SST Reports Second Quarter 2009 Financial Results

SUNNYVALE, Calif., July 28 /PRNewswire-FirstCall/ -- SST (Silicon Storage Technology, Inc.) , a leader in flash memory technology, today announced results for the second quarter, ended June 30, 2009.

Net revenues for the second quarter were $58.1 million compared with $50.1 million in the first quarter of 2009 and with $83.7 million in the second quarter of 2008. Product revenues for the second quarter of 2009 were $51.8 million, compared with $38.8 million in the first quarter of 2009 and with $71.1 million in the second quarter of 2008. Revenues from technology licensing for the second quarter were $6.3 million, compared with $11.3 million in the first quarter of 2009 and with $12.6 million in the second quarter of 2008.

Loss from operations for the second quarter was $7.5 million compared with a loss from operations of $6.3 million in the first quarter of 2009 and with a loss from operations of $5.9 million in the second quarter of 2008.

SST is in the process of completing an evaluation of a potential impairment charge during the second quarter related to its investment in Grace Semiconductor Manufacturing Corporation, ("GSMC"). SST's preliminary net loss for the second quarter of 2009, before any such potential impairment charge, if any, was $8.2 million, or $0.09 per share, based on approximately 95.8 million diluted shares. If SST is required to further impair its investment in GSMC, its net loss will increase; however, SST cannot at this time estimate the potential range of any such impairment charge, if any. In the first quarter of 2009, the company recorded a net loss of $9.2 million, or $0.10 per share, based on approximately 95.7 million diluted shares. For the second quarter of 2008, SST reported net loss of $9.6 million, or $0.09 per share based on approximately 101.8 million diluted shares.

SST finished the second quarter of 2009 with $131.3 million in cash, cash equivalents, short-term investments, and long-term marketable debt securities, up approximately $5.6 million from $125.7 million at March 31, 2009.

Management Qualitative Comments

"After hitting bottom during the month of January, our product shipments rebounded and the momentum continued into the second quarter," said Bing Yeh, chief executive officer. "The inventory replenishment by our customers, coupled with modest improvement in demand, accounted for our better-than-expected product revenues in the second quarter. Licensing revenue in the second quarter reflected the declines in our licensees' business and is expected to rebound somewhat in the third quarter. Market conditions remain challenging in the memory space as there continues to be uncertainty over the macro-economic environment resulting in poor visibility and continued pricing pressure. We continue to experience ASP declines, particularly in commodity memory, causing pressure on our gross margins. Modest growth in revenues is expected with ASP erosion significantly offsetting unit volume increases. Given these difficult conditions, SST continues to place emphasis on cost-control as well as inventory and cash management. Further, we are focusing our resources on areas of our business that will yield the most impact over time, creating additional opportunity without additional R&D expense. We are taking a fresh look at every aspect of our business and are working hard on our goal of returning our company to profitability."

Third Quarter 2009 Outlook

SST expects its third quarter revenues to be between $61 million and $68 million. Gross margin is expected to be between 25 and 29 percent, subject to the risk of changing market conditions. Total operating expenses are expected to be between $22 million and $24 million. Net loss per share is expected to be between $0.07 and $0.03.

Conference Call Dial-in Information

SST will hold a conference call to discuss its financial results today at 1:30 p.m. PT. Those wishing to participate in the conference call should dial (800) 230-1092, international participants please dial (612) 332-0228, using the password "SST" at approximately 1:20 p.m. PT. A replay of the call will be available for one week by dialing (800) 475-6701, international participants dial (320) 365-3844, using the access code 107119. A webcast replay of the conference call will be available until the company's conference call for its third quarter financial results on the company's Web site at http://www.sst.com/events.

About Silicon Storage Technology, Inc.

Headquartered in Sunnyvale, California, SST designs, manufactures and markets a diversified range of memory and non-memory products for high volume applications in the digital consumer, networking, wireless communications and Internet computing markets. Leveraging its proprietary, patented SuperFlash technology, SST is a leading provider of nonvolatile memory solutions with product families that include various densities of high functionality flash memory components and flash mass storage products. The company also offers its SuperFlash technology for embedded applications through its broad network of world-class manufacturing partners and technology licensees, including TSMC, which offers it under its trademark Emb-FLASH. SST's non-memory products include NAND controller-based products, smart card ICs and modules, flash microcontrollers and radio frequency ICs and modules. Further information on SST can be found on the company's Web site at http://www.sst.com/.

Forward-Looking Statements

Except for the historical information contained herein, this news release contains forward-looking statements regarding memory and non-memory market conditions, SST's future financial performance, including a potential impairment charge related to SST's investment in GSMC, the ability to control expenses, manage inventory and generate cash, the launch, design cycle and performance of new products, SST's licensing business, SST's ability to diversify its business, the transition of SST's products to smaller geometrics, and SST's ability to bring new products to market, all of which involve risks and uncertainties. These risks may include timely development, acceptance and pricing of new products, the terms, conditions and revenue recognition issues associated with licensees' royalty payments, the impact of competitive products and pricing, and general economic conditions as they affect SST's customers, as well as other risks detailed from time to time in the company's periodic reports, including the Annual Report on Form 10-K for the year ended December 31, 2008, Quarterly Report on Form 10-Q for the quarter ended March 31, 2009 and other reports filed from time to time with the Securities and Exchange Commission. These forward-looking statements are not guarantees of future performance and speak only as of the date hereof, and, except as required by law, SST disclaims any obligation to update these forward-looking statements to reflect future events or circumstances.

For more information about SST and the company's comprehensive list of product offerings, please call 1-888/SST-CHIP. Information can also be requested via email to literature@sst.com or through SST's Web site at http://www.sst.com/. SST's head office is located at 1171 Sonora Court, Sunnyvale, Calif.; telephone: 408/735-9110; fax: 408/735-9036.

The SST logo and SuperFlash are registered trademarks of Silicon Storage Technology, Inc. All other trademarks or registered trademarks are the property of their respective holders.

-- FINANCIAL TABLES TO FOLLOW -- Silicon Storage Technology, Inc. and Subsidiaries Condensed Consolidated Statements of Operations (unaudited) (in thousands, except per share data) Three Months Six Months Ended June 30, Ended June 30, --------------- -------------------- 2008 2009 2008 2009 ---- ---- ---- ---- Net revenues: Product revenues $71,073 $51,766 $140,771 $90,553 Technology licensing 12,627 6,317 24,014 17,659 ------ ----- ------ ------ Total net revenues 83,700 58,083 164,785 108,212 Cost of revenues 59,751 44,574 115,127 79,109 ------ ------ ------- ------ Gross profit 23,949 13,509 49,658 29,103 ------ ------ ------ ------ Operating expenses: Research and development 15,223 11,250 30,835 22,664 Sales and marketing 6,918 5,166 14,401 10,126 General and administrative 7,721 4,636 14,904 9,796 Other - - - 329 ------ ------ ------ ------ Total operating expenses 29,862 21,052 60,140 42,915 ------ ------ ------ ------ Loss from operations (5,913) (7,543) (10,482) (13,812) Other income, net 976 688 1,850 1,185 --- --- ----- ----- Loss before provision for (benefit from) income taxes and pro rata share of loss from equity investments (4,937) (6,855) (8,632) (12,627) Provision for (benefit from) income taxes 2,390 1,048 (4,660) 3,922 ----- ----- ------ ----- Loss before pro rata share of loss from equity investments (7,327) (7,903) (3,972) (16,549) Pro rata share of loss From equity investments 2,241 254 4,137 849 ----- --- ----- --- Net loss $(9,568) $(8,157) $(8,109) $(17,398) ======= ======= ======= ======== Net loss per share - basic and diluted $(0.09) $(0.09) $(0.08) $(0.18) ====== ====== ====== ====== Shares used in per share calculation - basic and diluted 101,793 95,747 102,698 95,726 ======= ====== ======= ====== SST is in the process of completing an evaluation of a potential impairment of its investment in GSMC. SST is unable to estimate the potential range of any such charge, if any, at this time. If SST is required to incur such a charge, SST will reflect the charge in its Quarterly Report on Form 10-Q for the quarter ended June 30, 2009 to be filed with the Securities and Exchange Commission. Any such charge will increase SST's net loss and net loss per share. Silicon Storage Technology, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (unaudited) (in thousands) December 31, June 30, 2008 2009 ---- ---- ASSETS Current assets: Cash and cash equivalents $50,880 $51,206 Short-term investments 48,997 49,664 Trade accounts receivable, net 20,117 31,421 Inventories 54,159 33,323 Other current assets 4,153 3,972 ----- ----- Total current assets 178,306 169,586 Property and equipment, net 18,913 15,243 Long-term marketable equity investments 18,196 26,846 Long-term marketable debt securities 31,848 30,467 Goodwill and intangible assets, net 14,794 13,407 Other assets 26,426 26,037 ------ ------ Total assets $288,483 $281,586 ======== ======== LIABILITIES Current liabilities: Trade accounts payable $19,146 $21,660 Accrued expenses and other liabilities 14,200 11,493 Deferred revenue 3,841 2,304 ----- ----- Total current liabilities 37,187 35,457 Other liabilities 8,082 10,052 ----- ------ Total liabilities 45,269 45,509 ------ ------ SHAREHOLDERS' EQUITY Common stock 412,312 414,256 Accumulated other comprehensive income 14,308 22,625 Accumulated deficit (183,406) (200,804) -------- -------- Total shareholders' equity 243,214 236,077 ------- ------- Total liabilities and shareholders' equity $288,483 $281,586 ======== ======== SST is in the process of completing an evaluation of a potential impairment of its investment in GSMC. SST is unable to estimate the potential range of any such charge, if any, at this time. If SST is required to incur such a charge, SST will reflect the charge in its Quarterly Report on Form 10-Q for the quarter ended June 30, 2009 to be filed with the Securities and Exchange Commission. Any such charge will decrease the carrying value of SST's investment in GSMC and will be reflected in other assets. Silicon Storage Technology, Inc. and Subsidiaries Supplemental Data Percentage of Change in Gross Product Revenue Revenue ------------- ------- 2Q08 to 1Q09 to 2Q08 1Q09 2Q09 2Q09 2Q09 ---- ---- ---- ---- ---- Product Revenue By Ship-To Location North America 5% 6% 4% (48%) (14%) Total International 95% 94% 96% (27%) 38% Europe 7% 7% 4% (64%) (29%) Japan 9% 7% 11% 0% 109% Korea 4% 3% 7% 23% 214% China and Taiwan 70% 68% 66% (30%) 3% Other Far East 5% 9% 8% 6% 19% Product Revenue by Application Digital Consumer 32% 29% 23% (50%) 11% Internet Computing 21% 22% 21% (29%) 27% Networking 12% 17% 15% (12%) 12% Wireless Communications 35% 32% 41% (16%) 85% Total 100% 100% 100% (28%) 35% Licensing Revenue as a % of Total Revenue 15% 23% 11% (50%) (44%) For More Information Contact: Leslie Green Green Communications Consulting, LLC (650) 312-9060

Silicon Storage Technology, Inc.

CONTACT: Leslie Green of Green Communications Consulting, LLC,
+1-650-312-9060, for Silicon Storage Technology, Inc.

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

Tanaiste, Ireland's Deputy Prime Minister, Announces SuccessFactors' New Multilingual Business Centre in DublinEuropean Customer Demand Fuels Establishment of New Sales Centre in Dublin

DUBLIN, July 28 /PRNewswire-FirstCall/ -- Tanaiste, Ireland's Deputy Prime Minister and Minister for Enterprise, Trade and Employment, today announced that SuccessFactors Inc. , the global leader in on-demand performance and talent management solutions, is establishing a new European Multilingual Business Centre in Dundrum, Dublin, creating many new high value jobs over three years. Recruitment has already commenced to fill positions for third level graduates with various language skills. The new business centre is in response to SuccessFactors' accelerating commercial momentum across Europe and increased customer demand.

(Logo: http://www.newscom.com/cgi-bin/prnh/20090602/SF26086LOGO)

IDA Ireland worked strenuously to attract this investment to Ireland against strong competition from other European locations and is currently working closely with the company to assist in its implementation. SuccessFactors has established itself as one of the world's most extensively deployed on-demand business applications in the Enterprise Cloud(1) with 5.4 million users and is the fastest growing public software company in Europe. The company helps organisations of all sizes, in all industries, and across all geographies, to optimise and align their workforces linking business goals and strategy to execution through its Performance & Talent Management suite. SuccessFactors recently announced the world's largest Enterprise Cloud deployment, Siemens AG, with 420,000 users across 80 countries in 20 different languages. The deployment is testament to the company's increased momentum in Europe and continued commitment to its expanding European business.

Making the announcement, the Tanaiste said, "SuccessFactors and its solutions are highly regarded and its technology industry leading, and the location of this Centre in Dublin is a significant addition to Ireland's already well respected software industry. Given the company's market-leading position, this investment is also another excellent endorsement of Ireland as an emerging European innovation leader in multilingual, technical and customer support activities for client-focused international companies. In addition, companies using the Cloud, such as SuccessFactors, which is a rapidly emerging delivery model for software solutions, are a strategic focus for IDA Ireland in order to further enhance and complement Ireland's existing global leading software industry."

The SuccessFactors Performance and Talent Management Suite, which includes Performance Management, Goal Management, 360 Degree Reviews, Succession Management, Compensation Management, Learning and Development, Recruiting Management, Employee Profile, and Analytics and Reporting applications, creates a company-wide network of information related to employee performance, including skill-sets, interests, career aspirations, ability to relocate, experience, languages spoken and more. By providing deep, real-time, company-wide visibility into such critical performance data, companies are able to make better, more informed decisions about how to promote, recruit, compensate, reward and manage their entire employee base. The company's latest module, Employee Central, allows organisations to maintain centralised employee information with deeply integrated social networking and collaboration, giving employees, managers and executives a single, real-time hub to have a more complete picture of their people.

SuccessFactors customers range from small firms with a handful of employees to large scale deployments in global enterprise companies across multiple countries, languages and industries. Large European customers include companies such as Kellogg's, Orange, Cadburys Schweppes, Siemens AG and eircom of Dublin, one of the latest in a line of new customer implementations.

Lars Dalgaard, CEO of SuccessFactors, said, "SuccessFactors is focused on supporting customer success by directly linking business strategy to employee execution. Our ability to help customers achieve commercial success through better business execution and employee performance is truly unique, and is reflected in our own commercial growth and continued geographic expansion. Our investment in the new Dublin office is an integral part of supporting our customers. Dublin's international reputation in multilingual activity, combined with the ready availability of a diversity of multilingual talent in one city, its European air access, and its competitive costs relative to other European locations made it the logical choice for us."

Note to Editor

(1) Enterprise Cloud is a software distribution model in which applications are hosted by a vendor or service provider and made available to customers over a network, typically the Internet.

About SuccessFactors Inc.

SuccessFactors is one of the fastest growing public software companies and the leading provider of on-demand employee performance and talent management solutions. The company enables organizations of every size, and across every industry and geography, to achieve high-performing workforces through goal alignment and execution, talent development and planning, and pay-for-performance initiatives. From 92 customers and approximately 282,000 end users in 2003 to more than 2,800 customers and 5.4 million end users today, SuccessFactors' solutions are widely deployed across 60 industries in over 185 countries in 31 languages. Founded in 2001 with offices around the world, the company employs passionate people focused on revolutionizing the future of work. For more information, visit: http://www.successfactors.com/.

For further information please contact: Dominic Paschel, 415-262-4641 (Director of Public & Investor Relations, SuccessFactors) dpaschel@successfactors.com Vanessa Land, +44 (0) 870 242 7469 (U.K. Public Relations Agency for SuccessFactors) vanessa@devonshiremarketing.com Marjorie Toucas, +35 3870 633606 (EMEA Director of Emerging Markets, SuccessFactors) mtoucas@successfactors.com

Photo: http://www.newscom.com/cgi-bin/prnh/20090602/SF26086LOGO
http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com SuccessFactors, Inc.; IDA Ireland

CONTACT: Dominic Paschel, Director of Public & Investor Relations of
SuccessFactors, +1-415-262-4641, dpaschel@successfactors.com; or Vanessa Land
of U.K. Public Relations Agency, +44 (0) 870 242 7469,
vanessa@devonshiremarketing.com, for SuccessFactors; or Marjorie Toucas, EMEA
Director of Emerging Markets of SuccessFactors, +35 3870 633606,
mtoucas@successfactors.com

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

CTG Reports 2009 Second Quarter Earnings Per Share Of $0.09EPS IS AT HIGH END OF GUIDANCE - Operating margin expands 40 basis points from 2009 first quarter to 3.6% - Healthcare business was 25% of revenue - Electronic medical records proposal activity accelerating - Demand for staffing Services stabilized during the quarter - Strong balance sheet with $14.7 million in cash and no debt at quarter-end

BUFFALO, N.Y., July 28 /PRNewswire-FirstCall/ -- CTG , an international information technology (IT) solutions and services company, today announced its financial results for the 2009 second quarter which ended on July 3, 2009. In the 2009 second quarter, new solutions work with higher margins and disciplined cost management reduced the impact of lower revenue on CTG's earnings and operating margin.

CTG reported 2009 second quarter revenue of $66.6 million, a 29% decrease from 2008 second quarter revenue of $94.1 million. CTG's operating income declined to $2.4 million from $4.0 million a year ago while its operating margin contracted to 3.6% from 4.2% in the 2008 second quarter. The Company's 2009 second quarter operating margin expanded 40 basis points from 3.2% in the 2009 first quarter. CTG's net income was $1.4 million, 32% less than 2008 second quarter net income of $2.1 million. On a per diluted share basis, net income was $0.09, a 31% decrease from $0.13 in the 2008 second quarter and flat compared with the 2009 first quarter.

"Higher margins on new solutions business in 2009 and effective expense control enabled us to achieve earnings at the high end of our guidance," CTG Chairman and Chief Executive Officer James R. Boldt said. "These factors also helped limit the contraction of our operating margin from last year--which was the highest in almost ten years--while driving margin expansion from this year's first quarter. Demand for staffing resources stabilized during the quarter while proposal activity for electronic medical records (EMR) work increased."

Mr. Boldt continued, "Demand for EMR support is growing rapidly as the recently issued American Recovery and Reinvestment Act (ARRA) guidelines make it most advantageous financially for providers to implement EMRs that fit ARRA criteria by 2011. We are starting up new EMR implementation engagements now and expect to start up more engagements as the year progresses. CTG is also one of a small number of firms with experience supporting the formation of a communitywide EMR system within a regional health information organization. CTG's significant EMR experience, consistently high ratings from KLAS, and an attractive pricing structure give us a competitive advantage to capitalize on the substantial and expanding EMR opportunity."

2009 Second Quarter Review

Solutions revenue in the 2009 second quarter decreased by $8.8 million, or 28%, to $23.1 million, or 35% of total revenue, compared with 34% in the 2008 second quarter. Staffing revenue declined by $18.7 million, or 30%, to $43.5 million, or 65% of total revenue, with managed staffing services the primary contributor to revenue from this business. European revenue was $15.0 million, or 23% of total revenue, in the 2009 second quarter, down 30% from the prior year second quarter. There were 63 billing days in the 2009 second quarter compared with 64 billing days in the 2008 second quarter.

Selling, general, and administrative (SG&A) expenses were $12.5 million, or 18.8% of revenue, compared with $17.7 million, or 18.8% of revenue, in the 2008 second quarter. The reduction in expenses and consistency in SG&A as a percentage of revenue reflect the Company's ability to quickly align costs with revenue as market demand declined given the weakness in the global economy.

The Company recorded equity-based compensation expense, net of tax, of $0.2 million in both the 2009 and 2008 second quarters, which reduced net income per diluted share by $0.01 in each of the respective quarters.

The Company's effective tax rate for the 2009 second quarter was 42%. It continues to project a tax rate of approximately 42% for the 2009 full year.

The Company provided cash from operations of $6.8 million in the 2009 second quarter compared with cash used in operations of $0.3 million in the 2008 second quarter. At July 3, 2009, the Company had $14.7 million in cash and no outstanding debt, compared with $4.3 million in cash and $3.8 million in debt at the 2008 second quarter-end. CTG finances its working capital needs through a $35 million revolving credit agreement that is in place through April 2011.

Mr. Boldt commented, "The strength of CTG's cash flow and balance sheet is notable in the current economic environment. Our client base is primarily comprised of Fortune 1000 companies and large financially strong hospital systems and health insurers, which is reflected in our stable DSOs. At quarter-end, we were again debt-free and our cash position at nearly $15 million is more than triple a year ago despite significant investments in solutions development and the repurchase of over one million shares of CTG stock in the last twelve months."

2009 First Half Review

CTG's revenue in the first half of 2009 decreased 22%, or $39.7 million, to $141.1 million compared with 2008 first half revenue of $180.8 million. Operating income was $4.8 million, 24% lower than 2008 first half operating income of $6.4 million. CTG's net income was $2.7 million, a 22% decrease from 2008 first half net income of $3.5 million. On a per diluted share basis, 2009 first half net income per share was $0.18, 18% lower than $0.22 in 2008.

During the first half of 2009, CTG's solutions business decreased 24% to $46.5 million, or 33% of total revenue, and its staffing business declined 21% to $94.6 million, or 67% of total revenue. European revenue decreased 19% in the 2009 first half and represented 23% of consolidated revenue.

Selling, general, and administrative expenses were $26.8 million, or 19.0% of revenue, compared with $34.0 million, or 18.8% of revenue, in the 2008 first half.

Lower revenue and earnings in the 2009 first half reflect the impact of the global recession on CTG's business which was partially offset by effective cost control and higher margins on new solutions work.

Stock Repurchase Program

CTG repurchased approximately 213,000 of its shares in the 2009 second quarter at an average price of $5.25 per share. In June 2009, the Company extended its 10b5-1 stock repurchase plan to facilitate the repurchase of its common stock during its self-imposed blackout periods prior to the announcement of quarterly results. On July 3, 2009, approximately 0.9 million shares were available for repurchase by the Company under its current repurchase authorizations.

Third Quarter and Annual Guidance

Based on the Company's current business activity and pipeline, CTG expects its 2009 third quarter revenue to range from $66 million to $68 million, a 25% decrease from 2008 at the midpoint of this range. The Company projects 2009 third quarter net income per diluted share of $0.07 to $0.09, a 38% decrease from 2008 at the midpoint of this range. There are 64 billing days in the 2009 third quarter compared with 63 billing days in the 2008 third quarter.

The Company's current revenue forecast for the full year ranges from $275 million to $285 million, a 21% decrease from 2008 at the midpoint of this range. CTG currently projects 2009 net income per diluted share of $0.30 to $0.40, a 29% decrease from 2008 at the midpoint of this range, or a 24% decrease from 2008 when the 2008 fourth quarter exchange gain is excluded.

Mr. Boldt commented, "While the recession continues to have a significant impact on external IT spending, the strength of our healthcare business and prudent expense control is reducing part of its effect on CTG. Although the tight credit markets have decreased demand in our solutions business, particularly from the healthcare provider market, we are encouraged that access to financing is beginning to open up for EMR projects. A continuation of that trend and the recent stability in our staffing business would have a favorable impact on our financial results going forward."

CTG Added to Russell 3000 Index and Named to the Healthcare Informatics 100

After the close of trading on June 26, 2009, CTG was added to the Russell 3000 Index and Russell 2000 Index as part of the annual reconstitution of the indices. The Russell 3000 Index measures the stock performance of the largest 3,000 U.S. companies, based on total market capitalization, while the Russell 2000 Index is a subset of the Russell 3000 Index and includes the smallest 2,000 companies included in that index. As one of the 1,000 smallest companies in the Russell 2000 Index, CTG is also included in the Russell Microcap Index.

In June 2009, CTG was named by Healthcare Informatics to its annual ranking of the largest healthcare IT providers, the Healthcare Informatics 100 (HCI 100). In the consulting category, CTG was ranked eighth by HCI in consulting revenues to the provider market.

Mr. Boldt commented, "Our addition to the Russell indices increases CTG's profile with the investment community at a time when we are focused on growing our strong healthcare IT business and capitalizing on our significant EMR experience. Being named again to the HCI 100 further increases our visibility as a leader in healthcare IT."

Positioned to Weather the Recession and Benefit from a Recovery

Mr. Boldt concluded, "Looking ahead, we are encouraged by the stabilizing demand in our staffing business, and with the margins on new solutions. The federal stimulus package is now just beginning to expand EMR work, aligning well with our strategy to build on our position as a leading provider of healthcare IT. Overall, the relative strength of our business--particularly our healthcare business--combined with consistent profitability and financial strength, put CTG in an excellent position to continue weathering this major recession and to benefit significantly from the opportunities of economic recovery."

About CTG

Backed by over 40 years' experience, CTG provides IT solutions and services to help our clients use technology as a competitive advantage to excel in their markets. CTG combines in-depth understanding of our clients' businesses with a full range of integrated offerings, best practices, and proprietary methodologies supported by an ISO 9001:2000-certified management system. Our 2,700 IT professionals based in an international network of offices in North America and Europe have a proven track record of delivering high-value, industry-specific solutions. CTG serves companies in several industries and is a leading provider of IT and business consulting solutions to the healthcare market. CTG posts news and other important information on the Web at http://www.ctg.com/.

Safe Harbor Statement

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

Conference Call and Webcast

CTG will hold a conference call on Wednesday July 29, 2009 at 10:00 AM Eastern Time to discuss its financial results and business strategy. CTG Chairman and Chief Executive Officer James R. Boldt will lead the call. Interested parties can dial in to 1-888-276-0010 between 9:45 AM and 9:50 AM, ask for the CTG conference call, and identify James Boldt as the conference chairperson. A replay of the call will be available between 12:00 p.m. Eastern Time July 29, 2009 and 11:00 p.m. Eastern Time August 1, 2009 by dialing 1-800-475-6701 and entering the conference ID number 978257.

A webcast of the call will also be available on CTG's web site: http://www.ctg.com/. You must have Windows Media Player or RealPlayer's audio software on your computer to listen to the webcast. Both are available for downloading at no charge when accessing the webcast. The webcast will also be archived on CTG's web site at http://investor.ctg.com/events.cfm for 90 days following completion of the conference call.

Financial statements follow. COMPUTER TASK GROUP, INCORPORATED (CTG) Condensed Consolidated Statements of Income (Unaudited) (amounts in thousands except per share data) For the For the Two Quarter Ended Quarters Ended July 3, June 27, July 3, June 27, 2009 2008 2009 2008 ---- ---- ---- ---- Revenue $66,580 $94,071 $141,136 $180,754 Direct costs 51,628 72,425 109,464 140,366 Selling, general and administrative expenses 12,528 17,658 26,841 34,018 ------ ------ ------ ------ Operating income 2,424 3,988 4,831 6,370 Other expense, net (29) (69) (180) (117) --- --- ---- ---- Income before income taxes 2,395 3,919 4,651 6,253 Provision for income taxes 1,000 1,869 1,954 2,799 ----- ----- ----- ----- Net income $1,395 $2,050 $2,697 $3,454 ====== ====== ====== ====== Net income per share: Basic $0.09 $0.13 $0.18 $0.22 ===== ===== ===== ===== Diluted $0.09 $0.13 $0.18 $0.22 ===== ===== ===== ===== Weighted average shares outstanding: Basic 14,874 15,387 14,908 15,460 Diluted 15,373 15,914 15,210 15,923 COMPUTER TASK GROUP, INCORPORATED (CTG) Condensed Consolidated Balance Sheets (Unaudited) (amounts in thousands) July 3, June 27, 2009 2008 ---- ---- Current Assets: Cash and cash equivalents $14,694 $4,285 Accounts receivable, net 42,612 61,188 Other current assets 3,947 5,100 ----- ----- Total Current Assets 61,253 70,573 Property and equipment, net 7,430 6,585 Goodwill 35,678 35,678 Other assets 9,581 9,655 ----- ----- Total Assets $113,942 $122,491 ======== ======== July 3, June 27, 2009 2008 ---- ---- Current Liabilities: Accounts payable $7,499 $11,077 Accrued compensation 22,742 23,309 Other current liabilities 5,150 7,221 ----- ----- Total Current Liabilities 35,391 41,607 Long-term debt - 3,790 Other liabilities 8,812 9,255 Shareholders' equity 69,739 67,839 ------ ------ Total Liabilities and Shareholders' Equity $113,942 $122,491 ======== ========

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

CTGX-E

CTG

CONTACT: Investors and Media: James R. Boldt, Chairman & Chief Executive
Officer, +1-716-887-7244; or Investors: Brendan Harrington, Chief Financial
Officer, +1-716-888-3634

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

Global Crossing Reports Second Quarter 2009 Results-Consolidated revenue of $633 million, representing sequential growth of 4 percent and a year-over- year decline of 3 percent as reported -Consolidated revenue growth of 2 percent sequentially and 6 percent year over year on a constant currency basis -"Invest and grow" revenue of $539 million, representing an increase of 4 percent sequentially and 9 percent year over year on a constant currency basis -OIBDA of $93 million, representing an increase of 24 percent sequentially and 66 percent year over year as reported

FLORHAM PARK, N.J., July 28 /PRNewswire-FirstCall/ -- Global Crossing , a leading global IP solutions provider, today announced second quarter 2009 results. The company said it will discuss its consolidated financial and operational results for the second quarter 2009 on a conference call tomorrow.

