Companies news of 2009-03-09 (page 1)
Innotrac Updates Status of Trading Restriction and Receivership for IPOF Fund
SMTC Reports Fourth Quarter ResultsSequential Revenue Growth and Continuing Cash...
Belzberg Reports Fourth Quarter and Annual 2008 Financial Results
SkillSoft Schedules Fiscal 2009 Fourth Quarter and 2009 Fiscal Year Conference Call
TI updates first-quarter 2009 business outlookConference call on TI web site at 4 p.m....
RELM Wireless Reports 2008 Year-End and Fourth Quarter Results
DivX Announces Appointment of New Board MemberAlex Serge Vieux, Publisher and CEO of Red...
Johnson Controls Announces Offerings of Equity Units and Convertible Senior Notes for an...
DivX, Inc. Reports Fourth Quarter and Year End 2008 Financial ResultsDivX Delivers Solid...
Ed Zander and Albert 'Rocky' Pimentel Named to Seagate Technology Board of Directors
RDM Corporation Announces Deal with TriSource SolutionsRDM and TriSource Solutions, LLC....
National Instruments Provides Q1 Business Update
PSi Technologies Holdings, Inc. Files Form 15
Allscripts to Sell Its Medication Services Business to A-S Medication Solutions, Sign...
Belden's New Adaptive Enclosure Heat Containment System 'Greens' the Data Center by...
SonicWALL Reports Inducement Grants Under NASDAQ Marketplace Rule 4350
Cars.com Survey Shows More Car Shoppers Switching From New- to Used-Car PurchasesCertified...
UC Riverside, MESA and Verizon Announce New Partnership to Promote Math and Science to...
Sitesearch Corporation Information To Be Available Through Standard & Poor's Corporation...
Omnicell Unveils Tissue Center Solution - Industry's First Integrated Tissue Tracking and...
Aftersoft Group, Inc.'s Subsidiary MAM Software Renews Approved Supplier Relationship with...
Agilysys Appoints Kathleen A. Weigand as General Counsel and Senior Vice President, Human...
Bento 2 Named Codie Finalist for Best Database Management SolutionBento 2 for Mac proves...
Explorations Group Announces Letter of Intent to Acquire Specialty Lighting Company
Zebra Technologies Unveils QuikCard(TM) ID Solution for Fast, Easy Creation of...
Great Place to Work(R) Institute Ireland Recognises EMC Among the Top '50 Best Workplaces...
FiOS TV Adds More Free Movies and Other On-Demand Programming Through New Deals With...
China BAK Clarifies Investment Plan on Tianjin Facility
Picarro and O.I. Corporation Launch Integrated Isotope Analyzer for Total Organic Carbon...
Innotrac Updates Status of Trading Restriction and Receivership for IPOF Fund
ATLANTA, March 9 /PRNewswire-FirstCall/ -- Innotrac Corporation today updated its previous announcement regarding the restriction placed on the trading of Company stock in the IPOF Fund, L.P. administered by the receiver appointed by the United States District Court in Cleveland, Ohio. In an order dated March 5, 2009, the Court extended the period during which financial institutions holding Company stock owned by the IPOF Fund, Mr. Dadante or Dadante-related entities are restricted from trading any of these shares as defined in the Court's prior orders until June 5, 2009.
Innotrac
Innotrac Corporation, founded in 1984 and based in Atlanta, Georgia, is a full-service fulfillment and logistics provider serving enterprise clients and world-class brands. The Company employs sophisticated order processing and warehouse management technology and operates eight fulfillment centers and two call centers in seven cities spanning all time zones across the continental United States. For more information about Innotrac, visit the Innotrac Website, http://www.innotrac.com/.
Information contained in this press release, other than historical information, may be considered forward-looking in nature. Forward-looking statements in this press release include our expectations for future progress in our business and future generation of cash flows. Forward-looking statements are subject to various risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or expected. Among the key factors that may have a direct bearing on Innotrac's operating results, performance or financial condition are competition, the demand for Innotrac's services, Innotrac's ability to retain its current clients and attract new clients, realization of expected revenues from new clients, the state of the telecommunications and direct response industries in general, changing technologies, Innotrac's ability to maintain profit margins in the face of pricing pressures, Innotrac's ability to finalize a new loan agreement and numerous other factors discussed in Innotrac's 2006 Annual Report on Form 10-K and other filings on file with the Securities and Exchange Commission. Innotrac disclaims any intention or obligation to update or revise any forward-looking statement whether as a result of new information, future events or otherwise.
CONTACT: George Hare, Chief Financial Officer
Innotrac Corporation
678-584-4020, ghare@innotrac.com
http://www.innotrac.com/ /
(INOC)
Innotrac Corporation
CONTACT: George Hare, Chief Financial Officer, Innotrac Corporation, +1-678-584-4020, ghare@innotrac.com
Web Site: http://www.innotrac.com/ /
SMTC Reports Fourth Quarter ResultsSequential Revenue Growth and Continuing Cash Generation
TORONTO, March 9 /PRNewswire-FirstCall/ -- SMTC Corporation , a global electronics manufacturing services provider, today reported 2008 fourth quarter unaudited results. Revenue for the quarter was $61.1 million up $1.0 million sequentially and $5.7 million lower than the fourth quarter of 2007. The net loss for the quarter of $0.1 million compares with net income of $0.1 million in the third quarter of 2008 and $0.9 million for the comparable period last year. The Company continued to generate positive cash flow in the fourth quarter reducing net debt to an all time low of $16 million.
Gross profit for the fourth quarter was $3.8 million or 6.2% of revenue compared with $4.8 million or 8.0% for the previous quarter and $6.4 million or 9.6% for the fourth quarter of 2007.
The fourth quarter results were heavily impacted by considerably lower revenue in the Company's Enclosures Systems division due to industry sector specific and general economic factors. This created significant excess capacity at the Company's larger Enclosures facility located in Franklin, Massachusetts.
"Our fourth quarter performance reflects the front end of the weakening North American economy that particularly affected our Enclosures business. The balance of our operations produced solid results," stated John Caldwell, President and Chief Executive Officer. "In consideration of the current excess capacity at our Franklin facility and consistent with our longer term strategy to offer our customers competitive solutions from facilities located in low cost regions, we plan to consolidate Enclosures production in our 235,000 square foot facility in Chihuahua, Mexico that houses the full range of contract manufacturing services including enclosures and systems integration capability. The Franklin facility will be closing in the second quarter of 2009."
"While our results have been negatively impacted by recessionary pressures, in particular losses from our Boston facility, we have continued to generate cash and reduce debt. In 2007 and 2008, the Company has generated $24.7 million and $7.0 million respectively in cash from operations reducing debt to a low of $16 million," stated Jane Todd, SVP Finance and Chief Financial Officer.
"Given the uncertainty in the current recessionary environment, the Company will not be providing specific financial guidance for 2009. However, not unexpectedly we anticipate lower revenues and significant volatility quarter to quarter in 2009 as virtually all our customers' end markets are exhibiting weakness and many customers are undertaking significant inventory corrections. The full impact of the recession on revenue from our longstanding customers may be somewhat mitigated by newer customers ramping production with some modest additional revenue in the second half of the year from newly engaged customers. In light of challenging end markets, economic and related credit market uncertainties, we are in discussions and are working collaboratively with our customers, vendors and lenders through this challenging period. In 2009, our focus will be assisting our customers in managing in a highly unpredictable marketplace by providing high valued added, scalable and flexible contract manufacturing services. We also will be prudently rebalancing our cost structure to align with expected revenues and continue to drive down debt through judicious working capital management," stated Mr. Caldwell.
About SMTC Corporation: SMTC Corporation, founded in 1985, is a mid-size provider of end-to-end electronics manufacturing services (EMS) including PCBA production, systems integration and comprehensive testing services, enclosure fabrication, as well as product design, sustaining engineering and supply chain management services. SMTC facilities span a broad footprint in the United States, Canada, Mexico, and China, with more than 1000 full time employees. SMTC services extend over the entire electronic product life cycle from the development and introduction of new products through to the growth, maturity and end-of-life phases. SMTC offers fully integrated contract manufacturing services with a distinctive approach to global original equipment manufacturers (OEMs) and emerging technology companies primarily within industrial, computing and communication market segments.
SMTC is a public company incorporated in Delaware with its shares traded on the Nasdaq National Market System under the symbol SMTX and on the Toronto Stock Exchange under the symbol SMX. For further information on SMTC Corporation, please visit our website at http://www.smtc.com/ (http://www.smtc.com/)
Note for Investors: The statements contained in this release that are not purely historical are forward-looking statements which involve risk and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. These statements may be identified by their use of forward-looking terminology such as "believes", "expect", "may", "should", "would", "will", "intends", "plans", "estimates", "anticipates" and similar words, and include, but are not limited to, statements regarding the expectations, intentions or strategies of SMTC Corporation. For these statements, we claim the protection of the safe harbor for forward-looking statements provisions contained in the Private Securities Litigation Reform Act of 1995. Risks and uncertainties that may cause future results to differ from forward-looking statements include the challenges of managing quickly expanding operations and integrating acquired companies, fluctuations in demand for customers' products and changes in customers' product sources, competition in the EMS industry, component shortages, and others discussed in the Company's most recent filings with securities regulators in the United States and Canada. The forward-looking statements contained in this release are made as of the date hereof and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ materially from those projected in the forward-looking statements.
SMTC Corporation
CONTACT: Jane Todd, Senior Vice President, Finance and Chief Financial Officer, (905) 413-1300, Email: jane.todd@smtc.com
Belzberg Reports Fourth Quarter and Annual 2008 Financial Results
TORONTO, March 9 /PRNewswire-FirstCall/ -- Belzberg Technologies Inc. (TSX -BLZ), a provider of technology-based equity and options trading services, announced today its financial results for the three and twelve months ended December 31, 2008 - as well as a number of initiatives to improve profitability, enhance operations and position for growth.
"Belzberg's core business came under pressure in 2008. Revenues were negatively affected by the market downturn, while investments were made to support increased trade and data volumes and clearing," said Judith Robertson, President and CEO. "Our objective is to reverse the decline in profitability and position Belzberg for future growth. We have narrowed our strategic focus to our core strengths. We expect to introduce clearing as an extension of our execution business in the U.S. in the second quarter. We will strengthen our sales presence with a coordinated effort focused on our strengths in the options markets. We will introduce new products and features that are aligned with this vision."
Major activities to date include:
- Recruited Chris Jackson, President, Canadian Operations. Chris has
overall responsibility for strategy, sales and service delivery for
the Canadian business;
- Closed London, UK office; to provide full focus to North American
growth
- Revamped development queue process and re-assigned resources to
product development to enhance innovation and delivery
- Consolidated US sales and product leadership to pursue a sales
strategy with a focus on electronic products and strength in options
- Reassigned resources to enhance delivery of clearing services -
tightly controlled launch of first client in the next quarter
"Notwithstanding the challenging market conditions, Belzberg is well-positioned as a low cost provider to build on its large installed base and its strengths in electronic trading and the options markets," said Judith Robertson, President and CEO. "The negative trends evident in the 4th quarter results will take some time to reverse, however we are already making significant improvements in operations and client service which are expected to show results in the second half of 2009."
Financial Results
In the fourth quarter ended December 31, 2008, the net loss was $0.3 million (including restructuring charges of $1.1 million and a net income tax recovery of $0.7 million) as compared to net earnings of $2.1 million (including $0.8 million of federal investment tax credits not previously recorded) same quarter last year.
Total revenues for the fourth quarter, including pass-throughs on which the Company makes no margin, increased 37% to $12.2 million versus $9.0 million in the same year-ago period. Revenues net of pass-throughs increased by 9% to $7.6 million from $6.9 million in the same year-ago period. Approximately $1.0 million of the revenue increase net of pass-throughs resulted from a strengthening US dollar.
Total operating expenses for the fourth quarter, including pass-throughs, increased 52% to $11.7 million versus $7.7 million in the same year ago period. Operating expenses net of pass-throughs increased 21% to $7.0 million versus $5.8 million in the same year ago period.
Diluted loss per share for the fourth quarter was ($0.02) per share as compared to earnings of $0.14 per share in the same year-ago period.
The Company's financial position included cash and cash equivalents of $19.5 million and working capital of $25.0 million at December 31, 2008.
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Financial Highlights
(in millions of dollars,
except per share data) Three months ended Twelve months ended
(Three month periods December 31, December 31,
unaudited) 2008 2007 2008 2007
-------------------------------------------------------------------------
Revenue $ 12.2 $ 9.0 $ 41.8 $ 40.7
Net earnings (loss) $ (0.3)* $ 2.1** $ 0.1* $ 7.3**
Diluted earnings (loss)
per share $ (0.02) $ 0.14 $ 0.01 $ 0.48
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* Includes restructuring charges of $1.1 million
** Includes $0.8 million of federal investment tax credits not
previously recorded
Business Line Revenues
Total equity revenues before pass-throughs were $3.2 million in the fourth quarter of 2008 compared to $2.8 million in the same year-ago quarter. A strengthening US dollar accounted for approximately $0.4 million of the increase.
Total revenue of option contracts traded both electronically and non-electronically was $3.7 million in the fourth quarter of 2008 compared to $3.3 million in the same year-ago quarter. A strengthening US dollar accounted for approximately $0.7 million of the increase in option revenues.
Average total daily volume of electronic equity and index options contracts traded both electronically and non electronically on the floor of the CBOE and on other exchanges were 214,000 contracts per day in the fourth quarter of 2008 as compared to 231,000 contracts per day in the same year-ago quarter.
About Belzberg Technologies
Belzberg Technologies Inc. is a provider of technology-based brokerage services, trading equities and options through Electronic Brokerage Systems, Belzberg Technologies' wholly owned broker-dealer. Electronic Brokerage Systems is a member of most North American stock exchanges, options exchanges and clearing organizations, including the NYSE, NASDAQ, CBOE, NSCC and OCC. Using Belzberg's suite of integrated trading tools and network connectivity, Belzberg's customers have direct access to all major equities and options markets in Canada and the U.S.. The firm's client-base includes over 200 leading U.S and international brokerage houses and financial institutions. Belzberg Technologies is listed on the Toronto Stock Exchange (Ticker-BLZ) - additional information is available at http://www.belzberg.com/.
Forward looking statement disclaimer
Except for historical information contained herein, the matters discussed in this press release are based on forward-looking statements that involve risk and uncertainty. A variety of important factors could cause results to differ materially from such statements, including but not limited to economic, competitive, governmental and technological factors affecting the company's operation, markets, products, prices and other factors.
BELZBERG TECHNOLOGIES INC.
