrates our commitment to their programs and highlights the excellent working relationship that exists between our two companies."
Tyco Electronics supplies interconnection products and other electronic components to Boeing for various aircraft programs.
ABOUT TYCO ELECTRONICS
Tyco Electronics Ltd. is a leading global provider of engineered electronic components, network solutions, undersea telecommunication systems and wireless systems, with 2008 sales of $14.8 billion to customers in more than 150 countries. We design, manufacture and market products for customers in industries from automotive, appliance and aerospace and defense to telecommunications, computers and consumer electronics. With nearly 8,000 engineers and worldwide manufacturing, sales and customer service capabilities, Tyco Electronics' commitment is our customers' advantage. More information on Tyco Electronics can be found at http://www.tycoelectronics.com/.
For more information on the Boeing Performance Excellence Award, visit
http://www.boeing.com/companyoffices/doingbiz/supplier_portal/bpea.html.
TE Logo and Tyco Electronics are trademarks.
Boeing is a trademark of The Boeing Company.
Tyco Electronics Ltd.
CONTACT: Mike Ratcliff of Tyco Electronics Ltd., +1-717-592-2316, mike.ratcliff@tycoelectronics.com
Web Site: http://www.tycoelectronics.com/
Gen2Media to Present at the Edgewater Research Investor Conference in Las Vegas
ORLANDO, Fla., March 2 /PRNewswire-FirstCall/ -- Gen2Media Corporation (BULLETIN BOARD: GTWO) , a digital media network where broadcast meets broadband, today announced that senior officials are scheduled to present at the upcoming EdgeWater Research Spring 2009 Small/Micro Cap Conference to be held in Las Vegas.
WHO: Jim Byrd, Chairman and Chief Executive Officer
Mary Spio, President and Co-Founder
Tom Moreland, Chief Operating Officer and Chief Financial Officer
WHEN: 2:10 PM; Wednesday, March 4, 2009
WHERE: Green Valley Ranch Resort, Spa and Casino
2300 Paseo Verde Parkway
Henderson, Nevada
EdgeWater Research Partners, LLC is an independent micro cap equities research company representing the research of David Lavigne. EdgeWater follows a number of undiscovered small and micro cap stocks through both individual research and its monthly publication, The EdgeWater Micro Monthly. EdgeWater's research is distributed to its subscriber base, and is also available on a piece by piece basis on the Company's website, http://www.edgewaterresearch.com/ .
About Gen2Media Corporation
Based in Orlando, Florida, Gen2Media is a full-service digital media and marketing company and owner of the world's first true end-to-end online interactive network that embodies the best of broadcast and broadband. The Company combines world class content creation and production with a cutting- edge, patent-pending online video delivery system, as well as content production, back-end metrics and marketing expertise to achieve quantifiable results for its blue chip partners and customers; and to create rich, robust and engaging branded entertainment and infotainment for consumers.
Gen2Media owns and operates the Gen2 online interactive network, which delivers highly specialized and desirable content across multiple platforms, both independently and through a number of channel partnerships including Microsoft Xbox, TiVo, Clear Channel Radio, Emmis Communications, Regent, Salem and others. Its talented and acclaimed production team has handled live concert and video production for some of the most high profile entertainers and events in the world, including Mary J. Blige, Justin Timberlake, Britney Spears, The Billboard Awards Show and Live 8. For more information, please visit http://www.gen2media.com/ .
Gen2Media Corporation
CONTACT: Dodi Handy, President and CEO, Elite Financial Communications Group, LLC, or Tiffany Korkis or Kathy Addison, Directors of Elite Media Group, +1-407-585-1080, GTWO@efcg.net
Web site: http://www.gen2media.com/ http://www.edgewaterresearch.com/
Claimsnet.com Reports Fiscal Year 2008 ResultsIncluding a 26% Growth in Revenue for the Year, and 31% Growth in the Fourth Quarter
DALLAS, March 2 /PRNewswire-FirstCall/ -- Claimsnet.com inc. (OTC Bulletin Board: CLAI), a leading provider of Internet-based business-to-business solutions for the healthcare industry, today reported its results for fiscal year 2008 and fourth quarter of 2008, which ended December 31, 2008.
