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IRVINE, Calif., July 23 /PRNewswire-FirstCall/ -- Broadcom Corporation today reported unaudited financial results for its second quarter ended June 30, 2009.

Net revenue for the second quarter of 2009 was $1.040 billion. This represents an increase in net revenue of 21.9% compared with the $853.4 million reported for the first quarter of 2009 and a decrease of 13.4% compared with the $1.201 billion reported for the second quarter of 2008. Net income computed in accordance with U.S. generally accepted accounting principles (GAAP) for the second quarter of 2009 was $13.4 million, or $.03 per share (diluted), compared with GAAP net loss of $91.9 million, or $.19 net loss per share (basic and diluted), for the first quarter of 2009, and GAAP net income of $134.8 million, or $.25 per share (diluted), for the second quarter of 2008.

On April 26, 2009, Broadcom and QUALCOMM Incorporated announced that they had entered into a settlement and multi-year patent agreement. Under the agreement, QUALCOMM will pay Broadcom $891.2 million over a four-year period. In connection with this agreement, Broadcom recorded a $65.3 million gain on settlement and $67.3 million of licensing revenue in the three months ended June 30, 2009.

As previously disclosed, in connection with the establishment of the Broadcom Foundation, Broadcom recorded a charitable contribution expense of $50.0 million in the three months ended June 30, 2009.

Net revenue for the six months ended June 30, 2009 was $1.893 billion. This represents a decrease in net revenue of 15.2% from the $2.233 billion reported for the six months ended June 30, 2008. Net loss computed in accordance with GAAP for the six months ended June 30, 2009 was $78.5 million, or $.16 net loss per share (basic and diluted), compared with GAAP net income of $209.1 million, or $.39 per share (diluted), for the six months ended June 30, 2008.

For a further discussion of non-recurring transactions and their related accounting impact for all periods presented, see the "Unaudited Supplementary Financial Data" schedule below.

"Despite the continued global economic uncertainty, Broadcom's results for the second quarter reflected a return to a more stable ordering pattern and the ramp of new products from our end customers," said Scott A. McGregor, Broadcom's President and Chief Executive Officer. "In the second quarter, Broadcom generated strong sequential revenue growth, with product revenue near the top end of the range provided in April. We are pleased that research and development and selling, general and administrative expenses once again increased less than anticipated from the first quarter of 2009, reflecting our continued focus on maintaining solid financial discipline. In addition, we generated strong cash flow in excess of $325 million from operations."

"Our operating strategy for 2009 remains focused on managing our business to gain share and generate positive quarterly cash flow from operations. Based upon the customer activity we have experienced to date we anticipate that future revenue growth will be broad based with slightly stronger growth within our mobile and wireless targeted end market, driven by new product ramps and the upcoming holiday season."

Conference Call Information

As previously announced, Broadcom will conduct a conference call with analysts and investors to discuss its second quarter 2009 financial results and current financial prospects today at 1:45 p.m. Pacific Time (4:45 p.m. Eastern Time). The company will broadcast the conference call via webcast over the Internet. To listen to the webcast, or to view the financial or other statistical information required by Securities and Exchange Commission (SEC) Regulation G, please visit the Investors section of the Broadcom website at http://www.broadcom.com/investors. The webcast will be recorded and available for replay until 5:00 p.m. Pacific Time, August 28, 2009.

About Broadcom

Broadcom Corporation is a major technology innovator and global leader in semiconductors for wired and wireless communications. Broadcom products enable the delivery of voice, video, data and multimedia to and throughout the home, the office and the mobile environment. We provide the industry's broadest portfolio of state-of-the-art system-on-a-chip and software solutions to manufacturers of computing and networking equipment, digital entertainment and broadband access products, and mobile devices. These solutions support our core mission: Connecting everything .

Broadcom, one of the world's largest fabless semiconductor companies, with 2008 revenue of $4.66 billion, holds more than 3,450 U.S. and 1,350 foreign patents, and has more than 7,350 additional pending patent applications, and one of the broadest intellectual property portfolios addressing both wired and wireless transmission of voice, video, data and multimedia.

A FORTUNE 500 company, Broadcom is headquartered in Irvine, Calif., and has offices and research facilities in North America, Asia and Europe. Broadcom may be contacted at +1.949.926.5000 or at http://www.broadcom.com/.

Cautions regarding Forward Looking Statements:

All statements included or incorporated by reference in this release and the related conference call for analysts and investors, other than statements or characterizations of historical fact, are forward-looking statements. These forward-looking statements are based on our current expectations, estimates and projections about our business and industry, management's beliefs, and certain assumptions made by us, all of which are subject to change. Forward-looking statements can often be identified by words such as "anticipates," "expects," "intends," "plans," "predicts," "believes," "seeks," "estimates," "may," "will," "should," "would," "could," "potential," "continue," "ongoing," similar expressions, and variations or negatives of these words. Examples of such forward-looking statements include, but are not limited to, guidance provided on future revenue, gross product margin and operating expense targets for the third quarter of 2009. 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.

These risks and uncertainties include, but are not limited to: -- general economic and political conditions and specific conditions in the markets we address, including the continuing volatility in the technology sector and semiconductor industry, current global economic recession, trends in the broadband communications markets in various geographic regions, including seasonality in sales of consumer electronic products into which our products are incorporated, and possible disruption in commercial activities related to terrorist activity or armed conflict; -- the timing, rescheduling or cancellation of significant customer orders and our ability, as well as the ability of our customers, to manage inventory; -- our ability to adjust our operations in response to changes in demand for our existing products and services or demand for new products requested by our customers; -- the effectiveness of our expense and product cost control and reduction efforts; -- our ability to specify, develop or acquire, complete, introduce, market and transition to volume production new products and technologies in a cost-effective and timely manner; -- the risks inherent in acquisitions of technologies and businesses, including the timing and successful completion of technology and product development through volume production, integration issues, potential contractual, intellectual property or employment issues, the risk that anticipated benefits of an acquisition may not be realized, and accounting treatment and charges; -- risks and uncertainties resulting from Broadcom's equity award review, including pending and potential new claims and proceedings related to such matters, such as shareholder litigation and any action by the SEC, U.S. Attorney's Office or other governmental agency that has resulted in, and could result in further, civil or criminal sanctions against the company and/or certain of our current or former officers, directors or employees, or other actions taken or required as a result of the review, and the extent to which we are able to receive reimbursement of our expenses related to such litigation and actions through our directors' and officers' liability insurance carriers. In the event that the company's coverage under these policies is reduced or denied, our financial exposure would be increased; -- intellectual property disputes and customer indemnification claims and other types of litigation risk; -- our dependence on a few significant customers for a substantial portion of our revenue; -- changes in current or future laws or the imposition of new laws or regulations, including new or changed tax regulations, or changes in the interpretation or enforcement of those laws or regulations; -- the quality of our products and any potential remediation costs; -- our ability to retain, recruit and hire key executives, technical personnel and other employees in the positions and numbers, with the experience and capabilities, and at the compensation levels needed to implement our business and product plans; -- the availability and pricing of third party semiconductor foundry, assembly and test capacity and raw materials; -- the rate at which our present and future customers and end-users adopt Broadcom's technologies and products in our target markets; -- competitive pressures and other factors such as the qualification, availability and pricing of competing products and technologies and the resulting effects on sales and pricing of our products; -- changes in our product or customer mix; -- the risks and uncertainties associated with our international operations, particularly in light of terrorist activity, armed conflict or political unrest; -- our ability to timely and accurately predict market requirements and evolving industry standards and to identify opportunities in new markets; -- the volume of our product sales and pricing concessions on volume sales; -- problems, costs or delays that we may face in shifting our products to smaller geometry process technologies and in achieving higher levels of design integration; -- the risks of producing products with new suppliers and at new fabrication and assembly and test facilities; -- delays in the adoption and acceptance of industry standards in our target markets; -- the timing of customer-industry qualification and certification of our products and the risks of non-qualification or non-certification; -- fluctuations in the manufacturing yields of our third party semiconductor foundries and other problems or delays in the fabrication, assembly, testing or delivery of our products; and -- the level of orders received that can be shipped in a fiscal quarter.

Our Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other Securities and Exchange Commission filings discuss the foregoing risks as well as other important risk factors that could contribute to such differences or otherwise affect our business, results of operations and financial condition. The forward-looking statements in this release and the related conference call for analysts and investors speak only as of the date they are made. We undertake no obligation to revise or update publicly any forward-looking statement, except as required by law.

Broadcom, the pulse logo, Connecting everything, and the Connecting everything logo are among the trademarks of Broadcom Corporation and/or its affiliates in the United States, certain other countries and/or the EU. Any other trademarks or trade names mentioned are the property of their respective owners.

Broadcom Trade Press Contact Bill Blanning Vice President, Global Media Relations 949-926-5555 blanning@broadcom.com Broadcom Investor Relations Contact T. Peter Andrew Vice President, Corporate Communications 949-926-5663 andrewtp@broadcom.com BROADCOM CORPORATION Unaudited Condensed Consolidated Statements of Operations (In thousands, except per share amounts) Three Months Ended Six Months Ended June 30, June 30, --------------------- ---------------------- 2009 2008 2009 2008 --------- ---------- ---------- ---------- Product revenue $966,317 $1,161,965 $1,794,547 $2,154,968 Licensing revenue 73,627 38,966 98,833 78,173 --------- ---------- ---------- ---------- Total net revenue 1,039,944 1,200,931 1,893,380 2,233,141 Operating costs and expenses: Cost of product revenue 518,674 554,596 964,951 1,035,759 Research and development 374,770 380,035 747,494 735,723 Selling, general and administrative 127,410 142,017 252,458 253,963 Amortization of purchased intangible assets 4,139 184 8,298 367 In-process research and development - - - 10,900 Impairment of long-lived assets 11,261 1,900 11,261 1,900 Restructuring costs (reversals) 447 (1,000) 7,558 (1,000) Settlement costs (gains) (58,406) - (57,256) 15,810 Charitable contribution 50,000 - 50,000 - --------- ---------- ---------- ---------- Total operating costs and expenses 1,028,295 1,077,732 1,984,764 2,053,422 --------- ---------- ---------- ---------- Income (loss) from operations 11,649 123,199 (91,384) 179,719 Interest income, net 3,986 12,428 8,384 32,532 Other income (expense), net 1,019 (191) 2,665 733 --------- ---------- ---------- ---------- Income (loss) before income taxes 16,654 135,436 (80,335) 212,984 Provision (benefit) for income taxes 3,253 647 (1,796) 3,881 --------- ---------- ---------- ---------- Net income (loss) $13,401 $134,789 $(78,539) $209,103 ========= ========== ========== ========== Net income (loss) per share (basic) $.03 $.26 $(.16) $.40 ========= ========== ========== ========== Net income (loss) per share (diluted) $.03 $.25 $(.16) $.39 ========= ========== ========== ========== Weighted average shares (basic) 495,110 512,875 492,652 521,606 ========= ========== ========== ========== Weighted average shares (diluted) 507,993 529,977 492,652 534,902 ========= ========== ========== ========== The following table presents details of total stock-based compensation expense included in each functional line item in the unaudited condensed consolidated statements of operations above: Three Months Ended Six Months Ended June 30, June 30, ------------------ ------------------- 2009 2008 2009 2008 ------ ------ ------- ------- Cost of product revenue $6,128 $6,237 $12,005 $11,702 Research and development 86,607 90,003 175,869 168,709 Selling, general and administrative 29,893 31,268 58,527 60,333 Certain prior period amounts in the unaudited condensed consolidated statements of operations have been reclassified to conform with the current period presentation of product and licensing revenue. BROADCOM CORPORATION Unaudited Condensed Consolidated Statements of Cash Flows (In thousands) Three Months Ended Six Months Ended June 30, June 30, ------------------------ ---------------------- 2009 2008 2009 2008 ---------- ---------- ---------- ---------- Operating activities Net income (loss) $13,401 $134,789 $(78,539) $209,103 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 14,292 18,427 36,041 36,419 Stock-based compensation expense: Stock options and other awards 38,813 57,178 85,557 115,207 Restricted stock units 83,815 70,330 160,844 125,537 Acquisition-related items: Amortization of purchased intangible assets 8,251 4,118 16,523 8,236 In-process research and development - - - 10,900 Impairment of long-lived assets 11,261 1,900 11,261 1,900 Loss on strategic investment, net - 1,760 - 1,760 Non-cash restructuring costs - - 2,663 - Gain on sale of marketable securities - - (1,046) - Changes in operating assets and liabilities: Accounts receivable (89,181) (117,396) (71,735) (110,815) Inventory (14,452) (34,944) 86,808 (25,033) Prepaid expenses and other assets (6,319) 25,054 (7,786) 18,758 Accounts payable 156,377 77,815 79,761 123,829 Deferred revenue 100,387 (1,521) 100,766 (10,580) Other accrued and long-term liabilities 11,146 9,907 (2,617) (17,993) ---------- ---------- ---------- ---------- Net cash provided by operating activities 327,791 247,417 418,501 487,228 ---------- ---------- ---------- ---------- Investing activities Net purchases of property and equipment (13,837) (23,405) (26,294) (49,067) Net cash received from (paid for) acquired companies - (9,943) 2,139 (29,738) Purchases of strategic investments - - - (355) Purchases of marketable securities (401,344) (202,584) (511,050) (338,521) Proceeds from sales and maturities of marketable securities 287,733 72,415 421,845 220,598 ---------- ---------- ---------- ---------- Net cash used in investing activities (127,448) (163,517) (113,360) (197,083) ---------- ---------- ---------- ---------- Financing activities Repurchases of Class A common stock (38,434) (444,131) (38,434) (835,863) Proceeds from issuance of common stock 78,889 78,300 83,694 90,614 Minimum tax withholding paid on behalf of employees for restricted stock units (18,452) (13,623) (34,528) (25,753) ---------- ---------- ---------- ---------- Net cash provided by (used in) financing activities 22,003 (379,454) 10,732 (771,002) ---------- ---------- ---------- ---------- Increase (decrease) in cash and cash equivalents 222,346 (295,554) 315,873 (480,857) Cash and cash equivalents at beginning of period 1,284,172 2,001,269 1,190,645 2,186,572 ---------- ---------- ---------- ---------- Cash and cash equivalents at end of period $1,506,518 $1,705,715 $1,506,518 $1,705,715 ========== ========== ========== ========== UNAUDITED SUPPLEMENTAL FINANCIAL INFORMATION June 30, March 31, December 31, 2009 2009 2008 ---------- ---------- ---------- (In thousands) Cash and cash equivalents $1,506,518 $1,284,172 $1,190,645 Short-term marketable securities 700,585 677,638 707,477 Long-term marketable securities 92,699 - - ---------- ---------- ---------- Total cash, cash equivalents and marketable securities $2,299,802 $1,961,810 $1,898,122 ========== ========== ========== Increase from prior period end $337,992 ========== Increase from prior year end $401,680 ========== BROADCOM CORPORATION Unaudited Condensed Consolidated Balance Sheets (In thousands) June 30, December 31, 2009 2008 ---------- ---------- ASSETS Current assets: Cash and cash equivalents $1,506,518 $1,190,645 Short-term marketable securities 700,585 707,477 Accounts receivable, net 444,046 372,311 Inventory 279,298 366,106 Prepaid expenses and other current assets 108,078 114,674 ---------- ---------- Total current assets 3,038,525 2,751,213 Property and equipment, net 224,238 234,691 Long-term marketable securities 92,699 - Goodwill 1,277,104 1,279,243 Purchased intangible assets, net 34,174 61,958 Other assets 81,581 66,160 ---------- ---------- Total assets $4,748,321 $4,393,265 ========== ========== LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $389,630 $310,487 Wages and related benefits 129,547 157,758 Deferred revenue 115,387 12,338 Accrued liabilities 277,979 236,520 ---------- ---------- Total current liabilities 912,543 717,103 Long-term deferred revenue 1,615 3,898 Other long-term liabilities 60,851 65,197 Commitments and contingencies Shareholders' equity 3,773,312 3,607,067 ---------- ---------- Total liabilities and shareholders' equity $4,748,321 $4,393,265 ========== ========== BROADCOM CORPORATION Unaudited Supplementary Financial Data (In thousands) The following table presents details of supplementary financial data included in each functional line item in the unaudited condensed consolidated statements of operations: Three Months Ended Six Months Ended June 30, June 30, ------------------ ------------------ 2009 2008 2009 2008 ------- ------ ------- ------- Cost of product revenue: Stock-based compensation $6,128 $6,237 $12,005 $11,702 Amortization of purchased intangible assets 4,112 3,934 8,225 7,869 Research and development: Stock-based compensation 86,607 90,003 175,869 168,709 Selling, general and administrative: Stock-based compensation 29,893 31,268 58,527 60,333 Other operating expense: Amortization of purchased intangible assets 4,139 184 8,298 367 In-process research and development (1) - - - 10,900 Impairment of long-lived assets (2) 11,261 1,900 11,261 1,900 Restructuring costs (reversals) (3) 447 (1,000) 7,558 (1,000) Settlement costs (gains) (4) (58,406) - (57,256) 15,810 Charitable contribution (5) 50,000 - 50,000 - Other: Employer payroll tax expense on certain stock option exercises 1,208 1,169 1,941 2,099 Loss on strategic investments, net - 1,760 - 1,760 Non-operating gains (7) - (14) - ---------------------- (1) Recorded in connection with the company's acquisition of Sunext Design, Inc. in the six months ended June 30, 2008. (2) A long-lived asset impairment charge of $11.3 million related to the company's acquisition of the digital television business of AMD, Inc. was recorded in the three and six months ended June 30, 2009. (3) Recorded in connection with the company's restructuring plan announced and implemented in the six months ended June 30, 2009, as well as a restructuring cost reversal of a prior restructuring plan in the six months ended June 30, 2008. (4) Recorded a $65.3 million gain on settlement in connection with the QUALCOMM litigation, offset in part by estimated additional settlement costs of $6.9 million related to certain employment tax items in the three and six months ended June 30, 2009, and an additional $1.2 million related to patent infringement claims in the six months ended June 30, 2009. Also includes settlement costs of $15.8 million, of which $12.0 million related to Broadcom's settlement with the Securities and Exchange Commission and $3.8 million related to a patent infringement claims settled in the six months ended June 30, 2008. (5) Recorded in connection with an accrued $50.0 million charitable contribution to the recently established Broadcom Foundation in the three and six months ended June 30, 2009. BROADCOM CORPORATION Unaudited Supplementary Financial Data (In thousands) Three Months Ended --------------------------------------------- June 30, 2009 June 30, 2008 March 31, 2009 ------------- ------------- -------------- Product revenue $966,317 $1,161,965 $828,230 Licensing revenue 73,627 38,966 25,206 ---------- ---------- -------- Total net revenue $1,039,944 $1,200,931 $853,436 ========== ========== ======== Cost of product revenue $518,674 $554,596 $446,277 ========== ========== ======== Product gross margin(1) 46.3% 52.3% 46.1% ========== ========== ======== Total gross margin 50.1% 53.8% 47.7% ========== ========== ======== ----------------------------- (1) Product gross margins in the three months ended June 30, 2008 and March 31, 2009 has been adjusted from 52.4% to 52.3% and 46.5% to 46.1%, respectively, to conform with the current period presentation of product and licensing revenue. BROADCOM CORPORATION Guidance for the Three Months Ending September 30, 2009 Three Months Ending September 30, 2009 -------------------------------------- Total net revenue Up 7% to 14% from Q2 Product revenue ~$1.060 to ~$1.130 billion Licensing revenue ~ $55 million Total net revenue ~$1.115 to ~$1.185 billion Product gross margin Increase by around 125 basis points or more from Q2 Research and development and selling, general and administrative expenses (including stock-based compensation) Up $20 to $26 million from Q2 Broadcom has based the preceding guidance for the three months ending September 30, 2009 on expectations, assumptions and estimates that we believe are reasonable given our assessment of historical trends and other information reasonably available as of July 23, 2009. Our guidance consists of predictions only, however, and is subject to a wide range of known and unknown business risks and uncertainties, many of which are beyond our control. The forecasts and projections contained in the table above should not be regarded as representations by Broadcom that the estimated results will be achieved. Projections and estimates are necessarily speculative in nature and actual results may vary materially from the guidance we provide today. The guidance set forth in the table above should be read together with the information under the caption, "Cautions regarding Forward Looking Statements" above, our Annual Report on Form 10-K for the year ended December 31, 2008, subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and our other Securities and Exchange Commission filings. We undertake no obligation to publicly update or revise any forward-looking statements, including the guidance set forth herein.

Photo: http://www.newscom.com/cgi-bin/prnh/20060609/BROADCOMLOGO
http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com Broadcom Corporation; BRCM Corporate

CONTACT: Trade Press, Bill Blanning, Vice President, Global Media
Relations, +1-949-926-5555, blanning@broadcom.com, or Investor Relations, T.
Peter Andrew, Vice President, Corporate Communications, +1-949-926-5663,
andrewtp@broadcom.com, both of Broadcom

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

MEMC Reports Second Quarter Results

ST. PETERS, Mo., July 23 /PRNewswire-FirstCall/ -- MEMC Electronic Materials, Inc. today reported financial results for the second quarter ended June 30, 2009.

Summary of second quarter results: -- Net sales of $282.9 million -- Gross profit of $34.9 million (12.3% of net sales) -- Earnings of $0.03 per share -- Cash and investment balances of $1.3 billion

The company reported second quarter 2009 net sales of $282.9 million, which represents an increase of 32.2% from first quarter 2009 net sales of $214.0 million, and a decrease of 46.8% from second quarter 2008 net sales of $531.4 million. The sequential increase in sales was primarily the result of significantly higher wafer volumes for semiconductor applications, partially offset by price reductions in wafers for semiconductor and solar applications.

Gross profit in the quarter was $34.9 million, or 12.3% of net sales, compared to $19.7 million, or 9.2% of net sales, in the 2009 first quarter and $282.8 million, or 53.2% of net sales, in the 2008 second quarter. The sequential increase in gross profit was primarily the result of higher product volumes. While the higher product volumes helped increase our factory utilization rates, our factories were still running at less than optimal manufacturing rates, resulting in higher per unit costs. The lower pricing for semiconductor and solar products also adversely impacted margins.

The company reported an operating loss of $14.3 million during the quarter, compared to an operating loss of $26.4 million in the 2009 first quarter and operating income of $242.5 million in the 2008 second quarter. Second quarter 2009 operating expenses, which include a charge of $5.6 million relating to the previously announced layoffs in the company's Korean manufacturing facility, as well as $3.0 million of cost associated with the startup of our Ipoh, Malaysia facility, were $49.2 million, or 17.4% of sales, compared to $46.1 million, or 21.5% of sales, in the 2009 first quarter, which included charges of $6.7 million relating to restructuring activities in three of the company's manufacturing facilities.

MEMC's net income for the second quarter was $6.5 million, or $0.03 per share, including a $10.1 million benefit relating to the increase in the value of the Suntech warrants, offset by partial deferral of profits related to a new solar joint venture. During the second quarter, MEMC entered into a binding letter of intent with a leading solar company to form a joint venture to develop, construct and sell photovoltaic projects. The projects will utilize MEMC wafers. During the second quarter, MEMC sold wafers to the solar company and has deferred its pro-rata share of the profit for the wafer sales until the project is sold to a third party.

During the second quarter, the company reported operating cash flow of $16.4 million, net of the payout of approximately $12.3 million in severance from the layoffs announced during the first and second quarters, and also included the offset of $44.1 million of customer deposits associated with long-term solar wafer agreements pursuant to their terms. This compares to $14.6 million of operating cash consumed in the first quarter. Capital expenditures for the second quarter totaled $45.5 million, or 16.1% of sales. Free cash consumed (operating cash flow minus capital expenditures) was $29.1 million. MEMC ended the second quarter with cash and investments of approximately $1.3 billion, and does not maintain any significant debt.

"While we saw a significant increase in sales compared with the first quarter, our overall results continue to reflect the generally weak macroeconomic conditions," said Ahmad Chatila, MEMC's President and Chief Executive Officer. "Semiconductor wafer volumes rose from severely depressed first quarter levels, primarily due to stronger demand from Asia and inventory replenishment, but continued to be significantly below historical levels. In solar, limited credit availability in the broader solar market continued to restrain demand while supply excesses remain visible across the solar value chain. On the positive side, MEMC continued to broaden its solar wafer customer base during the quarter, adding several new customers."

Third Quarter 2009 Outlook

"Based on current customer indications, we believe that demand should continue to improve in the semiconductor industry during the third quarter. Increasing demand should provide for some incremental improvement in our factory utilization rates and positively influence margins. In the solar industry, things are not as clear. While we have been expanding our customer base and increasing sales, the industry as a whole continues to be characterized by limited demand growth and excess material throughout the value chain. This condition has resulted in a continued weak pricing environment. Considering these factors, we are targeting third quarter revenue to be approximately $300-$350 million. In addition, we are targeting gross margin to be up slightly."

Business Priorities

Mr. Chatila continued, "MEMC has been a leader in silicon technology for 50 years. We are a company with excellent employees, technology and financial position. Current market conditions present significant opportunities for MEMC to further advance our industry leadership position. These opportunities require that we stay focused on our essential goals and maintain a long-term perspective. Our business priorities and key objectives include the following:

-- Enable customer success, with quality products and timely delivery -- Manage our capacity and resources effectively -- Drive technology innovation -- Retain, develop and recruit the best talent in the industry -- Reduce product cost -- Expand our customer base -- Participate in downstream solar opportunities through potential investments or acquisitions."

"As I complete my first five months as CEO, it is clear to me that we are well positioned in all major aspects of our business," concluded Mr. Chatila. "We intend to build on our leadership position by leveraging our product technology and increasing our served market. Our goal is to enable customer success while expanding our customer base. We may also act on opportunities in the solar industry to unlock demand and leverage MEMC's brand, financial strength and market presence to obtain more value downstream. We have the right tools, talented employees and strong leadership, along with the positioning and opportunity. Our focus now is on executing these opportunities with all of the efficiency you would expect from MEMC."

Other Events

Earlier today the company announced that it had amended its long term solar wafer supply agreement with Suntech Power Holdings Co. Ltd. Similar to the amendment with Suntech executed in February 2009, the most recent amendment provides that aggregate revenues to MEMC over the ten year life of the agreement will remain unchanged, but an additional price reduction and volume increase for the second half of 2009 have been effectuated. The parties have also agreed in the amendment to provide a deferral mechanism for a potential 2009 purchase shortfall by Suntech (from the increased volume commitment), by allowing Suntech to make up the purchase shortfall in equal increments over the next five years. Such deferred volume amounts will be added to Suntech's minimum purchase requirements for future contract years.

The company is also negotiating an amendment to its long term solar wafer agreement with Gintech Energy Corporation, but has not yet reached a resolution on such amendment. The parties are discussing price reductions for future periods in exchange for greater volume commitments, with similar deferral mechanisms for Gintech as were agreed to with Suntech. There can be no assurance that such an amendment will be reached at all, or if one is reached, that such amendment will have similar terms to the Suntech amendment discussed above or that such terms will be favorable to the company.

Conference Call to Discuss Earnings Results and Business Review

MEMC will host a conference call today, July 23, 2009, at 5:30 p.m. ET to discuss the company's second quarter results, 180 day business review and other related business matters. A live webcast will be available on the company's web site at http://www.memc.com/. Please go to the web site at least fifteen minutes prior to the call to register, download and install any necessary audio software.

A replay of the conference call will be available from 7:30 p.m. ET on July 23, 2009, until 11:59 p.m. ET on July 30, 2009. To access the replay, please dial (320) 365-3844 at any time during that period, using passcode 107493. A replay will also be available until 11:59 p.m. ET on July 30, 2009 on the company's web site at http://www.memc.com/.

About MEMC

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

Certain matters discussed in this news release are forward-looking statements, including that third quarter revenue is targeted to be approximately $300-$350 million, with gross margin up slightly; and our belief that demand should continue to improve in the semiconductor industry during the third quarter. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Potential risks and uncertainties include market demand for semiconductors and silicon wafers, as well as polysilicon; changes in the pricing environment for both silicon wafers and polysilicon; the terms of any potential future amendments to our long-term agreements with our solar wafer customers; completion and funding of our new solar joint venture; utilization of our manufacturing capacity and any charges we might incur to reduce manufacturing capacity or headcount; general economic conditions, including the ability of our customers to pay their debts as they become due; inventory levels of our customers; supply chain difficulties or problems; interruption of production; outcome of pending and future litigation matters; good working order of our manufacturing facilities; our ability to reduce manufacturing and operating costs; assumptions underlying management's financial estimates; delays in capacity expansion; customer acceptance of our new products; actions by competitors, customers and suppliers; changes in product specifications and manufacturing processes; changes in financial market conditions; changes in the composition of worldwide taxable income; the impact of competitive products and technologies; changes in interest and currency exchange rates and other risks described in the company's filings with the Securities and Exchange Commission. These forward-looking statements represent the company's judgment as of the date of this release. The company disclaims, however, any intent or obligation to update these forward-looking statements.

