Companies news of 2009-10-27 (page 1)

  • STAAR Surgical Announces Third Quarter 2009 Earnings Release Date and Conference Call
  • PDL BioPharma Reschedules Third Quarter 2009 Financial Results Conference Call for 8:30...
  • Conference Call and Webcast Alert: Atwood Oceanics, Inc. Invites You to Join Its Fiscal...
  • J. M. Smucker Declares Dividend; Announces Second Quarter Earnings Conference Call
  • Williams Pipeline Partners L.P. Raises Cash Distribution to 33.5 Cents Per Unit
  • Robert Half International Announces Quarterly Dividend
  • Citizens Financial Services, Inc. Reports Third Quarter 2009 Earnings
  • Home Inns to Report Third Quarter of 2009 Financial Results on November 9, 2009 US Time
  • Rollins, Inc. Declares Dividend
  • MDC Partners announces early redemption of C$45 million convertible debentures
  • DCP Midstream Partners Declares Quarterly Distribution
  • Federal Signal Declares Quarterly Cash Dividend
  • John Hancock Tax-Advantaged Dividend Income Fund Reports Third Quarter Earnings
  • Finish Line Board Elects New Director Richard P. Crystal
  • Superior Well Services, Inc. Announces Public Offering of Common Stock
  • Colfax Schedules Third Quarter Preliminary Earnings Release and Conference Call
  • Quaker Chemical Announces Higher Third Quarter Earnings- Diluted EPS of $0.45, up 55%...
  • Regeneron's Rilonacept Granted European Marketing Authorization for Treatment of...
  • Macerich Announces Closing of Public Offering of Common Stock
  • Indiana Community Bancorp Announces Third Quarter Results
  • Arthur J. Gallagher & Co. Announces Third Quarter 2009 Financial Results
  • Hulk Hogan Joins TNA WrestlingLegendary Wrestler and Pop Culture Icon Returns To The Ring...
  • Advent Software Announces 2009 Third Quarter ResultsCompany Reports Strong Annual Contract...
  • Synaptics to Present at Lazard Capital Markets Technology & Media Best Ideas Investor Day
  • AutoNation to Acquire Honda and Acura Dealerships
  • National Instruments Declares Quarterly Dividend
  • Avista Wins Stimulus Award for Smart Grid ProjectUpgrades to electric system improve...
  • Cephalon Net Sales Increase 9% and Net Cash from Operations Surpasses $200 Million in the...
  • National Instruments Reports Strong 8 Percent Sequential Increase in Q3 RevenueCompany...



    STAAR Surgical Announces Third Quarter 2009 Earnings Release Date and Conference Call

    MONROVIA, Calif., Oct. 27 /PRNewswire-FirstCall/ -- STAAR Surgical Company today announced that it will release financial results for the third quarter ended September 30, 2009 on Monday, November 2, 2009 after the market close. The Company will host a conference call and webcast on Tuesday, November 3, 2009 at 10:00 a.m. Eastern / 7:00 a.m. Pacific to discuss the Company's third quarter results and current corporate developments. The timing of the release and call results from management's schedule and recent invitation to present at the Oppenheimer & Co. conference on Wednesday, November 4. The dial-in number for the conference call is 877-941-2927 for domestic participants and 480-629-9725 for international participants.

    A taped replay of the conference call will also be available beginning approximately one hour after the call's conclusion and will be available for seven days. This replay can be accessed by dialing 800-406-7325 for domestic callers and 303-590-3030 for international callers, both using passcode 4169709#. To access the live webcast of the call, go to STAAR's website at http://www.staar.com/. An archived webcast will also be available at http://www.staar.com/.

    About STAAR Surgical

    STAAR is a leader in the development, manufacture and marketing of minimally invasive ophthalmic products employing proprietary technologies. STAAR's products are used by ophthalmic surgeons and include the Visian ICL, a tiny, flexible lens implanted to correct refractive errors, as well as innovative products designed to improve patient outcomes for cataracts and glaucoma. Manufactured in Switzerland by STAAR, the ICL is approved by the FDA for use in treating myopia, has received CE Marking and is sold in more than 40 countries. More information is available at http://www.staar.com/.

    CONTACT: Investors Media EVC Group EVC Group Doug Sherk Chris Gale Mike Pollock 646-201-5431 415-896-6820

    STAAR Surgical Company

    CONTACT: Investors, Doug Sherk or Mike Pollock, +1-415-896-6820, or
    Media, Chris Gale, +1-646-201-5431, all of EVC Group for STAAR Surgical
    Company

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




    PDL BioPharma Reschedules Third Quarter 2009 Financial Results Conference Call for 8:30 a.m. ET on October 28, 2009

    INCLINE VILLAGE, Nev., Oct. 27 /PRNewswire-FirstCall/ -- PDL BioPharma, Inc. (PDL) today announced that the company will hold its conference call and webcast at 8:30 a.m. Eastern Time on Wednesday, October 28 to discuss its financial results for the third quarter of 2009 and provide a business update. The call and webcast will follow the release of the third quarter ended September 30, 2009 financial results before market opens.

    Conference Call Details

    To access the live conference call via phone, please dial (866) 804-6928 from the United States and Canada or (857) 350-1674 internationally. The conference ID is 28992227. Please dial in approximately ten minutes prior to the start of the call. A telephone replay will be available beginning approximately one hour after the call through November 3, 2009 and may be accessed by dialing (888) 286-8010 from the United States and Canada or (617) 801-6888 internationally. The replay passcode is 78436903.

    A brief explanatory presentation, which will be discussed during the call, can be downloaded beginning at 8:15 a.m. Eastern Time on Wednesday, October 28 at: http://66.215.142.25/Investor Presentation.pdf.

    To access the live and subsequently archived webcast of the conference call, go to the company's website at http://www.pdl.com/ and click "Investors." Please connect to the website at least 15 minutes prior to the call to allow for any software download that may be necessary.

    About PDL BioPharma, Inc.

    PDL BioPharma pioneered the humanization of monoclonal antibodies and, by doing so, enabled the discovery of a new generation of targeted treatments for cancer and immunologic diseases. PDL is focused on maximizing the value of its antibody humanization patents and related assets. The company receives royalties on sales of a number of humanized antibody products marketed today and also may receive royalty payments on additional humanized antibody products launched before patent expiry in late 2014. For more information, please visit http://www.pdl.com/.

    NOTE: PDL BioPharma and the PDL BioPharma logo are considered trademarks of PDL BioPharma, Inc.

    PDL BioPharma, Inc.

    CONTACT: Cris Larson of PDL BioPharma, Inc., +1-775-832-8505,
    Cris.Larson@pdl.com; or Danielle Bertrand of WeissComm Partners,
    +1-415-946-1056, dbertrand@wcpglobal.com, for PDL BioPharma, Inc.

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




    Conference Call and Webcast Alert: Atwood Oceanics, Inc. Invites You to Join Its Fiscal 2009 Fourth Quarter Conference Call on the Web

    HOUSTON, Oct. 27 /PRNewswire-FirstCall/ -- Atwood Oceanics, Inc. announced today that it would hold its conference call and webcast in conjunction with its Fiscal 2009 Fourth Quarter earnings release. The Company's conference call/webcast is scheduled for Tuesday, November 24, 2009. The earnings announcement is scheduled to be released Monday, November 23, 2009 after market closes.

    You are invited to listen to its conference call that will be broadcast live over the Internet at 11:00 A.M. ET, Tuesday, November 24, 2009 with John Irwin, President and CEO and Jim Holland, Senior Vice President and CFO.

    What: Atwood Oceanics, Inc.'s Fiscal 2009 Fourth Quarter Earnings Release

    When: 11:00 A.M. ET (10:00 a.m. CT), Tuesday, November 24, 2009

    Where: http://phx.corporate-ir.net/phoenix.zhtml?p=irol-eventDetails&c=115338&eventID =2519666

    Dial In: 1-800-862-9098 Conference ID#: ATWOOD Contact: Jim Holland, Senior Vice President and CFO 281-749-7804

    Atwood Oceanics, Inc. is engaged in the business of international offshore drilling of exploratory and developmental oil and gas wells and related support management and consulting services. The Company currently owns and operates a modern fleet of eight mobile offshore drilling units.

    Some of the matters that will be discussed in the Conference Call on November 24, 2009 will be forward-looking statements, based on current expectations, that involve risks and uncertainties that could cause the Company's actual future activities to be materially different from those that will be suggested or discussed in the Conference Call. If you are unable to participate during the live webcast, the call will be archived for 30 days on the website http://www.prnewswire.com/.

    Atwood Oceanics, Inc.

    CONTACT: Jim Holland, Senior Vice President and CFO of Atwood Oceanics,
    Inc., +1-281-749-7804

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




    J. M. Smucker Declares Dividend; Announces Second Quarter Earnings Conference Call

    ORRVILLE, Ohio, Oct. 27 /PRNewswire-FirstCall/ -- The board of directors of The J. M. Smucker Company declared a $0.35 per share dividend on the common shares of the Company to be paid on Tuesday, December 1, 2009, to shareholders of record at the close of business on Friday, November 13, 2009.

    The Company will conduct its second quarter fiscal 2010 earnings conference call and webcast on Friday, November 20, 2009, at 8:30 a.m. Eastern Time. Earnings will be released on the morning of the call. The live webcast can be accessed from the Company's website at http://www.smuckers.com/. The webcast replay, as well as a replay in downloadable MP3 format, will be available following the call. The audio replay can be accessed by dialing 888-203-1112 or 719-457-0820 and entering pass code 4707879. The replay will be available until Friday, November 27, 2009.

    About The J. M. Smucker Company

    For more than 100 years, The J. M. Smucker Company has been committed to offering consumers quality products that help families create memorable mealtime moments. Today, Smucker is the leading marketer and manufacturer of fruit spreads, retail packaged coffee, peanut butter, shortening and oils, ice cream toppings, sweetened condensed milk, and health and natural foods beverages in North America. Its family of brands includes Smucker's®, Folgers®, Dunkin' Donuts®, Jif®, Crisco®, Pillsbury®, Eagle Brand®, R.W. Knudsen Family®, Hungry Jack®, White Lily® and Martha White® in the United States, along with Robin Hood®, Five Roses®, Carnation®, Europe's Best® and Bick's® in Canada. The Company remains rooted in the Basic Beliefs of Quality, People, Ethics, Growth and Independence established by its founder and namesake more than a century ago. The Company has appeared on FORTUNE Magazine's list of the 100 Best Companies to Work For in the United States 11 times, ranking number one in 2004. For more information about the Company, visit http://www.smuckers.com/.

    The J. M. Smucker Company is the owner of all trademarks, except Pillsbury is a trademark of The Pillsbury Company, used under license; Carnation is a trademark of Societe des Produits Nestle S.A., used under license; and Dunkin' Donuts is a registered trademark of DD IP Holder LLC, used under license.

    (Logo: http://www.newscom.com/cgi-bin/prnh/20071219/SMUCKERLOGO )

    Photo: http://www.newscom.com/cgi-bin/prnh/20071219/SMUCKERLOGO The J. M. Smucker Company

    CONTACT: The J. M. Smucker Company, +1-330-682-3000, Investors: Mark R.
    Belgya, Vice President and Chief Financial Officer, or Sonal P. Robinson,
    Director, Corporate Finance and Investor Relations

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




    Williams Pipeline Partners L.P. Raises Cash Distribution to 33.5 Cents Per Unit

    TULSA, Okla., Oct. 27 /PRNewswire-FirstCall/ -- Williams Pipeline Partners L.P. announced today that the regular quarterly cash distribution its unitholders receive has been increased to $0.335 per unit for third-quarter 2009.

    The new amount is a 1.5-percent increase over the second-quarter 2009 distribution of $0.33 per unit and a 6.3-percent increase over the partnership's third-quarter 2008 distribution of $0.315 per unit. Williams Pipeline Partners has increased its quarterly distribution in each of the six quarters since its initial public offering in January 2008.

    The board of directors of the partnership's general partner has approved the quarterly cash distribution, which is payable Nov. 13 on all outstanding common and subordinated units to holders of record at the close of business on Nov. 6.

    Third-Quarter Financial Results

    Williams Pipeline Partners plans to report its third-quarter 2009 financial results before the market opens on Thursday, Oct. 29.

    Management will discuss the results during a live webcast at 12 p.m. EDT the same day. Participants are encouraged to access the webcast at http://www.williamspipelinepartners.com/. Slides will be available for viewing, downloading and printing on the morning of Oct. 29.

    A limited number of phone lines also will be available at (800) 481-9591. International callers should dial (719) 457-2650. Replays of the third-quarter webcast, in both streaming and downloadable podcast formats, will be available for two weeks at http://www.williamspipelinepartners.com/ following the event.

    About Williams Pipeline Partners L.P.

    Williams Pipeline Partners is a publicly traded master limited partnership that owns and operates natural gas transportation and storage assets. The general partner of Williams Pipeline Partners is Williams Pipeline GP LLC, which is a wholly owned subsidiary of Williams . For more information, please visit http://www.williamspipelinepartners.com/. Go to http://www.b2i.us/irpass.asp?BzID=1589&to=ea&s=0 to join our e-mail list.

    Contact: Jeff Pounds Williams (media relations) (918) 573-3332 Richard George Williams (investor relations) (918) 573-3679

    This press release may include "forward-looking statements" as defined by federal law. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Partnership expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made by the Partnership based on its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Partnership, which may cause our actual results to differ materially from those implied or expressed by the forward-looking statements. Additional information about issues that could lead to material changes in performance is contained in the Partnership's Form S-1 filed with the Securities and Exchange Commission.

    Williams Pipeline Partners L.P.

    CONTACT: media relations, Jeff Pounds, +1-918-573-3332, or investor
    relations, Richard George, +1-918-573-3679, both of Williams Pipeline Partners
    L.P.

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




    Robert Half International Announces Quarterly Dividend

    MENLO PARK, Calif., Oct. 27 /PRNewswire-FirstCall/ -- Robert Half International Inc. today announced that its board of directors has approved a quarterly cash dividend of $.12 per share. The cash dividend will be paid on December 15, 2009, to all shareholders of record as of November 25, 2009.

    Founded in 1948, Robert Half International Inc. is the world's first and largest specialized staffing firm. It also is the parent company of Protiviti®, a global business consulting and internal audit firm composed of experts specializing in risk, advisory and transaction services. Robert Half's specialized staffing divisions include Accountemps®, Robert Half® Finance & Accounting and Robert Half® Management Resources, for temporary, full-time and project professionals, respectively, in the fields of accounting and finance; OfficeTeam®, for highly skilled temporary administrative support personnel; Robert Half® Technology, for information technology professionals; Robert Half® Legal, for legal personnel; and The Creative Group®, for advertising, marketing and web design professionals.

    Robert Half International has staffing and consulting operations in more than 400 locations worldwide.

    Robert Half International Inc.

    CONTACT: M. Keith Waddell, Vice Chairman, President and Chief Financial
    Officer of Robert Half International Inc., +1-650-234-6000

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




    Citizens Financial Services, Inc. Reports Third Quarter 2009 Earnings

    MANSFIELD, Pa., Oct. 27 /PRNewswire-FirstCall/ -- Citizens Financial Services, Incorporated (BULLETIN BOARD: CZFS) , parent company of First Citizens National Bank, has released its unaudited financial performance for the 3rd quarter of 2009.

    Year to date net income through September 30, 2009 was $7,206,000 compared with $3,415,000 last year, an increase of $3,791,000 or 111.0%. Earnings per share of $2.51 increased 110.9% from $1.19 per share for the same period last year. The comparison to last year's results is impacted significantly by the $4.1 million other than temporary impairment charge recorded in the third quarter last year related to investments in Freddie Mac preferred stock and a Lehman Brothers corporate bond. Return on equity for the comparable periods was 17.46% and 8.93%, while return on assets was 1.39% and .76%, respectively.

    Net income for the three months ended September 30, 2009 totaled $2,388,000 which compares to a net loss of $1,052,000 for the third quarter last year, representing an increase of $3,440,000. As mentioned above, the comparison to last year is impacted by the $4.1 million impairment charge recorded last year. Earnings (loss) per share for the three months ended September 30, 2009 and 2008 were $.83 and $(.37) per share, respectively. Return on equity for the comparable periods was 16.84% and -8.01%, while return on assets was 1.35% and -.69%, for the respective time periods.

    Core earnings, which excludes investment securities gains and losses on an after tax basis, has increased $220,000 from last year, or 3.2%. CEO and President Randall E. Black stated, "Our continued outstanding financial performance in 2009 has been achieved despite an increase of approximately $1.4 million, or 12.0%, in operating expenses. Over $925,000 of this increase relates to higher FDIC deposit insurance premiums. The increase in premiums was necessary in order to replenish the FDIC insurance fund, which has declined due to the significant increase in bank failures throughout the country. On an after tax basis, this increase has reduced earnings per share in 2009 by $.21 per share."

    As of September 30, 2009, total assets were $707.2 million, which was an increase of $38.6 million from December 31, 2008 and an increase of $86.5 million, or 13.9%, from September 30, 2008. The investment portfolio has increased $69.3 million since September 30, 2008 to a total of $197.5 million. Net loans have increased $19.0 million, or 4.5%, since last year. Total deposits of $579.8 million have increased $33.2 million from December 31, 2008, and $64.9 million from one year ago.

    As of September 30, 2009 credit quality remains strong compared to peer. However, the poor economy and higher unemployment rates have had an impact on our credit quality as non-performing assets as a percent of loans were 1.45% which compares to 0.73% at December 31, 2008 and 0.92% as of the end of last September. The increase is attributable to the local economy, including the struggles of the agricultural community. As such, the provision for loan losses for the nine months ended September 30, 2009 was $700,000 compared to $225,000 for the same period last year, an increase of $475,000.

    First Citizens remains well capitalized with capital levels well exceeding regulatory levels. Excluding accumulated other comprehensive income, stockholders' equity totaled $57.7 million at September 30, 2009, representing an increase of $7.6 million, or 15.2%, from September 30, 2008. Book value per share at September 30, 2009 was $20.09 compared with $17.59 last September, an increase of 14.2%. In October, a cash dividend of $.25 per share was declared and will be paid on October 30, 2009 to shareholders of record, as of October 16, 2009, an increase of 4.2% over the October 2008 dividend. "During these difficult economic times, it is comforting to know that our financial strength and continued profitability gives us the affordability to continue to provide a very attractive dividend yield to our shareholders," stated Mr. Black.

    Citizens Financial Services, Inc. has over 1,500 shareholders, the majority of whom reside in Potter, Tioga, and Bradford Counties, Pennsylvania and Allegany County, New York, where their 17 offices are located.

    Note: This press release may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Actual results and trends could differ materially from those set forth in such statements due to various factors. These factors include operating, legal and regulatory risks; changing economic and competitive conditions and other risks and uncertainties.

    CITIZENS FINANCIAL SERVICES, INC. CONSOLIDATED BALANCE SHEET (UNAUDITED) (in thousands, except share September 30 December 31 September 30 and per share data) 2009 2008 2008 --------------------------- ---- ---- ---- ASSETS: Cash and due from banks: Noninterest-bearing $10,844 $9,692 $26,070 Interest-bearing 9,318 10,164 22 ------------------ ----- ------ -- Total cash and cash equivalents 20,162 19,856 26,092 Available-for-sale securities 197,544 174,139 128,227 Loans (net of allowance for loan losses: $4,683 at September 30, 2009, $4,378 at December 31, 2008, and $4,288 at September 30, 2008) 443,808 428,436 424,857 Premises and equipment 11,896 12,762 12,024 Accrued interest receivable 3,544 2,912 2,776 Goodwill 10,256 10,256 8,605 Bank owned life insurance 12,539 12,176 8,639 Other assets 7,465 8,075 9,504 ------------ ----- ----- ----- TOTAL ASSETS $707,214 $668,612 $620,724 ============ ======== ======== ======== LIABILITIES: Deposits: Noninterest-bearing $56,070 $55,545 $59,300 Interest-bearing 523,777 491,135 455,652 ------------------ ------- ------- ------- Total deposits 579,847 546,680 514,952 Borrowed funds 57,790 61,204 52,625 Accrued interest payable 2,075 2,233 2,048 Other liabilities 6,395 5,725 3,625 ----------------- ----- ----- ----- TOTAL LIABILITIES 646,107 615,842 573,250 ----------------- ------- ------- ------- STOCKHOLDERS' EQUITY: Common stock $1.00 par value; authorized 10,000,000 shares; issued 3,076,253 shares at September 30, 2009 and 3,048,289 shares at December 31, 2008 and September 30, 2008, respectively 3,076 3,048 3,048 Additional paid-in capital 13,455 12,981 12,979 Retained earnings 45,557 41,034 38,370 Accumulated other comprehensive income 3,365 26 (2,631) Treasury stock, at cost: 202,287 shares at September 30, 2009, 200,918 shares at December 31, 2008 and 199,575 shares at September 30, 2008 (4,346) (4,319) (4,292) --------------------------------- ------ ------ ------ TOTAL STOCKHOLDERS' EQUITY 61,107 52,770 47,474 -------------------------- ------ ------ ------ TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $707,214 $668,612 $620,724 ===================== ======== ======== ======== CITIZENS FINANCIAL SERVICES, INC. CONSOLIDATED STATEMENT OF INCOME (UNAUDITED) Three Months Ended Nine Months Ended September 30, September 30, ------------------------------ ------------- ------------- (in thousands, except share and per share data) 2009 2008 2009 2008 --------------------------- ---- ---- ---- ---- INTEREST INCOME: Interest and fees on loans $7,581 $7,793 $22,616 $23,102 Interest-bearing deposits with banks 15 28 27 34 Investment securities: Taxable 1,466 1,142 4,647 3,391 Nontaxable 598 359 1,583 1,048 Dividends 7 23 20 164 ------------- --- -- -- --- TOTAL INTEREST INCOME 9,667 9,345 28,893 27,739 --------------------- ----- ----- ------ ------ INTEREST EXPENSE: Deposits 2,777 2,837 8,555 8,508 Borrowed funds 500 545 1,519 2,030 -------------- --- --- ----- ----- TOTAL INTEREST EXPENSE 3,277 3,382 10,074 10,538 ---------------------- ----- ----- ------ ------ NET INTEREST INCOME 6,390 5,963 18,819 17,201 Provision for loan losses 400 105 700 225 ------------------------- --- --- --- --- NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 5,990 5,858 18,119 16,976 -------------------------- ----- ----- ------ ------ NON-INTEREST INCOME: Service charges 958 944 2,664 2,591 Trust 121 148 397 451 Brokerage and insurance 75 58 228 176 Gains on loans sold 83 4 292 45 Investment securities gains (losses), net - (4,089) 118 (4,089) Earnings on bank owned life insurance 128 90 364 261 Other 87 121 278 368 ----- -- --- --- --- TOTAL NON-INTEREST INCOME (LOSS) 1,452 (2,724) 4,341 (197) -------------------------- ----- ------ ----- ---- NON-INTEREST EXPENSES: Salaries and employee benefits 2,393 2,196 7,018 6,510 Occupancy 272 271 889 866 Furniture and equipment 102 107 336 368 Professional fees 164 156 459 485 FDIC insurance 277 52 1,030 104 Other 1,242 1,250 3,581 3,552 ----- ----- ----- ----- ----- TOTAL NON-INTEREST EXPENSES 4,450 4,032 13,313 11,885 --------------------------- ----- ----- ------ ------ Income (loss) before provision for income taxes 2,992 (898) 9,147 4,894 Provision for income taxes 604 154 1,941 1,479 -------------------------- --- --- ----- ----- NET INCOME (LOSS) $2,388 $(1,052) $7,206 $3,415 ================= ====== ======= ====== ====== Earnings Per Share $0.83 $(0.37) $2.51 $1.19 ================== ===== ====== ===== ===== Cash Dividends Paid Per Share $0.245 $0.235 $0.730 $0.700 ============================= ====== ====== ====== ====== Weighted average number of shares outstanding 2,873,966 2,877,510 2,873,520 2,879,853 Financial Highlights -------------------- Three Months Ended Nine Months Ended September 30 September 30 2009 2008 2009 2008 Performance Ratios and Share Data: Return on average assets (annualized) 1.35% -0.69% 1.39% 0.76% Return on average equity (annualized) 16.84% -8.01% 17.46% 8.93% Net interest margin (tax equivalent) 4.16% 4.48% 4.24% 4.41% Cash dividends paid per share $0.245 $0.235 $0.730 $0.700 Earnings per share $0.83 $(0.37) $2.51 $1.19 Weighted average shares outstanding 2,873,966 2,877,510 2,873,520 2,879,853 Balance Sheet Highlights September 30, December 31, September 30, (dollars in thousands): 2009 2008 2008 ---- ---- ---- Assets $707,214 $668,612 $620,724 Investment securities: Available for sale 197,544 174,139 128,227 Loans (net of unearned income) 448,491 432,814 429,145 Allowance for loan losses 4,683 4,378 4,288 Deposits 579,847 546,680 514,952 Stockholders' Equity 61,107 52,770 47,474 Non-performing assets 6,517 3,176 3,937 Non-performing assets to total loans 1.45% 0.73% 0.92% Average Leverage Ratio 8.04% 7.91% 8.10% Common shares outstanding 2,873,966 2,847,371 2,848,715 Book value per share $20.09 $18.52 $17.59

    Citizens Financial Services, Inc.