Consolidated Balance Sheets
(in thousands of Canadian dollars)
-------------------------------------------------------------------------
December 31, December 31,
2008 2007
(Audited) (Audited)
------------- -------------
ASSETS
CURRENT
Cash and cash equivalents $ 19,452 $ 21,081
Cash segregated under regulations and other 184 -
Cash and cash equivalents on deposit with
clearing and depository organizations 1,989 2,971
Receivable from brokers, dealers and
clearing organizations 1,774 2,521
Accounts receivable 5,973 4,601
Prepaid expenses and other receivables 534 380
Other assets 1,565 925
Income taxes receivable 89 -
Investment tax credits recoverable 84 489
Future income tax assets - 2,201
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31,644 35,169
CAPITAL ASSETS 3,609 2,955
INVESTMENT 38 38
INVESTMENT TAX CREDITS RECOVERABLE 1,580 972
FUTURE INCOME TAX ASSETS 3,289 290
GOODWILL 1,608 1,608
OTHER INTANGIBLE ASSETS, NET 190 240
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$ 41,958 $ 41,272
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LIABILITIES
CURRENT
Accounts payable and accrued liabilities $ 6,350 $ 4,054
Payable to customers 183 -
Payable to brokers, dealers and
clearing organizations 131 1,915
Income taxes payable - 13
Future income tax liabilities - 439
Obligations under capital lease - 27
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6,664 6,448
FUTURE INCOME TAX LIABILITIES 244 233
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6,908 6,681
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SHAREHOLDERS' EQUITY
CAPITAL STOCK 23,930 39,598
CONTRIBUTED SURPLUS 3,686 3,677
RETAINED EARNINGS (DEFICIT) 7,434 (8,684)
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35,050 34,591
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$ 41,958 $ 41,272
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BELZBERG TECHNOLOGIES INC.
Consolidated Statements of Operations and Retained Earnings (Deficit)
(in thousands of Canadian dollars)
(Three month periods unaudited)
-------------------------------------------------------------------------
Three months ended Twelve months ended
December 31, December 31,
2008 2007 2008 2007
----------- ----------- ----------- -----------
REVENUE
Transaction fees:
Equity order flow $ 6,463 $ 3,455 $ 17,942 $ 15,202
Options and futures
contracts 3,679 3,294 15,220 16,644
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10,142 6,749 33,162 31,846
Subscription fees 1,683 1,885 7,087 7,455
Other revenue 409 328 1,512 1,352
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TOTAL REVENUE 12,234 8,962 41,761 40,653
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EXPENSES
Exchange, clearing and
brokerage fees 5,371 2,236 16,021 11,203
Compensation and
related benefits 3,610 2,598 12,502 10,783
Telecommunication and
datafeed services 2,051 1,459 6,988 6,069
Administrative and
other expenses 1,511 1,294 5,279 4,605
Strategic process
expenses - - - 191
Restructuring charges 1,052 - 1,052 -
Amortization of
capital assets 544 434 2,031 1,507
Amortization of
intangible assets 23 16 71 64
Government assistance (60) (936) (60) (936)
Foreign exchange
(gain) loss (814) 156 (727) 845
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13,288 7,257 43,157 34,331
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EARNINGS (LOSS) BEFORE
THE UNDERNOTED (1,054) 1,705 (1,396) 6,322
Interest expense 1 2 4 10
Interest income (117) (220) (582) (811)
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(116) (218) (578) (801)
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EARNINGS (LOSS) BEFORE
INCOME TAXES (938) 1,923 (818) 7,123
PROVISION FOR (RECOVERY
OF) INCOME TAXES
Current (9) 123 - 123
Future (679) (263) (936) (263)
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(688) (140) (936) (140)
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NET EARNINGS (LOSS) (250) 2,063 118 7,263
RETAINED EARNINGS (DEFICIT),
BEGINNING OF PERIOD 7,684 (10,747) (8,684) (15,947)
REDUCTION OF STATED CAPITAL - - 16,000 -
-------------------------------------------------------------------------
RETAINED EARNINGS (DEFICIT),
END OF PERIOD 7,434 (8,684) 7,434 (8,684)
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-------------------------------------------------------------------------
EARNINGS (LOSS) PER SHARE:
Basic $ (0.02) $ 0.14 $ 0.01 $ 0.49
Diluted $ (0.02) $ 0.14 $ 0.01 $ 0.48
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WEIGHTED AVERAGE NUMBER
OF COMMON AND COMMON
EQUIVALENT SHARES
OUTSTANDING
Basic 14,835 14,786 14,829 14,693
Diluted 14,835 14,964 14,879 15,122
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BELZBERG TECHNOLOGIES INC.
Consolidated Statements of Cash Flows
(in thousands of Canadian dollars)
(Three month periods unaudited)
-------------------------------------------------------------------------
Three months ended Twelve months ended
December 31, December 31,
2008 2007 2008 2007
----------- ----------- ----------- -----------
CASH PROVIDED BY
(USED FOR)
OPERATING ACTIVITIES
Net earnings (loss) $ (250) $ 2,063 $ 118 $ 7,263
Items not affecting cash
Amortization of
capital assets 544 434 2,031 1,507
Amortization of
intangible assets 23 16 71 64
Unrealized foreign
exchange loss (gain) (764) 23 (1,413) 1,151
Stock-based compensation 163 45 283 177
Future income taxes (894) (263) (1,226) (24)
Changes in non-cash
working capital items 1,843 (297) (231) (2,793)
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665 2,021 (367) 7,345
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INVESTING ACTIVITIES
Purchase of capital
assets (495) (470) (2,685) (2,166)
Contribution for interest
in joint venture (21) - (21) -
Purchase of investment - (2) - (2)
-------------------------------------------------------------------------
(516) (472) (2,706) (2,168)
-------------------------------------------------------------------------
FINANCING ACTIVITIES
Repayment of obligations
under capital lease - (25) (27) (121)
Repurchase of common
shares - - (306) -
Proceeds from the
exercise of stock options - 25 364 740
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- - 31 619
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Effect of exchange rate
changes on cash and cash
equivalents 764 (23) 1,413 (1,151)
NET INCREASE (DECREASE)
IN CASH AND CASH
EQUIVALENTS 913 1,526 (1,629) 4,645
CASH AND CASH EQUIVALENTS,
BEGINNING OF PERIOD 18,539 19,555 21,081 16,436
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CASH AND CASH EQUIVALENTS,
END OF PERIOD $ 19,452 $ 21,081 $ 19,452 $ 21,081
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-------------------------------------------------------------------------
CASH AND CASH EQUIVALENTS:
Cash $ 2,703 $ 5,676 $ 2,703 $ 5,676
Cash equivalents 16,749 15,405 16,749 15,405
-------------------------------------------------------------------------
$ 19,452 $ 21,081 $ 19,452 $ 21,081
-------------------------------------------------------------------------
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SUPPLEMENTAL CASH FLOW
INFORMATION
Interest received $ 169 $ 235 $ 633 $ 775
Interest paid 1 2 4 10
Income taxes paid 22 49 219 104
Belzberg Technologies Inc.
CONTACT: Judith Robertson, President and Chief Executive Officer, Phone: (416) 360-1812, E-mail: investorinfo@belzberg.com
SkillSoft Schedules Fiscal 2009 Fourth Quarter and 2009 Fiscal Year Conference Call
NASHUA, N.H., March 9 /PRNewswire-FirstCall/ -- SkillSoft PLC , a leading SaaS provider of on-demand e-learning and performance support solutions for global enterprises, government, education and small- to medium-sized businesses, intends to release its operating results for its fiscal 2009 fourth quarter and 2009 fiscal year ended January 31, 2009 after the market closes on Monday, March 16, 2009.
In conjunction with the release, management will conduct a conference call on Monday, March 16, 2009, at 5:00 p.m. ET to discuss the Company's operating performance and its outlook for its first fiscal quarter ending April 30, 2009 and its fiscal year ending January 31, 2010. Chuck Moran, President and Chief Executive Officer, and Tom McDonald, Chief Financial Officer, will host the call.
To participate in the conference call, local and international callers can dial 800-322-9079. The live conference call will be available via the Internet by accessing the SkillSoft Web site at http://www.skillsoft.com/. Please go to the Web site at least fifteen minutes prior to the call to register, download and install any necessary audio software.
A replay will be available from 12:01 a.m. ET on March 17, 2009, until 11:59 p.m. ET on March 24, 2009. The replay number is 800-642-1687, passcode: 88935904. A webcast replay will also be available on SkillSoft's Web site at http://www.skillsoft.com/.
About SkillSoft
SkillSoft PLC is a leading SaaS provider of on-demand e-learning and performance support solutions for global enterprises, government, education and small to medium-sized businesses. SkillSoft enables business organizations to maximize business performance through a combination of comprehensive e- learning content, online information resources, flexible learning technologies, and support services.
Content offerings include business, IT, desktop, compliance and consumer/SMB courseware collections, as well as complementary content assets such as Leadership Development Channel video products, KnowledgeCenter(TM) portals, virtual instructor-led training services, and online mentoring services. SkillSoft's Books24x7(R) product offering includes access to more than 20,000 digitized IT and business books, as well as book summaries and executive reports. Technology offerings include the SkillPort(R) learning management system, Search-and-Learn(R), SkillSoft(R) Dialogue(TM), and virtual classroom.
SkillSoft courseware content described herein is for information purposes only and is subject to change without notice. SkillSoft has no obligation or commitment to develop or deliver any future release, upgrade, feature, enhancement or function described in this press release except as specifically set forth in a written agreement.
SkillSoft, the SkillSoft logo, SkillPort, Search-and-Learn, SkillChoice, Books24x7, ITPro, BusinessPro, OfficeEssentials, GovEssentials, EngineeringPro, FinancePro, AnalystPerspectives, ExecSummaries, ExecBlueprints, Express Guide and Dialogue are trademarks or registered trademarks of SkillSoft PLC in the United States and certain other countries. All other trademarks are the property of their respective owners and countries.
SkillSoft PLC
CONTACT: COMPANY CONTACT: Tom McDonald, Chief Financial Officer, +1-603-324-3000, x4232, INVESTOR CONTACTS: Geoff Grande, FD, +1-617-747-1721
Web Site: http://www.skillsoft.com/
TI updates first-quarter 2009 business outlookConference call on TI web site at 4 p.m. Central time today www.ti.com/ir
DALLAS, March 9 /PRNewswire-FirstCall/ -- In a scheduled update to its business outlook for the first quarter of 2009, Texas Instruments Incorporated (TI) today adjusted and narrowed its expected ranges for revenue and earnings per share (EPS).
The company currently expects its financial results to fall within the following ranges:
-- Revenue: $1.79 - $2.05 billion, compared with the prior range of
$1.62 - $2.12 billion
-- EPS: $0.08 loss - $0.00 breakeven, compared with the prior range of
$0.11 loss - $0.03 profit.
The EPS estimate includes $0.04 per share impact resulting from about $80 million of estimated restructuring charges. Previously, the company had estimated restructuring charges of about $50 million in the quarter, or $0.03 per share.
The company will hold a conference call at 4 p.m. Central time today to discuss this update. This conference call will be available live at http://www.ti.com/ir. TI's original first-quarter outlook was published in the company's fourth-quarter and year-end 2008 earnings release on January 26, available at http://www.ti.com/ir. TI's first quarter ends on March 31.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995:
This release includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by phrases such as TI or its management "believes," "expects," "anticipates," "foresees," "forecasts," "estimates" or other words or phrases of similar import. Similarly, statements herein that describe the Company's business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements.
We urge you to carefully consider the following important factors that could cause actual results to differ materially from the expectations of TI or its management:
-- Market demand for semiconductors, particularly in key markets such as
communications, entertainment electronics and computing;
-- TI's ability to maintain or improve profit margins, including its
ability to utilize its manufacturing facilities at sufficient levels
to cover its fixed operating costs, in an intensely competitive and
cyclical industry;
-- TI's ability to develop, manufacture and market innovative products in
a rapidly changing technological environment;
-- TI's ability to compete in products and prices in an intensely
competitive industry;
-- TI's ability to maintain and enforce a strong intellectual property
portfolio and obtain needed licenses from third parties;
-- Expiration of license agreements between TI and its patent licensees,
and market conditions reducing royalty payments to TI;
-- Economic, social and political conditions in the countries in which
TI, its customers or its suppliers operate, including security risks,
health conditions, possible disruptions in transportation networks and
fluctuations in foreign currency exchange rates;
-- Natural events such as severe weather and earthquakes in the locations
in which TI, its customers or its suppliers operate;
-- Availability and cost of raw materials, utilities, manufacturing
equipment, third-party manufacturing services and manufacturing
technology;
-- Changes in the tax rate applicable to TI as the result of changes in
tax law, the jurisdictions in which profits are determined to be
earned and taxed, the outcome of tax audits and the ability to realize
deferred tax assets;
-- Losses or curtailments of purchases from key customers and the timing
and amount of distributor and other customer inventory adjustments;
-- Customer demand that differs from our forecasts;
-- The financial impact of inadequate or excess TI inventory that results
from demand that differs from projections;
-- The ability of TI and its customers and suppliers to access their bank
accounts and lines of credit or otherwise access the capital markets;
-- Product liability or warranty claims, claims based on epidemic or
delivery failure or recalls by TI customers for a product containing a
TI part;
-- TI's ability to recruit and retain skilled personnel; and
-- Timely implementation of new manufacturing technologies, installation
of manufacturing equipment and the ability to obtain needed
third-party foundry and assembly/test subcontract services.
For a more detailed discussion of these factors, see the "Risk Factors" discussion in Item 1A of the Company's most recent Form 10-K. The forward-looking statements included in this release are made only as of the date of this release, and the Company undertakes no obligation to update the forward-looking statements to reflect subsequent events or circumstances.
About Texas Instruments
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, or Investor Relations, Ron Slaymaker, +1-214-480-6388, rslaymaker@ti.com, or Dave Pahl, +1-214-480-4629, dpahl@ti.com, all of Texas Instruments Incorporated
Web Site: http://www.ti.com/
RELM Wireless Reports 2008 Year-End and Fourth Quarter Results
WEST MELBOURNE, Fla., March 9 /PRNewswire-FirstCall/ -- RELM Wireless Corporation today announced its financial and operating results for the quarter and year ended December 31, 2008.
For the year ended December 31, 2008, sales totaled approximately $19.2 million, compared with $27.0 million for 2007. Net loss for the year ended December 31, 2008 approximated $1.6 million, or $0.12 per share, compared with net income of $1.8 million, or $0.13 per diluted share, in 2007. Income tax benefit for 2008 approximated $1.3 million, compared with 2007 income tax expense of $1.0 million. The income tax benefit in 2008 and expense in 2007 were largely non-cash items as a result of the Company's deferred tax assets, which are derived primarily from its net operating loss (NOL) carry-forwards.
Gross profit margin for 2008 narrowed to 47.3% of sales, versus 51.2% of sales in the previous year. Selling, general and administrative expenses totaled $12.1 million (63.2% of sales) in 2008, compared with $11.6 million (42.8% of sales) in 2007.
For the quarter ended December 31, 2008, sales totaled approximately $3.6 million, compared with $4.6 million during the same quarter in 2007. Net loss for the quarter ended December 31, 2008 approximated $0.3 million, or $0.03 per share, compared with a net loss of $0.4 million, or $0.03 per share, in the final quarter of 2007. Tax benefit for the most recent quarter approximated $0.5 million, compared with $0.6 million in the prior-year quarter. The tax benefits in both quarters were primarily non-cash in nature.
Gross profit margin for the fourth quarter 2008 improved to 43.3% of sales, when compared with 37.4% of sales in the quarter ended December 31, 2007. Selling, general and administrative expenses for the quarter totaled $2.4 million (68.3% of sales), versus $2.8 million (61.2% of sales) in the fourth quarter of 2007.
Cash and cash equivalents at December 31, 2008 totaled approximately $5.5 million, compared with $8.5 million at the end of 2007. Shareholders' equity totaled $26.2 million and the Company had $1.5 million in long-term debt outstanding as of December 31, 2008.
