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Companies news of 2010-04-29 (page 9)

  • Birner Dental Management Services, Inc. Schedules Earnings Call to Discuss First Quarter...
  • DivX Management to Address Investors at J.P. Morgan 2010 Global Technology, Media and...
  • America West Resources Signs $200 Million Coal Supply Agreement With China-Based Energy...
  • MovieTickets.com Goes 'On the Run' With Holly MadisonNew In-Theater Commercial Showcases...
  • RELM Wireless to Host First Quarter Conference Call on Thursday, May 6, 2010
  • Valassis Announces Strong Results for the First Quarter Ended March 31, 2010Increases...
  • The Pierre New York, A Taj Hotel, Celebrates $100 Million Renovation With Grand Suite...
  • ATK Awarded $32 Million in Follow-on Contracts to Produce HELLFIRE II Rocket Motors and...
  • Lionsgate Announces That Preliminary Results for Fiscal Year 2010 Show Adjusted EBITDA in...
  • Quantum Materials Corporation Subsidiary, Solterra Renewable Technologies, Inc., Engages...
  • For the First Time, InfoComm 100 Invites Virtual Audience to Sessions Streamed with...
  • NACCO Industries, Inc. Announces Dates of 2010 First Quarter Earnings Release and...
  • Huaneng Power International, Inc. Files Annual Report
  • Idenix Pharmaceuticals Prices Underwritten Offering of Common Stock
  • SuccessFactors to Host Investor & Financial Analyst Sessions at SuccessConnect 2010 in New...
  • Verizon Adds First Cantonese Channel and New Korean Channel to FiOS TVTwo New Channels...
  • Sears and Kmart Celebrities Join Nation's Top Designers at the Sixth Annual Design on a...
  • ITG Announces Strategic Investment in Disclosure Insight
  • Pratt & Whitney Awarded $65 Million Contract for F100 Engine Maintenance
  • Investment Technology Group Reports First Quarter 2010 ResultsCost Reductions and Improved...
  • Developing a Cancer Survivorship Program: Experts Discuss Challenges and Opportunities
  • Brink's Reports First-Quarter Results$.10 Per Share Loss Includes $.28 Charge Related to...
  • Unilife Enters Indian Healthcare MarketBegins Discussions with Local Healthcare and...
  • Applied Energetics Regains Compliance With NASDAQ Minimum Bid-Price Requirement
  • Q1 2010: A Good First Quarter
  • The 2010 BK(R) NEXT BEST MOVE (SM) National Tour Hits Columbus on May 11Mobile tour...
  • White Mountains Reports Adjusted Book Value Per Share of $411
  • Kennametal Announces Results for Third Quarter Fiscal 2010 and Increases Guidance--...
  • Bungie and Activision Announce Exclusive, Worldwide Partnership10-Year Alliance Expands...
  • Ad Systems Communications, Inc. Installs Its First International System in the Turks and...



    Birner Dental Management Services, Inc. Schedules Earnings Call to Discuss First Quarter 2010 Results

    DENVER, April 29 /PRNewswire-FirstCall/ -- Birner Dental Management Services, Inc. , operators of PERFECT TEETH dental practices, will conduct a conference call to review first quarter 2010 results. In addition to first quarter results, the teleconference may include discussion of management's expectations of future financial and operating results. The call will be held on Thursday, May 13, 2010 at 9:00 a.m. MT.

    Dial in to 1-800-344-6491; refer to Confirmation Code 4666445 approximately five minutes prior to the scheduled time. Please put this on your calendar and plan on joining us for this call. If you are unable to join us on May 13, the rebroadcast number is 1-888-203-1112 with Passcode 4666445; which will be available through May 27, 2010.

    Birner Dental Management Services, Inc. acquires, develops, and manages geographically dense dental practice networks in select markets in Colorado, New Mexico, and Arizona. The Company currently manages 65 dental offices, which operate under the PERFECT TEETH name.

    Certain of the matters that may be discussed in the conference call may contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from expectations. These and other risks are set forth in the reports filed by the Company with the Securities and Exchange Commission.

    Contact: Birner Dental Management Services, Inc. Dennis Genty Chief Financial Officer 303-691-0680

    Birner Dental Management Services, Inc.

    CONTACT: Dennis Genty, Chief Financial Officer of Birner Dental
    Management Services, Inc., +1-303-691-0680

    Web Site: http://www.bdms-perfectteeth.com/




    DivX Management to Address Investors at J.P. Morgan 2010 Global Technology, Media and Telecom Conference

    SAN DIEGO, April 29 /PRNewswire-FirstCall/ -- DivX, Inc. , a digital media company, today announced that members of the DivX management team will address investors at the J.P. Morgan 2010 Global Technology, Media and Telecom Conference on Tuesday, May 18, 2010.

    (Logo: http://www.newscom.com/cgi-bin/prnh/20081124/DIVXLOGO)

    Conference remarks will be webcast live at 2:30 p.m. ET, and will be accessible via replay online at http://investors.divx.com/.

    About DivX

    DivX, Inc. is a leading digital media company that enables consumers to enjoy a high-quality video experience across any kind of device. DivX creates, distributes and licenses digital video technologies that span the "three screens" comprising today's consumer media environment -- the PC, the television and mobile devices. Over 250 million DivX devices have shipped into the market from leading consumer electronics manufacturers. DivX also offers content providers and publishers a complete solution for the distribution of secure, high-quality digital video content. Driven by a globally recognized brand and a passionate community of hundreds of millions of consumers, DivX is simplifying the video experience to enable the digital home.

    Photo: http://www.newscom.com/cgi-bin/prnh/20081124/DIVXLOGO
    AP Archive: http://photoarchive.ap.org/
    PRN Photo Desk, photodesk@prnewswire.com DivX, Inc.

    CONTACT: Investor Relations, Karen Fisher, +1-858-882-6415,
    kfisher@divxcorp.com, or Media, Jen Baumgartner, +1-503-901-5371,
    jbaumgartner@divxcorp.com, both of DivX, Inc.

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




    America West Resources Signs $200 Million Coal Supply Agreement With China-Based Energy Group

    SALT LAKE CITY, April 29 /PRNewswire-FirstCall/ -- America West Resources, Inc. (BULLETIN BOARD: AWSR) , a domestic coal producer with mining operations in Central Utah, today announced that it has signed a Master Coal Purchase and Sale Agreement with a leading China-based energy group, providing for the Company to ship compliant thermal coal mined from its Horizon Mine in Carbon County, Utah to customers in China.

    Based on predetermined contract pricing, the four-year agreement is valued between $47 million and $51 million per year. Earlier this week, America West announced that it has leased a coal storage and export terminal at a seaport based in the northwestern region of the U.S. in anticipation of supplying coal to China-based power companies and other industrial users of thermal coal in the Asian markets. Pursuant to this new agreement, the Company expects to commence rail shipments of coal to the newly leased export terminal immediately with subsequent shipments to China expected to begin in June.

    "We are very pleased that global demand for our compliant coal has been increasingly robust. In view of the number of new coal supply contracts we have signed or are currently negotiating, America West is working diligently towards re-establishing mining operations in two pillar sections at Horizon, with a goal of expanding to three sections by the end of this year and significantly increasing production," stated Dan Baker, America West's CEO.

    About America West Resources, Inc.

    Headquartered in Salt Lake City, Utah, America West Resources is an established domestic coal producer focused on the mining of compliant (low-sulfur) coal and its sale primarily to U.S. utility companies for use in generating electricity. The Company operates the Horizon Mine, which has recoverable compliant coal reserves under lease of approximately 19 million tons. For more information, please visit http://www.americacoal.com/.

    Forward-Looking Statements

    This news release contains forward-looking statements. Please refer to the Company's Form 10-K and other filings with the United States Securities and Exchange Commission (the "SEC") for additional information regarding risks and uncertainties, including, but not limited to, the risk factors listed from time to time in such SEC reports. Copies of these filings are available through the SEC's electronic data gathering analysis and retrieval system (EDGAR) at http://www.sec.gov/. The forward-looking statements in this release do not constitute guarantees of future performance. Investors are cautioned that statements in this press release which are not strictly historical statements, including, without limitation, statements regarding current or future mining output, ability to obtain necessary equipment, personnel and permits to mine coal, production capabilities, management's strategy, plans and objectives for future operations, plans and objectives for production, plans and objectives for present and future production, plans and objectives for regulatory approval, and anticipated results, constitute forward-looking statements. Such forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated, including, without limitation, risks associated with coal production, mining in general and in our mines in particular, ability to achieve the coal output anticipated, ability to obtain permits, ability to hire and retain the necessary personnel, as well as other risks detailed in our filings with the SEC. We assume no obligation to update any forward-looking information contained in this press release or with respect to the announcements described herein.

    FOR ADDITIONAL INFORMATION, PLEASE CONTACT: ELITE FINANCIAL COMMUNICATIONS GROUP Dodi B. Handy, President & CEO (Twitter: dodihandy) For Media Inquiries: Kathy Addison, VP, Elite Media Group (Twitter: kathyaddison) 407-585-1080 or via email at AWSR@efcg.net

    America West Resources, Inc.

    CONTACT: ELITE FINANCIAL COMMUNICATIONS GROUP, Dodi B. Handy, President
    & CEO (Twitter: dodihandy), For Media Inquiries: Kathy Addison, VP, Elite
    Media Group (Twitter: kathyaddison), +1-407-585-1080, AWSR@efcg.net

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




    MovieTickets.com Goes 'On the Run' With Holly MadisonNew In-Theater Commercial Showcases Simplicity and Ease of Online Ticket Purchasing With Busy Reality TV Personality

    LOS ANGELES, April 29 /PRNewswire/ -- MovieTickets.com, the worldwide leader in advance movie ticketing, unveils its newest in-theater commercial starring Holly Madison this month. Titled On the Run, the spot follows the reality TV star throughout her hectic schedule that takes her across the famed Las Vegas Strip.

    (Logo: http://www.newscom.com/cgi-bin/prnh/20010622/MTLOGO )

    Offering an insider's view into Madison's personal life, the commercial reveals her busy schedule, which includes headlining in a popular Las Vegas show, modeling, and filming her new reality TV series Holly's World. Madison uses MovieTickets.com to purchase her tickets in advance so she is guaranteed to spend her valuable personal time at the movies with her girlfriends.

    "This is a highly anticipated campaign for MovieTickets.com, as Holly's broad appeal will effectively relate to a large part of the movie-going audience," stated Joel Cohen, chief executive officer, MovieTickets.com. "Holly's engaging. She connects with audiences, which makes her a terrific brand representative to deliver the MovieTickets.com key messages."

    Madison added, "Going to the movies with my girlfriends is one of my favorite ways to spend my time off, so collaborating with MovieTickets.com is a natural fit for me. It's fun to share my personal life with my professional experiences."

    On the Run will air in theaters nationwide starting April 2010, and will run through the fall. The promotion is supported online with a dedicated micro site, MovieTickets.com/HollyMadison, which features exclusive behind the scenes footage, photos and information on Madison's upcoming projects.

    About the MovieTickets.com

    MovieTickets.com (http://www.movietickets.com/), the worldwide leader in advance movie ticketing offers moviegoers a destination for movie news, reviews and trailers as well as a convenient way to buy movie tickets in advance. MovieTickets.com enables consumers to buy tickets online for movie screens across the United States, as well as in Canada at MovieTickets.ca; in the U.K. at MovieTickets.co.uk; in Ireland at MovieTickets.ie; in Argentina at MovieTickets.com.ar; from any Internet-enabled wireless device at mobile.movietickets.com; and from any phone at 877-789-MOVIE. Formed in 2000, MovieTickets.com is a joint venture between AMC Entertainment, Hollywood Media Corp. , National Amusements, Cineplex Entertainment, Marcus Theatres , Viacom and Time Warner, and leverages the collective theater chain expertise to deliver consumers a premium movie ticketing experience. Its elite collection of partner theaters consistently represents over 50 percent of the top 100 grossing theaters in North America on any given weekend. The MovieTickets.com theater chain group, which includes 187 theater chains, is about eight times the number of chains of its nearest competitor.

    Photo: http://www.newscom.com/cgi-bin/prnh/20010622/MTLOGO
    http://photoarchive.ap.org/
    PRN Photo Desk, photodesk@prnewswire.com MovieTickets.com

    CONTACT: Katie Casey, Formula, +1-310-578-7050, casey@formulapr.com

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




    RELM Wireless to Host First Quarter Conference Call on Thursday, May 6, 2010

    WEST MELBOURNE, Fla., April 29 /PRNewswire-FirstCall/ -- RELM Wireless Corporation (NYSE Amex: RWC), which designs, manufactures and markets two-way radio communications equipment, will host an investor conference call to discuss its operating results for the first quarter ended March 31, 2010 on Thursday, May 6, 2010 at 9:00 am EDT. On the call will be David Storey, President and Chief Executive Officer, and William Kelly, Executive Vice President and Chief Financial Officer.

    The Company will release its first quarter operating results after the close of stock market trading on Wednesday, May 5, 2010.

    Shareholders and interested parties may participate in the conference call by dialing 800-860-2442 (international and local participants dial 412-858-4600) and asking to be connected to the "RELM Wireless Corporation Conference Call." The call will also be webcast at http://www.relm.com/. Please allow extra time prior to the call to visit the site and download any necessary software to listen to the webcast. An online archive of the webcast will be available on the Company's website for 30 days following the call at http://www.relm.com/. A replay of the conference call will be available one hour after completion of the call until Friday, May 14, 2010 at 5:00 pm EDT by dialing 877-344-7529 (international/local participants dial 412-317-0088) and entering conference I.D. # 440121.

    About RELM Wireless

    As an American Manufacturer for more than 60 years, RELM Wireless Corporation has produced highspecification twoway communications equipment of unsurpassed reliability and value for use by public safety professionals and government agencies, as well as radios for use in a wide range of commercial and industrial applications. Advances include a broad new line of leading digital twoway radios compliant with APCO Project 25 specifications. RELM's products are manufactured and distributed worldwide under BK Radio and RELM brand names. The Company maintains its headquarters in West Melbourne, Florida and can be contacted through its web site at http://www.relm.com/ or directly at 18008212900. The Company's common stock trades on the NYSE Amex market under the symbol "RWC".

    RELM Wireless Corporation

    CONTACT: Company Contact: RELM Wireless Corporation, William P. Kelly,
    EVP & CFO, +1-321-984-1414; Investor Relations Contact: SM Berger & Company,
    Stan Berger, +1-216-464-6400, stan@smberger.com

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




    Valassis Announces Strong Results for the First Quarter Ended March 31, 2010Increases Full-year 2010 Adjusted EBITDA* Guidance by $20 Million to $300 Million

    LIVONIA, Mich., April 29 /PRNewswire-FirstCall/ -- Valassis today announced financial results for the first quarter ended March 31, 2010. We reported quarterly revenue of $550.0 million compared to $551.2 million for the prior year quarter. First quarter net earnings were $322.5 million compared to $13.0 million in the prior year quarter. As previously announced, on Feb. 4, 2010 we received a cash payment of $500.0 million as part of a litigation settlement. First-quarter net earnings included litigation settlement proceeds of $301.4 million, after estimated taxes of $188.7 million and other related payments of $9.9 million. Without the effect of this settlement, net earnings would have been $21.1 million, a 62.3% increase over the prior year quarter. Diluted earnings per share (EPS) for the quarter was $6.26 compared to $0.27 in the prior year quarter. Without the effect of this settlement, which accounted for $5.85 per share, diluted EPS would have been $0.41, a 51.9% increase compared to the prior year quarter. For the first quarter of 2010, adjusted EBITDA* was $73.9 million, an increase of 37.1% compared to $53.9 million for the prior year quarter.

    "Revenue growth coupled with continued cost management in our Shared Mail, FSI and IDMS segments this quarter drove a substantial increase in gross margin and our decision to raise guidance," said Alan F. Schultz, Valassis Chairman, President and Chief Executive Officer. "As we transition our primary focus from cost management to revenue growth, the strong operating leverage of these businesses provides significant flow-through to the bottom line."

    Some additional highlights include: -- Selling, General and Administrative (SG&A): First-quarter 2010 SG&A costs were $91.0 million, which includes $2.1 million in legal costs (related to the recently settled litigation) and $5.9 million in non-cash stock-based compensation. This compares to prior year quarter SG&A costs of $86.2 million, which included $2.9 million in legal costs (related to the recently settled litigation) and $1.0 million in non-cash stock-based compensation. -- Capital Expenditures: Capital expenditures for the first quarter were $3.8 million. -- Liquidity: -- We ended the first quarter of 2010 with $633.0 million in cash and a current tax liability of $175.9 million primarily as a result of the recent litigation settlement. -- On April 15, 2010, we amended our senior secured credit agreement to, among other things, allow us to use up to $325.0 million to repurchase our outstanding 8 1/4% Senior Notes due 2015, through April 15, 2011. As part of the amendment, we agreed to reduce the aggregate revolving credit commitments under our senior secured credit facility from $100.0 million to $50.0 million, and increase the applicable spread for the current LIBOR-based borrowings under our senior secured credit agreement by 50 basis points from 175 basis points to 225 basis points. Outlook

    As savings-conscious consumers look toward value-oriented media to make purchasing decisions, we believe advertisers will continue to utilize our products to stimulate sales. Based on our current outlook and results, we are raising our full-year 2010 guidance as follows: adjusted EBITDA* from approximately $280 million to approximately $300 million and diluted cash EPS* from $2.48 to $2.79. We reiterate our previously announced annual guidance of $25 million in capital expenditures. We have included a table accompanying this press release for illustrative purposes only which reflects full-year 2010 diluted cash EPS* of $3.07, which hypothetically assumes that we use $325 million in cash to repurchase a portion of our outstanding 8 1/4% Senior Notes due 2015 at the average current market price. There can be no assurance that we will repurchase any of such Notes.

    Business Segment Discussion -- Shared Mail: Revenue for the first quarter of 2010 was $312.9 million, an increase of 0.6% compared to the prior year quarter. The segment experienced modest revenue growth despite our optimization efforts which resulted in a 9% reduction in packages representing an approximate 2% reduction in revenue. Segment profit for the quarter was $31.6 million, an increase of 68.1% compared to the prior year quarter. The increase in segment profit is due to effective cost management, including package optimization efforts, and SG&A reductions. -- Neighborhood Targeted Products: Revenue for the first quarter of 2010 was $99.8 million, a decrease of 11.3% compared to the prior year quarter, due to reduced client ad spend within the financial vertical in the Run-of-Press business. Segment profit for the quarter was $7.1 million, a decrease of 31.1% compared to the prior year quarter. The segment profit decline for the quarter was due primarily to the decline in revenue. -- Free-standing Inserts (FSI): Revenue for the first quarter of 2010 was $97.5 million, an increase of 4.2% compared to the prior year quarter. Segment profit for the quarter was $8.3 million, compared to $1.3 million in the prior year quarter. The improvement in segment results was primarily due to reduced costs and a 10.4% increase in industry volume of which we believe approximately 4.5% is related to an earlier Easter in 2010 versus 2009. -- International, Digital Media & Services (IDMS): Revenue for the first quarter of 2010 was $39.8 million, an increase of 16.7% compared to the prior year quarter. Segment profit for the quarter was $5.5 million, an increase of 37.5% compared to the prior year quarter despite increased investment in our In-store and Digital businesses. The improvement in segment performance was driven by the sustained increase in coupon clearing volume. According to NCH Marketing Services, Inc. (our coupon-processing and analytics subsidiary), first quarter 2010 U.S. consumer packaged goods (CPG) coupon distribution was up 14% and coupon redemption volume was up 9.7% compared to the prior year quarter. This marks the sixth consecutive quarter of CPG redemption growth. Segment Results Summary ----------------------- Quarter Ended March 31, -------------------- Segment Revenue ($ in millions) 2010 2009 % Change ---- ---- -------- Shared Mail $312.9 $310.9 0.6% ------ ------ --- Neighborhood Targeted $99.8 $112.5 -11.3% ----- ------ ----- Free-standing Inserts $97.5 $93.6 4.2% ----- ----- --- International, Digital Media & Services $39.8 $34.1 16.7% ----- ----- ---- Total Segment Revenue $550.0 $551.1 -0.2% ------ ------ ---- Quarter Ended March 31, -------------------- Segment Profit ($ in millions) 2010 2009 % Change ---- ---- -------- Shared Mail $31.6 $18.8 68.1% ----- ----- ---- Neighborhood Targeted $7.1 $10.3 -31.1% ---- ----- ----- Free-standing Inserts $8.3 $1.3 538.5% ---- ---- ----- International, Digital Media & Services $5.5 $4.0 37.5% ---- ---- ---- Total Segment Profit $52.5 $34.4 52.6% ----- ----- ---- Conference Call Information

    We will hold an investor call today to discuss our first-quarter results at 11 a.m. (ET). The call-in number is (877) 941-8609 (please reference conference #4277359). The call will be simulcast on our Web site at http://www.valassis.com/ and a telephonic replay of the call will be available through May 6, 2010 at (800) 406-7325, pass code 4277359. This earnings release and the webcast will be archived on our Web site under "Investor."

    Non-GAAP Financial Measures

    *We define adjusted EBITDA as net earnings before interest expense, net, other non-cash expenses (income), net, income taxes, depreciation, amortization, stock-based compensation expense, non-recurring restructuring and severance costs, and any cash proceeds received as a result of the News America litigation settlement, net of related payments. We define diluted cash EPS as net earnings plus depreciation, amortization and stock-based compensation expense, less capital expenditures and any cash proceeds received as a result of the aforementioned litigation settlement, divided by weighted shares outstanding. Adjusted EBITDA and diluted cash EPS are non-GAAP financial measures commonly used by financial analysts, investors, rating agencies and other interested parties in evaluating companies, including marketing services companies. Accordingly, management believes that adjusted EBITDA and diluted cash EPS may be useful in assessing our operating performance and our ability to meet our debt service requirements. In addition, adjusted EBITDA is used by management to measure and analyze our operating performance and, along with other data, as our internal measure for setting annual operating budgets, assessing financial performance of business segments and as a performance criteria for incentive compensation. Management also believes that diluted cash EPS is useful to investors because it provides a measure of our profitability on a more comparable basis to historical periods and provides a more meaningful basis for forecasting future performance, by replacing non-cash amortization and depreciation expenses, which are currently running significantly higher than our annual capital needs, with actual and forecasted capital expenditures. Additionally, because of management's focus on generating shareholder value, of which profitability is a primary driver, management believes diluted cash EPS, as defined above, provides an important measure of our results of operations.

    However, these non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation from, or as alternatives to, operating income, cash flow, EPS or other income or cash flow data prepared in accordance with GAAP. Some of these limitations are:

    -- adjusted EBITDA does not reflect our cash expenditures for capital equipment or other contractual commitments; -- although depreciation and amortization are non-cash charges, the assets being depreciated or amortized may have to be replaced in the future, and adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements; -- adjusted EBITDA and diluted cash EPS do not reflect changes in, or cash requirements for, our working capital needs; -- adjusted EBITDA does not reflect the significant interest expense or the cash requirements necessary to service interest or principal payments on our indebtedness; -- adjusted EBITDA does not reflect income tax expense or the cash necessary to pay income taxes; -- adjusted EBITDA does not reflect the impact of earnings or charges resulting from matters we consider not to be indicative of our ongoing operations; and -- other companies, including companies in our industry, may calculate these measures differently and as the number of differences in the way two different companies calculate these measures increases, the degree of their usefulness as comparative measures correspondingly decreases.

    Because of these limitations, adjusted EBITDA and diluted cash EPS should not be considered as measures of discretionary cash available to us to invest in the growth of our business or reduce indebtedness. We compensate for these limitations by relying primarily on our GAAP results and using these non-GAAP financial measures only supplementally. Further important information regarding reconciliations of these non-GAAP financial measures to their respective most comparable GAAP measures can be found below.

    Reconciliation of Full-year 2010 Adjusted EBITDA Guidance to Full- year 2010 Net Earnings Guidance(1) Including Illustration of Hypothetical Debt Repurchase: Full-year Hypothetical 2010 Debt Repurchase Guidance (in millions) (in millions) Net Earnings $391.9 $386.3 plus: Interest expense, net 78.6(2) 67.8(3) --------------------------- ------ ------ Income taxes 245.4 241.8 ------------ ----- ----- Depreciation and amortization 63.1 63.1 ----------------------------- ---- ---- Premium on debt retirement - 20.0(4) -------------------------- --- ------ less: Other income (4.3) (4.3) ------------------- ---- ---- Litigation proceeds, net of related payments (490.1) (490.1) --------------------------- ------ ------ EBITDA $284.6 $284.6 ------ ------ ------ plus: Stock-based compensation expense 15.4 15.4 ------------------------------ ---- ---- Adjusted EBITDA $300.0 $300.0 --------------- ------ ------ Reconciliation of Full-year 2010 Diluted Cash EPS Guidance to Full- year 2010 Diluted EPS Guidance Including Illustration of Hypothetical Debt Repurchase: Hypothetical Debt Full-year 2010 Repurchase -------------- ----------------- Guidance -------- Net Earnings (in millions) $391.9 $386.3 -------------------------- ------ ------ Diluted EPS $7.58 $7.47 plus effect of: Depreciation 0.98 0.98 Amortization 0.24 0.24 Stock-based compensation expense 0.30 0.30 Premium on debt retirement -- 0.39(4) less effect of Capital expenditures (0.48) (0.48) Litigation proceeds, net of tax and related payments (5.83) (5.83) ----------------------------------- ----- ----- Diluted Cash EPS $2.79 $3.07 ---------------- ----- ----- Weighted Shares Outstanding (in thousands) 51,700 51,700 ------------------------------- ------ ------ (1) Due to the forward-looking nature of 2010 adjusted EBITDA, information to reconcile 2010 adjusted EBITDA to cash flows from operating activities is not available without unreasonable effort. We believe that the information necessary to reconcile these measures is not reasonably estimable or predictable. (2) Interest expense reflects the increase in the applicable spread plus fees, pursuant to the recent amendment to our senior secured credit agreement, as of the effective date of the amendment. The impact of the new pricing and fees is estimated to increase interest expense by approximately $1.6 million in 2010. We have also included a $3.7 million non-cash gain (reduction in interest expense) due to the change in fair value of our interest rate swaps that expire at the end of 2010. This gain was not included in previous guidance. (3) Assumes partial repurchase of our 8 1/4% senior notes using $325 million in cash during our second quarter. The repurchase would produce an estimated interest savings of approximately $15.7 million in 2010, but would cause a one-time, non-cash write-off of debt issuance fees that would increase interest expense by approximately $4.1 million. (4) Premium on debt retirement assumes that in 2010, we use $325 million in cash to repurchase our 8 1/4% senior notes calculated using current market pricing, which is a premium to the par value of the notes. Reconciliation of Adjusted EBITDA to Net Earnings and Cash Flows from Operating Activities (dollars in thousands) Unaudited Three Months Ended March 31, --------- 2010 2009 ---- ---- Net Earnings - GAAP $322,528 $13,028 ======== ======= plus: Income taxes 201,836 8,654 Interest expense, net 20,010 21,394 Depreciation and amortization 15,519 17,660 Other non-cash (income) less: expenses, net (1,790) (8,695) ------- EBITDA $558,103 $52,041 Stock-based compensation expense 5,891 1,049 Restructuring costs / severance - 783 Litigation proceeds, net of related payments (490,085) - Adjusted EBITDA $73,909 $53,873 ------- ------- Interest expense, net (20,010) (21,394) Income taxes (201,836) (8,654) Restructuring costs, cash - (783) Litigation proceeds, net of related payments 490,085 - Changes in operating assets and liabilities 155,198 16,620 ------- Cash Flows from Operating Activities $497,346 $39,662 ======== ======= About Valassis

    Valassis is one of the nation's leading media and marketing services companies, offering unparalleled reach and scale to more than 15,000 advertisers. Its RedPlum media portfolio delivers value on a weekly basis to over 100 million shoppers across a multi-media platform - in-home, in-store and in-motion. Through its interactive offering - redplum.com - consumers will find compelling national and local deals online. Headquartered in Livonia, Michigan with approximately 7,000 associates in 28 states and eight countries, Valassis is widely recognized for its associate and corporate citizenship programs, including its America's Looking for Its Missing Children® program. Valassis companies include Valassis Direct Mail, Inc., Valassis Canada, Promotion Watch, Valassis Relationship Marketing Systems, LLC and NCH Marketing Services, Inc. For more information, visit http://www.valassis.com/ or http://www.redplum.com/.

    Safe Harbor and Forward-Looking Statements

    Certain statements found in this document constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks and uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following: price competition from our existing competitors; new competitors in any of our businesses; a shift in client preference for different promotional materials, strategies or coupon delivery methods, including, without limitation, as a result of declines in newspaper circulation; an unforeseen increase in paper or postal costs; changes which affect the businesses of our clients and lead to reduced sales promotion spending, including, without limitation, a decrease of marketing budgets which are generally discretionary in nature and easier to reduce in the short-term than other expenses; our substantial indebtedness, and ability to refinance such indebtedness, if necessary, and our ability to incur additional indebtedness, may affect our financial health; the financial condition, including bankruptcies, of our clients, suppliers, senior secured credit facility lenders or other counterparties; our ability to comply with or obtain modifications or waivers of the financial covenants contained in our debt documents; certain covenants in our debt documents could adversely restrict our financial and operating flexibility; ongoing disruptions in the credit markets that make it difficult for companies to secure financing; fluctuations in the amount, timing, pages, weight and kinds of advertising pieces from period to period, due to a change in our clients' promotional needs, inventories and other factors; our failure to attract and retain qualified personnel may affect our business and results of operations; a rise in interest rates could increase our borrowing costs; we may be required to recognize additional impairment charges against goodwill and intangible assets in the future; possible governmental regulation or litigation affecting aspects of our business; the credit and liquidity crisis in the financial markets could continue to affect our results of operations and financial condition; uncertainty in the application and interpretation of applicable state sales tax laws may expose us to additional sales tax liability; and general economic conditions, whether nationally, internationally, or in the market areas in which we conduct our business, including the adverse impact of the ongoing economic downturn on the marketing expenditures and activities of our clients and prospective clients as well as our vendors, with whom we rely on to provide us with quality materials at the right prices and in a timely manner. These and other risks and uncertainties related to our business are described in greater detail in our filings with the United States Securities and Exchange Commission, including our reports on Forms 10-K and 10-Q and the foregoing information should be read in conjunction with these filings. We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

    VALASSIS COMMUNICATIONS, INC. Consolidated Balance Sheets (dollars in thousands) Unaudited Assets Mar. 31, Dec. 31, 2010 2009 ---- ---- Current assets: Cash and cash equivalents $633,006 $129,846 Accounts receivable 412,991 428,836 Inventories 36,507 40,472 Refundable income taxes - 12,578 Other 43,149 37,046 ------ ------ Total current assets 1,125,653 648,778 Property, plant and equipment, at cost 502,068 499,775 Less accumulated depreciation (312,771) (301,874) -------- -------- Net property, plant and equipment 189,297 197,901 Intangible assets, net 875,775 878,932 Investments 2,183 2,298 Other assets 14,784 16,113 ------ ------ Total assets $2,207,692 $1,744,022 ---------- ---------- VALASSIS COMMUNICATIONS, INC. Consolidated Balance Sheets, Continued (dollars in thousands) Unaudited Liabilities and Stockholders' Equity Mar. 31, Dec. 31, 2010 2009 ---- ---- Current liabilities: Current portion, long-term debt $7,074 $6,197 Accounts payable and accruals 407,722 466,054 Progress billings 38,978 40,532 Income taxes payable 175,948 - Deferred income taxes 22 22 Total current liabilities 629,744 512,805 Long-term debt 1,002,229 1,004,875 Other liabilities 44,225 40,567 Deferred income taxes 89,871 87,914 Stockholders' equity: Common stock 650 642 Additional paid-in capital 119,061 98,927 Retained earnings 845,259 522,731 Treasury stock (520,170) (520,170) Accumulated other comprehensive loss (3,177) (4,269) ------ ------ Total stockholders' equity 441,623 97,861 ------- ------ Total liabilities and stockholders' equity $2,207,692 $1,744,022 ---------- ---------- VALASSIS COMMUNICATIONS, INC. Consolidated Statements of Operations (in thousands, except per share data) Unaudited Mar. 31, % -------- 2010 2009 Change ---- ---- ------ Revenue $550,002 $551,155 - 0.2% Costs and expenses: Costs of products sold 403,389 427,490 - 5.6% Selling, general and administrative 90,958 86,228 + 5.5% Amortization 3,156 3,056 + 3.3% Total costs and expenses 497,503 516,774 - 3.7% Gain from litigation settlement 490,085 - N/A + Operating income 542,584 34,381 1478.2% Other expenses and income: Interest expense 20,156 21,644 - 6.9% Interest income (146) (250) - 41.6% Other (income) and expenses (1,790) (8,695) - 79.4% ------ ------ ------- Total other expenses and income 18,220 12,699 + 43.5% + Earnings before income taxes 524,364 21,682 2318.4% + Income taxes 201,836 8,654 2232.3% ------- ----- -------- + Net earnings $322,528 $13,028 2375.7% -------- ------- -------- Net earnings per common + share, diluted $6.26 $0.27 2218.5% Weighted average shares outstanding, diluted 51,554 47,948 + 7.5% Supplementary Data ------------------ Amortization $3,156 $3,056 Depreciation 12,363 14,604 Capital expenditures 3,821 2,036

    Valassis

    CONTACT: Mary Broaddus, +1-734-591-7375, broaddusm@valassis.com

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




    The Pierre New York, A Taj Hotel, Celebrates $100 Million Renovation With Grand Suite Promotion

    NEW YORK, April 29, 2010 /PRNewswire-FirstCall/ -- To celebrate the grand re-opening of The Pierre, the US flagship of Taj Hotels on New York's Central Park, The Pierre announced it is offering 40% off its newly renovated Grand Suites. Ranging in size from one to three bedrooms, with up to 2,000 square feet of space, these classic interiors offer magnificent views of Manhattan and Central Park, and residential-style pied-a-terres for discerning guests.