For the year ended December 31, 2008, the Company reported revenues of $2,080,000, a 26% increase from the $1,648,000 reported for fiscal 2007.
Cost of revenues for the 2008 fiscal year were $1,640,000 compared to $1,156,000 for the 2007 fiscal year, a 42% increase. Selling, general and administrative expenses of $985,000 were reported for 2008 compared to the $840,000 reported in fiscal 2007, an increase of 17%.
The Company reported a gross profit of $440,000 for fiscal year 2008, compared with a gross profit of $492,000 for fiscal year 2007, representing an 11% decrease. The loss from operations for fiscal 2008 was $545,000 compared to $348,000 reported in fiscal 2007. The net loss for fiscal year 2008 was $650,000, or $0.02 per share, compared to $457,000, or $0.02 per share, in the prior year.
For the three months ended December 31, 2008, the Company reported revenues of $535,000 compared to revenues of $408,000 reported for the three months ended December 31, 2007, an increase of 31%.
Cost of revenues increased 36% to $422,000 for the fourth quarter of 2008 from $310,000 for the fourth quarter of 2007. Selling, general and administrative expenses of $254,000 for the fourth quarter of 2008 increased from the $252,000 reported for the fourth quarter of 2007, an increase of 1%.
The Company reported a quarterly gross profit in the fourth quarter of 2008 totaling $113,000 compared with a gross profit of $98,000 in the fourth quarter of 2007. The fourth quarter loss from operations was $141,000 compared to the loss of $154,000 reported in the fourth quarter of 2007. The net loss for the quarter was $166,000, or $0.01 per share, as compared with a net loss of $182,000, or $0.01 per share, in the same quarter of 2007.
"Our financial results for fiscal year 2008 reflect the focus of the Company on revenue growth. While we are not yet satisfied with the results of those efforts, we remain fully focused on this strategy of revenue and margin growth for the Company with a goal of reaching profitability in fiscal year 2009," commented Don Crosbie, chief executive officer of Claimsnet.
"Some of these efforts, previously announced, included the hiring of two new sales people in 2008. As a result of these hires and our increased focus on expanding our product platform, we have secured new contracts with both payers and providers and we have a good sales pipeline that our sales team continues to cultivate.
Claimsnet has also added services to existing customers associated with transactions other than medical claims. These services relate to, among other areas, ERA (electronic remittance advice) transactions, additional edits of paper claims, full paper claim processing and claim repricing services.
In fiscal year 2008, transaction volume increased by 63% to a total of 10,000,000 transactions, compared to fiscal year 2005, the year in which we completed fund raising activities with many significant investors. This growth is the result of maintaining long term customer relationships, expanding our customer base, offering additional services to all of our customers, and adding new customers associated with the paper conversion and claims repricing services purchased from Acceptius earlier this year. Our total number of direct payer customers now exceeds 65, along with a growing number of direct provider connections.
An added benefit to our customers is the more than 35 connections that have been developed with other claims clearinghouses in our industry. These relationships allow more transactions to be maintained in an electronic format, rather that being printed to paper, and we expect to continue to add more of these connections as we expand our business relationships."
Claimsnet.com inc. is a leading provider of Internet-based claim processing solutions for the healthcare payer industry, including distinctive, advanced ASP technology. Headquartered in Dallas, Claimsnet offers systems that are distinguished by ease of use, customer care, security and measurable cost advantages. More information on Claimsnet and on the information set forth in this release may be found at the Company's web site at http://www.claimsnet.com/, as well as at the SEC's website at http://www.sec.com/.
Safe Harbor Statement Under the Private Securities Litigation Act 1995 - With the exception of historical information, the matters discussed in this press release are forward looking statements that involve a number of risks and uncertainties. The actual future results of the company could differ significantly from those statements. Factors that could cause or contribute to such differences include, but are not limited to, risks related to our recent acquisition of substantially all of the assets of Acceptius, Inc., maintaining access to external sources of capital, regulatory actions, success of marketing strategies, actions of Claimsnet's competitors, dependence on business partners and distribution channels, and continued use of the Internet. Further information on Claimsnet's risk factors is contained in Claimsnet's quarterly, annual, and other periodic reports as filed with the Securities and Exchange Commission.