RELM President and Chief Executive Officer David Storey commented, "Clearly, 2008 was a very difficult year for RELM Wireless. Our sales and operating results for both the year and the fourth quarter reflect a general slowdown in purchases of land mobile radio equipment, particularly by government and public safety agencies, which comprise our largest market. This also resulted in lower sales of our P25 digital products. Many agencies in this segment of the market, including most of our embedded base of legacy customers, struggled throughout the year with funding and contract issues. Furthermore, the initial models in our new KNG line of P25 digital radios were introduced later in the year than anticipated, which limited our effectiveness in generating sales to agencies that have not previously been customers. The combination of lower total sales and a less favorable mix of digital and analog product shipments, resulted in lower gross margins when compared with the previous year. Our bottom line results were further impacted by increased new product development expenses related to the new KNG product line."
"The investment in our new KNG products will, we believe, yield significant benefits in the future," continued Storey. "During the past year we completed and introduced three new KNG models, two of which address frequencies used by potential customers in markets that we have been unable to target with our legacy products, significantly increasing our addressable market. More new models and capabilities will be added to the KNG line in 2009 and beyond, providing the foundation for a resumption of profitable growth as we expand our share of the land mobile radio market."
Conference Call and Webcast
The Company will host a conference call and webcast for investors at 9:00 a.m. Eastern Time, Tuesday, March 10, 2009. Shareholders and other interested parties may participate in the conference call by dialing 800-860-2442 (international/local participants dial 412-858-4600) and asking to be connected to the "RELM Wireless Corporation Conference Call" a few minutes before 9:00 a.m. Eastern Time on March 10, 2009. The call will also be webcast at http://www.relm.com/. Please allow extra time prior to the call to visit the site and download any necessary software to listen to the Internet webcast. An online archive of the webcast will be available on the Company's website for 30 days following the call at http://www.relm.com/investor_information.asp.
A replay of the conference call will be available two hours after the completion of the call, from March 10, 2009 until March 17, 2009, by dialing 877-344-7529 (international/local participants dial 412-317-0088) and entering the conference ID 428030.
About APCO Project 25 (P25)
APCO Project 25 (P25), which requires interoperability among compliant equipment regardless of the manufacturer, was established by the Association of Public-Safety Communications Officials and is approved by the U.S. Department of Homeland Security. The shift toward interoperability has gained momentum as a result of significant communications failures during events such as the Oklahoma City bombings, the 9/11 attacks and Hurricane Katrina. RELM was one of the first manufacturers to develop P25-compliant technology.
About RELM Wireless Corporation
For more than 60 years, RELM Wireless Corporation has manufactured and marketed highspecification twoway communications equipment for use by public safety professionals and government agencies, as well as radios for use in a wide range of commercial and industrial applications, including disaster recovery. Advances include a broad new line of leading digital twoway radios compliant with APCO Project 25 specifications. RELM's products are manufactured and distributed worldwide under BK Radio and RELM brand names. The Company maintains its headquarters in West Melbourne, Florida and can be contacted through its web site at http://www.relm.com/ or directly at 18008212900. The Company's common stock trades on the NYSE Amex market under the symbol "RWC".
This press release contains certain forward-looking statements that are made pursuant to the "Safe Harbor" provisions of the Private Securities Litigation Reform Act Of 1995. These forward-looking statements concern the Company's operations, economic performance and financial condition and are based largely on the Company's beliefs and expectations. These statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others, the following: risks relating to the current financial crisis and adverse economic conditions; reliance on contract manufacturers; heavy reliance on sales to the U.S. Government; federal, state and local budget deficits and spending limitations; limitations in available radio spectrum for use by land mobile radios; general economic and business conditions; changes in customer preferences; competition; changes in technology; changes in business strategy; the debt and inventory levels of the Company; quality of management, business abilities and judgment of the Company's personnel; and the availability, terms and deployment of capital. Certain of these factors and risks, as well as other risks and uncertainties, are stated in more detail in the Company's Annual Report on Form 10-K for the year ended December 31, 2008 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 assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements.
RELM WIRELESS CORPORATION
Condensed Consolidated Statements of Operations
(In Thousands, Except Per Share Amounts)
Three Months Ended Twelve Months Ended
------------------ -------------------
(Unaudited)
-----------
12/31/2008 12/31/2007 12/31/2008 12/31/2007
---------- ---------- ---------- ----------
Sales, net $3,576 $4,562 $19,175 $26,976
Expenses:
Cost of products 2,028 2,854 10,105 13,154
Selling, general and
administrative
expenses 2,444 2,791 12,119 11,554
----- ----- ------ ------
Total expenses 4,472 5,645 22,224 24,708
Operating income (loss) (896) (1,083) (3,049) 2,268
Other income (expense):
Net interest income 10 117 143 598
Other income (expense) 3 2 (6) (49)
---- ---- ---- ----
Income (loss) before
income tax (expense) benefit (883) (964) (2,912) 2,817
Income tax (expense) benefit 538 552 1,286 (971)
---- ---- ----- ----
Net income (loss) $(345) $(412) $(1,626) $1,846
===== ===== ======= ======
Net income (loss)
per share - basic $(0.03) $(0.03) $(0.12) $0.14
====== ====== ====== =====
Net income (loss)
per share - diluted $(0.03) $(0.03) $(0.12) $0.13
====== ====== ====== =====
Weighted average common
shares outstanding, basic 13,403 13,395 13,403 13,362
Weighted average common
shares outstanding, diluted 13,403 13,395 13,403 14,062
RELM WIRELESS CORPORATION
Condensed Consolidated Balance Sheets
(In Thousands, Except Share Data)
December 31, December 31,
2008 2007
------------ ------------
ASSETS
------
Current assets:
Cash & cash equivalents $5,475 $8,452
Trade accounts receivable, net 1,769 1,992
Inventories, net 9,774 8,899
Deferred tax assets, net 1,562 2,545
Prepaid expenses & other current assets 931 1,097
--- -----
Total current assets 19,511 22,985
Property, plant and equipment, net 1,386 1,338
Deferred tax assets, net 7,638 5,359
Capitalized software, net 1,732 -
Other assets 355 463
--- ---
Total assets $30,622 $30,145
======= =======
LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
Current liabilities:
Accounts payable $1,849 $1,161
Accrued compensation and related taxes 617 687
Accrued warranty expense 302 240
Accrued other expenses and other
current liabilities 110 263
--- ---
Total current liabilities 2,878 2,351
Long-term debt 1,500 -
Commitments and contingencies - -
Stockholders' equity:
Preferred stock; $1.00 par value; 1,000,000
authorized shares, none issued or outstanding. - -
Common stock; $0.60 par value; 20,000,000
authorized shares, 13,410,871 issued and
outstanding shares at December 31, 2008 and
13,395,871 at December 31, 2007, respectively. 8,046 8,037
Additional paid-in capital 24,020 23,953
Accumulated deficit (5,822) (4,196)
------ ------
Total stockholders' equity 26,244 27,794
------ ------
Total liabilities and stockholders' equity $30,622 $30,145
======= =======
RELM Wireless Corporation
CONTACT: William Kelly, EVP & CFO of RELM Wireless Corporation, +1-321-984-1414; or Investor Relations, R Jerry Falkner, CFA of R J Falkner & Company, Inc., +1-800-377-9893
Web Site: http://www.relm.com/
DivX Announces Appointment of New Board MemberAlex Serge Vieux, Publisher and CEO of Red Herring, to Join DivX Board
SAN DIEGO, March 9 /PRNewswire-FirstCall/ -- DivX, Inc. , a digital media company, today announced that its Board of Directors has elected Alex Serge Vieux, Publisher of Red Herring and Chief Executive Officer of Red Herring, Inc., to the Board increasing the size of the Board from seven to eight members.
(Logo: http://www.newscom.com/cgi-bin/prnh/20081124/LA48153LOGO)
"We are pleased to add individuals of Alex's caliber to our board," commented Kevin Hell, Chief Executive Officer for DivX. "Alex's global entrepreneurial experience coupled with his background as a publisher of one of the leading technology publications will provide valuable perspectives to our already diverse Board. His current board appointments on numerous international public and private companies bring a unique combination of business and technical knowledge and skills to our organization."
"Alex's strengths as a high-tech journalist, entrepreneur, professor and advisor bring a wealth of knowledge and leadership to our Board," said Chris McGurk, Chief Executive Officer for Overture Films and chairman of the Board's Nominating and Corporate Governance Committee. "We look forward to working with Alex as our Board continues to shape the direction of DivX while supporting its ongoing efforts to bring high-quality digital media to consumers."
Mr. Vieux's contributions to the technology industry span more than 20 years and include co-founding two banking software companies, CATS and Renaissance Software, as well as DASAR, a European incubator and conference company. Repeatedly named by Time magazine as one of the top 25 people shaping a Digital Europe, Mr. Vieux has been elected to the Board of Directors of ten public companies, including Tandem Computers (until the company's merger with Compaq), Computer Associates, Commerce One, BVRP, and Check Point Software. He was a special advisor to the French Minister of Finance, Industry and Economics from 1991 until 1993, and served as president of the French Republic's Infotech Commission between 1997 and 1999.
"DivX has already impacted the life of millions of people across the globe with its technology," stated Mr. Vieux. "It will undoubtedly transform the living room experience in many more ways than we can even dream of. DivX's team and their accomplishments are exceptional assets for our sector. I am thrilled and honored to have been selected by its Directors and management."
Mr. Vieux has held positions at the University of Paris Dauphine and the Universite de Paris Sorbonne, lecturing on the development of the IT industry. He is a graduate of the Institute d'Etudes Politiques and the French business school HEC. He also holds a law degree from the Universite de Paris and an MBA from Stanford University where he was a Fulbright Scholar.
DivX's current Board of Directors consists of Dr. James Brailean, Chief Executive Officer for NextWave Mobile Products Division, Frank Creer, founder and managing director of Zone Ventures, Fred Gerson, Senior Vice President and Chief Financial Officer for the San Diego Padres, Kevin Hell, Chief Executive Officer for DivX, Inc., Chris McGurk, Chief Executive Officer for Overture Films, Jerry Murdock, co-founder and managing director of Insight Venture Partners, and Jerome J.P. Vashisht-Rota, co-founder of DivX, Inc.
About DivX, Inc.
DivX, Inc. is a digital media company that enables consumers to enjoy a high-quality video experience across any kind of device. DivX creates, distributes and licenses digital video technologies that span the "three screens" comprising today's consumer media environment--the PC, the television and mobile devices. Millions of DivX Certified devices have shipped into the market from leading consumer electronics manufacturers. DivX also offers content providers and publishers a complete solution for the distribution of secure, high-quality digital video content. Driven by a globally recognized brand and a passionate community of hundreds of millions of consumers, DivX is simplifying the video experience to enable the digital home.
Photo: http://www.newscom.com/cgi-bin/prnh/20081124/LA48153LOGO http://photoarchive.ap.org/ PRN Photo Desk, photodesk@prnewswire.com
DivX, Inc.
CONTACT: media, Jen Baumgartner, +1-503-901-5371, jbaumgartnerdivxcorp.com, or investors, Karen Fisher, +1-858-882-6415, kfisher@divxcorp.com, both of DivX, Inc.
Web Site: http://www.divx.com/
Johnson Controls Announces Offerings of Equity Units and Convertible Senior Notes for an Aggregate of $500 Million
MILWAUKEE, March 9 /PRNewswire/ -- Johnson Controls, Inc. (the "Company"), a global multi-industrial leader in energy efficiency and sustainability, today announced its intention to offer and sell, subject to market and other conditions, 8,000,000 equity units with an initial stated amount of $50 per unit, or $400 million in the aggregate, and $100 million in aggregate principal amount of convertible senior notes due 2012, for possible aggregate offerings of $500 million (or $575 million if the underwriters exercise their 15% over-allotment options in connection with each security in full). Neither the offering of equity units nor the offering of convertible senior notes will be contingent on the completion of the other offering.
(Logo: http://www.newscom.com/cgi-bin/prnh/20081030/AQTH055ALOGO)
The equity units will initially consist of a forward purchase contract and a 5% undivided beneficial ownership interest in $1,000 principal amount subordinated note due 2042. Under the purchase contract, holders are required to purchase shares of the Company's common stock no later than March 31, 2012. The convertible senior notes will be convertible at the option of the holder at any time prior to the close of business on the second scheduled trading day immediately preceding the maturity date. Upon conversion, the Company will deliver a number of shares equal to the aggregate principal amount of the notes to be converted divided by $1,000, multiplied by the then applicable conversion rate.
The Company intends to use the net proceeds from the offerings for general corporate purposes, including the repayment of short-term indebtedness that the Company has incurred to finance its working capital requirements.
J.P. Morgan Securities Inc., Citigroup Global Markets Inc. and Merrill Lynch & Co. are serving as joint book-running managers for both offerings, and Barclays Capital Inc. is acting as a joint book-running manager for the convertible senior notes offering.
Each offering will be made under the Company's shelf registration statement filed with the Securities and Exchange Commission and only by means of a prospectus supplement and accompanying prospectus. When available, a copy of the prospectus supplement and accompanying prospectus relating to each offering may be obtained from either (i) J.P. Morgan Securities Inc., 4 Chase Metrotech Center, CS Level, Brooklyn, NY 11245, Attention: Prospectus Department, email: addressing.services@jpmorgan.com or by calling (718) 242-8002, (ii) Citigroup Global Markets Inc., 140 58th street, 8th floor, Brooklyn, New York 11220, Attn: Prospectus Department, or by calling (718) 765-6732 or by facsimile at (718) 765-6734 or (iii) Merrill Lynch, Pierce, Fenner & Smith Incorporated, 4 World Financial Center, Prospectus Department - 17th Floor, New York, N.Y. 10080.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any equity units, any convertible senior notes or any other securities, nor will there be any sale of equity units, convertible senior notes or any other securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Johnson Controls
Johnson Controls is the global leader that brings ingenuity to the places where people live, work and travel. By integrating technologies, products and services, we create smart environments that redefine the relationships between people and their surroundings. Our team of 140,000 employees creates a more comfortable, safe and sustainable world through our products and services for more than 200 million vehicles, 12 million homes and one million commercial buildings. Our commitment to sustainability drives our environmental stewardship, good corporate citizenship in our workplaces and communities, and the products and services we provide to customers.
Photo: http://www.newscom.com/cgi-bin/prnh/20081030/AQTH055ALOGO http://photoarchive.ap.org/ photodesk@prnewswire.com
Johnson Controls
CONTACT: Investors, Glen L. Ponczak of Johnson Controls, +1-414-524-2375
Web Site: http://www.johnsoncontrols.com/
DivX, Inc. Reports Fourth Quarter and Year End 2008 Financial ResultsDivX Delivers Solid Year with 11% Year-Over-Year Revenue Growth; Cash and Investments Increased to $135 Million as Company Continues Expansion into Emerging Product Categories
SAN DIEGO, March 9 /PRNewswire-FirstCall/ -- DivX, Inc. , a digital media company, today announced results for the fourth quarter and full year ended December 31, 2008.