Business Highlights

Global Crossing generated consolidated revenue of $633 million for the second quarter of 2009. Revenue from the company's "invest and grow" category - that part of the business focused on serving global enterprises and carrier customers, excluding wholesale voice - was $539 million, representing a sequential increase of 6 percent and a year-over-year decrease of 1 percent as reported. On a constant currency basis, "invest and grow" revenue increased 4 percent sequentially and 9 percent year over year. Operating Income Before Depreciation and Amortization (OIBDA) for the quarter was $93 million, representing an increase of 24 percent sequentially and 66 percent year over year. Free Cash Flow was negative $10 million in the quarter, an improvement of $22 million sequentially and $23 million year over year. OIBDA and Free Cash Flow are non-GAAP measures that are defined and reconciled in our financial tables.

"Global Crossing's return to sequential revenue growth demonstrates continued strength in demand for our advanced IP-based solutions," said John Legere, CEO of Global Crossing. "Our compelling value proposition, strong emphasis on customer satisfaction, and unique strategic position continue to enable expected improvements in our profitability and free cash flow."

Operational Results

Global Crossing's consolidated revenue was $633 million in the second quarter of 2009, representing a sequential increase of $24 million or 4 percent, including an $11 million favorable foreign exchange impact. Year-over-year consolidated revenue decreased $21 million or 3 percent, including a $58 million unfavorable foreign exchange impact. On a constant currency basis, consolidated revenue increased 2 percent sequentially and 6 percent year over year.

The company's "invest and grow" category generated revenue of $539 million for the second quarter. This represents a sequential increase of $29 million or 6 percent, including substantially all of the $11 million favorable sequential foreign exchange impact. Year-over-year "invest and grow" revenue decreased $8 million or 1 percent, including a $57 million unfavorable foreign exchange impact. On a constant currency basis, "invest and grow" revenue increased 4 percent sequentially and 9 percent year over year. Revenue in the quarter included $8 million for a customer's buyout of certain long-term obligations under an existing contract.

On a segment basis, GCUK generated $113 million in "invest and grow" revenue compared with $107 million in the prior quarter and $154 million in the second quarter of 2008. GC Impsat generated $121 million in "invest and grow" revenue compared with $113 million in the prior quarter and $117 million in the second quarter of 2008. Rest-of-World (ROW) generated $309 million in "invest and grow" revenue compared with $294 million in the prior quarter and $280 million in the second quarter of 2008. Sequentially, on a constant currency basis, GCUK, GC Impsat and ROW "invest and grow" revenues increased 1 percent, 3 percent and 5 percent, respectively. Year over year, in constant currency terms, "invest and grow" revenues in GC Impsat and ROW increased 16 percent and 13 percent, respectively, while revenues in GCUK declined 4 percent.

Wholesale voice revenue decreased by $4 million on a sequential basis and $12 million year over year to $94 million. The decline was associated with the continued management of the wholesale voice business for margin. Substantially all of the wholesale voice revenue is earned in the United States, within the ROW segment.

Cost of revenue -- which includes cost of access; technical real estate, network and operations;

third-party maintenance; and cost of equipment sales -- was $432 million in the second quarter, compared with $430 million in the prior quarter and $469 million in the second quarter of 2008. On a sequential basis, cost of revenue increased due to an unfavorable foreign exchange impact of $6 million, partially offset by an operational improvement in access costs. The year-over-year decrease in cost of revenue was primarily attributable to a favorable foreign exchange impact of $39 million and lower incentive compensation accruals, partially offset by an increase in cost of equipment, professional services and third-party maintenance costs.

The company reported Gross Margin, defined as "Revenue" less "Cost of Revenue," of $201 million in the second quarter of 2009, compared with $179 million in the prior quarter and $185 million in the second quarter of 2008. On a sequential basis, Gross Margin increased $22 million primarily due to an increase in "invest and grow" revenue, accompanied by a favorable foreign exchange impact of $5 million. Year over year, Gross Margin increased $16 million due to an operational improvement in revenue and lower incentive compensation compared to the year ago period, partially offset by an unfavorable foreign exchange impact of $19 million.

Sales, general and administrative (SG&A) expenses were $108 million in the second quarter of 2009, compared with $104 million in the prior quarter and $129 million in the second quarter of 2008. On a sequential basis, SG&A increased primarily due to higher professional fees. The year-over-year decrease was primarily attributable to $12 million favorable foreign exchange impact, as well as lower incentive compensation accruals and savings related to cost reduction initiatives.

Global Crossing reported $93 million of Operating Income Before Depreciation and Amortization (OIBDA) in the second quarter, a sequential increase of $18 million, including a $3 million favorable foreign exchange impact. On a year-over-year basis, OIBDA increased $37 million, including an unfavorable foreign exchange impact of $7 million and a $10 million decrease in incentive compensation accruals. The sequential and year-over-year improvement in OIBDA was principally driven by higher revenue on a constant currency basis and improved revenue mix. On a segment basis, GCUK, GC Impsat and ROW contributed OIBDA of $21 million, $44 million and $28 million, respectively.

Global Crossing's consolidated net income applicable to common shareholders was $26 million for the second quarter of 2009, including $57 million in foreign exchange gains reflected in Other Income, net. On a sequential basis, net income increased $85 million due to the previously described increase in OIBDA and a favorable foreign exchange impact. Year over year, net income increased $116 million principally due to the previously described improvements in OIBDA and a favorable foreign exchange impact, as well as a lower income tax provision.

Cash and Liquidity

For the second quarter of 2009, the company reported Free Cash Flow of negative $10 million, as compared to negative $32 million in the prior quarter and negative $33 million in the second quarter of 2008. The sequential increase in Free Cash Flow was primarily driven by the improvement in OIBDA and a reduction in cash used for working capital, partially offset by an increase in capital expenditures. The year-over-year increase in Free Cash Flow was primarily attributable to an increase in OIBDA and lower interest expense.

Cash flow provided by operating activities for the second quarter was $44 million. Global Crossing received $27 million in proceeds from the sale of indefeasible rights of use (IRUs) and prepaid services in the second quarter. Global Crossing used $54 million for purchases of property, plant and equipment, including approximately $12 million for upgrades to its Atlantic and South American subsea systems, and entered into $20 million of capital lease agreements to finance various equipment purchases and software licenses.

As of June 30, 2009, Global Crossing had unrestricted cash of $268 million compared to $306 million at March 31, 2009. The company had $289 million in total cash at June 30, 2009, compared to $322 million in total cash at March 31, 2009.

2009 Guidance

The following table is provided for informational purposes only and represents the Company's 2009 guidance as provided on February 16, 2009.

Measures 2009 Guidance ($in millions) -------------- --------------- Revenue $2,500 - $2,600 -------------- ---------------- OIBDA $320 - $380 ----- ---------------- Free Cash Flow $50 - $100 -------------- ---------------- Non-GAAP Measures

Pursuant to the Securities and Exchange Commission's (SEC's) Regulation G, the attached financial tables include definitions of non-GAAP financial measures, as well as reconciliations of such measures to the most directly comparable financial measures calculated and presented in accordance with U.S. Generally Accepted Accounting Principles (U.S. GAAP).

Conference Call

The company will hold a conference call on Wednesday, July 29, 2009 at 9:00 a.m. EDT to discuss its financial results. The call may be accessed by dialing +1 212 231 2924 or by dialing +44 203 300 0095. Callers are advised to access the call 15 minutes prior to the start time. A Webcast with presentation slides will be available at http://investors.globalcrossing.com/events.cfm.

A replay of the call will be available on Wednesday, July 29, 2009 beginning at 11:30 a.m. EDT and will be accessible until Wednesday, August 5, 2009 at 11:30 a.m. EDT. To access the replay, callers should dial +1 402 977 9140 or +1 800 633 8284 and enter reservation number 21432271. Callers in the United Kingdom should dial +44 (0) 870 000 3081 or (0) 800 692 0831 and enter reservation number 21432271.

ABOUT GLOBAL CROSSING

Global Crossing is a leading global IP solutions provider with the world's first integrated global IP-based network. The company offers a full range of secure data, voice, and video products to approximately 40 percent of the Fortune 500, as well as to 700 carriers, mobile operators and ISPs. It delivers services to more than 690 cities in more than 60 countries and six continents around the globe.

Website Access to Company Information

Global Crossing maintains a corporate website at http://www.globalcrossing.com/, and you can find additional information about the company through the Investors pages on that website at http://investors.globalcrossing.com/. Global Crossing utilizes its website as a channel of distribution of important information about the company. Global Crossing routinely posts financial and other important information regarding the company and its business, financial condition and operations on the Investors web pages.

Visitors to the Investors web pages can view and print copies of Global Crossing's SEC filings, including periodic and current reports on Forms 10-K, 10-Q and 8-K, as soon as reasonably practicable after those filings are made with the SEC. Copies of the charters for each of the standing committees of Global Crossing's Board of Directors, its Corporate Governance Guidelines, Ethics Policy, press releases and analysts presentations are all available through the Investors web pages.

Please note that the information contained on any of Global Crossing's websites is not incorporated by reference in, or considered to be a part of, any document unless expressly incorporated by reference therein.

This press release contains statements about expected future events and financial results that are forward-looking and subject to risks and uncertainties that could cause the actual results to differ materially, including: Global Crossing's history of substantial operating losses and the fact that, in the near term, funds from operations will not satisfy cash requirements; legal and contractual restrictions on the inter-company transfer of funds by the company's subsidiaries; the company's ability to continue to connect its network to incumbent carriers' networks or maintain Internet peering arrangements on favorable terms; the consequences of any inadvertent violation of the company's Network Security Agreement with the U.S. Government; increased competition and pricing pressures resulting from technology advances and regulatory changes; competitive disadvantages relative to competitors with superior resources; political, legal and other risks due to the company's substantial international operations; risks associated with movements in foreign currency exchange rates; potential weaknesses in internal controls of acquired businesses, and difficulties in integrating internal controls of those businesses with the company's own internal controls; the concentration of revenue in a limited number of customers, and the rights of such customers to terminate their contracts or to simply cease purchasing services thereunder; exposure to contingent liabilities; and other risks referenced from time to time in the company's filings with the Securities and Exchange Commission. Global Crossing undertakes no duty to update information contained in this press release or in other public disclosures at any time.

CONTACT GLOBAL CROSSING: Press Contacts Michael Schneider + 1 973 937 0146 Michael.Schneider@globalcrossing.com Analysts/Investors Contact Mark Gottlieb + 1 800 836 0342 glbc@globalcrossing.com Antonio Suarez +1 973 937 0233 Antonio.Suarez@globalcrossing.com IR/PR1 Global Crossing Limited Table 1 Condensed Consolidated Balance Sheets ($ in millions) June 30, December 31, 2009 2008 --------- ----------- (unaudited) (as adjusted) ASSETS: Current assets: Cash and cash equivalents $268 $360 Restricted cash and cash equivalents - current portion 9 7 Accounts receivable, net of allowances of $53 and $58 365 336 Prepaid costs and other current assets 107 103 ------ ------ Total current assets 749 806 ------ ------ Restricted cash and cash equivalents - long term 12 11 Property and equipment, net of accumulated depreciation of $1,043 and $851 1,319 1,300 Intangible assets, net (including goodwill of $164 and $147) 189 172 Other assets 59 60 ------ ------ Total assets $2,328 $2,349 ====== ====== LIABILITIES: Current liabilities: Accounts payable $282 $329 Accrued cost of access 86 92 Short term debt and current portion of long term debt 19 26 Accrued restructuring costs - current portion 13 13 Deferred revenue - current portion 146 138 Other current liabilities 399 361 ------ ------ Total current liabilities 945 959 ------ ------ Long term debt 1,157 1,127 Obligations under capital leases 88 93 Deferred revenue 337 308 Accrued restructuring costs 13 14 Other deferred liabilities 73 94 ------ ------ Total liabilities 2,613 2,595 ------ ------ SHAREHOLDERS' DEFICIT: Common stock, 110,000,000 shares authorized, $.01 par value, 60,134,317 and 56,696,312 shares issued and outstanding as of June 30, 2009 and December 31, 2008, respectively 1 1 Preferred stock with controlling shareholder, 45,000,000 shares authorized, $.10 par value, 18,000,000 shares issued and outstanding 2 2 Additional paid-in capital 1,422 1,399 Accumulated other comprehensive loss (54) (23) Accumulated deficit (1,656) (1,625) ------ ------ Total shareholders' deficit (285) (246) ------ ------ Total liabilities and shareholders' deficit $2,328 $2,349 ====== ====== Note 1. On January 1, 2009, the Company adopted Financial Accounting Standard Board Staff Position No. APB 14-1 "Accounting for Convertible Instruments That May be Settled in Cash upon Conversion (Including Partial Cash Settlement)" ("APB 14-1"). APB 14-1 specifies that issuers of such instruments should separately account for the liability and equity components in a manner that will reflect the entity's non-convertible debt borrowing rate when interest cost is recognized in subsequent periods. APB 14-1 must be applied on a retrospective basis. As a result of applying APB 14-1, additional paid-in capital and accumulated deficit have increased $38 and $17 respectively, and other assets and long term debt have decreased $1 and $22 respectively in the condensed consolidated balance sheet at December 31, 2008. Global Crossing Limited Table 2 Unaudited Condensed Consolidated Statements of Operations ($ in millions) Three Months Ended Six Months Ended June 30, June 30, ------------------------- ------------------------ 2009 2008 2009 2008 ---------- ---------- ---------- ---------- (unaudited) (as adjusted) (unaudited) (as adjusted) Revenue $633 $654 $1,242 $1,286 Cost of revenue (excluding depreciation and amortization, shown separately below): Cost of access (285) (306) (571) (605) Real estate, network and operations (98) (112) (195) (220) Third party maintenance (27) (28) (51) (55) Cost of equipment and other sales (22) (23) (45) (46) ---------- ---------- ---------- ---------- Total cost of revenue (432) (469) (862) (926) ---------- ---------- ---------- ---------- Gross margin 201 185 380 360 Selling, general and administrative (108) (129) (212) (259) Depreciation and amortization (82) (84) (161) (160) ---------- ---------- ---------- ---------- Total operating expenses (622) (682) (1,235) (1,345) ---------- ---------- ---------- ---------- Operating income (loss) 11 (28) 7 (59) Other income (expense): Interest income 4 2 5 6 Interest expense (38) (46) (74) (92) Other income, net 58 8 43 28 ---------- ---------- ---------- ---------- Income (loss) before preconfirmation contingencies and provision for income taxes 35 (64) (19) (117) Net gain on preconfirmation contingencies - 4 - 4 ---------- ---------- ---------- ---------- Income (loss) before provision for income taxes 35 (60) (19) (113) Provision for income taxes (8) (29) (12) (47) ---------- ---------- ---------- ---------- Net income (loss) 27 (89) (31) (160) Preferred stock dividends (1) (1) (2) (2) ---------- ---------- ---------- ---------- Income (loss) applicable to common shareholders $26 $(90) $(33) $(162) ========== ========== ========== ========== Income (loss) per common share, basic: Income (loss) applicable to common shareholders $0.43 $(1.62) $(0.56) $(2.93) ========== ========== ========== ========== Weighted average number of common shares 59,904,503 55,675,011 58,422,070 55,196,799 ========== ========== ========== ========== Income (loss) per common share, diluted: Income (loss) applicable to common shareholders $0.34 $(1.62) $(0.56) $(2.93) ========== ========== ========== ========== Weighted average number of common shares 78,540,571 55,675,011 58,422,070 55,196,799 ========== ========== ========== ========== Note 1. On January 1, 2009, the Company adopted Financial Accounting Standard Board Staff Position No. APB 14-1 "Accounting for Convertible Instruments That May be Settled in Cash upon Conversion (Including Partial Cash Settlement)" ("APB 14-1"). APB 14-1 specifies that issuers of such instruments should separately account for the liability and equity components in a manner that will reflect the entity's non-convertible debt borrowing rate when interest cost is recognized in subsequent periods. APB 14-1 must be applied on a retrospective basis. As a result of applying APB 14-1, interest expense has increased $1 and $3 for the three and six months ended June 30, 2008, respectively. Note 2. For the three months ended June 30, 2008, $1 of sales taxes netted against revenue were reclassified to selling, general and administrative expenses to be consistent with the presentation of other similar taxes. Additionally, $5 of costs incurred to operate the GC Impsat Segment data center business, primarily employee-related expenses, were reclassified from selling, general and administrative to real estate, network and operations as they represent service delivery costs and therefore are appropriately reported as cost of revenue. Note 3. For the six months ended June 30, 2008, $3 of sales taxes netted against revenue were reclassified to selling, general and administrative expenses to be consistent with the presentation of other similar taxes. Additionally, $9 of costs incurred to operate the GC Impsat Segment data center business, primarily employee-related expenses, were reclassified from selling, general and administrative to real estate, network and operations as they represent service delivery costs and therefore are appropriately reported as cost of revenue. Global Crossing Limited Table 3 Condensed Consolidated Statements of Cash Flows ($ in millions) Six Months Ended June 30, ------------------------ 2008 2009 (as adjusted) ---- ---- (unaudited) Cash flows provided by (used in) operating activities: Net loss $(31) $(160) Adjustments to reconcile net loss to net cash provided by operating activities: Loss on sale of marketable securities - 3 Non-cash income tax provision - 27 Non-cash stock compensation expense 10 43 Depreciation and amortization 161 160 Provision for doubtful accounts 4 5 Amortization of prior period IRUs (11) (7) Gain on preconfirmation contingencies - (4) Change in long term deferred revenue 32 32 Other (46) (34) Change in operating working capital: - Changes in accounts receivable (17) (21) - Changes in accounts payable (59) 5 - Changes in other current assets (12) (41) - Changes in other current liabilities 19 32 ---- ---- Net cash provided by operating activities 50 40 ---- ---- Cash flows provided by (used in) investing activities: Purchases of property and equipment (92) (92) Purchases of marketable securities - (11) Proceeds from sale of property and equipment - 4 Proceeds from sale of marketable securities 4 12 Change in restricted cash and cash equivalents (2) (6) ---- ---- Net cash used in investing activities (90) (93) ---- ---- Cash flows provided by (used in) financing activities: Proceeds from short and long term debt 6 7 Repayment of capital lease obligations (30) (29) Repayment of long term Debt (including current portion) (20) (9) Proceeds from exercise of stock options - 1 Payment of employee taxes on share-based compensation (12) - ---- ---- Net cash used in financing activities (56) (30) ---- ---- Effect of exchange rate changes on cash and cash equivalents 4 4 ---- ---- Net decrease in cash and cash equivalents (92) (79) Cash and cash equivalents, beginning of period 360 397 ---- ---- Cash and cash equivalents, end of period $268 $318 ==== ==== Note 1. On January 1, 2009, the Company adopted Financial Accounting Standard Board Staff Position No. APB 14-1 "Accounting for Convertible Instruments That May be Settled in Cash upon Conversion (Including Partial Cash Settlement)" ("APB 14-1"). APB 14-1 specifies that issuers of such instruments should separately account for the liability and equity components in a manner that will reflect the entity's non-convertible debt borrowing rate when interest cost is recognized in subsequent periods. APB 14-1 must be applied on a retrospective basis. As a result of applying APB 14-1, net loss and other within net cash provided by (used in) operating activities has increased in $3 for the six months ended June 30, 2008. Global Crossing Limited and Subsidiaries Table 4 Unaudited Condensed Consolidated Statements of Operations ($ in millions) Quarter Ended June 30, 2009 -------------- GC ROW GCUK Impsat (1) Eliminations Total ---- ------ ----- ------------ ----- Revenue $115 $125 $397 $(4) $633 Cost of revenue Cost of access (36) (27) (225) 3 (285) Real estate, network and operations (18) (21) (59) - (98) Third party maintenance (6) (5) (16) - (27) Cost of equipment and other sales (17) (3) (2) - (22) ---- ---- ---- ---- ---- Total cost of revenue (77) (56) (302) 3 (432) ---- ---- ---- ---- ---- Gross margin 38 69 95 (1) 201 Selling, general and administrative (17) (25) (67) 1 (108) Depreciation and amortization (16) (21) (45) - (82) ---- ---- ---- ---- ---- Total operating expenses (110) (102) (414) 4 (622) ---- ---- ---- ---- ---- Operating income (loss) 5 23 (17) - 11 Other income (expense): Interest income 1 2 4 (3) 4 Interest expense (13) (9) (19) 3 (38) Other income (expense), net 28 7 23 - 58 ---- ---- ---- ---- ---- Income (loss) before preconfirmation contingencies and income taxes 21 23 (9) - 35 Net gain on preconfirmation contingencies - - - - - ---- ---- ---- ---- ---- Income (loss) before provision for income taxes 21 23 (9) - 35 Provision for income taxes (1) (5) (2) - (8) ---- ---- ---- ---- ---- Net income (loss) 20 18 (11) - 27 Preferred stock dividends - - (1) - (1) ---- ---- ---- ---- ---- Income (loss) applicable to common shareholders $20 $18 $(12) $- $26 ==== ==== ==== ==== ==== Quarter Ended March 31, 2009 -------------- GC ROW GCUK Impsat (1) Eliminations Total ---- ------- --- ------------ ----- Revenue $110 $116 $387 $(4) $609 Cost of revenue Cost of access (34) (27) (229) 4 (286) Real estate, network and operations (18) (18) (61) - (97) Third party maintenance (5) (5) (14) - (24) Cost of equipment and other sales (15) (2) (6) - (23) ---- ---- ---- ---- ---- Total cost of revenue (72) (52) (310) 4 (430) ---- ---- ---- ---- ---- Gross margin 38 64 77 - 179 Selling, general and administrative (15) (25) (64) - (104) Depreciation and amortization (15) (20) (44) - (79) ---- ---- ---- ---- ---- Total operating expenses (102) (97) (418) 4 (613) ---- ---- ---- ---- ---- Operating income (loss) 8 19 (31) - (4) Other income (expense): Interest income 2 1 1 (3) 1 Interest expense (12) (8) (19) 3 (36) Other income (expense), net (3) 5 (17) - (15) ---- ---- ---- ---- ---- Income (loss) before preconfirmation contingencies and income taxes (5) 17 (66) - (54) Net gain on preconfirmation contingencies - - - - - ---- ---- ---- ---- ---- Income (loss) before provision for income taxes (5) 17 (66) - (54) Provision for income taxes - (4) - - (4) ---- ---- ---- ---- ---- Net income (loss) (5) 13 (66) - (58) Preferred stock dividends - - (1) - (1) ---- ---- ---- ---- ---- Income (loss) applicable to common shareholders $(5) $13 $(67) $- $(59) ==== ==== ==== ==== ==== Quarter Ended June 30, 2008 -------------- GC Impsat ROW GCUK (2,4) (1,2,3) Eliminations Total ---- ------- ----- ------------ ----- Revenue $157 $119 $382 $(4) $654 Cost of revenue Cost of access (48) (28) (233) 3 (306) Real estate, network and operations (24) (23) (66) 1 (112) Third party maintenance (9) (4) (15) - (28) Cost of equipment and other sales (17) (3) (3) - (23) ---- ---- ---- ---- ---- Total cost of revenue (98) (58) (317) 4 (469) ---- ---- ---- ---- ---- Gross margin 59 61 65 - 185 Selling, general and administrative (22) (30) (77) - (129) Depreciation and amortization (21) (22) (41) - (84) ---- ---- ---- ---- ---- Total operating expenses (141) (110) (435) 4 (682) ---- ---- ---- ---- ---- Operating income (loss) 16 9 (53) - (28) Other income (expense): Interest income 2 - 2 (2) 2 Interest expense (18) (10) (20) 2 (46) Other income (expense), net 1 4 3 - 8 ---- ---- ---- ---- ---- Income (loss) before preconfirmation contingencies and income taxes 1 3 (68) - (64) Net gain on preconfirmation contingencies - - 4 - 4 ---- ---- ---- ---- ---- Income (loss) before provision for income taxes 1 3 (64) - (60) Provision for income taxes (1) (12) (16) - (29) ---- ---- ---- ---- ---- Net income (loss) - (9) (80) - (89) Preferred stock dividends - - (1) - (1) ---- ---- ---- ---- ---- Income (loss) applicable to common shareholders $- $(9) $(81) $- $(90) ==== ==== ==== ==== ==== (1) Rest of World (ROW) represents operations of Global Crossing Limited and subsidiaries excluding Global Crossing (UK) Telecommunications Ltd. and subsidiaries (GCUK) and GC Impsat Holdings I Plc and subsidiaries (GC Impsat). (2) In August 2008, Global Crossing Limited transferred its GC Chile operations from the ROW Segment to the GC Impsat Segment. Since the transfer is between entities under common control, the Company has retroactively restated GC Impsat's results to include the GC Chile operations and removed GC Chile from ROW's results for all periods presented. (3) On January 1, 2009, the Company adopted Financial Accounting Standard Board Staff Position No. APB 14-1 "Accounting for Convertible Instruments That May be Settled in Cash upon Conversion (Including Partial Cash Settlement)" ("APB 14-1"). APB 14-1 specifies that issuers of such instruments should separately account for the liability and equity components in a manner that will reflect the entity's non-convertible debt borrowing rate when interest cost is recognized in subsequent periods. APB 14-1 must be applied on a retrospective basis. As a result of applying APB 14-1, interest expense has increased $1 for the three months ended June 30, 2008. (4) For the three months ended June 30, 2008 $1 of sales taxes netted against revenue were reclassified to selling, general and administrative expenses to be consistent with the presentation of other similar taxes. Additionally, for the three months ended June 30, 2008 $5 of costs incurred to operate the GC Impsat Segment data center business, primarily employee-related expenses, were reclassified from selling, general and administrative to real estate, network and operations as they represent service delivery costs and therefore are appropriately reported as cost of revenue. Global Crossing Limited and Subsidiaries Table 5 Unaudited Summary of Consolidated Revenue ($ in millions) Quarter Ended June 30, 2009 --------------------------- GCUK GC Impsat ROW(1) Eliminations Total ---- --------- ----- ------------ ----- Revenue: Enterprise, carrier data and indirect sales channel $113 $119 $307 $- $539 Carrier voice 2 4 88 - 94 Other - - - - - Intersegment revenue - 2 2 (4) - ---- ---- ---- ---- ---- Consolidated revenue $115 $125 $397 $(4) $633 ---- ---- ---- ---- ---- Quarter Ended March 31, 2009 ---------------------------- GCUK GC Impsat ROW(1) Eliminations Total ---- --------- ----- ------------ ----- Revenue: Enterprise, carrier data and indirect sales channel $107 $111 $292 $- $510 Carrier voice 3 3 92 - 98 Other - - 1 - 1 Intersegment revenue - 2 2 (4) - ---- ---- ---- ---- ---- Consolidated revenue $110 $116 $387 $(4) $609 ---- ---- ---- ---- ---- Quarter Ended June 30, 2008 --------------------------- GCUK GC Impsat(2,3) ROW(1,2) Eliminations(2) Total ---- ------------- ------- -------------- ----- Revenue: Enterprise, carrier data and indirect sales channel $154 $114 $279 $- $547 Carrier voice 3 2 101 - 106 Other - - 1 - 1 Intersegment revenue - 3 1 (4) - ---- ---- ---- ---- ---- Consolidated revenue $157 $119 $382 $(4) $654 ---- ---- ---- ---- ---- (1) Rest of World (ROW) represents operations of Global Crossing Limited and subsidiaries excluding Global Crossing (UK) Telecommunications Ltd. and subsidiaries (GCUK) and GC Impsat Holdings I Plc and subsidiaries (GC Impsat). (2) In August 2008, Global Crossing Limited transferred its GC Chile operations from the ROW Segment to the GC Impsat Segment. Since the transfer is between entities under common control, the Company has retroactively restated GC Impsat's results to include the GC Chile operations and removed GC Chile from ROW's results for all periods presented. (3) For the three months ended June 30, 2008 $1 of sales taxes netted against revenue were reclassified to selling, general and administrative expenses to be consistent with the presentation of other similar taxes. Global Crossing Limited Table 6 Unaudited Reconciliation of OIBDA to Income (Loss) Applicable to Common Shareholders ($ in millions) Pursuant to the SEC's Regulation G, the following table provides a reconciliation of OIBDA, which is considered a non-GAAP (Generally Accepted Accounting Principles) financial measure, to income (loss) applicable to common shareholders. OIBDA is defined as operating income (loss) before depreciation and amortization. OIBDA differs from operating income (loss) in that it excludes depreciation and amortization. Such excluded expenses primarily reflect the non-cash impacts of historical capital investments, as opposed to the cash impacts of capital expenditures made in recent periods. In addition, OIBDA does not give effect to cash used for debt service requirements and thus does not reflect available funds for reinvestment, distributions or other discretionary uses. Management uses OIBDA as an important part of our internal reporting and planning processes and as a key measure to evaluate profitability and operating performance, make comparisons between periods, and to make resource allocation decisions. Management believes that the investment community uses similar performance measures to compare performance of competitors in our industry. There are material limitations to using non-GAAP financial measures. Our calculation of OIBDA may differ from similarly titled measures used by other companies, and may not be comparable to those other measures. Additionally, OIBDA does not include certain significant items such as depreciation and amortization, interest income, interest expense, income taxes, other non-operating income or expense items, preferred stock dividends, and gains and losses on pre-confirmation contingencies. OIBDA should be considered in addition to, and not as a substitute for, other measures of financial performance reported in accordance with GAAP. Management believes that OIBDA is useful to our investors as it is a relevant indicator of operating performance, especially in a capital- intensive industry such as telecommunications. OIBDA provides investors with an indication of the underlying performance of our everyday business operations. It excludes the effect of items associated with our capitalization and tax structures, such as interest income, interest expense and income taxes, and of other items not associated with our everyday operations. Quarter Ended June 30, 2009 --------------------------- GCUK GC Impsat ROW(1) Eliminations Total ---- --------- ----- ------------ ----- OIBDA $21 $44 $28 $- $93 Depreciation and amortization (16) (21) (45) - (82) --- --- --- -- --- Operating income (loss) 5 23 (17) - 11 Interest income 1 2 4 (3) 4 Interest expense (13) (9) (19) 3 (38) Other income, net 28 7 23 -- 58 Provision for income taxes (1) (5) (2) - (8) Preferred stock dividends - - (1) - (1) ---- ---- ---- ---- ---- Income (loss) applicable to common shareholders $20 $18 $(12) $- $26 ==== ==== ==== ==== ==== Quarter Ended March 31, 2009 ---------------------------- GCUK GC Impsat ROW(1) Eliminations Total ---- --------- ----- ------------ ----- OIBDA $23 $39 $13 $- $75 Depreciation and amortization (15) (20) (44) - (79) ---- ---- ---- ---- ---- Operating income (loss) 8 19 (31) - (4) Interest income 2 1 1 (3) 1 Interest expense (12) (8) (19) 3 (36) Other income (expense), net (3) 5 (17) - (15) Provision for income taxes - (4) - - (4) Preferred stock dividends - - (1) - (1) ---- ---- ---- ---- ---- Income (loss) applicable to common shareholders $(5) $13 $(67) $- $(59) ==== ==== ==== ==== ==== Quarter Ended June 30, 2008 --------------------------- GCUK GC Impsat(2) ROW (1,2,3) Eliminations Total ---- ----------- ---------- ------------ ----- OIBDA $37 $31 $(12) $- $56 Depreciation and amortization (21) (22) (41) - (84) ---- ---- ---- ---- ---- Operating income (loss) 16 9 (53) - (28) Interest income 2 - 2 (2) 2 Interest expense (18) (10) (20) 2 (46) Other income, net 1 4 3 -- 8 Net gain on preconfirmation contingencies - - 4 - 4 Provision for income taxes (1) (12) (16) - (29) Preferred stock dividends - - (1) - (1) ---- ---- ---- ---- ---- Loss applicable to common shareholders $- $(9) $(81) $- $(90) ==== ==== ==== ==== ==== (1) Rest of World (ROW) represents operations of Global Crossing Limited and subsidiaries excluding Global Crossing (UK) Telecommunications Ltd. and subsidiaries (GCUK) and GC Impsat Holdings I Plc and subsidiaries (GC Impsat). (2) In August 2008, Global Crossing Limited transferred its GC Chile operations from the ROW Segment to the GC Impsat Segment. Since the transfer is between entities under common control, the Company has retroactively restated GC Impsat's results to include the GC Chile operations and removed GC Chile from ROW's results for all periods presented. (3) On January 1, 2009, the Company adopted Financial Accounting Standard Board Staff Position No. APB 14-1 "Accounting for Convertible Instruments That May be Settled in Cash upon Conversion (Including Partial Cash Settlement)" ("APB 14-1"). APB 14-1 specifies that issuers of such instruments should separately account for the liability and equity components in a manner that will reflect the entity's non-convertible debt borrowing rate when interest cost is recognized in subsequent periods. APB 14-1 must be applied on retrospective basis. As a result of applying APB 14-1, interest expense has increased $1 for the three months ended June 30, 2008. Global Crossing Limited and Subsidiaries Table 7 Unaudited Reconciliations of Free Cash Flow to Net Cash Provided by Operating Activities ($ in millions) Pursuant to the SEC's Regulation G, the following table provides a reconciliation of Free Cash Flow, which is considered a non-GAAP (Generally Accepted Accounting Principles) financial measure, to net cash provided by operating activities. We define Free Cash Flow as net cash provided by (used in) operating activities less purchases of property and equipment as disclosed in the statement of cash flows. Free Cash Flow differs from the net change in cash and cash equivalents in the statement of cash flows in that it excludes the cash impact of: all investing activities (other than capital expenditures, which are a fundamental and recurring part of our business); all financing activities; and exchange rate changes on cash and cash equivalents balances. Management uses Free Cash Flow as a relevant indicator of our ability to generate cash to pay debt. Free Cash Flow also is an important part of our internal reporting and a key measure used by management to evaluate liquidity from period to period. We believe that the investment community uses similar performance measures to compare performance of competitors in our industry. There are material limitations to using non-GAAP financial measures. Our calculation of Free Cash Flow may differ from similarly titled measures used by other companies, and may not be comparable to those other measures. Moreover, we do not currently pay a significant amount of income taxes due to net operating losses, and we therefore generate higher Free Cash Flow than comparable businesses that do pay income taxes. Additionally, Free Cash Flow is subject to variability quarter over quarter as a result of the timing of payments related to accounts receivable and accounts payable and capital expenditures. Free Cash Flow also does not include certain significant cash items such as purchases and sales out of the ordinary course of business, proceeds from financing activities, repayments of capital lease obligations and other debt, and the effect of exchange rate changes on cash and cash equivalents balances. Free Cash Flow should be considered in addition to, and not as a substitute for, net change in cash and cash equivalents in the statement of cash flows reported in accordance with GAAP. Management believes that Free Cash Flow is useful to our investors as it provides an indication of the underlying cash position of our everyday business operations and the ability to pay debt. Quarter Ended June 30, 2009 ---- Free Cash Flow $(10) Purchases of property and equipment $54 ---- Net cash provided by operating activities $44 ==== Quarter Ended March 31, 2009 ---- Free Cash Flow $(32) Purchases of property and equipment $38 ---- Net cash provided by operating activities $6 ==== Quarter Ended June 30, 2008 ---- Free Cash Flow $(33) Purchases of property and equipment $48 ---- Net cash provided by operating activities $15 ==== Global Crossing Limited and Subsidiaries Table 8 Unaudited Reconciliations of 2009 OIBDA and Free Cash Flow Guidance ($ in millions) When providing projections for non-GAAP measures, we are required to provide a reconciliation of the non-GAAP measure to the most directly comparable GAAP metric to the extent available without unreasonable efforts. In such cases, we may indicate an amount or range for GAAP measures that are components of the reconciliation. The provision of such amounts or ranges must not be interpreted as explicit or implicit projections of those GAAP components. To reconcile the non-GAAP financial metric to GAAP, we must use amounts or ranges for the GAAP components that arithmetically add up to the non-GAAP financial metric. While we feel reasonably comfortable with the methodology used to generate the projections of our non-GAAP financial metrics, we fully expect that the amounts or ranges used for the GAAP components will vary from actual results. We have made numerous assumptions in preparing our projections. These assumptions, including the amounts of the various components that comprise a financial metric, may or may not prove to be correct. We will consider our projections of non-GAAP financial metrics to have been achieved if the specific non-GAAP measure is met or exceeded, even if the GAAP components of the reconciliation are materially different from those provided in an earlier reconciliation. This reconciliation was prepared based on the Company's guidance as provided on February 16, 2009, which is included in the preceding press release for informational purposes only. Twelve months ended December 31, 2009 ---------------------------- Low End of Guidance High End of Guidance OIBDA $320 $380 Depreciation and amortization (330) (331) ---- ---- Operating income (loss) (10) 49 Interest expense, net (147) (147) Provision for income taxes (27) (27) Preferred stock dividends (4) (4) ---- ---- Net loss applicable to common shareholders $(188) $(129) ==== ==== Free Cash Flow $50 $100 Purchases of property and equipment 145 155 ---- ---- Net cash provided by operating activities $195 $255 ==== ==== For definitions and further description of these non-GAAP measures see tables 6 and 7.

