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Extreme Networks Reports Third Quarter Financial ResultsRevenue of $77.2 million: Pro-Forma Net Income of $1.2 million

SANTA CLARA, Calif., April 23 /PRNewswire-FirstCall/ -- Extreme Networks, Inc. today announced financial results for its third quarter ended March 29, 2009. For the quarter, net revenue was $77.2 million, compared to $82.0 million in the year-ago quarter.

Non-GAAP net income for the third fiscal quarter of 2009 was $1.2 million or $0.01 per diluted share, excluding $1.2 million in share-based compensation charges and $2.1 million in restructuring charges, compared to year-ago non-GAAP net income of $1.1 million or $0.01 per diluted share, excluding $1.3 million in share-based compensation. A reconciliation of GAAP to non-GAAP financial measures is included in the accompanying financial tables.

"We delivered positive pro-forma earnings in a challenging market and took steps to reduce our cost structure," said Mark Canepa, president and CEO of Extreme Networks. "In addition, during the quarter we continued to deliver new products to meet the demand for cost-effective bandwidth for the carrier, enterprise and data center markets."

Net loss on a GAAP basis was $2.2 million or a loss of $0.02 per diluted share. That compares to the year-ago net loss of $0.2 million or a loss of $0.00 per diluted share.

For the third fiscal quarter of 2009, revenues in North America (U.S., Canada, and Central America) were $26.9 million, revenues in EMEA (Europe, Middle East, Africa, and South America) were $38.5 million, and revenues in APAC (Asia Pacific and Japan) were $11.8 million. That compares to the year-ago revenues of $31.0 million in North America, $38.2 million in EMEA, and $12.8 million in APAC.

Cash and investments were $120.8 million as of March 29, 2009, a decrease of $22.7 million sequentially from the fiscal second quarter, primarily due to the timing of trade accounts payables and accrued liabilities payments, which vary throughout the year. Over the nine months since the start of fiscal 2009, the Company utilized $4.0 million in cash for operating activities.

Conference Call

Extreme Networks will host a conference call to discuss these results today at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time). The conference call may be heard by dialing 1-800-218-8862 (international callers dial 1-303-262-2075). A 48-hour replay will be available following the call by dialing 1-800-405-2236 (international callers dial 1-303-590-3000); the replay passcode is 11129306. In addition, a live webcast and replay of the call will be available at http://investor.extremenetworks.com/. Financial information to be discussed during the conference call will be posted on the Investor Relations section of the Company's website http://www.extremenetworks.com/.

Non-GAAP Financial Measures

Extreme Networks provides all financial information required in accordance with generally accepted accounting principles (GAAP). To supplement our consolidated financial statements presented in accordance with GAAP, we are also providing with this press release non-GAAP net income. In preparing our non-GAAP information, we have excluded, where applicable, the impact of restructuring charges (a non-recurring charge) and share-based compensation (a non-cash charge). Because of the non-recurring and/or non-cash nature of these charges, we believe that excluding them provides both management and investors with additional insight into our current operations, the trends affecting the Company and the Company's marketplace performance. In particular, management finds it useful to exclude these charges in order to more readily correlate the Company's operating activities with the Company's ability to generate cash from operations. Accordingly, management uses these non-GAAP measures, along with the comparable GAAP information, in evaluating our historical performance and in planning our future business activities. Please note that our non-GAAP measures may be different than those used by other companies. The additional non-GAAP financial information we present should be considered in conjunction with, and not as a substitute for, our financial information presented in accordance with GAAP. We have provided a non-GAAP reconciliation of the Consolidated Statement of Operations for the periods presented in this release, which are adjusted to exclude restructuring charges and share-based compensation expense for these periods. These measures should only be used to evaluate the Company's results of operations in conjunction with the corresponding GAAP measures for comparable financial information and understanding of the Company's ongoing performance as a business. Extreme Networks uses both GAAP and non-GAAP measures to evaluate and manage its operations.

Extreme Networks, Inc.

Extreme Networks provides converged Ethernet networks that support data, voice and video for enterprises and service providers. The company's network solutions feature high performance and high availability switching that deliver insight and control enabling customers to solve their real-world business communications challenges. Operating in more than 50 countries, Extreme Networks provides wired and wireless secure LANs, data center infrastructure and Service Provider Ethernet transport solutions that are complemented by global, 24x7 service and support. For more information, visit: http://www.extremenetworks.com/

Extreme Networks is either a trademark or registered trademark of Extreme Networks, Inc. in the United States and/or other countries.

This announcement contains forward-looking statements that involve risks and uncertainties, including statements regarding the Company's financial performance, acceptance of the Company's newer products in the market and its expectations regarding its products. Actual results could differ materially from those projected in the forward-looking statements as a result of certain risk factors, including, but not limited to: a challenging macro-economic environment both in the United States and overseas; fluctuations in demand for the Company's products and services; a highly competitive business environment for network switching equipment; its effectiveness in controlling expenses, the possibility that the Company might experience delays in the development of new technology and products; customer response to its new technology and products; the timing of any recovery in the global economy; risks related to pending or future litigation, and a dependency on third parties for certain components and for the manufacturing of the Company's products. The Company undertakes no obligation to update the forward-looking information in this release. More information about potential factors that could affect the Company's business and financial results is included in its filings with the Securities and Exchange Commission, including, without limitation, under the captions: "Management's Discussion and Analysis of Financial Condition and Results of Operations," and "Risk Factors," which are on file with the Securities and Exchange Commission."

EXTREME NETWORKS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share and per share amounts) March 29, June 29, 2009 2008 ------ ------ (unaudited) (1) ASSETS Current assets: Cash and cash equivalents $38,595 $70,370 Short-term investments 4,510 42,922 Accounts receivable, net 43,588 64,417 Inventories, net 22,752 13,942 Deferred income taxes 289 254 Prepaid expenses and other current assets, net 4,823 4,654 ----- ----- Total current assets 114,557 196,559 Property and equipment, net 43,204 43,348 Marketable securities 77,708 112,380 Other assets, net 13,388 13,474 ------ ------ Total assets $248,857 $365,761 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $15,414 $16,921 Accrued compensation and benefits 11,633 18,956 Restructuring liabilities 4,459 2,612 Accrued warranty 3,193 4,824 Deferred revenue, net 32,171 31,284 Deferred revenue, net of cost of sales to distributors 12,445 14,138 Other accrued liabilities 18,254 27,728 ------ ------ Total current liabilities 97,569 116,463 Restructuring liabilities, less current portion 4,329 6,777 Deferred revenue, less current portion 7,604 9,006 Deferred income taxes 562 403 Other long-term liabilities 693 1,058 Commitments and contingencies Stockholders' equity: Convertible preferred stock, $.001 par value, issuable in series, 2,000,000 shares authorized; none issued - - Common stock, $.001 par value, 750,000,000 shares authorized; 128,261,067 issued at March 29, 2009 (127,358,570 June 29, 2008) and capital in excess of par value 128 127 Treasury stock, 39,625,305 shares at March 29, 2009 (11,053,877 June 29, 2008) (149,665) (48,303) Additional paid-in- capital 947,644 943,156 Accumulated other comprehensive income (loss) 264 (723) Accumulated deficit (660,271) (662,203) -------- -------- Total stockholders' equity 138,100 232,054 ------- ------- Total liabilities and stockholders' equity $248,857 $365,761 ======== ======== (1) The information in this column is derived from the Company's consolidated balance sheet included in the Company's Annual Report on Form 10-K for the year ended June 29, 2008. EXTREME NETWORKS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) (unaudited) Three Months Ended Nine Months Ended ------------------- ----------------- March 29, March 30, March 29, March 30, 2009 2008 2009 2008 ------ ------ ------ ------ Net revenues: Product $62,017 $67,388 $208,946 $218,960 Service 15,185 14,642 45,330 44,562 ------ ------ ------ ------ Total net revenues 77,202 82,030 254,276 263,522 ------ ------ ------- ------- Cost of revenues: Product 26,142 27,126 87,686 89,421 Service 6,642 7,801 22,049 24,923 ----- ----- ------ ------ Total cost of revenues 32,784 34,927 109,735 114,344 ------ ------ ------- ------- Gross profit: Product 35,875 40,262 121,260 129,539 Service 8,543 6,841 23,281 19,639 ----- ----- ------ ------ Total gross profit 44,418 47,103 144,541 149,178 ------ ------ ------- ------- Operating expenses: Sales and marketing 24,293 25,232 75,926 74,820 Research and development 13,928 15,579 44,457 49,223 General and administrative 6,967 8,610 22,818 23,725 Restructuring charge, net of reversal 2,092 - 2,092 - ----- ----- ----- ----- Total operating expenses 47,280 49,421 145,293 147,768 ------ ------ ------- ------- Operating (loss) income (2,862) (2,318) (752) 1,410 Interest income 672 2,693 2,965 8,326 Interest expense (23) (28) (92) (69) Other income / (expense), net 411 (152) 1,727 (643) --- ---- ----- ---- (Loss) income before income taxes (1,802) 195 3,848 9,024 Provision for income taxes 371 355 1,917 1,415 ------- ----- ------ ------ Net (loss) income $(2,173) $(160) $1,931 $7,609 ======= ===== ====== ====== Basic and diluted net (loss) income per share: Net (loss) income per share - basic $(0.02) $(0.00) $0.02 $0.07 Net (loss) income per share - diluted $(0.02) $(0.00) $0.02 $0.07 Shares used in per share calculation - basic 88,553 115,629 96,066 114,688 Shares used in per share calculation - diluted 88,553 115,629 96,139 115,685 EXTREME NETWORKS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (unaudited) Nine Months Ended ----------------- March 29, March 30, 2009 2008 ------ ------ Cash flows from operating activities: Net income $1,931 $7,609 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 4,200 5,616 Gain on value of option to put securities (4,616) - Mark to market, trading loss 4,616 - Provision for doubtful accounts (232) 207 Provision for excess and obsolete inventory 838 2,111 Deferred income taxes 124 420 Amortization of warrant - 1,349 Gain (loss) on retirement of assets 94 (7) Stock-based compensation 2,630 3,732 Restructuring charge, net of reversal 2,092 - Changes in operating assets and liabilities, net Accounts receivable 21,060 (2,477) Inventories (9,651) 5,114 Prepaid expenses and other assets (83) 3,274 Accounts payable (1,506) (9,508) Accrued compensation and benefits (7,323) 3,233 Restructuring liabilities (2,693) (4,826) Accrued warranty (1,630) (2,130) Deferred revenue, net (515) (22,836) Deferred revenue, net of cost of sales to distributors (1,693) 23,546 Other accrued liabilities (11,642) 596 ------- --- Net cash (used in) provided by operating activities (3,999) 15,023 ------ ------ Cash flows provided by (used in) investing activities: Capital expenditures (4,150) (4,032) Purchases of investments (33,645) (250,504) Proceeds from maturities of investments and marketable securities 28,164 93,625 Proceeds from sales of investments and marketable securities 81,354 142,944 ------ ------- Net cash provided by (used in) investing activities 71,723 (17,967) ------ ------- Cash flows (used in) provided by financing activities: Proceeds from issuance of common stock 1,864 3,248 Proceeds from exercise of warrants - 9 Repurchase of common stock, including expenses (101,363) - -------- ----- Net cash (used in) provided by financing activities (99,499) 3,257 ------- ----- Net decrease in cash and cash equivalents (31,775) 313 ------- --- Cash and cash equivalents at beginning of period 70,370 71,573 Cash and cash equivalents at end of period $38,595 $71,886 ======= ======= EXTREME NETWORKS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS GAAP TO NON-GAAP RECONCILIATION (In thousands, except per share amounts) (Unaudited) Three Months Ended ------------------ March 29, March 30, 2009 2008 ---- ---- ------- ----- Net loss - GAAP Basis $(2,173) $(160) ======= ===== Non-GAAP adjustments Stock-based compensation expense $1,237 $1,304 Restructuring charge, net of reversal 2,092 - ----- ----- Total non-GAAP adjustments $3,329 $1,304 ------ ------ ------ ------ Net income - Non-GAAP Basis $1,156 $1,144 ====== ====== Non-GAAP adjustments Cost of product revenue $96 $125 Cost of service revenue 79 65 Sales and marketing 420 424 Research and development 387 415 General and administrative 255 275 Restructuring charge, net of reversal 2,092 - ----- ----- Total non-GAAP adjustments $3,329 $1,304 ====== ======

Extreme Networks, Inc.

CONTACT: Investor Relations, +1-408-579-3030,
investor_relations@extremenetworks.com, or Public Relations, +1-408-579-3483,
gcross@extremenetworks.com, both of Extreme Networks, Inc.

Web Site: http://www.extremenetworks.com/

Netflix Announces Q1 2009 Financial ResultsSubscribers - 10.3 millionRevenue - $394.1 millionGAAP Net Income - $22.4 millionGAAP EPS - $0.37 per diluted share

LOS GATOS, Calif., April 23 /PRNewswire-FirstCall/ -- Netflix, Inc. today reported results for the first quarter ended March 31, 2009.

"First quarter results showed strong momentum driven by consumer attraction to our unlimited rental proposition," said Reed Hastings, Netflix co-founder and chief executive officer. "We added more net subscribers than in any previous quarter in our history and grew year-over-year GAAP EPS by 76 percent."

First-Quarter 2009 Financial Highlights

Subscribers. Netflix ended the first quarter of 2009 with approximately 10,310,000 total subscribers, representing 25 percent year-over-year growth from 8,243,000 total subscribers at the end of the first quarter of 2008 and 10 percent sequential growth from 9,390,000 subscribers at the end of the fourth quarter of 2008.

Net subscriber change in the quarter was an increase of 920,000 compared to an increase of 764,000 for the same period of 2008 and an increase of 718,000 for the fourth quarter of 2008.

Gross subscriber additions for the quarter totaled 2,413,000, representing 30 percent year-over-year growth from 1,862,000 gross subscriber additions in the first quarter of 2008 and 16 percent quarter-over-quarter growth from 2,085,000 gross subscriber additions in the fourth quarter of 2008.

Of the 10,310,000 total subscribers at quarter end, 98 percent, or 10,116,000, were paid subscribers. The other 2 percent, or 194,000, were free subscribers. Paid subscribers represented 98 percent of total subscribers at the end of the first quarter of 2008 and at the end of the fourth quarter of 2008.

Revenue for the first quarter of 2009 was $394.1 million, representing 21 percent year-over-year growth from $326.2 million for the first quarter of 2008, and a 10 percent sequential increase from $359.6 million for the fourth quarter of 2008.

Gross margin(1) for the first quarter of 2009 was 34.2 percent compared to 31.7 percent for the first quarter of 2008 and 35.2 percent for the fourth quarter of 2008.

GAAP net income for the first quarter of 2009 was $22.4 million, or $0.37 per diluted share compared to GAAP net income of $13.3 million, or $0.21 per diluted share, for the first quarter of 2008 and GAAP net income of $22.7 million, or $0.38 per diluted share, for the fourth quarter of 2008. GAAP net income grew 68 percent on a year-over-year basis and GAAP EPS grew 76 percent on a year-over-year basis.

Non-GAAP net income was $24.2 million, or $0.40 per diluted share, for the first quarter of 2009 compared to non-GAAP net income of $15.2 million, or $0.23 per diluted share, for the first quarter of 2008 and non-GAAP net income of $24.6 million, or $0.41 per diluted share, for the fourth quarter of 2008. Non-GAAP net income grew 59 percent on a year-over-year basis and non-GAAP EPS grew 74 percent on a year-over-year basis.

Non-GAAP net income equals net income on a GAAP basis before stock-based compensation expense, net of taxes.

Stock-based compensation was $3.1 million for the first quarter of 2009 and the first quarter of 2008 and $3.2 million for the fourth quarter of 2008. Stock-based compensation is presented in the same lines of the Consolidated Statements of Operations as cash compensation paid to the same individuals.

Subscriber acquisition cost(2) for the first quarter of 2009 was $25.79 per gross subscriber addition compared to $29.48 for the same period of 2008 and $26.67 for the fourth quarter of 2008.

Churn(3) for the first quarter of 2009 was 4.2 percent compared to 3.9 percent for the first quarter of 2008 and 4.2 percent for the fourth quarter of 2008. Churn includes free subscribers as well as paying subscribers who elect not to renew their monthly subscription service during the quarter.

Free cash flow(4) for the first quarter of 2009 was $15.1 million compared to $4.8 million in the first quarter of 2008 and $51.0 million for the fourth quarter of 2008.

Cash provided by operating activities for the first quarter of 2009 was $65.6 million compared to $64.1 million for the first quarter of 2008 and $92.1 million for the fourth quarter of 2008.

Business Outlook

The Company's performance expectations for the second quarter of 2009 and full-year 2009 are as follows:

Second-Quarter 2009 -- Ending subscribers of 10.4 million to 10.6 million -- Revenue of $403 million to $409 million -- GAAP net income of $27 million to $32 million -- GAAP EPS of $0.44 to $0.53 per diluted share Full-Year 2009 -- Ending subscribers of 11.2 million to 11.8 million, up from 10.6 million to 11.3 million -- Revenue of $1.63 billion to $1.67 billion, up from $1.58 billion to $1.635 billion -- GAAP net income of $96 million to $106 million, up from $88 million to $98 million -- GAAP EPS of $1.56 to $1.72 per diluted share, up from $1.43 to $1.59 per diluted share Float and Trading Plans

The Company estimates the public float at approximately 49,881,757 shares as of March 31, 2009, down slightly from 50,150,991 shares as of December 31, 2008, based on registered shares held in street name with the Depository Trust and Clearing Corporation. From time to time executive officers of Netflix may elect to buy or sell stock in Netflix. All open market sales by executive officers are made pursuant to the terms of 10b5-1 Trading Plans approved by the Company and generally adopted no less than three months prior to the first date of sale under such plan.

Earnings Call

The Netflix earnings call will be webcast today at 6:00 p.m. Eastern Time / 3:00 p.m. Pacific Time, and may be accessed at http://ir.netflix.comhttp//ir.netflix.com. The call will consist of prepared remarks, followed by a Q&A with questions submitted via email. Please email your questions to dcrawford@netflix.com. The company will read the questions aloud on the call and respond to as many questions as possible.

Following completion of the call, a replay of the webcast will be available at http://ir.netflix.comhttp//ir.netflix.com. The telephone replay of the call will be available from approximately 6:00 p.m. Pacific Time on April 23, 2009 through midnight on April 27, 2009. To listen to a replay, call (719) 457-0820, access code 1494991.

