Companies news of 2009-11-08 (page 1)
Investor Group to Partner with Management to Transition TASC Inc. into an Independent...
Northrop Grumman to Sell Its Advisory Services Division, TASC, Inc., for $1.65 Billion;...
Rentrak Announces Box Office Numbers for Weekend of November 6, 2009
Zach Collaros, Toby Gerhart, Cameron Heyward and Jordan Shipley Announced as Week Ten...
ATA Announces Results for Second Fiscal Quarter 2010
Pointer Telocation's Q3 2009 Results Release & Conference Call Scheduled for Nov 11th,...
Mathematics and Biochemistry Research Earn Top Prize at Nation's Premier High School...
North Carolina Students Sweep Regional Finals of Nation's Premier High School Science...
Investor Group to Partner with Management to Transition TASC Inc. into an Independent Company$1.65 Billion Acquisition Creates Premier Independent High-End Systems Engineering & Technical Advisory Services Business Serving U.S. Government Ensures TASC's Full Compliance with New OCI* Standards
GREENWICH, Conn. and NEW YORK, Nov. 8 /PRNewswire/ -- An investor group led by General Atlantic LLC ("GA") and affiliates of Kohlberg Kravis Roberts & Co. ("KKR"), in partnership with the management team of TASC, Inc., ("TASC"), today announced a definitive agreement to acquire 100% of TASC from Northrop Grumman Corporation in a transaction valued at $1.65 billion. Founded in 1966, TASC today generates approximately $1.6 billion in revenue and has nearly 5,000 employees serving a range of intelligence, defense, and civil agencies.
"Today's announcement is another major milestone in TASC's long history of leadership in serving the federal government and national security communities, and provides an exceptional foundation for our continued growth," said Wood Parker, TASC's General Manager and prospective President and CEO. "As a fully independent entity, TASC will expand its ability to solve the U.S. Government's most pressing technical challenges. Our singular focus, as always, will remain supporting the vital missions of our customers."
"Moreover," added Parker, "we will now have more flexibility to invest in research and development as well as in retaining and attracting the finest talent in the nation. We are very pleased to partner with two highly respected and long-term oriented investors with deep experience in building and growing knowledge- and people-based businesses. Their success in supporting growth companies that are employers of choice makes them very attractive partners for TASC."
Upon closing of the transaction, TASC will be the nation's most recognized independent, non-conflicted provider of advanced systems engineering and technical assistance (SETA) to the defense, intelligence, federal, state and local markets.
The investor group worked closely with a team of expert advisors including Dr. Donald M. Kerr, former head of the National Reconnaissance Office; Peter A. Marino, former Director of Technical Services for the CIA; R. Evans Hineman, a former senior leader in the intelligence community and former President of TASC from 1998-1999; James H. Frey, former President of TASC until 2002; and Reuben Jeffery, former Undersecretary of State for Economic, Energy and Agricultural Affairs.
"General Atlantic and KKR are long-term oriented and responsible growth investors who understand that TASC is an important national asset. They are committed to supporting TASC's customer base and the company's commitment to remain an employer of choice," said Mr. Hineman.
"TASC is at the intersection of General Atlantic's long-standing experience as growth equity investors in the professional services, information technology, and government sectors. We look forward to a long-term partnership," Steven A. Denning, Chairman of GA said. David Langstaff, special advisor to GA and industry veteran added, "With its core systems engineering heritage and its technical and analytical capabilities, TASC is at the forefront of protecting the nation from today's most serious security risks. As a newly independent company, TASC is poised to build on its 43 years of success and has a bright future."
"TASC is embodied by the many highly skilled and credentialed employees who have played a critical role, often unbeknownst to the public, in helping ensure the security of the United States by offering high end, mission critical engineering advisory services to key government agencies," Adam H. Clammer, Member of KKR, said. "Our investment today is not only about capital; it is an investment in the people, the mission and the future of TASC, a company with great heritage and a promising future as an independent and OCI compliant provider of strategic national security advice."
Neither General Atlantic nor KKR currently has portfolio companies that provide SETA services or focus primarily on providing technology services or platforms to the U.S. government, ensuring full compliance with the government's important emphasis on OCI avoidance.
The parties expect to complete the transaction in the fourth quarter of 2009, subject to customary approvals.
Renaissance Strategic Advisors provided strategic counsel to General Atlantic and KKR. Barclays Capital, Deutsche Bank Securities, Inc. and RBC Capital Markets acted as financial advisors to General Atlantic and KKR. Financing commitments for the acquisition are comprised of senior secured credit facilities and senior subordinated notes. The credit facilities will be provided by Barclays Capital, Deutsche Bank Securities, Inc., RBC Capital Markets and CPPIB Credit Investments Inc. KKR Capital Markets, an affiliate of KKR, arranged the senior subordinated notes with Highbridge Mezzanine Partners as the lead investor.
Paul, Weiss, Rifkind, Wharton & Garrison LLP, Simpson Thacher & Bartlett LLP, Arnold & Porter LLP and Arent Fox LLP served as legal advisors to the investors.
*Organizational Conflict of Interest (OCI)
About General Atlantic LLC
GENERAL ATLANTIC is a leading global growth equity firm providing capital and strategic support for growth companies. GA combines a collaborative global approach, sector specific expertise, long-term investment horizon and a deep understanding of growth drivers to partner with exceptional management teams and build enduring businesses worldwide. Established in 1980, GA manages approximately $14 billion in capital and has more than 75 investment professionals based in Greenwich, New York, Palo Alto, London, Düsseldorf, Hong Kong, Beijing, Mumbai and São Paulo. For further information and a listing of GA's public and private portfolio companies see http://www.generalatlantic.com/.
About KKR
KKR is a leading global alternative asset manager with over $50 billion in assets under management, over 600 people and 13 offices around the world as of June 30, 2009. The Firm manages assets through a variety of investment funds and accounts covering multiple asset classes. KKR seeks to create value by bringing operational expertise to its portfolio companies and through active oversight and monitoring of its investments. KKR complements its investment expertise and strengthens interactions with investors through its client relationship and capital markets platforms. KKR is publicly traded through KKR & Co. (Guernsey) L.P. (Euronext Amsterdam: KKR). For additional information, please visit the Firm's website at http://www.kkr.com/.
About TASC
TASC is a premier provider of advanced systems engineering and advisory services across the Intelligence Community, Department of Defense and Civilian Agencies of the federal government. For more than 40 years, we have partnered with our customers toward one goal--the success of their missions. Our broad portfolio of services includes cyber security; advanced concept and technology development; enterprise engineering and integration; program, financial and acquisition management; system/policy studies and analysis; test and evaluation; and program protection engineering. With nearly 5,000 employees, TASC generates approximately $1.6 billion in annual revenue.
For more information, contact:
General Atlantic
Patricia Hedley
203-629-8658
phedley@generalatlantic.com
or
Adam Weiner
Kekst & Company
917-842--1021
212-521-4823
adam-weiner@kekst.com
KKR
Peter McKillop
202-841-6693
Peter.McKillop@kkr.com
or
Kristi Huller
917-940-1233
Kristi.Huller@kkr.com
General Atlantic LLC; Kohlberg Kravis Roberts & Co.
CONTACT: General Atlantic, Patricia Hedley, +1-203-629-8658, phedley@generalatlantic.com, or Adam Weiner, Kekst & Company, +1-917-842-1021, or 212-521-4823, adam-weiner@kekst.com, KKR, Peter McKillop, +1-202-841-6693, Peter.McKillop@kkr.com, or Kristi Huller, +1-917-940-1233, Kristi.Huller@kkr.com
Web Site: http://www.generalatlantic.com/ http://www.kkr.com/
Northrop Grumman to Sell Its Advisory Services Division, TASC, Inc., for $1.65 Billion; Net Cash Proceeds to Fund Additional $1.1 Billion Share Repurchase
LOS ANGELES, Nov. 8 /PRNewswire-FirstCall/ -- Northrop Grumman Corporation has signed a definitive agreement to sell TASC, Inc., its advisory services business, for $1.65 billion in cash to an investor group led by General Atlantic LLC and affiliates of Kohlberg Kravis Roberts & Co. L.P. Completion of the transaction is subject to customary regulatory conditions including Hart-Scott-Rodino approval. The transaction is expected to close by year end.
