UTStarcom Releases Financial Results for the First Quarter of 2009

ALAMEDA, Calif., May 7 /PRNewswire-FirstCall/ -- UTStarcom, Inc. , today reported financial results for the first quarter ended March 31, 2009.

(Logo: http://www.newscom.com/cgi-bin/prnh/20051013/SFTH063LOGO)

On July 1, 2008, the Company divested its Personal Communications Division ("PCD") which has historically represented a significant portion of the Company's revenues. On December 18, 2008, the Company announced actions to wind down its Korea-based handset manufacturing operations. To enable a comparison of the financial results for the Company on a year-over-year basis the Company has prepared certain pro forma non-GAAP results which present the Company's results as if both the divestiture of PCD and the wind down of the Company's Korea-based handset operations were completed prior to each time period presented. The reconciliation between GAAP and these pro forma non-GAAP financial measures is provided at the end of this press release and on the Company's website.

GAAP Results

Net sales for the first quarter of 2009 were $119 million as compared to $586 million in the first quarter of 2008 primarily reflecting the PCD divestiture and our exit from other non-core businesses. Gross margins for the first quarter of 2009 and 2008 were 18.1% and 15.7%, respectively. The operating loss for the first quarter of 2009 and 2008 was $59 million and $31 million, respectively.

The net loss for the first quarter of 2009 was $67.4 million, or ($0.54) per share, as compared to a net gain of $25.4 million, or $0.21 per share in the first quarter of 2008.

Net cash, cash equivalents and short-term investments as of March 31, 2009 was $301 million compared to $314 million on December 31, 2008.

"Although the first quarter revenue was slightly below our expectations we are encouraged by the first quarter bookings which indicate continued demand for our products. Additionally, our quarter end cash balance was well above the level we previously anticipated," said Peter Blackmore, UTStarcom's chief executive officer and president. "The execution of our recently announced initiatives led to further improvement in the Company's ongoing cost structure."

Mr. Blackmore added, "In order to accelerate our return to profitability we expect to announce further significant initiatives later this month."

Significant Items Impacting the First Quarter 2009 and 2008 Results

The following significant items negatively affected the first quarter 2009 operating loss:

-- A net increase of $4.9 million in inventory reserves due to the anticipated decline in demand for PAS handsets. -- A charge of $8.1 million relating to one customer consisting of a $1.5 million inventory reserve and a $6.6 million increase in allowance for doubtful accounts receivables. -- A $4.8 million restructuring charge related to the initiatives announced in December 2008.

The net gain in the first quarter 2008 includes the positive impact of certain significant items including $49 million in gains on sale of investments and a net $9 million tax benefit primarily due to a change in withholding tax laws in China.

Pro Forma Non-GAAP Results

The first quarter 2009 pro forma non-GAAP revenue and gross margins were $80 million and 23.8%, respectively. This compares to non-GAAP revenue and gross margins of $155 million and 36.8% in the first quarter of 2008. The decrease in pro forma non-GAAP revenues and pro forma non-GAAP gross margins primarily reflects the expected volume decline in our PAS business. The first quarter 2009 pro forma non-GAAP operating loss was $59 million compared to $49 million a year ago.

The significant items outlined above also negatively impacted the first quarter pro forma non-GAAP results.

Conference Call

The call will take place at 2:00 p.m. (PST) / 5:00 p.m. (EST) on May 7, 2009. The conference call dial-in numbers are as follows: United States -- 888-889-1058; International -- 706-634-2327. The conference ID number is 9821-6310.

A replay of the call will be available for 30 days. The conference call replay numbers are as follows: United States -- 800-642-1687; International -- 706-645-9291. The Access Code is 9821-6310.

Investors will also have the opportunity to listen to the conference call and the replay over the Internet through the investor relations section of UTStarcom's Web site at: http://www.utstar.com/.

To listen to the live call, please go to the Web site at least 15 minutes early to register, and to download and install any necessary audio software. For those who cannot listen to the live broadcast, a replay will also be available on this site.

Discussion of Pro Forma Non-GAAP Financial Measures

In order to provide both management and investors with a more complete understanding of UTStarcom's underlying results and trends in light of the PCD divestiture and planned wind down of its Korea-based handset manufacturing operations, UTStarcom has prepared reconciliation tables for comparing GAAP results to non-GAAP measures of revenues, gross profits, operating expenses and operating profit (loss), along with an abbreviated, pro forma non-GAAP profit and loss statement based on these non-GAAP measures. The pro forma non-GAAP measures present the Company's results as if both the July 2008 divestiture of the Company's Personal Communications Division and the wind down of the Company's Korea-based handset operations were completed prior to each time period below.

In addition, these pro forma non-GAAP measures are among the information management uses as a basis for our planning and forecasting of future periods. The presentation of this additional information is not meant to be considered in isolation or as a substitute for results prepared in accordance with generally accepted accounting principles in the United States.

About UTStarcom, Inc.

UTStarcom is a global leader in IP-based, end-to-end networking solutions and international service and support. The Company sells its solutions to operators in both emerging and established telecommunications markets around the world. UTStarcom enables its customers to rapidly deploy revenue-generating access services using their existing infrastructure, while providing a migration path to cost-efficient, end-to-end IP networks. Founded in 1991 and headquartered in Alameda, California, the Company has research and development operations in the United States, China, Korea and India. For more information about UTStarcom, visit the Company's Web site at http://www.utstar.com/.

Forward-Looking Statements

This release includes forward-looking statements relating to, among other things, the Company's strategy to become profitable (including the timing of announcement and execution of further initiatives), future expected financial results, anticipated liquidity, capital expenditure requirements and the expected investment in the Company's IP-based product portfolio. Forward-looking statements are generally indicated by such words as "will," "expects," "estimates," "goals," "plans" or similar words. These statements are forward-looking in nature and subject to risks and uncertainties that may cause actual results to differ materially. These risks include the ability of the Company to realize anticipated results from operational improvements, finalize plans for additional initiatives, increase bookings and execute on its business plan as well as risk factors identified in its latest Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, as filed with the Securities and Exchange Commission.

UTStarcom, Inc. Condensed Consolidated Balance Sheets (in thousands) (Unaudited) March 31, December 31, 2009 2008 ASSETS Current assets: Cash, cash equivalents and short-term investments $300,534 $313,865 Accounts and notes receivable, net 99,504 169,496 Inventories and deferred costs 296,731 304,716 Prepaids and other current assets 113,527 144,515 ------- ------- Total current assets 810,296 932,592 Long-term assets: Property, plant and equipment, net 172,122 175,287 Long-term deferred costs 142,246 149,258 Other long-term assets 48,955 53,669 ------ ------ Total assets $1,173,619 $1,310,806 ========== ========== LIABILITIES AND EQUITY Current liabilities: Accounts payable $102,233 $176,384 Customer advances 160,659 144,700 Deferred revenue 123,880 117,584 Other current liabilities 176,940 181,852 ------- ------- Total current liabilities 563,712 620,520 Long-term liabilities: Long-term deferred revenue and other liabilities 205,678 222,644 ------- ------- Total liabilities 769,390 843,164 Total equity 404,229 467,642 ------- ------- Total liabilities and equity $1,173,619 $1,310,806 ========== ========== UTStarcom, Inc. Condensed Consolidated Statements of Operations (in thousands, except per share amounts) (Unaudited) Three months ended March 31, ---------------- 2009 2008 ---- ---- Net sales $119,340 $585,989 Cost of net sales 97,688 493,910 ------ ------- Gross profit 21,652 92,079 ------ ------ Operating expenses: Selling, general and administrative 54,180 79,744 Research and development 21,508 41,400 Amortization of intangible assets - 1,824 Restructuring charges 4,819 - ------ ------- Total operating expenses 80,507 122,968 ------ ------- Operating loss (58,855) (30,889) ------- ------- Interest income (expense), net 459 (3,254) Other (expense) income (7,214) 53,970 ------ ------ (Loss) income before income taxes (65,610) 19,827 Income taxes (expense) benefit (1,824) 5,020 ------ ----- Net (loss) income (67,434) 24,847 Net loss attributable to noncontrolling interest 1 510 --- --- Net (loss) income attributable to UTStarcom, Inc. $(67,433) $25,357 ======== ======= Net (loss) income per share attributable to UTStarcom, Inc. - Basic and Diluted $(0.54) $0.21 Weighted average shares used in per share calculation: - Basic 125,731 122,096 ======= ======= - Diluted 125,731 123,098 ======= ======= UTStarcom, Inc. Condensed Consolidated Statements of Cash Flows (in thousands) (Unaudited) 3 months ended 3 months ended March 31, March 31, 2009 2008 --------------- --------------- Net cash (used in) provided by operating activities $(12,007) $92,734 -------- ------- Cash flows from investing activities: Property, plant and equipment, net (1,055) (7,630) Purchase of an investment interest - (1,949) Proceeds from repayment of loan by a variable interest entity - 7,728 Change in restricted cash 2,068 (4,517) Short-term investments, net 3,286 52,162 Other 301 96 --- -- Net cash provided by investing activities 4,600 45,890 ----- ------ Cash flows from financing activities: Payments on borrowings - (288,861) Other (163) 2,473 ---- ----- Net cash used in financing activities (163) (286,388) Effect of exchange rate changes on cash and cash equivalents (2,463) 8,797 ------ ----- Net decrease in cash and cash equivalents (10,033) (138,967) Cash and cash equivalents at beginning of period 309,603 437,449 ------- ------- Cash and cash equivalents at end of period $299,570 $298,482 ======== ======== UTSTARCOM, INC. May 7, 2009 Conference Call RECONCILIATION OF GAAP REVENUE TO PRO FORMA NON-GAAP REVENUE ($ in millions) (Unaudited) To supplement our condensed consolidated financial statements presented on a GAAP basis, UTStarcom uses certain pro forma non-GAAP measures which are adjusted to present those metrics as if both PCD had been divested and the Korea handsets business had been wound down prior to each time period reflected below. We believe this enables year over year comparisons to our recent financial results. These adjustments to our GAAP results are made with the intent of providing both management and investors a more complete understanding of UTStarcom's underlying results and trends. In addition, these adjusted pro forma non-GAAP results are among the information management uses as a basis for our planning and forecasting of future periods. The presentation of this additional information is not meant to be considered in isolation or as a substitute for results prepared in accordance with generally accepted accounting principles in the United States. Qtr Qtr Qtr Qtr Year Qtr ended ended ended ended ended ended 31- 30- 30- 31- 31- 31- Mar- Jun- Sep- Dec- Dec- Mar- 08 08 08 08 08 09 ---- ---- ---- ---- ---- ---- GAAP Revenue (a) $586 $633 $181 $241 $1,641 $119 Less: PCD Segment Revenue (b) 431 449 - - 880 - Less: Korea Handset Sales to PCD (c) - - 35 92 127 39 ---- ---- ---- ---- ---- --- Non-GAAP Revenue $155 $184 $146 $149 $634 $80 ==== ==== ==== ==== ==== === (a) GAAP Revenue for each period is the consolidated revenue as reported on Form 10-Q or Form 10-K, as applicable, for such period, except for the consolidated revenue for the quarter ended December 31, 2008, which is derived from the revenue reported in the Form 10-Qs and Form 10-K with respect to fiscal year 2008. (b) Effective July 1, 2008 the PCD segment was divested by the Company. (c) Prior to the July 1, 2008 divestiture of PCD, Korea handset did not record revenue for units shipped to PCD as this activity was an intercompany transfer. After July 1, 2008 this activity was recorded as a third party sale in the Handset segment. UTSTARCOM, INC. May 7, 2009 Conference Call RECONCILIATION OF GAAP GROSS PROFIT TO PRO FORMA NON-GAAP GROSS PROFIT ($ in millions) (Unaudited) Qtr Qtr Qtr Qtr Year Qtr ended ended ended ended ended ended 31- 30- 30- 31- 31- 31- Mar- Jun- Sep- Dec- Dec- Mar- 08 08 08 08 08 09 ---- ---- ---- ---- ---- ---- GAAP Gross Profit (a) $92 $82 $57 $30 $261 $22 GAAP Gross Margin % 16% 13% 31% 12% 16% 18% Less: PCD Segment Gross Profit (b) 33 36 - - 69 - Less: Korea Handset Gross Profit from Sales to PCD (c) 2 0 6 (4) 4 3 --- --- -- --- ---- --- Non-GAAP Gross Profit $57 $46 $51 $34 $188 $19 === === === === ==== === Non-GAAP Gross Margin % 37% 25% 35% 23% 30% 24% (a) GAAP Gross Profit and GAAP Gross Margin % for each period is the consolidated gross profit and gross margin % as reported on Form 10-Q or Form 10-K, as applicable, for such period, except for the consolidated gross profit and gross margin % for the quarter ended December 31, 2008, which is derived from the gross profit and gross margin % reported in the Form 10-Qs and Form 10-K with respect to fiscal year 2008. (b) Effective July 1, 2008 the PCD segment was divested by the Company. (c) Prior to the July 1, 2008 divestiture of PCD, Korea handset earned a gross profit on the intercompany transfer of inventory to PCD. This gross profit was recorded in the Handset segment. After July 1, 2008 this activity was recorded as a third party transaction. UTSTARCOM, INC. May 7, 2009 Conference Call RECONCILIATION OF GAAP OPERATING EXPENSE TO PRO FORMA NON-GAAP OPERATING EXPENSE ($ in millions) (Unaudited) To supplement our condensed consolidated financial statements presented on a GAAP basis, UTStarcom uses certain pro forma non-GAAP measures which are adjusted to present those metrics as if both PCD had been divested and the Korea handsets business had been wound down prior to each time period reflected below. We believe this enables year over year comparisons to our recent financial results. These adjustments to our GAAP results are made with the intent of providing both management and investors a more complete understanding of UTStarcom's underlying results and trends. In addition, these adjusted pro forma non-GAAP results are among the information management uses as a basis for our planning and forecasting of future periods. The presentation of this additional information is not meant to be considered in isolation or as a substitute for results prepared in accordance with generally accepted accounting principles in the United States. Qtr Qtr Qtr Qtr Year Qtr ended ended ended ended ended ended 31- 30- 30- 31- 31- 31- Mar- Jun- Sep- Dec- Dec- Mar- 08 08 08 08 08 09 ---- ---- ---- ---- ---- ---- GAAP Operating Expense (a) $123 $113 $92 $109 $437 $81 Less: PCD Operating Expense (b) 8 7 - - 15 - Less: Korea Handset Operating Expense (c) 9 10 10 5 34 3 ---- --- --- ---- ---- --- Non-GAAP Operating Expense $106 $96 $82 $104 $388 $78 ==== === === ==== ==== === (a) GAAP Operating Expense for each period is the consolidated operating expense as reported on Form 10-Q or Form 10-K, as applicable, for such period, except for the consolidated operating expense for the quarter ended December 31, 2008, which is derived from the operating expenses reported in the Form 10-Qs and Form 10-K with respect to the fiscal year 2008. (b) Effective July 1, 2008 the PCD segment was divested by the Company. (c) Both prior to and after the July 1, 2008 divestiture of PCD, all direct operating expense relating to Korea handset has been recorded in the Handset segment. UTSTARCOM, INC. May 7, 2009 Conference Call RECONCILIATION OF GAAP OPERATING LOSS TO PRO FORMA NON-GAAP OPERATING LOSS ($ in millions) (Unaudited) To supplement our condensed consolidated financial statements presented on a GAAP basis, UTStarcom uses certain pro forma non-GAAP measures which are adjusted to present those metrics as if both PCD had been divested and the Korea handsets business had been wound down prior to each time period reflected below. We believe this enables year over year comparisons to our recent financial results. These adjustments to our GAAP results are made with the intent of providing both management and investors a more complete understanding of UTStarcom's underlying results and trends. In addition, these adjusted pro forma non-GAAP results are among the information management uses as a basis for our planning and forecasting of future periods. The presentation of this additional information is not meant to be considered in isolation or as a substitute for results prepared in accordance with generally accepted accounting principles in the United States. Qtr Qtr Qtr Qtr Year Qtr ended ended ended ended ended ended 31- 30- 30- 31- 31- 31- Mar- Jun- Sep- Dec- Dec- Mar- 08 08 08 08 08 09 ---- ---- ---- ---- ---- ---- GAAP Operating Loss (a) ($31) ($31) ($35) ($79) ($176) ($59) Less: PCD Operating Profit (b) 25 28 - - 53 - Less: Korea Handset Operating Loss (c) (7) (10) (4) (9) (30) - ---- ---- ---- ---- ----- ---- Non-GAAP Operating Loss ($49) ($49) ($31) ($70) ($199) ($59) ==== ==== ==== ==== ===== ==== (a) GAAP Operating Loss for each period is the consolidated operating loss as reported on Form 10-Q or Form 10-K, as applicable, for such period, except for the consolidated operating loss for the quarter ended December 31, 2008, which is derived from the operating loss reported in the Form 10-Qs and Form 10-K with respect to fiscal year 2008. (b) Effective July 1, 2008 the PCD segment was divested by the Company. (c) Both prior to and after the July 1, 2008 divestiture of PCD, the operating loss relating to Korea handset has been recorded in the Handset segment. UTSTARCOM, INC. May 7, 2009 Conference Call ABBREVIATED PRO FORMA NON-GAAP P&L STATEMENT (a) ($ in millions) (Unaudited) To supplement our condensed consolidated financial statements presented on a GAAP basis, UTStarcom uses certain pro forma non-GAAP measures which are adjusted to present those metrics as if both PCD had been divested and the Korea handsets business had been wound down prior to each time period reflected below. We believe this enables year over year comparisons to our recent financial results. These adjustments to our GAAP results are made with the intent of providing both management and investors a more complete understanding of UTStarcom's underlying results and trends. In addition, these adjusted pro forma non-GAAP results are among the information management uses as a basis for our planning and forecasting of future periods. The presentation of this additional information is not meant to be considered in isolation or as a substitute for results prepared in accordance with generally accepted accounting principles in the United States. Qtr Qtr Qtr Qtr Year Qtr ended ended ended ended ended ended 31- 30- 30- 31- 31- 31- Mar- Jun- Sep- Dec- Dec- Mar- 08 08 08 08 08 09 ---- ---- ---- ---- ---- ---- Non-GAAP Revenue $155 $184 $146 $149 $634 $80 Non-GAAP Gross Profit 57 46 51 34 188 19 Non-GAAP Gross Margin % 37% 25% 35% 23% 30% 24% Non-GAAP Operating Expense 106 96 82 104 388 78 ---- ---- ---- ---- ----- ---- Non-GAAP Operating Loss ($49) ($49) ($31) ($70) ($199) ($59) ==== ==== ==== ==== ===== ==== (a) Please refer to the preceding reconciliation tables for the adjustments to GAAP Revenue, Gross Profit, Operating Expense and Operating Loss.

Photo: http://www.newscom.com/cgi-bin/prnh/20051013/SFTH063LOGO
http://photoarchive.ap.org/
photodesk@prnewswire.com UTStarcom, Inc.

CONTACT: Barry Hutton, Senior Director, Investor Relations of UTStarcom,
Inc., +1-510-769-2807, barry.hutton@utstar.com

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

Bankrate Announces First Quarter 2009 Financial ResultsRevenue of $38.3 millionADJUSTED EBITDA of $13.1 millionADJUSTED EPS of $0.31

NEW YORK, May 7 /PRNewswire-FirstCall/ -- Bankrate, Inc. , today reported financial results for the first quarter ended March 31, 2009. Total revenue for the first quarter was $38.3 million compared to $42.5 million reported in the first quarter of 2008, a decrease of 10%. Net income was $4.7 million or $0.25 per fully diluted share in the first quarter of 2009, compared to $6.8 million, or $0.35 per fully diluted share in the first quarter of 2008. Earnings per fully diluted share, excluding share-based compensation expense ("Adjusted EPS"), was $0.31 for the first quarter of 2009, compared to Adjusted EPS of $0.46 for the first quarter of 2008. Adjusted EPS, excluding intangible asset amortization and interest income ("Operating EPS"), for the first quarter of 2009 was $0.39 per share compared to $0.48 per share for the same period in 2008.

(Logo: http://www.newscom.com/cgi-bin/prnh/20040122/FLTHLOGO )

Earnings before interest, taxes, depreciation, and amortization, excluding share-based compensation expense ("Adjusted EBITDA"), were $13.1 million in the first quarter of 2009 compared to $16.1 million in the first quarter of 2008, a decline of 18%. Earnings before interest, taxes, depreciation and amortization ("EBITDA") for the first quarter 2009, including share-based compensation expense were $11.1 million compared to the $12.7 million reported in the first quarter 2008.

"Given the difficult economic and financial environment for our advertising customers, particularly in the banking sector, we're proud of our performance. Our consumer traffic continues to be strong and we believe that through our redesign and the diversification of our business that we are well-positioned for the future," said Thomas R. Evans, President and CEO of Bankrate, Inc. "As advertisers focus even more on the performance of their media spending, Bankrate will continue to be proven to be an environment where consumers come poised to transact and take action," Mr. Evans added.

2009 Guidance

"Consistent with our previous earnings call, we will not be issuing guidance for 2009 as the environment continues to provide limited visibility," Mr. Evans stated. "Bankrate has no debt and generates significant cash every month. We remain confident in our business over the long term and believe we are well positioned to take maximum advantage as the online advertising market improves. However, it is just difficult to predict how the economic environment plays out over the short term and how it will impact our business," Mr. Evans added.

First Quarter 2009 Highlights -- Total revenue for the quarter was $38.3 million, a decrease of 10%, or $4.2 million from the $42.5 million reported in the same period last year. -- Adjusted EBITDA for the first quarter was $13.1 million, a decrease of $3.0 million, or 18% from the $16.1 million reported in the first quarter of 2008. -- Online revenue for the first quarter was $36.5 million, a decrease of 9%, or $3.5 million from the $40.0 million reported in the same period last year. -- Graphic advertising and lead generation revenue was $25.4 million, a decrease of 4%, or $1.0 million from the $26.4 million reported in the first quarter of 2008. -- Hyperlink revenue for the quarter was $11.0 million, a decrease of 19%, or $2.6 million from the $13.6 million reported in the same period last year. -- Print publishing and licensing revenue for the first quarter was $1.9 million, a decrease of $0.6 million or 23%, compared to the $2.5 million reported in the first quarter of 2008. -- Page views for the first quarter were 199.5 million, a sequential increase of 21% over Q4 4008 and a decrease of 14.9 million, or 7%, compared to the 214.4 million reported in the first quarter of 2008. (The first quarter of 2008 was unusually high due to the previously disclosed January 2008 traffic spike.)

On April 1, 2009, the Company launched its redesigned Web site, Bankrate.com. The new site offers the following benefits to:

Consumers -- Easier to navigate -- Cleaner and less cluttered -- New editorial features -- More robust rate table experience Advertisers -- All ad formats to be IAB (Internet Advertising Bureau) compliant -- Better integration opportunities -- Greater flexibility to accommodate advertiser's best performing units -- More robust targeting and reporting The Company -- Architecture that will optimize traffic opportunities -- Foundation for future personalization and registration -- Ability to integrate other services across Bankrate's network

"The new site is off to a great start. Consumer feedback has been positive and we're confident that both our consumers and our advertisers will enjoy a better experience with the new and improved Bankrate.com Web site," Mr. Evans commented.

May 7, 2009 Conference Call Interactive Dial-In and Webcast Information:

To participate in the teleconference please call: (877) 681-3370. International participants should dial: (719) 325-4940. Please access at least 10 minutes prior to the time the conference is set to begin. A Webcast of this call can be accessed at Bankrate's Web site: http://investor.bankrate.com/.

Replay Information:

A replay of the conference call will be available beginning May 7, 2009 at 7:30 p.m. ET/ 4:30 p.m. PT through May 21, 2009. To listen to the replay, call (888) 203-1112 and use the passcode: 5030459. International callers should dial (719) 457-0820 and use the passcode: 5030459.

Non-GAAP Measures:

To supplement Bankrate's financial statements presented in accordance with generally accepted accounting principles ("GAAP"), Bankrate uses non-GAAP measures of certain components of financial performance, including EBITDA, Adjusted EBITDA, Adjusted EPS and Operating EPS, which are adjusted from results based on GAAP to exclude certain expenses, gains and losses. These non-GAAP measures are provided to enhance investors' overall understanding of Bankrate's current financial performance and its prospects for the future. Specifically, Bankrate believes the non-GAAP results provide useful information to both management and investors by excluding certain expenses, gains and losses that may not be indicative of its core operating results. In addition, because Bankrate has historically reported certain non-GAAP results to investors, Bankrate believes the inclusion of non-GAAP measures provides consistency in its financial reporting. These measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results. The non-GAAP measures included in this press release have been reconciled to the nearest GAAP measure.

About Bankrate, Inc.