-tables to follow- MEMC ELECTRONIC MATERIALS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (In millions, except per share data) Unaudited Three Months Ended Six Months Ended --------------------------- ----------------- June 30, March 31, June 30, June 30, June 30, 2009 2009 2008 2009 2008 ---- ---- ---- ---- ---- Net sales $282.9 $214.0 $531.4 $496.9 $1,032.8 Cost of goods sold 248.0 194.3 248.6 442.3 490.7 ----- ----- ----- ----- ----- Gross profit 34.9 19.7 282.8 54.6 542.1 Operating expenses: Marketing and administration 33.7 29.8 27.1 63.5 57.7 Research and development 9.9 9.6 10.0 19.5 20.3 Restructuring costs 5.6 6.7 3.2 12.3 3.2 --- --- --- ---- --- Operating (loss) income (14.3) (26.4) 242.5 (40.7) 460.9 Nonoperating (income) expense: Interest expense 0.2 0.3 0.3 0.5 0.6 Interest income (5.8) (11.7) (11.3) (17.5) (24.1) (Increase) decrease in fair value of warrant (10.1) 0.1 12.3 (10.0) 221.7 Other, net (0.6) 2.6 2.5 2.0 4.0 Total nonoperating (income) expense (16.3) (8.7) 3.8 (25.0) 202.2 ----- ---- --- ----- ----- Income (loss) before income tax (benefit) expense and equity in earnings of joint venture 2.0 (17.7) 238.7 (15.7) 258.7 Income tax (benefit) expense (6.0) (18.9) 61.2 (24.9) 121.9 ---- ----- ---- ----- ----- Income before equity in earnings of joint venture 8.0 1.2 177.5 9.2 136.8 Equity in earnings of joint venture, net of tax (3.3) - - (3.3) - ---- - - ---- - Net income 4.7 1.2 177.5 5.9 136.8 --- --- ----- --- ----- Net (income) loss attributable to noncontrolling interests 1.8 0.8 (1.4) 2.6 (2.5) --- --- ---- --- ---- Net income attributable to MEMC stockholders $6.5 $2.0 $176.1 $8.5 $134.3 ---- ---- ------ ---- ------ Basic income per share $0.03 $0.01 $0.77 $0.04 $0.59 Diluted income per share $0.03 $0.01 $0.76 $0.04 $0.58 Weighted-average shares used in computing basic income per share 223.5 223.6 228.3 223.5 228.4 Weighted-average shares used in computing diluted income per share 224.0 224.0 230.7 224.1 231.1 MEMC ELECTRONIC MATERIALS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In millions) Unaudited June 30, December 31, 2009 2008 ---- ---- ASSETS Current assets: Cash and cash equivalents $889.9 $988.3 Short-term investments 134.9 148.4 Accounts receivable, net 172.5 197.3 Inventories 108.6 81.3 Prepaid and other current assets 93.6 38.9 ---- ---- Total current assets 1,399.5 1,454.2 Investments 232.5 284.7 Property, plant and equipment, net 1,046.3 1,041.2 Deferred tax assets, net 70.4 69.7 Other assets 91.9 86.9 ---- ---- Total assets $2,840.6 $2,936.7 -------- -------- LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current portion of long-term debt $5.2 $6.1 Accounts payable 141.1 162.4 Accrued liabilities 54.8 67.5 Accrued wages and salaries 30.5 31.7 Customer deposits 105.9 187.0 Income taxes payable 23.0 17.9 ---- ---- Total current liabilities 360.5 472.6 Long-term debt, less current portion 22.1 26.1 Pension and post-employment liabilities 44.3 46.3 Deferred revenue 91.5 88.8 Other liabilities 185.2 186.1 ----- ----- Total liabilities 703.6 819.9 ----- ----- Commitments and contingencies Stockholders' equity: Preferred stock - - Common stock 2.3 2.3 Additional paid-in capital 443.2 425.6 Retained earnings 2,155.9 2,147.1 Accumulated other comprehensive loss (39.9) (55.6) Treasury stock (453.3) (437.4) ------ ------ Total MEMC stockholders' equity 2,108.2 2,082.0 Noncontrolling interests 28.8 34.8 ---- ---- Total stockholders' equity 2,137.0 2,116.8 ------- ------- Total liabilities and stockholders' equity $2,840.6 $2,936.7 -------- -------- MEMC ELECTRONIC MATERIALS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) Unaudited Three Months Ended Six Months Ended ------------------ ---------------- June 30, March 31, June 30, June 30, June 30, 2009 2009 2008 2009 2008 ---- ---- ---- ---- ---- Cash flows from operating activities: Net income $4.7 $1.2 $177.5 $5.9 $136.8 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 28.9 28.4 25.5 57.3 48.3 Stock-based compensation 9.0 9.2 9.6 18.2 22.2 (Increase) decrease in fair value of warrant (10.1) 0.1 12.3 (10.0) 221.7 Working capital and other (16.1) (53.5) (19.9) (69.6) (26.8) ----- ----- ----- ----- ----- Net cash provided by (used in) operating activities 16.4 (14.6) 205.0 1.8 402.2 ---- ----- ----- --- ----- Cash flows from investing activities: Proceeds from sales and maturities of investments 76.6 37.7 111.3 114.3 312.9 Purchases of investments (10.9) - (62.6) (10.9) (240.2) Capital expenditures (45.5) (53.2) (87.3) (98.7) (169.2) Other - 0.1 - 0.1 - - --- - --- - Net cash provided by (used in) investing activities 20.2 (15.4) (38.6) 4.8 (96.5) ---- ----- ----- --- ----- Cash flows from financing activities: Net (repayments of) proceeds from customer deposits related to long-term supply agreements (44.1) (36.0) 31.0 (80.1) 48.5 Principal payments on long-term debt (3.2) - (2.9) (3.2) (2.9) Excess tax benefits from stock-based payment arrangements 0.2 - 12.1 0.2 18.6 Dividend to noncontrolling interest - - (3.2) - (3.2) Common stock repurchased - (15.8) (76.3) (15.8) (154.9) Proceeds from issuance of common stock 0.4 0.1 9.3 0.5 18.6 --- --- --- --- ---- Net cash used in financing activities (46.7) (51.7) (30.0) (98.4) (75.3) ----- ----- ----- ----- ----- Effect of exchange rate changes on cash and cash equivalents 1.6 (8.2) (5.2) (6.6) 21.2 ---- ----- ----- ----- ----- Net (decrease) increase in cash and cash equivalents (8.5) (89.9) 131.2 (98.4) 251.6 Cash and cash equivalents at beginning of period 898.4 988.3 979.7 988.3 859.3 ----- ----- ----- ----- ----- Cash and cash equivalents at end of period $889.9 $898.4 $1,110.9 $889.9 $1,110.9 ------ ------ -------- ------ --------

MEMC Electronic Materials, Inc.

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

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

National Instruments Declares Quarterly Dividend

AUSTIN, Texas, July 23, 2009 /PRNewswire-FirstCall/ -- The National Instruments Board of Directors announced a quarterly dividend of $0.12 per share. This dividend is payable on Aug. 31, to shareholders of record on Aug. 10, 2009.

About National Instruments

National Instruments (http://www.ni.com/) is transforming the way engineers and scientists design, prototype and deploy systems for measurement, automation and embedded applications. NI empowers customers with off-the-shelf software such as NI LabVIEW and modular cost-effective hardware, and sells to a broad base of more than 30,000 different companies worldwide, with no one customer representing more than 3 percent of revenue and no one industry representing more than 15 percent of revenue. Headquartered in Austin, Texas, NI has more than 5,000 employees and direct operations in more than 40 countries. For the past 10 years, FORTUNE magazine has named NI one of the 100 best companies to work for in America. Readers can obtain investment information from the company's investor relations department by calling (512) 683-5090, e-mailing nati@ni.com or visiting http://www.ni.com/nati. (NATI-D)

LabVIEW, National Instruments, NI and ni.com are trademarks of National Instruments. Other product and company names listed are trademarks or trade names of their respective companies.

Contact: Veronica Garza Investor Relations (512) 683-6873

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CONTACT: Veronica Garza, Investor Relations of National Instruments,
+1-512-683-6873

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

National Instruments Reports Q2 2009 ResultsSignificant Improvement in Profitability From Q1 2009

AUSTIN, Texas, July 23, 2009 /PRNewswire-FirstCall/ -- National Instruments reported quarterly revenue for Q2 2009 of $152.2 million, which represents a 28 percent year-over-year decline and comes in above the midpoint of the company's guidance. While revenue declined by 4 percent sequentially from Q1, orders increased 1 percent, resulting in a $6 million sequential increase in the backlog of orders during Q2.

Net income for Q2 was $4.4 million, with fully diluted earnings per share (EPS) of $0.06. Non-GAAP net income was $8.3 million, with non-GAAP fully diluted EPS of $0.11. The company's non-GAAP results exclude the impact of both stock-based compensation and the amortization of acquisition-related intangibles. Reconciliations of the company's GAAP and non-GAAP results are included as part of this news release.

"I am pleased to see orders in the key product areas of NI CompactRIO, PXI and modular instruments grow sequentially despite the continued contraction in the global industrial economy," said Dr. James Truchard, NI president and CEO. "I believe our strategic investment in R&D in recent years has allowed us to deliver highly differentiated products, which are helping us outperform competitors and should position us well for the eventual recovery."

In Q2 2009, NI virtual instrumentation and graphical system design products, which constitute the majority of the company's product portfolio, experienced a 26 percent year-over-year revenue decline. Sales of NI instrument control products, which now represent approximately 6 percent of NI revenue, were down 46 percent year-over-year in Q2 2009. Product revenue was $140 million, down 29 percent from Q2 2008, and software maintenance revenue was $12 million, down 17 percent year-over-year.

Geographically, the company saw the effects of the slowdown worldwide. Revenue in U.S. dollar terms for Q2 2009 compared to Q2 2008 was down 23 percent in the Americas, down 35 percent in Europe and down 25 percent in Asia, equaling an overall revenue decline of 28 percent. The company believes that European performance was negatively impacted by the shift in Easter from Q1 in 2008 to Q2 in 2009. In local currency terms, revenue was down 25 percent in Europe and down 17 percent in Asia, for an overall local currency decline of 21 percent year-over-year.

Total operating expenses for the quarter were down $20 million year-over-year, illustrating the strong fiscal discipline that has been exercised throughout the organization in response to the severe downturn in the global industrial economy. Total headcount as of June 30 was 5,135, up 5 percent year-over-year. The primary focus for headcount additions this year has been in R&D and field sales.

As of June 30, 2009, NI had $251 million in net cash and short-term investments, up $9.2 million from March 31, 2009. During Q2 2009, the company paid $9.3 million in dividends and used $5.7 million to repurchase 249,000 shares of its common stock at an average price of $22.97 per share. National Instruments announced that its Board of Directors declared a dividend of $0.12 per share on its common stock payable on Aug. 31, 2009, to shareholders of record on Aug. 10, 2009.

Q2 2009 Highlights -- Quarterly revenue of $152 million, down 28 percent year-over-year -- Net income of $4.4 million -- Non-GAAP net income of $8.3 million -- Cash and short-term investments of $251 million -- Total operating expenses for the quarter down $20 million year-over-year Outlook and Specific Guidance for Q3 2009

After reaching a record low in Q1 2009, the quarterly average of the global Purchasing Managers Index (PMI) made significant progress toward the breakeven level of 50 in the second quarter. The latest reading of the global PMI of 46.9 in June indicates that while the rate of decline in the global industrial economy has moderated significantly from the end of 2008, global industrial production was still contracting sequentially through the end of June. The company has scheduled a business update call for September 8 at 4 p.m.

"Our expense management efforts kicked in fully in Q2, which allowed us to reduce our non-GAAP expenses by 16 percent year-over-year and by $10 million sequentially. This helped us significantly increase our non-GAAP EPS from Q1, which increased our non-GAAP operating margin from 2 percent in Q1 to 5.5 percent in Q2, with non-GAAP net margin of 5.4 percent in Q2," said Alex Davern, NI CFO. "Looking forward, it now appears increasingly likely that Q1 will be the low point in non-GAAP operating margin for this cycle."

For Q3, NI currently expects revenue to be in the range of $158 million to $168 million. The company currently expects that GAAP fully diluted EPS will be in the range of $0.04 to $0.12 per share for Q3, with non-GAAP fully diluted EPS expected to be in the range of $0.09 to $0.17 per share.

In Q3 2009, the company expects the impact of both stock-based compensation and the amortization of acquisition-related intangibles to be $0.05 per share. A reconciliation of the company's Q3 2009 guidance on a GAAP basis to its guidance on a non-GAAP basis is included as part of this news release.

Non-GAAP Results and Guidance Presentation

In addition to disclosing results determined in accordance with GAAP, NI discloses certain non-GAAP operating results and non-GAAP guidance that exclude certain charges. In this news release, the company has presented its net income and EPS for Q2 2009 and its guidance for Q3 2009 on a GAAP and non-GAAP basis. When presenting non-GAAP information, the company includes a reconciliation of the non-GAAP data to the GAAP data.

Management believes that including the non-GAAP results assists investors in assessing the company's operational performance and its performance relative to its competitors. The company presents these non-GAAP results as a complement to results provided in accordance with GAAP, and these results should not be regarded as a substitute for GAAP. Management uses these non-GAAP measures to manage and assess the profitability and performance of its business and does not consider stock-based compensation expense or amortization of acquired intangibles that are all non-cash charges in managing its operations. Specifically, management uses non-GAAP measures to plan and forecast future periods, to establish operational goals, to compare with its business plan and individual operating budgets, to measure management performance for purposes of executive compensation including payments to be made under bonus plans, to assist the public in measuring the company's performance relative to the company's long-term public performance goals, to allocate resources and, relative to the company's historical financial performance, to enable comparability between periods. Management also considers such non-GAAP results to be an important supplemental measure of its performance.

Conference Call Information

Interested parties can listen to the Q2 2009 conference call today, July 23, beginning at 4:00 p.m. CDT, at http://www.ni.com/call. Replay information is available by calling (888) 203-1112, confirmation code # 8314695, from July 23 at 7:00 p.m. CDT through July 28 at midnight CDT.

Forward-Looking Statements

This release contains "forward-looking statements," including statements related to allowing us to outperform competitors and positioning us well for the eventual recovery, being likely that global industrial production will turn positive in the near term, that the industrial economy will be dealing with significant amounts of excess capacity which will take a considerable period of positive growth to absorb, our served markets remaining very weak throughout 2009, our guidance for Q3 2009 with respect to revenue, GAAP and Non-GAAP EPS and the impact of stock based compensation and amortization of acquisition related intangibles. These statements are subject to a number of risks and uncertainties, including the risk of further adverse changes or fluctuations in the global economy, delays in the release of new products, fluctuations in customer demand for NI products, our ability to continue to control our operating expenses, manufacturing inefficiencies and foreign exchange fluctuations. Actual results may differ materially from the expected results. The company directs readers to documents it files with the SEC for other risks associated with the company's future performance.

About National Instruments

CompactRIO, LabVIEW, National Instruments, NI and ni.com are trademarks of National Instruments. Other product and company names listed are trademarks or trade names of their respective companies.

Contact: Veronica Garza Investor Relations (512) 683-6873 National Instruments Condensed Consolidated Balance Sheets (in thousands) June 30, December 31, 2009 2008 (unaudited) ---------- ---------- Assets Current assets: Cash and cash equivalents $221,723 $229,400 Short-term investments 28,991 6,220 Accounts receivable, net 91,393 121,548 Inventories, net 95,269 107,358 Prepaid expenses and other current assets 43,496 43,062 Deferred income taxes, net 23,989 21,435 ------ ------ Total current assets 504,861 529,023 Long-term investments 10,500 10,500 Property and equipment, net 150,620 154,477 Goodwill, net 64,610 64,561 Intangible assets, net 46,719 41,915 Other long-term assets 32,028 32,115 ------ ------ Total assets $809,338 $832,591 ======== ======== Liabilities and Stockholders' Equity Current liabilities: Accounts payable $24,378 $30,876 Accrued compensation 18,387 22,012 Deferred revenue 47,692 45,514 Accrued expenses and other liabilities 12,333 18,848 Other taxes payable 11,855 13,481 ------ ------ Total current liabilities 114,645 130,731 Deferred income taxes 24,488 25,157 Other long-term liabilities 12,784 12,265 ------ ------ Total liabilities $151,917 $168,153 ======== ======== Stockholders' equity: Preferred stock - - Common stock 775 772 Additional paid-in capital 45,964 39,673 Retained earnings 599,681 613,510 Accumulated other comprehensive income 11,001 10,483 ------ ------ Total stockholders' equity 657,421 664,438 ------- ------- Total liabilities and stockholders' equity $809,338 $832,591 ======== ======== National Instruments Condensed Consolidated Statements of Income (in thousands, except per share data) Three Months Ended Six Months Ended June 30, June 30, 2009 2008 2009 2008 ---- ---- ---- ---- (unaudited) (unaudited) Net revenue: Products $139,792 $195,562 $283,242 $377,351 Software maintenance 12,371 14,912 26,720 26,041 ------ ------ ------ ------ Total net revenue 152,163 210,474 309,962 403,392 Cost of revenue: Cost of products 39,202 51,863 78,758 99,530 Cost of software maintenance 1,284 1,577 2,611 2,979 ----- ----- ----- ----- Total cost of revenue 40,486 53,440 81,369 102,509 ------ ------ ------ ------- Gross profit 111,677 157,034 228,593 300,883 ------- ------- ------- ------- Operating expenses: Sales and marketing 65,137 78,729 133,963 152,246 Research and development 29,447 33,188 64,236 68,792 General and administrative 14,752 17,283 30,532 33,945 ------ ------ ------ ------ Total operating expenses 109,336 129,200 228,731 254,983 ------- ------- ------- ------- Operating income 2,341 27,834 (138) 45,900 Other income (expense): Interest income 407 1,514 996 3,651 Net foreign exchange gain (loss) 1,063 (313) 361 1,235 Other income (expense), net 334 (129) 497 (68) --- ---- --- --- Income before income taxes 4,145 28,906 1,716 50,718 Provision for (benefit from) income taxes (285) 4,172 (3,072) 8,368 Net income $4,430 $24,734 $4,788 $42,350 ------ ------- ------ ------- Basic earnings per share $0.06 $0.32 $0.06 $0.54 ----- ----- ----- ----- Diluted earnings per share $0.06 $0.31 $0.06 $0.53 ----- ----- ----- ----- Weighted average shares outstanding - basic 77,556 78,484 77,417 78,662 diluted 77,824 79,549 77,596 79,691 Dividends declared per share $0.12 $0.11 $0.24 $0.22 National Instruments Condensed Consolidated Statements of Cash Flows (in thousands) Six Months Ended June 30, 2009 2008 (unaudited) (unaudited) --------- --------- Cash flow from operating activities: Net income $4,788 $42,350 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 19,569 19,852 Stock-based compensation 10,036 9,662 Benefit from deferred income taxes (2,610) (3,585) Tax expense (benefit from) stock option plans 1,379 (492) Changes in operating assets and liabilities: Accounts receivable 30,155 3,524 Inventories 12,089 (12,894) Prepaid expenses and other assets (624) (839) Accounts payable (6,498) 2,425 Deferred revenue 2,178 5,316 Taxes and other liabilities (11,922) 3,008 -------- ----- Net cash provided by operating activities 58,540 68,327 ------ ------ Cash flow from investing activities: Capital expenditures (7,706) (12,382) Capitalization of internally developed software (9,936) (7,585) Additions to other intangibles (2,420) (1,072) Acquisition, net of cash received - (17,310) Purchases of short-term and long-term investments (23,989) (17,245) Sales and maturities of short-term and Long-term investments 1,218 74,682 Purchases of foreign currency option contracts - (2,784) ----- ------ Net cash (used by) provided by investing activities (42,833) 16,304 -------- ------ Cash flow from financing activities: Proceeds from issuance of common stock 11,520 17,077 Repurchase of common stock (14,908) (57,644) Dividends paid (18,617) (17,370) Tax benefit from stock option plans (1,379) 492 ------ --- Net cash used in financing activities (23,384) (57,445) -------- ------- Net change in cash and cash equivalents (7,677) 27,186 Cash and cash equivalents at beginning of period 229,400 194,839 ------- ------- Cash and cash equivalents at end of period $221,723 $222,025 ======== ======== Detail of GAAP charges related to stock-based compensation and amortization of acquisition intangibles Three Months Ended Six Months Ended June 30, June 30, 2009 2008 2009 2008 ---- ---- ---- ---- Stock-based compensation Cost of sales $330 $270 $640 $515 Sales and marketing 2,231 2,084 4,416 4,090 Research and development 1,683 1,566 3,420 3,293 General and administrative 761 797 1,560 1,551 --- --- ----- ----- Provision for income taxes (1,865) (1,141) (4,879) (2,224) ------ ------ ------ ------ Total $3,140 $3,576 $5,157 $7,225 ------ ------ ------ ------ Amortization of acquisition intangibles Cost of sales $853 $937 $1,740 $1,788 Sales and marketing 126 156 252 297 Research and development - 5 - 13 General and administrative - - - - ----- ----- ----- ----- Provision for income taxes (277) (293) (557) (561) ---- ----- ----- ----- Total $702 $805 $1,435 $1,537 ---- ---- ------ ------ National Instruments Reconciliation of GAAP to Non-GAAP Measures (in thousands, except per share data) (unaudited) Reconciliation of Gross Profit to Non-GAAP Gross Profit Three Months Ended Six Months Ended June 30, June 30, 2009 2008 2009 2008 ---- ---- ---- ---- Gross profit, as reported $111,677 $157,034 $228,593 $300,883 Stock-based compensation 330 270 640 515 Amortization of acquisition intangibles 853 937 1,740 1,788 --- --- ----- ----- Non-GAAP gross profit $112,860 $158,241 $230,973 $303,186 ======== ======== ======== ======== Reconciliation of Operating Expense to Non-GAAP Operating Expenses Three Months Ended Six Months Ended June 30, June 30, 2009 2008 2009 2008 ---- ---- ---- ---- Operating expense, as reported $109,336 $129,200 $228,731 $254,983 Stock-based compensation (4,675) (4,447) (9,396) (8,934) Amortization of acquisition intangibles (126) (161) (252) (310) ----- ----- ----- ---- Non-GAAP operating expenses $104,535 $124,592 $219,083 $245,739 ======== ======== ======== ======== Reconciliation of Operating Income to Non-GAAP Operating Income Three Months Ended Six Months Ended June 30, June 30, 2009 2008 2009 2008 ---- ---- ---- ---- Operating income, as reported $2,341 $27,834 $(138) $45,900 Stock-based compensation 5,005 4,717 10,036 9,449 Amortization of acquisition intangibles 979 1,098 1,992 2,098 --- ----- ----- ----- Non-GAAP operating income $8,325 $33,649 $11,890 $57,447 ====== ======= ======= ======= Reconciliation of Income Before Income Taxes to Non-GAAP Income Before Income Taxes Three Months Ended Six Months Ended June 30, June 30, 2009 2008 2009 2008 ---- ---- ---- ---- Income before income taxes, as reported $4,145 $28,906 $1,716 $50,718 Stock-based compensation 5,005 4,717 10,036 9,449 Amortization of acquisition intangibles 979 1,098 1,992 2,098 --- ----- ----- ----- Non-GAAP income before income taxes $10,129 $34,721 $13,744 $62,265 ======= ======= ======= ======= Reconciliation of Provision for Income Taxes to Non-GAAP Provision for Income Taxes Three Months Ended Six Months Ended June 30, June 30, 2009 2008 2009 2008 ---- ---- ---- ---- Provision for income taxes, as reported $(285) $4,172 $(3,072) $8,368 Stock-based compensation 1,865 1,141 4,879 2,224 Amortization of acquisition intangibles 277 293 557 561 --- --- --- --- Non-GAAP provision for income taxes $1,857 $5,606 $2,364 $11,153 ====== ====== ====== ======= Reconciliation of Net Income and Diluted EPS to Non-GAAP Net Income and Non-GAAP Diluted EPS (unaudited) Three Months Ended Six Months Ended June 30, June 30, 2009 2008 2009 2008 ---- ---- ---- ---- Net income, as reported $4,430 $24,734 $4,788 $42,350 Adjustments to reconcile net income to non-GAAP net income: Stock-based compensation, net of tax effect 3,140 3,576 5,157 7,225 Amortization of acquisition intangibles, net of tax effect 702 805 1,435 1,537 --- --- ----- ----- Non-GAAP net income $8,272 $29,115 $11,380 $51,112 ====== ======= ======= ======= Basic EPS, as reported $0.06 $0.32 $0.06 $0.54 Adjustment to reconcile basic EPS to non-GAAP basic EPS: Impact of stock-based compensation, net of tax effect $0.04 $0.04 $0.07 $0.09 Impact of amortization of acquisition intangibles, net of tax effect $0.01 $0.01 $0.02 $0.02 ----- ----- ----- ----- Non-GAAP basic EPS $0.11 $0.37 $0.15 $0.65 ===== ===== ===== ===== Diluted EPS, as reported $0.06 $0.31 $0.06 $0.53 Adjustment to reconcile diluted EPS to non-GAAP diluted EPS: Impact of stock-based compensation, net of tax effect $0.04 $0.05 $0.07 $0.09 Impact of amortization of acquisition intangibles, net of tax effect $0.01 $0.01 $0.02 $0.02 ----- ----- ----- ----- Non-GAAP diluted EPS $0.11 $0.37 $0.15 $0.64 ===== ===== ===== ===== Weighted average shares outstanding - Basic 77,556 78,484 77,417 78,662 ------ ------ ------ ------ Diluted 77,824 79,549 77,596 79,691 ------ ------ ------ ------ Reconciliation of Estimated GAAP Fully Diluted EPS to Non-GAAP Fully Diluted EPS Three Months Ended September 30, 2009 Low High GAAP fully diluted EPS, estimated $0.04 $0.12 Adjustment to reconcile diluted EPS to non-GAAP diluted EPS: Impact of stock-based compensation, net of tax effect 0.04 0.04 Impact of amortization of acquisition intangibles, net of tax effect 0.01 0.01 ----- ----- Non-GAAP diluted EPS, estimated $0.09 $0.17 ===== =====

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CONTACT: Veronica Garza, Investor Relations of National Instruments,
+1-512-683-6873

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

CA Reports First Quarter Fiscal Year 2010 Results

ISLANDIA, N.Y., July 23 /PRNewswire-FirstCall/ --

-- Non-GAAP EPS Grows 14 Percent on a Constant Currency Basis, Up 5 Percent as Reported -- GAAP EPS Up 6 Percent in Constant Currency, Flat as Reported -- Revenue Up 4 Percent in Constant Currency, Down 3 Percent as Reported -- Execution Drives 3 Percentage Point Operating Margin Improvement -- Company Updates Full Year 2010 Outlook

CA, Inc. , one of the world's largest management software companies, today reported financial results for its first quarter of fiscal year 2010, ended June 30, 2009.

Financial Overview (in millions, Q1FY10 Q1FY09 Change Change in except Constant share data) Currency ----------------------------------------------------------------- Revenue $1,050 $1,087 (3%) 4% ----------------------------------------------------------------- GAAP Net Income $195 $196 (1%) 7% ----------------------------------------------------------------- Non-GAAP Income* $229 $214 7% 14% ----------------------------------------------------------------- GAAP EPS $0.37 $0.37 0% 6% ----------------------------------------------------------------- Non-GAAP EPS* $0.42 $0.40 5% 14% ----------------------------------------------------------------- Cash Flow from Operations $262 $54 385% 465% -----------------------------------------------------------------

*Non-GAAP income and earnings per share represent non-GAAP financial measures, as noted in the discussion of non-GAAP results below. A reconciliation of non-GAAP financial measures to their comparable GAAP financial measures is included in the tables following this news release.