Northrop Grumman's board of directors separately authorized a $1.1 billion increase in the company's share repurchase program. At the end of the third quarter of 2009, approximately $280 million remained on the company's prior $2.5 billion share repurchase authorization.
The company expects the sale to generate net cash proceeds, after taxes, of approximately $1.1 billion. Net proceeds will be used to repurchase shares of common stock, after which the transaction is expected to be neutral to Northrop Grumman's 2010 earnings per share from continuing operations. The company also expects the transaction to be neutral to 2009 net income and diluted earnings per share.
"This transaction is in the best interest of Northrop Grumman's customers, employees and shareholders," said Ronald D. Sugar, chairman and chief executive officer. "It reflects Northrop Grumman's desire to align quickly with the government's new organizational conflict of interest standards, while preserving TASC's unique organizational culture and its status as the advisory services employer of choice. TASC is a remarkable organization with a proud 43-year heritage of supporting critical national security missions. We are confident the investors understand the critical importance of its customers' missions and the depth and sophistication of its employees' expertise."
Chantilly, Va.-based TASC, Inc. is part of Northrop Grumman's Information Systems sector and has approximately 5,000 employees. TASC, Inc. expects 2009 revenue of approximately $1.6 billion.
Goldman Sachs and Credit Suisse represented Northrop Grumman in the transaction. Fried, Frank, Harris, Shriver & Jacobson LLP served as legal advisor to Northrop Grumman.
Northrop Grumman Corporation is a leading global security company whose 120,000 employees provide innovative systems, products, and solutions in aerospace, electronics, information systems, shipbuilding and technical services to government and commercial customers worldwide.
Northrop Grumman will hold a conference call at 11:30 a.m. EST on Nov. 9th to discuss this announcement. A live audio broadcast of the conference call will be available on the investor relations page of the company's Web site at http://www.northropgrumman.com/.
Statements in this release, other than statements of historical fact, constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future performance and involve certain risks and uncertainties. Actual results could differ materially due to factors such as: timing of the closing of the transaction described in this release; the effect of economic conditions in the United States and globally; access to capital; future sales and cash flows; timing of cash receipts; effective tax rates and timing and amounts of tax payments; returns on pension plan assets, interest and discount rates and other changes that may impact pension plan assumptions; the outcome of litigation, claims, audits, appeals, bid protests and investigations; hurricane-related insurance recoveries; costs of environmental remediation; our relationships with labor unions; availability and retention of qualified personnel; costs of capital investments; changes in organizational structure and reporting segments; risks associated with acquisitions, dispositions, joint ventures and other business arrangements; possible impairments of goodwill or other intangible assets; effects of legislation, rulemaking, and changes in accounting, tax or defense procurement; changes in government and customer priorities and requirements (including, government budgetary constraints, shifts in defense spending, changes in import and export policies, changes in customer short-range and long-range plans); acquisition or termination of contracts; technical, operational or quality setbacks in contract performance; issues with, and financial viability of, key suppliers and subcontractors; availability of materials and supplies; controlling costs of fixed-price development programs; contractual performance relief and the application of cost sharing terms; allowability and allocability of costs under U.S. Government contracts; progress and acceptance of new products and technology; domestic and international competition; legal, financial and governmental risks related to international transactions; potential security threats, natural disasters and other disruptions not under our control; and other risk factors disclosed in our filings with the Securities and Exchange Commission.
These forward-looking statements speak only as of the date of this release and we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
Northrop Grumman Corporation
CONTACT: Media, Dan McClain, +1-310-201-3335, mobile, +1-310-801-9351, dan.mcclain@ngc.com, or Investors, Paul Gregory, +1-310-201-1634, mobile, +1-310-989-8679, paul.gregory@ngc.com, both of Northrop Grumman Corporation
Web Site: http://www.northropgrumman.com/
Rentrak Announces Box Office Numbers for Weekend of November 6, 2009
LOS ANGELES, Nov. 8 /PRNewswire-FirstCall/ -- Rentrak Corporation , today announced the weekend theatrical box office estimates for the weekend period of November 6 through November 8, 2009 according to the company's Box Office Essentials(TM) theatrical box office data collection and analytical service.
The twelve estimated top producing motion pictures for the weekend, per data collected as of Sunday, November 8, 2009 include:
Rank Title Distributor Weekend Gross Cume Location
---- ----- ----------- ------------- ---- --------
1 Disney's A Disney
Christmas Carol 31,000,000 31,000,000 3683
- ---------------- ----------- ---------- ---------- ----
2 Michael Jackson's Sony
This Is It 14,000,000 57,855,342 3481
- ----------------- ----------- ---------- ---------- ----
3 The Men Who Stare Overture Films
At Goats 13,309,000 13,309,000 2443
- ----------------- -------------- ---------- ---------- ----
4 The Fourth Kind Universal 12,521,285 12,521,285 2527
- --------------- --------- ---------- ---------- ----
5 Paranormal Paramount
Activity 8,600,000 97,429,870 2558
- ----------------- -------------- --------- ---------- ----
6 The Box Warner Bros. 7,855,000 7,855,000 2635
- ------- ------------ --------- --------- ----
7 Couples Retreat Universal 6,428,250 95,979,760 2857
- --------------- --------- --------- ---------- ----
8 Law Abiding Overture Films
Citizen 6,172,000 60,872,598 2474
- ----------------- -------------- --------- ---------- ----
9 Where The Wild Warner Bros.
Things Are 4,225,000 69,268,335 2756
- ----------------- -------------- --------- ---------- ----
10 Astro Boy Summit
Entertainment 2,588,000 15,072,701 1918
-- ----------------- -------------- --------- ---------- ----
11 Saw VI Lionsgate 2,000,000 26,220,442 2091
-- ------ --------- --------- ---------- ----
12 The Stepfather Sony 1,900,000 27,515,070 1424
-- -------------- ---- --------- ---------- ----
Weekend of 11/06/09 to 11/08/09
© Rentrak Corporation 2009 -Content in Rentrak Theatrical box office updates is produced and/or compiled by Rentrak Corporation and its Box Office Essentials® theatrical box office data collection and analytical service, and is covered by provisions of the Copyright Act. The material presented herein is intended to be available for public use. You may reproduce the content of the box office updates in any format or medium without first obtaining permission, subject to the following requirements: (1) the material must be reproduced accurately; and (2) any publication or issuance of any part of the material to others must acknowledge Rentrak Corporation as the source of the material.
About Box Office Essentials
Box Office Essentials provides each studio with password-protected, real-time, web browser-based and 24/7 access to data pertaining specifically to their movie release titles. A sophisticated toolset allows studio distribution executives to view and analyze the information at different levels of detail and across a multitude of attributes (by theatre circuit, DMA, time zone, etc.), enhancing their ability to make faster, and better informed decisions. Additional features include online school calendars (K-12 and college), interactive release schedule and 24-hour subscriber support.
About Rentrak Corporation
Rentrak Corporation, based in Portland, Oregon, is an information management company serving clients in the media, entertainment, retail and advertising industries. The company's Entertainment Essentials® suite of services is redefining media measurement in the digital broadband era. Entertainment Essentials provides customers with near-real-time, actionable insight into performance of content distributed over a wide variety of modern media technologies. Available by license or subscription, each Entertainment Essentials application allows executives to analyze detailed industry-wide and title-specific data to make decisions that enhance the bottom line and provide competitive advantage. For further information, please visit Rentrak's corporate website at Rentrak.com.