Use of Non-GAAP Measures

Management believes that non-GAAP net income is a useful measure of operating performance because it excludes the non-cash impact of stock option accounting. In addition, management believes that free cash flow is a useful measure of liquidity because it excludes the non-operational cash flows from purchases and sales of short-term investments, cash flows from investment in business and cash flows from financing activities. However, these non-GAAP measures should be considered in addition to, not as a substitute for or superior to, net income and net cash provided by operating activities, or other financial measures prepared in accordance with GAAP. A reconciliation to the GAAP equivalents of these non-GAAP measures is contained in tabular form on the attached unaudited financial statements.

About Netflix

Netflix, Inc. is the world's largest online movie rental service, with more than ten million subscribers. For one low monthly price, Netflix members can get DVDs delivered to their homes and can instantly watch movies and TV episodes streamed to their TVs and PCs, all in unlimited amounts. Members can choose from over 100,000 DVD titles and a growing library of more than 12,000 choices that can be watched instantly. There are never any due dates or late fees. DVDs are delivered free to members by first class mail, with a postage-paid return envelope, from 58 distribution centers. More than 97 percent of Netflix members live in areas that generally receive shipments in one business day. Netflix is also partnering with leading consumer electronics companies to offer a range of devices that can instantly stream movies and TV episodes to members' TVs from Netflix. For more information, visit http://www.netflix.com/http://www.netflix.com/.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of the federal securities laws, including statements regarding our subscriber growth, revenue, GAAP net income and earnings per share for the second quarter of 2009 and the full-year 2009. The forward-looking statements in this release are subject to risks and uncertainties that could cause actual results and events to differ, including, without limitation: our ability to attract new subscribers and retain existing subscribers, especially in the current uncertain economic environment; our ability to manage our subscriber acquisition cost as well as the cost of content delivered to our subscribers; fluctuations in consumer usage of our service; the continued availability of content on terms and conditions acceptable to us; the deterioration of the U.S. economy and its affect on online commerce or the filmed entertainment industry; conditions that effect our delivery through the U.S. Postal Service, including regulatory changes and postal rate increases; changes in the costs of acquiring DVDs or electronic content; consumer spending on DVDs and related products; disruption in service on our website or with our computer systems; competition and widespread consumer adoption of different modes of viewing in-home filmed entertainment. A detailed discussion of these and other risks and uncertainties that could cause actual results and events to differ materially from such forward-looking statements is included in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 25, 2009. We undertake no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.

(1) Gross margin is defined as revenues less cost of subscription and fulfillment expenses divided by revenues.

(2) Subscriber acquisition cost is defined as the total marketing expense, which includes stock-based compensation for marketing personnel, on the Company's Consolidated Statements of Operations divided by total gross subscriber additions during the quarter.

(3) Churn is defined as customer cancellations in the quarter divided by the sum of beginning subscribers and gross subscriber additions, divided by three months.

(4) Free cash flow is defined as cash provided by operating activities and investing activities excluding the non-operational cash flows from purchases and sales of short-term investments and cash flows from investment in business.

Netflix, Inc. Consolidated Statements of Operations (unaudited) (in thousands, except per share data) Three Months Ended ------------------ March 31, December 31, March 31, 2009 2008 2008 ---- ---- ---- Revenues $394,098 $359,595 $326,183 Cost of revenues: Subscription 215,299 193,635 187,156 Fulfillment expenses * 43,969 39,211 35,649 ------ ------ ------ Total cost of revenues 259,268 232,846 222,805 ------- ------- ------- Gross profit 134,830 126,749 103,378 Operating expenses: Technology and development * 24,200 24,052 20,267 Marketing * 62,242 55,617 54,895 General and administrative * 13,014 10,762 13,739 Gain on disposal of DVDs (1,097) (1,603) (833) ------ ------ ---- Total operating expenses 98,359 88,828 88,068 ------ ------ ------ Operating income 36,471 37,921 15,310 Other income (expense): Interest expense on lease financing obligations (670) (677) (423) Interest and other income (expense) 1,610 852 7,660 ----- --- ----- Income before income taxes 37,411 38,096 22,547 Provision for income taxes 15,048 15,364 9,203 ------ ------ ----- Net income $22,363 $22,732 $13,344 ======= ======= ======= Net income per share: Basic $0.38 $0.39 $0.21 Diluted $0.37 $0.38 $0.21 Weighted average common shares outstanding: Basic 58,734 58,906 62,776 Diluted 60,709 60,311 64,840 *Stock-based compensation included in expense line items: Fulfillment expenses $120 $126 $106 Technology and development 1,071 1,095 996 Marketing 443 462 509 General and administrative 1,498 1,511 1,519 Reconciliation of Non-GAAP Financial Measures (unaudited) Non-GAAP net income reconciliation: GAAP net income $22,363 $22,732 $13,344 Stock-based compensation 3,132 3,194 3,130 Income tax effect of stock-based compensation (1,259) (1,287) (1,277) ------ ------ ------ Non-GAAP net income $24,236 $24,639 $15,197 ======= ======= ======= Non-GAAP net income per share: Basic $0.41 $0.42 $0.24 Diluted $0.40 $0.41 $0.23 Weighted average common shares outstanding: Basic 58,734 58,906 62,776 Diluted 60,709 60,311 64,840 Netflix, Inc. Consolidated Balance Sheets (unaudited) (in thousands, except share and par value data) As of ------ March 31, December 31, 2009 2008 ---- ---- Assets Current assets: Cash and cash equivalents $115,131 $139,881 Short-term investments 171,358 157,390 Prepaid expenses 8,210 8,122 Prepaid revenue sharing expenses 13,957 18,417 Current content library, net 33,299 18,691 Deferred tax assets 5,542 5,617 Other current assets 17,383 13,329 ------ ------ Total current assets 364,880 361,447 Content library, net 105,361 98,547 Property and equipment, net 123,817 124,948 Deferred tax assets 23,107 22,409 Other assets 11,513 10,595 ------ ------ Total assets $628,678 $617,946 ======== ======== Liabilities and Stockholders' Equity Current liabilities: Accounts payable $112,767 $100,344 Accrued expenses 32,108 31,394 Current portion of lease financing obligations 1,215 1,152 Deferred revenue 80,623 83,127 ------ ------ Total current liabilities 226,713 216,017 Lease financing obligations, excluding current portion 37,656 37,988 Other liabilities 17,997 16,786 ------ ------ Total liabilities 282,366 270,791 Stockholders' equity: Common stock, $0.001 par value; 160,000,000 shares authorized at March 31, 2009 and December 31, 2008; 58,495,014 and 58,862,478 issued and outstanding at March 31, 2009 and December 31, 2008, respectively 63 62 Additional paid-in capital 358,620 338,577 Treasury stock at cost (4,667,627 shares) (142,739) (100,020) Accumulated other comprehensive (loss) income (447) 84 Retained earnings 130,815 108,452 ------- ------- Total stockholders' equity 346,312 347,155 ------- ------- Total liabilities and stockholders' equity $628,678 $617,946 ======== ======== Netflix, Inc. Consolidated Statements of Cash Flows (unaudited) (in thousands) Three Months Ended ------------------ March 31, December 31, March 31, 2009 2008 2008 ---- ---- ---- Cash flows from operating activities: Net income $22,363 $22,732 $13,344 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization of property, equipment and intangibles 9,175 9,141 6,584 Amortization of content library 49,304 47,579 57,570 Amortization of discounts and premiums on investments 194 184 139 Stock-based compensation expense 3,132 3,194 3,130 Excess tax benefits from stock- based compensation (3,684) (753) (820) Loss on disposal of property and equipment 144 - - (Gain) loss on sale of short-term investments (572) 618 (4,320) Gain on disposal of DVDs (2,033) (3,494) (2,592) Deferred taxes (623) (1,172) (859) Changes in operating assets and liabilities: Prepaid expenses and other current assets (391) 11,038 2,750 Content library (22,091) (11,123) (23,412) Accounts payable 8,572 (7,917) 8,680 Accrued expenses 4,331 171 7,827 Deferred revenue (2,504) 17,232 (3,290) Other assets and liabilities 316 4,670 (669) --- ----- ---- Net cash provided by operating activities 65,633 92,100 64,062 ------ ------ ------ Cash flows from investing activities: Purchases of short-term investments (52,384) (76,118) (91,954) Proceeds from sale of short-term investments 36,933 59,723 175,319 Proceeds from maturities of short- term investments 1,330 - - Purchases of property and equipment (6,572) (7,471) (12,431) Acquisition of intangible asset (200) - - Acquisitions of content library (46,499) (38,295) (51,316) Proceeds from sale of DVDs 2,726 4,695 4,507 Investment in business - - (6,000) Other assets (2) (32) 8 --- --- --- Net cash (used in) provided by investing activities (64,668) (57,498) 18,133 ------- ------- ------ Cash flows from financing activities: Principal payments of lease financing obligations (269) (237) (122) Proceeds from issuance of common stock 13,589 3,231 8,542 Excess tax benefits from stock-based compensation 3,684 753 820 Repurchases of common stock (42,719) (9,992) (99,885) ------- ------ ------- Net cash used in financing activities (25,715) (6,245) (90,645) ------- ------ ------- Net (decrease) increase in cash and cash equivalents (24,750) 28,357 (8,450) Cash and cash equivalents, beginning of period 139,881 111,524 177,439 ------- ------- ------- Cash and cash equivalents, end of period $115,131 $139,881 $168,989 ======== ======== ======== Non-GAAP free cash flow reconciliation: Net cash provided by operating activities $65,633 $92,100 $64,062 Purchases of property and equipment (6,572) (7,471) (12,431) Acquisition of intangible asset (200) - - Acquisitions of content library (46,499) (38,295) (51,316) Proceeds from sale of DVDs 2,726 4,695 4,507 Other assets (2) (32) 8 --- --- --- Non-GAAP free cash flow $15,086 $50,997 $4,830 ======= ======= ====== Netflix, Inc. Consolidated Other Data (unaudited) (in thousands, except percentages, average monthly revenue per paying subscriber and subscriber acquisition cost) As of / Three Months Ended -------------------------- March 31, December 31, March 31, 2009 2008 2008 ---- ---- ---- Subscriber information: Subscribers: beginning of period 9,390 8,672 7,479 Gross subscriber additions: during period 2,413 2,085 1,862 Gross subscriber additions year-to-year change 29.6% 39.5% 22.5% Gross subscriber additions quarter-to-quarter sequential change 15.7% 36.5% 24.5% Less subscriber cancellations: during period (1,493) (1,367) (1,098) Subscribers: end of period 10,310 9,390 8,243 Subscribers year-to-year change 25.1% 25.6% 21.3% Subscribers quarter-to-quarter sequential change 9.8% 8.3% 10.2% Free subscribers: end of period 194 226 141 Free subscribers as percentage of ending subscribers 1.9% 2.4% 1.7% Paid subscribers: end of period 10,116 9,164 8,102 Paid subscribers year-to-year change 24.9% 25.1% 21.4% Paid subscribers quarter-to- quarter sequential change 10.4% 7.9% 10.6% Average monthly revenue per paying subscriber $13.63 $13.58 $14.09 Churn 4.2% 4.2% 3.9% Subscriber acquisition cost $25.79 $26.67 $29.48 Margins: Gross margin 34.2% 35.2% 31.7% Operating margin 9.3% 10.5% 4.7% Net margin 5.7% 6.3% 4.1% Expenses as percentage of revenues: Technology and development 6.1% 6.7% 6.2% Marketing 15.8% 15.5% 16.8% General and administrative 3.3% 3.0% 4.2% Gain on disposal of DVDs (0.2%) (0.5%) (0.2%) ---- ---- ---- Total operating expenses 25.0% 24.7% 27.0% Year-to-year change: Total revenues 20.8% 18.9% 6.8% Subscription 15.0% 14.8% 13.3% Fulfillment expenses 23.3% 25.0% 19.7% Technology and development 19.4% 30.3% 29.8% Marketing 13.4% 7.6% (23.9%) General and administrative (5.3%) (20.7%) 13.0% Gain on disposal of DVDs 31.7% (5.5%) (8.3%) Total operating expenses 11.7% 8.3% (11.0%)

Netflix, Inc.

CONTACT: IR, Deborah Crawford, VP, Investor Relations, +1-408-540-3712,
or PR, Steve Swasey, VP, Corporate Communications, +1-408-540-3947, both of
Netflix, Inc.

Web Site: http://www.netflix.com/

MEMC Reports First Quarter Results

ST. PETERS, Mo., April 23 /PRNewswire-FirstCall/ -- MEMC Electronic Materials, Inc. today reported financial results for the first quarter ended March 31, 2009.

Summary of first quarter results: -- Net sales of $214.0 million -- Gross profit of $19.7 million (9.2% of net sales) -- Earnings of $0.01 per share -- Cash and investment balances of $1.3 billion

The company reported first quarter 2009 net sales of $214.0 million, which represents a decrease of 49.7% from fourth quarter 2008 net sales of $425.7 million, and a decrease of 57.3% from first quarter 2008 net sales of $501.4 million. The sequential decrease in sales was primarily the result of lower wafer volumes for both semiconductor and solar applications and lower prices associated with semiconductor and solar products.

Gross profit in the quarter was $19.7 million, or 9.2% of net sales, compared to $193.0 million, or 45.3% of net sales, in the 2008 fourth quarter and $259.3 million, or 51.7% of net sales, in the 2008 first quarter. The sequential decline in gross profit was primarily the result of lower product volumes, significant underutilization charges associated with abnormally low factory utilization rates and lower pricing for semiconductor and solar products.

The company reported an operating loss during the quarter of $26.4 million, which compares to operating income of $164.8 million in the 2008 fourth quarter and $218.4 million in the 2008 first quarter. First quarter 2009 operating expenses, which include charges of $6.7 million relating to the previously announced layoffs in three of the company's manufacturing facilities, were $46.1 million, or 21.5% of sales, compared to $28.2 million, or 6.6% of sales, in the 2008 fourth quarter, and $40.9 million, or 8.2% of sales, in the 2008 first quarter. Fourth quarter 2008 operating expenses included a benefit of $15.5 million relating to the forfeiture of stock options previously disclosed.

Net income for the first quarter, including a tax benefit of $18.9 million, was $2.0 million, or $0.01 per share, and includes a $0.1 million charge relating to the decrease in the value of the Suntech warrants. In previous quarters the company presented non-GAAP EPS figures which adjusted GAAP EPS figures for the company's estimated cash tax rate. Due to the company's belief that normalized GAAP tax rates will more closely approximate cash tax rates in the future, and therefore that GAAP and non-GAAP figures will be essentially the same, the company no longer intends to provide separate non-GAAP figures related to tax matters.

During the first quarter, the company consumed operating cash of $14.6 million, compared to operating cash flow generated of $123.0 million in the 2008 fourth quarter. Capital expenditures for the first quarter totaled $53.2 million, or 24.9% of sales. Free cash (operating cash flow minus capital expenditures) consumed was $67.8 million. MEMC ended the first quarter with cash and investments of $1.3 billion, and does not maintain any significant debt.

"Our first quarter results reflect a continuation of what has been an unprecedented reduction in demand in the semiconductor and solar industries," said Ahmad Chatila, MEMC's President and Chief Executive Officer. "The weak end demand for semiconductor and electronic products, as well as continued inventory reduction efforts by our customers, resulted in our semiconductor wafer factories running at abnormally low levels in the first quarter, creating a significant drag on our financial results."

"Since my appointment as CEO on March 2, I have been assessing the company's global operations and meeting personally with many current and prospective customers and suppliers as well as hundreds of MEMC employees around the world. Feedback from many of our customers regarding our products and capabilities has been very positive. MEMC has some of the best R&D capabilities and product and patent portfolios in the business."

"While MEMC has been very efficient and profitable for a number of years, there continue to be a great deal of cost savings opportunities available to the company. In the near-term, we have taken the unfortunate but necessary step of reducing staffing levels to better align with anticipated steady-state levels of demand in the semiconductor industry. Once completed, this will provide annualized cost savings to the company of approximately $30 million, beginning in the third quarter. During the first quarter we also began to introduce our customers to our new facility in Ipoh, Malaysia. This facility will provide our customers with some of the industry's most advanced production capabilities while also allowing MEMC to reduce costs over the intermediate and longer-term."

"MEMC's strong financial position with $1.3 billion in cash and investments and essentially no debt enables us to provide our team with the technology, resources, and support needed to strengthen our competitive position for the long term. As I continue to assess our strengths and weaknesses from a fresh perspective, I will focus on additional opportunities to improve our cost structure, enhance our product portfolio and drive innovation and entrepreneurial thinking throughout the company," concluded Chatila.

Second Quarter 2009 Outlook

Wafer demand for semiconductor applications, which showed significant weakness for most of the first quarter, has begun to show some signs of improvement in the early part of the second quarter, although still far below levels seen in the recent past. Wafer pricing for semiconductor and solar applications, however, remains weak, and factory utilization rates, while improving, remain below normal operating levels.

Due to limited demand visibility amid the current macroeconomic environment, the company is not providing a revenue or margin outlook at this time.

Other Events

The company has recently been engaged in negotiations with Conergy AG regarding a potential amendment to its 10-year wafer supply agreement with MEMC. The company announced today that, based on the current status of negotiations, it does not expect to enter into such an amendment and the company has advised Conergy that the contract remains in full force and effect.

Conference Call

MEMC will host a conference call today, April 23, 2009, at 5:00 p.m. ET to discuss the company's first quarter results and related business matters. A live webcast will be available on the company's web site at http://www.memc.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 of the conference call will be available from 7:00 p.m. ET on April 23, 2009, until 11:59 p.m. ET on April 30, 2009. To access the replay, please dial (320) 365-3844 at any time during that period, using passcode 997161. A replay will also be available until 11:59 p.m. ET on April 30, 2009 on the company's web site at http://www.memc.com/.

About MEMC

MEMC is a global leader in the manufacture and sale of wafers and related intermediate products to the semiconductor and solar industries. MEMC has been a pioneer in the design and development of wafer technologies over the past fifty years. With R&D and manufacturing facilities in the U.S., Europe and Asia, MEMC enables the next generation of high performance semiconductor devices and solar cells. MEMC's common stock is listed on the New York Stock Exchange under the symbol 'WFR' and is included in the S&P 500 Index.