"Our first quarter results demonstrate CA's ability to generate revenue growth on a constant currency basis," said John Swainson, CA chief executive officer. "Led by revenue growth in North America and cost structure improvements that drove a 3 percentage point gain in our operating margins, we were able to achieve double-digit growth in non-GAAP diluted earnings per share in constant currency."

Swainson said the onset of new technologies such as virtualization and cloud computing present additional opportunities for CA.

"Businesses are changing the way they view IT," he said. "CA is in a unique position to ensure that our customers can get the most out of their IT environments and at the same time, manage these new technologies as they come online efficiently, effectively and securely. There is no management software company better positioned to tackle this challenge than CA."

Revenue and Bookings

First quarter North American revenue was $630 million, up 6 percent in constant currency and 6 percent as reported, while international revenue was $420 million, flat in constant currency and down 14 percent as reported. Total revenue backlog at the end of the first quarter was $7.723 billion, up 21 percent in constant currency and 13 percent as reported.

Total bookings in the first quarter were $1.198 billion, up 22 percent in constant currency and 16 percent as reported, compared to the prior year period.

North American bookings were up 17 percent in constant currency and 17 percent as reported, while international bookings were up 32 percent in constant currency and 15 percent as reported.

During the first quarter, the Company signed 13 license agreements with aggregate values greater than $10 million for a total of $634 million, compared with 13 license agreements totaling $371 million in the first quarter of fiscal year 2009. Weighted average life of subscription and maintenance bookings for the quarter was 4.2 years, compared with 3.4 years for the same period in fiscal year 2009. This extension in weighted average life was driven by contracts executed in the quarter with durations of more than 4.5 years, a majority of which are with managed service providers.

"During the first quarter we booked nearly $400 million of business in total with managed service providers, including one contract for more than $100 million with a duration of seven years," Swainson said. "I am very pleased with the ramp of this business, which is strategic to CA's go-to-market model and represents an incremental opportunity for long-term growth."

The Company continued to see significant demand during the first quarter for its application, infrastructure, and service management products along with strong demand for its workload automation and mainframe products. Total first quarter bookings were adversely affected by a reduction in professional services bookings and a softening in demand for products aimed at small and medium size businesses and consumer products markets.

Expenses and Margin

Total expenses, before interest and income taxes, for the first quarter were $725 million, flat in constant currency and down 7 percent as reported. GAAP operating income, before interest and income taxes, was $325 million, up 13 percent in constant currency and 6 percent as reported. The Company recorded a GAAP operating margin of 31 percent, a 3 percentage point improvement from the prior year period.

On a non-GAAP basis, which excludes purchased software and intangibles amortization, restructuring and other costs, and includes gains and losses of hedges that mature within the quarter, but excludes gains and losses of hedges that do not mature within the quarter, the Company reported first quarter operating expenses of $688 million, flat in constant currency and down 8 percent as reported. Non-GAAP operating income, before interest and income taxes, was $362 million, up 12 percent in constant currency and 6 percent as reported. The Company recorded a first quarter non-GAAP operating margin of 34 percent, a 3 percentage point improvement from the first quarter of fiscal year 2009.

The improvements in operating margin were driven primarily by higher revenue and flat expenses on a constant currency basis.

In the first quarter, the Company recorded a GAAP tax rate of 37 percent and a non-GAAP tax rate of 36 percent.

Cash Flow and Capital Structure

The Company reported first quarter cash flow from operations of $262 million, including a single cash transaction of more than $100 million. Cash flow from operations also was positively affected by a decrease in disbursements and restructuring costs.

The balance of cash, cash equivalents and marketable securities at June 30, 2009, was $2.979 billion. With $1.919 billion in total debt outstanding, the Company has a net cash position of $1.060 billion. The Company is authorized to repurchase up to nearly $250 million of its common stock under its previously announced stock repurchase program.

Business Highlights -- Moody's Investors Services raised its unsecured debt rating of CA to investment grade Baa3. The rating agency cited CA's consistent operating performance and conservative financial policies for the upgrade. -- CA announced the acquisition of data center automation and policy-based optimization expertise and assets from Cassatt Corporation, a provider of innovative cloud computing software that makes data centers more efficient. -- CA rolled out 13 new and enhanced EITM products, aimed at helping CIOs achieve Lean IT. The launch included products across CA's entire portfolio. -- Gartner, Inc. placed CA in the "Leaders" quadrant of its "Magic Quadrant for IT Project and Portfolio Management" report.* Gartner positioned CA Clarity Project and Portfolio Management (PPM) in the "Leaders" quadrant based on CA's completeness of vision and ability to execute. Outlook for Fiscal Year 2010

The Company updated its outlook for fiscal year 2010. The following represents "forward-looking statements" (as defined below).

The Company expects the following: -- Total revenue growth at the high end of the previously issued range of 2 percent to 4 percent in constant currency. At current exchange rates, this translates to reported revenue of $4.3 billion to $4.4 billion; -- GAAP diluted earnings per share growth increases in constant currency to a range of 18 percent to 26 percent. At current exchange rates, this translates to reported diluted earnings per share of $1.48 to $1.58; -- Non-GAAP diluted earnings per share growth increases in constant currency to a range of 6 percent to 13 percent. At current exchange rates, this translates to reported non-GAAP diluted earnings per share of $1.60 to $1.70; and, -- Cash flow from operations growth in a range of 12 percent to 19 percent in constant currency. At current exchange rates, this translates to reported cash flow from operations of $1.3 billion to $1.4 billion. The cash flow from operations outlook includes approximately $50 million in restructuring payments accrued during fiscal year 2009.

Except as otherwise noted, guidance reflects current foreign currency exchange rates as of June 30, 2009. The outlook also assumes no material acquisitions and a partial currency hedge of operating income. The Company also expects a full-year GAAP and non-GAAP tax rate of approximately 36 percent.

The Company anticipates approximately 517 million shares outstanding at fiscal 2010 year-end and a weighted average diluted share count of approximately 533 million for the fiscal year. Guidance does not include the impact from any future stock repurchases.

Webcast

This news release and the accompanying tables should be read in conjunction with additional content that is available on the Company's website, including a supplemental financial package, as well as a webcast that the Company will host at 4:30 p.m. ET today to discuss its unaudited first quarter results. The webcast will be archived on the website. Individuals can access the webcast, as well as this press release and supplemental financial information, at http://ca.com/invest or listen to the call at 1-888-510-1786. The international participant number is 1-719-325-2206.

*Gartner, Inc., "Magic Quadrant for IT Project and Portfolio Management" by Daniel B. Stang, Michael Hanford, June 2, 2009.

About the Magic Quadrant

The Magic Quadrant is copyrighted June 2, 2009 by Gartner, Inc. and is reused with permission. The Magic Quadrant is a graphical representation of a marketplace at and for a specific time period. It depicts Gartner's analysis of how certain vendors measure against criteria for that marketplace, as defined by Gartner. Gartner does not endorse any vendor, product or service depicted in the Magic Quadrant, and does not advise technology users to select only those vendors placed in the "Leaders" quadrant. The Magic Quadrant is intended solely as a research tool, and is not meant to be a specific guide to action. Gartner disclaims all warranties, express or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

(Logo: http://www.newscom.com/cgi-bin/prnh/20090402/NYTH500LOGO ) About CA

CA , the world's leading independent IT management software company, helps customers optimize IT for better business results. CA's Enterprise IT Management solutions for mainframe and distributed computing enable Lean IT--empowering organizations to more effectively govern, manage and secure their IT operations. For more information, visit http://www.ca.com/.

Connect with CA -- CA Social Media Page -- CA Newsletters -- CA Press Releases -- CA Podcasts Non-GAAP Financial Measures

This news release, the accompanying tables and the additional content that is available on the Company's website, including a supplemental financial package, includes certain financial measures that exclude the impact of certain items and therefore have not been calculated in accordance with U.S. generally accepted accounting principles (GAAP). Non-GAAP metrics for operating expenses, operating income, operating margin, income from operations and diluted earnings per share exclude the following items: non-cash amortization of purchased software and other intangibles, charges for in-process research and development costs, restructuring and other charges and the gains and losses since inception of hedges that mature within the quarter, but excludes gains and losses of hedges that do not mature within the quarter. Non-GAAP income also excludes the interest on convertible bonds. The effective tax rate on GAAP and non-GAAP income from operations is the Company's provision for income taxes expressed as a percentage of pre-tax GAAP and non-GAAP income from operations, respectively. Such tax rates are determined based on an estimated effective full year tax rate, with the effective tax rate for GAAP generally including the impact of discrete items in the quarter such items arise and the effective tax rate for non-GAAP income generally allocating the impact of such items pro rata to the fiscal year's remaining reporting periods. Non-GAAP adjusted cash flow excludes restructuring and other payments. Free cash flow excludes capital expenditures. The Company has enhanced the manner in which it calculates constant currency. We present constant currency information to provide a framework for assessing how our underlying businesses preformed excluding the effect of foreign currency rate fluctuations. To present this information, current and comparative prior period results for entities reporting in currencies other than US dollars are converted into US dollars at the exchange rate in effect on March 31, 2009, which was the last day of our prior fiscal year. Constant currency excludes the impacts from the Company's hedging program. Previously, constant currency calculations were performed by applying prior period foreign exchange rates to current period local balances. The constant currency calculation for annualized subscription and maintenance bookings is calculated by dividing the subscription and maintenance bookings in constant currency by the weighted average subscription and maintenance duration in years. These non-GAAP financial measures may be different from non-GAAP financial measures used by other companies. Non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. By excluding these items, non-GAAP financial measures facilitate management's internal comparisons to the Company's historical operating results and cash flows, to competitors' operating results and cash flows, and to estimates made by securities analysts. Management uses these non-GAAP financial measures internally to evaluate its performance and they are key variables in determining management incentive compensation. The Company believes these non-GAAP financial measures are useful to investors in allowing for greater transparency of supplemental information used by management in its financial and operational decision-making. In addition, the Company has historically reported similar non-GAAP financial measures to its investors and believes that the inclusion of comparative numbers provides consistency in its financial reporting. Investors are encouraged to review the reconciliation of the non-GAAP financial measures used in this news release to their most directly comparable GAAP financial measures, which are attached to this news release.

Cautionary Statement Regarding Forward-Looking Statements

We have assessed and will continue to assess the impact on our business of the general economic downturn and the related impact on the financial services sector in particular. Approximately one third of our revenue comes from arrangements with financial institutions (i.e., banking, brokerage and insurance companies). The majority of these arrangements are for the renewal of mainframe capacity and maintenance associated with transactions processed by such financial institutions. While we cannot predict what impact there may be on our business from further consolidation of the financial industry sector, or the impact from the economy in general on our business, to date the impact has not been material to our balance sheet, results of operations or cash flows. The vast majority of our subscription and maintenance revenue in any particular reporting period comes from contracts signed in prior periods, generally pursuant to contracts ranging in duration from three to five years.

Certain statements in this communication (such as statements containing the words "believes," "plans," "anticipates," "expects," "estimates" and similar expressions) constitute "forward-looking statements" that are based upon the beliefs of, and assumptions made by, the Company's management, as well as information currently available to management. These forward-looking statements reflect the Company's current views with respect to future events and are subject to certain risks, uncertainties, and assumptions. A number of important factors could cause actual results or events to differ materially from those indicated by such forward-looking statements, including: global economic factors or political events beyond the Company's control; general economic conditions, including concerns regarding a global recession and credit constraints, or unfavorable economic conditions in a particular region, industry or business sector; impact of revenue recognition accounting policies on operating results; failure to expand channel partner programs; ability to adequately manage and evolve financial reporting and managerial systems and processes; ability to successfully integrate acquired companies and products into existing businesses; competition in product and service offerings and pricing; ability to retain and attract qualified key personnel; rapid technological and market changes; dependence on third party operating systems and software; use of software from open source code sources; discovery of errors in the Company's software and potential product liability claims; significant amounts of debt and possible future credit rating changes; the failure to protect the Company's intellectual property rights and source code; the timing of orders from customers and channel partners; reliance upon large transactions with customers; sales to government customers; breaches of the Company's software products and the Company's and customers' data centers and IT environments; lack of market growth in key product areas; use of third party microcode; third party claims of intellectual property infringement or royalty payments; fluctuations in foreign currencies; failure to successfully execute restructuring plans and related sales model changes; successful outsourcing of various functions to third parties; potential tax liabilities; and these factors and the other factors described more fully in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to update the information in this communication, except as otherwise required by law. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof.

Contacts: Dan Kaferle Carol Lu Public Relations Investor Relations (631) 342-2111 (212) 415-6920 daniel.kaferle@ca.com carol.lu@ca.com Table 1 CA, Inc. Condensed Consolidated Statements of Operations (in millions, except per share amounts) (unaudited) Three Months Ended June 30, ------------------ Revenue 2009 2008(1) ---- ---- Subscription and maintenance revenue $946 $965 Professional services 71 93 Software fees and other 33 29 -- -- Total revenue 1,050 1,087 ----- ----- Expenses Costs of licensing and maintenance 66 75 Cost of professional services 67 79 Amortization of capitalized software costs 34 31 Selling and marketing 281 297 General and administrative 110 122 Product development and enhancements 119 123 Depreciation and amortization of other intangible assets 39 36 Other expenses, net 7 12 Restructuring and other 2 4 --- --- Total expenses before interest and income taxes 725 779 --- --- Income before interest and income taxes 325 308 Interest expense, net 17 11 -- -- Income before income taxes 308 297 Income tax expense 113 101 --- --- NET INCOME $195 $196 ==== ==== Basic income per common share (1) $0.37 $0.38 Basic weighted average shares used in computation (1) 516 512 Diluted income per common share (1) $0.37 $0.37 Diluted weighted average shares used in computation (1) 540 536 (1) Certain balances and the calculations of income per common share and weighted average shares of common stock have been revised to reflect the retrospective adoption of recent accounting pronouncements. For further information refer to the Quarterly report on Form 10-Q for the three-month period ended June 30, 2009. Table 2 CA, Inc. Condensed Consolidated Balance Sheets (in millions) (unaudited) June 30, March 31, 2009 2009 (1) ---- -------- Cash, cash equivalents and marketable securities $2,979 $2,713 Trade and installment accounts receivable, net 662 839 Deferred income taxes - current 533 513 Other current assets 126 104 --- --- Total current assets 4,300 4,169 Installment accounts receivable, due after one year, net 83 128 Property and equipment, net 466 442 Purchased software products, net 140 155 Goodwill 5,366 5,364 Deferred income taxes - noncurrent 262 268 Other noncurrent assets, net 725 715 --- --- Total assets $11,342 $11,241 ======= ======= Current portion of long-term debt and loans payable $631 $621 Deferred revenue (billed or collected) - current 2,319 2,431 Deferred income taxes - current 47 40 Other current liabilities 787 957 --- --- Total current liabilities 3,784 4,049 Long-term debt, net of current portion 1,288 1,287 Deferred income taxes - noncurrent 120 136 Deferred revenue (billed or collected) - noncurrent 1,113 1,000 Other noncurrent liabilities 417 407 --- --- Total liabilities 6,722 6,879 ----- ----- Common stock 59 59 Additional paid-in capital 3,611 3,686 Retained earnings 2,847 2,673 Accumulated other comprehensive loss (140) (183) Treasury stock (1,757) (1,873) ------ ------ Total stockholders' equity 4,620 4,362 ----- ----- Total liabilities and stockholders' equity $11,342 $11,241 ======= ======= (1) Certain balances have been revised to reflect the retrospective adoption of recent accounting pronouncements. For further information refer to the Quarterly report on Form 10-Q for the three-month period ended June 30, 2009. Table 3 CA, Inc. Condensed Consolidated Statements of Cash Flows (in millions) (unaudited) Three Months Ended June 30, -------- 2009 2008(1) ---- ---- OPERATING ACTIVITIES: Net income $195 $196 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 73 67 Provision for deferred income taxes 6 62 Share based compensation expense 33 31 Loss on sale and disposal of assets 1 2 Foreign currency transaction (gains) losses - before taxes, net - 11 Changes in other operating assets and liabilities, net of effect of acquisitions: Decrease in trade and current installment accounts receivable, net 221 245 Decrease in noncurrent installment accounts receivable, net 18 38 Decrease in deferred revenue (billed or collected) - current and noncurrent (94) (252) Decrease in taxes payable, net (75) (151) Decrease in accounts payable, accrued expenses and other (20) (42) Decrease in accrued salaries, wages, and commissions (63) (98) Decrease in accrued restructuring charges (19) (37) Changes in other operating assets and liabilities (14) (18) --- --- NET CASH PROVIDED BY OPERATING ACTIVITIES 262 54 --- -- INVESTING ACTIVITIES: Acquisitions, primarily goodwill, purchased software, and other intangible assets, net of cash acquired (3) (20) Purchases of property and equipment (25) (23) Capitalized software development costs (37) (34) Other investing activities (2) 2 -- - NET CASH USED IN INVESTING ACTIVITIES (67) (75) --- --- FINANCING ACTIVITIES: Dividends paid (21) (21) Debt repayments, net (1) (352) Exercise of common stock options and other - 5 --- --- NET CASH USED IN FINANCING ACTIVITIES (22) (368) --- ---- INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS BEFORE EFFECT OF EXCHANGE RATE CHANGES ON CASH 173 (389) Effect of exchange rate changes on cash 93 4 -- - INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 266 (385) CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 2,712 2,795 ----- ----- CASH AND CASH EQUIVALENTS AT END OF PERIOD $2,978 $2,410 ====== ====== (1) Certain balances have been revised to reflect the retrospective adoption of recent accounting pronouncements. For further information refer to the Quarterly report on Form 10-Q for the three-month period ended June 30, 2009. Table 4 CA, Inc. Constant Currency Summary ($ in millions) (unaudited) Three Months Ended June 30, --------------------------- % Increase % Increase (Decrease) (Decrease) in Constant 2009 2008 in $ US Currency (1) ---- ---- ----------- ------------- Bookings $1,198 $1,030 16% 22% Revenue: North America $630 $596 6% 6% International 420 491 (14%) 0% --- --- ---- ---- Total revenue $1,050 $1,087 (3%) 4% Revenue: Subscription and maintenance $946 $965 (2%) 5% Professional services 71 93 (24%) (17%) Software fees and other 33 29 14% 16% -- -- ---- ---- Total revenue $1,050 $1,087 (3%) 4% Total expenses before interest and income taxes: Total Non-GAAP (2) $688 $745 (8%) 0% Total GAAP $725 $779 (7%) 0% (1) The Company has enhanced the manner in which it calculates constant currency. Constant currency information is presented to provide a framework to assess how the underlying businesses performed excluding the effect of foreign currency rate fluctuations. To present this information, current and comparative prior period results for entities reporting in currencies other than US dollars are converted into US dollars at the exchange rate in effect on March 31, 2009, which was the last day of fiscal year 2009. Constant currency excludes the impacts from the Company's hedging program. Previously, constant currency calculations were performed by applying prior period foreign exchange rates to current period local currency balances. (2) Refer to table 6 for a reconciliation of total expenses before interest and income taxes on a GAAP basis to total expenses before interest and income taxes on a non-GAAP basis. Table 5 CA, Inc. Reconciliation of GAAP Results to Non-GAAP Net Income (in millions, except per share data) (unaudited) Three Months Ended June 30, -------- 2009 2008 ---- ---- Total revenue $1,050 $1,087 Total expenses before interest and income taxes 725 779 --- --- Income before interest and income taxes (1) 325 308 GAAP Operating Margin (% of revenue) 31% 28% Non-GAAP operating adjustments: Purchased software amortization 14 15 Intangibles amortization 14 13 Restructuring and other 2 4 Hedging loss, net (2) 7 2 --- --- Total non-GAAP operating adjustments 37 34 --- --- Non-GAAP income before interest and income taxes 362 342 Non-GAAP Operating Margin (% of revenue)(3) 34% 31% Interest expense, net 17 11 Interest on dilutive convertible bonds (10) (9) --- -- Non-GAAP income before income taxes 355 340 Income tax provision (4) 126 126 --- --- Non-GAAP income (5) $229 $214 ==== ==== Non-GAAP diluted EPS (5) $0.42 $0.40 ===== ===== Diluted weighted average shares used in computation(5) 540 536 (1) See the Condensed Consolidated Statement of Operations on Table 1 for a bridge from income before interest and income taxes to net income. (2) Consists of losses on hedges of operating income relating to prior periods. (3) Excluding stock based compensation of $27 and $25, non-GAAP operating margin would have been 37% and 34% for the three months ended June 30, 2009 and 2008, respectively. (4) The effective tax rate on non-GAAP income from operations is the Company's provision for income taxes expressed as a percentage of pre-tax non-GAAP income from operations. This tax rate is determined based on an estimated effective full year tax rate, with the impact of discrete items allocated pro rata to the fiscal year's remaining reporting periods. (5) Non-GAAP income and the number of shares used in the computation of non-GAAP diluted EPS for all periods presented have been adjusted to reflect the dilutive impact of the Company's 1.625% Convertible Senior Notes and stock awards outstanding. Refer to the discussion of Non-GAAP financial measures included in the accompanying press release for additional information. Table 6 CA, Inc. Reconciliation of GAAP to Non-GAAP Operating Expenses and Diluted Income per Share (in millions) (unaudited) Three Months Ended June 30, --------------- Operating Expenses 2009 2008 ---- ---- Total expenses before interest and income taxes $725 $779 Non-GAAP operating adjustments: Purchased software amortization 14 15 Intangibles amortization 14 13 Restructuring and other 2 4 Hedging loss, net (1) 7 2 ---- ---- Total non-GAAP operating adjustments 37 34 ---- ---- Total non-GAAP operating expenses $688 $745 ==== ==== Three Months Ended June 30, --------------- Diluted Income per Share 2009 2008 ------------------------ ---- ---- GAAP diluted income per share $0.37 $0.37 Non-GAAP adjustments, net of taxes Purchased software and intangibles amortization 0.03 0.03 Restructuring and other charges - - Hedging loss, net (1) 0.01 - Non-GAAP effective tax rate adjustments (2) 0.01 - ---- ----- Non-GAAP diluted income per share $0.42 $0.40 ===== ===== (1) Consists of losses on hedges of operating income relating to prior periods. (2) The effective tax rate on non-GAAP income from operations is the Company's provision for income taxes expressed as a percentage of pre-tax non-GAAP income from operations. This tax rate is determined based on an estimated effective full year tax rate, with the impact of discrete items allocated pro rata to the fiscal year's remaining reporting periods. Refer to the discussion of Non-GAAP financial measures included in the accompanying press release for additional information. Table 7 CA, Inc. Effective Tax Rate Reconciliation GAAP and Non-GAAP (in millions) (unaudited) Three Months Ended June 30, 2009 ------------- GAAP Non-GAAP ---- -------- Income before income taxes(1) $308 $355 Statutory tax rate 35% 35% Tax at statutory rate 108 124 Adjustments for discrete and permanent items 5 2 ---- ---- Total tax expense $113 $126 Effective tax rate(2) 37% 36% (1) Refer to Table 5 for a reconciliation of income before interest and income taxes on a GAAP basis to income before income taxes on a non- GAAP basis. (2) The effective tax rate on GAAP and non-GAAP income from operations is the Company's provision for income taxes expressed as a percentage of pre-tax GAAP and non-GAAP income from operations, respectively. Such tax rates are determined based on an estimated effective full year tax rate, with the effective tax rate for GAAP generally including the impact of discrete items in the period such items arise and the effective tax rate for non-GAAP income generally allocating the impact of such items pro rata to the fiscal year's remaining reporting periods. Refer to the discussion of Non-GAAP financial measures included in the accompanying press release for additional information. Table 8 CA, Inc. Reconciliation of Projected GAAP Earnings per Share to Projected Non-GAAP Earnings per Share (unaudited) Fiscal Year Ending March 31, 2010 -------------- Projected GAAP diluted EPS range $1.48 to $1.58 Non-GAAP adjustments, net of taxes: Purchased software and intangibles amortization 0.12 0.12 ---- ---- Non-GAAP projected diluted operating EPS range $1.60 to $1.70 ===== ===== Refer to the discussion of Non-GAAP financial measures included in the accompanying press release for additional information.

Photo: http://www.newscom.com/cgi-bin/prnh/20090402/NYTH500LOGO CA

CONTACT: Dan Kaferle, Public Relations, +1-631-342-2111,
daniel.kaferle@ca.com, or Carol Lu, Investor Relations, +1-212-415-6920,
carol.lu@ca.com

Web Site: http://ca.com/

Micrel Reports 2009 Second Quarter Financial Results- Revenues of $51.8 million; Increase of 10% sequentially - Book-to-bill above one - Gross margin of 51%, up 1 percentage point from the first quarter - GAAP earnings per diluted share of $0.06; triple the $0.02 per diluted share earned in the first quarter - Dividend approved by Micrel's Board of Directors at $0.035 per share

SAN JOSE, Calif., July 23 /PRNewswire-FirstCall/ -- Micrel, Incorporated , an industry leader in analog, high bandwidth communications and Ethernet IC solutions, today announced financial results for the second quarter ended June 30, 2009.

Second quarter revenues of $51.8 million increased by $4.8 million, or 10%, from $47.0 million in the first quarter of 2009. Second quarter revenues were lower by $18.8 million, or 27%, from $70.6 million for the same period last year. The sequential increase was primarily due to strength in all major segments of the Company's business with primary growth coming from markets in China. The year-over-year decrease in revenues was due to the reduction in overall demand from customers in nearly all geographies; a result of the worldwide economic slowdown that has significantly impacted all consumer related markets.

Second quarter 2009 GAAP net income of $3.9 million, or $0.06 per diluted share compares to first quarter 2009 GAAP net income of $1.5 million, or $0.02 per diluted share, and GAAP net income of $7.4 million or $0.10 per diluted share in the same period in 2008. Second quarter 2009 non-GAAP net income was $4.6 million, or $0.07 per diluted share. A reconciliation of the GAAP net income to non-GAAP net income is provided in the financial tables of this press release. Non-GAAP results exclude the impact of stock-based compensation expense and their related tax effects for the second quarter.

"This was an exceptional quarter for Micrel with growth at both the top and bottom line," stated Ray Zinn, president and CEO of Micrel. "We were encouraged by the increasing customer demand for Micrel's products in the second quarter, which enabled the Company to generate sequential revenue growth for the first time in four quarters. Second quarter revenues of $51.8 million were better than expected and increased 10% compared to the prior quarter. In addition, second quarter bookings were also solid, with a book-to-bill ratio above one. Revenues and bookings in the quarter benefited from strong demand from markets in Asia, primarily related to the build-out of infrastructure to support 3G networks in China. I am also pleased with our operating execution and expense management in the quarter. As a result, net income dollars more than doubled on a sequential quarter basis, which reflects the operating leverage in our business model."

Mr. Zinn continued, "The Company continues to be focused on increasing shareholder value through our stock repurchase program and quarterly dividend payment. During the second quarter, Micrel spent $20 million to repurchase 3.075 million shares of common stock and we also declared a quarterly dividend of $0.035 per common share to shareholders of record as of August 12, 2009."

Outlook

Commenting on Micrel's business outlook, Mr. Zinn said, "Despite Micrel's sequential quarter growth in revenues and earnings, the worldwide macroeconomic picture continues to be uncertain and significant challenges remain. That being said, we are committed to maintaining our profitability and we continue to work diligently to reduce our operating expenses. In addition, our new products are gaining traction in the marketplace and the Company's design win momentum remains strong. Overall, morale at the Company is high and our outlook remains promising even if the current economic slowdown continues."

For the third quarter of 2009, the Company estimates that revenues will increase between up 3% to 7% on a sequential basis. Gross profit margin is expected to be in the 51% range. In addition, the Company estimates that GAAP net income will be approximately $0.06 to $0.08 per diluted share.

Dividend

The Company announced today that Micrel's Board of Directors has authorized a quarterly cash dividend of $0.035 per share of common stock. The payment of this dividend will be made on August 26, 2009, to shareholders of record as of August 12, 2009.

Conference Call

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

The call is available, live, to any interested party on a listen only basis by dialing 888-549-7880. For international callers, please dial 480-629-9866. Interested callers should dial in at least five minutes before the scheduled start time and ask to be connected to the Micrel, Incorporated Conference Call. A live webcast will also be available through http://www.vcall.com/. An audio replay of the conference call will be available through July 30, 2009, by dialing 800-406-7325 or 303-590-3030, and entering access code number 4118648. The webcast replay will also be available on the Company's website at: http://www.micrel.com/.