[Table to Follow]
CLAIMSNET.COM INC. AND SUBSIDIARIES
SUMMARY OPERATIONS STATEMENT INFORMATION
(In thousands except per share data)
Year Ended
December 31,
----------------
2008 2007
---- ----
REVENUES $ 2,080 $ 1,648
COST OF REVENUES $ 1,640 $ 1,156
GROSS PROFIT (LOSS) $ 440 $ 492
SELLING, GENERAL AND ADMINISTRATIVE $ 985 $ 840
LOSS FROM OPERATIONS $ (545) $ (348)
OTHER INCOME (EXPENSE) $ (105) $ (109)
NET LOSS $ (650) $ (457)
NET LOSS PER COMMON SHARE - BASIC AND DILUTED $ (0.02) $ (0.02)
WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING -BASIC AND DILUTED 28,574 26,050
Claimsnet.com inc.
CONTACT: Don Crosbie of Claimsnet.com inc., +1-972-458-1701, ext. 112, dcrosbie@claimsnet.com
Web Site: http://www.claimsnet.com/
DayStar Schedules Fourth Quarter and Year-end 2008 Conference Call for March 16, 2009
SANTA CLARA, Calif., March 2 /PRNewswire-FirstCall/ -- DayStar Technologies, Inc. , a developer of photovoltaic products based on CIGS thin film semiconductor technology, today announced that it has scheduled its fourth quarter and year-end 2008 financial results conference call for Monday, March 16, 2009 at 2:00 pm Pacific time.
To listen to the call, dial 412-858-4600 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 412-317-0088. The replay pass code is 428596.
The DayStar financial results conference call will be available via a live webcast on the investor relations section of the DayStar website at http://www.daystartech.com/. Access the web site 15 minutes prior to the start of the call to download and install any necessary audio software. An archived webcast replay will be available on the web site for 12 months.
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 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.
Contact:
DayStar Technologies, Inc.
William Steckel Patrick J. Forkin
Chief Financial Officer Vice President - Corporate Development
408/582.7100 408/582.7100
investor@daystartech.com investor@daystartech.com
DayStar Technologies, Inc.
CONTACT: William Steckel, Chief Financial Officer, or Patrick J. Forkin, Vice President - Corporate Development, both of DayStar Technologies, Inc., +1-408-582-7100, investor@daystartech.com
Web Site: http://www.daystartech.com/
Texas Instruments to webcast its 1Q09 mid-quarter financial update
DALLAS, March 2 /PRNewswire-FirstCall/ -- Texas Instruments Incorporated (TI) will webcast its 1Q09 mid-quarter financial update, Monday, March 9, beginning at 4 p.m. Central time. Ron Slaymaker, vice president and head of Investor Relations, will provide the update and answer questions from the investor audience.
You may access the webcast on the Investor Relations section of the company's web site at http://www.ti.com/ir. An archived copy of the webcast will be available shortly after the call concludes.
Texas Instruments helps customers solve problems and develop new electronics that make the world smarter, healthier, safer, greener and more fun. A global semiconductor company, TI innovates through design, sales and manufacturing operations in more than 30 countries. For more information, go to http://www.ti.com/.
TXN-F
Photo: http://www.newscom.com/cgi-bin/prnh/20010105/NEF016LOGO http://photoarchive.ap.org/ PRN Photo Desk photodesk@prnewswire.com
Texas Instruments Incorporated
CONTACT: Chris Rongone, +1-214-480-6868, c-rongone@ti.com, or Kim Morgan, +1-214-480-6127, kim-morgan@ti.com, both of Texas Instruments Incorporated. (Please do not publish these numbers or e-mail addresses.)
Web Site: http://www.ti.com/
EF Johnson Technologies, Inc. Receives $50 Million Contract From DoD CustomerCompany to provide Project 25 compliant radios and accessories
IRVING, Texas, March 2 /PRNewswire-FirstCall/ -- EF Johnson Technologies, Inc. today announced that it has received a five year contract valued at $50 million from a US Department of Defense (DoD) customer. This indefinite delivery indefinite quantity, fixed price contract calls for the company to provide the DoD with its award-winning ES Series Project 25 compliant two-way radios.