Global Crossing

CONTACT: Press - Michael Schneider, +1-973-937-0146,
Michael.Schneider@globalcrossing.com; or Analysts/Investors - Mark Gottlieb, +
1-800-836-0342, glbc@globalcrossing.com, or Antonio Suarez, +1-973-937-0233,
Antonio.Suarez@globalcrossing.com

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

FIS Reports Strong Earnings and Raises Full Year OutlookSecond Quarter Adjusted EPS of $0.42, up 23.5% Adjusted EBITDA margin of 25.3%, up 250 basis points Free cash flow of $125 million

JACKSONVILLE, Fla., July 28 /PRNewswire-FirstCall/ -- Fidelity National Information Services, Inc. , a leading global provider of technology services to financial institutions, today reported financial results for the quarter ended June 30, 2009.

Consolidated revenue of $834.8 million declined 4.0% in U.S. dollars and 0.4% in constant currency compared to $869.7 million in the second quarter of 2008. Non-GAAP adjusted net earnings increased 23.5% to $0.42 per share in U.S. dollars, compared to $0.34 in the prior year, and increased 26.5% in constant currency. The increase is due to improved operating performance across all major business lines and lower net interest expense. GAAP net earnings from continuing operations attributable to common stockholders totaled $59.6 million, or $0.31 per share, compared to $0.07 per share in the prior period. Free cash flow (cash from operations less capital expenditures) was $124.6 million compared with $86.0 million in the prior year quarter.

"FIS reported another quarter of excellent growth in earnings, margin expansion and strong free cash flow. Our management team has done an excellent job navigating through the current difficult market conditions, and in further strengthening FIS's position as a premier global organization," stated William P. Foley, II, executive chairman. "Importantly, despite the difficult market environment, we remain highly focused on expanding customer relationships, and we continue to pursue growth opportunities that leverage our existing operations and drive long-term value for our shareholders."

"We are very pleased with our strong second quarter performance, which included a 250 basis point improvement in margin and once again, outstanding free cash flow. The strategic initiatives implemented over the last several quarters are producing tangible results, and we remain confident in our ability to continue to generate strong operating efficiencies and leverage," added Lee A. Kennedy, president and chief executive officer. "Based on results to date and our outlook for the remainder of 2009, we are increasing our full year earnings outlook to $1.71 to $1.75 per share from our previous guidance of $1.60 to $1.66 per share."

Supplemental Information

Consolidated revenue in the second quarter of 2009 was $834.8 million, compared with $869.7 in the prior year quarter, a decrease of 4.0% in U.S. dollars. Excluding a $31.2 million unfavorable impact of foreign currency resulting from a strengthening of the U.S. dollar, consolidated revenue declined 0.4%.

- Financial Solutions revenue declined 1.4% to $277.0 million compared to $280.8 million in the prior period, as increased demand for risk management and technology outsourcing services was offset by lower software license and professional services revenue.

- Payment Solutions revenue declined 0.9% to $380.0 million compared to $383.4 million in the 2008 quarter, as growth in debit was offset by declines in item processing, credit card and retail check services.

- International revenue declined 13.7% to $178.4 million in U.S. dollars, compared to $206.8 million in the prior year quarter. The decline was driven by the strengthening of the U.S. dollar and exceptionally strong revenue in the second quarter of 2008. International revenue increased 1.4% in constant currency, driven by 5.1% growth in payments. Financial solutions revenue declined 4.3% due to a reduction in license and professional services revenue related to significant new customer implementations in the second quarter of 2008.

Adjusted EBITDA increased 6.9% to $211.6 million in the second quarter of 2009 compared to $198.0 million in the 2008 quarter. The adjusted EBITDA margin improved 250 basis points to 25.3% compared to 22.8% in the prior-year quarter, driven by increased operating leverage and ongoing expense management across all operating segments.

- Financial Solutions EBITDA increased 15.0% to $119.4 million, and the margin improved 610 basis points to 43.1% compared to 37.0% in the prior year.

- Payment Solutions EBITDA increased 8.2% to $105.2 million, and the margin increased 230 basis points to 27.7%.

- International EBITDA increased 29.4% to $29.5 million. Productivity improvements more than offset a decline in high margin software sales and a $6.5 million unfavorable currency impact. The EBITDA margin improved 550 basis points to 16.5% compared to 11.0% in the prior year.

The effective tax rate in the second quarter of 2009 was 34.5% compared to 32.0% in the second quarter of 2008.

Balance Sheet

FIS had $227.9 million in cash and cash equivalents at June 30, 2009. The company repaid $168.4 million of debt during the second quarter, reducing total debt outstanding to $2.3 billion, of which $2.1 billion has been swapped to fixed interest rates. The effective interest rate was 5.5% as of June 30, 2009.

Capital expenditures totaled $50.9 million in the quarter, compared to $52.0 million spent in the prior year.

Acquisition Update

On April 1, 2009, FIS announced plans to acquire Metavante Technologies, Inc. . FIS expects to complete the transaction in the fourth quarter of 2009, subject to shareholder and regulatory approvals and the satisfaction of customary closing conditions.

2009 Outlook

Based on FIS's results in the first six months and the outlook for the remainder of the year, management expects to achieve adjusted net earnings of $1.71 to $1.75 per share in 2009, compared to the previous guidance of $1.60 to $1.66 per share. The company expects constant currency revenue to increase modestly in 2009 compared to 2008, and expects reported revenue to decline slightly compared to 2008. Free cash flow is expected to exceed the high end of management's previous guidance of $410 million to $430 million. This guidance does not include Metavante's operating results. FIS will update its fiscal 2009 guidance to include Metavante following the completion of the transaction.

Use of Non-GAAP Financial Information

Generally Accepted Accounting Principles (GAAP) is the term used to refer to the standard framework of guidelines for financial accounting. GAAP includes the standards, conventions, and rules accountants follow in recording and summarizing transactions, and in the preparation of financial statements. In addition to reporting financial results in accordance with GAAP, the company has provided non-GAAP financial measures which it believes are useful to help investors better understand its financial performance, competitive position and prospects for the future. These non-GAAP measures include earnings before interest, taxes and amortization (EBITDA), adjusted net earnings, and free cash flow. Adjusted EBITDA excludes the impact of merger and acquisition and integration expenses, LPS spin-off related costs, certain stock compensation charges and certain other costs. Adjusted net earnings exclude the after-tax impact of merger and acquisition and integration expenses, LPS spin-off related costs, certain stock compensation charges, acquisition related amortization and certain other costs. Any non-GAAP measures should be considered in context with the GAAP financial presentation and should not be considered in isolation or as a substitute for GAAP net earnings. Further, FIS's non-GAAP measures may be calculated differently from similarly-titled measures of other companies. A reconciliation of these non-GAAP measures to related GAAP measures is included in the press release attachments.

Conference Call and Webcast

FIS will host a call with investors and analysts to discuss second quarter 2009 results on Tuesday, July 28, 2009, beginning at 5:00 p.m. Eastern daylight time. To register for the live event and to access a supplemental slide presentation, go to the Investor Relations section at http://www.fidelityinfoservices.com/ and click on "Events and Multimedia." A webcast replay will be available on FIS' Investor Relations website, and a telephone replay will be available through August 11, 2009, by dialing 800-475-6701 (USA) or 320-365-3844 (International). The access code will be 106703. To access a PDF version of this release and accompanying financial tables, go to http://www.investor.fidelityinfoservices.com/.

About Fidelity National Information Services, Inc.

Fidelity National Information Services, Inc. , a member of the S&P 500 Index, is a leading provider of core processing for financial institutions; card issuer and transaction processing services; and outsourcing services to financial institutions and retailers. FIS has processing and technology relationships with 40 of the top 50 global banks, including nine of the top 10 and was ranked the number one banking technology provider in the world by American Banker and the research firm Financial Insights in the 2008 FinTech 100 rankings. Headquartered in Jacksonville, Fla., FIS maintains a strong global presence, serving more than 14,000 financial institutions in more than 90 countries worldwide. For more information on Fidelity National Information Services, please visit http://www.fidelityinfoservices.com/.

Forward-Looking Statements

This press release contains forward-looking statements, including certain plans, expectations, goals and projections, and statements about FIS's acquisition of Metavante, which are subject to numerous assumptions, risks and uncertainties. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. Because such statements are based on expectations as to future economic performance and are not statements of fact, actual results may differ materially from those projected. The risks and uncertainties that forward-looking statements are subject to include, without limitation: changes in general economic, business and political conditions, including changes in the financial markets; the effect of governmental regulations, including the possibility that there are unexpected delays in obtaining regulatory approvals; the failure to obtain required transaction approvals from FIS's and Metavante's shareholders; the effects of our substantial leverage which may limit the funds available to make acquisitions and invest in our business; the risks of reduction in revenue from the elimination of existing and potential customers due to consolidation in the banking, retail and financial services industries or due to financial failures suffered by firms in those industries; actions that may be taken by the competitors, customers and suppliers of FIS or Metavante that may cause the transaction to be delayed or not completed; failures to adapt our services to changes in technology or in the marketplace; our potential inability to find suitable acquisition candidates or difficulties in integrating acquisitions; competitive pressures on product pricing and services; and other risks detailed in the "Statement Regarding Forward-Looking Information," "Risk Factors" and other sections of the Company's Form 10-K and other filings with the Securities and Exchange Commission. All forward-looking statements included in this document are based on information available at the time of the document. FIS assumes any obligation to update any forward-looking statement.