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

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

Non-GAAP Reporting

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

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

About Micrel

Micrel Inc., is a leading global manufacturer of IC solutions for the worldwide analog, Ethernet and high bandwidth markets. The Company's products include advanced mixed-signal, analog and power semiconductors; high performance communication, clock management, Ethernet switch and physical layer transceiver ICs. Company customers include leading manufacturers of enterprise, consumer, industrial, mobile, telecommunications, automotive, and computer products. Corporation headquarters and state-of-the-art wafer fabrication facilities are located in San Jose, CA with regional sales and support offices and advanced technology design centers situated throughout the Americas, Europe and Asia. In addition, the Company maintains an extensive network of distributors and reps worldwide. Web: http://www.micrel.com/. For further information, contact Ray Wallin at: Micrel, Incorporated, 2180 Fortune Drive, San Jose, California 95131, (408) 944-0800; or visit the Micrel website at: http://www.micrel.com/.

-Financial Tables to Follow- MICREL, INCORPORATED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) (Unaudited) Three Months Ended Six Months Ended June 30, March 31, June 30,(1) June 30, -------- --------- ----------- -------- 2009 2009 2008 2009 2008 ---- ---- ---- ---- ---- Net revenues $51,798 $46,986 $70,593 $98,784 $136,645 Cost of revenues* 25,232 23,369 30,809 48,601 59,679 ------ ------ ------ ------ ------ Gross profit 26,566 23,617 39,784 50,183 76,966 ------ ------ ------ ------ ------ Operating expenses: Research and development* 11,484 12,489 14,758 23,973 28,884 Selling, general and administrative* 8,913 8,858 11,557 17,771 23,482 Proxy contest expense - - 2,390 - 2,721 Restructuring charges (credits) - - - - (842) --- --- --- --- ---- Total operating expenses 20,397 21,347 28,705 41,744 54,245 ------ ------ ------ ------ ------ Income from operations 6,169 2,270 11,079 8,439 22,721 Other income (expense): Interest income 197 316 645 513 1,730 Interest expense (60) - (1) (60) (1) Other income 56 24 36 80 47 --- --- --- --- --- Total other income 193 340 680 533 1,776 --- --- --- --- ----- Income before income taxes 6,362 2,610 11,759 8,972 24,497 Provision for income taxes 2,495 1,064 4,371 3,559 8,791 ----- ----- ----- ----- ----- Net income $3,867 $1,546 $7,388 $5,413 $15,706 ====== ====== ====== ====== ======= Net income per share: Basic $0.06 $0.02 $0.10 $0.08 $0.22 ===== ===== ===== ===== ===== Diluted $0.06 $0.02 $0.10 $0.08 $0.22 ===== ===== ===== ===== ===== Shares used in computing per share amounts: Basic 63,525 66,175 71,118 64,840 71,682 ====== ====== ====== ====== ====== Diluted 63,573 66,223 71,413 64,897 71,801 ====== ====== ====== ====== ====== * Includes amortization of stock-based compensation as follows: Cost of revenues $142 $144 $282 $286 $515 Research and development 417 291 568 708 1,172 Selling, general and administrative 416 273 589 689 1,241 (1) During the fourth quarter of 2008, the Company identified errors primarily related to calculating deferred income for sell-through distributors. The Company has determined that these errors were not material to any of the prior periods presented but would have been material to the three and twelve months ended December 31, 2008 if corrected in that period. The financial statements for the three and six months ended June 30, 2008 have been revised to correct for the immaterial errors. MICREL, INCORPORATED SUPPLEMENTAL RECONCILIATIONS OF GAAP TO NON-GAAP RESULTS (In thousands, except per share amounts) (Unaudited) Six Three Months Ended Months Ended June 30, March 31, June 30,(1) June 30, --------------------------------- ------------ 2009 2009 2008 2009 2008 ---- ---- ---- ---- ---- GAAP Net income $3,867 $1,546 $7,388 $5,413 $15,706 Adjustments to GAAP Net Income: Stock-based compensation included in: Cost of revenues 142 144 282 286 515 Research and development 417 291 568 708 1,172 Selling, general and administrative 416 273 589 689 1,241 Proxy contest expense - - 2,390 - 2,721 Restructuring charges (credits) - - - - (842) Tax effect of adjustments to GAAP income (240) (211) (1,232) (451) (1,334) ---- ---- ------ ---- ------ Total Adjustments to GAAP Net Income 735 497 2,597 1,232 3,473 --- --- ----- ----- ----- Non-GAAP income** $4,602 $2,043 $9,985 $6,645 $19,179 ====== ====== ====== ====== ======= Non-GAAP shares used in computing non-GAAP income per share (in thousands): Basic 63,525 66,175 71,118 64,840 71,682 ====== ====== ====== ====== ====== Diluted* 63,660 66,280 71,475 64,960 71,849 ====== ====== ====== ====== ====== GAAP income per share - Basic $0.06 $0.02 $0.10 $0.08 $0.22 Total Adjustments to GAAP Net Income $0.01 $0.01 $0.04 $0.02 $0.05 ----- ----- ----- ----- ----- Non-GAAP income per share - Basic $0.07 $0.03 $0.14 $0.10 $0.27 ===== ===== ===== ===== ===== GAAP income per share - Diluted $0.06 $0.02 $0.10 $0.08 $0.22 Total Adjustments to GAAP Net Income $0.01 $0.01 $0.04 $0.02 $0.05 ----- ----- ----- ----- ----- Non-GAAP income per share - Diluted* $0.07 $0.03 $0.14 $0.10 $0.27 ===== ===== ===== ===== ===== * Non-GAAP shares have been adjusted from diluted outstanding shares calculated under FAS123R. ** Non-GAAP results were reached by excluding revenues and cost of revenues related to intellectual property settlements, stock-based compensation expense, other operating income or expense items, proxy contest expenses, restructuring charges or credits, other income related to litigation settlements and their related tax-effects. Non-GAAP results are presented to supplement our GAAP consolidated financial statements to allow a better comparison of results in the current period to those in prior periods and to provide meaningful insight to the Company's on-going operating performance after exclusion of these items. MICREL, INCORPORATED CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) June 30, December 31, 2009 2008 ---- ---- ASSETS CURRENT ASSETS: Cash, cash equivalents and short-term investments $59,894 $74,195 Accounts receivable, net 26,165 20,643 Inventories 35,421 37,440 Income taxes receivable 4,139 6,783 Deferred income taxes 17,247 17,752 Other current assets 1,820 1,781 ----- ----- Total current assets 144,686 158,594 LONG-TERM INVESTMENTS 11,972 12,628 PROPERTY, PLANT AND EQUIPMENT, NET 71,788 76,200 INTANGIBLE ASSETS, NET 658 1,338 DEFERRED INCOME TAXES 9,882 11,135 OTHER ASSETS 448 448 --- --- TOTAL $239,434 $260,343 ======== ======== LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $13,364 $15,365 Deferred income on shipments to distributors 21,260 21,136 Current portion of Long-term debt 7,857 - Other current liabilities 7,838 10,696 ----- ------ Total current liabilities 50,319 47,197 LONG-TERM DEBT 7,143 - LONG-TERM TAXES PAYABLE 4,883 4,468 OTHER LONG-TERM OBLIGATIONS 229 272 SHAREHOLDERS' EQUITY: TOTAL SHAREHOLDERS' EQUITY 176,860 208,406 ------- ------- TOTAL $239,434 $260,343 ======== ======== Contact: Ray Wallin Micrel, Incorporated 2180 Fortune Drive San Jose, CA 95131 Phone: (408) 944-0800

Micrel, Incorporated

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

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

CyberSource Announces Second Quarter 2009 Financial ResultsReports record revenue of $62.9 million and record transaction volume of 579 million; Signs a record 38,000 new customers in quarter; Raises guidance for Net Income and EPS.

MOUNTAIN VIEW, Calif., July 23 /PRNewswire-FirstCall/ -- CyberSource Corporation , a leading provider of electronic payment and risk management solutions, today announced financial results for its second quarter ended June 30, 2009.

(Logo: http://www.newscom.com/cgi-bin/prnh/19990513/CYBRSOURCELOGO) -- Second quarter revenue was $62.9 million, a 13% increase compared to $55.7 million in the same period the previous year. -- On a GAAP basis, net income for the second quarter of 2009 was $2.2 million and earnings per share was $0.03, compared to net loss of ($45,000) and breakeven earnings per share in the second quarter of 2008. -- Non-GAAP net income for the second quarter was $13.8 million, a 22% increase compared to $11.3 million for the second quarter of 2008. Non-GAAP earnings per share for the second quarter was $0.19, a 19% increase compared to $0.16 earnings per share for the second quarter of 2008. Non-GAAP net income excludes stock-based compensation expense, the non-cash portion of the tax provision, depreciation and amortization expense, and certain non-recurring items. A reconciliation of certain historical GAAP to non-GAAP measures is attached. -- During the second quarter, CyberSource processed a record 579 million billable transactions, a 29% increase over the same period the previous year. The value of transactions processed was $28.6 billion, a 4% increase over Q2 2008. -- CyberSource signed a record 38,000 new customers in the quarter, increasing the installed base to approximately 273,000 active customers.

"Our very strong results this quarter reflect our continued market share gains, our successful expansion internationally, and the resilience of the eCommerce market in a difficult economy. Despite economic headwinds, we processed record transaction volumes of 579 million, a 29% increase over the prior year, and increased customer signups by 47% over the prior year. I am very pleased with how both our small business and enterprise businesses are performing. Our significant growth in transaction volumes and new customer signups clearly demonstrates that our value proposition is resonating with customers," said Bill McKiernan, Chairman and Chief Executive Officer of CyberSource. "The strong growth in transaction volumes helped increase our GAAP gross margin by 300 basis points to 54% in the second quarter of 2009, compared to the second quarter of 2008, and we ended the quarter with $80.7 million in net cash."

Business Highlights -- Customers: CyberSource added approximately 38,000 new customers in the quarter, bringing its installed base of customers to approximately 273,000. New enterprise customer wins this quarter include: Air Jamaica, Charming Shoppes, LexisNexis, PayDay Advance Loans, and Tata Communications. Existing customers that added new services or renewed agreements during the quarter include: AF Services, Columbia Sportswear USA Corporation, PC Connection, RSA Security, and Thompson and Company. -- International: CyberSource continues to drive strong growth outside the U.S. CyberSource's European operations processed a record 146.3 million transactions in the second quarter, an increase of 67% over the same period last year. The Company's European business is comprised of revenue generated by customers domiciled outside the US, and represented about 7% of revenue in the second quarter. -- Global acquiring: CyberSource generated $19.3 million of global acquiring revenue during the second quarter, up 2% over the immediately preceding quarter. CyberSource added approximately 850 new acquiring customers during the quarter, and now has approximately 5,900 global acquiring customers. -- Channel Partners: CyberSource's partner program of over 4,300 resellers and affiliate partners continues to be a major driver for small business leads, and provides a broad base of partners selling CyberSource services every day. In the second quarter, CyberSource signed over 400 new ISO and affiliate resellers. Stock Buyback

During the second quarter, we did not repurchase any shares of our common stock.

Guidance for the third quarter and full year 2009

CyberSource is providing guidance for the third quarter of 2009 and full year 2009 based on information available as of July 23, 2009. We assume no duty to update these numbers at any time.

For the third quarter ending September 30, 2009: -- Total revenue is expected to be between $63.5 and $64.0 million. -- The company expects to process between 580 and 585 million billable transactions. -- GAAP gross profit is expected to be approximately $33.4 million, while GAAP operating expenses are expected to be approximately $31.8 million. The company expects to record GAAP net income in the third quarter of approximately $1.0 million and $0.01 earnings per share based on a weighted average share count of 73 million shares. -- Non-GAAP net income for the third quarter is expected to be approximately $12.8 million and non-GAAP earnings per share to be $0.18 based on a weighted average share count of 73 million shares. For the full year 2009: -- Total revenue for 2009 is expected to be between $260.0 and $263.0 million, compared to prior guidance of between $258.0 and $263.0 million. -- GAAP net income for 2009 is expected to be between $6.5 and $7.0 million, compared to prior guidance of between $5.3 and $5.8 million. -- GAAP earnings per share is expected to be between $0.09 and $0.10 per share, based on a weighted average share count of 73 million shares, compared to prior guidance of between $0.07 and $0.08 per share. -- Non-GAAP net income for the full year 2009 is expected to be between $54.0 and $55.0 million, compared to prior guidance of $52.5 and $54.0 million. Non-GAAP earnings per share is expected to be between $0.74 and $0.75, based on a weighted average share count of 73 million shares, compared to prior guidance of between $0.72 and $0.74. Public call/web cast details

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

Live conference call

888-585-4496 (U.S. and Canada), 706-634-9580 (local and international). The call's conference ID number is: 19225636. A taped replay of this call will be available through October 31, 2009. The dial-in numbers for the taped replay are: 800-642-1687 (U.S.) 706-645-9291 (local and international). Conference ID is as above.

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

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

About CyberSource

CyberSource Corporation is a leading provider of electronic payment and risk management solutions. CyberSource solutions enable electronic payment processing for Web, call center, and POS environments. CyberSource also offers industry leading risk management solutions for merchants accepting card-not-present transactions. CyberSource Professional Services designs, integrates, and optimizes commerce transaction processing systems. Approximately 273,000 businesses use CyberSource solutions, including half the companies comprising the Dow Jones Industrial Average. The company is headquartered in Mountain View, California, and has sales and service offices in Japan, the United Kingdom, and other locations in the United States including Bellevue, Washington and American Fork, Utah. For more information on CyberSource please visit http://www.cybersource.com/ or email info@cybersource.com. For more information on Authorize.Net small business solutions, please visit http://www.authorize.net/ or email sales@authorize.net.

GAAP versus non-GAAP Results and Guidance

In addition to financial results presented on a GAAP basis, the company has provided non-GAAP measures of gross profit, operating expenses, net income and earnings per share, which are adjusted to exclude certain non-cash items. For purposes of this release, non-GAAP gross profit, operating expenses, net income and earnings per share exclude stock based compensation expense under SFAS 123R, the non-cash portion of the income tax provision, depreciation and amortization expense, and certain non-recurring items. A reconciliation of these historical GAAP to non-GAAP measures is attached with the financial statements. The company believes that presentation of non-GAAP financial measures may provide investors with additional meaningful and relevant financial information. Management believes the non-GAAP measures help indicate trends in the company's business, and management uses the non-GAAP measures to plan and forecast future periods. Non-GAAP information is not determined using GAAP and should not be considered superior to or as a substitute for GAAP measures or data prepared in accordance with GAAP. Furthermore, non-GAAP information may not be comparable across companies, as other companies may use different non-GAAP measures. The company does not provide guidance for certain financial measures such as depreciation and stock-based compensation expense, and, as a result, is not able to provide a reconciliation of GAAP and non-GAAP financial measures for forward-looking data. The company intends to calculate the various non-GAAP financial measures in future periods consistent with the methodology used in the three months ended June 30, 2009, as presented in this release.

Cautionary Statement under the Private Securities Litigation Reform Act of 1995

Statements in this release that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, without limitation, statements regarding expectations, objectives, anticipations, plans, hopes, beliefs, intentions or strategies regarding the future. Forward-looking statements in this release include, without limitation, statements regarding: (1) strength of the second quarter results reflecting continued market share gains; (2) performance of the small and enterprise businesses; (3) significant growth in transaction volumes and new customer signups demonstrating that the Company's value proposition is resonating with customers; (4) continuing to drive strong growth outside the U.S.; (5) the partner program continuing to be a major driver for small business leads; (6) financial guidance including, without limitation, those regarding revenue, transaction volume, gross profit, operating expenses, net income, and earnings per share. There is no assurance that any forward-looking statement will be realized. Achievement of future results is subject to risks, uncertainties, and potentially inaccurate assumptions. These risks and uncertainties include, among others, those discussed under "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in CyberSource's most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q as well as the consolidated financial statements, related Notes, and the other financial information appearing elsewhere in those reports and other CyberSource filings with the Securities and Exchange Commission. The factors that could cause actual results to differ materially from the forward-looking statements include risks and uncertainties such as: changes in Generally Accepted Accounting Principles and the application thereof; changes in customer needs; the risks of failures, disruptions or illiquidity in the national and global banking, credit and financial systems and the impact of those risks on CyberSource's business; the risk of the economy, in general, and online economy, in particular, slowing down; security breaches; new products and services offerings by CyberSource and its competitors; and any unforeseen system failures. Should known or unknown risks or uncertainties materialize, or should underlying assumptions prove inaccurate, actual results could differ materially from past results and those anticipated, estimated or projected. Readers should bear this in mind when considering forward-looking statements. CyberSource undertakes no obligation to publicly update forward-looking statements, whether as a result of new information, future events, or otherwise.

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

CyberSource Corporation GAAP Condensed Consolidated Statements of Operations (In thousands, except per share data) (Unaudited) Three Months Ended Six Months Ended June 30, June 30, -------- -------- 2009 2008 2009 2008 ---- ---- ---- ---- Revenues $62,889 $55,659 $123,380 $109,079 Cost of revenues 29,231 27,558 57,212 53,386 ------ ------ ------ ------ Gross profit 33,658 28,101 66,168 55,693 Operating expenses: Product development 6,612 5,863 13,066 11,110 Sales and marketing 17,602 16,927 35,156 33,557 General and administrative 5,997 5,786 12,977 11,288 ----- ----- ------ ------ Total operating expenses 30,211 28,576 61,199 55,955 ------ ------ ------ ------ Income (loss) from operations 3,447 (475) 4,969 (262) Other income (loss), net (14) 92 (32) 239 Interest income 74 364 207 758 --- --- --- --- Income (loss) before income taxes 3,507 (19) 5,144 735 Income tax provision 1,326 26 1,953 247 ----- --- ----- --- Net income (loss) $2,181 $(45) $3,191 $488 ====== ==== ====== ==== Basic net income per share $0.03 $- $0.05 $0.01 ===== === ===== ===== Diluted net income per share $0.03 $- $0.05 $0.01 ===== === ===== ===== Weighted average number of shares used in computing basic net income per share 69,228 69,217 69,105 69,014 ====== ====== ====== ====== Weighted average number of shares used in computing diluted net income per share 71,745 72,223 70,861 71,907 ====== ====== ====== ====== Non-GAAP Financial Metrics: Gross profit $36,929 $31,048 $72,434 $61,418 Operating expenses $22,264 $20,202 $44,715 $39,509 Net income $13,818 $11,290 $26,398 $22,804 Basic net income per share $0.20 $0.16 $0.38 $0.33 Diluted net income per share $0.19 $0.16 $0.37 $0.32 CyberSource Corporation Reconciliation of GAAP to Non-GAAP Financial Measures (In thousands, except per share data) (Unaudited) Three Months Ended Six Months Ended June 30, June 30, -------- -------- 2009 2008 2009 2008 ---- ---- ---- ---- GAAP gross profit $33,658 $28,101 $66,168 $55,693 Add FAS123R expense 463 407 864 747 Add depreciation expense 1,451 1,090 2,688 2,078 Add amortization of intangible assets 1,357 1,450 2,714 2,900 ----- ----- ----- ----- Non-GAAP gross profit $36,929 $31,048 $72,434 $61,418 ======= ======= ======= ======= GAAP operating expenses $30,211 $28,576 $61,199 $55,955 Less FAS123R expense (2,171) (2,185) (4,030) (4,037) Less depreciation expense (492) (459) (955) (832) Less amortization of intangible assets (5,284) (5,718) (10,567) (11,436) Less restructuring charges - (12) (932) (141) --- --- ---- ---- Non-GAAP operating expenses $22,264 $20,202 $44,715 $39,509 ======= ======= ======= ======= GAAP net income (loss) $2,181 $(45) $3,191 $488 Add FAS123R expense 2,634 2,592 4,894 4,784 Add non-cash tax provision 665 14 703 145 Add depreciation expense 1,943 1,549 3,643 2,910 Add amortization of intangible assets 6,641 7,168 13,281 14,336 Add restructuring charges - 12 932 141 Less settlement proceeds* (246) - (246) - ---- --- ---- --- Non-GAAP net income $13,818 $11,290 $26,398 $22,804 ======= ======= ======= ======= GAAP basic net income per share $0.03 $- $0.05 $0.01 Add FAS123R expense 0.04 0.04 0.07 0.07 Add non-cash tax provision 0.01 - 0.01 - Add depreciation expense 0.03 0.02 0.05 0.04 Add amortization of intangible assets 0.09 0.10 0.19 0.21 Add restructuring charges - - 0.01 - --- --- ---- --- Non-GAAP basic net income per share $0.20 $0.16 $0.38 $0.33 ===== ===== ===== ===== GAAP diluted net income per share $0.03 $- $0.05 $0.01 Add FAS123R expense 0.03 0.04 0.06 0.07 Add non-cash tax provision 0.01 - 0.01 - Add depreciation expense 0.03 0.02 0.05 0.04 Add amortization of intangible assets 0.09 0.10 0.19 0.20 Add restructuring charges - - 0.01 - --- --- ---- --- Non-GAAP diluted net income per share $0.19 $0.16 $0.37 $0.32 ===== ===== ===== ===== *In May 2009, CyberSource received approximately $246,000 as consideration for dismissing a lawsuit that CyberSource filed against VeriSign, Inc. in June 2008. CyberSource Corporation Condensed Consolidated Balance Sheets (In thousands) (Unaudited) June 30, December 31, 2009 2008 ---- ---- Assets Current assets: Cash and cash equivalents $93,053 $73,292 Accounts receivable, net 17,659 18,251 Prepaid expenses and other current assets 7,144 5,310 Deferred income taxes 2,635 2,635 ----- ----- Total current assets 120,491 99,488 Property and equipment, net 19,141 16,188 Intangible assets, net 116,362 129,643 Goodwill 289,278 289,278 Non-current deferred income taxes 20,027 20,512 Other non-current assets 2,818 2,539 Restricted cash 1,516 1,548 ----- ----- Total assets $569,633 $559,196 ======== ======== Liabilities and Stockholders' Equity Current liabilities: Accounts payable $662 $588 Funds due to merchants 12,306 12,162 Other accrued liabilities 14,057 18,272 Deferred revenue 5,545 4,519 Accrued restructuring 1,179 847 ----- --- Total current liabilities 33,749 36,388 Deferred revenue, less current portion 1,092 996 Other non-current liabilities 1,291 1,099 Accrued restructuring, less current portion 900 832 Other non-current tax liabilities 1,986 1,928 ----- ----- Total liabilities 39,018 41,243 Total stockholders' equity 530,615 517,953 ------- ------- Total liabilities and stockholders' equity $569,633 $559,196 ======== ======== CyberSource Corporation Consolidated Statements of Cash Flows (In thousands, except per share data) (Unaudited) Three Months Ended Six Months Ended June 30, June 30, -------- -------- 2009 2008 2009 2008 ---- ---- ---- ---- CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $2,181 $(45) $3,191 $488 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Amortization expense 6,641 7,168 13,281 14,336 Depreciation expense 1,943 1,549 3,643 2,910 Income on investment in joint venture (109) (49) (219) (99) Stock-based compensation 2,634 2,592 4,894 4,784 Loss on disposal of property and equipment - - - - Changes in operating assets and liabilities: Accounts receivable 799 (737) 592 (52) Prepaid expenses and other current assets (658) (228) (1,834) (182) Deferred income taxes 522 (227) 485 - Other non-current assets 24 (93) (28) (67) Accounts payable (210) 63 74 655 Accrued liabilities (568) 2,513 (3,623) (53) Funds due to merchants 277 (272) 144 575 Deferred revenues 594 194 1,122 763 Other non-current tax liabilities 29 44 58 86 --- --- --- --- Net cash provided by operating activities 14,099 12,472 21,780 24,144 CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property and equipment (4,145) (2,173) (6,596) (5,274) ------ ------ ------ ------ Net cash used in investing activities (4,145) (2,173) (6,596) (5,274) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of common stock 2,693 3,685 3,560 5,386 Tax benefit from employee stock options 114 - 161 - --- --- --- --- Net cash provided by financing activities 2,807 3,685 3,721 5,386 Effect of exchange rate changes on cash 1,104 (23) 856 (3) ----- --- --- --- Increase in cash and cash equivalents 13,865 13,961 19,761 24,253 Cash and cash equivalents at beginning of period 79,188 50,685 73,292 40,393 ------ ------ ------ ------ Cash and cash equivalents at end of period $93,053 $64,646 $93,053 $64,646 ======= ======= ======= =======

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

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

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

Oclaro Reports Positive Adjusted EBITDA in First Post-Merger Quarter- Oclaro Announces Financial Results for Fourth Quarter and Year Ended June 27, 2009 - Oclaro Improves Year on Year Gross Margin and Adjusted EBITDA During Economic Downturn

SAN JOSE, Calif., July 23 /PRNewswire-FirstCall/ -- Oclaro, Inc. , a leading provider of optical components, modules and subsystems, today announced the financial results for its fourth fiscal quarter and fiscal year ended June 27, 2009. Oclaro, Inc. was formed April 27, 2009 from the combination of Bookham, Inc., renamed Oclaro, Inc. on that date, and Avanex Corporation.

"Being positive Adjusted EBITDA in our first quarter together is an important milestone for Oclaro. Our integration is going smoothly, our synergies are on track and we believe our customers are pleased with the deal. These results are a visual indicator of the progress taking place behind the scenes and with customers," said Alain Couder, CEO of Oclaro, Inc. "Times continue to be challenging, and we expect only modest revenue growth in the remainder of calendar 2009. Over the upcoming quarters we will continue to focus to advance the profitability of Oclaro towards our ultimate operating model targets."

Highlights: Fourth Fiscal Quarter 2009 -- GAAP revenues were $66.9 million for the quarter ended June 27, 2009 compared to $41.2 million in the quarter ended March 28, 2009. GAAP gross margin was 25% for the quarter ended June 27, 2009, compared to 21% in the quarter ended March 28, 2009. -- GAAP revenues exclude New Focus revenues of $5.1 million and $5.8 million for the quarters ended June 27, 2009 and March 28, 2009, respectively, as New Focus results of operation are disclosed as discontinued operations as a result of the transfer of our New Focus business to Newport Corporation in exchange for their Spectra-Physics laser diode business and $3.0 million in cash in a transaction that closed July 4, 2009. -- Non-GAAP revenues were $72.0 million for the quarter ended June 27, 2009, which included two months of revenues of Avanex Corporation, compared to $47.0 million in the third quarter of fiscal 2009, which included no Avanex revenues. Non-GAAP revenues include the revenues of New Focus, which is treated as a discontinued operation in our GAAP financial statements. -- A reconciliation table of non-GAAP measures to the most comparable GAAP measures is included in the financial tables section of this release and further discussion of these measures is also included later in this release. -- Non-GAAP revenues for the quarter ended June 27, 2009 would have been $78.1 million including all three months of Avanex's revenues. -- Non-GAAP gross margin was 25% for the quarter ended June 27, 2009, compared to 23% in the quarter ended March 28, 2009. Non-GAAP gross margin excludes $0.3 million of stock compensation in each of the quarters ended June 27, 2009 and March 28, 2009. Non-GAAP gross margin benefited from non-recurring items, in particular the inclusion of Avanex results for two out of the three months in the quarter, and would have otherwise been approximately 21% on a recurring basis. -- Adjusted EBITDA was positive $0.7 million for the quarter ended June 27, 2009, compared to negative $0.7 million in the quarter ended March 28, 2009. -- Net loss for the quarter ended June 27, 2009 was $14.6 million, which included $5.2 million of restructuring and related costs and $1.1 million of stock-based compensation, compared to a net loss of $13.3 million in the quarter ended March 28, 2009, which included $0.1 million of restructuring and related costs and $1.1 million of stock-based compensation. -- Cash, cash equivalents, restricted cash and short-term investments were $58.0 million as of June 27, 2009. -- On April 27, 2009, we announced a three year extension of our $25.0 million line of credit facility through August, 2011. We have no amounts drawn under this line, and have no debt outstanding.

"While the merger with Avanex in our fourth fiscal quarter was a highlight for the year, we are also proud of having improved our annual gross margin and annual adjusted EBITDA, in spite of the current economic downturn that began in September 2008," said Couder. "We will continue to execute and expect the related results to deliver enhanced shareholder value."