    CONTACT: Kathleen Campbell, Marketing Director of First Citizens
    National Bank, +1-570-662-0422, Fax +1-570-662-8512

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




    Home Inns to Report Third Quarter of 2009 Financial Results on November 9, 2009 US Time

    SHANGHAI, Oct. 27 /PRNewswire-Asia/ -- Home Inns & Hotels Management Inc. , a leading economy hotel chain in China, today announced that it will report its financial results for the third quarter of 2009 after the U.S. market closes on November 9, 2009. Home Inns' management will hold an earnings conference call at 8 PM on November 9, 2009 U.S. Eastern Standard Time (9 AM on November 10, 2009 Beijing/Hong Kong time).

    Dial-in details for the earnings conference call are as follows: China Mainland (toll free): 10.800.130.0399 Hong Kong: +852.3002.1672 U.S. (toll free): +1.800.510.9836 U.S. and International: +1.617.614.3670 Pass code for all regions: Home Inns

    A replay of the conference call may be accessed by phone at the following numbers until the end of November 16, 2009 U.S. Eastern Standard Time.

    U.S. toll free: +1.888.286.8010 International: +1.617.801.6888 Passcode: 82569917

    Additionally, a live and archived webcast of this conference call will be available at http://english.homeinns.com/ .

    About Home Inns

    Home Inns is a leading economy hotel chain in China based on the number of hotels and hotel rooms, as well as the geographic coverage of the hotel chain. Since Home Inns commenced operations in 2002, it has become one of the best- known economy hotel brands in China. Home Inns offers a consistent product and high-quality services to primarily serve the fast growing population of value-conscious individual business and leisure travelers who demand clean, comfortable and convenient lodging. Home Inns' ADSs, each of which represents two ordinary shares, are currently trading on the NASDAQ Global Select Market under the symbol "HMIN." For more information about Home Inns, please visit http://english.homeinns.com/ .

    For investor and media inquiries, please contact: Ethan Ruan Home Inns & Hotels Management Inc. Tel: +86-21-3401-9898 x2004 Email: zjruan@homeinns.com Peter Schmidt FD Beijing Tel: +86-10-8591-1953 Email: peter.schmidt@fd.com

    Home Inns & Hotels Management Inc.

    CONTACT: Home Inns & Hotels Management Inc., Ethan Ruan, +86-21-3401-9898
    x2004, or zjruan@homeinns.com; FD Beijing, Peter Schmidt, +86-10-8591-1953, or
    peter.schmidt@fd.com

    Web site: http://english.homeinns.com/




    Rollins, Inc. Declares Dividend

    ATLANTA, Oct. 27 /PRNewswire-FirstCall/ -- Rollins, Inc., a nationwide consumer services company , announced today that its Board of Directors declared a regular quarterly cash dividend on its common stock of $0.07 per share payable December 10, 2009 to stockholders of record at the close of business November 10, 2009.

    Rollins, Inc. is a premier North American consumer and commercial services company. Through its wholly owned subsidiaries, Orkin, Inc., PCO Services, HomeTeam Pest Defense, Western Pest Services, The Industrial Fumigant Company and Crane Pest Control, the Company provides essential pest control services and protection against termite damage, rodents and insects to over 2 million customers in the United States, Canada, Mexico, Central America, the Caribbean, the Middle East, Asia and the Mediterranean from over 500 locations. You can learn more about our subsidiaries by visiting our Web sites at http://www.orkin.com/, http://www.pestdefense.com/, http://www.westernpest.com/, http://www.indfumco.com/, http://www.cranepestcontrol.com/ and http://www.rollins.com/. You can also find this and other news releases at http://www.rollins.com/ by accessing the news releases button.

    Rollins, Inc.

    CONTACT: Harry J. Cynkus of Rollins, Inc., +1-404-888-2922

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




    MDC Partners announces early redemption of C$45 million convertible debentures

    NEW YORK, Oct. 27 /PRNewswire-FirstCall/ -- MDC announced today this it has delivered formal notice to redeem all of its 8.00% convertible unsecured subordinate debentures (the "Debentures"). Currently, there are C$45 million principal amount of Debentures outstanding, and the originally scheduled maturity date was June 30, 2010. The Debentures will be redeemed effective on November 26, 2009. The redemption amount will be equal to the current principal amount plus accrued interest as of the redemption date. Interest on the Debentures shall cease to be payable from and after the redemption date.

    "The early redemption of our Debentures for cash marks the final step in our balance sheet refinancing, which began last week with the closing of a US$300 million debt refinancing including a US$225 million 7-year senior notes offering and a new US$75 million 5-year revolving credit facility," said Miles Nadal, Chairman and Chief Executive Officer. "The Debentures will be repaid fully in cash, fulfilling a commitment we made at the beginning of this year and eliminating potential dilution to our share base."

    The redemption price will be payable upon presentation and surrender of the Debentures called for redemption at the following corporate trust office:

    Computershare Trust Company of Canada 100 University Avenue 9th Floor Toronto, Ontario M5J 2Y1 Attention: Manager, Corporate Trust

    Pursuant to the Indenture for the Debentures, a holder of a Debenture has the right, at such holder's option, at any time prior to 5 p.m. Toronto time on November 25, 2009, to convert the whole or, in the case of a Debenture of a denomination in excess of C$1,000, any part of which is C$1,000 or an integral multiple thereof, of the principal amount of such Debenture into shares at a conversion price equal to C$14.00, such that approximately 71.4286 Shares shall be issued for each C$1,000 principal amount of Debentures so converted. Holders converting their Debentures shall be entitled to receive, in addition to the applicable number of shares, accrued and unpaid interest in respect thereof for the period up to but excluding the date of conversion from the day immediately following the latest interest payment date, all in accordance with the Indenture.

    About MDC Partners Inc.

    MDC Partners is a progressive Marketing and Communications Network, championing the most innovative entrepreneurial talent. MDC Partners provides strategic solutions and services to multinational clients in North America, Europe and Latin America. Our philosophy emphasizes the utilization of Strategy and High Value Creativity to drive growth and measurable impact for our clients. "MDC Partners is The Place Where Great Talent Lives." The company's Class A shares are publicly traded on the NASDAQ under the symbol "MDCA" and on the Toronto Stock Exchange under the symbol "MDZ.A".

    This press release contains forward-looking statements within the meaning of section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve risks and uncertainties which may cause the actual results or objectives to be materially different from those expressed or implied by such forward-looking statements. Such factors include, among other things, the Company's financial performance; changes in the competitive environment; adverse changes in the economy; ability to maintain long-term relationships with customers; financing requirements; and other factors set forth in the Company's Form 10-K for its fiscal year ended December 31, 2008 and subsequent SEC filings.

    MDC Partners Inc.

    CONTACT: Donna Granato, VP, Finance & Corporate Development, (646)
    429-1809, dgranato@mdc-partners.com




    DCP Midstream Partners Declares Quarterly Distribution

    DENVER, Oct. 27 /PRNewswire-FirstCall/ -- DCP Midstream Partners, LP (the Partnership) today announced that the board of directors of its general partner declared a quarterly cash distribution of $0.60 per unit for the quarter ended Sept. 30, 2009. The quarterly cash distribution will be paid on Nov. 13, 2009, to unitholders of record at the close of business on Nov. 6, 2009. This quarterly distribution equates to $2.40 per unit on an annual basis.

    (Logo: http://www.newscom.com/cgi-bin/prnh/20080805/LATU124LOGO-b)

    This release serves as qualified notice to nominees and brokers as provided for under Treasury Regulation Section 1.1446-4(b). Please note that 100 percent of the Partnership's distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, the Partnership's distributions to foreign investors are subject to federal income tax withholding at the highest effective tax rate.

    DCP Midstream Partners, LP is a midstream master limited partnership that gathers, treats, processes, transports and markets natural gas, transports and markets natural gas liquids, and is a leading wholesale distributor of propane. DCP Midstream Partners, LP is managed by its general partner, DCP Midstream GP, LLC, which is wholly owned by DCP Midstream, LLC, a joint venture between Spectra Energy and ConocoPhillips. For more information, visit the DCP Midstream Partners, LP Web site at http://www.dcppartners.com/.

    Photo: http://www.newscom.com/cgi-bin/prnh/20080805/LATU124LOGO-b
    http://photoarchive.ap.org/
    PRN Photo Desk, photodesk@prnewswire.com DCP Midstream Partners, LP

    CONTACT: Karen L. Taylor of DCP Midstream Partners, LP, +1-303-633-2913,
    24-Hour, +1-303-809-9160

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




    Federal Signal Declares Quarterly Cash Dividend

    OAK BROOK, Ill., Oct. 27 /PRNewswire-FirstCall/ -- The Board of Directors of Federal Signal Corporation today declared the regular quarterly cash dividend of six cents on its common stock. The dividend is payable January 5, 2010 to holders of record at the close of business on December 11, 2009. This represents the 247th consecutive quarterly cash dividend paid by the company to holders of common stock.

    About Federal Signal

    Federal Signal Corporation enhances the safety, security and well-being of communities and workplaces around the world. Founded in 1901, Federal Signal is a leading global designer and manufacturer of products and total solutions that serve municipal, governmental, industrial and institutional customers. Headquartered in Oak Brook, Ill., with manufacturing facilities worldwide, the Company operates three groups: Safety and Security Systems, Environmental Solutions and Fire Rescue. For more information on Federal Signal, visit: http://www.federalsignal.com/.

    Federal Signal Corporation

    CONTACT: Investors, William Barker of Federal Signal Corporation,
    +1-630-954-2000, wbarker@federalsignal.com

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




    John Hancock Tax-Advantaged Dividend Income Fund Reports Third Quarter Earnings

    BOSTON, Oct. 27 /PRNewswire-FirstCall/ -- John Hancock Tax-Advantaged Dividend Income Fund (the "Fund"), a closed-end fund managed by John Hancock Advisers, LLC, reported today third quarter earnings.

    Net investment income was $9,507,734, equal to $0.248 per common share, for the third quarter ended September 30, 2009. For the comparable period in 2008, net investment income was $9,089,306, equal to $0.233 per common share. As of September 30, 2009 the net asset value ("NAV") per share was $13.20, with total net assets of $758,958,151 and 38,314,317 common shares outstanding. In comparison, as of September 30, 2008 the net asset value per share was $13.85, with total net assets of $817,634,009 and 38,940,617 common shares outstanding. Total net assets include assets attributable to borrowings under Credit Facility Agreement.

    Year-to-Date Update

    The Fund's year-to-date performance results have been positive, as both preferred and utility stocks have staged a strong recovery since hitting their low points in early March. Year-to-date through September 30, 2009, the Fund's NAV per share is up 17.4% and for the period since the market bottom on March 9, 2009, it is up 122.0%. The market price per share is up 30.4% and 153.3% respectively, for the same periods. As of September 30, 2009, the Fund's average annual total return (at NAV) for the 1-, 3-, 5-, and life of Fund periods were 10.1%, -4.8%, 2.4%, and 2.8%, and at market price were 24.0%, -3.0%, 2.4%, and 0.3% for the same periods. Past performance is no guarantee of future results.

    The Fund has had strong relative performance over the last 1-, 3-, and 5-year periods (ended September 30, 2009) versus its respective Lipper Closed-End Value Funds Peer Group (with 9 funds in the group), outperforming the Lipper Category Average in each time period on both a NAV and market price basis. The Fund ranked first, third, and third out of 9 funds for each of the 1-, 3-, and 5-year periods (ended September 30, 2009) on a NAV basis and ranked first, first, and third in the same time periods on a market price basis. In addition, the Fund's current annualized distribution rate of 8.27% on NAV and 9.02% on market price both ranked at the top of the Lipper Peer Group as of September 30, 2009. Source of performance data stated is Lipper, Inc. as of September 30, 2009.

    The Fund's subadviser, MFC Global Investment Management (U.S.) LLC ("MFC Global US"), believes that electric utility stocks present attractively low price-earnings multiples with attractive dividend yields. In addition to attractive dividends, utility investors could see modest annual increases, enhancing the appeal of utility stocks relative to bonds. Some examples of stocks that have performed well for the Fund in 2009 include OGE Energy, ONEOK and Spectra Energy. MFC Global US believes these utilities have sound management teams, and these three utilities with large midstream gas processing corporations have remained profitable in the face of volatile oil prices. The oil companies have also remained strong, as BP PLC and Total SA show positive returns for the year. Detracting from performance was Ameren Corporation, who performed poorly because it cut its dividend earlier this year, which negatively impacted the Fund.

    MFC Global US believes that recent economic data points to a building recovery and the outlook remains positive as yield spreads continue to tighten. Credit markets have shown signs of improvement, the Federal Reserve continues to hold short-term rates near zero, commodity prices have risen and inflation remains muted. Against this backdrop, investor demand for preferreds and utilities has been revived, helping to push their prices higher.

    Actions Taken By Fund's Board of Trustees

    The Fund's Board of Trustees has taken a number of steps over the last couple of years to enhance shareholder value and potentially decrease the discount between the market price and the NAV of the Fund's common shares. The Fund has strategically participated in a share repurchase program in each of the last two years, beginning with the commencement of the initial plan on December 4, 2007. Through September 30, 2009 the Fund has repurchased 3,763,170 shares, or 8.94% of total outstanding shares. During this period the share repurchases have been accretive to the Fund's NAV by approximately $0.17 per share. The share repurchase plan is currently in effect through December 31, 2009 and repurchase activity will be disclosed in its shareholder report for the relevant fiscal period. There is no assurance that the Fund will purchase shares at any specific discount levels or in any specific amounts. There is no assurance that the market price of the Fund's shares, either absolutely or relative to net asset value, will increase as a result of any share repurchases.

    As previously announced on July 27, 2009, the Fund has implemented a covered call options strategy ("options strategy") managed by Analytic Investors, LLC. The goal of the options strategy is to enhance risk-adjusted returns, reduce overall portfolio volatility and generate tax-advantaged gains for current distributions from options premium. There is no guarantee that the Fund will achieve its options strategy goal. The options strategy will be accomplished by primarily writing (selling) call index options on a variety of both U.S. and non-U.S. broad-based securities indices that also qualify for favorable federal income tax treatment as "section 1256 contracts" under the Internal Revenue Code.

    The Fund's investment objective is to provide a high level of after-tax total return from dividend income and gains and capital appreciation. Under normal market conditions, the Fund invests at least 80% of its net assets in dividend-paying common and preferred securities that the Adviser believes at the time of acquisition are eligible to pay dividends which, for individual shareholders, qualify for U.S. federal income taxation at rates applicable to long-term capital gains, which currently are taxed at a maximum rate of 15%.

    The views of the MFC US investment team reflect its own opinions and they are in no way guarantees of future events, and are not intended to be used as an investment advice or a recommendation regarding any specific security. They are also subject to change at any time as market and other conditions warrant.

    Statements in this press release that are not historical facts are forward-looking statements as defined by the United States securities laws. You should exercise caution in interpreting and relying on forward-looking statements because they are subject to uncertainties and other factors which are, in some cases, beyond the Fund's control and could cause actual results to differ materially from those set forth in the forward-looking statements.

    Past performance is no guarantee of future results. The Fund's performance during the periods year-to-date through September 30, 2009 and March 9, 2009 to September 30, 2009 reflect strong stock market performance and/or the strong performance of stocks held by the Fund during these periods. This performance is not typical and may not be repeated. Returns are historical and are calculated by determining the percentage change in net asset value or share price (as applicable) with all distributions reinvested. The Fund's performance at market price will differ from its results at NAV. Although market price performance generally reflects investment results over time, during shorter periods, returns at market price can also be affected by factors such as changing perceptions about the Fund, market conditions, fluctuations in supply and demand for the Fund's shares, or changes in Fund distributions. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. For performance as of the most recent month end, please refer to http://www.jhfunds.com/.

    Fund shares do not represent a deposit or obligation of, and are not guaranteed or endorsed by, any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. Data are based on total market value of Fund holdings unless otherwise indicated. The data provided in this press release are for information only and are not intended for trading purposes. The Fund is subject to investment risks, including possible loss of principal invested. Portfolio information is subject to change due to active management. The amount of distributions may vary depending on a number of factors. As portfolio and market conditions change, the rate of distributions on Fund common shares could change.

    Before investing, prospective investors should consider carefully the Fund's objective, risks, and charges and expenses. For more complete information about the Fund, please contact your financial advisor.

    About John Hancock Funds

    The Boston-based mutual fund business unit of John Hancock Financial, John Hancock Funds, manages more than $42.9 billion in open-end funds, closed-end funds, private accounts, retirement plans and related party assets for individual and institutional investors at June 30, 2009.

    About John Hancock Financial and Manulife Financial Corporation

    John Hancock Financial is a unit of Manulife Financial Corporation, a leading Canadian-based financial services group serving millions of customers in 22 countries and territories worldwide. Operating as Manulife Financial in Canada and in most of Asia, and primarily as John Hancock in the United States, Manulife Financial Corporation offers clients a diverse range of financial protection products and wealth management services through its extensive network of employees, agents and distribution partners. Funds under management by Manulife Financial and its subsidiaries were Cdn$421 billion (US$362 billion) at June 30, 2009.

    Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE and PSE, and under '945' on the SEHK. Manulife Financial can be found on the Internet at http://www.manulife.com/.

    The John Hancock unit, through its insurance companies, comprises one of the largest life insurers in the United States. John Hancock offers a broad range of financial products and services, including life insurance, fixed and variable annuities, fixed products, mutual funds, 401(k) plans, long-term care insurance, college savings, and other forms of business insurance. Additional information about John Hancock may be found at http://www.johnhancock.com/.

    John Hancock Funds

    CONTACT: Media Contact, Jay Aronowitz, +1-617-663-2702, or Investor
    Contact, +1-800-843-0090, both of John Hancock Funds

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




    Finish Line Board Elects New Director Richard P. Crystal

    INDIANAPOLIS, Oct. 27 /PRNewswire-FirstCall/ -- The Board of Directors of The Finish Line, Inc., today announced that 30-year retail veteran Richard P. Crystal has been elected as a new Director.

    (Logo: http://www.newscom.com/cgi-bin/prnh/20020603/FINISHLINELOGO )

    Crystal, 64, is Chairman and Chief Executive Officer of women's clothing retailer New York & Company. He joined the organization in 1996 as President and Chief Executive Officer of what was then Lerner New York. In 2002, Lerner New York became a privately held organization and became known as New York & Company. During his tenure, Crystal continued to lead the organization as its President and Chief Executive Officer, and in 2004, New York & Company became a public company with Crystal as Chairman and Chief Executive Officer.

    Earlier in his career, Crystal was with R.H. Macy/Federated for 20 years, where he served in a variety of senior management positions, culminating in his appointment as Chairman and Chief Executive Officer, Product Development and Specialty Retail (Aeropostale, Inc.). He began his career with Stern's Department Store, based in New York City.

    Crystal holds a B.A. in history from New York University.

    "With his deep expertise in retail and obvious executive leadership capabilities, we look forward to benefiting from Richard's contributions and insights into our business," said Finish Line Board Chairman Alan Cohen.

    "Finish Line is a powerful brand with a premium positioning that offers a strong foundation for the future," said Crystal. "I'm pleased to join the Board and look forward to working with management to continue to strengthen the company."

    Forward-Looking Statements

    Certain statements contained in this press release regard matters that are not historical facts and are forward-looking statements (as such term as defined in the rules promulgated pursuant to the Securities Act 1933, as amended). Because such forward-looking statements contain risks and uncertainties, actual results may differ materially from those expressed in or implied by such forward-looking statements.

    Other factors that could cause results of the company to differ materially include, but are not limited to: changing consumer preferences; the company's inability to successfully market its footwear, apparel, accessories and other merchandise; price, product and other competition from other retailers (including internet and direct manufacturer sales); the unavailability of products; the inability to locate and obtain favorable lease terms for the company's stores; the loss of key employees; the effect of economic conditions including conditions resulting from the current turmoil in the financial services industry, depressed demand in the housing market and unemployment rates; management of growth, the outcome of litigation, and the other risks detailed in the company's Securities and Exchange Commission filings.

    The company undertakes no obligation to release publicly the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

    About Finish Line

    The Finish Line, Inc. is a premium athletic footwear store and one of the nation's largest mall-based specialty retailers, offering a deep selection of performance and sport-style footwear, apparel and accessories for men, women and kids. The Finish Line, Inc. is publicly traded on the NASDAQ Global Select Market under the symbol FINL. The company operates 679 Finish Line stores in 47 states and online at http://www.finishline.com/.

    Media Contact: Investor Contact: Anne Roman Ed Wilhelm On behalf of Finish Line CFO, Finish Line 419-724-9900 317-899-1022 ext. 6914

    Photo: http://www.newscom.com/cgi-bin/prnh/20020603/FINISHLINELOGO The Finish Line, Inc.

    CONTACT: Media: Anne Roman, On behalf of Finish Line, +1-419-724-9900,
    or Investor: Ed Wilhelm, CFO, of Finish Line, +1-317-899-1022, ext. 6914

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




    Superior Well Services, Inc. Announces Public Offering of Common Stock

    INDIANA, Pa., Oct. 27 /PRNewswire-FirstCall/ -- Superior Well Services, Inc. today announced that it has commenced a public offering of 6.0 million shares of common stock pursuant to an effective shelf registration statement on Form S-3 previously filed with the Securities and Exchange Commission ("SEC"). The underwriters for the offering will also have the option to purchase up to 900,000 additional shares of common stock to cover over-allotments, if any. The Company intends to use the net proceeds from the offering, including any net proceeds from the underwriters' exercise of their over-allotment option, to repay a portion of the indebtedness outstanding under the Company's credit facility.

    BofA Merrill Lynch is serving as book-running manager of the offering. A copy of the preliminary prospectus supplement, when available, and related base prospectus for the offering may be obtained on the SEC website at http://www.sec.gov/. Alternatively, the underwriters will arrange to send you the preliminary prospectus supplement, when available, and related base prospectus if you request them by contacting: BofA Merrill Lynch, 4 World Financial Center, New York, NY 10080, Attn: Preliminary Prospectus Department or email Prospectus.Requests@ml.com.

    This press release is neither an offer to sell nor a solicitation of an offer to buy any of the securities referred to above, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. An offering of any such securities will be made only by means of a prospectus supplement and related prospectus.

    Except for historical information, statements made in this press release, including those relating to the offering and the use of proceeds from the offering are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934, as amended. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made by us based on our management's experience and perception of historical trends, current conditions, expected future developments and other factors our management believes are appropriate in the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond our control, which may cause our actual results to differ materially from those implied or expressed by the forward-looking statements. These risks include, but are not limited to: a sustained or further decrease in domestic spending by the oil and natural gas exploration and production industry; a continued decline in or substantial volatility of crude oil and natural gas commodity prices; current weakness in the credit and capital markets and lack of credit availability; overcapacity and competition in our industry; our inability to comply with the financial and other covenants in our debt agreements as a result of reduced revenues and financial performance or our inability to raise sufficient funds through assets sales or equity issuances; unanticipated costs, delays or other difficulties in executing our growth strategy, including difficulties associated with the integration of the Diamondback asset acquisition; the loss of one or more significant customers; the loss of or interruption in operations of one or more key suppliers; the incurrence of significant costs and liabilities in the future resulting from our failure to comply with new or existing environmental regulations or an accidental release of hazardous substances into the environment; and other factors detailed in our SEC filings. We undertake no obligation to publicly update or revise any forward-looking statements. Further information on risks and uncertainties is available in our filings with the SEC, which are incorporated by reference.

    Additionally, there are certain risks related to the offering to which this communication relates, which include among other things: if our stock price fluctuates, investors could lose a significant part of their investment; sales of a substantial number of shares of the Company's common stock in the public market could depress the market price of the common stock; the Company's management and directors beneficially own, control or have substantial influence over a significant amount of the common stock, and their interests may conflict with investors' interests and the concentration of ownership by such stockholders limits the influence of public stockholders; anti-takeover provisions could make it more difficult for a third party to acquire the Company; and because the Company has no plans to pay dividends on the common stock, investors must look solely to stock appreciation for a return on their investment.

    Superior Well Services, Inc.

    CONTACT: Chris Peracchi of Superior Well Services, Inc.,
    +1-724-403-9108, cperacchi@swsi.com

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




    Colfax Schedules Third Quarter Preliminary Earnings Release and Conference Call

    RICHMOND, Va., Oct. 27 /PRNewswire-FirstCall/ -- Colfax Corporation , a global leader in fluid-handling solutions for critical applications, announced today that it will issue a press release providing preliminary financial results for the third quarter of 2009 at approximately 6:00 a.m. ET on Tuesday, November 3, 2009, and will hold a conference call to discuss these preliminary results beginning at 8:00 a.m. ET on that day. The call will be open to the public through 877-718-5106 or 719-325-4871 and webcast via Colfax's website at http://www.colfaxcorp.com/ under the "Investor Relations" section.