The Bankrate network of companies includes Bankrate.com, Interest.com, Mortgage-calc.com, Nationwide Card Services, Savingforcollege.com, Fee Disclosure, InsureMe, CreditCardGuide.com and Bankaholic.com. Each of these businesses helps consumers make informed decisions about their personal finance matters. The company's flagship brand, Bankrate.com is a destination site of personal finance channels, including banking, investing, taxes, debt management and college finance. Bankrate.com is the leading aggregator of rates and other information on more than 300 financial products, including mortgages, credit cards, new and used auto loans, money market accounts and CDs, checking and ATM fees, home equity loans and online banking fees. Bankrate.com reviews more than 4,800 financial institutions in 575 markets in 50 states. In 2008, Bankrate.com had nearly 72 million unique visitors. Bankrate.com provides financial applications and information to a network of more than 75 partners, including Yahoo! , America Online , The Wall Street Journal and The New York Times . Bankrate.com's information is also distributed through more than 500 newspapers.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995:

Certain matters included in the discussion above may be considered to be "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of the Company and members of our management team. Such forward-looking statements include, without limitation, statements made with respect to future revenue, revenue growth, market acceptance of our products, and profitability. Investors and prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-looking statements include the following: the willingness of our advertisers to advertise on our web site, interest rate volatility, our ability to establish and maintain distribution arrangements, our ability to integrate the operations and realize the expected benefits of businesses that we have acquired and may acquire in the future, our ability to maintain the confidence of our advertisers by detecting click-through fraud or unscrupulous advertisers, the effect of unexpected liabilities we assume from our acquisitions, the effects of expanding our operations internationally, the ability of consumers to access our Online Network through non-PC devices, our ability to manage traffic on our Online Network and service interruptions, increased competition and its effect on traffic, advertising rates, margins and market share, our ability to protect our intellectual property, the effects of facing liability for content on our Online Network, the concentration of ownership of our common stock, the fluctuations of our results of operations from period to period, the accuracy of our financial statement estimates and assumptions, our ability to adapt to technological changes, the impact of legislative or regulatory changes affecting our business, changes in consumer spending and saving habits, changes in accounting principles, policies, practices or guidelines, effects of changes in the stock market and other capital markets, the strength of the United States economy in general. These and additional important factors to be considered are set forth under "Introductory Note," "Item 1A. Risk Factors,'' "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations'' and in the other sections of our Annual Report on Form 10-K for the year ended December 31, 2008, and in our other filings with the Securities and Exchange Commission. We undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results or expectations.

For more information contact: Edward J. DiMaria SVP, Chief Financial Officer edimaria@bankrate.com (917) 368-8608 Bruce J. Zanca SVP, Chief Communications/Marketing Officer bzanca@bankrate.com Bankrate, Inc. Condensed Consolidated Balance Sheets (Unaudited) (In thousands, except share and per share data) March 31, December 31, 2009 2008 ---- ---- Assets Cash and cash equivalents $47,038 $46,055 Accounts receivable, net of allowance for doubtful accounts of approximately $1,026 and $1,566 at March 31, 2009 and December 31, 2008, respectively 21,023 22,567 Deferred income taxes, current portion 816 816 Prepaid expenses and other current assets 1,215 1,608 ----- ----- Total current assets 70,092 71,046 Furniture, fixtures and equipment, net 7,026 2,521 Deferred income taxes 7,413 7,413 Intangible assets, net 80,694 83,347 Goodwill 101,886 101,856 Other assets 667 4,567 --- ----- Total assets $267,778 $270,750 ======== ======== Liabilities and Stockholders' Equity Liabilities: Accounts payable $3,470 $3,723 Accrued expenses 8,638 5,665 Acquisition earn-out liability - 11,750 Deferred revenue 1,086 1,018 Other current liabilities 15 16 -- -- Total current liabilities 13,209 22,172 Other liabilities 142 148 --- --- Total liabilities 13,351 22,320 ------ ------ Stockholders' equity: Preferred stock, 10,000,000 shares authorized and undesignated - - Common stock, par value $.01 per share-- 100,000,000 shares authorized; 18,776,986 and 18,816,986 shares issued and outstanding at March 31, 2009 and December 31, 2008, respectively 188 188 Additional-paid in capital 220,833 219,294 Retained earnings 33,406 28,948 ------ ------ Total stockholders' equity 254,427 248,430 ------- ------- Total liabilities and stockholders' equity $267,778 $270,750 ======== ======== Bankrate, Inc. Condensed Consolidated Statements of Income (Unaudited) (In thousands, except share and per share data) Three Months Ended March 31, 2009 2008 ---- ---- Revenue $38,337 $42,463 Cost of revenue (1) 14,995 16,406 ------ ------ Gross margin 23,342 26,057 ------ ------ Operating expenses (1): Sales 2,434 2,078 Marketing 2,477 2,828 Product development 1,817 1,702 General and administrative 5,513 6,790 Depreciation and amortization 2,983 1,797 ----- ----- 15,224 15,195 ------ ------ Income from operations 8,118 10,862 Interest income 10 846 -- --- Income before income taxes 8,128 11,708 Income tax expense 3,413 4,874 ----- ----- Net income $4,715 $6,834 ====== ====== Basic and diluted net income per share: Basic $0.25 $0.36 ===== ===== Diluted $0.25 $0.35 ===== ===== Shares used in computing basic net income per share 18,808,819 18,880,521 Shares used in computing diluted net income per share 19,203,903 19,607,246 (1) Includes share-based compensation expense as follows: Cost of revenue $372 $603 Other expenses: Sales 579 495 Marketing 178 196 Product development 233 267 General and administrative 649 1,855 --- ----- $2,011 $3,416 ====== ====== Bankrate, Inc. Non-GAAP Condensed Consolidated Statements of Income (Unaudited) (In thousands, except share and per share data) Three Months Ended March 31, 2009 2008 ---- ---- Revenue $38,337 $42,463 Cost of revenue 14,623 15,803 ------ ------ Gross margin 23,714 26,660 ------ ------ Operating expenses: Sales 1,855 1,583 Marketing 2,299 2,632 Product development 1,584 1,435 General and administrative 4,864 4,935 Share-based compensation expense(1) 2,011 3,416 Depreciation and amortization 2,983 1,797 ----- ----- 15,596 15,798 ------ ------ Income from operations 8,118 10,862 Interest income 10 846 -- --- Income before income taxes 8,128 11,708 Income tax expense 3,413 4,874 ----- ----- Net income $4,715 $6,834 ====== ====== Basic and diluted net income per share: Basic $0.25 $0.36 ===== ===== Diluted $0.25 $0.35 ===== ===== Adjusted EPS $0.31 $0.46 ===== ===== Shares used in computing basic net income per share, GAAP basis 18,808,819 18,880,521 Shares used in computing diluted net income per share, GAAP basis 19,203,903 19,607,246 Shares used in computing diluted net income per share, Non-GAAP basis 19,566,808 19,859,396 (1) See reconciliation of GAAP to Non-GAAP Condensed Consolidated Statements of Income. Bankrate, Inc. Non-GAAP Measures Reconciliation (In thousands, except share and per share amounts) (Unaudited) Three Months Ended March 31, 2009 2008 ---- ---- EBITDA- Income from operations, GAAP basis $8,118 $10,862 Depreciation and amortization 2,983 1,797 ----- ----- EBITDA $11,101 $12,659 ======= ======= Adjusted EBITDA- Income from operations, GAAP basis $8,118 $10,862 Share-based compensation expense 2,011 3,416 Depreciation and amortization 2,983 1,797 ----- ----- Adjusted EBITDA $13,112 $16,075 ======= ======= Adjusted EPS- Net income, GAAP basis $4,715 $6,834 Share-based compensation expense, net of tax 1,368 2,240 ----- ----- Net income excluding share-based compensation expense $6,083 $9,074 ====== ====== Adjusted EPS $0.31 $0.46 ===== ===== Operating EPS- Net income, GAAP basis $4,715 $6,834 Share-based compensation expense, net of tax 1,368 2,240 Intangibles amortization, net of tax 1,592 872 Interest income, net of tax (6) (508) -- ---- Net income excluding share-based compensation expense, intangibles amortization and interest income $7,669 $9,438 ====== ====== Operating EPS $0.39 $0.48 ===== ===== Shares used in computing basic net income per share, GAAP basis 18,808,819 18,880,521 ========== ========== Shares used in computing diluted net income per share, GAAP basis 19,203,903 19,607,246 Impact of applying SFAS No. 123R 362,905 252,150 ------- ------- Shares used in computing diluted net income per share, excluding the impact of applying SFAS No. 123R 19,566,808 19,859,396 ========== ========== Bankrate, Inc. Condensed Consolidated Statements of Income Reconciliation of GAAP to Non-GAAP Condensed Consolidated Statements of Income (Unaudited) (In thousands, except share and per share data) Three Months Ended Three Months Ended March 31, 2009 March 31, 2008 Adjust- Adjust- GAAP ments(1) Non-GAAP GAAP ments(1) Non-GAAP ---- ------ -------- ---- ------ -------- Revenue $38,337 $- $38,337 $42,463 $- $42,463 Cost of revenue: 14,995 (372) 14,623 16,406 (603) 15,803 ------ ---- ------ ------ ---- ------ Gross margin 23,342 372 23,714 26,057 603 26,660 ------ --- ------ ------ --- ------ Operating expenses: Sales 2,434 (579) 1,855 2,078 (495) 1,583 Marketing 2,477 (178) 2,299 2,828 (196) 2,632 Product Development 1,817 (233) 1,584 1,702 (267) 1,435 General and admini- strative 5,513 (649) 4,864 6,790 (1,855) 4,935 Share-based compensation expense - 2,011 2,011 - 3,416 3,416 Depreciation and amortization 2,983 - 2,983 1,797 - 1,797 ----- --- ----- ----- --- ----- 15,224 372 15,596 15,195 603 15,798 ------ --- ------ ------ --- ------ Income from operations 8,118 - 8,118 10,862 - 10,862 Interest income, net 10 - 10 846 - 846 -- --- -- --- --- --- Income before income taxes 8,128 - 8,128 11,708 - 11,708 Provision for income taxes 3,413 - 3,413 4,874 - 4,874 ----- --- ----- ----- --- ----- Net income $4,715 $- $4,715 $6,834 $- $6,834 ====== == ====== ====== == ====== Basic and diluted net income per share: Basic $0.25 $- $0.25 $0.36 $- $0.36 ===== == ===== ===== == ===== Diluted $0.25 $- $0.25 $0.35 $- $0.35 ===== == ===== ===== == ===== Shares used in computing basic net income per share 18,808,819 - 18,808,819 18,880,521 - 18,880,521 Shares used in computing diluted net income per share 19,203,903 362,905 19,566,808 19,607,246 252,150 19,859,396 (1) Adjustments for the impact of applying SFAS No. 123R

Photo: http://www.newscom.com/cgi-bin/prnh/20040122/FLTHLOGO
AP Archive: http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com Bankrate, Inc.

CONTACT: Edward J. DiMaria, SVP, Chief Financial Officer,
+1-917-368-8608, edimaria@bankrate.com, or Bruce J. Zanca, SVP, Chief
Communications/Marketing Officer, +1-917-368-8648, bzanca@bankrate.com, both
of Bankrate, Inc.

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

SRA Announces Financial Results for Third Quarter Fiscal Year 2009- Revenue of $377 million and Diluted EPS of $0.25- $805 million of contract awards- Fiscal Year 2009 financial guidance unchanged

FAIRFAX, Va., May 7 /PRNewswire-FirstCall/ -- SRA International, Inc. , a leading provider of technology and strategic consulting services and solutions to government organizations and commercial clients, today announced operating results for the third quarter of fiscal year (FY) 2009, which ended March 31, 2009.

Revenue for the quarter was $376.9 million, up 0.2% from $376.0 million in the March 2008 quarter. Operating income for the quarter was $24.1 million, for an operating margin of 6.4%. Net income was $14.3 million, for a net margin of 3.8%. Diluted earnings per share (DEPS) for the quarter were $0.25, down $0.05 year over year.

SRA President and CEO Stan Sloane said, "We're pleased to have made progress in our financial results this quarter, and our contract awards indicate solid business momentum as we approach the end of fiscal year 2009. We had several key recompete wins in Q3, as well as our largest new award in over four years."

Executive Vice President and COO Tim Atkin added, "We saw improvement in a number of areas in the third quarter. Program performance was solid across the company, and we effectively managed our SG&A expenses. In addition, our voluntary attrition rate reached its lowest level in over four years."

Contract Awards

SRA won new business in the third quarter with potential value of $805 million, if all option years are exercised. As of March 31, 2009, the company's backlog of signed business orders was $4.2 billion, up 8% year-over-year. Funded backlog increased 3% year-over-year to $808 million.

Major highlights of competitive contract awards in the quarter include: -- U.S. European Command (USEUCOM) and U.S. Africa Command (USAFRICOM). SRA was awarded a five-year, $216 million task order to provide communications and information technology services in support of USEUCOM and USAFRICOM. Based in Stuttgart, Germany, the program involves life cycle support for networks, software, command, control, communication and computer systems. -- Government Accountability Office (GAO), Information Systems and Technology Services (ISTS) Phoenix Program. The company won a five-year, $117 million recompete task order to provide information technology (IT) infrastructure and software support for GAO. Under this program, SRA will continue to enhance the efficiency and security of GAO's network infrastructure. -- Naval Surface Warfare Center (NSWC), Indian Head Division. SRA was awarded a five-year, $40 million task order on the Seaport-e contract to provide command, control, communications, computers, intelligence, surveillance and reconnaissance (C4ISR) technology services for the NSWC. -- U.S. Coast Guard. The Coast Guard awarded SRA a five-year, $30 million contract to continue its implementation of a human resources software system. The system went live in 2008 and serves over 50,000 Coast Guard military retirees and annuitants.

SRA was also awarded several multiple-award, indefinite delivery, indefinite quantity (ID/IQ) contracts in the March quarter. ID/IQ wins are not included in the company's quarterly bookings figure, but they provide a solid foundation for future growth.

-- General Services Administration (GSA), Alliant. The company was awarded a prime position on the Alliant contract vehicle, which has a $50 billion ceiling value over ten years for all awardees. Administered by GSA, the contract will cover a full scope of IT services across the federal government. -- U.S. Army, Program Executive Office for Simulation Training and Instrumentation (PEO STRI). SRA was one of the prime contractors selected for a ten-year, $17 billion Simulation and Training Omnibus Contract (STOC II) by PEO STRI. Task orders under the contract vehicle will involve life cycle management services for military training and testing systems. Forward Guidance

The company is reaffirming the revenue and earnings guidance for Fiscal Year 2009 that it issued on February 5, 2009. The table below represents management's current expectations about the company's future financial performance, based on information available at this time. The forward guidance in this table does not include any effect for acquisitions that SRA might make in the future.

Measure Fiscal Year (FY) Ending Change from June 30, 2009 FY 2008 to 2009 Revenue $1.51 billion to $1.54 billion 0% to 2% Diluted earnings per share $0.94 to $1.00 -19% to -24% Conference Call

SRA senior management will hold a conference call to discuss these operating results and forward guidance today at 5:00 PM Eastern. Interested parties may listen to the conference call by dialing 888-603-9073 (U.S./Canada) or 210-234-0078 (Other) with passcode SRX. The conference call will be Webcast simultaneously through a link on the SRA Web site (http://www.sra.com/). A replay of the conference call will be available approximately two hours after the conclusion of the call through May 21, 2009 by dialing 800-934-9697 (U.S./Canada) or 203-369-3395 (Other) and entering passcode 9458.

About SRA International, Inc.

SRA and its subsidiaries are dedicated to solving complex problems of global significance for government organizations serving the national security, civil government and global health markets. Founded in 1978, the company and its subsidiaries have expertise in such areas as air surveillance and air traffic management; contract research organization (CRO) services; cybersecurity; disaster response planning; enterprise resource planning; environmental strategies; IT systems, infrastructure and managed services; logistics; public health preparedness; strategic management consulting; systems engineering; and wireless integration.

FORTUNE(R) magazine has chosen SRA as one of the "100 Best Companies to Work For" for ten consecutive years. The company and its subsidiaries employ more than 6,800 employees serving clients from headquarters in Fairfax, Va., and offices around the world. For additional information on SRA, please visit http://www.sra.com/.

Any statements in this press release about future expectations, plans, and prospects for SRA, including statements about the estimated value of the contract and work to be performed, and other statements containing the words "estimates," "believes," "anticipates," "plans," "expects," "will," and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements. In addition, the forward-looking statements included in this press release represent our views as of May 7, 2009. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to May 7, 2009.

Condensed Consolidated Statements of Operations (Unaudited) (in thousands, except share and per share amounts) Three Months Ended Nine Months Ended 31-Mar-09 31-Mar-08 31-Mar-09 31-Mar-08 --------- --------- --------- --------- Revenue $376,928 $376,002 $1,138,606 $1,122,144 Operating costs and expenses: Cost of services 274,866 276,708 830,738 837,706 Selling, general and administrative 70,732 63,508 216,500 176,498 Depreciation and amortization 7,244 6,230 21,537 18,821 Gain on sale of Constella Futures Holding, LLC - - (1,939) - Acquired in-process research and development - - 900 - --- --- --- --- Total operating costs and expenses 352,842 346,446 1,067,736 1,033,025 ------- ------- --------- --------- Operating income 24,086 29,556 70,870 89,119 Interest expense (897) (611) (4,832) (2,216) Interest income 449 886 1,852 3,374 --- --- ----- ----- Income before taxes 23,638 29,831 67,890 90,277 Provision for income taxes 9,365 11,788 27,373 35,784 ----- ------ ------ ------ Net income $14,273 $18,043 $40,517 $54,493 ======= ======= ======= ======= Earnings per share: Basic $0.25 $0.31 $0.72 $0.95 ===== ===== ===== ===== Diluted $0.25 $0.30 $0.70 $0.92 ===== ===== ===== ===== Weighted-average shares: Basic 56,202,281 57,852,369 56,310,389 57,600,872 ========== ========== ========== ========== Diluted 57,278,959 59,468,955 57,512,843 59,407,213 ========== ========== ========== ========== Condensed Consolidated Balance Sheets (Unaudited) (in thousands) As of 31-Mar-09 30-Jun-08 --------- --------- Current assets: Cash and cash equivalents $102,185 $229,260 Restricted cash 149 1,194 Accounts receivable, net 348,266 344,974 Inventories, net 3,850 - Prepaid expenses and other 42,337 64,159 Deferred income taxes, current 10,228 11,544 ------ ------ Total current assets 507,015 651,131 ------- ------- Property, plant and equipment, net 38,417 37,949 ------ ------ Other assets: Goodwill 491,212 395,766 Identified intangibles, net 46,153 36,813 Deferred income taxes, noncurrent 4,035 3,217 Deferred compensation trust 5,771 7,747 Notes receivable and other assets 25,232 3,892 ------ ----- Total other assets 572,403 447,435 ------- ------- Total assets $1,117,835 $1,136,515 ========== ========== Current liabilities: Accounts payable and accrued expenses $115,411 $163,927 Accrued payroll and employee benefits 98,343 99,742 Billings in excess of revenue recognized 14,955 15,111 Short-term borrowings 8,502 - ----- --- Total current liabilities 237,211 278,780 ------- ------- Long-term liabilities: Long-term debt 150,000 150,000 Other long-term liabilities 11,983 14,799 ------ ------ Total long-term liabilities 161,983 164,799 ------- ------- Total liabilities 399,194 443,579 ------- ------- Stockholders' equity 718,641 692,936 ------- ------- Total liabilities and stockholders' equity $1,117,835 $1,136,515 ========== ========== Condensed Consolidated Statements of Cash Flows (Unaudited) (in thousands) Nine Months Ended 31-Mar-09 31-Mar-08 --------- --------- Cash flows from operating activities: Net income $40,517 $54,493 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 21,537 18,821 Stock-based compensation 8,454 7,322 Deferred income taxes 729 (1,372) Gain on sale of Constella Futures Holding, LLC (1,939) - Loss on disposal of property and equipment - 744 Acquired in-process research and development 900 - Working capital changes, net of the effect of acquisitions and divestitures (39,917) (38,453) ------- ------- Net cash provided by operating activities 30,281 41,555 ------ ------ Cash flows from investing activities: Capital expenditures (10,851) (6,754) Payments to Spectrum Solutions Group, Inc. shareholders (7,021) - Acquisitions, net of cash acquired (132,275) (189,714) Issuance of notes receivable (17,526) - Proceeds from sale of Constella Futures Holding, LLC 31,846 - ------ --- Net cash used in investing activities (135,827) (196,468) -------- -------- Cash flows from financing activities: Issuance of common stock 2,853 11,916 Excess tax benefit of stock option exercises 393 4,725 Net repayments under short-term credit facilities (1,927) - Borrowings under credit facility 75,000 80,000 Repayments under credit facility (75,000) - Payment of financing costs - (324) Reissuance of treasury stock 398 679 Purchase of treasury stock (21,840) (17,600) ------- ------- Net cash (used in) provided by financing activities (20,123) 79,396 ------- ------ Effect of exchange rate changes on cash and cash equivalents (1,406) - ------ --- Net decrease in cash and cash equivalents (127,075) (75,517) Cash and cash equivalents, beginning of period 229,260 212,034 ------- ------- Cash and cash equivalents, end of period $102,185 $136,517 ======== ======== Supplemental disclosures of cash flow information: Cash paid during the period: Interest $5,062 $1,885 ====== ====== Income taxes $31,964 $40,970 ======= ======= Cash received during the period: Interest $2,208 $3,670 ====== ====== Income taxes $379 $757 ==== ==== Reconciliation Between Total Revenue and Organic Revenue (Unaudited) (in thousands) Organic revenue, as presented, is computed by comparing our reported revenue for the current period to revenue for the same period in the prior year adjusted to include revenue of acquired businesses for the pre-acquisition period of the prior year. In arriving at prior-year revenue, we include the revenue of acquired companies and remove the revenue of divested companies for the prior-year periods comparable to the current-year periods for which the companies are included in our reported revenue. The resulting rate is intended to represent our organic, or non-acquisitive, growth or decline year-over-year, including comparable period growth or decline attributable to acquired companies. We believe that this non-GAAP financial measure provides useful information because it allows investors to better assess the underlying growth rate of our business, including the post-acquisition activity of acquired companies. This non-GAAP financial measure is not used for any other purpose and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Three Months Ended 31-Mar-09 31-Mar-08 % Increase --------- --------- ---------- Total Revenue, as reported $376,928 $376,002 0.2% Plus: Revenue from acquired companies for the comparable prior year period 16,346 Less: Revenue from divested companies for the comparable prior year period (17,975) ------- Organic Revenue $376,928 $374,373 0.7% ======== ======== ===

SRA International, Inc.

CONTACT: Dave Keffer, VP, Investor Relations, +1-703-502-7731,
david_keffer@sra.com

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

SoftBrands Announces Second Quarter Fiscal 2009 Results

MINNEAPOLIS, May 7 /PRNewswire-FirstCall/ -- SoftBrands, Inc. (NYSE Amex: SBN), a global supplier of enterprise application software, today announced its financial results for the second quarter ended March 31, 2009.

Revenues for second quarter fiscal 2009 were $21.4 million, compared with $23.7 million in the prior year second quarter. Excluding the effect of changes in foreign currency exchange rates, or on a constant currency rate basis, second quarter fiscal 2009 non-GAAP revenues would have been $23.0 million.

License revenue was 13.2% of total revenues in the current quarter, compared with 17.0% in second quarter fiscal 2008. Maintenance revenue was 58.9% of total revenues in the current quarter, compared with 57.1% of revenues in second quarter fiscal 2008. Professional services revenue was 22.1% of total revenues in the quarter, compared with 19.8% in the prior year quarter.

SoftBrands reported operating income of $0.4 million in the second quarter of fiscal 2009, compared with an operating loss of $(0.8) million in the fiscal 2008 second quarter. Excluding the effect of changes in foreign currency exchange rates, or on a constant currency rate basis, SoftBrands second quarter fiscal 2009 non-GAAP operating income would have been $0.6 million. The company reported a net loss available to common shareholders of $(0.3) million, or $(0.01) per diluted share, compared with a net loss available to common shareholders of $(0.4) million, or $(0.01) per diluted share, for second quarter fiscal 2008.

"SoftBrands improved its profitability from the prior year quarter and our balance sheet strengthened in the second quarter," said Randy Tofteland, SoftBrands' president and chief executive officer. "We are pleased that SoftBrands is pacing ahead of its first half results from last year in both revenues and profitability, especially given the state of the economy and foreign currency effects on our results. We are committed to improving our profitability in fiscal 2009 no matter what our level of revenue performance."

In the company's manufacturing business, second quarter fiscal 2009 revenues were $10.1 million, compared with $11.9 million in second quarter fiscal 2008. On a constant foreign currency basis, Manufacturing second quarter fiscal 2009 non-GAAP revenues would have been $10.9 million. Second quarter fiscal 2009 operating income in manufacturing was $1.9 million, compared with $1.7 million in the prior year's second quarter.

"In Manufacturing, our base business delivered improved operating income in the second quarter. The channel portion of our SAP business continues to perform well, partially due to the availability of our new product Fourth Shift Edition 9.0, which is a true add-on to SAP Business One. Our SAP Large Enterprise business continues to be affected by tight corporate capital expenditure budgets but did pick up from the first quarter and is seeing more activity in its pipeline," said Tofteland.

In the company's hospitality business, second quarter fiscal 2009 revenues were $11.3 million, compared with $11.7 million in the prior year's second quarter. On a constant foreign currency basis, Hospitality second quarter fiscal 2009 non-GAAP revenues would have been $12.1 million. In second quarter fiscal 2009 SoftBrands' hospitality business posted an operating loss of $(1.5) million, compared with an operating loss of $(2.5) million in the prior year's second quarter.

"Our Hospitality business delivered strong six-month results, posting revenue growth of more than 20%, primarily due to large contracts with Red Roof Inns and the U.S. Air Force," said Tofteland. "SoftBrands' central reservation system and CRM solution are now installed at Red Roof Inns, and we will be implementing the property management system rollout later in 2009. This is a major milestone for our hospitality business and demonstrates the strength of our products, our reliability as a technology partner, and our capability to handle large, complex rollouts."

From a geographic perspective, 70% of revenues were generated in the Americas in the quarter; 16% in the EMEA region; and 14% in the Asia Pacific region. This compares to a respective mix of 62%, 24% and 14% in the prior year's quarter.

All financial results should be considered preliminary pending the company's filing of its quarterly report on Form 10-Q.