FIS-e Fidelity National Information Services, Inc. Earnings Release Supplemental Financial Information July 28,2009 (Unaudited) Exhibit A Consolidated Statements of Earnings for the Three and Six Months ended June 30, 2009 and 2008 Exhibit B Consolidated Balance Sheets as of June 30, 2009 and December 31, 2008 Exhibit C Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2009 and 2008 Exhibit D Supplemental Non-GAAP Financial Information for the Three and Six Months Ended June 30, 2009 and 2008 Exhibit E Supplemental GAAP to Non-GAAP Reconciliation - Unaudited for the Three and Six Months Ended June 30, 2009 and 2008 Exhibit A FIDELITY NATIONAL INFORMATION SERVICES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS - UNAUDITED (In millions, except per share data) Three months Six months ended ended June 30, June 30, ------------ ---------------- 2009 2008 2009 2008 ---- ---- ---- ---- Processing and services revenues $834.8 $869.7 $1,632.6 $1,700.0 Cost of revenues 602.7 674.0 1,199.9 1,322.7 Selling, general and administrative expenses 93.2 117.9 189.3 229.0 Research and development costs 21.5 19.9 44.1 39.2 ---- ---- ---- ---- Operating income 117.4 57.9 199.3 109.1 ----- ---- ----- ----- Other income (expense): Interest income 0.5 1.5 1.3 4.3 Interest expense (31.8) (43.6) (63.8) (82.4) Other income (expense) 5.5 1.3 6.7 0.1 --- --- --- --- Total other income (expense) (25.8) (40.8) (55.8) (78.0) ---- ---- ---- ---- Earnings from continuing operations before income taxes 91.6 17.1 143.5 31.1 Provision for income taxes 31.6 3.3 49.5 6.6 Equity in losses of unconsolidated entities - (0.2) - (0.2) --- --- --- --- Net earnings from continuing operations 60.0 13.6 94.0 24.3 (Loss) earnings from discontinued operations, net of tax (0.4) 59.2 (1.7) 118.8 --- ---- --- ----- Net earnings 59.6 72.8 92.3 143.1 Net earnings attributable to noncontrolling interest (0.4) (0.9) (0.1) (0.7) --- --- --- --- Net earnings attributable to FIS $59.2 $71.9 $92.2 $142.4 ===== ===== ===== ====== Net earnings per share-basic from continuing operations attributable to FIS common stockholders * $0.31 $0.07 $0.49 $0.13 Net earnings (loss) per share-basic from discontinued operations attributable to FIS common stockholders * (0.00) 0.30 (0.01) 0.61 ---- ---- ---- ---- Net earnings per share-basic attributable to FIS common stockholders * $0.31 $0.37 $0.48 $0.74 ===== ===== ===== ===== Weighted average shares outstanding-basic 190.3 192.5 190.2 193.5 ===== ===== ===== ===== Net earnings per share-diluted from continuing operations attributable to FIS common stockholders * $0.31 $0.07 $0.49 $0.12 Net earnings (loss) per share- diluted from discontinued operations attributable to FIS common stockholders * (0.00) 0.30 (0.01) 0.61 ---- ---- ---- ---- Net earnings per share-diluted attributable to FIS common stockholders * $0.31 $0.37 $0.48 $0.73 ===== ===== ===== ===== Weighted average shares outstanding-diluted 192.7 194.4 192.2 195.5 ===== ===== ===== ===== Amounts attributable to FIS common stockholders: Net earnings from continuing operations, net of tax $59.6 $13.3 $93.9 $24.2 (Loss) earnings from discontinued operations, net of tax (0.4) 58.6 (1.7) 118.2 --- ---- --- ----- Net earnings attributable to FIS common stockholders $59.2 $71.9 $92.2 $142.4 ===== ===== ===== ====== * Amounts may not sum due to rounding. Exhibit B FIDELITY NATIONAL INFORMATION SERVICES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In millions) As of As of June 30, December 31, 2009 2008 ---- ---- (Unaudited) Assets Current assets: Cash and cash equivalents $227.9 $220.9 Settlement deposits 38.0 31.4 Trade receivables, net 521.8 538.1 Settlement receivables 38.9 52.1 Other receivables 77.5 121.1 Receivable from FNF and LPS 11.4 10.1 Prepaid expenses and other current assets 98.9 115.1 Deferred income taxes 80.5 77.4 ---- ---- Total current assets 1,094.9 1,166.2 Property and equipment, net of accumulated depreciation and amortization 271.4 272.6 Goodwill 4,200.2 4,194.0 Other intangible assets, net of accumulated amortization 905.4 924.3 Computer software, net of accumulated amortization 640.5 617.0 Deferred contract costs 249.0 241.2 Long-term notes receivable from FNF 5.1 5.5 Other noncurrent assets 73.3 79.6 ---- ---- Total assets $7,439.8 $7,500.4 ======== ======== Liabilities and Equity Current liabilities: Accounts payable and accrued liabilities $458.1 $444.8 Settlement payables 81.6 83.3 Current portion of long-term debt 158.1 105.5 Deferred revenues 184.1 182.9 ----- ----- Total current liabilities 881.9 816.5 Deferred revenues 89.1 86.7 Deferred income taxes 331.2 332.7 Long-term debt, excluding current portion 2,134.0 2,409.0 Other long-term liabilities 115.3 158.5 ----- ----- Total liabilities 3,551.5 3,803.4 ------- ------- FIS stockholders' equity: Preferred stock $0.01 par value - - Common stock $0.01 par value 2.0 2.0 Additional paid in capital 2,964.6 2,959.8 Retained earnings 1,149.2 1,076.1 Accumulated other comprehensive (loss) earnings (15.7) (102.3) Treasury stock (383.2) (402.8) ----- ----- Total FIS stockholders' equity 3,716.9 3,532.8 Noncontrolling interest 171.4 164.2 ----- ----- Total equity 3,888.3 3,697.0 ------- ------- Total liabilities and equity $7,439.8 $7,500.4 ======== ======== Exhibit C FIDELITY NATIONAL INFORMATION SERVICES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED (In millions) Six months ended June 30, ---------------- 2009 2008 ---- ---- Cash flows from operating activities: Net earnings $92.3 $143.1 Adjustment to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization 184.1 244.5 Amortization of debt issue costs 1.7 2.9 Net gain on sale of non-strategic businesses - (1.0) Stock-based compensation cost 18.3 42.2 Deferred income taxes (31.8) 3.0 Income tax benefit from exercise of stock options (0.1) (0.9) Equity in losses of unconsolidated entities - 2.3 Changes in assets and liabilities, net of effects from acquisitions: Net decrease (increase) in trade receivables 93.8 (58.2) Net decrease (increase) in prepaid expenses and other assets 19.3 (6.7) Net additions to deferred contract costs (25.3) (39.5) Net increase in deferred revenue 2.5 15.7 Net decrease in accounts payable, accrued liabilities and other liabilities (23.7) (104.6) ---- ----- Net cash provided by operating activities 331.1 242.8 ----- ----- Cash flows from investing activities: Additions to property and equipment (27.1) (43.9) Additions to capitalized software (69.1) (111.7) Net proceeds from sale of company assets - 33.5 Acquisitions, net of cash acquired (3.8) (17.4) Other investing activities - (4.7) - ---- Net cash used in investing activities (100.0) (144.2) ----- ----- Cash flows from financing activities: Borrowings 1,198.7 2,699.6 Debt service payments (1,420.1) (2,704.5) Dividends paid (19.1) (19.3) Income tax benefit from exercise of stock options 0.1 0.9 Stock options exercised 6.0 11.5 Treasury stock purchases - (236.2) - ----- Net cash used in financing activities (234.4) (248.0) ----- ----- Effect of foreign currency exchange rates on cash 10.3 1.1 ---- --- Net increase (decrease) in cash and cash equivalents 7.0 (148.3) Cash and cash equivalents, at beginning of period 220.9 355.3 ----- ----- Cash and cash equivalents, at end of period $227.9 $207.0 ====== ====== Exhibit D FIDELITY NATIONAL INFORMATION SERVICES, INC. NON-GAAP FINANCIAL INFORMATION - UNAUDITED (In millions) 1. Revenue, EBIT and EBITDA Three Months Ended June 30, 2009 -------------------------------- Corporate Financial Payment Inter- and Consoli- Solutions Solutions national Other dated --------- --------- -------- --------- -------- Revenue from Continuing Operations $277.0 $380.0 $178.4 $(0.6) $834.8 Operating Income $90.7 $94.4 $14.9 $(82.6) $117.4 M&A, Restructuring and Integration Costs - - - 2.1 2.1 --- --- --- --- --- EBIT, as adjusted $90.7 $94.4 $14.9 $(80.5) $119.5 ===== ===== ===== ====== ====== Depreciation and Amortization from Continuing Operations, as adjusted 28.7 10.8 14.6 38.0 92.1 ---- ---- ---- ---- ---- EBITDA, as adjusted $119.4 $105.2 $29.5 $(42.5) $211.6 ====== ====== ===== ====== ====== EBIT Margin, as adjusted 32.7% 24.8% 8.4% N/M% 14.3% ==== ==== === === ==== EBITDA Margin, as adjusted 43.1% 27.7% 16.5% N/M% 25.3% ==== ==== ==== === ==== Three Months Ended June 30, 2008 -------------------------------- Corporate Financial Payment Inter- and Consoli- Solutions Solutions national Other dated --------- --------- -------- --------- -------- Revenue from Continuing Operations $280.8 $383.4 $206.8 $(1.3) $869.7 Operating Income $77.9 $87.5 $7.6 $(115.1) $57.9 M&A, Restructuring and Integration Costs - - - 29.1 29.1 Corporate Costs Non - Disc. Ops - - - 9.0 9.0 LPS Spin-off Costs - - - 5.6 5.6 --- --- --- --- --- EBIT, as adjusted $77.9 $87.5 $7.6 $(71.4) $101.6 ===== ===== ==== ====== ====== Depreciation and Amortization from Continuing Operations, as adjusted 25.9 9.7 15.2 45.6 96.4 ---- --- ---- ---- ---- EBITDA Margin, as adjusted $103.8 $97.2 $22.8 $(25.8) $198.0 ====== ===== ===== ====== ====== EBIT Margin, as adjusted 27.7% 22.8% 3.7% N/M% 11.7% ==== ==== === === ==== EBITDA Margin, as adjusted 37.0% 25.4% 11.0% N/M% 22.8% ==== ==== ==== === ==== Total Revenue Growth from Prior Year Period Three Months Ended June 30, 2009 -1.4% -0.9% -13.7% N/M% -4.0% === === ==== === === Three Months Ended June 30, 2008 13.5% 25.7% 44.3% N/M% 25.1% ==== ==== ==== === ==== Exhibit D FIDELITY NATIONAL INFORMATION SERVICES, INC. NON-GAAP FINANCIAL INFORMATION - UNAUDITED (In millions) 1. Revenue, EBIT and EBITDA Six Months Ended June 30, 2009 ------------------------------------------------- Corporate Financial Payment Inter- and Consoli- Solutions Solutions national Other dated --------- --------- -------- --------- -------- Revenue from Continuing Operations $548.3 $744.7 $340.7 $(1.1) $1,632.6 Operating Income $164.3 $178.5 $25.1 $(168.6) $199.3 M&A, Restructuring and Integration Costs - - - 9.4 9.4 --- --- --- --- --- EBIT, as adjusted $164.3 $178.5 $25.1 $(159.2) $208.7 ====== ====== ===== ======= ====== Depreciation and Amortization from Continuing Operations, as adjusted 57.1 21.9 27.8 77.3 184.1 ---- ---- ---- ---- ----- EBITDA, as adjusted $221.4 $200.4 $52.9 $(81.9) $392.8 ====== ====== ===== ====== ====== EBIT Margin, as adjusted 30.0% 24.0% 7.4% N/M% 12.8% ==== ==== === === ==== EBITDA Margin, as adjusted 40.4% 26.9% 15.5% N/M% 24.1% ==== ==== ==== === ==== Six Months Ended June 30, 2008 ------------------------------ Corporate Financial Payment Inter- and Consoli- Solutions Solutions national Other dated --------- --------- -------- --------- -------- Revenue from Operations $561.2 $756.7 $383.7 $(1.6) $1,700.0 Operating Income $147.4 $158.4 $19.8 $(216.5) $109.1 M&A, Restructuring and Integration Costs - - - 44.1 44.1 Corporate Costs Non - Disc. Ops - - - 18.0 18.0 LPS Spin-off Costs - - - 8.5 8.5 --- --- --- --- --- EBIT, as adjusted $147.4 $158.4 $19.8 $(145.9) $179.7 ====== ====== ===== ======= ====== Depreciation and Amortization from Continuing Operations, as adjusted 61.5 24.2 28.6 84.0 198.3 ---- ---- ---- ---- ----- EBITDA, as adjusted $208.9 $182.6 $48.4 $(61.9) $378.0 ====== ====== ===== ====== ====== EBIT Margin, as adjusted 26.3% 20.9% 5.2% N/M% 10.6% ==== ==== === === ==== EBITDA Margin, as adjusted 37.2% 24.1% 12.6% N/M% 22.2% ==== ==== ==== === ==== Total Revenue Growth from Prior Year Period Six Months Ended June 30, 2009 -2.3% -1.6% -11.2% N/M% -4.0% ==== ==== ===== === ==== Six Months Ended June 30, 2008 16.7% 26.3% 36.3% N/M% 25.0% ==== ==== ==== === ==== Exhibit D FIDELITY NATIONAL INFORMATION SERVICES, INC. RECONCILIATION OF PRO FORMA TO ADJUSTED PRO FORMA CASH FLOW MEASURES - UNAUDITED (In millions) Three Months Six Months Ended Ended June 30, 2009 June 30, 2009 --------------------- --------------------- GAAP Adj Adjusted GAAP Adj Adjusted ---- --- -------- ---- --- -------- Cash flows from operating activities: Net earnings (2) $59.6 $1.0 $60.6 $92.3 $6.0 $98.3 Adjustments to reconcile net earnings to net cash provided by operating activities: Non-cash adjustments 69.0 - 69.0 172.2 - 172.2 Working capital adjustments (3) 39.9 6.0 45.9 66.6 3.0 69.6 ---- --- ---- ---- --- ---- Net cash provided by operating activities 168.5 7.0 175.5 331.1 9.0 340.1 Capital expenditures (50.9) - (50.9) (96.2) - (96.2) ---- --- ---- ---- --- ---- Net free cash flow $117.6 $7.0 $124.6 $234.9 $9.0 $243.9 ====== ==== ====== ====== ==== ====== Three Months Six Months Ended Ended June 30, 2008 June 30, 2008 --------------------- --------------------- Pro Adj Pro Pro Adj Pro forma (1) Adj forma forma (1) Adj forma -------- --- -------- --------- --- ------- Cash flows from operating activities: Net earnings (4) $15.0 $29.0 $44.0 $31.0 $37.0 $68.0 Adjustments to reconcile net earnings to net cash provided by operating activities: Non-cash adjustments 119.0 - 119.0 233.0 - 233.0 Working capital adjustments (3) (43.0) 18.0 (25.0) (145.0) 65.0 (80.0) ----- ---- ----- ------ ---- ----- Net cash provided by operating activities 91.0 47.0 138.0 119.0 102.0 221.0 Capital expenditures (52.0) - (52.0) (130.0) - (130.0) ---- --- ---- ----- --- ----- Net free cash flow $39.0 $47.0 $86.0 $(11.0) $102.0 $91.0 ===== ===== ===== ====== ====== ===== (1) Pro forma cash flows are presented as if the LPS spin-off was completed on January 1, 2008 and represents FIS on a post-spin basis. (2) Adjustments to Net Earnings reflect the elimination of the after-tax impact of non-recurring M&A and related integration costs. (3) Adjustments to working capital reflect elimination of settlement of various acquisition related liabilities and for the 2009 period, the elimination of current accruals related to the announced acquisition of Metavante. (4) Adjustments to Net Earnings reflect the elimination of the after-tax impact of non-recurring M&A and related integration costs, costs associated with the LPS spin-off, restructuring costs and the elimination of corporate costs attributable to LPS. Exhibit E FIDELITY NATIONAL INFORMATION SERVICES, INC. GAAP TO NON-GAAP RECONCILIATION - UNAUDITED (in millions, except per share data) GAAP Non-GAAP Three Months M&A Three Months Ended Restructuring Purchase Ended June 30, And Price June 30, 2009 Integration Sub- Amortiza- 2009 (Unaudited) Costs (1) total tion (4) (Unaudited) ----------------------------------------------------- Processing and Services revenue $834.8 $- $834.8 $- $834.8 Cost of revenues 602.7 - 602.7 (29.2) 573.5 ----- - ----- ----- ----- Gross profit 232.1 - 232.1 29.2 261.3 ----- --- ----- ---- ----- Selling, general and administrative 93.2 (2.1) 91.1 - 91.1 Research and development costs 21.5 - 21.5 - 21.5 ---- --- ---- --- ---- Operating income 117.4 2.1 119.5 29.2 148.7 ----- --- ----- ---- ----- Other income (expense): Interest income 0.5 - 0.5 - 0.5 Interest expense (31.8) - (31.8) - (31.8) Other income, net 5.5 - 5.5 - 5.5 --- - --- - --- Total other income (expense) (25.8) - (25.8) - (25.8) ---- --- ---- - ---- Earnings from continuing operations before income taxes, 91.6 2.1 93.7 29.2 122.9 Provision (benefit) for income taxes 31.6 0.7 32.3 10.1 42.4 ---- --- ---- ---- ---- Earnings from continuing operations 60.0 1.4 61.4 19.1 80.5 Loss from discontinued operations (0.4) - (0.4) - (0.4) ---- --- --- --- --- Net earnings 59.6 1.4 61.0 19.1 80.1 Noncontrolling interest (0.4) - (0.4) - (0.4) ---- --- --- --- --- Net earnings attributable to FIS $59.2 $1.4 $60.6 $19.1 $79.7 ===== ==== ===== ===== ===== Amounts attributable to FIS common stockholders Net earnings from continuing operations, net of tax $59.6 $1.4 $61.0 $19.1 $80.1 (Loss) earnings from discontinued operations, net of tax (0.4) - (0.4) - (0.4) --- --- --- --- --- Net earnings attributable to FIS common stockholders $59.2 $1.4 $60.6 $19.1 $79.7 ===== ==== ===== ===== ===== Net earnings per share - diluted from continuing operations attributable to FIS common stockholders * $0.31 $0.01 $0.32 $0.10 $0.42 ===== ===== ===== ===== ===== Weighted average shares outstanding - diluted 192.7 192.7 192.7 192.7 192.7 ===== ===== ===== ===== ===== Supplemental Information: Depreciation and amortization from continuing operations $92.1 $(29.2) $62.9 ===== ====== ===== Stock compensation expense from continuing operations, excluding acceleration charges $8.8 Stock acceleration charges - - Total stock compensation expense from continuing operations $8.8 ==== * Amounts may not sum due to rounding. See accompanying notes. Exhibit E FIDELITY NATIONAL INFORMATION SERVICES, INC. GAAP TO NON-GAAP RECONCILIATION - UNAUDITED (in millions, except per share data) GAAP Non-GAAP Six Months M&A Six Months Ended Restructuring Purchase Ended June 30, And Price June 30, 2009 Integration Sub- Amortiza- 2009 (Unaudited) Costs (1) total tion (4) (Unaudited) ----------------------------------------------------- Processing and services revenue $1,632.6 $- $1,632.6 $- $1,632.6 Cost of revenues 1,199.9 - 1,199.9 (59.3) 1,140.6 ------- - ------- ----- ------- Gross profit 432.7 - 432.7 59.3 492.0 ----- --- ----- ---- ----- Selling, general and administrative 189.3 (9.4) 179.9 - 179.9 Research and development costs 44.1 - 44.1 - 44.1 ---- --- ---- --- ---- Operating income 199.3 9.4 208.7 59.3 268.0 ----- --- ----- ---- ----- Other income (expense): Interest income 1.3 - 1.3 - 1.3 Interest expense (63.8) - (63.8) - (63.8) Other income, net 6.7 - 6.7 - 6.7 --- - --- - --- Total other income (expense) (55.8) - (55.8) - (55.8) ---- --- ---- --- ---- Earnings from continuing operations before income taxes 143.5 9.4 152.9 59.3 212.2 Provision (benefit) for income taxes 49.5 3.2 52.7 20.5 73.2 ---- --- ---- ---- ---- Earnings from continuing operations 94.0 6.2 100.2 38.8 139.0 Loss from discontinued operations (1.7) - (1.7) - (1.7) --- --- --- --- --- Net earnings 92.3 6.2 98.5 38.8 137.3 Noncontrolling interest (0.1) - (0.1) - (0.1) ---- --- --- --- --- Net earnings attributable to FIS $92.2 $6.2 $98.4 $38.8 $137.2 ===== ==== ===== ===== ====== Amounts attributable to FIS common stockholders Net earnings from continuing operations, net of tax $93.9 $6.2 $100.1 $38.8 $138.9 (Loss) earnings from discontinued operations, net of tax (1.7) - (1.7) - (1.7) ---- --- --- --- --- Net earnings attributable to FIS common stockholders $92.2 $6.2 $98.4 $38.8 $137.2 ===== ==== ===== ===== ====== Net earnings per share - diluted from continuing operations attributable to FIS common stockholders * $0.49 $0.03 $0.52 $0.20 $0.72 ===== ===== ===== ===== ===== Weighted average shares outstanding - diluted 192.2 192.2 192.2 192.2 192.2 ===== ===== ===== ===== ===== Supplemental Information: Depreciation and amortization from continuing operations $184.1 $(59.3) $124.8 ====== ====== ====== Stock compensation expense from continuing operations, excluding acceleration charges $18.3 Stock acceleration charges - - Total stock compensation expense from continuing operations $18.3 ===== * Amounts may not sum due to rounding. See accompanying notes. Exhibit E FIDELITY NATIONAL INFORMATION SERVICES, INC. GAAP TO NON-GAAP RECONCILIATION - UNAUDITED (in millions, except per share data) M&A GAAP Restructuring Corporate Three Months And Costs LPS Ended Integration Non-Disc Spin June 30, 2008 Costs Ops Costs (Unaudited) ---------- ---------- -------- ------ Processing and services revenue $869.7 $- $- $- Cost of revenues 674.0 (24.0) - - ---------- ---------- -------- ------ Gross profit 195.7 24.0 - - Selling, general and administrative 117.9 (5.1) (9.0) (5.6) Research and development costs 19.9 - - - ---------- ---------- -------- ------ Operating income 57.9 29.1 9.0 5.6 ---------- ---------- -------- ------ Other income (expense): Interest income 1.5 - - - Interest expense (43.6) 2.7 - - Other income, net 1.3 - - - ---------- ---------- -------- ------ Total other income (expense) (40.8) 2.7 - - ---------- ---------- -------- ------ Earnings before income taxes 17.1 31.8 9.0 5.6 Provision (benefit) for income taxes 3.3 11.3 2.7 2.0 Equity in earnings (losses) of unconsolidated entities (0.2) - - - ---------- ---------- -------- ------ Earnings from continuing operations 13.6 20.5 6.3 3.6 Earnings from discontinued operations 59.2 - - - ---------- ---------- -------- ------ Net earnings 72.8 20.5 6.3 3.6 Noncontrolling interest (0.9) - - - ---------- ---------- -------- ------ Net earnings attributable to FIS $71.9 $20.5 $6.3 $3.6 ========== ========== ======== ====== Amounts attributable to FIS common stockholders Net earnings from continuing operations, net of tax $13.3 $20.5 $6.3 $3.6 (Loss) earnings from discontinued operations, net of tax 58.6 - - - ---------- ---------- -------- ------ Net earnings attributable to FIS common stockholders $71.9 $20.5 $6.3 $3.6 ========== ========== ======== ====== Net earnings per share - diluted from continuing operations attributable to FIS common stockholders* $0.07 $0.11 $0.03 $0.02 ========== ========== ======== ====== Weighted average shares outstanding - diluted 194.4 194.4 194.4 194.4 ========== ========== ======== ====== Non-GAAP Three Purchase Months Price Ended Subtotal Amortization June 30, 2008 (Unaudited) -------- ------------ --------- Processing and services revenue $869.7 $- $869.7 Cost of revenues 650.0 (35.5) 614.5 -------- ------------ --------- Gross profit 219.7 35.5 255.2 -------- ------------ --------- Selling, general and administrative 98.2 - 98.2 Research and development costs 19.9 - 19.9 -------- ------------ --------- Operating income 101.6 35.5 137.1 -------- ------------ --------- Other income (expense): Interest income 1.5 - 1.5 Interest expense (40.9) - (40.9) Other income, net 1.3 - 1.3 -------- ------------ --------- Total other income (expense) (38.1) - (38.1) -------- ------------ --------- Earnings before income taxes 63.5 35.5 99.0 Provision (benefit) for income taxes 19.3 12.4 31.7 Equity in earnings (losses) of unconsolidated entities (0.2) - (0.2) -------- ------------ --------- Earnings from continuing operations 44.0 23.1 67.1 Earnings from discontinued operations 59.2 - 59.2 -------- ------------ --------- Net earnings 103.2 23.1 126.3 Noncontrolling interest (0.9) - (0.9) -------- ------------ --------- Net earnings attributable to FIS $102.3 $23.1 $125.4 ======== ============ ========= Amounts attributable to FIS common stockholders Net earnings from continuing operations, net of tax $43.7 $23.1 $66.8 (Loss) earnings from discontinued operations, net of tax 58.6 - 58.6 -------- ------------ --------- Net earnings attributable to FIS common stockholders $102.3 $23.1 $125.4 ======== ============ ========= Net earnings per share - diluted from continuing operations attributable to FIS common stockholders* $0.22 $0.12 $0.34 ======== ============ ========= Weighted average shares outstanding - diluted 194.4 194.4 194.4 ======== ============ ========= Supplemental Information: Depreciation and amortization from continuing operations $96.4 $(35.5) $60.9 ======== ============ ========= Stock compensation expense from continuing operations, excluding acceleration charges $8.6 Stock acceleration charges 2.5 --------- Total stock compensation expense from continuing operations $11.1 ========= * Amounts may not sum due to rounding. See accompanying notes. Exhibit E FIDELITY NATIONAL INFORMATION SERVICES, INC. GAAP TO NON-GAAP RECONCILIATION - UNAUDITED (in millions, except per share data) M&A GAAP Restructuring Corporate Six Months And Costs LPS Ended Integration Non-Disc Spin June 30, 2008 Costs Ops Costs (Unaudited) ------------ ---------- ----------- -------- Processing and services revenue $1,700.0 $- $- $- Cost of revenues 1,322.7 (24.0) - - ------------ ---------- ----------- -------- Gross profit 377.3 24.0 - - ------------ ---------- ----------- -------- Selling, general and administrative 229.0 (20.1) (18.0) (8.5) Research and development costs 39.2 - - - ------------ ---------- ----------- -------- Operating income 109.1 44.1 18.0 8.5 ------------ ---------- ----------- -------- Other income (expense): Interest income 4.3 - - - Interest expense (82.4) 2.7 - - Other income, net 0.1 - - - ------------ ---------- ----------- -------- Total other income (expense) (78.0) 2.7 - - ------------ ---------- ----------- -------- Earnings before income taxes 31.1 46.8 18.0 8.5 Provision (benefit) for income taxes 6.6 16.8 5.5 3.1 Equity in earnings (losses) of unconsolidated entities (0.2) - - - ------------ ---------- ----------- -------- Earnings from continuing operations 24.3 30.0 12.5 5.4 Earnings from discontinued operations 118.8 - - - ------------ ---------- ----------- -------- Net earnings 143.1 30.0 12.5 5.4 Noncontrolling interest (0.7) - - - ------------ ---------- ----------- -------- Net earnings attributable to FIS $142.4 $30.0 $12.5 $5.4 ============ ========== =========== ======== Amounts attributable to FIS common stockholders Net earnings from continuing operations, net of tax $24.2 $30.0 $12.5 $5.4 (Loss) earnings from discontinued operations, net of tax 118.2 - - - ------------ ---------- ----------- -------- Net earnings attributable to FIS common stockholders $142.4 $30.0 $12.5 $5.4 ============ =========== =========== ======== Net earnings per share - diluted from continuing operations attributable to FIS common stockholders* $0.12 $0.15 $0.06 $0.03 ============ =========== =========== ======== Weighted average shares outstanding - diluted 195.5 195.5 195.5 195.5 ============ =========== =========== ======== Non-GAAP Purchase Six Months Price Ended Subtotal Amortization June 30, 2008 (Unaudited) --------- ---------- ----------- Processing and services revenue $1,700.0 $- $1,700.0 Cost of revenues 1,298.7 (72.0) 1,226.7 --------- ---------- ----------- Gross profit 401.3 72.0 473.3 --------- ---------- ----------- Selling, general and administrative 182.4 - 182.4 Research and development costs 39.2 - 39.2 --------- ---------- ----------- Operating income 179.7 72.0 251.7 --------- ---------- ----------- Other income (expense): Interest income 4.3 - 4.3 Interest expense (79.7) - (79.7) Other income, net 0.1 - 0.1 --------- ---------- ----------- Total other income (expense) (75.3) - (75.3) --------- ---------- ----------- Earnings before income taxes 104.4 72.0 176.4 Provision (benefit) for income taxes 32.0 25.3 57.3 Equity in earnings (losses) of unconsolidated entities (0.2) - (0.2) --------- ---------- ----------- Earnings from continuing operations 72.2 46.7 118.9 Earnings from discontinued operations 118.8 - 118.8 --------- ---------- ----------- Net earnings 191.0 46.7 237.7 Noncontrolling interest (0.7) - (0.7) --------- ---------- ----------- Net earnings attributable to FIS $190.3 $46.7 $237.0 ========= ========== =========== Amounts attributable to FIS common stockholders Net earnings from continuing operations, net of tax $72.1 $46.7 $118.8 (Loss) earnings from discontinued operations, net of tax 118.2 - 118.2 --------- ---------- ----------- Net earnings attributable to FIS common stockholders $190.3 $46.7 $237.0 ========= ========== =========== Net earnings per share - diluted from continuing operations attributable to FIS common stockholders* $0.37 $0.24 $0.61 ========= ========== =========== Weighted average shares outstanding - diluted 195.5 195.5 195.5 ========= ========== =========== Supplemental Information: Depreciation and amortization from continuing operations $198.3 $(72.0) $126.3 ========= ========== =========== Stock compensation expense from continuing operations, excluding acceleration charges $16.4 Stock acceleration charges 16.7 ----------- Total stock compensation expense from continuing operations $33.1 =========== * Amounts may not sum due to rounding. See accompanying notes. Notes to Unaudited - Supplemental GAAP to Non-GAAP Reconciliation for the Three-Month and Six-Month Periods ended June 30, 2009 and 2008 The adjustments are as follows: (1) This column represents charges for restructuring and integration costs relating to merger and acquisition activities. For the three and six months ended June 30, 2009, the amounts represent incremental transaction costs incurred by the Company related to the previously announced acquisition of Metavante Technologies, Inc. (2) This column represents corporate costs attributable to LPS as previously reported in our investor package furnished on form 8-K on May 28, 2008. These amounts are not allocable to discontinued operations under U.S. Generally Accepted Accounting Principles. (3) This column represents incremental transaction costs incurred by the Company directly related to the LPS spin-off. (4) This column represents purchase price amortization expense on intangibles assets acquired through various Company acquisitions.

Fidelity National Information Services, Inc.

CONTACT: CONTACT: Mary Waggoner, Senior Vice President, Investor
Relations, +1-904-854-3282, mary.waggoner@fnis.com, or Marcia Danzeisen,
Senior Vice President, Marketing and Corporate Communications,
+1-904-854-5083, both of Fidelity National Information Services, Inc.

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

Aehr Test Systems Reports Financial Results for Fourth Quarter Fiscal 2009

FREMONT, Calif., July 28 /PRNewswire-FirstCall/ -- Aehr Test Systems , a technology leader in the semiconductor test and burn-in equipment industry, today announced financial results for the fourth quarter and full fiscal year ended May 31, 2009.

Net sales were $1.2 million in the fourth quarter of fiscal 2009, compared with $10.9 million in the fourth quarter of fiscal 2008. Aehr Test reported a net loss of $4.0 million, or $0.48 per share, in the fourth quarter of fiscal 2009, compared with net income of $6.5 million, or $0.74 per diluted share, in the fourth quarter of fiscal 2008. The net loss in the fourth quarter of fiscal 2009 included non-cash charges of $1.3 million related to restructuring and asset impairments and $338,000 related to stock compensation expense. Collectively, the non-cash charges accounted for $0.19 per share in the fourth quarter of fiscal 2009.

"Sales opportunities for our family of Advanced Burn-in and Test Systems (ABTS(TM)) are gaining momentum, as we recently booked three orders, including two from new customers and one follow-on system order from Integrated Service Technology in Taiwan," said Rhea Posedel, chairman and chief executive officer of Aehr Test Systems. "We are selling aggressively to expand our customer base for the ABTS systems in the coming quarters, which should help drive top-line growth. Our strategy during this downturn is to conserve our cash and book additional production accounts with our new ABTS and FOX products to grow market share. We are optimistic we can achieve this goal, as we have the strongest product portfolio in our company's history, with our FOX wafer level test and burn-in systems, full wafer contactors and our new ABTS products for packaged part burn-in and test."

Net sales were $21.4 million in fiscal 2009, compared with $39.0 million in fiscal 2008. Net loss for the year ended May 31, 2009 was $30.0 million, or $3.55 per share, compared with net income of $10.6 million, or $1.24 per diluted share, in the prior fiscal year.

At May 31, 2009, cash and cash equivalents were $4.4 million. Aehr Test closed the fourth quarter of fiscal 2009 with no outstanding debt and shareholders' equity of $10.0 million, or $1.17 per share outstanding at May 31, 2009. As of May 31, 2009, the Company's backlog was $2.0 million, compared with $18.6 million at May 31, 2008.

Management Conference Call

Management of Aehr Test will host a conference call and webcast today, July 28, 2009 at 5:00 p.m. Eastern (2:00 p.m. Pacific) to discuss the Company's fourth quarter fiscal 2009 operating results. The conference call will be accessible live via the internet at http://www.aehr.com/. Please go to the website at least 15 minutes before start time to register, download and install any necessary audio software. A replay of the webcast will be available at http://www.aehr.com/ for 90 days.

About Aehr Test Systems

Headquartered in Fremont, California, Aehr Test Systems is a leading worldwide provider of systems for burning-in and testing DRAMs, flash, and other memory and logic integrated circuits and has an installed base of more than 2,500 systems worldwide. Aehr Test has developed and introduced several innovative products, including the ABTS, FOX(TM), MTX and MAX systems and the DiePak carrier. The ABTS is Aehr Test's newest system for packaged part test during burn-in for both low-power and high-power logic as well as all common types of memory devices. The FOX system is a full wafer contact test and burn-in system. The MTX system is a massively parallel test system designed to reduce the cost of memory testing by performing both test and burn-in on thousands of devices simultaneously. The MAX system can effectively burn-in and functionally test complex devices, such as digital signal processors, microprocessors, microcontrollers and systems-on-a-chip. The DiePak carrier is a reusable, temporary package that enables IC manufacturers to perform cost-effective final test and burn-in of bare die. For more information, please visit the Company's website at http://www.aehr.com/.

Safe Harbor Statement

This release contains forward-looking statements that involve risks and uncertainties relating to projections regarding revenues and customer demand and acceptance of Aehr Test's products. Actual results may vary from projected results. These risks and uncertainties include without limitation, world economic conditions, the timing of the recovery of the semiconductor equipment market, the Company's ability to maintain sufficient cash to support operations, acceptance by customers of Aehr Test's technologies, acceptance by customers of the systems shipped upon receipt of a purchase order and the ability of new products to meet customer needs or perform as described, and the Company's development and manufacture of a commercially successful wafer-level test and burn-in system. See Aehr Test's recent 10-K and 10-Q reports and other reports from time to time filed with the U.S. Securities and Exchange Commission for a more detailed description of the risks facing our business. The Company disclaims any obligation to update information contained in any forward-looking statement to reflect events or circumstances occurring after the date of this press release.