Contacts: Rogers & Cowan for Rentrak Corporation
Sallie Olmsted Amanda Bartz
(310) 854-8124 (310) 854-8151
solmsted@rogersandcowan.com abartz@rogersandcowan.com
Rentrak Corporation
CONTACT: Sallie Olmsted, +1-310-854-8124, solmsted@rogersandcowan.com, or Amanda Bartz, +1-310-854-8151, abartz@rogersandcowan.com, both of Rogers & Cowan for Rentrak Corporation
Web Site: http://www.rentrak.com/
Zach Collaros, Toby Gerhart, Cameron Heyward and Jordan Shipley Announced as Week Ten Nominees for the AT&T All-America Player of the Week AwardText Message VOTE to 345345 To Select This Week's Winner in Only College Football Honor Determined by Fan Voting
ATLANTA, Nov. 8 /PRNewswire-FirstCall/ -- Four nominees for the AT&T All-America Player of the Week award have been announced after the tenth week of college football action, and AT&T* is relying on fans to determine who rules the gridiron.
Based on outstanding performances over the weekend, University of Cincinnati quarterback Zach Collaros, Stanford University running back Toby Gerhart, Ohio State University defensive end Cameron Heyward and University of Texas wide receiver Jordan Shipley have been selected by a panel of analysts from ESPN as this week's top candidates. Fans can text message** VOTE to 345345 on their wireless phone to opt in for the chance to vote.
Collaros passed for 480 yards, the second-best passing performance in school history, and scored three touchdowns in the Bearcats' victory over Connecticut. Gerhart rushed for a school-record 223 yards and three touchdowns in the Cardinal's upset over No. 8 Oregon. Heyward had 11 tackles, three fumbles and two sacks in the Buckeyes' win at Penn State. Shipley had 11 receptions for a school-record 273 yards and a touchdown in the Longhorns' win over Central Florida.
"AT&T is excited to see who the fans will choose this week as the AT&T All-America Player of the Week," said Tim McGhee, executive director, AT&T corporate sponsorships. "Each player had an outstanding game, but the fans will be the ones deciding who is crowned the best."
Fans have until 11:59 p.m. ET on Wednesday to submit their votes. The winner will be announced during Thursday's ESPN College Football Primetime Presented by Applebee's. Standard text messaging rates apply.
There is no limit on fan voting and each vote counts as one entry into a sweepstakes to win a trip to the 2010 Bowl Championship Series National Championship game in Pasadena, Calif. Full sweepstakes rules can be found at http://www.espnallamerica.com/rules.aspx.
In December, four finalists for the AT&T All-America Player of the Year Award will be announced during a one-hour special on ESPN in conjunction with the announcement of the AT&T ESPN All-America Team as selected by the Football Writers Association of America. Fans will then get a chance to say who the best player in the nation is by voting for the AT&T All-America Player of the Year through the BCS. Voting ends at 11:59 p.m. ET on Jan. 5, and the winner will be announced during the BCS National Championship game on ABC on Jan. 7.
Additionally, AT&T customers can view video highlights and photos of each week's candidates and track select teams through AT&T's wireless NCAA Football Portal, which is accessible on AT&T handsets equipped with AT&T MEdia(TM) Net by launching the application and clicking through to the sports category.
Through the AT&T MEdia Net, fans can also download fight song ringtones from more than 150 college and universities. Animated screensavers and 3-D mobile wallpaper are available for more than 100 college and universities.
For more information about AT&T products and services, visit http://www.att.com/.
AT&T CV requires a MEdia Max Unlimited or MEdia Net Unlimited bundle. Details on AT&T's MEdia Net bundles and other offers are available at http://www.att.com/wireless.
AT&T is a proud sponsor of the 2010 BCS National Championship game sweepstakes. For more information regarding rules and entry, please visit: http://www.espnallamerica.com/rules.aspx.
About AT&T
AT&T Inc. is a premier communications holding company. Its subsidiaries and affiliates - AT&T operating companies - are the providers of AT&T services in the United States and around the world. With a powerful array of network resources that includes the nation's fastest 3G network, AT&T is a leading provider of wireless, Wi-Fi, high speed Internet and voice services. AT&T offers the best wireless coverage worldwide, offering the most wireless phones that work in the most countries. It also offers advanced TV services under the AT&T U-verse(SM) and AT&T |DIRECTV(SM) brands. The company's suite of IP-based business communications services is one of the most advanced in the world. In domestic markets, AT&T's Yellow Pages and YELLOWPAGES.COM organizations are known for their leadership in directory publishing and advertising sales. In 2009, AT&T again ranked No. 1 in the telecommunications industry on FORTUNE® magazine's list of the World's Most Admired Companies.
Additional information about AT&T Inc. and the products and services provided by AT&T subsidiaries and affiliates is available at http://www.att.com/. This AT&T news release and other announcements are available at http://www.att.com/newsroom and as part of an RSS feed at http://www.att.com/rss. Or follow our news on Twitter at @ATTNews. Find us on Facebook at http://www.facebook.com/ATT to discover more about our consumer and wireless services or at http://www.facebook.com/ATTSmallBiz to discover more about our small business services.
© 2009 AT&T Intellectual Property. All rights reserved. 3G service not available in all areas. AT&T, the AT&T logo and all other marks contained herein are trademarks of AT&T Intellectual Property and/or AT&T affiliated companies.
AT&T Inc.
CONTACT: Serena Thomas, Office: +1-314-982-0554, serena.thomas@fleishman.com
Web Site: http://www.att.com/
ATA Announces Results for Second Fiscal Quarter 2010
BEIJING, Nov. 8 /PRNewswire-Asia-FirstCall/ -- ATA Inc. ("ATA" or the "Company") , the leading provider of computer-based testing and testing-related services in China, today announced unaudited financial results for its second fiscal quarter ended September 30, 2009 ("Second Quarter 2010").
Second Quarter 2010 Highlights
-- Net revenues decreased by 19.6% year-over-year to RMB41.6 million
(US$6.1 million).
-- Gross profit decreased by 54.3% year-over-year to RMB15.7 million
(US$2.3 million).
-- Loss from operations was RMB17.2 million (US$2.5 million) compared to
an operating income of RMB8.8 million in the same period last year.
-- Net loss was RMB16.4 million (US$2.4 million) compared to a net income
of RMB8.3 million in the same period last year.
-- Net loss excluding share-based compensation expense and foreign
currency exchange gain (losses) (non-GAAP) was RMB15.2 million (US$2.2
million).
-- Basic and diluted loss per ADS was RMB0.74 (US$0.11). Basic and diluted
loss per ADS excluding share-based compensation expense and foreign
currency exchange gain (losses) (non-GAAP) was RMB0.68 (US$0.10). Each
ADS represents two common shares of the Company.
-- For the quarter, revenue from testing services increased 88.8% from the
same period last year. ATA delivered approximately 0.7 million tests, a
decrease of 49.1% year-over-year while average revenue per test
increased to RMB36.2 from RMB9.8 in the same period last year.
"We are pleased with our results for the quarter, as we were able to meet our guidance despite the challenging economic environment and pressure from the H1N1 virus that delayed some of our tests," commented Kevin Ma, ATA's Chairman and Chief Executive Officer. "Measures put in place to prevent the spread of the H1N1 virus caused the postponement of 23,000 Securities, Broker, Futures and Fund professional licensure tests in certain areas of China during the quarter, but we were still able to deliver strong organic growth as measured by number of test takers for these exams, which was up 94.9% compared to the same period of last year. The Test of English for International Communication ("TOEIC") contributed RMB3.8 million to net revenue in this quarter with average revenue per test of RMB309.1. Additionally, we are very pleased that the Agriculture Bank of China ("ABC") and the People's Insurance Company (Group) of China ("PICC") adopted our HR select services this quarter with approximately 84,000 candidates taking our staff assessment exam. This is a very important milestone for our business and reflects our ability to successfully leverage our technology platform and distribution capabilities to broaden our service offerings and diversify into the non-government sponsored testing areas to reduce our dependency on government decisions. We have so far registered 32,000 companies with trial accounts and converted 15 companies to HR Select service under contract, including ABC, PICC, Accenture China, China Telecom Tianjin Branch, Servier China, among others. With both TOEIC and HR Select making a solid contribution to our revenue we feel we are well positioned to continue to increase our penetration of the private sector. However, fiscal 2010 remains a transition year for ATA as we ramp up operation resources for our private sector efforts while revenue takes time to build. While these efforts may cause short term margin pressures for ATA, we are confident they will increase shareholder value over the long term."