Six Month Results

SoftBrands revenues for the first half of fiscal 2009 were $46.9 million, compared with $45.9 million in the fiscal 2008 period. Excluding the effect of changes in foreign currency exchange rates, or on a constant currency rate basis, first half fiscal 2009 non-GAAP revenues would have been $49.6 million. SoftBrands reported operating income of $2.8 million for the first six months of fiscal 2009, compared with an operating loss of $(2.0) million for the first half of fiscal 2008. The company reported net income available to common shareholders in the fiscal 2009 period of $1.3 million, or $0.03 per diluted share, compared with a loss of $(1.3) million, or a loss of $(0.03) per diluted share in the fiscal 2008 period. Six month fiscal 2009 net income includes income from discontinued operations of $0.4 million, or $0.01 per diluted share.

Cash and Liquidity

As of March 31, 2009, SoftBrands had $14.2 million in cash and cash equivalents, compared to $10.9 million at the end of the previous quarter. SoftBrands' total current assets, which include accounts receivable, increased to $41.8 million, from $40.6 million at the end of the previous quarter. Deferred revenue was $25.6 million at the end of the second quarter, an increase from $21.1 million at the end of the previous quarter.

Effect of Changes in Foreign Currency Exchange Rates

This press release contains information excluding the effect of changes in foreign currency exchange rates on revenues and operating income, which are non-GAAP measures. The strengthening of the U.S. dollar during first and second quarter fiscal 2009 negatively impacted our reported GAAP revenues. The references excluding the effect of changes in foreign currency exchange rates are calculated on the basis of exchange rates in first and second quarter fiscal 2009 being constant with the rates in first and second quarter fiscal 2008. Management believes these non-GAAP measures, when read in conjunction with the Company's GAAP financials, provide useful information to investors by providing the ability to make more meaningful period-to-period comparisons of the company's ongoing operating results.

Conference Call

SoftBrands will hold its second quarter earnings conference call at 5:00 pm Eastern Time today, May 7, 2009. Interested parties may listen to the call by dialing 866-804-6928 or international 857-350-1674 (passcode: 96917817) A live webcast will also be available at SoftBrands' website at http://www.softbrands.com/. A replay will be available approximately one hour after the conference call concludes and will remain available through May 14, 2009. The replay number is 888-286-8010 and international 617-801-6888 (passcode: 34390268). The webcast will be archived on SoftBrands' website for approximately one year.

Forward-Looking Statements

All statements other than historical facts included in this release regarding future operations are subject to the risks inherent in predictions and "forward-looking statements." These statements are based on the beliefs and assumptions of management of SoftBrands and on information currently available to us. Nevertheless, these forward-looking statements should not be construed as guarantees of future performance. They involve risks, uncertainties, and assumptions identified in filings by SoftBrands with the SEC, including, but not limited to, the following:

-- Changes in the economy, natural disasters, disease or other events that affect the manufacturing and hospitality segments or the geographies we serve; -- Our increasing dependence upon our relationship with SAP; -- Our ability to continue to satisfy covenants with our lender; -- Our reliance on revenues from large hospitality customers; -- Our ability to timely complete and introduce, and the market acceptance of our new products; -- Our ability to properly document our sales consistent with the manner in which we recognize revenue; -- Our ability to manage international operations; -- Our ability to maintain and expand our base of clients on software maintenance programs; and -- The effects of and our ability to rapidly adapt to changes in standards for operating systems, databases and other technologies. About SoftBrands

SoftBrands, Inc. is a leader in providing software solutions for businesses in the manufacturing and hospitality industries worldwide. The company has established a global infrastructure for distribution, development and support of enterprise software, and has approximately 5,000 customers in more than 100 countries actively using its manufacturing and hospitality products. SoftBrands, which has approximately 740 employees, is headquartered in Minneapolis, Minn., with branch offices in Europe, India, Asia, Australia and Africa. Additional information can be found at http://www.softbrands.com/.

Contact: Gregg Waldon Chief Financial Officer gregg.waldon@softbrands.com 612-851-1805 Susan Eich Vice President, Corporate Communications susan.eich@softbrands.com 612-851-6205 Tables Follow SoftBrands, Inc. Consolidated Balance Sheets March 31, September 30, (In thousands, except share and per share data) 2009 2008 (Unaudited) ASSETS Current assets: Cash and cash equivalents $14,183 $11,948 Accounts receivable, net 22,519 21,665 Prepaid expenses and other current assets 5,075 4,791 Total current assets 41,777 38,404 Furniture, fixtures and equipment, net 1,746 2,095 Goodwill 35,299 35,591 Intangible assets, net 2,951 4,346 Other long-term assets 105 425 Total assets $81,878 $80,861 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current portion of long-term obligations $3,312 $3,407 Revolving loan 8,101 7,782 Accounts payable 3,076 5,194 Accrued expenses 5,991 7,474 Deferred revenue 25,626 21,500 Other current liabilities 1,871 2,820 Total current liabilities 47,977 48,177 Long-term obligations 11,048 12,667 Other long-term liabilities 515 487 Total liabilities 59,540 61,331 Commitments and contingencies Stockholders' equity: Series A and undesignated preferred stock, $.01 par value; 10,647,973 shares authorized; no shares issued or outstanding - - Series B convertible preferred stock, $.01 par value; 4,331,540 shares authorized, issued and outstanding; liquidation value of $4,591 5,068 5,068 Series C-1 convertible preferred stock, $.01 par value; 18,000 shares authorized, issued and outstanding; liquidation value of $18,000 plus unpaid dividends of $360 and $368, respectively 18,000 18,000 Series D convertible preferred stock, $.01 par value; 6,673 shares authorized, 6,000 shares issued and outstanding; liquidation value of $6,000 plus unpaid dividends of $120 and $123, respectively 5,051 5,051 Common stock, $.01 par value; 110,000,000 shares authorized; 44,858,101 and 41,931,386 shares issued and outstanding, respectively 448 419 Additional paid-in capital 175,165 174,348 Accumulated other comprehensive loss (1,231) (939) Accumulated deficit (180,163) (182,417) Total stockholders' equity 22,338 19,530 Total liabilities and stockholders' equity $81,878 $80,861 SoftBrands, Inc. Consolidated Statements of Operations Three Months Ended Six Months Ended March 31, March 31, (In thousands, except 2009 2008 2009 2008 per share data) (Unaudited)(Unaudited)(Unaudited)(Unaudited) Revenues: Software licenses $ 2,823 $ 4,012 $ 9,562 $ 7,009 Maintenance and support 12,579 13,513 25,523 27,077 Professional services 4,722 4,691 9,628 9,617 Third-party software and hardware 1,232 1,439 2,195 2,201 Total revenues 21,356 23,655 46,908 45,904 Cost of revenues: Software licenses 504 590 1,594 1,178 Maintenance and support 3,536 4,151 7,369 8,156 Professional services 4,375 3,902 8,665 8,015 Third-party software and hardware 908 1,185 1,806 1,917 Total cost of revenues 9,323 9,828 19,434 19,266 Gross profit 12,033 13,827 27,474 26,638 Operating expenses: Selling and marketing 3,626 4,968 7,635 9,920 Research and product development 3,905 4,086 7,933 7,845 General and administrative 4,111 5,571 9,090 10,881 Restructuring related charges - - - 25 Total operating expenses 11,642 14,625 24,658 28,671 Operating income (loss) 391 (798) 2,816 (2,033) Interest expense (227) (496) (572) (988) Other income (expense), net 62 153 98 510 Income (loss) from continuing operations before provision for (benefit from) income taxes 226 (1,141) 2,342 (2,511) Provision for (benefit from) income taxes 23 (1,186) 450 (2,223) Income (loss) from continuing operations 203 45 1,892 (288) Income from discontinued operations, net of tax - - 362 - Net income (loss) 203 45 2,254 (288) Preferred stock dividends (480) (485) (971) (976) Net income (loss) available to common shareholders $(277) $(440) $1,283 $(1,264) Weighted-average common shares outstanding: Basic 44,790 41,827 47,739 41,623 Diluted 44,790 41,827 47,825 41,623 Basic and diluted earnings (loss) per common share: Continuing operations $(0.01) $(0.01) $0.02 $(0.03) Discontinued operations - - 0.01 - Net income (loss) $(0.01) $(0.01) $0.03 $(0.03) SoftBrands, Inc. Supplemental Financial Information (Unaudited, in thousands) Revenues and Operating Income (Loss) Three Months Ended March 31, 2009 2008 % Change Operating Operating Operating Income Income Income Revenues (Loss) Revenues (Loss) Revenues (Loss) Manufacturing $10,104 $ 1,930 $11,916 $ 1,699 -15.2% 13.6% Hospitality 11,252 (1,539) 11,739 (2,497) -4.1% 38.4% Total $21,356 $ 391 $23,655 $ (798) -9.7% 149.0% Six Months Ended March 31, 2009 2008 % Change Operating Operating Operating Income Income Income Revenues (Loss) Revenues (Loss) Revenues (Loss) Manufacturing $20,758 $ 3,069 $24,476 $ 3,998 -15.2% -23.2% Hospitality 26,150 (253) 21,428 (6,031) 22.0% 95.8% Total $46,908 $ 2,816 $45,904 $(2,033) 2.2% 238.5% Revenues by Segment and Type Three Months Ended March 31, 2009 2008 Manufacturing Hospitality Total Manufacturing Hospitality Total Software licenses $1,070 $1,753 $2,823 $1,204 $2,808 $4,012 Maintenance and support 7,134 5,445 12,579 7,817 5,696 13,513 Professional services 1,788 2,934 4,722 2,751 1,940 4,691 Third-party software and hardware 112 1,120 1,232 144 1,295 1,439 Total $10,104 $11,252 $21,356 $11,916 $11,739 $23,655 Six Months Ended March 31, 2009 2008 Manufacturing Hospitality Total Manufacturing Hospitality Total Software licenses $2,159 $7,403 $9,562 $2,731 $4,278 $7,009 Maintenance and support 14,732 10,791 25,523 15,913 11,164 27,077 Professional services 3,670 5,958 9,628 5,573 4,044 9,617 Third-party software and hardware 197 1,998 2,195 259 1,942 2,201 Total $20,758 $26,150 $46,908 $24,476 $21,428 $45,904 SoftBrands, Inc. Supplemental Financial Information (Unaudited, in thousands) Revenues by Segment and Geography Three Months Ended March 31, 2009 2008 Manufacturing Hospitality Total Manufacturing Hospitality Total Americas $6,419 $8,603 $15,022 $7,077 $7,458 $14,535 Europe, Middle East and Africa 2,313 1,095 3,408 3,312 2,390 5,702 Asia Pacific 1,372 1,554 2,926 1,527 1,891 3,418 Total $10,104 $11,252 $21,356 $11,916 $11,739 $23,655 Six Months Ended March 31, 2009 2008 Manufacturing Hospitality Total Manufacturing Hospitality Total Americas $13,028 $20,360 $33,388 $14,671 $13,236 $27,907 Europe, Middle East and Africa 4,959 2,478 7,437 6,661 4,334 10,995 Asia Pacific 2,771 3,312 6,083 3,144 3,858 7,002 Total $20,758 $26,150 $46,908 $24,476 $21,428 $45,904

SoftBrands, Inc.

CONTACT: Gregg Waldon, Chief Financial Officer, +1-612-851-1805,
gregg.waldon@softbrands.com, or Susan Eich, Vice President, Corporate
Communications, +1-612-851-6205, susan.eich@softbrands.com, both of
SoftBrands, Inc.

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

Coherent, Inc. Reports Second Fiscal Quarter Results

SANTA CLARA, Calif., May 7 /PRNewswire-FirstCall/ -- Coherent, Inc. today announced financial results for its second fiscal quarter ended April 4, 2009, posting net sales of $105.4 million and a net loss, on a U.S. generally accepted accounting principles (GAAP) basis, of $9.1 million ($0.38 per share). These results compare to net sales of $155.9 million and net income of $6.1 million, or $0.19 per diluted share, for the second quarter of fiscal 2008.

Non-GAAP net income for the second quarter of fiscal 2009 was $0.3 million or $0.01 per share after excluding an after tax charge of $0.4 million related to litigation resulting from our internal stock option investigation ($0.01 per share), after tax stock-related compensation expense of $2.0 million ($0.08 per share), restructuring expense of $4.5 million, net of tax ($0.18 per share) and a non-cash tax expense resulting from a recently enacted change in state tax law of $2.7 million ($0.11 per share). Net income for the second quarter of fiscal 2008 included an after tax charge of $1.5 million for internal stock option investigation costs ($0.05 per diluted share), $3.7 million of stock-related compensation expense, net of tax ($0.12 per diluted share) and a $1.4 million one-time tax charge ($0.04 per diluted share). Excluding these charges, non-GAAP net income for the second quarter of fiscal 2008 was $12.8 million or $0.40 per diluted share.

In comparison, net sales for the first quarter of fiscal 2009 were $124.4 million and net loss, on a GAAP basis, was $14.7 million ($0.61 per share), primarily due to a non-cash goodwill impairment charge of $19.3 million ($0.80 per share). Net loss for the first quarter of fiscal 2009 included an after tax charge of $0.3 million related to litigation resulting from our internal stock option investigation ($0.01 per share), after tax stock-related compensation expense of $1.2 million ($0.05 per share) and restructuring expense of $2.6 million, net of tax ($0.11 per share). Excluding these charges, non-GAAP net income for the first quarter of fiscal 2009 was $8.6 million, or $0.36 per share.

Orders received during the three months ended April 4, 2009 of $93.8 million decreased 36.8% from the same prior year period and decreased by 9.2% compared to orders received in the immediately preceding quarter. The book-to-bill ratio was 0.89, resulting in backlog of $145.9 million at April 4, 2009 compared to a backlog of $162.0 million at December 27, 2008 and a backlog of $199.3 million at March 29, 2008.

As of April 4, 2009, year-to-date sales of $229.8 million and net loss on a GAAP basis of $23.8 million ($0.98 per share) compared to the prior year period sales of $300.2 million and a net income of $10.9 million ($0.34 per diluted share). Orders received for the six month period ended April 4, 2009 were $197.2 million, compared to $303.4 million in orders received during the same period a year ago.

"While overall market conditions remain challenging, there are several emerging trends. The scientific research business is stable and domestic customers are optimistic that funding increases are forthcoming from the U.S stimulus package," said John Ambroseo, Coherent's President and CEO. "On the commercial side, we are seeing signs of inventory replenishment, albeit to lower stocking levels, and customers are re-engaging in the sales process for new and existing applications. These are positive signs, but it is more likely that we are near the bottom of the demand curve and a bookings recovery is still a few quarters away," he added.

Summarized statement of operations information is as follows (unaudited, in thousands except per share data): Three Months Ended Six Months Ended April 4, Dec. 27, March 29, April 4, March 29, 2009 2008 2008 2009 2008 Net sales $105,422 $124,388 $155,942 $229,810 $300,238 Cost of sales (A) (B) 65,815 73,999 88,818 139,814 172,620 Gross profit 39,607 50,389 67,124 89,996 127,618 Operating expenses: Research & development (A) (B) 15,610 14,778 19,428 30,388 37,747 Selling, general & administrative (A) (B) (C) 27,962 23,628 37,384 51,590 76,202 Impairment of goodwill(D) - 19,286 - 19,286 - Intangibles amortization 1,894 1,943 2,229 3,837 4,435 Total operating expenses 45,466 59,635 59,041 105,101 118,384 Income (loss) from operations (5,859) (9,246) 8,083 (15,105) 9,234 Other income (expense), net (1,600) (4,230) 4,263 (5,830) 10,144 Income (loss) before income taxes (7,459) (13,476) 12,346 (20,935) 19,378 Provision for income taxes (E) 1,671 1,203 6,221 2,874 8,524 Net income (loss) $(9,130) $(14,679) 6,125 $(23,809) $10,854 Net income (loss) per share: Basic $(0.38) $(0.61) $0.20 $(0.98) $0.35 Diluted $(0.38) $(0.61) $0.19 $(0.98) $0.34 Shares used in computation: Basic 24,258 24,145 31,394 24,202 31,406 Diluted 24,258 24,145 31,874 24,202 31,916 (A) The quarter ended April 4, 2009 includes $2,425 ($1,972 net of tax ($0.08 per share)) of stock-related compensation expense. Pretax stock-related compensation expense is recorded in the statement lines as follows: $177 to cost of sales; $239 to research and development; and $2,009 to selling, general and administrative. The quarter ended December 27, 2008 includes $1,690 ($1,153 net of tax ($0.05 per share)) of stock-related compensation expense. Pretax stock-related compensation expense is recorded in the statement lines as follows: $283 to cost of sales; $195 to research and development; and $1,212 to selling, general and administrative. The quarter ended March 29, 2008 includes $4,949 ($3,734 net of tax ($0.12 per diluted share)) of stock-related compensation expense. Pretax stock-related compensation expense is recorded in the statement lines as follows: $759 to cost of sales; $808 to research and development; and $3,382 to selling, general and administrative. The six months ended April 4, 2009 includes $4,115 ($3,125 net of tax ($0.13 per share)) of stock-related compensation expense. Pretax stock-related compensation expense is recorded in the statement lines as follows: $461 to cost of sales; $434 to research and development; and $3,220 to selling, general and administrative. The six months ended March 29, 2008 includes $7,654 ($5,667 net of tax ($0.18 per diluted share)) of stock-related compensation expense. Pretax stock-related compensation expense is recorded in the statement lines as follows: $1,144 to cost of sales; $1,127 to research and development; and $5,383 to selling, general and administrative. (B) The quarter ended April 4, 2009 includes $5,000 ($4,463 net of tax ($0.18 per share)) of restructuring costs primarily related to the exit of our Auburn, California facility, the consolidation of our German Excimer manufacturing into one location in Germany and headcount reductions due to current economic conditions. Pretax restructuring costs are recorded in the statement lines as follows: $3,153 to cost of sales; $824 to research and development; and $1,023 to selling, general and administrative. The quarter ended December 27, 2008 includes $4,106 ($2,613 net of tax ($0.11 per share)) of restructuring costs primarily related to the exit of our Auburn, California facility, the consolidation of our German Excimer manufacturing into one location in Germany and headcount reductions due to current economic conditions. Pretax restructuring costs are recorded in the statement lines as follows: $3,022 to cost of sales; $466 to research and development; and $618 to selling, general and administrative. The six months ended April 4, 2009 includes $9,106 ($7,076 net of tax ($0.29 per share)) of restructuring costs primarily related to the exit of our Auburn, California facility, the consolidation of our German Excimer manufacturing into one location in Germany and headcount reductions due to current economic conditions. Pretax restructuring costs are recorded in the statement lines as follows: $6,175 to cost of sales; $1,290 to research and development; and $1,641 to selling, general and administrative. (C) The quarter ended April 4, 2009 includes $398 ($356 net of tax ($0.01 per share)) of costs related to litigation resulting from our internal stock option investigation. The quarter ended December 27, 2008 includes $441 ($269 net of tax ($0.01 per share)) of costs related to litigation resulting from our internal stock option investigation. The quarter ended March 29, 2008 includes $2,505 ($1,528 net of tax ($0.05 per diluted share)) of costs related to our restatement of financial statements and litigation resulting from our internal stock option investigation. The six months ended April 4, 2009 includes $840 ($625 net of tax ($0.03 per share)) of costs related to litigation resulting from our internal stock option investigation. The six months ended March 29, 2008 includes $7,254 ($4,377 net of tax ($0.14 per share)) of costs related to our restatement of financial statements and litigation resulting from our internal stock option investigation. (D) The quarter ended December 27, 2008 and the six months ended April 4, 2009 include a $19,286 ($0.80 per share) non-cash charge for the impairment of all of the goodwill of our Commercial Lasers and Components segment. (E) The quarter and six-months ended April 4, 2009 includes a tax charge of $2,666 ($0.11 per share) resulting from a recently enacted change in state tax law. The quarter and six-months ended March 29, 2008 includes a tax charge of $1,394 ($0.04 per diluted share) in connection with a dividend from one of our European subsidiaries. Summarized balance sheet information is as follows (unaudited, in thousands): April 4, Sept. 27, 2009 2008 ASSETS Current assets: Cash, cash equivalents and short-term investments $206,800 $218,094 Restricted cash -- 2,645 Accounts receivable, net 81,302 96,611 Inventories 114,239 120,519 Prepaid expenses and other assets 72,713 71,914 Total current assets 475,054 509,783 Property and equipment, net 100,094 100,996 Other assets 166,050 195,604 Total assets $741,198 $806,383 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current portion of long-term obligations $ 8 $ 9 Accounts payable 20,316 26,333 Other current liabilities 76,205 86,985 Total current liabilities 96,529 113,327 Other long-term liabilities 83,334 94,621 Total stockholders' equity 561,335 598,435 Total liabilities and stockholders' equity $741,198 $806,383 Reconciliation of GAAP to Non-GAAP net income (unaudited, in thousands, net of tax): Three Months Ended Six Months Ended April 4, Dec. 27, March 29, April 4, March 29, 2009 2008 2008 2009 2008 GAAP net income (loss) $(9,130) $(14,679) $6,125 $(23,809) $10,854 Stock option investigation and related restatement of financial statements, and litigation expenses 356 269 1,528 625 4,377 Stock-related compensation expense 1,972 1,153 3,734 3,125 5,667 Impairment of goodwill -- 19,286 -- 19,286 -- Restructuring costs 4,463 2,613 -- 7,076 -- One-time tax expense 2,666 -- 1,394 2,666 1,394 Non-GAAP net income $327 $8,642 $12,781 $8,969 $22,292 Non-GAAP net income per share $0.01 $0.36 $0.40 $0.37 $0.70

The Company's conference call scheduled for 1:30 p.m. PT today will include discussions relative to the second quarter results and some comments regarding forward looking guidance on future operating performance. Readers are encouraged to refer to the risk disclosures described in the Company's reports on Forms 10-K, 10-Q and 8-K, as applicable and as filed from time-to-time by the Company.

Forward-Looking Statements

This press release contains forward-looking statements, as defined under the Federal securities laws. These forward-looking statements include the statements in this press release that relate to the timing and occurrence of the impact on domestic customers from the U.S. stimulus packages, the timing and occurrence of inventory replenishment and any increase in orders and the timing and occurrence of a bottom of the demand curve and any bookings recovery. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement. Factors that could cause actual results to differ materially include risks and uncertainties, including, but not limited to, risks associated with quarterly and annual fluctuations in our net sales and operating results, our exposure to risks associated with worldwide economic slowdowns, our ability to increase our sales volumes and decrease our costs, the impact that our operations and potential acquisitions will have on interest, taxes, depreciation and amortization measurements, changes to the Company's tax rate as a result of government action, customer acceptance and adoption of our new product offerings, and other risks identified in the Company's SEC filings. Readers are encouraged to refer to the risk disclosures described in the Company's reports on Forms 10-K, 10-Q and 8-K, as applicable and as filed from time-to-time by the Company. Actual results, events and performance may differ materially from those presented herein. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to update these forward-looking statements as a result of events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Founded in 1966, Coherent, Inc. is a world leader in providing photonics based solutions to the commercial and scientific research markets and part of the Russell 2000. Please direct any questions to Leen Simonet, Chief Financial Officer at 408-764-4161. For more information about Coherent, visit the Company's Web site at http://www.coherent.com/ for product and financial updates.

Coherent, Inc.

CONTACT: Leen Simonet of Coherent, Inc., +1-408-764-4161

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

RealNetworks Announces First Quarter 2009 ResultsJohn Chapple Named to Board of Directors

SEATTLE, May 7 /PRNewswire-FirstCall/ -- Digital entertainment services company RealNetworks(R), Inc. today announced results for the first quarter ended March 31, 2009.

Quarterly Highlights: -- Revenue of $140.8 million -- Net loss of $(12.1) million or $(0.10) per share -- Adjusted EBITDA of $4.8 million -- Cash and short term investments of $376.5 million as of March 31, 2009

"In the midst of the deepest recession in decades, at RealNetworks we demonstrated our resiliency and delivered steady overall results," said Rob Glaser, RealNetworks' Chairman and CEO.

First Quarter Results

For the first quarter of 2009, revenue was $140.8 million, a decrease of 5%, compared with $147.6 million in the first quarter of 2008. Foreign currency exchange rate fluctuations negatively affected 2009 first quarter revenue by approximately $8.7 million compared with the year-ago quarter. Excluding the effects of these foreign exchange rate changes, revenue grew 1% year over year. Revenue trends in each of Real's businesses in the first quarter of 2009, including the effects of foreign currency exchange rate changes, compared with the year-earlier quarter were: a 16% increase in Music revenue to $44.1 million and a 3% increase in Games revenue to $32.8 million, offset by a 15% decrease in Technology Products and Solutions revenue to $43.6 million and a 23% decrease in Media Software and Services revenue to $20.3 million.

Net loss for the first quarter of 2009 was $(12.1) million, or $(0.10) per share, compared with net income of $2.4 million, or $0.02 per diluted share, in the first quarter of 2008. Adjusted EBITDA for the first quarter of 2009 was $4.8 million compared with $19.9 million in the first quarter of 2008. A reconciliation of GAAP net income to adjusted EBITDA is provided in the financial tables that accompany this release.

Gross margin was 60% in the first quarter of 2009 compared with 62% in the first quarter of 2008. Operating expenses for the first quarter of 2009 were $103.3 million, compared with $103.7 million in the first quarter of 2008. Operating expenses included $7.4 million and $7.3 million of related party advertising in Rhapsody America in the first quarter of 2009 and 2008, respectively.

Income tax provision was $1.5 million compared with $4.0 million in the year-earlier period. Interest income in the first quarter of 2009 was $1.2 million compared with $5.0 million in the year-earlier period.

As of March 31, 2009, Real had approximately $376.5 million in unrestricted cash, cash equivalents and short-term investments, of which nearly 90% is located in the U.S. In addition, Real has approximately $33.5 million in restricted cash and equity investments at March 31, 2009.