    Colfax's preliminary financial results press release for the 2009 third quarter will be available under the "Investor Relations" section of Colfax's website. In addition, supplemental financial information referenced in the conference call, if any, will be available on the website. A replay of the call will be available on Colfax's website later that day.

    Results to be reported on November 3 will exclude the impact of the favorable ruling for Colfax's Warren Pumps subsidiary issued by the Delaware Court of Chancery on October 14, 2009 relating to asbestos-related insurance coverage. The Company is currently evaluating the impact of this ruling on its financial statements and expects to record a gain in the third quarter resulting from the ruling. However, the Company does not expect to have completed its determination of the amount of the gain or its impact on earnings or financial position prior to issuance of the preliminary financial results on November 3. The amount of the gain and its effect on earnings and financial position will be reflected in the Company's financial statements to be included in the Company's third quarter Form 10-Q, which it plans to file with the SEC on or before November 16, 2009.

    ABOUT COLFAX CORPORATION - Colfax Corporation is a global leader in critical fluid-handling products and technologies. Through its global operating subsidiaries, Colfax manufactures positive displacement industrial pumps and valves used in oil & gas, power generation, commercial marine, global naval and general industrial markets. Colfax's operating subsidiaries supply products under the well-known brands Allweiler, Fairmount Automation, Houttuin, Imo, LSC, Portland Valve, Tushaco, Warren and Zenith. Colfax is traded on the NYSE under the ticker "CFX." Additional information about Colfax is available at http://www.colfaxcorp.com/.

    CAUTIONARY NOTE CONCERNING FORWARD LOOKING STATEMENTS:

    This press release may contain forward-looking statements, including forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements concerning Colfax's plans, objectives, expectations and intentions and other statements that are not historical or current facts. Forward-looking statements are based on Colfax's current expectations and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements. Factors that could cause Colfax's results to differ materially from current expectations include, but are not limited to factors detailed in Colfax's reports filed with the U.S. Securities and Exchange Commission as well as its Annual Report on Form 10-K under the caption "Risk Factors". In addition, these statements are based on a number of assumptions that are subject to change. This press release speaks only as of this date. Colfax disclaims any duty to update the information herein.

    The term "Colfax" in reference to the activities described in this press release may mean one or more of Colfax's global operating subsidiaries and/or their internal business divisions and does not necessarily indicate activities engaged in by Colfax Corporation.

    Colfax Corporation

    CONTACT: Investor, Mitzi Reynolds of Colfax Corporation,
    +1-804-327-5689, mitzi.reynolds@colfaxcorp.com

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




    Quaker Chemical Announces Higher Third Quarter Earnings- Diluted EPS of $0.45, up 55% compared to 2Q 09, and up 10% compared to 3Q 08 - Debt levels reduced 24% from December 2008 - $34.7 million year-to-date operating cash flow

    CONSHOHOCKEN, Pa., Oct. 27 /PRNewswire-FirstCall/ -- Quaker Chemical Corporation today announced net sales of $118.9 million and diluted earnings per share of $0.45 for the third quarter of 2009.

    Michael F. Barry, Chairman, Chief Executive Officer and President, stated, "We had a strong quarter in a very challenging global environment as our volumes continue to be well below prior periods. Our aggressive actions over the past year have enabled our profitability despite the lower volumes caused by the global recession. In the third quarter, we experienced a modest recovery in most end markets as our volumes improved from the second quarter. Over the longer term, we expect our volumes to continue to increase but it will take time to get back to historical levels as there is still a great deal of uncertainty in our end markets, especially over the next several quarters. While I am pleased with the sequential improvement in our quarterly earnings over the past year, our profitability is still not at the level where we need it to be over the longer term."

    Mr. Barry added, "The third quarter was also another strong quarter in 2009 for cash flow generation. Since the beginning of the year, we generated nearly $35 million of operating cash flow and have now paid down our debt by 24%. Over this challenging period, we have also maintained our dividend and are near completion of the largest capital expenditure in our history -- our Middletown, Ohio plant expansion. We remain committed to investing in our key growth initiatives for our customers and continue to be confident in our future."

    Third Quarter Summary

    Net sales for the third quarter were $118.9 million, down 25% from $159.5 million for the third quarter of 2008. The decrease in net sales was primarily due to volume declines in all of the Company's regions and market segments, with the exception of modest growth in Asia/Pacific, as the global economic downturn continued to impact the Company. Volumes were down approximately 22% and foreign exchange rate translation decreased net sales by approximately 3%. However, third quarter 2009 volumes were approximately 18% higher than the second quarter of 2009.

    Gross margins were down approximately $2.1 million, or 4%, compared to the third quarter of 2008. The gross margin percentage of 37.4% represents considerable improvement over the 29.2% reported for the third quarter of 2008. This margin percentage expansion was primarily the result of cost reduction actions taken, a more favorable raw material cost environment, and reduced automotive chemical management services revenue reported on a gross basis.

    Selling, general and administrative expenses ("SG&A") decreased $3.6 million, or 9%, compared to the third quarter of 2008. Savings from the Company's restructuring programs, lower commissions, lower travel and entertainment expenses, and other cost savings measures, partially offset by the timing of incentive compensation accruals, accounted for more than 70% of the decline. Changes in foreign exchange rates accounted for the remainder.

    The Company incurred charges related to the former CEO's supplemental retirement plan of approximately $2.4 million for the first nine months of 2009, which represents the total amount for 2009, and expects to incur a final charge of $1.0 million in 2010. The CEO transition costs incurred in the third quarter of 2009 totaled approximately $1.3 million, or approximately $0.07 per diluted share, compared to $1.6 million, or approximately $0.10 per diluted share, for the third quarter of 2008.

    The increase in equity income is due to stronger financial performance from all the Company's associated companies.

    Year-to-Date Summary

    Net sales for the first nine months of 2009 were $319.8 million, down 31% from $465.4 million for the first nine months of 2008. The decrease in net sales was primarily due to volume declines in all of the Company's regions and market segments. Volumes were down approximately 30%, which were partially offset by a favorable 3% increase in selling price and mix. Foreign exchange rate translation also decreased revenues by approximately 4%.

    Gross margins were down approximately $25.7 million, or 19%, compared to the first nine months of 2008, reflective of the above-noted volume declines. The gross margin percentage improved to 34.2% for the first nine months of 2009 from 29.0% for the first nine months of 2008. This gross margin percentage expansion from the first nine months of 2008 was primarily the result of cost reduction actions taken, a more favorable raw material cost environment, and reduced automotive chemical management services revenue reported on a gross basis.

    SG&A decreased $19.5 million, or 18%, compared to the first nine months of 2008. Savings from the Company's restructuring programs, lower commissions, lower travel and entertainment expenses, and other cost savings measures accounted for more than 70% of the decline. Changes in foreign exchange rates accounted for the remainder.

    Other income for the first nine months of 2009 includes a $1.2 million gain related to the disposition of excess land in Europe, while other income for the first nine months of 2008 includes a net arbitration award of approximately $1.0 million related to litigation with one of the former owners of the Company's Italian subsidiary. The increase in net interest expense was primarily due to lower interest income, as lower average debt balances were offset by higher interest rates.

    Balance Sheet and Cash Flow Items

    The Company's net debt-to-total-capital ratio at September 30, 2009 was 21%, compared to 32% as of December 31, 2008. The improvement in the Company's net debt-to-total-capital ratio was primarily due to year-to-date cash flows from operations of $34.7 million. Operating cash flow improved $7.9 million, compared to the second quarter of 2009, largely due to higher net income and further improvements in working capital.

    Quaker Chemical Corporation is a leading global provider of process chemicals, chemical specialties, services, and technical expertise to a wide range of industries - including steel, automotive, mining, aerospace, tube and pipe, coatings and construction materials. Our products, technical solutions and chemical management services enhance our customers' processes, improve their product quality and lower their costs. Quaker's headquarters is located near Philadelphia in Conshohocken, Pennsylvania.

    This release contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected in such statements. A major risk is that the Company's demand is largely derived from the demand for its customers' products, which subjects the Company to downturns in a customer's business and unanticipated customer production shutdowns. Other major risks and uncertainties include, but are not limited to, significant increases in raw material costs, customer financial stability, worldwide economic and political conditions, foreign currency fluctuations, and future terrorist attacks such as those that occurred on September 11, 2001. Other factors could also adversely affect us. Therefore, we caution you not to place undue reliance on our forward-looking statements. This discussion is provided as permitted by the Private Securities Litigation Reform Act of 1995.

    As previously announced, Quaker Chemical's investor conference call to discuss third quarter results is scheduled for October 28, 2009 at 2:30 p.m. (ET). Access the conference by calling 877-269-7756 or visit Quaker's Web site at http://www.quakerchem.com/ for a live webcast.

    Quaker Chemical Corporation ---------------------------- Condensed Consolidated Statement of Income ------------------------------------------ (Dollars in thousands, except per share data) --------------------------------------------- (Unaudited) ------------ Three Months Nine Months Ended Ended September 30, September 30, -------------- -------------- 2009 2008 2009 2008 ---- ---- ---- ---- Net sales $118,922 $159,506 $319,764 $465,412 Cost of goods sold 74,450 112,981 210,541 330,466 ------ ------- ------- ------- Gross margin 44,472 46,525 109,223 134,946 % 37.4% 29.2% 34.2% 29.0% Selling, general and administrative expenses 34,646 38,278 90,393 109,935 Restructuring and related charges - - 2,289 - CEO Transition Costs 1,250 1,625 2,443 3,505 ----- ----- ----- ----- Operating income 8,576 6,622 14,098 21,506 % 7.2% 4.2% 4.4% 4.6% Other income (expense), net 217 (96) 2,027 1,752 Interest expense, net (1,178) (1,044) (3,585) (3,205) ------ ------ ------ ------ Income before taxes and equity in net income of associated companies 7,615 5,482 12,540 20,053 Taxes on income 2,747 967 4,063 5,848 ----- --- ----- ----- Income before equity in net income of associated companies 4,868 4,515 8,477 14,205 Equity in net income of associated companies 555 191 640 490 --- --- --- --- Net income 5,423 4,706 9,117 14,695 Less: Net income attributable to noncontrolling interest 371 266 829 841 --- --- --- --- Net income attributable to Quaker Chemical Corporation $5,052 $4,440 $8,288 $13,854 ====== ====== ====== ======= % 4.2% 2.8% 2.6% 3.0% Per share data: --------------- Net income attributable to Quaker Chemical Corporation, Common Shareholders - basic $0.46 $0.41 $0.76 $1.33 Net income attributable to Quaker Chemical Corporation, Common Shareholders - diluted $0.45 $0.41 $0.75 $1.31 Quaker Chemical Corporation ---------------------------- Condensed Consolidated Balance Sheet ------------------------------------- (Dollars in thousands, except par value and share amounts) ---------------------------------------------------------- (Unaudited) ----------- September 30, December 31, 2009 2008 ---- ---- ASSETS Current assets Cash and cash equivalents $25,369 $20,892 Construction fund (restricted cash) 3,805 8,281 Accounts receivable, net 100,926 98,702 Inventories, net 47,163 57,419 Prepaid expenses and other current assets 11,229 15,532 ------ ------ Total current assets 188,492 200,826 Property, plant and equipment, net 66,504 60,945 Goodwill 46,362 40,997 Other intangible assets, net 5,852 6,417 Investments in associated companies 8,676 7,987 Deferred income taxes 36,456 34,179 Other assets 38,776 34,088 ------ ------ Total assets $391,118 $385,439 ======== ======== LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Short-term borrowings and current portion of long-term debt $2,835 $4,631 Accounts and other payables 55,495 51,341 Accrued restructuring and related activities 232 2,198 Accrued compensation 13,652 7,741 Accrued pension and postretirement benefits 1,869 7,380 Other current liabilities 16,114 10,573 ------ ------ Total current liabilities 90,197 83,864 Long-term debt 64,875 84,236 Deferred income taxes 9,055 7,156 Accrued pension and postretirement benefits 35,946 37,638 Other non-current liabilities 44,746 42,670 ------ ------ Total liabilities 244,819 255,564 ------- ------- Quaker shareholders' equity Common stock, $1 par value; authorized 30,000,000 shares; issued 11,072,352 shares 11,072 10,833 Capital in excess of par value 26,937 25,238 Retained earnings 117,757 117,089 Accumulated other comprehensive loss (14,515) (27,237) ------- ------- Total Quaker shareholders' equity 141,251 125,923 ------- ------- Noncontrolling interest 5,048 3,952 ----- ----- Total shareholders' equity 146,299 129,875 ------- ------- Total liabilities and shareholders' equity $391,118 $385,439 ======== ======== Quaker Chemical Corporation ---------------------------- Condensed Consolidated Statement of Cash Flows ----------------------------------------------- For the nine months ended September 30, --------------------------------------- (Dollars in thousands) ---------------------- (Unaudited) ----------- 2009 2008 ---- ---- Cash flows from operating activities Net income $9,117 $14,695 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 6,948 8,279 Amortization 797 906 Equity in net income of associated companies, net of dividends (610) (490) Deferred compensation and other, net (30) 840 Stock-based compensation 1,585 3,642 Restructuring and related charges 2,289 - Gain on disposal of property, plant and equipment (1,194) (3) Insurance settlement realized (1,104) (981) Pension and other postretirement benefits (5,877) (3,541) Increase (decrease) in cash from changes in current assets and current liabilities, net of acquisitions: Accounts receivable 951 (3,723) Inventories 12,547 (8,550) Prepaid expenses and other current assets 3,283 (863) Accounts payable and accrued liabilities 10,273 788 Change in restructuring liabilities (4,240) - ------ --- Net cash provided by operating activities 34,735 10,999 ------ ------ Cash flows from investing activities Capital expenditures (9,811) (9,198) Payments related to acquisitions (1,000) (1,000) Proceeds from disposition of assets 1,640 139 Insurance settlement received and interest earned 5,164 5,234 Change in restricted cash, net 416 (13,578) Net cash used in investing activities (3,591) (18,403) ------ ------- Cash flows from financing activities Net decrease in short-term borrowings (1,796) (1,389) Proceeds from long-term debt 3,500 10,000 Repayments of long-term debt (22,875) (3,165) Dividends paid (7,565) (6,994) Stock options exercised, other 353 13,974 Distributions to noncontrolling shareholders (274) (252) ---- ---- Net cash (used in) provided by financing activities (28,657) 12,174 ------- ------ Effect of exchange rate changes on cash 1,990 (899) Net increase in cash and cash equivalents 4,477 3,871 Cash and cash equivalents at the beginning of the period 20,892 20,195 ------ ------ Cash and cash equivalents at the end of the period $25,369 $24,066 ======= =======

    Quaker Chemical Corporation

    CONTACT: Mark A. Featherstone Vice President and Chief Financial
    Officer, +1-610-832-4160

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




    Regeneron's Rilonacept Granted European Marketing Authorization for Treatment of Cryopyrin-Associated Periodic Syndromes (CAPS)

    TARRYTOWN, N.Y., Oct. 27 /PRNewswire-FirstCall/ -- Regeneron Pharmaceuticals, Inc. today announced it has received marketing authorization in the European Union for rilonacept, an interleukin-1 blocker, for the treatment of Cryopyrin-Associated Periodic Syndromes (CAPS) with severe symptoms, including Familial Cold Auto-inflammatory Syndrome (FCAS) and Muckle-Wells Syndrome (MWS), in adults and children aged 12 years and older. Marketing authorization for rilonacept was granted by the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMEA) under exceptional circumstances.

    "Rilonacept, which is known as ARCALYST® in the United States, has been prescribed to treat the majority of patients documented to have been treated for CAPS symptoms to date in the U.S. ARCALYST is the only treatment for CAPS in the U.S. that has demonstrated a significant improvement in CAPS symptoms as reported by patients in a pivotal clinical program and is approved for self-administration at home," said Robert Terifay, Senior Vice President, Commercial at Regeneron. "Currently, rilonacept is available to patients in the European Union through their prescribers on a named-patient or individualized case review basis. We are evaluating our broader commercialization options for this very small, ultra-orphan patient population, which is dispersed across Europe."

    CAPS include a group of rare, inherited, auto-inflammatory conditions characterized by life-long, recurrent symptoms of rash, fever/chills, joint pain, eye redness/pain, and fatigue. Intermittent, disruptive exacerbations or flares can be triggered at any time by exposure to cooling temperatures, stress, exercise, or other unknown stimuli. Rilonacept is a targeted inhibitor of interleukin-1 (IL-1), the key driver of inflammation in CAPS. In the pivotal clinical development program, patients treated with rilonacept reported a greater improvement in overall symptom scores than patients treated with placebo. These improvements were sustained over time with continued rilonacept treatment. Patients reported their symptoms using a validated daily diary instrument. These assessments represent a critical measure of effectiveness in a disease characterized by frequent, unpredictable symptom flares of variable severity and duration. Unlike other agents used in the treatment of CAPS, rilonacept is supported by patient-reported symptoms data using a validated assessment instrument.

    Rilonacept has been developed as a once-weekly injection which can be administered at home by the patient or their care giver following appropriate training. The most commonly reported adverse reactions with rilonacept were injection-site reaction and upper respiratory tract infection. IL-1 blockade may interfere with immune response to infections and treatment should not be initiated in patients with active or chronic infections. There have been reports of serious, life-threatening infections in patients taking rilonacept. Rilonacept should be discontinued if a patient develops a serious infection.

    The authorization for approval of rilonacept in the E.U. under exceptional circumstances is permissible for products for which a company can demonstrate that comprehensive data cannot be provided, for example because of the rarity of the condition. Each year, Regeneron will need to provide the EMEA with any new information that may become available for review.

    About Cryopyrin-Associated Periodic Syndromes (CAPS)

    Recently, medical researchers have identified and described a group of rare, inherited, auto-inflammatory disorders, known as Cryopyrin-Associated Periodic Syndromes or CAPS. Three related conditions make up the broader disease known as CAPS: Familial Cold Auto-inflammatory Syndrome (FCAS), Muckle-Wells Syndrome (MWS), and Neonatal-Onset Multisystem Inflammatory Disease (NOMID). Rilonacept has not been studied in patients with NOMID.

    CAPS are characterized by life-long, recurrent symptoms of rash, fever/chills, joint pain, eye redness/pain, and fatigue. Intermittent, disruptive exacerbations or flares can be triggered at any time by exposure to cooling temperatures, stress, exercise, or other unknown stimuli.

    CAPS are generally caused by autosomal-dominant mutations (changes) in the NLRP-3 (previously known as CIAS1) gene and resultant alterations in the protein, cryopyrin, which it encodes. Cryopyrin, active in circulating, infection-fighting, white blood cells, controls the production of a protein called interleukin-1 (IL-1). As part of the body's infection-fighting defense system, IL-1 circulates throughout the body and can trigger inflammatory reactions when it binds to inflammatory cells. Researchers have found that alterations in the cryopyrin protein lead to over-production of IL-1, resulting in an inflammatory response and the symptoms of CAPS. Most, but not all, patients with CAPS have the NLRP-3 gene mutation.

    The incidence of CAPS has been estimated to be approximately 1 in 1,000,000 people in the European Union.

    About Rilonacept

    Rilonacept is a targeted inhibitor of interleukin-1 (IL-1), the key driver of inflammation in Cryopyrin-Associated Periodic Syndromes (CAPS). In the pivotal clinical development program for rilonacept, change in disease activity was measured using a composite patient-reported symptom score composed of a daily evaluation of rash, feelings of fever/chills, joint pain, eye redness/pain, and fatigue. Patients treated with rilonacept experienced an improvement in overall symptom scores as compared with patients treated with placebo. These improvements were sustained over time with continued treatment with rilonacept. The most commonly reported adverse reactions with rilonacept were injection-site reaction and upper respiratory tract infection.

    In the United States, rilonacept (ARCALYST®) is indicated for the treatment of Cryopyrin-Associated Periodic Syndromes (CAPS), including Familial Cold Auto-inflammatory Syndrome (FCAS) and Muckle-Wells Syndrome (MWS) in adults and children 12 and older. ARCALYST was approved by the U.S. Food and Drug Administration in February 2008 and has been available in the United States since March 2008.

    IL-1 blockade may interfere with immune response to infections. Serious, life-threatening infections have been reported in patients taking rilonacept. Rilonacept should be discontinued if a patient develops a serious infection. Treatment with rilonacept should not be initiated in patients with active or chronic infections. Taking rilonacept with tumor necrosis factor inhibitors is not recommended because this may increase the risk of serious infections. Patients should not receive a live vaccine while taking rilonacept. It is recommended that patients receive all recommended vaccinations prior to initiation of treatment with rilonacept. Patients should be monitored for changes in their lipid profiles and provided with medical treatment if warranted. Hypersensitivity reactions associated with rilonacept administration have been rare. Please see the full U.S. Prescribing Information for ARCALYST® (rilonacept), available online at http://www.regeneron.com/ARCALYST-fpi.pdf. Please see the European Summary of Product Characteristics at http://www.regeneron.com/RILONACEPT-EU.pdf.

    About Regeneron Pharmaceuticals

    Regeneron is a fully integrated biopharmaceutical company that discovers, develops, and commercializes medicines for the treatment of serious medical conditions. In addition to ARCALYST® (rilonacept) Injection for Subcutaneous Use, its first commercialized product in the United States, Regeneron has therapeutic candidates in clinical trials for the potential treatment of cancer, eye diseases, inflammatory diseases, and pain and has preclinical programs in other diseases and disorders. Additional information about Regeneron and recent news releases are available on Regeneron's web site at http://www.regeneron.com/.

    Forward Looking Statement

    This news release discusses historical information and includes forward-looking statements about Regeneron and its products, development programs, finances, and business, all of which involve a number of risks and uncertainties, such as risks associated with preclinical and clinical development of Regeneron's drug candidates, determinations by regulatory and administrative governmental authorities which may delay or restrict Regeneron's ability to continue to develop or commercialize its product and drug candidates, competing drugs that are superior to Regeneron's product and drug candidates, uncertainty of market acceptance of Regeneron's product and drug candidates, unanticipated expenses, the availability and cost of capital, the costs of developing, producing, and selling products, the potential for any collaboration agreement, including Regeneron's agreements with the sanofi-aventis Group and Bayer HealthCare, to be canceled or to terminate without any product success, risks associated with third party intellectual property, and other material risks. A more complete description of these and other material risks can be found in Regeneron's filings with the United States Securities and Exchange Commission (SEC), including its Form 10-K for the year ended December 31, 2008 and Form 10-Q for the quarter ended June 30, 2009. Regeneron does not undertake any obligation to update publicly any forward-looking statement, whether as a result of new information, future events, or otherwise unless required by law.

    Contact Information: Peter Dworkin Laura Lindsay Investor Relations Media Relations 914.345.7640 914.345.7800 peter.dworkin@regeneron.com laura.lindsay@regeneron.com

    Regeneron Pharmaceuticals, Inc.

    CONTACT: Peter Dworkin, Investor Relations, +1-914-345-7640,
    peter.dworkin@regeneron.com, or Laura Lindsay, Media Relations,
    +1-914-345-7800, laura.lindsay@regeneron.com

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




    Macerich Announces Closing of Public Offering of Common Stock

    SANTA MONICA, Calif., Oct. 27 /PRNewswire-FirstCall/ -- The Macerich Company today announced the closing of its previously announced offering of 12,000,000 newly issued shares of its common stock, as well as the closing of the underwriters' over-allotment option to purchase an additional 1,800,000 shares of common stock. The net proceeds of the offering, after giving effect to the issuance and sale of all 13,800,000 shares of common stock at an initial price to the public of $29.00 per share, were approximately $383,192,000 after deducting underwriting discounts, commissions and offering expenses. The company used the net proceeds of the offering to repay a portion of the outstanding balance under its $1.5 billion revolving line of credit.

    This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any offer, solicitation or sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.

    A written prospectus for the offering may be obtained from Deutsche Bank Securities Inc., Attention: Prospectus Department, 100 Plaza One, Jersey City, New Jersey, 07311, Telephone: (800) 503-4611; or J.P. Morgan Securities Inc., National Statement Processing, Prospectus Library, 4 Chase Metrotech Center, CS Level, Brooklyn, New York, 11425, or (718) 242-8002.

    Macerich is a fully integrated self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States.

    Note: This release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Stockholders are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors that may cause actual results, performance or achievements of Macerich to vary materially from those anticipated, expected or projected. Such factors include, among others, general industry, economic and business conditions, which will, among other things, affect demand for retail space or retail goods, availability and creditworthiness of current and prospective tenants, anchor or tenant bankruptcies, closures, mergers or consolidations, lease rates and terms, interest rate fluctuations, availability, terms and cost of financing and operating expenses; adverse changes in the real estate markets including, among other things, competition from other companies, retail formats and technology, risks of real estate development and redevelopment, acquisitions and dispositions; the liquidity of real estate investments, governmental actions and initiatives (including legislative and regulatory changes); environmental and safety requirements; and terrorist activities which could adversely affect all of the above factors. The reader is directed to Macerich's various filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the year ended December 31, 2008 and the Quarterly Reports on Form 10-Q, for a discussion of such risks and uncertainties, which discussion is incorporated herein by reference. Macerich does not intend, and undertakes no obligation, to update any forward-looking information to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events unless required by law to do so.