    To view the Multimedia press release, please click: http://multivu.prnewswire.com/mnr/prne/ihc/40801/

    The 11 Grand Suites, two with terraces that can accommodate parties up to 30, are designed with custom furnishings, hand-crafted finishes and elegant details, such as rich silk and brocade fabrics, Murano glass chandeliers, hand-knotted carpets and Bang & Olufsen audio systems.

    Following a meticulous $100-million renovation, The Pierre now offers 189 redesigned residential-style guest rooms, including 39 suites and 11 Grand Suites, all featuring a quiet feeling of luxury and complemented by superb services personally crafted to attend to each guest's every need.

    A particular treat for guests is dining at Le Caprice, which opened its first U.S. restaurant outside London in New York at The Pierre. Le Caprice has established itself as a social institution in London with its effortless style, coveted cuisine and well-heeled crowd.

    Mirroring the London restaurant and maintaining its deep-seated commitment to the art world, Le Caprice New York houses a series of photographs of iconic sixties model Jean Shrimpton by legendary British photographer, David Bailey. Long-standing favorites from the London restaurant, such as Thai-Baked sea bass, will continue to appear within the newly designed New York menu.

    Two E, a new bar/lounge in The Pierre, features classic cocktails and light fare in an Alexandra Champalimaud-designed space. Afternoon tea is served from 3-5 pm. Culinary selections include The Pierre Salad with langoustines.

    Business groups hosting meetings and receptions at The Pierre may select from three new elegant boardrooms with state-of-the-art amenities that can accommodate groups up to 75. These business-centric rooms complement the hotel's expansive social banquet spaces on the second floor that can accommodate private events for up to 1,500 guests.

    Discounted Grand Suite rates begin at $3,900. For reservations, please call 1-800-743-7734 or visit http://www.tajhotels.com/pierre/.

    Conde Nast Traveller has put The Pierre New York, on the Hot List 2010 after months of research and suggestions from the magazines' correspondent's across the globe.

    Media Contacts: U.S. Babs Harrison Sheila Donnelly & Associates +1-212-851-8425 babs@sheiladonnelly.com UK Mary-Clare Gribbon mcgribbon@prco.com +44(020)7-834-2349 Japan Akemi ENDO endo@essendo.com +81-3-3585-9688 India Swati Sundareswaran swati@vccpl.com +91-98675-54174

    Video: http://multivu.prnewswire.com/mnr/prne/ihc/40801/ Taj Hotels Resorts and Palaces

    CONTACT: U.S., Babs Harrison Sheila Donnelly & Associates,
    +1-212-851-8425, babs@sheiladonnelly.com, UK, Mary-Clare Gribbon,
    mcgribbon@prco.com, +44(020)7-834-2349, Japan Akemi ENDO, endo@essendo.com,
    +81-3-3585-9688, India, Swati Sundareswaran, swati@vccpl.com, +91-98675-54174




    ATK Awarded $32 Million in Follow-on Contracts to Produce HELLFIRE II Rocket Motors and WarheadsATK to Produce Approximately 7,100 Rocket Motors and 2,200 Warheads ATK Has Delivered More Than 80,000 HELLFIRE Rocket Motors Since 1987

    MINNEAPOLIS, April 29 /PRNewswire-FirstCall/ -- Alliant Techsystems has received follow-on production contracts valued at $32 million to produce rocket motors and warheads for the precision-strike laser-guided HELLFIRE® II missile. ATK will manufacture approximately 7,100 rocket motors and 2,200 metal augmented charge (MAC) warheads at its manufacturing facility in Rocket Center, West Virginia. The contracts were awarded by Lockheed Martin , the prime contractor for the HELLFIRE II missile.

    ATK was awarded the HELLFIRE II baseline contract in November 2008 to produce and deliver rocket motors and warheads. The most recent follow-on contracts represent the first option to the baseline, with deliveries scheduled to begin in April, 2011, and completed by July, 2012. A second option could be awarded in late 2010.

    "This order builds on ATK's HELLFIRE heritage of reliability and effectiveness. Our goal is to provide our Warfighters with the highest quality rocket motors and warheads possible to ensure mission success," said Bart Olson, interim President of ATK Missile Products Group.

    "The HELLFIRE II missile's in-theater reliability exceeds 95 percent, and the reliable performance of the ATK motor is a major contributor to achieving that level of mission success," said Ken Musculus, Air-to-Ground Missile Systems director at Lockheed Martin Missiles and Fire Control. "At a recent users' conference, Warfighters from all four U.S. services told us how the HELLFIRE missile has enhanced their ability to minimize collateral damage during Operation Iraqi Freedom and Operation Enduring Freedom."

    Dating back to HELLFIRE I in the 1980s, ATK has produced nearly 80,000 HELLFIRE rocket motors and over 6,400 MAC warheads. In addition, ATK manufactures the copper liner for the main shaped-charge warhead for the high-explosive anti-tank (HEAT) Hellfire, the AGM-114K.

    The HELLFIRE II can be launched from several rotary-wing aircraft, special mission fixed-wing aircraft, unmanned aerial vehicles, ground-based tripods and boats. HELLFIRE is effective against a wide variety of targets, including tanks, ships, bunkers, caves and buildings. Its precision-strike semi-active laser guidance system minimizes collateral damage on the battlefield.

    ATK is a premier aerospace and defense company with more than 18,000 employees in 22 states, Puerto Rico and internationally, and revenues of approximately $4.8 billion. News and information can be found on the Internet at http://www.atk.com/.

    Headquartered in Bethesda, Md., Lockheed Martin is a global security company that employs about 140,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. The Corporation reported 2009 sales of $45.2 billion. News and information can be found at http://www.lockheedmartin.com/.

    Certain information discussed in this press release constitutes forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Although ATK believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be achieved. Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Among those factors are: assumptions regarding production options for warheads and rocket motors; changes in governmental spending, budgetary policies and product sourcing strategies; the company's competitive environment; the terms and timing of awards and contracts; and economic conditions. ATK undertakes no obligation to update any forward-looking statements. For further information on factors that could impact ATK, and statements contained herein, please refer to ATK's most recent Annual Report on Form 10-K and any subsequent quarterly reports on Form 10-Q and current reports on Form 8-K filed with the U.S. Securities and Exchange Commission.

    Media Contact (ATK): Investor Contact: Gary Geiger Jeff Huebschen Phone: 304-726-5046 Phone: 952-351-2929 E-mail: gary.geiger@atk.com E-mail: jeff.huebschen@atk.com Media Contact (LMC): Heather Kelly Phone: 407-356-5351 E-mail: heather.kelly@lmco.com

    ATK

    CONTACT: Media, Gary Geiger, +1-304-726-5046, gary.geiger@atk.com, or
    Investors, Jeff Huebschen, +1-952-351-2929, jeff.huebschen@atk.com, both of
    ATK; or Media, Heather Kelly of Lockheed Martin, +1-407-356-5351,
    heather.kelly@lmco.com

    Web Site: http://www.atk.com/
    http://www.lockheedmartin.com/




    Lionsgate Announces That Preliminary Results for Fiscal Year 2010 Show Adjusted EBITDA in Excess of $115 MillionResults Compare to Previous Guidance of Adjusted EBITDA in Excess of $75 Million

    SANTA MONICA, Calif. and VANCOUVER, April 29 /PRNewswire-FirstCall/ -- Lionsgate , the leading next generation studio, announced today that preliminary results for Fiscal 2010, the fiscal year ended March 31, 2010, showed adjusted EBITDA in excess of $115 million. This exceeds by more than 50% the adjusted EBITDA guidance in excess of $75 million that the Company indicated it expected on its last analyst call on February 10, 2010. These results underscore the strengthening financial performance that the Company has been reporting throughout the fiscal year.

    The stronger preliminary results are attributable to the Company's television business, record library revenues and higher home entertainment revenues.

    "Our preliminary fiscal 2010 financial results show that our strong product pipelines, coupled with the continued recovery of the retail and advertising markets, are helping our home entertainment and television businesses to outperform our previous expectations," said Lionsgate Co-Chairman and Chief Executive Officer Jon Feltheimer. "The continued growth of VOD and other on demand revenue streams has also been a recent catalyst for strong revenue and EBITDA performance. As these trends continue, we are targeting another strong EBITDA performance as well as a return to positive free cash flow in fiscal 2011. We remain on track to achieve the significant free cash flow generation for fiscal 2013 to 2015 of $100 million to $125 million annually (before contributions from TV Guide Network, EPIX and FEARnet) as outlined in our most recent investor presentation."

    The Company will report its Fiscal 2010 full year and fourth quarter results on Tuesday, June 1, and Lionsgate senior management will hold its analyst and investor conference call to discuss its Fiscal 2010 financial results on Wednesday, June 2. Dial-in information will be circulated in late May prior to the call.

    About Lionsgate

    Lionsgate is the leading next generation studio with a strong and diversified presence in the production and distribution of motion pictures, television programming, home entertainment, family entertainment, video-on-demand and digitally delivered content. The Company has built a strong television presence in production of prime time cable and broadcast network series, distribution and syndication of programming through Debmar-Mercury and an array of channel assets. Lionsgate currently has nearly 20 shows on 10 different networks spanning its prime time production, distribution and syndication businesses, including such critically-acclaimed hits as "Mad Men," "Weeds" and "Nurse Jackie" along with new series such as "Blue Mountain State" and the syndication successes "Tyler Perry's House Of Payne," its spinoff "Meet The Browns" and "The Wendy Williams Show." Its feature film business has generated such recent hits as TYLER PERRY'S WHY DID I GET MARRIED TOO?, which has grossed $57 million at the North American box office to date, the action film KICK ASS, which opened #1 at the North American box office and remains among the top five films in its third week of release and the critically-acclaimed hit PRECIOUS, which garnered nearly $50 million at the North American box office and earned two Academy Awards (R). The Company's home entertainment business has grown to more than 7% market share and is an industry leader in box office-to-DVD revenue conversion rate. Lionsgate handles a prestigious and prolific library of approximately 12,000 motion picture and television titles that is an important source of recurring revenue and serves as the foundation for the growth of the Company's core businesses. The Lionsgate brand remains synonymous with original, daring, quality entertainment in markets around the world.

    LIONS GATE ENTERTAINMENT CORP. RECONCILIATION OF ESTIMATED NET LOSS BEFORE NONCONTROLLING INTEREST TO ESTIMATED EBITDA, AS DEFINED AND ESTIMATED EBITDA, AS ADJUSTED Year Ended March 31, 2010 ---- (Amounts in thousands) Estimated net loss before noncontrolling interest $(37,800) Depreciation and amortization 27,000 Contractual cash paid Interest expense 27,500 Noncash interest expense (1) 30,000 Interest and other income (1,000) Income tax provision (benefit) 3,000 Equity interests loss (2) 27,000 Loss (gain) on extinguishment of debt (6,000) ------ Estimated EBITDA $69,700 ======= Stock-based compensation 17,300 EBITDA attributable to noncontrolling interest (9,000) Non-recurring corporate defense charges 6,000 Non-risk prints and advertising expense 31,000 ------ Estimated EBITDA, as adjusted $115,000 ======== (1) Primarily represents non cash amortization of the debt discount associated with our Senior Subordinated Notes and the amortization of the discount and PIK dividend related to our partner's share of TV Guide Preferred Stock (2) Equity interest losses primarily relate to our share of start up losses of EPIX of $17.7 million through December 31, 2009 which are driven by the amortization of their programming costs incurred upon launch of the channel. In addition, equity interest losses include the elimination of profit of $7.9 million on revenue from the license fees on titles licensed to EPIX which will be recognized in the future as those titles are aired by EPIX.

    Estimated EBITDA is defined as earnings before interest, income tax provision, depreciation and amortization, equity interests, and gains or losses on extinguishment of debt and the sale of equity securities. Estimated EBITDA as defined, is a non-GAAP financial measure.

    Estimated EBITDA as adjusted represents estimated EBITDA as defined above adjusted for stock-based compensation, EBITDA attributable to noncontrolling interest, certain non-recurring charges, and non-risk prints and advertising expense. Stock-based compensation represents compensation expenses associated with stock options, restricted share units and stock appreciation rights. Non-recurring charges represent legal and other professional fees associated with a shareholder activist matter. Non-risk prints and advertising expense represents the amount of theatrical marketing expense for third party titles that the Company funded and expensed for which a third party provides a guarantee that such expense will be recouped from the performance of the film (i.e. there is no risk of loss to the company) net of an amount of the estimated amortization of participation expense that would have been recorded if such amount had not been expensed.

    Management believes estimated EBITDA as defined, and estimated EBITDA as adjusted to be a meaningful indicator of our performance that provides useful information to investors regarding our financial condition and results of operations. Presentation of estimated EBITDA as defined, and estimated EBITDA as adjusted, is a non-GAAP financial measure commonly used in the entertainment industry and by financial analysts and others who follow the industry to measure operating performance. While management considers estimated EBITDA as defined, and estimated EBITDA as adjusted, to be an important measure of comparative operating performance, it should be considered in addition to, but not as a substitute for, net income and other measures of financial performance reported in accordance with Generally Accepted Accounting Principles. Estimated EBITDA as defined and estimated EBITDA as adjusted, do not reflect cash available to fund cash requirements. Not all companies calculate estimated EBITDA as defined or estimated EBITDA as adjusted, in the same manner and the measure as presented may not be comparable to similarly-titled measures presented by other companies.

    The matters discussed in this press release include forward-looking statements, including those regarding the performance of our fiscal 2010. Such statements are subject to a number of risks and uncertainties. Actual results in the future could differ materially and adversely from those described in the forward-looking statements as a result of various important factors, including the substantial investment of capital required to produce and market films and television series, increased costs for producing and marketing feature films, budget overruns, limitations imposed by our credit facilities, unpredictability of the commercial success of our motion pictures and television programming, the cost of defending our intellectual property, difficulties in integrating acquired businesses, technological changes and other trends affecting the entertainment industry, and the risk factors as set forth in Lionsgate's Annual Report on Form 10-K, filed with the Securities and Exchange Commission (the "SEC") on June 1, 2009, and in Exhibit 99.1 to our Current Report on Form 8-K filed with the SEC on October 13, 2009, which risk factors are incorporated herein by reference. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect any future events or circumstances.

    For further information, please contact: Peter D. Wilkes 310-255-3726 pwilkes@lionsgate.com

    Lionsgate

    CONTACT: Peter D. Wilkes of Lionsgate, +1-310-255-3726,
    pwilkes@lionsgate.com

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




    Quantum Materials Corporation Subsidiary, Solterra Renewable Technologies, Inc., Engages Green Giant Venture Fund to Accomplish Forward Sale of Carbon Credits From Planned Saudi Arabian Solar ProjectCarbon Credits to Pre-Finance Middle East Solar Electricity Generation

    TEMPE, Ariz., April 29 /PRNewswire-FirstCall/ -- Quantum Materials Corporation (BULLETIN BOARD: QTMM) (formerly Hague Corporation) today announced that its wholly owned subsidiary, Solterra Renewable Technologies, Inc., has engaged Green Giant Venture Fund to obtain forward sales of carbon credits generated by a solar electricity generation project planned in Saudi Arabia.

    (Logo: http://www.newscom.com/cgi-bin/prnh/20100429/NY95744LOGO )

    Utility scale installation of solar panels to generate and provide electricity to the grid represents a near-perfect way to abate carbon dioxide emissions generated by the burning of conventional fossil fuels. The United Nations Framework Convention on Climate Change supports projects that either generate green energy or improve efficiencies in electricity consumption. When a project is recognized and approved as meeting UNFCCC standards, the amount of avoided CO2 emissions are calculated, and Carbon Credits, or Certified Emission Reductions (CERs), are generated based upon these calculations. The credits are traded as a commodity in various global markets. The practice of making forward sales of these credits, usually at a discount to current prices, has evolved as a way to pre-finance the capital needs of these green generation projects.

    Green Giant Venture Fund will facilitate the objective of the forward sale of carbon credits by generating the necessary forms and documentation to achieve approval of the Saudi Arabian solar farm as a qualified Clean Development Mechanism (CDM). Once the project is qualified, Green Giant's expertise in the commodity market and their extensive knowledge and access to carbon market financial participants is expected to quickly result in suitable buyers for future carbon credits.

    Steve Squires, Chief Executive Officer of Solterra, commented, "The growth of the carbon trading markets is expected to continue. While the initial commitment period of the Kyoto Protocol program that created them formally ends in 2012, we anticipate that a new program will be developed in its place. Globally, it is clear that emission reduction is dramatically important to sustaining our environment and achieving healthier air quality. Our plans for building large solar installations represents perhaps the most effective way of solving the critical issues of reducing CO2 emissions and increasing green energy demand."

    Squires continued, "Receiving capital from the future value of carbon credits generated during solar energy generation can allow us to rapidly reach our development and installation goals. Carbon credits add an inherent value to our actual energy production. We are pleased to be engaged with Green Giant Venture Fund, an expert in the carbon commodity market with strong ties to industry participants. We anticipate this financing will place the company in a much better position to execute on growth and development initiatives while maintaining our equity position."

    Grant Galloway, Director of the Green Giant Venture Fund expressed, "The European Climate Exchange, or ECX, provides the means to encourage responsible energy development on the supply side and practical economic decisions on the consumption side. We see tremendous market and value propositions for companies like Solterra that have a leading edge technology for clean energy." Grant added, "Even though the discussions for the United Nations Framework and Kyoto have been ongoing for some time, I would still classify Green Giant Venture Fund and Solterra as early adopters in a market that already is at 68 billion (Euro), and is growing at a high double-digit rate. In comparison to other large solar farm developments, I am confident that our portion of that market will be substantial given Solterra's promising plans for high volume production of its quantum dot solar cells."

    About QUANTUM MATERIALS CORPORATION

    QUANTUM MATERIALS CORPORATION has a steadfast vision that advanced technology is the solution to global issues related to cost, efficiency and increasing energy usage. Quantum dot semiconductors enable a new level of performance in a wide array of established consumer and industrial products, including low cost flexible solar cells, low power lighting and displays and biomedical research applications. Quantum Materials Corporation intends to invigorate these markets through cost reduction by replacing lab based experiments with volume manufacturing methods to establish a growing line of innovative high performance products.

    SOLTERRA RENEWABLE TECHNOLOGIES, INC. is singularly positioned to lead the development of truly sustainable and cost-effective solar technology by introducing a new dimension of cost reduction by replacing silicon wafer-based solar cells with low-cost, highly efficient Quantum Dot-based solar cells.

    About GREEN GIANT VENTURE FUND

    GREEN GIANT VENTURE FUND (GGVF) develops Project Idea Notes (PIN) and Project Design Documents (PDD), both prerequisites to entering the European Carbon Market. GGVF's consultancy services include analyzing, advising, and negotiating financial and ownership structures for potential partnerships or private placements related to the Project. GGVF assists in development and refinement of written materials, presentations, financial models and analyses for use with potential investors and lenders. GGVF achieves great success effecting financing and framing strategic partnerships with major participants in the Carbon financial sector via deep understanding of commodity and equity markets and a carefully developed list of global contacts.

    As a private equity fund, GGVF invests in Carbon Credit eligible public companies throughout the world, and is a registered service provider for both World Bank - Carbon Finance and UNFCCC -CDM Bazaar. For more information, please contact us by form when visiting http://www.greengiantventurefund.com/

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

    This press release contains forward-looking statements that involve risks and uncertainties concerning our business, products, and financial results. Actual results may differ materially from the results predicted. More information about potential risk factors that could affect our business, products, and financial results are included in our annual report and in reports subsequently filed by us with the Securities and Exchange Commission ("SEC"). All documents are available through the SEC's Electronic Data Gathering Analysis and Retrieval System (EDGAR) at http://www.sec.gov/ or from our website. We hereby disclaim any obligation to publicly update the information provided above, including forward-looking statements, to reflect subsequent events or circumstances.

    For more information, please contact: Lauren Milner American Capital Ventures 305.918.7000 lm@amcapventures.com http://www.amcapventures.com/

    Photo: http://www.newscom.com/cgi-bin/prnh/20100429/NY95744LOGO
    AP Archive: http://photoarchive.ap.org/
    AP PhotoExpress Network: PRN9
    PRN Photo Desk, photodesk@prnewswire.com Quantum Materials Corporation

    CONTACT: Lauren Milner of American Capital Ventures, +1-305-918-7000,
    lm@amcapventures.com

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




    For the First Time, InfoComm 100 Invites Virtual Audience to Sessions Streamed with MediasiteSonic Foundry Partners with InfoComm International to webcast prestigious AV conference

    MADISON, Wis., April 29 /PRNewswire-FirstCall/ -- Sonic Foundry, Inc. , the recognized market leader for rich media webcasting and knowledge management, today announced the company's Mediasite webcasting platform will be used to stream sessions at InfoComm 100, taking place April 29 to May 1 in Chantilly, Va.

    InfoComm 100 is an executive-level, three-day invitation-only meeting. One hundred industry leaders from all sectors of AV, including corporate, education and government will be present to discuss the current state of the market, future prospects, emerging technologies, challenges and opportunities. Topics covered will include cultural, social and economic changes in AV, the technological impact of cloud computing, collaborative tools and intelligent software, Integrated Project Delivery, lean manufacturing and project delivery methods, LEED project approaches and leadership.

    "One of the most valuable things about InfoComm 100 is the ability for industry experts to convene and exchange ideas that will advance the audiovisual industry," said Randal A. Lemke, Executive Director and CEO, InfoComm International. "We value Sonic Foundry's ongoing partnership in helping share the knowledge born here with remote audiences."

    Speaker sessions of InfoComm 100 will be streamed and available for on-demand public viewing after the conference at http://www.sonicfoundry.com/infocomm100.

    "InfoComm 100 offers the unique opportunity to engage some of the most influential people in the AV industry. Sonic Foundry is honored to not only have a seat at the table, but also to continue to strengthen our long-held relationship with InfoComm by capturing this important gathering of industry leaders for the first time," said Rob Lipps, executive vice president of Sonic Foundry.

    The patented Mediasite webcasting and content management system quickly and cost-effectively automates the capture, management, delivery and search of rich media presentations that combine audio, video and accompanying graphics for live or on-demand viewing.

    About InfoComm International

    InfoComm, the international trade association for the professional AV industry, is the leading resource for AV conferences, exhibitions, education, certification, news and market research. InfoComm's website is http://www.infocomm.org/.

    About Sonic Foundry®, Inc.

    Sonic Foundry is the global leader for rich media webcasting and knowledge management, providing enterprise communication solutions for 1,800 customers in education, business and government. Powered by Mediasite, the patented webcasting platform which automates the capture, management, delivery and search of lectures, online training and briefings, Sonic Foundry empowers people to transform the way they communicate. Through the Mediasite platform and its Events Services group, the company helps customers connect a dynamic, evolving world of shared knowledge and envisions a future where learners and workers around the globe use webcasting to bridge time and distance, accelerate research and improve performance.

    Product and service names mentioned herein are the trademarks of Sonic Foundry, Inc. or their respective owners.

    Certain statements contained in this news release regarding matters that are not historical facts may be forward-looking statements. Because such forward-looking statements include risks and uncertainties, actual results may differ materially from those expressed in or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, uncertainties pertaining to continued market acceptance for Sonic Foundry's products, its ability to succeed in capturing significant revenues from media services and/or systems, the effect of new competitors in its market, integration of acquired business and other risk factors identified from time to time in its filings with the Securities and Exchange Commission.

    Sonic Foundry, Inc.

    CONTACT: Tammy Kramer of Sonic Foundry, Inc., +1-608-237-8592,
    tammyk@sonicfoundry.com

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




    NACCO Industries, Inc. Announces Dates of 2010 First Quarter Earnings Release and Conference Call

    CLEVELAND, April 29 /PRNewswire-FirstCall/ -- NACCO Industries, Inc. will release 2010 First Quarter financial results and will file its 2010 First Quarter 10-Q after the close of the market on Wednesday, May 5, 2010.

    The Company will also hold a conference call on Thursday, May 6, 2010 to discuss its results for the 2010 first quarter.

    Alfred M. Rankin, Jr., Chairman, President and Chief Executive Officer of NACCO Industries will host the conference call.

    Conference Call: Thursday, May 6, 2010 Time: 11:00 a.m. (Eastern Time) (888) 713-4218 (Toll Free) or (617) 213-4870 Telephone: (International) Pass code: 29896801 (Pre-register or call in at least five minutes before start time) For Replay Call: (888) 286-8010 or (617) 801-6888 (International) Pass code: 56824839

    This call will also be broadcast live and available for replay over the Internet. To access the call, go to http://www.nacco.com/. Please use the following link to pre-register and view important information about this conference call. Pre-registering is not mandatory but is recommended as it will provide you immediate entry into the call and will facilitate the timely start of the conference. Pre-registration only takes a few moments and you may pre-register at anytime, including up to and after the call start time. To pre-register, please go to https://www.theconferencingservice.com/prereg/key.process?key=PCHNGPM8H. Alternatively, if you would rather be placed into the call by an operator, please call the number above and allow 15 minutes to register, download and install any necessary software.

    NACCO Industries, Inc. is an operating holding company with subsidiaries in the following principal industries: lift trucks, small appliances, specialty retail and mining. NACCO Materials Handling Group, Inc. designs, engineers, manufactures, sells, services and leases a comprehensive line of lift trucks and aftermarket parts marketed globally under the Hyster® and Yale® brand names. Hamilton Beach Brands, Inc. is a leading designer, marketer and distributor of small electric household appliances, as well as commercial products for restaurants, bars and hotels. The Kitchen Collection, Inc. is a national specialty retailer of kitchenware and gourmet foods operating under the Kitchen Collection® and Le Gourmet Chef® store names in outlet and traditional malls throughout the United States. The North American Coal Corporation mines and markets coal primarily as fuel for power generation and provides selected value-added mining services for other natural resources companies. For more information about NACCO Industries, visit the Company's website at http://www.nacco.com/.

    FOR FURTHER INFORMATION, CONTACT: Christina Kmetko (440) 449-9669

    NACCO Industries, Inc.

    CONTACT: Christina Kmetko, +1-440-449-9669

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




    Huaneng Power International, Inc. Files Annual Report

    BEIJING, April 29 /PRNewswire-Asia/ -- Huaneng Power International, Inc. (the "Company") (NYSE: HNP; HKEx: 902; SSE: 600011) announced that the Company has issued its 2009 Annual Report, which includes its audited financial statements for its fiscal year ended December 31, 2009. The Annual Report has also been filed on Form 20-F with the United States Securities and Exchange Commission ("SEC").

    According to Section 203.01 of the New York Stock Exchange (the "NYSE") Listed Company Manual, the NYSE no longer requires its listed companies to physically distribute an annual report to shareholders.

    The Company has posted its 2009 Annual Report on its website at http://www.hpi.com.cn/ . The Form 20-F can be accessed electronically at http://www.sec.gov/ . Upon request and free of charge, the Company will also deliver within a reasonable time a hard copy of its 2009 Annual Report, including its complete audited financial statements. To request a hard copy, please contact Mr. Zhou Biao by telephone at 86 (10) 6322 6594, or by e-mail at zhoubiao@hpi.com.cn; or by a written request addressed to Capital Market Department, Huaneng Power International, Huaneng Building, No.4 Fuxingmennei Street, Xicheng District, Beijing 100031, the PRC, Re: 2009 Annual Report.

    The Company is one of China's largest listed power producers with controlled generation capacity of 49,433 MW and equity-based generation capacity of 45,912 MW. The power plants of the Company are located in 17 provinces, municipalities and autonomous regions in China. The Company also has a wholly-owned power company in Singapore.

    For enquiries, please contact: Huaneng Power International, Inc. Ms. MENG Jing / Ms. ZHAO Lin Tel: +86-10-6608-6765 / +86-10-6322-6596 Fax: +86-10-6641-2321 Email: zqb@hpi.com.cn Wonderful Sky Financial Group Limited Ms. Katy CHAN / Ms. Christine GU / Ms. Kate CHAN / Mr. John GAO Tel: +852-2851-1038 Fax: +852-2815-1352 Email: katychan@wsfg.hk christinegu@wsfg.hk katechan@wsfg.hk johngao@wsfg.hk

    Huaneng Power International, Inc.

    CONTACT: Ms. MENG Jing, Ms. ZHAO Lin of Huaneng Power International,
    Inc., +86-10-6608-6765, +86-10-6322-6596, +86-10-6641-2321, zqb@hpi.com.cn; or
    Ms. Katy CHAN, Ms. Christine GU, Ms. Kate CHAN, Mr. John GAO of Wonderful Sky
    Financial Group Limited, +852-2851-1038, +852-2815-1352,katychan@wsfg.hk,
    christinegu@wsfg.hk, katechan@wsfg.hk, johngao@wsfg.hk

    Web site: http://www.hpi.com.cn/




    Idenix Pharmaceuticals Prices Underwritten Offering of Common Stock

    CAMBRIDGE, Mass., April 29 /PRNewswire-FirstCall/ -- Idenix Pharmaceuticals, Inc. , a biopharmaceutical company engaged in the discovery and development of drugs for the treatment of human viral diseases, today announced the pricing of an underwritten offering of 6,460,672 shares of its common stock at a price of $4.35 per share. After the underwriting discount and estimated offering expenses payable by the company, the company expects to receive net proceeds of approximately $26.2 million. All of the shares are being sold by Idenix. The offering is expected to close on May 4, 2010, subject to customary closing conditions.

    The shares will be issued pursuant to a shelf registration statement on Form S-3 previously filed with and declared effective by the Securities and Exchange Commission. Idenix also will file with the Securities and Exchange Commission a prospectus supplement with respect to the offering. Thomas Weisel Partners LLC is acting as the sole book-running manager for the offering. Leerink Swann LLC and William Blair & Company, L.L.C. are acting as co-managers for the offering.

    This announcement shall not constitute an offer to sell or the solicitation of an offer to buy any securities of Idenix, nor shall there be any sale of securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Copies of the prospectus supplement and accompanying prospectus may be obtained, when available, from Thomas Weisel Partners LLC, Attention: Prospectus Department, One Montgomery Street, Suite 3700, San Francisco, California 94104, by calling 415-364-2720, or via fax request to 415-364-2799.

    About Idenix

    Idenix Pharmaceuticals, Inc., headquartered in Cambridge, Massachusetts, is a biopharmaceutical company engaged in the discovery and development of drugs for the treatment of human viral diseases. Idenix's current focus is on the treatment of patients with chronic hepatitis C infection.

    Idenix Pharmaceuticals' Contact:

    Teri Dahlman (617) 995-9905

    Idenix Pharmaceuticals, Inc.

    CONTACT: Teri Dahlman of Idenix Pharmaceuticals , +1-617-995-9905

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




    SuccessFactors to Host Investor & Financial Analyst Sessions at SuccessConnect 2010 in New York and San FranciscoEvent to be Webcast Live on SuccessFactors' Investor Relations Website

    SAN MATEO, Calif., April 29 /PRNewswire-FirstCall/ -- Today, SuccessFactors, Inc. announced that it will host investor and financial analyst sessions at SuccessConnect 2010, SuccessFactors' annual global customer conference taking place in New York City and San Francisco.

    SuccessFactors executives will host a question and answer session at 4:00PM (EDT) / 1:00PM (PDT) on Monday, May 10 in New York City, NY and at 4:00PM (PDT) / 7:00PM (EDT) on Monday, May 17 in San Francisco, CA. A live audio webcast will be available on SuccessFactors' Investor Relations website at http://www.successfactors.com/investor.

    With the driving forces of people performance and business alignment, SuccessConnect 2010 will explore how the SuccessFactors BizX Suite can be best leveraged across all organizations to accelerate business execution and achieve real business results. SuccessConnect 2010 will assemble SuccessFactors customers and partners, as well as industry analysts and thought leaders, to share experiences and discuss how to get the most out of SuccessFactors. SuccessFactors Founder and CEO, Lars Dalgaard, will present the opening keynote for SuccessConnect in both New York and San Francisco, and the customer conference will also feature keynotes from EMC Corporation in New York and Coca-Cola Enterprises, Inc. in San Francisco.

    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, anywhere in the world. More than 6 million users and 3,000 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 Global Public & Investor Relations dpaschel@successfactors.com

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

    CONTACT: Dominic Paschel of SuccessFactors, +1-415-262-4641,
    dpaschel@successfactors.com

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




    Verizon Adds First Cantonese Channel and New Korean Channel to FiOS TVTwo New Channels Join Nearly 40 International Channels on FiOS TV, Covering More Than 20 Languages

    NEW YORK, April 29 /PRNewswire/ -- Verizon is expanding FiOS TV's international content offering with the launch of two new channels: Cantonese channel TVBe and Korean channel SBS. They join FiOS TV's extensive channel lineup, which includes nearly 40 international channels covering more than 20 languages, in addition to 27 of the most popular Spanish-language channels - a collection that cable can't match.

    "We strive to offer a diverse selection of international channels that provides FiOS TV customers with programming in a variety of languages," said Terry Denson, vice president of content strategy and acquisition for Verizon. "With the introduction of our first Cantonese channel and the newest Korean channel, we expand our already-extensive international offering and continue to make FiOS TV the ultimate home-entertainment experience."