"Our award-winning ES Series Project 25 compliant radios feature the second generation Enhanced (AMBE+2) P25 Vocoder for loud and clear digital sound, and with the optional immersion housing they meet military specifications (MIL SPEC) 810C through 810F as well as the IP67 specification for submersibility," said Michael Jalbert, chairman and chief executive officer of EF Johnson Technologies. "The FIPS-compliant encryption algorithms provide the security that the customer requires."
About EF Johnson Technologies, Inc.
Headquartered in Irving, Texas, EF Johnson Technologies, Inc. focuses on innovating, developing and marketing the highest quality secure communications solutions to organizations whose mission is to protect and save lives. The Company's customers include first responders in public safety and public service, the federal government, and industrial organizations. The Company's products are marketed under the EFJohnson, 3e Technologies International, and Transcrypt International names. For more information, visit http://www.efjohnsontechnologies.com/.
Safe Harbor
Certain matters discussed in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to certain risks and uncertainties that could cause the actual results, performance or achievements to differ materially from those expressed, suggested or implied by the forward-looking statements due to a number of risk factors including, but not limited to, the level of demand for the company's products and services, reliance on contract manufacturers, the timely procurement of necessary manufacturing components, software feature development and the implementation of application software, successful integration of the system components, dependence on continued funding of governmental agency programs, general economic and business conditions, and other risks detailed in the company's reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the period ended December 31, 2007 and in the company's subsequent filings with the SEC. These forward-looking statements are made as of the date of this press release and the company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Readers are cautioned not to place undue reliance on these forward-looking statements.
EF Johnson Technologies, Inc.
CONTACT: investor relations, Jana Ahlfinger Bell, +1-972-819-0700, jbell@efji.com, or trade press, Kevin Nolan, +1-972-819-0710, knolan@efji.com, both of EF Johnson Technologies, Inc.
Web Site: http://www.efjohnsontechnologies.com/.
Next Inning Technology Research Publishes Special Report 'Incentivizing Green Tech'
PRINCETON, N.J., March 2 /PRNewswire/ -- Next Inning Technology Research (http://www.nextinning.com/), a subscription service focused on semiconductor and technology stocks, announced it has published a series of reports updating outlooks for Cree , IXYS , International Rectifier , Echelon , and more.
Throughout this challenging period in the market, Editor Paul McWilliams has helped his subscribers identify uniquely positioned tech sector opportunities. These include a specialty semiconductor stock that has returned 80% since McWilliams added it to the Next Inning model portfolio late last year.
By taking a free test drive of Next Inning, you'll receive real-time notification of Next Inning model portfolio buy and sell orders, the seven Next Inning Paradigm Papers covering key, long-term tech trends, and the exclusive "2009 Guide to Undervalued Tech Stocks." These reports cover nearly 100 technology companies and are chock full of charts and ratings that identify potential big winners for 2009 and which stocks investors should avoid. To accept this offer, visit the following link:
https://www.nextinning.com/subscribe/index.php?refer=prn784
In his special report, McWilliams wrote, "I think what's important to grasp here is that the government can influence behavior in two ways. One is to encourage the behavior it wants with incentives and the other is to penalize the behavior it doesn't want. In my view, we should work hard to accomplish our mutually desirable goals with the first method and use the second only when necessary."
McWilliams looks at these topics in his special report:
-- What is it about the Cree story that makes it more likely to be a winner than other companies bearing the "green tech" label?
-- Is McWilliams enthusiastic about the green tech prospects for companies like International Rectifier, IXYS, and Echelon?
-- What key elements must be in place for government plans to spur green tech innovation?
Founded in September 2002, Next Inning's model portfolio has returned 120% since its inception versus 5% for the Nasdaq.
About Next Inning:
Next Inning is a subscription financial newsletter focused on technology stocks. Editor Paul McWilliams is a 20+-year semiconductor industry veteran.