Business Outlook

Due to the high level of uncertainty regarding consumer spending, global economic trends, foreign currency exchange rate fluctuations and credit markets, RealNetworks is not providing quantitative guidance. The company expects 2009 to be a challenging year for consumer spending, online advertising and corporate infrastructure spending.

For the second quarter of 2009, Real expects overall revenue to decline year-over-year and to be flat to slightly down sequentially. Compared with the year-ago second quarter, the company expects second-quarter Music revenue to increase, and revenue in Games, Media Software and Services and Technology Products and Solutions to decline. Approximately 20% of Real's revenue is denominated in currencies other than the U.S. dollar, most notably the euro and Korean won. Based on current currency trends, Real expects revenues to be negatively affected by foreign currency rates in the second quarter.

The foregoing forward-looking statements reflect Real's expectations as of May 7, 2009. It is not Real's general practice to update these forward-looking statements until its next quarterly results announcement.

John Chapple Joins RealNetworks Board of Directors

RealNetworks also announced today that John Chapple has been appointed to the company's board of directors. Mr. Chapple brings to Real's board more than two decades of senior executive operating experience primarily with large telecommunications companies including Nextel Partners, where he served as CEO for eight years, and McCaw Cellular Communications. Mr. Chapple also serves on the board of directors of Yahoo! Inc. and Cbeyond, Inc., a voice and broadband Internet provider.

Mr. Chapple fills the vacancy on Real's board resulting from the resignation of Jeremy Jaech, which is also being announced today. Previously, Real had announced that Mr. Jaech would not be running for a new term on Real's board this year. Real anticipates nominating Mr. Chapple to serve a full term at Real's 2009 annual shareholders meeting later this year.

"We are delighted to have John Chapple join our board," said Mr. Glaser. "John's intellect, experience, and track record of creating substantial value will serve us well in the months and years ahead. I also want to thank Jeremy Jaech for his seven years of outstanding service on our board, and wish him well as CEO of Verdiem."

"It is both an honor and tremendously exciting to join the RealNetworks board," said Mr. Chapple. "Real is a fascinating company with a world-class management team and board of directors. I am looking forward to participating in the next stage of the company's growth."

Mr. Chapple has served as president of Hawkeye Investments LLC, a privately owned equity firm investing primarily in telecommunications and real estate ventures, since October 2006. Prior to forming Hawkeye, Mr. Chapple served as president, chief executive officer and chairman of the board of Nextel Partners from January 1998 to June 2006, when the company was purchased by Sprint Communications for $6.5 billion. From 1995 to 1997, Mr. Chapple was the president and chief operating officer of Orca Bay Sports and Entertainment in Vancouver, B.C., a professional sports and entertainment company, which at the time owned and operated Vancouver's National Basketball Association and National Hockey League sports franchises. From 1988 to 1995, he served as executive vice president of operations for McCaw Cellular Communications and subsequently AT&T Wireless Services following the merger of those companies.

Webcast and Conference Call Information

The company will host a webcast and conference call today at 5:00pm (Eastern)/ 2:00pm (Pacific). The live webcast featuring slides and audio will be available at http://investor.realnetworks.com/. Listeners must use RealPlayer(R) to listen to the conference call, which can be downloaded for free at http://www.real.com/. The on-demand webcast will be available approximately two hours following the conclusion of the live webcast.

Conference Call Details 5:00 p.m. (Eastern) / 2:00 p.m. (Pacific) Dial In: 800-857-5305 Domestic 773-681-5857 International Passcode: First Quarter Earnings Leader: Rob Glaser Telephonic replay will be available until 8:00 p.m. (Eastern), May 21, 2009. Dial In: 866-353-3016 Domestic 203-369-0082 International About Real Networks

RealNetworks, Inc. delivers digital entertainment services to consumers via PC, portable music player, home entertainment system and mobile phone. Real created the streaming media category in 1995 and has continued to lead the market with pioneering products and services, including: RealPlayer(R), the first mainstream media player to enable one-click downloading and recording of Internet video; the award-winning Rhapsody(R) digital music service, which delivers more than 1 billion songs per year; RealArcade(R), one of the largest casual games destinations on the Web; and a variety of mobile entertainment services, such as ringback tones, offered to consumers through leading wireless carriers around the world. RealNetworks' corporate information is located at http://investor.realnetworks.com/.

About Non-GAAP Financial Measures

To supplement RealNetworks' condensed consolidated financial statements presented in accordance with GAAP in this press release, the company also discloses certain non-GAAP financial measures, including adjusted revenue, adjusted EBITDA excluding impairments, adjusted EBITDA, adjusted EBITDA by reporting segment, adjusted cost of revenue and adjusted operating expenses, which management believes provide investors with useful information.

In the financial tables of our earnings press release, RealNetworks has included reconciliations of GAAP net income (loss) to adjusted EBITDA, to adjusted EBITDA excluding impairments, and to adjusted EBITDA by reporting segment; GAAP cost of revenue to adjusted cost of revenue; and GAAP operating expenses to adjusted operating expenses for the relevant periods.

The rationale for management's use of non-GAAP measures is included in the supplementary materials presented with the first quarter earnings materials, available in Exhibit 99.2 ("Information Regarding Non-GAAP Financial Measures") to the company's report on Form 8-K, which is being submitted today to the SEC.

Forward-Looking Statements: This press release contains forward-looking statements that involve risks and uncertainties, including statements relating to Real's current expectations for future revenue, future affects of foreign currency exchange rates, and future trends in consumer and corporate infrastructure spending and online advertising. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements. Actual results may differ materially from the results predicted. Factors that could cause actual results to differ from the results predicted include: fluctuations in foreign currencies, particularly changes in the US dollar relative to the euro and the Korean won; development and consumer acceptance of legal online music distribution services generally and RealNetworks' content services in particular because these are relatively new and unproven business models and markets; the potential that Real will be unable to continue to enter into commercially attractive agreements with third parties for the provision of compelling content for its subscription service offerings and the distribution of Real's carrier application services; the emergence of new entrants and competition in the market for digital media subscription offerings and online music sales; competitive risks, including competing technologies, products and services, and the competitive activities of our larger competitors, some of which have strong ties to streaming media users through other products; the potential outcomes and effects of claims and legal proceedings on our business, prospects, financial condition or results of operations; risks associated with the introduction of new products and services; changes in consumer and advertising spending in response to disruptions in the global financial markets; risks inherent in strategic relationships, especially with competitors, and technology and service integration efforts; and risks relating to the ability of Real's strategic partners to generate subscribers for Real's digital content services. More information about potential risk factors that could affect RealNetworks' business and financial results is included in RealNetworks' annual report on Form 10-K for the most recent year ended December 31, its quarterly reports on Form 10-Q and in other reports and documents filed by RealNetworks from time to time with the Securities and Exchange Commission. The preparation of RealNetworks' financial statements and forward-looking financial guidance requires the company to make estimates and assumptions that affect the reported amount of assets and liabilities and the reported amounts of revenues and expenses during the reported period. Actual results may differ materially from these estimates under different assumptions or conditions. The company assumes no obligation to update any forward-looking statements or information, which are in effect as of their respective dates.

RealNetworks, Rhapsody, RealPlayer and RealArcade are trademarks or registered trademarks of RealNetworks, Inc. or its subsidiaries. All other companies or products listed herein are trademarks or registered trademarks of their respective owners.

RealNetworks, Inc. and Subsidiaries Condensed Consolidated Statements of Operations (Unaudited) Quarters Ended March 31, ---- ---- 2009 2008 ---- ---- (in thousands, except per share data) Net revenue $140,773 $147,563 Cost of revenue 56,021 55,393 ------ ------ Gross profit 84,752 92,170 ------ ------ Operating expenses: Research and development 28,559 25,006 Sales and marketing 43,685 53,596 Advertising with related party (A) 7,423 7,340 General and administrative 22,831 17,084 Restructuring and other charges 794 686 --- --- Total operating expenses 103,292 103,712 ------- ------- Operating loss (18,540) (11,542) ------- ------- Other income (expenses): Interest income, net 1,183 4,958 Equity in net loss of investments (655) (91) Gain on sale of equity investment, net 137 - Gain on sale of interest in Rhapsody America (B) - 3,726 Other income (expense), net 855 768 --- --- Total other income (expense), net 1,520 9,361 ----- ----- Loss before income taxes (17,020) (2,181) Income taxes (1,549) (4,008) ------ ------ Net loss (18,569) (6,189) Net loss attributable to the noncontrolling interest in Rhapsody America (C) 6,433 8,615 ----- ----- Net income (loss) attributable to common shareholders $(12,136) $2,426 ======== ====== Basic net income (loss) per share available to common shareholders $(0.10) $0.02 Diluted net income (loss) per share available to common shareholders $(0.10) $0.02 Shares used to compute basic net income (loss) per share available to common shareholders 134,380 142,491 Shares used to compute diluted net income (loss) per share available to common shareholders 134,380 154,736 (A) Consists of advertising purchased by Rhapsody America from MTV Networks (MTVN). MTVN has a 49% ownership interest in Rhapsody America. (B) Consists of gains realized from MTVN's note payments to Rhapsody America. Effective January 1, 2009, the Company adopted SFAS No. 160 Non-controlling Interests in Consolidated Financial Statements, an amendment to ARB No. 51 (SFAS 160) which requires the appreciation of gains on the sale of non-controlling interest to be recorded as an equity transaction. (C) Noncontrolling interest in Rhapsody America reflects MTVN's 49% ownership share in the losses of Rhapsody America. RealNetworks, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited) March 31, December 31, 2009 2008 ---- ---- (in thousands) ASSETS Current assets: Cash and cash equivalents $211,709 $232,968 Short-term investments 164,785 137,766 Trade accounts receivable, net 61,837 70,201 Deferred costs, current portion 6,948 4,026 Prepaid expenses and other current assets 31,004 34,599 ------ ------ Total current assets 476,283 479,560 ------- ------- Equipment, software, and leasehold improvements, at cost: Equipment and software 138,004 135,788 Leasehold improvements 30,758 30,719 ------ ------ Total equipment, software, and leasehold improvements 168,762 166,507 Less accumulated depreciation and amortization 107,913 103,500 ------- ------- Net equipment, software, and leasehold improvements 60,849 63,007 Restricted cash equivalents and investments 14,767 14,742 Equity investments 18,754 18,582 Other assets 3,992 3,775 Deferred costs, non-current portion 6,854 6,120 Deferred tax assets, net, non-current portion 8,980 9,236 Other intangible assets, net 15,747 18,727 Goodwill 170,618 175,264 ------- ------- Total assets $776,844 $789,013 ======== ======== LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $48,540 $36,575 Accrued and other liabilities 111,679 118,688 Deferred revenue, current portion 39,421 39,835 Related party payable (A) 7,598 13,155 Accrued loss on excess office facilities, current portion 4,251 4,317 ----- ----- Total current liabilities 211,489 212,570 Deferred revenue, non-current portion 2,087 1,961 Accrued loss on excess office facilities, non-current portion 1,909 2,893 Deferred rent 4,589 4,614 Deferred tax liabilities, net, non-current portion 866 1,379 Other long-term liabilities 11,521 11,660 ------ ------ Total liabilities 232,461 235,077 Noncontrolling interest in Rhapsody America (B) 5,427 378 Shareholders' equity 538,956 553,558 ------- ------- Total liabilities and shareholders' equity $776,844 $789,013 ======== ======== (A) Related party payable reflects amounts owed to MTVN. (B) Noncontrolling interest in Rhapsody America reflects MTVN's 49% ownership interest in the net assets of Rhapsody America. RealNetworks, Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows (Unaudited) Quarters Ended March 31, --------------- 2009 2008 ---- ---- (in thousands) Cash flows from operating activities: Net income (loss) attributable to common shareholders $(12,136) $2,426 Adjustments to reconcile net income (loss) attributable to common shareholders to net cash provided by (used in) operating activities: Depreciation and amortization 7,776 12,971 Stock-based compensation 5,222 5,489 (Gain) loss on disposal of equipment, software, and leasehold improvements (33) 75 Equity in net loss of investments 655 91 Gain on sale of equity investment, net (137) - Excess tax benefit from stock option exercises (9) (50) Accrued restructuring and other charges (2,951) - Accrued loss on excess office facilities (1,050) (841) Deferred income taxes, net (212) (939) Noncontrolling interest in Rhapsody America (6,433) (8,615) Gain on sale of interest in Rhapsody America - (3,726) Other 10 32 Net change in certain operating assets and liabilities, net of acquisitions 13,259 (18,202) ------ ------- Net cash provided by (used in) operating activities 3,961 (11,289) ----- ------- Cash flows from investing activities: Purchases of equipment, software, and leasehold improvements (3,042) (7,203) Purchases of short-term investments (52,415) (49,798) Proceeds from sales and maturities of short-term investments 25,396 68,838 Proceeds from the sales of equity investments 137 350 Purchases of equity investments (2,000) - Payment of acquisition costs, net of cash acquired (3,154) (6,011) Decrease in restricted cash equivalents and investments, net (25) (9) --- -- Net cash provided by (used in) investing activities (35,103) 6,167 ------- ----- Cash flows from financing activities: Net proceeds from sales of common stock under employee stock purchase plan and exercise of stock options 12 1,072 Net proceeds from sales of interest in Rhapsody America 12,667 7,406 Excess tax benefit from stock option exercises 9 50 --- --- Net cash provided by financing activities 12,688 8,528 ------ ----- Effect of exchange rate changes on cash and cash equivalents (2,805) (1,366) ------ ------ Net increase (decrease) in cash and cash equivalents (21,259) 2,040 Cash and cash equivalents, beginning of period 232,968 476,697 ------- ------- Cash and cash equivalents, end of period $211,709 $478,737 ======== ======== RealNetworks, Inc. and Subsidiaries Supplemental Financial Information (Unaudited) 2009 2008 ---- ---- Q1 Q4 Q3 Q2 Q1 ---- ---- ---- ---- ---- (in thousands) Net Revenue by Line of Business: Consumer products and services (A) $97,194 $100,282 $100,322 $101,353 $96,286 Technology products and solutions (B) 43,579 52,362 51,633 51,295 51,277 ------ ------ ------ ------ ------ Total net revenue $140,773 $152,644 $151,955 $152,648 $147,563 ======== ======== ======== ======== ======== Consumer Products and Services: Subscriptions (C) $59,052 $57,853 $57,776 $55,658 $55,193 Media properties (D) 15,536 18,337 19,946 23,472 18,702 E-commerce and other (E) 22,606 24,092 22,600 22,223 22,391 ------ ------ ------ ------ ------ Total consumer products and services revenue $97,194 $100,282 $100,322 $101,353 $96,286 ======= ======== ======== ======== ======= Consumer Products and Services: Music (F) $44,053 $43,882 $41,591 $37,170 $38,079 Media software and services (G) 20,318 22,695 24,531 29,238 26,409 Games (H) 32,823 33,705 34,200 34,945 31,798 ------ ------ ------ ------ ------ Total consumer products and services revenue $97,194 $100,282 $100,322 $101,353 $96,286 ======= ======== ======== ======== ======= Net Revenue by Geography: United States $96,666 $101,369 $102,363 $100,898 $99,169 Rest of world 44,107 51,275 49,592 51,750 48,394 ------ ------ ------ ------ ------ Total net revenue $140,773 $152,644 $151,955 $152,648 $147,563 ======== ======== ======== ======== ======== Subscribers (presented as greater than) *: Total subscribers (I) 36,450 34,100 32,650 35,000 32,200 Technology products and solutions application services subscribers (J) 33,850 31,500 29,950 32,450 29,500 Music subscribers: Consumer music subscribers: Rhapsody subscribers 800 775 750 600 600 Radio subscribers 1,200 1,225 1,250 1,225 1,275 ----- ----- ----- ----- ----- Total consumer music subscribers 2,000 2,000 2,000 1,825 1,875 Technology products and solutions application services music subscribers (K) 900 875 850 800 800 --- --- --- --- --- Total Music Subscribers** 2,900 2,875 2,850 2,625 2,675 * Total music subscribers includes subscribers from our technology products and solutions application subscription services, such as music- on-demand, as well as our consumer music services, such as Rhapsody and Premium Radio. Although music-on-demand subscribers are included in the technology products and solutions application services subscribers and total music subscribers, these subscribers are only counted once as part of our total subscribers. ** Prior periods have been changed to reflect current period presentation. Totals may not equal due to rounding convention. (A) Revenue is derived from consumer digital media subscription services, RealPlayer Plus and related products, sales and distribution of third party software products, content such as games and music and advertising. (B) Revenue is derived from carrier application services such as ringback tones and music-on-demand, media delivery system software, support and maintenance services, broadcast hosting services and consulting services. (C) Revenue is derived from consumer digital media subscription services including: SuperPass, RadioPass, Rhapsody, GamePass and FunPass. (D) Revenue is derived from advertising and through the distribution of third party products. (E) Revenue is derived from RealPlayer Plus and related products, sales of third party software products, and content such as games and music. (F) Revenue is derived from Rhapsody and RadioPass subscription services and sales of music content, advertising generated from our music and music related websites and the distribution of third party products. (G) Revenue is derived from SuperPass subscriptions, RealPlayer Plus and related products, sales and distribution of third-party software products and advertising related to our non-game and non-music related web properties. (H) Revenue is derived from game subscription services, sales of games, advertising generated from our games and game-related websites and the distribution of third-party products. (I) Total subscribers include technology products and solutions application services and consumer subscription services including: ringback tones, music-on-demand, video-on-demand, Rhapsody, Rhapsody- to-Go, RadioPass, SuperPass, and GamePass. (J) Technology products and solutions application service subscribers include: ringback tones, music-on-demand and video-on-demand. (K) Technology products and solutions application services music subscribers include music-on-demand. RealNetworks, Inc. and Subsidiaries Supplemental Financial Information (Unaudited) Reconciliation of GAAP net income (loss) attributable to common shareholders to adjusted EBITDA excluding impairments and adjusted EBITDA is as follows: Quarters Ended ---------------- March December September June March 31, 31, 30, 30, 31, 2009 2008 2008 2008 2008 ---- ---- ---- ---- ---- (in thousands) Net income (loss) attributable to common shareholders $(12,136) $(240,499) $(4,500) $(1,305) $2,426 Interest income, net (1,183) (2,255) (2,865) (3,375) (4,958) Stock-based compensation 5,222 6,056 5,955 6,031 5,489 Loss (gain) on equity investments, net (137) 12 - (222) - Conversion of WiderThan stock options to a cash equivalent 17 11 16 26 89 Depreciation and amortization (net of noncontrolling interest effect) 5,726 5,784 6,165 6,186 6,282 Acquisitions related intangible asset amortization (net of noncontrolling interest effect) 1,768 1,872 5,752 6,171 6,315 Impairment of long-lived assets (net of noncontrolling interest effect) - 190,347 - - - Impairment of deferred costs and prepaid royalties - 19,666 - - - Restructuring and other charges 794 6,147 - - 686 Pro forma gain on sale of interest in Rhapsody America 4,010 6,568 - - - Expenses (benefit) related to antitrust litigation: Income - - - - - Expenses - 179 174 202 202 Charitable contributions - - - - - Income taxes 1,549 17,392 728 3,700 4,008 ----- ------ --- ----- ----- Adjusted EBITDA excluding impairments $5,630 $11,280 $11,425 $17,414 $20,539 ------ ------- ------- ------- ------- Impairments: Impairment of deferred costs and prepaid royalties - (19,666) - - - Restructuring and other charges (794) (6,147) - - (686) ---- ------ --- --- ---- Adjusted EBITDA $4,836 $(14,533) $11,425 $17,414 $19,853 ====== ======== ======= ======= ======= RealNetworks, Inc. and Subsidiaries Segment Results of Operations (Unaudited) Quarter Ended March 31, 2009 ---------------------------- Music MSS Games TPS Grand (A) (B) (C) (D) Other Total ----- ---- ----- ---- ----- ------ (in thousands) Net revenue $44,053 $20,318 $32,823 $43,579 $- $140,773 Cost of revenue 27,300 3,707 8,564 16,450 - 56,021 ------ ----- ----- ------ --- ------ Gross profit 16,753 16,611 24,259 27,129 - 84,752 ------ ------ ------ ------ --- ------ Gross margin 38% 82% 74% 62% - 60% Operating expenses: Advertising with related party 7,423 - - - - 7,423 Restructuring and other charges 301 67 305 121 - 794 Other operating expenses 22,093 19,882 26,846 26,216 38 95,075 ------ ------ ------ ------ --- ------ Total operating expenses 29,817 19,949 27,151 26,337 38 103,292 ------ ------ ------ ------ --- ------- Income (loss) from operations (13,064) (3,338) (2,892) 792 (38) (18,540) ------- ------ ------ --- --- ------- Other income (expenses): Interest income, net - - - - 1,183 1,183 Equity in net loss of investments - - - - (655) (655) Gain on sale of equity investments, net - - - - 137 137 Gain on sale of interest in Rhapsody America (E) - - - - - - Other income (expenses), net - - - - 855 855 --- --- --- --- --- --- Total other income (expenses), net - - - - 1,520 1,520 --- --- --- --- ----- ----- Income (loss) before income taxes (13,064) (3,338) (2,892) 792 1,482 (17,020) Income taxes - - - - (1,549) (1,549) --- --- --- --- ------ ------ Net income (loss) (13,064) (3,338) (2,892) 792 (67) (18,569) Net income (loss) attributable to noncontrolling interest in Rhapsody America 6,433 - - - - 6,433 ----- --- --- --- --- ----- Net income (loss) attributable to common shareholders $(6,631) $(3,338) $(2,892) $792 $(67) $(12,136) ======= ======= ======= ==== ==== ======== Reconciliation of segment GAAP net income (loss) attributable to common shareholders to segment adjusted EBITDA is as follows: Net income (loss) attributable to common shareholders $(6,631) $(3,338) $(2,892) $792 $(67) $(12,136) Income taxes - - - - 1,549 1,549 Interest income, net - - - - (1,183) (1,183) Stock-based compensation 865 698 1,397 2,262 - 5,222 Conversion of WiderThan stock options to a cash equivalent - - - 17 - 17 Acquisitions related intangible asset amortization (F) 278 - 144 1,346 - 1,768 Pro forma gain on sale of interest in Rhapsody America 4,010 - - - - 4,010 Gain on sale of equity investments, net - - - - (137) (137) Depreciation and amortization (F) 1,102 819 951 2,854 - 5,726 Expenses (benefit) related to antitrust litigation: Income - - - - - - Expenses - - - - - - Charitable contributions - - - - - - --- --- --- --- --- --- Adjusted EBITDA $(376) $(1,821) $(400) $7,271 $162 $4,836 ===== ======= ===== ====== ==== ====== Quarter Ended March 31, 2008 ---------------------------- Music MSS Games TPS Grand (A) (B) (C) (D) Other Total ----- ---- ----- ---- ----- ------ (in thousands) Net revenue $38,079 $26,409 $31,798 $51,277 - $147,563 Cost of revenue 21,519 3,976 8,637 21,261 - 55,393 ------ ----- ----- ------ --- ------ Gross profit 16,560 22,433 23,161 30,016 - 92,170 ------ ------ ------ ------ --- ------ Gross margin 43% 85% 73% 59% - 62% Operating expenses: Advertising with related party 7,340 - - - - 7,340 Restructuring and other charges 635 12 30 9 - 686 Other operating expenses 25,631 14,731 22,901 32,186 237 95,686 ------ ------ ------ ------ --- ------ Total operating expenses 33,606 14,743 22,931 32,195 237 103,712 ------ ------ ------ ------ --- ------- Income (loss) from operations (17,046) 7,690 230 (2,179) (237) (11,542) ------- ----- --- ------ ---- ------- Other income (expenses): Interest income, net - - - - 4,958 4,958 Equity in net loss of investments - - - - (91) (91) Gain on sale of interest in Rhapsody America (E) 3,726 - - - - 3,726 Other income (expenses), net - - - - 768 768 --- --- --- --- --- --- Total other income (expenses), net 3,726 - - - 5,635 9,361 ----- --- --- --- ----- ----- Income (loss) before income taxes (13,320) 7,690 230 (2,179) 5,398 (2,181) Income taxes - - - - (4,008) (4,008) --- --- --- --- ------ ------ Net income (loss) (13,320) 7,690 230 (2,179) 1,390 (6,189) Net income (loss) attributable to noncontrolling interest in Rhapsody America 8,615 - - - - 8,615 ----- --- --- --- --- ----- Net income (loss ) attributable to common shareholders $(4,705) $7,690 $230 $(2,179) $1,390 $2,426 ======= ====== ==== ======= ====== ====== Reconciliation of segment GAAP net income (loss) attributable to common shareholders to segment adjusted EBITDA is as follows: Net income (loss) attributable to common shareholders $(4,705) $7,690 $230 $(2,179) $1,390 $2,426 Income taxes - - - - 4,008 4,008 Interest income, net - - - - (4,958) (4,958) Stock-based compensation 1,079 713 1,123 2,574 - 5,489 Conversion of WiderThan stock options to a cash equivalent - - - 89 - 89 Acquisitions related intangible asset amortization (F) 384 - 805 5,126 - 6,315 Depreciation and amortization (F) 1,410 1,303 738 2,831 - 6,282 Expenses (benefit) related to antitrust litigation: Income - - - - - - Expenses - - - - 202 202 Charitable contributions - - - - - - --- --- --- --- --- --- Adjusted EBITDA $(1,832) $9,706 $2,896 $8,441 $642 $19,853 ======= ====== ====== ====== ==== ======= Note: Cost of revenue and operating expenses of the segments shown above include costs directly attributable to those segments and an allocation of general and administrative and other common or shared costs. (A) The Music segment primarily includes revenue and related costs from: Rhapsody America's Rhapsody and Radiopass subscription services; sales of digital music content through the Rhapsody service and the RealPlayer music store; and advertising from music websites. (B) The Media Software and Services (MSS) segment primarily includes revenue and related costs from: the SuperPass premium subscription service; RealPlayer Plus and related products; sales and distribution of third-party software products; and all advertising other than that related directly to our Music and Games businesses. (C) The Games segment primarily includes revenue and related costs from: the sale of individual games on our websites RealArcade.com, GameHouse.com and Zylom.com; the sales of games subscription services; advertising through our games websites; the sale of games through the syndication on partner sites, and sales of games through wireless carriers. (D) The Technology Products and Solutions (TPS) segment includes revenue and related costs from: sales of ringback tones, music-on-demand, video-on-demand, messaging, and information services; sales of media delivery system software, including Helix system software and related authoring and publishing tools, both directly to customers and indirectly through original equipment manufacturer channels; support and maintenance services sold to customers who purchase software products; broadcast hosting services; and consulting and professional services that are offered to customers. (E) Comprises gains realized from MTVN's note payments to Rhapsody America. Effective January 1, 2009, the Company adopted SFAS 160 which requires the appreciation of gains on the sale of non- controlling interest to be recorded as an equity transaction. (F) Net of noncontrolling interest effect. RealNetworks, Inc. and Subsidiaries Supplemental Financial Information (Unaudited) Quarter Ended March 31, 2009 ------------------------------ Acquisitions Related WiderThan Intang- Options Anti- Stock- ible Converted trust Based Asset to a Cash Liti- As Compen- Amorti- Equiva- gation Reported sation zation(A) lent Related Adjusted (in thousands) Expenses in accordance with GAAP Cost of revenue $56,021 $(630) $(546) $(1) $- $54,844 Operating expenses: Research and development $28,559 $(1,824) $- $(5) $- $26,730 Sales and marketing 43,685 (1,066) (1,222) (11) - 41,386 General and administrative 22,831 (1,702) - - - 21,129 ------ ------ --- --- --- ------ Adjusted operating expenses, net $95,075 $(4,592) $(1,222) $(16) $- $89,245 ======= ======= ======= ==== === ======= Quarter Ended March 31, 2009 ------------------------------ Acquisitions Related WiderThan Intang- Options Anti- Stock- ible Converted trust Based Asset to a Cash Liti- As Compen- Amorti- Equiva- gation Reported sation zation(A) lent Related Adjusted (in thousands) Expenses in accordance with GAAP Cost of revenue $55,393 $(234) $(2,315) $(21) $- $52,823 Operating expenses: Research and development $25,006 $(1,913) $- $(46) $- $23,047 Sales and marketing 53,596 (1,908) (4,000) (22) - 47,666 General and administrative 17,084 (1,434) - - (202) 15,448 ------ ------ --- --- ---- ------ Adjusted operating expenses, net $95,686 $(5,255) $(4,000) $(68) $(202) $86,161 ======= ======= ======= ==== ===== ======= (A) - Net of noncontrolling interest effect. RealNetworks, Inc. and Subsidiaries Earnings Per Share Reconciliation (Unaudited) Quarters Ended March 31, ---- ---- 2009 2008 ---- ---- (in thousands, except per share data) Net income (loss) attributable to common shareholders $(12,136) $2,426 Less accretion of MTVN's preferred return in Rhapsody America (1,434) - ------ --- Net income (loss)available to common shareholders $(13,570) $2,426 ======== ====== Shares used to compute basic net income (loss) per share available to common shareholders 134,380 142,491 Dilutive potential common shares: Stock options and restricted stock - 1,495 Convertible debt - 10,750 --- ------ Shares used to compute diluted net income (loss) per share available to common shareholders 134,380 154,736 Basic net income (loss) per share available to common shareholders $(0.10) $0.02 Diluted net income (loss) per share available to common shareholders $(0.10) $0.02 RNWK-F

RealNetworks, Inc.