[Financial Tables to Follow] AEHR TEST SYSTEMS AND SUBSIDIARIES Condensed Consolidated Statements of Operations (in thousands, except per share data) (unaudited) Three Months Ended Year Ended May 31, May 31, ------- ------- 2009 2008 2009 2008 ---- ---- ---- ---- Net sales $1,240 $10,914 $21,407 $39,041 Cost of sales 2,752 5,540 20,223 19,072 ----- ----- ------ ------ Gross (loss) profit (1,512) 5,374 1,184 19,969 ------ ----- ----- ------ Operating expenses: Selling, general and administrative 1,380 1,993 20,623 7,657 Research and development 1,111 1,582 5,762 6,501 Impairment of goodwill 274 --- Total operating expenses 2,491 3,575 26,659 14,158 ----- ----- ------ ------ (Loss) income from operations (4,003) 1,799 (25,475) 5,811 Interest income 6 18 142 231 Other (expense) income, net (107) (1) 277 (71) ---- -- --- --- (Loss) income before income tax expense (benefit) (4,104) 1,816 (25,056) 5,971 Income tax expense (benefit) (76) (4,686) 4,915 (4,602) --- ------ ----- ------ Net (loss) income $(4,028) $6,502 $(29,971) $10,573 ======= ====== ======== ======= Net (loss) income per share Basic $(0.48) $0.79 $(3.55) $1.32 Diluted $(0.48) $0.74 $(3.55) $1.24 Shares used in per share calculations: Basic 8,473 8,234 8,436 8,013 Diluted 8,473 8,774 8,436 8,508 AEHR TEST SYSTEMS AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Results (in thousands, except per share data) (unaudited) Three Months Ended Year Ended May 31, May 31, ------- ------- 2009 2008 2009 2008 ---- ---- ---- ---- GAAP net (loss) income $(4,028) $6,502 $(29,971) $10,573 Provision for bad debts (1) 13,708 Restructuring and asset impairments (2) 1,467 8,137 Reinstatement of deferred tax asset valuation allowance 4,943 Stock compensation expense 338 225 1,285 836 Income tax effect on non-GAAP adjustments (3) (5) (17) --- --- Non-GAAP net (loss) income $(2,223) $6,722 $(1,898) $11,392 ======= ====== ======= ======= GAAP net (loss) income per diluted share $(0.48) $0.74 $(3.55) $1.24 ====== ===== ====== ===== Non-GAAP net (loss) income per diluted share $(0.26) $0.77 $(0.22) $1.34 ====== ===== ====== ===== Shares used in diluted shares calculation 8,473 8,774 8,436 8,508 ===== ===== ===== ===== (1) Related to accounts receivable of Spansion Inc., which filed for bankruptcy in Japan in February 2009 and in the U.S. in March 2009. (2) The three months ended May 31, 2009 includes a provision for excess/obsolete inventory of $1.5 million, $0.2 million severance costs, and a credit of $0.3 million for settlement of cancellation charges accrued in the prior fiscal quarter. The year ended May 31, 2009 includes a provision for excess/obsolete inventory of $7.2 million, cancellation charges of $0.3 million, $0.3 million impairment of goodwill, and $0.4 million severance. (3) Excludes $4.9 million tax provision related to reinstatement of the valuation allowance. Non-GAAP net income is a non-GAAP measure and should not be considered a replacement for GAAP results. Non-GAAP net income is a financial measure the Company uses to evaluate the underlying results and operating performance of the business. The limitation of this measure is that it excludes items that impact the Company's current period net income. This limitation is best addressed by using this measure in combination with net income (the most comparable GAAP measure). AEHR TEST SYSTEMS AND SUBSIDIARIES Condensed Consolidated Balance Sheets (in thousands, except per share data) (unaudited) May 31, May 31, 2009 2008 ---- ---- ASSETS Current assets: Cash and cash equivalents $4,360 $15,648 Accounts receivable, net 931 10,927 Inventories 4,472 10,209 Deferred income taxes -- 3,043 Prepaid expenses and other 879 396 --- --- Total current assets 10,642 40,223 Property and equipment, net 2,741 2,278 Goodwill -- 274 Deferred income taxes -- 1,900 Other assets 528 524 --- --- Total assets $13,911 $45,199 ------- ------- LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $995 $2,981 Accrued expenses 2,107 3,694 Deferred revenue 241 186 --- --- Total current liabilities 3,343 6,861 Income tax payable 299 297 Deferred lease commitment 306 269 --- --- Total liabilities 3,948 7,427 ----- ----- Shareholders' equity 9,963 37,772 ----- ------ Total liabilities and shareholders' Equity $13,911 $45,199 ------- ------- Contact: Gary Larson Chief Financial Officer (510)-623-9400 x321

Aehr Test Systems

CONTACT: Gary Larson, Chief Financial Officer of Aehr Test Systems,
+1-510-623-9400, ext. 321

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

LodgeNet Reports Results for Second Quarter 2009- Strategic Initiatives Improve Profitability Metrics - - Growth Initiatives Generated 39% of Revenue - - Operating Expenses Down 21% and Capital Investment Reduced 71% - - Free Cash Flow of $14.5 Million -

SIOUX FALLS, S.D., July 28 /PRNewswire-FirstCall/ -- LodgeNet Interactive Corporation today reported quarterly revenue of $122.0 million compared to $137.3 million in the second quarter of 2008, and operating income of $4.7 million, a $1.4 million increase as compared to operating income of $3.3 million in the second quarter of 2008. The Company reported a net loss of $(5.2) million compared to a net loss of $(7.5) million for the second quarter of 2008. Net loss attributable to common stockholders was $(5.2) million or $(0.23) per share (basic and diluted) for the second quarter of 2009 compared to a net loss attributable to common stockholders of $(7.5) million or $(0.33) per share (basic and diluted) for the prior year period.

(Logo: http://www.newscom.com/cgi-bin/prnh/20080115/AQTU120LOGO)

The following financial highlights are in thousands of dollars, except per-share data and average shares outstanding:

Three Months Ended June 30, 2009 2008 ---- ---- Total revenue $121,981 $137,347 Operating income 4,666 3,292 Net loss (5,213) (7,461) Net loss attributable to common stockholders (5,245) (7,461) Net loss per common share (1) $(0.23) $(0.33) Adjusted Operating Cash Flow (2) $31,669 $36,730 Average shares outstanding (basic and diluted) 22,432,311 22,289,919 (1) Based on the average shares outstanding for both basic and diluted. (2) Adjusted Operating Cash Flow is a non-GAAP measure which we define as Operating Income (Loss) exclusive of depreciation, amortization, share-based compensation, impairment, and restructuring, integration and reorganization expenses and the effects of insurance recoveries.

"Our strategic initiatives focused on cost control and diversified revenue growth continued to drive free cash flow and our profitability metrics during the second quarter," said Scott C. Petersen, LodgeNet Chairman and CEO. "Our proactive approach to reducing operating costs and capital investment levels, while focusing on expanding the system sales and services side of our business again reduced the impact of the challenging economic environment on our Company."

Second Quarter strategic highlights include: -- Strategic Growth Initiatives: revenue up 12% to $47 million - equaled 39% of total revenue in the quarter; related gross profit up 58%. -- Operating Expenses: reduced 21% to $22.4 million. -- Capital Investment Activity: reduced by 71% to $5.7 million, compared to $19.8 million in 2008. -- Income from Operations: up 42% to $4.7 million. -- Adjusted Operating Cash Flow*: $31.7 million in the quarter, down from $36.7 million in the prior quarter. -- Free Cash Flow**: improved 35% to $14.5 million this quarter compared to $10.8 million in 2008.

"The $57.5 million convertible preferred stock offering that we completed in June substantially strengthened our balance sheet by reducing our consolidated debt on a net basis, and enhancing our leverage and interest coverage ratios," said Gary H. Ritondaro, LodgeNet's Chief Financial Officer. "On a net debt basis, our leverage ratio as of June 30 was 3.72x, well within our current covenant requirements and at a level approaching the final 3.50x covenant level of our Credit Facility, which is still five quarters out. We plan to continue to take a very conservative approach to operating expenses and capital expenditure levels until the travel economy begins to rebound, allocating a significant portion of our free cash flow to further debt reduction."

"We remain committed to providing our customers with superior service and building on our market leadership position," continued Petersen. "We are bringing new and innovative solutions to the hospitality and healthcare industries specifically in High Definition television and technology solutions and services. Our strategic revenue initiatives are diversifying our revenue streams and broadening our relationships with our customers as we utilize our expertise to expand our portfolio of non-guest entertainment products and drive shareholder value."

RESULTS FROM OPERATIONS THREE MONTHS ENDED JUNE 30, 2009 VERSUS THREE MONTHS ENDED JUNE 30, 2008

Total revenue for the second quarter of 2009 was $122.0 million, a decrease of $15.4 million or 11.2%, compared to the second quarter of 2008. The decrease in revenue was primarily from Guest Entertainment services, offset, in part, by revenue increases from Hotel Services and System Sales and Professional Services. The average monthly total revenue per room was $22.12 for the second quarter of 2009 compared to $24.65 for the second quarter of 2008, a decrease of 10.3%.

Hospitality revenue, which includes Guest Entertainment, Hotel Services, and System Sales and Related Services, decreased $14.6 million, or 11.0%, to $117.9 million for the second quarter of 2009 as compared to $132.5 million for the prior year quarter. Due to the continued softness in the economy which directly impacts the travel industry, hotel occupancy declined by 11.4% during the second quarter 2009 compared to the same period last year. Average monthly Hospitality revenue per room was $21.38 for the second quarter of 2009, a decrease of 10.1% as compared to $23.77 per room in the second quarter of 2008.

Guest Entertainment revenue, which includes on-demand entertainment such as movies, games, music, and other services delivered through the television, decreased $20.2 million, or 21.2%, to $75.0 million in the second quarter of 2009 versus the second quarter of 2008. Impacted by the 11.4% decline in occupancy and a cautious consumer environment, average monthly Guest Entertainment revenue per room decreased 20.4% to $13.60 for the second quarter of 2009 compared to $17.09 for the second quarter of 2008. Average monthly movie revenue per room was $12.77 for the second quarter of 2009, a 19.2% reduction as compared to $15.80 per room in the prior year quarter.

Hotel Services revenue, which includes revenue paid by hotels for television programming and broadband Internet service and support, increased $3.1 million or 10.4%, to $33.2 million in the second quarter of 2009 versus $30.1 million for the second quarter of 2008. On a per-room basis, monthly Hotel Services revenue for the second quarter of 2009 increased 11.5% to $6.02 compared to $5.40 for the second quarter of 2008. Monthly television programming revenue per room increased 13.5% to $5.46 for the second quarter of 2009 as compared to $4.81 for the second quarter of 2008. This increase resulted primarily from the continued installation of high definition television systems and related TV programming services. Recurring broadband Internet revenue per room remained stable at $0.54 compared to $0.55 period over period.

System Sales and Related Services, including sales of broadband Internet equipment, TV programming reception equipment, Internet conference services and HDTV installations services to hotels, increased $2.5 million or 34.6%, to $9.7 million during the second quarter of 2009 as compared to $7.2 million in the second quarter of 2008. Over $1.7 million of this growth was derived from network design, sales of in-room television equipment, TV installation and other professional services to hotels, with the remainder coming from broadband and other equipment sales and services.

Other Revenue, including the sale of interactive systems and services to Healthcare facilities and revenue from Advertising and Media Services, was $4.1 million for the second quarter of 2009 versus $4.9 million in the second quarter of 2008. For the second quarter of 2009, Healthcare revenue remained level at $2.4 million while Advertising and Media revenue decreased by $0.8 million as compared to the prior year quarter to $1.7 million.

Total direct costs (exclusive of operating expenses and depreciation and amortization discussed separately below) decreased 6.3% or $4.6 million, to $68.6 million in the second quarter of 2009 as compared to $73.2 million in the second quarter of 2008. The decrease in total direct costs was primarily due to decreased commissions and royalties of $5.7 million, which vary with revenue and a reduction in recurring connectivity and other Internet costs of $1.3 million as a result of our cost reduction initiatives. Offsetting some of the decreases were incremental TV programming costs of $1.9 million, which varies with the number of rooms served and the services provided, and incremental equipment and service costs of $1.6 million which also varies with revenue. Total direct costs as a percentage of revenue were 56.2% this quarter as compared to 53.3% reported for the second quarter of 2008. The percentage increase resulted from a change in the composition of our revenue and product mix quarter over quarter, produced by the increased percentage of revenue generated by TV programming and systems sales, which generally have a lower margin.

System Operations expenses decreased $3.8 million or 25.8%, to $11.0 million in the second quarter of 2009 as compared to $14.8 million in the second quarter of 2008. The decrease resulted from the synergies derived from the consolidation of the acquired On Command operations, and our expense reduction initiatives implemented during 2008 and 2009 and lower travel costs. As a percentage of revenue, System Operations expenses were 9.0% this quarter as compared to 10.8% in the second quarter of 2008. Per average installed room, System Operations expenses decreased 24.8% to $2.00 per room per month compared to $2.66 in the prior year quarter.

Selling, General and Administrative (SG&A) expenses decreased $2.2 million or 16.0%, from $13.6 million in the second quarter of 2008 to $11.4 million in the current quarter. This decrease also resulted from achieving the expected synergies related to the consolidation of duplicative SG&A functions from our 2007 acquisitions and our expense reduction initiatives implemented during 2008 and 2009. As a percentage of revenue, SG&A expenses were 9.4% in the current quarter compared to 9.9% in the second quarter of 2008. SG&A expenses per average installed room decreased 15.2% to $2.07 as compared to $2.44 in the second quarter of 2008.

Depreciation and amortization expenses were $26.3 million in the second quarter of 2009 as compared to $32.5 million in the second quarter of 2008. The decline was due to assets becoming fully depreciated and the reduction in capital investments of $14.1 million period over period. The current quarter's depreciation and amortization expenses included $2.2 million of expense related to the amortization of acquired intangibles from the acquisition of StayOnline and On Command versus $2.6 million in the second quarter of 2008. As a percentage of revenue, total depreciation and amortization expenses were 21.5% in the second quarter of 2009 as compared to 23.7% in the second quarter of 2008.

As a result of factors previously described, operating income increased $1.4 million to $4.7 million in the second quarter of 2009 as compared to $3.3 million in the second quarter of 2008. Adjusted Operating Cash Flow, a non-GAAP measure which we define as operating income (loss) exclusive of depreciation, amortization, share-based compensation, impairment, restructuring, integration and reorganization expenses and the effects of insurance recoveries, decreased to $31.7 million for the second quarter of 2009 as compared to $36.7 million reported for the second quarter of 2008. Restructuring, integration and reorganization expenses were $0.1 million in the second quarter of 2009 as compared to $1.1 million in the second quarter of 2008.

Interest expense was $9.8 million in the second quarter of 2009 versus $10.5 million in the second quarter of 2008. The decrease resulted primarily from the change in weighted average long-term debt, which decreased to $548.3 million during the second quarter of 2009 from $623.1 million in the second quarter of 2008. The weighted average interest rate during the second quarter of 2009 was 6.92% versus 6.73% for the second quarter 2008. Interest expense for the second quarter of 2009 included $321,000 related to the unrealized loss on an interest rate swap.

Net loss for the quarter was $(5.2) million compared to a net loss of $(7.5) million for the second quarter of 2008. Net loss attributable to common stockholders was $(5.2) million for the second quarter of 2009, compared to a net loss of $(7.5) million in the prior year quarter. Net loss per share attributable to common stockholders was $(0.23) for the second quarter of 2009 (basic and diluted) compared to net loss per share attributable to common stockholders of $(0.33) (basic and diluted) in the second quarter of 2008.

For the second quarter of 2009, cash provided by operating activities was $20.2 million. Cash used for property and equipment additions, including growth related capital, was $5.7 million. During the quarter, we made the required Term B quarterly payment of $1.5 million and used $12.9 million of cash for the settlement of previously acquired debt. During the second quarter of 2008, cash provided by operating activities was $30.5 million. Cash used for property and equipment additions for the prior year quarter, including growth-related capital and other investing activities, was $19.8 million. During the second quarter of 2008, we made the required Term B repayment of $1.6 million, made an optional payment of $5.0 million against the Term B portion of the Credit Facility, and made a payment of $7.0 million to repay the then-outstanding borrowing under the credit revolver. The leverage ratio at the end of this quarter, calculated on a consolidated debt basis, was 4.19 times versus the covenant of 4.25 times. Cash as of June 30, 2009 was $61.2 million and includes $53.7 million of net proceeds related to the preferred stock offering discussed in more detail below. On July 1, 2009, the Company used $27.7 million of its cash to reduce the amount of the outstanding Term B Debt as required under the terms of the Credit Agreement. On a proforma basis, the leverage ratio would be 3.98 times versus the covenant of 4.25 times.

In June 2009, we issued 50,000 shares of 10% Series B Cumulative Perpetual Convertible Preferred Stock, $0.01 par value per share, with a liquidation preference of $1,000 per share. The initial purchaser was also granted a 30-day option to purchase up to an additional 7,500 shares of the preferred stock to cover overallotments. The entire 57,500 shares were purchased, from which we received total net proceeds of $53.7 million.

Pursuant to our proactive management plan, we continued our moderated capital investment plan during the quarter. In the second quarter of 2009, we installed 4,314 new rooms and converted 6,842 rooms to our HD and digital platforms as compared to 13,759 new rooms and 18,443 converted rooms during the second quarter of 2008. New HD installations comprised 4,147, or 96.1%, of new systems installed in the current quarter, as compared to 11,260, or 81.8%, of new rooms, in the second quarter of 2008. During the quarter, we also converted 6,766 rooms, or 98.9%, to HD as compared to 14,625, or 79.3%, of converted rooms in the second quarter of 2008. The average investment per newly-installed HD room decreased to $320 per room during the second quarter of 2009, from $410 per room during the second quarter of 2008. The $90 decline in the per room investment was attributed to a larger average room size for properties installed and hotels contributing a larger percentage of the cost of installations. The average investment per converted HD room also decreased, by 15.2%, to $266 during the second quarter of 2009, compared to $314 in the second quarter of 2008 because of the same factors noted above.

Outlook

For the third quarter of 2009, LodgeNet expects to report revenue in the range of $121.0 million to $125.0 million. Adjusted Operating Cash Flow* in the third quarter of 2009 is expected to be in a range from $29.0 million to $33.0 million while Free Cash Flow** is anticipated to be in a range of $15.0 million to $16.0 million during the period. Additional guidance information for the third quarter of 2009 can be found in the Q2 2009 presentation slides, located under Company Presentations in the Investor Center section of the LodgeNet corporate website, http://www.lodgenet.com/.

* Adjusted Operating Cash Flow is a non-GAAP measure which we define as Operating Income (Loss) exclusive of depreciation, amortization, share-based compensation, impairment, restructuring, integration and reorganization expenses and the effects of insurance recoveries.

** Free Cash Flow, a non-GAAP measure, is defined by the Company as cash provided by operating activities less cash used for investing activities, including growth related capital.

The Company will also host a teleconference to discuss its results July 28, 2009, at 5:00 P.M. Eastern Time. A live webcast of the teleconference will also be available and can be accessed on the LodgeNet website at http://www.lodgenet.com/. The webcast will be archived on the LodgeNet website for one month. Additionally, the Company has posted slides at its website under the For Investors, Company Presentations section, which will be referenced during the conference call.

Special Note Regarding the Use of Non-GAAP Financial Information

To supplement our consolidated financial statements presented in accordance with accounting principles generally accepted in the United States ("GAAP"), we use adjusted operating cash flow, adjusted net loss, free cash flow, and adjusted free cash flow, which are non-GAAP measures derived from results based on GAAP. The presentation of this additional information is not meant to be considered superior to, in isolation of, or as a substitute for, results prepared in accordance with GAAP. Adjusted operating cash flow is a non-GAAP measure which we define as operating income (loss) exclusive of depreciation, amortization, share-based compensation, impairment, restructuring, integration and reorganization expenses and the effects on insurance recoveries and equipment impairment included in Other Operating Income. Adjusted net loss is a non-GAAP measure which we define as net loss exclusive of amortization of purchased intangibles, debt refinancing, impairment, restructuring and reorganization charges and integration expenses. Adjusted free cash flow, a non-GAAP measure, is defined as free cash flow, as defined above, and further excludes the effect of cash consideration paid for acquisitions, debt tender, and integration, restructuring and reorganization activities. These non-GAAP measures are key liquidity indicators but should not be construed as an alternative to GAAP measures or as a measure of our profitability or performance. We provide information about these measures because we believe it is a useful way for us, and our investors, to measure our ability to satisfy cash needs, including one-time charges such as restructuring, reorganization or integration, interest payments on our debt, taxes and capital expenditures. Our method of computing these measures may not be comparable to other similarly titled measures of other companies.

About LodgeNet Interactive

LodgeNet Interactive Corporation is the leading provider of media and connectivity solutions designed to meet the unique needs of hospitality, healthcare and other guest-based businesses. LodgeNet Interactive serves more than 1.9 million hotel rooms representing 10,000 hotel properties worldwide in addition to healthcare facilities throughout the United States. The Company's services include: Interactive Television Solutions, Broadband Internet Solutions, Content Solutions, Professional Solutions and Advertising Media Solutions. LodgeNet Interactive Corporation owns and operates businesses under the industry leading brands: LodgeNet, LodgeNetRX, and The Hotel Networks. LodgeNet Interactive is listed on NASDAQ and trades under the symbol LNET. For more information, please visit http://www.lodgenet.com/.

Special Note Regarding Forward-Looking Statement

Certain statements in this press release constitute "forward-looking statements." When used in this press release and in the prepared remarks as well as in response to the questions during the conference call, the words "intends," "expects," "anticipates," "estimates," "believes," "goal," "no assurance" and similar expressions, and statements which are made in the future tense or refer to future events or developments, including, without limitation, those related to our 2009 guidance, including revenue, adjusted operating cash flow, and free cash flow, are intended to identify such forward-looking statements. Such forward-looking statements are subject to risks, uncertainties, and other factors that could cause the actual results, performance or achievements to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following: the effects of economic conditions, including general financial conditions (including those represented recently by liquidity crises, government bailouts and assistance plans, bank failures, and recessionary threats and developments); the economic condition of the lodging industry, which can be particularly affected the financial conditions referenced above, as well as by high gas prices, levels of unemployment, consumer confidence, acts or threats of terrorism and public health issues; competition from providers of similar services and from alternative systems for accessing in-room entertainment; competition from HSIA providers; changes in demand for our products and services; programming availability, timeliness, quality, and costs; technological developments by competitors; developmental costs, difficulties, and delays; relationships with customers and property owners, in particular as we reduce capital investment; the availability of capital to finance growth; compliance with credit facility covenants; the impact of governmental regulations; potential effects of litigation; risks of expansion into new markets; risks related to the security of our data systems; and other factors detailed, from time to time, in our filings with the Securities and Exchange Commission. For any of the foregoing reasons, our guidance and our actual financial results may not meet our expectations. These forward-looking statements speak only as of the date of this press release. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

LodgeNet is a registered trademark of LodgeNet Interactive Corporation. All rights reserved. Other names and brands may be claimed as the property of others.

(See attached financial and operational tables) LodgeNet Interactive Corporation and Subsidiaries Consolidated Balance Sheets (Unaudited) (Dollar amounts in thousands, except share data) June 30, December 31, 2009 2008 ---- ---- Assets Current assets: Cash and cash equivalents $61,159 $10,800 Accounts receivable, net 59,736 63,620 Other current assets 9,035 9,107 ----- ----- Total current assets 129,930 83,527 Property and equipment, net 236,893 273,830 Debt issuance costs, net 7,750 9,117 Intangible assets, net 110,483 115,134 Goodwill 100,081 100,081 Other assets 9,680 8,097 ----- ----- Total assets $594,817 $589,786 ======== ======== Liabilities and Stockholders' Deficiency Current liabilities: Accounts payable $41,875 $44,291 Other current liability - 1,446 Current maturities of long-term debt 7,025 7,597 Accrued expenses 20,180 23,870 Deferred revenue 14,748 17,168 ------ ------ Total current liabilities 83,828 94,372 Long-term debt 540,148 580,923 Other long-term liabilities 35,696 43,239 ------ ------ Total liabilities 659,672 718,534 ------- ------- Commitments and contingencies Stockholders' deficiency: Preferred stock, $.01 par value, 5,000,000 shares authorized; Series B cumulative perpetual convertible, 10%, 57,500 issued and outstanding at June 30, 2009 (liquidation preference of $1,000 per share or $57,500,000 total); none issued or outstanding at December 31, 2008 1 - Common stock, $.01 par value, 50,000,000 shares authorized; 23,059,164 and 23,014,164 shares outstanding at June 30, 2009 and December 31, 2008, respectively 231 230 Treasury stock, at cost: 530,000 shares at June 30, 2009 and December 31, 2008 (5,737) (5,737) Additional paid-in capital 387,305 332,649 Accumulated deficit (415,343) (416,056) Accumulated other comprehensive loss (31,312) (39,834) ------- ------- Total stockholders' deficiency (64,855) (128,748) ------- -------- Total liabilities and stockholders' deficiency $594,817 $589,786 ======== ======== The accompanying notes are an integral part of these consolidated financial statements. LodgeNet Interactive Corporation and Subsidiaries Consolidated Statements of Operations (Unaudited) (Dollar amounts in thousands, except share data) Three Months Ended Six Months Ended June 30, June 30, ------------------- ----------------- 2009 2008 2009 2008 ---- ---- ---- ---- Revenues: Hospitality $117,873 $132,490 $241,915 $269,487 Other 4,108 4,857 8,158 7,647 ----- ----- ----- ----- Total revenues 121,981 137,347 250,073 277,134 ------- ------- ------- ------- Direct costs and operating expenses: Direct costs (exclusive of operating expenses and depreciation and amortization shown separately below): Hospitality 65,387 69,750 135,709 143,532 Other 3,218 3,449 6,036 5,578 Operating expenses: System operations 11,016 14,839 21,342 30,226 Selling, general and administrative 11,406 13,575 21,831 28,800 Depreciation and amortization 26,258 32,502 53,363 65,602 Restructuring charge 75 817 181 2,818 Other operating income (45) (877) (176) (867) --- ---- ---- ---- Total direct costs and operating expenses 117,315 134,055 238,286 275,689 ------- ------- ------- ------- Income from operations 4,666 3,292 11,787 1,445 Other income and (expenses): Interest expense (9,812) (10,482) (19,693) (21,456) (Loss) gain on extinguishment of debt (4) - 9,292 - Loss on early retirement of debt - (79) (541) (79) Other income (expense) 144 (25) 319 (14) --- --- --- --- (Loss) income before income taxes (5,006) (7,294) 1,164 (20,104) Provision for income taxes (207) (167) (419) (368) ---- ---- ---- ---- Net (loss) income (5,213) (7,461) 745 (20,472) Preferred stock dividends (32) - (32) - --- - --- - Net (loss) income attributable to common stockholders $(5,245) $(7,461) $713 $(20,472) Net (loss) income per common share (basic) $(0.23) $(0.33) $0.03 $(0.91) ====== ====== ===== ====== Net (loss) income per common share (diluted) $(0.23) $(0.33) $0.03 $(0.91) ====== ====== ===== ====== Weighted average shares outstanding (basic) 22,432,311 22,289,919 22,418,286 22,448,309 ========== ========== ========== ========== Weighted average shares outstanding (diluted) 22,432,311 22,289,919 22,546,524 22,448,309 ========== ========== ========== ========== The accompanying notes are an integral part of these consolidated financial statements. LodgeNet Interactive Corporation and Subsidiaries Consolidated Statements of Cash Flows (Unaudited) (Dollar amounts in thousands) Six Months Ended June 30, ---------------- 2009 2008 ---- ---- Operating activities: Net income (loss) $745 $(20,472) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 53,363 65,602 Gain on extinguishment of debt (non-cash) (9,292) - Unrealized loss on derivative instruments 321 - Loss on early retirement of debt 541 79 Share-based compensation 942 1,194 Gain due to insurance proceeds - (815) Insurance proceeds related to business interruption - 815 Other, net (357) (15) Change in operating assets and liabilities: Accounts receivable, net 3,994 132 Other current assets 75 751 Accounts payable (2,494) (1,786) Accrued expenses and deferred revenue (6,115) (3,347) Other (600) 306 ---- --- Net cash provided by operating activities 41,123 42,444 ------ ------ Investing activities: Property and equipment additions (10,971) (38,723) Net cash used for investing activities (10,971) (38,723) ------- ------- Financing activities: Repayment of long-term debt (9,676) (8,136) Payment of capital lease obligations (854) (709) Borrowings on revolving credit facility - 30,000 Repayments of revolving credit facility - (30,000) Purchase of long-term debt (23,685) - Proceeds from investment in long-term debt 656 - Purchase of treasury stock - (4,662) Proceeds from issuance of preferred stock, net of offering costs 53,717 - Net cash provided by (used for) financing activities 20,158 (13,507) ------ ------- Effect of exchange rates on cash 49 (73) -- --- Increase (decrease) in cash and cash equivalents 50,359 (9,859) Cash and cash equivalents at beginning of period 10,800 25,569 ------ ------ Cash and cash equivalents at end of period $61,159 $15,710 ======= ======= The accompanying notes are an integral part of these consolidated financial statements. LodgeNet Interactive Corporation and Subsidiaries Supplemental Data ------- ------- ------- ------- ------- 2nd 1st 4th 3rd 2nd Qtr '09 Qtr '09 Qtr '08 Qtr '08 Qtr '08 ------- ------- ------- ------- ------- Room Base Statistics ----------- Total Rooms Served (1) 1,956,562 1,973,472 1,977,015 1,970,752 1,969,524 Total Guest Entertainment Rooms (2) 1,827,636 1,849,304 1,866,353 1,862,885 1,865,594 Total HD Rooms (3) 210,262 199,290 191,491 163,768 137,034 Percent of Total Guest Entertainment Rooms 11.5% 10.8% 10.3% 8.8% 7.3% Total Television Programming (FTG) Rooms (4) 1,104,660 1,106,833 1,105,754 1,098,687 1,087,448 Percent of Total Guest Entertainment Rooms 60.4% 59.9% 59.2% 59.0% 58.3% Total Broadband Internet Rooms (5) 219,260 229,184 229,003 227,880 222,421 Percent of Total Rooms Served 11.2% 11.6% 11.6% 11.6% 11.3% Revenue Per Room Statistics (per month) ------------ Hospitality Guest Entertainment $13.60 $13.73 $13.75 $16.85 $17.09 Hotel Services 6.02 5.90 5.55 5.52 5.40 System Sales and Related Services 1.76 2.63 1.84 1.42 1.28 ---- ---- ---- ---- ---- Total Hospitality 21.38 22.26 21.14 23.79 23.77 Other (Healthcare and Advertising Media) 0.74 0.73 0.62 0.51 0.88 Total Revenue Per Room $22.12 $22.99 $21.76 $24.30 $24.65 Based on average Guest Entertainment rooms Summary Operating Results ---------- (Dollar amounts in thousands) Hospitality Revenue: Guest Entertainment $74,980 $76,488 $76,739 $93,808 $95,208 Hotel Services 33,200 32,889 30,970 30,714 30,083 System Sales and Related Services 9,693 14,664 10,250 7,954 7,199 ----- ------ ------ ----- ----- Total Hospitality 117,873 124,041 117,959 132,476 132,490 Other Revenue (Healthcare and Advertising Media) 4,108 4,051 3,466 2,844 4,857 Total Revenue $121,981 $128,092 $121,425 $135,320 $137,347 Adjusted Operating Cash Flow (6) $31,669 $34,604 $31,942 $34,611 $36,730 Reconciliation of Adjusted Operating Cash Flow to Operating Income (Loss) ------------------- (Dollar amounts in thousands) Adjusted Operating Cash Flow $31,669 $34,604 $31,942 $34,611 $36,730 Depreciation and Amortization (24,022) (24,638) (26,247) (26,430) (29,886) Amortization of Acquired Intangibles (2,236) (2,467) (3,165) (2,616) (2,616) Share Based Compensation (670) (271) (540) (542) (685) Impairment Charge - - (11,212) - - Restructuring Charge (75) (107) (1,905) (323) (817) Integration Expense - - (13) (75) (249) Insurance Proceeds - - - - 815 - - - - --- Operating Income (Loss) $4,666 $7,121 $(11,140) $4,625 $3,292 ====== ====== ======== ====== ====== 1 Total rooms served represents rooms receiving one or more of our services including rooms served by international licensees. 2 Guest Entertainment rooms receive one or more Guest Entertainment Services such as movies, video games, music or other interactive services. 3 HD rooms are equipped with high-definition capabilities. 4 Television programming (FTG) rooms receiving basic or premium television programming. 5 Represents rooms receiving high-speed Internet service included in total rooms served. 6 Adjusted Operating Cash Flow is a non-GAAP measure which we define as Operating Income (Loss) exclusive of depreciation, amortization, share- based compensation, impairment, restructuring, integration and reorganization expenses and the effects of insurance recoveries.