NOTE: This release was published by Indie Research Advisors, LLC, a registered investment advisor with CRD #131926. Interested parties may visit adviserinfo.sec.gov for additional information. Past performance does not guarantee future results. Investors should always research companies and securities before making any investments. Nothing herein should be construed as an offer or solicitation to buy or sell any security.
CONTACT: Marcia Martin, Next Inning Technology Research, +1-888-278-5515
Indie Research Advisors, LLC
CONTACT: Marcia Martin of Next Inning Technology Research, +1-888-278-5515
Web Site: http://www.nextinning.com/
AT&T Offers Businesses One-Stop Solution to Build and Run Their IT OperationsREMOTE INFRASTRUCTURE MANAGEMENT SERVICE REPRESENTS LATEST MANAGED HOSTING INNOVATION FROM AT&T
DALLAS, March 2 /PRNewswire-FirstCall/ -- For companies that want to take advantage of out-tasking their IT infrastructure, but are locked into long-term data center leases, or can't afford to remove existing IT equipment, AT&T* has some good news.
AT&T today announced it is offering businesses a one-stop solution for managing and monitoring their IT infrastructures regardless of location. The solution, called AT&T Remote Infrastructure Management, delivers the full range of AT&T's IT infrastructure services to a company's location -- whether it is an in-house company data center, remote office, or even third-party center -- along with on-site servicing of equipment if needed.
Generally available in the United States and on a case-by-case basis globally, the service combines AT&T's robust network and applications monitoring tools with IT infrastructure management expertise to provide companies with full lifecycle management of their environments. Specifically:
-- AT&T will design, deploy and maintain a customer's servers, storage
and network infrastructure devices. Customers can select from three
flexible levels of server management and monitoring support all backed
by AT&T's industry-leading service level agreements.
-- AT&T will manage a company's environment remotely and make "house
calls" on premise to install, repair or upgrade equipment - even if
that premise is a third-party data center.
-- Companies can access AT&T reporting tools that show the status of
servers and systems across their infrastructures through real-time
alerts and performance reports on AT&T's BusinessDirect(R) portal.
-- Companies can also combine AT&T Remote Infrastructure Management with
other managed services delivered from AT&T Internet data centers
(IDCs) for enhanced capabilities such as load balancing applications
across both an AT&T IDC and a customer-owned data center.
"In order to remain competitive in the current economy, businesses must concentrate resources on their core competencies. As a result, they often lack the in-house expertise to manage and monitor complex IT infrastructures," said Roman Pacewicz, Senior Vice President, AT&T Strategy and Application Services.
"With today's announcement, we are delivering our extensive expertise managing and monitoring the IT environments of the world's largest multinational companies to businesses anywhere, anytime, so they can stay focused on doing what they do best."
According to Gartner's report, "An Overview of the Remote Infrastructure Services Market" (August 2008), the market for remote infrastructure services reached nearly $19 billion in 2008. Gartner stated that, "nearly 70 percent all North American companies will have remote infrastructure management service contracts by 2012." Gartner gave AT&T a "positive" rating in its most recent "MarketScope Report for Remote Monitoring Services (Global)"(1).
"For companies grappling with a managed services strategy, remote infrastructure services are a key first step that offers the benefits of out-tasking IT while still maintaining a measure of control," said Eric Goodness, research analyst with Gartner. "The greatest benefit remote infrastructure management services offer is the reduction of risk. And in the current business environment, as resources to build and manage IT become scarcer, risk grows."
Recently, AT&T further enhanced its ability to deliver computing capacity as a service through the introduction of AT&T Synaptic Hosting(TM), its next-generation utility computing platform that is available in five of AT&T's regional "super IDCs". Additionally, businesses can choose a wide range of disaster recovery and business continuity services available through AT&T's 38 global IDCs.
For more information on AT&T Remote Infrastructure Management, go to http://www.business.att.com/hosting.
1) "MarketScope for Remote Monitor Services (Global)" by Richard T. Matlus, William Maurer, Frank Ridder, Gianluca Tramacere, Claudio Da Rold, Jim Longwood, Eric Goodness, Gartner, October 2008, ID Number G00161002
*AT&T products and services are provided or offered by subsidiaries and affiliates of AT&T Inc. under the AT&T brand and not by AT&T, Inc.
