Hudson Highland Group Reports 2009 Third Quarter Financial Results

NEW YORK, November 3 /PRNewswire/ --

Hudson Highland Group, Inc. (Nasdaq: HHGP), one of the world's leading providers of permanent recruitment, contract professionals and talent management solutions, today announced financial results for the third quarter ended September 30, 2009.

2009 Third Quarter Summary - Revenue of US$169.6 million, a decrease of 37.0 percent from US$269.2 million for the third quarter of 2008, and a decrease of US$4.2 million or 2.4 percent from the second quarter of 2009 - Gross margin of US$64.2 million, or 37.8 percent of revenue, down 43.0 percent from US$112.7 million, or 41.9 percent of revenue for the same period last year, and a decrease of US$0.7 million or 1.1 percent from the second quarter of 2009 - Adjusted EBITDA* loss of US$3.2 million, or 1.9 percent of revenue, down from adjusted EBITDA of positive US$6.6 million for the third quarter of 2008, and an improvement from the adjusted EBITDA loss of US$4.4 million in the second quarter of 2009 - EBITDA* loss of US$6.1 million, down from EBITDA of positive US$3.8 million for the same period in 2008 - Net loss from continuing operations of US$7.6 million, or US$0.29 per basic and diluted share, compared with net income from continuing operations of US$0.4 million, or US$0.01 per basic and diluted share, for the third quarter of 2008 - Net loss of US$6.9 million, or US$0.26 per basic and diluted share, compared with net loss of US$0.3 million, or US$0.01 per basic and diluted share, for the third quarter of 2008

*Adjusted EBITDA and EBITDA are defined in the segment tables at the end of this release.

"Sequential improvement of adjusted EBITDA during the third quarter was encouraging," said Jon Chait, Hudson Highland Group's chairman and chief executive officer. "This achievement was counter to typical third quarter seasonal softness and resulted from the company's earlier restructuring actions and increased sequential demand in some markets. While we expect the environment to remain challenging, I expect we will continue to deliver improved sequential financial results for the fourth quarter of 2009 and into 2010."

"We continued to manage our cash well, ending the quarter with US$44.5 million, as our Days Sales Outstanding decreased to 48 days," said Mary Jane Raymond, the company's executive vice president and chief financial officer. "We used US$2.8 million of cash during the third quarter, of which US$1.7 Million was used for an earn-out payment on our Tony Keith acquisition in China and US$0.9 million was a repayment on our credit facility. Cash flow from operations showed significant improvement from the first half of the year with a net use under US$1 million."

Restructuring Program

During the fourth quarter of 2009, the company expects to continue to streamline its operations in response to current economic conditions. The company recently increased the size of its 2009 restructuring plan to US$19 million and expects to incur US$2 - US$5 million of restructuring charges during the fourth quarter of 2009. Third quarter restructuring expenses of US$2.9 million were related to severance and lease terminations, primarily in Europe.

Liquidity and Capital Resources

The company ended the third quarter of 2009 with US$44.5 million in cash and US$10.5 million currently borrowed under its primary credit facility, down from US$47.2 million in cash at the end of the second quarter of 2009 with US$11.3 million borrowed. In addition, the company has availability under its primary credit facility of US$2.3 million, as well as an additional US$3.8 million of availability under local country credit facilities, the majority of which became available subsequent to September 30, 2009. The company paid US$1.7 million in July 2009 as part of its earn-out for the Tony Keith acquisition in China.

Guidance

Despite recent signs of increasing stability, visibility remains low. As a result, the company will not provide formal guidance for the fourth quarter of 2009. The company will comment on current trends and its outlook for the fourth quarter on its third quarter earnings call.

Additional Information

Additional information about the company's quarterly results can be found in the shareholder letter and the third quarter earnings slides in the investor information section of the company's Web site at www.hudson.com.

Conference Call/Webcast

Hudson Highland Group will conduct a conference call Wednesday, November 4, 2009 at 9:00 a.m. ET to discuss this announcement. Individuals wishing to participate can join the conference call by dialing +1-800-374-1532 followed by the participant passcode 36219796 at 8:50 a.m. ET. For those outside the United States, please call +1-706-634-5594 followed by the participant passcode 36219796. Hudson Highland Group's quarterly conference call can also be accessed online through Yahoo! Finance at www.yahoo.com and the investor information section of the company's Web site at www.hudson.com.

The archived call will be available for two weeks by dialing +1-800-642-1687 followed by the participant passcode 36219796. For those outside the United States, the call will be available on +1-706-645-9291 followed by the participant passcode 36219796.

About Hudson Highland Group

Hudson Highland Group, Inc. is a leading provider of permanent recruitment, contract professionals and talent management services worldwide. From single placements to total outsourced solutions, Hudson helps clients achieve greater organizational performance by assessing, recruiting, developing and engaging the best and brightest people for their businesses. The company employs nearly 2,500 professionals serving clients and candidates in more than 20 countries. More information is available at www.hudson.com.

Safe Harbor Statement

This press release contains statements that the company believes to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this press release, including those under the caption "Guidance" and other statements regarding the company's future financial condition, results of operations, business operations and business prospects, are forward-looking statements. Words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "predict," "believe" and similar words, expressions and variations of these words and expressions are intended to identify forward-looking statements. All forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These factors include, but are not limited to, the impact of global economic fluctuations including the current economic downturn; the ability of clients to terminate their relationship with the company at any time; risks in collecting our accounts receivable; implementation of the company's cost reduction initiatives effectively; the company's history of negative cash flows and operating losses may continue; the company's limited borrowing availability under our credit facility, which may negatively impact our liquidity; restrictions on the company's operating flexibility due to the terms of its credit facility; fluctuations in the company's operating results from quarter to quarter; risks relating to the company's international operations, including foreign currency fluctuations; risks related to our investment strategy; risks and financial impact associated with dispositions of underperforming assets; the company's heavy reliance on information systems and the impact of potentially losing or failing to develop technology; competition in the company's markets and the company's dependence on highly skilled professionals; the company's exposure to employment-related claims from both clients and employers and limits on related insurance coverage; the company's dependence on key management personnel; volatility of stock price; the impact of government regulations; financial impact of audits by various taxing authorities; and restrictions imposed by blocking arrangements. Additional information concerning these and other factors is contained in the company's filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of this letter. The company assumes no obligation, and expressly disclaims any obligation, to review or confirm analysts' expectations or estimates or to update any forward-looking statements, whether as a result of new information, future events or otherwise.

Financial Tables Follow (All figures are in US$) HUDSON HIGHLAND GROUP, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except share and per share amounts) (unaudited) Three Months Nine Months Ended September Ended September 30, 30, ---- ---- ---- ---- 2009 2008 2009 2008 ---- ---- ---- ---- Revenue $169,647 $269,239 $508,186 $865,398 Direct costs 105,457 156,544 317,108 495,123 ------- ------- ------- ------- Gross margin 64,190 112,695 191,078 370,275 ------ ------- ------- ------- Operating expenses: Selling, general and administrative expenses 67,412 106,080 208,442 345,478 Depreciation and amortization 2,741 3,913 9,369 11,274 Business reorganization and integration expenses 2,878 2,817 12,279 5,033 Goodwill and other impairment charges - - 1,549 - --- --- ----- --- Total operating expenses 73,031 112,810 231,639 361,785 ------ ------- ------- ------- Operating (loss) income (8,841) (115) (40,561) 8,490 Other (expense) income : Interest, net (96) 337 (469) 895 Other, net 99 603 773 1,963 -- --- --- ----- (Loss) income from continuing operations before provision for income taxes (8,838) 825 (40,257) 11,348 (Benefit) provision for income taxes (1,215) 464 (2,300) 8,524 ------- --- ------- ----- (Loss) income from continuing operations (7,623) 361 (37,957) 2,824 Income (loss) from discontinued operations, net of income taxes 770 (670) 7,773 3,187 --- ----- ----- ----- Net (loss) income $(6,853) $(309) $(30,184) $6,011 ======== ====== ========= ====== Basic earnings (loss) per share: (Loss) income from continuing operations $(0.29) $0.01 $(1.46) $0.11 Income (loss) from discontinued operations 0.03 (0.02) 0.30 0.13 ---- ------ ---- ---- Net (loss) income $(0.26) $(0.01) $(1.16) $0.24 ======= ======= ======= ===== Diluted earnings (loss) per share: (Loss) income from continuing operations $(0.29) $0.01 $(1.46) $0.11 Income (loss) from discontinued operations 0.03 (0.02) 0.30 0.13 ---- ------ ---- ---- Net (loss) income $(0.26) $(0.01) $(1.16) $0.24 ======= ======= ======= ===== Weighted average shares outstanding: Basic 26,320 25,245 25,938 25,180 Diluted 26,320 25,630 25,938 25,550

HUDSON HIGHLAND GROUP, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except per share amount) (unaudited) September 30, December 31, 2009 2008 ---- ---- ASSETS Current assets: Cash and cash equivalents $44,483 $49,209 Accounts receivable, net 96,994 127,169 Prepaid and other 13,169 15,411 Current assets from discontinued operations 314 2,360 --- ----- Total current assets 154,960 194,149 Intangibles, net 1,231 2,498 Property and equipment, net 19,306 24,379 Other assets 15,767 9,927 Total assets $191,264 $230,953 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $10,009 $15,693 Accrued expenses and other current liabilities 57,523 76,447 Short-term borrowings 10,456 5,307 Accrued business reorganization expenses 6,761 5,724 Current liabilities from discontinued operations 72 1,410 -- ----- Total current liabilities 84,821 104,581 Other non-current liabilities 19,734 16,904 Accrued business reorganization expenses, non-current 548 1,476 --- ----- Total liabilities 105,103 122,961 Stockholders' equity: Preferred stock, $0.001 par value, 10,000 shares authorized; none issued or outstanding - - Common stock, $0.001 par value, 100,000 shares authorized; issued 26,764 and 26,494 shares, respectively 27 26 Additional paid-in capital 445,387 450,739 Accumulated deficit (393,089) (362,905) Accumulated other comprehensive income- translation adjustments 34,128 27,054 Treasury stock, 111 and 1,140 shares, respectively, at cost (292) (6,922) ----- ------- Total stockholders' equity 86,161 107,992 ------ ------- Total liabilities and stockholders' equity $191,264 $230,953 ======== ========

HUDSON HIGHLAND GROUP, INC. SEGMENT ANALYSIS (in thousands) (unaudited) For The Three Months Ended Hudson September 30, Hudson Hudson Asia 2009 Americas Europe Pacific Corporate Total --------- ------- -------- --------- ----- Revenue $35,705 $67,898 $66,044 $- $169,647 ======= ======= ======= == ======== Gross margin $9,258 $29,571 $25,361 $- $64,190 ------ ------- ------- -- ------- Adjusted EBITDA (1) $(1,625) $30 $2,579 $(4,206) $(3,222) Business reorganization and integration expenses 592 1,881 405 - 2,878 Goodwill and other impairment charges - - - - - --- --- --- --- --- EBITDA (1) (2,217) (1,851) 2,174 (4,206) (6,100) Depreciation and amortization 1,047 911 739 44 2,741 ----- --- --- -- ----- Operating (loss) income $(3,264) $(2,762) $1,435 $(4,250) $(8,841) ======== ======== ====== ======== ======== For The Three Months Ended Hudson September 30, Hudson Hudson Asia 2008 Americas Europe Pacific Corporate Total --------- ------- -------- --------- ----- Revenue $66,485 $98,301 $104,453 $- $269,239 ======= ======= ======== === ======== Gross margin $17,967 $49,717 $45,011 $- $112,695 ------- ------- ------- --- -------- Adjusted EBITDA (1) $1,586 $3,403 $7,631 $(6,005) $6,615 Business reorganization and integration expenses 121 813 1,883 - 2,817 Goodwill and other impairment charges - - - - - --- --- --- --- --- EBITDA (1) 1,465 2,590 5,748 (6,005) 3,798 Depreciation and amortization 1,175 1,495 1,190 53 3,913 ----- ----- ----- -- ----- Operating income (loss) $290 $1,095 $4,558 $(6,058) $(115) ==== ====== ====== ======== ====== (1) Non-GAAP earnings before interest, income taxes, special charges, other non-operating expense, and depreciation and amortization ("Adjusted EBITDA") and non-GAAP earnings before interest, income taxes, other non-operating expense, and depreciation and amortization ("EBITDA") are presented to provide additional information about the company's operations on a basis consistent with the measures which the company uses to manage its operations and evaluate its performance. Management also uses these measurements to evaluate capital needs and working capital requirements. Adjusted EBITDA and EBITDA should not be considered in isolation or as a substitute for operating income, cash flows from operating activities, and other income or cash flow statement data prepared in accordance with generally accepted accounting principles or as a measure of the company's profitability or liquidity. Furthermore, adjusted EBITDA and EBITDA as presented above may not be comparable with similarly titled measures reported by other companies.

HUDSON HIGHLAND GROUP, INC. SEGMENT ANALYSIS (in thousands) (unaudited) For The Nine Months Ended Hudson September 30, Hudson Hudson Asia 2009 Americas Europe Pacific Corporate Total --------- ------- -------- --------- ----- Revenue $122,861 $202,014 $183,311 $- $508,186 ======== ======== ======== === ======== Gross margin $30,741 $91,155 $69,182 $- $191,078 ------- ------- ------- --- -------- Adjusted EBITDA (1) $(5,284) $(253) $2,318 $(14,145) $(17,364) Business reorganization and integration expenses 3,339 6,547 2,379 14 12,279 Goodwill and other impairment charges (120) - 1,669 - 1,549 ---- --- ----- --- ----- EBITDA (1) (8,503) (6,800) (1,730) (14,159) (31,192) Depreciation and amortization 3,100 3,731 2,401 137 9,369 ----- ----- ----- --- ----- Operating (loss) income $(11,603) $(10,531) $(4,131) $(14,296) $(40,561) ========= ========= ======== ========= ========= For The Nine Months Ended Hudson September 30, Hudson Hudson Asia 2008 Americas Europe Pacific Corporate Total --------- ------- -------- --------- ----- Revenue $221,254 $324,329 $319,815 $- $865,398 ======== ======== ======== === ======== Gross margin $60,901 $170,603 $138,771 $- $370,275 ------- -------- -------- --- -------- Adjusted EBITDA (1) $4,544 $18,985 $22,413 $(21,145) $24,797 Business reorganization and integration expenses 1,826 1,229 1,978 - 5,033 Goodwill and other impairment charges - - - - - --- --- --- --- --- EBITDA (1) 2,718 17,756 20,435 (21,145) 19,764 Depreciation and amortization 3,518 4,467 3,130 159 11,274 ----- ----- ----- --- ------ Operating (loss) income $(800) $13,289 $17,305 $(21,304) $8,490 ====== ======= ======= ========= ====== (1) Non-GAAP earnings before interest, income taxes, special charges, other non-operating expense, and depreciation and amortization ("Adjusted EBITDA") and non-GAAP earnings before interest, income taxes, other non-operating expense, and depreciation and amortization ("EBITDA") are presented to provide additional information about the company's operations on a basis consistent with the measures which the company uses to manage its operations and evaluate its performance. Management also uses these measurements to evaluate capital needs and working capital requirements. Adjusted EBITDA and EBITDA should not be considered in isolation or as a substitute for operating income, cash flows from operating activities, and other income or cash flow statement data prepared in accordance with generally accepted accounting principles or as a measure of the company's profitability or liquidity. Furthermore, adjusted EBITDA and EBITDA as presented above may not be comparable with similarly titled measures reported by other companies. Contact: David F. Kirby Hudson Highland Group +1-212-351-7216 david.kirby@hudson.com

Hudson Highland Group, Inc.

David F. Kirby of Hudson Highland Group, +1-212-351-7216, david.kirby@hudson.com

Onyx Pharmaceuticals Reports Third Quarter 2009 Financial Results; Nexavar Global Net Sales Top $229 Million, 27% Increase Over Third Quarter 2008Non-GAAP Net Income of $22 Million, 34% Increase Over Third Quarter 2008

EMERYVILLE, Calif., Nov. 3 /PRNewswire-FirstCall/ -- Onyx Pharmaceuticals, Inc. today reported its financial results for the third quarter 2009. Global Nexavar net sales as reported by Onyx's collaborator Bayer HealthCare Pharmaceuticals, or Bayer, were $229.2 million for the third quarter 2009, a 27% increase compared to $180.9 million in the same period in 2008. Onyx and Bayer are marketing and developing Nexavar® (sorafenib) tablets, an anticancer therapy currently approved for the treatment of liver cancer and advanced kidney cancer in the U.S., European Union, Japan and other territories.

Onyx reported non-GAAP net income of $22.2 million, or $0.35 per diluted share, for the third quarter 2009 compared to non-GAAP net income of $16.6 million, or $0.29 per diluted share, for the same period in 2008. Non-GAAP net income excludes employee stock-based compensation expense, non-cash imputed interest expense related to the application of Accounting Standards Codification ("ASC") Subtopic 470-20 (formerly known as Financial Accounting Standards Board Staff Position, or FSP APB, 14-1), acquisition related transaction costs and a payment to BTG International Limited in connection with the achievement of a development milestone in the ONX 0801 program. Net income for the third quarter 2009 reflected growth in Nexavar sales and lower Nexavar commercial expenses, offset by expanded clinical development efforts, lower investment income and interest expense on the convertible senior notes issued in August 2009. On a GAAP basis, Onyx reported net income of $8.2 million, or $0.14 per diluted share, for the third quarter 2009 compared to net income of $12.2 million, or $0.21 per diluted share, in the same period in 2008. A description of the non-GAAP calculations and reconciliation to comparable GAAP measures is provided in the accompanying table entitled "Reconciliation of GAAP to Non-GAAP Net Income."

"Delivering another quarter of strong financial performance points to our success in building Nexavar as an oncology blockbuster and demonstrates our commitment to executing on our strategic priorities," said N. Anthony Coles, M.D., president and chief executive officer of Onyx. "As the next step in our plans to grow the company strategically, we recently announced our intention to acquire Proteolix Inc., a leader in the science of proteasome inhibition. Through continued investigation of Nexavar in a broad array of additional tumor types and investment in a growing number of pipeline candidates, we are creating multiple opportunities for additional value creation."

Revenue from Collaboration Agreement

For the third quarter 2009, Onyx reported revenue from its Nexavar collaboration agreement of $69.1 million compared to $50.8 million for the same period in 2008. The 36% increase in revenue from collaboration agreement between periods resulted from an increase in Nexavar sales and royalty revenue and a decrease in Nexavar commercial expenses.

Operating Expenses

Onyx recorded research and development expenses of $35.6 million in the third quarter 2009, compared to $21.8 million for the same period in 2008. Higher research and development expenses in the third quarter 2009 were primarily due to planned increases in the development program for Nexavar across additional tumor types, such as thyroid, colorectal and adjuvant liver cancer and Onyx's costs to further develop ONX 0801, including a milestone payment of $7.0 million to BTG International Limited. Selling, general and administrative expenses were $23.4 million in the third quarter 2009, compared to $19.3 million for the same period in 2008. Higher selling, general and administrative expenses were primarily due to headcount-related expenses to support Onyx's growth.

Investment Income

Investment income was $1.0 million for the third quarter 2009 compared to $2.8 million in the same period in 2008. The decrease was primarily due to lower effective interest rates as a result of market conditions as well as a change in the asset allocation of Onyx's investment portfolio.

Interest Expense

Interest expense of $2.3 million for the third quarter 2009 relates to the 4.0% convertible senior notes due 2016 issued in August 2009, and includes non-cash imputed interest expense of $1.0 million as a result of the application of ASC Subtopic 470-20 (formerly known as FSP APB 14-1).

Cash, Cash Equivalents and Marketable Securities

At September 30, 2009, cash, cash equivalents, and current and noncurrent marketable securities were $843.1 million, compared to $458.0 million at December 31, 2008. This increase was primarily due to net proceeds of debt and equity financings in August 2009 and cash generated from operations.

Nine-Month Results

Nexavar net sales, as recorded by Bayer, were $608.3 million and $501.3 million for the nine months ended September 30, 2009 and 2008, respectively. Non-GAAP net income for the nine months ended September 30, 2009 was $45.6 million, or $0.73 per diluted share, compared to non-GAAP net income of $45.9 million, or $0.81 per diluted share for the same period in 2008, excluding employee stock-based compensation expense, non-cash imputed interest expense related to the application of ASC Subtopic 470-20 (formerly known as FSP APB 14-1), acquisition related transaction costs and a payment to BTG International Limited in connection with the achievement of a development milestone in the ONX 0801 program. A description of the non-GAAP calculations is provided below in the accompanying table entitled "Reconciliation of GAAP to Non-GAAP Net Income." For the nine months ended September 30, 2009, on a GAAP basis Onyx recorded net income of $21.7 million, or $0.37 per diluted share, compared with a net income of $32.1 million, or $0.57 per diluted share, for the same period in 2008.

Management Conference Call Today

Onyx will host a teleconference and webcast to provide a general business overview and discuss financial results. The event will begin at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) on November 3, 2009. The live webcast will be available at:

http://www.onyx-pharm.com/view.cfm/32/Event-Calendar

or by dialing 847-619-6547 and using the passcode 25674242. A replay of the presentation will be available on the Onyx website or by dialing 630-652-3044 and using the passcode 25674242 approximately one hour after the teleconference concludes. The replay will be available through December 3, 2009.

About Onyx Pharmaceuticals, Inc.

Onyx Pharmaceuticals, Inc. is a biopharmaceutical company committed to improving the lives of people with cancer. The company, in collaboration with Bayer HealthCare Pharmaceuticals, is developing and marketing Nexavar® (sorafenib) tablets, a small molecule drug. Nexavar is currently approved for the treatment of liver cancer and advanced kidney cancer. Additionally, Nexavar is being investigated in several ongoing trials in a variety of tumor types. For more information about Onyx, visit http://www.onyx-pharm.com/.

Nexavar® (sorafenib) tablets is a registered trademark of Bayer HealthCare Pharmaceuticals.

This news release contains "forward-looking statements" of Onyx within the meaning of the federal securities laws. These forward-looking statements include, without limitation, statements regarding sales trends and commercial activities, the timing, progress and results of clinical development, regulatory filings and actions and Onyx's anticipated acquisition of Proteolix, Inc. and its lead product candidate, carfilzomib. These statements are subject to risks and uncertainties that could cause actual results and events to differ materially from those anticipated, including, but not limited to, risks and uncertainties related to: Nexavar being our only approved product; competition; failures or delays in our clinical trials; dependence on our collaborative relationship with Bayer; market acceptance and the rate of adoption of our products; pharmaceutical pricing and reimbursement pressures; serious adverse side effects, if they are associated with Nexavar; government regulation; possible failure to realize the anticipated benefits of business acquisitions or strategic investments; protection of our intellectual property; the indebtedness incurred through the sale of our 4.0% convertible senior notes due 2016; product liability risks; and the consummation and anticipated benefits of the proposed acquisition of Proteolix. Reference should be made to Onyx's Annual Report on Form 10-K for the year ended December 31, 2008, filed with the Securities and Exchange Commission, under the heading "Risk Factors" for a more detailed description of these and other risks, as well as the company's subsequent quarterly reports on Form 10Q. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date of this release. Onyx undertakes no obligation to update publicly any forward-looking statements to reflect new information, events, or circumstances after the date of this release except as required by law.

(See attached tables.) ONYX PHARMACEUTICALS, INC. CONDENSED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) (unaudited) Three Months Ended Nine Months Ended September 30, September 30, -------------- ------------------ 2009 2008 2009 2008 ---- ---- ---- ---- Revenue: Revenue from collaboration agreement $69,137 $50,766 $183,074 $144,693 ------- ------- -------- -------- Total operating revenue 69,137 50,766 183,074 144,693 Operating expenses: Research and development (1) 35,635 21,792 92,478 63,845 Selling, general and administrative (1) 23,440 19,319 68,899 58,985 ------ ------ ------ ------ Total operating expenses 59,075 41,111 161,377 122,830 ------ ------ ------- ------- Income from operations 10,062 9,655 21,697 21,863 Investment income 1,015 2,763 3,108 10,696 Interest expense (2,255) - (2,255) - ------ ----- ------ ----- Income before provision for income taxes 8,822 12,418 22,550 32,559 Provision for income taxes 589 175 878 424 --- --- --- --- Net income $8,233 $12,243 $21,672 $32,135 ====== ======= ======= ======= Net income per share: Basic $0.14 $0.22 $0.37 $0.58 ===== ===== ===== ===== Diluted (2) $0.14 $0.21 $0.37 $0.57 ===== ===== ===== ===== Shares used in computing net income per share: Basic 60,248 56,197 58,201 55,755 ====== ====== ====== ====== Diluted (2) 60,624 57,194 58,511 56,773 ====== ====== ====== ====== (1) Includes employee stock-based compensation charges of: Research and development $517 $694 $2,286 $2,083 Selling, general, and administrative 4,455 3,646 12,647 11,726 ----- ----- ------ ------ Total employee stock- based compensation $4,972 $4,340 $14,933 $13,809 ====== ====== ======= ======= (2) Computation of diluted net income per share: Net income $8,233 $12,243 $21,672 $32,135 Add: Interest and issuance costs related to dilutive convertible senior notes (3) - - - - ----- ----- ----- ----- Net income - diluted $8,233 $12,243 $21,672 $32,135 ====== ======= ======= ======= Basic shares 60,248 56,197 58,201 55,755 Dilutive effect of options and restricted stock 376 997 310 1,018 Dilutive effect of convertible senior notes (3) - - - - ----- ----- ----- ----- Diluted shares 60,624 57,194 58,511 56,773 ====== ====== ====== ====== (3) Under the "if-converted" method, potential common shares related to the Company's convertible senior notes were not included in diluted net income per share for the three and nine months ended September 30, 2009 because their effect would be anti-dilutive. ONYX PHARMACEUTICALS, INC. CALCULATION OF REVENUE FROM COLLABORATION AGREEMENT (In thousands, unaudited) Three Months Nine Months Ended September Ended September 30, 30, ---------------- ---------------- 2009 2008 2009 2008 ---- ---- ---- ---- Nexavar product revenue, net (as recorded by Bayer) $229,243 $180,887 $608,295 $501,303 ======== ======== ======== ======== Revenue subject to profit sharing (as recorded by Bayer) $199,774 $168,141 $548,093 $476,584 Combined cost of goods sold, distribution, selling, general and administrative expenses 76,309 79,362 222,531 222,200 ------ ------ ------- ------- Combined collaboration commercial profit $123,465 $88,779 $325,562 $254,384 ======== ======= ======== ======== Onyx's share of collaboration commercial profit $61,732 $44,390 $162,781 $127,192 Reimbursement of Onyx's shared marketing expenses 5,342 5,484 16,079 15,771 Royalty revenue 2,063 892 4,214 1,730 ----- --- ----- ----- Revenue from collaboration agreement $69,137 $50,766 $183,074 $144,693 ======= ======= ======== ======== ONYX PHARMACEUTICALS, INC. RECONCILIATION OF GAAP TO NON-GAAP NET INCOME (In thousands, except per share amounts) (unaudited) Three Months Nine Months Ended Ended September 30, September 30, -------------- ------------- 2009 2008 2009 2008 ---- ---- ---- ---- GAAP net income per share - basic $0.14 $0.22 $0.37 $0.58 GAAP net income per share - diluted (4) $0.14 $0.21 $0.37 $0.57 GAAP net income $8,233 $12,243 $21,672 $32,135 Non-GAAP adjustments: Employee stock-based compensation 4,972 4,340 14,933 13,809 Imputed interest related to the application of ASC 470-20 1,027 - 1,027 - Acquisition related transaction costs 1,011 - 1,011 - Milestone payments 7,000 - 7,000 - ----- ----- ----- ----- Non-GAAP net income (5) $22,243 $16,583 $45,643 $45,944 ======= ======= ======= ======= Computation of non-GAAP diluted net income Non-GAAP net income (5) $22,243 $16,583 $45,643 $45,944 Add: Interest and issuance costs related to dilutive convertible senior notes (6) 1,228 - 1,228 - ----- ----- ----- ----- Non-GAAP net income - diluted (5) $23,471 $16,583 $46,871 $45,944 ======= ======= ======= ======= Computation of non-GAAP diluted shares Basic shares 60,248 56,197 58,201 55,755 Adjustments for dilutive effects: Dilutive effect of options and restricted stock 376 997 310 1,018 Dilutive effect of convertible senior notes (6) 5,801 - 5,801 - ----- ----- ----- ----- Non-GAAP diluted shares (5) 66,425 57,194 64,312 56,773 ====== ====== ====== ====== Non-GAAP net income per share (5) $0.37 $0.30 $0.78 $0.82 Non-GAAP net income per share - diluted (5) $0.35 $0.29 $0.73 $0.81 (4) Under the "if-converted" method, dilutive potential common shares related to the Company's convertible senior notes were not included in GAAP diluted net income per share for the three and nine months ended September 30, 2009 because their effect would be anti-dilutive. (5) This press release includes the following non-GAAP financial measures: non-GAAP net income and non-GAAP net income per share. The foregoing table reconciles these non-GAAP measures to the most comparable financial measures calculated in accordance with GAAP.

Onyx management uses these non-GAAP financial measures to monitor and evaluate our operating results and trends on an on-going basis and internally for operating, budgeting and financial planning purposes. Onyx management believes the non-GAAP information is useful for investors by offering them the ability to better identify trends in our business and better understand how management evaluates the business. These non-GAAP measures have limitations, however, because they do not include all items of income and expense that affect Onyx. These non-GAAP financial measures that management uses are not prepared in accordance with, and should not be considered in isolation of, or an as alternative to, measurements required by GAAP.

These non-GAAP financial measures exclude the following items from GAAP net income and diluted EPS:

Employee stock-based compensation: Onyx management excludes the effects of employee stock-based compensation because of varying available valuation methodologies, subjective assumptions and the variety of award types; such exclusion facilitates comparisons of Onyx's operating results to peer companies.

Imputed interest related to the application of ASC Subtopic 470-20: Onyx management excludes the effects of imputed interest related to the Company's convertible senior notes due 2016 because this expense is non-cash; such exclusion facilitates comparisons of Onyx's cash operating results to peer companies.

Milestone payments and acquisition related transaction costs: Onyx management excludes the effects of milestone payments and acquisition related transaction costs as they do not relate to the normal and recurring transactions of our business; such exclusions allow for a better representation of the ongoing economics of the business, facilitates comparison to peer companies and is reflective of how Onyx management internally manages the business.

(6) Under the "if-converted" method, potential common shares related to the Company's convertible senior notes were included in non-GAAP net income per share - diluted for the three and nine months ended September 30, 2009 because their effect is dilutive. ONYX PHARMACEUTICALS, INC. CONDENSED BALANCE SHEETS (In thousands) Sep. 30, Dec. 31, 2009 2008 (unaudited) (7) ------------ -------- Assets Cash, cash equivalents and marketable securities $804,670 $418,424 Other current assets 58,833 43,635 ------ ------ Total current assets 863,503 462,059 Property and equipment, net 3,124 3,363 Marketable securities, non-current 38,410 39,622 Other assets 9,014 4,723 ----- ----- Total assets $914,051 $509,767 ======== ======== Liabilities and stockholders' equity Current liabilities 22,888 33,304 Convertible senior notes due 2016 141,559 - Other long-term liabilities 986 1,263 Stockholders' equity 748,618 475,200 ------- ------- Total liabilities and stockholders' equity $914,051 $509,767 ======== ======== (7) Derived from the audited financial statements included in the Company's Annual Report on Form 10-K for the year-ended December 31, 2008.

Onyx Pharmaceuticals, Inc.

CONTACT: Julie Wood, Vice President, Investor Relations of Onyx
Pharmaceuticals, Inc., +1-510-597-6505

Web Site: http://www.onyx-pharm.com/

National Financial Partners Announces Third Quarter 2009 Net Income per Diluted Share of $0.24; Cash Earnings per Diluted Share of $0.58, Excluding Unusual ItemGross Margin Percentage Improved to 19.1% from 17.5% in Prior Year Period Third Quarter Cash Flow from Operations Up 40% from Prior Year Period Credit Facility Balance Reduced to $65 Million as of October 31, 2009

NEW YORK, Nov. 3 /PRNewswire-FirstCall/ -- National Financial Partners Corp. , a leading independent distributor of benefits, insurance and investment advisory services, today reported financial results for the third quarter ended September 30, 2009.

3Q 3Q % YTD YTD % Financial Highlights* 2009 2008 Change 2009 2008 Change --------------------- ---- ---- ------ ---- ---- ------ (Dollars in millions, except per share data) Revenue $229.9 $277.3 -17.1% $671.1 $851.1 -21.1% Gross Margin % 19.1% 17.5% 18.1% 17.7% Net income (loss) 10.5 3.5 200.0% (495.2) 20.9 NM Net income (loss) per diluted share 0.24 0.08 200.0% (12.11) 0.51 NM Cash earnings 26.4 22.9 15.3% 70.9 72.1 -1.7% Cash earnings per diluted share $0.61 $0.56 8.9% $1.67 $1.75 -4.6% Organic revenue growth/decline -16.3% -14.4% -19.6% -5.0% Organic gross margin growth/decline -18.4% -22.6% -21.1% -15.0% * This summary includes financial measures not calculated based on generally accepted accounting principles. NM indicates amount not meaningful.

NFP reported third quarter 2009 net income of $10.5 million, or $0.24 per diluted share, compared with net income of $3.5 million, or $0.08 per diluted share, in the third quarter of 2008. Third quarter 2009 cash earnings was $26.4 million, or $0.61 per diluted share, compared with $22.9 million, or $0.56 per diluted share, in the third quarter of 2008. Excluding the proceeds from the settlement of an NFP-owned key man life insurance policy, cash earnings per diluted share was $0.58 in the third quarter of 2009. Cash earnings per diluted share, excluding proceeds from the settlement of the key man life insurance policy, remained stable primarily as a result of lower expenses. (Cash earnings is a non-GAAP measure, which the Company defines as net income excluding amortization of intangibles, depreciation, the after-tax impact of the impairment of goodwill and intangible assets and the after-tax impact of non-cash interest expense. A full reconciliation of net income to cash earnings is provided in the attached tables.)

Jessica Bibliowicz, chairman, president and chief executive officer, said, "The actions we have taken over the past year to increase cash flow and reduce expenses continue to be effective. From the prior year period, cash flow from operations increased 40% and gross margin percentage improved significantly. The amount outstanding under our credit facility has been reduced by 56% from the beginning of the year to the end of October."

Ms. Bibliowicz continued, "Our operating focus, together with our recent reorganization and the restructuring of firm principal incentive compensation plans, provide a solid foundation for the future."

As of September 30, 2009, the Company had $75.0 million outstanding under its credit facility, a reduction of $40.0 million since June 30, 2009. In October NFP further reduced the amount outstanding under its credit facility by an additional $10.0 million, and the balance now stands at $65.0 million. The third quarter 2009 consolidated leverage ratio (as defined in the amended credit facility) was 2.2x, below the maximum allowable consolidated leverage ratio of 3.0x for the third quarter of 2009. The maximum allowable consolidated leverage ratio will decline to 2.5x in the fourth quarter of 2009 and remain at that level through the expiration of the credit facility in August 2011. During the third quarter of 2009, NFP generated cash flow from operations of $50.4 million, an increase of $14.4 million, or 40.0%, from the prior year period.

Third Quarter Results

Revenue decreased $47.4 million, or 17.1%, to $229.9 million in the third quarter of 2009 from the prior year period. The decrease was driven by an organic revenue decline of $33.9 million, or 16.3%, to $174.3 million. The Company's Austin, Texas-based facility, which includes NFP Insurance Services, Inc. ("NFPISI"), a licensed insurance agency and marketing organization, and NFP Securities, Inc. ("NFPSI"), a registered broker-dealer, experienced a revenue decline of $7.4 million, or 11.0%, to $59.7 million. Also contributing to the quarterly decrease was a $4.8 million reduction in revenue due to the sale of all or a portion of certain firms as well as adjustments for eliminations.

Organic metrics generally encompass firms that were owned by NFP for at least four full quarters at the beginning of the third quarter of 2009. NFP includes dispositions in its organic metrics up until the time of disposition and excludes these firms for all periods after disposition. More detailed definitions and financial information can be found in the Company's quarterly financial supplement, which is available on the Company's Web site at http://www.nfp.com/.

Gross margin before management fees was $78.8 million in the third quarter of 2009, a decrease of $10.9 million, or 12.2%, from the prior year period. As a percentage of revenue, third quarter gross margin before management fees increased to 34.3% from 32.3% in the prior period, despite the revenue decline. Lower commissions and fees expense as a percentage of revenue was partially offset by higher operating expenses as a percentage of revenue. In absolute terms, operating expenses declined 14.0% in the third quarter of 2009 compared with the prior year period largely due to expense reduction initiatives and a $5.3 million decline due to the sale of all or a portion of certain firms.

Management fees as a percentage of gross margin before management fees declined to 44.3% in the third quarter of 2009 from 45.9% a year ago largely due to lower incentive expense. The decline in this percentage also reflected a greater contribution to income before management fees from entities that are not subject to management fees, such as NFPISI and NFPSI. Management fees as a percentage of gross margin before management fees has increased throughout the year as the operating performance of NFP's firms has improved. Gross margin, which includes management fees as a component of cost of services, was $43.9 million in the third quarter of 2009, a decrease of $4.7 million, or 9.7%, from the prior year period. Organic gross margin declined 18.4% in the third quarter of 2009 compared with the corresponding prior year period. As a percentage of revenue, third quarter total gross margin increased to 19.1% from 17.5% in the prior year period.

General and administrative expense decreased $3.6 million, or 21.7%, to $13.0 million in the third quarter of 2009 compared with the prior year period. The decrease was largely the result of previous headcount reductions and management's continued efforts to reduce other expenses.

In the third quarter of 2009, impairment of goodwill and intangible assets was $2.0 million. The Company generally evaluates the value of its intangible assets on a quarterly basis.

The Company recognized a $1.2 million gain on the sale of subsidiaries during the third quarter of 2009. The gain was the result of the sale of seven subsidiaries and certain assets of two additional subsidiaries.

Net interest and other included $1.9 million in proceeds from the settlement of an NFP-owned key man life insurance policy. The Company maintains key man life insurance on certain of its principals for risk management purposes.

The tax rate was 37.5% in the third quarter of 2009, lower than the typical combined federal and state tax rates largely due to the non-taxable nature of key man life insurance proceeds received during the second quarter of 2009 and a tax benefit from dispositions.

Earnings Conference Call & Presentation

The Company will conduct its third quarter 2009 earnings conference call and audio webcast on November 4, 2009, from 8:00 to 9:00 a.m. (ET). The conference call will be available live via telephone and the Internet. To access the call, dial (617) 399-5125 (when prompted, callers should provide the access code "NFP"). The conference call and webcast will be accompanied by a presentation. The presentation will be available for electronic download on NFP's Web site before the conference call and webcast is scheduled to begin. The presentation may also be viewed automatically upon connecting to the webcast. To listen to the conference call over the Internet, visit http://www.nfp.com/ir. The conference call will be available for replay via telephone and Internet for a period of 90 days. To listen to a replay of the conference call via telephone, dial (888) 286-8010. The access code for the replay is 66138793. To access the replay of the conference call over the Internet, visit the above-mentioned Web site.

Reconciliation of Non-GAAP Measures

The Company analyzes its performance using historical and forward-looking non-GAAP measures called cash earnings and cash earnings per diluted share, gross margin before management fees and percentages or calculations using these measures. The Company believes these non-GAAP measures provide additional meaningful methods of evaluating certain aspects of the Company's operating performance from period to period on a basis that may not be otherwise apparent under GAAP. Cash earnings is defined as net income excluding amortization of intangibles, depreciation, the after-tax impact of the impairment of goodwill and intangible assets and the after-tax impact of non-cash interest expense. A full reconciliation of net income to cash earnings is provided in the attached tables. Cash earnings per diluted share is calculated by dividing cash earnings by the number of weighted average diluted shares outstanding for the period indicated. Cash earnings and cash earnings per diluted share should not be viewed as substitutes for net income and net income per diluted share, respectively. Gross margin before management fees should not be viewed as a substitute for gross margin. A full reconciliation of these non-GAAP measures to their GAAP counterparts is provided in the Company's quarterly financial supplement for the quarter ended September 30, 2009, which is available on the Investor Relations section of the Company's Web site at http://www.nfp.com/.

About National Financial Partners Corp.

NFP is a leading independent financial services distribution company. NFP offers high net worth individuals and companies throughout the United States and in Canada comprehensive solutions across corporate and executive benefits, life insurance and wealth transfer, and investment advisory products and services. NFP and its subsidiaries, including NFP Securities, Inc., provide clients with access to objective advice and a choice of insurance and financial products and services. For more information please visit http://www.nfp.com/.