CONTACT: Press, Bill Hankes, +1-206-892-6614, bhankes@real.com, or
Financial, Marj Charlier, +1-206-892-6718, mcharlier@real.com, both of
RealNetworks, Inc.

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

CBS Corporation Reports First Quarter 2009 Results

NEW YORK, May 7 /PRNewswire-FirstCall/ -- CBS Corporation today reported results for the first quarter ended March 31, 2009.

"During a tremendously challenging period, Leslie and his team continue to manage CBS with distinction," said Sumner Redstone, Executive Chairman, CBS Corporation. "I have no doubt that the actions we are taking today, together with the strength of our industry-leading content, will translate to significantly better results once the economy improves."

"Like other companies, our results were affected by the economic downturn that continued during the first quarter," said Leslie Moonves, President and Chief Executive Officer, CBS Corporation. "In addition, there were a number of factors that had an impact on comparability. The advertising marketplace remained relatively robust through the first half of last year. And last year's first quarter benefited from several special items, including the shift to self-distribution of our CSI franchise internationally, significantly lower production costs as a result of the writers' strike, and record political advertising revenues, which were not repeated this year. We are confident that the second half of the year will bring improved results due to a strong slate of syndication releases, the effect of cost reductions that were made last year and early signs of an improving local advertising marketplace."

Moonves continued: "We are extremely pleased with the performance of our content businesses, particularly the CBS Television Network, which is having its best season in years with ratings up in all measures. And our non-advertising-supported businesses, which represent one-third of revenues, continue to perform exceptionally well. Each of our business segments was profitable on an OIBDA basis in the quarter, and together they generated healthy free cash flow. Meanwhile, we remain focused on reducing our cost structure, significantly lowering capital expenditures, and conserving cash in order to meet our debt obligations going forward."

First Quarter 2009 Results

Revenues for the first quarter of 2009 totaled $3.16 billion compared to $3.65 billion for the same quarter last year due to lower advertising revenues, as the softness in the advertising marketplace continued during the first quarter. The Company's first quarter revenues also declined due to a significant benefit in the first quarter of 2008 when it shifted to self-distribution for its CSI franchise internationally. The decline in advertising and absence of the CSI self-distribution benefit were partially offset by the positive impact of the acquisition of CNET Networks ("CNET") and higher affiliate and home entertainment revenues.

Operating income before depreciation and amortization ("OIBDA") for the first quarter of 2009 was $249.8 million versus $642.0 million for the same quarter last year, and operating income was $107.5 million versus $524.2 million for the prior-year period. These decreases were due to the decline in advertising revenues, as well as the absence of several items which benefited the Company in the first quarter of 2008, partially offset by lower expenses of approximately $75 million resulting from cost-savings initiatives, the acquisition of CNET and the absence of first quarter 2008 restructuring charges of $44.9 million.

The Company reported a net loss of $55.3 million, or $.08 per diluted share, for the first quarter of 2009 versus net earnings of $244.3 million, or $.36 per diluted share, for the same quarter last year, principally driven by lower operating income.

Free cash flow for the first quarter of 2009 was $204.3 million, which includes payments for severance associated with the restructuring charges taken in 2008 and the settlement of tax audits that totaled $49.5 million.

Business Outlook

The Company expects full year 2009 OIBDA to be in the range of $1.725 billion to $1.925 billion.

Consolidated and Segment Results

The tables below present the Company's revenues, OIBDA and operating income (loss) by segment for the three months ended March 31, 2009 and 2008 (dollars in millions).

Three Months Ended March 31, Revenues 2009 2008 Television $2,230.6 $2,544.7 Radio 259.7 363.5 Outdoor 379.9 496.9 Interactive 133.6 52.9 Publishing 161.7 201.6 Eliminations (5.6) (5.5) Total Revenues $3,159.9 $3,654.1 Three Months Ended March 31, OIBDA 2009 2008 Television $228.7 $448.4 Radio 52.2 122.3 Outdoor 25.1 101.5 Interactive 8.2 1.1 Publishing .1 17.1 Corporate (28.5) (26.0) Residual costs (36.0) (22.4) Total OIBDA $249.8 $642.0 Three Months Ended March 31, Operating Income (Loss) 2009 2008 Television $184.7 $404.8 Radio 43.7 115.0 Outdoor (38.2) 44.1 Interactive (11.6) (2.7) Publishing (2.1) 14.6 Corporate (33.0) (29.2) Residual costs (36.0) (22.4) Total Operating Income $107.5 $524.2

Television (CBS Television Network, CBS Television Stations, CBS Television Studios, CBS Television Distribution, CBS College Sports Network and Showtime Networks)

Television revenues for the first quarter of 2009 decreased 12% to $2.23 billion from $2.54 billion for the same prior-year period principally due to lower advertising sales and television license fees partially offset by higher affiliate and home entertainment revenues. The following table presents revenues by type for the Television segment for the three months ended March 31, 2009 and 2008.

Three Months Ended March 31, Television Revenues by % of % of Type 2009 Total 2008 Total Advertising sales $1,307.9 58% $1,537.1 60% Television license fees 462.7 21 606.6 24 Affiliate revenues 316.0 14 291.2 11 Home entertainment 62.7 3 37.0 2 Other 81.3 4 72.8 3 Total Television Revenues $2,230.6 100% $2,544.7 100%

Advertising sales decreased 15% as a result of softness in the advertising marketplace and significantly lower political advertising sales following the Presidential election. Television license fees decreased 24% in the absence of the initial benefit in the first quarter of 2008 from the new self-distribution arrangement for the CSI franchise internationally. Affiliate revenues increased 9% driven by rate increases and strong subscriber growth at Showtime Networks and CBS College Sports Network. Home entertainment revenues increased 69% reflecting the performance of DVD titles.

Television OIBDA decreased 49% to $228.7 million and operating income decreased 54% to $184.7 million for the first quarter of 2009, with lower advertising sales and lower profits from syndication sales partially offset by the absence of first quarter 2008 restructuring charges of $34.9 million and lower expenses as a result of restructuring and cost-savings initiatives.

Radio (CBS Radio)

Radio revenues for the first quarter of 2009 decreased 29% to $259.7 million from $363.5 million for the same prior-year period, primarily due to the weak advertising marketplace. The absence of additional revenues from certain agreements with Westwood One that ended in the first quarter of 2008, as well as from the Denver radio stations that were sold, contributed to the decline as well.

Radio OIBDA and operating income for the first quarter of 2009 decreased 57% to $52.2 million and 62% to $43.7 million, respectively, resulting from the aforementioned lower advertising sales and absence of additional revenues from Westwood One. The absence of first quarter 2008 restructuring charges of $10.0 million and lower talent and employee-related costs resulting from restructuring and cost-savings initiatives partially offset the decline.

Outdoor (CBS Outdoor)

Outdoor revenues for the first quarter of 2009 decreased 24% to $379.9 million from $496.9 million for the same prior-year period, reflecting the soft worldwide advertising marketplace and the negative impact of foreign exchange rate changes as the U.S. dollar strengthened considerably in the quarter. In constant dollars, Outdoor revenues decreased 15% from the first quarter of 2008.

North America revenues decreased 18% (15% in constant dollars) primarily due to lower revenues from the U.S. billboards business and changes in foreign exchange rates. International revenues decreased 31% (15% in constant dollars) as a result of lower advertising sales in the soft European marketplace and foreign exchange rate changes. The decline was partially offset by the inclusion of revenues from the South American outdoor company International Outdoor Advertising (IOA), which was acquired in the second quarter of 2008.

Outdoor OIBDA for the first quarter of 2009 decreased 75% to $25.1 million from $101.5 million for the same prior-year period. Outdoor reported an operating loss of $38.2 million for the first quarter of 2009 versus operating income of $44.1 million for the same quarter last year. Outdoor's franchise and lease costs are generally fixed in nature and, with lower revenues in the difficult worldwide advertising marketplace, many of Outdoor's transit contracts are operating at their minimum guarantee levels, which significantly reduced OIBDA and operating income margins in the first quarter of 2009.

For the first quarter of 2009, North America reported OIBDA of $43.8 million, a decrease of 52% from the same quarter last year, and an operating loss of $2.0 million versus operating income of $45.0 million for the same quarter last year. For the first quarter, International reported an OIBDA loss of $18.7 million in 2009 versus income of $10.2 million in 2008 and an operating loss of $36.2 million in 2009 versus an operating loss of $.9 million in 2008. The operating loss for International was negatively affected by higher depreciation expense in the first quarter of 2009 versus the same quarter last year.

Interactive (CBS Interactive)

Interactive revenues for the first quarter of 2009 increased to $133.6 million from $52.9 million for the same quarter last year, reflecting the acquisition of CNET. On a comparable basis, Interactive revenues decreased 5% from the first quarter of 2008.

Interactive OIBDA of $8.2 million for the first quarter of 2009 increased from $1.1 million for the same prior-year period principally due to the acquisition of CNET and lower employee-related costs. Interactive reported an operating loss of $11.6 million for the first quarter of 2009 versus an operating loss of $2.7 million for the same quarter last year resulting from depreciation and amortization expense associated with higher fixed asset and intangible asset balances as a result of the CNET acquisition.

Publishing (Simon & Schuster)

Publishing revenues for the first quarter of 2009 decreased 20% to $161.7 million from $201.6 million for the same prior-year period reflecting a soft retail market and the timing of the releases of titles.

Publishing OIBDA for the first quarter of 2009 decreased to $.1 million from $17.1 million for the same quarter last year. Publishing reported an operating loss of $2.1 million for the first quarter of 2009 versus operating income of $14.6 million for the same quarter last year. These decreases were driven by the revenue decline partially offset by lower expenses resulting from cost-savings initiatives.

Corporate

Corporate expenses before depreciation expense increased 10% to $28.5 million for the first quarter of 2009 from $26.0 million for the same quarter last year primarily due to the absence of a first quarter 2008 gain on the sale of fixed assets.

Residual Costs

Residual costs primarily include pension and postretirement benefits costs for benefit plans retained by the Company for previously divested businesses. Residual costs increased to $36.0 million for the first quarter of 2009 from $22.4 million for the same quarter last year primarily as a result of pension plan asset performance for 2008.

Interest Expense

Interest expense of $133.2 million for the first quarter of 2009 decreased $5.5 million from $138.7 million for the same quarter last year primarily due to the repurchases of a portion of the Company's 7.70% senior notes during the fourth quarter of 2008 and the first quarter of 2009.

Interest Income

Interest income of $2.3 million for the first quarter of 2009 decreased from $17.6 million for the same quarter last year reflecting lower average cash balances and lower interest rates.

Other Items, Net

Other items, net for the first quarter of 2009 was a net loss of $11.9 million, principally consisting of foreign exchange translation losses.

Provision for Income Taxes

For the first quarter, the Company's provision for income taxes was $8.8 million for 2009 and $151.3 million for 2008 on earnings (loss) before income taxes of $(35.3) million for 2009 and $402.9 million for 2008. The first quarter 2009 income tax provision was affected by the reversal of certain international net operating loss carryforwards, as well as a reduction of deferred tax assets associated with stock-based compensation.

About CBS Corporation

CBS Corporation is a mass media company with constituent parts that reach back to the beginnings of the broadcast industry, as well as newer businesses that operate on the leading edge of the media industry. The Company, through its many and varied operations, combines broad reach with well-positioned local businesses, all of which provide it with an extensive distribution network by which it serves audiences and advertisers in all 50 states and key international markets. It has operations in virtually every field of media and entertainment, including broadcast television (CBS and The CW - a joint venture between CBS Corporation and Warner Bros. Entertainment), cable television (Showtime Networks and CBS College Sports Network), local television (CBS Television Stations), television production and syndication (CBS Television Studios and CBS Television Distribution), radio (CBS Radio), advertising on out-of-home media (CBS Outdoor), publishing (Simon & Schuster), interactive media (CBS Interactive), music (CBS Records), licensing and merchandising (CBS Consumer Products), video/DVD (CBS Home Entertainment), in-store media (CBS Outernet) and motion pictures (CBS Films). For more information, log on to http://www.cbscorporation.com/.

Cautionary Statement Concerning Forward-looking Statements

This news release contains both historical and forward-looking statements. All statements, including Business Outlook, other than statements of historical fact are, or may be deemed to be, 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. These forward-looking statements are not based on historical facts, but rather reflect the Company's current expectations concerning future results and events. Similarly, statements that describe our objectives, plans or goals are or may be forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors that are difficult to predict and which may cause the actual results, performance or achievements of the Company to be different from any future results, performance or achievements expressed or implied by these statements. These risks, uncertainties and other factors include, among others: advertising market conditions generally; changes in the public acceptance of the Company's programming; changes in technology and its effect on competition in the Company's markets; changes in the Federal Communications laws and regulations; the impact of piracy on the Company's products, the impact of the consolidation in the market for the Company's programming; other domestic and global economic, business, competitive and/or other regulatory factors affecting the Company's businesses generally; the impact of union activity, including possible strikes or work stoppages or the Company's inability to negotiate favorable terms for contract renewals; and other factors described in the Company's news releases and filings with the Securities and Exchange Commission including but not limited to the Company's most recent Form 10-K. The forward-looking statements included in this document are made only as of the date of this document, and under section 27A of the Securities Act and section 21E of the Exchange Act, we do not have any obligation to publicly update any forward-looking statements to reflect subsequent events or circumstances.

CBS CORPORATION AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (Unaudited; all amounts, except per share amounts, are in millions) Three Months Ended March 31, 2009 2008 Revenues $3,159.9 $3,654.1 Operating income 107.5 524.2 Interest expense (133.2) (138.7) Interest income 2.3 17.6 Other items, net (11.9) (.2) Earnings (loss) before income taxes (35.3) 402.9 Provision for income taxes (8.8) (151.3) Equity in loss of investee companies, net of tax (11.2) (7.3) Net earnings (loss) $(55.3) $244.3 Basic net earnings (loss) per common share $(.08) $.37 Diluted net earnings (loss) per common share $(.08) $.36 Weighted average number of common shares outstanding: Basic 671.5 667.9 Diluted 671.5 673.8 Dividends per common share $.05 $.25 CBS CORPORATION AND SUBSIDIARIES CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited; Dollars in millions) At At March 31, December 31, 2009 2008 Assets Cash and cash equivalents $239.6 $419.5 Receivables, net 2,932.9 2,749.9 Programming and other inventory 753.3 1,027.3 Prepaid expenses and other current assets 1,037.7 996.1 Total current assets 4,963.5 5,192.8 Property and equipment 4,906.6 4,899.5 Less accumulated depreciation and amortization 1,949.5 1,891.2 Net property and equipment 2,957.1 3,008.3 Programming and other inventory 1,570.7 1,578.1 Goodwill 8,590.1 8,647.8 Intangible assets 7,060.5 7,104.2 Other assets 1,263.9 1,358.1 Total Assets $26,405.8 $26,889.3 Liabilities and Stockholders' Equity Accounts payable $354.4 $462.8 Participants' share and royalties payable 1,006.1 962.3 Program rights 990.2 840.1 Current portion of long-term debt 22.5 21.3 Accrued expenses and other current liabilities 2,088.3 2,514.4 Total current liabilities 4,461.5 4,800.9 Long-term debt 7,108.7 6,974.8 Other liabilities 6,365.9 6,516.3 Stockholders' equity 8,469.7 8,597.3 Total Liabilities and Stockholders' Equity $26,405.8 $26,889.3 CBS CORPORATION AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited; Dollars in millions) Three Months Ended March 31, 2009 2008 Operating activities: Net earnings (loss) $(55.3) $244.3 Adjustments to reconcile net earnings (loss) to net cash flow (used for) provided by operating activities: Depreciation and amortization 142.3 117.8 Stock-based compensation 32.9 33.1 Equity in loss of investee companies, net of tax and distributions 12.7 7.3 Decrease to accounts receivable securitization program (300.0) - Change in assets and liabilities, net of effects of acquisitions 145.9 624.3 Net cash flow (used for) provided by operating activities (21.5) 1,026.8 Investing activities: Acquisitions, net of cash acquired (6.7) (48.4) Capital expenditures (74.2) (88.8) Investments in and advances to investee companies (12.5) (1.1) Purchases of marketable securities (35.6) (12.6) Proceeds from dispositions 21.6 189.5 Proceeds from sales of marketable securities - 4.7 Net receipts from Viacom Inc. related to the Separation - 6.7 Other, net (.3) (7.4) Net cash flow (used for) provided by investing activities (107.7) 42.6 Financing activities: Borrowings from (repayments to) banks, including commercial paper, net 293.1 (3.7) Repayment of notes (151.9) - Payment of capital lease obligations (3.9) (5.0) Dividends (184.4) (168.8) Purchase of Company common stock (4.0) (11.9) Proceeds from exercise of stock options - 30.4 Excess tax benefit from stock-based compensation .4 1.6 Net cash flow used for financing activities (50.7) (157.4) Net (decrease) increase in cash and cash equivalents (179.9) 912.0 Cash and cash equivalents at beginning of period 419.5 1,346.9 Cash and cash equivalents at end of period $239.6 $2,258.9 CBS CORPORATION AND SUBSIDIARIES SUPPLEMENTAL DISCLOSURES REGARDING NON-GAAP FINANCIAL INFORMATION (Unaudited; Dollars in millions) Operating Income Before Depreciation and Amortization

The following tables set forth the Company's Operating Income Before Depreciation and Amortization ("OIBDA") for the three months ended March 31, 2009 and 2008. The Company defines OIBDA as net earnings (loss) adjusted to exclude the following line items presented in its Statements of Operations: Equity in loss of investee companies, net of tax; Provision for income taxes; Other items, net; Interest income; Interest expense; and Depreciation and amortization.

The Company uses OIBDA, among other things, to evaluate the Company's operating performance, to value prospective acquisitions and as one of several components of incentive compensation targets for certain management personnel, and this measure is among the primary measures used by management for planning and forecasting of future periods. This measure is an important indicator of the Company's operational strength and performance of its business because it provides a link between profitability and operating cash flow. The Company believes the presentation of this measure is relevant and useful for investors because it allows investors to view performance in a manner similar to the method used by the Company's management, helps improve their ability to understand the Company's operating performance and makes it easier to compare the Company's results with other companies that have different financing and capital structures or tax rates. In addition, this measure is also among the primary measures used externally by the Company's investors, analysts and peers in its industry for purposes of valuation and comparing the operating performance of the Company to other companies in its industry.

Since OIBDA is not a measure of performance calculated in accordance with generally accepted accounting principles ("GAAP"), it should not be considered in isolation of, or as a substitute for, net earnings (loss) as an indicator of operating performance. OIBDA, as the Company calculates it, may not be comparable to similarly titled measures employed by other companies. In addition, this measure does not necessarily represent funds available for discretionary use, and is not necessarily a measure of the Company's ability to fund its cash needs. As OIBDA excludes certain financial information compared with net earnings (loss), the most directly comparable GAAP financial measure, users of this financial information should consider the types of events and transactions which are excluded. The Company provides the following reconciliations of total OIBDA to net earnings (loss) and OIBDA for each segment to such segment's operating income (loss), the most directly comparable amounts reported under GAAP.

CBS CORPORATION AND SUBSIDIARIES SUPPLEMENTAL DISCLOSURES REGARDING NON-GAAP FINANCIAL INFORMATION (continued) (Unaudited; Dollars in millions) Three Months Ended March 31, 2009 Depreciation and Operating OIBDA Amortization Income (Loss) Television $228.7 $(44.0) $184.7 Radio 52.2 (8.5) 43.7 Outdoor 25.1 (63.3) (38.2) Interactive 8.2 (19.8) (11.6) Publishing .1 (2.2) (2.1) Corporate (28.5) (4.5) (33.0) Residual costs (36.0) - (36.0) Total $249.8 $(142.3) $107.5 Three Months Ended March 31, 2008 Depreciation and Operating OIBDA Amortization Income (Loss) Television $448.4 $(43.6) $404.8 Radio 122.3 (7.3) 115.0 Outdoor 101.5 (57.4) 44.1 Interactive 1.1 (3.8) (2.7) Publishing 17.1 (2.5) 14.6 Corporate (26.0) (3.2) (29.2) Residual costs (22.4) - (22.4) Total $642.0 $(117.8) $524.2 Three Months Ended March 31, 2009 2008 Total OIBDA $249.8 $642.0 Depreciation and amortization (142.3) (117.8) Operating income 107.5 524.2 Interest expense (133.2) (138.7) Interest income 2.3 17.6 Other items, net (11.9) (.2) Earnings (loss) before income taxes (35.3) 402.9 Provision for income taxes (8.8) (151.3) Equity in loss of investee companies, net of tax (11.2) (7.3) Net earnings (loss) $(55.3) $244.3 CBS CORPORATION AND SUBSIDIARIES

SUPPLEMENTAL DISCLOSURES REGARDING NON-GAAP FINANCIAL INFORMATION (continued)

(Unaudited; Dollars in millions) Free Cash Flow

Free cash flow reflects the Company's net cash flow (used for) provided by operating activities less capital expenditures and increases/(decreases) to the accounts receivable securitization program. The Company uses free cash flow, among other measures, to evaluate its operating performance. Management believes free cash flow provides investors with an important perspective on the cash available to service debt, make strategic acquisitions and investments, maintain its capital assets, satisfy its tax obligations and fund ongoing operations and working capital needs. As a result, free cash flow is a significant measure of the Company's ability to generate long term value. It is useful for investors to know whether this ability is being enhanced or degraded as a result of the Company's operating performance. The Company believes the presentation of free cash flow is relevant and useful for investors because it allows investors to view performance in a manner similar to the method used by management. In addition, free cash flow is also a primary measure used externally by the Company's investors, analysts and peers in its industry for purposes of valuation and comparing the operating performance of the Company to other companies in its industry.