    The two new international channels are already available in many FiOS TV markets, and will be accessible in all regions by next week. TVBe (Channel 1798), FiOS TV's first Cantonese-language channel, offers up-to-the-minute entertainment news reports, a TVBN same-day news feed, themed-dramas and more. The channel is available for $16.99 per month. In addition to TVBe, FiOS TV also offers a Mandarin TV package for $15.99 per month that includes the following channels: Phoenix North America (Channel 1797), CCTV4 (Channel 1795) and CTI (Channel 1796).

    SBS (Channel 1762) is the No. 1 Korean general entertainment channel, showcasing a wide range of South Korean programming including dramas, news, music-variety, animation, movies and TV series. SBS (Seoul Broadcasting Corp.) joins YTN (Channel 1761) and MBC (Channel 1760) in a Korean package that is available for $24.99 per month.

    Customers who already subscribe to FiOS TV's Korean package will automatically receive the new channel. To purchase the Korean package or TVBe, customers can use Verizon's unique on-screen ordering. Just click on one of the channels, confirm with the FiOS TV remote control, and begin watching your favorite programming in a matter of minutes.

    In select areas, new customers can enjoy FiOS TV's Chinese (Mandarin or Cantonese) or Korean TV packages free for six months when they order Verizon's triple-play bundled package. Starting at $99.99 per month with a price guarantee for 24 months, the package features FiOS TV Prime HD, FiOS Internet with speeds up to 15 Mbps (megabits per second) downstream and 5 Mbps upstream, and unlimited nationwide calling. All customers who use self-service ordering tools and sign up for any of Verizon's consumer bundled packages online at the in-language websites http://www.verizon.com/chinese or http://www.verizon.com/korean (for English: http://www.verizon.com/bundles) will receive an additional discount of $5 a month for the same 24-month plan, for a total of $120 in additional savings.

    Verizon's FiOS TV service offers a broad collection of programming, with more than 565 all-digital channels, including up to 140 in high definition. FiOS also provides next-generation interactive services including an advanced interactive media guide; social TV, news and entertainment widgets; remote DVR management; multi-room DVR, and more.

    For the latest news, updates and information about FiOS TV, visit http://www.verizon.com/newscenter and http://www.verizon.com/athomeblog.

    For customer service support in Chinese (Cantonese or Mandarin) call 1-877-576-7015. For customer service support in Korean call 1-877-729-7015.

    Verizon Communications Inc. , headquartered in New York, is a global leader in delivering broadband and other wireless and wireline communications services to mass market, business, government and wholesale customers. Verizon Wireless operates America's most reliable wireless network, serving nearly 93 million customers nationwide. Verizon also provides converged communications, information and entertainment services over America's most advanced fiber-optic network, and delivers innovative, seamless business solutions to customers around the world. A Dow 30 company, Verizon employs a diverse workforce of more than 217,000 and last year generated consolidated revenues of more than $107 billion. For more information, visit http://www.verizon.com/.

    VERIZON'S ONLINE NEWS CENTER: Verizon news releases, executive speeches and biographies, media contacts, high-quality video and images, and other information are available at Verizon's News Center on the World Wide Web at http://www.verizon.com/news. To receive news releases by e-mail, visit the News Center and register for customized automatic delivery of Verizon news releases.

    Verizon

    CONTACT: Media, Heather Wilner, Verizon FiOS TV, +1-908-559-6407,
    heather.b.wilner@verizon.com, or Ellen Yu, Multicultural Marketing,
    +1-908-559-3496, ellen.yu@verizon.com

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

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




    Sears and Kmart Celebrities Join Nation's Top Designers at the Sixth Annual Design on a Dime ExtravaganzaActress and Designer Jaclyn Smith, TV Designer Ty Pennington, Outdoor Living Guru Leslie Segrete, and Country Living Editor-in-Chief Sarah Gray Miller Offer a Preview of Upcoming Fall 2010 Collections

    HOFFMAN ESTATES, Ill., April 29 /PRNewswire-FirstCall/ -- Raising the bar on home design, leading retailers Sears and Kmart will team up with Housing Works Thrift Shops for the second time to present the sixth annual Design on a Dime Extravaganza on May 6-8 in New York City. The exclusive preview will showcase stylized vignettes with designs from the Kmart and Sears Fall 2010 home collections, celebrating the creative works of Jaclyn Smith, Ty Pennington, and one of America's top shelter magazines, Country Living. Also joining the team for her first collaboration will be Leslie Segrete, who will make an appearance at the VIP reception to offer design-specific advice on outdoor living to guests. In addition, an impressive ensemble of top designers from the Sears Holdings Home Design office will be on-site to talk through the trends and innovations that inspired the fall collections. Each season the Sears Holdings Design team, consisting of more than 200 designers, travels the world in search of new ways to bring the best in style and quality to Sears and Kmart customers.

    Design on a Dime is New York City's most popular interior design charity event. In celebration of its sixth anniversary, 50 of the world's top interior designers will create unforgettable room vignettes with new merchandise, which is donated and then sold for 60 to 80 percent off retail pricing. Since its inception, Design on a Dime has raised more than $2 million for Housing Works, Inc., New York's largest AIDS service organization. Last year's Design on a Dime Extravaganza - which represented Sears' and Kmart's debut as the major sponsor - raised more than $600,000 for Housing Works.

    "Sears and Kmart are enormously pleased to be partnering with Housing Works for the second year in a row," said Doug Wurl, VP/GMM of Sears Holdings' Home Fashions. "Having a presence among such notable industry talent allows us an incredible opportunity to premiere our collections and showcase the abilities of our own designers - all while contributing to a very special cause."

    This year Kmart celebrates the 25th anniversary of its partnership with actress and designer Jaclyn Smith. An iconic beauty, Smith will personally unveil her latest designs at the VIP reception within The Jaclyn Smith Home and Outdoor Living Collections - sold exclusively at Kmart.

    "I'm so proud to be celebrating 25 wonderful years with Kmart at The Design on a Dime extravaganza," said Jaclyn Smith. "Since the launch of the expanded Jaclyn Smith line last fall, this event provides customers with an opportunity to see how an entire living space can come together seamlessly and beautifully."

    Ty Pennington, host of Extreme Makeover: Home Edition, will also attend the VIP reception, providing attendees with a hands-on, sneak peek at the forecasted fall trends for 2010. Pennington will bring guests up close and personal to his latest designs within his home line, Ty Pennington Style - sold exclusively at Sears. He will demonstrate how easy and affordable it can be to incorporate the hottest colors, techniques and trends for the season into any home.

    TV design personality Leslie Segrete, who appeared on TLC's While You Were Out and Trading Spaces, and the host of A&E's new series $100 Makeover premiering on Saturday, June 19, will add a new element to the mix during this year's Design on a Dime event by providing tips on how to incorporate your personal style beyond the walls of your home. Segrete will show guests simple ways to transform an outdoor space into a special personal sanctuary that can be enjoyed by all throughout the seasons. The floral pieces and container gardens for the space will be provided by Urban Plantscapes, a New York-based company focusing on green gardening that doesn't use chemicals or inorganic fertilizers.

    Sarah Gray Miller, Country Living magazine's editor-in-chief, will also be on-hand at the VIP reception to showcase new offerings from the Country Living collection. Featuring fresh home decor that is a tribute to authentic design, lasting quality and inviting comfort, the Country Living collection includes affordable bedding and bath, tabletop, furniture, home dcor and outdoor living products.

    Ty Pennington, Jaclyn Smith, Leslie Segrete and Sarah Gray Miller will make their special appearances at the event from 6 to 9 p.m. on May 6 at the Design on a Dime VIP reception, located at the Metropolitan Pavilion at 125 West 18th Street. Ticket prices start at $150. To purchase tickets or for more information, visit http://www.housingworks.org/dime or call 347-473-7457. The May 6 VIP event is followed by free and open-to-the-public shopping from 10 a.m. to 6 p.m. May 7 - 8.

    ABOUT HOUSING WORKS

    Founded in 1990, Housing Works has provided lifesaving services such as housing, medical care, meals, job training, legal help and HIV prevention education to more than 20,000 homeless and low-income New Yorkers living with HIV and AIDS. All Housing Works Thrift Shops profits go to Housing Works. For more information, visit http://www.housingworks.org/.

    ABOUT SEARS HOLDINGS CORPORATION

    Sears Holdings Corporation is the nation's fourth largest broadline retailer with approximately 3,900 full-line and specialty retail stores in the United States and Canada. Sears Holdings is the leading home appliance retailer as well as a leader in tools, lawn and garden, home electronics and automotive repair and maintenance. Sears Holdings is the 2010 ENERGY STAR® Retail Partner of the Year. Key proprietary brands include Kenmore, Craftsman and DieHard, and a broad apparel offering, including such well-known labels as Lands' End, Jaclyn Smith and Joe Boxer, as well as the Apostrophe and Covington brands. It also has the Country Living collection, which is offered by Sears and Kmart. We are the nation's largest provider of home services, with more than 12 million service calls made annually. Sears Holdings Corporation operates through its subsidiaries, including Sears, Roebuck and Co. and Kmart Corporation. For more information, visit Sears Holdings' website at http://www.searsholdings.com/.

    Sears Holdings Corporation

    CONTACT: Amy Dimond of Sears Holdings, +1-224-735-8983,
    amy.dimond@searshc.com; or Colleen Cleary of Euro RSCG Worldwide PR,
    +1-212-367-6883, colleen.cleary@eurorscg.com, for Sears Holdings

    Web Site: http://www.searsholdings.com/
    http://www.housingworks.org/

    Company News On-Call: http://www.prnewswire.com/comp/923204.html




    ITG Announces Strategic Investment in Disclosure Insight

    NEW YORK, April 29 /PRNewswire-FirstCall/ -- Investment Technology Group, Inc. , a leading agency broker and financial technology firm, today announced a strategic investment in Disclosure Insight, Inc., a provider of independent research and due diligence to the institutional investment community. Disclosure Insight® assesses risk at publicly traded companies. Its core product, a D.I. Report®, saves investors valuable time by summarizing 100 different risk factors found over a 5 year period.

    This report includes: undisclosed SEC activity; accounting/auditor problems; unusual capital markets events; and stability of the board and executive suite.

    As part of the investment, ITG will be the exclusive distribution channel to large institutional investors for Disclosure Insight research. Disclosure Insight's research content will complement ITG's existing decision support and research tools for institutional investors, including economic forecasts and groundbreaking work on transaction cost analysis and portfolio optimization.

    "Our partnership with Disclosure Insight enables us to provide additional value-added content to our clients," said Bob Gasser, CEO and President of ITG. "This unique research offering bolsters ITG's commitment to our clients throughout their investment process, from research and decision support to superior execution and post-trade analytics. Their product is consistent with ITG's historical research focus on providing unique insight grounded in rigorous analysis."

    John P. Gavin, CEO of Disclosure Insight, said, "Our partnership with Investment Technology Group, the leading global independent agency broker, gives us everything we wanted in a strategic partner. With ITG we get the capital needed to rapidly expand our library of companies under coverage, the benefit of ITG's deep relationships within the global institutional investment community, and the comfort in knowing our partner is free of the conflicts that can compromise analytical integrity."

    For more information about the partnership of ITG and Disclosure Insight and ITG's other research offerings, visit http://www.itg.com/research.

    About ITG

    Investment Technology Group, Inc., is an independent agency broker and financial technology firm that partners with asset managers globally to improve performance throughout the investment process. A leader in electronic trading since launching the POSIT® crossing network in 1987, ITG takes a consultative approach in delivering the highest quality institutional liquidity and market-leading execution services, measurement tools, and proprietary data. Asset managers rely on ITG's independence, experience, and intellectual capital to help mitigate risk, improve performance, and navigate increasingly complex markets. The firm is headquartered in New York with offices in North America, Europe, and the Asia Pacific region. For more information on ITG, please visit http://www.itg.com/.

    ITG Contact: J.T. Farley (212) 444-6259

    In addition to historical information, this press release may contain "forward-looking" statements that reflect management's expectations for the future. A variety of important factors could cause results to differ materially from such statements. These factors are noted throughout ITG's 2009 Annual Report, on its Form 10-K, and on its Form 10-Qs and include, but are not limited to, the actions of both current and potential new competitors, fluctuations in market trading volumes, financial market volatility, changes in commission pricing, potential impairment charges related to goodwill and other long-lived assets, evolving industry regulations, errors or malfunctions in our systems or technology, rapid changes in technology, cash flows into or redemptions from equity funds, effects of inflation, ability to meet liquidity requirements related to the clearing of our customers' trades, customer trading patterns, the success of our products and service offerings, our ability to continue to innovate and meet the demands of our customers for new or enhanced products, our ability to successfully integrate companies we have acquired, changes in tax policy or accounting rules, fluctuations in foreign exchange rates, adverse changes or volatility in interest rates, our ability to attract and retain talented employees, as well as general economic, business, credit and financial market conditions, internationally or nationally. The forward-looking statements included herein represent ITG's views as of the date of this release. ITG undertakes no obligation to revise or update publicly any forward-looking statement for any reason unless required by law.

    Disclosure Insight® and D.I. Report® are registered trademarks belonging to Disclosure Insight, Inc. Additional legal and patent notices apply.

    Investment Technology Group, Inc.

    CONTACT: J.T. Farley, ITG, +1-212-444-6259

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




    Pratt & Whitney Awarded $65 Million Contract for F100 Engine Maintenance

    EAST HARTFORD, Conn., April 29 /PRNewswire-FirstCall/ -- The U.S. Air Force awarded Pratt & Whitney a $65 million contract to provide maintenance for F100 engines powering F-16 fighter aircraft from various international F100 customers, including Egypt, Jordan, Taiwan and Thailand. The three-year contract contains extension options, making the potential value approximately $100 million over the life of the contract. Pratt & Whitney is a United Technologies Corp. company.

    Under this contract, Pratt & Whitney will provide F100 module overhaul maintenance for its foreign military customers operating F100-PW-220 and F100-PW-229 engines. The overhaul work will be done at Pratt & Whitney's San Antonio, Texas, facility and cover the fan, engine core, low pressure turbine, high pressure turbine and gearbox in the F100 engine.

    "Pratt & Whitney is proud to provide its foreign military customers first-class F100 engine maintenance support at our San Antonio facility," said Bill Begert, vice president, Military Business Development & Aftermarket Services, Pratt & Whitney. "Pratt & Whitney's world-class maintenance turn times will allow our customers to maintain their engine fleets at high levels of readiness and keep them in the air protecting their borders."

    Pratt & Whitney military engines include the F135 for the F-35 Lightning II, the F119 for the F-22 Raptor, the F100 family that powers the F-15 and F-16, the F117 for the C-17 Globemaster III, the J52 for the EA-6B Prowler, the TF33 powering AWACS, Joint STARS, B-52, and KC-135 aircraft, and the TF30 for the F-111. In addition, Pratt & Whitney offers a global network of Maintenance Repair and Overhaul and Military Aftermarket Services focused on maintaining engine readiness for our customers.

    Pratt & Whitney is a world leader in the design, manufacture and service of aircraft engines, space propulsion systems and industrial gas turbines. United Technologies, based in Hartford, Conn., is a diversified company providing high technology products and services to the global aerospace and commercial building industries.

    This press release contains forward-looking statements concerning future business opportunities. Actual results may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to changes in the F100 engine or F-15/F-16 aircraft funding, changes in government procurement priorities and practices or in the number of aircraft to be built; challenges in the design, development, production and support of technologies; as well as other risks and uncertainties, including but not limited to those detailed from time to time in United Technologies Corporation's Securities and Exchange Commission filings.

    Stephanie Duvall Pratt & Whitney Military Engines 1.860.557.1382 stephanie.duvall@pw.utc.com

    Pratt & Whitney

    CONTACT: Stephanie Duvall, Pratt & Whitney Military Engines,
    +1-860-557-1382, stephanie.duvall@pw.utc.com

    Web Site: http://www.pratt-whitney.com/




    Investment Technology Group Reports First Quarter 2010 ResultsCost Reductions and Improved International Operations Stabilize Operating Earnings in a Challenging Environment

    NEW YORK, April 29 /PRNewswire-FirstCall/ -- Investment Technology Group, Inc. , a leading agency broker and financial technology firm, today reported results for the quarter ended March 31, 2010. A reduction in U.S. expenses and improved international operations substantially reduced the impact of lower U.S. market volumes on operating earnings.

    Net income for the first quarter of 2010 was $8.4 million, or $0.19 per diluted share on revenues of $146.7 million. Excluding the impact of a $6.1 million pre-tax ($3.5 million after tax) non-cash write-off of certain capitalized software initiatives, pro forma operating net income was $11.9 million, or $0.27 per diluted share. For the first quarter of 2009, net income was $12.8 million, or $0.29 per diluted share, on revenues of $155.7 million.

    Due to the 2009 restructuring and other cost management initiatives, U.S. expenses were down 7% compared to the first quarter of 2009 to $86.7 million. Excluding the impact of the $6.1 million write-off described above, these expenses were down 13% to $80.6 million.

    ITG's non-U.S. revenues were $46.8 million in the first quarter of 2010, a 22% increase over $38.3 million in the first quarter of 2009. Net income from non-U.S. operations was $0.6 million during the first quarter of 2010, compared to a net loss of $2.1 million during the first quarter of 2009.

    ITG also repurchased 566,000 shares of its common stock during the first quarter of 2010 at an average cost of $17.52 per share.

    "As U.S. institutional equity volumes remain subdued, we continue to focus on managing costs and capital intensity, optimizing the firm's global footprint and segmenting our client relationships. This focus has allowed us to stabilize our profitability and gave us the flexibility to return value to stockholders through our share repurchase program," said Bob Gasser, ITG's Chief Executive Officer and President. "We are confident that when portfolio turnover and fund flows return to U.S. cash equities, we will see improvements to our bottom line from this enhanced operating leverage."

    The discussion above includes pro forma operating net income and related per share amounts which are non-GAAP financial measures that are described in the attached tables along with a reconciliation of these non-GAAP financial measures.

    Conference Call

    ITG has scheduled a conference call today at 11:00 a.m. ET to discuss first quarter results. Those wishing to listen to the call should dial 866-831-6272 (1-617-213-8859 outside the U.S.) and enter the passcode 84983291 at least 10 minutes prior to the start of the call to ensure connection. The conference call and webcast will also be accessible through ITG's website at http://www.itg.com/. For those unable to listen to the live broadcast of the call, a replay will be available for one week by dialing 888-286-8010 (1-617-801-6888 outside the U.S.) and entering the passcode 67206831. The replay will be available starting approximately two hours after the completion of the conference call.

    About ITG

    Investment Technology Group, Inc., is an independent agency broker and financial technology firm that partners with asset managers globally to improve performance throughout the investment process. A leader in electronic trading since launching the POSIT® crossing network in 1987, ITG takes a consultative approach in delivering the highest quality institutional liquidity and market-leading execution services, measurement tools, and proprietary data. Asset managers rely on ITG's independence, experience, and intellectual capital to help mitigate risk, improve performance, and navigate increasingly complex markets. The firm is headquartered in New York with offices in North America, Europe, and the Asia Pacific region. For more information on ITG, please visit http://www.itg.com/.

    In addition to historical information, this press release may contain "forward-looking" statements that reflect management's expectations for the future. A variety of important factors could cause results to differ materially from such statements. These factors are noted throughout ITG's 2009 Annual Report, on its Form 10-K, and on its Form 10-Qs and include, but are not limited to, the actions of both current and potential new competitors, fluctuations in market trading volumes, financial market volatility, changes in commission pricing, potential impairment charges related to goodwill and other long-lived assets, evolving industry regulations, errors or malfunctions in our systems or technology, rapid changes in technology, cash flows into or redemptions from equity funds, effects of inflation, ability to meet liquidity requirements related to the clearing of our customers' trades, customer trading patterns, the success of our products and service offerings, our ability to continue to innovate and meet the demands of our customers for new or enhanced products, our ability to successfully integrate companies we have acquired, changes in tax policy or accounting rules, fluctuations in foreign exchange rates, adverse changes or volatility in interest rates, our ability to attract and retain talented employees, as well as general economic, business, credit and financial market conditions, internationally or nationally. The forward-looking statements included herein represent ITG's views as of the date of this release. ITG undertakes no obligation to revise or update publicly any forward-looking statement for any reason unless required by law.

    ITG Contact: J.T. Farley (212) 444-6259 INVESTMENT TECHNOLOGY GROUP, INC. AND SUBSIDIARIES Consolidated Statements of Income (unaudited) (In thousands, except per share amounts) Three Months Ended March 31, --------- 2010 2009 ---- ---- Revenues: Commissions and fees $121,918 $130,932 Recurring 21,971 21,162 Other 2,801 3,573 ----- ----- Total revenues 146,690 155,667 ------- ------- Expenses: Compensation and employee benefits 53,464 60,178 Transaction processing 20,659 22,930 Occupancy and equipment 15,197 14,838 Telecommunications and data processing services 13,635 13,970 Other general and administrative 28,070 19,041 Interest expense 224 1,212 --- ----- Total expenses 131,249 132,169 ------- ------- Income before income tax expense 15,441 23,498 Income tax expense 7,009 10,660 ----- ------ Net income $8,432 $12,838 ====== ======= Earnings per share: Basic $0.19 $0.30 ===== ===== Diluted $0.19 $0.29 ===== ===== Basic weighted average number of common shares outstanding 43,827 43,337 Diluted weighted average number of common shares outstanding 44,415 43,606 INVESTMENT TECHNOLOGY GROUP, INC. AND SUBSIDIARIES Consolidated Statements of Financial Condition (In thousands, except share amounts) March December 31, 31, 2010 2009 ---- ---- (unaudited) Assets Cash and cash equivalents $322,024 $330,879 Cash restricted or segregated under regulations and other 92,627 95,787 Deposits with clearing organizations 19,451 14,891 Securities owned, at fair value 7,147 6,768 Receivables from brokers, dealers and clearing organizations 976,731 364,436 Receivables from customers 1,059,125 298,342 Premises and equipment, net 41,469 41,437 Capitalized software, net 64,139 68,913 Goodwill 425,346 425,301 Other intangibles, net 26,530 27,263 Income taxes receivable 7,682 13,897 Deferred taxes 2,515 2,910 Other assets 15,355 12,279 ------ ------ Total assets $3,060,141 $1,703,103 ========== ========== Liabilities and Stockholders' Equity Liabilities: Accounts payable and accrued expenses $167,590 $209,496 Payables to brokers, dealers and clearing organizations 953,207 248,664 Payables to customers 1,004,814 299,200 Securities sold, not yet purchased, at fair value 87 31 Income taxes payable 11,900 14,113 Deferred taxes 17,433 16,999 Long term debt 35,000 46,900 ------ ------ Total liabilities 2,190,031 835,403 --------- ------- Commitments and contingencies Stockholders' Equity: Preferred stock, $0.01 par value; 1,000,000 shares authorized; no shares issued or outstanding - - Common stock, $0.01 par value; 100,000,000 shares authorized; 51,731,780 and 51,682,153 shares issued at March 31, 2010 and December 31, 2009, respectively 517 517 Additional paid-in capital 231,059 233,374 Retained earnings 817,585 809,153 Common stock held in treasury, at cost; 8,196,381 and 7,891,717 shares at March 31, 2010 and December 31, 2009, respectively (185,834) (182,743) Accumulated other comprehensive income (net of tax) 6,783 7,399 ----- ----- Total stockholders' equity 870,110 867,700 ------- ------- Total liabilities and stockholders' equity $3,060,141 $1,703,103 ========== ========== INVESTMENT TECHNOLOGY GROUP, INC. Reconciliation of U.S. GAAP Results to Pro Forma Operating Results

    In evaluating the Company's financial performance, management reviews results from operations which excludes non-operating or one-time charges. Pro forma operating net income and pro forma diluted operating earnings per share are non-GAAP (generally accepted accounting principles) performance measures, but the Company believes that they are useful to assist investors in gaining an understanding of the trends and operating results for the Company's core businesses. These measures should be viewed in addition to, and not in lieu of, the Company's reported results under U.S. GAAP.

    The following is a reconciliation of U.S. GAAP results to pro forma results for the periods presented (in thousands except per share amounts):

    Three Months Ended March 31, ------------------ 2010 2009 ---- ---- (unaudited) (unaudited) ----------- ----------- Total revenues $146,690 $155,667 Total expenses 131,249 132,169 Less: Write-off of capitalized software (1) (6,091) - ------ --- Pro forma operating expenses 125,158 132,169 ------- ------- Income before income tax expense 15,441 23,498 Effect of pro forma adjustment 6,091 - ----- --- Pro forma pre-tax operating income 21,532 23,498 ------ ------ Income tax expense 7,009 10,660 Tax effect of pro forma adjustment 2,589 - ----- --- Pro forma operating income tax expense 9,598 10,660 ----- ------ Net income 8,432 12,838 Net effect of pro forma adjustment 3,502 - ----- --- Pro forma operating net income $11,934 $12,838 ------- ------- Diluted earnings per share $0.19 $0.29 Net effect of pro forma adjustment 0.08 - Pro forma diluted operating earnings per share $0.27 $0.29 ----- ----- Notes: ------ (1)As part of the fourth quarter 2009 restructuring, ITG made certain changes to its product priorities and wrote off $2.4 million of capitalized development initiatives that were not yet deployed. As ITG's product development plan continued to evolve in the first quarter of 2010, it was determined that additional amounts previously capitalized were not likely to be used and a further $6.1 million was written off.

    Investment Technology Group, Inc.

    CONTACT: J.T. Farley, ITG, +1-212-444-6259

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




    Developing a Cancer Survivorship Program: Experts Discuss Challenges and Opportunities

    ATLANTA, April 29 /PRNewswire-FirstCall/ -- Cancer patients who have completed treatment would be better served if oncology treatment centers were equipped to offer them comprehensive, pro-active follow-up care, according to experts who presented at a survivorship forum, sponsored by Varian Medical Systems here yesterday.

    "Earlier detection and better treatment methods mean that two of every three adult cancer survivors are living five years after treatment," said Steven Castle, administrator of CJW Medical Center's Thomas Johns Cancer Hospital (TJCH) in Richmond, Virginia. "The survivor population in the United States is nearing 14 million and growing at nearly 10 percent per year. At TJCH, there are about 1,800 survivors finishing treatment each year."

    The lack of follow-up care can result in sub-optimal long term outcomes, says Matthew P. Mumber, M.D., radiation oncologist with the Harbin Clinic in Rome, GA. According to Dr. Mumber, very specific forms of follow-up care have a better chance of positively impacting a survivor's quality of life after treatment.

    Dr. Mumber cited studies showing that behavioral and lifestyle changes can have a significant impact on the progression of prostate and colon cancer, and advocated for "transformational" support that helps patients navigate through the physical, mental, emotional, and spiritual challenges involved in replacing old habits and patterns with newer, healthier ones. One cited study showed that diet and lifestyle changes were directly correlated with prostate cancer patients' ability to prevent the progression of their disease.(1) Another study found a significant increase in colon cancer recurrences and mortality among survivors with the highest intake of a high-fat western-patterned diet, with heavy consumption of red meat, sugary desserts, and refined grains.(2) However, Dr. Mumber pointed out that, in the current model for cancer treatment, there is little support for making the lifestyle changes that could positively impact survival.

    According to Castle, cancer survivors receive highest quality care during the active phase of their treatment, but can be lost in transition to the more passive follow up phase of survivorship. "Sometimes patients may feel abandoned or lost after their last radiation or chemotherapy treatment or their last appointment with the surgeon," he said.

    "Patients in the acute phase of being treated for cancer are helped through the use of technology, tests, and procedures. This is a 'top down' sort of treatment, with an expert--the doctor--using his or her clinical judgment to make important decisions and guide the process. During the survivorship phase, a more patient-centric approach that supports survivors' efforts to make important lifestyle changes is more likely to have an impact," Dr. Mumber said.

    "In our program, physicians understand that they remain in control," says Tricia Cox, nurse practitioner with the survivorship program at TJCH. "Physicians can refer patients to the nurse practitioner or continue to follow patients themselves, and we will support them. It's their choice."

    "A successful survivorship system must connect and engage the oncologist and the patient with the primary care physician," Castle added. "So often, primary care physicians are left out of the loop, with potentially serious consequences."

    The survivorship program at TJCH is managed using the web-based Equicare CS(TM) survivorship management software, which Varian supplies by arrangement with Cogent Health Solutions. It begins with creation of a customized care plan that is provided to patients at the time of discharge or when active treatment is concluded. This plan includes a summary of all treatment delivered and a lifetime schedule for follow-up screenings and appointments. It provides information about the short- and long-term treatment side effects that could occur. It includes individualized guidance about diet and exercise. The plan even includes referrals to support services appropriate to the individual.

    Survivors being followed at TJCH will soon receive secure access to their individual care plans over the Internet. "Having the plan online will enable two-way interaction between survivors and healthcare providers," Cox said. "Primary care physicians will also have a secure portal where they can view their patients' care plans and obtain information about post-treatment issues they may be experiencing."

    "Our aim is to create a lifetime connection to our survivors," Castle added. "We see the survivorship program as a means to grow loyal patient relationships. Meeting the demands of survivors for individualized follow-up care is likely to increase their satisfaction and their well-being. Furthermore, better follow-up care and earlier intervention when health problems do arise can lower the overall long-term cost of healthcare for survivors.

    ABOUT VARIAN MEDICAL SYSTEMS

    Varian Medical Systems, Inc., of Palo Alto, California, is the world's leading manufacturer of medical devices and software for treating cancer and other medical conditions with radiotherapy, radiosurgery, proton therapy, and brachytherapy. The company supplies informatics software for managing comprehensive cancer clinics, radiotherapy centers and medical oncology practices. Varian is a premier supplier of tubes and digital detectors for X-ray imaging in medical, scientific, and industrial applications and also supplies X-ray imaging products for cargo screening and industrial inspection. Varian Medical Systems employs approximately 5,000 people who are located at manufacturing sites in North America, Europe, and China and approximately 79 sales and support offices around the world. For more information, visit http://www.varian.com/.

    (1)Ornish, D. et al. Intensive lifestyle changes may affect the progression of prostate cancer, J Urol. 2005 Sep;174 (3) 1065-9.

    (2) Myerhardt et al. Association of dietary patterns with cancer recurrence and survival in patients with Stage III colon cancer. JAMA, 2007, Aug 15, 298 (7); 754-764.

    FOR INFORMATION CONTACT: Meryl Ginsberg, (650) 424-6444 meryl.ginsberg@varian.com

    Varian Medical Systems, Inc.

    CONTACT: Meryl Ginsberg of Varian Medical Systems, Inc.,
    +1-650-424-6444, meryl.ginsberg@varian.com

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




    Brink's Reports First-Quarter Results$.10 Per Share Loss Includes $.28 Charge Related to U.S. Healthcare Legislation Operating Profit Decline Reflects Accounting Changes in Venezuela Management Reiterates Full-Year Revenue and Margin Outlook

    RICHMOND, Va., April 29 /PRNewswire-FirstCall/ -- The Brink's Company , a global leader in security-related services, reported a first-quarter loss from continuing operations of $5 million ($.10 per share) versus income of $22 million last year ($.48 per share). Results include an income tax charge of $14 million ($.28 per share) related to recently enacted U.S. healthcare legislation. Operating profit declined by $18 million, including a segment operating profit decline of $17 million. The decline in both profit measures was due primarily to an unfavorable currency impact of $25 million related to accounting changes in the company's Venezuela operations. Results are summarized below.

    GAAP Adjusted Percentage Change Three Months Ended March 31, 2010 2009 2009 (a) GAAP Adjusted ------------------ ---- ---- -------- ---- -------- (In millions, except per share amounts) Revenues $735 733 678 - 8% Operating profit: International 25 38 24 (35%) 1% North America 10 15 15 (28%) (28%) --- --- --- Total Segment operating profit (b) 35 52 39 (33%) (10%) Non-segment income (expense) (c) (11) (11) (11) 4% 4% --- --- --- Operating profit 24 42 28 (43%) (15%) Income (loss) from continuing operations (d) (5) 22 15 NM NM Net income (loss) (d) (8) 23 15 NM NM Diluted earnings (loss) per share (d): Continuing operations $(0.10) 0.48 0.31 NM NM Net income (loss) (0.17) 0.49 0.33 NM NM ----------------- ----- ---- ---- --- --- Amounts may not add due to rounding. (a) Adjusted financial information is contained on pages 18 -23, including reconciliation to amounts reported under generally accepted accounting principles (GAAP). Adjustments relate to the exchange rate used to translate operating results in Venezuela. (b) Total segment operating profit is a non-GAAP measure. This table reconciles the measurement to operating profit, a GAAP measure. Disclosure of total segment operating profit enables investors to assess the total operating performance of Brink's excluding non-segment income and expense. Forward-looking estimates related to total segment operating profit and non-segment income (expense) for 2010 are provided on page 9. (c) Non-segment includes expenses related to corporate and former operations and other amounts not allocated to segment operating profit. See page 11. (d) Amounts reported in this release are attributable to the shareholders of The Brink's Company and exclude earnings related to noncontrolling interests. Page 1

    Total segment operating profit and 2009's adjusted results are non-GAAP financial measures that are reconciled to corresponding GAAP measures as follows: segment operating profit on page 1 and adjusted 2009 revenues and operating profit on pages 18-23.

    The $17 million decline in segment operating profit was driven primarily by lower profits in Latin America and North America. The segment margin was 4.7%, down from 7.2% in the year-ago quarter.

    Compared to adjusted 2009 results, segment profit was down 10% or $4 million due mainly to a $5 million profit decline in North America and a $5 million asset remeasurement charge in Venezuela that was partially offset by organic improvement in Latin America. This year's 4.7% segment margin compares to last year's adjusted margin of 5.7%.