(Logo: http://www.newscom.com/cgi-bin/prnh/20081124/LA48153LOGO )
Highlights in 2008 include:
-- $0.59 non-GAAP earnings per share for 2008, up from $0.57 a year
earlier
-- $29.0 million non-GAAP operating income for full year 2008
-- $19.7 million non-GAAP net income for full year 2008
-- EBITDA margins at 34% for full year 2008
"Despite a slowing economy, DivX continued to deliver positive business results in Q4, as well as for the full year 2008," stated Kevin Hell, Chief Executive Officer of DivX. "In addition, we simultaneously developed the products and markets that we believe will enable future growth, including new device categories such as mobile and digital televisions, and an entirely new, high definition H.264 hardware and software offering. The economic headwinds will likely continue in 2009. However, we feel given our strong strategic assets and financial condition, we are uniquely positioned to deliver on the full promise of digital media where consumers have the freedom to enjoy high-quality digital content from any service on any device from any brand."
The Company reported revenue for the fourth quarter of $23.2 million, a decrease of 5% compared to revenue of $24.5 million reported in the fourth quarter of last year.
GAAP net income in the fourth quarter of 2008 was approximately $2.6 million, or $0.08 per diluted share. DivX generated non-GAAP net income of $4.6 million, or $0.14 per diluted share. Non-GAAP net income and earnings per share exclude the following expenses: (1) non-cash share-based compensation of approximately $2.2 million ($1.3 million, or $0.04 per diluted share, net of related taxes); (2) the scheduled amortization of purchased intangible assets related to MainConcept of $476,000 ($285,000, or $0.01 per diluted share, net of related taxes); and (3) intangible asset impairment charges of $632,000 ($379,000, or $0.01 per diluted share, net of related taxes).
The Company reported revenue for the twelve months ended December 31, 2008 of $93.9 million, an increase of 11% compared to revenue of $84.9 million reported in the same period of 2007. GAAP net income for the twelve months ended December 31, 2008 was approximately $10.0 million, or $0.30 per diluted share. DivX generated non-GAAP net income of $19.7 million, or $0.59 per diluted share for the twelve months ended December 31, 2008. Non-GAAP net income and earnings per share for the twelve month period excludes the following expenses: (1) non-cash share-based compensation of approximately $9.0 million ($5.4 million, or $0.16 per diluted share, net of related taxes); (2) Stage6 operating costs of $3.3 million ($2.0 million, or $0.06 per diluted share, net of related taxes); (3) intangible asset impairment charges of approximately $1.9 million ($1.1 million, or $0.03 per diluted share, net of related taxes); (4) the scheduled amortization of purchased intangible assets related to MainConcept of approximately $2.1 million ($1.3 million, or $0.04 per diluted share, net of related taxes); and (5) the foreign exchange impact on a Euro-denominated intercompany loan of approximately $236,000 ($142,000, or less than one cent per diluted share, net of related taxes). The Company ended the full year 2008 with $135 million in cash and investments.
Dan Halvorson, Executive Vice President and Chief Financial Officer, added, "The fundamental earnings drivers of our business remain strong, although we expect to see the continued impact from lower spending on consumer electronics in 2009. We will continue to develop the products and markets that are critical to our long-term success, but also stay focused on our core operating principles of delivering high gross margins and positive cash flow."
First Quarter 2009 Fiscal Outlook
The following table summarizes the Company's financial guidance for the first quarter of 2009. The following estimates are based on the Company's current business outlook as of the date of this press release:
Q1'09 Guidance
Revenue (in millions) $17.5 - $18.5
GAAP earnings per share, diluted ($0.04) - ($0.02)
Adjustments:
Non-cash share-based compensation expense,
net of income taxes $0.04
Amortization of purchased intangibles, net
of income taxes $0.01
Non-GAAP earnings per share, diluted $0.01 - $0.03
These estimates are based on:
1. The assumption that no toolbar revenue will be received by the Company
for the first quarter of 2009;
2. A projected effective tax rate of approximately 41% for the first
quarter of 2009 which is dependent on the effective tax rates in
various domestic and foreign jurisdictions;
3. Anticipated non-cash share-based compensation of approximately $2.3
million ($1.4 million, or $0.04 per diluted share, net of related
taxes) for the first quarter of 2009; and
4. The scheduled amortization of purchased intangible assets related to
the acquisition of MainConcept of approximately $500,000 ($300,000, or
$0.01 per diluted share, net of related taxes) for the first quarter of
2009.
Quarterly Conference Call
DivX management will host a conference call and simultaneous audio webcast to discuss its fourth quarter and fiscal 2008 results on March 9, 2009 at 1:30 p.m. Pacific Time or 4:30 p.m. Eastern Time. To participate in the call, please dial (877) 723-9522 or outside the U.S. (719) 325-4839 to access the conference call at least five minutes prior to the start time. A live audio webcast will be available on the Events and Presentations page of the Company's web site at http://investors.divx.com/.
In addition, an audio replay of the call will be available between 7:30 p.m. Eastern Time March 9, 2009 and 11:59 p.m. Eastern Time March 16, 2009 by calling (888) 203-1112, or (719) 457-0820, with passcode 1080246.
About DivX, Inc.
DivX, Inc. is a digital media company that enables consumers to enjoy a high-quality video experience across any kind of device. DivX creates, distributes and licenses digital video technologies that span the "three screens" comprising today's consumer media environment--the PC, the television and mobile devices. Over 100 million DivX Certified(R) devices have shipped into the market from leading consumer electronics manufacturers. DivX also offers content providers and publishers a complete solution for the distribution of secure, high-quality digital video content. Driven by a globally recognized brand and a passionate community of hundreds of millions of consumers, DivX is simplifying the video experience to enable the digital home.
Forward-Looking Statements
Statements in this press release that are not strictly historical in nature constitute "forward-looking statements." Such statements include, but are not limited to, the growth and earnings potential of the DivX business, the Company's position in the digital media space, uncertainties contributing to the macroeconomic climate in 2009, and anticipated financial results for the first quarter of 2009. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause DivX's actual results to be materially different from historical results or from any results expressed or implied by such forward-looking statements. These factors include, but are not limited to: the risk that customer use of DivX(R) technology may not grow as anticipated; the risk that anticipated market opportunities may not materialize at expected levels, or at all; the risk that the Company's activities may not result in the growth of profitable revenue; the uncertainties surrounding the macroeconomic climate, the risk that the Company's financial performance for the first quarter of 2009 may not meet expectations; risks and uncertainties related to the maintenance and strength of the DivX brand; DivX's ability to penetrate existing and new markets; the effects of competition; DivX's dependence on its licensees and partners; the effect of intellectual property rights claims; and other factors discussed in the "Risk Factors" section of DivX's most recent reports filed with the SEC. All forward-looking statements are qualified in their entirety by this cautionary statement. DivX is providing this information as of the date of this release and does not undertake any obligation to update any forward-looking statements contained in this release as a result of new information, future events or otherwise, other than as required under applicable securities laws.
Non-GAAP Financial Measures; GAAP EPS
DivX has provided in this release financial information that has not been prepared in accordance with GAAP. This information includes non-GAAP net income and diluted earnings per share, which excludes non-cash share-based compensation expense, costs related to the operation of Stage6, asset impairment charges and amortization of purchased intangible assets and the foreign exchange impact on a Euro-denominated intercompany loan. This non-GAAP information is provided to enhance the reader's overall understanding of our current financial performance and prospects for the future. Specifically, we believe this information provides useful comparative data by excluding non-cash share-based compensation expense, which is not consistent from period-to-period. Also, we believe that the exclusion of Stage6 expenses, of asset impairment charges and of amortization of purchased intangible assets and the foreign exchange impact of a Euro-denominated intercompany loan provides useful comparative data by reflecting our business operations in a manner that is consistent with expected future operations. Management has historically used non-GAAP net income and non-GAAP net income per diluted share when evaluating operating performance because we believe the exclusion of the items described above provides an additional measure of our core operating results and facilitates comparisons of our core operating performance against prior periods and our business model objectives. The presentation of this additional information should not be considered in isolation or as a substitute for results prepared in accordance with accounting principles generally accepted in the United States.
We will continue to evaluate the factors that might impact non-cash share-based compensation expense and accruals for income tax expense. The non-cash share-based compensation expense is expected to vary depending on the number of new grants issued to both current and new employees, and changes in the Company's stock price, stock market volatility, expected option life, and risk-free interest rates (all of which are difficult to estimate). In addition, the factors that impact our deferred tax assets are expected to vary from period-to-period, also making our effective tax rate difficult to estimate.
DivX, Inc.
CONSOLIDATED CONDENSED BALANCE SHEETS
(in thousands)
December 31, December 31,
2008 2007
---- ----
(unaudited)
Assets
Current assets:
Cash and cash
equivalents $43,442 $14,532
Short-term
investments 73,897 126,503
Accounts
receivable, net 7,263 10,397
Deferred tax
assets, current 1,841 2,699
Prepaid expenses
and other current
assets 4,732 5,318
----- -----
Total current
assets 131,175 159,449
Property and
equipment, net 3,811 5,402
Long-term investments 17,968 -
Deferred tax assets,
long-term 10,547 5,354
Purchased intangible
assets, net 10,968 14,261
Goodwill 10,358 11,000
Other assets 8,574 5,422
----- -----
Total assets $193,401 $200,888
======== ========
Liabilities and stockholders' equity
Current liabilities:
Accounts payable $1,319 $2,808
Accrued expenses 7,909 11,061
Deferred revenue 6,185 7,170
----- -----
Total current
liabilities 15,413 21,039
Long-term liabilities 3,888 4,409
----- -----
Total liabilities 19,301 25,448
Stockholders' equity 174,100 175,440
-------- --------
Total
liabilities and
stockholders'
equity $193,401 $200,888
======== ========
DivX, Inc.
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(in thousands, except per share data)
(unaudited)
Three Months Twelve Months
Ended December Ended December
31, 31,
--------------- ---------------
2008 2007 2008 2007
---- ---- ---- ----
Net revenues:
Technology licensing $20,476 $18,344 $75,072 $66,345
Media and other
distribution and
services 2,679 6,126 18,833 18,517
----- ----- ------ ------
Total net revenues 23,155 24,470 93,905 84,862
Cost of revenue:
Cost of technology
licensing 927 1,236 3,882 3,778
Cost of media and
other distribution
and services (1) 166 149 714 701
--- --- --- ---
Total cost of
revenues 1,093 1,385 4,596 4,479
----- ----- ----- -----
Gross margin 22,062 23,085 89,309 80,383
Operating expenses:
Selling, general and
administrative (1)(2) 12,748 19,368 54,597 58,315
Product development
(1)(2) 4,751 5,647 20,184 18,738
Impairment of
acquired intangibles 632 750 1,882 2,973
--- --- ----- -----
Total operating
expenses 18,131 25,765 76,663 80,026
------ ------ ------ ------
Income (loss) from
operations 3,931 (2,680) 12,646 357
Interest income
(expense), net 770 1,927 4,445 7,835
Other income (expense) (304) (5) (479) 42
---- -- ---- --
Income (loss) before
income taxes 4,397 (758) 16,612 8,234
Income tax provision
(benefit) 1,828 (4,487) 6,604 (974)
----- ------ ----- ----
Net income $2,569 $3,729 $10,008 $9,208
====== ====== ======= ======
Basic net income per
share $0.08 $0.11 $0.30 $0.27
===== ===== ===== =====
Diluted net income per
share $0.08 $0.11 $0.30 $0.26
===== ===== ===== =====
Shares used to compute
basic net income per
share 32,392 34,587 32,946 33,939
====== ====== ====== ======
Shares used to compute
diluted net income per
share 32,774 35,476 33,458 35,415
====== ====== ====== ======
(1) Includes share-based
compensation as follows:
Cost of revenue $- $- $- $2
Selling, general and
administrative 1,518 5,700 6,739 9,761
Product development 680 667 2,282 1,995
--- --- ----- -----
$2,198 $6,367 $9,021 $11,758
====== ====== ====== =======
(2) Includes Stage6
operating costs and
related accruals as
follows:
Selling, general and
administrative $- $3,006 $3,103 $9,824
Product development - 476 230 1,036
--- --- --- -----
$- $3,482 $3,333 $10,860
=== ====== ====== =======
DivX, Inc.
UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS
(in thousands, except per share data)
Three Months Twelve Months
Ended Ended December
December 31, 31,
------------- ---------------
2008 2007 2008 2007
---- ---- ---- ----
Net Income:
GAAP net income $2,569 $3,729 $10,008 $9,208
Share-based
compensation 2,198 6,367 9,021 11,758
Stage6
operating
costs and
related
accruals - 3,482 3,333 10,860
Impairment of
acquired
intangibles 632 750 1,882 2,973
Amortization
of purchased
intangible
assets 476 271 2,128 271
Fx impact on
intercompany
loan 32 - 236 -
Income tax
benefit on
adjustments to
tax reserves
and the
elimination
of the
valuation
allowance on
deferred tax
assets - (4,630) - (4,630)
Income tax
effects of
pre-tax
adjustments (1,284) (4,348) (6,922) (10,345)
------ ------ ------- -------
Non-GAAP net
income $4,623 $5,621 $19,686 $20,095
====== ====== ======= =======
Diluted earnings
per share:
GAAP diluted
earnings per
share $0.08 $0.11 $0.30 $0.26
Share-based
compensation 0.07 0.18 0.27 0.33
Stage6
operating
costs and
related
accruals - 0.10 0.10 0.31
Impairment of
acquired
intangibles 0.02 0.02 0.06 0.08
Amortization
of purchased
intangible
assets 0.01 0.01 0.06 0.01
Fx impact on
intercompany
loan - - 0.01 -
Income tax
benefit on
adjustments to
tax reserves
and the
elimination
of the
valuation
allowance on
deferred tax
assets - (0.13) - (0.13)
Income tax
effects of
pre-tax
adjustments (0.04) (0.12) (0.21) (0.29)
----- ----- ----- -----
Non-GAAP
diluted
earnings per
share $0.14 $0.16 $0.59 $0.57
===== ===== ===== =====
Non-GAAP shares
used to compute
diluted net
income per
share 32,774 35,476 33,458 35,415
====== ====== ====== ======
The following table sets forth the computation of
Non-GAAP basic and diluted net income per share:
Numerator:
Net income $4,623 $5,621 $19,686 $20,095
Denominator:
Weighted-
average common
shares
outstanding
(basic) 32,392 34,587 32,946 33,939
====== ====== ====== ======
Weighted-
average common
shares
outstanding
(diluted) 32,774 35,476 33,458 35,415
====== ====== ====== ======
Basic net income
per share $0.14 $0.16 $0.60 $0.59
===== ===== ===== =====
Diluted net
income per share $0.14 $0.16 $0.59 $0.57
===== ===== ===== =====
DivX, Inc.
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOW
(in thousands)
(unaudited)
Three Months Twelve Months
Ended Ended December
December 31, 31,
------------- ---------------
2008 2007 2008 2007
---- ---- ---- ----
Net cash provided by operating
activities $7,576 $452 $23,472 $18,374
Net cash (used in) provided by
investing activities (3,505) (25,191) 25,514 (92,738)
Net cash (used in) provided by
financing activities (481) 301 (19,939) 2,586
Effect of exchange rate changes on
cash (130) - (137) -
----- ------- ------ -------
Net increase (decrease) in cash and
cash equivalents 3,460 (24,438) 28,910 (71,778)
Cash and cash equivalents at
beginning of period 39,982 38,970 14,532 86,310
------ ------ ------ ------
Cash and cash equivalents at end of
period $43,442 $14,532 $43,442 $14,532
======= ======= ======= =======
Photo: http://www.newscom.com/cgi-bin/prnh/20081124/LA48153LOGO http://photoarchive.ap.org/ photodesk@prnewswire.com
DivX, Inc.