Highlights: Fiscal Year 2009 -- GAAP Revenues were $210.9 million for the twelve months ended June 27, 2009, which includes two months of Avanex revenues, compared to $202.7 million for the twelve months ended June 28, 2008. -- GAAP Gross margin was 22% for the twelve months ended June 27, 2009, compared to 20% for the twelve months ended June 28, 2008. -- Non-GAAP Revenues were $235.8 million for the twelve months ended June 27, 2009, which includes two months of Avanex revenues, compared to $235.5 million for the twelve months ended June 28, 2008. -- Adjusted EBITDA was negative $1.0 million for the twelve months ended June 27, 2009, compared to negative $4.0 million for the twelve months ended June 28, 2008. -- Non-GAAP net loss for the twelve months ended June 27, 2009 was $3.1 million, compared to $14.0 million for the twelve months ended June 28, 2008. First Quarter Fiscal 2010 Outlook

The results of Oclaro, Inc. for the first quarter of fiscal 2010, which ends September 26, 2009, are expected to be as follows:

-- Revenues in the range of $76 million to $84 million. -- Non-GAAP gross margin between 19% and 23%. This guidance reflects approximately 2% to 3% of temporary gross margin dilution from our acquisition of the Spectra-Physics laser diode business in exchange for our New Focus business, as we will be incurring additional costs while we transition related fabrication activities to Europe in the next 6 to 12 months. -- Adjusted EBITDA of negative $6.0 million to breakeven.

The foregoing guidance is based on current expectations. These statements are forward looking, and actual results may differ materially. Please see the Safe Harbor Statement in this earnings release for a description of certain important risk factors that could cause actual results to differ, and refer to Oclaro, Inc's (formerly Bookham .Inc.) most recent annual and quarterly reports on file with the Securities and Exchange Commission (SEC) for a more complete description of the risks. Furthermore, our outlook excludes items that may be required by GAAP, including, but not limited to, restructuring and related costs, acquisition or disposal related costs, expenses or income from certain legal actions, settlements and related costs outside our normal course of business, impairments of other long-lived assets, extraordinary items, as well as the expensing of stock options and restricted stock grants under SFAS 123R.

Conference Call

Oclaro will report financial results for the fourth quarter of fiscal 2009 today at 2:00 p.m. PT/5:00 p.m. ET. To listen to the live conference call, please dial (480) 629-9643. A replay of the conference call will be available through July 30, 2009. To access the replay, dial (303) 590-3030. The conference code for the replay is 4116120. A webcast of this call will be available in the investors section of Oclaro's website at http://www.oclaro.com/.

About Oclaro

Oclaro, Inc., with headquarters in San Jose, California, is a tier 1 provider of high performance optical components, modules and subsystems to the telecommunications market, and is one of the largest providers to metro and long haul network applications. The company, formed on April, 27, 2009, following the combination of Bookham, Inc. and Avanex Corporation, leverages proprietary core technologies and vertically integrated product development to provide its customers with cost-effective and innovative optical devices, modules and subsystems. The company serves a broad customer base, combining in-house and outsourced manufacturing to maximize flexibility and drive improved gross margin. Its photonic technologies also serve selected high growth markets, including industrial, defense, life sciences, medical and scientific, with diversification providing both significant revenue streams and strategic technological advantage. Oclaro is a global company, with cutting edge chip fabrication facilities in the UK, Switzerland and Italy, and in Tucson, Arizona during the transition of related activities to Europe, and manufacturing sites in the US, Thailand and China.

Oclaro and all other Oclaro product names and slogans are trademarks or registered trademarks of Oclaro, Inc. in the USA or other countries. Spectra-Physics is a registered trademark of Newport Corporation.

Safe Harbor Statement

This press release and the statements made by management contain statements about management's future expectations, plans or prospects of Oclaro, Inc. and its business, and the assumptions underlying these statements, constitute forward-looking statements for the purposes of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements concerning (i) financial targets, including financial targets related to gross margin; research and development expenses; sales, general and administrative expenses and non-GAAP operating margin, (ii) financial guidance for the fiscal quarter ending September 26, 2009, including guidance regarding revenue, non-GAAP gross margin and adjusted EBITDA and revenue outlook for the remainder of 2009, (iii) the impact of the acquisition of Avanex Corporation and the Spectra-Physics asset swap on the combined entity's gross margin, (iv) sources for improvement of gross margin and operating expenses, including supply chain synergies, optimizing mix of product offerings, transition to higher margin product offerings, benefits of combined R&D and sales organizations and single public company costs, (v) the expected first year financial opportunities, including becoming profitable in 12 months, obtaining quarterly operating cash breakeven (non-GAAP) by end of first year, expected synergies per quarter by end of the fourth full quarter after close of the merger with Avanex Corporation and restructuring costs, (vi) opportunities to grow in adjacent markets and (vii) statements containing the words "target," "believe," "plan," "anticipate," "expect," "estimate," "will," "should," "ongoing," and similar expressions. There are a number of important factors that could cause actual results or events to differ materially from those indicated by such forward-looking statements, including the impact of continued uncertainty in world financial markets and the resulting reduction in demand for our products, the future performance of Oclaro, Inc. following the closing of the merger with Avanex Corporation and the Spectra-Physics asset swap, the inability to realize the expected benefits and synergies as a result of the of the merger with Avanex Corporation and the Spectra-Physics asset swap, increased costs related to downsizing and compliance with regulatory compliance in connection with such downsizing, the lack of availability of credit or opportunity for equity based financing, as well as the factors described in Oclaro's most recent registration statement on Form S-4, most recent annual report on Form 10-K, most recent quarterly reports on Form 10-Q and other documents we periodically file with the SEC. The forward-looking statements included in this announcement represent Oclaro's view as of the date of this presentation. Oclaro anticipates that subsequent events and developments may cause Oclaro's views and expectations to change. However, Oclaro specifically disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this release.

Non-GAAP Financial Measures

The Company provides certain supplemental non-GAAP financial measures to its investor as a complement to the most comparable GAAP measures.

The Company believes that providing these non-GAAP measures to its investors, in addition to corresponding income statement measures, provides investors the benefit of viewing the Company's performance using the same financial metrics that the management team uses in making many key decisions and understanding how the core business and its results of operations may look in the future. The Company further believes that providing this information allows the Company's investors greater transparency and a better understanding of the Company's core financial performance. Additionally, each non-GAAP measure has historically been presented by the Company as a complement to its most comparable GAAP measure, and the Company believes that the continuation of this practice increases the consistency and comparability of the Company's earnings releases. The non-GAAP adjustments, and the basis for excluding them, are discussed further below.

Non-GAAP financial measures are not in accordance with, or an alternative for, generally accepted accounting principles in the United States of America. Non-GAAP measures should not be considered in isolation from or as a substitute for financial information presented in accordance with generally accepted accounting principles, and may be different from non-GAAP measures used by other companies. The GAAP measure most directly comparable to non-GAAP revenues is revenues. The GAAP measure most directly comparable to non-GAAP net income/loss is net income/loss. The GAAP measure most directly comparable to Adjusted EBITDA is net income/loss. The GAAP measure most directly comparable to non-GAAP gross margin rate is gross margin rate. An explanation and reconciliation of each of these non-GAAP financial measures to GAAP information is set forth below.

Non-GAAP Revenues

Non-GAAP revenues include the revenues of New Focus, which is treated as a discontinued operation in our GAAP financial statements. Management uses this non-GAAP measure to evaluate its performance relative to its previously established financial targets. Specifically, the Company previously reported New Focus in its revenues and provided guidance for the fourth quarter of fiscal 2009 which included the New Focus business. The Company believes providing non-GAAP revenues to its investors, in addition to corresponding income statement measures, allows investors to evaluate the Company's results of operations compared to its previous financial results and previously provided guidance for the fourth quarter of fiscal 2009.

Non-GAAP Net Income/Loss

Non-GAAP net income/loss is calculated as net income/loss excluding the impact of restructuring and severance costs, non-cash compensation related to stock and options granted to employees and directors, income taxes, impairment charges and certain other one-time charges and credits specifically identified in the non-GAAP reconciliation schedules set forth below. The Company uses non-GAAP net income/loss in evaluating the Company's historical and prospective operating financial performance, as well as its operating performance relative to its competitors. Specifically, management uses this non-GAAP measure to further understand the Company's "core operating performance." The Company believes its "core operating performance" represents the Company's on-going performance in the ordinary course of its operations. Accordingly, management excludes from "core operating performance" those items, such as impairment charges, income taxes, restructuring and severance programs and costs relating to specific major projects which are non-recurring, expenses or income from certain legal actions, settlements and related costs, as well as non-cash compensation related to stock and options. Management does not believe these items, including recurring non-cash items, are reflective of the Company's ongoing operations and accordingly excludes those items from non-GAAP net income/loss.

Adjusted EBITDA

Adjusted EBITDA is calculated as net income/loss excluding the impact of taxes, net interest income/expense, depreciation and amortization, net foreign currency translation gains/losses, as well as restructuring and severance, impairment, non-cash compensation related to stock and options, expenses or income from certain legal actions, settlements and related costs outside our normal course of business, and certain other one-time charges and credits specifically identified in the non-GAAP reconciliation schedules set forth below. The Company uses Adjusted EBITDA in evaluating the Company's historical and prospective cash usage, as well as its cash usage relative to its competitors. Specifically, management uses this non-GAAP measure to further understand and analyze the cash used in/generated from the Company's core operations. The Company believes that by excluding these non-cash and non-recurring charges, more accurate expectations of its future cash needs can be assessed in addition to providing a better understanding of the actual cash used in or generated from core operations for the periods presented.

The Company further believes that providing this information allows the Company's investors greater transparency and a better understanding of the Company's core cash position.

Non-GAAP Gross Margin Rate

Non-GAAP gross margin rate is calculated as gross margin rate as determined in accordance with GAAP (gross profit as a percentage of revenues) excluding non-cash compensation related to stock and options specifically identified in the non-GAAP reconciliation schedules set forth below. The Company evaluates its performance using non-GAAP gross margin rate to assess the Company's historical and prospective operating financial performance, as well as its operating performance relative to its competitors. Specifically, management uses this non-GAAP measure to further understand the Company's "core operating performance." The Company believes its "core operating performance" represents the Company's on-going performance in the ordinary course of its operations. Accordingly, management excludes from "core operating performance" those items such as non-cash compensation related to stock and options; and certain other significant non-recurring one-time charges and credits specifically identified. Management does not believe these items, including recurring non-cash items, are reflective of the Company's ongoing operations and accordingly excludes those items from non-GAAP gross margin rate.

Non-GAAP Operating Loss

Non-GAAP operating loss is calculated as operating loss as determined in accordance with GAAP excluding the impact of amortization of intangible assets, restructuring and severance costs, non-cash compensation related to stock and options granted to employees and directors, impairment charges, and certain other one-time charges and credits specifically identified in the non-GAAP reconciliation schedules set forth below. The Company evaluates its performance using, among other things, non-GAAP operating loss in evaluating the Company's historical and prospective operating financial performance, as well as its operating performance relative to its competitors. Specifically, management uses this non-GAAP measure to further understand the Company's "core operating performance." The Company believes its "core operating performance" represents the Company's on-going performance in the ordinary course of its operations. Accordingly, management excludes from "core operating performance" those items such as restructuring and severance programs and costs relating to specific major projects which are non-recurring, expenses or income from certain legal actions, settlements and related costs outside our normal course of business, impairment charges, as well as non-cash compensation related to stock and options. Management does not believe these items are reflective of the Company's ongoing operations and accordingly excludes those items from non-GAAP operating loss.

Specific Notes on Certain Excluded Items Certain Legal Actions, Settlement and Related Costs

In the second and third quarters of fiscal 2009, the Company recorded expenses of $0.3 million and $3.7 million, respectively, related to the settlement of outstanding litigation with JDS Uniphase Corporation on April 10, 2009. Of these amounts, $3.0 million is paid or payable to JDS Uniphase and $1.0 million relates to legal costs incurred by the Company related to this litigation. In the first quarter of fiscal 2009, the Company recorded a gain, net of costs incurred, related to the settlement of a legal action against a third party in connection with land sold by the Company in 2006, net of insurance recoveries, both of which are included in its GAAP statement of operations.

Goodwill and Intangibles Impairment

As part of the Company's preparation of its financial statements for the second quarter of fiscal 2009, the Company determined that the value of its goodwill was impaired. During the second fiscal quarter, there was a decline in the revenue forecasts for the optical components industry, with a corresponding reduction in the Company's market capitalization and revenue projections. These were some of the factors that triggered the impairment of goodwill. Based on the results of a preliminary evaluation, the Company recorded a non-cash impairment charge of $7.9 million in the second quarter of fiscal 2009. During the third quarter of fiscal 2009, the Company completed its full evaluation of the impairment analysis for goodwill, which indicated that the goodwill of $7.9 million was fully impaired. The impairment will not result in any current or future cash expenditures.

During the third quarter of fiscal 2009, in conjunction with the full evaluation of goodwill impairment, the Company also evaluated the fair value of certain intangible assets. Based on this testing, the Company recorded a non-cash impairment charge of $4.0 million in its third quarter statement of operations to recognize impairment of certain intangible assets.

OCLARO, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited, in thousands) ASSETS June 27, 2009 June 28, 2008 ------------- ------------- Current assets: Cash and cash equivalents $44,561 $32,863 Short-term investments 9,259 17,845 Restricted cash 4,208 1,154 Accounts receivable, net 58,483 41,445 Inventories 59,527 53,708 Prepaid expenses and other current assets 11,834 5,685 Assets held for sale 10,442 11,122 ------ ------ Total current assets 198,314 163,822 ------- ------- Goodwill - 7,881 Other intangible assets, net 1,951 7,829 Property and equipment, net 29,875 32,286 Other non-current assets 3,248 272 ----- --- Total assets $233,388 $212,090 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $31,943 $19,053 Accrued expenses and other liabilities 39,016 20,044 Liabilities held for sale 2,028 3,193 ----- ----- Total current liabilities 72,987 42,290 ------ ------ Other long-term liabilities 4,923 1,336 Deferred gain on sale-leaseback 15,088 19,402 ------ ------ Total liabilities 92,998 63,028 ------ ------ Stockholders' equity: Common stock 1,862 1,007 Additional paid-in capital 1,199,358 1,163,598 Accumulated other comprehensive income 30,905 44,036 Accumulated deficit (1,091,735) (1,059,579) ---------- ---------- Total stockholders' equity 140,390 149,062 ------- ------- Total liabilities and stockholders' equity $233,388 $212,090 ======== ======== OCLARO, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited, in thousands, except per share amounts) Three Months Ended Twelve Months Ended ------------------- -------------------- June 27, March 28, June 27, June 28, 2009 2009 2009 2008 -------- --------- --------- --------- Revenues $66,877 $41,241 $210,923 $202,663 Cost of revenues 50,296 32,381 164,425 161,902 ------ ------ ------- ------- Gross profit 16,581 8,860 46,498 40,761 Operating expenses: Research and development 8,272 5,260 26,147 28,608 Selling, general and administrative 10,659 7,601 34,899 40,948 Amortization of intangible assets 58 54 487 3,510 Restructuring and related costs 5,157 54 6,826 3,033 Legal settlements - 3,705 3,829 (2,882) Gain on sale of property and equipment (4) (16) (12) (2,562) Impairment of goodwill and other intangible assets - 1,252 9,133 - --- ----- ----- --- Total operating expenses 24,142 17,910 81,309 70,655 ------ ------ ------ ------ Operating loss (7,561) (9,050) (34,811) (29,894) Other income (expense): Other income (expense) 15 (5) (685) - Interest income 53 78 575 1,261 Interest expense (110) (109) (543) (682) Foreign currency translation gain (loss), net (4,670) (598) 11,094 6,059 ------ ---- ------ ----- Total other income (expense) (4,712) (634) 10,441 6,638 ------ ---- ------ ----- Loss from continuing operations before income taxes (12,273) (9,684) (24,370) (23,256) Income tax provision 1,406 19 1,399 5 ----- --- ----- --- Loss from continuing operations (13,679) (9,703) (25,769) (23,261) Loss from discontinued operations, net of taxes (928) (3,578) (6,387) (179) ---- ------ ------ ---- Net loss $(14,607) $(13,281) $(32,156) $(23,440) ======== ======== ======== ======== Basic and diluted net loss per share: Net loss per share from continuing operations $(0.09) $(0.10) $(0.22) $(0.25) Net loss per share from discontinued operations - (0.04) (0.06) - --- ----- ----- --- Net loss per share $(0.09) $(0.13) $(0.28) $(0.25) ====== ====== ====== ====== Shares used in computing net loss per share: Basic and diluted 158,537 99,604 114,844 93,099 Stock-based compensation included in the following: Cost of revenues 279 265 1,168 2,130 Research and development 238 216 888 1,938 Selling, general and administrative 525 490 2,017 4,266 Loss from discontinued operations, net of tax 91 91 364 477 --- --- --- --- Total 1,133 1,062 4,436 8,812 ===== ===== ===== ===== OCLARO, INC. RECONCILIATION OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES (unaudited, in thousands, except per share amounts) Three Months Ended Twelve Months Ended ------------------- -------------------- June 27, March 28, June 27, June 28, 2009 2009 2009 2008 --------- ---------- --------- --------- Reconciliation of GAAP revenues to non-GAAP revenues: GAAP revenues $66,877 $41,241 $210,923 $202,663 Revenues from discontinued operations 5,148 5,751 24,829 32,828 ----- ----- ------ ------ $72,025 $46,992 $235,752 $235,491 ======= ======= ======== ======== Reconciliation of GAAP net loss to non-GAAP net income (loss) and adjusted EBITDA: GAAP net loss $(14,607) $(13,281) $(32,156) $(23,440) Stock-based compensation 1,133 1,062 4,436 8,812 Restructuring and related costs: Continuing operations 5,157 54 6,826 3,033 Discontinued operations 229 6 588 438 Legal settlements - 3,705 3,829 (2,882) Income tax provision: Continuing operations 1,406 19 1,399 5 Discontinued operations 50 Impairment of goodwill and other intangible assets: Continuing operations - 1,252 9,133 - Discontinued operations - 2,782 2,782 - - ----- ----- - Non-GAAP net loss (6,682) (4,401) (3,113) (14,034) ------ ------ ------ ------- Depreciation expense: Continuing operations 2,535 2,761 10,954 12,029 Discontinued operations 66 88 308 201 Amortization expense: Continuing operations 58 54 487 3,510 Discontinued operations - 210 742 1,129 Impairment of short- term investments - - 706 - Interest income (expense), net 57 39 (37) (794) Foreign currency translation (gain) loss, net 4,667 599 (11,096) (6,038) ----- --- ------- ------ Adjusted EBITDA $701 $(650) $(1,049) $(3,997) ==== ===== ======= ======= Non-GAAP net loss per share: Basic and diluted $(0.04) $(0.04) $(0.03) $(0.15) Shares used in computing Non-GAAP net loss per share: Basic and diluted 158,537 99,604 114,844 93,099 OCLARO, INC. RECONCILIATION OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES (unaudited, in thousands, except per share amounts) Three Months Ended Twelve Months Ended ------------------- -------------------- June 27, March 28, June 27, June 28, 2009 2009 2009 2008 --------- ---------- --------- --------- Reconciliation of GAAP gross margin rate to non-GAAP gross margin rate: GAAP gross profit: Continuing operations $16,581 $8,860 $46,498 $40,761 Discontinued operations $1,410 $2,029 $7,716 $12,212 Stock compensation included in cost of revenues: Continuing operations 279 265 1,168 2,130 Discontinued operations 24 25 104 133 --- --- --- --- Non-GAAP gross profit $17,991 $10,889 $54,214 $52,973 ======= ======= ======= ======= GAAP gross margin rate 24.8% 21.5% 22.0% 20.1% Non-GAAP gross margin rate 25.0% 23.2% 23.0% 22.5% Reconciliation of GAAP operating loss to non-GAAP operating loss: GAAP operating loss: Continuing operations $(7,561) $(9,050) $(34,811) $(29,894) Discontinued operations $(977) $(3,569) $(6,390) $(373) Stock-based compensation 1,133 1,062 4,436 8,812 Restructuring and related costs: Continuing operations 5,157 54 6,826 3,033 Discontinued operations 229 6 588 438 Legal settlements - 3,705 3,829 (2,882) Amortization of intangible assets: Continuing operations 58 54 487 3,510 Discontinued operations - 210 742 1,129 Impairment of goodwill and other intangible assets: Continuing operations - 1,252 9,133 - Discontinued operations - 2,782 2,782 - --- ----- ----- --- Non-GAAP operating loss $(1,961) $(3,494) $(12,378) $(16,227) ======= ======= ======== ========

Oclaro, Inc.

CONTACT: Jerry Turin, Chief Financial Officer of Oclaro, Inc.,
+1-408-383-1400, ir@oclaro.com; or Jim Fanucchi of Summit IR Group Inc.,
+1-408-404-5400, ir@oclaro.com, for Oclaro, Inc.

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

Advanced Energy Announces Second Quarter 2009 Results

FORT COLLINS, Colo., July 23 /PRNewswire-FirstCall/ -- Advanced Energy Industries, Inc. today announced financial results for the second quarter ended June 30, 2009.

Sales for the second quarter of 2009 were $35.6 million, a 9.2% increase from $32.6 million in the first quarter of 2009. Sales decreased 59.6% from $88.0 million in the second quarter of 2008.

Sales to the semiconductor market drove overall sales growth, increasing 27.3% sequentially to $12.2 million. Semiconductor equipment OEMs worked through their inventories and fabs increased utilization, reflecting what we believe is the beginning of the market recovery. With equipment sitting idle for the last few quarters, manufacturers' need for repairs and upgrades also grew, leading to a sequential increase of 14.2% in service and support revenues to $8.8 million, taking them to 24.8% of total sales. Sales to our non-semiconductor markets fell 5.0% to $14.6 million and represented 41.0% of total sales for the quarter. Strong orders during the quarter drove a sequential increase in our book to bill ratio to 1.06:1 from 0.87:1 in the first quarter of 2009 on a higher revenue base.

Higher revenues and the cost reduction efforts that have been implemented over the last several quarters resulted in improved gross margins of 22.3% in the second quarter, up from 19.6% in the first quarter of 2009. Gross margins decreased from 40.1% in the second quarter of 2008.

The second quarter net loss was $16.0 million or $0.38 loss per share, up from a net loss of $79.8 million or $1.90 loss per share in the first quarter of 2009, which included a non-cash goodwill impairment charge of $63.3 million or $1.51 loss per share. Net income was $5.9 million or $0.14 earnings per diluted share in the second quarter of 2008.

"We were pleased with the improvement in our second quarter results, which we believe points to signs of modest recovery in certain markets. For the first time in more than a year, sales to our semiconductor OEMs increased. Sales to our semi-related service business also grew, typically reflecting near-term modest growth in the semiconductor market," said Hans Betz, president and CEO.

"Our strong commitment to technology investment is fueling our diversification strategy. As such, we are very encouraged by the order momentum for our 500KW Solaron inverter. The successful launch of the 500KW Solaron demonstrates AE's commitment to technology development as we look to expand our product portfolio and our market presence."

Third Quarter 2009 Guidance

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

-- Sales of $40 million to $45 million -- Loss per share of $0.35 to $0.29 Second Quarter 2009 Conference Call

Management will host a conference call today, Thursday, July 23, 2009, at 5:00 pm Eastern Daylight Time to discuss Advanced Energy's financial results. Domestic callers may access this conference call by dialing (888) 713-4717. International callers may access the call by dialing (816) 650-2836. Participants will need to provide a conference passcode 19233458. For a replay of this teleconference, please call (800) 642-1687 or (706) 645-9291, and enter the passcode 19233458. The replay will be available through 12:00 a.m. Eastern Daylight Time, July 25, 2009. A webcast will also be available on the Investor Relations webpage at http://ir.advanced-energy.com/.

About Advanced Energy

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

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

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (in thousands, except per share data) Three Months Ended Six Months Ended ------------------ ---------------- June 30, March 31, June 30, -------- --------- -------- 2009 2008 2009 2009 2008 ---- ---- ---- ---- ---- Sales $35,567 $87,996 $32,627 $68,194 $176,883 Cost of sales 27,636 52,720 26,239 53,875 105,759 ------ ------ ------ ------ ------- Gross profit 7,931 35,276 6,388 14,319 71,124 22.3% 40.1% 19.6% 21.0% 40.2% Operating expenses: Research and development 10,742 13,762 11,098 21,840 26,847 Selling, general and administrative 10,166 13,955 9,395 19,561 28,423 Amortization of intangible assets 120 226 222 342 466 Impairment of goodwill - - 63,260 63,260 - Restructuring charges 739 393 3,396 4,135 1,067 ----- ----- ----- ----- ----- Total operating expenses 21,767 28,336 87,371 109,138 56,803 Income (loss) from operations (13,836) 6,940 (80,983) (94,819) 14,321 Other income, net 627 996 282 909 1,901 --- --- --- --- ----- Income (loss) from operations before income taxes (13,209) 7,936 (80,701) (93,910) 16,222 Provision (benefit) for income taxes 2,825 2,073 (938) 1,887 4,393 ----- ----- ---- ----- ----- Net income (loss) $(16,034) $5,863 $(79,763) $(95,797) $11,829 ======== ====== ======== ======== ======= Basic earnings (loss) per share $(0.38) $0.14 $(1.90) $(2.28) $0.27 Diluted earnings (loss) per share $(0.38) $0.14 $(1.90) $(2.28) $0.27 Basic weighted- average common shares outstanding 41,948 41,869 41,881 41,915 43,265 Diluted weighted- average common shares outstanding 41,948 42,290 41,881 41,915 43,686 CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) June 30, December 31, 2009 2008 ---- ---- (unaudited) ASSETS Current assets: Cash and cash equivalents $137,416 $116,448 Marketable securities 37,897 33,266 Accounts receivable, net 32,298 56,549 Inventories, net 39,809 46,659 Deferred income taxes 11,754 13,253 Other current assets 3,593 5,324 ----- ----- Total current assets 262,767 271,499 Property and equipment, net 29,385 31,322 Long-term investments - 30,401 Deposits and other 7,539 7,528 Goodwill and intangibles, net 6,055 72,918 Deferred income tax assets, net 8,993 6,969 ----- ----- Total assets $314,739 $420,637 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $7,736 $8,005 Other accrued expenses 20,346 23,928 ------ ------ Total current liabilities 28,082 31,933 Long-term liabilities 11,538 12,155 ------ ------ Total liabilities 39,620 44,088 Stockholders' equity 275,119 376,549 ------- ------- Total liabilities and stockholders' equity $314,739 $420,637 ======== ========

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http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com Advanced Energy Industries, Inc.

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

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

NTN Buzztime, Inc. Announces Appointment of Board Member Kenneth Keymer as Chief Operating Officer

CARLSBAD, Calif., July 23 /PRNewswire-FirstCall/ -- NTN Buzztime, Inc. (NYSE Amex: NTN) today announced that Kenneth L. Keymer, a member of the Company's Board of Directors, has been named to the Company's newly created role of Chief Operating Officer, effective July 27. Concurrent with the appointment, he will resign his position with the Board.

(Logo: http://www.newscom.com/cgi-bin/prnh/20080331/CLM183LOGO)

As COO, Mr. Keymer will be responsible for all operations related to selling to and servicing bars and restaurants. He will manage site sales, account management and all installation and service operations. He will report directly to Terry Bateman, the Company's Chief Executive Officer.

"Ken has made an immediate impact on our Board, and I have gained a lot of respect for him and his operational skills during these last several months," Mr. Bateman said. "His deep background in restaurant operations and dedication to superior service will serve us well in this newly created role, as he will work to ensure NTN achieves industry-leading operational and customer service excellence in support of our business strategy."

"I look forward to this opportunity to lead an effort to enhance NTN's operational effectiveness," Mr. Keymer said. "I am excited about our strategic direction and positioning as a leader in interactive entertainment. As COO, I will be able to contribute directly to the execution of that strategy."

Mr. Keymer has served as a member of the Board since November 2008 and has nearly 30 years of experience as an executive in large restaurant chain operations. He previously served as CEO of VICORP Restaurants between April 2007 and May 2008, where he oversaw the operations of 390 restaurants under the Baker's Square and Village Inn brand names, two commissaries and a dessert manufacturing operation. He led a senior executive team in developing sales- and profit-enhancing menu initiatives and prototype designs, successfully reducing losses and improving profitability. He had served as a member of VICORP's Board of Directors since July 2005 before additionally becoming CEO at the request of the Board of Directors and investors.