Forward-Looking Statements

This release contains certain statements relating to future results, which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, any statement that may project, indicate or imply future results, events, performance or achievements, and may contain the words "anticipate," "expect," "intend," "plan," "believe," "estimate," "may," "project," "will," "continue" and similar expressions of a future or forward-looking nature. Forward-looking statements may include discussions concerning revenue, expenses, earnings, cash flow, impairments, losses, dividends, capital structure, credit facilities, market and industry conditions, premium and commission rates, interest rates, contingencies, the direction or outcome of regulatory investigations and litigation, income taxes and NFP's operations or strategy. These forward-looking statements are based on management's current views with respect to future results, and are subject to risks and uncertainties. Factors that could cause actual results to differ materially from those contemplated by a forward-looking statement include: (1) NFP's ability, through its operating structure, to respond quickly to regulatory, operational or financial situations impacting its firms; (2) the Company's ability to manage its business effectively and profitably through the principals of its firms; (3) the financial impact of NFP's new incentive plans; (4) a recessionary economic environment, resulting in fewer sales of financial products or services, including rising unemployment which could impact group benefits sales based on reduced headcount, the availability of credit in connection with the purchase of such products or services, consumer hesitancy in spending or the insolvencies of or difficulties experienced by insurance companies, financial institutions or the Company's clients; (5) the occurrence of events or circumstances that could be indicators of impairment to goodwill and intangible assets which require the Company to test for impairment, and the impact of any impairments that the Company may take; (6) the impact of the adoption or modification of certain accounting treatments or policies and changes in underlying assumptions relating to such treatments or policies (including with respect to impairments), which may lead to adverse financial results; (7) NFP's success in acquiring and retaining high-quality independent financial services distribution firms and various factors inhibiting the Company's ability to acquire and retain firms; (8) the performance of the Company's firms following acquisition; (9) changes in interest rates or general economic conditions and credit market conditions, including changes that adversely affect NFP's ability to access capital; (10) adverse developments or volatility in the markets in which the Company operates, resulting in fewer sales of financial products and services, including those related to compensation agreements with insurance companies and activities within the life settlements industry; (11) securities and capital markets behavior, including fluctuations in the price of NFP's common stock, recent uncertainty in the U.S. financial markets or the dilutive impact of any capital-raising efforts to finance operations or business strategy; (12) any losses that NFP may take with respect to firm dispositions, firm restructures or otherwise; (13) the continued availability of borrowings and letters of credit under NFP's credit facility; (14) NFP's ability to manage its indebtedness and capital structure; (15) adverse results or other consequences from litigation, arbitration, regulatory investigations or compliance initiatives, including those related to business practices, compensation agreements with insurance companies, policy rescissions or chargebacks, regulatory investigations or activities within the life settlements industry; (16) uncertainty in the financial services, insurance or life settlement industries arising from investigations into certain business practices and subpoenas received from various governmental authorities and related litigation; (17) the impact of legislation or regulations in jurisdictions in which NFP's subsidiaries operate, including the possible adoption of comprehensive and exclusive federal regulation over all interstate insurers and the uncertain impact of proposals for legislation regulating the financial services industry; (18) the reduction of the Company's revenue and earnings due to the elimination or modification of compensation arrangements, including contingent compensation arrangements and the adoption of internal initiatives to enhance compensation transparency, including the transparency of fees paid for life settlements transactions; (19) changes in laws, including the elimination or modification of the federal estate tax, changes in the tax treatment of life insurance products, or changes in regulations affecting the value or use of benefits programs, which may adversely affect the demand for or profitability of the Company's services; (20) uncertainty regarding the impact of proposed healthcare legislation or reform on NFP's subsidiaries that operate in the benefits market; (21) developments in the availability, pricing, design or underwriting of insurance products, revisions in mortality tables by life expectancy underwriters or changes in the Company's relationships with insurance companies; (22) changes in premiums and commission rates or the rates of other fees paid to the Company's firms, including life settlements and registered investment advisory fees; (23) the occurrence of adverse economic conditions or an adverse regulatory climate in New York, Florida or California; (24) the loss of services of key members of senior management; (25) the availability or adequacy of errors and omissions insurance or other types of insurance coverage protection; and (26) the Company's ability to effect smooth succession planning at its firms.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited - in thousands, except per share data) Three Months Ended Nine Months Ended September 30, September 30, ------------- ------------- 2009 2008 2009 2008 ---- ---- ---- ---- Revenue: Commissions and fees $229,925 $277,282 $671,104 $851,135 Cost of services: Commissions and fees 63,059 85,216 187,934 275,487 Operating expenses (1) 88,112 102,384 274,553 306,581 Management fees 34,855 41,140 87,316 118,727 ------ ------ ------ ------- Total cost of services 186,026 228,740 549,803 700,795 ------ ------ ------- ------- Gross margin 43,899 48,542 121,301 150,340 ------ ------ ------- ------- Corporate and other expenses: General and administrative 13,044 16,537 37,898 48,900 Amortization of intangibles 8,975 9,907 27,745 29,323 Impairment of goodwill and intangible assets 2,002 5,198 612,234 10,226 Depreciation 3,361 3,497 10,385 9,706 Gain on sale of subsidiaries (1,190) (578) (1,852) (7,665) ------ ---- ------ ------ Total corporate and other expenses 26,192 34,561 686,410 90,490 ------ ------ -------- ------ Income (loss) from operations 17,707 13,981 (565,109) 59,850 Net interest and other (2) (911) (3,802) (2,358) (11,856) ------ ------ -------- ------ Income (loss) before income taxes 16,796 10,179 (567,467) 47,994 Income tax expense (benefit) (2) 6,256 6,682 (72,230) 27,080 ------- ------ --------- ------- Net income (loss) (2) $10,540 $3,497 $(495,237) $20,914 ======= ====== ========= ======= Earnings (loss) per share(2): Basic $0.25 $0.09 $(12.11) $0.53 ===== ===== ======= ===== Diluted $0.24 $0.08 $(12.11) $0.51 ===== ===== ======= ===== Weighted average shares outstanding: Basic 41,604 39,670 40,888 39,493 ====== ====== ====== ====== Diluted 43,114 41,187 40,888 41,164 ====== ====== ====== ====== (1) Excludes amortization and depreciation shown separately in Corporate and other expenses. (2) Prior periods presented have been retrospectively adjusted for the adoption of new guidance related to the accounting for convertible debt on January 1, 2009. CALCULATION OF GROSS MARGIN (Unaudited-in thousands) Three Months Ended Nine Months Ended September 30, September 30, ------------- ------------- 2009 2008 2009 2008 ---- ---- ---- ---- Revenue $229,925 $277,282 $671,104 $851,135 Cost of services: Commissions and fees 63,059 85,216 187,934 275,487 Operating expenses (1) 88,112 102,384 274,553 306,581 ------ ------- ------- ------- Gross margin before management fees 78,754 89,682 208,617 269,067 Management fees 34,855 41,140 87,316 118,727 ------ ------ ------ ------- Gross margin $43,899 $48,542 $121,301 $150,340 ======= ======= ======== ======== Gross margin as a percentage of revenue 19.1% 17.5% 18.1% 17.7% Gross margin before management fees as a percentage of revenue 34.3% 32.3% 31.1% 31.6% Management fees, as a percentage of gross margin before management fees 44.3% 45.9% 41.9% 44.1% RECONCILIATION OF NET INCOME TO CASH EARNINGS (Unaudited-in thousands, except per share data) Three Months Ended Nine Months Ended September 30, September 30, ------------- ------------- 2009 2008 2009 2008 ---- ---- ---- ---- GAAP net income (loss) (2) $10,540 $3,497 $(495,237) $20,914 Amortization of intangibles 8,975 9,907 27,745 29,323 Depreciation 3,361 3,497 10,385 9,706 Impairment of goodwill and intangible assets 2,002 5,198 612,234 10,226 Tax benefit of impairment of goodwill and intangible assets (427) (874) (89,475) (2,663) Non-cash interest, net of tax (2) 1,966 1,644 5,255 4,632 ----- ----- ----- ----- Cash earnings (3) $26,417 $22,869 $70,907 $72,138 GAAP net income (loss) per share -diluted (2) $0.24 $0.08 $(12.11) $0.51 Amortization of intangibles 0.21 0.24 0.65 0.71 Depreciation 0.08 0.08 0.25 0.24 Impairment of goodwill and intangible assets 0.05 0.13 14.45 0.25 Tax benefit of impairment of goodwill and intangible assets (0.01) (0.02) (2.11) (0.06) Non-cash interest, net of tax (2) 0.05 0.04 0.12 0.11 Impact of diluted shares on cash earnings not reflected in GAAP net loss per share -diluted (4) - - 0.42 - ----- ----- ----- ----- Cash earnings per share - diluted (5) $0.61 $0.56 $1.67 $1.75 (1) Excludes amortization and depreciation shown separately in Corporate and other expenses. (2) Prior periods presented have been retrospectively adjusted for the adoption of new guidance related to the accounting for convertible debt on January 1, 2009. (3) Cash earnings is a non-GAAP measure, which the Company defines as net income excluding amortization of intangibles, depreciation, the after-tax impact of the impairment of goodwill and intangible assets and the after-tax impact of non-cash interest expense. (4) For periods where the Company generated a GAAP net loss, weighted average common shares outstanding - diluted was used to calculate cash earnings per share - diluted only. To calculate GAAP net loss per share, weighted average common shares outstanding - diluted is the same as weighted average common shares outstanding - basic due to the antidilutive effects of other items caused by a GAAP net loss position. (5) The sum of the per-share components of cash earnings per share - diluted may not agree to cash earnings per share - diluted, due to rounding. Excluding the impact on cash earnings per share - diluted of $0.03 from the settlement of an NFP-owned key man life insurance policy, cash earnings per share - diluted would be $0.58 for the three months ended September 30, 2009. CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited-in thousands) September 30, December 31, 2009 2008 ---- ---- ASSETS Current assets: Cash and cash equivalents $60,084 $48,621 Cash, cash equivalents and securities purchased under resale agreements in premium trust accounts 75,838 75,109 Commissions, fees and premiums receivable, net 100,930 140,758 Due from principals and/or certain entities they own 21,787 16,329 Notes receivable, net 7,161 6,496 Deferred tax assets 8,322 9,435 Other current assets 18,368 19,284 ------ ------ Total current assets 292,490 316,032 Property and equipment, net 44,341 51,683 Deferred tax assets (1) 110,561 24,889 Intangibles, net 399,265 462,123 Goodwill, net 57,018 635,693 Notes receivable, net 32,410 23,683 Other non-current assets (1) 29,793 28,018 ------ ------ Total assets (1) $965,878 $1,542,121 ======== ========== LIABILITIES Current liabilities: Premiums payable to insurance carriers $82,583 $73,159 Borrowings 75,000 148,000 Income taxes payable (1) - 11 Deferred tax liabilities 239 - Due to principals and/or certain entities they own 22,779 38,791 Accounts payable 21,381 28,513 Accrued liabilities 47,531 54,380 ------ ------ Total current liabilities (1) 249,513 342,854 Deferred tax liabilities (1) 116,825 119,400 Convertible senior notes (1) 201,767 193,475 Other non-current liabilities 62,037 62,874 ------ ------ Total liabilities (1) 630,142 718,603 ------- ------- STOCKHOLDERS' EQUITY Preferred stock at par value - - Common stock at par value 4,410 4,388 Additional paid-in capital (1) 874,839 881,458 Retained (deficit) earnings (1) (434,316) 97,178 Accumulated other comprehensive income 176 (50) Treasury stock (109,373) (159,456) -------- -------- Total stockholders' equity (1) 335,736 823,518 ------- ------- Total liabilities and stockholders' equity (1) $965,878 $1,542,121 ======== ========== (1) Prior periods presented have been retrospectively adjusted for the adoption of new guidance related to the accounting for convertible debt on January 1, 2009. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited-in thousands) Three Months Ended Nine Months Ended September 30, September 30, ------------- -------------- 2009 2008 2009 2008 ---- ---- ---- ---- Cash flow from operating activities Net income (loss) (1) $10,540 $3,497 $(495,237) $20,914 Adjustments to reconcile to net cash provided by operating activities: Deferred taxes 1,106 (391) (87,000) 23 Stock-based compensation 2,456 3,290 7,443 10,032 Impairment of goodwill and intangible assets 2,002 5,198 612,234 10,226 Amortization of intangibles 8,975 9,907 27,745 29,323 Depreciation 3,361 3,497 10,385 9,706 Accretion of senior convertible notes discount (1) 2,783 2,611 8,292 7,778 Gain on sale of subsidiaries (1,190) (578) (1,852) (7,665) (Increase) decrease in operating assets: Cash, cash equivalents and securities purchased under resale agreements in premium trust accounts 3,420 2,623 (729) 4,737 Commissions, fees and premiums receivable, net 3,847 6,328 38,920 44,452 Due from principals and/or certain entities they own 1,615 (9,031) (3,390) (17,746) Notes receivable, net - current 659 64 (705) (889) Other current assets (1) (816) 3,098 (396) (3,346) Notes receivable, net - non-current 1,778 796 (2,209) (7,676) Other non-current assets (1) (700) 328 (1,832) (13,828) Increase (decrease) in operating liabilities: Premiums payable to insurance carriers 1,457 (3,792) 9,424 (2,917) Income taxes payable (1) - 66 (11) (1,764) Due to principals and/or certain entities they own 26 9,250 (22,072) (33,214) Accounts payable 3,038 (939) (7,125) (12,425) Accrued liabilities 1,081 (1,728) (8,475) (22,282) Other non-current liabilities (1) 4,983 1,931 (416) 10,898 ----- ----- ---- ------ Total adjustments 39,881 32,528 578,231 3,423 ------ ------ ------- ----- Net cash provided by operating activities 50,421 36,025 82,994 24,337 Cash flow from investing activities: Proceeds from disposal of subsidiaries 1,935 1,240 10,997 22,523 Purchases of property and equipment, net (1,801) (5,439) (4,943) (30,322) Payments for acquired firms, net of cash, and contingent consideration (627) (22,989) (1,606) (63,782) ---- ------- ------ ------- Net cash (used in) provided by investing activities (493) (27,188) 4,448 (71,581) Cash flow from financing activities: Repayments of borrowings (40,000) (47,000) (73,000) (132,000) Proceeds from borrowings - 51,000 - 179,000 Proceeds from stock-based awards, including tax benefit 385 277 (2,719) 3,481 Shares cancelled to pay withholding taxes (51) (22) (210) (680) Payments for treasury stock repurchase - (2,691) - (24,612) Dividends paid - (8,216) (50) (24,683) - ------ --- ------- Net cash (used in) provided by financing activities (39,666) (6,652) (75,979) 506 ------- ------ ------- --- Net increase (decrease) in cash and cash equivalents 10,262 2,185 11,463 (46,738) Cash and cash equivalents, beginning of period 49,822 65,259 48,621 114,182 ------ ------ ------ ------- Cash and cash equivalents, end of the period $60,084 $67,444 $60,084 $67,444 ======= ======= ======= ======= Supplemental disclosures of cash flow information Cash paid for income taxes $4,332 $7,949 $18,010 $29,968 Cash paid for interest $1,975 $2,649 $5,771 $7,568 (1) Prior periods presented have been retrospectively adjusted for the adoption of new guidance related to the accounting for convertible debt on January 1, 2009.

National Financial Partners Corp.

CONTACT: Investor Relations, Marc Gordon, National Financial Partners,
ir@nfp.com, +1-212-301-4033; or Media Relations, Barbara Willis, National
Financial Partners, communications@nfp.com, +1-212-301-1039

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

SuccessFactors Vice President of Cloud Computing to Participate on SaaS Executive Panel at the Janney Montgomery Scott 2009 Software & Services ConferenceEvent to be Webcast Live on SuccessFactors' Investor Relations Website

SAN MATEO, Calif., Nov. 3 /PRNewswire-FirstCall/ -- Today SuccessFactors, Inc. announced that SuccessFactors' Vice President of Cloud Computing, Tom Fisher, will present on an executive panel at the Janney Montgomery Scott 2009 Software & Services Conference on Wednesday, November 11th, 2009 in New York, NY.

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

Mr. Fisher will participate on a panel at 8:15AM (EST) / 5:15AM (PST) entitled, "Cloud 9: Getting There" with executives from NetSuite, Rightnow Technologies, and Convio. A live audio webcast will be available on SuccessFactors' Investor Relations website at http://www.successfactors.com/investor.

About SuccessFactors, Inc.

SuccessFactors is the global leader in Business Execution Software. The SuccessFactors Business Execution Suite improves business alignment and people performance to drive breakthrough results for companies of all sizes. More than 5 million users and 2,800 companies leverage SuccessFactors every day. To learn more, visit: http://www.successfactors.com/.

Execution Is The Difference(TM) Follow us: http://twitter.com/SuccessFactors Fan us: http://facebook.com/SuccessFactors Contact: SuccessFactors Dominic Paschel, 415-262-4641 Director of Public & Investor Relations dpaschel@successfactors.com

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

CONTACT: Dominic Paschel, Director of Public & Investor Relations of
SuccessFactors, +1-415-262-4641, dpaschel@successfactors.com

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

Sangamo BioSciences Announces Presentation at Merriman Curhan Ford's Investor Summit 2009

RICHMOND, Calif., Nov. 3 /PRNewswire-FirstCall/ -- Sangamo BioSciences, Inc. announced today that Edward Lanphier, Sangamo's president and CEO, will provide an update on the progress of Sangamo's ZFP Therapeutic(TM) development programs and an overview of the company's business strategy at 2:20 pm ET on Tuesday, November 10, 2009 at the Merriman Curhan Ford 6th Annual Investor Summit which will be held in New York City.

The presentation will be webcast live and may be accessed via a link on the Sangamo BioSciences website in the Investor Relations section http://investor.sangamo.com/index.cfm under Events and Presentations. The presentation will be archived on the Sangamo website for two weeks after the event.

About Sangamo

Sangamo BioSciences, Inc. is focused on the research and development of novel DNA-binding proteins for therapeutic gene regulation and modification. The most advanced ZFP Therapeutic(TM) development program is currently in Phase 2 clinical trials for evaluation of safety and clinical effect in patients with diabetic neuropathy and ALS. Sangamo also has two Phase 1 clinical trials to evaluate safety and clinical effect of a ZFP Therapeutic for the treatment of HIV/AIDS. Other therapeutic development programs are focused on cancer, neuropathic pain, nerve regeneration, Parkinson's disease and monogenic diseases. Sangamo's core competencies enable the engineering of a class of DNA-binding proteins known as zinc finger DNA-binding proteins (ZFPs). By engineering ZFPs that recognize a specific DNA sequence Sangamo has created ZFP transcription factors (ZFP TF) that can control gene expression and, consequently, cell function. Sangamo is also developing sequence-specific ZFP Nucleases (ZFN) for gene modification. Sangamo has established strategic partnerships with companies in non-therapeutic applications of its technology including Dow AgroSciences, Sigma-Aldrich Corporation and several companies applying its ZFP technology to engineer cell lines for the production of protein pharmaceuticals. For more information about Sangamo, visit the company's web site at http://www.sangamo.com/.

This press release may contain forward-looking statements based on Sangamo's current expectations. These forward-looking statements include, without limitation, references to the research and development of novel ZFP TFs and ZFNs as ZFP Therapeutics, applications of Sangamo's ZFP TF technology platform, strategic partnerships with collaborators and clinical trials of ZFP Therapeutics. Actual results may differ materially from these forward-looking statements due to a number of factors, including technological challenges, uncertainties relating to the initiation and completion of stages of ZFP Therapeutic clinical trials, Sangamo's ability to develop commercially viable products and technological developments by our competitors. See the company's SEC filings, and in particular, the risk factors described in the company's Annual Report on Form 10-K and its most recent quarterly report on Form 10-Q. Sangamo BioSciences, Inc. assumes no obligation to update the forward-looking information contained in this press release.

Sangamo BioSciences, Inc.

CONTACT: Elizabeth Wolffe, Ph.D of Sangamo BioSciences, Inc.,
+1-510-970-6000, x271, ewolffe@sangamo.com

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

Con-way Inc. Reports Third-Quarter 2009 Results

SAN MATEO, Calif., Nov. 3 /PRNewswire-FirstCall/ -- Con-way Inc. today reported net income available to common shareholders for the third quarter of 2009 of $13.5 million, or 27 cents per diluted share. The results compare to third-quarter 2008 net income available to common shareholders of $38.8 million, or 81 cents per diluted share.

(Logo: http://www.newscom.com/cgi-bin/prnh/20060418/SFTU007LOGO)

The 2009 third quarter included the effect of a change in accounting estimate related to revenue adjustments at Con-way Freight and a charge for certain discrete tax items, which reduced net income by 7 cents and 5 cents per diluted share, respectively. Excluding these items, 2009 third-quarter earnings per diluted share were 39 cents.

The 2008 third quarter results reflected the effect of preferred stock dividends. The company subsequently converted its preferred stock to common stock on June 30 this year.

Operating income in the 2009 third quarter was $41.1 million compared to $78.9 million earned in the third quarter a year ago. Revenue in the 2009 third quarter was $1.13 billion, down from last year's third-quarter revenue of $1.37 billion as the recessionary economy curtailed demand for services.

Commenting on the quarter, Con-way President and CEO Douglas W. Stotlar said, "Our operating companies have adjusted to the resetting economy. Overall, the business environment continues to present formidable challenges, characterized by weak demand, excess capacity and pricing pressure. We expect these conditions to persist in the near term, diminishing the prospects for earnings growth."

Con-way Freight continued to post sequential quarter-to-quarter 2009 tonnage growth while yield and profits declined due to several factors. "We made a strategic decision, implemented over the past two quarters, to improve network utilization and we met this objective," noted Stotlar. "Profits were constrained due to pricing levels, higher variable operating costs associated with the tonnage growth and lower fuel surcharge revenues. While pricing is likely to remain under pressure, we believe the increased network volumes put us in a better position competitively; we are now instituting specific measures to improve operating efficiency."

Menlo Worldwide Logistics produced a second consecutive quarter of solid operating results. "Menlo did a superb job managing its costs," Stotlar said. "These results speak to the consistent, successful execution of its business model, particularly in the 4PL segment and with its multi-client warehousing operations. Menlo continues to enjoy a strong sales pipeline and an excellent win rate on new projects, which has helped offset business declines from existing clients."

Con-way Truckload performed well in the quarter, effectively managing near-term market challenges while expanding its service portfolio. "Profits were reduced by an asset disposition loss. Excluding this, Con-way Truckload turned in a commendable operating profit in a soft market," Stotlar noted. "Costs remain well-controlled, asset utilization is improving and our new regional truckload operation is gaining traction. Con-way Truckload continues to be recognized for its premium service value, which is an excellent foundation for growth," he concluded.

The effective tax rate for the 2009 third quarter was 46.1 percent compared to 36.5 percent in the same period of 2008. The 2009 tax rate was affected by discrete tax items that increased the effective tax rate, while the 2008 tax rate also included discrete tax items, which reduced the effective tax rate.

FREIGHT

For the 2009 third quarter, Con-way Freight, the company's less-than-truckload operation, reported:

-- Operating income of $22.8 million, a decrease of 62.7 percent from the $61.1 million earned in the year-ago period. Profitability was diminished from lower pricing driven by overcapacity in the LTL market, and higher variable operating costs due to increased tonnage levels. The 2009 third quarter also was affected by a change in accounting estimate related to revenue adjustments, which decreased income by $5.4 million. The current-quarter comparison to prior year also was affected by employee cost reductions implemented in April 2009. -- Revenue of $692.8 million, a 14.3 percent decline from last year's third-quarter revenue of $808.3 million. -- Tonnage per day increased 5.1 percent over the previous-year third quarter. -- Yield declined 19.4 percent from the previous-year third quarter, primarily reflecting the weak pricing environment from industry overcapacity. Excluding the fuel surcharge, yield declined 10.5 percent. -- Con-way Freight recorded an operating ratio of 96.8 in the 2009 third quarter, including the earlier-mentioned charge for the accounting estimate change. LOGISTICS

For the third quarter of 2009, Menlo Worldwide Logistics, the company's global logistics and supply chain management operations, reported:

-- Operating income of $9.5 million, a 159 percent increase from $3.7 million earned in the third quarter of 2008. The results reflected effective cost controls, ongoing improvements in operating efficiency, and gain-share income. -- Revenue of $344.4 million, down 18.0 percent from the previous-year third-quarter revenue of $419.9 million. The decrease reflects a decline in fuel-surcharge revenue from previous levels, and significantly lower costs for purchased transportation sourced by Menlo's transportation-management group as the company continued to leverage pricing opportunities with third-party trucking service providers. -- Net revenue of $129.3 million, a slight increase from $127.9 million in the previous-year third quarter, reflecting higher gain-share revenues. TRUCKLOAD

For the third quarter of 2009, Con-way Truckload, the company's full-truckload transportation operation, reported:

-- Operating income of $10.6 million, a decrease of 30.1 percent compared to $15.2 million in the previous-year period. Results included a $2.3 million charge related to the disposition of 150 tractors that will be replaced during the fourth quarter. Excluding the charge, operating income in the 2009 third quarter was $13.0 million. -- Revenue of $95.7 million, after the elimination of $50.6 million in inter-company revenues. This compares to 2008 third-quarter revenue of $140.9 million (after elimination of $42.7 million in inter-company revenues). -- Operating ratio before inter-company eliminations and exclusive of fuel surcharges was 91.7, compared to 88.6 in the third quarter of 2008. CON-WAY OTHER

Con-way Other includes the company's Road Systems, Inc. trailer manufacturing unit as well as other corporate activities. These activities produced losses of $1.8 million and $1.1 million, respectively, in the 2009 and 2008 third quarters.

INVESTOR CONFERENCE CALL

Con-way will host a conference call for the investment community tomorrow, Wednesday, November 4 at 8:30 a.m. Eastern Standard Time (5:30 a.m. Pacific).

The call can be accessed by dialing (866) 264-3634 or (706) 643-3632 (for international callers) and is expected to last approximately one hour. Callers are requested to dial in at least five minutes before the start of the call. The call will also be available through a live internet webcast at http://www.con-way.com/, in the investor relations section.

An audio replay will be available for two weeks following the call by dialing (800) 642-1687 or (706) 645-9291 (for international callers) and using access code 32526465. An Internet replay of the presentation will also be available at the Con-way site.

About Con-way -- Con-way Inc. is a $4.3 billion freight transportation and logistics services company headquartered in San Mateo, Calif. A diversified transportation company, Con-way delivers industry-leading services through three primary operating companies: Con-way Freight, Con-way Truckload and Menlo Worldwide Logistics. These operating units provide high-performance, day-definite less-than-truckload and full truckload and multimodal freight transportation, as well as logistics, warehousing and supply chain management services, and trailer manufacturing. Con-way Inc. and its subsidiaries operate from more than 500 locations across North America and in 20 countries. For more information about Con-way, visit us on the Web at http://www.con-way.com/.

FORWARD-LOOKING STATEMENTS

Certain statements in this press release constitute "forward-looking statements" and are subject to a number of risks and uncertainties and should not be relied upon as predictions of future events. All statements other than statements of historical fact are forward-looking statements, including: any projections of earnings, revenues, weight, yield, volumes, income or other financial or operating items, all statements of the plans, strategies, expectations or objectives of Con-way's management for future operations or other future items, any statements concerning proposed new products or services, any statements regarding Con-way's estimated future contributions to pension plans, any statements as to the adequacy of reserves, any statements regarding the outcome of any legal and other claims and proceedings that may be brought against Con-way, any statements regarding future economic conditions or performance, any statements regarding strategic acquisitions, any statements of estimates or belief, and any statements or assumptions underlying the foregoing. Specific factors that could cause actual results and other matters to differ materially from those discussed in such forward-looking statements include: changes in general business and economic conditions, increasing competition and pricing pressure, the creditworthiness of Con-way's customers and their ability to pay for services rendered, changes in fuel prices or fuel surcharges, the possibility that Con-way may, from time to time, be required to record impairment charges for goodwill, in tangible assets and other long-lived assets, the possibility of defaults under Con-way's $400 million credit agreement and other debt instruments (including without limitation defaults resulting from unusual charges), uncertainty in the credit markets, including the effect on Con-way's ability to refinance indebtedness as and when it becomes due, labor matters, enforcement of and changes in governmental regulations or legislation which potentially could result in an adverse impact on the company, environmental and tax matters, matters relating to the 1996 spin-off of Consolidated Freightways Corporation ("CFC"), and matters relating to Con-way's defined benefit pension plans, including the effect on the plans of changes in discount rates and in the value of plan assets. The factors included herein and in Item 7 of Con-way's 2008 Annual Report on Form 10-K as well as other filings with the Securities and Exchange Commission could cause actual results and other matters to differ materially from those in such forward-looking statements. As a result, no assurance can be given as to future financial condition, cash flows, or results of operations.

Con-way Inc. Statements of Operating Results (Dollars in thousands except per share amounts) Three Months Nine Months Ended Ended September 30, September 30, ------------- ------------- 2009 2008 2009 2008 ---- ---- ---- ---- REVENUES Freight $692,750 (b) $808,326 $1,890,434 (b) $2,375,654 Logistics (a) 344,361 419,896 987,793 1,138,494 Truckload 95,681 140,932 271,490 394,264 Other 649 1,015 2,989 3,023 --- ----- ----- ----- $1,133,441 $1,370,169 $3,152,706 $3,911,435 ========== ========== ========== ========== OPERATING INCOME (LOSS) Freight $22,816 (b) $61,107 $48,423 (b) $174,559 (d) Logistics 9,532 3,678 22,305 14,895 Truckload 10,620 15,195 (115,179)( c ) 37,907 Other (1,834) (1,063) 1,239 424 ------ ------ ----- --- 41,134 78,917 (43,212) 227,785 Other Expense, net 16,110 15,169 48,204 43,247 ------ ------ ------ ------ Income (Loss) before Income Tax Provision 25,024 63,748 (91,416) 184,538 Income Tax Provision 11,532 23,264 14,402 71,136 ------ ------ ------ ------ Income (Loss) from Continuing Operations 13,492 40,484 (105,818) 113,402 ------ ------ -------- ------- Discontinued Operations, net of tax Gain from Disposal - - - 1,609 --- --- --- ----- - - - 1,609 Net Income (Loss) 13,492 40,484 (105,818) 115,011 Preferred Stock Dividends - 1,655 3,189 5,028 --- ----- ----- ----- NET INCOME (LOSS) APPLICABLE TO COMMON SHAREHOLDERS $13,492 $38,829 $(109,007) $109,983 ======= ======= ========= ======== NET INCOME (LOSS) FROM CONTINUING OPERATIONS APPLICABLE TO COMMON SHAREHOLDERS $13,492 $38,829 $(109,007) $108,374 ======= ======= ========= ======== Weighted-Average Common Shares Outstanding Basic 48,862,692 45,499,208 47,009,642 45,367,459 Diluted 49,497,740 48,336,200 47,009,642 48,256,429 Earnings (Loss) Per Common Share Basic Net Income (Loss) from Continuing Operations $0.28 $0.85 $(2.32) $2.39 Gain from Disposal - - - 0.03 --- --- --- --- $0.28 $0.85 $(2.32) $2.42 ===== ===== ====== ===== Diluted Net Income (Loss) from Continuing Operations $0.27 $0.81 $(2.32) $2.26 Gain from Disposal - - - 0.04 --- --- --- ---- $0.27 $0.81 $(2.32) $2.30 ===== ===== ====== ===== (a)Logistics' net revenues Revenues $344,361 $419,896 $987,793 $1,138,494 Purchased Transpor- tation expense (215,048) (291,964) (606,544) (757,923) -------- -------- -------- -------- Net revenues $129,313 $127,932 $381,249 $380,571 (b) The three and nine months ended September 30, 2009 include a change in accounting estimate at the Freight segment, which increased the allowance for revenue adjustments and decreased both revenue and operating income by $5.4 million ($0.07 per diluted share). ( c )The nine months ended September 30, 2009 include a goodwill impairment charge of $134.8 million ($2.86 per share) in the first quarter of 2009. (d) The nine months ended September 30, 2008 include $5.2 million ($0.07 per diluted share) of first-quarter expense associated with restructuring activities at Freight. Con-way Inc. Condensed Balance Sheets (Dollars in thousands) September 30, December 31, 2009 2008 ------------ ---------- ASSETS Current assets $1,097,468 $951,082 Property, plant and equipment, net 1,365,572 1,471,956 Other assets 447,451 648,669 ------- ------- Total Assets $2,910,491 $3,071,707 ========== ========== LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities $829,717 $658,077 Long-term debt and guarantees 718,074 926,224 Other long-term liabilities and deferred credits (a) 628,359 861,814 Shareholders' equity (a) 734,341 625,592 ------- ------- Total Liabilities and Shareholders' Equity $2,910,491 $3,071,707 ========== ========== (a) Effective April 30, 2009, Con-way amended its primary defined benefit pension plan to permanently curtail benefits associated with future increases in employee compensation. In connection with the curtailment, Con-way re-measured its plan-related assets and liabilities as of April 30, 2009. Accordingly, as of the re-measurement date, Con-way recorded a $299.9 million decrease to the plan obligation, a $116.9 million decrease in long-term deferred tax assets, and a $182.9 million net increase to shareholders' equity (to reflect a reduction in the accumulated other comprehensive loss).

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PRN Photo Desk, photodesk@prnewswire.com Con-way Inc.

CONTACT: Investors, Patrick Fossenier, +1-650-378-5353, or News Media,
Gary Frantz, +1-650-378-5335, both of Con-way

Web Site: http://www.con-way.com/

Novellus Improves Tungsten Resistivity Performance With Advanced LRWxT(TM) ProcessContact Resistance Can Be Reduced As Much As 30 Percent For 3Xnm Memory and Logic Devices

SAN JOSE, Calif., Nov. 3 /PRNewswire-FirstCall/ -- Novellus Systems announced today that it has developed a new tungsten deposition process, called LRWxT, that can effectively reduce contact and line resistance at the 3Xnm technology node compared to conventional tungsten chemical vapor deposition (CVD-W) technology. The new approach uses the company's ALTUS® Max system for a unique deposition process sequence that results in highly conformal, large grain size films with lower tungsten bulk resistivity. The new process was developed and tested on device features provided by NEC Electronics, and the breakthrough was presented at this year's annual Advanced Metallization Conference in Baltimore.

(Photo: http://www.newscom.com/cgi-bin/prnh/20091103/SF04485) (Logo: http://www.newscom.com/cgi-bin/prnh/20091020/SF95832LOGO)

As semiconductor manufacturing technology approaches 32nm design rules, memory and logic device manufacturers face challenges in scaling the resistivity of contacts, vias and bit line interconnects. The thinner tungsten films that are required to fill the smaller critical dimensions associated with 3Xnm devices have higher resistivity. This thin-film effect will continue to increase as these critical dimensions shrink at future nodes. To address the resistance scaling issue, Novellus developed the LRWxT tungsten deposition process that enables optimal feature fill while reducing the resistivity of the deposited bulk tungsten layer.

LRWxT employs the high productivity, multi-station sequential architecture of the ALTUS Max CVD-W system to deliver a unique, three-step deposition process. First, a <20 angstrom thick nucleation layer is deposited using Novellus' proprietary PNL®xT (Pulsed Nucleation Layer) technology. Next, a low-resistivity tungsten (LRWxT) treatment step is applied to promote growth of the low resistivity bulk film. Finally, an optimized CVD-W film is deposited for the bulk fill of nanometer-sized structures.

Figure 1 shows cross-sectional images of 55nm contact features filled with a) a process using conventional, silane-based nucleation, b) a PNLxT process, and c) the LRWxT process. The images show that the LRWxT filled features contain significantly larger tungsten grains as compared to the conventional process, and moderately larger grains than the PNLxT process. The large grain sizes and conformal fill are the key differentiating characteristics of the LRWxT process, and provide the mechanism for lower tungsten bulk resistivity.

Figure 2 demonstrates how the larger grain structure of the LRWxT films lowers the contact resistance (Rc) of 55nm N and P type NiSi contacts. While the PNLxT process shows a 5-20 percent reduction in Rc and tighter distribution as compared to the conventional process, the LRWxT process yields a 20-30 percent reduction in Rc. The data validates that LRWxT can be effective in reducing contact and line resistance at the 3Xnm technology node, ultimately resulting in lower interconnect delays and faster devices.

"As semiconductor manufacturers advance to smaller technology nodes, minimizing the resistivity effects from device scaling is critical to improving electrical performance in logic and memory devices," said Dr. Patrick Lord, senior vice president for Novellus' Direct Metals, Surface Preparation, and Gapfill business units. "The ALTUS Max LRWxT process delivers industry-leading productivity to our customers while improving the speed and efficiency of their devices."

About Novellus' ALTUS Tungsten Deposition Technology

Introduced in 1991, ALTUS is the industry's tool of choice for tungsten deposition. The system provides leading productivity and technology for contact and local interconnect applications. The ALTUS Pulsed Nucleation Layer (PNL) technology integrates a high-throughput atomic layer deposition (ALD) nucleation layer with a bulk chemical vapor deposition process. Novellus' Multi-Station Sequential Deposition (MSSD) architecture enables the nucleation layer and CVD fill to be performed sequentially on separate stations within the same ALTUS chamber. The ALTUS Max, introduced in 2008, incorporates reliability and throughput enhancements to provide a 25 percent increase in productivity. The ALTUS Max system provides benchmark productivity and production availability, resulting in the lowest-cost-of-ownership tungsten deposition solution in the industry.

About Novellus:

Novellus Systems, Inc. is a leading provider of advanced process equipment for the global semiconductor industry. The company's products deliver value to customers by providing innovative technology backed by trusted productivity. An S&P 500 company, Novellus is headquartered in San Jose, Calif. with subsidiary offices across the globe. For more information, please visit http://www.novellus.com/

Novellus, ALTUS and PNL are registered trademarks, and LRWxT is a trademark of Novellus Systems, Inc.

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PRN Photo Desk, photodesk@prnewswire.com Novellus Systems, Inc.

CONTACT: Bob Climo of Novellus Systems, Inc., +1-408-943-9700,
bob.climo@novellus.com; or Marla Kertzman of The Hoffman Agency,
+1-408-975-3067, mkertzman@hoffman.com, for Novellus Systems, Inc.

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

Amerigroup Corporation to Present at the 18th Annual Credit Suisse Healthcare Conference on November 12

VIRGINIA BEACH, Va., Nov. 3, 2009 /PRNewswire-FirstCall/ -- Amerigroup Corporation today announced that it will participate in the 18th Annual Credit Suisse Healthcare Conference on November 12 in Phoenix, Arizona.

A live webcast of the Company's presentation, which begins Thursday, November 12 at 4:30 p.m. Eastern Time, can be accessed on Amerigroup's Web site, http://www.amerigroupcorp.com/, on the investors' page. A replay of the webcast will be available for 30 days after the presentation and can be accessed at the same Web address.

Amerigroup Corporation and its subsidiaries help those on publicly funded healthcare programs by ensuring that these individuals enter an organized system of care and a true medical home. Serving approximately 1.8 million members in 11 states nationwide, Amerigroup accepts all eligible people regardless of age, sex, race or disability. The company's product offerings do not utilize any individual underwriting nor deny coverage due to pre-existing medical conditions. Amerigroup is dedicated to offering real solutions that improve healthcare access and quality for its members, while proactively working to reduce the overall cost of care to taxpayers. For more information and real story examples of these solutions, please visit http://www.amerigroupcorp.com/.

CONTACTS: Investors: Julie Loftus Trudell Senior Vice President, Investor Relations Amerigroup Corporation (757) 321-3597 Media: Tara Wall Senior Vice President, Communications Amerigroup Corporation (757) 518-3671

Amerigroup Corporation

CONTACT: Investors: Julie Loftus Trudell, Senior Vice President,
Investor Relations, +1-757-321-3597, or Media: Tara Wall, Senior Vice
President, Communications, +1-757-518-3671, both of Amerigroup Corporation

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

SAIC Awarded $160 Million Task Order by Naval Sea Systems CommandCompany to Provide Engineering Support to the Program Executive Office for Integrated Warfare Systems

MCLEAN, Va. and SAN DIEGO, Nov. 3 /PRNewswire-FirstCall/ -- Science Applications International Corporation (SAIC) today announced it has been awarded a prime contract by the Naval Sea Systems Command (NAVSEA) to provide the Program Executive Office for Integrated Warfare Systems (PEO IWS) with engineering support services. The task order has a one-year base period of performance, a one-year option, three one-year award terms, and a total value of more than $160 million if all options and awards are exercised. Work will be performed primarily in Washington, D.C. The task order was awarded under the U.S. Navy's SeaPort-e contract.

NAVSEA engineers build and support the U.S. Navy's fleet of ships and combat systems. PEO IWS is responsible for managing surface ship and submarine combat technologies and systems. Under the task order, the SAIC team will provide enterprise solutions for functional areas of systems engineering, ship integration and product development. They will also help oversee the design, construction and maintenance of surface ships. In addition, SAIC will provide support in areas including foreign military sales and surge requirements and provide direct support to the System Integration Program Managers (SIPMs) as well.

"SAIC is proud to support the important mission of the Naval sea community," said Tom Baybrook, SAIC senior vice president and business unit general manager. "Under this new task order, we will help supply an enterprise solution encompassing a full range of engineering support services across PEO IWS' highly interrelated product lines."

About SAIC

SAIC is a FORTUNE 500® scientific, engineering, and technology applications company that uses its deep domain knowledge to solve problems of vital importance to the nation and the world, in national security, energy and the environment, critical infrastructure, and health. The company's approximately 45,000 employees serve customers in the U.S. Department of Defense, the intelligence community, the U.S. Department of Homeland Security, other U.S. Government civil agencies and selected commercial markets. Headquartered in McLean, Va., SAIC had annual revenues of $10.1 billion for its fiscal year ended January 31, 2009. For more information, visit http://www.saic.com/. SAIC: From Science to Solutions®

Statements in this announcement, other than historical data and information, constitute forward-looking statements that involve risks and uncertainties. A number of factors could cause our actual results, performance, achievements, or industry results to be very different from the results, performance, or achievements expressed or implied by such forward-looking statements. Some of these factors include, but are not limited to, the risk factors set forth in SAIC's Annual Report on Form 10-K for the period ended January 31, 2009, and other such filings that SAIC makes with the SEC from time to time. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof.

Contact: Melissa Koskovich (703) 676-6762 Melissa.l.koskovich@saic.com Laura Luke (703) 676-6533 laura.luke@saic.com

SAIC

CONTACT: Melissa Koskovich, +1-703-676-6762,
Melissa.l.koskovich@saic.com, or Laura Luke, +1-703-676-6533,
laura.luke@saic.com, both of SAIC

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

Scientific Games Awarded Wisconsin Instant Ticket Contract

NEW YORK, Nov. 3 /PRNewswire-FirstCall/ -- Scientific Games Corporation announced it has been selected to supply instant tickets to the Wisconsin Lottery, upon completion of an open and competitive procurement process. The contract begins in November 2009, has an initial term of two years and includes three one-year mutual contract extension options. Revenue to Scientific Games is based on a price per thousand.

"We are very grateful to once again be chosen to supply instant tickets for the Wisconsin Lottery," commented Mike Chambrello, President and COO of Scientific Games Corporation. "We have worked with the Wisconsin Lottery since its inception, over 20 years ago, and we look forward to continue assisting the Lottery and watching them grow and prosper."

In fiscal year 2009, the Wisconsin Lottery generated $473 million in retail sales, of which $277 million, or 58%, was derived from instant ticket sales. Approximately $130 million of those sales went towards property tax relief in Wisconsin.

About Scientific Games

Scientific Games Corporation is a leading integrated supplier of instant tickets, systems and services to lotteries worldwide, a leading supplier of server based gaming machines and systems, Amusement and Skill with Prize betting terminals, interactive sports betting terminals and systems, and wagering systems and services to pari-mutuel operators. It is also a licensed pari-mutuel gaming operator in Connecticut, Maine and the Netherlands and is a leading supplier of prepaid phone cards to telephone companies. Scientific Games' customers are in the United States and more than 60 other countries. For more information about Scientific Games, please visit our web site at http://www.scientificgames.com/.