    Non-segment expenses were flat at $11 million (see page 11).

    Michael T. Dan, chairman, president and chief executive officer, said: "First-quarter results reflect continued price and volume pressure across most of our global markets. We have taken several steps to improve performance, including aggressive restructuring activities in certain countries, and results should improve as the year progresses. We continue to expect annual organic revenue growth in the low-to-mid single-digit percentage range over 2009 adjusted revenue of $2.9 billion, with a segment operating margin between 7% and 7.5%.

    "Despite current challenges, we are confident about the future and will remain highly disciplined in our approach to positioning Brink's for continued growth. Our core strategy is to grow cash logistics and other high-margin services in our current markets while penetrating new geographies with strong growth potential. Last year, we demonstrated our commitment to executing this strategy by completing acquisitions in Brazil, Russia, India and China. On April 22, we strengthened our small but growing presence in Russia with the acquisition of a cash processing business. Earlier in the quarter, we expanded in eastern France by acquiring a small CIT and cash processing business. We are pursuing additional opportunities that expand our global infrastructure and enable us to offer higher-value solutions to a broader base of customers."

    Page 2 First-Quarter 2010 vs. 2009 Segment Results - GAAP Basis Three Months Ended March 31, --------- Organic Acquisitions/ Currency (In millions) 2009 Change Dispositions (b) 2010 ------------- ---- ------ ------------ --- ---- Revenues: EMEA $293 (1) (12) 19 299 Latin America 199 33 - (49) 183 Asia Pacific 19 (3) 9 2 27 --- --- --- --- --- International 512 29 (3) (28) 509 North America 221 (2) - 7 226 --- --- --- --- --- Total $733 27 (3) (21) 735 ----- --- --- --- --- --- Operating profit: International $38 7 1 (22) 25 North America 15 (5) - - 10 --- --- --- --- --- Segment operating profit 52 3 1 (22) 35 Non-segment (a) (11) - - - (11) --- --- --- --- --- Total $42 2 1 (22) 24 ----- --- --- --- --- --- Segment operating margin: International 7.4% 4.8% North America 6.6% 4.6% --- --- Segment operating margin 7.2% 4.7% ----------------- --- --- Percentage Change ------ (In millions) Total Organic ------------- ----- ------- Revenues: EMEA 2% - Latin America (8%) 16% Asia Pacific 44% (13%) International (1%) 6% North America 2% (1%) Total - 4% ----- --- --- Operating profit: International (35%) 19% North America (28%) (31%) Segment operating profit (33%) 5% Non-segment (a) 4% 4% Total (43%) 6% ----- ----- --- Segment operating margin: International North America Segment operating margin ----------------- Segment Results - Adjusted Basis Three Months Ended March 31, --------- Organic Acquisitions / Currency (In millions) 2009 Change Dispositions (b) 2010 ------------- ---- ------ ------------ --- ---- Revenues: EMEA $293 (1) (12) 19 299 Latin America 145 19 - 20 183 Asia Pacific 19 (3) 9 2 27 --- --- --- --- --- International 457 15 (3) 41 509 North America 221 (2) - 7 226 --- --- --- --- --- Total $678 13 (3) 48 735 ----- --- --- --- --- --- Operating profit: International $24 2 1 (3) 25 North America 15 (5) - - 10 --- --- --- --- --- Segment operating profit 39 (2) 1 (3) 35 Non-segment (a) (11) - - - (11) --- --- --- --- --- Total $28 (3) 1 (3) 24 ----- --- --- --- --- --- Segment operating margin: International 5.3% 4.8% North America 6.6% 4.6% --- --- Segment operating margin 5.7% 4.7% ----------------- --- --- Percentage Change ------ (In millions) Total Organic ------------- ----- ------- Revenues: EMEA 2% - Latin America 26% 13% Asia Pacific 44% (13%) International 11% 3% North America 2% (1%) Total 8% 2% ----- --- --- Operating profit: International 1% 10% North America (28%) (31%) Segment operating profit (10%) (6%) Non-segment (a) 4% 4% Total (15%) (9%) ----- ----- ---- Segment operating margin: International North America Segment operating margin ----------------- Amounts may not add due to rounding. (a) Includes income and expense not allocated to segments (see page 11 for details). (b) The "Currency" amount in the table is the summation of the monthly currency changes, plus (minus) the U.S. dollar amount of remeasurement currency gains (losses) of bolivar fuerte-denominated net monetary assets recorded under highly inflationary accounting rules in 2010 related to the Venezuelan operations. The monthly currency change is equal to the Revenue or Operating Profit for the month in local currency, on a country-by-country basis, multiplied by the difference in rates used to translate the current period amounts to U.S. dollars versus the translation rates used in the year-ago month. The functional currency in Venezuela was the bolivar fuerte in 2009, and became the U.S. dollar in 2010 under highly inflationary accounting rules. Remeasurement gains and losses under these rules in 2010 are recorded in U.S. dollars but these gains and losses are not recorded in local currency. Local currency Revenue and Operating Profit in 2010 used in the calculation of monthly currency change for Venezuela have been derived from the U.S. dollar results of the Venezuelan operations under U.S. GAAP (excluding remeasurement gains and losses) using current period currency exchange rates. Page 3 Summary of First-Quarter Results 2010 versus 2009 GAAP and Adjusted

    First-quarter 2009 adjusted results are non-GAAP financial measures that reflect the impact of reporting results from Venezuela at the less favorable parallel market exchange rate. Adjusted results and the reconciliation to the GAAP financial measures are provided on pages 18 - 23.

    International Operations EMEA: -- Revenue increase of 2% reflects favorable currency impact ($19 million) offset by decline in France due to loss of guarding contracts ($9 million) and sale of certain guarding operations ($13 million) in 2009 -- Revenue flat on organic basis as lost guarding contracts offset improvement in Global Services -- Continued economic weakness driving price and volume pressure throughout region -- Operating profit down $1 million due to higher restructuring and severance costs ($7 million versus $5 million last year) and ongoing price and volume pressure throughout region Latin America: GAAP -- Revenue decline of 8% reflects unfavorable currency impact ($49 million) offset by organic revenue growth ($33 million) driven by inflation-based price increases across the region -- Reporting 2010 Venezuela revenue at parallel rate had negative currency impact of $73 million -- Organic revenue growth of 16% driven by inflation-based price increases -- Operating profit down 37% due to unfavorable impact of reporting Venezuela results at parallel rate ($20 million) and the remeasurement of Venezuela monetary assets ($5 million charge), partially offset by organic growth in Brazil, Venezuela, Colombia and Argentina -- Organic operating profit growth of 29% ADJUSTED -- Revenue up 26% due to favorable currency impact ($20 million), primarily in Brazil and inflation-based price increases -- Organic revenue growth of 13% on price increases -- Operating profit up 7% due to organic growth in Brazil, Venezuela, Colombia and Argentina offset by remeasurement of Venezuela monetary assets ($5 million charge) -- Organic operating profit growth of 23% Asia-Pacific: -- Revenue up due to third-quarter 2009 acquisitions in India ($6 million) and China ($3 million) -- Revenue and operating profit down slightly on an organic basis Page 4 North American Operations -- Revenue up 2% on favorable currency rates in Canada ($7 million) -- Revenue down 1% on an organic basis due to lower volume and continued pricing pressure -- Operating profit down $5 million or 28% (31% organic decline) on lower CIT demand, continued pricing pressure and higher fuel costs Non-segment income (expense) (see table on page 11) -- Total non-segment expenses flat at $11 million -- Reduced retirement costs offset by lower gains on asset sales and acquisitions Recent Events

    On April 22, Brink's acquired a majority stake in a Russian cash processing business that complements the company's acquisition of a CIT business in Russia in the first quarter of 2009. With principal operations in Moscow, Brink's now has approximately 500 employees in Russia and offers a full range of CIT, ATM, money processing and Global Services operations for domestic and international markets.

    On March 1, Brink's acquired Est Valeurs, a provider of CIT and cash logistics solutions in France that employs approximately 100 people and generated revenue of approximately $13 million in 2009.

    Designation of Venezuela as Highly Inflationary for Accounting Purposes

    Effective January 1, 2010, Venezuela's economy was designated as highly inflationary for accounting purposes. Under highly inflationary accounting, bolivar-fuerte denominated monetary assets and liabilities are remeasured into U.S. dollars with gains and losses recognized in earnings.

    During the quarter, the bolivar fuerte parallel rate weakened by 13%. As a result, Brink's recognized a $5 million charge ($.06 per share) for the quarter. At the end of the quarter, Brink's had $28 million in bolivar-fuerte denominated net monetary assets.

    Impact of U.S. Healthcare Legislation

    The Patient Protection and Affordable Care Act and subsequent modifications made in the Health Care and Education Reconciliation Act of 2010 were signed into law in March 2010.

    As a result of a change in the tax treatment of prescription drug benefits, Brink's incurred a first-quarter income tax charge of $14 million ($.28 per share), which reflects a reduction in deferred tax assets. Under the new legislation, companies will no longer be able to claim an income tax deduction related to the costs of prescription drug benefits provided to retirees and reimbursed under the Medicare Part D retiree drug subsidy. Although this tax change does not take effect until 2013, Brink's is required by GAAP to recognize the charge in the period in which the law is enacted.

    Page 5

    The company also recorded an after-tax charge to shareholders' equity of approximately $12 million related to an amendment to laws governing black lung disease benefits. The effect of the amendment is expected to increase the number of applicants approved to collect black lung benefits, although it is not clear how many incremental former employees will be approved. The company estimates that its black lung liability will increase $19 million (from $42 million to $61 million) and has recorded the increase as an adjustment to shareholders' equity, net of $7 million in tax benefits. The increase in the black lung liability was estimated based on assumptions of future approval claim rates for miners seeking black lung benefits. Estimated approval rates will change in the future, potentially materially, as actual claims are submitted under the new legislation. The company currently expects the new legislation to increase retirement expenses by approximately $2 million annually from previous estimates (2010 through 2014 projected expenses are shown on pages 13 - 15). This estimate of liability will be revised annually to reflect experience and expectations relating to future claims.

    Income Taxes 2010 Versus 2009

    In the first quarter, the company recorded tax expense of $24 million (effective tax rate of 107%) versus a tax expense of $11 million (24%) in 2009. This year's higher expense is due primarily to the $14 million income tax charge resulting from recently enacted U.S. healthcare legislation, the designation of Venezuela as highly inflationary for accounting purposes (including a nondeductible net monetary asset remeasurement charge of $5 million) and the characterization of a French business tax as an income tax due to legislative changes effective January 1, 2010.

    2010 Forecast

    The effective income tax rate for 2010 is expected to be between 47% and 50%. Excluding the deferred income tax charge related to U.S. healthcare legislation, the effective tax rate for 2010 is expected to be between 36% and 39%.

    Conference Call

    The company will host a conference call on April 29, 2010, at 11:00 a.m. Eastern Time to discuss this press release. Interested parties can listen to the conference call by calling (877) 407-8031 (domestic) or + (201) 689-8031 (international), or via live webcast at http://www.brinkscompany.com/. Please call in at least five minutes prior to the start of the call. A replay will be available through May 13, 2010, by calling (877) 660-6853 (domestic) or + (201) 612-7415 (international). The conference account number is 286 and the conference ID for the replay is 349089. A webcast replay will also be available at http://www.brinkscompany.com/.

    Page 6 About The Brink's Company

    The Brink's Company is the world's premier provider of secure transportation and cash management services. For more information, please visit The Brink's Company website at http://www.brinkscompany.com/ or call 804-289-9709.

    Forward-Looking Statements

    This release contains both historical and forward-looking information. Words such as "anticipates," "estimates," "expects," "projects," "intends," "plans," "believes," "may," "should" and similar expressions may identify forward-looking information. Forward-looking information in this release includes, but is not limited to, future revenue growth and earnings for The Brink's Company, including organic revenue growth and segment operating profit margin in 2010, the improvement of results, positioning for continued growth, the pursuit of growth through acquisitions in current and new geographic markets, the growth of our Cash Logistics and other high-margin services, estimated liabilities for reduced income tax deductions, increased black lung liabilities and estimated future retirement expenses in connection with the enactment of new health care legislation, the anticipated annual effective tax rate for 2010, projected non-segment expense, the projected royalty income from Brink's Home Security Holdings, Inc., capital expenditures and depreciation and amortization for 2010, projected financial information relating to our U.S. retirement liabilities, and information about future plan funded status and contributions. The forward-looking information in this release is subject to known and unknown risks, uncertainties and contingencies, which could cause actual results, performance or achievements to differ materially from those that are anticipated.

    These risks, uncertainties and contingencies, many of which are beyond our control, include, but are not limited to the impact of the global economic slowdown on our business opportunities, access to the capital and credit markets, the recent market volatility and its impact on the demand for our services, the implementation of investments in technology and value-added services and cost reduction efforts and their impact on revenue and profit growth, the ability to identify and execute further cost and operational improvements and efficiencies in our core businesses, the willingness of our customers to absorb fuel surcharges and other future price increases, the actions of competitors, our ability to identify strategic opportunities and integrate them successfully, acquisitions and dispositions made in the future, our ability to integrate recent acquisitions, regulatory and labor issues and higher security threats, the impact of turnaround actions responding to current conditions in Europe, the return to profitability of operations in jurisdictions where we have recorded valuation adjustments, the stability of the Venezuelan economy and changes in Venezuelan policy regarding exchange rates, fluctuations in value of the Venezuelan bolivar fuerte, the impact of the designation of Venezuela as "highly inflationary" for accounting purposes as of January 1, 2010, variations in costs or expenses and performance delays of any public or private sector supplier, service provider or customer, our ability to obtain appropriate insurance coverage, positions taken by insurers with respect to claims made and the financial condition of insurers, safety and security performance, our loss experience, changes in insurance costs, risks customarily associated with operating in foreign countries including changing labor and economic conditions, currency devaluations, safety and security issues, political instability, restrictions on repatriation of earnings and capital, nationalization, expropriation and other forms of restrictive government actions, costs associated with the purchase and implementation of cash processing and security equipment, the timing of the termination of the Brand License Agreement with Brink's Home Security Holdings, Inc., the impact of the recently enacted health care legislation, changes in the scope or method of remediation or monitoring of our former coal operations, the timing of the pass-through of certain costs to third parties and the timing of approvals by governmental authorities relating to the disposal of the coal assets, changes to estimated liabilities and assets in actuarial assumptions due to payments made, investment returns, annual actuarial revaluations, and periodic revaluations of reclamation liabilities, the funding requirements, accounting treatment, investment performance and costs and expenses of our pension plans, the VEBA and other employee benefits, whether the Company's assets or the VEBA's assets are used to pay benefits, the risk that the recent contribution to the U.S. pension plan does not have the anticipated effects on the company's or the plan's financial condition, black lung claims incidence, the number of dependents of mine workers for whom benefits are provided, mandatory or voluntary pension plan contributions, the nature of our hedging relationships, the strength of the U.S. dollar relative to foreign currencies, foreign currency exchange rates, changes in estimates and assumptions underlying our critical accounting policies, seasonality, pricing and other competitive industry factors, and fuel prices. Additional factors that could cause our results to differ materially from those described in the forward-looking statements can be found under "Risk Factors" in Item 1A of our Annual Report on Form 10-K for the period ended December 31, 2009 and in our other public filings with the Securities and Exchange Commission. Readers are urged to review and consider carefully the disclosures we make in our filings with the Securities and Exchange Commission. The information included in this release is representative only as of the date of this release, and The Brink's Company undertakes no obligation to update any information contained in this release.

    Page 7 The Brink's Company and subsidiaries Index of Financial Information Page ---- Summary of Selected Results and Outlook 9 Condensed Consolidated Statements of Income (Loss) 10 Non-Segment Income (Expense) 11 Other Operating Income (Expense) 11 Selected Cash Flow Information 12 U. S. Retirement Liabilities 13 Net Debt (Cash) 16 Trended Review 2010 and 2009 17 Trended Review 2010 and Adjusted 2009 18 Adjusted 2009 Results - Reconciled to Amounts Reported Under GAAP 19 Page 8 THE BRINK'S COMPANY and subsidiaries Summary of Selected Results and Outlook (Unaudited) March 31, 2010 Full-Year 2009 2010 (In millions) GAAP Adjusted Outlook ------------- ---- -------- ------- Revenues $3,135 2,897 (a) Low-to-mid Organic Revenue single- Growth 1% - digit % over $2.9 billion 2009 Adjusted Revenues Segment Operating Profit $213 175 (a) Segment Operating Margin 6.8% 6.0% 7% - 7.5% Non-Segment: General and administrative $38 38 41 Retirement plans 21 21 21 Royalty income (9) (9) (5) Other (3) (12) - ----- --- --- --- Non-Segment $47 38 57 ----------- --- --- --- Effective income tax rate (37%) 37% 47% - 50% (b) Noncontrolling interest $32 19 (a) Capital expenditures $171 (a) 180 - 200 Depreciation and amortization $135 (a) 145 - 155 (a) Information not provided. (b) The tax rate is expected to be higher in 2010 partially due to the effect of the recently enacted Patient Protection and Affordable Care Act, accounting for Venezuelan subsidiaries as operating in a highly inflationary economy (including nondeductible remeasurement losses of net monetary assets), and the characterization of a French business tax as an income tax based upon legislative changes. The projected tax rate assumes no change in judgment about deferred tax valuation allowances. Without the effect of the Act, the 2010 full- year effective tax rate is expected to be 36% - 39%. Page 9 The Brink's Company and subsidiaries Condensed Consolidated Statements of Income (Loss) (Unaudited) Three Months Ended March 31, (In millions, except per share amounts) 2010 2009 --------------------------------------- ---- ---- Revenues $735.4 732.5 Cost and expenses: Cost of revenues 610.1 591.1 Selling, general and administrative expenses 100.0 104.3 -------------------------------------------- ----- ----- Total costs and expenses 710.1 695.4 Other operating income (expense) (1.5) 4.6 -------------------------------- ---- --- Operating profit 23.8 41.7 Interest expense (2.5) (2.7) Interest and other income 1.4 4.0 ------------------------- --- --- Income from continuing operations before tax 22.7 43.0 Provision for income taxes 24.3 10.5 -------------------------- ---- ---- Income (loss) from continuing operations (1.6) 32.5 Income (loss) from discontinued operations (3.4) 0.8 ------------------------------------------ ---- --- Net income (loss) (5.0) 33.3 Less net income (loss) attributable to noncontrolling interests (3.2) (10.3) -------------------------------------- ---- ----- Net income (loss) attributable to Brink's $(8.2) 23.0 ----------------------------------------- ----- ---- Amounts attributable to Brink's: Income (loss) from continuing operations $(4.8) 22.2 Income (loss) from discontinued operations (3.4) 0.8 ------------------------------------------ ---- --- Net income (loss) attributable to Brink's $(8.2) 23.0 ----------------------------------------- ----- ---- Earnings (loss) per share attributable to Brink's common shareholders (a): Basic: Continuing operations $(0.10) 0.48 Discontinued operations (0.07) 0.02 Net income (loss) (0.17) 0.50 ----------------- ----- ---- Diluted: Continuing operations $(0.10) 0.48 Discontinued operations (0.07) 0.02 Net income (loss) (0.17) 0.49 ----------------- ----- ---- (a) Earnings per share may not add due to rounding. Weighted-average shares: Basic 48.8 46.3 Diluted 48.8 46.5 ------- ---- ---- Page 10 THE BRINK'S COMPANY and subsidiaries Supplemental Financial Information (Unaudited) Non-segment Income (expense) (a) Three Months Ended March 31, (In millions) 2010 2009 ------------- ---- ---- Corporate and former operations: General and administrative $(8.7) (9.1) Retirement costs (primarily former operations) (4.9) (8.0) --------------------------- ---- ---- Subtotal (13.6) (17.1) -------- ----- ----- Other amounts not allocated to segments: Currency exchange transaction losses - (0.1) Gain on sales of property and other assets 0.3 3.1 Gain on acquiring control of an equity method affiliate - 1.5 Royalty income: Brand licensing fees from former home security business 1.8 1.6 Other 0.4 0.3 ----- --- --- Subtotal 2.5 6.4 -------- --- --- Non-segment income (expense) $(11.1) (10.7) (a) Includes corporate, former operations and other amounts not allocated to segment results Other Operating Income (EXPENSE) (a) Three Months Ended March 31, (In millions) 2010 2009 ------------- ---- ---- Foreign currency transaction losses $(6.4) (3.4) Royalty income 2.2 1.9 Gains on sales of property and other assets 0.8 3.1 Share in earnings of equity affiliates 0.8 1.0 Gain on acquiring control of an equity method affiliate - 1.5 Impairment losses (0.3) (0.1) Other 1.4 0.6 Other operating income (expense) $(1.5) 4.6 (a) Includes segment and non-segment other operating income and expense Page 11 THE BRINK'S COMPANY and subsidiaries Supplemental Financial Information (continued) (Unaudited) SELECTED CASH FLOW INFORMATION Three Months Ended March 31, (In millions) 2010 2009 ------------- ---- ---- Capital Expenditures: International $17.1 14.7 North America 9.8 14.8 ------------- --- ---- Capital expenditures $26.9 29.5 -------------------- ----- ---- Depreciation and Amortization: International $22.0 22.1 North America 10.3 8.6 ------------- ---- --- Depreciation and amortization $32.3 30.7 ---------------- ----- ---- Page 12 THE BRINK'S COMPANY and subsidiaries Supplemental Financial Information (continued) (Unaudited) U.S. Retirement Liabilities Underfunded (Overfunded) Status of U.S. Retirement Plans Actual Actual Projected --------- (in 1Q 2-4Q millions) 2009 2010 2010 2011 2012 2013 2014 ---------- ---- ----- ----- ---- ---- ---- ---- U.S. pension plans Beginning underfunded balance $329.2 152.3 147.1 141.4 129.4 87.4 29.4 Net periodic pension credit (a) (13.5) (5.0) (15.3) (17.7) (15.7) (16.1) (21.8) Payment from Brink's (150.0) - - - (27.7) (38.4) (30.6) Benefit plan experience (gain) loss (9.2) - 11.0 7.4 3.0 (1.1) - Other (4.2) (0.2) (1.4) (1.7) (1.6) (2.4) (1.3) ------------ ---- ---- ---- ---- ---- ---- ---- Ending underfunded balance $152.3 147.1 141.4 129.4 87.4 29.4 (24.3) ------------ ------ ----- ----- ----- ---- ---- ----- UMWA plans Beginning balance $207.5 157.5 157.7 158.5 159.9 161.8 164.2 Net periodic postretirement cost (a) 3.2 0.2 0.8 1.4 1.9 2.4 3.0 Payment from Brink's (0.5) - - - - - - Benefit plan experience gain (52.7) - - - - - - ------------ ----- --- --- --- --- --- --- Ending underfunded balance $157.5 157.7 158.5 159.9 161.8 164.2 167.2 ------------ ------ ----- ----- ----- ----- ----- ----- Black lung and other plans Beginning balance $48.6 47.1 65.7 61.4 56.3 51.4 46.7 Net periodic postretirement cost (a) 1.4 0.6 2.4 3.0 2.8 2.6 2.4 Payment from Brink's (7.6) (1.3) (6.7) (8.1) (7.7) (7.3) (7.0) Benefit plan experience loss 4.5 - - - - - - Other 0.2 19.3 - - - - - ----- --- ---- --- --- --- --- --- Ending unfunded balance $47.1 65.7 61.4 56.3 51.4 46.7 42.1 (a) Excludes amounts reclassified from accumulated other comprehensive income. U.S. Pension Plans

    Pension benefits provided to eligible U.S. employees were frozen on December 31, 2005, and are not provided to employees hired after 2005 or to those covered by a collective bargaining agreement. On January 1, 2009, there were approximately 21,000 beneficiaries in the plans. In 2009, Brink's contributed $150 million to the plans, which helped reduce the underfund status of U.S. plans to $152 million at the end of 2009. Based on current assumptions Brink's is not required to make additional payments until 2012 and the underfunded status is expected to decline from 2010 through 2013 and become fully funded under GAAP in 2014.

    UMWA Plans

    Retirement benefits related to former coal operations include medical benefits provided by the Pittston Coal Group Companies Employee Benefit Plan for UMWA Represented Employees. On January 1, 2009, there were approximately 4,700 beneficiaries in the UMWA plans. The company does not expect to make additional contributions to these plans until 2026.

    Black Lung

    Under the Federal Black Lung Benefits Act of 1972, Brink's is responsible for paying lifetime black lung benefits to miners and their dependents for claims filed and approved after June 30, 1973. On December 31, 2009, there were approximately 700 black lung beneficiaries.

    2010 Update. The Patient Protection and Affordable Care Act (the "Act"), which was enacted in March 2010, contains an amendment to the laws governing federal black lung benefits for coal miners. The amendment creates a presumption that benefits should be awarded to current or former coal miners that have accumulated 15 or more years of coal mine employment if they are able to prove that they have a disabling pulmonary disease. Previously, miners were required to demonstrate that their disabling pulmonary disease was caused by black lung disease, and not by some other cause such as smoking or old age. Under the new law, the burden of proof becomes the employer's to establish that the disabling pulmonary disease is not black lung disease or that the miner's disease did not result from coal mine employment. Surviving spouses will no longer be required to prove that black lung disease caused the death of a miner to continue receiving benefits.

    The new law will be used to assess claims that are currently being reviewed, unless the claim was filed before January 1, 2005. Miners who have been denied benefits in the past (either as a result of not being able to prove that they have a disabling pulmonary disease, or not being able to prove that their disease was black lung disease) may reapply for benefits and these claims will be assessed using the new rules.

    Page 13 THE BRINK'S COMPANY and subsidiaries Supplemental Financial Information (continued) (Unaudited) U.S. Retirement Liabilities (continued)

    The amendment will likely increase the approval rates for coal miners applying to receive black lung benefits. The company remeasured its black lung obligation as of March 31, 2010, to reflect an estimate of the increase in amounts to be paid to miners as a result of the new law. The obligation increased $19.3 million as a result of the remeasurement, from $42.3 million before the remeasurement to $61.6 million.

    Approval rates used in the remeasurement of the black lung obligation were increased to reflect an estimate of the effect of the new legislation. The discount rate used at remeasurement was 5.3% (compared to 5.4% at December 31, 2009) and the medical inflation rate was 5.0% (compared to 8.0% at December, 31, 2009). All other assumptions remain the same as they were at December 31, 2009, which can be found in the company's 2009 Annual Report on Form 10-K. Approval rates are difficult to estimate since the effect of the change in the law has not yet been placed in practice. The liability could change in the future if the approval rates used in the estimates of the liabilities are either too high or too low. These estimated amounts will change in the future to reflect payments made, actuarial revaluations, and other changes in estimates. Actual amounts could differ materially from the currently estimated amounts.

    Other

    The company also has a plan that provides retirement health care benefits to certain eligible salaried employees. Benefits under this plan are not indexed for inflation.

    Risks Associated with U.S. Retirement Obligations include: -- Changing discount rates and other assumptions in effect at measurement dates (normally December 31) -- Investment returns of plan assets -- Addition of new participants (historically immaterial due to freezing of pension benefits and exit from coal business) -- Mortality rates -- Change in laws Summary of Total Expenses Related to All U.S. Retirement Liabilities

    This table summarizes actual and projected expense (income) related to U.S. retirement liabilities. Most expenses are allocated to non-segment results, with the balance allocated to North American operations. The market value of the investments used to pay benefits for our retirement plans significantly declined in 2008. Expenses related to our U.S. pension plans are expected to increase over the next few years as market losses are amortized into earnings from other comprehensive income.

    Actual Actual Projected --------- (in 1Q 2-4Q FY millions) 2009 2010 2010 2010 2011 2012 2013 2014 ---------- ---- ----- ----- ----- ---- ---- ---- ---- U.S. pension plans $(4.1) (0.2) (0.5) (0.7) 5.9 11.7 14.0 3.1 UMWA plans 19.9 4.1 12.4 16.5 16.2 16.1 16.0 16.0 Black lung and other plans (a) 2.9 0.7 3.8 4.5 4.9 4.8 4.7 4.6 ---------- --- --- --- --- --- --- --- --- Total $18.7 4.6 15.7 20.3 27.0 32.6 34.7 23.7 ----- ----- --- ---- ---- ---- ---- ---- ---- Amounts allocated to: Segments (North America) $(2.0) (0.3) (0.5) (0.8) 1.7 4.0 4.9 0.7 Non- segment 20.7 4.9 16.2 21.1 25.3 28.6 29.8 23.0 Total $18.7 4.6 15.7 20.3 27.0 32.6 34.7 23.7 ----- ----- --- ---- ---- ---- ---- ---- ---- (a) Estimates provided previously in the 2009 Form 10-K were (in millions) $2.9 in 2010, $2.9 in 2011, $2.8 in 2012, $2.6 in 2013 and $2.5 in 2014. Page 14 THE BRINK'S COMPANY and subsidiaries Supplemental Financial Information (continued) (Unaudited) U.S. Retirement Liabilities (continued)

    Summary of Total Payments from Brink's to U.S. Plans and Payments from U.S. Plans to Participants

    This table summarizes actual and estimated payments -- from Brink's to U.S. retirement plans, and -- from the plans to participants. Actual Actual Projected --------- 1Q 2-4Q FY (in millions) 2009 2010 2010 2010 2011 2012 2013 2014 ------------- ---- ----- ----- ----- ---- ---- ---- ---- Payments from Brink's to U.S. Plans U.S. pension plans $150.0 - - - - 27.7 38.4 30.6 UMWA plans 0.5 - - - - - - - Black lung and other plans (a) 7.6 1.3 6.7 8.0 8.1 7.7 7.3 7.0 ---------- --- --- --- --- --- --- --- --- Total $158.1 1.3 6.7 8.0 8.1 35.4 45.7 37.6 ----- ------ --- --- --- --- ---- ---- ---- (a) These plans are not funded by investments. Estimates provided previously in the 2009 Form 10-K were (in millions) $6.3 in 2010, $6.0 in 2011, $5.6 in 2012, $5.3 in 2013 and $4.9 in 2014. Payments from U.S. Plans to participants U.S. pension plans $36.1 9.4 30.9 40.3 42.0 43.6 46.2 47.0 UMWA plans 36.4 9.1 27.3 36.4 37.2 37.6 38.0 37.6 Black lung and other plans 7.6 1.3 6.7 8.0 8.1 7.7 7.3 7.0 ---------- --- --- --- --- --- --- --- --- Total $80.1 19.8 64.9 84.7 87.3 88.9 91.5 91.6 ----- ----- ---- ---- ---- ---- ---- ---- ----

    The amounts in the tables above are based on a variety of estimates, including actuarial assumptions as of the most recent measurement date. The estimated amounts will change in the future to reflect payments made, investment returns, actuarial revaluations, and other changes in estimates. Actual amounts could differ materially from the estimated amounts.

    Page 15 THE BRINK'S COMPANY and subsidiaries Supplemental Financial Information (continued) (Unaudited) Net Debt (Cash) reconciled to amounts reported under GAAP March 31, December 31, (In millions) 2010 2009 ------------- ---- ---- Short-term debt $9.0 7.2 Long-term debt 212.6 188.4 -------------- ----- ----- Debt 221.6 195.6 Less cash and cash equivalents (131.9) (143.0) ------------------ ------ ------ Net Debt (Cash) $89.7 52.6 --------------- ----- ----

    Net Debt (Cash) is a supplemental financial measure that is not required by, or presented in accordance with GAAP. We define Net Debt as Debt less cash and cash equivalents. We use Net Debt (Cash) as a measure of our financial leverage. We believe that investors also may find Net Debt (Cash) to be helpful in evaluating our financial leverage. Net Debt (Cash) should not be considered as an alternative to Debt determined in accordance with GAAP. Set forth above is a reconciliation of Net Debt (Cash), a non-GAAP financial measure, to Debt, which is the most directly comparable financial measure calculated and reported in accordance with GAAP, as of March 31, 2010, and December 31, 2009. This supplemental non-GAAP information should be reviewed in conjunction with the consolidated balance sheets in our quarterly report on Form 10-Q for the period ended March 31, 2010.