As free cash flow is not a measure of performance calculated in accordance with GAAP, free cash flow should not be considered in isolation of, or as a substitute for, net earnings (loss) as an indicator of operating performance or net cash flow (used for) provided by operating activities as a measure of liquidity. Free cash flow, as the Company calculates it, may not be comparable to similarly titled measures employed by other companies. In addition, free cash flow does not necessarily represent funds available for discretionary use and is not necessarily a measure of the Company's ability to fund its cash needs. As free cash flow deducts capital expenditures and increases/(decreases) to the accounts receivable securitization program from net cash flow (used for) provided by operating activities, the most directly comparable GAAP financial measure, users of this financial information should consider the types of events and transactions which are not reflected. The Company provides below a reconciliation of free cash flow to net cash flow (used for) provided by operating activities, the most directly comparable amount reported under GAAP.

The following table presents a reconciliation of the Company's net cash flow (used for) provided by operating activities to free cash flow:

Three Months Ended March 31, 2009 2008 Net cash flow (used for) provided by operating activities $(21.5) $1,026.8 Add back: Decrease to accounts receivable 300.0 - securitization program Capital expenditures (74.2) (88.8) Free cash flow $204.3 $938.0 The following table presents a summary of the Company's cash flows: Three Months Ended March 31, 2009 2008 Net cash flow (used for) provided by operating activities $(21.5) $1,026.8 Net cash flow (used for) provided by investing activities $(107.7) $42.6 Net cash flow used for financing activities $(50.7) $(157.4) CBS CORPORATION AND SUBSIDIARIES

SUPPLEMENTAL DISCLOSURES REGARDING NON-GAAP FINANCIAL INFORMATION (continued)

(Unaudited; Dollars in millions) Interactive Segment Comparable Revenues Reconciliation

The Company acquired CNET on June 30, 2008. The following table presents the revenues for the Interactive segment on a comparable basis, which includes the revenues of CNET for all periods presented and excludes the impact of divested interactive businesses and foreign exchange rate changes. The Company believes that adjusting the revenues of the Interactive segment to include CNET prior to acquisition and exclude the impact of divested interactive businesses and foreign exchange rate changes provides investors with a clearer perspective on the current underlying financial performance of the Interactive segment.

Three Months Ended March 31, Better/ 2009 2008 (Worse)% Interactive revenues, as reported $133.6 $52.9 153% CNET revenues prior to June 30, n/m 2008 acquisition - 91.4 Divested interactive businesses - (2.3) n/m Foreign exchange rate changes - (2.1) n/m Interactive revenues, comparable basis $133.6 $139.9 (5)% n/m - not meaningful Business Outlook

The following table presents the Company's business outlook for 2009, which is based on 2008 results adjusted to exclude impairment charges.

Twelve Months Ended December 31, 2008 2009 2008 Impairment 2008 Business Reported Charges Adjusted Outlook OIBDA $(11,627.1) $14,181.4 $2,554.3 $1.725 billion to $1.925 billion Depreciation and amortization (531.6) - (531.6) Operating income (loss) $(12,158.7) $14,181.4 $2,022.7

CBS Corporation

CONTACT: Press: Gil Schwartz, Executive Vice President, Corporate
Communications, +1-212-975-2121, gdschwartz@cbs.com; Dana McClintock, Senior
Vice President, Corporate Communications, +1-212-975-1077,
dlmcclintock@cbs.com; Andrea Prochniak, Vice President, Corporate
Communications, +1-212-975-0053, andrea.prochniak@cbs.com; or Investors:
Martin Shea, Executive Vice President, Investor Relations, +1-212-975-8571,
marty.shea@cbs.com; Adam Townsend, Executive Vice President, Investor
Relations, +1-212-975-5292, adam.townsend@cbs.com; Debra Wichser, Vice
President, Investor Relations, +1-212-975-3718, debra.wichser@cbs.com

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

Company News On-Call: http://www.prnewswire.com/comp/965075.html

The Princeton Review Reports First Quarter Financial Results- Income from continuing operations before taxes of $2.2 million compared to $0.3 million a year ago- Revenue increased 25.5% over 2008 to $44.8 million- Earnings per share from continuing operations of $0.02 compared to loss per share of $0.03 in 2008

FRAMINGHAM, Mass., May 7 /PRNewswire-FirstCall/ -- The Princeton Review, Inc. , a leading provider of test preparation and supplemental educational services, today announced revenue of $44.8 million and income from continuing operations before taxes of $2.2 million for the quarter ended March 31, 2009, as compared to $0.3 million in 2008.

For the quarter ended March 31, 2009, revenue increased 25.5% to $44.8 million, up from $35.7 million in 2008. The Princeton Review reported income from continuing operations before taxes of $2.2 million compared to $0.3 million in 2008. The first quarter 2009 results include a restructuring charge of $2.9 million, which compares to a restructuring charge of $0.4 million in the first quarter of 2008.

During the quarter, The Princeton Review generated net cash from operating activities of $4.4 million compared to net cash used of $6.8 million in the first quarter of 2008. Net cash from operating activities included $0.9 million and $7.3 million in restructuring-related and litigation settlement payments in the quarters ended March 31, 2009 and 2008, respectively.

CEO Comment

"Our financial performance in the first quarter demonstrates the continuing progress we have made in moving toward our goal of returning The Princeton Review to sustainable profitability," said Michael Perik, Chief Executive Officer of The Princeton Review. "The positive impact of operational changes made in 2008 are being felt and we are pleased with our revenue and margin performance during this quarter and the reduction of corporate expenses compared to the first quarter of 2008, especially in light of overall economic conditions."

Test Preparation Services

For the quarter, Test Preparation Services division revenue increased by $4.2 million, or 18.1%, to $27.4 million in 2009, from $23.2 million in the first quarter of 2008. The 2009 results include the acquisitions of Test Services, Inc. and the Southern California franchises, which were completed in March and July 2008, respectively.

Operating income in the Test Preparation Services division was $3.5 million for the first quarter of 2009, compared to $2.9 million for the first quarter of 2008. The 2009 results include the acquisitions of franchises mentioned above.

Supplementary Educational Services (SES)

For the first quarter of 2009, SES revenues increased by $4.9 million, or 38.9%, to $17.5 million compared to $12.6 million in the first quarter of 2008. The 2009 increase resulted from new market expansion.

Operating income in the SES division was $6.1 million for the first quarter of 2009 compared to $3.4 million in the first quarter of 2008. The increase in operating income is due to new market expansion.

Other Business Highlights

The Company completed the sale of its K-12 Services business to CORE Projects & Technologies Limited, an education technology company based in India, on March 12, 2009. This business unit is classified as discontinued operations in the financial statements presented. The proceeds from the sale were used to pay down a portion of the Company's term loan.

Conference Call Details

The Princeton Review will review its first quarter 2009 financial results and provide additional business highlights on a conference call at 4:30 p.m. Eastern Daylight Time today. A copy of this earnings release is available at http://ir.princetonreview.com/releases.cfm?type=earnings. To participate on the live call, investors should dial (719) 457-2573 approximately ten minutes prior to the start time. In addition, the call will be available via live webcast over the Internet. To access the live webcast of the conference call, please go to http://ir.princetonreview.com/events.cfm 15 minutes prior to the start time of the call to register. An archived webcast will be available on the Company's website at http://ir.princetonreview.com/events.cfm. Additionally, a replay of the call can be accessed by dialing either (888) 203-1112 or (719) 457-0820, passcode 6836342, through June 7, 2009.

About The Princeton Review, Inc.

The Princeton Review has been a pioneer and leader in helping students achieve their higher education goals for more than 25 years through college and graduate school test preparation and private tutoring. With more than 165 print and digital publications and a free website, http://www.princetonreview.com/, the Company provides students and their parents with the resources to research, apply to, prepare for, and learn how to pay for higher education. The Princeton Review also partners with schools and guidance counselors throughout the U.S. to assist in college readiness, test preparation and career planning services, helping more students pursue postsecondary education.

Safe Harbor Statement

All statements in this press release that are not historical are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements may be identified by words such as "believe," "intend," "expect," "may," "could," "would," "will," "should," "plan," "project," "contemplate," "anticipate," or similar statements. Because these statements reflect The Princeton Review's current views concerning future events, these forward-looking statements are subject to risks and uncertainties. The Princeton Review's actual results could differ materially from those anticipated in these forward-looking statements as a result of many factors, including, but not limited to, demand for the company's products and services; the company's ability to compete effectively and adjust to rapidly changing market dynamics; the timing of revenue recognition from significant contracts with schools and school districts; market acceptance of the company's newer products and services; continued federal and state focus on assessment and remediation in K-12 education; and the other factors described under the caption "Risk Factors" in The Princeton Review's most recent Form 10-K filed with the Securities and Exchange Commission. The Princeton Review undertakes no obligation to update publicly any forward-looking statements contained in this press release.

- Tables to Follow - THE PRINCETON REVIEW, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Operations (in thousands, except per share data) Quarter Ended March 31, 2009 2008 ------------------ Revenue Test Preparation Services $27,363 $23,150 SES Services 17,460 12,592 --------------------- Total revenue 44,823 35,742 --------------------- Cost of revenue Test Preparation Services 9,458 8,887 SES Services 7,901 5,663 --------------------- Total cost of revenue 17,359 14,550 --------------------- Gross Profit 27,464 21,192 --------------------- Operating expenses Selling, general and administrative 22,096 20,594 Restructuring 2,918 435 --------------------- Total operating expenses 25,014 21,029 --------------------- Operating income from continuing operations 2,450 163 Interest income (expense) (315) 93 Other income 25 - --------------------- Income from continuing operations before income taxes 2,160 256 Provision for income taxes (300) (78) --------------------- Income from continuing operations 1,860 178 Discontinued operations Loss from discontinued operations (138) (704) Gain from disposal of discontinued operations 969 - Benefit (provision) for income taxes 47 (51) --------------------- Income (loss) from discontinued operations 878 (755) Net income (loss) 2,738 (577) Dividends and accretion on Preferred Stock (1,207) (1,149) --------------------- Net income (loss) attributed to common stockholders $1,531 $(1,726) --------------------- Earnings (loss) per share Basic: Income (loss) from continuing operations $0.02 $(0.03) Income (loss) from discontinued operations 0.03 (0.03) --------------------- Income (loss) attributable to common shareholders $0.05 $(0.06) --------------------- Diluted: Income (loss) from continuing operations $0.02 $(0.03) Income (loss) from discontinued operations 0.03 (0.03) --------------------- Income (loss) attributable to common shareholders $0.05 $(0.06) --------------------- Weighted average shares used in computing income (loss) per share Basic 33,742 29,486 --------------------- Diluted 33,858 29,486 ---------------------

The Princeton Review, Inc.

CONTACT: Stephen C. Richards, The Princeton Review, Inc.,
+1-508-663-5053, srichards@review.com

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

Lockheed Martin Delivers 7,000th Q-70 Combat Computer Server System to the U.S. NavyLatest Q-70 will be Installed on the Flagship of the U.S. Navy's Sixth Fleet

SAN DIEGO, May 7 /PRNewswire/ -- During a ceremony today, Lockheed Martin delivered the 7,000th AN/UYQ-70 (Q-70) combat computer server suite to the U.S. Navy's Command, Control, Computers, Communication and Intelligence Program Executive Office (PEO-C4I) in San Diego. The latest Q-70 system will be installed on the USS Mount Whitney (LCC 20), the flagship for the Commander, Sixth Fleet/Commander, Joint Command Lisbon/Commander, Striking Force NATO.

The latest Q-70 unit is an Integrated Shipboard Network System blade server with state-of-the-art technology that consolidates the performance of seven legacy servers into a single computing rack, saving valuable shipboard space and power. The new server supports the Navy's rapid deployment of new networking capabilities and allows for immediate transition to open architectures while also providing cost-effective protection for prior hardware and software investments.

The Q-70 also supports the Navy PEO-C4I's Early Adopter initiative by hosting applications that are migrating to the Common Computing Environment based on the Accelerated Service Model "stepping stone" to the service's Consolidated Afloat Networks and Enterprise Services (CANES) program.

"Lockheed Martin is focused on supporting the Navy's evolution to reduce infrastructure and increase capability across surface ship networks. Working with our customer, with Q-70, we have created an innovative solution for the fleet," said John Nikolai, director of Electronic Products and Logistics for Lockheed Martin's Tactical Systems business. "We're proud to provide this server in response to the evolving needs of our customer."

Lockheed Martin Q-70 servers, workstations and network systems are widely used on U.S. Navy platforms at sea and in the air, as well as on land, and in naval systems operated by Australia, Germany, Japan, Norway and Spain. The company develops total computing infrastructure designs that encompass four key elements - open system architectures, commercial technology, planned technology refresh and cross-platform commonality. Lockheed Martin is the world's largest producer of open system, Commercial Off-The-Shelf (COTS)-based computing, display, and networking equipment for military applications.

The Q-70 was the first fully-implemented standard combat computer system resource using a state-of-the-art open system architecture. Since the Q-70 program was competitively awarded in 1994, Lockheed Martin has continued to upgrade these units with open architectures and the latest commercial technologies. The use of COTS equipment in place of specialized hardware and software and a highly successful technology refresh program has saved the U.S. Navy more than $1.5 billion over 15 years.

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.

For additional information, visit our web site: http://www.lockheedmartin.com/

Lockheed Martin

CONTACT: Tierney Helmers of Lockheed Martin, +1-651-456-4963,
tierney.helmers@lmco.com

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

Company News On-Call: http://www.prnewswire.com/comp/534163.html

Wireless Phone Users in Massac County, Illinois, Now Experience Even Clearer Reception and Fewer Dropped CallsVerizon Wireless Activates New Cell Sites In Brookport and Metropolis

METROPOLIS, Ill., May 7 /PRNewswire/ -- Verizon Wireless, the wireless company with the highest customer loyalty, has activated two new cell sites in Massac County, which will enable more customers to use their wireless phones concurrently to make calls; send and receive email and text, picture and video messages; access the Internet; view high-quality videos; and download music, games and ringtones, while enjoying clearer reception and fewer dropped calls.

These new cell sites improve Verizon Wireless' voice and data network in rural areas lying predominantly east and north of Brookport and Metropolis, including along:

-- U.S. Highway 45 from the I-24 interchange to Brookport -- Illinois Route 145 and Interstate 24 between U.S. Highway 45 to Midway Road -- Unity School Road and Waldo Church Road in eastern Massac County -- Unionville Road

"Network reliability is the No. 1 reason that customers choose and stay with Verizon Wireless," said Brendan Fallis, president-Kansas/Missouri/Southern Illinois Region, Verizon Wireless. "Getting through on the first try and maintaining a connection are important to our customers. We continue to optimize our network so that it remains the most reliable in the nation."

These network improvements are part of Verizon Wireless' continual effort to expand coverage, improve capacity and enhance the quality of its wireless voice and data network in Illinois and throughout the country. Verizon Wireless has invested more than $50 billion since it was formed-$5.5 billion on average every year-to increase the coverage and capacity of its premier nationwide network and to add new services. In 2008, the company invested more than $196.5 million in its Illinois network.

About Verizon Wireless

Verizon Wireless operates the nation's most reliable and largest wireless voice and data network, serving more than 86.6 million customers. Headquartered in Basking Ridge, N.J., with more than 86,000 employees nationwide, Verizon Wireless is a joint venture of Verizon Communications and Vodafone (NYSE and LSE: VOD). For more information, visit http://www.verizonwireless.com/. To preview and request broadcast-quality video footage and high-resolution stills of Verizon Wireless operations, log on to the Verizon Wireless Multimedia Library at http://www.verizonwireless.com/multimedia.

Verizon Wireless

CONTACT: Cheryl Bini Armbrecht, Cheryl.Bini@verizonwireless.com, or
Brenda Hill, Brenda.Hill@verizonwireless.com, both of Verizon Wireless,
+1-636-345-9400; or Caroline Villanueva, +1-314-725-5645,
caroline@sequel-llc.com, for Verizon Wireless

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

Microsoft Photosynth s'intègre à Virtual Earth et lance la commercialisation de la technologie photo en 3D

REDMOND, Washington, May 7 /PRNewswire/ --

- La NASA et VisitBrighton utilisent la nouvelle version de Photosynth sur Virtual Earth et dans l'espace.

Microsoft Corp. a annoncé aujourd'hui la mise à jour de sa technologie Photosynth qui permettra son utilisation commerciale grâce à une intégration à Microsoft Virtual Earth. L'intégration de Photosynth à Virtual Earth est le premier lancement conçu pour permettre aux entreprises d'utiliser Photosynth à des fins commerciales.

(Logo : http://www.newscom.com/cgi-bin/prnh/20000822/MSFTLOGO)

Le logiciel Photosynth analyse des photographies numériques et génère un modèle en 3D en << assemblant >> les photos. Ces modèles, aussi appelés << synths >>, sont désormais visualisables sur de multiples plateformes grâce à la technologie Silverlight. Virtual Earth regroupe des caractéristiques, des fonctionnalités et du contenu chargés d'aider les consommateurs, les entreprises, les citoyens et les gouvernements à donner vie aux lieux. Ce programme permet aux entreprises et aux gouvernements d'échanger des informations sur les lieux, de bâtir de meilleures relations avec leurs consommateurs ou citoyens et permet aux organisations de prendre de meilleures décisions concernant leurs activités. Grâce à l'intégration de Photosynth à Virtual Earth, les clients pourront créer des images en 3D de tout et n'importe quoi, des lieux, des produits mais aussi des hôtels ou des maisons.

<< L'intégration de Microsoft Photosynth à Virtual Earth marque une étape importante pour permettre aux entreprises d'utiliser Photosynth de manière pertinente et intuitive >>, a déclaré Jeff Kelisky, directeur général, Cartographie et Recherche chez Microsoft. << Grâce aux capacités intégrées de Photosynth et à l'addition récente de l'interface API Silverlight, nos partenaires Virtual Earth disposent de fabuleux outils pour créer, partager, visualiser et intégrer des synths sur différentes plateformes et ainsi fournir des expériences stimulantes. >>

La mise à jour commerciale comprend de nouvelles commandes qui permettent à l'utilisateur de décider où et comment partager les synths en les rendant publics ou non répertoriés sur http://www.photosynth.net. Les organisations peuvent ainsi gérer la disponibilité et l'accès aux synths et disposent d'un meilleur contrôle sur les représentations visuelles des lieux et bâtiments qui leur appartiennent. Les synths peuvent maintenant présenter des zones en relief définies par l'utilisateur qui indiquent des images clés et facilitent la navigation.

Les clients et partenaires peuvent déjà témoigner des avantages de Photosynth associé à Virtual Earth avec des exemples en direct d'organisations et d'entreprises aussi diverses que la NASA et VisitBrighton au Royaume-Uni.

<< L'incroyable collection de photographies utilisant la technologie d'imagerie interactive en 3D Microsoft Photosynth offre aux personnes du monde entier une nouvelle façon d'explorer la Station spatiale internationale et de découvrir la prochaine mission du Laboratoire scientifique sur Mars (Mars Science Laboratory)de la NASA >>, a précisé S. Pete Worden, directeur du Ames Research Center de la NASA, à Moffett Field, en Californie. << Cette collaboration avec Microsoft offre au public l'occasion de participer aux explorations futures grâce à cette technologie novatrice. >>

Parmi les autres clients, nous pouvons citer VisitBrighton, une agence de tourisme britannique, facilitée par New Mind Internet Consultancy Ltd., un partenaire britannique qui a adopté la technologie Photosynth. VisitBrighton a pris conscience du potentiel de Photosynth à la fois pour les entreprises et les visiteurs de Brighton. Ensemble, VisitBrighton et New Mind peuvent offrir aux touristes potentiels des informations visuelles détaillées sur les attractions de la ville et ainsi les encourager à venir la visiter. Pour les entreprises, cette technologie offre l'occasion de mettre en avant leurs atouts spécifiques à des touristes potentiels et donc, d'avoir une longueur d'avance sur leurs concurrents.

Applications potentielles de la nouvelle technologie : - Immobilier. Montrer aux futurs propriétaires l'intérieur et l'extérieur des propriétés grâce à des images interactives - Tourisme et hôtellerie. Fournir une vision interactive et en 3D des hôtels, des centres touristiques et des villes - Commerce. Permettre aux clients de voir l'intérieur des succursales ou des magasins et de naviguer facilement parmi les produits - Média et divertissement. Permettre aux entreprises de médias de créer et de partager leurs projets visuels au sein d'un environnement contrôlé, et d'élaborer des campagnes et programmes percutants grâce aux nouveaux outils média - Secteur public. Offrir aux citoyens une vue détaillée des services, des bâtiments et des terrains publics, et bien plus encore - Usage interne professionnel. Utiliser les synths non répertoriés pour fournir des informations sur les lieux, comme par exemple l'évaluation des garanties et les déclarations de sinistre en matière d'assurance

La vidéo qui accompagne l'annonce faite aujourd'hui et la présentation de Photosynth et Virtual Earth aux clients est disponible sur le site Internet de Virtual Earth.

À propos de Microsoft Virtual Earth

La plateforme Virtual Earth est la nouvelle génération de services puissants et intégrés de recherche et de cartographie en ligne conçue par Microsoft. Cette plateforme offre une grande variété de capacités, notamment la vue unique Bird's Eye,* l'imagerie tridimensionnelle et l'imagerie aérienne et par satellite. La plateforme Virtual Earth alimente également de nombreuses applications pour consommateurs, entreprises et gouvernements qui permettent au public de découvrir et d'explorer des endroits spécifiques. Virtual Earth alimente Live Search Maps, le site Internet de cartographie et de recherche en ligne de Microsoft. Pour en savoir plus sur la plateforme Virtual Earth, visitez la page http://www.microsoft.com/virtualearth/default.mspx.

À propos de Microsoft

Fondée en 1975, l'entreprise Microsoft (Nasdaq : MSFT) est le leader mondial des logiciels, services et solutions conçus pour aider les personnes et les entreprises à réaliser leur plein potentiel.

* La vue Bird's eye et la vue en 3D sont disponibles dans de nombreuses zones métropolitaines.

Microsoft Corp.

Aux États-Unis, l'équipe de réponse rapide (Rapid Response Team), Waggener Edstrom Worldwide, +1-503-443-7070, rrt@waggeneredstrom.com ; ou en Europe, au Moyen-Orient et en Afrique, Nikki Thompson de Weber Shandwick, +44(0)20-7067-0500, nthompson@webershandwick.com, tous deux pour Microsoft Corp. / NOTE AUX RÉDACTEURS : Si vous souhaitez obtenir de plus amples informations sur Microsoft, veuillez visiter la page Internet de Microsoft à http://www.microsoft.com/presspass pour des informations sur l'entreprise Microsoft. Les liens, les numéros de téléphone et les titres étaient corrects au moment de la publication mais pourraient avoir changé depuis. Pour obtenir une davantage d'aide, les journalistes et analystes peuvent contacter l'équipe de réponse rapide de Microsoft ou tout autre contact dont les coordonnées figurent sur la liste disponible sur http://www.microsoft.com/presspass/contactpr.mspx. / PHOTO : http://www.newscom.com/cgi-bin/prnh/20000822/MSFTLOGO

Gerald, Missouri, Residents to Benefit From Verizon Wireless Network EnhancementsNew Cell Site Means Clearer Reception, Fewer Dropped Calls

GERALD, Mo., May 7 /PRNewswire/ -- Verizon Wireless, the wireless company with the highest customer loyalty, has activated a new cell site in Gerald, which will enable more customers to use their wireless phones concurrently to make calls; send and receive email and text, picture and video messages; access the Internet; view high-quality videos; and download music, games and ringtones, while enjoying clearer reception and fewer dropped calls.

The new cell site improves coverage along U.S. Highway 50 between Gerald and Beaufort, and in rural areas lying north and south of this stretch of roadway in western Franklin County.

"Network reliability is the No. 1 reason that customers choose and stay with Verizon Wireless," said Brendan Fallis, president-Kansas/Missouri Region, Verizon Wireless. "Getting through on the first try and maintaining a connection are important to our customers. We continue to optimize our network so that it remains the most reliable in the nation."

This network improvement is part of Verizon Wireless' continual effort to expand coverage, improve capacity and enhance the quality of its wireless voice and data network in Missouri and throughout the country. Verizon Wireless has invested more than $50 billion since it was formed -- $5.5 billion on average every year -- to increase the coverage and capacity of its premier nationwide network and to add new services. In 2008, the company invested more than $49.6 million in its Missouri network.

About Verizon Wireless

Verizon Wireless operates the nation's most reliable and largest wireless voice and data network, serving more than 86.6 million customers. Headquartered in Basking Ridge, N.J., with more than 86,000 employees nationwide, Verizon Wireless is a joint venture of Verizon Communications and Vodafone (NYSE and LSE: VOD). For more information, visit http://www.verizonwireless.com/. To preview and request broadcast-quality video footage and high-resolution stills of Verizon Wireless operations, log on to the Verizon Wireless Multimedia Library at http://www.verizonwireless.com/multimedia.

Verizon Wireless

CONTACT: Cheryl Bini Armbrecht, Cheryl.Bini@verizonwireless.com, or
Brenda Hill, Brenda.Hill@verizonwireless.com, +1-636-345-9400, both of Verizon
Wireless; or Caroline Villanueva, +1-314-725-5645, caroline@sequel-llc.com,
for Verizon Wireless

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

IRIDEX Announces First Quarter 2009 Conference Call and Release Date

MOUNTAIN VIEW, Calif., May 7 /PRNewswire-FirstCall/ -- IRIDEX Corporation today announced that it will release its first quarter 2009 financial results after the market closes on Thursday, May 14, 2009. In conjunction with the release, the Company will host a conference call with the investment community at 5:00 p.m. Eastern Time on Thursday, May 14, 2009 to discuss the results of the quarter and other business developments.

Interested parties may access the live conference call via telephone by dialing (877) 941-9205 U.S. or (480) 629-9041 (International) and quoting Conference ID 4075884, or by visiting the Company's website at http://www.iridex.com/. A telephone replay will be available beginning on Thursday, May 14, 2009 through Thursday, May 21, 2009 by dialing (800) 406-7325 (US) or (303) 590-3030 (International) and entering Access Code 4075884.