Company Contact Investor Relations Scientific Games 212-754-2233 Forward-Looking Statements

Certain statements in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements describe future expectations, plans, results or strategies and can often be identified by the use of terminology such as "may," "will," "estimate," "intend," "continue," "believe," "expect," "anticipate," "could," "potential," "opportunity," or similar terminology. These statements are based upon management's current expectations, assumptions and estimates and are not guarantees of future results or performance. Actual results may differ materially from those projected in these statements due to a variety of risks and uncertainties and other factors, including, among other things: competition; material adverse changes in economic and industry conditions in our markets; recent changes to certain contracts; technological change; retention and renewal of existing contracts and entry into new contracts; availability and adequacy of cash f to satisfy obligations and indebtedness of future needs; protection of intellectual property; security and integrity of software and systems; laws and government regulation, including those relating to gaming licenses, permits and operations; inability to identify, complete and integrate future acquisitions; seasonality; ability to enhance and develop successful gaming concepts; influence of certain stockholders; dependence on suppliers and manufacturers; liability for product defects; factors associated with foreign operations; dependence on key personnel; failure to perform on contracts; resolution of pending or future litigation; labor matters; and stock price volatility. Additional information regarding risks and uncertainties and other factors that could cause actual results to differ materially from those contemplated in forward-looking statements is set forth from time to time in our filings with the SEC, including under the heading "Risk Factors" in our Current Report on Form 8-K filed on May 18, 2009 and in our most recent Quarterly Report on Form 10-Q. Forward-looking statements speak only as of the date they are made, and except for our ongoing obligations under the U.S. federal securities laws, we undertake no obligation to publicly update any forward-looking statements whether as a result of new information, future events or otherwise.

Scientific Games Corporation

CONTACT: Investor Relations for Scientific Games, +1-212-754-2233

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

Endologix to Present at Three Upcoming Conferences

IRVINE, Calif., Nov. 3 /PRNewswire-FirstCall/ -- Endologix, Inc. , developer of minimally invasive treatments for aortic disorders, announced today that John McDermott, President and Chief Executive Officer, is scheduled to present at three upcoming investor conferences. The first presentation will be at the Canaccord Adams 3rd Annual Cardiovascular Conference at the Nikko Hotel in San Francisco, CA.

Event: Canaccord Adams 3rd Annual Cardiovascular Conference Date: Tuesday, November 10, 2009 Time: 11:00 a.m. PT

The second presentation will be at the Lazard Capital Markets 6th Annual Healthcare Conference at the St. Regis Hotel in New York City.

Event: Lazard Capital Markets 6th Annual Healthcare Conference Date: Wednesday, November 18, 2009 Time: 10:00 a.m. ET

The third presentation will be at the Piper Jaffray 21st Annual Health Care Conference at the New York Palace Hotel in New York City.

Event: Piper Jaffray 21st Annual Health Care Conference Date: Tuesday, December 1, 2009 Time: 2:30 p.m. ET

An audio Web cast of the Company's presentations will be available by visiting the investor relations section of Endologix's Web site at http://www.endologix.com/. A replay of the presentations will be available for 30 days.

About Endologix, Inc.

Endologix, Inc. develops and manufactures minimally invasive treatments for aortic disorders. The Company's flagship product is the Powerlink® System, which is an endovascular stent graft for the treatment of abdominal aortic aneurysms (AAA). AAA is a weakening of the wall of the aorta, the largest artery in the body, resulting in a balloon-like enlargement. Once AAA develops, it continues to enlarge and, if left untreated, becomes increasingly susceptible to rupture. Additional information can be found on Endologix's Web site at http://www.endologix.com/

COMPANY CONTACT: INVESTOR CONTACTS: ---------------- ------------------ Endologix, Inc. The Ruth Group John McDermott, CEO Nick Laudico (646) 536-7030 (949) 595-7200 Zack Kubow (646) 536-7020 http://www.endologix.com/

Endologix, Inc.

CONTACT: John McDermott, CEO, Endologix, Inc., +1-949-595-7200; or for
Investors, Nick Laudico, +1-646-536-7030 or Zack Kubow, +1-646-536-7020, both
of The Ruth Group

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

EDGAR Online Reports Third Quarter 2009 ResultsXBRL Filings Revenues Increased 219%

NEW YORK, Nov. 3 /PRNewswire/ -- EDGAR Online, Inc. today announced that total revenues were $5.2 million and adjusted EBITDA was $1.3 million for the quarter ended September 30, 2009, compared to revenues of $4.7 million and adjusted EBITDA of $156,000 for the quarter ended September 30, 2008. Total revenues were $14.0 million and adjusted EBITDA was $1.9 million for the nine months ended September 30, 2009, compared to revenues of $14.6 million and adjusted EBITDA of $540,000 in the same period in 2008. EDGAR Online is a leader in the creation of XBRL financial reports and the distribution of company data and public filings for equities, mutual funds and a variety of other publicly traded assets.

XBRL filings revenues were $1.5 million for the quarter ended September 30, 2009, a 219% increase from the same quarter last year. The increase in XBRL filings revenues and data and solutions revenues in 2009 was partially offset by decreases in subscriptions revenues.

"Our performance in the third quarter showed improvements in certain key business metrics as compared to the first two quarters of 2009, perhaps indicating a slight easing in the very difficult global economic environment. Results in subscriptions were still lower versus the third quarter of 2008, but we see more stability in that business and growth in new data sales. Our filings business grew substantially this quarter and we believe it has significant opportunity to broaden. Based on our current leading market share, our XBRL conversion platform proved to be an efficient and scalable solution in the market this quarter and we are preparing for both increased volumes and filing complexity in upcoming quarters," said Philip Moyer, EDGAR Online CEO and President.

Operating income was $451,000 for the quarter ended September 30, 2009 compared to an operating loss of ($629,000) for the same quarter last year. The improved financial results were primarily due to an increase in XBRL filings revenue and lower operating costs. Net income was $360,000, or $0.01 per share, for the quarter ended September 30, 2009 compared to a net loss of ($750,000), or ($0.03) per share, for the same quarter last year. Operating loss was ($828,000) for the nine months ended September 30, 2009 compared to ($1.8 million) for the same period last year. Net loss was ($1.1 million), or ($0.04) per share, for the nine months ended September 30, 2009 compared to ($2.1 million), or ($0.08) per share, for the same period last year.

Deferred revenue was $3.7 million at September 30, 2009 compared to $4.2 million at December 31, 2008. Deferred revenue represents amounts billed to customers that will be recognized as revenue in future quarters as the company's products and services are utilized. During the quarter ended September 30, 2009, the company capitalized $236,000 of costs for the development of internal software related to the XBRL filings business, which are included in property and equipment.

At September 30, 2009, cash, cash equivalents and short-term investments totaled $1.7 million, compared to $2.3 million at December 31, 2008. At September 30, 2009, the company has a $2.5 million revolving credit facility, none of which had been drawn down.

The company has a services agreement with R. R. Donnelley & Sons Company, dated as of September 30, 2008, under which the company is R.R. Donnelley's limited exclusive provider of certain XBRL services. According to the services agreement, fees for the second and third years of the agreement shall be agreed to prior to October 1, 2009 and 2010, respectively. The second year of the agreement began on October 1, 2009 without the parties having reached agreement as to the fees for such period. Currently, the agreement is still active and in force and the company continues to provide services to R.R. Donnelley using year one pricing while negotiations continue.

KEY FINANCIAL METRICS (in thousands, except per share amounts) Three Months Ended Nine Months Ended September 30, September 30, (unaudited) (unaudited) 2008 2009 2008 2009 Subscriptions $2,127 $1,585 $6,662 $5,122 Data and solutions 2,110 2,179 7,085 6,434 XBRL filings 464 1,478 866 2,488 Total Revenues $4,701 $5,242 $14,613 $14,044 Net income (loss) $ (750) $ 360 $(2,142) $(1,120) Interest expense, net 121 91 347 292 Operating income (loss) (629) 451 (1,795) (828) Severance costs - - 40 57 Stock compensation 321 273 901 1,050 Amortization and depreciation 464 568 1,394 1,598 Adjusted EBITDA $156 $1,292 $540 $1,877 Net income (loss) per share $(0.03) $0.01 $(0.08) $(0.04) Adjusted EBITDA per share $ 0.01 $0.05 $0.02 $ 0.07

In addition to disclosing financial results prepared in accordance with generally accepted accounting principles ("GAAP"), the company discloses information regarding adjusted EBITDA. Adjusted EBITDA is a non-GAAP financial measure defined as earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA also excludes severance costs and the non-cash charge for stock compensation expense. As required by the SEC, the company provides the above reconciliation to net income (loss), which is the most directly comparable GAAP measure. The company presents adjusted EBITDA as it is a common alternative measure of performance that is used by management as well as investors when analyzing the financial position and operating performance of the company by excluding certain non-cash expenses, such as stock compensation expense, as well as non-operating items that are not indicative of its core operating results. Furthermore, this non-GAAP financial measure is one of the primary indicators management uses for planning and forecasting future periods. As adjusted EBITDA is a non-GAAP financial measure, it should not be considered in isolation or as a substitute for net income (loss) or any other GAAP measure. Because not all companies calculate adjusted EBITDA in the same manner, the company's definition of adjusted EBITDA might not be consistent with that of other companies.

EDGAR Online will hold its quarterly conference call to review results for the quarter ended September 30, 2009 today, Tuesday, November 3, 2009, at 5:00 p.m. EST. Philip Moyer, CEO and President, and John Ferrara, CFO, will host the call. To participate, please call (877) 407-8031 (toll-free for domestic callers), or (201) 689-8031 (international callers). The call will also be broadcast simultaneously over the Internet at: http://www.edgar-online.com/investor/. The teleconference replay will be available for approximately one week beginning at 7:00 p.m. EST on November 3, 2009 by calling (877) 660-6853 (domestic) or (201) 612-7415 (international). The account number is 286 and the conference ID is 335220.

About EDGAR Online, Inc.

EDGAR Online, Inc. is a leader in the distribution of company data and public filings for equities, mutual funds and a variety of other publicly traded assets. We deliver our information products directly to end users via online subscriptions and data licenses, and to redistributors who embed our content in their own and their clients' Web sites.

Our proprietary automated systems allow for the rapid conversion of data and we are a pioneer and leader in the global financial reporting standard -- eXtensible Business Reporting Language, otherwise known as XBRL. We use our automated processing platform and our expertise in XBRL to produce both datasets and tools and to assist organizations with the creation, management and distribution of XBRL financial reports. For more detailed information on all of our businesses or to contact us please visit our Web site at http://www.edgar-online.com/.

"Forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 may be included in this news release. These statements relate to future events and/or our future financial performance. These statements are only predictions and may differ materially from actual future events or results. EDGAR Online, Inc. disclaims any intention or obligation to revise any forward-looking statements whether as a result of new information, future developments or otherwise. Please refer to the documents filed by EDGAR Online, Inc. with the Securities and Exchange Commission, which identify important risk factors that could cause actual results to differ from those contained in forward-looking statements, including, but not limited to risks associated with (i) our ability to increase revenues, (ii) our ability to obtain profitability, (iii) our ability to obtain additional financing, (iv) changes in general economic and business conditions, including in the online business and financial information industry, (v) actions of our competitors, (vi) our relationships with our customers, including without limitation under our services agreement with R.R. Donnelley and Sons Company, (vii) the extent to which we are able to develop new services and markets for our services, (viii) the time and expense involved in such development activities, (ix) risks in connection with acquisitions, (x) the level of demand and market acceptance of our services, and (xi) changes in our business strategies.

EDGAR® is a federally registered trademark of the U.S. Securities and Exchange Commission. EDGAR Online is not affiliated with or approved by the U.S. Securities and Exchange Commission.

EDGAR Online, Inc. Condensed Consolidated Statements of Operations (in thousands, except per share amounts) Three Months Ended Nine Months Ended September 30, September 30, (unaudited) (unaudited) 2008 2009 2008 2009 Revenues: Subscriptions $2,127 $1,585 $6,662 $5,122 Data and solutions 2,110 2,179 7,085 6,434 XBRL filings 464 1,478 866 2,488 Total revenues 4,701 5,242 14,613 14,044 Total cost of sales 645 1,147 2,224 3,479 Gross profit 4,056 4,095 12,389 10,565 Sales and marketing 1,081 701 3,481 2,450 Product development 1,043 478 3,147 1,491 General and administrative 2,097 1,897 6,122 5,797 Severance costs - - 40 57 Amortization and depreciation 464 568 1,394 1,598 Total operating expenses 4,685 3,644 14,184 11,393 Operating income (loss) (629) 451 (1,795) (828) Interest expense, net (121) (91) (347) (292) Net income (loss) $(750) $360 $(2,142) $(1,120) Weighted average shares outstanding - basic 26,407 26,775 26,350 26,731 Weighted average shares outstanding - diluted 26,407 27,437 26,350 26,731 Net income (loss) per share - basic and diluted $(0.03) $0.01 $(0.08) $(0.04) EDGAR Online, Inc. Condensed Consolidated Balance Sheets (in thousands) December 31, September 30, 2008* 2009 (unaudited) Assets Cash, cash equivalents and short-term investments $2,282 $1,747 Accounts receivable, net 2,570 2,441 Other assets 254 179 Total current assets 5,106 4,367 Property and equipment, net 1,826 2,444 Goodwill 2,189 2,189 Intangible assets, net 2,952 2,017 Other assets 933 709 Total assets $13,006 $11,726 Liabilities and Stockholders' Equity Accounts payable and accrued expenses $2,407 $2,185 Deferred revenues 4,239 3,651 Current portion of long-term debt 438 500 Total current liabilities 7,084 6,336 Long-term debt 1,885 1,528 Other long-term liabilities 333 206 Total liabilities 9,302 8,070 Stockholders' equity: Common stock 276 278 Treasury stock (1,828) (1,770) Additional paid-in capital 73,092 74,104 Accumulated deficit (67,836) (68,956) Total stockholders' equity 3,704 3,656 Total liabilities and stockholders' equity $13,006 $11,726 * Derived from the company's audited December 31, 2008 financial statements.

EDGAR Online, Inc.

CONTACT: John C. Ferrara, Chief Financial Officer of EDGAR Online, Inc.,
+1-203-856-5666, jferrara@edgar-online.com

Web Site: http://www.edgar-online.com/

New York Mortgage Trust Reports Third Quarter 2009 ResultsThird Quarter 2009 Earnings $0.31 Per Share Quarter End Book Value of $6.17, Increase of 26%

NEW YORK, Nov. 3 /PRNewswire-FirstCall/ -- New York Mortgage Trust, Inc. ("NYMT" or the "Company") today reported results for the three and nine months ended September 30, 2009.

Summary of Third Quarter 2009: -- Consolidated net income of $2.9 million, or $0.31 per common share, for the quarter ended September 30, 2009, as compared to net income of $1.0 million, or $0.11 per common share for the quarter ended September 30, 2008. -- Book value as of September 30, 2009 of $6.17 per common share, an increase of 26% from book value as of June 30, 2009. -- Declared third quarter dividend of $0.25 per common share that was paid on October 26, 2009. -- Net portfolio interest margin of 413 basis points for the quarter ended September 30, 2009 as compared to 361 basis points for the quarter ended June 30, 2009 and 136 basis points for the quarter ended September 30, 2008. -- Completed initial phase of non-Agency residential mortgage-backed securities ("RMBS") investment program at an average price that equals approximately 60% of current par value; initiative commenced in the previous quarter and focused on investments in previously rated AAA non-Agency RMBS. -- Leverage ratio as of September 30, 2009 was 2.5 to 1 as compared to 6.8 to 1 as of December 31, 2008. As of September 30, 2009, the Company had $22.4 million in cash and $74.3 million in unencumbered securities, including $16.6 million in Agency RMBS. Management Overview

Steven R. Mumma, Chief Executive Officer, President and Chief Financial Officer of the Company, commented on the Company's 2009 third quarter results. "The Company completed its most profitable quarter in its history, ending the quarter with more liquidity and a diversified portfolio positioning the Company for future growth opportunities. The Company's net interest margin of 413 basis points for the quarter illustrates the transition from a focused leverage Agency strategy to a more diversified portfolio that includes elements of credit risk with reduced leverage. The Company's book value increased to $6.17, or 26% from book value at June 30, 2009, with valuation increases coming from all sectors of the Company's securities portfolio."

Results from Operations

For the quarter ended September 30, 2009, the Company reported earnings per common share of $0.31 or consolidated net income of $2.9 million, as compared to net income of $1.0 million for the quarter ended September 30, 2008, or $0.11 per common share. The Company's net interest income improved to $4.7 million for the quarter ended September 30, 2009 as compared to $2.2 million for the same period in the previous year. The average net interest margin for the Company's investment portfolio increased to 413 basis points for the quarter ended September 30, 2009 as compared to 361 basis points for the quarter ended June 30, 2009 and 136 basis points for the quarter ended September 30, 2008. The continued improvement in portfolio margin is attributable to several factors, including the sale of lower yielding securities that was initiated in the first quarter of 2009 and the addition of higher yielding credit sensitive securities. The Company invested an additional $19.9 million (net) in non-Agency RMBS during the quarter ended September 30, 2009, bringing its total investment in non-Agency RMBS since January 1, 2009 to $24.1 million.

Book value per common share was $6.17 as of September 30, 2009, a 26% increase from June 30, 2009 book value of $4.89 and a 47% increase from December 31, 2008 book value of $4.21.

Portfolio Results

The following table summarizes the Company's investment portfolio at September 30, 2009, classified by relevant categories:

(dollar amounts in thousands) Current Par Carrying Coupon Yield Value Value ------ ----- ----- ----- Agency RMBS $213,802 $224,889 5.14 % 4.00 % Non-Agency RMBS 60,187 44,385 4.09 % 9.77 % Collateralized Loan Obligations 45,950 13,320 3.68 % 22.25 % Loans Held in Securitization Trusts 291,423 290,940 5.05 % 5.41 % ------- ------- Total/Weighted Average $611,362 $573,534 5.07 % 5.19 % ======== ========

As of September 30, 2009, the Company had $194.7 million of repurchase agreement borrowing funding its Agency RMBS portfolio at an average interest rate of 0.39% and an average haircut of 6.4%. The Company does not have any financing against its non-Agency RMBS portfolio or the collateralized loan obligations.

As of September 30, 2009, the Company had $290.9 million of loans held in securitization trusts which are permanently financed with $280.2 million of collateralized debt obligations, resulting in a net equity investment of $10.7 million by the Company. The weighted average interest rate on the collateralized debt obligations was 0.63% as of September 30, 2009. As of September 30, 2009, the Company had approximately $16.4 million of loans held in securitization trusts that were greater than 60 days delinquent, for which, the Company had reserves totaling $2.3 million for potential losses on the loans. In addition, as of September 30, 2009, the loans held in securitization trusts included three real estate owned properties totaling approximately $1.3 million.

Portfolio Restructuring

As previously announced, the Company has substantially restructured its investment portfolio during 2009. The Company commenced this restructuring by selling a total of $193.8 million of Agency CMO floaters in March 2009 and April 2009, generating approximately $45.0 million in working capital. In connection with its portfolio restructuring, the Company made a $9.0 million investment in March 2009 in discounted notes issued by Cratos CLO I, Ltd., a CLO, for which management estimates a risk adjusted return of approximately 25%. Further, during the quarter ended September 30, 2009 the Company completed an investment initiative that involved an aggregate investment of $24.1 million in non-Agency RMBS. The Company's investment in non-Agency RMBS during 2009 is non-levered and was completed at an average purchase price equal to approximately 60% of current par value. Management estimates a risk adjusted return range of 16%-20% for this program.

Subsequent to September 30, 2009, the Company sold approximately $98.1 million of Agency RMBS for a realized gain of $2.7 million. The sale allowed the Company to capitalize on historically high prices for Agency RMBS while freeing up additional capital for investments in assets that the Company believes will deliver higher risk adjusted returns than the Agency RMBS it sold.

Conference Call

On Wednesday, November 4, 2009, at 9:00 a.m. Eastern Time, New York Mortgage Trust's executive management is scheduled to host a conference call and audio webcast to discuss the Company's financial results for the third quarter ended September 30, 2009. The conference call dial-in number is (480) 629-9770. The replay will be available until Wednesday, November 11, 2009, and can be accessed by dialing (303) 590-3030 and entering passcode 4175999. A live audio webcast of the conference call can be accessed via the Internet, on a listen-only basis, at http://www.earnings.com/ or at the Investor Relations section of the Company's website at http://www.nymtrust.com/. Please allow extra time, prior to the call, to visit the site and download the necessary software to listen to the Internet broadcast. The online archive of the webcast will be available until January 14, 2010.

More detailed information regarding the Company's third quarter 2009 financial and operating results can be viewed on the Company's Quarterly Report on Form 10-Q, which is expected to be filed on or about November 6, 2009.

About New York Mortgage Trust

New York Mortgage Trust, Inc. is a real estate investment trust (REIT) that acquires and manages primarily real estate-related assets, including mortgage-backed securities ("RMBS") issued by Fannie Mae or Freddie Mac (each an "Agency"), high credit quality residential adjustable rate mortgage ("ARM") loans, non-Agency RMBS, and to a lesser extent, certain alternative real-estate related and financial assets. As a REIT, the Company is not subject to federal income tax, provided that it distributes at least 90% of its REIT income to stockholders.

Certain statements contained in this press release may be deemed to be forward-looking statements that predict or describe future events or trends. The matters described in these forward-looking statements are subject to known and unknown risks, uncertainties and other unpredictable factors, many of which are beyond the Company's control. The Company faces many risks that could cause its actual performance to differ materially from the results predicted by its forward-looking statements, including, without limitation, changes in business conditions and the general economy, a rise in interest rates or an unfavorable change in prepayment rates may cause a decline in the market value of the Company's assets, borrowings to finance the purchase of assets may not be available on favorable terms, the failure to identify suitable alternative assets under the Company's alternative investment strategy, failure to maintain the Company's qualification as a REIT for federal tax purposes or its exemption from the Investment Company Act of 1940, failure to effectively manage the risks associated with investing in mortgage loans, including changes in loan delinquencies and increasing prepayment rates, and a failure to effectively implement and manage the Company's hedging strategy. The reports that the Company files with the Securities and Exchange Commission contain a more detailed description of these and many other risks to which the Company is subject. Because of those risks, the Company's actual results, performance or achievements may differ materially from the results, performance or achievements contemplated by its forward-looking statements. The information set forth in this news release represents management's current expectations and intentions. The Company assumes no responsibility to issue updates to the forward-looking matters discussed in this press release.

NEW YORK MORTGAGE TRUST, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (amounts in thousands, except share and per share amounts) (unaudited) September 30, December 31, 2009 2008 ------------ ------------ ASSETS Cash and cash equivalents $22,403 $9,387 Restricted cash 3,359 7,959 Investment securities - available for sale, at fair value (including pledged securities of $208,327 and $456,506, respectively) 282,594 477,416 Accounts and accrued interest receivable 2,623 3,095 Mortgage loans held in securitization trusts (net) 290,940 348,337 Derivative assets 15 22 Prepaid and other assets 1,636 1,230 Assets related to discontinued operation 4,544 5,854 ----- ----- Total Assets $608,114 $853,300 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Financing arrangements, portfolio investments $194,745 $402,329 Collateralized debt obligations 280,223 335,646 Derivative liabilities 3,025 4,194 Accounts payable and accrued expenses 5,095 3,997 Subordinated debentures (net) 44,823 44,618 Convertible preferred debentures (net) 19,814 19,702 Liabilities related to discontinued operation 2,240 3,566 ----- ----- Total liabilities 549,965 814,052 ------- ------- Commitments and Contingencies Stockholders' Equity: Common stock, $0.01 par value, 400,000,000 authorized, 9,419,094 and 9,320,094, shares issued and outstanding, respectively 94 93 Additional paid-in capital 144,838 150,790 Accumulated other comprehensive income/(loss) 8,853 (8,521) Accumulated deficit (95,636) (103,114) ------- -------- Total stockholders' equity 58,149 39,248 ------ ------ Total Liabilities and Stockholders' Equity $608,114 $853,300 ======== ======== NEW YORK MORTGAGE TRUST, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (amounts in thousands, except per share amounts) (unaudited) For the Three Months For the Nine Months Ended September 30, Ended September 30, ----------------------------------------- 2009 2008 2009 2008 --------- -------- --------- -------- REVENUE: Interest income-investment securities and loans held in securitization trusts $7,994 $10,324 $24,200 $34,332 Interest expense-investment securities and loans held in securitization trusts 1,864 6,692 7,041 23,997 ----- ----- ----- ------ Net interest income from investment securities and loans held in securitization trusts 6,130 3,632 17,159 10,335 Interest expense - subordinated debentures (785) (913) (2,417) (2,768) Interest expense - convertible preferred debentures (662) (537) (1,807) (1,612) ---- ---- ------ ------ Net interest income 4,683 2,182 12,935 5,955 OTHER EXPENSE: Provision for loan losses (526) (7) (1,414) (1,462) Impairment loss on investment securities - - (119) - Realized gain (loss) on securities and related hedges 359 4 623 (19,927) --- --- --- ------- Total other expense (167) (3) (910) (21,389) EXPENSE: Salaries and benefits 473 258 1,486 988 Professional fees 323 367 1,021 1,065 Management fees 508 186 935 479 Insurance 266 275 358 668 Other 306 349 1,247 1,626 --- --- ----- ----- Total expenses 1,876 1,435 5,047 4,826 INCOME (LOSS) FROM CONTINUING OPERATIONS 2,640 744 6,978 (20,260) Income from discontinued operation - net of tax 236 285 500 1,294 --- --- --- ----- NET INCOME (LOSS) $2,876 $1,029 $7,478 $(18,966) ====== ====== ====== ======== Basic income (loss) per common share $0.31 $0.11 $0.80 $(2.39) ===== ===== ===== ====== Diluted income (loss) per common share $0.30 $0.11 $0.78 $(2.39) ===== ===== ===== ====== Dividends declared per common share $0.25 $0.16 $0.66 $0.44 ===== ===== ===== ===== Weighted average shares outstanding-basic 9,406 9,320 9,349 7,924 ===== ===== ===== ===== Weighted average shares outstanding-diluted 11,906 9,320 11,849 7,924 ====== ===== ====== =====

New York Mortgage Trust, Inc.

CONTACT: AT THE COMPANY, Steven R. Mumma, CEO and Chief Financial
Officer, +1-212-792-0109, smumma@nymtrust.com; AT FINANCIAL RELATIONS BOARD,
Joe Calabrese, General, +1-212-827-3772, Scott Eckstein, Analysts,
+1-212-827-3776

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

Poniard Pharmaceuticals Reports Third Quarter 2009 Financial Results and Provides a Corporate Update- Conference Call Today at 5:00 p.m. Eastern Time -

SOUTH SAN FRANCISCO, Calif., Nov. 3 /PRNewswire-FirstCall/ -- Poniard Pharmaceuticals, Inc. , a biopharmaceutical company focused on oncology, today reported financial results for the third quarter ended September 30, 2009, and provided a corporate update.

"During the third quarter, we reached the 320th event target in our pivotal Phase 3 SPEAR trial, which is evaluating picoplatin for the treatment of small cell lung cancer. This event allowed us to collect the data for overall survival analysis," said Jerry McMahon, Ph.D., chairman and chief executive officer of Poniard. "We expect to report top-line results from the SPEAR registration trial this month and plan to present the data at international medical conferences next year. If the top-line results are positive, we plan to initiate a rolling submission of a New Drug Application with the U.S. Food and Drug Administration by year-end, targeting approval and commercial launch of picoplatin in 2010."

Recent Clinical and Corporate Developments Picoplatin Clinical Update -- Announced in September that 320 evaluable events (patient deaths) occurred in the pivotal Phase 3 SPEAR (Study of Picoplatin Efficacy After Relapse) trial, evaluating picoplatin in the treatment of small cell lung cancer (SCLC). The 320th event in the registration SPEAR trial was defined in the Special Protocol Assessment with the U.S. Food and Drug Administration (FDA), which allowed the Company to collect the data for overall survival analysis, which is the primary endpoint of the trial. This randomized trial is comparing picoplatin with best supportive care to best supportive care alone without systemic chemotherapy. Corporate Update -- Secured a committed equity financing facility in August under which Poniard may, over an 18-month period, sell up to $60 million newly issued registered common stock to Azimuth Opportunity Ltd. at a pre-negotiated discount to market price. The Company will determine, at its sole discretion, the timing and amount of any sales of its common stock, subject to certain conditions. The Company is not obligated to utilize any of the $60 million facility and remains free to enter into other financing transactions. Third Quarter 2009 Unaudited Financial Results

The Company reported a net loss of $9.9 million ($0.29 diluted loss per share on a loss applicable to common shares of $10.0 million) for the quarter ended September 30, 2009, compared with a net loss of $12.2 million ($0.36 diluted loss per share on a loss applicable to common shares of $12.4 million) for the quarter ended September 30, 2008. The Company reported a net loss of $32.5 million ($0.95 diluted loss per share on a loss applicable to common shares of $32.9 million) for the nine months ended September 30, 2009, compared with a net loss of $34.6 million ($1.01 diluted loss per share on a loss applicable to common shares of $35.0 million) for the same period in 2008.

Total operating expenses for the quarter ended September 30, 2009, were $9.2 million compared with $12.4 million for the quarter ended September 30, 2008, and were $30.5 million for the nine months ended September 30, 2009, compared with $35.8 million for the same period in 2008. Total operating expenses for the nine months ended September 30, 2009, include a charge of $1.1 million for the restructuring and related asset impairment resulting from the Company's implementation of a strategic restructuring plan to discontinue its in-house preclinical research operations and reduce its workforce by approximately 12 percent effective March 31, 2009.

Research and development expenses were $5.4 million for the quarter ended September 30, 2009, compared with $9.0 million for the quarter ended September 30, 2008. Research and development expenses were $19.2 million for the nine months ended September 30, 2009, compared with $24.5 million for the same period in 2008.

General and administrative expenses were $3.8 million for the quarter ended September 30, 2009, compared with $3.4 million for the quarter ended September 30, 2008. General and administrative expenses were $10.3 million for the nine months ended September 30, 2009, compared with $11.3 million for the same period in 2008.

Cash and investment securities as of September 30, 2009, were $40.1 million, compared with $72.8 million at December 31, 2008. The Company believes that its existing cash and investment securities will provide adequate resources to fund the Company's operations at least into the first quarter of 2010.

Goals and Objectives -- Report top-line results from the pivotal Phase 3 SPEAR trial in SCLC in November; -- Initiate submission of a rolling NDA with the FDA for picoplatin as a treatment for refractory or recurrent SCLC in 2009, targeting NDA approval and commercialization in 2010; -- Continue to explore a potential development and commercialization partnership for picoplatin to maximize shareholder value; -- Present updated data from the Phase 2 trial in colorectal cancer and the final Phase 1 cardiac safety trial results at the AACR - NCI - EORTC Symposium being held in Boston, November 15-19; and -- Present data from the pivotal Phase 3 SPEAR trial in SCLC at international medical conferences next year. Conference Call Details

Poniard's management team will host a live conference call and Webcast today at 5:00 p.m. Eastern Time/2:00 p.m. Pacific Time. To participate by telephone, please dial 888-349-9587 from the U.S. or 719-457-2631 for international callers. The Webcast can be accessed on the "Events" page of the "News & Events" section of the Company's Web site at http://www.poniard.com/. A replay of the Webcast will be available on the Company's Web site for 10 days.

About Poniard Pharmaceuticals

Poniard Pharmaceuticals, Inc. is a biopharmaceutical company focused on the development and commercialization of innovative oncology products to impact the lives of people with cancer. Picoplatin, the Company's lead platform product candidate, is a new generation platinum chemotherapy. To date, clinical studies suggest that picoplatin has an improved safety profile relative to existing platinum-based cancer therapies. Picoplatin is designed to overcome platinum resistance associated with chemotherapy in solid tumors, and is being studied in multiple cancer indications, combinations and formulations. Clinical trials of intravenous picoplatin include a Phase 3 trial in small cell lung cancer and Phase 2 trials in metastatic colorectal and castration-resistant (hormone refractory) prostate cancers. The Company also is conducting a clinical trial of oral picoplatin in solid tumors. For additional information, please visit http://www.poniard.com/.

Forward-Looking Statement

This release contains forward-looking statements, including statements regarding the Company's financial position and results of operations, business objectives and drug development plans; the timing of the Company's announcement of top-line results of its Phase 3 SPEAR trial and the initiation of submission of a rolling NDA if the results are positive; the potential safety and efficacy of the Company's picoplatin products in development; and the Company's capital raising, commercialization and partnering goals and strategies. The Company's actual results may differ materially from those indicated in these forward-looking statements based on a number of factors, including risks and uncertainties associated with the Company's research and development activities; the results of clinical testing, including the risk that the FDA may not approve picoplatin for use in the treatment of SCLC; if regulatory approval is received, the market's acceptance of picoplatin in the treatment of SCLC or the occurrence of post-approval problems that may require the withdrawal of picoplatin from the market; the Company's anticipated operating losses, need for future capital and ability to obtain future funding; competition from third parties; the Company's ability to preserve and protect intellectual property rights; the Company's dependence on third-party manufacturers and suppliers; the Company's lack of sales and marketing experience; the Company's ability to attract and retain key personnel and enter into strategic collaborations on favorable terms; changes in technology, government regulation and general market conditions; and the risks and uncertainties described in the Company's current and periodic reports filed with the Securities and Exchange Commission (SEC), including the Company's Annual Report on Form 10-K for the year ended December 31, 2008 and its Quarterly Report on Form 10-Q for the period ended September 30, 2009, which will be filed with the SEC on or about November 6, 2009. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company undertakes no obligation to update any forward-looking statement to reflect new information, events or circumstances after the date of this release or to reflect the occurrence of unanticipated events.

(C) 2009 Poniard Pharmaceuticals, Inc. All Rights Reserved.

Poniard and Poniard Pharmaceuticals are trademarks of Poniard Pharmaceuticals, Inc.

Poniard Pharmaceuticals, Inc. Condensed Consolidated Statements of Operations (In thousands, except per share data) (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, --------------- ------------------- 2009 2008 2009 2008 ---- ---- ---- ---- Operating expenses: Research and development 5,396 9,024 19,153 24,511 General and administrative 3,802 3,383 10,321 11,289 Restructuring & asset impairment - - 1,056 - ----- ------ ------ ------ Total operating expenses 9,198 12,407 30,530 35,800 ----- ------ ------ ------ Loss from operations (9,198) (12,407) (30,530) (35,800) ------ ------- ------- ------- Other income (expense), net (679) 170 (2,017) 1,177 ---- --- ------ ----- Net loss (9,877) (12,237) (32,547) (34,623) Preferred stock dividends (125) (125) (375) (375) ---- ---- ---- ---- Loss applicable to common shares $(10,002) $(12,362) $(32,922) $(34,998) ======== ======== ======== ======== Loss per share: Basic and diluted $(0.29) $(0.36) $(0.95) $(1.01) ====== ====== ====== ====== Shares used in calculation of loss per share: Basic and diluted 34,769 34,688 34,723 34,685 ====== ====== ====== ====== Condensed Consolidated Balance Sheets (In thousands) September 30, December 31, 2009 2008 -------------- ------------- (Unaudited) (Note 1) ASSETS: Cash and investment securities $40,114 $72,755 Cash - restricted 281 281 Facilities and equipment, net 277 1,123 Licensed products, net 7,896 8,807 Other assets 1,072 1,266 ----- ----- Total assets $49,640 $84,232 ======= ======= LIABILITIES AND SHAREHOLDERS' EQUITY: Current liabilities $17,574 $19,178 Long term liabilities 11,848 17,407 Shareholders' equity 20,218 47,647 ------ ------ Total liabilities and shareholders' equity $49,640 $84,232 ======= ======= Note 1: Derived from audited financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2008.

Poniard Pharmaceuticals, Inc.

CONTACT: Susan Neath (Investors), Burns McClellan, +1-212-213-0006,
sneath@burnsmc.com; or Jani Bergan (Media), WeissComm Partners,
+1-415-946-1064, jbergan@wcpglobal.com

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

Stone Energy Corporation Announces Third Quarter 2009 Results

LAFAYETTE, La., Nov. 3 /PRNewswire-FirstCall/ -- Stone Energy Corporation today announced net income of $51.1 million, or $1.06 per share, on operating revenue of $202.7 million for the third quarter of 2009 compared to net income of $34.1 million, or $1.04 per share, on operating revenue of $172.4 million for the third quarter of 2008. For the nine months ended September 30, 2009, Stone reported a net loss of $147.6 million, or $3.45 per share, on operating revenue of $515.1 million compared to net income of $179.2 million, or $5.97 per share, on operating revenue of $634.9 million during the comparable 2008 period. All per share amounts are on a diluted basis.

Discretionary cash flow was $157.0 million during the three months ended September 30, 2009 compared to $163.8 million generated during the third quarter of 2008. For the first nine months of 2009, discretionary cash flow totaled $339.1 million compared to $494.6 million for the comparable 2008 period. Please see "Non-GAAP Financial Measure" and the accompanying financial statements for a reconciliation of discretionary cash flow, a non-GAAP financial measure, to net cash flow provided by operating activities.

Net daily production volumes during the third quarter of 2009 averaged 239 million cubic feet of gas equivalent (MMcfe) compared to average net daily production for the second quarter of 2009 of 209 MMcfe and average net daily production for the third quarter of 2008 of 129 MMcfe. The third quarter of 2009 included approximately 8 MMcfe per day associated with a non-recurring production adjustment relating to previous royalty relief volumes. The third quarter of 2008 was negatively impacted by shut-ins from Hurricanes Gustav and Ike. For the nine months ended September 30, 2009, average net daily production volumes were approximately 214 MMcfe, or 26% higher than average net daily production volumes of approximately 170 MMcfe for the nine months ended September 30, 2008. For the fourth quarter of 2009, Stone expects net daily production to average between 225 - 235 MMcfe.

CEO David Welch stated, "We are pleased with continued progress in executing our strategic plan in the third quarter as well as year to date. Our finance team has been able to improve our liquidity and significantly strengthen our balance sheet by reducing debt $200 million, raising stockholders' equity by $75 million and building our cash position. Our operations team delivered production near the top end of our guidance this quarter, while reducing costs as they debottlenecked platforms, optimized wells and restored substantially all of our hurricane deferred production, including the rerouting of the Amberjack oil pipeline. Our exploration team followed our Pyrenees discovery with a successful delineation well in the third quarter. We also made a traditional shelf discovery at our Cardinal prospect at Vermilion 96 which should provide production impact in 2010. Our four-well Amberjack drilling program is scheduled to commence in December as the platform rig modifications are now complete and the rig will be moving to location this week. We expect to gain further traction in exploration in 2010 with increased drilling in our Marcellus shale play in Appalachia and in the GOM deepwater."

Prices realized during the third quarter of 2009 averaged $77.39 per barrel (Bbl) of oil and $5.90 per thousand cubic feet (Mcf) of natural gas compared with third quarter 2008 average realized prices of $106.81 per Bbl of oil and $10.72 per Mcf of natural gas. Average realized prices during the first nine months of 2009 were $68.48 per Bbl of oil and $6.42 per Mcf of natural gas compared to $104.20 per Bbl of oil and $10.29 per Mcf of natural gas realized during the first nine months of 2008. All unit pricing amounts include the effects of cash settlements of effective hedging contracts. Hedging transactions during the third quarter of 2009 increased the average price we received for natural gas by $2.37 per Mcf, compared to a decrease in average realized prices of $0.07 per Mcf during the third quarter of 2008. Realized oil prices in the third quarter of 2009 increased by $10.92 per Bbl, compared to a decrease in realized oil prices of $16.89 per Bbl in the comparable quarter of 2008 as a result of hedging transactions. Overall, hedging transactions added approximately $46.4 million to third quarter 2009 revenues, including $36.5 million recognized from the unwinding of hedges in March 2009.

Lease operating expenses (LOE) incurred during the third quarter of 2009 totaled $28.1 million compared to $41.1 million in the second quarter of 2009 and $40.1 million for the comparable quarter in 2008. In the third quarter of 2009, there was approximately $12 million in downward adjustments of previously accrued major maintenance and base LOE costs as a result of actual costs being less than the previously accrued estimated amounts. During the third quarter of 2008, lease operating expenses included $6.8 million of repairs in excess of estimated insurance recoveries related to damage from Hurricanes Gustav and Ike. For the nine months ended September 30, 2009 and 2008, lease operating expenses were $127.4 million and $105.3 million, respectively.

Depreciation, depletion and amortization (DD&A) on oil and gas properties for the third quarter of 2009 totaled $67.2 million compared to $51.0 million for the third quarter of 2008. DD&A expense on oil and gas properties for the nine months ended September 30, 2009 totaled $181.9 million compared to $183.9 million during the same year-to-date period of 2008.

Salaries, general and administrative (SG&A) expenses (exclusive of incentive compensation) for the third quarter of 2009 were $9.5 million compared to $10.5 million in the third quarter of 2008. For the nine months ended September 30, 2009 and 2008, SG&A (exclusive of incentive compensation) totaled $31.1 million and $32.0 million, respectively.

As previously announced on October 13, 2009, the borrowing base re-determination process was completed and the borrowing base was reaffirmed at $425 million. As of September 30, 2009, Stone had $250 million in borrowings outstanding on its credit facility and another $69 million in outstanding letters of credit, leaving $106 million available under the facility. Stone's cash position as of September 30, 2009 was $98 million. As of October 30, 2009, borrowings outstanding were further reduced to $225 million, leaving over $131 million in availability, while the cash position was approximately $91 million.

Capital expenditures before capitalized SG&A and interest during the third quarter of 2009 totaled $70.5 million, including $2.0 million of lease acquisition costs. The capital expenditure amount includes $33.1 million of proactive hurricane risk mitigation expenditures, primarily platform decommissioning and the plugging and abandonment of idle wells. Additionally, $4.8 million of SG&A expenses and $6.6 million of interest were capitalized during the quarter. For the nine months ended September 30, 2009, capital expenditures before capitalized SG&A and interest totaled $231.7 million, including $4.3 million of lease acquisition costs. The year-to-date capital expenditure amount includes $61.4 million of plugging and abandonment expenditures and $16.9 million in tubular inventory purchases made in the first quarter. Additionally, $13.5 million of SG&A expenses and $19.4 million of interest were capitalized during this year-to-date period.