Photo: http://www.newscom.com/cgi-bin/prnh/20080115/AQTU120LOGO
AP Archive: http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com LodgeNet Interactive Corporation

CONTACT: Ann Parker, Director, Investor Relations, +1-605-988-1000,
ann.parker@lodgenet.com; or Mike Smargiassi; of Brainerd Communicators,
+1-212-986-6667, smarg@braincomm.com, for LodgeNet Interactive Corporation

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

Fuse, Live Nation and Comcast Team Up to Make a Lucky Connecticut Music Fan a 'Rock Star for a Year'Promotion Offers the Chance to Win Tickets to a Season of Concerts at Comcast Theatre in 2010

BERLIN, Conn., July 28 /PRNewswire/ -- Fuse, the only national network dedicated to music, Live Nation, and Comcast announced today the launch of a cross promotional sweepstakes, "Rock Star for a Year." This one-of-a-kind promotion will give consumers a chance to win two tickets to 20 concerts at Live Nation's Comcast Theatre in Hartford, CT during the 2010 season. The collaboration will include cross promotional opportunities for Fuse, Live Nation and a local cable operator in up to 15 markets on-air, on-line and on location.

"We're thrilled to be working with Comcast and Live Nation on this partnership," said Mike Bair, president, MSG Media. "Given Comcast's role as Connecticut's leading communications and entertainment provider, Live Nation's expertise in the live concert industry and knowledge of what excites concert goers, coupled with Fuse's ability to offer cable providers and concert promoters the opportunity to connect with viewers in a way no one else can through our national reach and Madison Square Garden Entertainment's assets, makes this unique collaboration the perfect partnership."

"This partnership is a natural fit for Comcast, as we are committed to delivering an unparalleled entertainment experience to our Connecticut customers," said Doug Guthrie, senior vice president of Comcast's Western New England Region, which includes Connecticut. "There are memorable performances on the Comcast Theatre's stage each summer and we're pleased to be able to help make one of our Connecticut customers a 'Rock Star for a Year' and give them access to 20 of next summer's unforgettable shows."

Beginning this week, Comcast customers in Connecticut can log on to http://www.rockstar.fuse.tv/Comcast to enter the sweepstakes. In addition to Connecticut, a winner will be selected in up to 14 major markets across the country, including Boston, Indianapolis, San Diego and more.

"Our job at Live Nation is to connect artists and fans, and Fuse is a direct conduit to some of the most active music fans in the country," said Joey Scoleri, senior vice president of tour marketing/promotion at Live Nation. "We expect this promotion to generate continued excitement and incremental ticket sales for one of the best summer concert lineups in recent memory."

Fuse will collaborate with Comcast to promote the sweepstakes on various cable television networks and online. Live Nation will promote the sweepstakes with co-branded signage and custom television spots that will run on TVs and displays throughout each venue and that will include Comcast in Connecticut.

About Fuse

Fuse brings viewers closer to their favorite artists and bands by featuring original series and specials, exclusive interviews, live concerts and video blocks - all rooted in the music experience. Celebrating the hit makers of today, familiar favorites and edgy newcomers, Fuse accommodates the wide ranging tastes and attitudes of its 12-34 year-old audience with compelling music programming on-air, on-line, on-demand and via mobile technologies. Fuse is a part of MSG Media, which includes television networks MSG and MSG Plus and MSG Interactive, which oversees all company wireless and online initiatives. MSG Media is a division of Madison Square Garden, L.P., which is owned by Cablevision Systems Corporation, and includes the New York Knicks (NBA); the New York Rangers (NHL); the New York Liberty (WNBA); the Hartford Wolf Pack (American Hockey League); MSG Entertainment, which includes concerts and events at Radio City Music Hall, Madison Square Garden, the Wang Center, the Beacon Theatre, as well as the legendary Chicago Theatre, and which manages wholly-owned live entertainment properties including the Radio City Rockettes and the Radio City Christmas Spectacular. Additional information about Fuse can be found at http://press.fuse.tv/

About Comcast Corporation

Comcast Corporation (http://www.comcast.com/) is the nation's leading provider of entertainment, information and communication products and services. With 24.1 million cable customers, 15.3 million high-speed Internet customers, and 6.8 million Comcast Digital Voice customers, Comcast is principally involved in the development, management and operation of cable systems and in the delivery of programming content.

Comcast's content networks and investments include E! Entertainment Television, Style Network, Golf Channel, VERSUS, G4, PBS KIDS Sprout, TV One, ten sports networks operated by Comcast Sports Group and Comcast Interactive Media, which develops and operates Comcast's Internet businesses, including Comcast.net (http://www.comcast.net/). Comcast also has a majority ownership in Comcast-Spectacor, whose major holdings include the Philadelphia Flyers NHL hockey team, the Philadelphia 76ers NBA basketball team and two large multipurpose arenas in Philadelphia.

Comcast serves nearly 550,000 customers and employs over 1,300 employees throughout 128 communities in Connecticut.

About Live Nation

Live Nation's mission is to maximize the live concert experience. Our core business is producing, marketing and selling live concerts for artists via our global concert pipe. Live Nation is the largest producer of live concerts in the world, annually producing over 22,000 concerts for 1,600 artists in 33 countries. During 2008, the company sold over 50 million concert tickets and drove over 70 million unique visitors to LiveNation.com. Live Nation is transforming the concert business by expanding its concert platform into ticketing and building the industry's first artist-to-fan vertically integrated concert platform. The company is headquartered in Los Angeles, California and is listed on the New York Stock Exchange, trading under the symbol LYV

Comcast Cable

CONTACT: Jessica Sigelbaum for Fuse, +1-212-324-3427,
jsigelbaum@fuse.tv, or Laura Brubaker for Comcast, +1-860-505-2334,
Laura_Brubaker@cable.comcast.com, or John Vlautin for Live Nation,
+1-310-867-7127, johnvlautin@livenation.com

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

Gameloft: 20% Growth in Sales Over the First Half of 2009

PARIS, July 28 /PRNewswire-FirstCall/ -- Gameloft achieved consolidated sales of EUR60.1 million for the first half of 2009, up by 20% from the previous year. On a constant exchange rate basis, half-year growth has reached 16%.

In EUR millions 2009 2008 Variation 1st quarter 30.8 25.3 +22% 2nd quarter 29.3 25.0 +17% 1st half-year 60.1 50.3 +20%

Mobile games activity account for 95% of the company's half-year sales. The remaining 5% represent console games. The mobile games activity continues to grow rapidly. Revenue from mobile games increased 20% over the first six months of the year thanks to the success of Gameloft games on Apple's AppStore as well as to the solid performance of the company's Java and Brew games.

Europe represents 38% of revenues for the first six months of 2009, North America 33% and the rest of the world 28%. The strongest growth took place in North America, up 39% over the period. In 2008, Europe, North America and the rest of the world represented respectively 43%, 30% and 27% of total sales over the full year.

Overall, Gameloft continues to do well despite the worldwide economic slowdown:

- Gameloft greatly benefits from innovations introduced by traditional handset manufacturers such as Nokia and Samsung, as well as new players in the market such as Apple and RIM - Gameloft continues to win over substantial market share in Smartphones and traditional Java and Brew phones - Gameloft is one of the very few players in the market that has the resources and know-how allowing it to be present systematically at the launch of all the new consoles with downloadable content (PlayStation Network, Nintendo DSiWare, Nintendo WiiWare, etc.).

Therefore, the company expects solid sales and profitability growth in 2009.

The group's consolidated half-year results will be published on 31 August 2009 after the market closes.

About Gameloft

Gameloft develops and publishes video games for mobile telephones and consoles worldwide. Gameloft was founded in 1999 is now positioned as one of the most cutting-edge companies in its field. Gameloft designs games for telephones incorporating the Java, Brew and Symbian technologies, for which the number of units should exceed four billion in 2012. Gameloft games are also available on WiiWare, DS, Microsoft Xbox LIVE Arcade, iPod and PCs.

Partnership agreements with major rights holders such as Ubisoft Entertainment, Universal Pictures, ABC, Touchtone Television, Dreamworks Animations SKG, Endemol, 20th Century Fox, Viacom, Sony Pictures, Warner Bros., FIFPro, Ferrari, Roland-Garros, Gus Hansen, Kobe Bryant, Derek Jeter, Robinho, Reggie Bush, Chuck Norris, Patrick Vieira, Christophe Dominici and Jonny Wilkinson allow Gameloft to associate its games with very strong international brands. In addition to these brands, Gameloft has its own brands, such as Block Breaker Deluxe, Asphalt: Urban GT and New York Nights.

Thanks to agreements with all of the main telecom operators, telephone manufacturers and specialised distributors, as well as its http://www.gameloft.com/ boutique, Gameloft's games are distributed in 80 countries.

Gameloft has locations in New York, San Francisco, Seattle, Montreal, Mexico, Buenos Aires, Paris, London, Koln, Copenhagen, Milan, Madrid, Lisbon, Vienna, Warsaw, Helsinki, Bucharest, New Delhi, Kuala Lumpur, Peking, Tokyo, Hong Kong, Seoul, Singapore and Sydney. Gameloft is listed in Compartment B of the Paris Stock Exchange (ISIN: FR0000079600, Bloomberg: GFT FP, Reuters: GLFT.PA).

For more information, go to http://www.gameloft.com/

Follow the Twitter feeds http://twitter.com/gameloft and http://twitter.com/gameloft_IR

Gameloft

CONTACT: Contact: Aude Fouquier, PR Manager, Tel +331-5816-21-55,
aude.fouquier@gameloft.com

TAT Technologies Ltd. had Determined not to go Forward With the Planned Relocation of the Operations of its Tulsa, Oklahoma Based Subsidiary

GEDERA, Israel, July 28 /PRNewswire-FirstCall/ -- TAT Technologies Ltd. ("TAT") today announced that it had determined not to go forward with the planned relocation of the operations of its Tulsa, Oklahoma based subsidiary Limco Airepair, Inc. ("Limco") to the location of its Piedmont Aviation Component Services, Inc. subsidiary in Kernersville, North Carolina. The principal reason for this decision was that TAT had received requests from a number of Limco's significant customers that the operations remain in Tulsa. In addition, unanticipated costs significantly diminished the anticipated savings from the relocation.

About the Company

TAT Technologies Ltd. provides a variety of services and products to the military and commercial aerospace and ground defense industries through its Gedera facility in Israel, as well as through its subsidiaries, Bental Industries Ltd., in Israel and Limco - Piedmont, Inc., in the U.S.

TAT operates under four operational segments: (i) OEM of Heat Transfer products (ii) OEM of Electric Motion Systems (iii) MRO services; and (iv) parts services, each with the following characteristics.

TAT's activities in the area of OEM of Heat Transfer products primarily relate to the (i) design, development, manufacture and sale of a broad range of heat transfer components (such as heat exchangers, pre-coolers and oil/fuel hydraulic coolers) used in mechanical and electronic systems on-board commercial, military and business aircraft; and (ii) manufacture and sale of environmental control and cooling systems and (iii) a variety of other electronic and mechanical aircraft accessories and systems such as pumps, valves, power systems and turbines.

TAT's activities in the area of OEM of Electric Motion Systems primarily relate to the design, development, manufacture and sale of a broad range of electrical motor applications for airborne and ground systems. TAT activities in this segment commenced with the acquisition of Bental in August 2008 and accordingly, the results in this segment for fiscal year 2008 are not compared with the previous years.

TAT's MRO services include the remanufacture, overhaul and repair of heat transfer equipment and other aircraft components, APUs, propellers and landing gear. TAT's Limco subsidiary operates FAA certified repair stations, which provide aircraft component MRO services for airlines, air cargo carriers, maintenance service centers and the military.

TAT's parts segment focuses on inventory management and sale of APU parts, propellers and landing gear. TAT offers parts services for commercial, regional and charter airlines and business aircraft owners.

TAT's executive offices are located in the Re'em Industrial Park, Neta Boulevard, Bnei Ayish, Gedera 70750, Israel, and TAT's telephone number is +972-8-862-8500.

Safe Harbor for Forward-Looking Statements

This press release contains forward-looking statements which include, without limitation, statements regarding possible or assumed future operation results, synergies, customer benefits, growth opportunities, financial improvements, expected expense savings and other benefits anticipated from the merger. These statements are hereby identified as "forward-looking statements" for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties that could cause our results to differ materially from management's current expectations. Actual results and performance can also be influenced by other risks that we face in running our operations including, but are not limited to, general business conditions in the airline industry, changes in demand for our services and products, the timing and amount or cancellation of orders, the price and continuity of supply of component parts used in our operations, and other risks detailed from time to time in the company's filings with the Securities Exchange Commission, including its registration statement on form F-4, its annual report on form 20-F and its periodic reports on form 6-K. These documents contain and identify other important factors that could cause actual results to differ materially from those contained in our projections or forward-looking statements. Stockholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. We undertake no obligation to update publicly or revise any forward-looking statement.

For further information, please call Mr. Yaron Shalem, the Company CFO, at +972-8-8628503.

TAT Technologies Ltd

CONTACT: For further information, please call Mr. Yaron Shalem, the
Company CFO, at +972-8-8628503

TechAmerica Oregon Announces the Silicon Forest Technology and Financial Forum

LAKE OSWEGO, Ore., July 28 /PRNewswire-USNewswire/ -- TechAmerica Oregon announced today that the Oregon Technology Investor Tour and the Silicon Forest Forum have merged to form the Silicon Forest Technology and Financial Forum. The newly combined event will take place August 25-26 in Hillsboro, Oregon, and will create a unique opportunity for the financial community to experience Oregon's public and private companies, meet their management teams, and take tours of participating companies. The event will also feature concurrent technology panels for attending entrepreneurs and companies. The technology panels will allow participants the opportunity to engage in industry-relevant topics, thus gaining insight into opportunities for their own growth and success.

(Logo: http://www.newscom.com/cgi-bin/prnh/20090319/TECHAMERICALOGO )

This year's Silicon Forest Technology and Financial Forum bring together a well-known consortium of Oregon's finest public and private companies. Taking place mostly at Intel Capital, public and private presenting companies to date include: FEI Company ; Mentor Graphics ; Pixelworks ; RadiSys Corporation ; TriQuint Semiconductor ; Jive Software; nLIGHT Corporation; and Tripwire.

"The Silicon Forest Technology and Financial Forum is the ideal fusion of Oregon's two premier technology and financial events, under one roof," said Jennifer Bosze, executive director, TechAmerica Oregon. "By combining these two events, participants such as management and technology executives, research analysts, buy-sell decision makers, fund managers, venture capitalists, entrepreneurs, etc. will be able to participate in both financial overviews with well-known public and private Oregon companies, as well as attend and engage in moderated technology panels."

This public event is designed to provide insightful information on industry topics such as clean tech, capital raising, mergers and acquisitions, nanotechnology, open source, display technology, software as a service, heathcare IT and wireless infrastructure; develop and maintain important relationships with leading-edge public and private technology companies; and for the exchange of critical information from companies in a unique and small group format.

The cost for this two-day event is $99 to attend either August 25 or 26, or $155 to attend both days.

The Silicon Forest Technology and Financial Forum event are underwritten and produced by financial and in-kind sponsors. The presenting sponsors are White & Lee, TechAmerica and Intel Capital. Other sponsors include Goldman Sachs and McClenahan Bruer Communications.

To learn more about this year's Silicon Forest Technology and Financial Forum event, please visit http://www.techamerica.org./siliconforesttechnologyandfinancialforum.

About TechAmerica

TechAmerica is the leading voice for the U.S. technology industry, which is the driving force behind productivity growth and jobs creation in the United States and the foundation of the global innovation economy. Representing approximately 1,500 member companies of all sizes from the public and commercial sectors of the economy, it is the industry's largest advocacy organization and is dedicated to helping members' top and bottom lines. It is also the technology industry's only grassroots-to-global advocacy network, with offices in state capitals around the United States, Washington, D.C., Europe (Brussels) and Asia (Beijing). TechAmerica was formed by the merger of AeA (formerly the American Electronics Association), the Cyber Security Industry Alliance (CSIA), the Information Technology Association of America (ITAA) and the Government Electronics & Information Technology Association (GEIA). Learn more at http://www.techamerica.org/.

Photo: http://www.newscom.com/cgi-bin/prnh/20090319/TECHAMERICALOGO
PRN Photo Desk, photodesk@prnewswire.com TechAmerica

CONTACT: Barry Katcher, +1-503-546-1000, barry@mcbru.com, for
TechAmerica; or Anne Caliguiri of TechAmerica, +1-703-284-5305,
anne.caliguiri@techamerica.org

Web Site: http://www.techamerica.org/

eOn eNterprise IP Messenger Supports the RIM BlackBerry(R)Esnatech & eOn Communications Launches Mobile UC Client Software at the BlackBerry App World(TM)!

SAN JOSE, Calif., July 28 /PRNewswire-FirstCall/ -- eOn Communications Corporation(TM) , a leading provider of telecommunications solutions, and Esna Technologies Inc. (http://www.esnatech.com/) today announced that they have launched a version of their market leading mobile unified communication software for the eOn eNterprise IP Messenger for the RIM BlackBerry devices in the BlackBerry App World (http://www.blackberry.com/appworld/). The Mobile UC Client provides a complete communications & collaboration solution for mobile users, integrating presence, messaging, mobility and computer telephony to users over mobile devices. The integration of unified communications onto these wireless devices will dramatically increase the ability of mobile users to connect to the office and be able to communicate as if they were at their desk. Esnatech and eOn Communications has released a version specifically for BlackBerry users in the App World that have the eOn Millennium and eQueue IP telephony platforms. eOn users can easily access this free mobile app directly on their device. Once installed in conjunction with eNterprise IP Messenger server they can link their devices to their office phone system and leverage the BlackBerry as their office communication device.

"At eOn our goal is to help organizations of all sizes be more productive by enhancing communications between management, staff, remote workers and customers while reducing costs and driving revenue streams. Through mobility solutions provided by eOn's eNterprise IP Messenger coupled with wireless devices such as BlackBerry, we're able to offer our customers anytime, anywhere connectivity with presence management tools that improve employee productivity and foster profitable relationships with their clients and partners," said eOn Vice President of Sales, Jack Dienno. "We realize that during these economic times every phone call is critical to the bottom line and our job is to provide seamless connectivity with any mobile device regardless of location or infrastructure."

"With this joint release for the eOn eNterprise IP Messenger platform we provide enterprises the opportunity to offer full enterprise communications to BlackBerry users," said Davide Petramala, Vice President Business Development at Esnatech. "BlackBerry users can now seamlessly manage all there office communications directly from their device such as find me follow me, presence and instant messaging! This puts Esnatech and eOn in the market leadership position when it comes to a complete Mobile UC solution for enterprise users."

With the new Mobile UC Client software users of eOn's eNterprise IP Messenger would have access to the following features directly from their BlackBerry device:

-- Users can manage their office presence and live location to better communicate with customers and co-workers. -- Users can define their presence even when on their BlackBerry to their colleagues in the office. -- See and find the presence and availability of colleagues in the office. -- Initiate and or participate in enterprise instant messaging sessions (fully logged and tracked for auditing purposes). -- View complete call history, including real-time view of inbound, outbound and missed calls to and from your office phone. -- Manage live office calls directly from their BlackBerry. -- Initiate station to station and live calls from their BlackBerry using their office phone system as the resource, dramatically increasing productivity while controlling costs and maintaining controls and audits on mobile communication usage.

The new mobile application downloads directly from BlackBerry App World to the user's BlackBerry RIM device and connects via IP to the eNterprise IP Messenger that is connected to both the enterprise PBX and e-mail platform. Users will have the ability to view their work groups and see who is online and available. With access to real time status they can then chose the best way to communicate with co-workers. This will dramatically improve the connectivity of the wireless users to their office environment and improve productivity by deliver anywhere anytime access to critical resources.

The new Mobile UC Client software for the RIM BlackBerry is available as a free download for a limited time from the BlackBerry App World store that can be accessed directly from users' devices or from the web (http://www.blackberry.com/appworld/) by simply searching for esnatech, or UC Client.

About the eNterprise IP Messenger

The eNterprise IP Messenger offers the industry's most robust unified communications platform that integrates presence, mobility and messaging with eOn's Millennium and eQueue communications platforms. It provides today's enterprises and contact centers with a suite of applications comprised of voice messaging, unified messaging, fax services, instant messaging, CTI functionality, mobility and presence solutions. Using state-of-the-art text-to-speech and speech recognition technology, the eNterprise IP Messenger ensures access and utilization of all of your messaging and scheduling utilities is only a phone call away. Aimed at improving relationships and interactions between employees, customers and suppliers, the eNterprise IP Messenger makes it possible for you to manage your communications anytime, anywhere from any device. For more product information, visit eOn's web site at http://www.eoncommunications.com/EIPM_unified_communications.htm.

About eOn Communications

eOn Communications Corporation is a global provider of innovative communications solutions. Backed by over 20 years of telecommunications engineering expertise, our solutions enable our customers to easily leverage advanced technologies in order to communicate more effectively. To find out more about eOn Communications and its solutions, visit the World Wide Web at http://www.eoncommunications.com/, or call 800-955-5321.

About Esnatech

Founded in 1989, Esnatech's mission is to provide communication solutions that are simply the best way to communicate! Esnatech solutions empower organizations by giving them the flexibility to conduct business at any time, from anywhere, so they can manage the information they need, when they need it. Esnatech markets and distributes their products through OEM and VAR partners in 28 countries worldwide. http://www.esnatech.com/

eOn Communications Corporation, the mark eOn, eQueue and Millennium are trademarks of eOn Communications Corporation.

EON Communications Corporation

CONTACT: Davide Petramala, VP Sales & Marketing, Esna Technologies Inc.,
+1-905-707-9700 say "David" , davidep@esna.com, or Katherine Stickels,
Marketing Communications, of eOn Communications, 800-955-5321 ext. 2344 or say
"Katherine", kstickels@eoncc.com; or Investor Relations, eOn Communications,
800-955-5321, investorrelations@eoncc.com

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

SED International 30th Year in Business Celebration Deemed Enormous Success!Presented $10,000 Cash Donation to Feeding America; Prize Drawing and Online Contest Winners Awarded Cool Consumer Electronics Products

TUCKER, Ga., July 28 /PRNewswire-FirstCall/ -- SED International Holdings, Inc. (BULLETIN BOARD: SECX) , a multinational supply chain management provider and distributor of leading computer technology, wireless communications and consumer electronics, reported that its 30th Year-In-Business Celebration on July 22, 2009 was an enormous success. In observance of its anniversary, the Company welcomed customers, 32 sponsoring vendors and numerous other friends and business partners to the Celebration, held at SED's world headquarters in Atlanta, Georgia. Attendees had the opportunity to meet the SED team, view products and product demonstrations, capitalize on special anniversary discount deals, tour the Company's facilities and enjoy complimentary southern barbeque, cake, sweets and other treats.

Drawings held every 30 minutes during the day's festivities provided for great prize giveaways to attendees that included netbooks, digital cameras and gift certificates. In addition, SED sponsored special anniversary contests on its web site (http://www.sedonline.com/) and on Twitter, awarding an Acer Aspire One Netbook and two Flip Video Mino HD Camcorders to online contest winners.