Certain matters discussed in this news release are forward-looking statements, including the company's belief that belief that normalized GAAP tax rates will more closely approximate cash tax rates; that recent layoffs will provide annualized cost savings to the company of approximately $30 million; and the company's expectations regarding the Conergy agreement. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Potential risks and uncertainties include market demand for semiconductors and silicon wafers, as well as polysilicon; changes in the pricing environment for both silicon wafers and polysilicon; utilization of our manufacturing capacity and any charges we might incur to reduce manufacturing capacity or headcount; assumptions underlying management's financial estimates; general economic conditions, including the ability of our customers to pay their debts as they become due; inventory levels of our customers; supply chain difficulties or problems; interruption of production; good working order of our manufacturing facilities; our ability to reduce manufacturing and operating costs; delays in capacity expansion; customer acceptance of our new products; actions by competitors, customers and suppliers; changes in product specifications and manufacturing processes; changes in financial market conditions; changes in the composition of worldwide taxable income; the impact of competitive products and technologies; changes in interest and currency exchange rates and other risks described in the company's filings with the Securities and Exchange Commission. These forward-looking statements represent the company's judgment as of the date of this release. The company disclaims, however, any intent or obligation to update these forward-looking statements.

MEMC ELECTRONIC MATERIALS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (LOSS) (In millions, except per share data) Unaudited Three Months Ended ---------------------------------- March 31, December 31, March 31, 2009 2008 2008 ---- ---- ---- Net sales $214.0 $425.7 $501.4 Cost of goods sold 194.3 232.7 242.1 ----- ----- ----- Gross profit 19.7 193.0 259.3 Operating expenses: Marketing and administration 29.8 18.0 30.6 Research and development 9.6 10.2 10.3 Restructuring costs 6.7 - - --- --- --- Operating (loss) income (26.4) 164.8 218.4 Nonoperating (income) expense: Interest expense 0.3 0.4 0.3 Interest income (11.7) (11.1) (12.8) Decline in fair value of warrant 0.1 61.2 209.4 Other, net 2.6 9.7 1.5 --- --- --- Total nonoperating (income) expense (8.7) 60.2 198.4 ---- ---- ----- (Loss) income before income tax expense (17.7) 104.6 20.0 Income tax (benefit) expense (18.9) 35.4 60.7 ----- ---- ---- Net income (loss) 1.2 69.2 (40.7) Net loss (income) attributable to noncontrolling interests 0.8 1.1 (1.1) --- --- ---- Net income (loss) attributable to MEMC stockholders $2.0 $70.3 $(41.8) ---- ----- ------ Basic income (loss) per share $0.01 $0.31 $(0.18) Diluted income (loss) per share $0.01 $0.31 $(0.18) Weighted-average shares used in computing basic income (loss) per share 223.6 224.5 228.5 Weighted-average shares used in computing diluted income (loss) per share 224.0 225.1 228.5 MEMC ELECTRONIC MATERIALS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In millions) Unaudited March 31, December 31, 2009 2008 ---- ---- ASSETS Current assets: Cash and cash equivalents $898.4 $988.3 Short-term investments 109.4 148.4 Accounts receivable, net 169.1 197.3 Inventories 118.3 81.3 Prepaid and other current assets 37.9 38.9 ---- ---- Total current assets 1,333.1 1,454.2 Investments 291.5 284.7 Property, plant and equipment, net 1,018.2 1,041.2 Deferred tax assets, net 75.7 69.7 Other assets 81.1 86.9 ---- ---- Total assets $2,799.6 $2,936.7 -------- -------- LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current portion of long-term debt $5.8 $6.1 Accounts payable 122.4 162.4 Accrued liabilities 45.1 67.5 Accrued wages and salaries 30.6 31.7 Customer deposits 150.0 187.0 Income taxes payable 18.1 17.9 ---- ---- Total current liabilities 372.0 472.6 Long-term debt, less current portion 24.3 26.1 Pension and post-employment liabilities 45.0 46.3 Deferred revenue 92.0 88.8 Other liabilities 186.2 186.1 ----- ----- Total liabilities 719.5 819.9 ----- ----- Commitments and contingencies Stockholders' equity: Preferred stock - - Common stock 2.3 2.3 Additional paid-in capital 434.7 425.6 Retained earnings 2,149.1 2,147.1 Accumulated other comprehensive loss (86.7) (55.6) Treasury stock (453.3) (437.4) ------ ------ Total MEMC stockholders' equity 2,046.1 2,082.0 Noncontrolling interests 34.0 34.8 ---- ---- Total stockholders' equity 2,080.1 2,116.8 ------- ------- Total liabilities and stockholders' equity $2,799.6 $2,936.7 -------- -------- MEMC ELECTRONIC MATERIALS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) Unaudited Three Months Ended ----------------------------------- March 31, December 31, March 31, 2009 2008 2008 ---- ---- ---- Cash flows from operating activities: Net income (loss) $2.0 $70.3 $(41.8) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 28.4 28.4 22.8 Stock-based compensation 9.2 (5.6) 12.6 Decline in fair value of warrant 0.1 61.2 209.4 Working capital and other (54.3) (31.3) (5.8) ----- ----- ---- Net cash (used in) provided by operating activities (14.6) 123.0 197.2 ----- ----- ----- Cash flows from investing activities: Proceeds from sales and maturities of investments 37.7 107.9 201.6 Purchases of investments - (68.4) (177.6) Capital expenditures (53.2) (60.9) (81.9) Other 0.1 - - --- --- --- Net cash used in investing activities (15.4) (21.4) (57.9) ----- ----- ----- Cash flows from financing activities: Net (repayments of) proceeds from customer deposits related to long-term supply agreements (36.0) - 17.5 Principal payments on long-term debt - (3.1) - Excess tax benefits from stock- based payment arrangements - - 6.5 Common stock repurchased (15.8) (35.5) (78.6) Proceeds from issuance of common stock 0.1 0.1 9.3 --- --- --- Net cash used in financing activities (51.7) (38.5) (45.3) ----- ----- ----- Effect of exchange rate changes on cash and cash equivalents (8.2) (7.1) 26.4 ----- ---- ----- Net (decrease) increase in cash and cash equivalents (89.9) 56.0 120.4 Cash and cash equivalents at beginning of period 988.3 932.3 859.3 ----- ----- ----- Cash and cash equivalents at end of period $898.4 $988.3 $979.7 ------ ------ ------

MEMC Electronic Materials, Inc.

CONTACT: Bill Michalek, Director, Investor & Media Relations, MEMC
Electronic Materials, Inc., +1-636-474-5443

Web Site: http://www.memc.com/

Performance Technologies Announces First Quarter 2009 Financial Results

ROCHESTER, N.Y., April 23 /PRNewswire-FirstCall/ -- Performance Technologies, Inc. , a leading provider of innovative network communications solutions, today announced its financial results for the first quarter 2009.

Revenue in the first quarter 2009 amounted to $6.9 million, compared to $11.0 million in the first quarter 2008.

The Company incurred a net loss in the first quarter 2009 in the amount of ($1.4 million), or ($.13) per basic share, including a restructuring charge of $.4 million, or $.03 per share and stock-based compensation expense of $.1 million, or $.01 per share, based on 11.2 million shares outstanding. Net income in the first quarter 2008 amounted to $.6 million, or $.05 per diluted share, including stock-based compensation expense of $.2 million, or $.01 per share, based on 11.7 million shares outstanding.

The Company had 11.1 million common shares outstanding at March 31, 2009. Under the Company's stock repurchase programs, approximately .1 million and .7 million shares of its common stock were repurchased for aggregate purchase prices of $.3 million and $2.6 million during the three and twelve months ended March 31, 2009, respectively.

Cash and investments amounted to $33.3 million, or $3.00 per share, and the Company had no long-term debt at March 31, 2009.

On January 12, 2009, the Company implemented a strategic reduction of its existing workforce in response to the challenging global economic environment. As a result of this action, the Company eliminated twenty positions, or approximately 8% of its worldwide workforce. This action is expected to yield annual operating expense savings in excess of $1.0 million. In connection with this reduction, the Company incurred a restructuring charge of approximately $.4 million, primarily for employee-related costs.

"Global economic conditions continued to deteriorate during the first quarter," said John Slusser, president and chief executive officer. "Product demand from our telecom equipment customers declined to extremely low levels as their end-customers delayed equipment deployments due to the economic climate. At the same time, many of these customers focused on substantially reducing their inventories as one element of cash conservation. As a result of these factors, our first quarter revenues were considerably reduced. Despite this low revenue level, our gross margin for the quarter was relatively strong and this factor, in combination with the workforce reduction, resulted in the quarterly loss being within our guidance."

Business Overview and Guidance

The Company globally targets two primary vertical markets for its communications products, namely telecommunications and aerospace and defense. The telecommunications market, historically our largest vertical market, is fundamentally driven by investments in network infrastructure by carriers and service providers. Telecommunications market revenues derived from our OEM and application-ready systems products are primarily dependent on broad, multi-year deployments of next-generation telecommunications infrastructure. Telecommunications market revenues generated from end solutions, such as our signaling products, are governed by investments necessary to support existing and evolving service demands such as the ongoing worldwide explosive growth in text messaging. Sales into the aerospace and defense market are typically to prime contractors and system integrators that reflect investment levels by various government agencies and military branches in specific programs and projects requiring enhanced communications capabilities.

John Slusser further commented, "While product interest and customer opportunities remain strong, predictability of the timing of customer orders in the present economic climate remains most challenging. Although many firms are declining to offer guidance in this business environment, we continue to believe our stockholders are interested in a forward quarter view and they understand the dynamics and uncertainties involved. We are firmly committed to our business strategies, our balance sheet remains very strong and we expect to continue to build a solid foundation for long-term Company growth."

The Company provides guidance only on earnings per share expected in the next quarter. The following statements reflect the Company's current views with respect to future events and financial performance and are forward-looking statements covered within the "safe harbor" provisions described in the Private Securities Litigation Reform Act. Actual results may differ materially from these forward-looking statements. Given the current global economic environment, the Company's estimates are subject to a higher level of uncertainty than is customary. The Company assumes no obligation to revise or update these forward-looking statements to reflect events or circumstances after today or to reflect the occurrence of unanticipated events. Furthermore, a substantial portion of the Company's revenue is derived from orders placed within a quarter and shipped in the final month of the same quarter. Management anticipates a loss in the second quarter 2009 to be in the range of ($.01) to ($.06) per share. These per share estimates exclude stock-based compensation expense, restructuring charges (if any) and discrete income tax items. In the second quarter 2009, stock-based compensation expense is expected to be approximately $.01 per share, excluding any stock options that may be granted during the quarter.

More in-depth discussions of the Company's strategy and financial performance can be found in the Company's periodic reports on Form 10-K and Form 10-Q, as filed with the Securities and Exchange Commission.

About Performance Technologies (http://www.pt.com/)

Performance Technologies is a global supplier of advanced network communications and control solutions to end users, application developers and original equipment manufacturers that serve mission critical telecommunications, aerospace and defense markets. The Company provides remotely manageable, IP-centric network elements specifically engineered for high availability, scalability, and long life cycle deployments. Its products are built upon its own U.S. manufactured hardware combined with the Company's NexusWare(R) Carrier Grade Linux(R) operating system and software development environment plus a broad suite of communications protocols and high availability middleware. Performance Technologies' product portfolio includes the SEGway(TM) suite of Signaling (SS7/SIP) Transfer Points, Signaling Gateways and Bridges, and its IPnexus(R) family of COTS-based application ready systems, WAN gateways, and multi-protocol communications servers.

Performance Technologies maximizes the value proposition of its products by leveraging its field proven systems, software and hardware technologies developed over a twenty-eight year record of demonstrated innovation. A tightly integrated combination of these technologies results in measurable benefits to its customers through compelling return-on-investment and substantially accelerated time to market metrics. The Company is headquartered in Rochester, New York and maintains centers of engineering excellence in San Diego and San Luis Obispo, California, and Kanata, Ontario, Canada. It has sales and marketing offices in the U.S. in Raleigh, Chicago, Dallas, and San Jose and international offices in London, England and Shanghai, China.

Forward-Looking Statements

The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for certain forward-looking statements. This press release contains forward-looking statements which reflect the Company's current views with respect to future events and financial performance, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and is subject to the safe harbor provisions of those Sections. The Company's future operating results are subject to various risks and uncertainties and could differ materially from those discussed in the forward-looking statements and may be affected by various trends and factors which are beyond the Company's control. These risks and uncertainties include, among other factors, business and economic conditions, rapid technological changes accompanied by frequent new product introductions, competitive pressures, dependence on key customers, inability to gauge order flows from customers, fluctuations in quarterly and annual results, the reliance on a limited number of third party suppliers, limitations of the Company's manufacturing capacity and arrangements, the protection of the Company's proprietary technology, the dependence on key personnel, changes in critical accounting estimates, potential impairments related to goodwill and investments, foreign regulations, and potential material weaknesses in internal control over financial reporting. In addition, during weak or uncertain economic periods, customers' visibility deteriorates causing delays in the placement of their orders. These factors often result in a substantial portion of the Company's revenue being derived from orders placed within a quarter and shipped in the final month of the same quarter. The Company undertakes no obligation to publicly update any forward-looking statement or risk factor, whether as a result of new information, future events, or otherwise. Forward-looking statements should be read in conjunction with the audited Consolidated Financial Statements, the Notes thereto, Risk Factors, and Management's Discussion and Analysis of Financial Condition and Results of Operations of the Company as of December 31, 2008, as contained in the Company's Annual Report on Form 10-K, and other documents filed with the Securities and Exchange Commission.

A conference call will be held on Friday, April 24 at 10:00 a.m., New York time, to discuss the Company's financial performance for the First quarter 2009. All institutional investors can participate in the conference by dialing (866) 250-5144 or (416) 849-6163. The call will be available simultaneously for all other investors at (866) 494-3387 or (416) 915-1198. A digital recording of this conference call may be accessed immediately after its completion from April 24 through April 28, 2009. To access the recording, participants should dial (866) 245-6755 or (416) 915-1035 using passcode 791027. A live webcast of the conference call will be available on the Performance Technologies website at http://www.pt.com/ and will be archived to the site within two hours after the completion of the call.

PERFORMANCE TECHNOLOGIES, INCORPORATED AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (unaudited) ASSETS March 31, December 31, 2009 2008 Current assets: Cash and cash equivalents $27,238,000 $29,218,000 Investments 5,020,000 2,450,000 Accounts receivable 4,805,000 6,677,000 Inventories 5,866,000 5,303,000 Prepaid income taxes 158,000 299,000 Prepaid expenses and other assets 759,000 796,000 Deferred taxes 1,813,000 1,841,000 Fair value of foreign currency hedges 14,000 107,000 Total current assets 45,673,000 46,691,000 Investments 1,039,000 1,797,000 Property, equipment and improvements 2,077,000 2,069,000 Software development costs 3,943,000 3,840,000 Deferred taxes 1,180,000 778,000 Goodwill 4,143,000 4,143,000 Total assets $58,055,000 $59,318,000 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $1,150,000 $922,000 Accrued expenses 4,713,000 4,549,000 Total current liabilities 5,863,000 5,471,000 Income taxes payable 401,000 400,000 Total liabilities 6,264,000 5,871,000 Stockholders' equity: Preferred stock Common stock 133,000 133,000 Additional paid-in capital 16,200,000 16,052,000 Retained earnings 45,266,000 46,689,000 Accumulated other comprehensive income 10,000 73,000 Treasury stock (9,818,000) (9,500,000) Total stockholders' equity 51,791,000 53,447,000 Total liabilities and stockholders' equity $58,055,000 $59,318,000 PERFORMANCE TECHNOLOGIES, INCORPORATED AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME FOR THE THREE MONTHS ENDED MARCH 31, 2009 AND 2008 (unaudited) Three Months Ended March 31, 2009 2008 Sales $6,927,000 $10,981,000 Cost of goods sold 3,191,000 4,845,000 Gross profit 3,736,000 6,136,000 Operating expenses: Selling and marketing 1,917,000 2,104,000 Research and development 2,116,000 2,412,000 General and administrative 1,139,000 1,182,000 Restructuring 444,000 Total operating expenses 5,616,000 5,698,000 (Loss) income from operations (1,880,000) 438,000 Other income, net 80,000 389,000 (Loss) income before income taxes (1,800,000) 827,000 Income tax (benefit) provision (374,000) 236,000 Net (loss) income $(1,426,000) $591,000 Basic (loss) earnings per share $(0.13) $.05 Weighted average common shares 11,170,000 11,695,000 Diluted earnings per share $.05 Weighted average common and common equivalent shares 11,728,000

Performance Technologies, Inc.

CONTACT: Dorrance W. Lamb, SVP and Chief Financial Officer of
Performance Technologies, +1-585-256-0200, ext. 7276, finance@pt.com

Web Site: http://www.pt.com/

Micrel Reports 2009 First Quarter Financial Results- Revenues of $47.0 million and gross margin of 50%- GAAP earnings per diluted share of $0.02; Non-GAAP earnings per diluted share of $0.03- Book-to-bill above one- Quarterly dividend maintained at $0.035 per share

SAN JOSE, Calif., April 23 /PRNewswire-FirstCall/ -- Micrel, Incorporated , an industry leader in analog, high bandwidth communications and Ethernet IC solutions, today announced financial results for the first quarter ended March 31, 2009.

First quarter revenue of $47.0 million decreased by $8.2 million, or 15%, from $55.2 million in the fourth quarter of 2008. First quarter revenues were lower by $19.1 million, or 29%, from $66.1 million in the same period last year. The sequential and year-over-year decrease in revenues was due to the continued reduction in overall demand from customers in nearly all geographies, as a result of the worldwide economic crisis that has significantly impacted all consumer related markets.

First quarter 2009 GAAP net income of $1.5 million, or $0.02 per diluted share compared with fourth quarter 2008 GAAP net income of $4.9 million, or $0.07 per diluted share, and GAAP net income of $8.3 million or $0.12 per diluted share in the same period in 2008. First quarter 2009 non-GAAP net income was $2.0 million, or $0.03 per diluted share. A reconciliation of the GAAP net income to non-GAAP net income is provided in the financial tables of this press release. Non-GAAP results exclude the impact of stock-based compensation expense, proxy contest expenses, restructuring charges and credits, other income related to litigation settlements and their related tax effects.