Operational Update

Stone provided an Operational Update in its October 13, 2009 press release which included updates on its Pyrenees prospect (Garden Banks Block 293), Amberjack (Mississippi Canyon 109), Cardinal/Blue Jay (Vermilion Block 96) and Appalachia. Since then, the Cardinal well has been drilled and is a discovery with the completion to follow, while the Blue Jay well is currently drilling. The platform rig for the Amberjack drilling program is schedule to move to the platform this week and initial operations are expected in early December. In Appalachia, the vertical Stang #1 and the Loomis #1wells were successfully drilled in Susquehanna County, Pennsylvania and are awaiting completion. In West Virginia, six vertical wells are now awaiting completions which are scheduled for the fourth quarter.

Stone has substantially completed its hurricane risk mitigation program which called for proactively plugging and abandoning idle wells and addressing the structural integrity of its platforms. Stone has spent approximately $55 million on this initiative this year which we believe substantially reduces Stone's financial exposure to future hurricanes.

Updated 2009 Guidance

Estimates for Stone's future production volumes are based on assumptions of capital expenditure levels and the assumption that market demand and prices for oil and gas will continue at levels that allow for economic production of these products. The production, transportation and marketing of oil and gas are subject to disruption due to transportation and processing availability, mechanical failure, human error, hurricanes, and numerous other factors. Stone's estimates are based on certain other assumptions, such as well performance, which may vary significantly from those assumed. Lease operating expenses, which include major maintenance costs, vary in response to changes in prices of services and materials used in the operation of our properties and the amount of maintenance activity required. Estimates of DD&A rates can vary according to reserve additions, capital expenditures, future development costs, and other factors. Therefore, we can give no assurance that our future production volumes, lease operating expenses or DD&A rate will be as estimated. The following guidance is subject to all of the cautionary statements and limitations described in this press release below, under the heading "Forward-Looking Statements." The following guidance supersedes the previous guidance provided in the July 30, 2009 press release.

Capital Expenditure Budget. The current Board authorized 2009 capital expenditure budget is $300 million, which excludes acquisitions, and capitalized interest and SG&A. Although management had earlier targeted a lesser amount of approximately $250 million to focus on liquidity, planned expenditures increased as liquidity improved, which should bring the final figure closer to the original $300 million budgeted amount.

Production. For the fourth quarter of 2009, Stone expects net daily production to average between 225-235 MMcfe. Stone now expects its full year 2009 average daily production to be in the range of 210-220 MMcfe per day compared to its previous annual guidance of 205-225 MMcfe per day.

Lease Operating Expenses. Stone now expects lease operating costs, excluding production taxes, to range between $160-$175 million (versus $190-$210 million previously) for 2009 based upon current operating conditions and budgeted maintenance activities.

Depreciation, Depletion & Amortization. Stone now expects its DD&A rate to range between $3.00-$3.20 per Mcfe (versus $2.80-$3.00 per Mcfe previously) for 2009. The decrease from 2008 is due to the 2008 year-end and first quarter 2009 ceiling test write-downs, which reduced the carrying value of the full cost pool for our oil and gas properties.

Salaries, General & Administrative Expenses. Stone now expects its SG&A expenses (excluding incentive compensation expense) to range between $40-$45 million (versus $43-$48 million previously) during 2009.

Corporate Tax Rate. For 2009, Stone expects its corporate tax rate to be approximately 35%.

Hedge Position

The following tables illustrate Stone's derivative positions for calendar years 2009, 2010, and 2011 as of November 1, 2009. This table excludes the oil and gas hedges unwound in the first quarter resulting in proceeds of $113 million.

Zero-Premium Collars -------------------------------- Natural Gas -------------------------------- Daily Volume Floor Ceiling (MMBtus/d) Price Price ---------- ----- ------- 2009 20,000 $8.00 $14.30 Fixed-Price Swaps --------------------------------------- Natural Gas Oil ----------------- ----------------- Daily Daily Volume Swap Volume Swap (MMBtus/d) Price (Bbls/d) Price ---------- ----- -------- ----- 2009 20,000* $4.24 3,000** $50.00 2009 20,000** 5.00 2,000** 50.45 2009 20,000** 5.13 4,000** 71.25 ----------------------------------------------- 2010 20,000 6.97 2,000 63.00 2010 20,000 6.50 1,000 64.05 2010 10,000 6.50 1,000 60.20 2010 1,000 75.00 2010 1,000 75.25 2010 4,000 *** 73.65 ----------------------------------------------- 2011 10,000 6.83 1,000 70.05 2011 1,000 78.20 * July - September ** October - December *** January - March Other Information

Stone Energy has planned a conference call for 10:00 a.m. Central Time on Wednesday, November 4, 2009 to discuss the operational and financial results for the third quarter of 2009. Anyone wishing to participate should visit our website at http://www.stoneenergy.com/ for a live web cast or dial 1-877-228-3598 and request the "Stone Energy Call." If you are unable to participate in the original conference call, a digital recording, accessed by dialing (800) 642-1687 (ID #37532692), will be available at approximately 12:00 p.m. Central Time for one week. A web replay will also be available approximately one hour following the completion of the call on Stone Energy's website.

Non-GAAP Financial Measures

In this press release, we refer to a non-GAAP financial measure we call "discretionary cash flow." Management believes discretionary cash flow is a financial indicator of our company's ability to internally fund capital expenditures and service debt. Management also believes this non-GAAP financial measure of cash flow is useful information to investors because it is widely used by professional research analysts in the valuation, comparison, rating and investment recommendations of companies within the oil and gas exploration and production industry. Discretionary cash flow should not be considered an alternative to net cash provided by operating activities or net income, as defined by GAAP. Please see the "Reconciliation of Non-GAAP Financial Measure" for a reconciliation of discretionary cash flow to cash flow provided by operating activities.

Forward Looking Statement

Certain statements in this press release are forward-looking and are based upon Stone's current belief as to the outcome and timing of future events. All statements, other than statements of historical facts, that address activities that Stone plans, expects, believes, projects, estimates or anticipates will, should or may occur in the future, including future production of oil and gas, future capital expenditures and drilling of wells and future financial or operating results are forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements herein include the timing and extent of changes in commodity prices for oil and gas, operating risks, liquidity risks, and other risk factors and known trends and uncertainties as described in Stone's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q as filed with the Securities and Exchange Commission ("SEC"). Should one or more of these risks or uncertainties occur, or should underlying assumptions prove incorrect, Stone's actual results and plans could differ materially from those expressed in the forward-looking statements.

Stone Energy is an independent oil and natural gas company headquartered in Lafayette, Louisiana, and is engaged in the acquisition, exploration, exploitation, development and operation of oil and gas properties located primarily in the Gulf of Mexico. Stone is also active in the Appalachia region. For additional information, contact Kenneth H. Beer, Chief Financial Officer, at 337-521-2210-phone, 337-521-9880 fax or via e-mail at CFO@StoneEnergy.com.

STONE ENERGY CORPORATION SUMMARY STATISTICS (In thousands, except per share/unit amounts) (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, ------------------- -------------------- 2009 2008 2009 2008 -------- -------- -------- -------- FINANCIAL RESULTS Net income (loss) $51,053 $34,121 ($147,644) $179,174 Net income (loss) per share $1.06 $1.04 ($3.45) $5.97 PRODUCTION QUANTITIES Oil (MBbls) 1,741 943 4,579 3,647 Gas (MMcf) 11,517 6,213 30,899 24,631 Oil and gas (MMcfe) 21,963 11,871 58,373 46,513 AVERAGE DAILY PRODUCTION Oil (MBbls) 19 10 17 13 Gas (MMcf) 125 68 113 90 Oil and gas (MMcfe) 239 129 214 170 REVENUE DATA (1) Oil revenue $134,737 $100,726 $313,563 $380,002 Gas revenue 67,982 66,584 198,472 253,503 -------- -------- -------- -------- Total oil and gas revenue $202,719 $167,310 $512,035 $633,505 AVERAGE PRICES (1) Oil (per Bbl) $77.39 $106.81 $68.48 $104.20 Gas (per Mcf) 5.90 10.72 6.42 10.29 Per Mcfe 9.23 14.09 8.77 13.62 COST DATA Lease operating expenses $28,136 $40,149 $127,412 $105,302 Salaries, general and administrative expenses 9,490 10,481 31,073 32,015 DD&A expense on oil and gas properties 67,201 51,046 181,931 183,925 AVERAGE COSTS (per Mcfe) Lease operating expenses $1.28 $3.38 $2.18 $2.26 Salaries, general and administrative expenses 0.43 0.88 0.53 0.69 DD&A expense on oil and gas properties 3.06 4.30 3.12 3.95 AVERAGE SHARES OUTSTANDING - Diluted 47,679 32,670 42,762 29,740 (1) Includes the cash settlement of effective hedging contracts. STONE ENERGY CORPORATION CONSOLIDATED STATEMENT OF OPERATIONS (In thousands) (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, ------------------ ---------------------- 2009 2008 2009 2008 -------- -------- ---------- -------- Operating revenue: Oil production $134,737 $100,726 $313,563 $380,002 Gas production 67,982 66,584 198,472 253,503 Derivative income, net - 5,045 3,106 1,433 -------- -------- ---------- -------- Total operating revenue 202,719 172,355 515,141 634,938 -------- -------- ---------- -------- Operating expenses: Lease operating expenses 28,136 40,149 127,412 105,302 Other operational expense - - 2,400 - Production taxes 2,126 1,325 5,966 6,228 Depreciation, depletion and amortization 68,652 51,962 186,322 186,180 Write-down of oil and gas properties - 8,759 340,083 18,859 Accretion expense 8,131 4,146 24,884 12,367 Salaries, general and administrative expenses 9,490 10,481 31,073 32,015 Incentive compensation expense 1,932 283 3,349 2,183 Impairment of inventory 1,275 - 8,454 - Derivative expenses, net 91 - - - -------- -------- ---------- -------- Total operating expenses 119,833 117,105 729,943 363,134 -------- -------- ---------- -------- Income (loss) from operations 82,886 55,250 (214,802) 271,804 -------- -------- ---------- -------- Other (income) expenses: Interest expense 5,170 3,036 15,124 10,528 Interest income (155) (2,255) (437) (10,601) Other income, net (937) (1,421) (2,762) (3,775) -------- -------- ---------- -------- Total other (income) expenses 4,078 (640) 11,925 (3,848) -------- -------- ---------- -------- Income (loss)before taxes 78,808 55,890 (226,727) 275,652 -------- -------- ---------- -------- Provision (benefit) for income taxes: Current 1,615 (45,583) 1,638 1,395 Deferred 26,140 67,352 (80,748) 95,083 -------- -------- ---------- -------- Total income taxes 27,755 21,769 (79,110) 96,478 -------- -------- ---------- -------- Non-controlling interest - - (27) - Net income (loss) $51,053 $34,121 ($147,644) $179,174 ======== ======== ========== ======== STONE ENERGY CORPORATION RECONCILIATION OF NON-GAAP FINANCIAL MEASURE (In thousands) (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, ------------------ -------------------- 2009 2008 2009 2008 ------- -------- -------- -------- Net income (loss) as reported $51,053 $34,121 ($147,617) $179,174 Reconciling items: Depreciation, depletion and amortization 68,652 51,962 186,322 186,180 Write-down of oil and gas properties - 8,759 340,083 18,859 Non-cash write-down of tubular inventory 1,275 - 8,454 - Deferred income tax provision (benefit) 26,140 67,352 (80,748) 95,083 Accretion expense 8,131 4,146 24,884 12,367 Stock compensation expense 1,233 1,964 4,392 6,286 Other 531 (4,524) 3,355 (3,392) ------- -------- -------- -------- Discretionary cash flow 157,015 163,780 339,125 494,557 Settlement of asset retirement obligations (33,145) (8,551) (61,394) (42,202) Unwinding of derivative contracts (36,567) - 35,095 - Changes in current income taxes 1,615 (45,583) 32,050 (92,714) Investment in put contracts - - - (1,914) Other working capital changes 10,457 138,163 28,042 129,471 Net cash provided by operating ------- -------- -------- -------- activities $99,375 $247,809 $372,918 $487,198 ======= ======== ======== ======== STONE ENERGY CORPORATION CONSOLIDATED BALANCE SHEET (In thousands) (Unaudited) September 30, December 31, 2009 2008 ---------- ---------- Assets ------ Current assets: Cash and cash equivalents $97,749 $68,137 Accounts receivable 104,495 151,641 Inventory 10,299 35,675 Other current assets 1,038 1,413 Deferred tax asset 3,683 - Current income tax receivable 6,637 31,183 Fair value of hedging contracts 17,155 136,072 ---------- ---------- Total current assets 241,056 424,121 Oil and gas properties - United States: Proved, net 873,296 1,130,583 Unevaluated 420,733 493,738 Building and land, net 5,736 5,615 Fixed assets, net 4,306 5,326 Other assets, net 48,928 46,620 Fair value of hedging contracts 704 - ---------- ---------- Total assets $1,594,759 $2,106,003 ========== ========== Liabilities and Stockholders' Equity ------------------------------------ Current liabilities: Accounts payable to vendors $98,826 $144,016 Deferred taxes - 32,416 Undistributed oil and gas proceeds 12,919 37,882 Other current liabilities 29,461 15,759 Asset retirement obligations 40,175 70,709 Fair value of hedging contracts 21,028 - ---------- ---------- Total current liabilities 202,409 300,782 Bank debt 250,000 425,000 81/4% Senior Subordinated Notes due 2011 200,000 200,000 63/4% Senior Subordinated Notes due 2014 200,000 200,000 Deferred taxes 113,849 193,924 Other long-term liabilities 11,358 11,751 Asset retirement obligations 174,231 186,146 Fair value of hedging contracts 7,686 1,221 ---------- ---------- Total liabilities 1,159,533 1,518,824 ---------- ---------- Common stock 475 394 Additional paid-in capital 1,322,184 1,257,633 Accumulated deficit (902,631) (754,987) Treasury stock (860) (860) Accumulated other comprehensive income 16,058 84,912 ---------- ---------- Total Stone Energy Corporation stockholders' equity 435,226 587,092 ---------- ---------- Non-controlling interest - 87 ---------- ---------- Total stockholders' equity 435,226 587,179 ---------- ---------- Total liabilities and stockholders' equity $1,594,759 $2,106,003 ========== ==========

Stone Energy Corporation

CONTACT: Kenneth H. Beer, Chief Financial Officer of Stone Energy
Corporation, +1-337-521-2210, fax, +1-337-521-9880, CFO@StoneEnergy.com

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

ONEOK Partners Reports Third-quarter 2009 Results; Updates 2009 Earnings Guidance

TULSA, Okla., Nov. 3 /PRNewswire-FirstCall/ -- ONEOK Partners, L.P. today announced third-quarter 2009 earnings of $1.00 per unit, compared with $1.97 per unit for the third quarter 2008. Net income attributable to ONEOK Partners was $121.5 million in the third quarter 2009, compared with $203.9 million in the same period in 2008.

For the nine-month period ended Sept. 30, 2009, net income attributable to ONEOK Partners was $318.6 million, or $2.67 per unit, compared with $503.4 million, or $4.93 per unit, in the same period in 2008.

The partnership also updated its 2009 limited partners' net income per unit guidance to the range of $3.40 to $3.60 per unit from its previous range of $3.25 to $3.65 per unit. The partnership's distributable cash flow is expected to be in the range of $530 million to $550 million.

"The partnership posted solid results in the third quarter," said John W. Gibson, chairman and chief executive officer of ONEOK Partners. "We achieved continued volume growth in both our natural gas and natural gas liquids businesses, which helped offset significantly lower commodity prices and narrower NGL product price differentials compared with a year ago."

"We successfully completed our more than $2 billion capital investment program," Gibson said. "These investments, coupled with the additional opportunities we've identified over the next five years, establish a strong foundation for growth in both our fee-based earnings and distributions to unitholders."

Cash flow, as measured by earnings before interest, taxes, depreciation and amortization (EBITDA), was $211.4 million in the third quarter 2009, compared with $252.6 million in the third quarter 2008. Distributable cash flow (DCF) in the third quarter 2009 was $144.1 million, or $1.24 per unit, compared with $191.0 million, or $1.85 per unit, in the third quarter 2008.

Year-to-date 2009 EBITDA was $577.7 million, compared with $672.8 million in the same period last year. Nine-month 2009 DCF was $409.6 million, or $3.63 per unit, compared with $526.7 million, or $5.23 per unit, in the same period last year.

Operating income for the third quarter 2009 was $144.7 million, compared with $197.5 million for the third quarter 2008. For the nine months 2009, operating income was $394.4 million, compared with $511.8 million in the same period last year.

The operating income decreases in both the three- and nine-month 2009 periods were due primarily to lower realized commodity prices in the natural gas gathering and processing segment; narrower NGL product price differentials and prior-year operational measurement gains in the natural gas liquids segment; and the impact of lower natural gas prices on retained fuel in the natural gas pipelines segment.

These decreases were partially offset by increased NGL throughput in the natural gas liquids segment, primarily associated with the completion of the Overland Pass Pipeline and related expansion projects, and the Arbuckle Pipeline, as well as new supply connections; higher natural gas volumes processed and sold in the natural gas gathering and processing segment; and higher natural gas transportation margins, as a result of the Guardian Pipeline expansion and extension and an increase in contracted volumes on Midwestern Gas Transmission as a result of a new interconnect with the Rockies Express Pipeline in the natural gas pipelines segment.

Operating costs were $105.1 million in the third quarter 2009, compared with $97.5 million in the same period last year. Nine-month 2009 operating costs were $295.0 million, compared with $272.7 million in the same period last year. The operating cost increases for both the three- and nine-month periods were due primarily to incremental costs associated with the operation of the Overland Pass Pipeline and the Arbuckle Pipeline, and higher operating expenses at fractionation facilities, including the expanded Bushton fractionator.

Equity earnings from investments were $20.1 million in the third quarter 2009, compared with $29.4 million in the same period last year. For the nine months 2009, equity earnings from investments were $55.5 million, compared with $74.8 million in the same period last year. The equity earnings from investments decreased for both the three- and nine-month 2009 periods, primarily as the result of lower subscription volumes and rates on Northern Border Pipeline and lower volumes gathered at various natural gas gathering and processing investments in the Powder River Basin of Wyoming. Third-quarter and nine-month 2008 results included an $8.3 million gain on the sale of Bison Pipeline LLC by Northern Border Pipeline.

THIRD-QUARTER 2009 SUMMARY AND ADDITIONAL UPDATES: -- Operating income of $144.7 million, compared with $197.5 million in the third quarter 2008; -- Natural gas gathering and processing segment operating income of $40.2 million, compared with $63.5 million in the third quarter 2008; -- Natural gas pipelines segment operating income of $41.7 million, compared with $33.3 million in the third quarter 2008; -- Completing the consolidation of the natural gas liquids gathering and fractionation and natural gas liquids pipelines segments into one reporting segment and recasting prior reporting periods; -- Natural gas liquids segment operating income of $63.3 million, compared with $101.2 million in the third quarter 2008; -- Equity earnings from investments of $20.1 million, compared with $29.4 million in the third quarter 2008; -- Capital expenditures of $169.4 million, compared with $335.6 million in the third quarter 2008; -- Completing construction in July of the 440-mile Arbuckle Pipeline project, which transports unfractionated NGLs from southern Oklahoma and the Barnett Shale in north Texas to the Texas Gulf Coast; -- Placing into service in October the 150-mile Piceance Lateral Pipeline, connecting NGL production from the Piceance Basin to the Overland Pass Pipeline; -- Completing in October the $14.7 million expansion of the Fargo Lateral segment of the Viking natural gas pipeline; -- Electing Julie H. Edwards, Jim W. Mogg, Shelby E. Odell and Craig F. Strehl to the board of directors, which increases the number of those serving on the board of directors to 10 from six, and the number of independent directors to seven from three; and -- Increasing the quarterly cash distribution to $1.09 per unit, payable Nov. 13, 2009, to unitholders of record as of Oct. 30, 2009. THIRD-QUARTER AND YEAR-TO-DATE 2009 BUSINESS-UNIT RESULTS Natural Gas Gathering and Processing Segment

The natural gas gathering and processing segment's operating income for the third quarter 2009 was $40.2 million, compared with $63.5 million for the third quarter 2008.

Third-quarter 2009 results decreased $33.7 million due to lower realized commodity prices, partially offset by an $11.4 million increase as the result of higher volumes processed and sold. Operating costs for the third quarter 2009 were $33.6 million, compared with $35.7 million in the same period last year.

Operating income for the nine-month 2009 period was $120.9 million, compared with $198.8 million in the same period in 2008.

Nine-month 2009 results decreased $95.1 million, due primarily to lower realized commodity prices, partially offset by a $20.1 million increase from higher volumes processed and sold. Operating costs for the segment decreased to $99.4 million, compared with $101.5 million in the same period in 2008.

Depreciation and amortization expense increased for both the three- and nine-month periods ended Sept. 30, 2009, compared with 2008, primarily as the result of completed capital projects.

Equity earnings from investments decreased for both the three- and nine-month periods ended Sept. 30, 2009, compared with the prior year, primarily as a result of lower volumes in various natural gas gathering system investments in the Powder River Basin of Wyoming.

NGL shrink, plant fuel and condensate shrink discussed in the table below refer to the Btus that are removed from natural gas through the gathering and processing operation. The following table contains margin information for the periods indicated:

Three Months Ended Nine Months Ended September 30, September 30, 2009 2008 2009 2008 ------------------------------------------------------------------------- Percent of proceeds Wellhead purchases (MMBtu/d) 49,472 65,804 55,545 68,564 NGL sales (Bbl/d) 5,408 3,998 5,215 4,637 Residue gas sales (MMBtu/d) 46,406 42,119 41,698 38,570 Condensate sales (Bbl/d) 1,488 1,469 1,786 1,711 Percentage of total net margin 50% 64% 49% 62% Fee-based Wellhead volumes (MMBtu/d) 1,100,202 1,145,656 1,131,018 1,173,894 Average rate ($/MMBtu) $0.31 $0.27 $0.30 $0.26 Percentage of total net margin 35% 22% 36% 23% Keep-whole NGL shrink (MMBtu/d) 16,843 20,016 17,875 21,978 Plant fuel (MMBtu/d) 1,954 2,106 2,100 2,301 Condensate shrink (MMBtu/d) 1,407 1,574 1,893 1,941 Condensate sales (Bbl/d) 285 318 383 393 Percentage of total net margin 15% 14% 15% 15% -------------------------------------------------------------------------

The natural gas gathering and processing segment is exposed to commodity price risk, primarily NGLs, as a result of receiving commodities in exchange for services. The following table provides updated hedging information in the natural gas gathering and processing segment for the remainder of 2009 and for 2010:

Three Months Ending December 31, 2009 -------------------------------------- Volumes Percentage Hedged Average Price Hedged -------------------------------------------------------------- NGLs (Bbl/d) (a) 7,857 $1.04 / gallon 87% Condensate (Bbl/d) (a) 2,064 $2.08 / gallon 91% -------------------------------------------------------------- Total (Bbl/d) 9,921 $1.26 / gallon 88% ============================================================== Natural gas (MMBtu/d) 17,009 $4.25 / MMBtu 88% -------------------------------------------------------------- (a) - Hedged with fixed-price swaps. Year Ending December 31, 2010 -------------------------------------- Volumes Percentage Hedged Average Price Hedged -------------------------------------------------------------- NGLs (Bbl/d) (a) 3,881 $1.19 / gallon 55% Condensate (Bbl/d) (a) 1,696 $1.79 / gallon 75% -------------------------------------------------------------- Total (Bbl/d) 5,577 $1.38 / gallon 60% ============================================================== Natural gas (MMBtu/d) 25,225 $5.55 / MMBtu 75% -------------------------------------------------------------- (a) - Hedged with fixed-price swaps.

The partnership currently estimates that a 1 cent per gallon decrease in the composite price of NGLs would decrease annual net margin by approximately $1.1 million. A $1.00 per barrel decrease in the price of crude oil would decrease annual net margin by approximately $1.0 million. Also, a 10 cent per MMBtu decrease in the price of natural gas would decrease annual net margin by approximately $1.1 million. All of these sensitivities exclude the effects of hedging and assume normal operating conditions.

Natural Gas Pipelines Segment

The natural gas pipelines segment reported third-quarter 2009 operating income of $41.7 million, compared with $33.3 million for the third quarter 2008.

Third-quarter 2009 results include a $10.1 million increase in transportation margins, primarily as the result of incremental margin from the Guardian Pipeline expansion and extension that was completed in February 2009 and an increase in contracted volumes on Midwestern Gas Transmission as a result of a new interconnect with the Rockies Express Pipeline that was placed in service in June 2009. These increases were partially offset by a $4.8 million decrease from the effect of lower natural gas prices on retained fuel.

Operating income for the nine months was $106.1 million, compared with $102.7 million in the same period in 2008.

Nine-month 2009 results reflect a $23.3 million increase in transportation margins, primarily as the result of the completion of the Guardian Pipeline expansion and extension project, partially offset by an $18.3 million decrease from the effect of lower natural gas prices on retained fuel.

Third-quarter 2009 equity earnings from investments were $11.0 million, compared with $20.2 million in the third quarter 2008. Nine-month 2009 equity earnings from investments were $32.8 million, compared with $49.4 million in 2008. The decreases were primarily due to lower subscription volumes and rates on Northern Border Pipeline, in which the partnership has a 50 percent interest. Third-quarter and nine-month 2008 results included an $8.3 million gain on the sale of Bison Pipeline LLC by Northern Border Pipeline.

Natural Gas Liquids Segment

As previously announced, beginning in the third quarter 2009, the natural gas liquids gathering and fractionation segment and the natural gas liquids pipelines segment were consolidated into one reporting segment - natural gas liquids. Prior reporting periods have been recast to reflect the consolidation.

The natural gas liquids segment reported third-quarter 2009 operating income of $63.3 million, compared with $101.2 million for the third quarter 2008.

Third-quarter 2009 results decreased $28.0 million due to narrower NGL product price differentials and decreased $11.6 million as the result of prior-year operational measurement gains. These decreases were offset by an $18.2 million increase as the result of higher NGL volumes gathered, fractionated and transported, primarily associated with the completion of the Overland Pass Pipeline and related expansion projects, and the Arbuckle Pipeline, as well as new supply connections.

Operating income for the nine-month 2009 period was $168.0 million, compared with $211.9 million in the same period last year.

Nine-month 2009 operating income decreased $38.4 million due to narrower NGL product price differentials and decreased $12.5 million as the result of prior-year operational measurement gains. These decreases were offset by a $46.2 million increase as the result of higher NGL volumes gathered, fractionated and transported, primarily associated with the completion of the Overland Pass Pipeline and related expansion projects, and the Arbuckle Pipeline, as well as new supply connections.

Third-quarter 2009 operating costs were $49.6 million, compared with $37.9 million in the third quarter 2008. Nine-month 2009 operating costs were $129.8 million, compared with $103.7 million in the same period last year. The increases resulted primarily from the operation of the Overland Pass Pipeline, the Arbuckle Pipeline and the recently expanded Bushton fractionator, as well as increased outside service expenses at other fractionators, incremental ad valorem taxes and higher employee-related costs.

The Conway-to-Mont Belvieu average ethane price differential in the third quarter 2009, based on Oil Price Information Service (OPIS) pricing, was 15 cents per gallon, compared with 24 cents per gallon in the same period last year. For the nine-month 2009 period, the average ethane price differential was 12 cents per gallon, compared with 15 cents per gallon in the same period 2008.

GROWTH ACTIVITIES

The partnership recently completed more than $2 billion of internally generated growth projects. Following is a review of these projects and updated throughput expectations (all cost estimates exclude allowance for funds used during construction, or AFUDC).

In October 2009, the partnership placed into service the Piceance Lateral Pipeline, a 150-mile pipeline connecting the Piceance Basin with the Overland Pass Pipeline. The pipeline has the capacity to transport as much as 100,000 barrels per day (bpd) of unfractionated NGLs. The project is expected to cost approximately $135 million to $140 million. Throughput is expected to reach approximately 30,000 bpd during the fourth quarter 2009.

In July 2009, construction of the Arbuckle Pipeline was completed. The 440-mile NGL pipeline extends from southern Oklahoma through the Barnett Shale of north Texas and on to the partnership's fractionation and storage facilities at Mont Belvieu on the Texas Gulf Coast. The pipeline has the capacity to transport 160,000 bpd of unfractionated NGLs, expandable to 240,000 bpd with additional pump facilities. The estimated cost for the current pipeline capacity is approximately $490 million. During the month of October 2009, volumes reached 80,000 bpd, and supply commitments from producers are expected to be sufficient to transport up to 210,000 bpd over the next three to five years.

In March 2009, the $70 million D-J Basin Lateral Pipeline, a 125-mile pipeline connecting the Denver-Julesburg Basin with the Overland Pass Pipeline, was placed into service. The pipeline has the capacity to transport as much as 55,000 bpd of unfractionated NGLs. Throughput reached 30,000 bpd during the third quarter 2009, with an additional 10,000 bpd anticipated in the next two years.

In November 2008, the Overland Pass Pipeline - the $575 million, 760-mile NGL pipeline extending from Opal, Wyo., to Conway, Kan. - was placed into service with the capacity to transport approximately 110,000 bpd of unfractionated NGLs. The Overland Pass Pipeline Company is a joint venture with a subsidiary of The Williams Companies, Inc., which owns 1 percent. Approximately 99,000 bpd is currently flowing on Overland Pass, and the pipeline's capacity can be increased to approximately 255,000 bpd with the addition of pump facilities. By the end of the fourth quarter 2009, expected throughput on Overland Pass Pipeline will be approximately 130,000 to 140,000 bpd.

The partnership has identified additional growth projects, depending on market needs, in the range of approximately $300 million to $500 million per year between 2010 and 2015, with more than half of the planned investments in the natural gas liquids segment.

2009 EARNINGS GUIDANCE

The partnership updated its 2009 limited partners' net income per unit guidance to the range of $3.40 to $3.60 per unit from its previous range of $3.25 to $3.65 per unit. The partnership's distributable cash flow is expected to be in the range of $530 million to $550 million. Exhibits A and B include updated information on the partnership's 2009 earnings guidance.

Earnings guidance was updated due primarily to lower than anticipated interest expense and higher AFUDC.

The average prices for unhedged volumes used in the updated 2009 guidance for the remaining three months of 2009 are $77 per barrel for New York Mercantile Exchange (NYMEX) crude oil, $4.50 per MMBtu for NYMEX natural gas and $1.00 per gallon for composite natural gas liquids. The average Conway-to-Mont Belvieu OPIS average price differential used for ethane for the remaining three months of 2009 is 8 cents per gallon.

CONFERENCE CALL AND WEBCAST

ONEOK and ONEOK Partners management will conduct a joint conference call on Wednesday, Nov. 4, 2009, at 11 a.m. Eastern Standard Time (10 a.m. Central Standard Time). The call will also be carried live on ONEOK's and ONEOK Partners' Web sites.

To participate in the telephone conference call, dial 866-837-9787, pass code 1399341, or log on to http://www.oneok.com/ or http://www.oneokpartners.com/.

If you are unable to participate in the conference call or the webcast, the replay will be available on ONEOK's Web site, http://www.oneok.com/, and ONEOK Partners' Web site, http://www.oneokpartners.com/, for 30 days. A recording will be available by phone for seven days. The playback call may be accessed at 866-837-8032, pass code 1399341.

NON-GAAP FINANCIAL MEASURES

The partnership has disclosed in this news release EBITDA and DCF amounts that are non-GAAP financial measures. Management believes EBITDA and DCF provide useful information to investors as a measure of comparison with peer companies. However, these calculations may vary from company to company, so the partnership's computations may not be comparable with those of other companies. DCF is not necessarily the same as available cash as defined in the Partnership Agreement. Management further uses EBITDA to compare the financial performance of its segments and to internally manage those business segments. Reconciliations of EBITDA to net income and operating income and computations of DCF are included in the financial tables attached to this release.

ONEOK Partners, L.P. is one of the largest publicly traded master limited partnerships and is a leader in the gathering, processing, storage and transportation of natural gas in the U.S. and owns one of the nation's premier natural gas liquids (NGL) systems, connecting NGL supply in the Mid-Continent and Rocky Mountain regions with key market centers. Its general partner is a wholly owned subsidiary of ONEOK, Inc. , a diversified energy company, which owns 45.1 percent of the partnership. ONEOK is one of the largest natural gas distributors in the United States, and its energy services operation focuses primarily on marketing natural gas and related services throughout the U.S.

For more information, visit the Web site at http://www.oneokpartners.com/.

Some of the statements contained and incorporated in this news release are forward-looking statements within the meaning of Section 27A of the Securities Act, and Section 21E of the Exchange Act, as amended. The forward-looking statements relate to our anticipated financial performance, management's plans and objectives for our future operations, our business prospects, the outcome of regulatory and legal proceedings, market conditions and other matters. We make these forward-looking statements in reliance on the safe harbor protections provided under the Private Securities Litigation Reform Act of 1995. The following discussion is intended to identify important factors that could cause future outcomes to differ materially from those set forth in the forward-looking statements.

Forward-looking statements include the items identified in the preceding paragraph, the information concerning possible or assumed future results of our operations and other statements contained or incorporated in this news release identified by words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "should," "goal," "forecast," "could," "may," "continue," "might," "potential," "scheduled" and other words and terms of similar meaning.

You should not place undue reliance on forward-looking statements, which are applicable only as of the date of this news release. Known and unknown risks, uncertainties and other factors may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by forward-looking statements. Those factors may affect our operations, markets, products, services and prices. In addition to any assumptions and other factors referred to specifically in connection with the forward-looking statements, factors that could cause our actual results to differ materially from those contemplated in any forward-looking statement include, among others, the following:

-- the effects of weather and other natural phenomena on our operations, demand for our services and energy prices; -- competition from other United States and foreign energy suppliers and transporters, as well as alternative forms of energy, including, but not limited to, solar power, wind power, geothermal energy and biofuels such as ethanol and biodiesel; -- the capital intensive nature of our businesses; -- the profitability of assets or businesses acquired or constructed by us; -- our ability to make cost-saving changes in operations; -- risks of marketing, trading and hedging activities, including the risks of changes in energy prices or the financial condition of our counterparties; -- the uncertainty of estimates, including accruals and costs of environmental remediation; -- the timing and extent of changes in energy commodity prices; -- the effects of changes in governmental policies and regulatory actions, including changes with respect to income and other taxes, environmental compliance, climate change initiatives, authorized rates of recovery of gas and gas transportation costs; -- the impact on drilling and production by factors beyond our control, including the demand for natural gas and refinery-grade crude oil; producers' desire and ability to obtain necessary permits; reserve performance; and capacity constraints on the pipelines that transport crude oil, natural gas and NGLs from producing areas and our facilities; -- difficulties or delays experienced by trucks or pipelines in delivering products to or from our terminals or pipelines; -- changes in demand for the use of natural gas because of market conditions caused by concerns about global warming; -- conflicts of interest between us, our general partner, ONEOK Partners GP, and related parties of ONEOK Partners GP; -- the impact of unforeseen changes in interest rates, equity markets, inflation rates, economic recession and other external factors over which we have no control; -- our indebtedness could make us vulnerable to general adverse economic and industry conditions, limit our ability to borrow additional funds and/or place us at competitive disadvantages compared with our competitors that have less debt or have other adverse consequences; -- actions by rating agencies concerning the credit ratings of us or our general partner; -- the results of administrative proceedings and litigation, regulatory actions and receipt of expected clearances involving the Oklahoma Corporation Commission (OCC), Kansas Corporation Commission (KCC), Texas regulatory authorities or any other local, state or federal regulatory body, including the Federal Energy Regulatory Commission (FERC); -- our ability to access capital at competitive rates or on terms acceptable to us; -- risks associated with adequate supply to our gathering, processing, fractionation and pipeline facilities, including production declines that outpace new drilling; -- the risk that material weaknesses or significant deficiencies in our internal control over financial reporting could emerge or that minor problems could become significant; -- the impact and outcome of pending and future litigation; -- the ability to market pipeline capacity on favorable terms, including the effects of: -- future demand for and prices of natural gas and NGLs; -- competitive conditions in the overall energy market; -- availability of supplies of Canadian and United States natural gas; and -- availability of additional storage capacity; -- performance of contractual obligations by our customers, service providers, contractors and shippers; -- the timely receipt of approval by applicable governmental entities for construction and operation of our pipeline and other projects and required regulatory clearances; -- our ability to acquire all necessary permits, consents and other approvals in a timely manner, to promptly obtain all necessary materials and supplies required for construction, and to construct gathering, processing, storage, fractionation and transportation facilities without labor or contractor problems; -- the mechanical integrity of facilities operated; -- demand for our services in the proximity of our facilities; -- our ability to control operating costs; -- acts of nature, sabotage, terrorism or other similar acts that cause damage to our facilities or our suppliers' or shippers' facilities; -- economic climate and growth in the geographic areas in which we do business; -- the risk of a prolonged slowdown in growth or decline in the U.S. economy or the risk of delay in growth recovery in the U.S. economy, including increasing liquidity risks in U.S. credit markets; -- the impact of recently issued and future accounting updates and other changes in accounting policies; -- the possibility of future terrorist attacks or the possibility or occurrence of an outbreak of, or changes in, hostilities or changes in the political conditions in the Middle East and elsewhere; -- the risk of increased costs for insurance premiums, security or other items as a consequence of terrorist attacks; -- risks associated with pending or possible acquisitions and dispositions, including our ability to finance or integrate any such acquisitions and any regulatory delay or conditions imposed by regulatory bodies in connection with any such acquisitions and dispositions; -- the impact of unsold pipeline capacity being greater or less than expected; -- the ability to recover operating costs and amounts equivalent to income taxes, costs of property, plant and equipment and regulatory assets in our state and FERC-regulated rates; -- the composition and quality of the natural gas and NGLs we gather and process in our plants and transport on our pipelines; -- the efficiency of our plants in processing natural gas and extracting and fractionating NGLs; -- the impact of potential impairment charges; -- the risk inherent in the use of information systems in our respective businesses, implementation of new software and hardware, and the impact on the timeliness of information for financial reporting; -- our ability to control construction costs and completion schedules of our pipelines and other projects; and -- the risk factors listed in the reports we have filed and may file with the Securities and Exchange Commission (SEC), which are incorporated by reference.

These factors are not necessarily all of the important factors that could cause actual results to differ materially from those expressed in any of our forward-looking statements. Other factors could also have material adverse effects on our future results. These and other risks are described in greater detail in Part I, Item 1A, Risk Factors, in our Annual Report. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. Other than as required under securities laws, we undertake no obligation to update publicly any forward-looking statement whether as a result of new information, subsequent events or change in circumstances, expectations or otherwise.