Following the tented lunch gathering, key members of the executive management team reflected on the Company's growth and success over the past three decades and recognized 38 employees who have been with SED for 15 or more years. Three of these employees, including Company Chairman and CEO Jeanie Diamond, have been with SED since its first day of operation. Ms. Diamond and SED President and COO Jonathan Elster also had the privilege of presenting a $10,000 "big check" donation to officials from the Atlanta Food Bank, in recognition of Feeding America being selected as SED's 30th Year Charity Partner. Feeding America, formerly named America's Second Harvest, is the nation's leading domestic hunger-relief charity, and its network is comprised of more than 200 food banks serving all 50 states, the District of Columbia and Puerto Rico.

As part of the "SED Gives Back" initiative created by the Company to lend a hand in the fight to end hunger, SED has designated each of its facilities in Atlanta, Dallas, Miami and Southern California as collection sites for food donations from its employees, partners and communities. Moreover, throughout the coming year, SED employees will be volunteering their time and service at their local Feeding America member food banks.

"This was a fantastic and enormously fun way to help SED celebrate our 30th year in business, acknowledge our employees' contribution to our longstanding success and pay tribute to our vendors and customers. What's more, it gave us an important opportunity to give back to our local communities where we work, play and raise our families," stated Diamond.

Similar celebrations were all held at SED's Miami, Dallas and Southern California operations.

A picture montage of the 30th-Year-In-Business Celebration is available for viewing at http://www.flickr.com/photos/elitefinancial/sets/72157621748064143/. Note to the Press: to receive photo files in jpg or eps format, please contact Kathy Addison at Elite Media Group by calling 407-585-1080 or via email at SECX@efcg.net.

ABOUT SED INTERNATIONAL HOLDINGS, INC.

Founded in 1980, SED International Holdings, Inc. is a multinational, preferred distributor of leading computer technology, wireless communications and consumer electronics products. The Company also offers custom-tailored supply chain management services ideally suited to meet the priorities and distribution requirements of the e-commerce, Business-to-Business and Business-to-Consumer markets. Headquartered near Atlanta, Georgia with business operations in California; Florida; Georgia; Texas; Bogota, Colombia and Buenos Aires, Argentina, SED serves a customer base of over 10,000 channel partners and retailers in the U.S. and Latin America. To learn more, please visit http://www.sedonline.com/; or follow us on Twitter @SEDIntl.

Statements made in this Press Release that are not historical or current facts are "forward-looking statements." These statements often can be identified by the use of terms such as "may," "will," "expect," "believes," "anticipate," "estimate," "approximate" or "continue," or the negative thereof. The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Any forward-looking statements represent management's best judgment as to what may occur in the future. However, forward-looking statements are subject to risks, uncertainties and important factors beyond the control of the Company that could cause actual results and events to differ materially from historical results of operations and events and those presently anticipated or projected. These factors include adverse economic conditions, entry of new and stronger competitors, inadequate capital, unexpected costs, failure to gain product approval in foreign countries and failure to capitalize upon access to new markets. The Company disclaims any obligation to revise any forward-looking statements to reflect events or circumstances after the date of such statement or to reflect the occurrence of anticipated or unanticipated events. These factors and others are discussed in the "Management's Discussion and Analysis" section of the Company's Reports on Form 10-K for the fiscal year ended June 30, 2008 and Form 10-Q for the quarter ended March 31, 2009.

FOR MORE INFORMATION, PLEASE CONTACT Elite Financial Communications Group, LLC Dodi Handy, President and CEO (Twitter: @dodihandy) Kathy Addison, Director of Elite Media Group (Twitter: @kathyaddison) 407-585-1080 or via email at SECX@efcg.net

SED International Holdings, Inc.

CONTACT: Dodi Handy, President and CEO, Twitter: @dodihandy, or Kathy
Addison, Director of Elite Media Group, Twitter: @kathyaddison, both of Elite
Financial Communications Group, LLC, +1-407-585-1080, SECX@efcg.net

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

NOBLE's Georgia Chapter Collects Hundreds of Phones and Receives HopeLine Law Enforcement Partnership Award From Verizon Wireless

BASKING RIDGE, N.J., and NORFOLK, Va., July 28 /PRNewswire/ -- Verizon Wireless, a corporate leader in domestic violence awareness, presented the Georgia Chapter of the National Organization of Black Law Enforcement Executives (NOBLE) with a HopeLine Law Enforcement Partnership Award today at NOBLE's annual conference in Virginia. The HopeLine award honors the efforts of public safety officials who are committed to reducing domestic violence, providing support to victims, raising awareness of the issue and educating communities about domestic violence.

The Georgia Chapter was recognized for its participation in a nationwide phone collection drive organized by NOBLE. Thanks to the generosity of NOBLE members, law enforcement agencies across the state of Georgia and the general public, the Georgia Chapter collected several hundred no-longer-used wireless phones.

In honor of the Georgia Chapter's efforts, Verizon Wireless will donate $2,500 to the Savannah Area Family Emergency (S.A.F.E.) Shelter. S.A.F.E. Shelter provides temporary shelter and services to abused women and their children and supports prevention education, increased public awareness and legislation designed to decrease domestic violence.

"As first responders, we witness the effects of domestic violence first-hand," said Joseph A. McMillan, national president of NOBLE. "Our partnership with Verizon Wireless and our nationwide phone collection drive enabled us to help place valuable wireless phones in victims' hands, phones they can use to contact law enforcement or domestic violence hotlines in emergency situations. NOBLE is proud to have our efforts recognized and we look forward to continuing our work with Verizon Wireless' HopeLine program."

HopeLine accepts wireless phones and accessories in any condition from any carrier for reuse and recycling at Verizon Wireless Communications Stores nationwide or via mail (postage-paid label available at http://www.verizonwireless.com/hopelinemailinglabel). Phones given to HopeLine that can be refurbished are sold for reuse, and those without value are disposed of in an environmentally sound way. Proceeds from the HopeLine program are used to provide wireless phones and cash grants to local shelters and non-profit organizations that focus on domestic violence prevention and awareness.

Since the HopeLine program was created in 1995, Verizon Wireless has supported the efforts of law enforcement and government agencies in communities nationwide. Verizon Wireless' support includes:

-- Donating wireless phones and service, high-speed Mobile Broadband Internet service and cash grants to prosecutors, detectives and other personnel in local government domestic violence units -- Sponsoring phone collection drives in cooperation with local sheriff and police departments -- Partnering with several states' Attorneys General offices to create campaigns around elder abuse, teen dating and other domestic violence issues

Previous HopeLine Law Enforcement Partnership Award honorees include the South Florida Chapter of NOBLE and, most recently, Broward County Sheriff Al Lamberti for his efforts against domestic violence in South Florida. To read about previous award recipients and learn more about HopeLine, visit http://www.verizonwireless.com/hopeline.

About Verizon Wireless

Verizon Wireless operates the nation's most reliable and largest wireless voice and data network, serving 87.7 million customers. Headquartered in Basking Ridge, N.J., with more than 87,000 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: Terri Stanton, Verizon Wireless, +1-908-559-7513,
Terri.Stanton@verizonwireless.com

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

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

Entrust Stockholders Approve Merger With Thoma Bravo; Transaction Completed

DALLAS, July 28 /PRNewswire-FirstCall/ -- Entrust , a world leader in securing digital identities and information, announced at the Company's Special Meeting of Stockholders today, the required supermajority of Entrust stockholders voted to approve the amended merger agreement with an affiliate of Thoma Bravo, LLC ("Thoma Bravo"), and the transaction has been completed.

"We are very pleased with the outcome of today's stockholder vote," said Michael McGrath, Chairman of the Board of Directors of Entrust. "We believe that the transaction with Thoma Bravo provides stockholders immediate, certain and premium value and is in the best interest of all Entrust stockholders. On behalf of Entrust's Board, I thank our stockholders, customers and hard-working, dedicated employees for their support throughout this process. We look forward to working with Thoma Bravo and expect a smooth transition."

Scott Crabill, Managing Partner of Thoma Bravo said, "This is an important milestone for Entrust and we are excited about this transaction. We look forward to working with Entrust's talented employees and experienced management team to ensure a seamless transition process. We are confident that together we can secure a strong future for Entrust, advancing the Company's long-term business goals and driving additional growth opportunities for the Company, its employees and customers."

Under the terms of the agreement, Entrust stockholders are entitled to receive $2.00 in cash for each share of Entrust common stock that they hold, without interest and less any applicable withholding taxes. Letters of transmittal allowing Entrust stockholders of record to deliver their shares to the paying agent in exchange for payment of the merger consideration will be distributed shortly after the closing. Stockholders who hold shares through a bank or broker will not have to take any action to have their shares converted into cash, as such conversions will be handled by the bank or broker.

With the closing of the transaction, Entrust stock will cease to trade on the NASDAQ at market close today and will be delisted.

Barclays Capital is acting as financial advisor to Entrust and Wilson Sonsini Goodrich & Rosati, Professional Corporation is acting as Entrust's legal advisor.

About Entrust

Entrust provides trusted solutions that secure digital identities and information for enterprises and governments in 2,000 organizations spanning 60 countries. Offering trusted security for less, Entrust solutions represent the right balance between affordability, expertise and service. These include SSL, strong authentication, fraud detection, digital certificates and PKI. For information, call 888-690-2424, e-mail entrust@entrust.com or visit http://www.entrust.com/.

Entrust is a registered trademark of Entrust, Inc. in the United States and certain other countries. In Canada, Entrust is a registered trademark of Entrust Limited. All Entrust product names are trademarks or registered trademarks of Entrust, Inc. or Entrust Limited. All other company and product names are trademarks or registered trademarks of their respective owners.

About Thoma Bravo, LLC

Thoma Bravo is a leading private equity investment firm that has been providing equity and strategic support to experienced management teams building growing companies for more than 28 years. The firm originated the concept of industry consolidation investing, which seeks to create value through the strategic use of acquisitions to accelerate business growth. Through a series of private equity funds, Thoma Bravo currently manages approximately $2.5 billion of equity capital. In the software industry, Thoma Bravo has completed 39 acquisitions across 12 platform companies with total annual earnings in excess of $600 million. For more information on Thoma Bravo, visit http://www.thomabravo.com/.

Photo: http://www.newscom.com/cgi-bin/prnh/20060720/NYTH074LOGO
http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com Entrust

CONTACT: Investors, David E. Rockvam, Chief Marketing Officer & Investor
Relations of Entrust, Inc., +1-972-728-0424, david.rockvam@entrust.com; or
Media, Matt Sherman, msherman@joelefrank.com, or Ed Trissel,
etrissel@joelefrank.com, both of Joele Frank, Wilkinson Brimmer Katcher,
+1-212-355-4449

Web Site: http://www.entrust.com/
http://www.thomabravo.com/

uVuMobile Appoints Richard Seifert as Chairman & CEO

ATLANTA, July 28 /PRNewswire-FirstCall/ -- uVuMobile(TM), Inc. (Pink Sheets: UVUM), a technology leader in mobility solutions and a software solutions provider, announced today that its board of directors appointed Richard Seifert as the new Chairman and Chief Executive Officer. Mr. Seifert replaces Scott Hughes as CEO.

Mr. Seifert has been a member of UVUM's board of directors since September 2007. Prior to joining the board, he served as an advisor to UVUM in strategic partnering, business planning, sales/marketing and early stage funding from February of 2003 through March of 2005.

"Our need to forge business relationships and alliances within the wireless industry and commercially deploy our products and technology is critical to our future," said Seifert. "I am very excited to be given this challenge at this important juncture."

As a seasoned professional, Mr. Seifert brings 30 years experience as both an executive and consultant with the majority of that time spent in the Internet technology field. Mr. Seifert has spent the last 12 years focused on the delivery of video and other rich media content over the Internet to cell phones. Mr. Seifert brings with him key relationships in the media and technology world that are anticipated to help UVUM form new strategic partnerships, gain market share and expand internationally.

About uVuMobile(TM), Inc.

uVuMobile(TM) is a provider of interactive media solutions for consumers on the go. An established market participant in the delivery of high quality mobile video, uVuMobile(TM) offers advertising-based solutions across all new media platforms, including mobile and the Internet. uVuMobile(TM) enables broadcasters and media companies to connect to consumers and potentially increases their advertising reach and revenues while exposing consumers to new content and products.

uVuMobile(TM) develops and markets a complete suite of innovative media services that combine familiar brands with user-friendly personalization, interactivity, and targeted advertising, delivering it to mobile devices and customers. Capitalizing on the ever-increasing demand by consumers for personalized and interactive entertainment, uVuMobile(TM) enables consumers to obtain their entertainment and media anywhere, anytime to select media-enabled devices.

Forward Looking Statements

The statements in this press release regarding the appointment of Mr. Seifert as Chairman and CEO, the formation of new strategic partnerships, the ability for us to gain market share and expand internationally, any implied or perceived benefits from the appointment of Mr. Seifert, and any other effects resulting from any of the above are forward-looking statements. Such statements involve risks and uncertainties, including, but not limited to: our ability to raise adequate working capital; costs of operations; delays, and any other difficulties related to our operations; our ability to implement strategic initiatives; marketing and sales of our technology and services; risks and effects of legal and administrative proceedings and governmental regulation; future financial and operational results; competition; general economic conditions; and the ability to manage and continue growth.

Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated. Important factors that could cause actual results to differ materially from the forward-looking statements we make in this news release include market conditions and those set forth in reports or documents we file from time to time with the SEC, which are available free of charge on the SEC's website (http://www.sec.gov/) or from our website (http://www.uvumobile.com/). We undertake no obligation to revise or update such statements to reflect current events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

All trademarks and/or registered trademarks are the property of their respective owners.

uVuMobile, Inc.

CONTACT: Ron Warren or Rick Seifert of uVuMobile, Inc., +1-678-417-2000

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

IBM Extends Strategic IT Services Relationship With American Express

ARMONK, N.Y., July 28 /PRNewswire-FirstCall/ -- IBM today announced a five-year global information technology services agreement with American Express.

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

IBM will use its global delivery capabilities to manage the mid-range server environment for American Express and will deliver advanced levels of energy savings, standardization and virtualization using IBM's service management processes.

"As we strive to enhance the globally accessible financial services we offer our customers, we seek partners that can work with us to drive growth, improve performance and increase efficiency," said Steve Squeri, executive vice president and chief information officer at American Express. "We value our relationship and look forward to IBM's continued leadership in developing innovative solutions for our business."

"American Express is a renowned global brand and we are delighted to expand our relationship with the American Express team," said Mike Daniels, senior vice president and group executive, IBM Global Technology Services. "This agreement further demonstrates IBM's commitment to deliver the highest quality services and most advanced technologies that add value for our clients."

The agreement was signed on June 30, 2009, and follows prior agreements between the companies which include global mainframe services and application development and maintenance services.

About IBM For more information, visit http://www.ibm.com/services. Media Contacts: Jen Knecht IBM Communications (914) 472-3607 knechtj@us.ibm.com

Photo: http://www.newscom.com/cgi-bin/prnh/20090416/IBMLOGO
http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com IBM

CONTACT: Jen Knecht, IBM Communications, +1-914-472-3607,
knechtj@us.ibm.com

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

VPN Dynamics Earns Top Honors From Juniper NetworksLeading Technical Certification and Training Company Recognized as One of the Leading Juniper Networks Authorized Education Centers

SANTA CLARA, Calif., July 28 /PRNewswire/ -- VPN Dynamics, a leading technical certification and training company known for its guaranteed to run Live Online Instructor Led courses and wholly owned subsidiary of Ingram Micro Inc., today announced it has been named one of the leading Juniper Networks Authorized Education Centers (JNAEC) in the Americas for 2006-2008.

As a JNAEC partner, VPN Dynamics' training engineers are authorized to provide in-depth, technical training and education courses on the full line of Juniper Network products including EX Series Ethernet Switches and JUNOS Software. Targeted at IT solution providers, technical engineers and end-users, these valuable courses are derived from Juniper Networks proprietary training curriculum and range from introductory to intermediate.

"Partner training and education are critical elements within an IT vendor's channel program and have become a primary way for vendors to differentiate their business," said Jeff Borovitz, Sales Manager, VPN Dynamics. "By leveraging our Live Online training courses and skilled teaching engineers, Juniper is providing their J-Partners access to hands-on training and education that will help them specialize their business and quickly identify market opportunities around high performance networking and security."

"Our engineers are big fans of VPN Dynamics' Live Online Juniper Networks training and education courses," says Steve Coscarella, Associate Director, Network Engineering for Carousel Industries, an Elite J-Partner located in Exeter, Road Island. "What's great about VPN Dynamics' training sessions is they are instructor led courses that require absolutely no travel and are guaranteed to run at the date and time specified. In addition, the instructors, lab time and content are among the best in the industry."

VPN Dynamics has played an important role in the global implementation of Juniper Networks Technical Certification Program (JNTCP). The JNTCP consists of platform-specific, multi-tiered tracks, which enable participants to demonstrate their competence with Juniper Networks technology through a combination of written proficiency tests and hands-on configuration and troubleshooting exams. As a JNAEC partner, VPN Dynamics uses only certified Juniper Networks instructors who have the same certification requirements and rigorous training process as Juniper Educational Services instructors. According to Borovitz, the IT training company is gearing up to offer a complete series of JUNOS training and education courses later this year.

"We are pleased to recognize VPN Dynamics as one of the top performing JNAEC's in the Americas," said Scott Edwards, director of Education Services at Juniper Networks. "Through our Authorized Education Centers, we are expanding the reach of Juniper's Education Services around the globe and providing the local training customers and partners need to maximize their technology investments."

VPN Dynamics campus is located at the company's headquarters in Santa Clara, Calif. All technical training and education courses are targeted at the needs of solution providers, MSPs and IT professionals. More information is available online at http://www.vpndynamics.com/.

About VPN DYNAMICS

VPN Dynamics is a wholly owned subsidiary of Ingram Micro Inc. and a leading provider of networking, security, virtualization training and services. Solution providers and their customers benefit from VPN Dynamics' proven ability to simplify network security by providing knowledge and education through the life cycle of networking, security and virtualization products. VPN Dynamics is an authorized training provider for Juniper Networks, VMware, Citrix Systems, Check Point Software Technologies, SonicWALL and Websense products. For more information, visit http://www.vpndynamics.com/.

Juniper Networks, JUNOS and the Juniper Networks logo are registered trademarks of Juniper Networks, Inc. in the United States and other countries. All other trademarks, service marks, registered trademarks, or registered service marks are the property of their respective owners.

Ingram Micro Inc.

CONTACT: Marie Rourke of WhiteFox Marketing, +1-714-680-0335,
Marie@whitefoxpr.com, for VPN Dynamics

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

Comcast to Launch Extreme 50 Mbps High-Speed Internet Service in East Bay and North Bay, Completing San Francisco RolloutComcast Introduces Two New, Faster Speed Tier Options and Doubles Speeds For Most Existing Customers For No Additional Cost New Speed Options Come to 76 Communities in Alameda, Marin, Napa, Solano and Sonoma Counties Wideband Now Available Throughout Comcast's Bay Area Footprint

LIVERMORE, Calif., July 28 /PRNewswire/ -- Comcast, the nation's leading provider of entertainment, information and communications products and services, today announced it is launching next-generation DOCSIS 3.0 and making the leap from broadband to wideband in San Francisco's East Bay and North Bay area's (see complete list of cities below). With the launch, Comcast has now completed its rollout of the fastest and most reliable wideband service in the San Francisco Bay Area. The company previously deployed wideband in the San Jose-Silicon Valley area, in San Francisco and on the Peninsula, in portions of the East Bay and in the Monterey-Salinas area earlier this year.

With wideband, Comcast has introduced a new echelon of Internet speed tiers, which will redefine the customer experience online and create a platform for Internet innovation in the years ahead. Comcast now offers the fastest speeds available today in the Bay Area, including the Extreme 50 tier with download speeds of up to 50 Mbps. Wideband also enables Comcast to double speeds for the majority of existing high-speed Internet customers at no additional cost.

"Since we first launched wideband in the Spring we've heard from more and more customers interested in our new service-- driven by its fast speeds, our reliable network infrastructure, and the fact that the tech-savvy Bay Area residents want speed and value, which the new Ultra and Extreme 50 tiers deliver," said Steve White, Senior Vice President of Comcast's California Region. "Our customers' online experience is significantly transformed with this next iteration of service, and this is only the beginning. Wideband, combined with our fiber-optic network, will allow us to meet our customers' needs for many years to come by offering even quicker speeds in the future."

Beginning today, Comcast's new services are available to residential homes (and beginning August 4 to all businesses) in the following cities: Alameda, Albany, American Canyon, Belvedere, Benicia, Berkeley, Bodega Bay, Calistoga, Camp Meeker, Castro Valley, Cazadero, Cloverdale, Corte Madera, Cotati, Crockett, Deer Park, El Cerrito, El Sobrante, Emeryville, Fairfax, Fairfield, Forest Knolls, Forestville, Fremont, Fulton, Geyserville, Glen Ellen, Graton, Greenbrae, Guerneville, Hayward, Healdsburg, Hercules, Kentfield, Kenwood, Kensington, Lagunitas, Larkspur, Mill Valley, Monte Rio, Napa, Newark, Novato, Oakland, Occidental, Penngrove, Petaluma, Piedmont, Pinole, Port Costa, Rio Nido, Rodeo, Rohnert Park, Ross, San Anselmo, San Geronimo, San Leandro, San Lorenzo, San Pablo, San Rafael, San Quentin, Richmond, Santa Rosa, Sausalito, Sebastopol, Sonoma, St. Helena, Suisun City, Tiburon, Travis Air Force Base, Union City, Vacaville, Vallejo, Windsor, Wood Acre and Yountville.

As part of the wideband deployment, Comcast is launching two new premium speed tiers to its residential and business class customers. Both new services are ideal for households or businesses simultaneously using several computers or Internet-connected devices. They also will appeal to those who simply want some of the fastest speeds available today:

New Residential Tiers -- Extreme 50, offering up to 50 Mbps of downstream speed and up to 10 Mbps of upstream speed at $99.95/month.* -- Ultra, offering up to 22 Mbps of downstream speed and up to 5 Mbps of upstream speed at $62.95/month.*

With Extreme 50, Comcast customers will be able to download a high-definition movie (6 GB) in about 16 minutes, a standard-definition movie (2 GB) in about five minutes and a standard-definition TV show (300 MB) in a matter of seconds. Customers with Extreme 50 also will be able to download digital photos, songs and games faster than ever.

In addition to the new speed tiers, Comcast will also increase speeds for its existing Performance tier customers, who will now benefit from doubled downstream and upstream speeds -- offering up to 12 Mbps and 2 Mbps, respectively. Plus, with PowerBoost technology, customers are able to enjoy even faster speeds to download and upload files such as videos, games, music and photos.

New Business Class Tiers

Business customers will benefit from wideband with increased efficiency and productivity. Customers can sign up for the Deluxe 50 Mbps / 10 Mbps tier for $189.95/month, which includes a full suite of features and support. As part of their service, Comcast Business Class customers receive Microsoft Communication Services, providing corporate-class e-mail, calendaring and document sharing, as well as additional benefits such as firewall protection, static IP addresses, multiple e-mail addresses and business class 24/7 customer support. Existing business class customers also will receive complimentary speed increases - speeds on the Starter tier will be doubled to up to 12 Mbps / 2 Mbps and a new Premium Tier also will be introduced, offering speeds up to 22 Mbps / 5 Mbps for only $99.95/month.

To find out when wideband will be available customers can visit http://www.comcast.com/fastestfast or call 1-888-COMCAST.

* Pricing for residential customers and requires subscription to Comcast Cable service.

About Comcast Corporation

Comcast Corporation (http://www.comcast.com/) is the nation's leading provider of entertainment, information and communication products and services. With 24.1 million cable customers, 15.3 million high-speed Internet customers, and 6.8 million Comcast Digital Voice customers, Comcast is principally involved in the development, management and operation of cable systems and in the delivery of programming content.

Comcast's content networks and investments include E! Entertainment Television, Style Network, Golf Channel, VERSUS, G4, PBS KIDS Sprout, TV One, ten sports networks operated by Comcast Sports Group and Comcast Interactive Media, which develops and operates Comcast's Internet businesses, including Comcast.net (http://www.comcast.net/). Comcast also has a majority ownership in Comcast-Spectacor, whose major holdings include the Philadelphia Flyers NHL hockey team, the Philadelphia 76ers NBA basketball team and two large multipurpose arenas in Philadelphia.

Comcast's California Region, based in Livermore, California, serves more than 2.4 million customers in Northern and Central California. Comcast employs more than 7,500 local residents across the region.

Comcast

CONTACT: Andrew C. Johnson, +1-925-424-0273,
Andrew_C_Johnson@cable.comcast.com, or Bryan Byrd, +1-916-515-2821,
Bryan_Byrd@cable.comcast.com, both of Comcast

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

Regal Beloit Announces Third Quarter Dividend

BELOIT, Wis., July 28 /PRNewswire-FirstCall/ -- Henry W. Knueppel, Chairman and Chief Executive Officer of REGAL BELOIT CORPORATION , announced that the Board of Directors, at their regular quarterly meeting held on Friday, July 24, 2009, declared a dividend of $.16 per share payable on October 14, 2009, to shareholders of record at the close of business on September 25, 2009. The dividend represents the 197th consecutive dividend declared by the Company.

Regal Beloit Corporation is a leading manufacturer of electrical and mechanical motion control and power generation products serving markets throughout the world. Regal Beloit is headquartered in Beloit, Wisconsin, and has manufacturing, sales, and service facilities throughout North America and in Mexico, Europe and Asia.

http://www.regal-beloit.com/

Regal Beloit Corporation

CONTACT: David A. Barta, Vice President, Chief Financial Officer of
Regal Beloit Corporation, +1-608-361-7405

Web Site: http://www.regal-beloit.com/

Susan Odell Joins TechWeb's Light Reading as Vice President of Sales and Marketing

NEW YORK, July 28 /PRNewswire/ --

TechWeb's Light Reading Communications Network (http://www.lightreading.com/), the leading research-led media company serving the global communications marketplace, today announced that Susan Odell has joined the company in the newly created position of Vice President of Sales and Marketing.

Odell, who previously held positions as Vice President, Product Management, and Vice President, International, with TechTarget, will lead Light Reading's global media sales and marketing staff and be charged with ensuring that Light Reading's online sales, marketing, and product strategy meet the demands of the worldwide communications industry.

"We see tremendous opportunity in the global communications market, and the addition of Susan Odell to the management team reflects our continued investment in the expansion of TechWeb's Light Reading Communications Network," said Tony Uphoff, CEO of TechWeb. "With the promotions of Michelle Gray and Todd Marquez to publishers of Light Reading's Unstrung and LR's Cable Digital News sites, respectively, and Amy Averbook to Corporate Director of Marketing and Product Development, we now have the sales, marketing, and product leadership team on LRCN to take our growth to the next level."

Odell has proven technology media and leadership experience working on major brands across IDG, CMP, TechTarget, and Safari Books Online. At TechTarget, Susan helped build the company's Product Management department from scratch, building its headcount to 15 people. She also increased Tech Target's International revenues to US$3 million through a number of acquisitions, joint ventures, and licensing agreements with media companies in more than 20 countries.

"Susan's online product development experience will help Light Reading build on its position as by far the largest and most influential online media brand in the communications industry," said Joseph Braue, SVP/Group Director of Light Reading. "And her international media market expertise will be especially valuable as we accelerate our global initiatives such as Light Reading Asia and Light Reading China, and expand our event business into India." Odell will be based in Light Reading's Framingham, Mass., office.

About Light Reading

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

About TechWeb

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

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

About United Business Media Limited (www.unitedbusinessmedia.com)

United Business Media Limited is a leading global business media company. We inform markets and bring the world's buyers and sellers together at events, online, in print, and with the information they need to do business successfully. We focus on serving professional commercial communities, from doctors to game developers, from journalists to jewellery traders, from farmers to pharmacists around the world. Our 6,500 staff in more than 30 countries are organized into specialist teams that serve these communities, helping them to do business and their markets to work effectively and efficiently.

Contact Amy Averbook TechWeb's Light Reading +1-212-925-0020 ext.112 averbook@lightreading.com

Light Reading

Amy Averbook, TechWeb's Light Reading, +1-212-925-0020 ext.112, averbook@lightreading.com

Mobile Broadband to Surpass Fixed Broadband in Brazil by 2011, finds Pyramid Research

CAMBRIDGE, Massachusetts, July 28 /PRNewswire/ --

Mobile broadband will surpass fixed broadband in Brazil by 2011, reaching nearly 27 million data card users in 2014 from 1.5 million in 2008, according to a new report from Pyramid Research (www.pyr.com), the telecom research arm of the Light Reading Communications Network (www.lightreading.com).