"In spite of the global economic downturn that continues to reduce demand and cause customers to maintain lean inventory levels, I am pleased with our first quarter financial performance given the economic conditions we faced," stated Ray Zinn, president and CEO of Micrel. "First quarter revenues of $47 million and gross margins of 50% were each within expectations. I am encouraged by our first quarter bookings, which rebounded significantly on a sequential quarterly basis, yielding a book-to-bill ratio above one for the quarter. Driven by the strength of customer orders in Asia, this was the highest book to bill in the past three quarters, suggesting that we may have reached a trough in the current macroeconomic cycle. In addition, we continued to be focused on increasing shareholder value through our stock repurchase program and quarterly dividend payment. Micrel spent $12.4 million to repurchase 1.95 million shares of common stock during the first quarter and we also declared a quarterly dividend of $0.035 per common share to shareholders of record as of May 13, 2009."

Outlook

Commenting on Micrel's business outlook, Mr. Zinn said, "Our customers continue to place orders to satisfy short-term demand thereby limiting our longer term visibility. Some of our major OEM customers have reduced their lead times to less than four weeks. That said, we are excited about the prospects for our new products, which are gaining wide acceptance in the market. This has continued to increase our design wins and give Micrel penetration into new markets. While the worldwide macroeconomic picture still remains uncertain, we are optimistic about Micrel's growth opportunities even under these difficult circumstances."

For the second quarter of 2009, the Company estimates that revenues will increase between plus 1% to 6% on a sequential basis. Gross profit margin is expected to be in the 50% range with inventories increasing as the Company continues to experience extremely short lead times and low visibility. In addition, the Company estimates that GAAP net income will be approximately $0.02 to $0.03 per diluted share.

Dividend

The Company announced today that Micrel's Board of Directors has authorized a quarterly cash dividend of $0.035 per share of common stock. The payment of this dividend will be made on May 27, 2009, to shareholders of record as of May 13, 2009.

Conference Call

The Company will host a conference call at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) on April 23, 2009. Chief Executive Officer Raymond Zinn and Chief Financial Officer Ray Wallin will present an overview of first quarter 2009 financial results, discuss current business conditions and then respond to questions.

The call is available, live, to any interested party on a listen only basis by dialing 800-866-5341. For international callers, please dial 303-262-2194. Interested callers should dial in at least five minutes before the scheduled start time and ask to be connected to the Micrel, Incorporated Conference Call. A live webcast will also be available through http://www.vcall.com/. An audio replay of the conference call will be available through April 30, 2009, by dialing 800-405-2236 or 303-590-3000, and entering access code number 11130422. The webcast replay will also be available on the Company's website at: http://www.micrel.com/.

SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This press release includes statements that qualify as forward-looking statements under the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements about the following topics: our expectations regarding future financial results, including revenues, customer demand and inventories, order lead times, turns-fill requirements, earnings per share, gross margin, average selling prices, the effect of cost-reduction efforts, development of new products, design wins and customer order patterns; and the nature of macro-economic and industry trends. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially. Those risks and uncertainties include, but are not limited to, such factors as: softness in demand for our products; customer decisions to cancel, reschedule, or delay orders for our products; the effect that lead times and channel inventories have on the demand for our products; economic or financial difficulties experienced by our customers; the effect of business conditions in the computer, wireless, telecommunications and industrial markets; the impact of any previous or future acquisitions; changes in demand for networking or high bandwidth communications products; the impact of competitive products and pricing and alternative technological advances; the accuracy of estimates used to prepare the Company's financial statements; the global economic situation; the ability of the Company's vendors and subcontractors to supply or manufacture the Company's products in a timely manner; the timely and successful development and market acceptance of new products and upgrades to existing products; softness in the economy and the U.S. stock markets as a whole; fluctuations in the market price of Micrel's common stock and other market conditions; the difficulty of predicting our future cash needs; the nature of other investment opportunities available to the Company from time to time; and Micrel's operating cash flow. For further discussion of these risks and uncertainties, please refer to the documents the Company files with the SEC from time to time, including the Company's Annual Report on Form 10-K for the year ended December 31, 2008. All forward-looking statements are made as of today, and the Company disclaims any duty to update such statements.

Non-GAAP Reporting

The Company presents non-GAAP financial measures only because investors and financial analysts use non-GAAP results in their analysis of historical results and projections of the Company's future operating results. The Company's management uses non-GAAP measures on a limited basis, primarily for employee performance-based compensation. In order to facilitate the computation of non-GAAP results for the financial analyst community and investors, the Company makes reference to non-GAAP net income and earnings per share. These non-GAAP results exclude the impact of revenues and cost of revenues related to intellectual property settlements, stock-based compensation expense, proxy contest expenses, restructuring charges or credits, other income related to litigation settlements and their respective related tax effects. Micrel references those results to allow a better comparison of results in the current period to those in prior periods and to provide insight to the Company's on-going operating performance after exclusion of these items. The Company has reconciled such non-GAAP results to the most directly comparable GAAP financial measures in the financial tables at the end of this press release.

Reference to these non-GAAP results should be considered in addition to results that are prepared under current accounting standards, but should not be considered a substitute for results that are presented in accordance with GAAP. It should also be noted that Micrel's non-GAAP information may be different from the non-GAAP information provided by other companies.

About Micrel

Micrel Inc., is a leading global manufacturer of IC solutions for the worldwide analog, Ethernet and high bandwidth markets. The Company's products include advanced mixed-signal, analog and power semiconductors; high performance communication, clock management, Ethernet switch and physical layer transceiver ICs. Company customers include leading manufacturers of enterprise, consumer, industrial, mobile, telecommunications, automotive, and computer products. Corporation headquarters and state-of-the-art wafer fabrication facilities are located in San Jose, CA with regional sales and support offices and advanced technology design centers situated throughout the Americas, Europe and Asia. In addition, the Company maintains an extensive network of distributors and reps worldwide. Web: http://www.micrel.com/.

For further information, contact Ray Wallin at: Micrel, Incorporated, 2180 Fortune Drive, San Jose, California 95131, (408) 944-0800; or visit the Micrel website at: http://www.micrel.com/.

-Financial Tables to Follow- MICREL, INCORPORATED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) (Unaudited) Three Months Ended March 31, December 31, March 31,(1) --------- ------------ ------------ 2009 2008 2008 ---- ---- ---- Net revenues $46,986 $55,166 $66,052 Cost of revenues* 23,369 26,478 28,870 ------ ------ ------ Gross profit 23,617 28,688 37,182 ------ ------ ------ Operating expenses: Research and development* 12,489 12,231 14,126 Selling, general and administrative* 8,858 9,616 11,925 Proxy contest expense - 1,083 331 Restructuring charges (credits) - - (842) --- --- ---- Total operating expenses 21,347 22,930 25,540 ------ ------ ------ Income from operations 2,270 5,758 11,642 Other income (expense): Interest income 316 554 1,085 Interest expense - (55) - Other income 24 - 11 -- --- -- Total other income 340 499 1,096 --- --- ----- Income before income taxes 2,610 6,257 12,738 Provision for income taxes 1,064 1,363 4,420 ----- ----- ----- Net income $1,546 $4,894 $8,318 ====== ====== ====== Net income per share: Basic $0.02 $0.07 $0.12 ===== ===== ===== Diluted $0.02 $0.07 $0.12 ===== ===== ===== Shares used in computing per share amounts: Basic 66,175 68,325 72,266 ====== ====== ====== Diluted 66,223 68,374 72,310 ====== ====== ====== * Includes amortization of stock-based compensation as follows: Cost of revenues $144 $215 $233 Research and development 291 370 604 Selling, general and administrative 273 334 652 (1) During the fourth quarter of 2008, the Company identified errors primarily related to calculating deferred income for sell-through distributors. The Company has determined that these errors were not material to any of the prior periods presented but would have been material to the three and twelve months ended December 31, 2008 if corrected in that period. The financial statements for the three months ended March 31, 2008 have been revised to correct for the immaterial errors. MICREL, INCORPORATED SUPPLEMENTAL RECONCILIATIONS OF GAAP TO NON-GAAP RESULTS (In thousands, except per share amounts) (Unaudited) Three Months Ended March 31, December 31, March 31, --------- ------------ --------- 2009 2008 2008 ---- ---- ---- GAAP Net income $1,546 $4,894 $8,318 Adjustments to GAAP Net Income: Stock-based compensation included in: Cost of revenues 144 215 233 Research and development 291 370 604 Selling, general and administrative 273 334 652 Proxy contest expense - 1,083 331 Restructuring charges (credits) - - (842) Tax effect of adjustments to GAAP income (211) (612) (103) ---- ---- ---- Total Adjustments to GAAP Net Income 497 1,390 875 --- ----- --- Non-GAAP income** $2,043 $6,284 $9,193 ====== ====== ====== Non-GAAP shares used in computing non-GAAP income per share (in thousands): Basic 66,175 68,325 72,266 ====== ====== ====== Diluted* 66,280 68,419 72,327 ====== ====== ====== GAAP income per share - Basic $0.02 $0.07 $0.12 Total Adjustments to GAAP Net Income $0.01 $0.02 $0.01 ----- ----- ----- Non-GAAP income per share - Basic $0.03 $0.09 $0.13 ===== ===== ===== GAAP income per share - Diluted $0.02 $0.07 $0.12 Total Adjustments to GAAP Net Income $0.01 $0.02 $0.01 ----- ----- ----- Non-GAAP income per share - Diluted* $0.03 $0.09 $0.13 ===== ===== ===== * Non-GAAP shares have been adjusted from diluted outstanding shares calculated under FAS123R. ** Non-GAAP results were reached by excluding revenues and cost of revenues related to intellectual property settlements, stock-based compensation expense, other operating income or expense items, proxy contest expenses, restructuring charges or credits, other income related to litigation settlements and their related tax-effects. Non-GAAP results are presented to supplement our GAAP consolidated financial statements to allow a better comparison of results in the current period to those in prior periods and to provide meaningful insight to the Company's on-going operating performance after exclusion of these items. MICREL, INCORPORATED CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) March 31, December 31, 2009 2008 ---- ---- ASSETS CURRENT ASSETS: Cash, cash equivalents and short-term investments $58,184 $74,195 Accounts receivable, net 21,490 20,643 Inventories 35,918 37,440 Income taxes receivable 6,449 6,783 Deferred income taxes 17,138 17,752 Other current assets 1,663 1,781 ----- ----- Total current assets 140,842 158,594 LONG-TERM INVESTMENTS 11,872 12,628 PROPERTY, PLANT AND EQUIPMENT, NET 73,435 76,200 INTANGIBLE ASSETS, NET 936 1,338 DEFERRED INCOME TAXES 10,604 11,135 OTHER ASSETS 423 448 --- --- TOTAL $238,112 $260,343 ======== ======== LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $13,667 $15,365 Deferred income on shipments to distributors 18,677 21,136 Other current liabilities 6,241 10,696 Total current liabilities 38,585 47,197 LONG-TERM TAXES PAYABLE 4,645 4,468 OTHER LONG-TERM OBLIGATIONS 253 272 TOTAL SHAREHOLDERS' EQUITY 194,629 208,406 ------- ------- TOTAL $238,112 $260,343 ======== ========

Micrel, Incorporated

CONTACT: Ray Wallin of Micrel, Incorporated, +1-408-944-0800

Web Site: http://www.micrel.com/

Isilon Systems Announces 2009 First Quarter Results

SEATTLE, April 23 /PRNewswire-FirstCall/ -- Isilon(R) Systems , the leader in scale-out NAS, today announced its financial results for the first quarter ended March 31, 2009. Revenue for the quarter was $26.9 million, up 11 percent compared with $24.1 million in the first quarter of 2008 and down 15 percent sequentially compared with $31.8 million in the fourth quarter of 2008.

"The first quarter of 2009 proved to be a time when global economic uncertainty and softening business conditions led customers to delay or reduce capital expenditures," said Sujal Patel, President and Chief Executive Officer, Isilon Systems. "Despite the challenging economic environment, Isilon extended its leadership of the scale-out NAS category by successfully introducing a broad expansion of our product offerings, deepening our presence in a wide range of important market segments and rounding out our senior leadership team. These important steps help ensure that we emerge from current economic conditions stronger and better positioned than ever for long-term success."

Isilon also announced that Bill Richter had been named Chief Financial Officer, having served in the role on an interim basis since October, 2007. "Through his own efforts and by building a world-class team, Bill proved to me and to Isilon's Board that he's the right person to lead Isilon's finance and accounting organizations," said Patel.

On April 6, 2009, Isilon announced a cost reduction program that includes a reduction in workforce of approximately 10 percent. The program will cut approximately $1 million from the current quarterly operating expense structure and will result in a restructuring charge of approximately $850,000 in the second quarter of 2009.

Financial results for the first quarter of 2009 included the following: -- As previously announced, first quarter results included a non-cash inventory write-down of approximately $3.8 million, or $0.06 per share. This resulted from softening economic conditions and lower forecasted demand for existing products due to anticipated migration to a new suite of products announced by Isilon in March 2009. -- Gross margin for the first quarter of 2009 was 40.3 percent, compared with 57.1 percent in the fourth quarter of 2008 and 53.5 percent in the first quarter of 2008. Gross margin for the first quarter of 2009 was reduced by 14 percentage points due to the non-cash inventory write-down of $3.8 million discussed above. -- Net loss for the first quarter of 2009 was $10.4 million, or $0.16 per share compared with net loss of $4.3 million, or $0.07 per share in the fourth quarter of 2008. Net loss in the first quarter of 2008 was $10.1 million, or $0.16 per share. Non-GAAP net loss for the first quarter was $8.9 million, or $0.14 per share compared with non-GAAP net loss of $2.8 million, or $0.04 per share in the fourth quarter of 2008. Non-GAAP net loss in the first quarter of 2008 was $8.8 million, or $0.14 per share. -- GAAP and non-GAAP net loss for the first quarter of 2009 includes $3.8 million, or $0.06 per share, related to the inventory write down discussed above. GAAP and non-GAAP results for the first quarter of 2008 included $2.8 million, or $0.04 per share, in professional fees and expenses related to the Audit Committee investigation, which concluded in April 2008. -- As of March 31, 2009, cash, cash equivalents and marketable securities were $76.3 million, compared with $77.8 million as of December 31, 2008. Conference Call

Isilon management will host a conference call today at 2:00 p.m. PT (5:00 p.m. ET) to discuss Isilon's financial results for the first quarter of 2009. The conference call will be webcast on the Investor Relations section of Isilon's website at http://www.isilon.com/company where it will be archived. In addition, the live conference call will be accessible by telephone at 800-510-9691 or 617-614-3453, passcode 86719660. A replay of the call will be available by telephone approximately two hours after the call ends until 9:00 p.m. PT (12:00 midnight ET), April 30, 2009, at 888-286-8010 or 617-801-6888. The replay passcode is 85425596.

About Isilon Systems

Isilon Systems is the proven market leader in scale-out NAS. Our clustered storage and data management solutions drive unique business and economic value for customers by maximizing the performance of their mission-critical applications, workflows and processes. Isilon enables enterprises and research organizations world-wide to manage large and rapidly growing amounts of file-based data in a highly scalable, easy-to-manage, and cost-effective way. Information about Isilon can be found at http://www.isilon.com/.

Use of Non-GAAP Financial Measures

To supplement our consolidated financial statements prepared in accordance with GAAP, this press release includes non-GAAP gross margin, non-GAAP loss from operations, non-GAAP net loss, and non-GAAP loss per share. Isilon provides non-GAAP information to enhance investors' overall understanding of the company's current financial performance and the company's prospects for the future and to aid in comparing current operating results with those of past periods. The company believes the non-GAAP measures provide useful information to management and investors by excluding certain items that may not be indicative of Isilon's core operating results and business outlook.

Non-GAAP gross margin, non-GAAP loss from operations, non-GAAP net loss, and non-GAAP loss per share exclude charges related to stock-based compensation. Isilon excludes stock-based compensation expenses from its non-GAAP measures primarily because they are non-cash expenses that Isilon does not believe reflect core operating results. Stock-based compensation expense is dependent on a number of factors over which management has limited control and is not a factor management utilizes in operating the business.

These non-GAAP measures are not calculated in accordance with GAAP and should be considered supplemental to, and not a substitute for, measures prepared in accordance with GAAP and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. Isilon believes that non-GAAP measures have inherent limitations in that they do not reflect all of the amounts associated with Isilon's results of operations as determined in accordance with GAAP and that these measures should only be used to evaluate Isilon's results of operations in conjunction with the corresponding GAAP measures. We compensate for these limitations by analyzing current and future results on a GAAP basis as well as a non-GAAP basis, prominently disclosing GAAP results and providing reconciliations from GAAP results to operational measures. We expect to continue to incur expenses similar to the non-GAAP adjustments described above, and the exclusion or inclusion of these items from our non-GAAP financial measures should not be construed as an inference that these costs are unusual or infrequent.

A table following the financial statements provides a reconciliation of the most directly comparable GAAP measures to the non-GAAP measures used by management.

Safe Harbor for Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding Isilon's financial and operating results; the benefits of our products and services, and our ability to achieve our goals, plans and objectives; steps designed to reduce Isilon's costs, improve efficiencies and continue to progress toward and attain profitability; the size of the Company's reduction in workforce; the estimated costs associated with such activities; the anticipated benefits that such activities will have on the Company's operating results and competitive position; the Company's expected level of operating expenses in future periods; and the Company's future market position and the impact that the present cost reduction efforts could have on the Company's ability to preserve its competitive position. These statements are not guarantees of future performance, but are based on management's expectations as of the date of this press release and assumptions that are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. Forward-looking statements involve risks, uncertainties, and assumptions. If the risks or uncertainties ever materialize, or the assumptions prove incorrect, our actual results may differ materially from those expressed or implied by our forward-looking statements. There can be no assurances that forward-looking statements will be achieved. Important factors that could cause actual results to differ materially from those indicated in forward-looking statements include the following: risks associated with anticipated growth in the storage of file-based data and scale-out NAS category; demand for the Company's products and services; competitive factors, including changes in the competitive environment, pricing pressures, sales cycle time and increased competition; our ability to improve operational efficiency while building and expanding our direct sales, reseller and distribution channels; new product introductions and our ability to develop and deliver innovative products and provide high-quality service and support offerings; disruption from the workforce reduction and its potential impact on research and development efforts and the Company's relationships with customers and vendors; as well as U.S. and global macroeconomic and industry conditions, including expenditure trends for storage-related products. These and other important risk factors and assumptions are detailed in documents filed with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2008 filed February 20, 2009, subsequently filed Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission, and could cause actual results to vary from expectations. The Company makes no commitment to revise or update any forward-looking statements in order to reflect subsequent events or circumstances.