OKS-FE Analyst Contact: Andrew Ziola 918-588-7163 Media Contact: Brad Borror 918-588-7582 ONEOK Partners, L.P. and Subsidiaries CONSOLIDATED STATEMENTS OF INCOME Three Months Ended Nine Months Ended September 30, September 30, (Unaudited) 2009 2008 2009 2008 ------------------------------------------------------------------- (Thousands of dollars, except per unit amounts) Revenues $1,560,003 $2,241,107 $4,207,925 $6,444,034 Cost of sales and fuel 1,267,124 1,915,707 3,399,523 5,569,176 ------------------------------------------------------------------- Net margin 292,879 325,400 808,402 874,858 ------------------------------------------------------------------- Operating expenses Operations and maintenance 92,855 86,456 258,246 243,929 Depreciation and amortization 41,857 30,408 121,750 90,383 General taxes 12,253 11,032 36,815 28,799 ------------------------------------------------------------------- Total operating expenses 146,965 127,896 416,811 363,111 ------------------------------------------------------------------- Gain (loss) on sale of assets (1,180) 22 2,760 50 ------------------------------------------------------------------- Operating income 144,734 197,526 394,351 511,797 ------------------------------------------------------------------- Equity earnings from investments 20,054 29,412 55,464 74,805 Allowance for equity funds used during construction 7,290 15,616 25,761 35,788 Other income 5,026 990 8,841 3,724 Other expense (299) (5,784) (2,728) (7,951) Interest expense (50,371) (34,447) (152,167) (107,681) ------------------------------------------------------------------- Income before income taxes 126,434 203,313 329,522 510,482 ------------------------------------------------------------------- Income taxes (4,729) 670 (10,668) (6,703) ------------------------------------------------------------------- Net income 121,705 203,983 318,854 503,779 Less: Net income attributable to noncontrolling interests 212 111 232 368 ------------------------------------------------------------------- Net income attributable to ONEOK Partners, L.P. $121,493 $203,872 $318,622 $503,411 =================================================================== Limited partners' interest in net income: Net income attributable to ONEOK Partners, L.P. $121,493 $203,872 $318,622 $503,411 General partner's interest in net income (25,010) (24,397) (70,710) (65,790) ------------------------------------------------------------------- Limited partners' interest in net income $96,483 $179,475 $247,912 $437,621 =================================================================== Limited partners' net income per unit, basic and diluted $1.00 $1.97 $2.67 $4.93 =================================================================== Number of units used in computation (thousands) 96,402 90,920 92,932 88,768 =================================================================== ONEOK Partners, L.P. and Subsidiaries CONSOLIDATED BALANCE SHEETS September 30, December 31, (Unaudited) 2009 2008 -------------------------------------------------------------------------- Assets (Thousands of dollars) Current assets Cash and cash equivalents $30,535 $177,635 Accounts receivable, net 445,185 317,182 Affiliate receivables 21,532 25,776 Gas and natural gas liquids in storage 187,773 190,616 Commodity exchanges and imbalances 85,073 55,086 Derivative financial instruments 5,983 63,780 Other current assets 41,713 28,176 -------------------------------------------------------------------------- Total current assets 817,794 858,251 -------------------------------------------------------------------------- Property, plant and equipment Property, plant and equipment 6,250,762 5,808,679 Accumulated depreciation and amortization 933,264 875,279 -------------------------------------------------------------------------- Net property, plant and equipment 5,317,498 4,933,400 -------------------------------------------------------------------------- Investments and other assets Investments in unconsolidated affiliates 774,347 755,492 Goodwill and intangible assets 670,786 676,536 Other assets 36,619 30,593 -------------------------------------------------------------------------- Total investments and other assets 1,481,752 1,462,621 -------------------------------------------------------------------------- Total assets $7,617,044 $7,254,272 ========================================================================== Liabilities and partners' equity Current liabilities Current maturities of long-term debt $261,931 $11,931 Notes payable 515,000 870,000 Accounts payable 508,331 496,763 Affiliate payables 32,489 23,333 Commodity exchanges and imbalances 204,401 191,165 Other current liabilities 159,154 100,832 -------------------------------------------------------------------------- Total current liabilities 1,681,306 1,694,024 -------------------------------------------------------------------------- Long-term debt, excluding current maturities 2,826,016 2,589,509 Deferred credits and other liabilities 60,717 54,773 Commitments and contingencies Partners' equity ONEOK Partners, L.P. partners' equity: General partner 83,798 77,546 Common units: 59,912,777 and 54,426,087 units issued and outstanding at September 30, 2009 and December 31, 2008, respectively 1,571,123 1,361,058 Class B units: 36,494,126 units issued and outstanding at September 30, 2009 and December 31, 2008 1,386,000 1,407,016 Accumulated other comprehensive income 2,499 64,405 -------------------------------------------------------------------------- Total ONEOK Partners, L.P. partners' equity 3,043,420 2,910,025 -------------------------------------------------------------------------- Noncontrolling interests in consolidated subsidiaries 5,585 5,941 -------------------------------------------------------------------------- Total partners' equity 3,049,005 2,915,966 -------------------------------------------------------------------------- Total liabilities and partners' equity $7,617,044 $7,254,272 ========================================================================== ONEOK Partners, L.P. and Subsidiaries CONSOLIDATED STATEMENTS OF CASH FLOWS Nine Months Ended September 30, (Unaudited) 2009 2008 ------------------------------------------------------------------------- (Thousands of dollars) Operating activities Net income $318,854 $503,779 Depreciation and amortization 121,750 90,383 Allowance for equity funds used during construction (25,761) (35,788) Gain on sale of assets (2,760) (50) Equity earnings from investments (55,464) (74,805) Distributions received from unconsolidated affiliates 56,896 67,812 Changes in assets and liabilities: Accounts receivable (128,003) 98,214 Affiliate receivables 4,244 9,245 Gas and natural gas liquids in storage 2,843 (59,690) Derivative financial instruments (3,035) (47,017) Accounts payable 20,375 (52,516) Affiliate payables 9,156 11,401 Commodity exchanges and imbalances, net (16,751) (3,521) Accrued interest 29,695 32,117 Other assets and liabilities 16,999 29,101 ------------------------------------------------------------------------- Cash provided by operating activities 349,038 568,665 ------------------------------------------------------------------------- Investing activities Changes in investments in unconsolidated affiliates (19,878) 3,063 Acquisitions - 2,450 Capital expenditures (less allowance for equity funds used during construction) (491,256) (860,167) Proceeds from sale of assets 8,528 133 ------------------------------------------------------------------------- Cash used in investing activities (502,606) (854,521) ------------------------------------------------------------------------- Financing activities Cash distributions: General and limited partners (370,094) (332,090) Noncontrolling interests (588) (223) Borrowing of notes payable, net 515,000 180,000 Repayment of notes payable with maturities over 90 days (870,000) - Issuance of long-term debt, net of discounts 498,325 - Long-term debt financing costs (4,000) - Repayment of long-term debt (8,948) (8,947) Issuance of common units, net of discounts 241,643 450,198 Contribution from general partner 5,130 9,508 ------------------------------------------------------------------------- Cash provided by financing activities 6,468 298,446 ------------------------------------------------------------------------- Change in cash and cash equivalents (147,100) 12,590 Cash and cash equivalents at beginning of period 177,635 3,213 ------------------------------------------------------------------------- Cash and cash equivalents at end of period $30,535 $15,803 ========================================================================= ONEOK Partners, L.P. and Subsidiaries INFORMATION AT A GLANCE Three Months Ended Nine Months Ended September 30, September 30, (Unaudited) 2009 2008 2009 2008 -------------------------------------------------------------------------- (Millions of dollars, except as noted) Natural Gas Gathering and Processing ------------------------------------ Net margin $89.3 $111.7 $261.7 $336.7 Operating costs $33.6 $35.7 $99.4 $101.5 Depreciation and amortization $15.3 $12.5 $44.2 $36.4 Operating income $40.2 $63.5 $120.9 $198.8 Equity earnings from investments $8.4 $8.8 $20.6 $24.0 Natural gas gathered (BBtu/d) 1,100 1,146 1,131 1,174 Natural gas processed (BBtu/d) 664 649 658 641 NGL sales (MBbl/d) 43 39 42 39 Residue gas sales (BBtu/d) 297 281 291 280 Realized composite NGL sales price ($/gallon) $0.76 $1.51 $0.70 $1.44 Realized condensate sales price ($/Bbl) $79.46 $99.61 $70.66 $96.91 Realized residue gas sales price ($/MMBtu) $2.99 $8.33 $3.11 $8.39 Realized gross processing spread ($/MMBtu) $6.54 $6.69 $6.41 $6.94 Capital expenditures - growth $17.4 $27.8 $60.9 $82.6 Capital expenditures - maintenance $5.8 $8.0 $14.7 $16.0 Natural Gas Pipelines --------------------- Net margin $75.9 $65.8 $208.3 $196.1 Operating costs $22.9 $23.9 $67.5 $67.9 Depreciation and amortization $10.6 $8.6 $34.0 $25.5 Operating income $41.7 $33.3 $106.1 $102.7 Equity earnings from investments $11.0 $20.2 $32.8 $49.4 Natural gas transportation capacity contracted (MMcf/d) 5,764 4,765 5,461 4,877 Transportation capacity subscribed 87% 81% 83% 83% Average natural gas price Mid-Continent region ($/MMBtu) $2.94 $8.44 $3.01 $8.27 Capital expenditures - growth $8.5 $97.7 $40.8 $146.2 Capital expenditures - maintenance $5.5 $10.1 $7.5 $13.6 Natural Gas Liquids ------------------- Net margin $128.9 $148.4 $341.4 $344.0 Operating costs $49.6 $37.9 $129.8 $103.7 Depreciation and amortization $15.9 $9.3 $43.5 $28.4 Operating income $63.3 $101.2 $168.0 $211.9 Equity earnings from investments $0.6 $0.4 $2.1 $1.4 NGL sales (MBbl/d) 382 273 388 275 NGLs fractionated (MBbl/d) 496 375 458 379 NGLs transported-gathering lines (MBbl/d) 385 253 358 255 NGLs transported-distribution lines (MBbl/d) 446 430 451 347 Conway-to-Mont Belvieu OPIS average price differential Ethane ($/gallon) $0.15 $0.24 $0.12 $0.15 Capital expenditures - growth $126.9 $184.0 $352.4 $584.8 Capital expenditures - maintenance $4.9 $8.0 $14.2 $16.9 ONEOK Partners, L.P. and Subsidiaries RECONCILIATION OF EBITDA NON-GAAP FINANCIAL MEASURES Three Months Ended Nine Months Ended September 30, September 30, (Unaudited) 2009 2008 2009 2008 ----------------------------------------------------------------------- (Thousands of dollars) Reconciliation of Net Income to EBITDA ----------------------------------------------------------------------- Net income $121,705 $203,983 $318,854 $503,779 Interest expense 50,371 34,447 152,167 107,681 Depreciation and amortization 41,857 30,408 121,750 90,383 Income taxes 4,729 (670) 10,668 6,703 Allowance for equity funds used during construction (7,290) (15,616) (25,761) (35,788) ----------------------------------------------------------------------- EBITDA $211,372 $252,552 $577,678 $672,758 ======================================================================= Natural Gas Gathering and Processing Reconciliation of Operating Income to EBITDA ----------------------------------------------------------------------- Operating income $40,218 $63,538 $120,864 $198,774 Depreciation and amortization 15,312 12,533 44,225 36,431 Equity earnings from investments 8,396 8,819 20,583 23,989 Other income (expense) 1,357 (2,191) 1,486 (3,128) ----------------------------------------------------------------------- EBITDA $65,283 $82,699 $187,158 $256,066 ======================================================================= Natural Gas Pipelines Reconciliation of Operating Income to EBITDA ----------------------------------------------------------------------- Operating income $41,732 $33,303 $106,078 $102,708 Depreciation and amortization 10,607 8,607 34,029 25,547 Equity earnings from investments 11,039 20,207 32,802 49,421 Other income (expense) 1,102 (1,391) 1,429 (1,983) ----------------------------------------------------------------------- EBITDA $64,480 $60,726 $174,338 $175,693 ======================================================================= Natural Gas Liquids Reconciliation of Operating Income to EBITDA ----------------------------------------------------------------------- Operating income $63,272 $101,202 $167,895 $211,879 Depreciation and amortization 15,944 9,262 43,488 28,388 Equity earnings from investments 619 386 2,079 1,395 Other income (expense) 1,562 (2,649) 723 (4,169) ----------------------------------------------------------------------- EBITDA $81,397 $108,201 $214,185 $237,493 ======================================================================= ONEOK Partners, L.P. and Subsidiaries RECONCILIATION OF DISTRIBUTABLE CASH FLOW NON-GAAP FINANCIAL MEASURES Three Months Ended Nine Months Ended September 30, September 30, (Unaudited) 2009 2008 2009 2008 ------------------------------------------------------------------------ (Thousands of dollars, except per unit amounts) Reconciliation of EBITDA to Distributable Cash Flow ------------------------------------------------------------------------ EBITDA $211,372 $252,552 $577,678 $672,758 (Gain)/loss on sale of assets 1,180 (22) (2,760) (50) Interest expense (50,371) (34,447) (152,167) (107,681) Maintenance capital (16,120) (26,146) (36,436) (46,564) Distributions to noncontrolling interests (99) (75) (588) (223) Equity earnings from investments (20,054) (29,412) (55,464) (74,805) Distributions received from unconsolidated affiliates 19,615 30,466 83,088 91,093 Current income tax expense and other (1,386) (1,961) (3,767) (7,790) ------------------------------------------------------------------------ Distributable cash flow $144,137 $190,955 $409,584 $526,738 ======================================================================== Distributions to general partner (25,075) (22,739) (71,924) (62,760) ------------------------------------------------------------------------ Distributable cash flow to limited partners $119,062 $168,216 $337,660 $463,978 ======================================================================== Distributable cash flow per limited partner unit $1.24 $1.85 $3.63 $5.23 ======================================================================== Distributions declared per limited partner unit $1.09 $1.08 $3.25 $3.18 ======================================================================== Coverage ratio 1.14 1.71 1.12 1.64 ======================================================================== Number of units used in computation (thousands) 96,402 90,920 92,932 88,768 ======================================================================== ONEOK Partners, L.P. and Subsidiaries Exhibit A EARNINGS GUIDANCE* Updated Previous 2009 2009 Guidance Guidance Change ----------------------------- (Millions of dollars, except per unit amounts) Operating income --------------------------------------------------------------------- Natural Gas Gathering and Processing $164 $164 $- Natural Gas Pipelines 144 141 3 Natural Gas Liquids 232 231 1 Other (2) 1 (3) --------------------------------------------------------------------- Operating income 538 537 1 Equity earnings from investments 75 80 (5) Other income (expense) 35 28 7 Interest expense (208) (214) 6 --------------------------------------------------------------------- Income before income taxes 440 431 9 --------------------------------------------------------------------- Income taxes (16) (14) (2) --------------------------------------------------------------------- Net income 424 417 7 Less: Net income attributable to noncontrolling interests - - - --------------------------------------------------------------------- Net income attributable to ONEOK Partners, L.P. $424 $417 $7 ===================================================================== --------------------------------------------------------------------- Limited partners' net income per unit, basic and diluted $3.50 $3.45 $0.05 ===================================================================== - Number of units used in computation (millions) 93.8 93.8 - Capital expenditures --------------------------------------------------------------------- Natural Gas Gathering and Processing $113 $108 $5 Natural Gas Pipelines 73 82 (9) Natural Gas Liquids 397 380 17 --------------------------------------------------------------------- Total capital expenditures $583 $570 $13 ===================================================================== Growth $523 $509 $14 Maintenance 60 61 (1) --------------------------------------------------------------------- Total capital expenditures $583 $570 $13 ===================================================================== *Amounts shown are midpoints of ranges provided. ONEOK Partners, L.P. and Subsidiaries Exhibit B EARNINGS GUIDANCE* Updated Previous 2009 2009 Guidance Guidance Change ----------------------------- (Millions of dollars) Reconciliation of Net Income to EBITDA ----------------------------------------------------------------------- Net income $424 $417 $7 Interest expense 208 214 (6) Depreciation and amortization 166 164 2 Income taxes 16 14 2 Allowance for equity funds used during construction (27) (22) (5) ----------------------------------------------------------------------- EBITDA $787 $787 $- ======================================================================= Reconciliation of EBITDA to Distributable Cash Flow ----------------------------------------------------------------------- EBITDA $787 $787 $- (Gain)/loss on sale of assets (4) (4) - Interest expense (208) (214) 6 Maintenance capital (60) (61) 1 Equity earnings from investments (75) (80) 5 Distributions received from investments 104 104 - Current income tax expense and other (4) (7) 3 ----------------------------------------------------------------------- Distributable cash flow $540 $525 $15 ======================================================================= *Amounts shown are midpoints of ranges provided.

ONEOK Partners, L.P.

CONTACT: Analysts, Andrew Ziola, +1-918-588-7163, or Media, Brad Borror,
+1-918-588-7582, both of ONEOK Partners, L.P.

Web Site: http://www.oneokpartners.com/
http://www.oneok.com/

China Green Agriculture, Inc. to Host First Quarter Fiscal Year 2010 Results Conference Call on November 12, 2009 at 9:00 a.m. ET

XI'AN, China, Nov. 3 /PRNewswire-Asia-FirstCall/ -- China Green Agriculture, Inc. (NYSE Amex: CGA; "China Green Agriculture" or "the Company"), a leading producer and distributor of humic acid ("HA") based green fertilizer through its wholly owned subsidiary, Shaanxi TechTeam Jinong Humic Acid Product Co., Ltd., today announced that it will release its first quarter fiscal year 2010 financial results on Wednesday, November 11, 2009 after the market close. In conjunction, the Company will host a conference call to discuss these results.

The conference call will take place at 9:00 a.m. ET on Thursday, November 12, 2009. Interested participants should call 1-877-407-9210 when calling within the United States or 1-201-689-8049 when calling internationally. When prompted by the operator, please mention "China Green Agriculture's First Quarter Fiscal Year 2010 Financial Results" to join the call.

Event: CGA First Quarter Fiscal Year 2010 Conference Call Date: November 12, 2009 Time: 9:00 a.m. ET US Dial In: 1-877-407-9210 Intl' Dial In: 1-201-689-8049 Conference ID#: 336896

The call is being webcast by Vcall and can be accessed at China Green Agriculture's website at http://www.ir-site.com/cgagri/events.asp . Investors can also access the webcast at http://www.investorcalendar.com/ .

A playback will be available through September 30, 2009. To listen, please call 1-877-660-6853 within the United States or 1-201-612-7415 when calling internationally. Replay Passcodes (both required for playback): Account #: 286; Conference ID #: 336896.

About China Green Agriculture, Inc.

China Green Agriculture, Inc. produces and distributes humic acid ("HA") based compound fertilizer through its wholly owned subsidiary, Shaanxi TechTeam Jinong Humic Acid Product Co., Ltd., ("Jinong"). Jinong produces and sells over 130 different kinds of fertilizer products per year. All of Jinong's fertilizer products are certified by the PRC government as green food production materials, as stated by the China Green Food Research Center. Jinong's fertilizers are highly concentrated liquids which require an application of approximately 120 ml per mu per application. Its average end user has approximately four mu of land (one mu = .165 acres). Jinong also has the capacity to produce highly concentrated powdered fertilizers. China Green Agriculture currently markets its fertilizer products to private wholesalers and retailers of agricultural farm products in 21 provinces, 4 autonomous regions and 3 municipal cities in the PRC. The leading five provinces which collectively accounted for 36.4% of the Company's fertilizer revenue for the year ended June 30, 2009 are Shandong (9.5%), Shaanxi (8.3%), Heilongjiang (6.5%), Xinjiang (6.5%) and Anhui (5.9%). For more information, visit http://www.cgagri.com/ .

Safe Harbor Statement

This press release contains forward-looking statements concerning the Company's business, products and financial results. The Company's actual results may differ materially from those anticipated in the forward-looking statements depending on a number of risk factors including, but not limited to, the following: general economic and business conditions, development, shipment, market acceptance, additional competition from existing and new competitors, the impact of competitive products or pricing, changes in technology, additional financing requirements, development of new products, government approval processes, technological changes, and various other factors beyond the Company's control. All forward-looking statements are expressly qualified in their entirety by this Safe Harbor Statement and the risk factors detailed in the Company's reports filed with the Securities and Exchange Commission. China Green Agriculture undertakes no duty to revise or update any forward- looking statements to reflect events or circumstances after the date of this release.

For more information, please contact: In the US: China Green Agriculture, Inc. Ms. Ying Yang, Chief Financial Officer Tel: +1-626-623-2575 Email: yangying@cgagri.com OR HC International, Inc. Ted Haberfield, Executive VP Tel: +1-760-755-2716 Email: thaberfield@hcinternational.net In China: China Green Agriculture, Inc. Mr. Jonnie Wang, Secretary of Board, Investor Relations Officer Tel: +86-29-8826-6368 Email: wangxilong@cgagri.com

China Green Agriculture, Inc.

CONTACT: In the US - at China Green Agriculture, Inc., Ms. Ying Yang,
Chief Financial Officer, +1-626-623-2575, or yangying@cgagri.com, or at HC
International, Inc., Ted Haberfield, Executive VP, +1-760-755-2716, or
thaberfield@hcinternational.net; or in China - at China Green Agriculture,
Inc., Mr. Jonnie Wang, Secretary of Board, Investor Relations Officer,
+86-29-8826-6368, or wangxilong@cgagri.com

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

Weyco Reports Third Quarter Sales and Earnings

MILWAUKEE, Nov. 3 /PRNewswire-FirstCall/ -- Weyco Group, Inc. today announced financial results for the quarter ended September 30, 2009.

Net sales for the third quarter were $57.9 million, an increase of 1% from 2008 sales of $57.2 million. Net earnings for the quarter were $3.4 million, down from $4.3 million in 2008. Diluted earnings per share were $.29 per share in 2009 as compared with $.37 per share in the third quarter of 2008.

On January 23, 2009, the Company acquired a majority interest in a new subsidiary that subsequently purchased the Florsheim wholesale and retail businesses in Australia, Asia Pacific and South Africa (collectively "Florsheim Australia"). The financial results of Florsheim Australia are included in the Company's consolidated financial statements from the date of acquisition. The Company previously had license agreements with these entities; consequently, no licensing revenues were recorded for these entities after January 23, 2009.

Net sales in the wholesale division, which includes North American wholesale sales and licensing revenues, were $42.4 million for the third quarter of 2009, compared with $48.8 million in 2008. Wholesale product sales were $41.8 million in the third quarter of 2009, down from $47.8 million in 2008. In the wholesale division, sales of the Company's Stacy Adams, Nunn Bush and Florsheim brands were down 10%, 7% and 21%, respectively. Licensing revenues were $616,000 in 2009 and $991,000 in 2008. The decrease in licensing revenues resulted from the Company's acquisition of its licensees in Australia, Asia Pacific, and South Africa, described above, and also was due to a general trend of lower sales of the Company's licensed products in the current challenging retail environment.

Net sales in the retail division, which includes sales from the Company's North American retail stores and domestic Internet business, were $5.1 million in the third quarter of 2009, compared with $6.2 million in 2008. The Company has two fewer stores this year compared with 2008. Same store sales were down 9.5%.

Foreign sales, which include the wholesale and retail sales of Florsheim Europe and Florsheim Australia, were $10.5 million in the third quarter of 2009, compared to $2.2 million in 2008. In 2009, Florsheim Europe's net sales were $2.3 million, with the remaining $8.2 million representing sales of Florsheim Australia.

Operating earnings for the third quarter were $4.6 million, down from $6.3 million in 2008. As a percent of sales, operating earnings fell from 11.1% in 2008 to 7.9% in 2009, due primarily to lower sales volumes in 2009.

"Our results continue to be impacted by the generally weak retail economy," stated Tom Florsheim, Jr., Chairman and CEO of Weyco Group. "Our Company has strong brands and a lean cost structure and we believe that we will be well-positioned for success when the overall economy improves."

Weyco Group will host a conference call on November 4, 2009, at 11:00 a.m. Eastern Time to discuss the third quarter financial results in more detail. To participate in the call please dial 888-713-4215 or 617-213-4867, referencing passcode #41299823, five minutes before the start of the call. A replay will be available for one week beginning about one hour after the completion of the call by dialing 888-286-8010 or 617-801-6888, referencing passcode #84847251. Alternatively, the conference call and replay will be available by visiting the investor relations section of Weyco Group's website at http://www.weycogroup.com/.

About Weyco Group:

Weyco Group, Inc., designs and markets moderately priced and better-grade men's branded footwear for casual, fashion, and dress lifestyles. The principal brands of shoes sold by the Company are Florsheim, Nunn Bush, and Stacy Adams. The Company's products are sold to shoe specialty stores, department stores and clothing retailers. Weyco Group, Inc. operates wholesale and retail businesses in the United States, Canada, Europe, Australia, South Africa and the Far East.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Various factors could cause the results of Weyco Group to be materially different from any future results expressed or implied by such forward-looking statements. Such factors include, but are not limited to, the Company's ability to: (i) successfully market and sell its products in a highly competitive industry and in view of changing consumer trends, consumer acceptance of products and other factors affecting retail market conditions; (ii) procure its products from independent manufacturers; and (iii) other factors, including those detailed from time to time in Weyco Group's filings made with the SEC. Weyco Group undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.

WEYCO GROUP, INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2009 AND 2008 (UNAUDITED) Three Months Ended Nine Months Ended September 30, September 30, 2009 2008 2009 2008 ------- ------- ------- ------- (In thousands, except per share amounts) Net sales $57,943 $57,170 $166,904 $171,465 Cost of sales 36,272 36,265 106,631 108,561 ------- ------- ------- ------- Gross earnings 21,671 20,905 60,273 62,904 Selling and administrative expenses 17,089 14,578 50,156 43,097 ------- ------- ------- ------- Earnings from operations 4,582 6,327 10,117 19,807 Interest income 523 496 1,542 1,496 Interest expense (1) (15) (26) (45) Other income and expense, net 373 3 1,172 11 ------- ------- ------- ------- Earnings before provision for income taxes 5,477 6,811 12,805 21,269 Provision for income taxes 1,877 2,470 4,352 7,745 ------- ------- ------- ------- Net earnings 3,600 4,341 8,453 13,524 Net earnings attributable to noncontrolling interest 240 - 404 - ------- ------- ------- ------- Net earnings attributable to Weyco Group, Inc. $3,360 $4,341 $8,049 $13,524 ======= ======= ======= ======= Weighted average shares outstanding Basic 11,256 11,352 11,259 11,418 Diluted 11,453 11,726 11,493 11,791 Earnings per share Basic $0.30 $0.38 $0.71 $1.18 ======= ======= ======= ======= Diluted $0.29 $0.37 $0.70 $1.15 ======= ======= ======= ======= Cash dividends per share $0.15 $0.14 $0.44 $0.39 ======= ======= ======= ======= WEYCO GROUP, INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED BALANCE SHEETS (UNAUDITED) September 30, December 31, 2009 2008 -------- -------- (Dollars in thousands) ASSETS: Cash and cash equivalents $10,709 $11,486 Marketable securities, at amortized cost 1,326 6,623 Accounts receivable, net 42,612 29,873 Accrued income tax receivable - 2,226 Inventories 44,452 47,012 Deferred income tax benefits 371 579 Prepaid expenses and other current assets 3,245 3,678 -------- -------- Total current assets 102,715 101,477 Marketable securities, at amortized cost 46,319 39,447 Deferred income tax benefits 629 736 Other assets 11,058 10,069 Property, plant and equipment, net 28,351 28,043 Trademark 10,868 10,868 -------- -------- Total assets $199,940 $190,640 ======== ======== LIABILITIES & SHAREHOLDERS' INVESTMENT: Short-term borrowings $- $1,250 Accounts payable 7,043 7,494 Dividend payable 1,690 1,589 Accrued liabilities 8,491 6,490 Accrued income taxes 801 - -------- -------- Total current liabilities 18,025 16,823 Long-term pension liability 15,255 15,160 Common stock 11,322 11,353 Capital in excess of par value 16,578 15,203 Reinvested earnings 143,204 142,617 Accumulated other comprehensive loss (8,384) (10,516) -------- -------- Total Weyco Group Inc. shareholders' investment 162,720 158,657 Noncontrolling interest 3,940 - -------- -------- Total shareholders' investment 166,660 158,657 -------- -------- Total liabilities and shareholders' investment $199,940 $190,640 ======== ======== WEYCO GROUP, INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2009 AND 2008 (UNAUDITED) 2009 2008 ------- ------- (Dollars in thousands) CASH FLOWS FROM OPERATING ACTIVITIES: Net earnings $8,453 $13,524 Adjustments to reconcile net earnings to net cash provided by operating activities - Depreciation 2,163 1,962 Amortization 70 85 Deferred income taxes 315 (598) Stock-based compensation 645 437 Pension contribution (1,000) - Pension expense 2,240 1,014 Loss on disposal of fixed assets 14 141 Increase in cash surrender value of life insurance (249) (247) Change in operating assets and liabilities - Accounts receivable (8,042) (2,297) Inventories 9,614 (1,179) Prepaids and other current assets 956 453 Accounts payable (1,953) (2,568) Accrued liabilities and other 1,623 (1,673) Accrued income taxes 3,027 184 ------- ------- Net cash provided by operating activities 17,876 9,238 ------- ------- CASH FLOWS FROM INVESTING ACTIVITIES: Acquisition of businesses (9,320) - Purchase of marketable securities (8,065) (2,841) Proceeds from maturities of marketable securities 6,420 4,078 Life insurance premiums paid (155) (155) Purchase of property, plant and equipment (935) (2,048) Proceeds from the sale of property, plant and equipment - 2 ------- ------- Net cash used for investing activities (12,055) (964) ------- ------- CASH FLOWS FROM FINANCING ACTIVITIES: Cash received from noncontrolling interest 1,314 - Cash dividends paid (4,881) (4,144) Shares purchased and retired (2,596) (8,418) Proceeds from stock options exercised 677 2,058 Net (repayments) borrowings under revolving credit agreement (1,250) 1,450 Income tax benefits from share-based compensation 138 1,635 ------- ------- Net cash used for financing activities (6,598) (7,419) ------- ------- Net (decrease) increase in cash and cash equivalents (777) 855 CASH AND CASH EQUIVALENTS at beginning of period $11,486 $7,859 ------- ------- CASH AND CASH EQUIVALENTS at end of period $10,709 $8,714 ======= ======= SUPPLEMENTAL CASH FLOW INFORMATION: Income taxes paid, net of refunds $1,304 $6,470 ======= ======= Interest paid $28 $45 ======= =======

Weyco Group, Inc.

CONTACT: John Wittkowske, Senior Vice President and Chief Financial
Officer of Weyco Group, Inc., +1-414-908-1880

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

Solta Medical Reports Third Quarter 2009 ResultsProvides full year 2009 revenue guidance of $95 million to $98 million

HAYWARD, Calif., Nov. 3 /PRNewswire-FirstCall/ -- Solta Medical, Inc. , a global leader in the medical aesthetics market, today announced results for the third quarter ended September 30, 2009. Revenue for the quarter was in-line with the preliminary forecast provided on September 28th.

Revenue for the third quarter was $17.8 million, an increase of approximately $4.7 million, or 36%, as compared to the third quarter 2008 reflecting increased revenue as a result of the acquisition of Reliant Technologies, Inc. on December 23, 2008, and partially offset by production and regulatory approval delays on new products during the third quarter.

"As we have previously disclosed, we received 510K clearance for the Fraxel re:store DUAL system in mid-October and resolved our production delays on the Thermage CPT system at the end of the third quarter. We are fulfilling back orders from customers and shipping both products," said Stephen J. Fanning, Chairman of the Board, President and CEO of Solta Medical. "Our illumiNATION tour continues to bring these latest breakthroughs in Thermage and Fraxel systems directly to physicians as it makes it way from city-to-city across the U.S. and Europe. The tour has generated a very enthusiastic response to our new products by physicians, prospective patients, and the media. As a result, we are gaining momentum in the market place," added Mr. Fanning.

Solta Medical's reported results for the third quarter of 2009 include non-cash purchase price related charges, primarily amortization of acquired intangible assets, of $1.2 million and non-cash stock based compensation charges of $0.8 million. The GAAP net loss for the quarter including these charges was $6.2 million, or $0.13 per share as compared to a net loss of $1.1 million, or $0.05 per share reported for the third quarter of 2008. The non-GAAP net loss for the quarter excluding these charges was $4.2 million, or $0.09 per share as compared to non-GAAP net income of $0.7 million, or $0.03 per share reported for the third quarter of 2008.

Financial Goals for 2009 The Company updated its financial goals for 2009 as follows: -- Revenue for the year in the range of $95 million to $98 million -- Realize up to $25 million in cost synergies as a result of the acquisition of Reliant Technologies, Inc. This represents an increase of $6 million from the originally stated goal in January 2009 of $19 million in cost synergies. -- Generate positive EBITDA for the full year 2009 -- Achieve a non-GAAP gross margin in the range of 64% to 66% for the full year 2009 excluding non-cash amortization charges and non-cash purchase price related charges. Non-GAAP Presentation

To supplement the condensed consolidated financial information presented on a GAAP basis, management has provided non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP EBITDA, non-GAAP net income (loss) and non-GAAP earnings (loss) per share measures that exclude the impact of purchase price related charges, severance costs, merger related costs, extraordinary loss on investments, and stock-based compensation expenses, all net of income taxes. The Company believes that these non-GAAP financial measures provide investors with insight into what is used by management to conduct a more meaningful and consistent comparison of the Company's ongoing operating results and trends, compared with historical results. This presentation is also consistent with management's internal use of the measures, which it uses to measure the performance of ongoing operating results, against prior periods and against our internally developed targets. There are limitations in using these non-GAAP financial measures because they are not prepared in accordance with GAAP and may be different from non-GAAP financial measures used by other companies. These non-GAAP financial measures should not be considered in isolation or as a substitute for GAAP financial measures. Investors and potential investors should consider non-GAAP financial measures only in conjunction with the Company's consolidated financial statements prepared in accordance with GAAP and the reconciliation of non-GAAP financial measures attached to this release.

Conference Call Information

Solta Medical will host a conference call and webcast today, Tuesday, November 3, 2009, at 4:30 p.m. Eastern Time (1:30 p.m. Pacific) to discuss the financial results and current corporate developments. The dial-in number for the conference call is 877-941-1465 for domestic participants and 480-629-9678 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 remain accessible for seven days. This replay can be accessed by dialing 800-406-7325 for domestic callers and 303-590-3030 for international callers. Both callers will need to use the Passcode 4171632#. To access the live webcast of the call, go to Solta Medical's website at http://www.solta.com/ and click on Investor Relations. An archived webcast will also be available at http://www.solta.com/.

About Solta Medical, Inc.

Solta Medical, Inc. is a global leader in the medical aesthetics market providing innovative, safe, and effective anti-aging solutions for patients which enhance and expand the practice of medical aesthetics for physicians.

The company offers products to address aging skin under the industry's two premier brands: Thermage(R) and Fraxel(R). Thermage is an innovative, non-invasive radiofrequency procedure for tightening and contouring skin. As the leader in fractional laser technology, Fraxel delivers minimally invasive clinical solutions to resurface aging and sun damaged skin. Since 2002, over one million Thermage and Fraxel procedures have been performed worldwide. Thermage and Fraxel are the perfect complement for any aesthetic practice. Our products are available in over 100 countries. For more information about Solta Medical, call 877-782-2286 or log on to http://www.solta.com/.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, including statements regarding our financial goals for 2009. Forward-looking statements are based on management's current, preliminary expectations and are subject to risks and uncertainties, which may cause Solta Medical's actual results to differ materially from the statements contained herein. Factors that might cause such a difference include the possibility that the market for the sale of these new products and initiatives does not develop as expected, the remaining risks and uncertainties with the integration process, and the risks relating to Solta Medical's ability to achieve its stated financial goals as a result of, among other things, economic conditions and consumer and physician confidence causing changes in consumer and physician spending habits that affect demand for our products and treatments. Further information on potential risk factors that could affect Solta Medical's business and its financial results are detailed in its Form 10-K for the year ended December 31, 2008, its Form10-Q for the quarter ended June 30, 2009, and other reports as filed from time to time with the Securities and Exchange Commission. Undue reliance should not be placed on forward-looking statements, especially guidance on future financial performance, which speaks only as of the date they are made. Solta Medical undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date they were made, or to reflect the occurrence of unanticipated events.

Solta Medical, Inc. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands of dollars, except share and per share data) (unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2009 2008 2009 2008 ---- ---- ---- ---- Net revenue $17,753 $13,020 $70,415 $47,132 Cost of revenue 7,311 3,209 29,595 11,662 ----- ----- ------ ------ Gross margin 10,442 9,811 40,820 35,470 ------ ----- ------ ------ Operating expenses: Sales and marketing 8,958 5,915 28,471 20,330 Research and development 4,239 2,150 12,104 7,054 General and administrative 3,793 2,575 11,563 10,173 ----- ----- ------ ------ Total operating expenses 16,990 10,640 52,138 37,557 ------ ------ ------ ------ Loss from operations (6,548) (829) (11,318) (2,087) Interest and other income 195 635 432 1,781 Interest and other expense (136) - (287) - Gain (loss) on investments 159 (863) 224 (863) --- ---- --- ---- Loss before income taxes (6,330) (1,057) (10,949) (1,169) Provision (benefit) for income taxes (84) 89 (13) 175 --- --- --- --- Net loss $(6,246) $(1,146) $(10,936) $(1,344) ======= ======= ======== ======= Net loss per share - basic $(0.13) $(0.05) $(0.23) $(0.06) ====== ====== ====== ====== Net loss per share - diluted $(0.13) $(0.05) $(0.23) $(0.06) ====== ====== ====== ====== Weighted average shares outstanding used in calculating net loss per share: Basic 47,855,428 24,067,548 47,807,180 23,861,079 ========== ========== ========== ========== Diluted 47,855,428 24,067,548 47,807,180 23,861,079 ========== ========== ========== ========== Solta Medical, Inc. NON-GAAP RECONCILIATION OF GROSS MARGIN, OPERATING INCOME (LOSS), EBITDA, NET INCOME (LOSS) AND NET INCOME (LOSS) PER SHARE (in thousands, except share and per share data) (unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2009 2008 2009 2008 ---- ---- ---- ---- GAAP Gross margin $10,442 $9,811 $40,820 $35,470 Non-GAAP adjustments to gross margin: Purchase price related charges 895 - 4,919 - Stock-based compensation 61 53 175 96 --- --- --- --- Non-GAAP gross margin $11,398 $9,864 $45,914 $35,566 ======= ====== ======= ======= Non-GAAP gross margin as % of sales 64% 76% 65% 75% === === === === GAAP loss from operations $(6,548) $(829) $(11,318) $(2,087) Non-GAAP adjustments to net loss from operations: Purchase price related charges 1,229 - 5,904 - Severance expenses - - 118 - Merger-related costs - 165 - 1,134 Stock-based compensation 823 887 2,476 2,789 --- --- ----- ----- Non-GAAP income (loss) from operations $(4,496) $223 $(2,820) $1,836 Depreciation expenses 650 336 2,045 1,002 --- --- ----- ----- Non-GAAP EBITDA $(3,846) $559 $(775) $2,838 ======= ==== ===== ====== GAAP net loss $(6,246) $(1,146) $(10,936) $(1,344) Non-GAAP adjustments to net loss: Purchase price related charges 1,229 - 5,904 - Severance expenses - - 118 - Merger-related costs - 131 - 1,075 Loss on investments - 863 - 863 Stock-based compensation 823 887 2,476 2,789 --- --- ----- ----- Non-GAAP net income (loss) $(4,194) $735 $(2,438) $3,383 ======= ==== ======= ====== GAAP basic net loss per share $(0.13) $(0.05) $(0.23) $(0.06) Non-GAAP adjustments to basic income (loss) per share: Purchase price related charges 0.03 - 0.12 - Severance expenses - - - - Merger-related costs - $0.01 - 0.05 Loss on investments - $0.03 - 0.03 Stock-based compensation 0.02 $0.04 0.06 0.12 ---- ----- ---- ---- Non-GAAP basic net income (loss) per share $(0.09) $0.03 $(0.05) $0.14 ====== ===== ====== ===== Non-GAAP diluted net income (loss) per share $(0.09) $0.03 $(0.05) $0.14 ====== ===== ====== ===== GAAP weighted average shares outstanding used in calculating basic net loss per share 47,855,428 24,067,548 47,807,180 23,861,079 ========== ========== ========== ========== GAAP weighted average shares outstanding used in calculating diluted net loss per share 47,855,428 24,067,548 47,807,180 23,861,079 Adjustments for dilutive potential common stock - 838,410 - 1,057,632 --- ------- --- --------- Weighted average shares outstanding used in calculating non-GAAP diluted net income (loss) per share 47,855,428 24,905,958 47,807,180 24,918,711 ========== ========== ========== ========== Solta Medical, Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands of dollars, except share and per share data) (Unaudited) September 30, December 31, 2009 2008 ---- ---- ASSETS Current assets: Cash and cash equivalents $14,723 $7,556 Marketable investments - 17,870 Accounts receivable, net 9,100 5,119 Inventories, net 13,363 18,304 Prepaid expenses and other current assets 3,198 4,074 ----- ----- Total current assets 40,384 52,923 Property and equipment, net 6,036 6,841 Purchased intangible assets, net 37,849 40,999 Goodwill 47,289 48,158 Other assets 265 247 --- --- Total assets $131,823 $149,168 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Accounts payable $5,699 $8,080 Accrued liabilities 9,838 11,085 Accrued restructuring 307 3,549 Current portion of deferred revenue 4,452 3,658 Short-term borrowings 7,411 12,399 Customer deposits 288 288 --- --- Total current liabilities 27,995 39,059 Deferred revenue, net of current portion 526 688 Term loan, net of current portion 1,998 - Non-current tax liabilities 1,514 1,464 Other liabilities 306 133 --- --- Total liabilities 32,339 41,344 ------ ------ Stockholders' equity: Common stock, $0.001 par value: 100,000,000 shares authorized 47,866,829 and 47,758,823 shares issued and outstanding at September 30, 2009 and December 31, 2008 48 48 Additional paid-in capital 168,274 165,680 Deferred stock-based compensation - (2) Accumulated deficit (68,838) (57,902) ------- ------- Total stockholders' equity 99,484 107,824 ------ ------- Total liabilities and stockholders' equity $131,823 $149,168 ======== ========

Solta Medical, Inc.

CONTACT: Jack Glenn, Chief Financial Officer of Solta Medical, Inc.,
+1-510-786-6890; or investors, Doug Sherk of EVC Group, +1-415-896-6820,
dsherk@evcgroup.com, for Solta Medical, Inc.

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

Capital Trust Reports Third Quarter 2009 Results

NEW YORK, Nov. 3 /PRNewswire-FirstCall/ -- Capital Trust, Inc. today reported results for the quarter ended September 30, 2009.

-- Operating Results: -- Reported a net loss of $106.5 million or $4.75 per share for the period. -- Third quarter net loss was driven primarily by $113.1 million of loan loss provisions and securities impairments. -- Portfolio Performance: -- At quarter end, the Company's loan portfolio consisted of 65 assets with an aggregate net book value of $1.6 billion. During the third quarter, performance-related activity included: -- One loan with an outstanding principal balance of $15.0 million, which was previously on the Company's watch list, became non-performing. -- $47.2 million of provisions for loan losses were recorded on six loans. -- One loan with an outstanding principal balance of $19.8 million was added to the watch list. -- The Company's securities portfolio was comprised of 76 securities with an aggregate net book value of $746.3 million at quarter end. During the third quarter, performance-related activity included: -- $77.9 million of impairments were recorded during the quarter on three securities. ($65.9 million was included in earnings and the remainder, $12.0 million, was recorded in other comprehensive income.) -- Four securities with an aggregate book value of $56.0 million were added to the Company's watch list. -- Originations/Repayments/Dispositions: -- During the quarter, the Company originated one new investment ($5.0 million) for its investment management vehicles and did not originate any new balance sheet investments. -- Fundings pursuant to previously existing loan commitments totaled $0.8 million, and full and partial repayments during the third quarter totaled $11.2 million. -- The Company liquidated its one REO asset for net proceeds of $7.1 million. -- Debt Restructuring: -- At quarter end, the Company had reduced the aggregate outstanding principal balance under its three repurchase agreements by $87.6 million ($10.7 million in the third quarter) from the amount outstanding as of completion of the March 2009 restructuring. To date, the Company has repaid 70% of the amount necessary to achieve the one-year maturity extension of its repurchase obligations and senior credit facility in March 2010. Balance Sheet

Total assets were $2.4 billion at September 30, 2009. The Company's Interest Earning Assets are summarized below:

Interest Earning Assets -- Interest earning assets totaled $2.3 billion at September 30, 2009 and had a weighted average yield of 4.5%. -- $1.6 billion (68%) of the portfolio was comprised of loan investments with a weighted average yield of 3.5%. -- $746 million (32%) of the portfolio was comprised of securities investments with a weighted average yield of 6.6%.

The Company's portfolio at September 30, 2009 included 9 loans with an aggregate outstanding principal balance of $122.8 million that were non-performing. Total provisions and allowances of $121.1 million have been recorded against the 9 non-performing and 5 performing loans. The Company does not accrue interest on loans against which it has provisions.

As of September 30, 2009, 17 loans with an aggregate book balance of $508.5 million were categorized as watch list loans. Watch list loans are performing loans (with no credit loss provisions) that the Company aggressively monitors and manages to mitigate the risk of potential future non-performance.