    Page 16 THE BRINK'S COMPANY and subsidiaries Trended Condensed Consolidated Statements of Income - GAAP Basis (Unaudited) 2009 2010 GAAP GAAP ---- ---- (In millions) (except for per share amounts) 1(st) 2(nd) 3(rd) 4(th) Full 1(st) ------------- Quarter Quarter Quarter Quarter Year Quarter ------- ------- ------- ------- ---- ------- Revenues: EMEA $293.4 305.6 324.4 334.1 1,257.5 298.9 Latin America 199.4 209.7 234.9 260.7 904.7 183.1 Asia Pacific 18.8 14.7 19.9 25.3 78.7 27.0 ------------ ---- ---- ---- ---- ---- ---- International 511.6 530.0 579.2 620.1 2,240.9 509.0 North America 220.9 221.9 222.6 228.7 894.1 226.4 ------------- ----- ----- ----- ----- ----- ----- Revenues $732.5 751.9 801.8 848.8 3,135.0 735.4 -------- ------ ----- ----- ----- ------- ----- Operating profit: International $37.9 15.9 51.3 51.7 156.8 24.5 North America 14.5 13.0 10.4 18.7 56.6 10.4 ------------- ---- ---- ---- ---- ---- ---- Segment operating profit 52.4 28.9 61.7 70.4 213.4 34.9 Non-segment (10.7) (2.2) (0.8) (32.9) (46.6) (11.1) ----------- ----- ---- ---- ----- ----- ----- Operating profit 41.7 26.7 60.9 37.5 166.8 23.8 Interest expense (2.7) (2.8) (2.8) (3.0) (11.3) (2.5) Interest and other income 4.0 2.0 1.2 3.6 10.8 1.4 ------------- --- --- --- --- ---- --- Income from continuing operations before tax 43.0 25.9 59.3 38.1 166.3 22.7 Provision for (benefit from) income taxes 10.5 6.6 20.6 (98.8) (61.1) 24.3 ------------- ---- --- ---- ----- ----- ---- Income (loss) from continuing operations 32.5 19.3 38.7 136.9 227.4 (1.6) Income (loss) from discontinued operations 0.8 4.3 1.0 (1.6) 4.5 (3.4) ------------- --- --- --- ---- --- ---- Net income (loss) 33.3 23.6 39.7 135.3 231.9 (5.0) Less net income attributable to noncontrolling interests (10.3) (3.3) (5.3) (12.8) (31.7) (3.2) --------------- ----- ---- ---- ----- ----- ---- Net income (loss) attributable to Brink's $23.0 20.3 34.4 122.5 200.2 (8.2) ------------------- ----- ---- ---- ----- ----- ---- Amounts attributable to Brink's: Income (loss) from continuing operations $22.2 16.0 33.4 124.1 195.7 (4.8) Diluted earnings (loss) per share - continuing operations 0.48 0.34 0.70 2.53 4.11 (0.10) ----------- ---- ---- ---- ---- ---- ----- Page 17 THE BRINK'S COMPANY and subsidiaries Trended Condensed Consolidated Statements of Income - Adjusted basis for 2009 (Unaudited) See reconciliation of Adjusted 2009 amounts on pages 19 - 23 2009 Adjusted -------- (In millions) (except for per share amounts) 1(st) 2(nd) 3(rd) 4(th) Full ------------- Quarter Quarter Quarter Quarter Year ------- ------- ------- ------- ---- Revenues: EMEA $293.4 305.6 324.4 334.1 1,257.5 Latin America 144.8 150.9 171.2 199.9 666.8 Asia Pacific 18.8 14.7 19.9 25.3 78.7 ------------ ---- ---- ---- ---- ---- International 457.0 471.2 515.5 559.3 2,003.0 North America 220.9 221.9 222.6 228.7 894.1 ------------- ----- ----- ----- ----- ----- Revenues $677.9 693.1 738.1 788.0 2,897.1 -------- ------ ----- ----- ----- ------- Operating profit: International 24.2 17.1 43.5 33.5 118.3 North America 14.5 13.0 10.4 18.7 56.6 ------------- ---- ---- ---- ---- ---- Segment operating profit 38.7 30.1 53.9 52.2 174.9 Non-segment (10.7) (2.2) (14.7) (10.4) (38.0) ----------- ----- ---- ----- ----- ----- Operating profit 28.0 27.9 39.2 41.8 136.9 Interest expense (2.7) (2.4) (2.7) (2.9) (10.7) Interest and other income 2.4 0.9 1.1 3.2 7.6 ------------- --- --- --- --- --- Income from continuing operations before tax 27.7 26.4 37.6 42.1 133.8 Provision for income taxes 8.8 8.1 17.7 14.5 49.1 ------------- --- --- ---- ---- ---- Income (loss) from continuing operations 18.9 18.3 19.9 27.6 84.7 Income (loss) from discontinued operations 0.8 4.3 1.0 (1.6) 4.5 ------------- --- --- --- ---- --- Net income (loss) 19.7 22.6 20.9 26.0 89.2 Less net income attributable to noncontrolling interests (4.4) (3.5) (3.2) (7.6) (18.7) --------------- ---- ---- ---- ---- ----- Net income (loss) attributable to Brink's $15.3 19.1 17.7 18.4 70.5 ------------- ----- ---- ---- ---- ---- Amounts attributable to Brink's: Income (loss) from continuing operations $14.5 14.8 16.7 20.0 66.0 Diluted earnings (loss) per share - continuing operations 0.31 0.31 0.35 0.41 1.39 ----------- ---- ---- ---- ---- ---- 2010 GAAP ---- (In millions) (except for per share amounts) 1(st) ------------- Quarter ------- Revenues: EMEA 298.9 Latin America 183.1 Asia Pacific 27.0 ------------ ---- International 509.0 North America 226.4 ------------- ----- Revenues 735.4 -------- ----- Operating profit: International 24.5 North America 10.4 ------------- ---- Segment operating profit 34.9 Non-segment (11.1) ----------- ----- Operating profit 23.8 Interest expense (2.5) Interest and other income 1.4 ------------- --- Income from continuing operations before tax 22.7 Provision for income taxes 24.3 ------------- ---- Income (loss) from continuing operations (1.6) Income (loss) from discontinued operations (3.4) ------------- ---- Net income (loss) (5.0) Less net income attributable to noncontrolling interests (3.2) --------------- ---- Net income (loss) attributable to Brink's (8.2) ---------- ---- Amounts attributable to Brink's: Income (loss) from continuing operations (4.8) Diluted earnings (loss) per share - continuing operations (0.10) ----------- ----- Page 18 THE BRINK'S COMPANY and subsidiaries

    Adjusted 2009 Results - Reconciled to Amounts Reported Under GAAP (Unaudited)

    Purpose of Adjusted Information

    Adjusted 2009 results described in this earnings release are financial measures that are not required by, or presented in accordance with, U.S. generally accepted accounting principles ("GAAP"). These adjusted results (a) reflect the impact of reporting results from Venezuela at the less favorable parallel market exchange rate, (b) exclude transaction losses recognized in the fourth quarter of 2009 on repatriated cash from Venezuela, (c) exclude a third-quarter 2009 acquisition gain in India, and (d) exclude a U.S. tax valuation allowance release recognized in the fourth quarter of 2009.

    The purpose of the adjusted information is to provide users of financial information of The Brink's Company an understanding of the effects of each of the items described above. The adjusted information provides information to assist comparability and estimates of future performance. Brink's believes these measures are helpful in assessing operations and estimating future results, provide transparency to investors, and enable period-to-period comparability of financial performance. Adjusted results should not be considered as an alternative to revenue, income or earnings per share amounts determined in accordance with GAAP and should be read in conjunction with their GAAP counterparts.

    The adjustments disclosed below are summarized on pages 20 - 23. Explanation of Reconciling Items The adjustments: a. Change from official rate to parallel rate translation in Venezuela

    i. Reduce segment operating income - International to reflect the operating results had they been translated using the parallel rate in effect at the time. Results from Venezuela in most of 2009 were translated at the official rate.

    Operating Revenue Profit (in millions) Quarter 2009 2009 --------- ------- ---- ---- 1(st) $(54.6) (13.7) 2(nd) (58.8) (2.2) 3(rd) (63.7) (8.4) 4(th) (60.8) (18.7) ---- ----- ----- Full Year $(237.9) (43.0) ----- ------- -----

    ii. Increase segment operating income - International by $3.4 million in the second quarter of 2009, $0.6 million in the third quarter of 2009 and $0.5 million in the fourth quarter of 2009. The adjustments reverse certain currency exchange losses related to increases in cash held in U.S. dollars by the Venezuelan subsidiaries.

    b. Venezuela currency loss. Decrease non-segment expense by $22.5 million for the loss that was recognized in the fourth quarter of 2009 related to the repatriation of cash from Venezuela.

    c. Acquisition gain. Decrease other operating income - non-segment by $13.9 million for the gain recorded in the third quarter of 2009 related to an acquisition of a controlling interest in an Indian subsidiary.

    d. Tax benefit. Decrease income tax benefit by $117.8 million in the fourth quarter of 2009 for the release of a valuation allowance related to deferred tax assets in the U.S.

    Page 19 THE BRINK'S COMPANY and subsidiaries Adjusted Results - Reconciled to Amounts Reported Under GAAP (Continued) (Unaudited) Full Year 2009 -------------- Change Reported to Venezuela (In millions) (except for per share amounts) GAAP Parallel Currency ------------------------------ Basis Rate (a) Loss (b) ----- -------- -------- Revenues: EMEA $1,257.5 - - Latin America 904.7 (237.9) - Asia Pacific 78.7 - - ------------ ---- --- --- International 2,240.9 (237.9) - North America 894.1 - - ------------- ----- --- --- Revenues $3,135.0 (237.9) - -------- -------- ------ --- Operating profit: International $156.8 (38.5) - North America 56.6 - - ------------- ---- --- --- Segment operating profit 213.4 (38.5) - Non-segment (46.6) - 22.5 ----------- ----- --- ---- Operating profit 166.8 (38.5) 22.5 Interest expense (11.3) 0.6 - Interest and other income 10.8 (3.2) - ------------------------- ---- ---- --- Income from continuing operations before tax 166.3 (41.1) 22.5 Provision for (benefit from) income taxes (61.1) (7.6) - ---------------------------- ----- ---- --- Income from continuing operations 227.4 (33.5) 22.5 Income (loss) from discontinued operations 4.5 - - ------------------------------- --- --- --- Net income 231.9 (33.5) 22.5 Less net income attributable to noncontrolling interests (31.7) 13.0 - ------------------------------- ----- ---- --- Net income attributable to Brink's $200.2 (20.5) 22.5 ---------------------------------- ------ ----- ---- Amounts attributable to Brink's: Income from continuing operations $195.7 (20.5) 22.5 Diluted earnings per share - continuing operations 4.11 (0.42) 0.47 ---------------------------- ---- ----- ---- Full Year 2009 -------------- India (In millions) (except for per share amounts) Acquisition Tax Adjusted Benefit ------------------------------ Gain (c) (d) Basis -------- -------- ----- Revenues: EMEA - - 1,257.5 Latin America - - 666.8 Asia Pacific - - 78.7 ------------ --- --- ---- International - - 2,003.0 North America - - 894.1 ------------- --- --- ----- Revenues - - 2,897.1 -------- --- --- ------- Operating profit: International - - 118.3 North America - - 56.6 ------------- --- --- ---- Segment operating profit - - 174.9 Non-segment (13.9) - (38.0) ----------- ----- --- ----- Operating profit (13.9) - 136.9 Interest expense - - (10.7) Interest and other income - - 7.6 ------------------------- --- --- --- Income from continuing operations before tax (13.9) - 133.8 Provision for (benefit from) income taxes - 117.8 49.1 ---------------------------- --- ----- ---- Income from continuing operations (13.9) (117.8) 84.7 Income (loss) from discontinued operations - - 4.5 ------------------------------- --- --- --- Net income (13.9) (117.8) 89.2 Less net income attributable to noncontrolling interests - - (18.7) ------------------------------- --- --- ----- Net income attributable to Brink's (13.9) (117.8) 70.5 ---------------------------------- ----- ------ ---- Amounts attributable to Brink's: Income from continuing operations (13.9) (117.8) 66.0 Diluted earnings per share - continuing operations (0.29) (2.48) 1.39 ---------------------------- ----- ----- ---- See page 19 for explanation of footnotes. Page 20 THE BRINK'S COMPANY and subsidiaries Adjusted 2009 Results -Reconciled to Amounts Reported Under GAAP (Continued) (Unaudited) First Quarter 2009 -------- Change Reported to (In millions) (except for per share amounts) GAAP Parallel Adjusted Rate ------------- Basis (a) Basis ----- ----- ----- Revenues: EMEA $293.4 - 293.4 Latin America 199.4 (54.6) 144.8 Asia Pacific 18.8 - 18.8 ------------ ---- --- ---- International 511.6 (54.6) 457.0 North America 220.9 - 220.9 ------------- ----- --- ----- Revenues $732.5 (54.6) 677.9 -------- ------ ----- ----- Operating profit: International 37.9 (13.7) 24.2 North America 14.5 - 14.5 ------------- ---- --- ---- Segment operating profit 52.4 (13.7) 38.7 Non-segment (10.7) - (10.7) ----------- ----- --- ----- Operating profit 41.7 (13.7) 28.0 Interest expense (2.7) - (2.7) Interest and other income 4.0 (1.6) 2.4 ------------- --- ---- --- Income from continuing operations before tax 43.0 (15.3) 27.7 Provision for income taxes 10.5 (1.7) 8.8 ------------- ---- ---- --- Income from continuing operations 32.5 (13.6) 18.9 Income from discontinued operations 0.8 - 0.8 ------------- --- --- --- Net income 33.3 (13.6) 19.7 Less net income attributable to noncontrolling interests (10.3) 5.9 (4.4) --------------- ----- --- ---- Net income attributable to Brink's $23.0 (7.7) 15.3 ---------- ----- ---- ---- Amounts attributable to Brink's: Income from continuing operations $22.2 (7.7) 14.5 Diluted earnings per share - continuing operations 0.48 (0.17) 0.31 ------------- ---- ----- ---- Second Quarter 2009 ------- Change Reported to (In millions) (except for per share amounts) GAAP Parallel Adjusted Rate ------------- Basis (a) Basis ----- ----- ----- Revenues: EMEA 305.6 - 305.6 Latin America 209.7 (58.8) 150.9 Asia Pacific 14.7 - 14.7 ------------ ---- --- ---- International 530.0 (58.8) 471.2 North America 221.9 - 221.9 ------------- ----- --- ----- Revenues 751.9 (58.8) 693.1 -------- ----- ----- ----- Operating profit: International 15.9 1.2 17.1 North America 13.0 - 13.0 ------------- ---- --- ---- Segment operating profit 28.9 1.2 30.1 Non-segment (2.2) - (2.2) ----------- ---- --- ---- Operating profit 26.7 1.2 27.9 Interest expense (2.8) 0.4 (2.4) Interest and other income 2.0 (1.1) 0.9 ------------- --- ---- --- Income from continuing operations before tax 25.9 0.5 26.4 Provision for income taxes 6.6 1.5 8.1 ------------- --- --- --- Income from continuing operations 19.3 (1.0) 18.3 Income from discontinued operations 4.3 - 4.3 ------------- --- --- --- Net income 23.6 (1.0) 22.6 Less net income attributable to noncontrolling interests (3.3) (0.2) (3.5) --------------- ---- ---- ---- Net income attributable to Brink's 20.3 (1.2) 19.1 ---------- ---- ---- ---- Amounts attributable to Brink's: Income from continuing operations 16.0 (1.2) 14.8 Diluted earnings per share - continuing operations 0.34 (0.03) 0.31 ------------- ---- ----- ---- See page 19 for explanation of footnotes. Page 21 THE BRINK'S COMPANY and subsidiaries Adjusted 2009 Results -Reconciled to Amounts Reported Under GAAP (Continued) (Unaudited) Third Quarter 2009 ------------------ Reported Change to Venezuela (In millions) (except for per share amounts) GAAP Parallel Currency Loss ------------------------------ Basis Rate (a) (b) ----- -------- ----- Revenues: EMEA $324.4 - - Latin America 234.9 (63.7) - Asia Pacific 19.9 - - ------------ ---- --- --- International 579.2 (63.7) - North America 222.6 - - ------------- ----- --- --- Revenues $801.8 (63.7) - -------- ------ ----- --- Operating profit: International $51.3 (7.8) - North America 10.4 - - ------------- ---- --- --- Segment operating profit 61.7 (7.8) - Non-segment (0.8) - - ----------- ---- --- --- Operating profit 60.9 (7.8) - Interest expense (2.8) 0.1 - Interest and other income 1.2 (0.1) - ------------------------- --- ---- --- Income from continuing operations before tax 59.3 (7.8) - Provision for (benefit from) income taxes 20.6 (2.9) - ---------------------------- ---- ---- --- Income from continuing operations 38.7 (4.9) - Income (loss) from discontinued operations 1.0 - - ------------------------------- --- --- --- Net income 39.7 (4.9) - Less net income attributable to noncontrolling interests (5.3) 2.1 - ------------------------------- ---- --- --- Net income attributable to Brink's $34.4 (2.8) - ---------------------------------- ----- ---- --- Amounts attributable to Brink's: Income from continuing operations $33.4 (2.8) - Diluted earnings per share - continuing operations 0.70 (0.06) - ---------------------------- ---- ----- --- Third Quarter 2009 ------------------ India (In millions) (except for per share amounts) Acquisition Tax Adjusted Benefit ------------------------------ Gain (c) (d) Basis -------- -------- ----- Revenues: EMEA - - 324.4 Latin America - - 171.2 Asia Pacific - - 19.9 ------------ --- --- ---- International - - 515.5 North America - - 222.6 ------------- --- --- ----- Revenues - - 738.1 -------- --- --- ----- Operating profit: International - - 43.5 North America - - 10.4 ------------- --- --- ---- Segment operating profit - - 53.9 Non-segment (13.9) - (14.7) ----------- ----- --- ----- Operating profit (13.9) - 39.2 Interest expense - - (2.7) Interest and other income - - 1.1 ------------------------- --- --- --- Income from continuing operations before tax (13.9) - 37.6 Provision for (benefit from) income taxes - - 17.7 ---------------------------- --- --- ---- Income from continuing operations (13.9) - 19.9 Income (loss) from discontinued operations - - 1.0 ------------------------------- --- --- --- Net income (13.9) - 20.9 Less net income attributable to noncontrolling interests - - (3.2) ------------------------------- --- --- ---- Net income attributable to Brink's (13.9) - 17.7 ---------------------------------- ----- --- ---- Amounts attributable to Brink's: Income from continuing operations (13.9) - 16.7 Diluted earnings per share - continuing operations (0.29) - 0.35 ---------------------------- ----- --- ---- See page 19 for explanation of footnotes. Page 22 THE BRINK'S COMPANY and subsidiaries Adjusted 2009 Results -Reconciled to Amounts Reported Under GAAP (Continued) (Unaudited) Fourth Quarter 2009 ------------------- Change Reported to Venezuela (In millions) (except for per share amounts) GAAP Parallel Currency ------------------------------ Basis Rate (a) Loss (b) ----- -------- -------- Revenues: EMEA $334.1 - - Latin America 260.7 (60.8) - Asia Pacific 25.3 - - ------------ ---- --- --- International 620.1 (60.8) - North America 228.7 - - ------------- ----- --- --- Revenues $848.8 (60.8) - -------- ------ ----- --- Operating profit: International $51.7 (18.2) - North America 18.7 - - ------------- ---- --- --- Segment operating profit 70.4 (18.2) - Non-segment (32.9) - 22.5 ----------- ----- --- ---- Operating profit 37.5 (18.2) 22.5 Interest expense (3.0) 0.1 - Interest and other income 3.6 (0.4) - ------------------------- --- ---- --- Income from continuing operations before tax 38.1 (18.5) 22.5 Provision for (benefit from) income taxes (98.8) (4.5) - ---------------------------- ----- ---- --- Income from continuing operations 136.9 (14.0) 22.5 Income (loss) from discontinued operations (1.6) - - ------------------------------- ---- --- --- Net income 135.3 (14.0) 22.5 Less net income attributable to noncontrolling interests (12.8) 5.2 - ------------------------------- ----- --- --- Net income attributable to Brink's $122.5 (8.8) 22.5 ---------------------------------- ------ ---- ---- Amounts attributable to Brink's: Income from continuing operations $124.1 (8.8) 22.5 Diluted earnings per share - continuing operations 2.53 (0.18) 0.46 ---------------------------- ---- ----- ---- Fourth Quarter 2009 ------------------- India (In millions) (except for per share amounts) Acquisition Tax Adjusted Benefit ------------------------------ Gain (c) (d) Basis -------- -------- ----- Revenues: EMEA - - 334.1 Latin America - - 199.9 Asia Pacific - - 25.3 ------------ --- --- ---- International - - 559.3 North America - - 228.7 ------------- --- --- ----- Revenues - - 788.0 -------- --- --- ----- Operating profit: International - - 33.5 North America - - 18.7 ------------- --- --- ---- Segment operating profit - - 52.2 Non-segment - - (10.4) ----------- --- --- ----- Operating profit - - 41.8 Interest expense - - (2.9) Interest and other income - - 3.2 ------------------------- --- --- --- Income from continuing operations before tax - - 42.1 Provision for (benefit from) income taxes - 117.8 14.5 ---------------------------- --- ----- ---- Income from continuing operations - (117.8) 27.6 Income (loss) from discontinued operations - - (1.6) ------------------------------- --- --- ---- Net income - (117.8) 26.0 Less net income attributable to noncontrolling interests - - (7.6) ------------------------------- --- --- ---- Net income attributable to Brink's - (117.8) 18.4 ---------------------------------- --- ------ ---- Amounts attributable to Brink's: Income from continuing operations - (117.8) 20.0 Diluted earnings per share - continuing operations - (2.40) 0.41 ---------------------------- --- ----- ---- See page 19 for explanation of footnotes. Page 23 Contact: Investor Relations 804.289.9709

    The Brink's Company

    CONTACT: Investor Relations, The Brink's Company, +1-804-289-9709

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




    Unilife Enters Indian Healthcare MarketBegins Discussions with Local Healthcare and Pharmaceutical Leaders

    LEWISBERRY, Pa., April 29 /PRNewswire-FirstCall/ -- Unilife Corporation ("Unilife" or "Company") , a leading developer of safety medical devices, today announced its entry into the Indian market to help support efforts by the Central Government of India and international agencies to institute the mandatory use of safety syringes within local healthcare facilities.

    Dr. Gerald Verollet, Vice-President of Scientific and International Affairs, has relocated to India to co-ordinate discussions between Unilife and government agencies, healthcare facilities and pharmaceutical companies regarding the use of Unilife's proprietary range of safety syringes. Prior to joining Unilife in 2003, Dr. Verollet was the head of Medical Devices at the World Health Organization (WHO), playing a key role in the development and adoption of international standards for Auto-Disable (AD) syringes that incorporate safety features to automatically prevent the reuse and sharing of syringes.

    Unilife has also appointed Clinicare, a Mumbai-based national leader in the supply of innovative safety medical devices to Indian healthcare facilities and pharmaceutical companies, as its exclusive local partner. In addition to supporting Unilife's business development activities within India, Clinicare will also act as the Company's authorized national representative to secure the registration of its Unitract(TM) 1mL syringes with local regulatory authorities.

    India is one of the largest and fastest growing markets for medical devices and pharmaceutical products, with many world-class healthcare facilities now established across the country. Last year, the Central Government of India enacted legislation requiring all affiliated hospitals within the country to use only AD syringes. The adoption of laws mandating the use of single use syringes reflects estimates by WHO that between one half to two-thirds of the four billion injections administered in India each year are unsafe. Up to one-third of these unsafe injections are estimated to carry the risk of transmitting blood-borne viruses such as HIV and hepatitis C.

    Mr. Alan Shortall, CEO of Unilife, stated, "Unilife is an emerging global leader for innovative safety medical devices that is committed to enhancing and saving lives worldwide. While much of our focus remains on North America and European markets, our entry into India at this time represents a smart strategic move. India is one of the world's fastest growing healthcare markets, with a large number of excellent hospitals and established pharmaceutical companies."

    Dr. Verollet stated, "The mandatory use of AD syringes within India is a positive move that will help to improve injection safety standards across the country. However healthcare workers still remain at significant risk of infection from needlestick injuries from the AD syringes currently available in India. These AD syringes are not able to protect healthcare workers from needlestick injuries alone, because the needle still remains exposed after use.

    "With a recent report finding that up to 80% of healthcare workers in New Delhi hospitals had incurred a needlestick injury in the last year, it is clear that Indian healthcare workers remain at significant risk. As such, we believe Unilife has a significant opportunity to introduce its Unitract(TM) Syringe with its unique automatic and controlled needle retraction features into a market that can benefit greatly from a health and humanitarian standpoint. I believe Unilife's range of safety syringes, which go beyond a simple AD feature, can offer the most effective solution to global unsafe injection practices. By working with Indian government departments, pharmaceutical companies and healthcare facilities, we hope to begin to play a role in the provision of the highest possible injection safety standards to Indian healthcare workers," concluded Dr. Verollet.

    The Unitract(TM) range of prefilled and clinical use syringes is the only known technology that combines the key feature of passive (automatic) and operator-controlled needle retraction with an independent AD feature. Operators are able to control the speed of automatic needle retraction directly from the body into the barrel of the syringe, where the needle is automatically locked, to virtually eliminate the risk of infection via potential transmission modes such as needlestick injuries, aerosol and reuse.

    Mr Jagdeep Shah, Director of Clinicare, stated, "We see an excellent opportunity in India for introducing the Unitract(TM) range of 1mL safety syringes for use within local healthcare facilities. Indian healthcare workers remain at significant risk of exposure to bloodborne pathogens due to needlestick injuries. This is a grave national concern that needs better management. Given the high standards of many Indian healthcare facilities and the desire for local pharmaceutical companies to gain a competitive advantage, I believe Unilife is well positioned to build quality relationships with local government and industry leaders."

    About Unilife Corporation

    Unilife Corporation is a U.S.-based medical device company focused on the design, development, manufacture and supply of a proprietary range of retractable syringes. Primary target customers for Unilife products include pharmaceutical manufacturers, suppliers of medical equipment to healthcare facilities and patients who self-administer prescription medication. These patent-protected syringes incorporate automatic and fully-integrated safety features which are designed to protect those at risk of needlestick injuries and unsafe injection practices. Unilife is ISO 13485 certified and has FDA-registered medical device manufacturing facilities in Pennsylvania.

    This press release contains forward-looking statements. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future are forward-looking statements. These forward-looking statements are based on management's beliefs and assumptions and on information currently available to our management. Our management believes that these forward-looking statements are reasonable as and when made. However, you should not place undue reliance on any such forward-looking statements because such statements speak only as of the date when made. We do not undertake any 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 law. In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results, events and developments to differ materially from our historical experience and our present expectations or projections. These risks and uncertainties include, but are not limited to, those described in "Item 1A. Risk Factors" and elsewhere in our registration statement on Form 10 and those described from time to time in other reports which we file with the Securities and Exchange Commission.

    General: UNIS-G Investor Contacts Investor Contacts (US): (Australia) Todd Fromer / Garth Russell Stuart Fine Jeff Carter KCSA Strategic Communications Carpe DM Inc Unilife Corporation Phone + 1 212-682-6300 Phone + 1 908 469 1788 Phone + 61 2 8346 6500

    Unilife Corporation

    CONTACT: Investor Contacts (US): Todd Fromer or Garth Russell both of
    KCSA Strategic Communications, +1-212-682-6300; or Stuart Fine of Carpe DM
    Inc, +1-908-469-1788; or Investor Contacts (Australia), Jeff Carter of Unilife
    Corporation, +61-2-8346-6500




    Applied Energetics Regains Compliance With NASDAQ Minimum Bid-Price Requirement

    TUCSON, Ariz., April 29 /PRNewswire-FirstCall/ -- Applied Energetics, Inc., , today announced that after the close of trading on April 28 it received a letter from The NASDAQ Stock Market ("NASDAQ") confirming that the Company has regained compliance with the minimum bid-price requirement for continued listing on the NASDAQ Capital Market. The Company's stock has maintained a closing bid price at $1.00 per share or greater for at least ten consecutive trading days, as required by NASDAQ Listing Rule 5550(a)(2).

    About Applied Energetics, Inc.

    Applied Energetics, Inc., based in Tucson, Arizona, specializes in development and manufacture of advanced high performance lasers, high voltage electronics, advanced optical systems, and integrated guided energy systems for defense, aerospace, industrial, and scientific customers worldwide. Applied Energetics pioneered the development of Laser Guided Energy(TM) (LGE(TM)) technology, and related solutions for defense and security applications. For more information about Applied Energetics, please visit http://www.appliedenergetics.com/.

    Applied Energetics, Inc.

    CONTACT: Kevin McGrath, Cameron Associates, +1-212-245-4577,
    Kevin@cameronassoc.com

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




    Q1 2010: A Good First Quarter

    PARIS, April 29 /PRNewswire-FirstCall/ --

    Change on Change at a constant reported exchange Q1 2010 Q1 2009 basis rates ------- ------- --------- --------- EUR EUR Net sales 7,385m 7,107m +3.9% +5.8% EUR EUR Business net income(1) 2,427m 2,213m +9.7% +16.2% ---------------------- ------ ------ ---- ----- Business EPS(1) EUR 1.86 EUR 1.70 +9.4% +15.9% ---------------------- -------- -------- ---- -----

    In order to facilitate an understanding of our operational performance, we comment on our business net income statement. Business net income(1) is a non-GAAP financial measure. A Q1 2010 consolidated income statement is provided in Appendix 7. A reconciliation of business net income statement to consolidated net income statement is provided in Appendix 6. Consolidated net income for Q1 2010 was euro 1,714 million, compared with euro 1,578 million for Q1 2009. Consolidated earnings per share for Q1 2010 was euro 1.31 versus euro 1.21 for Q1 2009.

    Commenting on the Group's performance in Q1 2010, sanofi-aventis Chief Executive Officer Christopher A. Viehbacher said, "During this first quarter, our growth platforms delivered double-digit growth enhanced by recent targeted acquisitions and A/H1N1 vaccine sales. This good start to the year which benefited from A/H1N1 puts us on track to deliver our 2010 guidance. In parallel, we also added a strong U.S. pillar to our Consumer Health Care business with the acquisition of Chattem and took a significant step towards the creation of a new global leader in Animal Health".

    Solid Q1 2010 performance(2) -- Sales growth of 5.8% despite the impact of generic competition for Eloxatin® in the U.S. and Plavix® in Europe -- Strong growth of Vaccines, reflecting euro 413 million of A/H1N1 vaccine sales. Phasing impact of both southern hemisphere seasonal influenza vaccines and Pentacel® -- Solid performance in Emerging Markets(3) (+18.1% excluding A/H1N1). Growth of Consumer Health Care sales due to the Chattem acquisition. Submission of Allegra® OTC in the U.S. -- Diabetes division sales up 11%, driven by the double-digit growth for Lantus®, Apidra® and Amaryl® -- Launch of Multaq® on track in the U.S., encouraging launch in Germany and positive NICE recommendation in the U.K. -- Business EPS(1) up 15.9% in Q1 2010 at constant exchange rates, enhanced by A/H1N1 contracts and consistent with our full year guidance New steps made in our Transformation program -- The planned combination of Merial and Intervet/Schering-Plough will create a new global leader in animal health and further diversify our drivers of sustainable growth -- Strong presence in Consumer Health Care increased following the completion of the Chattem acquisition in the U.S. -- Diabetes Division: agreements with AgaMatrix on Blood Glucose Monitoring solutions and with CureDM on the potential first regenerative treatment for diabetes, as well as positive Phase III results from lixisenatide in monotherapy -- Oncology Division: phase III study for BSI-201 fully recruited in mTNBC (FDA filing in mTNBC expected in Q1 2011); NDA submission for Jevtana® in the U.S. and in Europe and Priority Review granted by the FDA 2010 guidance reiterated -- Given market entries of generics in 2009 and A/H1N1 vaccine sales in Q4 2009 on one hand and the performance of growth platforms on the other hand, sanofi-aventis expects growth(4) in business EPS(1) at constant exchange rates to be between 2% and 5% in 2010, barring major unforeseen adverse events. This guidance does not take into account potential generic competition for Lovenox®. The expected impact of U.S. Healthcare reform is included in this guidance.

    (1) See Appendix 8 for definitions of financial indicators; (2) Growth in net sales is expressed at constant exchange rates unless otherwise indicated (see Appendix 8 for a definition); (3) See definition on page 6; (4) Growth estimate based on 2009 business EPS of euro 6.61; see Appendix 8 for a definition.

    2010 first-quarter net sales

    Unless otherwise indicated, all sales growth figures in this press release are stated at constant exchange rates(1).

    In the first quarter of 2010, sanofi-aventis (Paris (EURONEXT: SAN) and in New York ) generated net sales of euro 7,385 million, up 3.9% on a reported basis. Exchange rate movements had an unfavorable effect of 1.9 percentage points, mainly due to the weakening of the U.S. dollar versus the euro. At constant exchange rates, and including changes in structure (in particular the consolidation of Zentiva, Chattem and Oenobiol), net sales rose by 5.8%. Excluding changes in structure and at constant exchange rates, first-quarter organic net sales growth was 1.9%.

    Pharmaceuticals

    First-quarter net sales for the Pharmaceuticals business were euro 6,441 million, up 0.9%.

    Flagship products(5) Change at Q1 2010 net constant (millions of euros) sales exchange rates ------------------- ----------- -------------- Lantus(R) 790 +10.4% Apidra(R) 39 +29.0% Amaryl(R) 108 +13.0% Insuman(R) 34 0.0% Total Diabetes 971 +11.0% Lovenox(R) 769 +4.7% Plavix(R) 535 -21.3% Taxotere(R) 531 +1.9% Aprovel(R) 327 +3.8% Eloxatin(R) 66 -80.8% Multaq(R) 24 - ------- --- ---

    The Diabetes division reported 11% first-quarter sales growth to euro 971 million driven by double-digit growth for Lantus®, Apidra® and Amaryl®. Lantus®, the world's leading insulin brand, posted sales of euro 790 million, an increase of 10.4%. The product recorded a strong performance in Japan (+40.7%) and Emerging Markets (+21.3%). In Europe, sales rose by 11.4% to euro 205 million. In the U.S., sales of Lantus® grew by 7.6% to euro 475 million, impacted by wholesaler inventory patterns during the quarter compared with first quarter 2009 and by an accrual related to U.S. Healthcare reform. Lantus® market share in the U.S. basal insulin market was 73% at the end of February, stable versus the end of 2009 (TRx, IMS NPA). At the end of the quarter, to address a more competitive environment, the Group strengthened its U.S. share of voice with additional sales force and higher marketing and promotional spend. The contribution of SoloSTAR® to new prescriptions of the Lantus® family products continued to improve, reaching 27.8% by end March (IMS NPA March 2010), an increase of 6.8 percentage points versus the comparable period of 2009.