About IRIDEX

IRIDEX Corporation is a leading worldwide provider of therapeutic based laser systems, consumable laser probes and delivery devices to treat eye diseases in ophthalmology and skin disorders in the aesthetics market. IRIDEX products are sold in the United States through a direct sales force and internationally through a combination of a direct sales force and a network of approximately 100 independent distributors into 107 countries. For further information, visit the Company's website at http://www.iridex.com/.

IRIDEX Corporation

CONTACT: Jim Mackaness, Chief Financial Officer of IRIDEX,
+1-650-940-4700

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

DDB Is People's Voice Winner at the Webby Awards in Online Guerilla Marketing Effort for Intel

NEW YORK, May 7 /PRNewswire/ -- DDB Worldwide's Brazil office captured the People's Voice award this week for client Intel's online guerilla marketing campaign "Crazy Race" (http://www.corridamaluca.com.br/eng/) at The Webby People's Voice Awards.

The "Crazy Race" campaign grew out of Intel's work as a sponsor of the Formula 1 BMW team. Focusing on attracting high-speed racing fans, B2C techies and B2B users, the DDB Brazil team created a viral action video that allows users to duplicate the racing experience in their own workplace and then publish it on their website.

"DDB Brazil is one of the most awarded Brazilian agencies, recognized around the world for its successful online and offline campaigns. Our win at the Webby Awards reinforces the power of that creativity," said Sergio Valente, President of DDB Brazil."

Webby Awards

The Webby Awards is presented by the International Academy of Digital Arts and Sciences, a 650- person judging academy whose members include Vinton Cerf, Matt Groening, Arianna Huffington and Harvey Weinstein. In addition, over 500,000 votes were cast by the advertising community and general public in The Webby People's Voice Awards. A full list of both Webby Awards and People's Voice Awards winners can be found at http://www.webbyawards.com/.

About DDB

DDB Worldwide Communications Group Inc (http://www.ddb.com/) is the largest consolidated advertising and marketing services global network in the world, according to Advertising Age. DDB also has been frequently ranked as the most awarded agency network in the world by Creativity magazine and The Gunn Report, among others. With more than 200 offices in over 90 countries, the DDB Group believes that creativity is the most powerful force in business, building enduring and powerful brand experiences that create TalkValue(TM), influence social communities and drive results. DDB Worldwide is part of Omnicom Group Inc. .

DDB Worldwide

CONTACT: Pat Sloan, +1-212-415-2109, or Fabiana Antacli, 55 11 3054
9681, fantacli@dm9ddb.com.br

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

Verizon Offers Free Call Forwarding to Customers Affected by Jesusita Wildfire

THOUSAND OAKS, Calif., May 7 /PRNewswire/ -- Verizon landline customers who have lost their homes or who have been evacuated because of the Jesusita wildfire in Santa Barbara County can add call forwarding to their account at no charge as part of the company's efforts to help those in need cope with the disaster.

"Staying in touch with family and friends is more important than ever during times of crisis, and free call-forwarding will help our customers remain connected," said Kathy Koelle, Verizon's vice president, marketing.

Verizon customers affected by the fire can opt -- at no charge -- to have their telephone calls automatically forwarded to a working phone number at another location or to a wireless number. Customers will not be billed for the one-time setup fees or monthly charges for call forwarding, although customers will be responsible for any toll charges on forwarded calls and wireless airtime charges.

Residential customers who have been affected by the fire and want to set up call forwarding should call Verizon at 1-800-483-1000. Business customers should call 1-800-483-2000.

As of Thursday morning, the fire had not damaged any Verizon facilities.

Verizon Communications Inc. , headquartered in New York, is a global leader in delivering broadband and other wireless and wireline communications services to mass market, business, government and wholesale customers. Verizon Wireless operates America's most reliable wireless network, serving more than 86 million customers nationwide. Verizon's Wireline operations provide converged communications, information and entertainment services over the nation's most advanced fiber-optic network. Wireline also includes Verizon Business, which delivers innovative and seamless business solutions to customers around the world. A Dow 30 company, Verizon employs a diverse workforce of more than 237,000 and last year generated consolidated operating revenues of more than $97 billion. For more information, visit http://www.verizon.com/.

VERIZON'S ONLINE NEWS CENTER: Verizon news releases, executive speeches and biographies, media contacts, high-quality video and images, and other information are available at Verizon's News Center on the World Wide Web at http://www.verizon.com/news. To receive news releases by e-mail, visit the News Center and register for customized automatic delivery of Verizon news releases.

Verizon

CONTACT: Jon Davies, +1-805-372-6969, jon.davies@verizon.com

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

Company News On-Call: http://www.prnewswire.com/comp/094251.html

Microsoft Agrees to Acquire BigPark Inc.Interactive games company will join Microsoft Game Studios.

REDMOND, Wash., May 7 /PRNewswire-FirstCall/ -- Microsoft Corp. today announced its intent to acquire BigPark Inc., an interactive online gaming company based in Vancouver, British Columbia.

(Logo: http://www.newscom.com/cgi-bin/prnh/20000822/MSFTLOGO)

BigPark was founded in 2007 by a group of industry veterans who led the creation and growth of two hugely successful software companies, Distinctive Software Inc. and Electronic Arts Canada. BigPark's founding team is composed of business leaders with over 80 years of collective experience in the video game industry, having produced or overseen blockbuster franchises including "Need for Speed," "FIFA Soccer," "NBA Street" and "SSX."

The acquisition will bring BigPark's talented developers into Microsoft Game Studios, where the team will continue development on an exclusive Xbox 360 game. Over the past year, Microsoft and BigPark have worked closely on this project, providing Microsoft with a clear view into the caliber of talent and innovation at BigPark.

"We are delighted by the opportunity to welcome the BigPark team into Microsoft Game Studios," said Phil Spencer, general manager, Microsoft Game Studios. "The team is composed of some of the most experienced and creative minds working in the industry today. The combination of the BigPark and Microsoft Game Studios talent pools will be an accelerant for growth and innovation. We believe BigPark has tremendous potential to create new properties and innovative gaming experiences for our platforms, one of which we're looking forward to showcasing at the E3 Expo in June."

BigPark CEO and co-founder Hanno Lemke, who will report to Spencer post-acquisition, formerly served in executive and development positions with Electronic Arts and Distinctive Software Inc., where he produced or oversaw hit games such as "NHL Hockey," "Need for Speed" and "Skate."

"Given our shared passion for breaking new ground in the online space and producing best-in-class gaming experiences, our partnership with Microsoft over the last year has been a natural fit, which we've thoroughly enjoyed," Lemke said.

"This opportunity provides us with access to the unparalleled talent, resources and exciting innovation taking place within Microsoft," said Wil Mozell, studio president and co-founder of BigPark. "We're looking forward to being part of the Microsoft Game Studios team, where we believe we can successfully contribute to shaping key Microsoft initiatives through fresh and engaging consumer experiences."

BigPark was founded by Wil Mozell, Erik Kiss, Hanno Lemke and Don Mattrick before Mattrick assumed the role of senior vice president of the Interactive Entertainment Business at Microsoft. Mattrick's role as an investor in BigPark was fully disclosed to Microsoft before he joined the company, and his ongoing involvement as chairman of BigPark was approved pursuant to the Microsoft Standards of Business Conduct.

About Xbox 360

Xbox 360 is a premier video game and entertainment system. It is home to the best and broadest games plus more standard and high-definition movies and TV shows on demand than any other device connected to the TV. The digital center of the living room, Xbox 360 blends unbeatable content, including personal pictures and music, with a unified online social network to create a limitless entertainment experience that can be shared at home or across the globe. More information can be found online at http://www.xbox.com/xbox360.

About Xbox LIVE

Xbox LIVE connects more than 17 million members across 26 countries to each other and the entertainment they love. Home of more content from one remote than can be found from any device connected to the television, Xbox LIVE is also a unified online social network bringing friends together, no matter where they are -- in the living room or across the world. More information and Xbox LIVE membership can be found online at http://www.xbox.com/en-us/live.

About Microsoft

Founded in 1975, Microsoft is the worldwide leader in software, services and solutions that help people and businesses realize their full potential.

Photo: http://www.newscom.com/cgi-bin/prnh/20000822/MSFTLOGO
http://photoarchive.ap.org/
photodesk@prnewswire.com Microsoft Corp.

CONTACT: Kelda Rericha, Edelman, +1-503-471-6827,
kelda.rericha@edelman.com

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

Perot Systems to Present at the 37th Annual J.P. Morgan Global Technology, Media and Telecom Conference

PLANO, Texas, May 7 /PRNewswire-FirstCall/ -- Perot Systems Corporation today announced that it will present at the 37th Annual J.P. Morgan Global Technology, Media and Telecom Conference on Wednesday, May 20, 2009 at 10:40 am EDT. Interested parties may access the webcast via the company's web site at http://www.perotsystems.com/investors.

About Perot Systems

Perot Systems is a worldwide provider of information technology services and business solutions. Through its flexible and collaborative approach, Perot Systems integrates expertise from across the company to deliver custom solutions that enable clients to accelerate growth, streamline operations and create new levels of customer value. Headquartered in Plano, Texas, Perot Systems reported 2008 revenue of $2.8 billion. The company has more than 23,000 associates located in the Americas, Europe, Middle East and Asia Pacific. Additional information on Perot Systems is available at http://www.perotsystems.com/.

This press release contains forward-looking statements that 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. For factors that could affect our business and cause actual results to differ materially, please refer to our Annual Report on Form 10-K for the fiscal year ended December 31, 2008, as filed with the U.S. Securities and Exchange Commission and available at http://www.sec.gov/, as updated in our Quarterly Reports on Form 10-Q filed after such Form 10-K, for additional information regarding risk factors. We disclaim any intention or obligation to revise any forward-looking statements whether as a result of new information, future developments, or otherwise.

MEDIA CONTACT: Joe McNamara phone: (972) 577-6165 fax: (972) 577-4484 joe.mcnamara@ps.net INVESTOR CONTACT: John Lyon phone: (972) 577-6132 fax: (972) 577-6791 john.lyon@ps.net

Perot Systems Corporation

CONTACT: media, Joe McNamara, +1-972-577-6165, fax, +1-972-577-4484,
joe.mcnamara@ps.net, or investors, John Lyon, +1-972-577-6132, fax,
+1-972-577-6791, john.lyon@ps.net, both of Perot Systems Corporation

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

Company News On-Call: http://www.prnewswire.com/comp/122686.html

IBM Named Innovation Leader for OutsourcingEuropean Research Firm The Bathwick Group Highlights IBM's Outsourcing Innovation Capabilities

ARMONK, N.Y., May 7 /PRNewswire-FirstCall/ -- IBM today announced that The Bathwick Group has declared IBM the leader for building innovation into large-scale outsourcing contracts. The standing is a result of recent research as part of the Bathwick Services Index, conducted by The Bathwick Group on prominent outsourcing vendors in Europe.

(Logo: http://www.newscom.com/cgi-bin/prnh/20090416/IBMLOGO )

"Innovation in outsourcing is particularly crucial in this very tough economic climate as it can help the IT function to run more cost-effectively and more efficiently," said Kate Hanaghan, Senior Analyst, The Bathwick Group Ltd. "Equally, we know that clients who work with IBM value being able to tap into IBM's deep R&D resources and broad industry expertise in order to experiment beyond the confines of traditional outsourcing agreements. Overall, IBM heads the services pack with an innovation strategy that is mature, well funded and very well received by its customers."

According to the Bathwick Group report, IBM can build innovation projects into existing outsourcing contracts by allowing clients to work with leading IBM researchers and become part of the think tank, dispatch innovation experts to meet with clients a few times a year or dedicate scientists on a full-time basis. IBM also has the systematic capability of creating and tracking innovation progress in outsourcing contracts.

IBM innovation partnerships leverage the company's extended resources including research laboratories, technology development, information technology (IT) and business consulting practices to help clients innovate. Innovation partnerships can be formed to address broader business challenges and visions and to increase the value derived from their outsourcing relationships.

"Innovation partnerships are a natural extension of outsourcing relationships, giving clients direct access to IBM's extended capabilities including research and development as well as our own transformation experience, best practices and lessons learned," said Dave Liederbach, IBM general manager, strategic outsourcing. "Providing experts from IBM's vaunted Research arm to address strategic client challenges and deliver innovative breakthroughs extends the core value IBM delivers through IT outsourcing. IBM is uniquely positioned to deliver this kind of higher-value engagement."

About The Bathwick Group

The Bathwick Group researches how businesses actually buy and apply IT in their businesses, how they innovate using technology, and how IT is supporting changes in market and organizational models. Bathwick's specific areas of focus include dynamic infrastructure, services, smart information, sustainability, and collaboration. The Bathwick Services Index (BSI), a quarterly in-depth European IT Services research publication, was first published in 2008.

Much of Bathwick's insight is based on extensive up-to-the-minute data from end users, which results from online benchmarking and IT assessment activities in many countries around the world. The combination of that data and primary research activity with economic and contextual analysis in enterprise, mid-market and small business sectors, creates a range of products including research models, sales-enablement tools, market analysis, and strategic planning consultancy.

For more information, visit http://www.bathwickgroup.com/. Note to Editors: For more information on the complete report, contact Kate Hanaghan at kate.hanaghan@bathwick.com.

About IBM

For more information, visit http://www.ibm.com/services. Additional press materials on IBM Global Technology Services and a report extract from the Bathwick Group can be found at http://www.ibm.com/press/ITServices.

Media Contacts: Jenna Gable IBM Media Relations (917) 472-3512 gablej@us.ibm.com Kate Hanaghan Senior Analyst, The Bathwick Group Ltd. +44 20 3393 4514 kate.hanaghan@bathwick.com

Photo: http://www.newscom.com/cgi-bin/prnh/20090416/IBMLOGO IBM Corporation

CONTACT: Jenna Gable, IBM Media Relations, +1-917-472-3512,
gablej@us.ibm.com; or Kate Hanaghan, Senior Analyst, The Bathwick Group Ltd.,
+44-20-3393-4514, kate.hanaghan@bathwick.com

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

Best Prospect Overseas Limited Withdraws Offer for 51% of Hurray!

BEIJING, May 7 /PRNewswire-Asia-FirstCall/ -- The following letter from Best Prospect Overseas Limited officially withdrawing their offer to acquire 51% of the outstanding shares of Hurray! Holding Co., Ltd. was delivered earlier today to Mr. Songzuo Xiang, Chief Executive Officer of Hurray!.

Best Prospect Overseas Limited May 7, 2009 Mr. Songzuo Xiang Chief Executive Officer Hurray! Holding Co., Ltd. 15/F, Tower B, Gateway Plaza No. 18 Xia Guang Li, North Road East Third Ring, Chaoyang District Beijing 100027, China Dear Mr. Xiang:

We hereby withdraw our offer to acquire 51% of the outstanding shares of Hurray!.

Sincerely, Jacky C. F. Tung On behalf of Best Prospect Overseas Limited

Best Prospect Overseas Limited

CONTACT: Xiong Can, +86-139-1136-9097, or Xiongc@joymedia.cn

'Hello, Mom. It's Me on the Phone!'Verizon Wireline Voice Network Ready to Handle Spike in Call Volume on Mother's Day

NEW YORK, May 7 /PRNewswire/ -- If you can't give your mom a hug in person this Mother's Day, she most certainly would welcome hearing your voice on the phone.

And if circumstances limit your greeting to a call, the Verizon wireline network stands ready and prepared to handle an expected surge of calls from well-wishers on Sunday.

"A phone call on a landline phone not only assures a clear signal but allows a mom to hear the voices of her children, which is the next best thing to seeing them in person," said Eddie Googe, director of consumer voice product management.

Verizon anticipates processing more than 715 million local and long-distance phone calls on its wireline network alone this Mother's Day, an 18 percent increase compared with a typical Sunday. Verizon's landline network processes more than 1 billion calls on its wireline network on a typical work day, with 99.9 percent reliability.

A visit to mom, or even a gift in the mail, may not fit everyone's budget this year, but sons and daughters can call to express their love and warm wishes.

The dependability of Verizon's landline voice network delivers unmatched voice quality - clarity and tone - that enables people to hear subtle voice inflections that express emotion and that are not attainable in a text message or e-mail.

Verizon Calling Plans Suit Various Lifestyles and Budgets

Verizon offers a number of calling plans that include unlimited local and long-distance service. Verizon also offers several international calling plans, the most popular of which is the Verizon International Single Rate.

Customers with a Verizon Freedom voice plan can add the Verizon International Single Rate plan for $10 per month for 300 minutes (five hours) or $15 per month for 500 minutes (more than eight hours).* Verizon Freedom Essentials is a common component of Verizon's bundled offerings of voice, high-speed Internet and television services.

Customers who do not have a Verizon Freedom voice plan can enroll in the Verizon International Single Rate plan for $14.99 per month for 300 minutes or $19.99 per month for 500 minutes.

The Verizon International Single Rate plan allows customers in the U.S. to make calls to 118 countries, including those that are called most frequently: Mexico, the United Kingdom, the Philippines, Italy, Germany and Israel. (Unlimited calls to Canada are included in Freedom calling plans.)

New customers seeking the most reliable phone, high-speed Internet and television service can enjoy the greatest value by ordering the services within a bundle. The current Verizon spring promotion offers up to $150 back in the form of a prepaid card and other value-added incentives. For more information, visit http://www.verizon.com/ultimateupgrade or http://www.verizon.com/ or call 1-800-VERIZON (1-800-837-4966).

Existing Verizon customers interested in the Verizon International Single Rate plan can call their Verizon business office at the number listed on their monthly bill statements. New customers can call 1-800-VERIZON (1-800-837-4966). More information and a list of qualifying countries also are available at http://www.verizon.com/internationalrates.

* NOTE: Prices are valid with any Verizon Freedom calling plan.

Verizon Communications Inc. , headquartered in New York, is a global leader in delivering broadband and other wireless and wireline communications services to mass market, business, government and wholesale customers. Verizon Wireless operates America's most reliable wireless network, serving more than 86 million customers nationwide. Verizon's Wireline operations provide converged communications, information and entertainment services over the nation's most advanced fiber-optic network. Wireline also includes Verizon Business, which delivers innovative and seamless business solutions to customers around the world. A Dow 30 company, Verizon employs a diverse workforce of more than 237,000 and last year generated consolidated operating revenues of more than $97 billion. For more information, visit http://www.verizon.com/.

VERIZON'S ONLINE NEWS CENTER: Verizon news releases, executive speeches and biographies, media contacts, high-quality video and images, and other information are available at Verizon's News Center on the World Wide Web at http://www.verizon.com/news. To receive news releases by e-mail, visit the News Center and register for customized automatic delivery of Verizon news releases.

Verizon

CONTACT: CONTACT: Ellen Yu, Verizon, +1-908-559-3496,
ellen.yu@verizon.com

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

Company News On-Call: http://www.prnewswire.com/comp/094251.html

IBM Helps Taiwan Government Build A Smart Taxation Service System

TAIPEI, Taiwan, May 7 /PRNewswire-FirstCall/ -- IBM has been selected by Taiwan government to help build a Smart Taxation Service System. As part of IBM's collaboration with Ministry of Finance, the ministry's Financial Data Centre (FDC) has completed the first phase of the Taxation Information System Integration and Reengineering Project (TISIR Project), which was kicked off in 2007.

(Logo: http://www.newscom.com/cgi-bin/prnh/20090416/IBMLOGO )

In line with the government's "Intelligent Taiwan" project, the TISIR project is part of the government's 10-year initiative to revamp the taxation information system to support the rollout of Smart Taxation Services to its citizens island-wide.

As IBM's first taxation consultancy services and system implementation project in Asia Pacific, the TISIR project is expected to deliver significant cost savings through improvements in taxation processes, service delivery and by building a more cost- and power-efficient data center. To provide the next-generation taxation service in Taiwan, FDC will implement a robust and dynamic system infrastructure for the launch of e-tax filing service next year.

Building an "Intelligent Taiwan"

Under the "Intelligent Taiwan" plan, the government aims to build a service-oriented administration focused on delivering innovative citizen services. In line with this plan, FDC's vision is to become a more customer-oriented and efficient organization by mapping out strategies to enhance tax services, optimize public finance resource utilization, and create value to information. To achieve this, the center has outlined a plan dedicated to service innovation, business model optimization, technology renovation and resources and information integration.

This move will also address the challenges that FDC has been facing as a result of an outdated taxation system. The legacy platform was difficult and expensive to manage and maintain, with data residing in silos. The disparate system also affected inter-agency communication efforts as well as efficiency and morale as, tax officers were tied down by inefficient manual processes. It led to unnecessary duplication of work and data, and cost inefficiencies in the tax filing process for taxpayers as well.

"FDC's data center is the largest in Taiwan. The sheer scale and complexity of its infrastructure calls for cross-department collaboration within the government and support of a large and capable workforce. The upgrading of the finance information system is complicated and the process needs to be well managed as the system is closely linked to the well-being of the Taiwan public," said Paul Liu, Executive of Global Business Services, Partner, IBM Taiwan.

"IBM has a lot of experience working on large-scale, complex transformation projects with public agencies around the world. Our strength in risk management and database consolidation is also the reason why FDC selected IBM as the partner for its innovative taxation information system project."

The Taxation Information System Integration and Reengineering Project

FDC's Taxation Information System Integration and Reengineering Project comprises three phases: planning (two years), deployment (three years) and operational support (five years). More than 300 staff from FDC and relevant tax collection agencies are involved in this initiative. To ensure project success, IBM has outlined a comprehensive implementation strategy focused on:

-- Offering "one-stop service": Taxpayers will be able to perform a variety of tasks via one platform, as well as retrieve information from other government agencies and systems through a wide variety of channels (e.g. Web sites, service counters, telephone voice service, e-mails and text messages). This new service platform is expected to slash over-the-counter tax filing and payment, manual examination and data entry costs by 20 percent within three years of launch. It will also reduce social costs directly and indirectly associated with tax collection by NT$602 million. -- Expanding online tax filing services: In addition to general income tax filing capabilities, FDC plans to extend e-tax filing and payment services to other types of taxes. This will achieve transportation and time equivalent to saving of NT$213 million for its citizens. -- Enabling inter-agency collaboration: FDC aims to facilitate the search and sharing of information between government agencies via automated data transmission channels based on the Government Service Platform and an e-data exchange system. This is expected to reduce tax processing costs by NT$179 million and inter-agency coordination costs by NT$2.378 billion. -- Reforming the taxation process: The project team will conduct a comprehensive analysis to streamline and automate the taxation process. This will decrease the amount of tax audits required and improve the quality of the tax examination process, thereby reducing the workload of tax auditors and administrators. -- Deploying event-based risk management mechanism: Automated alerts will trigger timely exception management, which will reduce time needed for tax examination and audits, increase effectiveness of risk management efforts, and minimize tax evasions. A total of NT$3.6 billion in savings is expected. -- Providing taxpayer-centered, centralized information: FDC will provide both tax administrators and citizens with taxpayer-focused information which consolidates inter-agency and inter-region taxation data spanning different tax types and years. -- Establishing a centralized taxation information platform and database: This will accelerate decision-making, lower system installation and maintenance costs, and strengthen information security. This in turn will lower the electricity consumption of FDC's data center by 40 percent. About Intelligent Taiwan

The Cabinet of Taiwan government has earmarked NT$3.99 trillion for the "i-Taiwan 12 major infrastructure projects" within eight years, a major election promise of President Ma Ying-jeou. The 12 projects: a fast and convenient island-wide transportation network, Kaohsiung port-city regeneration, central region new high-tech industrial cluster, Taoyuan international air city, Intelligent Taiwan, industrial innovation corridors, urban and industrial park regeneration, farm village regeneration, coastal regeneration, green afforestation, flood prevention and water management, and sewer construction.

For more information on the Financial Data Center, please visit: http://www.fdc.gov.tw/.

For more information on IBM, please visit: http://www.ibm.com/ Media Contacts: Vineeta Durani IBM Corporation 917-472-3694 vineeta.durani@us.ibm.com Lisa Chen IBM Taiwan +886-2-8723-9422 lisachen@tw.ibm.com

Photo: http://www.newscom.com/cgi-bin/prnh/20090416/IBMLOGO
http://photoarchive.ap.org/ IBM Corporation

CONTACT: Vineeta Durani, IBM Corporation, +1-917-472-3694,
vineeta.durani@us.ibm.com, or Lisa Chen, IBM Taiwan, +886-2-8723-9422,
lisachen@tw.ibm.com

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

GeckoSystems Develops Energy Conservation Paradigm for Mobile Robots

CONYERS, Ga., May 7 /PRNewswire-FirstCall/ -- GeckoSystems Intl. Corp. (OTC Pink Sheets: GCKO) announced today that they have further improved mobile robot performance, while holding costs constant, with the introduction of their GeckoMotorController 6.4. GeckoSystems is a dynamic leader in the emerging Mobile Service Robot industry revolutionizing their development and usage with "Mobile Robot Solutions for Safety, Security and Service(tm)."

The new GeckoMotorController uses a proprietary "self adaptive" constant energy paradigm for extraordinarily smooth acceleration and de-acceleration of their mobile service robots which enables longer battery life between chargings. "A 'herky jerky' mobile robot platform can be very distracting when proximate to people and other living creatures. We are very pleased with the ballet smooth movement that is now one of our many mobile robot solutions. This friendlier, non-intimidating movement of our mobile robots - and their longer battery life - will further speed the adoption of them by the consumer, professional healthcare, and commercial/homeland security marketplaces, while increasing ROI for our investors," concluded Martin Spencer, President/CEO, GeckoSystems.

The GeckoMotorController is written in C, uses quadrature encoded PWM and runs on one of the two CPUs that are subsystems on the GeckoSPIO.