Isilon Systems, Inc. Condensed Consolidated Statements of Operations (unaudited) (in thousands, except per share data) Three Months Ended ------------------ March 31, March 31, 2009 2008 ---------- ---------- Revenue: Product $19,869 $19,752 Services 7,016 4,372 ----- ----- Total revenue 26,885 24,124 ------ ------ Cost of revenue: Product 11,183 8,409 Services (1) 4,874 2,820 ----- ----- Total cost of revenue 16,057 11,229 ------ ------ Gross profit 10,828 12,895 ------ ------ Operating expenses: Research and development (1) 6,409 5,490 Sales and marketing (1) 11,142 11,800 General and administrative (1) 3,893 6,396 ----- ----- Total operating expenses 21,444 23,686 ------ ------ Loss from operations (10,616) (10,791) Interest income and other 299 802 --- --- Loss before income tax expense (10,317) (9,989) Income tax expense (96) (109) --- ---- Net loss $(10,413) $(10,098) ======== ======== Net loss per common share, basic and diluted $(0.16) $(0.16) ====== ====== Shares used in computing basic and diluted net loss per common share 63,911 62,749 ====== ====== (1) Includes stock-based compensation as follows: Cost of revenue $48 $60 Research and development 371 181 Sales and marketing 577 631 General and administrative 566 425 Isilon Systems, Inc. Condensed Consolidated Balance Sheets (unaudited) (in thousands) As of ------- March 31, December 31, 2009 2008 ------------ ------------ ASSETS Current assets: Cash and cash equivalents $41,373 $34,342 Marketable securities 34,902 43,441 Trade receivables, net of allowances of $238 and $250, respectively 13,514 14,436 Inventories 7,054 12,433 Other current assets 4,401 4,243 ----- ----- Total current assets 101,244 108,895 Property and equipment, net 9,999 11,295 ----- ------ Total assets $111,243 $120,190 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $8,935 $9,779 Accrued liabilities 3,623 4,188 Accrued compensation and related benefits 5,467 5,879 Deferred revenue 19,157 18,209 ------ ------ Total current liabilities 37,182 38,055 Deferred revenue, net of current portion 9,622 8,954 Deferred rent, net of current portion 3,086 3,158 ----- ----- Total liabilities 49,890 50,167 ------ ------ Stockholders' equity: Common stock 1 1 Additional paid-in capital 199,678 197,685 Accumulated other comprehensive loss (245) 5 Accumulated deficit (138,081) (127,668) -------- -------- Total stockholders' equity 61,353 70,023 ------ ------ Total liabilities and stockholders' equity $111,243 $120,190 ======== ======== Isilon Systems, Inc. Condensed Consolidated Statements of Cash Flows (unaudited) (in thousands) Three Months Ended -------------------- March 31, March 31, 2009 2008 --------- --------- Cash flows from operating activities Net loss $(10,413) $(10,098) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 1,647 1,518 Amortization of discount on marketable securities 58 (79) Stock-based compensation expense 1,562 1,297 Changes in operating assets and liabilities: Accounts receivable, net 922 2,354 Inventories 5,379 (3,390) Other current assets (196) (584) Accounts payable (173) (943) Accrued liabilities, compensation payable and deferred rent (965) 959 Deferred revenue 1,617 2,392 ----- ----- Net cash used in operating activities (562) (6,574) ---- ------ Cash flows from investing activities Purchases of property and equipment (1,024) (812) Purchases of marketable securities (4,501) (9,078) Proceeds from sales and maturities of marketable securities 12,800 16,050 ------ ------ Net cash provided by investing activities 7,275 6,160 ----- ----- Cash flows from financing activities Proceeds from the exercise of stock options and purchases of stock under employee stock purchase plan 368 - Repurchases of unvested common stock - (13) --- --- Net cash provided by (used in) financing activities 368 (13) --- --- Effect of exchange rate changes on cash and cash equivalents (50) 8 --- - Net increase (decrease) in cash and cash equivalents 7,031 (419) Cash and cash equivalents at beginning of period 34,342 38,999 ------ ------ Cash and cash equivalents at end of period $41,373 $38,580 ======= ======= Isilon Systems, Inc. Reconciliation of GAAP to non-GAAP results (in thousands, except percentages and per share data) Operating Expenses ------------------ General Research Sales and Gross and and admini- margin % development marketing strative Total -------- ----------- --------- -------- ----- Three Months Ended March 31, 2009 GAAP 40.3% $6,409 $11,142 $3,893 $21,444 Adjustments: Stock-based compensation 0.2% (371) (577) (566) (1,514) --- ---- ---- ---- ------ Non-GAAP 40.5% $6,038 $10,565 $3,327 $19,930 ==== ====== ======= ====== ======= March 31, 2008 GAAP 53.5% $5,490 $11,800 $6,396 $23,686 Adjustments: Stock-based compensation 0.2% (181) (631) (425) (1,237) --- ---- ---- ---- ------ Non-GAAP 53.7% $5,309 $11,169 $5,971 $22,449 ==== ====== ======= ====== ======= Net loss per common Loss share, from basic operations Net loss and diluted ---------- -------- ----------- Three Months Ended March 31, 2009 GAAP $(10,616) $(10,413) $(0.16) Adjustments: Stock-based compensation 1,562 1,562 0.02 ----- ----- ---- Non-GAAP $(9,054) $(8,851) $(0.14) ======= ======= ====== March 31, 2008 GAAP $(10,791) $(10,098) $(0.16) Adjustments: Stock-based compensation 1,297 1,297 0.02 ----- ----- ---- Non-GAAP $(9,494) $(8,801) $(0.14) ======= ======= ======

Isilon Systems

CONTACT: Press, Chris Blessington, Senior Director of Marketing and
Communications, +1-206-315-7500, chris.blessington@isilon.com, or Investors,
+1-206-315-7500, investor-relations@isilon.com, both of Isilon Systems

Web Site: http://www.isilon.com/

CyberSource Announces First Quarter 2009 Financial ResultsFirst quarter revenue was $60.5 million; Billable transactions processed was a record 553 million; CyberSource signs a record 31,500 new customers in quarter.

MOUNTAIN VIEW, Calif., April 23 /PRNewswire-FirstCall/ -- CyberSource Corporation , a leading provider of electronic payment and risk management solutions, today announced financial results for its first quarter ended March 31, 2009.

-- First quarter revenue was $60.5 million, a 13% increase compared to $53.4 million in the same period the previous year. -- On a GAAP basis, net income for the first quarter of 2009 was $1.0 million and earnings per share was $0.01, compared to net income of $533,000 or $0.01 earnings per share in the first quarter of 2008. -- Non-GAAP net income for the first quarter was $12.6 million, a 9% increase compared to $11.5 million for the first quarter of 2008. Non-GAAP earnings per share for the first quarter was $0.18, a 13% increase compared to $0.16 per share for the first quarter of 2008. Non-GAAP net income excludes stock-based compensation expense, the reduction in the deferred tax asset valuation allowance, the non-cash portion of the tax provision, depreciation and amortization expense, and certain non-recurring items, such as a one-time restructuring charge related to subleases of properties in Utah and Massachusetts. A reconciliation of certain historical GAAP to non-GAAP measures is attached. -- During the first quarter, CyberSource processed a record 553 million billable transactions, a 24% increase over the same period the previous year. The value of transactions processed was $27.7 billion, a 4% increase over Q1 2008. -- CyberSource signed a record 31,500 new customers in the quarter, increasing the installed base to approximately 262,000 active customers. (Logo: http://www.newscom.com/cgi-bin/prnh/19990513/CYBRSOURCELOGO)

"Our strong results this quarter reflect our continued penetration of the small business market, our successful expansion internationally, and the relative health of the eCommerce market. Despite a turbulent world-wide economy, we processed a record 553 million transactions and had a record 31,500 new customer signups this quarter. Our small business unit continues to drive very robust growth, even in this tough economic environment. Our channel relationships continue to be a strong contributor to the growth in our business. While consumers may be cutting back their overall spending, they continue to shift their purchasing online, thus shifting market share from brick-and-mortar stores and other traditional sales channels. Additionally, more and more businesses, non-profits and government agencies are driving more customers and transactions to the Internet," said Bill McKiernan, Chairman and Chief Executive Officer of CyberSource. "The strong growth in transaction volumes helped increase our gross margin by 200 basis points to 54% in the first quarter of 2009, compared to the first quarter of 2008, and we ended the quarter with $67.2 million in net cash, after subtracting funds payable to merchants at quarter-end."

Business Highlights -- Customers: CyberSource added approximately 31,500 new customers in the quarter, bringing its installed base of customers to approximately 262,000. New enterprise customer wins this quarter include: BBC Worldwide, Brookstone, Columbia Sportswear USA, The Economist, Guess Europe, Virgin Mobile USA, and the Washington State Department of Transportation. Existing customers that added new services or renewed agreements during the quarter include: American Cancer Society, BMG Columbia House, Debenhams Retail (UK), and MetroPCS Wireless, Inc. -- International: CyberSource continues to drive strong momentum outside the US. CyberSource's European operations processed a record 136.8 million transactions in the first quarter, an increase of 59% over the same period last year. The Company's European business is comprised of revenue generated by customers domiciled outside the US, and represented about 6% of revenue in the first quarter. -- Global acquiring: CyberSource generated approximately $19.0 million of global acquiring revenue during the first quarter, up 11% over the previous year. CyberSource added 1,100 new acquiring customers during the quarter, and now has approximately 5,500 global acquiring customers. -- Channel Partners: CyberSource's partner program of over 4,200 resellers and partners is an important and integral part of its sales strategy. In the first quarter, CyberSource signed over 440 new ISO and Affiliate resellers. This consistent growth of channel partners helps to broaden CyberSource's sales reach and increase the number of new leads being funneled into CyberSource. CyberSource's top 100 Small Business resellers saw a 39% increase year-over-year in merchant set-ups. Stock buyback program

During the first quarter, we did not repurchase shares of common stock under the stock repurchase plan.

Guidance for the second quarter and full year 2009

CyberSource is providing guidance for the second quarter of 2009 and full year 2009 based on information available as of April 23, 2009.

For the second quarter ending June 30, 2009: -- Total revenue is expected to be between $61.0 and $61.5 million. -- The company expects to process between 550 and 555 million billable transactions. -- GAAP gross profit is expected to be approximately $32.0 million, while GAAP operating expenses are expected to be approximately $32.0 million. The company expects to record GAAP net income in the second quarter of approximately $100,000 and breakeven earnings per share based on a weighted average share count of 72 million shares. -- Non-GAAP net income for the second quarter is expected to be approximately $11.2 million and non-GAAP earnings per share to be $0.16 based on a weighted average share count of 72 million shares. For the full year 2009: -- Total revenue for 2009 is expected to be between $258.0 and $263.0 million. -- GAAP net income for 2009 is expected to be between $5.3 and $5.8 million. -- GAAP earnings per share is expected to be between $0.07 and $0.08 per share, based on a weighted average share count of 73 million shares. -- Non-GAAP net income for the full year 2009 is expected to be between $52.5 and $54.0 million. Non-GAAP earnings per share is expected to be between $0.72 and $0.74, based on a weighted average share count of 73 million shares. Public call/web cast details

CyberSource will host a public conference call today, April 23, 2009 at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss the first quarter results. The call can be accessed in either of the following ways:

Live conference call

888-585-4496 (U.S. and Canada), 706-634-9580 (local and international). The call's conference ID number is: 93918105. A taped replay of this call will be available through May 31, 2009. The dial-in numbers for the taped replay are: 800-642-1687 (U.S.) 706-645-9291 (local and international). Conference ID is as above.

Live web cast http://ir.cybersource.com/events.cfm

A replay of this web cast will remain available at this location through July 31, 2009.

About CyberSource

CyberSource Corporation is a leading provider of electronic payment and risk management solutions. CyberSource solutions enable electronic payment processing for Web, call center, and POS environments. CyberSource also offers industry leading risk management solutions for merchants accepting card-not-present transactions. CyberSource Professional Services designs, integrates, and optimizes commerce transaction processing systems. Approximately 262,000 businesses use CyberSource solutions, including half the companies comprising the Dow Jones Industrial Average. The company is headquartered in Mountain View, California, and has sales and service offices in Japan, the United Kingdom, and other locations in the United States including Bellevue, Washington and American Fork, Utah. For more information on CyberSource please visit http://www.cybersource.com/ or email info@cybersource.com. For more information on Authorize.Net small business solutions, please visit http://www.authorize.net/ or email sales@authorize.net.

GAAP versus non-GAAP Results and Guidance

In addition to financial results presented on a GAAP basis, the company has provided non-GAAP measures of gross profit, operating expenses, net income and earnings per share, which are adjusted to exclude certain non-cash items. For purposes of this release, non-GAAP gross profit, operating expenses, net income and earnings per share exclude stock based compensation expense under SFAS 123R, the non-cash portion of the income tax provision, a reduction in the deferred tax asset allowance, depreciation and amortization expense, and certain non-recurring items, such as a one-time restructuring charge related to subleases of properties in Utah and Massachusetts. A reconciliation of these historical GAAP to non-GAAP measures is attached with the financial statements. The company believes that presentation of non-GAAP financial measures may provide investors with additional meaningful and relevant financial information. Management believes the non-GAAP measures help indicate trends in the company's business, and management uses the non-GAAP measures to plan and forecast future periods. Non-GAAP information is not determined using GAAP and should not be considered superior to or as a substitute for GAAP measures or data prepared in accordance with GAAP. Furthermore, non-GAAP information may not be comparable across companies, as other companies may use different non-GAAP measures. The company does not provide guidance for certain financial measures such as depreciation and stock-based compensation expense, and, as a result, is not able to provide a reconciliation of GAAP and non-GAAP financial measures for forward-looking data. The company intends to calculate the various non-GAAP financial measures in future periods consistent with the methodology used in the three months ended March 31, 2009, as presented in this release.

Cautionary Statement under the Private Securities Litigation Reform Act of 1995

Statements in this release that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, without limitation, statements regarding expectations, objectives, anticipations, plans, hopes, beliefs, intentions or strategies regarding the future. Forward-looking statements in this release include, without limitation, statements regarding: (1) penetration of the small business market; (2) success of the Company's international expansion and strong momentum outside the US; (3) robust growth of eCommerce; (4) channel relationships being a strong contributor to growth of the Company's business; (5) consumers shifting purchases from traditional brick-and-mortar stores to the Internet; (6) more businesses, non-profits, and government agencies driving more customers and transactions to the Internet; (7) resellers and partners being an important and integral part of the Company's sales strategy; (8) growth of channel partners helping to broaden the Company's sales reach and new leads; and (9) financial guidance including, without limitation, those regarding revenue, transaction volume, gross profit, operating expenses, net income, and earnings per share. There is no assurance that any forward-looking statement will be realized. Achievement of future results is subject to risks, uncertainties, and potentially inaccurate assumptions. These risks and uncertainties include, among others, those discussed under "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in CyberSource's most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q as well as the consolidated financial statements, related Notes, and the other financial information appearing elsewhere in those reports and other CyberSource filings with the Securities and Exchange Commission. The factors that could cause actual results to differ materially from the forward-looking statements include risks and uncertainties such as: changes in Generally Accepted Accounting Principles and the application thereof; changes in customer needs; the risks of failures, disruptions or illiquidity in the national and global banking, credit and financial systems and the impact of those risks on CyberSource's business; the risk of the economy, in general, and online economy, in particular, slowing down; security breaches; new products and services offerings by CyberSource and its competitors; and any unforeseen system failures. Should known or unknown risks or uncertainties materialize, or should underlying assumptions prove inaccurate, actual results could differ materially from past results and those anticipated, estimated or projected. Readers should bear this in mind when considering forward-looking statements. CyberSource undertakes no obligation to publicly update forward-looking statements, whether as a result of new information, future events, or otherwise.

2009 CyberSource Corporation. All rights reserved. CyberSource is a registered trademark in the U.S. and other countries. All other brands and product names are trademarks or registered trademarks of their respective companies.