    ClikSTAR®, a new reusable pen for the administration of Lantus® and/or Apidra®, which was launched in 2009 in several European Union countries and Canada, is currently being evaluated by the U.S. Food and Drug Administration. With ClikSTAR® and SoloSTAR®, sanofi-aventis now offers a full range of injection pens that make it easier for patients to use insulin. Apidra®, the rapid-acting insulin analog, reported 29.0% growth in net sales to euro 39 million driven by continued strong performance in Europe.

    In March 2010, the Group and AgaMatrix signed an agreement for the development, supply and commercialization of blood glucose monitoring (BGM) solutions. The products under the agreement are aimed at reducing the perceived complexity of managing patients on insulin therapy. Sanofi-aventis plans to commercialize the first products of this agreement in the second half of 2010.

    (5) See Appendix 2 for a geographical split of consolidated net sales by product.

    Net sales of Lovenox®, the leading low molecular weight heparin on the market, were euro 769 million, driven by solid performance in Europe (up 15.2% at euro 252 million). In the U.S., sales of the product were stable at euro 435 million and represented 57% of global sales.

    Taxotere® reported net sales of euro 531 million, up 1.9%. In the U.S. the product grew 9.6% to euro 201 million. In March 2010, a U.S. pediatric exclusivity was granted. In October 2009, a request for marketing approval was submitted in Europe for Taxotere® as an adjuvant treatment for early stage breast cancer without lymph node involvement.

    In line with expectations, net sales of Eloxatin® fell 80.8% to euro 66 million, reflecting the impact of generic competition in the U.S. (where sales decreased by 96.6%). In April, sanofi-aventis settled U.S. patent infringement suits related to certain generic versions of Eloxatin® with defendants involved in the litigation. The generic manufacturers (including Sun Pharmaceuticals) would cease selling their unauthorized generic in the U.S. from June 30, 2010, to August 9, 2012, at which time the generic manufacturers would be authorized to sell generic oxaliplatin products under a license, before expiry of the patents at issue. While it is difficult to estimate the exact level of inventory which will be in the market when generic companies have to cease selling generic oxaliplatin, sanofi-aventis estimates that Eloxatin® sales will recover by early 2011.

    Net sales of Multaq®, the first anti-arrhythmic to demonstrate clinical benefit in reducing cardiovascular hospitalization in patients with atrial fibrillation, were euro 24 million. Sales in the U.S. and Europe were euro 20 million and euro 4 million, respectively. In Europe, the product is now available in Germany, Denmark, Ireland, Norway, Finland, Switzerland and the UK. At the end of March, in the UK, the National Institute for Health and Clinical Excellence (NICE) announced its intention to recommend Multaq® use for the management of patients with atrial fibrillation. During the quarter, significant progress was achieved with Managed Care reimbursement in the U.S., with nearly 70% of covered lives reimbursable at favorable tier 2 formulary status. In Medicare Part D, the tier 2 formulary status is currently 49%. In France, evaluation by the Transparency Commission is ongoing. We estimate that more than 50,000 patients received Multaq® by the end of March.

    Worldwide presence(1) of Plavix®/Iscover®

    The worldwide presence of Plavix® was euro 1,655 million, up 2.5%. Plavix delivered good growth in the U.S. with an increase in sales of 18.2% to euro 1,083 million (net sales consolidated by Bristol-Myers Squibb). In the "Other Countries" region, Plavix net sales increased by 21.1%, boosted by its success in Japan where net sales were euro 95 million, up 44.2%. In Europe, generic competition, mainly based on a different salt of clopidogrel, impacted sales, which fell by 43.5% to euro 253 million.

    In March, the U.S. Patent and Trademark Office (USPTO) upheld claims in the re-exam of the Plavix® patent. In April, Apotex's motion to stay the damages phase of the Plavix patent litigation was denied. The results of the pediatric study, CLARINET, will be filed in the U.S. in the third quarter of 2010.

    Worldwide presence of Plavix(R)/Iscover(R): geographic split Change at constant (millions of euros) Q1 2010 exchange rates ------------------- ------- -------------- Europe 253 -43.5% United States 1,083 +18.2% Other Countries 319 +21.1% --------------- --- ----- TOTAL 1,655 +2.5% ----- ----- ---- (1) See Appendix 8 for definitions of financial indicators Worldwide presence(1) of Aprovel®/Avapro®/Karvea®

    The worldwide presence of Aprovel® reached euro 518 million (up 3.7%), driven by the U.S. (+7.7%) and the "Other Countries" region (+11.1%). In Europe, the product was impacted by generics competition in Spain and declined by 2.2%.

    Worldwide presence of Aprovel(R)/Avapro(R)/Karvea(R): geographic split Change at constant (millions of euros) Q1 2010 exchange rates ------------------- ------- -------------- Europe 244 -2.2% United States 132 +7.7% Other Countries 142 +11.1% --------------- --- ----- TOTAL 518 +3.7% ----- --- ---- Other Pharmaceutical Products

    Net sales of Ambien CR® reached euro 117 million in the U.S., a slight decrease of 1.7%. In Japan, Myslee®, the leading hypnotic on the market, continued to deliver strong performance with net sales growth of 17.8% (to euro 49 million).

    Net sales of Allegra® decreased by 27.1%, reflecting the launch of Allegra® D-12 generics in the U.S. in November 2009. U.S. sales of Allegra® dropped by 58.8% to euro 33 million.

    Copaxone® recorded net sales of euro 131 million, an increase of 15.0%. The payments collected by sanofi-aventis from Teva on sales of Copaxone® in North America ceased at the end of the first quarter of 2010.

    Consumer Health Care

    Following the acquisition of Chattem in the first quarter, sanofi-aventis is now the fifth largest consumer healthcare player in the world. In the first quarter, the Consumer Health Care business recorded net sales of euro 491 million, an increase of 42.5% (+3.4% on a constant structure basis and at constant exchange rates), reflecting organic growth and acquisitions (Chattem from February 9, Zentiva's Consumer Health Care activity and Oenobiol). At the end of March, a dossier for Allegra® OTC was submitted in the U.S.

    In January 2010, sanofi-aventis signed agreements to establish a new Consumer Health Care joint venture in China with Minsheng Pharmaceutical Group. The intended sanofi-aventis-Minsheng joint venture will primarily focus on vitamins and mineral supplements, the largest consumer healthcare segment in China, where Minsheng has established a strong presence.

    Generics

    The generics business reported net sales of euro 343 million, up 259.1%. This performance reflects organic growth (+32.0% on a constant structure basis and at constant exchange rates) as well as successful integration of the acquisitions made in 2009. Sales growth was driven by Eastern Europe, Brazil and some Western European countries, and by the consolidation of Zentiva, Medley and Kendrick.

    (1) See Appendix 8 for definitions of financial indicators Animal Health

    In March, sanofi-aventis exercised its option to combine Merial with Intervet/Schering-Plough, Merck's Animal Health business, to create a global leader in Animal Health. The new joint venture which will be equally owned by Merck and sanofi-aventis is subject to antitrust review in the U.S., Europe and other countries and other customary closing conditions. Completion of the transaction is expected to occur in the first quarter of 2011.

    Merial, which has been a wholly-owned subsidiary of sanofi-aventis since September 18, 2009, recorded first-quarter net sales of $724 million, up 0.5% (+5.8% on a reported basis). Net sales of the companion animal franchise were slightly down (-1.1%), reflecting a late parasiticide season and new entrants. The production animals segment reported a good performance with a 4.9% sales increase (to $214 million), driven by Avian sales (+10.4%) and Veterinary Public Health sales (+34.0%), boosted by favorable sales of blue-tongue virus vaccines. These performances were slightly offset by lower sales (-2.7%) for the Ruminant franchise, impacted by depressed milk prices in Europe.

    As the option to combine Merial with Intervet/Schering-Plough has been exercised, sanofi-aventis continues to recognize the contribution from Merial on a separate line, "Share of profit of Merial" (Merial sales are not consolidated), in accordance with IFRS 5.

    Human Vaccines business

    The Human Vaccines business recorded net sales of euro 944 million, up 56.0% boosted by euro 413 million of sales of A/H1N1 influenza vaccines.

    Polio/Pertussis/Hib Vaccines net sales decreased by 11.4%, impacted by a temporary reduction in the CDC's inventory of Pentacel® in the U.S. and by the return of a competitor's Hib vaccine to the U.S. market. Sales are expected to recover over the remainder of the year.

    Influenza vaccines net sales totaled euro 450 million versus euro 63 million in the first quarter of 2009. Pandemic sales were in line with guidance at euro 413 million. Seasonal influenza sales amounted to euro 37 million, down 41.3%, reflecting a shift in southern hemisphere sales from the first quarter to early second quarter following the completion of the A/H1N1 production.

    Menactra® (quadrivalent meningococcal meningitis vaccine) reported net sales of euro 68 million, down 24.8%. This was due to declining catch up cohort which was anticipated. The submission of Menactra® Infant/Toddler in the U.S. is scheduled for the second quarter of 2010.

    Travel and other endemics vaccines reported solid sales growth of 20.8%. In Emerging Markets, net sales grew significantly, enhanced by A/H1N1.

    Consolidated vaccines sales Change at constant exchange (millions of euros) Q1 2010 rates ------------------- ------- --------- Polio/Pertussis/Hib Vaccines (incl. Pentacel(R) and Pentaxim(R)) 202 -11.4% Influenza Vaccines (incl. Vaxigrip(R) and Fluzone(R)) 450 +639.7% of which seasonal vaccines 37 -41.3% of which pandemic vaccines 413 - Meningitis/Pneumonia Vaccines (incl. Menactra(R)) 90 -18.1% Adult Booster Vaccines (incl. Adacel (R)) 74 -19.8% Travel and Other Endemics Vaccines 92 +20.8% Other Vaccines 36 -2.6% -------------- --- ---- TOTAL 944 +56.0% ----- --- -----

    At the end of April, the World Health Organization (WHO) recommended the recall of all lots of Shan5 vaccine, following the temporary suspension in March of the use of Shan5® vaccine manufactured by Shantha. The WHO recommendation is a precautionary measure, as none of the information currently available suggests a safety issue with the vaccine. No adverse events following immunization have been reported. A plan for corrective action is being implemented.

    First-quarter net sales at Sanofi Pasteur MSD (not consolidated by sanofi-aventis), the joint venture with Merck & Co in Europe, fell by 29.6% on a reported basis to euro 179 million mainly due to the reduction in the Gardasil® catch-up market.

    Net sales by geographic region Change at constant exchange (millions of euros) Q1 2010 rates ------------------- net sales --------- --------- Europe 3,052 +3.1% of which Eastern Europe and Turkey 641 +39.8% United States 1,947 -8.8% Other Countries 2,386 +28.0% of which Japan 509 +5.5% of which Asia (excluding the Pacific region) 468 +21.3% of which Latin America 753 +92.5% of which Africa 196 +2.6% of which Middle East 193 +34.7% -------------------- --- ----- TOTAL 7,385 +5.8% ----- ----- ----

    Europe recorded sales growth of 3.1%, sustained by Eastern Europe, which benefited from the consolidation of Zentiva and strong growth in Russia. In Western Europe, sales declined by 3.6% as a result of competition from clopidogrel generics.

    Sales in the U.S. decreased by 8.8%, impacted by competition from Eloxatin® generics and an 18.8% decline in vaccine sales, reflecting the adverse factors for Pentacel® and Menactra® sales as mentioned above plus the first effects of the healthcare reform.

    Sales in Emerging Markets(6) reached euro 2,274 million, an increase of 40.9%, driven by a strong organic growth (+26.3% on a constant structure basis and at constant exchange rates) and enhanced by A/H1N1 vaccines sales. Brazil sales more than doubled to euro 417 million, driven by organic growth, the acquisition of Medley, and A/H1N1 vaccine sales. Net sales in China were euro 136 million, up by 16.1%. Russia recorded net sales of euro 155 million, an increase of 41.6%.

    In Japan, sales grew by 5.5% to euro 509 million as a result of robust performances from Plavix® and Lantus®, partially offset by lower sales of Allegra®.

    (6) World excluding the U.S., Canada, Western Europe (France, Germany, United Kingdom, Italy, Spain, Greece, Cyprus, Malta, Belgium, Luxemburg Portugal, Netherlands, Austria, Switzerland, Ireland, Finland, Norway, Iceland, Denmark), Japan, Australia and New Zealand.

    Double-digit growth in Q1 2010 business EPS(1) at constant exchange rates Business Net Income(1)

    Sanofi-aventis generated first-quarter net sales of euro 7,385 million, an increase of 3.9% on a reported basis. "Other revenues" increased by 13.4% due to a solid performance from Plavix® in the U.S..

    Gross profit was euro 5,750 million, an increase of 1.2% or by 4.1% at constant exchange rates. The ratio of cost of sales to net sales was 2.6 percentage points higher at 27.4%, reflecting generics competition, higher raw heparin prices and unfavorable currency impacts.

    Research and development expenses were down 3.6% at euro 1,110 million (-1.7% at constant exchange rates). The ratio of R&D expenses to net sales was 15.0%, down 1.2 percentage points compared with the first quarter of 2009, reflecting the rationalization of R&D projects but also the ongoing spend in vaccines (+7.3%) and the development costs of acquired companies and products.

    Selling and general expenses were euro 1,701 million, a decrease of 1.8% (-0.3% at constant exchange rates). The effect of cost savings offset additional selling and general expenses linked to acquired companies and to Vaccines. The ratio of selling and general expenses to net sales improved by 1.3 percentage points to 23.1%.

    Other current operating income net of expenses was euro 70 million versus euro 148 million in the first quarter of 2009. This was mainly due to a foreign exchange loss of euro 21 million attributable to the hedging policy, compared with a euro 33 million gain in the first quarter of 2009. The payments received from Teva on sales of Copaxone® in North America were euro 87 million versus euro 82 million in the first quarter of 2009. These payments ceased at the end of the first quarter of 2010.

    The share of profits from associates (excluding Merial) increased by 18.5% to euro 243 million, reflecting 22.5% growth (to euro 229 million) in the share of after-tax profits from the territories managed by BMS under the Plavix® and Avapro® alliance.

    Business net income from Merial, essentially unchanged in dollar terms, was euro 128 million, reflecting our 100% stake compared with 50% in the first quarter of 2009, when the Group share of profit was euro 68 million.

    Net income attributable to non-controlling interests was euro 78 million, down 35.5%, reflecting lower pre-tax profits paid to BMS from territories managed by sanofi-aventis (euro 71 million versus euro 115 million in the first quarter of 2009) as result of increased competition from clopidogrel generics in Europe.

    Business operating income was euro 3,302 million, an increase of 6.5% and was impacted by an unfavorable dollar effect. At constant exchange rates, growth was 12.8%.

    Net financial expenses were stable at euro 45 million. This line included a capital gain of euro 47 million on the sale of the stake in Novexel.

    As expected, the effective tax rate decreased by 1 percentage point to 28%, reflecting the effect of a new protocol to the 1994 U.S.-France income tax treaty.

    Business net income(1) was euro 2,427 million, up 9.7% (16.2% at constant exchange rates). The ratio of business net income(1) to net sales improved by 1.8 percentage points to 32.9%.

    Business earnings per share(1) (EPS) was euro 1.86, an increase of 9.4% (15.9% at constant exchange rates) on the 2009 first-quarter figure of euro 1.70.

    (1) See Appendix 8 for definitions of financial indicators, and Appendix 6 for reconciliation of business net income to consolidated net income

    From business net income to consolidated net income (see Appendix 6)

    In the first quarter of 2010, the main reconciling items between business net income and consolidated net income were:

    -- euro 167 million of restructuring costs, mainly related to the adaptation of chemical and biotechnology manufacturing facilities in France. -- A charge of euro 6 million arising from the workdown of inventories of acquired companies remeasured at fair value due to the application of purchase accounting to acquisitions. This adjustment has no cash impact on the Group. -- An amortization charge of euro 848 million against intangible assets linked to the application of purchase accounting to acquired companies (primarily Aventis) and to acquired intangible assets (licenses/products: euro 47 million). This adjustment has no cash impact on the Group. -- A euro 340 million tax effect arising from the items listed above, of which euro 284 million comprises deferred taxes generated by the amortization charged against intangible assets and by the workdown of inventories of acquired companies. -- In "Share of profits/losses from associates" (excluding Merial), a reversal of euro 7 million, net of tax, mainly relating to the amortization of intangible assets; and for Merial a reversal of euro 25 million net of tax (mainly related to the workdown of inventories). These adjustments have no cash impact on the Group. Research and Development

    Since February 10, the R&D portfolio has evolved favorably with significant positive phase III results announced or presented, completion of enrollment to promising phase III trials, and the filing of a dossier in oncology. In parallel, the newly created Diabetes division was particularly active in partnering activities with two important deals signed in the first quarter.

    As of today, the R&D portfolio is comprised of 48 projects in clinical development of which 16 are in Phase III or have been submitted to the health authorities for approval. The main developments in our R&D portfolio since the last update on February 10, 2010, are described below:

    Late stage pipeline: -- The positive results of the Phase III TROPIC study, evaluating Jevtana® (cabazitaxel) in second line prostate cancer, were presented at the ASCO Genitourinary Cancers congress in San Francisco in March. Results showed that the combination of Jevtana® and prednisone/prednisolone significantly reduced the risk of death by 30%, with a clinically meaningful improvement in the median overall survival of 15.1 months in the cabazitaxel combination arm versus 12.7 months in the mitoxantrone combination arm. -- The phase III study evaluating BSI-201, a PARP-1 inhibitor developed by BiPar Sciences (a company acquired by sanofi-aventis in 2009) in metastatic triple-negative breast cancer, is now fully enrolled, ahead of schedule. U.S. filing of this indication, which was granted Fast Track designation by the FDA, is expected in Q1 2011. The Phase III study in advanced squamous non-small cell lung cancer on top of gemcitabine/carboplatin has started according to plan. Phase II trials in ovarian cancer are also ongoing. -- The Phase III study, VELOUR, evaluating aflibercept in second line colorectal cancer is now fully enrolled. -- Positive results from the first phase III study evaluating lixisenatide (AVE0010, in-licensed from Zealand A/S), a once-daily injectable GLP-1 agonist for the treatment of diabetes. The study showed that in adult patients with type 2 diabetes, lixisenatide significantly reduced HbA1c and improved glycemic control versus placebo. The complete study findings have been submitted for presentation at the 46th Annual Meeting of the European Association for the Study of Diabetes (EASD), in September 2010. The enrollment of more than 4,500 patients to the Phase III, GETGOAL, program, (eight additional studies) assessing the efficacy and safety of lixisenatide in adult patients with type 2 diabetes treated with various oral antidiabetic agents or insulin was completed at the end of 2009. -- A Phase III program on the Lantus®/lixisenatide combination is expected to start later this year. -- Development in orthopedic surgery is a recognized model for appraising the risk benefit profile of an anticoagulant in VTE primary prevention. Such development has provided valuable information for semuloparin (AVE5026), resulting in the decision to pursue the core development in medical and surgical cancer patients that represents an attractive unmet medical need for VTE prevention. The results of the semuloparin orthopedic surgery program will be presented to the medical community in Q3 2010. Five products moved into Phase II over the period: -- SAR161271, a long acting insulin, entered into Phase IIa. -- An oral PI3K inhibitor, XL147 (under a license agreement with Exelixis, Inc), entered Phase II in two indications: endometrial and breast cancers. -- A new candidate in depression, SSR125543, a CRF1 antagonist, also moved to Phase II. -- SAR153191, an anti-IL-6R monoclonal antibody (in partnership with Regeneron), moved to Phase II for the treatment of rheumatoid arthritis and ankylosing spondylitis. -- FOV2302, a plasma kallikrein inhibitor, evaluated for the treatment of macular edema induced by retinal vein occlusion. Two project recently entered Phase I: -- FOV2304, a bradykinin B1 antagonist, for diabetic macular edema. -- SAR 113945, a IKK-beta inhibitor, for the treatment of osteoarthritis Several partnerships were signed during the period: -- In February, the Group signed a research partnership with AVIESAN (the French Life Sciences and Healthcare Alliance) with the aim of enhancing scientific knowledge in the areas of life sciences and healthcare. -- In March, the Group signed an agreement with AgaMatrix to develop, supply and commercialize blood glucose monitoring (BGM) solutions. AgaMatrix and sanofi-aventis will co-develop innovative solutions in diabetes care with the goal of simplifying the management of diabetes for both patients and healthcare providers. These BGM solutions will be exclusive to the Group and designed to be synergistic with the sanofi-aventis diabetes portfolio. -- In April, the Group and CureDM, announced a global license agreement related to a novel human peptide, Pancreate(TM), that has been shown in preclinical studies to stimulate the growth of new insulin-producing islets in the pancreas, resulting in restoration of normal metabolic function and glucose control in the blood. Under the terms of this agreement, sanofi-aventis has been granted an exclusive worldwide license to develop, manufacture and commercialize Pancreate(TM) and related compounds. The commencement of Pancreate(TM) Phase I studies is planned for later this year. -- Sanofi pasteur and the U.S. Naval Medical Research Center have signed a partnership in April to develop a promising new bacterial vaccine against enterotoxigenic Escherichia coli (ETEC). ETEC causes nearly 400,000 childhood deaths in the developing world each year and is the predominant cause of infectious gastroenteritis in travelers and deployed military personnel,

    In terms of regulatory affairs, there were a number of submissions of dossiers or approvals during the period:

    -- Humenza®, an adjuvanted A/H1N1 monovalent influenza vaccine, has received a positive opinion from Europe's Committee for Medicinal Products for Human Use in February. -- The filing of Jevtana® in second-line prostate cancer was completed in the U.S. following a Fast Track designation from the FDA received in December 2009. A Priority Review was granted by the FDA in April. The dossier was also submitted in Europe. -- Pediatric exclusivity was granted for Taxotere® in the U.S. in March. -- The European Commission approved the dual antiplatelet combination tablet, DuoPlavin®/DuoCover® (clopidogrel 75mg and acetylsalicylic acid 100mg or 75 mg), in March. This combination is indicated for the prevention of atherothrombotic events in adult patients already taking both clopidogrel and acetylsalicylic acid for continuation of therapy in non-ST segment elevation acute coronary syndrome. -- In April, the intradermal influenza vaccine Fluzone® ID was filed in the U.S.

    Two projects in Phase II were discontinued. Data on Nerispirdine in improving the ability to walk in multiple sclerosis patients, and on SSR411298 in major depressive disorders, did not support progression to Phase III trials.

    Net debt

    In the first quarter of 2010, net cash generated by operating activities was euro 2,147 million, providing finance for capital expenditures (euro 308 million) and the acquisitions made during the period (euro 1,742 million, mainly Chattem). Shares repurchased (euro 321 million) and buyouts of non-controlling interests (euro 88 million, mainly Aventis Pharma Ltd India) slightly increased the level of net debt which was euro 4,481 million at the end March 2010 (debt of euro 8,532 million, net of euro 4,051 million of cash and cash equivalents) compared with euro 4,135 million at December 31, 2009.

    2010 Guidance

    Given market entries of generics in 2009 and A/H1N1 vaccine sales in Q4 2009 on one hand and the performance of growth platforms on the other hand, sanofi-aventis expects growth(4) in Business EPS(1) at constant exchange rates to be between 2% and 5% in 2010, barring major unforeseen adverse events. This guidance does not take into account potential generic competition for Lovenox®. The expected impact of U.S. Healthcare reform is included in this guidance.

    (1) See Appendix 8 for definitions of financial indicators; (4) Growth based on 2009 Business EPS of euro 6.61, see Appendix 8 for a definition

    Forward-Looking Statements

    This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements are statements that are not historical facts. These statements include product development, product potential projections and estimates and their underlying assumptions, statements regarding plans, objectives, intentions and expectations with respect to future events, operations, products and services, and statements regarding future performance. Forward-looking statements are generally identified by the words "expects," "anticipates," "believes," "intends," "estimates," "plans" and similar expressions. Although sanofi-aventis' management believes that the expectations reflected in such forward-looking statements are reasonable, investors are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of sanofi-aventis, that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include among other things, the uncertainties inherent in research and development, future clinical data and analysis, including post marketing, decisions by regulatory authorities, such as the FDA or the EMEA, regarding whether and when to approve any drug, device or biological application that may be filed for any such product candidates as well as their decisions regarding labeling and other matters that could affect the availability or commercial potential of such products candidates, the absence of guarantee that the product candidates if approved will be commercially successful, the future approval and commercial success of therapeutic alternatives, the Group's ability to benefit from external growth opportunities as well as those discussed or identified in the public filings with the SEC and the AMF made by sanofi-aventis, including those listed under "Risk Factors" and "Cautionary Statement Regarding Forward-Looking Statements" in sanofi-aventis' annual report on Form 20-F for the year ended December 31, 2009. Other than as required by applicable law, sanofi-aventis does not undertake any obligation to update or revise any forward-looking information or statements.

    CONTACT: Jean-Marc Podvin Vice President, Media Relations sanofi-aventis +331-53-77-4223 Appendices List of appendices ------------------ Appendix 1: 2010 first-quarter consolidated net sales by product 2010 first-quarter consolidated net sales by geographic Appendix 2: region and product Appendix 3: Consolidated net sales by business segment Appendix 4: Net sales by animal health product Appendix 5: First-quarter business net income statement Reconciliation of business net income to consolidated Appendix 6: net income Appendix 7: Consolidated income statement Appendix 8: Definitions of non-GAAP financial indicators List of appendices ------------------ Appendix 1: 2010 first-quarter consolidated net sales by product 2010 first-quarter consolidated net sales by geographic Appendix 2: region and product Appendix 3: Consolidated net sales by business segment Appendix 4: Net sales by animal health product Appendix 5: First-quarter business net income statement Reconciliation of business net income to consolidated Appendix 6: net income Appendix 7: Consolidated income statement Appendix 8: Definitions of non-GAAP financial indicators Appendix 1: 2010 first-quarter consolidated net sales by product ---------------------------------------------------------------- Change at constant (millions of exchange euros) Q1 2010 rates net ------------ sales ---------- ------ Lantus(R) 790 +10.4% Apidra(R) 39 +29.0% Amaryl(R) 108 +13.0% Insuman(R) 34 0.0% Total Diabetes 971 +11.0% Lovenox(R) 769 +4.7% Plavix(R) 535 -21.3% Taxotere(R) 531 +1.9% Aprovel(R) 327 +3.8% Eloxatin(R) 66 -80.8% Multaq(R) 24 ------- --- Stilnox(R)/Ambien(R)/Ambien CR(R)/Myslee(R) 221 +6.4% Allegra(R) 171 -27.1% Copaxone(R) 131 +15.0% Tritace(R) 105 -5.5% Depakine(R) 88 +10.0% Xatral(R) 76 +5.3% Actonel(R) 60 -16.2% Nasacort(R) 48 -13.6% Other Products 1,484 -2.4% Consumer Health Care 491 +42.5% Generics 343 +259.1% -------- --- ------ Total Pharmaceuticals 6,441 +0.9% ---------------- ----- ---- Vaccines 944 +56.0% -------- --- ----- Total 7,385 +5.8% ----- ----- ---- Change on a constant Change on a structure basis (millions of reported and at constant euros) basis exchange rates ------------ ----------- --------------- Lantus(R) +5.8% +10.4% Apidra(R) +25.8% +29.0% Amaryl(R) +8.0% +13.0% Insuman(R) 0.0% 0.0% Total Diabetes +6.5% +11.0% Lovenox(R) +0.9% +4.7% Plavix(R) -21.9% -21.3% Taxotere(R) -0.6% +1.9% Aprovel(R) +4.1% +3.8% Eloxatin(R) -80.8% -80.8% Multaq(R) ------- Stilnox(R)/Ambien(R)/Ambien CR(R)/Myslee(R) +0.5% +6.4% Allegra(R) -30.8% -25.6% Copaxone(R) +15.9% +17.1% Tritace(R) -4.5% -3.7% Depakine(R) +10.0% +10.0% Xatral(R) +1.3% +6.8% Actonel(R) -11.8% -16.2% Nasacort(R) -18.6% -13.6% Other Products -2.7% -0.7% Consumer Health Care +44.8% +3.4% Generics +268.8% +32.0% -------- ------ ----- Total Pharmaceuticals -0.6% -2.9% ---------------- ---- ---- Vaccines +50.6% +52.1% -------- ----- ----- Total +3.9% +1.9% ----- ---- ---- Appendix 2: 2010 first-quarter consolidated net sales by geographic region and product ------------------------------------------------------------------- Pharmaceuticals Change at constant Q1 2010 net sales (euro exchange United million) Europe rates States ----------------------- ------ -------- ------ Lantus(R) 205 +11.4% 475 Apidra(R) 20 +33.3% 14 Amaryl(R) 20 -9.1% 2 Insuman(R) 32 -3.0% -------- --- ---- Total Diabetes 277 +9.1% 491 Lovenox(R) 252 +15.2% 435 Plavix(R) 227 -47.1% 53* Taxotere(R) 227 -2.6% 201 Aprovel(R) 225 -2.2% 8* Eloxatin(R) 17 -45.2% 8 Multaq(R) 4 20 Stilnox(R)/Ambien(R)/Ambien CR(R)/Myslee(R) 17 -10.5% 142 Allegra(R) 6 0.0% 33 Copaxone(R) 127 +14.5% Tritace(R) 76 -5.1% Depakine(R) 53 +3.9% Xatral(R) 23 -4.2% 39 Actonel(R) 35 -20.5% Nasacort(R) 9 -10.0% 33 --------- --- ----- --- Consumer Health Care 292 +17.2% 52 -------------------- --- ----- --- Generics 254 +219.0% 20 -------- --- ------ --- Others 807 -2.9% 147 ------ --- ---- --- Total Pharma 2,928 +0.9% 1,682 ------------ ----- ---- ----- Change Change at at constant constant Q1 2010 net sales (euro exchange exchange million) rates Other rates ----------------------- -------- Countries -------- --------- Lantus(R) +7.6% 110 +24.1% Apidra(R) +15.4% 5 +66.7% Amaryl(R) 0.0% 86 +19.7% Insuman(R) 2 +100.0% -------- --- ------ Total Diabetes +7.7% 203 +23.4% Lovenox(R) +0.2% 82 +2.6% Plavix(R) -3.6% 255 +28.1% Taxotere(R) +9.6% 103 -2.8% Aprovel(R) 94 +10.6% Eloxatin(R) -96.6% 41 -14.9% Multaq(R) 0 Stilnox(R)/Ambien(R)/Ambien CR(R)/Myslee(R) +6.3% 62 +12.3% Allegra(R) -58.8% 132 -10.9% Copaxone(R) 4 +33.3% Tritace(R) 29 -6.5% Depakine(R) 35 +20.7% Xatral(R) +16.7% 14 -6.7% Actonel(R) 25 -8.3% Nasacort(R) -16.3% 6 0.0% --------- ----- --- --- Consumer Health Care - 147 +50.6% -------------------- --- --- ----- Generics - 69 +328.6% -------- --- --- ------ Others -0.6% 530 -2.0% ------ ---- --- ---- Total Pharma -7.0% 1,831 +10.3% ------------ ---- ----- ----- *Sales of active ingredient to the American entity managed by BMS Vaccines Change Change Change at at at Q1 2010 net constant constant constant sales (euro exchange United exchange exchange million) Europe rates States rates Other rates ----------- ------ -------- ------ -------- Countries -------- --------- Polio/ Pertussis/ Hib Vaccines 34 -5.7% 92 -19.4% 76 -1.3% Influenza Vaccines* 58 - 12 +550.0% 380 +547.5% Meningitis/ Pneumonia Vaccines 3 +200.0% 65 -26.3% 22 +10.0% Adult Booster Vaccines 16 +14.3% 51 -25.7% 7 -25.0% Travel and Other Endemics Vaccines 10 +66.7% 17 -18.2% 65 +32.7% Other Vaccines 3 0.0% 28 -14.3% 5 +400.0% --------- --- --- --- ----- --- ------ Total Vaccins 124 +108.5% 265 -18.8% 555 +163.4% ------------- --- ------ --- ----- --- ------ * Seasonal and pandemic influenza vaccines Appendix 3: Consolidated net sales by business segment ------------------------------------------------------ Millions of euros Q1 2010 Q1 2009 ----------------- net sales net sales --------- --------- Pharmaceuticals 6,441 6,480 Vaccines 944 627 -------- --- --- Total 7,385 7,107 ----- ----- ----- Appendix 4 : Net sales by animal health product ----------------------------------------------- Change at constant Millions of exchange dollars Q1 2010 Q1 2009 rates ----------- net sales net sales --------- --------- --------- Frontline(R) and other fipronil 319 307 -0.3% Vaccines 196 172 +7.2% Avermectin 137 135 -4.1% Other 72 70 -3.2% ----- --- --- ---- Total 724 684 +0.5% ----- --- --- ---- Appendix 5: 2010 first-quarter business net income statement ------------------------------------------------------------ Pharmaceuticals Vaccines Other --------------- -------- ----- Q1 Q1 Q1 Q1 Q1 Q1 Millions of euros 2010 2009 2010 2009 2010 2009 ----------------- ----- ----- ----- ----- ----- ----- Net sales 6,441 6,480 944 627 Other revenues 385 336 5 8 Cost of sales (1,725) (1,531) (300) (236) As % of net sales Gross profit 5,101 5,285 649 399 As % of net sales ----------------- Research and development expenses (993) (1,043) (117) (109) As % of net sales ------------------------ Selling and general expenses (1,565) (1,602) (136) (130) As % of net sales Other current operating income/expenses 101 108 (2) (29) 40 Share of profit/(loss) of associates excluding Merial* 236 194 (1) 5 8 6 Share of profit/loss of Merial* 128 68 Net income attributable to non-controlling interests (78) (121) ----------------------- --- ---- Business operating income 2,802 2,821 393 165 107 114 As % of net sales ----------------- Financial income and expenses Income tax expense Tax rate ** ----------- Business net income As % of net sales ----------------- Business earnings per share*** (in euros) Group Total ----------- Q1 Q1 % Millions of euros 2010 2009 change ----------------- ----- ----- ------- Net sales 7,385 7,107 +3.9% Other revenues 390 344 +13.4% Cost of sales (2,025) (1,767) +14.6% As % of net sales (27.4%) (24.8%) Gross profit 5,750 5,684 +1.2% As % of net sales 77.9% 80.0% ----------------- ---- ---- Research and development expenses (1,110) (1,152) (3.6%) As % of net sales (15.0%) (16.2%) ----------------- ------- ------- Selling and general expenses (1,701) (1,732) (1.8%) As % of net sales (23.1%) (24.4%) Other current operating income/ expenses 70 148 Share of profit/(loss) of associates excluding Merial* 243 205 Share of profit/loss of Merial* 128 68 Net income attributable to non- controlling interests (78) (121) ------------------------------- --- ---- Business operating income 3,302 3,100 +6.5% As % of net sales 44.7% 43.6% ----------------- ---- ---- Financial income and expenses (45) (44) Income tax expense (830) (843) Tax rate ** 28.0% 29.0% ----------- ---- ---- Business net income 2,427 2,213 +9.7% As % of net sales 32.9% 31.1% ----------------- ---- ---- Business earnings per share*** 1.86 1.70 +9.4% (in euros) * Net of tax ** Determined on the basis of Business income before tax, associates, Merial and non-controlling interests *** Based on an average number of shares outstanding of 1,307.3 million in the first quarter of 2010 and 1,305.5 in the first quarter of 2009 Appendix 6: Reconciliation of business net income ------------------------------------------------- to consolidated net income -------------------------- Millions of euros Q1 2010 Q1 2009 % change ----------------- ------- ------- -------- Business net income 2,427 2,213 +9.7% ------------------- ----- ----- ---- Amortization of intangible assets (848) (894) Impairment of intangible assets (20) Expenses arising on the workdown of acquired inventories (6) Restructuring costs (167) (8) Tax effect on the items listed above 340 309 Expenses arising from the impact of the Merial acquisition (25) (14) Expenses arising from the impact of acquisitions on associates (7) (8) ----------------------------------- --- --- Net income attributable to equity holders of the Company 1,714 1,578 +8.6% ----------------------------------------- ----- ----- ---- Consolidated earnings per share(1) (in euros) 1.31 1.21 +8.3% -------------------------------------- ---- ---- ---- (1) Based on an average number of shares outstanding of 1,307.3 million in the first quarter of 2010 and 1,305.5 in the first quarter of 2009. --See subheading "From business net income to consolidated net income" for comments on the reconciliation of business net income to consolidated net income From business net income to consolidated net income Appendix 7: Consolidated income statement ----------------------------------------- Millions of euros Q1 Q1 ----------------- 2010 2009 --- --- Net sales 7,385 7,107 --------- ----- ----- Other revenues 390 344 Cost of sales (2,031) (1,767) ------------- ------ ------ Gross profit 5,744 5,684 ------------ ----- ----- Research and development expenses (1,110) (1,152) Selling and general expenses (1,701) (1,732) Other current operating income/expenses 70 148 Amortization of intangibles (848) (894) --------------------------- ---- ---- Operating income before restructuring, impairment of property, plant, and equipment and intangibles, gains and losses on disposals, and litigation 2,155 2,054 --------------------------------------------- ----- ----- Restructuring costs (167) (8) Impairment of PP&E and intangibles (20) Gains and losses on disposals, and litigation --------------------------------------------- Operating income 1,988 2,026 ---------------- ----- ----- Financial expenses (103) (65) Financial income 58 21 ---------------- --- --- Income before tax and associates 1,943 1,982 -------------------------------- ----- ----- Income tax expense (490) (534) Share of profit/loss of associates 236 197 ---------------------------------- --- --- Net income excluding the held-for-exchange Merial business(1) 1,689 1,645 ------------------------------------------ ----- ----- Net income from the held-for-exchange Merial business(1) 103 54 -------------------------------------------- --- --- Net income 1,792 1,699 ---------- ----- ----- Net income attributable to non-controlling interests (78) (121) ------------------------------------------ --- ---- Net income attributable to equity holders of the Company 1,714 1,578 -------------------------------------------- ----- ----- Earnings per share(2) (in euros) 1.31 1.21 -------------------------------- ---- ---- (1) Reported separately in accordance with IFRS 5 (Non-Current Assets Held for Sale and Discontinued Operations). (2) Based on an average number of shares outstanding of 1,307.3 million in the first quarter of 2010 and 1,305.5 in the first quarter of 2009. Appendix 8: Definitions of non-GAAP financial indicators Net sales at constant exchange rates

    When we refer to changes in our net sales "at constant exchange rates", this means that we exclude the effect of changes in exchange rates.