CONTACT: Investor Relations Contact, Karen Fisher, +1-858-882-6415, kfisher@divxcorp.com, or Media Contact, Jennifer Baumgartner, +1-503-901-5371, Jbaumgartner@divxcorp.com, both of DivX, Inc.; or Todd Friedman, todd@blueshirtgroup.com, or Stacie Bosinoff, stacie@blueshirtgroup.com, both of The Blueshirt Group, +1-415-217-7722, for DivX, Inc.
Web Site: http://www.divx.com/
Ed Zander and Albert 'Rocky' Pimentel Named to Seagate Technology Board of Directors
SCOTTS VALLEY, Calif., March 9 /PRNewswire-FirstCall/ -- Seagate today announced it has named Ed Zander, former chairman of the board and chief executive officer of Motorola, and Albert "Rocky" Pimentel, chief operating officer and chief financial officer of McAfee, Inc., to its Board of Directors.
At Motorola, Zander made the RAZR the best-selling cell phone in history and reshaped Motorola's image worldwide with the popular "Hello Moto" campaign. He sharpened Motorola's edge in technology innovation; delivered on 12 consecutive quarters of revenue growth; streamlined the business to increase operating efficiencies worldwide; significantly improved the balance sheet and acquired and divested businesses to strengthen the company's competitive position. Prior to Motorola, Zander was president and chief operating officer of Sun Microsystems until 2002. During his 15 years at the company, he grew Sun to $18 billion in revenues; established the company as number one in the server market; and built it into the pre-eminent supplier of network software infrastructure with Solaris and Java. Before Sun, Zander worked at Apollo Computer as vice president of marketing and at Data General in a number of marketing and engineering positions. Zander previously served as a member of Seagate's board of directors from November of 2002 through October of 2004.
Pimentel is an industry veteran with more than 30 years of change management experience with small, medium and large companies. Prior to his role at McAfee, Pimentel served as executive vice president and chief financial officer of Glu Mobile. Before Glu Mobile, Pimentel served as executive vice president and chief financial officer at Zone Labs, where he oversaw the company's successful negotiation and merger with Check Point Software. Prior to that, Pimentel was a partner with Redpoint Ventures, where he managed the firm's operational activities and contributed to business and new investment development. Pimentel also held the positions of senior vice president and chief financial officer of WebTV Networks, which was acquired by Microsoft in 1997, senior vice president and chief financial officer of LSI Logic Corporation, and was part of the founding management team of Conner Peripherals, Inc., which was acquired by Seagate in 1996.
Seagate is the worldwide leader in the design, manufacture and marketing of hard disk drives and storage solutions, providing products for a wide-range of applications, including Enterprise, Desktop, Mobile Computing, Consumer Electronics and Branded Solutions. Seagate's business model leverages technology leadership and world-class manufacturing to deliver industry-leading innovation and quality to its global customers, with the goal of being the time-to-market leader in all markets in which it participates. The company is committed to providing award-winning products, customer support and reliability to meet the world's growing demand for information storage. Seagate can be found around the globe and at http://www.seagate.com/.
Copyright (C) 2009 Seagate Technology LLC. All rights reserved. Printed in USA. Seagate, Seagate Technology and the Wave logo are registered trademarks of Seagate Technology LLC in the United States and/or other countries. All other trademarks or registered trademarks are the property of their respective owners.
Seagate
CONTACT: Brian Ziel, Corporate Communications of Seagate, +1-831-439-5429, brian.ziel@seagate.com
Web Site: http://www.seagate.com/
RDM Corporation Announces Deal with TriSource SolutionsRDM and TriSource Solutions, LLC. partner to launch the RDM Image and Transaction Management System (ITMS(R)) suite of electronic check conversion software products to TriSource agents and merchantsToronto Stock Exchange Symbol: RC
WATERLOO, ON, March 9 /PRNewswire-FirstCall/ -- RDM Corporation (TSX: RC), a leading developer of specialized software and hardware products for electronic payment processing, announced today that it has teamed with TriSource Solutions to resell RDM's electronic check conversion software and hardware products. TriSource Solutions' agents and agent banks will now be able to provide remote deposit capture capabilities to their existing and potential customers, enabling them to electronically deposit checks. The RDM software is bank agnostic so merchants will not need to change their existing banking relationships.
"We are pleased to be working with TriSource to resell our Remote Deposit Capture (RDC) products through the ISO sales channel," said John Mamalakis, Vice President of Sales, RDM Corporation. "TriSource Solutions is an industry leader and we look forward to assisting them in securing new business with our industry leading products," Mamalakis further stated.
Michael Cottrell, Vice President of Business Development at TriSource said, "RDM's ITMS WebClient and Simply Deposit Check 21 solutions are the most cost effective easy-to-use offering available. The ability for our agents to approach non credit card accepting merchants such as wholesalers and B2B distributors with check processing as a lead-in for the overall processing business is a tremendous benefit to our agents. At the same time, our existing merchants are looking at ways to cut their business costs. Offering this service not only helps these merchants lower their cost of doing business, but serves as a proactive retention tool as well. We couldn't be happier."
About TriSource Solutions, LLC
TriSource Solutions is a leading provider of electronic payment services to merchants throughout the United States, distributed through a broad network of Independent Sales Agents, Independent Sales Organizations and Agent Banks. TriSource enjoys the market advantage of operating its own proprietary Merchant Accounting and Settlement System, which enables more flexible and cost-effective transaction processing services. The company also offers a wide array of complementary services, such as merchant cash advances, provisioning and leasing of point of sale hardware, gift card services and check services, including electronic check conversion. For more information about TriSource Solutions, please visit http://www.trisourcesolutions.com/.
About RDM Corporation
RDM Corporation is headquartered in Waterloo, Ontario and trades on the Toronto Stock Exchange under the symbol RC. RDM is a leading provider of specialized software and hardware products for electronic payment processing. RDM has pioneered electronic check conversion systems and web based image and transaction management services for banks, retailers, payment processors and government agencies as well as print quality control and image quality systems for a variety of global customers. For further information, visit RDM's website at http://www.rdmcorp.com/.
RDM Corporation
CONTACT: James Merwin, Chief Financial Officer, RDM Corporation, (519) 746-8483 x284 phone, (519) 746-3317 fax, jmerwin@rdmcorp.com; Michael Cottrell, VP Business Development, TriSource Solutions, LLC, (480) 986-4666 phone, mcottrell@trisourcesolutions.com
National Instruments Provides Q1 Business Update
AUSTIN, Texas, March 9, 2009 /PRNewswire-FirstCall/ -- In today's previously scheduled business update, National Instruments announced quarter-to-date bookings data in order to provide the investment community greater insight into the company's business. The company reported that through March 8, the quarter-to-date daily order rate is down 16 percent year-over-year.
Since the company's earnings call on Jan. 29, almost all of the world's major industrial economies have reported record or near record declines in industrial production, signaling severe contraction in the industrial economy. The difficult economic conditions were reflected in the company's order trends in December and January, with daily order rates being down 14 percent year-over-year in December and down 20 percent year-over-year in January.
The recent relative stabilization of the global Purchasing Managers Index (PMI) was reflected in an improvement in the company's daily order rate for February, which was down 12 percent year-over-year. While this represents a significant year-over-year decline, it is nonetheless a welcome improvement over the 20 percent year-over-year decline in January.
Given that considerable economic uncertainty continues and may yet have an additional impact on customer behavior, particularly toward the end of the quarter, the company has decided not to give specific revenue and earnings guidance at this time. Instead the company is providing details on current order trends so that shareholders have visibility into the data the company is using to manage the business.
Looking more broadly, the company's revenue has historically declined sequentially in Q1 from Q4, and Q1 has also been the lowest revenue and profit quarter for the year. The company expects this historical pattern to hold in 2009. Currently, the company is operating under the assumption that there will not be a meaningful recovery in the global industrial economy in 2009.
"This is one of the most challenging and turbulent periods in the history of the company, but I remain convinced that it's during these times that the strength and resilience of our business model truly shows its merit," said James Truchard, NI president, co-founder and CEO. "The diversity of our product portfolio and the flexibility of our sales force lets us quickly respond to changes in market conditions and take advantage of areas where investments are flowing."
Geographically, the company saw the effects of the slowdown worldwide with all regions experiencing double digit year-over-year declines in the daily order rate this quarter through March 8. In U.S. dollar terms the daily order rates were down 15 percent year-over-year in the Americas, down 16 percent in Asia and down 17 percent in Europe.
"I am pleased with how well the company has responded to the difficult economic situation," said Alex Davern, NI CFO. "The disciplined response of the organization has preserved our ability to continue our strategic investments in R&D and the field sales force, which will be a significant benefit to the company during the eventual recovery."
The company has further examined its spending plans and now expects total operating expenses for Q1 to decline by 1 percent year-over-year, compared to the company's previous expectation of a 1 percent increase. In addition, NI now expects full-year 2009 total operating expenses to decline by 5 percent compared to a previous expectation of a 3 percent year-over-year decline.
During the quarter, the company repurchased 132,000 shares of its common stock at an average price of $22.02 per share.
Interested parties can listen to a conference call today, March 9, beginning at 4:00 p.m. CDT, at http://www.ni.com/call. Replay information is available by calling (888) 203-1112, confirmation code #8939347, from March 9 at 7:00 p.m. CDT through March 16 at midnight CDT.
Forward-Looking Statements
This release contains "forward-looking statements," including statements related to no meaningful recovery in 2009, expecting the normal seasonal pattern to hold in 2009, NI's guidance for operating expenses for Q1 2009 and all of 2009. These statements are subject to a number of risks and uncertainties, including the risk of further adverse changes or fluctuations in the global economy, delays in the release of new products, fluctuations in customer demand for NI products, manufacturing inefficiencies and foreign exchange fluctuations. Actual results may differ materially from the expected results. The company directs readers to documents it files with the SEC for other risks associated with the company's future performance.
About National Instruments
National Instruments (http://www.ni.com/) is transforming the way engineers and scientists design, prototype and deploy systems for measurement, automation and embedded applications. NI empowers customers with off-the-shelf software such as NI LabVIEW and modular cost-effective hardware, and sells to a broad base of more than 25,000 different companies worldwide, with no one customer representing more than 3 percent of revenue and no one industry representing more than 10 percent of revenue. Headquartered in Austin, Texas, NI has more than 5,000 employees and direct operations in more than 40 countries. For the past 10 years, FORTUNE magazine has named NI one of the 100 best companies to work for in America. Readers can obtain investment information from the company's investor relations department by calling (512) 683-5090, e-mailing nati@ni.com or visiting http://www.ni.com/nati.
LabVIEW, National Instruments, NI and ni.com are trademarks of National Instruments. Other product and company names listed are trademarks or trade names of their respective companies.
Contact: Veronica Garza
Investor Relations
(512) 683-6873
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National Instruments
CONTACT: Veronica Garza, Investor Relations of National Instruments, +1-512-683-6873
Web Site: http://www.ni.com/
PSi Technologies Holdings, Inc. Files Form 15
MANILA, Philippines, March 9 /PRNewswire-FirstCall/ -- PSi Technologies Holdings, Inc. (the "Company"), an independent provider of assembly and test services for the power semiconductor market, announced today that it filed a Form 15 with the U.S. Securities and Exchange Commission (the "SEC") on March 5, 2009. Upon filing of the Form 15, the Company's obligations to file periodic and current reports with the SEC was immediately suspended. The deregistration of the Company's common stock is expected to become effective 90 days after the date of filing the Form 15 with the SEC.
The Company evaluated the costs and benefits of continuing as a reporting company, including the burden associated with the preparation and filing of periodic and current reports with the SEC and compliance with the Sarbanes-Oxley Act of 2002 and the diversion of Company resources and personnel from its core business activities. The Company expects to benefit from this decision through significant savings on legal, accounting, compliance and other costs associated with being a reporting company, while simultaneously allowing it to focus on its core business activities.
About PSi Technologies
PSi Technologies is a focused independent semiconductor assembly and test service provider to the power semiconductor market. The Company provides comprehensive package design, assembly and test services for power semiconductors used in telecommunications and networking systems, computers and computer peripherals, consumer electronics, electronic office equipment, automotive systems and industrial products. For more information, visit the Company's website at http://www.psitechnologies.com/.
This press release contains "forward-looking statements," as the phrase is defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. While these forward-looking statements represent the Company's current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors, including, but not limited to, those described under the heading "Risk Factors" in the Company's most recent Annual Report on Form 20-F filed with the Securities and Exchange Commission ("SEC"). These factors include, but are not limited to, the pace of development and market acceptance of the Company's products and the power semiconductor market generally, commercialization and technological delays or difficulties, the impact of competitive products and technologies, competitive pricing pressures, manufacturing risks, the possibility of our products infringing patents and other intellectual property of third parties, product defects, costs of product development, manufacturing and government regulation, risks inherent in emerging markets, including but not limited to, currency volatility and depreciation, restricted access to financing and political and social unrest and the possibility that the initiatives described herein may not produce the intended results. The Company undertakes no responsibility to update these forward-looking statements to reflect events or circumstances after the date hereof.
PSi Technologies Holdings, Inc.
CONTACT: Larry Cajucom of PSi Technologies Holdings, Inc., (63 2) 838 4489, lvcajucomjr@psitechnologies.com.ph; or Lasse Glassen of Financial Relations Board, +1-213-486-6546, lglassen@frbir.com, for PSi Technologies Holdings, Inc.
Web Site: http://www.psitechnologies.com/
Allscripts to Sell Its Medication Services Business to A-S Medication Solutions, Sign Joint Marketing AgreementCompany to Announce Fiscal Third Quarter Results on April 2, 2009
CHICAGO, March 9 /PRNewswire-FirstCall/ -- Allscripts-Misys Healthcare Solutions, Inc. ("Allscripts") announced today that it has signed a definitive agreement to sell its Medication Services business to A-S Medication Solutions ("A-S Medications").
(Logo: http://www.newscom.com/cgi-bin/prnh/20081013/AQM041LOGO)
The transaction, which is anticipated to generate total consideration for Allscripts of $26 million including income from a joint marketing agreement, is expected to close in the company's fiscal fourth quarter, subject to customary closing conditions.
The Allscripts Medication Services business provides point-of-care medication management and medical supply services and solutions for physicians and other healthcare providers.
Under terms of the agreements, Allscripts will receive $8 million in the fourth quarter, and $3.6 million per year for the next five years in return for providing sales and marketing services to A-S Medications. Allscripts will continue to offer medication services to its existing and future clients during that time, and is entitled to receive commissions on new sales generated under the marketing relationship.
The transaction will allow Allscripts to increase the focus on its core business of providing clinical software, connectivity and information solutions to the 160,000 physicians, more than 700 hospitals, and over 7,000 extended care facilities the company serves.