In the securities portfolio, 11 bonds with an aggregate gross book value of $125.8 million carry credit impairments totaling $98.6 million (net book value of $27.3 million). As of September 30, 2009, 23 securities with an aggregate book value of $195.1 million were identified as watch list securities. Watch list securities are securities (with no credit impairments) that the Company aggressively monitors and manages to mitigate the risk of potential future impairments.

At September 30, 2009, the Company had two equity investments in unconsolidated subsidiaries with an aggregate book value of $1.6 million. Both investments are co-investments in funds sponsored and managed by the Company.

Interest Bearing Liabilities

On March 16, 2009, the Company entered into a restructuring of substantially all its non-CDO liabilities. Terms of the debt restructuring are detailed in the Form 10-Q filed with the SEC.

The book value of the Company's Interest Bearing Liabilities totaled $1.8 billion at September 30, 2009 and were comprised of collateralized debt obligations ($1.1 billion, 61.0% of total), repurchase obligations ($491.8 million, 26.7%), borrowings under a senior credit facility ($99.4 million, 5.4%) and junior subordinated notes ($127.1 million, 6.9%). During the third quarter, the Company reduced its repurchase obligations by $10.7 million (2.1%) compared to the balance at the end of the prior quarter. At quarter end, the Company's $1.8 billion of Interest Bearing Liabilities carried a weighted average cash cost of 1.85% and a weighted average all-in cost of 2.42%.

During 2009, CMBS downgrades and loan non-performance caused cash flow to the retained classes of the Company's four CDOs to be either wholly or partially redirected to amortize the balances of the senior bondholders in these CDOs. As of quarter end, the Company currently receives cash collateral management fees from all four of its CDOs but cash interest payments and dividends from only one (CDO III).

Other Items

At September 30, 2009, the Company's GAAP shareholders' equity was $213.2 million. Based on 22.4 million shares outstanding (fully diluted basis) at quarter end, book value per share was $9.52.

At September 30, 2009, the Company's debt-to-equity ratio (defined as the ratio of total Interest Bearing Liabilities to book equity) was 8.7-to-1.

In light of the credit reserve activity at the Company, it is not expected that the Company will have taxable income for 2009 and, therefore, will likely not be required to pay a dividend under REIT rules. Furthermore, any dividend payment is subject to the terms of the debt restructuring and would be payable, to the maximum extent possible, in stock (in lieu of cash).

Current and prospective sources of liquidity as of September 30, 2009 include unrestricted cash ($28.6 million), net operating cash flow, as well as principal payments and asset disposition proceeds. Prospective uses of liquidity include operating expenses, interest expense, unfunded loan commitments ($12.6 million), capital commitments to the Company's managed funds ($19.2 million) and debt repayments.

Investment Management

All of the Company's investment management activities are conducted through its wholly-owned, taxable, investment management subsidiary, CT Investment Management Co., LLC ("CTIMCO"). At September 30, 2009, CTIMCO managed five private equity funds and one separate account with total investments of $1.1 billion and undeployed equity commitments of approximately $913 million.

Three of these funds and the separate account have ended their investment periods and are liquidating in the ordinary course of business. The other funds, CT Opportunity Partners I ("CTOPI") and CT High Grade Partners II ("High Grade II"), are currently investing and capitalized with $540 million and $667 million of total equity commitments, respectively. Capital Trust, Inc. has committed to invest $25 million as a limited partner in CTOPI, of which $6 million has already been funded and $19 million remains undrawn. The Company does not have a co-investment in High Grade II.

Revenues from third party investment management fees totaled $3.0 million in the third quarter of 2009. In addition to managing its parent, Capital Trust, Inc., and its third party private equity mandates, CTIMCO is the collateral manager for all four of the Company's CDOs and two additional CDOs in which the Company is an investor. CTIMCO is also the named special servicer on $1.7 billion of loans and has the right to be named special servicer on an additional $663.0 million of loans.

Operating Results Comparison Comparison of Results of Operations: Three Months Ended September 30, 2009 vs. September 30, 2008 (in thousands, except per share data) 2009 2008 $ Change % Change ---- ---- -------- -------- Income from loans and other investments: Interest and related income $29,527 $44,141 ($14,614) (33.1%) Less: Interest and related expenses 19,604 28,175 (8,571) (30.4%) ------ ------ ------ ----- Income from loans and other investments, net 9,923 15,966 (6,043) (37.8%) ----- ------ ------ ----- Other revenues: Management fees from affiliates 2,959 3,477 (518) (14.9%) Servicing fees 168 116 52 44.8% Other interest income 16 483 (467) (96.7%) --- --- ---- ----- Total other revenues 3,143 4,076 (933) (22.9%) ----- ----- ---- ----- Other expenses: General and administrative 5,492 5,711 (219) (3.8%) Depreciation and amortization 51 13 38 N/A --- --- --- --- Total other expenses 5,543 5,724 (181) (3.2%) ----- ----- ---- ---- Total other-than-temporary impairments of securities (77,883) - (77,883) N/A Portion of other-than- temporary impairments of securities recognized in other comprehensive income 11,987 - 11,987 N/A ------ --- ------ --- Net impairments recognized in earnings (65,896) - (65,896) N/A Provision for loan losses (47,222) - (47,222) N/A Loss from equity investments (862) (625) (237) 37.9% ---- ---- ---- ---- (Loss) income before income taxes (106,457) 13,693 (120,150) N/A Income tax provision - 26 (26) N/A --- --- --- --- Net (loss) income ($106,457) $13,667 ($120,124) N/A ========= ======= ========= === Net (loss) income per share - diluted ($4.75) $0.61 ($5.36) N/A Dividend per share $- $0.60 ($0.60) (100.0%) Average LIBOR 0.27% 2.62% (2.35%) (89.7%) Income from loans and other investments, net

A decline in Interest Earning Assets ($561 million or 19% from September 30, 2008 to September 30, 2009), an increase in non-performing loans and a 90% decrease in average LIBOR contributed to a $14.6 million, or 33%, decrease in interest income during the third quarter of 2009 compared to the third quarter of 2008. Lower LIBOR and a decrease in leverage of $361.0 million, or 16%, from September 30, 2008 to September 30, 2009 resulted in an $8.6 million, or 30%, decrease in interest expense for the period. On a net basis, net interest income decreased by $6.0 million, or 38%.

Management fees from affiliates

Base management fees from the Company's investment management business decreased $518,000, or 15%, during the third quarter of 2009 compared to the third quarter of 2008. The decrease was attributed primarily to a decrease of $258,000 in fees from CT Large Loan 2006, Inc. and a $240,000 one-time decrease in fees from CTOPI. This was partially offset by a $117,000 increase in fees from High Grade II.

Servicing fees

Servicing fees increased $52,000 in the third quarter of 2009 compared to the third quarter of 2008. Servicing fees in the third quarter of 2009 were a result of modifications to loans for which the Company is named special servicer.

General and administrative expenses

General and administrative expenses include personnel costs, operating expenses and professional fees. Total general and administrative expenses decreased $219,000, or 4%, between the third quarter of 2008 and the third quarter of 2009. The slight decrease in 2009 was primarily a result of lower personnel costs offset by an increase in professional fees.

Net impairments recognized in earnings

During the third quarter of 2009, the Company recorded a gross other-than-temporary impairment of $77.9 million on three of its securities that had an adverse change in cash flow expectations. Of this amount, $65.9 million was included in earnings and the remainder, $12.0 million, was recorded in other comprehensive income. No impairments were recorded during the three months ended September 30, 2008.

Provision for credit losses

During the third quarter of 2009, the Company recorded an aggregate $47.2 million provision for loan losses against six loans. No provisions for loan losses were recorded during the third quarter of 2008.

Loss from equity investments

The loss from equity investments during the third quarter of 2009 resulted primarily from the Company's share of losses incurred at CTOPI. The Company's share of losses from CTOPI was $909,000, primarily due to fair value adjustments on the underlying investments. The loss from equity investments during the third quarter of 2008 resulted primarily from the Company's share of operating losses at both Fund III and CTOPI.

Income tax provision

During the third quarter of 2009, the Company did not record an income tax provision. In the third quarter of 2008, the Company recorded a provision for income taxes of $26,000.

Dividends

The Company did not pay a dividend in the third quarter of 2009. In the third quarter of 2008 the Company paid a dividend of $0.60 per share.

******

The Company will conduct a management conference call at 10:00 a.m. Eastern Time on Wednesday, November 4, 2009 to discuss third quarter 2009 results. Interested parties can access the call toll free by dialing (800) 862-9098 or (785) 424-1051 for international participants. The conference ID is "CAPITAL." A recorded replay will be available from noon on Wednesday, November 4, 2009 through midnight on Wednesday, November 18, 2009. The replay call number is (800) 839-5127 or (402) 220-2692 for international callers.

Forward-Looking Statements

This news release contains certain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, including statements relating to future financial results and business prospects. The forward-looking statements contained in this news release are subject to certain risks and uncertainties including, but not limited to, the success of the Company's debt restructuring and its ability to meet the amortization required thereby, the impact of the current turmoil in the financial markets, the continued deterioration in the commercial real estate market, the continued credit performance of the Company's loan and CMBS investments, the asset/liability mix, the effectiveness of the Company's hedging strategy and the rate of repayment of the Company's portfolio assets, as well as other risks indicated from time to time in the Company's Form 10-K and Form 10-Q filings with the Securities and Exchange Commission. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events or circumstances.

About Capital Trust

Capital Trust, Inc. is a real estate finance and investment management company that specializes in credit sensitive structured financial products. To date, the Company's investment programs have focused primarily on loans and securities backed by commercial real estate assets, and the Company has executed its business both as a balance sheet investor and as an investment manager. Capital Trust is a real estate investment trust traded on the New York Stock Exchange under the symbol "CT." The Company is headquartered in New York City.

Capital Trust, Inc. and Subsidiaries Consolidated Balance Sheets September 30, 2009 and December 31, 2008 (in thousands except per share data) September 30, December 31, Assets 2009 2008 ---- ---- (unaudited) Cash and cash equivalents $28,575 $45,382 Restricted cash 155 18,821 Securities held-to-maturity 746,319 852,211 Loans receivable, net 1,587,590 1,790,234 Loans held-for-sale, net 12,000 92,175 Real estate held-for-sale - 9,897 Equity investments in unconsolidated subsidiaries 1,624 2,383 Accrued interest receivable 4,913 6,351 Deferred income taxes 1,706 1,706 Prepaid expenses and other assets 7,742 18,369 ----- ------ Total assets $2,390,624 $2,837,529 ========== ========== Liabilities & Shareholders' Equity Liabilities: Accounts payable and accrued expenses $9,741 $11,478 Repurchase obligations 491,833 699,054 Collateralized debt obligations 1,124,983 1,156,035 Senior credit facility 99,443 100,000 Junior subordinated notes 127,075 128,875 Participations sold 289,795 292,669 Interest rate hedge liabilities 34,508 47,974 ------ ------ Total liabilities 2,177,378 2,436,085 --------- --------- Shareholders' equity: Class A common stock $0.01 par value 100,000 shares authorized, 21,759 and 21,740 shares issued and outstanding as of September 30, 2009 and December 31, 2008, respectively ("class A common stock") 218 217 Restricted class A common stock $0.01 par value, 287 and 331 shares issued and outstanding as of September 30, 2009 and December 31, 2008, respectively ("restricted class A common stock" and together with class A common stock, "common stock") 3 3 Additional paid-in capital 559,859 557,435 Accumulated other comprehensive loss (47,878) (41,009) Accumulated deficit (298,956) (115,202) -------- -------- Total shareholders' equity 213,246 401,444 ------- ------- Total liabilities and shareholders' equity $2,390,624 $2,837,529 ========== ========== Capital Trust, Inc. and Subsidiaries Consolidated Statements of Operations Three and Nine Months Ended September 30, 2009 and 2008 (in thousands, except share and per share data) (unaudited) Three Months Ended Nine Months Ended September 30, September 30, ---------------- ---------------- 2009 2008 2009 2008 ---- ---- ---- ---- Income from loans and other investments: Interest and related income $29,527 $44,141 $93,341 $149,725 Less: Interest and related expenses 19,604 28,175 61,116 98,918 ------ ------ ------ ------ Income from loans and other investments, net 9,923 15,966 32,225 50,807 ----- ------ ------ ------ Other revenues: Management fees from affiliates 2,959 3,477 8,768 9,827 Servicing fees 168 116 1,502 337 Other interest income 16 483 153 1,307 --- --- --- ----- Total other revenues 3,143 4,076 10,423 11,471 ----- ----- ------ ------ Other expenses: General and administrative 5,492 5,711 18,450 18,819 Depreciation and amortization 51 13 65 140 --- --- --- --- Total other expenses 5,543 5,724 18,515 18,959 ----- ----- ------ ------ Total other-than-temporary impairments of securities (77,883) - (96,529) - Portion of other-than- temporary impairments of securities recognized in other comprehensive income 11,987 - 17,612 - Impairment of goodwill - - (2,235) - Impairment of real estate held-for-sale - - (2,233) - --- --- ------ --- Net impairments recognized in earnings (65,896) - (83,385) - Provision for loan losses (47,222) - (113,716) (56,000) Valuation allowance on loans held-for-sale - - (10,363) - Gain on extinguishment of debt - - - 6,000 Gain on sale of investments - - - 374 Loss from equity investments (862) (625) (3,074) (549) ---- ---- ------ ---- (Loss) income before income taxes (106,457) 13,693 (186,405) (6,856) Income tax provision/ (benefit) - 26 (408) (475) --- --- ---- ---- Net (loss) income $(106,457) $13,667 $(185,997) $(6,381) ========= ======= ========= ======= Per share information: Net (loss) income per share of common stock: Basic $(4.75) $0.61 $(8.32) $(0.31) ====== ===== ====== ====== Diluted $(4.75) $0.61 $(8.32) $(0.31) ====== ===== ====== ====== Weighted average shares of common stock outstanding: Basic 22,426,623 22,247,042 22,361,541 20,707,262 ========== ========== ========== ========== Diluted 22,426,623 22,250,631 22,361,541 20,707,262 ========== ========== ========== ========== Dividends declared per share of common stock $- $0.60 $- $2.20 === ===== === =====

Capital Trust, Inc.

CONTACT: Douglas Armer, +1-212-655-0220

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

VIVUS Reports Third Quarter 2009 Highlights and Financial Results

MOUNTAIN VIEW, Calif., Nov. 3 /PRNewswire-FirstCall/ -- VIVUS, Inc. , a biopharmaceutical company dedicated to the development and commercialization of novel therapeutic products, today reported its highlights and financial results for the third quarter ended September 30, 2009.

Third Quarter Highlights

In the third quarter of 2009, we announced positive results from two final, phase 3 pivotal 56-week studies, EQUIP (OB-302) and CONQUER (OB-303), evaluating the safety and efficacy of our investigational drug candidate Qnexa in more than 3,750 patients across 93 sites. The EQUIP and CONQUER studies met all primary endpoints by demonstrating statistically significant weight loss with all three doses of Qnexa, as compared to placebo. Patients taking Qnexa also achieved significant improvements in cardiovascular and metabolic risk factors including reductions in blood pressure, lipids, and blood sugar.

Highlights from the EQUIP and CONQUER studies include: -- Average weight loss of 14.7% (37 lbs) was achieved by patients treated with Qnexa for 56 weeks in the EQUIP study; -- FDA guidance on efficacy benchmarks for weight loss agents exceeded at all three doses of Qnexa tested in the clinical program; -- Completion rates up to 69% were significantly higher than placebo at all three doses of Qnexa, indicating favorable tolerability; and -- Favorable benefit/risk safety profile for Qnexa.

In the third quarter of 2009, we closed an underwritten public offering of our common stock which provided us with gross proceeds of $108.7 million from the sale of 10,350,000 shares of our common stock at a price per share of $10.50.

"The highlight of the third quarter and the year to date was the announcement of the positive results from the year-long studies of Qnexa for the treatment of obesity. The results demonstrated that patients treated with Qnexa had weight loss up to 14.7% and significant improvement in their co-morbidities. All three doses administered in the studies exceeded the FDA guidance on efficacy endpoints. Progress on the submission of the NDA for Qnexa in obesity remains on schedule and is expected by the end of 2009," stated Leland Wilson, chief executive officer of VIVUS. "Following the announcement of the positive Qnexa results, we were able to raise $108.7 million in gross proceeds from a public offering of our common stock. With the positive results from our phase 3 trials for Qnexa and a cash and investment balance in excess of $226 million at the end of the third quarter, we believe we are well positioned to meet our goals for 2009 and beyond."

Third Quarter Results

Product revenues from the sale of MUSE in the third quarter of 2009 were $4.3 million, as compared to $4.4 million in the third quarter of 2008. License and other revenue was $115,000 and $21 million in the third quarters of 2009 and 2008, respectively. The third quarter 2008 included the recognition of deferred license revenue from Evamist. Recognition of the deferred revenue from the sale of Evamist ended in May 2009. Total revenue for the third quarter of 2009 was $4.4 million, as compared to $25.5 million for the third quarter of 2008.

Operating expenses for the third quarter of 2009 were $24.8 million as compared to $22.6 million for the same period in 2008. The difference in operating expenses for the third quarter was primarily attributable to spending related to our phase 3 clinical trials of avanafil, our orally administered investigational drug candidate for the treatment of erectile dysfunction, partially offset by reduced spending on the obesity trials for Qnexa which were completed in the third quarter of 2009.

Net loss for the third quarter of 2009 was $21.1 million, or $0.30 per share, as compared to net income of $266,000, or $0.00 per share, for the third quarter of 2008.

Nine Month Results

Product revenues from the sale of MUSE for the first nine months of 2009 were $9.7 million, as compared to $10.3 million for the same period of 2008. License and other revenue was $31.7 million for the first nine months as compared to $63.1 million for 2008. The first nine months of 2008 included recognition of deferred license revenue from Evamist. Recognition of the deferred revenue from the sale of Evamist ended in May 2009. Total revenue for the first nine months of 2009 was $41.4 million, as compared to $73.4 million for 2008.

Operating expenses for the first nine months of 2009 were $80.6 million as compared to $75.7 million for the same period in 2008. The difference in operating expenses for 2009 was primarily attributable to spending related to our phase 3 clinical trials of avanafil, partially offset by reduced spending on the Qnexa program for obesity.

Net loss for the first nine months of 2009 was $41.1 million, or $0.59 per share, as compared to $3.2 million, or $0.05 per share, for 2008.

Cash, Cash Equivalents and Available-for-Sale Securities

VIVUS had cash, cash equivalents and available-for-sale securities of $226.9 million at September 30, 2009, as compared to $189.2 million at December 31, 2008. The increase in cash, cash equivalents and available-for-sale securities of $37.7 million is the net result of cash provided by financing and investing activities, including $102.7 million in net proceeds from the underwritten public offering of our common stock and $10 million in cash from the other financing received in the first nine months of 2009, partially offset by cash used for operating activities.

About VIVUS

VIVUS is a biopharmaceutical company developing innovative, next-generation therapies to address unmet needs in obesity, diabetes and sexual health. The company's lead product in clinical development, Qnexa(TM), has recently completed phase 3 clinical trials for the treatment of obesity. Qnexa is also in phase 2 clinical development for the treatment of type 2 diabetes. In the area of sexual health, VIVUS is in phase 3 development with avanafil, a PDE5 inhibitor for the treatment of erectile dysfunction, and in phase 2 development of Luramist(TM) for the treatment of hypoactive sexual desire disorder (HSDD) in women. MUSE® (alprostadil), a first generation therapy for the treatment of ED, is already on the market and generating revenue for VIVUS. For more information about the company, please visit http://www.vivus.com/.

Note to Investors

As previously announced, VIVUS will hold a conference call and an audio webcast to discuss the third quarter financial results today, November 3, 2009, beginning at 1:30 p.m. Pacific Time. You can listen to this call by dialing 1-877-857-6173 and outside the U.S. 1-719-325-4932. A webcast replay will be available for 30 days and can be accessed at http://ir.vivus.com/.

Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words such as "anticipate," "believe," "forecast," "estimated" and "intend," among others. These forward-looking statements are based on VIVUS' current expectations and actual results could differ materially. There are a number of factors that could cause actual events to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to, substantial competition; uncertainties of patent protection and litigation; uncertainties of government or third party payer reimbursement; reliance on sole source suppliers; limited sales and marketing efforts and dependence upon third parties; risks related to the development of innovative products; and risks related to failure to obtain FDA clearances or approvals and noncompliance with FDA regulations. As with any pharmaceutical under development, there are significant risks in the development, regulatory approval and commercialization of new products. There are no guarantees that future clinical studies discussed in this press release will be completed or successful or that any product will receive regulatory approval for any indication or prove to be commercially successful. VIVUS does not undertake an obligation to update or revise any forward-looking statement. Investors should read the risk factors set forth in VIVUS' Form 10-K for the year ended December 31, 2008 and periodic reports filed with the Securities and Exchange Commission.

VIVUS, Inc. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) Three Months Ended Nine Months Ended -------------------------- -------------------------- September 30, September 30, September 30, September 30, 2009 2008 2009 2008 ---- ---- ---- ---- (unaudited) (unaudited) (unaudited) (unaudited) Revenue: US product, net $3,864 $3,774 $8,125 $7,785 International product 456 657 1,525 2,511 License and other revenue 115 21,046 31,742 63,138 --- ------ ------ ------ Total revenue 4,435 25,477 41,392 73,434 Operating expenses: Cost of goods sold and manufacturing 2,609 2,547 8,089 8,263 Research and development 17,174 15,590 57,501 54,296 Selling, general and administrative 5,008 4,502 14,974 13,099 ----- ----- ------ ------ Total operating expenses 24,791 22,639 80,564 75,658 ------ ------ ------ ------ Income (loss) from operations (20,356) 2,838 (39,172) (2,224) Interest (expense) income, net of other-than-temporary loss on impaired securities (707) (2,567) (1,898) (1,008) ---- ------ ------ ------ Income (loss) before provision for income taxes (21,063) 271 (41,070) (3,232) Provision for income taxes (3) (5) (9) (15) -- -- -- --- Net income (loss) $(21,066) $266 $(41,079) $(3,247) ======== ==== ======== ======= Net income (loss) per share: Basic and diluted $(0.30) $0.00 $(0.59) $(0.05) Shares used in per share computation: Basic 70,942 66,122 70,149 61,801 Diluted 70,942 67,784 70,149 61,801 VIVUS, Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except par value amount) September 30, December 31, 2009 2008* ---- ---- (unaudited) Current assets: Cash and cash equivalents $127,819 $66,121 Available-for-sale securities 99,096 121,789 Accounts receivable, net 2,347 4,157 Inventories, net 2,760 3,041 Prepaid expenses and other assets 3,634 3,744 ----- ----- Total current assets 235,656 198,852 Property and equipment, net 6,104 6,726 Restricted cash 700 700 Available-for-sale securities - 1,344 Total assets $242,460 $207,622 ======== ======== Current liabilities: Accounts payable $7,208 $17,205 Deferred revenue 462 31,858 Accrued and other liabilities 14,840 14,909 ------ ------ Total current liabilities 22,510 63,972 Notes payable-net of current portion 20,104 11,177 Deferred revenue 914 1,260 --- ----- Total liabilities 43,528 76,409 ------ ------ Commitments and contingencies Stockholders' equity: Common stock; $.001 par value; shares authorized 200,000; shares outstanding - 80,548 at September 30, 2009; 69,667 at December 31, 2008 81 70 Additional paid-in capital 419,547 310,558 Accumulated other comprehensive income 152 354 Accumulated deficit (220,848) (179,769) -------- -------- Total stockholders' equity 198,932 131,213 ------- ------- Total liabilities and stockholders' equity $242,460 $207,622 ======== ======== *The Condensed Consolidated Balance Sheet at December 31, 2008 has been derived from the Company's audited financial statements at that date. CONTACT: VIVUS, Inc. Investor Relations: The Trout Group Timothy E. Morris Brian Korb Chief Financial Officer 646-378-2923 650-934-5200 Media Relations: Pure Communications, Inc. Dan Budwick +1-973-271-6085

VIVUS, Inc.

CONTACT: Timothy E. Morris, Chief Financial Officer of VIVUS, Inc.,
+1-650-934-5200; or Investor Relations: Brian Korb of The Trout Group,
+1-646-378-2923; or Media Relations: Dan Budwick of Pure Communications, Inc.,
+1-973-271-6085

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

AMICAS Reports Financial Results for the Third Quarter Ended September 30, 2009AMICAS reports record bookings, revenue, profit, and operating cash flow

BOSTON, Nov. 3 /PRNewswire-FirstCall/ -- AMICAS, Inc. , a leader in image and information management solutions, today reported unaudited financial results for the third quarter ended September 30, 2009.

(Logo: http://www.newscom.com/cgi-bin/prnh/20060202/AMICASLOGO ) Q3 Financial Highlights

Revenue: Total revenue for the third quarter of 2009 was $27.2 million, compared to total revenue of $12.3 million for the third quarter of 2008. The Company's non-GAAP revenue for the third quarter of 2009 was approximately $28.3 million, which includes $1.1 million in revenue that was not recognized under GAAP due to purchase accounting treatment related to the Company's acquisition of Emageon Inc in the second quarter of 2009.

Operating Income/Loss: Operating income for the third quarter of 2009 was $0.4 million, compared to an operating loss of $(1.2) million for the third quarter of 2008. Non-GAAP operating income for the third quarter of 2009 was $2.6 million.

Adjusted EBITDA: The Company's adjusted EBITDA for the third quarter of 2009 was $4.9 million, compared to adjusted EBITDA of $87,000 for the third quarter of 2008.

Net Income/Loss: The Company's net income for the third quarter of 2009 was $1.7 million, or $0.05 per share, compared to a net loss of $(809,000), or $(0.02) per share, for the third quarter of 2008.

Cash and Cash Flow: AMICAS ended the third quarter of 2009 with a cash, cash equivalents, and marketable securities balance of $40.2 million and working capital of $26.0 million. AMICAS generated $4.4 million of cash from operations in the third quarter of 2009, and, year-to-date, has generated $5.0 million of cash from operations.

Business Perspective

"We are very pleased with our performance in the third quarter of 2009. We demonstrated excellent progress on a number of important fronts - including record bookings and revenue, accelerated progress on our business integration, and continued focus on customer success, while at the same time pursuing strategic growth opportunities," said Stephen Kahane MD, president, chief executive officer, and chairman of AMICAS. "Whether you measure by customers, revenue, or facilities served, AMICAS is a major player in the market for image and information management - an area critical for improving the effectiveness and efficiency of healthcare in the United States and beyond and very important in our move towards broad adoption of electronic medical records."

Dr. Kahane also said, "We continue to maintain focus on our core markets - including radiology and cardiology departmental image and information management solutions for hospitals and integrated delivery healthcare networks as well as comprehensive, end-to-end solutions that automate the entire workflow of a radiology practice or imaging center business. In parallel, we are committed to capitalizing on a number of opportunities that we believe provide excellent prospects for growth, including the need for the imaging component of the EMR and related enterprise content management, the market for teleradiology infrastructure and application solutions, and a growing trend in replacement opportunities where customers value interoperability, modern technology, and opportunities for high returns on investment."

Dr. Kahane continued, "We are honored to be the recent recipient of the exclusive 2009 Frost & Sullivan North American Growth Leadership of the Year Award in Imaging Informatics. We believe this award reflects the convergence of our organic growth, our solution competitiveness, our combination with Emageon, and our prospects for future growth and success."

Looking Forward

Fourth Quarter of 2009: The Company is increasing guidance for the fourth quarter of 2009 as follows:

-- Non-GAAP revenue for the fourth quarter is expected to be approximately $28.7 million. For 2009, non-GAAP revenue is now expected to be approximately $95.8 million, an increase of $1.0 million from prior guidance. -- Adjusted EBITDA for the fourth quarter of 2009 is expected to be approximately $4.6 million. For 2009, adjusted EBITDA is now expected to be approximately $13.3 million, an increase of $1.0 million from prior guidance.

Fiscal Year 2010: In addition to guidance for the fourth quarter of fiscal year 2009, the Company now expects 2010 to come in at the high end of the previously provided guidance. As a result, the Company's revised 2010 guidance is as follows:

-- Fiscal year 2010 revenue (GAAP) is expected to be approximately $120.0 million. -- Fiscal year 2010 adjusted EBITDA is expected to be approximately $20.7 million.

A reconciliation of the Company's financial results determined in accordance with U.S. Generally Accepted Accounting Principles (GAAP) to certain non-GAAP financial measures has been provided in the financial statement tables included in this press release. An explanation of these measures is also included below under the heading "Explanation of Non-GAAP Financial Measures."

Conference Call

AMICAS will host a conference call on Wednesday, November 4, at 8:30 a.m. Eastern Time to discuss the Company's 2009 third fiscal quarter results. Investors and other interested parties may dial in to the call using the toll free number 800.862.9098 (Conference ID: 7AMICAS). The conference call will also be available via Webcast at http://www.amicas.com/. Following the conclusion of the call, a replay will be available at 800.688.7945 or 402.220.1370 until December 4, 2009.

AMICAS® is a registered trademark and service mark of AMICAS, Inc. About AMICAS, Inc.

AMICAS, Inc. (http://www.amicas.com/) is a leading independent provider of imaging IT solutions. AMICAS offers the industry's most comprehensive suite of image and information management solutions - from radiology PACS to cardiology PACS, from radiology information systems to cardiovascular information systems, from revenue cycle management solutions to enterprise content management tools designed to power the imaging component of the electronic medical record (EMR). AMICAS provides a complete, end-to-end solution for radiology practices, imaging centers, and ambulatory care facilities. Hospitals and integrated delivery networks are provided with a comprehensive image management solution for cardiology and radiology that supports EMR strategies to enhance clinical, operational, and administrative functions.

Safe Harbor Statement

This press release includes forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. In particular, the forward-looking statements contained in this release include statements about our anticipated financial and operating results for the remainder of fiscal year 2009 and for fiscal year 2010. When used in this press release, the words: "believes," "expects," "estimates," "guidance," and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are subject to a number of risks, assumptions, and uncertainties that could cause actual results to differ materially, which include, but are not limited to, the following: a significant portion of the Company's quarterly sales are concluded in the last month of the fiscal quarter; the Company's sales and implementation cycles are relatively long and sometimes unpredictable; the deferral and/or realization of deferred software license and system revenues according to contract terms; the timing, cost, and success or failure of current and new product and service introductions and product upgrade releases; difficulties in the integration of Emageon business operations; the ability of AMICAS to comply with government laws, rules, and regulations; risks to our business presented by potential and pending changes in such laws, rules, and regulations; and other risks affecting AMICAS' businesses generally and as set forth in AMICAS' most recent filings with the Securities and Exchange Commission, including the section entitled "Risk Factors" of our most recent annual report on Form 10-K, and subsequent quarterly reports on Form 10-Q. All forward-looking statements in this release are qualified by these cautionary statements and are made only as of the date of this release. AMICAS is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements whether as a result of new information, future events, or otherwise. The financial statements and information as of, and, for the period ended, September 30, 2009, contained in this press release are subject to review by the Company's independent registered public accounting firm.

Explanation of Non-GAAP Financial Measures

Management believes that in order to properly understand the Company's short-term and long-term financial trends, investors may wish to consider the impact of certain non-cash or non-recurring items, when used as a supplement to financial performance measures prepared in accordance with GAAP. These items result from facts and circumstances that vary in frequency and/or impact on continuing operations. In addition, management uses results of operations before such items to evaluate the operational performance of the Company and as a basis for strategic planning and operational management. Investors should consider these non-GAAP measures in addition to, and not as a substitute for, financial performance measures prepared in accordance with GAAP. In addition to the description provided below, reconciliations of GAAP to non-GAAP results are provided in the financial statement tables included in this press release.

In this press release, the Company defines "non-GAAP revenue" as total revenue before the purchase accounting impact to revenue, arising as a result of the Company's acquisition of Emageon Inc.

The Company defines "non-GAAP operating income/loss" as net income (loss) before income taxes and interest, restructuring, acquisition-related transition and integration costs, and includes revenue and cost of revenue related to acquisitions that would otherwise be recognized but for the accounting treatment related to the Company's acquisition of Emageon Inc.

The Company defines "non-GAAP net income/loss" as net income (loss) before restructuring, acquisition-related transition and integration costs, and includes revenue and cost of revenue related to acquisitions that would otherwise be recognized but for the accounting treatment related to the Company's acquisition of Emageon Inc.

The Company defines "adjusted EBITDA" as non-GAAP operating income/loss before depreciation, amortization, and stock-based compensation expense.

These non-GAAP financial measures, as the Company defines them, may not be similar to non-GAAP measures used by other companies.

Management believes that non-GAAP revenue, non-GAAP operating income/loss, non-GAAP net income/loss, and adjusted EBITDA provide useful information to investors in evaluating the overall performance of the Company's business operations and believes that these performance measures provide investors with additional tools for evaluating the Company's performance that are the same as management uses in its own evaluation of the Company's performance, as well as a baseline for assessing the future earnings potential of the Company. While GAAP results are more complete, the Company offers investors these supplemental metrics since, with reconciliations to GAAP, they may provide greater insight into the Company's financial results. Management does not intend the presentation of these non-GAAP financial measures to be considered in isolation or as a substitute for results prepared in accordance with GAAP. These non-GAAP financial measures should be read only in conjunction with the Company's consolidated financial statements prepared in accordance with GAAP.

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in thousands, except share data) September December 30, 2009 31, 2008 Assets --------- -------- Current assets: Cash and cash equivalents $7,988 $7,366 Marketable securities 32,193 47,627 Accounts receivable, net of allowances of $663 and $158, respectively 21,582 10,224 Inventories, net 2,387 - Prepaid expenses and other current assets 6,751 2,261 ----- ----- Total current assets 70,901 67,478 ------ ------ Property and equipment, less accumulated depreciation and amortization of $6,962 and $7,495, respectively 8,771 965 Goodwill 1,138 - Acquired/developed software, less accumulated amortization of $12,267 and $10,195, respectively 8,735 5,805 Other intangible assets, less accumulated amortization of $1,019 and $2,144, respectively 5,881 1,256 Other assets 3,373 1,594 ----- ----- Total assets $98,799 $77,098 ======= ======= Liabilities and stockholders' equity Current liabilities: Accounts payable and accrued expenses $9,411 $4,156 Accrued employee compensation and benefits 4,783 1,611 Leases payable, current portion 20 - Deferred revenue 30,729 14,657 ------ ------ Total current liabilities 44,943 20,424 ------ ------ Deferred revenue, long term portion 1,299 - Other long term liabilities 469 - Unrecognized tax benefits 206 1,379 --- ----- Commitments and contingencies Stockholders' equity: Preferred stock $.001 par value; 2,000,000 shares authorized; none issued - - Common stock $.001 par value, 200,000,000 shares authorized, 52,266,867 and 51,473,965 issued, respectively 52 51 Additional paid-in capital 233,769 230,905 Accumulated other comprehensive income 40 100 Accumulated deficit (134,626) (128,549) Treasury stock, at cost, 16,357,854 and 16,270,088 shares, respectively (47,353) (47,212) Total stockholders' equity 51,882 55,295 ------ ------ Total liabilities and stockholders' equity $98,799 $77,098 ======= ======= CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (in thousands, except per share data) Three Months Ended Nine Months Ended September 30, September 30, ------------- ------------- 2009 2008 2009 2008 ---- ---- ---- ---- Revenues Maintenance and services $21,174 $9,616 $50,454 $29,921 Software licenses and system sales 6,022 2,682 11,507 8,740 ----- ----- ------ ----- Total revenues 27,196 12,298 61,961 38,661 ------ ------ ------ ------ Costs and expenses Cost of revenues: Maintenance and services 9,101 4,634 22,716 13,707 Software licenses and system sales 4,191 1,067 7,696 3,948 Amortization of software 750 571 2,071 1,632 --- --- ----- ----- Total cost of revenues 14,042 6,272 32,483 19,287 ------ ----- ------ ------ Gross profit 13,154 6,025 29,478 19,374 Selling, general and administrative 7,198 4,971 19,478 15,426 Research and development 4,143 2,153 11,041 6,599 Acquisition-related and integration costs 806 - 2,451 - Restructuring costs 446 - 3,919 - Amortization of intangibles 172 107 375 320 --- --- --- --- Total operating expenses 12,765 7,231 37,264 22,345 ------ ----- ------ ------ Operating income (loss) 389 (1,206) (7,786) (2,972) Interest income 120 420 670 1,781 Other income (expense) (8) - (2) - Loss on sale of investments - - - (31) --- --- --- --- Income (loss) before provision for income taxes 501 (786) (7,118) (1,222) (Benefit from) provision for income taxes (1,174) 23 (1,041) 151 ------ --- ------ --- Net income (loss) $1,675 $(809) $(6,077) (1,373) ====== ===== ======= ====== Income (loss) per share Basic: $0.05 $(0.02) $(0.17) $(0.03) ===== ====== ====== ====== Diluted: $0.05 $(0.02) $(0.17) $(0.03) ===== ====== ====== ====== Weighted average number of shares outstanding Basic 35,511 36,004 35,313 39,976 Diluted 37,166 36,004 35,313 39,976 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (in thousands) Nine Months Ended September 30, ------------- 2009 2008 ---- ---- Operating activities Net loss $(6,077) $(1,373) Adjustments to reconcile net loss to cash provided by operating activities: Depreciation and amortization 2,225 835 Provisions for (recoveries from) bad debts 153 70 Loss on disposal of fixed assets 752 6 Amortization of software 2,071 1,632 Non-cash stock compensation expense 1,465 1,057 Changes in operating assets and liabilities, net of affect of acquisition: Accounts receivable 370 40 Inventories, prepaid expenses and other (541) 103 Accounts payable, accrued expenses and accrued employee compensation and benefits (1,943) (119) Deferred revenue 7,200 852 Other long term liabilities 469 - Unrecognized tax benefits (1,173) 76 ------ -- Cash provided by operating activities 4,971 3,179 ----- ----- Investing activities Business acquisition, net of cash acquired (20,698) - Purchases of property and equipment (279) (589) Purchases of held-to-maturity securities (53,772) (220,708) Maturities of held-to-maturity securities 126,833 212,945 Purchases of available-for-sale securities (106,335) (17,590) Sales of available-for-sale securities 48,641 53,625 ------ ------ Cash (used in) provided by investing activities (5,610) 27,683 ------ ------ Financing activities Repurchases of common stock (141) (24,479) Exercise of stock options 1,435 325 ----- --- Cash provided by (used in) financing activities 1,294 (24,154) ----- ------- Increase in cash and cash equivalents 621 6,708 Cash and cash equivalents at beginning of period 7,366 8,536 ----- ----- Cash and cash equivalents at end of period $7,987 $15,244 ====== ======= Supplemental disclosure of cash paid during the period for: Income taxes, net of refunds $- $116 Non-cash investing activities: Unrealized gain (loss) on available-for-sale securities $66 $26 SUPPLEMENTAL FINANCIAL INFORMATION GAAP TO NON-GAAP RECONCILIATIONS (Unaudited) (in thousands) Three Months Ended Nine Months Ended September 30, September 30, ------------- ------------- 2009 2008 2009 2008 ---- ---- ---- ---- Total revenue $27,196 $12,298 $61,961 $38,661 Acquisition-related revenue adjustments: Maintenance and services 675 - 2,609 - Software licenses and system sales 439 - 2,512 - --- - ----- - Total non-GAAP revenue 28,310 12,298 67,082 38,661 ------ ------ ------ ------ Three Months Ended Nine Months Ended September 30, September 30, ------------- ------------- 2009 2008 2009 2008 ---- ---- ---- ---- Net income (loss) $1,675 $(809) $(6,077) $(1,373) (Benefit from) provision for income taxes (1,174) 23 (1,041) 151 Interest income (120) (420) (670) (1,781) Other (income) expense 8 - 2 31 Acquisition-related and integration costs 806 - 2,451 - Restructuring costs 446 - 3,919 - Acquisition-related revenue adjustments: Maintenance and services 675 - 2,609 - Software licenses and system sales 439 - 2,512 - Acquisition-related cost of revenue adjustments (147) - (758) - ---- - ---- - Non-GAAP operating income/ (loss) 2,608 (1,206) 2,947 (2,972) ----- ------ ----- ------ Non-cash stock compensation expense 527 438 1,465 1,057 Depreciation 831 283 1,849 835 Amortization 921 572 2,447 1,632 --- --- ----- ----- Adjusted EBITDA 4,887 87 8,708 552 ----- -- ----- --- SUPPLEMENTAL FINANCIAL INFORMATION GAAP TO NON-GAAP RECONCILIATIONS Guidance: Fourth Quarter ("Q4 2009") and Fiscal Year ("FY 2009") (Unaudited) (in thousands) Q1 2009 Q2 2009 Q3 2009 Q4 2009 FY 2009 ------- ------- ------- ------- ------- Total revenue $11,272 $23,493 $27,196 $27,600 $89,561 Acquisition-related revenue adjustments - 4,007 1,114 1,100 6,221 - ----- ----- ----- ----- Total non-GAAP revenue 11,272 27,500 28,310 28,700 95,782 ------ ------ ------ ------ ------ Q1 2009 Q2 2009 Q3 2009 Q4 2009 FY 2009 ------- ------- ------- ------- ------- Net income (loss) $(1,168) $(6,585) $1,675 $1,000 $(5,077) (Benefit from) provision for income taxes 53 80 (1,174) (200) (1,241) Interest and other income (446) (110) (112) (100) (768) Restructuring, acquisition-related and integration costs 549 4,569 1,252 600 6,970 Acquisition-related revenue adjustments - 4,007 1,114 1,100 6,221 Acquisition-related cost of revenue adjustments - (611) (147) (200) (958) --- --- --- --- --- Non-GAAP operating income (1,012) 1,350 2,609 2,200 5,147 ----- --- --- ----- ----- Non-cash stock compensation expense 457 481 527 550 2,015 Depreciation and amortization 757 1,784 1,752 1,800 6,093 --- --- --- --- --- Adjusted EBITDA 202 3,615 4,888 4,550 13,255 --- --- --- --- --- Guidance: Fiscal year 2010 ("FY 2010") (Unaudited) (in thousands) FY 2010 ------- Total revenue $120,000 FY 2010 ------- Net income $11,200 Provision for income taxes 550 Interest income (750) ---- Non-GAAP operating income 11,000 ------ Non-cash stock compensation expense 2,400 Depreciation and amortization 7,300 ----- Adjusted EBITDA 20,700 ------ CONTACT: Colleen McCormick, Investor Relations 617.779.7892 colleen.mccormick@amicas.com

Photo: http://www.newscom.com/cgi-bin/prnh/20060202/AMICASLOGO
AP Archive: http://photoarchive.ap.org/
PRN Photo Desk photodesk@prnewswire.com AMICAS, Inc.