ATA's Chief Financial Officer, Carl Yeung, stated, "Our results for the second quarter were impacted by the H1N1 virus as well as postponement of government spending that depressed our NTET sales. Despite these setbacks we were able to meet our guidance due to strong test-taker volume for tests we delivered for the Securities Association of China as well as the deployment of the HR select and the TOEIC exam offerings. The overall number of test takers for the Securities, Brokers, Futures and Fund Sales Professionals exam increased by 207,000 compared to the same period of last year. The HR Select services for ABC and PICC contributed RMB4.2 million while the TOEIC added RMB3.8 million to net revenues in this quarter. Offsetting the strong results from our testing service business were declines in net revenue from our test preparation and training solutions as well as from our test-based education services. We expect our test preparation and training solutions business to recover in the months ahead, but net revenues from our test-based education services is expected to continue to decline, as we made the strategic decision to redirect most of our sales and marketing efforts from our test-based education services towards our newly developed testing services such as HR Select and TOEIC, which we believe have bigger and more attractive market opportunities. We believe the revenue opportunity from TOEIC and HR Select will become increasingly more visible in the quarters ahead as these services gain wider recognition and acceptance. While this quarter's results met guidance, we are concerned about the development of the H1N1 virus and how that affects our business. Because our large scale tests require the gathering of large groups of test takers at school campuses and our testing centers, we believe it is likely our business over the next two quarters will continue to be affected by the virus. Therefore, we would like to be more conservative and lower our next two quarters expectations as we enter the winter months."
Financial Results for the Second Quarter 2010
For Second Quarter 2010, net revenues were RMB41.6 million (US$6.1 million), representing a 19.6% decrease compared to the same period last year. This decrease was mainly driven by declines in test preparation and training solutions as well as test-based educational programs which offset strong results from our testing services. Net revenue from testing services was up 88.8% to RMB26.8 million (US$3.9 million) in the quarter from RMB14.2 million in the same period last year, primarily due to the tests delivered for the Securities Association of China, HR select services and TOEIC. Net revenue from test preparation and training solutions was RMB3.9 million (US$0.6 million), down 81.5% from RMB21.2 million in the same period of last year, as the Company recorded no sales of NTET software in the quarter. Net revenues from test-based educational programs declined by 41.2% year-over-year to RMB6.4 million (US$0.9 million) from RMB10.9 million. Other revenue decreased 16.8% year-over-year to RMB4.5 million (US$0.7 million) from RMB5.4 million.
The overall number of tests delivered decreased by 49.1% year-over-year to approximately 0.7 million in the quarter as we did not conduct close to 1 million lower end tests such as provincial high school exams and NTET tests, while the average revenue per test delivered increased 270.9% to RMB36.2 from RMB9.8 in the same period of last year. The increase in average revenue per test was driven by a higher value test mix that included HR select and TOEIC tests, which have higher average per test revenue and were not offered in the comparable period last year.
Gross profit decreased by 54.3% to RMB15.7 million (US$2.3 million) from RMB34.4 million in the same period last year. Gross margin was 37.8% in the Second Quarter 2010 down from 66.5% in the same period last year, mainly driven by the lack of sales of NTET software which enjoyed high margins, and the effect of the amortization of intangible assets such as the TOEIC royalty fee and certain software, which were acquired and capitalized in the third and fourth quarter of fiscal year 2009.
Operating expenses increased by 28.6% to RMB32.9 million (US$4.8 million) up from RMB25.6 million in the same period last year. Research and development expenses increased by 15.5% to RMB5.5 million (US$0.8 million) from RMB4.8 million in the comparable period of last year primarily driven by an increase in headcount and higher associated compensation expense. Sales and marketing expenses increased by 61.6% year-over-year to RMB11.2 million (US$1.6 million) from RMB6.9 million, primarily resulting from the increase in marketing efforts to support the launch of HR Select and other testing service promotions as well as higher compensation expenses. General and administrative expenses increased by 16.7% to RMB16.2 million (US$2.4 million) from RMB13.9 million in the same period last year, primarily due to the increase of salaries and compensation Expenses.
Headcount expanded by 148 to 519 in the Second Quarter 2010 from 371 in the comparable of fiscal year 2009 to support the operational continuity of the JDX business following completion of acquisition as well as the business development of TOEIC, HR Select and the Cambridge Young Learners English online tutorials.
Loss from operations was RMB17.2 million (US$2.5 million) compared to an operating income of RMB8.8 million in the same period last year. Net loss for the Second Quarter 2010 was RMB16.4 million (US$2.4 million) compared to a net income of RMB8.3 million in the same period last year. Basic and diluted loss per common share was RMB0.37 (US$0.05), and basic and diluted loss per ADS was RMB0.74 (US$0.11).
Net loss excluding share-based compensation expense and foreign currency exchange gain (losses) (non-GAAP) was RMB15.2 million (US$2.2 million) for the Second Quarter 2010. Basic and diluted loss per ADS excluding share-based compensation expense and foreign currency exchange gain (losses) (non- GAAP) were RMB0.68 (US$0.10).
Other Operating Data
As of September 30, 2009, ATA had 1,954 authorized test centers located throughout China.
The number of weighted average ADSs used to calculate basic and diluted earnings per ADS for the quarter ended September 30, 2009 were 22.4 million and 22.5 million respectively. ATA had 45.7 million common shares outstanding as of September 30, 2009.
Third Fiscal Quarter 2010 and Full Fiscal Year 2010 Guidance
For the third fiscal quarter 2010, ATA forecasts net revenues will be in the range of RMB76 million to RMB80 million, representing growth in the range of 12.0% to 17.9% compared to the third fiscal quarter 2009. ATA is lowering net revenues expectation for the fiscal year ending March 31, 2010, and forecasts that net revenues will be in the range of RMB225 million to RMB240 million, which is expected to represent a 3.4% to 10.3% growth over fiscal year 2009. This is ATA's current and preliminary view, which is subject to change. Operating results for the Second Quarter 2010 are not necessarily indicative of operating results for any future periods.
Conference Call
The Company will host a conference call at 9:00 a.m. ET on November 9, 2009, to discuss the results for the Second Quarter 2010. Joining Kevin Ma, Chairman and Chief Executive Officer of ATA Inc., will be Walter Wang, Director and President, and Carl Yeung, Chief Financial Officer. To participate in the conference call, please dial 1-866-804-6927 five to ten minutes prior to the scheduled conference call time and mention the pass code 93328082. International callers should dial +1-857-350-1673 and mention the pass code 93328082.
If you are unable to participate in the call at this time, a replay will be available on November 9, 2009 at 12:00 p.m. ET, through November 16, 2009. To access the replay, dial 1-888-286-8010, international callers should dial +1-617-801-6888, and enter the pass code 17674995.
This conference call will be broadcast live over the Internet and can be accessed by all interested parties on ATA Inc.'s website at http://www.ata.net.cn/ . To listen to the live webcast, please go to ATA Inc.'s website at least fifteen minutes prior to the start of the call to register, download, and install any necessary audio software. For those unable to participate during the live broadcast, a replay will be available shortly after the call on ATA Inc.'s website for 90 days.