"The sale of our medications business is an important step that will enable Allscripts to concentrate our resources at a time when electronic health records and electronic prescribing have received a substantial boost from the economic stimulus law signed last month by President Obama," said Glen Tullman, Chief Executive Officer of Allscripts. "It also will provide our former medication service clients with a new partner who is committed to ensuring their continuing success. We look forward to the ongoing strategic relationship with A-S Medications, which we think offers our customers great promise in continuing to deliver a full suite of offerings."
Company Earnings Call Scheduled for April 2, 2009
Allscripts management will share more information on the sale of the Allscripts Medication Services business on April 2, 2009 during the company's fiscal third-quarter earnings call. Allscripts management will host the conference call and webcast to discuss the company's earnings and other information at 4:30 PM Eastern Daylight Time on April 2nd following release of Allscripts financial results for the three and nine months ended February 28, 2009.
The earnings announcement will be distributed via PR Newswire immediately after the market closes on the afternoon of April 2nd. The press release also will be available on the company's website at http://www.allscripts.com/.
To listen to the conference call broadcast, participants may log onto http://www.allscripts.com/. It is recommended that participants log onto the website approximately 15 minutes prior to the start of the conference call to download and install any necessary software. The conference call also can be accessed by dialing (800) 374-1376 and requesting the Allscripts earnings call. International callers can access the audio portion of the webcast by dialing (706) 679-4010 and requesting the Allscripts Investor Presentation. A Microsoft Windows Media Player web replay will be available three hours after the conclusion of the call for a period of two weeks at http://www.allscripts.com/ or by calling (800) 642-1687 - or (706) 645-9291 for international callers - ID # 88991513.
(Minimum requirements to listen to the broadcast are: Microsoft Windows Media Player software, downloadable free from http://windowsmedia.com/download/download.asp, an Internet connection, and speakers or earphones).
About Allscripts
Allscripts uses innovation technology to bring health to healthcare. More than 150,000 physicians, 700 hospitals and nearly 7,000 post-acute and homecare organizations utilize Allscripts to improve the health of their patients and their bottom line. The company's award-winning solutions include electronic health record, electronic prescribing, revenue cycle management, practice management, document management, medication services, hospital care management, emergency department information systems and homecare automation. Allscripts is the brand name of Allscripts-Misys Healthcare Solutions, Inc. To learn more, visit http://www.allscripts.com/.
This press release contains certain statements other than historical facts, which constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements, each of which is qualified in its entirety by reference to the following cautionary statements. Forward-looking statements speak only as of the date hereof and are based on current expectations and involve a number of assumptions, risks and uncertainties that are beyond Allscripts-Misys' control and could cause actual results to differ materially from those projected in the forward-looking statements. Risks and uncertainties that may affect forward-looking statements are described in the reports filed by Allscripts-Misys with the Securities and Exchange Commission (the "SEC"), which are available at the website maintained by the SEC at http://www.sec.gov/, including without limitation Allscripts-Misys' Annual Report on Form 10-K for the year ended December 31, 2007. Allscripts can give no assurance that any of the transactions related to the Medication Solutions Group will be completed or that the potential conditions to the transactions will be satisfied. Allscripts undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise. Allscripts is not responsible for updating the information contained in this communication beyond the published date, or for changes made to this communication by wire services or Internet service providers
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Allscripts-Misys Healthcare Solutions, Inc.
CONTACT: Dan Michelson, Chief Marketing Officer, +1-312-506-1217, dan.michelson@allscripts.com, or Todd Stein, Senior Manager|Public Relations, +1-312-506-1216, todd.stein@allscripts.com, both of Allscripts-Misys Healthcare Solutions, Inc.
Belden's New Adaptive Enclosure Heat Containment System 'Greens' the Data Center by Slashing Cooling Costs
RICHMOND, Ind., March 9 /PRNewswire-FirstCall/ -- Belden , a world leader in the development of signal transmission products for industrial, enterprise, building management, broadcast, and security applications, has introduced a new adaptive enclosure heat containment (AEHC) system for data centers that will ensure the entire room is normalized with cold air to just the right amount, with no wasteful oversupply of cooling.
(Logo: http://www.newscom.com/cgi-bin/prnh/20060824/CGTH005LOGO)
Carl Bruckner, General Manager of Belden's Cable Management Group, states: "The AEHC system is a key addition to Belden's enclosure products, allowing our partners to effectively manage the deployment of high density, high heat load equipment in both new and existing data centers."
In the new Belden system, a pressure reading made by a sensor inside the enclosure plenum modulates the rotational speed of the fans in the two cartridges mounted atop the enclosure. The speed is varied so that they pull out exactly the correct amount of air from the enclosure and send it back to the air conditioner return via a ceiling plenum.
The process of cooling enclosures in a data center today wastes excessive amounts of energy, largely due to oversupply of cold air by computer room air conditioner (CRAC) units attempting to compensate inefficiency in the enclosure cooling process. A recent study on 19 large computer rooms found that, on average, the amount of cold air supplied to a data center room is 2.6 times the amount of cold air actually consumed by the IT load. The CRAC is oversupplying the room with cold air to overcome both bypass leakage and the effects of hot/cold mixing. The result is a significant waste of energy and dollars.
However, because of its innovative heat containment design, the new Belden AEHC system overcomes these problems. Since it completely separates the hot and cold side of operations, the room will be normalized with cool air which never experiences mixing with exhaust heat from the enclosure. The bypass problem is eliminated, too. There is no need to oversupply cold air to the room.
The physical position of the CRAC unit and its proximity to the enclosures are no longer a concern, a fact which greatly simplifies the challenge of data room infrastructure design. Cool air can be fed to the computer room via a raised floor or an overhead duct which enhances your freedom of infrastructure design.
When designing a totally new data center with the AEHC system, you can now install bigger and fewer CRAC units, instead of relying on many smaller units that are less efficient. And when retrofitting an existing room, you can use the same amount -- and same type -- of cooling equipment currently installed. In either scenario, Belden's advanced management software will help you better control your IT environment by giving you real time assessment of enclosure cooling load or demand.
You will be able to deploy more IT load in the same room, a great efficiency benefit in today's economy. If you have space left in your enclosures but aren't deploying more devices there because your cooling system is already at full capacity, you can retrofit Belden's new heat containment system on those enclosures that have the highest heat loads, to be able to host even more IT equipment.
As a bonus, the AEHC system increases the temperature differential between the inlet and outlet temperatures of the CRAC unit for much greater operational efficiency, giving you an important savings in energy consumption. With no mixing of hot and cold air, it is possible to raise the temperature of the cooling air supplied to enclosures to be closer to the ASHRAE recommended upper limit. The cold/hot air paths are fully separated by the system, so the CRAC supplies less air to the room at a higher temperature, and still assures better cooling with no hot spots.
For more information about the AEHC system, download NP 300 at http://www.belden.com/, or contact Belden, P.O. Box 1980, Richmond, Indiana 47375, 1.800.BELDEN.1. FAX: 765.983.5294.
About Belden
Belden is a customer focused company. We ensure that our customers' communications infrastructure issues are resolved and that they benefit from the best signal transmission performance for their investment. We deliver leading-edge copper and fiber cabling/connectivity systems, wireless technologies, and active switch devices. We employ customer-centric go-to-market strategies and we implement and retain world class manufacturing processes. Our partners span the globe, helping our customers design, install, operate and maintain their communications applications. And our experience is vast, including expertise in Enterprise, Industrial, Infrastructure, Transportation, Professional and Enterprise Audio and Video, and Government applications. To obtain additional information contact Investor Relations at 314-854-8054, or visit our website at http://www.belden.com/.
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Belden
CONTACT: Alison McCreath of Belden, 1-800-BELDEN-1, or Janet Killen of Adventive Marketing, Inc., +1-847-590-1110, for Belden
Web Site: http://www.belden.com/
SonicWALL Reports Inducement Grants Under NASDAQ Marketplace Rule 4350
SUNNYVALE, Calif., March 9 /PRNewswire-FirstCall/ -- SonicWALL, Inc. , a leading secure network infrastructure company, today announced that on March 5, 2009 the Compensation Committee of the company's Board of Directors approved the grants of options to purchase up to 7,500 shares of common stock with an exercise price equal to the fair market value on the grant date to a total of three (3) new employees of the company.
Each option is a non-qualified stock option and has an exercise price equal to the fair market value of the underlying shares as of the grant date. The options vest as to 25% of the covered shares on the first anniversary of the grant date and as to 1/48 of the covered shares each month thereafter, so as to be 100% vested on the fourth anniversary of the grant date, subject to the employee's continued service. The options have a maximum term of seven (7) years.
The options were granted as inducements material to employment under the company's 2008 Inducement Equity Incentive Plan in accordance with NASDAQ Marketplace Rule 4350(i)(l)(A)(iv).
SonicWALL, Inc.
CONTACT: Qin Zou of SonicWALL, +1-408-962-6346, qzou@sonicwall.com
Web Site: http://www.sonicwall.com/
Cars.com Survey Shows More Car Shoppers Switching From New- to Used-Car PurchasesCertified Pre-Owned and Used Activity Continues to Gain
CHICAGO, March 9 /PRNewswire/ -- According to a recent Cars.com survey, 32 percent of car shoppers who were thinking of buying a new car are now looking for a more affordable used car as a result of the economy. That's up 5 percent from last October, when 27 percent of in-market shoppers said they would switch from buying new to buying used.
Certified pre-owned and used-car shopping activity continues to be strong on Cars.com, with consumer contact to dealers through the Cars.com website up 18 percent year-over-year for used cars, and more than double that for certified pre-owned cars.
"Consumers are still focused on cost-cutting, and one way to do that is to find a solid used car to help save on the depreciation costs that typically come with buying a new car," said Cars.com Editor in Chief Patrick Olsen. "Manufacturer certified pre-owned programs also offer consumers a good value by giving them some of the benefits of a new car - extended warranties and certified inspections - but with the price of a used car."
According to the survey, consumers are also showing an increased willingness to extend the financing on their purchase. Currently, the median length of time consumers consider acceptable for a car loan is 60 months, up from 48 months just five months ago. However, the biggest change in the past 5 months has been the number of consumers willing to accept a loan of either 72 or 84 months, which has jumped from 10 percent to 26 percent.
"Obviously, the economy has consumers looking for ways to save by extending loans and cutting monthly payments," Olsen said. "However, the real risk with that is consumers may wind up upside-down on their loan, owing more money on the car than it's worth. Consumers looking for these types of loans are better off looking for cars that hold their value longer."
About Cars.com
Cars.com is the leading destination for online car shoppers, offering credible, easy-to-understand information from consumers and experts to help buyers formulate opinions on what to buy, where to buy and how much to pay for a car. With comprehensive pricing information, side-by-side comparison tools, photo galleries, videos, unbiased editorial content and a large selection of new- and used-car inventory, Cars.com puts millions of car buyers in control of their shopping process with the information they need to make confident buying decisions.
Launched in June 1998, Cars.com is a division of Classified Ventures, LLC, which is owned by leading media companies, including Belo , Gannett Co., Inc. , The McClatchy Company , Tribune Company and The Washington Post Company .
Cars.com
CONTACT: Jackie Brennan, Associate Public Relations Manager, +1-312-601-6229, mobile, +1-219-577-6106, jbrennan@cars.com, or Steve Nolan, Public Relations Manager, +1-312-601-5163, mobile, +1-630-310-2468, snolan@cars.com, both of Cars.com
Web Site: http://www.cars.com/
UC Riverside, MESA and Verizon Announce New Partnership to Promote Math and Science to Local Inland Empire SchoolsVerizon Foundation to Award $105,000 in Grants
RIVERSIDE, Calif., March 9 /PRNewswire/ -- Local San Bernardino area students will receive specialized, experiential instruction in math and science as a result of a new partnership among UC Riverside's Bourns College of Engineering, the Mathematics Engineering and Science Achievement (MESA) program and Verizon.
The Verizon Foundation has invested $105,000 to fund two initiatives designed to improve preparation and success of Inland Empire students for careers in the fields of science, technology, engineering and math.
"As advancements in technology, science and engineering continue to revolutionize and dominate so many aspects of our society, having a trained and skilled workforce to handle these new demands is critical in order to remain competitive in the global market place," said Tim McCallion, Verizon West region president. "This partnership will support two initiatives that will provide students with hands-on, exciting opportunities in math, science and engineering principles to better prepare them for a career in these fields."
Verizon awarded an $80,000 grant that will be used to deliver MESA services in a math and science academic-preparation program to 100 middle school and high school students in San Bernardino. The program will offer students a rich network of academic support services that include creation and tracking of an individual academic plan for each student, inviting their parents to orientations and empowerment programs throughout the year, and visits to college campuses and industry sites.
Verizon also awarded a $25,000 educational grant to the Success Partnership for Increasing Recruitment Into Technology program, or SPIRIT, a new effort of the Bourns College of Engineering in collaboration with the Alliance for Education in the San Bernardino County Superintendent of Schools Office. The program will develop a pre-engineering curriculum offering teacher-training opportunities and organizing design challenges to make the study of math and science more exciting and relevant to students.
"We want to expand the vision of these students so that they can go to college, and we want them to be prepared when they get there," said Chinya Ravishankar, the associate dean of engineering at Bourns and the principal investigator on the SPIRIT project.
The partnership will benefit San Bernardino school districts that Gov. Arnold Schwarzenegger has targeted for intervention because they have not met the federal No Child Left Behind Act requirement for five years or more. These schools serve a high number of low-income students, many of whom are English language learners, and produce few students who go on to the University of California and California State University.
"This new program is a win-win partnership," said MESA executive director Oscar Porter. "Students will get the kind of academic support they need to succeed and go on to college. And the Inland Empire will have the skilled workforce to become competitive in a 21st century economy."
The Verizon grants to MESA will also help fund materials and supplies and provide funds for teacher time to implement hands-on math and science curricula. Verizon volunteers will participate in local and regional math, science and engineering competitions. Verizon's Thinkfinity.org online curriculum, lesson plans and interactive activities will also be used to stimulate student interest in math and science.
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/.
For more information on the foundation, visit http://www.verizon.com/foundation.
About MESA
MESA is a statewide program that provides academic preparation to over 17,500 educationally disadvantaged students. MESA's goal is to help these students to excel in math and science, go on to college and graduate in math-based majors. Statewide 81 percent of MESA high school graduates go directly to college. Of Latino American, African American, and American Indian MESA students, 41 percent are eligible to attend UC, compared to six percent of their statewide counterparts.
About Verizon
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: Jesus Torres, +1-805-372-6813, jesus.torres1@verizon.com
Web Site: http://www.verizonfoundation.org/
Company News On-Call: http://www.prnewswire.com/comp/094251.html
Sitesearch Corporation Information To Be Available Through Standard & Poor's Corporation Records Listing Program
PHOENIX, March 9 /PRNewswire-FirstCall/ -- Sitesearch Corporation (OTC Bulletin Board: STPC) announced today that its company information would be made available via Standard & Poor's Corporation Records Listing Program. As part of the program, a full description of Sitesearch Corporation will be published in the Daily News Section of Standard Corporation Records, a recognized securities manual for secondary trading in approximately 38 states under the Blue Sky Laws. Standard Corporation Records is available in print, CD-ROM, and via the Web at http://www.netadvantage.standardandpoors.com/ as well as through numerous electronic vendors.
The company information about Sitesearch Corporation to be made available through this program includes an in-depth description of the business operations, share price, dividend history, shares outstanding, company financial position, earnings, and full income statement and balance sheet.