CONTACT: Colleen McCormick, Investor Relations, +1-617-779-7892,
colleen.mccormick@amicas.com

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

Big 5 Sporting Goods Corporation Announces Fiscal 2009 Third Quarter Results- Achieves Third Quarter Earnings per Diluted Share of $0.37, an Increase of 76% from Prior Year Earnings per Diluted Share of $0.21 - Reports Third Quarter Same Store Sales Increase of 1.6% - Declares Quarterly Cash Dividend of $0.05 per Share

EL SEGUNDO, Calif., Nov. 3 /PRNewswire-FirstCall/ -- Big 5 Sporting Goods Corporation , a leading sporting goods retailer, today reported financial results for the fiscal 2009 third quarter ended September 27, 2009.

For the fiscal 2009 third quarter, net sales increased to $231.6 million from net sales of $223.2 million for the third quarter of fiscal 2008. As the Company previously reported, same store sales increased 1.6% for the third quarter, representing the second consecutive quarter of same store sales growth despite a continued challenging consumer environment.

Gross profit for the fiscal 2009 third quarter was $78.5 million, compared to $74.3 million in the third quarter of the prior year. The Company's gross profit margin was 33.9% in the fiscal 2009 third quarter versus 33.3% in the third quarter of the prior year. The improvement in gross profit margin was driven primarily by an increase in merchandise margins of 13 basis points and lower distribution costs.

Selling and administrative expense as a percentage of net sales improved to 28.2% in the fiscal 2009 third quarter versus 29.6% in the third quarter of the prior year. Overall selling and administrative expense declined $0.6 million for the quarter from the same period last year due primarily to lower advertising expense, partially offset by higher store-related expenses.

Net income for the third quarter of fiscal 2009 improved to $8.0 million, or $0.37 per diluted share, from net income of $4.5 million, or $0.21 per diluted share, for the third quarter of fiscal 2008.

For the 39-week period ended September 27, 2009, net sales increased to $657.9 million from net sales of $645.0 million for the same period last year. Same store sales decreased 0.8% in the first 39 weeks of fiscal 2009 versus the same period last year. Net income improved by 49.7% to $15.4 million, or $0.72 per diluted share, for the first 39 weeks of fiscal 2009, from net income of $10.3 million, or $0.48 per diluted share, for the same period last year. Results for the first 39 weeks of fiscal 2008 included a nonrecurring charge of $0.04 per diluted share recorded in the second quarter of fiscal 2008.

"We are pleased to deliver a solid third quarter top and bottom line performance, as our customer value proposition and proven business model continue to produce positive results," said Steven G. Miller, the Company's Chairman, President and Chief Executive Officer. "The commitment and hard work of our dedicated associates have enabled us to successfully weather the difficult economic environment and improve many of our key financial metrics. We increased same store sales for the second consecutive quarter and grew net income by 80%. Through prudent inventory management, we lowered inventory levels on a per-store basis by approximately 8% at the end of the third quarter compared to the prior year and we generated operating cash flow of $47.4 million in the first nine months of fiscal 2009, a 61% increase from the same period last year. We also have continued to reduce debt levels, ending the third quarter with $60 million of long-term debt compared to $100 million at the end of the third quarter last year."

Mr. Miller continued, "We are encouraged that the positive sales trends we experienced during the third quarter have continued, and actually improved, thus far in the fourth quarter. For the first five weeks of the quarter, we have comped positively in the low single-digit range. While the critical holiday period is still ahead and consumer spending habits remain unpredictable, we are excited about our product assortment and promotional plans and believe that our ability to provide tremendous values on quality merchandise will position us well during the gift-giving season."

Quarterly Cash Dividend

The Company's Board of Directors has declared a quarterly cash dividend of $0.05 per share of outstanding common stock, which will be paid on December 15, 2009 to stockholders of record as of December 1, 2009.

Guidance

For the fiscal 2009 fourth quarter, the Company expects same store sales in the positive low to low-mid single-digit range and earnings per diluted share in the range of $0.28 to $0.38. For comparative purposes, the Company's earnings per diluted share for the fourth quarter of fiscal 2008 were $0.17. As a result of the fiscal calendar, the fourth quarter of fiscal 2009 will include 14 weeks and the fourth quarter last year included 13 weeks. The Company's same store sales guidance above reflects comparable 14-week periods.

Store Openings

During the third quarter of fiscal 2009, the Company did not open any new stores or close any stores and continued to operate 382 stores. The Company anticipates opening two new stores during the fiscal 2009 fourth quarter. The Company expects the number of new store openings in fiscal 2010 to be substantially higher than fiscal 2009.

Conference Call Information

The Company will host a conference call and audio webcast today, November 3, 2009, at 2:00 p.m. Pacific (5:00 p.m. EST) to discuss financial results for the fiscal 2009 third quarter. To access the conference call, participants in North America should dial (877) 941-1429, and international participants should dial (480) 629-9666. Participants are encouraged to dial in to the conference call ten minutes prior to the scheduled start time. The call will also be broadcast live over the Internet and accessible through the Investor Relations section of the Company's website at http://www.big5sportinggoods.com/. Visitors to the website should select the "Investor Relations" link to access the webcast. The webcast will be archived and accessible on the same website for 30 days following the call. A telephone replay will be available through November 17, 2009 by calling (800) 406-7325; passcode is 4176116.

About Big 5 Sporting Goods Corporation

Big 5 is a leading sporting goods retailer in the western United States, operating 382 stores in 11 states under the "Big 5 Sporting Goods" name. Big 5 provides a full-line product offering in a traditional sporting goods store format that averages 11,000 square feet. Big 5's product mix includes athletic shoes, apparel and accessories, as well as a broad selection of outdoor and athletic equipment for team sports, fitness, camping, hunting, fishing, tennis, golf, snowboarding and in-line skating.

Except for historical information contained herein, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties and other factors that may cause Big 5's actual results in current or future periods to differ materially from forecasted results. Those risks and uncertainties include, among other things, continued or worsening weakness in the consumer spending environment and the U.S. financial and credit markets (including without limitation any continued or worsening financial distress of Big 5's primary lender, The CIT Group/Business Credit, Inc.), the competitive environment in the sporting goods industry in general and in Big 5's specific market areas, inflation, product availability and growth opportunities, seasonal fluctuations, weather conditions, changes in cost of goods, operating expense fluctuations, disruption in product flow, changes in interest rates, credit availability, higher costs associated with current and new sources of credit resulting from uncertainty in financial markets and economic conditions in general. Those and other risks and uncertainties are more fully described in Big 5's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended December 28, 2008 and its Quarterly Report on Form 10-Q for the fiscal quarter ended June 28, 2009. Big 5 conducts its business in a highly competitive and rapidly changing environment. Accordingly, new risk factors may arise. It is not possible for management to predict all such risk factors, nor to assess the impact of all such risk factors on Big 5's business or the extent to which any individual risk factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Big 5 undertakes no obligation to revise or update any forward-looking statement that may be made from time to time by it or on its behalf.

FINANCIAL TABLES FOLLOW BIG 5 SPORTING GOODS CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands, except share amounts) September 27, December 28, 2009 2008 ---- ---- ASSETS Current assets: Cash and cash equivalents $3,903 $9,058 Accounts receivable, net of allowances of $195 and $305, respectively 6,620 16,611 Merchandise inventories, net 232,393 232,962 Prepaid expenses 7,581 8,201 Deferred income taxes 7,941 8,333 ----- ----- Total current assets 258,438 275,165 ------- ------- Property and equipment, net 84,593 94,241 Deferred income taxes 17,060 13,363 Other assets, net of accumulated amortization of $333 and $293, respectively 1,041 1,155 Goodwill 4,433 4,433 ----- ----- Total assets $365,565 $388,357 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $85,124 $88,079 Accrued expenses 60,658 55,862 Current portion of capital lease obligations 1,960 1,942 ----- ----- Total current liabilities 147,742 145,883 ------- ------- Deferred rent, less current portion 23,639 24,960 Capital lease obligations, less current portion 2,641 2,948 Long-term debt 59,697 96,499 Other long-term liabilities 6,252 6,267 ----- ----- Total liabilities 239,971 276,557 ------- ------- Commitments and contingencies Stockholders' equity: Common stock, $0.01 par value, authorized 50,000,000 shares; issued 23,016,861 and 23,004,087 shares, respectively; outstanding 21,533,566 and 21,520,792 shares, respectively 230 230 Additional paid-in capital 94,301 92,704 Retained earnings 52,429 40,232 Less: Treasury stock, at cost; 1,483,295 and 1,483,295 shares, respectively (21,366) (21,366) ------- ------- Total stockholders' equity 125,594 111,800 ------- ------- Total liabilities and stockholders' equity $365,565 $388,357 ======== ======== BIG 5 SPORTING GOODS CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In thousands, except per share data) 13 Weeks Ended 39 Weeks Ended -------------- -------------- September September September September 27, 2009 28, 2008 27, 2009 28, 2008 ---------- ---------- ---------- ---------- Net sales $231,582 $223,180 $657,913 $645,041 Cost of sales (1) 153,073 148,925 441,002 430,828 ------- ------- ------- ------- Gross profit (1) 78,509 74,255 216,911 214,213 Selling and administrative expense 65,327 65,962 190,194 193,585 ------ ------ ------- ------- Operating income (1) 13,182 8,293 26,717 20,628 Interest expense 562 1,166 1,883 3,911 --- ----- ----- ----- Income before income taxes (1) 12,620 7,127 24,834 16,717 Income taxes 4,609 2,669 9,409 6,415 ----- ----- ----- ----- Net income (1) $8,011 $4,458 $15,425 $10,302 ====== ====== ======= ======= Earnings per share (1): Basic $0.37 $0.21 $0.72 $0.48 ===== ===== ===== ===== Diluted $0.37 $0.21 $0.72 $0.48 ===== ===== ===== ===== Dividends per share $0.05 $0.09 $0.15 $0.27 ===== ===== ===== ===== Weighted-average shares of common stock outstanding: Basic 21,435 21,447 21,426 21,673 ====== ====== ====== ====== Diluted 21,747 21,464 21,545 21,685 ====== ====== ====== ====== (1) In the second quarter of fiscal 2008, the Company recorded a nonrecurring pre-tax charge of $1.5 million to correct an error in its previously recognized straight-line rent expense, substantially all of which related to prior periods and accumulated over a period of 15 years. This charge reduced net income for the 39 weeks ended September 28, 2008 by $0.9 million, or $0.04 per diluted share. The Company determined this charge to be immaterial to its prior period consolidated financial statements.

Big 5 Sporting Goods Corporation

CONTACT: Barry Emerson, Sr. Vice President and Chief Financial Officer
of Big 5 Sporting Goods Corporation, +1-310-536-0611; or John Mills, Senior
Managing Director of ICR, Inc., +1-310-954-1105, for Big 5 Sporting Goods
Corporation

Web Site: http://www.big5sportinggoods.com/

TreeHouse Foods, Inc. Reports Third Quarter 2009 ResultsHIGHLIGHTS - Adjusted earnings per share increased 31.7% from last year - Net sales increased 1.1% (2.1% increase excluding currency exchange) - Gross margins increased 180 basis points

WESTCHESTER, Ill., Nov. 3 /PRNewswire-FirstCall/ -- TreeHouse Foods, Inc. today reported a strong increase in third quarter earnings compared to last year driven by higher sales in its North American Retail Grocery and Food Away From Home businesses and overall improved gross margins. Earnings for the quarter were $0.85 per fully-diluted share compared to $0.35 per fully diluted share in the third quarter of last year. On an adjusted basis, as described below, fully-diluted earnings per share improved 31.7% to $0.54 compared to $0.41 last year. Improved gross margins in all segments of the business contributed to the improvement.

The reported results for the third quarter included two unusual items that affected quarterly and nine-month comparisons. The first item relates to a gain of $13.6 million, ($0.26 per share) in the quarter resulting from the insurance reimbursement for the replacement of fixed assets at our New Hampton, Iowa facility. The damage was sustained last year and all related insurance matters were settled during the third quarter. The second item relates to the adjustment of the intercompany loan with E.D. Smith to reflect current exchange rates. This non-cash adjustment increased reported earnings by $2.3 million ($0.05 per share) in the third quarter of 2009, but had an insignificant effect on the third quarter results for 2008. Excluding these two items results in adjusted earnings per share on a fully diluted basis of $0.54 in 2009 compared to $0.41 in 2008.

ITEMS AFFECTING DILUTED EPS COMPARABILITY: Three Months Nine Months Ended Ended September 30 September 30 ------------ ------------ 2009 2008 2009 2008 ---- ---- ---- ---- (unaudited) (unaudited) Diluted EPS as reported $0.85 $0.35 $1.83 $0.68 Gain on insurance settlement for fixed assets (0.26) - (0.26) - Plant closing costs - 0.02 0.01 0.29 Integration costs - 0.01 - 0.02 Mark to market adjustment on interest rate swap - - (0.03) - (Gain) loss on intercompany note translation (0.05) - (0.09) 0.06 Non-cash adjustment to value of license and other - 0.03 - 0.02 --- ---- --- ---- Adjusted diluted EPS $0.54 $0.41 $1.46 $1.07 ===== ===== ===== =====

Commenting on the results, Sam K. Reed, Chairman and CEO, said, "We had another very good quarter of unit growth in our Retail segment, and showed that new products and increased customer penetration can help to overcome the difficult market conditions in Food Away from Home. Our margins remained strong as we focused on internal opportunities in purchasing and manufacturing efficiencies. We continue to offer the right products at the right value and at the right time to our customers and their consumers."

Adjusted operating earnings before interest, taxes, depreciation, amortization and other non-cash or unusual items (Adjusted EBITDA, reconciled to net income, the most directly comparable GAAP measure, appears on the attached schedule) increased 20.0% to $48.1 million in the quarter compared to $40.1 million in the same period last year. The increase is the result of sales growth and improved gross margins in the quarter.

Net sales for the third quarter totaled $378.9 million compared to $374.6 million last year. Excluding currency effects, sales would have increased by 2.1%. Retail grocery sales increased 7.7% compared to last year's quarter, despite year over year currency pressures as the Company's private label offerings continue to realize share gains across most product categories. The Food Away From Home segment sales were up 2.3% compared to last year as new products and increased distribution points offset the negative trends in the food away from home marketplace. Sales in the Industrial and Export segment declined 19.3% compared to the prior year due to lower co-pack sales and a decrease in export sales due to the strength of the U.S. dollar. Total gross margins for the quarter improved by 180 basis points to 21.3% compared to 19.5% last year, continuing the year over year gross margin improvement achieved in the first half of 2009. The improvement was due to carry over pricing to offset very high input costs previously incurred, as well as productivity gains. The margin improvement was evident in most product categories, led by pickles, non-dairy creamer, salad dressings and soup.

Selling, distribution, general and administrative expenses were $46.4 million for the quarter, an increase of 3.1% from $45.0 million in the third quarter of 2008. The increase was due principally to higher incentive compensation expense reflecting the better than planned performance in 2009, and is generally consistent as a percent of revenue with the spending level in 2008.

Other operating income for the quarter was $14.4 million compared to $0.8 million in expense last year. In 2009 we recognized the gain on the insurance reimbursement for fixed assets which were replaced at our New Hampton, Iowa plant. Last year, we incurred $0.7 million in the quarter for costs associated with the closure of the Portland, Oregon pickle plant.

Interest expense in the quarter was $4.8 million compared to $6.5 million last year as lower interest rates and lower debt levels due to strong operating cash flows over the past year contributed to the decline. The Company's third quarter effective income tax rate of 35.3% was higher than last year's tax rate of 29.9% due to significantly higher U.S. taxable income, a reduced benefit from intercompany interest expense due to lower Canadian exchange rates and incremental Canadian taxes related to the closure of Cambridge, Ontario salad dressing plant.

Net income for the quarter totaled $28.1 million compared to $11.1 million last year. Fully-diluted earnings per share for the quarter were $0.85 per share compared to $0.35 per share last year. Excluding unusual items, adjusted earnings per share from continuing operations for the third quarter of 2009 were $0.54, compared to last year's third quarter adjusted earnings per share of $0.41.

SEGMENT RESULTS The Company has three reportable segments: 1. North American Retail Grocery - This segment sells private label and branded products to customers within the United States and Canada. These products include pickles, peppers, relishes, condensed and ready to serve soup, broths, gravies, jams, spreads, salad dressings, sauces, nondairy powdered creamer, salsa, aseptic products and baby food. 2. Food Away From Home - This segment sells primarily pickle products, Mexican sauces, aseptic and refrigerated products and sauces to foodservice customers, including restaurant chains and food distribution companies, within the United States and Canada. 3. Industrial and Export - This segment includes the Company's co-pack business and non-dairy powdered creamer sales to industrial customers. These customers either repackage it into single serve packages for the food service industry or use it as an ingredient in other food service applications. Export sales are primarily to industrial customers.

The direct operating income for our segments is determined by deducting manufacturing costs from net sales and deducting direct operating costs such as freight to customers, commissions, brokerage fees, as well as direct selling and marketing expenses. General sales and administrative expenses, including restructuring charges, are not allocated to our business segments as these costs are managed at the corporate level.

North American Retail Grocery net sales for the third quarter increased by 7.7% (9.5% excluding currency) to $238.9 million from $221.8 million during the same quarter last year, primarily due to carry over pricing from 2008. Unit sales in the retail channel were up 2.5%, as strong sales growth in salad dressing, salsa and pickles combined to more than offset a decline in the infant feeding category. Sales of pickles increased 8.7% over the third quarter of 2008, reversing a trend of declines in unit sales. Direct operating income improved to 15.4% from 12.9% last year due to pricing, mix changes and continued improvements in pickle margins resulting from last year's rationalization strategy.

Food Away From Home segment sales increased 2.3% from last year to $79.0 million despite overall food away from home market sales falling by nearly double digits. Increased sales of new products and an expanding customer base helped to offset industry trends. Direct operating income was up slightly from 10.6% to 11.4%. The key categories of pickles, non-dairy creamer and refrigerated products continue to show year over year margin improvements.

Industrial and Export segment sales decreased 19.3% as much of this business is industrial sales to customers that primarily repackage non-dairy creamers for the food away from home market. Sales in the quarter totaled $61.0 million compared to $75.6 million last year. Unit sales were down 25.0% with most of the reduction coming from co-packed sales of branded products for other food companies. Despite the lower sales, direct operating income increased to $9.9 million from $8.2 million last year as carry over pricing and productivity improvements more than offset the sales declines.

OUTLOOK FOR 2009

Commenting on the outlook for 2009, Sam K. Reed said, "Our strong third quarter results show that private label continues to be a strategic focus of our grocery customers and that consumers have not strayed from the value proposition afforded by quality products at value prices. We are especially encouraged by our own progress in building sustained margin improvement while expanding our distribution of retail products." With regard to the 2009 outlook, Mr. Reed continued, "We expect that our fourth quarter will include the same benefits of sustained margins and we will continue our push to leverage our product development and distribution strengths. We see a mild environment of costs and pricing, resulting in sustained margins in the upcoming quarter. As a result, we are raising our full year 2009 guidance from $2.02 to $2.07 in adjusted earnings per share to $2.07 to $2.09."

COMPARISON OF ADJUSTED INFORMATION TO GAAP INFORMATION

The adjusted diluted earnings per share data contained in this press release reflect adjustments to reported earnings per share data to eliminate the net expense or net gain related to items identified in the above chart. This information is provided in order to allow investors to make meaningful comparisons of the Company's operating performance between periods and to view the Company's business from the same perspective as Company management. Because the Company cannot predict the timing and amount of charges associated with non-recurring items or facility closings and reorganizations, management does not consider these costs when evaluating the Company's performance, when making decisions regarding the allocation of resources, in determining incentive compensation for management, or in determining earnings estimates. These costs are not recorded in any of the Company's operating segments. Adjusted EBITDA represents net income before interest expense, income tax expense, depreciation and amortization expense, and non-recurring items. Adjusted EBITDA is a performance measure and liquidity measure used by our management, and we believe is commonly reported and widely used by investors and other interested parties, as a measure of a company's operating performance and ability to incur and service debt. This non-GAAP financial information is provided as additional information for investors and is not in accordance with or an alternative to GAAP. These nonGAAP measures may be different from similar measures used by other companies. A full reconciliation table between reported income for the three and nine month periods ended September 30, 2009 and 2008 calculated according to GAAP and Adjusted EBITDA is attached. Given the inherent uncertainty regarding nonrecurring items in any future period, a reconciliation of forward-looking financial measures to the most directly comparable GAAP measure is not feasible.

Conference Call Webcast

A webcast to discuss the Company's financial results will be held at 5:00 p.m. (Eastern Time) today and may be accessed by visiting the "Investor Overview" page through the "Investor Relations" menu of the Company's website at http://www.treehousefoods.com/.

About TreeHouse Foods

TreeHouse is a food manufacturer servicing primarily the retail grocery and foodservice channels. Its products include non-dairy powdered coffee creamer; canned soup, salad dressings and sauces; salsa and Mexican sauces; jams and pie fillings under the E.D. Smith brand name; pickles and related products; infant feeding products; and other food products including aseptic sauces, refrigerated salad dressings, and liquid non-dairy creamer. TreeHouse believes it is the largest manufacturer of pickles and non-dairy powdered creamer in the United States and the largest manufacturer of private label salad dressings in the United States and Canada based on sales volume.

FORWARD LOOKING STATEMENTS

This press release contains "forward-looking statements." Forward-looking statements include all statements that do not relate solely to historical or current facts, and can generally be identified by the use of words such as "may," "should," "could," "expects," "seek to," "anticipates," "plans," "believes," "estimates," "intends," "predicts," "projects," "potential" or "continue" or the negative of such terms and other comparable terminology. These statements are only predictions. The outcome of the events described in these forward-looking statements is subject to known and unknown risks, uncertainties and other factors that may cause the Company or its industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievement expressed or implied by these forward-looking statements. TreeHouse's Form 10-K for the year ended December 31, 2008 discusses some of the factors that could contribute to these differences. You are cautioned not to unduly rely on such forward-looking statements, which speak only as of the date made, when evaluating the information presented in this presentation. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein, to reflect any change in its expectations with regard thereto, or any other change in events, conditions or circumstances on which any statement is based.

FINANCIAL INFORMATION TREEHOUSE FOODS, INC. 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 $378,865 $374,576 $1,106,866 $1,102,568 Cost of sales 298,347 301,416 874,793 890,390 ------- ------- ------- ------- Gross profit 80,518 73,160 232,073 212,178 Operating expenses: Selling and distribution 25,671 29,060 79,969 86,672 General and administrative 20,752 15,959 56,388 46,961 Other operating (income) expense, net (14,354) 722 (13,929) 12,572 Amortization expense 3,375 3,331 9,954 10,346 ----- ----- ----- ------ Total operating expenses 35,444 49,072 132,382 156,551 ------ ------ ------- ------- Operating income 45,074 24,088 99,691 55,627 Other (income) expense: Interest expense 4,807 6,493 14,144 21,785 Interest income (21) - (39) (107) (Gain) loss on currency exchange (2,968) 1,869 (4,772) 3,724 Other, net (151) (87) (1,416) (268) ---- --- ------ ---- Total other expense 1,667 8,275 7,917 25,134 ----- ----- ----- ------ Income before income taxes 43,407 15,813 91,774 30,493 Income taxes 15,343 4,733 32,553 9,060 ------ ----- ------ ----- Net income $28,064 $11,080 $59,221 $21,433 ======= ======= ======= ======= Weighted average common shares: Basic 32,280 31,397 31,797 31,281 Diluted 33,129 31,514 32,387 31,399 Net earnings per common share: Basic $0.87 $0.35 $1.86 $0.69 Diluted $0.85 $0.35 $1.83 $0.68 Supplemental Information: ------------ Depreciation and Amortization $11,955 $11,574 $34,932 $35,506 Equity Based Compensation $3,892 $3,414 $9,951 $8,795 Segment Information: ------------ North American Retail Grocery Net Sales $238,891 $221,814 $705,426 $664,334 Direct Operating Income $36,894 $28,713 $107,127 $79,258 Direct Operating Income Percent 15.4% 12.9% 15.2% 11.9% Food Away From Home Net Sales $78,982 $77,189 $220,764 $224,756 Direct Operating Income $9,025 $8,200 $24,128 $24,335 Direct Operating Income Percent 11.4% 10.6% 10.9% 10.8% Industrial and Export Net Sales $60,992 $75,573 $180,676 $213,478 Direct Operating Income $9,856 $8,189 $26,466 $24,602 Direct Operating Income Percent 16.2% 10.8% 14.6% 11.6% The following table reconciles our net income to adjusted EBITDA for the three and nine months ended September 30, 2009 and 2008: TREEHOUSE FOODS, INC. RECONCILIATION OF REPORTED EARNINGS TO ADJUSTED EBITDA (In thousands, except per share data) Three Months Ended Nine Months Ended September 30 September 30 ------------ ------------ 2009 2008 2009 2008 ---- ---- ---- ---- (unaudited) (unaudited) Net income as reported $28,064 $11,080 $59,221 $21,433 Interest expense 4,807 6,493 14,144 21,785 Interest income (21) - (39) (107) Income taxes 15,343 4,733 32,553 9,060 Depreciation and amortization 11,955 11,574 34,932 35,506 Equity based compensation 3,892 3,414 9,951 8,795 Gain on insurance replacement of fixed assets (13,609) - (13,609) - (Gain) loss on intercompany note translation and other (2,319) 1,869 (4,656) 3,518 Mark to market adjustment on interest rate Swap (23) - (1,229) - Acquisition integration and accounting adjustments - 234 - 508 Net plant shut-down costs 47 722 713 12,086 --- --- --- ------ Adjusted EBITDA $48,136 $40,119 $131,981 $112,584 ======= ======= ======== ========

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PRN Photo Desk, photodesk@prnewswire.com TreeHouse Foods, Inc.

CONTACT: TreeHouse Foods, Inc. Investor Relations, +1-708-483-1300 Ext
1331

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

Hudson Highland Group Reports 2009 Third Quarter Financial Results

NEW YORK, Nov. 3 /PRNewswire-FirstCall/ -- Hudson Highland Group, Inc. , one of the world's leading providers of permanent recruitment, contract professionals and talent management solutions, today announced financial results for the third quarter ended September 30, 2009.

2009 Third Quarter Summary -- Revenue of $169.6 million, a decrease of 37.0 percent from $269.2 million for the third quarter of 2008, and a decrease of $4.2 million or 2.4 percent from the second quarter of 2009 -- Gross margin of $64.2 million, or 37.8 percent of revenue, down 43.0 percent from $112.7 million, or 41.9 percent of revenue for the same period last year, and a decrease of $0.7 million or 1.1 percent from the second quarter of 2009 -- Adjusted EBITDA* loss of $3.2 million, or 1.9 percent of revenue, down from adjusted EBITDA of positive $6.6 million for the third quarter of 2008, and an improvement from the adjusted EBITDA loss of $4.4 million in the second quarter of 2009 -- EBITDA* loss of $6.1 million, down from EBITDA of positive $3.8 million for the same period in 2008 -- Net loss from continuing operations of $7.6 million, or $0.29 per basic and diluted share, compared with net income from continuing operations of $0.4 million, or $0.01 per basic and diluted share, for the third quarter of 2008 -- Net loss of $6.9 million, or $0.26 per basic and diluted share, compared with net loss of $0.3 million, or $0.01 per basic and diluted share, for the third quarter of 2008

*Adjusted EBITDA and EBITDA are defined in the segment tables at the end of this release.

"Sequential improvement of adjusted EBITDA during the third quarter was encouraging," said Jon Chait, Hudson Highland Group's chairman and chief executive officer. "This achievement was counter to typical third quarter seasonal softness and resulted from the company's earlier restructuring actions and increased sequential demand in some markets. While we expect the environment to remain challenging, I expect we will continue to deliver improved sequential financial results for the fourth quarter of 2009 and into 2010."

"We continued to manage our cash well, ending the quarter with $44.5 million, as our Days Sales Outstanding decreased to 48 days," said Mary Jane Raymond, the company's executive vice president and chief financial officer. "We used $2.8 million of cash during the third quarter, of which $1.7 million was used for an earn-out payment on our Tony Keith acquisition in China and $0.9 million was a repayment on our credit facility. Cash flow from operations showed significant improvement from the first half of the year with a net use under $1 million."

Restructuring Program

During the fourth quarter of 2009, the company expects to continue to streamline its operations in response to current economic conditions. The company recently increased the size of its 2009 restructuring plan to $19 million and expects to incur $2 - $5 million of restructuring charges during the fourth quarter of 2009. Third quarter restructuring expenses of $2.9 million were related to severance and lease terminations, primarily in Europe.

Liquidity and Capital Resources

The company ended the third quarter of 2009 with $44.5 million in cash and $10.5 million currently borrowed under its primary credit facility, down from $47.2 million in cash at the end of the second quarter of 2009 with $11.3 million borrowed. In addition, the company has availability under its primary credit facility of $2.3 million, as well as an additional $3.8 million of availability under local country credit facilities, the majority of which became available subsequent to September 30, 2009. The company paid $1.7 million in July 2009 as part of its earn-out for the Tony Keith acquisition in China.

Guidance

Despite recent signs of increasing stability, visibility remains low. As a result, the company will not provide formal guidance for the fourth quarter of 2009. The company will comment on current trends and its outlook for the fourth quarter on its third quarter earnings call.

Additional Information

Additional information about the company's quarterly results can be found in the shareholder letter and the third quarter earnings slides in the investor information section of the company's Web site at http://www.hudson.com/.

Conference Call/Webcast

Hudson Highland Group will conduct a conference call Wednesday, November 4, 2009 at 9:00 a.m. ET to discuss this announcement. Individuals wishing to participate can join the conference call by dialing 1-800-374-1532 followed by the participant passcode 36219796 at 8:50 a.m. ET. For those outside the United States, please call 1-706-634-5594 followed by the participant passcode 36219796. Hudson Highland Group's quarterly conference call can also be accessed online through Yahoo! Finance at http://www.yahoo.com/ and the investor information section of the company's Web site at http://www.hudson.com/.

The archived call will be available for two weeks by dialing 1-800-642-1687 followed by the participant passcode 36219796. For those outside the United States, the call will be available on 1-706-645-9291 followed by the participant passcode 36219796.

About Hudson Highland Group

Hudson Highland Group, Inc. is a leading provider of permanent recruitment, contract professionals and talent management services worldwide. From single placements to total outsourced solutions, Hudson helps clients achieve greater organizational performance by assessing, recruiting, developing and engaging the best and brightest people for their businesses. The company employs nearly 2,500 professionals serving clients and candidates in more than 20 countries. More information is available at http://www.hudson.com/.

Safe Harbor Statement

This press release contains statements that the company believes to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this press release, including those under the caption "Guidance" and other statements regarding the company's future financial condition, results of operations, business operations and business prospects, are forward-looking statements. Words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "predict," "believe" and similar words, expressions and variations of these words and expressions are intended to identify forward-looking statements. All forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These factors include, but are not limited to, the impact of global economic fluctuations including the current economic downturn; the ability of clients to terminate their relationship with the company at any time; risks in collecting our accounts receivable; implementation of the company's cost reduction initiatives effectively; the company's history of negative cash flows and operating losses may continue; the company's limited borrowing availability under our credit facility, which may negatively impact our liquidity; restrictions on the company's operating flexibility due to the terms of its credit facility; fluctuations in the company's operating results from quarter to quarter; risks relating to the company's international operations, including foreign currency fluctuations; risks related to our investment strategy; risks and financial impact associated with dispositions of underperforming assets; the company's heavy reliance on information systems and the impact of potentially losing or failing to develop technology; competition in the company's markets and the company's dependence on highly skilled professionals; the company's exposure to employment-related claims from both clients and employers and limits on related insurance coverage; the company's dependence on key management personnel; volatility of stock price; the impact of government regulations; financial impact of audits by various taxing authorities; and restrictions imposed by blocking arrangements. Additional information concerning these and other factors is contained in the company's filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of this letter. The company assumes no obligation, and expressly disclaims any obligation, to review or confirm analysts' expectations or estimates or to update any forward-looking statements, whether as a result of new information, future events or otherwise.

Financial Tables Follow HUDSON HIGHLAND GROUP, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except share and per share amounts) (unaudited) Three Months Nine Months Ended September Ended September 30, 30, ---- ---- ---- ---- 2009 2008 2009 2008 ---- ---- ---- ---- Revenue $169,647 $269,239 $508,186 $865,398 Direct costs 105,457 156,544 317,108 495,123 ------- ------- ------- ------- Gross margin 64,190 112,695 191,078 370,275 ------ ------- ------- ------- Operating expenses: Selling, general and administrative expenses 67,412 106,080 208,442 345,478 Depreciation and amortization 2,741 3,913 9,369 11,274 Business reorganization and integration expenses 2,878 2,817 12,279 5,033 Goodwill and other impairment charges - - 1,549 - --- --- ----- --- Total operating expenses 73,031 112,810 231,639 361,785 ------ ------- ------- ------- Operating (loss) income (8,841) (115) (40,561) 8,490 Other (expense) income : Interest, net (96) 337 (469) 895 Other, net 99 603 773 1,963 -- --- --- ----- (Loss) income from continuing operations before provision for income taxes (8,838) 825 (40,257) 11,348 (Benefit) provision for income taxes (1,215) 464 (2,300) 8,524 ----=-- --- -=----- ----- (Loss) income from continuing operations (7,623) 361 (37,957) 2,824 Income (loss) from discontinued operations, net of income taxes 770 (670) 7,773 3,187 --- --=-- ----- ----- Net (loss) income $(6,853) $(309) $(30,184) $6,011 ======== ====== ========= ====== Basic earnings (loss) per share: (Loss) income from continuing operations $(0.29) $0.01 $(1.46) $0.11 Income (loss) from discontinued operations 0.03 (0.02) 0.30 0.13 ---- ------ ---- ---- Net (loss) income $(0.26) $(0.01) $(1.16) $0.24 ======= ======= ======= ===== Diluted earnings (loss) per share: (Loss) income from continuing operations $(0.29) $0.01 $(1.46) $0.11 Income (loss) from discontinued operations 0.03 (0.02) 0.30 0.13 ---- ------ ---- ---- Net (loss) income $(0.26) $(0.01) $(1.16) $0.24 ======= ======= ======= ===== Weighted average shares outstanding: Basic 26,320 25,245 25,938 25,180 Diluted 26,320 25,630 25,938 25,550 HUDSON HIGHLAND GROUP, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except per share amount) (unaudited) September 30, December 31, 2009 2008 ---- ---- ASSETS Current assets: Cash and cash equivalents $44,483 $49,209 Accounts receivable, net 96,994 127,169 Prepaid and other 13,169 15,411 Current assets from discontinued operations 314 2,360 --- ----- Total current assets 154,960 194,149 Intangibles, net 1,231 2,498 Property and equipment, net 19,306 24,379 Other assets 15,767 9,927 Total assets $191,264 $230,953 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $10,009 $15,693 Accrued expenses and other current liabilities 57,523 76,447 Short-term borrowings 10,456 5,307 Accrued business reorganization expenses 6,761 5,724 Current liabilities from discontinued operations 72 1,410 -- ----- Total current liabilities 84,821 104,581 Other non-current liabilities 19,734 16,904 Accrued business reorganization expenses, non-current 548 1,476 --- ----- Total liabilities 105,103 122,961 Stockholders' equity: Preferred stock, $0.001 par value, 10,000 shares authorized; none issued or outstanding - - Common stock, $0.001 par value, 100,000 shares authorized; issued 26,764 and 26,494 shares, respectively 27 26 Additional paid-in capital 445,387 450,739 Accumulated deficit (393,089) (362,905) Accumulated other comprehensive income- translation adjustments 34,128 27,054 Treasury stock, 111 and 1,140 shares, respectively, at cost (292) (6,922) ----- ------- Total stockholders' equity 86,161 107,992 ------ ------- Total liabilities and stockholders' equity $191,264 $230,953 ======== ======== HUDSON HIGHLAND GROUP, INC. SEGMENT ANALYSIS (in thousands) (unaudited) For The Three Months Ended Hudson September 30, Hudson Hudson Asia 2009 Americas Europe Pacific Corporate Total --------- ------- -------- --------- ----- Revenue $35,705 $67,898 $66,044 $- $169,647 ======= ======= ======= == ======== Gross margin $9,258 $29,571 $25,361 $- $64,190 ------ ------- ------- -- ------- Adjusted EBITDA (1) $(1,625) $30 $2,579 $(4,206) $(3,222) Business reorganization and integration expenses 592 1,881 405 - 2,878 Goodwill and other impairment charges - - - - - --- --- --- --- --- EBITDA (1) (2,217) (1,851) 2,174 (4,206) (6,100) Depreciation and amortization 1,047 911 739 44 2,741 ----- --- --- -- ----- Operating (loss) income $(3,264) $(2,762) $1,435 $(4,250) $(8,841) ======== ======== ====== ======== ======== For The Three Months Ended Hudson September 30, Hudson Hudson Asia 2008 Americas Europe Pacific Corporate Total --------- ------- -------- --------- ----- Revenue $66,485 $98,301 $104,453 $- $269,239 ======= ======= ======== === ======== Gross margin $17,967 $49,717 $45,011 $- $112,695 ------- ------- ------- --- -------- Adjusted EBITDA (1) $1,586 $3,403 $7,631 $(6,005) $6,615 Business reorganization and integration expenses 121 813 1,883 - 2,817 Goodwill and other impairment charges - - - - - --- --- --- --- --- EBITDA (1) 1,465 2,590 5,748 (6,005) 3,798 Depreciation and amortization 1,175 1,495 1,190 53 3,913 ----- ----- ----- -- ----- Operating income (loss) $290 $1,095 $4,558 $(6,058) $(115) ==== ====== ====== ======== ====== (1) Non-GAAP earnings before interest, income taxes, special charges, other non-operating expense, and depreciation and amortization ("Adjusted EBITDA") and non-GAAP earnings before interest, income taxes, other non-operating expense, and depreciation and amortization ("EBITDA") are presented to provide additional information about the company's operations on a basis consistent with the measures which the company uses to manage its operations and evaluate its performance. Management also uses these measurements to evaluate capital needs and working capital requirements. Adjusted EBITDA and EBITDA should not be considered in isolation or as a substitute for operating income, cash flows from operating activities, and other income or cash flow statement data prepared in accordance with generally accepted accounting principles or as a measure of the company's profitability or liquidity. Furthermore, adjusted EBITDA and EBITDA as presented above may not be comparable with similarly titled measures reported by other companies. HUDSON HIGHLAND GROUP, INC. SEGMENT ANALYSIS (in thousands) (unaudited) For The Nine Months Ended Hudson September 30, Hudson Hudson Asia 2009 Americas Europe Pacific Corporate Total --------- ------- -------- --------- ----- Revenue $122,861 $202,014 $183,311 $- $508,186 ======== ======== ======== === ======== Gross margin $30,741 $91,155 $69,182 $- $191,078 ------- ------- ------- --- -------- Adjusted EBITDA (1) $(5,284) $(253) $2,318 $(14,145) $(17,364) Business reorganization and integration expenses 3,339 6,547 2,379 14 12,279 Goodwill and other impairment charges (120) - 1,669 - 1,549 ---- --- ----- --- ----- EBITDA (1) (8,503) (6,800) (1,730) (14,159) (31,192) Depreciation and amortization 3,100 3,731 2,401 137 9,369 ----- ----- ----- --- ----- Operating (loss) income $(11,603) $(10,531) $(4,131) $(14,296) $(40,561) ========= ========= ======== ========= ========= For The Nine Months Ended Hudson September 30, Hudson Hudson Asia 2008 Americas Europe Pacific Corporate Total --------- ------- -------- --------- ----- Revenue $221,254 $324,329 $319,815 $- $865,398 ======== ======== ======== === ======== Gross margin $60,901 $170,603 $138,771 $- $370,275 ------- -------- -------- --- -------- Adjusted EBITDA (1) $4,544 $18,985 $22,413 $(21,145) $24,797 Business reorganization and integration expenses 1,826 1,229 1,978 - 5,033 Goodwill and other impairment charges - - - - - --- --- --- --- --- EBITDA (1) 2,718 17,756 20,435 (21,145) 19,764 Depreciation and amortization 3,518 4,467 3,130 159 11,274 ----- ----- ----- --- ------ Operating (loss) income $(800) $13,289 $17,305 $(21,304) $8,490 ====== ======= ======= ========= ====== (1) Non-GAAP earnings before interest, income taxes, special charges, other non-operating expense, and depreciation and amortization ("Adjusted EBITDA") and non-GAAP earnings before interest, income taxes, other non-operating expense, and depreciation and amortization ("EBITDA") are presented to provide additional information about the company's operations on a basis consistent with the measures which the company uses to manage its operations and evaluate its performance. Management also uses these measurements to evaluate capital needs and working capital requirements. Adjusted EBITDA and EBITDA should not be considered in isolation or as a substitute for operating income, cash flows from operating activities, and other income or cash flow statement data prepared in accordance with generally accepted accounting principles or as a measure of the company's profitability or liquidity. Furthermore, adjusted EBITDA and EBITDA as presented above may not be comparable with similarly titled measures reported by other companies. Contact: David F. Kirby Hudson Highland Group 212-351-7216 david.kirby@hudson.com

Hudson Highland Group, Inc.

CONTACT: David F. Kirby of Hudson Highland Group, +1-212-351-7216,
david.kirby@hudson.com

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

TiVo to Report Third Quarter Fiscal 2010 Financial Results

ALVISO, Calif., Nov. 3 /PRNewswire-FirstCall/ -- TiVo Inc. announced today that it will release financial results for third quarter ended October 31, 2009 after market close on Tuesday, November 24, 2009.

TiVo will host a conference call and webcast to discuss the third quarter financial and operating results as well as guidance outlook for the fourth quarter at 2:00 pm PT (5:00 pm ET) on the same day. To listen to the discussion, please visit http://www.tivo.com/ir and click on the link provided for the webcast. The webcast will be archived and available through December 1, 2009.