CyberSource Corporation GAAP Condensed Consolidated Statements of Operations (In thousands, except per share data) (Unaudited) Three Months Ended March 31, --------- 2009 2008 ---- ---- Revenues $60,491 $53,420 Cost of revenues 27,981 25,828 ------ ------ Gross profit 32,510 27,592 Operating expenses: Product development 6,454 5,247 Sales and marketing 17,554 16,630 General and administrative 6,980 5,502 ----- ----- Total operating expenses 30,988 27,379 ------ ------ Income from operations 1,522 213 Other income (loss), net (18) 147 Interest income 133 394 --- --- Income before income taxes 1,637 754 Income tax provision 627 221 --- --- Net income $1,010 $533 ====== ==== Basic net income per share $0.01 $0.01 ===== ===== Diluted net income per share $0.01 $0.01 ===== ===== Weighted average number of shares used in computing basic net income per share 68,983 68,789 ====== ====== Weighted average number of shares used in computing diluted net income per share 70,905 71,336 ====== ====== Non-GAAP Financial Metrics: Gross profit $35,505 $30,370 Operating expenses $22,451 $19,307 Net income $12,580 $11,514 Basic net income per share $0.18 $0.17 Diluted net income per share $0.18 $0.16 CyberSource Corporation Reconciliation of GAAP to Non-GAAP Financial Measures (In thousands, except per share data) (Unaudited) Three Months Ended March 31, --------- 2009 2008 ---- ---- GAAP gross profit $32,510 $27,592 Add FAS123R expense 401 340 Add depreciation expense 1,237 988 Add amortization of intangible assets 1,357 1,450 ----- ----- Non-GAAP gross profit $35,505 $30,370 ======= ======= GAAP operating expenses $30,988 $27,379 Less FAS123R expense (1,859) (1,852) Less depreciation expense (463) (373) Less amortization of intangible assets (5,283) (5,718) Less restructuring charges (932) (129) ---- ---- Non-GAAP operating expenses $22,451 $19,307 ======= ======= GAAP net income $1,010 $533 Add FAS123R expense 2,260 2,192 Add non-cash tax provision 38 131 Add depreciation expense 1,700 1,361 Add amortization of intangible assets 6,640 7,168 Add restructuring charges 932 129 --- --- Non-GAAP net income $12,580 $11,514 ======= ======= GAAP basic net income per share $0.01 $0.01 Add FAS123R expense 0.03 0.03 Add non-cash tax provision - - Add depreciation expense 0.03 0.02 Add amortization of intangible assets 0.10 0.11 Add restructuring charges 0.01 - ---- - Non-GAAP basic net income per share $0.18 $0.17 ===== ===== GAAP diluted net income per share $0.01 $0.01 Add FAS123R expense 0.03 0.03 Add non-cash tax provision - - Add depreciation expense 0.03 0.02 Add amortization of intangible assets 0.10 0.10 Add restructuring charges 0.01 - ---- - Non-GAAP diluted net income per share $0.18 $0.16 ===== ===== CyberSource Corporation Condensed Consolidated Balance Sheets (In thousands) (Unaudited) March 31, December 31, 2009 2008 ---- ---- Assets Current assets: Cash and cash equivalents $79,188 $73,292 Accounts receivable, net 18,458 18,251 Prepaid expenses and other current assets 6,486 5,310 Deferred income taxes 2,635 2,635 ----- ----- Total current assets 106,767 99,488 Property and equipment, net 16,939 16,188 Intangible assets, net 123,003 129,643 Goodwill 289,278 289,278 Non-current deferred income taxes 20,549 20,512 Other non-current assets 2,733 2,539 Restricted cash 1,516 1,548 ----- ----- Total assets $560,785 $559,196 ======== ======== Liabilities and Stockholders' Equity Current liabilities: Accounts payable $872 $588 Funds due to merchants 12,029 12,162 Other accrued liabilities 14,534 18,272 Deferred revenue 5,045 4,519 Accrued restructuring 1,178 847 ----- --- Total current liabilities 33,658 36,388 Deferred revenue, less current portion 998 996 Other non-current liabilities 1,099 1,099 Accrued restructuring, less current portion 1,184 832 Other non-current tax liabilities 1,957 1,928 ----- ----- Total liabilities 38,896 41,243 Total stockholders' equity 521,889 517,953 ------- ------- Total liabilities and stockholders' equity $560,785 $559,196 ======== ======== CyberSource Corporation Consolidated Statements of Cash Flows (In thousands, except per share data) (Unaudited) Three Months Ended March 31, --------- 2009 2008 ---- ---- CASH FLOWS FROM OPERATING ACTIVITIES: Net income $1,010 $533 Adjustments to reconcile net income to net cash provided by operating activities: Amortization expense 6,640 7,168 Depreciation expense 1,700 1,361 Income on investment in joint venture (110) (50) Stock-based compensation 2,260 2,192 Changes in operating assets and liabilities: Accounts receivable (207) 685 Prepaid expenses and other current assets (1,176) 46 Deferred income taxes (37) 227 Other non-current assets (52) 26 Accounts payable 284 592 Accrued liabilities (3,055) (2,566) Funds due to merchants (133) 847 Deferred revenues 528 569 Other non-current tax liabilities 29 42 -- -- Net cash provided by operating activities 7,681 11,672 CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property and equipment (2,451) (3,101) ------ ------ Purchases of short-term investments - - Maturities of short-term investments - - - - Net cash used in investing activities (2,451) (3,101) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of common stock 867 1,701 Tax benefit from employee stock options 47 - -- - Net cash provided by financing activities 914 1,701 Effect of exchange rate changes on cash (248) 20 ---- -- Increase in cash and cash equivalents 5,896 10,292 Cash and cash equivalents at beginning of period 73,292 40,393 ------ ------ Cash and cash equivalents at end of period $79,188 $50,685 ======= =======

Photo: http://www.newscom.com/cgi-bin/prnh/19990513/CYBRSOURCELOGO
http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com CyberSource Corporation

CONTACT: Katrina Rymill of CyberSource Corporation, +1-650-965-6154,
krymill@cybersource.com

Web Site: http://www.cybersource.com/

Advanced Energy Announces First Quarter 2009 Results

FORT COLLINS, Colo., April 23 /PRNewswire-FirstCall/ -- Advanced Energy Industries, Inc. today announced financial results for the first quarter ended March 31, 2009. Sales for the first quarter of 2009 were $32.6 million, representing a 63.3% decline from $88.9 million in the same quarter a year ago and a 51.7% decline from $67.5 million in the fourth quarter of 2008. Sales were lower across all of the Company's markets, as the global financial crisis reduced consumer and commercial spending, resulting in limited capital expansion in our markets. Our book to bill ratio for the quarter increased sequentially to 0.87:1, from quarter's 0.70:1, from the fourth quarter of 2008, though on a much lower revenue base.

Our gross margins in the first quarter were impacted by the lower revenues, resulting in lower absorption of manufacturing overhead in the first quarter. Margins fell to 19.6%, down from 40.3% in the first quarter of 2008 and 27.2% in the fourth quarter of 2008.

During the quarter we implemented a restructuring plan that resulted in a charge of $3.4 million or $0.08 per share related to a reduction in workforce. Due to the current economic downturn and a significant decline in the Company's market capitalization, we recorded an estimated non-cash impairment charge in the first quarter of $63.3 million or $1.51 per share related to our goodwill. These charges do not affect our cash balance, liquidity, or operating cash flow.

The result was a net loss for the first quarter of 2009 of $79.8 million, or $1.90 loss per diluted share, compared to net income of $6.0 million, or $0.13 earnings per diluted share, in the first quarter of 2008. The quarterly net loss increased from $19.0 million, or $0.45 per diluted share, in the fourth quarter of 2008. Our balance sheet remained strong as we closed the quarter with $173.4 million of cash and investments.

"This was an exceptionally difficult quarter as we experienced revenue levels not seen since the late 1990s. We responded once again by reducing our cost structure, yet maintaining our critical technology development and product initiatives. Our healthy balance sheet remains a key strategic asset, which we plan to leverage during these difficult times," said Hans Betz, president and CEO. "Although we experienced a significant drop in all of our markets during the quarter and visibility remains limited, we have seen some positive signs of investment in some markets, which we hope will provide some near-term stability. We remain committed to our strategy of being the strong and healthy supplier of choice to all of our OEM and end user customers."

Second Quarter 2009 Guidance

The Company anticipates second quarter 2009 results to be within the following ranges:

-- Sales of $30.0 million to $36.0 million -- Loss per share of $0.41 to $0.34 First Quarter 2009 Conference Call

Management will host a conference call today, Thursday, April 23, 2009, at 5:00 pm Eastern Daylight Time to discuss Advanced Energy's financial results. Domestic callers may access this conference call by dialing (888) 713-4717. International callers may access the call by dialing (816) 650-2836. Participants will need to provide a conference passcode 94779571. For a replay of this teleconference, please call (800) 642-1687 or (706) 645-9291, and enter the passcode 94779571. The replay will be available through 12:00 a.m. Eastern Daylight Time, April 25, 2009. A webcast will also be available on the Investor Relations webpage at http://ir.advanced-energy.com/.

About Advanced Energy

Advanced Energy(R) is a global leader in innovative power and control technologies for high-growth, thin-film manufacturing and solar power generation. Specifically, AE targets solar grid-tie inverters, solar cells, semiconductors, flat panel displays, data storage products, architectural glass and other advanced applications.

Forward-Looking Statements

The Company's expectations with respect to financial results for the second quarter ended June 30, 2009 are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Such risks and uncertainties include, but are not limited to: the effects of global macroeconomic conditions upon demand for our products, the volatility and cyclicality of the industries the company serves, particularly the semiconductor industry, the timing of orders received from customers, the company's ability to realize cost improvement benefits from the global operations initiatives underway, and unanticipated changes to management's estimates, reserves or allowances. These and other risks are described in Advanced Energy's Form 10-K, Forms 10-Q and other reports and statements filed with the Securities and Exchange Commission. These reports and statements are available on the SEC's website at http://www.sec.gov/. Copies may also be obtained from Advanced Energy's website at http://www.advanced-energy.com/ or by contacting Advanced Energy's investor relations at 970-407-6555. Forward-looking statements are made and based on information available to the company on the date of this press release. The company assumes no obligation to update the information in this press release.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) Three Months Ended -------------------- March 31, December 31, ----------- ------------ 2009 2008 2008 ---- ---- ---- Sales $32,627 $88,887 $67,525 Cost of sales 26,239 53,039 49,128 ------ ------ ------ Gross profit 6,388 35,848 18,397 Operating expenses: Research and development 11,098 13,085 13,424 Selling, general and administrative 9,395 14,468 9,513 Amortization of intangible assets 222 240 257 Impairment of goodwill 63,260 - - Restructuring charges 3,396 674 1,898 ----- ----- ----- Total operating expenses 87,371 28,467 25,092 Income (loss) from operations (80,983) 7,381 (6,695) Other income, net 282 905 553 ---- ---- ---- Income (loss) from continuing operations before income taxes (80,701) 8,286 (6,142) Provision (benefit) for income taxes (938) 2,320 12,835 ---- ----- ------ Net income (loss) $(79,763) $5,966 $(18,977) ======== ====== ======== Basic earnings (loss) per share $(1.90) $0.13 $(0.45) Diluted earnings (loss) per share $(1.90) $0.13 $(0.45) Basic weighted-average common shares outstanding 41,881 44,662 41,832 Diluted weighted-average common shares outstanding 41,881 45,065 41,832 CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) March 31, December 31, 2009 2008 ---- ---- ASSETS Current assets: Cash and cash equivalents $115,409 $116,448 Marketable securities 29,588 33,266 Accounts receivable, net 35,578 56,549 Inventories, net 46,024 46,659 Deferred income taxes 12,781 13,253 Other current assets 4,649 5,324 ----- ----- Total current assets 244,029 271,499 Property and equipment, net 29,960 31,322 Long-term investments 28,418 30,401 Deposits and other 7,557 7,505 Goodwill and intangibles, net 6,009 72,918 Customer service equipment, net - 23 Deferred income tax assets, net 7,955 6,969 ----- ----- Total assets $323,928 $420,637 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $6,087 $8,005 Other accrued expenses 21,843 23,928 ------ ------ Total current liabilities 27,930 31,933 Long-term liabilities 10,653 12,155 ------ ------ Total liabilities 38,583 44,088 Stockholders' equity 285,345 376,549 ------- ------- Total liabilities and stockholders' equity $323,928 $420,637 ======== ========

Photo: http://www.newscom.com/cgi-bin/prnh/20030825/AEISLOGO
http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com Advanced Energy Industries, Inc.

CONTACT: Lawrence D. Firestone, +1-970-407-6570,
lawrence.firestone@aei.com, or Annie Leschin, or Vanessa Lehr,
+1-970-407-6555, ir@aei.com, all of Advanced Energy Industries, Inc.

Web Site: http://www.advanced-energy.com/
http://ir.advanced-energy.com/

AdEx Media Introduces RezActiv(TM)RezActiv(TM) is the newest addition to the Company's line of health and beauty strategic partnerships

MOUNTAIN VIEW, Calif. and BOULDER, Colo., April 23 /PRNewswire-FirstCall/ -- AdEx Media, Inc. (BULLETIN BOARD: ADXM) , a leading pay-for-performance online lead generation and marketing platform services company, today announced the addition of RezActiv(TM) dietary supplement to its health and beauty product strategic partnerships.

RezActiv(TM) was formulated by nutritionists and natural supplement experts with a proprietary blend of resveratrol and grape seed extract to provide the exceptional antioxidant benefits of this natural supplement.

"We are very excited about the research results to date on the many health benefits of resveratrol and are delighted to be able to add this high quality product to our growing list of strategic partnerships," commented Scott Rewick, AdEx Media CEO.

According to a recent study conducted by the National Institutes of Health on mice, resveratrol has shown positive indications of anti-aging benefits including:

1. Maintenance of healthy cardiovascular function; 2. Better bone and eye health; and 3. Enhanced balance and motor coordination.(+)

(+)These statements have not been evaluated by the Food and Drug Administration. This product is not intended to diagnose, treat, cure or prevent any disease.

More information about RezActiv(TM) can be found at http://www.rezactiv.com/. About AdEx Media, Inc.

AdEx is an integrated Internet marketing and lead generation publisher and developer, manufacturer, and marketer of consumer products with a focus on both marketing and distributing its own products and offering advertising customers a multi-channel Internet advertising network and broader solutions for direct advertisers and agencies. AdEx's marketing platform provides a range of services including (i) search marketing; (ii) display marketing; (iii) lead generation; and (iv) affiliate marketing. AdEx currently sells its own suite of consumer products which include: (i) Overnight Genius(TM) - a comprehensive computer learning course mastering MS Windows, MS Office, eBay, and others; (ii) Rising Star Learning(TM) - a math and language arts educational product for children; (iii) Acai Alive(TM) - a natural supplement designed to provide the benefits of colon cleansing with the many benefits of the acai berry; and (iv) EasyWhite Labs(TM) - a professional strength teeth whitening and remineralization kit. The company offers advertisers a compelling value proposition by offering true pay-per-performance pricing, commonly known as cost-per-action (CPA) or pay-per-action (PPA).

Statements in this press release that are not statements of historical or current fact constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the Company's actual operating results to be materially different from any historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements that explicitly describe these risks and uncertainties, readers are urged to consider statements that contain terms such as "believes," "belief," "expects," "expect," "intends," "intend," "anticipate," "anticipates," "plans," "plan," 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 filings with Securities and Exchange Commission.

Investor Contact: Aimee Boutcher Boutcher & Boutcher (973) 239-2878

AdEx Media, Inc.

CONTACT: Aimee Boutcher, Boutcher & Boutcher, +1-973-239-2878

Web Site: http://www.rezactiv.com/

Lockheed Martin F-35B Exceeds STOVL Thrust RequirementHover-Pit Ground Tests Validate Propulsion System and Aircraft Response

FORT WORTH, Texas, April 23 /PRNewswire-FirstCall/ -- The F-35B Lightning II short takeoff/vertical landing (STOVL) variant has demonstrated during testing that it produces excess vertical thrust - more than required to carry out its missions. The tests, conducted on a specially instrumented "hover pit," also validated the performance of aircraft software, controls, thermal management, STOVL-system hardware and other systems.

"The performance level measured was absolutely exceptional," said J.D. McFarlan, Lockheed Martin F-35 Air Vehicle lead. "We demonstrated 41,100 pounds of vertical thrust against our requirement of 40,550 pounds. This means we will deliver excellent margin for the vertical landing and short takeoff performance we've committed to our STOVL customers," he said. Those customers include the U.S. Marine Corps, the United Kingdom's Royal Navy and Royal Air Force, and the Italian Navy and Air Force.

The F-35B is powered by a single Pratt & Whitney F135 engine driving a Rolls-Royce lift fan. The F135 is the most powerful engine ever flown in a jet fighter.

During hover-pit testing, the aircraft is anchored to a metal grate 14 feet above a sloped concrete floor, separating the jet from ground effect and enabling it to simulate free-air flight. Sensors measure thrust and the aircraft's response to pilot inputs. The testing also demonstrates control of the doors associated with the STOVL propulsion system: engine auxiliary inlet, fan inlet, fan exit, roll posts, and doors that open to enable the Rolls-Royce three-bearing swivel duct to articulate and vector engine thrust. In other tests, metal plates are installed atop the hover-pit grate, enabling engineers to observe and chart the outflow of gases from the propulsion system.

The testing demonstrates functional operation of all systems required for vertical flight, and measures the installed forces and moments on the aircraft during STOVL operations. The hover-pit tests are the final series of ground tests before airborne STOVL testing begins.

"We've demonstrated critical performance such as inlet pressure recovery, pitching moment, rolling and yawing moment, effective vector angles of the exhaust, and control-input response time," said Doug Pearson, vice president of the F-35 Integrated Test Force. "Each of these measurements correlates extremely well with our computer models. The outstanding STOVL performance gives us plenty of confidence to begin in-flight transitions to STOVL-mode flight and ultimately our first vertical landing at the Naval Air Station Patuxent River, Md., this summer."

The F-35B is the first aircraft to combine stealth with short takeoff/vertical landing (STOVL) capability and supersonic speed. The F-35 is a supersonic, multi-role, 5th generation stealth fighter. Three variants derived from a common design, developed together and using the same sustainment infrastructure worldwide, will replace at least 13 types of aircraft for 11 nations initially, making the Lightning II the most cost-effective fighter program in history.

Headquartered in Bethesda, Md., Lockheed Martin is a global security company that employs about 146,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. The corporation reported 2008 sales of $42.7 billion.

F-35 and Lightning II are trademarks of Lockheed Martin Corporation. For additional information, visit our Web site: http://www.lockheedmartin.com/

Lockheed Martin Aeronautics Company

CONTACT: John R. Kent, +1-817-763-3980, john.r.kent@lmco.com, or Chris
Geisel, +1-817-763-2643, christian.g.geisel@lmco.com, both of Lockheed Martin
Aeronautics Company

Web Site: http://www.lockheedmartin.com/

Company News On-Call: http://www.prnewswire.com/comp/117281.html

Idea Asia Limited and Global Media & Entertainment Group Enter Acquisition Agreement

LOS ANGELES, April 23 /PRNewswire-FirstCall/ -- Asia Global Holdings Corporation (BULLETIN BOARD: AAGH) subsidiary Idea Asia Limited (Idea Asia) and Global Media & Entertainment Group (GMEG) have entered into an agreement whereby GMEG agrees to acquire Idea Asia from AAGH subsidiary Sino Trade Intelligent Development Corp (Sino Trade) in return for 7.5% of GMEG's common stock and other considerations. The deal is pending exchange of consideration on or before May 15.

AAGH Management believes this transaction provides the company and its shareholders the opportunity to benefit from the company's investment in TV entertainment and the future potential value of Idea Asia while easing the company's expense burden related to overhead, production, marketing and distribution.

"This is an exciting time in China, the acquisition will present us with the opportunity to continue to penetrate the largest population in the world with more the 1.3 billion people and over 350 million urban consumers. Our prospects for growth are abundant and the industry partners we have made today will facilitate our expansion in China," said Vincent James DeFilippo, Chief Executive Officer for Global Media and Entertainment Group.

"Idea Asia has put down a very solid foundation in China as a provider of top quality content. We're excited to have GMEG help grow Idea Asia further by providing the resources needed to take the company to the next level," said John Leper, Chief Executive Officer for AAGH.

IDEA ASIA Limited based in Hong Kong and Shanghai, acquires, creates, funds, and produces internationally & locally created content for distribution throughout various media channels in China. The company provides value-added services to marketers, advertisers, and media outlets by bringing state-of-the-art internationally acclaimed TV and entertainment content and branded content formatted to be delivered throughout China.