About Sitesearch Corporation
Sitesearch Corporation, a development stage company, has launched and continues to develop a proprietary online community and virtual world that combines various emerging Internet business models: social bookmarking, social networking, original user-generated content, and other services, all under the company's Sitesearch brand. Sitesearch users organize, share, and rank web links, interact with each other through online social networking and are able to create, post, and collaboratively edit online data and documents. Since its users are able to discover, dynamically organize and rank content using non-standard methods and technologies, Sitesearch believes it offers an alternative to standard search engines for organizing online information.
Company information distributed through the Corporation Records Program is based upon information that Standard & Poor's considers to be reliable, but neither Standard & Poor's nor its affiliates warrant its completeness or accuracy, and it should not be relied upon as such. This material is not intended as an offer or solicitation for the purchase or sale of any security or other financial instrument.
Sitesearch Corporation
CONTACT: Sitesearch Corporation, Kelly Osterhout, +1-602-840-0668, ext. 802, kosterhout@sitesearch.com; or Standard & Poor's Customer Contact, Richard Albanese, +1-212-438-3647, Richard_albanese@sandp.com; or Media Relations Contact, Michael Privitera, +1-212-438-6679, michael_privitera@sandp.com
Web Site: http://www.sitesearch.com/
Omnicell Unveils Tissue Center Solution - Industry's First Integrated Tissue Tracking and Compliance SystemOmnicell Tissue Center solution allows hospitals to electronically and efficiently manage and document their control of tissue specimens
MOUNTAIN VIEW, Calif., March 9 /PRNewswire-FirstCall/ -- Omnicell, Inc. a leading provider of system solutions to acute healthcare facilities, today introduced its Omnicell Tissue Center solution, which is the first in the industry. Debuted with the latest release of Omnicell OptiFlex(TM) 10.0 advanced supply chain management software, the Tissue Center helps hospitals increase efficiency of their tissue tracking processes and comply with regulations and recommendations issued by the Joint Commission and Association of periOperative Registered Nurses (AORN).
Omnicell will be demonstrating the Omnicell Tissue Center in booth #478 at AORN, March 14-19, 2009, Hyatt Regency McCormick Place, Chicago.
"The Omnicell Tissue Center brings a flexible and integrated solution to hospitals for managing tissue ordering and receiving within the broader materials management arena," said Suzanne Alexander-Vaughn, supply product manager, Omnicell. "It's a complete solution - order, receive, transfer, store, issue, document and report."
The Omnicell Tissue Center solution includes bar code and touch screen technology to increase ease-of-use and accuracy versus systems reliant more on keyboard entry. The tissue tracking solution is implemented with the option of open or closed cabinet management and FlexLock, a remote locking mechanism, with TempCheck which monitors refrigerator temperature continuously.
A 600 bed medical facility, located in Alabama, with 35 operating rooms and specialties in cardiovascular medicine and surgery, orthopedics, neurology and neurosurgery, has installed an Omnicell Tissue Center solution to reduce consumption and inventory, increase charge capture and improve overall efficiency and productivity. Omnicell OptiFlex 10.0 is increasing the return-on-investment for this facility while increasing efficiency in materials management and specialty areas.
Hospitals are under increasing pressure to implement and demonstrate effective tissue management. Joint Commission standards designed to help reduce infections in tissue and implant recipients require hospitals to upgrade their tissue storage and issuance processes. In addition, the AORN has guidelines that address the importance of carefully tracking the tissue identification banks, licensing agencies and registration information, as well as the name of the recovery or distribution center. The newly released Omnicell Tissue Center solution helps hospitals comply with these standards and improve patient safety by enabling hospitals to electronically and efficiently manage and document their control of tissue specimens.
For more information about Omnicell OptiFlex 10.0 with its unique tissue tracking features, please attend the "Tissue Issues" symposium on Tuesday, March 17, from 6:30 a.m. to 7:30 a.m. at the Hyatt Regency McCormick Place. You may also visit http://www.omnicell.com/ or call 1-(800) 850-6664.
About Omnicell
Omnicell, Inc. is a leading provider of systems targeting patient safety and operational efficiency in healthcare facilities. Since 1992, Omnicell has worked to enhance patient safety and allow clinicians to spend more time with their patients.
Omnicell's medication-use product line includes solutions for the central pharmacy, nursing unit, operating room, and patient bedside. Solutions range from complete automation systems for the central pharmacy to nursing unit and bedside dispensing cabinet systems. From the point at which a medication arrives at the receiving dock to the time it is administered, Omnicell systems store it, package it, bar code it, order it, issue it, and provide information and controls on its use and reorder.
Our supply product lines provide a healthcare institution with fast, effective control of costs, capture of charges for payer reimbursement, and timely reorder of supplies. Products range from high-security closed-cabinet systems and software to open-shelf and combination solutions in the nursing unit, cath lab and operating room. For more information, visit http://www.omnicell.com/.
OMCL: G
Omnicell, Inc.
CONTACT: Deborah Reinert of Omnicell, Inc., +1-650-251-6403, deborah.reinert@omnicell.com; or Linda Capcara of LVA Communications, +1-480-229-7090, linda@lva.com, for Omnicell, Inc.
Web Site: http://www.omnicell.com/
Aftersoft Group, Inc.'s Subsidiary MAM Software Renews Approved Supplier Relationship with Group Auto Union (GAU)
NEW YORK, March 9 /PRNewswire-FirstCall/ -- Aftersoft Group, Inc. (OTC Bulletin Board: ASFG), a major supplier of business and ERP supply chain management solutions to automotive parts and tires, distributors, jobbers, retailers and installers announced that as of February 10, 2009 MAM Software is to maintain its long-standing relationship with Group Auto Union (GAU) as its approved supplier of I.T. solutions. MAM Software is a wholly owned subsidiary of Aftersoft Group, Inc.
The GAU is the UK's prominent motor factor trading group, with 320 member companies and 523 points of sale across the UK and Ireland. As a result of the appointment, MAM will continue providing infrastructure and support for the GAU's internal initiatives and will remain a recommended supplier of software and catalogue data to its membership.
"We are delighted to continue our association with the GAU. As an official supplier of I.T. solutions, we believe we can make a real difference to motor factors across the UK. MAM's industry leading products provide GAU members with an arsenal of tools that further strengthen their competitiveness and productivity," said Mike Jamieson, MAM Software's Managing Director.
"The services provided by MAM will ensure that the GAU is equipped with tailored applications and a world class I.T. infrastructure that delivers value to its members and facilitates the development of long term supply chain partnerships," said Jim Mazza, GAU Managing Director. "MAM's managed services help us achieve significant internal efficiencies, whilst software and high quality support provides our members with excellent management solutions."
Ian Warwick, CEO of Aftersoft Group, Inc. commented, "This extended relationship with a company of GAU's size and influence shows our continued strength of presence in the United Kingdom whilst we expand our presence in North America and further afield."
Read more on this at http://www.mamsoft.co.uk/gau2009
About Aftersoft Group, Inc.
Aftersoft Group, Inc. is a supplier of business and ERP supply chain management solutions to automotive parts manufacturers, distributors and retailers. Aftersoft Group provides the automotive aftermarket with a combination of business management systems, information products, and online services that together deliver benefits for all parties involved in the timely repair of a vehicle. For further information, please visit http://www.aftersoftgroup.com/
This press release contains forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements. Actual results may differ materially from those indicated by these forward-looking statements as a result of risks and uncertainties impacting the company's business including, increased competition; the ability of the company to expand its operations through either acquisitions or internal growth, to attract and retain qualified professionals, and to expand commercial relationships; technological obsolescence; general economic conditions; and other risks detailed time to time in filings with the Securities and Exchange Commission (SEC).
Aftersoft Group, Inc.
CONTACT: Sarah Jarvis of Aftersoft Group, Inc., +44-124-489-3283, sjarvis@aftersoftgroup.com
Web Site: http://www.aftersoftgroup.com/
Agilysys Appoints Kathleen A. Weigand as General Counsel and Senior Vice President, Human Resources
CLEVELAND, March 9 /PRNewswire-FirstCall/ -- Agilysys, Inc. , a leading provider of innovative IT solutions, announced today that Kathleen A. Weigand will fill the newly created position of general counsel and senior vice president of human resources, effective immediately.
(Logo: http://www.newscom.com/cgi-bin/prnh/20030915/AGLSLOGO )
Weigand comes to Agilysys with more than 20 years of extensive legal and financial experience. She was recently executive vice president, general counsel and secretary of U-Store-it Trust, a NYSE-listed Real Estate Investment Trust. Weigand also served as deputy general counsel and assistant secretary of Eaton Corporation and assistant general counsel and assistant secretary of TRW Inc. Prior to joining TRW, Weigand practiced corporate and securities law at Thompson Hine LLP. She is a certified public accountant and was an audit manager at KPMG.
"Kathleen is an excellent addition to Agilysys' new senior management team, allowing us to combine two former officer positions as we continue to streamline our corporate structure and aggressively pursue increasing shareholder value," said Martin Ellis, president and chief executive officer. "Her breadth of corporate and multi-functional leadership experience augurs well for our organizational needs as we realign corporate functions."
Weigand is a member of the American Bar Association. She is also a member of the Finance Committee of the Society of Corporate Secretaries and Governance Professionals and is a former member of its Board of Directors. She has a J.D. degree from Case Western Reserve University School of Law and a B.S. in Accounting from Gannon University.
About Agilysys, Inc.
Agilysys is a leading provider of innovative IT solutions to corporate and public-sector customers, with special expertise in select markets, including retail and hospitality. The company uses technology - including hardware, software and services - to help customers resolve their most complicated IT needs. The company possesses expertise in enterprise architecture and high availability, infrastructure optimization, storage and resource management, identity management and business continuity; and provides industry-specific software, services and expertise to the retail and hospitality markets. Headquartered in Cleveland, Agilysys operates extensively throughout North America, with additional sales offices in the United Kingdom and China. For more information, visit http://www.agilysys.com/.
Contact:
Curtis Stout
Vice President and Treasurer
Agilysys, Inc.
440-519-8635
curtis.stout@agilysys.com
Photo: http://www.newscom.com/cgi-bin/prnh/20030915/AGLSLOGO AP Archive: http://photoarchive.ap.org/ PRN Photo Desk, photodesk@prnewswire.com
Agilysys, Inc.
CONTACT: Curtis Stout, Vice President and Treasurer of Agilysys, Inc., +1-440-519-8635, curtis.stout@agilysys.com
Web Site: http://www.agilysys.com/
Bento 2 Named Codie Finalist for Best Database Management SolutionBento 2 for Mac proves that databases can be personal, easy to use and beautiful
SANTA CLARA, Calif., March 9 /PRNewswire-FirstCall/ -- FileMaker, Inc. today announced that Bento 2 is a finalist in the category of Best Database Management Software for a 2009 Codie Award, the premiere annual awards voted by members of the Software Information Industry Association (SIIA). SIIA will name the winners during the Codie Awards on May 5, 2009 in San Francisco.
Bento 2 is the newest version of the popular personal database from FileMaker that makes database use easy and friendly. Designed specifically for Mac OS X v.10.5.4 Leopard (or later), Bento helps Mac users organize their lives by giving them one place to put their important information from contacts and calendars to projects and events. Bento can organize activities related to work, home, school and community.
Data from Microsoft Excel, Apple Numbers and AppleWorks databases and spreadsheets can easily be imported into Bento 2 for iTunes-style searching, quick sorting and instant summary statistics. Bento 2 provides themes and templates to make data more accessible and stylish.
Nearly 190 judges encompassing technology trade journalists, consultants, educators, IT and product specialists, and other knowledgeable, yet neutral, experts have reviewed all of the products entered. The finalists were chosen from more than 850 nominations submitted by 600 companies.
About FileMaker, Inc.
FileMaker, Inc. develops award-winning database software. Its products include the legendary FileMaker Pro product line for Windows, Mac and the Web, and the new Bento personal database for Mac. FileMaker Pro won 52 awards, more than its next eight competitors combined, from 2003-2009 in the U.S., and a total of 134 awards worldwide during this time. Millions of customers, from individuals to large organizations, rely on FileMaker, Inc. software to manage, analyze and share information. FileMaker, Inc. is a subsidiary of Apple Inc.
(C)2009 FileMaker, Inc. All rights reserved. FileMaker and Bento are trademarks of FileMaker, Inc., registered in the U.S. and other countries. All other trademarks are the property of their respective owners.
FileMaker, Inc.
CONTACT: media, Kevin Mallon of FileMaker, Inc., +1-408-987-7227, kevin_mallon@filemaker.com, or customers, 1-800-325-2747
Web Site: http://www.filemaker.com/
Explorations Group Announces Letter of Intent to Acquire Specialty Lighting Company
WEST PALM BEACH, Fla., March 9 /PRNewswire-FirstCall/ -- Explorations Group Inc. (BULLETIN BOARD: EXGI) , announced today that it has signed a non-binding letter of intent to acquire Daniel R. Smith & Associates, Inc. ("DRSA"), a South Florida-based specialty lighting company for a total of $4.2 million to be paid in a combination of cash and debt. In announcing the Letter of Intent, EXGI President David Coriaty stated "the acquisition of DRSA is the next step in EXGI's plan to assemble a one stop solution for security, lighting and access control for the commercial, industrial and governmental markets by extending our product line to include DRSA's marine and industrial lighting solutions. Combined with our February 2009 acquisition of Hawk Biometric Technologies, we are now in position to offer a wide range of products for these markets."
The Boards of Directors of EXGI and DRSA have approved the transaction. EXGI expects to be able to promptly consummate the transaction, subject to due diligence, the execution of definitive agreements, and other conditions to closing. There is no assurance that a definitive agreement providing for the transaction as contemplated by the Letter of Intent will be executed or that the transaction will be consummated.
About EXGI - Explorations Group, Inc. is Florida-based provider of solutions of biometric security, access, lighting and control systems for industrial, commercial and governmental market. EXGI's recently acquired Hawk Biometric Technologies subsidiary is a developer of patented biometric systems for the automotive, real estate and maritime industries. Hawk Biometric's signature PASS(TM) product integrates fingerprint scanning into a vehicle's operating system and permits operation by only authorized drivers. Combined with optional GPS capabilities, PASS(TM) allows vehicle owners to remotely monitor, track, geo-fence, speed check and disable PASS(TM) equipped vehicles.
About DRSA - Formed in 1990, Daniel R. Smith & Associates, Inc. is a leading provider of lighting solutions for the marine and industrial markets.
Statements in this press release that are not statements of historical or current fact constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the actual results of the Company to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements which explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms "believes," "should," "intends," "will," or "plans" to be uncertain and forward-looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the Company's reports and registration statements filed with the Securities and Exchange Commission.
Explorations Group Inc.
CONTACT: David Coriaty, President, Explorations Group Inc., +1-561-515-6113
Zebra Technologies Unveils QuikCard(TM) ID Solution for Fast, Easy Creation of Identification CardsFeature-rich, value-priced bundle offers a complete card design and printing solution for small and medium-size organizations
VERNON HILLS, Ill., March 9 /PRNewswire-FirstCall/ -- Zebra Technologies , a global leader in specialty printing and automatic identification solutions, today announced the launch of the Zebra QuikCard ID Solution. Specifically designed for the requirements of small to mid size business, the Zebra QuikCard ID Solution provides an "all-in-one" integrated solution for entry-level card applications.