Mr. Keymer served as CEO of 1,800-unit AFC Enterprises between September 2005 and May 2007, having been President of that publicly traded company's Popeyes Chicken and Biscuits business segment between June 2004 and September 2005. In those capacities, he was instrumental in enhancing relations with the investment community, achieving new unit growth of approximately 10% per year, broadening the menu and leading the company through the crisis of Hurricane Katrina, which severely impacted one of its most important geographic regions. In the 1984 through 1986 period, he had been a Vice President of Popeyes.

Prior to June 2004, he was President, Co-CEO and Board member of Noodles & Company; President, COO and Board member of Sonic Corporation and its subsidiaries; Executive Vice President of Perkins Family Restaurants; Senior Vice President of Boston Chicken; Vice President of Taco Bell Corporation; V.P. Operations and Human Resources with Sambos Restaurants; and Director of Human Resources for Hardee's Food Systems. Prior to beginning his foodservice career in 1979, he held positions with the Office of the Chief of Naval Operations and the Defense Intelligence Agency. He holds an M.S.A in Information Technology from George Washington University and a B.S. in Engineering from the U.S. Naval Academy.

About NTN Buzztime, Inc.

NTN Buzztime, Inc., a leader in interactive entertainment for 25 years, is based in Carlsbad, CA. Buzztime is distributed in-home and out-of-home across broadband platforms including online, cable TV, satellite TV and in approximately 3,760 restaurants, sports bars and pubs throughout North America. Buzztime entertainment is also available on electronic games and in books. For more information, please visit http://www.buzztime.com/.

Buzztime is a proud member of the OVAB |Out-of-home Video Advertising Bureau.

Buzztime is a registered trademark of Buzztime Entertainment, Inc. and Playmaker is a registered trademark of NTN Buzztime, Inc.

Forward-looking Statements

This release contains forward-looking statements which reflect management's current views of future events and operations. These statements are based on current expectations and assumptions that are subject to risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include corporate governance matters, the risk of changing economic conditions, failure of product demand or market acceptance of both existing and new products and services and the impact of competitive products and pricing. Please see NTN Buzztime, Inc.'s recent filings with the Securities and Exchange Commission for information about these and other risks that may affect the Company. All forward-looking statements included in this release are based on information available to us on the date hereof. These statements speak only as of the date hereof, and NTN Buzztime, Inc. does not undertake to publicly update or revise any of its forward-looking statements, even if experience or future changes show that the indicated results or events will not be realized.

COMPANY CONTACT: Kendra Berger Chief Financial Officer NTN Buzztime, Inc. (760) 438-7400 CCG CONTACT: Mark Collinson Partner CCG Investor Relations (310) 954-1343

Photo: http://www.newscom.com/cgi-bin/prnh/20080331/CLM183LOGO
http://photoarchive.ap.org/
photodesk@prnewswire.com/ NTN Buzztime, Inc.

CONTACT: Kendra Berger, Chief Financial Officer of NTN Buzztime, Inc.,
+1-760-438-7400; or Mark Collinson, Partner of CCG Investor Relations,
+1-310-954-1343, for NTN Buzztime, Inc.

Web Site: http://www.buzztime.com/
http://www.ntn.com/

HSN's 'Mother of Invention' Joy Mangano Introduces Forever Fragrant(TM) Utilizing Innovative Breakthrough Technology in Home Fragrances-Launches nationwide exclusively on HSN and HSN.com Saturday, July 25th

ST. PETERSBURG, Fla., July 23 /PRNewswire-FirstCall/ -- Electronic retailer HSN, and successful inventor and entrepreneur Joy Mangano, today announced a revolutionary new home fragrance product, Forever Fragrant(TM), which has been proven to freshen the home and eliminate odors for up to two years. On Saturday, July 25th, HSN will offer a limited supply of this exclusive product as part of the world premier of the Forever Fragrant product line.

The secret to the new Forever Fragrant product is the inherent breathability of this scented plastic which allows it to continually work for up to two years and is primarily derived from plant sources and wood pulp, a natural and sustainable resource. "When I discovered this technology, I knew the application and development of it would revolutionize the home fragrance world," said legendary HSN on-air personality Joy Mangano. "I am so excited to give consumers a new sensory experience that will change the way they freshen rooms throughout their homes forever, and I am proud to say it has earned the Good Housekeeping seal."

The Forever Fragrant line will launch with four scents available - Forever Fragrant - Garden Fresh, Forever Fragrant - Tranquil Escape; Forever Fragrant - Vanilla Amber; and Forever Fragrant - Fresh Linen, all developed and tested by world-renowned, Swiss fragrance company Givaudan. Givaudan's world-renowned perfumers combined their creative talent and unique fragrances with proprietary mal-odor technology to deliver a revolutionary home fragrance product that effectively eliminates and removes odors. "We are very proud of our involvement in the development of the Forever Fragrant line," stated Cosimo Policastro, Executive Vice President, Fine Fragrances, Givaudan Fragrances Corporation. "This technology allows us to infuse the fragrance so it permeates consistently, and does so throughout a two-year period."

The Forever Fragrant products are ideal for eliminating garlic, onion and other food odors from the kitchen, musty smells from the bathroom, as well as dirty laundry smell, pet dander and smoke throughout the house.

On Saturday, July 25th, HSN will introduce Joy Mangano's new Forever Fragrant line with a limited offer. Each set will be sold with a hand-crafted glass vase, 32 matching scented sticks, and will be accompanied by two scented discs that can be used to freshen handbags, gymbags, luggage, drawers and closets and even shoes and sneakers!

About Joy Mangano

Who better to identify with the needs of a busy working mom than a busy working mom? Inventor and entrepreneur Joy Mangano -- creator of the Miracle Mop and Huggable Hangers , which have sold millions -- will help you solve your everyday household challenges with fun, functional and practical solutions, many of which have earned the coveted Good Housekeeping Seal. All of Joy's products are patented exclusively for premiers on HSN.

About Ingenious Designs, LLC

IDL is a subsidiary of HSN and was founded in 1991 by its president, Joy Mangano. Ms. Mangano is one of the most recognized and successful electronic retailing personalities in the industry today. With over 234 million sold, her famous Huggable Hangers are in homes across the country! The company is a leader in designing, inventing, and marketing innovative and unique products including the original Miracle Mop, My Little Steamer, and Clothes-it-All Luggage System. In addition, IDL has broadened its scope by managing and also designing product for the award-winning guitar virtuoso Esteban, icon and most celebrated super-model IMAN, Tennis Legend Serena Williams, world-renowned celebrity American Idol judge Paula Abdul, and chef and restaurateur Todd English, in the electronic retailing industry and infomercials.

About HSN:

HSN is an interactive lifestyle network and retail destination, offering a curated assortment of exclusive products combined with top brand names. HSN incorporates experts, entertainment, inspiration, solutions, tips and ideas to provide an entirely unique shopping experience for its customers. On HSN and hsn.com, customers will find exceptional selections in Health & Beauty (e.g. M. Asam, Carol's Daughter, Clarins, FusionBeauty, HoMedics, Italian Beauty, Andrew Lessman's Procaps, Lanc me, Serious Skin Care, ybf Cosmetics); Jewelry (e.g. Paula Abdul, Heidi Daus, R.J. Graziano, IMAN Global Chic, michaeLisa, Noir, Rarities: Fine Jewelry With Carol Brodie, Amedeo Scognamiglio, Tori Spelling, Serena Williams); Home/Lifestyle (e.g. Nate Berkus, Bissell, Colin Cowie, Dyson, Todd English, GreenPan with Thermolon, Emeril Lagasse, Joy Mangano, MoMA Design Store, Wolfgang Puck); Fashion/Accessories (e.g. Curations with Stefani Greenfield, Sam Edelman, Loulou de la Falaise, Carlos Falchi, Diane Gilman, Tina Knowles, Adrienne Landau, Sharif, Heidi Weisel,); and Electronics (e.g. Canon, Gateway, GE, HP, JVC, Kodak, LG, Sony).

HSN is available across all media including its TV network and hsn.com, which ranks in the top 30 of the top 500 internet retailers. HSN, the original shopping network, is an operating segment of HSN, Inc. .

HSN

CONTACT: Lisa Zupko, +1-727-872-5718, or Corinne Pipitone,
+1-212-730-7277

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

NetSuite Offers Sage Partners Major Incentives to Begin Growing Their Business on the NetSuite CloudFor Sage Channel Partners Concerned About Flagging Interest in On-Premise Solutions, NetSuite Offers Bright Future in the Cloud and 50% Margins

SAN MATEO, Calif., July 23 /PRNewswire-FirstCall/ -- NetSuite Inc. , a leading vendor of cloud computing business management software suites, today announced a new program offering current Sage partners in the U.S. and U.K. the opportunity to take their business to the Cloud by adding NetSuite products to their business practice at an industry-leading revenue share of 50% for the first twelve months. Sage channel partners will also receive dedicated training that has been customized for Sage implementation experts ready to capitalize on the substantial business opportunity represented by NetSuite's solutions for accounting / Enterprise Resource Planning (ERP), Customer Relationship Management (CRM) and Ecommerce. For details of the new NetSuite program for Sage channel partners and to sign up for the offer, visit http://www.netsuite.com/sagepartner.

NetSuite expects this program will find a warm reception in a Sage channel partner community wracked with fear, uncertainty and doubt about the future of on-premise applications and the ability of Sage to lead them to the new world of cloud computing. Demand for on-premise software is diminishing across the board; however Sage has yet to offer their channel partners a Software as a Service (SaaS) application which can be recommended to clients, forcing some partners to look elsewhere for SaaS solutions to complement their current business focus. Recent news of involuntary staff reductions at Sage and the abrupt bankruptcy of the company's leading reseller, MIS Group, are cause for additional concern among Sage channel partners.

The new program for Sage channel partners is available through September 30, 2009 to all current Sage channel partners in good standing, based on acceptance into the NetSuite Solution Provider Program. The 50% revenue share offer will apply to all new NetSuite subscriptions secured by the partner on one, two or three-year subscriptions.

"The last few years we've been looking for other products to add to our mostly Sage offerings," said Aric Shelko, President, Accession Technology (http://www.accessiontechnology.com/), a value-added reseller of Sage products, and a new NetSuite Solution Provider, based in Ridgewood, N.J. "In the future we expect to see an increase in companies moving toward the Software as a Service model. As a forward-thinking company, it made sense to choose NetSuite, clearly the leader in SaaS ERP. And while our expanding online lead generation is bringing clients to us from every corner of the U.S., NetSuite will save us resources in that it can be implemented, and accessed, from anywhere."

"NetSuite's Solution Provider Program and our recently launched SuiteCloud Developer Network give Sage partners valuable resources they need to succeed today and position them well for ongoing success as the growth in cloud computing explodes in the months and years to come," said Craig West, Vice President of Channel Sales at NetSuite.

NetSuite partners benefit from world-class support and training, as well as the accessibility to build and resell custom SuiteApps that extend NetSuite's cloud business platform into different vertical sectors. The revenue share offer only makes it easier for an existing Sage practice to quickly become profitable with NetSuite.

Software as a Service is forecasted to have a 19.4% compound annual growth rate (CAGR) through 2013, which is more than triple the total market CAGR of 5.2 %. (Source: Gartner Market Trends: Software as a Service, Worldwide, 2008-2013).

Customers are already switching from Sage solutions to NetSuite. Some recent examples include:

Integrated Motion: "As soon as my boss saw NetSuite, there was no doubt about it - it was such a huge improvement from where we had been with MAS 90," said Diane Hodgkins, Controller, Southeast Division at Integrated Motion (http://www.integratedmotion.com/), a manufacturer and distributor of components for industrial computers, motors, and other factory controls and hardware, based in Greensboro, N.C.

Opta Sports Data: "Since migrating from Sage Line 50 to NetSuite, our sales process has become much more closely integrated with the finance function. Our business is growing quickly, and we could not have responded to this growth without the robust functionality which NetSuite provides," said Patrick Murray, CFO of Opta Sports Data (http://www.optasportsdata.com/), Europe's leading compiler of sports performance data with offices in England, Germany and Italy.

Today, NetSuite also announced a special online event that will provide more details on this special offer for Sage partners. For more information on this event and to reserve your participation, please see the accompanying press release.

About NetSuite

NetSuite Inc. is a leading vendor of on-demand, integrated business management software suites for mid-sized businesses and divisions of large companies. NetSuite enables mid-market companies to manage core business operations in a single system, which includes accounting / enterprise resource planning (ERP), customer relationship management (CRM), and ecommerce. NetSuite's patent-pending "real-time dashboard" technology provides an easy-to-use view into up-to-date, role-specific business information.

For more information about NetSuite Inc., please visit http://www.netsuite.com/.

NOTE: NetSuite and the NetSuite logo, SuiteBundler, SuiteCloud, Suitelets and SuiteScript are registered service-marks or trademarks of NetSuite Inc.

(Logo: http://www.newscom.com/cgi-bin/prnh/20021024/SFTH024LOGO)

Photo: http://www.newscom.com/cgi-bin/prnh/20021024/SFTH024LOGO
http://photoarchive.ap.org/
PRN Photo Desk photodesk@prnewswire.com NetSuite Inc.

CONTACT: Mei Li of NetSuite Inc., +1-650-627-1063, meili@netsuite.com

Web Site: http://www.netsuite.com/
http://www.integratedmotion.com/
http://www.optasportsdata.com/
http://www.accessiontechnology.com/

NetSuite Hosts Online Event for Sage Channel Partners to Make Business Case for Cloud Computing Business SuitesEvent Will Show Sage Channel Partners A Path to Enable Them to Revitalize Their Sagging Revenues While Building a Bridge to Their Cloud Computing Future 50% Margins for Qualified Partners

SAN MATEO, Calif., July 23 /PRNewswire-FirstCall/ -- NetSuite Inc. , a leading vendor of cloud computing business management software suites, today announced the details of a special online event for Sage channel partners designed to make the business case for joining the NetSuite Solution Provider program. The event, Running Your Business in the NetSuite Cloud, will offer details on how qualifying partners can earn up to a 50% margin for offering NetSuite products. In addition, NetSuite will showcase how NetSuite's on-demand Financial / Accounting, Customer Relationship Management (CRM) and Ecommerce solutions provide both a compelling and predictable revenue stream, as well as a bridge to a cloud computing future, which has a growth rate that is rapidly outpacing that of packaged, on-premise software.

This one-hour NetSuite web seminar will be held Thursday, August 20, 2009, at 11:00 a.m. (PDT) / 2:00 p.m. (EDT). To register, please visit http://www.netsuite.com/sagepartner.

More and more businesses are turning to NetSuite to meet their business management software needs. NetSuite posted 41% revenue growth in 2008, which sharply contrasts with the lackluster performance of traditional on-premise solutions that generally have shown flat or declining revenue over the past year. Sage, for example, saw its software and software-related services growth decline by 15% (Source: Interim Results, 6 months ended March 31, 2009 by Sage).

Launched in 2002, the NetSuite Solution Provider Program has attracted a group of high-quality partners. Since joining NetSuite, they have been enjoying the benefits of the NetSuite cloud computing platform that has helped them manage their businesses during the turbulent economy:

-- NetSuite solution providers have leveraged NetSuite's recurring revenue model that has bolstered their financial security in the economic downturn. -- With NetSuite's cutting-edge financial functionality, NetSuite solution providers have been offering a compelling and competitive solution to their customers and prospects, including real-time dashboards and business intelligence, real-time workflow and approval management, multi-entity business management with financial consolidation. -- NetSuite solution providers have low cost of operations and high customer satisfaction. -- NetSuite solution providers have been able to capture new business opportunities faster by monetizing and capitalizing on their vertical and business process intellectual property using NetSuite's SuiteCloud Developer Platform.

Unlike other on-premise software vendors, NetSuite has only a single code base to maintain and innovate in operating its NetSuite on-demand service, so NetSuite customers get all the benefit of a highly focused R&D effort designed to help them leverage and grow their investment.

For more information about NetSuite Inc., please visit http://www.netsuite.com/.

NOTE: NetSuite, the NetSuite logo, and SuiteCloud, are registered service-marks or trademarks of NetSuite Inc.

(Logo: http://www.newscom.com/cgi-bin/prnh/20021024/SFTH024LOGO)

Photo: http://www.newscom.com/cgi-bin/prnh/20021024/SFTH024LOGO
http://photoarchive.ap.org/
PRN Photo Desk photodesk@prnewswire.com NetSuite Inc.

CONTACT: Mei Li of NetSuite Inc., +1-650-627-1063, meili@netsuite.com

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

Trintech Group Plc's Annual General Meeting for 2009 Chairman's Updating Statement

DUBLIN, July 23 /PRNewswire-FirstCall/ -- Trintech Group Plc , a leading global provider of integrated financial governance, risk management, and compliance solutions, today held its 10th Annual General Meeting (AGM) as a public company in Dublin, Ireland.

At the AGM, Cyril McGuire, Chairman and CEO, welcomed the approval by shareholders of all the ordinary and special resolutions including the approval of the share buy-back agreement with First Analysis Securities Corporation. The timing and amount of any repurchase by Trintech under the share buy-back programme will be dependent upon market conditions, securities law limitations and other corporate considerations.

Mr. McGuire said, "Following a solid performance in FY09, Trintech is on track to achieve a strong EBITDA net income growth in the current trading year. The company is well positioned with over 65% recurring revenues, good operating cash generation and a strong balance sheet with $17 million cash with no debt or borrowings, to capitalize on future market opportunities as the global economy recovers."

About Trintech Group

Trintech Group Plc is a leading global provider of integrated financial governance, transaction risk management, and compliance solutions. The Company enables companies to achieve excellence in financial governance and performance management through a comprehensive platform of account reconciliation, accounting compliance, and financial reporting applications across the financial lifecycle.

Over 600 leading global organizations are realizing the benefits of Trintech solutions every day to gain greater control, visibility, and efficiency across financial processes; improve financial performance through stronger management of revenue and cost cycles; ensure the accuracy and integrity of financial data, thereby reducing the risk of material weaknesses and restatements and to drive immediate efficiencies and cost reductions in financial operations through automation and scalability. Trintech's customers include retail chains, commercial companies, financial institutions and healthcare providers in the United States, the UK and the Republic of Ireland, continental Europe and Australia. Customers who have used our software in recent years include Ericsson, Blackstone Group, Regis Corporation, Providence Health Systems and Cleveland Clinic Foundation.

For more information on how Trintech can help you increase confidence in business performance and reduce financial risk, please contact us online at http://www.trintech.com/ or at our principal business office in Addison, Texas, or through an international office in Ireland, the United Kingdom, or the Netherlands.

Trintech - 15851 Dallas Parkway, Suite 900 - Addison, TX 75001 - Tel 1 972 701 9802 Trintech UK Ltd. - Warnford Court, 29 Throgmorton St. - London EC2N2AT, UK - Tel +44 (0) 20 7628 5235 Trintech Technologies - Block C, Central Park - Leopardstown, Dublin 18, Ireland - Tel +353 1 293 9840 Trintech - Cypresbaan 9 - 2908 LT Capelle a/d Ijssel, The Netherlands - Tel +31 (0) 10 8507 474 Contact: Paul Byrne President Trintech Group plc T. +353 1 293 9840 E. paul.byrne@trintech.com

Trintech Group Plc

CONTACT: Paul Byrne, President of Trintech Group plc, +353 1 293 9840,
paul.byrne@trintech.com

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

Verizon's International Single Rate Calling Plan Customers In the East Can Now Go Online at Verizon.com to Keep Track of Their UsagePlan Offers 300 to 500 Minutes of International Long-Distance Calling to 118 Countries; Low Rates Comparable to Those of Prepaid Calling Cards

NEW YORK, July 23 /PRNewswire/ -- Verizon customers in the East who have the Verizon International Single Rate calling plan now can easily keep track of how many minutes they've used. All they need to do is go to http://www.verizon.com/ and log in to "Manage Your Account."

The Verizon International Single Rate plan allows Verizon customers in the U.S. to purchase 300 minutes (five hours) or 500 minutes (more than eight hours) of calls from their home landline phone to 118 countries. The countries include those that are called most frequently: Mexico, the United Kingdom, the Philippines, Italy, Germany and Israel. (Unlimited calls to Canada are included in Verizon's Freedom calling plans.)

"International calling plans are in high demand by our customers who make numerous international calls to keep in touch with family, friends or business associates," said Eddie Googe, director of consumer voice products for Verizon. "This new capability will allow our customers to easily monitor their usage online so they can manage within their included plan minutes or upgrade their package based on their calling needs."

For details on the number of minutes used, customers can log in to "Manage Your Account" on Verizon.com, click on the "My Services" tab and then click on "View Home Plan Details." Customers can also view their minutes usage for the prior month. The usage-monitoring feature is currently available to Verizon International Single Rate plan customers in Connecticut, Delaware, Maryland, Massachusetts, New Jersey, New York, Pennsylvania, Rhode Island, Virginia, West Virginia and Washington, D.C.

(Note: Go to http://newscenter.verizon.com/assets/igallery/vz-isr-ck-mins-screen-shots.pdf to view screen shots of the monitoring feature.)

All Verizon customers can visit http://www.verizon.com/ and use the online feature to review their account statements and pay their Verizon bills.

Customers with a Verizon Freedom voice plan can add the Verizon International Single Rate plan for $10 per month for 300 minutes or $15 per month for 500 minutes.* The Verizon Freedom Essentials plan is a common component of Verizon's bundled offerings of voice, broadband Internet and video 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.

Verizon's landline network is 99.9 percent reliable, and on average carries more than 8 million international calls per month. In a study conducted by KRC Research for Verizon, nearly 100 percent of respondents said voice quality, audio volume, voice clarity and tone are important reasons why they prefer to place calls from a fixed landline phone.

Customers with the Verizon International Single Rate plan who exceed their minutes, call "premium numbers," such as wireless phone numbers served by a cellular carrier in another country, or call countries not included in the plan will pay additional charges at competitive rates on a per-minute-of-use basis.

Existing Verizon customers and new customers interested in the Verizon International Single Rate plan 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.

For more information on Verizon's broad range of products and services for the home, including television and broadband (Internet) service, or to learn about other international calling plans, visit http://www.verizon.com/.

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

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: Media, Ellen Yu of 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

/R E P E A T -- CGI to release third quarter fiscal 2009 results on July 29/Stock Market Symbols GIB.A (TSX) GIB (NYSE) www.cgi.com/newsroom

MONTREAL, July 15 /PRNewswire-FirstCall/ -- CGI Group Inc. (TSX: GIB.A; NYSE: GIB) will release results for its third quarter fiscal 2009, ended June 30, 2009, on Wednesday, July 29, 2009 before the markets open. Management will host a conference call and question-and-answer session to discuss earnings at 9:00 a.m. (EDT). Participants will include Michael E. Roach, President and Chief Executive Officer, as well as David Anderson, Executive Vice-President and Chief Financial Officer.

Who: CGI Group Inc. What: Third Quarter Fiscal 2009 Results When: Wednesday, July 29, 2009 at 9:00 a.m. (EDT) Conference Call: 1- 866-223-7781 Webcast: A live webcast of the quarterly results conference call may be accessed through the Company's website http://www.cgi.com/investors where a replay will also be archived. Listeners should allow ample time to access the webcast. As well, reference slides will be available for download shortly before the beginning of the call. Podcast: An MP3 version will be available for download later in the day. RSS Feed: Subscribe via our site to receive the latest news releases and podcasts: http://www.cgi.com/web/en/media_room/rss_podcast_feeds.htm. About CGI

Founded in 1976, CGI Group Inc. is one of the largest independent information technology and business process services firms in the world. CGI and its affiliated companies employ approximately 25,500 professionals in over 100 offices across 16 countries. CGI provides end-to-end IT and business process services to clients worldwide from offices in Canada, the United States, Europe, Asia Pacific as well as from centers of excellence in North America, Europe and India. CGI's annual revenue run rate stands at $3.8 billion and at March 31, 2009, CGI's order backlog was $12.0 billion. CGI shares are listed on the TSX (GIB.A) and the NYSE (GIB) and are included in the S P/TSX Composite Index as well as the S P/TSX Capped Information Technology and MidCap Indices. Website: http://www.cgi.com/.

CGI GROUP INC.

CONTACT: Colin Brown, Specialist, Communications and Investor Relations,
(514) 841-3634, colin.brown@cgi.com

Storage-as-a-Service Cloud Offer and Innovative Small Business Bundles Highlight Busy Second Quarter 2009 for AT&T Business SolutionsTelepresence Solution Enhancements and Global Expansion Deliver Additional Benefits to Business Customers

DALLAS, July 23 /PRNewswire-FirstCall/ -- AT&T* Business Solutions ended an active second quarter that saw the introduction of a utility-based, storage-as-a-service offer, the industry's first small business bundle for wired and wireless service starting at under $100, and an AT&T Telepresence Solution offer with multi-point encryption features for greater security.

The unit also increased its commitment to smart grid technology through an agreement with Cooper Power Systems to jointly market and sell to utility companies smart grid sensor devices that are certified on AT&T's wireless data network. The agreement expanded AT&T's smart grid technology capabilities in the M2M (machine to machine) space by enabling wireless technology to streamline business processes and provide near real-time monitoring of energy assets.

AT&T also enhanced its digital media solutions portfolio with the launch of AT&T private content distribution service, a fully manage solutions that simplifies the delivery of rich media content behind the corporate firewall.

Globally, the business unit announced a number of strategic agreements with telecom service providers in key regions, expanding its worldwide reach and its capabilities to service multinational customers. Among them were a "go-to-market" agreement to develop and deploy telecommunications solutions with TDC, the leading provider of communications solutions in Denmark and a strong player in the Nordic business market, and a memorandum of understanding with Telkom South Africa, a leading provider of telecommunications services in Africa. In April, the business unit further increased its strategic commitment to the Middle East and Africa with the opening of a new regional headquarters office in Dubai Internet City.

"We have continued to invest in the innovative solutions, portfolio enhancements, applications services and strategic global initiatives to meet our customers' needs," said Ron Spears, President and CEO of AT&T Business Solutions. "These milestones are further proof that AT&T is making good on its commitment to provide customers with the network-driven capabilities and applications they need to compete in a difficult economic environment."

AT&T Business Solutions provides networking services and solutions for business customers and organizations globally. Its customers include every company listed in the Fortune 1000; large, midsize, and small businesses; wholesale customers; and U.S. governmental agencies.

Other second quarter updates to AT&T Business Solutions enterprise portfolio include:

Voice Over IP (VoIP) -- AT&T Voice DNA Wireless Integration Mailbox: AT&T Voice DNA voicemail subscribers who also subscribe to AT&T wireless service from the same service area can now use a single, integrated mailbox for easy maintenance. Messages delivered to the integrated mailbox show a message waiting indicator on both the AT&T Voice DNA phone and the AT&T wireless phone, in addition to messages appearing on the AT&T Voice DNA personal web page. AT&T offers the service in the West, Midwest, and Southwest regions of the U.S., and in Northern New Jersey, New York City and Philadelphia. AT&T expects to make the service available to many locations throughout the Southeastern U.S. later in the year. -- New Network Access Options: AT&T now provides new network access options for AT&T Voice DNA, AT&T IP Toll Free and AT&T IP Flexible Reach customers using Multi-Link Point-to-Point Protocol (MLPPP) and Ethernet connections. This provides an optimal, efficient way to implement VoIP services on bandwidths between T1 and Fractional T3 when using MLPPP and up to 1GigE when using Ethernet MIS/PNT. Ethernet MIS/PNT customers can add any of AT&T's business VoIP services listed above. These options provide more flexibility in access choices, enhanced performance and reliability and expanded reach due to build-out of optical fiber networks in large metropolitan areas. -- Multiple IP Addresses on AT&T IP Flexible Reach: AT&T IP Flexible Reach now supports sites that have IP PBX clustered configurations. Customers can select up to five multiple VoIP signaling addresses while the media address can be shared. This allows PBX cluster support which provides redundancy. If one IP PBX is out of service, then another PBX can pick up the traffic. -- CPE Certification with AT&T's IP Toll-Free Services: Customers have an expanded set of customer premise equipment and platforms that will support their AT&T IP Toll-Free Service. AT&T continues to expand on our list of certified equipment for use with our IP Toll-Free Services. The platforms below have been certified with AT&T IP Toll Free Service: -- Acme Packet Net-Net SBCs -- Cisco UCM7 with Cisco Cube 1.2 -- Genesys SIP Service (GSS) R7.6 -- Genesys Voice Platform (GVP) R7.6 -- Interactive Intelligence IP PBX including IVR capability V3.0 -- Nortel(TM) CS1000 R5.5 with Contact Center Software Data Services -- Inside Wire Connections: New solutions are available for customers requiring inside wire connections to AT&T MIS, PNT, AVPN, EPL and P/L services. Solution options now cover the range from complex, custom configurations to simple, transactional inside wiring. Customers with basic wiring and cable services can contract with AT&T's approved third party vendor for quick turnaround services. This complements the existing solutions for customized installation projects which may involve an AT&T Project Manager to manage the entire deployment. This provides a more comprehensive solution for inside wiring, significantly improving the customer experience. Collaboration -- AT&T Telepresence Solution: AT&T is the first service provider to have its managed telepresence solution certified by the Cisco Managed Services Channel Program. In addition, AT&T recently received three awards from Cisco at its annual Partner Summit including Managed Service Partner of the Year and Public Sector Service Provider of the Year. Hosting and Applications Services: -- Enhanced Service Level Agreements: AT&T increased service level agreements (SLA's) for its Enterprise Hosting Services including SLA's for Colocation, Managed Hosting Services, and Remote Infrastructure Management. Specifically, the new SLAs are: -- Facilities components (power, HVAC, and redundant network) have been increased from 99.99% to 99.999% (non-redundant network has been increase from 99.9% to 99.99%) -- All Managed Services (High Availability) components have been increased from 99.8%/99.9% to 99.99% -- All Managed Services (Standard Availability) components have been increased from 99.7% to 99.9%

AT&T has also simplified and consolidated service credits associated with its Enterprise Hosting Services SLA's.