Global Media and Entertainment Group is a global distributor of award-winning high quality content and video productions, through exclusive licensing agreements and rights, to distribution channels such as television, cable, satellite systems, Internet, mobile devices, and outdoor digital advertising billboards. GMEG plans to build a library of acquired and exclusive content or formats such as game shows, dramas, animations, movies, documentaries, films, concerts and special programming. This media will be distributed throughout the world in various formats.

About Asia Global Holdings Corporation

Asia Global Holdings Corporation (BULLETIN BOARD: AAGH) has a strong focus on building business in China and other emerging regions and markets in Asia and Worldwide. The company's present subsidiaries participate in media & advertising, marketing services and TV entertainment. The Company has offices in the US, Hong Kong and China.

Asia Global Holdings Corporation Website: http://www.asiaglobalholdings.com/

Forward-looking statements in this document are not historical fact as 'forward-looking statements' as that term is defined in the Private Securities Litigation Reform of 1995. Forward-looking statements are not guarantees of future performance. Our forward-looking statements are based on trends we anticipate in our industry and our good faith estimate on the effect on these trends of such factors as industry capacity, product demand, and product pricing. These statements are also subject to risks and uncertainties beyond our reasonable control that could cause actual business and results of operations, to differ materially from those reflected in our forward-looking statements. You may find all other information about Asia Global Holdings Corporation on the Securities Exchange Commission website, http://www.sec.gov/.

Asia Global Holdings Corporation

CONTACT: Investor Relations of Asia Global Holdings Corporation,
+1-213-243-1503, ir@AsiaGlobalHoldings.com

Web Site: http://www.asiaglobalholdings.com/

Pratt & Whitney and ITR Sign $5 Million Part Repair Agreement

DALLAS, April 23 /PRNewswire-FirstCall/ -- MRO Americas -- ITR (Turborreactores, S.A. de C.V.) signed a four-year exclusive part repair agreement with Pratt & Whitney's Dallas Airfoil Repair Operations (DARO) and Turbine Overhaul Services (TOS) worth an estimated $5 million. The agreement will cover turbine blade and vane repairs for the JT8D engine. Pratt & Whitney is a United Technologies Corp. company.

"Pratt & Whitney has been a trusted and valued service provider for over 10 years," said Juan Espitia, chief operating officer, ITR. "Each repair is put through a stringent qualification process and is backed by one of the most trusted organizations in the industry: Pratt & Whitney."

"We look forward to expanding our relationship with ITR," said Larry Jones, vice president responsible for the JT8D product line, Pratt & Whitney Commercial Engines & Global Services. "With more than 80 years of engine business experience, Pratt & Whitney is dedicated to delivering value to our customers with every repair performed."

Last fall, ITR and Pratt & Whitney signed a letter of intent to establish ITR as a Pratt & Whitney Designated Service Provider (DSP). As a member of the Pratt & Whitney DSP Network, ITR will be a DSP Center of Excellence for JT8D Stator Repair.

The JT8D has been one of the most successful commercial engine programs in aviation history, introduced in 1964 with the inaugural flight of Boeing's 727-100 aircraft. Many variants of the JT8D family have been produced, covering the thrust range from 14,000 to 17,400 pounds.

ITR is a leader in the provision of Maintenance, Repair and Overhaul for the JT8D engine family by repairing more than 1,000 engines supporting passenger and cargo operations on four continents. In recent years, ITR expanded its service portfolio with the implementation of dedicated engineering services, manufacturing of rigid aerospace tubes, complex parts machining and a strategic project for the design and manufacture of Low Pressure Turbines for engines with less than 15,000 pounds of thrust.

ITR is part of the Spanish Consortium Industria de Turbopropulsores S.A. (ITP) a leading aerospace group with a wide range of services on engine repair, Engineering, Research and Development, manufacture, assembly and test of aeronautical engines and gas turbines.

Pratt & Whitney is a world leader in the design, manufacture and service of aircraft engines, space propulsion systems and industrial gas turbines. United Technologies, based in Hartford, Conn., is a diversified company providing high technology products and services to the global aerospace and commercial building industries.

This release includes "forward looking statements" concerning anticipated business opportunities that are subject to risks and uncertainties, including with regard to the contract described in this release. Important factors that could cause actual results to differ materially from those anticipated or implied in forward looking statements include changes in the health of the global economy and the aerospace industry. For information identifying other important economic, political, regulatory, legal, technological, competitive and other uncertainties, see UTC's 10-K, 10-Q and other reports filed with the SEC.

Katy Padgett Matthew Perra Commercial Engines & Global Services Pratt & Whitney +1-860-565-3433 +1-860-565-9600 Kathleen.padgett@pw.utc.com matthew.perra@pw.utc.com

Pratt & Whitney

CONTACT: Katy Padgett of Commercial Engines & Global Services,
+1-860-565-3433, Kathleen.padgett@pw.utc.com; or Matthew Perra of Pratt &
Whitney, +1-860-565-9600, matthew.perra@pw.utc.com

Web Site: http://www.pratt-whitney.com/

Autodesk Announces Availability of AutoCAD P&ID 2010 SoftwarePiping & Instrumentation Diagrams are Faster and Easier with Newest Release of Application for Process Plant Industry

SAN RAFAEL, Calif., April 23 /PRNewswire-FirstCall/ --

WHAT: AutoCAD P&ID 2010: Autodesk today announced that it is shipping AutoCAD P&ID 2010 software, the new release of its software application built specifically for creating, modifying, and managing piping and instrumentation diagrams. Built on the AutoCAD 2010 platform, AutoCAD P&ID is familiar and easier to use, allowing design and engineering teams to start working with minimal training. Common tasks are more streamlined and automated to help boost productivity, while designers have easier access to more accurate component and line information. AutoCAD P&ID 2010 provides the following new features to further enhance ease of use; help increase designer productivity; and support information accuracy: Project setup restricted access - The project administrator or lead can restrict user access to Project Setup using Microsoft Windows File Permissions. Project specific tool palettes setup - Tool palette groups may be associated with a specific project so that all users access the standard set of symbols for the project. As each project may require specific sets of symbols, AutoCAD may be used to create custom tool palettes and groups. Curved schematic lines - Polylines with arcs, filleted polylines, and splines can be converted to form curved SLINEs. This feature is useful for showing tubing and flexible hose piping. Inline equipment - ISO and DIN Equipment such as pumps, compressors, blowers, and filters can be inserted into pipelines. Equipment will break the pipeline into two with different line numbers and be correctly oriented along the proper flow direction. End connections for inline instruments - End connections - flanged, welded, socket welded, and threaded, among others - can be applied on control valves and inline instruments Japanese Industrial Standard instrumentation symbols - A Japan (metric) project template is available that includes ISO and JIS Z 8204, the Japanese Industrial Standard instrumentations symbols. In addition to these productivity enhancements, AutoCAD P&ID 2010 includes all the functionality of the new AutoCAD 2010 platform and will integrate with the forthcoming AutoCAD Plant 3D product. Includes all functionality of new AutoCAD 2010 Platform AutoCAD P&ID 2010 includes the intuitive interface and all of the functionality of the new AutoCAD 2010 platform. AutoCAD 2010 enables designers to more easily create innovative designs with the addition of new free-form design tools and offers new PDF Import and Underlay and other enhanced publishing features; new parametric drawing tools; and 3D printing. Integrated AutoCAD P&ID and AutoCAD Plant 3D environment AutoCAD P&ID and the forthcoming AutoCAD Plant 3D can share a single integrated project, making data exchange smoother and more seamless. Piping designers can review AutoCAD P&ID data and process designers can review AutoCAD Plant 3D data. Both share a common user interface and components -- such as Project Manager and Data Manager -- making learning and using easier. CUSTOMER REFERENCE: Wastech Controls & Engineering, Inc. "As long-time users of AutoCAD, we have been able to maximize the added value of AutoCAD P&ID very quickly," said Kevin Holm, vice president of operations at Wastech, a leading process system integrator specializing in the design and manufacture of industrial wastewater treatment and chemical delivery systems for solar, pharmaceutical and semiconductor facilities. "The new features in AutoCAD P&ID 2010 will help us to continue to increase our productivity and profitability by helping to expedite our work with P&IDs. As our customers strive to achieve zero- discharge in their industrial manufacturing processes, our innovative technologies are increasingly essential and our P&IDs are the roadmaps that help us achieve efficient delivery of our systems." WEBSEMINAR On May 28, 2009 from 10:00 AM to 10:45 AM Pacific, Autodesk Reseller KETIV Technologies will host a webcast, "Wastech Controls Accelerates Design Process with Autodesk Plant Solutions." Register at http://www.ketivtech.com/events. MORE INFORMATION: For free product trials or to learn more about AutoCAD P&ID 2010, please visit http://www.autodesk.com/autocadpid. CONTACT Brett Smith brett.smith@autodesk.com (415) 547-2405 Carey Godbee cgodbee@b3communications.com (760) 758-4406 About Autodesk

Autodesk, Inc., is a world leader in 2D and 3D design and engineering software for the manufacturing, building and construction, and media and entertainment markets. Since its introduction of AutoCAD software in 1982, Autodesk has developed the broadest portfolio of state-of-the-art Digital Prototyping solutions to help customers experience their ideas before they are real. Fortune 1000 companies rely on Autodesk for the tools to visualize, simulate and analyze real-world performance early in the design process to save time and money, enhance quality and foster innovation. For additional information about Autodesk, visit http://www.autodesk.com/.

Occasionally, Autodesk makes statements regarding planned or future development efforts for our existing or new products and services. These statements are not intended to be a promise or guarantee of future delivery of products, services, or features but merely reflect our current plans, which may change. The Company assumes no obligation to update these forward-looking statements to reflect any change in circumstances, after the statements are made.

Autodesk and AutoCAD are registered trademarks of Autodesk, Inc., and/or its subsidiaries and/or affiliates in the USA and/or other countries. All other brand names, product names or trademarks belong to their respective holders. Autodesk reserves the right to alter product offerings and specifications at any time without notice, and is not responsible for typographical or graphical errors that may appear in this document.

(Logo: http://www.newscom.com/cgi-bin/prnh/20050415/SFF034LOGO)

Photo: http://www.newscom.com/cgi-bin/prnh/20050415/SFF034LOGO
http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com Autodesk, Inc.

CONTACT: Brett Smith of Autodesk, Inc., +1-415-547-2405,
brett.smith@autodesk.com; or Carey Godbee, +1-760-758-4406,
cgodbee@b3communications.com, for Autodesk, Inc.

Web Site: http://www.autodesk.com/

Enterprise Cloud Summit Featured at Interop Las Vegas 2009Two-Day Conference Targets Business Adoption of Cloud Computing

SAN FRANCISCO, April 23 /PRNewswire/ -- Enterprise Cloud Summit, produced by TechWeb, today announced the first program focused exclusively on helping enterprises implement cloud computing. Enterprise Cloud Summit, presented at Interop Las Vegas, takes place May 18-19, with an exhibition May 19-21, 2009 at the Mandalay Bay Convention Center in Las Vegas. For more information or to register, visit: http://www.cloudsummit.com/enterprise-lv/.

Hosted by Alistair Croll, Principal Analyst at BitCurrent (http://www.bitcurrent.com/), Enterprise Cloud Summit is the industry's only event focused on how traditional enterprises can adopt cloud computing models. The program is comprised of thought leader panels, candid conversations with industry luminaries, and hands-on real-world demos by Syntenic (http://www.syntenic.com/) showcasing the promise -- and the risk -- of on-demand computing. To address what the new platform of cloud computing means to the enterprise, the following four key topics will be explored:

-- Clouds and the Enterprise: A detailed look at how cloud computing fits within enterprise IT strategies. -- The Dark Side of Clouds: Consideration of the potential pitfalls of cloud computing, and how to navigate them, when deciding whether to make on-demand computing a cornerstone of a company's IT strategy. -- The Business Case: ROI and Migration: Discussions of the ROI from cloud strategies, pricing models, and how to migrate to utility computing offerings. -- On the Horizon: The Future of On-Demand IT: A roadmap for this fundamental shift in computing and networks, and how cloud adoption drives enterprise agility and ubiquitous enterprise IT.

"Cloud computing is rapidly evolving and has quickly become a major influencer on how we buy and use IT," said Lenny Heymann, Interop General Manager. "We've created Enterprise Cloud Summit specifically to tackle the big issues, arming decision makers with the facts needed to leverage the shift and take advantage of the powerful innovations and solutions the cloud has to offer."

The Enterprise Cloud Summit program includes a series of keynotes on the Interop stage open to all attendees on Tuesday, May 19, 2009 from 1:00-2:30 pm. MR Rangaswami, Co-Founder, Sand Hill Group, is the keynote host of the event and will welcome the following to the stage:

-- Russ Daniels, VP and CTO, Cloud Services Strategy, Hewlett-Packard Company -- Vishal Sikka, CTO, SAP -- Ric Telford, VP, IBM Cloud Services

Other featured speakers at Enterprise Cloud Summit include: Lew Moorman, President, Cloud and Chief Strategy Officer, Rackspace; Mike Repass, Product Manager, Google's App Engine; Amitabh Srivastava, Senior VP, Windows Azure, Microsoft; and Werner Vogels, CTO and VP, Amazon.

Enterprise Cloud Summit is co-located with Interop Las Vegas (http://www.interop.com/lasvegas), the leading business technology event. Interop Las Vegas 2009 offers a large and comprehensive IT expo, proudly welcoming more than 400 exhibitors. Enterprise Cloud Summit sponsors include: HP, IBM, SAP, Ascentium, Terremark, 3Par, Aserver, Amazon Web Services, Artuslabs, WindowsAzure, Joyent, Mashery, OpSource, Rackspace Cloud, Right Scale, WebEx and Webroot. Vendors driving innovation in cloud computing will be located in Interop's Cloud Zone.

About TechWeb

TechWeb, the global leader in business technology media, is an innovative business focused on serving the needs of technology decision-makers and marketers worldwide. TechWeb produces the most respected and consumed media brands in the business technology market. Today, more than 13.3 million* business technology professionals actively engage in our communities created around our global face-to-face events Interop, Web 2.0, Black Hat and VoiceCon; online resources such as the TechWeb Network, Light Reading, Intelligent Enterprise, InformationWeek.com, bMighty.com, and The Financial Technology Network; and the market leading, award-winning InformationWeek, TechNet Magazine, MSDN Magazine, Wall Street & Technology magazines. TechWeb also provides end-to-end services ranging from next-generation performance marketing, integrated media, research, and analyst services. TechWeb is a division of United Business Media, a global provider of news distribution and specialist information services with a market capitalization of more than $2.5 billion.

*13.3 million business decision-makers: based on # of monthly connections

TechWeb

CONTACT: Natalia Wodecki, PR Manager of TechWeb, NWodecki@techweb.com

Web Site: http://www.cmp.com/

Media General Holds Annual Meeting of Stockholders

RICHMOND, Va., April 23 /PRNewswire-FirstCall/ -- Media General, Inc. shareholders today re-elected eight directors to one-year terms and elected one new director, Scott D. Anthony. Mr. Anthony is president of Innosight LLC, a consulting firm specializing in strategies for growth through innovation, and he is well known in the media industry. In 2005-2006, he spearheaded a major project with the American Press Institute to help the newspaper industry address the challenges of transformation spurred by technology and changing customer preferences. He helped create the Newspaper Next process for researching and testing viable new business models.

Directors re-elected were: J. Stewart Bryan III, chairman; O. Reid Ashe, Jr., Diana F. Cantor, Marshall N. Morton, Thompson L. Rankin, Rodney A. Smolla, Walter E. Williams and Coleman Wortham III.

Marshall N. Morton, president and chief executive officer, reported on the state of the company. "Technology-driven advances have opened the door to more opportunities for us than anyone could have imagined. As owners of broadcast, print and online properties, we are particularly well positioned to operate in this new world. Media General's competitive advantage is that we produce valued local content that no one else does. People want our content as much as ever before, they just want it packaged their way. Our strategy, therefore, is to make our content easily accessible on all the platforms people are using and to find new ways to monetize that content," Mr. Morton said.

"We've made a lot of progress pushing into new digital platforms and creating new ways to serve consumers and advertisers. Unfortunately, many of our successes have been masked by the unprecedented economic downturn in which we've been operating," he said.

He noted the company had taken a number of steps to respond to the economic downturn, including staffing reductions. Since the beginning of 2007, the company has reduced its workforce by nearly 1,500 or 21 percent. Today, the company has approximately 5,300 employees.

Mr. Morton outlined a number of the initiatives the company has taken to move into the digital world and transform its businesses to drive growth. "Media General's online audience growth continues to be very strong. Last year, page views increased 11 percent, visitor sessions grew 22 percent, and unique visitors rose 28 percent. Our average monthly unique visitors are approaching 10 million," he said.

"The delivery of news and information from our Web sites to mobile devices has come on fast and furiously, especially in the past year. We're providing text messaging of news, weather and sports as well as mobile delivery of new advertising and marketing services to more and more people. Our mobile Web sites currently draw about 1 million page views a month from mobile devices," Mr. Morton said.

He said Media General has optimized its Web sites to serve consumers who have iPhone and iPod Touch devices. "The social media phenomenon has opened endless opportunities for us to deliver our content on new platforms, to reach new audiences, and to extend our brands. Some of our television journalists interact live and on air with their audiences using social media, reacting to viewers comments and questions. People want to be part of the conversation, and this is a great way to satisfy that need and engage our audience."

Mr. Morton said, "A transforming development occurring in the world of online advertising right now is the deployment of Yahoo!'s targeted advertising technology on our Web sites. This capability opens significant opportunity for our markets and advertisers. Essentially, the Yahoo! technology delivers smart ads to users based on their online behavior. Our pilot site launched in Charlottesville in March. We've signed new business in the auto, retail, service and real estate categories as a result. Advertisers are keenly interested in being able to target their message so precisely to consumers who are most likely to buy their product or service. All of our sites will be using this leading-edge technology by the end of the third quarter."

Currently, the fastest growing online categories for Media General are Local online revenues and interactive advertising services. Local online revenues grew 37 percent in 2008 and the company maintained this momentum in the first quarter of 2009.