The QuikCard ID system combines the benefits of Zebra' market-leading value class printers with innovative card design software and design templates that allow users to quickly customize and print single or dual-sided, full-color cards and badges. Solution components include: a Zebra Value class P110i or P120i(TM) card printer, QuikCard ID Software with exclusive card design software and templates, a Logitech (R) USB web cam and mini-tripod, and a media/supplies starter kit (one ribbon and 200 PVC cards).
"The QuikCard ID Solution is designed to meet the access and ID needs of smaller organizations without requiring major capital investment or specialized technical expertise," said Ram Ramaprasad, director of product management for Zebra Technologies. "By removing these entry barriers, Zebra's out-of-the-box solution offers new and existing market segments a practical way to deploy entry level card applications."
The Zebra QuikCard ID Solution enables users to quickly and easily design, print and issue high quality color Photo ID cards for a variety of applications such as: access control badges, visitor ID management, and retail loyalty and membership cards. The solution is also ideal for ID cards in educational, state and local government, public safety agencies and not-for-profit organizations.
Key features and benefits of the Zebra QuikCard ID Solution include:
Complete and Flexible Solution
-- Available in 4 different models for single or dual sided printing,
with or without magnetic encoding.
-- Complete card design application software including support for
magnetic encoding, 1D bar codes, image and photo import capabilities
and conditional print features,
-- Import or store card issuance information in Microsoft(R) Excel and
CSV datafiles
-- Small solution footprint fits comfortably into any office environment
Ease-of-Use Features and Capabilities
-- Zebra Card Design Templates and Template Designer to enable instant
creation and editing of full-color ID cards from included template
designs
-- Load-N-Go(TM) ribbon cartridge to facilitate ribbon installation and i
Series(TM) auto-ribbon detection to configure printer and monitor
ribbon status
-- USB Web camera and mini-tripod for easy image capture to include in
photo ID cards
Available in Europe, Mid-East and Africa in April and immediately everywhere else, the Zebra QuikCard ID Solution is sold through Zebra's vast network of channel partners. For more information about the Zebra QuikCard ID Solution and other Zebra on-demand printing solutions, please call 800-452-4056 or visit http://www.zebracard.com/quikcard.
About Zebra Technologies
Zebra Technologies Corporation improves customers' business performance through products and solutions that identify, track and manage assets, transactions and people. In more than 100 countries around the world, more than 90 percent of Fortune 500 companies use innovative and reliable Zebra printers, supplies, RFID products and software to increase productivity, improve quality, lower costs, and deliver better customer service. Information about Zebra and Zebra-brand products can be found at http://www.zebra.com/.
Contact Information:
Zebra Technologies Corporation
Media:
Tim Dreyer
+1 847-793-5677
tdreyer@zebra.com
Zebra Technologies Corporation
CONTACT: media, Tim Dreyer of Zebra Technologies Corporation, +1-847-793-5677, tdreyer@zebra.com
Web Site: http://www.zebra.com/
Great Place to Work(R) Institute Ireland Recognises EMC Among the Top '50 Best Workplaces in Ireland'
CORK, Ireland, March 9 /PRNewswire/ --
- EMC Ireland Receives Outstanding Achievement Award for 'Embracing
Diversity' at Best Workplaces in Ireland Awards 2009
EMC Ireland, the International Operations Campus for EMC Corporation
(NYSE: EMC), the world leader in information infrastructure solutions, today
announced that the Great Place to Work(R) Institute Ireland has recognised
EMC as one of the Top '50 Best Workplaces in Ireland' 2009. It was also
honoured with the Outstanding Achievement Award for 'Embracing Diversity.'
The Awards were announced on Thursday 26th February at the Burlington Hotel,
Dublin.
Each year, the Great Place to Work(R) Institute in Ireland works with the
Irish Independent to conduct the Best Workplaces in Ireland study with more
than 4,000 eligible organisations within Ireland. The confidential survey of
organisations' employees measures the levels of Credibility, Respect,
Fairness, Pride and Camaraderie within the company. It also looks at various
aspects of the organisations including Communication, Training & Development,
Work-Life Balance, and Diversity. The Outstanding Achievement Award for
'Embracing Diversity' recognises the comprehensive diversity programme
implemented across EMC's operations in Ireland.
This Survey is widely recognised as Ireland's most comprehensive study of
workplace culture, and offers superb national and international benchmarking,
learning, and networking opportunities to all who take part.
Bob Savage, EMC's Vice President and Managing Director of Cork, Ireland
Operations said, "We are very proud to be one of Ireland's Top 50 Best Places
to Work and delighted that EMC has been given special recognition for
embracing diversity. This award celebrates the diversity of skill sets,
experience and culture of our multi-functional locations and gives us a
benchmark from which we can further celebrate and nurture a great working
environment for our people in the years ahead. I thank all of our employees
for their ongoing commitment, investment in continued development and
continued support of the business."
"Celebrating the diversity of skill sets within EMC operations in Ireland
is very much something that's driven by the employees themselves. It nurtures
innovative thinking and results in tangible wins for the company," comments
Kate O'Connor, Human Resources Director, EMC Ireland.
About EMC
EMC Corporation (NYSE: EMC) is the world's leading developer and provider
of information infrastructure technology and solutions that enable
organizations of all sizes to transform the way they compete and create value
from their information. Information about EMC's products and services can be
found at www.EMC.com.
About EMC Ireland
EMC established a presence in Ireland in 1988 with its first
manufacturing facility outside of North America in Ovens, Cork. It then
formed its Dublin based sales office in 1990. EMC now employs over 1,600
people in Ireland between both sites. Last year EMC celebrated its 20th
Anniversary in Ireland and announced a euro 20 million investment in its
local Research and Development Centre.
The Cork facility has become a multifunctional campus and the home of
EMC's International Operations. It has emerged as a leader in EMC's
initiative to develop and manufacture energy efficient information
infrastructure technologies. In addition to the manufacturing facility, the
Cork site also includes the International Executive Briefing Centre, the
Global Solutions Centre, Worldwide Customer Service Centre, VMware Support
Services, Software Development and Shared Services functions. EMC in Ireland
today claims some of Ireland's most recognised organisations as its
customers.
About Great Place to Work Institute Ireland
Great Place to Work(R) Institute Ireland is committed to supporting Irish
affiliates in their efforts to help organisations across all sectors achieve
lasting improvements in their workplace relationships that produce measurable
business benefits and better corporate performance.
At the Great Place to Work(R) Institute, we have been listening to
employees and evaluating employers since 1980, to understand what makes a
workplace great. We know that the foundation of every great workplace is
trust between employees and management. Our ongoing research, measurement
tools, and educational services have made us leaders in helping build
high-trust workplaces.
EMC is a registered trademark of EMC Corporation. Other trademarks are
the property of their respective owners.
EMC Corporation
Michelle Murphy, CLARIFY Communications Consulting Ltd for EMC Corporation, mobile, +353-0-86-853-7806, michelle.murphy@clarify.ie
FiOS TV Adds More Free Movies and Other On-Demand Programming Through New Deals With Turner Networks and SonyContent Includes Hit Movies in HD, Plus News, Kids Entertainment and More
NEW YORK, March 9 /PRNewswire/ -- FiOS TV is adding even more content to its industry-leading video-on-demand library through programming deals with Turner Networks and Sony.
Programming from eight Turner channels -- Adult Swim, Boomerang, Cartoon Network, CNN, TBS, TNT, TruTV and Turner Classic Movies -- now provides fresh content to Verizon's robust VOD lineup. This includes dozens of free movies a month from TBS, TNT and TCM; family-friendly entertainment from Boomerang and Cartoon Network; comedy on Adult Swim; and news and real-life drama from CNN and TruTV.
Turner Networks will provide an array of free movies -- from new releases to favorite classics -- including "Anaconda," "The Da Vinci Code," "Final Destination 3," "The Firm," "A Knight's Tale," "Roman Holiday" and "Striking Distance."
Verizon's agreement with Sony means FiOS TV customers will now enjoy more recent film releases in high definition (HD), including box office hits like "Anaconda 3: Offspring," "Hancock" and "Pineapple Express." FiOS TV HD VOD allows customers to watch the latest movies in HD without the need to purchase additional, expensive equipment.
"Because we're delivering FiOS TV over the nation's most advanced fiber-optic network, straight to customers' doors, our subscribers can access interactive video services that help them save time and money, and enjoy unparalleled picture quality and programming choices for all their TV viewing," said Terry Denson, vice president - FiOS TV content and programming. "Our ever-expanding VOD library gives customers a front seat to all of the best on-demand entertainment, with the convenience of watching what they want, whenever they want."
Verizon's FiOS TV VOD library offers titles that encompass a broad range of interests, including kids, music, pop culture, home and leisure, and the recent addition of the MyLife category offering exercise, health and wellness programming. The library offers more than 14,000 titles per month -- 8,500 are free of charge. Customers can access the video-on-demand library by pressing the "VOD" or "On Demand" button on their remote control, by using the menu on FiOS TV's interactive media guide, or by selecting the VOD channel.
Verizon's all-digital FiOS TV service offers more and more high-definition and VOD choices, a broad spectrum of content diversity, and exciting interactive features that set FiOS TV apart from cable offerings. FiOS TV is currently available to more than 9.2 million homes in 14 states.
For more information on FiOS TV, visit http://www.verizon.com/fiostv. Consumers can also call their local Verizon sales office or 888-438-3467.
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: Deidre Mulcahy of Verizon, +1-908-559-3483, deidre.m.mulcahy@verizon.com
Web Site: http://www.verizon.com/
Company News On-Call: http://www.prnewswire.com/comp/094251.html
China BAK Clarifies Investment Plan on Tianjin Facility
SHENZHEN, China, March 9 /PRNewswire-Asia-FirstCall/ -- China BAK Battery, Inc. ("China BAK") , one of the largest lithium-ion battery cell manufacturers in the world, as measured by production output, today clarifies its investment plan on its Tianjin Facility.
Recently, certain Chinese language media published inaccurate information on the investment plan of China BAK on BAK International (Tianjin) Ltd. ("BAK Tianjin").
As of the first quarter of fiscal year 2009, China BAK has contributed, through a wholly owned subsidiary, approximately US$20 million capital to BAK Tianjin. China BAK has no investment plan to invest up to $300 million on BAK Tianjin, as the said media source stated.
China BAK will continue to exercise prudent and disciplined management on our capital expenditures, especially in the current financial environment. We will also follow Regulation Fair Disclosure rigidly in disclosing our corporate activities on all aspects.
About China BAK Battery, Inc.
China BAK Battery, Inc. is one of the largest manufacturers of lithium- based battery cells in the world, as measured by production output. It produces battery cells that are the principal component of rechargeable batteries commonly used in cellular phones, notebook computers and portable consumer electronics, such as digital media devices, portable media players, portable audio players, portable gaming devices, and PDAs. China BAK Battery, Inc.'s 3.0 million square foot facilities are located in Shenzhen and Tianjin, PRC, and have been recently expanded to produce new products.
Safe Harbor Statement
This press release contains forward-looking statements, which are subject to change. The forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All "forward-looking statements" relating to the business of China BAK Battery, Inc. and its subsidiary companies, which can be identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties which could cause actual results to differ. These factors include but are not limited to: risks related to China BAK's business and risks related to operating in China. Please refer to China BAK's Annual Reports on Form 10-K for the fiscal years ended September 30, 2008, for specific details on risk factors. Given these risks and uncertainties, you are cautioned not to place undue reliance on forward-looking statements. China BAK's actual results could differ materially from those contained in the forward-looking statements. China BAK undertakes no obligation to revise or update its forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
China BAK Battery, Inc.
CONTACT: Louis Li, Acting Manager of Investor Relations Department of China BAK Battery, Inc., +86-755-8977-0504, or IR@bak.com.cn
Picarro and O.I. Corporation Launch Integrated Isotope Analyzer for Total Organic Carbon (TOC)
SUNNYVALE, Calif., March 9 /PRNewswire/ -- Picarro, Inc. has partnered with O.I. Corporation, d.b.a. O.I. Analytical, to develop a turnkey analyzer to measure total organic carbon (TOC) as well as the carbon stable isotope ratio (delta-13C). The iTOC-CRDS works directly with solids, liquids, sludges and slurries, and will be formally launched at the Pittcon(R) 2009 technical conference and exhibition (March 8-13, Chicago, IL). The iTOC-CRDS is an integrated, small and easy-to-use system that can either perform wet oxidation on the carbon content of aqueous solutions or combustion of solid/semi-solid organic materials to generate CO2. The Picarro isotopic analyzer then measures the liberated CO2. This proven isotopic CO2 analyzer is based on wavelength scanned cavity ringdown spectroscopy (WS-CRDS) and the system delivers delta-13C precision as high as 0.2 permil in seconds or minutes depending on sample specifics. In both cases, the CO2 is introduced directly into the WS-CRDS unit with no drying or other purification necessary, in stark contrast to legacy isotope analyzers based on isotope ratio mass spectrometry (IRMS).
Applications for this instrument include origin of food (appellation of origin) and adulteration analyses for such products as wine, fruit juice, edible oils, including olive oil, seeds, nuts, fruits, chocolate, and dairy products. In addition, this system serves environmental science applications such as carbon isotope distribution in soils, sediments, and plant materials as well as limnology, hydrobiology, marine and freshwater ecosystem studies.
Michael Woelk, CEO of Picarro, Inc. states, "Our company is committed to providing both the simplest solution and best data for all our target applications. In some instances this means integrating a specialized front-end on to our trace gas or isotope analyzers, to provide a fine-tuned turnkey solution. In the area of TOC, it was a natural to partner with O.I. Corporation since they bring proven TOC technology plus name-brand recognition and instant credibility in several markets that are new to Picarro."
Donald Segers, President and COO of O.I. Corporation adds, "We are very excited to work with Picarro to introduce WS-CRDS analysis to the TOC market space. We have a long history of providing our customers with integrated solutions that provide superior performance by interfacing cutting-edge technology. For stable isotope analysis, we believe WS-CRDS represents a transformational technology in terms of speed, cost and ease of use, and it will greatly expand the use of stable isotope ratios in several TOC applications."
Picarro, Inc. is a privately held company dedicated to developing instrumentation for the highest sensitivity, precision and accuracy to make measurements of specific molecules of interest in environmental analyses, stable isotope applications, process monitoring, and emissions control. The company is a leader in wavelength scanned cavity ring down spectroscopy (WS-CRDS) technology with eight exclusive licenses from Stanford University patents and nine of its own on WS-CRDS extensions. Visit us at http://www.picarro.com/.
O.I. Corporation, d.b.a. O.I. Analytical, ("OI") provides innovative products used for chemical analysis. We develop, manufacture, sell, and service analytical instruments that detect, measure, analyze, and monitor chemicals in liquids, solids, and gases. We also provide products used to digest, extract, and separate components of chemical mixtures. Headquartered in College Station, Texas, the company's products are sold worldwide. Visit the company's website at http://www.oico.com/.
Contact Information:
Iain Green, Director of Marketing, igreen@picarro.com, (408) 962-3942
Picarro, Inc.
CONTACT: Iain Green, Director of Marketing of Picarro, Inc., +1-408-962-3942, igreen@picarro.com
Web Site: http://www.picarro.com/
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