About GeckoSystems International Corporation:

In the nearly twelve years since its founding, GeckoSystems has developed a suite of proprietary, fundamental technologies that enable their robots to automatically self-navigate the home or workplace using advanced sense and avoid technologies for reliable, unattended collision avoidance while patrolling, following and/or errand running. Their scientifically developed, tested, and proven hardware and software breakthroughs enable the practical, low cost manufacture, sale and usage of mobile service robots in a variety of environments.

The Company's mobile robot solutions are appropriate for the consumer, professional healthcare, commercial security/public safety and defense markets. The consumer has needs for family care assistance with remote monitoring and notification. Professional healthcare needs cost effective errand running, portable telemedicine, etc. Homeland Security needs cost effective mobile robots patrolling public venues with threat detection systems. Military users desire the elimination of the "man in the loop" to enable unmanned ground and air vehicles to not require constant human navigation control.

The Company's suite of fundamental mobile robot technologies include: CompoundedSensorArray (a new type of optical range finding and vision system), GeckoSPIO (an advanced networkable, high I/O count mobile robot controller board), GeckoOrient (a sensor fused positioning subsystem), GeckoNav (an automatic, self-navigation AI engine for MSR's), GeckoTrak (an automatic person following systems), GeckoZap (a test, calibrate, and debug software suite), and GeckoChat (a verbal interaction system that enables timely verbal reminders, monologues, dialogues, and customizable robotic personas).

Safe Harbor:

Statements regarding financial matters in this press release other than historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such statements about the Company's future expectations, including future revenues and earnings, technology efficacy and all other forward-looking statements be subject to the Safe Harbors created thereby. The Company is a development stage firm that continues to be dependent upon outside capital to sustain its existence. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from expected results.

Contact: http://www.geckosystems.com/ or Investor Relations: 1-866-227-3268 International: +1 678-413-9236

CareBot, GeckoMotorController, CompoundedSensorArray, GeckoSPIO, GeckoOrient, GeckoNav, GeckoTrak, GeckoZap, and GeckoChat are exclusive trademarks of GeckoSystems Intl. Corp.

GeckoSystems International Corporation

CONTACT: Investor Relations: 1-866-227-3268, International:
+1-678-413-9236

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

AT&T Sets Its Sites Across New JerseyStrengthens, Expands Nation's Fastest 3G Network, Continues Investment in Garden StateFrom 2006 to 2008, AT&T's Total Capital Investment in New Jersey was more than $2.25 Billion

MORRISTOWN, N.J., May 7 /PRNewswire-FirstCall/ -- To address the growing demand for advanced wireless data products and services, such as the Samsung Impression(TM) and Blackberry Bold(TM) , AT&T* today announced network enhancements across the state which strengthen and expand its local 3G wireless network. This includes providing significant capacity to the network to support the ever-growing demand for 3G mobile broadband services and enhancing 3G coverage in more than 40 communities and along major highways in Hudson, Union, Essex, Bergen, Middlesex, and Monmouth Counties. Later this year, AT&T plans to bring its 3G wireless network to new localities in Atlantic, Burlington, and Cape May Counties.

"AT&T's continued commitment to infrastructure expansion in the Garden State is welcome and exciting news," said Governor Jon S. Corzine. "These 21st century technologies, including broadband assets, will keep New Jersey competitive while providing innovative opportunities to expand the state's economic base."

This year's 3G wireless network enhancements and expansion builds upon AT&T's investment in the state. From 2006 to 2008, AT&T's total capital investment in New Jersey was more than $2.25 billion.

"AT&T's 3G wireless broadband network access and capabilities enable our company to deliver real time and dependable cardiac monitoring for our patients and doctors anytime, from any location," said Frank Movizzo, CEO and owner of Mednet Healthcare Technologies.

Based just outside of Princeton, NJ, Mednet Healthcare Technologies specializes in the design, manufacturing and distribution of remote cardiac monitoring products and physician services nationwide. To wirelessly monitor their latest patient-worn devices the company will be utilizing cell phones with Bluetooth connection on AT&T's wireless network to sync with the Monitoring Device and remotely upload cardiac data to their central monitoring center.

AT&T's 3G wireless network is available in nearly 350 major metropolitan areas in the U.S. and is ranked as the nation's fastest according to data compiled by leading independent research firms.

Nationally, AT&T plans to invest $17 billion to $18 billion in 2009, approximately two-thirds of which will extend and enhance the company's wireless and wired broadband networks to provide more coverage, speed and capacity. Part of AT&T's investment this year will include approximately $1 billion to continue building out its global network, while driving new services and network-based applications to businesses ranging from the largest multi-national corporations to businesses like Mednet in the Garden State.

"We continue to make significant investments to deliver dependable, high-speed wireless access in more places across New Jersey for consumers and business customers who need to say connected to work, family and friends," said J. Michael Schweder, President, AT&T New Jersey. "Our ongoing investments in the state will help us fulfill this vision and ensure that New Jersey has access to the advanced wireless broadband services that help drive economic growth."

Tom DeVito, Vice President and General Manager for AT&T in New Jersey and New York added, "Our number one priority is to continue to enhance the wireless network so our customers have a top notch experience every time they make a call, send a text or check an e-mail on their AT&T device."

AT&T's wireless network is based on the 3rd Generation Partnership Project (3GPP) family of technologies, which includes GSM and UMTS, the most open and widely used wireless network platform in the world. As a result, only AT&T can offer 3G data roaming in more than 70 countries, as well as voice calling in more than 200 countries, in addition to AT&T's continuously expanding U.S. 3G footprint.

To find out more details about AT&T's wireless coverage in New Jersey or anywhere in the United States, consumers can go to http://www.wireless.att.com/coverageviewer/. The online tool provides up-to-date wireless coverage information for specific locations. The tool can measure the quality of coverage based on a street address, intersection, ZIP code or even a landmark.

* AT&T products and services are provided or offered by subsidiaries and affiliates of AT&T Inc. under the AT&T brand and not by AT&T Inc.

About AT&T

AT&T Inc. is a premier communications holding company. Its subsidiaries and affiliates, AT&T operating companies, are the providers of AT&T services in the United States and around the world. Among their offerings are the world's most advanced IP-based business communications services, the nation's fastest 3G network and the best wireless coverage worldwide, and the nation's leading high speed Internet access and voice services. In domestic markets, AT&T is known for the directory publishing and advertising sales leadership of its Yellow Pages and YELLOWPAGES.COM organizations, and the AT&T brand is licensed to innovators in such fields as communications equipment. As part of their three-screen integration strategy, AT&T operating companies are expanding their TV entertainment offerings. In 2009, AT&T again ranked No. 1 in the telecommunications industry on FORTUNE(R) magazine's list of the World's Most Admired Companies. Additional information about AT&T Inc. and the products and services provided by AT&T subsidiaries and affiliates is available at http://www.att.com/.

2009 DISCLAIMERS

(C) 2009 AT&T Intellectual Property. All rights reserved. AT&T, the AT&T logo and all other marks contained herein are trademarks of AT&T Intellectual Property and/or AT&T affiliated companies.

DISCLAIMER WITH MENTION OF THIRD PARTIES OR THIRD-PARTY PRODUCTS

(C) 2009 AT&T Intellectual Property. All rights reserved. AT&T, the AT&T logo and all other marks contained herein are trademarks of AT&T Intellectual Property and/or AT&T affiliated companies. All other marks contained herein are the property of their respective owners.

AT&T Inc.

CONTACT: Ellen Webner of AT&T Inc., +1-973-775-1321, Mobile:
+1-201-532-7292, ellen.webner@att.com

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

SouthernLINC Wireless Designated as Eligible Telecommunications Carrier in Alabama and GeorgiaLifeLine Call Manager plan available to qualifying, low-income consumers

ATLANTA, May 7 /PRNewswire/ -- SouthernLINC Wireless, a Southern Company , today announced that it has been designated as an Eligible Telecommunications Carrier (ETC) in Alabama and Georgia.

(Logo: http://www.newscom.com/cgi-bin/prnh/20090507/CL13145)

By becoming an ETC, SouthernLINC Wireless is entitled to receive support dollars from the Universal Service Fund (USF) to operate, maintain and upgrade its network in the high-cost and rural portions of its Alabama and Georgia coverage areas.

In return, SouthernLINC Wireless must provide all of the services the USF program specifies. While the company was already offering most of these USF-specified services prior to receiving the ETC designation, the company recently launched the remaining services, which include the LifeLine Call Manager plan and Link Up Activation fee discount.

"The wireless industry plays an important role in providing telecommunications access to underserved populations," said Bob Dawson, president and CEO of SouthernLINC Wireless. "While some carriers are just now turning their attention to the rural markets, SouthernLINC Wireless has been dedicated to providing wireless communications services to customers in these areas for more than 13 years; receiving ETC status in Alabama and Georgia helps us continue this mission."

Available only to qualifying, low-income households in Georgia and Alabama, the LifeLine Call Manager plan currently provides 300 Anytime Cellular Minutes, including Regional Long Distance and unlimited Push To Talk two-way radio communication throughout the SouthernLINC Wireless Regional Calling Area. Other features included with the plan are caller ID, call forwarding, call waiting, call hold, directory assistance, 911 dialing and three-way calling. A one-year contract is required, and a one-time Link Up Activation fee also applies.

Full terms of the wireless service plan and eligibility requirements are listed at http://www.southernlinc.com/consumer/service_plans/lifeline.asp. Permissible usage allowance information can be found at http://www.southernlinc.com/promodetails.

The LifeLine Call Manager plan can be purchased at SouthernLINC Wireless Sales and Service Centers or through authorized SouthernLINC Wireless dealers.

The approval of the Alabama and Georgia applications marks the culmination of a four-year endeavor, as SouthernLINC Wireless originally requested ETC designation in September 2004. A separate effort is still underway to obtain ETC designation for Mississippi.

About SouthernLINC Wireless

SouthernLINC Wireless, a Southern Company , is an Atlanta-based regional wireless carrier with network coverage in the major metro and rural areas of Alabama, Georgia, southeast Mississippi and northwest Florida. SouthernLINC Wireless bundles multiple communication options, including Push To Talk two-way radio, cellular service, text messaging, wireless Internet access and wireless data, into one hand-held device. For more information, please call 1-800-818-LINC (5462) or visit http://www.southernlinc.com/.

About Southern Company

With 4.4 million customers and more than 42,000 megawatts of generating capacity, Atlanta-based Southern Company is the premier energy company serving the Southeast. A leading U.S. producer of electricity, Southern Company owns electric utilities in four states and a growing competitive generation company, as well as fiber optics and wireless communications. Southern Company brands are known for excellent customer service, high reliability and retail electric prices that are below the national average. Southern Company has been listed the top ranking U.S. electric service provider in customer satisfaction for nine consecutive years by the American Customer Satisfaction Index. Visit our Web site at http://www.southerncompany.com/.

Photo: http://www.newscom.com/cgi-bin/prnh/20090507/CL13145
http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com SouthernLINC Wireless

CONTACT: Media: Jamie Schaff, SouthernLINC Wireless, +1-678-443-1527,
jschaff@southernco.com; Lindsey Larkins, Edelman, +1-404-262-3000,
Lindsey.Larkins@edelman.com

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

Cimatron to Demonstrate New Version at EASTEC 2009New Capabilities for Mold, Die, Tool Makers and Manufacturers Streamline Processes and Shorten Delivery Times

GIVAT SHMUEL, Israel, May 7 /PRNewswire-FirstCall/ -- Cimatron Limited , a leading provider of integrated CAD/CAM solutions for mold, tool and die makers as well as manufacturers of discrete parts, today announced that a new version of CimatronE will be demonstrated at EASTEC 2009. The exhibition will take place May 19 - 21, 2009 at the Eastern States Exposition in West Springfield, MA.

Helping tool makers and manufacturers deliver higher quality tools and products at lower costs and shorter cycle times, the CimatronE CAD/CAM solution suite addresses the entire process from quoting through design, engineering changes, NC, and EDM programming to delivery.

Highlights of the new enhancements in CimatronE 9.0 include: - A new application for transfer die design - A new die quote generator - Greater mold design automation - A new application for defining electrode measuring points and probe path - New machining strategies for High Speed Machining (HSM) and 5-Axis milling - New capabilities for handling Product Manufacturing Information (PMI) throughout the design and manufacturing process

"Toolmakers and manufacturers come to the EASTEC 2009 Exposition looking for the latest technologies that can help them stay ahead of the competition. We are excited to share our latest enhancements to the CimatronE product line with the people attending this show," said Bill Gibbs, President of Cimatron Technologies Inc.

The CimatronE solutions will be presented at booth #5433, May 19 - 21, 2009 at the Eastern States Exposition in West Springfield, MA. For information and registration, visit http://www.sme.org/eastec.

About Cimatron

With over 25 years of experience and more than 40,000 installations worldwide, Cimatron is a leading provider of integrated, CAD/CAM solutions for mold, tool and die makers as well as manufacturers of discrete parts. Cimatron is committed to providing comprehensive, cost-effective solutions that streamline manufacturing cycles, enable collaboration with outside vendors, and ultimately shorten product delivery time.

The Cimatron product line includes the CimatronE and GibbsCAM brands with solutions for mold design, die design, electrodes design, 2.5 to 5 axes milling, wire EDM, turn, mill-turn, rotary milling, multi-task machining, and tombstone machining. Cimatron's subsidiaries and extensive distribution network serve and support customers in the automotive, aerospace, medical, consumer plastics, electronics, and other industries in over 40 countries worldwide.

Cimatron is publicly traded on the NASDAQ exchange under the symbol CIMT. For more information, please visit the company web site at: http://www.cimatron.com/.

This press release includes forward looking statements, within the meaning of the Private Securities Litigation Reform Act Of 1995, which are subject to risk and uncertainties that could cause actual results to differ materially from those anticipated. Such statements may relate to the company's plans, objectives and expected financial and operating results. The words "may," "could," "would," "will," "believe," "anticipate," "estimate," "expect," "intend," "plan," and similar expressions or variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of the future performance and involve risks and uncertainties, many of which are beyond the company's ability to control. The risks and uncertainties that may affect forward looking statements include, but are not limited to: currency fluctuations, global economic and political conditions, marketing demand for Cimatron products and services, long sales cycle, new product development, assimilating future acquisitions, maintaining relationships with customers and partners, and increased competition. For more details about the risks and uncertainties of the business, refer to the Company's filings with the Securities and Exchanges Commission. The company cannot assess the impact of or the extent to which any single factor or risk, or combination of them, may cause. Cimatron undertakes no obligation to publicly update or revise any forward looking statements, whether as a result of new information, future events or otherwise.

For More Information Contact: Idit Pass Lagziel Marketing Manager Cimatron Ltd. Phone: +972-3-5312098 Email: iditp@cimatron.com Ilan Erez Chief Financial Officer Cimatron Ltd. Phone: +972-3-531-2121 Email: ilane@cimatron.co Yael Nevat Commitment-IR.com Phone: +972-3-611-4466 +972-50-762-6215 Email: yael@commitment-IR.com

Cimatron Ltd

CONTACT: For More Information Contact: Idit Pass Lagziel, Marketing
Manager, Cimatron Ltd., Phone: +972-3-5312098, Email: iditp@cimatron.com.
Ilan Erez, Chief Financial Officer, Cimatron Ltd., Phone: +972-3-531-2121,
Email: ilane@cimatron.co. Yael Nevat, Commitment-IR.com, Phone:
+972-3-611-4466, +972-50-762-6215, Email: yael@commitment-IR.com

InformationWeek Covers Amazon Kindle DX Launch

MANHASSET, N.Y., May 7 /PRNewswire-FirstCall/ -- Following are InformationWeek's series of in-depth news articles and blogs covering the debut of Amazon's widescreen Kindle DX electronic reader for newspapers and magazines:

1) Kindle DX Poses Profitability Challenge To Publishers

The new electronic book reader from Amazon is leading the charge toward e-textbooks, but the result may be as painful for publishers as the freefall in CD sales experienced by the music industry.

http://www.informationweek.com/showArticle.jhtml?articleID=217300642 2) New Thinking, Not Kindle, Will Save Newspapers

Kindle won't save newspapers, nor will any other technology save them, as long as they're run by the same people who are now running them (into the ground)....

http://www.informationweek.com/blog/main/archives/2009/05/new_thinking_no. html

3) Amazon's Wide-Screen Kindle DX Debuts

The 9.7-inch display with more storage is being heralded by newspapers and textbook publishers as a lucrative partner in delivering their digital content.

http://www.informationweek.com/showArticle.jhtml?articleID=217300458 4) Kindle DX Seen As Big Man On Campus

Universities are taking note of a possible 9.7-inch e-reader from Amazon, which may mark the beginning of a major change in the buying of college textbooks.

http://www.informationweek.com/showArticle.jhtml?articleID=217300228 5) Amazon Plans Large-Screen Kindle To Reignite Newspaper Business

The device's screen will be about the size of a standard sheet of paper, large enough for newspaper and magazine publishers to maintain their traditional format for articles and advertising.

http://www.informationweek.com/showArticle.jhtml?articleID=217201410 6) Amazon Awarded Kindle Patent

One day before Amazon.com unveiled its widescreen Kindle aimed at newspaper readers, the e-commerce giant has been awarded its first United States patent related to the device.

http://www.informationweek.com/blog/main/archives/2009/05/amazon_awarded.h tml

To subscribe to InformationWeek's e-mail alerts, visit: http://login.cmp.com/newsAlerts/ez_subscription.jhtml. Contact: Ellen Asuncion Sr. Marketing Manager InformationWeek Business Technology Network 949.223.3622 easuncion@techweb.com Alexander Wolfe Editor-in-Chief, InformationWeek.com 516.562.7821 awolfe@techweb.com About InformationWeek

InformationWeek (http://www.informationweek.com/) is the anchor brand for the InformationWeek Business Technology Network -- a powerful portfolio of resources that span the technology market, including security with DarkReading.com, storage with ByteandSwitch.com, application architecture with IntelligentEnterprise.com, network architecture with NetworkComputing.com, cloud computing with PlugIntoTheCloud.com, and SMB with bMighty.com. InformationWeek Magazine reaches 440,000 business technology professionals at more than a quarter million unique locations. Its mission is to help CIOs and IT executives define and frame their business technology objectives. InformationWeek.com delivers breaking news, blogs, high-impact image galleries, and proprietary research as well as analysis on IT trends, a whitepaper library, video reports, and interactive tools, in a 24/7 environment.

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 such as Interop, Enterprise 2.0, Web 2.0, Black Hat and VoiceCon; online resources such as InformationWeek.com, Light Reading, Intelligent Enterprise, 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 ranging from next-generation performance marketing, integrated media, market 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 across TechWeb brands.

About United Business Media Limited

UBM (UBM.L) focuses on two principal activities: worldwide information distribution, targeting and monitoring; and, the development and monetization 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 organized 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/.

InformationWeek

CONTACT: Ellen Asuncion, Sr. Marketing Manager for InformationWeek
Business Technology Network, +1-949-223-3622, easuncion@techweb.com, or
Alexander Wolfe, Editor-in-Chief, InformationWeek.com, +1-516-562-7821,
awolfe@techweb.com

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

CTG Announces Availability of 2009 Annual Meeting Presentation

BUFFALO, N.Y., May 7 /PRNewswire-FirstCall/ -- CTG , an international information technology (IT) solutions and services company, today announced that it will post management's presentation to be given at its annual meeting of shareholders on the Company's web site at http://www.ctg.com/ on Wednesday, May 13, 2008 at 10:00 AM Eastern Time. The Company's annual meeting will begin at that time at its corporate headquarters in Buffalo, New York. The presentation will focus on CTG's business strategy and review of its financial results in 2008 and the first quarter of 2009, as well as its outlook for the remainder of 2009 previously provided in its April 28, 2009 earnings release. The presentation will be archived in the investors section of the Company's web site for 60 days following the meeting.

About CTG

Backed by over 40 years' experience, CTG provides IT solutions and services to help our clients use technology as a competitive advantage to excel in their markets. CTG combines in-depth understanding of our clients' businesses with a full range of integrated offerings, best practices, and proprietary methodologies supported by an ISO 9001:2000-certified management system. Our IT professionals based in an international network of offices in North America and Europe have a proven track record of delivering high-value, industry-specific solutions. CTG serves companies in several industries and is a leading provider of IT and business consulting solutions to the healthcare market. CTG posts news and other important information on the Web at http://www.ctg.com/.

Safe Harbor Statement

The above-referenced presentation will contain certain forward-looking statements concerning the Company's current expectations as to future growth. These statements are based upon a review of industry reports, current business conditions in the areas where the Company does business, the availability of qualified professional staff, the demand for the Company's services, and other factors that involve risk and uncertainty. As such, actual results may differ materially in response to a change in such factors. Such forward-looking statements should be read in conjunction with the Company's disclosures set forth in the Company's 2008 Form 10-K, which is incorporated by reference. The Company assumes no obligation to update the forward-looking information contained in this release.

Today's news release, along with CTG news releases for the past year, is available on the Web at http://www.ctg.com/.

CTGX-G CONTACT: Jo Ann Rice (716) 887-7244 joann.rice@ctg.com

CTG

CONTACT: Jo Ann Rice, +1-716-887-7244, joann.rice@ctg.com

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

Verizon Communications Reports on Preliminary Shareholder Vote Results at Annual Meeting

LOUISVILLE, Ky., May 7 /PRNewswire/ -- In announcing preliminary results of the shareholder vote at Verizon Communications Inc.'s annual meeting here today, the company reported that a substantial majority of the shareholders approved each of the following management proposals:

-- Election of each of Verizon's 12 directors standing for election to a one-year term. -- Ratification of the appointment of Ernst & Young as the company's independent auditor. -- Approval of the overall executive pay-for-performance compensation policies and procedures employed by the company. -- Approval of Verizon's long-term and short-term incentive plans.

Of the five shareholder proposals, four were defeated: prohibit granting stock options, separate offices of chairman and CEO, cumulative voting, and shareholder approval of benefits paid after an executive's death.

Shareholders approved a resolution that asks Verizon's Board of Directors to take the necessary steps to give holders of 10 percent of Verizon shares the ability to call a special meeting. Current Verizon bylaws provide that holders of 25 percent of shares may call a special meeting of shareholders. Verizon's Board said that it will consider the outcome of the vote in its ongoing review of the company's corporate governance practices.

Vote tallies are considered preliminary until the final results are tabulated and certified by independent election inspectors. The final results will be posted on Verizon's Web site at http://www.verizon.com/.

Verizon Communications Inc. , headquartered in New York, is a global leader in delivering broadband and other wireless and wireline communications services to mass market, business, government and wholesale customers. Verizon Wireless operates America's most reliable wireless network, serving more than 86 million customers nationwide. Verizon's Wireline operations provide converged communications, information and entertainment services over the nation's most advanced fiber-optic network. Wireline also includes Verizon Business, which delivers innovative and seamless business solutions to customers around the world. A Dow 30 company, Verizon employs a diverse workforce of more than 237,000 and last year generated consolidated operating revenues of more than $97 billion. For more information, visit http://www.verizon.com/.

VERIZON'S ONLINE NEWS CENTER: Verizon news releases, executive speeches and biographies, media contacts, high-quality video and images, and other information are available at Verizon's News Center on the World Wide Web at http://www.verizon.com/news. To receive news releases by e-mail, visit the News Center and register for customized automatic delivery of Verizon news releases.

Verizon Communications Inc.

CONTACT: Bob Varettoni, +1-917-734-4156 (cell),
robert.a.varettoni@verizon.com

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

Company News On-Call: http://www.prnewswire.com/comp/094251.html

CSC to Announce Fourth Quarter and Fiscal Year 2009 Results on Wednesday, May 20, 2009

FALLS CHURCH, Va., May 7 /PRNewswire-FirstCall/ -- CSC today announced that it will release financial results for the fourth quarter and fiscal year-end 2009 on Wednesday, May 20, at approximately 4:10 p.m. EDT. CSC senior management will host an earnings conference call and Webcast on the same day at 5 p.m. EDT.

(Logo: http://www.newscom.com/cgi-bin/prnh/20090422/CSCLOGO)

The conference call dial-in number for domestic callers is (877) 719-9788. For international callers, the dial-in number is (719) 325-4838. The pass code for all participants is 6438024. The Webcast can also be accessed through the company's Web site at http://www.csc.com/investorrelations. Webcast slides will be available at the time of the call.

A replay of the conference call will be available approximately two hours after the conclusion of the conference call through Wednesday, June 3, 2009, at 8 p.m. EDT. The replay dial-in numbers are (888) 203-1112 (domestic) and (719) 457-0820 (international). The pass code is 6438024. The replay of the Webcast will also be available on the CSC Web site.

About CSC

CSC is a global leader in providing technology-enabled solutions and services through three primary lines of business. These include Business Solutions & Services, Global Outsourcing Services and the North American Public Sector. CSC's advanced capabilities include systems design and integration, information technology and business process outsourcing, applications software development, Web and application hosting, mission support and management consulting. Headquartered in Falls Church, Va., CSC has approximately 92,000 employees and reported revenue of $17.1 billion for the 12 months ended Jan. 2, 2009. For more information, visit the company's Web site at http://www.csc.com/.

Photo: http://www.newscom.com/cgi-bin/prnh/20090422/CSCLOGO
http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com CSC

CONTACT: Rich Venn, Manager, Media Relations, Corporate,
+1-310-615-3926, rvenn@csc.com, or Bryan Brady, Vice President, Investor
Relations, Corporate, +1-703-641-3000, investorrelations@csc.com, both of CSC

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

page 1     page 2     page 3     page 4     page 5     page 6    

News archive of November 2009
1  2  3  4  5  6  7  8  9  10  11  12  13  14  15  16  17  18  19  20  21  22  23  24  25  26  27  28  29  30