    We eliminate the effect of exchange rates by recalculating net sales for the relevant period at the exchange rates used for the previous period.

    Reconciliation of reported net sales to net sales at constant exchange rates for the first quarter of 2010

    (millions of euros) Q1 2010 ------------------- ------- Net sales 7,385 Effect of exchange rates 133 Net sales at constant exchange rates 7,518 ------------------------------------ ----- Net sales on a constant structure basis

    We eliminate the effect of changes in structure by restating prior-period net sales as follows:

    -- by including sales from the acquired entity or product rights for a portion of the prior period equal to the portion of the current period during which we owned them, based on sales information we receive from the party from whom we make the acquisition; -- similarly, by excluding sales in the relevant portion of the prior period when we have sold an entity or rights to a product; -- for a change in consolidation method, by recalculating the prior period on the basis of the method used for the current period. Worldwide presence of Plavix®/Iscover®, Avapro®/Aprovel®

    When we refer to the "worldwide presence" of a product, we mean our consolidated net sales of that product, minus sales of the product to our alliance partners plus non-consolidated sales made through our alliances with Bristol-Myers Squibb on Plavix®/Iscover® (clopidogrel bisulfate) and Aprovel®/Avapro®/Karvea® (irbesartan), based on information provided to us by our alliance partner.

    Business net income

    Sanofi-aventis publishes a new key non-Gaap indicator in response to the application of IFRS 8. This indicator "business net income", replaces "adjusted net income excluding selected items".

    Business net income is defined as Net income attributable to equity holders of the Company excluding:

    -- amortization of intangible assets, -- impairment of intangible assets, -- other impacts associated with acquisitions (including impacts of acquisitions on associates), -- restructuring costs *, -- gains and losses on disposals of non-current assets *, -- costs or provisions associated with litigation *, -- Tax effect related to the items listed above as well as effects of major tax disputes,

    * Reported in the line items Restructuring costs and Gains and losses on disposals, and litigation, which are defined in Note B.20. to our consolidated financial statements.

    EBITDA

    EBITDA corresponds to the earnings (net income attributable to equity holders of the Company) before net financial expenses, income tax expense, impairment, depreciation and amortization.

    sanofi-aventis

    CONTACT: Jean-Marc Podvin, Vice President, Media Relations of
    sanofi-aventis, +331-53-77-4223

    Web Site: http://www.sanofi-aventis.us/
    http://www.sanofi-aventis.com/




    The 2010 BK(R) NEXT BEST MOVE (SM) National Tour Hits Columbus on May 11Mobile tour searches for local "Game Changers" on the court and in the community

    MIAMI, April 29 /PRNewswire-FirstCall/ -- Burger King Corp. brings its first-ever BK® NEXT BEST MOVE (SM) national mobile tour to the Columbus area on May 11, 2010, to find "game-changers" both on the basketball court and in the community. Local ballers can show off their best moves for a chance to compete for $10,000 and to be featured in a basketball lifestyle magazine and Web site. Individuals can also submit a video of their moves on http://www.thenextbestmove.com/.

    "NEXT BEST MOVE (SM) is the biggest tour in the history of the BURGER KING® brand," said Patricia Trevino, director, multicultural marketing, Burger King Corp. "With this tour, we're providing consumers with broad-based access to what's happening not just on the court, but also in urban communities across the U.S. We also recognize the importance of giving back, and we will showcase 'game-changing' community service initiatives in each city we visit on the NEXT BEST MOVE (SM) Web site (http://www.thenextbestmove.com/). Visitors to the site will have the chance to get a new, fresh perspective on a variety of charitable community efforts that they can adapt and implement in their hometowns."

    Columbus residents can vote for their favorite moves on the Web site and one semi-finalist in each market will go on to compete against top-ranked players across the U.S. for the top $10,000 prize. Participants must be 18 or older to compete.

    Headlined by reality TV star Syrus Yarborough, The NEXT BEST MOVE (SM) Crew will also be searching for great moves off the court. Visitors to http://www.thenextbestmove.com/ can share how they are "changing the game" through community service and encouraging others to do the same.

    City residents should be on the lookout as The Crew will also visit lifestyle destinations, such as local attractions, clothing stores and community centers to identify local trends and discover what's "hot" in the Columbus area. Results will be featured on a special culture section on http://www.thenextbestmove.com/.

    For more information on the BK® NEXT BEST MOVE (SM) tour, including eligibility requirements and Official Rules, or to vote for Columbus's Next Best Mover, visit http://www.thenextbestmove.com/.

    Burger King Corp.

    CONTACT: Charell Charleston, UniWorld Group, +1-212-219-7106,
    charell.charleston@uwgny.com

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




    White Mountains Reports Adjusted Book Value Per Share of $411

    HAMILTON, Bermuda, April 29 /PRNewswire-FirstCall/ -- White Mountains Insurance Group, Ltd. reported an adjusted book value per share of $411 at March 31, 2010, a decrease of 1% for the quarter, including dividends.

    Ray Barrette, Chairman and CEO, commented, "It was a tough quarter. Book value per share was down 1%. Catastrophe losses, primarily from the earthquake in Chile and winter weather in Europe and the Northeastern United States, were a major drag on results. Investment results were good with our portfolio up 1.4% despite some headwinds from a strengthening dollar. With the transformation of OneBeacon into a specialty company nearly complete, a well capitalized, disciplined reinsurance business in White Mountains Re, and Esurance growing again, I like how we are positioned. Our capital position remains strong, and we repurchased about 103,000 shares in the quarter."

    Adjusted comprehensive loss was $51 million for the first quarter compared to adjusted comprehensive loss of $9 million in the first quarter of last year, while net loss was $40 million compared to net income of $30 million in the first quarter of 2009.

    OneBeacon

    OneBeacon's book value per share was flat for the quarter, including dividends. OneBeacon's GAAP combined ratio for the first quarter of 2010 was 112% compared to 94% for the first quarter of last year. The increase in the combined ratio was primarily due to 10 points of catastrophe losses mostly from winter weather in the Northeastern United States. Catastrophe losses in the first quarter of 2009 contributed less than one point to the combined ratio. The first quarter of 2010 included one point of favorable loss reserve development compared to three points in the first quarter of last year.

    Mike Miller, CEO of OneBeacon, said, "While our overall result is disappointing, it is primarily driven by the March catastrophe losses in the Northeast and other losses associated with businesses we are exiting. Our Specialty Lines results were solid, with a 97% combined ratio, despite four points of catastrophe losses. We are adding to our significant undeployed capital position and will continue to look for opportunities to add new specialty segments. We expect to return capital to our shareholders while maintaining proper financial leverage."

    Net written premiums were $372 million for the first quarter, a decrease of 21% from the first quarter of last year, reflecting the sale of the non-specialty Commercial Lines business beginning with January 1, 2010 renewal dates. Specialty Lines premiums increased by 13%, while Personal Lines premiums decreased by 15%.

    During the first quarter, OneBeacon announced a definitive agreement to sell its Traditional Personal Lines business to Tower Group, Inc. Net written premiums for the business being sold totaled approximately $420 million for the year ended December 31, 2009. The transaction is expected to close in the second quarter, pending regulatory approvals.

    White Mountains Re

    White Mountains Re's GAAP combined ratio for the first quarter of 2010 was 132% compared to 80% for the first quarter of last year. The higher combined ratio was primarily due to $122 million (57 points) of property catastrophe losses compared with $12 million (5 points) in the first quarter of last year. The 2010 losses included $110 million from the Chilean earthquake and $10 million from European windstorm Xynthia.

    White Mountains Re has estimated its loss from the Chilean earthquake based on a $10 billion industry insured loss scenario, at the upper end of current industry loss estimates. Most of White Mountains Re's recorded loss from the earthquake in Chile has been estimated using third party catastrophe models, which apply overall estimates of industry insured losses to White Mountains Re's exposure information. Catastrophe exposure modeling is inherently uncertain and the settlement process for earthquake claims can be prolonged. Therefore, White Mountains Re's recorded loss from the Chilean earthquake may change in the future.

    Gross written premiums were up 15% for the first quarter, while net written premiums increased 11%. These increases are primarily due to increases in the trade credit and accident and health lines and the effects of foreign currency translation. During the first quarter of 2010, White Mountains Re completed its previously announced acquisition of Central National Insurance Company of Omaha, resulting in a gain of approximately $13 million that is included in other revenues.

    Allan Waters, CEO of White Mountains Re, said, "I believe we have taken a prudently conservative approach in establishing our initial loss estimate for the Chilean earthquake. The after-tax loss represents about 3% of White Mountains Re's capital. We continue to be strongly capitalized and well positioned to take advantage of underwriting opportunities in the market, as we did in the first quarter."

    Esurance

    Esurance's adjusted combined ratio for the first quarter of 2010 was 106% compared to 102% in the first quarter of last year. The loss and LAE ratio was 76% for the quarter compared to 74% in the first quarter of last year. The increase in the loss ratio was due to the winter storms in the Northeast, a greater incidence of large injury claims and a decline in the average premium per policy on new business. The adjusted expense ratio was 30% for the quarter compared to 28% in the first quarter of last year. The increase in the adjusted expense ratio was primarily due to increased marketing spending and higher compensation accruals.

    Gary Tolman, CEO of Esurance, said, "Our underwriting results for the quarter were disappointing, due to higher losses. However, Esurance had good premium growth in the quarter, driven by a 40% increase in new policy sales. We have clearly improved our ability to attract, convert and retain customers. In the quarter, we also continued to generate more sales through our comparison quote platform powered by Answer Financial."

    Controlled premiums, which include policies sold by Answer Financial, were $320 million in the first quarter of 2010 compared to $298 million in the first quarter of 2009. Gross premiums written by Esurance were $232 million in the first quarter, an 8% increase from the comparable period of 2009. As of March 31, 2010, the segment had 822,000 policies-in-force, including 298,000 policyholders at Answer Financial. The segment added approximately 48,000 policies-in-force during the first quarter of 2010.

    During the first quarter of 2010, Esurance began reporting its adjusted expense ratio and adjusted combined ratio, both non-GAAP financial measures. Esurance's adjusted expense ratio and adjusted combined ratio include referral fee revenue as a reduction of operating expenses in the calculation in order to better reflect the growing benefit of those fees, which partially offset the cost of Esurance's advertising. See "Regulation G" below.

    Other Operations

    White Mountains' Other Operations segment's pre-tax loss in the first quarter of 2010 was $14 million compared to $38 million in the first quarter of last year. The decrease in pre-tax loss was primarily attributable to improved performance at Life Re, which reported $3 million pre-tax net losses in the first quarter of 2010 compared to $32 million of pre-tax net losses in the first quarter of last year.

    In January 2010, Symetra completed an initial public offering at a price of $12 per share, with 25.3 million shares sold by Symetra and 9.7 million shares sold by existing shareholders. White Mountains did not sell any shares in the offering. As a result of the offering, White Mountains' fully converted ownership in Symetra has decreased from approximately 24% at December 31, 2009 to approximately 20% at March 31, 2010. The issuance of the new Symetra shares at a price below its adjusted book value per share diluted White Mountains' investment in Symetra's common shares, resulting in an approximately $2 reduction in White Mountains' adjusted book value per share.

    During the first quarter of 2010, White Mountains repurchased and retired 103,319 of its common shares under its share repurchase program for $35.5 million at an average share price of $343, which was approximately 83% of White Mountains' March 31, 2010 adjusted book value per share.

    Investment Activities

    The GAAP total return on invested assets for the first quarter of 2010 was 1.4%, including -0.3% of currency losses in the quarter, compared to -0.2%, including -0.6% of currency losses, for the first quarter of last year.

    Manning Rountree, President of White Mountains Advisors said, "Our total investment portfolio was up 1.4% in the first quarter, a decent result given our positioning. U.S. dollar strengthening was a headwind in the quarter, reducing returns by 0.3%. In local currencies, our fixed income portfolio was up 1.4%, compared to a Barclays U.S. Intermediate Aggregate return of 1.8%. Corporate bonds continued their run, up 2.2% in the quarter, and structured products contributed 1.9%. Our large pool of cash and short term investments was a drag on results in the quarter. We expect this pool to decrease over the course of the year as we carefully put money to work. Our equity portfolio, roughly 13% of GAAP total investments at quarter's end, returned 3.5%, a decent absolute return but well behind the S&P 500 return of 5.4%. We have been gradually shifting our equity exposure away from convertibles and alternatives and toward common stocks, a process we intend to continue on an opportunistic basis."

    Additional Information

    White Mountains is a Bermuda-domiciled financial services holding company traded on the New York Stock Exchange and the Bermuda Stock Exchange under the symbol WTM. Additional financial information and other items of interest are available at the company's website located at http://www.whitemountains.com/. White Mountains expects to file its Form 10-Q with the Securities and Exchange Commission on or before May 10, 2010 and urges shareholders to refer to that document for more complete information concerning its financial results.

    Regulation G

    This earnings release includes four non-GAAP financial measures that have been reconciled to their most comparable GAAP financial measures. White Mountains believes these measures to be more relevant than comparable GAAP measures in evaluating White Mountains' financial performance.

    Adjusted comprehensive income (loss) is a non-GAAP financial measure that excludes the change in equity in net unrealized gains (losses) from Symetra's fixed maturity portfolio from comprehensive income (loss). The reconciliation of adjusted comprehensive income (loss) to comprehensive income (loss) is included on page 8.

    Adjusted book value per share is a non-GAAP financial measure which is derived by expanding the calculation of GAAP book value per share to exclude equity in net unrealized gains (losses) from Symetra's fixed maturity portfolio. In addition, the number of common shares outstanding used in the calculation of adjusted book value per share are adjusted to exclude unearned restricted common shares, the compensation cost of which, at the date of calculation, has yet to be amortized. The reconciliation of adjusted book value per share to GAAP book value per share is included on page 7.

    Esurance's adjusted expense ratio and adjusted combined ratio are non-GAAP financial measures. To calculate the adjusted expense ratio and adjusted combined ratio, operating expenses are reduced by referral fee revenue. Referral fee revenue, which is recorded as a component of other revenues under GAAP, represents fees that Esurance receives for referring customers for whom it does not write policies to other carriers. Management believes that Esurance's adjusted expense ratio and adjusted combined ratio are better measures to evaluate Esurance's underwriting results than its GAAP expense and combined ratios because the expenses that are incurred to acquire policyholders at Esurance, particularly advertising expenses, also lead to referral fee revenue. The reconciliation of Esurance's adjusted expense ratio and adjusted combined ratio to its GAAP expense and combined ratios follows:

    Three Months Ended March 31, --------------- 2010 2009 ---- ---- GAAP expense ratio 31% 29% Referral fees (1)% (1)% --- --- Adjusted expense ratio 30% 28% GAAP combined ratio 107% 103% Referral fees (1)% (1)% --- --- Adjusted combined ratio 106% 102% ----------------------- --- ---

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

    This earnings release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included or referenced in this release which address activities, events or developments which we expect or anticipate will or may occur in the future are forward-looking statements. The words "will," "believe," "intend," "expect," "anticipate," "project," "estimate," "predict" and similar expressions are also intended to identify forward-looking statements. These forward-looking statements include, among others, statements with respect to White Mountains':

    -- change in adjusted book value per share or return on equity; -- business strategy; -- financial and operating targets or plans; -- incurred loss and loss adjustment expenses and the adequacy of its loss and loss adjustment expense reserves and related reinsurance; -- projections of revenues, income (or loss), earnings (or loss) per share, dividends, market share or other financial forecasts; -- expansion and growth of our business and operations; and -- future capital expenditures.

    These statements are based on certain assumptions and analyses made by White Mountains in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors believed to be appropriate in the circumstances. However, whether actual results and developments will conform to our expectations and predictions is subject to a number of risks and uncertainties that could cause actual results to differ materially from expectations, including:

    -- the risks associated with Item 1A of White Mountains' 2009 Annual Report on Form 10-K; -- claims arising from catastrophic events, such as hurricanes, earthquakes, floods, fires, terrorist attacks or severe winter weather; -- the continued availability of capital and financing; -- general economic, market or business conditions; -- business opportunities (or lack thereof) that may be presented to it and pursued; -- competitive forces, including the conduct of other property and casualty insurers and reinsurers; -- changes in domestic or foreign laws or regulations, or their interpretation, applicable to White Mountains, its competitors or its customers; -- an economic downturn or other economic conditions adversely affecting its financial position; -- recorded loss reserves subsequently proving to have been inadequate; -- actions taken by ratings agencies from time to time, such as financial strength or credit ratings downgrades or placing ratings on negative watch; -- other factors, most of which are beyond White Mountains' control.

    Consequently, all of the forward-looking statements made in this earnings release are qualified by these cautionary statements, and there can be no assurance that the actual results or developments anticipated by White Mountains will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, White Mountains or its business or operations. White Mountains assumes no obligation to publicly update any such forward-looking statements, whether as a result of new information, future events or otherwise.

    WHITE MOUNTAINS INSURANCE GROUP, LTD. CONDENSED CONSOLIDATED BALANCE SHEETS (millions, except share amounts) (Unaudited) March December March 31, 31, 31, 2010 2009 2009 ---- ---- ---- Assets Fixed maturity investments $5,828.3 $6,101.2 $5,630.5 Short-term investments 2,102.2 2,098.4 2,148.4 Common equity securities 577.1 458.5 318.8 Convertible fixed maturity investments 238.1 233.1 265.0 Other long-term investments 382.6 341.3 395.1 Securities lending investment assets -OneBeacon - - 46.9 Total investments 9,128.3 9,232.5 8,804.7 Cash 345.0 366.0 448.8 Reinsurance recoverable on unpaid losses 2,919.6 2,790.9 2,984.7 Reinsurance recoverable on paid losses 49.7 35.0 66.9 Insurance and reinsurance premiums receivable 1,004.5 785.5 982.6 Funds held by ceding companies 103.9 123.1 145.6 Securities lending collateral - WMRe America - - 105.8 Investments in unconsolidated affiliates 365.8 344.8 99.7 Deferred acquisition costs 298.3 303.8 327.7 Deferred tax asset 551.1 564.0 658.1 Ceded unearned insurance and reinsurance premiums 236.4 111.1 165.7 Value of acquired business in force -Answer Financial 32.7 35.8 46.6 Accounts receivable on unsettled investment sales 112.3 27.6 25.6 Goodwill 10.6 19.6 19.6 Other assets 664.6 703.5 758.4 ----- ----- ----- Total assets $15,822.8 $15,443.2 $15,640.5 ========= ========= ========= Liabilities Loss and loss adjustment expense reserves $7,091.0 $6,802.1 $7,260.1 Unearned insurance and reinsurance premiums 1,698.6 1,498.5 1,732.3 Debt 1,026.1 1,050.7 1,349.2 Securities lending payable - OneBeacon 1.7 1.7 48.6 Securities lending payable - WMRe America - - 112.8 Deferred tax liability 339.6 355.3 289.5 Ceded reinsurance payable 227.3 92.0 162.6 Funds held under reinsurance treaties 103.7 97.4 76.6 Accounts payable on unsettled investment purchases 37.1 9.1 23.5 Other liabilities 1,042.8 1,194.9 1,103.0 ------- ------- ------- Total liabilities 11,567.9 11,101.7 12,158.2 -------- -------- -------- White Mountains' common shareholders' equity White Mountains' common shares and paid-in surplus 1,432.3 1,445.0 1,431.7 Retained earnings 2,148.2 2,215.9 1,776.3 Accumulated other comprehensive income (loss), after tax: Equity in unrealized losses from investments in unconsolidated affiliates - - (1.3) Equity in net unrealized gains (losses) from Symetra's fixed maturity portfolio 23.8 (9.0) (218.3) Net unrealized foreign currency translation (losses) gains and other (6.0) 5.5 (122.2) ---- --- ------ Total White Mountains' common shareholders' equity 3,598.3 3,657.4 2,866.2 ------- ------- ------- Noncontrolling interests Noncontrolling interest - OneBeacon Ltd. 346.3 351.0 287.0 Noncontrolling interest -WMRe Group Preference Shares 250.0 250.0 250.0 Noncontrolling interest - consolidated limited partnerships and A.W.G Dewar 60.3 83.1 79.1 ---- ---- ---- Total noncontrolling interests 656.6 684.1 616.1 ----- ----- ----- Total equity 4,254.9 4,341.5 3,482.3 ------- ------- ------- Total liabilities and equity $15,822.8 $15,443.2 $15,640.5 ========= ========= ========= WHITE MOUNTAINS INSURANCE GROUP, LTD. BOOK VALUE AND ADJUSTED BOOK VALUE PER COMMON SHARE (Unaudited) March December March 31, 31, 31, 2010 2009 2009 ---- ---- ---- Book value per common share numerators (in millions): White Mountains' common shareholders' equity $3,598.3 $3,657.4 $2,866.2 Benefits to be received from share obligations under employee stock option plans (1) - .4 - --- --- --- Book value per common share numerator 3,598.3 3,657.8 2,866.2 Equity in net unrealized losses (gains) from Symetra's fixed maturity portfolio (23.8) 9.0 218.3 Adjusted book value per common share numerator $3,574.5 $3,666.8 $3,084.5 ======== ======== ======== Book value per common share denominators (in thousands of shares): Common shares outstanding 8,775.6 8,860.2 8,854.1 Share obligations under employee stock option plans(1) - 2.4 - --- --- --- Book value per common share denominator 8,775.6 8,862.6 8,854.1 Unearned restricted common shares (69.6) (59.1) (83.4) Adjusted book value per common share denominator 8,706.0 8,803.5 8,770.7 ======= ======= ======= Book value per common share $410.04 $412.73 $323.71 Adjusted book value per common share $410.59 $416.52 $351.68 ======= ======= ======= (1) Assumes conversion of in-the-money stock options. WHITE MOUNTAINS INSURANCE GROUP, LTD. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (millions, except per share amounts) (Unaudited) Three Months Ended March 31, --------- 2010 2009 ---- ---- Revenues: Earned insurance and reinsurance premiums $864.7 $911.4 Net investment income 60.6 61.1 Net realized and unrealized investment gains (losses) 87.0 (23.3) Other revenue 31.8 17.3 ---- ---- Total revenues 1,044.1 966.5 ------- ----- Expenses: Loss and loss adjustment expenses 703.2 543.2 Insurance and reinsurance acquisition expenses 185.0 182.2 Other underwriting expenses 115.9 115.4 General and administrative expenses 44.8 50.6 Amortization of Answer Financial purchase accounting adjustments and accretion of fair value adjustment to loss and loss adjustment expense reserves 5.7 7.8 Interest expense on debt 16.3 18.9 ---- ---- Total expenses 1,070.9 918.1 ------- ----- Pre-tax (loss) income (26.8) 48.4 Income tax benefit (expense) .2 (12.3) --- ----- (Loss) income before equity in earnings of unconsolidated affiliates (26.6) 36.1 Equity in (losses) earnings of unconsolidated affiliates (11.6) .9 ----- --- Net (loss) income (38.2) 37.0 Net income attributable to noncontrolling interests (1.4) (6.7) ---- ---- Net (loss) income attributable to White Mountains' common shareholders (39.6) 30.3 ----- ---- Comprehensive income (loss), net of tax: Change in equity in net unrealized gains (losses) from investments in unconsolidated affiliates 32.9 (18.2) Change in foreign currency translation and other (11.6) (39.0) ----- ----- Comprehensive loss (18.3) (26.9) Comprehensive (income) loss attributable to noncontrolling interests - (.3) --- --- Comprehensive loss attributable to White Mountains' common shareholders (18.3) (27.2) ----- ----- Change in equity in net unrealized (gains) losses from Symetra's fixed maturity portfolio (32.8) 18.0 ----- ---- Adjusted comprehensive loss $(51.1) $(9.2) ====== ===== Basic (loss) earnings per common share $(4.48) $3.44 Diluted (loss) earnings per common share $(4.48) $3.44 Dividends declared and paid per common share $1.00 $1.00 WHITE MOUNTAINS INSURANCE GROUP, LTD. YTD SEGMENT STATEMENTS OF PRE-TAX INCOME (LOSS) (in millions) (Unaudited) For the Three Months Ended March 31, 2010 OneBeacon WMRe Esurance --------- ---- -------- Revenues: Earned insurance and reinsurance premiums $453.2 $212.6 $198.9 Net investment income 28.3 22.6 6.3 Net realized and unrealized investment gains 42.4 40.1 4.6 Other revenue -referral fee revenue - - 3.4 Other revenue -foreign currency translation loss - (6.5) - Other revenue -Tuckerman Fund I and II - - - Other revenue 6.5 12.9 11.0 Total revenues 530.4 281.7 224.2 ----- ----- ----- Expenses: Loss and loss adjustment expenses 333.7 218.2 151.3 Insurance and reinsurance acquisition expenses 101.4 41.5 42.1 Other underwriting expenses 74.2 21.4 20.3 General and administrative expenses -Tuckerman Fund I and II - - - General and administrative expenses 7.7 7.3 8.3 Amortization of Answer Financial purchase accounting adjustments - - 3.6 Accretion of fair value adjustment to loss and lae reserves - 2.1 - Interest expense on debt 9.1 6.9 - Total expenses 526.1 297.4 225.6 ----- ----- ----- Pre-tax income (loss) $4.3 $(15.7) $(1.4) ==== ====== ===== For the Three Months Ended March 31, 2010 Other Total ----- ----- Revenues: Earned insurance and reinsurance premiums $- $864.7 Net investment income 3.4 60.6 Net realized and unrealized investment gains (.1) 87.0 Other revenue - referral fee revenue - 3.4 Other revenue -foreign currency translation loss - (6.5) Other revenue - Tuckerman Fund I and II 4.1 4.1 Other revenue .4 30.8 Total revenues 7.8 1,044.1 --- ------- Expenses: Loss and loss adjustment expenses - 703.2 Insurance and reinsurance acquisition expenses - 185.0 Other underwriting expenses - 115.9 General and administrative expenses - Tuckerman Fund I and II 4.0 4.0 General and administrative expenses 17.5 40.8 Amortization of Answer Financial purchase accounting adjustments - 3.6 Accretion of fair value adjustment to loss and lae reserves - 2.1 Interest expense on debt .3 16.3 Total expenses 21.8 1,070.9 ---- ------- Pre-tax income (loss) $(14.0) $(26.8) ====== ====== For the Three Months Ended March 31, 2009 OneBeacon WMRe Esurance --------- ---- -------- Revenues: Earned insurance and reinsurance premiums $487.8 $227.4 $196.2 Net investment income 21.9 29.4 6.1 Net realized and unrealized investment (losses) gains (5.9) (20.1) 3.7 Other revenue -referral fee revenue - - 2.0 Other revenue -foreign currency translation gain - 5.4 - Other revenue -Tuckerman Fund I and II - 12.3 - Other revenue 9.4 (1.3) 11.9 Total revenues 513.2 253.1 219.9 ----- ----- ----- Expenses: Loss and loss adjustment expenses 288.0 109.9 145.3 Insurance and reinsurance acquisition expenses 95.9 47.4 38.9 Other underwriting expenses 72.7 24.2 18.5 General and administrative expenses -Tuckerman Fund I and II - 11.5 - General and administrative expenses 5.5 7.2 9.2 Amortization of Answer Financial purchase accounting adjustment - - 5.3 Accretion of fair value adjustment to loss and lae reserves 1.4 1.1 - Interest expense on debt 10.9 6.6 - Total expenses 474.4 207.9 217.2 ----- ----- ----- Pre-tax income (loss) $38.8 $45.2 $2.7 ===== ===== ==== For the Three Months Ended March 31, 2009 Other Total ----- ----- Revenues: Earned insurance and reinsurance premiums $- $911.4 Net investment income 3.7 61.1 Net realized and unrealized investment (losses) gains (1.0) (23.3) Other revenue - referral fee revenue - 2.0 Other revenue -foreign currency translation gain - 5.4 Other revenue - Tuckerman Fund I and II 6.2 18.5 Other revenue (28.6) (8.6) Total revenues (19.7) 966.5 ----- ----- Expenses: Loss and loss adjustment expenses - 543.2 Insurance and reinsurance acquisition expenses - 182.2 Other underwriting expenses - 115.4 General and administrative expenses - Tuckerman Fund I and II 6.2 17.7 General and administrative expenses 11.0 32.9 Amortization of Answer Financial purchase accounting adjustment - 5.3 Accretion of fair value adjustment to loss and lae reserves - 2.5 Interest expense on debt 1.4 18.9 Total expenses 18.6 918.1 ---- ----- Pre-tax income (loss) $(38.3) $48.4 ====== ===== WHITE MOUNTAINS INSURANCE GROUP, LTD. SUMMARY OF GAAP RATIOS AND PREMIUMS (Dollars in millions) (Unaudited) OneBeacon Three Months Ended March 31, 2010 --------- --------------------------------- Specialty Personal Run-off Total --------- -------- ------- ----- GAAP Ratios Loss and LAE 57% 85% 99% 73% Expense 40% 36% 41% 39% --- --- --- --- Total Combined 97% 121% 140% 112% === === === === Net written premiums $260.3 $111.5 $(0.3) $371.5 Earned premiums $235.9 $122.8 $94.5 $453.2 OneBeacon Three Months Ended March 31, 2009 --------- --------------------------------- Specialty Personal Run-off Total --------- -------- ------- ----- GAAP Ratios Loss and LAE 32% 89% 69% 59% Expense 39% 28% 36% 35% --- --- --- --- Total Combined 71% 117% 105% 94% === === === === Net written premiums $229.5 $131.7 $108.2 $469.4 Earned premiums $215.7 $150.2 $121.9 $487.8 White Mountains Re Three Months Ended ------------------ March 31, --------- 2010 2009 ---- ---- GAAP Ratios Loss and LAE 103% 48% Expense 29% 32% --- --- Total Combined 132% 80% === === Gross written premiums $462.1 $400.3 Net written premiums $342.1 $309.3 Earned premiums $212.6 $227.4 Esurance Three Months Ended -------- March 31, --------- 2010 2009 ---- ---- Adjusted Ratios (1) Loss and LAE 76% 74% Expense 30% 28% --- --- Total Combined 106% 102% === === Gross written premiums $232.1 $214.2 Net written premiums $231.3 $213.6 Earned premiums $198.9 $196.2 (1) Adjusted expense and combined ratios include acquisition CONTACT: David Foy (203) 458-5850

    White Mountains Insurance Group, Ltd.