    The Macerich Company

    CONTACT: Arthur Coppola, Chairman and Chief Executive Officer, or Thomas
    E. O'Hern, Senior Executive Vice President and Chief Financial Officer, both
    of The Macerich Company, +1-310-394-6000

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




    Indiana Community Bancorp Announces Third Quarter Results

    COLUMBUS, Ind., Oct. 27 /PRNewswire-FirstCall/ -- Indiana Community Bancorp (the "Company") , the holding company of Indiana Bank and Trust Company of Columbus, Indiana (the "Bank"), today announced a net loss for the third quarter of $2.1 million or $(0.71) diluted loss per common share compared to net income of $1.8 million or $0.54 diluted earnings per common share for the third quarter of 2008. Year-to-date net loss was $4.5 million or $(1.60) diluted loss per common share compared to net income of $3.5 million or $1.04 diluted earnings per common share a year earlier. The third quarter was negatively impacted by a non-cash expense related to the write off of the Company's total goodwill of $1.4 million. Excluding the impact of the goodwill write off, the Company's net loss would have been reduced to $684,000 or $(0.20) diluted loss per common share for the quarter. The Company continued to increase the balance in the allowance for loan losses in light of the challenging economic cycle by recording a provision for loan losses of $3.9 million for the third quarter which exceeded net charge offs for the quarter by $2.0 million. Retail deposit growth remained strong for 2009 as retail deposits increased $58.1 million for the third quarter and $129.6 million for the year. As of September 30, 2009, shareholders' equity was $87.8 million and the Company's tangible common equity to assets ratio was 6.34%. Chairman and CEO John Keach, Jr. stated, "The tremendous increase in core deposits adds significantly to our core franchise. These new deposit relationships position our Company for future growth as the credit cycle and economy improve." Executive Vice President and CFO Mark Gorski added, "Appropriate increases to the allowance for loan losses helps to strengthen our Company and are prudent based on the current credit environment. We anticipate that we may need to continue to increase the allowance for loan losses into 2010."

    Balance Sheet

    Total assets were $1.1 billion as of September 30, 2009, an increase of $83.6 million from December 31, 2008. Total loans decreased $14.4 million for the quarter and $40.3 million year-to-date. Commercial and commercial mortgage loans decreased $3.4 million for the quarter and $11.5 million year-to-date. The commercial loan portfolio has continued to decline due to the challenging credit market which has contributed to the decrease in new commercial loan originations. Residential mortgage and consumer loans decreased $11.0 million for the quarter and $29.0 million year-to-date. Residential mortgage loan origination volume has slowed compared to the previous two quarters as the refinance activity slows. Mortgage loan originations remain substantially higher than the prior year due to significant refinance activity resulting from low interest rates. As substantially all new mortgage loans are being sold in the secondary market, residential mortgage balances continue to decline. Decreases in the mortgage loan portfolio account for $8.4 million of the decrease in consumer loans for the quarter and $19.8 million of the decrease year-to-date.

    Total retail deposits increased $58.1 million for the quarter and $129.6 million or 18.7% year-to-date. This substantial growth in retail deposits occurred in all categories as demand deposits increased $3.0 million, interest bearing transaction accounts increased $98.2 million and certificates of deposit increased $28.4 million. The Bank has seen deposit growth from individual accounts, business accounts and public entity accounts across the entire market footprint. Management believes that deposit growth reflects customer preference for insured bank deposits which provide safety of principal balance plus interest. Additionally, management believes deposit growth during the third quarter was greater than previous quarters due in part to the continued negative press and ultimate failure of the Company's largest competitor in its headquarter market of Columbus, Indiana.

    Total wholesale funding decreased $4.5 million for the quarter and $39.9 million year-to-date. The increase in retail deposits provided a source for the repayment of wholesale funding sources during the year.

    Asset Quality

    Provision for loan losses totaled $3.9 million for the quarter and $12.8 million year-to-date which represented significant increases over the comparable periods in 2008. The provision expense for the year has covered net charge offs and significantly increased the allowance for loan losses. Net charge offs were $1.9 million for the third quarter and included $1.2 million of commercial loan charge offs and $684,000 of consumer loan charge offs. Year-to-date net charge offs totaled $9.2 million and included $7.7 million of commercial loan charge offs and $1.5 million of consumer loan charge offs. Non-performing assets to total assets increased to 3.12% at September 30, 2009 compared to 2.86% at December 31, 2008. The ratio of the allowance for loan losses to total loans was increased to 1.60% at September 30, 2009 compared to 1.07% at December 31, 2008.

    Net Interest Income

    Net interest income decreased $659,000 or 8.8% to $6.8 million for the third quarter and year-to-date net interest income decreased $1.1 million or 5.1% to $20.4 million. Net interest margin for the third quarter was 2.88% which was equal to the second quarter. Year-to-date net interest margin was 2.96% for 2009 compared to 3.38% for 2008. The decrease in net interest margin for the year was primarily the result of an unusually high balance in interest earning demand deposits and an increase in non-accrual loans. Due to continued increases in deposits and reduced loan demand, the excess liquidity has been invested in short term securities throughout the quarter. Total investment securities increased $47.2 million for the quarter and $82.8 million year-to-date. Based on current interest rates, the short term securities have interest rates below 2%. While this is negatively impacting the net interest margin currently, the cash flows from these securities will be readily available to reinvest into loans or to pay down higher cost wholesale funding when it matures. Management anticipates the net interest margin to increase slowly due to an expected decrease in deposit costs resulting from reductions in the pricing of money market accounts and certificates of deposit.

    Non Interest Income

    Non interest income decreased $1.1 million for the third quarter and $1.2 million year-to-date. Gain on sale of mortgage loans continues to exceed prior year levels due to increased origination volumes however the quarterly gap continues to narrow. For the quarter, gain on sale of mortgage loans was up $105,000 while the year-to-date total has increased $1.0 million. The Bank discontinued offering brokerage services in September 2008. Brokerage fee income totaled $419,000 in the third quarter of 2008 and $1.4 million year-to-date in 2008. Service fees on deposits have run consistently below prior year levels due primarily to a reduction in overdraft fees. Service fees on deposits were down $223,000 or 11.8% for the quarter and down $329,000 or 6.5% year-to-date. During the third quarter, miscellaneous income included a writedown on other real estate of $468,000 related to a former subdivision loan. Due to further declines in value and lack of sales activity, the carrying value was reduced an additional 20%.

    Non Interest Expenses

    Non interest expenses increased $923,000 to $8.0 million for the third quarter and $452,000 to $22.7 million year-to-date. However, included in expenses for the third quarter was a non-cash expense related to the write off of $1.4 million of goodwill. Excluding the goodwill write off, expenses decreased $471,000 or 6.7% for the third quarter and $942,000 or 4.2% year-to-date. Compensation and employee benefits expense decreased $458,000 or 11.6% for the third quarter and $1.8 million or 14.4% year-to-date. Four primary factors contributed to the decrease in compensation and benefits: 1) the Company froze its defined benefit pension plan effective April 1, 2008 resulting in an expense reduction of $450,000 for the year, 2) the Company reduced its workforce by approximately 10% in the third quarter of 2008 resulting in an expense reduction of approximately $600,000 for the year, 3) the Company discontinued offering brokerage services effective September 2008 resulting in an expense reduction of $809,000 for the year and 4) bonus and vacation related benefits have decreased resulting in an expense reduction of $375,000 for the year. These decreases to compensation and employee benefits were partially offset by an increase in mortgage commissions of $503,000 as a result of increased mortgage volumes discussed above. FDIC insurance increased $287,000 for the third quarter and $1.3 million year-to-date. The year-to-date increase includes a special assessment of $475,000 with was recorded in the second quarter. Marketing expense increased $11,000 for the third quarter and decreased $476,000 year-to-date due to the timing of advertising associated with the name change which occurred in the first and second quarters of 2008. The Company anticipates total marketing cost for 2009 to be approximately 20% less than the average marketing expense over the previous 2 years.

    Indiana Community Bancorp is a bank holding company registered with the Board of Governors of the Federal Reserve System (the "Federal Reserve"), which has been authorized by the Federal Reserve to engage in activities permissible for a financial holding company. Indiana Bank and Trust Company, its principal subsidiary, is an FDIC insured state chartered commercial bank. Indiana Bank and Trust Company was founded in 1908 and offers a wide range of consumer and commercial financial services through 20 branch offices in central and southeastern Indiana.

    Forward-Looking Statement

    This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include expressions such as "expects," "intends," "believes," and "should," which are necessarily statements of belief as to the expected outcomes of future events. Actual results could materially differ from those presented. Indiana Community Bancorp undertakes no obligation to release revisions to these forward-looking statements or reflect events or circumstances after the date of this release. The Company's ability to predict future results involves a number of risks and uncertainties, some of which have been set forth in the Company's most recent annual report on Form 10-K, which disclosures are incorporated by reference herein.

    INDIANA COMMUNITY BANCORP CONSOLIDATED BALANCE SHEETS (in thousands, except share data) (unaudited) September 30, December 31, 2009 2008 ---- ---- Assets: Cash and due from banks $11,460 $22,352 Interest bearing demand deposits 55,433 234 ------ --- Cash and cash equivalents 66,893 22,586 Securities available for sale at fair value (amortized cost $171,071 and $90,957) 173,854 91,096 Securities held to maturity at amortized cost (fair value $3,872 and $3,884) 4,349 4,467 Loans held for sale (fair value $3,188 and $2,907) 3,123 2,856 Portfolio loans: Commercial and commercial mortgage loans 544,666 556,133 Residential mortgage loans 100,416 120,227 Second and home equity loans 98,690 104,084 Other consumer loans 16,774 20,532 Unearned income (126) (241) ---- ---- Total portfolio loans 760,420 800,735 Allowance for loan losses (12,170) (8,589) ------- ------ Portfolio loans, net 748,250 792,146 Premises and equipment 14,624 15,323 Accrued interest receivable 3,936 3,777 Goodwill 0 1,394 Other assets 37,969 35,728 ------ ------ TOTAL ASSETS $1,052,998 $969,373 ========== ======== Liabilities and Shareholders' Equity: Liabilities: Deposits: Demand $74,680 $71,726 Interest checking 161,027 110,944 Savings 42,336 40,862 Money market 203,200 156,500 Certificates of deposits 342,807 314,425 ------- ------- Retail deposits 824,050 694,457 ------- ------- Brokered deposits 0 5,420 Public fund certificates 614 10,762 --- ------ Wholesale deposits 614 16,182 --- ------ Total deposits 824,664 710,639 ------- ------- FHLB advances 110,346 129,926 Short term borrowings 0 4,713 Junior subordinated debt 15,464 15,464 Other liabilities 14,753 16,619 ------ ------ Total liabilities 965,227 877,361 ------- ------- Commitments and Contingencies Shareholders' equity: No par preferred stock; Authorized: 2,000,000 shares Issued and outstanding: 21,500 and 21,500; Liquidation preference $1,000 per share 21,029 20,962 No par common stock; Authorized: 15,000,000 shares Issued and outstanding: 3,358,079 and 3,358,079 21,045 20,985 Retained earnings, restricted 44,558 50,670 Accumulated other comprehensive income (loss), net 1,139 (605) ----- ---- Total shareholders' equity 87,771 92,012 ------ ------ TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $1,052,998 $969,373 ========== ======== INDIANA COMMUNITY BANCORP CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands, except share and per share data) (unaudited) Three Months Ended Nine Months Ended September 30, September 30, ------------ ------------ 2009 2008 2009 2008 ---- ---- ---- ---- Interest Income: Short term investments $33 $57 $76 $450 Securities 1,200 704 2,824 2,063 Commercial and commercial mortgage loans 7,504 8,019 22,672 23,523 Residential mortgage loans 1,463 2,018 4,870 6,619 Second and home equity loans 1,225 1,527 3,756 4,732 Other consumer loans 358 468 1,117 1,453 --- --- ----- ----- Total interest income 11,783 12,793 35,315 38,840 ------ ------ ------ ------ Interest Expense: Checking and savings accounts 481 157 1,106 673 Money market accounts 608 634 1,697 2,256 Certificates of deposit 2,677 2,863 8,190 9,505 ----- ----- ----- ----- Total interest on retail deposits 3,766 3,654 10,993 12,434 ----- ----- ------ ------ Brokered deposits 32 112 139 335 Public funds 4 62 74 109 -- -- -- --- Total interest on wholesale deposits 36 174 213 444 -- --- --- --- Total interest on deposits 3,802 3,828 11,206 12,878 ----- ----- ------ ------ FHLB borrowings 1,061 1,297 3,337 3,825 Other borrowings 0 1 1 1 Junior subordinated debt 87 175 335 594 -- --- --- --- Total interest expense 4,950 5,301 14,879 17,298 ----- ----- ------ ------ Net interest income 6,833 7,492 20,436 21,542 Provision for loan losses 3,899 987 12,785 3,271 ----- --- ------ ----- Net interest income after provision for loan losses 2,934 6,505 7,651 18,271 ----- ----- ----- ------ Non Interest Income: Gain on sale of loans 464 359 2,200 1,158 Loss on sale of securities (37) (18) (37) (437) Investment advisory services 0 419 0 1,371 Service fees on deposit accounts 1,674 1,897 4,722 5,051 Loan servicing income, net of impairment 122 139 395 413 Miscellaneous 92 589 814 1,690 -- --- --- ----- Total non interest income 2,315 3,385 8,094 9,246 ----- ----- ----- ----- Non Interest Expenses: Compensation and employee benefits 3,509 3,967 10,641 12,432 Occupancy and equipment 924 1,079 2,918 3,147 Service bureau expense 465 493 1,457 1,434 FDIC premium 318 31 1,393 72 Marketing 178 167 585 1,061 Goodwill impairment 1,394 0 1,394 0 Miscellaneous 1,213 1,341 4,311 4,101 ----- ----- ----- ----- Total non interest expenses 8,001 7,078 22,699 22,247 ----- ----- ------ ------ Income (loss) before income taxes (2,752) 2,812 (6,954) 5,270 Income tax provision (credit) (674) 1,010 (2,474) 1,776 ---- ----- ------ ----- Net Income (Loss) $(2,078) $1,802 $(4,480) $3,494 ======= ====== ======= ====== Basic earnings (loss) per common share $(0.71) $0.54 $(1.60) $1.04 Diluted earnings (loss) per common share $(0.71) $0.54 $(1.60) $1.04 Basic weighted average number of common shares 3,358,079 3,358,079 3,358,079 3,360,199 Dilutive weighted average number of common shares 3,358,079 3,358,079 3,358,079 3,360,199 Dividends per common share $0.010 $0.120 $0.250 $0.520 Supplemental Data: Three Months Ended Year to Date (unaudited) September 30, September 30, ------------ ------------- 2009 2008 2009 2008 ---- ---- ---- ---- Weighted average interest rate earned on total interest- earning assets 4.97% 5.96% 5.11% 6.10% Weighted average cost of total interest-bearing liabilities 2.11% 2.51% 2.22% 2.77% Interest rate spread during period 2.85% 3.45% 2.89% 3.32% Net interest margin (net interest income\ divided by average interest-earning assets on annualized basis) 2.88% 3.49% 2.96% 3.38% Total interest income divided by average Total assets (on annualized basis) 4.50% 5.47% 4.67% 5.62% Total interest expense divided by average total assets (on annualized basis) 1.89% 2.27% 1.97% 2.50% Net interest income divided by average total assets (on annualized basis) 2.61% 3.20% 2.70% 3.12% Return on assets (net income divided by average total assets on annualized basis) -0.79% 0.77% -0.59% 0.51% Return on equity (net income divided by average total equity on annualized basis) -9.26% 10.49% -6.57% 6.83% September 30, December 31, 2009 2008 ---- ---- Book value per share outstanding $19.71 $20.98 Nonperforming Assets: Loans: Non-accrual $26,367 $22,534 Past due 90 days or more 2,779 518 Restructured 504 1,282 --- ----- Total nonperforming loans 29,650 24,334 Real estate owned, net 3,180 3,335 Other repossessed assets, net 57 44 -- -- Total Nonperforming Assets $32,887 $27,713 Nonperforming assets divided by total assets 3.12% 2.86% Nonperforming loans divided by total loans 3.90% 3.04% Balance in Allowance for Loan Losses $12,170 $8,589

    Indiana Community Bancorp

    CONTACT: John K. Keach, Jr., Chairman, Chief Executive Officer,
    +1-812-373-7816, or Mark T. Gorski, Executive Vice President, Chief Financial
    Officer, +1-812-373-7379




    Arthur J. Gallagher & Co. Announces Third Quarter 2009 Financial Results

    ITASCA, Ill., Oct. 27 /PRNewswire-FirstCall/ -- Arthur J. Gallagher & Co. today reported its financial results for the quarter and nine-month periods ended September 30, 2009. A printer-friendly format of this release and the supplemental quarterly data is available at http://www.ajg.com/.

    Quarter Ended September 30 Diluted Net Earnings Revenues EBITDA (Loss) Per Share 3rd 3rd 3rd 3rd 3rd 3rd Segment Q 09 Q 08 Chg Q 09 Q 08 Chg Q 09 Q 08 Chg ------- ---- ---- --- ---- ---- --- ---- ---- -- Continuing Operations $ in millions $ in millions Brokerage $325.8 $314.4 4% $81.0 $74.3 9% $0.36 $0.38 -6% Risk Management 113.5 118.6 -4% 17.4 14.4 21% 0.09 0.08 12% ----- ----- ---- ---- ---- ---- Total Brokerage & Risk Management 439.3 433.0 1% 98.4 88.7 11% 0.45 0.46 -2% Financial Services & Corporate 0.2 (4.8) (5.8) (14.0) (0.04) (0.02) --- ---- ---- ----- ------ ----- Total Continuing Operations $439.5 $428.2 $92.6 $74.7 0.41 0.44 ====== ====== ===== ===== Discontinued Operations - (0.04) --- ----- Total Company $0.41 $0.40 ===== ===== Nine Months Ended September 30 Diluted Net Earnings Revenues EBITDA (Loss) Per Share 9 9 9 9 9 9 Mths Mths Mths Mths Mths Mths Segment 09 08 Chg 09 08 Chg 09 08 Chg ------- -- -- --- -- -- --- -- -- --- Continuing $ in millions $ in millions Operations Brokerage $955.4 $884.6 8% $226.6 $186.9 21% $1.03 $0.93 10% Risk Management 339.0 350.0 -3% 51.3 46.9 9% 0.25 0.25 0% ----- ---- ---- ---- ---- ---- Total Brokerage & Risk Management 1,294.4 1,234.6 5% 277.9 233.8 19% 1.28 1.18 8% Financial Services & Corporate (0.2) (1.7) (10.3) (15.1) (0.14) (0.11) ---- ---- ----- ----- ----- ----- Total Continuing Operations $1,294.2 $1,232.9 $267.6 $218.7 1.14 1.07 ======== ======== ====== ====== Discontinued Operations (0.02) (0.29) ----- ----- Total Company $1.12 $0.78 ===== ===== 3rd 3rd 9 9 Other Information Q 09 Q 08 Mths 09 Mths 08 ----------------- ---- ---- ------- ------- Shares issued in acquisitions 463,000 1,061,000 4,946,000 1,544,000 Number of acquisitions closed 2 8 11 28 Annualized revenue acquired (in millions) $2.9 $41.5 $83.7 $99.0 Book value per share at end of period $8.54 $8.16 Corporate related borrowings at end of period (in millions) $531.0 $518.0

    This earnings release contains certain non-GAAP information. EBITDA, a non-GAAP measure, represents earnings before interest, income taxes, depreciation, amortization and the change in estimated acquisition earnout payables. A reconciliation of EBITDA to earnings from continuing operations before income taxes (which were $63.1 million and $49.4 million in third quarter 2009 and 2008, respectively, and $180.7 million and $145.6 million in the nine-month periods ended September 30, 2009 and 2008, respectively) is included on page 7 of this earnings release.

    "The Gallagher team continued to perform well in the third quarter. EBITDA growth of 11% and EBITDA margin expansion of 1.9% in our combined Brokerage and Risk Management Segments is an excellent result in this environment," said J. Patrick Gallagher Jr., Chairman, President and CEO. "For the first nine months of 2009, our Brokerage and Risk Management operations combined to grow revenues 5%, grow EPS 8%, grow EBITDA 19% and expand EBITDA margins by 2.5% from the same period in 2008. However, I continue to be concerned about the current operating environment as insurance rates remain soft and exposure units continue to decline. I believe Gallagher, and the brokerage industry as a whole, will face continued growth challenges in late 2009 and into next year. Despite this concern, I remain confident that the nearly 10,000 Gallagher world-wide associates will continue working together to help our clients navigate this difficult environment and continue to build shareholder value."

    Expense Reduction Actions

    Over the next few months, Gallagher expects to reduce its existing middle and back office workforce by approximately 400 positions, or approximately 4% of its global workforce, through a combination of job elimination and attrition. In connection with this action, Gallagher expects to record a nonrecurring, pretax charge in fourth quarter 2009 of approximately $10.0 to $13.0 million for related severance costs. Gallagher estimates annual pretax cost savings associated with this reduction in workforce of approximately $25.0 to $28.0 million.

    Brokerage Segment Third Quarter Highlights -- Revenue growth of 4% in the quarter. Organic revenue declined 5.5% compared to 2008. Items excluded from organic growth computations yet impacting revenues in the third quarter and nine-month periods in 2009 compared to the same periods in 2008 include the following (in millions): 3rd 3rd 9 9 Q 09 Q 08 Mths 09 Mths 08 ---- ---- ------- ------- Total revenues as reported $325.8 $314.4 $955.4 $884.6 Less adjustments to revenues: Gains realized from books of business sales 1.7 5.7 11.1 10.9 Investment income 1.0 3.6 3.5 12.5 Retail contingent commissions related to acquisitions 1.3 1.0 13.0 8.3 MGA/MGU performance income 4.6 6.2 16.1 15.4 Revenues from acquisitions in the last twelve months 38.0 - 117.6 - Revenues related to divestitures in the last twelve months - 1.2 - 9.0 Levelized foreign currency - 1.2 - 9.7 --- --- --- --- Total revenue adjustments 46.6 18.9 161.3 65.8 ---- ---- ----- ---- Organic revenues $279.2 $295.5 $794.1 $818.8 ====== ====== ====== ====== -- Third quarter compensation expense ratio was 1.3% higher than 2008 primarily as a result of increased employee benefits of 0.6% and severance costs of 0.3% partially offset by a decrease in foreign currency translation of 0.6%. Also contributing to the increase in the third quarter compensation expense ratio was the impact of reduced book gains and investment income in 2009, as well as a decline in organic revenue in 2009. -- Third quarter operating expense ratio was 2.5% lower than 2008. The ratio was primarily impacted by lower travel and meeting expenses of 0.5%, decreased professional fees of 0.8%, decreased rent expense of 0.5%, decreased bad debt expense of 0.4% and foreign currency translation of 0.3%. These were partially offset by higher business insurance costs of 0.3%, the impact of reduced book gains and investment income in 2009 and a decline in organic revenue in 2009. -- The change in estimated acquisition earnout payables expense in the 2009 statement of earnings relates to the adoption of a new accounting standard related to business combinations, which was effective January 1, 2009 for acquisitions completed in 2009. Brokerage Segment Third Quarter Highlights (continued) -- EBITDA margin of 24.9%, which was up 1.3% as compared to 2008. Certain items impacting EBITDA in the third quarter and nine-month periods in 2009 compared to the same periods in 2008 include the following (in millions): 3rd 3rd 9 9 Q 09 Q 08 Mths 09 Mths 08 ---- ---- ------- ------- Earnings from continuing operations $36.9 $36.1 $102.5 $87.2 Provision for income taxes 24.5 23.4 67.6 57.4 Depreciation 4.7 4.7 14.1 13.3 Amortization 13.7 10.1 39.8 29.0 Change in estimated acquisition earnout payables 1.2 - 2.6 - --- --- --- --- Total EBITDA as reported 81.0 74.3 226.6 186.9 Gains realized from books of business sales (1.7) (5.7) (11.1) (10.9) Investment income (1.0) (3.6) (3.5) (12.5) Levelized foreign currency (0.7) 2.0 (0.8) 5.0 ---- --- ---- --- Adjusted EBITDA $77.6 $67.0 $211.2 $168.5 ===== ===== ====== ====== Adjusted EBITDA Growth 15.8% 25.3% ==== ==== -- Third quarter effective tax rate was 39.9% in 2009 and 39.3% in 2008. -- Gallagher previously shifted and diversified nearly all of its world-wide cash balances into accounts that are insured/guaranteed by various governments or governmental agencies. Most of these accounts are non-interest bearing. While Gallagher believes that these accounts are secure, there can be no assurances that governmental guarantee programs would be sufficient to repay balances in the event of a system-wide failure of the global banking system. Risk Management Segment Third Quarter Highlights -- Revenue declined 4% in the quarter. Organic revenue declined 2.8% compared to 2008. Items excluded from organic growth computations yet impacting revenues in the third quarter and nine-month periods in 2009 compared to the same periods in 2008 include the following (in millions): 3rd 3rd 9 9 Q 09 Q 08 Mths 09 Mths 08 ---- ---- ------- ------- Total revenues as reported $113.5 $118.6 $339.0 $350.0 Less adjustments to revenues: Investment income 0.4 1.0 1.1 3.2 Levelized foreign currency - 1.2 - 9.5 --- --- --- --- Total revenue adjustments 0.4 2.2 1.1 12.7 --- --- --- ---- Organic revenues 113.1 116.4 337.9 337.3 Change in performance bonus revenues - 3.2 - 1.5 --- --- --- --- Adjusted organic revenues $113.1 $113.2 $337.9 $335.8 ====== ====== ====== ====== -- Third quarter compensation expense ratio was 2.2% higher than 2008 primarily as a result of increased incentive compensation of 0.7% and increased employee benefits of 0.7%, partially offset by reduced temporary help. Also contributing to the increase in the third quarter compensation expense ratio was the impact of a decline in organic revenue in 2009. -- Third quarter operating expense ratio was 5.4% lower than 2008 primarily reflecting foreign currency translation of 2.2%, lower travel and meeting expense of 0.6%, decreased office expenses of 1.3%, decreased business insurance costs of 0.8% and decreased professional fees of 0.3%. Risk Management Segment Third Quarter Highlights (continued) -- EBITDA margin of 15.3%, which was up 3.2% compared to 2008. Certain items impacting EBITDA in the third quarter and nine-month periods in 2009 compared to the same periods in 2008 include the following (in millions): 3rd 3rd 9 9 Q 09 Q 08 Mths 09 Mths 08 ---- ---- ------- ------- Earnings from continuing operations $8.7 $7.0 $25.3 $22.9 Provision for income taxes 5.6 4.1 16.7 14.2 Depreciation 3.0 3.2 8.8 9.4 Amortization 0.1 0.1 0.5 0.4 --- --- --- --- Total EBITDA as reported 17.4 14.4 51.3 46.9 Investment income (0.4) (1.0) (1.1) (3.2) Levelized foreign currency - 2.4 (0.1) (0.1) Lease terminations - - 0.6 - Severance and other benefit charges - - 0.4 - --- --- --- --- Adjusted EBITDA $17.0 $15.8 $51.1 $43.6 ===== ===== ===== ===== Adjusted EBITDA Growth 7.6% 17.2% === ==== -- Third quarter effective tax rate was 39.2% in 2009 and 36.9% in 2008. The increase in the third quarter 2009 tax rate compared to 2008 is the result of resolving certain income tax matters in third quarter 2008. Financial Services and Corporate Segment Third Quarter Highlights -- Gallagher owns 42% of Chem-Mod, LLC which has developed technologies that reduce harmful emissions from coal-fired power plants. Gallagher is in the process of building eight commercial facilities of various sizes that will produce clean-burning coal using the Chem-Mod technology and may qualify for tax credits under Internal Revenue Code Section 45 provided the facilities are placed in service by December 31, 2009.