About ATA Inc.:
ATA is the leading provider of computer-based testing services in China. The Company offers comprehensive services for the creation and delivery of computer-based tests based on its proprietary testing technologies and test delivery platform. The Company's computer-based testing services are used for professional licensure and certification tests in various industries, including information technology, or IT, services, banking, teaching, securities, insurance and accounting. ATA's test center network comprised 1,954 authorized test centers located throughout China as of September 30, 2009, which the Company believes is the largest test center network of any commercial testing service provider in China. Combined with its test delivery technologies, this network allows ATA's clients to administer large-scale nationwide tests in a consistent, secure and cost-effective manner. ATA has delivered over 31.5 million tests including 21.4 million billable tests since it commenced operations in 1999, and in June 2008 delivered tests to approximately 470,000 test takers over a single weekend for the China Banking Association through its test delivery platform. For further information, please visit: http://www.ata.net.cn/ .
Cautionary Note Regarding Forward-looking Statements
This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "look forward to," "outlook," "forecast," "will," "expect," "anticipate," "future," "intend," "plan," "believe," "estimate" and similar terminology and include, among other things, the Company's guidance relating to anticipated financial and operating results for the fiscal quarter ending December 31, 2009 and the fiscal year ending March 31, 2010. Among the factors that could cause the Company's actual financial and operating results to differ from what the Company currently anticipates may include the Company's ability to meet challenges associated with its rapid expansion, the Company's ability to meet the expectations of current and future clients, the Company's ability to deploy new test titles, the Company's ability to win new enterprise contracts, the Company's ability to convert its existing enterprise contracts into actual revenue, the Company's ability to implement and maintain effective internal controls over financial reporting, the health of the PRC economy, and uncertainties with respect to the PRC legal and regulatory environments. The financial information contained in this release should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's annual report on Form 20-F for its fiscal year ended March 31, 2009, which was filed with the U.S. Securities and Exchange Commission on September 15, 2009 and is available on the Securities and Exchange Commission's website at http://www.sec.gov/ . For additional information on these and other important factors that could adversely affect the Company's business, financial condition, results of operations and prospects, see the "Risk Factors" section of the Company's Form 20-F for the fiscal year ended March 31, 2009.
The forward-looking statements in this release involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the markets in which it operates. The Company undertakes no obligation to update forward-looking statements, which speak only of the Company's views as of the date of this release, to reflect subsequent events or circumstances, or to changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, the Company cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.
About Non-GAAP Financial Measures
To supplement ATA's consolidated financial information presented in accordance with U.S. generally accepted accounting principles ("GAAP"), ATA uses the following measures defined as non-GAAP financial measures by the U.S. Securities and Exchange Commission: net income (loss) excluding share-based compensation expenses and foreign currency exchange gains (losses) and basic and diluted earnings per ADS excluding share-based compensation expenses and foreign currency exchange gains (losses). The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. For more information on these non-GAAP financial measures, please see the table captioned "Unaudited Reconciliations of Non-GAAP Measures to the Most Comparable GAAP Measures" set forth at the end of this release. ATA believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding share-based compensation expenses and foreign currency exchange gains (losses), which may not be indicative of its operating performance from a cash perspective. ATA believes that both management and investors benefit from these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management's internal comparisons to ATA's historical performance and liquidity. ATA computes its non-GAAP financial measures using a consistent method from quarter to quarter. ATA believes these non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision making. A limitation of using non-GAAP net income (loss) excluding share-based compensation expenses and basic and diluted earnings per share and per ADS excluding share-based compensation expenses is that share-based compensation charges have been, and are expected to continue to be for the foreseeable future, a significant recurring expense in ATA's business. Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from each non-GAAP measure. The table captioned "Unaudited Reconciliations of Non-GAAP Measures to the Most Comparable GAAP Measures" set forth at the end this release has more details on the reconciliations between GAAP financial measures that are most directly comparable to the non-GAAP financial measures used by ATA.
Currency Convenience Translation
The Company's financial information is stated in RMB. The translation of RMB amounts for the second quarter of 2010 into United States dollars is included solely for the convenience of readers and has been made at the rate of RMB6.8262 to US$1.00, the noon buying rate as of September 30, 2009 in the City of New York for cable transfers in RMB per US dollar as certified for customs purposes by the Federal Reserve Bank of New York. Such translations should not be construed as representations that RMB amounts could be converted into US dollars at that rate or any other rate, or to be the amounts that would have been reported under US GAAP.
For further information, please contact:
ATA Inc.
Carl Yeung, CFO
Phone: +86-10-6518-1122 ext. 5107
Email: ir@ata.net.cn
CCG Investor Relations
Crocker Coulson, President
Phone: +1-646-213-1915
Ed Job, CFA
Phone: +1-646-213-1914
Email: ed.job@ccgir.com
ATA INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
March 31, September 30, September 30,
2009 2009 2009
RMB RMB USD
ASSETS
Current assets:
Cash 310,503,071 233,719,719 34,238,627
Accounts receivable, net 71,076,794 87,407,955 12,804,775
Inventories 2,287,260 2,480,763 363,418
Prepaid expenses and other current
assets 15,134,804 14,668,357 2,148,832
Total current assets 399,001,929 338,276,794 49,555,652
Property and equipment, net 20,987,472 72,332,087 10,596,245
Goodwill 23,422,850 23,422,850 3,431,316
Intangible assets, net 25,994,261 24,600,426 3,603,824
Other assets 1,838,544 1,488,251 218,020
Total assets 471,245,056 460,120,408 67,405,057
LIABILITIES AND SHAREHOLDERS'
EQUITY
Current liabilities:
Accrued expenses and other payables 44,950,280 50,605,464 7,413,416
Deferred revenues 40,238,256 27,028,858 3,959,576
Total current liabilities 85,188,536 77,634,322 11,372,992
Deferred revenues 5,626,153 5,236,896 767,176
Deferred tax liabilities 189,583 166,979 24,461
Total liabilities 91,004,272 83,038,197 12,164,629
Shareholders' equity:
Common shares 3,503,619 3,503,619 513,261
Treasury shares (10,126,861) (17,018,432) (2,493,105)
Receivable from shareholders (5,226,173) -- --
Additional paid-in capital 500,350,068 502,699,362 73,642,636
Accumulated other comprehensive
loss (16,157,846) (16,328,764) (2,392,072)
Accumulated deficit (92,102,023) (95,773,574) (14,030,292)
Total shareholders' equity 380,240,784 377,082,211 55,240,428
Total liabilities and shareholders'
equity 471,245,056 460,120,408 67,405,057
ATA INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three-month Period Ended
September June September September
30, 2008 30, 2009 30, 2009 30, 2009
RMB RMB RMB USD
Net revenues 51,696,431 79,802,924 41,582,006 6,091,531
Testing services 14,175,165 63,651,285 26,756,135 3,919,624
Test-based educational
services 10,937,400 9,293,623 6,435,702 942,794
Test preparation and
training solutions 21,215,476 1,549,421 3,921,362 574,458
Other revenue 5,368,390 5,308,595 4,468,807 654,655
Cost of revenues 17,321,775 35,198,516 25,880,510 3,791,350
Gross profit 34,374,656 44,604,408 15,701,496 2,300,181
Operating expenses:
Research and development 4,778,038 5,768,559 5,519,310 808,548
Sales and marketing 6,908,588 8,399,617 11,166,569 1,635,840
General and
administrative 13,911,591 14,926,414 16,236,304 2,378,528
Total operating expenses 25,598,217 29,094,590 32,922,183 4,822,916
Income (loss) from
operations 8,776,439 15,509,818 (17,220,687) (2,522,735)
Subsidy income 2,000,000 -- -- --
Interest income 61,664 179,902 153,148 22,435
Foreign currency exchange
gain (loss), net 135,115 (169,731) (116,492) (17,065)
61,664
Earnings (loss) before
income taxes 10,973,218 15,519,989 (17,184,031) (2,517,365)
Income tax benefit
(expense) (2,628,085) (2,829,740) 822,231 120,452
Net income (loss) 8,345,133 12,690,249 (16,361,800) (2,396,913)
Basic earnings (loss) per
common share 0.18 0.28 (0.37) (0.05)
Diluted earnings (loss)
per common share 0.18 0.28 (0.37) (0.05)
Basic earnings (loss) per
ADS 0.36 0.56 (0.74) (0.11)
Diluted earnings per
(loss) ADS 0.36 0.56 (0.74) (0.11)
UNAUDITED RECONCILIATIONS OF NON-GAAP MEASURES TO THE MOST COMPARABLE
GAAP MEASURES
Three-month Period Ended
September 30, September 30,
2008 2009
RMB RMB
GAAP net income (loss) 8,345,133 (16,361,800)
Share-based compensation expenses 1,447,324 1,071,338
Foreign currency exchange (gain)
losses (135,115) 116,492
Non-GAAP net income (loss) 9,657,342 (15,173,970)
GAAP earnings (loss) per ADS:
Basic 0.36 (0.74)
Diluted 0.36 (0.74)
Share-based compensation expenses per
ADS:
Basic 0.06 0.05
Diluted 0.06 0.05
Foreign currency exchange (gain)
losses per ADS:
Basic (0.01) 0.01
Diluted (0.01) 0.01
Non-GAAP earnings (loss) per ADS:
Basic 0.41 (0.68)
Diluted 0.41 (0.68)
Non-GAAP earnings (loss) per common
share:
Basic 0.21 (0.37)
Diluted 0.21 (0.37)
ATA Inc.