-- AT&T Visualizer Version 7.0: AT&T's Managed Hosting and Application Services customers now have an improved tool for viewing key information about their infrastructure and network. AT&T Visualizer Version 7.0 contains such new features as a landing page with color-coded alarms showing severity and fault ticket status, icons to identify devices at a glance, plus easy access to favorites and frequently used queries. The Visualizer is easier to navigate thanks to new pop-up menus, a bread crumb navigation feature, and an online user guide with "about this page" details. The tool is accessible via the award-winning BusinessDirect portal and via an iPhone for customers on the go. ABS Second-Quarter 2009 Announcements

During the second quarter 2009, the AT&T Business Solutions unit issued these press releases (from most recent):

Herff Jones Expands its Reach with AT&T Wireless Solutions (June 30, 2009)

Wireless Services Give Greater Accessibility to Herff Jones Employees and Mobile Sales Force

http://www.att.com/gen/press-room?pid=4800&cdvn=news&newsarticleid=26898

Republic Services Inks $13.5 Million Deal for AT&T Network Services (June 30, 2009)

http://www.att.com/gen/press-room?pid=4800&cdvn=news&newsarticleid=26896

AT&T and TDC Build Alliance to Deliver Comprehensive 'Local To Global' Services in Nordics (June 26, 2009)

Agreement Delivers Greater Global Connectivity to Nordic Business and Enhances AT&T's Local Reach in Key Growth Region

http://www.att.com/gen/press-room?pid=4800&cdvn=news&newsarticleid=26888

AT&T to Provide Managed Data Network and Security Services to Amtrak (June 26, 2009)

National railroad to help protect data network with AT&T Managed Security Services

http://www.att.com/gen/press-room?pid=4800&cdvn=news&newsarticleid=26887

AT&T and Cooper Power Systems to Offer Wireless Smart Grid Sensors (June 24, 2009)

AT&T Extends M2M Communications Offerings with Latest Smart Grid Technology

http://www.att.com/gen/press-room?pid=4800&cdvn=news&newsarticleid=26874

Celestica Recognizes AT&T Global Services Canada with a 2008 Total Cost of Ownership Supplier Award (June 16, 2009)

http://www.att.com/gen/press-room?pid=4800&cdvn=news&newsarticleid=26867

AT&T Extends Fleet Management Offerings with Trimble GeoManager (June 16, 2009)

Trimble GeoManager Helps Improve Tracking and Management of Mobile Assets and Workers

http://www.att.com/gen/press-room?pid=4800&cdvn=news&newsarticleid=26863

AT&T Announces New Enhancements to its Managed Telepresence Solution (June 10, 2009)

New AT&T Telepresence Solution Features Include Multi-Point Encryption for Greater Security

http://www.att.com/gen/press-room?pid=4800&cdvn=news&newsarticleid=26856

AT&T Webinar to Offer Tips on Building and Growing a Small Business (June 5, 2009)

Susan Wilson Solovic, CEO of SBTV.com, Provides Helpful Tools and Advice for Small Business Owners and Entrepreneurs

http://www.att.com/gen/press-room?pid=4800&cdvn=news&newsarticleid=26851

SCHOTT Selects AT&T to Power Global Network in $14 Million Agreement (June 3, 2009)

AT&T to connect SCHOTT locations worldwide to deliver advanced IT services and IP based applications

http://www.att.com/gen/press-room?pid=4800&cdvn=news&newsarticleid=26849

AT&T Launches Industry-First Small Business Wireless-Wired Bundle Priced at Under $100 (June 3, 2009)

'All for Less' Offer Features Wireless, High Speed Internet, and Unlimited Local and Long Distance Voice Services on One Consolidated Bill

http://www.att.com/gen/press-room?pid=4800&cdvn=news&newsarticleid=26847

AT&T Reduces Environmental Impact and Delivers Savings of More than (US) $100,000 by Hosting Regional Customer Meeting Via Telepresence (June 1, 2009)

AT&T Demonstrates Practical Benefits of Immersive "face to face" Video Collaboration Systems

http://www.att.com/gen/press-room?pid=4800&cdvn=news&newsarticleid=26843

AT&T Study: Business Continuity Planning Evolves with Emerging Technologies (June 1, 2009)

Despite Economy, Study Finds Investment in New Technologies Will Continue in 2009

http://www.att.com/gen/press-room?pid=4800&cdvn=news&newsarticleid=26842

AT&T Study: Eight in 10 Southern California Businesses Ready for Mudslides, Fires, and Other Disasters (June 1, 2009)

IT Execs Continue to Invest in Backup Systems and New Technologies, But Many Concerned About Increasing Use of Social Networking Capabilities

http://www.att.com/gen/press-room?pid=4800&cdvn=news&newsarticleid=26841

AT&T Study: 70 Percent of Detroit Companies Investing in New Technology in 2009 (June 1, 2009)

Despite Lower Budgets, Motor City Executives Investing in Business Continuity Planning, Addressing Potential Mobile and Social Networking Threats

http://www.att.com/gen/press-room?pid=4800&cdvn=news&newsarticleid=26840 Apollo Group Goes Wireless with AT&T (May 21, 2009)

Three-year Agreement for Services Inked; Apollo to Participate in Cell Phones for Soldiers Recycling Program

http://www.att.com/gen/press-room?pid=4800&cdvn=news&newsarticleid=26830

AT&T Small Business Resource Recognized for Leadership and Innovation in Overall Online Customer Experience (May 20, 2009)

AT&T Onward Small Biz Web Site Leads Telecom Industry with Interactive Courses and Robust Multimedia

http://www.att.com/gen/press-room?pid=4800&cdvn=news&newsarticleid=26828

AT&T Commences Provisioning of AT&T Telepresence Solution in China (May 19, 2009)

AT&T Works with Local Service Providers to Offer Fully Managed Services to Enable New Way to Collaborate and Drive Business Productivity

http://www.att.com/gen/press-room?pid=4800&cdvn=news&newsarticleid=26824

AT&T to Deliver Cloud-Based "Storage-as-a-Service" Offer to Enterprise Customers (May 18, 2009)

AT&T Synaptic Storage as a Service Gives Customers Control over Data Storage to Customize a "Data Depot" in the AT&T Network Cloud

http://www.att.com/gen/press-room?pid=4800&cdvn=news&newsarticleid=26821 AT&T Honors Suppliers for Outstanding Performance (May 13, 2009) http://www.att.com/gen/press-room?pid=4800&cdvn=news&newsarticleid=26785 AT&T Bolsters Pan-European Disaster Recovery Resources (May 12, 2009)

$7.5 million investment since 2006 adds significant technology and equipment in EMEA

http://www.att.com/gen/press-room?pid=4800&cdvn=news&newsarticleid=26807

AT&T Study: Nine in 10 Florida Businesses Ready for the 2009 Atlantic Hurricane Season (May 7, 2009)

IT Execs Continue to Invest in Backup Systems and New Technologies http://www.att.com/gen/press-room?pid=4800&cdvn=news&newsarticleid=26801 AT&T and BSH Renew Worldwide Network Agreement (May 7, 2009) http://www.att.com/gen/press-room?pid=4800&cdvn=news&newsarticleid=26800

Swift Transportation Selects AT&T as Primary Communications Provider (May 5, 2009)

http://www.att.com/gen/press-room?pid=4800&cdvn=news&newsarticleid=26790

The Hertz Corporation and AT&T Ink Three-Year Wireless Contract to Support Connect by Hertz Car Sharing Services (April 30, 2009)

http://www.att.com/gen/press-room?pid=4800&cdvn=news&newsarticleid=26783

AT&T Enables School District to Track Bus, Vehicle Fleet, Boost Student Safety, Decrease Costs (April 28, 2009)

AT&T Wireless Network Provides Real-Time Monitoring of HISD Fleet http://www.att.com/gen/press-room?pid=4800&cdvn=news&newsarticleid=26774

AT&T Positioned in the Leaders Quadrant in 'Magic Quadrant for Asia/Pacific Network Service Providers' Report (April 27, 2009)

Company Evaluated Among Asia-Pacific Network Service Providers http://www.att.com/gen/press-room?pid=4800&cdvn=news&newsarticleid=26773

AT&T Launches Podcast Series with Advice on Keeping Applications Tuned Up (April 23, 2009)

Subject Matter Experts Say Now is the Time to Prepare for Economic Recovery

http://www.att.com/gen/press-room?pid=4800&cdvn=news&newsarticleid=26762

Kansas City Royals, AT&T and Cisco Deliver Innovative and New Sports Viewing Experience to Fans in Kauffman Stadium (April 23, 2009)

http://www.att.com/gen/press-room?pid=4800&cdvn=news&newsarticleid=26764

AT&T Business Solutions Delivers on Network Investments in First Quarter 2009 (April 22, 2009)

Portfolio Enhancements Provide Strong Platform for Service Customers in '09

http://www.att.com/gen/press-room?pid=4800&cdvn=news&newsarticleid=26761

AT&T Unveils Fully Managed "Private Network" Content Distribution Solution (April 21, 2009)

"Behind The Firewall" Service Delivers Rich Video, Web Content To Companies

http://www.att.com/gen/press-room?pid=4800&cdvn=news&newsarticleid=26740

AT&T Positioned in the Leaders Quadrant of the Magic Quadrant for Managed Security Services (April 20, 2009)

http://www.att.com/gen/press-room?pid=4800&cdvn=news&newsarticleid=26750 AT&T to Manage SAP Applications for Wawa (April 20, 2009) Wawa Expects to Reduce IT Costs with AT&T Solution http://www.att.com/gen/press-room?pid=4800&cdvn=news&newsarticleid=26748 Telkom and AT&T Announce Strategic Agreement (April 16, 2009)

Companies Aim to Extend AT&T's Global Networking Reach to Sub-Saharan Africa and Boost Telkom's Strategy to Grow a Strong ICT Footprint on the Continent

http://www.att.com/gen/press-room?pid=4800&cdvn=news&newsarticleid=26738 AT&T Opens New Office in Dubai Internet City (April 15, 2009)

New regional headquarters underscores AT&T's strategic commitment to the Middle East & Africa

http://www.att.com/gen/press-room?pid=4800&cdvn=news&newsarticleid=26726

AT&T Wins Billing & OSS World Excellence Award for Customer Care (April 15, 2009)

http://www.att.com/gen/press-room?pid=4800&cdvn=news&newsarticleid=26724

AT&T Moves Affordable Call Center Capabilities into the Network with New Hosted Service (April 15, 2009)

Businesses of All Sizes Can Have Call Routing Capabilities and Flexible Capacity without Up-front Capital Costs for New Equipment

http://www.att.com/gen/press-room?pid=4800&cdvn=news&newsarticleid=26723

AT&T to Enhance Air Products' Wireless Connectivity at Global Headquarters (April 9, 2009)

http://www.att.com/gen/press-room?pid=4800&cdvn=news&newsarticleid=26714 AT&T BusinessDirect Celebrates 10th Anniversary (April 7, 2009)

AT&T's Award-winning Customer Portal Continues Its Industry-leading Innovations

http://www.att.com/gen/press-room?pid=4800&cdvn=news&newsarticleid=26710

AT&T Accepting Applications for 2009 Big Mobile On Campus Challenge (April 1, 2009)

Second Annual Contest to Award one $10,000 Scholarship for the Most Innovative & Creative Mobile College Application

http://www.att.com/gen/press-room?pid=4800&cdvn=news&newsarticleid=26677

*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. With a powerful array of network resources that includes the nation's fastest 3G network, AT&T is a leading provider of wireless, Wi-Fi, high speed Internet and voice services. AT&T offers the best wireless coverage worldwide, offering the most wireless phones that work in the most countries. It also offers advanced TV services under the AT&T U-verse(SM) and AT&T |DIRECTV(SM) brands. The company's suite of IP-based business communications services is one of the most advanced in the world. In domestic markets, AT&T's Yellow Pages and YELLOWPAGES.COM organizations are known for their leadership in directory publishing and advertising sales. In 2009, AT&T again ranked No. 1 in the telecommunications industry on FORTUNE 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 AT&T Intellectual Property. All rights reserved. 3G service not available in all areas. 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.

Cautionary Language Concerning Forward-Looking Statements

Information set forth in this news release contains financial estimates and other forward-looking statements that are subject to risks and uncertainties, and actual results may differ materially. A discussion of factors that may affect future results is contained in AT&T's filings with the Securities and Exchange Commission. AT&T disclaims any obligation to update or revise statements contained in this news release based on new information or otherwise.

AT&T Inc.

CONTACT: Michael Lordi, +1-908-234-6071, Mobile, +1-908-329-4854,
mlordi@attnews.us, for AT&T; or Janet Wyles of AT&T, +1-908-234-6067, Mobile,
+1-732-331-6754, wyles@att.com

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

Marvell Appoints Thomas Savage as Vice President, Worldwide Legal Affairs and Governmental Policy

SANTA CLARA, Calif., July 23 /PRNewswire-FirstCall/ -- Marvell , a leader in storage, communications, and consumer silicon solutions, today announced that Thomas Savage has been appointed as the Company's new Vice President, Worldwide Legal Affairs and Governmental Policy, reporting to Sehat Sutardja, Chief Executive Officer. In this new role Mr. Savage will provide guidance to senior management and the board of directors with respect to legal and governmental policy issues.

(Logo: http://www.newscom.com/cgi-bin/prnh/20070411/SFW034LOGO)

"Tom has extensive experience providing legal counsel to high growth technology companies with expanding international operations, including Marvell," said Dr. Sehat Sutardja, Marvell President, Chairman and Chief Executive Officer. "I am confident that his past experience and his knowledge related to corporate governance and compliance will help guide him in assisting the management team to take Marvell to the next level of success."

Prior to joining Marvell, Mr. Savage spent more than ten years with Wilson Sonsini Goodrich & Rosati, P.C. where he attained the position of partner. There his specialties included public company compliance, mergers and acquisitions, technology and commercial transactions, and legal counsel for international operations, particularly in China. He also served briefly as Interim General Counsel for Marvell. Mr. Savage holds a J.D. with honors from the University of Chicago Law School and a B.A. in political science, cum laude general studies, from Harvard College. He has been admitted to both the California and Illinois bars and is a member of the board of directors for the Singapore America Business Association.

About Marvell

Marvell is a leader in the development of storage, communications, and consumer silicon solutions. The company's diverse product portfolio includes switching, transceiver, communications controller, wireless, and storage solutions that power the entire communications infrastructure including enterprise, metro, home, and storage networking. As used in this release, the terms "company" and "Marvell" refer to Marvell Technology Group Ltd. and its subsidiaries. For more information, visit http://www.marvell.com/.

Marvell Media Relations Diane Vanasse Tel: 408-222-5198 dvanasse@marvell.com

Photo: http://www.newscom.com/cgi-bin/prnh/20070411/SFW034LOGO
http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com Marvell

CONTACT: Diane Vanasse, Media Relations of Marvell, +1-408-222-5198,
dvanasse@marvell.com

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

Perot Systems to Webcast Second Quarter 2009 Results of Operations on August 4

PLANO, Texas, July 23 /PRNewswire-FirstCall/ -- Perot Systems Corporation today announced that the company will webcast a conference call with senior management on Tuesday, August 4, 2009 at 10:15 a.m. (EDT) to discuss the Second Quarter 2009 Results of Operations. 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.

INVESTOR CONTACT: John Lyon phone: (877) PER-NYSE fax: (972) 577-6791 Invest@ps.net MEDIA CONTACT: Joe McNamara phone: (972) 577-6165 fax: (972) 577-4484 joe.mcnamara@ps.net

Perot Systems Corporation

CONTACT: Investors, John Lyon, 1-877-PER-NYSE, fax, +1-972-577-6791,
Invest@ps.net, or Media, Joe McNamara, +1-972-577-6165, fax, +1-972-577-4484,
joe.mcnamara@ps.net, both of Perot Systems Corporation

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

LivePerson to Announce Second Quarter 2009 Financial Results on Tuesday, August 4, 2009

NEW YORK, July 23 /PRNewswire-FirstCall/ -- LivePerson, Inc. , a provider of online engagement solutions that facilitate real-time assistance and expert advice, will discuss its second quarter 2009 financial results during a teleconference on Tuesday, August 4, 2009, at 5:00 p.m. ET. Results will be released after the market close on August 4.

To participate, please call 877-507-3684 before 5:00 p.m. ET. International callers, please dial 706-634- 9559. Please reference the conference ID "21747505."

If you are unable to participate, the teleconference will be available for replay at 6:00 p.m. ET on August 4, 2009 until November 4, 2009. To access the replay, please call 800-642-1687 (U.S. and Canada) or 706-645-9291 (international). Please reference the conference ID "21747505."

About LivePerson

LivePerson is a provider of online engagement solutions that facilitate real-time assistance and expert advice. Connecting businesses and experts with consumers seeking help on the Web, LivePerson's hosted software platform creates more relevant, compelling and personalized online experiences. Every month, LivePerson's intelligent platform helps millions of people succeed online; more than 7,000 companies, including EarthLink, Hewlett-Packard, Microsoft, Qwest, and Verizon, rely on LivePerson to maximize the impact of the online channel. LivePerson is headquartered in New York City.

LivePerson, Inc.

CONTACT: Kevin Kohn of LivePerson, +1-212-609-4240,
kkohn@liveperson.com; or Budd Zuckerman of Genesis Select Corp.,
+1-303-415-0200, budd@genesisselect.com

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

3G Wireless: More Coverage in Palos Verdes, CaliforniaNew Verizon Wireless cell site also adds capacity to stay ahead of demand for calls, email and text

IRVINE, Calif., July 23 /PRNewswire/ -- Los Angeles County residents, businesses and visitors are enjoying improved service thanks to a new Verizon Wireless cell site. The site expands 3G wireless coverage in Palos Verdes along Crest Ridge Road. The increase in network coverage and capacity means more calls, emails, text and picture messages for locals, plus expanded wireless access to the web.

Verizon Wireless invested over $600 million in California during 2008 to enhance service and coverage. Nationally, the company has invested more than $48 billion in its network since it was formed in 2000. The result is the nation's largest, most reliable 3G network that powers services such as Mobile Broadband and email.

Businesses of any size can tap into the power of Mobile Broadband. The service allows users to connect to the Internet wirelessly while on the go to download music over-the-air, and access e-mail or corporate data. For example, customers can download a small 1 megabyte PowerPoint presentation in about eight seconds and upload the same-sized file in less than 13 seconds.

Small business owners interested in Mobile Broadband, and other wireless solutions, can visit http://smallbusiness.vzw.com/ where they will find:

-- An online forum to share experiences and connect with other business owners -- Access to Small Business Specialists in each Verizon Wireless store -- Discounts and promotions to help businesses stretch their budgets -- Summaries of mobile solutions like email, wireless Internet and Push to Talk service -- 24/7 tech support

Verizon Wireless tests its network and those of its competitors. The company determines if voice calls and data connections are successful on the first attempt and stay connected. Nationally, Verizon Wireless' real-life test men and women drive 91 specially equipped vehicles almost 1,000,000 miles annually. They drive on Interstate, U.S. and state highways, as well as major roads and streets in high-population areas, based upon U.S. Census counts. Vehicles are equipped with computers that automatically make more than three million voice call attempts and more than 16 million data tests annually on Verizon Wireless' network and the networks of other carriers.

About Verizon Wireless

Verizon Wireless operates the nation's most reliable 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: Ken Muche of Verizon Wireless, +1-949-286-8193,
Ken.Muche@VerizonWireless.com

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

RadioShack Partners With Seven-Time Tour de France Winner Lance Armstrong to Form New Cycling Team in 2010

FORT WORTH, Texas and AUSTIN, Texas, July 23 /PRNewswire-FirstCall/ -- RadioShack Corporation is proud to announce a partnership with seven-time Tour de France winner Lance Armstrong to form a new American Pro-Tour cycling team. Beginning in 2010, Lance Armstrong will compete for Team RadioShack as a cyclist, runner and triathlete in events around the world, including the 2010 Tour de France.

Lance Armstrong returned to the world stage of professional cycling in order to promote the efforts of the LIVESTRONG Foundation and their fight against cancer. From the start of the 2009 season at the Tour Down Under in Australia, Lance's return has generated significant attention and has allowed LIVESTRONG to step up awareness, grassroots action and fundraising in the global fight against cancer.

"This has been a great season so far - the response in the countries we've been to has been amazing and it's clear now that this was the right choice. Utilizing the massive media attention that the sport receives has been the perfect vehicle to help spread the LIVESTRONG message around the world," said Lance Armstrong. "To be able to compete for an American team comprised of the world's top cyclists, supported by the best coaches and staff - I couldn't be happier to partner with RadioShack, a truly iconic American brand," said Armstrong.

"Teaming up with RadioShack makes sense for a number of reasons. For one, it's very appealing to me that they have a huge base of stores throughout the U.S. and Mexico. We have an incredible opportunity to leverage RadioShack's connection to tens of millions of people to spread the LIVESTRONG message," said Armstrong. "Also, in cycling, the technology we use on our bikes matters - it allows us to compete at the highest level. It's important to me to partner with a brand that understands the role technology plays in people's lives."

"RadioShack keeps people connected in a highly mobile world through innovative technology from leading brands," said Lee Applbaum, RadioShack's Chief Marketing Officer. "As one of the greatest athletes of our generation, a father, a cancer survivor, and a tireless advocate in the fight against cancer, Lance Armstrong understands the power of keeping people connected and that's why we feel he's the perfect partner for our brand. "

"This is an exciting time at RadioShack," added Applbaum. "We are re-launching our brand with a new creative platform in early August, and now having Lance on our team - an American icon who embodies the spirit of mobility, connectivity and philanthropy - really allows us to accelerate our brand's evolution."

RadioShack also plans to activate their 35,000 employees and almost 6,000 stores across the country to raise awareness and funding for the fight against cancer through the Lance Armstrong Foundation and LIVESTRONG. "We know that cancer research and survivorship is near to the hearts of many of our associates and customers, and together with Lance and his Foundation, we have the power to make a meaningful difference," said Julian Day, RadioShack's Chairman and Chief Executive Officer.

RadioShack will also sponsor the LIVESTRONG Foundation's signature fundraising event, the LIVESTRONG Challenge Series, a 5K run/walk and cycling ride held in four cities throughout the United States, providing support for an ongoing, self-sustaining fundraising vehicle to raise money for the fight against cancer.

"RadioShack's sponsorship will help spread the spirit of the LIVESTRONG Global Cancer Campaign and fuel its efforts make cancer a global priority. The cancer community salutes RadioShack's efforts and the investment they are making in support of 28 million people living with this disease," said Doug Ulman, CEO of the Lance Armstrong Foundation.

Wasserman Media Group managed the partnership process on behalf of Capital Sports & Entertainment and Lance Armstrong.

About RadioShack Corporation

RadioShack Corporation , headquartered in Fort Worth, Texas, is one of the nation's most experienced and trusted consumer electronics specialty retailers, offering innovative products and services from leading brands. Our knowledgeable, helpful sales associates are committed to enhancing the in-store shopping experience by listening to our customers, offering advice, and partnering with them to find the best technology solutions that fit their needs. Operating from convenient and accessible neighborhood and mall locations, the company has approximately 4,450 company-operated stores; almost 1,400 dealer outlets; nearly 600 wireless phone kiosks throughout the U.S.; and approximately 200 company-operated stores in Mexico. For more information on RadioShack Corporation, or to purchase items online, visit http://www.radioshack.com/.

Capital Sports & Entertainment

Based in Austin, Texas, Capital Sports & Entertainment (CSE) builds and manages experiences, personalities, businesses and brands. CSE has launched successful enterprises such as the Austin City Limits Music Festival, Lollapalooza, the Discovery Channel Pro-Cycling Team, C3 Presents, and C3 Management. CSE ran and managed the Discovery Channel Pro-Cycling Team from 2004-2007 after taking over as manager of the United States Pro-Cycling Team. CSE created media and marketing partnerships that produced integrated programming on OLN/Versus, ESPN and Discovery. CSE will be the General Manager for Team RadioShack, which will compete as a Pro-Tour team. Additionally, CSE manages the Trek-LIVESTRONG U23 Team, a joint project between Lance Armstrong and Trek Bicycle to help develop the next generation of great American cyclists. For more information about CSE or its clients and properties, visit http://www.planetcse.com/.

Photo: http://www.newscom.com/cgi-bin/prnh/20000518/DATH047LOGO
http://photoarchive.ap.org/
PRN Photo Desk photodesk@prnewswire.com RadioShack Corporation

CONTACT: Mark Higgins of Capital Sports & Entertainment,
+1-512-560-6233, mhiggins@planetcse.com; or Erin Griffin of Cohn & Wolfe,
+1-512-542-2826, erin.griffin@radioshack.com, for RadioShack

Web Site: http://www.radioshack.com/
http://www.planetcse.com/

Verizon Wireless Customers Can Get the Latest Applications, Ringtones, Music and More on Their Blackberry Tour Smartphones

BASKING RIDGE, N.J., July 23 /PRNewswire/ -- Whether updating their Facebook status, chatting with friends over IM or listening to their favorite music, Verizon Wireless customers can use their new BlackBerry Tour(TM) smartphones to get the best wireless experience to suit their personal or work lives.

The BlackBerry Tour from Verizon Wireless offers customers the latest in popular applications and services:

Connect -- Facebook for BlackBerry - View up-to-date status messages, photo uploads, comments, wall posts and more. -- MySpace for BlackBerry - Send and receive MySpace mail, update moods and status, post photos and more. -- Flickr(TM) Photo Uploader for BlackBerry - Snap and share photos on the go, geotag photos so friends and family can see where they were taken. -- Instant Messaging (IM) capabilities - Chat with friends, family and co-workers using IM services including Google Talk(TM), Yahoo! Messenger, AOL Instant Messenger(TM) or ICQ applications. -- E-mail - Send and receive e-mails quickly and reliably over Verizon Wireless' network. The BlackBerry Tour also supports enhanced Web mail for AOL Mail, Gmail(TM), Windows Live(TM) or Yahoo! Mail. -- Mobile Broadband Connect capabilities - use the BlackBerry Tour as a modem to connect to Verizon Wireless' high-speed network with a qualifying Nationwide plan. Groove -- Ringtones and ringback tones - Select from thousands of ringtones and ringback tones to personalize your BlackBerry Tour. -- V CAST Music with Rhapsody - Choose from millions of songs to download over the air; get the master copy of the songs on your PCs; and sync favorite tracks, albums and playlists from your PC to your BlackBerry Tour. -- V CAST Song ID - Hear a song, hold the BlackBerry Tour toward the music so it can identify the music and purchase a full-track song, ringtone or ringback tone on the spot, over the air. Manage -- VZ Navigator(SM) capabilities - Get there with audible turn-by-turn directions to more than 15 million points of interest, plus share the directions with others. -- Visual Voice Mail - Scroll through voice mail messages and respond to relevant messages first.