About TiVo Inc.

Founded in 1997, TiVo Inc. developed the first commercially available digital video recorder (DVR). TiVo offers the TiVo service and TiVo DVRs directly to consumers online at http://www.tivo.com/ and through third-party retailers. TiVo also distributes its technology and services through solutions tailored for cable, satellite, and broadcasting companies. Since its founding, TiVo has evolved into the ultimate single solution media center by combining its patented DVR technologies and universal cable box capabilities with the ability to aggregate, search, and deliver millions of pieces of broadband, cable, and broadcast content directly to the television. An economical, one-stop-shop for in-home entertainment, TiVo's intuitive functionality and ease of use puts viewers in control by enabling them to effortlessly navigate the best digital entertainment content available through one box, with one remote, and one user interface, delivering the most dynamic user experience on the market today. TiVo also continues to weave itself into the fabric of the media industry by providing interactive advertising solutions and audience research and measurement ratings services to the television industry. http://www.tivo.com/

TiVo Inc.

CONTACT: Derrick Nueman, Investor Relations of TiVo, Inc.,
+1-408-519-9677, ir@tivo.com

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

Blackboard Inc. Reports Third Quarter Revenue of $98.4 Million- Revenue Increases 18 Percent Year-Over-Year - - Company Raises Revenue, Non-GAAP Earnings and Cash Flow Guidance -

WASHINGTON, Nov. 3 /PRNewswire-FirstCall/ -- Blackboard Inc. today announced financial results for the third quarter ended September 30, 2009 and updated guidance for the fourth quarter and the full year of 2009.

Total revenue for the quarter ended September 30, 2009 was $98.4 million, an increase of 18 percent over the third quarter of 2008. Product revenues for the quarter were $87.9 million, an increase of 18 percent over the third quarter of 2008, while professional services revenues for the quarter were $10.5 million, an increase of 20 percent over the third quarter of 2008. The increase in revenue was driven by strong growth in Blackboard's professional services and managed hosting offerings.

GAAP net income was $4.3 million, resulting in net income per diluted share of $0.13 for the third quarter of 2009 compared to net income of $885,000 and net income per diluted share of $0.03 for the third quarter of 2008. Non-GAAP adjusted net income for the third quarter of 2009, which excludes the amortization of acquisition-related intangible assets, stock-based compensation, and non-cash interest expense, all net of taxes, was $13.3 million, resulting in non-GAAP adjusted net income per diluted share of $0.40 compared to non-GAAP adjusted net income of $10.2 million and non-GAAP adjusted net income per diluted share of $0.32 for the third quarter of 2008.

Additional Financial Highlights from the Third Quarter of 2009 -- Total cash flow from operations was $76.0 million for the third quarter of 2009, representing a 26% increase compared to the third quarter last year. -- Cash and cash equivalents were $132.0 million as of September 30, 2009.

"We are pleased with our financial results in the third quarter which exceeded our prior guidance. Cash flow from operations during the quarter was a record for the Company, driven by our strong renewal rates during our peak renewal quarter," said Michael Chasen, CEO and President of Blackboard Inc. "We experienced solid demand for our products and services and continued to experience a growing sales pipeline. We were particularly pleased with the adoption of some of our newer products like Blackboard Mobile(TM), which strengthens our overall positioning in the market and fills a vital need for our clients seeking better ways to serve constituents."

Highlights from the Third Quarter of 2009 -- A few of Blackboard's new and expanded client relationships in the quarter included: -- U.S. Higher Education: Alamance Community College, Arizona State University, Baylor University, Binghamton University, Carlow University, Des Moines Area Community College, Florida A&M University, Grambling State University, Hinds Community College, Louisiana Community and Technical College System, Louisiana State University, North Carolina Central University, South Orange County Community College, Texas A&M University-San Antonio, University of Southern Mississippi, University of Washington and others. -- International: Delft University of Technology, Emirates College, Hong Kong Institute of Education, King Faisal University, King Saud University, Manchester University, Radboud University, Regent's College in London, University of Bristol, University of Central Lancashire and others. -- K-12: Irving ISD, KC Distance Learning, Mead School District, Newark Public Schools, Omaha Public Schools, Pomona Unified School District, Queen Anne's County Public Schools, Santa Monica-Malibu Unified School District, Spokane Public Schools, Tangipahoa Parish School Board and others. -- Professional Education (ProEd): Air University, Capella University, Central Intelligence Agency, Defense Information School, Defense Language Institute, Grand Canyon University, Joint Special Operations University, National Academy of Medical Coding Specialists, National Intelligence University and others. -- Blackboard announced the launch of the Blackboard Mobile platform. Blackboard Mobile allows education institutions to deliver a rich set of campus life services and content to mobile devices, uniquely branded for each institution, to better connect current students, parents, faculty, prospective students and alumni to the campus experience. Outlook for the Fourth Quarter and Full Year of 2009 Fourth Quarter of 2009: -- Revenue of $96.7 to $99.7 million; -- Stock-based compensation expense of approximately $4.0 million; -- Amortization of acquired intangibles of approximately $9.3 million; -- GAAP net income of $4.2 million to $6.4 million; -- GAAP net income per diluted share of $0.12 to $0.19, which is based on an estimated 33.7 million diluted shares, and an estimated effective tax rate of approximately 28 percent; -- Non-GAAP adjusted net income of $13.3 to $15.5 million, which excludes the amortization of acquisition-related intangible assets, stock-based compensation, and non-cash interest expense, all net of taxes; and -- Non-GAAP adjusted net income per diluted share of $0.40 to $0.46 based on an estimated 33.7 million diluted shares and an estimated effective tax rate of approximately 35 percent. Full Year 2009: -- Revenue of $373.6 to $376.6 million; -- Stock-based compensation expense of approximately $16.0 million; -- Amortization of acquired intangibles of approximately $35.0 million; -- GAAP net income of $4.4 to $6.5 million; -- GAAP net income per diluted share of $0.13 to $0.20, which is based on an estimated 32.5 million diluted shares and an estimated effective tax rate of approximately 28 percent; -- Non-GAAP adjusted net income of $44.1 to $46.3 million, which excludes the amortization of acquisition-related intangible assets, stock-based compensation, non-cash interest expense, and non-cash patent related impairment charge, all net of taxes; -- Non-GAAP adjusted net income per diluted share of $1.34 to $1.41 based on an estimated 32.8 million diluted shares and an estimated effective tax rate of approximately 38 percent; and -- Cash flow from operations of $95.0 to $105.0 million. Conference Call

Blackboard will broadcast its third quarter conference call live over the Internet today beginning at 4:30 p.m. (Eastern). Interested parties can access the webcast through the Investor Relations section of the Company's Web site at http://investor.blackboard.com/.

A replay of the call will be available via telephone at approximately 7:00 p.m. (ET) on November 3, 2009. To listen to the replay, participants in the U.S. and Canada should dial 888-286-8010, and international participants should dial +1 (617) 801-6888. The conference ID for the replay is 37009592.

BLACKBOARD INC. UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except share and per share amounts) Three Months Ended Nine Months Ended September 30 September 30 ------------ ------------ 2008 2009 2008 2009 ---- ---- ---- ---- Revenues: Product $74,332 $87,862 $205,818 $251,369 Professional services 8,758 10,546 21,295 25,597 ----- ------ ------ ------ Total revenues 83,090 98,408 227,113 276,966 Operating expenses: Cost of product revenues, excludes $4,572 and $2,480 for the three months ended September 30, 2008 and 2009, respectively, and $13,232 and $8,152 for the nine months ended September 30, 2008 and 2009, respectively, in amortization of acquired technology included in amortization of intangibles resulting from acquisitions shown below (1) 19,626 23,849 53,597 67,055 Cost of professional services revenues (1) 4,994 5,550 15,078 15,020 Research and development (1) 10,514 11,428 30,191 33,848 Sales and marketing (1) 24,079 24,670 67,699 74,008 General and administrative (1) 12,716 14,636 37,931 42,476 Patent related (proceeds) impairment and other costs - - (3,313) 10,984 Amortization of intangibles resulting from acquisitions 9,729 9,282 28,137 25,728 ----- ----- ------ ------ Total operating expenses 81,658 89,415 229,320 269,119 ------ ------ ------- ------- Income (Loss) from operations 1,432 8,993 (2,207) 7,847 Other (expense) income: Interest expense (2) (3,004) (3,015) (9,073) (8,877) Interest income 339 36 1,487 202 Other income (233) 300 3,857 1,103 ---- --- ----- ----- (Loss) Income before benefit (provision) for income taxes (2) (1,466) 6,314 (5,936) 275 Benefit (Provision) for income taxes 2,351 (2,007) 2,243 (77) ----- ------ ----- --- Net income (loss) (2) $885 $4,307 $(3,693) $198 ==== ====== ======= ==== Net income (loss) per common share: (2) Basic $0.03 $0.13 $(0.12) $0.01 ===== ===== ====== ===== Diluted $0.03 $0.13 $(0.12) $0.01 ===== ===== ====== ===== Weighted average number of common shares: Basic 31,184,215 32,073,491 30,754,997 31,682,212 ========== ========== ========== ========== Diluted 32,203,249 33,045,337 30,754,997 32,466,179 ========== ========== ========== ========== (1) Includes the following amounts related to stock- based compensation: Cost of product revenues $244 $347 $679 $923 Cost of professional services revenues 8 138 240 398 Research and development 195 284 547 768 Sales and marketing 1,549 1,501 4,630 4,625 General and administrative 1,636 1,775 5,015 5,270 (2) Blackboard adopted ASC 470-20 (Prior authoritative literature: FASB Staff Position No. APB 14-1, "Accounting for Convertible Debt Instruments that May be Settled in Cash Upon Conversion") effective January 1, 2009, which required restatement of prior periods, as applicable. The three and nine months ended September 30, 2008 have been adjusted to reflect additional amortization of debt discount of $1,206 and $3,529, respectively. Interest expense, Income (Loss) before benefit (provision) for income taxes, Net income (loss), and Net income (loss) per common share - Basic and Diluted have been adjusted accordingly and were previously reported as $(1,798), $(260), $2,091, $0.07 and $0.06, respectively, for the three months ended September 30, 2008. Interest expense, Income (Loss) before benefit (provision) for income taxes, Net income (loss), and Net income (loss) per common share - Basic and Diluted have been adjusted accordingly and were previously reported as $(5,545), $(2,408), $(165), $(0.01) and $(0.01), respectively, for the nine months ended September 30, 2008. Reconciliation of GAAP Net (loss) income before benefit (provision) for income taxes to Non-GAAP adjusted net income (3): GAAP Net (loss) income before benefit (provision) for income taxes $(1,466) $6,314 $(5,936) $275 Add: Non-cash patent related impairment - - - 7,447 Add: Amortization of intangibles resulting from acquisitions 9,729 9,282 28,137 25,728 Add: Stock-based compensation 3,632 4,045 11,111 11,984 Add: Non-cash interest expense 1,595 1,571 4,777 4,689 Adjusted provision for income taxes (4) (3,316) (7,892) (14,509) (19,463) ------ ------ ------- ------- Non-GAAP adjusted net income (5) $10,174 $13,320 $23,580 $30,660 ======= ======= ======= ======= Non-GAAP adjusted net income per common share - diluted (5) $0.32 $0.40 $0.74 $0.94 ===== ===== ===== ===== Weighted average number of diluted common shares 32,203,249 33,045,337 31,778,833 32,466,179 ========== ========== ========== ========== (3) Non-GAAP adjusted net income and non-GAAP adjusted net income per share are non-GAAP financial measures and have no standardized measurement prescribed by generally accepted accounting principles in the US (GAAP). Management believes that both measures provide additional useful information to investors regarding the Company's ongoing financial condition and results of operations and since the Company has historically reported these non-GAAP results they provide an additional basis for comparisons to prior periods. The non-GAAP financial measures may not be comparable with similar non-GAAP financial measures used by other companies and should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. The Company provides the above reconciliation to the most directly comparable GAAP financial measure to allow investors to appropriately consider each non-GAAP financial measure. (4) Adjusted provision for income taxes is applied at an effective rate of approximately 24.6% and 37.2% for the three months ended September 30, 2008 and 2009, respectively, and approximately 38.1% and 38.8% for the nine months ended September 30, 2008 and 2009, respectively. (5) Beginning in fiscal 2009, the Company changed the definition it utilizes for non-GAAP adjusted net income. For the 2008 period presented in the reconciliation of GAAP Net (loss) income before benefit (provision) for income taxes to non-GAAP adjusted net income, the new definition for non-GAAP adjusted net income is being used which excludes the amortization of intangibles resulting from acquisitions, stock-based compensation, patent related impairment charges, and non-cash interest expense, all net of taxes. BLACKBOARD INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS December 31, September 30, 2008 2009 ---- ---- (in thousands, except per share amounts) ASSETS Current assets: Cash and cash equivalents $141,746 $132,049 Accounts receivable, net 92,529 93,018 Inventories 1,783 2,140 Prepaid expenses and other current assets (6) 8,361 12,235 Deferred tax asset, current portion 1,796 5,255 Deferred cost of revenues 7,126 7,609 ----- ----- Total current assets 253,341 252,306 Deferred tax asset, noncurrent portion (6) 18,897 9,067 Investment in common stock warrant 1,990 3,124 Restricted cash 4,249 4,139 Property and equipment, net 31,950 36,286 Other assets 549 936 Goodwill and intangible assets, net 338,976 409,873 ------- ------- Total assets $649,952 $715,731 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $2,579 $5,524 Accrued expenses 27,879 35,880 Deferred rent, current portion 345 975 Deferred revenues, current portion 179,238 200,472 ------- ------- Total current liabilities 210,041 242,851 Notes payable, net of debt discount (6) 149,923 154,612 Deferred rent, noncurrent portion 10,959 11,674 Deferred revenues, noncurrent portion 5,554 6,536 Stockholders' equity: Common stock, $0.01 par value 314 322 Additional paid-in capital (6) 356,683 383,060 Accumulated deficit (6) (83,522) (83,324) ------- ------- Total stockholders' equity 273,475 300,058 ------- ------- Total liabilities and stockholders' equity $649,952 $715,731 ======== ======== (6) As noted in footnote (2) above, ASC 470-20 required restatement of prior periods. Prepaid expenses and other current assets, Deferred tax assets - noncurrent portion, Notes payable, Additional paid-in capital, and Accumulated deficit have been adjusted accordingly and were previously reported as $8,518, $27,146, $163,172, $344,698, and $(76,380), respectively, as of December 31, 2008. BLACKBOARD INC. UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS Nine Months Ended September 30 ------------ 2008 2009 ---- ---- (in thousands) Cash flows from operating activities Net (loss) income (7) $(3,693) $198 Adjustments to reconcile net loss to net cash (used in) provided by operating activities: Deferred income tax benefit (6,094) (2,455) Excess tax benefits from stock-based compensation (1,903) (763) Amortization of debt discount (7) 4,777 4,689 Depreciation and amortization 11,642 14,045 Amortization of intangibles resulting from acquisitions 28,137 25,728 Patent related impairment charge - 7,447 Change in allowance for doubtful accounts 245 1,233 Stock-based compensation 11,111 11,984 Gain on investment in common stock warrant (3,980) (1,136) Changes in operating assets and liabilities: Accounts receivable (41,818) 987 Inventories 59 (357) Prepaid expenses and other current assets (7) (2,545) (3,319) Deferred cost of revenues (6) (483) Accounts payable (2,027) 2,885 Accrued expenses 1,006 8,780 Deferred rent 8,575 1,345 Deferred revenues 51,932 19,002 ------ ------ Net cash provided by operating activities 55,418 89,810 Cash flows from investing activities Purchases of property and equipment (22,297) (15,919) Payments for patent enforcement costs (3,141) (414) Purchase of available-for-sale investments - (6,586) Redemptions of available-for-sale investments - 6,586 Proceeds from common stock warrant 1,990 - Acquisitions, net of cash acquired (132,992) (91,784) -------- ------- Net cash used in investing activities (156,440) (108,117) Cash flows from financing activities Payments on letters of credit (127) - Release of letters of credit 777 110 Excess tax benefits from stock-based compensation 1,903 763 Proceeds from exercise of stock options 10,657 7,737 ------ ----- Net cash provided by financing activities 13,210 8,610 ------ ----- Net decrease in cash and cash equivalents (87,812) (9,697) Cash and cash equivalents at beginning of period 206,558 141,746 ------- ------- Cash and cash equivalents at end of period $118,746 $132,049 ======== ======== (7) As noted in footnote (2) above, ASC 470-20 required restatement of prior periods. Net loss, Amortization of debt discount, and Prepaid expenses and other current assets have been adjusted accordingly and were previously reported as $(165), $1,286, and $(2,582), respectively, for the nine months ended September 30, 2008. About Blackboard Inc.

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

Any statements in this press release about future expectations, plans and prospects for Blackboard and other statements containing the words "believes," "anticipates," "plans," "expects," "will," and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including the factors discussed in the "Risk Factors" section of our Form 10-Q filed on August 6, 2009 with the SEC. In addition, the forward-looking statements included in this press release represent the Company's views as of November 3, 2009. The Company anticipates that subsequent events and developments will cause the Company's views to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to November 3, 2009.

Use of Non-GAAP Financial Measures

This release includes information about the Company's non-GAAP adjusted net income and non-GAAP adjusted net income per share, which are non-GAAP financial measures. Management believes that both measures, which exclude the amortization or impairment of intangible assets, stock-based compensation, and non-cash interest expense, provide additional useful information to investors regarding the Company's ongoing financial condition and results of operations and aspects of current operating performance that can be effectively managed. Because the Company has historically reported these non-GAAP results to the investment community, management also believes the inclusion of these non-GAAP financial measures provides enhanced comparability in its financial reporting and facilitates investors' understanding of the Company's historic operating trends by providing an additional basis for comparisons to prior periods. In addition, the Company's internal reporting, including information provided to the Company's Audit Committee and Board of Directors, contains non-GAAP measures. The Company has also adopted internal compensation metrics that are determined on a basis that excludes amortization of acquired intangibles and the associated tax impact, and in 2009 also excludes stock-based compensation expense, non-cash patent related impairment charges, non-cash interest expense and other items as determined by the Board of Directors.

A material limitation associated with the use of the above non-GAAP financial measures is that they have no standardized measurement prescribed by GAAP and may not be comparable with similar non-GAAP financial measures used by other companies. The Company compensates for these limitations by providing full disclosure of each non-GAAP financial measure and reconciliation to the most directly comparable GAAP financial measure which investors can use to appropriately consider each financial measure determined under GAAP as well as on the adjusted non-GAAP basis. However, the non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. In addition to the information contained in this release, investors should also review information contained in the Company's Form 10-Q dated August 6, 2009, as well as other filings with the Securities and Exchange Commission when assessing the Company's financial condition and results of operations.

Blackboard Inc.

CONTACT: For Financial Media and Investors: Michael J. Stanton, Senior
Vice President, Investor Relations, Blackboard Inc., +1-202-463-4860 ext.
2305, Staci Strauss Mortenson, Senior Vice President, ICR, +1-203-682-8273;
For Education & General Media: Matthew Maurer, Director, Public Relations,
Blackboard Inc., +1-202-463-4860 ext. 2637, matthew.maurer@blackboard.com

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

Discovery Communications Reports Third Quarter 2009 Results

SILVER SPRING, Md., Nov. 3 /PRNewswire-FirstCall/ -- Discovery Communications, Inc. ("Discovery" or the "Company") today reported financial results for the third quarter ended September 30, 2009. The discussion below assumes the transaction between Discovery Holding Company ("DHC"), Discovery Communications Holding, LLC ("DCH"), and Advance/Newhouse Programming Partnership that resulted in Discovery becoming a public company occurred on January 1, 2008 and as such includes 100% of Discovery's results.

(Logo: http://www.newscom.com/cgi-bin/prnh/20080918/NETH035LOGO )

David Zaslav, Discovery's President and Chief Executive Officer, said, "Discovery continued to deliver strong operating results during the third quarter, growing Adjusted OIBDA 17% in a challenging global environment. We remain focused on strengthening our portfolio and programming while increasing our efficiency through targeted reductions in our overall cost structure. Our strategy has generated ratings momentum across our networks enabling us to grow market share and, along with our expanding distribution revenues and leaner cost structure, positions us for continued margin expansion as the economy strengthens."

Revenues of $854 million were up slightly compared with the third quarter a year ago as 5% growth at U.S. Networks was partially offset by a 2% decline at International Networks, primarily the result of a $22 million unfavorable impact from foreign currency fluctuations. Adjusted Operating Income Before Depreciation and Amortization (1) ("OIBDA") increased 17% to $364 million, driven by 18% growth at U.S. Networks and 7% growth at International Networks. Total Company Adjusted OIBDA margin increased to 43% for the third quarter from 37% for the same period a year ago.

Third quarter net income available to Discovery Communications, Inc., stockholders of $95 million ($0.22 per share) decreased $39 million compared to $134 million ($0.44 per share) for the third quarter a year ago. The decreased results primarily reflect the $53 million growth in Adjusted OIBDA and $39 million lower tax expense in the quarter, which were more than offset by a $91 million expense in the current year from the unrealized change in the fair value of the mark-to-market share-based compensation, compared with a benefit of $65 million in the third quarter a year ago.

Free cash flow was $29 million for the third quarter, a decrease of $170 million from the third quarter of 2008, primarily due to $81 million in cash taxes paid related to the sale of 50% of the Discovery Kids channel, as well as the timing of $59 million of additional tax payments related to prior periods. Excluding these taxes, free cash flow of $455 million for the nine months year-to-date increased $116 million compared to the same period in 2008. Free cash flow is defined as cash provided by operating activities less acquisitions of property and equipment.

(1) See the definition of Adjusted Operating Income Before Depreciation and Amortization on page 4.

SEGMENT RESULTS (dollars in Three Months Ended Nine Months Ended millions) September 30, September 30, 2009 2008 Change 2009 2008 Change Revenues: U.S. Networks $522 $498 5% $1,588 $1,526 4% International Networks 293 300 (2%) 831 864 (4%) Commerce, Education, and Other 38 45 (16%) 127 126 1% Corporate 1 2 (50%) 6 23 (74%) Total Revenues $854 $845 1% $2,552 $2,539 1% Adjusted OIBDA: U.S. Networks $302 $257 18% $907 $811 12% International Networks 110 103 7% 298 280 6% Commerce, Education, and Other 2 5 (60%) 13 2 NM Corporate (50) (54) 7% (144) (145) 1% Total Adjusted OIBDA $364 $311 17% $1,074 $948 13% U.S. Networks (dollars in Three Months Ended Nine Months Ended millions) September 30, September 30, 2009 2008 Change 2009 2008 Change Revenues: Distribution $242 $231 5% $737 $691 7% Advertising 261 249 5% 795 776 2% Other 19 18 6% 56 59 (5%) Total Revenues $522 $498 5% $1,588 $1,526 4% Adjusted OIBDA $302 $257 18% $907 $811 12% Adjusted OIBDA Margin 58% 52% 57% 53%

U.S. Networks' revenues in the third quarter of 2009 increased 5% to $522 million primarily driven by distribution and advertising revenue growth. Distribution revenue grew 5% largely from higher rates and subscriber growth primarily from networks carried on the digital tier, offset by the absence of $10 million due to the removal of Discovery Kids from the consolidated results following the sale of 50% of the entity on May 22, 2009. Excluding Discovery Kids from 2008 results, distribution revenue in the current quarter grew 10% compared with the third quarter a year ago. Advertising revenue increased 5% as a result of increased ratings, partially offset by lower cash sellouts due to softness in the economy.

Adjusted OIBDA increased 18% to $302 million in the current quarter, reflecting the 5% revenue growth and a 9% decline in operating expenses from lower marketing, selling and administrative costs, as well as from a decrease in programming costs. The decline in programming primarily reflects a content impairment charge of $17 million at TLC in the third quarter of 2008. Operating expenses would have decreased 4% excluding this content impairment charge and $4 million of increased costs related to OWN incurred in the current quarter.

International Networks (dollars in Three Months Ended Nine Months Ended millions) September 30, September 30, 2009 2008 Change 2009 2008 Change Revenues: Distribution $184 $188 (2%) $540 $548 (1%) Advertising 80 83 (4%) 215 238 (10%) Other 29 29 0% 76 78 (3%) Total Revenues $293 $300 (2%) $831 $864 (4%) Adjusted OIBDA $110 $103 7% $298 $280 6% Adjusted OIBDA Margin 38% 34% 36% 32%

International Networks' revenues for the third quarter decreased 2% to $293 million due to a $22 million unfavorable impact from foreign currency fluctuations. Excluding the impact of foreign currency fluctuations, revenues for the current quarter increased 6% driven by 9% advertising revenue growth, primarily at EMEA from higher viewership and an increased subscriber base, as well as 5% affiliate revenue growth led by Latin America and Asia-Pacific from increased subscribers.

Adjusted OIBDA, which included a $2 million unfavorable impact related to foreign exchange rates, increased 7% to $110 million as the 2% revenue decline was more than offset by an 8% decrease in operating expenses. Excluding the impact of foreign currency, Adjusted OIBDA increased 10% reflecting the 6% revenue growth partially offset by 3% higher operating expenses as increased programming expenses were mostly offset by lower marketing and personnel costs.

Commerce, Education, and Other (dollars in Three Months Ended Nine Months Ended millions) September 30, September 30, 2009 2008 Change 2009 2008 Change Revenues $38 $45 (16%) $127 $126 1% Adjusted OIBDA $2 $5 (60%) $13 $2 NM

Commerce, Education and Other third quarter revenues of $38 million declined $7 million from the third quarter of 2008, primarily from lower commerce revenues as a result of the transition to a new licensing model and a decline in sound services, partially offset by increased educational revenues from higher streaming volumes. Adjusted OIBDA decreased $3 million primarily from lower results in sound services, partially offset by cost reductions from the transition of our commerce business to a licensing model.

Corporate

Adjusted OIBDA increased $4 million when compared to the third quarter a year ago due primarily to lower consulting costs.

FULL YEAR 2009 OUTLOOK

For the full year ended December 31, 2009, Discovery Communications, Inc., expects total revenue between $3,450 million and $3,500 million, Adjusted OIBDA between $1,430 million and $1,460 million, and net income available to Discovery Communications, Inc. stockholders of $525 million to $550 million. Our outlook incorporates current foreign exchange rates for revenues and expenses, the removal of Discovery Kids from our consolidated operations, current share price for mark-to-market share-based compensation calculations and the impact of OWN.

NON-GAAP FINANCIAL MEASURES Adjusted OIBDA and Free Cash Flow

In addition to the results prepared in accordance with generally accepted accounting principles (GAAP) provided in this release, the Company has presented Adjusted OIBDA and free cash flow. The Company evaluates the operating performance of its segments based on financial measures such as revenues and adjusted operating income before depreciation and amortization ("Adjusted OIBDA"). Adjusted OIBDA is defined as revenues less costs of revenues and selling, general and administrative expenses excluding: (i) mark-to-market share-based compensation, (ii) depreciation and amortization, (iii) amortization of deferred launch incentives, (iv) exit and restructuring charges, (v) impairment charges, and (vi) gains (losses) on business and asset dispositions. The Company uses this measure to assess operating results and performance of its segments, perform analytical comparisons, identify strategies to improve performance and allocate resources to each segment. The Company believes Adjusted OIBDA is relevant to investors because it allows them to analyze the operating performance of each segment using the same metric management uses and also provides investors a measure to analyze the operating performance of each segment against historical data. The Company excludes mark-to-market share-based compensation, exit and restructuring charges, impairment charges, and gains (losses) on business and asset dispositions from the calculation of Adjusted OIBDA due to their volatility or non-recurring nature. The Company also excludes the amortization of deferred launch incentive payments because these payments are infrequent and the amortization does not represent cash payments in the current reporting period.

The Company defines free cash flow as cash provided by operations less acquisitions of property and equipment. The Company uses free cash flow as it believes it is an important indicator for management and investors of the Company's liquidity, including its ability to reduce debt, make strategic investments and return capital to shareholders.

Because Adjusted OIBDA and free cash flow are non-GAAP measures, they should be considered in addition to, but not as a substitute for, operating income, net income, cash flow provided by operating activities and other measures of financial performance reported in accordance with U.S. GAAP. Please review the supplemental financial schedules beginning on page 9 for reconciliations to GAAP measures.

OTHER ITEMS

In August 2009, the Company issued $500 million of senior notes at 5.625% maturing on August 15, 2019. Net proceeds were primarily used to repay outstanding debt.

The 2008 financial information has been recast so that the basis of presentation is consistent with that of the 2009 financial information. This recast reflects the adoption of Financial Accounting Standards Board Accounting Standards Codification Topic 810, Consolidation.

Conference Call Information

Discovery Communications, Inc. will host a conference call today at 4:30 p.m. EST to discuss its third quarter 2009 results. To listen to the call, visit http://www.discoverycommunications.com/.

Cautionary Statement Concerning Forward-Looking Statements

This press release contains certain forward-looking statements based on current expectations, forecasts and assumptions that involve risks and uncertainties. These statements are based on information available to the Company as of the date hereof, and the Company's actual results could differ materially from those stated or implied, due to risks and uncertainties associated with its business, which include the risk factors disclosed in its Annual Report on Form 10-K filed with the SEC on February 25, 2009. Forward-looking statements include statements regarding the Company's expectations, beliefs, intentions or strategies regarding the future, and can be identified by forward-looking words such as "anticipate," "believe," "could," "continue," "estimate," "expect," "intend," "may," "should," "will" and "would" or similar words. Forward-looking statements in this release include, without limitation, the full year 2009 outlook. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

DISCOVERY COMMUNICATIONS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited; dollars in millions, except per share amounts) Three Months Nine Months Ended Ended September 30, September 30, 2009 2008(a) 2009 2008(a) Revenues: Distribution $426 $419 $1,277 $1,239 Advertising 341 332 1,010 1,014 Other 87 94 265 286 Total revenues 854 845 2,552 2,539 Costs of revenues, excluding depreciation and amortization listed below 257 262 767 758 Selling, general and administrative 338 224 929 845 Depreciation and amortization 40 50 118 146 Restructuring and impairment charges 4 13 47 17 Gain on business disposition - - (252) - 639 549 1,609 1,766 Operating income 215 296 943 773 Interest expense, net (66) (61) (183) (196) Other non-operating income (expense), net 6 (8) 34 (4) Income from continuing operations before income taxes 155 227 794 573 Provision for income taxes (54) (93) (391) (285) Income from continuing operations, net of taxes 101 134 403 288 Income from discontinued operations, net of taxes - 40 - 42 Net income 101 174 403 330 Less: Net (income) loss attributable to non-controlling interests - (40) 2 (119) Net income attributable to Discovery Communications, Inc. 101 134 405 211 Stock dividends to preferred interests (6) - (8) - Net income available to Discovery Communications, Inc. stockholders $95 $134 $397 $211 Amounts available to Discovery Communications, Inc. stockholders: Income from continuing operations, net of taxes $95 $94 $397 $169 Income from discontinued operations, net of taxes - 40 - 42 Net income $95 $134 $397 $211 Income per share from continuing operations available to Discovery Communications, Inc. stockholders, basic and diluted $0.22 $0.31 $0.94 $0.59 Income per share from discontinued operations available to Discovery Communications, Inc. stockholders, basic and diluted - 0.13 - 0.15 Net income per share available to Discovery Communications, Inc. stockholders, basic and diluted $0.22 $0.44 $0.94 $0.74 Weighted average number of shares outstanding: Basic 424 302 423 287 Diluted 427 302 424 287 (a) The 2008 financial information has been recast so that the basis of presentation is consistent with that of the 2009 financial information. See Other Items on page 4 for additional detail. DISCOVERY COMMUNICATIONS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited; dollars in millions) September 30, December 31, 2009 2008(a) ASSETS Current assets: Cash and cash equivalents $401 $100 Receivables, net of allowances of $16 and $16, respectively 775 780 Content rights, net 76 73 Prepaid expenses and other current assets 165 156 Total current assets 1,417 1,109 Noncurrent content rights, net 1,225 1,163 Property and equipment, net 417 395 Goodwill 6,438 6,891 Intangible assets, net 654 716 Other noncurrent assets 590 210 Total assets $10,741 $10,484 LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS IN SUBSIDIARIES, AND EQUITY Current liabilities: Accounts payable and accrued liabilities $394 $421 Current portion of long-term debt 39 458 Other current liabilities 329 191 Total current liabilities 762 1,070 Long-term debt 3,472 3,331 Other noncurrent liabilities 416 473 Total liabilities 4,650 4,874 Commitments and contingencies Redeemable non-controlling interests in subsidiaries 49 49 Equity: Preferred stock 2 2 Common stock 3 3 Additional paid-in capital 6,589 6,545 Accumulated deficit (531) (936) Accumulated other comprehensive loss (35) (78) Equity attributable to Discovery Communications, Inc. 6,028 5,536 Equity attributable to non-controlling interests 14 25 Total equity 6,042 5,561 Total liabilities, redeemable non-controlling interests in subsidiaries, and equity $10,741 $10,484 (a) The 2008 financial information has been recast so that the basis of presentation is consistent with that of the 2009 financial information. See Other Items on page 4 for additional detail. DISCOVERY COMMUNICATIONS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited; dollars in millions) Nine Months Ended September 30, 2009 2008(a) OPERATING ACTIVITIES Net income $403 $330 Adjustments to reconcile net income to cash provided by operating activities: Share-based compensation expense (benefit) 196 (47) Depreciation and amortization 118 195 Asset impairments 26 - Gains on business dispositions (252) (67) Gains on asset dispositions - (9) Gain on sale of securities (13) - Deferred income taxes (33) 122 Other noncash expenses, net 26 62 Changes in operating assets and liabilities, net of discontinued operations: Receivables, net - (29) Accounts payable and accrued liabilities (21) (18) Other, net (92) (116) Cash provided by operating activities 358 423 INVESTING ACTIVITIES Purchases of property and equipment (43) (84) Net cash acquired from Newhouse Transaction - 45 Business acquisitions, net of cash acquired - (8) Proceeds from asset dispositions - 13 Proceeds from business dispositions 300 126 Proceeds from sales of securities 22 24 Cash provided by investing activities 279 116 FINANCING ACTIVITIES Ascent Media Corporation spin-off - (356) Net repayments of revolver loans (315) (89) Borrowings from long-term debt, net of discount and issuance costs 970 - Principal repayments of long-term debt (1,007) (191) Principal repayments of capital lease obligations (7) (12) Cash distribution to non-controlling interest (9) - Proceeds from stock option exercises 26 - Other financing activities, net (1) (10) Cash used in financing activities (343) (658) Effect of exchange rate changes on cash and cash equivalents 7 2 CHANGE IN CASH AND CASH EQUIVALENTS 301 (117) Cash and cash equivalents of continuing operations, beginning of period 100 8 Cash and cash equivalents of discontinued operations, beginning of period - 201 CASH AND CASH EQUIVALENTS, END OF PERIOD $401 $92 (a) The 2008 financial information has been recast so that the basis of presentation is consistent with that of the 2009 financial information. See Other Items on page 4 for additional detail. DISCOVERY COMMUNICATIONS, INC. SUPPLEMENTAL FINANCIAL DATA RECONCILIATION OF ADJUSTED OPERATING INCOME BEFORE DEPRECIATION AND AMORTIZATION (unaudited; dollars in millions) Three Months Ended September 30, 2009 Adjusted Operating Amortization Income Before of Depreciation Depreciation Deferred Mark-to-Market and and Launch Share-Based Operating Amortization Amortization Incentives Compensation Other(a) Income U.S. Networks $302 $(7) $(5) $- $(1) $289 International Networks 110 (11) (9) - (3) 87 Commerce, Education, and Other 2 (2) - - - - Corporate (50) (20) - (91) - (161) Total $364 $(40) $(14) $(91) $(4) $215 Three Months Ended September 30, 2008 Adjusted Operating Amortization Income Before of Depreciation Depreciation Deferred Mark-to-Market and and Launch Share-Based Operating Amortization Amortization Incentives Compensation Other(a) Income U.S. Networks $257 $(12) $(6) $(1) $(13) $225 International Networks 103 (12) (11) - - 80 Commerce, Education, and Other 5 (2) - - - 3 Corporate (54) (24) - 66 - (12) Total $311 $(50) $(17) $65 $(13) $296 (a) Total amount represents exit and restructuring charges. DISCOVERY COMMUNICATIONS, INC. SUPPLEMENTAL FINANCIAL DATA RECONCILIATION OF ADJUSTED OPERATING INCOME BEFORE DEPRECIATION AND AMORTIZATION (unaudited; dollars in millions) Nine Months Ended September 30, 2009 Adjusted Operating Amortization Income Before of Depreciation Depreciation Deferred Mark-to-Market and and Launch Share-Based Operating Amortization Amortization Incentives Compensation Other(a) Income U.S. Networks $907 $(23) $(16) $(1) $224 $1,091 International Networks 298 (32) (25) - (13) 228 Commerce, Education, and Other 13 (4) - - (1) 8 Corporate (144) (59) - (176) (5) (384) Total $1,074 $(118) $(41) $(177) $205 $943 Nine Months Ended September 30, 2008 Adjusted Operating Amortization Income Before of Depreciation Depreciation Deferred Mark-to-Market and and Launch Share-Based Operating Amortization Amortization Incentives Compensation Other(a) Income U.S. Networks $811 $(40) $(26) $(7) $(13) $725 International Networks 280 (32) (33) - - 215 Commerce, Education, and Other 2 (7) - - (4) (9) Corporate (145) (67) - 54 - (158) Total $948 $(146) $(59) $47 $(17) $773 (a) Total amount in 2009 represents the pre-tax gain on the sale of Discovery Kids of $252 million, asset impairments of $26 million and exit and restructuring charges of $21 million. Total amount in 2008 represents exit and restructuring charges. DISCOVERY COMMUNICATIONS, INC. SUPPLEMENTAL FINANCIAL DATA (unaudited; dollars in millions) CALCULATION OF FREE CASH FLOW Three Months Nine Months Ended September 30, Ended September 30, 2009 2008 Change 2009 2008 Change Cash provided by operating activities $38 $241 $(203) $358 $423 $(65) Acquisition of property and equipment (9) (42) 33 (43) (84) 41 Free cash flow $29 $199 $(170) $315 $339 $(24) RECONCILIATION OF 2009 OUTLOOK TO GAAP MEASURES Full Year 2009 Net income available to Discovery Communications, Inc. stockholders $525 To $550 Interest expense, net 260 To 240 Depreciation and amortization 155 To 150 Other expense, including amortization of deferred launch incentives, mark-to-market share-based compensation, asset impairment, exit and restructuring costs, gain (loss) on business disposition, gain (loss) on sale of securities, equity earnings in unconsolidated affiliates, unrealized and realized gains and losses from derivatives, income tax expense, net loss (income) attributable to non-controlling interests, and stock dividends to preferred interests 490 To 520 Adjusted OIBDA $1,430 To $1,460 DISCOVERY COMMUNICATIONS, INC. SUPPLEMENTAL FINANCIAL DATA SELECTED FINANCIAL DETAIL (unaudited; dollars in millions, except per share amounts) BORROWINGS As of September 30, 2009 $1.6 billion Revolving Credit Facility, due October 2010 $- $1.5 billion Term Loan B, due quarterly September 2007 to May 2014 1,466 $500 million Term Loan C, due quarterly June 2009 to May 2014 498 8.37% Senior Notes, semi-annual interest, due March 2011 220 8.13% Senior Notes, semi-annual interest, due September 2012 235 Floating Rate Senior Notes, semi-annual interest, due December 2012 (1.99 % at September 30, 2009) 90 6.01% Senior Notes, semi-annual interest, due December 2015 390 5.625% Senior Notes, semi-annual interest, due August 2019 500 Other notes payable 1 Capital lease obligations 125 Total long-term debt 3,525 Unamortized discount (14) Long-term debt, net 3,511 Less: Current portion 39 Noncurrent portion $3,472 SHARE-BASED COMPENSATION As of September 30, 2009 Total Units Weighted Vested Units Weighted Outstanding Average Outstanding Average Long-Term (in Exercise (in Exercise Incentive Plans millions) Price millions) Price Discovery Appreciation Plan 16.9 $18.76 0.1 $21.64 Stock Appreciation Rights 3.5 14.46 0.7 14.44 Stock option 16.3 15.15 1.0 13.94 Total share-based compensation plans 36.7 $16.75 1.8 $14.56 NET OF TAX GAIN RECONCILIATION FOR DISCOVERY KIDS TRANSACTION Pre-tax gain on sale of 50% of Discovery Kids $252 Tax recorded on book gain (93) Tax recorded on goodwill allocated to the 50% of Discovery Kids sold (81) Tax recorded on step-up of book value for the retained 50% of Discovery Kids (32) Net of tax gain $46

Photo: http://www.newscom.com/cgi-bin/prnh/20080918/NETH035LOGO
http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com Discovery Communications, Inc.

CONTACT: Corporate Communications, Michelle Russo +1-240-662-2901,
michelle_russo@discovery.com; Investor Relations, Craig Felenstein,
+1-212-548-5109, craig_felenstein@discovery.com

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

Miller Industries Announces Webcast

CHATTANOOGA, Tenn., Nov. 3 /PRNewswire-FirstCall/ -- Miller Industries, Inc. intends to release its results for the third quarter ended September 30, 2009 on Monday, November 9, 2009, after the close of the market. In conjunction with this release, the Company will host a conference call on the following day that will be simultaneously broadcast live over the Internet:

Tuesday, November 10, 2009 10:00 AM ET 9:00 AM CT 8:00 AM MT 7:00 AM PT Listeners can access the conference call live over the Internet at: http://www.videonewswire.com/event.asp?id=63165

Please allow 15 minutes prior to the call to visit the site to download and install any necessary audio software. After the call has taken place, its archived version may be accessed at this Web site.

Miller Industries is the world's largest manufacturer of towing and recovery equipment, and markets its towing and recovery equipment under a number of well-recognized brands, including Century, Vulcan, Chevron, Holmes, Challenger, Champion, Jige, Boniface and Eagle.

Miller Industries, Inc.

CONTACT: Miller Industries, Inc., J. Vincent Mish, Chief Financial
Officer, +1-423-238-4171, or Frank Madonia, General Counsel, +1-423-238-4171;
or FD, Investor contact: Eric Boyriven, or Alexandra Tramont, +1-212-850-5600

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News archive of November 2009
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