About AT&T
AT&T Inc. is a premier communications holding company. Its subsidiaries and affiliates, AT&T operating companies, are the providers of AT&T services in the United States and around the world. Among their offerings are the world's most advanced IP-based business communications services, the nation's fastest 3G network and the best wireless coverage worldwide, and the nation's leading high speed Internet access and voice services. In domestic markets, AT&T is known for the directory publishing and advertising sales leadership of its Yellow Pages and YELLOWPAGES.COM organizations, and the AT&T brand is licensed to innovators in such fields as communications equipment. As part of their three-screen integration strategy, AT&T operating companies are expanding their TV entertainment offerings. In 2008, AT&T again ranked No. 1 in the telecommunications industry on FORTUNE(R) magazine's lists of the World's Most Admired Companies and America's Most Admired Companies. Additional information about AT&T Inc. and the products and services provided by AT&T subsidiaries and affiliates is available at http://www.att.com/.
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AT&T Inc.
CONTACT: Michael Lordi, +1-908-234-6071, mobile, +1-908-329-4854, mlordi@attnews.us, for AT&T; or Janet Wyles of AT&T, +1-908-234-6067, mobile, +1-732-331-6754, wyles@att.com
Web Site: http://www.att.com/
New Ameren Illinois Utilities Energy Toolkit is the Key to Treasure Chest of Savings for Residential CustomersThe Interactive Way to Save at ActOnEnergy.com
PEORIA, Ill., March 2 /PRNewswire/ -- Ameren Illinois Utilities residential customers now have a powerful new Web tool, the Energy Toolkit, which is designed to help them spend less by using energy more efficiently.
"With the click of a mouse, customers now can see where their energy dollars go, how their energy use compares with others and the steps they can take to reduce their bills by reducing the amount of energy they use," said Harvey Neverman, Act On Energy(TM) Customer Service business consultant.
The Energy Toolkit is located on the Ameren Illinois Utilities Act On Energy Web site (http://www.actonenergy.com/). When signing on for the first time, customers will need a copy of their bill to obtain a "User ID" and "Password."
Upon entering the toolkit, users will be able to view personalized billing information for the current period and even for the past 24 months.
Customers then can use the toolkit to:
-- See how your energy usage stacks up against that of others and whether
your energy usage is above or below the average of all customers.
-- Learn where your energy dollars go (heating, cooling, cooking, water
heating, etc.).
-- Receive advice on how to reduce your energy spending without
sacrificing comfort.
"One of the most valuable toolkit features allows customers to determine just how much they can actually save by replacing existing appliances with high-efficiency ENERGY STAR qualified appliances. People often are pleasantly surprised when they learn that by purchasing new high-efficiency appliances they can reap significant savings over the life of that appliance," Neverman said.
"We have designed the Energy Toolkit as the easy to use way for customers to take control of their energy bills. By investing a small amount of time, customers will discover practical and often inexpensive and even no-cost ways to spend less on energy by using less energy."
Customers who are not Internet active still may take advantage of the Energy Toolkit by calling the Ameren Illinois Utilities (AmerenCILCO - 1-888-672-5252; AmerenCIPS - 1-800-789-2477; AmerenIP - 1-800-755-5000).
Ameren Illinois Utilities residential customers can visit the Act On Energy Web site to purchase high-efficiency compact fluorescent lights (CFLs) at sharply discounted prices. There also are special energy efficiency incentive programs for business customers. Complete information, including energy conservation tips, is available at http://www.actonenergy.com/.
The Ameren Illinois Utilities have been providing safe, reliable energy delivery service for more than a century. The Ameren Illinois Utilities deliver energy to 1.2 million electric and more than 840,000 natural gas customers in about 1,000 communities, while helping customers spend less by using less energy and communities grow through economic development initiatives.
Ameren Illinois Utilities
CONTACT: Leigh Morris, +1-217-535-5228, or Neal Johnson, +1-309-677-5284, or Victoria Busch, +1-618-346-1286, all of Ameren Illinois Utilities
Web Site: http://www.ameren.com/
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