For additional information and pricing for Verizon Wireless products and services, visit a Verizon Wireless Communications Store, call 1-800-2 JOIN IN or go to http://www.verizonwireless.com/. Business customers can contact their Business Sales Representatives at 1-800-VZW-4BIZ.

About Verizon Wireless

Verizon Wireless

CONTACT: Brenda Boyd Raney of Verizon Wireless, +1-908-559-7518,
Brenda.Raney@verizonwireless.com

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

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

Hague Corp's. Subsidiary, Solterra Renewable Technologies, to Present at Saudi Arabia's 'Kingdom Project Expansion & Investment Summit'

TEMPE, Ariz., July 23 /PRNewswire-FirstCall/ -- Hague Corp.'s (OTC Bulletin Board: HGUE), wholly owned subsidiary, Solterra Renewable Technologies, Inc., has been invited to present its Quantum Dot Solar Cell Technologies at the upcoming "Kingdom Project Expansion & Investment Summit," being held in Riyadh, Kingdom Of Saudi Arabia, on November 9 and 10.

The summit gathers the ministries and authorities from the region, as well as industry decision makers, investors, high-net-worth individuals, property developers, architects and project consultants from Saudi Arabia, the Gulf Corporation Council and the North African region.

The Summit will feature speakers such as His Highness Prince Abdul Aziz Bin Mohammad Bin Ayyaf, the Mayor of Riyadh and Dr. Gumersindo Oliveros, CEO, KAUST (King Abdullah University of Science and Technology).

Among the topics the Summit will address is: "Transport & Infrastructure Projects Expansion." The Kingdom has reported a record number of projects, including a $500 billion investment program to build six new cities throughout the country. These include the King Abdullah Economic City on the western coast, near the city of Rabigh; the Knowledge Economic City, near Medina; and the Prince Abdul-Aziz bin Mousaed Economic City in the north.

Stephen Squires, CEO of Solterra, said: "It is only logical that renewable energy technologies are of paramount interest in the Kingdom and the region. We are very fortunate to be the only renewable energy firm invited to participate in this exclusive international event."

"I believe we were invited because of the extremely attractive value proposition that quantum dot solar technology can deliver," he added.

"This represents an extraordinary opportunity to introduce our technologies to the broader Middle East investment community," Squires concluded.

About Hague Corp. /Solterra Renewable Technologies, Inc.

Solterra is singularly positioned to lead the development of truly sustainable and cost-effective solar technology as the first company to introduce a new dimension of cost reduction by replacing silicon wafer-based solar cells with low-cost, highly efficient Quantum Dot-based solar cells.

Safe Harbor statement under the Private Securities Litigation Reform Act of 1995

The statements in this release relating to completion of the restructuring and financing of the companies are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Some or all of the results anticipated by these forward-looking statements may not occur. Factors that could cause or contribute to such differences include, but are not limited to, contractual difficulties, which may arise, the failure to obtain necessary approvals, the future market price of Hague common stock and/or the ability to obtain the necessary financing.

Contacts: Hague Corp. / Solterra Renewable Technologies, Inc. ASU Research Park 7700 S. River Parkway Tempe, AZ 85284 Phone: 604-569-3184 x 103 Email: info@solterrasolarcells.com Web site: http://www.solterrasolarcells.com/ Public Relations Contact: Richard Stern Stern & Co. 212 888-0044

Solterra Renewable Technologies, Inc.

CONTACT: Hague Corp. / Solterra Renewable Technologies, Inc.,
+1-604-569-3184 x 103, info@solterrasolarcells.com, or Public Relations
contact, Richard Stern, Stern & Co., +1-212-888-0044

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

KVH Offers Breakthrough Pricing Plans for Inmarsat FleetBroadband Airtime, Plus Airtime/Hardware Packages Including a FREE TracPhone FB150Options for low-cost Inmarsat airtime and free hardware make it easy for mariners to bring KVH's new TracPhone FB150 and other FleetBroadband systems onboard

MIDDLETOWN, R.I., July 23 /PRNewswire-FirstCall/ -- Responding to growing demand for affordable broadband communications at sea, KVH Industries, Inc., is changing the way mariners think about satellite communications by offering exciting introductory Inmarsat FleetBroadband airtime plans as low as $59 per month and other hardware and airtime packages that include the option to get a free TracPhone FB150 antenna.

"With these new airtime plans, we're making it easier than ever for mariners to bring the convenience and reliability of Inmarsat onboard while making their service as easy to manage as a cell phone," explained Jim Dodez, KVH's vice president of marketing and strategic planning. "Offering outstanding value and the power of FleetBroadband service, these exciting prices are available from KVH for all Inmarsat users. And for customers who are considering adding FleetBroadband to their boat either for the first time or as an upgrade from older, slower, and more expensive solutions, our bundled airtime and TracPhone hardware packages can't be beat. You're getting industry-leading reliability from both the hardware and the service, while enjoying the convenience of a 36-month lease. We're very excited to be able to offer our customers such a great deal on service and equipment that is critical to their safety and day-to-day operations."

KVH's new FleetBroadband service plans are available to all FleetBroadband customers, regardless of which hardware they choose to use. These affordable plans offer several benefits to mariners:

-- Available for all KVH TracPhone and other brands of FleetBroadband products (no trade-in necessary) -- Plans are available at several affordable levels, to fit the needs of any vessel and every customer's budget -- Plans as low as $59 per month for up to 50 minutes of voice or 5 MB of data -- Option to pay for 1 month at a time, with no roll-over between months, or a full 12 months in advance with the total number of minutes/megabytes paid for available for use at any time during the 12 months -- Voice calls as low as $0.79 per minute; data as low as $7.95 per MB -- Affordable hardware leases, including free TracPhone FB150 hardware, can be combined with these plans

"Bundling KVH TracPhone hardware and FleetBroadband service is a great way for mariners to spread the cost of hardware over 36 months, making it exceptionally easy to bring TracPhone and FleetBroadband onboard at a reasonable monthly cost," added Dodez. "As an added value, customers selecting the "Premium Value" Broadband Plan receive free TracPhone FB150 hardware or reduced-cost TracPhone FB250 and FB500 systems."

Visit http://www.tracphone.com/ for more details about KVH's TracPhone systems, including airtime pricing information and coverage maps.

Note to Editors: High-resolution, press-ready photos of KVH's TracPhone products are available at http://press.kvh.com/ for download and editorial use.

About KVH Industries, Inc.

Middletown, RI-based KVH Industries, Inc., and its wholly owned subsidiary, KVH Europe A/S, are leading providers of in-motion satellite TV and communications systems, having designed, manufactured, and sold more than 150,000 mobile satellite antennas for applications on vessels, vehicles, and aircraft. KVH's mission is to connect mobile customers around the globe with the same digital television entertainment, communications, and Internet services that they enjoy in their homes and offices.

This release may contain certain forward-looking statements that involve risks and uncertainties. Forward-looking statements include, for example, the functionality, characteristics, quality and performance of KVH's products and technology; anticipated innovation and product development; and customer preferences, requirements and expectations. The actual results could differ materially. Factors that may cause such differences include, among others, those discussed in KVH's most recent Form 10-Q filed with the SEC. KVH does not assume any obligation to update its forward-looking statements to reflect new information or developments.

KVH and TracPhone are registered trademarks of KVH Industries, Inc. All other trademarks are the property of their respective companies.

KVH Industries, Inc.

CONTACT: Chris Watson of KVH Industries, Inc., +1-401-845-8138,
cwatson@kvh.com

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

Small Business Owners Can Get the Most Out of Their Verizon Wireless PhonesThe Right Application Can Turn a Basic Mobile Phone into an Efficiency Work Horse

BASKING RIDGE, N.J., July 23 /PRNewswire/ -- Verizon Wireless offers devices that with the addition of the right application can make a small business go from connected to efficiently managed.

Rugged Wireless Phones -- Motorola Adventure(TM) V750 is ready for anything, indoors or out. Customers can subscribe to Verizon Wireless Push to Talk and VZ Navigator(SM) to turn this rugged handset into a tool that gives them quick dispatch capability along with turn-by-turn navigation. -- Verizon Wireless G'zOne Boulder(TM) is built to military specifications to survive extreme shock, water and dust environments. Push to Talk gives you quick access to complete tasks efficiently. Resources and Applications -- Miles to Go provides small businesses a convenient way to track their car's mileage and oil changes, and estimates the yearly mileage, vehicle recalls and alerts. Employers can keep track and maintain their company vehicles. -- Time Card enables employees to clock in/clock out; indicate they are on a break; and choose their current job from a list of tasks, job numbers or customer names. -- Field Force Manager is a location-based mobile resource management tool that provides businesses with the ability to locate, monitor and communicate with their mobile field workers. With Field Force Manager, business managers get valuable insight into their mobile resources so they can get the right people to the right jobs, increase customer satisfaction and improve productivity.

With the combination of rugged phones and resourceful applications, employers have the tools to make their wireless phones more productive.

All three applications can be downloaded over the air to both wireless phones. The Motorola Adventure V750 and the Verizon Wireless G'zOne Boulder are $129.99 and $149.99 respectively after a $50.00 mail-in rebate with a new two-year customer agreement. Customers receive rebates in the form of a debit card; upon receipt, customers may use the card as cash anywhere debit cards are accepted.

Both are available online at http://www.verizonwireless.com/, by calling 1-800-2 JOIN IN or at any Verizon Wireless Communications Store.

Customers can subscribe to unlimited Push to Talk for $5.00 per month. VZ Navigator is available for $9.99 per month or $2.99 for daily access. Miles to Go and Time Card are available for monthly subscriptions of $2.99 and $10.49 respectively, and can be downloaded through the Media Center/Get It Now on Verizon Wireless phones. Business customers can select from three different packages of Field Force Manager starting at $15.00 per month. Business customers interested in Field Force Manager should contact their Verizon Wireless Business Sales Representative or call 1-800-VZW-4BIZ to order. Alternatively, business customers can go to http://www.verizonwireless.com/fieldforcemanager. Airtime, data usage and messaging fees may apply during download and use of the application. Unlimited Mobile Web usage is included with a $15.00 monthly V CAST VPak subscription, which also includes access to V CAST Video, V CAST Music and Media Center/Get It Now applications.

For more information about products and services from Verizon Wireless, visit a Verizon Wireless Communications Store, call 1-800-2 JOIN IN or visit http://www.verizonwireless.com/.

About Verizon Wireless

Verizon Wireless

CONTACT: Brenda Boyd Raney, +1-908-559-7518,
Brenda.Raney@verizonwireless.com, or Albert Aydin, +1-908-559-7522,
Albert.Aydin@verizonwireless.com, both of Verizon Wireless

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

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

Cars.com Highlights Great Deals for Cash for Clunkers Shoppers

CHICAGO, July 23 /PRNewswire/ -- The Cash for Clunkers program that's gotten so much attention in recent months is scheduled to launch by the end of July. In addition to providing a comprehensive guide to help explain to consumers how the program will work and which new cars are eligible, Cars.com now offers its picks for the new cars that will give consumers the best bang for their buck.

"The list of new cars eligible for the Cash for Clunkers program is a dizzying array of choices," said Cars.com editor in chief Patrick Olsen. "We've helped consumers out by listing five new cars and five new trucks/crossovers/minivans that would make the most of your Cash for Clunkers credit. Many have significant incentives on top of the thousands the government is handing out, but we've also listed a few hot models that rarely get cash-back offers of their own, as this may be the one time to get them at any type of discount."

Below are Cars.com's picks, along with any available incentives currently offered. The adjusted price listed assumes the "clunker" being traded in will qualify for the biggest credit available, $4,500.

Top Cars 2010 Toyota Prius Starting MSRP: $22,000 Available incentives: None Cash for Clunkers credit: $4,500 Adjusted price: $17,500

Clearly, the most fuel-efficient car in America is the prototypical vehicle the framers of Cash for Clunkers wanted you to trade your clunker in for. You're guaranteed the full $4,500 credit for the Prius no matter your trade-in, because its combined 50 mpg will best any eligible Clunker by well more than 10 mpg. Because the new Prius is so popular, there are no manufacturer discounts, and it may be hard to find one locally.

2009 Hyundai Sonata Starting MSRP: $18,700

Available incentives: $2,000 cash back, plus $1.49 gas for a year (expires July 31)

Cash for Clunkers credit: $3,500-$4,500 Adjusted price: $12,200

The Sonata is a favorite value pick at Cars.com. It has a pleasant ride, upscale interior and better than average reliability ratings. There's a national cash-back incentive, plus a gas deal that will save you some pain at the pump - even at $2.50-a-gallon gas. The base model's mileage rating of 21/32 mpg city/highway is also good for the class.

2009 Mini Cooper Starting MSRP: $18,550 Available incentives: None Cash for Clunkers credit: $3,500-$4,500 Adjusted price: $14,050

The Mini Cooper is a blast to drive, even in the base form listed here. The car has been so popular since it was reintroduced in the U.S. that there are rarely cash-back deals available. Mileage is excellent at 28/37 mpg city/highway, with which you're guaranteed to qualify for the full $4,500 credit. That means you'll drive away in a stylish, European import for under $15,000.

2009 Nissan Altima Starting MSRP: $19,900 Available incentives: $1,500 cash back (expires Aug. 3) Cash for Clunkers credit: $3,500-$4,500 Adjusted price: $13,900

If you like a little performance in your midsize sedan, the Altima is the way to go. Even in base, four-cylinder form, the steering is sharp and nimble. Plus, mileage is 23/31 mpg city/highway. Nissan's interiors are always top-notch for the segment, and while the $1,500 cash-back deal is a nationally advertised offer, the 2010 model goes on sale in September and will have some updates. That means dealers might want to make a deal on the 2009 model.

2009 Pontiac Vibe Starting MSRP: $16,100

Available incentives: $2,500 cash back or 0% financing for 60 months (expires Aug. 3)

Cash for Clunkers credit: $3,500-$4,500 Adjusted price: $9,100

One of the unfortunate casualties of GM shutting down the Pontiac brand is the redesigned Pontiac Vibe. This little hatchback has a relatively upscale interior, good crash-test ratings and much better than average reliability scores. There should still be plenty of 2009 inventory on lots, as the 2010s are just arriving at dealerships. Don't fear future repairs; GM says it will service all Pontiacs at other brand locations. For under $10,000, this is an exceptionally well-rounded choice.

Top Trucks, SUVs and Minivans 2009 Honda Odyssey Starting MSRP: $26,355 Available incentives: None Cash for Clunkers credit: $3,500-$4,500 Adjusted price: $21,855

We know what you're thinking: If there's no incentive, why is buying a new Odyssey worth using a big government credit? Well, Honda is rolling out the 2010 model right now, and dealers will be ready to clear out old inventory to make room on lots. There are no noticeable differences between the 2009 and 2010 Odysseys, and the 2009 is rated a Top Safety Pick by the Insurance Institute for Highway Safety. That's good news for families looking for what is consistently one of the best minivans on sale today.

2009 Subaru Forester Starting MSRP: $19,995 Available incentives: 2.9% financing (expires Aug. 3) Cash for Clunkers credit: $3,500-$4,500 Adjusted price: $15,495

Last year, the redesigned Subaru Forester came very close to being named Cars.com's New Car of the Year -- that's how highly we regard this compact crossover. If you're a small family downsizing from a huge, gas-guzzling SUV, the Forester is a good choice with standard all-wheel drive, a low base price and Top Safety Pick status. Like the Odyssey, the 2010 Forester is just arriving on dealer lots, so now is one of the few times the hot-selling Subaru might get a dealer discount on top of financing deals. Don't expect to get too much off during your negotiations, though, because the starting price is so low. There aren't any significant changes on the 2010 model, but it does see a price bump of $300.

2009 Toyota Venza Starting MSRP: $25,975 Available incentives: None Cash for Clunkers credit: $3,500-$4,500 Adjusted price: $21,475

Here's another crossover on the list with no advertised incentives. If you're looking for an alternative to a truck-based SUV and need lots of room, good gas mileage - 21/29 mpg city/highway - and available all-wheel drive, though, the Venza is a good bet. Like others on this list, the Venza is a Top Safety Pick. While there are no incentives on the Venza, buying one would be a good use of federally supplied funds, as they'd knock what we consider a pretty expensive sticker down to something more palatable.

2009 Ford Escape Starting MSRP: $20,435 Available incentives: $2,500 cash back or 0% financing (expires Aug. 3*) Cash for Clunkers credit: $3,500-$4,500 Adjusted price: $13,435

Ford's long-running Escape is one of the most affordable compact SUVs on the market before any discounts. A redesign a few years ago was enough of an update to keep it competitive, and it also earns Top Safety Pick status. Lots of cash back from the automaker brings the adjusted price down to the low teens, which is an unbelievable cost for such a well-rounded vehicle.

2009 Toyota Tacoma Starting MSRP: $15,170 Available incentives: $1,500 or 0% for 36 months (expires July 31*) Cash for Clunkers credit: $3,500-$4,500 Adjusted price: $9,170

If you're wondering where all the actual trucks are, there aren't many that fit into the spirit of the Cash for Clunkers legislation. Most full-size pickups get just one or two mpg better fuel economy than their predecessors of decades past. Instead, buyers can pick something smaller and more efficient, like the Tacoma, which has better than average reliability ratings and is the only small pickup to earn an IIHS Top Safety Pick award. Its better mileage should also help it qualify for the full $4,500 credit from the government. For under $10,000, it's a terrific alternative to larger trucks.

For more information about how the Cash for Clunkers program works, and for more information about the cars available, check Cars.com's Cash for Clunkers guide.

*Incentives may vary by region. About Cars.com

Cars.com is the leading destination for online car shoppers, offering credible, easy-to-understand information from consumers and experts to help buyers formulate opinions on what to buy, where to buy and how much to pay for a car. With comprehensive pricing information, side-by-side comparison tools, photo galleries, videos, unbiased editorial content and a large selection of new- and used-car inventory, Cars.com puts millions of car buyers in control of their shopping process with the information they need to make confident buying decisions.

Launched in June 1998, Cars.com is a division of Classified Ventures, LLC, which is owned by leading media companies, including Belo , Gannett Co., Inc. , The McClatchy Company , Tribune Company and The Washington Post Company .

Cars.com

CONTACT: Jackie Brennan, Associate Public Relations Manager,
+1-312-601-6229, mobile, +1-219-577-6106, jbrennan@cars.com, or Steve Nolan,
Public Relations Manager, +1-312-601-5163, mobile, +1-630-310-2468,
snolan@cars.com, both of Cars.com

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

Universal Studios Hollywood Provides Backstage Pass to Theme Park's 'Halloween Horror Nights' Via Twitter and Facebook as Event's Creative Director Updates Fans With Exclusive Behind-the-Scenes Posts

UNIVERSAL CITY, Calif., July 23 /PRNewswire/ -- For the first time, Universal Studios Hollywood is offering fans behind-the-scenes access to its terrifying and highly anticipated "Halloween Horror Nights" through social networking sites, Twitter and Facebook.

Via Twitter, "Halloween Horror Nights'" Creative Director John Murdy will reveal exclusive information on @HorrorNights as he "tweets" a running creative chronicle of the celebrated event's design, casting and production, among other eagerly awaited nuggets of information. Through the event's Facebook page, "Halloween Horror Nights - Hollywood (Official)," fans are invited to become a part of the process with regular updates, exclusive content highlights and an opportunity to interact with one other.

Through Murdy's creative direction, "Halloween Horror Nights" - Southern California's most terrifying Halloween event - pairs Hollywood's top entertainment scenic and special effects artists with a cast of thousands. The event brings great films from the horror genre to life with shockingly scary "live" experiences within the theme park and via the "Terror Tram" on the movie studio's famed back lot.

Joshua Cole, VP, Interactive Marketing, Universal Studios Hollywood, noted: "'The 'Halloween Horror Nights' event is an ideal fit for social media. Our guests eagerly await the highly experiential event with an increasing thirst for information. We're excited that for the first time, we're able to offer them instantaneous news and access to the event via Twitter and Facebook with insight from Creative Director, John Murdy, who will communicate directly with fans who share his passion for the horror genre."

This year, "Halloween Horror Nights" will present all-new "live" experiences based on one of the all-time biggest box-office horror franchises, SAW, per an agreement among Universal Studios Theme Parks, Lionsgate and Twisted Pictures. All-new mazes, scare zones and new shows will be featured.

Follow Creative Director, John Murdy on Twitter: twitter.com/HorrorNights.

Become a fan on Facebook: "Halloween Horror Nights - Hollywood (Official)"

About Twisted Pictures: Twisted Pictures is helmed by Mark Burg and Oren Koules, and is the horror/thriller division of their company Evolution Entertainment. SAW, one of the most profitable films of 2004, was the first picture released under the Twisted banner. In 2005, Twisted Pictures produced SAW II, which opened at #1 on Halloween weekend and became the year's highest-grossing horror film. Halloween 2006 saw the release of SAW III, which opened at #1 in North America, the U.K. and Australia. The company also produced DEAD SILENCE by SAW creators James Wan and Leigh Whannell for Universal Pictures. Other Twisted Pictures releases include the horror/thriller CATACOMBS, which premiered in October 2007, and SAW IV which opened # 1 at the box-office on October 26, 2007 with a total of $31,750,000. The latest chapter in the SAW series, SAW V, opened with $30 million dollars the weekend of October 24, 2008, pushing SAW to the top of the list as the #1 horror franchise of all time. In addition, REPO! THE GENETIC OPERA premiered in November 2008 with fans immediately branding it "an instant cult classic".

About Lionsgate: Lionsgate is the leading next generation studio with a strong and diversified presence in the production and distribution of motion pictures, television programming, home entertainment, family entertainment, video-on-demand and digitally delivered content. The Company is leveraging its content leadership and marketing expertise to create a multiplatform global industry leader in entertainment through the recent acquisition of TV Guide Network, one of the 25 most widely distributed cable networks, the recent acquisition of TV Guide.com, a premier content and navigation portal, partnerships that include the FEARnet branded VOD and Internet horror channel with Sony and Comcast, the expected fall 2009 launch of EPIX, a new premium entertainment channel with partners Viacom and MGM, investment in the leading young men's digital distribution platform Break.com, ownership of the premier independent television syndication company Debmar-Mercury and an alliance with independent filmed entertainment production and distribution company Roadside Attractions.

The Company is a market share leader at the North American theatrical box office for calendar 2009 due to recent theatrical box office successes such as TYLER PERRY'S MADEA GOES TO JAIL, the second highest-grossing film in Lionsgate history, MY BLOODY VALENTINE 3D and THE HAUNTING IN CONNECTICUT. Other recent successes include SAW V, RELIGULOUS, FORBIDDEN KINGDOM, RAMBO and THE BANK JOB. Lionsgate has forged a strong position in television with the production of such critically-acclaimed series as "Mad Men," "Weeds" and "Crash," the distribution of Tyler Perry's "House of Payne," "Family Feud" and "South Park," and upcoming shows including Tyler Perry's "Meet The Browns" and "The Wendy Williams Show." In addition, the Company's home entertainment business, propelled by such recent DVD successes as TRANSPORTER 3, SAW V and TYLER PERRY'S THE FAMILY THAT PREYS, is the industry leader in box office-to-DVD conversion rate and has market share of nearly 8%. Lionsgate handles a prestigious and prolific library of approximately 12,000 motion picture and television titles that is an important source of recurring revenue and serves as the foundation for the growth of the Company's core businesses. The Lionsgate brand remains synonymous with original, daring, quality entertainment in markets around the world. For more information on Lionsgate, please visit: http://www.lionsgate.com/.

About Universal Studios Hollywood: Universal Studios Hollywood, The Entertainment Capital of L.A, includes a full-day, movie-based theme park and Studio Tour; the CityWalk entertainment, shopping and dining complex; the Universal CityWalk Cinemas; and the Gibson Amphitheatre concert and special event venue. The theme park features such groundbreaking attractions as "The Simpsons Ride ," "Revenge of the Mummy - The Ride," "Shrek 4-D(TM)," "Jurassic Park - The Ride," and the world-renowned Studio Tour, which takes guests behind-the-scenes of such landmark TV and movie locations as Steven Spielberg's "War of the Worlds." More information please visit: http://www.universalstudioshollywood.com/.

Media Website: http://media.universalstudioshollywood.com/

Universal Studios Hollywood

CONTACT: Eliot Sekuler, +1-818-622-6896, eliot.sekuler@nbcuni.com, or
Audrey Eig, domestic, +1-818-622-2962, audrey.eig@nbcuni.com, or Trana Pittam,
int'l / online, +1-818-622-5985, trana.pittam@nbcuni.com, all of Universal
Studios Hollywood

Web Site: http://www.universalstudioshollywood.com/
http://media.universalstudioshollywood.com/
http://www.lionsgate.com/

Blackboard Launches Solution for Enhanced Student Identity VerificationBlackboard Learn Platform Integrates Industry-Leading Acxiom Technology

WASHINGTON, July 23 /PRNewswire-FirstCall/ -- Blackboard Inc. , a global leader in education technology, today announced the general availability of an integrated solution for enhanced student identity verification, powered by technology from Acxiom Corporation, a global leader in interactive marketing and risk mitigation services.

The Acxiom Identify-X(TM) service allows colleges and universities to deploy an enhanced verification program that integrates seamlessly with the Blackboard Learn(TM) platform and does not interrupt the learning process. Instructors can control when, where and how frequently they verify student identity while maintaining the integrity and privacy of student information. The service does not require institutions to purchase any additional hardware or software.

"While we have researched and evaluated other alternatives, we have found this solution to exceed expectations in our identity verification initiative for our continually growing population of distance learning students," said Steve Clark, Distance Learning Technology Coordinator for Athens State University. "This technology more than meets the requirements set by the Higher Education Opportunity Act in authenticating student identities, and its feasibility and ease of use would vastly increase our faculty's confidence in conducting assessments online."

Institutions will receive a limited number of free verifications based on their total student enrollment and Blackboard license. Most institutions choose not to verify every student for every assessment; instead, random verification of test takers ensures that the process does not become predictable, burdensome or cost prohibitive. The process does not require the release of student information, thereby avoiding any potential issues with the Family Educational Rights and Privacy Act (FERPA).

"We are excited to include a range of industry-leading technologies - from student identity verification to instant messaging and plagiarism prevention - to offer institutions a more powerful e-learning platform," said Matthew Small, Blackboard's Chief Business Officer. "And while the Blackboard platform already offers security protection through end user authentication, this solution allows institutions to further strengthen their identity verification efforts."

After students login to the Blackboard platform and access a course assessment, Acxiom's technology will periodically and randomly present real-time challenge questions that only the enrolled student will know how to answer. The likelihood of students being required to verify their identity may be determined by instructors at the course level or system administrators at the institutional level.

Access to Identify-X technology is currently available to postsecondary institutions in the United States at no cost as a Blackboard Building Block(TM) or PowerLink download from Blackboard's client Web site, Behind the Blackboard. The technology is also available to ANGEL Learning clients.

For more information about student verification with Blackboard Learn, please visit http://www.blackboard.com/acxiom.

About Blackboard Inc.

Blackboard Inc. is a global leader in enterprise technology and innovative solutions that improve the experience of millions of students and learners around the world every day. Blackboard's solutions allow thousands of higher education, K-12, professional, corporate, and government organizations to extend teaching and learning online, facilitate campus commerce and security, and communicate more effectively with their communities. Founded in 1997, Blackboard is headquartered in Washington, D.C., with offices in North America, Europe, Asia and Australia.

About Acxiom

A global leader in interactive marketing services, Acxiom connects clients with their customers through deep consumer insight, powering effective and profitable marketing initiatives and business decisions. Our consultative approach spans multiple industries and incorporates decades of experience in consumer data and analytics, information technology, data integration and consulting solutions for effective marketing across digital, Internet, email, mobile and direct mail channels. Founded in 1969, Acxiom is headquartered in Little Rock, Ark., and serves clients around the world from locations in the United States, Europe and Asia-Pacific. For more information about Acxiom, visit http://www.acxiom.com/.

Any statements in this press release about future expectations, plans and prospects for Blackboard and other statements containing the words "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 as a result of various important factors, including the factors discussed in the "Risk Factors" section of our Form 10-Q filed on May 7, 2009 with the SEC. In addition, the forward-looking statements included in this press release represent the Company's views as of July 23, 2009. The Company anticipates that subsequent events and developments will cause the Company's views to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to July 23, 2009.

Acxiom and Identify-X are registered trademarks of Acxiom Corporation.

Blackboard Inc.

CONTACT: Matthew Maurer of Blackboard Inc., +1-202-463-4860 ext. 2637,
matthew.maurer@blackboard.com

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

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