CONTACT: ATA Inc., Carl Yeung, CFO, +86-10-6518-1122 x5107, ir@ata.net.cn, or CCG Investor Relations, Crocker Coulson, President, +1-646-213-1915 and Ed Job, CFA, +1-646-213-1914, ed.job@ccgir.com, both for ATA Inc.
Web site: http://www.ata.net.cn/
Pointer Telocation's Q3 2009 Results Release & Conference Call Scheduled for Nov 11th, 2009
ROSH HA'AYIN, Israel, November 8 /PRNewswire-FirstCall/ -- Pointer Telocation Ltd. (Nasdaq Capital Market: PNTR, Tel-Aviv Stock Exchange: PNTR) - develops, produces and markets high-end technology and products for AVL (Automatic Vehicle Location) solutions providers for stolen retrieval, fleet management, car & driver safety, public safety, vehicle security and asset management, and a leading RSA (Road Side Assistance) provider, will release its financial results for Q3 2009 on Wednesday, Nov 11th 2009.
Pointer Telocation's management will host a conference call with the investment community to review and discuss the financial results:
Conference call will take place on 9:30 AM EST, 16:30 Israel time.
To listen to the call, please dial in to one of the following teleconferencing numbers. Please begin placing your call at least 5 minutes before the conference call commences.
From USA: +1-888-407-2553
From Israel: 03-918-0609
A replay will be available from Nov 12th, 2009 at the company website: http://www.pointer.com/ .
About Pointer Telocation:
Pointer Telocation is a leading provider of technology and services to the automotive and insurance industries, offering a set of services including Road Side Assistance, Stolen Vehicle Recovery and Fleet Management. Pointer has a growing client list with products installed in over 400,000 vehicles across the globe: the UK, Greece, Mexico, Argentina, Russia, Croatia, Germany, Czech Republic, Latvia, Turkey, Hong Kong, Singapore, India, Costa Rica, Norway, Venezuela, Hungary, Israel and more. Cellocator, a Pointer Products Division, is a leading AVL (Automatic Vehicle Location) solutions provider for stolen vehicle retrieval, fleet management, car & driver safety, public safety, vehicle security and more. In 2004, Cellocator was selected as the official security and location equipment supplier for the Olympic Games in Athens. For more information: http://www.pointer.com/
Safe Harbor Statement
This press release contains forward-looking statements with respect to the business, financial condition and results of operations of Pointer and its affiliates. These forward-looking statements are based on the current expectations of the management of Pointer, only, and are subject to risk and uncertainties relating to changes in technology and market requirements, the company's concentration on one industry in limited territories, decline in demand for the company's products and those of its affiliates, inability to timely develop and introduce new technologies, products and applications, and loss of market share and pressure on pricing resulting from competition, which could cause the actual results or performance of the company to differ materially from those contemplated in such forward-looking statements. Pointer undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. For a more detailed description of the risks and uncertainties affecting the company, reference is made to the company's reports filed from time to time with the Securities and Exchange Commission.
Contact: Zvi Fried, V.P. and Chief Financial Officer, Tel.; +972-3-572 3111, E-mail: zvif@pointer.com
Yael Nevat, Commitment-IR.com, Tel: +972-9-741 8866, E-mail: yael@commitment-IR.com
Pointer Telocation Ltd
CONTACT: Contact: Zvi Fried, V.P. and Chief Financial Officer, Tel.; 972-3-572 3111, E-mail: zvif@pointer.com; Yael Nevat, Commitment-IR.com, Tel: 972-9-741 8866, E-mail: yael@commitment-IR.com
Mathematics and Biochemistry Research Earn Top Prize at Nation's Premier High School Science Competition2009 Siemens Competition Regional Winners Announced at Massachusetts Institute of Technology; Will Move on to National Finals for Chance at $100,000 Tim Kunisky Wins Top Individual Prize; Benjamin Song and Quan Chen Win Top Team Prize
Research projects in the areas of mathematics and biochemistry scored top marks this evening, as Tim Kunisky of Livingston, NJ and the team of Benjamin Song and Quan (Jack) Chen of Audubon, PA received the highest honors at the Region Five Finals of the 2009 Siemens Competition in Math, Science & Technology, the nation's premier high school science competition.
(http://www.newscom.com/cgi-bin/prnh/20070904/SIEMENSLOGO )
Tonight's winners will receive thousands of dollars in college scholarships and be invited to compete at the National Finals in New York City from December 3-7, where the winners of six regional competitions across the United States will vie for scholarships ranging from $10,000 to the top prize of $100,000. The Siemens Competition, a signature program of the Siemens Foundation, is administered by the College Board.
"These students have just earned their place among the nation's greatest high school scientists," said James Whaley, President of the Siemens Foundation, based in Iselin, New Jersey. "Each year, the students' work becomes more impressive, and in a record-setting year such as this one, their achievements become even more outstanding. We are proud to welcome them into our family of Siemens Scholars and look forward to their participation at the national finals in New York City."
The students presented their research this weekend to a panel of judges from the Massachusetts Institute of Technology (host of the Siemens Competition Region Five Finals) and Harvard University.
Individual Winner
Tim Kunisky, a senior at Livingston High School in Livingston, NJ, won the individual category and a $3,000 college scholarship for his mathematics project that brought the full power of sophisticated methods of analytic number theory to the study of the "logarithmic number derivative," a certain very natural arithmetic function. His research, titled Probabilistic Properties of the Logarithmic Number Derivative, may yield insight into long-standing problems in the number theory.
"Mr. Kunisky's research shows a professional level of technique and knowledge of the field, revealing an unexpected and intriguing coincidence," said Dr. Haynes Miller, Professor of Mathematics at the Massachusetts Institute of Technology. "His research demonstrates the treasures to be found, even today, in simple and easily stated mathematical problems, and will no doubt stimulate further research in the area."
Among his many academic accomplishments, Mr. Kunisky is currently a member of the National Honor Society as well as the French Honor Society, and is recognized as a National Merit Scholarship Semifinalist, AP Scholar with Distinction and Merck State Scholar. He also placed second at the West Point Bridge Design Competition.
Mr. Kunisky was born in Moscow, Russia, and lived there for five years before moving to the United States. His mother is a former chemist and his father a former physicist. Both parents strongly encouraged his inclination towards mathematics, providing an environment conducive to his independent scientific and mathematical development. His mentor was Dr. Alex Kontorovich, Professor of Mathematics at Brown University.
Team Winners
Benjamin Song and Jack Chen, both seniors at Methacton High School in Eagleville, PA, won the team category and will share a $6,000 college scholarship for their biochemistry project entitled Development of a Urine Test for the Early Detection of Cancer. The team's research explored the potential to develop a urine test for the early detection of colorectal cancer, identifying a probable new approach to spot the disease.