    Gallagher has signed definitive agreements with one utility to install three facilities, is negotiating contracts with another utility to install three facilities and is working with several other utilities regarding the remaining two facilities. To build and install these eight facilities, Gallagher expects to make capital investments totaling $30 to $35 million, of which $9.6 million has been made as of September 30, 2009, and expects to recover $10 to $15 million from its partners once the facilities are placed in service. Gallagher expects its net capital investment will total approximately $20 million.

    There are significant uncertainties related to these investments, which must be favorably resolved in order for Gallagher to recover its capital investments and generate income from these facilities including: the completion of each facility by December 31, 2009, the timely receipt by the utility of necessary regulatory permits, the issuance of favorable IRS guidance, the subsequent availability of raw materials used in the Chem-Mod technology, and consistent operation of the facilities once they are placed in service. While it is too early to narrow the range of expected future value of these facilities, if these and other uncertainties are resolved favorably, Gallagher could generate up to $40 million of aggregate annual after-tax income from its investment in each of the next ten years from these eight facilities.

    -- In addition to the $400.0 million of long-term borrowing outstanding under the Note Purchase Agreement, at September 30, 2009, Gallagher had borrowings of $131.0 million outstanding under its line of credit facility, which was used primarily to fund 2008 and 2009 acquisitions and short-term cash flow needs. The weighted average interest rate on the line of credit borrowings, which is based on a spread over short-term LIBOR, was 0.85%. The interest rate at October 23, 2009 for a sixty day borrowing on this line was 0.85%. -- The following provides a reconciliation of third quarter income taxes as reported in the Financial Services and Corporate Segment (in millions): 2009 2008 ---- ---- Expected benefit at 40% Federal and state statutory rate $(5.0) $(8.5) Recognition and resolution of certain income tax matters related to prior years (3.6) (11.3) ---- ----- Reported benefit for income taxes $(8.6) $(19.8) ===== ====== Consolidated Company Income Taxes

    Gallagher allocates the provision for income taxes to the Brokerage and Risk Management Segments as if those segments were preparing income tax provisions on a separate company basis. Gallagher historically reported, and anticipates reporting for the foreseeable future, an effective tax rate of approximately 39% to 41% in both its Brokerage and Risk Management Segments. Gallagher's consolidated effective tax rate for third quarter was 34.1% in 2009 and 15.6% in 2008. The third quarter tax rates in both 2009 and 2008 are lower than the statutory rates due to the recognition and resolution of certain income tax matters in third quarter 2009 and 2008.

    _________________________________________________

    The company will host a webcast conference call on Wednesday, October 28, 2009 at 9:00 a.m. ET to further discuss these quarterly results. To listen, please go to http://www.ajg.com/.

    Arthur J. Gallagher & Co., an international insurance brokerage and risk management services firm, is headquartered in Itasca, Illinois, has operations in 15 countries and does business in more than 100 countries around the world through a network of correspondent brokers and consultants.

    This press release is historical in nature and only speaks to the day it is dated. Except as required by applicable law, Gallagher does not undertake to update the information included herein or the corresponding earnings release posted on Gallagher's website.

    This press release may contain certain forward-looking statements relating to future results. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those expected, depending on a variety of factors such as changes in worldwide and national economic conditions, changes in premium rates and in insurance markets generally, and changes in securities and fixed income markets as well as developments in the areas of tax legislation. In addition, there are significant uncertainties related to the Section 45 investments, which must be favorably resolved in order for Gallagher to recoup these investments and generate earnings on them. These include the issuance of favorable IRS guidance, the timely receipt by the utility of regulatory permits, completion of each facility by December 31, 2009 and satisfaction of certain emissions reductions. Please refer to our filings with the Securities and Exchange Commission, including Item 1, "Business - Information Concerning Forward-Looking Statements" and Item 1A, "Risk Factors", of Gallagher's Annual Report on Form 10-K for the fiscal year ended December 31, 2008 and Quarterly Report on Form 10-Q for the quarter ended June 30, 2009, for a more detailed discussion of these factors.

    Arthur J. Gallagher & Co. Segment Statement of Earnings (Unaudited - in millions except per share data) 3 Months 3 Months 9 Months 9 Months Ended Ended Ended Ended Sep 30, Sep 30, Sep 30, Sep 30, BROKERAGE SEGMENT 2009 2008 2009 2008 -------- -------- -------- ------- Commissions $254.3 $244.9 $755.1 $697.2 Fees 68.8 60.2 185.7 164.0 Investment income and other 2.7 9.3 14.6 23.4 --- --- ---- ---- Revenues 325.8 314.4 955.4 884.6 ----- ----- ----- ----- Compensation 190.3 179.6 572.1 522.5 Operating 54.5 60.5 156.7 175.2 Depreciation 4.7 4.7 14.1 13.3 Amortization 13.7 10.1 39.8 29.0 Change in estimated acquisition earnout payables 1.2 - 2.6 - --- --- --- --- Expenses 264.4 254.9 785.3 740.0 ----- ----- ----- ----- Earnings from continuing operations before income taxes 61.4 59.5 170.1 144.6 Provision for income taxes 24.5 23.4 67.6 57.4 ---- ---- ---- ---- Earnings from continuing operations $36.9 $36.1 $102.5 $87.2 ===== ===== ====== ===== Diluted earnings from continuing operations per share $0.36 $0.38 $1.03 $0.93 Growth - revenues 4% 8% 8% 8% Organic growth (decline) in commissions and fees (1) -6% 1% -3% 1% Compensation expense ratio (4) 58% 57% 60% 59% Operating expense ratio (5) 17% 19% 16% 20% Pretax profit margin (6) 19% 19% 18% 16% EBITDA margin (3) 25% 24% 24% 21% Effective tax rate 40% 39% 40% 40% Workforce at end of period (includes acquisitions) 5,965 5,461 RISK MANAGEMENT SEGMENT Fees $113.1 $117.6 $337.9 $346.8 Investment income and other 0.4 1.0 1.1 3.2 --- --- --- --- Revenues 113.5 118.6 339.0 350.0 ----- ----- ----- ----- Compensation 69.9 70.4 207.9 210.9 Operating 26.2 33.8 79.8 92.2 Depreciation 3.0 3.2 8.8 9.4 Amortization 0.1 0.1 0.5 0.4 --- --- --- --- Expenses 99.2 107.5 297.0 312.9 ---- ----- ----- ----- Earnings from continuing operations before income taxes 14.3 11.1 42.0 37.1 Provision for income taxes 5.6 4.1 16.7 14.2 --- --- ---- ---- Earnings from continuing operations $8.7 $7.0 $25.3 $22.9 ==== ==== ===== ===== Diluted earnings from continuing operations per share $0.09 $0.08 $0.25 $0.25 Growth (decline) - revenues -4% 8% -3% 8% Organic growth (decline) in fees (1) -3% 8% 0% 7% Compensation expense ratio (4) 62% 59% 61% 60% Operating expense ratio (5) 23% 29% 24% 26% Pretax profit margin (6) 13% 9% 12% 11% EBITDA margin (3) 15% 12% 15% 13% Effective tax rate 39% 37% 40% 38% Workforce at end of period (includes acquisitions) 3,835 3,903 FINANCIAL SERVICES AND CORPORATE SEGMENT Investment income (loss): Asset Alliance Corporation $- $(1.5) $- $(1.7) Alternative energy (0.1) (0.8) 0.3 3.0 Real estate and venture capital 0.3 - 0.4 (0.3) --- --- --- ---- 0.2 (2.3) 0.7 1.0 Investment losses - (2.5) (0.9) (2.7) --- ---- ---- ---- Revenues 0.2 (4.8) (0.2) (1.7) --- ---- ---- ---- Investment expenses: Alternative energy 1.1 - 2.2 (1.8) Compensation, professional fees and other 4.9 3.6 7.9 9.6 --- --- --- --- 6.0 3.6 10.1 7.8 Operating - state tax matters - 5.6 - 5.6 Interest 6.8 7.1 21.1 20.9 Depreciation - 0.1 - 0.1 --- --- --- --- Expenses 12.8 16.4 31.2 34.4 ---- ---- ---- ---- Loss from continuing operations before income taxes (12.6) (21.2) (31.4) (36.1) Benefit for income taxes (8.6) (19.8) (17.3) (25.7) ---- ----- ----- ----- Loss from continuing operations $(4.0) $(1.4) $(14.1) $(10.4) ===== ===== ====== ====== Diluted loss from continuing operations per share $(0.04) $(0.02) $(0.14) $(0.11) See notes to third quarter 2009 earnings release and non-GAAP financial measures on page 8 of 8. Arthur J. Gallagher & Co. Consolidated Statement of Earnings (Unaudited - in millions except per share data) 3 Months 3 Months 9 Months 9 Months Ended Ended Ended Ended Sep 30, Sep 30, Sep 30, Sep 30, TOTAL COMPANY 2009 2008 2009 2008 -------- -------- -------- -------- Commissions $254.3 $244.9 $755.1 $697.2 Fees 181.9 177.8 523.6 510.8 Investment income and other - Brokerage and Risk Management 3.1 10.3 15.7 26.6 Investment income (loss)- Financial Services and Corporate 0.2 (2.3) 0.7 1.0 Investment losses - (2.5) (0.9) (2.7) --- ---- ---- ---- Revenues 439.5 428.2 1,294.2 1,232.9 ----- ----- ------- ------- Compensation 260.2 250.0 780.0 733.4 Operating 80.7 99.9 236.5 273.0 Investment expenses 6.0 3.6 10.1 7.8 Interest 6.8 7.1 21.1 20.9 Depreciation 7.7 8.0 22.9 22.8 Amortization 13.8 10.2 40.3 29.4 Change in estimated acquisition earnout payables 1.2 - 2.6 - --- --- --- --- Expenses 376.4 378.8 1,113.5 1,087.3 ----- ----- ------- ------- Earnings from continuing operations before income taxes 63.1 49.4 180.7 145.6 Provision for income taxes 21.5 7.7 67.0 45.9 ---- --- ---- ---- Earnings from continuing operations 41.6 41.7 113.7 99.7 ---- ---- ----- ---- Loss on discontinued operations, net of income taxes - (3.9) (1.9) (27.1) --- ---- ---- ----- Net earnings $41.6 $37.8 $111.8 $72.6 ===== ===== ====== ===== Diluted earnings from continuing operations per share $0.41 $0.44 $1.14 $1.07 Diluted loss on discontinued operations per share - (0.04) (0.02) (0.29) --- ----- ----- ----- Diluted net earnings per share $0.41 $0.40 $1.12 $0.78 ===== ===== ===== ===== Dividends declared per share $0.32 $0.32 $0.96 $0.96 ===== ===== ===== ===== Other Information Basic weighted average shares outstanding (000s) 101,352 94,114 99,994 93,153 Diluted weighted average shares outstanding (000s) 101,550 94,556 100,108 93,623 Common shares repurchased (000s) 17 3 35 49 Annualized return on beginning stockholders' equity (7) 20% 14% Number of acquisitions closed 2 8 11 28 Workforce at end of period (includes acquisitions) 10,015 9,573 Arthur J. Gallagher & Co. EBITDA (2) (Unaudited - in millions) 3 Months 3 Months 9 Months 9 Months Ended Ended Ended Ended BROKERAGE Sep 30, Sep 30, Sep 30, Sep 30, SEGMENT 2009 2008 2009 2008 -------- -------- -------- -------- Earnings from continuing operations $36.9 $36.1 $102.5 $87.2 Provision for income taxes 24.5 23.4 67.6 57.4 Depreciation 4.7 4.7 14.1 13.3 Amortization 13.7 10.1 39.8 29.0 Change in estimated acquisition earnout payables 1.2 - 2.6 - --- --- --- --- Brokerage EBITDA $81.0 $74.3 $226.6 $186.9 ===== ===== ====== ====== RISK MANAGEMENT SEGMENT Earnings from continuing operations $8.7 $7.0 $25.3 $22.9 Provision for income taxes 5.6 4.1 16.7 14.2 Depreciation 3.0 3.2 8.8 9.4 Amortization 0.1 0.1 0.5 0.4 --- --- --- --- Risk Management EBITDA $17.4 $14.4 $51.3 $46.9 ===== ===== ===== ===== FINANCIAL SERVICES AND CORPORATE SEGMENT Loss from continuing operations $(4.0) $(1.4) $(14.1) $(10.4) Benefit for income taxes (8.6) (19.8) (17.3) (25.7) Interest 6.8 7.1 21.1 20.9 Depreciation - 0.1 - 0.1 --- --- --- --- Financial Services and Corporate EBITDA $(5.8) $(14.0) $(10.3) $(15.1) ===== ====== ====== ====== TOTAL COMPANY Net earnings $41.6 $37.8 $111.8 $72.6 Loss on discontinued operations, net of income taxes - 3.9 1.9 27.1 --- --- --- ---- Earnings from continuing operations 41.6 41.7 113.7 99.7 Provision for income taxes 21.5 7.7 67.0 45.9 ---- --- ---- ---- Earnings from continuing operations before income taxes 63.1 49.4 180.7 145.6 Interest 6.8 7.1 21.1 20.9 Depreciation 7.7 8.0 22.9 22.8 Amortization 13.8 10.2 40.3 29.4 Change in estimated acquisition earnout payables 1.2 - 2.6 - --- --- --- --- Total Company EBITDA $92.6 $74.7 $267.6 $218.7 ===== ===== ====== ====== See notes to third quarter 2009 earnings release and non- GAAP financial measures on page 8 of 8. Arthur J. Gallagher & Co. Consolidated Balance Sheet (Unaudited - in millions except per share data) Sep 30, Dec 31, 2009 2008 -------- -------- Cash and cash equivalents $237.7 $194.4 Restricted cash 551.8 551.0 Investments - current (8) 0.5 0.2 Premiums and fees receivable 664.8 826.5 Other current assets 110.8 129.9 ----- ----- Total current assets 1,565.6 1,702.0 Investments - noncurrent (8) 25.3 17.9 Fixed assets - net 82.6 88.8 Deferred income taxes 272.9 300.9 Other noncurrent assets 133.9 104.1 Goodwill - net 715.6 596.4 Amortizable intangible assets - net 445.2 461.2 ----- ----- Total assets $3,241.1 $3,271.3 ======== ======== Premiums payable to insurance and reinsurance companies $1,208.4 $1,365.3 Accrued compensation and other accrued liabilities 216.7 260.1 Unearned fees 46.8 46.2 Other current liabilities 27.6 55.0 Corporate related borrowings - current 131.0 132.0 ----- ----- Total current liabilities 1,630.5 1,858.6 Corporate related borrowings - noncurrent 400.0 400.0 Other noncurrent liabilities 341.5 274.2 ----- ----- Total liabilities 2,372.0 2,532.8 ------- ------- Stockholders' equity: Common stock - issued and outstanding 101.8 96.4 Capital in excess of par value 328.8 230.4 Retained earnings 466.3 452.0 Accumulated other comprehensive loss (27.8) (40.3) ----- ----- Total stockholders' equity 869.1 738.5 ----- ----- Total liabilities and stockholders' equity $3,241.1 $3,271.3 ======== ======== Other Information Book value per share $8.54 $7.66 Notes to Third Quarter 2009 Earnings Release -------------------------------------------- Non-GAAP Financial Measures --------------------------- This exhibit contains supplemental non-GAAP financial information within the meaning of Regulation G of the SEC's rules. Consistent with Regulation G, a description of such information is provided below and a reconciliation of certain of such items to U.S. generally accepted accounting principles (GAAP) is provided in this press release. Gallagher believes the items described below provide meaningful additional information, which may be helpful to investors in assessing certain aspects of Gallagher's operating performance and financial condition that may not be otherwise apparent from GAAP. Industry peers provide similar supplemental information, although they may not use the same or comparable terminology and may not make identical adjustments. This non-GAAP information should be used in addition to, but not as a substitute for, the GAAP information. (1) Organic growth in commissions and fees excludes the first twelve months of net commission and fee revenues generated from the acquisitions accounted for as purchases and the net commission and fee revenues related to operations disposed of in each year presented. These commissions and fees are excluded from organic revenues in order to determine the revenue growth that is associated with the operations that were a part of Gallagher in both the current and prior year. In addition, organic growth excludes the impact of contingent commission revenues and foreign currency translation. (2) EBITDA represents earnings from continuing operations before interest, income taxes, depreciation, amortization and change in estimated acquisition earnout payables. (3) Represents earnings from continuing operations before interest, income taxes, depreciation, amortization and change in estimated acquisition earnout payables (EBITDA) divided by total revenues. Other ----- (4) Represents compensation expense divided by total revenues. (5) Represents operating expenses divided by total revenues. (6) Represents pretax earnings divided by total revenues. (7) Represents annualized year-to-date net earnings divided by total stockholders' equity as of the beginning of the year. (8) Investments at September 30, 2009 include the following: Funding Current Noncurrent Commitments ------- ---------- ----------- Asset Alliance Corporation $0.2 $1.0 $- Alternative energy: Equity interest in biomass projects and pipeline - 8.5 - Clean energy related ventures 0.3 9.7 24.0 Real estate and venture capital - 6.1 1.0 --- --- --- Total investments $0.5 $25.3 $25.0 ==== ===== =====

    Arthur J. Gallagher & Co.

    CONTACT: Marsha J. Akin, Investor Relations of Arthur J. Gallagher &
    Co., +1-630-773-3800

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




    Hulk Hogan Joins TNA WrestlingLegendary Wrestler and Pop Culture Icon Returns To The Ring With Fast-Rising Wrestling Organization

    NEW YORK, Oct. 27 /PRNewswire/ -- "Hulkamania" is back! The biggest name in professional wrestling history, Hulk Hogan, is joining Total Non-Stop Action Wrestling (TNA), the fastest rising wrestling organization in the world, and home to one of cable television's highest rated shows for young men, "TNA iMPACT!" The announcement was made today by TNA Wrestling in conjunction with Spike TV at a press conference held in New York City.

    (Logo: http://www.newscom.com/cgi-bin/prnh/20090226/CLTU020 )

    "Hulk Hogan is one of the world's top pop culture icons and the biggest superstar in the history of professional wrestling. We are truly excited to welcome him into the TNA family," said Dixie Carter, President of TNA Wrestling. "Our goal is to become the world's biggest professional wrestling company. Hulk defines professional wrestling and we look forward to partnering with him in a variety of ways as we continue to grow TNA globally."

    "I'm thrilled to be jumping back into the world of professional wrestling," said Hogan. "My fans have been asking me to return to the business for many years on a full time basis, but the timing or the opportunity has never been right until now. TNA Wrestling is a great company with an already excellent fan base, business and broadcast partner. I firmly believe now is the time for some change at TNA as they are positioned to jump to the next level in their development and I'm here to work with Dixie to help make that a reality."

    Through Hogan's partnership with Bischoff Hervey Entertainment Television, the deal with TNA was negotiated by longtime Hogan colleague Eric Bischoff. Additionally, BHE TV has inked a first-look deal with TNA and will be working with the organization to develop new programming extensions of the TNA brand.

    "Hulk Hogan adds yet another level of star power that positions TNA iMPACT as Spike TV's version of 'Must-See TV' on Thursday nights," said Kevin Kay, president of Spike.

    Hogan most recently penned an autobiography with Mark Dagostino, "My Life Outside The Ring" with St. Martin's Press.

    About Hulk Hogan

    HULK HOGAN (Terry Bollea) is one of the most sought-after, instantly recognizable celebrities in the world. He is a twelve-time professional world wrestling champion - six titles with WWE and six with WCW -- and the winner of the Royal Rumble in 1990 and 1991. He has appeared in several movies, including "Rocky III," was the co-host for NBC's "American Gladiators," and is the executive producer, judge, and host of "Hulk Hogan's Championship Wrestling" on CMT. Hogan is a frequent guest on every major talk show, such as "Jimmy Kimmel Live!," "Larry King Live," "Late Night with Conan O'Brien," "Live with Regis & Kelly," "The Today Show," "The Tonight Show with Jay Leno," and "The View."

    About TNA Wrestling

    "Cross The Line" to TNA Wrestling. TNA Wrestling is the most innovative experience in professional wrestling today. Join the TNA World Heavyweight Champion "The Phenomenal" AJ Styles, Olympic Gold Medalist Kurt Angle, Sting, Mick Foley, "The Samoan Submission Machine" Samoa Joe, "The Boss" Bobby Lashley, "The Blueprint" Matt Morgan, the lovely and lethal TNA Knockouts and the no-limits X-Division inside the six-sided ring of "TNA iMPACT!" every Thursday night (9:00-11:00 PM, ET/PT) on Spike TV.

    TNA Entertainment, LLC is a privately held company headquartered in Nashville, TN.

    About Spike TV

    Spike TV is available in 98 million homes and is a division of MTV Networks. A unit of Viacom , MTV Networks is one of the world's leading creators of programming and content across all media platforms. Spike TV's Internet address is Spike.com and for up-to-the-minute and archival press information and photographs, visit Spike TV's press site at http://www.spike.com/press

    About Bischoff Hervey Entertainment

    Based in Los Angeles, Bischoff Hervey Entertainment has created and executive produced reality television projects for NBC, VH-1, CMT, Tru-TV, A&E, and E! networks, including "Scott Baio is 45 and Single", "Scott Baio is 46 and Pregnant", "Hulk Hogan's Celebrity Championship Wrestling", "I Wanna Be a Hilton!" and "Billy Ray Cyrus...Home Again".