    CONTACT: David Foy, +1-203-458-5850

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




    Kennametal Announces Results for Third Quarter Fiscal 2010 and Increases Guidance-- Reported 3Q EPS of $0.12; adjusted EPS of $0.39 -- Sales increased 11 percent on an organic basis -- Free operating cash flow of $66 million year-to-date -- Increases full year adjusted EPS guidance to a range of $1.03 to $1.08 -- Increases full year FOCF guidance to a range of $90 million to $100 million

    LATROBE, Pa., April 29 /PRNewswire-FirstCall/ -- Kennametal Inc. today reported fiscal 2010 third quarter earnings per diluted share (EPS) of $0.12, compared with prior year quarter reported loss per diluted share of $1.90. The current quarter reported EPS included restructuring and related charges amounting to $0.27 per share. The prior year quarter reported loss per diluted share included non-cash charges for impairment of goodwill and other intangible assets of $1.40 per share, as well as restructuring and divestiture related charges of $0.51 per share. Absent these charges, adjusted EPS for the current quarter was $0.39, compared with the prior year quarter adjusted EPS of $0.01.

    "We are pleased with our results for the fiscal 2010 third quarter as they clearly demonstrate the positive effects of our strategies," said Carlos Cardoso, Kennametal's Chairman, President and Chief Executive Officer. "We are encouraged that growth in industrial activity is continuing across a range of end markets and geographies. Our global team has been disciplined in its efforts to streamline our business and lower our cost structure. The strong operating leverage reflected in our March quarter performance is consistent with our strategies to reposition Kennametal to fully maximize our growth potential."

    Cardoso added, "Moving forward, we remain focused on generating strong cash flows, maintaining a solid financial position, managing our portfolio and growing our business. We will continue to further expand our profitability, which will help to differentiate Kennametal as economic conditions continue to improve."

    Reconciliations of all non-GAAP financial measures are set forth in the attached tables, and descriptions of certain non-GAAP financial measures are contained in our report on Form 8-K to which this release is attached.

    Fiscal 2010 Third Quarter Key Developments -- Sales were $493 million, compared with $424 million in the same quarter last year. Sales increased 16 percent due to an organic increase of 11 percent and a 5 percent favorable impact from foreign currency effects. -- Sales improved sequentially by 11 percent, representing the third consecutive quarter of sequential sales growth. The improvement in sales was driven by continued expansion in industrial activity in the majority of our end markets and all geographies. -- The company recognized pre-tax restructuring and related charges of $23 million, or $0.27 per share. Total benefits from restructuring programs were approximately $36 million in the current quarter. -- Operating income was $26 million compared with an operating loss of $150 million in the same quarter last year. Absent restructuring actions in both periods and asset impairment charges recorded in the prior year quarter, operating income was $49 million, compared with an operating loss of $6 million in the prior year quarter. On an adjusted basis, operating margin reached 10 percent, driven by higher sales, increased capacity utilization, continued permanent savings from restructuring programs and ongoing cost discipline. The current quarter also included the partial salary and incentive compensation restorations. Incremental margins were very strong on both a year-over-year and sequential basis. The adjusted operating income for the current quarter improved sequentially by $30 million from the December 2009 quarter. -- Reported EPS were $0.12 compared with prior year quarter reported loss per diluted share of $1.90. Adjusted EPS was $0.39 compared with prior year quarter adjusted EPS of $0.01. A reconciliation follows: Earnings (Loss) Per Diluted Share Reconciliation Third Quarter FY 2010 Third Quarter FY 2009 Reported loss per diluted Reported EPS $0.12 share $(1.90) Restructuring and related Restructuring and related charges 0.27 charges 0.50 Divestiture related charges 0.01 Asset impairment charges 1.40 ---- Adjusted EPS $0.39 Adjusted EPS $0.01 ===== ===== Segment Highlights for the Fiscal 2010 Third Quarter -- Metalworking Solutions & Services Group (MSSG) sales increased by 19 percent from the prior year quarter, driven by organic growth of 13 percent and favorable foreign currency effects of 6 percent. Sequentially, sales increased by 12 percent as global industrial production continued to improve in all regions. This represents the third consecutive quarter of sequential sales growth for MSSG. Regionally, on an organic basis, India and Asia Pacific had sales increases of 64 percent and 45 percent, respectively. North America, Europe and Latin America each reported organic sales increases of 7 percent compared with the prior year quarter. -- MSSG operating income was $31 million compared with an operating loss of $39 million for the same quarter of the prior year. Absent restructuring and related charges recorded in both periods, MSSG operating income was $36 million compared with an operating loss of $14 million in the prior year quarter. The primary drivers of the increase in operating income were higher sales volumes, increased capacity utilization, cost savings from restructuring programs and continued cost containment. MSSG adjusted operating margin improved sequentially from the December quarter by 870 basis points from 3.6 percent to 12.3 percent. Compared to the December quarter, MSSG adjusted operating income increased $26 million on a sales increase of $30 million. -- Advanced Materials Solutions Group (AMSG) sales increased 13 percent from the prior year quarter, driven by 9 percent organic growth and 4 percent favorable foreign currency effects. The organic increase was primarily driven by higher sales of mining and construction products, as well as increased demand for energy related and engineered products. Sequentially, sales increased by 11 percent, driven by higher sales in all AMSG end markets, except for capital equipment. -- AMSG operating income was $25 million, compared with an operating loss of $103 million in the same quarter of the prior year. Absent restructuring and related charges recorded in both periods and asset impairment charges in the prior year quarter, AMSG operating income was $37 million in the current quarter compared with $18 million in the prior year quarter. The year-over-year increase in operating income was primarily due to higher sales volumes, increased capacity utilization, cost savings from restructuring programs and continued cost reduction actions. AMSG adjusted operating margin increased sequentially by 150 basis points to 18.4 percent from 16.9 percent in the December quarter. Fiscal 2010 Year-to-Date Key Developments -- Sales were $1.3 billion compared to $1.6 billion in the same period last year. Sales decreased 20 percent on an organic basis, partially offset by a 2 percent favorable impact from foreign currency effects and a 1 percent increase from a business acquisition made in the prior fiscal year. -- The company recognized pre-tax restructuring and related charges of $36 million, or $0.40 per share. Total benefits from restructuring programs were approximately $98 million year-to-date. -- Operating income was $32 million, compared with an operating loss of $75 million in the same period last year. Absent restructuring actions recorded in both periods and asset impairment charges recorded in the prior year, operating income was $68 million, compared with $88 million for the prior year period. -- Reported EPS were $0.07, compared with prior year reported loss per diluted share of $1.18. Adjusted EPS were $0.49, compared with prior year adjusted EPS of $0.94. A reconciliation follows: Earnings (Loss) Per Diluted Share Reconciliation First Nine Months of FY 2010 First Nine Months of FY 2009 Reported loss per diluted Reported EPS $0.07 share $(1.18) Restructuring and related Restructuring and related charges 0.40 charges 0.73 Divestiture related charges 0.02 Divestiture related charges 0.01 Asset impairment charges 1.38 Adjusted EPS $0.49 Adjusted EPS $0.94 ===== ===== -- Cash flow from operating activities was $93 million, compared with $164 million in the prior year period. Net capital expenditures were $26 million year-to-date. The company generated free operating cash flow of $66 million compared with $73 million in the prior year period. Restructuring Actions

    Kennametal's restructuring programs are on track to deliver the anticipated annual ongoing pre-tax permanent savings of $155 million to $160 million once all programs are fully implemented. The combined total pre-tax charges are expected to be approximately $160 million to $165 million, a slight increase from the previously announced range of $155 million to $160 million. This increase is due to recent legislative changes that retroactively extended the period for benefit coverage under COBRA to certain previously terminated employees. Total restructuring and related charges recorded inception to date were $115 million and corresponding annualized benefits were approximately $144 million.

    Outlook

    Management currently believes that global industrial activity and the corresponding demand for the company's products will continue to improve through the remainder of the current fiscal year. As a result of better than anticipated global sales growth, including some effects of customer inventory rebuilding, we expect our organic sales to be 37 percent to 40 percent higher in the June quarter compared with the prior year period, resulting in fiscal 2010 organic sales that would be 7 percent to 8 percent lower than last year. Under these assumed conditions, Kennametal is increasing its EPS guidance for fiscal 2010 from a range of $0.65 to $0.75 per share to a range of $1.03 to $1.08 per share, excluding restructuring actions and divestiture related charges. The increased EPS guidance also takes into consideration the final salary restoration for remaining locations and a slightly higher effective tax rate due to anticipated jurisdictional mix of earnings. Cash flow from operations is expected to be in the range of $145 million to $155 million for fiscal 2010. Based on net capital expenditures of approximately $55 million, the free operating cash flow range was increased from a range of $40 million to $50 million to a range of $90 million to $100 million for fiscal 2010.

    Dividend Declared

    Kennametal also announced today that its Board of Directors declared a regular quarterly cash dividend of $0.12 per share. The dividend is payable May 26, 2010 to shareowners of record as of the close of business on May 11, 2010.

    Kennametal advises shareowners to note monthly order trends, for which the company makes a disclosure ten business days after the conclusion of each month. This information is available on the Investor Relations section of Kennametal's corporate website at http://www.kennametal.com/.

    Third quarter results for fiscal 2010 will be discussed in a live Internet broadcast at 10:00 a.m. Eastern time today. This event will be broadcast live on the company's website, http://www.kennametal.com/. Once on the homepage, select "Investor Relations" and then "Events." The replay of this event will also be available on the company's website through May 29, 2010.

    This release contains "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are statements that do not relate strictly to historical or current facts. You can identify forward-looking statements by the fact they use words such as "should," "anticipate," "estimate," "approximate," "expect," "may," "will," "project," "intend," "plan," "believe" and other words of similar meaning and expression in connection with any discussion of future operating or financial performance or events. Forward looking statements in this release concern, among other things, Kennametal's outlook for earnings for its fourth quarter and full fiscal year 2010, and its expectations regarding restructuring initiatives, future growth and financial performance, all of which are based on current expectations that involve inherent risks and uncertainties. Should one or more of these risks or uncertainties materialize, or should the assumptions underlying the forward-looking statements prove incorrect, actual outcomes could vary materially from those indicated. Among the factors that could cause the actual results to differ materially from those indicated in the forward-looking statements are risks and uncertainties related to: the recent downturn in our industry; deepening or prolonged economic recession; restructuring and related actions (including associated costs and anticipated benefits); changes in our debt ratings; compliance with our debt arrangements; our foreign operations and international markets, such as currency exchange rates, different regulatory environments, trade barriers, exchange controls, and social and political instability; changes in the regulatory environment in which we operate, including environmental, health and safety regulations; our ability to protect and defend our intellectual property; competition; our ability to retain our management and employees; demands on management resources; availability and cost of the raw materials we use to manufacture our products; global or regional catastrophic events, including terrorist attacks or acts of war; integrating acquisitions and achieving the expected savings and synergies; business divestitures; potential claims relating to our products; energy costs; commodity prices; labor relations; demand for and market acceptance of new and existing products; and implementation of environmental remediation matters. These and other risks are more fully described in Kennametal's latest annual report on Form 10-K and its other periodic filings with the Securities and Exchange Commission. We undertake no obligation to release publicly any revisions to forward-looking statements as a result of future events or developments.

    Kennametal Inc. delivers productivity to customers seeking peak performance in demanding environments by providing innovative custom and standard wear-resistant solutions. This proven productivity is enabled through our advanced materials sciences and application knowledge. Our commitment to a sustainable environment provides additional value to our customers. Companies operating in everything from airframes to coal mining, from engines to oil wells and from turbochargers to construction recognize Kennametal for extraordinary contributions to their value chains. In fiscal year 2009, customers bought approximately $2.0 billion of Kennametal products and services - delivered by our nearly 12,000 talented employees doing business in more than 60 countries - with more than 50 percent of these revenues coming from outside North America. Visit us at http://www.kennametal.com/. [KMT-E]

    FINANCIAL HIGHLIGHTS CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) Three Months Ended Nine Months Ended March 31, March 31, (in thousands, except per share amounts) 2010 2009 (1) 2010 2009 (1) --------------- ---- ------- ---- ------- Sales $493,165 $424,387 $1,345,425 $1,613,822 Cost of goods sold 322,841 321,959 917,212 1,136,112 ------------- ------- ------- ------- --------- Gross profit 170,324 102,428 428,213 477,710 Operating expense 120,062 106,469 354,126 385,543 Restructuring and asset impairment charges 20,720 142,826 31,898 157,442 Amortization of intangibles 3,239 3,196 9,946 9,874 --------------- ----- ----- ----- ----- Operating income (loss) 26,303 (150,063) 32,243 (75,149) Interest expense 6,531 6,658 18,856 21,741 Other income, net (1,496) (5,319) (6,314) (9,949) ------------- ------ ------ ------ ------ Income (loss) from continuing operations before income taxes 21,268 (151,402) 19,701 (86,941) Provison (benefit) for income taxes 11,065 (14,281) 11,026 (1,203) -------------- ------ ------- ------ ------ Income (loss) from continuing operations 10,203 (137,121) 8,675 (85,738) Loss from discontinued operations - (592) (1,423) (165) ------------- --- ---- ------ ---- Net income (loss) 10,203 (137,713) 7,252 (85,903) Less: Net income attributable to noncontrolling interests 518 161 1,417 845 ---------------- --- --- ----- --- Net income (loss) attributable to Kennametal $9,685 $(137,874) $5,835 $(86,748) ================ ====== ========= ====== ======== Amounts Attributable to Kennametal Common Shareowners: Income (loss) from continuing operations $9,685 $(137,282) $7,258 $(86,583) Loss from discontinued operations - (592) (1,423) (165) ------------- --- ---- ------ ---- Net income (loss) attributable to Kennametal $9,685 $(137,874) $5,835 $(86,748) ================ ====== ========= ====== ======== PER SHARE DATA ATTRIBUTABLE TO KENNAMETAL Basic earnings (loss) per share: Continuing operations $0.12 $(1.89) $0.09 $(1.18) Discontinued operations - (0.01) (0.02) - ------------ --- ----- ----- --- $0.12 $(1.90) $0.07 $(1.18) ===== ====== ===== ====== Diluted earnings (loss) per share: Continuing operations $0.12 $(1.89) $0.09 $(1.18) Discontinued operations - (0.01) (0.02) - ------------ --- ----- ----- --- $0.12 $(1.90) $0.07 $(1.18) ===== ====== ===== ====== Dividends per share $0.12 $0.12 $0.36 $0.36 ============= ===== ===== ===== ===== Basic weighted average shares outstanding 81,358 72,673 80,756 73,238 =============== ====== ====== ====== ====== Diluted weighted average shares outstanding 82,189 72,673 81,397 73,238 ================ ====== ====== ====== ====== (1) Amounts have been restated to reflect discontinued operations related to the divestiture of the high speed steel drills and related products business. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) March 31, June 30, (in thousands) 2010 2009 -------------- ---- ---- ASSETS Cash and cash equivalents $110,893 $69,823 Accounts receivable, net 317,136 278,977 Inventories 372,594 381,306 Other current assets 93,716 145,798 -------------------- ------ ------- Total current assets 894,339 875,904 Property, plant and equipment, net 681,594 720,326 Goodwill and other intangible assets, net 662,004 677,436 Other assets 73,372 73,308 Total assets $2,311,309 $2,346,974 ============ ========== ========== LIABILITIES Current maturities of long-term debt and capital leases, including notes payable $18,689 $49,365 Accounts payable 94,256 87,176 Other current liabilities 264,314 242,428 ------------------------- ------- ------- Total current liabilities 377,259 378,969 Long-term debt and capital leases 317,486 436,592 Other liabilities 242,243 263,958 ----------------- ------- ------- Total liabilities 936,988 1,079,519 KENNAMETAL SHAREOWNERS' EQUITY 1,352,932 1,247,443 NONCONTROLLING INTERESTS 21,389 20,012 Total liabilities and equity $2,311,309 $2,346,974 ============================ ========== ========== Three Months SEGMENT DATA (UNAUDITED) Ended Nine Months Ended March 31, March 31, (in thousands) 2010 2009 (1) 2010 2009 (1) -------------- ---- ------- ---- ------- Outside Sales: Metalworking Solutions and Services Group $291,571 $245,530 $784,049 $972,932 Advanced Materials Solutions Group 201,594 178,857 561,376 640,890 Total outside sales $493,165 $424,387 $1,345,425 $1,613,822 =================== ======== ======== ========== ========== Sales By Geographic Region: United States $220,340 $206,311 $593,397 $732,289 International 272,825 218,076 752,028 881,533 Total sales by geographic region $493,165 $424,387 $1,345,425 $1,613,822 ================== ======== ======== ========== ========== Operating Income (Loss): Metalworking Solutions and Services Group $30,988 $(39,062) $25,015 $10,221 Advanced Materials Solutions Group 24,816 (102,502) 77,851 (53,075) Corporate and eliminations (29,501) (8,499) (70,623) (32,295) Total operating income (loss) $26,303 $(150,063) $32,243 $(75,149) ====================== ======= ========= ======= ======== (1) Amounts have been restated to reflect discontinued operations related to the divestiture of the high speed steel drills and related products business.

    In addition to reported results under generally accepted accounting principles in the United States of America (GAAP), the following financial highlight tables include, where appropriate, a reconciliation of adjusted results including gross profit, operating expense, operating income, Corporate operating loss, MSSG operating income and margin, AMSG operating income and margin, income from continuing operations, net income and diluted earnings per share and free operating cash flow (which are non-GAAP financial measures), to the most directly comparable GAAP measures. For those adjustments that are presented 'net of tax', the tax effect of the adjustment can be derived by calculating the difference between the pre-tax and the post-tax adjustments presented. The tax effect on adjustments is calculated by preparing an overall tax calculation including the adjustments and then a tax calculation excluding the adjustments. The difference between these calculations results in the tax impact of the adjustments.

    Management believes that investors should have available the same information that management uses to assess operating performance, determine compensation and assess the capital structure of the company. These non-GAAP measures should not be considered in isolation or as a substitute for the most comparable GAAP measures. Investors are cautioned that non-GAAP financial measures utilized by the company may not be comparable to non-GAAP financial measures used by other companies. Reconciliations of all non-GAAP financial measures are set forth in the attached tables and descriptions of certain non-GAAP financial measures are contained in our report on Form 8-K to which this release is attached.

    THREE MONTHS ENDED MARCH 31, 2010 (UNAUDITED) (in thousands, except Gross Operating Operating per share amounts) Profit Expense Income --------------------- ------ --------- --------- 2010 Reported Results $170,324 $120,062 $26,303 Restructuring and related charges 1,595 (635) 22,950 ----------------- ----- ---- ------ 2010 Adjusted Results $171,919 $119,427 $49,253 ===================== ======== ======== ======= (in thousands, except Income from per share amounts) Continuing Net Income Diluted --------------------- ----------- ---------- ------- Operations EPS ---------- --- 2010 Reported Results $10,203 $9,685 $0.12 Restructuring and related charges 22,329 22,329 0.27 ----------------- ------ ------ ---- 2010 Adjusted Results $32,532 $32,014 $0.39 ===================== ======= ======= ===== (in thousands, except Corporate percents) Operating Loss MSSG AMSG --------------------- -------------- Operating Operating Income Income ------ ------ 2010 Reported Results $(29,501) $30,988 $24,816 2010 Reported Operating Margin 10.6% 12.3% Restructuring and related charges 5,797 4,954 12,199 ----------------- ----- ----- ------ 2010 Adjusted Results $(23,704) $35,942 $37,015 ===================== ======== ======= ======= 2010 Adjusted Operating Margin 12.3% 18.4% ======================= ==== ==== THREE MONTHS ENDED MARCH 31, 2009 (UNAUDITED) (in thousands, except Gross Operating Operating per share amounts) Profit Expense Loss --------------------- ------ --------- --------- 2009 Reported Results $102,428 $106,469 $(150,063) Restructuring and related charges 2,249 1,145 32,888 Divestiture related charges - - - Asset Impairment charges - - 111,042 ---------------- --- --- ------- 2009 Adjusted Results $104,677 $107,614 $(6,133) ===================== ======== ======== ======= (in thousands, except Net (Loss) per share amounts) (Loss) Income Income Diluted --------------------- ------------- ---------- ------- from Continuing EPS ----------- --- Operations ---------- 2009 Reported Results $(137,121) $(137,874) $(1.90) Restructuring and related charges 36,770 36,770 0.50 Divestiture related charges - 397 0.01 Asset Impairment charges 101,200 101,200 1.40 ---------------- ------- ------- ---- 2009 Adjusted Results $849 $493 $0.01 ===================== ==== ==== ===== THREE MONTHS ENDED MARCH 31, 2010 (UNAUDITED) (in thousands, except percents) Corporate MSSG AMSG --------------------- --------- Operating Operating Operating Loss (Loss) Income --------- ---- ------------- Loss ---- 2009 Reported Results $(8,499) $(39,062) $(102,502) 2009 Reported Operating Margin (15.9%) (57.3%) Restructuring and related charges (1,355) 24,779 9,464 Asset impairment charges - - 111,042 ------------------------ --- --- ------- 2009 Adjusted Results $(9,854) $(14,283) $18,004 ===================== ======= ======== ======= 2009 Adjusted Operating Margin (5.8%) 10.1% ======================= ====== ==== NINE MONTHS ENDED MARCH 31, 2010 (UNAUDITED) (in thousands, except Gross Operating Operating per Profit Expense Income share amounts) ------ --------- --------- -------------- 2010 Reported Results $428,213 $354,126 $32,243 Restructuring and related charges 2,613 (1,099) 35,610 Divestiture related charges - - - ------------------- --- --- --- 2010 Adjusted Results $430,826 $353,027 $67,853 ===================== ======== ======== ======= Income from (in thousands, except Continuing Net per Operations Income Diluted share amounts) ----------- ------ ------- -------------- EPS --- 2010 Reported Results $8,675 $5,835 $0.07 Restructuring and related charges 32,732 32,732 0.40 Divestiture related charges - 1,340 0.02 ------------------- --- ----- ---- 2010 Adjusted Results $41,407 $39,907 $0.49 ===================== ======= ======= ===== NINE MONTHS ENDED MARCH 31, 2009 (UNAUDITED) Operating (in thousands, except Gross Operating (Loss) per share amounts) Profit Expense Income --------------------- ------ --------- --------- 2009 Reported Results $477,710 $385,543 $(75,149) Restructuring and related charges 6,899 1,178 52,121 Divestiture related charges - - - Asset impairment charges - - 111,042 ------------------------ --- --- ------- 2009 Adjusted Results $484,609 $386,721 $88,014 ===================== ======== ======== ======= (in thousands, except Net (Loss) per share amounts) (Loss) Income Income Diluted --------------------- ------------- ---------- ------- from Continuing Operations EPS ----------- --- 2009 Reported Results $(85,738) $(86,748) $(1.18) Restructuring and related charges 53,957 53,957 0.73 Divestiture related charges - 397 0.01 Asset impairment charges 101,200 101,200 1.38 ------------------------ ------- ------- ---- 2009 Adjusted Results $69,419 $68,806 $0.94 ===================== ======= ======= ===== Nine Months FREE OPERATING CASH FLOW (UNAUDITED) Ended March 31, (in thousands) 2010 2009 -------------- ---- ---- Net cash flow provided by operating activities $92,637 $163,739 Purchases of property, plant and equipment (30,438) (92,712) Proceeds from disposals of property, plant and equipment 4,087 2,386 ------------------------------------ ----- ----- Free operating cash flow $66,286 $73,413 ======================== ======= =======

    Kennametal Inc.

    CONTACT: Investor Relations, Quynh McGuire, +1-724-539-6559, or Media
    Relations, Joy Chandler, +1-724-539-4618, both of Kennametal Inc.

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




    Bungie and Activision Announce Exclusive, Worldwide Partnership10-Year Alliance Expands Global Reach for Leading Game Developer Across Multiple Platforms

    KIRKLAND, Wash. and SANTA MONICA, Calif., April 29 /PRNewswire/ -- Bungie, the developer of blockbuster game franchises including Halo, Myth and Marathon, and Activision, a wholly owned subsidiary of Activision Blizzard, the #1 online games publisher , announced today that they have entered into an exclusive 10-year partnership to bring Bungie's next big action game universe to market. Under the terms of the agreement, Activision will have exclusive, worldwide rights to publish and distribute all future Bungie games based on the new intellectual property on multiple platforms and devices. Bungie remains an independent company and will continue to own their intellectual property. Additional terms of the agreement were not disclosed.

    To view the multimedia assets associated with this release, please click: http://multivu.prnewswire.com/mnr/activision/43669/

    (Photo: http://www.newscom.com/cgi-bin/prnh/20100429/MM95589 )

    The groundbreaking alliance will provide Bungie its first such partnership since splitting off from Microsoft in 2007, significantly broadening its global reach by providing the resources and support to develop, distribute and release games worldwide on multiple platforms and devices.

    Activision will broaden its portfolio with a new franchise from one of the industry's most creative, successful and proven studios, whose games have sold more than 25 million units worldwide. To date, Bungie's Halo games have generated approximately $1.5 billion in revenues, according to The NPD Group, Charttrack and GfK. Activision expects this agreement to be accretive to its operating margins as of the release of the first game.

    "We chose to partner with Activision on our next IP because of their global reach, multi-platform experience and marketing expertise," said Harold Ryan, President of Bungie. "From working together over the past nine months on this agreement, it is clear that Activision supports our commitment to giving our fans the best possible gaming experiences."

    "Bungie is one of the premier studios in our industry and we are extremely pleased to have the opportunity to work with their talented team over the next decade," stated Thomas Tippl, Chief Operating Officer of Activision Blizzard. "Bungie has developed some of the most compelling and successful games, multiplayer experiences and thriving fan communities, and this alliance underscores our long-standing commitment to foster the industry's best creative talent. Our unprecedented partnership with Bungie will enable us to broaden our pipeline of exciting new games as we continue to strengthen our industry position and pursue long-term growth opportunities."

    Members of the media can visit Activision's Broadcast Media Center to download broadcast quality video, web-ready video and high-resolution images. Members of the media using Pathfire can take advantage of a Pathfire enabled video download. Sound bites from Thomas Tippl and Harold Ryan along with b-roll footage regarding today's announcement are available for download. Broadcast Media Center: http://www.usngondemand.com/index.php.

    About Bungie

    Bungie, now 180 employees strong, was founded in 1991 with two simple goals: develop games that combine brilliant technology, beautiful art, compelling stories and deep gameplay, and sell enough copies to achieve its real goal of total world domination. Over the past 10 years it has produced games such as the "Marathon Trilogy" and the first two "Myth" games, hailed as classics by critics and gamers around the world. Bungie's "Halo" franchise is an international award-winning action franchise that has grown into a global entertainment phenomenon, selling more than 25 million units worldwide, spawning best-selling novels and award winning soundtracks. Players have logged nearly 2 billion hours of multiplayer action over Xbox LIVE, created millions of pieces of user created content, and established a ravenous fan community. More information on Bungie can be found at http://www.bungie.net/.

    About Activision Publishing

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

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

    Cautionary Note Regarding Forward-looking Statements: Information in this press release that involves Activision Publishing's expectations, plans, intentions or strategies regarding the future are forward-looking statements that are not facts and involve a number of risks and uncertainties. Activision Publishing generally uses words such as "outlook," "will," "could," "would," "might," "remains," "to be," "plans," "believes," "may," "expects," "intends," "anticipates," "estimate," "future," "plan," "positioned," "potential," "project," "remain," "scheduled," "set to," "subject to," "upcoming" and similar expressions to identify forward-looking statements. Factors that could cause Activision Publishing's actual future results to differ materially from those expressed in the forward-looking statements set forth in this release include, but are not limited to, sales levels of Activision Publishing's titles, shifts in consumer spending trends, the impact of the current macroeconomic environment, the seasonal and cyclical nature of the interactive game market, Activision Publishing's ability to predict consumer preferences among competing hardware platforms, declines in software pricing, product returns and price protection, product delays, retail acceptance of Activision Publishing's products, competition from the used game market, adoption rate and availability of new hardware (including peripherals) and related software, industry competition and competition from other forms of entertainment, rapid changes in technology, industry standards and consumer preferences, including interest in specific genres such as music, first-person action and massively multiplayer online games, protection of proprietary rights, litigation against Activision Publishing, maintenance of relationships with key personnel, customers, licensees, licensors, vendors and third-party developers, including the ability to attract, retain and develop key personnel and developers which can create high quality "hit" titles, counterparty risks relating to customers, licensees, licensors and manufacturers, domestic and international economic, financial and political conditions and policies, foreign exchange rates and tax rates, and the identification of suitable future acquisition opportunities, and the other factors identified in the risk factors section of Activision Blizzard's most recent annual report on Form 10-K and any subsequent quarterly reports on Form 10-Q. The forward-looking statements in this release are based upon information available to Activision Publishing and Activision Blizzard as of the date of this release, and neither Activision Publishing nor Activision Blizzard assumes any obligation to update any such forward-looking statements. Forward-looking statements believed to be true when made may ultimately prove to be incorrect. These statements are not guarantees of the future performance of Activision Publishing or Activision Blizzard and are subject to risks, uncertainties and other factors, some of which are beyond its control and may cause actual results to differ materially from current expectations.

    Photo: http://www.newscom.com/cgi-bin/prnh/20100429/MM95589
    http://photoarchive.ap.org/
    AP PhotoExpress Network: PRN11
    photodesk@prnewswire.com Video: http://multivu.prnewswire.com/mnr/activision/43669 Activision

    CONTACT: Activision Investor Relations: Kristin Southey,
    +1-310-255-2635, Mobile: +1-310-593-1630, Kristin.Southey@activision.com,
    Activision Media: Maryanne Lataif, +1-310-255-2704, Mobile: +1-310-990-5870,
    Maryanne.Lataif@activision.com, Bungie Media: Brian Jarrard, +1-425-739-4290,
    media@bungie.com




    Ad Systems Communications, Inc. Installs Its First International System in the Turks and Caicos Islands

    TURKS AND CAICOS ISLANDS, April 29 /PRNewswire-FirstCall/ -- Ad Systems Communications, Inc. (BULLETIN BOARD: ADSY) , a leading service provider of digital media and video communications for all major cable TV networks, announces its first international system install for the 25,000 subscribers served by WIV Cable TV in the Turks and Caicos Islands. This latest installation gives Ad Systems Communications, Inc. an exclusive contract for ad insertion to the WIV Cable subscriber base. Advertising inventory will be provided initially on eight of the cable networks, including CBS Television.

    With its breakthrough patent-pending technology, Ad Systems Communications, Inc. can insert advertising into any USA based cable television network on any of the Caribbean's cable TV systems regardless of their delivery feed. Currently Ad Systems Communications, Inc. is in the process of increasing its Caribbean footprint with additional scheduled installations.

    J. Michael Heil, CEO of Ad Systems Communications, Inc. states, "Our product has global deployment capabilities as evidenced by our recent system placement in the Turks and Caicos Islands. We have additional international beta sites underway and hope to have those up and running this year."

    About Ad Systems Communications, Inc.

    Ad Systems Communications, Inc. is a digital media and video communications services Company which provides quality advertising inventory for all the major cable TV networks such as ESPN, MTV, DISCOVERY, CNN, LIFETIME, A&E, FOX NEWS and TNT by deploying its patent pending insertion and streaming media technology into the cable, satellite and IP television markets. The company derives revenue from this inventory by selling it to advertisers to insert both long and short form video commercials into highly targeted markets.

    For additional information, please visit: http://www.adsystemscatv.com/.

    Forward-Looking Statement: The statements in the press release that relate to the Company's expectations with regard to the future impact on the Company's results from acquisitions or actions in development are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The statements in this document may also contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those contained in such statements. Such risks, uncertainties, and factors include, but are not limited to, future capital needs, changes, and delays in product development plans and schedules, or market acceptance.

    Contact: Ad Systems Communications, Inc. Investor Relations ir@adsystemscatv.com (617) 871-0204

    Ad Systems Communications, Inc.

    CONTACT: Investor Relations of Ad Systems Communications, Inc.
    +1-617-871-0204, ir@adsystemscatv.com

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

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