Brazil's Brave New Mobile Broadband World: The Rise of Data Cards examines the potential of mobile broadband computing devices to reach significant adoption levels in Brazil and mobile broadband's prospect of surpassing fixed broadband in the near future. The 12-page report provides Pyramid Research's five-year forecast on data cards adoption in Brazil and discusses the strategies of the main mobile players, including two case studies: Claro and Oi. The report discusses the latent demand for broadband in Brazil and points to it as one of the key drivers for our positive mobile broadband estimates. Download an excerpt of this report here: http://www.pyramidresearch.com/downloads.htm?id=5&sc=PR072809_INLA1.6

Data cards are set to become an important driver of broadband adoption in Brazil. Operators should be prepared for strong, sustained growth going forward as mobile broadband becomes a true alternative to fixed broadband in Brazil, notes Fernando Faria, analyst at Pyramid Research and author of the report. "According to Anatel, the number of mobile data devices in May 2009 was nearly 4.3 million, which represents roughly 30 percent of the total broadband market, already a clear indicator that there is significant pent-up demand still in the marketplace," he says. "Pyramid expects mobile broadband to surpass fixed broadband in Brazil by 2011 and to reach nearly 27 million data card users in 2014, from 1.5 million in 2008, a 62 percent CAGR," he adds.

The value proposition for mobile broadband is unquestionable: Data cards offer an easy way to connect in a variety of locations with competitive speeds. "Besides this, there are a few other aspects people are starting to pay attention to in Brazil, such as shorter installation time fewer hurdles with LAN compatibility and absence of wires and cabling, to name a few," says Faria. Although mobile broadband is considered to be more expensive than fixed broadband, as data cards reach significantly higher adoption levels, it becomes financially viable for mobile operators to drop prices.

"Despite this immense potential, Pyramid is observing an early issue with an unexpectedly high churn rate in mobile broadband service, which we credit to the 'frustration effect,' " explains Faria. "Provided operators keep improving network quality to address a few early coverage issues, data cards could become the dominant broadband access device in Brazil," he says.

Brazil's Brave New Mobile Broadband World: The Rise of Data Cards is part of Pyramid Research's Latin America Telecom Insider report series. This report is priced at US$595 and can be purchased online here: http://www.pyramidresearch.com/store/ins_la_090724.htm?sc=PR072809_INLA1.6 or by contacting Amalia Vega via email at avega@pyr.com.

For more information about Pyramid Research's products and services, please visit www.pyr.com or contact us at info@pyr.com.

About Pyramid Research

Pyramid Research (www.pyr.com) offers practical solutions to the complex demands our clients face in the telecommunications, media and technology industries. Our analysis is uniquely positioned at the intersection of emerging markets, emerging technologies and emerging business models, powered by the bottom-up methodology of our market forecasts for over 100 countries-a distinction that has remained unmatched for more than 25 years. As the telecom research arm of the Light Reading Communications Network, Pyramid Research works with Heavy Reading, providing the communications industry's most comprehensive market data, trusted research and insightful technology analysis.

About Light Reading

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

About TechWeb

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

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

About United Business Media Limited

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

Press contact: Jennifer Baker +1-617-871-1910 jbaker@pyr.com

Pyramid Research

Jennifer Baker, +1-617-871-1910, jbaker@pyr.com

id Software's Wolfenstein(TM) to Co-Sponsor the 'Inglourious Basterds' PremiereHistoric Gaming Franchise Set to Join Forces with Quentin Tarantino to Fight the Third Reich

SANTA MONICA, Calif., July 28 /PRNewswire-FirstCall/ -- Activision Publishing and id Software have signed-on for the highly-anticipated Wolfenstein to be a title sponsor of The Weinstein Company and Universal Pictures International's upcoming feature film by Quentin Tarantino, "Inglourious Basterds."

As an official sponsor, Activision will conduct a contest for two lucky winners to attend the "Inglourious Basterds" Hollywood premier at the historic Grauman's Chinese Theater on August 10. The prize pack includes two roundtrip tickets for a four day - three night stay in Los Angeles, two tickets to the premier and two tickets to the star-studded after party at Mondrian in West Hollywood. Check http://www.gamespot.com/ for contest details, which begins today.

The assault on the Third Reich kicks-off with the newest chapter of the famed Wolfenstein franchise hitting U.S. store shelves on August 18, and a second wave continues the fight with "Inglourious Basterds" going nation-wide in theaters August 21.

About Wolfenstein

Wolfenstein brings the Nazi's dark obsession with the occult to life, by intertwining fast-paced, intense story-driven combat with a diverse sci-fi experience. As BJ Blazkowicz, a highly decorated member of the Office of Secret Actions (OSA), you are sent on a special mission into the heart of the Third Reich to investigate evidence that the SS hierarchy may possess a new and mysterious power. Wolfenstein is rated M for Mature and will be on store shelves August 18 on Xbox 360, PlayStation 3 and PC.

About Inglourious Basterds

In the first year of the German occupation of France, Shosanna Dreyfus (Melanie Laurent) witnesses the execution of her family at the hand of Nazi Colonel Hans Landa (Christoph Waltz). Shosanna narrowly escapes and flees to Paris where she forges a new identity as the owner and operator of a cinema. Elsewhere in Europe, Lieutenant Aldo Raine (Brad Pitt) organizes a group of Jewish American soldiers to perform swift, shocking acts of retribution. Later known to their enemy as "the basterds," Raine's squad joins German actress and undercover agent Bridget von Hammersmark (Diane Kruger) on a mission to take down the leaders of the Third Reich. Fates converge under a cinema marquis, where Shosanna is poised to carry out a revenge plan of her own.... Employing pulp and propaganda in equal measure, Quentin Tarantino's INGLOURIOUS BASTERDS weaves together the infamous, oppressed, real and larger-than-life stories of WWII.

About id Software

id Software, part of the ZeniMax Media Inc. family of companies, has provided technical, design and artistic leadership as a world-renowned game developer and technology innovator since its founding in 1991. id Software's iconic brands such as Wolfenstein, DOOM, QUAKE and Enemy Territory have become staples of popular culture for generations of gamers. More information on id Software can be found at http://www.idsoftware.com/. id Software, Wolfenstein, DOOM, QUAKE, Enemy Territory and related logos are registered trademarks or trademarks owned by ZeniMax Media Inc.

About Activision Publishing, Inc.

Headquartered in Santa Monica, California, Activision Publishing, Inc. is a leading worldwide developer, publisher and distributor of interactive entertainment and leisure products.

Activision Publishing maintains operations in the U.S., Canada, the United Kingdom, France, Germany, Ireland, Italy, Sweden, Spain, the Netherlands and Australia. More information about Activision and its products can be found on the company's website, http://www.activision.com/.

Cautionary Note Regarding Forward-looking Statements: Information in this press release that involves Activision Publishing's expectations, plans, intentions or strategies regarding the future are forward-looking statements that are not facts and involve a number of risks and uncertainties. Activision Publishing generally uses words such as "outlook," "will," "could," "would," "might," "remains," "to be," "plans," "believes," "may," "expects," "intends," "anticipates," "estimate," future," "plan," "positioned," "potential," "project," "remain," "scheduled," "set to," "subject to," "upcoming" and similar expressions to help identify forward-looking statements. Factors that could cause Activision Publishing's actual future results to differ materially from those expressed in the forward-looking statements set forth in this release include, but are not limited to, sales levels of Activision Publishing's titles, shifts in consumer spending trends, the impact of the current macroeconomic environment, the seasonal and cyclical nature of the interactive game market, Activision Publishing's ability to predict consumer preferences among competing hardware platforms (including next-generation hardware), declines in software pricing, product returns and price protection, product delays, retail acceptance of Activision Publishing's products, adoption rate and availability of new hardware and related software, industry competition, rapid changes in technology and industry standards, protection of proprietary rights, litigation against Activision Publishing, maintenance of relationships with key personnel, customers, vendors and third-party developers, domestic and international economic, financial and political conditions and policies, foreign exchange rates, integration of recent acquisitions and the identification of suitable future acquisition opportunities, Activision Blizzard's success in integrating the operations of Activision Publishing and Vivendi Games in a timely manner, or at all, and the combined company's ability to realize the anticipated benefits and synergies of the transaction to the extent, or in the timeframe, anticipated, and the other factors identified in Activision Blizzard's most recent annual report on Form 10-K and any subsequent quarterly reports on Form 10-Q. The forward-looking statements in this release are based upon information available to Activision Publishing and Activision Blizzard as of the date of this release, and neither Activision Publishing nor Activision Blizzard assumes any obligation to update any such forward-looking statements. Forward-looking statements believed to be true when made may ultimately prove to be incorrect. These statements are not guarantees of the future performance of Activision Publishing or Activision Blizzard and are subject to risks, uncertainties and other factors, some of which are beyond its control and may cause actual results to differ materially from current expectations.

"Wolfenstein(TM) 2009 Id Software LLC, a ZeniMax Media company. Published and distributed by Activision Publishing, Inc. under license. Wolfenstein, ID and related logos are registered trademarks or trademarks of Id Software LLC in the U.S. and/or other countries. ZeniMax is a registered trademark or trademark of ZeniMax Media Inc. in the U.S. and/or other countries. All Rights Reserved."

Activision Publishing

CONTACT: Robert Taylor, Publicist of Activision, Inc., +1-310-496-5206,
rtaylor@activision.com

Web Site: http://www.activision.com/
http://www.idsoftware.com/

Company News On-Call: http://www.prnewswire.com/comp/007396.html

Gameloft : 20% Growth in Sales Over the First Half of 2009

PARIS, July 28 /PRNewswire-FirstCall/ -- Gameloft achieved consolidated sales of EUR60.1 million for the first half of 2009, up by 20% from the previous year. On a constant exchange rate basis, half-year growth has reached 16%.

In EUR millions 2009 2008 Variation 1st quarter 30.8 25.3 +22% 2nd quarter 29.3 25.0 +17% 1st half-year 60.1 50.3 +20%

Mobile games activity account for 95% of the company's half-year sales. The remaining 5% represent console games. The mobile games activity continues to grow rapidly. Revenue from mobile games increased 20% over the first six months of the year thanks to the success of Gameloft games on Apple's AppStore as well as to the solid performance of the company's Java and Brew games.

Europe represents 38% of revenues for the first six months of 2009, North America 33% and the rest of the world 28%. The strongest growth took place in North America, up 39% over the period. In 2008, Europe, North America and the rest of the world represented respectively 43%, 30% and 27% of total sales over the full year.

Overall, Gameloft continues to do well despite the worldwide economic slowdown: - Gameloft greatly benefits from innovations introduced by traditional handset manufacturers such as Nokia and Samsung, as well as new players in the market such as Apple and RIM - Gameloft continues to win over substantial market share in Smartphones and traditional Java and Brew phones - Gameloft is one of the very few players in the market that has the resources and know-how allowing it to be present systematically at the launch of all the new consoles with downloadable content (PlayStation Network, Nintendo DSiWare, Nintendo WiiWare, etc.).

Therefore, the company expects solid sales and profitability growth in 2009.

The group's consolidated half-year results will be published on 31 August 2009 after the market closes.

About Gameloft

Gameloft develops and publishes video games for mobile telephones and consoles worldwide. Gameloft was founded in 1999 is now positioned as one of the most cutting-edge companies in its field. Gameloft designs games for telephones incorporating the Java, Brew and Symbian technologies, for which the number of units should exceed four billion in 2012. Gameloft games are also available on WiiWare, DS, Microsoft Xbox LIVE Arcade, iPod and PCs.

Partnership agreements with major rights holders such as Ubisoft Entertainment, Universal Pictures, ABC, Touchtone Television, Dreamworks Animations SKG, Endemol, 20th Century Fox, Viacom, Sony Pictures, Warner Bros., FIFPro, Ferrari, Roland-Garros, Gus Hansen, Kobe Bryant, Derek Jeter, Robinho, Reggie Bush, Chuck Norris, Patrick Vieira, Christophe Dominici and Jonny Wilkinson allow Gameloft to associate its games with very strong international brands. In addition to these brands, Gameloft has its own brands, such as Block Breaker Deluxe, Asphalt: Urban GT and New York Nights.

Thanks to agreements with all of the main telecom operators, telephone manufacturers and specialised distributors, as well as its http://www.gameloft.com/ boutique, Gameloft's games are distributed in 80 countries.

Gameloft has locations in New York, San Francisco, Seattle, Montreal, Mexico, Buenos Aires, Paris, London, Koln, Copenhagen, Milan, Madrid, Lisbon, Vienna, Warsaw, Helsinki, Bucharest, New Delhi, Kuala Lumpur, Peking, Tokyo, Hong Kong, Seoul, Singapore and Sydney. Gameloft is listed in Compartment B of the Paris Stock Exchange (ISIN: FR0000079600, Bloomberg: GFT FP, Reuters: GLFT.PA).

For more information, go to http://www.gameloft.com/

Follow the Twitter feeds http://twitter.com/gameloft and http://twitter.com/gameloft_IR

Contact: Aude Fouquier PR Manager Tel +33-1-5816-21-55 aude.fouquier@gameloft.com

Gameloft

CONTACT: Contact: Aude Fouquier, PR Manager, Tel +33-1-5816-21-55,
aude.fouquier@gameloft.com

Verizon Begins Deploying Breakthrough Optical Technology That Saves Space and Makes It Easier to Install FiOS Services in Apartment BuildingsNew, Smaller Optical Network Terminals Support Company's Fiber-to-the-Home Initiative

NEW YORK, July 28 /PRNewswire/ -- As a pioneer in the development of fiber-to-the-premises technology, Verizon has broken new ground again by initiating the development of new, much smaller optical network terminals (ONTs) that it has begun to deploy at new FiOS installations in apartment complexes.

The new ONTs, about the size of a basic home router, take up a minimum amount of space in an apartment -- they can be placed under desks or on shelves -- and simplify the installation of Verizon FiOS Internet and FiOS TV services.

The electronic devices link Verizon's fiber-optic network to the wiring inside a customer's home and convert light pulses into electromagnetic signals that are fed to the broadband home router and TV set-top boxes that provide the FiOS TV and broadband services.

One of the two new devices, the Alcatel-Lucent I-21 1M-K indoor ONT, measures just 1-1/4 inches high, 8-1/2 inches wide and 5-1/2 inches deep. The other device, the Motorola ONT 1000 GTI indoor ONT, is slightly larger.

"Space is a precious commodity in apartment buildings, and these new, smaller ONTs were specifically designed with that in mind," said Eric Cevis, vice president of Verizon Enhanced Communities, the Verizon business unit that markets and sells communications, broadband and entertainment services to single-family communities, multiple dwelling-unit communities, and small and medium commercial sites. "We've downsized the equipment and minimized the hassles for property owners, making FiOS an even more attractive service offering for residents of multidwelling units."

The two versions of the smaller ONTs are being deployed in parts of the New York, Southern California and Tampa Bay markets. Alcatel and Motorola developed the equipment, based on Verizon specifications. The ONTs are being exhaustively tested in product development laboratories and in customers' homes and have the potential to be a powerful addition to the FiOS experience.

According to Vincent O'Byrne, technology director at Verizon's product and technology development labs in Waltham, Mass., the new ONTs were designed to meet a challenging set of specifications and were developed to better serve the multiple-dwelling unit (MDU) market.

"Building owners and residents alike will appreciate the simplicity these new ONTs bring to the installation and use of FiOS services," he said. "By running fiber from the point of entry to the new, smaller ONTs, installers can make fewer runs of coaxial and computer cables. As a result, the whole installation experience will be cleaner and simpler for the customers."

(Note: To see a video that shows how Verizon deploys its FiOS service in multiple-dwelling units, and the smaller ONT, visit http://verizon.mediaseed.tv/Story.aspx?story=36860.)

Cevis said, "FiOS customers in MDUs are the beneficiaries of our passion to continually push the technology that supports our fiber-to-the-home initiative. We're confident that building owners, condo boards and residents alike will appreciate this innovation."

Earlier this year, Verizon received from a committee of multifamily property owners, developers and managers the first Outstanding Multifamily Partner Award for developing and customizing the deployment of FiOS to work specifically for the multifamily community.

Property owners and developers interested in bringing Verizon's FiOS services to their properties can visit http://www.verizon.com/communities or call 1-866-MDU-6066 (1-866-638-6066) for more information.

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 87 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 235,000 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: Ellen Yu, +1-908-559-3496, ellen.yu@verizon.com; or Jim Smith,
+1-908-559-3477, james.albert.smith@verizon.com

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

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

Media Advisory - Timing of Sierra Wireless Second Quarter 2009 Financial Results

VANCOUVER, July 28 /PRNewswire-FirstCall/ -- Sierra Wireless will release its financial results for the quarter ended June 30, 2009 after the market closes on Thursday, July 30, 2009. Sierra Wireless President and CEO, Jason Cohenour, and CFO, David McLennan, will hold a conference call with analysts and investors to discuss the results at 6:00 PM Eastern time the same day. A live slide presentation will also be available for viewing from the webcast link below.

Conference Call and Webcast: ---------------------------- Date and Time: Thursday, July 30, 2009 at 6:00 PM Eastern time Conference call number: 1-800-732-9303 or 1-416-644-3414.

Webcast: To access the web broadcast and presentation for the call, please enter http://w.on24.com/r.htm?e=157054 s=1 k=3EE3CB5BDE24423F291AFC57228B5251. Microsoft Windows Media Player software is required. To download the software, go to: http://www.microsoft.com/windows/windowsmedia/download.

To participate in this conference call or webcast, please connect approximately ten minutes prior to the commencement of the call.

For those unable to participate in the live call, an instant replay will be available for seven business days. Dial 1-877-289-8525 or 1-416-640-1917 and enter passcode 21309445 plus the pound key to access the instant replay.

The webcast will remain available at the above link for 90 days following the call.

This information and the above links are also available from the Investors section of the Sierra Wireless website, at http://www.sierrawireless.com/corporate/conferencecall.aspx.

About Sierra Wireless

Sierra Wireless products connect people and machines to wireless networks around the world. We offer an advanced, comprehensive product line, addressing consumer, enterprise, original equipment manufacturer, and specialized vertical industry markets. We also offer a wide range of professional and operated services. Our solutions are used for mobile computing, transportation, industrial M2M (machine-to-machine), enterprise, residential and consumer communications applications. For more information about Sierra Wireless, visit http://www.sierrawireless.com/.

Forward Looking StatementsThis press release contains forward-looking statements that involve risks and uncertainties. These forward-looking statements relate to, among other things, plans and timing for the introduction or enhancement of our services and products, statements about future market conditions, supply conditions, channel and end customer demand conditions, revenues, gross margins, operating expenses, profits, and other expectations, intentions, and plans contained in this press release that are not historical fact. Our expectations regarding future revenues and earnings depend in part upon our ability to successfully develop, manufacture, and supply products that we do not produce today and that meet defined specifications. When used in this press release, the words "plan", "expect", "believe", and similar expressions generally identify forward-looking statements. These statements reflect our current expectations. They are subject to a number of risks and uncertainties, including, but not limited to, changes in technology and changes in the wireless data communications market. In light of the many risks and uncertainties surrounding the wireless data communications market, you should understand that we cannot assure you that the forward-looking statements contained in this press release will be realized.

Sierra Wireless, Inc.

CONTACT: Sharlene Myers, Sierra Wireless, Phone: (604) 232-1445, Email:
smyers@sierrawireless.com

Global Axcess Corp to Conduct Second Quarter 2009 Financial Results Conference Call

JACKSONVILLE, Fla., July 28 /PRNewswire-FirstCall/ -- Global Axcess Corp (OTC Bulletin Board: GAXC; the "Company"), an independent provider of self-service kiosk solutions, today stated that it has scheduled a conference call on Wednesday, August 5, 2009 at 10 a.m. Eastern to discuss the Company's financial results for second quarter 2009. Such financial results are expected to be released on or about 4 p.m. Eastern on Tuesday, August 4, 2009.

Anyone interested in participating should call (888) 230-5502 and enter pass code 2464678 if calling within the United States, or (913) 312-1481 and pass code 2464678 if calling internationally, approximately 5 to 10 minutes prior to 10 a.m. There will be a playback available until August 13, 2009. To listen to the playback, please call 888-203-1112 if calling within the United States or (719) 457-0820 if calling internationally. Please use pass code 2464678 for the replay.

The call is being webcast as well and can be accessed at the Company's website at http://www.globalaxcess.biz/. The webcast will be archived and available through November 3, 2009. Interested parties may test their browser for compatibility at the following URL prior to the event date:

https://www112.livemeeting.com/cc/test2007/join?id=LIveMeeting2007Test&rol e=attend&cn=user&pw=&recording_agreement=accepted&placewareLicenseCookie=true

About Global Axcess Corp

Headquartered in Jacksonville, Florida, Global Axcess Corp was founded in 2001 with a mission to emerge as the leading independent provider of self-service kiosk services in the United States. The Company provides turnkey ATM and other self-service kiosk management solutions that include cash and inventory management, project and account management services. Global Axcess Corp currently owns, manages or operates approximately 4,300 ATMs and other self-service kiosks in its national network spanning 43 states. For more information on the Company, please visit http://www.globalaxcess.biz/.

Global Axcess Corp

CONTACT: Investor Relations, Sharon Jackson of Global Axcess Corp,
+1-904-395-1149, IR@GAXC.biz; or Brett Maas, Brett@haydenir.com, or Jeff
Stanlis, Jeff@haydenir.com, both of Hayden IR, +1-646-536-7331, for Global
Axcess Corp

Web Site: http://www.globalaxcess.biz/

Susan Odell Joins TechWeb's Light Reading as Vice President of Sales and Marketing

NEW YORK, July 28 /PRNewswire/ -- TechWeb's Light Reading Communications Network (http://www.lightreading.com/), the leading research-led media company serving the global communications marketplace, today announced that Susan Odell has joined the company in the newly created position of Vice President of Sales and Marketing.

Odell, who previously held positions as Vice President, Product Management, and Vice President, International, with TechTarget, will lead Light Reading's global media sales and marketing staff and be charged with ensuring that Light Reading's online sales, marketing, and product strategy meet the demands of the worldwide communications industry.

"We see tremendous opportunity in the global communications market, and the addition of Susan Odell to the management team reflects our continued investment in the expansion of TechWeb's Light Reading Communications Network," said Tony Uphoff, CEO of TechWeb. "With the promotions of Michelle Gray and Todd Marquez to publishers of Light Reading's Unstrung and LR's Cable Digital News sites, respectively, and Amy Averbook to Corporate Director of Marketing and Product Development, we now have the sales, marketing, and product leadership team on LRCN to take our growth to the next level."

Odell has proven technology media and leadership experience working on major brands across IDG, CMP, TechTarget, and Safari Books Online. At TechTarget, Susan helped build the company's Product Management department from scratch, building its headcount to 15 people. She also increased Tech Target's International revenues to $3 million through a number of acquisitions, joint ventures, and licensing agreements with media companies in more than 20 countries.

"Susan's online product development experience will help Light Reading build on its position as by far the largest and most influential online media brand in the communications industry," said Joseph Braue, SVP/Group Director of Light Reading. "And her international media market expertise will be especially valuable as we accelerate our global initiatives such as Light Reading Asia and Light Reading China, and expand our event business into India." Odell will be based in Light Reading's Framingham, Mass., office.

About Light Reading

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

About TechWeb

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

* 13.3 million business decision-makers: based on # of monthly connections About United Business Media Limited (http://www.unitedbusinessmedia.com/)

United Business Media Limited is a leading global business media company. We inform markets and bring the world's buyers and sellers together at events, online, in print, and with the information they need to do business successfully. We focus on serving professional commercial communities, from doctors to game developers, from journalists to jewellery traders, from farmers to pharmacists around the world. Our 6,500 staff in more than 30 countries are organized into specialist teams that serve these communities, helping them to do business and their markets to work effectively and efficiently.

Contact Amy Averbook TechWeb's Light Reading 212 925-0020 ext.112 averbook@lightreading.com

Light Reading

CONTACT: Amy Averbook, TechWeb's Light Reading, +1-212-925-0020 ext.112,
averbook@lightreading.com

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

Verizon FiOS TV Celebrates First Year of Operation in New York CityAll-Fiber-Optic Service Now Available in 160 Neighborhoods

NEW YORK, July 28 /PRNewswire/ -- July 28, 2009, may never be included in the "This Date in History" lists, but it certainly is a memorable day for New Yorkers. It marks the first anniversary of the launch of FiOS TV in New York City.

The day also marks the first anniversary of when New Yorkers were first given a choice in television providers, providing residents in all five boroughs an opportunity to break the monopoly grip that old-fashioned cable providers have had in the city.

By the end of last year, Verizon had met its goal of offering FiOS TV to half a million households in the city. During the first seven months of 2009, the company has been building and extending its all-fiber network deeper into existing neighborhoods, and has started the fiber-network construction process in additional neighborhoods. The company expects its FiOS network to reach approximately 800,000 households in the city by the end of the year.

FiOS TV is now available in 160 neighborhoods throughout each of the five boroughs. And the availability will be expanded even farther over the next several days, as the company offers FiOS TV in 11 more neighborhoods in the eastern and northern sections of Brooklyn.

The franchise agreement awarded to Verizon last year by New York City calls for the company to build out its all-fiber-optic facilities to all parts of all five boroughs by mid-2014.

"It's been a great first year for FiOS TV in New York City," said Kevin Service, Verizon's vice president for operations for the city. "The construction of our FiOS network is on schedule, and the feedback we're getting from our customers is outstanding. New Yorkers are finally benefiting from the best technology, the best value and the best entertainment and Internet experience."

(To see a video about Verizon's first year of FiOS TV in New York City, go to http://verizon.mediaseed.tv/Story.aspx?story=36860.)

Building fiber in a city environment has presented challenges that Verizon has met head-on. Verizon has worked with equipment suppliers and vendors to develop solutions for bringing the fiber signal from basements to top floors in apartment buildings; for dealing with the limited amounts of space available in city buildings and apartments; and for making sure the fiber signal maintains its strength as the fiber cable rounds corners and bends on its way to customers' apartments.

"Installing fiber in an urban environment is much more difficult than bringing fiber to a single-family home in a residential neighborhood," said Christopher Levendos, Verizon's chief engineer for deploying FiOS in the city. "Yet we have brought FiOS to two of the largest apartment complexes in the country: Peter Cooper Village/Stuyvesant Town on the East Side of Manhattan, and the Parkchester complex in the Bronx. And each day we are meeting with hundreds of landlords and other property owners to bring FiOS into their buildings."

(To see a video about how Verizon has met the challenges of installing FiOS services in urban environments like New York City, go to http://verizon.mediaseed.tv/Story.aspx?story=36860.)

Levendos noted that Verizon FiOS TV service is also for sale at the New York City Housing Authority's Berry Housing Complex on Staten Island, and in hundreds of multiple-dwelling apartment houses throughout the city.

In addition, the company has opened stores during the year in each of the five boroughs. The stores serve as customer service centers, enabling residents to discuss their FiOS Internet and TV services with representatives and return and pick up equipment such as set-top boxes or remotes.

Inside the stores, Verizon has created a family-room setting where shoppers can try out FiOS Internet, FiOS TV and FiOS TV's innovative DVR products. Shoppers can also order all other Verizon services right at the store; pay their Verizon bills via cash, check, credit or debit; or consult with representatives about their services. The stores are located at:

2201 Nostrand Ave., Brooklyn, N.Y. 11210 2127 Bronxwood Ave., Bronx, N.Y. 10469 204 Second Ave, New York, N.Y. 10003 36-31 Main St., Flushing, N.Y. 11354 1625 Forest Ave., Staten Island, N.Y. 10302

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 87 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 235,000 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: John Bonomo, +1-212-321-8033, John.J.Bonomo@Verizon.com

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

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

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News archive of November 2009
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