    Photo: http://www.newscom.com/cgi-bin/prnh/20090226/CLTU020
    AP?Archive: http://photoarchive.ap.org/
    PRN?Photo?Desk, photodesk@prnewswire.com TNA Entertaiment LLC

    CONTACT: Steven Godfrey of TNA Wrestling, +1-615-244-5557,
    sgodfrey@tnawrestling.com; or David Schwarz of Spike TV, +1-212-767-8639,
    david.schwarz@mtvstaff.com; or Jaime Cassavechia of Susan Blond, Inc.,
    +1-212-333-7728 x. 108, jaimec@susanblondinc.com for BHE; or Matt Schlosberg
    of HighWater Group, +1-212-338-0077 x. 1021, matt@highwatergroup.com

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




    Advent Software Announces 2009 Third Quarter ResultsCompany Reports Strong Annual Contract Value of $6 Million; Operating Cash Flow of $19.8 Million and GAAP EPS of $0.15 from Continuing Operations

    SAN FRANCISCO, Oct. 27 /PRNewswire-FirstCall/ -- Advent Software, Inc. , a leading provider of software and services to the global investment management industry, announced today financial results for the third quarter ended September 30, 2009.

    "We are very pleased with Advent's third quarter performance. We achieved strong results in our key financial metrics and saw increased demand across all areas of our business," said Stephanie DiMarco, Founder and Chief Executive Officer of Advent. "Our broad portfolio of products, diverse customer base, financial and competitive strength, and long-term strategy position us well for the future."

    THIRD QUARTER RESULTS

    In July 2009, the Company entered into a definitive agreement for the sale of its New York-based subsidiary MicroEdge, Inc. to Vista Equity Partners, which was completed on October 1, 2009. All past and future reported results of the MicroEdge business are now reported as discontinued operations of the Company.

    GAAP Results for Continuing Operations

    The Company reported revenue from continuing operations of $63.8 million for the third quarter of 2009, compared to $58.2 million from continuing operations in the third quarter of 2008, a 10% increase.

    Operating income from continuing operations for the third quarter of 2009 was $5.8 million, or 9% of revenue, and represents an increase of 83% compared to $3.2 million from continuing operations, or 5% of revenue, in the third quarter of 2008.

    Net income from continuing operations for the third quarter of 2009 was $3.9 million compared to $1.8 million from continuing operations in the third quarter of 2008, a 114% increase.

    On a fully diluted basis, earnings per share from continuing operations in the third quarter of 2009 were $0.15 and represent a 127% increase from $0.06 from continuing operations in the third quarter of 2008.

    Operating cash flow from continuing operations in the third quarter of 2009 was $19.8 million, compared with $17.5 million from continuing operations in the third quarter of 2008, a 13% increase. Cash and cash equivalents of continuing operations totaled $69.2 million as of September 30, 2009.

    Total deferred revenues from continuing operations were $132.7 million as of September 30, 2009, compared to $127.1 million from continuing operations as of September 30, 2008, a 4% increase.

    Non-GAAP Results for Continuing Operations

    Non-GAAP operating income from continuing operations for the third quarter of 2009 was $12.3 million, or 19% of revenue. This represents a 49% increase compared to $8.3 million from continuing operations, or 14% of revenue, in the third quarter of 2008.

    Non-GAAP diluted earnings per share from continuing operations were $0.30 in the third quarter of 2009 and represent a 58% increase from $0.19 from continuing operations in the third quarter of 2008.

    The reconciliation between GAAP and non-GAAP financial measures is provided at the end of this press release.

    GAAP Results for Discontinued Operations

    Net income from discontinued operations for the third quarter of 2009 was $0.8 million, compared to $0.9 million from discontinued operations in the third quarter of 2008.

    On a fully diluted basis, earnings per share from discontinued operations in the third quarter of 2009 were $0.03, consistent with the third quarter of 2008.

    THIRD QUARTER HIGHLIGHTS -- Customer Momentum: Advent saw continued momentum in customer wins for Advent Portfolio Exchange® (APX), Geneva® and Tamale RMS®. The Company signed 19 APX contracts in the third quarter, which, combined with the third quarter APX outsourcing contracts, brings the total number of global APX contracts signed to more than 500. Advent signed 10 Geneva® contracts in the third quarter. The Company also added one of the largest university endowments to Tamale's list of clients in the third quarter. -- New and Incremental Bookings: The term license contracts signed in the third quarter of 2009 will contribute approximately $6 million in annual revenue ("annual term license contract value" or "ACV") once they are fully implemented. -- Launch of Advent Revenue Center® 3.0: Advent unveiled significant new features to Advent Revenue Center®, its comprehensive billing and revenue management solution. Advent Revenue Center® 3.0 includes revenue forecasting and revenue sharing to help firms maximize revenues, increase efficiency and mitigate operational risk. -- Appointment of Chief Financial Officer: Advent promoted James Cox, previously Vice President and Principal Accounting Officer of Advent, to the position of Senior Vice President and Chief Financial Officer. FINANCIAL GUIDANCE Advent announces the following financial guidance for Q4 and FY 2009: Guidance Q409 Continuing FY09 Continuing Operations Operations -------- --------------- --------------- Total Revenue ($M) $64-$66 $257-$259 ------------------ ------- --------- GAAP Operating Margin n/a 10%-11% --------------------- --- ------ Amortization of Intangibles n/a 1%-2% (% of revenue) ------------- --- ---- Stock Compensation Expense (% of revenue) n/a 7%-8% ---------------------- --- ---- Non-GAAP Operating Margin n/a 19%-20% ------------------------- --- ------ Operating Cash Flow ($M) n/a $70-$75 ----------------------- --- ------- Capital Expenditures ($M) n/a $7-$9 ------------------------ --- ----- INVESTOR CALL

    Advent Software, Inc. will host its Q3 2009 quarterly earnings conference call at 5:00 p.m. ET today. The Q3 2009 earnings presentation and trended disclosures file, which include highlights and detailed financial information, are currently available at http://investor.advent.com/. To participate via phone, please dial 888-823-1020 and request conference ID #34021948. A replay will be available through midnight, November 4, 2009, by calling 800-642-1687 and referencing conference ID #34021948. The conference call will also be webcast live and then archived on http://investor.advent.com/.

    ABOUT ADVENT

    Advent Software, Inc., a global firm, has provided trusted solutions to the world's financial professionals since 1983. Firms in 60 countries rely on Advent technology to run their mission-critical operations. Advent's quality software, data, services and tools enable financial professionals to improve service and communication to their clients, allowing them to grow their business while controlling costs. Advent is the only financial services software company to be awarded the Service Capability and Performance certification for being a world-class support and services organization. For more information on Advent products visit http://www.advent.com/about/resources/demos/pr.

    ABOUT NON-GAAP FINANCIAL INFORMATION

    This press release includes non-GAAP financial measures. For a description of these non-GAAP financial measures, including the reasons management uses each measure, and reconciliations of these non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with Generally Accepted Accounting Principles (GAAP), please see the accompanying tables entitled "Reconciliation of Selected GAAP Measures to Non-GAAP Measures."

    FORWARD-LOOKING STATEMENTS

    The financial projections under Financial Guidance, our revenue growth, market acceptance, increased demand for our products and new product releases, the anticipated benefits of our sale of MicroEdge, anticipated benefits of our acquisition of Tamale Software, our competitive position, market conditions and their impact on our business, and the momentum of the business, and other forward-looking statements included in this presentation reflect management's best judgment based on factors currently known and involve risks and uncertainties; our actual results may differ materially from those discussed here. These risks and uncertainties include: potential fluctuations in new contract bookings, renewal rates, operating results and future growth rates; continued market acceptance of our Advent Portfolio Exchange®, Geneva® and Moxy® products; the successful development, release and market acceptance of new products and product enhancements; continued uncertainties and fluctuations in the financial markets; the Company's ability to satisfy contractual performance requirements; difficulties in integrating merged businesses, such as Tamale Software, and achieving expected synergies and results; the anticipated proceeds and financial impact of divesting our MicroEdge subsidiary and other risks detailed from time to time in our SEC reports including, but not limited to, our quarterly reports on Form 10-Q and our 2008 annual report on Form 10-K. The Company disclaims any intention or obligation to publicly update or revise any forward-looking statements including any guidance, whether as a result of events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

    Advent, the Advent logo, Advent Software, Advent Portfolio Exchange, Advent Revenue Center, Geneva, Moxy and Tamale RMS are registered trademarks of Advent Software, Inc. All other company names or marks mentioned herein are those of their respective owners.

    ADVENT SOFTWARE, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (GAAP, Unaudited) September 30 December 31 2009 2008 ---- ---- ASSETS Current assets: Cash and cash equivalents $69,164 $45,098 Accounts receivable, net 38,570 46,564 Deferred taxes, current 12,466 12,458 Prepaid expenses and other 15,593 19,732 Current assets of discontinued operation 5,414 9,443 ----- ----- Total current assets 141,207 133,295 Property and equipment, net 34,738 39,150 Goodwill 145,144 143,044 Other intangibles, net 23,856 27,217 Deferred taxes, long-term 54,159 54,166 Other assets, net 8,261 11,419 Noncurrent assets of discontinued operation 12,143 11,303 ------ ------ Total assets $419,508 $419,594 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $5,452 $5,312 Accrued liabilities 26,840 25,781 Deferred revenues 126,336 135,217 Income taxes payable 6,228 978 Current liabilities of discontinued operation 13,002 13,953 ------ ------ Total current liabilities 177,858 181,241 Long-term debt - 25,000 Deferred income taxes 6 6 Deferred revenues, long-term 6,329 6,083 Other long-term liabilities 8,842 10,066 Noncurrent liabilities of discontinued operation 1,527 1,375 ----- ----- Total liabilities 194,562 223,771 ------- ------- Stockholders' equity: Common stock 256 257 Additional paid-in capital 378,407 365,351 Accumulated deficit (163,543) (176,484) Accumulated other comprehensive income 9,826 6,699 ----- ----- Total stockholders' equity 224,946 195,823 ------- ------- Total liabilities and stockholders' equity $419,508 $419,594 ======== ======== ADVENT SOFTWARE, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (GAAP, Unaudited) Three Months Nine Months Ended September 30 Ended September 30 ------------------ ------------------ 2009 2008 2009 2008 ---- ---- ---- ---- Net revenues: Term license, maintenance and other recurring $55,346 $46,931 $166,416 $138,333 Perpetual license fees 2,370 3,168 7,633 11,485 Professional services and other 6,066 8,053 19,126 21,577 ----- ----- ------ ------ Total net revenues 63,782 58,152 193,175 171,395 Cost of revenues (1): Term license, maintenance and other recurring 11,920 11,095 34,729 31,581 Perpetual license fees 65 142 255 368 Professional services and other 7,628 10,453 23,190 25,339 Amortization of developed technology 1,416 575 4,145 1,681 ----- --- ----- ----- Total cost of revenues 21,029 22,265 62,319 58,969 ------ ------ ------ ------ Gross margin 42,753 35,887 130,856 112,426 Operating expenses (1): Sales and marketing 15,627 14,142 46,538 42,291 Product development 12,179 9,357 35,528 31,317 General and administrative 8,636 9,029 25,932 26,216 Amortization of other intangibles 438 134 1,315 721 Restructuring charges 36 41 92 96 -- -- -- -- Total operating expenses 36,916 32,703 109,405 100,641 ------ ------ ------- ------- Income from continuing operations 5,837 3,184 21,451 11,785 Interest income and other income (expense), net (194) (154) 1,585 3,633 ---- ---- ----- ----- Income from continuing operations before income taxes 5,643 3,030 23,036 15,418 Provision for income taxes 1,741 1,207 6,612 3,738 ----- ----- ----- ----- Net income from continuing operations $3,902 $1,823 $16,424 $11,680 Discontinued operation: Net income from discontinued operation (net of applicable taxes of $223, $640, $1,409 and $695, respectively) 770 889 2,499 1,022 ------ ------ ------- ------- Net income $4,672 $2,712 $18,923 $12,702 ====== ====== ======= ======= Basic net income per share Continuing operations $0.15 $0.07 $0.65 $0.44 Discontinued operation 0.03 0.03 0.10 0.04 ---- ---- ---- ---- Total operations $0.18 $0.10 $0.75 $0.48 ===== ===== ===== ===== Diluted net income per share Continuing operations $0.15 $0.06 $0.63 $0.41 Discontinued operation 0.03 0.03 0.10 0.04 ---- ---- ---- ---- Total operations $0.18 $0.10 $0.72 $0.45 ===== ===== ===== ===== Weighted average shares used to compute net income per share: Basic 25,527 26,788 25,352 26,690 Diluted 26,630 28,198 26,244 28,199 (1) Includes stock-based employee compensation expense as follows: Cost of term license, maintenance and other recurring revenues $498 $340 $1,333 $906 Cost of professional services and other revenues 336 266 967 739 --- --- --- --- Total cost of revenues 834 606 2,300 1,645 Sales and marketing 1,650 1,278 4,265 3,316 Product development 1,326 1,028 3,641 2,784 General and administrative 1,388 1,939 3,769 4,038 ----- ----- ----- ----- Total operating expenses 4,364 4,245 11,675 10,138 ----- ----- ------ ------ Total stock-based employee compensation expense $5,198 $4,851 $13,975 $11,783 ====== ====== ======= ======= ADVENT SOFTWARE, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (GAAP, Unaudited) Nine Months Ended September 30 ------------------ 2009 2008 ---- ---- Cash flows from continuing operations' operating activities: Net income from continuing operations $16,424 11,680 ------- ------ Adjustments to reconcile continuing operations' net income to net cash provided by operating activities: Stock-based compensation 13,975 11,783 Depreciation and amortization 12,432 8,119 Loss on disposition of fixed assets 9 4 Provision for doubtful accounts 268 529 Provision for sales returns 454 61 Gain on investments (2,056) (3,393) Deferred income taxes (1) 124 Other 116 7 --- - Effect of statement of operations adjustments 25,197 17,234 Changes in operating assets and liabilities: Accounts receivable 7,717 (661) Prepaid and other assets 5,688 835 Accounts payable 483 6,037 Accrued liabilities (93) (4,536) Deferred revenues (9,089) 16,524 Income taxes payable 5,250 2,984 ----- ----- Effect of changes in operating assets and liabilities 9,956 21,183 ----- ------ Net cash provided by continuing operations' operating activities 51,577 50,097 Cash flows from continuing operations' investing activities: Net cash used in acquisitions - (1,000) Purchases of property and equipment (2,860) (17,396) Capitalized software development costs (2,000) (1,641) Proceeds from sale of private equity investments 2,056 3,393 Proceeds from disposition of fixed assets 37 - Change in restricted cash 1,534 (248) ----- ---- Net cash used in continuing operations' investing activities (1,233) (16,892) Cash flows from continuing operations' financing activities: Proceeds from exercises of employee stock options 6,318 4,892 Withholding taxes related to equity award net share settlement (2,026) (2,000) Proceeds from common stock issued under the employee stock purchase plan 2,946 2,576 Repurchase of common stock (14,578) (15,032) Repayment of long term borrowing (25,000) - ------- - Net cash used in continuing operations' financing activities (32,340) (9,564) Net cash transferred from discontinued operation 5,662 1,623 Effect of exchange rate changes on cash and cash equivalents 400 (127) --- ---- Net change in continuing operations' cash and cash equivalents 24,066 25,137 Cash and cash equivalents of continuing operations at beginning of period 45,098 48,809 ------ ------ Cash and cash equivalents of continuing operations at end of period $69,164 $73,946 ======= ======= Supplemental disclosure of cash flow information Cash flow from discontinued operation: Net cash provided by operating activities $4,283 $4,069 Net cash used in investing activities (715) (1,048) Net cash transferred to continuing operations (5,662) (1,623) Effect of exchange rates on cash and cash equivalents (8) (2) -- -- Net change in cash and cash equivalents from discontinued operations (2,102) 1,396 Cash and cash equivalents of discontinued operation at beginning of period 3,253 780 ----- --- Cash and cash equivalents of discontinued operation at end of period $1,151 $2,176 ====== ====== ADVENT SOFTWARE, INC. RECONCILIATION OF SELECTED CONTINUING OPERATIONS' GAAP MEASURES TO NON-GAAP MEASURES (In thousands, except per share data) (Unaudited) To supplement our condensed consolidated financial statements presented on a GAAP basis, Advent uses non-GAAP measures of continuing operations' operating income, net income and net income per share, which are adjusted to exclude certain costs, expenses, gains and losses we believe appropriate to enhance an overall understanding of our past financial performance and also our prospects for the future. These adjustments to our current period GAAP results are made with the intent of providing both management and investors a more complete understanding of Advent's underlying operational results and trends and our marketplace performance. In addition, these adjusted non-GAAP results are among the information management uses as a basis for our planning and forecasting of future periods. The presentation of this additional information is not meant to be considered in isolation or as a substitute for results prepared in accordance with generally accepted accounting principles in the United States. Three Months Ended September 30, 2009 for Continuing Operations ----------------------------------------- Gross Gross Operating Operating Net Margin Margin % Income Income % Income ------ -------- ------ -------- ------ GAAP $42,753 67% $5,837 9% $3,902 Amortization of acquired developed technology 782 782 782 Amortization of other acquired intangibles - 438 438 Stock-based compensation - cost of revenues 834 834 834 Stock-based compensation - operating expenses - 4,364 4,364 Restructuring charges - 36 36 Income tax adjustment for non-GAAP (1) - - (2,493) ------- ------- ------ Non-GAAP $44,369 70% $12,291 19% $7,863 ======= ======= ====== Diluted net income per share GAAP $0.15 Non-GAAP $0.30 Shares used to compute diluted net income per share 26,630 Three Months Ended September 30, 2008 for Continuing Operations ----------------------------------------- Gross Gross Operating Operating Net Margin Margin % Income Income % Income ------ -------- ------ -------- ------ GAAP $35,887 62% $3,184 5% $1,823 Amortization of acquired developed technology 52 52 52 Amortization of other acquired intangibles - 134 134 Stock-based compensation - cost of revenues 606 606 606 Stock-based compensation - operating expenses - 4,245 4,245 Restructuring charges - 41 41 Income tax adjustment for non-GAAP (1) - - (1,631) ------- ------ ------ Non-GAAP $36,545 63% $8,262 14% $5,270 ======= ====== ====== Diluted net income per share GAAP $0.06 Non-GAAP $0.19 Shares used to compute diluted net income per share 28,198 (1) The estimated non-GAAP effective tax rate was 35% for the three months ended September 30, 2009 and 2008, respectively, and has been used to adjust the provision for income taxes for non-GAAP purposes. Advent Software, Inc. Reconciliation of Projected Continuing Operations' GAAP Operating Income % to Non-GAAP Operating Income % (Preliminary and unaudited) Advent provides projections of non-GAAP measures of its continuing operations' operating income, which exclude certain costs, expenses, gains and losses which it believes is appropriate to enhance an overall understanding of our past financial performance and also our prospects for the future. These adjustments to our projected continuing operations' GAAP results are made with the intent of providing management and investors a more complete understanding continuing operations' underlying operational results and trends and our marketplace performance. In addition, these adjusted non-GAAP projections are among the information management uses as a basis for planning and forecasting of future periods. The presentation of this additional information is not meant to be considered in isolation or as a substitute for results prepared in accordance with generally accepted accounting principles in the United States. Twelve Months Ended December 31, 2009 Continuing Operations Operating Income % ------------------ Projected GAAP 10% to 11% == == == Projected amortization of acquired developed technology and other acquired intangible asset adjustment 1% to 2% Projected stock based compensation adjustment 7% to 8% -- -- -- Projected non-GAAP 19% to 20% == == ==

    Advent Software, Inc.

    CONTACT: Media, Jessica Miller, +1-415-645-1668, jmiller@advent.com, or
    Investor Relations, Heidi Flaherty, +1-415-645-1145, flaherty@advent.com, both
    of Advent Software, Inc.

    Web Site: http://investor.advent.com/




    Synaptics to Present at Lazard Capital Markets Technology & Media Best Ideas Investor Day

    SANTA CLARA, Calif., Oct. 27 /PRNewswire-FirstCall/ -- Synaptics , a leading developer of human interface solutions for mobile computing, communications, and entertainment devices, today announced that members of the executive management team will present to the investment community at the Lazard Capital Markets Technology & Media Best Ideas Investor Day on Thursday, November 5, 2009 at 2:00 pm Pacific Time. The conference will be held at the Mandarin Oriental Hotel in San Francisco, CA.

    The presentation may include forward-looking information. An audio webcast of the event will be made available on the "Webcasts & Events" page of Synaptics' Investor Relations website at http://investor.shareholder.com/synaptics/events.cfm.

    About Synaptics Incorporated

    Synaptics is a leading developer of human interface solutions for the mobile computing, communications, and entertainment industries. The company creates interface solutions for a variety of devices including notebook PCs, PC peripherals, digital music players, and mobile phones. The TouchPad(TM), Synaptics' flagship product, is integrated into a majority of today's notebook computers. Consumer electronics and computing manufacturers use Synaptics' solutions to enrich the interaction between humans and intelligent devices through improved usability, functionality and industrial design. The company is headquartered in Santa Clara, California. http://www.synaptics.com/

    For more information contact: Joanie Lam The Blueshirt Group 415-217-7722 joanie@blueshirtgroup.com

    Synaptics

    CONTACT: Joanie Lam of The Blueshirt Group, +1-415-217-7722,
    joanie@blueshirtgroup.com, for Synaptics

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




    AutoNation to Acquire Honda and Acura Dealerships

    FORT LAUDERDALE, Fla., Oct. 27 /PRNewswire-FirstCall/ -- AutoNation, Inc. , America's largest automotive retailer, today announced that it has signed agreements to acquire Valley Honda and Valley Acura in Spokane, Washington.

    The stores will be renamed AppleWay Honda and AppleWay Acura after the completion of the transaction, which is expected to take place by the end of 2009, and they will become the 9th and 10th new vehicle franchises owned by AutoNation in Spokane. The two stores together generated approximately $38 million of sales in fiscal 2008. The transaction is subject to customary terms and conditions, including manufacturer approval.

    "Valley Honda and Valley Acura will be an outstanding addition to our brand mix in Spokane," said Michael E. Maroone, AutoNation's president and chief operating officer. "They fit perfectly into our AppleWay market in Eastern Washington, where we already have a strong footprint and a great management team. This acquisition will enable us to serve an even wider customer base in Spokane. We will continue to look for acquisition opportunities such as this one to enhance our position in our key markets."

    The stores are located at 8201 and 8325 East Sprague Avenue, Spokane, Washington. The current owners, Ray Kish and Rick Rielly, will not remain with the stores following the closing.

    Currently, AutoNation's AppleWay stores in Spokane, Washington offer new vehicles from Toyota, Chevrolet, Subaru, Volkswagen, Audi, Mazda, Scion and Mitsubishi, as well as used vehicles, parts and services.

    About AutoNation, Inc.

    AutoNation, Inc., headquartered in Fort Lauderdale, Fla., is America's largest automotive retailer. A component of the Standard and Poor's 500 Index, AutoNation owns and operates 245 new vehicle franchises in 15 states. For additional information, please visit http://www.autonation.com/, where more than 70,000 vehicles are available for sale.

    Photo: http://www.newscom.com/cgi-bin/prnh/20001017/AUTONATIONLOGO AutoNation, Inc.

    CONTACT: Marc Cannon of AutoNation, Inc., +1-954-769-3146,
    Cannonm@autonation.com

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




    National Instruments Declares Quarterly Dividend

    AUSTIN, Texas, Oct. 27, 2009 /PRNewswire-FirstCall/ -- The National Instruments Board of Directors announced a quarterly dividend of $0.12 per share. This dividend is payable on Nov. 30, 2009, to shareholders of record on Nov. 9, 2009.

    About National Instruments

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

    (NATI-D)

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

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

    Photo: http://www.newscom.com/cgi-bin/prnh/20080723/LAW030LOGO
    http://photoarchive.ap.org/
    PRN Photo Desk, photodesk@prnewswire.com National Instruments

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

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




    Avista Wins Stimulus Award for Smart Grid ProjectUpgrades to electric system improve service, create green jobs

    SPOKANE, Wash., Oct. 27 /PRNewswire-FirstCall/ -- Avista has been chosen to receive a matching grant in the range of $20 million from the U.S. Department of Energy for a project to upgrade portions of the utility's electric distribution system to smart grid standards. Avista will contribute approximately $22 million to the project cost.

    (Logo: http://www.newscom.com/cgi-bin/prnh/20040128/SFW031LOGO)

    Depending on final grant terms, the project is expected to improve electric service for customers and create some 45 new green jobs.

    "We are very grateful for the leadership of Senator Cantwell in promoting federal investment in our nations' electric systems," said Scott Morris, chairman, president and CEO of Avista. "This would not have been possible without her tireless support."

    The upgrade will dramatically improve 58 electric distribution facilities known as "feeders" in the Spokane area. The project is intended to reduce energy losses from electric lines, improve reliability and increase efficiency in the feeder system. The result of this work will include in a reduction in the need for new energy sources and will cut greenhouse gas emissions.

    Avista is already at work on a pilot project that provided the basis for this grant. Funding from the federal stimulus program makes it possible to upgrade more feeders in a faster timeframe with little impact on rates.

    "We have the experience and the expertise to utilize this stimulus money and speed up the improvements to our system that will benefit customers," said Morris. "The work we are doing will also prepare the system for tomorrow's technologies that will allow customers greater participation in controlling their energy usage."