"For the first time, it has been demonstrated that it is possible to detect epigenetic markers of colon cancer in urine through PCR-based assays," said Dr. Igor Levchenko, Senior Research Scientist, Department of Biology at Massachusetts Institute of Technology and the Howard Hughes Medical Institute. "The team's research is a first step in developing a non-invasive screening test for colorectal cancer, which is essential for early detection and better treatment outcomes. Mr. Song and Mr. Chen were extremely knowledgeable, and their project was well-designed and intelligent."
As a junior, Mr. Song is currently a member of the National Honor Society, the Academic Decathlon, the Tri-M Music Honor Society, and Treasurer of his school's Science Fair Club. Additionally, Mr. Song and his team placed first in this year's International Science and Engineering Fair. Aside from his academic pursuits, Mr. Song is an accomplished piano player, having recently placed third in the World Piano Competition. He was also selected as a Regional Finalist at the 2008 Siemens Competition in Math, Science & Technology.
Mr. Chen is a National Merit Semifinalist, President of the National Honor Society and Member of the Student Council. He also participates in his school's Indoor and Outdoor Track and Field Teams, as well as the Cross Country Team. Mr. Chen is a member of Kids Against Crisis, a school organization that works to spread the word about international and local crises.
The team's mentor was Dr. Ying-Hsiu Su, Associate Professor of Microbiology and Immunology at Drexel University in Philadelphia.
Regional Finalists
Regional Finalists each received a $1,000 scholarship.
Regional Finalists in the individual category were:
-- Preetam Dutta, Jonathan Law High School, Milford, CT
-- Richard Ebright, North Brunswick Township High School, North
Brunswick, NJ
-- Minhye Kim, Brookline High School, Brookline, MA
-- William Newberry, Greenwich High School, Greenwich, CT
Regional Finalists in the team category were:
-- Roger Curley and Dalton Wu, Montgomery Blair High School, Silver
Spring, MD
-- Brittney Joyce and Andrew Walsh, Lexington High School, Lexington, MA
-- Keenan Monks, Hazleton Area High School, Hazleton, PA; and Benjamin
Kraft, Liberty High School, Bethlehem, PA
-- Jennifer Wang, Montgomery Blair High School, Silver Spring, MD; and
Grace Young, The Potomac School, McLean, VA
The Siemens Competition
The Siemens Competition was launched in 1998 to recognize America's best and brightest math and science students. A record number of 1,348 projects were received this year for the Siemens Competition, an increase of 12 percent over 2008 figures. The number of students submitting projects increased by 14 percent while more students than ever, 2,151, registered to enter.
Entries are judged at the regional level by esteemed scientists at six leading research universities which host the regional competitions: California Institute of Technology; Carnegie Mellon University; Georgia Institute of Technology; Massachusetts Institute of Technology; University of Notre Dame; and The University of Texas at Austin.
Winners of the regional events are invited to compete at the National Finals at New York University in New York City, December 3 - December 7, 2009. Visit http://www.siemens-foundation.org/ on December 7, 2009 at 9:30 am EST to view a live webcast of the National Finalist Award Presentation. You can also log into and follow the Siemens Foundation on Twitter (http://twitter.com/SFoundation) for the latest information and announcements throughout this year's competition.
About the Siemens Foundation
The Siemens Foundation provides more than $7 million annually in support of educational initiatives in the areas of science, technology, engineering and math in the United States. Its signature programs, the Siemens Competition in Math, Science & Technology and Siemens Awards for Advanced Placement, reward exceptional achievement in science, math and technology. The newest program, The Siemens We Can Change the World Challenge, encourages K-12 students to develop innovative green solutions for environmental issues. By supporting outstanding students today, and recognizing the teachers and schools that inspire their excellence, the Foundation helps nurture tomorrow's scientists and engineers. The Foundation's mission is based on the culture of innovation, research and educational support that is the hallmark of Siemens' U.S. companies and its parent company, Siemens AG. For more information, visit http://www.siemens-foundation.org/.
The College Board
The College Board is a not-for-profit membership association whose mission is to connect students to college success and opportunity. Founded in 1900, the College Board is composed of more than 5,600 schools, colleges, universities and other educational organizations. Each year, the College Board serves seven million students and their parents, 23,000 high schools, and 3,800 colleges through major programs and services in college readiness, college admissions, guidance, assessment, financial aid, enrollment, and teaching and learning. Among its best-known programs are the SAT®, the PSAT/NMSQT® and the Advanced Placement Program® (AP®). The College Board is committed to the principles of excellence and equity, and that commitment is embodied in all of its programs, services, activities and concerns. For further information, visit http://www.collegeboard.com/.
Photo: http://www.newscom.com/cgi-bin/prnh/20070904/SIEMENSLOGO
Siemens Foundation
CONTACT: Valerie Francois, Siemens Foundation, +1-732-590-5292, valerie.francois@siemens.com; or Judy Huang, Weber Shandwick, +1-212-445-8346, jyhuang@webershandwick.com
Web Site: http://www.siemens-/ foundation.org
North Carolina Students Sweep Regional Finals of Nation's Premier High School Science Competition for Research in Biochemistry and Computer ScienceRegional Winners for 2009 Siemens Competition Announced at Georgia Institute of Technology; Will Move on to National Finals and a Chance at $100,000 Lanair Lett Wins Top Individual Prize; Neil Shah and Katie Shpanskaya Win Top Team Prize
ATLANTA, Nov. 7 /PRNewswire/ -- Research projects in the areas of Biochemistry and Computer Science scored top marks this evening, as Lanair Lett of Henderson, North Carolina and the team of Neil Shah and Katie Shpanskaya of Greensboro and Raleigh, North Carolina respectively, received the highest honors at the Region Six Finals of the 2009 Siemens Competition in Math, Science & Technology, the nation's premier high school science competition.
(Logo: http://www.newscom.com/cgi-bin/prnh/20070904/SIEMENSLOGO )
Tonight's winners will receive thousands of dollars in college scholarships and be invited to compete at the National Finals in New York City from December 3-7, where the winners of the six regional competitions across the United States will vie for scholarships ranging from $10,000 to the grand prize of $100,000. The Siemens Competition, a signature program of the Siemens Foundation, is administered by the College Board.
"These students have just earned their place among the nation's greatest high school scientists," said James Whaley, President of the Siemens Foundation, based in Iselin, New Jersey. "Each year, the students' work becomes more impressive, and in a record-setting year such as this one, their achievements become even more outstanding. We are proud to welcome them into our family of Siemens Scholars and look forward to their participation at the national finals in New York City."
The students presented their research this weekend to a panel of judges from the Georgia Institute of Technology, host of the Siemens Competition Region Six Finals.
Individual Winner
Lanair Lett, a senior at North Carolina School of Science and Mathematics (NCSSM) in Durham, North Carolina won the individual category and a $3,000 college scholarship for his biochemistry project. He examined a specific protein's potential for improving therapeutic methods for treating diabetes. Diabetes is the fifth leading cause of death in America - affecting millions of people each year - though its symptoms often lead to a manifestation into five of the top ten causes, such as heart disease. The research aimed to optimize treatments for diabetes, through a better understanding of Beta cell growth. The title of the project is Histone Deacetylase 1 (HDAC-1) Increases B-cell Proliferation in 832/13 B-Cells and Primary Rat Islets.
"In his project on diabetes, Mr. Lett demonstrated his systematic approach to examine the biochemical role of a key protein called HDAC-1 in modulating the growth of cells that could be used in transplantation therapy," said Dr. Raquel Lieberman, Assistant Professor in the School of Chemistry and Biochemistry at the Georgia Institute of Technology. "Mr. Lett visibly shows passion and clear vision, two of the most important research characteristics in scientific research," noted Dr. Yuhong Fan, Assistant Professor in the School of Biology at the Georgia Institute of Technology, "The level of knowledge he demonstrated about the subject's past research, and supporting materials is easily on a graduate level," she added.