Mr. Morton concluded his remarks by saying, "We have more opportunities to serve more people with more content and to connect advertisers to the consumers they want to reach. We will continue to pursue those opportunities while, in the short term, continuing to manage our way through the recession. Recently, there have been some encouraging signs of improvement in various parts of the economy. We hope to see more signs of improvement, and it's within our power to produce some of those signs by accelerating the types of initiatives I've just described. I'm proud of how well our employees have embraced change. I'm excited about our future, and I believe in our prospects for growth and success. We operate in growth markets, with strong assets and brands. Media General is in a good position to rebound as the economy improves, and I'm confident we will emerge from the recession as a stronger company."

The full Annual Meeting presentation is available on http://www.mediageneral.com/. Forward-Looking Statements

This news release contains forward-looking statements that are subject to various risks and uncertainties and should be understood in the context of the company's publicly available reports filed with the Securities and Exchange Commission. Media General's future performance could differ materially from its current expectations.

About Media General

Media General is a leading provider of local news, information and entertainment over multiple media platforms. The company serves markets primarily in the Southeastern United States. Media General publishes 21 daily newspapers, including The Tampa Tribune, Richmond Times-Dispatch, and Winston-Salem Journal; and community newspapers in Virginia, North Carolina, Florida, Alabama and South Carolina; plus more than 250 weekly newspapers and other targeted publications. The company owns and operates 19 network-affiliated television stations that reach approximately 30 percent of the television households in the Southeast and nearly 9 percent of those in the United States. The company's interactive media operations include Web sites and portals that are associated with each of its newspapers and television stations as well as with many specialty publications, and three growing interactive advertising services companies, Blockdot, Inc., NetInformer and DealTaker.com.

Media General, Inc.

CONTACT: Investors, Lou Anne Nabhan, +1-804-649-6103, or Media, Ray
Kozakewicz, +1-804-649-6748, both of Media General, Inc.

Web Site: http://www.mediageneral.com/

Nokia: Dividend of EUR 0.40 per Share; Board and Committee Members Elected

ESPOO, Finland, April 23 /PRNewswire-FirstCall/ -- Dividend

The Annual General Meeting of Nokia Corporation held on April 23, 2009 (AGM) resolved to distribute a dividend of EUR 0.40 per share for 2008. The dividend ex-date is April 24, 2009 and the record date April 28, 2009. The dividend will be paid on or around May 13, 2009.

Board and Committee members

The AGM resolved to elect eleven members to the Board. The following members of the Nokia Board were re-elected for a term until the close of the Annual General Meeting in 2010: Georg Ehrnrooth, Lalita D. Gupte, Dr. Bengt Holmstrom, Dr. Henning Kagermann, Olli-Pekka Kallasvuo, Per Karlsson, Jorma Ollila, Dame Marjorie Scardino, Risto Siilasmaa and Keijo Suila. Isabel Marey-Semper was elected as a new member to the Nokia Board of Directors for the same term.

In its assembly meeting, the Board of Directors elected Jorma Ollila as Chairman of the Board, and Dame Marjorie Scardino as Vice Chairman of the Board.

The Board of Directors also elected the members of the Board Committees. Per Karlsson was elected Chairman and Henning Kagermann, Marjorie Scardino and Keijo Suila as members of the Personnel Committee. Georg Ehrnrooth was elected as Chairman and Lalita D. Gupte, Isabel Marey-Semper and Risto Siilasmaa as members of the Audit Committee. Marjorie Scardino was elected as Chairman and Georg Ehrnrooth and Per Karlsson as members of the Corporate Governance and Nomination Committee.

The AGM resolved the following annual fees to be paid to the members of the Board of Directors for the term until the close of the Annual General Meeting in 2010: EUR 440 000 for the Chairman, EUR 150 000 for the Vice Chairman and EUR 130 000 for each member. In addition, the AGM resolved that the chairmen of the Audit Committee and the Personnel Committee will each be paid an additional annual fee of EUR 25 000, and other members of the Audit Committee an additional annual fee of EUR 10 000 each. The AGM also resolved, in line with the past practice, that approximately 40% of the remuneration will be paid in Nokia shares purchased from the market.

Other resolutions of the Annual General Meeting

The AGM re-elected PricewaterhouseCoopers Oy as the external auditor for Nokia for the fiscal period 2009.

The AGM authorized the Board of Directors to resolve to repurchase a maximum of 360 million Nokia shares. The authorization is effective until June 30, 2010. The shares will be repurchased in public trading for purposes identified in the authorization by the AGM at a price based on the market price of the Nokia share. Repurchases may also be carried out by entering into derivative, share lending or other arrangements, in which case the repurchase price paid by the Company may differ from the market price of the execution date of the arrangement. The object of the repurchase authorization is to maintain flexibility, but the Board has no current plans for repurchases during 2009.

It should be noted that certain statements herein which are not historical facts, including, without limitation, those regarding: A) the timing of product, services and solution deliveries; B) our ability to develop, implement and commercialize new products, services, solutions and technologies; C) our ability to develop and grow our consumer Internet services business; D) expectations regarding market developments and structural changes; E) expectations regarding our mobile device volumes, market share, prices and margins; F) expectations and targets for our results of operations; G) the outcome of pending and threatened litigation; H) expectations regarding the successful completion of contemplated acquisitions on a timely basis and our ability to achieve the set targets upon the completion of such acquisitions; and I) statements preceded by "believe," "expect," "anticipate," "foresee," "target," "estimate," "designed," "plans," "will" or similar expressions are forward-looking statements. These statements are based on management's best assumptions and beliefs in light of the information currently available to it. Because they involve risks and uncertainties, actual results may differ materially from the results that we currently expect. Factors that could cause these differences include, but are not limited to: 1) the deteriorating global economic conditions and related financial crisis and their impact on us, our customers and end-users of our products, services and solutions, our suppliers and collaborative partners; 2) the development of the mobile and fixed communications industry, as well as the growth and profitability of the new market segments that we target and our ability to successfully develop or acquire and market products, services and solutions in those segments; 3) the intensity of competition in the mobile and fixed communications industry and our ability to maintain or improve our market position or respond successfully to changes in the competitive landscape; 4) competitiveness of our product, services and solutions portfolio; 5) our ability to successfully manage costs; 6) exchange rate fluctuations, including, in particular, fluctuations between the euro, which is our reporting currency, and the US dollar, the Japanese yen, the Chinese yuan and the UK pound sterling, as well as certain other currencies; 7) the success, financial condition and performance of our suppliers, collaboration partners and customers; 8) our ability to source sufficient amounts of fully functional components, sub-assemblies, software and content without interruption and at acceptable prices; 9) the impact of changes in technology and our ability to develop or otherwise acquire and timely and successfully commercialize complex technologies as required by the market; 10) the occurrence of any actual or even alleged defects or other quality, safety or security issues in our products, services and solutions; 11) the impact of changes in government policies, trade policies, laws or regulations or political turmoil in countries where we do business; 12) our success in collaboration arrangements with others relating to development of technologies or new products, services and solutions; 13) our ability to manage efficiently our manufacturing and logistics, as well as to ensure the quality, safety, security and timely delivery of our products, services and solutions; 14) inventory management risks resulting from shifts in market demand; 15) our ability to protect the complex technologies, which we or others develop or that we license, from claims that we have infringed third parties' intellectual property rights, as well as our unrestricted use on commercially acceptable terms of certain technologies in our products, services and solutions; 16) our ability to protect numerous Nokia, NAVTEQ and Nokia Siemens Networks patented, standardized or proprietary technologies from third-party infringement or actions to invalidate the intellectual property rights of these technologies; 17) any disruption to information technology systems and networks that our operations rely on; 18) developments under large, multi-year contracts or in relation to major customers; 19) the management of our customer financing exposure; 20) our ability to retain, motivate, develop and recruit appropriately skilled employees; 21) whether, as a result of investigations into alleged violations of law by some former employees of Siemens AG ("Siemens"), government authorities or others take further actions against Siemens and/or its employees that may involve and affect the carrier-related assets and employees transferred by Siemens to Nokia Siemens Networks, or there may be undetected additional violations that may have occurred prior to the transfer, or violations that may have occurred after the transfer, of such assets and employees that could result in additional actions by government authorities; 22) any impairment of Nokia Siemens Networks customer relationships resulting from the ongoing government investigations involving the Siemens carrier-related operations transferred to Nokia Siemens Networks; 23) unfavorable outcome of litigations; 24) allegations of possible health risks from electromagnetic fields generated by base stations and mobile devices and lawsuits related to them, regardless of merit; as well as the risk factors specified on pages 11-28 of Nokia's annual report on Form 20-F for the year ended December 31, 2008 under Item 3D. "Risk Factors." Other unknown or unpredictable factors or underlying assumptions subsequently proving to be incorrect could cause actual results to differ materially from those in the forward-looking statements. Nokia does not undertake any obligation to publicly update or revise forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent legally required.

http://www.nokia.com/

Nokia Corporation

CONTACT: Media and Investor Contacts: Nokia, Communications, Tel.
+358-7180-34900, Email: press.services@nokia.com. Investor Relations Europe,
Tel. +358-7180-34289. Investor Relations US, Tel. +1-914-368-0555

Siemens and newScale to Present Service Catalog & Virtualization WebinarSiemens Uses newScale Service Catalog Software to Reduce Costs and Improve Efficiency

NORWALK, Conn. and SAN MATEO, Calif., April 23 /PRNewswire/ -- Siemens IT Solutions and Services, Inc. , a leading provider of IT consulting and outsourcing services, announced today that it will join newScale in a Webinar titled "How to Cut IT Costs and Govern Virtualization," on April 30, 2009 at 9:00am Pacific / 12noon Eastern. The Webinar will focus on how IT can do more with less in these turbulent economic times, leveraging Service Catalog and virtualization technologies.

(Logo: http://www.newscom.com/cgi-bin/prnh/20070904/SIEMENSLOGO ) To register for this webinar, visit: http://www.newscale.com/siemens/sdb.

This interactive session will feature Bruce Coughlin, vice president of innovation for Siemens IT Solutions & Services. He will outline how Siemens uses newScale Service Catalog software -- for both end user and data center services -- to increase IT efficiency and reduce costs in the economic downturn. Ken Remington, vice president of alliances at newScale, will join Coughlin to discuss other case study examples from Siemens' IT outsourcing clients using newScale technology.

"These are challenging times for any IT organization," said Coughlin. "With newScale Service Catalog software and the Siemens Transformational Data Center (TDC) approach, we have seen dramatic improvements in operational efficiency - helping to drive IT cost take-out and deliver tangible business value."

The live online seminar will outline how Siemens IT Solutions & Services: -- Eliminated 40 percent of service desk calls and improved end user satisfaction, by using the newScale Service Catalog for self-service request management; -- Improved the utilization ratio in its data centers to more than 80 percent and reduced energy consumption by more than 30 percent, through consolidation and virtualization.

Siemens IT Solutions & Services and newScale will showcase their joint solutions at the upcoming Gartner Outsourcing & Vendor Management Summit, May 4-6, 2009 at the Mandalay Bay Resort & Casino in Las Vegas, NV.

Siemens and newScale will also hold an invitation-only dinner for clients and business associates on Monday, May 4th in Las Vegas. To request a meeting during the Gartner event or for information about this private dinner, please contact gina.dellacava@siemens.com.

About Siemens IT Solutions & Services

Siemens IT Solutions and Services is an internationally leading provider of IT solutions and services. It covers the entire service chain from a single source, from consulting to systems integration, to the management of IT infrastructure. In addition, Siemens IT Solutions and Services extends the range of offerings of the Siemens sectors to include software development and IT solutions. With its comprehensive know-how and industry-specific knowledge, Siemens IT Solutions and Services provides measurable added value for its customers. The Siemens division employs more than 41,000 people and posts annual sales of approximately $6.7 billion. More information at: http://www.it-solutions.usa.siemens.com/.

newScale, Inc.

newScale, Inc. is a leader in IT Service Catalog and Service Portfolio Management software solutions, with more than 1.5 million users worldwide. newScale solutions enable IT organizations to catalog their portfolio of services, govern demand for services, manage delivery of services, and optimize service quality. newScale customers - including more than twenty percent of the Fortune 50 - benefit from increased operational efficiency, reduced costs, improved service levels, and greater IT/business alignment. For more information, please visit the newScale web site at http://www.newscale.com/.

Photo: http://www.newscom.com/cgi-bin/prnh/20070904/SIEMENSLOGO Siemens IT Solutions & Services, Inc.

CONTACT: Scott M. Smith of Siemens, scott.m.smith@siemens.com or Mary
Lindmeier of newScale, +1-650-403-7725, press@newscale.com

Web Site: http://www.it-solutions.usa.siemens.com/

Count-Down to Ethernet Expo: Europe 2009

LONDON, April 23 /PRNewswire/ --

- Industry leaders participate in the telco industry's first ever Ethernet global interconnect demonstration

Light Reading has announced the latest details on the Global Interconnect demonstration and conference program at Ethernet Expo: Europe 2009, May 13-14 at ExCel Conference Centre in London. COLT, Tata Communications, and ntl:Telewest will be working together with leading vendors Alcatel-Lucent, Cisco, Creanord, Matisse Networks, Omnitron Systems, and Spirent to present the telco industry's first ever public demonstration of globally interconnected Carrier Ethernet services.

Keynote speeches from Nan Chen (MEF), Alireza Mahmoodshahi (COLT), Dr. Kamran Sistanizadeh (Reliance Globalcom), Steve Best (BT Wholesale), and Matthew Finnie (Interoute), head a topical program of "Success Story" presentations and educational "Think Tanks" addressing specific topics including: converged packet optical solutions, consumer video services, service management strategies, and application performance challenges. The program is rounded off with the presentation of this year's Light Reading Carrier Ethernet Awards for service providers, vendors, and the person of the year.

"Ethernet Expo, with partners Iometrix and the MEF's support, is moving the entire Carrier Ethernet industry and ecosystem forward with the Global Interconnect demo," says Joseph Braue, Group Director/Senior Vice President, Light Reading. "The response from Tier 1 carriers COLT, NTL, and Tata, and the commitment of industry-leading vendors underline the vital significance of this event. The power of this cooperation, combined with an impressive list of speakers from both the telcom industry and enterprise, puts Ethernet Expo at the very forefront of today's Carrier Ethernet revolution."

The two-day conference runs from 8:00 to 17:00 on Wednesday, May 13, and from 8:00 to 15:00 on Thursday - ending with the prestigious Ethernet Expo Europe Awards ceremony. Five categories will be awarded this year: two for Ethernet Service Provider of the Year, celebrating Best Ethernet Service and Best Product Portfolio; two for Carrier Ethernet Vendor of the Year, covering Best Access Product and Best Infrastructure Product; and a special award for Carrier Ethernet Person of the Year for the industry professional who has made the greatest contribution to advance the adoption of Carrier Ethernet services and/or technologies in Europe since last year's Ethernet Expo.

Bob Mandeville, President and Founder of Iometrix, the company organizing the Global Interconnect demonstration, explains: "Global Interconnect will integrate multiple demonstrations built around live, interconnected services delivered by COLT, ntl:Telewest, and Tata Communications. They will be working together to show that MEF-certified Carrier Ethernet services are already spanning the globe and are fully able to meet corporate customer expectations."

A live circuit will run from the Conference Centre to a London data exchange, then to Frankfurt, back to London, and back to the Conference Centre, running ongoing videoconferencing services with service quality checks performed in real time. Videoconferencing is not only a highly demanding interactive application in terms of bandwidth and performance, it is also very challenging as a demonstration because poor quality of experience is immediately visible to the viewer. For a truly unique "world-first" demonstration, a second circuit spans the globe from London to Los Angeles to Singapore to Chemai in India and back to London, and will be posting key performance and management statistics on a real-time display to demonstrate how MEF14-certified service offerings can be chained together to create a global interconnected service that you can still rely on to perform to MEF14 standards.

Adjoining the demonstration is the Vendor Showcase, the engine room of Global Interconnect, offering a close-up view of the next-generation implementations of protocols and services from multiple core and access switch vendors working together to interoperate and create the foundations for a new, expanded, and global service landscape.

The full program and demonstration details can be found on Light Reading's Ethernet Expo: Europe 2009 Website: www.ethernetexpoeurope.com. Registration for press and analysts is free.

About Light Reading

Founded in 2000, Light Reading (www.lightreading.com) is the leading online media, research, and focused event company serving the US$3 trillion worldwide communications market. Lightreading.com is the ultimate source for technology and financial analysis of the communications industry, leading the media sector in terms of traffic, content, and reputation. Light Reading's research arms, Heavy Reading and Pyramid Research, provide the most comprehensive communications research, market data, and technology analysis in close to 100 markets around the world. Light Reading produces nearly 20 targeted communications events including TelcoTV, Ethernet Expo New York and Ethernet Expo London, The Tower Summit @ CTIA, and Optical Expo, as well as focused one-day events tailored for cable, mobile, and wireline executives. Light Reading was acquired by United Business Media in August 2005 and operates as a unit of TechWeb.

About TechWeb

TechWeb (http://techweb.com/aboutus), the global leader in business technology media, is an innovative business focused on serving the needs of technology decision-makers and marketers worldwide. TechWeb produces the most respected and consumed media brands in the business technology market. Today, more than 13.3 million* business technology professionals actively engage in our communities created around our global face-to-face events, Interop, Web 2.0, Black Hat, and VoiceCon; online resources such as the TechWeb Network, Light Reading, Intelligent Enterprise, InformationWeek.com, bMighty.com, and The Financial Technology Network; and the market leading, award-winning InformationWeek, TechNet Magazine, MSDN Magazine, and Wall Street & Technology magazines. TechWeb also provides end-to-end services including next-generation performance marketing, integrated media, research, and analyst services. TechWeb is a division of United Business Media, a global provider of news distribution and specialist information services with a market capitalization of more than US$2.5 billion.

*13.3 million business decision-makers: based on number of monthly connections

About United Business Media Limited

UBM (UBM.L) focuses on two principal activities: worldwide information distribution, targeting and monitoring; and, the development and monetisation of B2B communities and markets. UBM's businesses inform markets and serve professional commercial communities - from doctors to game developers, from journalists to jewelry traders, from farmers to pharmacists - with integrated events, online, print and business information products. Our 6,500 staff in more than 30 countries are organised into specialist teams that serve these communities, bringing buyers and sellers together, helping them to do business and their markets to work effectively and efficiently. For more information, go to http://www.unitedbusinessmedia.com

Contact: Amy Averbook Director of Corporate Marketing Light Reading averbook@lightreading.com +1-212-925-0020 x112

Light Reading

Amy Averbook, Director of Corporate Marketing, Light Reading, +1-212-925-0020 x112, averbook@lightreading.com