    Specifically, the project will include installation of modern equipment and software to enable Smart Grid capabilities and increase reliability and efficiency.

    The distribution feeder systems to be upgraded are primarily in higher population density areas of south and north Spokane. Work is expected to begin by the end of 2009. The entire project is scheduled for completion in 36 months.

    About Avista

    Avista Corp. is an energy company involved in the production, transmission and distribution of energy as well as other energy-related businesses. Avista Utilities is our operating division that provides electric service to 355,000 homes and businesses and natural gas to 312,000 homes and businesses in three Western states, serving more than 492,000 customers. Avista's primary, non-regulated subsidiary is Advantage IQ. Our stock is traded under the ticker symbol "AVA." For more information about Avista, please visit http://www.avistacorp.com/.

    This news release contains forward-looking statements regarding the company's current expectations. Forward-looking statements are all statements other than historical facts. Such statements speak only as of the date of the news release and are subject to a variety of risks and uncertainties, many of which are beyond the company's control, which could cause actual results to differ materially from the expectations. These risks and uncertainties include, in addition to those discussed herein, all of the factors discussed in the company's Annual Report on Form 10-K for the year ended Dec. 31, 2008, and the Quarterly Report on Form 10-Q for the quarter ended June 30, 2009.

    -0981-

    To unsubscribe from Avista's news release distribution, send reply message to debbie.simock@avistacorp.com

    Photo: http://www.newscom.com/cgi-bin/prnh/20040128/SFW031LOGO
    http://photoarchive.ap.org/
    PRN Photo Desk photodesk@prnewswire.com Avista Corp.

    CONTACT: Hugh Imhof of Avista Corp., +1-509-595-4264,
    hugh.imhof@avistacorp.com, or Avista 24/7 Media Access, +1-509-495-4174

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




    Cephalon Net Sales Increase 9% and Net Cash from Operations Surpasses $200 Million in the Third Quarter 2009Adjusted Net Income Surpasses Guidance NUVIGIL Launch Exceeds Expectations

    FRAZER, Pa., Oct. 27 /PRNewswire-FirstCall/ -- Cephalon, Inc. today reported third quarter 2009 net sales of $535.2 million, a 9 percent increase compared to net sales of $489.7 million for the third quarter 2008. Basic income per common share for the quarter was $1.38. Excluding amortization expense and certain other items, basic adjusted income per common share for the quarter was $1.70, an increase of 25 percent over the comparable figure of $1.36 for the same period in 2008. Adjusted net income for the third quarter of 2009 was $126.7 million, a 36 percent increase over the comparable $92.9 million for the third quarter of 2008. This exceeded the company's adjusted net income guidance range of $108 to $116 million.

    Central nervous system (CNS) franchise net sales were $291.9 million during the quarter, a 7 percent increase compared to the same period last year. Pain franchise reported net sales of $116.3 million, a 1 percent decrease versus third quarter 2008. Oncology franchise net sales were $83.1 million, a 58 percent increase over the same period last year due to strong sales of TREANDA® (bendamustine hydrochloride) of $54.5 million.

    During the quarter Cephalon recorded net cash provided by operating activities of $203.6 million bringing the year-to-date cash flow from operations to $517.1 million.

    "The exceptional launch of NUVIGIL was the highlight of the quarter," said Frank Baldino, Jr., Ph.D., Chairman and CEO. "In addition, we have assembled the deepest and most diverse pipeline in our history with a variety of small molecules and biologics being studied for pain, oncology, and inflammatory diseases. We look forward to developing this diverse pipeline with the goal of creating important new medicines for patients."

    The company is updating its guidance for 2009. Total net sales guidance is now $2.125-$2.175 billion. This includes CNS franchise net sales of $1.150-$1.170 billion, pain franchise net sales of $480-$500 million, oncology franchise net sales of $315-$335 million, and other product net sales of $160-$175 million. Full year R&D and SG&A expense guidance is now $400-$415 million and $800-$815 million, respectively. Adjusted net income guidance remains unchanged at $457-$464 million. Basic adjusted income per common share guidance also remains unchanged at $6.30-$6.40.

    Cephalon is introducing 2010 net sales guidance of $2.325 - $2.400 billion. This includes CNS franchise net sales of $1.180 - $1.220 billion, pain franchise net sales of $535 - $570 million, oncology franchise net sales of $400 - $430 million, and other product net sales of $200 - $220 million. R&D and SG&A guidance for 2010 are $470 - $490 million and $840 - $860 million, respectively.

    The company also is introducing adjusted net income for 2010 of $495 - $510 million. This represents growth of approximately 9 percent over our 2009 guidance. Cephalon is introducing 2010 adjusted net income per common share guidance of $6.50 - $6.70.

    Basic adjusted income per common share for both the full-year 2009 and full-year 2010 is reconciled below and is subject to the assumptions set forth therein. References in this press release to basic income per common share, basic adjusted income per common share, basic adjusted income per common share guidance, adjusted net income, adjusted net income guidance, adjusted net income per common share, adjusted net income per common share guidance refers to those metrics on an "attributable to Cephalon" basis and does not include any income or losses attributable to noncontrolling interests.

    Cephalon's management will discuss the company's third quarter 2009 performance in a conference call with investors beginning at 5:00 p.m. U.S. EDT today. To participate in the conference call, dial +1-785-830-1926 and refer to conference code number 8349052. Investors can listen to the call live by logging on to the company's website at http://www.cephalon.com/ and clicking on "Investors" then "Webcast." The conference call will be archived and available to investors for one week after the call.

    About Cephalon, Inc.

    Founded in 1987, Cephalon, Inc. is an international biopharmaceutical company dedicated to the discovery, development and commercialization of many unique products in four core therapeutic areas: central nervous system, inflammatory diseases, pain and oncology. A member of the Fortune 1000 and the S&P 500 Index, Cephalon currently employs approximately 3,000 people in the United States and Europe. U.S. sites include the company's headquarters in Frazer, Pennsylvania, and offices, laboratories or manufacturing facilities in West Chester, Pennsylvania, Salt Lake City, Utah, and suburban Minneapolis, Minnesota.

    Cephalon has a growing presence in Europe, the Middle East and Africa. The Cephalon European headquarters and pre-clinical development center are located in Maisons-Alfort, France, just outside of Paris. Key business units are located in England, Ireland, France, Germany, Italy, Spain, the Netherlands for the Benelux countries, and Poland for Eastern and Central European countries. Cephalon Europe markets more than 30 products in four areas: central nervous system, pain, primary care and oncology.

    The company's proprietary products in the United States include: AMRIX® (cyclobenzaprine hydrochloride extended-release capsules), TREANDA® for Injection, FENTORA® (fentanyl buccal tablet) [C-II], PROVIGIL® (modafinil) Tablets [C-IV], TRISENOX® (arsenic trioxide) injection, GABITRIL® (tiagabine hydrochloride), NUVIGIL® (armodafinil) Tablets [C-IV] and ACTIQ® (oral transmucosal fentanyl citrate) [C-II]. The company also markets numerous products internationally. Full prescribing information on its U.S. products is available at http://www.cephalon.com/ or by calling 1-800-896-5855.

    In addition to historical facts or statements of current condition, this press release may contain forward-looking statements. Forward-looking statements provide Cephalon's current expectations or forecasts of future events. These may include statements regarding anticipated scientific progress on its research programs; development of potential pharmaceutical products; interpretation of clinical results; prospects for regulatory approval; manufacturing development and capabilities; market prospects for its products; net sales, adjusted net income and basic adjusted income per common share guidance for the full-year 2009 and full-year 2010 and SG&A and R&D guidance for the full-year 2009 and full-year 2010; and other statements regarding matters that are not historical facts. You may identify some of these forward-looking statements by the use of words in the statements such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe" or other words and terms of similar meaning. Cephalon's performance and financial results could differ materially from those reflected in these forward-looking statements due to general financial, economic, regulatory and political conditions affecting the biotechnology and pharmaceutical industries as well as more specific risks and uncertainties facing Cephalon such as those set forth in its reports on Form 8-K, 10-Q and 10-K filed with the U.S. Securities and Exchange Commission. Given these risks and uncertainties, any or all of these forward-looking statements may prove to be incorrect. Therefore, you should not rely on any such factors or forward-looking statements. Furthermore, Cephalon does not intend to update publicly any forward-looking statement, except as required by law. The Private Securities Litigation Reform Act of 1995 permits this discussion.

    This press release and/or the financial results attached to this press release include "Adjusted Net Income," "Basic Adjusted Income per Common Share," "Adjusted Net Income Guidance," "Basic Adjusted Income per Common Share Guidance," and "Diluted Adjusted Income Per Common Share," amounts that are considered "non-GAAP financial measures" under SEC rules. As required, we have provided reconciliations of these measures. Additional required information is located in the Form 8-K furnished to the SEC in connection with this press release.

    CEPHALON, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited) Three Months Nine Months Ended Ended September 30, September 30, ------------- ------------- As As adjusted adjusted 2009 2008* 2009 2008* ------- --------- --------- ---------- REVENUES: Net sales $535,223 $489,664 $1,588,610 $1,408,603 Other revenues 14,189 8,818 28,583 25,813 ------- ------- --------- --------- 549,412 498,482 1,617,193 1,434,416 ------- ------- --------- --------- COSTS AND EXPENSES: Cost of sales 90,456 121,477 293,633 312,711 Research and development 99,157 88,325 304,266 250,169 Selling, general and administrative 194,068 222,948 618,314 631,832 Restructuring charges 1,062 1,497 3,944 6,973 Settlement reserve - 7,450 - 7,450 Acquired in-process research and development 6,000 - 46,118 10,000 ------- ------- --------- --------- 390,743 441,697 1,266,275 1,219,135 ------- ------- --------- --------- INCOME FROM OPERATIONS 158,669 56,785 350,918 215,281 ------- ------ ------- ------- OTHER INCOME (EXPENSE): Interest income 1,821 4,002 3,455 15,515 Interest expense (26,495) (19,013) (63,213) (62,080) Other income (expense), net 3,775 (2,284) 42,418 1,488 ------ ------ ------ ----- (20,899) (17,295) (17,340) (45,077) ------- ------- ------- ------- INCOME BEFORE INCOME TAXES 137,770 39,490 333,578 170,204 INCOME TAX EXPENSE (BENEFIT) 42,673 (66,108) 122,659 (17,727) ------ ------- ------- ------- NET INCOME 95,097 105,598 210,919 187,931 NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST 7,625 - 35,150 - ----- ------- ------ ------- NET INCOME ATTRIBUTABLE TO CEPHALON, INC. $102,722 $105,598 $246,069 $187,931 ======== ======== ======== ======== BASIC INCOME PER COMMON SHARE ATTRIBUTABLE TO CEPHALON, INC. $1.38 $1.55 $3.44 $2.77 ===== ===== ===== ===== DILUTED INCOME PER COMMON SHARE ATTRIBUTABLE TO CEPHALON, INC. $1.31 $1.34 $3.17 $2.49 ===== ===== ===== ===== WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING ATTRIBUTABLE TO CEPHALON, INC. 74,647 68,118 71,541 67,855 ====== ====== ====== ====== WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING- ASSUMING DILUTION ATTRIBUTABLE TO CEPHALON, INC. 78,431 78,920 77,552 75,580 ====== ====== ====== ====== *As adjusted in accordance with the transition provisions of accounting for convertible debt instruments that may be settled in cash upon conversion (including partial cash settlement) and accounting for noncontrolling interests in consolidated financial statements. CEPHALON, INC. AND SUBSIDIARIES Reconciliation of GAAP Net Income to Adjusted Net Income Attributable to Cephalon, Inc. (Unaudited) Three Months Ended September 30, ------------- 2009 2008 ---- ---- GAAP NET INCOME ATTRIBUTABLE TO CEPHALON, INC. $102,722 $105,598 ======== ======== Cost of sales adjustments 21,968 (1) 54,569 (1) Research and development adjustments 1,318 (2) 259 (2) Selling, general and administrative adjustments 635 (3) 27,169 (3) Restructuring charges 1,062 (4) 1,497 (4) Settlement reserve - (5) 7,450 (5) Interest expense adjustment 16,959 (6) 13,932 (6) Other (income) expense adjustment (484) (7) - (7) In-process research and development adjustments 6,000 (8) - (8) Income tax adjustment (23,475) (9) (117,569) (9) ------- -------- 23,983 (12,693) ADJUSTED NET INCOME ATTRIBUTABLE TO CEPHALON, INC. $126,705 $92,905 ======== ======= BASIC ADJUSTED INCOME PER COMMON SHARE $1.70 $1.36 ===== ===== DILUTED ADJUSTED INCOME PER COMMON SHARE $1.62 $1.18 ===== ===== WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING 74,647 68,118 ====== ====== WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING-ASSUMING DILUTION 78,431 78,920 ====== ====== Notes to Reconciliation of GAAP Net Income to Adjusted Net Income (1) To exclude the on-going amortization of acquired intangible assets ($26.4M in 2009; $24.0M in 2008), accelerated depreciation related to restructuring ($5.0M in 2009; $4.5M in 2008) and the reserve for modafinil purchase commitments in excess of estimated requirements ($26.0M in 2008), offset by the gain recognized in connection with an agreement to reduce our excess modafinil purchase commitments ($9.5M in 2009). (2) To exclude accelerated depreciation related to restructuring ($0.3M in 2009 and 2008) and charges related to payment for research and development collaboration ($1.0M in 2009). (3) To exclude charges related to the acquisition of Arana Therapeutics Limited ($0.6M in 2009) and charges related to the estimated termination payments due to Takeda Pharmaceuticals North America, Inc. ($27.2M). (4) To exclude costs related to the CIMA restructuring. (5) In 2008, to exclude charges related to the settlement of investigations by the Offices of the Attorney General of Connecticut and Massachusetts and estimated relator attorney fees. (6) In 2009, to exclude non-cash interest expense associated with our convertible debt ($17.0M in 2009; $10.2M in 2008) and accrued interest related to the agreement in principle reached with the U.S. Attorney's Office in Philadelphia ($3.7M in 2008). (7) In 2009, to exclude foreign exchange gains on Australian Dollar acquisition funds related to the acquisition of Arana Therapeutics Limited. (8) To exclude charges incurred in exchange for license rights to certain of XOMA Ltd.'s proprietary antibody library materials. (9) To reflect the tax effect of pre-tax adjustments at applicable tax rates and certain other tax adjustments primarily related to the tax benefits for the settlement with the U.S. Attorney's Office ($13.8M in 2009; $84.5M in 2008), for which the related expense was recorded in 2007 and for the states of Connecticut and Massachusetts, for which the related expense was recorded in the third quarter of 2008. CEPHALON, INC. AND SUBSIDIARIES Reconciliation of GAAP Net Income to Adjusted Net Income Attributable to Cephalon, Inc. (Unaudited) Nine Months Ended September 30, ------------- 2009 2008 ---- ---- GAAP NET INCOME ATTRIBUTABLE TO CEPHALON, INC. $246,069 $187,931 ======== ======== Cost of sales adjustments 78,146 (1) 111,349 (1) Research and development adjustments 4,404 (2) 8,013 (2) Selling, general and administrative adjustments 14,379 (3) 30,124 (3) Restructuring charges 3,944 (4) 6,973 (4) Settlement reserve - 7,450 (5) Interest expense adjustment 40,459 (6) 47,633 (6) Other (income)expense adjustment (40,011) (7) - In-process research and development adjustments 46,118 (8) 10,000 (8) Adjustment to noncontrolling interest (819) (9) - Income tax adjustment (54,192) (10) (156,513) (10) ------- -------- 92,428 65,029 ADJUSTED NET INCOME ATTRIBUTABLE TO CEPHALON, INC. $338,497 $252,960 ======== ======== BASIC ADJUSTED INCOME PER COMMON SHARE $4.73 $3.73 ===== ===== DILUTED ADJUSTED INCOME PER COMMON SHARE $4.36 $3.35 ===== ===== WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING 71,541 67,855 ====== ====== WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING- ASSUMING DILUTION 77,552 75,580 ====== ====== Notes to Reconciliation of GAAP Net Income to Adjusted Net Income (1) To exclude the on-going amortization of acquired intangible assets ($70.6M in 2009; $77.0M in 2008) and accelerated depreciation related to restructuring ($14.0M in 2009; $8.3M in 2008) and the reserve for modafinil purchase commitments in excess of estimated requirements ($3.0M in 2009; $26.0M in 2008), offset by the gain recognized in connection with an agreement to reduce our excess modafinil purchase commitments ($9.5M in 2009). (2) To exclude accelerated depreciation related to restructuring ($0.9M in 2009; $0.3M in 2008), charges related to payments for several research and development collaborations ($2.0M in 2009; $6.0M in 2008), charges related to our transaction with Arana Therapeutics Limited ($1.5M in 2009) and other charges ($1.8M in 2008) related to employee severance costs. (3) In 2009, to exclude charges related to the acquisition of Arana Therapeutics Limited ($7.8M) and charges related to our settlement with Takeda ($6.5M) which resolves our remaining contractual arrangements. In 2008, to exclude charges related to employee severance costs ($3.0M) and charges related to the estimated termination payments due to Takeda Pharmaceuticals North America, Inc. ($27.2M). (4) To exclude costs related to the CIMA restructuring. (5) To exclude charges related to the settlement of investigations by the Offices of the Attorney General of Connecticut and Massachusetts and estimated relator attorney fees. (6) To exclude non-cash interest expense associated with our convertible debt ($40.5M in 2009; $36.3M in 2008) and accrued interest related to the agreement in principle reached with the U.S. Attorney's Office in Philadelphia ($11.3M in 2008). (7) In 2009, to exclude the following gains and losses related to the acquisition of Arana Therapeutics Limited: - $6.6M gain on pre-bid Arana holdings; - $2.8M loss on contingent consideration (90% ownership incentive payment); - $10.0M gain on the excess of net assets over consideration; - $19.0M gains on foreign exchange derivative instruments; - $5.6M foreign exchange gain on Australian Dollar acquisition funds; and - $1.6M dividend income related to our initial purchase of Arana shares. (8) To exclude charges related to the deconsolidation of Acusphere ($9.3M), the acquisition of worldwide license rights related to LUPUZOR from ImmuPharma ($30.0M), license rights for bendamustine hydrochloride in China and Hong Kong ($0.8M) and license rights to certain of XOMA Ltd.'s proprietary antibody library materials ($6.0M) in 2009 and the license of Acusphere HDDS technology for use in oncology therapeutics in 2008. (9) In 2009 to exclude the portion of non-cash charges related to our acquisition of Arana Therapeutics Limited that are reflected in adjustments (7) above but do not affect net income because they are attributed to noncontrolling interests. (10) To reflect the tax effect of pre-tax adjustments at applicable tax rates and certain other tax adjustments primarily related to the tax benefits for the settlement with the U.S. Attorney's Office ($13.8M in 2009; $84.5M in 2008), for which the related expense was recorded in 2007 and for the states of Connecticut and Massachusetts, for which the related expense was recorded in the third quarter of 2008. CEPHALON, INC. AND SUBSIDIARIES CONSOLIDATED SALES DETAIL (In thousands) (Unaudited) Three Months Ended September 30, ------------- 2009 2008 ---- ---- United United States Europe Total States Europe Total ------- ------ ----- ------- ------ ----- Net sales: PROVIGIL $241,301 $16,693 $257,994 $241,366 $17,793 $259,159 NUVIGIL 20,991 - 20,991 - - - GABITRIL 11,560 1,340 12,900 12,176 2,337 14,513 ------ ----- ------ ------ ----- ------ CNS 273,852 18,033 291,885 253,542 20,130 273,672 ACTIQ 19,578 13,663 33,241 21,392 14,401 35,793 Generic OTFC 19,332 - 19,332 19,569 - 19,569 FENTORA 35,779 1,201 36,980 41,330 - 41,330 AMRIX 26,703 - 26,703 20,512 - 20,512 ------ ----- ------ ------ - ------ Pain 101,392 14,864 116,256 102,803 14,401 117,204 TREANDA 54,532 - 54,532 24,551 - 24,551 Other 4,010 24,526 28,536 4,691 23,195 27,886 ----- ------ ------ ----- ------ ------ Oncology 58,542 24,526 83,068 29,242 23,195 52,437 Other 6,632 37,382 44,014 11,351 35,000 46,351 ------- ------ ------ ------ ------ ------ $440,418 $94,805 $535,223 $396,938 $92,726 $489,664 ======== ======= ======== ======== ======= ======== % Increase (Decrease) ---------- United States Europe Total ------- ------ ----- Net sales: PROVIGIL -% (6%) -% NUVIGIL - - - GABITRIL (5) (43) (11) CNS 8 (10) 7 ACTIQ (8) (5) (7) Generic OTFC (1) - (1) FENTORA (13) - (11) AMRIX 30 - 30 Pain (1) 3 (1) TREANDA 122 - 122 Other (15) 6 2 Oncology 100 6 58 Other (42) 7 (5) 11% 2% 9% Nine Months Ended September 30, ------------- 2009 2008 ---- ---- United United States Europe Total States Europe Total ------- ------ ------- ------- ------ ----- Net sales: PROVIGIL $726,313 $47,111 $773,424 $658,777 $48,428 $707,205 NUVIGIL 37,777 - 37,777 - - - GABITRIL 37,058 3,871 40,929 37,614 6,669 44,283 ------ ----- ------ ------ ----- ------ CNS 801,148 50,982 852,130 696,391 55,097 751,488 ACTIQ 71,148 38,122 109,270 96,960 40,734 137,694 Generic OTFC 66,834 - 66,834 75,845 - 75,845 FENTORA 99,686 2,438 102,124 116,637 - 116,637 AMRIX 83,807 - 83,807 47,399 - 47,399 ------ ------ ------ ------ - ------ Pain 321,475 40,560 362,035 336,841 40,734 377,575 TREANDA 160,549 - 160,549 38,932 - 38,932 Other 13,529 67,726 81,255 14,259 70,837 85,096 ------ ------ ------ ------ ------ ------ Oncology 174,078 67,726 241,804 53,191 70,837 124,028 Other 26,167 106,474 132,641 37,995 117,517 155,512 ------ ------- ------- ------ ------- ------- $1,322,868 $265,742 $1,588,610 $1,124,418 $284,185 $1,408,603 ========== ======== ========== ========== ======== ========== % Increase (Decrease) ---------- United States Europe Total ------- ------ ----- Net sales: PROVIGIL 10% (3%) 9% NUVIGIL - - - GABITRIL (1) (42) (8) CNS 15 (7) 13 ACTIQ (27) (6) (21) Generic OTFC (12) - (12) FENTORA (15) - (12) AMRIX 77 - 77 Pain (5) - (4) TREANDA 312 - 312 Other (5) (4) (5) Oncology 227 (4) 95 Other (31) (9) (15) 18% (6%) 13% CEPHALON, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands, except share data) (Unaudited) As adjusted September 30, December 31, 2009 2008* ---- ---- CURRENT ASSETS: Cash and cash equivalents $1,453,814 $524,459 Short term investments 131,403 - Receivables, net 329,330 409,580 Inventory, net 240,349 117,297 Deferred tax assets, net 255,136 224,066 Other current assets 67,104 54,120 ------ ------ Total current assets 2,477,136 1,329,522 INVESTMENTS 17,333 8,081 PROPERTY AND EQUIPMENT, net 459,381 467,449 GOODWILL 570,417 445,332 INTANGIBLE ASSETS, net 1,080,791 607,332 DEFERRED TAX ASSETS, net 1,224 46,074 DEBT ISSUANCE COSTS 20,112 11,838 OTHER ASSETS 32,313 167,314 ------ ------- $4,658,707 $3,082,942 ========== ========== CURRENT LIABILITIES: Current portion of long-term debt, net $810,081 $781,618 Accounts payable 94,982 87,079 Accrued expenses 408,752 304,415 ------- ------- Total current liabilities 1,313,815 1,173,112 LONG-TERM DEBT 357,555 3,692 DEFERRED TAX LIABILITIES, net 197,333 77,932 OTHER LIABILITIES 144,877 163,123 ------- ------- Total liabilities 2,013,580 1,417,859 --------- --------- REDEEMABLE EQUITY 217,861 248,403 ------- ------- EQUITY: Cephalon Stockholders' Equity Common stock, $0.01 par value 776 717 Additional paid-in capital 2,505,552 2,095,324 Treasury stock, at cost (201,734) (201,705) Accumulated deficit (275,217) (521,286) Accumulated other comprehensive income 114,146 43,630 ------- ------ Total Cephalon stockholders' equity 2,143,523 1,416,680 Noncontrolling Interest 283,743 - ------- - Total equity 2,427,266 1,416,680 --------- --------- $4,658,707 $3,082,942 ========== ========== *As adjusted in accordance with the transition provisions of accounting for convertible debt instruments that may be settled in cash upon conversion (including partial cash settlement) and accounting for noncontrolling interests in consolidated financial statements. CEPHALON, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) Nine Months Ended September 30, ------------- As adjusted 2009 2008* ---- --------- CASH FLOWS FROM OPERATING ACTIVITIES: Net income $210,919 $187,931 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 136,403 128,772 Deferred income tax benefit (40,182) (22,761) Stock-based compensation expense 36,710 32,543 Amortization of debt discount and debt issuance costs 41,273 36,383 Gain on foreign exchange contracts (26,754) - Gain on acquisition of Arana (10,008) - Loss on disposals of property and equipment - 2,740 Impairment charges - 1,164 Acquired in-process research and development from Acusphere deconsolidation 8,366 - Shortfall tax benefits from stock- based compensation (38) (451) Other (5,041) (396) Changes in operating assets and liabilities: Receivables 94,204 (74,258) Inventory (7,060) (14,557) Other assets 32,206 (99,008) Accounts payable, accrued expenses and deferred revenues 89,192 34,526 Other liabilities (43,059) 70,149 ------- ------ Net cash provided by operating activities 517,131 282,777 ------- ------- CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property and equipment (43,647) (55,689) Acquisition of intangible assets - (25,575) Cash balance from consolidation of variable interest entity 52,563 - Investment in Ception (75,000) - Acquisition of Arana, net of cash acquired (232,527) - Purchases of investments (9,292) (6,242) Proceeds from foreign exchange contracts 26,754 - Sales and maturities of available-for-sale investments 5,074 7,596 ----- ----- Net cash used for investing activities (276,075) (79,910) -------- ------- CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from sale of common stock 288,000 - Proceeds from exercises of common stock options 6,701 37,185 Windfall tax benefits from stock-based compensation 1,259 4,592 Acquisition of treasury stock (29) (24) Payments on and retirements of long-term debt (11,246) (216,093) Net proceeds from issuance of convertible subordinated notes 484,719 - Proceeds from sale of warrants 37,640 - Purchase of convertible note hedge (121,040) - -------- - Net cash provided by (used for) financing activities 686,004 (174,340) ------- -------- EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS 2,295 (601) ----- ---- NET INCREASE IN CASH AND CASH EQUIVALENTS 929,355 27,926 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 524,459 818,669 ------- ------- CASH AND CASH EQUIVALENTS, END OF PERIOD $1,453,814 $846,595 ========== ======== *As adjusted in accordance with the transition provisions of accounting for convertible debt instruments that may be settled in cash upon conversion (including partial cash settlement) and accounting for noncontrolling interests in consolidated financial statements. CEPHALON, INC. AND SUBSIDIARIES Reconciliation of Projected GAAP Basic Income per Common Share to Basic Adjusted Income Per Common Share Guidance (Unaudited) Twelve Months Twelve Months Ended Ended December 31, December 31, 2009 2010 ------------- ------------ Projected GAAP basic income per common share $4.69 - $4.79 $4.95 - $5.15 ===== ===== ===== ===== Amortization of current intangibles $1.34 - $1.34 $1.20 - $1.20 Accelerated depreciation adjustment- CIMA $0.09 - $0.09 $0.08 - $0.08 Accelerated depreciation adjustment- Mitry-Mory $0.18 - $0.18 $0.09 - $0.09 Research and development adjustments $0.05 - $0.05 $- - $- Selling, general and administrative adjustments $0.20 - $0.20 $- - $- Cost of goods sold adjustments $(0.09) - $(0.09) $- - $- Restructuring adjustments $0.07 - $0.07 $0.08 - $0.08 Acquired in-process research and development adjustments $0.64 - $0.64 $- - $- Other income (expense) adjustments $(0.56) - $(0.56) $- - $- Interest expense adjustments $0.80 - $0.80 $0.86 - $0.86 Tax effect of pre-tax adjustments at the applicable tax rates $(1.11) - $(1.11) $(0.76) - $(0.76) ------ ------ ------ ------ Basic adjusted income per common share guidance $6.30 - $6.40 $6.50 - $6.70 ===== ===== ===== ===== The company's guidance is being issued based on certain assumptions including: - Adjusted effective tax rate of approximately 34.0 percent in 2009 and 33.0 percent in 2010; and - Weighted average number of common shares outstanding of 72.5 and 76.2 million shares for the twelve months ended December 31, 2009 and 2010, respectively. Contacts: Media: Sheryl Williams 610-738-6493 swilliam@cephalon.com Investors: Robert (Chip) Merritt 610-738-6376 cmerritt@cephalon.com