Mr. Lett suffers from diabetes himself, as does his mother and grandmother, and it was this personal experience that inspired him to conduct research pertaining to the disease. He considers his grandmother - who runs a 24-hr daycare, Nana's Nest, in Youngstown, Ohio - as his personal hero, because to him she is the epitome of self-sacrifice and dedication. This is Mr. Lett's first research competition, and his dream job would be to work as a medical doctor while doing research involving metabolism and bioenergetics.
Mr. Lett serves as the lifestyles editor of The Stentorian, his school newspaper. He was most recently representing his school on the Regional Science Bowl team, which won second place. Mr. Lett also participates in the Science Educational Experience for High School Students (Project SEED) Research Program, and volunteers as his school's Student Ambassador as well as at the H. Leslie Perry Memorial Library. His mentors for this project were Ms. Leslie Brinson, Biology Teacher at NCSSM and Dr. Jeffery Tessem, Post-Doctoral Fellow, Sarah W. Stedman Nutrition and Metabolism Center, Duke University, both in Durham, North Carolina.
Team Winners
Neil Shah, a senior in Northwest Guilford High School in Greensboro, North Carolina; and Yekaterina (Katie) Shpanskaya, a sophomore at Math and Science School (Home School) in Raleigh, North Carolina, won the team category and will share a $6,000 scholarship. Their project, titled Supercomputing Analytical Discovery of Plasma Instabilities in Fusion Energy Reactors, facilitates the understanding of fusion by analyzing computer-simulated fusion reactor data and paves the way for an efficient analysis of massive amounts of data on powerful computer architectures, consisting of hundreds, or thousands of processors operating in parallel.
"While the problem the team examined was within grasp of the pre-collegiate level, the methods that they used were very expansive and impressive, having the potential to be applied in analysis of many fields that have massive amounts of data, like weather system modeling," said Dr. Miroslav Begovic, Professor at School of Electrical and Computer Engineering at the Georgia Institute of Technology. "The team worked very well together, complementing each other's strengths and communicating their parts incredibly well; we definitely couldn't get them out of their comfort zone," added Dr. Ken Brown, Assistant Professor in the School of Chemistry and Biochemistry at the Georgia Institute of Technology.
Mr. Shah is a National AP Scholar, AP Scholar with Distinction and National Merit Semifinalist, as well as a member of the Future Business Leaders of America and the President of Weaver Academy Chapter. He won first place in the State Network Design Competition, as well as fifth place in the National Network Design Competition. Mr. Shah is the Founder/President of the Speech and Debate Team. He is also Co-Captain of FIRST Tech Challenge Team, and serves as a Weaver Academy Student Ambassador. Mr. Shah is an A+ Certified IT Technician Network, a Certified Security Professional and Microsoft Certified Professional. He holds an Honor Status at the National Forensic League, and volunteers in the Natural Science Center of Greensboro. His hobbies include research, programming, reading, and playing Ultimate Frisbee.
Ms. Shpanskaya has been named to the A/B Honor Roll at Broughton High School, and is a member of National Young Leaders. Her favorite subjects are biology, calculus, civics and economics, chemistry, and statistics. Ms. Shpanskaya is a member of the North Carolina State University (NCSU) Students and Technology in Academia and Research and Service (STARS) Alliance. She co-designed and maintains a web site titled "How to Make Humans." She is also a member of the Math Club, Broughton High School Dance Club, Machine Learning and Data Mining Research Team and Public Speaking Club. She also enjoys tutoring math to NCSU's undergraduate students in her free time. She additionally partakes in Animal Science community service and enjoys reading, fiction writing and playing tennis as her hobbies.
The team worked on this project with the help of their mentors: Dr. Anatoli V. Melechko, Associate Professor, Materials Science and Engineering Department, North Carolina State University; Dr. Nagiza Samatova, Professor, Computer Science Department, North Carolina State University and Senior Scientist in Oak Ridge National Laboratory; Dr. C.S. Chang, Research Scientist, New York University; Mr. Guruprasad Kora, Research Scientist, Oak Ridge National Laboratory and Dr. Paul Breimyer, Research Scientist, Lincoln Lab, Massachusetts Institute of Technology.
Regional Finalists
Regional Finalists each received a $1,000 scholarship.
Regional Finalists in the individual category were:
-- Tian-Yi (Damien) Jiang, North Carolina School of Science and
Mathematics, Durham, NC
-- Aryan Khojandi, Thomas Jefferson High School for Science and
Technology, Alexandria, VA
-- Darpan Patel, Joseph Wheeler High School, Marietta, GA
-- Jinge Su, North Carolina School of Science and Mathematics, Durham NC
Regional Finalists in the team category were:
-- Jonathan Bryan and Linus Liang, Oak Ridge High School, Oak Ridge, TN
-- Di Deng and Patrick Yang, North Carolina School of Science and
Mathematics, Durham, NC
-- Xinran (Ryan) Liu and Grace Prazniak, Oak Ridge High School, Oak
Ridge, TN
-- Shawn Tang, Brian Chiang and Eric Walsh, Troy High School, Fullerton,
CA
The Siemens Competition
The Siemens Competition was launched in 1998 to recognize America's best and brightest math and science students. A record number of 1,348 projects were received this year for the Siemens Competition, an increase of 12 percent over 2008 figures. The number of students submitting projects increased by 14 percent while more students than ever, 2,151, registered to enter.
Entries are judged at the regional level by esteemed scientists at six leading research universities which host the regional competitions: California Institute of Technology; Carnegie Mellon University; Georgia Institute of Technology; Massachusetts Institute of Technology; University of Notre Dame; and The University of Texas at Austin.
Winners of the regional events are invited to compete at the National Finals at New York University in New York City, December 3 - December 7, 2009. Visit http://www.siemens-foundation.org/ on December 7, 2009 at 9:30 am EST to view a live webcast of the National Finalist Award Presentation. You can also log into and follow the Siemens Foundation on Twitter (http://twitter.com/SFoundation) for the latest information and announcements throughout this year's competition.
About the Siemens Foundation
The Siemens Foundation provides more than $7 million annually in support of educational initiatives in the areas of science, technology, engineering and math in the United States. Its signature programs, the Siemens Competition in Math, Science & Technology and Siemens Awards for Advanced Placement, reward exceptional achievement in science, math and technology. The newest program, The Siemens We Can Change the World Challenge, encourages K-12 students to develop innovative green solutions for environmental issues. By supporting outstanding students today, and recognizing the teachers and schools that inspire their excellence, the Foundation helps nurture tomorrow's scientists and engineers. The Foundation's mission is based on the culture of innovation, research and educational support that is the hallmark of Siemens' U.S. companies and its parent company, Siemens AG. For more information, visit http://www.siemens-foundation.org/.
The College Board
The College Board is a not-for-profit membership association whose mission is to connect students to college success and opportunity. Founded in 1900, the College Board is composed of more than 5,600 schools, colleges, universities and other educational organizations. Each year, the College Board serves seven million students and their parents, 23,000 high schools, and 3,800 colleges through major programs and services in college readiness, college admissions, guidance, assessment, financial aid, enrollment, and teaching and learning. Among its best-known programs are the SAT®, the PSAT/NMSQT® and the Advanced Placement Program® (AP®). The College Board is committed to the principles of excellence and equity, and that commitment is embodied in all of its programs, services, activities and concerns. For further information, visit http://www.collegeboard.com/.
NOTE TO EDITORS: Broll and photos of winners available on request.
Photo: http://www.newscom.com/cgi-bin/prnh/20070904/SIEMENSLOGO
Siemens Foundation
CONTACT: Valerie Francois, Siemens Foundation, +1-732-590-5292, valerie.francois@siemens.com; or Alex Aizenberg, Weber Shandwick, +1-212-445-8414, aaizenberg@webershandwick.com
Web Site: http://www.siemens-/ foundation.org
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