    Cephalon, Inc.

    CONTACT: Media: Sheryl Williams, +1-610-738-6493, swilliam@cephalon.com,
    or Investors: Robert (Chip) Merritt, +1-610-738-6376, cmerritt@cephalon.com

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




    National Instruments Reports Strong 8 Percent Sequential Increase in Q3 RevenueCompany Guides to Strong Sequential Q4 Revenue Growth

    AUSTIN, Texas, Oct. 27, 2009 /PRNewswire-FirstCall/ -- National Instruments reported quarterly revenue for Q3 2009 of $165 million, which represents an 8 percent sequential increase and is above the midpoint of the company's Q3 guidance given on Sept. 9. Orders were also strong sequentially, resulting in the company's end of quarter backlog increasing by $5 million in Q3. Net income for Q3 was $10 million, with fully diluted earnings per share (EPS) of $0.13. Non-GAAP net income was $15.4 million, with non-GAAP fully diluted EPS of $0.20.

    The company's non-GAAP results exclude the impact of both stock-based compensation and the amortization of acquisition-related intangibles. Reconciliations of the company's GAAP and non-GAAP results are included as part of this news release.

    "I am optimistic that National Instruments will emerge in a stronger leadership position because of our long-term focus through the recession," said Dr. James Truchard, NI president and CEO. "I believe our continued investment in innovation and new product development has further differentiated National Instruments from other players in the markets we serve, expanding our opportunity to grow as did our investment in the 2001 recession."

    With Q3 2008 representing the highest revenue quarter in company history, NI had its toughest revenue compare in Q3 2009, and revenue was down 23 percent from a year-over-year perspective. In Q3 2009, NI virtual instrumentation and graphical system design products, which constitute the majority of the company's product portfolio, experienced a 23 percent year-over-year revenue decline. NI instrument control product sales, which represent approximately 7 percent of NI revenue, were down 28 percent year-over-year, and up sequentially by more than 20 percent, after four quarters of sequential decline. The strong sequential increase in NI instrument control revenue indicates that the overall test and measurement industry may have bottomed out in Q2 and begun a sequential recovery in Q3. Product revenue was $152 million, down 24 percent from Q3 2008, and software maintenance revenue was $13 million, down 9 percent year-over-year.

    "We are pleased with how our business progressed in Q3, and it appears that the demand environment has improved meaningfully," said Alex Davern, NI CFO. "With that said, we remain cognizant that the industrial economy remains well below prior levels, and we will continue to focus on gaining market share and driving profit recovery."

    Geographically, the company saw the effects of the slowdown worldwide. Revenue in U.S. dollar terms for Q3 2009 compared to Q3 2008 was down 22 percent in the Americas, down 30 percent in Europe and down 16 percent in Asia, equaling an overall revenue decline of 23 percent. In local currency terms, revenue was down 20 percent in Europe and down 13 percent in Asia, for an overall local currency decline of 19 percent year-over-year.

    Total operating expenses for the quarter were down $20 million year-over-year, illustrating the strong fiscal discipline that has been exercised throughout the organization in response to the severe downturn in the global industrial economy. Included in Q3 operating expenses is a $2 million reduction of the company's accrual for litigation costs which resulted in a non-cash increase to income. At the NI investor conference at NIWeek in August, the company laid out its spending plans relative to various growth scenarios for 2010 and 2011. NI intends to drive operating leverage until the company's revenues recover to the record levels seen in 2008.

    As of Sept. 30, total headcount was 5,169, a 3 percent year-over-year increase and an increase of 34 positions since June 30, 2009. The primary focus for headcount additions has been in R&D and field sales. These areas increased by 49 in Q3, while headcount in the rest of the company fell by 15 in Q3.

    Cash flow from operations continued to be strong at $90 million for the first nine months of the year. As of Sept. 30, 2009, NI had $276 million in net cash and short-term investments, up $26 million from June 30, 2009. During Q3 2009, the company paid $9 million in dividends and used $3.3 million to repurchase 131,000 shares of its common stock at an average price of $25.09 per share. National Instruments announced that its Board of Directors declared a dividend of $0.12 per share on its common stock payable on Nov 30, 2009, to shareholders of record on Nov 9, 2009.

    Q3 2009 Highlights -- Quarterly revenue of $165 million, up 8 percent sequentially -- Net income of $10 million -- Non-GAAP net income of $15.4 million -- Cash and short-term investments of $276 million -- Total operating expenses for the quarter down $20 million year-over-year -- New product releases, including, LabVIEW 2009, X Series data acquisition, and NI wireless sensor networks -- Record attendance at NIWeek 2009 Outlook and Specific Guidance for Q4 2009

    After reaching a record low in Q1 2009, the quarterly average of the global Purchasing Managers Index (PMI) improved to 52 in Q3 indicating that the industrial economy expanded sequentially in Q3. However, the dramatic year-over-year decline in the global industrial economy over the last year and the current high levels of excess capacity suggest that it may take a considerable period of economic expansion for the industrial economy to recover fully to the levels seen a year ago.

    For Q4, NI expects strong Q4 sequential revenue growth, with revenue expected to be between $190 million and $200 million. The company expects GAAP fully diluted EPS between $0.22 and $0.30, with non-GAAP fully diluted EPS expected to be between $0.30 and $0.38.

    NI guidance assumes a non-GAAP effective tax rate of approximately 30 percent for Q4, which is significantly greater than the overall 2009 effective rate as the company now expects Q4 profit to be significantly greater than was anticipated earlier in the year. The increase in Q4 profit expectations results in a greater than anticipated concentration of the NI tax charge in Q4. For 2010, the company anticipates that its non-GAAP effective tax rate will be between 18 percent and 22 percent, and the company is using 20 percent for internal modeling.

    In Q4, the GAAP to non-GAAP net adjustment is also expected to be elevated due to the high effective tax rate, and the adjustment is estimated to be $0.08 per share. In Q1 2010, the company anticipates that the GAAP to non-GAAP adjustment will return to a more normal level of approximately $0.06 per share.

    Non-GAAP Results and Guidance Presentation

    In addition to disclosing results determined in accordance with GAAP, NI discloses certain non-GAAP operating results and non-GAAP guidance that exclude certain charges. In this news release, the company has presented its net income and EPS for Q3 2009 and its guidance for Q4 2009 on a GAAP and non-GAAP basis. When presenting non-GAAP information, the company includes a reconciliation of the non-GAAP data to the GAAP data. Management believes that including the non-GAAP results assists investors in assessing the company's operational performance and its performance relative to its competitors. The company presents these non-GAAP results as a complement to results provided in accordance with GAAP, and these results should not be regarded as a substitute for GAAP. Management uses these non-GAAP measures to manage and assess the profitability and performance of its business and does not consider stock-based compensation expense or amortization of acquired intangibles that are all non-cash charges in managing its operations. Specifically, management uses non-GAAP measures to plan and forecast future periods, to establish operational goals, to compare with its business plan and individual operating budgets, to measure management performance for purposes of executive compensation including payments to be made under bonus plans, to assist the public in measuring the company's performance relative to the company's long-term public performance goals, to allocate resources and, relative to the company's historical financial performance, to enable comparability between periods. Management also considers such non-GAAP results to be an important supplemental measure of its performance.

    Conference Call Information

    Interested parties can listen to the Q3 2009 conference call today, Oct. 27, beginning at 4:00 p.m. CDT, at http://www.ni.com/call. Replay information is available by calling (888) 203-1112, confirmation code # 7611546, from Oct. 27 at 7:00 p.m. CDT through Nov. 2 at midnight CST.

    Upcoming Events With the Financial Community

    National Instruments will be participating in the following events with the financial community: a Non-Deal Roadshow with JPMorgan on Dec. 1 in Boston, Mass., the NASDAQ OMX 23rd Investor Program on Dec. 2 in London and the Credit Suisse Annual Technology Conference on Dec. 2 in Scottsdale, Ariz.

    Forward-Looking Statements

    This release contains "forward-looking statements," including statements related to emerging in a stronger leadership position as our business model has allowed us to continue to make strategic investments through the recession, our continued investment having further differentiated us from other players, creating a large opportunity for us to grow and gain market share in the recovery, overall test and measurement industry bottoming in Q2 and beginning a recovery in Q3, driving operating leverage until our revenues recover, that it may take a considerable amount of time for the industrial economy to recover fully, demand environment has improved meaningfully, focusing on gaining market share and driving profit recovery, our guidance for Q4 2009 with respect to revenue, GAAP and Non-GAAP EPS, the impact of stock based compensation and amortization of acquisition related intangibles and non-GAAP effective tax rate for Q4 2009 and 2010. These statements are subject to a number of risks and uncertainties, including the risk of further weakness or unexpected fluctuations in the global economy, delays in the release of new products, fluctuations in customer demand for NI products, our ability to continue to control our operating expenses, manufacturing inefficiencies and foreign exchange fluctuations. Actual results may differ materially from the expected results. The company directs readers to documents it files with the SEC for other risks associated with the company's future performance.

    About National Instruments

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

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

    Contact: Veronica Garza Investor Relations (512) 683-6873 National Instruments Condensed Consolidated Balance Sheets (in thousands) September 30, December 31, 2009 2008 (unaudited) ----------- ---- Assets Current assets: Cash and cash equivalents $232,700 $229,400 Short-term investments 43,663 6,220 Accounts receivable, net 90,790 121,548 Inventories, net 88,726 107,358 Prepaid expenses and other current assets 40,721 43,062 Deferred income taxes, net 21,875 21,435 ------ ------ Total current assets 518,475 529,023 Long-term investments 1,900 10,500 Property and equipment, net 150,532 154,477 Goodwill, net 64,960 64,561 Intangible assets, net 44,980 41,915 Other long-term assets 35,684 32,115 ------ ------ Total assets $816,531 $832,591 ======== ======== Liabilities and Stockholders' Equity Current liabilities: Accounts payable $25,432 $30,876 Accrued compensation 16,230 22,012 Deferred revenue 49,102 45,514 Accrued expenses and other liabilities 10,641 18,848 Other taxes payable 13,827 13,481 ------ ------ Total current liabilities 115,232 130,731 Deferred income taxes 23,599 25,157 Other long-term liabilities 12,274 12,265 ------ ------ Total liabilities $151,105 $168,153 ======== ======== Stockholders' equity: Preferred stock - - Common stock 777 772 Additional paid-in capital 328,196 300,352 Retained earnings 324,785 352,831 Accumulated other comprehensive income 11,668 10,483 ------ ------ Total stockholders' equity 665,426 664,438 ------- ------- Total liabilities and stockholders' equity $816,531 $832,591 ======== ======== Condensed Consolidated Statements of Income (in thousands, except per share data) Three Months Ended Nine Months Ended September 30, September 30, 2009 2008 2009 2008 ---- ---- ---- ---- (unaudited) (unaudited) Net sales: Product $152,106 $200,871 $435,348 $578,222 Software maintenance 12,929 14,167 39,649 40,208 ------ ------ ------ ------ Total net sales 165,035 215,038 474,997 618,430 Cost of sales: Product 40,476 52,957 119,234 152,487 Software maintenance 1,423 1,550 4,034 4,529 ----- ----- ----- ----- Total cost of sales 41,899 54,507 123,268 157,016 ------ ------ ------- ------- Gross profit 123,136 160,531 351,729 461,414 ------- ------- ------- ------- Operating expenses: Sales and marketing 65,126 78,392 199,089 230,638 Research and development 35,016 37,016 99,252 105,808 General and administrative 14,312 17,177 44,844 51,122 Patent litigation (2,006) - (2,006) - ------ --- ------ --- Total operating expenses 112,448 132,585 341,179 387,568 ------- ------- ------- ------- Operating income 10,688 27,946 10,550 73,846 Other income (expense): Interest income 339 1,374 1,335 5,025 Net foreign exchange gain (loss) 940 (3,025) 1,301 (1,791) Other income (expense), net 482 80 979 13 --- --- --- --- Income before income taxes 12,449 26,375 14,165 77,093 Provision for (benefit from) income taxes 2,518 3,216 (554) 11,584 Net income $9,931 $23,159 $14,719 $65,509 ------ ------- ------- ------- Basic earnings per share $0.13 $0.29 $0.19 $0.83 ----- ----- ----- ----- Diluted earnings per share $0.13 $0.29 $0.19 $0.82 ----- ----- ----- ----- Weighted average shares outstanding - Basic 77,653 78,834 77,497 78,701 Diluted 78,103 79,841 77,842 79,773 Dividends declared per share $0.12 $0.11 $0.36 $0.33 National Instruments Condensed Consolidated Statements of Cash Flows (in thousands) Nine Months Ended September 30, 2009 2008 (unaudited) (unaudited) ---------- ---------- Cash flow from operating activities: Net income $14,719 $65,509 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 28,536 27,901 Stock-based compensation 15,238 14,690 Provision for (benefit from) deferred income taxes (6,802) 3,008 Tax expense (benefit from) stock option plans 1,445 (1,243) Changes in operating assets and liabilities: Accounts receivable 30,758 10,611 Inventories 18,632 (16,954) Prepaid expenses and other assets 3,920 (12,895) Accounts payable (5,444) (4,791) Deferred revenue 3,588 5,985 Taxes and other liabilities (14,245) 14,138 ------- ------ Net cash provided by operating activities 90,345 105,959 ------ ------- Cash flow from investing activities: Capital expenditures (12,331) (21,115) Capitalization of internally developed software (10,611) (8,687) Additions to other intangibles (4,009) (2,603) Acquisition, net of cash received - (17,310) Purchases of short-term and long-term investments (38,876) (17,315) Sales and maturities of short-term and long-term investments 10,034 39,080 Purchases of foreign currency option contracts - (2,784) --- ------ Net cash (used by) provided by investing activities (55,793) (30,734) ------- ------- Cash flow from financing activities: Proceeds from issuance of common stock 16,351 26,628 Repurchase of common stock (18,200) (58,215) Dividends paid (27,958) (26,055) Tax expense (benefit from) stock option plans (1,445) 1,243 ------ ----- Net cash (used by) financing activities (31,252) (56,399) ------- ------- Net change in cash and cash equivalents 3,300 18,826 Cash and cash equivalents at beginning of period 229,400 194,839 ------- ------- Cash and cash equivalents at end of period $232,700 $213,665 ======== ======== Detail of GAAP charges related to stock-based compensation and amortization of acquisition intangibles (unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2009 2008 2009 2008 ---- ---- ---- ---- (unaudited) (unaudited) Stock-based compensation Cost of sales $335 $295 $975 $810 Sales and marketing 2,210 2,114 6,626 6,204 Research and development 1,929 1,867 5,349 5,160 General and administrative 728 800 2,288 2,351 --- --- ----- ----- Provision for income taxes (409) (1,364) (5,288) (3,588) ---- ------ ------ ------ Total $4,793 $3,712 $9,950 $10,937 ------ ------ ------ ------- Amortization of acquisition intangibles Cost of sales $853 $937 $2,593 $2,725 Sales and marketing 125 139 377 435 Research and development - - - 14 General and administrative - - - - --- --- --- --- Provision for income taxes (277) (285) (834) (846) ---- ----- ----- ----- Total $701 $791 $2,136 $2,328 ---- ---- ------ ------ National Instruments Reconciliation of GAAP to Non-GAAP Measures (in thousands, except per share data) (unaudited) Reconciliation of Gross Profit to Non-GAAP Gross Profit Three Months Ended Nine Months Ended September 30, September 30, 2009 2008 2009 2008 ---- ---- ---- ---- Gross profit, as reported $123,136 $160,531 $351,729 $461,414 Stock-based compensation 335 295 975 810 Amortization of acquisition intangibles 853 937 2,593 2,725 --- --- ----- ----- Non-GAAP gross profit $124,324 $161,763 $355,297 $464,949 ======== ======== ======== ======== Reconciliation of Operating Expense to Non-GAAP Operating Expenses Three Months Ended Nine Months Ended September 30, September 30, 2009 2008 2009 2008 ---- ---- ---- ---- Operating expense, as reported $112,448 $132,585 $341,179 $387,568 Stock-based compensation (4,867) (4,781) (14,263) (13,715) Amortization of acquisition intangibles (125) (139) (377) (449) ---- ---- ---- ---- Non-GAAP operating expenses $107,456 $127,665 $326,539 $373,404 ======== ======== ======== ======== Reconciliation of Operating Income to Non-GAAP Operating Income Three Months Ended Nine Months Ended September 30, September 30, 2009 2008 2009 2008 ---- ---- ---- ---- Operating income, as reported $10,688 $27,946 $10,550 $73,846 Stock-based compensation 5,202 5,076 15,238 14,525 Amortization of acquisition intangibles 978 1,076 2,970 3,174 --- ----- ----- ----- Non-GAAP operating income $16,868 $34,098 $28,758 $91,545 ======= ======= ======= ======= Reconciliation of Income before income taxes to Non-GAAP Income before income taxes Three Months Ended Nine Months Ended September 30, September 30, 2009 2008 2009 2008 ---- ---- ---- ---- Income before income taxes, as reported $12,449 $26,375 $14,165 $77,093 Stock-based compensation 5,202 5,076 15,238 14,525 Amortization of acquisition intangibles 978 1,076 2,970 3,174 --- ----- ----- ----- Non-GAAP income before income taxes $18,629 $32,527 $32,373 $94,792 ======= ======= ======= ======= Reconciliation of Provision for Income Taxes to Non-GAAP Provision for Income Taxes Three Months Ended Nine Months Ended September 30, September 30, 2009 2008 2009 2008 ---- ---- ---- ---- Provision for income taxes, as reported $2,518 $3,216 $(554) $11,584 Stock-based compensation 409 1,364 5,288 3,588 Amortization of acquisition intangibles 277 285 834 846 --- --- --- --- Non-GAAP provision for income taxes $3,204 $4,865 $5,568 $16,018 ====== ====== ====== ======= Reconciliation of Net Income and Diluted EPS to Non-GAAP Net Income and Non-GAAP Diluted EPS Three Months Ended Nine Months Ended September 30, September 30, 2009 2008 2009 2008 ---- ---- ---- ---- Net income, as reported $9,931 $23,159 $14,719 $65,509 Adjustments to reconcile net income to non-GAAP net income: Stock-based compensation, net of tax effect 4,793 3,712 9,950 10,937 Amortization of acquisition intangibles, net of tax effect 701 791 2,136 2,328 --- --- ----- ----- Non-GAAP net income $15,425 $27,662 $26,805 $78,774 ======= ======= ======= ======= Basic EPS, as reported $0.13 $0.29 $0.19 $0.83 Adjustment to reconcile basic EPS to non-GAAP basic EPS: Impact of stock-based compensation, net of tax effect $0.06 $0.05 $0.13 $0.14 Impact of amortization of acquisition intangibles, net of tax effect $0.01 $0.01 $0.03 $0.03 ----- ----- ----- ----- Non-GAAP basic EPS $0.20 $0.35 $0.35 $1.00 ===== ===== ===== ===== Diluted EPS, as reported $0.13 $0.29 $0.19 $0.82 Adjustment to reconcile diluted EPS to non-GAAP diluted EPS: Impact of stock-based compensation, net of tax effect $0.06 $0.05 $0.13 $0.14 Impact of amortization of acquisition intangibles, net of tax effect $0.01 $0.01 $0.03 $0.03 ----- ----- ----- ----- Non-GAAP diluted EPS $0.20 $0.35 $0.35 $0.99 ===== ===== ===== ===== Weighted average shares outstanding - Basic 77,653 78,834 77,497 78,701 ------ ------ ------ ------ Diluted 78,103 79,841 77,842 79,773 ------ ------ ------ ------ Reconciliation of Estimated GAAP Fully Diluted EPS to Non-GAAP Fully Diluted EPS Three months ended December 31, 2009 Low High GAAP Fully Diluted EPS, estimated $0.22 $0.30 Adjustment to reconcile diluted EPS to non-GAAP diluted EPS: Impact of stock-based compensation, net of tax effect 0.07 0.07 Impact of amortization of acquisition intangibles, net of tax effect 0.01 0.01 ---- ---- Non-GAAP diluted EPS, estimated $0.30 $0.38 ===== ===== National Instruments Reconciliation of GAAP to Non-GAAP Measures (in thousands, except per share data) (unaudited) Reconciliation of estimated effective tax rates Three Months Ended December 31, 2009 ---- GAAP forecasted effective tax rate 36% Stock-based compensation and amortization of acquisition intangibles -6% --- Non-GAAP forecasted effective tax rate 30% === Estimated Year 2010 Low High GAAP forecasted effective tax rate 16% 20% Stock-based compensation and amortization of acquisition intangibles 2% 2% --- --- Non-GAAP forecasted effective tax rate 18% 22% === ===

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    PRN Photo Desk, photodesk@prnewswire.com National Instruments

    CONTACT: Veronica Garza, Investor Relations of National Instruments,
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    Web Site: http://www.ni.com/

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